Yano's takeaways from the 2025 Digital Asset Summit

Transcript

GM good morning welcome to the milroad show The Daily crypto show where we believe everyone deserves a shot at the Moon not just the guys of Bloomberg terminals I'm your host Jay Hamilton it's Friday March 28th and we have never seen tailwins like this before in crypto it's truly impossible to quantify what I believe is coming in the next 12 months in today's episode we are joined by Jason yanowitz AKA Yano Yano co-founder and CEO of blockworks to break down his 10 most bullish takeaways from Das the crypto Summit that just happened in New York last week we're GNA talk about Trump first time a US president a

sitting US president has attended a crypto conference I'm not talking about a Bitcoin conference talking about a crypto conference we're talking about defi we're talking about moving money on chain we're talking about all the stuff that we all want to happen in order for this future and our alts to do well we're also going to talk about Yo's prediction for regulation and how fast this is going to come is going to blow your mind and he's he was talking to senators and congressmen and people who are actually going to be working on the regulation that's happening right now you guys aren't going to believe his prediction here and then also we're going to talk about flat out why Yano is buying right now why he's a buyer and why he is so bullish this episode is just I I couldn't you couldn't start

your Friday off with with a more bullish episode let me tell you that now before we jump in if you guys want to do me a big favor if you like the show if you are feeling the Vibes throw down a like a subscribe a follow wherever you're listening if you're really feeling good give us a fivestar review truly appreciate it helps the show grow helps us get more people into crypto in a safe way which is what we really really need today's episode is brought to you by definitive Advanced trading on every chain it's also brought to you by coin shift powering top crypto Treasures with their yield bearing stable coin CS usdl what's going on my friend what's up sir good to be back great to have you again okay quick like how is d man huge congrats sounds aming amazing yeah thank

you thank you we've been so blockworks launched December of 2017 Das launched May of 2019 it was the first time we'd ever done a big scale event uh the first one was one day 500 people and to us that was crazy right we spent I think on that event 300 or 400 or $500,000 which was all the money in our bank account and we went big with it and then to to do this six years later right we had 2500 people spent multiple Millions on the event rented out Javit Center we had the president speak it was a it was a yeah it was kind of a pinch yourself moment it was really cool Incredible man yeah so so impressed with you and and I gotta give give a shout out to you and your team uh everything that blockworks is doing for crypto these are the events

that make such a big difference for where we are going what we're building so deep out respect well just wait until you see what we do with permission list man which we got to get you guys inv that that's going to be it's I think that'll be our best event in history actually it's going to be it's going to be really good so okay okay yeah I'll I'll be there I'll be there I'll be there and you guys better be there too we'll get we'll get we'll get some discount codes and we'll hook everybody up take takeaways from D you got 10 for us yeah so you know I just kind of wrote These 10 takeaways up uh from the event uh it was cool because I think in first off going to an event gives you access to people right you can watch the live

stream we at one point in time we had 300,000 people on the live stream so you actually don't really go to events in my opinion to learn the content you can learn on the milk Road show you can learn on podcast you can watch the live stream my takeaway from these events is like the most valuable thing by far by far by far is the access that that you get to people in the hallways and that kind of stuff that you would never get before so I've got some takeaways just from more private conversations I think the public conversations but I'll read one tweet actually just to kick this off it was um this guy on Twitter in in all the six years of countless events and conferences D New York was something else it was like a 10x on anything that that had come before the big takeaway is

that things are about to massively accelerate Stables payments FX tokenize equities everything is coming on chain and it starts this year so I've got these 10 takeaways what do you want me to do do you want me to run through all 10 do you want to do one at a time let's do one at a time let's do all right I'm okay my first my first one is that crypto has real support from the White House and it's actually more bipartisan Than People realize so if you think back at the uh if you think back at like what was happening on the campaign Trail back in 2024 it really felt like crypto became this extreme like unfortunately extremely partisan issue whereas like the Republicans loved crypto the Dems hated crypto and you know everyone went crazy when Trump got elected Bitcoin you

