Fear Crushes Crypto, DeFi Keeps Printing Revenue #CryptoTownHall

**Scott Melker** (0:00)
Well, that was challenging.

**Gary** (0:01)
Yeah, that was weird. Can you hear me, Scott, by the way?

**David** (0:04)
Yeah.

**Gary** (0:04)
Okay, cool.

**Scott Melker** (0:05)
Yeah.

**Gary** (0:05)
Yeah, so I'm just, I'm in my northern place.

**Scott Melker** (0:12)
Must be nice.

**Gary** (0:13)
Yeah, well, whatever. I mean, it was interesting doing, using the full self-driving from Florida up to the Northeast. I will say, it was a much better experience than I expected, and a hell of a lot better than a gas car. And I always thought it will be more of a pain in the ass. So that was cool.

**Scott Melker** (0:31)
How awesome would it be if you could just sit in the back seat and nap?

**Gary** (0:34)
Yeah, that's supposed to be about a year out, supposedly. I'd be fine in the front seat. The front seat is perfectly comfortable.
It yells at you if you try to do anything. So I'm like, you try to play a game. Yeah, it's not going to be happy. So what do we think about Bitcoin being at 666 during the show? While we couldn't get the spaces started.

**Scott Melker** (0:56)
Devil number. That's why the spaces couldn't start until we had the devil's number.

**Gary** (1:00)
Yeah, it feels like it, but I just went to 667 Damn. Well, whatever. Anyway, we were 666 while the space started, so we got that going for us.
I mean, all I could say is, I happened to glance down, saw what was happening yesterday, and it was a good day to be in my car and not be trying to figure out what the hell is going on and all the people. I mean, is this all sailor related? What do you think?

**Scott Melker** (1:27)
No. I mean, I wrote a whole newsletter on it. That'll be what The Daily Wolf's around. I think, well, so I think it's nuanced. It's obviously not the 32 Bitcoin that he sold, right? I mean, what do we have the market like 800,000 Bitcoin a day in spot volume? So the notion that, but the narrative around it or the fear around STRC I think could be one of the five or six contributing factors. I mean, STRC is trading below 97
I think on the VWAP, they're still in the 99, so they're not going to probably adjust the dividend right now. But I would say that the narrative, if you really want to dig into it, is probably that there's fear, because MSTR is trading below NAV, and STRC is trading well below PAR, that he won't be able to buy. So I think that might be the more relevant part of it. I don't think him selling is particularly relevant. I think the fear that the biggest buyer in the market may not buy.
But I think right now, I think actually a pretty valid narrative is we're getting a lot of FOMO on the kind of AI IPO trades coming. And we've kind of been predicting that a lot of liquidity is going to be sucked out of other things. And I think that's probably starting to happen. I mean, everything else is going to highs while Bitcoin goes down. People are clearly selling to get into something else. I don't think they're exiting markets.

**Gary** (2:40)
Yeah, I think I know what I think. The only narrative that I don't know, because I was trying to, and obviously it's so damn hard. I told you I was driving. It looked like there was some interesting news on the quantum side. That is, look, I think that's the narrative that won't die until Bitcoin is post quantum. And I think that that matters.
I think that if you're selling Bitcoin now to be able to raise cash to buy SpaceX, and you're not selling other NASDAQ high flyers, I think you're smoking some high quality stuff.
Is the way I would phrase it. I think that is a crazy scenario. But you're right. People do crazy shit. So I guess we'll see.

**Scott Melker** (3:24)
Anyway. Yeah, I literally made the point on my show this morning. I was like, but if that's going to be the narrative, we're gonna have to see liquidity coming out of the health, a lot more things than Bitcoin to fund hundreds of billions of dollars of investment in IPO. So it's gonna be everything liquid.

**Gary** (3:39)
I'll repeat something. I don't know if Fang Li or Saylor, I know you talk to them every once in a while, but I'm gonna say it simply, if I were on their board or if I was a strategic advisor on how to accumulate more Bitcoin, this week taught me something and should teach them something about how to do so.