#811 Bitcoin Steady After A Rough Start To 2022 w/ Dylan LeClair

Dylan LeClair is the Senior Market Analyst at UTXO Management, a digital asset fund investing in the analog to digital transformation of money and the emergent financial system. In this conversation, we discuss bitcoin, on-chain metrics, market structure, and what to expect from the rest of the bitcoin bull market. Dylan joins us every Tuesday on "The Best Business Show." To see the video with the corresponding charts that Dylan references throughout the interview, go to "The Best Business Show: LIVE" YouTube Channel ======================= Mode, UK Fintech app, allows you to buy, earn and grow Bitcoin, all in one app. Not only is it a secure app to buy & hold Bitcoin, Mode allows you to pay & receive up to 10% Bitcoin Cashback from its growing list of online partner brands. Available on the App Store and Google Play. Download Mode at modeapp.com and set up your account to be in with the chance of winning ONE WHOLE Bitcoin. Offer ends Jan 31, 2022. Only available in the UK. ======================= My friends at Coin Cloud will give you $50 in FREE Bitcoin when you buy $200 or more at any of their 4,000+ machines. Use promo code POMP to get your free Bitcoin. For details or to find your nearest Coin Cloud machine, visit www. Coin. Cloud/Pomp Coin Cloud has been serving customers since 2014 and has established itself as the world's leading digital currency machine (DCM) operator. More than just a Bitcoin ATM, Coin Cloud machines make it easy to buy and sell Bitcoin and 30+ other digital assets with cash. To find your local ATM and get $50 in free Bitcoin, visit www. Coin. Cloud/Pomp ======================= Fundrise is largest direct-to-investor real estate investment platform out there, giving you the opportunity to achieve upside of an asset class previously reserved for institutions and high net worth individuals. That’s right, Fundrise is making high-end private market real estate investing accessible to everyone via an easy-to-use, automated platform. See for yourself how over 190,000 investors have built a better portfolio with private real estate. It takes just a few minutes to get started with as little as $10. Go to Fundrise.com/Pomp today and, for a limited time, get $10 when you place your first investment. That’s Fundrise.com/Pomp =======================

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

• 0:02Anthony Pompliano?

  What's up everyone, this is Anthony Pompliano. Most of you know me as Pomp. You're listening to the Pomp Podcast, simply the best podcast out there. Now let's kick this thing off. Dylan Leclerc is the Senior Market Analyst at UTXO Management. He also writes a newsletter with Bitcoin Magazine. In this conversation, we talk about Bitcoin, on-chain metrics, we talk about Bitcoin's price, the market structure, and what to expect in the coming weeks. I really enjoyed this conversation with Dylan, and I hope you do as well. Before we get into this episode, though, I want to quickly talk about our sponsors. This episode is brought to you by Mode. Mode is a trusted UK app that allows you to buy, earn, and grow Bitcoin all in one app. You can pay with Mode and receive up to 10% Bitcoin cash back from its growing list of online partner brands, straight into your Mode wallet.

• 0:47Anthony Pompliano?

  I have to say personally, I think the company behind this app is pretty damn impressive. They're FCA registered, they're listed on the LSE in the UK, and they're also listed on the OTCQB in the United States. They choose to hold Bitcoin on their balance sheet as a publicly traded company, and they are piloting a Bitcoin payroll product to pay their UK employees in Bitcoin. To all my fellow UK friends, I recommend you go check out Mode right now. The app is available in the App Store and Google Play. You can download the app now to get started, and make sure to check out the Rewards tab on the app for the 30-plus brands you can earn Bitcoin cash back from. Go check them out at modeapp.com, or go into the Google Play Store or the App Store and download the Mode app today.

• 1:29Anthony Pompliano?