know boom went up 100% in 60 days one of my and obviously president Trump spoke at D we also had Republicans um like Tom Emer but we also had Democrats as well folks like R con right one of the most powerful I think upand cominging Dems uh folks like Wy nickel so one of the takeaways was that look Trump is obviously an office which is very good for crypto folks like David Sachs Bo Hines amazing for crypto Tom Emer third most powerful Republican I think you could argue right now very Pro crypto but we also had folks like rocon and Wy nickel supporting the event and so one my first takeaway is crypto has real support from the White House but it's actually a lot more bipartisan Than People realize now that things are

moving and I think the Democrats realize how much money and uh momentum crypto as an industry actually has I mean it makes it's it sort of makes sense that once once that valve was released that was sort of holding us back for for a long time here they can they can anybody can see it how could you how could you not see it but it's really I I didn't realize that it was that much it's still from the outside it still feels like the Dems I don't know I I guess you don't you don't hear them I think they're the old school Dems and the new Dems right the old Dems like the uh Elizabeth Warren crowd still hates crypto right it hates crypto but there are these new Dems right Richie Torres and Rana and folks like that very very good for the industry um and it's actually a very

important message because you don't want crypto to be become partisan because at some point Dems will you know get elected you know maybe it's in four years maybe it's in 8 years maybe it's in 12 years I don't know when but you don't want the first thing that they do to be to shut down crypto so it's the last thing we want um is is now when I should ask about Trump speaking or is that another takeaway coming later that I mean now yeah we can talk about it now I mean that was a that was a trip that was a um huge moment huge first time Trump's ever spoken sorry first time a sitting president has ever spoken at yeah so so so Trump spoke at the Bitcoin conference back in July so really David Bailey and the Bitcoin conference

definitely paved the paved the way and I want to give them a shout out but yeah this was the first time in history that a sitting president has ever spoken at a US crypto conference and it was it meant it meant a lot I think for us it also meant a lot for the industry to have the president showing his direct support I mean he opened the spe the speech and said you know I'm here at the blockworks digital assets Summit and I want to make crypto America the crypto capital of the world America's going to become a Bitcoin superpower he talked about operation chokepoint 2.0 talked about stable coin legislation talked about the market structure bill it was a it was a historic speech yeah it's I I it's not getting his speech isn't getting the

attention that a lot of his other speeches get because it didn't have the like big announcement that it's like everybody expects her to must announcement in every speech that he makes I don't think the speech what what was crazy for me is yeah to me I'm like of course the speech isn't getting much attention because he's got there's Ukraine war there's tariffs there's which which was I mean there's so many other things going on in America and in the world right now that to me that's why it was so crazy that he spoke at a crypto conference because if there was nothing going on if he was just campaigning right maybe looking for dollars fundraising sure speaking of crypto conference if he's if the world was very stable and the market was stable and there's no uncertainty sure

speaking of crypto conference but the fact that he did this in the midst of all this chaos I think is why the speech was so important well said well said yeah maybe this gets into a takeaway number two which is that real legislation is coming and again there's public versus private perception so public perception is probably that hope I would say hopefully legislation is coming stablecoin Bill probably this year Market structure Bill maybe this year maybe next that's I think public perception if you pulled people on Twitter my takeaway from more private conversations with Po Folks in both the private sector and the public sector is that we will get both of these this year we will get a stable coin Bill we will

get a market structure bill I would guess and this is going to be you know I'm annal Optimist but uh I I actually think that we'll get stable coin legislation far before what anyone else in this industry what I'm seeing on Twitter I would guess get stable coin legislation in the next I mean this might seem crazy and I I might want to take back these words later on but the next like 60 days you know we're recording it's you know end of March right now April May I think we get stable coin legislation by the end of May which which I know is going to seem crazy to people but stable coin legislation in the next 60 days and I I think the market structure bill will get passed by the August recess so I think there's a world right maybe it's not the

