In this week’s highlights, we take a look back at the past week in crypto. The good, the bad, the frauds, the longs. Is crypto dead? Let’s talk about it.
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0:00 Intro
0:40 4/24/23 – Ripple to the Rescue
2:55 4/25/23 – Coinbase’s Court Action
5:41 4/26/23 – Banks Down, Bitcoin Up
8:18 4/27/23 – BTC Longs Liquidated
10:42 4/28/23 – BAYC Dominates
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It's a terrible day for Regulators it's A terrible day for floodsters it's a Terrible day for frauds it was a good Day for us it's a great day for the bit Squad [Music] Laughs [Music] [Music] All right uh Ripple plans to help 3.7 Billion people here is hell that's a lot Of people TJ that's like half the globe That is a lot maybe more all right uh Blockchain base fintech company Ripple Has now it's planned to help over 3.7 Billion people who are either unbanked Or underbanked around the world in a Tweet released on Earth Day the company Believes that the global climate crisis Is one of the most pressing challenges Of the century and that blockchain Innovation in carbon markets can assist In achieving Global Environmental goals Uh they see one solution to the problem As providing low cost and always on Money transfers in emerging markets and Creating a central bank digital currency Platform for governments working to Improve Financial inclusion they believe It's xrpl which The xrp Ledger is the World's first blockchain to be carbon Neutral and his framework has the Potential to provide Green Cryptocurrency Solutions and more
Productive carbon markets company has Set a goal of achieving uh neutrality by 2030 if if not sooner by reducing Emissions using green energy and Investing in inventive carbon removal Projects they know where the money's at They know the money's at you know this ESG style narrative and they got to play The game and we always say look it is a Banker's coin and that is part of the Appeal to some people and if they want To be a banker's coin they got to play The bankers games Sam bankman freed said It best these are the stupid games as Woke westerners Play Because it's what Is expected and so I think uh it's maybe Along the same lines as that I I don't You know I don't think people use xrp Because a tree is planted every time you Know you send 10 transactions but it is Going to be needed and it is an Important uh aspect of cryptocurrency Especially as the energy fund is going To be hitting another wave in another Wave just wait for the next having cycle It'll all be in the news and I'm sure They'll turn the having into some sort Of biblical plague style event where oh My God it used to be fifteen thousand Dollars of electricity to make a Bitcoin Now it's thirty thousand dollars of Electricity and then they're gonna do The equivalent oh that could power 1700 Smart Homes in Norway they use
Geothermal for 87 years a piece you know Though they'll come out with some Moon Mass so expect to see it it will be Happening and I think xrp they're just Kind of playing those games coinbase Files Court action to compel the sec's Response to a rule-making petition uh Yeah Brian Armstrong who's tweeting About this a lot they're basically They're taken to the courts to to get The SEC to give us a yes or no to uh Some paperwork they've had pending since July you know just kind of break it down Like for uh like for a second grader Here look last July they submitted Paperwork you know the SEC says hey you Have to comply with all the regulations They said all right well I see the the Only form you have for me filled it out July of last year guys it's almost May Okay we're looking at 10 months ago they Gave it to them in July and I forget What the legal term was Um let's see narrow action yeah there's Like a legal term or they have like some Short amount of answer seems like uh the SEC has already made up his mind to deny Our petition but they haven't told the Public yet so the action they filed Simply asked the court to hey give us a Freaking answer on this um so I forget What the actual but it's basically in a Timely manner you have to receive it you Have to look at it and you have to
Approve or deny in a timely manner they Gave it to him in July and so at a Certain point they're like look man we We don't want to go to the courts you're Forcing our hand here because what they Want they they want the SEC and crypto To act like some sort of mail slot in an Abandoned mansion filled with meth heads From Chas yeah I'm shouting out Decker's Neighborhood here the mail goes in then What I don't know it's it's in a Crackhead's hands okay that's what I Feel like the SEC is doing it's like There are a bunch of meth fueled addicts Just receiving money and then uh you Know opening uh you know and then the Next thing you know it looks like a rat Nest okay shredded paper everywhere I Can't even imagine the the the lack of Structure the the just the lack of Controls that they have going on here And I remember reading I think it was Over the weekend maybe on Monday Half their people it's just basically People that kick indoors they have a Bunch of boot Stoppers and then they Don't have any kind of beam counters and They need more Bean counters they need More lawyers they need more people to Push through approvals not a bunch of People to put handcuffs on them because Hey guess what you didn't do what we Approved well I I filled this out in July and I gave it to you what do you
