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UNDER EXPOSED: Moody’s and Macro, ETH Fakeout and Trading Roundtable
Recorded: May 20, 2025 Duration: 1:11:10Space Recording
Short Summary
In a lively discussion, crypto enthusiasts analyze the current market trends, questioning the onset of a bull market as Bitcoin approaches all-time highs. The conversation also delves into the implications of the Genius Act for stablecoins, signaling a shift towards regulatory clarity in the crypto space, while predictions of Bitcoin's future value spark excitement among investors.
Full Transcription
Thank you. Thank you. They're putting fiber in there. GM, GM, everyone.
Thank you for joining us here this morning, this afternoon, wherever you're at.
We're going to start the show in just a minute.
We're getting our speakers up on stage while we wait.
A couple shout-outs.
VGF, Trader Blue, Harry Krishna, the homie.
Who else we got? VGF, orader Blue, Harry Krishna, the homie. Who else we got?
VGF, or Carlo, Scrappy T, Poria, Musty, Ashland.
All right.
Tim Hosek.
Hey, Tim.
GM, thanks for joining us.
All right, we got Deez.
We got Myriad.
We got Underexposed.
Looks like a full house.
Sims, whenever you're're ready let's kick it This GM everyone and welcome to episode 26 of Underexposed, our weekly macro show hitting
all of the biggest topics in trends impacting crypto and Web3. Today is Tuesday, May 20th. And folks, last week we said bull market shows are more fun.
But are we in a bull market? Stocks are up, crypto's up, the bonds are up, the economy is
showing some signs of weakness. It feels a bit weird right now. Meanwhile, the Bitcoin all-time
high waiting room is open, but nothing else in crypto is really moving that much price-wise.
So our
question, has the bull market really even started yet? We're going to break that down on today's
show, along with a lot of other things. I'm your host, Tyler D. I've got my co-host in the house,
starting with Deez, art collector, coin stacker, trader, wearing the Rectat, a brand coin. Deez,
Jim, how you doing? Jim, I feel like I've been representing the Rekt hat for the last month or two now,
but I don't have a better hat to put on and two of those are the puppets ones, so
we're repping Rekt. Well, indeed, it's a good time to be repping Rekt.
The coin is doing quite, quite well with everything OSF is doing. Folks, we've got
Peter Jennings on with us as well, founder of several companies, still finds time to spend
with us. Peter, Jim, how are you doing?
Jim, stoked to be with you guys.
There's a lot going on, as always.
Never a dull moment here in 2025 and excited to get into it.
Excited to have you.
And folks, we've got Jeeves back this week, fresh off his trip to Toronto and ConsenSys.
He's an early stage crypto VC, dabbles in internet capital markets, wears a lot of hats himself. Jeeves, GM, how are you doing?
Doing great, Tyler. Excited to share a few insights from the trip with you guys and just
happy to be back in the United States. Yeah, actually, I want to start there for today's
show. But before we dig into that, quick disclosure, everyone, the opinions expressed
on this podcast are those of the speakers and do not reflect the views or opinions of any organizations they are associated with.
We are here to share insights, provoke thought, maybe even stir some debate, but this is not, I repeat, not financial advice.
While we talk about markets, investments, and trends, remember, your financial decisions should be made with the help of your own research or with advice from a licensed professional.
All right, folks, on today's show, we've got a lot to get into.
We're going to talk macro.
We're going to talk this genius act.
We're going to talk Coinbase data exploit.
We're going to talk Bitcoin all-time high when we think it's coming,
what it might mean for the rest of the risk market,
and then a bit of a trading roundtable at the end.
But before we dive into any of that, Jeebs, it was a big week.
You were at ConsenSys. The reports that I've seen, it was quite the end. But before we dive into any of that, Jeebs, it was a big week. You were at Consensus.
The reports that I've seen, it was quite the conference. I'd love to just kind of hear from
you on your few days up in Toronto and what some of your takeaways are. Yeah, yeah, of course. This
is, I think, my third or fourth consensus. I remember the first year I went, actually, Peter
and I flew down together and had a good time down there. Generally, it was in Austin. This year, they chose to do it up in
Toronto. I think the decision was primarily based on sort of unsure crypto landscape in the States
this year. Bad bet, went up to Toronto, but actually ended up being a good bet. So, you know, consensus is alive and well.
The actual conference was incredibly buzzy.
There's very few conferences that I've gone to.
And, you know, I traveled to quite a few of these, being on the venture side, seeing a lot of folks in the space.
But there's very few that I go to where the conference itself is packed, not only on day one, but day two and day three.
I'm talking full on exhibition floor.
Everyone's out there.
Lots of action happening.
And so, you know, saw a lot of different folks there.
I saw, you know, Eric Trump was there giving interviews and pushing American Bitcoin, which is their new mining
operation, along with a lot of the familiar names.
So you see folks at the big booths, like the Ripples of the world, the Hederas of the world,
these protocols that have a lot of spend and can ensure that they take up quite a bit of
real estate there.
Seeing a lot of accounting services and crypto services sprouting up. So
there's a lot of these small startups that are servicing funds, they're servicing protocols,
the whole nine. Lots of them have sort of smaller booths there. Huge hackathon going about maybe an
eighth of the entire conference space was purely just a hackathon, which is cool to see.
And then you see some players who are trying to break into the space, some up and coming folks like Space Coins
of the world who, you know, they're really early stage, but they have this huge booth there. And so,
you know, I ran into a lot of folks I know at the conference itself. And so overall, I, you know,
folks I know at the conference itself. And so overall, I, you know, I honestly, I thought
consensus was, was fading a little bit in favor of some of the international conferences,
the permissionless conference of the world. But honestly, it was great. And, you know,
it was amazing that they were able to attract all these people to Toronto,
especially right after Dubai. So I'll admit I was dead wrong there.
A few key insights I'll pop into here. So first off, on the fun side of the house,
I met with a lot of folks who are either in the venture space, but a lot of them aren't investing
in venture as aggressively. And a lot now are looking more into liquid crypto investing,
just thinking
there's more alpha there. So let's say they're 100% venture, maybe they're 25 to 50% liquid now.
A lot of the new funds I'm meeting, they're mostly liquid. So they're seeing alpha in that space.
And a lot of them are either large family offices from Europe or Asia. Maybe they're stationed in New York City
and it's one to two rogue people within the fund
who are assigned to crypto
with the sole goal of outsized returns, right?
A lot of them were looking at the tech.
They're not looking at longevity.
They see crypto as like a quick buck.
And I think that just continues
as long as crypto can provide these outsized returns, especially on the liquid side.
It didn't feel great, if I'm being honest, you know, just as someone who sees the future in this space, who invests in the future of this space.
