CLOSING DOWN.

[00:00:01]Hey everyone, I have decided to step down  as the CEO of 21 Capital. I wanted to tell you that myself in my own words because you  deserve to hear it from me directly when I help. So that was Jack Mallers, and he's  stepping down as the CEO of 21. 21 is a treasury company that's backed by Tether, or was  backed, or is actually still backed by Tether, and it's one of the darling treasury companies  of the cycle. He's decided to step down as the CEO of that treasury company. That wasn't the  only company that announced they're closing down yesterday. We also had Mark Moss. Everyone knows  Mark Moss. He's a creator, a content creator, and an influencer. He also had a Bitcoin  treasury company called Satsuma Technology, and they voted to close down and to return  the grand total of 668 Bitcoin to their shareholders. I'm going to show you some charts  later which are going to make this very fun.

[00:00:54]Then you've got Movement Labs. Movement Labs is  a company that's also shut down. They filed for Chapter 11 bankruptcy. They were a company  that was going to use the Move language, the Facebook-developed Move language, to build  another blockchain, or they did actually build another blockchain, and they've also shut down.  So what you're getting is a lot of businesses in crypto actually closing down. I know you  thought when you read the thumbnail that we were talking about ourselves closing down. We're  not closing down. We're still here. But we are getting a lot of businesses in crypto which  are actually closing down, and that's actually a great thing. I'll explain to you why I think  that's a great thing. Because in every cycle, you get these businesses closing down, right? In  the last cycle, when we got to the bottom of the cycle, the businesses that closed down  were businesses like Celsius. They were businesses like Genesis. They were businesses  that all had one thing in common, right?

[00:01:50]So what were the businesses that closed  down? They were the businesses that created the leverage in the last cycle. When you look at  the last cycle, the businesses that closed down, the businesses that collapsed, were things  like Luna. What was Luna? Luna created money out of thin air. They created this UScoin out of  thin air. When you create money out of thin air, when it doesn't have a value, that's called  leverage, right? Genesis, Celsius, what did they do? They gave people loans against their  crypto, which effectively created leverage, right?

[00:02:20]Cycles generally end or cycles generally peak  when there's too much leverage in the system, and they generally end when the leverage is  flushed out of the system. What we're seeing now, if you take a deeper look at the companies  that are actually, he's not closing down, but he's stepping down as CEO of this company. It  is a company that creates leverage. How do I know that this company creates leverage? Because if  you look at the Bitcoin holdings of this company versus the valuation of the company, that's what  the chart looks like. That's not what the chart of Bitcoin looks like, right? Bitcoin doesn't look  like that chart. The reason is because people were willing to pay more than was on the balance  sheet of this company to hold this company, which is effectively leverage. When you're  willing to pay more than the value of a company, that is effectively leverage. And now  the leverage is emptying. Right now, you can see that the leverage has ended. This  thing is probably trading at its net asset value, which means that there is no more leverage in  this part of or this company in the cycle here.

[00:03:21]In Mark Moss's Bitcoin company, and again, all  respect to Mark Moss. Sorry, I won't get something for my back. One second. I have a, I want to put a  back link so I can actually set up properly. Mark Moss, who's actually a great guy and he's actually  a great creator, obviously fell into the hype of these Bitcoin treasury companies, started a  Bitcoin treasury company. People paid so much of a premium for the Bitcoin treasury company, and  now that share is down 98.8%. So they've taken a vote and they basically said, "Let's just give  the 668 Bitcoin back to the users." The users are going to be something like 98.8% down, but that  leverage is now out of the system. So now we have a situation where we are, where I'm, you can see  I'm kind of happy that we're getting all of this, that these people are closing down and moving  on. The reason why I'm happy is because I know that this means that it's the end of the cycle. At  the end of the cycle, the leverage that caused the top of the cycle, the fake top of the cycle, which  in this cycle you could say was primarily treasury companies. Treasury companies were demanding  premiums for just holding Bitcoin. I mean, how dumb were people that were buying them? I  kept saying it at the time that the treasury companies will cause the liquidation. They will  be the liquidation of the cycle. Researchers, if you can find me a tweet where I actually  said it, because I know I said it many, many, many times. But right now, these treasury  companies are starting to fold. They're trading at under net asset value. Some  of them are, some of them aren't. I mean, I don't know if you guys have been watching  the whole Anthony Pompliano story. His treasury company is also trading at about a 50% discount  or 30% discount to the Bitcoin that they hold on their balance sheet. He's decided to fight back.  I mean, respect that he's deciding to fight back.

