1 00:00:00,080 --> 00:00:02,640 Speaker 1: Hello, and welcome to another episode of The Mark Moss Show, 2 00:00:02,680 --> 00:00:06,280 Speaker 1: where we're always talking about, of course, the decentralized revolution, 3 00:00:06,320 --> 00:00:08,200 Speaker 1: talking about the way the world is breaking apart. We 4 00:00:08,240 --> 00:00:11,040 Speaker 1: look at it through the lenses of politics, finance, and technology, 5 00:00:11,080 --> 00:00:14,480 Speaker 1: and of course that technology is bitcoin. It's a decentralized 6 00:00:14,480 --> 00:00:18,880 Speaker 1: technologist changing the world. And wow, have we had big 7 00:00:19,040 --> 00:00:22,000 Speaker 1: news this week. Now. Shouldn't be a big surprise because 8 00:00:22,040 --> 00:00:24,319 Speaker 1: I've been talking about it for a long time, but 9 00:00:24,640 --> 00:00:26,640 Speaker 1: all of this talk, all of this conjecture, all this 10 00:00:26,680 --> 00:00:32,559 Speaker 1: speculation finally came to pass this last week with the 11 00:00:32,840 --> 00:00:38,040 Speaker 1: SEC finally approving a bitcoin ETF, and not just approving 12 00:00:38,080 --> 00:00:43,440 Speaker 1: a bitcoin ETF, but approving eleven bitcoin ETFs, and it 13 00:00:43,520 --> 00:00:46,920 Speaker 1: went off with massive amount of fireworks. You do not 14 00:00:47,200 --> 00:00:49,320 Speaker 1: want to miss out on this, So we're going to 15 00:00:49,400 --> 00:00:54,160 Speaker 1: break down what exactly happened, what happened before God approved 16 00:00:54,200 --> 00:00:58,400 Speaker 1: that basically shook the entire market and caused a massive problem. 17 00:00:58,560 --> 00:01:00,400 Speaker 1: I'm going to dig into that and we're going to 18 00:01:00,440 --> 00:01:03,200 Speaker 1: talk about exactly what happened the eleven that got approved, 19 00:01:03,400 --> 00:01:06,400 Speaker 1: what we're already seeing already, the good actors, the bad actors, 20 00:01:06,440 --> 00:01:08,040 Speaker 1: the ones you need to stay away from the ones 21 00:01:08,080 --> 00:01:11,280 Speaker 1: you should be using instead and what you could be 22 00:01:11,440 --> 00:01:14,040 Speaker 1: expecting in the days and weeks ahead. We're gonna cover 23 00:01:14,160 --> 00:01:17,080 Speaker 1: all that and more. You do not want to miss this, 24 00:01:17,319 --> 00:01:20,960 Speaker 1: so don't walk away from wherever you're listening to this. 25 00:01:21,000 --> 00:01:22,760 Speaker 1: All right, we're gonna dig into this, but let's just 26 00:01:22,800 --> 00:01:24,720 Speaker 1: talk about this for a minute. First of all, like 27 00:01:24,720 --> 00:01:26,600 Speaker 1: I said, the ETF got approved. Now, what does the 28 00:01:26,640 --> 00:01:28,640 Speaker 1: ETF even mean? For those of you that don't know, 29 00:01:29,520 --> 00:01:30,880 Speaker 1: let me just break it down for you real quick. 30 00:01:30,920 --> 00:01:34,039 Speaker 1: It's an exchange traded fund. So it's basically a fund 31 00:01:34,319 --> 00:01:37,160 Speaker 1: that pools assets together and allows you to buy them 32 00:01:37,160 --> 00:01:39,720 Speaker 1: to the very easily. Now, ETFs have mainly been around 33 00:01:40,040 --> 00:01:43,280 Speaker 1: for things that are hard to buy. Specifically, they work 34 00:01:43,319 --> 00:01:47,200 Speaker 1: really well for commodities. So think like uranium. You can't 35 00:01:47,240 --> 00:01:49,920 Speaker 1: really buy uranium, you can't really store it. Oil you 36 00:01:50,000 --> 00:01:52,240 Speaker 1: can't really store oil, and so you can buy them 37 00:01:52,280 --> 00:01:55,680 Speaker 1: through an ETF a fund. But they are also you 38 00:01:55,720 --> 00:01:58,280 Speaker 1: can make a basic an ETF for anything. So I 39 00:01:58,280 --> 00:02:01,400 Speaker 1: could just come up with a theme like the decentralized theme. 40 00:02:01,440 --> 00:02:04,000 Speaker 1: For example, I could put a whole bunch of companies 41 00:02:04,120 --> 00:02:08,000 Speaker 1: stocks into this basket that fit into this theme. Of decentralization, 42 00:02:08,200 --> 00:02:12,040 Speaker 1: and it could be a decentralized ETF for example, that's 43 00:02:12,040 --> 00:02:13,560 Speaker 1: not what we're talking about here, we're talking about a 44 00:02:13,639 --> 00:02:17,359 Speaker 1: bitcoin ETF. Now. They've been trying to get bitcoin ETFs 45 00:02:17,360 --> 00:02:19,840 Speaker 1: through for years and years and years, and the SEC 46 00:02:19,880 --> 00:02:23,400 Speaker 1: has continually denied them over and over and over again 47 00:02:24,080 --> 00:02:31,320 Speaker 1: for unknown reasons. In twenty seventeen, we saw commodity futures 48 00:02:31,360 --> 00:02:35,560 Speaker 1: trading open up for bitcoin, so we could trade bitcoin futures, 49 00:02:36,400 --> 00:02:40,640 Speaker 1: which is, you know, protected another form of a regulated 50 00:02:40,680 --> 00:02:43,160 Speaker 1: and protected trade in the United States. So futures have 51 00:02:43,240 --> 00:02:47,040 Speaker 1: been okay, but not ETFs. Why is that, Well, we 52 00:02:47,080 --> 00:02:50,360 Speaker 1: don't really know, but we have some speculation. Part of 53 00:02:50,440 --> 00:02:56,680 Speaker 1: it is because the SEC, the government, Gary Gins or 54 00:02:56,680 --> 00:02:59,600 Speaker 1: whatever you want to call it, doesn't want a bitcoin 55 00:02:59,639 --> 00:03:01,919 Speaker 1: ETF to go through for any number of reasons. Potentially 56 00:03:01,919 --> 00:03:04,400 Speaker 1: they don't want the number to go up. You see, 57 00:03:04,440 --> 00:03:08,440 Speaker 1: when you do a futures you're basically betting on the price. 58 00:03:08,600 --> 00:03:11,000 Speaker 1: You're not buying bitcoin, you're just betting that the price 59 00:03:11,000 --> 00:03:13,880 Speaker 1: will be higher or lower, and you're settling in cash. 60 00:03:14,560 --> 00:03:18,720 Speaker 1: These ETFs are spot etf. So what that means is 61 00:03:18,760 --> 00:03:21,960 Speaker 1: if you put a dollar into the bitcoin ETF, that 62 00:03:22,040 --> 00:03:25,080 Speaker 1: ETF now has to go buy a dollar worth of 63 00:03:25,080 --> 00:03:28,799 Speaker 1: bitcoin on the market. And if you know anything about economics, 64 00:03:28,960 --> 00:03:32,880 Speaker 1: economics one on one, all prices move on supply and demand. 65 00:03:33,240 --> 00:03:36,200 Speaker 1: So if you have more demand, more people trying to 66 00:03:36,200 --> 00:03:38,520 Speaker 1: buy bitcoin through the ETFs and they have to go 67 00:03:38,560 --> 00:03:41,560 Speaker 1: buy it, then it's going to then push the price up, 68 00:03:41,600 --> 00:03:45,600 Speaker 1: assuming that the demand stays the same or even goes down, 69 00:03:45,640 --> 00:03:48,119 Speaker 1: which we'll talk about because the supply, the fly goes down, 70 00:03:48,160 --> 00:03:50,280 Speaker 1: and we're gonna talk about that. Because the supply is 71 00:03:50,360 --> 00:03:52,720 Speaker 1: going down, it's known as the having event, all right, 72 00:03:52,760 --> 00:03:55,840 Speaker 1: So that's sort of the high level this ETF potentially 73 00:03:55,840 --> 00:03:57,880 Speaker 1: they didn't want to go through. Now it started to 74 00:03:58,160 --> 00:04:00,840 Speaker 1: escalate because you know, more and more company started putting 75 00:04:00,840 --> 00:04:04,080 Speaker 1: these ETFs proposals through, and the SEC has been denying 76 00:04:04,080 --> 00:04:07,400 Speaker 1: these things for years, no big deal, but people have 77 00:04:07,400 --> 00:04:10,120 Speaker 1: been continue to push back, push back, push back. Gray 78 00:04:10,120 --> 00:04:15,800 Speaker 1: Scale took them to court and basically the SEC lost 79 00:04:16,000 --> 00:04:19,320 Speaker 1: because they said that, hey, you guys really have no 80 00:04:19,440 --> 00:04:24,360 Speaker 1: reason to deny these things. Now, things really escalated when 81 00:04:24,560 --> 00:04:28,480 Speaker 1: Blackrock put their ETF proposal through. When Blackrock put their 82 00:04:28,480 --> 00:04:31,839 Speaker 1: ETF proposal through, I basically knew it was a done deal. Right. 83 00:04:31,920 --> 00:04:35,440 Speaker 1: Blackrock operates as sort of a semi quasi arm of 84 00:04:35,480 --> 00:04:38,160 Speaker 1: the government. We've seen through twenty twenty the banking crisis 85 00:04:38,160 --> 00:04:41,080 Speaker 1: in twenty twenty three, where they work on behalf of 86 00:04:41,200 --> 00:04:43,440 Speaker 1: the government to do things right. So that's why I 87 00:04:43,480 --> 00:04:45,640 Speaker 1: call them like a semi quasi arm of the government. 