6.4 C
Tuesday, December 6, 2022


I can see it on my okay: it’s not looking pretty out there um forty five thousand six hundred and sixty five, and this is the day where we doing kind of like the last stream for the year, and even though we were all expecting a hundred thousand Dollar bitcoin at the end of the year, and we all thought that Ethereum may get to ten thousand dollars. I think we should take a step back and kind of take a look at what we achieved this year. I mean if you look at bitcoin in the beginning of uh 2021: let’s have a look at where it was. I mean it was about there, so you are talking about a city or 4x or just under a 3x on bitcoin or 2 and a half x on bitcoin. You look at ethereum at the same time.

Frame you’ve got yourself. Let’S quickly look at where ethereum started the year: uh, let’s set around 900

Ethereum, almost at a at a 4x, then you do have other tokens um luna 100x for the year. So yes, we didn’t get our uh hundred thousand dollar bitcoin that we all hope for. We didn’t get the ten thousand dollars, but we must celebrate the fact that we had an unbelievable fantastic year in crypto and we shouldn’t let a few weeks or a few months of weakness overshadow what a great year we had in 2021. But anyway, there are only a few more days left in 2021, so today is actually all about 2022.

and today we’re going to explore all the hottest narratives the hottest topics for 2022. We’Re going to prepare you for everything that you need to know in crypto. In 2022, so it’s going to be probably the most important show that we’ve made this year. It’S also going to be the last show that we’re doing this year. So it’s going to be a big one.

Let’S get this one started. Bro make some money change. Your wife big calls on the old coins for the bull market, height, he’s called by the d champ baby, jean-claude van damme, the banter fam. Could he kick it? Yes, he can.

Can he kick it? Yes, he can told me welcome back. Welcome back, i’m crypto man ryan. I am here all the time twice and three times a day, bringing you crypto, love and crypto wisdom, and together this year we have built the most loyal community in crypto and probably the fastest growing community in crypto. So so so, if you’re new to our channel smash the like button subscribe to our channel, this is the one channel that gives you technicals fundamentals.

Gaming covers everything in crypto, live crypto streaming and we’re building this up to be 24 7 365 by by mid next year. We should be somewhere close to that um. Before we get into the show today, uh. It is the last giveaway that we’re going to be doing the last last last. It’S the last last last giveaway that we’re going to be doing, and that is because monkey ball is launching tomorrow.

We said it is launching tomorrow, but it’s launching tomorrow, as i predicted it’s going to be launching on you know where it’s launching ftx, so it’s launching on ftx tomorrow, and so there are a few more giveaways that we have to do. If you do want it, i don’t want to destroy the show by doing giveaways on the show, and i want to give everyone a chance. So all you need to do is go to my twitter. There is a post on my twitter that says last chance for monkey ball 100 and go to our bbs go to the bbs and there you can enter just drop. Your salina address, we’ll choose three or four more winners and that’ll be the end of giveaways.

For this year, that’s it that will be the end of giveaways for 2021, and this will be, i think, unless something drastic happens on the market. The last show that we’re doing in 2021 – and it’s not the best day to be doing a show, because it’s a blood boss out there on the markets not only on the crypto markets. But if you look at like what’s going on in the markets out there, it’s not pretty almost every market in the world is down and it seems like it’s. A combination of the fair tapering of omicron of just concerns around a slower economy and yeah. That’S bringing it’s bringing the it’s bringing down the markets and bitcoin is, you know, i think it’s holding pretty well still around forty six thousand dollars um, but you cannot have bitcoin flying if the rest of the markets are going to continue to go down.

So this is just one of those times where we have to sit back and let the market do its thing and hope that this whole thing turns around speaking of turning around well. I guess the question is whether we can expect a drastic turnaround in 2022 and whether we should or whether we should prepare ourselves for a bear market. Now we all think that there’s going to be a bull market, but we’ll talk about that today, we’ll talk about the hottest trends in 2022. We’Ll talk about some of the successes that we had in 2021 and all of this is done on the back of a report. Now i feel like a schoolboy because that’s the report literally, i printed it out.

It’S 200 pages, it’s 200 pages of reading. Looking i read 200 pages and just when i thought i wasn’t going to do any more shows this year. I read this report and i thought you know if we don’t bring ryan selkiss on and we don’t talk about the hottest trends for 2022 in 2021. Then our entire market is going to be at a disadvantage because we’re going to get into 2022 and then 2022 would have started, and everyone says you know 2021. We expected a hundred thousand dollar bitcoin and everything else, and we didn’t get that we didn’t get the hundred thousand dollar bitcoin, but we got a lot more.

We got nfts where, if in january i would have said to you we’re going to have nfts and nfts are going to take over the world. You would have said to me you’re, absolutely crazy. We got billions of dollars locked into d5, which no one could have expected. We got solana, we got luna, we got luna going to number two in terms of tvl and moving into the top 10 tokens. We have huge.

We’Ve made huge advances on blockchain. We’Ve got institutional adoption, we’ve got bitcoin as the store of value. We’Ve got the smartest money in the world, the smartest venture money in the world all flowing into crypto, and all of this was achieved in 2021. And yes, we can look at the price and we can say: okay. Well, you know we didn’t get the price that we wanted, but i mean we’ve still done a two and a half x on bitcoin we’ve still done four x on ethereum.

We take the market cap uh the total market cap. Let’S look at it from the beginning of 2021, where were we? We were at about 751 billion, we’re in 2.2 trillion. We have bitcoin crossing the trillion dollars.

For the first time we have crypto getting took very close to, and i don’t remember if it actually touched three trillion dollars, but it was very close to three trillion dollars. So we’ve come a long way in in in 2021 and we should celebrate. We should celebrate. Instead of mourning the fact that we’re going through a slight correction, or maybe a slight bearish cycle after what has been an unbelievable unbelievable year in crypto – and i guess the first question that we need to ask is: do we think that this bull run is over? Do we think that we’re going into 2022 and we’re going to get a 2019-2020 type long-term correction and then maybe that’s a good place to bring in ryan sulkas who’s, the founder and ceo of masari?

And they are the company that actually wrote this and we’re going to go through this today, we’re going to talk about all the trends and narratives for 2022

Ryan welcome my friend good to see you man thanks for having me so good to see you guys have been busy man. This is this. Is this is hours and hours and hours of work right about a month a month? What’S that how many people uh? Well, mostly me uh uh, taking the month off and um, but it it kind of builds on a lot of our team’s research throughout the course of the year, but for something this large uh counter-intuitively.

