Crypto Water Cooler - Bitcoin Conference a Bust? Clarity Act Status, Meta Stablecoin, & Tether's $1 Billion Profit!

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We are in a midterm election year and things are
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going to quickly focus to that where people are not
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going to want to talk about the Claritiacro bigcoin reserve anymore.
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It's going to be how can I win my or
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keep my seat or you know, support this candidate to win.
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You know, the game of politics.
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Is going to get nasty, it's in the news cycle
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is going to go crazy, and crypto will not be
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a high priority.
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Yeah, I'm looking forward to that. It's like I do
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think legislation. I'm looking forward to it being not such
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a topic anymore and just being something that enters into
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this industry so that because regulation at the end of
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the day, I'm sorry it is boring.
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Link will be in the description.
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Hey everyone, welcome into the Thinking Crypto podcast Crypto water
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Cooler series.
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I'm Tony Edward and I'm Amanda Wackcroft and.
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We're going to dive into the latest and greatest crypto
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news that you need to know about.
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Amanda. Good to see you. Happy Friday, you.
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Too, Happy Friday. We made it another week.
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Yeah, right, another week.
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You know.
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Bitcoin is actually up this morning. It's over seventy eight
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thousand dollars. That's a good sign. I don't know how
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long it will last because I feel like we're still
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in the bear market, but it's good to see some green.
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Absolutely, especially coming off the Bitcoin conference. They imagine that that,
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you know, had something to do with it.
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Yeah, there were some interesting announcement announcements coming out of
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the conference. But I'm hearing some not so good things
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about the Bitcoin Las Vegas conference.
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You know, I won't name an I won't give a name,
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but I did.
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I ran into one of the CEOs of an all
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coin project at the airport in Las Vegas. I was
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out in the desert as I was not at the conference,
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but he was saying it was a bit of a
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low turnout, not as exciting.
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You know.
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He gave an example of Eric Trump's speech. There was
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only about sixty people in the room there for that,
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so not really a great turnout.
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Yeah, I think there's a really interesting split happening in
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crypto right now. And you know, not for lack of buzzwords,
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but it really is between signal and noise. And on
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one side you've got a real infrastructure getting built, you know,
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you've got the payments and regulation and institutional rails. And
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on the other side, you've got what I like to
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call conference theater and the hype cycles that feel increasingly
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disconnected from reality. You know, And I tweeted this morning,
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I mean the general admission to go to this conference
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was six p ninety nine. Now I doubt most of
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the masses are doing that because it doesn't get you
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access to certain panels or meeting people. So you're paying
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that next tier is twenty one hundred a ticket. I
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don't know who can afford.
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This, Yeah, especially in today's economy, and not to mention
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we are in a bear market. There's not much excitement,
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and I don't think a lot of people are profit
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right now.
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I think a lot of people are in the red.
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And you know, those ticket prices, they just seem like
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they're catering for maybe institutional folks. So it's no longer
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about the average Joe getting access to bitcoin. It feels
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like it's become this exclusive club.
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It sure does, and it's you know, as a capitalist,
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I understand that your influencers who are there, your sponsors
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who are there, they're contracted to do it, and they're
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doing a job and they're getting paid to be there.
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And I think that's where it's extremely important to differentiate
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between who's actually there because it's their job, and who's
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who's there to actually learn a network. Because I don't
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think a lot was taken out from a substance perspective
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from this conference. I was watching a lot of the
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reshared posts, even from Eric Trump, and it's a lot
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of recycled talking points that simply if you're living in
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crypto Twitter, you're kind of you're already hearing these things.
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Yeah, to your point, there's doesn't seem to be anything new.
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While we got it up date from let's say Patrick Witt,
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the White House crypto advisor, that there may be some
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significant news coming in the near term regarding the strategic
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Bigcoin Reserve. We've been hearing that for months, right, We've
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been hearing all these things. It's coming, it's coming, and
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there's nothing new like why do I need to go
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to the bigcoin conference. Maybe if I'm brand new to crypto,
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I may want to go, but it's still the prices
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are very high.
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But if I already own some bigcoin, there's not reason.
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There's not a reason for me to go.
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No.
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And that's and remember too, like I'm just I'm mentioning
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the ticket prices. You know, I'm leaving out the fact
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that you have to get a hotel, you have to
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get airfare, and let's say oil prices are through the
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roof because of our involvement in Iran right now, So
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I really, on average on the low end, you're talking
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about the average person spending roughly seven to eight grand
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just to be there. And then again, what are you
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getting out of it? You've got Tim Draper on the floor,
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who I saw was in a lot of selfies with people.
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And again there's also the origin story of bitcoin being
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the decent centralized peer to peer network. I realized it's
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matured much more and we have the you know, convergence
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of trad fine now, but I think that's where the
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conference needs to shift with that, you know, Fintech Week
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in New York was also this week, and I feel
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like it was completely overshadowed by the hype of bitcoin.
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But meanwhile, Fintech Week had more substance. There were more
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institutional players on the ground at that conference, and most
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of their side events were free simply through an our SVPs.
