June 22, 2022

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FTX CEO Sam Bankman Fried inject $250 million into BlockFi. NYDIG partners with Deloitte. Big week for SEC Ripple XRP lawsuit. VeChain announced its upgrade to Proof-of-Authority 2.0 is live on a private testnet. Sponsor 🌟 Linqto -...


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Sam bank man freed ft ex ceo has injected $250 million into block V to help save them in this crypto bear market, the question comes up who will save Celsius, will it be SAM or someone else. Also big update around Deloitte and needed needed is of course helping banks to offer Bitcoin trading services and this is a huge partnership also we have huge update around V chain and their move to proof of authority two point oh will that impact the V. B train token also big updates around the sec ripple lawsuit. Let's break it down. Mhm. Welcome back to the thinking crypto podcast. Your home for Cryptocurrency news and interviews. If you are new here, please go ahead and hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform, please give me a five star rating quick word from our sponsor. And that is linked to which is democratizing the process of being able to do private equity investing. Previously you had to be part of a venture capital firm or hedge fund to be able to get access to crypto companies and tech companies well linked to is bringing that opportunity to accredited investors and makes it very easy. They have a full app and so forth.

And some of the Crypto companies they have in their portfolio are ripple bit, pay dapper labs, uphold Abra and many more and they continue to expand their portfolio. So many of the institutional investors are investing in the tokens like many of you are. Um and then they are also investing in the companies building the infrastructure of the crypto industry and market. And this allows them to make money on both sides. They're able to double dip. So you have that opportunity now with link to. So if you'd like to learn more, please check out the link in the description. Now let's jump into the news SAm bank man freed Ceo of F. T. X. Exchange made a huge investment today. He tweeted out today we're injecting $250 million into Block five and partnering with them so they can navigate the market from a position of strength.

Now we know F. T. X. They have a lot of money. SaM is a billionaire. F. T. X. Has been buying arenas or the naming rights. They've been doing Super Bowl ads and so forth and they're one of the largest crypto exchanges and they have been seeing a lot of growth now, SAM continued here, he said block fi has careful risk management and great leadership so they successfully removed at risk counter parties preemptively block fi customer assets are appropriately managed with no debt slash risk with three arrow, capital Celsius etcetera. He said sometimes leadership means acting decisively and that's what block did, removing troublesome counter parties before they become a problem and adding cash before it was necessary. Block V is financially strong.

All operations are normal as they have always been and assets are safe. He says here and going forward, we're expecting to partner with block fight to offer industry leading products. Finally, he says, we take our duty seriously to protect the digital asset ecosystem and its customers. Now,

I'm not hating.

I I respect SAM I've interviewed the folks at block five years ago, I've used block fires products but this seems like a bailout right, a bit of hate block fires in trouble and let's go help them. Now obviously Sam and F. T. X. Are going to benefit from

this because

they are now going to have an a part ownership and they're gonna, you know, looks like they're going to collaborate and integrate block five services and technology into their platform. So from an entrepreneurial standpoint a business standpoint, it absolutely makes sense for SAM to do this. And he saw the opportunity, right? I keep it real with you guys. Um but this is certainly a bailout, that block fire is probably going to be in trouble as we've seen with Celsius. I'm not saying blah fi is in the same position as Celsius, but these lending platforms, uh you know, they are feeling the brunt of the bear market more than any other crypto companies because of the lending products and you know the whole ecosystem and you know, in the bull market it's easy because you lend out a lot people are using the funds to trade and so forth in the bear market, not so much, right? So I'm not hating, I'm just stating the facts, I'm looking at this from a business standpoint as if I was investing in block fire or F. T. X. Now if this is a good move by SAM once again um and thank goodness he's here to help these companies out, but he's of course going to benefit from it, right? And we've seen SAm recently been making some big moves, remember he took a stake in Robin Hood, this was reported in May and I told you guys, I think that was a strategic play in his part because Robin Hood is of course offering crypto trading along with stocks and it totally makes sense for him to try to bring that under F. T.

