LARGEST BANK IN THE WORLD BOUGHT BITCOIN. WELLS FARGO, RENDER & APPLE.

Summary

The video discusses recent cryptocurrency market trends, highlighting a dip in Bitcoin's value but emphasizing long-term investment perspectives. It features JP Morgan Chase, the world's largest bank, disclosing its Bitcoin ETF holdings, a move predicted to boost Bitcoin's value. The video also covers Wells Fargo's Bitcoin ETF positions and Investment firm International Group's significant Bitcoin investment. It touches on BlockFi's partnership with Coinbase for fund distribution and Jack Dorsey's prediction of Bitcoin's future value. Additionally, it mentions Render token's surge after an Apple mention and the performance of meme coins in Q1, advocating for a level playing field in investments.

Takeaways

• 📉 The cryptocurrency market is experiencing a downturn with Bitcoin dipping below 60,000 and a general market decline of 3.8% over seven days.
• 🏦 JP Morgan Chase, the largest bank in the world as of 2024, has disclosed its spot Bitcoin ETF holdings, indicating a significant shift in traditional financial institutions' stance on cryptocurrency.
• 🔮 JP Morgan's CEO Jamie Dimon has had a changing perspective on Bitcoin, evolving from calling it a fraud to acknowledging the technology behind it and considering it for investment portfolios.
• 📈 Despite market fluctuations, the long-term prospects for Bitcoin and other cryptocurrencies are emphasized, with the focus on the overall growth and potential rather than short-term volatility.
• 🤔 The exact amount of Bitcoin held by JP Morgan is unclear, but the disclosure itself is a significant indicator of institutional adoption.
• 📋 Other major financial institutions like Wells Fargo and investment firm International Group have also disclosed their Bitcoin holdings, suggesting a growing trend of institutional investment in cryptocurrency.
• 💡 Jack Dorsey, former CEO of Twitter and head of Block, predicts that Bitcoin will be worth at least a million by 2030 and emphasizes the importance of contributing to the Bitcoin ecosystem to increase its value.
• 🔑 The concept of 'layer two' solutions and building on Bitcoin is highlighted as a potential area for future growth and innovation within the cryptocurrency space.
• 🚀 Render token experienced an 11% increase after being mentioned by Apple, demonstrating the impact of partnerships and mainstream recognition on cryptocurrency values.
• 🎉 Meme coins have surprisingly performed well in Q1, possibly due to their accessibility and the level playing field they offer to retail investors compared to traditional investment rounds.

Q & A

What is the current market sentiment described in the transcript?

The market is described as being in the red, with Bitcoin going below 60,000 and a general downturn across the board, with a 3.8% drop over seven days and the market cap below 2.4 trillion.

Why is JP Morgan Chase significant in the context of this discussion?

JP Morgan Chase is significant because it is the largest bank in the world as of 2024, and it has recently disclosed its spot Bitcoin ETF holdings, which is a notable development in the financial world.

What was Jamie Diamond's initial stance on Bitcoin according to the transcript?

Jamie Diamond, CEO of JP Morgan, initially had a negative stance on Bitcoin. In 2015, he said virtual currency will be stopped, and in 2017, he called Bitcoin a fraud that will eventually blow up.

How has JP Morgan's position on Bitcoin evolved over time?

JP Morgan's position on Bitcoin has evolved from skepticism and criticism to a more open stance. In 2018, Jamie Diamond expressed regret for calling Bitcoin a fraud and acknowledged the technology behind it. By 2021, JP Morgan suggested that some investors could allocate 1% of their portfolio to Bitcoin, and they have been actively managing Bitcoin funds.

What does the transcript suggest about the importance of not focusing on short-term market fluctuations?

The transcript suggests that while short-term fluctuations can be surprising and concerning, the focus should be on the long-term prospects and the underlying value of the assets, rather than the daily ups and downs.

What is the significance of financial institutions like JP Morgan and Wells Fargo holding Bitcoin?

The significance lies in the validation and mainstream acceptance of Bitcoin as an asset class. When large financial institutions hold Bitcoin, it indicates a growing confidence in its value and potential as part of a diversified investment portfolio.

What does the transcript suggest about the future of Bitcoin and blockchain technology?

