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#crypto #bitcoin #investing

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Welcome back and in the same week that the Bitcoin ETFs and black rock have entered the crypto game we’re now hearing Black Rock CEO Larry Fink discussing ethereum and this among much of the drama as the Bitcoin ETFs have now gone out they are now live they’re

Buying Bitcoin on the open market and we’re going to be discussing all of that including van guard One financial institution has blocked Bitcoin ETF purchases polygon is finalizing their upgrade and what in the ETF is going on with ethereum and black rock and you can see the ethereum price has actually

Performed better than the Bitcoin price over the last seven days from when I’m recording this video even though the Bitcoin ETF has now launched a lot of this could be buy the rumor sell the news and this could also be the fact that uh there’s two-day settlement times traditionally with Securities in uh

Securities markets so maybe that we’re going to have to wait two days until they actually settle and the Bitcoin purchases are complete I don’t know we’ll have to wait and see as you guys know my thesis is that we are going to see a capitulation event before the Bitcoin having now

While much of the macro environment analysis is pointing towards end of February into March as being this kind of debt situation that may cause spillover into other markets like crypto stocks real estate Etc uh this may actually happen earlier because we know that the Bitcoin having has happened

Earlier than it did in 2020 and in 2020 capitulation was the middle of March so this may actually happen before that time frame we’ll have to wait and see but before we talk more about the markets and what is going to happen in the future Vanguard is now not offering

Spot Bitcoin ETFs on their platform saying High volatility is bad for generating long-term revenues um how about Vanguard you don’t tell your customers what they can and cannot spend their money on or what they can and cannot invest in guys literally everything that is going on right now it’s just um a Larger it’s on a higher level right because I remember telling you guys when I started this channel in 20 2018 I tried to we were effectively at the bottom of the bare Market I started this Channel at the end of 2018 uh the bottom of the market was the

End of 2018 and I remember telling you guys that I was trying to actually buy gbtc great scale Bitcoin trust before it was an ETF obviously and it was in like the three or $4 range around that time one year after the top of the market back in

2017 and my institution would not let me buy gbtc they said I don’t have enough trading it’s too risky they don’t want me to do it even though the platform allowed trading of that individual security um or product or whatever you want to call it uh the reason I’m saying

Security is because the SEC calls all of these product Securities so that I’m not saying I necessarily agree with it but it is what it is Anyway by the way this is the cryptoviser podcast don’t forget to give the video a free thumbs up also hit the Subscribe button we upload every

Single day like I said since 2018 to bring you the latest happening in the financial world and typically we never miss a date right here on the channel so hit subscribe if you want to help support the channel click the join button down below to learn more how you

Can become a channel member for as little as a $1.99 a month other than that I have nothing else really to sell you guys besides thumbs up which are are free anyway so back in 2018 2019 they were still denying access to products and now they’re doing it on a different level

It’s completely ridiculous and they’re saying that they don’t want High volatility but if you’re one of the vanguard’s customers and you do want that volatility because you want that short-term return and they’re telling you no effectively what they’re telling you is we are not going to let you make

Money that’s what happened to me back in 2018 I wanted to buy gbdc they wouldn’t let me I fought with them for 3 months the gbtc price went from $3 up to $15 over the course of four five 6 months I called them at the end of that six

Months I said to them listen you either give me access to this product or I am pulling everything out of your institution because look at this look at this product gbtc and they pulled it up while I was on the phone with them and they said wow we see what you’re talking

About and then they ended up giving me access to gbtc but again we already went up 5x and I would have probably made a nice lower turn on that but anyway Vanguard is doing effectively the same thing when contacted by telephone the day that the ETFs went live um a

Vanguard customer service rep said that Bitcoin ETFs were not available on the platform because they were highly speculative unregulated and didn’t fit the company’s long-term investment philosophy the representative noted that the platform didn’t allow other kinds of Investments such as leveraged ETFs a uh spokesperson for the company Vanguard

