Hey, what's going on, everyone?
Hope you all are all right.
Max, you're doing a mic check.
Am I coming in loud and clear, brother?
Let me know if you're going to play some music.
Let me know if you're going to play some music.
If not, I'll wait about a minute or so and let the room filter in and I'll get started.
Yeah, I can play some music. That's fine.
All right, let me find something.
Let me find something that works for today.
Let me play among the stars.
Let me see what spring's like on a Jupiter and Mars.
In other words, hold my hand.
In other words, baby kiss me.
Spill my heart with song and let me sing forevermore.
In other words, please be true.
In other words, I love you.
Well, I think that was a good intro, brother.
We're not done yet, man. You can't cut off Frank Sinatra halfway through.
You're going to have to let me a minute. 60 seconds.
Spill my heart with song and let me sing forevermore.
In other words, please be true.
In other words, I love you.
All right, man. That was a unique intro, man.
I thought we were going to play some Metallica, but either way, man,
I guess some key words are being said in that song.
So, guys, hope you're all doing all right.
SPX, QQQ, fresh all-time highs.
I think it was the highest closing in history for the SPX and the NASDAQ.
So I think this is actually showing some strength that this isn't just some deviation
above their prior all-time highs from two years ago.
And the crypto market is catching up, right?
And during our last spaces on Friday, we were mentioning a few select names
like Alt Layer and Manta Network.
And today they hit fresh all-time highs as well.
So congratulations to our Discord that got in on that practically on launch day.
And for you guys that caught that alpha drop on Friday
and I really think there's just going to be a trend in the crypto space, right?
The narratives that you saw flourish in Q4 at the precipice for Q1, man.
So I think we could see a stab higher at BTC and ETH, right?
Perhaps at least 45, 46K on BTC.
Let these alts go up a little bit.
We have FOMC in a couple of days.
And one thing I do want to mention, I was looking at some data.
The previous two FOMCs, and I know that rate hikes and all that stuff
don't really matter anymore, but I noticed with the last two FOMCs
have ended up being a local top for the DXY and also oil.
And the DXY and oil recently have caught somewhat of a bid,
which I guess you can attribute that to some of the bearish action that we saw in crypto
basically since the ETF got approved.
But if we continue on this trend, right, then all these assets like DXY
and all that stuff should just continue in their bear market
and prop up risk on markets like crypto.
And also we have Tether printed out a billion dollars.
I know that it doesn't really mean anything
until that USDT is sent into exchanges to buy these assets
whether it's BTC, Ether, Solana.
But I think you're starting to see emerging trends
that just prove the fact that we are entering in a bull market.
But I think once again, people are going to have to be patient.
It's not like all this freshly minted Tether
is just going to hit market buy on these assets.
And as a matter of fact, right, like Michael Saylor in the last bull market,
he was saying that one of the inefficiencies of the crypto market
is that if you come into this market with size, right,
with someone that's willing to deploy, you know,
hundreds of millions or billions of dollars into the space,
you actually have to like buy one Bitcoin every hour on the hour
to set your buy orders, right?
Because despite like these ETFs and all that stuff,
it's going to take time for this market to be as liquid as TradFi
or anybody with size can just, you know,
twap in and within a week or two have their positions filled up, right?
So I think patience is key, right?
And I think 2025, you know, staying alive until then
is going to be the narrative, man.
But yeah, a lot of interesting stuff happening within the inner crypto space.
And I'm going to pass it on over to Max, man,
and see what he thinks about today's price action, man.
Max, what's going on, brother?
And excuse my voice was raspy.
I was actually, you know, speaking to a project that, you know,
They have to do with the Eigenlayer ecosystem
and also spoke with somebody else to do some streaming here on the show soon.
So if my voice is a bit raspy, apologies for that, guys.
But Max, how are you feeling today, man?
How was your day first and foremost, man?
My day is going well, man.
My day is definitely going well.
You know, we had some volatility over the weekend
where price was up, price was down.
Everyone kind of getting excited at local range extremities per usual,
but ultimately ended the weekend.
More or less where we opened.
I mean, we didn't close near the highs.
Again, very, very locally, right?
But what I'm more focused on is that it was actually a very strong weekly close.
We actually closed the Bitcoin weekly candle green
after dipping all the way down below 39K.
And I don't really think there's any refuting the strength at this point.
I'm definitely open to a scenario where we pressure 40K again,
but I'm not so confident we go a heck of a lot lower than that.
I think that demand was clearly tested.
And, you know, if you look at the chart,
I mean, you can tell on every single timeframe, you know,
weekly down to five minutes that clearly there's a spot bid,
And what I'm most impressed by right now is the resiliency of Bitcoin
in the face of some spot selling
and not a small amount of Bitcoin being sold as well,
where you have the ETF net inflows,
and I assume there's some other entities not exclusive to the ETFs,
basically absorbing all of the grayscale selling.
I mean, grayscale has been unloading clips of Bitcoin,
and Bitcoin is still at 43K right now.
So I think if and when, I mean, truthfully,
whenever, which I think we're getting close,
whenever the spot selling,
which is just every single morning at New York open,
you can see the transfer receipts.
Grayscale Trust sends, you know,
$500 million in Bitcoin to Coinbase or whatever.
I mean, every single morning right at the open.
When that eventually stops, I think you have your answer.
You know, if the market is able to absorb,
you know, these deep nine-figure spot sells
every single morning at the open,
and we're basically just ranging up here above 40K,
I don't, I mean, to quote Tucker,
what are we even talking about here?
You know, I'm very impressed with the resiliency,
and I would almost go as far to say,
I'm a bit surprised by the resiliency.
I kind of figure with all of that selling going on,
we would have been a little bit lower by now,
and I guess it doesn't mean that we won't,
just because it hasn't happened yet,
but I'm very impressed by this market, you know?
I'm impressed by the maturity and the resiliency
and the fortitude of this market
absorbing the grayscale blows, and that's the truth.
How do I feel about things other than Bitcoin?
I've been a little bit disappointed by Ethereum, truthfully,
but I think that's exactly how you want me feeling,
because ETH is one of my bigger bags.
I've definitely decreased it a little bit,
but I think you want ETH holders
feeling a little bit depressed,
that usually means we're kind of close to a bottom.
So I actually, I'm somewhat optimistic
that ETH will surprise everybody.
It's not, you know, look,
it's not going to play like a fresh chart
like the ones Wabi's talking about,
which I've also dabbled in,
but, you know, the ETH BTC pair has been bleeding relentlessly,
so the Bitcoin, you know, the Bitcoin Maxi crowd
or the Never ETH crowd are extremely happy,
and then you have the other altcoin,
other chain people that are like,
we're stealing market share from ETH,
screw ETH, you know, so everybody's happy when ETH is bleeding,
and then that usually leads to a hated rally.
We've seen it time and time again,
and where I think we are at within this cycle,
now less than three months out from the Bitcoin halving,
it makes sense that ETH is acting a little bit lethargic,
but I wouldn't count it out entirely.
