Speaker 1: Hello, and welcome to another episode of The Mark Moss Show,
Speaker 1: where we're always talking about, of course, the decentralized revolution,
Speaker 1: talking about the way the world is breaking apart. We
Speaker 1: look at it through the lenses of politics, finance, and technology,
Speaker 1: and of course that technology is bitcoin. It's a decentralized
Speaker 1: technologist changing the world. And wow, have we had big
Speaker 1: news this week. Now. Shouldn't be a big surprise because
Speaker 1: I've been talking about it for a long time, but
Speaker 1: all of this talk, all of this conjecture, all this
Speaker 1: speculation finally came to pass this last week with the
Speaker 1: SEC finally approving a bitcoin ETF, and not just approving
Speaker 1: a bitcoin ETF, but approving eleven bitcoin ETFs, and it
Speaker 1: went off with massive amount of fireworks. You do not
Speaker 1: want to miss out on this, So we're going to
Speaker 1: break down what exactly happened, what happened before God approved
Speaker 1: that basically shook the entire market and caused a massive problem.
Speaker 1: I'm going to dig into that and we're going to
Speaker 1: talk about exactly what happened the eleven that got approved,
Speaker 1: what we're already seeing already, the good actors, the bad actors,
Speaker 1: the ones you need to stay away from the ones
Speaker 1: you should be using instead and what you could be
Speaker 1: expecting in the days and weeks ahead. We're gonna cover
Speaker 1: all that and more. You do not want to miss this,
Speaker 1: so don't walk away from wherever you're listening to this.
Speaker 1: All right, we're gonna dig into this, but let's just
Speaker 1: talk about this for a minute. First of all, like
Speaker 1: I said, the ETF got approved. Now, what does the
Speaker 1: ETF even mean? For those of you that don't know,
Speaker 1: let me just break it down for you real quick.
Speaker 1: It's an exchange traded fund. So it's basically a fund
Speaker 1: that pools assets together and allows you to buy them
Speaker 1: to the very easily. Now, ETFs have mainly been around
Speaker 1: for things that are hard to buy. Specifically, they work
Speaker 1: really well for commodities. So think like uranium. You can't
Speaker 1: really buy uranium, you can't really store it. Oil you
Speaker 1: can't really store oil, and so you can buy them
Speaker 1: through an ETF a fund. But they are also you
Speaker 1: can make a basic an ETF for anything. So I
Speaker 1: could just come up with a theme like the decentralized theme.
Speaker 1: For example, I could put a whole bunch of companies
Speaker 1: stocks into this basket that fit into this theme. Of decentralization,
Speaker 1: and it could be a decentralized ETF for example, that's
Speaker 1: not what we're talking about here, we're talking about a
Speaker 1: bitcoin ETF. Now. They've been trying to get bitcoin ETFs
Speaker 1: through for years and years and years, and the SEC
Speaker 1: has continually denied them over and over and over again
Speaker 1: for unknown reasons. In twenty seventeen, we saw commodity futures
Speaker 1: trading open up for bitcoin, so we could trade bitcoin futures,
Speaker 1: which is, you know, protected another form of a regulated
Speaker 1: and protected trade in the United States. So futures have
Speaker 1: been okay, but not ETFs. Why is that, Well, we
Speaker 1: don't really know, but we have some speculation. Part of
Speaker 1: it is because the SEC, the government, Gary Gins or
Speaker 1: whatever you want to call it, doesn't want a bitcoin
Speaker 1: ETF to go through for any number of reasons. Potentially
Speaker 1: they don't want the number to go up. You see,
Speaker 1: when you do a futures you're basically betting on the price.
Speaker 1: You're not buying bitcoin, you're just betting that the price
Speaker 1: will be higher or lower, and you're settling in cash.
Speaker 1: These ETFs are spot etf. So what that means is
Speaker 1: if you put a dollar into the bitcoin ETF, that
Speaker 1: ETF now has to go buy a dollar worth of
Speaker 1: bitcoin on the market. And if you know anything about economics,
Speaker 1: economics one on one, all prices move on supply and demand.
Speaker 1: So if you have more demand, more people trying to
Speaker 1: buy bitcoin through the ETFs and they have to go
Speaker 1: buy it, then it's going to then push the price up,
Speaker 1: assuming that the demand stays the same or even goes down,
Speaker 1: which we'll talk about because the supply, the fly goes down,
Speaker 1: and we're gonna talk about that. Because the supply is
Speaker 1: going down, it's known as the having event, all right,
Speaker 1: So that's sort of the high level this ETF potentially
Speaker 1: they didn't want to go through. Now it started to
Speaker 1: escalate because you know, more and more company started putting
Speaker 1: these ETFs proposals through, and the SEC has been denying
Speaker 1: these things for years, no big deal, but people have
Speaker 1: been continue to push back, push back, push back. Gray
Speaker 1: Scale took them to court and basically the SEC lost
Speaker 1: because they said that, hey, you guys really have no
Speaker 1: reason to deny these things. Now, things really escalated when
Speaker 1: Blackrock put their ETF proposal through. When Blackrock put their
Speaker 1: ETF proposal through, I basically knew it was a done deal. Right.
Speaker 1: Blackrock operates as sort of a semi quasi arm of
Speaker 1: the government. We've seen through twenty twenty the banking crisis
Speaker 1: in twenty twenty three, where they work on behalf of
Speaker 1: the government to do things right. So that's why I
Speaker 1: call them like a semi quasi arm of the government.