Confirmed that spot Bitcoin ETF funds were not available saying we also have no plans to offer Vanguard Bitcoin ETFs or other crypto related products our perspective is longstanding that crypto’s high volatility runs counter to our goal of helping investors generate positive real returns over the long term uh they’re literally talking guys

They’re literally talking about the best performing asset ever in the history of the planet Earth the best returns in the last 10 years the best returns in the last 20 years the best returns in the last 40 years out of anything anything any stock any real estate best

Performing is Bitcoin and they’re saying this they they want to help investors generate positive real returns but not in the best performing asset in the history of our lifetimes and definitely the markets think about that if you have your money with Vanguard if I was in that situation my

Money would be out the same day and there were a lot of people who are in the crypto ecosystem system that are moving their money out whether where they’re moving in I mean guys even JP Morgan is allowing this and their CEO goes out and says well crypto is

Ridiculous and the people who Trade It are idiots he literally says stuff like that I mean not word for word but I’m summarizing generalizing but uh they even offer these products and they offer gbtc prior to the conversion to an ETF Fidelity they’ve been mining Bitcoin in their offices since 2014 they actually

You can buy Spot Bitcoin on the Fidelity platform so go with go with you know institutions that are going to let you invest what you want to invest in anyway moving right along Gary Gensler says that Bitcoin is highly speculative and vitile asset used for money laundering

In ransomware and this he says in um you know reluctant conversation the day uh that the ETFs went live or the day after and again I want you guys to listen right he he voted for approval of the ETF now granted he was somewhat compelled to by the courts but he

Approved it and now he’s coming out saying no General this is really uh this is a speculative volatile asset that you should probably not invest in right I mean do am I taking my my financial advice from Gary genser who’s $200 million and working for the banks

Probably not but anyway let’s listen in to a little bit of this conversation we’re probably not going to listen to the whole thing because we do have a lot of other videos I want to show you some other videos from uh the likes of I don’t even remember what kind of videos

We have up Tom Lee we’re going to hear from Elizabeth Warren we’re going to hear from the CEO of Black Rock we’re going to talk about polygon we’re going to I mean guys there’s so much we have to talk about in today’s video make sure you guys stick around and don’t forget

To hit subscribe let’s listen in joining us right now first on CNBC following that decision that some have described as historic is SEC chair Gary gendler uh chair gendler we appreciate you being with us let me start by asking you this do you consider the decision uh historic

And it appears that it’s a decision that you made um either reluctantly or perhaps even begrudgingly well look uh Andrew uh the this has been considered for a long time as you know uh uh starting under chair uh Clayton we had uh disapproved a number of these over the years and

Something had changed uh I’m a deep believer in the rule of law and a respect for the courts and taking uh a new court decision into consideration uh we move forward I think this is the most sustainable path forward and you notice they’re trying to ask him like oh did you begrudgingly do

It did you reluctantly do it honestly guys nobody really gives a the point is that it’s approved that’s literally the point right all of the whining all of the complaining that it got approved who gives a it got approved that for me is like the path forward right uh Elizabeth Warren who we

Know is very anti- crypto she wrote on her X page the SEC is wrong on the law and wrong on the policy with respect to the Bitcoin ETF decision if the SEC is going to let crypto burrow even deeper into our financial system than it’s more urgent than ever that crypto follow

Basic anti- anti-money laundering rules okay now first of all I don’t know what she’s talking about crypto crypto is an industry of code and Technology right that’s like saying you know uh the internet right what is the internet right it’s it’s a combination of decentralized uh you know

Information from all over the world from all different people walks a life Etc and so the SEC is not wrong on the law the court rules Ru that the SEC was being uh capricious and basically you know overstepping and not being being ridiculous effectively by denying the

ETF when they were allowing the Futures ETFs the other thing is you know the the issue that I have and again this is really not a political Channel and I really don’t like to get into Politics on this channel but a lot of times it it overlaps you know um Senator Warren was

Historically what would be considered a liberal you know candidate somebody very Progressive and pushing forward and kind of uh you know not focusing on all the the the same things forever but again as we see with many politicians when they’re in office for a very long time

