all right everybody Welcome to the Wednesday live stream lot of stuff to go over let's just get into it so first of all say title and thumbnail suggested this was uh a long time coming there was a legal case against tornado cash and essentially what it is the US government brought it against tornado cash or for the for the mixing services and said look these smart contracts that you guys are doing and all the mixing that you're doing you're essentially laundering money and we're going to stop it and we're going to put the owner in jail and it's going to be awful and it was and that's really what it was so this so the question became is code legal can you legally hinder code that is being created by people from all over the world well apparently we have an answer this is Hayden Adams and he is the co-founder actually the CEO that's weird it's that's weird to say a CEO of any kind of crypto project but sure of Unis swap Labs well I guess Unis swap Labs that makes sense and he says Hey immutable smart contracts just beat the treasury Department in court I have to tell you I'm really liking where things are going for like the last two and a half years we just got kicked in the teeth the SEC beat us down treasury beat us down let's just be honest the Biden Administration beat us down they were not very happy with us operation chokepoint 2. 0 and here we are today I'm feeling like there's like a huge weight off my chest I don't know if you feel that way if you do talk to me in the comments section or we'll do a little Q&A but this is how I'm feeling pretty damn good so anyhow this is what happened this is the United States court of appeals in the fifth surface this is actually yesterday no 26th 2024 States we hold that tornado caches immutable smart contracts lines of privacy enabling software code are not the property of a foreign National or entity meaning one they cannot be blocked under iepa and two ofac oversteps its congressionally defined Authority which is just one more example of government going too far which we all know they love to do inedible the degree to which crypto is killing in federal courtsy states and of course here it is and then this is Matt Corva from consensus uh legal opinion says the fifth Circuit Court of Appeals ruling in favor of plain of challenging the prior edition of turn cashmart contract to sanctions list pursuant to iepa is tremendous incredible win and their blow to the administration State acting without updated and diral Congressional Authority which is what has been going on in the back ground for quite some time so I got to tell you this is a great win and uh there's been some price action I didn't know this actually existed tornado cash I actually now I do remember this was quite a long time ago but it jumped up uh well it says here 700% right here it's 59% if we take a look right now it's only up am measly 43% so congratulations for the 100 tornado cash holders or whoever is out there I tip my hat to you congratulations but it just gives us precedent and we can actually move forward and say look if we want to create something if a developer here they shouldn't be scared about developing code moving things forward and not to be pounced on by the largest and most powerful government in the entire world I think this is a huge win I like what I see so that's for that piece which is great and then also not a bad little recoil action for the markets bitcoin's at probably it's going to be at 97 at some point tonight who knows ethereum is up almost 10 % 7% I don't know why I'm telling you this it's not like you haven't checked your portfolio about a thousand times today wow 12% for Stellar crazy 10% for R 23% 23% for UNIS swap just hear from that so that is uh the news also we we we don't live in a bubble we have to take a look at what's going on the macro environment as well there's been some developments I love this website market watch it'll tell you essentially the first line here is the actual the middle one is forecast and the last section here is previous so actional actual forecast and previous or AFP and we can see that jobless claims actual was 213,000 the forecast was 215,000 and this was last time so we've got less people saying hey I'm not unemployed that's pretty good and rooming in the right direction although some people would say that it's better if the economy does start to uh kilter off that way that we can definitely Chop Chop rates but I think not too bad so far GDP we'll see if this is it states here the first revision you know this is going to change 2. 8% and the the prediction 2.
8 and previous was 2. 8 personal income actually doubled 0. 3 to 0.
6% now this may be something that is good some people say oh this is great people are making more money this is fantastic however you have to understand that when we talking about personal income and this is the wages that that are coming into it is that those will actually be representative of the of the companies that they're working for and that may actually go into the cost of the different services and the different Goods that you're getting so it could actually lead to somewhat of a minor inflation but that's not what the PC index is saying 0. 2 across the board pce year-over-year 2. 3 2.
3 previous was 2. 1 so we actually do have a little bit of inflation here this is the previous 2. 1 the expectations was 2.
