ROLLUP: $100k BTC? | Gensler Resignation | Trump’s ‘Crypto Czar’ | Memecoin Rugs

Bitcoin soared to new all-time highs as MicroStrategy led massive BTC buys, and BlackRock's ETF options hit $1.9B volume. Meanwhile, a 13-year-old executed a rug pull, sparking chaos and meme token wars. On the regulatory front, SEC Chair Gary Gensler announced his resignation effective January 20, 2025, coinciding with President-elect Donald Trump's inauguration. Trump teased a "Crypto Czar," while 18 states sued the SEC. Binance launched BFUSD with 19.55% APY, challenging Coinbase’s USDC yield. Elsewhere, Solana reached new highs, McDonald’s partnered with Doodles, and Tether unveiled a tokenization platform. The crypto world remains as unpredictable as ever! ------ 📣 LEGION | MERIT BASED ICOs https://bankless.cc/Legion ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2 ⁠ 🦄UNISWAP | BROWSER EXTENSION https://bankless.cc/uniswap 🪄MAGIC EDEN | HOME OF WEB3 https://bankless.cc/MagicEden 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🤖dYdX | UNLIMITED LAUNCHING SOON https://bankless.cc/dYdXUnlimited 🗣️TOKU | CRYPTO EMPLOYMENT https://bankless.cc/toku ------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/99?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E ------ TIMESTAMPS & RESOURCES 0:00 Intro 0:35 Gen-z Quant https://x.com/DeeZe/status/1859110339251478754 https://x.com/RyanSAdams/status/1859225228045402203 8:03 It’s a week of Bitcoin buys! https://x.com/samcallah/status/1858507239897632909 https://x.com/saylor/status/1858496146026467378 https://x.com/EricBalchunas/status/1859278500399620528 https://www.prnewswire.com/news-releases/semler-scientific-announces-btc-and-atm-activity-raised-21-5-million-purchased-additional-215-btc-now-holds-1-273-btc-with-btc-yield-of-37-3-302308149.html https://ir.mara.com/news-events/press-releases/detail/1377/mara-holdings-inc-announces-proposed-private-offering-of-700-million-of-convertible-senior-notes https://x.com/Metaplanet_JP/status/1858352792647225371 https://x.com/BitcoinMagazine/status/1858535519354827251 https://x.com/bitcoinmagazine/status/1858874854402920902 https://x.com/JSeyff/status/1858991206476509659 https://x.com/EricBalchunas/status/1858994117617086840 21:59 Chillguy https://dexscreener.com/solana/93tjgwff5ac5thymi8c4wejvvqq4tumemuyw1leyz7bu https://x.com/nayibbukele/status/1859433926206325107 https://solscan.io/account/AySxUvESXdGTVT6G3psgzWahduxJx8bGkb4Ddip8sADx 24:12 Vitalik bought $50 of an AI memecoin on Farcaster https://x.com/Tyler_Did_It/status/1859420049427267912 30:32 Gary Gensler set to Resign https://x.com/BanklessHQ/status/1859659202618327276 https://x.com/BanklessHQ/status/1859664473025581561 https://x.com/KMSmithDC/status/1859339558342607023 https://x.com/RyanSAdams/status/1857123002921463862 https://www.sec.gov/newsroom/speeches-statements/gensler-remarks-pli-s-56th-annual-institute-securities-regulation-111424 https://www.washingtonpost.com/business/2024/11/11/trump-crypto-regulation-bitcoin/ 36:35 “Coincidently”, Trump met with Brian Amstrong this week https://x.com/News_Of_Alpha/status/1858606637201633705 https://x.com/nic__carter/status/1858922946116346273 38:01 Trump picked Howard Lutnick to lead the US Department of Commerce https://www.wsj.com/politics/trump-commerce-secretary-howard-lutnick-cabinet-77c86b81 https://x.com/TheFlowHorse/status/1858942817592103046 https://polymarket.com/event/who-will-trump-nominate-for-treasury-secretary https://x.com/twobitidiot/status/1859266763860394426 https://www.reuters.com/world/us/trump-team-weighs-creating-first-ever-white-house-crypto-role-bloomberg-news-2024-11-20/ https://x.com/News_Of_Alpha/status/1859661975745167378 https://cointelegraph.com/news/trump-mulls-crypto-friendly-cftc-chairs-report 43:22 Trump Media might be buying Bakkt! https://www.reuters.com/markets/deals/donald-trumps-social-media-group-talks-buy-bakkt-ft-reports-2024-11-18/ https://polymarket.com/event/will-trump-media-launch-a-crypto-exchange-in-2024 44:54 SEC is being sued in 18 US states https://x.com/kobeissiletter/status/1857151924061221190 48:16 DAO members might be held liable under partnership laws https://x.com/milesjennings/status/1858720755523219932 https://x.com/DennisonBertram/status/1859184992800186610 52:44 CEX STABLECOIN WARS: https://x.com/lopp/status/1858609316929974340 https://x.com/coinbasewallet/status/1859286084535906744 57:44 Doodles partnered with McDonald's for holiday-themed collectibles https://x.com/McDonalds/status/1857061165760741780 https://x.com/HuinGuillaume/status/1858538735375176159 58:44 Coinbase will delist Wrapped Bitcoin & Tether is launching a tokenization platform https://x.com/ercwl/status/1859136365083951123 https://x.com/hadron_tether/status/1857091170825891962 1:01:08 Bankless is looking for Video Editor or Producer! & Bankless Summit is now online https://x.com/BanklessHQ/status/1858857798471479777 https://x.com/BanklessHQ/status/1858741172404916622 https://bankless.cc/PodcastPremiumFeed 1:02:26 Meme of the Week https://x.com/alistairmilne/status/1858508814305153307 1:02:51 Closing & Disclaimers ------ 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.

• 0:00David Hoffman?

  Bitcoin just crosses 99,000.

• 0:01Ryan Sean Adams?

  That's crazy.

• 0:02David Hoffman?

  At the time of recording.

• 0:03Ryan Sean Adams?

  That's crazy.

• 0:04David Hoffman?

  But we're gonna, we're gonna watch Bitcoin cross 100K on this episode.

• 0:08Ryan Sean Adams?

  By the end of this episode.

• 0:09David Hoffman?

  We are $1,000 away. That is nuts.

• 0:15Ryan Sean Adams?

  Bankless Nation, for the third week in a row, this is an all-time high week on the Bankless Weekly rollup. We've got a Bitcoin all-time high. We've got a crypto market cap all-time high. We might, David, I'm not sure. We might have a Solana all-time high as well.

• 0:28David Hoffman?

  On the episode, yeah.

• 0:29Ryan Sean Adams?

  Yeah, on the episode. So that'll be here. But that's not all. I feel like, there was a clip that went around this week that pretty much summarizes this cycle for me.

• 0:40David Hoffman?

  The current moment, the current is like ice, very much, yes.

• 0:43Ryan Sean Adams?

  Can we just play this?

• 0:44David Hoffman?

  Yeah, let's play this. There's some context that needs to be said. Pump, pump.fun, the place that majority of all meme coins spawn from, has a streaming feature. There's like streaming embedded in pump.fun.

• 0:57Ryan Sean Adams?

  On pump.fun, there's streaming? I didn't realize that. I thought this was like Twitch or something.

• 1:00David Hoffman?

  Right. And so like the devs or the creators of the tokens, people can stream. And so what we are about to watch is a kid, a 10-year-old in middle school.

• 1:13Ryan Sean Adams?

  12, something.

• 1:13David Hoffman?

  Who launched, who launched a token, and he's about to rug everyone in his token. And so let's go watch this kid rug everyone.

• 1:24Speaker 02

  Well, thanks. Wait, what? You said, "Wait, what?" Wait, I'm so confused.

• 1:30Speaker 02

  Wow, yo, it's nuked. Why is it nuked? Nowhere. Oh, holy [bleep], holy [bleep]. You're full clip. Holy [bleep], thanks for the 20 bandos. Yeah, he did. Yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, yo, what the [bleep]?

• 1:57Speaker 02

  What the [bleep]? Nah, nah, nah, nah, nah, nah, nah, bro.

• 2:05Ryan Sean Adams?

  Okay, what did we just watch? What is this? What is happening here?

• 2:08David Hoffman?

  Dude, the double middle fingers with it, "Thanks for the 20 Bando's", is absolutely iconic.

• 2:15Ryan Sean Adams?

  Okay, wait, so he made what? Like, he made like $30,000?

• 2:19David Hoffman?

  He made $30,000. This kid, I don't know how much... Actually, I don't even know... Where would this kid get money? Because you can't open up a crypto exchange unless you're like 18, I'm assuming. So somehow he got soul.

• 2:30Ryan Sean Adams?

  Sure.

• 2:31David Hoffman?

  He's in the trenches, right? He doesn't take much to, you know, start a coin. I'm assuming he started this coin. He's been in the trenches. He knows the game. He's been playing around. He finally got some attention on one of the tokens that he launched. He got it up to, what was it? Over a million dollars in market cap? And then he dumped all of his tokens collectively.

• 2:52Ryan Sean Adams?

  While livestreaming?

• 2:54David Hoffman?

  He did what? I've learned what an FSH is, Ryan, and I can't say it on... I'm not gonna say it. But he did an FSH, which nuked the price. And then he went from like a million dollars down to like $200,000. Just like rugged everyone. But that's part of the game. That's what the trenches do. But that's not the end of this story. Just this kid, this middle schooler kid, flipping off the camera saying, "Thanks for the 20 Bando's", which is $20,000. Yes, I guess it means $20,000. It's just so iconic. He made himself into a meme, and all of the people who got rugged by this guy decided to enter a revenge arc, used this clip. Clip this very iconic clip.

