 Welcome to Digital Asset News. My name is Rob, and today the story which is not shocking to me is that, unfortunately, Genesis, the lending platform under the umbrella of DCG, or Digital Currency Group, is going to go through bankruptcy. And on top of that, another one of these subsidiaries, CoinDesk, is up for sale. So let's just jump right in. So unfortunately, Genesis, the lending platform for DCG, or the Digital Currency Group, going through a little bit of what we call Chapter 11 bankruptcy. And just so you know, DCG Group, not only do they own Genesis, they own CoinDesk, which I'll talk about in a little bit, Foundry, which is one of the largest Bitcoin mining operations in the entire world, and also Grayscale, of course, the famous one of Grayscale, which is for people get exposure to Bitcoin through the Grayscale platform. Now, unfortunately, I did a poll, which was kind of odd timing, yesterday morning. And I just asked the question, if Genesis files bankruptcy, will this many bull run continue? And people, I mean, as far as like 2000 votes, well, no, bull run will cool down. We saw a little bit of a cool down after we saw this information. And I'm not going to go over this in detail. It's something that really shouldn't surprise anybody. Genesis plans a file for Chapter 11 bankruptcy, and they'll be going through the process. And we've actually covered this weeks ago, when they retain Moellus and Co. And once you get that investment bank involved into everything, then you just pretty much go into Chapter 11. It happened with Voyager, it happened with Celsius, and not surprising, here we are with Genesis. And then on top of that, unfortunately, to note, is CryptoMedia outlet CoinDesk taps bankers for potential sale. So again, this has been validated, CoinDesk, a crypto-focused media company to retain investment bankers at Lazard to help it explore options including a partial or full sale according to its CEO. And again, if we're going to see the pillars, Genesis is going to Chapter 11. And usually in the crypto sphere, things don't really aren't coming back from Chapter 11 in a very expeditious fashion. So I'll let that one just crumble. CoinDesk is going to be sold off if it doesn't go through Chapter 11 as well. And we're just left with Grayscale and Foundry. Now, if Grayscale goes down through a Chapter 11 or something happens, expect some major problems. Grayscale owns roughly 3% of the entire circulating supply of Bitcoin. And that is under the assumption that they actually own all that Bitcoin. So we'll see how this all plays out. And hopefully, it will not be too awful. I'm not saying that it's going to be. I'm just saying that is what it is. But right now, if you take a look at the market, we actually bounced above one trillion. We had gone below that. Bitcoin's hanging around there like a negative 2% if they're in the same thing. So not like it's like the big sell-off and all, the market is actually quite resilient, which is good for some people like Peter Thiel. And this is our next story, which I hate to bring this to you, but this is just the truth. And I like to talk about these things because it lets you see the mindset of people in the space and how ridiculous some of the narratives are. So this is just released yesterday, late at night. Peter Thiel's Founders Fund made more than a billion offloading eight years of crypto investments just before the markets soured. So what does this mean? It means they dumped on you. Not surprising. Everybody dumps on you. And you need to get that and understand that's what's happening. So here's the story morning, Glory. One month before a billionaire venture capitalist Peter Thiel raved about the advantages of Bitcoin during a speech at a Miami conference, that was a Bitcoin conference 2022, is VC firm Founders Fund had already offloaded an eight-year bet on crypto. Hey, better late than never, right? Crypto was one of its core positions by March 2022. The firm generated $1.8 billion from selling out the vast majority of its crypto holdings. Now remember, in November 2021 was its all-time high. It had slipped from there moving into 2022, but they did a pretty good job, honestly. I mean, I have to give it to them. That was a good time to offload. I mean, they didn't hit the top. Who does? But they did a pretty decent job of taking some profits and they did massive profits at Thiel's expense. And I can't blame him. I'm just saying that's just what it is. In April at the Bitcoin conference in Miami, Thiel made no mention of his fund's massive crypto sell-off. He also didn't waver in his support for Bitcoin. During a speech, he said, we are at the end of the fiat money regime. And added that Bitcoin was undervalued, but has every potential to replace gold. San Francisco-based Founders Fund first bought in Bitcoin in 2014 and traded under $1,000 and increased its holding over the next eight years. So look, I'm not going to demonize Peter Thiel for coming up there and saying exactly what he said at the conference. You can take a look at that and go, well, that's very disingenuous. It's a good point. You can argue that point. But we have to be adults and we have to understand that the diamond hands narrative and holding forever things like that, you can do such things and you'll probably do quite well. But if you're out of the disillusion that no one is going to sell or dump on you, I'm here to tell you that Santa Claus also isn't real. I hate to say it, but that's just the truth. Also, there's a chart I'd like to take a look at. It's called Whale Shadows. And Whale Shadows is a great way to take a look at things that are being moved around as far as Bitcoin. This is from lookonabitcoin.com, 100% free site, link in the description. High quality charts, very good stuff. And what I'm going to show you is