#653 Is Bitcoin About To Take Off?! w/ Will Clemente

Will Clemente is a Finance Major at East Carolina University. He has quickly become one of my favorite writers on all things bitcoin, including deep dives on various onchain analytics. In this conversation, we discuss the bitcoin fundamentals, on-chain metrics, what happened in the past week, and what the on-chain data is telling us to be prepared for moving forward. ======================= Circle is a global financial technology firm that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments, commerce and financial applications worldwide. Circle is also a principal developer of USD Coin (USDC), the fastest growing, fully reserved and regulated dollar stablecoin in the world. The free Circle Account and suite of platform API services bridge the gap between traditional payments and crypto for trading, DeFi, and NFT marketplaces. Create seamless, user-friendly, mainstream customer experiences with crypto-native infrastructure under the hood with Circle. Learn more at circle.com ======================= With 10M+ users, Crypto.com is the easiest place to buy, and sell 100+ cryptocurrencies. The Crypto.com Visa Card gives you up to 8% back instantly, and 100% back on Spotify and Netflix. Also, Crypto.com lets you earn up to 8.5% p.a. on BTC, and 14% p.a. on stablecoins. Get $25 when you download the Crypto.com App with code "pomp". Download the App now: https://crypto.onelink.me/J9Lg/pomppodcast2021

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. Will Clemente is a finance major at East Carolina University. He has quickly become one of my favorite writers on all things Bitcoin, including deep dives on various on-chain analytics. In this conversation, we discuss the Bitcoin fundamentals, on-chain metrics, what happened in the past week, and what the on-chain data is telling us to be prepared for moving forward. I always enjoy these weekly conversations with Will, and I hope you do as well. Before we get into this episode, though, I want to quickly talk about our sponsors. First up is Circle. Circle is a global financial technology firm that enables businesses of all sizes to harness the power of stablecoins and public

• 0:45Anthony Pompliano?

  blockchains for payments, commerce, and financial applications worldwide. Circle is also a principal developer of USD Coin, or known as USDC, which is the fastest-growing, regulated, fully-reserved dollar stablecoin in the world. And it now stands at more than $20 billion market cap, and it's adding nearly $300 million of net new digital dollars in circulation every single week. The free Circle account and suite of platform API services bridge the gap between traditional payments and crypto trading for DeFi and NFT marketplaces. I've had Jeremy LaR, the CEO of Circle, on the podcast before. I really enjoy his perspective, and I think that USDC speaks for itself in terms of the recent growth. Go check them out at circle.com. Again, you can learn more about the fastest-growing, regulated, fully-reserved

• 1:29Anthony Pompliano?

  dollar stablecoin in the world, and all the ancillary services that they've built at circle.com. Next up is Crypto.com. They're helping to mainstream the crypto industry, signing major global partnerships with multiple sports, including Serie A, the Italian Football League, UFC, and my personal favorite, Formula One. With over 10 million users around the world, Crypto.com offers an easy way to buy and sell more than 100 cryptocurrencies. You can even buy Bitcoin with as little as $1. New users enjoy 0% debit card fees in their first 30 days. Crypto.com also pays some of the most competitive interest rates in the industry. You can find out how much to earn by visiting Crypto.com. Crypto.com is also Visa's biggest crypto card partner. My listeners across North America Europe and most of APAC can apply for the slick metal card offering up to 8% back on

• 2:14Anthony Pompliano?

  most purchases and comes with these amazing perks like 100% rebate on your Netflix Spotify and Amazon Prime subscriptions. You get 25 bucks when you download the crypto.com app today using code POM. Again, $25 when you download the crypto.com app today using the code POM. You can click on the link in the description to take you right there. Crypto.com. Again, they've got these partnerships that they've done with Syria, the UFC and Formula One. Shell and out cash to get the word spread. Go check them out at crypto.com or click on the link in the description and get that $25 when you download their app. All right, let's get in this episode with Will. I hope you guys enjoy this one.

• 2:49Speaker 01

  Anthony Pompliano runs POM Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of POM Investments. You should not treat any opinion expressed by POM 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.

• 3:12Anthony Pompliano?

  We got Will here. Will, what's up, man?

• 3:15Speaker 02

  Hey guys, how's it going? Happy Friday.

