Bitcoin Under ATTACK! Politicians Are Trying To Kill Crypto RIGHT NOW – How Do We Stop Them?

Bitcoin Under ATTACK! Politicians Are Trying To Kill Crypto RIGHT NOW – How Do We Stop Them?

Bitcoin is under attack crypto is under attack the current Administration and government in the United States has made it exceptionally clear that they have no intention of allowing this industry to exist if they have anything to do with it in the future how do we stop it it’s going to be hard Alex Miller is here he just actually got back from Washington meeting with people he’s going to give us the alpha on what he’s hearing man what a time to be alive it is absolutely nuts of course we have chart guys on the back half to tell us what he thinks is going on with the market this is gonna be a great but painful show I have a feeling let’s go [Music] let 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 the market looking kind of shaky at the moment Bitcoin down a percent in 24 hours trading around 61,200 all coins kind of Treading Water this all lines up with my base case that I presented to all of you and all of its Splendor in March that things were about to get really really really boring for a few months uh after the having and that’s kind of what has happened thus far hope I’m wrong and it gets more exciting this summer but I have a very funny feeling we’re GNA kind of be doing this until September October I have no idea we will see but I’m gonna bring on Alex we can talk about all of that are you first of all let’s just talk about this I mean are you at all surprised by this price action is anything here concerning you do you think just another cycle what’s going on numbers go up numbers go down it is just is yeah I I think anything knock on would I expect not to jinx anything I expected a little more of a dip post having maybe we still get one but I don’t know you were tweeting about 50-day moving averages and stuff yesterday I think and or someone was I don’t know it it’ll go up it’ll go down I’m bullish long term don’t really care what happens in the short term makes sense okay so listen you you were apparently just in Washington it was talking to some people the rhetoric has increased right I would have thought actually election time maybe they would chill out uh stop talking about it as much not alienate all of these voters they’ve clearly uh drawn A Line in the Sand between Elizabeth Warren of course the SEC but even the white house right now right so we have Sab 121 I don’t know if people have been paying attention to this maybe you can break it down a bit for us because this is absolutely banana balls my humble opinion yeah so so this whole thing that you’re probably hearing about now and and and in FA the White House doesn’t want to be talking about this right now um Congress is forcing their hand on it so basically a couple years ago uh the SEC put out a staff accounting bulletin they do these all the time as implied by the fact that this was number 121 And basically what it is is it’s just like memos that their staff sends to you know people who have to abide by SEC regulations saying like hey here’s how you should handle this thing right all all federal agencies do this all the time and most of the time this is like not a big story not a big deal thing um you may remember actually back in the Obama Administration there was a deer colleague letter like from the doe Department of Education basically telling like colleges how they should handle sexual assault cases I remember like without trying to actually make a rule right it’s so like I said 99% of the time these things are little technical things that are good to be put out and then like a few percent of the time it’s like trying to back door rule that they can’t do do otherwise um and what this ptin basically said is hey if you’re going to custody crypto assets for a client you have to carry them as a liability with a corresponding asset you know on your own books and the reason this is a big deal is like banks in particular have Equity Capital requirements and there’s all kinds of complex structures around how much Equity they have to carry and that kind of thing but the point is equity is expensive for banks and so if you tell people that like they have to be carrying Equity to match like against these assets basically it makes it cost prohibitive for banks to get involved in crypto custody okay before we go further yeah but before we go further and you explain what’s happening now I want to make clear to people why this is such a big deal and especially in context of where we are now so when the SEC had these bulletins in the past if you guys recall during the last Administration we actually had hope that State Street bny melon a couple of the hugest we’re talking about the custodians the largest custodians of Assets in the entire world were actually making moves towards custody Bitcoin right and in context of the ETFs now they would likely have been the chosen custodians and not all of them going to coinbase right yeah and so when the ETFs were approved these Banks which were already pissed off about this rule they lobbied collectively to the SEC immediately saying we want to be able to custody these assets but guys to understand if they were going to custody say I don’t know $20 billion of Bitcoin at bny melon which is nothing let’s even say 200 they would have to then have the equal amount of cash because the Bitcoin is not allowed to be called an asset it’s a liability that’s you cannot do that they can’t go get $200 million in cash just to have it on the balance sheet to to square the balance sheet so the banks were super pissed about this so just to put this in context this is now now anti the banks who want to safely custody your assets yeah bing up and and and it just fits into the same pattern of like oh we’re trying to make a stable finan AKA we like just want to make it hard for people to transact do anything involving crypto um so they put this out as guidance to people um but the GAO General Accounting Office actually came back and was like no this is a rule and because it’s a rule it’s subject to Congressional review as part of something called the Congressional review act and basically