Speaker 1: So when Blackrock, which dominates the ETF space by the way,
Speaker 1: put an ETF proposal through dominating the ETF space working
Speaker 1: with the government, it was like, come on, of course
Speaker 1: they're going to get this through. Like they would not
Speaker 1: have done this if they didn't know that they could
Speaker 1: have already got it through. And so we knew it
Speaker 1: was already a done deal. I knew it was a
Speaker 1: done deal. We've been talking about this for a long time.
Speaker 1: The only question came down to when. It wasn't a
Speaker 1: matter of if, it was a matter of when and
Speaker 1: a question of what would happen after the fact. And
Speaker 1: so here we have it. They got approved and we've
Speaker 1: been seeing fireworks now. I made a video back back
Speaker 1: the first week of December, I think December fourth, and
Speaker 1: the title of that video was warning about the approval
Speaker 1: of a bitcoin ETF. I wanted to warn people. So
Speaker 1: far it seems to be right. But I want to
Speaker 1: just highlight a couple of things I talked about in
Speaker 1: that video. First of all, if you listen to this
Speaker 1: show on a regular basis, you already know I'll talk
Speaker 1: about bitcoin all the time. I'm not one of the
Speaker 1: guys on YouTube or podcast or radio, well nobody on
Speaker 1: radio that just jumps on the band where I can
Speaker 1: talk about bitcoin. And I don't want to be like
Speaker 1: I told you so either, But let's do a little
Speaker 1: bit I told you so. So let's see here, let's
Speaker 1: recount some of this, just including YouTube below. In June
Speaker 1: of twenty twenty two, when bitcoin was nineteen thousand dollars,
Speaker 1: I said, new data reveals the real bitcoin value? Should
Speaker 1: you buy now? This June twenty two, it was a
Speaker 1: nineteen thousand July of twenty two, I said, do these
Speaker 1: charts show it's time to buy bitcoin? And it was
Speaker 1: at nineteen thousand. Then we can fast forward. We go
Speaker 1: to October of twenty twenty two, I said, will bitcoin
Speaker 1: go Because people still thought it was going to drop,
Speaker 1: I said, will it go to twelve thousand or go
Speaker 1: up to thirty thousand? First that was October twenty twenty two.
Speaker 1: It was at eighteen thousand. All these chances you had
Speaker 1: to buy. November of twenty twenty two, I made a
Speaker 1: video called the Great Reset of Cryptos Happening. Bitcoin was
Speaker 1: at fifteen thousand, nine hundred. You had a chance to buy.
Speaker 1: January of seventeen. January seventeenth of twenty twenty three, a
Speaker 1: year ago, I said, new data tells us it's time
Speaker 1: to buy. It was at twenty thousand. Another video January
Speaker 1: twenty third. January twenty twenty three, I said, break king
Speaker 1: data shows the FED pivot is here. Do this now?
Speaker 1: And the do this now was to buy bitcoin. March
Speaker 1: of twenty twenty three, I said bitcoin. The title was
Speaker 1: bitcoin is pumping by now or wait? Of course I
Speaker 1: said to buy. That was a twenty six thousand. May
Speaker 1: of twenty twenty three, I said, FED data shows they
Speaker 1: control bitcoin. What's next? And of course I was going
Speaker 1: to say they can't really control it. That was the
Speaker 1: twenty six thousand, So anyway I could go on. You
Speaker 1: get the point. We've made lots of these, but I
Speaker 1: made this video talking about the approval bitcoin. There was
Speaker 1: a warning there. What was the warning? The warning was
Speaker 1: that once this ETF got approved, we could potentially see
Speaker 1: a selloff happen in the price of bitcoin. And the
Speaker 1: reason why I said that is because a lot of
Speaker 1: people were expecting that as soon as this ETF got approved,
Speaker 1: there'd be a massive run up in the price. And
Speaker 1: I said that the reason why most people expect that
Speaker 1: is because they think that if all this money flows
Speaker 1: into these ETFs, everyone's going to rush out and go
Speaker 1: buy them, and it would then send the price to
Speaker 1: the moon. But I said, that's not really how it works.
Speaker 1: You see, ETFs have already bought the bitcoin, now, not
Speaker 1: in the ETF fund themselves, but in these buffer accounts.
Speaker 1: Because the ETF can't be buying and selling bitcoin every
Speaker 1: single day in the market. They can't move the market
Speaker 1: that fast. The market isn't big enough to handle that
Speaker 1: type of volume. And so most of these ETF companies
Speaker 1: have already bought in what's known as like a seed
Speaker 1: account or like a buffer account, and that account will
Speaker 1: actively trade and manage that in the market. The ETF
Speaker 1: will be buying and selling from that buffer account, that's
Speaker 1: what I'm calling it, And so it wouldn't really drive
Speaker 1: the price. And so what I thought is that a
Speaker 1: lot of people trying to front run the price of
Speaker 1: the ETF would buy it up and then as soon
Speaker 1: as we got approved, they'd sell it off to make that
Speaker 1: quick rip. We might see a draw down. And the
Speaker 1: warning that I gave was don't get tricked out, right,
Speaker 1: don't get faked out by the market. Don't go, oh
Speaker 1: my gosh, I should sell. That might be what they
Speaker 1: want is to take over your bitcoin because they're certainly
Speaker 1: going to need it. And if you're just tune in,
Speaker 1: you're listening to the Mark Moss Show, we're talking about
Speaker 1: the news of the Bitcoin ETF. We'll be back with
Speaker 1: a whole lot more in a minute. You don't want
Speaker 1: to miss it. Don't go away, I'll be back all right,
Speaker 1: Welcome back. If you just tune in, you're listening to
Speaker 1: the Mark Moss Show, we're talking about the big news,
Speaker 1: the coming out party, if you will. Bitcoin has finally
Speaker 1: made it to the mainstream. It's across the chasm, as
Speaker 1: I like to say, cross the chasm. What does crossing
Speaker 1: the chasm mean? Well, crossing the chasm is a term
Speaker 1: that we use to look at technology adoption. You might
Speaker 1: have seen this chart before It's sort of like a
Speaker 1: bell curve, and it shows how new technology such as
Speaker 1: the telephone and the color TV, the washing machine, the internet,
Speaker 1: and bitcoin, things like that. New technologies reach adoption, and
Speaker 1: basically they follow a predictable pattern, which you hear me
Speaker 1: talk about quite a bit, you know, technology cycles. But
Speaker 1: basically you have the beginning part, which is the innovators.