• 3:39David Hoffman?

  Made it go viral on Twitter, drawing so much attention to the token that the token went from... After dumping, went from a one mil-

• 3:46Ryan Sean Adams?

  After he dumped it. So this kid no longer owns it, okay?

• 3:49David Hoffman?

  No longer owns it. He dumped it at a million dollars, went down to like $200,000 market cap, went up to $50 million. Where the kid would have had like, he's starting to approach like a million dollars. This middle school kid would have had a million dollars. And so, you know, missed out on those gains. However, those gains never would have happened had, you know, he hadn't made this iconic moment. But it doesn't stop there. They doxed, they doxed the hell out of the kid. Like, they figure out, they figure out his family, they find his mom's Instagram.

• 4:18Ryan Sean Adams?

  That's, that's not cool. That's bad play right there.

• 4:20David Hoffman?

  But they're like, yo, so the token was called Gen Z Quant. And so then they made meme coins out of the entire family. And so there's mom quant and dad quant and sister quant. And they all have tokens. And now they're in the mom's Instagrams, being like, yo, your, your son like rugged us. Like, your, your son stole our money.

• 4:42Ryan Sean Adams?

  Oh, shoot. Yeah. That ends kind of in a dark way. I thought this was a fun sort of, you know, coming of age story.

• 4:49David Hoffman?

  When you, when you enter, when you enter the, the armpit of the internet, like, you know, at your own risk.

• 4:55Ryan Sean Adams?

  All right, so the way I experienced this was just like watching that clip and watching this kid, dual fist, middle fingers, and like seeing this meme across like, and it felt like this kid, this image, basically summarizes this cycle for me. And it summarized the week, particularly for like ETH holders. Like, if you're like, looking at the shenanigans going on, and you're an ETH holder, and you're like, ETH is not moving at all. Bitcoin's going up, Solana's like close to all time highs, and then you have Ether. And you see this meme coin, like, you know, $30,000.

• 5:28David Hoffman?

  This activity is like why Solana is at the epicenter of crypto right now.

• 5:34Ryan Sean Adams?

  Just felt, I felt those middle fingers like right in my face. So, all right, there we go. That's the weekly rule up. But it's all time high week. We got a lot more to talk about, including Bitcoin is on an absolute tear. Why is the question? Cause like it has been lately. Maybe it's because MicroStrategy just made its biggest Bitcoin buy yet. And I got a question for you, David. We talked about MicroStrategy. Is Michael Saylor the new main character of this cycle? I like, I hope not, because that comes with some implications. Also, some options on spot Bitcoin. ETFs that happened this week, so maybe that's the price pump. Or maybe all this is just manifest destiny. I mean, the Bitcoiners told us so, didn't they, David?

• 6:14David Hoffman?

  Everything that the Bitcoiners have said is slowly becoming true. Not just that, Trump is considering hiring a crypto czar for the White House. There's not that many names of who it could be, so we've got some information for you on that. And then also the Treasury and also the SEC, of which we got a letter of resignation from Gary Gensler to Twitter today, right before recording. Gary Gensler is officially going to resign on January 20th. So there are some open positions coming up in the White House. Who is Donald Trump going to fill those positions with? A lot of who these positions are really matters for the future of crypto. So we're going to get to all of that and more, but first a message from our friends and sponsors over at Legion.

• 6:54David Hoffman?

  Because now that we have made crypto great again, we want to bring back MICA compliant public sales. And that is what Legion is trying to bring you so we can get out of this airdrop farming, high FTV, low float meta.

• 7:06Ryan Sean Adams?

  Wait, so we're going from meme coins to MICA compliant here, okay? This is very much like putting the suit and tie back on.

• 7:13David Hoffman?

  We're trying to do above board ICOs.

• 7:16Ryan Sean Adams?

  We can do both.

• 7:17David Hoffman?

  Public sales are dope. They are highly aligned. They are the right way to get tokens into people's hands. People put up capital for risk. They get a bunch of tokens early. Everyone's happy.

• 7:27Ryan Sean Adams?

  Opposite of the quant kid.

• 7:29David Hoffman?

  Opposite of the quant kid, yeah. If you can do that, you can go get your Legion score, which is like a merit based score, based on your public influence, your developer reputation, also your developer score from your GitHub, as well as your on-chain activity. So are you a merit based investor? Do you want to be getting into early for some awesome ICOs? Go to bankless.cc/legion and get your Legion score now.

• 7:55Ryan Sean Adams?

  Gary Gensler wouldn't like that, maybe, but he doesn't get to decide for much longer.

• 7:59David Hoffman?

  His opinion just matters less and less these days, and it'll matter zero on the 20th.

• 8:03Ryan Sean Adams?

  Let's look at the opinion of the market right now on the Bitcoin price. And that opinion is Bitcoin deserves all time high. That's what the market is telling us. So give us the official report.

• 8:13David Hoffman?

  Day after day.

• 8:14Ryan Sean Adams?

  What's the official number on the week? Oh, my God. Oh, my God. Are we almost 100K?

• 8:19David Hoffman?

  We are almost 100K. We are every single hour for the past like 20 hours has been an all-time high for Bitcoin. We are currently in, at the time of recording, 98,172, which is a current all-time high. Bitcoin up 10% on the week.

• 8:33Ryan Sean Adams?

  10%?

• 8:34David Hoffman?

  10% on the week, which is like, every time Bitcoin goes up 10%, it gets harder to go up 10%.

• 8:40Ryan Sean Adams?

  Yeah.

• 8:41David Hoffman?

  But it doesn't feel like that.

• 8:42Ryan Sean Adams?

  It doesn't.

• 8:43David Hoffman?

  It is a top 7 asset. It is flipped gold last week, flipped the big Saudi oil company this week. Yeah, Bitcoin just absolutely steamrolling to 100K. I wouldn't be surprised by the time we release this episode tomorrow, we're above 100K.

• 8:57Ryan Sean Adams?

  Look at this, look at this, David, there's only...

• 9:00David Hoffman?

  Saudi America.

• 9:01Ryan Sean Adams?

  Okay, so there's only 6 other assets that are larger in terms of... So Bitcoin is at almost $2 trillion, 1.94 trillion.

• 9:11David Hoffman?

  It is close to flipping Google. It is like 1% or 2% away from flipping Google.

• 9:16Ryan Sean Adams?

  So it would be Google, then Amazon, it's basically the big tech companies, Microsoft, Apple, Nvidia...

• 9:20David Hoffman?

  It is very close to flipping both Amazon and Google.

• 9:23Ryan Sean Adams?

  And then it's gold after that, final boss. That'll take some time, because that's 18 trillion.

• 9:26David Hoffman?

  Well, no, we have Microsoft, Apple, and Nvidia.

• 9:28Ryan Sean Adams?

  Yeah, yeah, but after that, after the big tech companies, after the new fangs, you're quite gold.

• 9:33David Hoffman?

  Bitcoin making some progress.

• 9:35Ryan Sean Adams?

  Oh my god, okay, and maybe the reason for the 10% on the week is this man right here, Michael Saylor. So he just announced, MicroStrategy bought, actually, not an announcement, another 51,000 Bitcoins. So that's $4.6 billion worth of Bitcoin, okay? Yeah, so he is buying, they've grown their holdings at MicroStrategy to over 330,000 Bitcoins. This one right here...

• 10:01David Hoffman?

  So much Bitcoin.

• 10:02Ryan Sean Adams?

  Well, this one was the largest buy ever, so that was a 16% of all Bitcoin held by the company who was just purchased last week. And I don't know if you've seen MicroStrategy stock? You ever go to like Wall Street Bets these days, like r/wallstreetbets?

• 10:14David Hoffman?

  It is, I think it has done something like a 30x in the last like quarter or so.

• 10:19Ryan Sean Adams?

  600% to date is the number for MicroStrategy's stock. And like it's on the back of this, and it's trading at a premium, I believe, to book value. I haven't looked in-depth at MicroStrategy's stock, but like...

• 10:32David Hoffman?

  It's like, yeah, it's like 2.5x NAV. So if you consider MicroStrategy like a trust of Bitcoin, when you buy a share of MicroStrategy, you're paying like $2.5 for $1 of Bitcoin.

• 10:44Ryan Sean Adams?

  Okay, so some people are saying that Michael Saylor is like the main chara- he's become the main character and I can totally see it.

• 10:50David Hoffman?

  We're seeing a lot of patterns to the GBTC trade that started- that wound up the bull market last cycle.

• 10:58Ryan Sean Adams?

  I agree that-

• 10:59David Hoffman?

  There was a premium to NAV. And so, and rather than allowing everyone to take advantage of the premium to NAV of the grayscale GBTC, only Michael Saylor gets to take advantage of that. But nonetheless, he's floating the entire market.

• 11:13Ryan Sean Adams?

  That's fine. Everyone knows that exists. Like, what's the- like, so, anyway, the main character type of syndrome is every cycle, we get a bunch of main characters and generally, a number of them fly too close to the sun and they blow things up and they screw things- they screw up the party for everyone. So like, last cycle was SBF and Doquan and Alex Mashinsky and that whole tribe. Some people are saying, "Uh-oh, Michael Saylor's getting to main character status in crypto." But it feels to me like his business is like, super safe. Like, it just feels much different. It's just a bet on Bitcoin. And everything you just said, that kind of that trade in the premium NAV, I don't know, that's the market doing what it wants to do. I don't-

• 11:49David Hoffman?

