Strategic crypto reserve, Blob scaling and more - The Daily Gwei Refuel #832 - Ethereum Updates

Transcript

hello everyone welcome to another episode of delare refuel where up the latest news in ecosystem I'm your host and this is 10th of March 2025 all right everyone let's get into it so I did miss last Friday's episode of the refuel apologies for that but unfortunately I'm also going to miss Wednesday's episode this week and most likely Friday's episode as well I'm traveling to Sydney tomorrow to attend an event um not an ethereum conference or anything like that it's a more of a policy event uh specifically to Australia so I'm going to be there it's got to do with crypto of course I don't really go to events for other things um but yeah so I'll be there and I won't be able to to do a refuel definitely not on Wednesday and probably not on Friday which means the next oneth will probably be next week uh

but there is a lot to talk about today anyway so let's go and get into that so I think the biggest news of the last few days was the announcement that uh Trump or president Trump has signed an executive order to establish a strategic Bitcoin Reserve now this has been talked about for quite a while now I've talked about it in the context of an e strategic reserve and how I actually think that ethereum is more strategically important than Bitcoin to the US but I'm not going to rehash all those arguments here but I do want to address some of the confusion over this so the first thing is that what they've done here is that they've established a strategic Bitcoin Reserve that is specific to bitcoin which essentially means that they have a bunch of seized BTC I think it's like 200,000 BTC most

of which came from Silk Road that has been seized and not sold this executive order apparently uh puts forward the notion that that BTC won't be sold but uh taxpayer money won't be used to acquire more BTC uh for now basically so essentially what they have is what they already have so they're not going to be buying more BTC for now then they have a separate thing called a digital asset stockpile which is what they're bucketing everything except BTC into so eth and you know xrp and soul and Ada those other ones that they announced would go into this stockpile and there was also uh in the order a stipulation that at times the whoever makes these decision decisions can decide to sell these other assets that they have so if they've got they've

got a bunch of seized eth they could make the decision to sell that eth for BTC but it is very unclear I think at least from what I've seen about how this is going to play out going forward um I I'm pretty sure that they that um to buy a new BTC with taxpayer money I think I'm 100% sure on this they would need to get that through Congress which seems to be something that is not going to happen anytime soon and in terms of trading other assets for BTC I don't know how that works in practice either I don't know kind of what checks and balances are in place for that what red tape there is in that so essentially I think that while it's cool that the US government is doing something like this I guess to an extent you know it's more

of a a big- Time acknowledgement of I guess these assets these digital assets as real and valuable assets uh and people say it's bullish because it signals to the rest of the world that they should follow the US and create their own strategic reserves I actually take the other side of it a little bit and this might may delve into politics a little bit here but politics plays a big role here so I think that I disagree that the rest of the world is going to follow along with this because if you see if you're seeing what's happening right now outside of crypto the US is becoming very isolated where they're essentially being very aggressive to their leld allies like Canada and Europe they seem to the us as a whole seems to want to bring everything in house again and basically just like become become

very self-sufficient become quite isolated from the rest of the world at least that's my reading from what I'm seeing and and how the um the current executive sorry the current government is treating this so if that's the case and if they're say if if they're doing things that other countries uh don't want to follow then why would they follow them into doing this right like it's it's it's a thing of it doesn't matter what the US is doing if the US is setting this kind of stage that hey we're no longer going to be like the World Police we're not going to medal in other kind of countries Affairs we're not going to help other countries we're not going to really we're not going to respect our long-held alliances here we're going to become very uh nationalized we're going to be we're going we're going to turn in you know

inside we're basically turn inward and that's whatever like the us obviously do that people voted for that that's what it is but I I just don't see the connection now that other nation states are going to follow the US on a crypto Reserve or a Bitcoin reserve it seems like they're going to be doing the opposite of that and that's just speculation on my behalf I don't know exactly what's going to happen here but that was my read on that so I don't necessarily think that it's something that other nations states are going going to copy here maybe smaller ones will I don't know uh but in terms of like the EU for example I I highly doubt the EU is going to get its own strategic kind of Bitcoin Reserve anytime soon uh I definitely don't think that's that's going to happen honestly uh for for a