But whatever, you know, like I speculate myself, like I own speculative tokens.
You know, I have them on my PA.
So I can't really be a hypocrite when it comes down to that
but um i think it could be a good trojan horse right they come in looking for the big gains
and they stay for the tech they stay for the longevity um you know i had some talk with some
market makers and some other folks i'm not going to dive into that too much here, but two other key points of the biggest
boost, the biggest levels of excitement. One is just stable, stable, stables. So I was at an event,
the head of stable coins at Ripple, Jack McDonald was there talking to folks and they were just
everywhere. And people in crypto are jazzed up about the idea of integrating stable coins into payments. So, you know, I talked with the USDG folks for a while. That's the Paxos and other corporate consortium. And I thought that one was really interesting for a number of different levels. And I think they could be really impactful in the space. They just have huge reach. So effectively, it's a stable coin that provides yield when it's parked in some of
its partner associations. So think the stable's parked at Kraken, you're getting yield. The stable's
in my hot wallet, I'm transferring it to you. It's just a payment stable coin. So I think we
could see a lot of action there. They have Visa, Robinhood, some other folks behind them.
And effectively, distribution is key and they're forming an incredibly strong network.
The key takeaways on the stable side that I grabbed is that the business is going to become harder over time.
The yields are going to compress as treasury yields go down, but then also users and institutions demand the yield from the stablecoin providers.
But two, there's a lot of interest. Folks want it, but there needs to be a privacy associated to it.
If stables are going to become the new payment rails, if stables are going to become your new bank, if institutions are going to use these to cover all
their needs, there needs to be some privacy associated to this because when the tide's out,
no one really wants all their stuff out there. On my train ride in from Toronto airport to
downtown, I sat next to this nice old lady and we just sparked up a conversation. She's an
downtown, I sat next to this nice old lady and we just sparked up a conversation.
entrepreneur. She's clearly very wealthy is what I learned. She owns 13 Tim Hortons restaurants
and she starts talking to me about the business. I asked, hey, how's the economy look? You're at
the front and center of it. Folks who don't know what Tim Hortons is, I wouldn't say it's like a
Canadian McDonald's, but it's like a place you
go get coffee and pastries and they serve some food. It's like a fast food restaurant and they're
everywhere in Canada. And she said, yeah, people are clawing back a little bit. We start talking
about crypto. She's telling me she's paying 250 to 500 bips for all of her payment processing.
I tell her stables, she can do it for 50. Her eyes lit up.
I mean, she thought it was so cool.
So the stable side of the house is really hot right now.
And then the other one, obviously,
a hot topic on this show are WAs everywhere.
Lots of folks, just really, really hot at consensus as well.
So everyone is tokenizing everything
from uranium to work
and process materials. We're seeing a lot of folks go after this space. And as I've stated before,
I think it's really unclear how it'll pan out. And I think it's really unclear how value is going to
approve for retail from an investment standpoint. And that's how i spend a lot of my time so in long toronto and consensus alive and well a lot of the hot narratives that we see people
are excited about um and i heard fart corn quite a few times in conversation so it's gonna throw
leave that one there oh we already got our shout out and that's good we met our quota 15 minutes
into the show uh a bit to unpack there and i want to dig in a little bit, Jeeves.
I think part of your final point there, or two,
I think is kind of an analogy for why we see this depression on the timeline
amidst Bitcoin at all-time highs.
There's not that much for retail to do right now.
You can hold Bitcoin.
All else, everything else is effectively sideways and chopping.
Memes haven't done much. The main things, two of your main takeaways from this
conference are stable coins and RWAs. And those aren't really
investable for most participants.
So we were talking about this in our group chat. These crypto conferences
have moved from hoodies to suits.
And it sounds like ConsenSys was a suits conference.
And maybe that's just the direction we're going.
I'd say so. Yeah. Yeah. Everyone just wants...
What's interesting to me about the RWA sector is there's a lot of experimentation going on.
But I talked with a few folks who were saying, we want to bring in a new type of investor.
Initially, my thoughts were, this is more of a technology play
where capital formation and capital distribution
can be done with the existing buyers of RWAs.
But I talked with a number of folks who were saying,
no, this is a way for us to distribute our buyers.
And I just don't think DGENs are looking to buy a lot of this shit.
They want, you know, the more speculative, interesting crypto native protocols.
I don't think people are trying to buy tokenized gold and stuff, to be honest.
So I think there's a big divide in the sellers and builders in this space and reality of this space.
So maybe it'll take a little bit for folks to get there.
Yeah.
My longer term outlook is that we're just building the foundation for all these things, for us to be able to buy anything and everything on chain.
And there might not be a ton of demand for it from the trenches on day one but as more folks
perhaps are are interacting and transacting on chain there will be more demand for it over time
so build it and they will come i guess um on your first point vc's going in more liquid funds i want
to like dive into that so you're you mean like they're buying liquid tokens, like individual token investments versus private equity or getting into a private company before they've launched a token.
Yeah, that's exactly right.
Yeah.
So generally in VC, a company early stage raising around seed round, series A, et cetera.
et cetera. And venture capitalists will evaluate that and go after it. Seeing a lot of these funds
And venture capitalists will evaluate that and go after it.
now saying, hey, we're going to dedicate 20%, 30%, 50% of our total remaining capital or total
capital to liquid markets because we think there's just more alpha there right now. And a lot of the
venture opportunities are taking longer to mature. There was a really big sour taste,
Tyler, with what happened with mantra, what happened with movement. Folks were
genuinely upset about that. And I think that it's creating a rift in how you go about some of these
venture investments. Because think about it, you invest in one of those rounds early on. On paper, you're up a gazillion percent and overnight it's zero and
you're stuck in the mud for a long time, probably another six, 12, 18 months, if not longer.
So I think folks are just saying know there's still a lot of opportunity
in venture don't get me wrong like that's where my entire area is but i think that there is a bit
of a shift in some of these funds wanting to go after the liquid books because they can move in
and out of it a little bit more freely it makes a lot of sense yeah i'm curious like so what
sectors of the of the market are they going after?
Are they trading perps on Bitcoin?
Are they trading alts?
Are they trading memes?
I would say all of it,
but a lot of them are looking at more,
think like DeFi protocols that are revenue producing.
Stuff like hype came up a lot. You know, my feelings there, but
certainly gave my pitch there quite a bit to people. Hype came up a ton, your Morphos of the
world. I think your DeFi protocols that are becoming mainstays in various ecosystems,
stuff that you're seeing rebound hard right now, I think are some
of your clear indicators. And so that, and then, you know what, Tyler, people just like some old
fashioned Bitcoin in their portfolio. So seeing a lot of folks just saying, Hey, I'm going to hold
on to Bitcoin and then figure out my opportunities as they come. Yeah. With a larger fund, I think
that certainly, certainly makes sense. I pulled up the Aave
chart. Notably in the last day, I think their TVL crossed $30 billion, and they now make up 20%
of the overall DeFi market. So Aave still having some significant success in 2025 reflected in its token price.
