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Welcome back to the show everybody check Out these headlines disturbing evidence On the US infrastructure Cyber attack From China we got that and guess what Else there's another attack directly on Crypto and it's a senator this time we Got that and so much more somebody Rolled that beautiful Intro digital perspectives with Brad k Come on In welcome back to the show you can Follow us on Twitter and YouTube for Exclusive content right now $1.65 Trillion market cap for crypto the Market is up .4% right now 41,9 plus for Bitcoin 2,200 Plus for ethereum tether Market caps 90.7 billion plus right now Xrp at the number five spot at 62 cents Off by a half% in the 24 hour hour up by 1.8 on the 7 Day range of price very Quickly now tightened down to 6021 on The bottom and 6255 on the top so we'll Keep an eye on it as we're sitting at Almost 62 cents flat before we get Started here I do want to remind Everybody think of the current Conditions going on right now and how You could be utilizing it trust Capital Where you can get the best crypto gold And silver IRAs on the planet now Bitcoin is projected with the approval Of spot Bitcoin ETFs to go parabolic Damn near most people are saying and we Don't know if it will or not but if it
Does would you want to have crypto on an Exchange that you bought or would you Rather have it inside of an IRA where It's Taxfree uhhuh I thought so gold to link Underneath the video to my sponsor make Sure you check them out it's it trust Capital ladies and gentlemen well this Is a peep into the window of how the Trading world really works when you want To understand why Wall Street refers to Us retail investors as dumb money well Here it is right here this is Ken Griffin telling you exactly what goes on Passive investing is actually rooted in The theory that markets are efficient And that markets are efficient because Of active managers setting the prices of Securities firms like Citadel that Markets are efficient because of active Managers setting the prices of Securities firms like Citadel firms like Fidelity firms like Viking Global Capital research we're all running large Teams of people that are engaged in Fundamental research trying to drive the Value of companies towards where we Think they should be valued trying to Drive the value of companies towards Where we think they should be valued and Passive investing in a sense enjoys the The market efficiency that we create in Our work each and every Day in other words and you dumb money
Folks like us get to Enjoy the Harvest because of what we do Right oh the citadels the Melvin Capitals of the world they talk about All this research they do you know what That means that r that is a fancy term At my house for front running the market Because this is where the information's Coming in instantly of how much they're Buying or selling of any one thing then They're taking that that information and Repackaging it and what they used to do And I don't know if they were forced to Stop is to sell that information to Other Entities that's the kind of deep Research you're doing that's why you can Never win against Wall Street this is Why I say I one of my core tenants to Investing not Financial advice my Digital perspectives is stacking my Pennies next to their Dollars that's as close as I can get to The sun that's as close as I can get to The sun now let's take a look at this Because this is ex Black Rock employee Insight on the possible approval of a Spot Bitcoin ETF take a listen to what This ex Black Rock employee says here ETF in the US I think it's it's going to Be hugely positive uh and that's because I think the SEC will probably approve All the applications that the same time I don't think they're going to want to
Give anybody first mover advantage and I Think what that will mean is because Black rock is there in the mix and this This Behemoth uh they will put a lot of Of their their power behind it in terms Of sales and distribution uh to to Really make sure that they get the the The sort of go-to ETF the default ETF And you so when and I so my background Is I am ex Black Rock so I have some Insight into this in the fact that when Vanguard came to Europe with their ETFs Uh there was comments internally at Black Rock made that they wanted to kill The baby in the the bath water and so Basically not allow Vanguard to get any You any AUM at all even when they were You know don't don't let them get get Anywhere so I think they'll probably go With that same same approach and and Then if you've got the power of Black Rock uh promoting Bitcoin and digital Assets I think that has a major knock on Impact uh for other products for other Regulators to approve it and just a real Ground swell thank you so a real ground Swell and trying to shut the door on Anybody else being able to get the Access to the asset the way that black Rock wood well listen this is not over By a long shot stay with me here now we Just saw Jeremy air was just on Squawkbox here CNBC this morning talking About stable coins and digital