Speaker 1: This is the person who developed the technology, so the
Speaker 1: guys that wrote the code, that came up with the idea, etc.
Speaker 1: And typically that brings to three four small digit adoption,
Speaker 1: right because not that many of them. After that is
Speaker 1: the next section that comes into this new technology, and
Speaker 1: these are called the true believers. So these are the
Speaker 1: guys that catch it early. These are the tinkers, the hobbyists,
Speaker 1: the ones that really believe in it. That would be me.
Speaker 1: I would put myself into the true believer camp of bitcoin,
Speaker 1: and that typically gets us to about fifteen percent adoption,
Speaker 1: maybe as high as up to twenty percent adoption. Then
Speaker 1: what happens You see a big jump up in that
Speaker 1: Bell curve, but before we get what's known as the
Speaker 1: early majority. If you don't own bitcoin yet, you could
Speaker 1: be part of the early majority. Before we get the
Speaker 1: early majority. There's something known as the chasm, and the
Speaker 1: chasm is a gap, and the gap has to be crossed.
Speaker 1: The chasm has to be caught crossed before the early
Speaker 1: majority comes in, and then after the majority is finally
Speaker 1: the late majority comes in. All right, So the chasm
Speaker 1: is something that has to be crossed, and it's a
Speaker 1: mindset shift, right, maybe you there's a lot of people
Speaker 1: listening right now that think in it. That bitcoin is stupid,
Speaker 1: it's a tulip, it's a magical internet money. I can't
Speaker 1: trust something that I can't hold in my hand. Film
Speaker 1: the blank. I've heard it all, and it's a new technology.
Speaker 1: So of course not everybody believes in it. It's brand new,
Speaker 1: well not anymore, it's fifteen years old. But you know,
Speaker 1: at the time it's new, I don't know what it is.
Speaker 1: I'm a skeptic, you know, all these things, whatever your
Speaker 1: doubt may be about bitcoin. But the chasm is where
Speaker 1: something changes, so the mindset of everybody will shift. Something
Speaker 1: changes where it gets very easy to use or becomes
Speaker 1: legitimate or something like that. So in the early days
Speaker 1: of the VCR, for example, there weren't really any things
Speaker 1: to do with the VCR. There weren't a lot of
Speaker 1: movies on the VCR, and the first use case of
Speaker 1: the VCR, like most tech like the Internet, was for porn,
Speaker 1: for pornography, and so obviously, yeah, that's especially back when
Speaker 1: the VCR came back, but even today, porn isn't really
Speaker 1: accepted in mainstrea stream. Certainly it wasn't back then, and
Speaker 1: the only use case for the VCR was for porn,
Speaker 1: and so people overlook the VCR. Why would we use it.
Speaker 1: We don't need that, There's nothing to do with it
Speaker 1: other than watch porn, et cetera. What brought the VCR
Speaker 1: into mainstream was Disney decided to release a movie on
Speaker 1: the VCR. When Disney released a movie, then other people
Speaker 1: started releasing movies. And once there was Disney and other
Speaker 1: good movies to get, then the mindset shifted and everybody
Speaker 1: went and started buying VCRs. Right, And we can go
Speaker 1: on and on and about this, but this chasm, I
Speaker 1: believe has been crossed. And I believe we've been getting
Speaker 1: sort of getting across the chasm, if you will, but
Speaker 1: I think we finally crossed the chasm. Now we've crossed
Speaker 1: the rubicon, if you will, and that is because this
Speaker 1: ETF has finally legitimized it. If you're a skeptic at
Speaker 1: this point, still thinking it's stupid, it's a tulip, it's
Speaker 1: a fad, it's going to go away, et cetera, et cetera,
Speaker 1: I just don't know what else to say to you anymore.
Speaker 1: We have the larger asset manager in the world, Blackrock,
Speaker 1: which I'm no fan of, by the way. They're run
Speaker 1: by Larry Fink, so arguably one of the most powerful
Speaker 1: men in the entire world. He was on CNBC and
Speaker 1: I've talked about this before now it's been a month
Speaker 1: or two ago, and he said that people are moving
Speaker 1: to bitcoin for safety. So arguably one of the most
Speaker 1: powerful men in the entire world runs the largest asset
Speaker 1: manager in the world, is calling bitcoin a flight to safety.
Speaker 1: They've launched a bitcoin ETF, and not just one, but
Speaker 1: eleven ETFs were approved, not just one, but eleven the
Speaker 1: largest asset managers in the world, not just Blackrock. We're
Speaker 1: talking about like Fidelity and a bunch of other big ones.
