Goodbye Gensler! Bitcoin's New Era Is Here – The Future Starts NOW!
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Gary gensler is officially gary gensler r. He announced his resignation on x of all places. And boy did our community have a field day with him. IT leaves.

The question is to who will be the next c chairman and of course, who will fill all of these cabinet ET positions that trump is looking to put in place. We're going to discuss that and everything else that happened in another insane week of cyp do news. Nw, and I have got the friday five. Let's go.

What is that everybody i'm Scott for, also known as the wolf of all streets. Before we get started, please subscribed. The chain will hit that like button. No slowing in the new cycle this week. A lot going on.

Yeah this this one. We going to just send a ee to do for us, and that would have been a fully capable men.

You, you're not A I, i'm A A I, I. This guy is not nothing artificial .

about this baby.

We've got this guy, the ganges ler. On january twenty, twenty, twenty five, i'll be stepping down as S. C.

A. gov. chair. A thread, my instant response. I couldn't help IT somewhere.

I read all that. I'm happy for the free to or start. That happened. I mean, did anybody actually read the thread? Or did we all just read the headline and move on with our lives in celebration?

I definitely one hundred percent just read the headline and moved on with my life.

I did you consider IT? I didn't to think of radio. But I think obviously that this leads into sort of another topic, which is who's going to end up in all these positions, right? Because we're seeing a complete wholesale change in everything that's happening in government agencies, regulators.

We know that lutnick was being floated for department of treasury. He ended up as commerce secretary. Now they're going back to the drawing board. But to me, the overwhelming truth is that we have a bunch of bitcoins, literally bitcoin ers literally everywhere. And we're likely to also see that at the C S, C, C, S C, F, T C eventually yeah .

I I I think that that that seems to be the way that the the the uh winsor are are are floating uh or blowing rather um I think that there is still, you know the treasury y role, the S C C role. There is a difference between, you know moderately good for crypto and really good for crypto o so I think IT, is you that the attention that the industry is paying on those positions, I think actually, particularly the treasury, uh, is is that makes sense to me? Yeah.

the treasury is obviously going to be a key position, but I don't think that we can lose to your point. I think we can just win bigger to the on depending on who they appoint. But we know that they have all these probiotic nars and positions of vat in elon mask and r fk, of course. But I think there were some concern that we might have sort of a disjointed approach to crypto procymidone people in all of these positions, but the agencies, because of government efficiency, not necessarily talking to one another.

But we know now that truck team moves creating first ever White house crypto role, effectively a cabinet position inside the White house to oversee all these agencies in their ecri pto policy in nashville did say he was looking to create a cypher council, basically advisers who understood the industry that would help but to have a single position and someone like we've seen a lot name floated. But like Christan, carlo was the head of the cftc as a contender for crypto s are this is even more bullish. I think then all of the other news that we've gotten about who may up may end up in power, whether it's john carlo or not, the fact there could be somebody in this position overseeing all of these agencies and giving us a coherent approach.

yeah, I think that the part of the reason that this so would be so positive is that ultimately, each of these agencies has a million other things to deal with. With cypher, I mean, gary genser did his level best to make IT seem like the accs only job was going after us. But the reality is that they're dealing with a ton of issues.

And so having someone who's thinking politically and coherently and specifically about cyp to in a position of actual authority and power would be huge, right? It's it's I mean, it's leagues away from just a council who have the presidents here. Ah you know it's huge. Ge, hugely bullish signal if IT actually comes to be right.

if anyone was doubting that he's actually listening to the industry and looking for advice, having meetings with quite a few people. But notably, we announced he was going to have a meeting with brian armstrong, the CEO of coin base, while it's been reported that now they did have a phone meeting rather than an in person meeting and that they just flat out discuss who was going to be the next c chairman and who is going to head the cftc, that was what armstrong was the most concerned about. But IT is very clear that Donald trump is actually taking the time to talk to the biggest names in the industry and get their opinions and feedback on who will end up in the positions that impact the industry. The most you can say is not doing IT is happening.