88 00:04:45,800 --> 00:04:49,920 Speaker 1: So when Blackrock, which dominates the ETF space by the way, 89 00:04:50,080 --> 00:04:54,000 Speaker 1: put an ETF proposal through dominating the ETF space working 90 00:04:54,040 --> 00:04:55,920 Speaker 1: with the government, it was like, come on, of course 91 00:04:55,920 --> 00:04:57,480 Speaker 1: they're going to get this through. Like they would not 92 00:04:57,680 --> 00:04:59,840 Speaker 1: have done this if they didn't know that they could 93 00:04:59,880 --> 00:05:01,880 Speaker 1: have already got it through. And so we knew it 94 00:05:01,920 --> 00:05:03,440 Speaker 1: was already a done deal. I knew it was a 95 00:05:03,440 --> 00:05:05,200 Speaker 1: done deal. We've been talking about this for a long time. 96 00:05:05,400 --> 00:05:08,480 Speaker 1: The only question came down to when. It wasn't a 97 00:05:08,560 --> 00:05:11,240 Speaker 1: matter of if, it was a matter of when and 98 00:05:12,600 --> 00:05:15,560 Speaker 1: a question of what would happen after the fact. And 99 00:05:15,600 --> 00:05:17,719 Speaker 1: so here we have it. They got approved and we've 100 00:05:17,760 --> 00:05:23,760 Speaker 1: been seeing fireworks now. I made a video back back 101 00:05:23,920 --> 00:05:27,240 Speaker 1: the first week of December, I think December fourth, and 102 00:05:27,360 --> 00:05:30,960 Speaker 1: the title of that video was warning about the approval 103 00:05:31,000 --> 00:05:33,560 Speaker 1: of a bitcoin ETF. I wanted to warn people. So 104 00:05:33,640 --> 00:05:35,040 Speaker 1: far it seems to be right. But I want to 105 00:05:35,120 --> 00:05:36,719 Speaker 1: just highlight a couple of things I talked about in 106 00:05:36,760 --> 00:05:39,960 Speaker 1: that video. First of all, if you listen to this 107 00:05:39,960 --> 00:05:41,840 Speaker 1: show on a regular basis, you already know I'll talk 108 00:05:41,839 --> 00:05:43,719 Speaker 1: about bitcoin all the time. I'm not one of the 109 00:05:43,760 --> 00:05:46,960 Speaker 1: guys on YouTube or podcast or radio, well nobody on 110 00:05:47,040 --> 00:05:49,880 Speaker 1: radio that just jumps on the band where I can 111 00:05:49,920 --> 00:05:52,760 Speaker 1: talk about bitcoin. And I don't want to be like 112 00:05:52,880 --> 00:05:55,400 Speaker 1: I told you so either, But let's do a little 113 00:05:55,400 --> 00:05:59,000 Speaker 1: bit I told you so. So let's see here, let's 114 00:05:59,240 --> 00:06:04,159 Speaker 1: recount some of this, just including YouTube below. In June 115 00:06:04,200 --> 00:06:07,520 Speaker 1: of twenty twenty two, when bitcoin was nineteen thousand dollars, 116 00:06:07,560 --> 00:06:10,240 Speaker 1: I said, new data reveals the real bitcoin value? Should 117 00:06:10,279 --> 00:06:12,280 Speaker 1: you buy now? This June twenty two, it was a 118 00:06:12,360 --> 00:06:15,720 Speaker 1: nineteen thousand July of twenty two, I said, do these 119 00:06:15,800 --> 00:06:18,320 Speaker 1: charts show it's time to buy bitcoin? And it was 120 00:06:18,360 --> 00:06:22,480 Speaker 1: at nineteen thousand. Then we can fast forward. We go 121 00:06:22,560 --> 00:06:25,560 Speaker 1: to October of twenty twenty two, I said, will bitcoin 122 00:06:25,640 --> 00:06:27,360 Speaker 1: go Because people still thought it was going to drop, 123 00:06:27,480 --> 00:06:30,000 Speaker 1: I said, will it go to twelve thousand or go 124 00:06:30,120 --> 00:06:33,240 Speaker 1: up to thirty thousand? First that was October twenty twenty two. 125 00:06:33,279 --> 00:06:36,560 Speaker 1: It was at eighteen thousand. All these chances you had 126 00:06:36,600 --> 00:06:40,760 Speaker 1: to buy. November of twenty twenty two, I made a 127 00:06:40,800 --> 00:06:43,240 Speaker 1: video called the Great Reset of Cryptos Happening. Bitcoin was 128 00:06:43,240 --> 00:06:45,880 Speaker 1: at fifteen thousand, nine hundred. You had a chance to buy. 129 00:06:46,720 --> 00:06:49,920 Speaker 1: January of seventeen. January seventeenth of twenty twenty three, a 130 00:06:50,000 --> 00:06:53,440 Speaker 1: year ago, I said, new data tells us it's time 131 00:06:53,480 --> 00:06:57,200 Speaker 1: to buy. It was at twenty thousand. Another video January 132 00:06:57,200 --> 00:07:00,200 Speaker 1: twenty third. January twenty twenty three, I said, break king 133 00:07:00,279 --> 00:07:03,159 Speaker 1: data shows the FED pivot is here. Do this now? 134 00:07:03,360 --> 00:07:06,760 Speaker 1: And the do this now was to buy bitcoin. March 135 00:07:06,800 --> 00:07:09,480 Speaker 1: of twenty twenty three, I said bitcoin. The title was 136 00:07:09,560 --> 00:07:12,560 Speaker 1: bitcoin is pumping by now or wait? Of course I 137 00:07:12,560 --> 00:07:16,800 Speaker 1: said to buy. That was a twenty six thousand. May 138 00:07:16,840 --> 00:07:19,440 Speaker 1: of twenty twenty three, I said, FED data shows they 139 00:07:19,480 --> 00:07:21,560 Speaker 1: control bitcoin. What's next? And of course I was going 140 00:07:21,600 --> 00:07:23,280 Speaker 1: to say they can't really control it. That was the 141 00:07:23,320 --> 00:07:26,080 Speaker 1: twenty six thousand, So anyway I could go on. You 142 00:07:26,120 --> 00:07:28,080 Speaker 1: get the point. We've made lots of these, but I 143 00:07:28,120 --> 00:07:31,640 Speaker 1: made this video talking about the approval bitcoin. There was 144 00:07:31,640 --> 00:07:34,960 Speaker 1: a warning there. What was the warning? The warning was 145 00:07:35,000 --> 00:07:39,000 Speaker 1: that once this ETF got approved, we could potentially see 146 00:07:39,040 --> 00:07:41,880 Speaker 1: a selloff happen in the price of bitcoin. And the 147 00:07:41,920 --> 00:07:43,720 Speaker 1: reason why I said that is because a lot of 148 00:07:43,760 --> 00:07:48,680 Speaker 1: people were expecting that as soon as this ETF got approved, 149 00:07:48,760 --> 00:07:51,680 Speaker 1: there'd be a massive run up in the price. And 150 00:07:51,720 --> 00:07:54,160 Speaker 1: I said that the reason why most people expect that 151 00:07:54,280 --> 00:07:56,000 Speaker 1: is because they think that if all this money flows 152 00:07:56,000 --> 00:07:57,960 Speaker 1: into these ETFs, everyone's going to rush out and go 153 00:07:58,000 --> 00:08:01,560 Speaker 1: buy them, and it would then send the price to 154 00:08:01,560 --> 00:08:03,679 Speaker 1: the moon. But I said, that's not really how it works. 155 00:08:03,720 --> 00:08:07,600 Speaker 1: You see, ETFs have already bought the bitcoin, now, not 156 00:08:07,680 --> 00:08:11,360 Speaker 1: in the ETF fund themselves, but in these buffer accounts. 157 00:08:11,360 --> 00:08:14,440 Speaker 1: Because the ETF can't be buying and selling bitcoin every 158 00:08:14,480 --> 00:08:17,520 Speaker 1: single day in the market. They can't move the market 159 00:08:17,560 --> 00:08:20,640 Speaker 1: that fast. The market isn't big enough to handle that 160 00:08:20,680 --> 00:08:22,920 Speaker 1: type of volume. And so most of these ETF companies 161 00:08:22,920 --> 00:08:24,640 Speaker 1: have already bought in what's known as like a seed 162 00:08:24,640 --> 00:08:27,520 Speaker 1: account or like a buffer account, and that account will 163 00:08:28,120 --> 00:08:31,760 Speaker 1: actively trade and manage that in the market. The ETF 164 00:08:31,800 --> 00:08:34,600 Speaker 1: will be buying and selling from that buffer account, that's 165 00:08:34,640 --> 00:08:37,080 Speaker 1: what I'm calling it, And so it wouldn't really drive 166 00:08:37,120 --> 00:08:38,400 Speaker 1: the price. And so what I thought is that a 167 00:08:38,400 --> 00:08:40,400 Speaker 1: lot of people trying to front run the price of 168 00:08:40,480 --> 00:08:43,440 Speaker 1: the ETF would buy it up and then as soon 169 00:08:43,440 --> 00:08:45,000 Speaker 1: as we got approved, they'd sell it off to make that 170 00:08:45,080 --> 00:08:48,080 Speaker 1: quick rip. We might see a draw down. And the 171 00:08:48,160 --> 00:08:51,120 Speaker 1: warning that I gave was don't get tricked out, right, 172 00:08:51,120 --> 00:08:53,800 Speaker 1: don't get faked out by the market. Don't go, oh 173 00:08:53,800 --> 00:08:56,920 Speaker 1: my gosh, I should sell. That might be what they 174 00:08:56,960 --> 00:08:59,280 Speaker 1: want is to take over your bitcoin because they're certainly 175 00:08:59,280 --> 00:09:00,960 Speaker 1: going to need it. And if you're just tune in, 176 00:09:00,960 --> 00:09:03,400 Speaker 1: you're listening to the Mark Moss Show, we're talking about 177 00:09:03,400 --> 00:09:05,320 