Speaker 1: The Coin Bureau Podcast is a production of My Heart Radio.
Speaker 1: The only thing I think we can almost certainly be
Speaker 1: sure of for crypto in the short to medium term
Speaker 1: is more volatility. So although we will see I think
Speaker 1: we will see more rallies ahead. You know, it's not
Speaker 1: organ it's not going to be strictly down from here.
Speaker 1: Welcome everyone to the Coin Bureau Podcast. This is my
Speaker 1: very good friend Mike and my name is Guy, and
Speaker 1: today we're going to take a look. Mike, ats just
Speaker 1: the current state of the crypto, Marky, what a go
Speaker 1: on in? What are gue in? Yeah, exactly. It's been
Speaker 1: a it's been a pretty interesting last few weeks. There's
Speaker 1: been a lot going on. Crypto prices have been well,
Speaker 1: we've they've been going up. They've taken a bit of
Speaker 1: a steadily slowly but steadily. Yeah, we've seen bitcoin reached
Speaker 1: some levels that it had sort of fallen quite a
Speaker 1: long way past. So it's sort of at breach k
Speaker 1: the other day, which in the grand scheme of things
Speaker 1: is not much for bitcoin, but certainly under current conditions,
Speaker 1: that was you know, that was a rally that was
Speaker 1: that when there was an interest rate high core, was it? Yeah, Yeah, Yeah,
Speaker 1: so this this rally was driven by by a number
Speaker 1: of factors really, and the weird thing is that there
Speaker 1: in some cases they are factors that sort of you
Speaker 1: could reasonably expect them to actually tank the market, and
Speaker 1: instead it pumped it, which is quite strange. And I
Speaker 1: think that's one of the reasons why I thought this
Speaker 1: would be an interesting episode to do, because there's just
Speaker 1: there's there's a lot going on at the moment, as
Speaker 1: I said, but it's so difficult to interpret this data
Speaker 1: that we have coming through to interpret everything that's going on,
Speaker 1: and there's no real historical sort of precedent yeah, further
Speaker 1: than you know, ten years. Yeah, and yeah, obviously all
Speaker 1: of this is completely unique for crypto, but it's also
Speaker 1: very unprecedented circumstances as well for the sort of wider economy,
Speaker 1: and we're going to dig into exactly why that is
Speaker 1: in just a moment or so. But I thought it
Speaker 1: might be useful for people listening, and this is this
Speaker 1: is you know, kind of general economic terms as well.
Speaker 1: I guess it's not entirely relevant just to crypto, but
Speaker 1: I think for anyone listening who's into cryptone, especially those
Speaker 1: people who are new to crypto and trying to make
Speaker 1: sense of the space. I think this could be a
Speaker 1: useful episode just to explore some of the things that
Speaker 1: are going on in the wider economy and try and
Speaker 1: try and make some sense of them, try and try
Speaker 1: and understand why crypto prices have been going up recently,
Speaker 1: what the sort of longer term outlook could be. And
Speaker 1: of course we're not trying to predict the future here,
Speaker 1: because predicting the future is impossible, but I think it
Speaker 1: would be useful, useful information for people to to have
Speaker 1: and to to consider when making possible investment decisions. And
Speaker 1: of course, none of what follows is financial advice. I
Speaker 1: was going to say, what we're telling you could be
Speaker 1: really useful for you to make some investment decisions, but
Speaker 1: remember it's not financial, and no, okay exactly. So I
Speaker 1: think the first thing to I think, the first thing
Speaker 1: to iterate before we go any further, is we are
Speaker 1: still very much in a bear market. People tend to
Speaker 1: get thank you, that's the bare market sound. People tend
Speaker 1: to get very excited when prices, when prices in crypto
Speaker 1: take up, and you know, constantly getting questions, it's like
Speaker 1: we done, is this bare market. Yeah, are we there
Speaker 1: is this bare market over can we Can we all
Speaker 1: just go and go back to when prices were going
Speaker 1: up and everything was rosy And the answer is no.
Speaker 1: So we are still very much in a bear market.
Speaker 1: And I expect us to remain in this bear market
Speaker 1: till at very least at the end of this year,
Speaker 1: until at very least this afternoon, um and quite possibly
Speaker 1: on into as well. And not ye, yeah, I expect
Speaker 1: them to. I I do expect these conditions to sort
Speaker 1: of prevail throughout next year as well. So you know,
Speaker 1: I could be wrong. It's as I say, it's it's
Speaker 1: impossible to predict the future, but you are oracle. But
Speaker 1: I am in the absence of anything better. Yeah, So okay,
Speaker 1: let's talk about let's talk about two of the things
Speaker 1: that are really kind of driving markets at the moment,
Speaker 1: and this is this goes for kryptone kind of every
Speaker 1: other market as well, really and this is the first
Speaker 1: one is FED policy, the policy of the Federal Reserve
Speaker 1: over in the good old US of A. And I'm
Speaker 1: going to reference a lot of what is happening in
Speaker 1: the US economy during this episode, not exclusively what's happening
Speaker 1: in the States, because there's lots of other relevant stuff
Speaker 1: happening in other economies as well, but I use kind
Speaker 1: of US day because a, you know, an enormous and
Speaker 1: enormous proportion of investors, especially crypto investors, are obviously based
Speaker 1: in the United States. The US is the biggest global economy,
Speaker 1: and kind of what happens in the United States tends
Speaker 1: to have, you know, repercussions across the world. So it's
Speaker 1: all very you know, what happens in the U. S
Speaker 1: economy is relevant to sort of almost every other economy.
Speaker 1: So that's why I'm using a lot of a lot
Speaker 1: of U S data, but not exclusively. Okay, So the
Speaker 1: policy of the Federal Reserve recently, Now, the Federal Reserve,
Speaker 1: as you may know, has a dual mandate. It has
Speaker 1: basically two jobs. It's it's first job is to ensure
Speaker 1: high employment, and its second job is to ensure sort
Speaker 1: of low interesting well, basically to keep inflation under control.
Speaker 1: And the way that it keeps in the best tool
Speaker 1: it has to keep inflation under control is the raising
Speaker 1: and lowering of interest rates. Yeah, so last week, on
Speaker 1: the twenty seven, the FED, the FED Board met again
Speaker 1: and approved another zero points rise in interest rates seventy
Speaker 1: five basis points, which was which is a fairly big
Speaker 1: hike in the grand scheme of things, But crucially, it
Speaker 1: was very much what investors were expecting. We were all
Speaker 1: sort of watching the markets, you know, in the weeks
Speaker 1: leading up, and the broad consensus was that the Fed
Speaker 1: would only raise by seventy five basis points. Some people
Speaker 1: were saying they could go a full they could go
Speaker 1: a full one percent, a full one basis points, but
Speaker 1: this would have been a very you know, this would
Speaker 1: have been a largely unexpected move, and that probably would
Speaker 1: have tanked the markets, certainly in the short term. However,
Speaker 1: it was just that it was just that seventy five
Speaker 1: basis point raise that was in line with expectations, and
Speaker 1: the markets kind of reacted very favorably to that. So
Speaker 1: that was one reason why we saw that that pumping
Speaker 1: prices last week, Because, as I've said many times before,
Speaker 1: markets love certainty more than anything else. Markets don't like
Speaker 1: to be surprised. Like old women. Yeah yeah, markets are
Speaker 1: essentially like old women are essentially like your grandmother. Um. Now,
Speaker 1: inflation is that the reason that the Fed is continuing
Speaker 1: to raise interest rates is because Inflation is still a
Speaker 1: big issue in the United States, and it's I mean,
Speaker 1: it's a bigger issue and a lot of other economies
Speaker 1: as well. It is being felt everywhere, and you don't
Speaker 1: need to you don't need to be a sort of
Speaker 1: seasoned market watcher to know that people are talking about
Speaker 1: inflation a lot. Now, what the FED is trying to
Speaker 1: do is negotiate what it calls a soft landing. It's
Speaker 1: trying to tame inflation by raising interest rates, but at
Speaker 1: the same time, it doesn't want to tank the economy.
Speaker 1: It ideally doesn't want to push the US economy into
Speaker 1: recession because obviously recessions are bad unless you changed the
Speaker 1: definition of unless exactly, which we're gonna which we're going
Speaker 1: to touch on in just a moment. Yeah, it's so
Speaker 1: because obviously, when interest rates go up, the cost of
Speaker 1: borrowing increases, and this has felt throughout the whole economy.
Speaker 1: And the reason why markets tend to tend to react
Speaker 1: badly to hikes and interest rates is because basically everyone
Speaker 1: is in debt. So the first thing you do when
Speaker 1: you're you know, when the interest payments on your debt
Speaker 1: go up, you quite often, you know, investors quite often
Speaker 1: sell off assets in order to you know, in order
Speaker 1: to get some cash on hand to pay down those debts,
Speaker 1: because you know, they don't want they don't want their
Speaker 1: debts to get out of control. And this, unfortunately, is
Speaker 1: the kind of debt based economy that we that we
Speaker 1: have to you know, that we live with today. That
Speaker 1: is just that is just the way it goes. Now,
Speaker 1: other central banks across the world are also responding to
Speaker 1: inflation by raising interest rates, but actually, you know, certainly
Speaker 1: here in the UK and in Europe as well, not
Speaker 1: really not really fast enough. I don't think. I mean
Speaker 1: the European Central Bank it raised rates recently. Um it
Speaker 1: made a fifty basis point raise which brought the inflation rate,
Speaker 1: the interest rate in the Eurozone to zero. Actually had
Speaker 1: negative interest rates up until that point. Now, the reason
Speaker 1: I think the e c B is kind of holding
Speaker 1: back on raising rates is because basically a lot of
Speaker 1: European countries are very badly in debt, especially in Southern Europe, Spain, Italy, Greece,
Speaker 1: and there's a there's a real fear that if if yeah, yeah,
Speaker 1: the you know, it could have it could have massive repercussions.
