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FOMO HOUR: The Relief Rally Continues
Recorded: April 25, 2025 Duration: 0:47:19Space Recording
Short Summary
The crypto market is witnessing a significant rally, with $2.8 billion in inflows into Bitcoin ETFs and Deloitte's acquisition of tokenized real estate marking key trends. Innovations like MetaMask's gas fee changes and the rise of Real World Assets signal a growing integration of blockchain in traditional finance.
Full Transcription
Thank you. GM, GM, everyone.
Thanks for joining us here this morning.
We're going to start the show here in just a minute.
We're getting our speakers up on stage
while we wait. Some shout outs. Who we got?
Seaborg, Having, Harry Krishna,
GM, Kippa, Poria,
Aqueous, Lady Eight,
Teacher Nine, GM, GM. Looks like some
ladies out there. Nice to see
that. Danny, Sats Moon,
Cal, Midzi, GM,
Josh, Spitfunk, Pinstripes, Jen,
GM, GM.
Thank you all for joining us here this morning.
We've got Myriad up on stage.
We've got Fumwire.
We've got Jeebs.
All right, Sims, think whenever you're ready.
Let's kick it. Thank you. so
Good morning, good morning GM, GM everyone and welcome to another episode of FOMO Hour. Today is Friday, April 25th, 2025, and it's another green morning
out there, folks. It's the GM and D crypto majors, alts, memes, all rallying. Even the
crypto AI board is pumping, and the question is, can this continue? We're going to break
it all down on today's show
no faro but we've got a full house we got manda stats jeeves all in the studio we love to see it
boys jim how you doing i'm doing great man i'm doing great uh summer's here indeed the sun is
shining even in chicago the sun is shining we haven't had it for months, but we have it now.
Seth, Sam, GM, how are you doing?
GM, GM. How's life?
Good. Even better now. I get to talk to you.
I'm doing great. I haven't had a coffee yet, so my personality will change as the show goes on.
Well, we're excited to track that and your caffeine levels in real time during the show.
And, folks, we've got Jeeves on with us here this morning as well.
Jeeves, GM, how you doing?
GM, GM.
Ready to be that coffee for Sam.
Wake him up here.
Let's go, baby.
Well, I don't have coffee, but what I do have is a shiny new can of Rekt.
Here, folks.
I've got the old one here.
Is it better? You said it was better. I haven't actually actually tasted it but ovi says this one's way better so so i i gave my uh i gave a review
on x yesterday to those who follow who may have seen it that was not a paid review by any means
that was an honest and genuine review. This is better.
I think it's a lot better.
Is it just sparkling flavored water?
It is flavored sparkling water.
Very clean list of ingredients.
I'm going to read them off.
Carbonated water, organic agave syrup, natural apple flavor,
natural raspberry flavor, natural flavors, and then malic acid.
So it's a pretty clean ingredient list.
It is more carbonated than the lime, and I like the flavors. How do you get them?
How do you get them?
I think Ovi must have sent you them.
I haven't even got any.
So I don't know what you did for the first round, but you got them before I did.
I still haven't tasted it.
He's doing this abstract tour at the moment.
He's doing 20 different shows over the last two days.
Tyler, you tell me how you got them.
I've got the inside track.
Yeah, clearly.
With Ovi.
I believe they will open up for a public sale soon. I think there's some news to come. So I don't know exactly when that's going to be. I do think it is going to be soon. And I think these are going to move quickly. That's my prediction, at least as soon as people get a chance to taste these because they are quite good.
folks what are we talking about on this morning show we're gonna talk about more than coffee and
red drinks even though i could probably do a full hour on this we're gonna talk about the crypto
market rallying is it decoupling the bitcoin etfs 2.8 billion dollars in inflows in five days
soul outperforming majors we outperforming in alts the fed rescinding its crypto guidance
metamask launching gasless trading. Coinbase listing.
Zora market didn't care.
Memes pumping.
Crypto AI pumping.
Deloitte buying $4.5 trillion in tokenized real estate.
I know Jeeves' eyes lit up when he saw that RWA headline.
Plus double yeet spins.
Before we dive in, a quick shout out to our partner Wallet Connect.
Wallet Connect is the connectivity network shaping the future of on-chain UX.
If you've connected to a Web3 app, you've seen Wallet Connect.
That blue logo, it's everywhere.
An icon of trust in crypto, as recognizable as Visa at the checkout.
If you want to learn more, follow at Wallet Connect on X and Telegram to stay ahead of what's next.
All right, we love our partners as always.
Mando, if you're ready, let's get into it.