the CR also known as the CRA and basically what the CRA says is if Congress doesn’t like some a rule put forth by a federal agency they can basically hold a vote on that rule and vote to get rid of it so fast forward you know to to right now basically what happened a couple weeks ago is uh people in Congress decided to invoke the CRA and uh get a resolution going and as of like the the reason that the statement came out yesterday for it is that the day before it basically passed on the house sorry it hit the house floor it passed yesterday and at the same time uh senator limus in the Senate uh was able to get 30 V signatures on her discharge position to force that to the floor as well so basically it’s going to come up um from what I’ve heard it’s almost certainly going to pass there’s even a bunch of democrat so 2030 Democrats I think in the house voted for it I have heard from talking to people that there are sufficient votes there’s certainly more than 50 I think there’s more than 60 votes in the Senate from what I’ve heard to pass it and I think I think the White House is hoping that it never makes it to the desk because like they the the funny thing is I’ve also heard they don’t really want this rule but I think they feel between a rock and a hard place of like not wanting to uh not back one of their people yeah I’m trying to not I mean we have it I’m just going to bring it up because I I just uh found I was looking for it we have basically this letter from the White House saying we’re going to veto this if it comes yeah even if it passes both parties House and Senate they’re going to veto it if the president were presented with HJ resolution 109 he would veto it this is crazy why do they care so much because yeah because they’re backing their guy I mean like that’s but Biden doesn’t know what crypto is listen I I know like I mean you know this is all coming from Elizabeth we know that but I mean if it get if it passes both and it’s very reasonable and it would actually arguably maybe Bitcoin Maxis would disagree but this arguably makes it a safer and more institutionalized asset class y like don’t we want insured custodians who will then eventually be able to use this as collateral and such holding this for people who want that Scott we want that uh no I think a lot of people don’t want that a lot lot of people don’t want any integration or acceptance of crypto or Bitcoin into the financial system and this is integration and acceptance into the financial system so no they don’t want it okay so what were your meetings in Washington was this what you were talking about and what were you hearing I mean this is I this this this certainly came up look so I was out there because okay so I’m I’m gonna make One Plea I think a little bit to folks in the crypto ecosystem and and and and this world and you’ve slightly included um we’ve got to work Progressive Pro productively with Congress um there are a lot of people still in Congress look this Administration does not like crypto there’s no question about that obviously like Elizabeth Warren basically has gotten to write their crypto policy and she obviously doesn’t like it um there are a lot of people who do like us I mean and and you know who want to get good rules in place they will make various degrees of effort I think if you look at like the lumus gilbran bill it is by no means perfect but it is a genuine honest attempt to get something out there that can create a legal framework and structure for stable coins both of their offices are very open to feedback and working with folks um I have plenty of friends who I was out there with um who have been talking to them and working on it obviously McKenry is trying to get a market structure Bill through folks like uh in both the Senate and the house are interested in too one of the biggest challenges that I heard though is that a lot of folks in DC uh kind of the biggest challenges I’d say for crypto in DC right now number one is they will put out initial draft language and just zealots will come after them for even try I’m talking about the pro crypto zealots crypto zealots go after them for even trying and say they’re trying Ben like guys you have to be able to sit down you have to be able to give them constructive feedback and to work with them like it’s hard enough for us even as a group to to agree on what we want to see at a principal level Translating that into actual language is really really hard and if we’re not working productively with them if we’re not coming forward with good proposals they’re just going to have to go listen to like whatever Treasury and SEC are saying so like we we’ve got to work with them on that um the number two thing I’d say is you know kind of on this is like there’s just a lot of priorities in DC now and man people are kind of depressed like walking around down the Congressional Office Buildings I did not see a single person smile I feel like like everyone is just I think there is so much tension in Congress like the you know what Republicans have like a five- seat majority now I think that’s worse for everybody Democrats included than if the Republicans had like a bigger Gap because basically everyone just feels like cool let’s just like steal mate and lock each other down until the election and you know I was out there talking to staff members and like again these are people who like want to do stuff they they didn’t go to Washington to like sit and just like be stuck in a deadlock trench war like they want to pass stuff they want to do things that are better and they’re just stuck up against the wall which is of course then why you end up seeing so many executive agency actions yeah and that’s why unfortunately you know a lot of people would have said hey gridlock is probably good right in the past we didn’t have Clarity they’re not going to get anything done we can just keep going but what it’s actually done is open the doors for sort of unmitigated attacks which you know have been stifled by the court to some degree but there’re just basically nobody that can even regulate The Regulators right now right I mean you have nonsense like this we know it’s all coming from Elizabeth War but I mean Elizabeth Warren calls for