 Hello everybody, welcome to today's livestream. So it's Friday and of course on Friday, we have nice little pullbacks. And if you're like me, you were kind of looking forward to this and looks like our prayers were answered. So if you haven't checked your portfolio, which I doubt very much or I've checked the prices, which I also doubt very much, you would know that Bitcoin took a little bit of a tumble in 24 hours down 3.7%. Oh no, almost 4%. I know some people make fun of this, but we have to remember that in our sector, we are in digital asset spaces, right? And of course, some of us are Bitcoin only, others are in different altcoins, but we're all in some type of cryptocurrency digital assets investment. And we have to remember that there are people here that are from traditional finance and 3.7% is quite scary. So if you are one of those people and you're watching this video right now, I just wanna remember that don't worry, it's going to be okay. This might be something that's like one of the worst days for your 401K, but here we call that a Friday. So not a big deal. And of course, we take a look at the price action. Yes, Bitcoin's down a little bit, almost 4%. Ethereum, which was the darling for quite some time, over 4,000 now at 36, almost 37, and down the road. But I gotta tell you, it's amazing to me that look at Solana, quite resistant to what's going on today. Up 1.2% for the hour, 25 hours, 8%. And in seven days, up 20%, not too bad, not too shabby. Avalanche, same thing. 5% and 28% for the week. Dogecoin, XRP, watch out. Still down, what are you gonna do? And then mostly read across the board, so whatever. So of course, when we have these types of movements, this of course will lead to liquidations. And liquidations, if you were going long, I don't blame you because it looked like we were headed to the moon. And that's how everybody types to see these things is like, okay, it's just gonna go straight up and we're good. That never really happens. There's always pullbacks. There's always these little hiccups and that's just normal what it is. In the last 24 hours, you're looking at almost $600 million liquidated in longs. And not to forget that also short. So it looks like over the last 24 hours, we're almost at, well, yeah, roughly over 700 million. So maybe if we take a look at like 36 hours, maybe we hit a cold trillion, or excuse me, a cold billion. But if you're doing the longs and shorts, good luck to you. That's not my game, but that's how it is. The question that I have though is how are traditional finance going to respond to this? And I mean, the question that I have really is with the ETFs, with the inflows and outflows, of course, grayscale doing a little bit of dumps here and there, but then of course, I bit picking up the slack and black rock and fidelity and everything else. I wonder how the traditional finance people are going to take these dips, which this isn't the worst one just a week ago or so. We had one that was almost eight, nine percent. And actually the next day, we saw quite a big rally. So of course, it is today, Friday. Today is Friday. We are not going to see any inflows into the ETFs because on traditional finance, they don't or cannot do any of that on the weekends. That's the downfall of those ETFs, but it will be interesting to see what happens today if we see a bit more of an outflow or if people have been coached successfully by their investment advisor and say, look, this is one of those things where it's a very volatile asset. This is not T bills. This is not treasuries. This is not your 401K. So this is normal. And maybe what you should think about doing is buying the dip instead of being scared. But again, I'm not an investment advisor. That's their job. So that's all we have. And I just wanted to bring this to everybody's attention because as new people come in and we're here, people are gonna start to think about, well, man, if it went up, if it doubled in price, maybe you can go five X or 10 X and everything will just go straight up. Remember, there are people that don't really understand what this is. They just know that number go up and you're going to see pullbacks like this because people just assume this is just a get rich, quick type of crazy scheme. And we're going to see stuff like this. This is the CEO of Vanguard. Tim, I forgot his last name. But he is actually going to be stepping down at the end of 2024. And he gives a real quick example of like, hey, we're not ever, ever going to allow any type of Bitcoin ETFs and the reason why. And the reason I bring this to everybody's attention is because we're in a bubble sometimes and we kind of stick to this bubble and we just listen to our own narrative. So remember that there are a massive amount of people out there that have this same lot of thinking. They're the Warren Buffets. They're the shifts of the world. And