Bitcoin surge: sustainable or a sucker's rally? Scott Melker

Transcript

GM. Good morning. Welcome to the Milk Road Show, the daily crypto show where the fear of missing out is real, but missing out feels way worse. I'm your host, Jay Hamilton. It's Monday, May the 26. Happy Memorial Day to all the Americans listening in. Happy Bitcoin week to everyone about to get on a flight to Vegas. Speaking of Bitcoin, everybody wants to buy Bitcoin. Last week, Strategy acquired over 4,000 Bitcoin. You heard that right, 4,000 Bitcoin. Today we're joined by the one and only Scott Milker. Scott's a longtime crypto investor, just one of the best educators in the space. He's the wolf of all streets. You guys know him as. We're going to talk about Bitcoin Treasury companies buying. We're going to talk about Bitcoin corporate.

We're going to talk about corporations buying Bitcoin. What's the difference here? What's the outlook? What's the risk? We're also going to talk about macro. What what actually matters in macro? Where's the signal amongst the noise? Altcoin season. Are we going to get an altcoin season? Is it now? Is it later? How's the rest of the cycle going to play out? We're going to answer all the questions that I know you guys got. Before we jump in, if you guys are swapping, check out Milk Road Swap. Why? Because we have some of the lowest fees in the space. We did not build Milk Road Swap to make money. We built it as a low fee place where you can trade whatever you want to trade on Ethereum and Salana all in one place. So, check it out. Link in the description. Also, today's episode is brought to you by Letin. Get

cash without selling your Bitcoin. It's brought to you by Coin Shift. powering top crypto treasuries with their yield bearing stable coin CSUSDL. Without further ado, from the back of his car on his way to Bitcoin Vegas, Scott Milker, what's going on, my man? A lot of traffic and a huge wreck in a closed highway. So, probably not on my way to Bitcoin Vegas, it would appear. Starting off the trip well, that's what we like to hear. Well, Scott, you two minutes two miles on the highway. Here we are.

you. Huge, huge thanks for joining us today. We had a last minute cancellation, so that's why Scott's in the back of his car because he was willing to jump in last minute. Okay, Scott, last time we had you on the show was actually, I don't know if you remember, it was January 21st. Trump had just been inaugurated. Bitcoin was at 106,000. We were all bullish. The vibes were high. And here we are four months later. We're barely above 106K. If uh if anybody had just taken the last four months off, you would have you would have been in a great position. You would have missed a lot of noise and a lot of stress. Uh give us your if you're talking to a buddy pulled up at a bar, how are you describing the setup right now? What's standing out to you most

when you look at crypto right now? What matters to you most in your portfolio and your assets? Yeah, I think if you're looking at crypto in general right now, and hopefully I have a decent signal here. You're looking at Bitcoin, right? I'm not saying you're not looking at other things, but Bitcoin is clearly in the driver's seat right now. It's got the institutional stamp of approval. It's got the government stamp of approval. It's got the ETFs. It's got companies buying. I mean, across the board, as you kind of mentioned in the intro, everybody wants to buy Bitcoin right now. You know, I think that uh it's still an element of dart throwing when it comes to all coins and the rest of the market. still trying to figure out what's going on there. I do think that that will have its time, but uh right now it's hard not to be focused on

Bitcoin, especially if you've been here for previous cycles. You see it's starting to push towards an all-time high. Once again, you know, that brings the liquidity and the volume in. It brings all the eyeballs. It brings the headlines. So, I'm really waiting to see what Bitcoin does next to sort of judge everything else. I don't think it's particularly tied to macro at all. I mean, I think it is at moments obviously like yesterday you got the tariff, you know, pause news which was nonsensical at this point anyways and totally priced in that Trump is just going to tweet things. But, you know, uh and you got this quick move, but it bounced right back, you know, and uh I think that you get these quick reactions because now we do have Tradfi and other money in the in the market. But generally, I think, you