Speaker 1: And this you know, this is the way that the EU.
Speaker 1: This is one of the weaknesses I guess of the
Speaker 1: EU and that you know, there is this disparity between
Speaker 1: various EU economies. So um yeah. So basically interest rate
Speaker 1: although interest rates are going up, the recent rises have
Speaker 1: been in line with expectations recently. Um And there's also
Speaker 1: quite a lot of speculation that concerns around housing markets
Speaker 1: could mean that central start to ease off these rate
Speaker 1: rises because you know, if the cost of borrowing increases
Speaker 1: and you can't pay your mortgage. Yeah, and it also
Speaker 1: means that fewer people take out mortgages because housing becomes unaffordable.
Speaker 1: No one can afford to take out a mortgage and
Speaker 1: make those those higher repayments. So there's a genuine concern,
Speaker 1: especially in places like the US, the Eurozone and especially
Speaker 1: actually China as well, that if interest rates go up
Speaker 1: too high, then the housing markets there could tank, and
Speaker 1: that is you know, that is something that governments really
Speaker 1: want to avoid. So there is this kind of speculation
Speaker 1: that these rate rises that we're seeing, they could they
Speaker 1: could slow down in the not too distant future because
Speaker 1: of concerns around housing markets and and other issues as well,
Speaker 1: which will explore in a little bit. So that's FED policy. Really,
Speaker 1: it's been kind of in line with expectations recently, and
Speaker 1: that's why we've seen a bit of a bit of
Speaker 1: a pump in the market in general, a bit of
Speaker 1: kind of better sentiment, if you like. Now we've touched
Speaker 1: on the R word as well, recession fears. As I
Speaker 1: was saying last week, on the seven, the Federal the
Speaker 1: Federal Reserve announced its interest rate rights. The following day,
Speaker 1: on the twenty eight, the US GDP figures for the
Speaker 1: second quarter of this year came out. It was it
Speaker 1: was two days of hot stat action. It was hot,
Speaker 1: sexy st it was. It was quite something, Yeah, it was.
Speaker 1: It was almost it was almost too exciting, it really was. Now,
Speaker 1: these GDP figures came out and they showed that in
Speaker 1: the US there had been a second consecutive quarter of
Speaker 1: negative economic growth, which traditionally it's called the recession. Yeah, technically, technically,
Speaker 1: technically that is a recession. The kind of received definitely,
Speaker 1: the understood definition of a recession is two consecutive quarters
Speaker 1: of negative economic apparently. No, yeah, now this is this
Speaker 1: is everyone's talking about this at the moment, because this
Speaker 1: is a this is a really big deal. Now I
Speaker 1: should point I should start by pointing out that the
Speaker 1: official a recession is officially decided in the US by
Speaker 1: a body of eight people. So you know, this is
Speaker 1: this is just these these GDP figures just point to
Speaker 1: a technical recession. An official recession has to be announced.
Speaker 1: And these people sit there part of the National Bureau
Speaker 1: of Economic Research. They're eight economists, and they sit on
Speaker 1: something called the Business Cycle Dating Committee, which is like
Speaker 1: a tinder, Yeah, a tinder for tinder for geeks. It's yeah,
Speaker 1: I must say, it's yeah, this is a very sort
Speaker 1: of you know, not an awful lot is known about this,
Speaker 1: you know, about this board like clander Stein, I think, so, yeah,
Speaker 1: it's you know, the chant and then ding, yeah, three
Speaker 1: plumes of smoke go up. It's the recession. Um. So
Speaker 1: these guys are you know, it's their job to me
Speaker 1: and and they decide and they obviously look at, you know,
Speaker 1: a lot of data and and then at some point
Speaker 1: declare that this is a recession or not. And they
Speaker 1: haven't yet done that, and um, President, because they're just busy. Yeah, yeah,
Speaker 1: they're all busy. They're all I should actually, I should
Speaker 1: actually point out I say they're all on holiday. I
Speaker 1: mean actually the Federal Reserve governors have now all gone
Speaker 1: off on holiday until September. And this is actually yeah,
Speaker 1: basically two months, um, not two months and know a
Speaker 1: whole month because well I think till mid September anyhow,
Speaker 1: six weeks. Yeah, they get they get a decent solid holiday. Yeah.
Speaker 1: So the Federal the Federal reservant that they've now gone
Speaker 1: off on holiday, and that means no more rate arizes
Speaker 1: until September. And this is another reason why the markets
Speaker 1: will be exactly which the markets are absolutely delighted about.
Speaker 1: So that was another reason why you know, we saw
Speaker 1: a bit of them just put that out of office. Yeah,
Speaker 1: there they are. Thank you for your inquiry as that
Speaker 1: whether we are in a recession. I'm currently out of
Speaker 1: office on the beach until September. Yeah. Talk about burying
Speaker 1: your head in this absolutely and quite literally burying their
Speaker 1: head in the sand. Yeah. So going back to the recession. Yeah,
Speaker 1: so that the Biden administration at present, Biden actually came
Speaker 1: out and said this doesn't sound like a recession on
Speaker 1: the release of those GDP figures, and yeah, that's okay.
Speaker 1: Now the Biden administration, there's there's this is becoming a
Speaker 1: very political issue because the Biden administration obviously has a
Speaker 1: lot of skin in the game here because we've got
Speaker 1: the midterm elections coming up in the US in November
Speaker 1: and the current administration which is a forecast to take
Speaker 1: a beating one way or another. But obviously the last
Speaker 1: thing that kind of wants is to be official. Yeah,
Speaker 1: so I think there's certainly there's certainly a lot of
Speaker 1: desire within the administration to sort of hold off on
Speaker 1: this recession definition for as long as humanly possible, ideally
Speaker 1: until after the mid terms, um so November. Yeah, so
Speaker 1: a big you know, we've we've got this big sort
Speaker 1: of political milestone coming up in the US, so obviously
Speaker 1: that is informing whether or not we get this decision.
Speaker 1: It has become a political process. And I should also
Speaker 1: point out that this Business Cycle Dating Committee, you know,
Speaker 1: part of the the n B e R, it does
Speaker 1: actually have a habit of calling a recession after the fact.
Speaker 1: And I think the reason for this is, you know,
Speaker 1: they've got as you as you kind of pointed out,
Speaker 1: they've got a lot of data to to look at.
Speaker 1: It's not a simple question of you know, they're not
Speaker 1: flipping a coin or anything. You know, this is a
Speaker 1: this is a pretty involved process. So you know, we
Speaker 1: could we could actually be already the U. S could
Speaker 1: already be in a recession. It just hasn't you know,
Speaker 1: they have doesn't sound like it though, Well what does
Speaker 1: a recession sound like? Bong? Yeah, what's what sort of
Speaker 1: pitch is a recession at? So yeah, I mean we
Speaker 1: could be in a recession. We could well be in
Speaker 1: a recession, but it just hasn't been declared yet. So
Speaker 1: there's these sort of factors to take into take into account.
Speaker 1: And I think, as you've kind of hinted at as well,
Speaker 1: if we are in a recession, if the US is
Speaker 1: in a recession, it's a it's a kind of weird
Speaker 1: recession because usually a recession means obviously negative growth, but
Speaker 1: it also means job losses as well. And we've you know,
Speaker 1: we've seen this play out time and time again. You know,
Speaker 1: I remember my I remember my dad losing his job
Speaker 1: during a recession back in the nineties, I think it was.
Speaker 1: And you know, it's a very sort of it's you know,
Speaker 1: it's everyone feels it. You know, you have job losses,
Speaker 1: people have less money, in their pockets. You know, you
Speaker 1: really feel, you really feel everything sort of slowing down. However,
Speaker 1: over in the US, the this is not the case
Speaker 1: because it's been employed. Yeah, the job market there is
Speaker 1: is weird. I mean, it's tempting to say the job
Speaker 1: market is really strong, but it's a gig economy now
Speaker 1: or well. There are a few factors impacting. I mean, firstly,
Speaker 1: it's worth pointing out that the job market in the
Speaker 1: US there are apparently two jobs for every applicant. You know,
Speaker 1: there's a huge amount of there's a huge amount of vacancies.
Speaker 1: And at the last count, the US added sort of
Speaker 1: four hundred thousand new jobs I think it was in
Speaker 1: the last quarter or so. So that is still great
Speaker 1: from them. Like listening up for a session, yeah yeah, yeah,
Speaker 1: they added eight eight people in particular, I got a
Speaker 1: job of at the at the business session. Yeah, just
Speaker 1: stood on top of watchtowers just trying to see it
Speaker 1: is that it is that? It is that it over there?
Speaker 1: No no, no, no, that's a seagull um. So yes.
Speaker 1: And also we've got things that consumer spending in the
Speaker 1: US for June was up, which is not the sort
Speaker 1: of thing you expect to see in a recession. So
Speaker 1: maybe there is some validity to to Biden's saying it
Speaker 1: doesn't sound like a recession. Yeah, I mean, he's obviously
Speaker 1: got you know, he's obviously got plenty of reasons and
Speaker 1: to want to say that, But I think, yeah, it is.
Speaker 1: It is. It is backed up by statistics to an extent.