Yeah I mean, listen, it's the crypto industry is being treated like the broader financial sector and well, street has been treated for a long time now in this particular ministration. He cares about the IT IT cares about the perspective of the business community. Uh, crypto is an important part of the business community. It's one that happens to have been not only unrepresented but actively targeted for the last four years. And so uh you know it's great to see it's remove into the position that that that I should have.

yes. So pivoting from the government, we have to talk about Michael sailor. And I feel like he's going to be a head topic every single week because the guy just can't stop.

He keeps going and IT is getting absurd. But here we go. First story before we talk about microstrip gy and convert notes and debt offerings microstrip gies microclimate pitch bitcoin strategy to microsoft support. This actually really interesting because we know that there was basically activists who even got the point on the docket for the microsoft.

Now activist investor basically pitching to get Michael sailor some time to sell bitcoin into microsoft gets three minutes right? Apparently he also sent a letter to the CEO that's not been responded to puno have a deeper conversation. Michael sale against three minutes to sell bit point to microsoft to put on their ballot. Gy.

yeah, it's interest. So we don't know correct me from wrong, but we don't know who the activist investor is. So yeah sounds like this is uh, no, the multiple channels that were uh approached to try to get some some face time between such an adella and and sailor that didn't work and so you know go the activist uh, investor right it's it's more a chance for analysts, another sort of shareholders to to hear IT uh and to try to get the the sort of momentum behind the idea. I don't expect that we'll see any sort of big movement from microsoft in the in the short term on on, on bitcoin purchases. You never know .

you you absolutely never know, but still interesting that IT is on the docket, and we know that I will continue to be I didn't look too specifically, but I saw some tweet effectively saying that four or five smaller companies had added bit going to their baLanced over the last week or two that we're just sort of under reported. But IT is happening. I think behind the curtain IT just hasn't been an apple, microsoft yet. Someone with this huge cash stack yeah. I mean.

one of the interesting things is there are certainly smaller companies who china basically play play the same on the same playbook back. There are also other smaller companies who are sort of not trying to be microstrip gy two point out, they're just trying to sort of have a reasonable allocation.

Um I think that the big question will be what the model is for what the potential model is for those larger companies, given how much of the oxygen and bitcoin, in this case microstrip gy, is sucking out of the room. No, none of these companies can play back the strategy that that he's played. This is just about, you know sort of putting putting some on the baLance sheet as as a sort of reserve asset.

So be interest to see. You know we don't have basically a big example the of of that in a way that tesla was supposed to be you forever ago. Uh, you know we haven't seen that sort of move yet. Ah anything that'll be A A notable moment when that happens.

There's only going to be a one Michael sale. There's only going to be one microstrip gy. And Frankly, I don't think we'd want another one. yeah.

And I think the company is now in the top one hundred market cap, right?

But the top one hundred by market cap could be added to the cues, could be become a part, I guess, of the S M. P. Five hundred and all effectively because of his infinite money glads. Perhaps the three most dangerous words in my mind for crypto at this at this moment, but that we don't really need to get into that.

But I think what's the standing is that obviously, microstrip gies stock has been flying, you know, and a lot of that as a result of these huge big coin purchases, he had his biggest purchase ever, over four billion dollars. And IT didn't even take a day for him to announce that he was raising more money to buy more bitcoin, even as he had just bought four billion, around eighty eight thousand a coin. And that's also while raising forty two billion in a separate offering to buy more bit one.

So here we have, I think this started about a one point two billion dollar convertible note and then went to one point seven five, I think, based on increased interest. And then by the time this came out on november tonia, in two point six billion dollar aggregate, which means that there was just a hell, a lot more demand than they originally intended. And then sailor trees micrograms c complete three billion dollar offering of convertible seat to due twenty, twenty nine zero percent coupon and fifty five percent conversion premium. Is enough ever enough? Well, it's certainly .

never enough for sailor. I think what what's more interesting in this particular cases, the markets sort of a you know huge appetite for this. Um you know I think there's a lot of there's a lot of speculation and no single sort of you know uh answer that everyone agrees on consent to answer when IT comes to why the market is so interested in this offering. Um but I think that the the best that anyone can tell there is a brought sense of kind of waking up feeling massively under exposed to crypto right now that that's been happening basically since the election. And you know you hear you see IT reported by investors who are in a position to sort of know beyond receiving end of those emails, if a lot of folks who are completely non silly, like crisper niki talking about just how many people are hitting him up in his dms, in his emails, try to get exposure to the sector is clear that there is a scramble for for kind of cypher al exposure. And you know the the microstrip gy stock is sitting there as as an easy way in even if you're playing as to sort of you know get moved to the underlying at some point.

