Bitcoin CRASHES To 21-Month Low As Circle DUMPS 17%

**Scott Melker** (0:01)
Bitcoin dropped to a 21-month low, as CRCL also dumped 17% in a single day on the announcement of open USD from 140-plus competitors. It's going to be an interesting time in the stablecoin race, and everybody wondering if Bitcoin has possibly bottomed. We've got Alex Thorne hopefully joining today from Galaxy. If he doesn't, you get a solo show, because we started anyway. Let's go.
Good morning, everybody. Happy Wednesday, and welcome to the lovely lake house with the cherry blossoms and the breeze. I'm feeling very calm today, wildly unprepared, to do a solo show because I depend on my guests to bring all the alpha. And then some days, wires get crossed, and we're not sure if they are going to show up. Alex is a great guest. I'm sure there's something going on. We'll figure it out. If not, you get to hear me, probably just rant and rave about this. You guys saw it, right? Trump reports at least 1.4 billion in 2025 crypto earnings. Now, let's talk about where that money came from. This is great. It's like a practice for the Daily Wolf.
$635.1 million in transaction fees for the Trump meme coin.
$236.3 million in World Liberty financial token sales. $196.9 million sale of ownership interests in the USD1 stablecoin venture. He's already sold his interest in the USD1 stablecoin venture. $65.6 million sale of part of Trump's stake in World Liberty financial. So as that has gone to effectively zero, he made $65 million selling his stake. $6 million casual sex. So Melania Trump's NFT sales and collectibles business and about $511K in Ethereum validator staking rewards. Also holding a bunch of crypto to his credit. But you may ask, is this his personal disclosure? Yes, it was over 900 pages, 927 pages to be exact.
Not that it's of any major consequence, but Obama's apparently was eight. I have not gotten the numbers on Biden's yet. But I found the best line, by the way, in the filing, because I did a quick clod on it. Filing lists the meme coin's value as not readily ascertainable. But he got paid $635,668,835.
So he got paid to the penny. That check cleared, but we don't know what. Trump meme coin could possibly be worth. Oh, and by the way, they're still holding tons of these assets. That's literally just the profit from last year. Absolutely astounding. Since we're alone here today, tick tock, tick tock. I would love, because I know you guys are highly political in the comments, tell me what you think of this. Tell me what you think. Is it illegal? No, by the way. So unless he was taking payments from foreign governments, there have been, obviously, claims that they did that to the Trump token dinners and such like that. But does this bother you? You think it's great? Do you think that Trump has been a net positive or a net negative for the industry? Come on, guys, go ahead.
Let's see it. Oh, Lagarde and Warsh are talking right now? That sounds bad. Lagarde also saying they dropped forward guidance. Something's brewing. Sounds great. So positive, negative. I like Trump. Still net positive. In my humble opinion, negative. I don't think it necessarily helped crypto. Yeah, you guys are all over the map, but I think that's fair. So listen, I think if we're calling balls and strikes, what I just described is a negative in that basically he was able to personally capitalize while giving the political opponents a lot of ammo for a future fight. I think the anti-crypto army was dead and they were revived. So I think that that's a mass negative. And I said that from literally the moment the Trump meme coin launched. I've been very consistent on that. I said it that day. I said Trump now controls crypto. I hated that he did that right before he came into office. But for calling balls and strikes, the positive is that we absolutely had to see an end to the Gensler Biden era. And at the time, that was even an end to Elizabeth Warren because she had seemingly lost all her power. And so him ending that was a massive, massive, massive positive.
We could not have survived more, I think, attacks from the SEC and from the government. So I think that it's a massive positive that that. Now, the Genius Act itself, I think many people view as a positive. I'm not so sure, but I don't think that has anything to do with Trump. I think it's good that we were able to pass legislation and get these executive orders and all of that. I think that's very, very positive. The question is, will we see follow through? And will the Genius Act have unintended negative consequences? As I've told you, the Genius Act actually basically locked in surveillance under the Bank Secrecy Act by both the government and private companies into your transactions, which I don't think is what everyone was thinking when we thought how excited we were about getting stable coin legislation. So, all over the map, you take the good, you take the bad, you take them all, and there you have facts of life, facts of life. Who's old enough to have watched that show?