  This episode is brought to you by CoinCloud. Did you know you can buy and sell crypto with cash? I want to introduce you to CoinCloud. They are more than just a Bitcoin ATM company. CoinCloud is the world's leading digital currency machine operator. They've been around since 2014 and have thousands of machines across the country. You can buy and sell Bitcoin, Dogecoin, Cardano, and over 30 other digital assets. No connecting bank accounts, no long waits, and if you have questions, you can speak to a live, US-based customer support rep 24/7. I've had a lot of Bitcoin ATM companies reach out, but CoinCloud is the only team I've found that does things right. They put together a special offer for listeners of this show. You can get $50 in free Bitcoin when you buy $200 or more at any CoinCloud

• 2:10Anthony Pompliano?

  Machine and use promo code POMP. Find your local ATM at coin dot cloud slash POMP. Again, that's coin dot cloud slash POMP and use promo code POMP to get $50 of free Bitcoin when you buy $200 or more at any of their machines. Today's episode is brought to you by Fundrise. You all know I believe that the best investors both understand and seek out extreme asymmetry. Fundrise is here to help you do just that. It's the largest direct to investor real estate investment platform out there, giving you the opportunity to achieve upside of an asset class previously reserved for institutions and high net worth individuals. That's right. Fundrise is making high end private market real estate investing accessible to everyone via an easy to use automated platform. Its 1 million users already know that the investment with Fundrise

• 2:54Anthony Pompliano?

  is capable of producing strong appreciation returns and income generation while helping to stabilize a diversified portfolio. That's more important now than ever in our inflationary environment. See for yourself how over 190,000 other investors have built a better portfolio with private real estate. It takes just a few minutes to get started with as little as $10. Go to fundrise.com slash POMP today and for a limited time you'll get $10 when you place your first investment. Again, that's fundrise.com slash POMP. Go check it out and when you make your first investment, they'll give you $10 on top of it. Fundrise.com slash POMP.

• 3:29Speaker 01

  Anthony Pompliano runs POMP Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of POMP Investments. You should not treat any opinion expressed by POMP or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only.

• 3:52Anthony Pompliano?

  All right, let's jump into charts, then we'll talk about sentiment and kind of market structure stuff. This first chart you've got, you've got the Bitcoin NASDAQ futures 28 day rolling correlation. What is, what is this showing us here?

• 4:02Speaker 02

  Yeah, so this is technically, it's like 672 hour, but four week rolling correlation at 93%, 0.93. So basically tick for tick, even though the scales are a little bit different. Wherever the NASDAQ goes, Bitcoin goes essentially, you know, Bitcoin for Bitcoiners is treated as risk off asset. It's a monetary safe haven. Uh, but increasingly over 2020, 2021, it's been adopted by macro allocators. Uh, and it's treated to them as a risk on asset. And so, um, you know, I think there's, there's somewhat of a bigger picture being missed. But you know, that's opportunity for everybody. That's, that's happily stacking away. So, you know, if someone wants to sell Bitcoin because of auto correlations and, you know, just a volatility model, right?

• 4:46Speaker 02

  You know, the VIX spikes, look at every time the VIX locally spikes. I believe I put the chart in. Uh, but every time the VIX has spiked, uh, if we look in like, say in a big way of March of 2020, but even like local kind of VIX correlations.

• 4:59Anthony Pompliano?

  Right, right here is the March, right here is the March 2020. You can see that big drop in, uh, price.

• 5:05Speaker 02

  Yeah. And that's, that's the big one. And then we have an even kind of a more zoomed up version. Uh, and you can see kind of the last two months are basically been every time there's been a, a spike in the VIX volatility index for the S and P. Risk off in equities, Bitcoins kind of hit somewhat of a local bottom. Um, or, or, you know, sold off in a way. Um, and so there's obviously its own variables in the Bitcoin market. There's derivatives. Uh, there's its own traders that don't even probably look at equities, but for the last two months, really the, the tale of the tape has been Bitcoin. Is, uh, being treated as a, as a risk on asset. And when things go risk off, Bitcoin takes a hit. And so, um, you know, that's kind of, that's where we are in the monetization phase. Uh, it's treated as a check on central bank irresponsibility. And if central banks become marginally more responsible,

• 5:49Speaker 02

  which the markets have kind of priced in as a, as a probability, then Bitcoin's gonna, gonna take a hit and that's, and that's fine.

• 5:55Anthony Pompliano?