Crackdown on crypto’s role in child sex abuse where’ you get this did you know that every crackhead in the world actually first tried Bitcoin before they tried crack that’s a fact it’s true we we’re the reason that people do crack crack yeah and we’re we’re going to keep seeing this stuff it’s going to keep coming over and over again um I think you know and again this is why we need to like get a market structure Bill across we need to get something that actually creates the formalized past because otherwise yeah you’re just left with like sensationalist headlines and executive agency actions and that’s not something that actually forms the basis of a place that people can you know create an industry and create effective businesses in okay so listen uh I try not to do politics at all you have to talk about it in this context I just hate both these guys I’ve said it are we talking are we talking Trump nfts I I just have to show I’m gonna have to show the videos because listen I my job is to report what’s happening and objectively as we look at it right now we see what’s coming out of the White House and we see what’s coming out of Trump’s mouth whether we choose to believe any of them or uh you know where it’s coming from I have no idea but this is what Donald Trump had to say live when asked about crypto we know that in the past and he was critical he did not like Bitcoin then he started selling nfts but was still critical of Bitcoin now we’re getting a pretty significant Biden uh Biden doesn’t even know what it if you ask Biden sir are you for or against crypto what’s that what get me off the stage he’s saying get me off the stage now he has no idea but look gentler is very much against it the Democrats are very much against it and I say this uh a lot of people are very much for it probably a lot of the people in this group uh and I’m fine with it I want to make sure it’s good and solid and everything else but I’m good with it and uh if you want if you like crypto in any form it comes in a lot of different forms if you’re uh in favor of crypto you better vote for Trump I don’t know listen I don’t know if he understands it or if he believes it or but clearly he’s seen that there’s a line in the sand to draw here and that’s probably going to swing a ton of Voters so okay see how much do I want to go into this number one Donald Trump doesn’t believe anything Donald Trump says whatever comes into his brain based on like what the crowd in front of him will cheer the most uh I I think there’s no question that a trump Administration is net net going to be more friendly to crypto than a Biden Administration like we we have almost four years of a Biden Administration we have four years of a trump Administration we know like roughly speaking you know who would be in charge of the SEC under Trump we know who is in charge of the CC under Biden so yes obviously a trump Administration is going to be more net net at least a little more friendly um I think it also obviously you know whether we get something comprehensive like Market structure depends on what the house and the Senate look like there’s there’s all kinds of things but like don’t anyone delude themselves for a second thinking Donald Trump actually knows or truly gives a about crypto like he’s in front of a crowd the man says whatever causes a crowd to cheer it’s his entire stck um but like I I don’t you know look there there’s some new polling actually out that DC dcg ran a poll um you can check it out it’s all over Twitter blockchain Association put it out tweeted it out too um breaking down uh basically crypto voter sentiments um in swing Senate States including my home state of Montana where folks are little more Pro crypto uh than than the average State and like absolutely the you know for people who care about crypto they call they say it’s going to be a major fact you know it can be a major factor for them I’m personally a little skeptical of like how many people at the end of the day are actually going to swing a vote based on crypto in this election I think it’s longterm only going to become a bigger issue um but I think especially with what people are feeling right now like the thing that’s going to move the upcoming elections I think has much more to do with life with the real economy um you know where where in sitting where kind of foreign policy is sitting and you know specifically just in like how safe people feel at home like those are going to be I think the bigger issues for this election as much as like some of us might wish that uh a candid I have no concept of how many like single isue crypto voters are really out there I know that people scream about it in our Echo chamber but when it comes time in the election Booth I I have no idea and I think especially single issue crypto voters who are actually swing I think almost anyone who is a single issue crypto voter is already only ever voting for Donald Trump they’re not gonna vote for Joe Biden and right but I think I think that’s changing but I think that light a lot of them would have voted for Joe Biden two or three years ago I mean listen but I got Ryan cus right here I’ve got Ryan celus from Masari right here here’s a clip this one blew my mind it’s collect this is at his nft Gathering I if I recall correctly celus was a a Biden voter he said it yeah he was he definitely voted for Biden he you know at the time we were all on show saying Gary gendler is going to be amazing he gets it y well I I can’t say that Ryan is an example of everyone but I mean is Here Comes Ryan Trump right behind him can’t really hear the sound but I mean I think that’s pretty indicative of what people are thinking I yet to find anyone who’s been like going from the Trump side to the Biden side in this industry except for scaramucci right I I’d say I think 20 to 16 to 2020 there were people who made that move uh 2020 to 24 yeah I don’t I think the only flow of single issue cryp of Voters is from uh Biden to Trump but that’s also just depend I just have no idea how many of us there are but this is a either way this is Savvy politicking from from Trump in this case I have to give it to him this is at a time when you know we’re seeing the most aggressive I thought it was