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So I think we really need to navigate what we
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should be paying attention. But I also think that the
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silver lining of all of this is I think it
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goes to prove that the space is maturing because the
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Vegas conference and the big you know people are no
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longer convening at these types of places.
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That's spot on, and some of the fintech event side
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shows and after events and so forth.
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I got invites to them.
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They it wouldn't have cost me anything to go to them,
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Unfortunately I was traveling.
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But to your point, things have shifted.
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There is much more of a crowdsourcing and focus on
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the building that's happening on Wall Street. And guess what,
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the Wall Street folks and not really attending bitcoin at
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Las Vegas, right, They're gonna be having their own uh
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summits and uh maybe on a more intimate level. And
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to your point, there's substance, there's talks of what they're
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building and Atlas Bigcoin Las Vegas. I don't think there's
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any talks about building. It's just hey, bigcoin's great, big
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coins the story value. But like you said, we've seen
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and heard that before.
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Yeah. Yeah.
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And somebody who I really respect and follow on to
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Haley Lennon, you know, she was she was going on
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about where I'm tired of bitcoin being this this flagship
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conference being in Vegas. I think there's also that as well,
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where uh again, we're trying to legitimize this, this asset
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being so speculative for so many years to the masses.
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I don't think it's a it's prudent to do it
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at the one of the biggest casino cities in this country.
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That's such a great point, like we're trying to get
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away from the cas you know, mindset right right, and
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that this is a mature asset that you can hold
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in your portfolio long term, maybe towards your retirement, treated
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as gold, not go through it on black or red.
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Amanda, Yeah, that's what we're doing.
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Yeah, but I agree with you.
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I think the one thing that came out of well
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two things, I think Patrick Witt, which I know we've
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heard before, but also Senator Loomis, who is saying we're
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close to a mid May markup. You know, what are
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your thoughts on that, because I know she's also been
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tweeting that a lot.
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Yeah, and that's kind of annoying, even though I appreciate
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Senator Lumbus and the work she's done, but constantly saying
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the same thing over and over. But well, we're not
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seeing the actual action, so to speak. Right the rubbers
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not hitting the road here. So I don't know what
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is happening in DC right now. We're hearing we're close
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to compromise with the banks on the staplecorn yield situation,
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which is holding up the Claritiac.
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There's talks of.
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Oh, we're going to have a draft out and we're
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going to start the mark up, and then that gets delayed.
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So I don't know what is happening. I'm seeing tweets,
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I'm seeing people make statements, but there's no action. There's
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no uh, nothing coming to fruition.
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No. And then you have Brad Garlinghouse who comes at
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the at the tail end of this thing, and there
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was the XRP convention at the tail end of a
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bitcoin the Bitcoin conference, and and he's he's saying this
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we've lost We've lost the opportunity or windows over. So
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it's it's yeah, it's weird to see this divide amongst
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you know, all very intelligent, powerful leaders, and so I
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don't know what to.
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Make of it.
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Yeah, it's it's really frustrating, and my hope. Look, there
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is a little bit of time because you and I
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spoke to Patrick Witt at this Swana policy summit where
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he said, look, I think the latest is by the
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August recess, so we do have some time.
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But it's not looking good, Amanda.
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Like my confidence level is also dropping, Like we keep
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saying hearing the same thing over and over, but nothing's
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happening right.
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And it's to me, you know, I kind of laugh, like,
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are do people show up to bitcoin the Bitcoin conference
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and Senator Lummis uh, you know, gets up on stage saying,
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all right, guys, it's not gonna happen in May. What
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is she I think she has to to advocate for
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it or champion it in some way other way. I
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don't see the alternative happening, So I do. I am
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concerned that this won't happen this year.
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Yeah, it's gonna be tough. I am curious. You know,
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Patrick Wood didn't mention about the Strategic Bitcoin Reserve. I
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want to. I'm really curious what that might be.
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You know, are they going to figure out a revenue
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neutral way to buy bitcoin?
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Although I feel the Clarity Act is more.
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Important than the Strategic Bitcoin Reserve because President Trump signed
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the executive order, they are taking all the bitcoin confiscated
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by the different government agencies and putting it into that reserve.
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But everybody wants to know, hey, are you going to
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start buying?
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And I think that's that would be a huge catalyst
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and drive a lot of fomo. But I'm also not
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optimistic about that. If we can get the Clarity Act
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through that, you know, Congress is going to be like, yeah,
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go buy bitcoin.
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Yeah, it's you know, and it would be if this
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is true.
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It's a massive narrative shift, but it's it, and it
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does mirror how the government treats gold reserves, energy reserves.
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But we have to be realized as to your point,
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we've heard these big announcements coming before in crypto and policy.
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So while I think the market is cautiously optimistic, we
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can't just you know, the idea isn't crazy anymore.
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I think that's the shift.
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A few years ago this would have sounded absolutely insane.
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But so I am optimistic in that sense. I just
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don't know how the timeline of this, you know, clarity
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seems to be contingent on a lot of this happening.
