Why Ethereum ETFs trail Bitcoin ETFs

Transcript

GM good morning welcome to the milroad show The Daily crypto show that's as clutch is finding the last parking spot on a busy Saturday I'm your host Jay Hamilton and today we're joined by Bloomberg analyst James saart we're talking all about crypto ETFs bitcoin's record-breaking success what is going on with ethereum is it time to call that ETF a failure who's next applications have been filed for salana and ripple ETFs with other tokens to follow what token we get the next ETF and when and finally are the ETFs good or bad for crypto ideals now this conversation was recorded in person at permissionless conference last week in

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customers $15 in Bitcoin just for trading at Gemini security is the top priority as a licensed full Reserve exchange and custodian your assets are well protected plus they offer cuttingedge security features like pass keys to keep your account safe this exchanges setting the standard for compliance and Innovation so you can trade with confidence head over to gemini.com milroad and start trading today to earn your $15 in Bitcoin sign up now and get ready to join the trading fund James coming from Bloomberg expert on the ETFs you're tweeting about them every day all day I don't know how you tweet as much as you do man shout out you just came off a panel with Jim Bianca that was titled the great debate ETF bearish or

bullish can you just set some context because I think for most of our listeners to them the ETFs are just good it's all good it's all just going to be more money coming in and supporting our bags why was there a debate what were both those sides of the date why would it be maybe a bad thing I mean it goes back to like some people are just I think uh just mid curve it at the end of the day it's like you said it's more people be able to buy your bags but the concern is one that it's kind of going against the ethos of what Bitcoin and crypto in general is supposed to be doing it's decentralized Finance this is centralizing everything which I kind of get behind at the same time it's a free market right so you have black rock and

Fidelity and bitwise and these other firms they're going to be launching these products and they're going to be the bridges between the Defi and trafi world one of the way things that Jim thinks as bad about the ETFs and they're not as successful as other people think is because it's not really that many advisers that are buying it so so there's like Just sh 60 billion Assets in the Bitcoin ETFs and there's probably about two to two and a half billion that came from wealth advisers a lot of it is retail a lot of it is hedge funds basically just using it as an ARB trade not actually long-term Buy and Hold but even if you take that account yeah only two to two and a half billion of the 60 billion in these products are from Wealth Advisors one that's still the most money in any product from wealth

advisors that was launched in the last like year okay plus probably even more I I I I went back over a year and it's still couldn't find anybody else was even remotely close okay the only product that was close is an ESG fund which was seated by one other company so it's literally there's only one holder that's look like known and it's the one person that seated it so it's like a completely different animal totally yeah okay so I think the question that we're mostly going to cover today is let's talk about Bitcoin ETF then we really want to talk about the ethereum ETF and understand what's going on there why it's not hitting projections and if it's a failure if we can call it dead or if we still have time and then I also want to talk about salana and ripple ETFs and

the likelihood of them coming first let's focus on the Bitcoin ETF in your mind how is it what you expected is it as successful you expected more successful it's more successful than we expected yeah I mean they've taken in just shy of1 19 billion doll in assets over the last since they launched January 11th which is an absolute smashing success we thought they would take in billions but yeah I can't I there's nothing else I could say like the amount of money that's poured into these things is unlike anything we've ever seen in the ETF Market and keep in mind the US ETF Market is multiple sizes larger than any other Market in the world so I mean these things are literally hitting home run after home run the trading volumes are through the roof actually that's a lie trading volumes were through the roof in March

February and even into April they've settled down a lot to one to two billion dollars a day uh which is still extremely healthy across like the entire group of them so overall it's been an absolute smashing success and when you see like a healthy ETF ecosystem right when you're trying to see healthy ecosystem that's growing the line is not going to be straight up to the right like the assets are not going to go this way one because assets like as the price goes down assets are going to go down so price indicates it but flows is the number one thing you care about and a healthy Market is like you see money going in and then it drops a little bit because money comes out and then it can't but the trend is in One Direction and that's what we're seeing with the Bitcoin ETS yeah there's a couple