3 I think the FED realized what they were doing with cutting rates and it actually came out and then core pce 0. 3 across the board core pce year-over-year uptick by 0. 1% I know what you're thinking who cares just tell me what I need to know here what you need to know when all these things come together it really just comes down to is Jerome Powell and the FED gonna cut and after all that information I just gave you this is what the market is saying the target range so far is it looks the target range right now is 45475 it looks like they're still going to cut basis points 25 basis and that is for a meeting that's coming on 18th of December Let me refresh it to make sure that something crazy didn't happen went down a little bit but actually yesterday this was it was actually at 63 no it was actually at 64 so it's actually a little bit higher what was it yesterday so I'm feeling prettyy good at that we'll see if uh inflation tends to go out of control so what does that mean for the markets well for our markets we just took a look we had some big wins legally we are we can't escape the macro we are we can't we can't just be in this little piece but we're doing pretty damn good but look at the S&P 500 over the last day or so well 24 hours I think there's see it's going to close in about eight minutes or so it's going to close at a lot at a negative negative point4 but don't worry about the S&P 500 take a look at the 5 day the one month the six month and the one year they're doing just fine but it is interesting to note because people always want to know about the uncoupling today was a down day for the S&P 500 and it was an update for us you know what I'll take that as a win so let me what you think about that in the comment section and now this is Dan Morehead and this next piece is pretty good I actually did a I did a second stream I only do usually one stream a day and this was over a year and a half ago or so man my head is enormous but uh with this one like I was talking about Dan Morehead as he came in and he and I said this is the most bullish interview I've ever seen I linked this video in the description below and this is Dan talking about what was going on and that video this is when Bitcoin was $27,000 27,000 ethereum was was ,600 salana was 20 oh my God Sal was 23 bucks xrp was 501 501 watch out do Dogecoin six cents and it was just such a a bullish interview and I was like this guy's pretty crazy I like what he's saying I hope it comes true I'll be dned if it didn't and the reason why I'm talking about Dan today is because this came up in my timeline I was gonna share this but you know everybody likes the sensationalism right you'll see it you see it on YouTube all the different people that are out there like Bitcoin to this and this is gonna happen and this is awesome and this is gonna explode and whatever junk is out there but like when I saw this I'm like H another Bitcoin prediction this is great and I went through the whole thing and it was quite boring quite honestly I'm sorry but when it said here's a blog post I was like oh I'll just get the information in the blog post I link this in description I want you everybody I want everybody to read this blog post I actually tweeted this out on X I said stop what you're doing read this post right now this is probably the most bullish you're gonna you're gonna get I like to give you a little bit of balance damn it this was a good one panta Bitcoin fund hits THX that's not the big thing the big thing is the power of belief and sticking to your guns and writing it out using data to make informed decisions and going all the way out to as far as you possibly can and that's what Dan Morehead and panta did look at this this is crazy this is an email from Dan to his constituents to his investors on July 5th 2013 and again they're up over a THX since they started this this fund of Bitcoin here's the subject line very timely we should buy Bitcoin now at 65 bucks here was his thesis the forecast Bitcoin wash out happened very quickly Bitcoin is now training at 65 bucks exactly the price they were trading at our first meeting on May 28th I think we should buy aggressively now which you got to understand 2013 that made no sense this was just internet nerd money that no one wanted to touch and it was all just for illicit activities hiring Hitman drugs Silk Road but here's Dan moead going we got to buy like crazy the market cap of all Bitcoins ever created and probably 10 to 25% have been lost or destroyed which is now 740 million the market cap of 740 million that's it on May 28th 20 million would buy 156,000 Bitcoins boy I wish sailor could have done that wish he would have done that now it will buy 3 8,000 Bitcoins with $20 million the price is going way way up it's going to squeeze up like a watermelon seed I'm going to buy 30,000 Bitcoins this weekend with personal money oh my God the fund can have this purchase are not as other wish I just want to get involved and that's just one that's just one he goes on to say this is from August 2013 another email November 6 and where's the other one there's another one from like 2015 but the long the shter of this in 2013 we bought 2% of the world's Bitcoins even after 11 years Bitcoin is still squeezing up honestly I can't help thinking that we will still have many more years of compelling returns which comes down to this crazy article of 740,000 by 2028 who knows if that's true and there was this last piece put it these last two pieces which I think brings it home it's already done three orders of magnitude another one seems plausible if in when Bitcoin gets to 740,000 per Bitcoin that's a market cap of 15 trillion not an inconceivable number relative to 500 trillion in financial assets actually it's almost one quadrillion if you take into account the world debt if you take into account all of the stock markets throughout the entire world if you take into account real estate and options and derivatives that's not Chum change and I think Bitcoin at $1.