Speaker 1: You know, consumer spending is up and the job market
Speaker 1: is still strong. Now, there were, as you say, there
Speaker 1: are kind of there are a few reasons why. I
Speaker 1: mean this, this job situation in the US is unprecedented
Speaker 1: as well, and this is largely because of COVID. I
Speaker 1: think because we had what there was this great resignation,
Speaker 1: and this wasn't unique to the US, but I think
Speaker 1: the US has felt it in particular. Loads of people,
Speaker 1: for instance, took early retirement, so you know, they had
Speaker 1: a lot of people leaving the workforce. They haven't been replaced.
Speaker 1: But also a lot of a lot of it is unexplained.
Speaker 1: A lot of people appear to have dropped out. You know,
Speaker 1: they still have several years of working in front of them,
Speaker 1: but they just they don't seem to have returned to
Speaker 1: the economy. And everyone's kind of trying to figure out
Speaker 1: why this is. And I think there are a few.
Speaker 1: I think there are a few sort of reasons. Obviously,
Speaker 1: you've got I think some people probably you know, the
Speaker 1: gig economy perhaps has has kind of hoovered up a
Speaker 1: lot of people. There are probably a lot of people
Speaker 1: in sort of much less official employment, you know, maybe
Speaker 1: doing you know, maybe doing lots of side hustles here
Speaker 1: and there. I think also as well, basically a lot
Speaker 1: of people are now influencers as well. Yeah, yeah, basically
Speaker 1: the influencers sector has mushroomed like a fungus, like like bacteria.
Speaker 1: We we multiply very very quickly as influences. Um. I
Speaker 1: think as well, you know we're seeing here in the UK,
Speaker 1: you know, we we've got sort of travel chaos at
Speaker 1: the moment, and airports in particular have been really bad
Speaker 1: because loads of you know, loads of companies, loads of
Speaker 1: airlines and and and also airports themselves. When the pandemic hit,
Speaker 1: they let people go, you know, they said, right, sorry,
Speaker 1: no one's flying, so you ain't got a job, and
Speaker 1: you know, people have found other jobs and yeah, so
Speaker 1: a lot of people have kind of moved into other
Speaker 1: jobs and stuff. But I think as well, there's probably
Speaker 1: a sense of a lot of people going right. So
Speaker 1: I had this job and obviously things things went bad,
Speaker 1: and I was just I was let go like that,
Speaker 1: you know, I was just priscible, And I think I
Speaker 1: think there must be a real genuine sense of a
Speaker 1: lot of people here, you know, going, Okay, why should
Speaker 1: I return to an industry now that needs me? That
Speaker 1: that dropped me like a hot potato when when the
Speaker 1: going got tough, you know, like an ex girlfriend who
Speaker 1: keeps dumping you, and you're just like, why am I
Speaker 1: returning to this? Yeah? And then you go back anyway? Now,
Speaker 1: So I think there's that. There's yeah. So there's the
Speaker 1: US job market and job markets elsewhere I think are
Speaker 1: in a very weird state at them, in this weird
Speaker 1: sort of post COVID state. So what this means is, yeah,
Speaker 1: the circumstances of this supposed recession are weird. They're not
Speaker 1: they're not conforming to what our idea of a recession is.
Speaker 1: And this is leading many people, and obviously you know,
Speaker 1: those in the administration, in the US administration, to say, now,
Speaker 1: this isn't a recession, this is this is something different. Um. Now,
Speaker 1: the weird thing was again, Now, a lot of people
Speaker 1: when these GDP figures would do a lot of us
Speaker 1: were saying, well, they're probably going to show a recession.
Speaker 1: This is you know, on a technical term, you know,
Speaker 1: we're going to have a second negative quarter of US
Speaker 1: GDP growth. This is bad news. So the markets will
Speaker 1: react accordingly, the markets will tank on that news. Weirdly,
Speaker 1: they didn't, they actually went up in Yeah. I think
Speaker 1: markets certainly price in bad news ahead of time. You know,
Speaker 1: you can, you know, any sort of season market participant
Speaker 1: can see these things on the horizon. You know, they'll
Speaker 1: have they'll have these days circled on their calendar and read. So, yeah,
Speaker 1: I think you're right in that sense. Uh, you know,
Speaker 1: that would have been most people were expecting that, so
Speaker 1: that would have been priced in. But also it kind
Speaker 1: of ties into inflation as well, because many many believe
Speaker 1: that if if the US is in recession, then this
Speaker 1: will force the Federal Reserve when they come back from
Speaker 1: their holiday in September, this will force them to ease
Speaker 1: off on on raising interest rates. So there's there's an
Speaker 1: expectation that you know, either rate rises will slow. I mean,
Speaker 1: some people seem to think that they might stop I
Speaker 1: don't think that's I don't think that's likely at all.
Speaker 1: I think interest rates are likely to keep going up,
Speaker 1: probably for at least the rest of this year, because
Speaker 1: inflation just isn't going away, and really the only way
Speaker 1: you can tackle inflation is with raising interest rates. A
Speaker 1: lot of people are also speculating um that inflation might
Speaker 1: have already peaked, certainly in the US, and actually Elon
Speaker 1: Musk put out a tweet to this effect, I think
Speaker 1: last week, you know, suggesting that maybe we've kind of
Speaker 1: seen the top, and if inflation is shown to have peaked,
Speaker 1: then again that means that rate rises will at best,
Speaker 1: you know, ease off. So again we had this kind
Speaker 1: of rally in the markets on on on this, you know,
Speaker 1: these these negative figures which under different circumstances you think
Speaker 1: would actually have tanked them. Uh So again, it's just
Speaker 1: this very very weird situation that we've got around. Are
Speaker 1: we in recession? Are we not in a recession? Now?
Speaker 1: This is in the US, but it's the picture is
Speaker 1: much grimmer elsewhere, and especially in Europe as well, because
Speaker 1: the factors that are driving inflation across the world are
Speaker 1: being felt a lot more in Europe. You know, things
Speaker 1: like high energy prices, high fuel prices, rising food prices,
Speaker 1: things like that. You know, the price of everything is
Speaker 1: going up, and we're feeling that here in the UK.
Speaker 1: Everyone's feeling it everywhere and these just aren't going to
Speaker 1: go away, and especially in Europe. We've got the threat,
Speaker 1: I mean that the war in Ukraine is continuing. We've
Speaker 1: also got you know, Putin sort of his hand is
Speaker 1: kind of hovering over the gas taps. And there was
Speaker 1: this thing just just recently, just a few days ago,
Speaker 1: you know, the nord Stream pipeline was shut down for
Speaker 1: sort of routine maintenance and there was a lot of
Speaker 1: concern that the Russians just wouldn't open it up again,
Speaker 1: and everyone was sort of holding their breath, and then
Speaker 1: they did turn it on again, but it's running at
Speaker 1: a reduced capacity. And what this means is that Europe
Speaker 1: isn't able to kind of stock up on gas reserves
Speaker 1: ahead of the winter. So we've got this kind of
Speaker 1: situation where Putin is very much you know, using Russian
Speaker 1: gas as as a kind of weapon, as you know,
Speaker 1: as leverage in this in this situation in Ukraine. So
Speaker 1: this is really weighing on European markets. But these effects
Speaker 1: are these effects ripple out, so this will be having
Speaker 1: an effect you know, on the even places like the
Speaker 1: U S which is much more energy independent than Europe
Speaker 1: is so um. And it's also worth pointing out as
Speaker 1: well that although things like consumer spending in the US
Speaker 1: is up, consumer confidence is actually down and industrial production
Speaker 1: is down as well. So and I think long term
Speaker 1: these are going to these are going to have an
Speaker 1: effect because the effect of the rising interest rates. You know,
Speaker 1: the temptation is to think, oh, well, they've risen it,
Speaker 1: their interest rates have gone up, so the market hasn't tanked,
Speaker 1: so everything's fine. Actually, interest rate rises take time. All
Speaker 1: of this stuff kind of takes time to work its
Speaker 1: way through the economy. So the effects of FED policy
Speaker 1: today they won't be felt until, you know, weeks, maybe
Speaker 1: even months down the line. So it's important to realize
Speaker 1: that we're everything is kind of moving very very slowly,
Speaker 1: so it feels like we're sort of sliding down this
Speaker 1: you know, this rather slippery slope. And as people's bills
Speaker 1: go up, and again I'm talking in sort of global
Speaker 1: terms here, you know, not just in the US, but
Speaker 1: as people's bills go up. As energy gets more expensive,
Speaker 1: as food gets more expensive, people are going to have
Speaker 1: to cut back on what's what's called discretionary spending, you know,
Speaker 1: so you know, anything treats, you know, things like clothes
Speaker 1: or go out or you know, any of this sort
Speaker 1: of holidays. Yeah, anything that's not sort of really essential
Speaker 1: is going to be your home heating, your well. Yeah,
Speaker 1: this is We've talked about this before, hasn't. I mean,
Speaker 1: this is a genuine this is a genuine concern for
Speaker 1: this winter Like this, the specter of winter this year
Speaker 1: is really really you know, is really really scary. So yeah,
Speaker 1: as as people's bills go up, discretionary spending goes down.
Speaker 1: So I think we are going to feel the effects
Speaker 1: of that very soon. And this will mean job cuts.