Speaker 1: As a matter of fact, we'll talk about those in
Speaker 1: a minute. And now it's legitimate. Now every financial advisor
Speaker 1: has the ability to now recommend bitcoin into a financial portfolio.
Speaker 1: I talked about this before. I think seventy two percent
Speaker 1: of financial advisors in a poll, seventy two percent of
Speaker 1: them said that they would allocate money towards bitcoin if
Speaker 1: an ETF got approved. So there you have it. Seventy
Speaker 1: two percent. That is, that's at least the early majority
Speaker 1: of that might even be the late majority. Two. The
Speaker 1: chasm has been crossed. Bitcoin is easy. It's the best
Speaker 1: performing asset. It's been around for fifteen years. It's certainly
Speaker 1: not a tulip. It keeps coming back over and over
Speaker 1: and over. It's now recognized by the largest asset manager
Speaker 1: in the world, it's approved by the government, and now
Speaker 1: everybody can buy it. It's a big deal. I have
Speaker 1: this prop on my desk here. I just want to
Speaker 1: show this to you. This is a block clock. It
Speaker 1: tracks the price of bitcoin in real time. It lost
Speaker 1: power in March of twenty twenty two when bitcoin price
Speaker 1: was at forty seven thousand, and I'm waiting to plug
Speaker 1: it back in until it gets over that price, which
Speaker 1: it should any minute or any day. Now. It's popped
Speaker 1: over that today a few times. It hasn't closed over
Speaker 1: that price yet, so we'll see where that's at. And
Speaker 1: here we are on the first day, at the time
Speaker 1: of this recording, the first day of trading in this
Speaker 1: big win TF and I want to tell you what's
Speaker 1: already happening, but before we do, I want to go
Speaker 1: back just a little bit of time. I want to
Speaker 1: talk about what happened before the launch, because more signs
Speaker 1: of government and competence. You know. For as as scared
Speaker 1: as I am on many things the government's doing about,
Speaker 1: you know, our potential future, one thing that gives me
Speaker 1: a little bit of hope is that, man, the amount
Speaker 1: of government incompetence is so high, and it what happened
Speaker 1: is it'll probably give you a little chuckle. Maybe it
Speaker 1: was government of competence, maybe it was intentional. We're going
Speaker 1: to talk about that, but it reminds me of a
Speaker 1: story that happened to me about five years ago, right
Speaker 1: around this time. As a matter of fact, it was
Speaker 1: in January of twenty eighteen, and I was with my
Speaker 1: family on the north shore of O Wahoo. I was
Speaker 1: in Hawaii. We rented a house right there on the
Speaker 1: beach for a month. Because I love to surf. I
Speaker 1: love the big waves. And so we're over there and
Speaker 1: we wake up, but it's about eight in the morning,
Speaker 1: and our phones are all going off like this, these alerts,
Speaker 1: and go to grab my phone and take a look
Speaker 1: at it, and on my phone is a message, and
Speaker 1: I think I have it right here. I have the
Speaker 1: actual text message that we got here. I pull it up.
Speaker 1: I'll just read it to you. Yeah, so here we go. Yeah,
Speaker 1: so here we go. On my phone emergency alert and
Speaker 1: it says ballistic missile threat inbound to Hawaii. Seek immediate shelter.
Speaker 1: This is not a drill. That was it. That's what
Speaker 1: I said. My phone's going off, my wife's phone's going off,
Speaker 1: my daughter's phone's going off. We grab the phone and
Speaker 1: we wake up like still got you know, sleep in
Speaker 1: our eyes, et cetera. And all of a sudden, it
Speaker 1: just says ballistic missile threat inbound to Hawaii, Seek immediate shelter.
Speaker 1: This is not a drill. Now we're in an airbnb, like,
Speaker 1: I mean, we go to Hawaii quite a bit, but
Speaker 1: I don't know much about the island, and I don't
Speaker 1: know if there's bomb shelters or nuclear bunkers. I certainly
Speaker 1: don't have any iodine if it's a nuclear attack, like
Speaker 1: I member's over there on vacation, right, and this is
Speaker 1: what we see. Now. I'm telling you this story because
Speaker 1: this is sort of what happened with the SEC. So
Speaker 1: I'm gonna explain to you exactly what happened with the SEC.
Speaker 1: But I gotta take a very quick break. If you're
Speaker 1: just tuning in, you're listening to the Mark Moss Show.
Speaker 1: We're talking about I think it's potentially I think the
Speaker 1: future will show this might be the biggest move we've
Speaker 1: seen in the financial markets in decades. All Right, this
Speaker 1: is a big deal and you need to know about it.
Speaker 1: We'll talk about it more when I take when I
Speaker 1: come back from a very short break. Again, you're listening
Speaker 1: to the Mark Moss Show. Don't go anywhere, don't want
Speaker 1: to miss it, So I'll be right back. All right,
Speaker 1: Welcome back. If you just tune in, you're listening to
Speaker 1: the Mark Moss Show, we're talking about the Bitcoin ETF
Speaker 1: massive news. Do not sleep on this. Let me break
Speaker 1: it down for a little bit. Right before the breakdow
Speaker 1: I was telling you about this story of how it
Speaker 1: was in Hawaii in January twenty eighteen, and I woke
Speaker 1: up to getting this inbound ballistic missile threat. It's not
Speaker 1: a drill now. We sat there for As a matter
Speaker 1: of fact, this is what got me to join Twitter
Speaker 1: because we could not find any information about this. We
Speaker 1: scoured the internet, scoured the news, turned on the TV.