They just start harping on the same things that they’ve always harped on and never actually got any um any progress on on their side so but they they’re not they’re no longer effective you know the fact that Elizabeth Warren is supposedly uh you know for your protection and for

Rights and making sure that you have the ability to you know live in a democratic world and meanwhile she’s trying to tell you that you you should not be not even that you should have the choice whether you want to invest in Bitcoin ETF or not

Or whether you hold Bitcoin or not she doesn’t want you to have any decision or choice in that she wants to make the choice for you and the answer for her would be no because the banks are better she wants you to have your money in the

Bank even if you don’t want to have your money in the bank she doesn’t think that you should have that choice that’s what it seems based on her uh her tweets and what she says in Congress and all of this and you know at the end of the

Day uh I know for me whenever I have been onboarded onto any crypto platform especially in the LA last five years or so uh I’ve had to kyc they want to know all your info they take your ID photo of you you know like it’s not like

They’re not doing any of this are there are some platforms that are not probably but this is not the the ecosystem in general I mean guys on this channel we cover every I mean black rock is involved is Elizabeth Warren trying to say that black rock is not doing any I

Mean it’s it’s completely and utterly ridiculous and when I’m thinking about all of this back and forth right and a lot of this does have to do with you know the the presidential Administration and of who they’re putting in these positions but again I don’t think it’s necessarily any different whether it’s

The other side or this side because remember Gary Gensler is not the one who sued um Ripple it was Jak Clayton who was the SEC chair under President Trump so I don’t know that it would be any different I think that the SEC is captured by the banking industry and I

Think that this is the banking industry’s decision what goes on in the SEC and so when we’re thinking about crypto and now that the Wall Street is involved and we know that black rock is involved and everybody’s excited about this is this really good for crypto or

Is this going against what crypto is about what Bitcoin was created for well fun strats Tom Lee who’s over here on the right he was interviewed on C uh no this is Bloomberg no this is CNBC no yeah this is CNBC and effectively we’ve talked about Tom Lee before he has a

Very very good insight into the markets he gets a lot of hate but I’ve been following him since I started this Channel and he is very very accurate in his calls anyway they talked to him about bit coin and what he says at the beginning of this interview I think is

Very interesting and goes to the premise of what Bitcoin was created for and what Bitcoin can be used for and why it’s good for people everyday people like you and I let’s listen to what he says uh it’s not unusual for you to be thinking about Bitcoin and you were right last

Time it was at 4,000 you said it’s going 20 which it did what’s going to happen now let’s talk Bitcoin uh well I mean I think yesterday’s um compromise tweet is just a reminder that uh he’s talking about Bitcoin ETF uh you have to find something that you can trust in a

Trustless world uh which is Bitcoin you know it’s been it’s really still an immutable blockchain uh one of the things we’re all waiting for is the spot Bitcoin ETF approval because it’s really going to be the first on-ramp for a lot of folks to actually use traditional Financial

Products to get exposure to crypto and I do think it’s inev itable I think the timing now he goes on this was obviously recorded before the Bitcoin ETF approval but obviously what he’s saying is true right Bitcoin is something that you can trust in a trustless world that is what the the

Blockchain technology is supposed to be about right trustless technology that you know the code works you know the technology works and you don’t you don’t have to trust another company you don’t have to trust I mean you know we hear about all these hacks with these companies and then you know people’s

Private information is is you know uh you know out there forever whether it’s bank statements whether it’s you know whatever the situation is and whenever you’re inputting your info whether you go to a doctor’s office whether you go to a car dealership you go to insurance company whatever you don’t know you’re

Trusting that your information is going to be safe but it’s probably not and there’s no necessarily way to prove that it is actually safe right and within blockchain there is because every call into the technology every uh Ledger attempt right if I try to send money from my account and the blockchain

Says no no no you don’t have this money these are all uh the code validating what the truth actually is in this trustless world and this is why crypto is super important and we also uh saw this on X the other day from Parker Lewis who is the author of gradually and then