  And so when you think about correlation between Bitcoin and some of these other NASDAQ, et cetera type, uh, assets. Is Bitcoin the leading indicator or the stocks the leading indicator? Like, do you have a sense for which one is leading the other? Or they're just moving in lockstep and it doesn't actually matter. They, they just go together.

• 6:12Speaker 02

  Yeah. Funny enough, I think Bitcoin has actually become more of a pure signal in terms of like risk on, risk off. Uh, just, it seems like it's, it's, it's a more of a free market, obviously. Uh, there's, there's a lot more capital in these equity markets. And it's like a lot of it's kind of just auto allocated by pensions and all of this. Where they just they just need to establish some sort of some sort of allocation and lock it in. There's, you know, tens of trillions of dollars of of assets in these equity markets where Bitcoin isn't even trillion dollar asset. And so funny enough, when we saw the VIX spiking, I believe two weeks back, hit like thirty eight. And it was really bloody Monday and then the following Tuesday after. Where equities closed in the green both times with the NASDAQ down like four and a half percent.

• 6:56Speaker 02

  Bitcoin bottomed first both of those days and we could see like in the spot order books that there are some huge buyers on Coinbase just happily stacking away and and huge volumes. And so what that kind of tells me is, you know, the correlation is obviously there. But Bitcoin is being increasingly viewed as, you know, this more pure signal of of the kind of a check on the financial system. And and how unsustainable it is. And so it's almost like a leading indicator. We saw that in March of twenty twenty as well. Bitcoin obviously is much more volatile, fifty percent in a day, but it bottomed two weeks before equities and it was up forty percent by the time that equities ultimately bottomed in that March twenty twenty moment. So that's kind of how I think of it going forward is is the volatility spike done? Are we going to see a liquidity crunch in twenty twenty two?

• 7:40Speaker 02

  Maybe, and if anyone tells you they know they they're just lying. But ultimately, I think coming out of it, how the response is after some sort of liquidity crunch. That's where Bitcoin really takes off.

• 7:50Anthony Pompliano?

  Got it. And then when we start to think about some of the other instruments around Bitcoin, let's look at the perpetual's funding rate versus kind of like an annualized basis. What are you seeing there?

• 7:58Speaker 02

  Yeah, so we talk about this a lot, but here we actually took like an annualized figure of it. So in Bitcoin, there's a couple of different type of futures instruments. There's that perpetual futures, which is just a futures contract that never expires, it just rolls over. And then you have like the quarterlies, which is more in line with like traditional commodity future markets, right? Like every three months, there's a quarterly futures expiry. And so we can take like the spread between the current spot market and and what that futures price is. And we can have like a basis spread. And so if we annualize that, we kind of get like almost a market neutral or risk free rate in the Bitcoin markets. And so during April, that was hitting like these really, really high, high figures, like forty percent, fifty percent plus. And those perpetual swap markets.

• 8:40Speaker 02

  Markets, basically, it's kind of this this basis between the the spot price and that the funding essentially keeps incentivizes allocators to remain tethered to that spot price. And so if the derivative is trading far above the spot market, funding will be really, really positive. So this is a 168 hour moving average of that perps funding, and it's annualized. But basically, when what you see in February there is that traders were paying 100% annualized to long Bitcoin, right? So obviously, that's not sustainable. It kind of shows you that these capital markets are the wild, wild west. But for some investors, it was a really big opportunity. You got paid, you know, outrageous rates to just short Bitcoin.

• 9:24Speaker 02

  And you could not even like short it with your entire net worth. You just if you one X short Bitcoin, you're holding a synthetic dollar. So you could you could harvest 50%, 100% annualized yields for a week on end for just sitting in dollar positions. And so, you know, we can kind of see these boom and bust cycles in Bitcoin with on-chain indicators, but we can also see it and kind of the sentiment cycles in the Bitcoin derivatives market. And right now, we're basically completely muted. We're not we're not like severely negative. But over the last week, perps funding has been on average negative. So what we really kind of see is it's not derivative driven at all. And actually, all kind of long speculation is has basically been driven out over the last two months.