long time I I I mean I obviously be um uh surprised if it does and if it does I'll admit that I was wrong of course but yeah I just I'm just not seeing it there and the second side of this is that a lot of people were disappointed in the fact that there's no like net buying happening here and that's why the markets I think have reacted or at least it's it's in part why the markets have reacted negative negatively to this and I'm actually going to talk about the markets a little bit at the end of today's episode but essentially I think the market and people were expecting that the US government would become a net new buyer of at least BTC where essentially they'd go out and that they require as much BTC as they can uh using whatever money they can as I said before

to use taxpayer money to do this would require an approval of Congress it would also stir up a lot of because a lot of taxpayers in the US don't want their tax money going towards this uh and and and the us right now is trying to cut a lot of spending as well and people can argue well if you're putting it into BTC you're not spending it you're investing it right if you're if you're buying BTC you're protecting against devaluation of the dollar yeah yeah okay that's fine but like what happens if they buy it and then BTC just doesn't do anything for a while or goes down for a while then it's not going to look like they've been saving money they've net lost money now so there's a lot of different things a lot of different kind of threads being pulled out here and I would say the net result

of this executive order is that it's basically Ally neutral like it's not positive it's not negative it's like neutral I I think it's just not what people were expecting not what people necessarily wanted I don't think it's going to damage crypto at all I do think it's kind of funny to see people you know cheering this on like it's the thing that that you know it's like it's like the biggest thing that's ever happened to crypto it's like guys like crypto began with Bitcoin as a way to detach money from a nation state so or from any nation state to get away from Fiat money to basically get away from centralized controls so cheering on something like this is really the exact opposite of what crypto began as and what Bitcoin began as I know people can do some mental gymnastics here and make up different arguments about how well

you know me every nation state is going to get involved that means no one owns Bitcoin uh as a network No One controls Bitcoin it's still decentralized and it's like okay fair enough but at the same time like it it's really just the US in terms of like the big nation states doing this right now there has been small there have been smaller ones that have done this but they're inconsequential sailor buys more be TC than these smaller nation states do so when you're looking at it like that it becomes inconsequential there so I think from my perspective this is like a net neutral thing I don't consider it to be bullish don't consider it to be bearish I'm going to wait and see what happens if the US government actually does start net buying assets BTC and others or or just BTC obviously that could be viewed

as a bullish thing I don't know what it's going to do the do to the price obviously who how how much BTC are they going to be buying who knows so on and so forth but still I guess like it is a Monumental occasion for for crypto that we're getting such I guess recognition from the US government but I I kind of am in two minds about celebrating that because of the fact that I mean even if even if this happened for eth I would still be in two minds about it because it it obviously goes against a lot of the principles and values that this ecosystem kind of stands for uh and I'm going to talk about those at the end of the episode as well uh but yeah that's that's kind of way the way I see it but anyway enough about the Strategic

Reserve just my that was my general thoughts on that uh there all right so Dev connect has been officially announced to be happening in boners arees in Argentina from the 17th to the 22nd of November of this year so as you guys know the ethereum foundation runs two conferences Dev connect and Devcon and they run them an alter on alternating years so last year was Devcon this year is Dev connect and I think I mentioned the other day on the refu that it was soft teas that Dev connect was going to happen in Argentina well now we have confirmation I am like 90 plus% certain I'll be going to this uh as you guys uh uh know by now I don't attend many conferences uh especially not ones that take me 20 plus hours to get to but when it comes to the

conferences run by the ethereum foundation like there's no risk of it being basically because it's going to be all ethereum uh it's nonprofit they're not trying to sell anything uh and all my friends usually go so it's like there's no risk in me going in terms of risk of having a crappy time like making that journey to just have a crappy time so as I said I'm 90 plus% certain I'll be there in uh no November I'm sure a lot of you will be there as well devc connect is a bit different to Devcon in that usually it's it takes place kind of across the city so like on multiple venues there's not really one main venue there may be like a hacker house essentially where that's like the central kind of I guess meeting spot or shelling point if you will uh but most