Speaker 1: There was nothing about it. My business partner at the time,
Speaker 1: he was on Twitter and he was able to pull
Speaker 1: up a bunch of news people talking about it. And
Speaker 1: Twitter's amazing forgetting instant news. By the way, if you're
Speaker 1: not following me on Twitter, check me out at one
Speaker 1: Mark Moss. It's the number one at one Mark Moss.
Speaker 1: Hit me up. Let me know you're listening to the show.
Speaker 1: I'd love to hear from you. But anyway, it turns
Speaker 1: out that about I don't know. It was about thirty
Speaker 1: forty five minutes later they issued a release that, oh,
Speaker 1: there's no inbound ballistic missile. Somebody just accidentally did that.
Speaker 1: So someone accidentally did that, just like accidentally hit the
Speaker 1: wrong button. But wouldn't somebody have to type in the message.
Speaker 1: It wasn't just somebody hitting the wrong button. They had
Speaker 1: to type in the message. Right. Whatever the story was,
Speaker 1: we'll never know the government never tells the truth. But
Speaker 1: somehow accidentally that message got sent out. It wasn't wasn't.
Speaker 1: Obviously didn't happen. No bomb happened. We don't know the truth.
Speaker 1: But now let's go back to the SEC. So the
Speaker 1: day before we were supposed to get the approval, the
Speaker 1: SEC Twitter account put out a message saying that it
Speaker 1: from the SEC account that the ETFs were approved. Everybody's
Speaker 1: going crazy. There's all types of tweets going on. All
Speaker 1: these Twitter spaces started popping up. I got I jumped
Speaker 1: onto some Twitter spaces. We're talking about, oh my gosh,
Speaker 1: you got approved. We got approved, got approved. And just
Speaker 1: a little while later, I don't know, it was about
Speaker 1: thirty minutes later, Gary Gensler, the head of the SEC,
Speaker 1: goes on his Twitter and says the SEC account was
Speaker 1: compromised or hacked. It's not really approved. Hmm. Sort of
Speaker 1: like there's not really a ballistic missile inbound Hawaii to
Speaker 1: kill you. Huh. Okay, so it was hacked. Well, you
Speaker 1: might know that I've recently just got my Twitter account back.
Speaker 1: I was. My Twitter account got hacked in August August
Speaker 1: twelfth of last year, and I was locked out of
Speaker 1: my Twitter account for five months. I got back in
Speaker 1: January first, a few weeks ago, and it took me
Speaker 1: five months. I'm a ky seed blue check pain. They
Speaker 1: charged my account every month. I filled out over like
Speaker 1: thirty probably plus support tickets, and took me five months
Speaker 1: get my account back. Supposedly the SEC's account got hacked
Speaker 1: and they got it back within minutes. Probably not, but
Speaker 1: also the message looked very official and Genzo's responses very quick.
Speaker 1: So then obviously speculation starts going on. And my best
Speaker 1: guess was that it was probably meant to go out
Speaker 1: the following day, and the intern that was putting it
Speaker 1: into the SEC Twitter account when they scheduled it, they
Speaker 1: probably put the wrong date in there. That's probably my guess.
Speaker 1: Now what was interesting is the market started going crazy.
Speaker 1: As a matter of fact, you got this huge spike
Speaker 1: run up and then you got this huge sell off.
Speaker 1: Maybe they wanted to see what was going on. Now,
Speaker 1: the insanity of this is that the SEC goes after
Speaker 1: people like Elon Musk for using Twitter to manipulate markets,
Speaker 1: and here they were intentional or not. I don't know,
Speaker 1: they didn't secure their account, whatever the case may be.
Speaker 1: They should. They're liable for it. They use Twitter to
Speaker 1: manipulate the market. Somebody or somebody's use that information to
Speaker 1: trade off of just look at the data, you can
Speaker 1: see it. And so the SEC supposedly, you know, trying
Speaker 1: to watch out for us, for the consumer, watch out
Speaker 1: for the little guy, was the one that manipulated the
Speaker 1: markets with this. Now again, whether it was intentional, an
Speaker 1: intern did it or whatever, they didn't secure that properly,
Speaker 1: which brings up a whole other topic about government comms
Speaker 1: being insecure unsecured, right, Like, if somebody has access to
Speaker 1: all the government comms, I mean, think about what they
Speaker 1: could do. I mean somebody at Twitter could potentially, and
Speaker 1: I don't want to say this for sure because I
Speaker 1: don't know, I don't work at Twitter, but potentially Elon
Speaker 1: Musk or somebody else working at Twitter could put out
Speaker 1: tweets on behalf of a government account. I mean they
Speaker 1: could say from the DoD Department of Defense, like we've
Speaker 1: just launched nuclear weapons to China, for example, right, and
Speaker 1: imagine what China would do. Imagine if China saw that message,
Speaker 1: like I woke up to saying that there was inbound
Speaker 1: nuclear weapons and it was from the DoD for example, right,
Speaker 1: what would they potentially do. So think about how much
Speaker 1: of a danger that is somebody inside Twitter having access
Speaker 1: to all the government comms. What we've seen happen many times,
Speaker 1: you know, through whatever you want to call the vigilantes
Speaker 1: or whistleblowers, is people doing things like this, and so
Speaker 1: that's a big problem. Now we do have a solution
Speaker 1: for this, and this is of course decentralized technologies, which
Speaker 1: I talk about all the time. And so one kind
Speaker 1: of strong up and coming replacement for Twitter is what's
Speaker 1: called Noster in ostr, which is a new type of
Speaker 1: technology that basically it gives you like a Twitter like client,
Speaker 1: but it's completely decentralized and only I can control my
Speaker 1: Noster account through a use of a private key, a
Speaker 1: cryptographic key, sort of like how bitcoin works. And so
Speaker 1: it's only a matter of time before we see things
Speaker 1: everything switch over that we have to. I mean to
Speaker 1: think of a government comm as being run on a
Speaker 1: platform that could be compromised like this, It's it's pretty insane,
Speaker 1: and think about it. Okay, so now here we go.