• 10:00Anthony Pompliano?

  Got it. And so when you see us down kind of flat, do you think we have to go super negative before we get any sort of upward price movement? Or how do you think about funding being positive or negative in price?

• 10:13Speaker 02

  Yeah, so I mean, usually in bull markets, it's always different. This time is different. Everybody longs their longs. You see the basis futures funding, it explodes upwards as everyone's just trying to margin, margin long Bitcoin, margin long crypto. And during bear markets, you saw the same thing at the bottom of the 2018 cycle. Everybody thinks Bitcoin's dead. It's all over. You know, they're longing the absolute or they're shorting the absolute bottom. And you see that like the the perps market drives far below the spot market. And so it's almost like their derivatives are trying to like push that volleyball underwater. That's how I describe it. They're pushing a beach ball underwater. We're naturally that spot market is that, you know, gravity or physics is going to take over and

• 10:55Speaker 02

  we can't really go any lower. And so we're not, we're not at that total capitulation phase yet where derivatives are, are, you know, driving, driving us into the dirt, but you know, most of that speculative air has been kind of sucked out of the room. And so, uh, right now Bitcoin seems to be pretty fairly priced from a derivative side of things. Uh, and I think, you know, depending on equity correlations, uh, we can, we can see some higher prices here, but that long kind of speculative activity that we see a lot of times in Bitcoin cycles, it's really not there today, which is actually a really good sign for bulls.

• 11:24Anthony Pompliano?

  Got it. And then if we look at the short-term holders and the long-term holders, they obviously uh, act very differently, given they're different in time horizon. What are you seeing there in kind of that ratio between the short-term holders and long-term holders?

• 11:35Speaker 02

  Yeah. So, uh, we talk about this chart a lot. This is the cost basis ratio. So we can see like the average cost basis of short-term holders, average cost basis of long-term holders. Uh, and really there's a pretty big historical significance to what these two cost bases are doing relative to each other. So when you think about Bitcoin bull markets, why does Bitcoin price go up? Well, Bitcoin price, it's an absolutely scarce asset. The Bitcoin, the Bitcoin price goes up when the marginal seller is exhausted. It's basically that simple and obviously there's more to it. Uh, but when that marginal seller is exhausted, it takes just a small amount of capital for Bitcoin to really, really run. Uh, so when we can see when the marginal seller is exhausted, when one, you know, you have the short-term holders have really kind of capitulated

• 12:14Speaker 02

  or, um, or and/or rather, uh, you see long-term holders have like a significant sum of supply, like a relative large amount of that circulating supply. Um, so this cost basis ratio, when it's trending down, means that short-term holders, the cost basis is rising relative to those long-term holders. So why is that happening? Well, long-term holders have cornered the market, uh, and any new capital that comes in, any new money, short-term holder on-chain Bitcoin that we can see moving around, transferring hands, um, that has to increase because they have to compete for that free float. They have to compete for those Bitcoins that are on the market for sale. And so we see, uh, during bull markets that that short-term holder cost basis really explodes relative to the long-term holder cost basis. During bear markets, during downtrends, we see that, uh, it's kind of the opposite and there's some

• 13:00Speaker 02

  Capitulation in play or that long term holder cost basis is increasing because there's a pretty massive accumulation happening. So we're in somewhat of an uptrend for this metric, which means we're in that accumulation phase. But this is kind of that that spring loading up for that bull market. We're seeing that accumulation phase happen again. We're seeing some of that short term holder money capitulating on a loss. And this is really what kind of, you know, drives future bull markets when that when that marginal macro seller that we're talking about. Of course, just trading equities or, you know, just looking at the VIX. When when those flip to marginal buyers or, you know, marginal buyers in a big way. That spring is really going to be primed and Bitcoin's, I think that's in Bitcoin really runs.

• 13:38Anthony Pompliano?

  Yeah, it's absolutely fascinating to kind of watch how this part of the cycle has been different than the past cycles. And I do think that a lot of it is because there's a different type of investor, a different type of holder that's in the market. They treat the asset differently and they act differently. Talk to me about those long term holders and their ability to hold so that if they do sell, it's in profit versus at a loss. Which kind of goes hand in hand with what you were just talking about, but what are you seeing there?

