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WEBVTT
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Hey folks, welcome into the Thinking Crypto Podcast, your home
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for cryptocurrency news and interviews. I'm your host, Tony Edward.
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On your way in, please hit that subscribe button as
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well as the thumbs up button and leave a comment below.
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If you're listening on a podcast platform such as Spotify
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or Apple, please be sure to follow and leave a
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five-star rating. Okay, folks, let's start with the price of
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Bitcoin because Bitcoin continues to chop. It's still moving sideways.
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We're waiting for that breakout to $ 90, 000. And it might
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come this week. Here's why. We have a bull flag
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forming on the charts here. And similar to the bull
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flag that was setting up in September before that, move
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up to 86 000 the same thing is happening here
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and of course the anticipated price point is 90 to
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92k we'll see how high we go many analysts are
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calling for this now of course it's not guaranteed we're
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talking probabilities here so i believe there is a high
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probability of this going up to $ 92, 000 before we see
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a significant pullback, maybe down to the $ 72, 000 range. And
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this could be the end-of-year correction that we typically see,
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where you have the Santa rally into Christmas, and then
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a significant pullback into January, and then the markets start
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picking up again. We've seen this time and time again. Now,
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as mentioned, not guaranteed, but we're talking probabilities, and I
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believe this is the higher probability of playing out. And
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of course, the confirmation of that or the validation of
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that is the higher time frame. The Bitcoin weekly chart
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still looks very bullish with the bulls in full control
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per the MACD. You have the bullish divergence still playing out.
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The RSI is not in the overbought zone. So there's
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room to run here, guys. So Bitcoin, though we are
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seeing at the moment a bit of an uptick, but
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we have to see what the rest of the week
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brings us because right now we're at $ 82, 472. So patience
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is the key here. Maybe this is the week. If not,
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the following week. But keep an eye on the charts
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this week, guys, and I'll be sure to give you
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the updates. But I think we are going to move higher.
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And how high? That's the question. You know, 90 to
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92K or possibly some people are saying 100K, but I'm
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going to lead more to the conservative side and say
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90 to 92K. So let's see what happens this week. Now,
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let's jump into some crypto news. $ 13 trillion Charles Schwab
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fully launches Bitcoin and Ethereum trading to its 40 million
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eligible retail clients. So they've been rolling this out in
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a phased approach. So now they have fully rolled it out, guys.
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So the on-ramps being set up by Wall Street and TradFi,
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Charles Schwab, been around for a long time. If you
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guys recall, I interviewed the head of digital assets at
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Charles Schwab earlier this year, and they're going all in.
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So all the firms on Wall Street are in a
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race right now to integrate crypto, have a digital asset strategy,
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build crypto products, even launch tokenized stocks and more. So
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very bullish. Now look at this Germany's largest bank Deutsche
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bank to launch crypto custody. So across the globe, we
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are seeing massive institutions, stock exchanges, banks, asset managers, and
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more are launching crypto services. So the rapid growth of
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the digital asset economy, including hundreds of billions of dollars
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held in stable coins. is driving the bank's plans. Gerald Podelnik,
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co-head of Deutsche Bank's corporate bank, told Reuters in a
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Friday report, Podelnik added that the move is part of
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Deutsche Bank's goals to achieve compound annual growth of 8%
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in corporate banking by 2028. The bank's custody service will
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initially support Bitcoin, Ethereum, and select stablecoins, including Circles USDC, EURC,
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and AllUnity EUR, according to a September 16th press release.
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So this is really big, folks. The banks are launching
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crypto services. What a time to be alive. Moving ahead,
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Japan's three largest banks successfully complete their first international crypto
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stablecoin payment test. So let me give you the details here.
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This included Mizuho Bank, MUFG Bank, and SMBC. So they
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announced that they have successfully completed a trial of their
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jointly developed Yen Peg stablecoin for cross-border payments. So again,
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these banks are building crypto services. They're taking the blockchain
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technology and launching their own private blockchains, stablecoins, and tokenization.
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So this is incredible adoption news. So the trial ran
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for a week between the 17th and 23rd of July,
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done in collaboration with Japanese tech firm TISI and Mitsubishi
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UFJ Trust and Banking Corporation. The coin was set up
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under Japan's Payment Services Act, a comprehensive guide for stablecoin regulation,
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with the three banks acting together as the principal trustees,
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also known as the issuers. So folks, As we've been
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talking about for a long time, I've been saying it
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for years, the future capital markets, economies, and governments will
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all run on blockchain rails. Whether that be assets tokenized,
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stable coins, blockchain moving data, and securing contracts, and much,
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much more, they're going to put it all on blockchain rails.
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And this is no longer a concept, folks. They are
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building the infrastructure now, getting ready for that new financial system,
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that new economy, folks. Now, folks, quick word from our sponsor.