Suddenly and he said Alexander Hamilton may have pushed back for a bank of the United States but was opposed to the printing of paper money he perfectly predicted what would happen why it would happen and what the consequences would be if it were ever allowed Parker Lewis

Says that Bitcoin is greater than the paper dollar and uh this excerpt from uh it says the Hamilton writings page 590 to 591 Hamilton speaking to the house in Congress um I don’t know what the date is but it doesn’t matter anyway it says the emitting of paper money by the

Authority of the government is wisely prohibited in the individual states by the national Constitution and the spirit of that prohibition ought to not be disregarded by the government of the United States though paper emissions under a general Authority might have some advantages not applicable and be free from some

Disadvantages which are applicable to the like emissions by the state separately yet they are a nature of nature so liable to abuse and it may be affirmed so certain of being abused that the wisdom of the government will be shown in never trusting itself with the use of so seducing and dangerous and

Expedient in times of Tranquility it might have no ill consequences it might even be a way uh it might even be managed in a way to be productive of good but in great and trying emergencies There is almost a moral certainty of it becoming mischievous the stamping of paper is an

Operation so much easier than the laying of taxes that a government in the practice of paper emissions would rarely fail in such an in any such emergency to indulge itself in too far in the employment of that resource to avoid as much as possible one less auspicious to

Present popularity if it should not even be carried so far to be rendered an absolute bubble it would it would at least be likely to be extended to a degree which would occasion an inflated and artificial state of things incompatible with the regular and prosperous course of the political

Economy now uh we’re going to kind of break it down because this this is exactly what is going on here guys he’s effectively saying that there should be a Prohibition on creating paper money um and that the government needs to protect this prohibition because although there could be

Advantages the disadvantage is so great and the the LI the disadvantage is the fact that printing money is liable to abuse and the government should not trust itself with something so seducing and dangerous as printing of money um and at times of Tranquility when nothing’s going on everything’s

Going to be great right we’re printing money we have a great economy but they say in great and trying emergencies there’s almost a moral certainty of it becoming mischievous and so this is true right they print money during these emergencies they make major changes to the way that we live life during

Emergencies and they’re not going to stop doing that and so P creating paper money they say is so much easier than laying taxes that obviously they’re going to rather print money than lay those taxes especially an emergency this is what we saw during the pandemic right and then what was the consequence of

That printing of you know six to eight trillion dollars we don’t even know how much it was the consequence of that was high inflation and now we’re in another situation now where they have to print even more there there’s no stopping the exponential growth of the actual money

Printing we’re now $34 trillion there’s no doubt in four more years this going to be over 40 trillion maybe even 45 trillion and it’s going to keep going higher and higher and higher at some point that mechanism is going to uh break down I don’t know when it may not

Even be in our lifetimes but this is why Bitcoin is so important because it gives you an out of that system it gives you the op the option the choice to be out of it and this is what Larry finin says as well this is the CEO of Black Rock he

Says Bitcoin is an asset class that protects you let’s listen in by the way the way don’t forget to give this video an absolutely free thumbs up also hit that subscribe button turn on notifications that way you’re always notified when we upload which is every single day this is black rocks Larry

Fink I believe you know I believe it goes up as if the world is more frightened at people have fearful of geopolitical risk they’re fearful of their own risk um it’s no different than what gold represented over thousands of years it is a it is a it is a asset

Class that that taex you and and unlike gold where we manufacture new gold we’re almost at the ceiling of the most of the amount of Bitcoin hear somebody like I mean when you hear somebody like Kathy Wood yes who was on our broadcast yesterday say that her base case base

Case is that this turns into a $600,000 of Bitcoin valuation base case and a a you know million plus um in a in a super optimistic case are you anywhere in her realm I haven’t thought about it to me that what we are trying to do is that’s we know that he’s

Thought about it and obviously they agree that Bitcoin is going much much higher otherwise why would they create these products for it why would you see Larry fin out here like a Bitcoin maximalist pay attention guys pay attention now before we get to his comments on ethereum I thought it was

