Hello Folk. What is going on with the viewers of the two? My name is Tyler and I think you should know me by now because we just surpassed 100 case ups on this, too. I want to thank each and every one of you for your continued support. Even if it sometimes feels like we are isolated on our own little island. Joe puts on the brakes, but the result of October’s hit. We know why they keep up the. The U.S. does not get the slier the shit. Well, you know, our Hucknall Snow very thin. It’s time for Chieko crypto. While, my friends, the correlation between songs and crypto is beginning to move in such a sweet tandem when the two are trading together, as in the stock market and the crypto markets are open at the same time. The stock market leads crypto on where it will go up, down or sideways. But when the stock markets close at 4:00 p.m. on weekdays and for the weekend, the crypto market is a leading indicator of where things are going. If there is a fat down during the night or even over the weekend, usually the stock market opens with a dump. So if you don’t know what is going on, we have traders, large whales who are playing both sides of the markets, which is obvious when you look at a well-known whale and what he is saying in the space. Two days ago, Mike Novogratz of Galaxie Digital was on Bloomberg business and he said he was short on stocks and credit and long on Bitcoin. Let’s listen in. How is your macro book positioned right now? You know, I got short Friday for the first time in a while, both stocks and credit kind of selling into the Fed’s last big, big bazooka of buying high yield. But, you know, it’s not a structural position. It’s a tactical position on trade. Trade short for a while. But it was the first time I’ve really net been big, big, big shorts, you know, since the lows. I also you know, I still am long gold on one bitcoin. We are seeing a monetization of debt as we have never seen in our lifetimes. And it’s not just here in the US, right, with the Fed buying everything. It’s a global monetization. And to me, in the long run, that has to make hard assets look better. Gold is certainly without performing. You know, Bitcoin’s an interesting story. This is the time for Bitcoin. It got wiped out. And hang on a second. I’ve heard that before. I’ve heard I’ve heard. This is the time for bitcoin before. Why is this the time why if we if central banks around the world are embarking on a monetary debasement that dwarfs quantitative easing, why is Bitcoin at 60 700 and not at twenty-five thousand? You know what laws? Did you get to still remember? It’s an 11-year-old experiment and it’s only in the last year where it really has become a macro weapon, an investment choice. And I’m seeing liberty in the last month, hedge funds and high net worth individuals who had never bought it before who are buying it. So it’s no longer a question of explaining to me how does it work? What do you what does this mean? It’s like, okay, I’m going to take a risk. Listen, the risk on any store of value, if it’s gold. Is that enough? People believe in it. And so it’s still a question of adoption. I’m just seeing more adoption here in the U.S. and in Europe than I have Laoghaire since I started this. Why is it down with Asian retail is still a big part of this. The Chinese economy is getting hit. There’s a lot of leverage in the system in the Asian retail side of crypto. And so there are still sellers coming out of Asia. You know, the China U.S. relation and the China European relationships are going to be relooked at in lots of ways as the dust settles on this thing. And so I think the heaviness that we see even overnight. Bitcoin is down 500 points, is mostly coming to Asia. And so it’s something we’re looking into. But the positive side is I literally see new players coming in every day. And, you know, we have the having coming up. Bitcoin is an instrument with no inflation or with very little inflation. And the inflation rate is getting cut in half. Right. As the Fed is, they will print as many dollars as you can one. So, Mikey, boy, you say it’s 100%. Yes. He’s playing both sides of the market, although he is short on finance, one point zero and long and hard assets like golden bitcoin. Because this is Bitcoin’s time to shine, the Bloomberg host asks. And why is the price going down? And my answer is Asia. And China is the reason. Leverage is the reason. And let’s replay this clip at the end. And so I think the heaviness that we see even overnight rate Bitcoin is down 500 points, is mostly coming at Asia. And so it’s something we’re looking into. He says Bitcoin’s downward pressure is coming mostly out of Asia. And there is something we’re looking into. Who the Frick is Frick and where is it his Galaxie digital or does this go deeper? Well, you know, Chieko, we think it goes a bit deeper than that. And figuring this out might just tell us where the markets will be headed in the future. So we know Mike Novogratz is the head of Galaxie Digital who consider themselves as sort of a crypto merchant bank providing institutional services like crypto asset management, principal investments, crypto asset trading. And advisory services. That is Mike’s Krypto Company, but he doesn’t come from the BTC world just like most of the prominent whales to this day. They come from finance one point zero worlds. Mike Novo is originally a part of the Fortress Investment Group who was listed on the New York Stock Exchange. There is Mikey during their IPO 13 years ago in 2007, when they were the first hedge fund and private equity company go public within the United States and one of the most disappointing IPO ever opened high back in 0 7. At 37 buckaroos over double the IPO price, which was 16, but it crashed harder than a buying ance IPO. And in twenty seventeen, the Japanese conglomerate Softbank purchased fortunes for $3.3 billion and took it private again. Literally one of the worst IPO is ever. As public investors got absolutely wrecked. While the founders got massive paydays when an IPO launch one at a time for sale. But what happened with Mike and Fortune is, well, according to this fall of Fortress. Article