The transcript suggests a positive future for Bitcoin and blockchain technology, with increasing adoption by major financial institutions and the potential for a bull run in the coming years.

What is the connection between JP Morgan's Bitcoin holdings and the price of Bitcoin?

The revelation of JP Morgan's Bitcoin holdings could potentially impact the price of Bitcoin. As one of the largest banks in the world, their involvement in Bitcoin could lead to increased demand and potentially drive up the price.

What is the role of BlockFi in the context of this discussion?

BlockFi is mentioned in the context of its collaboration with Coinbase to enable eligible clients to withdraw their funds after the shutdown of the web platform. This is part of the ongoing developments in the cryptocurrency lending and borrowing space.

What does the transcript suggest about the importance of building and improving upon Bitcoin?

The transcript suggests that efforts to build and improve upon Bitcoin, such as through layer two solutions and other innovations, are crucial for the ecosystem's growth. This is because they contribute to making the entire ecosystem better, which in turn can lead to an increase in the price of Bitcoin.

Outlines

00:00

📉 Market Volatility and JP Morgan's Bitcoin Revelation

The speaker reflects on the current market downturn, noting a 3.8% drop across the board and a market cap below 2.4 trillion. They emphasize the importance of long-term investment over short-term fluctuations. The main focus is on JP Morgan Chase, the world's largest bank with a market cap of half a trillion dollars, which has disclosed its spot Bitcoin ETF holdings. This disclosure aligns with predictions by Michael Saylor that transparency in Bitcoin holdings by large institutions would drive the market. The speaker takes a trip down memory lane, recounting JP Morgan CEO Jamie Diamond's evolving stance on Bitcoin from skepticism to eventual acceptance, and the bank's increasing involvement with Bitcoin funds. The narrative highlights the contrast between traditional financial institutions' public statements and their private actions regarding cryptocurrency.

05:01

🚀 Financial Institutions' Bitcoin Exposure and BlockFi Update

The speaker discusses the growing trend of financial institutions revealing their Bitcoin exposure. They mention Wells Fargo, which holds positions in various Bitcoin ETFs, and Investment firm International Group, which has disclosed a significant 1.8 billion investment in Bitcoin. The speaker also addresses the BlockFi situation, where the company has partnered with Coinbase to allow its clients to withdraw their funds after the deadline for asset distribution passed. They caution BlockFi clients about potential scam emails and advise verifying information before acting on it. The speaker also touches on Jack Dorsey's prediction that Bitcoin will be worth at least a million by 2030 and his perspective on the ecosystem's growth contributing to Bitcoin's value.

10:04

📈 Meme Coins' Success and Investor Psychology

The speaker comments on the surprising success of meme coins in Q1, highlighting the performance of Render token, which surged 11% after being mentioned by Apple. They discuss the investor psychology behind taking profits, even when the narrative is positive, using the price trajectory of Render token as an example. The speaker also addresses the broader success of meme coins, suggesting that their appeal lies in the level playing field they offer to retail investors, as opposed to traditional investment vehicles that favor early-stage investors. They conclude by congratulating meme coin holders and expressing their belief in the potential of such coins, like Bonk, which they've been advocating since 2023.

Keywords

💡Bitcoin

Bitcoin is a decentralized digital currency that operates without a central bank or single administrator. It is the largest and most well-known cryptocurrency and is often used as a benchmark for the entire cryptocurrency market. In the video, Bitcoin's price movements are discussed, with a particular focus on its temporary drop below 60,000 and its subsequent performance over a seven-day period. The video also touches on the significance of Bitcoin's long-term value over short-term fluctuations.

💡Market Cap

Market capitalization, or market cap, is the total value of a company or, in the context of cryptocurrencies, the total value of all coins in circulation. It is calculated by multiplying a stock's or coin's share price by the total number of shares or coins outstanding. In the video, the market cap of Bitcoin and the overall cryptocurrency market is mentioned to illustrate the scale of the downturn, with the market cap falling below 2.4 trillion.

💡JP Morgan Chase

JP Morgan Chase is identified as the largest bank in the world as of 2024 in the video. It is significant in the context of the video because it has disclosed holdings in a spot Bitcoin ETF, indicating a growing interest and investment in cryptocurrencies by traditional financial institutions. This disclosure is seen as a validation of Bitcoin and cryptocurrencies from a major player in the financial world.

