Biggest ETF Launch Ever, But Bitcoin Crashes | Friday Five

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#Bitcoin #Crypto #trading
Timestamps:
0:00 Intro
1:30 Tether
9:30 Jamie Dimon & Larry Fink
16:30 Bitcoin price is dropping
22:38 Coinbase vs SEC
32:25 $100 Giveaway!

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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to “Buy,” “Sell,” or “Hold” an investment.

Last week saw the launch of the Bitcoin spot ETFs by many metrics arguably the most successful launch of any ETF or group of ETFs ever but price is down and everybody wants to understand why I’m going to dig into this of course today with nlw Nathaniel who is my

Co-host for the Friday five every Friday at 9:00 am Eastern Standard Time we’re also going to review the other four most impactful stories of the week and man A lot happened this week let’s Go what is up everybody I’m Scott mker also known as The Wolf of all streets before we get started please subscribe to the channel and hit that like button as I said a lot happened this week but still almost everything being overshadowed by the hype and the pundits

And the conversation and the analysis around the Bitcoin spot ETF which we will get to in a bit man what a week huh yeah it’s a good way this was a totally reasonable kind of post ETF week there was stuff that started to happen that wasn’t about the ETF new narratives

Around the ETF kind of what you might expect if you were uh if you were looking at it well let’s talk about some of that stuff that happened after the ETF that we should be talking about before we get to the ETF and one of my favorites here tether’s reserves do

Exist caner Fitzgerald CEO says this is Howard lutnick uh is it Harold or Howard now I blew it Howard lutnick I did get that right Howard lutnick CEO of caner Fitzgerald one of the largest financial institutions in the world and he just absolutely finally put a death blow murder finish

Him from Mortal Kombat to all the tether truthers of of all time while naysayers have had their go at tether over the years it’s heartening to hear caner Fitzgerald CEO Howard lutnick affirming the robustness of our reserves that was Palo Arduino and of course this from letnik himself they have the money they

Say they have I’ve seen a whole lot and the firm has seen whole lot and they have the money and so there has always been a lot of talk do they have it or not and I’m here with you guys I’m telling you we’ve seen it and they have

It can we finally be done with tether fud I’ve been done with tether fud for years to be honest but no so I mean listen there a couple things that are interesting about this first of all second time that he’s uh made statements like this the first time I within a CNBC

Interview last month and um you know a couple things that are interesting about that he so this is the first time at the end of last year that we actually started to get visibility into where tether was holding some of these assets right so that was a a big shift all in

And of itself uh so so you know you kind of had that change and this set of statements was extremely more definitive and declarative than even those statements in December um they were also almost completely unprompted he ripped the conversation over to tether they were talking about Bitcoin so they

Weren’t totally out of the out of the realm but he basically had some very loose segue you know something like I want to tell you about another company that I like it’s tether and then he went in on on this whole thing um I I think

That it shows that uh tether is not interested in seaing the uh legitimate above board sort of mantle to usdc it had seemed for some time like tether was pretty comfortable letting usdc and Jeremy air play the sort of were institutional and you know connected to

The US establishment kind of game all on its own while tether was just for the rest of the world I mean it worked for them financially right you saw outflows from usdc following the banking CR crisis when you know circle’s money got locked up in in svb last year and into

Tether but it seems like they’re not content to even let Circle and usdc have have that area of narrative now the tether truthers of course are saying that this just means that lck’s on the Dole uh but I think that that’s going to be a little bit hard for uh for the rest

Of Wall Street who already finds this guy sort of relevant and uh and influential to to swallow so a meaningful moment for sure I I don’t think there’s any reason for a guy like this to put his neck out and be on the take on behalf of like uh industry

That’s already viewed as shady and questionable it’s just not the case I continue to believe that the tether truthers probably are right seven years ago yeah and are wrong now yeah I mean it’s there there it’s not even that’s not even a conspiracy there was there’s literally at least one moment that we

