Bitcoin Rises While Global Markets Dump #CryptoTownHall

0:00Good morning, everybody. Welcome to Crypto Town Hall every other weekday here on X at 1015 AM Eastern Standard Time. I think we're going to change the title. Right now we've got Strategy Buys 1.28 billion Bitcoin during extreme fear, which I think is actually a very relevant story worth discussing. I believe also Bitmind, by the way, on the Tom Lee side and the Ethereum side, bought over $100 million worth of Ethereum as well, which was announced today. But I think the bigger story at the moment, and obviously, you can't extrapolate too much from things that happened in the short term. But right now we have global markets reeling. Obviously, the Nikkei was down massively. Korea hit a circuit breaker last night again, down 8% when the markets opened. The Dow Jones opened down, I think, 400 points. I think I believe has continued down. And we have the S&P opened at 6700, currently trading at 6649. And that was already a big

1:00gap down from the close on Friday. And Bitcoin, which was down slightly over the weekend, which has become a trend, is actually up at 69,000. So Bitcoin is up on the day. It's up on Friday's close, which was at around 68,000. And everything else is seemingly suffering the fate of volatile oil markets. So obviously, we're not a macro show per se, but I'm sure you all have seen that oil. The open yesterday basically pumped up to $119.50, both WTI and Brent. And then when Dow Jones news that the world was going to get together and start to release about 400 million barrels of oil from reserves that settled down to just over $100. I've unchecked it in the last 20 minutes. So I'm not sure where it stands, but that was the story up to 120, basically, and back down to 100. So a lot of volatility, a lot of insanity and Bitcoin just kind of Bitcoining,

2:01which I find very, very interesting for the, it's correlated fanbase, which I am not a part of. Yeah, well, I mean, it's one of those days when you look and it actually is logical, but we've had so much ill, so much illogic that people see it and say, oh my god, look at how strange it is. But the truth is that if there's, there's two certainties here and a lot of uncertainty. Certainty number one is monetary inflation is going to rage. Bull stop. They need, you're, you're print, they need to print just, you know, just because of the war, just, just from the actual, you know, spending on defense, spending on munitions, we're talking literally the estimate is $500 billion more a year. And then that doesn't even count the cost of reconstruction when everything is all said and done. And so the amount of monetary printing is going to go higher. You know, those sorts of assets that that react to that makes sense. The other thing that is an absolute

3:06certainty is people having learned how hard it is to get their wealth out of countries they're trying to leave will once again find Bitcoin. And you, you can downplay that as much as you want, but there's a lot of wealth and a lot of the places and that people have been panicking trying to get the hell out of and they can't, you know, it bitcoins one of the only ways they can get their wealth out. And that narrative is going to happen. And so yeah, to me, this is logical, Scott, you know, I said it, you know, on macro Monday, I'll say it again, you know, the sellers in Bitcoin are exhausted, all the four-year cycle stuff, whatever. But if you actually look at the risk of award on buying Bitcoin, it may be higher now than it's ever been. And contrast that with, you know, software companies where, you know, some are going to do fine because, you know, even though they're going to do it with much fewer employees, and some are going to be like, you know, what the hell, we don't need you, we can build it ourselves using AI, you know, contrast that with, with so many

4:08other areas of the economy that AI is going to deal with, contrast that with places that are actually impacted by war. And so yeah, to me, it makes sense, but we just haven't seen it before, so that's why it looks weird. Oh, come on. That had to be a guy going to the panel. Sorry, hands up guys. I'm waiting for a hands. I'm trying to say things to make people like, nice and idiot. How dare he say that? I mean, come on. Yeah, sweet. I know. Isn't it hard to be the guy who says things just to trigger people when you know that you don't necessarily agree with them, and then you don't even get the response that you're looking for? It's tough. Well, actually, I do agree with what I just said. I'm just saying. I would probably very response. Okay, William, you're the first one to raise your hand. Let's go. Okay. Well, I mean, I'm not, I'm going to say something that I've been saying before. The markets are being led by liquidity, liquidity on liquidity off. Every week it's something today. This week is oil, obviously, because of the of the war before it was gold. And you name it interest rates and so on and so on and inflation. Like the narrative, we're not in control of the narrative.

5:15That's the tragedy of the industry. And I wish, I wish we could be talking more about what is going on in the industry as far as using the blockchain, using crypto for meaningful things and not just talking about liquidity on or liquidity off and was driving it. It's a sad situation we're in. Anyone else hands? All right, okay, Carlo, go ahead. Good morning, Scott. Good morning, Carlo. First of all, listening to your piece with John Carlo, I encourage everyone out there to check it out. Fantastic. Reinforces a lot of the conversations we're having right now, especially around Bitcoin, especially around the massive adoption of digital assets. And the existential threat that this poses to banks, John Carlo nails it. And your your interview with him is outstanding.

6:17Thank you. I think the Bitcoin market per day's take is responding exactly the way I think it should. And I listen a lot to Anas when it comes to kind of a realistic outlook on what is happening right now in Iran. And I'm by no means an export on Iran, nor do I intend to be one on this stage. But I think the markets are largely in a wait and see posture here because a lot of the pressure is happening in Asia, where the indicators are that the Asian oil market is going to get pummeled by this continued limitation of oil going through the strait. And that ties into Dave's theory that, you know, you have people that are looking at ways to hedge against that and get their money out per se. And Bitcoin is the obvious no brainer to that. I did put out a piece this morning, which I think is interesting. And I'd love to pin it. There has been a precipitous drop in yield

7:17in D5 for stable coins. And while many may come to the conclusion that that is an indicator of a lack of liquidity and a lack of risk on appetite in the marketplace, I think it also indicates an incredibly bullish sentiment for the future of stable coin adoption. Just by way of a brief TLDR, I think what we are seeing is D5 and stable coins are maturing. And the fact that you're not seeing those massive yields that were previously being offered by a lot of platforms, which may have not been totally justified, but may have been somewhat manipulated in order to gain adoption and to gain interest from people parking their stable coins. What I think you're seeing is you're seeing a maturity of the marketplace where D5 yield on stable coins is becoming more of a akin to an institutional thing where there's an actual D5 yield. And Brian Armstrong's take this

8:24weekend where he went out on Fox News and went directly after the banks and called them out for all the bullshit that they have been trying to perpetuate in trying to kill clarity. And this narrative is now broadening Scott beyond just rewards, which is already baked into the Genius Act. I'm starting to see this as a full frontal assault on any yield. And I agree with him and I agree with a lot of people in the space, including Dave, that I think this is going to backfire badly on the banks. And I think that D5 is going to become a very interesting play for consumers and an alternative to the banks. So I think ultimately while we're seeing yield in D5 for stable coins drop and that might be a sentiment that there is no liquidity or it's a risk off indicator. I think equally it is an indicator that the sector is maturing and there's no denying that we're seeing tons of on chain activity with stable coins. So I think we just need to ride this out and hopefully this war sad and tragic as it is is not a long drawn out thing because then we really