know, Bitcoin has been kind of traveling its own path. I' I would said that's the case indefinitely, but more glaringly now. Yeah, it certainly feels like the I I almost I almost almost hate to say it out loud, the decoupling uh because every time we say Bitcoin is decoupling, it seems to not decouple again, but it feels it feels like we're getting momentum in that direction. And just to quickly mention for everybody who missed it, uh Trump announced 50% tariffs on the EU and then he paused 50% tariffs on the EU until July 9th. That's what Scott is referring to from the macro side, which as he said, you know, like, yeah, you try to predict what Trump's going to do next and deal with that headline risk. But before we talk about macro, uh, let's talk about who's who's buying Bitcoin right now when you look at

because there is one category that I know you spoke about on your show this morning, your Macro Monday shows about the category that is most buying Bitcoin. Who is buying? And let's talk about that category and break that down. Yeah, it it it's corporates and you can't even keep up with the announcements at this point. So the the Bitcoin to the Treasury trend that we were looking for in 2020 2021 when Micro Strategy first bought Bitcoin and then we saw Tesla and and uh and Square you know follow in their footsteps that didn't happen right so at that point we saw Sailor have a meeting of 2,000 CFOs and all these companies every company in the world was supposed to add Bitcoin to the balance sheet

Microsoft and Apple we had conjecture of the biggest money coming in that didn't happen So, a lot of people kind of asked why at that point it was largely gap accounting rules, which was that you basically had to mark your Bitcoin to the lowest point it traded in the entire quarter and then use that to basically brush your earnings. So, nobody in their right mind would put Bitcoin in the balance sheet with those accounting rules, but those have changed over the past, I think, six months ago or so. They changed those laws. And now, with I think the tailwinds of Bitcoin and an ETF existing this time and all of those things, I think there's a lot more creative ways for people to add Bitcoin to their balance sheets. And I think that's largely what we're seeing in this case. But we get an announcement every

day of some company you've never heard of in some country officially putting Bitcoin on the balance sheet, public, private, otherwise. There was a food company today that I think bought 21 Bitcoin, but is committed to buying 5,000. These are not financial companies. They have nothing to do with this. They're not trying to do what Strategy does and become Bitcoin banks. They're just hedging against their cash position, losing value. I think there's a perfect storm right now. the sort of mixed sentiment on inflation, but I don't think anyone is of the belief at this point in time that the United States government is going to be fiscally responsible and stop printing money. And for the last couple months, people thought there was an off chance that the United States government might become fiscally responsible and stop

printing money because of Doge. And now you have even Elon Musk saying, "Yeah, that was never going to happen. We're going to go ahead and grow our way out of this." And so I think when you see even the Trump administration that had this sort of early austerity mindset and tariffs and the external revenue service throwing their hands in the air and Bessant going on TV and saying, "Yeah, we just got to grow, grow, grow." Like, "Forget it. We can't even try to pay it off. Buy Bitcoin, right?" And I think that these are just the kind of signals that put more companies into it. Now, we can talk about the different kinds of companies and different ways they're buying Bitcoin because I think that's interesting and I have some serious concerns about it. But I think right now we are being corporately led.

Yeah. Let's uh let's talk exactly about that. You and I were talking quickly before we recorded uh about there's two main types of companies that are buying Bitcoin, right? There's the corporations who are using it as a basically an investment vehicle. These are corporations as you say they have they are profitable. They have other means of business. their business has nothing to do with them buying Bitcoin on their and putting on their balance sheet. But then there are the strategies of the world and the businesses that are buying Bitcoin and using it as a way to to raise capital and to grow the value of their business. And we are seeing many

many more of those. I mean predictions are there's lots of talk about more of those coming, but predictions are we're going to see 10 more of those be public in the next year or two. Okay, let's what when you look at the difference, where's where does your mind go to and where's the risk here? Because there is some systemic risk on one of these ends. Yeah, I I love what Micro Strategy is doing because he has such a big lead, such a huge position, and he was the first mover, you know, M Michael Sailor. So, I don't have much fear about strategy blowing up. I think structurally they've done this the right way.