Know for sure that there was an imbalance now you can have a lot of debates around whose fault that was but that was sort of the subject of the nydfs suit and why there was that resolution you know like it’s it’s not even a conspiracy right there there was

Some amount of that sort of uh of mismatch between assets and liabilities but I think that you’re right and I think that to some extent a lot of people assume that uh you know this would sort of be the normal progression for crypto companies that were playing a

Little loose at the beginning of their life is they’d eventually resolve to the better uh you know that probably would be the case in a lot of cases if they weren’t perpetrating massive fraud as uh is in the case of some companies but you know here we are it’s amazing we have

The full spectrum of massive fraud to light and questionable maybe fraud and all the way to yeah we were just kind of driving with no road signs and waiting for regulation to catch up but we do have that full spectrum but tether not the only reason that they should be in

The news they now own 2.8 billion worth of bitcoin after a recent $380 million buy they bought 8,888 Bitcoins increasing their total Holdings to 664652700 yeah so one I think that feels like Paulo Arduino and Michael sailor got drunk in a bar at some point and started

Betting uh sometime like you know six six or 12 months ago but I do think it’s it’s interesting to see that tether has made this decision very clearly to pretty much pump all of their you know USD profits from their treasury Holdings back into the ecosystem in the form of

Bitcoin Holdings that sit on their balance sheet Travis cing uh tweeted the other day about this and he he basically said it’s just sort of further reinforces that tether is the most significant institution at this point in crypto which I think a lot of people

Have come around to to to to being in alignment or agreement with that statement and largely that’s a result of the hiking cycle and high interest rates and the just insane amount of money that they’ve been able to make by just simply holding shortterm duration treasury bills and cashing in it’s really an

Incredible sort of uh bipolarity of the reason people buy coin and the reason tether’s doing so well well I that’s that’s sort of the interesting story about stable coins in general is they really are this interesting and fascinating matched pair with Bitcoin in the sense that if you look globally the

The role of stable coins is about dollar access and you know it was interesting I think Morgan Stanley wrote a report this week where they talked about stable coins and they basically talked about how US policy was going to have a pretty dramatic impact on whether or not

Stable coins were enabled to create another generation of dollar dominance and this is something that people inside crypto have been talking about for years Nick Carter started talking about this back in like 2020 I remember when it was a very unpopular opinion among bitcoiners Nick basically said back then

And this is the point that Morgan Stanley is making now four years later that if the US were to allow this and not get in the way of it the the the access that tether and other things like it are creating to synthetic us digital is the most powerful force for extending

The hegemony of the American dollar for an entire another generation right the dollar is still at this point despite sanctions against Russia and all these things the dominant currency in the world there’s no denying it the question is whether that will be for long if you have an extremely accessible easyto use

Version of it that continues to hold that promise all of a sudden the Mechanicals of a stable coin like tether existing could actually combat some of the political machinations you know that that surround it so I this is why people have always thought that it was insane

For the US to be sort of opposed to uh to things like stable coins but you know there there there are some counterarguments as well but probably out of the scope of this conversation I I seriously doubt that we’re going to get any form of meaningful legislation

Towards crypto this year in an election year but if we do I would not be surprised to see the focus be stable coins I think that’s the lowest hanging fruit and the area they most interested in and maybe because of the reason that you just said our second story of the

Day A Clash of the Titans Jamie Diamond says he doesn’t care about Larry Frink changing his view on bitcoin Larry Frink is apparently just one of us he’s a crypto dejen out on the news saying all the quiet Parts out loud that nobody would ever expect from one of the most

Powerful men in the world and Jamie Diamond is just absolutely triggered he can’t take it anymore says he’ll never talk about Bitcoin on CNBC ever again even even used the word in his interview on national TV I can show it if you’d like I have the think one as

Well at seven minutes it might be worth watching Jamie Diamond it’s about three minutes long should we do it it’ll give us great fod let’s do Jamie Diamond at least yeah well we’re not doing F here you go here’s Jamie I know you you find sort of laborious at this point uh a