billion that came out a few weeks ago pretty standard it's not that crazy that's going to happen with any ETF Market if we see something like 20% of the assets leave the 20% like I don't know1 billion dollar comes out over the over like a one or two week period then I'll be like okay this is not this is not a good look but right now the buyers and holders of the Bitcoin ETFs have been extremely strong-handed uh Diamond hands if you will and their buyers they're buying at lower ends right so the assets have been between like 50 to 65 billion since they basically since February but the amount of Bitcoin that's been held is also on that Trend going up they're about 920,000 Bitcoin in the US spot ETFs so that trend is going One Direction so yeah the assets

aren't great the flows look strong but they're continuing to Gob up gobble up uh Bitcoin which is net positive if you're worried about price because that's just going to take you know some of the supply off the market yeah definitely you mentioned before a little bit about who's buying and I want to just dive a little bit deeper into everything that I've heard is that it's mostly retail that's buying can you give us sort of an overview of who is buying the Bitcoin ETF specifically yeah so the vast majority is definitely retail AK we don't know who's doing it so they're not big enough to have to file a 13f report in the US they're not a hedge fund or any other manager that would be doing this they not advisor networks that would be forced buying so it's a lot of online self-directed retail but that

could also be from super high net worth individuals we know for a fact there's a lot of money that has you know left the likes of coinbase and Gemini and Kraken and bought these ETFs just because it's simpler Pro I know I've talked to some people who did it for estate planning purposes it's just easier so people who sold their Bitcoin and then bought the ETF instead so just basically switched the way correct so some of the buying undoubtedly you can see it there's a lot of money that's come into these ETFs and the price should have gotten higher they was selling but the other problem that's one of Jim's main things like if of the 18 billion 14 billion came from onchain and I'm like where do you think it's going to come from it's it's it's on chain no matter how you slice it a lot

of people bought Bitcoin when Black Rock filed so they filed in the summer and like June 15th I think it was Bitcoin is trading around 20 something thousand yeah and then so like that run up from 20 to the 40 when they ultimately launched to ultimately go into alltime eyes in the 70s like a lot of that was people front running the ETFs the ETFs were the the ETF launch was kind of like uh a white swan event for Bitcoin in my point of view the alter the opposite of a Black Swan because if you look at it Bitcoin was outperforming everything else in the entire crypto World largely because they were expecting this huge amount of money coming in and that's what happened and so like if you bet on that you bet on them getting approved and they get approved and then it runs

up from 20,000 to 40,000 even 70 you're going to sell your Bitcoin like so yeah some people were selling from coinbase and what have you as people were buying and allocating to the ETFs but I think that's just healthy price Discovery as far as I'm concerned I didn't even really answer your question about who's buying it so like I would say 70% of the buyers of these things fall into that category retail smaller there is about five to 10% uh that is the advisor Network I think six% is the highest I saw in an individual ETF so we'll say five five% plus are from wealth advisers people that are ultimately going to be the biggest user of these things it takes a long time before they can go through the their due diligence process and actually buy those ETFs so they are going to be a big player typically like

if you look at like other ETFs they get to be like 30 to 40% of the Holdings right now they're at 5% so we'd expect that to grow one of the biggest users if you look at the top of the largest holders of all these ETFs they're all hedge funds and market makers your citadels of the world your millenniums your Jane Street vertu all of those are huge holders of this and it's not because they're like like I mean maybe some of them are maybe some portion of their Holdings is because they're bullish Bitcoin a lot of it is they're just it's arbitrating they're going along the ETF shorting the Futures and they're earning the little spread in the difference and they're making money doing it and honestly it's a good thing because one it's going to make the market across no matter how you're

getting exposure to bitcoin it's going to be efficient because they're putting billions and billions of dollars to work to make sure the market is efficient and it's also good because that pumps up liquidity of the ETF so adding liquidity to an ETF is like chumming the water when you're fishing like it just makes it so much easier to get the big fish involved the institutions the Pension funds they're not going to touch these things unless they're heavily liquid and you have all these hedge funds playing in the space it just bodess very well for long-term allocation from from longer longer time Horizon investers so let's play this out for the rest of maybe the next year any expectations on what you think might happen moving forward are we going to how quickly are we going to see more of these wealth