But I am also very bullish on Manta,
I'm actually very bullish on Doge,
Doge is actually having a pretty decent day today,
and actually right around where we're at
for this phase of the cycle,
Doge typically doesn't do a whole lot,
and I would expect that to continue,
but right as Bitcoin begins to pressure all-time highs,
you'll see that Doge just goes absolutely nuts,
and within like a quarter,
Doge will pull a 10X to 100X, okay?
And I anticipate it's going to do the same thing, okay?
And why I think it's having a good day today
is actually Magic Eden is sort of teasing Doge-nals,
which is the Doge NFTs getting listed on Magic Eden,
which I think would be huge.
So it's interesting to see in year 10
now there's a new functionality being added to this chain,
which is largely decentralized.
which is basically a fork of Bitcoin.
So we have like the meme coin,
but it's the grandchild of Bitcoin
that had no utility before,
besides just it's a proof-of-work network
that has currently about a 3% annualized inflation rate.
You couldn't really do anything on it.
It was just sort of a payment rail, right?
And it was very meme-able.
It's the Bitcoin of meme coins.
you suddenly have this new functionality
where people can actually buy NFTs on it,
and there's ordinals and DRC20 tokens.
So it's just, it's interesting to see now, again,
it's so rare to even have a project
that's been around for 10 years,
given how young the asset class is being crypto.
you can buy NFTs on Dogechain, which is just wild.
So I think that's actually,
a lot of people are onto that narrative,
it has not gone mainstream yet.
And if there's one community I know out there
that will absolutely ape into Doge NFTs,
it is the Doge holders, for sure.
Oh, man, someone's giving me thumbs down.
I don't know what there is to be upset about.
But anyways, I'm pretty interested in it.
From a cycle perspective,
I think it's gonna pump when Bitcoin gets a little closer
But also, you could have some tailwinds
like the Magic Eden Doge and a listing
and browser wallet capabilities and things like that.
So it's just a very interesting time.
But overall, the market looks great.
And I mean, we talk about legacy
and bring that into the picture.
I mean, if you're looking at the S&P 500
and the NASDAQ just hanging out above all-time highs,
I don't necessarily think that crypto needs legacy
to be ripping day to day in order to perform well.
We've definitely seen, throughout the past six months or so,
everyone likes to kind of say decoupling, right?
It's not even really decoupling.
It's just markets trading independently of one another
because they're entirely different assets than each other.
But I think it can for sure help in the sense
that it's one less thing to think about.
We don't have to worry about the S&P 500
going through a major pullback right now.
Well, it hasn't been, right?
It doesn't mean that it won't happen.
But it's one less thing to think about.
If we don't have equities lagging,
perceived to be lagging or underperforming,
and we can use it as a bit of a tailwind
or a further catalyst of,
yeah, well, maybe crypto is just lagging.
Okay, I think the markets can trade
completely independently of one another.
I mean, just think about the equity pullback
that we saw in September and October
was holding up pretty well during that time.
So again, I would expect the markets crypto
and legacy to trade independently.
But I definitely appreciate that.
We can at least potentially catalyze
another crypto rally by just saying,
you know, look at the S&P 500
is making an all-time high.
Markets are healthy across the board.
You know, we're in a Goldilocks period.
Let's just run everything back, including crypto.
You know, I would expect more lower
timeframe volatility and chop.
But look, that's just another day in crypto.
But I'm very impressed with the resiliency
of this market right now,
you know, in the face of the grayscale,
you know, nine-figure dumps at Market Open,
every single New York Open.
But I'll stop monologuing.
We'll have a conversation.
Before I continue, Max, Josh,
are you guys able to see Nick and Drake as speakers?
They're still connecting on my end.
For me, they're showing up.
Speakers, I'm going to do it.
Wabi, Wabi, you sound like,
you sound really staticky
like you're about to get rugged right now, unfortunately.
I don't know if that's just on my end, but...
I really hope we don't get rugged right now.
Yep. We can hear you now.
Josh, can you say something?
going to what you had stated,
you know, with the ETF selling from GBTC
and all that stuff from Grayscore,
I think now the most important thing is
recognizing that that will get absorbed, right?
And I think the inflows are going to be important
on a month-to-month basis.
And that's why I can clearly see just BTC
being within a massive range from 38K
all the way to like 52, 53, 54K, right?
because I'm sure, you know,
once we tap the highs again at 48, 49,
Dude, man, there's just bound to be a ton of like...
Just a bunch of fuckery, you know,
not to curse, but just a bunch of like
debauchery happening on leverage, right?
Especially when it comes to these altcoins, right?
Where you can have such massive swings, right?
Just take a look at Celestia.
when Tia tested like 17 bucks,
16 bucks, and went down to like 9,
and then a week later it hit 20, right?
These liquidation cascades are just massive, right?
Even with BTC, we had that lit cascade to 40K
because of that fake tweet,
and then we ended up at like 49, right?
So I think you're probably still going to see that happening.
I think the second half of this year is when we just,
you know, see all these positive catalysts
just be a constant tailwind for the overall market, right?
Kind of like when Sailor had bought Bitcoin in 2020, right?
That was, you know, at the very top of DeFi Summer, right?
And then we just started nuking relentlessly
for weeks and weeks, right?
But eventually that's the same thing that just carried us on
throughout the majority of the cycle, right?
So, Josh, yeah, I'll go ahead and bring you right back up, man.
So, Max, let me ask you something.
Oh, what were you saying, Josh?
Were you saying something?
Yeah, I'm like, now I'm drugging.
It's not raining here or anything, man.
And yeah, I think it's just more of like an X issue.
We actually had a day last week where both our YouTube
and the Twitter stream went down.
It was like the craziest thing ever, man.
But where I'm getting at is like spot and chill
is probably going to be the best move for this year until 2025
where maybe in 2025 you'll have like those opportunities
to press the leverage button and all that stuff
because typically in bull markets, right,
anytime we have these 25% to 30% corrections on majors
at that point, you can probably put low-level longs
on some of these assets and be quite fruitful with it, right?
But I think leverage should be a tool
and not really like a necessity for everything
because anybody in this market,
and that's the beauty of this market, right?
Like anybody can make a large amount of money, right,
with a short period of time, but keeping it,
keeping your money, right, that's a skill set, right?
By next summer, right, you know, June, July of 2025,
I think you're going to start having all these stories
of people making all their money back and then some,
you know, they're up like 1,000, 2,000%
from their previous peak from the 2021 bull market.
But, you know, I think a year after that,
a lot of those people are going to be down like 60%,
70% down from that time period.
So I think keeping your money is the most important thing
to do and also recognizing when like the juice
has mostly left an asset, man, like for myself, man,
and I've said it pretty publicly on my profile, right?
Like with something like a Celestia, right?
Like that's already gone up 1,000%
and you've written that asset up to blue trip status
where it has an FDV of $30 billion, right?