Important to highlight that although coinbase was listed as the custodian for most of the Bitcoin ETFs Gemini was actually named Van x uh Bitcoin Casto which is great for Gemini and hopefully this brings a lot more growth to the Gemini platform in the future if you

Guys want to sign up for Gemini crypto exchange use my link Down Below in the description if you use my link to sign up and trade up to $100 in the first I think 30 or 90 days you’ll get10 or $15 in free crypto and I will as well so we

Can both win together it’s an affiliate link it helps support this channel Link in the description down below for Gemini and also coinbase and if you want an offline storage wallet and hold your crypto in cold storage self cust custody get a ledger Cold Storage wallet link

Down Below in the description lets them know I sent you over there and it helps the channel out anyway uh moving right along on blockworks doco bitcoin ETF you can see an full ETF tracker it shows you the fees the market cap how much assets under management is how much Bitcoin

They actually have inside those trusts and you can see grayscale and bito these two were already uh available before the ETFs launched and you’re really looking for spot futures I mean sorry spot ETF Futures is Futures ETFs and uh you know spot is actual Bitcoin so that’s the

Ones that you’re looking for I would imagine probably by next year at this time we’ll see much much different numbers here and uh that is always exciting now black rock is also looking at ethereum for their potential next ETF in the crypto world let’s listen to these comments from Black Rock CEO Larry

Thinkink the day after the ETF launched denied by the SEC that’s a fine meaning let’s just put a fine point of that the industry meaning companies like yours ask the SEC to allow folks who met of own shares via a grayscale to able to transfer those in kind to a black rock

Or Fidelity or whomever and so that there would be no tax ramifications that was not denied they wanted to really just create from scratch cash only which we all respect the sec’s U reasoning um that creates an opportunity actually for for grayscale to keep those customers

From much longer time it does but I think over the long run when you start adding up the fees and adding up the fees uh people are going to start thinking about um redeeming and then ultimately going into an ETF longer term do you now expect other cryptocurrency

ETFs meaning do you think that Gary and will talk to him later G will have to approve an ethereum ETF and is that a function of something the SEC has to do or do you think that all these things have to go to court first I couldn’t

Respond to that I I I see value in having ethereum ETF as I said these are just start stepping stones towards tokenization and I I really do believe this is where we’re going to be going we have the technology to tokenize today if you want to talk about think about this

If you had a tokenize security and you have a tokenized identity you Andrew the moment you buy or sell an instrument is known it’s on a general ledger that is all created together um you want to talk about issues around money laundry and all that this eliminates all corruption

By having a tokenized system Jamie Diamond disagrees with you on that but well uh how many fins has Jamie Diamond gotten in uh the JP Morgan Chase company over the last 10 years and who else disagrees with him Elizabeth Warren because she thinks that Bitcoin is just all bad

Anyway uh we’re pretty much done talking about the Bitcoin ETF for the next few months I think I mean there’s really nothing more to talk about it’s just monitor where these ETFs go monitor where the price goes listen this could be a local top we may go a little bit

Higher as they’re acquiring all of this Bitcoin but the acquisition of Bitcoin in or at least I should say the initial acquisition of Bitcoin inside these trusts is not going to last forever and they’re once they get enough money in to get the these ETFs moving and flowing

And trading then they’re going to stop buying initial seed Bitcoin and then the price may fall and that may bring us into that capitulation point in March or end of February we’re also seeing grayscale Bitcoin trust uh off they’re they’re going to be offering covered call ETFs which

Basically sell call options if you guys are not aware um the term covered call refers to Financial in transaction in which the investor selling call options owns an equivalent amount of the underlying security to execute this the investor who holds the long position or who holds the actual asset actual gbdc

Then writes or sells call options on that same asset to generate an income stream the Investor’s position in the asset is the cover because it means the seller can deliver the shares if the buyer calls the option and they choose to exercise it upon expiry and so uh obviously grayscale