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Yeah, and then you know, we are in a midterm
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election year and things are going to quickly focus to
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that where people are not going to want to talk
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about the Clarity, Acro, Bigcoin Reserve anymore. It's going to
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be how can I win my or keep my seat
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or you know, support this candidate to win.
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You know, the game of politics is going to get nasty.
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It's the news cycle is going to go crazy, and
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crypto will not be a high priority.
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Yeah, I'm looking forward to that.
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It's like I do think legislation, I'm looking forward to
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it being not such a topic anymore and just being
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something that enters into this industry. So that because regulation,
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at the end of the day, I'm sorry, it is boring,
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but until it unlocks trillions in capital and now we're
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incentivizing innovation and we're bringing it all here into this country.
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Yeah, we got to get it done.
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But and then to your point, I am also getting
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tired of it, and I wish we can get it
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done and just move forward and just get to building
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and innovation and creating jobs and new companies and like
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you said, bringing some of those companies back to.
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The US at luck.
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Yeah exactly.
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Now, speaking of companies that are building Amanda Tether, I mean,
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they just released their Q one twenty six attestation. Over
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one billion dollars in revenue. If I'm not missing our profit,
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let me just able check here. Yeah, net profits over
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one billion dollars in net off. It's for Q one
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twenty twenty six.
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They're doing acquisitions and much more. This company is going
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to bananas mad.
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Yeah.
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I mean this is again back to my point of
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well everyone's arguing about bitcoin narratives. You know here again
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signal versus noise. Tether is quietly becoming one of the
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most important financial institutions in the world. I actually was
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on the phone yesterday with my friend who's an MD
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at Canna Fitzgerald.
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They just partnered with Tether and.
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I did not know that, which makes them extremely marketable
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for IPOs and capital raises for portfolio clients and potentials.
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But you know, they're expanding beyond just USDT, so they're
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acting essentially like a shadow bank, and I think that's brilliant.
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Yeah, it's fascinating. You know, there's usually a lot of
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flood around Tether that has been for many years. Look,
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I want to make sure i'm fair because I interviewed
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some of the co founders of Tether back in the day.
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I don't think there the ship was in the right place.
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But they've I think, you know, cleaned up their books
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and everything is copaesetic now and while there's people still
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focusing on fud, this company continues to build that one
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of the most profitable companies in the world. They're doing
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a lot of investments now, there's talks of them proposing
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a merger with twenty one Capital. They're investing in AHI,
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they're doing tokenization of gold. It's amazing what Teather has become.
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And you know, do they even need to go public
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with the amount of money they're working.
331
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Yeah, it's so funny that you say that.
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I feel like the IPO has almost lost its luster
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a little bit. You know, IPOs are happening so and
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I think that was being pushed largely again to legitimize
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this industry, and I don't know exactly the whole the
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vetting process of going public, but it does seem to
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be at a rapid rate where it's it's losing it's Yeah,
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I don't think it's at what it once was.
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Yeah, and I'm curious, you know why that is. I
340
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don't know.
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People are a little bit jaded. It's also economic. You know,
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we're not in a great economic position where people have
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extra money to invest right or they're feeling very optimistic,
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Oh you know what, I'm going to go out and
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invest in this company to go in public. There's not
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that fervor, there's not that excitement. Again, we reference on
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the economic situation. So maybe in the cyclical aspect of
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markets in the economy, once we're back in a better
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place as an economy and there's more companies going public,
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people will get more excited. But also to your point,
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I don't know if there's an underlying jadedness here that hey,
352
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ibl is who cares?
353
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Yeah, I hope that changes too.
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And I agree the economy, you know, and again going
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back to the Bitcoin conference and really just the opinions
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on a lot. Right now, we have a new administration
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where there's also now a divide, but you have a
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lot more innovation things being built that they could not
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have otherwise done under the previous administration, or I think
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even if we had Kamala Harris come in as president.
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So while we should be very grateful for those things,
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there's also a foundation, you know, economically that we I
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think we had to almost break apart to build back.
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And I'm hopeful and I have to remain hopeful. I
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think you and I both tony as parents for the future,
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you know that we're raising our children in that this
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does get better.
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Oh yeah, absolutely, And I reference that you know it's cyclical,
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so I don't While people get sometimes distracted by politics
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and this side versus this side, there are certain things
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that no party can control because it's the cyclical nature.
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Money printing, right and having to fight the inflation after
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you printed records amount of capital dollars and so forth.
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So I think we're going through that right now that
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no one president, regardless it was Kamala Harris or President Trump,
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could actually change that. That is not something that is
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usually broadcast in the mainstream. A lot of people actually
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don't know how the economic and money system works. I
379
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always say if people knew what was happening at the FED,
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they would probably riot around the Federal Reserve building. That
381
00:18:02.440 --> 00:18:05.160
I'm not telling people to do that, so Federal Reserve
382
00:18:05.240 --> 00:18:06.920
people of that, I don't want any in trouble. But
383
00:18:07.240 --> 00:18:09.920
if they understood what was happening to their currency and
384
00:18:10.319 --> 00:18:14.119
the impact that has, they would probably be really really
385
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upset about the FED. But they you know, there's the
386
00:18:17.400 --> 00:18:20.119
Democrats versus Republican and the independent in the middle and
387
00:18:20.759 --> 00:18:22.759
U that's just how the show goes.