It’S actually much easier to have one person holding pen and tapping in folks on a few different sections. I’D say: yeah, there’s 122 sections um. I wrote about 110 of them cover to cover and then tapped in analysts on our team, like ryan, watkins and wilson and mason and aiden a couple of others for um uh different. You know kind of sub sections, but uh yeah, it’s uh it. It did take.

Basically, the entire month of november, but it’s uh, it’s been a good exercise and good marketing asset for us for the last few years, so gon na keep doing it as long as it pays off i mean i must say that it is so concise. I mean you talk about people, you cover topics and you cover a lot of topics and you cover them in in a huge amount of detail, and you know it looks like it’s 200 pages of reading, but it’s actually not that much. I mean it’s not that little because it references tweets and it references articles and references statements, and so, if you want to do this injustice, you’ve got to do it either. You literally have to read it three or four times i eventually resorted to to highlighting certain parts of it. You know like a schoolboy again, so i actually literally studied the report.

So i’m gon na have a lot of fun. Uh talking to you about this report, but before we get into the report, you’ve been around for a while um you’ve seen bull markets. You’Ve seen bear markets you, you must have developed a thick skin for these type of corrections. Where do you stand in terms of where we are right now in the cycle and reason why i ask, is you know we had this hype around this cycle repeating 2017 and plan b, recalling for the hundred thousand dollar bitcoin and the stock to flow model? Do you think we hit the top of the cycle?

Do you think that this is it? You know i try to stay away from uh directional uh bets when it comes to the the cycles, just because i think, especially in this cycle, there’s so many other external factors at play. Right um, the market in general, has been running so hot we’ve had basically 13 years of of economic growth, with a minor blip for covid. The amount of money that’s been printed is is just absolutely staggering, and yet you know you have this situation. Where rates are going to rise and the fed is has – and i think governments worldwide have to get a grip on inflation, so we’re kind of entering uncharted territories in terms of risk assets and the biggest question is um.

How much is that going to discount kind of growth stocks and with it crypto? Is that going to be a net drag for a while, or are people going to continue to kind of push their way up the risk curve, because uh real returns are still negative? Uh with seven percent inflation, even if the fed you know hike rates to one or two percent, so you know i, i think um everything ties back to how the the general economy is doing and uh and you know on a quarter to quarter basis. I don’t really have a strong opinion. I will say that um.

If you know that was the the high for the cycle, then you know the the bear market is going to be more of like a uh, a legacy. You know stock market bear market versus uh, something like we saw in 2014, 2015 or or 2018 yeah. You know in terms of like 90 plus percent, drawdowns and and a lot of pain and a lot of you know: uh infrastructure companies and teams laying people off or you know not really being sure if they’re going to be able to uh kind of survive. The cycle um, so i think first things. First, that’s a lot different.

If that’s a shallower bull market, then we’ll have a shallower bear market um, but i also think that we can call it a teddy bear market. It’S like a teddy bear. Yeah, it’s it’s! It’S the teddy bear market and you know i think it’s probably uh – on net healthy um, for the cooling off to have happened in this calendar year, because there’s a lot of funds that have been distributing gains. There’S a lot of tax selling.

I think in advance, which is a far cry from what we saw in 2018 and if you think about that, as like a rotation from uh existing uh holders that that gained tremendously uh in 2020, 2021 to new entrants that are starting to kind of build their Positions um then the beginning of next year. You know we we could see a continued uptick but uh again, it’s either a shallow bear market or bull market will commence. I mean i would personally be surprised if we didn’t uh follow the uh, a similar pattern to previous cycles, where there is a blow off top. At some point, we certainly didn’t see anything look like a blow off top on par with with 2013 or 2017

So i don’t want to spend too much time about the macro cycle, because that’s one of those things that you can talk about for for a long time. I think we should rather spend more time on crypto and and let the macro cycle do its thing.

I know that crypto can’t perform if there’s a macro collapse, but i think we’ve got to just um. We got to take into account that the fed probably needs to keep some kind of market momentum, because there’s a lot of money in there and the fed’s not going to do anything stupid, and so this is just an adjustment period. Let’S talk about the report and and let’s start off with bitcoin, so i think we, i think, the one thing that we talked about bitcoin. I think the report started off saying somebody check on peter schiff and uh. It spoke about how you know.

Bitcoin is outperformed, gold and stuff, like that. Do you think that bitcoin is now that 2021 was the year where bitcoin entrenched itself as the digital gold and is now going to continually disrupt gold? I think it’s been on that trajectory for a long time. If you look at the returns of gold over the last few years, it’s basically you know gone nowhere, and you could argue that um. This should be a perfect macro backdrop for for gold to rally and really outperform.

Instead, i think what investors are looking towards is bitcoin and crypto, more generally, as an inflation, hedge and um and paul tudor jones, i think, had the best quote on this last year about bitcoin being the fastest horse in the store value race right so um. If you are long-term bearish on uh, you know government spending levels and and kind of the health of fiat currencies, and you think that inflation is ultimately going to hit the market one way or the other as it has then um you can buy gold, which is The historical store of value – but it’s not actually really performed that well over the course last decade when it should have – or you can bet on something – that’s been much much more volatile but in the long term has been trending aggressively upwards. So i i do think. That’S probably the right comp, the um. The number that people usually triangulate on is the full market cap of gold, which is you know, 11 trillion dollars or what?

But i think the more appropriate uh target is probably the amount of gold that’s held for investment, either by central banks or or uh from professional money managers, and that’s more on par with about that’s close to about six trillion. So if you kind of use those numbers, then the um, the gold to digital gold flipping, would be about 300 000 per bitcoin um. Certainly not you know 100 x left in the bitcoin market uh, which is why i think you’re you’re, seeing bitcoin dominance come down and so much more speculation. Some of these new kind of sectors of web 3

But um, it’s still, you know significant head room and then, if you actually start to win the global thesis of of bitcoin, replacing fiat currencies, uh particularly long tail, fiat currencies and and kind of emerging markets, then um, then things can can get really interesting and we Start to get into like the super cycle territory, but i still think that we’re a few years away from that. Do you think that bitcoin is going to become a currency, and i mean i know you know we’ve been around for a while.

We know the scaling issues we’re also following what’s happening on the lightning network, uh we’re watching the development in el salvador. Do you think that bitcoin is going to be a currency at some point, or do you think that’s going to be in the hands of other things, like i don’t know, luna terra, maybe even a kind of die or something that’s more more rel more created to Be money than a store of value? I think it’s a good question. You know i’d say all three options are imperfect right now. So if you look at who’s most likely to adopt a crypto currency, crypto asset of some kind as a store of value um, and is it a true currency?