💡ETF (Exchange-Traded Fund)

An ETF, or Exchange-Traded Fund, is an investment fund that holds assets such as stocks, bonds, or, in this case, cryptocurrencies, and trades on stock exchanges much like individual stocks. In the video, JP Morgan Chase's disclosure of holdings in a spot Bitcoin ETF is highlighted, showing that traditional financial instruments are being used to invest in cryptocurrencies.

💡Jamie Diamond

Jamie Diamond is the CEO of JP Morgan Chase. His views and the bank's actions regarding Bitcoin and cryptocurrencies have evolved over the years, as outlined in the video. His name is significant as it represents the shift in perspective from skepticism to acceptance and investment in Bitcoin by a major financial institution.

💡Blockchain

Blockchain is the technology that underpins cryptocurrencies like Bitcoin. It is a distributed ledger that records transactions across multiple computers so that the record cannot be altered retroactively, without the alteration of all subsequent blocks. The video mentions that while some entities may not believe in Bitcoin, they do believe in the blockchain technology behind it.

💡SEC Filings

SEC filings refer to the documents that publicly traded companies in the U.S. are required to submit to the Securities and Exchange Commission (SEC). These filings contain financial and business information about the company. In the video, the anticipation of SEC filings revealing who is holding Bitcoin is discussed as a potential catalyst for Bitcoin's value to increase.

💡Altcoins

Altcoins are alternative cryptocurrencies to Bitcoin. They are digital currencies that are different from Bitcoin and are part of the broader category of cryptocurrencies. The video mentions altcoins in the context of discussing the performance of various cryptocurrencies, including meme coins, which have seen significant gains.

💡Meme Coins

Meme coins are cryptocurrencies that are created as a joke or for fun, often based on internet memes or trends. Examples include Dogecoin and Bonk. The video discusses the performance of meme coins in Q1, highlighting their significant gains and challenging the perception that they are not serious investments.

💡Layer Two

Layer Two refers to protocols built on top of a blockchain that help to improve its scalability and functionality without changing the blockchain's underlying rules. In the video, the presenter suggests that Layer Two solutions and building on Bitcoin could be the next big narrative for the cryptocurrency market, indicating a belief in the continued development and innovation within the space.

💡Render Token

Render Token is associated with the Render Network, a platform for 3D content creation. The video mentions a significant price increase for the Render Token after it was briefly mentioned by Apple during a presentation, illustrating how external validation or association with a major company can impact a cryptocurrency's value.

💡BlockFi

BlockFi is a cryptocurrency financial services company that offers various products, including interest accounts and loans. The video discusses BlockFi's partnership with Coinbase to facilitate fund withdrawals for its clients, highlighting the challenges faced by users of cryptocurrency platforms and the importance of secure and reliable services.

💡Jack Dorsey

Jack Dorsey is the former CEO of Twitter and the current head of Block, a financial services firm. In the video, Dorsey's prediction that Bitcoin will be worth at least a million by 2030 is mentioned, emphasizing the optimism and long-term belief in Bitcoin's value growth. His perspective on the importance of contributions to Bitcoin's ecosystem is also highlighted.

Highlights

Bitcoin's market value went below 60,000 briefly but recovered, with a 3.8% drop over seven days.

Market cap is below 2.4 trillion, indicating a red day across the board.

JP Morgan Chase, the world's largest bank, disclosed spot Bitcoin ETF holdings, a significant move in the financial sector.

JP Morgan's changing stance on Bitcoin from skepticism to active management reflects a broader industry trend.

Wells Fargo, one of America's largest banks, also holds positions in Bitcoin ETFs, further normalizing cryptocurrency in traditional finance.

International Group revealed a $1.8 billion investment in Bitcoin, showcasing growing institutional interest.

Blockfi partners with Coinbase to enable fund distribution, providing a solution for affected customers.

A warning about potential scams targeting Blockfi customers, emphasizing the need for caution and verification of information.

Jack Dorsey, former CEO of Twitter and head of Block, predicts Bitcoin will be worth at least a million by 2030.

Dorsey highlights the ecosystem improvement as the most interesting aspect of Bitcoin, beyond its price.

