Bitcoin Breaks HIGHER as Stocks Fall - $70K Is Back in Play

**Scott Melker** (0:01)
Bitcoin breaks higher as stocks fall. Yes, it was a limited occurrence there, but many talking about 70,000 being back in sight. Bitcoin above 64 on the day that stocks fell is like seeing a unicorn on the moon. Yes, Bitcoin outperforming stocks, very exciting, totally title worthy. There's not so much to talk about, it's obvious. But we do have Andrew and Tillman, of course, and one of our favorites, Paget here from Gemini to talk about all of it. Let's go.
Good morning to the 17 people last left here in Crypto. I love you all. I wish you were all here on the beach with me because I'm on the beach. As you can see at my beach house deck, you can't really see it. It goes directly into the ocean.
It's not AI. We have a deck that attaches into the ocean directly. I'm so bad at this now. It's August, guys. It's nice to see you all. Hi, Padgett. It feels like we're at the point where I'm almost embarrassed to have a title, whatever it is. We broke high. It was like a 2% out performance for one day. I can show you that, but I do have it here if you guys care.

**Ran Neuner** (1:27)
So podcast narratives are now just whatever Peter Schiff has to say.
Peter Schiff. Why didn't Bitcoin go down today?

**Mario Nawfal** (1:36)
What's going on?

**Scott Melker** (1:38)
Every single day, my title is going to be Peter Schiff Says.

**Mario Nawfal** (1:42)
What is Glass Thode and why do we have their chart up on the screen?

**Scott Melker** (1:47)
It's data. It's important. It's on-chain. It's become less. We outperformed the stock market today. That's yesterday. Bitcoin only outperformed the S&P on around one-third of trading days over the last three months. That seems high, to be honest.
This is the longest under-performance streak we've seen over the last six years of history. The question now is whether this is the start of a trend or just one of those three days. I mean, it's one day. But you know what? Maybe we should just talk about how dumb crypto media is and how I've fallen into that trap. Padgett, good morning. Welcome.
You know, you have some insight into this. It's been a little slow, right? But is this normal summer doldrums, in your opinion, or is there something else going on here?

**Paget Brewster** (2:25)
Yeah, I think first and foremost, good morning to all of you. Lovely to see all of your faces. But yes, it's mid to late August. I think we're seeing this across the board, both in crypto and elsewhere, right? Everyone's heading back to school, finishing up vacations. Market activity is pretty slow. News cycle definitely equally as slow. So I think we're seeing some of those posts, trying to fish at whatever we can get.
I was just watching CNBC, and we had Scaramucci speaking about how bullish he still is on Bitcoin and long-term, and I think quite frankly, I agree. So wanted to start off on a positive there. Obviously, there's been some events, it's been pretty slow news cycle wise, not too much price action, but pretty typical that Q3 is not that exciting, and then Q4, we picked back up. So I'm hopeful.

**Mario Nawfal** (3:20)
Yeah, I couldn't agree more. I think summer is to be expected a pretty slow time, but I also think that just the macro events that are taking place right now, everywhere from war to everything, markets hate uncertainty, and there's a lot of uncertainty out there is the way I look at it in simple terms. I think crypto does have a place to shine here in the near future with AI, and the payments that are going to be needed across the new digital landscape that we're building. I think that's going to be the next place where we finally get utility across some of our dear and loved altcoins. I think that's going to be the next narrative that really is going to stick. I do see connecting tissue across all markets, across all exchanges. Like this is an exciting time to be alive as it pertains to 24 seven markets, 365, and pretty much trading whatever you want to trade, whenever you want to trade it, in whatever type of derivative product that you want to trade it in.
That's going to provide more inclusive participation from more people, and it's also going to provide a lot of new tools and new tricks for the professionals that they can use for arbitrage and all sorts of stuff. So I think that it takes a long time to build that type of infrastructure, and we're seeing that right now, but take the bigger view, I think, if you're feeling bad about crypto, and look at how much build out is going on right now, how much infrastructure, the largest players in finance are literally in the basement, cranking as hard as they can to get these products out to the market.