Bitcoin Just Did The Opposite Of What Everyone Expected After The Fed Hike

SPEAKER_1 (0:00)

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Scott Melker (0:32)

Bitcoin just did the opposite of everyone expected after the Fed hike. If Kevin Warsh was going to raise rates, that was supposed to put pressure on risk assets, and Bitcoin was supposed to go down, but instead it went up. What the hell is happening here? Going to dive into that and more right now. Let's go.

Good morning, everybody, and welcome to the show. It is 9, 10 a.m., and I'm not on time, and if you have a problem with it, bye. Actually, you probably already left. So I can't even say goodbye because you're not here in the first place to say goodbye to you. It's an unfortunate situation for me. So if you're wondering why we were late, it's because we were trying to get in touch with LaCroix corporate for them to send us our sponsorship check.

What they didn't, actually, the reason is because Tristan Thompson, our guest, NBA superstar legend turned crypto legend, has food poisoning.

So we were trying to get him up on stage and it didn't go too good. So that leaves me exceptionally prepared to talk about everything that's happening in crypto today. So first of all, I want to just highlight something that is just so amazing that it was the first day I saw it today and it made me so happy. And it was this announcement right here. USDC rewards just got even better. Coinbase 1 members now earn 3.75% APY on USDC. So you may remember this little thing called the Clarity Act. And the Clarity Act that we all hoped so deeply would pass, it failed before even getting to a vote on Tuesday. And what the Clarity Act actually would have done is prevented Coinbase from doing something like this. As I continue to say, the banks rallied against the Clarity Act, which means that the law of the land is genius, and genius allows platforms to offer rewards or yield on your passive holdings. So, as the ultimate FU to the United States government, Coinbase, just two days after the failure, comes in swinging and raises the APY on USDC. I mean, seriously, man, can you write this better? I wish I had somebody get me the video of Josh Hawley. I've got it somewhere. One of the Republicans who voted for it. Team, if you're listening, it's on my X. Get it? I would like to show it, if possible, in a little while. Because it's so bananas why some of these people said they voted against it. So obviously now, we're going to talk about the Clarity Act later. I don't want to dive too deeply into it, and I can show you exactly why. And the reason is because I just recorded an exclusive interview with the bald, beautiful, badass, Brian, it's alliterative, Forbee's Better Business Bureau.

Brian Armstrong, in his only comments since the Clarity Act failed. Now, you'll remember that many looked back to January and said, when Brian said we would prefer no bill to a bad bill, that it killed Clarity, which is complete nonsense, by the way, because they hadn't even talked about the Ethics Clause yet. But I have an exclusive with him, I think it's 35, 40 minutes on The Daily Wolf, which is normally a 15 minute show at noon on Yahoo. You know what? I'm gonna just show you the trailer for it right now before we dig into more news, because I feel like it. We're gonna do it, but let's watch it.

Brian Armstrong (4:48)

Could have had the ability to affect America for generations to come, but unfortunately it didn't happen due to politics.

Scott Melker (4:54)

What do you think ultimately actually killed Clarity?

Brian Armstrong (5:04)

But somehow the bank lobby got really spun up on this issue of stable coin rewards, I think because some of the big banks just didn't want the competition.

Scott Melker (5:11)

So didn't the banks effectively just shoot themselves in the foot by blocking Clarity, which could have actually put more restrictions on Coinbase and others on rewards?

Brian Armstrong (5:21)

Yeah, I mean, I couldn't have said it better myself.

Scott Melker (5:22)