Who is the man, macro daddy of the land?
Can you dig it?
Good day.
Another good day, really, in crypto.
Another good day, really, in crypto.
I think everyone keeps waiting for the day that we kind of sell off.
And there just seems to be support around this, like, 92.5 or 92K level for Bitcoin at the moment.
And these green candles continue.
I think just something to always be wary about with crypto is that, like, the good periods often, and actually sometimes the bad periods, happen quickly.
the bad periods happen quickly you know risk happens quickly in crypto and right now i think
You know, risk happens quickly in crypto.
if you weren't exposed to the market you are probably you know i'll buy the next dip and
these dips are quite shallow it feels like so it probably probably just indicates that people were
were less invested than i thought they were um and
dominance is is still kind of hanging out at 64 and a half
mainly because ETH is still
underperforming but there's been some winners in
L1s for sure. Sui has probably been
the main winner and then
a lot of the more risky activity on Solana
has come back so most of the major
Solana memes are up a decent
amount and some of the AI coins. The AI
coins are back up to 8 billion
as a group now on Cookie which I thought was a decent amount and some of the ai coins the ai coins are back up to eight billion as as like a
as a group now on cookie which i thought was was relatively interesting fart coin has not been
doing as well which i thought was was um yeah again interesting is it's now gone a bit more
broad and there's there's a few other things uh involved in that rally i i think the main story
at least for trap by this week continues to be continues to be this canter vehicle alongside Tether.
I just think that the idea that we may have another microstrategy, and you've seen a very good reaction to canter stock in the back of that, is just a good sign. And I think people are thinking that, you know, this is going to continue here as other vehicles may be spun up,
whether it's sovereign wealth funds or actually public vehicles, then to buy Bitcoin here.
So that's why I think the dips are shallow.
And I think people also were probably less invested than they were a few months ago.
So there's a little bit of FOMO creeping in.
I don't know if
now's like some incredible time to buy but i do think it's uh i would be unsurprised if like
there's this grind higher which is um which doesn't feel that good for a lot of the market
participants it's that's kind of my guess um yeah i it's strange All I can really see is this,
is this Pokemon thing because it hasn't,
it's not like a ton that ever really goes on on Sui,
if I'm honest.
It's a lot of like B2B stuff rather than huge amounts of defy or anything
like that,
or huge amounts of NFTs.
There's some stuff going on,
but it's nowhere near like some of the other chains.
So maybe we're going to hear some more headlines specific to Sui coming on.
The move feels like it feels almost parabolic at this stage, right?
75% in seven days for now one.
That's pretty aggressive.
It's big.
I mean, 37 billion FDB now.
Yeah, right.
So it's number 11.
What do you do on Sui?
Does it seem like a catch-up trade, Mando?
People trying to chase what would maybe be Next Cycle Solano
since it has a bit of narrative and mindshare.
That's what it always has been with Sui, I feel like.
I just don't know why at times it feels like, oh, this is â
I don't know.
If I look at â I don't know. If I look at...
I don't know how much stable is...
What is Sui TVL?
Sui TVL is only $1.5 billion,
or $1.7 or $8 billion.
That's not crazy.
As chains go,
yeah, like,
Arbitrum has
two and a half.
It's kind of just above
AVAX, really, right?
Sonic's even close to it.
I don't know. It just seems
like it has this momentum behind it
and I get the feeling
it may be, there's going to be
some headlines around Siri that maybe we haven't heard
about. Like those numbers don't point to like, oh my God, this, this is about to go crazy.
Right.
Have you guys used Sui?
Like, is this a platform you guys spend time on?
I haven't.
I don't think it's very B2C.
Like there's not much activity that goes on.
that goes on. There's been a lot of like corporate
There's been a lot of like corporate integrations that I've seen.
integrations that I've seen.
But less
like
NFTs, meme coins.
I don't even know if people use
it for payments that often.
I think that's the right read.
I mean, I have used it. I've
traded some NFTs on SWE. I've traded
a handful of tokens.
But I do think
Mando's read is the right one.
I mean, daily active addresses are,
they do seem to be grinding up here.
I mean, they're up 3x this year.
You always have to be careful with that metric, right?
I mean, it can be gamed.
Maybe I'm missing what people are doing on there.
Like I look at the,
where the TVL is,
it's this Sui lend protocol.
So they clearly have a lending protocol on there.
So pop,
pop over to search,
search for Sui,
go to app application activity.
It's the next one on that ribbon and then click view all assets,
which is in the second window down.