Speaker 1: So this will mean hiring freezers as well. You know,
Speaker 1: So this is gonna there's the long term picture, if
Speaker 1: you like. Although at the moment it doesn't seem so bad,
Speaker 1: the long term picture does look quite grim. On that note,
Speaker 1: should we take a break to compose ourselves with all
Speaker 1: this bad news? Welcome back to part two. So we've
Speaker 1: been talking about we've been talking about sort of global
Speaker 1: macroeconomic factors. If you like that have been affecting the
Speaker 1: markets recently. I want to talk now about some kind
Speaker 1: of crypto specific factors, because this is a crypto podcast,
Speaker 1: after all, why are crypto markets going up? Why have
Speaker 1: we not seen this massive sell off? Part of it
Speaker 1: has been, of course, is of course related to those
Speaker 1: things we were talking about earlier, you know, recession fears
Speaker 1: and interest rate rising GDP, etcetera, etcetera. But there are
Speaker 1: some crypto specific factors at play here as well, and
Speaker 1: I think the most important one to mention is in
Speaker 1: relation to Ethereum. Now we've talked about the transition of
Speaker 1: Ethereum from this energy hungry proof of proof of work
Speaker 1: network to proof of steak, and this this transition over
Speaker 1: to proof of steak is called the merge. And the
Speaker 1: merge has been delayed time and time again, and it's
Speaker 1: it's become a bit of a meme and crypto. But
Speaker 1: at the moment, all the news around the merge is
Speaker 1: actually good and it looks like, as we as I
Speaker 1: say this, the merge is kind of slated for the
Speaker 1: of September. Okay, so this is this is good news
Speaker 1: if the merger, and certainly if the merge goes ahead
Speaker 1: as as planned on the nineteen September without any issues.
Speaker 1: That will that will have that will pump the crypto
Speaker 1: market Ethereum specifically, but it will it will pull the
Speaker 1: whole crypto market up with it. So a lot of
Speaker 1: people are anticipating this good news in you know, a
Speaker 1: little over a month's time now. Before the actual merge
Speaker 1: takes place on the Ethereum main net, it has to
Speaker 1: go through two other test net mergers, and it's already
Speaker 1: gone through loads of mergers on various Ethereum test nets,
Speaker 1: but the final two are now on the horizon, and
Speaker 1: in fact, the first one, called Prater, is scheduled to
Speaker 1: go ahead in well a couple of days from when
Speaker 1: we record this, so actually as this comes out, it
Speaker 1: should have hopefully gone ahead the day before. Basically the
Speaker 1: fourth of August is when that is scheduled to go ahead.
Speaker 1: And then there's another one called Girly Girly spelled g
Speaker 1: O E r l I the Girly or Girly, I
Speaker 1: don't know, I hope you know's it that is scheduled
Speaker 1: for some time between the six and the twelfth of August.
Speaker 1: So if these go ahead as planned, that means the
Speaker 1: merge itself is still very much on for the nineteen September,
Speaker 1: and this has been this kind of good news, This
Speaker 1: anticipation has really been propping up the crypto market of late.
Speaker 1: We've seen, you know, a big rally in the price
Speaker 1: of Ethereum, in the price of eight, but also in
Speaker 1: a in a lot of other related tokens as well.
Speaker 1: So steth is staked ether on Lido finance, that's pumped
Speaker 1: as well. The actual Lido token itself has done very well. Weirdly,
Speaker 1: another one that has done well and in fact one
Speaker 1: of the biggest gainers over the past three weeks, has
Speaker 1: been Ethereum Classic. Now to some this may seem a
Speaker 1: bit counterintuitive because ethere you remember the split, yeah exactly.
Speaker 1: Ethereum Classic came about as a result of this hard
Speaker 1: fork in the wake of the in the in the
Speaker 1: wake of this sort of catastrophic dow hack a few
Speaker 1: years ago that we talked about, and you know, the
Speaker 1: only way that the Ethereum developers could see to sort
Speaker 1: of make this good was to split the network. And
Speaker 1: so the Ethereum Classics was Classic was the one that
Speaker 1: kind of carried on as though this dow hack had
Speaker 1: taken place, and Ethereum Classic has kind of chugged along
Speaker 1: ever since, and you know, has nothing like the sort
Speaker 1: of development or adoption that Ethereum has, but nevertheless it
Speaker 1: is still there. Now. The reason why Ethereum Classic has
Speaker 1: been doing so well is all because of Ethereum's anticipated
Speaker 1: transition to proof of steak. Because at the moment, there
Speaker 1: are lots of people, there are lots of miners basically
Speaker 1: still using proof of work to mine either. The question
Speaker 1: is what do they do with their mining machines when
Speaker 1: Ethereum moves over to proof of steak is different type
Speaker 1: of machine obviously, Well, it's yea doing a different yeah,
Speaker 1: because they you know, you with proof of steak, you know,
Speaker 1: all this this validation is done by your your staking coins.
Speaker 1: You're not you know, you're not expending electricity, you're not
Speaker 1: needing to you're not needing to go through the mining process.
Speaker 1: So the question is what they're going to have all
Speaker 1: these mining machines, what do they do with them? And
Speaker 1: what's expected is that a lot of them are going
Speaker 1: to switch over to mining Ethereum Classic to mining its etc. Coin.
Speaker 1: So obviously more mining, more hashpower committed to the Ethereum
Speaker 1: Classic network will mean that it's more secure, and a
Speaker 1: lot of people are anticipating that this could see a
Speaker 1: lot more development on Ethereum Classic because it's more secure
Speaker 1: because there are more miners participate on its network. So
Speaker 1: that guy who's got the all that is sitting on Goldener, oh,
Speaker 1: the dow Hat guy. Yes, yeah, I imagine, yeah, he
Speaker 1: could be. He could he could be feeling pretty good
Speaker 1: about it. I can't remember what happened, though, I think
Speaker 1: he might have. I don't know. He might have been
Speaker 1: forced to sell it. Anyhow, it's good news for him,
Speaker 1: you would imagine. So there's yes, So this is this
Speaker 1: is good news, and this has been helping to sort
Speaker 1: of drive the crypto market as a whole. It's sort
Speaker 1: of sentiment has has um gotten gotten better since the
Speaker 1: since the sort of disasters of terror and more recently
Speaker 1: kind of Celsius and Voyager and things like that, which
Speaker 1: actually neatly, neatly leads me on to this this this
Speaker 1: issue of these kind of bankrupt lending and borrowing and
Speaker 1: trading platforms um so we're starting to see some sort
Speaker 1: of progress with those with the likes of Celsius and Voyager,
Speaker 1: and things like that. Celsius has now officially filed for bankruptcy.
Speaker 1: And I think you could argue that this kind of again,
Speaker 1: this is this issue of sort of certainty, of of clarity, um.
Speaker 1: And I think once the uncertainty around Celsius was kind
Speaker 1: of removed in that sense, will they far for bankruptcy,
Speaker 1: will they try and dig themselves out of the whole
Speaker 1: what's going to happen? I think that clarity has has
Speaker 1: also sort of helped to boost markets a little bit. Yeah,
Speaker 1: it's although it's it sounds a little counterintuitive because I mean,
Speaker 1: something going down and under is not good, but at
Speaker 1: least okay, cool that we can just talk that off
Speaker 1: and okay, cool, it's not and I suppose it's just
Speaker 1: it's it's whether that is going to have another ripple
Speaker 1: effect on something else. Yeah, yeah, you know what what
Speaker 1: happens basically what happens now with the likes of Celsius.
Speaker 1: Voyager is also far for bankruptcy too. Now, it's been
Speaker 1: interesting kind of looking at what's been happening with Celsius
Speaker 1: in particular recently some sort of former employees have been
Speaker 1: speaking to sort of various media outlets and yeah, and
Speaker 1: and Celsius itself has now started its bankruptcy hearing. So
Speaker 1: it's it's we're going to buy the yacht. Well, oh
Speaker 1: that's that's three arrows capital. Yeah, well we'll talk about
Speaker 1: them in a moment actually, because that's there's been there's
Speaker 1: been some developments on that front as well. Um, it
Speaker 1: sounds like from what Celsius employees have been saying and
Speaker 1: from what the company has sort of been saying at
Speaker 1: the its first bankruptcy hearing, it looks like, um, not
Speaker 1: so much a case of criminal wrongdoing, but just utter incompetence, negligent, Yeah,
Speaker 1: bad practices, you know, bad risk management. The company just
Speaker 1: wasn't being run well. They were chasing these high yields
Speaker 1: for its for its customers, and um, you know that
Speaker 1: that appears to be in the situation more often than
Speaker 1: than coming up roses. Yeah. Yeah. And obviously the markets,
Speaker 1: you know, the market going down. Obviously this is related
Speaker 1: back to terror and things like this. You know, the
Speaker 1: market moved against it. The tide went out and they
Speaker 1: were swimming naked paraphrase Warren Buffett. So the what happens
Speaker 1: now is this protracted process, this protracted bankruptcy process gets
Speaker 1: underway and with the ultimate aim of kind of making
Speaker 1: Celsius users whole again. Now, this will this will take
Speaker 1: a long time. This could take we we did a
Speaker 1: video on it recently, we reckon It could take between
Speaker 1: sort of two and four years um for you know,
Speaker 1: for that that is for all Celsius users to get there,
Speaker 1: to get their funds back, um. And what will as
Speaker 1: I think, as I've said before, you know, the people
Speaker 1: who had a lot of money, the big whales on Celsius,
Speaker 1: they will get their money back first, and then you know,
Speaker 1: the little guys will just have to kind of wait
Speaker 1: in line. However, you know, at least this process is
Speaker 1: in train. That is, that is something. And I think
Speaker 1: there's also a sense across the crypto markets that in
Speaker 1: the wake of these collapses, a lot of leverage has
Speaker 1: gotten flushed out of the system, a lot of forced selling,
Speaker 1: you know, that that that that these companies and others
Speaker 1: have been you know, have been obliged to do. At
Speaker 1: seems and I say this with you know, touch Wood,
Speaker 1: that seems to be coming to an end. That doesn't
Speaker 1: seem to be quite so much forced selling going on.
