 What's going on in El Salvador? Is they're able to pay back their loan to maturity, which is today, of $800 million. Also, we're going to take a look at how banks are turning their back on crypto users like you and I. So let's just jump into it. So first things first, we've got Naebu Khalili nailed it. And of course, he's the president of El Salvador. And he put out a pretty good tweet, which I didn't realize was going on until I saw it. And he says, look, in the past year, almost every legacy international news outlet, mainstream, mainstream media said that because of our Bitcoin bet, El Salvador was going to default on its debt by January 2023, since we had $800 million bond maturing today. Right now, literally hundreds of articles. And I'm sure a person like that is going to keep keep notes and keep records of who bets against you. And he says, look, they all said that without striking an IMF news deal, we're going to be able to unable to pay our 2023 bond because our Bitcoin losses. And he says, I got the receipts. And you got New York Times, Info Bay, Washington Post, all the favorites grifters out there as far as the news articles. There's a full page spread of New York Times creating the narrative that El Salvador was broke and going to default. I call them out at the time. But of course, we're going to believe us. Who's going to believe us? And I have an international news outlet and their economic geniuses. And of course, he takes a look at the article there. Well, we just paid in full $800 million plus interest. But of course, nobody is covering the story. I don't think you're going to see the story anywhere else because it's not a very enticing glamorized story. Negative cells in the news. And of course, positive really doesn't do too much. It's only move the needle. So when we talk about these positive things, you're not going to see it. You only see it on channels like mine and some other ones, a handful of ones that are out there. And he says, I just found one. Yes, one in Spanish from Columbia. They lie and lie and lie. When their lives are exposed, they go in silence mode. And of course, CZ is of course like, oh, heck, pretty good job. So the thing is like this, we have to be aware that this is going to keep happening. And we know it's going to keep happening. And the only way you can get the information is to go on to, you know, YouTube channels like this because the news publication, I was not going to show you what's going on. But I found it very interesting that they said that everything is going to was going to default. It was going to be just a catastrophe. And then there were some problems. And of course, here we are, $800 million later, paid off in full. So let me tell you what you think about that in the comment section. And then for some more good news is also this Shanghai upgrade, a shadow fork is going live. Now this isn't the actual hard fork, which is the Shanghai hard fork, which is supposed to a lot of people who are staking their Ethereum to be able to collect their rewards and also on stake. But it looks like things are moving the right direction. So Ethereum users are one step closer to accessing the $26 billion worth of ETH stake from the world's largest smart contract network. Now, I don't know if this is going to lead to a dip in the price as people sell off their Ethereum, but I got to tell you, if you're able to stake your Ethereum back when this was actually available over a year ago, and now the Shanghai upgrade is just about to come out, if you did it all the way back there, you had no idea when you would be able to un-stake and collect your rewards. So me personally, I think these are more the die-hard Ethereum evangelists that are really getting into it. So I don't know if it's going to move the needle, but that's why dollar cost average, because it's not just individuals that have done this. Also, of course, on crypto exchanges, you're able to somewhat stake your Ethereum. And then once that gets pulled out, then of course you can sell if you want to. I'm not for sure if maybe some people are going to take profits along the way, but I don't think it's going to be the maximum, like people may think. But again, that could be wrong. On Monday, Ethereum's core developers announced the successful deployment of the first mainnet shadow fork designed to test the readiness of ETH, withdrawal capability, and this is going to launch by March. Mainnet shadow forks are full-dress rehearsals of system upgrades. So things moving in the right direction. I like to see that, and that is positive news. On top of the facts, some more good stuff. We have the BlockFi, or excuse me, Genesis, went into chapter 11. There's been some big back and forth between the Winklevye twins and Gary Silbert, who is the CEO of Digital Currency Group, which is one of the subsidiaries, or Genesis is one of the subsidiaries of Digital Currency Group. But now it looks like lawyers are pretty optimistic. So Crypto Learned Genesis optimistic about resolving creditor disputes, and they state this. The lawyers themselves are confident about resolving their disputes with creditors this week with the stated goal of emerging from chapter 11 by the end of May. Let me just quick math real quick. February, March. So that's four months. If they can pull off that, that would be amazing. I don't really have much faith in anybody who goes into chapter 11. Just take a look at what's happening with Celsius and Voyager. Well, maybe if Voyager is going to get bought out by Binance, that actually gets going through. But who knows? But I find it's optimistic and good that the lawyers are like, yeah, we can do this, and it's going to take only four months. So we'll see how it all works out. So those are the good parts, the good stories. But I have to give you some balance about what also is going on in the industry, which is this. Basically, the banks are a little bit skittish. And this was a Yahoo Finance article, the banking industry is turning its back on Crypto, adding insult to injury for the ruling sector. And every time I see these stories, the first thing I think about is that statement from a quote from Mahatma Ghani. And I'm not 100% sure he actually said this, there's been some discrepancies, but it's still a good quote, which is first they ignore you, then they laugh at you, then they fight you, then you win. And when I always read these stories, initially, that's what I think of. But in all honesty, I don't think that's what it is. I think really what this comes down to is that, I'll be honest with you, thanks for greedy. And they just want to make a bunch of money. And what's happening here is that they're losing money because of the different