[00:05:08]The main thing is that these companies  over here, the leverage in the system has basically gone. They're shutting down, and that  represents the end of this cycle's leverage.

[00:05:20]Just like in the last cycle, when we  got rid of the leverage, then we could, the biggest leverage in the last crypto  cycle was FTX. When someone uses their customer funds to enter into VC investments  and to prop up tokens, you call that leverage, and that's exactly what Sam Bankman-Fried was  doing. When we got rid of that leverage and Celsius and Luna and all the other leverage,  the total leverage, leverage is not only what you see on Binance as the leverage that people  are actually borrowing on exchanges. Leverage is any situation where you create money that you  don't have in order to invest it in the market. So taking loans against your tokens or against your  shares or against your house, that's leverage, and leverage causes market bubbles. It  also causes markets to unwind the bubbles, and that's exactly what's basically happening. So  right now, those companies are closing down, the leverage is getting out of the system, and we're  moving into a new sector, a new sector in crypto, or a new season in crypto. That's exactly what  happens when you look at this chart. When you look at the chart, you'll realize that we are not so  far away from the end of the four-year cycle. Now, if this four-year cycle thing holds, and it  may hold, it may not hold right now. You know, I hate saying it because I don't really believe  in the four-year cycle, but it has been the most accurate predictor of the market cycle. So,  I want to say, you know, the four-year cycle is rubbish. The four-year cycle is rubbish. The  four-year cycle is rubbish, and mathematically I can't prove it, and for me, generally, when I  can't prove something mathematically, I can't give you a logical fundamental reason why something's  happening, then generally I try and stay away from that certain thing. But if we are going to follow  the four-year cycle, we're 77% of the way through the cycle. We've got 23% left, which means, in  fact, let's quickly just ask ChatGPT. Quickly, let's ask ChatGPT how many days do we actually  have. Let me just see if I'm actually logged into my ChatGPT. So, how many days on the four-year  cycle? How many days until the Bitcoin bottom?

[00:07:23]Let's just see what, if it's a very simple  prompt. I should have given it a better prompt, but because we're live and we're all here  together. There's a, so we are, and we are 120 to 170 days away from the cycle, which means  that we're at the last part of this bear market, the last quarter of this bear market. In the  last quarter of the bear market, ultimately, we want to shake out all the leverage, and we  want to move into a new part of the bull market.

[00:07:50]So what is that part of the bull market? I  want to show it to you. I want to show it to you. But before we get there, wakey wakey,  rise and shine. Sorry, I went on a bit of a seven-and-a-half-minute rant before we actually  started the show. If you're new to the channel, my name is Ran. I go on rants. Sometimes we get  faux pas and stuff like that as well. If you're not subscribed, subscribe to the channel. If you  are subscribed, smash the like button. Smash the like button. Obliterate the like button. I want to  show you something. I want to show you where the new part of the cycle is. So, where are we in the  new part of the cycle? And why do I say that we're in the new part of the cycle? Well, one, I showed  you the leverage of the old part of the cycle is disappearing. Two, anyone that was here to take  a chance, or anyone that was here for all the tourists that were here to get the quick returns,  they're gone because this market basically washed them out. The people that are left here, hold on.  The researchers have actually sent me something here. I mean, I remember saying this. I remember  saying this. I just didn't. This was on July 3rd, 2025. It was a year ago. "Mark my words. Every  cycle ends because of a leverage bubble burst.