• 14:01Speaker 02

  Yeah, so this is just relative long term holder supply as a percent of circulating. We take out exchange balances because there's some noise in that metric. It's been trending down the past couple of months or the past couple of years that that exchange balance. But right now we see essentially if you look at like the Bitcoin price chart and we look at this long term holder kind of supply as a relative percent of circulating. We see that we're kind of in like this really big like accumulation or like bear market territory almost before Bitcoin goes parabolic. And so what this tells me and kind of when we're looking at the past couple of months is that the demand side has always looked great. I mean, we saw a little bit of distribution, a little bit of profit taking. But for the most part, the demand side of the spring has been loaded since since September, since the fall.

• 14:46Speaker 02

  But we haven't seen the supply side of things. So on chain analytics, like it got a lot of, it's gotten a lot of hate recently. A lot of people have been kind of saying, oh, it's nonsense. What about the supply squeeze? The reality is the supply has stayed squeezed. I mean, it's looked, it's looked extremely good since November, but that catalyst for for funds moving in for for increasing amount of capital to allocate just hasn't been there. So it's still, it's still. Kind of in that supply squeeze type zone. There's still a pretty small relative free float for new capital to come in and bid up. But we have to see that that tide turn. And so we're still primed and we're priming day by day more and more. But, you know, we got to see that that marginal flip of of selling to buying from the macro funds, the long short hedge funds.

• 15:30Anthony Pompliano?

  Got it. And then when you look at the daily transfer volume and kind of the efficiency of settlement. I recently was explaining to somebody that the average Bitcoin fee is under $2. And the average fee for some of these other blockchains is significantly higher. It's actually significantly higher than Bitcoin ever was. So talk to me about these kind of transfer volumes on a daily basis and that settlement efficiency.

• 15:51Speaker 02

  Yeah, so basically it took the the average fee and divided it by the change adjusted average daily volume. So change adjusted is just a way to kind of signal out some of that noise in the transfer volume. It's a little bit lower. That's a little typical. We don't need to delve into that. But basically, we can see on a like how much Bitcoin transfers on a daily basis per every dollar in fees. Right? So for someone like Elizabeth Warren that says, okay, Bitcoin wastes energy. Well, here we have a global monetary network that's apolitical, non-sovereign. There's no CEO, there's no board, there's no off switch that's transferring on average over the last two weeks, $35 billion a day globally permissionlessly.

• 16:32Speaker 02

  And for every $85,000 of settlement volume, final settlement, like not like swiping your debit card, which isn't final settlement. That's just a company marking up their own kind of database, but like final settlement of of value across the world. $85,000 of it for every $1 in cost. So the the percentage cost of that settlement is 0.0001% or whatever it is. And if you're looking at like, say, you know, Ethereum, and this is why I think the comparisons are just outright dumb, to be frank, because they're so much different. Ethereum in terms of settlement volume as as a, you know, per $1 in fees, it's at $171, right?

• 17:14Speaker 02

  Because Bitcoin is a settlement network. It's it's purpose built to store value and settle value. In the most efficient manner possible. Ethereum isn't. It's a smart contract network. You can do all sorts of things with NFTs or DeFi or all sorts of things with smart contracts, but it's not a purpose-built monetary settlement network like Bitcoin is. And so when we think about just how efficient Bitcoin is at doing this one thing it's purpose-built to do, nothing else competes. And that's kind of why we're, you know, hammering the table, constantly being bullish, because we see a huge problem in the world and that money's broken and, you know, presents a few hundred trillion dollars worth of opportunity that we think Bitcoin is pretty primed to take. And so all these were like, you know, all

• 17:58Speaker 02

  these sort of blockchain Solana Ethereum, whatever else kind of altcoin you think is novel, that's fine, but they're competing for something else entirely. In terms of being, you know, a permissionless decentralized, truly decentralized settlement network, nothing else competes with Bitcoin and it's not really close.

• 18:15Anthony Pompliano?