You see that? Yeah. and then filtered by daily active
addresses sort that from at least i think it's already sorted actually by that yeah record i've
never heard of any of these things 818 000 people using some app 116 000 using fan tv i've never
heard of any of this. You see the comment,
Sui is my biggest alt bag and I've never used a chain
and I know nothing about it.
I think that's what's driving
a lot of the price, to be honest.
Yeah.
Maybe we should pay attention to record.
It's got a million active daily addresses.
I just typed in record and Sui
and nothing's come up.
Nothing comes up on Google either.
Yeah, that's what I mean. What's on here guys what are we what are we missing record app it allows
creators to monetize via short videos
based in dubai content
uh maybe i missed this like based in dub like that's a signal
I mean the last post was a week ago
yeah
it felt like it was more than just like the
Pokemon headline I didn't think the Pokemon
headline was enough to pump it
this week but
I feel like
from a narrative perspective I feel like from a narrative perspective,
I feel like Jeeves kind of has it where like,
it feels like it's the,
if you want to belt bet on all L one out further out the risk curve in
Solana,
like what are you,
what are you going to bet on?
And hype perhaps is the most consensus.
Sweet.
Kind of next, it's been a little bit more quiet.
So maybe that's it.
I want to zoom out a little bit.
Mando, thanks for the broader report and go around the horn.
Maybe Sam, I'm curious as for your thoughts on macro here.
I think you shared a couple tweets this week.
I was scrolling through one.
You kind of called out consumer sentiment
at multi-year lows.
And you're kind of showing how crypto sentiment
feels different than that.
Perhaps more 50-50.
Which I'd argue maybe it's even higher
than that, to be honest.
But maybe we have to separate Bitcoin from crypto.
But just kind of maybe curious for your thoughts,
kind of elaborate on this
and kind of how are you feeling about this broader picture?
Am I losing you guys?
I'm not sure if my reception is kind of getting weirder
if that's everybody.
You're fine now.
Yeah.
I mean, I think the macro indicators are pretty bad.
I think the impact, like I'm kind of of the view that we've been in like a 70 year bull market, basically, because of globalization, certainly the past 30 years, like bull market for big corporates. And that is kind of what we're chipping away at right now. And that's really been the core of a huge, not just in.
And that's really been the core of a huge, not just in for stocks.
You know, if you look at things like the dollar, like they're sending pretty bad signals.
I think all the pretty much every sentiment indicator you're seeing is pretty bad right now.
And I think that these tariffs and kind of this commitment to kind of chip away at globalization is real and it's going to be
going on for a while. And I think there's a bit of a sentiment among markets that just one tweet
from Donald Trump and it's all going to be over. And I just don't get that read from when I hear
from a macro perspective and an equity perspective. I think there's reason to be cautious. I think
what we're seeing in crypto, though, is the opposite. Like we're seeing crypto starting
to show signs of behaving.
I mean, if you look at metals and equities, they're almost like gold is obviously the core metal.
But more often than not, they're trading in opposite directions where gold goes up and equity goes down or vice versa.
And we're starting to see crypto kind of behave a bit more like gold.
kind of behave a bit more like gold. And you're starting to see the use case or the idea that
crypto is an interesting place to be if the world order starts to get shipped away at.
That thesis has never played out before. But over the past few weeks, you're starting to see
signs of it. So that's kind of my broad picture view is a bit more cautious on equities and risk assets, but a bit more like kind of 50-50,
like maybe crypto starts turning here and becoming something that people want to be in,
in a world where the things that we're used to and the things that have driven
kind of economic growth forever start to get chipped away at.
It's interesting. I feel like I agree with that directional read.
I feel like I agree with that directional read.
I'm curious, like, what has shifted in this?
Like, what's driving this Bitcoin decoupling right now?
I guess it's kind of like my question.
And why is it seemingly happening in the last seven days?
I mean, it's hard to say seven days versus like a month ago or whatever,
but it's definitely been going off versus stocks it's
been definitely going on for a while right um i think we decouple started a company about six
weeks ago um maybe six weeks ago yeah from like the election until like february though like
bitcoin was correlated with tesla more than it was correlated with gold like they were both kind
of like high beta proxies for, for assets that the administration viewed favorable.
And like,
that was like,
but like Tesla and,
and,
and Bitcoin were more correlated than,
than Bitcoin and gold were up until about six weeks ago.
But we've,
I think just gold has been insane.
You know,
like this,
this has been like a multi,
multi standard deviation move for gold.