  Right.

• 11:50Ryan Sean Adams?

  That's like, the assets are there. As long as Michael Saylor sells the assets, he's not doing SBF-type thing. It's a publicly traded company, audited financial statements. I don't see how this could- Well, you tell me. Do you think this could blow up?

• 12:02David Hoffman?

  I can't- hell, I know. I'm sure Michael Saylor understands his business more than I do. It's just like, it just feels weird, man. Like-

• 12:09Ryan Sean Adams?

  It feels weird.

• 12:09David Hoffman?

  Another week, Michael Saylor finds $5 billion to buy Bitcoin with.

• 12:14Ryan Sean Adams?

  Where's he getting all this?

• 12:15David Hoffman?

  It just feels weird.

• 12:17Ryan Sean Adams?

  Alright, I'm sure it's fine. I'm sure it's fine. Uh, not just Michael Saylor, running the MicroStrategy play. Name some companies, David. There's like, a whole bunch of companies this week that purchased more Bitcoin doing the MicroStrategy play. Who are they?

• 12:29David Hoffman?

  Semler Scientific raised $21 million to acquire 215 Bitcoins. Not that, you know, only $21 million, but it's like a healthcare software company.

• 12:41Ryan Sean Adams?

  Really?

• 12:41David Hoffman?

  Uh, and it was introduced by MicroStrategy to Bitcoin. Uh, and so, it's this much smaller company who has been orange-pilled by Michael Saylor to start buying a bunch of Bitcoin. On digital, which is a Bitcoin miner, offers $700 million in convertible notes to acquire Bitcoin. This is, it's not unusual for miners to buy Bitcoin. They're Bitcoin bulls. And historically miners are known to be very good traders. Because miners have just information and a lot more at stake in the Bitcoin market. Metaplanet, a Japanese company, issued 1.57 billion yen in debt to buy more Bitcoin. That's 11 million, annual interest rate of 3.6%. So like, no, nothing.

• 13:25David Hoffman?

  So when there's low fiat interest rates and people can borrow interest rates for 3.6% and go buy Bitcoin with it. This is the low interest rate kind of phenomenon. And so other companies are doing the sailor strategy.

• 13:40Ryan Sean Adams?

  Yeah, there's a whole list of them. If you ever want to see that list, by the way, BitcoinTreasuries.net is a great website where you basically see all the companies with their treasuries buying Bitcoin. And the Bitcoin community does a fantastic job, let me tell you, as part of kind of the money cult of broadcasting these wins and propagating it and encouraging more. So like, your number one role as a Bitcoiners is to go convince your friends to also buy Bitcoin and become Bitcoiners too. And that seems to be what Michael Saylor is doing. It wasn't just that though.

• 14:10David Hoffman?

  Michael Saylor is up 2X on his Bitcoin. So he has put in $16 billion and his Bitcoin is worth $32 billion.

• 14:18Ryan Sean Adams?

  Yeah, I was gonna say like the MicroStrategy average purchase price is something like 50K. I was reading, something around that.

• 14:25David Hoffman?

  It's not low, but...

• 14:27Ryan Sean Adams?

  It's not low. He acts like he bought Bitcoin at like $100. You know, the way he's so evangelistic about it. But anyway, he's a good trade over there. And speaking of good trades, options on spot Bitcoin ETFs also launched this week. So this was something that recently got approved and they were crushing in terms of volume. So just a reminder, if you're not, you know, like in the TradFi world, what is an option? A call option gives buyers the right, but not the obligation to buy an asset at a specified price within a specific period. Now these are available for the iBit Bitcoin ETF.

• 15:04Ryan Sean Adams?

  So it just injects even more liquidity in the market, makes it even more possible to like buy the iBit Bitcoin ETF in size. And that seems to be exactly what institutions are doing.

• 15:16David Hoffman?

  Yeah, options are kind of considered like leverage. It's like a leverage tool. You can very cheaply get exposure to very high-priced Bitcoin, and then if Bitcoin goes up to that price, you win. You win. All right, Ryan, you ready to move on to Ether? Want to talk about the fantastic week that Ether's had?

• 15:31Ryan Sean Adams?

  Yeah, I'm sure it's going great.

• 15:32David Hoffman?

  All the amazing things that are happening.

• 15:34Ryan Sean Adams?

  Let's check in on little brother here.

• 15:36David Hoffman?

  All right, so Ether started the week at $3,150.

• 15:39Ryan Sean Adams?

  Yes.

• 15:39David Hoffman?

  Up 6%.

• 15:41Ryan Sean Adams?

  Okay.

• 15:41David Hoffman?

  To $3,350.

• 15:43Ryan Sean Adams?

  Okay.

• 15:44David Hoffman?

  $3,350.

• 15:45Ryan Sean Adams?

  I'm trying to be happy about this.

• 15:47David Hoffman?

  If you add Bitcoin and Ether together, if you have one Bitcoin and one Ether, you get $100,000.

• 15:54Ryan Sean Adams?

  So if I own one Bitcoin and one Ether...

• 15:56David Hoffman?

  If you own one Bitcoin and one Ether, you have $100,000. Combined might of these two assets, you get $100,000.

• 16:03Ryan Sean Adams?

  Okay, so if I have that, if I have one Bitcoin, one Ether, am I over-allocated or under-allocated on Ether, David? Answer me that question.

• 16:11David Hoffman?

  I know my answer. I'll let the listener decide on that one.

• 16:14Ryan Sean Adams?

  We gotta ask the quant kid these questions. All right, so not so great, but like 6%, you know, at least.

• 16:21David Hoffman?

  Honestly, 6% in a week is great. It's just like...

• 16:24Ryan Sean Adams?

  People are coping, like, the reason David and I are coping about this is because it's down so bad relative. Look at this. You want to see the ratio?

• 16:32David Hoffman?

  I've never seen Ether underperform so hard before.

• 16:35Ryan Sean Adams?

  So hard, in a bull market, right? Like, look at the ratio here. We almost... Okay, so do you know there is an Udi Death of Ether party? If the ratio goes under .03.

• 16:47David Hoffman?

  Yeah.

• 16:47Ryan Sean Adams?

  If it goes, if it hits .03, and I said I'm attending, I don't know if you're attending this one, but like, I need to attend.

• 16:53David Hoffman?

  I think I have Udi blocked, so I don't know if this is a new one.

• 16:55Ryan Sean Adams?

  Unlock him for the Death of Ether party, because if we go there, like...

• 16:58David Hoffman?

  Because he deserves that.

• 16:59Ryan Sean Adams?

  Yeah, he deserves that. So it's like, we didn't quite hit there, but we got as low as like, what? 0.032?

• 17:05David Hoffman?

  0.32, and then as of this morning, we're back up to 0.34. But just like, I mean, there's no, the trend of ETH BTC is unbroken.

• 17:12Ryan Sean Adams?

  Oh, my. My god.

• 17:14David Hoffman?

  Very, very. In fact, it seems to be accelerating.

• 17:16Ryan Sean Adams?

  Yeah.

• 17:17David Hoffman?

  But accelerating is what you'd expect to happen towards the end, like it accelerates downwards. It's when...

• 17:25Ryan Sean Adams?

  It's the beginning of the end, right?

• 17:26David Hoffman?

  When Ether is at .03 Bitcoin, when it moves any amount, that is moving twice as much relative to Bitcoin as it is at .06, for example. And so like a move from .03 down to like .029 is equivalent to a move from like .06 to .058.

• 17:46Ryan Sean Adams?

  You know, Ether has not shown strength this cycle at all. So I feel like we're entering very much the second half of the bull cycle. And like, Ether's time to shine. It's like, it's now or never, little Eth. You gotta bring it.

• 18:02David Hoffman?

  To be a part of this current cycle.

• 18:04Ryan Sean Adams?

  If you want to be part of this cycle.

• 18:05David Hoffman?

  If you want to be in the game, yeah.

• 18:06Ryan Sean Adams?

  You want to be in the game.

• 18:07David Hoffman?

  Ether has so far not been in the game. It's still asleep. Forgot the game is happening.

• 18:12Ryan Sean Adams?

  Am I stupid? I'm still bullish. Am I stupid? I might be stupid. I'm feeling kind of dumb right now.

• 18:17David Hoffman?

  The way that I summarize this is like, Eth, Ethereum is like the longest of time horizons. And there's like a big old middle game going on.

• 18:24Ryan Sean Adams?

  Yeah.

• 18:24David Hoffman?

  That like, we're still researching like cryptography and doing like the long-term game. And meanwhile, we have like 10-year-olds, you know, flipping you off on Pump that Fun.

• 18:33Ryan Sean Adams?

  Let's look at it again. Let's look at it again. This is it.

• 18:35David Hoffman?

  There's just, there's no 10-year-olds flipping anyone off on Ethereum right now.

• 18:39Ryan Sean Adams?

  Yeah. When I look at the ratio and the ETH sol ratio, I see this kid. This kid is staring right at the face. The Ethereum ETF flows didn't go negative last week, okay?

• 18:50David Hoffman?

  We're still positive.

• 18:51Ryan Sean Adams?

  We're still in the black. We're still positive. I think today's going to be actually a good day since, you know, today we've been up like 6%, 7% just on the day, so that's looking good. Okay, let's get to total crypto market cap, because that is hitting all-time highs as well. What are we on the week?

• 19:06David Hoffman?