But interesting takeaways there, Jeeves.
Thanks for sharing those with us.
I think perhaps before we get macro,
maybe we just seg right into one of the big stories of the week,
and it was related to stablecoins.
We certainly have talked to stables quite a bit on the show.
Clearly, it was a big theme at ConsenSys,
and now we've got some progress in U.S. Congress. Last night passed
the first closure vote on the Genius Act, the stablecoin bill meant to regulate this sector of
the crypto industry, which is now moving the bill forward for its debate, and then an official vote
in the Senate. Effectively, what happened is this bill was rejected in its first closure vote.
They went back and they made some tweaks,
namely along the lines of restricting what types of companies will be able to issue stablecoins
going after big tech.
It's going to be harder for big tech to launch their own stables.
There's some limitations on data sharing and then some safeguards for what type of public
officials will be able to launch stablecoins. Folks like Elon Musk, I think they were targeting
not allowing, though notably the president and vice president are exempted from this restriction.
So we can still get a Trump's table coin within the purview of this act.
15 Democrats flipped, 15 or 16, I believe was the final count.
The reason that this matters is many are expecting the vote to play out the same in the official vote as it did on the closer vote last night,
which means it would effectively pass the Senate with the numbers they have now. A bit
of debate, a soft debate on the timeline this
morning for like, why does this actually matter?
Is this a big deal? Are we making this a bigger deal
than it is? And Jeeves, I'd actually like to just toss that question
back to you. Since you were
deep in this just last week at ConsenSys, what kind of impact do you think this has? Was this
brought up in any of your conversations? Curious for your view. Yeah, I think between this and
the market structure bill, both came up quite a bit.
I think people are excited about regulation.
So in short, like the sort of five things that I'm looking at here is with geniuses,
reserve backing, federal state oversight, consumer protection measures, anti-money laundering compliance.
And then then like you
mentioned, there's some restrictions here on who can actually issue the underline.
And so there's a lot to genius, obviously. It's huge. And I think it's a great first step for
stablecoins and stablecoin adoption. We've personally invested in the stablecoin space,
whether it be payment rails or stablecoins themselves, because we see the future of where these are going to go, whether they're yield bearing or payment stablecoins.
So I'm personally excited for regulation as it allows all the businesses out there who move money to be able to look at this technology, which keep in mind, like this is,
this is technology, like this isn't, this isn't speculation. This isn't, you know,
crypto. This is a pure technology play for companies to be able to reduce costs
when moving money. That's how I see stable coins at the highest level. There's a lot more to it,
but I think that's the first adopters are going to be businesses that want to reduce costs significantly and consider this for integration.
So when we go back to the nice lady I met on the train who owns 13 Tim Horton restaurants, she has no idea because no one can really probably even pitch her on using these because there's no
regulation around them. It's a bit the Wild West. So when you see companies adopting it now,
they're doing it at their own will or because they're very tech forward or tech savvy.
There isn't big consulting shops who are doing digital transformations for stable coins just yet,
but that's going to happen in the next few years, especially if you're
a low margin business and you can now save 200 to 500 bips on all of your movements. So I think we
need some form of regulation for these folks to even consider it. And that's why I'm very hopeful
for bills like this. I've heard rumors of the administration calling a lot of the politicians who are heavily
involved in this on a weekly basis saying, hey, where's my stablecoin bill? Because I think it
becomes a huge win for crypto in general, although it does create, it creates rules,
and not everyone likes rules. Yeah, we're moving more regulated from
a more deregulated environment. I'm curious,
this final question, let's then we'll move on. I want to talk macro. Do you think this will lead
to more stable coin adoption by retail? I think that's the big question. Is this going to move
the needle? Or is it kind of once again, back to this is the foundation that enables that to happen over time.
Yeah, I think it's the latter, Tyler.
It's the foundation, right?
Overnight, I don't think we'll see a big change. But I think we'll look back in six to 12 months from now and say, you know, this really laid the groundwork for stablecoin integrations into a lot of what we do.
stablecoin integrations into a lot of what we do. But here's the thing. You won't even know
But here's the thing.
that stablecoins are doing anything in the background. It is purely a technology thing.
When I move money from my bank account to Robinhood, I don't know what's happening in the
background. I just know that money goes from my bank to my Robinhood account and I'm happy.
And I think it'll be
similar to that, right? When you send money on Venmo to someone, same instance. So it's something
that you won't notice will happen, but it'll be a massive change and adoption by any company who's
moving funds. I think it's big for the companies. I think it's big for crypto natives who want to
operate on more of a crypto standard. You're opening up the world of use cases that you can use your coins that you can convert to stables and then use them in the real world.
I don't know if it makes Joe Schmo down the block, if he's going to start cashing his paycheck into stables.
Probably not in the near future.
in the near future.
Honestly, he won't even know,
but there's a good chance
that by the time the money goes
from his employer's bank account
to his bank account,
it's touch stable coins in some way.
Interesting.
So you're going to see payroll,
payment processing,
vendor costs,
all that stuff
beyond an off ramps
are really seamless.
Exactly.
Exactly.
So think about it.
If your margins are 5% and you're paying two and a half percent to 5% on money movement,
it's a massive cost savings for folks. I'll go to the bottom line.
Imagine a world where you can take your paycheck in USDC and get a 1% bonus every week or take it to fiat.
Incredible.
It's possible.
Good tech.
Well, very interesting.
So I want to take us back.
Usually we start with macro.
So I want to tag Peter into the combo here just to set the stage.
I kind of set it up in the intro.
It's been a bit of a weird week.
On the macro side, we had Moody's downgrade the US, the US's credit on Friday. We
had the bond market going kind of nuts. 10 years at 4.49. Trump's saying the economy is roaring.
Jamie Dimon says there's still a 50% chance of a recession. And then we've got that tax bill
set up. I think that's coming to a vote here soon as well.
On the crypto side, Bitcoin up 1%, basically a chop week.
Bitcoin's at 105.3.
It's touched 107 a couple of times.
ETH is down on the week.
SOL is down on the week.
The inflows are still coming, and they are marching in.
I had a huge day yesterday, $667 million from the Bitcoin ETFs.
We talked about stable coins.
We've got kind of big news out of Jamie Dimon.
Finally, he's capitulating.
Chase is going to get into the crypto game.
He is going to allow Bitcoin buying, even though he still personally hates it
because of its ties to illicit activities.