• 3:17Anthony Pompliano?

  Happy Friday to you as well. Let's get two things out of the way first. One, breaking news, you dropped out?

• 3:24Speaker 02

  I'm taking a semester break.

• 3:28Anthony Pompliano?

  Walk us through the decision to decide to take a semester break.

• 3:32Speaker 02

  Yeah, I just think, um, you know, Q4 is going to be pretty wild and the opportunity cost of, you know, not having like my full attention on the space is, uh, I don't know, too great or at least over the next couple of months. So just gonna kind of give Bitcoin my full focus for the next, you know, two, three months and see how it goes. But, uh, yeah, for now, for now, it's just, uh, I'm taking a semester off.

• 3:55Anthony Pompliano?

  I love it. I love it. Uh, I think this is a good idea. So, uh, we're excited that you're doing it. Second question, we are, uh, two weeks into you being at college. How drunk has everyone been? Give us a college update real quick.

• 4:09Speaker 02

  Oh, well.

• 4:14Speaker 02

  First week was so this week, so that that's like a 10. Like I got a couple buddies that ended up in the hospital, but um, I'm, I'm, I'm not getting, getting too crazy, but yeah, there's, there's some people wilding out.

• 4:28Anthony Pompliano?

  Will, did you just hit us with the, did you just hit us with the casual, my friends went to the hospital? And that's a 10.

• 4:34Speaker 02

  Yeah, people, people wilding out first week. I don't know. People just, I, I guess like everybody wants to throw crazy parties. And then like, so everyone comes to their party. So it's like, yeah, first week, I mean, it's been like that the last three years, but yeah, it's been pretty wild.

• 4:52Anthony Pompliano?

  Welcome back. You're shell shocked. You're like in the fog of war. All right, let's get into Bitcoin. Let's start off with these price clusters, the U2XO realized price distribution. Explain what this is, and we're going to pull up the chart here to show people, but what, what exactly is this? And then how do you analyze it?

• 5:12Speaker 02

  Yeah, so this is basically just on-chain volume. So you're looking at, you know, different price levels in which how much Bitcoin supply has moved at. And so what you see is we kind of have these four very distinct volume clusters. We kind of have this pre bull market cluster, which is about 28 and a half percent of supply. And that's between like call it 3K, 11K. And then the one below us, while we range for two, three months. And that's right between 30, 40K, and that's about 15 and a half percent of supply. The one we're currently in, call it between 45, 50K, that's about 9.6% of supply. And then we finally have one smaller cluster, kind of in that distribution range that we were in, in kind of March, April.

• 5:55Speaker 02

  That's about 7% of supply between 54K and call it 60K.

• 5:59Anthony Pompliano?

  Got it. And then when you look at the state of profitability, by the way, the charts that you've been putting out now are very, very clear. So you're doing a great job in terms of highlighting with the colors and stuff. I like it. Let's look at the adjusted Sopra and kind of explain to us what's happening here with this reversal.

• 6:16Speaker 02

  Yeah, good old friend Soper. He's looking good. So like, you know, one thing that we have been watching for. Like two months ago was we wanted to see so for break above one, which is the threshold for, um, you know, is the market trading in a state of profit or loss. And then we wanted to see us, you know, see the, see the metric come back and retest one as support on a price correction and then us, uh, and then see it consolidate above one. Um, and kind of stabilize to, to get that confirmation that we're in this, uh, uptrend. And so what we, you know, we had that retest of one as support, we consolidated above one. Um, and so far it's, it's held. So, you know, that, that to me is confirming that the, the broader trend is, is bullish.

• 6:55Speaker 02

  Um, one thing to note though, um, you know, it's given that we haven't had a retest of one and over a month, it's not crazy to expect like that we might. Um, but when you go back and look at the end of last year, I mean, we went two or three months without having a full reset, but you know, just keep that in mind. At some point we will come back down and, and retest that one threshold.

• 7:14Anthony Pompliano?

  Got it. And then let's walk through the supply dynamics. Um, it seems like this is very, very bullish and you know, a continuation of setting up this like supply shock. But walk us through things, maybe starting with this illiquid supply RSI.

