ROLLUP: BTC Shatters $100K, What's Next? | The Debanking Debacle | New SEC Chairman | Biggest Airdrop... Ever?

Bitcoin hit $100K! To kick off the show we dive into the wild ride that brought us here—from Satoshi’s first block to retail mania today. NYC Mayor Eric Adams says, “I told you so,” after his Bitcoin paycheck gamble pays off. We unpack Marc Andreessen’s revelations on Joe Rogan about political debanking and welcome a new SEC chairman with a pro-crypto agenda, BYE GARY. Plus, Hyperliquid’s massive airdrop, XRP flipping Solana, and Alex Mashinsky pleading guilty—it’s a packed week for crypto! ------ 📣 AMBIRE | SIGN UP! https://www.ambire.com/legends ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2 ⁠ 🦄UNISWAP | BUG BOUNTY PROGRAM https://bankless.cc/Uniswap-Bug-Bounty 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🐧 CARTESI | LINUX-POWERED ROLLUPS https://bankless.cc/CartesiSimple 📈 iYield: YOUR FINANCIAL PICTURE, SIMPLIFIED https://bankless.cc/iYield 🔒 SAFE | INTRODUCING SAFENET https://bankless.cc/SAFE ------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/108?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E ------ TIMESTAMPS & RESOURCES 00:00:00 Lets Set The Tone 00:05:27 BTC $100K! https://x.com/ETHbyDre/status/1864550741287030979 https://x.com/BitcoinMagazine/status/1864655677467042013 00:08:40 A Trip Down Memory Lane 00:15:02 Powell - BTC Is Digital Gold https://x.com/BanklessHQ/status/1864392544018166186 00:19:23 ETH Price Analysis 00:22:50 Total Mkt Cap https://x.com/crypto_condom/status/1862658827163758660 00:24:19 The Rise Of Ripple (XRP) https://x.com/RyanSAdams/status/1863702614304518363 https://x.com/WazzCrypto/status/1863306452481253555 00:28:07 Solana ETF? https://x.com/jseyff/status/1864060463916462244?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g https://x.com/jseyff/status/1864060463916462244?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g 00:32:52 Mainstream Debanking https://x.com/pmarca/status/1862635456204341739?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g https://x.com/pmarca/status/1862635456204341739?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g https://x.com/davidmarcus/status/1862654506774810641 https://x.com/brian_armstrong/status/1861890800268775923?s=46&t=drckgcJoSMSnm7TfPCH-dw https://x.com/brian_armstrong/status/1861890800268775923?s=46&t=drckgcJoSMSnm7TfPCH-dw 00:42:23 New SEC Chairman https://truthsocial.com/@realDonaldTrump/posts/113595807734621827 https://x.com/HesterPeirce/status/1864428440893735331 00:45:42 Crypto Czar https://www.theblock.co/post/328594/ex-cftc-chair-chris-giancarlo-in-running-to-become-first-crypto-czar-says-crypto-considerable-priority-for-trump 00:48:54 Hyperliquid Airdrop Was Huge https://hyperfnd.medium.com/hype-genesis-1830a4dc2e3f 00:50:36 Hawk Tua Coin https://x.com/WazzCrypto/status/1864433268319293811 00:55:06 Fluid Launch https://gov.instadapp.io/t/rebranding-and-growth-plan-for-fluid-protocol/985 00:56:56 RTFKT Shut Down https://x.com/RTFKT/status/1863621178532773928 00:58:26 Alex Mashinsky Pleads Guilty https://www.reuters.com/technology/celsius-founder-alex-mashinsky-intends-plead-guilty-two-fraud-counts-2024-12-03/ 01:00:12 Releases https://x.com/colton_art/status/1864705965016129740 https://x.com/crecimientoar/status/1862557162427310102 01:03:47 Meme Of The Week https://x.com/scrypto_/status/1864603976282591549?s=46 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures ⁠

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:03Ryan Sean Adams?

  Bankers Nation is the first week of December. Ladies and gentlemen, we have 100K Bitcoin. We hit it this week, David.

• 0:10David Hoffman?

  Wow, $100,000. Ah, where were you when Bitcoin crossed $1,000? You remember?

• 0:16Ryan Sean Adams?

  Where was I? Oh, my God. Um, I mean, still living at my house, like with my family. I like, I don't remember the moment.

• 0:24David Hoffman?

  Really?

• 0:25Ryan Sean Adams?

  Is there a moment that you recall?

• 0:27David Hoffman?

  I remember my friend, my Bitcoin-pilled friend, talking to me and my other friend about Bitcoin. And it was the first friend that I had that talked to me about Bitcoin. And he was just stoked that Bitcoin had crossed $1,000. And it was the first moment I was like, okay, like, maybe I should like actually like meaningfully look into this.

• 0:44Ryan Sean Adams?

  Where's that Bitcoin friend now?

• 0:46David Hoffman?

  Uh, he's in a band in Portland.

• 0:47Ryan Sean Adams?

  How's he doing? Yeah? Is he still in the scene? He's still in crypto?

• 0:51David Hoffman?

  He was always, he was never like a crypto native. He was just like a Bitcoiner, a guy who just like was pilled about Bitcoin from a very early age.

• 0:58Ryan Sean Adams?

  Well, here's to hoping your friend held that Bitcoin.

• 1:01David Hoffman?

  Held that Bitcoin. All the way to 100 times higher.

• 1:04Ryan Sean Adams?

  You know what?

• 1:05David Hoffman?

  In the first moment, I had my first friend pill me on Bitcoin.

• 1:07Ryan Sean Adams?

  We got to start with this clip. I think Eric Adams here, this is the mayor of New York City. And I think Eric Adams basically sums up how all of us are feeling. Okay, this is Eric Adams, the guy who in 2022, took his first paychecks as a mayor of New York City in Bitcoin, denominated in Bitcoin. Here's his reflections on Bitcoin hitting 100K this week.

• 1:28David Hoffman?

  He is standing in front of a podium, in front of a crowd of people, a crowd of reporters for context.

• 1:35Ryan Sean Adams?

  Setting the scene. It's got, look at the background, it says, investing in our children, creating career pathways for 15,000 students. Not a press conference about Bitcoin.

• 1:42David Hoffman?

  Safest subway in 14 years.

• 1:44Ryan Sean Adams?

  Here he is, let's just play the clip. Here he goes.

• 1:46Speaker 02

  We should not be afraid of Bitcoin. Remember y'all laughed at me when I first got my Bitcoin? Who's laughing now? Go look at my Bitcoin now. Y'all, y'all all mocked me. You taking your first three paychecks in Bitcoin? What's wrong with you? Now you wish you would have done it. You know? And so, I am happy.

• 2:06Ryan Sean Adams?

  And so, I am happy. Who's laughing now?

• 2:09David Hoffman?

  This is setting the tone of everyone who's going home for Christmas in two weeks. Who's laughing now?

• 2:17Ryan Sean Adams?

  Your family's gonna love you, ladies and gentlemen. Just remember to bring-

• 2:20David Hoffman?

  Dude, the fucking, excuse my language, the shit-aiding grin that he has is plastered on his face the whole time.

• 2:27Ryan Sean Adams?

  Come on, it's how we're all feeling, alright? So, we gotta start there, it's time for the bankless week, we roll up, we got 100k Bitcoin. We'll talk about the timeline, David, I wanna bring you through history.

• 2:36David Hoffman?

  Yeah, let's do it.

• 2:37Ryan Sean Adams?

  Alright, we're gonna start at the Bitcoin pizza and work our way up, just to celebrate this momentous week. It's another all-time high week, of course, at Bitcoin. Not just Bitcoin, though, also stablecoins catching an all-time high. Also, XRP, Ripple, flipping into number 3 slot.

• 2:53David Hoffman?

  Not on my, I'm on my bingo card, this bull market, but yeah, here we are.

• 2:58Ryan Sean Adams?

  Seriously, a lot of Solana bulls disappointing, cuz it took number 3 spot, we'll talk about that, what else we got?

• 3:03David Hoffman?

  Mark Andreessen appeared on Joe Rogan to talk about things that we very much know about in the crypto space, things that are not new to us at all, like the lived experience that we've had for the last 2 years about founders being de-banked. And it was shocking to me, and I think, Mark, that like, Joe Rogan had no prior knowledge of this. And as a result of this episode, it just rang around the Joe Rogan community, which is very large, and now has become common knowledge. It went from like, esoteric crypto corner conspiracy theory to common knowledge about the de-banking of tech and crypto. And that's just the news, that now the rest of the industry, the rest of the world knows about the de-banking of crypto.

• 3:45David Hoffman?

  So, we're gonna talk about the reflections of all of this news processing through the internet. Also, we now know the new name of the SEC chairman, who is he and what can we expect from him? Hyperliquid dropped their token, and it's become one of the largest airdrops ever. And then, the Celsius founder, our best friend Alex Matczynski, who agrees with us that banks are not your friend.

• 4:07Ryan Sean Adams?

  He's got the t-shirt.

• 4:08David Hoffman?

  He got the t-shirt, that's what he said. He has pled guilty. He needs shortly to be sentenced, so we're gonna catch up on Alex Wyszynski. All that and more, but first a message from our friends over at Ambier Wallet. Ambier is the first hybrid account abstraction wallet. They host both smart wallets and existing EOA accounts, just to give you a little bit more tools for the tool belt. They currently have a browser extension that's enclosed beta, but they're launching this gamified testing campaign for the browser extension called Ambier Legends. It's a pretty slick-looking game. It's an on-chain quest game in which you pick a Soulbound NFT character that evolves as you play. So every on-chain action on Ethereum-based Optimism Arbitrum Scroll with your Ambier Wallet earns you XP.