What's left of it compared to some of these newer assets,
And I think having that mentality is just a sign
of maturing within this space, right?
Because, you know, we all tend to believe our narratives
and say, oh man, if I can just have another three X,
another four X, another five X, you know,
You know what I'm saying?
And I think selling a little bit too early
might actually be fruitful.
So Max, I know it's a long winded statement,
but yeah, that's kind of what I have to say, man.
A lot of great points there, Wabi.
You can kick it over to whoever, man.
I think I basically said what I needed to.
And yeah, I agree with a lot of what you just said, man.
But let's hear from some of the other people.
I see Nick's got his hand up too, so.
Nick, what's up, brother?
Folks, it's good to be back here on Because Bitcoin.
It's been a couple weeks.
This space is awesome, guys.
Go ahead in that bottom right-hand corner,
prove that you are not a Fed
and simp for this space and repost it,
boost the signal for Because Bitcoin,
because these guys are absolutely awesome at all times.
I took a quick snapshot just talking about Max and Dogecoin.
I took a quick snapshot of the network hash rate
and the block distribution.
Dogecoin is significantly more decentralized than Bitcoin.
Most people don't realize that.
Yes, the hash rate is not as high as Bitcoin.
It's not even at 1x a hash,
but it's consistently going up and to the right.
and the block distribution is significantly more decentralized than Bitcoin.
And just understanding how the ordinal space is growing so rapidly,
there's like soft piece auctions now with ordinals and BRC 20s.
And, you know, it can cost like, you know,
a quarter Bitcoin or something like that to actually make an inscription now.
So that's quickly going to get out of touch for most folks in the space.
But as far as brand recognition goes, Doge has the best.
I would even say better than Bitcoin
because it's just so much more mentally attainable.
I'm not saying it is more attainable.
Mentally, people want to buy a bunch of Dogecoin.
It's easier for them to like think about DCing into Dogecoin
than DCing into Bitcoin, which is hilarious.
I see someone down there laughing at me,
but it is hilarious and it is the way crypto is.
And honestly, when there's that much infrastructure baked in behind Dogecoin,
Especially with Dogeinals,
like it could be an actual thing that normies could use.
If someone can make it usable,
it's a huge use case for Dogecoin other than buying coffee and whatnot.
It's just funny how crypto, just the whole environment is going to act.
We all think, you know, we're all in our ivory towers
and we think we know what's going to happen
and then there's going to be Doge's going to, you know,
come back on the scene, come back into the dog park,
start peeing on all of our narratives
because that's what Dogecoin does.
So just keep your pre-subpositions in check.
Be willing to know and learn more and new information
because the narratives are going to be changing hot and fast.
And also, I do want to credit the space for helping me get huge into Celestia.
I'm very, very vocal on my positioning and all that stuff, man.
It happens all the time, I think.
I think as the content creator, like,
you can't deal with, like, some anon that contributes nothing to the space
except some troll comments.
And this space is not for you, man, but it is what it is, man.
But listen, dude, I appreciate your support, man,
and your thoughts on the market.
And, you know, one thing I will say, man,
is that when it comes to, like, retail and all that stuff,
you know, they just tend to get into some of these newer assets, right?
I think Doge might run, right?
But I think that, like, for the most part,
its magnificent run was probably in 2021.
And although I do think that Doge will probably make an all-time high,
I don't think that crazy, you know,
2000, 2000-plus, where it gets to, like, a couple of bucks
is probably going to happen.
I think once an asset experiences such a crazy run
where it's on TV and, like, retail workers are wearing shirts
and all that stuff, I just think that, like,
I think for the most part, you're better off just rotating.
But I think there is some alpha endogenals, man.
And I know we have Drake up here, which was, like,
so loud when it comes to all these inscriptions
So Drake, I'll pass it on over to you,
and then we'll go to Josh and Matt.
Oh, my goodness, I just realized something.
Has anybody here ever seen Drake and Josh?
Has anybody here on the panel ever seen?
Bro, the sushi episode was the best.
Dude, we have someone called Josh.
Josh, though, from Drake and Josh.
Dude, that is so cool, man.
Man, whatever happened to like,
just wholesome content, bro.
Everything now just has some sort of, like,
Like, you can't even talk about assets now
without saying, like, oh, man,
how dare you talk about this ticker?
And it's like, hang on, brother. Hang on, man.
What you're doing is pressing a buy button
and a sell button on an exchange.
Like, this is cool, right?
I love the tech, but, like,
when we start romanticizing
and, like, actually, like,
ranting and raving and huffing
and puffing on these assets,
I think that's when, like,
that's when you cross a massive...
That's when you cross the line, right?
And you're starting to actually
become mentally deranged, so.
Not to get too off-topic here, man,
but it just had to be said.
Be careful within these markets, right?
Like, if you're in these markets
and you can invest some of your paycheck
or your salary into this marketplace,
because there are people that will never
have the opportunities that we have
and have the amount of access of information
All of us here on these spaces
that tune into these shows day in and day out,
we're all lucky, and that's why
I'll never stop, never, ever stop
being grateful for you guys here in the audience
and showing my gratitude each and every day.
So I'm gonna pass it on over to you, Drake, man.
First and foremost, dude,
It's been a while since you've been on the show.
God's blessing, that's all I can say.
But overall, man, the markets are fun.
I mean, we're in a consolidation mode,
I think if Bitcoin and ETH hold these levels,
I think altcoins are really going to
catch a really strong bid,
and like you just said in the introduction,
that is kind of my thesis
for this upcoming bull run.
Most of the 1000Xs we're gonna see
this coming bull run are gonna come
from the inscription meta.
I am extremely bullish on Dogi.
Dogi is, you can think of it like Doge,
So it's an extremely levered play
on meme coins, I guess you can say.
I can see a lot of these different projects,
I see that being three digits and peak bull run.
Right now it's like five bucks.
I could see Dogi also being in three digits.
Probably, nah, it wouldn't hit four,
but maybe like mid three digits,
I could see that getting into a
multi-billion dollar market cap,
just kind of how euphoria and speculation occurs.
And a lot of these different assets
I could see these trading pretty high.
Bitcoin frogs, definitely over one Bitcoin.
Some Bitmap, probably trading around
at its peak, probably at least 0.1 Bitcoin.
especially if you look at the prices,
but just knowing how these markets operate,
I really believe there is going to be
a very euphoric stage a lot,
a big time in the inscription and ordinal space,
especially on the Bitcoin side.
If you just compare the market caps
of like BRC 20s and ERC 20s,
relative to the market cap of the actual asset itself,
Just a quick tidbit is BRC 20s,
the market cap of them is probably around seven,
The market cap of Bitcoin is almost a trillion dollars,
whereas ETH is about 300 billion dollars
in market cap and the ERC 20s are about 350 billion.
So Bitcoin is three times the size
and yet the BRC 20 assets are a little over a percent.
So I mean, that's a 100X move right there
just to reach parity as where it is now.
Man, I think, man, apologies for that.
