Joining me now on the trading floor of the New York Stock Exchange, not just a great guest, but also a very good friend of mine, Tony Edward, author and host of the Thinking Crypto podcast.
Welcome to the show, my man.
Nice to see you.
Good to see you, JD.
Uh, Bitcoin price action, relatively range bound.
You and I were just looking at the price there a moment ago, right about or just under 60,000 for everyone at home.
Wondering what the heck is going on with this thing, Tony, what the heck is going on with this thing?
Bitcoin story, right?
A lot of volatility, but I have some good news, JD.
The signals that have flashed at the previous bear market bottoms are appearing, so we're seeing bullish divergences forming on the weekly chart.
We're seeing over 50% of the Bitcoin supply being held in unreal. loss, those are the signals that have flashed in the previous bear market bottoms.
So I think we're very close to the Bitcoin bottom.
I think this is a great buying opportunity if you have a long term outlook and don't be surprised if later this month we get a very strong counter trend rally because it's a lot of fear out there.
The market's oversold and potentially the clarity can pass.
Let's talk about the Clarity Act.
Yeah, actually, let's get that was not going to be my next question, but I'm glad you mentioned it.
We've been following along with the drama on Capitol Hill.
There's been no shortage of political theater.
There's lots of finger pointing.
We're getting closer to the midterm elections.
What is the latest and how close are we, you think to actually making it a reality, Tony?
So two major senators came out and said the bill will make its way to the Senate floor this month.
So we're anticipating there's going to be a lot of movement with the Clarity Act.
There's no guarantee it gets passed, but Senator Lummis, Senator Thune have given the word that it will make its way to the Senate floor, and there are some headwinds such as the banks pushing back on the stable coin yield as well as DeFi.
Those things could hold.
Of the bill, but also President Trump's crypto holdings.
Many Democrats want to use that against him from an ethics standpoint to say we're not going to pass this bill because the president is profiting from it.
However, there could be a compromise where they get past that and this bill is passed into law, and then it will go to the House and then to President Trump to be signed.
That could really spark a major rally in crypto.
Can I get your take on Strategy.
The artist formerly known as micro strategy, Michael Saylor.
We've had Michael Saylor here on the show.
People see these headlines, they're selling.
They say, uh oh, what does this mean?
Give me some good faith context and perspective.
When you see the strategy related headlines.
What do you make of it and maybe could better inform how the rest of us think about those headlines?
Boy, I'm a bit bearish on Michael Sailor and micro strategy.
I don't like what he has done.
I liken it to what the banks did in 2008, levering up real estate as well as mortgages.
Michael S Saylor is taking Bitcoin and leveraging it up to the max, high risk, but my hope is that there isn't a major collapse because that could be detrimental to Bitcoin and the crypto market.
My hope is that he can make it through, but he is introducing a lot of risk into the crypto ecosystem, obviously with Bitcoin, and recently he's had to sell Bitcoin to pay out the yield on stretch.
So hopefully Bitcoin starts to rally and he's able to come out of this in a good spot on the other end.
I would like to see, OK, uh, I'm just getting told to wrap, um, quickly if you can, your new partnership with FinTech TV.
Congratulations.
What should people know?
Absolutely.
So we're gonna be doing a crypto water cooler series recording here at the New York Stock Exchange a couple times per month, and we're gonna be syndicating the content that covers crypto news, so you get the latest updates.
Excited about this partnership, my man, the one and only Tony Edward, author, host of Thinking Crypto podcast.
This was so much fun.
We should do this again tomorrow, you and I.
We'll see you again on the JD Morgan show tomorrow.
