Ep 22 - September 18, 2024 - True or False?
Welcome to another episode of the weekly crypto check-in recorded on September 18, 2024. I'm your host Robert Swarda. I'm joined by my co host, Andres Andate. How's it going, Andres?
Andres Sandate:Hey, Robert. It's good. You know, we're, both traveling this coming weekend. That's fall break for me and, the kids. So Heidi and I, we're we're, getting out of town, so that'll be fun.
Andres Sandate:We're it feels like we're a week away, but we're really only down to, like, a couple days, as we talked about. So lots to do, including an important check-in and a game.
Robert Swarthout:Yes. Yes. You can play a game. We've never played a game before. This should be fun.
Robert Swarthout:So let's just get rolling here. The, the first one being the UK has introduced a bill, that would legally recognize crypto as personal property in the case because it would help clarify taxes, how to deal with an inheritance tax, and just general ownership to be treated as if it's no different than a vehicle or a house, which is pretty cool. Yeah. Maybe maybe, the US will pay attention here and, follow suit. So
Andres Sandate:Yeah. I you know, I was curious on this with respect to how long do you think this has been in motion? I mean, sometimes we get these headlines and we we send the message that we are so far behind. But in reality, this, you know, this has probably been something that's been, you know, has been in development for some time. Do you have any idea?
Robert Swarthout:I I don't. And, admittedly, it caught me off guard because UK has done a lot of work around crypto regulation, but they don't they didn't have this piece. You'd think it would have been part of the initial thing. Obviously not, but we, are learning that, you know, I would say the UK, Europe, and, Singapore, and a few other countries, maybe 5 or 6 other countries or regions are more thought to be more ahead. And they certainly are in many cases, but maybe some of the simple building blocks they are not on.
Robert Swarthout:So
Andres Sandate:Yeah. It you know, the the the one of the things that comes to mind is around insurance. Right? I'm studying for the CFP. I told you, and I'm it's like immediately I go to okay.
Andres Sandate:If I have all this crypto and I go and get, let's just say, a a an insurance policy on whether it's not it's not jewelry. It's not a, you know, a a a let's say a valuable watch or or jewels or something, but it's crypto. Right? Is, you know, is that something that can be captured in a personal, like, articles policy?
Robert Swarthout:Yeah. Much like a piece of art or Yeah. I mean, heck. All all you need is to find one company willing to rule in the right of policy. And Lloyd's may be the only place you get that I
Andres Sandate:knew you were gonna say Lloyd's. Yeah. They they they love this type of stuff. Yeah. I love yeah.
Robert Swarthout:But we will, you know, this plays out. More commonplace. And, you know, there's certainly safeguards you can put in place with custody that, aren't just so isolated or so concentrated with risk being with yourself, for instance. So Yeah. Yeah.
Robert Swarthout:Yeah. Yep. Interesting. So our next topic, you know, we we've only been in this podcast for, I don't know, 3 months, 4 months. Yeah.
Robert Swarthout:Had we been doing this back in 2020 or in was mean 2018 to 2021, this would have been a headline. But it's ironic that it is coming back up again. So grayscale, obviously, they're an issuer of different things. Typically, they're best known for their trust that they do. They have their, private placements for accredited investors to, in this case, buy XRP or buy Bitcoin.
Robert Swarthout:Their Bitcoin and their Ethereum one have both been converted into ETFs as those come along. So they are launching an XRP trust. Well, on the surface, this, you know, seems like a great thing. Well, they had one. And then after the SEC sued, they basically wound it down.
Robert Swarthout:So now they're starting it back up again. And, generally, I I think the thought around this is is, you know, this may signal that there could be an ETF for XRP coming down the line. They're trying to they they they think they see some market demand doing this or they wouldn't even bother. So, I mean, just a headline, we're not getting any ETFs anytime soon. In my opinion, it's gonna be sometime next year before anything, gets discussed.
Robert Swarthout:So we But
Andres Sandate:for these issuers, Robert, one of the playbooks and I heard this from a very high up executive at one of the issuers that has done very well with their first ETF, the Bitcoin ETF, say there's some strategy to launching these, I'll call it trusts or other types of of of vehicles, regulated vehicles, in a way because it puts a precedent out there. Right? Absolutely. That that the regulator has to sort of evaluate it, weigh in, and whether it's a, you know, unique, quick, whatever word you wanna describe, way to potentially, lead the lead the charge into potentially an ETF one day. I don't know that that thinking at Grayscale.