• 7:27Speaker 02

  Yeah. I mean, like the supply side, I mean, it's like undeniably bullish. Um, I don't know, like it's hard to find, um, other setups. I mean, I guess you could say like late last year, but you know, it's looking very, very clear cut to be honest. Um, this, this liquid supply RSI created, I don't know, like two or three months ago, it's basically to 365, um, stock RSI. Using like the 30 day change of liquid supply. So in essence, it's just trying to capture the broader movement of, of, you know, uh, a liquid supply. And so it's basically trying to identify these supply shocks, like broader macro supply shocks. Um, and so the last ones we've had were A, kind of going into the 2017 bull run.

• 8:10Speaker 02

  Uh, B, coming out of the 2018 bear market, heading into the mini 2019, uh, bull market when we ran up to like 14K. Uh, and then also heading into, to late last year before the, you know, before we broke all time highs and got into the real mania phase of, of the early bull market. Uh, and, and we just got another one like two or three weeks ago. So to me, this is illustrating in a broader sense, we're, we're in this, uh, you know, uh, state of, state of supply shock. And I suspect like the full effects of this aren't, aren't, you know, fully priced in yet.

• 8:40Anthony Pompliano?

  And then when you look at supply shock ratios across the other two, it seems like exact same thing. It's just this is completely being ignored by maybe not ignored, but is definitely underpriced in the market in terms of how bullish it is.

• 8:53Speaker 02

  Yeah, like, well, just like as a side thing, I suspect like as more people look at this stuff, just by because of information asymmetry, like the the signal of it may go away over time as more people look at this stuff. But yeah, we've had this bull div between the supply ratios. So we have on the screen, the liquid supply shock ratio, just tracking the movement of coins basically from weak to strong hands. The highly liquid ratio, which is tracking the movement of coins from highly liquid to liquid. And so that tends to be a bit more reactive, tends to get squeezed, but it can also sometimes be be a leading indicator. Like if you'll see, like right above where it says August 30, you'll see

• 9:34Speaker 02

  like highly liquid supply started moving up before the liquid supply shock ratio. So sometimes it can, it can be a leading indicator. So I like to look at that as well. And then also the the exchange supply shock ratio. And this is just comparing the amount of coins that are available to be bought on exchanges relative to overall circulating supply. And so, yeah, like earlier this week, we got a bullish impulse in that, posted that on my Twitter. And then at the same time, we had price kind of going sideways bearish. And so, yeah, I think we're starting to see some resolution of, you know, that supply shock also or impulse, whatever you want to call it. Also, it's interesting because this comes in confluence with a volatility squeeze that we've entered about five days

• 10:17Speaker 02

  ago. And like, just based off of the historical timeframes that they usually resolve, that looks likely to resolve in the next week. While at the same time, I kind of have a similar timeframe with the effects of this impulse. So, you know, the volatility squeeze is just saying, we'll have a big move. But when you look at this, I think this kind of gives some clues as to perhaps the directionality of that breakout.

• 10:40Anthony Pompliano?

  Got it. When we look at the exchanges, this is probably my favorite thing to look at is just seeing that the exchange flows are going one way and it's not on to the exchanges, it's off the exchanges. Explain this.

• 10:51Speaker 02

  Yeah, so we have four charts here. So in the top left, you'll see the balance on exchanges and then it's the stacked version. So you just see like each individual exchange is a different color. The top right is the exchange net position change. So this is looking at the 30 day difference between, you know, what are exchange balances today, what are exchange balances 30 days ago? And so that's useful because, you know, it can get noisy. I would, I don't recommend anybody to look at this stuff intraday. And then also, you know, like day in, day out, it can get a little noisy too. But when you start to see a trend on the, on the net position change, which is, you know, the 30 day change, as we just said, you can, you can be a bit more confident in that trend because it's a broader trend that's being sustained.

• 11:32Speaker 02

  And then on the bottom, we have Coinbase balance. And then on the bottom right, you'll see Binance's balance. And so there's this interesting kind of dynamic here where you've started to see buyers show back up on Coinbase while at the same time, coins have been moving back on to Binance. Excuse me. And so to me, this kind of illustrates twofold. First of all, you know, one thesis could be you have buying in the east, selling in the west. I'm sorry, the reverse, the reverse. You have buying in the west, selling in the east. Or also it could just illustrate the fact that there's demand for the speculative products that Binance offers.