Speaker 1: Let's get past that. That was a little bit of
Speaker 1: mess up again. I have to laugh at the incompetence
Speaker 1: of the government. But here we have it got approved
Speaker 1: and so what happened, well, they fumbled the launch, but
Speaker 1: then it opened up. And so far on the first
Speaker 1: day that the etf'spent open, we've seen four point six
Speaker 1: billion dollars of trading happen on it. That's pretty massive.
Speaker 1: Now to put that into some perspective, four point six
Speaker 1: billion that's in trading, that's how much has moved daily.
Speaker 1: But I mean, you're we're talking on an asset that
Speaker 1: already does forty fifty billion a day. So potentially, you know,
Speaker 1: it's less than ten percent of the total amount of
Speaker 1: daily transaction jumped into the SEC. So it's not overwhelming,
Speaker 1: but if we put it into perspective, maybe it is.
Speaker 1: So we saw, you know, bitcoins a lot of things
Speaker 1: a lot of people compared to like a digital gold
Speaker 1: like a store of value. But if we look at gold,
Speaker 1: we have gold ETFs. A lot of you might own
Speaker 1: a gold through in ETF. And if we look at
Speaker 1: gold ETFs, what we can see is the very first
Speaker 1: one was a spider SBDR is a symbol spider gold
Speaker 1: trusted with the symbol is GLD. It's the most well
Speaker 1: known etf. It's been seeing significant growth and it launched
Speaker 1: in two thousand and three. Right, It launched March twenty
Speaker 1: eighth of two thousand and three with an initial assets
Speaker 1: under management of around one hundred and fifteen million. So
Speaker 1: when the gold one was launched, it got one hundred
Speaker 1: and fifteen million. Now that's assets under management. We don't
Speaker 1: know exactly where the assets under management went up in
Speaker 1: these bitcoin ETFs yet. We'll have to let the dust
Speaker 1: set a little bit. But we see four point six
Speaker 1: billion in trading, so we'll probably end up at a
Speaker 1: billion versus one hundred and fifteen million in gold. Sorry,
Speaker 1: gold guys. Now by two thousand and four, By the
Speaker 1: end of two thousand and four, which was almost two
Speaker 1: years later, they had grown to about one point five billion.
Speaker 1: So it took gold almost two years to get to
Speaker 1: one point five billion in assets. And I bet you
Speaker 1: the bitcoin is going to be there in a month.
Speaker 1: Sorry gold guys, Sorry to the paiders or whatever. I
Speaker 1: don't know. We'll see what happens. Uh. Then we saw
Speaker 1: other We saw other ETFs pop up. I think there
Speaker 1: was five gold ETFs that popped up in the first
Speaker 1: five years. We saw ice shares Comas Gold Trust IAU
Speaker 1: launched in January twenty first, two thousand and five. We
Speaker 1: saw ETF's Physical Gold that's the gold launched on November eighteen,
Speaker 1: two thousand and five. We saw another one launched September
Speaker 1: two thousand and nine. Sprot Physical Gold Trust launched February
Speaker 1: twenty ten. Aberdeen launched October fifteenth, twenty ten. So from
Speaker 1: two thousand and three to twenty ten, we got five
Speaker 1: that opened up. Five. Now to put that into perspective,
Speaker 1: we just got eleven bitcoin ETFs approved. So it took five.
Speaker 1: It took seven years to get five gold ETFs, and
Speaker 1: now we got eleven bitcoin ETFs in the same day.
Speaker 1: Pretty amazing. And again if you look at the price.
Speaker 1: So we're gonna talk about that. We're gonna talk about
Speaker 1: which of these bitcoin ETFs opened up, the good the
Speaker 1: bad about them, and we'll protect some of the pricing
Speaker 1: and what you should do to pay attention to this.
Speaker 1: If you're just tune in, you listening to the Mark
Speaker 1: Mass Show talking about of course the bitcoin ETFs the
Speaker 1: biggest news in the financial space for sure. Got a
Speaker 1: whole lot more to cover when I come back, but
Speaker 1: I got to take a very short break, but you
Speaker 1: don't want to miss it. Don't go away. I'll be
Speaker 1: right back. All right, welcome back. If you're just tune in,
Speaker 1: you're listening to the Mark Mass Show. We're talking about
Speaker 1: the bitcoin ETF that just got approved. Big, big, big news,
Speaker 1: the biggest news, the biggest news in the financial space.
Speaker 1: I don't know if there's anything bigger at least right now,
Speaker 1: and so I'm sure you're already hearing about it, but
Speaker 1: I want to bring it to you from another angle.