Andres Sandate:I know that they hit my inbox, it seems like with a new trust product, once a week.
Robert Swarthout:Yeah. You know? The part that I would add there is if it wasn't for Grayscale having their Bitcoin trust and it had been established and showed market stable prices relative to crypto, they're unlikely we would have an ETF at this point because they were the ones that sued the SEC, and then the court basically said, yes. You are you should allow them to convert into an ETF. And that's what kind of paid away.
Robert Swarthout:Not to say that's exactly the same problem here, but it kind of leads to what you're saying there. Yeah.
Andres Sandate:Yep.
Robert Swarthout:So, you know, I guess we'll just going on into number 3 here. The, there's a bill that was introduced, by a Republican from Tennessee, representative John Rose, sits in the Financial Services Committee, is introducing new bill called the Bridge Digital Asset Act. The idea is in some ways to bring, these 2 fighting groups, the CFTC and the SEC together to come together and say, can we all just come together and regulate this industry? Yep. It's another angle at trying to get, regulations in place.
Robert Swarthout:The SEC does have the ability to write rules here. Congress can come along and say they're good or bad, but they can they can be ahead of Congress if they want to be. They choose not to be right now. And I don't know. I I think this is great.
Robert Swarthout:I think this is where it ends up. I don't see it happening anytime soon, and we'll kinda get to that I think a little bit later. Our last thing with crypto in congress, but it's a, I I don't understand why we have to have so many people saying the same thing and regulators not wanting to do any of it. So Yeah. Well, they
Andres Sandate:get to they get to move at they, being the regulators, get to move at a pace, you know, relative to their agenda, their mandate. I was at an investment conference last week, and on the regulatory panel was, you know, a former SEC attorney, a current, now now in private practice with a big big top ten law firm, another, you know, securities attorney with within private practice, and both. Unfortunately, the guy in the middle was a lobbyist. He just talked back and forth the whole time. Yeah.
Andres Sandate:It wasn't about crypto, but the it was about, in this case, regulation BI, which is regulation best interest, which I'll bring this back to crypto because it threw such a wrench or a tailspin or or forced a lot of these financial advisers and investment product sponsors over the last 2 to 3 years to do a whole lot of work with their securities attorneys, their lawyers, their compliance firms to sort of prepare for new regulation. And what's the impact of regulation? Are we gonna have regulation? Only to to to find out sitting on this panel that there's as much uncertainty on the financial side of noncrypto, like, with respect to alternatives, as there's ever been. And the position from both these lawyers was the SEC clearly has a regulation by enforcement approach just because writing legislation, getting these, you know, in this case, CFTC and SEC to come together, create sensible legislate they spent years writing this new fiduciary rule.
Andres Sandate:Right? And then it got struck down in the courts. Right? So even if we get legislation or we don't get legislation, to your point Mhmm. Uncertainty abounds all over the place.
Andres Sandate:And, yes, you should be thinking about investor protection. Yes. We should be thinking about how can we create better, more fluid, more functioning capital markets, etcetera. But Mhmm. Uncertainty is not fluid.
Andres Sandate:Uncertainty Right. Is is only really making money for the lawyers, unfortunately. I I'm not a lawyer basher, but it's so frustrating when you go and hear this. And it's like, we've heard this for years, and now it's happening in crypto.
Robert Swarthout:Yeah. You know, and I read something recently that talked about, like, yes, congress, say they snap their fingers and tomorrow there's regulation. Regulations are not terribly detailed when congress writes them. They leave it up to these 3 letter agencies to kind of fill in the gaps. Right?
Robert Swarthout:Right. Good or bad. And then you recently had the ruling for the supreme court with the EPA going back to the seventies with Exxon, and basically how saying the EPA overstepped what it's allowed to do. So now congress has to kinda come back in potentially. It's like I could see how an agency I'm not trying to be defensive of the SEC here, but how how they may be hesitant.
Andres Sandate:Are you talking about the Chevron the Chevron case?
Robert Swarthout:I'm sorry. The Chevron.
Andres Sandate:Yeah. Yeah. Yeah. Yeah. Yeah.
Andres Sandate:That was mentioned, multiple times in this conference. Yeah. It's things like that, I mean, force a lot of parties thinking, okay. This is a settled matter to now it's like, go back and okay. We're not done yet.