of the stuff feels more like uh a kind of Side Event thing where like there's lots of side events but they are technically the main events and you go go there and you're supposed to like experience the city as well as experiencing the conference and I'm really happy that it's happening in uh boneses in Argentina cuz I've never been there before and obviously there are a lot of if you spent anytime on crypto Twitter or if you're aware of the you may already be aware of this there is a lot of people in crypto that are from Argentina because I mean this isn't the only reason but this is a major reason but because their currency has been greatly devalued over time they actually do do still live and have lived through hyperinflation have lived through the realities of that and they turned to crypto to help them there whether that

be stable coins investing in eth I remember Mariano Conti who was um at Meer at the time this was a while ago in 2019 at Devcon he announced that he actually put his entire paycheck into eth so he was using eth as an actual store of value he wasn't just putting it into USD stable coins he was putting it into eth and that was back when eth was like1 $200 or something like that so obviously that worked out quite well for him uh but yeah they they really do live and breathe crypto in in in Argentina especially in in Bor areas there so I'm looking forward to going I hope to see many of you there but obviously more details will come out as things uh get closer to the date here so it's happening septe September September November 17th to the 22nd so still a

while away towards the end of the year there but a great way I think to finish out the year when it happens all right so as you guys know the I guess like hard Forks of both holeski and P and sapoia for Petra didn't exactly go as planned heski ended up being like pretty bad I think in the in terms of how much coordination it required to get the network back online or to get heski back online and and I explained on on one of the refills uh that it was wasn't due to the Petra eips it was due to a deposit contract thing which ended up being fixed in the end but the funny thing is is that the same issue happened on seoa for a different reason so the thing with these deposit contracts is that they're actually different on these networks as they are

on mainnet and they're actually done like on a case-by casee basis but essentially um uh if you want a full read cap of what happened on sapoia mariio here from the go ethereum team put together a recap I'll link it in the YouTube description below but he said here you know it's an interesting story about edge cases and Edge case uh bugs uh coordination of course because it's it's quite difficult to coordinate with these things and apparently there was an attacker who swooped in on sapoia and made the cev's lives much harder so you can give this go give this a read it's a short read I'll link it in YouTube description below but it's fun funny to see that there was an attacker on a test net so you can see how ad serial these environments are obviously there attackers getting nothing out of

attacking a test net other than just wanting to cause chaos they're not making any money from this this is why we take security so seriously within the ethereum ecosystem because of the fact that there are always people willing to attack and and and whether that be like nation state level like Lazarus group in North Korea or whether that be just some script Kitty that's having some fun maybe it's some teenager who's like some Wonder kid who who wants to make a name for themselves and and and do something like this there's always going to be adversaries out there and that's why the ethereum ecosystem and as as a whole not just the protocol layer but the l2s the apps the infrastructure is built with security in mind because we've seen plenty of hacks happen even though we do take security seriously and the only way

to get better and the only way to prevent more is to make sure that we have a culture of taking security seriously which is exactly what we have and we we need to maintain that in the ethereum ecosystem there are plenty of other ecosystems out there that do not take security seriously at all there is a an Infamous quote from He Who Shall Not Be Named you probably know who it is but that said that he valued speed over security and I was like what like that is insane and so were a lot of other people that that is absolutely insane when you're dealing with money because we're not just dealing with some web 2 app where if it goes down for a few hours people can people will complain that it's down but they're not going to lose any money right whereas with crypto

and with ethereum and with things built on top of ethereum there's a very real risk of losing real money so you have to take it extremely seriously what way even way more seriously than maybe a bank would take their security because there is at least some recourse with banks with crypto there's very little recourse especially if for example the hack happens and the attacker keeps their proceeds in eth or Bridges it to BTC there's very little that can be done in that situation other than blacklisting addresses but there are still ways to cash out those assets they've still got monetary value on them and you can watch them through different things obviously you can watch them through things like tornado cash uh that that that is the obviously the dark side of a of a mixer of a privacy protocol is that it also allows criminals and and