Speaker 1: So a lot of people are kind of hopeful that
Speaker 1: I guess the worst is over in that respect, and
Speaker 1: this could be having you know, a kind of this
Speaker 1: could be being felt in in the markets as well.
Speaker 1: Um and yeah, in relation to what you were saying
Speaker 1: about Three Arrows Capital, you know, this disgraced head front,
Speaker 1: they that that is in the process of being liquidated
Speaker 1: as well. Now that there is concern that obviously it's
Speaker 1: assets will have to be sold off in order to
Speaker 1: you know, in order to to to make good you know,
Speaker 1: investors and things like that, this could exert some cell
Speaker 1: pressure down the lines. So you know, it's it's we're
Speaker 1: not in the clear yet by any sense. What was
Speaker 1: interesting was just the founders of Three Arrows Capital, Kyle
Speaker 1: Davis and Josue they gave an interview to to Bloomberg recently.
Speaker 1: They kind of surfaced, if you like, they've basically been
Speaker 1: in hiding for the past few weeks, and they kind
Speaker 1: of surfaced to give this interview to Bloomberg, which didn't
Speaker 1: go down. Well. Is it sort of on par with
Speaker 1: Prince Andrew? Yeah, Yeah, it's that it left that same
Speaker 1: sort of bad smell. It's that, you know, it's that
Speaker 1: sort of thing a pizza express. They didn't claim to
Speaker 1: be in in a pizza express and working at the time. Um. Yeah,
Speaker 1: it was very sort of you know, there was a
Speaker 1: sense that they were sort of trying to you know,
Speaker 1: trying to put the blame elsewhere, and that they said
Speaker 1: some silly things like one of the guys was like, well,
Speaker 1: you know, everyone thinks we were living it up. I
Speaker 1: mean I only earned two houses in Singapore, only two,
Speaker 1: you poor thing, and two jags. Yeah, it's I've only
Speaker 1: got two. I've only got two jaguars. Um, as you
Speaker 1: pointed out, they've got this yacht as well. M P.
Speaker 1: And obviously the yacht was brought into the quote here,
Speaker 1: I'll read it out. The yacht apparently was quote bought
Speaker 1: over a year ago and commissioned to be built and
Speaker 1: used in Europe. That was your end quote. That was.
Speaker 1: That was the sort of explanation of it. It's like,
Speaker 1: so that's all right then, always bo always bored over
Speaker 1: a year ago. That was that's yesterday's news. Yeah, come on,
Speaker 1: forget the yacht. I've only got one yacht and it's
Speaker 1: for your they need cheering up. Come on, dude, the
Speaker 1: yacht is not the issue here. Um. Yeah, it was.
Speaker 1: It was very board of that yacht, just just part
Speaker 1: of the board. Yacht club. Just look past the yacht people, please,
Speaker 1: can we stop talking about the yacht? Yeah, so there
Speaker 1: was those guys sort I don't think that you had
Speaker 1: any particular effect on the market. But where can I
Speaker 1: watch that Bloomberg into Bloomberg. It's yeah, it's not a
Speaker 1: it's not a videotaped and I'll leave a link to
Speaker 1: it in the show notes. People can have a look
Speaker 1: at it, because if it was, it would just be
Speaker 1: memed beyond. Yeah. Yeah, and I think probably for that reason,
Speaker 1: you know, they probably turned down any any request to
Speaker 1: film as well. Um, and yeah, I mean like very quiet,
Speaker 1: like do kuon the terror guy, very very quiet. A
Speaker 1: lot of people have gone very quiet radio silence, Yeah,
Speaker 1: real radio silence. And I mean, you know, it's understandable.
Speaker 1: I'm sure they've got other things that we do. Yeah,
Speaker 1: you'd think so, you'd think so Voyager as well. I mean,
Speaker 1: this is this was just crazy. It's so Voyager has
Speaker 1: been well is obviously in the bankruptcy process as well.
Speaker 1: But Voyager had also claimed on its website that it
Speaker 1: was that it was f d i C covered the
Speaker 1: Federal Deposit Insurance corporation. Um, now that we have an
Speaker 1: equivalent here in the UK, it's that, yeah, exactly Here
Speaker 1: in the UK. It's called the f s c S,
Speaker 1: the Financial Services Compensation scheme. Basically, your deposits are are
Speaker 1: covered up to a certain amount. And Voyage it was
Speaker 1: claiming on its website that it was f d I
Speaker 1: c ensured, so people were looking at it and go, oh, well,
Speaker 1: it must be legit, you know, because even if it
Speaker 1: does go under, it's covered. My deposits are covered. This
Speaker 1: this was this was not true. It's basically Voyagers Bank,
Speaker 1: the bank that Voyager used was f d I C protected.
Speaker 1: Voyager itself wasn't. And Voyager has now been instructed in
Speaker 1: no uncertain terms to remove that from its website. So
Speaker 1: I'm sure that will make everyone feel a lot better.
Speaker 1: Yeah yeah, okay, yeah, so criminal, Well, I want I
Speaker 1: suppose they're gonna be sued, but what they're going to
Speaker 1: see them for? Yeah, gone, yeah, it's yeah, it's it's
Speaker 1: there's there's so much more to you know, to come
Speaker 1: out over this story and stuff, but yeah, it's it
Speaker 1: just looks like it looks like, yeah, I think that's that.
Speaker 1: I think that's the technical technic anyhow, So that's kind
Speaker 1: of crypto related factors. I'm not I'm not too sure
Speaker 1: whether you know, what's been going on with Celsius and
Speaker 1: Voyager and and all the rest of it. I'm not
Speaker 1: sure whether that's impacted too much on the markets. But
Speaker 1: as I say, I think certainly that kind of resolution
Speaker 1: in the case of Celsius, I think that that did
Speaker 1: bring has brought a little bit of clarity to things.
Speaker 1: I just want to cut touch briefly on a couple
Speaker 1: of other sort of crypto specific things or things that
Speaker 1: I think you know are moving the crypto markets. In particular,
Speaker 1: we had some we saw some fairly decent some good
Speaker 1: news and bad news from the tech sector last week. Now,
Speaker 1: crypto is very much correlated to tech stocks, particularly those
Speaker 1: on the NASDAC at the momentum. And we had some
Speaker 1: earnings reports from last week. Now, Apple and Amazon both
Speaker 1: surpassed expectations. Apple has Apple did really quite well. It's better,
Speaker 1: and it's now back to number one company by market cap,
Speaker 1: which is just crazy. Um. And I mean it's interesting
Speaker 1: that because that's what something is. They're quite luxury items. Yeah, well, yeah,
Speaker 1: you'd I mentioned so and also just with the supply
Speaker 1: chain that is just obviously I thought was decimated. I
Speaker 1: would have thought they would have struggled to be making things. Yeah,
Speaker 1: or do they have they with it? Did they predict that?
Speaker 1: And and and sort of I'm not sure. I think probably.
Speaker 1: I mean, Apple was certainly impacted by supply changes, especially
Speaker 1: as a lot of its products are put together in China. Um.
Speaker 1: I think probably the reason why it surpassed expectations in earnings,
Speaker 1: um because the expectations were low. The expectation, Yeah, I
Speaker 1: think we're pretty low. I think you know, these supply
Speaker 1: chains are starting to sort of grind wheat finally coming
Speaker 1: out of the Ukraine. Yeah. Yeah, So you know, it
Speaker 1: looks like, I mean, we're not out of the woods
Speaker 1: in any sense yet. And you know, if we get
Speaker 1: this is you know, if we get more COVID lockdowns
Speaker 1: in China or elsewhere, that could be a real disruptive factor.
Speaker 1: So but it does look like they're starting to sort
Speaker 1: of grind back into into life again. So that could be.
Speaker 1: But you know, one of the reasons why Apple is
Speaker 1: looking better. Um, Google was slightly below expectations, but not
Speaker 1: too bad. You know, it was so Google's had or alphabet,
Speaker 1: you know, Google's parents coming That was okay, Microsoft and
Speaker 1: Meta formally Facebook didn't do too well though, um so
Speaker 1: we had a kind of mixed bag on the tech
Speaker 1: sector on the tech earnings front. But all in all,
Speaker 1: you know, if if the likes of Apple and Amazon
Speaker 1: are doing well, you know, I think a lot of
Speaker 1: people interpreted this as a sign that maybe things weren't
Speaker 1: quite as bad as some people would lead you to believe, because,
Speaker 1: as you say, you know, if if we are in
Speaker 1: a recession, if people are tightening their belts, you'd imagine
Speaker 1: that would hit you know, people would buy you know,
Speaker 1: people would put off buying that iPhone, or you know,
Speaker 1: they wouldn't be buying their usual levels of crap on Amazon.