9:27have a lot of other concerns that we need to factor into this conversation. Thank you, Scott. That was great, Carla. Thank you, Adam. Good morning, guys. Dave, I would just push back a little bit on the thesis that people leaving these countries are fleeing are going to use Bitcoin as their their kind of exit strategy. First, how do you think they're going to on-ramp to Bitcoin? Whatever. If I'm in Iran and I want to get out, how am I going to on-ramp to Bitcoin? If you're in Iran and you're thinking of and you have a chance of leaving, you're already in Bitcoin. Right. That's what I'm saying, right? So where's the new buy pressure going to come from in that sort of scenario? It's not that. It's narrative. It's narrative. Adam, 100% you're right. I mean, I'm not saying people are going to run out and go, but if you look at like during COVID when the Canadian truckers were getting their accounts frozen, that created a lot of Bitcoiners, not immediately, but people said, oh, wait a minute. The notion of censorship resistance, the notion of portability,

10:31the notion of scarcity, it creeps back up because it's easy to explain. And when you're trying to orangepill somebody in the United States, you can't even talk about that sort of stuff. Why? Because they don't have that issue. That's what I mean. No, I get that. Actually, that's true. So you're just saying for narrative awareness building, it's actually a good thing, which I don't disagree with. I mean, that truckers is the perfect analogy because I mean, I, you know, so many of my normally friends had no idea that it was even taking place, right? No idea that people were actually getting their accounts frozen and stuff in Canada. So I'm with that. So you're basically looking at it as more of an awareness building event for long-term holders, basically. Yeah, a few of these in time, Dave, right? I mean, I agree with you. By the way, I don't think it like moves the needle massively, but you know, Cyprus back in what year was it? That was kind of the first big Bitcoin movement when they took the input. Yeah, when they. Silicon Valley Bank. I mean, Silicon Valley Bank. Bitcoin, you could argue that the Silicon Valley Bank collapse was the unexpected catalyst of the

11:33entire last bull market, or at least the catalyst that ended the bear market, right? Because it basically Bitcoin had dumped on FTX. We sat there kind of 20 and below 1918 for all this time. Then Silicon Valley Bank collapsed and in particular had some of circles holdings, right? So even people like me said, well, I don't know what the story is going to be with USDC by Monday. So I'm just going to put it in Bitcoin. By the way, I thought Bitcoin would go down, not up. And Bitcoin went from like 19 to 25, right? And then that was the bottom. I think that's exactly my point. Look, I think I hate to say it, but I think that that's exactly what's playing out here. I think it's actually funny when charts and things happen at the same time and time frames. You know, we said, look, I said October 10th would take six months to wipe through the system before we can resume any sort of bull trend. We'll start doing the math. And you know, here we are. By the way, for those who don't, we're talking I, that's tomorrow.

12:40Now do I think that that prediction has any veracity? Of course not. I mean, it's a, it's a, it's an absolute, you know, estimate and of estimate. But, you know, whether or not it's Josh man with four, four, you know, four, four, four, based on any 4,000 on a particular date. I mean, come on, but, but the truth is that it is a lot easier to explain Bitcoin's use case to people when they see something in front of them. And it's easy to, it's easy to see how the money printer is going to get turned on now too, right? I mean, this is like, yeah, yeah. I mean, there's, there's just no, there's no way around it. I mean, you know, it's, it's, there's just no way around it. I do want to go back to think Carlos said because one of the things that I have always hated about DeFi and despite being wildly bullish on DeFi's future is this notion that people say, well, this token has yield. And you can't figure out where the hell the yield's coming from, right? You know, because it doesn't make any sense. I mean, it's not like the networks not generating the fees to pay the yield, etc. So there has always been in my head a need for a, a transparent

13:48competitive open-source marketplace where real yield can be shared between, you know, based on market forces between borrowers, you know, between the, the lenders and the servicers, etc. DeFi has that potential. But one of the problems that we had is these stupid, you know, the famous Sam, the Matt Levine interview with Sam, you know, where, well, there's this magic box and we saw UST paying, you know, 18% of the hell it was paying toward the end. And it never makes any sense. The truth is that when you see stablecoin yields going down to the levels that they're at now, community banks actually are paying more. So them to argue that this is a problem is, is just insane. I mean, it's truly insane because, you know, markets will, will price markets. The difference is is there's a lot of money that is at well below those levels and there's just no economic way for that to happen and DeFi will make that happen. I mean, arguably DeFi will decrease

14:49rates paid because you'll have a more competitive market, you know, when in certain times. And so to me, this is incredibly healthy. That's exactly my thesis. That is exactly my thesis. Okay, good. Well, hopefully I didn't, I didn't gunk it up for people, but, but I think that that's important. And it's the fact that we have octogenarian senators who don't understand what's going on just drives me, just drives me bonkers. But, you know, we'll see. And, you know, I, I think Scott, you and I both think that the political process is so food barred that, you know, that all these things, but we're going to get clarity by this. We're going to get it by that. It's like, the truth is, the truth is, is what we're getting is a situation where if the Democrats win the midterms, then do they continue to, to cow to Elizabeth Warren and take the risk that it food bars, they're 28, or do they worry about the midterms? I mean, if they think they're going to

15:49win in a landslide, then they're not going to care, right? You know, but if it's a wedge issue, then they will care. And I hate handicapping politics because I personally, no Democrats who think that it makes sense. But, you know, they, it's a question of what they want to make an issue out of, right? And that's, that's the stupid stuff. But the truth is, there's a lot of stake here. And, you know, from a crypto point of view, it's huge. From a Bitcoin point of view, it's relevant for sure. But, you know, I thought there was headlines out this morning from certain people inside banks talking to reporters saying, you know, if we don't get this stuff passed, that we are going to be to disadvantage, and it's going to hurt us. Which I think I saw a story this morning that I had pulled up actually for our show that they were thinking about taking legal action against the regulator. Did you think that? Incredible. The narrative is really shifting in real time. Well, because the narrative that the, the, the, the, the, the, the, the, the, the, the, the, ABA, American Bankers Association, you know, position is, is essentially two plus two equals seven.