Robert Swarthout:Yeah. I mean, in admittedly, that happened in the last couple months, Yeah. Yeah. So the SEC doesn't get full, no blame here because they've been at at this for over 3 years. But, we are still challenged by it.
Robert Swarthout:So
Andres Sandate:So what's your what's your, what are the odds that we see something in the next, you know, 3 years, 5 years with respect to crypto where 2 major agencies come together and say, okay. We're gonna jointly regulate.
Robert Swarthout:I would put it at the the longer end of 3 years. Yeah. In near term, I, you know, I just used the example. When Trump was in his first term, Andy had control of the house and the senate. It took him 2 years to get a tax bill done.
Robert Swarthout:Like, and they were all in agreement. Like Right. Even if they're all in agreement on crypto, it's not gonna be like 3 months. That would be almost like they're responding as a as a national emergency of some kind. So
Andres Sandate:Yeah. And it's rare that agencies want to give up their turf. Right? So the idea that the CFTC says all of a sudden, oh, you can go regulate pork bellies or you can go regulate, you know, commodities to the SEC is probably not something on their agenda. So
Robert Swarthout:Yep. Yep.
Andres Sandate:Alright. True or false? I am so intrigued.
Robert Swarthout:Play a game. So I'm gonna ask Jen, and you're gonna say true or false. Okay? Okay.
Andres Sandate:This is not securities advice. We are only playing a game here. This is Yes. Not securities advice.
Robert Swarthout:Well, then there's there's no buying advise. Anything here, so we should be safe. If you heard that the SEC said crypto asset security and they they they are regret regretting that they may have intended, I'm just gonna be they put them tongue tied. The unintended consequence was they confused the market. Would you believe that?
Andres Sandate:The unintended consequences. I don't I don't know that I could believe them. I'd say false.
Robert Swarthout:Okay. Well, they did say this. So in the footnote, of a in a minute complaint against Coinbase,
Andres Sandate:The crypto the famous crypto asset security that that that Yeah. That's long con polluted name.
Robert Swarthout:Yes. Yes. So They're backpedaling. So basically, the SEC says they regret the confusion it may have invited by using the term crypto asset security. So
Andres Sandate:You don't say.
Robert Swarthout:You don't say. So the next and final question is, would the SEC ever use that term again?
Andres Sandate:I'm going to say yes, they probably would. That's true. I think they will turn around and use it again. Yes.
Robert Swarthout:Yes. The next day they use it 6 more times in a different case. They are a 10 headed monster. So may maybe they weren't talking to each other or maybe they just purely are I don't care about the confusion. I find most of this, I guess, entertaining, unfortunately.
Robert Swarthout:It is it's a sick form of entertainment, I suppose. But So to
Andres Sandate:summarize, in one case, they went before the judge and said we and they filed a brief or they filed some legal document that basically said we we regret that we, you know, used this term. It was confusing to the market.
Robert Swarthout:Effectively. Yes.
Andres Sandate:Yeah. And and we won't like, I don't know if they said we won't do it again, but we'll come up with a different term.
Robert Swarthout:Well, you know, the I can't imagine they were gonna be specific about what they're gonna do because they don't like to be clear about anything. Yeah.
Andres Sandate:Yeah. No. But then the next the next day, literally, in another case
Robert Swarthout:Yes. They used
Andres Sandate:and then and I would assume it was an enforcement action, like, they brought against somebody. Yes.
Robert Swarthout:I I don't know exactly what happened.
Andres Sandate:Yeah. They claimed that the they were selling, you know, crypto asset securities. Yes.
Robert Swarthout:Yes. You know, I guess what someone in one case doesn't necessarily help them in another, so they can maybe say 2 different things. I don't know. It's just, I I we just bring this up, I guess, a, to laugh at it, and b, just to kinda show the hypocrisy within the agency, even amongst attorneys are obviously writing both of these things to see that, they they can't even get their story straight. So
Andres Sandate:Yeah. It's a yeah. It's it's gotta be incredibly tough out there for folks that are on the very front front lines, you know, doing these projects and and, launching product to try to figure out how to navigate amidst this. And and to your point, like, it it's one of the reasons why maybe maybe it is the biggest point why there hasn't been more broad adoption, why we continue to maybe see I don't wanna say it's the reason prices trade the way they trade, but certainly market adoption and skepticism and overall just sentiment towards the space. There's a lot of people that are sort of instill a wait and see approach.