It's,
you know,
it's,
it's not,
people don't have gold going up 35% over six months on their bingo card. And when that
happens, I think people want to know what else they can get into. And I think really, ever since
the tariffs, gold has been the keynote asset. And I think once we see it in crypto, it used to be,
at least, that when Bitcoin would run, then everything else would kind of follow. I feel
like right now, people are like, well, I don't want to get into gold.
It feels a little, it's run too much.
Oh, Bitcoin could be like an alternative as far as like kind of like one of these inflation hedge assets, even though it hasn't been that historically.
It just feels like that narrative is coming around.
Plus, we have an administration that really likes it.
You know, you have Lutnik who is working on this.
I mean, Cantor is working on this product and the head of Cantor is in the administration.
And then you have Saylor in the background, who's kind of like a constant buy force, as
well as all the other things I have absolutely no idea about that drive these markets that
we're completely oblivious to.
But it feels like there are a lot of different forces kind of lining up.
But as people say like, hey, we want to get out of US dollars as our kind of backbone of our portfolio,
like Bitcoin just feels like an area
that people might want to turn to.
Yeah.
And that six weeks
is basically since Liberation Day.
I mean, it's really Liberation Day,
I think, that triggered this
because that was when
that was when we made it clear
that like, you know,
that the US had an interest
in playing a different role
in the world economy
than we have in the past.
And Bitcoin was 75K on 17 days ago.
Yeah.
It's been pretty sudden. I don't know what the trigger was that switched us from fear to FOMO.
I'm not sure what that trigger was.
I mean, other than perhaps maybe that was when gold really started hitting these crazy all- time highs every day and doing like 3% moves, which it never used to be.
It is interesting.
I feel like there is growing sentiment that stocks, like while we might get like relief rallies, that the broader direction is still down.
And that the pain of the terrace hasn't even really been seen yet.
And if stocks become less investable, but you still want to invest,
what are the options?
I think you kind of laid it out.
And gold's on a parabolic move.
Do you want to buy the top or do you want to buy something else?
Real quick, folks, today's Raffle Block Code is Friday,
and we are going to be doing those Yeet giveaways here.
Probably just about 10 to 15 minutes, so they are coming up.
Jeeps, I want to give you a chance to weigh in. We talk every Tuesday
about this, but curious if you have additional thoughts on the conversation here.
Yeah. I mean, just a lot, Tyler. This move
and interest in Bitcoin, I think it makes sense. It's something that we've
talked about for a long time. When Bitcoin was $75K,
it looked less like digital gold. When Bitcoin was $75K, it looked less like digital gold.
At closer to $95K, it's looking a lot more like digital gold. And I think that narrative just
compiles. Last night at this event, I was talking with a guy who's a wealth manager for high net
worths. He's now putting 2% allocation into Bitcoin for all of his clients. And I think
that's where it starts.
This is one of the things that we had spoken about earlier where folks are, and ideally advisors,
start to recommend to their clients to have some level of Bitcoin allocation. But I think when you see these huge signals like Cantor going after the Bitcoin space, like taking over the micro
strategy or replicating micro strategy, when you start to see the government moving in a very pro crypto direction with the two stable bills that are happening
with the market structure built and the government's clearly aligning toward crypto,
it makes it less of a scary asset to invest in in times like this. And when you start to see
the price go up, I think sentiment changes.
I love seeing sort of the hard data. And then I love the sentiment checks with neighbors,
people in different industries, just to see how things are going. And so we talk about this
privately, but just know a lot of folks who are changing up general spending behavior.
Our neighbor stopped over yesterday. She's a realtor,
covers the Denver market, has been in it for a long time. And she said things have now cooled
off significantly. So we cooled off for a little while. I think things started to heat up slightly
again. And she said it is completely dead. And no one's moving, no one's selling, no one's buying.
Obviously, rates are a huge part here.
But the reality is that people and companies are having difficulty making any type of long-term decisions, not knowing where things are heading.
And so stability in the world of markets is just being disrupted a bit.
And so for now, the best decision for most people has become no decision.
So for now, the best decision for most people has become no decision.
And then this right here, I think this is some really great data coming out of trucking activity in Los Angeles.
The data source here is Sonar, which is a data and logistics company focused on shipping, trucking, etc.
And this is showing that things are kind of falling off a cliff coming out of trucking in L.A.
And this guy Craig
Fuller is anticipating a 50% drop here so we're talking major reduction in trucking coming out of
LA which is where a lot of our Asian goods come into ports so we're seeing it in the data
we are thanks for thanks for sharing this and I was to find, a friend of mine runs an e-commerce business. He sells e-bikes.
And he posted his thoughts yesterday
and basically said,
most small e-com businesses
are just in survive mode.