managers come in or other larger funds that you know Jim Bianca talked about uh the Wisconsin pension fund for example we haven't really seen a lot of these types of Institutions coming yet are we there are they going to start to come or are we still always we yeah so the big elephants in the room are what's called Model portfolios and wirehouses and advisor platforms so I'll just explain all of them model portfolios are essentially like pretty much every asset manager has them and what it typically is that it's like you have a client that has this risk tolerance and this risk appetite and this this much ability to take risk and you're going to allocate to them this model and it's going to have 60% equities and 40% bonds but usually it's more complicated than that

it's going to be like 10% us large cap 5% us small maybe they'll do Vanguard they'll do like a small cap value ETF they're going to throw some Commodities in there and these model portfolios update like on a monthly or quarterly basis and you basically just track those model portfolios you have big model portfolios there's model folos out there that have hundreds of billions of dollars that track them so you take one of those model portfolios and they say we're going to add a one to two% allocation to the Bitcoin ETFs all of a sudden that's tons of money coming in the other part of it is these wirehouses think um you know Morgan Stanley is a great example U UBS I won't name all them but think the big financial institutions that you probably have heard of RBC for example they have Brokers and wealth manager networks that

basically allocate for their clients so they they manage the portfolio for a given client and have rules on what they can and cannot buy so usually this is an oversimplification every company kind of does differently but I think of it as there's like three different tiers the first tier is absolutely no no one can buy this under any circumstance that's where most ETF and funds are going to start absolutely not no one can buy this and then after a certain time period they get to this point in the Middle where it's like okay if your client specifically asks for it you can buy it that's I'm mixing up solicited and unsolicited but basically if your client is asking to buy it then you can buy it for them but you need to say your you need to explain to us in writing why you're buying it you might have to file

some paperwork and explain why it's being bought then the third level is like okay if you want to buy it for your client you can do it there's also a level above it which is like we recommend you buy these types of things for your clients but like for the most part it's those tiers the vast vast majority of these platforms these wealth advisor networks these wirehouses that we just spoke about they're at that middle level we're like if the client asks for it okay you can buy it for them other than that no but in many cases if the client is asking for it you still can't even buy it it's still hard yeah and usually that process to go from like the bottom tier to the top or even to the middle tier can be like a three-year long process so like you are not allowed

to buy any ETF unless it's a three-year track record at least 100 million in assets the performance has to have met this criteria we need to do all this due diligence so it takes a long time like there are going to be places where like three years absolute earliest that any client on those platforms will be able to buy it the only big wirehouse that we know who has approved it is Morgan Stanley but there's a huge there's like a bunch of restrictions on it right you need a million dollar or it's like a million and a half in investable net worth so like you have to have a million and a half with morg Mark uh Morgan Stanley before you can do it you also need to be like meet criteria for being extremely high risk tolerance and risk ability to take risk so like it's very

limited on like who can actually get buy these things essentially there's a lot of people that could theoretically get exposed to these things and the times years come to come but it's going to take time so I think it's going to be that trickle down situation like I said Morgan stanle very limited on who can buy it then they'll open up to more you're gonna see UBS eventually open up some of these you're gonna see a lot of these platforms these wealth platforms basically make it a viable option to use these things but we're not there yet most the most of the advisers we're seeing right now are these small IRAs independent registered investment advisors so you used to work at one of those wirehouses and you go out and you take like 10 of your clients with you and you start up a new thing and like

your compliance department is like maybe one guy or somebody who does like compliance for everyone else and like you can decide what you want to buy so that's where a lot of this money is coming from it's not coming from what people typically think of as like your broker adviser because you likely aren't allowed to buy it yet very interesting and when those Brokers and advisers in Morgan Stanley do open up the pipelines more and release these restrictions you would assume that that would lead to more larger flows because that's where there I mean the amount of money that they are managing is much bigger than these independent oh we're talking trillions of dollars in assets and but again you got to realize only a certain subset of that trillions of dollars in assets is going to be interested in

something like a Bitcoin ETF right so we'll say conservatively I don't know 20% of people 15% of people might even be remotely interested and then of those 15% of people they're probably going to only put like 3% or 5% of the portfolio but again when you're talking 20% and then 3% of that you're still talking like tens if not hundreds of billions of dollars that could come in from this space so and that's not even to talk about Institutions and pensions and all that stuff which we know are dipping their toes in the water so who knows I mean overall like is this going to happen there's no way to say definitively but basically Black Rock Fidelity bitwise 21 shares all these companies are laying the groundwork to make it as simple as possible and answer