bad and it was last year when we had uh coinbase and binance back toback right but I mean if you haven’t been paying attention guys so first of all this just came out Robin Hood met with the SEC 16 times in good faith right if you guys missed it I think it was this Monday Robin Hood got a Wells notice from the SEC they’ll be sued for their crypto activities they met with the SEC 16 times they are registered for people to trade Securities right so of all these platforms even if crypto is Securities Robin Hood is registered for people to trade them they delisted everything that was even passively named to Security in an SEC suit without proof and they’re still getting a Welles notice Unis swap metamask consensus we’re talking about all in the past two or three weeks right it’s it’s crazy and and again so if you going in and talking to like the ideas that are floating around on the hill right now you know I think there’s good recognition that one of the things is we need some sort of regulatory framework that can be done even if like one of the ideas is to put a lot of the onus on on the actual exchanges right say here’s a framework of what constitutes a digital commodity versus a security um you guys basically have to choose which of those things meet it uh which actually allows something like coinbase to do the investigation right right now they have kind of a perverse incentive where obviously their listing teams look at things but they’re in kind of this catch22 where if they look too deeply if they’re too strict about certain things then that can be used against them by the SEC because like what yeah well Library credits I mean Jeremy Kaufman is the best example like you know they they took the biggest beating yet pretty much from the SEC and he was the first guy to try to do the come in and register thing he literally walked you know he’s told me the story Jeremy coffin from library he walked into the SEC with a PowerPoint presentation and then got sued for it yep that’s just that’s the way it’s going but again this is why like you said the the look we can look at you know the case rulings that are coming down one way or the other the losses that the SEC has taken but unfortunately they are also winning on some things um at the end of the day the only thing that’s going to work here we need an actual regulatory framework like we cannot have our framework being set by court cases even if you know people think those court cases are coming down in the right way or getting to the right answer we need an actual law and a set of Frameworks that handles this I said in particular Patrick McKenry I know wants to get something done he’s retiring at the end of this Congress been a huge advocate for digital assets and trying to move something forward so I’m just going to come back to the biggest thing that this industry can do right now is work productively to come with ideas to give useful collaborative feedback when billtech drops to the members of Congress who are actually trying to get this done because and look there’s going to be trade-offs um I don’t think without elic get vetoed I just now I feel like with Biden’s letter here of that’s so sensible and shouldn’t even be on his radar we could get vetoed yes but again I think that’s more about the straight politics of like rebuking one of his people which is effectively what it’s doing but this is what I was saying look you’re not going to get everything you want without some horse trade so like for instance I think one of the horse trades will have to be like based on just what I heard elicit Finance right this is this is a major concern and you know what like while it’s ridiculous to say that like crypto the reason child abuse material exists no it doesn’t but it is there are people using it for that and you know again it’s a terrible tool on a lot of hands for terrorism but there are still people who are trying to fund terrorists with it and if we don’t give the government that the trade-off is going to be the government’s going to need some tools to counter that just like it is with you know normal fiat currency right now too so every supports some trade there’s going to be some trade we have to give to get an actual proper Market structure Bill and to really formalize these things I think it’ll be a you know the details matter but I think in principle we have to understand that there is going to be a trade there and it’s worthwhile because ultimately again creating the actual proper structures giving people confidence to build their companies here instead of driving it off abroad like that’s what that’s what our goal needs to be yeah and I mean it is important to note I think that this has been a general direction towards Tech wealth entrepreneurship and crypto happens to be at the front line of that because it’s uniquely easy to attack and blame for things but I would say that the country in general has been alienating entrepreneurs wealth Tech it’s not just the SEC and crypto you know basically every regulator has made it very very hard for mergers and Acquisitions for Tech to proceed so it’s I think it’s just a very different uh approach and we’re just going to lose all of the innovation in this country uh if we keep down this path and that’s nonspecific to Biden I think in this case sure I mean we also can’t build infrastructure we’re just we’re just making it harder to build stuff in general um it’s okay so listen I like you made the best point like the answer is what do we do you’re actually hopeful you went to Washington you think we could get things done by simply getting in there and educating them because to your point if we don’t take the worst view of all this there are people there who maybe don’t fully understand it but want to get something done so their intentions are good I I don’t think people appreciate just how few people out there actually understand the details here and again like this stuff is complicated translating text is complicated so like the the the staffers who work for this uh reps who are out in front of this and who work for the communities that are working on it they are super knowledgeable they understand it they understand the tradeoffs the rest of the members like they