16:54It's not even that it's equals four or four or four and a half or whatever. I mean, it's just so unbelievably dumb. And the math just isn't there. And we Brian, we see another hand. And then yeah, just really quickly before Brian, yeah, I just, just, I'm not misquoted. This is a story in the Guardian, top US banks, way suing federal regulator over crypto banking rules, exclusive bank policy, institute representing lenders such as JP Morgan and Goldman Sachs argues that new licenses can harm US consumers and financial system. Oh, that's the difference. That's because they don't, they don't want to have a fully reserved crack in the bank. Exactly. That is the, the, interestingly, if that ever gets to the point, I mean, it'll be in the courts, but you're trying to make an argument, just understand what that means. What they're saying, it's the same thing I have with custodia, only a set of line cloned doors. It'll be in the public. You're making an argument that banks that have 95% or 5% coverage of their assets on hand are somehow less risky than banks that have 100%.

17:57That's what that's what they're trying to argue. I mean, it's literally down as up and up as down. You know, it's, it's right, it's something right out of 1984. Anyway, Brian, Brian, sorry, go ahead. Oh, zero worries. I covered banks for over a decade and nothing coming out of the big banks makes much sense to me. Not this deposit issue, which we've talked about before, but even on this specific issue, like BPI is pushing back against the OCC, making it easier for crypto and fintech firms to operate under a national bank trust charter. And basically what this does is, it's kind of like this limited banking charter. So you can cost to the assets. You can manage trust to state and client assets. You can do things like settlement payment and asset servicing activities, which include stablecoin reserve management, digital asset custody, when you're approved by the regulators, but you cannot accept retail deposits. You cannot provide FDIC-insured deposits. You cannot engage in lending as a core business. And so BPI is basically stopped trying to say,

19:01like you're providing bank-like services without bank-like regulation. But I fully disagree for three main reasons. So no, number one, trust banks are still regulated. They're supervised by the OCC. They have to comply with capital governance and BSA AMO requirements. Number two, they still have prohibitions on activities. So they're not this full equivalent, full service bank. And this shouldn't be regulated in such. And then lastly, this encourages innovation under federal oversight, where if you don't do this, it's either under this fragmented state regulation or outside the scope of federal banking regulators. So I think that this is really just a continuation of the push by the big banks to slow down what they see as this competitive industry. That actually plays into that old Jamie Diamond narrative that if you want to be in stable point yield, you've got to be a full-fledged bank. And you're making the point perfectly

20:07that's not the case. And that there is distinctions, but it just shows how scared they are. They're scared of these neon banks like Cracken, because why would you ever touch a bank again when you have these other alternatives? We're on an off ramp. Yeah, I mean, to be specific, I mean, you've heard me talk about this. Carlo and knows we're probably I'm going to go. The notion of stable quandary awards and all that stuff is quaint and irrelevant if Cracken, Coinbase, Robin Hood all can operate a skinny bank that can offer payment services. If you can have, if you can have it linked into Zell and Venmo, or even just Venmo, it doesn't matter. And they'll be easy to do that. And pay your bills and write checks against a payment account and have automated sweeps from you pick your investment accounts in whatever order. So you have just set it up so that if God forbid, you run out of money in your stablecoin balance that it goes and sells, because it's 24-7, so it can do it. It goes and sells Bitcoin or Ethereum or Dogecoin. I don't really care. Or BUIDL, right? You know, a tokenized bank deposit.

21:13And do so, people are going to not have to have nearly as much in payment accounts anymore. And consumers are going to love that because it's going to increase the amount of return that they have. That's the fear. That's what these guys are afraid of. They're afraid of a 24-7 financial services company that can handle and provide the service of payments that people rely on banks to do right now. That is the end game here. Make no mistake. And if you're not watching that, I mean, assuming the banks don't know that, it assumes that they're stupid. Now, I worked in in city group for years. And yes, they're they're not exactly the organizational IQ average is definitely well below a lot of other companies that I've worked at. But the truth is they're not that dumb. And there are smart people there. And those people will know what I just said is true because this is just so damn obvious. So we talked about this on Friday. Jamie and I actually, Jamie came onto my show, my stable coin solution show on Friday. And we talked about this exact issue. So it's so funny you're saying this Dave because that is absolutely what they're scared of.

22:15They know they're being marginalized. It's not that marginalized. This happens in every single technology revolution every single time. You know, it's like the difference is booksellers didn't have advocates, right? They didn't make enough money to be able to say, oh, well, we, you know, we, you know, local bookstores just didn't have the political advocates to say, well, we, you know, we shouldn't be disintermediated. You know, but banks do. They made billions, many of which because they were given a direct subsidy. I calculate over $500 billion of subsidy by the change in 2008 that allowed them to get interest on their Federal Reserve balances, which was supposed to just be, you know, sitting there, you know, basically sitting there as cash. Before 2008, they weren't allowed to. Part people think that tar was the big bailout of the banking industry. Well, it was a bailout. But the bigger one was there was the was both the ability to get balance money on balances

23:16of the Fed and changing their reserve ratios so that they can hold more in treasuries and other risk-free things and lever it up. And it's just, it's huge amounts of money that they've made on the back of federal, galarkas. People don't know that. It's actually crazy. Anyway, Jamie, I'm talking too much. You've got your hand up. Sorry. No, it's all good. I love the discussion. I mean, you know, the crack in development, I think it's important. I mean, it's a signal that choke point 2.0 is unlikely to happen again. And that's significant. And as more of these neo banks take that step, point base and others, I think it's going to continue to solidify and build trust and build a direct connection as opposed to having to go through a middleman or through a middle bank to decide what they can do and what they can't. You know, as far as DeFi goes, I mean, this is, people need to understand this is where innovation begins and tradify adopts and regulates. So, you know, DeFi is important because this is where we get the play, figure out what what things can be approved from the current to structures and that's available to people. And then the thing

24:22that what elevates to the top, I think tradify is going to find a way to adopt it, to make it safer people and to allow more people to access it. You know, we talked about the Iran conflict, obviously, and related to midterms. We were talking about it last night in our space. And it's just interesting because I just think people need to separate the two. Let Trump play this thing out. You know, deal with Iran's oil price, Iran separately and the oil price is separately. And then after this resolves itself, I think the midterms will likely write its own narrative. And I just think we just have to let you know, Trump govern and get this thing through, see where it ends up and then deal with midterms afterwards. As far as Bitcoin, you know, we talked about the range. I mean, you're still a 71 to $60,000 near term range and it's been largely like riding in the middle of that. But there's liquidity above somewhere, you know, 83,000 at the top and 55 to 52,000

