ROLLUP: Rate Cuts Price Savior? | Trump’s DeFi Project | Vitalik’s Documentary

Bankless Nation is the third week of Flat Tember.

It's time for the Bankless Weekly Roll-Up. Uh we got some Fed rates to talk about. David, what did the Fed do this week? What are we talking about?

Uh, the Fed rates, also the jobs report, so big macro numbers coming in this week. How is the economy responding? Because the uh markets did not initially move to the Fed bips cut that we got. How many bips did we get? Uh we cut some bips, how many of them? Uh so we'll talk about all the macro news that we got this week. Also, Trump family introducing the details around World Liberty Financial. Why are they building it? What is it? What does it do? Who's on the team? And what about the token that I think even like CNBC talked about? The World Liberty Financial token that is being released.

Well, they they have to talk about these things because it's a president. And uh speaking of Donald Trump, maybe this is a tale of two chains here. So Bitcoiners were enjoying watching Donald Trump purchase something in a Bitcoin bar with Bitcoin. We have a clip of that. And also down the street, Ethereans were having a different type of party. They were uh celebrating a movie release that I think you've seen. I wanna I'm gonna catch the details on that. And then we also have Big Bad Gary Gensler. He's back at it. He's got a few enforcement actions, but he's gonna be on the hot seat next week, David. It's actually gonna be in front of Congress, Gary Gensler and Hester Peirce at the same time. We have never seen that showdown. I'm almost more excited to see that than I am you in the in the cane fight, David.

Here's how I think this is gonna go. Yeah. It's gonna be like it's gonna be the Republicans just grilling Gary Gensler, playing Gary Gens Gensler, can you please explain yourself? And then Gary Gensler is gonna give

some bullshit.

Yeah.

And then they're gonna be like, Hester, like what do you think? And then Hester's gonna be like, everything

everything that Gary Gensler just said, I also think is bullshit. I think that's how this is gonna go.

I I can't wait. Next week is going to be Hester Perth week on the roller for sure, but we've got to wait for that. Also, I'm going to throw out an apology. So you are back in New York City, right?

That's right. Yeah.

Okay. So last time when I was like, David's on a flight, he's in Lisbon. I said Lisbon, Spain. When I meant a bunch of YouTuber comments did. And so my apologies for that. Confusing uh cities and their locations. New software update. Uh that will never happen again. Okay.

I'd add add that this one, and we'll add it to the Greenwich, Greenwich uh mistake

What did I say? Greenwich, Connecticut.

Green Witch, yeah.

We got some market updates. We gotta thank Kraken for these.

Are they beautiful market updates? They are beautiful.

Okay, look at that. Green, green, green, green, green, green, green, green across the board. Bitcoin, start of the week, 58,300, up 9.2%. Almost a double digit green week currently coming in. $63,800. When's the last time Bitcoin has been up over $5,000 on a week?

That's

five thousand dollars a month. But wait, what's the percentage then?

9.2%.

9.2? Almost

Double.

budget?

Almost double digits. Yes. Wow.

Wow. So you know the price is up, but did we deserve it? I'm gonna say yes, we did.

I think, oh, for sure. For sure. We deserve a lot more globally across the board about prices.

I'm

Especially Ether starting the week at 2340, up 5.5% on the week, currently at $2,450. You're at the one-day chart, so you're really zoomed out. Yeah, that's that's why it still looks bearish when you zoom out, but when you zoom into the week, it's uh it's pretty still it's it's a little bit more bullish. Uh but nonetheless, ether is at its 200 week moving average line. Uh, this is uh a tweet that Ledger Status put out. And that that is that means that it's low. That means that like Ethernet, the price made.

average. Yeah.

Yes. The or or the two hundred moving average has cause caught up to ether, which hasn't really moved all that fast. And so basically it's saying that ETH hasn't moved uh over a long period of time. With Bitcoin, if you put Bitcoin at its two hundred week moving average, Bitcoin would be thirty nine thousand dollars instead of where it is at sixty three thousand dollars.

So if you are a Bitcoiner out there, you're just a Bitcoin like Maxi, you're just insane crazy for Bitcoin. Imagine how you would feel right now if Bitcoin was less than forty thousand dollars. Right. Right. That's how

That's how

Ether people feel okay. It's real bad. And imagine if uh you know Ethereum was like 10K while Bitcoin was lingering, you know, around in the 40s, 40s.

thousand dollars.

That's how we feel. Uh so d David, tell me about your feelings. This is the ETH Bitcoin ratio. It's low lower than it's been in three years.

In recent memory. Yeah, I never thought that I'd ever see three again at the Bitcoin ratio, but we are at 0.0386. Uh, it was at 0.039 when I was looking at this earlier, but man, it's hasn't been this low since like 2019. Is that right? Early 2020?

Not 2019. Alright, so here's where we we can uh start scrolling back here. Okay, so we are below 0.04. And the last time we were here is where look at this

May right, may May 2020. Where, yeah, man, that's where Ether rocketed from like high 1000s, low 2000s, up to like $41,000 in a very short amount of time.

May 2021. And

look at this chart. Look at this chart. The difference between January 2021, where we also hit that

Uh huh.

on the ratio, and then May. So we dip we dip below. We dip below that on the ratio. But you're thinking of like, you know how the sentiment uh we've claimed feels like 2019 in Ethereum Land, and it really does. Do you want to go look at 2019? Look at the rate.

2019, what did we got like down to point zero two three, I think? Oh what point zero one six? Jesus, we were dead. So it's been a

lot it was so low rapid. Oh my god. I mean to actually kind of think we're only like

double

Yeah.

that.

This is this is about the time we started uh we we decided to start a you know like an Ethereum podcast, you know?

Yeah, that's where it was

Thought that'd be a good time to do it.

it was a good time.

Yeah, so I guess uh feels bad, man. And uh for me, I kind of like I had like a a a crack this morning. Yeah, like I just like so I saw this tweet. This was uh from from Chow, whom we've had on the podcast at uh token 20 uh 49. I don't know if you have FOMO for missing that event. I honestly don't at all, but that's a separate.

Story.

All right. All right. But um, this is Chow saying literally every person I talk to at 2049 is bearish ETH. It's so consensus, it makes me uncomfortable. And I saw that in my timeline, followed up by this. Laura Shin uh reporting that Kyle Simani is was giving a talk at Token 2044 soul on course to flip ether.

Yeah, I'm sure Kyle believes that.

Saw this back to back in my timeline, and I was like, okay, this is it. It's ridiculous. I enough is enough. I am feeling like going full bull bull mode again on ether the asset. And I don't understand how we're back in like 2019 with respect to sentiment where the entire industry, as Chow says, it's consensus. Fading ETH is now consensus. Because my perspective, the bankless perspective, has been ETH is the most important asset in crypto. Without Ether the asset, there is no DeFi. Okay. I know other platforms are like working on this, trying to get to decentralization, but nothing else is close. Bitcoin is a store of value. But if you want to lend, if you want to borrow, if you want to trade, you have to move off of the Bitcoin blockchain. You got to you go use a Coinbase or Celsius or some sort of banked platform. So I don't know. I'm drawing the line here, man. We can't go any lower. Okay.

I mean, we could definitely go lower, but like we're approaching some sort of just like it can't it's getting

Silly. It's

It's getting silly. It's getting silly. We're approaching clown world territory. I mean, we've been in clown world in the crypto space for the last like I would call it call it 18 months. Clown world and meme coin mania, I would kind of call synonymous. Uh and like under like trading meme coins and appreciating the roll up centric roadmap are on like direct opposite ends of the spectrum. Like the these these are Venn diagrams that do not overlap.