It’S going to be a high inflation country or one where the rule of law is um, relatively untrusted or unstable and uh. So you know argentina or turkey, or emerging economies in asia or africa. You know are probably the early places to come to mind. Venezuela um and you basically have three options. You have something like bitcoin, which uh has the most staying power out of all the crypto assets and is still the largest by the significant margin.

You’Ve got um. On the other hand, stable coins which serve a similar function to their local fiat currencies but are actually denominated in us dollars and – and you know, are arguably most people around the world that have uh unstable currencies would prefer a stable currency like the dollar. That’S going to maintain its strength over time, right, um. So then your options are basically uh twofold. You can own coins, which have dollar reserves in some bank and they’re, basically just kind of synthetic assets like usdc or tether um, but those are always kind of subject to you know: seizure risks and uh some degree of of centralization and censorship um over time or You have uh things like dye and uh ust from uh from tara and some of the decentralized alternatives.

Those have their own set of risks which are mostly around you know, bank, run risks and – and you know, protocol run risks. You know, and and these aren’t just theoretical we’ve seen this happen – you know this happened with maker. During the early days of the covet sell-off, we saw a similar, uh, sell-off and, and you know, some potential liquidity issues with tara um in the uh in the may and june time frame this year, uh in terms of like where the reserves were but um. I think the answer to you know whether any crypto, particularly bitcoin, will be a reserve. It just kind of comes back to trust and and how some of these emerging market communities will view uh the volatility of the underlying asset and kind of what trade-offs are they willing to make i’d say you know in the next couple of years.

People might be much more willing to take on bitcoin um, given that it’s been around for 13. You know 15 years. You know, as you kind of extrapolate out, and they might prioritize that over you know owning a us dollar asset that is ultimately going to have some risk. That ties back to the us and usgo politics and is deprecia and is depreciating at the rate of where people at the rate where money is being printed at least um. Let’S talk a little bit about the dominance of bitcoin, so we, you spoke about the dominance and we know that dominance has come down and i think it’s probably on 40 right now as we speak.

But yet you still believe that bitcoin is going to be king. If i read the report correctly, you’re still building believe that there’s no flipping and that bitcoin remains the king in 2022.

What’S your what’s your thinking behind it, you see you’ve seen you’ve seen a year you’ve seen a year where bitcoin started at i mean checking out 70 dominance. It’S not 40. 41.

0. What makes you think that bitcoin is going to be able to hold on to that or hold on to the number one spot? Well, i think it’s basically in a class of its own when it’s competing as a currency or a digital gold replacement. You know you contrast that with ethereum, which i think is equally exciting and um. Ethereum has plenty of competition, not only from other kind of layer, one blockchains because of how high its fees are, but also from other layer, two implementations right so where, where are transactions?

Ultimately, going to be settled, how are uh these communities being incentivized to actually provision and secure block space? Um the uh, the mark, the the dominance of ethereum as a layer, one is declining. You know i i’d say close to as quickly as bitcoin’s dominance overall, but um bitcoin doesn’t really have any monetary competitors right now. So you know we can. We can argue, except for stable coins right and again, that’s why it ties back to the trade-offs that i just mentioned.

So i think um, the you know it’s not necessarily that that bitcoin is so much stronger is going to outperform uh ethereum in the new year. It it’s more that is going to be incredibly difficult, i think for any assets to displace bitcoin just based on its you know, historical resilience and staying power. Um and that’s gon na you know basically be true until it isn’t and – and you know maybe you know – i have the probability of maybe 20 uh in the past. I didn’t think we’d we’d come close but um it’s uh. It’S not a trivial challenge for ethereum to take that position, and you know the other thing that i think people consistently forget is that the um, the ethereum merge is not a a slam.

Dunk transition. You know there are still a number of technical risks in essentially migrating an entire ecosystem to a brand new blockchain um, that’s not betting against italic or the core developers. I know they’ve been really thoughtful about the rollout and it’s one of the reasons it’s taken so long um, but it is still uh a you know: a half trillion dollar migration of of assets, um to a brand new uh. You know tech stack and and and blockchain itself, so i i think people underestimate that transition in the transition risk quite a bit now if it goes off without a hitch, and you see uh a real explosion in layer, two block chains and zero knowledge block chains That are tying back to ethereum’s beacon chain and everything kind of goes smoothly. That’S when i, i think you can much more seriously.

Um entertain like the flipping conversation for ethereum, i’m long, both um as well as some of the other one assets like like tara, especially but um, but also you know, avalanche and um and solana. So uh yeah, we’ll we’ll kind of take a wait and see approach. But i actually think that you’re talking about two different conversations, one is um. You know. Is this going to be a replacement for gold or fiat currencies and then the other is how do you value these emerging tech platforms, exactly relative to like big tech companies?

In terms of market cap, i guess it is two different things: one is money and storage value, and one is tech is, is betting on tech and i think tushar jane. He made a great tweet about this, i’m going to go through the whole tweet, but what he says in the tweet is he says something along the lines of trying to find a tweet. Here we go so he says something along the lines of um bitcoin is underperforming. Celina theorem, another major cryptocurrencies in this drawdown. It’S worth exploring the bitcoin decoupling thesis for an explanation, one in the explanation.

What he talks about is he talks about investors, wanting productive assets, um and they’re being much more money to invest in productive assets. People are looking for what he called productive assets and he said, look even though, strictly speaking, probably ethereum, salon and avalanche aren’t productive in this discussion. They are productive and there would be a lot a lot more demand for these productive assets than for this call it a non-productive asset, and so his thesis is that bitcoin. I don’t know if he talks about it in time, but he does believe it is going to be a decoupling and he does believe that the layer ones specifically will beat bitcoin in. I don’t know if it’s the next year, but certainly that’s his thesis.

Well, i think they’re already close right if you kind of take the the level one assets collectively, they’re close to flipping bitcoin already um. So you know that is not uh, necessarily something i disagree with, but it really it’s about like what is the? What is the relative market share right and what is the relative market size of those two different segments? Um? I think where uh, where i agree with tushar, is that um there’s still a tremendous amount of growth potential for crypto platforms, just given the the universe of applications that they’re um they’re enabling the uh the question is: are we getting too far ahead of ourselves in Terms of the development of some of those applications.