• 12:08Anthony Pompliano?

  Got it. If we move ahead to the short-term holders and long-term holder ratio, what are you seeing in this? It seems to be trending upwards.

• 12:17Speaker 02

  Yeah, so this, this is comparing the amount of supply that long-term holders possess in comparison to the amount of supply that short-term holders possess. And so what you see is you kind of get this like zone where, very similar to the deal, a liquid supply, you get this zone where you have a supply shock effect on the market. And when you look at this, you'll see at the bottom, I put in these little brackets. And the reason I did that was to illustrate the difference between now and late 27. Because when I show a lot of people this chart, they say, oh, well, long-term holders buy into the, into the bear market. Why? Why is this a bullish thing? And that's true, but when you look at the rate of change in terms of where this bottomed out and how fast it recovered to get into that zone of supply shock, it's not even close, right?

• 13:03Speaker 02

  And then also where you look at the base that it grew off of, it's much higher than the base that it grew off of in late 2017. And so this is just another way of looking at, once again, we're getting this kind of lockup of supply in the market. And so, yeah, over the next month or two, I suspect we would probably get to that top part of that green little highlighted range.

• 13:22Anthony Pompliano?

  Got it. And so we're going to pull up the chart here that you're talking about. Basically, what you're saying here is the brackets of the supply shock ratio chart, it really shows that there is like a time period of growth. Yeah, this one right here, there's like a time period of growth on the brackets. And then that shows this like massive move upward. And what you're talking about is this green highlighted area is really the area that you're looking at, and it looks like we're about to enter back into there.

• 13:53Speaker 02

  Yeah, exactly. Yep.

• 13:54Anthony Pompliano?

  Got it. Okay. And then let's look at the spent output age bands. I know you've been talking about this for a while, and it seems to be confirming a lot of the same stuff.

• 14:03Speaker 02

  Yeah. So what we're looking for here is like, our long-term holders who set the floor, are they starting to take exit liquidity? And so when you look back at late 2017 to early 2018, when you had the dead cat bounce up to whatever 17K, you saw the spent outputs from six months and older, that went all the way up to like 45%. So you had this, basically, all the long-term holders jumped ship and took the opportunity to take their profits and get out of the market. Because they had no confidence that we're going to see continuation.

• 14:35Anthony Pompliano?

  Got it.

• 14:36Speaker 02

  And so right now, what we've seen is just one kind of, what appears to be just a one-off spike about two weeks ago, actually has been declining since then, but not seeing anything that resembles that kind of, you know, jump ship, abandon ship behavior from these long-term holders. It doesn't look like they're taking exit liquidity. It looks like they're just holding strong.

• 14:54Anthony Pompliano?

  And then the last thing is miner profitability. Miners seem to be real excited right now. Now more so than they were, you know, back in Q1, maybe what what do you see with minor profitability?

• 15:05Speaker 02

  Yeah, so you'll see like three different colored lines, the purple bluish, whatever you want to call it line that that's hash. The orange line is is minor balances and then the green line is minor profitability. So it's just looking at revenue per hash. And so you get this dynamic kind of this inverse correlation between as as hash rate comes back on. Profitability, so revenue per hash goes down. So you've seen hash slowly come back on the network, you know, still far from where it was, you know, peak earlier this year. But it is slowly coming back on. And at the same time, that means that, you know, revenue per hash after we just had this difficulty adjustment last week is starting to trend down.

• 15:42Speaker 02

  And then at the same time, you're starting to see miners trim their holdings just a little bit, not anything that's going to have any kind of, you know, serious impact on the market. They've sold about 1,700 coins in the last 10 days. So I just something to keep an eye on, but not, you know, this isn't anything that's that's, you know, anything to be concerned about. Miners sold into the early bull run in February earlier this year as well. You know, it's to be expected that they're going to take some profits on a move up and and this selling pressure isn't anything that's going to, you know, cause some major down draw in the market. But I do think it's just interesting to follow what miners are doing.

• 16:17Anthony Pompliano?