Speaker 1: the news of the Bitcoin ETF. We'll be back with 178 00:09:05,360 --> 00:09:06,600 Speaker 1: a whole lot more in a minute. You don't want 179 00:09:06,600 --> 00:09:08,320 Speaker 1: to miss it. Don't go away, I'll be back all right, 180 00:09:08,360 --> 00:09:10,000 Speaker 1: Welcome back. If you just tune in, you're listening to 181 00:09:10,040 --> 00:09:13,160 Speaker 1: the Mark Moss Show, we're talking about the big news, 182 00:09:14,360 --> 00:09:17,400 Speaker 1: the coming out party, if you will. Bitcoin has finally 183 00:09:17,480 --> 00:09:21,400 Speaker 1: made it to the mainstream. It's across the chasm, as 184 00:09:21,440 --> 00:09:23,560 Speaker 1: I like to say, cross the chasm. What does crossing 185 00:09:23,600 --> 00:09:26,199 Speaker 1: the chasm mean? Well, crossing the chasm is a term 186 00:09:26,720 --> 00:09:30,480 Speaker 1: that we use to look at technology adoption. You might 187 00:09:30,480 --> 00:09:32,240 Speaker 1: have seen this chart before It's sort of like a 188 00:09:32,280 --> 00:09:36,640 Speaker 1: bell curve, and it shows how new technology such as 189 00:09:36,640 --> 00:09:39,680 Speaker 1: the telephone and the color TV, the washing machine, the internet, 190 00:09:40,000 --> 00:09:43,640 Speaker 1: and bitcoin, things like that. New technologies reach adoption, and 191 00:09:43,880 --> 00:09:46,400 Speaker 1: basically they follow a predictable pattern, which you hear me 192 00:09:46,400 --> 00:09:49,000 Speaker 1: talk about quite a bit, you know, technology cycles. But 193 00:09:49,080 --> 00:09:51,840 Speaker 1: basically you have the beginning part, which is the innovators. 194 00:09:51,840 --> 00:09:54,160 Speaker 1: This is the person who developed the technology, so the 195 00:09:54,200 --> 00:09:56,360 Speaker 1: guys that wrote the code, that came up with the idea, etc. 196 00:09:56,640 --> 00:10:01,360 Speaker 1: And typically that brings to three four small digit adoption, 197 00:10:01,600 --> 00:10:04,560 Speaker 1: right because not that many of them. After that is 198 00:10:04,960 --> 00:10:07,800 Speaker 1: the next section that comes into this new technology, and 199 00:10:07,840 --> 00:10:10,160 Speaker 1: these are called the true believers. So these are the 200 00:10:10,160 --> 00:10:12,960 Speaker 1: guys that catch it early. These are the tinkers, the hobbyists, 201 00:10:13,120 --> 00:10:15,600 Speaker 1: the ones that really believe in it. That would be me. 202 00:10:15,720 --> 00:10:18,400 Speaker 1: I would put myself into the true believer camp of bitcoin, 203 00:10:18,679 --> 00:10:22,120 Speaker 1: and that typically gets us to about fifteen percent adoption, 204 00:10:22,160 --> 00:10:24,720 Speaker 1: maybe as high as up to twenty percent adoption. Then 205 00:10:24,840 --> 00:10:27,120 Speaker 1: what happens You see a big jump up in that 206 00:10:27,160 --> 00:10:29,760 Speaker 1: Bell curve, but before we get what's known as the 207 00:10:29,880 --> 00:10:32,880 Speaker 1: early majority. If you don't own bitcoin yet, you could 208 00:10:32,880 --> 00:10:35,520 Speaker 1: be part of the early majority. Before we get the 209 00:10:35,559 --> 00:10:38,839 Speaker 1: early majority. There's something known as the chasm, and the 210 00:10:38,960 --> 00:10:42,680 Speaker 1: chasm is a gap, and the gap has to be crossed. 211 00:10:42,679 --> 00:10:45,520 Speaker 1: The chasm has to be caught crossed before the early 212 00:10:45,559 --> 00:10:48,200 Speaker 1: majority comes in, and then after the majority is finally 213 00:10:48,200 --> 00:10:51,440 Speaker 1: the late majority comes in. All right, So the chasm 214 00:10:51,520 --> 00:10:53,800 Speaker 1: is something that has to be crossed, and it's a 215 00:10:53,960 --> 00:10:57,760 Speaker 1: mindset shift, right, maybe you there's a lot of people 216 00:10:57,760 --> 00:11:00,520 Speaker 1: listening right now that think in it. That bitcoin is stupid, 217 00:11:01,080 --> 00:11:04,600 Speaker 1: it's a tulip, it's a magical internet money. I can't 218 00:11:04,640 --> 00:11:07,640 Speaker 1: trust something that I can't hold in my hand. Film 219 00:11:07,679 --> 00:11:11,240 Speaker 1: the blank. I've heard it all, and it's a new technology. 220 00:11:11,280 --> 00:11:13,679 Speaker 1: So of course not everybody believes in it. It's brand new, 221 00:11:13,920 --> 00:11:16,080 Speaker 1: well not anymore, it's fifteen years old. But you know, 222 00:11:16,160 --> 00:11:18,439 Speaker 1: at the time it's new, I don't know what it is. 223 00:11:18,760 --> 00:11:21,400 Speaker 1: I'm a skeptic, you know, all these things, whatever your 224 00:11:21,480 --> 00:11:24,800 Speaker 1: doubt may be about bitcoin. But the chasm is where 225 00:11:24,840 --> 00:11:31,760 Speaker 1: something changes, so the mindset of everybody will shift. Something 226 00:11:31,880 --> 00:11:34,240 Speaker 1: changes where it gets very easy to use or becomes 227 00:11:34,320 --> 00:11:38,240 Speaker 1: legitimate or something like that. So in the early days 228 00:11:38,240 --> 00:11:42,360 Speaker 1: of the VCR, for example, there weren't really any things 229 00:11:42,400 --> 00:11:44,000 Speaker 1: to do with the VCR. There weren't a lot of 230 00:11:44,040 --> 00:11:46,880 Speaker 1: movies on the VCR, and the first use case of 231 00:11:46,920 --> 00:11:51,720 Speaker 1: the VCR, like most tech like the Internet, was for porn, 232 00:11:51,800 --> 00:11:55,960 Speaker 1: for pornography, and so obviously, yeah, that's especially back when 233 00:11:55,960 --> 00:11:58,840 Speaker 1: the VCR came back, but even today, porn isn't really 234 00:11:58,920 --> 00:12:02,360 Speaker 1: accepted in mainstrea stream. Certainly it wasn't back then, and 235 00:12:02,400 --> 00:12:04,680 Speaker 1: the only use case for the VCR was for porn, 236 00:12:04,720 --> 00:12:06,920 Speaker 1: and so people overlook the VCR. Why would we use it. 237 00:12:07,000 --> 00:12:08,640 Speaker 1: We don't need that, There's nothing to do with it 238 00:12:08,679 --> 00:12:12,200 Speaker 1: other than watch porn, et cetera. What brought the VCR 239 00:12:12,240 --> 00:12:16,240 Speaker 1: into mainstream was Disney decided to release a movie on 240 00:12:16,320 --> 00:12:20,160 Speaker 1: the VCR. When Disney released a movie, then other people 241 00:12:20,160 --> 00:12:22,280 Speaker 1: started releasing movies. And once there was Disney and other 242 00:12:22,320 --> 00:12:25,440 Speaker 1: good movies to get, then the mindset shifted and everybody 243 00:12:25,480 --> 00:12:28,240 Speaker 1: went and started buying VCRs. Right, And we can go 244 00:12:28,240 --> 00:12:31,360 Speaker 1: on and on and about this, but this chasm, I 245 00:12:31,400 --> 00:12:33,360 Speaker 1: believe has been crossed. And I believe we've been getting 246 00:12:33,440 --> 00:12:36,720 Speaker 1: sort of getting across the chasm, if you will, but 247 00:12:36,760 --> 00:12:38,920 Speaker 1: I think we finally crossed the chasm. Now we've crossed 248 00:12:38,920 --> 00:12:41,400 Speaker 1: the rubicon, if you will, and that is because this 249 00:12:41,559 --> 00:12:47,760 Speaker 1: ETF has finally legitimized it. If you're a skeptic at 250 00:12:47,760 --> 00:12:52,240 Speaker 1: this point, still thinking it's stupid, it's a tulip, it's 251 00:12:52,240 --> 00:12:54,840 Speaker 1: a fad, it's going to go away, et cetera, et cetera, 252 00:12:56,400 --> 00:12:58,160 Speaker 1: I just don't know what else to say to you anymore. 253 00:12:58,360 --> 00:13:02,839 Speaker 1: We have the larger asset manager in the world, Blackrock, 254 00:13:03,720 --> 00:13:06,520 Speaker 1: which I'm no fan of, by the way. They're run 255 00:13:06,559 --> 00:13:10,240 Speaker 1: by Larry Fink, so arguably one of the most powerful 256 00:13:10,240 --> 00:13:13,120 Speaker 1: men in the entire world. He was on CNBC and 257 00:13:13,120 --> 00:13:14,839 Speaker 1: I've talked about this before now it's been a month 258 00:13:14,920 --> 00:13:16,880 Speaker 1: or two ago, and he said that people are moving 259 00:13:16,880 --> 00:13:20,760 Speaker 1: to bitcoin for safety. So arguably one of the most 260 00:13:20,760 --> 00:13:24,160 Speaker 1: powerful men in the entire world runs the largest asset 261 00:13:24,160 --> 00:13:27,400 Speaker 1: manager in the world, is calling bitcoin a flight to safety. 