Then you saw 21 obviously Jack Mers, Soft Bank, Caner Fitzgerald, Tether. Okay, I think that those are all very smart people who probably understand exactly what we're doing. Third, Nakamoto, David Bailey of the Bitcoin Conference, and Bitcoin Magazine and his team. I think they're probably well established, know what they're doing. My concern is that all of these companies are raising debt, effectively taking on a form of leverage to buy Bitcoin and doing nothing else, right? So there's no underlying business. Strategy at least still has their software business that kind of brings some underlying income and supports a lot of their expenses. So I'm not necessarily concerned when there's three. But as you said, if 10 more come on and price is higher and

what we're going to start to see because let's be honest, like these companies at their heart are hedge funds laring as like Bitcoin holding companies. Like it requires active management. There's got to be someone in there buying this Bitcoin. someone who deeply understands the debt where liquidations would happen. This is not easy. This is financial engineering, right? And so my fear is much like the it's not comparable in structure to a voyager or Celsius or vault or Blockfire all these, but this structural fear that if price goes to a certain point and one or two of these are forced to sell, it causes that same sort of cascade and systemic risk and pushes Bitcoin down. So, I think this is probably the next bubble, but I don't think that this is the top

of the bubble. I think this is the situation where Bitcoin draws down 30% and instead of a full 30% shallow retracement, we get 50 or 60% because that's when they're triggered and it pushes all of these sellers into the market. I can't say that's definitely going to happen, but I can tell you that if Bitcoin's at like 150 and that's the market top, I don't know. That's I'm just throwing round numbers. I'm not saying that's my prediction, but we saw it with miners last cycle when Bitcoin got the most expensive, when there was the most FOMO, when there was the most hype. That's when the miners bought all their equipment for the next cycle at literally the dead top price. And by the time they were able to put it on, Bitcoin was at the lowest price and they blew up, right? So, what happens when

these companies who, you know, have a price, basically a liquidation price 30% below all-time high, which, you know, we've seen, I mean, we saw Bitcoin go from 65 to 29 in the summer of 21. in what, a week, 10 days, two weeks, I mean, something like that. That happens and they're all forced to sell off and then you get this massive sell-off. So that that's really my concern. I don't think that we need a lot of companies financially engineering markets to buy Bitcoin. And now we're seeing miners even do that when their core business has nothing to do with that. So just a lot of a lot of uh headscratching activity I see in the market. Selling your Bitcoin should be a last resort when you need cash. That's why there's Letin, the trusted platform for Bitcoin

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with institutional-grade risk management by our friends at stakehouse Financial. Put your treasury cash to work, earning native yields and protocol rewards. Built by the team behind Coin Shift, which is trusted to manage over 1 billion in business treasuries on chain, including a Gitcoin, and hundreds of leading institutions, cycusl is gaining traction at milkro.com/coinshift. Is how many of these uh I don't even know what to categorize these these these Bitcoin companies. Um h how many of them actually have meaningful Bitcoin now? Do any of them yet or is it still to come?

Have any of them started like has 21 even started buying yet? Do you know? Um 21 the Jack Jack Mer they bought 400 million worth two weeks ago or something? I don't want to be quoted on that but a few hundred million but I think that they had a seat they had a certain level of seating from SoftBank Tether and Caner Fitzgerald. So, it was over a billion dollars worth because the the big news there was that SoftBank was contributing massively and nobody knew that Soft Bank had Bitcoin. That meant they either had it already and hadn't told anyone or they were going to have to buy it to contribute.

So, that was kind of the that was the hidden signal in that noise. I think um but yeah, I think that they're all starting to get it now. So, listen, if price goes up massly, which I think it will with time, these guys who are early, I think they're going to be fine. They're going to do exceptionally well. They're going to make a ton of money. It's the ones who are inevitably going to jump on the trend at the top like in any other market that are going to hurt themselves and probably us. Take us all down with them. No, they won't take us all down, but they will they will cause I mean it is it is a good point because we talk about how uh the as the returns on the way up of Bitcoin diminish, so do the re so does the downside. And as people start to

treat Bitcoin more like a true riskoff asset, you would think that it should act more like that. But what you're saying is we're we might not still be there yet. Like we might still have a few more years before we get there. One thing that was interesting to see was you put out this morning that Black Rockck's Bitcoin ETF has zero outflows in 30 days. Does that say to you that we that Bitcoin is decoupling and being treated as a different asset than than its typical risk-on asset? I I think there's a few things to parse there. So I if you've listened to me for years, I've always said that it's decoupled and