25:24below. So I would continue to watch those areas for movements and price ranges as we go forward. But right now, Bitcoin's looking really strong given the conflict that's going on. And I think it's really encouraging. Jamie, I would add to that that I think 74,000 is a very key level for technical analysts that, you know, is going to have to be broken before that 82 area just because it was kind of the march high of 24, you know, and was the low on the tariffs and just as kind of, you know, been a very key level. And above 74 to 80, there's like nothing. So I think you're right that if we kind of get above 74, there's been very little price action, maybe a week in each direction in that kind of 74 to 80 range. So it should be pretty smooth sailing, Richard. Hey, guys, I want to be the the non-American in this conversation. I mean, I find this interesting when we get back to these regulation political top and nuances around

26:26Bitcoin specifically. I mean, crypto in general, but, but, you know, Dave, I want to ask you this. I mean, you say you worked at city. I mean, is the belief that, you know, let's say, 2028, the Democrats get into power that the banks would be happy for crypto to go away completely, for DeFi to go away completely. I mean, I'm trying to understand like, if there's any belief that is real value in what DeFi represents for almost crypto. Here, okay. So there's just two questions here that get conflated, right? The first is, can you put the Genie back in the bottle? That's really what you're asking. And, you know, look, if you're if you're banks, what do you want, you don't want to try to put the beat Genie back in the bottle because if you do, you know, it's going to fail. So what do you want to do? You want to own it, you want to co-opt it, you want to basically make it and you want to make regulations, give you competitive modes. There are, and it's not just finance, but in all of these industries, there are armies of lobbyists

27:28and insiders that work with regulators, etc. That what they do is they write rules that give them advantage. In fact, you know, a lot of people, a lot of companies have enormous regulatory outreach staffs that are very expensive and pay on lobbyists at a lot of money. And what they're doing is they're writing the real rules. So let's say clarity passes. If clarity passes now, then we have two, you know, almost three years of Paul Atkins, SEC, and Mike Sealick, CFTC, who are going to write rules that are relatively libertarian, that will be an open level playing field. And yeah, there'll be some things in those rules that get inserted that throw sand in the gears a bit, but it's not going to stop competition. Now, if on the other hand, clarity passes in 20, you know, in, let's say it passes and they start writing rules in 20, 20, you know, seven, right? You know, and we have an election around the corner and they can't, and because it takes,

28:31it takes a lot of time. When an SEC does a rule, when the CFTC does a rule, it first goes to a comment period and then they have to, and then all has to be documented through the Administrative Procedure Act. It takes time. Generally, I think the probably the fastest they'll ever get a rule from, you know, proposed to implement it, except for something really trivial is somewhere in 18 months. So it means that if you don't get clarity this year, then it is entirely possible that the following SEC and CFTC, and if you have a president AOC or a president Newsom, that could be Gensler 2.0. And so now you have, you know, and, you know, who knows whether they would do that. This is the ultimate downside in that scenario. Then yes, they've been directed to do this, but maybe they, you know, they make it so that it's very favorable so that yeah, you can trade crypto if you're an American, but only through if you have a brokerage account at a bank. And only if you're an accredited investor in these other things. And you can imagine all of the various grists that

29:35they can throw into it. That's really the issue. None of that has anything to do with Bitcoin. Right. I want that to be very clear because there is the Bitcoin forces left to stable. You know, any of the reason why you want clarity for Bitcoin will play out regardless. So there's no real political risk there because that that ship is sale. And so it really it is, it is much more nuanced of an answer to your question. I think when it comes to DeFi, I don't think that there is any chance that that DeFi won't advance, but there is a huge chance that the banks will keep it as a cartel. Like for example, take one business as that has a history of the stock borrow. Right. The stock, you know, you buy and and this has this is a very fraud issue. The way the markets work. The reason Paul Akins is pushing for tokenization is because it's a much better market structure. One of the things that's better about it is instead of this notion that you can trade based upon a locate and you don't have to borrow until you settle and you can settle for

30:38you can have days and you can have fails. You have whatever is under tokenization. You have to pre-borrow. You actually have to borrow if you want to sell. And that has enormous implications throughout the market. One of those implications is it breaks the cartel and they're going to fight like hell against that. And we'll see how well they do. Right. Now that doesn't need clarity. That that's literally what they're trying to get done. But that those are the stakes Richard. They're they're you could literally spend hours and I and I have on talking about the nuances of the stock loan market and how it will influence DeFi and or any other asset market. So it's a much more complicated question than you're asking. But understand the battle will be fought behind closed doors in those sorts of rooms. I hope that answers what you're asking. Yeah I mean I think it does. My sense is always being that you know they just want to see it at the table and to take control of the table and rather than to eradicate it completely. But yeah that does give it a lot more

31:40context you know practically from your experience. I mean look at the other thing about banks and the traditional financial markets are when when the leaders talk I'm not even sure that the people who are actually doing the businesses and working on the various pieces even are paying attention except in cases where it's just dramatic right. So you know you have this this level of dysfunction for JP Morgan has had teams of people working on various things in the in the world of crypto for years. Jamie Diamond has changed his tune dramatically but it really hasn't changed a whole lot inside it because it's just the stuff the way these out these organizations work. Anyway I think it's way too in the weeds for this. I think I don't know Scott you want to go in another direction. I mean there's you know obviously that we haven't even 10 in grade degree discussed the macro but I'm not sure that that's interesting when there's so many shows about it. We kind of started off with the fact that Michael Saylor is bought another $1.2 billion worth of a day quam which I just

32:46find astounding. This is the success there of STRC to be able to do that and that Tom Lee is continued to buy Ethereum but I think all that in context of the fact that we're about you know mind 20 million Bitcoin it's really interesting as this becomes you know a serious buying floor continued from Saylor and others and it just you know when you zoom out 30,000 feet thing is becoming more scarce. I mean it's but how much not to give a shameless plug to someone who isn't compensating me but how much better would micro strategy be doing is if as they have their castle from STRC they put it in an arch public. Yeah I mean they did that study. They did that study so for anyone as a no like arch public to company that I work very closely with an equity holder but it's an algorithm for buying Bitcoin dips and I use it so it's not really showing when it's the the towel I buy Bitcoin but I don't have it in front of me but they did a study on using the algorithms back tested versus strategies actual thing and the cost basis would

33:52be like like I said I don't want to misquote it but I think it was rather than 77 it was like 30. Well I don't know if it's going to be that big but I mean the point is that when you look at last week the fact that you paid anything over like you know 67 68 is just it's just giving money away I mean it's just it's the cost basis on the buys I didn't even see these I didn't look I can look enough 70,946 meaning you get all of his buys in that in the run up to 70 towards where it got rejected at 74 so we bought it was earlier in the week right on the rally and you know it and to some degree STRC influence this space was downloaded via spaces down dot com visit to download your spaces today you're going to be bigger on Bitcoin updates but this notion that you have to deploy the cash immediately it's like I don't know it just seems silly but at someone I'll build a better mouse trap which won't and then you know then they'll out compete I mean who knows maybe you know maybe Jack Mallars is listening Jack if you are then you know design algorithmic strategy to