Worth taking a look at the chart. Obviously, yesterday, IT topped IT about five hundred and forty two dollars, closed the day at four hundred. So was a wild ride. This was the most traded stock on all street over the past few days, highest volume where you talk about a move that basically to get from four seventy and open premarket at five hundred years, something like that went up to five forty and then dumped on tremendous volume.

A lot of people pointing to this is could be a blow off top, like maybe, I don't think forever, but people saying that, you know, maybe this was enough of the euphoria. A you got to blow off top, a huge volume, big down day. By the end of the day, I guess we will see.

But we all know that nothing goes up forever. And a lot of people pointing to this microstrip tumbles after citron research shorts the stock. This was the most polite shorting of a stock i've ever seen in history.

If you guys didn't see the tweet, how did this one age? Nearly four years ago, to the date, citron was the first to tell readers that microstrip gy was the ultimate way to invest in bitcoin, said to a seven hundred dollar target. Fast forward today, msgr has skyrocket over five thousand dollars.

Adjust that there was a ten ten split who to Michael sailer for a visionary big words strategy. O and by the way, now with bitcoin investing easier than ever, e tf coin hood microstrip c volume has completely detached from bitcoin fundamentals. The train remains to bush up biton. We've hedge with a short microstrip gy position motor spect to seller. But even he must know microstrip gy is overheated, like bowing and kissing the rain while having your friends stab and right in the back.

That's just markets though. You know if I look, if if every market participant explain their actions in this way, be a much, much Better market. But you know, here we are.

Yeah, I have feeling that's not the catalyst. I think that we anything that gets this overheated and there's that most action and there's that much options activity around that you're eventually gonna get extreme volatility and flush some most, take advantage of all that long sentiment and make a lot of money. And now you can do that in bitcoin too, because we have options on the etf ebit.

Options launched this week and had a massive day historically, day one. We all know, of course, that bit wise and arc and gray scale also got options a day later. But we've long discuss what what options mean for the market.

We can get into that a lot more deeply. But here from jeff park, i've been an options trading recap. Today Marks the historic day.

Want a bitcoin etf options? This is on the nineteen did not disappoint with ever one point eight six billion intentional traded. I mean the the big etf spot are about to pass all gold etf in volume or over a hundred billion.

Blackrock s got over forty billion. There's the most successful lt. F launch in history, and now they finally got options. What does this mean? And are you surprised at how successful these were the first day?

Not surprised. I think it's we've been telling the same story for the entire year, which is institutional acceptance of bitch coin, uh, financial products that allow IT to sort of fit in the existing system fully and uh a context that surrounds IT politically and society, which sort of drives more activity towards IT. That's the the culture in that sort of just crush doing right now. And so you're seeing basically, you know new product options that Better fit into the models that investors already have alongside a totally transformed sort of narrative and public opinion space. You're gonna get, you know a lot of activity and that's we're seeing yeah.

I totally agree. And did this comes obviously with massive inflows and all of the other metrics that we've been watching, it's really launching at the perfect time, I think getting these more complex ways to trade around bit point at a time on the ball on this sort of just starting. And we're talking about one hundred thousand, it's really hipolito. It's lines up to exactly well.

absolutely. IT also relieves these options of having the narrative duty of sort of explaining why there's excitement, right? This is the type of launch in the past that would have been good because IT creates more options than you know that the sort of availability of these options is going to sort a make you know, make opportunity for particular category investors.

But because there's so much going on, you don't have anyone sort of trying to claim that. No, because these options exist, that sort of the catalyst for this next, you know, huge, huge bullish action. And I think that that's it's a healthier space, understand that is a part of a part of just a larger a larger shift.

And I did have James safe red on from bloomer the day after these options launched. They point out in a few key facts. One was at the actual maximum contracts, five thousand, which is very low.

I guess the cftc kind of getting their feet wet here, saying we don't want the underlying market to be manipulated, but Normally would see like two hundred thousand options. So institutions right now actually can come in individually, these with massive size. So the call to put radio is like eighty eight percent calls, twelve percent puts.