people who hack different or or steal different funds to watch their money but I guess that's the price to pay there but my overall point here is that when it comes to the crypto when it comes to ethereum we should always value security overp speed yes we want to ship fast we want to stay competitive we want to make sure that we're shipping what we need to be shipping in a timely manner but at not at the expense of security it should never come at the expense of security and that's a delicate balance it's not something that uh there is really an answer to it's it's like this question of should we have more security or should we go faster okay if we're going to go faster how much security are we willing to sacrifice like for example if there is a 1% chance of a bug at any

given time on the core protocol it's probably lower than that but just for for sake of argument if there's a 1% chance at any time of a bug happening on the core protocol are we comfortable of with that chance of that chance going up to 2% but it means that we can move a lot faster so let's say we start doing Forks every 3 months uh instead of every year are we comfortable with with the risk of a bug going up to 2% like basically doubling 1 to 2% in order to get that extra speed maybe we are maybe we're not but there's no definitive answer here it's not something that uh we can just say okay we are or we aren't we have to consider all the different um variables at play and then also coordinate around an answer through a widely distributed set of stakeholders

it's not easy guys very much not easy but the as I said the ethereum EOS system still has a very strong culture of security over speed and we just maybe need to be a little bit more a little bit faster and and still focus on security but we can I think be a bit faster there but anyway you can go read this incident recap I'll link it in the YouTube description below for you to do so all right speaking of the core protocol there was a fresh eth research post here from uh pop so pop Nishant and shag here which I'll link in the YouTube description below but this is about doubling The Blob count with a new networking protocol called gossip sub version two so you can go give this a rate I'll link in the YouTube description below I'm not going to cover

this in particular I more just want to cover the fact that the appetite to scale blobs right now guys is massive it's enormous everyone in the ethereum ecosystem from core developers and researchers to users want to scale blobs and want to scale them as much as possible we don't and shouldn't be focusing on short-term medium-term value acrel we should be focusing on uh providing as much blob space and as much blog block space as possible in order to capture all future market share we need to make sure that we can do that because if we only focus on value acral now and not capturing more market share then we're only going to capture a small pie or a small part of a small pie rather than capturing a large part of a large piie so that's the the kind of logic here and I think we're doing a really

good job of of that but we obviously we do need to scale up blobs we've still got the the um the six to sorry the um the increase from 3/6 blobs to 69 in Petra but we need to go way beyond that we need to to basically 10x that we need to 100x that and we are pias there's a obviously has a very strong appetite for pias to go live before the end of the year that will give us another huge scalability increase for blobs we're kind of Lucky right now that the Market's quiet in that we have a little bit more time but it's still critical to get this on on the network so as I said all the researchers and core developers seem to be very aligned on this a lot of people are working on it I am extremely bullish on our shipping blob a lot of

blobs and making sure that we can uh service l2s and give them the space that they need in order to scale ethereum all right uh as you guys know there was a fishing attack or I guess like a targeted fishing or targeted um uh uh attack on bybit the other week where $1.5 billion worth of eat was stolen ended up it ended up being an attack on the safe wallet interface itself so the safe multisig wallet uh and uh that wasn't caught at the time and so there's been a pretty big ecosystem push in order to improve on this so zerx Miko here who who is the founder of gearbox protocol has put together a tool that that everyone can use and he said here I'm excited to announce that we have an open we have open sourced safe Watcher which is a

monitoring tool that not notifies you of all changes to your safe account one of the most significant features is that the bot will alert you if someone attempts to create a millist transaction using a delegate call this should prevent hacks similar to those that happened with bybit so you can go check this out I'll link it in the YouTube description below but this is the stuff that you get when there is a set of open contracts basically an open API on ethereum you get people from the community coming together and being like I can build something that can help with this and they do and then it's free for everyone to use it's open source people can go and protect themselves from things like hacks or they can use um for example the unisoft contracts with a new interface if someone wants to build that