262 00:13:27,800 --> 00:13:31,320 Speaker 1: They've launched a bitcoin ETF, and not just one, but 263 00:13:31,559 --> 00:13:35,360 Speaker 1: eleven ETFs were approved, not just one, but eleven the 264 00:13:36,200 --> 00:13:39,320 Speaker 1: largest asset managers in the world, not just Blackrock. We're 265 00:13:39,320 --> 00:13:42,040 Speaker 1: talking about like Fidelity and a bunch of other big ones. 266 00:13:42,080 --> 00:13:43,440 Speaker 1: As a matter of fact, we'll talk about those in 267 00:13:43,480 --> 00:13:48,920 Speaker 1: a minute. And now it's legitimate. Now every financial advisor 268 00:13:49,360 --> 00:13:54,679 Speaker 1: has the ability to now recommend bitcoin into a financial portfolio. 269 00:13:55,400 --> 00:13:57,959 Speaker 1: I talked about this before. I think seventy two percent 270 00:13:58,040 --> 00:14:00,960 Speaker 1: of financial advisors in a poll, seventy two percent of 271 00:14:01,000 --> 00:14:05,280 Speaker 1: them said that they would allocate money towards bitcoin if 272 00:14:05,360 --> 00:14:09,680 Speaker 1: an ETF got approved. So there you have it. Seventy 273 00:14:09,760 --> 00:14:13,680 Speaker 1: two percent. That is, that's at least the early majority 274 00:14:13,679 --> 00:14:15,319 Speaker 1: of that might even be the late majority. Two. The 275 00:14:16,000 --> 00:14:19,840 Speaker 1: chasm has been crossed. Bitcoin is easy. It's the best 276 00:14:19,840 --> 00:14:23,320 Speaker 1: performing asset. It's been around for fifteen years. It's certainly 277 00:14:23,400 --> 00:14:25,560 Speaker 1: not a tulip. It keeps coming back over and over 278 00:14:25,600 --> 00:14:28,560 Speaker 1: and over. It's now recognized by the largest asset manager 279 00:14:28,600 --> 00:14:30,960 Speaker 1: in the world, it's approved by the government, and now 280 00:14:31,080 --> 00:14:34,680 Speaker 1: everybody can buy it. It's a big deal. I have 281 00:14:34,800 --> 00:14:36,360 Speaker 1: this prop on my desk here. I just want to 282 00:14:36,360 --> 00:14:38,080 Speaker 1: show this to you. This is a block clock. It 283 00:14:38,200 --> 00:14:40,960 Speaker 1: tracks the price of bitcoin in real time. It lost 284 00:14:41,000 --> 00:14:44,200 Speaker 1: power in March of twenty twenty two when bitcoin price 285 00:14:44,280 --> 00:14:46,600 Speaker 1: was at forty seven thousand, and I'm waiting to plug 286 00:14:46,600 --> 00:14:48,600 Speaker 1: it back in until it gets over that price, which 287 00:14:49,400 --> 00:14:52,560 Speaker 1: it should any minute or any day. Now. It's popped 288 00:14:52,600 --> 00:14:55,880 Speaker 1: over that today a few times. It hasn't closed over 289 00:14:55,920 --> 00:14:57,960 Speaker 1: that price yet, so we'll see where that's at. And 290 00:14:58,080 --> 00:15:00,720 Speaker 1: here we are on the first day, at the time 291 00:15:00,760 --> 00:15:04,160 Speaker 1: of this recording, the first day of trading in this 292 00:15:05,320 --> 00:15:06,640 Speaker 1: big win TF and I want to tell you what's 293 00:15:06,640 --> 00:15:08,480 Speaker 1: already happening, but before we do, I want to go 294 00:15:08,600 --> 00:15:11,720 Speaker 1: back just a little bit of time. I want to 295 00:15:11,800 --> 00:15:16,600 Speaker 1: talk about what happened before the launch, because more signs 296 00:15:16,600 --> 00:15:20,000 Speaker 1: of government and competence. You know. For as as scared 297 00:15:20,040 --> 00:15:22,280 Speaker 1: as I am on many things the government's doing about, 298 00:15:22,320 --> 00:15:24,960 Speaker 1: you know, our potential future, one thing that gives me 299 00:15:25,000 --> 00:15:27,320 Speaker 1: a little bit of hope is that, man, the amount 300 00:15:27,320 --> 00:15:32,800 Speaker 1: of government incompetence is so high, and it what happened 301 00:15:33,240 --> 00:15:37,360 Speaker 1: is it'll probably give you a little chuckle. Maybe it 302 00:15:37,400 --> 00:15:39,440 Speaker 1: was government of competence, maybe it was intentional. We're going 303 00:15:39,440 --> 00:15:41,760 Speaker 1: to talk about that, but it reminds me of a 304 00:15:41,800 --> 00:15:45,640 Speaker 1: story that happened to me about five years ago, right 305 00:15:45,680 --> 00:15:47,160 Speaker 1: around this time. As a matter of fact, it was 306 00:15:47,200 --> 00:15:50,880 Speaker 1: in January of twenty eighteen, and I was with my 307 00:15:51,000 --> 00:15:53,280 Speaker 1: family on the north shore of O Wahoo. I was 308 00:15:53,280 --> 00:15:55,320 Speaker 1: in Hawaii. We rented a house right there on the 309 00:15:55,320 --> 00:15:57,400 Speaker 1: beach for a month. Because I love to surf. I 310 00:15:57,400 --> 00:16:00,120 Speaker 1: love the big waves. And so we're over there and 311 00:16:00,680 --> 00:16:02,520 Speaker 1: we wake up, but it's about eight in the morning, 312 00:16:02,920 --> 00:16:06,280 Speaker 1: and our phones are all going off like this, these alerts, 313 00:16:06,960 --> 00:16:08,880 Speaker 1: and go to grab my phone and take a look 314 00:16:08,920 --> 00:16:13,520 Speaker 1: at it, and on my phone is a message, and 315 00:16:13,720 --> 00:16:15,600 Speaker 1: I think I have it right here. I have the 316 00:16:15,640 --> 00:16:19,400 Speaker 1: actual text message that we got here. I pull it up. 317 00:16:19,960 --> 00:16:24,440 Speaker 1: I'll just read it to you. Yeah, so here we go. Yeah, 318 00:16:24,480 --> 00:16:27,680 Speaker 1: so here we go. On my phone emergency alert and 319 00:16:27,720 --> 00:16:34,040 Speaker 1: it says ballistic missile threat inbound to Hawaii. Seek immediate shelter. 320 00:16:34,680 --> 00:16:38,840 Speaker 1: This is not a drill. That was it. That's what 321 00:16:38,880 --> 00:16:41,480 Speaker 1: I said. My phone's going off, my wife's phone's going off, 322 00:16:41,520 --> 00:16:44,120 Speaker 1: my daughter's phone's going off. We grab the phone and 323 00:16:44,160 --> 00:16:46,360 Speaker 1: we wake up like still got you know, sleep in 324 00:16:46,360 --> 00:16:48,280 Speaker 1: our eyes, et cetera. And all of a sudden, it 325 00:16:48,360 --> 00:16:52,400 Speaker 1: just says ballistic missile threat inbound to Hawaii, Seek immediate shelter. 326 00:16:52,640 --> 00:16:57,200 Speaker 1: This is not a drill. Now we're in an airbnb, like, 327 00:16:57,280 --> 00:16:58,760 Speaker 1: I mean, we go to Hawaii quite a bit, but 328 00:16:58,840 --> 00:17:00,320 Speaker 1: I don't know much about the island, and I don't 329 00:17:00,320 --> 00:17:03,880 Speaker 1: know if there's bomb shelters or nuclear bunkers. I certainly 330 00:17:03,920 --> 00:17:06,080 Speaker 1: don't have any iodine if it's a nuclear attack, like 331 00:17:06,080 --> 00:17:09,320 Speaker 1: I member's over there on vacation, right, and this is 332 00:17:09,400 --> 00:17:12,680 Speaker 1: what we see. Now. I'm telling you this story because 333 00:17:12,760 --> 00:17:15,399 Speaker 1: this is sort of what happened with the SEC. So 334 00:17:15,440 --> 00:17:17,920 Speaker 1: I'm gonna explain to you exactly what happened with the SEC. 335 00:17:18,240 --> 00:17:19,680 Speaker 1: But I gotta take a very quick break. If you're 336 00:17:19,720 --> 00:17:21,600 Speaker 1: just tuning in, you're listening to the Mark Moss Show. 337 00:17:21,600 --> 00:17:25,560 Speaker 1: We're talking about I think it's potentially I think the 338 00:17:25,600 --> 00:17:27,720 Speaker 1: future will show this might be the biggest move we've 339 00:17:27,720 --> 00:17:31,159 Speaker 1: seen in the financial markets in decades. All Right, this 340 00:17:31,200 --> 00:17:33,000 Speaker 1: is a big deal and you need to know about it. 341 00:17:33,080 --> 00:17:34,679 Speaker 1: We'll talk about it more when I take when I 342 00:17:34,680 --> 00:17:37,280 Speaker 1: come back from a very short break. Again, you're listening 343 00:17:37,320 --> 00:17:40,040 Speaker 1: to the Mark Moss Show. Don't go anywhere, don't want 344 00:17:40,080 --> 00:17:42,240 Speaker 1: to miss it, So I'll be right back. All right, 345 00:17:42,280 --> 00:17:43,720 Speaker 1: Welcome back. If you just tune in, you're listening to 346 00:17:43,800 --> 00:17:47,040 Speaker 1: the Mark Moss Show, we're talking about the Bitcoin ETF 347 00:17:47,680 --> 00:17:50,400 Speaker 1: massive news. Do not sleep on this. Let me break 348 00:17:50,440 --> 00:17:52,280 Speaker 1: it down for a little bit. Right before the breakdow 349 00:17:52,280 --> 00:17:53,600 Speaker 1: I was telling you about this story of how it 350 00:17:53,680 --> 00:17:56,200 Speaker 1: was in Hawaii in January twenty eighteen, and I woke 351 00:17:56,280 --> 00:18:00,520 Speaker 1: up to getting this inbound ballistic missile threat. It's not 352 00:18:00,600 --> 00:18:05,199 Speaker 1: a drill now. We sat there for As a matter 353 00:18:05,240 --> 00:18:06,880 Speaker 1: of