34:55implement the cash that if you're good if that's what you're going to be doing but you know and and as I said I have no no skin in this game I mean I could design probably the right kind of algorithm because that's exactly what you want to do but it the reason that it matters is because of all the stupid chatter on on on saying well look how bad strategy as is it trading and okay maybe but you know they're making a long-term bet on multiples of this and they're either right or they're wrong you know STRC is a really interesting vehicle for a lot of reasons and I think a lot of people misunderstand it but you know that's just me should we talk about trying to try to find that data yeah good yeah no I was gonna say so you know we got we have war where no one knows what's going on we have BlackRock you know and the private credit saga which is yet another yet another thing where you know the the the private markets a lot of that money that you know people are wondering where

35:59cattle is coming from from Bitcoin if people sour on certain asset classes that it it it it helps you know it helps the it it helps what's going on and and that's something that you know Gary I see you're up here I mean you talked about this you know you don't see where the catalyst is going to be well it silver stays in this uh in the range that it's been and it's been in a pretty tight range recently even though I mean I guess you know for I guess last we could drop 6% because it had gone up over 90 but it's still right around where it's been after this breakout is that is the is there is hot money likely to come back to you know assets that show relative strength so the question is is what does it take for Bitcoin to show relative strength it's been and we we just if you go back and look at the math it's been more or less within a few thousand dollars but at on every Monday for the last four weeks it's been around 68,000 somewhere give or take a thousand and that's that's pretty dead there's been a lot of volatility in the middle but it's pretty dead

37:01I gotta say I've been very impressed with how Bitcoin's done this weekend it's uh once again uh betrayed my logic it's hilarious so I I I don't know where the buying's coming from other than sailor um well he bought last week we we can tell you can you get forensically tell that price yeah he but he buzzed every week man no but he got early last week when Bitcoin ran and then failed at 74 and didn't buy anything as it as it fell back uh and now probably we'll be buying again tomorrow let me ask this question maybe just because I mean is anybody surprised that Bitcoin didn't puke out this weekend I would have thought it would have done that and it it it's held up very well surprisingly well I think

38:02I agree with that I yeah I mean it look I I personally expected you know I was I was I was I was at the world baseball class like you know everywhere in between innings looking at what was going on when I saw oil go to 120 and I looked and I saw Bitcoin was still at 66 I was saying well that's that's pretty good you know like that's surprising I thought I would do the C64 a 63 here and then I saw oil drop all the way down to like 115 and it was it was a bit higher and I'm like wow this is uh this is this is interesting so even I and I'm and we all know I've been one of the more bullish people I I'll admit yeah I mean I think most people were surprised because it it it look it feels Gary like like there there's not that there's set this is what what they call it bottoms they call call it sellers exhaustion right and and I'm not saying that that they are done I mean who the hell knows but you know it it certainly feels that way that's the only thing I can say well it certainly felt like we will see we have a lot of levels

39:05to get through here oh yeah you're going to see a lot of sellers at 95 92 how 74 is a really hard level to get through that's right yeah and that's what people need to understand this is going to be a rocky road if you haven't hedged it's probably a little late I mean it's probably a lot late to do anything and just hold on for the ride I you know the crude oil thing I mean does anybody think crude oil is really going to explode uh the what's Bloomberg what's McGlone saying is Bloomberg like believe as gas prompts promoting 150 to $200 crude oil which I think it's just stupid I think that um yeah we didn't he I think Mike thinks that that the one 19 120 level was a great short tactically look the this isn't changing the cost of production it changes people's ability to get at it right so you know all you have to do is look at the diss December the fact that December is

40:06in the 70s is really high I think that's what he's focusing more on than on the front month yeah oh you're back okay good I think I I don't know what happened I was trying to get back I think I'm back but yeah I would say Mike Mike's actually very shoyle so I you know hit is he's kind of a lead commodity guy thinks that this is a temporary spike Gary I mean Gary you said it what's the average cost of oil production these days somewhere in the 40s yep in the US maybe 55 60 in in the Middle East I mean but yeah $100 the entire planet comes on string yeah and and the entire planet I can imagine it lasted for a length of time like it did in the 70s I mean you just just imagine you know I are at the oil companies for how much money they be making 100% yeah but Dave and Gary quickly Gary you just said 100 everybody comes on but we saw obviously like I think guitar shut down that was last week before it was 100 and Saudi Ramco shut down two

41:08major fields today so like and I kind of asked Mcloan this too I get the what historically happens based on certain prices but is this time a bit different because the straights are actually closed and there's literally nowhere no way to ship that or is it just another narrative well look I let's remember that everything got shut down during COVID so my my theory is that the entire industrial complex is now almost antifragile it has been supply shock so many times by the psychopaths that within weeks we will be up and running like at $100 guys there's $30 a transport okay I can face somebody $10 to take a bribe and this is what happens in oil okay this shit never stops flowing you can embargo this into oblivion but it's not on the blockchain you can't trace it and track it it's black crude oil man it's got a few different flavors to it but I mean you you put a

42:15logo on a ship and you move it so and I'm and I'm not convinced the hormones is completely shut down I'm not even confused who actually shut it down I mean based on every supply disruption we've had uh every the wrong players are being blamed for it I mean it sounds like the quarter quarter shutdown is more like nobody wants to take the risk more than it's the only shutdown right you're not you're not going to pay $50 for an insurance premium to move something to work exactly that's what I'm saying so shut down as anecdotes sort of like it's not the correct term it's effectively yeah yeah it's but I just don't see this lasting I like you know when people are blaming it's saying hey Putin's taking a bath Putin is getting like he's gonna he's gonna sell discounted crude oil to everybody he can so that he can get long term contracts after this is done he loves this mark cat did well he doesn't $100 crude oil though I promise you he

43:19does not want that or 150 because he knows 150 means we're back at 30 in about six months the whole world will start drilling toward if you see the futures curve think what can happen if the futures curve goes to $70 75 and you could get volume off of that say out one year you don't think exon who drills for 40 isn't gonna sell 75 dollar crude oil in one year quiz they will of course do this a monster margin I mean it's that that's an incredible margin nothing has changed for exon the the cost of production has not changed one penny the cost of consumption is going to change in different areas I mean Europe is so fucked it's unbelievable we are going to watch the total entire collapse of Europe we're literally gonna watch it unfold right here right right in front of the next two years it's pretty wild I mean it's amazing