388
00:18:23.240 --> 00:18:26.400
Yeah, and the great choice of word the show. You know,
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I think we need an America first party to emerge
390
00:18:29.960 --> 00:18:34.039
after especially as we're seeing new digital currency coming in.
391
00:18:34.480 --> 00:18:36.599
I think with that we need to see new leaders
392
00:18:36.640 --> 00:18:38.079
come in and take the reins.
393
00:18:39.119 --> 00:18:39.440
Yeah.
394
00:18:39.480 --> 00:18:42.359
Absolutely, Look, I'm optimistic that you know will come out
395
00:18:42.359 --> 00:18:46.640
of Look, look, we always have these recessionary periods. It's
396
00:18:46.720 --> 00:18:49.440
just part of how the economy works. Obviously, it's rough
397
00:18:49.519 --> 00:18:51.400
and I'm not saying it's an easy thing to go through,
398
00:18:51.839 --> 00:18:55.319
but it's par for the course. Unfortunately, unless the money
399
00:18:55.319 --> 00:18:58.240
system changes at some point in the future, they're going
400
00:18:58.319 --> 00:18:59.839
to have to keep printing and I think they.
401
00:18:59.759 --> 00:19:00.480
Will rent again.
402
00:19:00.640 --> 00:19:02.640
We'll go to another boom cycle and then we'll go
403
00:19:02.680 --> 00:19:03.759
to another bus cycle.
404
00:19:04.079 --> 00:19:05.480
I think we're going through a bit of a bus
405
00:19:05.559 --> 00:19:07.200
cycle bus cycle right now.
406
00:19:07.759 --> 00:19:12.200
And you know, the the idea of learning or having
407
00:19:12.200 --> 00:19:15.559
financial education is so important now more than ever because
408
00:19:15.880 --> 00:19:18.240
the governments have kind of ran out of options. They
409
00:19:18.319 --> 00:19:21.079
just have to hit the money printer unfortunately. And this
410
00:19:21.119 --> 00:19:23.880
is where you want to hold assets like bitcoining, crypto
411
00:19:24.000 --> 00:19:25.720
and stocks and so forth, so you can help you
412
00:19:25.960 --> 00:19:28.480
help yourself and outpace that the basement.
413
00:19:29.039 --> 00:19:32.240
Yeah, I think those are all very very good points.
414
00:19:32.279 --> 00:19:35.000
And I yeah, I don't I don't want to get
415
00:19:35.000 --> 00:19:37.079
too down that rabbit hole because I want to refrain
416
00:19:37.119 --> 00:19:38.160
from getting too political.
417
00:19:38.319 --> 00:19:40.200
But yeah, and I think those are great points.
418
00:19:41.440 --> 00:19:43.440
So we got to talk about Alex Mshinsky.
419
00:19:43.920 --> 00:19:46.079
Uh, this is this is one and that that's close
420
00:19:46.119 --> 00:19:50.519
to home because I interviewed Alex Mshinsky maybe about eight
421
00:19:50.599 --> 00:19:54.119
times over the past you know, seven years or so.
422
00:19:56.079 --> 00:20:00.480
And what really pissed me off was Alex went on TV,
423
00:20:00.759 --> 00:20:03.759
he went on my show and lie to people and
424
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that now we're hearing there's going to be some sort
425
00:20:06.160 --> 00:20:06.720
of settlement.
426
00:20:07.400 --> 00:20:08.680
You know, what is your take on this?
427
00:20:10.359 --> 00:20:15.160
He's you know, I think it's yeah, he's banned from crypto,
428
00:20:15.559 --> 00:20:17.599
and I think financial penalty. You know, a lot of
429
00:20:17.599 --> 00:20:20.119
people feel this doesn't match the scale of the damage done,
430
00:20:20.119 --> 00:20:23.559
and I have to agree with that. Retail investors lost billions,
431
00:20:24.920 --> 00:20:27.640
and others are arguing, you know, regulators are trying to
432
00:20:27.640 --> 00:20:31.000
set precedent without overreaching. Okay, you know, but I think
433
00:20:31.039 --> 00:20:34.400
the question is is this accountability or is this the
434
00:20:34.400 --> 00:20:36.319
cost of doing business in crypto?
435
00:20:36.680 --> 00:20:36.880
You know?
436
00:20:36.920 --> 00:20:39.079
And I I just don't really.
437
00:20:39.319 --> 00:20:42.480
He did scam a lot of people, and this was
438
00:20:42.519 --> 00:20:45.200
in a crisis, you know, the twenty twenty two crisis
439
00:20:45.279 --> 00:20:47.039
of of.
440
00:20:48.599 --> 00:20:53.960
Was it tetra USD oh a USD?
441
00:20:54.799 --> 00:20:59.160
Yeah, And that's that's I think where this all started happening.