• 4:51David Hoffman?

  And what does XP do to characters? It lets your character grow, but it also gives you future rewards. This is just available for the Ambier Extension's beta testers, which you can sign up to become at bankless.cc/ambier-legends. There is a link in the show notes to get access to that.

• 5:08Ryan Sean Adams?

  Who doesn't like XP, David?

• 5:10David Hoffman?

  Dude, gamified on-chain experience, hell yeah.

• 5:13Ryan Sean Adams?

  Yeah, and smart account abstraction wallets are the way to go. So like, this is a taste of the future as well. I wanna be this penguin with a sword over here. You seen this guy?

• 5:23David Hoffman?

  That's gotta be your character. I'm assuming you only get to pick one.

• 5:26Ryan Sean Adams?

  Yeah, that's me, that's me right there. Let's talk about Bitcoin, okay? Cause it's Bitcoin's week.

• 5:30David Hoffman?

  It's Bitcoin week.

• 5:31Ryan Sean Adams?

  Hit 100K. Let's look at it on the Kraken Pro Charts here. Here it is. Green Candles marching all the way. Up to 100K and past 100K. What was the all-time high in the week?

• 5:42David Hoffman?

  The new Bitcoin all-time high, $103,679. Starting the week at $94,900, up 6%. Currently at $101,000. God, that 100 handle is kinda crazy.

• 5:58Ryan Sean Adams?

  Can you believe that? Dude, like, okay, so...

• 6:00David Hoffman?

  You just violently burst through it just last night with no reason whatsoever, other than it's time to buy Bitcoin.

• 6:07Ryan Sean Adams?

  Everyone was talking about 100K Bitcoin, of course, cause that's the milestone. You know, also, same day, it passed 2 trillion in terms of market cap.

• 6:15David Hoffman?

  100K and 2 trillion?

• 6:17Ryan Sean Adams?

  Yeah, that's another number. 2 trillion. Think of how much it takes to move a multi-trillion-dollar market 10% in a week. That's what Bitcoin went and did. What a crazy week this has been.

• 6:29David Hoffman?

  There's a pretty cool moment of Isaac Miller, who made this kind of classic 2013 video, watching like just camera pointing at the TV screen, the computer screen, watching Bitcoin cross $100. And he just did it again 11 years later, doing the same thing to like, trying to copy himself 11 years later. Let's go watch this clip of Isaac replaying, recreating this moment, but now at $100,000, superimposed over his $100 Bitcoin crossing.

• 7:00Speaker 03

  I'm right here, watching history be made. Bitcoin is now up to $111.

• 7:09Speaker 03

  That's an all-time high, and it's continuing to rise. I've seen it break three times today, went up to 110. And this is the highest it's ever been. This is ridiculous.

• 7:20Speaker 03

  Look it, we had last trade, $189 Bitcoin for $111. It's just amazing to me. I mean, just look at this graph. You see this graph? That's the last three hours. Give me a second, I'll switch it up.

• 7:36David Hoffman?

  This guy, this guy looks the exact same. He did not age at all, bro. That's what happens when you are in Bitcoin below $100. He's still living in the same place, too. It feels like maybe he could upgrade his living circumstances with like, what is that, 100x gain? Never sell, never sell. Never sell. Only hold. He's still living like a pauper, like stacking like millions, hundreds of millions of dollars in Bitcoin. Who knows? Oh my God, that's crazy. This has just erupted in my timeline. Congratulations, a lot of I told you so. A lot of celebrations from the Bitcoin community. Not one to miss out on the action was Donald Trump, of course, on Truth Social. He says, "Congratulations Bitcoiners, $100,000. You're welcome. Together we will make America great again."

• 8:21Ryan Sean Adams?

  I love how Trump just gets here like six months ago and he's just like, here you go. I gave you a hundred thousand dollar Bitcoin.

• 8:28David Hoffman?

  He's not wrong.

• 8:30Ryan Sean Adams?

  Okay.

• 8:31David Hoffman?

  It was going to happen no matter what, but like if Kamala was president, a hundred thousand dollars might not have come until like, you know, 2026 or 2027, who knows?

• 8:40Ryan Sean Adams?

  Yeah, he definitely helped in the last stretch here, but like, um, yeah, I wouldn't say he's been around for the whole ride. Anyway, Donald Trump, uh, very exciting. You know what we should do? I kind of want to take a moment to zoom out on the Kraken charts and talk about how far we've come.

• 8:57David Hoffman?

  Are you, do you think you can do that, Ryan?

• 8:59Ryan Sean Adams?

  Yeah.

• 8:59David Hoffman?

  Can you zoom out that far? No, you're gonna have to go out to longer than a day. You're gonna go to, you're gonna go to one month candles.

• 9:05Ryan Sean Adams?

  Three days?

• 9:05David Hoffman?

  One month candles.

• 9:07Ryan Sean Adams?

  I've never done this. Okay. Uh, thanks to Kraken Pro for these glorious charts. Here we go. One month candles.

• 9:12David Hoffman?

  One month candles.

• 9:13Ryan Sean Adams?

  All right. I've never gone back this far.

• 9:14David Hoffman?

  Ryan didn't know that one month candles were a thing.

• 9:17Ryan Sean Adams?

  Okay, but like, um, it actually starts in October, uh, 2013. And that's when the Kraken charts, uh, you know, like, uh, pro charts start.

• 9:26David Hoffman?

  That's when, that's when it crosses a hundred dollars for the first time.

• 9:28Ryan Sean Adams?

  Is that the birth of Kraken? Somewhere around that timeline, you know, 2012, 2013.

• 9:31David Hoffman?

  That's a lot of data that they have.

• 9:33Ryan Sean Adams?

  I want to, I want to actually take you before that though. Okay. So we have genesis. 2009 to 2010. Of course Bitcoin was launched in 2009 by this mysterious figure Satoshi Nakamoto. The very first real world purchase happened in May 2010. Okay. At the time, that was a purchase of 10,000 Bitcoin for two pizzas.

• 9:55David Hoffman?

  World's most expensive pizzas.

• 9:57Ryan Sean Adams?

  Yes. So at that point though, one Bitcoin was valued at 0.0004 cents for one Bitcoin.

• 10:06David Hoffman?

  And it was also the, the moment, the instantiation of value, of a market value of Bitcoin.

• 10:12Ryan Sean Adams?

  It was pizza. Just such, so legendary there. So there's Bitcoin pizza guy who just like, imagine, uh, imagine that transaction. Anyway, um, that, that was the very first, that was the genesis. We have this early growth phase. In February 2011, Bitcoin reached parity with the dollar. Became a, a staple coin for a brief moment. At $1, okay, so 1 Bitcoin equals $1. That happened in 2011. And then we had this kind of early growth mania. This is when Bitcoin first came on my radar, David. I don't know about you, but you were talking about Bitcoin crossing $1,000 for the first time. Well, that happened in December 2013 for the very first time. And you're like, that was an epic moment. And I recall it coming back on my radar right after that, when it fell back down.

• 10:56Ryan Sean Adams?

  Remember the Mt. Gox thing? And Bitcoin was back down into the hundreds. In 2014, it was around $200.

• 11:04David Hoffman?

  Right. Okay, so my story earlier was when it was crossing $1,000 was after it crossed $1,000 the second time. So this line was in, it was the resurgence back to $1,000. That's when my story was told.

• 11:17Ryan Sean Adams?

  So you weren't paying attention around the time.

• 11:19David Hoffman?

  I wasn't paying attention, no.

• 11:20Ryan Sean Adams?

  I started paying attention like a little bit, but like really it was 2014. It was like a Thanksgiving. Remember I told you I was like, you know, on some prednisone steroids.

• 11:29David Hoffman?

  Ryan has one of the craziest introduction to crypto stories. It's actually kind of a shame that it's never been articulated on the podcast. Yeah, the fact that there's drugs involved.

• 11:37Ryan Sean Adams?

  Prescription drugs, guys. Let's not get carried away, all right? It was for an illness that I had, all right? Let's not get too crazy. But I really saw the light on that drug trip, let me tell you. Okay, and then we go to David's era. So if you remember like 2015, 2016, it was blockchain, not Bitcoin, blah, blah, blah. Bitcoin is dead, blah, blah, blah. And then we got the first, the 2017 bull market. Bitcoin, January 2017, surpassed its previous all-time high, trading at 1K again. So that was when you, you were like, oh, you weren't paying attention at that point in time. Okay, so we, in that bull market, we got, we peaked about a year later, December 2017. Do you remember when Bitcoin hit 20K at that point in time? That was a crazy run.

• 12:21David Hoffman?

  I remember seeing my roommate at the time, looking at his phone. And I had just told him to buy Ether at like $600, $700. And both Bitcoin and Ether were peaking. And I remember seeing my roommate like dancing, like just extreme euphoria. And I have this, my first ever moment of like, hmm, this doesn't feel right.

• 12:40Ryan Sean Adams?

  Oh, really?

• 12:41David Hoffman?

  That moment was the top.

• 12:43Ryan Sean Adams?

  Okay.

• 12:43David Hoffman?

  And it was the first moment, I was like, wait a second, what's going on here? It was my first like gut instinct of like, maybe you should sell the top.

• 12:50Ryan Sean Adams?

  Your story, you were playing, you were dabbling around in that time in like IOTA.

• 12:54David Hoffman?

  Yeah, I was.

• 12:54Ryan Sean Adams?

  All this like garbage tokens.

• 12:56David Hoffman?

  Yeah, exactly.

• 12:57Ryan Sean Adams?

  Oh, you had dumped IOTA by that time.

• 12:59David Hoffman?

