 What is going on everybody? Welcome to this edition of Market Talks. I am your host TA Tim from the coffee and crypto channel I'm so excited to be here with you guys here on the coin telegraph channel though What's over so before we even get going make sure to smash that like subscribe to the channel if you love content That brings you weekly updates on everything happening in the crypto space that you need to know about and you get to hear from some Of the most phenomenal guests experts of their field And I'm super excited today to have Yashu Gola here with me He is a Mumbai based financial analyst and technology journalist with a strong focus on Bitcoin smart contracts exchange assets NFTs commodities and the global stocks. He has been covering the cryptocurrency industry since 2014 so he knows what he's talking about. Let's go ahead and roll his clip Yashu, how are you doing today my friend? Hi, Tim, and thank you very much for that cool intro I'm just feeling very happy to see that and so excited to be here Yeah, I mean, I'm excited about this again. You just read about who you are and how much you've done I'm just like I love I love hearing first of all from people who have been in the crypto space for a long time Myself I came in during the last bear market So I haven't gotten to fully live through the longevity of what it looks like to go up high into a bull market down into a bear market And then ascend once again So I love hearing from people with your take but then you just look at those other credentials You got and it's primed for an amazing episode of market talks But I'm gonna dive in here with you man We're gonna go ahead and just jump into the deep end What is on the peak of everybody's mind right now? We just had the that meeting the FOMC meeting with interest rate hikes once again And while a lot of us expected the 75 number to come out It was the remarks by Jerome Powell that might have been the most interesting I want to start off by just open-endedly asking you what were your overall thoughts about that Fed meeting and what should we be expecting moving forward? Well, just as you said Tim's I think we all were anticipating 75 BPS rate hike and Some of us were scared about 100 BPS. So fortunately that did not happen And yeah, I was particularly surprised by the bluntness of Federal Reserve's chairman Jiro Pavel and how he came up, you know with the terms that the US economy is actually suffering and it's gonna suffer because of their rate hike policy further So for me, I think the the biggest takeaway was when I see their projected policy rate For 2023, I mean you might know that they are now up from 3.8 percent to 4.6 percent by the end of 2023 That is actually 0.1 percent higher, which is a very little thing You know what the future market was predicting and but it's still within the frame of what people are anticipating and for 2022 meanwhile, their target is about 4.4 percent. So given we are at 3.2 for 5 percent right now after the latest rate hike I think Fed is doing everything it can to bring the inflation down at least for this year Yeah, no, I agree and I think that's really interesting because here's here's what I'm kind of coming at it I was under the impression that was the expectation is that we keep raising I do think that potentially the market and a lot of retail investors are a little scared this morning I think a lot of people thought that we might get a break a lot sooner than we did But Jerome was very adamant that we are gonna do what we have to do. There's gonna be some pain But we're gonna tackle this inflation Regardless of how it will affect people now. He was conscious. He said I know this gonna affect families I know this gonna affect jobs, but we've got to tackle this inflation. What did what was your takeaway? I walked away from the meeting feeling like this was a good thing But I know others are a little bit more bearish and thinking this has a negative outlook long term What are your thoughts? Do you think that was a good announcement or or it's gonna be sending Marcus down soon? Well, Tim, this is the first time I'm looking at where being, you know, like I said blunt about what lies ahead and If I recall correctly, I think he's learning a great deal with you know from one of its predecessor So let's travel back in time and take you to August of 1979 So add back then the inflation in the US was more than 11 percent And then there was a Fed boss called Paul a Volcker and he had the task of bringing inflation down from that You know trophospheric levels. So by 1983 Volcker managed to bring the consumer prices down to 4 percent But yes, his effort left behind two economic sessions and sky-high unemployment levels But no raising great. I think I think what well is actually doing is right now is simply following the same philosophy So he's coming to the terms that yes, we'll have to see some, you know pain in the market We'll have to make people poor will have to suffer higher unemployment But his foremost and first task is to bring the inflation down without giving any thought to other things Which is what Paul a Volcker did So I think that that entire era of higher inflation and the rate hike really