is a riskoff asset. Kind of trades on its own. It's neither gold and it's not a tech stock. And if it was, it would trade like both of those directly and it just never does. It goes back and forth. I think it's a disservice sort of to compare it to either as far as price action. So that said, I mean since liberation days, it's shown ridiculous strength, right? It it uh basically had that quick wick down into the 70s, but you know, it started before liberation day 82. It was immediately back to 82 and stocks have had this kind of V-shaped recovery and climb back to where they started. Bitcoin's 25 30% above that, right? So, it it's clear that it's performed way better than I or this. This is what happens when we do an

interview from the car. Oh no, Scott's gone. Okay, hang with us everybody. We'll get Scott back. This is what happens when you go live uh in a last minute uh call with somebody who's in a car as you're trying to pull your show together. But we appreciate you all hanging out with us. The the other thing that uh just while we wait for um for Scott to come back on, the other things that really stand out to me is we are really we are seeing different behavior with the people that are buying Bitcoin and that is very clear and that's what what Scott was just discussing is there is different types of buyers to Bitcoin than than than

there's ever been in the past and there's a really growing trend trend of the types of buyers that are buying Bitcoin from the riskoff side. Oh, here he is. Scott's back. We didn't quite hear your your your thoughts on Bitcoin decoupling. I heard the first part. We know your your background that you've always believed that it's decoupling and it has not neither traded as risk on or risk off. It's kind of been this hybrid that's been in between. Uh but we didn't hear the rest of your thoughts there. Yeah. So, that that that was a good summary. I I kept rambling on to a black screen for for far too long clearly. Um, so obviously since liberation day, we've seen it wildly outperform. So I think that not only the true believers uh said, "See, I told you so." I think a

lot more people took notice when, you know, obviously Bitcoin was about 82,000 before liberation day. It wicked down to about 74, but basically was trading right back at 82. We've had this long V-shaped recovery on stocks and Bitcoin's now trading like 30% higher. So it behaved like basically this incredible hedge fund that capped your downside but then out outperformed wildly to the upside and we had these days recently and like I said no surprise to me but where you know the NASDAQ or stocks are down 2 3% and Bitcoin's up big you know and so uh you if you're a portfolio manager and you've started looking at these things yeah you you go wow this thing maybe is really outperforming because people have recency bias they need to see it you know to to believe it on any given day

but specifically to the Black Rockck ETF, I think was the original question with IBIT. So, I think you have this sort of bid underneath it from retail and institutions that just want to add Bitcoin. They're dollar cost averaging. They're passively buying it, you know, on a schedule at this point and they're choosing IBIT because it's the biggest. It's the most notable name. People trust Black Rockck and to some degree now, you know, you have to remember that has options on it. So there's a lot more you can do with a Black Rockck spot ETF that you can't necessarily do with other products, including maybe spot Bitcoin for a lot of people. So I think that that's part of the story and the carry trade has returned in a big way. So there's about a 9 and a half% yield, passive yield that you can earn by

simply shorting Bitcoin futures in contango and buying spot Bitcoin. But for institutions, they're doing that with the Black Rockck ETF instead of buying spot Bitcoin like they would have in the past. Like we saw this with Grayscale when it was at a treat premium in the past, right? GBTC was at 30% premium and you had this contango, but you were buying spot Bitcoin. Well, now they buy ETFs because it's easier. So, as long as that carry trade exists, and by the way, when we saw that record outflows a month and a half or two months ago, it was because that carry trade was down to 3 or 4% and so it was unwinding, right? And so, people have when when it unwinds, you sell the underlying spot to get to get out of the trade. Doesn't mean they're losing money. They're just that the trade's not

worth it. go buy treasuries, right? So, you have to once we're institutionalized, you have to realize now we're trading like hedge funds and being hedged like normal companies and all these crazy things. They're going to use the I I bit black rock spot ETF for that. Okay. So, institutions are here. They're buying, but the inflows feel early stage. It's not euphoric stage yet with institutions, which would say to me, you know, we've got room to go in this cycle. And then we mentioned, you mentioned retail. Retail isn't really buying right now. It doesn't really feel like this is retailled right now. Which what's your thought on retail? I think everybody's buying to some degree. I think a lot of signals people use to see if retail is here or not are bogus at this point. Like people always keep