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will be in the description. All right, moving ahead. Goldman Sachs,
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Wells Fargo, Morgan Stanley see tokenization as a growth play,
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not a threat. The largest banks in the world are
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eyeing new trading opportunities, speeding up payments and markets. a
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role for advisors as tokenization takes root in Wall Street.
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So just recently we heard about Morgan Stanley. They're going
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to launch their tokenized securities in H1 of 2027. They
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also recently launched a digital asset lab where they're going
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to be testing blockchain and doing a lot of different things.
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So again, all of Wall Street, they are getting involved
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here and they're not against the technology. They're for it.
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They all have the game plan, I've been saying. I
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think at Davos, the world leaders, they discuss these things.
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The IMF is on board, the BIS, and again, moving
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us to the new financial system. So for Goldman Sachs,
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it's all about trading. CEO David Solomon was asked whether tokenization, DeFi,
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and prediction markets would eat into the firm's trading revenue.
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His answer was that they might do the opposite. Solomon
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pointed to the shift toward electronic stock trading almost 50
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years ago, which once raised similar concerns about the future
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of Wall Street's trading desk. Goldman adapted to that change
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and its equities business grew. Tokenization, he said, could follow
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a similar path. Here's a quote. The developments are obviously
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creating more products, greater activity, potentially new clients, broader distribution channels,
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he said on Tuesday call with analysts. Now, we've talked
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about this. They want to put the assets on chain
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because then they can distribute it more globally. Because by
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tokenizing it, you're able to make it a truly global
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asset because it's running on the blockchain 24-7, 365 with
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instant settlement, more transparency, right? There's no need for T
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plus one, T plus two settlement. It's atomic settlement that's happening.
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And you can distribute it to people who couldn't access
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the asset class before. So that brings in more revenue,
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more buyers of the asset, right? And you can put
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a lot of assets to work because tokenized version is
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a representation of an asset. Let's say that's sitting in
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a vault or some major custodian. You could actually put
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it to work and create a market around it. And
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these are things that never existed before. It was impossible
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before blockchain tech. So that's why these guys, they're not
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bearish and not worried about it. because they're going to
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be able to get more fees and more distribution of
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their products. And I think a lot of people are
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missing that. So that's why you're seeing the race happening
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amongst Wall Street right now to get these assets on chain. Now,
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not everybody's a fan of this, because look at this news.
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Nine companies, including CoreWeave, Broadcom, Verizon, and UnitedHealth, have objected
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to tokenized versions of their shares today. trading on the
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OKX Ice, which is Intercontinental Exchange, the parent company of
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the New York Stock Exchange. They just did a joint venture.
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The NASDAQ also says it will opt out of having
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its own shares tokenized under the SEC framework. So remember
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that the SEC provided the tokenization exemption. And remember that AMC,
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their CEO, has been calling out Robinhood saying, we don't
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want our shares tokenized. It's unfair and much more. Now,
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I do believe they have a valid complaint here because
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I don't think the government, which they haven't passed the
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Clarity Act and the agencies have not brought the two together,
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essentially these companies and the firms that are issuing the
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tokenized versions to come to an agreement. Because there are
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questions out there. If I own a tokenized version of,
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let's say, Tesla or Apple, do I have the same
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rights as the traditional stockholder? I don't think anybody has
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answered that, right? Do I have the voting rights? What happens?
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So I understand where these companies are coming from. And
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we need to figure it out. We absolutely need to
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figure it out. So I don't think they're completely off
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base here. And I think that's where the folks like
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the SEC and even other agencies are They need to
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form some sort of association, bring these companies together, explain
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what's happening and figure out the differences, right? Can any
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stock be tokenized without the company's approval or their buying
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in certain ways? You know, can certain rights be transferred?
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These are things we have not sorted out yet. And
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I think they will sort it out, but something needs
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to happen to bring these folks together, bridge the connection.
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because we're going to have more companies coming and say,
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we don't want this. And again, I understand their perspective,
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and they may not be fully educated about the benefits
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to their company and much more. But I don't think
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anybody has answered the question again about the rights and
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all these things and what's going to happen. So we
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got to figure it out. Okay, moving ahead, Coinbase to
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power stable coin backed cards by Marketo customers. Coinbase will
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handle custody and currency conversion while Marketo manages card issuing
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and payment processing. So Coinbase continues to do a great
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job of building infrastructure and connections with TradFi folks, especially banks.
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They're doing some incredible infrastructure work. So payments technology company
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Markete is expanding a six-year partnership with Coinbase to let
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businesses offer payment cards funded by customer stablecoin holdings. So
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as stablecoins become more prominent and people, for example, put
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their money into stablecoins to earn a higher yield or
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move money faster and cheaper cross-border, they may want to
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spend that. And I think there's going to be a
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lot of credit cards and payment cards powered by this technology,
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and Coinbase is helping folks to do that. So this
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is all good for the adoption of the technology. So
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in a Friday release, Coinbase says it will hold the
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stablecoins and handle the conversions between digital and traditional currencies.
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That leaves Marketo to handle issuing the cards and processing payments.
