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

Bitcoin just crosses 99,000 that's right now at the time of recording that's crazy but we're going to we're going to watch Bitcoin cross 100K on this episode we we are $1,000 away that is nuts bankless Nation for the third week in a row this is an all-time high week on the bankless weekly rollup we got a Bitcoin alltime High we've got a crypto market cap alltime High we might David I'm not sure we might have a salana alltime high as well the episode yeah on theis episode so that'll be here but

that's not all I feel like there was a clip that went around this week that pretty much summarizes this cycle for me the current the current Z very much yes should you just play this yeah let's play this uh there's some context that needs to be said uh pump pump. fun the place that majority of all meme coins Spawn from has a streaming feature there's like streaming embedded in pump. fun on pump. fun there's streaming I didn't realize that right and so like the the devs or the

creators of the tokens people can stream uh and so what we are about to watch is a kid a 10-year-old in Middle School who La who launched a token and he's about to rug everyone in his token and so let's go watch this kid rug everyone oh thanks wait what he said wait what I'm so confused it's nuked why is it nuked no

way holy holy you holy thanks for the 20 Bandos yo yo yo yo yo yo yo yo yo yo yo yo yo yo yo yo yo yo yo yo yo what the what the [Laughter] no

bro okay what did we just watch what is this what is Happ dude the the double middle fingers with it thanks for the 20 Bandos is absolutely iconic okay wait so he made what like he made like $30,000 he made $30,000 this I don't know how much Actually I don't even know where was where did this kid get money because you can't open up a crypto exchange unless you're like 18 I'm assuming so somehow got soul sure uh he's in the trenches right like it doesn't take much to you know start a coin I'm assuming he

started this coin he he's been in the trenches he knows the game he's been playing around he finally got some attention on one of the tokens that he launched he got it up to what was it over a million dollars in market cap and then he dumped all of his tokens collectively like he he Wild live he did what I've learned what uh what an R uh an FSH is Ryan and I can't say it on I'm not going to say it but he did an FSH which nuked the price uh and then he

went from like a million dollars down to like $200,000 just like rug rugged everyone but that's part of the game that's what the trenches do but that's not the end of this story just this kid this middle schooler kid flipping off the camera saying thanks for the 20 Bandos uh which is $20,000 get me $20,000 uh it's just so iconic he made himself into a meme and all the people who got rugged by this guy decided to enter a Revenge Arc use this clip clip this very iconic clip

made it go viral on Twitter drawing so much attention to the Token that the token went from after dumping went from after he dumped it no longer owns it okay no longer owns it he dumped it at a million dollars went down to like $200,000 market cap went up to $50 million where the kid would have had like starting to approach like a million dollars this middle school kid would have had a million dollars and so you know missed out on those games however those games never would have happened had you know he hadn't made this iconic moment but it doesn't stop there they

they dox they doxs the hell out of the kid like they figure out they figure out his family they find his mom's Instagram that's that's not cool that's bad not cool but they're like yo so they the token was called uh gen Z Quant and so then they made meme coins out of the entire family and so there's mom Quant and Dad Quant and sister Quant and they all have tokens uh and now they're in the mom's Instagrams being like yo your your son like rugged us like your your son stole our money oh shoot that that

ends kind of in a dark way I thought this was a fun sort of coming of age story when you when you enter when you enter the the armpit of the internet like you know at your own risk all right so the way I experienced this was just like watching that clip and watching this kid dual fist middle fingers and like seeing this and it felt like this kid this image basically summarizes this cycle for me and summarize the week particularly for like eth holders like if you are like looking at the

shenanigans going on and you an eth holder and you're like eth is not moving at all bitcoin's going up salana is like close to alltime highs and then you have ether and you see this meme coin like you know $30,000 pump and like why salana is at the epicenter of crypto right now just felt I felt those middle fingers like right in my face so all right there we go that's uh the weekly R but it's alltime high week we got a lot more to talk about including Bitcoin is on an

absolute tear why is the question cuz like it has been lately maybe it's because micro strategy just made its biggest Bitcoin buy yet and I got a question for you David we talk about micro strategy is Michael sailor the new main character character of this uh cycle I like I hope not cuz that comes with some implications also some options on spot Bitcoin ETFs that happened this week so maybe that's the price pump or maybe all this is just Manifest Destiny I mean the bitcoiners told us so didn't they David this is everything that the bitcoiners have said is slowly becoming