referencing Google searches for Bitcoin, but like who doesn't know what Bitcoin is anymore? Of course, there's less Google searches in 2025 than there are in 2021, right? Because it's become a mainstream asset. It's on every ticker. It's on Fox Business. It's on CNBC. people know what Bitcoin is. Like if you're googling what is Bitcoin, there's going to be far less people doing that in 2025. That's been one of the signals I continually see people looking at and I just I don't buy that. So I I think that there is a lot of buying because all of this, if you take a look at the derivatives markets and such, it's been spot driven. You know, there's been a Coinbase premium to some degree, but like this is people buying actual Bitcoin and not selling it. In the past when you get that overheated market that

you kind of mentioned, you have derivatives, perpetual swaps on the buy bits and and you know used to be BitMX and Binance with a huge funding rates. Like you're paying this massive premium to be long and that is not happening here. Like those rates are effectively flat like astoundingly flat. I think right now to be long is like four to 5% annualized with a rate that basically recalculates every eight hours. That's insane. I think at the peak of the bare market you could be over 100%. You know, 80% 85% annualized just for the right to be long. You're paying the shorts. So there's no evidence of leverage froth at least on the retail side. So I think that they're buying. I think it just doesn't have as much of an impact when

you don't see the crazy volatility in in the derivatives market. So let's talk let's talk outlook for Bitcoin. The thing I can't figure out right now is what happens over the next few months. I I feel good and I think you would likely agree with me although correct me if I'm wrong that we are still in a bull cycle and that we finish the year. I don't know what your prediction is but like everyone seems to be somewhere between 150 to 250 end of cycle whether that's the end of 2025 or whether that goes into 2026 up for debate. So tell me your thoughts on that. But more so I would love your thoughts on the short term, the summer because typically we get summer go away, sell may go away, take a break. Doesn't necessarily feel like

that same thing's going to happen this time around. It doesn't, but it didn't feel that way in May of 2021 either, right before China turned off banning and Elon Musk said like couldn't buy Teslas of Bitcoin anymore. And Bitcoin, as I said, went from 65 to 29 before going back to 69. People look back on 2021 correctly as this crazy bullish year. All coins went nuts. Bitcoin hit a new all-time high. They forget how miserable that summer was. And we didn't just go to 29. We like stayed down in the 30s all summer. And so, uh, do I did that mean it's going to repeat? No. But if you believe in the four-ear cycle, even that most bullish year of the four-ear cycle had that crazy 50% plus draw down, uh, and stayed there and shook people out to believe that it was

over. So, that wouldn't surprise me. I'm not saying I don't think we go that low, but like if we spent the summer in the 80s or something, not surprise me for one second. It's not my prediction, but it wouldn't surprise me for one second. That said, it also wouldn't surprise me if we were sitting at 130 all summer. I think that we're really at an inflection point right now where I can see like the argument that there's all these top signals and we could go down, but I can also see that argument as these are just the first catalysts and they're very legitimate, right? I mean, we had the conversation on macro Monday this morning. I I flat out asked that question to Dave Weissberger and and Mike Mclo because of their long experience. Mike was basically saying these are top signals when all these

companies start coming in. And I said, well, how do you differentiate between a top signal if these companies are coming in? What if it 500 more follow? It's not a top signal that's going to drive price. So, how do you tell if these are top signals or if they're just the very early catalyst of a huge wave? And so, right now, I think we're at an inflection point where I could see the argument for either of those, right? So, we're going to have to kind of see if we get the followrough that we were hoping for in like a 2021 that didn't happen, you know, as we talked about before. I think we will. I think we're really early in this trend. That said, I'm I'm always shocked at no matter how bullish things are that there is just some whales that can sell so much Bitcoin and

