Wall Streets SECRET Plan To STEAL YOUR Bitcoin is HAPPENING NOW!!! | EP 1520

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You won't believe how JP Morgan and Jane St. could potentially be colluding with Morgan Stanley in a new Bitcoin attack. So Morgan Stanley just announced in-kind redemptions for their Bitcoin trust, for Bitcoin ETFs, and most people are reading this as a very good thing. But when you read the finer details, when you connect some dots here, there's more to be afraid of than just another paper Bitcoin attack. But my view is it's a new way for them to steal your Bitcoin. Again, we've been saying this forever on the show. It's all about incentives, and the incentive I'm seeing here is a continuation of Wall Street trying to get your Bitcoin, trying to incentivize you to give up your private keys. And I think we may have just found another example of this. So let's get into it. Here we are on Business Wire. Official press release this morning, June 5th at 830 a.m. Eastern time. We have Morgan Stanley Wealth Management and Galaxy Digital announce referral capability for in-kind creation of spot crypto ETP shares. Now, first of all, I am a fan of Galaxy Digital. Well, actually, let me roll that back. Maybe not a fan, but I do think they are trying to do very good work in the Bitcoin space.
So I wouldn't necessarily say this is a knock on Galaxy Digital here. I'm just saying, I don't really trust the big banks. Okay, that's first overall caveat, but let's get into this. So Morgan Stanley today announced a new referral arrangement with Galaxy Digital through which eligible clients can lend cryptocurrency to Galaxy and receive shares of ETFs or ETPs with exposure to spot crypto, including but not limited to the Morgan Stanley Bitcoin Trust, of course, offered by Morgan Stanley. The model is designed for clients that want to lend crypto assets for repayment, excuse me, in traditional investment products in an efficient manner, enabling portfolio integration, including margin and lending capabilities while reducing onboarding times and costs.
So again, this is being marketed, being promoted as a convenience factor for Bitcoiners. Hey, Bitcoiners, we know you want the ETF. Well, look, we're going to do in-kind redemptions. So it's quicker, it's easier for you. Okay? Keep that in mind. Now, how it works. Morgan Stanley is providing clients with educational resources about digital assets and facilitating referrals to Galaxy. Under Galaxy's model, a client lends specified digital assets, Bitcoin and a couple of other shitcoins to Galaxy. And once Galaxy determines it can settle such loan in ETP shares, Galaxy will coordinate an in-kind creation with an authorized participant. Now, I want you to keep this phrase in mind, authorized participant and then ETF or ETP shares will be delivered into the client's account of their choosing. Today, onboarding timelines for these transactions can exceed four weeks. Through the development of this referral capability, onboarding times may be reduced by as much as 75% or 75% in some cases. Guys, man, look at that. It's so much easier. So convenient. In addition, Galaxy will reduce its lending transaction minimum for Morgan Stanley and Stanford clients from $25 million to $5 million, expanding access to qualified clients who meet eligibility requirements. Look, democratized investing, right? Like, hey, you don't have to be a mega millionaire. You can just be like a kind of millionaire. You know, you don't need 25 million to participate in it. You just need 5 million. So still in line with what I've been saying for a long time, in particular, when we were covering the Russian Bitcoin allowance quote only for high net worth individuals, this is still kind of the play here. You gotta be a high net worth individual to participate in this. So, you know, that's not really the part that caught my attention. Again, I wanna go back to this part because when I saw this, of course, my initial thought was like, oh, in kind redemptions for ETF. Honestly sounds great. You know, you exchange your fiat dollars, you get ETF, and if you so ever, you should so ever want to claim the Bitcoin, then you can pull the Bitcoin out of the ETF. At least that was what I thought was going to happen when I saw this headline at first. And then I looked at this press release, I'm like, oh wait, it's going the other way.
You lend them Bitcoin, once that transaction settles, you get ETF shares. Now, the part that really stuck out, and this is where I was joking this morning where I was like, look, you know, I started as a Bitcoin shit poster, and now it seems like I am somehow doing some form of journalism. Like, wait, what's going on? How is Ofni a journalist here? I'm just a shit poster. I'm just a troller. I just talk about Bitcoin. And somehow I'm like, wait, why do I keep finding the smoking guns here? What is going on here? And again, it hinges on the inauthorized participant part.