We've got Circle reportedly shopping itself around on the private market.
Maybe they don't IPO after all, pursuing Coinbase and Ripple.
Coinbase has been a hell of a week.
They came out and announced their data exploit.
Brian Armstrong made a statement.
This came the same week as it announced they were going to be in the S&P 500.
So a week of good and bad over on the Coinbase side.
And then somewhat out of the blue, at least out of the blue for me,
Jack Dorsey has been touting this new Bitcoin improvement proposal,
BIP-177, where Satoshi's would be rebranded as Bitcoin.
Branded as Bitcoin.
Current version of Bitcoin will be rebranded as something like MegaBitcoin.
Current version of Bitcoin would be rebranded as something like MegaBitcoin,
Effectively switching the unit bias of Bitcoin from $103K or $104K.
It's $105K right now to $0.00105.
And then you've got Arthur Hayes calling for $1 million per Bitcoin
by the end of the Trump administration.
So a lot to unpack there.
Peter, I'll toss it over to you.
Kind of curious for your high-level thoughts this week.
It's been a weird week.
There's some mixed signals in the economy.
Stocks have been kind of grinding higher.
It feels a little uncertain.
Kind of what's jumping out to you today, Tuesday, May 20th?
Yeah, I'll dive in the macro in one second.
But I do want to just point out the Coinbase breach.
There's a lot of smoke around this just on Twitter with different folks.
It's a shame that this stuff is happening.
I think one of the scariest things with crypto is just kind of the crime
that we see around it and people, you know,
yeah, being vulnerable to certain situations.
And certainly the addresses getting out
for people with Coinbase accounts, that stinks.
So hopefully Coinbase gets a hold of this
and starts handling this really valuable,
precious data in a better way.
But from a macro perspective,
it's a very strange situation.
We have stocks on the rise.
You know, stocks were plummeting during the initial Liberation Day and all the tariffs.
I think they're pricing in that maybe the trade war is not as serious as it initially was deemed on Liberation Day.
Gold continues to go up.
You know, it's not at all time highs like it was, but broadly trending in the right direction.
Yields, like you mentioned, the 10-year continuing
to go higher. That suggests that we're probably not going into a recession, but maybe not.
There's obviously the Moody downgrade, which maybe that's a huge part of the pricing for the 10-year.
Trump's touting oil prices and lower inflation. We'll see if that continues, but certainly oil prices have gone down,
the dollar is going down in value, and then Bitcoin is going up. And I think there is one
correlation with all of these, and it's similar to what Arthur Hayes is pointing out. And it's
just that there's more liquidity out there and that basically things are going to continue to
go up from a nominal perspective, outside of I mean, outside of oil, I guess,
but given just kind of the money supply and, you know,
more of the same from this administration.
I thought David Friedberg was really eloquent on the All In podcast,
just talking about kind of the fiscal challenge that we have.
And it's kind of, you know, we've continued to kick the can down the road.
How much longer can we do that? We'll see.
Debt just keeps going higher.
Our spending keeps going higher.
And, you know, our national debt to GDP just keeps going higher from a ratio perspective.
So I think the only way out of this is to kind of, you know, inflate it away.
And that's kind of what seems to be happening.
I think we were all excited about this administration coming in, hoping they could find meaningful cuts with Doge, actually start to balance the budget.
But it's just so hard in politics to do that because there's a disincentive to kind of tighten the belt and to have austerity.
So to me, when you look around and you see what's happening in markets, it just points to kind of more of the same, which basically means more increase in money supply,
inflate the debt away.
And if that's the case,
you want to be in assets, stocks, Bitcoin, gold, et cetera.
That's kind of how I feel.
I was actually a bit excited,
though it was hurting our portfolios
when Trump and Besson came out talking about real cuts
and enduring some pain.
And it feels like
they kind of reverted back
on some of that, to be honest.
It's hard. It's politically
unpopular. And then in
our country, you can't,
you know, you have midterms in elections, and that's
why we've just had the same
approach for a long time, is because there's an incentive for politicians to just spend more and more.
No one wants to tighten the belt, and that's evident in kind of all these markets right now.
So do we think Powell's going to make any moves in the next quarter?
He's in a tricky spot.
And we've seen even the trueflation data, which has been showing inflation kind of turning to zero.
It's spiking back up.
Tariffs still haven't really played out yet.
It's a very tricky spot for Powell.
And I,
again,
you know,
just trust them.
These bond markets are relatively efficient.
So I would,
I trust the bond market more than almost any other market.
So just watching where the tenure is, I mean, it's not suggesting many cuts going forward.
I mean, we're just kind of staying in this four or five range, at least recently.
So, yeah, I don't know if Powell's going to cut.
Certainly risks inflation and, you know, stagflation is one of the biggest risks overall that I think could happen at some point in time.
It's one of the biggest risks overall that I think could happen at some point in time.
The positive, you know, the counter to that would just be technology and AI and everything that we're doing is so deflationary that it should push it away.
But it's a very, very tricky spot for Powell, both politically and then just what he thinks is right.
So I don't have a lot of certainty on a call there.
I don't have a lot of certainty on a call there.
I'm just kind of watching.
I'm just kind of watching.
But again, I think the main thing to point to is just nominally,
all these things are going to have to go up
because that's the best way to handle this debt problem that we have,
which to me is the biggest problem by far.
What do you think gets us there, Jennings?
It's clear that inflation is not getting down to 2% anytime soon.
And so with their dual mandate around the labor
market, labor market looks okay. And now Trump and Besson are asking Walmart and Home Depot and
other places to basically eat the tariff costs. That's going to hurt corporate earnings.
Do we just start seeing layoffs?
Do we see companies hold on to employees because they don't want to have to go through the pain that they went through with COVID where they let go of folks, they didn't have enough people when we rebounded?
Does he just do nothing?
Like, does the Fed do nothing because we just don't get to the point where the dual mandate calls for it?
To me, it looks like nothing is the proper play at this point in time. You don't want inflation
to kind of rage back and the labor market's still strong. So from a mandate perspective,
what are you supposed to do? And yeah, to me, I don't think we're going to see inflation back at
2% anytime soon unless we have a tremendous deflationary force with
technology. That's really the only answer to me because again, I just think the money supply is
going to continue to go up around the world. I mean, all these, not just the US, look around
the rest of the world. They're increasing money supply and they're trying to flood liquidity,
especially China. So to me, it's a tricky spot,
and just kind of rate cuts have continued to go down throughout the year.
If you look at this chart, you go farther out.
So we'll see.
And I guess zero, that's probably been on the rise, right?
Zero brawls, it's probably gone up.
Yeah.