Speaker 1: We were just looking at the bitcoin ETFs compared to
Speaker 1: the gold ets As we've explained, they're way bigger. They're
Speaker 1: blowing away records, which is pretty amazing. Will that push
Speaker 1: the price up of bitcoin like it did gold similarly
Speaker 1: to gold, we'll see. What we do know is that
Speaker 1: when the gold ETF launched, the price of gold was
Speaker 1: about three hundred and twenty seven dollars announced three twenty seven,
Speaker 1: and by the time the fifth one launched it was
Speaker 1: up to thirteen hundred. So from three hundred to thirteen hundred,
Speaker 1: as I said, that was five gold ETFs, we saw
Speaker 1: eleven bitcoin ETFs launch at the same time. Now, bitcoin
Speaker 1: is the single greatest asset of all time. It's been
Speaker 1: growing really really fast, and now we have eleven ETFs.
Speaker 1: And what we saw, which was pretty interesting, is all
Speaker 1: of these ETFs that were getting approved were starting to
Speaker 1: fight over they're fighting for you, right, They're fighting for
Speaker 1: you as a customer, and they started fighting by changing
Speaker 1: their price structure how much they'll charge you to use
Speaker 1: their ETFs. And they started moving the price down lower, lower, lower, lower, lower,
Speaker 1: including you know, even free for a while, right, eventually
Speaker 1: they'll charge you, but even for free. And it made
Speaker 1: me I think that one obviously, you know, capitalism is
Speaker 1: that when competition is there, you and I as a
Speaker 1: consumer get better products, better service, better prices. So that's good.
Speaker 1: But what I really made me think was that if
Speaker 1: all of these ETFs are willing to drop their fees
Speaker 1: that low, they must be expecting a massive amount of inflow,
Speaker 1: right because they need to have money. They need money
Speaker 1: to cover their cost. They're not doing this for free.
Speaker 1: It's very expensive because of the bureaucracy and the red
Speaker 1: tape involved in the financial industry. It's very expensive to
Speaker 1: launch an ETF. As a matter of fact, I looked
Speaker 1: into launching my own ETF. There's another YouTuber, meet Kevin,
Speaker 1: He launched an ETF, and the company that launched the
Speaker 1: etforum contacted me about launching one as well. So I
Speaker 1: looked into it, and it's very expensive, you know, you're
Speaker 1: looking at on the low end, probably half a million dollars,
Speaker 1: if not millions, And to get the ETF if you're
Speaker 1: you know, one of these big companies, millions for sure,
Speaker 1: And so you're not going to launch that if you
Speaker 1: don't think you can make money. And they were lowering
Speaker 1: the price, lowering the price, lowering the price, lowering the
Speaker 1: price so much for competition, and they can raise the
Speaker 1: price later potentially, I guess. But what it shows me
Speaker 1: and most people kind of commentating on this that understand,
Speaker 1: is that they're probably expecting a massive amount of asset
Speaker 1: under management, so that even the low amount of fees
Speaker 1: at the percentage basis is still enough to cover that. Now,
Speaker 1: another thing that's interesting if we compare this to a
Speaker 1: gold ETF, is that this is the first ETF in
Speaker 1: history ever in which the underlying asset, in this case, bitcoin,
Speaker 1: has a fixed supply. So what do I mean by that?
Speaker 1: So in a uranium ETF or an oil ETF and
Speaker 1: certainly in a gold ETF when more people buy gold
Speaker 1: and the price of gold goes up, what happens. So
Speaker 1: when they jumped into the gold ETFs and it pushed
Speaker 1: the price from three hundred and thirteen hundred, what happened, Well,
Speaker 1: more gold companies and gold miners went to go get
Speaker 1: more gold. When it's three hundred bucks, you have a
Speaker 1: few people mining to bring gold to the market goes
Speaker 1: to thirteen hundred, they're rushing to go get more gold,
Speaker 1: or more uranium, or more energy to the market of
Speaker 1: the price goes up. But bitcoin is the first asset
Speaker 1: in history that can't do that. Bigcoin is a fixed apply.
Speaker 1: So what happens with that, we don't really know. We
Speaker 1: don't have history to tell us. But let's just say
Speaker 1: number go up. We call that gu ngu technology is
Speaker 1: sort of a tongue in cheek way to say that.
Speaker 1: But the price would go up. We've never seen this
Speaker 1: before and it could be very volatile, So I would
Speaker 1: expect massive amounts of volatility because of this. Now, some
Speaker 1: of the volatility has been because people are leaving some
Speaker 1: of the more expensive ways to own bitcoin in the
Speaker 1: past through funds like this, such as the gray scale
Speaker 1: bitcoin trust, and so that's also part of the volatility
Speaker 1: and sart of the liquidity that we're starting to see
Speaker 1: withdrawing from those funds moving into the other ones. Some
Speaker 1: other things that we're seeing right now today, which is
Speaker 1: pretty interesting. I think this is going to but if
Speaker 1: you're online at all, you can see, for example, Vanguard,
Speaker 1: which is one of the top three asset managers in
Speaker 1: the world, Blackrock, Vanguard, and State Street being those three,
Speaker 1: Vanguard is refusing to let customers buy bitcoin through the
Speaker 1: ETFs with their own money, which is pretty interesting. I
Speaker 1: would just say that if your bank, which happens to
Speaker 1: me quite a bit, or your fund, whatever they are,
Speaker 1: if they refuse to let you do something with your
Speaker 1: own money, I would just ask the question, is it
Speaker 1: your own money? Now, many times I've had wires block
Speaker 1: up onto my bank. I need to send a wire,
Speaker 1: they block it, They make me fill out forms, they
Speaker 1: ask me questions. I've had to sit down with bank managers.