  Got it. And then when you start to think about kind of where we go from here, it seems like you're really paying attention to funding. You're paying attention a lot to kind of the consolidation of holders. Are we just watching the transfer from short-term weekends to kind of strong, long-term focused individuals and therefore it's a kind of a repeat of what we saw maybe in the summer of 2021 that eventually led to kind of a replay of the bull market?

• 18:42Speaker 02

  Yeah, I think we're somewhere, I think we're a little bit kind of like 2020 almost where, I mean, we haven't really seen a huge macro capitulation like to the extent that we saw in March of 2020. But we saw a VIX spike, we saw a Nasdaq 20% off the highs, Bitcoin 50% off the highs. All the kind of short money or like the unconvicted holders are out of the market. If you, you know, if you were a little, if you're unconvicted, then you already sold. And really, it's just kind of those hodlers of last resort, those stackers of last resort that understand Bitcoin's the best money the world's ever seen and they're accumulating. And so we saw Bitcoin range at $9,000 for months in 2020 while, while every other asset was moving. But under the surface, that supply got tighter and tighter and tighter. And so I think that's what's going on today. I mean, we can see

• 19:27Speaker 02

  that's what's going on today. And in reality, like, you know, It's a pretty good time to buy Bitcoin relative to the news events that's happening, the geopolitical game theory that we talked about just a couple of weeks ago, Pomp. It's picked up even since then. And so it's really exciting times. And I think Bitcoin is extremely undervalued relative to just what's happened in the last year. I mean, if we're thinking about Bitcoin being as cheap as it was a year ago, a lot's happened since then. And so, you know, I believe it's pretty undervalued here. And again, I'm a buyer.

• 19:57Anthony Pompliano?

  Got it. John, you got any questions?

• 19:59Speaker 03

  Yeah, Dylan, I'm curious what the data is showing about the support levels. I've heard everything from when we're going down, $50,000 was a support, $40,000 was a support, $30,000 is a support. Where does that sit now?

• 20:11Speaker 02

  Yeah, I mean, from a kind of a technical level, which I think has a lot of merit. There's a lot of limit orders. There's a lot of buy interest at 32,000, at that 30,000 level. It was tested just briefly during the height of that kind of macro sell-off. And so I expect if we get there again, strong support there. 28,000, kind of that summer, the March, or I'm sorry, the summer open, the summer close, as well as like kind of the 2021 open. That's really a pretty strong support level. And I think a lot of kind of like risk models and derivatives are set to kind of right at that threshold. So if we go below there, it could get a little ugly. I don't think we will. But again, non-zero probability. But that's what I'm kind of seeing for support. In terms of resistance

• 20:56Speaker 02

  on the way up, kind of those key levels, the big round numbers are probably going to be some resistance for the time being. But I think, you know, once that kind of, like again, that macro flips, it really, it's going to be like, most of the resistance is probably like butter on the way up as that marginal seller is just, it's just not there. You know, most of, most of the weak hands have already kind of capitulated at this point.

• 21:18Anthony Pompliano?

  That makes sense. Dylan, before, before we let you go, when you think about kind of sentiment in general, I think a lot about like, price comes down, people obviously get less excited. There's not as much kind of FOMO hype, you know, frothiness, whatever. But we still see, you know, Michael Saylor buying 660 Bitcoin. We see yesterday Jack Dorsey clearly articulating what's going on in the Bitcoin world, and kind of how he sees the asset, why it's so important. Like, how much of the dying down of the froth and hype is healthy? And, you know, is it necessarily reflective of some sort of slowdown in progress of Bitcoin? Versus, is that something that you worry about where you see sentiment? You know, kind of tailing off, if you will.

• 21:59Speaker 02

  No, I mean, I think this is just nothing but a thing. I mean, it's out for anyone that's that's new here. It's like, and I'm not, I'm not some grizzled vet like I've only been in the market for a few years. But, uh, you know, relative to when I first started allocating, uh, Bitcoin significantly higher. And for anyone in 2021 or 2022 that just started buying in this is underwater. I think, uh, you should embrace it because the reality is, uh, Bitcoin, just with, with absolute scarcity and with, uh, the kind of the individual game theory at play, uh, everybody's trying to acquire a bigger slice of this, of this supply. And so, uh, you know, Bitcoin's underlying number go up technology, uh, ultimately will, will always kind of win out. And so you'll kind of wish you stacked at, at lower prices. And so, no, I mean, I think nothing's, nothing's changed.