saw as a good case study All of us in the crypto space as well, which is why I started studying back there I started looking at it and the policies are quite similar So, you know, this is this is why I believe that what happened during the markets in 1980s When the hawkish policy were really hurting the economy the same thing is going to happen this time Wow. Yeah, no, I mean and and here's the thing like we kind of referenced this a little bit We were talking before the show and we'll kind of stay brief here and then we'll keep moving on You know one thing we knew kind of for certain from Jerome Powell was it does look like the stock the housing market Excuse me is going to be seeing a drop I think numbers that a lot of people are throwing out there is about 20 percent We're gonna see housing market drop by 20 percent That's something that Jerome was kind of direct about on housing and about jobs and stuff The question though on I think everybody's mind is is what we just heard from him implying that the stock market and crypto Namely Bitcoin does it have further to go to the downside or can we hold that? 176 on Bitcoin and just range sideways for a while before things start to get better See the rate hike is clear. I mean when you look at something like a housing market, which is always always in demand When even you are predicting that it is going to fall by 20 percent It simply translates to one thing that people do not want to spend money at this time Because there's also one more thing the rate will be higher. So the mortgages will also rise up So there is no point investing in something on which you'll have to pay some fixed not floating fixed rate for the next Multiple years. So I think the demand for housing market is, you know technically it has to go down because of the higher interest rate and stock market and Bitcoin and crypto, you know, they are not left anyway, you know, they'll have to face the same consequences We are looking at the time where we're talking about recession. We're talking about the prospect of unemployment higher in unemployment So what does happen? What would really happen is that all the retail investors and even even the institutional investor They like to hold as much cash as they want because they wait and they save for the worst day For companies, it's about acquiring so that they can they can have enough cash to, you know, run the business And they cannot like be in hard assets such as stocks such as Real estate and the same goes out for retail investors as well So what what's really happening is because of this housing the prediction that it's going to crash by 20 percent I think stock and bitcoin will have similar consequences Hmm. Okay. You when you're saying similar you mean similar to the housing market and going down potentially as far as 20 percent Uh, see we cannot predict the number because uh, I think each market has a different set of volatility It has a different set of supply and dynamic supply and demand structure So, uh, but yes, what we can what we can really look is that whatever that rallies very high very widely during the easing First the hardest because you know, it has the most profit to offer you Even if I compare today is bitcoin private to march. We are still up. We're still up by a lot So that is why, you know, bitcoin actually gives me more opportunity to take Good enough cash out compared to stocks and that also applies to our housing market So which is why I think if you're talking 20 percent about, uh, the housing collapse I think bitcoin will have more than that at least at least by 40 percent in that case I'm just giving a rough number, but it has to be like that Okay, well, let's go and let I know you have some charts available for us Let's let's talk about bitcoin price here for just a second and and let you maybe go through some charts here What are your expectations for bitcoin now that we have this news and we're going to continue We have some other questions about the fed uh numbers as well and what you're thinking they will do to the space But let's start with your chart. What are you seeing for bitcoin's future in terms of price action? All right, so I'll just uh share this chart right away So I'm kind of like, you know, mixing two things here. I'm mixing a bit of fundamentals with technicals here, which I always do Uh, so because of the rate hike fears, I mean all this time, you know, you're looking at This crash from the beginning to here. It's like more than 60 percent already And all this period we have seen federal reserve increasing their rate hike So we already know that what bitcoin is about to do when in a higher interest rate environment And all of this, uh, you know, during the time of this downtrend, we have also seen many indicators Uh, technical indicators flashing like for example in December 2021 to april 2022 we had Which some would look like a b or flag what really happened, you know, according to the technical, uh theory that defines it We had A fall, you know, this is the this is the downside target and we actually reached here quite easily So it's really happening that technical indicators are being suited Due to this interest rate environment. So