Fortress as was exploded in public view in 2015 when Michael Novogratz, one of the firm’s principals and an industry luminary who had joined from Goldman Sachs, retired after shutting down his drawbridge macro fund following wrongheaded bets on everything from Brazil to China. And this Wall Street Journal article tells us more. Michael Novogratz, one of Wall Street’s most famous investors, recently decided to leave Fortress Investment Group LP and Close’s macro hedge fund after it lost about a hundred million over the past two months from investments in Brazil. According to people familiar with the matter and to top that, earlier in the year, the fund lost one hundred and fifty million in a single day from wagers placed by a different Fortius trader against the Swiss franc who was under Michael’s control. And the latest losses left the fund down seventeen point five percent for the year through September, according to a regulatory filing. So, Mike, he messed up big time and lost that fund. A ton of money which hit public investors the hardest. But Mike made out like a bandit. According to this article, Fortress would buy back a stake in the firm for about two hundred fifty-five point six million. What did Mike do with that money? He went on to form Galaxy Digital and I wonder how that performed. Well, Mike’s firm got absolutely wrecked in twenty eighteen, posting over a two hundred and seventy-two million dollar loss for twenty eighteen. And in twenty nineteen when we experience another bull run to 14K, Mike still lost money. A net loss of thirty-three million for twenty nineteen. And what has recently hit the firm. Well with the poor performance due to the terrible bets and trades Mike and Galaxie announced in February, they would be laying off fifteen percent of their workforce even before the madness swept this world. But more pain just eleven days ago. Joshua Lim, their head of trading strategy, announced he would be leaving the firm to explore new opportunities. Losing streak after losing streak after losing streak. Don’t you want to win, Mike? So when we see Mike is getting mad about Bitcoin going down, when it should be going up and they will look into it, I know exactly what he means. What is the fuel of the crypto markets right now? Well, if you go to coin geko and look at coins ranked by volume, Teather is the number one most traded crypto asset based on volume alone, averaging nearly twenty-five percent more daily volume than bitcoin, even though its market cap is ninety-five percent smaller. Does that make sense? No. So unless you’re wearing a blindfold while looking at crypto data on. You know, Teather controls the market, but my key plays coy. Just a year ago in April twenty nineteen, he tweeted Galaxie has zero exposure to bitfinex or Teather. My own sense is that they are less integral to the crypto community than they once were. That said, it’s not a positive thing that has happened. The herd won’t come until we operate with transparency and professionalism. Bull crap, Mike. You know how integral they are to the crypto community as you were a customer of theirs. As the New York A.G. has documentation that says you’re Galaxie Digital was or was in the process of becoming a customer. So what about operating with transparency and professionalism, lying about your exposure and getting caught with your pants down by the New York A.G. isn’t what you preach. So you preach that the traditional markets are going down. Yet you’re along on Bitcoin. Are you telling the truth about that? Well, who is Mike involved with besides the dark side of U.S.D.A.? None other than the institutional scumbags of the space that Galaxy did. It All was a series, an investor in the one hundred and eighty-two million dollar plus round, which includes the likes of Microsoft. Then, just a year after that investment galaxy becomes a customer of back making the first block trade on the platform. A block trade? What is that? It’s massive. Off the books, private trade made can not move the market. That trade was announced six months ago October 4th. Twenty nineteen while BTC was at an AK. Well, just 20 days later Mike was on CNBC talking about BTC and this totally tells us he put in longs as bitcoin started to drop in through the 7 K range. Let’s listen in. So you look at charts at this point, you figure bitcoin could go back to four. Could I think? I think for Thals, I’m hoping it holds here, but I think it could hold up for six sixty-five hundred would be the next downside to the high. I think you’ve got to get back through like eighty-two hundred first and if it gets back to eighty-two hundred where then back in the kind of eight thousand ten thousand range, it’s going to need new energy to really make the big move. Now some positive things are happening. Right. The New York Stock Exchange is backed, just got set up. There’s a futures exchange. It’s starting to gain some volume. But more importantly, they’ve got a custody solution which is just coming online. That’s going to get approved. Like world-class custody, which allows more and more people to feel comfortable with it. He hopes it doesn’t go down any further, at least to six point five K. And then he shows that disgusting company back, which he needed to as he’s invested in them and most likely had a massive long. He then makes some price predictions. Wow. He was spot on. Does it sound like he has connections to someone in the market? U.S. DP I mean, that is exactly what happened to the price. So in my opinion, with his connections U.S.D.A., he was told about another massive pump. He was told about the dumped. All these insiders share info. But in my opinion, Asia, especially the Chinese exchanges, they are playing their own game. It’s a battle of the manipulators right now. East-West American, European, Chinese, Korean. It doesn’t matter. Who do I want to win? None of them. They all suck. USD tea backed. Western centralized exchanges. Eastern centralized exchanges. Shu any centralized option? I’m putting my bets on the one on the sideline. The Dexia’s which puts the power of crypto where it belongs. Back in your hands. Cheers. I’ll see you next time.