  For the last couple of days, you've been tweeting about a move back to 50,000. And you essentially have identified that as like one key area. And it appears that we've overtaken the 50K.

• 16:31Anthony Pompliano?

  Where do you expect us to go from here? And how are you thinking about, you know, 50,000 and the importance moving forward?

• 16:38Speaker 02

  Yeah, so like when we looked at the on-chain volume earlier, what you'll see is like there's a gap between 50K and 54K. So I wouldn't be surprised if we if we see a move there in the coming days. I'm also keeping an eye on funding though. So like if open interest starts to starts to spike in comparison to market cap and you start to see like funding skyrocket, then perhaps we'll get some short term pullback. But at the same time, these broader supply metrics are showing that, you know, I I I have very strong confidence that we're going to see continuation over the coming weeks.

• 17:10Speaker 02

  We'll have to keep an eye on the derivative stuff. But yeah, I'd be looking from an on-chain perspective for 54K. And then I think from a technical perspective, the last real resistance is like 58 to 60K. You know, once we break that, it's pretty much blue skies. So yeah, those are, I guess, kind of some of the levels I'd be watching.

• 17:31Anthony Pompliano?

  Is it fair to say that you're a 19-year-old kid who dropped out of college for a semester? Because you're anticipating the Bitcoin bull run being absolutely breathtaking for the rest of this year?

• 17:42Speaker 02

  Yeah, definitely. That had a lot to do with my thought process. It's like, I think, you know, if we were in a bear market, I may have not made that decision, right? But I think like, I'm going to be very busy over the coming months. And so, you know, for now, I think like just taking a break from school is probably the best choice, at least in the, you know, in the midterm. But yeah, I think we're going to have a wild Q4 just based off of, you know, when you look at this data in combination like of, you know, with what I kind of hear anecdotally from some, you know, some people with many more connections than myself. It seems like both of those are kind of aligning to, you know, there are some perhaps big buyers that came in, you know, down and over the last couple of months.

• 18:24Speaker 02

  And, you know, I think we're going to probably see some interesting announcements towards the end of the year, but we'll see.

• 18:30Anthony Pompliano?

  And as that happens through the end of Q4, everything that we're seeing on-chain right now, the reason why you think that a lot of your time is going to be focused here is just that, you know, we continue to move significantly upwards because there's so many people holding on to Bitcoin with strong hands. And as that new demand comes in, the price has to accelerate rapidly to kind of accommodate everyone?

• 18:53Speaker 02

  Yep, exactly. And like one chart, like we skipped over, but if you look at the broader trend of liquid supply, the liquid supply shock ratio, what you see is that we've been in this kind of like descending channel for all of Bitcoin's history. And then after COVID of last year, we actually broke above that and we're kind of just free-floating way above this channel. So. To me, what that's showing is like the broader hodling behavior is unlike, dare I say, this time is different. Um, it's unlike anything from any previous, uh, bull run that we've been in. Um, so yeah, like you're seeing really strong, um, you know, buying and holding from, from these new market participants, like also really strong maturation of coins. So like when you look at like the realized cap hodl waves,

• 19:36Speaker 02

  you see the market participants that came in over the last six months or the last year, they're starting to, th- those coins are starting to age, um, which is, which is a good sign once again that like people are coming in, buying and holding. Um, you know, it seems like the whole narrative about, you know, people just buying, you know, Bitcoin with a long-term, uh, you know, uh, thesis on, on how it's going to be, you know, an inflation hedge or whatever it may be. Um, I think the data to an extent does reflect that.

• 20:02Anthony Pompliano?

  Got it. Joe, John, you guys got any questions? Uh, I'll go first. Will, you're a legend. Uh, congrats on, on taking, uh, making the decision to take a semester off. I think you're making the right decision. Uh, I think we're going to see some, uh, interesting price action, like you said, and you will be very busy. With that said, uh, what, what worries you? Like, right? Like a lot of this data looks great. Everything we're hearing sounds great. Is there anything that you're watching and you're just, uh, you know, keeping an eye on for the bear case and you're, and protecting the downside a little bit?