Speaker 1: I mean, you name it, and it makes me so
Speaker 1: angry because it's like, look, man, it's my money. What
Speaker 1: do you like? Who are you to even ask me
Speaker 1: if I want to send my money? It's my money?
Speaker 1: But it's not right. So you understand that in the
Speaker 1: banking system, that money is no longer your money. That
Speaker 1: money is now an ioe you to you right now,
Speaker 1: you're an unsecured creditor of the bank. So it's actually
Speaker 1: their money. They decide what they can do with it,
Speaker 1: and in this case, Vanguard is doing that, and I'm
Speaker 1: starting to see reports of other institutions also blocking access
Speaker 1: to funds. I did see people buying it with JP Morgan,
Speaker 1: Fidelities doing it as well. Fidelity also has their own
Speaker 1: ETF as well. But I think that some of this
Speaker 1: is going to just change. I mean, look, it's been
Speaker 1: at the time I'm recording this, just one day, right, like,
Speaker 1: give it some time. The one thing that I see
Speaker 1: over and over and over and over and over that
Speaker 1: just wreck most people, specifically when it comes to investing,
Speaker 1: but in life in general, is just a short time span, right,
Speaker 1: preference and so expecting way too much too soon, and
Speaker 1: it's like, look, man, give it a day. It give
Speaker 1: it a couple days, give it a week. I'm sure
Speaker 1: Vanguard is going to come around. Maybe it takes time
Speaker 1: to get that set up. Maybe they don't, you know,
Speaker 1: they got caught off sides, or maybe they're skeptical, maybe
Speaker 1: they don't want you to do it yet and they
Speaker 1: want to kind of see how it plays out. Whatever
Speaker 1: the case is, I wouldn't be as I've seen people
Speaker 1: talking about online. I wouldn't be rushing to close my
Speaker 1: accounts and move money over. I don't know if it
Speaker 1: requires that, but a lot of people are doing that.
Speaker 1: If I was going to do that, though, I would
Speaker 1: be choosing Fidelity, and I'd probably be choosing Fidelity for
Speaker 1: a number of reasons, which I want to break down
Speaker 1: for you, one of which is because Fidelity is sort
Speaker 1: of a true og bitcoin company. What do I mean
Speaker 1: by that, Well, I mean that they have been in
Speaker 1: the bitcoin space for a long time. I think they
Speaker 1: started mining bitcoin back in like twenty fourteen or something
Speaker 1: like that. So Fidelity has been in the forefront of bitcoin.
Speaker 1: They're a true bitcoin company, and if I was going
Speaker 1: to support one, I certainly wouldn't be supporting black Rock.
Speaker 1: I would probably be choosing to support Fidelity. They put
Speaker 1: out a report in October of twenty twenty three I
Speaker 1: talked about before, and they were talking about why investors
Speaker 1: need to consider bitcoin separately from other digital assets. Meaning bitcoin,
Speaker 1: not crypto as we talk about all the time. And
Speaker 1: they put out this report which I thought was very
Speaker 1: very good. Ten different points or lots of points in
Speaker 1: the report. I want to hit on a couple of them,
Speaker 1: but one they talked about how bitcoin is this brand
Speaker 1: new technology and how never in human history have we
Speaker 1: seen or have we been able to solve the problem
Speaker 1: of digital scarcity and have this like peer to peer
Speaker 1: way to transfer. Now, you might say, but but why
Speaker 1: would they say we don't have that with other cryptocurrencies? Well, ethereum,
Speaker 1: the number two cryptocurrency. They've changed their monetary policy like
Speaker 1: three times in the last couple of years, so they
Speaker 1: make it more scarce. They may make it less scarce,
Speaker 1: but the very fact that they can change it means
Speaker 1: it's not right. So bitcoin hasn't done that. Bitcoin's fidelity
Speaker 1: said that bitcoin should be considered first and separate from
Speaker 1: all other digital assets, so sort of making that case,
Speaker 1: they said that owning bitcoin is like owning the base
Speaker 1: layer of the Internet. Imagine being able to do that. Right,
Speaker 1: So we talk about bitcoin as like a protocol. A
Speaker 1: protocol is a basic set of instructions that determines how
Speaker 1: packets of information go across. So on the Internet we
Speaker 1: have like the IP TCPIP and bitcoin we have the
Speaker 1: same thing as a protocol, and you can own the
Speaker 1: base layer. So there's a lot of things that Fidality's
Speaker 1: got right. They're a bitcoin company, and if I was
Speaker 1: going to use an ETF that's what I'd be using.
Speaker 1: We're gonna be covering this a whole lot more. You're
Speaker 1: not gonna want to miss out on this, but I
Speaker 1: expect this to move the bitcoin price. What we say
Speaker 1: up and to the right, that's up. N gu number
Speaker 1: go up. Anyway, if you're just tuning in, you're listening
Speaker 1: to the Mark Moss Show. Like I said, I'm back
Speaker 1: on Twitter, so i'd love to hear from you. Hit
Speaker 1: me up on Twitter at one Mark Moss. Let me
Speaker 1: know you're listening, let me know what topics you get
Speaker 1: me to cover. If you're listening on the podcast, I'd
Speaker 1: love it if you'd like and review the podcast. That'd
Speaker 1: mean the world to me. And that's what I got.
Speaker 1: Thanks so much for listening today. Until next time,