Robert Swarthout:Yeah. You know, and admittedly this piece that I'm about to say didn't make it in our, topic list here, but I read the just the other day that and I believe it was a 16 z, the, the big VC out of California. They're they are launching or seeding the initial $1,000,000, of funds to go into a quote unquote fund that would pay for people starting projects to see if their project for NFTs or crypto stuff are within the quote unquote rules and regulations of the US. The idea that we even have to do this shows the problem that we have. Like, you know, and obviously it's probably a little bit self serving for them because they probably are dealing with a lot of this.
Robert Swarthout:So maybe they're trying to, you know, do a little bit less duplicate effort. But it's a, it's it's cool to see them doing it, but it's a set, that this is how funds have to be spent versus actually creating true value. So Yeah. Yep. So talk about value.
Robert Swarthout:It'd be our next topic. So if we we rewind goodness. I think 2 months ago maybe. Bitstamp, it was a crypto journey. One of the oldest ones, was purchased by Robinhood for $200,000,000.
Robert Swarthout:We talked about that. That was the news event. One of you're trying to tie all this together here. One of the investors in Bitstamp, was Ripple. We talk a lot about them.
Robert Swarthout:Yeah. They obviously used XRP Ledger for in their products. They are, this obviously has been something that's been in the works for a while, but they are Bitstamp is launching in the next sounds like in the next month or 2, a derivatives exchange that is leveraged off of or runs off of, I'm not exactly clear on the details, the XRP Ledger, that is gonna be focused at, traditional wealth advisors is my understanding. So it's just kind of this weird mix up of stuff. And obviously, I don't know how Robinhood plays in on it just beside beyond the fact that it is purely on Bitstamp.
Robert Swarthout:It may be some of the Robinhood clients can buy into this stuff, but it's it's interesting to kinda see it. It's a, you know, and the crazy part about all this is the Robinhood transaction with BizStamp hasn't closed. It doesn't close until the first half of twenty twenty five. So, like, there's all this extra news and stuff. I don't know.
Robert Swarthout:I guess it's business as usual for BizStamp until, you know, the, the wire hits their account for being sold. But
Andres Sandate:Well, I yeah. You know, as an RIA, I'm curious if if Robinhood is going to try to position itself to do more on the institutional or or adviser side of the business. I mean, obviously, they were born to focus on that do it yourself retail investor, trader. Huge amount of growth during COVID, you know, when folks were stuck at home and were trading, with, you know, with abandon without abandon, I should say. Yeah.
Andres Sandate:Now I now I'm sort of seeing a lot more moves that Robinhood's making of this more strategic, stance where it's not just stocks, it's not just crypto, but it's it's things like derivatives. It's things like more advanced, products and services within the capital markets. It'll be interesting to see what they do with within the RIA market. I haven't ever been called on by them. Mhmm.
Andres Sandate:That may be a reflection of the size of my firm or maybe a reflection of they're just not focused on RIAs yet. But, you know, look at where Schwab is. Look at where n f you know, NFS or Fidelity is. You know, TD was acquired by Schwab. Those firms are still relatively conservative when it comes to digital assets and crypto.
Andres Sandate:Mhmm. Robinhood maybe sees a window here, maybe sees an opportunity. So Yeah. And
Robert Swarthout:you would think, you know, not that the other ones don't have technology, but, like, Robinhood was born in a technology age. Right? Like, they they came out of nowhere versus the legacy tech that some of these other may
Andres Sandate:have Yep.
Robert Swarthout:To drag around. So this may allow them to be a little bit more nimble when it comes to stuff like this. So I'm sure there's more to come on this and, will be interesting interesting to watch. So, kinda jumping back to the SEC, all 5 commissioners are gonna be testifying in front of the House Financial Services Committee, next Tuesday.
Andres Sandate:Get your popcorn ready. I can't wait. Gosh.
Robert Swarthout:I mean, I hope they set aside the whole day because I they they need it. But it's the first time all of them have been in, in front of the commission, not just the chair, since 2019. So this is a bit of, a bit a bit of a big deal.
Andres Sandate:Is this a broad discussion about, like, what we said earlier in the check-in about everything from, you know, individual investor regulations, and updates there, and fiduciary rules to things like crypto and other other areas? Do you know?