  Yeah, I was rotating around whatever coins.

• 13:02Ryan Sean Adams?

  Ether, if I recall, peaked in like January, February, you know, 2018. So just a couple of months later.

• 13:06David Hoffman?

  A couple of weeks, a week's later.

• 13:08Ryan Sean Adams?

  Couple of weeks later, oh my God. Then we had that devastating correction, of course, bear market, Bitcoin.

• 13:14David Hoffman?

  That's when I learned to become numb. I don't know about you.

• 13:17Ryan Sean Adams?

  20K down to 3K during that time for Bitcoin. And then again, everyone said it was dead. This is, by the way, December 2020, during that bear market, when MicroStrategy started buying a little bit, just a little bit at first. Michael Saylor, PayPal, MicroStrategy, that kind of thing was happening. And then we got in 2021, the bull market back on the menu. This is post-COVID. We flash forward, past the COVID crash and all of this. Some signs of life in January 2021, Bitcoin hit 40K.

• 13:51David Hoffman?

  The stimmy era.

• 13:52Ryan Sean Adams?

  Stimmy era. Do you remember that?

• 13:54David Hoffman?

  Institutional adoption, inflation, a lot of the economic lessons that we've all learned over the last like four years.

• 14:00Ryan Sean Adams?

  Some people listening to Bankless will probably remember this. This is post the Bankless podcast. You probably remember us covering all of this during that time. November 2021, Bitcoin peaked at 69K. That was around the all time high for that bull market. Nice number right there, right? Then, of course, we had FTX, crypto winter. You guys know that story, 2022. And now here we are, David. Fast forward to 100K Bitcoin. What a journey it has been all along, hasn't it?

• 14:28David Hoffman?

  Yeah. Time is so weird in this industry. Looking at that, these last candles, especially the, we're looking at one month candles once again. The candle currently being formed in December is, you know, we still have 25 more days of December. The November candle is absolutely gargantuan. Going from 70,000 to like $95,000, $25,000 in a single month is insane.

• 14:56Ryan Sean Adams?

  Absolutely.

• 14:57David Hoffman?

  But that, of course, Donald Trump, thank you, thank you.

• 14:59Ryan Sean Adams?

  Yeah, let's go back to his tweet. It's like, you're welcome.

• 15:03David Hoffman?

  You're welcome.

• 15:04Ryan Sean Adams?

  You're welcome, he says. Okay, so, actually, this is, this is interesting, too. New to this cycle, central bankers are weighing in on Bitcoin. This is Fed Chair Jerome Powell talking about Bitcoin, saying it's just like gold. Let's play this clip.

• 15:19Speaker 04

  ...war in the Federal Reserve itself, in terms of the system. What do you think of that idea? I don't think that's how people think about it. I mean, it's, it's so, you know, people use Bitcoin as a speculative asset, right? It's, it's like gold. It's just like gold, only it's virtual, it's digital. People are not using it as a form of payment or as a store of value. It's highly volatile. It's, it's, it's not a competitor for the dollar. It's really a competitor for gold. You know, it's, that's really how I think of it.

• 15:47Ryan Sean Adams?

  So this is the chair of the most powerful central bank in the world now weighing in on Bitcoin, saying it's basically a digital gold. Do you, do you catch that? I mean, he's right that people aren't using it as a medium of exchange, totally right. But he also said, if I'm hearing it correctly, that they're not using it as a store of value. He said they're using it like gold, which is interesting because gold, people use gold as a store of value.

• 16:07David Hoffman?

  What is that? Yeah.

• 16:09Ryan Sean Adams?

  Anyway, so he, both acknowledging that it's a, like, a digital gold, but also kind of brushing it to the side, right? Because, of course, the dollar is king in Powell's world. But just the fact that central bankers are weighing in on this, that, that is a product of this cycle.

• 16:24David Hoffman?

  Weighing in on it and being directionally correct, like, kind of informed about Bitcoin and not being just like giving dog shit takes like we've heard over the last like five, six years.

• 16:35Ryan Sean Adams?

  You know, like, five years ago, it would have been, it's just drug money. No one's, no one's using it. Why are you even asking? I refuse to answer it, it'd be that kind of, it wouldn't even come up in an interview like this in a serious way.

• 16:44David Hoffman?

  This is, this is Jerome Powell, the head of the Federal Reserve. And when he is directionally correct about Bitcoin, man, it's, it is, Bitcoin has come a long way. It is extremely legitimized in mainstream society.

• 16:57Ryan Sean Adams?

  Yeah. All right, so now we're on the march to a million, David? You think we'll get there?

• 17:01David Hoffman?

  I mean, it was 13 years ago that Bitcoin was at $100. Today, it's at $100,000. And, excuse me, 11 years ago. In 11 years, 100 million?

• 17:12Ryan Sean Adams?

  What?

• 17:13David Hoffman?

  100 million Bitcoin.

• 17:14Ryan Sean Adams?

  No, we don't do that, what?

• 17:17David Hoffman?

  Come on, doesn't it work like that?

• 17:19Ryan Sean Adams?

  I mean, another 10x, people said the first 100,000 is the hardest, right? But also now we're in diminishing returns, we're on the kind of the tail end of the S curve. I do think we will see 1 million at some point, whether that's this cycle or the next decade. I'm like, not sure, maybe it takes longer, who knows?

• 17:36David Hoffman?

  It's crazy that like Bitcoin is both $100,000 and .1 million dollars. The fact that you can just say it's one Bitcoin is .1 million dollars is kind of crazy.

• 17:48Ryan Sean Adams?

  Says something about that.

• 17:49David Hoffman?

  Getting so close to a million dollars, being able to be measured by a million dollars. It's like, I feel like there's a magnet there.

• 17:54Ryan Sean Adams?

  Yeah.

• 17:54David Hoffman?

  Just like, F it, just like, it's easy, it's easier to think about, so let's just, let's just get it to a million.

• 17:59Ryan Sean Adams?

  Yeah, that's right.

• 18:00David Hoffman?

  One Bitcoin is a million dollars.

• 18:02Ryan Sean Adams?

  Right, right, ETH, that, goal's for you, come on, you can get there too. Let's go check in on little brother, shall we?

• 18:07David Hoffman?

  Speaking of ETH, okay, well, okay, so Bitcoin started the week 94,900, up 6.3%. Ether started the week 3,560, up 11% on the week.

• 18:18Ryan Sean Adams?

  That's one more percent than Bitcoin.

• 18:20David Hoffman?

  No, no, no, it's almost doubled, doubled the percent. Bitcoin is, Bitcoin is up 6.3%.

• 18:25Ryan Sean Adams?

  Oh, I thought you said 10%, okay, okay.

• 18:27David Hoffman?

  No, no, ETH is up 11, 11, almost double up, yeah, so Ether ending the week at 3,920. Maybe, Ryan, we might see $4,000 this year.

• 18:36Ryan Sean Adams?

  Can you imagine?

• 18:37David Hoffman?

  We got 25, we got 25 days for ETH to crack $4,000 in 2024. Just a reminder, the ETH all-time high is at $4,850-ish, so we are still like $900 off of the all-time high. We had an inter-week high of the ETH Bitcoin ratio of .04, up from the Davy Jones locker, where it was at .032 at the end of November. We, it touched .04, right now due to Bitcoin's strength, we are at .039. But we have, the ratio is two, three weeks of looking acceptable.

• 19:15Ryan Sean Adams?

  Ether's looking strong.

• 19:16David Hoffman?

  It's not, it's looking not weak, it is looking not weak.

• 19:20Ryan Sean Adams?

  Maybe I miss, like, maybe I'm getting ahead of myself with the strength here, but explain this chart, Mr. T.

• 19:25David Hoffman?

  Okay, so this is, this is a meme that's going around with the traders. It's called the giant effing triangle meme. And this has been, Ether has just been trading in triangles for forever. And this is like the largest triangle that Ether has ever traded in. The point of the triangle starts...

• 19:40Ryan Sean Adams?

  I hate this triangle, I hate it. Is it okay if I hate it?

• 19:43David Hoffman?

  It's the trap of the triangle, but the thing is, is like... It's obviously not going to break down. Crypto doesn't break down. It's not going to the bottom of that triangle.

• 19:51Ryan Sean Adams?

  Okay.

• 19:52David Hoffman?

  But when it breaks to the upside of that triangle, because the triangle is so large, the implied move, once it does break through this triangle, is the speculation is that it's going to be very large. So this triangle is a wedge between where it peaked out in 2021 at 4,800 and then where it bottomed in 2022 at like 800.

• 20:11Ryan Sean Adams?

  Yeah.

• 20:12David Hoffman?

  And then we've been a higher low ever since that $800 in 2022 and a lower high also since then. And so we're converging here and like we're pushing up on this giant effing triangle. And because the triangle is so large, the implied move post-trangle breaking is theoretically large.

• 20:33Ryan Sean Adams?

  I'm just seeing my triangle reading then, if I'm reading triangles here is if we punch above around 4K here, then it's just we're in good territory. We're an undiscovered country. We get to like do new things. We're no longer constrained by this crappy wedge triangle.

• 20:48David Hoffman?

  Yeah. It's clear skies above $4,000 and we are 80 dollars away from that.

• 20:53Ryan Sean Adams?

  Well, speaking of Donald Trump, maybe he can take some credit for getting ETH to 10K because World Liberty Financial, again, this is an entity from like the Trump family, has been stacking some Ether on the week. Okay. So they have purchased a $30 million worth of Ether. Also 10 million.

• 21:13David Hoffman?

  It's actually up since then. He's bought $40 million of Ether.

• 21:15Ryan Sean Adams?