  Coming in at $3.4 trillion, the last crypto market cap all-time high set in early, or no, late 2021, November 2021, was like $3.2 trillion. We got $3.4 trillion. Can we get to $4 trillion by December? That's asking for a lot.

• 19:29David Hoffman?

  That's asking for that $600 billion in five weeks. It's within reason, but that means that we're getting very frothy. We probably want to slow down.

• 19:35Ryan Sean Adams?

  It was funny.

• 19:36David Hoffman?

  But man, we are moving quickly with the all-time, with the total market cap.

• 19:40Ryan Sean Adams?

  Every time we hit all-time high, David, you're asking for another like half, half trillion.

• 19:44David Hoffman?

  Half, half a trillion?

• 19:45Ryan Sean Adams?

  Half a trillion, because like last time we were at all-time high, you were like, you know what? If we get to 3.5 trillion by the end of the year, that's like, and then you've just raised it. You've just raised the bar yet again.

• 19:55David Hoffman?

  Well, I, I think the last time, or maybe just two weeks ago, I was talking about this, is like, yo, 3 trillion can come real fast. And we were at like 2.5, and 3 trillion came really fast. We are at 3.4 right now. Things are moving quickly.

• 20:08Ryan Sean Adams?

  Things are moving very quickly.

• 20:09David Hoffman?

  When Bitcoin goes up 10%, that's, that's.

• 20:12Ryan Sean Adams?

  It's almost half, it's almost half a trillion.

• 20:14David Hoffman?

  It's almost half a trillion dollars, yeah.

• 20:18Ryan Sean Adams?

  Oh my God, okay. And Sol price, it's, it's almost at all-time high as well.

• 20:23David Hoffman?

  Kissing all-time high. It is not at all-time high. The all-time high for a Solana, $259.96, set on November 6th, 2021. We are currently clocking in at $258.28. So about a dollar away from all-time high.

• 20:39Ryan Sean Adams?

  Look at that.

• 20:40David Hoffman?

  You gotta, you gotta give a shout out to anyone who bought, bought Solana in 2021.

• 20:44Ryan Sean Adams?

  Well done.

• 20:45David Hoffman?

  Did not sell it in 2022 and 2023, and is still holding that same Solana. If you bought, if you bought Solana at all in 2020, 2021, or 2022, and you still have that Solana, congratulations.

• 20:57Ryan Sean Adams?

  You did a great job. You did. You played it well. Better than David and I on the, on the.

• 21:02David Hoffman?

  There, there were a number, there were, I think, two explicit weekly rollups in 2022, and maybe also 2023, where you and I were like, yeah, that, that's probably going to pump.

• 21:12Ryan Sean Adams?

  Yeah.

• 21:12David Hoffman?

  I remember saying this.

• 21:13Ryan Sean Adams?

  Yeah, no, no, no. I, we can, we can collect that little bit of clout. Now, we didn't do anything about it.

• 21:18David Hoffman?

  I didn't, I did not. Uh, no, I bought, I bought like $200 or $300 of Sol.

• 21:22Ryan Sean Adams?

  You bottom ticked.

• 21:22David Hoffman?

  I bought, I bought the bottom tick of Sol with like the tiniest little buy. It was like, it was like three, $200 or $300.

• 21:29Ryan Sean Adams?

  Oh, man. Uh, yeah, so congrats to all the conviction players there. Um, we'll see what it does for the rest of the cycle. Again, second half of the bull market. This is Travis Kling, though. Making the observation that funny enough, some people are not euphoric right now. I've seen a number of tweets on my timeline saying this, like Bitcoin is almost 100K. Why is there not more euphoria in the crypto space? I don't know if that's just a vibe or you feeling that?

• 21:54David Hoffman?

  I think there's definitely some euphoria going on. I don't know if you've seen some meme coins, which we're gonna talk about. Actually, can I just show you some of the euphoria?

• 22:03Ryan Sean Adams?

  Yeah, show me.

• 22:04David Hoffman?

  Can we talk about some movers of the week?

• 22:07Ryan Sean Adams?

  Okay, cuz I'm not feeling the euphoria as an euphoric holder. I got no euphoria.

• 22:12David Hoffman?

  Yeah, you got no meme coins.

• 22:13Ryan Sean Adams?

  Yeah, okay.

• 22:14David Hoffman?

  Okay, so the big mover of the week is this meme coin called Chill Guy. I do not know, Ryan, I cannot tell you where this meme came from. I do not know if it came out before crypto. I do know that the artist-

• 22:26Ryan Sean Adams?

  It's this dog looking guy with-

• 22:27David Hoffman?

  It's this dog, it's just a chill guy, bro. He's just a chill guy.

• 22:30Ryan Sean Adams?

  I like it.

• 22:32David Hoffman?

  The artist who made Chill Guy is not in crypto. Crypto just adopted this chill guy. It's like a little dog with, wearing jeans and a sweater with his hands in his pockets. It's just a chill guy.

• 22:40Ryan Sean Adams?

  It looks like a kid's character, like kid's book.

• 22:43David Hoffman?

  It looks like a kid's character. Yeah, we like our kid cartoons and animals.

• 22:47Ryan Sean Adams?

  Yeah, we're skewing middle school.

• 22:50David Hoffman?

  Yeah, I love middle school, yeah, that's right. It's up 32X in three days to a $500 million market cap. How or why the animal spirits caught on to this meme coin, I couldn't tell you. But I can tell you that Naib Boukeli, the president of El Salvador, has tweeted out the Chill Guy meme.

• 23:11Ryan Sean Adams?

  Oh.

• 23:12David Hoffman?

  To 188,000 likes on Twitter.

• 23:14Ryan Sean Adams?

  Well, the IMF is not gonna like that, David.

• 23:18David Hoffman?

  Apparently on, I don't follow Naib Boukeli on Instagram, but apparently on his Instagram story, he has a screenshot of like his, of the portfolio of El Salvador and the Bitcoin portfolio.

• 23:28Ryan Sean Adams?

  Just Bitcoin, he's not, he's not doing meme coins in the El Salvador treasury.

• 23:32David Hoffman?

  Just Bitcoin, just Bitcoin. But he's like posting screenshots of his, of how El Salvador is up. Which like, taking a screenshot of your portfolio being up is like such a strong meme. Like, you're supposed to sell when you do that.

• 23:44Ryan Sean Adams?

  Yeah.

• 23:44David Hoffman?

  Anyways, okay, so the original artist, I thought this was interesting. I always like when this happens. The original artist of Chill Guy.

• 23:52Ryan Sean Adams?

  Yep.

• 23:53David Hoffman?

  Again, not in crypto, benefited not at all from this meme coin. Did not launch this meme coin. People just took his art and made a meme out of it. And so they made a Solana address for him and sent him $300,000 in meme coins and Solana.

• 24:06Ryan Sean Adams?

  Well, that's a happy ending for him then.

• 24:08David Hoffman?

  So this guy, yeah, it's a happy ending. This guy got his life changed, yeah. That does not end the euphoria in the world of things going on. This is not an investment, this is not an endorsement by anyone. Vitalik bought $50 of this AI meme coin on Farcaster. $50? $50, yeah. I don't know why Vitalik needs $50 of an AI meme coin. I don't know if that unlocks a door for you so he can play with the AI agent on Farcaster, but...

• 24:33Ryan Sean Adams?

  Oh, it does, right? With this? This is a meme coin with some utility on Farcaster, isn't it?

• 24:37David Hoffman?

  Oh, okay.

• 24:37Ryan Sean Adams?

  Did you not know that?

• 24:38David Hoffman?

  No, I just thought it was a...

• 24:39Ryan Sean Adams?

  You're just buying this for speculation? How dare you, David?

• 24:42David Hoffman?

  Yeah.

• 24:43Ryan Sean Adams?

  No, no, no, no, this does cool things on Farcaster.

• 24:45David Hoffman?

  What does it do?

• 24:46Ryan Sean Adams?

  It's in my list to go investigate it, but apparently if you have this coin, if you do something with this coin, something to do with like you...

• 24:54David Hoffman?

  Oh, okay. It allows users to post anonymously if they hold 20,000 Anon tokens. Okay, so if you have the meme coin, oh, I could tweet a lot.

• 25:03Ryan Sean Adams?

  You didn't even know that? You were just buying this on speculation?

• 25:07David Hoffman?

  Dude, my guy, my buddy, shout out Michael Wong, tells me to just like buy these three Farcaster meme coins, and I'm like, say no more. And I just do it. Turns out it was 31 hours before Vitalik bought it.

• 25:17Ryan Sean Adams?

  No, this has utility, so you can feel really wholesome about it, okay? So like, go use it, you know? I'm sure, I'm sure this is why Vitalik bought it, to answer your question though, $50 to actually use like the ZK.

• 25:27David Hoffman?

  I'm sure Vitalik is not speculating on meme coins with $50.

• 25:32Ryan Sean Adams?

  We got some other things on the week. Bitwise has now registered for a Solana ETF in Delaware. So there were some, I think Van Eck registered for this. I want to say several weeks ago, now Bitwise joining the fray. So again, Gary Gensler has resigned, Trump presidency, anything could happen, all bets are on the table.

• 25:49David Hoffman?

  Honestly, get more ETFs out the door. Sol ETF, I want a Doge ETF. I would love a Doge ETF. I want more crypto ETFs. I want as many as possible, that are, that are like ready, the ones that have aged.

• 26:04Ryan Sean Adams?

  Yeah, we just do ETFs for everything? Is that how this works? Not every asset needs an ETF.

• 26:09David Hoffman?