442
00:20:59.200 --> 00:21:01.680
And they throw assets and people were just like, well,
443
00:21:01.680 --> 00:21:04.559
where's my money? And you know, he threw his hands
444
00:21:04.680 --> 00:21:08.920
up to me. I am one that agrees a fine
445
00:21:08.920 --> 00:21:11.759
and a band from crypto. This guy probably has crypto
446
00:21:11.839 --> 00:21:15.039
hidden in offshore account you know where he'll just go
447
00:21:15.160 --> 00:21:15.480
live out.
448
00:21:15.519 --> 00:21:17.319
The rest of his day is scott free.
449
00:21:17.440 --> 00:21:21.480
And this industry is so niche such that Alex Mashinski
450
00:21:21.559 --> 00:21:25.279
can walk outside and probably most of most people won't
451
00:21:25.279 --> 00:21:27.839
know who he is. You know, if you're in the spate,
452
00:21:27.920 --> 00:21:30.279
you're a native crypto person, you would know who he is.
453
00:21:30.759 --> 00:21:32.680
But otherwise I think he'll just live on. And I
454
00:21:32.720 --> 00:21:34.720
think that's where people are upset.
455
00:21:35.279 --> 00:21:37.920
Yeah, and I'm one of the punishment does not fit
456
00:21:37.960 --> 00:21:40.519
the crime. He should be and sometime in jail. Look,
457
00:21:40.640 --> 00:21:43.839
Sam Beckmanfried is in jail, rightfully, So Alice Mashinski should
458
00:21:43.839 --> 00:21:45.799
also be in jail. Maybe not the same level of
459
00:21:45.839 --> 00:21:48.720
sentencing and you know, term and so forth, but he
460
00:21:48.759 --> 00:21:50.480
should spend some time in jail because, like.
461
00:21:50.440 --> 00:21:52.119
I said, he willingly.
462
00:21:53.079 --> 00:21:55.640
He knew things were not right, and he had a
463
00:21:55.680 --> 00:21:57.079
kind of a bit of a ponzi running and he
464
00:21:57.119 --> 00:21:58.079
would come on, oh, yeah.
465
00:21:57.920 --> 00:21:59.759
It's fine, put your money and you're going to earn
466
00:22:00.480 --> 00:22:01.279
and all these things.
467
00:22:02.240 --> 00:22:06.359
And also I believe when they were about to collapse,
468
00:22:06.480 --> 00:22:09.079
him and some of the other executives started cashing out.
469
00:22:09.559 --> 00:22:11.519
Come on, man, you gotta go to jail for that,
470
00:22:11.519 --> 00:22:12.119
that's right.
471
00:22:12.240 --> 00:22:13.319
And I'm shocked.
472
00:22:13.359 --> 00:22:15.519
I mean, he must have very good attorneys or some
473
00:22:15.559 --> 00:22:17.480
I'm like, how did this guy get off so easy?
474
00:22:17.759 --> 00:22:21.000
I really don't understand that. And he was of that
475
00:22:21.559 --> 00:22:25.319
campaign narrative of unbanked the banked, you know, that was
476
00:22:25.359 --> 00:22:28.440
the Celsius network and launching the token, and and I
477
00:22:28.440 --> 00:22:31.799
think it's really like you look to now and it's
478
00:22:31.920 --> 00:22:34.119
really like where as a publicist, you know, where it
479
00:22:34.240 --> 00:22:36.759
used to be the launches of these huge these token
480
00:22:36.839 --> 00:22:40.599
launches and press releases for announcements, you're seeing now even
481
00:22:40.599 --> 00:22:45.240
with Tether, the people that are actually making an impact,
482
00:22:45.480 --> 00:22:49.079
it's very quiet. It's not an announcement anymore. It's not
483
00:22:49.119 --> 00:22:51.559
a token launch. And I'm very happy about that because
484
00:22:51.599 --> 00:22:54.720
obviously we've seen time and time again you're most corrupt
485
00:22:54.799 --> 00:22:55.759
and you're most fraudulent.
486
00:22:55.799 --> 00:22:58.599
They're the loudest, they are so loud.
487
00:22:58.640 --> 00:23:01.279
And they're getting create there on every you know you too,
488
00:23:01.359 --> 00:23:04.480
simply because they're they're getting this momentum, and it doesn't
489
00:23:04.480 --> 00:23:08.039
always mean there's legitimacy behind that token and that company.
490
00:23:09.480 --> 00:23:10.319
Yeah, it's funny.
491
00:23:11.559 --> 00:23:14.160
We saw this playout, as you said in twenty twenty
492
00:23:14.200 --> 00:23:17.839
two FTX very loud, very big, right, seems like, oh
493
00:23:17.880 --> 00:23:20.119
my god, they're gonna take over the world, But lots
494
00:23:20.119 --> 00:23:22.880
of bad things happening in the background. Als Maschinski promoting
495
00:23:22.920 --> 00:23:25.799
Celsius like crazy, remember him, I Peter Schiff had the
496
00:23:25.880 --> 00:23:29.240
debate and he was lying through his teeth.
497
00:23:29.279 --> 00:23:30.880
Man, it was so bad.