Speaker 1: I mean, I'm still on what is this one? I
Speaker 1: didn't get the last one and improugal of you. I'm
Speaker 1: normally normally Apple fanboy that are just just pump pump,
Speaker 1: pump whatever. Cash I've got into a new new iPhone
Speaker 1: really yeah, but I just I haven't for the last year,
Speaker 1: and I've been thinking about it because the new one
Speaker 1: doesn't look that great. Okay, Well, anyway, this is now
Speaker 1: an Apple podcast. Watch Watch Apple's share price nose dive
Speaker 1: as this comes. Oh my work didn't buy a new iPhone. Yes,
Speaker 1: so a bit of a mixed bag from tech. But yeah,
Speaker 1: I think some people can interpret those decent earnings from
Speaker 1: Apple and Amazon as maybe a sign that things aren't
Speaker 1: so bad. So that could have had an effect on
Speaker 1: the market. I think, like I said earlier on in
Speaker 1: the episode, I think we're still you know, we're that
Speaker 1: bad news is going to make itself felt later on,
Speaker 1: So that's worth being aware of. Another crypto specific factor, Now,
Speaker 1: this is related to coin Base, but this is not
Speaker 1: unique to coin Base. Basically, coin Base is having a
Speaker 1: rough time, not as rough as some crypto companies. Obviously, um,
Speaker 1: it's under some of one of its former employees is
Speaker 1: under investigation for insider trading. ARC invest, which is a big,
Speaker 1: you know, a big investor. Coin Base recently dumped one
Speaker 1: point four million coin Base shares at a loss. Um,
Speaker 1: and you know, this is this is bad news. This
Speaker 1: is a bad look for the company. It's also it's
Speaker 1: also had to lay off a lot of people. It's basically, yeah,
Speaker 1: coin Base hasn't had much good news recently. Now, obviously
Speaker 1: coin Base is one of the most well known crypto
Speaker 1: companies out there. So this does have an effect on
Speaker 1: the rest of the market. But the real concern for
Speaker 1: coin Base is that it's being investigated by the SEC.
Speaker 1: And yes, the SEC recently came out and said that
Speaker 1: nine assets, that nine crypto assets that coin Base had
Speaker 1: listed on its platform, it the SEC considered them to
Speaker 1: be securities. Now we've talked about securities a lot before.
Speaker 1: We know, you know what happens if the SEC thinks
Speaker 1: something that someone is selling unregistered securities in the US,
Speaker 1: you know, it is bad news. So the SEC is, yeah,
Speaker 1: is sniffing around coin Base, and um, it looks like
Speaker 1: I think the SEC seems to kind of have the
Speaker 1: wind in it sails a little bit at the moment.
Speaker 1: So I think this is something that's going to weigh
Speaker 1: on the crypto market in you know, in the in
Speaker 1: the not thinking. That's one of the reasons why I think, yeah,
Speaker 1: we're we're not. Is this ripple sorry XRP. Yeah, that
Speaker 1: that case is still dragging through that I thought there was.
Speaker 1: I mean, some people are saying it's going to pump,
Speaker 1: some people are saying it's not. Some people are saying, hey,
Speaker 1: you know what they could actually win this. They could
Speaker 1: certainly win the case. Yeah, we're interestingly, the SEC is
Speaker 1: actually pursuing another case against another much smaller project called
Speaker 1: Library Um and it's alleging that it's sold it's it's
Speaker 1: crypto asset as as an unregistered security and there's a
Speaker 1: judgment expected on this in the next couple of months,
Speaker 1: I think, and people are watching this very very closely
Speaker 1: because it may set a precedent. Yeah, and if it does,
Speaker 1: if the SEC wins that case, that could be that
Speaker 1: could be bad news, not just for Ripple, but for
Speaker 1: the you know, for the rest of the crypto industry.
Speaker 1: So the SEC is kind of like, you know, it's
Speaker 1: a bit of an unexploded bomb under the crypto market
Speaker 1: at the moment, and we're going to have to keep
Speaker 1: a very close eye on on what on what Gary
Speaker 1: Gensler and his gang are up to, because yeah, I
Speaker 1: think this is something that's going to impact further down
Speaker 1: the line, Okay, um, I want to look ahead to
Speaker 1: what could be coming next for both the wider you know,
Speaker 1: for the wider world and also for crypto. So should
Speaker 1: we just take a quick break before we do that.
Speaker 1: We're back four parts three where we're going to We're
Speaker 1: going to look ahead what could be on the horizon
Speaker 1: keyword there could not predicting the future here, So what
Speaker 1: could first of all, what could be coming next for
Speaker 1: the world, Well, I think definitely prepare for more volatility
Speaker 1: in the markets. As I said earlier, the situation, especially
Speaker 1: in places like Europe, is not looking good and is
Speaker 1: I think only going to get worse as winter sets in,
Speaker 1: as as whether gets colder. So I think continued disruption
Speaker 1: from the war in Ukraine and just a worsening economic
Speaker 1: situation in Europe as a result of that. That is
Speaker 1: something I think that is pretty much nailed on for
Speaker 1: the next few months. I'd love to see some kind
Speaker 1: of resolution for that, but it's it's very hard to
Speaker 1: see that situation being resolved in the in the certainly
Speaker 1: in the short term. Um And I think as well,
Speaker 1: you know, this situation, as we see energy prices soaring,
Speaker 1: I think this could have a real knock on effect
Speaker 1: to just kind of the fabric of society, especially in
Speaker 1: Europe and elsewhere. You know, the As I said, these
Speaker 1: things tend to ripple out. I think as well, we're
Speaker 1: going to see because of this worsening situation in Europe.
Speaker 1: I think we're going to see a lot of political
Speaker 1: upheaval as well. I mean, the Italian Prime Minister Mario Druggie,
Speaker 1: he's already been sort of forced to resign. We're seeing
Speaker 1: unrest in the Netherlands. We've seen kind of farmers protests
Speaker 1: over I mean, this is, you know, very much related
Speaker 1: to environmental policies, but I think I think it's worth
Speaker 1: looking at it in a wider context as well. I
Speaker 1: think we're going to see a lot of theories on
Speaker 1: this as well. Like Sri Lanka. Yeah, that that rad
Speaker 1: Pas the family basically screwed the whole country, insisting that
Speaker 1: everything we're just gonna be organic and then they couldn't
Speaker 1: grow enough that way just but but not even no foresight.
Speaker 1: Then it's kind of like, okay, cool, no one can
Speaker 1: eat now, no one can afford the land, and someone's
Speaker 1: going to buy it all. I wonder who. Yeah, Yeah,
Speaker 1: that's the situation in Sri Lanka is really really bad,
Speaker 1: and I mean I think we're going to see we're
Speaker 1: going to see a repeat of that in a lot
Speaker 1: of places, and quite possibly in Europe as well. Well. Yeah,
Speaker 1: it's happening in the Netherlands. It's happening in You've got
Speaker 1: to use this fertilizer or you can't use this fertilizer,
Speaker 1: I can't meet yeah, nitrogen in it or something like that,
Speaker 1: and it's just like, well, Dutch fire. Yeah. The Dutch
Speaker 1: farmers were like, well, you know, we can't grow enough
Speaker 1: food then, um And they got in there as they
Speaker 1: got in their tractors and made their presence felt so.
Speaker 1: And I think this is only going to get more
Speaker 1: pronounced as as things get tougher, you know, as people
Speaker 1: struggle to heat their homes or afford enough food, and
Speaker 1: you know, as job cuts bite, and as as recession
Speaker 1: makes itself felt um. So, I think that is something
Speaker 1: that is in the immediate future for Europe and other
Speaker 1: parts of the world as well. We've also had the
Speaker 1: the i m F, the International Monetary Fund, I mean
Speaker 1: that forecast that the world heading is going to head
Speaker 1: into recession over the coming months, mostly because of inflation. Now,
Speaker 1: one economy that we haven't really talked about an awful lot.
Speaker 1: We've talked a lot about the US, We've talked quite
Speaker 1: a bit about Europe. We haven't really discussed China either,
Speaker 1: and China, China and China has its fair share of
Speaker 1: problems too, and this is largely related to the property market. Um.
Speaker 1: We've had a lot, We've seen a lot, and it's
Speaker 1: it's difficult to get a clear sense of what's going
Speaker 1: on in China because they are suppression. Yeah, they are,
Speaker 1: they are very much. They've very much got a sort
Speaker 1: of suppression vibe going on. And you know it's well
Speaker 1: I've speculated in in YouTube videos before that you know,
Speaker 1: China tends to sort of massage its GDP figures up. UM.
Speaker 1: So it's very difficult to get a clear sense of
Speaker 1: what exactly is going on in the Chinese economy because
Speaker 1: they don't want us to know. Um. But there's certainly
Speaker 1: signs that the housing market there, which is massive, it
Speaker 1: makes up an enormous proportion of of the Chinese economy um,
Speaker 1: and property has for a long time been the sort
Speaker 1: of number one investment for people in China. That is
Speaker 1: that that market is sowing serious signs of ress. And
Speaker 1: we saw this last year with the with concerns around
Speaker 1: ever Ground, which is this huge kind of property developer,
Speaker 1: and well it kind of branched off into other things
Speaker 1: as well, but there were there were lots of concerns
Speaker 1: last year that it was going to default on its debts,
Speaker 1: and it's still in a pretty precarious position. Um. And
Speaker 1: we've seen, you know, we've seen actual sort of you know,
Speaker 1: kickbacks from from Chinese, from Chinese citizens as well. A
Speaker 1: lot of property developers haven't been able to finish building
Speaker 1: these properties that a lot of investors have bought sort
Speaker 1: of you know, they buy them off plan, they brought
Speaker 1: them before they were before they were built, and a
Speaker 1: lot of people have stopped paying their mortgages in protest
Speaker 1: because they've gone, look, you haven't finished building this, this apartment,
Speaker 1: this house. The situation because they don't have the money
Speaker 1: coming in. Yeah. I think that there's a few developments
Speaker 1: around here that were Chinese under being sold as well.