[00:08:49]This cycle, the treasury company frenzy  is the leverage that will end the cycle.

[00:08:53]Bookmark this tweet." Here we are. And  here we are. And they're all closing down.

[00:08:58]Anyway, let's go back to, so we're moving to the  next part of the cycle. What is the next part of the cycle? I don't know if you guys have been  following. In fact, no, wait. Before I had this, I had this prepared. Before we talk about the next  part of the cycle, I want you to watch the death, I want you to watch the rise and fall of the last  part of the cycle. Let's just quickly watch it.

[00:09:17]"Yo, what is going on? Bitcoin emergency press  conference. I am the co-founder and CEO of a brand new Bitcoin company. That company's name is  21. 21 is a Bitcoin native company with Bitcoin at its center and core focus. Exactly. We want to  serve as the ultimate vehicle for capital markets to participate in Bitcoin. And so for us, I'm  going to be the CEO of this company forever till I die. And we've got plenty of time,  and we're building for the long term. We're building for decades." "Hey everyone, I have  decided to step down as the CEO of 21 Capital.

[00:10:02]I wanted to tell you that myself in my own words  because you deserve to hear it from me directly."

[00:10:09]So that's basically, if you want to bring that  back to the chart, the first tweet is this part.

[00:10:14]The second tweet is the second rise here, is this  little pump over here when it went down. And the third tweet is somewhere over here. They're  not the only ones. I remember last year when I spoke to Movement Labs, I wanted to actually  get into the round, and they're like, "Yeah, they came with these crazy valuations." I was  like, "Guys, what have you guys got that, I mean, they raised a round at a $3 billion valuation."  And I was like, "What have you guys got that's worth $3 billion?" And now we are here. And no,  they didn't have anything that's worth $3 billion.

[00:10:42]So, we're now moving into the new part of the  cycle. And in the new part of the cycle, we will eventually have a new kind of leverage, but  for now, there's going to be no leverage. For now, the new part of the cycle looks something like  this. Okay. So, yesterday, Pantera launched, or Pantera and S&P launched a crypto index, right?  They launched a crypto index. Now I understand why they launched a crypto index, because there's no  real exposure. If you go to an investor and you say to an investor, or I have a lot of people  that ask me, "Hey, I want to invest in crypto, what can I invest in?" So, I mean, you can  tell them to invest in Bitcoin, but I mean, you'll agree with me that Bitcoin is not crypto.  Then you start saying, "Well, look, you know, why don't you invest in like Bitcoin? Put some  in ETH, put, put." And then you realize as you're talking to them, you realize there's no way that  these guys are going to invest in Bitcoin, ETH, NA, Zcash, like Solana. They're not going to do  it, right? And that's because we haven't really had an investable index. So, yesterday, Pantera  came out with an announcement. I think it was, here we go. And they came up with the S&P Pantera  index. Okay. Now, what is the S&P Pantera index? I want to actually read it to you. I wonder if I've  actually got it here. Okay, so basically they came up, they came up with this S&P Pantera index. I  had a little clip as to why they launched that.

[00:11:57]Where did I put that? Okay, I'll find it. Don't  worry. So yeah, here we go. So, existing digital, when we talk with institutional allocators about  liquid digital assets, one of the complaints that often comes up is that they do not find today's  multi-asset indexes products compelling. The reason is nearly every asset class is eventually  subject to a kind of law of financial gravity.

[00:12:22]Price tracks fundamentals over time, and  institutional capital decisions are based on evaluating and underwriting the value. So what  they say here is, existing digital asset indices make institutional underwriting hard because  they include all tokens that are generic into a basket. So here they talk about, they talk about  the index. I want you to hear what they say about the actual index. "The largest five are Ether,  Binance Coin, Solana, Tron, and Hyperliquid." So what are the requirements? How much turnover do  you expect, and what do these choices represent?

