Hong Kong Bitcoin ETFs Launch, Ethereum VS SEC Heats Up!

Hong Kong Bitcoin ETFs Launch, Ethereum VS SEC Heats Up!

action picks up in the ETF Market as spot Bitcoin ETFs launch in Hong Kong infidelity throws a Haymaker at its competitors in Hong Kong the ethereum ETFs launched alongside the Bitcoin ETFs and how do you think they did compared to bitcoin spoiler alert not good the true nature of eth is coming out over time as the battle between ethereum and the SEC heats up here in the US lastly Congress calls out Janet Yellen demanding real and sensible strategies to reduce us fiscal debt spending and Janet yelen finally admits that she’s concerned about the sustainability of our debt as well will the US ever repay its debts what do you think welcome to the Bitcoin Daily Show I’m Dante cook head of swan business recently at an investor Day held at their headquarters Black Rock hosted investors from all over the world to teach them about how Bitcoin can be a part of their investment portfolios these sorts of investment made by Black Rock are solidifying Bitcoin as a global asset class not for investors only in the US but internationally after seeing the success of black Rock’s ibit ETF launch other people are clamoring to get into the Bitcoin ETFs and due to that success you see companies like Fidelity throwing a Haymaker at its competitors Fidelity is threatening to charge $100 per trade to investors who decide to use its platform to offer their products the only way that they don’t get charged this $100 fee per trade is if they pay support payments or subscription payments to Fidelity platform what does this mean it means for issuers like black rock or Arc or others who are using Fidelity rails they’re going to have to pay a premium in order to place Bitcoin ETF trades resulting in more flows potentially to fbtc if people are buying through Fidelity’s platform we’ll continue to follow this conversation closely back to ETFs The Long awaited Hong Kong spot Bitcoin ETF finally launched today it had inflows of $123 million which ranks number six out of 82 of the last three years and in the top 20% of all time for day one launches according to Bloomberg ETF analyst Eric balchunis this is a really positive sign for Bitcoin because these inflows could help to offset some of gbtc outflows which continue to be steady but you have to realize Hong Kong’s ETF Market is 168 times smaller than the ETF Market in the US along with the spot Bitcoin ETFs the ethereum ETFs also launched on Hong Kong’s exchanges today and according to Friend of the show and Bitcoin analyst Joe consorti they only took in 30% of the flows of the Bitcoin ETFs this is consistent with history because Bitcoin makes up about 70% of their total market cap when you combine them and eth only 30% and as you can see in this chart Bitcoin continues to outperform eth from its all-time highs as people continue to hold on for dear life and you know why else they’re holding on for dear life it’s because the SEC is finally coming after their eth for being what it is a security the SEC is finally going after vitalic and other ethereum founder Joe luin and also consensus for offering the sale illegally of unregistered Securities if you want to watch a great video highlighting why ether is a security take a look at Matt cr’s video from Bitcoin University it’s called ethereum is a security he actually just did it today the link is in the show notes but at the highest level a commodity is an asset without an issuer a security is an asset that is backed by a company like AAPL or apple and a currency is an asset that is issued officially by a central bank earlier this month the SEC issued Wells notices or the intent to sue crypto firm consensus who owns major infrastructure and was part of all of the pre-mine tokens that came when eth was launched several years ago on April 25th consensus sued the SEC back saying that the sec’s unlawful seizure of authority over eth would spell disaster for the ethereum network and for consensus if the SEC issuing a notice about it being classified as security would be a disaster for the network then is the network truly a decentralized commodity that they claim it to be the answer is clearly no if the SEC ruled Bitcoin a commodity or currency or a security it would not stop the network it would still be Tik Tock next block a small group of owners investors developers got shares in ethereum before everyone else could and with any security like AAPL or MST R something that is listed publicly and can be monetized by the public you have to outline who owns what who received what what incentives are in place and what means do you have in order to generate a profit for those investors but with a ethereum they are actually just monetizing from the public without disclosing any of this information they are also monetizing this in a way that is inconsistent with how other Securities monetize their asset offerings so in nutshell ethereum is a security and continues to be but you know what let’s look on the bright side despite the bad news for Ethan crypto bag holders today there was one bright spot they got more Bitcoin and are starting to finally see the light as coinbase adopts lightning as a global way to settle transactions in less than one second and for less than one cent all web 3 Bros are in disbelief because what we knew about Bitcoin all along is that it can be used for Global fast instant settlement just not on the base layer of Bitcoin but the lightning network has been being developed since 2017 and in this future people are going to see the real power of being able to settle globally instantly and cheap through a commodity like Bitcoin and although this is exciting and great news for coinbase as always swan. comom has and will continue to have free withdrawals so no matter how ingested the network is or how high transaction fees are on the base chain Swan will continue to offer automatic free withdrawals again you don’t have to pay Network fees like you do at coinbase or any other platform 99% transaction fees are all that you have to pay oh wait after your next $10,000 in free trades that’s right the next $10,000 of Investments you make at Swan there are no fees fee free trade trades on your next 10K so great for coinbase but this has been day one for Swan one thing that you can always do with Bitcoin and we encourage is to look at the numbers and that’s what elected US Congress officials are finally starting to do one thing that a US Congressman called out Janet Yellen for today is the theatrics around the politics of this new billionaire tax which is only going to add. 143% to the annual GDP of the US government but the government is spending 99.6% of GDP every single year so the math doesn’t actually work