true uh not just that Trump is considering hiring a crypto SAR for the White House there's not that many names of who it could be so we've got some information for you on that and then also the treasury and also the SEC of which we got a letter of resignation from Gary gendler to Twitter today right before recording Gary Gensler is officially going to resign on January 28th so there are some open positions coming up in the White House who is Donald Trump going to fill those positions with a lot of who these positions are really matters for the

future of crypto so we're going to get to all of that and more but first a message from our friends and sponsors over at Legion because now that we have made crypto great again we want to bring back ma compliant public sales and that is what Legion is trying to bring you so we can get out of this airdrop farming high fdv low float meta we want to Brit so we're going from meme coins to M compliant here okay this is very much like try to suit and we're trying to do above board iOS we're trying we're trying public sales are dope they are

highly aligned they are the right way to get tokens into people's hands people put up capital for risk they get a bunch of tokens early everyone's happy uh kid opposite of the Quan kid yeah uh if you can do that you can go get your legion score uh which is like a merit based score based on your uh public influence your developer reputation uh also your developer score from your GitHub as well as your onchain activity so are you a merit-based investor do you want to be getting into early for some uh awesome

icos go to bank list. CC leion and get your uh get your legion score now Gary Gensler wouldn't like that maybe but um he doesn't need to decide op matters less and less these days and it'll matter zero on the 20th let's look at the uh the opinion of the market right now on the Bitcoin price and that opinion is Bitcoin deserves all-time high that's what the market is telling us so give us the official report what's the official number on the we oh my God oh my God Are we almost 100K we are

almost 100K we are every single hour for the past like 20 hours has been an all-time high for Bitcoin we are currently in at the time of recording 998,199 which is a current all-time high uh Bitcoin up 10% on the week 10% 10% on the week which is like every time Bitcoin goes up 10% it gets harder to go up 10% yeah but it doesn't feel like that it is a top seven asset it is flipped gold last week flipped the big Saudi oil company this week uh yeah

Bitcoin just absolutely steamrolling to 100K I wouldn't be surprised by the time we release this episode tomorrow we're above 100K look at this look at this David there's Saudi America okay so there's only uh six other assets that are larger in terms of so so Bitcoin is at almost $2 trillion 1.94 trillion it is close to flipping Google it is like one or two% away from flipping Google so it would be Google then Amazon it's basically the big tech companies Microsoft Apple it is

very close to flipping both Amazon and Google and then it's gold after that final boss that'll take some time because that's no we have Microsoft Apple Nvidia yeah yeah but after that after the big tech companies after the new Fang making some progress oh my God okay and maybe the reason for the 10% on the week is uh this man right here Michael sailor so um he just announced micro strategy bought actually not an announcement another 51,000 Bitcoin so that's $4.6 billion doll worth of bitcoin okay unal unreal yeah so he is

buying he they've grown their Holdings at micro strategy to over uh 330,000 bit coin this one right here so much Bitcoin well this one was the largest buy ever so that was a 16% of all Bitcoin held by the company was just purchased last week and uh I don't know if you've seen micro strategy stock you ever go to like Wall Street bets these days like R Wall Street bets it is I think it it has done something like a 30X in the last like quarter or 600% 600% to date is the the

number for micro strategy the stock and uh like it's on the back of this and it's trading at a premium I believe to Book value I haven't I haven't looked in depth at micro strategy stock but like it's like yeah it's like 2.5x nav so if you if you like consider micro strategy like a truss of Bitcoin when you buy a share of micro strategy you're paying like $2 and half dollars for $1 of Bitcoin okay so some people are saying that Michael sailor is like the main charact he's become the main character and I can totally see it the problem we're seeing a lot of patterns to the gbtc trade that started that wound up

the the bull market last cycle I I I there was there was a premium to nav and so and and rather than allowing everyone to take advantage of the premium to nav of the grayscale gbtc only Michael sailor gets to take advantage of that but nonetheless he's floating the entire Market that's F everyone knows that exists like what what's the like so anyway the the the main character type of syndrome is every cycle we get a bunch of main characters and generally a number of them fly too close to the Sun and they blow things up and they screw

things they screw up the party for everyone so like like cycle was SPF and dquan and Alex mashinsky and that whole tribe some people are saying uhoh Michael sailor's getting to to main main character status in crypto but it feels to me like his business is like super safe like it just feels much different it's just a bet on bitcoin and everything you just said that kind of that trade in the premium na I don't know that's the market doing what it wants to do I don't that's like the assets are there as long as Michael stor sells the assets he's not doing SBF type thing it's publicly traded company