fact, this is what got me to join Twitter 354 00:18:07,359 --> 00:18:11,120 Speaker 1: because we could not find any information about this. We 355 00:18:11,240 --> 00:18:13,680 Speaker 1: scoured the internet, scoured the news, turned on the TV. 356 00:18:13,840 --> 00:18:16,520 Speaker 1: There was nothing about it. My business partner at the time, 357 00:18:17,680 --> 00:18:20,120 Speaker 1: he was on Twitter and he was able to pull 358 00:18:20,200 --> 00:18:22,880 Speaker 1: up a bunch of news people talking about it. And 359 00:18:23,359 --> 00:18:25,440 Speaker 1: Twitter's amazing forgetting instant news. By the way, if you're 360 00:18:25,440 --> 00:18:28,480 Speaker 1: not following me on Twitter, check me out at one 361 00:18:28,520 --> 00:18:31,159 Speaker 1: Mark Moss. It's the number one at one Mark Moss. 362 00:18:32,080 --> 00:18:33,600 Speaker 1: Hit me up. Let me know you're listening to the show. 363 00:18:33,600 --> 00:18:37,240 Speaker 1: I'd love to hear from you. But anyway, it turns 364 00:18:37,280 --> 00:18:39,200 Speaker 1: out that about I don't know. It was about thirty 365 00:18:39,200 --> 00:18:42,320 Speaker 1: forty five minutes later they issued a release that, oh, 366 00:18:42,359 --> 00:18:46,800 Speaker 1: there's no inbound ballistic missile. Somebody just accidentally did that. 367 00:18:48,160 --> 00:18:51,840 Speaker 1: So someone accidentally did that, just like accidentally hit the 368 00:18:51,840 --> 00:18:56,920 Speaker 1: wrong button. But wouldn't somebody have to type in the message. 369 00:18:56,960 --> 00:18:59,479 Speaker 1: It wasn't just somebody hitting the wrong button. They had 370 00:18:59,480 --> 00:19:03,359 Speaker 1: to type in the message. Right. Whatever the story was, 371 00:19:03,440 --> 00:19:05,720 Speaker 1: we'll never know the government never tells the truth. But 372 00:19:06,359 --> 00:19:09,639 Speaker 1: somehow accidentally that message got sent out. It wasn't wasn't. 373 00:19:10,040 --> 00:19:12,600 Speaker 1: Obviously didn't happen. No bomb happened. We don't know the truth. 374 00:19:12,680 --> 00:19:14,359 Speaker 1: But now let's go back to the SEC. So the 375 00:19:14,440 --> 00:19:18,880 Speaker 1: day before we were supposed to get the approval, the 376 00:19:18,920 --> 00:19:22,960 Speaker 1: SEC Twitter account put out a message saying that it 377 00:19:23,000 --> 00:19:27,680 Speaker 1: from the SEC account that the ETFs were approved. Everybody's 378 00:19:27,680 --> 00:19:30,760 Speaker 1: going crazy. There's all types of tweets going on. All 379 00:19:30,760 --> 00:19:33,480 Speaker 1: these Twitter spaces started popping up. I got I jumped 380 00:19:33,480 --> 00:19:35,440 Speaker 1: onto some Twitter spaces. We're talking about, oh my gosh, 381 00:19:35,480 --> 00:19:37,679 Speaker 1: you got approved. We got approved, got approved. And just 382 00:19:37,760 --> 00:19:39,240 Speaker 1: a little while later, I don't know, it was about 383 00:19:39,240 --> 00:19:41,600 Speaker 1: thirty minutes later, Gary Gensler, the head of the SEC, 384 00:19:41,720 --> 00:19:44,600 Speaker 1: goes on his Twitter and says the SEC account was 385 00:19:45,040 --> 00:19:50,280 Speaker 1: compromised or hacked. It's not really approved. Hmm. Sort of 386 00:19:50,320 --> 00:19:52,800 Speaker 1: like there's not really a ballistic missile inbound Hawaii to 387 00:19:52,880 --> 00:19:57,520 Speaker 1: kill you. Huh. Okay, so it was hacked. Well, you 388 00:19:57,640 --> 00:20:00,199 Speaker 1: might know that I've recently just got my Twitter account back. 389 00:20:00,240 --> 00:20:04,399 Speaker 1: I was. My Twitter account got hacked in August August 390 00:20:04,440 --> 00:20:07,240 Speaker 1: twelfth of last year, and I was locked out of 391 00:20:07,280 --> 00:20:10,399 Speaker 1: my Twitter account for five months. I got back in 392 00:20:10,560 --> 00:20:16,159 Speaker 1: January first, a few weeks ago, and it took me 393 00:20:16,240 --> 00:20:19,040 Speaker 1: five months. I'm a ky seed blue check pain. They 394 00:20:19,119 --> 00:20:21,239 Speaker 1: charged my account every month. I filled out over like 395 00:20:21,280 --> 00:20:24,480 Speaker 1: thirty probably plus support tickets, and took me five months 396 00:20:24,480 --> 00:20:26,840 Speaker 1: get my account back. Supposedly the SEC's account got hacked 397 00:20:26,840 --> 00:20:30,119 Speaker 1: and they got it back within minutes. Probably not, but 398 00:20:30,240 --> 00:20:34,640 Speaker 1: also the message looked very official and Genzo's responses very quick. 399 00:20:34,640 --> 00:20:39,359 Speaker 1: So then obviously speculation starts going on. And my best 400 00:20:39,440 --> 00:20:43,960 Speaker 1: guess was that it was probably meant to go out 401 00:20:44,000 --> 00:20:46,280 Speaker 1: the following day, and the intern that was putting it 402 00:20:46,280 --> 00:20:49,399 Speaker 1: into the SEC Twitter account when they scheduled it, they 403 00:20:49,440 --> 00:20:52,240 Speaker 1: probably put the wrong date in there. That's probably my guess. 404 00:20:52,560 --> 00:20:55,320 Speaker 1: Now what was interesting is the market started going crazy. 405 00:20:55,320 --> 00:20:57,520 Speaker 1: As a matter of fact, you got this huge spike 406 00:20:57,600 --> 00:20:59,560 Speaker 1: run up and then you got this huge sell off. 407 00:21:00,200 --> 00:21:02,000 Speaker 1: Maybe they wanted to see what was going on. Now, 408 00:21:02,000 --> 00:21:06,200 Speaker 1: the insanity of this is that the SEC goes after 409 00:21:06,280 --> 00:21:10,000 Speaker 1: people like Elon Musk for using Twitter to manipulate markets, 410 00:21:10,280 --> 00:21:14,040 Speaker 1: and here they were intentional or not. I don't know, 411 00:21:14,119 --> 00:21:16,480 Speaker 1: they didn't secure their account, whatever the case may be. 412 00:21:16,560 --> 00:21:19,399 Speaker 1: They should. They're liable for it. They use Twitter to 413 00:21:19,480 --> 00:21:24,960 Speaker 1: manipulate the market. Somebody or somebody's use that information to 414 00:21:25,000 --> 00:21:26,880 Speaker 1: trade off of just look at the data, you can 415 00:21:26,920 --> 00:21:30,879 Speaker 1: see it. And so the SEC supposedly, you know, trying 416 00:21:30,880 --> 00:21:33,000 Speaker 1: to watch out for us, for the consumer, watch out 417 00:21:33,000 --> 00:21:35,600 Speaker 1: for the little guy, was the one that manipulated the 418 00:21:35,600 --> 00:21:38,080 Speaker 1: markets with this. Now again, whether it was intentional, an 419 00:21:38,080 --> 00:21:41,479 Speaker 1: intern did it or whatever, they didn't secure that properly, 420 00:21:41,480 --> 00:21:45,480 Speaker 1: which brings up a whole other topic about government comms 421 00:21:46,800 --> 00:21:53,320 Speaker 1: being insecure unsecured, right, Like, if somebody has access to 422 00:21:53,680 --> 00:21:55,719 Speaker 1: all the government comms, I mean, think about what they 423 00:21:55,720 --> 00:21:59,600 Speaker 1: could do. I mean somebody at Twitter could potentially, and 424 00:21:59,840 --> 00:22:01,080 Speaker 1: I don't want to say this for sure because I 425 00:22:01,119 --> 00:22:03,000 Speaker 1: don't know, I don't work at Twitter, but potentially Elon 426 00:22:03,080 --> 00:22:06,400 Speaker 1: Musk or somebody else working at Twitter could put out 427 00:22:06,440 --> 00:22:10,959 Speaker 1: tweets on behalf of a government account. I mean they 428 00:22:10,960 --> 00:22:14,200 Speaker 1: could say from the DoD Department of Defense, like we've 429 00:22:14,200 --> 00:22:17,280 Speaker 1: just launched nuclear weapons to China, for example, right, and 430 00:22:17,359 --> 00:22:20,560 Speaker 1: imagine what China would do. Imagine if China saw that message, 431 00:22:20,640 --> 00:22:22,800 Speaker 1: like I woke up to saying that there was inbound 432 00:22:22,880 --> 00:22:25,480 Speaker 1: nuclear weapons and it was from the DoD for example, right, 433 00:22:25,600 --> 00:22:29,120 Speaker 1: what would they potentially do. So think about how much 434 00:22:29,119 --> 00:22:32,440 Speaker 1: of a danger that is somebody inside Twitter having access 435 00:22:32,480 --> 00:22:38,400 Speaker 1: to all the government comms. What we've seen happen many times, 436 00:22:38,480 --> 00:22:41,320 Speaker 1: you know, through whatever you want to call the vigilantes 437 00:22:41,400 --> 00:22:44,399 Speaker 1: or whistleblowers, is people doing things like this, and so 438 00:22:45,000 --> 00:22:47,040 Speaker 1: that's a big problem. Now we do have a solution 439 00:22:47,240 --> 00:22:50,000 