The Wolf Of All Streets

“ARTHUR HAYES SAYS TRILLIONS ARE BEING WASTED ON AI DATA CENTERS AND EXPECTS THE BOOM TO END IN A CRASH AND BAILOUT THAT SENDS BITCOIN $BTC AND CRYPTO HIGHER”

“Noelle Acheson on why $BTC held its Bessent buyback rally despite weaker liquidity indicators "Yeah. I mean, you look in the rearview mirror, it's like it's over. It's so over, right? But as we all know, you don't drive along the highway by looking in the rearview mirror." "The fact that we had that candle back in August says a lot about why we are where we are today. That candle happened on the day that US Treasury Secretary Scott Bessent announced the surprise buybacks of longer-term debt. It zoomed up and it didn't come down, which is quite uncommon after you get that kind of a slope." "It went along just under $80,000 for a while. Then it zoomed up again, and it's continued to edge up since then, today's slight pullback notwithstanding." "That says a lot about why the liquidity indicators are not bringing Bitcoin lower. We're looking beyond the squeeze. We're looking beyond the potential tightening of the market, the potential break, should we say, of the current equilibrium. We're looking beyond that." "We saw that in the reaction to what was the first sign of official intervention. It was tiny, certainly compared to what's coming. But it was the first sign."”

“BITWISE CIO MATT HOUGAN SAYS BITCOIN $BTC IS ON TRACK TO BECOME "DIGITAL GOLD" AS ANNUALIZED VOLATILITY FALLS FROM 66% OVER THE PAST DECADE TO 44% OVER THE PAST YEAR”

“Michael Howell says a small Bitcoin position hedges inflation as well as a big gold one, but gold's lower volatility makes it the larger holding "I think both assets are good monetary inflation hedges. The fact is that if you look at crypto, Bitcoin, they're the most liquidity sensitive assets on the planet. They move, you know, many, many fold more for a liquidity impulse compared to gold. So you don't need very much in a portfolio to give you a monetary inflation hedge." "My view is that you've got, what, 3,000, 4,000 years of history behind gold. You've got 15 years or so behind Bitcoin. And therefore, I've got to be more confident that gold in the long term is going to maintain the properties of monetary inflation hedging." "Bitcoin certainly has done it in the last 15 years, and I hope it succeeds. But I think you need both in your portfolio, mixing them by their relative volatility. So it means having a lot more gold than Bitcoin. But both are good, I think."”

“Blast, a once-hyped Ethereum L2, shuts down after airdrop farmers left and monthly revenue fell from $3.5M to $1,793 "Blast to shutdown Ethereum Layer 2, sets October 26th withdrawal deadline. You guys remember Blast, don't you? No, no, you don't remember Blast." "Blast was one of the very heavily hyped Layer 2s, and that was largely because of a massive airdrop that they offered, showing that these airdrop incentives don't generally mean long-term stickiness." "Ethereum Layer 2s were all the rage there for quite a while before you had Base and Robinhood and ones people actually cared about." "At one point, assets on Blast were $2.2 billion. They have collapsed to $32 million. They say that their monthly revenue no longer covers their security budget and expenses. The Blast token has lost 98% of its launch value." "Monthly network revenue fell from roughly $3.5 million at its peak to $1,793. Not million. $1,793." "You guys may remember. Before Blast even launched, users deposited more than $1.1 billion because they expected an airdrop. Then the airdrop came, and all of those people left."”

“Michael Howell says he'd rather own TIPS than stocks, and calls any dip in gold and Bitcoin a buying opportunity "The point is to come back to why the bond market in the US. And let me just draw that distinction, because there are other markets where you are getting, you know, negative effects from too much debt. And I think Japan is one of those. France is clearly another." "In the case of the US, it's pretty clear that it's a strong economy and it's not really the debt outlook that's really affecting the bond market yet. That may be to come, but it's not right now." "Term premia in the US have been either flat or falling, which is a pretty good indication that debt is not really a worry to investors. It's a strong economy that is. It's basically rate expectations that are really pushing yields higher." "That in a way is self-curing because the more that yields rise, the more that is going to weigh on the economy. You're likely to see some sort of adjustment." "I would say on a 12-month view, bond markets look pretty attractive to me, particularly the TIPS market. You could be getting some not bad gains. I'd much rather be there than in stocks." "Go back to the gold and Bitcoin point. I think those are long term asset holds in a portfolio. If they do come down, which they're likely to if the monetary environment gets squeezed more, it's a buying opportunity, not a selling opportunity."”

“Mike calls $BTC a poor investment, saying it hasn't beaten the Nasdaq since 2017 despite 3x the volatility "I do enjoy when Dave calls smart money people invest in Bitcoin. If they're smart, they're poorly invested. They're making poor performance, poor relative performance." "Because you just look, Bitcoin versus the Nasdaq. It's the same level as first touch in 2017. It's the same level as the 2021. And over that time it's traded 3 times the volatility. Now that's just a fact." "But I've heard that from prominent money managers at economic club events in Miami. They look over at Bitcoin and say, yeah, great. I do much better risk adjusted than Nasdaq. Why would I touch this highly speculative digital asset that has, in a space, within a space of unlimited supply?" "And I like to bring that out because I started calling Bitcoin amongst a bunch of pigeons last year. At least precious metals are a bunch of doves. There's only 4 of them: gold, silver, platinum, palladium, and they've reached 2 highs." "So I'm glad you mentioned platinum, Dave. The high in platinum was in 2008, basically $2,200 an ounce. And right now we're $1,700 an ounce. That's a horrible investment. And I was part of it for a long time. It just, some of us got lucky to sell in Q1, stuff we held for decades."”