have a lot of other things they have to do if you look at the average house do you know how big like the average office staff of a House member in the US House is I don’t but it’s huge no it’s seven people in Washington DC seven people and that includes like the receptionist right it is not a big team the the the legislative AIDS who are covering this have five or six other things in their portfolio too so no you know now you move over into the Senate if you’re someone who’s out in front of it like Jill brand sure you may have someone who is like a fulltime crypto person because this is one of their issues but the vast vast majority of members of Congress you know their biggest exposure to crypto is FTX and how much everyone got burned on that right and like they know what Bitcoin is but like no they they don’t have a full-time staffer on this unless it’s something that they’re trying to make one of their issues and even then that person still has another portfolio most of them have no one working on it and so yes it is incumbent on us to actually work with them and there are great works out on the hill like coin Center like blockchain Association um who are doing this work who are doing education work literally you have to like go in and just do seminars and teach teach people about this stuff but the more that like people can get in touch with their reps and say hey this is an important thing we want to work productively on it like we want a comprehensive Market structure like that’s what’s going to cause them to have to go out to the pro crypto people in hill and say okay like teach me about what’s going on here yeah you you invoked it so I have to share this story and and make you stay for a couple extra minutes I’m sorry FDX has billions more than needed to pay no it doesn’t victims I just I just had to trigger you I had to trigger you I can’t believe we’re still pushing this narrative that these people are getting paid back in full now let’s be honest they’re the they’re in the uh best situation of any creditors of the failed platforms because they will get made whole in dollar value of their crypto at bankruptcy but they get no upside from the appreciation of the assets they were holding and have basically been pinned pegged to the bottom of the market Now Voyager you were pegged to the bottom of the market and you only got back 34% of that so hey that’s worse and I would have thought that the fraud who went to just going to jail for you know a quarter of a of a century those people would have uh done worse but turns out that uh the bankruptcy court to some degree actually worked to gather 16 or 17 billion dollars what’s nuts is that they could actually probably have paid these people back even more but now they’re like selling salana at a tremendous discount because YOLO we it’s nuts yeah I mean like I The Narrative thing on this The Narrative on it kills me it absolutely kills me and obviously I I think there’s this very funny you know there’s this old expression of the the unity of Baptists and Bootleggers right people who both uh uh hated alcohol and people who could make money from alcohol being illegal are the two groups that United to get prohibition past right strange bed fellows I think part of the reason you keep seeing this narrative come out of getting back and full is you’re basically having Sam’s people who want to make it easy for him to get pardon are pushing this narrative uh but you know who else is I think is anyone involved in the bankruptcy estate because if everyone’s getting paid back in full then guess what no one really cares that like the team reorganizing this is taking a billion dollars in fees off the table whereas if they’re not maning it back and full people are going to start scrutinizing those bills along I don’t know if it’s actually a billion I know it’s well north of half a billion is there was a point where it was like 250 million build in two or three months or even less yeah so insane and like this is absolutely a complicated case where there was you know no good records or anything you just everything a total mess but yeah like I think there’s a lot of people who want to make it look like the FTX recovery was good but like I said and this is funny part people are still feeling really burned by this if you go talk to people in DC um both because of how close Sam was to DC but also just like how many people got burned by FTX like that’s still lingering there people still feel very very burned by it yeah totally agree so now we ran out of time there’s a lot more things I want to talk about but uh we got to move on yeah so we’ll do it again next time maybe on a crypto Town Hall where sounds good I’m there tomor pop it up yeah I know you are so I’ll see you there tomorrow man guys you can follow Alex next time we’ll actually talk about Bitcoin and what’s being built on it but I thought that today I mean we just there’s so much happening on the political side I hate talking about it but we had to at least try to break it down yep good to talk man see you later thank you so much man talk to you soon all right guys go follow Alex always has great Insight uh very pragmatic even and man it is I I feel like I’m living in the upside down I can’t figure any of this out you know that I’m generally attempting to support RFK brain worms and all I I don’t know man I don’t know this is a I I I like the fact that there could be a third option the world is getting tough anyways before I move on to Dan who we missed last week I’m sure that he was celebrating you know the small victory in weed which we will talk about in a little while I got to tell you guys about and this speaking of Crypt Town Hall which we were before this is an amazing sponsor of Crypt Town Hall I told you guys that like I I’ve merged companies with Mario’s team over at IBC so we’re gonna have a lot of like shared sponsorship and stuff which is awesome this is dega it’s dega platform.com if you guys have not check this out this is actually really really cool and this is one of those that I hope does exceptionally well as a platform because what they’re doing first of all it’s gaming in the metaverse so bringing back those narratives but they allow you to build open