they're the people that just like, this doesn't make any sense. Why is it going up? It's to Romania and da-da-da. So I want you to listen to this and just understand like the different side of the coin. So you're not just exposed to the hype and the moons and lambos and everything else. This is how a lot of people actually think. So let me pull this up the right way so you can actually hear it. Take a listen. This is about a minute or so. It's quite interesting actually how he says it and how adamant he is. So here we go. Spot Bitcoin ETFs question came in. Hey, we know you're not offering one. Have you changed your mind? What would it take for you to change your mind? We don't plan to and we don't like, we're not going to change our minds around this unless the asset class changes. Before why? First of all, we don't believe it belongs. Like a Bitcoin ETF belongs in a long-term portfolio. Someone's saving for the retirement. It's a speculative asset. That's exactly it. And the funds that we offer invest in asset classes that actually have underlying cash flow. So like we mentioned stocks, you're buying the forward earnings of a company. And that bond, right? As coupon and principal payment. Yeah, you're going to pay me something for lending you the money, right? So they both can be valued. And that's, for us, we don't understand why they would rise up in a portfolio and the role they will play and we can model them. Something like Bitcoin is just too volatile and it's not a store of value. It hasn't been. And it's very volatile there. When stocks got hammered in recent crises that Bitcoin went right with them. And so it is speculative, really tough to think about how it belongs in a long-term portfolio. Yeah, great stuff. So good job for Tim. Look, I'm not here to knock anybody. And that's your belief. That's your belief. It's not a big deal. That's just how people have been brought up and they look at different assets in that same specific way. So one of the things you will note, and I have to say this, and I think it's important that when we talk to our friends and family and we're explaining Bitcoin, I know you're excited, I get it. I'm excited too. But you have to remember when you're talking to them, you have to remember to tell them about the volatility and explain them about the four years. And you don't talk about the four year cycles, but just remind them that, yes, as far as like store of values, I own precious metals. I own gold and silver. I have no problems with that. Pretty decent, reasonable amount of store of values and a hedge against inflation. But also remind them that the price of gold is not stable. It doesn't just stay at one point even when we go through recessions and it's supposed to be there as a hedge. It sometimes does go down. And Bitcoin also the same thing. However, if they have a four year time horizon and they can pick any point in the existence of Bitcoin going all the way back to 2010, if they take a four year timeframe, there will be up and not only up a little bit, but up massively. So if they cannot hold this asset for four years, then I got a great mean coin to show you. So just remember to do those things so we don't get stuck like we did last time. We kind of tell everybody like, it's gonna go up. It's gonna be great. It's fantastic. That was 2021 and 2022. What happened? 77% drop in value as far as monetary, as far as the dollar taking a look at it. So this is just something that I try to point out to people to be a little bit more level headed and kind of go from there. Having said all that and talking about gold, JP Morgan. JP Morgan states that gold investors are not switching into Bitcoin. And this is the type of thing also we should be aware of that titles are sometimes not that it's misleading. It's a little misleading. And here's what we have on this piece. So institutional investors and individuals have been buying both gold and Bitcoin this year. So when you take a look at the title, you're like, oh, then gold bugs and gold people are not getting into Bitcoin whatsoever. But no, what they're trying to say here is that people aren't in mass amounts dropping gold. Some people have dropped gold for Bitcoin. Some people have dropped Bitcoin for gold. I don't know what those people are, but apparently they exist. But what they're saying is that they're like, look, people who are buying gold aren't dropping in a mass amounts. They're just buying both. So they're not switching between the two. Some analysts have postulated. Again, there's one thing that two analysts can always agree on and that is that the third one doesn't know what the hell they're talking about. So take everything with a grain of salt. Private investors and individuals have propagated both gold and Bitcoin year to date rather than shifting from the former to the latter. So there is that piece that I wanna bring to