audited financial statements I don't don't see how this could well you tell me do you think this could blow up I can't I hell I know I'm I'm sure Michael sailor understands his business more than I do it's just like it's just feels weird man like feels Weir another week Michael sailor finds five billion dollars to buy Bitcoin with get all this feels weird I'm sure it's fine I'm sure it's fine uh not just Michael sailor running the micro strategy play name some companies Dave there's like a whole bunch of companies this week that purchased more Bitcoin doing the micro

strategy play who are they similar scientific raised $21 million to acquire 215 Bitcoins um not that you know only $2 million but it's like a healthc care software company really uh and it was introduced by micro strategy to bitcoin uh and so it's this much smaller company who has been orange pilled by Michael sailor to start buying a bunch of Bitcoin uh Marathon digital which is a Bitcoin minor offers $700 million in convertible notes to acquire Bitcoin uh

this is It's Not Unusual for miners to buy Bitcoin they're Bitcoin bulls and uh historically miners are known to be very good Traders uh because you know miners have just information and a lot more at stake uh in the Bitcoin Market uh meta Planet a Japanese comp company issued 1.57 billion yen uh in debt to buy more Bitcoin uh that's 11 million uh annual interest rate of 3.6% so like no nothing uh so when there's low Fiat interest rates and people can borrow interest rates for 3.6% and go buy Bitcoin with

it this is the low interest rate kind of phenomenon uh and so other companies are doing the Sailor strategy yeah there's a whole list of them if you ever want to see that list by the way um bitcoint treasuries Donnet it's a great website where you basically see all the companies with their treasuries buying Bitcoin and the Bitcoin Community does a fantastic job let me tell you as part of kind of the the money cult uh of uh broadcasting these wins and propagating it and encourage more so like your number one role as a bitcoiners is to go

convince your friends to also buy Bitcoin and become like bitcoiners too and that seems to be what Michael uh sailor is doing it wasn't just Michael sailor is up 2x on his Bitcoin so he has put in6 billion do and his Bitcoin is worth $32 billion yeah I I was going to say like the micro strategy average purchase price is something like 50k I was I was reading something around that um so it's not low but it's not low I feel he acts like he bought Bitcoin at like $100 you know the way the way he's

so Evangelistic about it but um anyway he's a good trade over there and uh speaking of good trades options on spot Bitcoin ETFs also launched this week so this was something that recently got approved and uh they were crushing in terms of of volume so just a reminder if you're not you know like in the trafi world what is an option A call option gives buyers the right but not the obligation to buy an asset at a specified price with within a specific period now these are available for the ibit Bitcoin ETF so it just injects even

more liquidity in the market makes it Poss even more possible to like buy the ibit Bitcoin uh ETF in size and that seems to be exactly what institutions are doing yeah options are kind of considered like Leverage it's like a leverage Tool uh you can very cheaply get exposure to very high price Bitcoin and then if Bitcoin goes up to that price you win you win all right Ryan you ready to move on to E want to talk about the Fantastic week that ether's had all going great amazing things that are check in let's check in on little brother here all right so ether start of

the week at $3,150 yes up 6% to 3,350 okay 3,350 if if you add if you add Bitcoin and ether together if you have one Bitcoin and one ether you get $100,000 so if I own one Bitcoin and one ether if you own one Bitcoin and one ether you have 100 ,000 combined might of these two assets you get $100,000 okay so if I have that if I have one Bitcoin one eth am I overallocated or under allocated on

ether David he answer me that question I know my answer I'll let the listener decide on that one we got to ask the Quant kid these questions um all right so uh not so great but like 6% you know at least honestly 6% in a week is great it's just like people are coping like the reason David and I are coping about this is because it's down so bad relative this you want to see the ratio I've never seen ether underperform so hard before so hard in a bull market right like look at the ratio here we

almost okay so do you know there is a an an udy uh death of E Party If the ratio goes under Point uh Z3 yeah if it go if it hits 03 and I said I'm attending I don't know if you're attending this one but like I need to attend I think I have udy blocked so I don't know if this this is unblock him for the death of eth party cuz if we go there like that yeah he he deserves that so it's like we didn't hit quite hit there but we got as low as like what 0 down 32 and then as of this morning we're back up to 034 but just like I mean there's no the trend of