They have about over 615,000 Bitcoin in the trust in the ETF right now so we’ll have to kind of monitor that and see what happens uh as as time goes on but yeah we’re starting to see the MST which is going to follow micro strategy it’s

Going to be a covered call ETF as well for micro strategy I think these have a potential to make a lot of money in the upcoming uh cycle and bull run but I could be wrong do your own research nothing I say is financial advice next up we’re now hearing that polygon has

Finalized an upgrade for um what they’re calling pip 33 which is sorry I’m uh polygon Improvement proposal 33 it’s the Napoli upgrade specifying the upcoming set of improvements which also include pip 16 which is transaction dependency data pip 27 polygon Improvement proposal precompiled for this curve support and

Pip 31 which is Cancun’s ethereum Improvement proposals and so we’re seeing a lot that’s happening within e uh the polygon ecosystem sandep naal the founder of polygon says steady progress of polygon towards becoming a ZK validium perhaps the first decentralized one at that now you may be asking cryptoviser what in

The polygon is a validium well validium is a layer two scaling solution that leverages zero knowledge proofs to verify offchain transactions its primary goal is to enhance the scalability privacy and security of the ethereum networks so effectively a validium layer 2 is a a layer two that uses ZK proof so

Keep that in mind you can read more about pip 33 on the polygon Forum where they talk about the specification the activation and what other Pips are included and you can click through and read through those as well uh sand naal the founder of polygon also posted this saying poly Market which describes

Themselves as the world’s largest prediction Market predict the future of politics news culture and Tech right on the poly Market site the biggest prediction Market in the crypto industry they did about $ 6 million in volume right in the middle of January 2024 this is higher than Open Sea over the 24hour

Period so you can see that there’s obviously a lot of competition polygon is definitely pumping up and getting ready for this upcoming bull market I do think that polygon is going to closely follow the movements of the ethereum ecosystem I’m very bullish this upcoming cycle on ethereum as you guys just saw

The institutions are interested obviously there’s a lot of development Within ethereum and all of the scaling Solutions and Bridge technology into ethereum this has brought so much value return on investment uh capabilities and technolog technological upgrades across the blockchain ecosystem through ethereum and because polygon is the main

Scaling solution for ethereum it’s the main one it is going to I believe pop into the top 10 I think it’s going to perform extremely well over the next year or so very very long and uh uh we see what happens with this if ethereum gets a little pop up with the Denon

Upgrade coming up uh on the test Nets then they’re going to be moving denin into the main net and we’re also potentially going to see this ethereum ETF maybe even this year I mean we’ve heard Gary Gensler say that ethereum is not a Security even though he pulled

Back a little bit when he was questioning Congress about that but this is potential that he’s not going to fight an ethereum ETF the same way that he fought a Bitcoin ETF potenti eventually also not going to fight an xrp ETF but every other crypto is still

Up in the air they’ve named pretty much every other major crypto and said that these are all Securities according to the SEC now there’s obviously a lot of uh contention about whether that is accurate or not but I’m sure that a lot of these large money and asset managers

Don’t want to have to go through another multi-year lawsuit with the SEC trying to prove it like grce scale did uh so I think gray skill is going to kind of back off but who knows I mean gray skill has the largest you know private fund of

Ethereum in the world and I think that you know if this goes to ETF I mean think about all of the other funds that don’t even exist I mean we had grayscale Bitcoin we had bitwise Bitcoin Bit O there were a lot of different Bitcoin products but there’s not that many

Ethereum products so the potential uh of ethereum’s growth from a price perspective based on the speculation that we’re going to get some of these funds could be pretty big and this could also pump xrp as as much as I am a little bit bearish on xrp generally

Speaking if Ripple doesn’t go for an i IPO and instead they go for you know an xrp ETF or something like that this could be really big as well but I’d love to hear what you guys think don’t forget to give the video a free Thumbs Up Hit That subscribe button turn on

Notifications and I’ll see every one of you right here tomorrow on the cryptoviser podcast invest responsibly do your own research in crypto on