Michael Tanguma

Thank you for joining me today.

Brian and Michael, how are the two of you doing? Michael, is it still true that this is your favorite hour of the week? We're dying to know.

It is.

I mean, I think something might be blowing around because I think Brian's a little under the weather and I've been, like, foggy.

And so people have held through the bear market, they've been rewarded.

We're trading at roughly eighty-four thousand dollars per Bitcoin, and the best is yet to come.

Michael said this time we are actually about to take off, so let's hear him defend it on the live stream today.

I mean, the thing that I wrestle with is anecdotally, we don't see like incremental net new retail coming in, and I always look at it as a important heuristic of like where we're at in a cycle.

That just feels like a natural sort of psychological point where anything under that, it kind of feels like hopefully this is a real move and doesn't just get retraced.

Michael, you mentioned one thing just very briefly on Fed rate hike last week.

We don't have to go deep into it, but it is interesting that Bitcoin is making this move upwards post rate hike, which I'd have to go back and check all the data, but I'm fairly certain historically, anytime there's a rate hike, a rate increase, Bitcoin reacts negatively, as sort of the broader market perceives it as this risk on sort of high beta tech investment.

Typically it's, it's reacted negatively to an increase in interest rates.

Robinhood launched And Arbitrum, which is another Ethereum Layer 2 blockchain, about two, two and a half months ago, they've seen volume pretty rapidly increase over there over the past two months.

And then Circle, I think end of last week, launched their own blockchain called ARK.

So you can kind of see this group of companies, like you said, Michael, that... obviously not traditional equities exchanges they are uh more crypto native with the exception of a robin hood that has sort of moved in that direction over the past couple years um but these are seemingly the firms that are not now going to be competing for this world of tokenized equities um and so just a couple things from this note here it says coinbase could benefit from custody tokenization infrastructure stable coins and base robin hood would need to add full shareholder rights to its offshore stock broken stock token products which we talked about a couple weeks ago circle could benefit from greater demand for usdc settlement and collateral trading limits is your issuer opt-out rights and amm constraints could limit the impact on traditional exchanges um and then this is also in light of uh the announcement from last week if you go to the next link uh producer us stock markets will expand to 23-hour weekday trading on december 6th um SEC says full 24-7 trading could follow.

It's likely to follow.

It ripped roughly around the time.

And I do have Michael Tanguma.

I was hoping I don't mess that up of on-ramp.

And we are going to get a little macro today, guys.

I'm here with

Michael and Brian.

Gentlemen, how are you guys doing?

Jackson, this really might be my was the most favorite time of the week, at least the professional work week.

I know we have a tight show today.

We have no time for dilly-dallying.

I know Michael has something he wants to say, so make it quick, please.

do appreciate the engagement on the like subscribe because that matters and that gets people to do it i meant to share this with brian yes on final settlement we just were like like subscribe and move on and we got it we got to like we got to get the people going we got to get them excited about engaging uh and keeping you fed

Noise.

This week we have the honor and privilege of being joined by Cam Stromey in place of Michael.

Cam, thank you for joining us.

How are you doing today?

And so at the end of the day, the fed is having to react to the dynamics at play here where you have less appetite at the long end of the curve which naturally makes sense just given all the geopolitical risk that is currently in the market the fact that the us fiscal situation and also you know other sovereigns across the world uh their fiscal situation continues to do deteriorate and so i would put less weight on the uh decision tomorrow but would be more interested in this in seeing where the odds look into the next uh the following fed meetings to see how long these higher rates will sustain for um and it ultimately does come down to the bond market and what i would expect is more significant intervention than what we saw just earlier this month that was announced back on august 19th with the treasury buyback so Just pay attention to that dynamic in terms of, Liam, your point, balance sheet.

What will the Fed do to absorb the volatility in the bond market and provide the peace of mind that investors certainly do not have at this moment?

Since I'm sitting in for Michael, you know, my initial reaction is just to, you know, be angry about this and not even comment, but I'll offer some thoughts.

So even you guys said it really well, like overall, I don't think I'm just not paying attention to it too much because ultimately the bigger structural dynamics will, will take care of it in the longer run.

A little bit of a late start, but we're live on a Monday, boys.

Um, Michael, you said it was kind of a slow week.

I...

We- the, the list is a little shorter than it, than it has been the past month or so, but I would say there's some big topics to get into, some meaty topics.

Uh, Liam, Michael, thanks for joining me as always.

How are we doing today?

Doing good.

That's a, that's a great insight, Liam.

It's a pleasure to host you this afternoon, this evening, this morning, depending on where you are in the world.

Brian and Michael, thank you for showing up this week.

Nice to see you both.

How's the week going so far? Everything all right over there?

That seems doable.

I'll be there.

i would like anyone who's interested in the area in the philadelphia metro please reach out to my direct it's jackson at onrampbitcoin.com after the fact as well we'll include a link to sign up rsvp but just want to get that on everyone's radar we had a nice time in new york last month At PubKey, Michael was there.

Michael got a little rowdy.

The first ever live stream of Final Settlement.

I know Michael's been eagerly anticipating this day.

It is here, and not only that, but we've got a twofer.

We've got a combination episode or stream for you.

I mean, what sticks out to me is, like, you know, I think Liquid went live in like 2018.

Um, so it's not like it's, this is a new, uh, layer by any means.

I, I, I believe it was when, sort of one of the first sort of, um, secondary layers o- on Bitcoin, this, um, sort of side chain and, like, it, it does just speak to, you know, there's added complexity, there's added counterparties to your point, Michael, and there's added governance risks when you sort of move off the base chain and are using anything, um, that is either, you know, a, a layer above sort of, um, the main Bitcoin chain and, [clears throat] and what has been hardened over a very long period of time and why, you know, like you're, you're referencing Michael, like, you know, multisig native to the protocol hardened for, for a decade.

Um, there's just, you know, uh, things to be aware of when you're, when you're using these things that may be, uh, less hardened and, and, you know, this is-- It feels just like an onslaught of these types of things like, you know, we've been talking about a new one it seems every week.

But I think the market's now starting to wake up to that.

Yeah, it's an important point you make there, Michael, just in terms of the obligations are certainly not fixed as well, right? So everything is going up in terms of those obligations that the government will have.

And there's a lot of entitlements that they need to make whole on over the coming years and decades.

And so this whole just continues to get bigger.

I think...

There's a few things.

I like what you mentioned, Michael, around the toolkit changes.

There's always some amount of support going on for this fiat system.