Speaker 1: Really yeah, yeah, I mean it's one of them, was
Speaker 1: a big one just over there that they sold that
Speaker 1: quite a loss really, just to to sort of get
Speaker 1: some cash. I mean, construction, you know, the proper the
Speaker 1: property and construction is massive business and of course you
Speaker 1: know these things, these things reach across the world and
Speaker 1: obviously very very precarious as well. I mean, there's insane
Speaker 1: profits to be made, but you know, construction and property
Speaker 1: is very very vulnerable to you to economic to outside.
Speaker 1: So what is causing the Is it a stress in
Speaker 1: that the bubble is going to burst, or is it
Speaker 1: again supply chain issues and or is it it's a lot. Yeah,
Speaker 1: it's it's it's it's a sort of combination of factors really,
Speaker 1: but yeah, you know, I think that that certainly supply
Speaker 1: chain issues and COVID lockdowns have kind of hurt the
Speaker 1: property sector. They they've they've slowed down development. You know,
Speaker 1: lots of workers have been locked down, so they've been
Speaker 1: unable to finish a lot of these projects, and that,
Speaker 1: you know, that's part of the reason why you've seen
Speaker 1: these mortgage protests, you know, people not paying. Yeah, so
Speaker 1: like the the costs are still there. They've probably got
Speaker 1: some ongoing costs, but they haven't been developing, not finishing
Speaker 1: on time, and it's yeah, yeah, and we've also had
Speaker 1: um you know that they've been there've been concerns around
Speaker 1: bank deposits in parts of China as well. So there
Speaker 1: was this rolled out in tanks, Yeah, they have. It
Speaker 1: was obviously just a tank exercise, not anything. Just happened
Speaker 1: to be conducting an exercise in the area at time. Yeah,
Speaker 1: So there were these bank runs on sort of regional
Speaker 1: banks in China. People were worried that, you know, that
Speaker 1: their savings were at risk. Do they not have the
Speaker 1: thing that Yeah, I mean they could do they could do.
Speaker 1: It's but you know, all it takes is a bit
Speaker 1: of is a lack of confidence. Um. And you know
Speaker 1: that these protests, you know, you don't you don't really
Speaker 1: protest in public in China and expect to get away
Speaker 1: with it. Um. So, Yeah, the the Chinese economy is
Speaker 1: looking like every other economy is looking. Yeah. And actually
Speaker 1: I'm one of the things that I did do a
Speaker 1: video over on our main channel about these kind of
Speaker 1: Chinese bank runs and also Chinese GDP a few weeks
Speaker 1: ago as well. So if you want to kind of
Speaker 1: dig more into that, then I urge people to have
Speaker 1: a look at that. However, also on the topic of China,
Speaker 1: we've got Taiwan and they're being emboldened by the Ukraine
Speaker 1: situation and and there's a lot of speculations like circling. Yeah,
Speaker 1: Taiwan is kind of in the news at the moment um. Obviously,
Speaker 1: it's been a potential flashpoint for for a long long time,
Speaker 1: And yeah, there was a lot of concern that China
Speaker 1: could use you know, China could do a Russia basically
Speaker 1: and go, right, we're going in Um and Biden and
Speaker 1: President presidency. You know, I think they had they've exchanged
Speaker 1: words over Taiwan. There's a lot of kind of Yeah,
Speaker 1: so there's been there's a lot of kind of saber rattling,
Speaker 1: a lot of posturing going on over Taiwan. That situation
Speaker 1: that just what we need absolutely absolutely, like yeah, um,
Speaker 1: it's it's a it really is the blackest of black
Speaker 1: swans Taiwan. And actually it's kind of flashpoint as we record.
Speaker 1: Why would China if they just do they need that? Well,
Speaker 1: if they questioned, yeah, like do they do they need sanctions?
Speaker 1: And and and if they're already on a precarious situation
Speaker 1: or do they see this as we're more battle ready
Speaker 1: than the West, Well, I mean, yeah, it could be.
Speaker 1: On the one hand, it's a very it's such a
Speaker 1: difficult situation to call, isn't it, Because yeah, on the
Speaker 1: one hand, you could go China, Yeah, China suffering trying
Speaker 1: to suffering economically at the moment, really the last thing
Speaker 1: it needs is to get dragged into a costly war
Speaker 1: because I mean, you know, Taiwan is an island. It's
Speaker 1: not it's not the easiest thing to invade, even if
Speaker 1: you have got the largest army in the world. Um,
Speaker 1: so it would you know, it would be expensive even
Speaker 1: just to do it. But I mean, you know, but
Speaker 1: to say nothing of the potential consequences from the rest
Speaker 1: of the world. So there's that on the one hand,
Speaker 1: But there's also the sense, I mean, China has covered
Speaker 1: Taiwan for decades and it could be thinking, look, if
Speaker 1: if there's a time to do it, it's now. You know,
Speaker 1: the US is the US is attracted. And of course
Speaker 1: we were saying this. I think lots of people are
Speaker 1: saying this. In Februaries, just before Russia rolled into Ukraine,
Speaker 1: you know, the question was like, why would Russia do this?
Speaker 1: Putin must know that there will be some sort of response,
Speaker 1: you know, almost you know, almost certainly in the form
Speaker 1: of sanctions. Um, possibly a military response as well, which
Speaker 1: obviously didn't materialize. But yeah, I mean I remember when
Speaker 1: I remember waking up on four February or something when
Speaker 1: Russia went in, you just thought, and I think I
Speaker 1: think I was saying to you in a podcast episode.
Speaker 1: It's like, this really is the last thing the world need,
Speaker 1: and hey, they just went and they went ahead and
Speaker 1: did it anywhere. You know, it's very much it's a
Speaker 1: very precarious situation. And I mean at the moment as
Speaker 1: we record this, Nancy Pelosi, the speaker of the U S.
Speaker 1: House of Representatives, is due to make a visit to Taiwan,
Speaker 1: to Taipei, the capital today, and this is being seen
Speaker 1: as very very provocative by the Chinese. You know, the
Speaker 1: Chinese are not happy. Um. And you know, it is
Speaker 1: a potential it is a big potential flash point, and
Speaker 1: the effects of that would be huge. You know, even
Speaker 1: if even if it didn't come to a military confrontation,
Speaker 1: which would obviously be what China would gamble on rather
Speaker 1: like Putin did, it would still be really bad news
Speaker 1: for the global economy, more sanctions, more disruption. Um. Yeah.
Speaker 1: And it's it's it's interesting because cha Taiwan produces more
Speaker 1: than six, yeah, of all the semi conductor chips in
Speaker 1: the world. So an invasion of Taiwan by China would
Speaker 1: be terrible news for Apple, for Apple, for the global
Speaker 1: electronics industry and um, that would be you know, you
Speaker 1: would really feel that. So that would be that would
Speaker 1: be a really that would really tank you know that
Speaker 1: the wider economy. And it's interesting because just last week
Speaker 1: the US that they passed a two d and eight
Speaker 1: billion dollar bill to boost the US is native semiconductor industry,
Speaker 1: which says to me, they see something on the horizon.
Speaker 1: Well I think, yeah, I just want to protect. Yeah,
Speaker 1: they're mitigating against that, against that possibility. So so they've
Speaker 1: got their own fuel, their own semiconductors, they're fine. Well, yeah,
Speaker 1: I mean the US is the US is we talk
Speaker 1: about one of the least susceptible countries on the planet.
Speaker 1: It's geographically and economics. It's a very good point to make, actually,
Speaker 1: because as I say, we've we've referenced the U s
Speaker 1: economy a lot, and I talked about it all the
Speaker 1: time on the Channel because it is important. But you're
Speaker 1: absolutely right. The US is much more insulated from um,
Speaker 1: you know, from from these global forces than other countries are.
Speaker 1: And Europe is good, I mean just geographically, this war
Speaker 1: is happening, you know, this war in Ukraine is happening
Speaker 1: on Europe's door step. So yeah, I mean, if things
Speaker 1: seem bad for the future of the US economy. Then
Speaker 1: spare a thought for other economies as well, and of
Speaker 1: course the US, and we've talked about Europe and we've
Speaker 1: talked about China. I mean, these are these are advanced economies.
Speaker 1: So the effects on less advanced economy Shri Lanka's, for instance,
Speaker 1: can be catastrophic. And I think yeah, I mean we
Speaker 1: taught Yeah, we talked about higher Oh no, we're going
Speaker 1: to have to heat our homes and which is important.
Speaker 1: And people do lose their lives, you know, because you know,
Speaker 1: they can't afford to the choice of eating or or
Speaker 1: heating or eating. Yeah, but then you know, we're also
Speaker 1: talking about, oh well, people might not be able to
Speaker 1: afford a new iPhone like that in in parts of
Speaker 1: Africa and Asia and South America. You know, people people
Speaker 1: could start I mean that is you know, that is
Speaker 1: a million times. There's horrible stories of people selling their
Speaker 1: children just to jeez. I mean yeah, yeah, And I
Speaker 1: think it's it's really important to point that out. You know,
Speaker 1: we're we're looking at it from a very sort of
Speaker 1: coddle developed perspective that the consequences of everything that we've
Speaker 1: talked about could be so much worse, so much more
Speaker 1: nightmarish for people in less advanced economies. So yeah, it's
Speaker 1: it's important too. It's important to point that out. You know,
Speaker 1: we we feel effects and there's are nothing compared to
Speaker 1: what other people are going to have to endure. So yeah,
Speaker 1: so this is another fun podcast or or joy and
Speaker 1: I just want to, yeah, before we talk about what
Speaker 1: could be next for crypto very quickly before we go.