You know, i think, if you look at nfts, if you look at you know defy the um. The organic demand for those products is um is questionable right now, um. I think the speculative demand is obvious over the course the last 18 months, but if we start to see you know any type of leveling off or or you know, prolonged drawdown in an interest in either of those classes. Well, then, demand for block space goes down and then demand for any of these decentralized computing platforms. You know whether it’s you know the evm or something new like solana that goes down as well, um and uh, and – and you know it’s much more uh reflexive uh in in nature than bitcoin, which is completely divorced.

I think from that, like crypto conversation and is, is really just a macro conversation. That’S that’s to be had you know whether you or a believer in bitcoin or not. I mean, though i said the economy can slow down and there can be a a macro discussion and i’m buy all of that. But ultimately i think that there’s an undercurrent of a growth of this technology and the use case of this technology. I think there’s no doubt that d5 is going to continue to grow and then, if teaser there’s no doubt for me that we’ve just started in the whole nft game and when that happens, you’re gon na need layer ones.

You go spin it how you wish you’re gon na need layer, one power now, whether you’re gon na buy ethereum or solano or avax or all of them, and then embed on the bridges, um uh. I think that there is that there is uh going to be an insatiable demand for for layer ones before we talk about layer one and i wan na talk about layer ones a lot i wan na talk to you about a etf and 2021 saw gary gensler. You have vocally uh, you’ve, been very vocal against gary gensler, in fact, so much so that i wanted to have you and gary gensler and hes the person the show, but they declined um. You called him a liar and a fraud um, and so i guess i guess that you’re not happy about his gary gensler and his conduct, maybe give us a little bit of background on that. Well, you know i laid it pretty uh pretty thoroughly out in the report.

You know, that’s that’s not something that i take lightly uh to be as vocal criticizing a setting. You know, chairman of a u.s regulator, uh regulatory agency, because um. I do think that in general, uh honey goes a lot further in catching flies down in dc and and the the goal. I think the last decade really has been focused on educating policy policymakers versus attacking right, and so you know, there’s there’s really.

I think a knowledge gap that needs to be crossed in order for most policy makers to get this right. Um and it’s it’s ignorance versus malice. That’S that’s driving! You know some of the poor decisions or some of the poor policy to the extent that’s true um, with genster in particular, though none of that really applies right. He’S um he’s someone that has a deep understanding of how washington dc works.

He’S led a another major financial regulator in the cftc he’s taught about crypto. He made 120 million fortune from his work at goldman sachs, so he is uh extremely intelligent, competent um and uh and hyper aggressive and um, and i think what people uh in general are afraid to call out or can’t call out, because they’re ultimately potentially regulated by The sec is um is the double speak and what i think is just kind of flagrant dishonesty that if you take more than a couple seconds, to kind of look at his thoughts on scc policy and kind of what the reality is of the situation. You, you kind of know um that they’re just blowing smoke and kind of talking out of both sides of their mouth and a couple of the examples uh that i put forth in the paper are, you know, uh every single major crypto company uh in the? U?
S has applied for a broker dealer and the sec continues to parrot.

You know this. This line, that these exchanges and all these crypto projects should come in and talk to the sec and engage um. In reality, their applications for for broker dealer licenses have been held up by the sec right. If you look at the um assets that have registered using something called the reggae plus exemption, which is a reduced filing requirement and kind of within the the letter of u.s securities law, there’s only been a a couple of projects that have gone that route and one Props um is, is, ironically, the only asset that has lost money for u.

investors, uh that have actually pursued um coin list, uh uh, you know token sales over the course of the last couple of years, and and one of the reasons is compliance with the sec’s Guidance and securities law actually broke the protocol, and they just developers cannot go to a regulator for permission and wait months and months on end every single time. They want to make a minor tweak um. The etfs are another good example: uh the etfs that were actually approved are toxic assets that cost investors five to ten percent per year when um. There are similar products that are orders of magnitude, larger that are already being actively traded and kind of held um in. In 401ks and iras um through you know, grayscale and bit wise and and those and those quasi etfs um should be approved instead, they’re, basically being stonewalled because they’re based on the spot markets, which are not currently surveilled by the sec or any other regulator, and so Um, your gensler’s approach has basically been you know, we’re basically not going to approve an etf until there’s surveillance of the stock markets and we need that authority from congress um.

So when it comes to protecting investors, you know it’s basically all lip service, because they’ve approved something that’s toxic and they’re, allowing these kind of quasi etfs to trade without conversion, um and ultimately they’re trading it at a deep discount as a result right so so investors Are losing across the board and i think gunslingers you know basically just engaged in hostage-taking at this point, but again he knows better um, and so i think any public comments to the contrary are dishonest, and i said what i said so i i i i i Buy it – and i think the evidence is pretty obvious, and do you think that there’s any chance that we’re going to get a bitcoin etf in 2022

Do you think that by 2022 he you know the sec get what they want? No, no yeah! I mean it’s. It’S it’s an election year, they’re not going to pass legislation that gives the sec this authority and we’re probably stuck with kenzler through you know the the duration of biden’s first term, so um, i think the biggest question uh. You know kind of behind closed doors and on the crypto policy front is um.

How do we neuter this guy and um? And basically, you know route around him attack him um and uh, and and basically um just kind of win a war against a single kind of lone ranger individual, that’s um! That’S single-handedly uh undermining the the growth and potential of the entire domestic crypto market. Sure – and i saw you tweeted – i saw you tweeted this um asking gary against that to protect the to to protect people from the twelve thousand dollar airdrop that users are getting on new. Swap i mean we need protection.

We demand that you protect investors from this horror. I love it. You know, like the us is listed next to north korea, sudan and iran, as as, as countries that are ineligible for air drops. I think that that tells you everything that you need to know about. The leadership of folks like gensler, the u.

, is also listed next to turkey, poland, argentina and zimbabwe. When it comes to inflation, so it’s i mean you know you get combination, you got ta, you got ta start looking at. You know what’s happening in the us. You know which list is on you. You are the company, you keep, i guess your other company, you keep anyway, let’s move on from bitcoin, because i want to talk to you about ethereum um, it’s a, i think.

2022 has to be a big year for ethereum with east 2
0 and the merger and and everything else, that’s happening there. How bullish are you on ethereum and do you think that ethereum maintains its its spot as the dominant layer? One smart contract uh blockchain? Well, i don’t think, that’s any question uh the the question is: will it maintain its dominance and market share? I think that’s that’s more difficult right because they’re um, the fees are still high and there are other ecosystems that are getting developed.