X. I think that's probably the plan, we'll see what happens. I think Sam has some big has some big vision here and I think he's going to look to acquire a lot of companies in this bear market further building out F. T. X. As a company. Now, Zach Prince, who is the founder and ceo of Block five, he said he tweeted out regarding this, you know saying that today Block Block signed a term sheet with F. T. X. To secure $250 million revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength. So uh you know, we'll see what comes out of this. But you know I think this certainly helps block by and you know from a macro perspective

thank goodness

SAm did this because what if block fire went under Celsius looks like they're about to go under. Imagine these two big lending platforms going under guys would not be good. Right, it would be pretty painful. It would drive the price of Bitcoin and all coins down to dirt cheap, definitely. We could see Bitcoin go below 10-K. If both were to collapse. Now the question comes up, what will happen to Celsius will sam go do the same thing for Celsius. Well we don't know. We know next. So did offer to acquire Celsius and I'm sure the folks that Celsius are looking and weighing all options, let's hope they make the right move so that they avoid collapse And uh, you know, it's, it's not my place to say they must die. Some people are calling for their death, but we gotta be careful because at this point you have another like terra luna type situation, a black swan event and you're gonna see a lot more pain and I don't want more pain guys. Right.

I'm sure many of us as well. I think we want to mitigate as many of these black swan events as possible. So we'll see what happens. Nevertheless, the takeaway here, Sam is making a very smart move. F. T. X. Is building out their arsenal and their business and uh, this at least prevents block fire from having some catastrophic event which will, you know, obviously hurt the markets even further. Um, let's jump into the next big news. Deloitte and ni dig announced alliance to provide banking for all with Bitcoin. Many of you may recall my interview with Patrick sells the C. I.

O at night. I dig this was from last year.


me earlier this year in february And now I dig, I kept telling you guys watch this company, they're partnering with federal credit unions, banks across the United States and now their partner with Deloitte, which is a massive company guys big time. I mean their revenue in 2021 was $50.2 billion. So We're talking you know, the £800 gorillas in the room here And you know, they had raised $1 billion dollars if you guys recall um just late last year and they're working with the banks and and helping them to bring crypto or I should say Bitcoin trading and custody services so you can go to your local federal credit union and buy Bitcoin and have them custody and so forth. This is a massive infrastructure that they're building out so needy. They tweeted out our collaboration with Deloitte will create a centralized approach on advising financial companies of all sizes, looking to implement Bitcoin products into their services together will work to accelerate adoption in a streamline and compliant manner. So the building continues despite the price and this is what I try to hammer home on this channel guys, it's not only about price, price is important and trust me, I'm here to make money, I want to retire early. I want to make certain investments, I want to build out some businesses and so forth. I'm here to make money, make no mistake about it, but I also understand the technology and the paradigm shift that's taking place and I understand that we have to be patient because technology doesn't get adopted overnight. We saw it with the internet and many other technologies guys. So things are still getting built out and you know buying the lows and and D seeing and being patient, having a macro view will pay off. It's already paid off for me for for the past two bull markets guys. I wish I had bought more in 2016 when a buddy told me about it.

But I didn't make some money in 2017 and I definitely made money last year where you know, I've been buying since the Bear market lows of 2018, and I made money last year. Right? I diversify. So if one coin didn't do well for example, X. R. P. didn't do as well as I thought it would because of the lawsuit from the sec. But I had a theory, I had Bitcoin and others that made me money and uh if I had gotten scared and she you know sold all my crypto when things crash in March of 2020. I wouldn't have made money in the bull run that preceded or you know, right after uh that that crash. So just giving some perspective here guys and I hope it's helpful. Let's jump ahead. Eleanor Torretta Fox business tweeted out the following today.

What are we waiting for in the S. E. C. Versus ripple lawsuit. She said two things. One judge net Burton's decision on whether the Hinman emails and docs fall under attorney client privilege. And to judge network just to be judge Torres uh decision on the S. E. C. S. Motion to seal its opposition to john Deaton request to file. She said here an amicus brief on the agency's expert witness Patrick duty, john Deaton tells me both decisions are imminent and could be made by the end of the week.