whenever we're listening to a bad news, uh, these technical indicators are also working according to the You know, theoretically, so right now we have a similar problem here in in the name of this cup And handle pattern. So what really happens in the cup and handle that? Once, you know, this is uh, this is the neckline. So once the price break below this neckline Which has happened right away if this breaks below this, uh, neckline, which is around 18,505 The price Security glee needs to fall by as much as the height of this cup Which bring us to almost to $14,000, you know, and this is the projection for the end of this year coupled with all the fundamentals I discussed in the previous, uh, you know in the previous questioning So which is why I think that we have to see more pain There is, uh, you know more credibility to this model because of what we have seen, you know, in the in for example, the beer flag So I think we should be prepared to work for a drop toward $14,000 I love that you did the reverse the the reverse or inverse Cup and handle formation. I had not seen that. I love technical analysis. I love looking at charts I had not seen that but you make a very compelling point now Here's what I will ask you as a technical analyst You know your projection there you use the full length of the cup How how do you project this? I've seen some analysts use just the length of the handle Why is it that you use the full length of the cup and not just the handle? Well, I'm just following, uh, you know the patterns that has appeared before this because any any technical pattern It is shaped after starting similar pattern across the ages So even if you look at, uh, you know, great analysts like thomas bilkowski, uh, who has studied these patterns for a long time So we find out that whenever these patterns form Most of the time I'm talking about 71 to 78 times Uh, the percentage either the successful percentage at which the price meets the profit target up in hand Is actually equal to the uh, the height between the cups speak and the cups bottom So it's not something that can be, you know, that can be explained by secondary analysts like myself But we are simply following all the data that is available and their outcome. Yeah, because it has happened 79 person times It's the probability of it's happening 79 person in the future increases Man, that's good stuff, man. I love seeing that. I love love listen to other analysts Let's jump back now that we kind of have a price target potentially for bitcoin again That's pretty similar. I've heard people talk about 15 16 You know, some people are going down to 12 and 11 Um, but you know 14 is a good little number to keep our eyes on Let's go back to the fed and let's just talk about the market as a whole Because I think something you said earlier was even if the price does drop to 14 in the long term You know prices if people are DCing and buying right now, that's still a good purchase long term Let's talk about the space. Do you think, you know, we're going back to drone pal in the fed Do you think there's still a chance an outside chance that we somehow manage a soft landing? It doesn't sound like drone pal has shut that conversation down Although it does look like it will be a slim chance. What are your thoughts about that? Uh, I don't think Pavel and his officials can give the economy a soft landing and again I'm taking the example for the Volcker times when I told you that there were two economic recessions during the period of rate hikes When the inflation was above 11 percent Now we are fighting an inflation about 8.3 percent and we have to bring it down to 2 percent. That's a big gap and uh, which is why I I totally think that uh, it cannot be a soft landing and Look at looking at Pavel's recent statement. I mean look at their words. They agreed that in 2022 the GDP growth Will be you know, it's they have downgraded the GDP growth from 1.7 percent to 0.2 percent, which is too much and meanwhile, you know in 2023 also They have gotten a half point here cut to 1.2 percent. So what's really happening there? And you know, there's actually one more Indicated about Employment and they say that the unemployment next year can go from 3.9 percent to 4.4 percent So all these indicators come together. They tell you that yeah, things are looking looking pretty bad And the soft landing is just a term. It's just a mean term for now So if we keep going on if the inflation does not come down and because there are external factors behind it America is not in the control of inflation anymore. They are relying on external factors such as the war in Ukraine And then there is another geopolitical issue emerging in Taiwan the china All of these things can actually hamper the process of bringing the inflation down. There is a huge possibility And i'm not saying it's going to happen I'm saying the investor need to be cautious about it and this cautiousness really Drive the sentiment, you know, whether whether we want to put money in something safer or something very volatile like stock Real estate or bitcoin So because of this cautious nature and whatever happens, but people are cautious about it they're going to be more invested