Good good word which is Bitcoin um this ETF was approved uh just about a week ago now and I think a lot of people are trying to understand what it ultimately means JP Morgan I am imagine uh if you’re a client of JP Morgan you could

Call your broker and say uh get get get me some of this ETF U what are you telling what are you telling your Brokers to tell them back when they make that call yeah so this is an important thing I would this is the last time I’ve

Ever talk about this in CNBC okay so help me God blockchain is real it’s a technology we use it it’s going to move money it’s going to move data it’s efficient we’ve been talking about that for 12 years too and it’s very small okay so I think we’ve wasted too many

Words in that cryptocurrency there are two types there’s a cryptocurrency which might actually do something think of a cryptocurrency has an embedded smart contract in it and then we can use a buy and sell real estate to move data that may have value the idea of tokenizing things tokenizing things that that you

Do something with and then there’s a one which does nothing I call it the pet rock the Bitcoin or something like that and so on the Bitcoin you know there’s First of and I’m I’m not trying to make a joke here there are use cases AML fraud anti-money laundering tax

Avoidance sex trafficking those are real use cases and you see it being used for hundreds maybe 50 hundred billion dollar a year for that that is the end use case everything else is people train among themselves so speculate yeah now okay now my last statement the last time I

Ever going to talk about Bitcoin is I defend your right to do Bitcoin do it you know it’s okay I don’t want to tell you what to do so my personal advice is be don’t get involved but I don’t want to tell anyone of you what to do it’s a

Free country what what do you make of what do you make of the other firms the black rocks of the world that that obviously and Larry changed his view of this obviously and maybe he changed his view because you think he genuinely believes in Bitcoin or gen or believed

It because he thinks that there’s a Marketplace for it and he wants to be part of that market but what do you think of the there’s about a dozen big Financial companies Fidelity included number one I don’t care so just please stop talking about this and and I

Don’t know what he would say about blockchain versus currencies to do something versus Bitcoin that does nothing it maybe that not okay I I’ve had enough uh I I think we we get the gist Joe Joe does go on to question him and Jamie Diamond goes on

To say that we could satachi he says satachi could come back and make more than 21 million Bitcoin and goes on some nonsensical rant but clearly this guy is sick of having to hear about Bitcoin I find it hilarious said he says the only point of this is moneya laundering and

Sex trafficking when he was Epstein’s banker and JP Morgan literally pays fines for moneya laundering every single year but hey maybe the irony is missed on most people you know what’s funny about this is he’s created this situation for himself by being such an outspoken hater like look you know I

Think that the most relevant part in some ways of that outside of the enjoyable media cycle which we are now contributing to is where he said I defend your right to do Bitcoin right at the end of the the day this guy’s an arch capitalist he may have his thoughts

But he’s whatever he’s going to do what makes money right so who cares that we’ve always talked about watch what they do not what they say now at the same time if you listen to think’s latest interviews and Diamond’s latest interviews it is entirely possible that think’s entire motivation for getting

Interested in this was the capital opportunity in fact it’s highly likely however when you listen to the interviews he sounds like a a guy who did what almost all of the rest of us did which is got interested because of the money and then we’re like oh

This is actually a little bit more than just the numberg go up project he really I mean listen he’s either a great actor or at somewhere along the way he really bought in now it’s interesting that diamond clearly hasn’t been listening to anything that think said because one of

The things that happened last May when BlackRock announced their ETF is that Larry destroyed the blockchain versus Bitcoin dichotomy I mean he has just spent the last eight months eating that alive right I mean every interview where they try to pull that stunt again or that that sort of divide he will talk

Eloquently about Bitcoin and then rip right over to real world asset tokenization and make a point that they are you know not uh mutually exclusive or or just contiguous so it just reads like someone who just got stuck in 2017 and and you know or 2018 and their

