BlackRock CEO calls bitcoin legit, ETH ETF launch date and Zeneca's portfolio

Transcript

I wanted most of my portfolio to be in Bitcoin eth and soul and of the three I'm most bullish on eth especially with the ETFs coming up but just based on everything else in my years in the space I think soul is the other coin other major that I'm bullish on and I think my My overall philosophy was to be major heavy GM good morning welcome to the milroad show The Daily crypto show that's so bright sunflowers turn our way I'm your host Jay Hamilton and today we're talking about why markets are pumping starting with black Ro Larry fin CEO of Black Rock went on CNBC black Rock's the largest asset manager in the world and he was Shilling Bitcoin to everybody the EF launch date is set and stick around to the end because if

you're wondering what should you be investing in right now well zenica is going to share his portfolio allocation with all of you at the end so make sure you stick around for that on that note here to guide us today is legendary crypto investor zenica Zen welcome back to the show thank you so much for having me is as always it's been a great week in crypto after many many many weeks of bleeding so it's I don't know it feels good it feels good it feels good I think all the things are happening that we've been talking about for weeks and if you guys have been listening in you knew that we were seeing the signs and things are looking good so it's the beginning I hope we'll see I still think we could see some chop through August but we'll see let's start today with Larry fin CEO

of Black Rock largest asset manager in the world went on CNBC earlier this this week and basically told everyone to buy Bitcoin I'm going to play the clip and then we'll jump into it as you know I was a skeptic yes I you know I was a proud skeptic that's right and I studied it learned about it and I came away saying okay you know my opinion 5 years ago was wrong here's my opinion stud this is what I believe in today I believe the opportunity today I believe Bitcoin is legitimate I'm not trying to say there's not bet misuses like everything else but it is a legitimate Financial instrument that allows you to have maybe uncorrelated

non-correlated type of returns I believe it is an instrument that you invest in when you're more frighten though it is an instrument when you believe that Co countries are debasing their currency de debasing their currency by excess deficits and some countries are I believe we have um countries where you're frightened of your everyday existence and have an opportunity to invest in in a a something that is outside your country's uh you know control then you can have more financial control and so I'm a a major believer that there is a role for Bitcoin and in portfolios I believe you're going to see that as an as one of the asset classes

that we all look at I look at it as digital gold as I said before and I do believe there's a a there's a there's a real need for everyone to look at it as as one alternative to I would say the optimism that I have in the world if you want to hedge hope Bitcoin is not a an instrument for Hope unless you're hopeful you're going to make a lot of money on it but I I look at it as a vehicle in which you're expressing your your financial acument in something that you're more frightened of the world you're more frightened of your existence and I believe there's a great industrial use for it and and I think a lot of people are missing that all right Zen after seeing that clip what do you think

about what Larry said and how big of an impact does he really have on the markets maybe not necessarily the crypto native markets but the trafi markets he has a massive impact on markets we saw this when the Bitcoin ETFs were first coming out he basically did the rounds and went on CNBC and all like the money Finance shows and spoke about why it was coming out why he was bullish on bitcoin uh and he's doing that again now not just talking about Bitcoin but also about eth with the E ETFs coming out and I think what was really great about this clip is that he spoke about how he used to be a skeptic like so many people that he did some research he changed his mind and now he's a Believer and I think that's a journey that a lot of people

have been through themselves can see themselves going through like everyone's either a Believer or a skeptic for the most part and and so it will resonate with a lot of people and especially for like trafi Market participants but also like fund managers I think when when someone like Larry Fink who is like you said the head of Black Rock the largest asset the king like the King King King Of Money Management in in traditional Finance he comes out and he's like very vocally Pro crypto especially Pro Bitcoin and eth it gives a lot of cover for other asset managers to sort of get away with being pro crypto CU let's say 3 four years ago you never would have found a finance manager being like you know what it's sensible to have a small