This was literally people just taking massive directional bets that the Price of bit when will be higher in the future because of those limits. IT really wasn't institutions doing the cash and Carry trade. They can't get enough size.

actually. It's make IT meaningful and earn that yellow. So these are people truly going long from institutions betting on much higher Prices.

Yeah I mean, this is this is sort of uh also gets at another theme that we've been tracking, which is when is retail? When do we say that retailer is actually back? I'm not sure.

I mean, what we've ve seen is the you know these these applications are getting racing up the APP store rankings. You're seeing google searches go up across these different assets. There are these indicators that uh, a broader set of buyers is coming back.

You still don't really see IT in the discourse in the community, but that may be a disconnect between the pathways in for people to the conversation space of crypto and cypher twitter vers their availability to get access and exposure to the asset. Just be a coin baser or whatever. You know, Robin hood that they're using .

where you would share a great actually tweet thread with me from any trade travel chill, whose awesome people are saying retails just arriving now because the search for bitcoin google trends is now waking up.

What if we've all been searching for the wrong thing? So first text, I think the bitcoin search specifically is kind of nonsense called at this point, because most people know what bitcoin is, right? Just become a mainstream term, even if you don't know deeply what IT is.

I would just imagine less people have to google if for the basic information on what is bitcoin, but actually, salona searches all time high, mean coin searches all time high. And of course, uh, I theoria not there yet. So he kind of jokes about bad. But her conclusion here, maybe retail arrive months ago, but they're just not looking for bitcoin until now. It's really interesting take on this conversation.

Retail also might be disinterested in hang out with us encysted twitter, which honi can involve them for a .

huge part of our I I do .

feel like a huge part of our perception of retail being back or is dictated by two things, one of the very impressionistic s limited window we have around friends, colleagues, peers, uber drivers talking about the asset class or changes in the voices on on crypto twitter. And we haven't seen that much, but there's a lot of reasons that people are turning away from twitter at the moment. So who knows, if fatal actually hold up as as a meaningful ll signal, the community might get more and more fractured as threads and blue sky and all these other channels become more of a place for .

people are spending time IT may become more fractured kind of makes me think about the conversation I had recently with a number of cyp ta lobes and they were saying it's already getting factor in washington even the way that we lobbed politicians because every pack or company that coming into lobby now has their own agenda and they are not even on the same page. So I think fracturing comes with size. And just one thing.

one thing that was interesting and will be interesting to see if there are new communities that emerge this time around by the end of the last cycle, there were so many people in the nf. T space who didn't give a crap about anything else happening in cypher. IT had this whole new classic influencers, key opinion leaders, although we didn't call them by that stupid perm yet.

A back then. And you know people with hundreds of thousands of followers who who couldn't pick know the famous quote, coco pto twitter people out of out of a lineup. So I just is the industry is getting sufficiently large where everyone's not going to know everyone and just feels weird if you've been here for you know going on a decade now.

i'm sure that happens. But almost on a daily basis, I see something come up in my feet and it's a person who's encrypt with like a million followers that i've never seen before. Yeah, I think I mean, people forget that NBA top shot was what set off the entire nf t trend last time.

I don't know a single person that was like deeply involved in trading nf of the sixth man off the bench for the bull dunking right. And and I certainly never got too deep in the nf t communities. And and I do think that that's coming back and also reminds you that the last moron was not driven by bitcoin, as that thread would tell you, even with interest IT was driven by nfs and people trading dosh one hundred percent.

absolutely. It's the pattern has pretty historically been bitcoin gets a cooking and then something new captures energy and attention that makes people feel like they are n on the ground floor rather than in on the thing that's been around for a while. There's there there's a lot of human psychology to that.

The question is whether mean coins can actually play that role on mass. There are certainly doing a little bit of plane that role. I think we saw some mean point funds start this week can think like that.

So far, IT doesn't appear that they have the same power to draw in new people that I, C. O S did in twenty seventeen or N. F S did in twenty twenty one. I don't think is a bad thing. I'm not sure that we want people to come in through through that chance .

of things coming. Just may not be that. Yeah, we will find our way to rope in retail one way or another into something completely stupid that we shake our heads at.

Four years later you're talking about on the show. I think we still to talk about Price action, of course. But twenty years, one hundred thousand with ripped a market cap a record three point four trillion.