  What? Okay. And you said he, but of course we're talking about World Liberty Financial, which is like the DeFi protocol.

• 21:22David Hoffman?

  Donald Trump specifically is buying $40 million of Ether on chain.

• 21:28Ryan Sean Adams?

  I mean, he owns a portion of it, right? So it's not, it's not, it's not not him. Anyway, so 40 million in Ether, also 10 million in Bitcoin, but disproportionately Ether. That's kinda new. I don't recall Biden buying Ether during like the last bull run, do you?

• 21:45David Hoffman?

  No, not at all. All right, let's check in on the ETF flows just for the last days. The Bitcoin ETF flows looking real good. 28th of November was Thanksgiving, so markets were off. The 29th, 320 million in. The 2nd of December, 350 million in. The 3rd, 670 million in. The 4th, 556 million in into the Bitcoin ETFs. So billions of dollars flowing in into the Bitcoin ETFs. Taking a look at the Ether flows, also looking very good. 330 million dollars in on the 29th. 24 in on the 2nd, 132 in on the 3rd, and 167 in on the 4th. Very strong numbers.

• 22:25David Hoffman?

  ETH is almost at the cusp of hitting a billion dollars of total inflows. And as a reminder-

• 22:32Ryan Sean Adams?

  That's net inflows, yeah.

• 22:33David Hoffman?

  Net inflows. As a reminder, the depth of the outflows of ETH was negative 600 million. So we are 300 million higher in total inflows than we were ever in the hole. And I think this is just getting started. We'll probably break a billion by the time, this time next week.

• 22:49Ryan Sean Adams?

  Yeah, it's very bullish.

• 22:50David Hoffman?

  Total crypto market cap is now at 3.8 trillion. We are on track to hit 4 trillion, which I think you said was ambitious, Ryan, by the end of this year.

• 22:59Ryan Sean Adams?

  I did say that.

• 23:00David Hoffman?

  Yeah, we are 200 billion dollars away, which is just a measly few percentage points in the Bitcoin world.

• 23:06Ryan Sean Adams?

  That should be easy. You want to call for 5 trillion now, David?

• 23:10David Hoffman?

  Not this year, maybe next year. And checking in on our Layer 2 updates brought to us by Mantle. Thank you, Mantle. Big numbers out of base. 24-hour volume on base has hit a new all-time high of 2.3 billion. I definitely assisted in some of that numbers. I've been trading my base meme coins.

• 23:28Ryan Sean Adams?

  You got a billion or so in there?

• 23:30David Hoffman?

  Yeah, at least, yeah. It's all me. And then movers of the week. I don't know about you, Ryan, but I was having some deja vu this last week because the big movers of the week are some 2017 coins. XRP, Cardano, Iota, and Stellar Lumens. I forgot about Stellar Lumens. Up almost 500% in the last 30 days. XRP up 400% in the last 30 days. Cardano up 250% in the last 30 days, kind of insane.

• 24:01Ryan Sean Adams?

  We talked about this last time, but it's like, it's like 2021 retail, just like locked back.

• 24:06David Hoffman?

  Muscle memory, they are bought into one coin, they will not buy any other coins.

• 24:10Ryan Sean Adams?

  They were like, oh, this went up last time, I want this again. And they bought all the things that like people, you know, the crypto natives don't typically buy, right?

• 24:19David Hoffman?

  Yeah, complete curve ball. But not only that, but XRP has experienced apparently X part, XRP phi ripple finance, there's, there's apparently DeFi on Ripple. Apparently there's meme coins on Ripple.

• 24:32Ryan Sean Adams?

  Calling it DeFi, the D stands for decentralization, David.

• 24:36David Hoffman?

  Fair enough, fair enough.

• 24:37Ryan Sean Adams?

  It's something, you can do things on chain, right? So it's like, you know, CD Fi or something like this.

• 24:44David Hoffman?

  I thought this was a funny tweet from Evans, who's one of Bankless's biggest fans. He says, "XRP LD Fi is legitimately slick. It's like Jupiter or Pump.Fun or Uniswap or OpenSea, all rolled into one app. There is yield forming meme coins and NFT. Transactions are instant and cost 0.00003 cents and it works with Metamask apps. They increased bandwidth and reduced latency, plus very clean UI UX."

• 25:07Ryan Sean Adams?

  He's taking a jab at Solana.

• 25:09David Hoffman?

  He's actually taking a jab at Solana with this one.

• 25:13Ryan Sean Adams?

  If you couldn't tell. But, you know, interesting, the, the big news here is XRP is now number three.

• 25:19David Hoffman?

  Number three, yeah.

• 25:20Ryan Sean Adams?

  Flipping Solana. There was, there was talk of Solana trying to flip in Ether earlier in the cycle.

• 25:25David Hoffman?

  It's flipping, I didn't, okay, so it was teasing the flipping of Solana because it was within a couple million, billion dollars.

• 25:31Ryan Sean Adams?

  Yeah.

• 25:31David Hoffman?

  And then it just rocketed. So the market cap of Ripple is 137 billion dollars.

• 25:37Ryan Sean Adams?

  Yeah.

• 25:37David Hoffman?

  Solana is at 114 billion dollars. So like it flipped in Solana and then just started doing laps, like kind of crazy.

• 25:44Ryan Sean Adams?

  Yeah, yeah, yeah. What's crazy about these numbers here is like. Ether might not be saved, David? Okay, look at this, look at this column. Fully diluted valuation, alright? So again, this is like all of the XRP that's not in the market, but is in kind of the Ripple Treasury or somewhere else, right? It's like, whatever, quote unquote, locked, not available to the market, but is, is real supply. If you look at FDV, okay, David? XRP is a 60% pump away from flipping ether.

• 26:12David Hoffman?

  That's funny.

• 26:14Ryan Sean Adams?

  Is it funny? Are you, are you laughing about this?

• 26:17David Hoffman?

  Why does Ripple? How does it move like that? Where does this capital come from?

• 26:23Ryan Sean Adams?

  It's, you were talking about last week. It's Uber driver, it's taxi, it's retail capital. It's just people that are not listening to bankless, you know? It's a different tribe that are in crypto. There's something for everybody.

• 26:33David Hoffman?

  I'm in a couple like, just like alpha groups, like DJ and trenches Telegram groups. And like, somebody was talking about trying to get onto Ripple to buy like the Ripple Army meme coin. And I, he was just like, I've been doing this for like 45 minutes, trying to figure this out. I just closed the Telegram app. I'm like, I'm not doing this. There's no way I'm touching Ripple.

• 26:50Ryan Sean Adams?

  Did you see this from Gwart? He goes, I asked a Ripple holder why they should invest in XRP. They said, imagine being able to invest in Swift. To which I said, okay, why would I want to invest in Swift? And they said, do you know how Swift works? And I said, no. Do you know how Swift works? And they said, no. That's the tweet.

• 27:10David Hoffman?

  Oh wow, that got almost 10,000 likes. Nice tweet, Gwart.

• 27:13Ryan Sean Adams?

  Yeah. Anyway, that's what's going on in the hot crypto coins of the week. Also Tron up, we didn't mention that, but that's going crazy too.

• 27:22David Hoffman?

  Because why not?

• 27:23Ryan Sean Adams?

  Stablecoin supply. This is good news for all of us. All of our liquidity is at all time highs, 186 billion. So this had to happen in order for all of our other coins to go up. Particularly, it's good for DeFi as well.

• 27:35David Hoffman?

  And this 186 billion is actually already out of date. This is coming in from like two or three days ago. There has already since been multiple billion dollars of Tether and USCC minted on Ethereum. One that just came in this morning, just before we started recording, another billion dollars at the Tether Treasury on Ethereum. So this, I mean, I don't know if you've been looking, Ryan, but the yields in Ethereum, DeFi are very strong. Anywhere between like- Eight and 20%.

• 27:59Ryan Sean Adams?

  Oh, yeah.

• 28:00David Hoffman?

  And it just, you know, follow the money. That is a grabbing.

• 28:02Ryan Sean Adams?

  On your stable coins.

• 28:03David Hoffman?

  That's a black hole of liquidity. So that's we're just sucking in stable coins into Ethereum right now.

• 28:07Ryan Sean Adams?

  Mm hmm. Mm hmm. Okay. Another, another news on the week too is, uh, grayscale is filing to convert their grayscale Solana trust. Remember they did this with Bitcoin, then they did this with Ether, converting their trust into G Soul to an ETF. So their Solana grayscale trust filing to convert this into an ETF. Couple of weeks ago, we talked about Bitwise filing for a Solana ETF. So the big question of this cycle is, I asked James Safer. Is the Solana ETF gonna happen now? He said, yes, dot, dot, dot, eventually. We'll know within the next few days if it potentially happens as early as August. Or if they have to wait till 2025, later into 2025 or into 2026.

• 28:48David Hoffman?

  I could see a Solana ETF.

• 28:50Ryan Sean Adams?

  Yeah.

• 28:51David Hoffman?

  For 2025.

• 28:53Ryan Sean Adams?

  Yeah. So James Safer still thinks they'll follow the process that they've been following, that they won't short circuit this and get it in Q1. He said theoretically, it's possible a new admin wouldn't follow how things have been done for decades. But I, I don't think simply because they are more accommodative means they're gonna rush approve approval for these things. So probably toward the end of 2025 and into 2026 is the slate. But I mean, the fact that all of these issuers are filing tells you something's, something's cooking.

• 29:22David Hoffman?

  Kind of bullish. Imagine getting like a bunch of ETFs towards the end of 2025, 2026. Might be SL the top event. It might, it might be like when we were in Ether and Bitcoin got futures like right at the top.

• 29:33Ryan Sean Adams?

  Yeah.