percentage of your portfolio in crypto for X Y and Z reasons they would have been feared to have lose to lose their jobs to lose their clients to get laughed to get something wrong to lose people money but when Larry fin comes out and all these other large companies and ETFs come out now all of a sudden it becomes like normalized it becomes acceptable it becomes standard it becomes default it becomes almost silly not to have a little bit of crypto or Bitcoin in your portfolio as a hedge against he said hope but against you know in inflation and and you the US dollar devaluing or whatever currency devaluing so massive news it's going to keep coming as well as the ETFs get closer as they launch Black Rock makes money by people buying their ETFs and they get a small percentage fee so

they're going to be out marketing promoting it it's it's kind of really really really good for crypto I think that's the big thing that we all forget is how much we need to teach the whole world about crypto and what it is is and that takes time and it takes marketing budgets and we are at a period right now we where we're seeing that more than we've ever seen that before Larry fin going on CNBC talking about it all the ads that are coming out right now for the ethereum ETF which we're going to talk about in a second so that can't be understated is what most people have seen in the media for years about crypto

has been bad headlines and now for the first first time and we saw it with the Bitcoin ETF but now we're seeing with the ethereum ETF and we're I think we're going to see it through this next the rest of this year is we're going to see more and more people willing to stand up and say positive things and then the media will spread that and that's what will bring more as you said more more normies more more standard fund managers who maybe didn't have that confidence to tell their clients to go do that because they don't want to be laughed at so it's an exciting time let's move on to the ethereum ETF which Larry Fink also talked about ethereum we didn't play that clip but he also talked about how black rock is very bullish on ethereum so that's great as well and that teases

up nicely for the big news this week was the date is set for the ethereum ETF yeah July 23rd so that's a weekish from now there's a lot of speculation going into what is going to happen what's what's the price action going to be like is it going to be bullish for eth right out of the gate the real answer is nobody knows like we have very little information to go on like we've seen one previous cryptocoin have an ETF like maybe in five years time when there's Bitcoin eth Soul Doge like there's 50 ETFs and a new one comes out we can look back and go you know when an ETF launches this is generally what happens we have very little information to go on so far but the information we do have to go on looking

at the Bitcoin ETF launch is that you know price dropped initially like maybe there's a small pump like the day off and then there was kind of a significant crash as we saw all these outflows from grayscale when people were sort of you know selling their grayscale bags and moving over to one of the other ETFs or or something else and I wouldn't be shocked if we see see the same again so like some people just think it's it's bullish right at the gate and price will be up only that can definitely happen like nobody knows but I would not be shocked to see some other sort of price action we just we just have to wait and see and and like trying to guess and predict is such a difficult thing I mean I was on this show like a month ago talking about how bullish I was on blast

and how it was going to come out and like one of the things I'm focusing a lot of time in energy on and you know it did okay but nowhere near what I was expecting or most people were expecting out of the gate and so just predictions are really really tough and the safest strategy I've I've always felt is to sort of hedge and and not put all your eggs in one basket like don't just leverage long eth into the ETF launch because it could drop and then it can go up or it can drop for a month and then it can go up one thing I I feel very confident in though is long term it is very very bullish for eth because it will just slowly trickle in more buy volume and and even more bullish than the Bitcoin ETF one of the biggest

differences is Bitcoin still has miners mining all the time and and sort of like selling Bitcoin eth has no real miners or no inflation of the token it's it's basically a stable Supply coin maybe it goes up a little bit down a little bit over time but adding any sort of significant buy volume to to eth that will generally be locked up for long term like most funds and traditional investors investing they don't look to trade and flip on a on a weekly basis they buy into their retirement account or they buy you know 1% of my portfolio is now going into crypto and a hold that for 10 years that's just locking up Supply so very very bullish long term no one knows what's going to happen I completely agree I think very likely that the first two to four weeks are

choppy and and could be a drop just like the Bitcoin ETF everybody for gets everybody thinks that the Bitcoin ETF flew immediately or sorry the price of Bitcoin flew as a result of the ETF but it dropped for as you said for those first two weeks it was scary it was really scary right and so what do you think is gonna happen I I would bet that exact same thing is going to happen here and we're all going to forget and we're all going to get scared and everyone's going to be like the the EF is a failure there's going to be all these media posts like everybody take a deep breath that's okay if that happens because as you said long term when you zoom out you look at the Bitcoin ETF we crushed every ETF record ever over 15 billion in six months is never like I think the largest

