VETO, FIT21 & ETH ETF NEXT WEEK PLUS CHINA GOLD & BITCOIN INFLATION.

Summary

In this Sunday live stream, the host discusses recent crypto market movements, highlighting Bitcoin's 9% gain, Ethereum's 4.4%, and Chainlink's impressive 24% surge due to partnerships with major financial institutions. The conversation turns to three significant upcoming events: the potential veto of HJ Resolution 109 concerning crypto custody for banks, the FIT Bill (FIT 21) aiming to establish the CFTC as the primary digital asset regulator, and the final decision on the Ethereum ETF. The host also emphasizes the importance of understanding inflation and the Federal Reserve's role, suggesting Bitcoin as a hedge, and shares global monetary trends indicating China's significant money printing efforts.

Takeaways

• 📈 The crypto market has been lively over the last seven days, with Bitcoin at a 9% increase, Ethereum at 4.4%, and Chainlink being the big winner with a 24% increase.
• 🔗 Chainlink has been partnering with major financial institutions like JP Morgan and BNY Mellon for real-world asset transfers, contributing to its significant growth.
• 📊 There are various meme coins and other cryptocurrencies like Phantom and Bonk experiencing substantial gains, showing the diverse nature of the market.
• 🏛️ HJ Resolution 109, which was aimed at allowing large institutions and banks to custody crypto assets off-balance sheet, passed the House but is expected to be vetoed by the President.
• 📝 FIT 21, the Financial Innovation and Technology Act, is expected to be voted on next week and aims to establish the CFTC as the leading regulator of digital assets instead of the SEC.
• 🦄 The final decision on the Ethereum ETF is due around May 24th, with Coinbase suggesting there's a 40% chance of approval, which could have significant market implications.
• 💡 The speaker emphasizes the importance of understanding the reasons behind investing in certain assets, using Chainlink's partnerships as an example of tangible progress.
• 🏦 Discussions about the Federal Reserve, its establishment in 1913, and its role in issuing debt are highlighted as important context for understanding inflation and Bitcoin's value proposition.
• 📊 The video mentions the website 'priceinbitcoin2.com' as a resource for visualizing how Bitcoin can serve as a hedge against inflation by comparing the cost of assets like houses priced in Bitcoin over time.
• 🌐 The potential for a shift away from the US dollar as the global reserve currency is hinted at with the mention of the BRICS coalition and China's significant money printing.
• 📹 The speaker is considering doing two live streams to cover the increasing amount of information and developments in the crypto space, and is polling the audience for their opinion on this.

Q & A

What is the general trend in the cryptocurrency market over the last seven days as mentioned in the script?

The last seven days in the cryptocurrency market have been quite lively, with Bitcoin showing an almost 9% increase, Ethereum at 4.4%, and Chainlink being the big winner with an increase of almost 16%.

What is the significance of Chainlink's recent partnerships with JP Morgan and BNY Mellon as discussed in the script?

Chainlink's recent partnerships with JP Morgan and BNY Mellon are significant because they indicate Chainlink's involvement in real-world asset transfers across the globe, which can boost its credibility and value in the crypto market.

What does the speaker think about the Ethereum ETF and its potential approval?

The speaker is not very much in favor of the Ethereum ETF's approval, but acknowledges that a large entity believes it has a reasonable chance to get past.

What is HJ Resolution 109 and why is it significant in the context of the crypto market?

HJ Resolution 109 is significant because it pertains to whether large institutions and banks can hold crypto assets off balance sheet. This resolution was passed by the House of Representatives but is expected to be vetoed by the President.

What is the FIT 21 bill and what would its passing mean for the regulation of digital assets in the US?

FIT 21, the Financial Innovation and Technology Act, is expected to establish the Commodities Futures Trading Commission (CFTC) as the leading regulator of digital assets. If passed, it would be the first major crypto regulation bill to be approved and would set clear consumer protections.

What is the expected timeline for the final decision on the Ethereum ETF as mentioned in the script?

The final decision on the Ethereum ETF is expected to be made around May 23rd or 24th, and it cannot be delayed further - it must be either approved or denied.

What is the speaker's view on Bitcoin as a store of value and a hedge against inflation?

The speaker believes that Bitcoin is a great store of value and a four-year hedge against inflation, and that no other cryptocurrency has beaten Bitcoin's use case over time.

What is the importance of understanding the Federal Reserve and inflation when considering Bitcoin as an investment?

Understanding the Federal Reserve and inflation is important because it provides context for why Bitcoin can be a hedge against inflation. It helps investors comprehend the value of a decentralized currency that is not subject to the same inflationary pressures as fiat currencies.

What does the speaker suggest as a starting point for discussing Bitcoin with someone new to the concept?

The speaker suggests starting the discussion about Bitcoin by first explaining the Federal Reserve and the concept of inflation. This foundation can help new investors understand why Bitcoin might be a valuable investment.

What is the significance of the website 'priceinbitcoin2.com' mentioned in the script?

The website 'priceinbitcoin2.com' is significant as it provides a visual representation of how the value of various assets, including houses, compare to Bitcoin over time, illustrating Bitcoin's potential as an inflation hedge.

What does the speaker suggest regarding the possibility of conducting two live streams due to the volume of information?

The speaker suggests that due to the increasing amount of information, it might be time to conduct two live streams, one in the morning and one later in the afternoon, to cover all the relevant topics.