They put me on mute for whatever reason,
but Drake, I was saying on the show on Friday
that if the ordinal ecosystem at the very minimum
does like 10 to 15% of BTC's total market cap,
I think the majority of that
is probably gonna come in 2025
because what I'm seeing in this space right now
A lot of these inscription projects and all that stuff
mostly come from poll groups,
all raising like $100,000 each,
and their vesting schedule is like six months
and even though it might pump in the immediate future.
You're looking at the wrong group.
You're looking at the wrong group.
You need to go in Bitcoin.
There's no such thing as a raise
on the real Bitcoin assets.
Everyone has to mint their own and everyone has to mint.
Everyone's got a fair chance at it.
All that other raise garbage is just influenza garbage.
That's what I'm mainly referring to, man,
because like myself personally, dude,
I don't have that much experience actually
like going on the Bitcoin base layer
and hunting for these inscriptions
because it's basically like,
it's like throwing a dart in the dark
and hoping it hits a target, right?
And I'd rather just have clean cut signal
as I do within the altcoin space
and not just like go into the depths
of the BTC base layer, right?
And then be stuck in a tranche
because like buying these inscriptions
it's a different process than, you know,
I'll give you some clean cut.
Track, part of all the BRC-20s and ordinals
Yeah, track, the thing like track and ORD, right?
Like those are already established assets, right?
Like those are blue chips.
Your track has 100 million market cap.
Well, I'm saying like blue chip
in the ordinals ecosystem, right?
Not really like billions and billions of market cap.
And I think, I'm just saying,
Snorlax, if you come up on the stage, brother-
I've been telling you this since like 20 cents.
Well, I've been playing with you.
I'll go on record and say this, right?
I'll go on record and say this, right?
I respect the blue chip assets, right?
for like the inscription ecosystem and all that stuff,
I think time is on my side.
And I think 2025 is when, you know,
you'll probably see like a jump crypto having their own,
you know, inscription project or whatever it may be,
not to get too technical in here,
but I'd just rather at this stage,
from the amount of rotations that I've done
on my level of concentration,
I'd rather just wait until 2025.
And I think, and I'll say this,
I think over the summertime,
I think you will see an ordinal summer, right?
And I think things like track and ORDY
could potentially benefit from it.
As I do see something like an ORDY, right?
Replicating the same move that Bitcoin Cash did, right?
Where it went from like, I don't know,
I think like Bitcoin Cash went from like rank 80
but it was a super aggressive pump, right?
And then it just did nothing.
But I think ORDY can probably trade into like
a $15 billion market cap.
But again, I'm not really focused on ordinals that heavily, man.
And you're not buying and you're that bullish?
I think you could do like $50,000.
I'm just going to miss out, you know?
Wabi, let me help you brother.
Jon, and all these guys are in the system.
That's when I'm getting out.
So when you're entering, I'm going to use you as exit liquidity.
Damn, that's a top single.
That's a mess of stuff there, Drake.
I'm just being straight up with you.
I'm a Bitcoin layer 2 Max.
I still think Bitcoin layer 2,
I honestly think Bitcoin layer 2 is going to be
one of the strongest narratives of this entire bull run because you have.
I think they're going to do really well.
The problem is that I see as they might be a bit too early,
but I'm not saying I don't have exposure.
I think it's too early, but that's the beauty of it is like,
you have Bitcoin spot ETFs.
There's so much liquidity pouring into this ecosystem right now.
You better be bullish on dojos.
Oh, dude, I'm so I'm bullish on everything.
I might be overly exposed to Bitcoin's ecosystem and people call me crazy,
but it's been doing quite well.
I'm like early on stacks, Alex.
Let me run it back for you.
What did the best bull run?
Was it layer 2s or layer 1s?
No, definitely the layer 1 trade.
I don't know, dude, I'm adding three penny, bro.
The point I'm trying to look at comparison, like FTV,
like, so look at Polygomatic compared to like Ethereum.
Like, the fully diluted value between layer 2s to Ethereum
are like 30% to 40% at any given time.
For Bitcoin's network, it's less than 1% in terms of FTV.
No, no. The point I'm trying to make is I believe layer 2s are going to do extremely well.
What I'm saying is you're missing the trade before that.
It's the layer 1s that are going to peak and pop off
and then rotate into layer 2s.
I have exposure to both of them just in case,
but what I'm explaining to you is I have conviction
that Dojianals are going to pop off before you see the things like stacks
and what is the other one, RSK,
and all these other layer 2s popping off on Bitcoin.
First, it's going to be the Dojianals, like the layer 1s.
It's going to be those first, and then people will rotate into the others.
I mean, I would agree. I would agree. It's a trickle effect.
It's layered down economics.
So you're going to see layer 1s, then layer 2s, then the DeFi.
Bitcoin, though, to me is kind of like interesting just because you see...
I think SAVM was like a one-off just because that was a manipulated market push,
but we're seeing these products raise tens if not hundreds of millions of dollars.
I'm just bullish in general. I think everybody should be exposed to Bitcoin layer 2s.
If you're not, you're sleeping.
I don't know. I think it's a strong, strong, strong narrative.
Yeah, I mean, there's layer 2s and then there's scams and vaporware.
Be careful with the scams and vaporware.
A lot of those are going to come out.
We're going to have like an ICO level with a lot of these things for these layer 2s.
Yeah, so not to make this centered around ordinals, man,
because I'll tell you what, brother, I'm about as clueless as a canary
when it comes to ordinals, man.
I'd rather just have thin-cut signal, right, and that's it.
The reason why I don't have exposure to ordinals is simply because
I've got too much capital tied up to either some private stuff or to my margin.
Wabi, do you have Bitcoin?
Oh, okay. Never mind, then.
The title, you guys are called Because Bitcoin.
Not Because Celestial, Wabi. Because Bitcoin.
Yeah, so perhaps I will, dude, right around the halving.
I think that's when you'll see a lot of these.
That was a good one, Josh.
Because Celestia. Oh, man.
But yeah, I think post-halving, you'll see some of the ordinal stuff kick off
and some newer names, but yeah, for right now, man,
personally, the modularity stack is where I'm playing.
So Tenex on Tia rotated that into some Manta and Alt Layer
and going to wait for Dimension, Saga, and Entangle and be fruitful with those.
So I think really everything is going to have its season.
If you take a look at last year, I made a post about this on my personal Q1.
You had L1 resurgence, and towards the tail end of that,
you had Arbitrum kick off in Q2, mostly memes.
In Q3, it was mostly chop, Solidation, and Majors.
And if you didn't hold like Rollbit, Unibot, did the ox trade
and all that stuff, it was pretty much nothing until Q4,
where practically everything started going up only after mid-October.
So I think it's still going to be a rotation trade.
And when things like ordinals go up,
I notice that like everything just goes up at that time, right?
And I think as long as you keep your money,
that's the most important thing because we hear it so often
in these markets where, oh, man, you know, I just made a...