[00:12:54]"Yeah. So let's just admit that digital assets  move faster than equity assets, for example.

[00:13:00]But what we're trying to bring are the same sort  of principles that we have in our equity indices into digital assets. So when you think about  the seasoning period, the revenue generation, the listing requirement, the liquidity behind  these different protocols for these tokens, these are the things that we think matter for serious  investors and asset managers in the digital asset space. And so we think because there's this  likeness between what we deliver in equity indices and into this new benchmark for digital assets,  we think it'll make sense for the investing public." But Bitcoin's not in here. "Bitcoin is  not in there because it's really not one of those revenue-generating protocols that we think belongs  in this index. It meets all of the criteria, which there are many, in order for inclusion in  this index." Now this index, you want. So wait, let's just let it finish. "Like our other equity  indices, we'll rebalance on a quarterly basis."

[00:13:56]So there is a new index in town, or there is a  new stage in the market, and the new stage in the market excludes Bitcoin from an investable index.  Bitcoin has a market cap, a Bitcoin dominance, or is responsible for over 50 or 60% or 58% of  the current market, and they're leaving it out of an index. Now what does that tell you about the  new state of the market? It tells you that we're moving into a completely new market. And what  is this completely new market? In this market, people or investors evaluate protocols just like  they evaluate real-world businesses. They're looking for the same things that they look at  in real-world businesses. What are the things that they look at in real-world businesses? They  look for liquidity. They look for earnings. They look for, those are the kind of things they look  at: liquidity, earnings. Do they understand what the protocol actually does? Right? That is what  they're looking for. So in this new part of the market, basically, they are looking to, investors  are looking at crypto protocols the same way they look at companies. They say, "What does this  protocol service? What is the total addressable market? How does it actually make money? What  service does this protocol actually derive or provide? How does it make money?" And what they  did then was they created this index. Now we don't know what's in the index. We do know that there  are 18 constituents, right? But we do know that all of them provide a certain kind of service.  They end up making money in a very simple way, and you can understand how they actually end up  making money. So that narrows down the protocols to, I don't know, maybe like, in fact, let's  look at a better picture here. But these are the crypto protocols that are actually making  money. So it's like Tether, Circle, Hyperliquid, pump.fun, Phantom, Axiom, Sky, Aerodrome, Photon,  Jupiter. These are things that normal investors, S&P investors, can actually understand. How does  it make money? What is the trading revenue that pump.fun makes, or that Hyperliquid makes?  How many traders trade on it? How often are they trading? Can we increase the number of  trades? Yes. If yes, then this is an investable protocol. So we are moving into a world right  now where people are starting to evaluate crypto protocols just like they evaluate companies. Who  do they service? How big is the total addressable market? What is the service that they're actually  offering? How much they charge for it? And how much money can they actually make? And what is  the growth? That is the next cycle for crypto.

[00:16:22]Now, what does that mean for the way that you  invest? Well, it means that you've got to change the way that you invest. Why do you have to change  the way that you invest? Because up until now, you've been investing in these protocols with  blue sky potential, right? So, I'll give you an example, the biggest blue sky potential thing  is memecoins because memecoins don't generate any yield. In the old cycle, those were the  best-performing tokens, right? In the new cycle, there's actually no space for memecoins because  investors are looking for cash flows, are looking for how these things make money. Now you go to  an S&P 500 investor, a Wall Street investor, and you say to him, "Look, it's the attention  economy, bro. You're betting on attention." That's not going to happen. So it's the exact antithesis  of the old cycle, is the new cycle. The old cycle is about memecoins. It's about value that may  or may not be created. It's about this esoteric, ethereal value that might come out of protocols.  And the new cycle is, how does the protocol make money? How much money does the protocol make?  How do I actually get that thing? And that is the new protocol. How do I know that? Because  they're now launching an index, an S&P index, without Bitcoin, because why? Bitcoin doesn't  make money, and it doesn't distribute the money that it makes. It's a store of value.  It's a different thing. That is, my friends, the new cycle of crypto. And so you need to look  at your portfolio and you need to ask some very simple questions. How does this protocol make  money? How do I get that money from the protocol?