software tools and solutions removing the complexities of blockchain development entirely so it’s basically a developer toolkit that allows the average normal person to be able to build gaming metaverse on blockchain so that uh you don’t have to be like a you know 10 rated programmer to figure all this out so this is one of those things we talk about all the time abstracting away the complexity that grandma can’t use it I’m not sure Grandma can build a game on dega but this makes anyone who wants to try and doesn’t understand blockchain and programming be able to participate and do these things uh you know using zero knowledge proofs and the blockchain so listen if we’re going to ever get mainstream adoption we need to build tools that allow people who don’t understand the complexity to participate and to use these tools and so I I’m really really excited uh at the idea of this happening so guys I ask you to go ahead uh check them out link is down in the description uh once again it’s not an affiliate link nothing like that they’re just you know getting the word out and I think it’s a worthy worthy platform to share really really cool go check them out build yourself a game build yourself a game and now you’ve been saying it all along man reschedule weed we haven’t talked since we kind of kind of got there yeah but uh tell us what you’re thinking there uh yeah with regards to cannabis so it was it honestly reminds me of the the Bitcoin ETF where it was a sell the headline reaction initially you know Bitcoin pulls back 20% but then the actual mechanics of the capital coming into the space lead to a significant Bull Run so what you have in cannabis is all right we got the headline but essentially what the headline was is yeah you know the DEA is is looking at rescheduling cannabis and we knew that was probably going to happen but it’s now like a six-month process for where it’s going to actually happened so it’s a a hurry up and wait kind of headline and there was just a brutal sell the news reaction and you know I’m usually real good about s the news and taking profit and this one caught me a little bit by surprise in terms of how shortlived that little pump was I mean it was essentially just three or four hours of pump on the headline and then give it all back real quick ETF did the same thing well so but the good news is you’ve been ahead of it for weeks right so you’ve been saying listen I’m going to get in these positions in anticipation so much like as you said the Bitcoin trade for a very long time was an ETF will get approved and that took it literally from 20 to almost 50 right and then it went from 48 or whatever it was down to 39 right after the news but here we are in the 60s yeah that might actually be the road map for exactly something like this there was so much upside in an expectation of this happening yeah and like like you said you know since the lows from October we went up 100% and then uh we had a huge Green Day and then just gave it all back and so yeah I think it could play out where you know if bitcoin’s timeline for what you just described was a matter of weeks or you know six weeks or whatever this is maybe six months and the next Catalyst for the sector is looking towards the election Florida is going to be voting on recreational Maybe by then we have you know schedule three actually getting wrapped up and officially stamped and so you know I’m I’m definitely still watching the sector but I’m not you know I’m a Trader obviously and so I’m in and out and there was this this big red candle to me was a big red flag um you know the the news day that was one of my best trading days like probably the the fourth best trading day of my career and I thought I would have one more day to start taking profits but I had to sell into this weakness uh because of that massive pullback so it’s worth continuing to watch this sector but again hurry up and wait and for the people that have been waiting for this headline for so long it was definitely a bit of a kick in the groin yeah well listen I just want to bring up a headline before we talk about Bitcoin because I do want to go to bitcoin here bitcoin’s long longest losing streak of 2024 cast clouds over crypto basically A500 billion doll slide in market cap five days in a row down and crypto monthly trading volume drops for first time in seven months to 6.58 trillion I’ve been saying man it’s gonna get boring after the having yeah I mean s that’s completely normal to have volume drop off when you’re not doing much of anything so that’s not surprising but uh we got to just see the Bulls you know the month right now the monthly time frame is attempting a bull flag we had Euphoria to all-time highs and now it’s a bull flag attempt and you’re seeing the same thing in the NASDAQ with the monthly bull flag off alltime highs the S&P 500 is trying a they’re much closer yeah they’re closer I was I say that is one if you go on the weekly that’s probably a bull flag yeah yeah and you got gold trying a month a weekly bull flag right off the all-time high so all these assets coming from a a Euphoria run all-time highs they’re all seeing healthy longer term consolidation and so my mindset approaching all these Market is Bears need to prove like right now they’re monthly bull flag so Bears have to prove to me something is significantly different if they’re not going to be monthly bull flags and you know Bitcoin the the response to Breaking 59,000 was best case scenario you break it and you go straight into a 16% bounce and the next step that we need is just confirm a daily uptrend this was a solid 133% bounce couldn’t confirm the uptrend gave it back 16% bounce really really want to see these Bulls form this daily higher low today or tomorrow because if we want a chance to confirm this uptrend we need that new support level otherwise we’re just going to do the exact same thing fade back down to the recent low uh so I I’m bullish markets this summer until something drastically changes Bitcoin just has a little bit more work to do than the other assets that I just mentioned but that makes you know listen so even just talking in context of macro not having Cycles a summers are boring in crypto generally for Bitcoin