Speaker 1: for this, and this is of course decentralized technologies, which 440 00:22:50,040 --> 00:22:52,800 Speaker 1: I talk about all the time. And so one kind 441 00:22:52,840 --> 00:22:55,240 Speaker 1: of strong up and coming replacement for Twitter is what's 442 00:22:55,280 --> 00:22:58,560 Speaker 1: called Noster in ostr, which is a new type of 443 00:22:58,560 --> 00:23:01,720 Speaker 1: technology that basically it gives you like a Twitter like client, 444 00:23:01,760 --> 00:23:05,720 Speaker 1: but it's completely decentralized and only I can control my 445 00:23:06,440 --> 00:23:12,119 Speaker 1: Noster account through a use of a private key, a 446 00:23:12,160 --> 00:23:17,439 Speaker 1: cryptographic key, sort of like how bitcoin works. And so 447 00:23:18,640 --> 00:23:20,440 Speaker 1: it's only a matter of time before we see things 448 00:23:20,480 --> 00:23:22,600 Speaker 1: everything switch over that we have to. I mean to 449 00:23:22,640 --> 00:23:24,359 Speaker 1: think of a government comm as being run on a 450 00:23:24,400 --> 00:23:26,800 Speaker 1: platform that could be compromised like this, It's it's pretty insane, 451 00:23:26,840 --> 00:23:29,240 Speaker 1: and think about it. Okay, so now here we go. 452 00:23:29,359 --> 00:23:31,439 Speaker 1: Let's get past that. That was a little bit of 453 00:23:31,440 --> 00:23:33,840 Speaker 1: mess up again. I have to laugh at the incompetence 454 00:23:33,880 --> 00:23:36,600 Speaker 1: of the government. But here we have it got approved 455 00:23:36,640 --> 00:23:39,560 Speaker 1: and so what happened, well, they fumbled the launch, but 456 00:23:39,600 --> 00:23:43,199 Speaker 1: then it opened up. And so far on the first 457 00:23:43,400 --> 00:23:47,800 Speaker 1: day that the etf'spent open, we've seen four point six 458 00:23:48,080 --> 00:23:52,439 Speaker 1: billion dollars of trading happen on it. That's pretty massive. 459 00:23:52,800 --> 00:23:55,880 Speaker 1: Now to put that into some perspective, four point six 460 00:23:55,960 --> 00:23:58,919 Speaker 1: billion that's in trading, that's how much has moved daily. 461 00:23:59,359 --> 00:24:00,960 Speaker 1: But I mean, you're we're talking on an asset that 462 00:24:01,080 --> 00:24:06,400 Speaker 1: already does forty fifty billion a day. So potentially, you know, 463 00:24:06,560 --> 00:24:10,199 Speaker 1: it's less than ten percent of the total amount of 464 00:24:10,280 --> 00:24:14,399 Speaker 1: daily transaction jumped into the SEC. So it's not overwhelming, 465 00:24:14,480 --> 00:24:17,479 Speaker 1: but if we put it into perspective, maybe it is. 466 00:24:17,920 --> 00:24:20,760 Speaker 1: So we saw, you know, bitcoins a lot of things 467 00:24:21,240 --> 00:24:23,040 Speaker 1: a lot of people compared to like a digital gold 468 00:24:23,119 --> 00:24:25,399 Speaker 1: like a store of value. But if we look at gold, 469 00:24:25,880 --> 00:24:28,080 Speaker 1: we have gold ETFs. A lot of you might own 470 00:24:29,240 --> 00:24:31,159 Speaker 1: a gold through in ETF. And if we look at 471 00:24:31,200 --> 00:24:33,520 Speaker 1: gold ETFs, what we can see is the very first 472 00:24:33,720 --> 00:24:37,720 Speaker 1: one was a spider SBDR is a symbol spider gold 473 00:24:37,720 --> 00:24:41,280 Speaker 1: trusted with the symbol is GLD. It's the most well 474 00:24:41,320 --> 00:24:45,800 Speaker 1: known etf. It's been seeing significant growth and it launched 475 00:24:45,840 --> 00:24:49,200 Speaker 1: in two thousand and three. Right, It launched March twenty 476 00:24:49,240 --> 00:24:52,000 Speaker 1: eighth of two thousand and three with an initial assets 477 00:24:52,040 --> 00:24:56,320 Speaker 1: under management of around one hundred and fifteen million. So 478 00:24:56,359 --> 00:24:58,800 Speaker 1: when the gold one was launched, it got one hundred 479 00:24:58,840 --> 00:25:02,920 Speaker 1: and fifteen million. Now that's assets under management. We don't 480 00:25:02,920 --> 00:25:05,679 Speaker 1: know exactly where the assets under management went up in 481 00:25:05,720 --> 00:25:07,600 Speaker 1: these bitcoin ETFs yet. We'll have to let the dust 482 00:25:07,600 --> 00:25:09,200 Speaker 1: set a little bit. But we see four point six 483 00:25:09,320 --> 00:25:14,199 Speaker 1: billion in trading, so we'll probably end up at a 484 00:25:14,240 --> 00:25:19,240 Speaker 1: billion versus one hundred and fifteen million in gold. Sorry, 485 00:25:19,240 --> 00:25:21,960 Speaker 1: gold guys. Now by two thousand and four, By the 486 00:25:22,040 --> 00:25:25,400 Speaker 1: end of two thousand and four, which was almost two 487 00:25:25,480 --> 00:25:30,200 Speaker 1: years later, they had grown to about one point five billion. 488 00:25:30,600 --> 00:25:33,080 Speaker 1: So it took gold almost two years to get to 489 00:25:33,160 --> 00:25:37,320 Speaker 1: one point five billion in assets. And I bet you 490 00:25:37,440 --> 00:25:38,880 Speaker 1: the bitcoin is going to be there in a month. 491 00:25:40,600 --> 00:25:43,240 Speaker 1: Sorry gold guys, Sorry to the paiders or whatever. I 492 00:25:43,280 --> 00:25:45,879 Speaker 1: don't know. We'll see what happens. Uh. Then we saw 493 00:25:46,600 --> 00:25:52,840 Speaker 1: other We saw other ETFs pop up. I think there 494 00:25:53,080 --> 00:25:58,600 Speaker 1: was five gold ETFs that popped up in the first 495 00:25:58,640 --> 00:26:03,680 Speaker 1: five years. We saw ice shares Comas Gold Trust IAU 496 00:26:03,880 --> 00:26:06,560 Speaker 1: launched in January twenty first, two thousand and five. We 497 00:26:06,600 --> 00:26:11,560 Speaker 1: saw ETF's Physical Gold that's the gold launched on November eighteen, 498 00:26:11,600 --> 00:26:15,840 Speaker 1: two thousand and five. We saw another one launched September 499 00:26:16,000 --> 00:26:20,240 Speaker 1: two thousand and nine. Sprot Physical Gold Trust launched February 500 00:26:20,280 --> 00:26:25,280 Speaker 1: twenty ten. Aberdeen launched October fifteenth, twenty ten. So from 501 00:26:25,280 --> 00:26:27,760 Speaker 1: two thousand and three to twenty ten, we got five 502 00:26:28,480 --> 00:26:32,359 Speaker 1: that opened up. Five. Now to put that into perspective, 503 00:26:32,920 --> 00:26:38,680 Speaker 1: we just got eleven bitcoin ETFs approved. So it took five. 504 00:26:39,000 --> 00:26:45,520 Speaker 1: It took seven years to get five gold ETFs, and 505 00:26:45,600 --> 00:26:50,320 Speaker 1: now we got eleven bitcoin ETFs in the same day. 506 00:26:51,200 --> 00:26:55,040 Speaker 1: Pretty amazing. And again if you look at the price. 507 00:26:55,080 --> 00:26:56,920 Speaker 1: So we're gonna talk about that. We're gonna talk about 508 00:26:56,960 --> 00:27:00,960 Speaker 1: which of these bitcoin ETFs opened up, the good the 509 00:27:01,000 --> 00:27:03,240 Speaker 1: bad about them, and we'll protect some of the pricing 510 00:27:03,240 --> 00:27:05,239 Speaker 1: and what you should do to pay attention to this. 511 00:27:05,680 --> 00:27:07,000 Speaker 1: If you're just tune in, you listening to the Mark 512 00:27:07,000 --> 00:27:09,919 Speaker 1: Mass Show talking about of course the bitcoin ETFs the 513 00:27:09,920 --> 00:27:13,760 Speaker 1: biggest news in the financial space for sure. Got a 514 00:27:13,760 --> 00:27:15,359 Speaker 1: whole lot more to cover when I come back, but 515 00:27:15,400 --> 00:27:16,920 Speaker 1: I got to take a very short break, but you 516 00:27:16,960 --> 00:27:18,760 Speaker 1: don't want to miss it. Don't go away. I'll be 517 00:27:18,880 --> 00:27:20,840 Speaker 1: right back. All right, welcome back. If you're just tune in, 518 00:27:20,840 --> 00:27:22,920 Speaker 1: you're listening to the Mark Mass Show. We're talking about 519 00:27:22,960 --> 00:27:28,040 Speaker 1: the bitcoin ETF that just got approved. Big, big, big news, 520 00:27:28,160 --> 00:27:31,320 Speaker 1: the biggest news, the biggest news in the financial space. 521 00:27:31,320 --> 00:27:33,440 Speaker 1: I don't know if there's anything bigger at least right now, 522 00:27:33,640 --> 00:27:35,359 Speaker 1: and so I'm sure you're already hearing about it, but 523 00:27:35,640 --> 00:27:37,119 Speaker 1: I want to bring it to you from another angle. 