all the questions that they can possibly answer to make people feel comfortable investing in these things yeah yeah and it's a good reminder that just because the ETF is launched does not mean that the pipeline has full access to everybody yet yeah it's almost like they're they're cut off they're not connected yet the pipes aren't fully connected you can't actually do anything yet okay very interesting let's shift to the eum ETF from the good to the not so good is the ethereum ETF a failure what's going on here can you give us some insight so if you look at as a group because if you look at the Bitcoin ETFs we talk about 18 billion there was also 20 billion that came out of gray scales gbtc right but on a net basis the other ones out took did enough to take in money that they're positive 18 right

now the ethereum ETFs are negative I think like 400 400 mil 500 mil something like that not great but if you look at black Rock's Etha they ethereum ET that's the only ETFs that have had a more successful year than them are the Bitcoin ETFs really so black rocks Etha is an extremely successful launch they're I think they're I don't know what their assets are they're right around two billion two billion yeah they're I think they're under but it's an extremely successful launch for Black Rock as a group they're not doing well I think I mean there's like 50 different reasons why I think they're not doing well and I like tried to Rattle them off and I forgot them because like I should have like brought a checklist of all the things by so like the first one is one compared to bitcoin the like narrative

around Bitcoin is very easy to sell right digital gold digital store value scarcity like done simple everyone understands it it's very clean ethereum is it a decentralized app store is it the backbone of Finance decentralized Finance I hear like 50 billion different things it's also ethereum is just more complex like straight up is more complex it's harder to wrap your head around and you have the people like I was one with those advisers uh these institutions that are just like trying to wrap their red head around Bitcoin right now they just put a 3% allocation to coin they're like do I need to diversify and add an exposure to ethereum some people are but obviously not many it just launched six months after Bitcoin so like that there's not a huge time frame to like settle in like we got Bitcoin and now we have ethereum so like people just like

if you think about it everyone's been talking about the Bitcoin ETF for years and years and years and getting ready for it and ethereum is kind of just in the backdrop and then all of a sudden it followed suit like six months later it almost would have been better if it had waited correct I 100% think it would have been better if it had waited because people would have had more time the other thing is Bitcoin ETFs they launched partially because of the fact that they were going to launch into a bull run right the Bitcoin was on an absolute tear momentum was going One Direction you keep doing that people start buying ETF it helps like Propel it up to that $70,000 range that we saw the all-time high the ethereum ETF launched into a complete downtrend $2,000 ether you know it it it it also launched in

the middle of the summer which is like really like people are like it shouldn't matter but like if you look at volumes and interest in any sort of financial Market that time July to Launch is like one of the worst times to launch like it's just not it's not great and then the real overarching one that I think is the number one reason which isn't the final reason the number one reason is the fact that there's no staking in ETFs ethereum investors this is something that Jim said really strongly on my panel that I thought was really good was ETF investors really care they're very yield sensitive and really cost sensitive there's a reason why these ETFs are doing so well it's not just because they package Bitcoin they're also ridiculously cheap they're really efficient they trade really well people love that we talked about how a lot of

money probably left from like onchain or crypto Centric to come to the ETFs that's not going to happen for ethereum because you're giving up Yi yeah the fees are good but like you're giving up a three to four perc staking yield so that's hard no one's going to do that so the only people that would be buying these ETFs are a people who want exposure to ethereum in something like a self- protect a tax exempt account like an IRA or something like that because I want exposure to ethereum and I want it in a tax deferred account so I'm going to do it with these ETFs anyone else who's trying to get exposure to ethereum I'd rather just do it on the actual defi rails right and then the final thing is you just lose more utility with ether when you put it an ETF rapper you take