Commodities I want to give you look this Whole thing is great obviously it's Jeremy air but I'm going to bring you in At four minute Mark where you can hear Him talk about the spot Bitcoin ETF he Does go on and make very good points About the fact that stable coins are not Crypto there is a uh uh there is Obviously a fight politically between The agencies on who's going to you know Regulate what as we all know but take a Listen to this exchange here world what Do you think it's an indicator of sure So a couple things so the the first Is digital Commodities are here to stay And that's just you know we have we have This new thing digital Commodities They're here to stay and they will be Valued differently gold is differently Valued than oil is differently valued And copper right so there will be these Digital Commodities Bitcoin specifically Is the sort of largest digital commodity Asset and I think in the minds of many Of the of the people who are investing In it this is a a a a a a risk hedge Asset uh it can be correlated uh to you Know availability of money supply but it Also can be uncorrelated so it doesn't Fit every box clearly and I think you're Hearing from from sovereigns from the Rid dalos of the world the Larry Finks Of the world others that they believe That in a complex geopolitical
Environment a complex macroeconomic Environment this is an asset that one Should have some but we should not think Of it as a currency I I certain by way You're more in the currency camp in Terms of what you do correct yes so Digital dollars that can be a strong Store value medium of exchange that have All the powers of the internet that's What dollar stable coins do huge Innovation I expect to be explosive in Terms of its growth in the coming years Just a huge utility for dollars on the Internet huge appetite for dollars on The internet that's a very big thing and That's distinct from people who want a a Currency hedge so to speak or a a a Store of value hedge against the world Going to you know uh I have to say first Of all that's a great clip from Jeremy Air there and one thing I have to say About that is this he makes a very good Point about the stable coins there at The end right talking about you know a Great utility however he remarked about It there at the end for stable coins Great Demand right for the for the Stable coins which if you think of it Creates a great demand to soak up all These printed dollars and bonds because You have this new utility and Functionality and ease of use of a Digital dollar when it's under the Proper regulatory framework unlike USD
Tether at the moment but I digress this Is rostin Benham here from the Cftc and I want you to hear what he says Because it much aligns here with uh uh What Jeremy air said in his earlier clip That I didn't play but I want you to Hear the first minute or so minute and a Half or so here said one of the big Problems they're still facing is this Turf for to figure out how digital Assets are going to be Policed okay so are they getting along Or not the Cftc and uh the F SEC right take a Listen to right here there's I I kind of View this as like a three-legged stool You have the AML kyc issues which is Really around the illicit activity and The terrorist financing you have the Stable coin issues which I'm sure Circle And Jeremy were speaking to you about And then you have the market structure Issues which is very important to me as A market regulator And I think a lot of momentum has been Around the AML kyc because of some of This information that up the around the What the anti-money laundering and know Your Customer so and that really goes to the Heart of some of the issues that we've Elevated at the cfdc around binance and Things that they were doing um but a lot Of members are very focused on that I'm
Very focused on markets there's a lot of Focus on stable coins what do you see as The distinction between the way you Think about crypto and the way Gary Gendler's thinks about crypto well you Know we have the products trading on our Markets and I think really and we've Talked about this in the past it it's a Matter of what is the investor what is The buyer of the tokens getting with its Purchase of a token whether it's Bitcoin Ether anything else and you know I i' I've said this very clearly I've said it Many times I stick to what we have as The legal precedent and what we're Seeing on our markets and you know under Existing law many of the tokens Constitute Commodities and under this Rubric there is a gap in regulation and I need Congress to step in and the fact Of the matter is we've literally been Talking about this for years and we Still don't have a regulated environment Or a regulated entity well that tells me Right there he goes on to say no no no We get along you know famously uh Between the agencies this play this Leans into exactly what I've said that They have the blessing SEC has the Blessing to do everything that they're Doing by all sides of the aisle Here don't believe it I think it's still True and then we have this you asking For Congress to come in and give you