ETF previously was three billion in a year so like we're crushing those and eth ETF predictions go back and listen to our episode from two days ago with Matt Hogan from bitwise where we break down his EF predictions but I'll give you the tldr he thinks 3 to five billion by the end of the year so that's in the next six months and he thinks 15 billion by the end of 2025 and if we hit 3 to5 billion by the end of this year plus eth is in a bull run which all signs are pointing towards that could be the case then eth price could easily hit 10K by the end of the year so things are looking up look not Financial advice everything is Du your

own research but feeling pretty pretty good about that Zen let's go over to the Bitcoin ETF for a second because they saw tremendous inflows this week which haven't really seen it's been it's been a rough month a rough few months for the Bitcoin ETF in terms of inflows but I got a chart up here where you can see that in the past week two weeks things have really started to elevate and we've had a few days several days above 200 million and one day above 400 million in net inflows for the Bitcoin ETF what do you think when you see this yeah it's it's always bullish thoughts when there's like significant net inflows into the the Bitcoin ETFs it's different

than it was in the first couple of months I think back then the price action really followed the ETF inflows like all the attention was on the ETFs and if it was a a bad day or week for the inflows if it was negative then and there outflows then price generally tended to drop and the reverse was true when it was a lot of money coming in we saw price going up and I think that was part of that was you know the the market impact of the buy volume and the buy pressure but more of it I think was the sentiment analysis and people going oh wa look at all these money coming to ETFs Bitcoin is just it's going to keep going up and we're going to keep going up now we've seen you know more than half a year of you know

Bitcoin ETFs existing and we've seen like all ends of the spectrum where where you know the ETFs the inflows have been high and then the market hasn't really cared or it's been low and the market hasn't really cared and I think that's just a sign of the market maturing and real Iz you know what some weeks it's going to be high some weeks it's going to be low there's so many other factors at play that we're not going to just look at the ETFs and and like base our actions purely on that as as it seemed like a lot of people were doing early on but it's still very bullish like Bitcoin ETF inflows are better than outflows and it means that there's buy volume coming in and it the longer it sustains and is like this and we see these numbers the better it is

going to be and so yeah like it's bullish it's not as bullish as it was at the start of the year I think yeah great Point other news that came out today that caught both of our attention which is super exciting is SEC commissioner Hester Pierce went on Zack Guzman show and said that I'm paraphrasing here but basically said that staking and in-kind Redemption for the eth and the Bitcoin ETF are open for reconsideration I mean first of all let me just say HPS is amazing I remember all the way back in I think it was 2021 or early 2022 when nfts were going crazy the SEC was putting it like very aggressively going after a lot of projects and she had a

dissenting opinion where she was like well it makes no sense your strategy and what you're doing and it's very illogical and basically ripping the SEC apart while being a part of the SEC so yeah which was great to see and she's just proven to be like a very reasonable sensible person like she's not gung ho Pro crypto and and and you know has blinders on she looks at things takes all the facts into consider ation thinks about protecting retail and doing her job as the at the SEC but also in a way that is you know in line with this brand new technology and not throwing it out the window and so when we think of staking and in kind Redemption for ETFs and how they weren't approved for the Bitcoin ETFs originally that didn't really make sense like to have no in

kind Redemption and to not have staking allowed doesn't really make sense it's like such a core part of eth it's not it's not nefarious there's nothing really risky about it it's just it's part of securing the blockchain if eth exists eth staking exists and it's just a primary part of it and it should be treated as not an evil thing not as a bad thing and so hopefully that what she is saying comes to fruition I think a lot of it is predicated on a change in government if you know Biden goes out Trump goes in which prediction markets are predicting it probably makes this more likely to happen we just have to see but I really hope it it does come true speaking about uh the possibility of a change in government other big news