You know at warp speed right now: solana, polka dot, uh cosmos and terra et cetera, avalanche uh. So i i think um, it’s unlikely that ethereum is the majority of the market uh anymore um, but that’s not to say that it’s, it’s kind of seen the end of its growth. I think you know ethereum will be a trillion dollar uh network and and it’ll it’ll hit that ten thousand dollar mark in the process. Um but uh markets are also forward-looking right, so uh the speed at which the merge takes place and the speed at which uh kind of interoperable solutions and – and you know, kind of liquidity between l1 and l2 and kind of l1 to l1 is developed. I think is going to have a big impact on uh on ethereum’s growth going forward, because people are extremely bullish on ethereum for good reason, but it is no longer the only game in town and it’s no longer the only stack that developers are building infrastructure on Um, which is a far cry from like the end of last year, what do you think of layer 2 and this whole layer, 2 narrative and specifically now we’re talking about roll-ups and we’re talking about two kinds of roll-ups we’re talking about this battle between optimistic roll-ups And and zk roll-ups, how does that play out in 2022?

The actual developments on on their twos might take a little bit longer than people are appreciating. Um yeah, it’s obvious that the demand is there. It’S obvious that um these blockchains, you know work and they do provide a really valuable scaling solution. We’Ve seen this, you know across countless of the top d5 apps at this point. Um and you know nft marketplaces like uh like openc, but um.

I think the uh, the user tools – uh, you know and and kind of the abstraction of actually going from you know, blockchain to blockchain – is um. I think that is an underestimated challenge. Right now and it’s gon na take a little bit longer to resolve than a lot of bulls might be predicting so um. I think the end result of that is the other layer one’s benefit, and it takes a bit longer for ethereum to kind of capture. All the update uh upside of this, like layer, 2 development at the same time, if those other ethereum competitors start to get full and the fees start to go up, they’re also going to need their own layer 2 solution.

So i i think we are kind of permanently living in this multi-chain world, where you’re going to have a settlement between different types of blockchains and applications that are built on different stacks for different use cases, and it’s it’s really just a matter of time before um. I think most of them win. The question is like how big will the um? How big will that winning marketplace be because you’re, probably talking about you, know two or three different standards right, so the evm things are going to have to be evm compatible. Um will like one of the other standards, be something like cosmos ibc.

I think that’s, probably the kind of runner-up right now um, but you know what about polka dot. What about solana, i think those technical standards and the ecosystems that are going to develop. There’S you know right now: half a dozen or a dozen different um attempts at creating alternatives to ethereum’s virtual machine, but um that will probably narrow it to just you know two or three within the next couple of years, and those would be the ecosystems that that I’D be keeping an eye on and thinking about, betting on as uh as the developer tools. Ecosystem continues to make sure zika rollups optimistic roll-ups, which one you know. I don’t know anyone, that’s bullish on optimistic roll ups, beating zk roll ups, long term um abertram seemed to be.

They wrote a medium article this weekend explaining how long term actually optimistic rollups are a whole lot better uh. I i didn’t see that particular post i’ll be i’ll, be interested to read it. If it happened this weekend, yeah it did uh it didn’t cross. My my radar but um, you know our orbit room is building uh optimistic roll-ups. I would certainly hope uh for their own sake and their own.

You know kind of preservation, uh they’re, they’re kind of bullish on their own technology, long term um, we’ll see i mean the answer is probably a little bit of both right. Maybe not every application is going to run on um on zk roll ups, but i think by and large uh in terms of speed, scalability and um and privacy. You know they’re they’re, potentially a panacea, but again i think, there’s there’s so much in terms of usability and there’s so much infrastructure that needs to be developed for that to really take root and become dominant um. That’S uh! You know we’re really just arguing over time frames here.

So if i hear what you’re saying correctly, you’re saying that it may not be ethereum, but it’s probably evm, that’s much more the winner here than than the actual ethereum chain. From hearing what you’re saying it’s that there’s going to be an insatiable demand for layer, ones and evm is probably the one that has the most network effect and so you’re kind of going to get this insatiable demand for layer 1 evms, and it doesn’t. I mean it does matter, some some are going to succeed and some aren’t going to succeed, but a lot of them are going to succeed, yeah the the way to think about it is like evm block space or you know, ibc block space right. You know just any anything um where there’s adequate security in the networks. Um applications are ultimately going to migrate to the uh.

The chains that have the the right trade-off for their end use case between fees, security and um and settlement speed. So thank you. Go ahead. No, i so you know as long as ethereum fees are where they are it’s difficult to bootstrap, a new application that has you know any degree of of kind of high transaction costs, uh or high transaction throughput, because the per transaction fee is just prohibitively expensive. If you’re doing settlement or like you know large mints – or you know large loan originations things like that, obviously ethereum layer 1 is fine, but otherwise it’s going to have to move to either l2 or another l1, and whether the evm is the right solution.

At that point um, i think you know it’s going to be one of them – maybe forever uh probably forever, but i think right now we’re kind of looking for that. Second and third technical standard from uh on the smart contract side. Let’S talk about the never ending solana summer, i think that’s how you you called it in the article we said celina’s going through this this long never-ending summer. How bullish are you long-term about solana and and the developer activity on celina? You are seeing a lot of a lot of money going into there you’re, seeing a lot of amazing applications being built there you’re seeing a lot of use case you’re, seeing a lot of stickiness on the solana network addresses seem to remain active much more than they Remain active in ethereum because on ethereum that people sign up and can’t afford the gas fees.

How bullish are you on solana, i’d, say again: solana, cosmos, uh, avalanche and polkadot are probably the the next kind of four block chains uh to watch and then terra uh. On on cosmos by and large, but it is kind of going multi-chain with with its um focus on unstable coins um. The answer is kind of all the above um i’ve invested in a couple. Different infrastructure plays that are kind of building around the salon ecosystem. I’Ve done the same with tara um.

I will uh likely do the same for uh for for avalanche and polka dot. I just haven’t really gone that deep in those end markets. Yet that’s the opportunity, a lot of people, a lot of people who are smart in the know haven’t started buying avalanches. I think most big crypto funds are still underway to avalanche. We said this.

We said this a week ago on our show that avalanche kind of came from nowhere and most people are underway to avalanche for for what it for what there is there, and there may be an opportunity, well, uh, there’s two different things: there’s kind of the core Asset and blockchain and then there’s the infrastructure around it when i so when i say like exposed to the infrastructure and kind of application layer um, it’s uh, you know basically private investments uh, that i’ve made in infrastructure, so uh we’re different applications on those other chains. So a little bit different, i’m not talking about the core blockchains themselves, um, but uh yeah, i mean uh. I i don’t want to kind of comment on on any one of those uh potential. You know layer, one alternatives, um, but i think, if you’re going to make a uh calculated bet as kind of uh a broader investment. This is um going long.