• 29:34David Hoffman?

  And that was the top of like 2017, 2018.

• 29:36Ryan Sean Adams?

  You calling it top already? You're coming, but it's a year away.

• 29:38David Hoffman?

  So we get a year. That was a whole year away. We have, we have only gotten like three top signals so far. I'm, I'm like waiting till I count 300. But that's a problem for our future selves. Coming up next, the crypto de-banking became mainstream and a news topic this last week after Mark Andreessen went on Joe Rogan. So there's a lot to discuss here. Ryan even had his own little tiny role in the story as this Twitter thread of all these crypto founders who got de-banked started going viral. Trump also named a pro crypto chairman of the SEC, who is Paul Atkins. bullish for crypto, all this and more. But first, a moment to talk about some of these fantastic sponsors that make this show possible, especially Kraken, our preferred place to buy Bitcoin even when it's above $100,000. If you do not have an account with Kraken, consider clicking the link in the show notes, getting started with Kraken today.

• 30:21David Hoffman?

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• 31:51David Hoffman?

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• 32:34David Hoffman?

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• 32:52Ryan Sean Adams?

  A story that we are very familiar with, have been talking about for a while, the de-banking of crypto. It felt like it had a mainstream moment last weekend. It's all because of this clip. This is Mark Andreessen on the Dro Rogan podcast. I think he spells out the problem quite eloquently. Let's just play the clip.

• 33:07Speaker 05

  ... in financial services. Can you give me an example? Well, you know, de-banking. This is where a lot of the de-banking comes from, is these agencies. So de-banking is when you as either a person or your company are literally kicked out of the banking system. Like they did to Kanye? Exactly, like they did to Kanye. My partner Ben's father has been de-banked. Really? We had an employee who- For what? For having the wrong politics, for saying unacceptable things. Under current banking regulations, okay, here's a great, here's a great thing. Under current banking regulations, after all the reforms of the last 20 years, there's now a category called a politically exposed person, PEP. And if you are a PEP, you are required by financial regulators to kick them off of your, to kick them out of your bank. What? You're not allowed to have- But what if you're politically on the left? Well, that's fine. No. Because they're not politically exposed.

• 33:52Speaker 05

  So no one on the left gets de-banked? I have not heard of a single instance of anybody on the left getting de-banked. Could you tell me what the person that you know did? What they said that got them de-banked? Oh, well, David Horowitz is a right wing, you know, he's pro-Trump. I mean, he's said all kinds of things, you know, he's been very anti-Islamic terrorism. He's been very worried about immigration, migration, all these things. And they de-banked him for that? Yeah, they de-banked him. So you get kicked out, you get kicked out of your bank account. You get, you get kicked out of the, you can't do credit card transactions. By the way, you can't run- How is that legal? Well, exactly. So this is the thing. And so, and then you go to this thing of like, well, there's no, this is where the government and the companies get intertwined. Back to your fascism point, which is there's no- There's a constitutional amendment that says the government can't restrict your speech, but there's no constitutional amendment that says the government can't de-bank you. Right? And so if they can't do the one thing, then they do the other thing. And then they don't have to de-bank you.

• 34:37Speaker 05

  They just have to put pressure on the private company banks to do it. And then the private company banks do it because they're expected to. But the government gets to say, we didn't do it. It was the private company that did it. And of course JP Morgan can decide who they want to have as customers, of course, right? Is their private company.

• 34:51Ryan Sean Adams?

  He goes on and he talks about 30 different crypto companies within the Andreessen Horowitz portfolio that were also de-banked and cites some other examples.

• 34:59David Hoffman?

  Crypto becomes like a main character in this story.

• 35:02Ryan Sean Adams?

  Yeah. So did you listen to this interview, David?

• 35:04David Hoffman?

  Yeah, it was great. I thought it was great.

• 35:05Ryan Sean Adams?

  It was a solid interview.

• 35:06David Hoffman?

  I sent it to my lib mother, my love. And she said she would listen to it, so I will report back.

• 35:13Ryan Sean Adams?

  Yeah, it was actually a huge chunk of the podcast was actually dedicated to this de-banking issue. They kept going back to it and.

• 35:20David Hoffman?

  And for the listeners out there, this tweet has 307,000 likes and 60 million views. So that's a large number.

• 35:30Ryan Sean Adams?

  Yeah.

• 35:30David Hoffman?

  That is all of Twitter saw this.

• 35:31Ryan Sean Adams?

  And you saw that like there was a massive amount of commentary about this. Like a lot of people were saying that Mark Andreessen was just kind of like being hyperbolic about this. It wasn't really a problem.

• 35:41David Hoffman?

  That's a little bit of my reaction to it.

• 35:43Ryan Sean Adams?

  Yeah.

• 35:44David Hoffman?

  He was a little bit hyperbolic, who was like, oh yes, and it's because of political speech.

• 35:48Ryan Sean Adams?

  Yes.

• 35:48David Hoffman?

  Which like that's a little bit of an embellishment.

• 35:51Ryan Sean Adams?

  Did you do the, did you read the Nick Carter kind of like fact check type thing? About like where Andreessen was right and where he was wrong? Like there's a, he wrote a fantastic article about this earlier in the week.

• 36:01David Hoffman?

  He was writing that in response to another individual who fact checked Mark Andreessen. I didn't read Nick Carter's response, but I did read the fact checking of Mark Andreessen and thought that it was like unsatisfactory. I was like.

• 36:14Ryan Sean Adams?

  Nick Carter's was unsatisfactory?

• 36:16David Hoffman?

  No, no, no, I didn't read Nick Carter's. The guy who's like this like leftist.

• 36:19Ryan Sean Adams?

  Nick Carter basically spells it out. So it's like where Mark Andreessen was like kind of pushing the limit here was, you know, how many people are de-banked due to politics? I mean, that remains kind of unclear, right?

• 36:31David Hoffman?

  Right.

• 36:32Ryan Sean Adams?

  Yeah. He also brought into play Elizabeth Warren's kind of institution called the CF.

• 36:38Ryan Sean Adams?

  And said that they were partly responsible for this. They don't really do much of the de-banking. Most of the de-banking that we feel in crypto, which is where a lot of the evidence is coming from, comes from the FDIC, the Fed, the OCC and the SEC. Doing what Mark actually said, which is kind of like working behind the scenes, sending letters to banks, making it feel like, you know, you can only have, less than 15% of depositors can be in crypto, making it feel very risky for them. And kind of like through the mechanistic bureaucracy, de-banking crypto companies in the background. And that's primarily where I've seen the evidence for it. It like targeted at industries. That's what Operation Choke Point 1.0 was.

• 37:21Ryan Sean Adams?

  It was about like, you know, pot, the adult entertainment industry of a few different sectors that the government didn't like. And Operation 2.0, they were targeting the crypto industry effectively and de-banking crypto startups and entrepreneurs.

• 37:34David Hoffman?

  I think Mark was kind of zooming in pretty narrowly and then getting kind of, maybe kind of the details and facts technically wrong, but still directionally very correct, which kind of opened him up to being corrected. But he also did it in a way that like is a little bit of a shock factor game. And also, you know, playing a little bit of chess. It's like, yeah, kind of being hyperbolic, kind of just making very bold claims that are directionally correct, although narrowly incorrect. But overall, the net effect of it was just masterful.

• 38:03Ryan Sean Adams?

  Yeah, this is a lot of commentary. So Brian Armstrong says, I can confirm this is true. The de-banking of crypto. It was one of the most unethical and un-American things that happened in the Biden administration. My guess is we'll find Elizabeth Warren's fingerprints all over it. Biden himself was probably unaware. Other comments from Jesse Powell, the founder of Kraken. We had no US banking for several years, while one US company enjoyed a monopoly secured by its heavyweight investors.

• 38:29David Hoffman?

  I think that's a wicked Coinbase.

• 38:31Ryan Sean Adams?

  Yeah, is it? That singular bank was recently assassinated. He's talking about probably Silvergate, maybe Signature. We barely made it by focusing on Europe. So again, Kraken, the exchange was like de-banked, according to Jesse Powell. This is Sam from Frax, you know, Sam? He kept quiet about this for almost a year. Year out of fear, but since I'm in good company with all of these people, the Winklevosses came out, you know, Brian Armstrong, et cetera. Last December, Sam says, I got a call from JP Morgan saying, we have to close anyone's account that we know their primary source of income or wealth is from crypto. This is directly from the top from Jamie. He means Jamie Dimon. I'm really sorry. So Sam, like co-founder of Frax, was completely de-banked as well as a result of his crypto activities.

• 39:15Ryan Sean Adams?

  David Marcus, you remember, one of the architects of the D M Libra activity? He goes through this long story of how basically the US government killed Libra, killed D M. Just like, you know, made it so that they could not actually, even though they checked all of the boxes from a regulatory perspective, that they received such backlash from the regulators and the banks that they couldn't actually launch the product, kind of killed the product, strangled it in the crib, really. So more evidence of this. Anyway, lots of these things coming out in crypto circles, which I think is where Mark's de-banking points are the most salient.

• 39:53David Hoffman?

  And I don't think this is really a surprise to anyone listening to this, but just to reiterate the point of emphasis here, this is news because it's news in mainstream. Like this last week, this story got, just broke out into like mainstream society and there's a lot more awareness about this. So this is no longer crypto people talking about their crypto experiences on crypto podcasts. This is now being digested by the rest of the United States, like news sphere.

• 40:19Ryan Sean Adams?

  Melania Trump, she came out in her recent biography saying she and Barron were actually de-banked. Did you know that too?

• 40:26David Hoffman?

  Wow, yikes.

• 40:27Ryan Sean Adams?