eth PTC is unbroken like oh my God very very in fact it seems to be accelerating yeah but like accelerating is what you'd expect to happen towards the end like it accelerates downwards it's it's when it's beginning of the end right when ether is at 03 Bitcoin when it moves any amount that's moving twice as much relative to bitcoin as it is at 06 for example uh and so like a move from 03 down to like 029 is

equivalent from to a move from like 06 to 0 Z sure sure 58 you know ether has not shown strength this cycle at all so we are I feel like we're entering very much the second half of the bull cycle and like this is ether's time to shine it's like it's now or never little eth you got to be to be a part of this of this current CLE if you want to be part of this cycle you want to be in the game yeah you want to be in the game has so far not not been in the game it's still still asleep forgot the game is

happening am I stupid I'm still bullish am I stupid I I might be stupid I'm feeling kind of dumb right now the way the way that I summarize this is like eth ethereum is like the longest of time Horizons and there's like a big old middle game going on that like we're still researching like cryptography and doing like the long-term game and meanwhile we have like 10-year-olds you know flipping you off on on pump. fun let's look at it again it again there's just there's no 10-year-olds flipping anyone off on ethereum right now yeah when I look at the ratio and the the eth

soul ratio I see this kid this kid is staring at right at the face let's the ethereum ETF flows didn't go negative last week okay this we're still posi we're still in the black we're still positive I think today is going to be actually a good day since uh you know today we've been up like six s% just the day so that's looking good okay let's uh get to Total crypto market cap CU that is hitting alltime highs as well what are we on the week coming in at $3.4 trillion the last crypto market cap all-time high set in uh early or no late

2021 November 2021 uh was like 3.2 trillion we at 3.4 trillion uh can we get to $4 trillion by December that's asking for a lot that's asking for that $600 billion doll in five weeks it's within reason but that means that we're getting very frothy we probably want to slow down it funny moving quickly with the alltime uh with the total market cap every time we hit all-time high David you're asking for another like half half a trillion half a half a trillion half a trillion

because like last time we were at alltime high you were like you know what if we get to 3.5 trillion by the end of the year that's like the and then you've just raised it you just raised the bar yet again well I I think the last time or maybe just two weeks ago I was talking about this is like yo three trillion can come real fast and we were at like 2.5 and 3 trillion came really fast we at 3.4 right now things are moving quickly things are moving when Bitcoin goes up 10% that's that's half it's almost half a trillion it's almost half a trillion dollars

yeah oh my God okay uh and soul price it's it's almost at alltime High kissing alltime High it is not an alltime High the alltime high for a salana 250 $99.96 set on November 6th 2021 we're are currently clocking in at $258 128 so about a dollar away from alltime high look at that you got you got to give a shout out to anyone who bought bought salana in 2021 done did not sell it in 2022 and 2023 and is

still holding that same salana if you bought if you bought salana at all in 2020 2021 or 2022 and you still have that salana congratulations you did a great job did played it well better than David and I on the on the there there were a number there were I think two explicit weekly rollups in 2022 and maybe also 2023 where you and I were like yeah that that's probably going to pump yeah I remember saying this yeah no no no I we can we can collect that little bit of clout now we didn't do anything about it I didn't I did not uh no I bought I bought like2 or $300 you

bought I bought I bought the bottom tick of Soul with like the tiniest little buy it was like it was like three $200 or $300 oh man uh yeah so congrats to all the conviction players there um we'll see what it does for the rest of the cycle again second half of the bull market this is uh Travis cing though making the observation that um funny enough some people are not euphoric right now I've seen a number of uh tweets on my timeline saying this like Bitcoin is almost 100K why is there not more Euphoria in the crypto space I

don't know if that's just a Vibe or you feeling I think there's definitely some Euphoria going on I don't know if seen some of the meme coins which we're going to talk about actually can I just show you some of the Euphoria yeah show me can we talk about some movers of the week okay cuz I'm not feeling the the Euphoria as an any coins got no Euphoria I'm just like got no meme coins yeah okay okay so uh the big mover of the week is this meme coin called uh chill guy I do not know Ryan I cannot tell you where this meme came from I do not know

if it came out before crypto I do know that they are dog looking guy with um dog it's just a chill guy bro he's just a chill guy um the artist who made chill guy is not in crypto crypto just adopted this chill guy uh it's like a little dog with wearing jeans and a sweater with his hands in his pockets it's just a chill guy it looks like a kids character like kids book it looks like a kids character yeah we we like our kid cartoons and animals in sking middle school as I love Middle School yeah that's right uh it's up 32x in 3 days to