highest probability but I think there's a decent likelihood that we get stable coins and Market structure before the fall really whoa I do yeah I do and that's why look you you look at you know this week there were uh uh the state of Wyoming launched a stable coin custodia launched a stable coin uh World Liberty fi launch to stable coin uh Fidelity launch to stable coin now obviously there's many different types of these stable coins launching there's the stable coins that act like money usdc and tether and things like that and then there's kind of like just money market funds but for the marketing we can call them stable coins I'd bucket something like fidelities into this but yeah I think you'll see this onslaught of stable coins you'll see an onslaught of stable coins you'll also see an

onslaught of the exchanges starting to think about like how to list equities and I actually have this kind of gets into dovet Tales into another takeaway but yeah Market structure and stable coins this year damn it is wild how bullish all of these Tailwinds are right now but yet how I mean macro we're just underwater because of macro macro's driving everything right now right so I went I got dinner actually Thursday night with um actually with sailor and uh the folks at Galaxy and and and some other big big Traders uh there's actually like big Sovereign wealth fund from the Middle East there talking about they're actually starting to allocate to uh to bitcoin which was crazy to hear uh

and the conclusion in the room was like we've never had so many Tailwinds and sales behind us as an but at the end of the day macro overpowers everything and there's extreme uncertainty in the macro markets um but why that makes me so bullish and I'm I'm I'm buying right now actually is because uncertainty eventually turns to certainty eventually there's certainty in the world and so you actually want to be buying when there's times of extreme uncertainty and maybe selling and taking some chips off the table in times of extreme certainty right so uh yeah I I actually yeah I couldn't I'm about I'm about as bullish as you can get right now I I love that I love that quote yeah maybe maybe moving into takeaway number

three because this kind of ties into the market structure bill um and the stablecoin uh bill so one of them is uh so so I got I had dozens of chats actually with the founders and Executives of different uh exchanges crypto exchanges finex um and brokerages so the brokerages of the world like the old school brokerages and the new ones right the TDM trades of the world and the robin hoods of the world um so had the opportunity to speak with a lot of them there are a few takeaways specifically with exchanges one uh every US exchange is racing right now to offer equities they want to offer equities on their platform stocks equities on the platform by end of 2025 it's not a next year thing it's not a 2027 thing it's a

this year thing so us exchanges racing to offer equities second is that Asian exchanges are racing to enter or re-enter the United States all crypto exchanges both us and Asia exchanges are sitting on a lot of cash and highly valued Equity so what this is going to drive is they're going to accelerate their the the two things I mentioned before right Asia entering us uh us uh offering equities they're going to accelerate that with uh Acquisitions right because they're sitting on all this cash and Equity um I think finex are going to race to offer crypto assets and I'm not just talking about like Robin Hood offering like Bitcoin Doge and salana I'm talking about uh offering like the top 100 on coin market cap the

the top 200 right so I think fintex will race to offer crypto assets everybody is thinking about launching a stable coin exchanges fintex brokerages they're all think about launching stable coins and then even the traditional brokerages right the folks from the 80s and 90s and early 2000s they are all thinking about how to offer crypto tokens um and now a lot of this assumes the market structure bill goes through but if it does I think everything that I just mentioned will happen this year if you're only trading on centralized Exchange then you're not going to make it the best Traders know the alpha is onchain definitive founded by coinbase alums let you trade any token on salana Bas or any chain all in one platform what makes definitive different is its