  Not every asset, but like, we have more assets that are ready for ETFs.

• 26:15Ryan Sean Adams?

  Okay, all right. Well, I'm sure we'll be getting some more, and this is also what Bitwise thinks. And then, lastly, this was a really cool graph. If you're tracking the stablecoin game, Brian Armstrong threw this out. Interesting graph, actually Visa put this out. And it shows the different settlement networks in the banking world, in the fiat space, of which, of course, if you don't know, Fedwire is like, kind of the bottom layer of how dollars ultimately settle in the TradFi financial system around the world. So you've got Fedwire at the top, you've got ACH, you've got Visa, remittances PayPal, you've got Bitcoin. Stablecoins is now up, in terms of annual volume of, uh, stablecoins is now up to Visa levels at this point in time. Yeah, when it comes to kind of like settlement layer.

• 26:59Ryan Sean Adams?

  So, stablecoins doing a lot of settlement transaction volume these days. It's very impressive.

• 27:05David Hoffman?

  I like how this chart is in log. Stablecoin payment volumes is just, just two orders of magnitude away from Fedwire, which two orders of magnitude is a lot, but, you know, think in exponential terms. This is an exponential industry. I'm here to have exponential growth in my bags. That's why I bought ETH.

• 27:24Ryan Sean Adams?

  Yes.

• 27:26David Hoffman?

  How's that working? And stablecoins are just two orders of magnitude away from parity with Fedwire transfer volumes. That's amazing.

• 27:34Ryan Sean Adams?

  Yeah.

• 27:35David Hoffman?

  That's a huge success.

• 27:36Ryan Sean Adams?

  Exponential experiences, that's why we're here.

• 27:39David Hoffman?

  That's why we're here.

• 27:40Ryan Sean Adams?

  Unless you're an ETH holder. Coming up next, though, Trump is assembling a team. You know this, but who's this cabinet? And what, how does this affect crypto? What are the key crypto positions? We've got to talk about Treasury, we've got to talk about the SEC chair. Who gets Gary's job after he's gone? And also, is Donald Trump buying a crypto exchange? This actually could be true. We'll talk about all that and more, but before we do, we want to thank the sponsors that made this possible, including Kraken. This is the place to go get equipped and ready for the crypto bull market, the second half. If you don't have an account, go create an account on Kraken.

• 28:14David Hoffman?

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• 28:57David Hoffman?

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• 29:39David Hoffman?

  you can claim some. So check out Magic Eden today and watch them become a super app and the home of Web3 in real time. You can get there at magiceden.io to get started. The Uniswap wallet is officially the preferred wallet of Bankless, and it's the one we use anytime when we want to transact on-chain. Whether you're on your browser or on the go, Uniswap Wallet makes it easier than ever to swap anytime, anywhere. Use your wallet to transfer funds directly from a top centralized exchange and tap in thousands of tokens across the world, and over 10 other chains like Base, Arbitrum, and Optimism. Uniswap Wallet delivers deep liquidity, fast execution, and reliable quotes with zero gas swaps through Uniswap X. And when it comes to security, you can rest easy knowing it's backed by Uniswap Labs, one of the most trusted teams in DeFi. Their code is open-source and independently reviewed, so you know it's protected. So why wait? Download the Uniswap

• 30:24David Hoffman?

  Wallet today on Chrome, iOS, and Android. And don't forget to claim your free uni.eith username directly in the mobile wallet. Start swapping smarter with Uniswap. Breaking news just before we started recording this podcast, Gary Gensler has released a tweet thread announcing his resignation on January 20th. Two months, two months to the day. Don't let the door hit you on the way out, Gary. You know, we really appreciated, Gary, all of your guidance and your support of our industry, as well as your influencer videos, which were so helpful. Office hours with Gary. Office hours. I'm gonna miss office hours with Gary. I'm sad I never got to be able to come and register. But, thank you for leaving.

• 31:06Ryan Sean Adams?

  Well, thank you for leaving. It's the best thing you've done for crypto yet.

• 31:10David Hoffman?

  It's the best thing you've done.

• 31:12Ryan Sean Adams?

  Wow, so it's the, gotta mark this, though. The end of an era. We gotta say that.

• 31:16David Hoffman?

  It is an end of an era.

• 31:17Ryan Sean Adams?

  I will always remember the Gary Gensler years in crypto, and that will never change. So, you did that, Gary.

• 31:24David Hoffman?

  You're very memorable. You got that going for you.

• 31:27Ryan Sean Adams?

  You know, Trump said on day one he'd fire Gary Gensler, so this is Gary getting the last word and saying, "You can't fire me. I resign."

• 31:34David Hoffman?

  I quit.

• 31:34Ryan Sean Adams?

  You gotta respect that, right?

• 31:37David Hoffman?

  Sure. And now that Gary Gensler is stepping down, I'd like to open up the Operation Choke Point 2.0 Architects Board that Nick Carter has put together. There are eight, nine, 10, 11, 12, 13. There are 13 total people on the architects of Operation Choke Point 2.0. This is our most wanted list. This is our needs-to-get-the-F-out-of-government list.

• 31:59Ryan Sean Adams?

  Please resign list, yeah.

• 32:00David Hoffman?

  This is a please resign list. We have some progress. Bra Ramadi, he left in September of 2023. He is the senior counselor to the president. He's gone. Sherrod Brown, who is the senator out of Ohio, he lost his race. Marty Grunberg, chairman of the board, I believe he stepped down last week, or announced his resignation last week. And adding to the list this week, Gary Gensler, stepping down, which leaves just five more people. Nellie Liang.

• 32:33Ryan Sean Adams?

  Oh, wow, you're not getting Warren out. She's there.

• 32:36David Hoffman?

  Yes, correct. Yes, but nonetheless, they're still here. I would like it if Elizabeth Warren was gone. She's on the list to get the boot somehow. We still have to do that. Michael Barr, Michael Gibson, these are in the Federal Reserve. And then the New York State, Adrian Harris, the superintendent. And then Nellie Liang, undersecretary for the domestic finance. These individuals are the remains of Operation Choke Point 2.0. If Operation Choke Point 2.0 can continue, highly unlikely. But it would be great if these guys could get the boot anyways.

• 33:09Ryan Sean Adams?

  Yeah, it's over. This is going to be four more and it's a bingo. I mean, we're done here. They're all going away. But the question is, who's going to replace them? I think that's the big question on everyone's minds. So in a Trump administration, remember, Trump has promised that he would be pro crypto, obviously. He's got some campaign promises. And there's three big positions to watch. So we got to go over each of them. The first is, who's going to take Gary's place as SEC Chair? The next is Treasury. Janet Yellen, that's a very consequential, influential decision. Who's going to be the Treasury Secretary under Trump? And then also, David, this was announced earlier this week. There's a potential position, a new position. There's never been this function inside of the White House or inside of the executive branch.

• 33:53Ryan Sean Adams?

  A crypto czar. Okay, I'm not sure that's formally called that. It's like the lead of crypto. And potentially, this position could report to the White House. Okay, so there's some rumors, talk, that Trump might actually create a new position, a crypto czar type of position. So who gets those three positions? They're super important. I guess in the running, we've got a bunch of names, as usual. So let's start with the SEC Chair. Who's going to be the new SEC Chair? Do you have any personal hopes for this position, David? Who'd you hope for?

• 34:26David Hoffman?

  Personally, I would hope for Hester Purce, of course.

• 34:28Ryan Sean Adams?

  Hester Purce. She's been named. She said she's not probably going to do it.

• 34:32David Hoffman?

  I think Hester Purce is fatigued.

• 34:35Ryan Sean Adams?

  Yes, I agree. She is. Maybe she's done. Maybe she's out. Although she might make a good crypto czar as well, you know, new role, different agency. You never know. Mark Ueda is another SEC Commissioner.

• 34:47David Hoffman?

  Very strong second best.

• 34:49Ryan Sean Adams?

  He said no. He said he's not going to do it. He's not in the running. So there's two other names, according to this Washington Post article, that have been named. One, his name is Dan Gallagher. He is the Chief Legal Officer at Robinhood. He would be very pro crypto. That's a good one.

• 35:03David Hoffman?

  Yep, okay.

• 35:03Ryan Sean Adams?

  And also, a gentleman by the name of Paul Atkins. This is an SEC alumnus, so he's been there before. Don't very, like, know much about him. But his objective, he said, when he was SEC Commissioner, is do no harm. So I got to think he would be crypto favorable-esque. He's not going to be Gary Gensler.

• 35:22David Hoffman?

  I'm sure anyone is going to be more crypto favorable to the SEC. I am now just like sensitive of just like people saying vague things about crypto. It's just like, yeah, I want to like, you know, support the crypto industry. With regulation or like, what do you want? Like, what does that mean?

• 35:38Ryan Sean Adams?

  Yeah.

• 35:38David Hoffman?

  And so.

• 35:39Ryan Sean Adams?

  Do you remember? We were hopeful about Gary Gensler.

• 35:43David Hoffman?

  Gary Gensler, yeah. Everyone was hopeful about Gary Gensler.

• 35:45Ryan Sean Adams?

  Yeah, I mean, he literally taught classes on blockchain. And at the time, Jay Clayton, who he succeeded, like, didn't really know much about crypto. So unfortunately, Gary turned to the dark side, as we all know. How does this all work, though? These cabinet positions, these appointment positions, these positions in the administration brands? It's all political jockeying for power, David, I'm pretty much. So we've seen a lot of people traveling down to Trump headquarters in Mar-a-Lago. They're jockeying for power, I'm sure. They're, you know, like, trying to make the case.