And that might mean
selling existing inventory
until it's gone
and not repurchasing anything
until there's more clarity
on supply chains and where
they can source products from.
And he is kind of comparing it to the COVID level crisis,
just bunker down and try to make it through.
And he paints a gloomy picture as well.
And like this is going to start to,
to impact folks impact folks, impact
products,
less on shelves, higher prices,
all that.
So that picture
is gloomy. I think, Sam, you also shared
BatSoup's thoughts, which are pretty in line.
He's saying recession
at best, stagflation at worst.
Basically, the U.S. has put themselves in
a tough position here.
One of the interesting things talking about soup is like, I think there's this view that the money
printer is going to turn on and that's going to save everyone. I think people are really imprinting
this COVID economic cycle onto the cycle when COVID was such a unique outlier that to think
that's going to be replicated, I think, you know, it feels
uncertain to me for sure. But that's kind of of the view that lower rates might be bad for markets
that right now, that right now, broadly speaking, like people think like long-term inflation is
going to be higher. And, and like, and that lower rates aren't really, aren't really the key of the
solution. And one of the interesting things was the day that it was announced, or the day, it
was never announced, but the day it was suggested by Walter Bloomberg and Watcher Guru that
Trump wasn't going to fire Powell.
And he said that to you, like the day that he said, like, I'm not going to fire Powell,
markets ripped.
Now, him firing Powell would be dovish.
Like, the reason he doesn't like Powell is because Powell wants to keep rates high, or
doesn't want to keep rates high, but he's not willing to just go full money printer rates to zero.
So you would think that him saying he's not going to fire him would mean that we're going to be more hawkish.
But on that day, you know, basically when he said we're going to be tighter, like the market's completely ripped, which to me says that it's actually not money printing people are looking for.
It's stability because Powell is a sign of stability.
He's not a sign of free money. And the idea that he was sticking around, you saw a 3% rally in
NASDAQ. So I thought that was kind of interesting. Because if you look at the timeline, I feel like
just crypto, we're all still so wedded to sitting around our houses during COVID watching everything
go up 8% per day. And we want that to return. So we're thinking, okay, we're just going to
replicate that. But with a new cycle, I just don't we want that to return. So we're thinking, okay, we're just going to replicate that,
but with a new cycle.
I just don't think that's kind of the situation we're in right now.
I tend to agree.
I feel like printing money right now goes against everything
that Trump has said they're trying to do, invest on it.
They're trying to reduce the debt.
How is printing?
Do you know who is printing right now?
China.
China, big time, and a bunch of other countries as well like the u.s is posturing that we're at the table with china while china is just
publicly saying there's no negotiation talks happening which is a huge huge divergence in
i think just people puffing their chest in different areas but like it's clear china's
ready to duke this out like I think just this morning they injected,
was it 600 billion yuan,
which is like $82 billion aiming to provide.
They want to make sure that the banking sector
has plenty of liquidity to wait this out.
And they're ready to print
and ensure that a lot of their folks
are in decent positioning
over the next six months, a year,
however long they want to fight this out.
It's concerning, I think.
The narrative that I'm seeing out of this, China is printing, buying gold, selling U.S. dollars.
Perhaps buying digital gold?
I haven't seen as much of that, but it would certainly be in line or perhaps that enables more confidence
from these sovereign wealth funds,
from these institutions,
from these new strategy competitors,
which are spinning up to start building these crypto treasuries.
Jeeps,
I'm curious,
kind of maybe going one step further. wanted to talk trends i think we've
talked this macro picture you know 20 minutes now um i feel like there's some things shifting
in the crypto space i feel like we're seeing some new things start to happen some new trends
i'm curious what jumps out to you.
Man,
I feel like right now it's just such a heavy liquidity
fight, but obviously
the RWA space that we've talked about
quite a bit has been one of the massive
emerging trends.
If you look at a company like Figure
who's putting
billions of dollars
in HELOCs on chain.
You have Deloitte writing an entire thesis on this.
We're coming off the backs of the Digital Asset Summit
where all the major players were really pushing
this whole concept of RWAs, right?
RWAs are not new.
They've been around since I've been in crypto.
And that was around 2014, 15,
when people were talking
about putting your home on chain and your car on chain and everything will be on chain.
And it really never materialized. I think the first wave of RWAs were these
small to medium business loans from like Maple, Centrifuge, some of the other players.
And then you sort of saw that die out. It's kind of living around a bit. Goldfinch was in there as well. But then they started to see default risk. There's a bunch of problems with that. And now what youR. They run these giant private credit books,
whether it be private credit, debt, infrastructure.