Some clarity you better be careful what You're asking for this here from Alex Storen says this new bill from Senator Warren Elizabeth Warren massively Expands the bank secrecy act imposing Bank like know your customer kyc rules On non-custodial Software products including Fos and it's gaining steam with five new Co-sponsors this would be disastrous for Bitcoin and crypto in the USA very Quickly here specifically the Bill calls For dramatically expanding the bank Secrecy act to cover up open- Source Software including non-custodial wallets Miners and validating notes says it Right here right here as non-custodial And decentralized software cannot Plausibly perform centralized compliance Functions Warren's bill would Effectively Outlaw crypto in America Take miners or validators as an example These entities passively add transaction Data to the blockchain while they can Exclude known sanction addresses they Are struct Incapable of knowing the identity of Every user it would be impossible for Miners or validators to perform kyc on Every public blockchain transactor Indeed it cannot even be said that these Entities even have a customer to know Warren's Bill also seeks to impose the Bank secrecy act on noncustodial wallets
Take a listen to this many of which are Free and open source to be clear there Is no such thing as unhost digital Wallets these are just Wallets which Means all individuals to bypass AML Sanction checks by directing finsen to Finalize and implement the its uh December 2020 proposed rule which will Require Banks and money service Businesses msbs to verify customer Counterparty identities keep record and File reports relation to certain digital Assets transacting involving unhost Wallets or wallets hosted by non BSA Compliant jurisdictions requiring Non-custodial open software to perform Bank likee compliance is the big attack And it is a big Attack bitcoin's enemies have always Threatened it's impossible for Bitcoin Core for example to comply with this so It amounts to an effective ban of Bitcoin in the USA these rules effectively ban crypto In America and they fundamentally Undermine the core of innovation itself Peer-to-peer digital cash if you believe Humans should have the right to transact Without an intermediary you must oppose This bill call your Senators this is the Big fight and you know what it is and I Have to say regard to what I feel about Bitcoin here you know this is something
To know and think of it for a moment are We talking about squashing mining for Bitcoin as at the same moment we're Watching it become an investment product That's being owned by Wall Street and Controlled by wall Street's money it Looks like it so no more of the person In the basement running this and doing That and Mining some Bitcoin that's Going to be out if it's allowed in the Us they're going to save it for their Big friends their big rich friends right The bit deers and all of that that are Already in the US Right this is getting very interesting Ladies and gentlemen meanwhile when all That's going On Ripple Labs new San Francisco Global Headquarters for context Ripple new Corporate headquarters is located 600 Battery Street in Jackson Square and it Looks amazing shout out to David Schwarz For sharing some images here here as you Can see that looks great right there Looks like a living wall Almost but maybe it is maybe it's not Almost but Nevertheless this is what's happening With entities that have done it the Right way right kyc AML work within the System and sometimes you can get the Right answer from the most unsuspecting Sources right you would never expect That you would get the right answer from
A Mike novogratz who says that he was Just flat out dead wrong about Ripple And xrp to digital asset or was it just The fact that he was talking all of that Trash for years consistently so he could Short the asset itself take a listen to What he says Here that's really unique there are very Few Assets in the world that have store Value uh just because most assets have To be used I separate cryptocurrencies Into Bitcoin which I think is a finished Product uh and the rest of Cryptocurrencies which are use cases That are still to be proven some are Spectac have spectacular Capac uh Possibilities something is going to be The trust layer that lots of stuff gets Built on uh that's Programmable uh Ripple uh is trying to Be a payment a payment rail uh for all The money that sits in between the Banking system they're not trying uh and So look at those that's really unique There uh and there'll be a new economy Build on top of that my gut feeling is We not we're not going to know the Winner for three to five years uh I'm Not positive it's going to be winner Take all the winner is going to be worth A whole lot of money uh because more and More of the world will get built on top Of a a trust Protocol and obviously as we see today