So it's a very tricky spot for Powell,
and I think the thing that we continue to point to is just you want to be positioned to uh basically you know keep your purchasing power
and uh bitcoin by far uh has been the best uh asset in that regard i mean gold's done well
this year but bitcoin's performance is just remarkable and I think if you zoom out, I get that crypto Twitter is not as happy because crypto Twitter owns a lot of other crypto assets.
But Bitcoin just continues to have great momentum.
And all signs for Bitcoin are very, very, very strong.
So I know it's not going to 10x overnight, which is what a lot of people in the crypto streets are looking for.
But in terms of a store value and keeping your purchasing power, Bitcoin seems as good as any.
10x in three years, according to Arthur Hayes.
Certainly could.
Not out of the cards, right?
It feels like, you know, talking about the all-time high, Tyler, this might be a good transition quick into that.
But I don't know.
The all-time, like we're not that far away
let's start there right we're what four thousand ish away from a bitcoin all-time high feels like
i i'm in the camp of like we're gonna get to all-time high before we get to let's call it
like 95 may 27th this month bitcoin vegas Vice President of the United States of the Free World, J.D. Vance, headline speaker.
I mean, the speaker list at Bitcoin Vegas is absolutely through the roof.
Huge speakers coming up. It feels like there's a ton of momentum going into this conference.
going into this conference, right?
Right. We're what, a week away, two weeks away.
We're what, a week away, two weeks away?
Yeah.
I don't think there's ever been a more pivotal conference
for Bitcoin or crypto ever.
Wow.
Than this.
That's a big statement.
With that said, like, look, Bitcoin is crypto.
It makes up, what, 60 to 65% of the total market.
Like, Bitcoin is crypto.
So that's a majority for one single asset.
We're in a bull market.
Look at the price of Bitcoin.
Just because high tides lift all boats, it's just not all boats are lifted equally.
So this morning, on FOMO Hour, you guys went through a bunch of examples.
There was a bunch of boats that have been lifted.
It's just like, your bags haven't been lifted.
And maybe you need to consider, maybe I shouldn't hold on to my bags.
There's decisions, I think, that have to be made around, will certain things come back?
Will certain things keep rising?
And it's clear that, to me, it's just like Bitcoin is crypto.
We got to dig into this.
Some bold statements from you there, Jeeves.
Biggest Bitcoin conference ever.
Last year we had Trump come down to Nashville.
Pre-president of the United States.
That was big.
But now we have the sitting vice president of the United States.
I can see the case.
And his two kids.
Go to the webpage.
Let's look at the beautiful little thing that they've put together for it.
If you just search for it, it'll come.
It'll be the first link.
All right.
Let's pull this up.
And there we have it. All suits.
The orange. All suits up there besides
Jack Mahler's. The only one still
repping the hoodie. Ross Ulbricht on
the list. Sailor, of course. He's going to come out
maybe double his prediction from last year.
I was at the Sailor's
pitch in Nashville last year. I was at the Sailor's pitch in Nashville last year.
It was electric.
And I think he called for Bitcoin to something like 4 to 40 million by 2045.
Just some wild price targets.
But we got Paolo from Tether, Bohines, deep in White House crypto.
David Sachs on here.
I forgot Sachs is speaking at this.
It's a big lineup.
Yeah, Vice President of the United States.
You have Sachs, the cryptozar, the President of the United States,
two sons who are heavily involved in crypto mining.
They're creating a competitor to Sailor, right?
So you now have all these different strategies going after and
competing with strategy and sailor. I think that does create some systemic risk. I am a little bit
worried about it, but I'm not worried about it today. More worried about it later on.
Well, I understand your pitch. Now let's talk all-time high. So what's your prediction?
You think we're getting all-time high during the conference or before it?
Or not at all?
Before the end of June.
You have 11 days, my friend.
All right.
End of June?
No, end of June.
Oh, end of June.
Okay.
End of June. Yeah, yeah.
I think maybe there's a chance we can dip a bit,
but I think there will just be so many positive things coming out of that conference.
All right. Deez, I haven't had a chance to chat with you. Curious for your reactions to anything
we've talked about. And then I also want your thoughts is, are you in the Bitcoin all time
high waiting room? Do you have thoughts on what?
Dude, we've been in the waiting room since last all-time high.
All right.
I keep going back to that Kobe tweet
of something around
breaking 100k
will be tough and then
we'll sail above 120.
And I think what he meant was 110k
not 100k.
So I'm just in all-time high waiting room.
Very comfortably allocated, not overexposed to dog shit,
and just sitting in my lane waiting.
Follow-up question.
Some people never left, Tyler.
Also, I need to make an adjustment to what Jeeb said earlier.
He said Tim Hortons is a Canadian McDonald's and it is
the Canadian Dunkin' Donuts.
Start throwing that out there.
My apologies to all Canadians.
I offended with that comment.
You also offended me by saying that
my bags
are dog shit and they're not pumping.
Oh, I didn't mean your bags,
Tyler. I just meant
their bags.
I hear you. Dees, how are your your bags do you feel like it's a bull market let's talk about that a little bit
like does it feel that feels good i put all the uh you know you're talking about the pool before
we started the show but last night i just kept seeing people say like man this hype trade is so
you know overcrowded everyone's talking about It's the most consensus thing on the timeline.
So I threw up a pool just to see,
out of the people who follow me and see the tweet,
what percent of their portfolio is in hype.
And as of right now, like what, 54% don't own any.
And it was interesting to see 25% did say 25% plus their portfolio.
That's pretty high.
But 50% don't own any. And I did the same pool plus their portfolio. That's pretty high.
But 50% don't own any. I did the same poll for
Fartcoin and it was
even more skewed towards zero.
So just interesting to
see because I feel like Fartcoin's all
over the timeline yet we have almost 70%.
Two-thirds of the people you interact
with about Fartcoin don't even own it.
Which is just funny.
But yeah, I think we got some good bags um sold five percent of the hype like what on right before last week's show
so just trimming as stuff goes up but not a full stacking out of anything did sell launch coin but
it looks pretty strong um i was looking at the chart again today and um it makes me want
to buy back in it's right around the price i sold i sold it like 250 mil on that uh first big crash
but um it does feel like that and i don't know i keep seeing virtual over the timeline too but
it doesn't feel as strong to me that I don't fully understand the whole Ponzi system
they have going on in virtual
where you're staking tokens,
you're getting points,
you're getting new tokens,
you're dumping new tokens,
and that's your yield.
But that one has been semi-interesting to me too.
Yeah, I think those are...
You just kind of rattled off three or four
of really the only non-Bitcoin token traits that
have been big traits in 2025. Yeah, there's these memes that pop up for a day or three and they get
shilled by somebody who writes a dissertation on them and then they go down 80% within the next
48 hours. So those are interesting to watch, but I'm not in the trenches and I'm not playing those
games. I'm more trying to buy things that I can hold for, you know, more than an afternoon.