this week was Trump announced his running made his VP to be JD Vance from a crypto perspective assuming Trump is the next president and JD Vance would be his vice president what does that mean for crypto you got to imagine it means good things I didn't really know anything about JD Vance prior to like two days ago or yesterday whenever it was announced and then I I saw all these clips popping up online one them is a really funny one I think it's from like four or five years ago maybe sooner but he was basically just ripping into Gary gendler it was like he was giving a speech at a conference and he just for like minutes was just like talking about how terrible a job Gary Gensler was doing and how like just nonsensical and and aggressive he was being for all the

wrong reasons for political reasons rather than you know doing his job reasons and that's obviously a good thing for crypto I think everyone in the crypto space can agree that Gary has been steering the the SEC in a very almost like vindictive Direction against crypto like a crusade against crypto and so if he comes in and starts having some sort of influence on policy and which you imagine he would and changing around the SEC then and it's got to be positive and the other thing that I saw pop up was that I think it was like again four four orish years ago he disclosed he held $250,000 worth of bitcoin and so this is someone who has skin in the game has had skin in the game for a long time well before any sort of like there's no

political benefit for him having that he was just personally believed in Bitcoin and and crypto and it was and is an advocate which I think is something we've never really had a pro crypto government in America at least and honestly not in too many nations it it doesn't really exist much and so it's great to see again from a purely crypto perspective so got to hope it's true the last thing I'll say on this I think vitalic put out a blog post on something along the lines of like don't make your political opinions based only on whether the parties are pro or against crypto which I think is a very valid point like you obviously these politicians exist well outside of the cryptosphere and they

have all sorts of views and opinions and all sorts of other things and it might not be the most sensible thing to purely base your opinions on people on whether they're Pro or against crypto look at look at all the facts yeah great point so true okay last week you came on the show and we talked about how you were changing your portfolio allocation you Ste back you saw an opportunity to realign your portfolio based upon what you think of the current state of the market and what you think of certain tokens when we talked last week you had not finalized your new allocation now you have finalized it walk us through what your new portfolio allocation looks like and why you decided this yeah so I

mean I touched on it we spoke about it last week already and I think my My overall philosophy was to be Majors heavy like I wanted most of my portfolio to be in Bitcoin eth and soul and of the three I'm most bullish on eth I think especially with the ETFs coming up but just based on everything else in my years in the space I think it it it has a lot more room to run it has saying power it has all sorts of positives to it so I wanted e to be my largest percentage and 45% just worked out to be the number when I took into account everything else 20% Bitcoin was also something that I've never really had before in the past i' I've always held a very small amount of Bitcoin thinking that other assets would outperform but I'm no longer a of the same mindset I

think there's too many coins and alts competing with one another that will bleed against Bitcoin generally as time goes on and and two the other perspective is that as your portfolio gets larger it becomes more about Capital preservation and less about like rapid growth and like I don't want or need to 10x my portfolio if I can like two or three exit over the next five years that would be amazing for me and the probably the best chance with the lowest risk is holding Bitcoin anath so that 20% Bitcoin I think I'll I'll be very comfortable when I get there these are all numbers that I'm aiming towards I'm very far away from at the moment I own probably like 1% of my portfolio in Bitcoin right now and then soul is the other coin other major that I'm bullish

on 10% I tweeted this out and a lot of people posted like oh the soul percentage is too low you need to up that I was going to ask about this yeah I'm still comfortable with that I think it's still a very healthy amount of Soul like I said last week I'm very bullish on Soul this cycle I'm less bullish on it long term and I'm I'm generally not about trying to time Cycles or time markets so I'll put 10% in maybe I rebalance in another three six months or whatever but I feel comfortable with that 10% alts and memes originally I had 10% for alts and then another 10% for memes and then my my eth percentage only 35% I decided to join them because that's still a significant amount of money in altcoins and memecoins and those are the things that you're really