this. Notice one thing here that if I tap on the four to five year mark, we've done this many of times just like to do this, is that you'll see that after four or five years, this is when Bitcoin is moved from a dormant wallet. That's a nothing for four to five years. And you'll notice that during the all-time highs, that's when Bitcoin gets moved the most. It happened here in 2017. It happened around here in 2019, once things were going up. And of course it happened here in 2021 as things started to take off. So I will just preface it with this. Just because things are moving your Bitcoin doesn't mean you are selling your Bitcoin. All this says is that you're moving from one wallet to another wallet. But I will tell you like this. I got a couple of cold storage wallets. If they were sitting around for four or five years and then all of a sudden Bitcoin hits its all-time high, I'm not just going to, you know, for funsies just start moving things around. The only reason I'm going to move it is to either pay somebody or to transfer it to an exchange so I can sell it. So also on top of that, let's just get rid of the four to five years. How about the five to seven years? The real diamond hands, they wouldn't do that. Shoot, they do. So they'll dump on you too. But what about the seven to nine-year players? They do. That's a bummer. You can see right here as it starts to go up that they start to move things around. Not saying that they're selling, but whatever. But what about the ultimate diamond hands? And they, ah man, they did it again. So again, just be aware, just understand that it's an investment. Nothing to cry about. It's just these are the things that are happening and these are the things moving forward. So let me just think about that in the comment section. And then we'll finish up with some good news because look, I still believe in crypto and digital assets. I believe it has a long way to run. I believe it's going to change the world. And here's an example of that. The National Australian Bank becomes the second Australian bank to build a stable coin. Not a central bank digital currency or digital coin, but a stable coin. The stable coin will launch on the Ethereum and Algorand blockchain. And yes, I'm using the coin desk as a reference. Hopefully they find their way out of that sale and they can retain these nice people. But here's what's happening. The National Australian Bank or NAB created a stable coin called AUDN, which it aims to launch in the middle of 2023. The purpose is allow its customers to settle transactions on blockchain tech in real time and can be used for things like carbon credit trading, overseas money transfers and repurchase agreements. The stable coin will launch on the Ethereum and Algorand blockchain. And that is why when we talk about all these different products that are out there, I'm not smart enough to figure them all out, but I just take a look at the base layer. Where are things going to be built on? Probably some layer ones or layer zeros, like a Cosmos, like an Ethereum, like an Algorand, like a Cardano, like an Avalanche, like a Dot. So we're on there and they can just spin off from there. So that's why I like these types of plays and just makes sense to me. And then to to finish up, the NAB is only the second Australian bank to do so. The New Zealand Bank teamed up with Fireblocks, they minted a stable coin, take the Australian dollar as well. And that got me thinking about stable coins. How much is is a thing being transferred and and all the difference transfer value? And I tweeted this out this morning. And I have some reference points here. So Zell, this is actually from Zell's website, you can click on the link. I'll actually put this in the description so you can verify this, but this is right from Zell's website. They've done, as far as transferring of value back and forth, $1.5 trillion since 2017. Now, I understand that some of you don't understand what Zell is, it's just a bank to bank transfer app. And it works out pretty well here in the States, might be globally, I'm not for sure. PayPal has done $1.14 trillion as of 2022. So that's just an estimation. It was actually below $1 trillion when the article was written, but I believe it's actually $1.3 trillion. But again, linked the reference right here in the tweet. And stable coins did $8.1 trillion, which is in the last 12 months. And again, this was actually data that we can pull from the block. And we took a look at the last 12 months. And you can see that stable coins did a lot, actually $461 billions, $466 billion. And this is the on-chain volume of stable shows the sum value of all transfers on the Ethereum blockchain grouped by token. And there was quite a bit of that. And also, just so you know, we did the NFA not financial advice team up where it was me, Guy from Coin Bureau, and Ben from the Cryptoverse. And we went really deep into this question about stable coins, how they will affect crypto, which ones could potentially be the winners, which ones could be the losers. And that was a great show. I really like doing the show. And there's a link in the description. You can watch the whole video. We talked about that. We talked about a potential 10-year bear market. We talked about which centralized exchanges and why we use those centralized exchanges and what we do after we purchase and all those other things. So I'll link that video in the description, check it out. It was a really value-packed lots of information. And that's it. So look, that's it for today. If you like today's video, give it a thumbs up. That helps with the YouTube algorithm. Consider subscribing. All things to talk about are very time sensitive when it was every single day. But that is it. So thanks so much for stopping by. I do appreciate you. And I'll see you on the next one.