Those are two interesting polls. And I think if you, if you asked me to name a short list of
crypto tokens that I was making up 25% or more of your portfolio,
Should you want for launch coin?
Making up 25% or more of your portfolio.
Part coin hyper are pretty much like a few of the only ones that I could come
up with.
Yeah.
It's like Bitcoin,
Ethereum,
Solana,
and then what else?
I don't know if Ethereum makes the cut for me.
Hey,
it's having a resurgence.
If you're Nick to mine,
I'll put a 90% plus for him to answer the poll.
If Ethereum is 25% or more of your crypto portfolio,
then you're underperforming, at least in that chunk, quite a bit.
You're just underperforming now so you can overperform later.
We're just a couple more co-founders away from 200 mil dumps.
We can get through those.
And this may be very well on Nothingberger,
but Deez is alluding to the co-founder of Ethereum,
Jeffrey Wilkie,
who moved $262 million of ETH, the Kraken,
in one clip,
which shows you the power of the blockchain.
Jeeves was talking about fees.
It cost him 16 cents to move $262 million.
Free.
It's not to say that he's selling it i mean i think there's this implicit assumption that if you move something on exchange you're
going to sell it uh there is a world where he just breaks it up into different chunks and
throws it in other wallets but i think the assumption for most people um and we see that
a lot with pump and that moving sold to kraken. But I think just last week, they moved
a really big chunk out of Kraken back on chain. So you don't always know
everything going to an exchange is getting sold, even though that is the assumption.
They could be doing a few other things, though, too. They could be
staking it and wanting to stake it with a centralized provider, getting some juice
there.
What does that say if the co-founder of Ethereum is staking their youth on Kraken and not natively Jeeps?
I think it could say, think of the yield on that,
3% on 200 plus million,
and he could just be selling that and living off that
and doing it all off-chain.
It's more the idea that the co-founder of Ethereum
trusts a centralized exchange more than his own protocol and security. and doing it all off-chain. It's more the idea that the co-founder of Ethereum for us to centralize exchange
more than his own protocol and security.
It's not a good look.
I agree.
You can stake it on-chain and get the yield.
So that is interesting.
And to clarify,
it does look like he did move.
He went on to just break up
the ETH into eight different wallets.
Yeah, that makes sense.
It's nice to see he didn't full stack the $250.
Yeah, that would have been a little rough.
You know, Peter, just kind of to the broad conversation,
talked about Fartcoin Hive.
Like what, does it feel like a bull market to you?
Are you actively trading?
Are you looking at tokens to play?
Like, or maybe part two of that question, in the scenario where Bitcoin does go to an all-time high, Who actively trading? Are you looking at tokens to play?
Maybe part two of that question,
in the scenario where Bitcoin does go to an all-time high,
are you ready to shove risk on,
go down the risk curve in the crypto streets?
Maybe.
I'm not sure how I'll feel when Bitcoin reaches all-time highs, but I broadly have a similar strategy.
I just mostly hold things um i
did get pretty deep in the salon of streets um you know during the meme coin mania then specifically
with trump but yeah i mean you know a lot of the bags that we've talked about are kind of just
you know holds for me uh fumbled hype a bit which i'm i'm frustrated by fumbled fart coin a bit um
but got back in um and then yeah i mean really like the JLPs of the world and Bitcoin has always been by far my biggest allocation.
I think owning iBit makes a lot of sense just from a tax perspective.
Obviously, you can hold your own coins as well.
And kind of how I think about it is just like the overall market cap of crypto. I mean,
I want to hold a good chunk of Bitcoin just because it's such a big percentage. And I feel
from a risk reward perspective, it's basically as good as any project, especially on the downside
aspect. So to me, it's mostly been just kind of buy and hold. The biggest regret is certainly around hype.
I'm back in a little bit, but that one feels bad because I think we talked about it on the show.
I really got concerned kind of around the lack of decentralization and some of the moves that were made around Jelly Jelly and just kind of the smoke around security. But it is a really amazing protocol.
And obviously the trading there and the UI UX is great.
And they're making a ton of money and putting it back into the token.
So I've kind of flip-flopped on that one.
But yeah, I just want to hold things that I have confidence in.
I have some sprinkles in some DeFi stuff.
I really like Aave.
The staking rewards for holding Go and holding Aave are pretty nice.
You know, we talked a little bit about Athena
and that ecosystem, Pendle.
Uniswap's been a little bit disappointing.
Jeeps, you and I were pretty high on uni there
with the launch of V4.
So I'm really just trying to stay
in kind of like a concentrated group.
The only time I was really outside of a concentrated group
was part of 2024,
both in the beginning of the year
and the end of the year,
just trading memes.
And I don't think I have much of an edge there.
For me personally,
my best returns have just come from holding things
and specifically Bitcoin.
I mean, that's basically been the biggest winner for me
is just holding Bitcoin for a long period of time.
So in general,
I think that's easier for 98% of people plus. It's just hold the things that you have conviction
in for the long term. But of course, there's a lot of traders out there and a lot of them
listen to the show. I've definitely been a terrible day trader. Swing trading a little
bit better, but my best returns have come from just buying holdup
so as we approach all-time highs i mean i just think my main goal is just you know accumulate more bitcoin and um that's that's worked out so far and i don't see a real reason why that would
change uh certainly there'll be you know more beta plays and things that could outperform bitcoin but
uh it's gonna be really difficult to choose those for the long term.
I mean, if you had to bet on one thing
for the next, say, five years to outperform Bitcoin,
you had to hold both, what would it be?
CryptoPunk would be the only other alternative
for me on five years.
Yeah, I like Punks.
Solana's interesting.
Hyperliquid's interesting.
I don't feel confident in any of those outside of maybe a
punk versus bitcoin i think solana could very well outperform bitcoin during big pockets of
five years i think five years is just i don't know souls in my would be in a discussion for me
hype i think it's too new i don't know that i'd build up enough trust in it i didn't explain it
very well but just to crystallize kind of what I was trying to say,
if you're trying to manage a crypto portfolio,
similar to how you'd manage the S&P 500,
you obviously can index in,
but if you were just trying to,
there's a lot of strategies where you own the S&P 500
and you can take some of the tax loss harvesting.
So basically try to mimic what the S&P 500 is.
Try to mimic crypto.
You're going to have a huge percentage of your crypto portfolio in Bitcoin.
And to me, that makes a lot of sense.
Yeah.
Dave, you're bullish on that number going up overall.
It's what, three and a half trillion or a little below right now.