Speaker 1: I think this is something I've been thinking about as well,
Speaker 1: you know, over the last sorry, before we go in there.
Speaker 1: So with that technological so the semi conductive thing that
Speaker 1: is obviously a massive deal for crypto as well. Yeah,
Speaker 1: because obviously crypto has run on computers. Yeah, there is
Speaker 1: there is that. It's also I think it probably the
Speaker 1: more immediate effect would be the fact that the tech industry,
Speaker 1: the wider tech industry and people often see bitcoin as
Speaker 1: a tech stock almost Yeah. As I said earlier, Bitcoin
Speaker 1: and and krypto in general is very much tied to
Speaker 1: tech stocks as well. As tech stocks go up, crypto
Speaker 1: goes up, and and the opposite and vice versa as well.
Speaker 1: So yeah, I think the effects of other massive drop
Speaker 1: in semiconductor supply, which we did see actually, you know,
Speaker 1: we did have that over the pandemic, and actually, you know,
Speaker 1: Crypto held up. Crypto obviously flourished in the pandemic and stuff.
Speaker 1: But I think, yeah, it's certainly that that would be
Speaker 1: that would be felt across across all sectors. Crypto wouldn't
Speaker 1: be immune from, you know, from the from the fallout
Speaker 1: of that. Now it's I think it's really tempting as
Speaker 1: well to think. I certainly thought over the last couple
Speaker 1: of year years really it's like you always kind of
Speaker 1: look ahead. It's like, well, hopefully in a few years time,
Speaker 1: things will be better. You know, COVID won't be a
Speaker 1: problem anymore. We'll have got inflation under control, you know,
Speaker 1: supply chains will be back up and running, and you know,
Speaker 1: all these problems that we're dealing with at the moment
Speaker 1: will hopefully be resolved or you know, certainly a lot
Speaker 1: less like there's light at the end of the tunnel exactly.
Speaker 1: But but well, you know, it's this sort of thing
Speaker 1: we always look to this future, you know, these kind
Speaker 1: of sunlit uplands, as they say, but let's face it,
Speaker 1: more problems are going to come along. And I think
Speaker 1: Taiwan is a potential. You know, I'm not saying that
Speaker 1: Taiwan is necessarily going to be the next global flash
Speaker 1: pipe and just saying there's you know, it's a it's
Speaker 1: a it's a worry. Yeah, it's a red flag, as
Speaker 1: they say, it's a it's a big old red flag.
Speaker 1: Yeah with with with So yeah, look, you know that
Speaker 1: that the the outlook for the outlook for the wider
Speaker 1: global economy is certainly is not great for certainly the
Speaker 1: next next few months and probably years. And that's some
Speaker 1: thing that people should should take into account when making well,
Speaker 1: i mean any sort of decisions really. But you know,
Speaker 1: especially if you're if you're into crypto and you're thinking
Speaker 1: of investing, you know, this is the the in fact,
Speaker 1: what you can afford to lose, absolutely, but you know
Speaker 1: you need to pay you need to pay attention to
Speaker 1: the bigger picture. Now, just to touch on what could
Speaker 1: be next for crypto before we sign off. Now, there
Speaker 1: is good news because even though we're in a bear market,
Speaker 1: development is still going ahead, you know, good for happening. Yeah,
Speaker 1: good projects are still you know people some some crypto
Speaker 1: companies are still hiring, you know, they're still building. And
Speaker 1: regardless of the wider economic situation, those good projects will
Speaker 1: continue to develop, and this, you know, this is one
Speaker 1: of the this is one of the upsides to a
Speaker 1: bear market if you like, you know, the good projects
Speaker 1: keep going and there are you know, opportunities out there
Speaker 1: to to invest in these things cheaper than you might
Speaker 1: have done with the height of the bullmarket. Now, I
Speaker 1: think in prices are unlikely to recover to levels that
Speaker 1: we saw in November last year, you know, when we
Speaker 1: had those all time hands. Um. So the bear market
Speaker 1: is going to continue, and as I say, I think
Speaker 1: that could be until at the least, So bear that
Speaker 1: in mind. There's also this headache ahead, like the sec
Speaker 1: that I talked about, you know, that seems to be
Speaker 1: coming for crypto with sort of renewed vigor. At the
Speaker 1: moment um. It's trying to you know, essentially classify most
Speaker 1: cryptocurrencies as securities if it can. Very few cryptos are
Speaker 1: exempt in the sec s eyes Bitcoin, because it's a bitcoin,
Speaker 1: will be okay in that in that Respectum Ethereum probably
Speaker 1: as well. Um not least because an SEC official in
Speaker 1: the past has said that Ethereum was sufficiently decentralized and
Speaker 1: that was several years ago. So I would imagine that
Speaker 1: BTC and would be safe from the SEC in that respect,
Speaker 1: but you know, it's there are the wider crypto industry
Speaker 1: is very much threatened by the SEC. Would that have
Speaker 1: a knock on effected the tokens built off, Yeah, quite possibly,
Speaker 1: quite possible because they you know, some of those could
Speaker 1: be classified as securities. Um So, yeah, there's certainly there's
Speaker 1: certainly worrier, you know, worry around because the SEC as well,
Speaker 1: seems to be determined to legislate by by force rather
Speaker 1: than actually go and clarify things and make things, you know,
Speaker 1: make it so as these crypto companies can get in line.
Speaker 1: It just seems to be going after you know, this company,
Speaker 1: that company labeled this a security, that not a security.
Speaker 1: There's so little like labels. We don't like labels. Yeah, yeah,
Speaker 1: it's like this is a security, this is not as security.
Speaker 1: This I don't know what this is. Um So, it's
Speaker 1: it's tough because you know, these crypto these companies they
Speaker 1: want to get into line. You know, they don't they
Speaker 1: don't want to be on the wrong side of the
Speaker 1: law necessarily, but the SEC and others make it so difficult.
Speaker 1: There's so little clarity. So on that note, we are
Speaker 1: going to see more regulation of the crypto industry across
Speaker 1: the world. You know, again it's very much focused on
Speaker 1: the u S, but the the EU is taking steps
Speaker 1: towards legislator regulating crypto. We're seeing stuff here in the
Speaker 1: UK as well, you know, all across the world. India
Speaker 1: is not proving very pro crypto at the moment, so
Speaker 1: we are going to see more crypto regulation. Now, this
Speaker 1: could be a good thing if it's done right, if
Speaker 1: it's done with a recognition that you know, of of
Speaker 1: what a powerful technology crypto and blockchain offer. You know,
Speaker 1: the opportunities, If it allows crypto to flourish within a
Speaker 1: regulatory framework, that's good, protecting investors, protecting investors. Yeah, if
Speaker 1: if it could tails innovation exactly, it will be it
Speaker 1: will be bad, and that will be something that the
Speaker 1: crypto market will have to, you know, we'll have to
Speaker 1: deal with. So that's a potential. You know, there are
Speaker 1: potential benefits and also drawbacks to this potential regulation. So really, anyone,
Speaker 1: the only thing I think we can almost certainly be
Speaker 1: sure of for crypto in the short to media term
Speaker 1: is more volatility so although we will see I think
Speaker 1: we will see more rallies ahead. You know, it's not
Speaker 1: organ it's not going to be strictly down from here,
Speaker 1: but we're I think we're going to see a lot
Speaker 1: of these kind of rallies, pumps on good news and
Speaker 1: all that sort of stuff. But then you know those
Speaker 1: are going to tail off as well. And I think
Speaker 1: actually if we look at if we look at prices today,
Speaker 1: they are yeah, they're down. You know, there's there's a
Speaker 1: there's a correction. There's a correction going on. So people
Speaker 1: should be really really wary. And I've said this, you know,
Speaker 1: I say this to lend Blue in the face. But
Speaker 1: you know, just because the markets are going up, just
Speaker 1: because they're pumping, it doesn't mean that everything is good
Speaker 1: and rosy. Again, these are very very difficult conditions to
Speaker 1: try and trade in. So you really need to have
Speaker 1: a long term focus and you have to be prepared
Speaker 1: that if you are going to invest at this sort
Speaker 1: of time, you have to be prepared for the value
Speaker 1: of that investment to go down, certainly in the short term. Um,
Speaker 1: you know, you have to invest with with an eye
Speaker 1: on the longer term. If basically Guy's advice is it's
Speaker 1: not financial advice exactly. Um, okay, So that's just an
Speaker 1: overview of basically kind of what's going on. A few
Speaker 1: things to bear in mind. If you're well, if you're
Speaker 1: if you're interested in crypto, if you're a crypto investor
Speaker 1: or living in Taiwan, or if you live in Taiwan. Yeah, yeah,
Speaker 1: I was made in Taiwan. Really, That's what my dad
Speaker 1: told me. That's they were on around the world trip,
Speaker 1: honeymoon and and the Twinkle well nine months pre my birthday.
Speaker 1: They were they were they yeah, okay in Taiwan, in Taiwan.
Speaker 1: Let's leave it there. Thanks for listening everyone, See see
Speaker 1: you next time. Thank you so much for listening to
Speaker 1: the coin Bureau podcast. If you'd like to learn more
Speaker 1: about cryptocurrency, you can visit our YouTube channel at YouTube
Speaker 1: dot com forward slash coin Bureau. You can also go
Speaker 1: to coin bureau dot com for loads more information about
Speaker 1: all things crypto. You can follow me on Twitter at
Speaker 1: coin Brea or one word, and I'm also active on
Speaker 1: TikTok and Instagram as well. First of all, it's not
Speaker 1: thank you for listening, You're welcome for great content. Yeah,
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