[00:17:51]It also means that you've got to move away from  the Layer 1s, because remember that the Layer 1s, very few of the Layer 1s actually buy back their  own tokens, right? So you've got to move away from Layer 1s. The next crypto cycle is actually  going to be all about DApps that sit on top of Layer 1s and can actually make money, like  the Hyperliquid DEX makes on Hyperliquid, like the Uniswap DEX makes on Ethereum, and  Robinhood, and whatever else. That is the new era of crypto. That is the next crypto cycle.  That cycle starts in approximately 120 days. So, you've got 120 days to look at your portfolio and  sell all the dog water in your portfolio, because I know you're holding rubbish because you're  emotionally attached to it. And you've got to dump all the things that have this esoteric, "Yo, man,  like, you know, like it's all about attention, man. Like, you know, like we launched these crypto  tokens, and they're all about, like, you know, you're taking a bet on attention. It's like, you  know, one day memecoins will be attention." Okay, bro. That thesis is like 100 years old. There's  no more attention in memecoins. It's all garbage.

[00:18:49]Let's just move on and buy fundamentals where  there are cash flows, because the new buyer in crypto is actually a fund. The new buyer in crypto  is a company that invests in S&P 500 companies, and now they're coming to invest in crypto,  and they're not going to be investing in your memecoin, bro. Okay. So, that is the  new cycle and the end of the old cycle.

[00:19:09]One of the things we need in order for this  new thing to happen, this new cycle to happen, is the Clarity Act. Because yes, we've  got a favorable crypto administration now, but we don't know how long we're going to  have a favorable crypto administration for, and we need the Clarity Act, and now everybody  wants to get the Clarity Act passed. So, you'll remember that Brian Armstrong was kind  of against the Clarity Act. He said he didn't like the Clarity Act in its current form.  And he actually slowed down the Clarity Act, trying to fight for what he was fighting for  in the Clarity Act, which was the stablecoin interest distribution, right? He was trying to  fight for that. But now we're at a point where everybody wants the Clarity Act passed. Trump  wants the Clarity Act passed. Brian Armstrong wants the Clarity Act passed, right? Why? We'll  talk about why in a second. But what we're hearing now is that they have agreed on wording around the  ethics clause. Now there was a thing about ethics, and that was around Trump and government people  actually benefiting from investments in crypto and stuff like that. Even Trump has agreed to the  ethics rules in the Clarity Act. The proposal would ban the president, members of Congress,  or other federal officials from issuing crypto while in office. Now that's what the Democrats  wanted. The Democrats are also fighting hard.

[00:20:26]The Democrats are also fighting hard for a  KYC AML clause, which I think they're going to get. Why? Because just listen to what Brian  Armstrong says. "Path to get Democrats to, yes, yes. The Clarity Act is at the one-yard line, and  it reflects the work from both sides of the aisle, spending thousands of hours along with their  staff to get a true bipartisan compromise. This bill would strengthen a very, very, very  different Brian Armstrong from the Brian Armstrong that told us a few times ago that he's  not going to agree to the Clarity Act, and he's going to carry on fighting. He's now completely  changed his tone, and he just wants this Clarity Act to pass. Power for law enforcement. It would  bring new consumer protections, and you have to remember the status quo is that we don't have any  federal laws protecting consumers or helping this industry get built in the United States. So the  status quo is not going to work. This bill is a dramatic benefit to the United States of  America, and it's time to get it over the finish line. And I know that right now is kind of  crunch time for this legislation. If it can't get done in the next few weeks before senators go on  their big August recess, what is that going to?"