We expect it to be 10 trillion.
Bitcoin's going to be the main reason that that gets there, in my opinion.
Our good friend CZ Binance says $5 trillion.
End of year.
That's seven months.
So you need basically a 50% move in Bitcoin to get there.
Well, Peter, I know you got to run today.
Thanks for joining us and sharing your thoughts.
Yeah, for next week, guys.
See ya.
Maybe this post from Moon Overord kind of talking about hype talking
about uniswap i think there's a clear reason why hype is outperforming right it's all buybacks
they're generating a lot of fees because people they have a good product that people are using
and they're using those fees to buy back the token. I think Moon makes a pretty good point here.
If your protocol is not doing buybacks in 2025,
I'm not going to buy the token.
He makes a pretty good point.
And did Uniswap ever?
This Uniswap chart is pretty brutal
for what is one of the better crypto products and protocols that we have.
I think it kind of illustrates it.
It's pretty rough to look at, yeah.
I mean, I would just call these exit pumps, basically.
Right?
Yeah, yeah.
I'd have to agree with you, Charlie.
It doesn't look great right there.
And when you think about it, right?
A lot of people bought this token,
look back at 40, at 30, at 20, at other prices.
Uniswap has, I still think, a huge opportunity in front of it.
When you look at different volumes that occur
across all of crypto,
they're still one of the leaders there.
I think they just have not hardened
maybe the tokenomics or buybacks or other things
as much as they could have. But there's still the, I would say the innovation layer when it comes to
AMMs. I mean, look at, I think, I still think UniV4 is one of the most innovative things we've
seen in the space. And yet it hasn't reached, I think, full scale adoption just yet. Primarily because a lot of people don't even understand how it works.
It's really a developer tool.
But we've seen some experimentation, and I'm still hopeful that it can take off.
I'm also bullish on Unichain as a unified liquidity layer.
And so the token just got beat up, right?
There's other shiny, sexy things out there.
And that is a big part of this space.
It's narrative driven.
Yeah.
Well, I mean, I guess they could always figure out a change and perhaps pivot to the buybacks.
I want to circle back to the hype conversation.
Indeed.
I think your poll was great because i was in the camp
that it felt like a public trade um but i still see comments so like uh moritz put up his question
you're looking to 5x your bag in the next two years what token's the safest bet hype and it's
not close from my cobe top comment here and i feel like that take is somewhat consensus if you're looking
for the next 5x play it's a pretty short list of options but if you play that out a hype 5x
puts it at 125 billion fdb which is higher than bNB is right now.
And it's also higher than Solana by about 25%. I think in the world where hype would 5X,
everything else isn't going to stay what it is now, right?
I think in that world, Bitcoin's probably close to 200K.
And I think if Bitcoin's close to 200K,
most of those prices you see on the screen
are probably going to be up more than double.
But yeah, it does seem like...
I think it's more likely Fartcoin 5Xs than Hype.
The reason I hold a little bit more Hype than Fartcoin
is because there's just a little bit more of fundamental reasons
to kill myself on it.
There's a little bit of substance.
If I needed to
just give odds on which one's more likely to 5x,
I still think it's SparkCoin.
I would agree. It's just also
more likely to go down 80%,
which is the...
With anything that's more likely to 5x,
it's probably also more likely to go down 80%.
That's just the way it works.
Definitely.
I don't think hype will go down 80% again.
We saw a bold hype bet this morning.
If hype went down 80%, it would be $5.
Oh, the flood.
Yeah, let me.
Is anyone betting 30 to 1 odds that hype flips Solana?
That feels a little. 30 to 1 odds that hype for Solana? That feels a little...
30 to 1, yeah.
Make your bet and then ask for high odds on it.
Kobe said he would.
Kobe entered the chat.
He's ready to custody bets.
Deez, you've been the beneficiary of a Kobe custody bet in the past.
That wasn't Kobe.
That was Ledger.
Was it?
That was Ledger?
Okay. Yeah. Up only custody bet. You past. That wasn't Kobe. That was Ledger. Was it? That was a Ledger? Okay.
Yeah.
Up only custody bet.
You know,
there it is.
But that was all Ledger.
I think that probably needed to be
like a million dollar bet
to get Kobe's attention.
I don't think he's getting out of bed
to escrow a 100K bet.
So what are the ride odds for this?
Do you just mark it down
to their current market cap?
So Hyperliquid, what is Hyperliquid now?
It's 26.
Sol is 100. So 4 to 1?
What are the odds where this is?
Somewhere between there and 30 to 1.
I don't think.
I think a lot of people would take
Hype at 30 to 1.
I would take Hype at 30 to 1.
Yeah, of course
it's a great bet
what's the time frame on this?
oh end of 2026?
I mean that's a long time from now too
here's my thing
I've said this before
sorry
to clarify it's flip
Solana price
it's not market cap To clarify, it flips a lot of price.
It's not market cap.
That's silly.
Right?
I mean, there's going to be more hype unlocked by 2026 than more sold.
I mean, 30 to 1 is a long shot. I still would be,
I'm very bearish on that actually happening.
So I think hype could very well run to a hundred.
I think in a scenario where it does soul is comfortably over 200,
probably comfortably over 250 in that scenario.
Have you seen the hype unlocks coming?
They're big.
I knew they were big, and that's why I've got trepidation reentering the trade.
Like, I fumbled it.
I'm happy to admit that.
I sold at 13 on the Jelly Jelly FUD.
Got spooked, and now it's at 2x.
So I clearly made the wrong move there.
But I don't find myself like – I don't have FOMO to pile in at 26 right now.
Part of me wants to see how these unlocks play out.
I'm not fighting the bag.
No, I mean, it just ran to an hour.
I get that.
Do you have a Tokonomist account?
I'm looking at the chart right now.
This is actually like...
It's pretty wild.
When are they coming?
It's like the first one is June
and they're fat.
And who's getting these?
This is going to,
it's just future emissions.
It doesn't say specifically on Tokonomist.
Okay.
So right now, future emissionsist. Okay. So right now...
Future emissions and community rewards.
All right.
It's effectively...
The supply is going to double here soon.
And then starting in...
Let's see.
November is when we start to see the latter go until January of 2028.
You'll have core contributors and other folks getting some.
So basically in June,
there's about a $10 billion unlock.
It looks like coming to the market.
I don't think I'm up.
That's right.