send price down. That blows my mind. Every time we say, "Oh, where are the sellers? Where are they even getting this? There's no sellers." Don't underestimate how much Bitcoin is out there and how high of a price this is for some people who bought it sub a dollar or or or lower, you know. So, it's it's pretty crazy. Um, short short term, I think we're going to test these highs. You know, I think we're a few percent under the all-time high. You got to think you're going to test that. But, you know, a lot of things seem to have gotten a bit overheated. So, maybe we kind of chill for a while. I mean, I wouldn't be surprised if we saw sort of a sideways summer here in this area. You know, maybe range between 100 and 120 all summer and time based capitulation happens to people where they just get

bored. You don't necessarily need price to go down for people to stop believing. You just need it to stop going up for a while where they start to just uh you know get bored and give up and sell. So I I don't really have a high conviction in a specific price in the short term. I do think even if we have a bad summer that we end the year very high kind of to your point like you know 150 plus. Yeah. And and would you agree? Let's let's let's shift to altcoins here. Are we still in Bitcoin season or is altcoin season everyone loving loves calling altcoin season, right? Everybody loves calling it. And when altcoins have a rip like they did recently, not all altcoins, let me mention, but a lot of altcoins are doing well and coming back,

although they were down so bad that this might just be mean reversion. Uh, do you think we get an two questions? Do you think we get an altcoin season? And when is it is that a a now thing or is it still Bitcoin's world for the next while and then altcoin season comes later? To your point, I think we just had a little altcoin season. People also forget from the past that these altcoin seasons tend to be very short and explosive, right? So maybe that was the version that we get in 2025. So when bit when Ethereum went back to 2018 levels and hit 1,400 bucks, I bought a lot of Ethereum and was pretty much screaming from the mountain tops and people were not happy about it. And I said, listen, this is going to even if it's just a technical

bounce, Ethereum will bounce. It'll go up and when Ethereum goes up, all this stuff that hasn't moved will go up, right? And so what we ended up with was this magical unicorn moment where not only did Bitcoin rise, but Bitcoin dominance went down. We have not seen that in years. So we've seen these little altcoin moves. We've seen these little moves down in uh Bitcoin dominance maybe when Bitcoin is sideways or something. It's been a very long time since we saw what we did recently, which when Bitcoin pushed from the mid 90s back up into the hundreds, we saw all coins outperform that on the way up as much. Ethereum going up as much as I think 40% in two days, right? So that's a signal to me for multiple reasons. A because we just hadn't seen it kind of structurally happen. But B because if

Bitcoin's also going up and every altcoin effectively went up, there has to be new money in the market. That's not the old washing machine of Bitcoin being sold for liquidity to buy altcoins, which we've seen so many times in the past. There had to be new money. If everything's going up, there's more buying than selling. So something's not being sold off to buy something else. So that gave me hope that people are paying attention now again to altcoins and they're kind of just waiting for the moment to to pour back in. So I think that we saw the first iterations of altcoin season. That said, there's just absolutely no way everything can go up.

There is not enough money. That's my next question to send every to send every altcoin, right? And and I'll tell you this, I don't know like if you see kind of what's happening behind the scenes. I happen to like get sent deal flow and I talk to VCs and all this stuff. There's got to be 10,000 like waiting for the perfect market market conditions to launch when that news comes on the market in addition to all these altcoins that people are praying will go off. So you're going to have to catch the narratives catch you're going to have to be in and out of like it's going to be required to trains.

Oh we're we're we're losing Scott again here folks. I know I know he's saying that uh and I I can confirm what he's saying, Scott. I think you're back with us, but I can confirm exactly what you're saying, which is that uh there is so many projects and tokens waiting on the sidelines right now that are waiting to launch and waiting for the market conditions to be right. And these are and these these are new tokens that are going to flood the market are going to take away capital. Like there's just so much capital dispersion that is it even possible to get an altcoin season again like we've got in the past? No, it is not. So, it will not be throw a dart at a dart board and pick any altcoin and every single altcoin goes up. It'll be certain sectors will get the it'll be

