 Nobody's perfect. And there may be a possibility that I was wrong about the Bitcoin spot ETF being approved. And what perked up my attention was there was a recent interview with former SEC chair, Jay Clayton. And for the first two minutes, he talks about just the general markets, just as an overview. And then he gets to talk about specifically the spot ETF. Just take a listen. This is two minutes, and it'll really make you think of where things are going. Let's go back to like 2015, 16. This is an offshore retail, nothing close to what I would say the core of our financial markets. At that time, if you look at trading of Bitcoin, the emergence of Bitcoin, it looked like it looked like stocks, but it was nothing like it. Now we've seen a development all the way to the point where companies whose reputation in the market matters are saying, you know what? We think that trading, we think that the custody, we think that those protections around this market are sufficient that we're willing to put our name on it and offer that product. That's actually an incredible development, not one that I expected. I was very skeptical of trading in the Bitcoin market when I was SEC chair. I thought, you know, there were studies that 90% of it was washed trading right from manipulation and the like large people dumping the fact that we have these institutions that know markets better than anybody and are saying, you know, we're going to put our reputation behind it. I find that pretty remarkable. Can they say no to a spot ETF? How much longer? Well, it goes to that issue. I think that when the SEC approved the futures-based ETF, they said, let's look at the futures market. We see the surveillance. We see the protections in that market for the end investor that are sufficient. We don't see them in the spot market. So we're going to make that distinction. I think what the institutions are arguing is that those distinctions have gone away and now the spot product is actually less drag, more efficient for the investor. So if there's not that delta in regulation, not that delta in, what I could say, efficacy, the spot should be approved. That's the argument that's going on right now. The regulatory process, whether it doesn't matter. It's been a while already. It's been a while already. What I would say is this, if they're right, that you can demonstrate that the spot market has similar efficacy to the futures market, you know, it would be hard to resist approving a Bitcoin ETF. So yeah, there you go. I mean, Jay pretty much says it pretty openly that, look, we've had these Bitcoin futures ETFs and those went on without a hitch. And there were just some problems with regulatory oversights and transparency. It looks like now they have that in place. So maybe it'll actually work. And just to make sure that you heard this, because the title of this video will be the spot ETF should be approved. I want you to listen to this one more time. The spot should be approved. That's the argument. Yeah. So I hate when YouTube videos, they put a title and a thumbnail and it doesn't match. It loosely matches what they're talking about, but not even where it should be. So I just wanted to make sure that you knew what Jay said, the spot should be approved, which leads me to my next point, which is ETFs, futures, and spot. And if we can take a look here, this is just a little data that I put together. We took a look at just how well Bitcoin futures did over time. Bitcoin futures was not the greatest timing, I will say, like this. So you can go back to 19 October 2021. It started at 64,000. 26 October is 60,000. 10 November is 65,000. It'll give you a chance to short it. So that's pretty much where they were going if that's what they wanted to do. If you're looking for things to go up as far as the future is horrible timing, right? Now there's one down here. This was on 21st of June at 20,000. That was a short ETF. They probably should have done it up here, but whatever. Again, not a great time in the futures. Probably the best one would be this volatility shares futures 2x leveraged Bitcoin ETF. That's not for me. That was just a couple of weeks ago, 27th of June, 2023. And never forget the big futures ETF that came out, which is on 15th of December, 2017. And then just two days later, it crashed the entire market for a couple of years. So futures ETFs, not so great. Spot ETFs, though, I mean, if you look globally, we can't look at America, but we can look at Canada. And they had a couple in 2021. And they started at 51,000 and price went up, looked pretty good, but did fall a little bit. I think maybe these two individuals, the purpose BTC spot and Evolve ETF, maybe they got held up on some little FOMO, Galaxy Digital, same thing, 52,000, 3IQ at 55,000. So not so much the greatest if you wanted to, but at least they got it off the ground. And there was one here on 30th of June. This is probably the best one if you're going long. The Canada and Fidelity Bitcoin Spot ETF. So again, I think there's some upside to it. And could I be wrong? Sure. But I think it's going to be approved. No, I still don't think it's going to be approved. Let's see what happens. There's a lot of data to support it. I think it's going to happen. Let me know where I'm wrong in the comment section. And to continue on, here's some more bullish news. So this was from Business Insider and Standard Chartered. It's a global bank. It's centered in England, has branches all over the world. And one of their analysts came out and said, hey, price prediction, Bitcoin could surge to 300% to 120,000 next year. And the reason for that is miners reducing token sales. Look at that in a second. So Bitcoin may be prime for 120,000. This is by Standard Chartered Analyst Jeff Kendrick. He also expects Bitcoin to jump 67% this year to $50,000. His more bullish stances due to increased mining profitability. What he's talking about is Bitcoin miners, their rigs, their cards, it's not just about Bitcoin mine. They can do other things. And they're going to generate revenues. They don't have to sell Bitcoin. That's the big thing. This reminded me of an article a couple of days ago about how they are pivoting. And what are they doing as an example was Hut 8, Bitcoin mining company in Alberta, Canada, and Texas. Great example. It has a high capacity computing infrastructure. They recently signed a contract to provide high performance computing or HPC for clients in Canada's health center, mostly just crunching data, spitting out some numbers, doing a lot of high, like I said, high conditioning work to generate or extrapolate some kind of data, mostly seen in research. And it states here it's more about access to the facilities and the people who know the business. Cooling, for example, is important in any high capacity computing environment. In both Bitcoin mining and HPC, they all have to be set up. And to further expand this point, this is from Newswire. And Hut 8, they have five centers in BC and Ontario. They deal with co-location. Many of you can rent these things out. If they do public and private cloud, which makes sense, they have a bunch of computers, might as well be able to do cloud storage, manage service to government, private sector nonprofits across a variety of industries, including finance, gaming, tech, AI, and more. And they're all going to need those chips, right? That's why NVIDIA blew up. So you would think that this would be spot on. Well, not so fast. So this was a tweet from Dylan Leclerc. And he talks about, in the last 30 days, cumulative, we've seen a massive amount of miners throwing their Bitcoin to exchanges. As far as cumulative, you're looking at 70,850 in the last 30 days. Now, again, this is not in one day. This is cumulative in 30 days. And we can actually verify that from other sectors, crypto-quants, you can go over there and check it out and say, well, not the all, let's do a last month or so. And you can see that, yeah, we've got 1,000 here, 3,000 there, so on and so forth. We look over the last year, a little bit of a big block lately, as miners are transferring them to exchanges, meaning they're probably going to sell. Couldn't be all the times, but that's what we have. So would this, could we say that Bitcoin miners are still pivoting for other things? Maybe. But right now, maybe they've got to make some profits. So take all the information that we say with a grain of salt and just be aware of what's going on. And that's it for today. So look, like today's video, give it a thumbs up, consider subscribing. Everything we talk about is time-sensitive, so it might behoove you to get your news from somebody. If it's not me, just pick somebody. And that's it. But thanks so much for stopping by. I do appreciate it. And I'll see you on the next one.