• 36:15David Hoffman?

  Week of kissing ass?

• 36:16Ryan Sean Adams?

  Kissing the ring. I mean, probably, right? That's how it goes.

• 36:19David Hoffman?

  Here's why I'm so awesome. Here is how I'll bend the knee harder than everyone else.

• 36:23Ryan Sean Adams?

  Yeah, and so they have to be pro-Trump, I'm sure, like loyal. I'm sure that's what is being selected for. Also, you have to support the things the Trump administration, like, supports. And so that's gotta be pro-crypto, no matter how you slice it. It's interesting, this, too. Some news came out that Trump is meeting privately with Coinbase CEO Brian Armstrong.

• 36:41David Hoffman?

  Let's go.

• 36:42Ryan Sean Adams?

  Okay?

• 36:42David Hoffman?

  Let's go.

• 36:43Ryan Sean Adams?

  Asking, like, who do you think, maybe? Who should be the crypto czar? Who should be the SEC chair? That is.

• 36:49David Hoffman?

  Wait, we don't know the nature of the meeting.

• 36:52Ryan Sean Adams?

  This speculation is.

• 36:54David Hoffman?

  The speculation is, I mean, what else could it be?

• 36:56Ryan Sean Adams?

  To begin, to discuss personnel. To discuss personnel appointments is definitely the speculation.

• 37:01David Hoffman?

  Wow.

• 37:02Ryan Sean Adams?

  Yeah.

• 37:03David Hoffman?

  That's cool.

• 37:04Ryan Sean Adams?

  The reason this matters is because last time, do you know who was selecting all of those positions? The Gary Gensler, all of those choke points? Somebody who was very influential, who's on your list?

• 37:13David Hoffman?

  Elizabeth Warren.

• 37:13Ryan Sean Adams?

  Elizabeth Warren.

• 37:14David Hoffman?

  It was Elizabeth Warren selecting all of the people.

• 37:16Ryan Sean Adams?

  She did a lot of it, okay? So this is something I didn't understand four years ago.

• 37:20David Hoffman?

  Who's the number one financier of Elizabeth Warren? Who's the category of industry that donates the most money to Elizabeth Warren?

• 37:28Ryan Sean Adams?

  Who are you gonna say?

• 37:29David Hoffman?

  It's the banks. It's the big banks.

• 37:32Ryan Sean Adams?

  I don't even understand what her objective was. The big banks, like, you know, the big banks have turned crypto supportive as well. I mean, many of them, BlackRock, etc. I'll never understand it.

• 37:40David Hoffman?

  I think they want to slow down. Like, the more that they stamp out, like, true crypto. Wild West crypto, the more like, you know, civilization, like institution crypto exists.

• 37:49Ryan Sean Adams?

  I guess. I still don't have a theory of mine, but the point is Elizabeth Warren, who established an anti-crypto army, no longer gets any influence in this cabinet. Okay, so that's the SEC. It's gonna be good, no matter how you slice it. How about Treasury, another very important role? One of the candidates that was proposed for Treasury, his name is Howard Lutnick. He's actually the guy from Cantor Fitzgerald, so he's like the CEO of Cantor Fitzgerald. And if you recall, they're the main bank of Tether.

• 38:17David Hoffman?

  He's a Tether guy.

• 38:19Ryan Sean Adams?

  A Tether guy, a crypto bull. Well, it's not going to be him. There was speculation that it was going to be him, but it's not going to be him. And the reason we know that is because he took another role in the administration as the head of commerce. So he's running that. So we got somebody who is crypto-friendly, not him. But there are some other names. Let me just show you the poly market around this, because like, we can bet on these things, we can see this in real time. You see these names? Scott Bessett has about a 60% chance. Mark Rowan, Bill Hagerty, Kevin Warsh.

• 38:50David Hoffman?

  Poly market is so great, because you actually, you get the probability of the market. Scott Bessett, who's in number one, who as of like today, just jumped from 40 to 60%.

• 38:59Ryan Sean Adams?

  Yeah.

• 39:00David Hoffman?

  Coming in at 60% odds. Kevin Warsh, 18%, Mark Rowan, 17%, Bill Hagerty, 16%. I just watch these numbers change in real time. Really cool, really, really cool. Scott Bessett. Who's Scott Bessett?

• 39:12Ryan Sean Adams?

  Yeah, Scott Bessett is the original favorite, so he got in a knife fight with this Lutnick guy, apparently, as insiders rumor mill is saying, for the Treasury. And, you know, so Scott Bessett is a Trump loyalist, he's one of the earliest supporters. He would be very crypto-friendly, basically. Also, this guy, Bill Hagerty, he's at 17%. I think if you ask anyone in crypto, he might be the name, you rise, of these options. They call him Bitcoin Bill, all right?

• 39:41David Hoffman?

  I like that name.

• 39:42Ryan Sean Adams?

  So he has previously served as Trump's 45th ambassador to Japan. But the end of the day, some of these are more crypto favorable than others, but they're pretty much all crypto favorable. Also, a name, David, we didn't mention it, but the CFTC. Guess whose name is being thrown around there? Summer Mersinger? Remember Summer?

• 40:03David Hoffman?

  Really?

• 40:03Ryan Sean Adams?

  We just talked to her on the podcast.

• 40:05David Hoffman?

  Really?

• 40:05Ryan Sean Adams?

  Fant- like a Hester purse of the CFTC.

• 40:08David Hoffman?

  Yes.

• 40:09Ryan Sean Adams?

  Like fantastic insight into the space, very knowledgeable, very kind of like the right touch when it comes to crypto regulation. So all of that is like leaving me feeling pretty bullish about who these selections might be.

• 40:23David Hoffman?

  Ryan, I'm just gonna read this to you live because I get these tweet notifications on my phone.

• 40:27Ryan Sean Adams?

  Oh, yeah?

• 40:27David Hoffman?

  This isn't in our agenda, but Tier 10K just tweeted out, "Trump's Crypto Advisory Council Expected to Set Up Promised Bitcoin Reserve." What?

• 40:36Ryan Sean Adams?

  What?

• 40:37David Hoffman?

  What? What is going on?

• 40:40Ryan Sean Adams?

  What?

• 40:40David Hoffman?

  This day is insane. Can you pull up the Bitcoin price? What's the Bitcoin price doing right now?

• 40:44Ryan Sean Adams?

  Okay, this is like the beginning of the pod. Yeah.

• 40:47David Hoffman?

  98,000, another, it's another all time high.

• 40:50Ryan Sean Adams?

  Wow.

• 40:51David Hoffman?

  Uh, wow, crazy. Okay, just to repeat that again, Trump's Crypto Advisory Council Expected to Set Up Promised Bitcoin Reserve. So we are, according to this rumor, we are going to get a Bitcoin reserve. Bitcoin just crosses 99,000.

• 41:06Ryan Sean Adams?

  That's crazy.

• 41:07David Hoffman?

  Right now, at the time of recording.

• 41:08Ryan Sean Adams?

  That's crazy.

• 41:09David Hoffman?

  That's, that's crazy that we're gonna watch this. We're gonna, we're gonna watch Bitcoin cross 100K on this episode.

• 41:15Ryan Sean Adams?

  By the end of this episode.

• 41:16David Hoffman?

  We are $1,000 away. That is nuts.

• 41:19Ryan Sean Adams?

  I would love the details on that, but at minimum, so we talked to Cynthia, Cynthia Lummis about this, who's been an advocate for a strategic Bitcoin reserve. And at a minimum, this has got to include, you know, the 200,000 Bitcoin or so that the US has seized over the years, just not selling that. That could be the base. But her plan, a bill that she put in front of the Congress, calls for an additional 800,000 Bitcoin to be purchased to a total of like 1 million Bitcoin.

• 41:45David Hoffman?

  She wants to purchase Bitcoin?

• 41:47Ryan Sean Adams?

  Yes, she wants to buy 800,000. So, I mean, there's levels of what a strategic Bitcoin reserve could look like, right? One, it just could be like, yeah, we keep our existing Bitcoin, we set up custody for it, we call that the reserve. The other could be like, US government actively buying it. Which would be absolutely insane.

• 42:04David Hoffman?

  That would be nuts.

• 42:06Ryan Sean Adams?

  Absolutely insane.

• 42:07David Hoffman?

  Be really cool.

• 42:08Ryan Sean Adams?

  Crazy, crazy times. All right, so I guess back to our regular schedule with this last position, I wanted to mention somebody who might help set up the strategic Bitcoin reserve. If indeed that happens, that's the position of crypto czar. So that was the rumor. Trump, Trump team, this is in writers ways, creating first ever White House crypto role. Okay, and this would be somebody who is responsible of talking to the industry, a small staff, maybe reporting directly to Trump, maybe not. The question of who's going to get it.

• 42:36David Hoffman?

  Or Baron.

• 42:38Ryan Sean Adams?

  Yeah, Baron Trump. Like, I mean, crypto Twitter put a whole bunch of names down. It could be anybody. It's probably going to be someone in the industry or like quite favorable to the industry. I mean, like, who do you think? It could be anybody, basically. It could be somebody from crypto lobby, could be someone like Jake Chervinsky, could be someone like, could be someone like Ryan Selkis.

• 42:56David Hoffman?

  Jake Chervinsky would be so good.

• 42:58Ryan Sean Adams?

  Oh, Jake.

• 42:59David Hoffman?

  That would be so good.

• 43:00Ryan Sean Adams?