524 00:27:37,119 --> 00:27:39,800 Speaker 1: We were just looking at the bitcoin ETFs compared to 525 00:27:39,880 --> 00:27:45,200 Speaker 1: the gold ets As we've explained, they're way bigger. They're 526 00:27:45,240 --> 00:27:51,600 Speaker 1: blowing away records, which is pretty amazing. Will that push 527 00:27:51,680 --> 00:27:55,639 Speaker 1: the price up of bitcoin like it did gold similarly 528 00:27:55,640 --> 00:27:58,120 Speaker 1: to gold, we'll see. What we do know is that 529 00:27:58,480 --> 00:28:01,800 Speaker 1: when the gold ETF launched, the price of gold was 530 00:28:01,840 --> 00:28:05,320 Speaker 1: about three hundred and twenty seven dollars announced three twenty seven, 531 00:28:06,040 --> 00:28:09,199 Speaker 1: and by the time the fifth one launched it was 532 00:28:09,280 --> 00:28:12,679 Speaker 1: up to thirteen hundred. So from three hundred to thirteen hundred, 533 00:28:15,200 --> 00:28:18,840 Speaker 1: as I said, that was five gold ETFs, we saw 534 00:28:18,960 --> 00:28:23,320 Speaker 1: eleven bitcoin ETFs launch at the same time. Now, bitcoin 535 00:28:23,520 --> 00:28:27,280 Speaker 1: is the single greatest asset of all time. It's been 536 00:28:27,320 --> 00:28:32,439 Speaker 1: growing really really fast, and now we have eleven ETFs. 537 00:28:32,920 --> 00:28:36,240 Speaker 1: And what we saw, which was pretty interesting, is all 538 00:28:36,240 --> 00:28:40,040 Speaker 1: of these ETFs that were getting approved were starting to 539 00:28:40,160 --> 00:28:42,920 Speaker 1: fight over they're fighting for you, right, They're fighting for 540 00:28:42,960 --> 00:28:45,640 Speaker 1: you as a customer, and they started fighting by changing 541 00:28:45,680 --> 00:28:48,640 Speaker 1: their price structure how much they'll charge you to use 542 00:28:48,680 --> 00:28:52,520 Speaker 1: their ETFs. And they started moving the price down lower, lower, lower, lower, lower, 543 00:28:52,560 --> 00:28:55,680 Speaker 1: including you know, even free for a while, right, eventually 544 00:28:55,720 --> 00:28:59,640 Speaker 1: they'll charge you, but even for free. And it made 545 00:28:59,680 --> 00:29:03,760 Speaker 1: me I think that one obviously, you know, capitalism is 546 00:29:03,760 --> 00:29:06,160 Speaker 1: that when competition is there, you and I as a 547 00:29:06,160 --> 00:29:09,520 Speaker 1: consumer get better products, better service, better prices. So that's good. 548 00:29:10,000 --> 00:29:12,600 Speaker 1: But what I really made me think was that if 549 00:29:12,680 --> 00:29:15,120 Speaker 1: all of these ETFs are willing to drop their fees 550 00:29:15,200 --> 00:29:20,920 Speaker 1: that low, they must be expecting a massive amount of inflow, 551 00:29:21,120 --> 00:29:23,320 Speaker 1: right because they need to have money. They need money 552 00:29:23,360 --> 00:29:25,240 Speaker 1: to cover their cost. They're not doing this for free. 553 00:29:25,680 --> 00:29:28,680 Speaker 1: It's very expensive because of the bureaucracy and the red 554 00:29:28,720 --> 00:29:31,240 Speaker 1: tape involved in the financial industry. It's very expensive to 555 00:29:31,320 --> 00:29:33,680 Speaker 1: launch an ETF. As a matter of fact, I looked 556 00:29:33,720 --> 00:29:37,440 Speaker 1: into launching my own ETF. There's another YouTuber, meet Kevin, 557 00:29:37,480 --> 00:29:40,440 Speaker 1: He launched an ETF, and the company that launched the 558 00:29:40,400 --> 00:29:43,840 Speaker 1: etforum contacted me about launching one as well. So I 559 00:29:43,880 --> 00:29:47,680 Speaker 1: looked into it, and it's very expensive, you know, you're 560 00:29:47,720 --> 00:29:50,920 Speaker 1: looking at on the low end, probably half a million dollars, 561 00:29:50,960 --> 00:29:53,080 Speaker 1: if not millions, And to get the ETF if you're 562 00:29:53,120 --> 00:29:55,600 Speaker 1: you know, one of these big companies, millions for sure, 563 00:29:56,120 --> 00:29:57,920 Speaker 1: And so you're not going to launch that if you 564 00:29:57,920 --> 00:30:01,160 Speaker 1: don't think you can make money. And they were lowering 565 00:30:01,160 --> 00:30:02,840 Speaker 1: the price, lowering the price, lowering the price, lowering the 566 00:30:02,840 --> 00:30:05,280 Speaker 1: price so much for competition, and they can raise the 567 00:30:05,280 --> 00:30:08,240 Speaker 1: price later potentially, I guess. But what it shows me 568 00:30:08,360 --> 00:30:10,880 Speaker 1: and most people kind of commentating on this that understand, 569 00:30:11,280 --> 00:30:14,280 Speaker 1: is that they're probably expecting a massive amount of asset 570 00:30:14,400 --> 00:30:16,520 Speaker 1: under management, so that even the low amount of fees 571 00:30:16,560 --> 00:30:21,239 Speaker 1: at the percentage basis is still enough to cover that. Now, 572 00:30:21,280 --> 00:30:23,400 Speaker 1: another thing that's interesting if we compare this to a 573 00:30:23,520 --> 00:30:26,720 Speaker 1: gold ETF, is that this is the first ETF in 574 00:30:26,920 --> 00:30:32,360 Speaker 1: history ever in which the underlying asset, in this case, bitcoin, 575 00:30:32,760 --> 00:30:35,440 Speaker 1: has a fixed supply. So what do I mean by that? 576 00:30:35,840 --> 00:30:39,800 Speaker 1: So in a uranium ETF or an oil ETF and 577 00:30:39,840 --> 00:30:43,959 Speaker 1: certainly in a gold ETF when more people buy gold 578 00:30:44,200 --> 00:30:47,360 Speaker 1: and the price of gold goes up, what happens. So 579 00:30:47,400 --> 00:30:49,280 Speaker 1: when they jumped into the gold ETFs and it pushed 580 00:30:49,280 --> 00:30:51,920 Speaker 1: the price from three hundred and thirteen hundred, what happened, Well, 581 00:30:52,400 --> 00:30:55,560 Speaker 1: more gold companies and gold miners went to go get 582 00:30:55,600 --> 00:30:58,160 Speaker 1: more gold. When it's three hundred bucks, you have a 583 00:30:58,160 --> 00:31:00,240 Speaker 1: few people mining to bring gold to the market goes 584 00:31:00,280 --> 00:31:04,120 Speaker 1: to thirteen hundred, they're rushing to go get more gold, 585 00:31:04,560 --> 00:31:06,960 Speaker 1: or more uranium, or more energy to the market of 586 00:31:07,040 --> 00:31:10,080 Speaker 1: the price goes up. But bitcoin is the first asset 587 00:31:10,080 --> 00:31:12,200 Speaker 1: in history that can't do that. Bigcoin is a fixed apply. 588 00:31:12,600 --> 00:31:15,800 Speaker 1: So what happens with that, we don't really know. We 589 00:31:15,840 --> 00:31:19,640 Speaker 1: don't have history to tell us. But let's just say 590 00:31:19,840 --> 00:31:23,600 Speaker 1: number go up. We call that gu ngu technology is 591 00:31:23,640 --> 00:31:25,520 Speaker 1: sort of a tongue in cheek way to say that. 592 00:31:26,200 --> 00:31:28,120 Speaker 1: But the price would go up. We've never seen this 593 00:31:28,200 --> 00:31:31,440 Speaker 1: before and it could be very volatile, So I would 594 00:31:31,440 --> 00:31:35,920 Speaker 1: expect massive amounts of volatility because of this. Now, some 595 00:31:35,960 --> 00:31:39,760 Speaker 1: of the volatility has been because people are leaving some 596 00:31:39,800 --> 00:31:42,240 Speaker 1: of the more expensive ways to own bitcoin in the 597 00:31:42,240 --> 00:31:44,880 Speaker 1: past through funds like this, such as the gray scale 598 00:31:44,920 --> 00:31:47,960 Speaker 1: bitcoin trust, and so that's also part of the volatility 599 00:31:48,000 --> 00:31:50,160 Speaker 1: and sart of the liquidity that we're starting to see 600 00:31:50,360 --> 00:31:54,760 Speaker 1: withdrawing from those funds moving into the other ones. Some 601 00:31:54,840 --> 00:31:57,240 Speaker 1: other things that we're seeing right now today, which is 602 00:31:57,280 --> 00:32:01,000 Speaker 1: pretty interesting. I think this is going to but if 603 00:32:01,040 --> 00:32:04,480 Speaker 1: you're online at all, you can see, for example, Vanguard, 604 00:32:04,560 --> 00:32:07,840 Speaker 1: which is one of the top three asset managers in 605 00:32:08,160 --> 00:32:12,080 Speaker 1: the world, Blackrock, Vanguard, and State Street being those three, 606 00:32:12,520 --> 00:32:16,920 Speaker 1: Vanguard is refusing to let customers buy bitcoin through the 607 00:32:17,000 --> 00:32:21,800 Speaker 1: ETFs with their own money, which is pretty interesting. I 608 00:32:21,840 --> 00:32:25,240 Speaker 1: would just say that if your bank, which happens to 609 00:32:25,280 --> 00:32:28,480 Speaker 1: me quite a bit, or your fund, whatever they are, 610 00:32:28,880 --> 00:32:31,320 Speaker 1: if they refuse to let you do something with your 611 00:32:31,360 --> 00:32:34,479 Speaker 1: own money, I would just ask the question, is it 612 00:32:34,520 --> 00:32:38,640 Speaker 1: your own money? Now, many times I've had wires block 613 00:32:38,760 --> 00:32:40,280 Speaker 1: up onto my bank. I need to send a wire, 614 00:32:40,360 --> 00:32:42,680 Speaker 1: they block it, They make me fill out forms, they 615 00:32:42,680 --> 00:32:45,160 Speaker 1: ask me questions. I've had to sit down with bank managers. 