• 22:43Speaker 02

  Obviously the price, uh, marginal seller, marginal buyer, uh, price has gone down. Derivatives are, are not overly extended. We'd, you know, we'd be higher if, if there was some, uh, kind of speculative activity in the derivative market, but it's totally healthy. I mean, we've seen this over and over again. Bitcoin's not going to go away. You have Bill Miller coming out saying, you know, he has 50% of his net worth in Bitcoin. A lot of billionaires are opening their eyes when he says that. So, uh, yeah, just nothing but a thing. I mean, we're going to see nation states adopt Bitcoin over the next 10 years, mine Bitcoin. It's going to be legal tender. We have states proposing as legal tender. Tahini's restaurants just went out and talked to the Canadian House Committee and said, we should buy $10 billion of Bitcoin. Like, obviously I'm not that, you know, it probably won't happen tomorrow, but you know, these things are, are accelerating.

• 23:27Speaker 02

  And, and the trend is, is pretty clear. If you just zoom out more than a couple of months.

• 23:31Anthony Pompliano?

  I love the Tahini's guys. They just continue to push the pace.

• 23:34Speaker 02

  That was awesome.

• 23:35Anthony Pompliano?

  Just, just literally just killing it. Absolutely amazing. All right. Where can we send people to follow you? What's your Twitter handle and where, uh, where should we send them for the newsletter?

• 23:43Speaker 02

  Yeah. So, uh, the charts I showed today, uh, just a brief sneak peek of our monthly report we're dropping. Uh, it's going to, we're, you know, dropping some facts about blockchain analytics, uh, Bitcoin derivatives and, and kind of the, the macro outlook. So, uh, just took about like a quarter of the charts that we're laying out, uh, in that report. So subscribe to the deep dive, uh, if you're interested in that. I think it's going to be a banger. Uh, it's in my bio if you're interested. So, uh, that's kind of what we're covering. And, you know, if you enjoy, make sure to check it out.

• 24:10Anthony Pompliano?

  Awesome. John, any last comment? Dylan, you're streaming on Twitch. Now, oh.

• 24:17Speaker 02

  Uh, yeah, I mean, it's kind of an impromptu thing. I just, uh, you know, Twitter Spaces is fun, but, uh, we don't get the visual, right? Like, I like doing the visual here with you guys. And so, uh, I've hopped on with Will a couple of times and we just, just look at TradingView and all that and just shoot the shit. So, uh, you know, Bob, if you guys are interested in coming on,

• 24:34Anthony Pompliano?

  I would do that sometime. I think I would pay like, I don't know, maybe, maybe $5 a month just to see Dylan and Will communicate with each other. Dude, did you see the RSI?

• 24:46Anthony Pompliano?

  You, you too, in a conversation, uh, like via text when no, when you know no one's watching, I can only imagine how much fun you guys are having. So I

• 24:54Speaker 02

  We have a good time.

• 24:55Anthony Pompliano?

  I, I appreciate you coming on. We will do this again next Tuesday. Uh, and keep up the great work, man. People are learning a lot. So it's super, super valuable.

• 25:04Speaker 02

  Appreciate you guys. Have a nice week.

• 25:06Anthony Pompliano?

  See you later, buddy. Thanks so much for listening to today's episode. I really hope you guys enjoyed this one. Make sure you subscribe on Apple, Spotify, or your favorite podcast player. And if you're looking to try to transition to get a new job in the Bitcoin or crypto industry, we've got you covered. Head over to pompscryptocourse.com. We've developed a curriculum with the top teams across the industry. It's a three-week intensive training program with over 50 events packed into that three-week time period. Go to pompscryptocourse.com to learn more and I'll meet you guys for the next episode.