Bitcoin Reserve Act Advances! (Mass Tokenization Begins)

SPEAKER_1 (0:01)

Bitcoin just keeps going up. How is this possible?

TJ (0:04)

I sold all my Bitcoin at the bottom to buy the SpaceX IPO, and I'm down another 50%.

SPEAKER_1 (0:09)

I thought Sailor murdered Bitcoin. Did someone call me? Michael, what are you doing in my studio? I'm sorry for your loss, Jim. It's still early to buy back your Bitcoin. But I already lost all my money, Michael. I can't even pay the rent for this studio next month. No worries, Jim. I'm buying this show.

Absolutely loved that intro. Welcome in, welcome all to Discover Crypto. And some will say it's over, bro, as Bitcoin is pulling back sharply down to about $84,000.

Right now, it briefly breached below $83K. We're going to talk about where the likely zone of support for Bitcoin is right now, and the larger aspect of where this month has put us in terms of Bitcoin gains. And now I'm at that tough decision point. I have to decide, do we close the near long? We opened this thing at $2.60. CopyBot has absolutely been printing rep. 2,200% might have to think about clipping that, so let me know down in the chat what you think. My finger was edging over that close button this morning. Welcome one, welcome all. And we also have Mr. TJ on the sticks. How are you doing, man?

TJ (1:32)

I'm doing good. Yeah, I'll be curious. Audience will probably, you know, who knows what they'll say. I'd say close it. I mean, come on, man. 2,200% on a short-term trade.

You got to take those, especially now. You know, if we're pulling back a little bit.

SPEAKER_1 (1:47)

We are pulling back. We are pulling back. And it's weird that I was way more stressed out seeing us have those up only a few days in a row. And I got cut up on a few major stops trying to find where that relief point, that break point was on just a side trading account. And man, it was difficult. It was one day early. Here's the pullback right here is what it is.

But I'm gonna live, I will move on to another day. And we do have, speaking of today, we got that school call today. That's right. Happening at 2 p.m. Eastern Standard Time.

TJ (2:27)

Yeah, we're gonna be joined with a crypto tax attorney and CPA to go over just a lot of tax questions. This was something the community was asking for. So we're planning to do that today, and then probably get back into some more portfolio review stuff.

I get, I would say next week, but is next week, next month? Almost. I guess it's the last day of the month. So, and then probably talking about some DeFi stuff in October. We've been getting a few of those questions from members. So getting into some DeFi setup. But yeah, if you're not in school, you know, I've been posting all of my moves in there lately, and I'm really enjoying the discussions, picking up people are saying, oh, this is what I'm buying, this is what I'm selling, these are my angles, all that sort of stuff. So yeah, school is cool, you know, get in there.

SPEAKER_1 (3:13)

Yeah, it was funny seeing some of the comments. I'm 60 years old, I don't want to go back to school. There's always something to learn in this world here.

TJ (3:20)

Yeah, you never want to stop being in school, that's for sure. School of life, and crypto, crypto will always teach you something too, so.

SPEAKER_1 (3:28)

Absolutely, absolutely it will. Always open for new information, and one reason potentially for this pullback, a little bit of trouble down home. At Kalshi, we have a Wall Street Journal Report coming out about a $5 billion flurry of nearly identical Kalshi trades, drawing scrutiny.

Kalshi, the conversation with the CFTC, as I said, I think it was two days ago, might be going the opposite direction, and here it is, traders on prediction market Kalshi have made almost a million trades in a single market since October, that were nearly identical amounts. Very unusual activity caught the eyes of federal regulators and traders. Pretty large conversation, probably brewing in the background, but another major conversation, in the positive sense, is the Bitcoin Reserve Act being moved forward. We had Zcash rise over $1,600 over the course of the last night, but two big pieces of what crypto legislation should be looking like here in America are happening right now. The American Reserve Modernization Act, the clearing committee just last week, has also reignited that strategic reserve conversation for Bitcoin. Furthest such bill has gotten into Congress, though it still needs the full House of Representatives and the Senate vote added. So it does look like, with all the fog and all the mysticism going on, that the Strategic Reserve Act conversation is indeed moving forward. We have the Clarity Act conversations happening as well.