The potential of layer two solutions and building on Bitcoin as the next big narrative in the crypto space.

Render token's 11% pump after being mentioned by Apple in a presentation, showcasing the impact of tech giants on crypto markets.

The importance of understanding investor psychology and the tendency to take profits, even in a positive market narrative.

Meme coins' significant performance in Q1, challenging the traditional view of their value and potential.

The democratizing aspect of meme coins with their immediate availability to retail investors, leveling the playing field.

A reminder of the inherent risks in the crypto market and the importance of informed decision-making.

Transcripts

I like these days I like these days a

lot especially when we can take a step

back and realize just how right we were

oh it's great as it washes over us and

I'm gonna take a a tip from Frankie and

just say we got a lot of things to cover

so let's just jump right in so today is

one of those days where a little bit of

a red day and uh it's kind of surprising

after we talk about the things we're

going to reveal yeah Bitcoin I think it

went below 60,000 for a second now now

over seven days 3.8% everything's down

across the board wow the market cap is

below 2.4 trillion that's been uh taking

quite some time and we just see that red

Day red Day red day whatever this is a

prime example of why we shouldn't really

pay attention to the numbers go up the

numbers go down it's all about the long

term we're taking a look at that it

really comes down to the whole Prospect

of what we're talking about today JP

Morgan and it give you a little bit of

of a background just how big JP Morgan

is JP Morgan Chase is the largest bank

in the world as of 2024 now things could

change things can go a little bit

sideways or whatever else but it is Far

and Away the largest bank market cap is

500 it's half a trillion dollars

essentially Bank of America 2888 billion

uh Industrial and Commercial Bank of

China 249 billion China Wells Fargo 28

billion and then and a couple other

banks that trail off so pretty big bank

and

this just came out about I don't know 30

minutes ago an hour ago looks like

America's largest bank world's largest

bank JB Morgan Chase discloses the spot

Bitcoin ETF Holdings the new SEC folling

this is actually was predicted actually

by Michael sailor he said there was like

three reasons of what would actually

cause Bitcoin to really go parabolic and

one of those was having the Revelation

as far as the IRS filings of just who is

actually holding Bitcoin not why they're

doing it but just actually the ones that

are holding and we can see right now

that that is what is happening now I

don't know exactly how much they are

holding if they're holding a dollar or

10 billion dollars I'm not for sure

because it's a little bit unclear about

what what this article talked about but

alls I know is that JP Morgan Chase and

this is probably not a little bit that

they actually are holding Bitcoin it's a

funny thing because as we look at the at

the timeline of the history of JP Morgan

and its CEO Jamie Diamond we can just

chronologic take a look at what's

happened over the years going all the

way back almost 10 years ago which is a

funny thing because you know 10 years

ago it was amazing that it was even on

the radar and and and you will start to

think about the people that you have

heard in your long journey in crypto Nal

assets of how many people told you that

this was trash and that it was going to

zero and that it was a big Ponzi scheme

and it was a tul of mania bubble and all

the other nonsenses out there so let's

just take a trip down memory lane in

2015 Jamie Diamond said virtual currency

will be stopped

in September 2017 JP JP Morgan CEO Jamie

Diamond said Bitcoin is a fraud that

will eventually blow up then in 2018 he

said you know what I regret calling you

I believe in the technology behind it

which is the same thing a lot of nation

states will say it's kind of funny China

will say the exact same thing like we

don't believe in Bitcoin but we believe

in blockchain and that's a big

difference but uh inevitably they all

kind of come around and then of course

in 20120 Jamie Diamond says Bitcoin is

not my cup of tea even JP Morgan's

warmed to it then in 2021 they said hey

maybe some investors could make uh 1% of

the portfolio and then of course they

were actually actively managing Bitcoin

funds or moving into it as time went on

so again this just one of those stories

where we were

right and it's it's good to just kind of

sit back and just kind of take that all

in because it's a SLO it's a it's a SLO

to invest into things when you know you

believe in it we believe in it but then

we've got the traditional fin as some

people might call him the smart money I

don't call him smart money call him the

big money as they can come and say to us

you guys are morons you guys are idiots

and you're going to lose everything but

here they are on the background so watch

what they do not what they say and I

love this post by Crypt

T where this pretty much sums it up of

JP Morgan CEO Jamie Diamond sitting

