 So by now everybody knows that there is a huge run-up for the Bitcoin ETF and a lot of different companies are involved Fidelity BlackRock and also ARC and Cathy Wood who was the head of ARC investment came out on Bloomberg and Answered a couple different questions and what she talked about was pretty eye-opening. She talks about how Bitcoin what the catalyst was She also talked about how their ETF stacks up against BlackRock and she talked about more importantly Just of the structure of the SEC and how it's actually weakening and the article or the Interview piece was pretty long about 20 minutes I'm just gonna break it down in the top three or four pieces and the first thing we're gonna talk about Cathy answers is How things are going as far as what is the catalyst for Bitcoin since June? Where does she see things going and then the interview asked you another great question? Which is is Bitcoin a really good store of value especially in this volatile market? So just take a listen. Yes, I do think that the in June when BlackRock Announced its filing or when it was announced that BlackRock Edge filed for Bitcoin ETF The Bitcoin price did shoot up and but has been fairly stable since then So I do think it's had an impact a bigger impact this year was the regional bank crisis It was very interesting to watch Bitcoin Go from 19,000 to 30,000 right in the middle of that banking crisis as regional banks were going bankrupt So it was a flight to safety So I thought that move was just as interesting and a flight to safety is buying Bitcoin Somehow a flight to safety isn't a little too volatile for that Well, if you think about it Bitcoin serves as two kinds of hedges One is a hedge against inflation and outright confiscation of wealth the other is against counterparty risk and I you know was when the regional banks started going down this fear sort of You know memory our memories are fresh with 0809 the counterparty risk Became real and so there was this flight into Bitcoin a completely decentralized transparent Network which is not subject to counterparty risk. Yeah, so I have to agree with her it makes total sense, right? BlackRock ETF comes in price goes up people are excited and of course we have a bank collapse There's a flight to safety But the reason that I left this in is because as we move forward, especially in our four-year cycle I still believe that the four-year cycles are intact They've been doing pretty good for the last 13 or so years and of course next year We'll see a halving in 2024 then 2025 there should be or I'm hoping there's a reasonable bull run It could happen in 2024 or 2025 quite honestly depending on who you're listening to So when she talks about this this flight to safety and it's a good sort of value I bring this up because you're going to get this question from people that you talked to about Bitcoin and crypto and digital assets are gonna say this doesn't make any sense How can this be a a store of value when it's so darn volatile? And then if you just want to make it very super simple just show them this this little graphic here 20 bucks 1980 to get you a ton of groceries 2000 couldn't get you much in 20 and right now in 2023 How much can $20 get you at the grocery store? It just depends now take a look at 2011 when you know Bitcoins were 20 bucks back in the day and then 10 years later You could buy in 2021 a very nice car and in 2030 who knows so as far as like a store of value Yes, it's volatile, but as time moves on we can see how it actually preserves wealth so moving on that the next question they're gonna talk about is the ETF timeline and Who will get approved first and does it really matter and just as a point of reference? There these are all the different companies that have actually Gone into to be filing for the CTF so arc. I shares bitwise of course. I shares is black rock Bitwise Bannack was in tree fresco Fidelity in Dalcrete and you see that this is the dates that were filed in June or Wow bitwise was October 2021. Let's see how that works out But all of them are right in this in this general range So the first deadline for arc has come and gone and I always think it's interesting that the first It's like a deadline, but it's not a deadline And they're just gonna ask for our consumer feedback and of course They just push to the second and the third and then the fourth so arc is the first one here And if they don't get approved by January 10,000 24, then that's it. It's done if and then all the rest of them It's all about March 15th to the 19th and that also includes black rock Which is March 15,000 24, so we know that there is a time frame of when this can be approved or not approved so just look out for these dates and I will link this in the description below so you can find it very easily So now let's get to the point where she's asked specifically about these ETF timelines and how things stack up that August 13th will come and go and I Think I think the SEC if it's going to approve a Bitcoin ETF will approve more than one At once so great. So again, what she is saying is we totally expect This to go through the process and we expect it with us to just a blow through that that got that deadline of August 13th That's today. It is August 8023 and they don't expect that second deadline to do anything They think it's gonna go to the third in the final deadline and that could be for everybody But what was interesting is that she states that once one gets approved They all get approved and I have to agree But it just is getting over that hump as far as which one is actually the first one to get approved And then next to last she's gonna talk about I think this is the most interesting piece Which is the SEC is actually getting weaker and the reasons behind that so just take a listen The two other branches of government the judicial branch and the legislative branch Are giving the SEC pause Because the SEC is losing cases in court having to do with its regulations Around crypto. That's the first thing and there are bills that are making their way through the house And are seeing some bipartisan support So I do believe that Gary Gensler I guess last week or 10 days ago said something like well, you know, I'm not the only one who makes this decision There are five commissioners now, of course, we know they're weighted Towards the Democrats through Democrats to Republicans and so one assumes that The way that Gary votes is the way the the SEC will vote But he seemed to be distancing himself a little bit and so maybe we can take that as a bit of a clue We definitely did we thought that was a good sign, but you know, we're reading all kinds of tea leaves in this So right, I couldn't agree more I think the SEC has definitely been weakened especially with the case against Ripple and them losing that that decision by Judge Torres but one thing she's three talked about was the the SEC and who actually is appointing them and of course their different political affiliations now She did say five and she did a she said it exactly correct. There are Three Democrats, that's Gary Gensler, Carolyn Crenshaw and Jaime Lizarraga or maybe Jamie Lizarraga I don't know the exact pronunciation the name and then of course there are two Republicans Mark Urieva and of course crypto mom Hester Pierce. There's been very vocal that she is very pro Crypto digital assets and especially Bitcoin so we can see that we have three against two essentially and now there are some