In in in a non risky asset compared to bitcoin or something else So yep, there's not going to be a soft landing to answer your question Yeah, I mean that you kind of just open up a can of worms there issue Like if if that's true that the These outside factors are going to be the main determinants of if we can fix inflation And I think drone power thinks that you know with what they're doing the interest rates will help But let's say there is let's say that stuff heats back up over in europe between russia and ukraine Let's say that the things start heating up over there with china and taiwan And and there gets to a point where it's Legitimately outside of the control Do you think that there's an outside chance that even some of these more powerful countries? They're civilians Start moving their stuff into crypto start moving towards cryptocurrencies because even though, yes, the price might be down I mean those are going to be great buying prices also the decentralized nation nature of cryptocurrency Could be very advantageous to get away from the fact that the centralized u.s. Dollar centralized british pound chinese you want all this stuff these things are being so suppressed Could we see the population actually start to address and move over towards crypto? Or do you think at this point that's a little bit too far too far-fetched? That's that's too far-fetched because uh, you know, we have come a long way in the last decade But infrastructure wise bitcoin is still not available to masses I mean even if you want to if i'm somebody in ukraine and i'm in the middle of a war and i want to Just transfer all my bank assets into crypto I'll need to make sure that I I go through these K by cm and to go through this so many other thing that is typical bank needs and after that i buy it There are there are of course so much resistance And so you cannot just like anticipate people to simply jump on crypto Specifically when you know most of these people might not even know what it is probably and so I think during the time of distress People cannot go and start start studying it for months because they need to get out quick They need to be so so the first thing they actually think about is the cash that is available in hands because it's easily accessible Which is not in the case of bitcoin. So yes, uh, people don't have the time to study it And I I think there will be adoption like that. Yes, we are looking at an adoption at a later stage But not in not in a very sudden quick manner. I don't think that is that is the case with bitcoin for now That makes a lot of sense, you know with that being said though, uh, you know Now we're having to put our faith in the the fed They got to they got to do what they got to do to fix inflation. Do you think that they have it in them? Do you think they have a good plan? What are your thoughts about their moves going forward? With the limited amount of control they actually have do you have faith in that plan? What are your thoughts? Well Let's not have faith in fed because they have failed miserably in the last two years when building things things and uh, it started with that Mean thing they said, you know the inflation is transitory when half of the world was screaming on the top of their lungs that is not And uh, suddenly a fed found itself, uh, you know in the middle of new problems The war happening in Ukraine the food crisis the fuel issues and uh, now they are which is that like I said Now the problems are not the one they have seeded the problems are outside And now they are simply reacting to whatever economic data they can see And like I said, you know with going back to walker even even during the times of walker's rate hikes This guy took two steps back the central banker i'm talking about, you know, who raised the interest rate in 1980s to bring the inflation down He actually took the step back as well. So for well, it seems to me is simply following the same template Of course, nobody wants to see a recession and that includes him But it's tough to bite and he would read just strategies based on economic data So let's not expect a fed pirate I think he will just wait and watch because their dot plot is also the same I said it's a 4.4 percent in 2022 and in 2023 is 4.6 percent So we are looking at the rate hikes they are prepared to face inflation and to bring to two percent from the current levels Yeah, I I hear here 100 percent. How much longer do you think then that this uncertainty will last? Like do you think this is something that could run all the way through 2023 into 2024? Do you think it goes longer in 2025? Are you expecting us to have some form of relief in 2023 because everything we're talking about here? This is big stuff. We got to be aware of it. But how long should we be waiting on To maybe look at a ray of hope coming on the horizon See the question actually comes from a perspective when you are a bitcoin holder or you are like exposed in the risky assets So yes, if you're talking about that and if you're thinking that yeah, there's going to be a light at the end of the tunnel Yes, there will be Because uh, see even if you look at the summary of economic projection that came out yesterday