there going I wonder what we got it as

the price anyhow let me know what you

think about that in the comment section

I love these days and it doesn't stop

there well as Faro now this is actually

an older story I think this broke this

morning uh looks like uh WS Fargo

America's third largest bank I think

it's the fourth largest bank in the

world also owns spot Bitcoin TFS and

it's not just them so here's what we

have according to the filing Well Fargo

holds position in Grace skills spot

Bitcoin ETF pro shares Bitcoin strategy

features ETF and shares in Bitcoin Depot

marking a notal entry of course and that

wasn't just them well as Fargo on top of

that earlier this week investment firm

giant I'm gonna butcher this name uh

sahana nailed it International Group

revealed in an SEC find that it holds

1.8 billion in spot Bitcoin and other

Bitcoin ETFs joining a wave of massive

financial institutions disclosing their

exposure to bitcoin again it just kind

of just keeps steamrolling and as we

move into the later part q no we're

already in Q2 2024 but Q3 Q4 getting

into 2025 I can see these catalysts and

these narratives actually filing filling

out where we could actually see a nice

little Bull Run moving

into potentially next year but I like to

see that that is fantastic also good

news for blocki uh people who got

screwed over blockfi partners with

coinbase for fund distribution shuts

down the web platform and here's what we

have so if you're part of blockfi I

never got into blockfi I never got into

FTX but I did get into Voyager and

celsus and got screwed over there so I

know what you're going through H this

was a post that said that the

collaboration with coinbase this is

block buying coinbase will enable

eligible blockfi interest accounts

retail loans and private clients to

withdraw their funds I think this

actually already happened because here

it says the lender informed clients on

Thursday May 9th today is Friday May

10th that as the deadline to withdraw

digital assets from the current estate

distribution has

passed They will receive instructions on

setting up a coinbase account to

facilitate withdrawals so apparently

this has already come through and

already happened so again you will this

is a a tweet what it's essentially

saying is if you miss that opportunity

to withdraw funds you will receive

further information via email and I

cannot stress this

enough you are going to get scam emails

if you're in blockfi even you're not in

blockfi I guarantee some scammers have

your information so make sure that you

don't trust the emails that you receive

that you verify try to reach out even to

me on on X and just to see where things

I mean the fraud that is going to come

out is going to be massive so just to be

aware that the emails you're going to

get

I'd say probably half of them are going

to be BS and the one that you really

need is going to be tough to find so

good luck to you I'll try to update as

much as we possibly can we'll go from

there and also more good

news uh price predictions I don't like

price predictions as you guys know I

think they're worthless but it allows us

to dream a little bit but there was

something that that Jack dorsy said

former CEO of Twitter now head of

block uh he says Bitcoin will be worth

at least a million by 2030 I don't care

if it is or not I I I will have plenty

of Bitcoin by that time I already have I

mean I have a I have a reasonable amount

right now I don't care if it hits a

million I don't care if it it'sit 10

million I don't care if it it's

500,000 it's going to be the best

performing asset I'm pretty sure I will

have in my entire portfolio that

includes real estate but it's what he

said down here which made me stop and

think so dorsy now the head of the

financial services firm block so it's

not just like Jack dorsy is excuse me uh

was just here for Twitter and you know

just did Little Bits here and then of

course Elon Musk bought him out but I

mean he know was a little bit about

financial services block is massive and

he noted that bitcoin's price isn't

actually the most interesting aspect of

Bitcoin this is something I never really

thought about and now I'm going to

really make sure that I talk about this

more and more he says the most amazing

thing about Bitcoin apart from the

founding story is anyone anyone who

works on it or gets paid in it or buys

it for themselves everyone who puts any

effort into make it better is making the

entire ecosystem better which makes the

price go up so I know like some people

say well Rob we don't like these runes

we don't like like these nfts that are

being built on top of uh Bitcoin we

don't like layer 2's like stacks and

core but you don't understand and and

now it totally makes sense as people

start to build and use Bitcoin more and

more you shouldn't I mean some of the

Bitcoin Maxes I guess I understand what

they hate it ordinals and whatnot but we

really should really Embrace and go oh

you're trying to make it better you know

in some way shape or form I know it

rises the cost up for transactions

because of ordinals and ruins and things

like that but on another note Michael

sailor is using that same thing for