Different bills that are being reached across the aisle and looks like Democrats and Republicans are actually moving forward in the same direction On some limited cases that is very true. However, this is one of the reasons why I'm not I'm very skeptical That this ETF will actually be approved especially with what Kathy's gonna say a little bit about the futures ETFs Which is to me if you have a futures ETF and you approve that but you can't do a spot ETF I believe that there is there's more risk as far as manipulation for the futures ETF and Because we know that there's no reason why Gary Gensler shouldn't have approved a spot ETF by now And then also if you understand that we have a Democratic election or excuse me a presidential election coming up next year You know that they want to of course remain in power And if you have seen the last two different Reports that have come up from the White House itself this one being the comprehensive framework for responsible vellum digital assets and This next one which is climate energy implications of crypto assets You will know that they are not very positive about I mean Bitcoin and digital assets in general even though Gary will say Quite emphatically that Bitcoin is not a security There's also this other thing about the energy consumption and of course He is always talking with Elizabeth Warren and she is a big negative crypto and building crypto army and so on and so forth So again, I don't think this is a slam dunk that people think it may be and that's why I've been talking about But to finish this up and this was probably the second best point that she makes which is about the ETF itself Is coin base is the coin base surveillance enough and market manipulation to move forward. So just take a listen What I find so interesting still and this is why we believe that the FCC will lose the grayscale case How can you approve a Bitcoin futures? ETF and and not a Bitcoin ETF And and in fact if you're really thinking about consumer protection A futures ETF is swap space So there's counterparty risk there that you would not have with a Bitcoin ETF Which is back to one-to-one With Bitcoin in coin base is cold storage It still confounds me and not to mention the point that Eric makes which is that if there had been an ETF? A lot of people wouldn't have bought Bitcoin at FTX That was a pretty good takedown on the last piece You know, you have to agree if if Gary and the gang if they would have gotten together and actually approved This spot Bitcoin ETF and a lot of people wouldn't have Actually lost a lot of their funds and Bitcoin with FTX and a host of other issues So I know that Gary is big about a consumer protections and protecting everybody and protect us harder But all honesty what has Gary done so far while he's in office and I got to tell you it hasn't been that much So anyhow, let me know what you think about that in the comment section and then last piece is just to note That's over at coin gecko. I found this is pretty interesting coin gecko is pretty cool I do like using I use it all the time. That's free and it just you know shows us like the different price action That's going on with crypto itself But if you do know that when you go to coin gecko.com and if you click on very up here It says categories click on categories and you can come over here I like how it's got up all the different things where you can see like layer ones layer twos Exchange-based tokens and this one. They just added. I thought I found this quite funny I mean a little depressing as well, but it says alleged SEC security so if you ever want to just figure out what the heck Gary was talking about as far as all the different Cryptos that they've named as securities now. They haven't directly named these things They're just lawsuits against these different exchanges, but they've stayed stay of these are what they consider securities You can see that they've done some pretty big damage to a lot of different cryptos And we're still actually holding up pretty darn strong Moving forward and look at all these things man. They had they wasted no time to get going and Yeah, unfortunately, these are the ones that bite the bullet. So congratulations Gary You guys are really protecting us harder So thanks so much and then also a little to public service announcements This one was from CZ Binance This is something that I do and I need to stop doing and I need you to know about this and This was a tweet he put sent out yesterday. He says the Scammers are so good now that they generate addresses with the same Starting and ending letters, which is what most people check for one doing a crypto transfer. I gotta tell you that's exactly what I do I just look at the first three and like 0x15 and then f45 to I'm like great That's it, but that is the wrong thing to do and you need to be aware of this. Here's what happened Scammer will use This address to send you dust transactions. So the address is showing your wallet So what they'll do is they'll make the exact same looking address with the with the with the first four and the last four But in the middle there, they'll just rearrange some things. So it looks like the same thing So if you want to send to the legitimate address, you might just pick one previous transaction your wallet cop of the address This one happened yesterday to a very Experience crypto operators. So they just looked at in their wallets and said, oh, I've already sent to this one I remember this one 0x53 and the last four is f257 Great, they sent it off and it goes to a scammer. Unfortunately and This last part is kind of concerning quite honestly He states a positive ending for this one the operator noticed the error right after the transaction And we were able to request the US DT to be frozen or to be frozen in time So I think we've all known about this in the past that there is this ability for different stable coins to be halted To be frozen. So if you think that everything's great in crypto verse, that's not so and lastly our last PSA for the day there's Simon look at Simon and Simon Dixon from Bank of the Future had him on the show for many a time He's trying to do his best for everybody as far as with the Celsius people got screwed over like myself and you and he's saying There's a pledge pledger support as a Celsius creditor. There's a video he talks about and what this is all It's all about is about the committee and there's a lack of he talks about here the lack of clarity by the tax consequences of the plan There's different plans for for ad hoc earn and for different people who are in who were in Celsius lack of transparency the government provision the plan liquidation process and he's talking about how this might be not the best thing Litigation recovery profits and a whole host of different things lack of detail for the 2 billion claim against FTX So he's saying that the the lawyers who are pointing this forward are not doing a great job So he wants you to come over here review the video See if you want to do this and just thought this form just pledge it say hey We want more clarity before we make a decision as Celsius owners. So that is The PSA is for the day and you can find the link in the description. That's it for for this episode So look like today's video give it thumbs up consider subscribing everything we talk about is time sensitive But that's it for this one. Thanks so much for stopping by appreciate it and I'll see you on the next one