498
00:23:31.160 --> 00:23:34.400
And then of course Tara Luna, right, Luna's gonna think
499
00:23:34.440 --> 00:23:36.960
of the world. You know, the token was going crazy
500
00:23:37.000 --> 00:23:40.039
and then we know what happened after that. So to
501
00:23:40.079 --> 00:23:43.200
your point, a lot of the successful companies are.
502
00:23:43.039 --> 00:23:45.200
Not out there being loud.
503
00:23:45.319 --> 00:23:48.039
They're actually building and then when they have a product
504
00:23:48.039 --> 00:23:50.119
that's ready to go to production, they'll come out and
505
00:23:50.119 --> 00:23:50.799
tell the public.
506
00:23:51.119 --> 00:23:54.720
Yeah, I think part of this convergence TRADFI and crypto,
507
00:23:54.799 --> 00:23:56.960
like we always discussed, you know, that's just it. Tratfi
508
00:23:57.119 --> 00:24:00.279
has the reputation, it has the credibility that crypto is
509
00:24:00.839 --> 00:24:03.839
slowly trying to grasp right now because of the compliance,
510
00:24:03.920 --> 00:24:07.240
because of the regulation. You know, these conferences that Tradify
511
00:24:08.240 --> 00:24:11.720
and these institutions have been doing for decades. They're free,
512
00:24:12.039 --> 00:24:15.200
they're and they're small, but there are huge turnouts where
513
00:24:15.200 --> 00:24:18.000
they are sold out and they're turning people away and
514
00:24:18.039 --> 00:24:21.119
you don't hear about them, but they're they're on the ground, they're.
515
00:24:20.960 --> 00:24:22.039
Convening at these places.
516
00:24:22.079 --> 00:24:24.400
And so I think crypto needs to kind of get
517
00:24:24.400 --> 00:24:26.640
the ball rolling in that's in a similar direction.
518
00:24:27.960 --> 00:24:31.640
Oh absolutely, Yeah, there's still a bit of maturing that
519
00:24:31.720 --> 00:24:35.920
needs to happen growing up right from that perspective, and
520
00:24:36.119 --> 00:24:39.440
you know you mentioned earlier it shouldn't happen in Las Vegas.
521
00:24:41.480 --> 00:24:47.160
No, but you know, speaking of the building, Amanda, you
522
00:24:47.200 --> 00:24:51.920
know that these institutions are doing. Meta launched a USD
523
00:24:52.039 --> 00:24:55.599
staple coin USDC excuse me, staple coin payouts to creators
524
00:24:55.720 --> 00:24:59.839
via stripe on the Solana and Polygon blockchains. Specifically, it
525
00:24:59.880 --> 00:25:03.519
is a pilot happening in Colombia and Philippines and is
526
00:25:03.559 --> 00:25:07.319
the first crypto payments product since the Libra collapse in
527
00:25:07.359 --> 00:25:10.880
twenty twenty two. I think this is significant. And boy
528
00:25:11.240 --> 00:25:14.759
was Facebook ahead of the curve and now years later day.
529
00:25:14.720 --> 00:25:15.519
Able to do something.
530
00:25:15.839 --> 00:25:18.319
Yeah, he sure was. And what a testament to the time.
531
00:25:18.359 --> 00:25:21.079
You know, when Libra was first created in twenty nineteen,
532
00:25:21.599 --> 00:25:24.279
and this was you know, he was creating just very
533
00:25:24.319 --> 00:25:27.759
fast payments through Messenger or WhatsApp, and it was at
534
00:25:27.799 --> 00:25:30.960
the time the government was very concerned that he was
535
00:25:31.000 --> 00:25:33.599
creating this private global currency. And I remember that was
536
00:25:33.599 --> 00:25:35.839
backed by Visa, that was backed by PayPal. I mean,
537
00:25:35.880 --> 00:25:38.680
he had huge players. But the government came in and
538
00:25:38.799 --> 00:25:40.759
was like, wait a second, what is this guy doing so.
539
00:25:40.839 --> 00:25:42.039
He was certainly early.
540
00:25:42.880 --> 00:25:45.160
It was designed as a stable coin, and now he's
541
00:25:45.240 --> 00:25:48.880
kind I wonder what Mark Zuckerberg thinks. Of course, billionaires
542
00:25:48.880 --> 00:25:51.960
have access to a lot more than we do. But
543
00:25:52.160 --> 00:25:56.119
he Yeah, I'm happy he's back in the playing field,
544
00:25:56.119 --> 00:25:59.039
and I hope this time he does it, you know,
545
00:25:59.160 --> 00:25:59.880
with success.
546
00:26:01.240 --> 00:26:04.240
Yeah, And I think the Genius Act passing gives all
547
00:26:04.279 --> 00:26:06.640
these companies the green light and the confidence to go
548
00:26:06.720 --> 00:26:09.720
build and integrate stable coins. What I'm curious about the
549
00:26:09.759 --> 00:26:12.799
Amanda you know, are they just testing at USDC in
550
00:26:12.839 --> 00:26:15.200
this these small markets say let's see how it goes.