The alternatives to uh the evm or basically just the alternatives to ethereum um, is probably going to be higher beta than than just betting on. You know, ethereum itself. So, let’s talk about a world where you are a new investor in the space, but you have all the knowledge that ryan sulkers has and you’ve got ten thousand dollars to invest in what we call layer, ones and layer. One in this case means layer, one and ethereum layer. Two.

How do you, how do you distribute your funds, i mean, would you would you be more overweight solana? Would you be like? Where would you distribute your fans if you had ten thousand dollars and you wanted to get involved in this layer? One narrative? Well, i won’t give anyone investment advice um, but we don’t do that yeah, as as kind of you know, personal disclosures um, i’m you know i’m overweight, the um, some of the the assets that i just mentioned right, the all the old uh, their ones um, and That’S really just because of the risk of the ethereum, merge and um and, and i think the speed uh at which that actually plays out.

So in the meantime, i think you’re going to see in the next few quarters a ton of continued momentum from some of those alternatives that are gradually siphoning off developer demand, or i shouldn’t even say, siphoning off more just decentralizing developer, demand, um and and one of The reasons that i think this is going to persist is, if you are a new builder or a new investor in crypto. You are not going to experiment on ethereum as a layer one because out of that ten thousand dollar budget you’re going to end up spending. Ten percent of that just on gas fees, um, which is completely unsustainable for for a good day, 10, but probably way more yeah depending on what your activity is exactly yeah. What about cordano? You haven’t spoken wherever you haven’t mentioned.

Kodano i mean. Is it you know? Karana is still up there. As you know, the top 10 coins, i think, is this lunar top 10 coins. It is it’s number eight.

In the top ten coins like what about corano uh, i haven’t spent a whole lot of time. Uh studying cardano, it’s been very slow and steady, uh development cycle for uh, for for cardano and in terms of ecosystem development. It’S just it’s! It’S not um, something that i’ve seen a ton of traction on compared to the other layer ones. So i i know that there’s a big uh, enthusiastic cardano community.

I know they’re not happy that i didn’t cover it at greater length in uh in my report but um. I talked about the things that i thought were most important and um and yeah. They were, probably you know, one one, one tier below the the other projects that i had referenced and and uh and wrote about in terms of broader uh, user investor and developer interest. Let’S talk about nfts, so 2021 was i mean i i i think, and i guess for you too, the the growth of nfts and the commercialization of nfts that happened in 2021 was something completely unexpected. Yes, we probably thought that nfts were going to happen, but the rate at which they accelerated in 2021 melania trump doing nfts.

I mean you know: we’ve now, we’ve now heard it all what happens to nfts in 2022. Do you think that we’re in a bubble now um? Are you getting people buying, fancy jake, jpegs and not only pinks and rocks, but you’re getting people buying a whole lot of really nice jpegs for really huge amounts of amounts of east? How do you feel about the activity, then? What happens in 2022?

One of the things uh, i think, is really interesting. Uh. When i was writing the report, i i realized that in 2013, bitcoin was about one tenth of one percent of the gold uh overall market cap uh at its peak right. So so bitcoin got to 10 billion dollars. Gold is about 10 trillion dollars, um and, of course you know it corrected.

You know 80 um, 80 plus uh from you know over the course of the next, like 15 months until the the january 2015 lows um, i think uh something similar is likely going to happen in digital art and nfts, where right now, if you look at the Total art market versus nfts digital art is about one-tenth of one percent of the art market annually, um and uh, and and so you still see that there’s a tremendous amount of headroom like 100x, you know potential to get to 10 percent uh of the digital art Market, which is about where bitcoin is now as a percentage of gold right so kind of using that analog. We went through multiple 80 corrections in bitcoin over the course of the last eight years until it finally got from 1 1000 to 1 10 of of the the analog gold market cap um, i think the digital art versus or physical art market is going to be Very similar, so um you’ll have 100x growth in digital or over the course of the next 10 years. But there’s going to be a lot of volatility and some of the underlying assets in between um and most of them are not going to have any bid whatsoever right. So so the effective price is zero, because the resale value for for for many nfts is is zero. There’S no order book right um.

What i think is different is um. Bitcoin was a shelling point for for people to invest around um and it’s a scarce digital asset that you know with a fixed supply. Uh nfts have no cap uh in terms of how many can be minted and – and you know how many different experiments are going to be run in the coming years. Um, every major brand, every major community i think, is going to have some form of like nfts to prove you know: community membership or fandom um. So you could have 100x growth in the market cap of nfts over the next decade, but that is going to be spread out across many more assets.

Um and the returns of of an individual nft are going to be. You know much much higher variance and um and kind of lower expected value versus bitcoin, so invest in the shovels. I mean then in in a play like that, then the idea is probably not to invest a lot in the underlying jpegs but to invest in the fixed levels, yep yeah, and that that’s how i thought about it right now, um, you know it was investor in Openc and a company called upshot um and i’m investing in a couple of different collectors, um that are really good and and uh kind of top of their game. But um in terms of like individual, like profile, pictures and – and you know those type of things i haven’t really spent a whole lot of time there. So you don’t have a pink or a rock hidden up your you know, you’re, not wearing your rock on your apple.

I watch uh. Well, if i did, i wouldn’t i wouldn’t tell anybody at this point, but um yeah, i i do have a a couple of nfts um. One of the challenges is um is actually you know. I’Ve not changed my uh, my twitter avatar for basically eight years now. So um, i think i will be much more excited about nfts one south park.

Studios um as uh has their drop uh early next year, uh. Hopefully that comes to market awesome. Let’S talk about uh the metaverse and when i say the metaverse, it’s not meta. It’S actually the metaverse. What do you think, first of all, of meta and facebook going into the metaverse so to speak?

I think web three metaverse plays are going to be uh extremely hyped up and i think gaming is going to explode next year. Um in terms of like investment in in web 3 games um. Just because of what happened with axi and and you have some kind of the the very early winners um. I think uh in terms of returns, they’re, probably going to be terrible because i think that’s getting to be a very crowded, um, crowded, space and kind of crowded market right now and um. I think we’re probably five years away from the hardware being where it needs to be for people to actually spend a legitimate amount of time, um in the metaverse, uh or or at least any version of it that you know we think would be.

You know interesting. Um – and you know i, i guess the the perfect example for me is early on in the pandemic. I actually bought our entire team at missouri oculus headsets and we did a couple of like virtual cocktail hours. You know. Basically, you know setting up my my quest and creating like this virtual cage was one of the most amazing like surreal moments.