Want from me okay that's the position That coinbase is in and uh it's really Not fair and I'm glad that they're Filing suit because look we will take We'll take it to the courts uh xrp It remains to be seen this could be a Great great strategy we're hoping that It's a great strategy and I think Coinbase I think they probably have some Pretty smart people they sold a lot of Stock they have a big big war chest they Probably got a pretty big law firm uh Brian Armstrong he is a pretty smart guy And pretty strong arms to him all right Uh bitcoin price jumps in the wake of First Republic Bank price crash that is Right I don't know if it's related but Right when Bitcoin was pumping we saw Frb just just tanking and losing all of It wait to I think this is going to show Some candles too the price of Bitcoin Spiked more than three percent in the Last 24 hours actually went all the way Up to almost 10 percent into 24 hours as Fears were sparked of another imminent Bank failure as First Republic Bank Shares closed down more than 50 percent On the 25th just yesterday the price of Bitcoin rallied immediately following Fox Business uh reporter Charles Gasparino breaking the news that Bankers Working with First Republic Bank expect The institution to go into government Receivership
Data from sentiment suggests the Correlation between Bitcoin and the SCP S P 500 may be dwindling as a narrative That Bitcoin is a safe haven amid the Banking Crisis began to once again Gather steam uh let's see First Republic Began experience issues in early March Led to 11 of the largest institutions in The U.S including JP Morgan and Bank of America depositing 30 billion dollars at The troubled bank so they try to Resurrect it injected some Capital Injected 30 billion might not have been Enough to save it according to Anonymous Sources despite them staring down the Barrel of liquidity concerns U.S Officials declared the deposits were Stabilizing it was not at risk of Experience the kind of sudden severe run That led Regulators to close down Silicon Valley Bank unfortunately these Reassurances have proven in-core wrecked Uh they're gonna lie to you about Banks They lied to me about Banks I kind of Shared my story on I think I did it real Quickly but went to a bank and they said Uh oh you're going to open an account And said yeah yeah they said what kind Of said yeah probably crypto they said Oh that's a scam we won't do it at Truest so why not they said it is not Secure that's what happened to Silicon Valley Bank so just lying out of their Teeth and here we're seeing a little bit
More it's like no no no everything's Stabilized it's good to go trust me this Bank is A-Okay next thing you know stock Tanks 50 in 24 hours for stock market Huge huge Foreign [Applause] [Music] [Applause] [Music] [Applause] Bitcoin leveraged Longs liquidated after Brief midweek recovery above 30k yeah a Lot of people feeling long and you know If that doesn't wreck some lungs I don't Know what will put things in perspective The market cap fell by roughly 49 Billion from the highest point on that Day that makes the 26th of April the Most volatile day in dun dun dun the Last seven days okay so really not that Crazy despite that uh the sharp crash on The market recovered slightly many Traders saw the recovery as a sign of Demand and a possible push past the Resistance range as such many Traders in The derivative segment were convinced Bitcoin would offer a good rally hence They said let's go long baby this Explains why bitcoin's recent slap down Resulted in heavy liquidations I like That uh Bitcoins slap down uh report Concluded that the recent failures of Crypto friendly banks have fueled debate
Or whether they're managing the Liquidity risks of the market well When I hear liquidity risks of the Market from crypto Industries it just Means yeah sometimes they make billion Dollar moves real quickly yeah and They're probably not used to that and You know you could have a a pretty big Company what's in the the news today Puma Puma has a little nft you know Puma Historically they're probably not moving That much money right you know maybe uh Oh we got to buy some shoelaces from Thailand you know oh uh you know they They gave it to us at a good price Here's Two million dollars you know maybe Something like that but then imagine you Do a metaverse play and then you raise 120 million in 24 hours and you're like Withdrawing it to pay a thing and all of A sudden whoa no there's just a lot of Money and money moves quickly in crypto And so the banks with their legacy System with the takes multiple days to Clear things it's got to go there and Clear this house and come here then you Know seven days later it's finally like Concluded on some banks balance sheet it Moves too quickly for them and they Can't handle it and it scares them it Freaks them out why because it's a Better system it's clearly a better System and this old Antiquated system