Let me look further into this that would be 40 there's a lot yeah 38 yeah wow when i look at it it says
tbb i'm looking at tokamas maybe um yeah that's the future emissions and community rewards but i
saw somewhere else i saw um sort of a coming token unlock chart
that was similar to this it feels like a huge spike like let's definitely dig into that one
if it jumps from 33 to 66 circulating or higher i think then that's going to have some some impacts
yeah my gut is that we're not going to see 38 unlocked in one day in june yeah but jeff
wouldn't do that that would be like devastating no jeff wouldn't do that jeff wouldn't do that
we believe in jeff
but i do have that chart up i just made a free account to look at it
you talk about the one under allocations yeah yeah yeah exactly exactly yeah it's just
that like giant tbd field so like i'm not sure what that looks like but looks like the core
contributor so the team starts getting paid in november of this year though and that's that's
quite a bit of the supply too i mean over time yeah yeah monthly unlocks over a period of time
something to be aware of if you're looking to like if this is a trade that you're monthly unlocks over a period of time.
Something to be aware of if you're looking at, like if this is a trade
that you're going to enter with like 25%
of your portfolio,
you need to be aware of these things.
Certainly.
And we've seen bullish unlocks.
Not even saying this is necessarily bearish.
Just saying something needs to be on your radar.
Something to consider. Yeah, exactly.
Look at something like Arbitrum, right? Great product, great DeFi stuff. bearish just saying something needs to be on your radar something to consider yeah exactly look at
something like arbitrum right great product great defy stuff token unlocks really hurt the price of
that token um but also there's bullish unlocks there's bearish i'll eat it really it's really
hard to determine sometimes whether something's going to be a bullish or bearish unlock
depends on who gets the tokens,
at what price they acquire the tokens for,
what their sentiment is toward the platform.
Yeah.
I think the original Genesis distribution for Hype
was such a unique catalyst
that I would be surprised if they changed what they did.
I don't know. Maybe I'm just
sipping the hyperlipid Kool-Aid. I did make it a point
to stake some of my hype over the last month or whatever.
I thought about that. I'm hoping I qualify because I
had a large stake type position during this window.
And I also was a decently heavy perps trader during the window as well.
So I'm hoping I at least qualify even though I'm not holding any hype right now.
I have more points than I do for sure because I rarely trade.
I just sell and then I move it out of my account.
That's my only volume.
It's just selling it and then moving it off.
I think done with it, right?
I just got to put it in the bank account.
It's not real until it shows up in the bank account.
Very, very true.
I think points back to the first question of what would run
if and when Bitcoin goes to all-time high.
I still would bet
on hype being a fast horse in that scenario.
If Bitcoin shoots past 109
and say goes to like 112, 115.
I think hype legs up.
I think far coin legs up.
I think he legs up.
Does it?
Do we put in a bottom at 0.018?
When it was 55
ETH for one bitcoin it felt like
the first time I looked at it was like man I
think I'd rather have 55 ETH
than a bitcoin like
now it's back up a bit
I still don't have a great
reason to buy ETH
like my narrative on it hasn't changed
and I think a lot of the price action is just people going like oh ETH. My narrative on it hasn't changed. And I think a lot of the price action
is just people going like,
oh, ETH looks cheap.
And that's never a reason for me to trade.
I think it's a reason for certain people
to trade in short-term scenarios,
and I can understand that.
But I'm generally a long-term kind of guy.
It's hard for me to want to trade based on any talk about uh suey
at consensus jibs was there any mention of oh my god dude so much suey yeah a lot of suey
so like how the the conversation around suey went like this though and we've said this before right
when bitcoin came out there was bitcoin killers. Like Litecoin came after Bitcoin.
When ETH came out then, right, that was kind of a Bitcoin killer.
Then Ethereum killers came out and Solana was born.
Now we're in this stage of Solana killers.
And when I talked to the folks and big funds that were looking at SUI,
a lot of it revolved around, oh, that's a Solana killer.
And so that's like a narrative alone, I think, that could drive it.
But yeah, that was like the primary chatter around it was, hey, like, this is a trade.
There's a trade here for us.
Because, you know, Solana looks too expensive.
There was also talk that, like, Solana is attracting more than just shit coins.
And that there's a lot of opportunity there.
There's a lot of positive Solana sentiment.
I would bet on Sui to 5X overhype, I think.
Are you allocated accordingly?
I'm not.
What's the SuI FDV?
Oh, it's 38. I was looking at their market cap. I was
thinking the 5X and 13 would be
more doable.
But at 38, now you're going
to, that's still 50% higher than Seoul.
Maybe I'd take it back.
I think there just isn't like, you know what I mean?
People still think of trading and they go to Solana.
Like I've yet to have a reason to go to Sui.
There's probably,
there's reasons there's people doing stuff there.
I just haven't had a reason.
I tweeted this out yesterday.
Everyone,
if we're,
if we're going back to fundamentals,
Solana,
try to find this.
I tweet a lot.
50% of all blockchain revenue.
So Solana is the teal green.
I mean, look at that percent.
Where's Sui?
It's not listed on here.
So that could be a dashboard limitation
versus them not generating fees.
I have access here so I can take a look later.
Pretty striking.
I mean, look, like, they've got it figured out.
People do stuff on Solana.
People want to go to Solana and do stuff,
whether it's Deepin, whether it's deep end,
whether it's shit coins,
whether it's consumer related.
I think that they're just doing a really good job branding themselves,
bringing developers in,
bringing talent in.
And I think they can just continue to grow.
Everyone's going to come after them,
right?
Like there's always going to be a catch up trade,
but builders, you know, grow. Everyone's going to come after them, right? There's always going to be a catch-up trade by
builders. If you listen
to the guys over at
AllianceDAO who I think are
the foremost in
incubating new dApps.
I think Believe came out of there.
They did Pump.Fun.
They're on the forefront of consumer
and working with the top consumer dApps.
I don't hear them talking about Sui.
And they're launching.
These apps are launching on Solana.
The volume is on Solana.
I don't think they get displaced in the next three years.
If there is a chain that's going to displace them,
I don't know that it's out, that we have it yet.
Yeah.
Man, I got to run, fellas.
Yeah, let's go ahead and wrap this up. It's good to be back.
It's good to be back.
It's good to have you back, Chibs.
We might have all-time highs.
We might have all-time highs on Bitcoin,
but the next time we get together...
What if it's sell at the end of May and go away, Tyler?
This has been in my mind.
I'm not emotionally prepared for that.
If it is, we're not going to be in a best spot.
I'm not putting that energy in the universe,
these. I'm not doing it.
I'm buying May and pray.
Buy May and pray, baby, and keep buying every day of May.
Buy and pay and pray.
But folks, thanks for sticking with us.
We're well over the hour mark. That's it. That's our
show. I want to thank our listeners. I want to thank my co-hosts. We'll be back next Tuesday,
hopefully with a fresh Bitcoin all-time high in the books. Till then,
enjoy your Tuesday. Enjoy your week. We'll talk to you soon. Goodbye. Thank you. you