44:27destroys demand yeah it's amazing like when you zoom out and see there was a grape up I mean he's a bit of an alarmist Peter's as I hand as I name the try to remember the exact name but you know the end of the world is just the beginning something to that effect and he goes very deeply into how like as a result of many unique properties geographically and resources and stuff the United States could basically just survive anything on its own and this is one of those scenarios where you start to see that you know I mean even Mike was talking about that this morning we have plenty of corn plenty of wheat plenty of oil we can just basically go about our business while the rest of the world you know explodes it's really pretty crazy but Gary I think you know I don't know how what Europe coming apart before our eyes looks like in two years but I think we've been watching it slowly happen for quite a long time yeah we got it more yeah look the we always make the statement about markets how

45:28markets hate uncertainty and you know and so the notion of well okay you know we think there's going to be a war we're uncertain about it so let's sell it off okay the war started okay we're okay but when you get to this sort of situation where nobody really knows what the hell is going to happen that's one of those things where it lasts for until it resolves and that's markets now that the that's in general but within markets the longer it goes the more people start to make bets on rotation and where things are actually headed and I think that's what we're starting to see right I think they're starting to become a consensus and no matter what there's going to be monetary printing that no matter what the need for certain assets or is going to go aren't going to go higher and and other assets then they may do whatever but if you start looking at the internals you know like you know oil is like you saw what the CME did right I mean this was this was crazy in my mind I mean I'm not crazy that they raised larger requirements on oil that that makes perfect sense I mean they always tend to do that but evidently they cut margin

46:33requirements on gold and silver which I don't really understand that I you know Gary you more a commodity guy than me I mean I thought that the gold and silver what they had done was they made a margin requirement based on price so that if it goes up it margin would go higher and vice versa but is is that all that happened or did they actually change the rules do you know yeah this is where McGlone would know the answer to this but I don't but I thought that was interesting I mean it's like people always talk about manipulation in markets and they always conveniently you know laugh at what's called the PPT the plunge protection team I mean who knows what's actually happening under the covers in some of these markets but the fact that oil it seems to be pegged right around a hundred and you know it doesn't seem to be able to get too far above it right now today and I doubt seriously you can see it go much lower is is fascinating but I mean I guess you always sign narratives the things we laugh about that after they happen but I mean doesn't it make sense that you know oil trading is basically closed all weekend and then

47:35you see all this news and then you had the huge spike and then the government step in and say hey we're gonna really release you know a three or four hundred million barrels I think it was 300 of the 1.2 in reserves and prices calm down and that that's one of those that actually kind of rashly makes sense to me of course of course it's not just oil though I mean it's just it's like everything else you know in the indices and what's you know what people are investing in I mean it's just it Mondays are always weird that way because the the expectation in the weekend least historically has been dramatically worse the downside expectations on the weekend are all tend to to Peter out Monday morning now that's not that's that can't happen all the time right because I'm one of these days you know things will actually be as bad as people expect but that just hasn't happened absolutely any other topics that we missed I think we pretty much covered it yeah I mean look I think when you start talking about you know there's all sorts of stuff

48:39inside the world of crypto that one of these days maybe we'll talk about again you know things like you know what's going on with you know bit tensor hyper liquid right hyper liquid or you know and and there there there's a lot there or you know or our favorite XRP because you know I did see something funny by the way I don't know if this is exact it was somebody in his bottom like only three of the top 10 assets traded on hyper liquid or actually crypto well I mean you know tokenized everything or contracts on oil and all those things and not actually I crypto anymore again Richard's giving tons of none of us three or four but it was a pretty best-downing style I know because you know it is a lot there's a lot of precious metals are trading on hyper liquid for sure which is which is a very interesting use case that I don't think people truly understand how important that is you know it's like you know it's it's essentially creating putting much more transparency on the gambling market with regard to a lot of these things you could you could have you could have traded oil on Sunday before the markets opened there was

49:40one real advantage author Hayes was was pushing there quite heavily which I thought was quite interesting there it's it's it is very much going to become a fixture not just hyper liquid in general but just the notion of of perp dex's trading products 24-7 if you if you think that that the CFTC isn't paying attention to this you're not paying attention because they they definitely get it will you might see your hand up yeah I was going to ask you David let why not talk about these other things why delay I mean this is the time to talk about things like today the NASDAQ has a deal with Kraken to do tokenization of assets we have a company called Cast raising $80 million for stable coins that we have the government saying they will relax their views on privacy of some tokens

50:42I mean there are some developments and again I'm sound like a broken record we we should be talking about these and let let those kinds of stories drive the narrative instead of just talking about liquidity and the war and oil and all of that why not I mean this this this should be dominating the the discussion no I think you're right and actually you know I just don't know the details that's how the headline on NASDAQ and Kraken that is it it is a very big deal I sort of teased it before I mean people don't understand what happens you know why why you know everyone in in the world of crypto not everyone but a lot of people look at it and McGlone always talks about it and his he's a much more negative version of it but that there's a lot of overvalued in crap assets that are there because they were cheap to bring the market they got their liquidity whatever but what happens when you can trade interchangeably on the same platform and what does that mean well it means a lot of things one of them is it means that you'll see

51:47competition and value will need to be created but it also means that that that founders and foundations and controllers of various tokens will have the ability to actually tap into real liquidity and so it's it's going to be really interesting how that plays out I mean I got my thesis for years has been that there's a massive total addressable market for well-designed utility tokens I just don't know that there are any I'm not joking about that that's a pretty hyperbolic statement I realize but I don't know that there are any where it's very clear other than than exchange tokens where they have a specific schedule so yeah I mean I think these things are a very big deal and I think that this is the time when people want that the building is going to increase and the question is can it happen well I don't know the answer and what do you think yeah I mean for the for the crack and deal what it does is it it makes the US stocks available to international markets that that was not possible before so it allows anyone to invest in in those companies for

52:55example me that's that's one one aspect of it tokenized stocks bringing them to the international markets that's interesting in itself yeah brilliant I think makes a great point about that we do generally like it I think we do get bogged down obviously in prices and whatever but we should make a concerted effort to go back to at least listing the important news stories that nobody views as important each day something that we used to do and you know I think we do generally like cover them I think is we have a three-second conversation about it and then everybody moves on yeah we're all like Dory in finding Nemo at times look I think about short term memory loss I saw you raise your hand it's just gonna say I think this is the part of crypto and blockchain that I'm currently most excited about and I think Kraken's