hoping can do a 3 five 10 20x and if that happens then that's amazing and I can take profits and put in other ones if it doesn't happen and those bleed I'd much rather it bleed only 10% of my portfolio rather than say 20 30 40% which maybe it currently is at especially when you combine the ult and memes with nfts which kind of in terms of risk profile are very very similar they're both very high risk potentially High reward and so the other comment I got a lot was like the nftd percentage seems high to a lot of people which it is I think for most normal people and Traders and investors but because I came up in 2021 and most of my growth and value came through nfts I in 2021 my nft value percentage was like 99% and then

it's just slowly dropped over the years now we're probably sitting around 35 40% which is still crazy high to have your entire crypto portfolio be that high a percent in NFS and it's going to be the toughest thing for me to get that number down because it requires selling things that I have a lot of conviction and belief in and we'll see how and well I can do it it's sort of like these these are the goals I have now and the targets to hit it'll probably take me a month I would say if not longer to get anywhere close to these numbers but I feel very good now that I have this this goal and I think this is an exercise that everyone should do like once a month or once a quarter sit down spend half an hour an hour thinking about what is your

ideal portfolio allocation why do you want it and then how can you get there and and just do doing that exercise on a semi-regular basis will make you make better decisions dur during the day during the week when you're trading and when you're investing and set you up better for the long run yeah you got to put in the work too many people expect to uh get rich quick Get Rich easy that's not how this works anybody you know that is successful that you follow on Twitter people like zenica they've done it through hard work consistently day in day out over the years the thing that stands out to me Zen is 75% % of your portfolio is in the majors that's the and that's the number I keep seeing

is more and more people are going towards the majors I'm seeing around 80% is the standard that I'm seeing now how that division is made is different for different people and I think our listeners you make your own decision but what you can take away from this is somewhere around 80% of your portfolio should probably be in the majors right now and then the rest you're probably not 15% in nfts like zenica is which is fine right you're probably a little bit slightly different altcoins meme coins yeah all right awesome Zen thanks so much for joining the show today again appreciate your insights and uh we we'll keep we'll keep the portfolio allocation going we'll keep our listeners up to date on that maybe we'll do a quarterly show or something like that about that

that'd be fun yeah like I said it helps me to think it through as I talk it through and explain it as well so happy to keep doing that right on thanks so much for joining us thank you in case you missed it here's what else happened in crypto news today but first I want to give our sponsor agoric a quick shout out they're building a world where your crypto apps work together seamlessly just like your favorite web 2 apps no more wall Gardens just smooth sailing across the decentralized web all of that only using JavaScript that's the future agoric is building the team just announced their Early Access program so head over to AG gor.com EAP and join today to start orchestrating the future of wealth in web 3 also in news today grayscale the

company known for its Bitcoin ETF launched a new fund focused on cryptocurrencies involved in AI the fund called grayscale decentralized AI fund is currently available to accredited investors only so not open to everybody the fund's initial Holdings include tokens like near rndr fil to and lpt the announcement had an immediate impact on the market with the mentions tokens experiencing a increase of a few percent and Grace scale believes that blockchainbased AI protocols offer solutions to potential risks associated with centralized AI little bit of inside information the milk Ro pro team is currently considering making a change to the milk Road Pro portfolio and one of

these tokens is on the list you're going to have to go pro to find out which one thanks so much for listening in everybody have a wicked awesome day thank you for listening to milroad radio the easiest path to get smarter about crypto if you like this episode share it and hit subscribe subribe or follow 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 then we'll leave a link to milk Road Pro as well your number one resource to help you invest successfully in crypto one final note this podcast is for educational purposes only and nothing we say is financial advice crypto is risky so you should never invest more than

you're willing to lose thank you friend friends and we'll see you in the next one