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Coinbase's base blockchain will provide the on-chain settlement infrastructure. So
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this is very beneficial to their Ethereum layer 2 call base.
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The service is aimed at Marketa's business customers, which include
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both crypto and traditional companies. Cardholders will be able to
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spend their stablecoins with the millions of merchants that accept cards,
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while businesses can fund their card programs 24-7, the company said.
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Huge infrastructure being set up here for the future adoption
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of crypto, folks. Now, speaking of stablecoins, Visa moves stablecoin
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cross-border payments from pilot to commercial deployment via Visa Direct
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with Inyo Global, the first enabler, letting businesses pre-fund global
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payouts with USDC in near real-time across Europe. 180 plus countries. Now,
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just this week, MasterCard launched a platform. So these guys
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are in a race here, which is great. Again, all
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great for crypto. And it's all beneficial for the consumer
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because you get the best out of these companies, the
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best service. So amazing the names that are involved here
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building folks. And now speaking of USDC, Circle, the issuer
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of USDC, targets 40 new markets as stablecoin demand grows globally.
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The stablecoin issuer's CEO Jeremy Allaire told Reuters demand for
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digital dollars is growing across Asia, Africa, and Latin America.
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Here's a quote from Jeremy. We're kind of going through
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an inflection point, a transition right now. That transition is
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essentially moving from the early adopter phase of blockchain technology
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into the mainstream scaling phase. So he's right. It's not
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just stable coins, but it's happening on multiple fronts, tokenization,
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crypto trading and custody and more. So there's a geopolitical
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layer to this. And, you know, the U.S. government is
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backing this and pushing it like get our U.S. dollar
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back stable coins out there. Because why? These stable coin issuers,
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because of the genius act that was passed, that's law.
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They have to back their reserves with treasury bonds, right?
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The debt. And that, of course, helps to boost the U.S.
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dollar and the U.S. economy because they can issue and
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print more currency, right? Again, geopolitical layer to this economic
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layer as well. So don't be surprised if Circle just
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becomes this massive company. It's why I've grabbed some of
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their stock. Not financial advice, but when that stock crashed
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down from the IPO, I bought and I'm up right
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now because the stock is up a bit. But nevertheless,
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I am a Circle stockholder. I also have the USDC
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stablecoin set up where I'm earning yield on that on,
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for example, like Coinbase. And I believe they're going to
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be the leader here because they have worked with the
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regulators and they're now partnered with BlackRock and other big
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distributors of the stablecoin. So I see Circle doing really well.
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Final news item here at the White House, crypto policy
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vacancy looms large. So the departure of President Trump's crypto advisor,
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Patrick Witt, leaves the digital assets office vacant and its
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policy aims uncertain. So, folks, member Patrick Witt was supposed
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to leave earlier this year. He was hoping to have
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the Clarity Act passed. Unfortunately, that didn't happen. They got
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really close, obviously. But his tenure was set to expire
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at the beginning of the year, or I should say beginning,
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but almost near the middle. He extended it to try
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to get it done. But with him gone, and then
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the other
folks who were working with him gone, nobody's
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leading crypto policies. So this may not bode well for
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the Clarity Act potentially passing after the midterm elections. So
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We have a big gap here. Let's see what the
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Trump administration comes up with. But we know the regulatory
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agencies like the SEC, CFTC, and more are providing the guidance.
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But we got to get that bill passed before President
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Trump leaves office because there is the risk of an
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anti-crypto president or administration coming in and they'd roll some
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of these things back. Now, do I think they will?
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I don't think so. Here's why. Right. If you step
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away from crypto for a second and you see that
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all the banks, all the stock exchanges, all the asset managers,
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the largest ones like BlackRock, Fidelity and so forth are
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tokenizing and using blockchain tech, it's going to be hard
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for another administration to come roll it back because. Remember,
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these firms, they make campaign donations, right? So it will
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be hard for someone to do it, but nevertheless, just
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to eliminate that risk, mitigate that risk, you want to
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have this bill passed, right? Obviously, Patrick did some great work. Look,
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we got the Genius Act passed. The Clarity Act made
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it through the House under Fit 21. It made it
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through the Senate Banking Committee. It just couldn't make it
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through that final hurdle. And look, politics got in the way. Obviously,
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all Democrats voted no, right? So that was not like
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a Patrick Witt problem, obviously. That was straight up politics
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with the midterm elections and Trump and crypto and more.
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But we'll see what happens, guys. I'm still optimistic, again,
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because the big institutions want it. It's going to happen. Now,
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the worry is that They may, the likes of Jamie
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Dimon and the banking cartel will try to gut the
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bill a bit, you know, trying to kill DeFi, but
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also eliminate stablecoin yield, right, the things they were fighting against.
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before the bill failed to pass so we'll have to
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be vigilant and see what happens but folks that's the
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news let me know what you think leave your thoughts
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and comments below hit the thumbs up button subscribe if
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