Arguments then and a guy who’s actually sort of spent the time you know maybe provoking by uh by by the money motivation but but ultimately kind of did the work to start digging in and found there was something there to be interested in I did find it interesting that Jamie Diamond openly admitted

Finally in this interview that there is the power of the blockchain and the importance of it which we all know since they have JP Morgan coin and have JP Morgan Onyx and are actively tokenizing these assets and moving them around the world even if it’s just an experiment JP

Morgan is openly expending money and resources and staff to explore this techn Tech ology so maybe he is part of the way and just needs to take the next step but here’s a few quotes from think since we’re not going to play his interview we have the technology

Tokenized today if you had a tokenized security the moment you buy or sell an instrument it’s known it’s on a general ledger that is all created together this eliminates all corruption having a tokenized system one of my favorites I see value in having an eth ETF he said

As I said these are just stepping stones toward tokenization he said that the day after the Bitcoin spot ETFs were approved already beating the drum on the the eth ETFs Bitcoin is no different than what gold represented for thousands of years it is an asset class that

Protects you I believe it goes up if the world is frightened if the people have fearful geopolitical risks they’re fearful of their own risks said think it’s no different than what gold represented over thousands of years it’s an asset class that protects you and finally unlike gold where we man

Manufacture new gold we’re almost at the ceiling of the amount of Bitcoin that can be created what we’re trying to do is offer an instrument that can store wealth this could literally be Satoshi nakam giving a lecture out of the Grave I it’s unbelievable to yeah no I mean

Like I said it it just really reads like someone who you know where wherever he started he got there yeah that is Story number two story number three from the headline biggest ETF launch ever but Bitcoin crashes Friday five we have this article Bitcoin retreats to one month low as ETF

L enthusiasm Wayne seems to be a lot of misunderstanding as to what is happening here why the hell is price dropping if if these ETFs are seeing such massive historic inflows what’s going on here it’s it’s a gbtc question right so the the the countervailing force with this

ETF approval was always going to be that gbtc for the first time was unlocked and people could move out of it right that was going to create potential selling pressure now why uh right now you have uh ibit with you know 1.2 billion in assets under management Fidelity with a

Little over a billion bitwise with near 400 million right you have all these things that have sort of you know big big Topline numbers of assets but the total inflows have only been 1.2 billion is that there have been significant outflows out of uh out of gbtc the

Question that we don’t have an answer to that’s the most interesting one to me hold aside price like you know I don’t know I remember on this show when we were at around 41,000 before we were talking about how it felt like this was sort of the level where we had priced in

The ETF but then we ran up from from there right we ran up to 47 49 now we’re kind of back at that same level where we said we had priced in the ETF so you know I think that there’s we we get very bad at uh recent historical context very

Quickly but the question that I have when it comes to the outflows from gbtc is how much is crypto rotation out of uh out of gbtc into lower priced options which has to be some part of it versus uh a natural sort of move out from people who perhap have gotten less

Interested in the space or wanted to move out because what we don’t know without an answer to that is how many how much of these inflows really represent firsttime buyers and New Market participants because there’s a black rock ETF on the market I think that would be the most interesting piece

Of data because you know listen to the extent that someone had their assets locked up in gptc for a long time and now finally had a chance to get out and left the entire field that’s sort of Less in less relevant in some ways than the new people who are deciding to come

In I also think there’s an option number three which is sort of a corollary to number two which is the people who literally on Wall Street or otherwise literally just took this as a trade to exploit the discount and the minute the discount closed the closed their trade

And went to Dollars having nothing to do with boredom or disinterest in the space they were literally just traders who said I have the opportunity to Arbitrage something that’s 30 40 50% below the the underlying asset value and now it’s back to zero I’m out of here that’s what JP

Morgan was saying when they say Bitcoin exposed to possible 1.5 billion in future G sales this is based on the idea that 1.5 have actually flowed out already and they went ahead at the time previously estimating three billion here you go had been invested in gpdc in the