It is actually speaking about you know Introducing less rate hikes as the year progresses. So by if I remember correctly It's 3.4 percent in 2025 Compared to 4.6 percent by the end of this year. Sorry 4.4 percent by the end of this year So even they have completely, you know, they have the idea that Yes, we will be able to bring the inflation down within the next 12 months And after that we would need to tone down. We need to you know, scale back a bit and during that time Yes, there will be enough opportunities for people who have invested now when the bitcoin price was going down And they were buying the dip I think there's going to be a good opportunity to for them to really secure their profits So, yeah, I'm just speaking from the bitcoin holders point of view. But when I when I speak like completely macro Uh, the and if you want to talk about next 12 months. Yes cash is the best place to stay in Uh, which is why I'm saying that uh Let yes, we anticipate that the Fed will scale back after a while We'll they'll dial down the interest rate hikes, but that thing is not going to be there until 2024 according to the dot plot Right, right. And and that dot plot, you know, I know some people don't really take that to account I know Jerome Powell even was on words said, hey, this is what we're thinking right now. This easily could change But you know, one of my takeaways and I want to hear what you think about this one of my takeaways was This is going to be a fun next year. What about by fun? I mean not very, you know, it's going to be painful It's gonna it's going to have people reaching deep into their pockets It's going to have caused some families to be very concerned on if they were able to feed themselves and their children and Um, keep a roof over their heads jobs will be lost However When you're looking at investing in things So it's it's sad that I have to kind of put the retail investor On the side for a second and just think about investors. We're talking about whales talking about institutions that are constantly trying to get richer and richer The investor loves stability of not of knowing what is coming next and and something that I thought that I saw with that Jerome Powell Announcement was the clarity that he's giving about what the future looks like. We know pretty certainly the rest of this year We're probably looking at a 75 and a 50 increase and then over the period of next year potentially an increased 50 Investors love knowing clarity. It might not be fun It might not be what they wanted to hear But at least if they have a feeling they can predict what the future looks like they can invest wisely Do you agree with that sentiment? Or do you think that this what just happened yesterday is going to cause a lot of people? Yes, we might crash down to 14 000 But do you think that could actually scare a lot of people and create more flood in the market? Or do you think that was actually a bringing of clarity for investors down the road? Without really like depends on if we are talking about investors who are trading markets for more years Are the professionals with how your market survive? Or they are just newbie, or they are just for mowing in and they are completely effuding when the time comes So I cannot actually answer the question that how people will behave. It's a psychological thing But having a certain clarity like I said really comes when Fed itself is clear Right now Fed cannot be clear about their Inflation targets They cannot be clear about how much time they need to bring inflation down to two person because like I said the Factors are external And that involves all of us Anticipate dotplot can give us an idea about how positive they are thinking what they are really thinking But dotplot is not the final final resolution It really comes from the fact when when the supply chain comes back to normal when the war is finished And when you know all the problems we are seeing across the world, you know in terms of economic collapses and Sri Lanka and Pakistan the China's real estate bubble issue The UK inflation the Euro-Gas issue and then the inflation in the US and so I think We cannot actually predict. This is the most I have to I have to be sorry to say that But this is the most unusual times in economic history. We are faced after the world war two There has been nothing like that. We have not had this, you know Great money supplying billions of dollars even in the time of Walker, which I am quoting repeatedly We did not have that money supply This kind of so this is a very very unprecedented time and Which is why the best bet for any retail investor right now if they are, you know, they don't have the appetite for higher risk If they don't have spare cash to you know, they cannot actually bet their money in so Which is why I said, you know, it has to be it has to be in markets that can guarantee you certain returns Which brings me back to yield, you know bonds basically sovereign bonds German bonds and Any kind of cash settled or cash related instrument? This seems to be the only safer choice for now That makes a lot of sense Well, let's let's transition here a little bit. Let's talk about regulation here. Uh, you know, that's