So let's see what we here guys. We could hear by the end of the week or probably early next week. And let's hope we hear some favorable news as we've been talking about. The sec is looking horrible right now. Uh and and then I can't wait, I cannot wait for grayscale to sue the hell out of them if they don't approve the Bitcoin spot A. T. F. So the answer is going to be feeling the heat pretty soon. And I think if you know he he's really, I think he's concerned about these emails and I don't think the sec s want, they want, you know these emails and all these things to be released to the public um because you're gonna have to save face because it's clear conflicts of interest. Uh it could force a settlement. So let's see what happens And hopefully we get some good news this week now. V.

Chain. I hold the V. Chain token in my portfolio. They've announced their upgrade to the proof of authority. Two point oh and this is a live on a private test net. So um I'm bullish on V chain long term, I think it's going to be one of the winners coming out of the crypto market. Um and obviously there helping the and or bringing a solution to the supply chain management guys verification of products. So they've worked with some big names walmart china, a lot of wine companies, um even BMW and many others. So this is pretty cool And they just recently did $100 million dollar sponsorship deal with the UFC. So let's see how things progress. You know, will this have an impact on the price soon? Well, you know, in a bear market, probably not.

But you know this, all these things will culminate to higher prices. Once we come out of the downward trend, we'll start seeing a move upward. So once again I am bullish on the train. I still hold it and I'm excited for the future of the chain now, something not so great. Um from bit stamp the exchange, I remember using bit stamp back in 2016 2017 when there weren't many options and the ability to, you know, pay with cash and so forth and bank transfer. Well, apparently they started charging an in activity fee about €10.01 month for small or less than €200 and inactive accounts in the last 12 months for inactive, zero balance accounts, bit stamp reserves the right to terminate the account bad move on their part, very bad move, they're gonna lose customers and look they haven't really evolved or done anything. We haven't heard much from them in years so most likely they might go under or they get acquired by another exchange, right? Somebody buys them out. But um you know we'll see what happens. But this this is a bad sign. If you have funds on bit stamp I would get it off ASAP on my european friends. Uh just watch out right put it on a hardware wallet.

Now you should be doing that for almost any exchange of course. But you know if you're still you have someone there just be careful. This is this is B. S. You're going to charge an in activity fee with the bear market coming get the hell out of here man. This is bullshit. Finally uh this news is interesting because it just shows how crypto and the Web three technology and so forth is seeping into the mainstream and all aspects of life. So afro politan raises $2.1 million to bring Web three to the African diaspora. The Web three collective is looking to crypto and N. F. T. To support community led opportunities for people of African descent Guy's.

Crypto is a global asset class like we've never seen before on the Blockchain 24 7 trading borderless um And we're just seeing adoption in many different countries and you know, I remember my interview with Charles Hoskin Seuin where we talked about the things that Cardona is doing in Africa, uh, in different countries in Africa. Excuse me. And you know, we talked about how this technology could be adopted faster there because they are starting um, from let's say lower level of technology adoption and they don't have as much friction or red tape to go through right. You know, for many people here in the states or certain countries, you know, we're so used to certain things. It's gonna be hard to go to that to this new technology. But you know in these countries it's going to be easy for these folks to adopt it especially, you know, all you need is like a mobile phone or a smartphone. Excuse me. And, and then you can be part of the asset class or use the technology. So this is, this is pretty awesome guys that this is happening and you know the fact that they're raising capital, it's pretty amazing and we're gonna see more and more of this happening you guys, this is just the tip of the iceberg. We haven't hit full mainstream adoption yet. Anyway guys, that's the news, let me know what you think. Leave your thoughts and comments below, hit the thumbs up button.

Do you think SaM beckman free will bail out Celsius or you know maybe block five by Celsius or next. So by Celsius, we'll see what happens. But let me know what you guys think and I'll talk to you all

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