so that is really the power of an open standard here on an open API which is exactly what smart contracts are on top of ethereum they really when you boil it down to it they're an open API that anyone can interact with it anyone can build stuff on so I'm really glad to see this here but you can go check that out I'll link it in the YouTube description below for you to do so all right so there seems to be a I don't know what the source of this is but there seems to be like a rumor circul ating that coinbase is looking to release a tokenized version of their coin stock now I quote tweeted this by saying you know it seems obvious that this will be issued on ethereum SLB I'm pretty sure they'll issue it on Bas like it makes no sense for them to issue it

anywhere else uh and obviously that can be bridged to other l2s and bridged to ethereum I'm curious to see if they're going to issue it on ethereum L1 and then Bridge it over to base so that ethereum L1 is the ultimate settlement here we'll have to see what they do with that but I mean I saw some comments comments from people speculating that this would be issued on other chains why would they do that like coinbase is the are the creators of the largest L2 in base they're extremely ethereum aligned they're very um deep in the ethereum ecosystem it makes absolutely no sense for them to launch this anywhere else so look out for that look we'll see what happens there but I do think it stands to uh be able to kick off a I guess tokenization season if people see coinbase doing this other companies

might want to follow suit I know Robin Hood is making a really big push into tokenization and real world assets generally I wonder what that looks like do they team up with coinbase or do they do their own thing because there's this weird thing right now where coinbase is really strong in crypto not so strong in trafi Robin Hood very strong in trafy not so strong in crypto so would working together be better for both of them or are they just going to Silo themselves off and do their own thing we'll see what happens there it's you know it's kind of hard to know there but I do think that both companies are extremely aligned on wanting to bring the tradire ecosystem into crypto want to bring them on chain in any way possible and one of the quickest ways to do that I think is

to tokenize stocks because I haven't bought like coin I mean I don't really double in stocks but I probably would be more inclined to do it if I could buy them on chain and yes I know that it's an IOU I know that um it's it's centralized but that's the same thing I know with stable coins like I know that I don't technically own it I mean it's the same thing with I guess brokerage accounts a lot of the time unless you actually request the stock certificate itself you're pretty much like letting them custody it for you all the ETFs they're all just custodi by these companies you don't actually own it yourself I mean you do technically and legally own it but ultimately the settlement is with these companies that custody it for you so the same would be true for like a tokenized coin probably

something like a black rock would manage it for example where you're just buying an IOU which I think is fine honestly if you're just speculating on these assets you don't plan to use them to vote on things or whatever you're just speculating on it I think that's that's totally fine there but I guess keep an eye out for that I think that's going to be a huge theme going forward it's already been a huge theme with stable coins in terms of real world assets but I think when it comes to tokenizing stocks that's going to be another uh big theme going forward as well all right last up here I just wanted to talk about a tweet that Danny Ryan put out in reply to Zack witkoff who is the co-founder of world Liberty F so there was that meeting that happened last week which I

actually didn't even talk about that crypto Summit meeting on Friday that ended up being like I don't know if i' call it a nothing Burger but it's essentially very like different to what people were expecting it to be I think people look at this meeting and are like oh my God like the the you know the top people from crypto and all the thought leaders and all the people who built businesses in crypto they're meeting with the president they're going to announce something huge and they announced the Strategic Reserve stuff which I talked about earlier but I think for a lot of people they were expecting more so it ended up being a nothing Burger but but Zach here asks you know what should he talk about at the summit so before the summit took place and Danny Ryan replied um uh you know that

he should to talk about the fact that ethereum is an open neutral decentralized infrastructure uh that must be the foundation for the future of the US and global economic activity neutral infrastructure provides a universal persistent value proposition to any application or user empowering them to refine extend and build upon that neutral straum to meet an endless set of evolving needs systems that are biased controlled and otherwise not decentralized are fundamentally narrower constricting Innovation encouraging local rather than Global Maxima hampering free market growth and ultimately leading us to a more brutal outcome in an increasingly Dynamic World decentralization truly matters if we're aiming for the largest possible positive impact on the US and the world and ethereum remains out best bet preaching to the choir obviously with myself and