everyone's attention. And also before we get into a little more bullish news, I just wanna say congratulations to the SEC for doing their job. And I don't believe their job is to write laws. I'm pretty sure Congress does that. But for some reason they like to do regulation through enforcement. However, they do get some things right. And this is great. A $300 million Ponzi scheme that target Latinos falsely claimed to buy crypto, the SEC says. So again, I have no problem with the SEC. Just do your job, what you were designed to do. US Securities and Exchange Commission sued 17 individuals tied to an alleged Ponzi scheme that took in 300 million from over 40,000 victims. And these are the types of stories that really irritate me because in the wrong hands on the lame stream media, they can really switch this around and say, oh, this is a Bitcoin issue just like what they did with FTX. So I wanna bring this to everybody's attention so they know exactly what was going on. The defendants who targeted the Latino community in 10 US States and two other countries convinced investors that their funds wouldn't be invested in crypto and their assets, but were not. And that is the same thing that happened with FTX. So thankfully the SEC stepped in and they got these 17 individuals. It looks like two have already settled. I don't know how that's going to work out. That's jail time or slaps on the wrist or they're going to be fined. But again, this is great stuff. SEC, congratulations. I'm very happy for you doing what you were designed to do. No problem with that. Sounds good. Also some negative news. ETH and ETFs. US senators tell the SEC to just say no. And again, this is another article that is a little bit off. And again, the devil is always in the details. Here's what it is. First of all, when I say the words Democrats, I can audibly hear people booing at their screen saying, oh, I hate that side or this side, but we're all the same people. Let's be honest. We just have some differences of opinions. Here's what we got. So in a letter dated March 11th to the SEC, and Gary Gensler, Senators Jack Reid, Democrat, Rhode Island and La Fonda Butler, Democrat California, implored the SEC to crack down on alarming deficiencies that exist in communications to investors within the asset class. That's great. And it's not like they're saying that they don't want an ETF. They're just saying, look, you guys really need to step in here because there's some language that isn't making a lot of sense of what is being put out to individuals. I can get behind that. That's no problem. The SEC's approvals have provided a green light for Wall Street to sell volatile crypto investments to ordinary Americans through their brokerage and retirement accounts. This is what Reid and Butler wrote in the letter. This gives the significant and unique risks posed by crypto. It is critical that Americans receive accurate, comprehensive information about Bitcoin ATPs. They may have a problem with that. I have no problems with this. If you're saying that something's lacking in some kind of disclosures, then this is what Gary's always talking about. Have them step in. The senators alluded to a January report by the FINRA, Financial Industry Regulatory Authority, which found that 70% of the 500 analyzed crypto-related communications to retail investors from FINRA members' firms had potential substantive violations. Well, that's not good, but again, details. Possible violations wait to FINRA Rule 22210, prohibits claims that are false, exaggerated, promissory, unwarranting or misleading, like saying you're gonna make a ton of money and you're not gonna lose anything or something crazy like that. That can't happen. Not to say that's what happened. I'm just giving a really lame example. Some companies failed to differentiate between crypto assets offered through the firm and through third parties. Other communications applied that crypto assets function like cash. Now, having said all that, you would think to yourself, well, who's doing that? Is that what the ETFs are doing? No, that's not what they're doing. Really what it comes down to is this is language. It's a FINRA review of crypto-related communication did not focus on ETFs specifically. So this could be other brokerage accounts, other institutions that are doing other types of things with Ethereum and everything else. All they're saying is like, look, we need some better disclosures. Gary, do your job. You've been not doing a great one so far. Anyhow, let me know anything about that in the comments section. And it's not all gloom and doom here. I'd like to throw in a little hopeium. Actually, this is legitimately a pretty good story. Matt Hogan, we had talked about this a couple of days ago. He's a chief investment officer of Bitwise, pretty much right in the middle as far as the Bitcoin ETFs doing a great job. And when