digital IDs so I think we'll all

flourish in that sector and uh I'm going

to try to bring a little bit more light

to that and I think that the next big

wave of the next narrative that we could

see on top of real world assets and web

3 gaming and defy and or see to dpin I

think is going to be layer twos and

building on bitcoin so let me know what

you think about that in the comment

section I never thought of it that way

it's a good one got to give it up to

jack on that one and then also let's

talk about just a couple of alt coins

first render pumps 11% after Apple

mentioned oxy I must have missed this

whole story this was uh 13 well say it's

13 hours ago but it was really a couple

days ago so render token jumped 11%

actually it was like on I think it was

May 8 render token jumped 11% after

Apple briefly mentioned octane a 3D

design software powered by the render

Network in its Keystone presentation

showing off its M4 chip on its latest

iPad and I guess there was a commercial

or some kind of snippet of information

that was put out as far as video wise

and it says you can literally see the

render logo in the video so that is

essentially a partnership between Apple

and render and this was this is a May

7th post everything started to hear

about it this on May 8th and look at the

price I want I wanted to include this

just to remind people that as good as

things are and the narrative as good as

they are people will still take profits

and you have to understand the

psychology of investors not everybody is

gonna Diamond hands forever and be like

oh that's a cool story let me take some

let me take some profits it's just how

it is I mean just that's just how it is

so May 7th 10 bucks and then of course

it dropped for some reason which is

weird and because I think the story was

released on May 7th then on May 8th this

is 3:00 in the morning we BL this up now

9:00 and a crater down here until 300

p.m. this is mountain time so that would

be 5:00 p.m. Eastern Standard Time when

you know Financial Services actually you

know concludes the price was $949 so

whenever this this announcement had it

must have happened over

here and then people caught wind of it

and what did they do they sold and then

the more people heard about it they sold

again and they wrote it back up here and

what happens people sell but but you

will notice

it is a nice trajectory of where it's

going even though looks like render is

doing very hot for what it is so just

something to keep in mind I think that's

a a great play especially

congratulations to render holders I am

one of those of course that's why I talk

about it because I'm biased but

congratulations for holding on to a

project that looks like you do fantastic

work and then lastly friend of mine uh

Jesus Martinez now has two channels one

Jesus Martinez for gaming other one is

classy Gam or I think it's classy crypto

which deals with

defi uh he put out this information I

didn't know this he says the mem coins

won in

q1 they they won this they won this

battle and Asus is a big big gamer big

web three believer had on the show a

couple times great guy I did not know it

was this it was this big look at this

look at

this you know I I used to laugh at meme

coins too I mean I mean I got into

Bonk and I got into hot dog Costco hot

dog not too long ago I did fine but look

at this meme coins real world assets AI

defi dpin every was talking about these

and people would laugh at mem coins but

it is where it is where it is the

question is why did it do so well and of

course people will say every time I

bring up m coins say yeah but that's

just last quarter that's just a flash in

the pan I don't think so I don't think

so I'm gonna tell you why it's because

all these different assets that are

coming out real world assets AI dpin

defi layer one everything that's here

even Layer Two I just talked about you

have to understand of who gets in first

you know who gets in

First Investors VCS seed rounds preed

private rounds they get in there before

you do because we're all retail right

and then when retail gets in guess what

happens I mean there may be lockup

periods and things like that but as time

goes on they tend to want to make some

gains with meme coins a lot of not all

of them you'll take a look at them the

circulating Supply and the total Supply

is released on day one there is no pre

not pre-mine there's no pre- rounds

there's no pre-seed there's no seed

rounds no pivate rounds it's all right

there have fun and I think that is a

Level Playing Field and I can get behind

that so uh congratulations to mecoin

Holders I a big believer in Bon I and

talking about this since 2023 I think

it's the next Dogecoin and there's a way

to stake it it's by smart contracts and

not like you know individual people I

did a video on it I Linked In the

description you can check it out but

remember everything's risky so have at

it that's it for today just want to do

something down and quick on Friday just

to get everybody uh up to speed but

that's it for this session you like

today's video give it a thumbs up

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