I’Ve had yeah with any tech, it’s like on par with reading the bitcoin white paper or getting a new in an uber. For the first time, um, and just that whole experience was amazing, i haven’t used it in a year right so, like i, i think, um it. You know that it’s going to be interesting, um and the question is at what point: does the hardware and you know kind of the the entire like ecosystem um develop, so that it is like an area that you spend a non-trivial part of your waking hours um? I i doubt that’s gon na happen any time in the next couple of years and like games are supposed to be fun. So if everything is just a play to earn game and you’re you’re literally, you know kind of grinding out um work uh in in kind of the crypto gaming sector.

I don’t think it’s that interesting um and i guess the last thing i’ll say is: you need meta, proper um. You know facebook’s meta to to basically spend 10 billion dollars a year on the infrastructure exactly the way for a lot more of this development um. Exactly a bandwidth graphics, you know just general computing standpoint, um and crypto does doesn’t have the um. Maybe we have the financial resources, but we don’t have the the coordination skills uh to go head-to-head with uh, with a motivated like big five tech company. So that’s the way i said i mean, i see facebook building an incredible infrastructure for what will then become a decentralized web three.

So for me, when i think about the metaverse, what that is for me is it’s web 3 metabours, which means everything has to be decentralized: the money, the storage space these these the computing power. That, for me, is you want to talk about a metaverse. That’S your metabolism, but i think letting facebook develop. The tooling is probably where we want to be. I i, while you were talking because you mentioned you buying oculus, for your teams uh.

I don’t want to talk about specific projects, but i did see something. I know you have kids and it’s part of what i want to talk about, but i saw this, which i don’t know i this for me, is the next level it’s effectively linked to your car’s system, so how it works. Is it’s linked to your car’s system? In terms of speed and in terms of you know, the steering wheel and whatever else and it kind of put puts you in a driving metaverse so to speak, so you you know it. I don’t know, i don’t know about you, but i have kids and we often go for driving and driving is like the worst experience of their lives, and i just thought that is like an incredible uh um.

It’S an incredible tool and you’re putting yourself into the middle of us in your cars. It’S just saying nothing’s going to be great, especially when you think about the world of driverless cars, and what are we going to do in driverless cars? We would want to get into, we would want to have experiences. What else are you going to do in a driverless car? Have a meeting have an experience, i think for me.

That’S, i think the way that it’s going and i think it will let facebook develop. We should let facebook and others develop those kind of tools. Yeah, i mean look that looks cool uh, but i don’t uh from uh from like a crypto or like an investment standpoint. I don’t really know how to play that um. So uh, you know i.

I stick by my comment that i think is: probably you know a few years away and there’s you know a lot of supporting infrastructure that needs to be built before we get the real, interesting use cases. Let’S talk about layer. Let’S talk about bridges between layer, ones is something we haven’t spoken about. Um we are going to live in a multi-layer one world and i guess the trick then is to have these amazing bridges. I think you mentioned earlier that the bridges were quite clunky at the moment.

I think i don’t know if you use the word clunky, but i guess it’s not a great experience being able to bridge you’ve got thor chain which roon, which is, i guess, a reasonable bridge, but has been exploited a few times and isn’t as teething stage. You have layer zero, i don’t know how much you know about layer zero, but apparently they now raising on a valuation of a billion dollars and there are rumors that elon musk is investing into layer zero. I don’t know if that’s true or not true. How do you see the future of bridges to me? Bridges seem almost like the most important thing after the layer ones and maybe even the most important thing full stop, because you know if the layer ones become too clogged they’re too expensive.

It’S the bridges that are going to let you bridge from place to place, and i don’t see investors making enough of a fast surround around bridges. How do you see the cross-chain world and the role of bridges? Uh yeah i mean i, i think it’s uh nfts, dow infrastructure and bridges were kind of. The three themes that i had for for 2022 is the most interesting areas of development. So i definitely would agree.

I don’t think it’s a trivial challenge to solve, and um uh thor chain is is probably the largest project right now, but yeah thor chain layer, one um, uh sin, i’m i’m forgetting the the full uh project, name uh, but as syn as the um is the Ticker um – or i think, probably the three that have the most pick up right now: um but uh it’s. I would expect that we’re going to see a lot more venture funding in bridges and in infrastructure that makes bridging much easier yeah i mean we are seeing that, as i mentioned, there is a company called la zero labs. Rumor is that they are raising on a billion dollars. They haven’t come to market, yet they got a great way of solving this bridge thing i think thought chain is amazing, uh, but again hacked or exploited a few times um, but i think for me the the future is very much uh in in in bridges. One more before i let you go and that’s uh the world of decentralized social media, because that’s something that you know i mean i think dan larimer was the first big attempt with steam.

Was it was steam steam or steemit? What didn’t really go anywhere then eos. He tried it, he tried to do it again at eos with uh. What’S it called the social media network that they that they learn voice, that’s what it was called. I don’t i don’t know anybody that uses voice.

Do you think that 2022 is the year of decentralized social uh? I i am extremely bullish on decentralized social plays um. I haven’t seen anyone really get the formula right just yet um and it kind of goes back to my comment on gaming. Like games are supposed to be fun, social media is supposed to be organic and not feel like a multi-level marketing scheme um. So you know i, i think the early experiments in decentralized social have had um.

Everybody feels like a salesman. I guess uh instead of everybody feels like a creator and whoever kind of solves that problem first, so that you have a really good like web 2 experience and social network, but with incentives for creators. I think he’s going to do really well and and one of the things um that i think would go a long way in terms of kind of filling that gap and uh and solving that problem is creating something that’s more similar to lotteries for going viral right. Um, so you know basically, instead of getting paid per engagement or paid per click or paid per like, you have actually interesting viral um bits of content that are rewarded at the individual level, so uh, the the reward is not like how much time you’re spending as A surf just generating mindless content and like intentionally going out of your way to create things that are ultimately going to get you paid. It’S a byproduct instead um, i think, there’s a couple of different projects and entrepreneurs that are working on that.