Robert Swarthout:Yeah. I I don't know. I mean and my guess is since they didn't say what's coming, my guess is it will be broad. Because a lot of the times when I do see stuff about a hearing coming up, a lot of times it does have a specific focus topic. But Yeah.
Robert Swarthout:This will be live streamable if you, have the time and, want to watch watch the dynamic. I what I think is fascinating, if you remember, is 2 of them are Republican nominated, 2 of them are Democrat nominated, then you have Gensler, which, kind of rounds out the if you wanna say the Democrat side of the house at 3. Like, there is certainly a contentious working relationship there, with Hector Perce and gosh. I forget the guy's name offhand, but they all often are writing rebuttals, and posting them as blog posts when something happens, at least in the crypto space where I pay attention. So
Andres Sandate:Yeah. No. I mean, the idea that you can say the SEC is this, monolithic like, everybody is on the same sort of page, you know, the cliche around crypto and regulation is just not the case. I mean, as you dig in, there are clearly folks that are further along in the idea that we need regulation, we need sensible regulation, we're missing out on an opportunity, we could be, figuring out a lot of the things around stablecoin legislation. We could be addressing a lot of this differently than through enforcement.
Andres Sandate:And then there seems to be a group that's saying, you know, no. We're, you know, we're we're gonna flush out all the bad actors, and we're gonna get clarity. And the future of this industry will be, you know, largely once we get rid of all the bad actors. And Mhmm. It's just I don't you know, it's it's interesting.
Andres Sandate:But then you have, you know, Gensler. So
Robert Swarthout:Yes. Yep. So our second to last topic here, volatility volatility galore. So generally in the crypto market, q three is not a good time to be in the market. It's normally a negative quarter.
Robert Swarthout:Q four is generally the most positive quarter. So anyone in crypto is probably looking forward to October 1st at this point. And why is that?
Andres Sandate:Why why is the 3rd I mean, are we just talking about histrionics here?
Robert Swarthout:Yeah. Absolutely. This quarterly return since basically early 2013, and it is broken apart. What's crazy is if you rewind, crypto had a, the a net a crazy q 3 and q fours in 2022, specifically q 4. That was the whole FTX blow up.
Robert Swarthout:Right? Crypto was down 14.7%, in that quarter. Or should be Bitcoin specifically. If you look at the last 2 quarters, q 2 and q 3, you're almost 18%. So it's been more of a down, I guess, 6 months in this case, but it's, hopefully, we, start to see some green candles, because it's getting a little exhausting, to always see red.
Andres Sandate:Yeah. It yeah. There's a lot, I'd love to dig into with the out of respect of the amount of time we have and still having a big meaty topic like crypto and congress. So when you when you look back over history, since you've been in this space for some time now and been through these cycles, is the is the is is the history of the q3q4, is it across all all tokens generally?
Robert Swarthout:Is it Yes. Generally, I would say with the caveat, usually, Bitcoin is the first mover. So you may see something I wouldn't say it moves the next quarter. It could be later in the same quarter, the Altcoins could be moving. But just to kinda show you the the crazy difference.
Robert Swarthout:So the average q 3 over the last 11 years is up 5.39%. Granted, we were down 6.7 right now, but up 5.3. That same basically for q 4 over that same 11 year period or assuming 10 year period is up 88% on average. So drastic difference. And, you know, it's and then sometimes it'll bleed into q one too.
Robert Swarthout:So it is not exactly on the quarter marks, but it's, close. So
Andres Sandate:Yeah. Yeah. That'd be an interesting paper to sort of dig into if if somebody's written it. I'm sure somebody has, studied that as to where because I I don't get the sense again, this is just perception. I think about wealth advisors and individual investors who wanna own crypto long term.
Andres Sandate:They're not buying NFTs. They're not, you know, looking for yield through DeFi strategies. They're looking for exposure to this asset class, you know, and they wanna be long the space. They wanna be in it for a long period of time. Like, the idea that that customer is buying in the 3rd, you know, on dips with the expectation of, like, own owning in the 4th and then looking to, you know, get out of the trade or get out of the position in, like, q 1, q 2.
Andres Sandate:Like, I just don't think that I don't know. I I don't think that's the customer No. That I'm thinking of. I think these are people that are like, is now the time to get in? How do I own it?
Andres Sandate:How much should I buy? So I I'm curious, like, who the market participants are that drive a lot of that volume because there clearly are traders out there, retail individual traders that are speculating, buying. We know funds, obviously, both of us who, are are just opportunistic. I just am curious, you know, who that market participant really is Yeah. That's behind this.