• 20:29Speaker 02

  Yeah, for sure. Um, you know, first of all, it would be like, are these long-term holders, like kind of what we touched on, are they taking exiliquidity? That's kind of the last real like bear case in my mind. Um, also you can make an argument that because, uh, like transactional activity is low, that that's somewhat of a bearish thing. But I kind of see both ways because I also think that, um, the, the fact that there's no, you know, the, the men pool is freed up. It's, it's kind of showing that there's no like speculative mania in the market right now. It's just, you know, experienced market participants. Um, you also see that in, in like, I'm laughing because I know I'm like turning this into a bullish thing.

• 21:08Speaker 02

  But you also see like, um, you know, a large portion of volume is from, from larger market participants. So like the amount of value you transacted is mostly large transactions. So yeah, I think like there's a lot of speculation out of the market. But, um, yeah, some people, some people would, would see that as a bearish thing that there's not. A lot of, you know, monetary value flowing through the network. And also it doesn't look like there's like really strong demand to to use the network right now. When you look at like the men pool or like number of transactions and stuff. But yeah, like some people say that, you know, that's just a reflection of there's no speculation in the market. You know, you have like transaction batching that's now used by Coinbase, although I don't know to what extent that that's the case. But yeah, I I think you can make an argument there. That's that's potentially a bearish thing.

• 21:54Anthony Pompliano?

  John?

• 21:55Speaker 01

  Yeah, well, what's up? Congratulations on leaving school, big step. I wish you nothing but the best.

• 22:02Speaker 01

  My question is on resistance levels and like whales and other big players in the space taking profits, right? So what is what is the next resistance level if we get past and when we get past 50K? And then at what point do you see kind of people taking profits? Or is it just, hey, they're going to take profits the whole way up? And maybe when we get to 100K, you'll see like a bigger drawdown.

• 22:20Speaker 02

  Yeah, I think like, you know, when it comes to when it comes to like price discovery, it's really hard to to guess where price is going to take a pause. You know, I think, well, first of all, before, you know, theoretically, we get to all time highs. I think the the trillion dollar threshold, which is running like 53, 54K, it's at like 53,200. That that's probably going to offer some resistance and that kind of aligns with on chain volume too. So I think that may give us like some short term trouble, but I don't think it'll be a crazy resistance level. But then the last kind of final boss is like 58 to 60K, I guess you could say. But yeah, above that, like if we if we were to get into price discovery,

• 23:02Speaker 02

  I mean, all you can really look at is like like Fibonacci retracement levels or also just like psychological levels. You know, Bitcoin, like almost any other asset that, you know, reacts really, really strongly to different psychological levels, like 50K, right, or 60K, 70K, these round numbers. So, yeah, like, I don't know, that that would be the only, that's the only way I could, I don't know, kind of estimate where, you know, perhaps we'll take a breather, but I don't know. You know, keep in mind, like, we're going to have corrections along the way. Like, you know, I'm bullish over the coming months, but that does not mean we're not going to have, you know, 15, 20% corrections along the way, you know?

• 23:40Anthony Pompliano?

  Well, if you had to rate your bullishness right now, one to 10, 10 being the bull of bulls, one being not so hot, where are you putting yourself?

• 23:50Speaker 02

  I I think we're cooking up like eight and a half, nine.

• 23:55Anthony Pompliano?

  That was a big number there. All right, you want to change?

• 24:00Speaker 02

  Depends on the timeframe, too. If we're talking like the next couple of weeks, yeah, like short term, I don't know, like.

• 24:04Anthony Pompliano?

  Yeah, no, no, through the end of the year. Through the end of the year, eight and a half, nine, that's pretty good, man, that's pretty good. All right, last, last question, any changes to your end of year thoughts yet? Or you still think we're going, you know, 100K plus before the end of the year? Nothing changed there?

• 24:21Speaker 02

  I'm sticking to my little, the little rainbow price model that I showed you like a couple of weeks ago. I think if we can get above this, I call it the, the delta top mean, which is the difference between the historical model that's time the tops and the historical model that's time the bottom. That's right around 58, 60K, which is in confluence with like that final boss in terms of TA levels. If we can get above that, which served as resistance in the 2017 dead cat, I think that's like full confirmation, we're back in the bull market. And so if we can break above that, then I'd be targeting the next step up in the model. And that's, I think, right around, well, it's like 90, 96K, but by, you know, by the time we theoretically reach it, it'll be above 100.