Bitcoin put an ETF rapper you lose utility it's not your keys not your coins you can't really do anything with it you can't actually move Bitcoin you can only sell the ETF and get the Bitcoin back so that's inefficient but like you could do way more with ether staking you can use ether like to do any sort of Def buying nfts like anything you can think of any sort of gambling like it's way more you lose more when you put in the rappers so I think that hinders it too so I think all of those things are kind of you know hindering so I think I'd be what then finally I also think because it's more complex it would be a slower burn I think no matter how you slice it people Bitcoin has been on the front of Mind people know Bitcoin they often think of crypto and they just

think oh that's just Bitcoin like you talk to normies they don't understandin yeah it's Bitcoin so I think it's going to be a slower burn it's going to take you have black rock Fidelity bitwise 21 shares Gray out talking to these advisers and investors and explaining what ethereum is and it's very different use case like I would make the argument that it makes sense more as like a Tech play than necessarily the same way that a Bitcoin is like protecting your purchasing power so coming back to the debate that you and Jim were having earlier on Sage was around are we following crypto ideals with the ETF and when you talk about one of the biggest reasons why the ethereum ETF hasn't worked

is that you don't get the crypto utility if you go and you buy the ETF now you can't you don't get the yield you don't get the ability to borrow to lend do all the things you can do on chain is that a good thing then in a way is that a good thing and that it is going to push people to actually buy ethereum on chain and use it on chain or do you see that more as a bad thing because it's just too confusing and therefore no one's ever going to buy the ETF it's a combo of both I think I think part of the problem is like anyone who's been in crypto know there's a uqi problem like it's like it's so I have a hard time using it I'm I like I send stuff and I I don't matter how many time I check that

address I'm still like swe I'm sweating until that I get that confirm right and it's just it's just confusing and it's what the ETFs do is they make it really simple and you're giving up stuff but you gotta I think what a lot of crypto people don't realize is people will pay up for convenience I mean there's some of the most successful ETFs are things that like if you really wanted you could do it yourself it's just it's the ease of somebody else doing it all for you you don't have to worry about your keys you don't have to worry about your Co anything like you're just offloading it to somebody else and paying them to take care of it but I do agree it does take away from some of the ethos but at the same time it's a free market right this is a free market this is not impacting

ethereum itself well theoretically for now until maybe if we do get staking and they become way too big stakers impact the market we can talk about that then but this is not changing the Bitcoin protocol this is not changing anything like that um and also you're going going to need people that are going to build Bridges between the Defi and trafi ecosystems and right now those people are the centralized exchanges and it is the asset managers the likes of Black Rock and Franklin Templeton who are all these ETF issuers are there's two ways this is going right there's there's two directions the first way these ETFs you're taking these defi assets Bitcoin ethereum Salon Ripple whatever in overseas that happen that's happening but here in the US right now it's just

Bitcoin ethereum you're taking these def assets and you're wrapping it in a trafi wrapper an ETF which is a trafi technology it's the best asset management technology ever invented in my opinion I'm an ETF Maxi not not a Bitcoin or eth Maxi but so you're basically going in One Direction right you're taking the defi stuff and bringing it to people in the Trad by rails but then you also have all these firms doing different things Wisdom Tree is doing this as well with a lot of their funds they tokenized funds so you're gonna see a lot of tokenization where you're T seeing these trafi world people taking defi assets or trafi assets so a money market fund real estate funds you all these different things and they're taking that trafi asset and wrapping it in a defi wrapper so it's these bridges that are going to

be going both directions and I think these people who you would argue are doing things that are centralizing some stuff yeah that's not necessarily the best thing in the world if you're going with the crypto ethos but one again people pay for convenience there needs to be a bridge between the two things and make the uiux better and maybe people wouldn't be interested in using these things the way they are so yeah yeah it's a great point you mentioned salana and ripple ETFs being available overseas but not in the US there are applications for both currently in process any thoughts on the likelihood of getting those ETFs or other crypto ETFs yeah there's actually there's in Europe they're way more liberal so there's a whole bunch of stuff out

there's polka dot ETF there was an ft FTX token ETF out there they're way more liberal in the US and in Canada specifically they're a little more more restrictive though in Canada you do have staking ethereum ETF so uh I'm jealous there I guess sorry so your question about Ripple and salana one of my biggest pet peeves is people think like whoever wins the election is going to completely alter the US economy and the global economy and like that's just not the case like for the most part no matter who's winning like or who's in office it doesn't really matter the economy is the economy yes some things change around the edges I do think though that a trump victory in November could alter the path of we're talking about here right absent a trump Victory or if Trump wins yeah we can be talking