616 00:32:45,440 --> 00:32:47,400 Speaker 1: I mean, you name it, and it makes me so 617 00:32:47,520 --> 00:32:50,120 Speaker 1: angry because it's like, look, man, it's my money. What 618 00:32:50,160 --> 00:32:52,400 Speaker 1: do you like? Who are you to even ask me 619 00:32:52,520 --> 00:32:54,880 Speaker 1: if I want to send my money? It's my money? 620 00:32:54,960 --> 00:32:57,840 Speaker 1: But it's not right. So you understand that in the 621 00:32:57,840 --> 00:33:00,800 Speaker 1: banking system, that money is no longer your money. That 622 00:33:00,880 --> 00:33:04,000 Speaker 1: money is now an ioe you to you right now, 623 00:33:04,000 --> 00:33:07,360 Speaker 1: you're an unsecured creditor of the bank. So it's actually 624 00:33:07,440 --> 00:33:09,280 Speaker 1: their money. They decide what they can do with it, 625 00:33:09,280 --> 00:33:11,719 Speaker 1: and in this case, Vanguard is doing that, and I'm 626 00:33:11,760 --> 00:33:15,280 Speaker 1: starting to see reports of other institutions also blocking access 627 00:33:15,320 --> 00:33:18,360 Speaker 1: to funds. I did see people buying it with JP Morgan, 628 00:33:18,880 --> 00:33:21,840 Speaker 1: Fidelities doing it as well. Fidelity also has their own 629 00:33:21,880 --> 00:33:25,720 Speaker 1: ETF as well. But I think that some of this 630 00:33:25,800 --> 00:33:27,520 Speaker 1: is going to just change. I mean, look, it's been 631 00:33:27,680 --> 00:33:30,160 Speaker 1: at the time I'm recording this, just one day, right, like, 632 00:33:30,200 --> 00:33:33,040 Speaker 1: give it some time. The one thing that I see 633 00:33:33,080 --> 00:33:34,520 Speaker 1: over and over and over and over and over that 634 00:33:34,640 --> 00:33:37,160 Speaker 1: just wreck most people, specifically when it comes to investing, 635 00:33:37,240 --> 00:33:41,280 Speaker 1: but in life in general, is just a short time span, right, 636 00:33:42,720 --> 00:33:45,880 Speaker 1: preference and so expecting way too much too soon, and 637 00:33:45,880 --> 00:33:47,560 Speaker 1: it's like, look, man, give it a day. It give 638 00:33:47,600 --> 00:33:48,880 Speaker 1: it a couple days, give it a week. I'm sure 639 00:33:48,920 --> 00:33:50,680 Speaker 1: Vanguard is going to come around. Maybe it takes time 640 00:33:50,720 --> 00:33:52,760 Speaker 1: to get that set up. Maybe they don't, you know, 641 00:33:53,360 --> 00:33:56,240 Speaker 1: they got caught off sides, or maybe they're skeptical, maybe 642 00:33:56,240 --> 00:33:57,800 Speaker 1: they don't want you to do it yet and they 643 00:33:57,840 --> 00:33:59,640 Speaker 1: want to kind of see how it plays out. Whatever 644 00:33:59,640 --> 00:34:01,800 Speaker 1: the case is, I wouldn't be as I've seen people 645 00:34:01,800 --> 00:34:04,640 Speaker 1: talking about online. I wouldn't be rushing to close my 646 00:34:04,760 --> 00:34:07,280 Speaker 1: accounts and move money over. I don't know if it 647 00:34:07,320 --> 00:34:09,080 Speaker 1: requires that, but a lot of people are doing that. 648 00:34:09,520 --> 00:34:13,120 Speaker 1: If I was going to do that, though, I would 649 00:34:13,160 --> 00:34:16,960 Speaker 1: be choosing Fidelity, and I'd probably be choosing Fidelity for 650 00:34:17,040 --> 00:34:18,879 Speaker 1: a number of reasons, which I want to break down 651 00:34:18,880 --> 00:34:22,359 Speaker 1: for you, one of which is because Fidelity is sort 652 00:34:22,400 --> 00:34:26,839 Speaker 1: of a true og bitcoin company. What do I mean 653 00:34:26,880 --> 00:34:30,120 Speaker 1: by that, Well, I mean that they have been in 654 00:34:30,120 --> 00:34:32,239 Speaker 1: the bitcoin space for a long time. I think they 655 00:34:32,360 --> 00:34:36,280 Speaker 1: started mining bitcoin back in like twenty fourteen or something 656 00:34:36,360 --> 00:34:39,680 Speaker 1: like that. So Fidelity has been in the forefront of bitcoin. 657 00:34:39,719 --> 00:34:41,960 Speaker 1: They're a true bitcoin company, and if I was going 658 00:34:42,040 --> 00:34:44,600 Speaker 1: to support one, I certainly wouldn't be supporting black Rock. 659 00:34:45,320 --> 00:34:47,719 Speaker 1: I would probably be choosing to support Fidelity. They put 660 00:34:47,760 --> 00:34:49,960 Speaker 1: out a report in October of twenty twenty three I 661 00:34:50,000 --> 00:34:53,280 Speaker 1: talked about before, and they were talking about why investors 662 00:34:53,320 --> 00:34:58,000 Speaker 1: need to consider bitcoin separately from other digital assets. Meaning bitcoin, 663 00:34:58,040 --> 00:35:00,160 Speaker 1: not crypto as we talk about all the time. And 664 00:35:00,200 --> 00:35:01,879 Speaker 1: they put out this report which I thought was very 665 00:35:02,000 --> 00:35:06,400 Speaker 1: very good. Ten different points or lots of points in 666 00:35:06,440 --> 00:35:08,839 Speaker 1: the report. I want to hit on a couple of them, 667 00:35:09,600 --> 00:35:13,560 Speaker 1: but one they talked about how bitcoin is this brand 668 00:35:13,560 --> 00:35:17,000 Speaker 1: new technology and how never in human history have we 669 00:35:17,120 --> 00:35:19,360 Speaker 1: seen or have we been able to solve the problem 670 00:35:19,400 --> 00:35:23,640 Speaker 1: of digital scarcity and have this like peer to peer 671 00:35:23,920 --> 00:35:26,759 Speaker 1: way to transfer. Now, you might say, but but why 672 00:35:26,840 --> 00:35:29,920 Speaker 1: would they say we don't have that with other cryptocurrencies? Well, ethereum, 673 00:35:29,920 --> 00:35:32,920 Speaker 1: the number two cryptocurrency. They've changed their monetary policy like 674 00:35:33,000 --> 00:35:36,000 Speaker 1: three times in the last couple of years, so they 675 00:35:36,040 --> 00:35:38,400 Speaker 1: make it more scarce. They may make it less scarce, 676 00:35:38,440 --> 00:35:40,520 Speaker 1: but the very fact that they can change it means 677 00:35:40,560 --> 00:35:44,840 Speaker 1: it's not right. So bitcoin hasn't done that. Bitcoin's fidelity 678 00:35:44,840 --> 00:35:47,000 Speaker 1: said that bitcoin should be considered first and separate from 679 00:35:47,120 --> 00:35:52,439 Speaker 1: all other digital assets, so sort of making that case, 680 00:35:52,719 --> 00:35:55,240 Speaker 1: they said that owning bitcoin is like owning the base 681 00:35:55,400 --> 00:35:58,239 Speaker 1: layer of the Internet. Imagine being able to do that. Right, 682 00:35:58,320 --> 00:36:00,400 Speaker 1: So we talk about bitcoin as like a protocol. A 683 00:36:00,440 --> 00:36:04,439 Speaker 1: protocol is a basic set of instructions that determines how 684 00:36:04,520 --> 00:36:07,160 Speaker 1: packets of information go across. So on the Internet we 685 00:36:07,200 --> 00:36:11,120 Speaker 1: have like the IP TCPIP and bitcoin we have the 686 00:36:11,160 --> 00:36:13,160 Speaker 1: same thing as a protocol, and you can own the 687 00:36:13,200 --> 00:36:15,920 Speaker 1: base layer. So there's a lot of things that Fidality's 688 00:36:15,960 --> 00:36:17,960 Speaker 1: got right. They're a bitcoin company, and if I was 689 00:36:18,080 --> 00:36:21,080 Speaker 1: going to use an ETF that's what I'd be using. 690 00:36:21,280 --> 00:36:23,200 Speaker 1: We're gonna be covering this a whole lot more. You're 691 00:36:23,239 --> 00:36:25,239 Speaker 1: not gonna want to miss out on this, but I 692 00:36:25,440 --> 00:36:28,000 Speaker 1: expect this to move the bitcoin price. What we say 693 00:36:28,160 --> 00:36:31,960 Speaker 1: up and to the right, that's up. N gu number 694 00:36:31,960 --> 00:36:33,800 Speaker 1: go up. Anyway, if you're just tuning in, you're listening 695 00:36:33,840 --> 00:36:35,560 Speaker 1: to the Mark Moss Show. Like I said, I'm back 696 00:36:35,600 --> 00:36:37,080 Speaker 1: on Twitter, so i'd love to hear from you. Hit 697 00:36:37,160 --> 00:36:39,400 Speaker 1: me up on Twitter at one Mark Moss. Let me 698 00:36:39,440 --> 00:36:41,040 Speaker 1: know you're listening, let me know what topics you get 699 00:36:41,120 --> 00:36:43,759 Speaker 1: me to cover. If you're listening on the podcast, I'd 700 00:36:43,800 --> 00:36:46,120 Speaker 1: love it if you'd like and review the podcast. That'd 701 00:36:46,120 --> 00:36:48,120 Speaker 1: mean the world to me. And that's what I got. 702 00:36:48,320 --> 00:36:50,239 Speaker 1: Thanks so much for listening today. Until next time,