  Yeah. So maybe that's more the point about, you know, political.

• 40:30David Hoffman?

  Maybe there was more like political de-banking than I thought.

• 40:33Ryan Sean Adams?

  Fun, fun fact, story, Bankless actually got its start from a little bit of de-banking as well. So I was de-banked, this is before when David and I were talking, doing some work together, but before we officially started the podcast by Bank of America in 2019. They basically just sent a Dear John letter that was just like, hey, your account's too risky. You have 30 days to withdraw. You have no longer access. See you later.

• 40:56David Hoffman?

  Peace.

• 40:57Ryan Sean Adams?

  So I went. At that time, I was like, what? Like, what's going on? I got a credit, an account at a credit union. David and I still use that same small community credit union for banking services for Bankless Now. And then in parallel to that, this is a story I actually haven't shared yet publicly. I just shared this on the back of this. I got a letter from the SEC. So I was running a staking services infrastructure company at the time for Cosmos, fun fact. I was planning to get into Ethereum, staking all of these things. And I got a discovery nasty gram for the SEC on the back of this bank closure. That basically it was kind of like a veiled threat. And they, when they launched discovery, they want every email, every invoice, every contract. This is like legal fees to respond and collect all of this information.

• 41:42Ryan Sean Adams?

  It was me and this other DevOps guy. It was like a two-person tiny company. And I was like, what is going on here? I don't want to mess with this. Close down the staking business. And that's when you and I just started getting into Bankless full time.

• 41:55David Hoffman?

  Ironically, running a very loud broadcasting Bankless media company, talking about all of this stuff. So they F with the wrong guy.

• 42:04Ryan Sean Adams?

  I guess so. I guess so. Anyway, it's just for all the people out there who are like, no, de-banking doesn't really happen. I mean, it's happened to me. It happened to people that we know. It does happen and it was happening. So that's, I'm glad that's reaching kind of the attention of mainstream in the way it should.

• 42:20David Hoffman?

  All right, to round out this political part of the podcast, let's talk about the new SEC Chair nomination. Paul Atkins to lead the SEC. There's a tweet from Donald Trump on Truth Social. I don't know what they call tweets out there. It says, Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors that would provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial to making America greater than ever.

• 42:48Ryan Sean Adams?

  Digital assets?

• 42:49David Hoffman?

  Before, yeah.

• 42:50Ryan Sean Adams?

  Okay.

• 42:51David Hoffman?

  Okay, so what do we know about Paul? He founded a consulting firm in 2019 that advising on financial services in complex regulatory issues and strategy. That firm has clients, including banks, crypto exchanges and DeFi platforms.

• 43:05Ryan Sean Adams?

  Yeah.

• 43:05David Hoffman?

  He was a previously appointed by former President George W. Bush as SEC Commissioner from 2002 and 2008. So he's been in the office before. And that his overriding philosophy is apparently the free market system. Hester Purce, so it's great, it's great to know things about Paul. Hester Purce put out a tweet, said that we have a lot of work to do at the SEC to advance free markets, capital formation, investor choice and innovation. I'm delighted that Paul Atkins will be returning to lead the effort. Having worked for him during his last stint at the agency, I cannot think of a better person for the job.

• 43:37Ryan Sean Adams?

  Wow.

• 43:38David Hoffman?

  Wow.

• 43:39Ryan Sean Adams?

  Hester Purce.

• 43:40David Hoffman?

  You can tell me anything about Paul Atkins and I'd be okay, great. But if Hester Purce is giving this statement, I cannot think of a better person for the job, wow, I'm, I'm sold, I am sold. That's all I need to know.

• 43:51Ryan Sean Adams?

  That feels pretty good.

• 43:52David Hoffman?

  That's all I need to know.

• 43:53Ryan Sean Adams?

  This is an interview, there's not much from, from Paul on crypto, but this is one brief moment where he talked about crypto in an interview. Let's just play the clip.

• 44:00Speaker 06

  If it's, you know, if it challenges incumbents and, and it helps to bring down costs for investors and for people who are trying to raise capital, I mean, that's the reason why we have financial markets and to have capital find its way to, to businesses and people take risks and they may lose all the money by investing in something, but that's their right, you know, they can go buy a lottery ticket and lose all the money.

• 44:31Ryan Sean Adams?

  There you go. I mean, that's much better than, than Gary Gensler's gatekeeping sort of style of just like, you know, adults are, you can't invest in certain classes of assets.

• 44:41David Hoffman?

  My guy on this guy is, I think this is a plus one to the, we're going to get a bunch of ETFs with the process. We're not skipping the process with the process.

• 44:52Ryan Sean Adams?

  Oh, he had process guy vibes.

• 44:53David Hoffman?

  Free market process guy.

• 44:57Ryan Sean Adams?

  Yeah, much less annoying than Gary Gensler, I gotta say. Maybe it's been so many years of Gary Gensler's voice, but like, this guy did not annoy me at all.

• 45:05David Hoffman?

  Not at all.

• 45:06Ryan Sean Adams?

  Jake Tervinsky.

• 45:07David Hoffman?

  I look forward to his office hours.

• 45:11Ryan Sean Adams?

  And he maybe he should he he'll come on bankless sometime, which we never got Gary to do. Oh, my God, that would be great. Imagine talking to an SEC chair, like having a nice conversation. Jake Trivinsky, "It's impossible to express the magnitude of shift we're likely to see at the SEC run by Paul Atkins. Crypto has literally never existed without the overhang of uncertainty or hostility from US regulators." Wow, he's right about that. We've literally never seen this. Yeah, good, good comments from Patrick McHenry and others as well. So this feels pretty good. All right, so this is the team beginning to form. So last week, we got Treasury. This week, we got SEC. The one we're waiting for is the Crypto Czar. And recall from last week, Chris Giancarlo's name is being floated. So that's Crypto Dad, literally Crypto Dad.

• 45:54Ryan Sean Adams?

  Couldn't get any better than that. We'll see what happens. What do we got coming up, David?

• 45:59David Hoffman?

  Hyperliquid drops the best airdrop since Uniswap, and it pumps 3X after the drop because no VCs are involved. We're gonna check in on this. Hawk2a straight to jail, checking in on the coin launch of Hawk2a Girls meme coin. And Artifact is shutting down operations. This gargantuan NFT platform from 2021 finally closing up shop. And then Alex Mashinsky pleads guilty to some of the allegations. What is the sentence? All of this and more, but first a moment to talk about some of these fantastic sponsors that make this show possible. New projects are coming online to the Mantle Layer 2 every single week. Why is this happening? Maybe it's because Mantle has been on the frontier of Layer 2 design architecture since it first started building Mantle DA powered by technology from EigenDA. Maybe it's because

• 46:42David Hoffman?

  users are coming on to the Mantle Layer 2 to capture some of the highest yields available in DeFi and to automatically receive the points and tokens being accrued by the $3 billion Mantle Treasury in the Mantle Rewards Station. Maybe it's because the Mantle team is one of the most helpful teams to build with, giving you grants, liquidity support, and venture partners to help bootstrap your Mantle application. Maybe it's all of these reasons all put together. So if you're a dev and you want to build on one of the best foundations in crypto, or you're a user looking to claim some ownership on Mantle's DeFi apps, click the link in the show notes to getting started with Mantle. Uniswap Labs is making history with the largest bug bounty ever. $15.5 million for critical bugs. Found in Uniswap V4. This isn't just any update. Uniswap V4 is built with hundreds of contributions from community developers

• 47:26David Hoffman?

  and has already undergone nine independent audits, making it one of the most rigorously reviewed codebases to be deployed on-chain. And with 2.4 trillion in cumulative volume processed across Uniswap V2 and V3, without a single hack, the commitment to security and transparency is rock solid. Now Uniswap Labs is taking an extra step to make V4 as secure as possible with a 15.5 million dollar bug bounty. Head to the link in the show notes to dive in and participate in the Uniswap V4 bug bounty. All the details, from eligibility and scope to the rewards, are there. Have you ever felt that the tools for developing decentralized applications are too restrictive and fail to leverage advancements from traditional software programming? There's a wide range of expressive building blocks beyond conventional smart contracts and solidity development. Don't waste your time building the basics from scratch

• 48:11David Hoffman?

  and don't limit the potential of your vision. Cartesi provides powerful and scalable solutions for developers that supercharge app development. With a Cartesi virtual machine, you can run a full Linux OS and access decades of rich code libraries and open source tooling for building in Web3. And with Cartesi's unique rollup framework, you'll get real-world scaling and computation. No more competing for block space. So, if you're a developer looking to push the boundaries of what's possible in Web3, Cartesi is now offering up to $50,000 in grants. Head over to Cartesi's grant application page to apply today. And if you're not a developer, those with staked CTSI can take part in the governance process and vote on whether or not a proposal should be funded. Make sure you're vote-ready by staking your CTSI before the votes open.

• 48:54David Hoffman?

  Hyperliquid, a DeFi protocol with its own Layer 1, a general-purpose paralyzed EVM with perpetuals and a spot DEX. I haven't personally used Hyperliquid, so I'm not terribly informed about it.

• 49:05Ryan Sean Adams?

  You don't do perps, David?

• 49:07David Hoffman?

  I don't do perps too much, no. No, I was a perps Dgen in the pre-2020 era, but now I just stick to spot.

• 49:15Ryan Sean Adams?

  You don't like your volatility like 5 to 10xed?

• 49:19David Hoffman?

  I kind of do. But you can get those with meme coins. And the meme coins have funny pictures that go with them. It became one of the largest DEXs by volume in open interest and it distributed 310. Million hype tokens positions it as the seventh largest airdrop based on CoinGecko.

• 49:35Ryan Sean Adams?