about a salana or Ripple ETF or other ETFs within the next year or two no matter what happens it's not happening in early 2025 at the earliest it would happen in late 2025 and even then I would take the under like things aren't going to change that quickly some other things so you you could literally need an active Congress to allow this to happen because right now there's a lot of infighting between the cftc and the SEC about who is jurisdiction over what cftc says it's a commodity SEC says it's and nobody really knows who's actually in control of these things so you get Congress to come in there and clarify like who's in control who actually owns these things all of a sudden that could CL make things a lot easier on like how these things need to operate you set aside rules for like what can qualify to

be an ETF rapper what doesn't what's required so right now basically precedent says you need a regulated Futures Market typically so for Bitcoin and ethereum it's a CME market and then you need a Futures ETF which technically you probably don't need if the if the Futures market now at this point is regulated there is no regulated Futures market for Salon or Ripple or anything else so that would take years to build up to build up enough volume and open interest before the SEC would even consider it enough under the current system so the problem is like there's nothing in the SEC there's no law or anything that says like this is the way you need to get an ETF approved it's just this is the precedent that the SC has set over the last decade or so you need these things so all of a sudden you

come in a new person the SEC says all right the way they were doing it was stupid we're setting up these new rules you need these requirements and all this stuff and then you can launch an ETF and like I said even then even let's say Trump wins he gets in on January 20th and says all these things changes the the head of the SEC I mean you're still looking at very end of 2026 before you even get anything like this and even that and then you look at Kamala Kamala Harris I mean again changing Congress a bill from Congress or anything like that you could change you could like see some things happen I think she will be slightly more positive than Biden has are slightly more constructive but at worst I think it'd be neutral to what we're currently experiencing and for ripple and salana that's not good for

ethereum that's probably not good for a lot of the defi ecosystem for Bitcoin I really don't think it matters all that much to be honest like Bitcoin is what it is at this point so yeah I mean I could keep rambling but I so why why file for the salana and the Ripple ETF like that's an expensive thing for these firms to do they obviously know the same things that you know are they I guess it's just just a shot in the dark that they're hoping or is this a marketing stunt like why would they even bother it's a call option on Trump getting in okay it's really what it is they're they're they're making a bet that if Trump wins we'll actually have a basic and it's not like so they're spending money to file these things it's not like all that money goes to waste like these

filings are still out there it's not like they have to like redo them completely and like pay everybody to redo it like the work is built in so it's basically a call option and if you can be first it means a lot if you look at the Bitcoin Futures ETFs proch shares got BTO out before anybody else before Valk and I don't even remember who else was was in there but they got out first and they took all of the market they 95% of the assets 95% of the volume and that was just being a couple days earlier than everyone else coup days yeah so like if you can be first it can mean a lot uh particularly if you maintain like you have good trading volumes your fees are competitive like it can mean like you have a basically a cash cow for the

rest of your life so it's very important to be first so they want to make sure they're having these and also I think they want to have the conversations with the SEC you got to realize that the way ofal twins filed for a Bitcoin ETF back in 2013 for the first time so you know they there's been a conversation for a long time with the SEC about this it needs to start somewhere um and they know the odds of it getting approved are relatively low but they want to start the conversation and Al the one thing I did say so act of Congress change of SEC admin and presidential admin some really binding court cases from the Supreme Court if something like that happens that could also create some clarity for for what's required for an ETF but I mean the main problem with ripple and

salana is the SEC actively is still saying salana is the security and they're actively saying Ripple is Security in some ways and they're appealing the the Ripple xrp lawsuit so the SEC isn't giving up that fight so I think under the current SEC admin there's no shot that that's gonna happen and I think it's unlikely if a Democrat wins in November if Harris wins in November that if she appoints somebody else that he would change that stance so yeah it doesn't look good and I mean I don't I don't know I wouldn't count on Congress doing much of anything but it does seem to be way more bipartisan at this point there's a lot of Democrats that have joined the Republicans in the way that they view crypto and and we saw that with some of the votes over the some of the votes over some bills in the

spring James it's been a wonderful conversation thank you so much for joining us today thanks for your time if you guys don't follow James on Twitter we'll throw a link to your Tweet your Twitter in the show notes because you guys definitely gonna want to follow him tweets are amazing and appreciate everything you do for us in the space thanks for the shout out it was fun to be here thanks for having me awesome have a great day everybody thanks for listening in 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 5 minute 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 day