Secondary Market to exploit the trust discount to nav so they’re saying that maybe three billion in total was what I’m talking about here half of that is already gone maybe we have another 1.5 billion to go I don’t know if you’ve seen this there’s a cool dashboard on the tie actually tracking everything

With the ETF but it shows these outflows daily uh of uh gbtc we’ve already got 1.64 Million worth today yesterday 3 375 million the day before 791 right and you have to remember that there was a holiday on Monday and there’s t+1 or t plus2 settlement so people who were aggressively selling

Gbtc the first day that they could we didn’t really see those numbers until Tuesday yep because of the way that the market Dynamic happened so uh I think personally this is a massively successful launch we will see a slow in this gbt selling most people who wanted

To do it will do it in the first week or two and then we’re going to go back to talking about how insanely successful these were yep I I agree I I don’t even have much to add I think it’s you know we we have to tell a different story

Than we did last week it’s the natural thing that was going to happen now we just kind of have to let it play out and get to the other side of it yeah just a few quick tweets to follow up on that because obviously we all follow Eric

Balunis like he is ETF Jesus day five is in the books total rolling Netflix Clow at 1.2 billion down a bit after gbc’s Whopper 582 million edged out the nin 447 right and then we have him saying the newborn 9ine saw a 34% jump in volume today versus yesterday so this

Was him yesterday talking about uh the 17th and the 18th normally with a hyped up launch you see volume steadily decrease each day post launch rare to see it reverse back up all but one saw jump two but gbtc changed flat so wasn’t a volatility thing good sign in my

Opinion I spoke to him about this privately he said he’s never seen volume jump that large a few days into it especially after you had such a hyped launch and just to give context another way to put the Bitcoin ETA Flows In ETF context is how they stack up to all ETFs

In past onewe flows even after four days two of them are in the top five and three in the top 10 up there with the studs vo QQQ at all so these are trading as much as the largest ETFs on the NASDAQ right like QQQ an index of the

NASDAQ just I I mean just massively successful I don’t really see how you can take the other side right now but there are still people out there beating the drum that this was a majorly failed launch the question is how many of them would have even considered the

Possibility of saying it was a successful launch my guess is basically none yes emotionally already on one side and not willing to change also you just have to consider the fact that I mean this black rock was I think the third most uh the first third most successful

Launch in history to a billion right after B Bido and GLD and it had nine nine or 10 competitors yeah right imagine if all of those were one I I love grouping them together and doing the doing the math there so the biggest story maybe this week that seemingly was

Underreported because everybody was still talking about ETFs judge grills the SEC with pointed questions as coinbase hearing begins this was on Wednesday I had John Deon on who was headed to the trial right before he gave us a whole lot of perspective on what was likely to happen there

The crypto Echo chamber thought that the SEC got massively slaughtered but after I spoke to the lawyers when they left they thought it was actually pretty even that the judge was very measured and balanced and consensus is that this will probably continue on at least partially into Discovery much like the Ripple one

Did what are your takes on coinbase attempting to get this entire thing thrown out on Wednesday well so a couple things we we won but not for the reasons that the echo chamber said we won because this I think definitively destroyed the idea that the law is clear right I mean it just

Obliterated and that’s what the SEC has been trying to say more than anything else from from the beginning so there were a bunch of different pieces of what was being argued the context for this for those who haven’t been paying close attention is that coinbase is trying to

Get the lawsuit thrown out before it even starts basically which is an incredibly High barrier to uh to threshold to to achieve so that the chances that they actually sort of get that decision that they wanted uh are quite difficult there were a bunch of reasons that they put forward why it

Should be thrown out let’s talk about their least successful argument first their least successful argument had to do with the major questions Doctrine major questions Doctrine is a fairly new idea that is literally being litigated in the Supreme Court as we speak that says that uh it’s effectively a sort of