you can see in this chart here that the federal deficit is growing much faster than the GDP that we’re taking in take a look at this interaction between Janet Yellen and Lloyd smucker Lloyd absolutely dismantles Janet Yellen with the facts and even Janet Yellen admits debt held by the US public is going to grow from 20 $8 trillion to $45 trillion in 2034 and you know what also she said in a report that she signed and sponsored but somehow seems to forget as you’ll see in this clip government debt to GDP will be at 53% in the next 75 years I I’d like to um just clarify with you for uh those listeners uh watching this today uh the impact of your budget on um on the U on the on the uh debt um C can you tell me uh the uh current level of uh our debt what’s the current debt amount it’s about 34 trillion yeah uh which includes uh debt uh held by the uh or intergovernmental debt as well that’s right and can you also tell me what the projected debt will be at the end of the this budget period at the end of 10 years so normally look at debt held by the public okay we can use that number if you’d like which is currently about uh 28 trillion right and um in 2034 under our budget I believe it would be around 45 trillion yeah they but it’s R but GDP also grows and the ratio uh to GDP um would be a few percentage points more than it is now it’ be at 128% and now it’s at 97 that’s more than a few points no it would be at 105% in 2034 okay debt held by the public but there will be significant increase uh in it’s now about 100% so yeah now 97 it’ll be about uh be increasing so it’ be a significant increase um in in the debt a small increase in the debt yeah uh significant increase in the debt I want to refer also to um your report on the fiscal Health that came out just a month or two ago of the country and you show uh that uh given Current financial policies including that in your budget uh within 75 years we’ll just continue to see that increasing and would be at 53% or some above 500% of uh GDP uh at the end of 75e period you say in that report the current policy is not sustainable uh and the cost of delaying policy reform is significant will make it much harder uh to uh Implement uh changes that will affect that trajectory do you think that’s a real threat to the country going forward are you referring to the Social Security report there no I’m referring to a report report on the nation’s fiscal Health done by the US Treasury signed by you okay so we need to we need to enact policies to make sure that the debt stays sustainable and we’re on a fiscally sustainable path and the president has prop opposed um over $33 trillion of deficit reduction let’s talk about that we’ve already established that the debt will increase significantly under this budget so where do you get the three trillion in um savings where does that come from well because it’s not you’re not decreasing spending well in some areas there are spending decreases not overall most most of it comes from um additional tax revenues um tax have been because we’re allowing the tax cuts and jobs act rates to to expire correct partly but um about two trillion of three trillion about two trillion not you’re projecting an additional two trillion uh in Revenue uh counting that towards we’re projecting an addition to that a higher corporate income tax moving that up to 28% um putting in place chairman I’d like to submit for the record an article from The Washington Post that shows the $2 trillion and talks about uh that being included in the budget and then shows a significant por portion of that will be taken uh by families who are earning less than 400,000 um explicit without objection he’s explicitly said that he will not agree to raise taxes for people making under $400,000 so I think it’s more and that is not any proposal of his he’s not said he would allow everything to expire I think it’s more important to look WR I think it’s um more important to look at what he’s proposed rather than what he said and very clearly the the $3 trillion in revenue or in reduction what you’re calling a reduction in uh debt uh comes includes a significant amount coming from families uh who are earning under 400,000 well that will have to be paid for so after watching this clip you realize that there are only two options the United States defaults on its debt and admits that this Global Fiat experiment of the last 50 years wasn’t as good as we thought it was or they continue to print money and kick the can down the road and as you can see with their budget projections you know what they intend to do so what is the average American supposed to do how are you running the numbers in a situation where the debt is growing significantly faster than the amount of money that the government takes in or the amount that they’re able to tax from you from your hard-earned work to line the pockets of billionaires and wealthy people who own assets well here at Swan we believe in running the numbers and that’s exactly what we’re doing in our webinar on Thursday with Swan CIO hafa zigui the webinar is called the numbers don’t lie it’s the latest in our retirement webinar series and in happening this Thursday at 5:00 p.m. Eastern 2: p.m. Pacific if you aren’t able to make the webinar live still subscribe you’ll get an email with the recording of the highlights from the webinar in the webinar we’re going to talk about the perfect Bitcoin allocation for your portfolio how Bitcoin could 100x from here why Bitcoin deserves a place in your retirement portfolio and we actually use our Bitcoin retirement calculator live and talk about the opportunities you have to invest in an IRA holding real Bitcoin through products like swans Bitcoin Ira you’re not going to want to miss it and if you don’t make it maybe you should spend an hour thinking about all of the ways that you’re going to allocate your assets in a world where we have Rising inflation and a debt to GDP ratio of 53% for your grandkids if you believe that there’s a good option in that world don’t show up and don’t sign up for the recording more power to you but if you do the link is in the show notes and with that we’re signing off for today this is Dante cooks.com happy stacking [Music]

Action picks up in the ETF Market as Spot Bitcoin ETFs launch in Hong Kong and Fidelity throws a haymaker at it’s competitors. Plus, the true nature of Ethereum is coming out as the battle between ETH & the SEC heats up. Lastly, congress calls out Janet Yellen demanding real and sensible strategies to reduce debt spending. Will the US ever repay their debts?

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Bitcoin University: Ethereum is a Security: https://www.youtube.com/watch?v=u4ucAajq4Uk

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