we just talked about the people that really weren't into Bitcoin, and you know, Tim, the CEO of Vanguard really doesn't get it, that's just one individual. The Charlie Mungers, God rest his soul, didn't get it. And the Warren Buffets, didn't get it. And there's a plethora of people out there that just didn't get it. So does that mean that everybody doesn't get it? No, this is a great piece. It's a little anecdotal, but I think it's got a lot of room to let the imagination run wild as far as like where we could be. So Matt says this, this was today, day four of 20 on the road talking Bitcoin and crypto. Today, I gave an hour long keynote to a room full of the largest independent investment advisors in the country as part of the Veterans Advisor Independent Summit. Here's some takeaways. Every single seat in the room was taken and people were actually standing in the background. No one, there was no room to actually squeeze anybody in. This is significant. Based on shows of hands, 40% of the room, 40% of the room owned Bitcoin personally. That's crazy, that's a lot. That's a higher than I thought it would be, but sure. And 5% or 10% had exposure in client accounts. Now imagine that, you got 40% of people who believe enough in it that are already invested, but they've only got 5 to 10% in their client accounts. What do you think's gonna happen? They're probably like, hey, look, the ETFs did pretty good, a little volatile, but over a four-year timeframe, you're gonna come out looking pretty good. I think we should allocate a small percentage of your portfolio and see how it does. Questions range from sophisticated ones on the use of Bitcoin in a portfolio to early stage questions. On the margin, larger investment advisors may be a tad earlier in the process of onboarding to Bitcoin versus smaller ones, which makes sense. Multiple firms followed up asking for additional educational sessions, that's even better. Like when I do these different deep dives and stuff like that and people ask me, like, hey, can you put more information into it? I'm like, oh, that must have sparked an interest. So that's pretty good. Most of the group is still months, maybe three to 12 months from investing in crypto on behalf of clients, but they're opening up to it rapidly. But definitely we're making progress, but big chunks of the wealth market remain to be unlocked. So what does this say to you? It says to you, it says to me that, hey, things are working in the right direction, it's just gonna take time. Nothing goes straight up forever. And that's why we can never really call it and say, oh, Bitcoin's gonna be this price at this point. I think it's got a lot of room to run. Also, I thought that was interesting. Nayan Bukele, president of El Salvador, just did the ultimate proof of reserves instead of they just transferred a big chunk of Bitcoin to a cold wallet. It's in a physical vault within our national territory, which is pretty cool, because you can actually track this. And if you're like, well, how do I do that? Well, he gave you the address here, you can scan this QR code, or there's a link in the description. You can go to blockchain.com and this is their Bitcoin address. And right now, look at that. They've got 5,689 Bitcoin worth today, 387,939,404. So who knows what that'll go up to over time. But I think it's pretty interesting, like a country says here is our cold storage. It's not all of it, but it's a big chunk. And you can just verify it and see how much it's here. Man, I wish the US government could do something like that. That'd be nice. Instead of using all my money that I pay to do whatever they do. Anyhow. And then lastly, a nice little lesson to remember about the upcoming bull run is that you and me and everybody will not call the top perfectly. So just be happy with the gains you make. And here's what we got. So Trader Fumble's a $1 million bag after selling a Solana meme coin. Here's the story. It's pretty interesting, I like this one. They'll make you get FOMA, but just stick with me. On March 14th, which was yesterday, blockchain analytics firm Look On Chain flagged an impressive trade that saw a Solana holder with the wallet address Shatter.Sol. He invested 50 Sol into a new Solana meme coin dubbed the Book of Meme or Boom Bomb, I guess. The trader bought around 170 million tokens and sold them for 131,000 after the price increased. That's pretty good. I'll take that. So what is that like? 50 Sol, 6,500, 7,500 somewhere on there, I don't know, 50 times, yeah, roughly. That's a great trade for a day. I mean, who wouldn't like to make 131,000, but just wait. This is gonna make you second guess yourself and you really shouldn't. While many would consider the trade outstanding, I personally do. The tokens price catapulted even further. Boom went from an initial price of whatever that is, 0.00005848 on March 14th to as high as