Argument that when it comes to uh major areas of the US economy agencies can’t just sort of assume power they have to be explicitly granted power they can’t just sort of make decisions on their own so this has come up in recent trials around things like student loans um and uh and the

Supreme Court has been sort of more and more focused on this this mqd this m uh major questions Doctrine coinbase was trying to argue that this was a major questions Doctrine issue where congress not the SEC needed to determine that the SEC was in charge of dealing with this

Or or figure out who was in charge of dealing with it judge falia who was incredibly considered had clearly gone deep on all of the issues had listen had read every and digested every Amicus brief that had come in uh was very clearly the most uncomfortable the whole

Day around mqd in part because she basically just felt like this was a thing that the you know is still so evolutionary in the Supreme Court right now that it felt very uh nervous for her to be sort of litigating around that when it’s such a

New area of precedent she said in her 10 years at the bench an mqd argument had literally never come up and to sort of put a fine point on this the day before there was a supreme court uh case being heard around I think commercial fishermen where crypto was given as an

Example of why mqd is an example so it’s like this is a very evolving area of legal study so coinbase didn’t really hit on that one right where they did hit is that it was very clear that the judge agreed with both coinbase and the amicus briefs that the biggest issue with the

SEC in general is that the way that they’re interpreting things there is no meaningful way to draw a distinction around where their power ends so there was a ton of discussion around Collectibles and you know the judge said explicitly she was like I haven’t thought about beanie babies in decades

And now I’m actively seeing beanie babies in multiple briefs and I’m worried that they’re going to have a class action lawsuit you know around this and the SEC just had no answer it was it was very clear I think Bill Hughes uh from consensus tweeted something to the effect of it was very

Clear that the SEC lawyers did not have the authority to draw any lines on where you know the sec’s power was they would rather look stupid in this argument than draw any lines and commit themselves to any lines and that just really wasn’t resonating uh W with the judge now

Ultimately the question that the judge is answering is just whether this trial is allowed to proceed to Discovery and then to the actual sort of trial portion and you know she said that everyone has made every argument I haven’t decided yet I just have to go sit and do it so

We’re not expecting to get a decision for for weeks or maybe even months um but I think that the what it has showed us about where sort of the the the judges the state of the intellectual arguments are certainly pointed more overall in the directions of coinbase and the crypto industry’s interpretation

Of the law than in uh the sec’s most of the lawyers that I spoke to said extremely low chance there’s no precedent even for this to be completely thrown out right here from day one without proceeding most likely we’ll have something in the middle maybe they throw out the staking argument but

Continue with the Securities throw out the Securities continue with the staking argument it could be either of those but to your point it just seems like the judge really gets it had 14 pages of questions prepared and was extremely complimentary of the crypto industry from the first moment that it began and

Seemed like she was leaning in that direction I think this is going to go badly for the SEC but I do think it will probably go to trial uh for that to happen important for people to remember if it does we’re talking about a year and a half two years even three years

Down the road very unlikely that we have this sec in power if this actually comes to trial and more importantly if it does take a year and a half or two years right now Ripple is the precedent for what can happen with altcoins and whether they’re considered Securities or

Not so it remains sort of altcoin paloa until there’s actually a judgment in this coinbase case so we don’t really need them to say anything right now when everyone’s interpretation of Ripple is that we can do whatever we want yeah I mean listen so the the staking thing is

Actually worth pointing out as well the the part where it actually looked the closest to her deciding against the SEC was when it came to staking because at this stage the the the what they are litigating is not the facts of the case it’s the interpretations of the law so basically

The judge has to would have to decide that the sec’s interpretation of the law is fundamentally wrong not the facts of the case are in favor of coinbase right so she’s not trying to figure out at this stage if uh these tokens are sec ities and if coinbase is an unregistered

Securities Exchange she’s trying to figure out if the sec’s legal interpretation of Securities Law is fundamentally wrong right basically it if their interpretation undermines the basis for the case that’s what coinbase is arguing that’s why it’s such a high threshold it’s not about facts it’s about interpretation man when it came to