There's tons of different instruments that they do.
And a lot of folks are thinking,
okay, RWAs are coming on chain.
They're going to put these different strategies on chain.
But DGENs aren't going to be the customers of these different assets.
And I think that's where folks get confused with them.
Because folks are like, this will never work. DGENs won't buy it. the customers of these different assets. And I think that's where folks get confused with them. Because folks are like, this will never work.
DGENs won't buy it.
That's not exactly what it will look like.
So when you think of how this works, there's the capital formation component.
There's the actual underlying asset that that capital flows into.
And then there's capital distribution, right?
This strategy made some money.
We need to pay out our investors.
The tail ends are where we're going to see crypto
use the most upfront, because now you can basically set up either automated via smart
contracts or ease of capital formation on chain. But then just utilizing stable coins,
you're now reducing your fees for capital formation and capital distribution by 100 plus
bps. And when you're doing tons of these deals, that matters over time. So I think folks are now
realizing we can use blockchain rails and stable coins to create huge efficiencies in our operations.
And look, Apollo's large investment into Plume is a huge signal to that thesis.
So this is one of the areas, as you know, we talk about this almost every Tuesday.
It's one of the areas that on the early stage venture side, I look for companies that are
building and doing this and probably talk to three to five a week building in this space.
And I think it's one of the hot areas.
The problem I'll point out here from the retail
side and the investor side, it's where will appreciation from the investor standpoint fall?
Will it be at the protocols issuing the private credit, private debt? Will it be at the specific
blockchains that are actually coordinating all these efforts? Or will it end up being the public companies
like your KKRs and your Apollos
who are now gaining the huge efficiencies
by issuing these products on chain
and saving a bunch of money that way?
So I know that's a lot,
but that's kind of where my head's at with this space.
It is a lot,
but I think this is clearly one of the biggest macro trends
happening in crypto.
It's going to take time to play out,
but we're seeing more evidence of it on a weekly basis.
So we'll stay close to it.
We won't have time to get into it today,
but on Tuesday's show, save your thoughts.
We've got to talk about Coinbase trying to stop the Genius Act stable coin
bill.
And if we think that's going to be a positive or negative,
so that was a bit of a surprise.
We haven't talked about it on this show.
TLDR,
they think they're only going to be able to get one crypto bill through
Congress this year,
and they want a broader bill than this current act.
So we'll see if they're able to make that happen.
Another trend I want to talk about quickly and say,
maybe I'll throw this one to you.
It's out of MetaMask and this broader trend of account
of abstraction and abstracting away
different aspects of the user experience on chain. The news out of MetaMask
yesterday, they announced this a while ago
it's officially real now. You don't need ETH to do transactions
using MetaMask on Ethereum now.
They will use whatever tokens you have and they will make it your gas token effectively.
Behind the scenes, as I understand it, they'll be converting it to ETH for gas.
And they're also enabling you to choose whatever default gas token you want.
So if you want to always operate on USDC, on Ethereum, now you can
do that. I think one of the immediate questions that comes to mind when people see this is,
what does that mean for Ethereum, for ETH? Curious if you have a take on this.
All right. I have a couple of takes here. First of all, this problem is one that I dealt with today.
this problem is one that i dealt with today and the like doing transactions on polygon where you
gotta get money over there you gotta figure out how to get thematic to pay the gas you gotta
figure out like it is extremely difficult yes like i've had a lot of times i'm pinging friends
to be like hey can you send me six dollars of whatever into this address so that I can buy this NFT or whatever?
It's a really clunky, awkward user experience.
And I'm old and I'm not the perfect demographic for doing this stuff, but I'm pretty high up there.
I work full-time in crypto.
I'm pretty high up there for should be able to figure this stuff out.
And even for me, it's incredibly difficult. So the challenge of
getting in today, I had money on base and I just
wanted to put it into some stable stuff.
Do we listen?
Sam, we lost a ding.
He's really getting into the middle. $ of from wallet to wallet yeah yeah keep cooking yeah i mean yeah so this is like a serious problem to
fix so i personally think this is great obviously it has to be done well you know you don't want to
end up like realizing you paid some absurd rate to move your pengu to pay for your gas and arbitrum
or something like that so that you know yeah i i gotta like it feels like there's potential bugs in here where you could
be like but if assuming that it's done well this feels very useful what does this mean for eth
prices probably nothing like i like i don't think this is like a driver for eth prices but i think
it's like a nice to have usability factor what is a driver for ETH prices? FOMO, man. I mean, it's a meme coin. Maybe people are
going to hate me. I mean, it's very hard to back into a hundreds of billions of dollar valuation
for something like any of this. None of this stuff really does the cash flow generally back
what it is. They're all culture coins and vibe coins and FOMO coins. And like, you know, and I think with ETH,
we had this really great narrative that Bitcoin was going to rally because of the Trump administration.