another thing that's going to be hot Uh, coming into the next couple of months. We got a lot of people working in Washington We have a lot of people working around the globe trying to figure out cryptocurrency moving forward and we're you know Price aside What do you think the future of crypto regulation looks like not only in the united states, but maybe worldwide Are you in the moment thinking that all the regulations will be good? Is there any particular regulation? You're concerned about that people need to know about maybe they haven't heard of See, I would just first clear that I mean, I'm in favor of regulation because it actually makes the space more safer And uh, it makes sure that all the investors have an insurance net So in a way it leads to adoption But yeah, it comes with its own sense of and and we have been told that crypto is a breakaway Technology it has to be this an arctic version of finance so Personally, I don't think that the regulation can be a bit of an issue for crypto as far how, you know, these countries are gonna deal with it um For now, I think we in that study stage People are looking at it. Some some some governments are outright banning it. Some are trying to study it. Some are Just using old laws or to, you know, bring to bring a cryptocurrency in the new law So everybody has their own opinion. There is no unified response so far And it clearly depends on how us, you know, as crypto lobbyists and how we can fund this market how we can Talk about a unified law because we're talking about a global technology like internet. So, um In my opinion, I think us can be a benchmark which it has failed so far to become And if us takes a if us takes a good stand about it if we if it really clarifies the regulation because it is taking its time Yes, but when it really comes up with a clear clear No methodology about every kind of asset out there. I think it can give other countries to really follow the lead Because uh, yes emerging economies, they don't have the resources to really go after this technology and employ people because they are already running behind So many other things which is why we are seeing, you know, india are imposing this really You know completely unfair 30% tax on crypto transaction china is completely banning it So Yes, we I think I think us has to lead the market moving further But if the regulation comes I think it's going to be good for everybody Yeah, I think you're right I mean, it's one of the things we we've joked about it on our channel Coffee and crypto that the word regulation is like a lot like the word moist. No one wants to hear it But I agree with you that I think it comes with adoption It has its side effects. The question is how severe the It's severe how severe the regulation is and currently I know in the United States government There are certain people for example senator Elizabeth Warren who would love love love love to have very very constricting Regulation on it and I'm very much hoping that we get some some balance make sense type of regulation I love the fact that the sec gary genseler as horrible as he is for the crypto space has conceded Bitcoin probably does belong to the cfdc But I'm going to transition to kind of change it just a second I'm going to get your take unless I see some questions in chat that uh, you know, we can finish off with I want to get your take on ethereum speaking of regulation and speaking of gary genseler You know ethereum's got a had a little bit of a roller coaster ride here over the last month or so We finally got that ethereum merge And there's a lot of fundamentals that could lead to it being one of the leaders of this next season. However They found themselves potentially in the crosshairs of gary genseler in the sec What are your thoughts when you're thinking about regulation and you're thinking about what we're hearing from gary about ethereum Do you think ethereum could be in trouble or do you think this is not really something ethereum holders should worry about? Well, I cannot take a statement the grain of salt. I mean, it's just a statement. It's his opinion Like people before him have given their opinion and they are getting completely wrecked in the court because of that Uh, what gansler is saying is that because the stakers are in america. They are officially the property of the u.s and That is I don't know how to pronounce that but he is simply to equate that he's saying that if you rent your property If you don't you really stay to somebody that property is mine Uh, so there has to be some logic. I think he's he's a big guy. He has reached to such a great chairmanship level But to really speak like that without even understanding it simply says that he doesn't understand things about ethereum itself Uh, he does not understand the concept of having decentralized nodes. He does not understand how staking works He just thinks that you know, it's uh, he just read some ways centralized. Maybe so. Yeah, they they have to be treated like xrp Man, I mean, um, what which what should I say? I mean it would be controversial But I don't think uh, but but yeah to answer your question. I'm sorry to answer your question I don't think it means