and volatility is lower volume is lower but it actually makes a hell of a lot of sense that Bitcoin would have work more work to do considering in the time it went from basically 20 grand to 74 Grand yeah that’s always the case the the more volatile assets they’re going to outperform on the way up they’re gonna you know pull back harder on consolidation so that definitely uh is part of the course but uh I just I really would would be much more comfortable if we just get a daily uptrend we haven’t had a daily uptrend in a month in terms of just a higher low and a higher high and so that’s the goal for the Bulls here in the the short term head pretty much may give me that give me that into next week and Bulls will be a lot more you’ll see the sentiment shift massively on Twitter uh if we’re back up in the the upper 60,000 just hovering under that you know one candle away from an all-time high test the sentiment switches on a daily basis when nothing is happening have been just wild I mean you would think that Bitcoin was at like 20K right now based on the way that uh you know my feed is you know just cannibalizing itself yeah people want it and they want it now and yeah I mean it’s it reminds me that you know I’ve been trading 13 years or whatever and the majority of that is big bull markets after 2008 you know just up and I have to remind myself you know I might reach a period in my career where we have like a fiveyear bare market and that’s just so foreign you know not not even just talking crypto just talking whatever S&P 500 just have to keep my my perspective of that can happen I’ve never experienced it but I have to remember that that can happen and so you know take advantage of the trading opportunity and the Euphoria and the alltime highs while we have them because uh don’t take anything of these flashing numbers for granted but again everything’s looking good for for all-time Highs at least in the S&P 500 and the NASDAQ I’d like to see Bitcoin pick it up a little bit but certainly you know if if the S&P 500 hits alltime highs Bitcoin will benefit from sentiment I mean it’s classic like I’m not immune to it I’m a human being like I sold a bunch of all coins when Bitcoin was right around the near alltime high when I said I had all those concerns and everything about meme coins and now I look at their prices down 50 or 60% I’m like I guess I should have sold more yeah we we had a regret for my profit taking I couldn’t have scripted it better we had a market Meetup where you know we’re just in town few dozen people on an email list let’s get together have a beer talk markets and uh you know there was someone there showing their Doge gains and I was like you know that you know that’s a take Prof Prof signal that marked the top within two hours and then we pulled back 45% over the next you know however many weeks and it’s just so many times we see that signal of euphoria being the signal in hindsight to take some off the table the screenshot indicator is spoton if you’re if you’re showing anybody anything to do with gains it’s an a it should be an automatic sell partial even if it’s 20% just take some off for years I’ve been saying it for years if you show your your portfolio you’re you’re completely done it’s over that’s not even like a local top signal that’s like wait it’s going down 50% I don’t care what it is if you show your wife and you start talking about things you’re going to buy her or how proud you are of your tremendous Market skills when you were literally just riding a bull market it’s over but hey we uh you know I did sell a bunch and learned from some of it this time but uh you know it’s hard not to somewhere mentally we all compare ourselves to our portfolio all-time highs and what we could have done even though I I ra i i i dismiss it as irrational immediately when it comes into my brain I would be remiss to uh I’d be lying if I said it doesn’t come into my brain I’m like I could have bought this back 60% lower and sold the entire position what was I doing I really want to be holding like 9,000 coins right now yeah but then you know in six months if it all goes up and triple quarter xes you’ll be like I should not have sold anything I should have and that’s honestly that’s that’s an important point because you we we choose our mindset to a certain degree and you can choose that negative there’s always going to be a negative you could have sold more you could have sold it all uh you can flip that perspective where if you sell you know let’s just say you sold half uh your mindset is great I sold half and locked it in and maybe if I want to Reby I Capital yeah my plan was objectively great I have no actual regrets I’m just saying the thoughts definitely creep in and if you’re on a much longer time frame and you believe there’s a massive bull market coming which I think Still Remains consensus I have no idea what will happen then you’ll be like damn man I shouldn’t have sold anything back then I was so impatient just taking that local high yeah but yeah yeah it’s important what else you got up there not let those negative thoughts take over then you get in a downward spiral uh so just laying out the dominance chart you know if if in an Ideal World I’d like to see Bitcoin confirm an all-time high on a monthly bull flag obviously get another wave of confidence have that Spike up the dominance and then if we’re going to see you know altcoin alt season uh you want to see this dominance chart break this potential Rising wedge bearish so just something keeping an eye on you know we can easily trade within this range for another month plus but uh just I like to lay out my ideal scenario for setups when I’m looking at whatever chart because then I can say if if the things are shaping up and that can help conviction like maybe I’ll go more aggressive if I’ve laid out the ideal scenario and I see that that is taking shape and so uh that would be something to keep an eye on if Bitcoin gets the all-time high another wave of confidence top out and then if we see that dominance roll over that means it’s time to to focus on alt coins and we haven’t had an altcoin season uh in a while and that can change I me yeah I I kept feeling like there was allcoin Seasons