But it’s all still incredibly early in large part, because i don’t think the systems were scalable enough and i don’t think you could actually do. On-Chain uh decentralized, social networking um until very recently um, so we’ll we’ll see more of that and uh again, i’m excited to spend a little bit more time there as an investor. Next year, yeah i mean you had bitcott that launched with huge money from andreessen and a whole lot of others, and i think they’ve rebranded to deso dsl. They got a coinbase listing a few days ago. They are probably on the right path, although i must say, i think that bit clout was a bit of a clunky experience like when i used bit clout – and i i am an investor i bought, but i bought cloud and which is an idea so didn’t have Fun, it just wasn’t fun i mentioned to you when we were talking and there’s no product endorsement and, to be honest, i’m not even investing this, i’m just a user like anybody else, uh that i have been playing around with this bbs and to me it’s the First, social media experience on web 3 that feels like a social media experience on web 2 and it i think, the concept of earning much more for tweets or posts that have gone viral works much better here than i have, and i think for me this is The first and again, i said, i’m not an investor i haven’t invested in this thing.

I’Ve just found it used it having fun with it. It’S the first time that i’m that i think i’ve always bought into the web3 social media narrative, but i’ve never seen an application that competed or compared to the web two applications. Nothing beats a good interaction on twitter and etc, and this is the first time where i actually, i think i’ve had more fun on a web3 social media application that i’ve had on a web 2 social media application. And so i think – and you don’t at any point, realize that you are in a web three application, because there’s no metamask, there’s no gas fees, there’s nothing. There’S none of that!

It’S just it’s! It is what it is, and you just use it in your play. Maybe have a look at it, but that that gave me hope that we may actually see real social media applications on blockchain in 2022 and creators will actually be paid fairly for the content that they create. That was the first. The first spark that i saw that actually made me believe that yeah, there’s uh there’s another um company that uh i’m close to uh nothing’s uh been announced yet uh kind of in general about the project is still very kind of early stages but um, but i’ve Just really liked the organic experience um it’s a gm dot, xyz um similar.

You know kind of look and feel of a decentralized reddit, but it doesn’t feel like you’re loot you’re using a web 3 application where you have to connect your wallet yeah. A lot of this is optional and um, and it’s not necessarily a must in order to sign in and actually use the use the product. So i think those are exactly the right experiments. You know whether or not they take off. You know these are our angel stage or seed stage startups, with extremely small teams that i think, are on the right track and on to building something interesting um and you know we’ll we’ll kind of see uh how the race unfolds.

But i think you’re going to see a whole slate of early developments next year and uh and and one or two of them will hit – or it might take a few more years, still um for us to get to that tipping point. It feels like the tipping point is, is close, if not here, though, given everything we’ve seen recently uh in terms of censorship and kind of momentum, behind nfts and kind of user and creator ownership rob. If i let you go masari, you guys had an amazing year. You built an amazing business. I think your resources and your the quality of research that you guys put out and the quality of data that you guys put out is the accuracy of the data.

The way that you guys measure things is unparalleled in the industry, maybe just two seconds about what we can expect from asari in in 2022. What up what? What where you guys are going? What what you know there’s a lot of our viewers are signed up and, if not, they will be signed up where, where to from here at massari at the end of the day, our mission is to organize and curate crypto information at scale, so that it’s a Little bit less scary for people to enter the market, and – and you know we can actually help people make smarter decisions once they’re here, um and there’s really two sides of the business there’s the kind of market intelligence side. I call that almost like the web 2 side of the business, it’s subscription research and data, and we have you know large enterprises and and all the way down to individuals that are subscribers um to uh, use our data visualization tools and actually get some curated uh Research and – and you know, alerts and monitoring for for the different networks that we cover um.

On the other side, we have uh an entire suite of what i call web3 services, so we’re playing a very active role in um providing services, starting with essentially an outsourced, investor relations, function for dows and protocol communities um, and we do that. You know by uh. Actually engaging with the communities, you know in many respects, you know we’re getting paid by the dows themselves through treasury unlocks and we’ll do things like quarterly reporting or uh kind of bespoke ongoing research just to get a little bit more oxygen to these projects. Um and we kind of match the um, the communities with independent analysts so we’re more of a marketplace for independent research versus just like a paid marketing shop, um. So i’d say both of those are growing equally quickly and we’re going to be doing a lot more.

On the web 3 side, starting with the new governor product that we rolled out a couple weeks ago, essentially aggregates and allows for active participation and protocol governance – listen, i must say, i’ve watched your growth since 20. I don’t know when you guys started whether it was 2017 or 2018 or whether you came to market in 2017, but i mean really, i think, one of the most impressive, impressive, impressive companies in the space. I think i might say i think you’re one of the best operators in the space. I think the the level of integrity that you operate at and the level of performance that you operate at and then the the level of content that you bring out is incredible. I think that the difference that a company like masari makes in the space is invaluable.

You cannot quantify how important a company like missouri is and founders like you are in the space, so well done my man, i appreciate it and uh. Hopefully we keep the momentum. I think before i let you go, i guess my best part in the whole report, like the report’s great the report, is it’s a really good report? It’S all 200 odd pages, but i guess there’s one part which, when i read it, it was like this. Is it it’s the best part of the report?

It really is – and it’s this part over here where it’s life advice – and it says this is probably obvious, but i don’t know what i’m doing and neither do you, but if you’re fortunate enough to do so, get married have kids move to the burbs. Eventually, you’ll not give it back, you will not give a [ __ ] about five percent swings in the market when your day ends with the five-year-old laughing about one of his thoughts, a three-year-old telling your story via via a three-minute run on sentence and a half Naked one year old, tackling you at the knees during your zoom call your final zoom call of the day if you’re reading this you’re, hopefully a time billionaire. That does not change the fact that you are the tail end of many relationships. I read this post once per year and that is and that it is always day one everything is in your control now off to play with my kids. I’Ve earned it fam happy holidays.

So i think, with that, i’m gon na let you go and play with your kids. Thank you, so so so much for giving us this time giving the bands a family time. We have big supporters and thank you for all the insights that you shared and thank you for the difference that you make every day to the crypto community, because you are one of the people that, in my mind, is one of the most critical pivotal finders in The space so thank you, my friend thank you ran, and i hope you have a happy holiday we’ll do it again in the new year great my friend thanks a lot ryan so good to see you my friend, take care everyone, banta fam I’ll, see you guys Again next year, unless something happens on the markets until then go and have a great time go and spend time with your family stop worrying about the five percent. You will not give a about the five percent swings in your markets when your day ends with family and that’s exactly what i encourage you guys to do, go and have a great time with your family. The markets will be there next year.

This is not a market for selling um; it may be a market for buying soon, but there’s going to be enough time. We will see you guys again in the new year until then have a great time, my friends happy new year and thank you for all your love and support in 2021.

See you guys in 2022 friends, so smart, yeah and wise. It wasn’t spot good package.

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