551
00:26:16.319 --> 00:26:18.799
But they are building their own stable coin, which I
552
00:26:18.799 --> 00:26:21.000
think would make a lot of sense for them, right,
553
00:26:21.119 --> 00:26:24.480
given me a network that they have with different social
554
00:26:24.519 --> 00:26:27.960
platforms Instagram and so forth, and the amount of users. Boy,
555
00:26:28.000 --> 00:26:29.960
if they launch your own stable point, they can get
556
00:26:30.079 --> 00:26:33.839
mass adoption very quickly. You can be very competitive and
557
00:26:33.920 --> 00:26:36.200
not to mention, you know, gain the benefits of having
558
00:26:36.240 --> 00:26:38.920
a stable coin because you can earn the interest perking it,
559
00:26:39.079 --> 00:26:41.920
you know, the fat and so on and so forth.
560
00:26:42.079 --> 00:26:44.519
Yeah, and it's like we just said, you know, crypto adoption,
561
00:26:44.599 --> 00:26:46.319
it's not going to come from the big launches. It's
562
00:26:46.319 --> 00:26:49.400
going to come from these quiet integrations like this. So
563
00:26:49.440 --> 00:26:51.559
I think it's really smart that the way that they're
564
00:26:51.559 --> 00:26:52.160
approaching this.
565
00:26:53.559 --> 00:26:57.880
Yeah, and I interviewed recently the head of crypto at PayPal,
566
00:26:58.519 --> 00:27:01.000
and you know, one of the things they're doing, they're
567
00:27:01.000 --> 00:27:04.359
working with YouTube where the PayPal stable coin is being
568
00:27:04.799 --> 00:27:06.319
used to pay out to creators.
569
00:27:06.720 --> 00:27:09.200
That's something I actually have to test that myself, but
570
00:27:10.160 --> 00:27:10.720
it looks.
571
00:27:10.519 --> 00:27:13.759
Like they're piloting the creator aspect of it, which makes sense,
572
00:27:13.799 --> 00:27:16.480
you know, because they already they already have the payments
573
00:27:16.559 --> 00:27:19.160
rails going there. And then I can imagine they're going
574
00:27:19.200 --> 00:27:21.759
to open it up to general users on Facebook and
575
00:27:21.799 --> 00:27:24.079
all these different platforms to be able to move money.
576
00:27:24.160 --> 00:27:25.039
So it's going to.
577
00:27:25.039 --> 00:27:27.960
Get really competitive and I'm really really excited to see
578
00:27:27.960 --> 00:27:28.920
how that plays out.
579
00:27:29.240 --> 00:27:29.480
Yeah.
580
00:27:29.519 --> 00:27:32.079
See, that's the that's to me, that's the most important
581
00:27:32.119 --> 00:27:35.279
part of crypto growing is that the community aspect has
582
00:27:35.279 --> 00:27:37.960
to be Nobody needs to say, you know, I'm using
583
00:27:38.000 --> 00:27:40.519
blockchain technology. You know. I always equate it to if
584
00:27:41.160 --> 00:27:44.039
when when Facebook first came around and everybody's logging on
585
00:27:44.079 --> 00:27:46.519
starting their accounts. You know, we're not going into the
586
00:27:46.559 --> 00:27:48.240
tech of it we're not going to the nitty. We're
587
00:27:48.279 --> 00:27:50.559
just using it because it's connecting us to other people,
588
00:27:50.880 --> 00:27:52.319
and the same thing has to happen here.
589
00:27:52.400 --> 00:27:54.559
It should be very user friendly.
590
00:27:54.599 --> 00:27:56.920
It should be easy to you know, people don't even
591
00:27:57.000 --> 00:27:59.960
know they're using blockchain technology. It's the fact that they
592
00:28:00.200 --> 00:28:03.960
it's easy, it's fast, and it's accessible. So I think
593
00:28:04.000 --> 00:28:06.839
the creator economy tapping into that is key.
594
00:28:08.119 --> 00:28:10.039
Yeah, that's a great point.
595
00:28:10.160 --> 00:28:12.279
It has to just be running behind the scenes and
596
00:28:12.319 --> 00:28:15.759
to the average Joe and Jay, it just works. It
597
00:28:15.799 --> 00:28:18.880
offers great benefits, faster, cheaper, and so on and so forth.
598
00:28:19.119 --> 00:28:19.799
But it just works.
599
00:28:19.799 --> 00:28:21.400
They don't need to know it's this state look coin,
600
00:28:21.480 --> 00:28:24.200
it's this blockchain Salona versus Polygon or.
601
00:28:24.279 --> 00:28:26.279
Whatever it is. They don't need to see the how
602
00:28:26.279 --> 00:28:27.200
the sausages made it.
603
00:28:27.319 --> 00:28:29.319
Just it just works, and that's how you're gonna get
604
00:28:29.319 --> 00:28:34.880
mass adoption, exactly. I'm curious to see which other big
605
00:28:34.920 --> 00:28:37.799
companies come out, you know, as we head later into
606
00:28:37.839 --> 00:28:40.680
this year, because as you can imagine, I don't think
607
00:28:40.720 --> 00:28:42.880
Google is going to sit around. I mentioned YouTube before,
608
00:28:42.920 --> 00:28:44.960
and it's owned by Google, but I feel like Google's
609
00:28:44.960 --> 00:28:48.000
cooking out something. They're going to do something more Microsoft
610
00:28:48.000 --> 00:28:50.519
as well. I feel all these guys probably have a
611
00:28:50.559 --> 00:28:54.559
stable coin, tokenization, crypto strategy and one way or the other.