but it’s because it was very limited to certain sectors for very brief periods of time so like if you were watching salana you felt like there was an ALT season if you’re watching AI tokens at certain points you felt like there was an ALT season but if you look at your portfolio and the stuff that you likely held from the past cycle they’re still down like 95% yeah just little pockets that uh All Seasons when everything goes you just throw throw a dart at the wall and you win big but yeah it was it’s it’s been very different because it has required uh these little pockets of narratives that have have led to significant outperformance in those little pockets but everything else is significantly underperforming I mean you pull up any random altcoin and its chart versus Bitcoin is down in the dumps the vast majority of them yeah I mean with a with a few exceptions I mean I’m looking at you had the dominance chart there but you take a look I mean this when it peaked uh at the beginning of April that was you know almost 57% hadn’t been there since April of 21 so like you know you’re going like where that was look at that Al this is alt season guys right when dominance uh goes from you know 61% to 39% in just a matter of weeks it’s brief but we’ve had them before I can’t say it’ll happen again but you know if we get one of these and it dumps back into this range and drops 10 20% that’ll be fun yeah other other things I’m keeping an eye on so I’ve got my you know I got my Bitcoin position I got my gold silver positions uh the miners in in both of those so M reports earnings after hours today and essentially you know I’m just watching to see are miners going to get same thing as altcoins you know are miners going to get their turn for a a significant Euphoria run and I don’t think it happens without a new Bitcoin alltime high but I’m keeping an eye out to try and position I like that M broke I mean same as bit Co broke a key support straight into a significant bounce so that’s enough to keep my attention Okay Bulls are defending this level uh so essentially I’m looking for a a crypto minor position whether it’s m or clsk and I’m also looking for a Metals minor position this is GDX the ETF and we got this weekly double top that’s taken place over the last year and it’s trying a a bull flag you know it’s not a picture perfect cup and handle but it’s a double top into a bull flag attempt and so again just keeping an eye uh on you know if I’m if I want to increase my exposure in the space right now or in these names it’s going to be through minors not just adding more of the asset itself so uh I don’t see anything actionable at this point for me personally in my style but I just know that into the summer if we do get these bull Flags shaping up confirming I will be looking H at miners in both metals and crypto yeah anything else aside from being real patient on cannabis uh that’s that’s it yeah no no handles by the way you were talking about the consolidation on the Bitcoin monthly but I mean you know this is a pretty cup and handly I would say you know we got steam coming out of the coffee that could be an epic monthly cup and handle right here on bitcoin I mean it went a little high but right yeah I was about to say generally the right side’s lower than the left so you have that Wall of Resistance but you know it it certainly didn’t break by much yeah conceptually incredible all right man well thank you so much I’m glad you’re back this week uh it was fun to catch up and we never got to talk about the the rescheduling so I’m glad that we did that guys obviously check out all of Dan’s channels chart guys on X YouTube everywhere else I love your uh Quick videos that you do all the time really great Alpha and quick so you don’t have to watch like a 48 minute show like uh I just beat you guys death with the with the length you know we all know that uh everyone loses their attention span after two minutes thanks Dan H really appreciate you man I’ll see you soon have a good one Scott all right guys obviously I will be back tomorrow with Nathaniel whittimore nlw and Z Friday five guess we’re gonna have a lot to talk about this week um and I got Market Mavericks this afternoon with Gareth and Michael is Michael mclone Esquire uh so that should be fun we always get in good arguments because I’m not a mega bear uh and otherwise that’s about all I got of course check out dega as I told you guys to there and I’ll see you all on space in about 25 minutes peace guys thanks for tuning in later bye let’s [Music]

2024 is the year of the elections in the USA, and it means a lot for crypto. I will discuss it with Alex Miller, a long-time Bitcoin supporter and the CEO of Hiro, the framework for a decentralized, user-owned internet built on top of Bitcoin. In the second part of the show, Dan from The Chart Guys will share his market analysis and some trades.

Alex Miller: https://twitter.com/alexlmiller
The Chart Guys: https://www.youtube.com/@ChartGuys

►► Sponsored by Dega
Dega provides scalable infrastructure and fast transactions for Web3 gaming and the Metaverse. Check it out:
👉 https://www.degaplatform.com/
👉 https://twitter.com/DEGA_org

►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY!
👉https://thewolfden.substack.com/

►► The Arch Public
Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities!
👉https://thearchpublic.com/

►►OKX
SIGN UP FOR AN OKX TRADING ACCOUNT THEN DEPOSIT & TRADE TO UNLOCK MYSTERY BOX REWARDS OF UP TO $60,000!
👉https://www.okx.com/join/SCOTTMELKER

►►TRADING ALPHA
READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. USE CODE ‘25OFF’ FOR 25% OFF WHEN VISITING MY LINK.
👉https://tradingalpha.io/?via=scottmelker

►►NGRAVE
This is the coldest hardware wallet in the world and the only one that I personally use.
👉https://www.ngrave.io/?sca_ref=4531319.pgXuTYJlYd

►►NORD VPN
GET EXCLUSIVE NORDVPN DEAL – 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY!
👉 https://nordvpn.com/WolfOfAllStreets

Follow Scott Melker:
Twitter: https://twitter.com/scottmelker
Web: https://www.thewolfofallstreets.io
Spotify: https://spoti.fi/30N5FDe
Apple podcast: https://apple.co/3FASB2c

#Bitcoin #Crypto #Trading

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.