a $500 million market cap how or why the Spirits caught on to this meme coin I couldn't tell you um but I can tell you that na bu the president of El Salvador has tweeted out the chill guy meme oh to 188,000 likes on Twitter well the IMF is not going to like that David apparently on I don't follow na bu on Instagram but apparently on his Instagram story he has a screenshot of like his of the portfolio of El Salvador

and the Bitcoin portfolio just Bitcoin he's not he's not doing mem coins in the El salvad not just Bitcoin just Bitcoin but he's like posting screenshots of his of how El Salvador is up which like taking a screenshot of your portfolio being up is like such a strong meme like you're supposed to sell when you do that yeah anyways uh okay so the original artist I thought this was interesting I always like when this happens the original artist of uh chill guy yep uh not again not in crypto benefited not at all from this meme coin did not launch this meme coin people just took his art

and made a meme out of it uh and so they made a salana address for him and sent him $300,000 in meme coins and salana well that's a happy ending for him so this guy yeah it's a happy ending this guy got his life changed yeah uh that does not end the Euphoria in the world of of things going on V this is not an investment this is not an endorsement by anyone um vitalic bought $50 of this AI meme coin on 50 $50 yeah I don't know why valal needs $50 of AI mem coin I

don't know if that like unlocks a door for you so he can play with the AI agent on foraster but oh it does right with this this is a mem coin with some utility on farcaster isn't it oh okay did you not know that no I just thought you're just buying this for speculation how dare you David yeah no no no this does cool things on forecas what does it do it's in my list to go investigate it but apparently if you have this coin if you do something with this coin uh something to do with like you okay uh it allows users to post anonymously if they hold 20 ,000 Anon tokens okay so if you

have the meme coin oh I could tweet a lot from that you didn't even know that you were just buying this on speculation dude my guy my buddy shout out Michael Wong tells me to just like buy these three farcaster meme coins and I'm like say no more and I just do it turns out it's 31 hours before italic Bo no this has utility so you can feel really wholesome about it okay so like go use it you know I'm sure I'm sure this is why vitalic bought it to answer your question though $50 to actually use like the ZK I'm sure vitalic is not with

$50 um we got some other things on the week bitwise has now registered for Sal ETF in Delaware so there were some I think Vanek registered for this I want to say a several weeks ago now bitwise joining the frey so again Gary gendler has resigned Trump presidency Anything could happen all bets on the table hon the get get more ETFs out the door Soul ETF I want a doge ETF uh I would love a doge ETF uh I want more more crypto ETFs I want as many as possible that are that

are like ready the ones that have aged yeah we just do ETFs for everything is that how this works not every asset needs an ETF not every asset but like we have more assets that are ready for ETFs okay all right well I'm I'm sure we'll be getting some more and this is also what what bitwise thinks and then uh lastly this is a really cool graph if you're tracking the stable coin game Brian Armstrong TW this out in stream graph actually Visa put this out and it shows the different settlement networks in the banking world in the Fiat space

of which of course if you don't know fedwire is like kind of the bottom layer of how dollars ultimately settle in the trafi financial system around the world so you got fedwire at the top you've got a you got Visa remittances PayPal you got Bitcoin stable coins is now up in terms of annual volume of uh stable coins is now up to Visa levels at this point in time yeah when it comes to kind of like settlement layer so stable coin's doing a lot of settlement transaction volume these days it's very

impressive I like how this uh chart is in log stable coin tra payment volumes is just just two orders of magnitude away from fedwire which two orders of magnitude is a lot but you know think in exponential terms this is an exponential industry I'm here to have exponential growth in my bags that's why I bought eth yes uh's that working uh and stable coins are just two orders of magnitude away from Parry with fed wire transfer volumes that's amazing yeah we're in

cryp hug success exponential experiences that's why we're here that's why we're here unless you're a Neath holder uh coming up next though Trump is assembling a team you know this but who's this cabinet and what how does this affect crypto what are the key crypto positions we got to talk about treasury we got to talk about the SEC chair who gets Gary's job after he's gone and also is uh Donald Trump buing a crypto exchange this actually could be true we'll talk about all that and more but before we do we want to thank the sponsors that made this possible

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don't let the door hit you on the way out Gary uh you know uh we really appreciated Gary all of your guidance and your support of our industry as well as your influencer videos which office I'm going to miss office hours with Gary uh I'm sad I never got to be able to come in and register um but uh thank you for leaving well thank you for leaving it's the best thing you've done for crypto the best thing you've done wow so it's it's the got got