How she described staking versus they describ staking she explicitly said she called them the defi people referring to the def I’m with she she basically said that their explanation of what staking was made a hell of a lot more sense than the sec’s explanation which you know has

Been clear to everyone so the the the problem with picking this particular fight for the SEC is that coinbase actually doesn’t they they it’s a full pass through you they never take possession of the assets that are being staked the the SEC just made a mistake in coming after them for that particular

Case now because there’s so much else I think even with that it seems unlikely that throw out the whole thing but again it was it was a very clear and dramatic area of the judge being sort of in that crypto camp or at least being more compelled by the crypto industry’s

Arguments yeah and I don’t have the quote in front of me but she made an incredible statement about the hoe test basically to the effect of it was cool in the 1930s this is something new right and so uh she was very clear that she doesn’t think that the hoe test even if

That is the law is sufficient to regulate or go after these assets so yeah this personally was my favorite section so it was it was during the um discussion of Cynthia ls’ Amicus brief and uh the SEC lawyer said respectfully uh Senator lumus is wrong and they were

Arguing that she just wanted to throw out 90 years of of Securities Law they said something to that exact effect and the judge did not like this one bit uh she basically said lumus isn’t saying that we need to throw out 90 years of security law she’s saying that uh there

Is a a new type of thing that may not be a security or a commodity and that even with 90 years of a good run we may have to reinterpret things she was like I have to take that seriously it’s not some sort of you know Fly by Night

Senator it’s someone who’s deeply involved in this and then she also said this is my favorite line sort of just in a personal kind of Shan Freud version she said stop saying uh respectfully when you actually mean to malign someone which was just so wonderful because the lawyers kept saying things like

Respectfully we disagree and with all due respect to the crypto industry and she just called that out viciously at one point hey do you think anybody has ever respected anyone that they said with all due respect to at the beginning of a sentence no it’s it’s like I I

Don’t you know like with all due respect mean none no no offense but like no offense right before the most like offensive racist uh you could possibly say yeah perfect so listen we’re done but there’s one thing I’ve been doing since we last saw each other I’m giving

Away $100 do at the end of every single H stream just for some good karma and uh you know and so I’m gonna have you pick the winner I’m gonna ask them a question the question today uh we got a couple of them over here I like this one who

Should be the next SEC chairman wrong answers only so now we’re gonna so who should be the SEC chairman next SEC chairman wrong answers only we’re going to pick our favorite comment in the next minute or so and if yours gets chosen then you email Mike thewolf ofall

Streets. yesterday one of our most loyal long-term followers here Dez won which is awesome Bart Simpson Hunter Biden Diamond I’m just hitting bill poah hotus scaramucci that’s just a good answer vivec that’s just a good guys wrong answers only you guys are going with the ones you actually want to

See Dave day trader Dave pornoy Animal from the Muppets Taylor Swift oh God a Brit farre uh you can just choose one that you like here as they’re going by you know but there there’s a lot Ben Armstrong yeah bit boy uh for SEC chairman didn’t he stand outside and

Protest uh Jamie Jamie Damon you know that guy weird out that’s a good one I’m going Animal from the Muppets for Animal from the Muppets for sheer absurdity all right I’m gonna go back whoever said Animal from the Muppets I got to go back and find it I don’t see the name but

That wins because uh man I love the Muppets for my generation we will find it if you said Animal from the Muppets Misha you’re going to have to go back there and find it I’m scrolling back we’ll get there guys Animal from the Muppets you are the winner I don’t have

The name damn it I got it we do that Kermit the Frog there all right we’ll find it email Mike at thewolf ofall streets. nlw there it is Marco trino this is what you need a producer for in the background because I my scroll is is out of control all right

Guys that’s it we will be back of course next Friday with the Friday five follow nlw listen into the breakdown do all the things that’s all we got for you today thank you see you guys next week peace Let’s