the narrative driven. Altcoin is so altcoin season is so narrative driven. So, it'll be possibly it'll be memecoins. I could see it being AI. I could see it being DeFi. I could see it even being certain sectors within DeFi. Maybe it's only Salana DeFi or maybe it's only Ethereum DeFi. you know, not to make it difficult for everybody listening to say that there is too many options quite frankly, but that is the case and that's why investing is so difficult. And so, it's going to be it's going to be one of those cases where as we lead into an altcoin season, which I do think we will get and I know Scott believes it as well. It's just it's going to be short. It's going to be fast and you should really only be in it if you're in it on a regular basis. If you're in it

daily, do not. It is very, very difficult to invest in altcoins. Let me put it that way. It is very difficult to have a long strategy in altcoins. You more so need to be regularly tuned in in order to be in altcoins. Otherwise, yeah, you'll just you'll just miss it on the way down and you'll round trip it or you'll buy at the top. The other news that uh came out today was um the Dubai land department uh has chosen XRP to power their real estate tokenization project. Very interesting to see XRP getting a large contract. I mean this is the thing that XRP has always said that they would do is they would be able to get these large government contracts

which if they can do that that could prove their worth. Look, I'm not I'm not invested in XRP. I've always sat on the sidelines of it because I've never understood the fundamental side of XRP and its market cap is just so insanely high in comparison to its fundamentals that it really has a I have a tough time wrapping my head around it. But the XRP army is real and there is real government involvement in blockchain in right now and coming very fast especially I mean not just in Dubai but especially in the US as this regulation comes in and as the legislation comes in. So, you can bet there's some big opportunities for somebody like an XRP

to possibly get some major contracts, which could be the the the springboard that they need to have their own uh RIP and their own season. Uh, okay. I think we've lost Scott, but we'll we'll wrap up there. I I appreciate you guys all uh tuning in today and dealing with uh us while Scott was in the car. It was a little bit of a messy episode, but hey, that's what happens uh sometimes in life when uh you're trying to get yourself to Vegas. uh for Vegas, Bitcoin Vegas. Anybody who's headed there, have an awesome week. If anybody's headed there and they want to come on the show and give uh a update. Would love to have somebody on the show. So, if there's anybody going to Vegas, you want to come to the show later this week to give us the on the ground. I unfortunately will

not be in Bitcoin Vegas, but I will be sending everybody uh lots of love from the distance. Uh for everybody listening, I got to remind you none of today's episode is financial advice. Everything that we said is for entertainment and educational purposes only. You should only invest what you're prepared to lose. And you should always take the time to do your own research and think about your investments. With that said, if you need help with any of your research, you should subscribe to the Milk Road newsletter. Hit the link in the show notes. Five minutes per day in your inbox. It'll give you investment advice and it'll make you laugh, which is really what we all want. Thanks again for tuning in, everybody. Have a wicked awesome day. We'll see you back again tomorrow. Thanks for tuning in, y'all.

Before I let you go, I got to tell you, our friends over at Gemini are doing a super cool contest right now. They're giving away two Tesla Cybert trucks. It's called the Cyber Beast Edition, and it is a custom Cybert truck wrapped in a custom Bitcoin design. It looks freaking awesome. Basically, all you got to do to get an entry in order to win these Cyber Trucks is use your Gemini credit card or trade on Gemini exchange. For every 50 bucks you spend on your credit card or you trade on the exchange, you get one entry. So, check it out. It goes until June 18th. It's open to US residents 18 and older. So, sorry to everyone else around the world, but if you're in the

US and you want to get a chance to win a sweet Tesla Cybert truck, check out the link in the show notes. spend your money on your Gemini credit card or trade on their exchange and you could win a Cybert truck. And if you win, I hope you come pick me up and give me a ride. All right, thanks for listening y'all. See you again tomorrow. Have a wicked awesome day. As always, if you liked today's episode, please hit subscribe and make sure you follow us so you don't miss out on the next one. There's also a link in the description to our free 5minute daily newsletter where we simplify crypto for you while making you laugh. And if you're willing to step up your crypto investing game, we're going to also leave a link for Milk Road Pro.

You get access to our portfolio where you can see exactly what we are buying. This is your number one resource to help you invest successfully in crypto. One final note, this show is for educational purposes only and nothing we say is financial advice. Investing in crypto or any asset is risky and you should never invest more than you can afford to lose. Thanks so much for listening in my friends. Have a wicked awesome