[00:21:29]Okay, so now let's talk about it because they  spoke about it before I got to speak about it.

[00:21:32]They've got 13 days left. If they don't get  the Clarity Act passed in the next 13 days, then they go on summer recess. And when they  come back from summer recess, it's all about the midterm elections. So now we have 13 days to  get the Clarity Act passed. What does it still have to do? They have to agree. They have to send  it to the Senate to get added into the other text, and then it has to go to the president's desk.  They have 13 days to do it. That is why everybody is so desperate to get this thing passed. Why  are they so desperate? Because if we don't pass this in 13 days, and they go on the recess, and  they come back, and they deal with the midterm elections, right now, there's a problem with  the midterm elections. There's a 44% chance that there's going to be a Democrat sweep. A Democrat  sweep means there's going to be no Clarity Act, right? Let me just make this a bit bigger for  you guys. Okay, there's a 41, a Republican sweep, there's 15%. So that's not going to happen. Okay,  now why is this the case? Because inflation is high, and because they are still at war.  So for some reason, they're still at war, and you can see that the oil price has basically  gone up. That oil price is going to go back into inflation. That inflation is going to show up  just before the midterm election. So the oil price goes up in June and July, in July and August.  The readings happen in September and October, and that's just before the midterm elections in  November. So, the Trump administration is kind of realizing that, "Hold on a second, we've got a  problem when it comes to the midterm elections."

[00:23:03]If the Clarity Act does not get passed between  now and 13 days, and I say this again, 13 days, then we have a big problem. There's a good chance  that we actually won't see a Clarity Act. And if we don't see a Clarity Act, and the Democrats  win, I mean, let's just quickly see what they talk about here. They talk about the Democrats winning  both, or the Democrats winning the House and the Republicans keeping the Senate. That's the other  bet that's happening over here. So the Democrats have now got the House. If this is what's  going to happen, then we have a big problem, and there's never going to be a Clarity Act.  So now everybody wants this Clarity Act, and they're willing to do whatever it takes  to just get this Clarity Act through. Brian Armstrong's compromised. Trump has compromised on  the ethics provision. And so right now it looks, Patrick Witt, who has been working hard for  the last year to get the Clarity Act passed.

[00:23:56]He's a presidential adviser. He was supposed,  I was said to leave for mandatory training as part of my Georgia Army National Guard while  I remake. So he says, "Now that basically I'm grateful to report my training has been deferred  so I can see that he wants to get this Clarity Act through." They know there's 13 days left.  They have to get the Clarity Act through.

[00:24:18]Now why am I telling you this? Because if we do  get the Clarity Act through, I believe that the market is not pricing it in. And the reason why  I say I believe the market's not pricing it in, that's what Polymarket's saying. Polymarket's  saying that right now there's a 41% chance that the Clarity Act actually goes through. Okay.  So there's a 41% chance that it actually goes through, and it actually does go through. That  will cause a pump in the markets. Now I read a piece from a guy called Simon Dedic. He says,  "The market is wildly underestimating the odds of the Clarity Act. On top of that, people  don't even realize that while the Genius Act was signed into law, it only became effective  in January 2027. The floodgates for crypto's biggest killer use cases, aka stablecoins,  are opening in more than 6 months." So, if we do get the Clarity Act and the Genius Act  basically passed, we've got the Genius Act passed, but the Clarity Act passed, then all of a sudden  we could get quite a kick in the market. So, let's wait the 13 days. Let's hope that they pass  this before we go into recess, and let's hope that the market is actually underpriced, or that the  probabilities here are underpriced, and then we actually end up getting a pump. Because, as I  say, the problem is that I don't know why they did this, but Trump's gone back into a war. Oil's  going up again. Inflation's going to go up again.

[00:25:30]That's not good for the midterms. This is not  good for the midterms. Anyway, so that's that.