Bitcoin is not that trust protocol sorry For the news flash right look for a safe Room this one isn't it the reality is I Think all digital assets should be not Securities and that doesn't mean that You couldn't package them as Securities Of course you could right just like oil Is not a security but you can create Investment contracts based around that Or gold but let's continue here and Let's see who is winning just like Mike Novat said let's see who is actually Getting things done take a listen to Monica long the president a Ripple much And uh congratulations on the recent Approval of the xrp by the dfsa so You're number four on the list there is Only five that are approved so far who And maybe I'd like to end with a Question addressed to you oh please so What does it mean for ripple and how was Your experience so far yes so um one I Think that uh you know the clarity of The uh regulatory framework has been Very helpful to us um and then with the Approval of xrp it's it adds a lot of Legitimacy and also kind of demystifies For different partners and customers and Developers in the region uh what you Know how this asset will be viewed by Their Regulators so I think it really Opens the door to responsible Development and new product Innovation So I think it's going to achieve just
The goal that I'm sure you you also have Yeah wish you all the best yeah thank You wonderful yes it is very exciting That the rest of the world is not as Confused or dragging their feet the way They are here in the United States right But it's all for a reason because we Know that Ripple has made their way Through this case and they know that They've brought xrp with it the clarity Is there xrp in and of itself is not a Security not something the rest of the Market or industry could even come close To Saying but look at the accomplishments That are taking place all of this while We work Being sued and still being sued in the Process here in the United States this Is what it really takes and what you're Seeing today is a contrast and before I Play this clip I want to remind Everybody about these ETFs here Bitcoin Started out as anti-bank Anti-establishment and people still want That you hear the cries from Alex Thorne In the post that I just read You you got to stop this bill or it's Going to kill crypto and Bitcoin in the United States I get It but at the same time there is this Irony playing out here that the Anti-establishment Libertarian anti-government love
Bitcoin are jumping up and down for Wall Street of all the dollar and money in The World they want Wall Street to come in And inflate the price and blow the set Up well what happened to the Anti-government anti-establishment Because now you're talking about the Establishment coming in and bringing Their dollars and blowing up this asset And it being nothing more than a Speculative investment Product so long goes the road to the Anti-government anti-establishment asset Because once Wall Street start putting Its money in that place you can forget It baby because once they blow this Thing up all they got to do is decide to Stop doing it and it will look like it Is failed and I would be very weary of That in the future Bitcoin has Been Reestablished at the at the onset of a Spot Bitcoin ETF Bitcoin will forever More be nothing more than an investment Product that you can bet on That's what we're about to watch happen Unless they do something to reignite Reignite the innovation of that Technology sorry but that's where we're At today but let's listen to what Ripple's done and the achievements here When you got real use Case utility Solving real world problems and since
2016 we've helped serve hundreds of Customers tell allowing them access to Over 70 different payout markets which Represents over 90% of the the global FX Market there you go and in that time as Monica mentioned yesterday we process Over 27 million Transactions representing approximately $50 billion in notional value and the Best part of this is it's all without Requiring customers to pre-fund payments You know what the other part of that That's great is that everybody using That is kyc ml come on in write it down Baby you damn right listen this is not a Tribalist thing when I'm talking about The Shady Side of what could happen to Bitcoin becoming nothing more than Investment tool or investment product This is about awareness we're seeing new Definitions placed on something that Started out to be a money for the People well be be very careful of that It's all I'm saying there now we're Going to get into the evidence Here the China Cyber attack on the US Infrastructure we got that and the stuff That we got for you to see around that Is remarkable but you got to go to dig Perspectives. comom click on the freedom Zone join us inside you're going to get It all we got that and so much more not Financial advice from me or anyone else I'll catch all of you on the next
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