It did. ETH was the next one to go because it was the only other one with an ETF.
And that was like, so Bitcoin would rally, then ETH would rally because that was what American
retail had access to and easy access to. And that thesis just, you know, maybe it played out for a
little while, but it's not showing legs. And I think people are like struggling to figure out what
the next thesis is because at the end of the day, hundreds of billions of dollars, you know,
I think it's very hard to back into a fundamental backing for that. So it's very vibe based. And
when vibes go down, it becomes harder. I will say this, I, you know, I, every night I do,
I do a once a week chess lesson with a guy in Ukraine. And I pay him $35 USDC for the hour chess lesson.
And he pings me and said, hey, I moved it all to ETH.
So I was a little bullish.
Yeah, exactly.
I took the lesson to ETH.
$35 would be fine.
So maybe Ukraine or he lives in Slovakia.
Maybe Slovakian retail is the one it wouldn't indicate
but yeah i don't i think the story for eth is often like next best story after bitcoin in the
fomo right world because fomos which has all this stuff and that just hasn't been playing out so
people are like all right what's next jeebs i was gonna ask you so you're the wealth manager you're
talking to is he just two percent bitcoin and no exposure to anything else just bitcoin he thinks
it's like a nice nice gold hedge he thinks he's just he's actually he said last night that he was
more bullish bitcoin than gold long term and i love that you know one thing sam to your point
i pointed this data out to tyler earlier this week um you know, man, do I sell you using it before?
I love this platform.
When you start to look at going back
to just like it's narrative focused,
Artemis has this great thing.
When you look at projects,
you can sort the market cap by revenue.
So they create a ratio on this.
And man, one of the top ones here,
trading at a 49 000 x ripple yeah and ethereum is trading
at 2300 x suede's at 2500 x i mean this is the you know take it or leave it i don't know how
accurate this data is but um i think it's interesting when you come here and look at these multiples.
It's just one piece of data in a much larger picture, but at 49,000 X, that's...
Where does Bitcoin trade?
I think XRP is just a Bitcoin now.
People who own it, do they even care if it has a use case?
I think in 20 years, if REPL doesn't have a use use case i don't think the people who own ripple will care it's like this bitcoin community of just like this is our currency
xrp army um i think ripple's in a great little spot there because it's got that and not many
others do like eith i know it sounds ridiculous everyone on ETH is a professor who is like,
oh, we were trying to build this,
and the revenue has gone wrong.
You need more left curve.
This is going to 500 trillion people in your community.
And ETH doesn't have that.
It doesn't have any meme value.
It's not seen as a currency.
It's seen as a PE
multiple. And that's
where it has gone wrong.
The minute people start trying to build
fundamental valuations, you know you're fucked because these numbers
are just way too high.
It's like Clone X. Clone X costs
$80,000 and they're sending people shoes.
Let's just say they were free.
They weren't free, but let's just say they were free.
No pair of shoes is going to ever justify an $80,000 PFP. It has to be about the vibes,
the FOMO, and the narrative. That said, the interesting thing is ETH is the only, for me,
ETH is the only actual real currency that ever existed in crypto because I think of CryptoPunks
and Bored Apes in terms of their ETH prices. It's like the only time where crypto actually broke through and people started to really, in their brain, fully calibrate an asset in terms of their cryptocurrency prices as opposed.
Like I'm never, I couldn't tell you how many Bitcoin I bought my house for.
I can only tell you how many US dollars I bought my house for.
But I know exactly how many ETH I bought each of my CryptoPunks for.
I bought each of my crypto points for.
So it's interesting that it's actually kind of broken through
in the one way we all want these things to do,
which is that assets actually start,
people start to see the world in terms of those assets.
I don't think anything's ever done that other than ETH.
But again, you know,
when you're dealing with a multi-hundred billion dollar valuation,
like that ain't, it's just not there.
I disagree.
I think the meme value and like the,
not the meme's the wrong word, but like the cultural value, the cultural appreciation, I don't think it's like a dead horse. I think it could. I think it could have another gala. It's just, it's very hard to predict the winds of culture.
One last really quick Ripple thought on this one. So going back to the soft data, whenever I'm in the sauna, people are generally talking crypto and other stuff. Ripple comes up more than any
other currency. And I always just naively ask people like, what does it do? What's the purpose?