Like I guarantee you, dude, some kid is going to turn like a thousand bucks
into two, three mil using ordinals and pound his chest on the timeline.
And, you know, we'll check in 12 to 18 months later
and see how he's doing, right?
Because as with everything in these bull markets, right?
It's always about, you know, how are you when you get that money?
Everyone wants to talk about BTC being at 120, 130K.
But when that time comes, right, and you're up, you know,
1,000, 2,000% from your 2021 peak worth,
or 1,000 or 2,000% from your worth right now,
how are you going to act when that time comes?
Are you going to de-risk? Are you going to realize that?
Or are you still going to be a quote unquote community member
and then be, you know, stuck there for multiple years
into the next bull market, right?
I think that's the most important case.
And also realizing that some of these narratives
probably only have a few weeks of juice left, right?
Like with Ordinals, for example, right?
It's basically had two seasons now, right?
You had the first season in Q2, right,
with ORD and all that stuff.
And then you had this recent season in Q4, right,
with track, sats, movie, and all that stuff.
And now things have kind of cooled down a bit.
And I remember a few weeks ago, everyone was telling me,
man, Wabi, you should really get into Ordinals.
Oh, man, you should really buy movie.
Oh, man, you should really buy this, you should really buy that.
And then I look at these tickers today and it's like,
brother, like when you shield that shit to me,
you know, I was comfy in my trades.
And, you know, that asset started just
depreciating like a, like a rug pull, right?
And that's why I'm saying-
Well, track went up the same amount that Neon did.
Where's Neon now and where's track now?
Well, I had sold Neon near four bucks.
That's another thing, too, from an entry,
from an entry of 14 cents.
But so that's besides the point.
But where I'm getting at is I think,
a lot of these narratives will kind of overlap within another
and everyone is going to be in this sort of amogeneous season.
And I think that's cool, right?
For the first time, I think, you know,
Max was touching upon this.
I think Max was touching upon this earlier,
is that we actually have these ecosystems that have new utility, right?
And I remember when Matt was on the show in December of 2022,
I was asking him about, you know, the prospect of having something like Bitcoin,
having a more speculative nature to it, right?
So with that being said, man,
I want to go ahead and get some more general thoughts from the speaker panel, man.
So I'm going to pass it over to Josh,
and then we'll go over to Matt, man.
So Josh, what's going on?
Yeah, well, one quickie, Wavi.
I just wanted to say one thing just to clarify.
Wavi is an influencer coin.
Sure, maybe it has great tech, whatever,
but you have all these- I don't even know what the tech is.
I just know it's an influencer coin.
Stay away from those coins.
You're going to get wrecked
because those things are over-pumped and over-hyped
and those will revert to a meme.
That's all I was trying to say.
Yeah, that's all good, man. Don't worry about it.
I think whether it's a VC coin or an influencer coin or not,
I think at the end of the day,
if we just take a look at all the previous bull markets,
practically everything outside of the top 10 at some point
does a 90% drawdown, right?
Especially when it comes to the amount of-
Let me bring up Snorlax here.
The amount of attention that gets diluted as you get into a bull market
becomes greater and greater.
just to give some transparency here,
I remember towards the end of the bear market in 2018,
I was hugely, hugely big on SNX, right, synthetics.
This was a project that was incubated by the E Foundation
and some of these people had seats in the Enterprise of Theorem Alliance.
I was hugely, hugely big on synthetics,
Yeah, it did thousands of percentages gains,
but about a month and a half after Bitcoin made an all-time high,
SNX basically bled against the entirety of the rest of the market.
Influencer coin, VC coin, community-funded coin,
even like Pepe, all of our guys here at BB,
man, we did an insane trade on Pepe.
Some of our guys did like a 30X, 40X.
We have Snorlax up here who did a huge amount on Pepe,
but community-funded, but it still went down 50%, 60% from the top,
but I think that's just the nature of the beast,
and I think the key point here is,
the key point is just you make your money and you keep it, keeping it.
That's the most important part, man,
but yeah, I'll pass it over to Josh or Drake.
Josh, what's going on, brother?
What are your feelings on the market today, brother?
I mean, it's been a really good month, to be honest.
We got to sell literally at the top of the market,
and then we've been dollar cost averaging at two points,
so 39X, then 38X as well.
We picked up quite a few of altcoins.
Now we're just watching markets absolutely rip.
I've been pretty much just following all the Evergrande stuff.
I've followed their local government financial vehicles
in China for a very long time,
ever since it was the first break in 2021,
and everybody was screaming that it was going to be
this Lehman Brothers-style impact on the globe,
and just sent us into some massive sell-off
and cascade events just to watch all of those economists
and creators back then sideline their entire communities
and watch the U.S. markets hit all-time highs nearly two years later.
And so, you know, Evergrande right now,
I don't know if anybody's paid attention,
but the Hong Kong courts officially announced their liquidation of assets.
It's not necessarily the entire company.
I believe it was a specific entity out of the corporation,
but it was the majority of the assets,
and the overall outcome is the same of the companies completely done for.
And so, you know, we're talking $300 billion in assets.
And now Xi Jinping has been forced to start to lift
a lot of restrictions in the market.
He took off the COVID restrictions.
He's now embedded a lot of different policies
for the local governments to kind of have more wiggle room
and then ultimately even closed the short selling on Evergrande today,
so that way they couldn't continue to sell off in the market.
It was down 20%, I believe, off the announcement.
On top of this, they've printed $278 billion.
I don't believe it was at a direct mint of the yuan,
but it was ultimately a sell-off of certain stocks.
And we've been seeing the flowover into Bitcoin,
So, you know, seeing this real estate bubble completely burst,
I don't see anything unless there's a white swan that comes out
that's unpredictable that's going to, you know,
cascade a bull run back in Chinese real estate for the foreseeable future.
And I think right now what we're primarily watching
is if they're going to respect their credited investors
because foreign investors have been flooding I think $300 billion also.
So it's $278 billion that they're essentially adding back
into liquidity for the markets, trying to prop it up and save it.
$300 billion has left the markets over the last consecutive,
I want to say, year or a few months.
And then now we've seen $86 billion
flood over into Bitcoin specifically from Chinese investors
and a lot of whale accumulation.
So if you look at anything from terms of on-chain analytics,
your short-term holders, it's a great metric to watch.
There's a lot of metrics.
When short-term holders are selling off,
that is wallets between the size of one hour and 155 days
are in extreme fear and panic.
It almost coincides perfectly to the bottom of markets,
especially when you see whales accumulating at the same time.
So there's been this huge fud narrative around Evergrande,
of course, grayscale selling off the billions of billions in assets.
You had Mt. Gox come out and start seeing,
even though that's been in conversation for 10 freaking years at this point,
people acting like that's going to cascade another $7.8 billion
and they didn't even look through the terms and conditions
and realized that meant, oh, it's going to be in cash deposits
So the outcome of them actually giving Bitcoin back to investors,
one, it looks like that the investors are going to have to ask for that Bitcoin
and then your Mt. Gox would have to then go buy said Bitcoin to transfer to them.