you guys listening in here I'll link this tweet in the YouTube description below if you want to go read it for yourself and read some of Danny's replies but I think this is critically important to understand is that if you want to build on a new technology and you want to obviously uh make sure that what you're building on isn't you know quicksand or isn't like some House of Cards you want to build on something that is fundamentally decentralized that isn't controlled by any one party that can't just be shut down by your enemies like China can't shut down ethereum just like the US can't shut down ethereum so it is open and neutral and decentralized anyone can build on top of it you can build whatever you want on it you can have whatever controls you want over it too like you can have for example if

you're a Trad institution and you want to build an L2 on ethereum yeah it's not going to be decentralized uh if you have controls over it but hey that fits your needs you can build whatever you want you build your own internet that plugs into the wider onchain economy but the backbone of it the E the the settlement layer in ethereum L1 is decentralized it you it's not like just because you have centralized controls other people can stop you from doing what you want for example if you were to deploy your own L2 on ethereum and you have centralized controls around that one of your like competitors can't come along and say well I'm going to kick you off of ethereum you can't use ethereum anymore no they can't do that and this actually happened a lot in web 2 where I think I've mentioned this before but on

Facebook and other platforms early on they allowed people to come in and build whatever they wanted on these set of open apis there were limitations to what you could build you had to follow certain rules you couldn't build things that would like obviously spam the spam the site and stuff like that but then that functionality got killed and brought in house so essentially they rug pulled all these people building on top and did it all in house and essentially uh just internalized everything and killed off the competition you can't do that on ethereum you can't kill off the competition like that there's no one that control ethereum so with that in mind it means that Builders have a a confidence that they can build on ethereum without something someone being their competitor or their enemy as a nation state coming in and uh preventing

them from doing that that is really the power here guys that is what uh we should be focused on most honestly and that is what decentralization gives you so I'm glad that Danny put it into better words than I could and as I said I'll link his tweet in the YouTube description below but I figured it was just worth highlighting that there um but yeah so I've got a few minutes left here and I did want say I wanted to touch on the markets again I put this comment in the daily way Discord Channel and it was basically a repeat of what I said the last time I talked about the markets but I'm going to repeat this one more time because it seems people either aren't listening or don't really I guess like care to take take on board what I'm saying but I think it's it's really

important for people to understand this so when it comes to the markets generally you've heard me say this a million times but markets crypto stock markets you know real estate market whatever it is they hate uncertainty that is the number one thing if you if you listed through like the top 10 things that negatively affect markets uncertainty would be at the top we've seen this time and time again and I think that we're currently in one of the most uncertain periods that we've been in in a very long time globally and I talked about this again on the refuel last time but just to reiterate here when you have the president of the big the the most wealthy Nation on the on Earth the the nation that has the reserve currency with USD the the nation that's considered the the most powerful Nation on the planet it's a superpower

right when you have the president of that Nation waking up every other day and saying stuff that just sounds insane that is uncertainty and that is not just uncertainty of the I guess like um of of the local kind that is global uncertainty it's not just uncertainty for the crypto markets or for the stock market or or for for for for people's livelihoods or for people's uh life in general outside of the their financial well-being it's just Global uncertainty on a on a massive scale here and some examples as I I've given before as well Trump waking up and saying and tweeting out we want to make Canada the 51st state like that that is insane guys that is not normal thing to do that is absolutely insane Canada is the US's closest Ally for the US president to say

that to effectively I mean in in in in so many words he didn't declare war on Canada but he basically implied that he wanted to even if you think it's some kind of like negotiation tactic or you think it's some kind of 5D chess that he's playing regardless of any of that just saying that alone is very disastrous for uh relations between Canada and the US relations between the Us and other nation states and it really erodes trust in the US as a nation so essentially you have all this uncertainty piling up and you're seeing it play out not just in crypto but in the stock markets now when you're dealing with so much uncertainty and and and and you think that well okay I want to take risk off the table you're going to sell your assets and you're going to