53:57announcement with NASDAQ is it's pretty massive and so to me this is just a further movement on this inevitable trend I'm like super bullish on tokenization see it as inevitable for two reasons one is finances built on these antiquated rails literally things like ACH and the credit card issuer networks that were created 50 plus years ago but we can reimagine these rails with blockchains and internet based rails things like tokenization and then number two finances right within intermediaries and all these intermediaries extract rent and we can remove that with blockchain technology and so then result as you get these massive speed and cost benefits you get other benefits like enhanced transparency composability access to capital and I just think you continue to see movement here so even before today NASDAQ had filed with the SEC to enable tokenized securities to trade on the same border book as traditional securities NYSE is building their tokenized stock trading platform DTCC announced plans to make all their

55:001.4 million securities that it custody custody is digitally eligible and to me a lot of this stuff could happen on public blockchain so there's a big emphasis in NASDAQ's press release today about connecting both permissioned and permissionless environments similarly DTCC said in their press release they're not dictating which wallet or blockchains clients should use so I think like this is the big massive unlock and lastly what I'll say is like the thing that gets me so excited is this is not being led by individuals because I think it generally takes decades for people to change their behaviors like people still go into banks and deposit checks physically when they can do it on their phone 20 years ago is being led by the institutions and when that happens they're going to abstract away all of the complicated like back end of it and so people will just start to utilize in a top blockchain based solutions and that to me you know they can onboard tons like millions or billions of people pretty quickly so I'm pumped for this movement

56:06there's one more thing I want to say that also gone base today is rolling out crypto futures trading across 26 European countries that's also important I want to ask one question has anybody seen the SEC proposal for a new token taxonomy they announced it last week and I saw ahead yeah but I don't think that they've shown it yet yeah okay so I'm not the only one not able to find it I want to actually I looked and I couldn't find it yeah I would like to read something something they could make comments on it so this was a tease yeah no okay I literally saw the release and I went back to try to find it I went on the SEC website and I couldn't find it yeah anyone does if it's actually out there love to see it yeah I know I think that the more important point though and this is what you know we're at I will be you know at in New York on what I guess a month from now April 13th is the security traders association conference and the head of trading and markets Jamie Sallway will be there and that's going to be the main question is he

57:09knows full well that there are certain rules that are incompatible with crypto issuance namely most importantly the accredited investor rule but there are several others that to me is the bigger deal the bigger deal right you know because if you call something a security and those rules are no longer or there is no actually for whatever around it around them then it's not that big of a deal in fact it may actually be better you can make a very strong argument that the the reason the SEC apart from a few rules such as the need for transfer agents and all sorts of other grunky stuff in the middle of it the way that SIPIC works that's its securities industry protection corporation if you get rid of the grunky rules and you get rid of the need for season the liquidity and you get rid of the accredited investor rules why does anyone care this notion and I love when lawyers talk about this because you try to find a lawyer who's ever dealt with enforcement against this from the CFTC visa the SEC and get them and tell them you try explaining to the lawyer that the CFTC

58:11is like you know like a teddy bear compared to the SEC on enforcement and they all look at you like you got two heads because that is totally not true right the reason the SEC is considered to be bad for crypto is because they had archaic rules that didn't apply that made the it made the tokens non-workable and so that's really the question it's not the taxonomy that matters nearly as much as how they will apply the rules to the to those tokens so if what they're doing is coming up with the taxonomy that will it will qualify for certain exemptions or different paths through the system that could be extraordinarily bullish on the other hand if they're not doing it that way well then it could be pretty bad so we'll see I actually think the former is more likely though based on my conversations I just don't know I haven't had I don't know the details does that have a normally wrap but like brand newner is here just faces on the show I just decided to join I was driving home and I just decided to just an effort and and see what you guys are oh my god we're blessed wow you made this is like dude ran that's 26

59:17what's going on guys why why is Bitcoin pumping well why is Bitcoin more stable than all of the world assets is it because but when's the real store of value or what do you think it's finding happening today yeah we find it happening I think I look ran I think it's sellers exhaustion and the fact that all the reasons to sell have already happened so it's your basic you know that they're not selling and the buyers that are buying it are still looking at looking at the long term saying okay this is accumulation and you know you see it I mean volumes aren't particularly high so it feels more like that than anything else but I must say yeah it is divergent strength though however you want to look at it yeah by the way ran I think you still have me on my old account so if you could follow my new one that will be helpful because I've tried to man I think I was on both of them but I got hacked and ran how bearish were you Saturday when you saw crude doing what it was doing in house but I did on friday and I did it again

1:00:25on friday I went long oil short cost be long Bitcoin so the so what is my logic my logic is I knew there was going to be an escalation I didn't realize just how big it was going to be so I took a long on oil and then I thought if oil goes up risk is going to go down what's the what's the highest beta risk at the moment so my options were NASDAQ or to go more more oil related risk which is Cospi or Nikis I went Cospi so I went the long long oil short Cospi and then I went long Bitcoin I took long Bitcoin because it's a contrary and trade in other words everyone believes that Bitcoin is going to get smashed now because of the because of the you know because it's the highest beta risk asset but I think it's already had its correction that's why I went I went long Bitcoin and so far the trades three for three I mean I'm not I'm not speaking too soon because I probably should have cut the trade when the oil futures went to like one 15 or whatever the problem is I was asleep when that happened so couldn't do that um yeah but I mean so

1:01:25so that's I'm still holding that that trade that's trade still open for me can we still can we full circle this ran because right before you showed up we were talking about how the bulk of assets being traded on hyper liquid or non crypto were you trading oil on hyper liquid on the weekend so the weekend yes but the problem with hyper liquid is it went because so it went up more than what I thought the oil futures were going to go but it was because it was you know it's such a thin market that it is um it went up much more than it's so like when I looked at it on it was written down 103 dollars or something when I looked at it on on the weekend and like Maho play was that the oil futures were going to spike so the big trade that I took was actually last week where I took uh I think it was like I started at like 77 dollars a barrel and I kept progressively progressively going up until like 85 or 86 on Friday and then I stopped then I stopped and then and then yeah I should I probably should have sold them through the night but I didn't crazy so Gary I guess uh Gary gave you to answer your question ran meant long while everybody was

1:02:30trying to get short I think another one now by the way I think I think the next trade that I'm setting myself up for now is Dubai real estate so so I think that I love Dubai and I think that Dubai have got it right and I think just the way that they have said I set themselves up in this war and how they've survived these attacks for such a small nation is incredible but Dubai Dubai real estate is a very very very highly leveraged I'm going to say high leverage I don't really mean bank debt but the fact that a lot of developers are building off plan or selling off plan so I don't know if you know how it works but effectively you secure your apartment by giving them $10,000 today or whatever it is and then that's considered that the apartment sold right and then the developer basically starts developing right now the thing with Dubai is that not a lot of people actually are Emirates a lot of people just love this express and what you see now is the travels here and they're basically all left so you've got a lot of these empty apartment buildings now you've got a lot of these people panicking about Dubai real estate prices right so I've been following a