  Right?

• 43:01David Hoffman?

  There's a tweet out of News of Alpha who tweeted out, Chris Giancarlo, aide for crypto czar, says Fox News, who is just crypto dad.

• 43:09Ryan Sean Adams?

  OG crypto dad.

• 43:10David Hoffman?

  Would also be great. Would also be great. Man, we are, as an industry, just winning, man.

• 43:17Ryan Sean Adams?

  You know what?

• 43:17David Hoffman?

  Winning hard.

• 43:18Ryan Sean Adams?

  You know what? That's not all. One last thing is the coup de grace on all of this. There's speculation that Trump's social media group, you know, he has Truth Social, a social media group, is in talks to buy Backed, Backed, the crypto exchange. You remember this was like a tradfi crypto exchange?

• 43:35David Hoffman?

  Yeah.

• 43:36Ryan Sean Adams?

  Okay.

• 43:36David Hoffman?

  And it's been like, it's been like handed around, right? It's kind of this like, bought and sold, bought and sold.

• 43:41Ryan Sean Adams?

  We got a polymarket for this. The odds going into this episode were 50% chance that he would acquire crypto exchange this year, and they've just jumped to 65% chance.

• 43:50David Hoffman?

  If Trump sets up a Bitcoin strategic reserve in the United States and we actually have to buy Bitcoin and Trump buys a crypto exchange.

• 44:01David Hoffman?

  Where do you think he's gonna buy the Bitcoin on? Where do you think he's gonna put that volume?

• 44:04Ryan Sean Adams?

  This is it. I mean, Trump is like, you know, he thinks a lot about Trump, as we all know. Everyone knows this. People who voted for him knows this. Trump is like a Trump maximus, for sure. And now we have Trump, who has $5 million in ETH. I gotta say that. I gotta include that, okay? He's got an NFT collection. He's got his own DeFi protocol, potentially a crypto exchange. He's gonna have a crypto czar. He's got all of these crypto election promises, including a strategic crypto reserve. He's got all of these crypto-friendly people already in his administration, like Elon Musk, like Vivek, like RFK. This man is positioning for a mega crypto pump. And you may not like Trump. You may not have voted for him. There's all sorts of other reasons. But like, I think this is relevant information

• 44:48Ryan Sean Adams?

  for your investing decisions toward the end of 2024 and going into 2025.

• 44:53David Hoffman?

  This is unreal. So even after all of that winning, of all the pro-crypto people that Trump is gonna put into different cabinet positions, the SEC is being sued across 18 different United States states for basically overreach, unlawfully expanding its jurisdiction without congressional approval, as evidenced by aggressive enforcement actions against crypto firms. And so 18 states are suing the SEC just for just straight overreach. And so, I mean, it doesn't really matter because I'm assuming the next administration's SEC is gonna just be much more favorable to crypto. But it's also good to know that, like, we're fighting this war across all fronts, taking no prisoners, and the tides have turned.

• 45:38David Hoffman?

  It has been, like, time flies, man. Like, the onslaught of regulation that started in 2022 and 2023 feels like it was just a blip. It was two years.

• 45:49Ryan Sean Adams?

  It's just a blur, yeah.

• 45:50David Hoffman?

  But now it's just like, the level of just like...

• 45:53Ryan Sean Adams?

  Instant reversed.

• 45:54David Hoffman?

  Like, the reversal is so strong. Kind of insane, man.

• 45:57Ryan Sean Adams?

  Yeah.

• 45:58David Hoffman?

  Kind of insane.

• 45:59Ryan Sean Adams?

  On the back of that reversal, by the way, we've got some news coming out of Coinbase, releasing USDC with 5% yield. But on chain, this is a new thing. And Binance also has a stablecoin, not to be outdone. They've got 20% yield. Where does that come from? Also, straight out of like 2021, McDonald's partnering with the NFT project Doodles. You remember Doodles? And they're launching like a Christmas collection. Very beautiful coffee cups and like McMeal, like Big Macs and all of this. We'll talk about all that more.

• 46:29David Hoffman?

  But before we do, we want to thank the sponsors that made this episode 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 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,

• 47:14David Hoffman?

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• 47:57David Hoffman?

  Just deposit some USDC and start earning yield immediately. It's so simple, and DYDX Unlimited comes packed with so much more: leveraged prediction market perpetual futures, instant deposits, and there's even a revamped trading rewards program to get rewarded for every trade you make. So visit dydx.tray today to get started. All right, now that you guys are all hot and bothered for all of that bullish, bullish first half of this episode, I got a little bit of water, I gotta douse on you guys. There is a court case in the state of California, California basically versus Lido Dao, which ruled that Lido Dao qualifies as a partnership under California's general partnership laws. Yikes. So something happened.

• 48:38David Hoffman?

  This guy Andrew Samwells purchased LDO tokens in April and May of 2023. He purchased 132 LDO tokens at about, I'm guessing, an average of $2.25 because that's about what they were during that timeframe. So he spent about $300, Ryan, buying LDO tokens. A month later, in June, he sold those tokens for a loss at $175. So the guy lost about $70. As a result, as a result of the losses that he incurred, he has decided to sue the Lido DAO on the allegations that the tokens were unregistered securities

• 49:21David Hoffman?

  and argued that the Lido DAO should have registered with the SEC.

• 49:26David Hoffman?

  Yes, and so he said the Lido's alleged actions are not those of an autonomous software program. They are actions of an entity run by people. The judge pointed out that the DAO manages a treasury, employs 70 people, and makes governance decisions through token voting. And additionally, they also named some of the VC investors who participate in governance as operators of the partnership. Because the complaint alleges that Paradigm and Andreessen Horowitz participates in Lido DAO governance, it plausibly alleges that they, possibly alongside others, jointly carried out in DAO operations for profit. Miles Jennings, who is the head of decentralization at A16Z Crypto, kind of a funny title, says,

• 50:10David Hoffman?

  "Today, a California judge dealt a huge blow to decentralized governance under the ruling any DAO participation, even posting in a forum, could be sufficient to hold DAO members liable for the actions of other members under general partnership." He says, "It's time for DUNA." What's DUNA, you asked? Decentralized Unincorporated Nonprofit Association, which is a legal framework recognized in the state of Wyoming that grants legal entity status to DAOs, enabling them to enter contracts, pay taxes, while shielding individual members from personal liability through limited liability protections. Ryan, could you just like talk about? Why liability, direct strict liability towards individuals in a partnership is a huge

• 50:54David Hoffman?

  deal and why that's inappropriate for DAOs?

• 50:56Ryan Sean Adams?

  Yeah, because like the point, just to emphasize is this sounds like a frivolous law case and like a legal case and it probably is, but the court, the judge ruled in the plaintiff's favor in this case, right? So that would make if you have a

• 51:11David Hoffman?

  It sets precedent.

• 51:11Ryan Sean Adams?

  Yeah, it sets some precedent. So if you have a DAO token, right, and you comment, you participate in governance, are you liable as a partner for the DAO entity? Okay, so like if you don't have a limited liability in those cases, then any bad thing, any lawsuit that happens against, you know, the DAO, you could be liable for that in the state of California.

• 51:34David Hoffman?

  In theory, you could be liable even if you just hold the token, because a token is a share of a partnership.

• 51:39Ryan Sean Adams?

  Right. And then every additional thing you do to participate in governance, like a comment on a message board or something like that could be held against you essentially in evidence that you're part of this partnership. So it would be a terrible precedent because of course, like, you know, governance tokens are not quite this. They're different than equities, although there are some similarities. The problem is we just don't have clear and clean legislation, regulation around like how we manage these things. Anyway, I think the TLDR at the end of this is like, this is one court case. So don't panic. It kind of starts the conversation. It's like one, one legal case in California. It's not the end of the world. So, so don't panic, but do take a look at this Duna wrapper from the state of Wyoming that

• 52:20Ryan Sean Adams?

  Miles Jennings is referring to. So Wyoming already has some legislation, state of Wyoming, where you can actually get a wrapper on DAO. It's called a Duna wrapper. I don't know all of the details, but this limits your liability. It makes it such that in the law of the US government, anyway, you know, you're not de facto treated as a partnership in this. So some do's and don'ts coming out of that.

• 52:44David Hoffman?

  All right. Stablecoin Wars. Binance has launched a yield-bearing stablecoin coming in at 20%. Brian?

• 52:52David Hoffman?

  Where's that yield coming from?

• 52:53Ryan Sean Adams?

  You know what, David? I don't think anyone knows at this point. So the good news, it's called BFUSD, right?

• 52:59David Hoffman?

  BFUSD.

• 53:01Ryan Sean Adams?

  BFUSD, big freaking deal, USD, 20% yield. We don't really know what the, where the yield is coming from. So like, I mean, be skeptical, be skeptical when you have yield this high, if you don't know where it's coming from. And I think a lot of folks are, but it's, it's right now it's capped at 20 million tokens. So there's some limitations as far as that goes. Maybe Binance will, will clear this up in the future. But Binance maybe getting into the stablecoin game? That's the news. But I actually think this is bigger news, David. Coinbase Wallet introducing USDC rewards on Coinbase Wallet. So you know, in Coinbase, if you have USDC and it's parked there, you can like click a button and be eligible for basically the T-bill rates, right? Basically 4.7%, okay?

• 53:46Ryan Sean Adams?