go into cash you're going to be like okay I'm going to sit in cash for a while I'm going to wait I'm going to see where everything ends up is Trump actually going to go ahead with his tariffs which he seems to have so so far okay is he actually going to go ahead with putting troops on the ground or or declaring war on uh not not even just Canada but like Greenland is he going to go try to take Greenland is he going to go try take Panama is he actually going to end the the war with Russia and Ukraine but how is that going to work is he going to favor Russia over Ukraine it certainly looks like he is right now right and that meeting with zalinsky where he just G him the whole time like regardless of your politics guys regardless if you're left right up down

whatever you are like if if if if the if if the if if the president was a Democrat i' be saying the same thing if if they were saying the same things and doing the same things that that Trump is doing here it's uncertainty markets hate it and until that uncertainty goes away or until markets have confidence that that uncertainty goes away I do think the markets are going to have a very tough time going up especially in a high interest rate environment who knows what that's going to be like towards the end of the year our going to come down are we going to get uh quantitive easing again is quantitive tightening going to stop these are all unknowns and all lots of uncertainty in in the world right now we actually are quite literally seeing a shift in the world order from us

dominance to who knows dominance because as I mentioned earlier the US seems to be turning inward a lot it seems to be cutting its ties with the rest of the world and uh for For Better or Worse right who knows if that's if that's good for them or not like I don't I'm not a geopolitical expert but what I do have some knowledge of and again not an expert on this but what I do have some knowledge on of is how markets react to these things and I and I do think that at the beginning like when Trump won obviously there was a lot of optimism because of the fact that I guess objectively Trump has been better for crypto in terms of uh not the markets but like in terms of the fundamental side of things where the SEC getting a new Pro crypto head that's great right

getting more regulatory Clarity around crypto actually having crypto up at the table that's all good but then it's offset by all this stuff that he's doing that I talked about and also all the grifting that he's doing with his meme coin with Trump and Millenia coin with other stuff that he's doing so when you take it as like a whole here it definitely does seem net negative I'm glad that we got better you know we got a better SEC chair I'm glad that gendler is gone but you kind of have to think sometimes was it worth the price because the price that's being paid right now isn't just a financial price it's also a price of geopolitical uncertainty it's also a price of uh you know of things like okay well if Russia takes over ukra for example what does that mean for the rest of Europe does Europe go to war

again are we actually going to get World War III is China going to take Taiwan like there's all these things that are just leading to so much uncertainty and as I said markets hate that so when you think about it from a you can relatively unbiased perspective don't bring politics into this just and don't bring your views into this just think about it from what you can see you can see how it's not good for markets you can see how this period of time is going to be turbulent but in saying all of that and I said this as well the daily way Discord channel that uh I I'm still very long-term bullish on ethereum and eth I still think that ethereum is going to play a very important role in the world going forward I do think that the world's economy is going to come on

chain and ethereum is going to be big part of that I do think eth is going to capture a lot of that value but I and you and many other people and most people in the world have absolutely zero control over what happens uh with markets like there's absolutely no control over that the best you can do is protect yourself by taking risk off the the table taking profits as I've been talking about for a while now um and don't buy into things like this has happened this way so it has to happen in in the past so it has to happen this way in the future I've talked about this as well in terms of crypto Cycles everyone was expecting this cycle to play out the same as the other ones BTC pumps first eth goes next and then SS follow we didn't get it like that we had meme

coins and crime and celebrity coins and BTC did all right yeah and eth went to 4K which is you know is still pretty good from from its bottom but eth didn't go to a new all-time high eth got overshadowed by a lot of different things and now eth is where it is uh and that's the the short to medium term kind of reality of it but longterm as I said still extremely bullish on ethereum still extremely bullish on eth but we'll have to see what what happens going forward the uncertainty needs to subside before markets can react positively in in any way there but anyway I think on that note I'm going to finish for today just a reminder there'll be no episode on Wednesday probably not one on Friday so I'll probably catch you guys next week at this stage but yeah thank you

for listening and watching be sure to subscribe to the channel if you haven't yet yet give the video a thumbs up subscribe to newsletter join the Discord Channel and I'll catch you all next week thanks everyone