So this is pretty markable. Obviously they going got to about ninety nine thousand two hundred, depending on the exchange of looking yet. It's been a rocket ship, as we all know since the election.

The encrypt market cap number is very interesting to me because IT topped at three trillion in the last bull market. We have just had a huge move on bitcoin, which is obviously contributing massively to this. But when you would take a look at bitcoin dominance and outcoached, they're largely just absolutely destroyed, and we're just now breaking in the blue eye territory for crypt al market cap. I mean, imagine if the market cap sees the sort of move at at last time when it's already sitting at all time highs. To me, this just shows the massive potential if that retail comes on, what market cap can do and where that monkey going to flow, which would obviously have to be all coins for this to happen.

The next big question right now, we're all focused on what's truck and the trump administration going to a do this A V, E, bitcoin, is are we going to get a ratio in reserve? What's the policy going to be from a market moving perspective? The big question is going to be what new legal space is created for all coins, for tokens?

Are things allowed to be security like is there a sandbox like castle purses push for as they're just an openness to to different assets? You're certainly seeing market participants position for this. I mean, the etf being proposed left and right, there is a huge competition for a etf, but the other all coins are getting in there as well. There is an anticipation that perhaps part of the way that this goes is in a bigger legal opening for those assets. That is the catalyst that would actually trigger, I think, a huge, huge transformational change in in the size of the market is the actual Green light, not just the not red light of to dig in to the the tokens beyond bitcoin and those at the top.

As we move towards the last stories here, anyone who's been around crypt up for a wild knows that we have some garden varieties of fun that come around in every single cycle, right? If you thought about IT in the past, we always had boiling the oceans and the environmental impact of mining. We had chinese new year.

Remember that we had wall street traders are going to use their bonuses to buy IT. We have institutions are here, not on but perhaps the single biggest piece of cyclically news and food in crypto is whether china is banning or on banning crypto. Here we are guys.

Big one is one hundred thousand. As china clarifies personal clipt rights, you're allowed to own bitcoin in china, its property. You're good to go. No more bands wow or so back in china, baby.

we'll see. I mean, it's this is one where the the at least there is a supposed to, for example, the wall street bonuses, which is always just really polite straws. This one, if if, if if this huge global market comes back online, I mean, IT never really leaves.

That's the secret when IT comes to china investment. But if IT becomes easy again and reasonable, IT is a huge amount of capital that gets unlocked. So this one is maybe worth paying a little bit more attention to, to see how IT actually plays out at.

Listen, I mean, the people points at the top of the last bull market being when china band mining and then sort of double down and got very aggressive in their position against the industry. I would argue that ended up being in that positive because seventy percent of pass rate was in china. And then I moved to a places like a ten and largely the united states, and decentralized the network further. So I think try to even know hurt Prices that the time did as a favor and now them coming back when Vicky silone hundred thousand dollars would be epic.

totally epic.

I have to give you one honorable mentioned, Justin son bought the banana for six million dollars. God.

if there are a bunch people on twitter asked what the hell this was, and I just decided not to try to explain IT.

So I watched the video. This was, if you guys don't remember, I just have to talk about IT. But from art puzzle, somebody tape the ducks taped to plan into a wall. And IT was the viral hit of our bazil true modern art. Well, IT went on option at southwest and just in sun bought IT for six pointed million dollars and is going to eat IT didn't know if you saw that part, but IT years old.

it's going to eat IT. It's like that banki that as soon as IT was the auction closed, itself destructed IT. Maybe IT gets more valuable if it's just a peal.

Who knows what Justin sun is going to self destructive if he keep doing these things? He also wasn't he, I don't know. He ended up getting IT, but didn't he buy the sixty nine million dollar people? Or was he liked the last bitter before I went to sixty nine? Either way, he was in there into the sixties.

That sounds right, but I can can say that I know for sure.

must be nice, must be nice that there are six point two billion in a banana for a laughter. Guys, that's all we've got for you today. Assuming next week, I think I think .

we're probably off yeah.

probably off next week. Thanksgiving in the united states going to be an epic week. I'm sure that we will not be unpacking, but follow an lw and the breakdown as always, guys, they give for listening to the friday five. Have a good woman.

cheers.