Then you have to ask yourself that question.
These are people that, okay, if they really wanted to cash out,
why wouldn't they take the cash?
Because they watch their Bitcoin go from a few pennies to a 99,000% rally.
So it's either, okay, maybe they're going to be holding on to a bit of that Bitcoin,
maybe they sell off, but even any outcome of that is starting to show
that it's not as fear mongering as the crowds liked,
or I guess it would be fear mongering.
It's been quite just a lot of fear porn.
So, yeah, I mean, overall markets, I'm extremely bullish.
We're seeing a lot more influx.
What's happening right now with the real estate bubble in China,
the world's second largest economy.
If you guys don't know this from just the,
if you guys are just listening in on the stream, look up Ghost Cities.
I mean, we're talking trillions of dollars in value,
and now I think 95% of the debt to, or the GDP ratio in China
is within these local government financial vehicles that have been propped up.
And there's not even a way to audit these reports.
They're all guesstimates because we're not allowed to actually access
the true reports from many of these asset managements in China.
So, you know, really all we can see is that investors in China
have been buying three, four houses, and the bubble has effectively popped.
If you look at the China 300, so to speak, which is similar to the S&P 500,
I think it's down roughly 46% in the last three years.
These investors need a safe haven,
and their asset management companies are starting to really just heavily invest
through back way measures, through gray area markets is what they call them,
through ODLs and through tax.
There's workarounds. They can only buy $6,000.
Did Josh cut out for anybody else? Just check here.
I'm not able to hear you, brother.
I hear Bobby. I hear Matt.
Yeah, I can hear you perfectly.
Okay. Just because Wabi can't drop because he's the host,
maybe Josh and Matt, you guys drop and come right back.
Matt, if you can drop down to listener.
And then I'll bring you back up, brother.
I was able to hear Josh, but not able to hear you, Matt.
I just wasn't able to hear Matt.
Was this team able to hear me or did I cut out like that entire time?
No, we could hear you, Josh.
His spaces have been really, really bad lately.
Yeah, I've been cut out like twice today.
Yeah, I'll wrap up the thoughts on that.
I was on pretty much on a rant on China's economy,
but overall, I think what's happening right now in our market just proves,
it was the asset management companies and the equity firms out there.
They're allocating a ton into these Bitcoin positions.
There's a lot of articles that you guys just look up today
with these conversations around them really focusing on flooding towards.
I think it's $86 billion in Bitcoin.
I think it's $86 billion in Bitcoin.
I think it's $86 billion in Bitcoin.
Even though it's been banned in China.
So there's a lot of conversation around Hong Kong,
open up those restrictions.
They've been talking about them more optimistically
and potentially getting ETFs issued in Hong Kong as well.
So that's one massive bullish metric for me on top of the Bitcoin having,
on top of the possible Ethereum ETFs that we're looking at in the next four
to six months, as well as, of course, your presidential elections being very,
very bullish with the Bitcoin market.
Presidential elections being very,
very bullish with pro Bitcoin candidates.
And it just goes to show guys,
the second largest economy in the world when it's having issues
and their retail investors have nowhere else to run.
And they need that store of value and that safe haven
despite it being banned or not.
They're flooding to Bitcoin as a store of value and a flight to capital.
I think people that are bearish on these markets waiting for $30,000,
That's why I preach dollar cost averaging.
It's like, you know, why wait for $25K?
That, to me, is in comparison as your middle school friend
or your friend in high school that can never get the nerves up
to ask out his high school crush.
And all of a sudden, six months go by, a year goes by.
She gets prettier, he gets uglier, his friend asks her out,
and then his friend ultimately gets to go home
with the girl at the end of the day.
So that's what it looks like to me,
and that's why I just continue the dollar cost average.
And I think just time and time again, these people will be proven wrong.
Bitcoin always comes out on top.
What the fuck happened to your friends in their 20s?
They're getting uglier in their 20s?
You know, it's consistency, right?
It's like going to the gym, dollar cost averaging.
I was going to say, Josh, that was such a specific example.
What are you talking about?
Now, it's that freshman, sophomore year, you hit puberty,
and all of a sudden, your face fills up with a bunch of zits,
and so your friend asks her out before that hit,
and he's the one that ends up on top.
Josh, who is this friend of yours?
Josh, so what's the story going to be, brother,
when BTC is at 120, 130k, man?
How's the story going to look like then, man?
More than likely, your friends are going to be taxing you
if it's too late to buy it,
that they've been thinking about buying that asset,
and I'll be selling and using them as eggs at liquidity.
We're talking about the dude in the chick here, man.
Oh, the dude in the chick.
Where will they be at 120k?
She'll be calling you at 120k.
She'll be calling you at 120k.
Well, remember, I'm the friend that asked her out
while the other friend waited on the sidelines, you know?
So I think the correct analogy here would be
that friend would end up being my pool boy.
I guess we'll wait to find out, guys.
We'll put that one on hold.
Yeah, we'll wait for Q4 of next year, man.
That's only 18 months from now.
I remember 18 months ago.
Man, that summer was quite something.
I think all of us were just waiting for, like, the Ethereum merge.
And when that happened, it was just, like,
the biggest nothing burger ever, man.
But I'm gonna pass it on over now to Snorlax, man.
I know he wanted to get some thoughts in.
I haven't had him on spaces.
Hey, guys, I would love to stay.
I gotta close up the building.
So I gotta go lock up the warehouse.
It has been a while since I've been on spaces.
I mean, I guess I can just kind of give some general thoughts on the market.
I'm kind of viewing it through two lenses right now, right?
I mean, we're trading at a pretty obvious pivot here at 44, 45K.
And I know people don't like to get too granular with technical analysis,
But I do think that, you know, if that's a level that you flip,
you know, you engulf that entire bleed that we have, big level for price,
big level for market structure.
And I would say, arguably more than anything, a big level for context, right?
You are trying to engulf all of the very cells.
So I do think if you flip that level,
it opens up the door for, you know, a trip into 50K Bitcoin,
Wabi, I know you've talked about that scenario before,
and then things will kind of cool off for a little bit.
And then I think the second scenario I'm looking at,
which is I would argue more likely at this point,
is probably just more sideways on Bitcoin.
And I think that could last for a few weeks
before we see any real decision from the market, you know?
And I think if that is the case,
then people are probably going to chop up a majority of their gains
they made over the last few months.
You probably see things like ordinals get a rotation.
You know, maybe it's probably some other altcoins,
but I would also say not every altcoin,
because, you know, you look at these things like Solana, like Arun,
things that were leading off the low back in October and November,
but have kind of been in downtrends for the last few weeks.
And I mean, they've repeatedly painted these structures
that make you think a reversal is coming,
and they just trap you, and there's no real market structure breaks,
and they just continue to bleed on a higher time frame.