  Wow.

• 49:36David Hoffman?

  With a coming in today with a with 1 billion total supply of hype tokens. So gave away 310 million, 31% kind of insane. Gave away 31% in the airdrop. Sorry for the ambulance. The current FTV of Hyperliquid is clocking in at 12.4

• 49:55Ryan Sean Adams?

  That's a big.

• 49:56David Hoffman?

  Billion dollars. It dropped at the token dropped at 3 to 4 dollars.

• 50:01Ryan Sean Adams?

  Okay.

• 50:01David Hoffman?

  And it has gone up only to almost 13 dollars. So it has dropped an insane amount of wealth. Again, 30% of its token giving away to the community because there's no VCs. This is a self bootstrapped DeFi platform that's turning into its own layer one with no VCs in it. And so just incredible story here.

• 50:21Ryan Sean Adams?

  Yeah, look at people showing some of the results of their airdrops. This one guy is a person, 307,000 dollars in an airdrop. That is a nice Christmas gift. Pretty cool to see that going on.

• 50:36David Hoffman?

  Okay, let's get into Hawk2a. Okay, so Haley Welch, otherwise known as the Hawk2a girl. She's been like flirting with the crypto ecosystem for a while. She has like a Madlads custom PFP NFT, decided to make a Hawk meme coin. I don't know if that's playing in your ears, Ryan, but that's the Hawk2a girl saying, my meme coin is live.

• 51:01Ryan Sean Adams?

  We're gonna spare bank this listeners from playing it actually.

• 51:05David Hoffman?

  You can hear it once, but hearing that over and over again is kind of brutal.

• 51:08Ryan Sean Adams?

  It's a lot.

• 51:09David Hoffman?

  Okay, so yeah.

• 51:11Ryan Sean Adams?

  How did the launch go?

• 51:13David Hoffman?

  The launch didn't go so well. I don't really know if this is maliciousness or naivete. I don't know, but 97.5 supply of the token supply, 97.5% of the token supply was owned by like the deployer wallet or like insiders.

• 51:29Ryan Sean Adams?

  That's not real. Is that real?

• 51:30David Hoffman?

  And so basically what that what that means when 95% of the token supply is owned by the deployer or relevant entities, associated entities is that like when You pay $100 to buy one of these meme coins. You're basically paying who owns the supply $97.5. You're like, you're just a transfer from one person's pocket to the other. So this token pumped up to $500 million because people were trying to ape in first. And then this wallet, the deployer wallet and insiders started dumping that token from $500 million down to $60 million, attracting the attention, giving us terrible optics as an industry.

• 52:07Ryan Sean Adams?

  Hey, no, we're not, we were celebrating 100K Bitcoin, okay? This is not my crypto industry doing this. This is somebody else.

• 52:14David Hoffman?

  I mean, there's two, there's two things that broke out into public mainstream discords this week. 100K Bitcoin and the Hawk200 meme coin.

• 52:20Ryan Sean Adams?

  Great.

• 52:21David Hoffman?

  You know Coffeezilla?

• 52:22Ryan Sean Adams?

  Yeah.

• 52:23David Hoffman?

  Coffeezilla got into the Twitter spaces and started grilling them on, on this activity. And then now he got, he's the, he's the anti scammer YouTuber account.

• 52:32Ryan Sean Adams?

  Okay, that's right, that's right.

• 52:32David Hoffman?

  Big YouTuber account. And then this Twitter space got retweeted by Dave Portnoy. Can we, can we listen to this clip? It's about a one minute long clip of the Twitter space.

• 52:41Ryan Sean Adams?

  This is Coffeezilla speaking?

• 52:43David Hoffman?

  This is, this is Coffeezilla speaking to Haley and like the team.

• 52:46Ryan Sean Adams?

  Okay, here it is.

• 52:47Speaker 07

  We're really happy to answer any questions. I have questions. I have questions. I'm raising my hand. Hey, guys.

• 52:53David Hoffman?

  What Coffeezilla?

• 52:55Speaker 07

  Hey, this is one of the most miserable, horrible launches I've ever seen in my life.

• 53:00David Hoffman?

  Okay, then why the fuck are you on?

• 53:02Speaker 07

  I've been tracing it on chain for a while. You guys generated over a million dollars in fees while y'all's fans got rug pulled. There was snipers, but there was also insider trading directly linked to y'all's creator account. What are you guys doing?

• 53:20David Hoffman?

  What are you guys doing? Okay, so this is kind of, I just don't enjoy celebrity meme coins. I've come around to meme coins generally, but celebrity meme coins, I have just never seen one go right.

• 53:34David Hoffman?

  It's just like, it's, it's hard to launch one because you have people coming in so fast before the token can get distributed. But also, it just really looks like this wasn't really set up well.

• 53:43Ryan Sean Adams?

  She just got in over her own head, like, and she, you just didn't understand the mechanics of it.

• 53:48David Hoffman?

  People don't know what they're doing when they're coming. Coming into crypto and they're thinking that things are okay when they're like not okay.

• 53:54Ryan Sean Adams?

  Yeah, I think that this is probably pretty, I would think this would be painful. Like I saw all sorts of threads even from like legal lawyers, law firms saying, hey, if you got rugged by the Hoc2a like meme token, contact us because we're doing a class action lawsuit. Like no good will come of this.

• 54:13David Hoffman?

  Were are you sure that was, there was a meme account that did that? Are you sure that was a real one or was it?

• 54:17Ryan Sean Adams?

  I don't know, actually.

• 54:18David Hoffman?

  Cause there was a, there was a very believable meme account.

• 54:21Ryan Sean Adams?

  Oh, that's hilarious.

• 54:22David Hoffman?

  Yeah, uh huh.

• 54:23Ryan Sean Adams?

  I don't.

• 54:23David Hoffman?

  I'm not sure that that might've been real.

• 54:24Ryan Sean Adams?

  But, but seriously though, like what, I mean, you can't do this, right? You can't.

• 54:29David Hoffman?

  You could, like, there's, there's no rules, dude. You can do.

• 54:33Ryan Sean Adams?

  Do we want Gary Gensler back, David? Is, would he protect us from this?

• 54:37David Hoffman?

  No, I'm, I'm gonna go and take Peter Van Valkenburg's approach that he gave at the Bankless Summit, which is private law. If you don't like it, you can sue someone. And if you feel motivated to go do that, go do that.

• 54:49Ryan Sean Adams?

  Yeah, go do that.

• 54:50David Hoffman?

  Okay, like this is a private relationship between two people. One is a Hoc2a token purchaser and one is a Hoc2a token.

• 54:56Ryan Sean Adams?

  And guys, guys, let's all remember, you're buying a Hoc2a token.

• 55:03Ryan Sean Adams?

  Right? What are you expecting to happen here?

• 55:07David Hoffman?

  Okay, moving on, moving on, moving on into more DeFi related things, more serious topics. InstaDap proposes a rebrand in new tokenomics following Fluid launch. Fluid is its brand new DeFi product on Ethereum. From the InstaDap team, which is this crazy story of these two kids out of India, developing InstaDap from a very long, young age.

• 55:26Ryan Sean Adams?

  They're great.

• 55:26David Hoffman?

  Yeah, a crazy story about just like permissionless financial innovation.

• 55:30Ryan Sean Adams?

  They're brothers, brothers.

• 55:31David Hoffman?

  Brothers, yeah. Just like, like they, people were giving them congratulations back in like 2020, when they built their first product and now Fluid, which I'm still trying to figure out how to wrap my head around Fluid, but it's basically a very capital efficient hybrid between a lending borrowing system, kind of like Ave or Morpho.

• 55:49Ryan Sean Adams?

  Yeah.

• 55:50David Hoffman?

  Mixed with Dex trading fees. And so there's like, they're providing liquidity to Dex's, collecting fees, and then also lending out money at the same time.

• 55:56Ryan Sean Adams?

  Ave.

• 55:57David Hoffman?

  Something, something about you put a $1 in and you then you provide like $37 of capital efficiency. I don't get how it works, but everyone's very stoked about it.

• 56:05Ryan Sean Adams?

  It's like Ave and Uniswap had a baby. It's kind of those two things combined.

• 56:09David Hoffman?

  And it has done the crazy numbers. It has just organically, without any token incentives, gotten a lot of TVL. The InstaDap token has performed extremely well over the last few months. And there's a rebrand to go into the Fluid asset, which will include algorithmic buyback mechanisms. This is just layer one, good old fashioned DeFi, which I'm always a big fan of. It's nice to see some fresh innovation in this space. Big fans of whatever is coming out of this.

• 56:34Ryan Sean Adams?

  I mean, the governance proposal is the rebrand from InstaDap, InstaToken to Fluid, but also this buyback strategy, which effectively is turning this token into a cash flowing asset.

• 56:47David Hoffman?

  Love it. Love it. Productive assets. Productive DeFi assets. Let's get more of those.

• 56:53Ryan Sean Adams?

  Yeah, love it. Very, very cool stuff.

• 56:55David Hoffman?

  Okay. In a different world, NFT world, 2021 massive NFT project Artifact, which you might know as the Clone X NFT platform. That's or not platform, but that's the NFT kind of that kind of started the whole thing. Those reached an all time high floor price of 24 ETH in 2022. They trade for just 0.3 ETH today. Nike bought Artifact for an undisclosed amount, some speculate like a billion dollars in 2021.

• 57:22Ryan Sean Adams?

  In 2021, do you remember this?

• 57:23David Hoffman?

  Nearly three years ago to the day is when it was required. Now Nike is shutting it all down. They are officially winding down operations in January of 2025, saying the announcement, we are announcing to plan down the wind down of Artifact operations.