Can't handle it reminds me of imagine Trying to drive your Model T on a horse Road right it's going to be full of Potholes you're going to be flinging Feces into your face literally and so It's not meant for these rails and I Think we're seeing a similar situation Where crypto is just move Beyond banking It's it's bigger than Banking and Banking it just can't handle it uh They're losers ordered ape Creator where My monkeys at boarded Creator Yuga Labs Dominates nft sales with 35 share a huge Huge amount I'm actually surprised it's Not higher Um they can they more than a third of All nft trading volume this is over a Six month period from October to March Of 23 is according to DAP radar they're Pretty uh legit they also have crypto Punks they have me bits mutant Apes Other side they have the vessels the Land deeds and of course uh the titular Uh Ford Apes uh they created our own Projects collectively generated more Than two billion dollars worth of Trading volume over the last two Quarters combined uh representing 34.6 Of the total crypto market cap or uh Trading volume there they lead the pfp Market with the floor price tag of 51 Eth or about a hundred thousand dollars So yeah they always hang around a Hundred thousand crypto punks also hang
Around a hundred thousand yeah when we Get bullish uh I can see uh board Apes May be hitting 300K again that's where They hit before my Mutant hit 120 uh Right before an airdrop held it like an Idiot uh wrote it all the way down Um maybe I could see that hitting 80 100 Again I don't know and you know what if It does I probably won't sell because I'm an idiot I have a little bag do you Have a little bag I have a I am well Invested in xrp and have been since flu Season Um okay I got in at like 17 cents you Know I the reason I got into it is just The overlap of like their interns and People that worked at Ripple that were Put in place at different central banks And then Rosie Rios joined in the board So I see a lot of overlap between the Actual Ripple organization and central Banks across the world for the last Three or four years Um so as watching that I just figured Position it's about 10 of my portfolio But I'm definitely at the uh I can't get Lucky if I'm at the fair so um I'm Definitely in there uh let's just give a Quick lesson on Leverage not leverage Trading go to Frankie for that I'm Talking about Archimedes you know what Archimedia said no tell me give me a Long enough lever and I can move the World oh and that is a true statement
You give me a long enough lever that Much pressure can move the world I love It and we live in an age of infinite Leverage this is all from Nevada I'm not Saying anything new here before there Was leverage the first leverage of a Homo sapien was picking up a club and Leveraging the power of his fist against An enemy yep and now we have moved Beyond that now there's human leverage Capital leverage and so that's what Existed in the 50s that's how the old Class of billionaires got rich that is How the the Henry Fords got rich that is How Warren Buffett got rich but then There's been a new class of Leverage and That is infinite leverage with zero cost Of replication I'm talking about Computer code and I'm talking about Media and with those two tools and AI Which is essentially computer code with These tools you now have infinite Leverage at your fingertips 80 years ago The worst Lumberjack compared to the Best Lumberjack might be why he's Chopping five times as many trees right So there's a little bit of her leverage Or a lumberjack and you give them a Slightly sharper ax okay now he's moving Up he's like 1.5 x now we live in an age Of infinite leverage where Mark Zuckerberg in a laptop can trillion x Someone else's same output with that Same laptop and now we live in an age of
Infinite leverage so use these tools I'm Not saying go learn to code although That would be great if you want to learn How to code that's great but you should Probably do that if you have any kind of Inclination to it you don't want to do That make some con content make video Content make a podcast spread it out Guess what YouTube is going to Infinitely leverage your video you make One video they can make it where a Billion people can see it just like Gangnam Style all right YouTube leverage That to Infinity almost the last one you Don't want to do that I'm weird behind The camera I don't want to do that I Don't want to learn how to code use a i You now have autonomous agents that can Live in your pocket that can one million X your productivity so we live in an age Of infinite leverage there's enough Capital out there for everybody watching Here to get rich and I think we can we Just got to take these DZ witticisms and Wisdom nuggets and encapsulated into our Own lives and we can get there all Together underrated stimulate you Robert You stimulate me let's stimulate that Like button that's all I got easy out Foreign [Music] [Music] Foreign