And I think they will continue to do that
as long as Bitcoin isn't making new highs,
because they have traded more closely correlated to Bitcoin
than they have to, say, like Ethereum,
which, you know, has been lagging
and has been such a terrible token for everybody to trade.
But, you know, I do think it will have probably some period
of outperformance here in the spring.
You know, maybe a trip to $3,000,
but I know that, you know, the entire crypto space wants...
I call it the king swing on ETH.
I mean, the foretold GCR forecast of $10,000 ETH one day,
because we all know it probably will happen,
especially, you know, if you are a long-term crypto bull.
But I think at a certain point,
it just became such an obvious trade
that all of CT, all of, you know, crypto,
is kind of more or less positioned in ETH already,
whereas you have all these other altcoins now,
like a Solana, where people were very underposition
and had very much counted out, including myself, admittedly,
that were able to catch a much larger rotation
So I do think that ETH will probably see some level
about performance here over the next, like, two months,
but I don't think it will be more than what you can get in other coins.
You know, Wabi, you've talked about a lot of the new charts.
Those are going to get bid probably harder than ETH.
I would not probably, almost certainly harder than ETH.
Altware, like you said, Manta, I'm sure there are some other ones.
You know, Dime coming out later this spring,
they'll all be bid probably more than ETH,
even if ETH sees outperformance.
But I do think that the general theme of Bitcoin going sideways
that will be ultimately, you know, people searching for beta,
people rotating capital into probably further out down the risk curve.
Bitcoin dominance probably dropping here over the next few months.
But, yeah, I mean, I think the resolution of this Bitcoin range
is ultimately a few weeks away, whether that be up or down.
I think, quite frankly, you can make a really compelling argument
You know, do we see 31st? Do we see 61st?
I'm probably more in the camp, personally,
that we range, eventually hit low 30s,
and then probably chop and spring out of it super aggressively, right?
I view kind of all of our price action
since the start of 2023 as a high time frame broadening uptrend.
So the moves to the upside are going to get more aggressive.
But, you know, that is going to probably cart out
a lot of participants in the process,
much like, you know, the 2017 to 2018 Bitcoin cycle
that was, you know, much more parabolic
than what we saw in 2020, 2021.
But I'll stop rambling now.
I think I've said enough.
I think my base case is probably for Bitcoin to go sideways,
but still a market that is full of opportunity
and altcoins and ordinals
and pretty much everything in between, honestly.
So Snorlax, man, just because the space was recorded, man,
and I'm not sure when the next time you'll be on spaces will be,
but do you think the Jupiter airdrop,
which is scheduled to be this week,
on top of the blast unlock and airdrop, right?
Which, both in total, should add about 3 billion
into the broader crypto ecosystem.
Do you think that is going to be beneficial
to ETH Eco and, you know, broader scope DeFi
to take a next leg higher?
Well, I definitely think, as you know,
as long as, like you said on our gigachad call,
Wabi, I mean, we're basically doing all this,
you know, in-house QE for all of these crypto participants.
I don't think it can possibly be bad for on-chain DeFi
for people to get free money, right,
because they're going to be looking for stuff to spend it on,
I mean, it's probably not just going to go right
to the base token, Solana and ETH,
although that will probably serve as some volume.
I think it's more bullish than anything
on a lot of these shitcoins that you have seen.
I mean, especially on a Solana.
I won't, you know, talk my book too hard, but I do like WIF.
I mean, it's a total meme coin, but when you look at...
I think the biggest thing with a meme to hit critical mass
is that you need it to be easily digestible.
You don't want to have to explain it in a thread
or, you know, like really have to show your back.
Like, I could just tweet a picture of the meme
and it should pump, right?
I mean, I think that's kind of the essence of just playing memes
But I do think that that's something that could, you know,
really outperform these other Solana shitcoins.
And ultimately, I do think that the Jupiter airdrop
will benefit the Solana ecosystem,
probably pump all these ecosystem tokens.
I'm still curious on who the winner's going to be.
I've obviously, you know, placed my bets
on where I think it will be,
but, you know, I think you could make an argument
for a few different coins, right?
And then BLAST, I think, is a lot less certain
if it goes to econ chain because, you know,
using ETH still kind of sucks.
Like, let's be real, especially when you go to
really any other chain that's launched
or any new technology or asset that's launched
I could count on two hands.
The experiences I found that were more enjoyable
and honestly more practical than using ETH.
So I'm more skeptical on ETH on chain out performance.
But obviously, if you see ETH pump,
I'm sure that you do see the bid return
to a lot of these ETH shitcoins, right?
But I would be more selective as far as what I would choose
if I were, like, allocating to ETH on chain stuff
because I don't think that everything will necessarily pump.
Man, I saw two people make threads and posts about Rollbit,
and that was a sign of the times, man.
Everyone was so bored in Q3 that, like,
we were all playing on Rollbit and betting on hamsters.
That was something else, brother.
So sign of the times, brother.
And congratulations on yourself and everybody else
who got into WIF in December.
I think you guys got in at a couple of cents.
So, you know, there's always opportunity out there
in these markets, and that's what I'm grateful for, man,
And I enjoy seeing people take advantage of this volatility
to be quite frank because, man, you guys remember,
you know, after early May,
there was nothing to do in the crypto markets for months, right?
We basically did nothing for about a month and a half,
You know, we were just chop-solidating downwards to,
I think it was, like, 24-8.
And then we had that spring to 31,
and they chopped around there for a while.
So I think the key point is here, man,
is that, like, we're starting to see the market trend
into the next secular bull market,
rather than just having, you know, a multiple,
another echo bubble, right?
Like, I think last year, right, that run from the yearly open,
I think it was, like, 16-2, 16-3,
all the way to 31, like, 31-4, 31-5,
I think that was the echo bubble.
And I think we officially broke out of that period
in late October, early November,
and that trial with CZ happened.
So, man, thanks for sharing your thoughts, brother.
I'm going to go ahead and now pass it on over to Matt,
and then we'll wrap up here, man.
So, Matt, what's going on, brother?
We've got FOMC this week,
and, you know, if we sort of repeat this trend, right,
and we look back at, all right,
what's happened over the last couple of meetings, right?
I think there's Alpha in that, right?
Hold on, hold on, hold on.
Let me get a cookie real quick.
So, you know, when they started skipping on raising rates,
we just rallied again and again and again.
And over the last two meetings, right,
I've noticed that, you know, post-FOMC,
you've started seeing oil trickle up
which sort of led to some slums in the crypto space,
but right after, right, or going into it,
DXY kind of tops, and then we just continue on
to rally in the crypto space, right?
And I think after this FOMC market,
I think FOMC, FOMC market, FOMC meeting,
I think we'll take that next leg higher,
in my opinion, man, and perhaps,
at the very least, test mid-45, 46.
And then, you know, test 52, 53,
and I think that'll probably be like a local top
for a minute until the second half of the year, right?
So those are my thoughts on what's going on,
I know you were talking about earnings and all that stuff,
but let's talk about today, right?