anything in the longer run. I mean, it's just one man speaking something about ethereum And he's gonna retire somebody else will come I think it's interesting that you know, because I think you're right I think there's aspects he doesn't understand, but I don't know if you remember this One of my co-workers are reminding me Last year There actually was some bullish narrative when gary was appointed to be the head of the sec You know his his background. He actually used to teach blockchain technology We thought here's a man with some fundamental understanding. He should be pro-crypto and he's been nothing But uh, but a deviant the whole time he's been there. He's been anti-crypto Even though, you know, he's not necessarily the worst for bitcoin when it comes to all the rest of them They're just always looking over their shoulders always gary coming for me today We thought that was going to be bullish But so, you know, I love what you're saying there You think that he might be understands blockchain technology But he doesn't understand the decentralized nation of staking and what that means different than securities Uh, see I blockchain technology. It's a very new there is no expert out there I really hate the term expert when people say i'm a blockchain expert How can you teach blockchain technology when blockchain itself is evolving every time we look at it? There's a new project coming up and introducing a new format. We did not know proof of stake a like a couple of years ago Now we know I don't know what he was teaching you can learn But I think the book he had from the way he learned from was the same book you and I read But yeah, he stopped reading because he got under pressure. Maybe he just stopped reading He just stopped getting updated by what's happening in the space Um, so I'm not gonna I'm not gonna call him an expert just because he was teaching some people Uh, nobody's an expert. Uh, it's just it's just a Fall thing to say that you're an expert in blockchain technology That's a good point issue that I'm gonna steal that point from you when I'm talking about it I you know, I got to sit in the room during one of Charles Hodgson's meetings Where he pretty much echoed kind of a similar thing and you know, everybody knows how brilliant he is But he was saying like listen, dude, we're we're three five years from fully understanding what we have like We have so many things that are going to come out here over the next three to five years And then the three to five years after that will blow that stuff out of the water So I could not agree with you more blockchain It's really hard to call yourself an expert of blockchain with it ever evolving. It seems like every single day Well, I'm gonna look at chat here your shoe and we're gonna be wrapping this up. Let's see questions I did see you know a similar question what I asked and I told you a forehand. You said I got your name correct Yeah, shoe gola. You said not a lot of people get that correct I'm a I'm a I'm a name obliterator, right? I know I'm gonna obliterate this one three a beat Hey, um, maybe you could print. I don't know like I'm I'm so sorry. Is that three sri. How do you pronounce that? Three should be three. I'm so sorry He pretty much he first asked the same thing I was asking Will the government regulation in the coming year squeeze the blockchain utility kind kind of similar but maybe update a little bit Do you think it will squeeze the blockchain utility and maybe squeeze it to be more powerful? Maybe squeeze it restrict it. What are your thoughts about that? I would always say that look at internet Yes, people have controlled it people have, you know, imposed new regulation on the top of it But then you also have secret things. I'm not trying to speak like anything illegal here But the people who want to step away from government who wants to have a private channel. They will still have it So regulation, like I said, it does not really hamper growth. It actually makes it's safer for other investors to come It makes people, you know, feel more confident about investing So some kind of regulation is good. Otherwise, we'll be looking at all the frauds. We have just business this year, you know, all the patrols and withdrawal tracks and the defi exploits We don't need that. So I think having regulation will actually solve the problem then hamper So, yeah, that's what I think Well, yes, you thank you so much man for coming on today and joining so many great nuggets of wisdom from you Everybody watching right now, not only should you like this video subscribe to coin telegraph Make sure you follow your shoe on twitter You can see right now his twitter handle right there. Follow me as well at tims underscore ta for more crypto updates Yes, you it's been a pleasure, man. I'll see you next time we have you on here. We'll have to get you on back real soon Thank you, Tim. Thank you. It was great talking to you Yes, and everybody else out there make sure you tune in every single day for more content Just like this here on coin telegraph and every thursday you tune in at 12 p.m. Eastern standard time for market talks That's all I have for you guys today, but I will see you in the next one. Peace