[00:25:35]Now I want to talk about something else. Right.  Up until now, in the last couple of bull markets, it's all been about getting Bitcoin accepted,  getting Ethereum accepted, getting Bitcoin understood, getting Ethereum understood.  That's what the fight was about. For those of you who have been here for a long time, you know  exactly what it is. For those of you who haven't been here, let me tell you that all we have been  fighting for for the last 12 years that I've been in crypto is getting it accepted. Whether it has  been making sure that governments don't ban it, whether it is making sure that markets accept  it as a legitimate asset, regulators accept it as a legitimate asset, whether it is around  launch. You think the ETF just arrived here?

[00:26:13]We fought for that ETF for 10 years. There  were, I mean, I didn't put in an application, but the Winklevoss brothers put in multiple  applications that were denied. Many other people put in multiple applications for an ETF  which just kept getting denied and denied and denied. And now the asset is mainstream. And so  you've got this mainstream asset. Now you've got the asset mainstream for the first time, and the  next cycle is actually not about getting the asset mainstream, but actually adoption. Now you'll turn  around and you'll say, "You know, like you've lost your faith in Bitcoin and in crypto." The reason  why you've lost your faith in Bitcoin and crypto is because the prices don't go up. So yes, the  asset's accepted, but the price doesn't go up.

[00:26:55]So, I want to show you some slides here, and I  want to show you what could happen, right? So, you look here at, more Americans own Bitcoin than  gold. 18.6% of Americans own Bitcoin, and 10.8% of them own gold. And if you look at this tweet, it  just shows, the statistics are quite astounding.

[00:27:19]And what I think is going to happen, the US is,  by the way, the Bitcoin capital of the world.

[00:27:23]They've got the most Bitcoin exposure, the most  Bitcoin mining, etcetera, etcetera. They've got the most Senate. Look, 67% of the Senate is pro  Bitcoin, and 65% of the House is pro Bitcoin.

[00:27:35]Why am I telling you this? Yes, it doesn't feel  good now. Yes, it's been accepted, but no one's actually buying it. But wait until there's a 10K  pump in the price, and there will be a 10K pump in the price because there always is. And then  all of a sudden, the narrative comes back. The narrative comes back. And when the narrative comes  back, all of a sudden the momentum comes back. But now all of a sudden the thing is that every broker  is offering it. There are ETFs for people to buy it. There's widespread distribution that could  create the mother of all pumps. And that's my thesis. My thesis is, we were always fighting for  acceptability. Now we've got acceptability. We've got distribution. Now on the next pump, people  will actually start to buy. Now when is that going to happen? I don't know. I don't have a crystal  ball. I can't tell you. But if the four-year cycle's right, we've got about 120 days of this  rubbish left before it actually happens. So that's my story. That's my thesis. That's my thesis  for today. Well, that's my thesis. My thesis doesn't change. Yeah, there's another little  stat for you. Of Gen X in Gen X ETF investors, 41% plan to invest in cryptocurrencies over the  next year. That's from Charles Schwab. So, that's the thesis. That's pretty much where we are.  That's, oh, that's quite a big thumbnail that, closing down. So, I must talk to, I must talk  to the team. That's quite a thumbnail that, I said Jack Mallers is leaving. I didn't say it.  Closing down. Anyway, guys, the BTCC special is back. So, if you want to trade the markets right  now, there's a very simple and easy way to do it.

[00:28:56]What you do is you go to BTCC, you sign up. When  you sign up, you actually get a 10% deposit bonus.

[00:29:02]In other words, let's say you put in $100,  they give you $10 back. You put in $1,000, they give you $100 back. Then you trade just with  that $100 or $1,000. And then you take out your capital. There's a link below. Don't tell them  I told you what to do, but you can do it. Also, if you're looking for a European exchange or an  exchange that you can use in Europe, you can still use Blofin in Europe if you use a VPN. There's a  link to a VPN here with Nord, and there is a link to Blofin over here. I shall see you guys again  tomorrow. Until then, trade well, my friends.