1:03:35couple of of thicker symbols from either developers or real estate indices or whatever and some of them are done as much as like 20% now I mean Dubai is going to come back Dubai is like today's New York it's like the societies New York it's a tax haven it's where everybody it's pushed to go to because they're making so much money they'll end up going to Dubai and they want to protect themselves against taxes the quality of life is amazing and it is one of the safest cities in the world even though you know now it's got it's got debris falling and drones coming in and we're devils did that effect resist by the way like in the very short term crazy crazy crazy people are panicking people are panicking and that's like on the one hand if you've got time and effort you can go and buy actual apartments and you can get them for a lot less than you could have got them or we could go but you can actually buy indices like this and there's I don't remember the thicker but there's a Dubai real estate index and it's done 20% in the last week or so 20% I mean that to me

1:04:36if you want an if you want an entry into the Dubai real estate market I've been waiting for an entry to Dubai real estate market just couldn't find it keep thinking the market is overheated this is a black one like you've got it you've got you've got to take this opportunity when it's given to you well it's literally some of the best things I've ever done financially in my life was I I bought department in Miami and the you know between 2010 and 2012 during the massive crash mostly just because of luck because I wanted to move to Miami I doubled basically in value in like three years and then you know we kind of had a similar situation I guess Gary knows better than anyone because he wrote it out but you know the hurricanes in Tampa that sent the you know market here down massively in my house you know if as long as you don't believe there's going to be a hundred-year storm every year there there's going to be a war in Dubai every year exactly but you see the thing for me I don't want to buy actual apartments because I'm not there I don't want to have an entry every time I've done that every time I've done that and I've bought I'm always like you know you try manage from a fox very difficult you know your agent's not

1:05:39amazing he doesn't answer the phone you're telling me you're not good with plumbing to come on I could see you with that little that little waste belt with all the tools you know it's a it's a very big rice vault it's a very big I'm sure it is bro no but I'm saying like for me like I think Dubai real estate if if if the market carries on coming down it's a no-brainer like or if you've been waiting for an entry to Dubai real estate it's a no yeah I wasn't aware there was those end dashes that's brilliant I mean it feels it feels to be I actually was talking to my son about this because they you know they have an apartment and they were panicking about it I said listen anyone who sold New York fight I real estate after 9-11 felt like like the world's biggest idiot within a year and even bigger it's five years later uh this is yeah it is it unless you think somehow that this is existential to Dubai and I don't I agree with you completely I think that but it's it's what markets do ran it's what people do people panic people make the move yeah yeah and you've got you know what markets also do is they're focused on the in times

1:06:43of panic they're focused on the fear mongers so in times of panic there's this professional which is proficient as Yang is that his name the the Asian dude that's going around saying it's the end of the world and the end of Dubai and and the US is going to lose this war and I mean I don't know if you guys have been following this this guy but he's literally he's he's he's calling the end of the world it's it look there's so many cross currents and so many people but the reality is saying stay calm gets 10 clicks staying panic hair on fire gets 10,000 clicks what what do you think it's going to have I mean it's just it's just it's unfortunate but it's just the reality runs also on the southernmost tip of Africa he's perfectly saved on the head we're not feeling any of this we're not feeling any of this except except the fact that you can't get flats because we used to fly through the Emirates all the time and how you can get flats anymore yeah this to this to pass though but yeah you're exactly and it's just you don't invest for for the next well you can you can trade for the next

1:07:46week you don't invest for the next week right you trade just on this real estate thing and Dubai though we have to be honest there's 12,500 people left the UK that were very wealthy um I bet you a good half of them went to Dubai most certainly no one is making a decision in the UK today or France to go run and buy an apartment in Dubai no not today and this will take some time yes of course like you right because it's no longer the safe haven that like you only you break that one time the safe haven thing I mean if Switzerland had ever been bombed you could never say okay that's a neutral spot so but I think I think people confused to buy with like when they say safe haven they mean safe haven against crime and stuff like that because you know there's a lot of I don't know if you even you know how often you spend time in the bombing I include bombs dropping on my head is safe haven for sure during a war like you think that that could ruin a safe haven status I think when people move to Dubai it's because

1:08:50they don't want to be in a place where they don't get magged and the car doesn't get stolen you know they don't get scammed and stuff like that and I think Dubai's got that completely under control yeah but I'm a UK citizen I can go to the Cayman Islands do it pretty sure the Caymans isn't gonna get it bombed right I mean I have options that's all I'm saying I have options it's not as safe as it was Friday right so it you just gotta admit hey it's not as safe as it was Friday let's see if we can get back to some normalcy but that real estate takes time for that kind of migration to occur so at what time you know at what kind of correction would you be looking to about like 25% 30% from the top like what's what's your most still look rent most still liquid asset on the planet and now the ETF the problem with your ETF that you don't enjoy if you go pick a piece of real estate if you don't get the deep discount right yeah I mean if you've got an agent working on the ground yeah you're not equipped I was joking about yeah you

1:09:50don't want to be a plumber of course you don't want to be a plumber did yeah like that's not your business you lose money on your deal so I just think that uh I mean these are very a lick with nobody's gonna like nobody has to have a second home in Dubai that's all I'm saying right like I just see the this whole luxury market I think we have met peak demand like I don't think rich people need any more villas right now I went to Dubai I went to Dubai and you cannot you can't rent anything that's always full you can't buy anything it's go it went on to market and see minutes later it was sold every single time like there was a crazy crazy crazy crazy insatiable demand for these things yeah I mean listen I've seen it look at what uh uh uh scud just said that I've seen florida florida goes from I have at least a thousand homes within 10 minutes for me there were three hundred fifty thousand dollars like you can buy the these

1:10:52thousands all day long I mean it is a buyer's dream right now in florida but four four two and a half years ago there wasn't a house on zilla not one for sale this market is really weird it goes from extremely tight to grossly oversupplied so I you know um I think that that'll be the same for any any place uh they'll overbuild but I just can't I you know we had a big accident from countries people wanting to move to places for tax reasons for safety reasons uh you know they were leaving the UK because it was so draconian but I think you're just gonna have people go well maybe that's not the right place for us to go right now this year you know I I just think this kind of shit slows everything down fair point fair point all right guys I'm gonna go watch my kids play soccer I'll catch up with you guys again soon okay well I think it's ready to

1:11:57wrap right Scott oh it's got leave well it looks like he did so on that note since we're way over time we'll see you I guess on Wednesday uh if that's the deal I'm not 100% sure but uh we'll see and everyone have a great safe day out there it should be interesting