Let's not, you know, expand upon the conversation
that we had on Friday, but SPX, QQQ,
fresh all-time highs, man.
Now we're just waiting for the Russell.
Yeah, no matter if you're looking at SAP 500 or NASDAQ,
everything is 52-week high or even all-time high,
but it's not too early to talk about earnings
because your biggest companies, your blue chips,
they're reporting this week, literally starting tomorrow,
your Google, your Amazon, your Apple, your Meta.
These companies make up the bulk of the market share
So if you're interested in the SAP 500,
you have to be interested in the solid six
or the MAG 7 or whatever you want to call it.
Like the analysts that spend their whole careers
analyzing every little Apple store, like they're not bears.
They're all wondering like how much are they going to meet and be.
To give you a broader perspective of the SAP 500,
you've already got two out of every three.
Two out of every three S&Ps have reported EPS
That augurs well for what you might expect,
your quote unquote best in class to report this week.
And so like, yeah, Fed Minutes and J-PAL, yes, that's important.
But I mean, we've had many of these conversations before
where I keep saying, you can skip his meetings
and just look at the data that he's looking at.
Inflation has been cooling.
You've had steady disinflation now for over 18 months,
So I mean, that's just what he's going to,
that's all he's looking at too.
So you don't have to sit through that such a boring meeting
and you certainly don't have to reread their meeting notes
when they release that later.
It's just stuff that you already were noticing
So this week is huge, huge.
You want to see these blue chips and these best in class companies
that are anywhere from $600 billion
to now over $3 trillion from Microsoft.
You want to see them report solid earnings
and knock it out of the park.
Because they're all at 52 week highs or all time highs.
And you got to imagine, you know, if you're a family office
or you're an asset allocator
or you've just got personal family wealth,
you're not buying an all time high ticker for Nvidia.
Like, no, you're looking for discounts.
I either barely buy a couple extra shares of Berkshire
Bitcoin is still way off of its all time high
and it's now a lot easier for me to access.
I've got any number of ETFs that I can add to get exposure.
Plus, not to mention, I think I might be on a little more bullish
than the space that I've heard so far.
You're less than 90 days out.
You're almost 80 days out from Bitcoin halving.
And whether you believe in it or not that it pumps price,
narratives drive the market.
And you're going to get a cacophony of noise
all over every single YouTube channel
and every single cable news channel
opining about what the halving might do for Bitcoin.
And you better believe there's going to be smart money
that's like, you know what?
Let me get some money in two months out, three months out.
Let me position some money here in the 40s
so I can sell it in the 50s or 60s or something.
Like, who knows what price could print to?
And you'll get another buy the rumor, sell the news event.
But whatever, I know you're trying to make money,
So unless you're less than four years old,
you remember what happened with 2020's halving.
You might look back and see what happened
There are new market participants now
that want to make gains off of that.
So, I mean, it just makes sense
to keep that in the back of your mind.
And if you want to make a play on that, knock yourself out.
Lastly, I'll say, I know the first half of the spaces
was all about ordinals and inscriptions and et cetera.
And you know, I don't have any insider information.
I'm not in the right discords
or I'm not in the right Reddit chats.
What I do know is all the Bitcoin miners
are what make that thing go.
So if you're a bullish Bitcoin ecosystem,
if you're bullish ordinals for the rest of 2024,
well, none of it works without paying the Bitcoin miners.
And I'll just tell you, over the last two, three months,
Bitcoin miners were making double the average hash price
just because of all the ordinal inscription activity.
So I don't own any rare sats.
I don't own any ordinals.
It doesn't really interest me to figure out
which project is or isn't going to be the one.
But if I own a Bitcoin miner,
they're just printing money hand over fist
from all the activity, from all the volume.
So I posted earlier today, like, I'm also playing,
I mean, I have long-term positions in CleanSpark
I'm also going to play CleanSpark's earnings,
which are coming up February 8th in less than two weeks.
And my God, that's already up.
That position's already up 150% on some short-term calls
because they're going to rock their earnings.
They're absolutely going to report a massive beat
just for all the activity that you guys look at
You all know that ordinal and inscriptions.
And like, there's a lot of froth in this
and there's a lot of interest in activity,
which goes directly to Bitcoin miners
Matt, I hope you're right.
I hope you're right, man.
For myself, I actually wasn't too bullish enough
And some of the trades that we took here
And I think that's the way to do it, right?
Like, temper expectations and be shocked by results, right?
And, you know, if we do trade above 52, 53,
first half of this year, amen.
That's good enough for me, brother,
because you know the space that I like to play in, right?
So hopefully that happens, man.
And it's going to be pretty cool, right,
to see the S&PX have a red handle, right?
S&PX is a platform that would be solid.
And, you know, truth be told, man, truth be told,
it's been close to three years since the IWM
And the last time an industry had this sort of price action
where it hadn't reached an all-time high for years and years
And I think once IWM catches steam here,
hopefully within this quarter and makes a new all-time high,
I think everything is just going to be pretty reminiscent
of how times were post-COVID crash.
And, you know, if you talk about the halving and all that stuff, right,
this is a pretty cool data point that I've been using
and I've been pretty vocal about since I started using Twitter in 2022
is that 18 months after the halving,
that's basically when the market begins to top, right?
So if you take a look at the 2016 halving, right,
that occurred in July of 2016.
And look what happened 18 months after, right?
And the halving after that, right, May of 2020,
look at what happened 18 months after that.
We peaked in November of 2021, right?
Same thing happens with bombs.
We always bottomed 18 months out before the halving.
Halving happened in January of 2015
when we bottomed out at about 116, 117 per BTC.
And the same thing happened in late November, early December of 2018.
Halving was in May of 2020.
Same thing happened during our previous bottom, right?
We had bottomed in November of 2022,
and the next halving is late April, early May of this year, right?
But either way, man, I remember that bottom, dude.
I remember when, like, people that were such advocates for Bitcoin,
like, even harder than myself, right?
Like, I enjoy this asset class, but I do not worship it.
Like, I want to make something very clear here, man.
I do not worship this asset class like many people do.
I think it's very deranged.
It's basically, like, imagine worshiping, like,
a tokenized version of the NASDAQ or the S&P 500
and start talking about, like,
it's going to save your children's future
or some other deranged mentality like that, right?
Like, I just think, hey, this tech is cool.
You know, we can make some money off of it and improve our lives.
It's as simple as that, right?
But Matt, brother, I appreciate you, man, coming up on these stages.
If anybody from the community wants to come up ahead
and join the space, feel free to do so.
Tiger, feel free to request if you'd like.
Anybody else, if you've taken a part on our speaker panel,
feel free to request, and I'll bring you right up.
So I do want to say, if this is your first time, guys,
listening to our spaces where, because Bitcoin,
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I do want to say thank you to Drake, Matt, Snorlax, Max,
and also Joshua for joining us here on the panel.
As always, this space is recorded.
I want to thank you guys so much.
Thank you, thank you, thank you.
We'll be back tomorrow for Market Check,
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