point, it dropped a couple zeros. This boosted the token to a market cap of over 320 million meaning the 170 million tokens would have been worth about $993,000 if the trader waited a day before selling. Ouch, it's a bummer. So what's the lesson there? The lesson is, you can do it either way. You can just be happy and say, hey, I turned like 7,500 bucks into 133,000 in 24 hours. Very difficult to do that. You can say that's good enough and that's what's probably gonna happen moving forward into the bull run. You're going to make a trade, you're gonna think you're a genius, which you probably are. And you're gonna make a lot of money and you're gonna be very happy and then you're gonna see it go up and up and up and you're like, damn it, I just should have held on. But next time I'll do that. You have to in your mind say to yourself, it was a good trade, I did what I was supposed to do, I accumulated to the bear market, I took my profits and here we are. And that's one side of it. Another side is you could do, this is what I try to plan to do is I sell on certain indicators, which we talked about, there's a link in the description, it's called when I'm selling 80% of my crypto, take a look at that video. And one of those is I talk about selling 80% because I always want to have like a little hodl bag. And we talked about this yesterday on NFA Live, is me banning the crypto verse and Jessica from Coin Bureau. And this 20% is like a hodl bag, which is essentially like, what if Bitcoin becomes the world reserve currency? What if all the millionaires and billionaires wake up and they want a big chunk of it? What if just like what Matt Hogan talks about, these investment advisors really start to get it. And at that point, everything just goes crazy. When you have a 20%, just like I think this person might have wanted it, you might say, well, I didn't screw up that bad or I didn't, I didn't, not to be screwed up, it's not a screw up. It's the ability to say, okay, I sold a bunch for profit, now I have a hodl bag and I can have even more so, but if it goes in the toilets, like that meme coin could have definitely gone the other way. Can we all agree on that? If that's the case, 20% is not gonna crush you. Maybe you don't have $133,000, maybe you have $100,000, but you still made $7500 into $100,000 and the 20% just goes away. Or it 10X's, something to think about. Anyhow, let me just think about that in the comments section. I think it's not a bad idea. And then to piggyback on that piece I just talked about, when you make that much money, $133,000 or whatever else it is, I don't know about you, but if you move like $100,000 through your bank, if you plan to do that, maybe you just wanna put in stable coins or Bitcoin or whatever you wanna do, but if you're thinking about this, you have to plan right now. And when I say plan, how many times has Coinbase gone down? Three times? Four times? I can't remember, because it keeps going down. So if you're just using one exchange, like I was, it might behoove you to start to plan a little bit better. And what I'm talking about that is there is a link in the description to use a separate exchange. I just signed up, well, I just signed up. I've been using crypto.com for quite some time. And there's a link in the description, it looks just like this. And you can sign up for crypto.com. They are not a sponsor of this channel, they don't pay me, but it is an affiliate link. So like I'll get some kind of monetary compensation. And if you, I believe it's, if you do a trading volume of $500 or more at any point, and you get like 10 or 20 bucks, some are on there. So think about that, think about getting a separate exchange if it's not crypto.com, just make sure it's something else. And the other big thing, I did this on purpose, is if you're gonna use an exchange, make sure you have a cold storage device, like I use Tangem, it's the easiest one that I could possibly use. What are the rules, the rules right here in the very center, it's all gone, 100% scams, 0% exchanges, don't even have exchanges, use a cold storage device. So use that and go from there. And then also lastly, before we do a Q&A, if you're a little bit of a gambler, like myself, every so often, I have this second channel, it's called Dan Degen. And when I do these very risky plays, I only do about between three and 5% of my portfolio. And we just did a deep dive into Minutes Network, they're closely associated with World Mobile Token and the IAIA token, which is a sidechain of Cardano. And you'll see why I'm pretty excited about this project. Again, very risky, link in the description, you can check out the Minutes Network and how that all works. And that's it for today. So look, like today's video, give it a thumbs up, hit the subscribe button, you can talk about his time sensitive, especially with the halving, which is like a month away.