• 57:37Ryan Sean Adams?

  This was so cool. Do you remember this was during NFT mania when these tokens were launching?

• 57:42David Hoffman?

  This was the peak of NFT mania.

• 57:44Ryan Sean Adams?

  And then you had a big brand like Nike, just like basically blessed this, this NFT platform. And they, they were talking about blending like physical Nike shoes. They did like a few, few Ossius. You remember Few Ossius, that NFT artist? They did a collaboration of Nike shoes with Few Ossius. It was like peak mania. And now three years later, they're totally shutting it down. So.

• 58:06David Hoffman?

  End of an era.

• 58:07Ryan Sean Adams?

  Yeah, end of an era for sure.

• 58:08David Hoffman?

  At least it's a pretty good bottom signal for NFTs. NFTs are a good time, good time to buy.

• 58:12Ryan Sean Adams?

  Yeah.

• 58:13David Hoffman?

  A CryptoPunk.

• 58:13Ryan Sean Adams?

  There you go. It's always a good time to buy CryptoPunk. Quine and David. I just haven't found the one that's like perfect. For me, okay, that's why.

• 58:20David Hoffman?

  I keep sending them to you, you just ignore them.

• 58:23Ryan Sean Adams?

  You haven't sent me them in a while, unless you're giving me bad signals. Speaking of errors ended, David, Alex Mashinsky, one of the crypto criminals from, you know, 2022. So he pled guilty to all fraud charges. Remember this guy with the T-shirt, banks are not your friend?

• 58:40David Hoffman?

  To all of them. The classic T-shirt, banks are not your friends while building a bank.

• 58:45Ryan Sean Adams?

  Yeah, so he's still got some of my money. I don't know where that went, but a lot of, a lot of people in crypto with, with kind of a similar story. So in court, Mashinsky admitted to giving Celsius customers, quote unquote, "false comfort" by giving an interview in 2021 in which he said Celsius has received approval from regulators for its earned program, which it had not. He's pretending he got approval from regulators and he failed to disclose that he'd been selling his holdings of Cell. Remember the Celsius token the whole time?

• 59:14David Hoffman?

  Yep.

• 59:14Ryan Sean Adams?

  "I know what I did was wrong and I want to do whatever I can to make it right." So he pled guilty to this. What would be his sentence? So the sentencing happens on April 8th, 2025, but as part of the plea deal-

• 59:25David Hoffman?

  We don't know, we don't know the sentence.

• 59:27Ryan Sean Adams?

  No, but as part of the plea deal, Mashinsky agreed to not appeal any sentence if it was 30 years or less.

• 59:34David Hoffman?

  Oh.

• 59:36Ryan Sean Adams?

  Yeah.

• 59:37David Hoffman?

  So he is pleading, his plea deal is minimum 30 years.

• 59:41Ryan Sean Adams?

  Well-

• 59:41David Hoffman?

  Alex Mashinsky is like-

• 59:43Ryan Sean Adams?

  It could be up to 30 years and he'd be, he couldn't appeal that, is the case.

• 59:47David Hoffman?

  Oh, I see. Oh, I see, I see, I see.

• 59:49Ryan Sean Adams?

  But still, he's like, "Okay, I did it and if I get 30 years, then I'm not gonna appeal it."

• 59:54David Hoffman?

  Alex Mashinsky is not a young individual.

• 59:57Ryan Sean Adams?

  No.

• 59:57David Hoffman?

  How old do you think he is? 40, 45?

• 1:00:00Ryan Sean Adams?

  I mean, SBF maybe has a life on the other side of this, right?

• 1:00:03David Hoffman?

  Yeah, SBF will come out at like 50 years old.

• 1:00:07Ryan Sean Adams?

  Yeah.

• 1:00:07David Hoffman?

  45 or 50. Alex Mashinsky is coming out at like 65, 70. Yikes. Okay, two releases. This one's actually a little bit personal because this is my buddy Colton. Colton is releasing Alpha cards. These are physical, I've got a stack of them here, physical trading cards, much like Magic the Gathering, much like Pokemon.

• 1:00:27Ryan Sean Adams?

  Do you play Magic in high, like, were you a Magic the Gathering fan?

• 1:00:29David Hoffman?

  I never really got into Magic, but I have gotten into Hearthstone.

• 1:00:32Ryan Sean Adams?

  Okay.

• 1:00:33David Hoffman?

  Same kind of structure. Look how pretty these things are. I'm trying to hold them up to the camera. This one's Ether's Phoenix. It's one of the legendary cards. It's got 10 attack, 10 health. It's just really cool. Colton is an artist, formerly out of the Gitcoin ecosystem. And these are all crypto lures. And so there's Lenny, who is a 2 stat card. Lenny, the Lens Clover.

• 1:00:57David Hoffman?

  So if you like Lens, yeah, Ether's Phoenix, what else is there? Layer 2 Technician. What are some of these cards? There is, Ryan, one of my favorite cards, the Bankless Frontier, which gives you a one-time shield. And gives you a little resource.

• 1:01:11Ryan Sean Adams?

  Looks like me.

• 1:01:11David Hoffman?

  There's Ether Scan, there's Merkel Tree Emanation. There's the GM card. These are just all crypto lore cards, but as like a Magic the Gathering. And the art is phenomenal, bro. It's so good.

• 1:01:25Ryan Sean Adams?

  This is like a stocking stuffer, I feel like. I feel like we're doing this right in time for Christmas or something like this. I would love to receive something like this.

• 1:01:31David Hoffman?

  I'm shilling the hell out of these things because they're not a token. There's their physical deck. And yeah, congrats to my buddy Colton for, he's tested out these games, like the structure, the balance of the game for like over a year now.

• 1:01:44Ryan Sean Adams?

  It's an actual game.

• 1:01:44David Hoffman?

  It's an actual game, yeah. We have a link of me actually playing with him. My first game, I just got, I got some beginner's luck and I just had some of the best draws and just like absolutely demolished him. It was great. But yeah, no, it's a really fun game. So if anyone wants to just, just check out the art at the very least, there's a link in the show notes.

• 1:02:01Ryan Sean Adams?

  And who knows, you know, those Magic the Gathering cards, some of them are worth a lot. So you never know.

• 1:02:06David Hoffman?

  That's true.

• 1:02:07Ryan Sean Adams?

  Also, friends in Argentina, what's happening there?

• 1:02:10David Hoffman?

  Yeah, Cris y Miento, this is coming out of the Cris y Miento program, which for those people who remember, I was in Argentina for like all of August, building out this like startup incubator ecosystem for Argentine crypto startups. There is a call to action, a call to arms, the Cris y Miento GPC accelerator, an early-stage crypto accelerator to help bring ambitious Web3 founders to Buenos Aires. Investing $250,000 into your startup for two different safes is a 12-week accelerator program. So if you are in the Latin America region and you just want to hop over to Buenos Aires, or if you're around the world and get potentially $250,000 in your startup, there is an application open to founders based anywhere in the world. Application deadline is December 20th.

• 1:02:55David Hoffman?

  The program starts January 13th in the ALEF hub. Buenos Aires is a lovely city, and so there's just a lot of potential there. So this is a call to action to any startup that wants to go through this accelerator. There's another link in the show notes.

• 1:03:09Ryan Sean Adams?

  Are you going down there?

• 1:03:10David Hoffman?

  Not, I am going down there. Not into Argentina, I'm going to the Chilean side of Patagonia. But yes, I'm going down there in one week to the day.

• 1:03:18Ryan Sean Adams?

  You climb in mountains, right?

• 1:03:19David Hoffman?

  No, I am walking. I'm doing things, I'm just walking this time. I'm not climbing any mountains.

• 1:03:25Ryan Sean Adams?

  Yeah, like, but is, are you walking up something or?

• 1:03:29David Hoffman?

  I'm walking around mountains. I'm walking in a circle around mountains.

• 1:03:33Ryan Sean Adams?

  All right, yeah, I guess, I guess you've already done what you've needed to do to get the Gary Gensler horror cruxes, and so there's no more mountain climbing necessary.

• 1:03:41David Hoffman?

  Oh, no, there's, there's mountains. I haven't told you about my mountain plan in 2025, but we'll get to it when it comes.

• 1:03:47Ryan Sean Adams?

  Guys, let's get to the meme of the week. David, what are we looking at?

• 1:03:51David Hoffman?

  Okay, this is the classic, why doesn't our little meme coin trader come down to Thanksgiving meme? But this is a little bit different. This is Christmas is going to be a hell of a different this year, which is the meme coin person in the attic saying, there's my little no-coiner family. Why don't you guys come up here this time? And that is what happens when Bitcoin crosses 100K just 20 days before Christmas.

• 1:04:11Ryan Sean Adams?

  So this is, this is the question on everyone's mind going into the holidays is, how do you tell your family you were right?

• 1:04:20David Hoffman?

  You just go back up to the top of the clip that we played at the very beginning of the podcast. And you'd be like, you guys are laughing at me while I was getting my three paychecks paid in Bitcoin. Who's laughing now? You just say the line, who's laughing now?

• 1:04:31Ryan Sean Adams?

  Who's laughing now?

• 1:04:32David Hoffman?

  Who's laughing now?

• 1:04:33Ryan Sean Adams?

  I'm sure that'll be a hit among your family. Can you just be silent about it? Can you just do a humble win? Just, you know, if they ask, just be like, ah, that's up to the...

• 1:04:42David Hoffman?

  That's up to the listener.

• 1:04:43Ryan Sean Adams?

  All right. You're in discretion, guys. 100K Bitcoin, though, of course, gotta let you know, crypto is risky. You could lose what you put in, but we're headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey. Thanks a lot.