What do you use it for? And confidently, every single person answers it the same way.
It's replacing Swift. 100%. I have a guy on my hockey team, my hygienist,
my kid's tennis coach, and now the chess instructor.
Those are my four examples.
All four, two of them are all in on Ripple, and they say it's replacing Swift.
Like this narrative is eight years old.
It hasn't been evolved at all, but that's still what they're doing.
That's what I'm saying.
All four of them, all four say Bitcoin is too expensive for them to buy.
There you have it.
That's the signal, folks.
In 20 years, they'll say the same thing.
It's going to replace it.
It's better for them not to make progress on this front.
And that can just continue to be the narrative.
Folks, and I hate to say it,
I'm going to say the most anti-crypto thing ever.
We are not early.
This narrative has been around for 10 years.
If this were real, we would see progress.
Like this is not like a lot of these texts, like YouTube and crypto are the same age.
YouTube feels like a dinosaur product.
Like people are on YouTube.
You know, it's like not even where the cool content creators are going.
Like a lot of stuff is not early, but Ripple is definitely not early for hints that this
is a real use case to be showing up.
We will have to revisit this combo on another show.
I love this debate, chat.
Sims has a time constraint, folks,
so we're going to go straight to those RaffleBot spins.
The code was Friday.
If you're in, we're going to do the draws right now.
Who do we got?
I think we're going to do a different game as well, right?
We're just going to do Planko to make it quick to Sims.
I love Planko.
Lieb-o.
Lieb-o. Lieb-Bull.
Come on up here.
We don't have the music, but you won.
L-E-E-B-B-L-E.
So go ahead and request.
Get to requesting now.
We're going to have a quick timer running today.
So we're going to go ahead and do our second draw.
Who do we got?
Who do we got?
And Marky Mehta.
Marky Mehta. Rocking the 3d punk smiling let's go mark marky meta come on up here you won
all right who do we have i'm not seeing requests yet here folks still going isn't it 95.2 nice nice little weekend rally and make uh
would improve sentiment around here marky i see you listen you got a request
um i see the hearts come on up here request um libel i'm not seeing all right there's okay we
got them both we got them both all right li going to go first. Then Marky Sims.
How do we want to do this?
Do we want to do Plinko?
Yeah, we'll do Plinko.
All right.
Let's get it up on the screen if we can here.
Liebel, you're up first.
GM, how are you feeling?
You won.
Can you hear us?
All right. Well, perhaps they are. it ain't the same without the music man
i know music i feel like we're just confused oh can you hear me oh yeah give us the music sam
yeah gm all right well sims i know we're tired for time so how are we gonna do is we're gonna
give them let's just set the standards ourselves yeah we're going to do five 100 balls for each person they've already secured 500
so whatever plans on top of that all right guys so you both have won 500 and you're both going
to get five 100 plinko balls all right label let's go let's go. All right. Let's go.
Go right.
Go right.
Go right.
Oh, wow.
Holy shit.
Wow.
$2,500.
$3,500.
$3,500.
Nice.
That is our biggest.
Wow. That's our biggest. Wow.
That's our biggest giveaway to date.
That was a huge one.
Let me just screenshot that so I can keep the numbers.
Holy shit.
Congrats.
That is massive.
So Plinko is the game, folks.
Plinko.
I mean, I love the other games, but man, Plinko.
Okay.
Congrats.
Huge.
All right, Marky Mehta, you're up next.
It's going to be hard for you to beat that my friend gm gm gentlemen
gm gm all right how's everyone doing we're doing well we hope we want to see you win even bigger
if we can all right five one hundred dollar balls sims whenever you're ready
here we go oh they're starting let's go let's go they want to go right. Go left.
Go left. Some decent ones.
All right.
What did we end up with?
I think it was Lola.
I think he won that much in the end.
3,500 was the first one.
We'll have to look at the numbers, but I think that guy's going to get like 600.
Well, Mark, you still end up winning.
I think it was like a $670 win or something.
We're close.
That's a great win.
Yeah, including the $500, it's like $600, I think.
Because the other guy got free $500.
Nice.
Nice wins for you both.
We will follow up with you after the show.
Thank you for tuning in as always.
All right, folks, a little bit of a tighter show.
Some really good conversation here.
Sam, Jeeps, thank you both for joining us.
Mando, of course as
always that is it that's going to be our show thanks to our listeners thanks to our partner
as always we will be back on monday at 10 a.m eastern until then go make it a great day goodbye Thank you. .