  And they call this rewards, but it's almost similar to like a money market effectively that you get inside of Coinbase. What Coinbase is doing as a next move is now making this available to anybody who's on base. So you take your USDC that's non-yielding, you withdraw it to base, and you click a button, I presume, in the Coinbase Wallet, and you get the 4.7% yield. This is amazing. In your bank account right now, if you live in the US, you're probably making like pennies. You're probably like doing like 0.15% in US savings account. If you have a crypto wallet on Coinbase, right? You can make 4.7%. It's already a much more effective bank account and they pay it to you on an annual basis.

• 54:30Ryan Sean Adams?

  I'm definitely going to take a look at this for, you know, like some of the, the stablecoin dry powder that I have. It's a pretty cool product and you could see what they're doing. It's just like in one fell swoop, this is basically the risk-free rate of dollars. And they're making that available for everyone in the base ecosystem. So they're bringing users on-chain inside of base. It's just like a super obvious move, but it's a killer move to pull off. And I think it will drive their 130 million retail users on-chain. Very bullish and we know where the yield comes. From it comes from like, you know, Uncle Sam.

• 55:04David Hoffman?

  We very much know where the. It's crazy how the scams of last cycle are just like the reality of very solid products this cycle. Remember when Terra Luna, the anchor protocol was giving out 20% yield and there was a bunch of retail facing apps of like, hey, deposit your dollars and you get 20%. And that's how like a lot of retail got burned.

• 55:22Ryan Sean Adams?

  Got shredded.

• 55:23David Hoffman?

  And now like same, same structure, like download the app, put in the dollars, get the 4.7%, but it's money printed by the government.

• 55:30Ryan Sean Adams?

  I don't think that this 4.7% move could have happened under a Biden administration. I like, look at the timing of this. They could have done this months ago. Why do they do it now? It's why do they do it? It's because we're getting a crypto czar. It's because Brian Armstrong just met with like, you know, Trump. And so now we all get 4.7% outside of our bank account. Thank you very much. Feels great. Uh, David, does this feel great to you? Do you see the doodles on McCafee? Like McDonald's mugs here? What do you think? Does this, if this happened in 2021? Okay. At the height of NFT media.

• 56:03David Hoffman?

  Doodles would be pumping so hard right now. What are doodles? What are?

• 56:08Ryan Sean Adams?

  Do you know that NFT floor website? It's been a while. Hey, NFT floor. It still exists. Here it is.

• 56:13David Hoffman?

  Okay. So over the last 30 days, uh, doodles is up 90%. Okay. So pretty good. The market is reacting to that. That is a lot.

• 56:22Ryan Sean Adams?

  Yeah, but that would have been 900% in 2021.

• 56:24David Hoffman?

  That'd have been 900%.

• 56:25Ryan Sean Adams?

  Easy.

• 56:25David Hoffman?

  Yeah.

• 56:26Ryan Sean Adams?

  Because this is actually a legitimate marketing campaign here. This is legitimate. This is tweeted out by McDonald's. Look at this. It's cute little doodles graphics. Like, I really like the art. I mean, it's a good kind of like.

• 56:36David Hoffman?

  You like the art? Why don't you buy one? Why don't you buy one?

• 56:38Ryan Sean Adams?

  Because it's a JPEG. Why do you think I don't buy meme coins?

• 56:44Ryan Sean Adams?

  Cause I'm a moron. That's why.

• 56:48Ryan Sean Adams?

  All right. Uh, there we go. Another, another news item as well. Do you know wrapped Bitcoin? Apparently Coinbase has delisted them and it's all because.

• 56:57David Hoffman?

  Same kind of vibe, bro. Just like they're, they're introducing Coinbase is introducing CB BTC.

• 57:03Ryan Sean Adams?

  Ooh.

• 57:03David Hoffman?

  It's gonna be a fantastic product.

• 57:05Ryan Sean Adams?

  Oh, you're alleging something else here.

• 57:06David Hoffman?

  It's, it's on the Ethereum layer one. It's on base.

• 57:09Ryan Sean Adams?

  Uh huh.

• 57:10David Hoffman?

  And coincidentally Coinbase decides to delist wrapped Bitcoin.

• 57:15Ryan Sean Adams?

  Well, we all become monopolists over time. You want a more charitable explanation why they did this? It was because Justin Sun purchased BitGo, the custodian of Rapp BTC. And like, who knows?

• 57:27David Hoffman?

  Did that actually go through?

• 57:28Ryan Sean Adams?

  Yeah, a portion of it, something like that. That's a more charitable explanation. You're alleging some like, you know, monopoly type behavior, aren't you?

• 57:36David Hoffman?

  Hey.

• 57:37Ryan Sean Adams?

  Where the incentive fits.

• 57:38David Hoffman?

  Coinbase is great. Brian Armstrong is fighting for our interests. They have helped us so much with Fair Shake.

• 57:43Ryan Sean Adams?

  Don't become the baddies.

• 57:45David Hoffman?

  They are also 100% going for regulatory capture.

• 57:49Ryan Sean Adams?

  Ooh, spicy.

• 57:51David Hoffman?

  For sure. Them and Circle.

• 57:53Ryan Sean Adams?

  Do you think that's just the incentives?

• 57:53David Hoffman?

  Yes, that's the natural, it's the equity shareholder model incentive.

• 57:57Ryan Sean Adams?

  Yeah.

• 57:57David Hoffman?

  Yeah, keep an eye on Coinbase.

• 57:59Ryan Sean Adams?

  On the back.

• 58:00David Hoffman?

  Coinbase is a bank.

• 58:01Ryan Sean Adams?

  Yeah.

• 58:01David Hoffman?

  Coinbase is a bank.

• 58:02Ryan Sean Adams?

  On the back of all of the success, I think that's like the air. We could go in the other direction. Where it just like crypto becomes not about DeFi, not about peer-to-peer finance, it becomes something else.

• 58:12David Hoffman?

  Yeah.

• 58:13Ryan Sean Adams?

  Keep an eye on it.

• 58:14David Hoffman?

  Coinbase is aligned with our interests. And them and Circle are going for regulatory capture and we need to keep an eye on them.

• 58:21Ryan Sean Adams?

  Well, they're gonna fight against Tether here. Did you see this? This is a Heytron by Tether, revolutionary platform. Let's see, tokenize anything. So this is basically Tether coming out with a tokenization platform. I don't know anything about this, but it seems like it could be big because Tether is taking its capability. What is USDT? What is Tether? It's a tokenized real-world asset. It's just like basically tokenized wrapped stablecoin T-bills underneath. And they're taking that capability and they want to do AML, they want to do, I should say, like tokenize all of the other real-world assets. So try to get to treasuries, maybe real estate, like why not? They take their MLKYC, they take all of that and then like they scale it. So that's what Heytron is. And.

• 59:03David Hoffman?

  I just don't know if this is a big deal or not, but I'm thinking potentially it's a big deal. Like Tether, obviously very successful. If anyone's gonna do it, like why not them?

• 59:10Ryan Sean Adams?

  I mean, $100 billion of real-world assets, the biggest one out there. So I guess they're gonna expand beyond that. All right, that's it. David, we should mention though, Bankless is actually looking for some talent in the podcast editing department. So shout out this role because we are hiring, we need some help.

• 59:26David Hoffman?

  If you are a YouTuber and you've edited your own videos, or if you've edited podcasts prior, or you just know how to use editing software, video and audio, we want to talk to you. Our team is very fun. It's very fun working for Bankless. So join us. We want one more podcast editor because we're going to start. Ryan, I'm going to start a new podcast.

• 59:44Ryan Sean Adams?

  Wait, what? We gotta talk.

• 59:46David Hoffman?

  I'm starting a new podcast.

• 59:48Ryan Sean Adams?

  We gotta talk. All right. And then we also have the Bankless Summit. All the sessions are now basically online. So a bunch of those are coming on the public feed, but a whole bunch are only available for Bankless Premium Citizen subscribers. So if you are not.

• 1:00:02David Hoffman?

  You can find them on Twitter, too, if you look. But if you want the convenience, it's in your podcast feed.

• 1:00:06Ryan Sean Adams?

  It's a bull market, man. Treat yourself, a little bit of luxury. There'll be a link in the show notes. You can upgrade to Bankless Citizenship, and you get access to a special podcast feed called the Premium Podcast, where we release a whole bunch of extra content for you, including some of these sessions.

• 1:00:22David Hoffman?

  Ryan, I regret to inform you that Bitcoin did not break $100,000 on this episode, but it got really close. It got to $99,000.

• 1:00:30Ryan Sean Adams?

  Maybe next week.

• 1:00:31David Hoffman?

  Maybe next week. We'll leave you guys with the meme of the week, which is the meme of the man who's riding a bicycle, and he sticks the stick through his own bicycle spokes. Michael Saylor is riding the bicycle. The stick that he is pushing through the spokes is he's buying the Bitcoin top. But the meme, the punchline here is the stick just breaks, and Michael Saylor just keeps on biking.

• 1:00:51Ryan Sean Adams?

  Keeps on riding.

• 1:00:52David Hoffman?

  Keeps on riding.

• 1:00:53Ryan Sean Adams?

  That's what it's looking like.

• 1:00:54David Hoffman?

  Nothing knocks a bicycle sailor off the bike.

• 1:00:56Ryan Sean Adams?

  Yeah, it's certainly looking like that. Got to let you know, of course, crypto is risky. You could lose what you put in. You could topple over on your bicycle. But we are headed west. This is the frontier.

• 1:01:06David Hoffman?

  Unless you're Michael Saylor.

• 1:01:08Ryan Sean Adams?

  It's time for everyone. But we're glad you're with us on the Bankless journey. Thanks a lot.