612
00:28:55.079 --> 00:28:57.599
And I'm sure we're going to see more announcements because
613
00:28:57.720 --> 00:28:58.599
you know game theory.
614
00:28:58.720 --> 00:28:59.960
No one wants to get left behind.
615
00:29:00.039 --> 00:29:02.880
Wait a minute, Meta is doing this, yout have we
616
00:29:02.960 --> 00:29:03.599
got to do it too.
617
00:29:03.720 --> 00:29:05.599
No, it's true, and that's the beauty, you know, that's
618
00:29:05.680 --> 00:29:08.200
that's that's what we need. We need competition. We need
619
00:29:08.240 --> 00:29:11.000
healthy competition in this country. We need entrepreneurship, We need
620
00:29:11.039 --> 00:29:14.559
more innovators who know that these big corporations are looking
621
00:29:14.599 --> 00:29:17.920
for those types of entrepreneurs to buy up or somebody
622
00:29:17.920 --> 00:29:19.559
with a good idea that maybe they didn't think of,
623
00:29:19.680 --> 00:29:21.759
Like this is the whole point of capitalist that this
624
00:29:21.880 --> 00:29:23.880
is the positive of capitalism.
625
00:29:23.920 --> 00:29:25.759
So I'm happy to see that that's all coming back.
626
00:29:26.599 --> 00:29:28.839
Oh yeah, and that's why you know we mentioned earlier,
627
00:29:28.839 --> 00:29:31.880
we need that Clarity Act task to have capitalism be
628
00:29:31.960 --> 00:29:34.599
put to work in a greater fashion with crypto, to
629
00:29:34.599 --> 00:29:37.720
create more companies, more jobs, because the technology is not
630
00:29:37.799 --> 00:29:41.640
going away across the globe. All major countries are now
631
00:29:41.680 --> 00:29:44.480
embracing it. They're putting in the rules and the guidelines.
632
00:29:44.480 --> 00:29:47.440
But they're not banning it anymore. Uh, and especially China,
633
00:29:47.559 --> 00:29:49.519
you know, they certainly want to take it as much
634
00:29:49.519 --> 00:29:52.400
advantage of it as possible. And look, they're our biggest
635
00:29:52.400 --> 00:29:54.359
competitor as far as world superpowers.
636
00:29:54.440 --> 00:29:57.559
So yeah, well they had a lot more time than
637
00:29:57.640 --> 00:30:00.319
we did. Unfortunately under Biden we were so restricted did
638
00:30:01.200 --> 00:30:04.119
and a lot of your your crypto minors you know,
639
00:30:04.200 --> 00:30:07.160
went offshore and because they weren't allowed to do it here.
640
00:30:07.559 --> 00:30:10.079
And so as we're bringing this all back, it will.
641
00:30:09.839 --> 00:30:14.200
Take time, but hopefully hopefully we wind up neck and neck,
642
00:30:14.240 --> 00:30:15.279
if not further ahead.
643
00:30:16.559 --> 00:30:20.000
Yeah, and the Clariac would be a big chess move
644
00:30:20.279 --> 00:30:23.200
on the board. And hopefully the next time we meet
645
00:30:23.480 --> 00:30:25.880
and have a water cooler episode.
646
00:30:25.680 --> 00:30:30.079
There's some more positive action, not news, but just action.
647
00:30:31.240 --> 00:30:34.359
We've got we're moving into the market phase now, Yes.
648
00:30:34.519 --> 00:30:37.319
And I appreciate all these senators and what they're doing,
649
00:30:37.359 --> 00:30:40.400
and but enough of the tweets of you know, it's
650
00:30:40.440 --> 00:30:42.920
moving forward, it's gonna you know, get this pat like,
651
00:30:43.039 --> 00:30:45.359
just let's see it happen. Like I think people are
652
00:30:45.400 --> 00:30:48.319
a bit exhausted who've been around of hearing that, like,
653
00:30:48.599 --> 00:30:50.279
let's let's get it done.
654
00:30:50.559 --> 00:30:54.759
Absolutely, Manda great stuff and everyone, we will catch you
655
00:30:54.799 --> 00:30:57.160
in the next episode and as mentioned, hopefully we have
656
00:30:57.599 --> 00:31:01.799
some very actionable news items around the Clarity Act. But
657
00:31:02.279 --> 00:31:04.359
Cryptos here to say the technology is here to stay
658
00:31:04.359 --> 00:31:06.640
and we just got to get through this regulatory piece
659
00:31:07.119 --> 00:31:10.480
and we'll be in a clear runway to start building.
660
00:31:11.000 --> 00:31:26.480
Yeah, catch you next time, everybody. Thanks Tony,