• 25:06Speaker 02

  So yeah, that would be like my next target. And then if we broke above that, I'd be targeting the final or the top model, which right now is at like 180K.

• 25:14Anthony Pompliano?

  That sounds like a good number to me. I tend to think that you're gonna be more right than wrong, but let's, let's see what happens. All right, man, where, where can we send people to follow you on Twitter? Let me drop your Twitter handle right now into, into the comments and where can they subscribe to email?

• 25:34Speaker 02

  What do you think of the new header, by the way? I think it's pretty dope.

• 25:37Anthony Pompliano?

  It feels like a little like futuristic there. What is that, is that Japan?

• 25:41Speaker 02

  Yeah, I just looked up like Tokyo neon lights and just thought it looked cool.

• 25:46Anthony Pompliano?

  Hey, man, listen, you, you, you drop out or take a semester off. Next thing I know, you're gonna be in Asia with everyone in Korea, like trading a bunch of Bitcoin like hour by hour.

• 25:57Speaker 02

  Yeah, right, I definitely, I'd like to travel. This is a whole nother start conversation we can have, but I want to travel, so I gotta get some, some recommendations from you guys.

• 26:04Anthony Pompliano?

  Oh, man, you ain't going back to school, dog. It's over. Listen, tell the teachers goodbye, tell them, hey, listen, I'm gonna take this semester off, but maybe I'll never see you again. So let me just say bye either way.

• 26:18Speaker 02

  Yeah, but I'm on Twitter at W Clemente III and then the link to the newsletters in my bio as well.

• 26:24Anthony Pompliano?

  He doesn't want to say anything because his mom probably watches this or his dad and they're going to be like, hey, he promised he was going to go back.

• 26:31Speaker 02

  Yeah, I did.

• 26:32Anthony Pompliano?

  He's definitely going back. I promise. I promise. On the way out, you should tell them to sign up for your newsletter. So you're like, listen, you're teaching 6040 portfolios. I'm teaching about the future. Why don't you sign up for the newsletter and maybe get educated? Yeah. All right, man. Listen, thank you very much for doing this. I think that you've been all over this supply squeeze and so far been very right. So I think just keep at it. The charts look great. Doing a great job. People are enjoying it. So we're going to, we're going to do it again next week. Any, any last words? Any college party plans this weekend? Anything we should know?

• 27:09Speaker 02

  I can't say too much, but you know, it's Memorial Day Monday.

• 27:12Anthony Pompliano?

  Memorial Day. Every weekend there's something, Will. Every weekend.

• 27:17Speaker 02

  People at ECU.

• 27:19Anthony Pompliano?

  It's Labor Day, by the way.

• 27:20Speaker 02

  They'll party for like Columbus Day. They'll party for any.

• 27:23Anthony Pompliano?

  You're so, you're so focused on the plans, you forgot that it's Labor Day and not Memorial Day, but we'll let that slide. The end of summer, not the start. Nah, this is the start of Will's summer. Will's summer's just starting. He's, he's done with school. What do your friends think? By the way, have you, have you taken the semester off? They even care?

• 27:43Speaker 02

  No, I mean, yeah, they think it's cool. Like, I don't know, a lot of them don't really know what to make of it, but you know, I mean, like dude, to be honest, like half people don't even know what I do. So like my parents don't even still know what I do, but they just know I do stuff with Bitcoin. They just, they just think it's cool. I don't know. I don't talk about it too much because like if I start talking about it with them, they'll just kind of fall asleep. So.

• 28:05Anthony Pompliano?

  They see everything growing and they're like, all right, it all looks good.

• 28:08Speaker 02

  Yeah. Pretty much.

• 28:11Anthony Pompliano?

  It's all right, man. You're doing a great job. Keep it up. I, I think you made a good decision here. We'll, we'll see. Will's mom, Will's dad, Will's a great kid. You should definitely be proud of your son. He's going to go back to college when, when Bitcoin goes to zero and, and we'll talk to you next week, buddy.

• 28:29Speaker 02

  All right. You guys take it easy. Have a great weekend.

• 28:31Anthony Pompliano?

  You too. Later.

• 28:32Speaker 02

  See you guys.