Robert Swarthout:I, you know, I don't know the answer, but my my gut tells me, you know, just to think back, the majority of the trading that happens in crypto is done by bots. So you have that. You strip that away, and I think it's just purely that, you know, I wouldn't call them professional traders, but may maybe a guy in his basement, wanting to swing trade, crypto. The term swing trade is hugely popular in the crypto space. For better or for worse, most people probably aren't great at it.
Robert Swarthout:And, but
Andres Sandate:that's just capturing opportunity through the vault that's out there in the market.
Robert Swarthout:Right. And and you you have to remember that a lot of crypto seems to repeat a cycle, and those bots are trained or programmed around those cycles. It's a bit reinforcing, that you have this these, technical levels that are traded against. So, I think a lot of that starts to go with regulation and just as the market kind of matures a little bit, you have less of this volatility swing. It's still gonna be volatile, but I don't think it's as extreme, the highs and the lows.
Robert Swarthout:So
Andres Sandate:Yeah. It makes me wonder how much influence that segment of the market has on fundamentals. Right? Fundamental stories. Like, if if you say, well, we're all about utility.
Andres Sandate:We're all about, like, these projects. They're getting milestones. These teams, they're actually, you know, getting traction. Yeah. All of a sudden, swing traders show up on the scenes.
Andres Sandate:Somehow I don't give a crap about your projects and milestones. Some opportunity to take profits. You know? It just seems like so much of that happens that the the person who or the party or the actor who is in the market for long term fundamental value creation, blah blah blah, is, you know, somewhat, I don't wanna say at the mercy, but there there's a lot of whiplash.
Robert Swarthout:Yep. So our last topic, I guess this is more of a check-in on the whole concept that the Harris campaign had brought up, I would say more than 2 months ago. She hadn't been a candidate for that long. Maybe 3 or 4 weeks ago around there was gonna be a crypto reset. And people, you know, especially democrat leaning crypto people were like, yes.
Robert Swarthout:She's gonna come in, and we're gonna Yeah. Have a better way to think about this going forward. So here we are.
Andres Sandate:I'm still waiting to hear that, by the way.
Robert Swarthout:We're we're still waiting to comment
Andres Sandate:on that and
Robert Swarthout:a lot of other things in Italy. So there's a hearing today, the financial services committee. I I don't know the exact details, but there is a crypto piece to it. Part of, the comments were pre released, because they're always written a lot of times. And, the Democrats that lead up that committee, basically said that the FIT 21, so the Financial Innovation Technology Act, FIT 21, was about was around trying to get some regulations and framework in place for stable coins.
Robert Swarthout:Yeah. It was or is quote, particularly harmful piece of legislation is the way the democrats are, describing it. And then they go to the next point is, crypto is the work of extreme MAGA Republicans. So it sounds like the reset is going really well.
Andres Sandate:Wow. That's strong language at this point. Extremely. In in the election, who wrote that? Like, do we have an author?
Robert Swarthout:Goodness. I don't have that offhand.
Andres Sandate:I mean, just because Trump and his sons did a livestream, they got a 160,000 viewers to talk about a crypto project, does not mean that they're driving the crypto agenda. It just means that they believe that there's an opportunity. I'm I'm surprised, to be honest. I hadn't seen that.
Robert Swarthout:Yeah. So this was just quoted as the, the Democrat leadership. Maybe it was Yeah. Coauthored.
Andres Sandate:I don't know. So needless to say, it didn't seem like the reset, an opportunity to sort of with a fresh, you know, somewhat, you could say, a fresh approach to crypto. Maybe that's realistic, or idealistic thinking, I should say, on on the part of the crypto industry that that we were gonna see that. But based on the the the the tone and the way that that that was written, it doesn't sound like that's happening anytime soon.
Robert Swarthout:Yeah. I mean, I I believed at the time, and I guess this is just more backing up my belief at this point that the whole crypto reset was this political theater, and it appears to be, nothing but at this point.
Andres Sandate:Watch what they do, not what they say.
Robert Swarthout:Yes. Yes. Yes. Awesome. Well, thanks for joining us in this week episode of weekly crypto check-in.
Robert Swarthout:If you wanna stay updated in future episodes, you can find us any podcast player by searching Teton Crypto Capital or the weekly crypto check-in. Take care.
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