“Michael Howell on why you need crypto and gold as hedges: China is driving this rally, and the West's monetization hasn't even begun "A lot of people attribute the rise in gold to monetization. That's not true. The real monetization in the West hasn't started yet." "Politicians are going to kick the can down the road, as they have for the last 100, 120 years. You're not going to get a financial crisis, you're going to get a progressive devaluation of paper money. That's why you've got to own things like cryptocurrencies and gold." "It ain't financial repression. It's monetary inflation. Financial repression destroys your income. Monetary inflation destroys your wealth. That's far more important for the majority of people." "China is pricing the gold bullion market at the margin. They're the important buyers. The PBoC is doing that, but also Chinese retail." "China is suffering debt deflation. The economy is slow, prices are falling, they're wholly dependent on fiscal spending or export growth. Classic debt deflation is what Japan saw." "How did Japan dig its way out? It devalued the yen. It printed money. China has to do exactly the same thing. It has to devalue the yuan. And that's the scary thought." "What that means is monetization en masse around the world. Politicians everywhere, East and West, are going to kick the can down the road. That's why you need monetary inflation hedges."”

“Bitwise CEO Hunter Horsley on why steady gains drive more crypto inflows than fast spikes "The slightly less obvious thing that we run into relative to price, that the sales team at Bitwise would know well, is that when prices are down, some investors, you know, I just told you we've taken in billions of dollars of new assets in a year that the price is down, some investors definitely see opportunity." "A lot of investors say, OK, I'm still interested in this, but it's not urgent. Let's see if it goes lower." "On the other end of the spectrum, if the price goes too high too fast, their intuition would be this thing might be overheated. I missed it. Exactly, I missed it. If Bitcoin shot to $150,000 by the end of October, it would be almost equally pausing for investors." "There's actually like a sweet spot, which is, you know, positive price performance, not too slow, not too fast, and not too high too quickly. And I think crypto has a great setup relative to that right now." "It's a very constructive time. A lot of investors have been looking at it for the last 12 months, haven't felt urgency because prices have been getting cheaper and cheaper." "As the market is demonstrating yet again, for the hundredth time, that it's not dead and not going to zero after 16, 17 years, I think that the positive price performance is very helpful."”

“Banks in North Dakota are launching their own stablecoin, and they chose Solana to settle on "Even the banks in North Dakota are realizing this now. I had also told you that there is a national network of regional and community banks that's launching their own bank stablecoin network. This is not even a part of it. This is just North Dakota preempting them and creating their own system." "This is coming to all banks near you. This is how they will settle." "Now, is that investable for me in some way, shape or form? Not really, but maybe because it's on Solana. So if this becomes a massive network that's using the network and burning Solana as gas fees, then yes, the price of Solana should rise." "It's very encouraging to see that they are doing this on a decentralized network that you can own the token of."”

“Stani on why bond yields vs DeFi rates is the wrong comparison, and why DeFi rates are headed higher "These longer term bonds' rates fluctuate on a day to day basis. So you are effectively always taking duration risk when you enter into a bond position that you have to hold for the long term." "What's different with Aave is that you can enter a pool and exit it anytime, which means you don't have the duration risk that you have with a bond." "The pricing of the bond changes on an ongoing basis. It might be higher today, and in a few months it might be lower, but you're still subscribing to a duration, which can be up to 10, 20, or 30 years." "With these liquidity pools, you actually have access to that liquidity at withdrawal. That is a significant difference. So I think there's a little bit of mislabeling." "Down the line, I actually think the rates in DeFi are going to increase, because there's more and more new collateral coming onchain. That will vacuum up a lot of the idle liquidity sitting in these pools and push interest rates up."”

“Bitcoin BREAKS $86K - And The Biggest Sell Wall Just Disappeared | Stani Kulechov https://t.co/IEjcbXHEfX”

“Bitcoin BREAKS $86K - And The Biggest Sell Wall Just Disappeared | @StaniKulechov Discussing Live @ 9 AM EST https://t.co/Tfcqybhih7 https://t.co/4T8PX9h6Fv”

“The bond market isn't buying one good inflation report over fiscal risk, and $BTC is the beneficiary "The bond market is an absolute mess right now. So it's not necessarily, I would say, rejecting the inflation report because that's just one PCE report." "But what it is saying is that one good inflation report cannot offset expensive oil, strong growth, government borrowing, and long-term fiscal risk." "So you would think, once again, that in a world where bonds are dumping and interest rates are flying, Bitcoin would be under pressure because it's supposed to be a risk asset. There's less liquidity, situation is tightening, all those things." "But if interest rates are rising and bonds are dumping because people no longer believe in the system and are afraid of fiscal dominance and irresponsibility and monetary irresponsibility, that's actually what Bitcoin is built for." "And in my mind, that's why Bitcoin is doing so well. And it's, of course, doing it so well right on time for the train to leave the station for the next bull market, if you do believe in the cycles. What a time to be alive, right?"”

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