shenanigans that were going on with FTX and the bankruptcies and people losing funds. So I don't know if it is that. I mean, the mainstream media we talked about with the other part, other story, I understand. They're probably just like, we don't want to cover it because we're not sensationalism and we've already done our damage. But here, I'm just going to read the article and then have you make your own decision. So this is what's going on. Banks did a lot of promotions for crypto users. And the strategy paid off during crypto's boom cycle 2021. But now two major crypto banks, Silvergate and signature having second thoughts through the blows to their balance sheets and regulatory uncertainty. Chief example is signature bank, which established itself as a crypto ally with nearly a quarter of its 103 billion in deposits coming from crypto firms. So you're looking at $25 billion roughly, $26 billion is coming from people like you and me as you deposit and want to use that to buy crypto in different exchanges. Unfortunately, finance just sent a notice to customers that signature would no longer process swift fiat transactions for individuals of less than 100,000 starting at the beginning of February. And when I saw this, I was like, oh, that's pretty awful. You know, I thought maybe it was going to be pretty, you know, just horrendous, but not really. The company Silvergate added that it was looking to find our signature, excuse me, signature says the company added that was looking to find other solutions. And that only excuse me, this is Binance talking, Binance stated that it was looking to find other solutions and say that only 0.01% of its average monthly users are serviced by signature banks. So even though we think that's a lot of money in the grand scheme of things in the quadrillion of dollars that are sloshing out there, it's not a big deal. Signature has already been scaling back its crypto exposure announcing in December that it was shrink as the positive had a crypto by 8 billion to 10 billion. Its share price had dropped by over 65% since February. So if you understand, since February of 2022, it has lost as far as its stock price, its share price over 65%. And this is of course, because investors understand that these are all crypto investors. So they're like, I don't really trust you. I don't really know what's going on. So we're going to take it off. Then the bank has to respond. They go, whoa, wait, it was great in 2021 when that happened. But since there's some some turbulence, we're going to pull out. And that's just how it is. It's just they're just looking for their bottom line. We are not a crypto bank. And we want that to come across loud and clear. That's Joe DiPallo, the CEO signature CEO. And of course, yeah, they're going to distance. But I guarantee you, when the bull run comes back, guess what they're going to be saying? We loved you guys the whole time. Come on over here. We'll give you some kind of discount to come on in and we'll make things super easy. We loved you the whole time. Kiss, kiss, mooch, mooch. That's just how it is. Silvergate, another crypto friendly bank reported a 1 billion loss for the quarter 2022 with 90% of the banks deposit base coming from crypto firms. So again, this to me, I mean, it could be this that they're trying to fight us. But in all honesty, I think it's just a balance sheet. Let me think about that in the comments section. But I think it just comes down to regulation. And unfortunately, this is what we have. So on this channel, I've been a little bit, I want some regulation just a little bit. But I know we're going to overshoot. I understand. But let's just make it simple. And this is this kind of sums it all up. New York regulators were in crypto companies against co-mingling customer funds. You don't understand co-mingling is where they take your funds. And of course, they're operating expenses and their funds kind of co-mingling. They do whatever they want with it. That's what they did with FTX. They've used your funds to buy their employees' houses. Very simple. And New York doesn't want that. Unfortunately, New York has also the career of the bit license, which is pretty much a hindrance to the entire sector. Here's what's happened. The new set of guidelines that New York put out applies to companies that operate in New York State and hold a bit license. What they're saying here is this, regulators advise custodians, that would be the exchanges, to keep digital assets that belong to others separate from those that belong to the custodian itself. I think we can agree that's not a bad deal. Keep stuff separate. I don't want you to use my Bitcoin. Well, I don't ever leave it on exchanges anymore anyhow. So it doesn't matter. But the ones that do, I don't want you to use that to buy people's houses or to pay for your operating expenses or whatever you do with that to keep your crappy business afloat, separate them, and then we should be okay. Both on-chain and in the custodian's internal books while maintaining appropriate records. It also asserts that assets under the control of a custodian should only be held for the purpose of safekeeping and custodians bull, not thereby establish a debtor-creditor relationship with the customer, which is kind of what Celestius did as they took all our funds and said, hey, thanks for giving me your funds. Now we'll do what we want with it, even though the CEO would come on channels like mine and go, it's your funds, it's yours. We just are here for you in the community. We don't do anything. We hold that for you, hodl mode the whole way, jerk. So that's what we have as far as regulation. And I got to tell you, just to be crystal clear, the bit license that they do with New York is just overstepping the boundaries. I understand that's going to happen. But that's the whole thing. I think what's going to happen is this. It's a good thing that we're in discussions and we send people up to the hill, talk to Congress and say, Congress is going to want, and regular is going to want one thing. We're going to want this other thing. And hopefully, we can meet in the middle. And not that no one's going to be a real loser. We just got to figure out what it is that we want, what it is that they want and come to middle, because nobody ever gets 100% what they want. We just want to do that, move forward, tell me the rules so I can bend the rules to my whim. And that's it. So look, that takes care of today's stories. So look, if you liked today's video, give it a thumbs up and consider subscribing. Everything we talk about on this channel is time sensitive. So if you'd like to subscribe, do these things every 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.