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pinch yourself moment for the industry and you know maybe this gets into my fourth takeaway which is crypto Twitter is very cynical by Nature right now and it's important that you don't let crypto Twitter warp your mind I think there's a lot of fud I think is right the word people use and certainty you know fear uncertainty and doubt on on the timeline and if you're just looking at the Timeline like I mean it's pretty pretty easy to get depressed and just down and what are we all doing here and actually there's this guy Tom Dunley V I read his tweet he said after eth Denver it was hard not to question your conviction in crypto for the near- term but after blockworks d I'm cold messaging everyone I know to start adding as much exposure

as they comfortably can institutional direct allocation is real t ible and happening very quickly and I'll read you Tom Emmer's quote right Congressman Tom Emer this is the third most important person in uh DC or in uh third most powerful Republican right now he said the feeling in the room at the digital assets Summit was an energy we have never seen before we haven't had this before and the last one was uh being at blockworks D feels like hey we did it moment couldn't be more bullish on where we are and where we're going as an industry so just like think about those statements in context of how you may be feel today as you scroll Twitter all day long it's very important to just like people joke about touching grass but like

really like step outside go talk to people in the industry um and if you don't like maybe just plug back into podcast or something like that because crypto Twitter is a very cynical I would say dark and depressing place right now and don't let it warp your mind and and and let's be real very tied to price and prices are down and it's been an unusual cycle we haven't seen an altcoin cycle the way we have in the past and a lot of people are upset and a lot of people are disappointed and I mean we can get into the whole conversations about expectations and assumptions and how they make an ass out of everybody but you need you really do need to step away because don't the thing I keep saying to everybody is just like don't give up now

don't right like now is when I I hear we have a lot of people in our community I'm sure you guys are the same where people are like I'm done I'm out I'm so tired of this right don't don't not now please not now right it's coming everybody it's coming exactly exactly so maybe I can get into a few few more takeaways here one is number five is uh 2025 you know you've been in the industry for a while every year it's like oh this is the year that we get m&a this is the year we're finally gonna get big m&a in the industry this is 2025 is actually the year we will see major crypto m&a so again a lot of conversations with folks who are sitting uh you know exchanges sitting on a lot of cash a lot of equity some other players too this is going to be the year

we see a lot of m&a happening I wouldn't be surprised if uh you know we we just broke the record right so Kraken is acquiring ninja Trader for one and a half billion dollars it's so largest crypto trafi acquisition in history I wouldn't be surprised if uh coinbase makes an acquisition that actually surpasses the Kraken ninja Trader acquisition I think there's been some they're already talking about it right yeah there some some hints that they're buying darab bit I wouldn't be surprised if this is in the two or three or four billion dollar range uh which would break the the record right for for biggest m&a deal of all time in crypto and there's other ones right Robin Hood bought bit this was last year but bought bit stamp for 200 million moonpay bought Helio for 175 chainalysis Altera for 150

uh bit farms uh bought stronghold for 125 Moon pay bought iron for 100 uh stripe bought bridge for 1.1 billion so like th it is mmaa is real it is happening and actually there's Downstream impacts right this is a great meme this is hilarious I fed up this meme while you were talking about this if you guys are watching this this meme perfectly describes everything yeah Kracken coin and like the game the game's not going to stop so you could move coinbase down into the bottom one and add PP Morgan up top and watch them make a five billion you know like I think the game will continue so uh everybody is racing and that gets into maybe takeaway number six which is this is the inst the institutions are here and I maybe can break this into let me

it's a very fluffy term right the institutions here like okay but what does that actually mean so maybe I can break that into like three different takeaways the first one is that uh institutions are actually starting to move into dii and I think this is going to start with private credit I think private credit from the conversations you're starting to see that it's kind of this asset class that a lot of people have realized has unrealized efficiencies I would I would say and it's probably before we move everything on chain I think you'll start to see two buckets you'll see private credit no or excuse me the first one that moved on chain was dollars right with usdc the second thing that moves on chain are money market are treasuries right so that's the we go from usdc no or cash no

yield uh treasuries 4% 5% yield the next wave of things coming on chain is going to be private credit so takeaway I forget what we're on probably six is that institutions are here in a big way one of the things the big things they're looking at is moving private credit on chain so that's a really really really interesting thing to be looking at and it's going to happen it's going to have a big impact on defi platforms like Moro and a and folks like that you you know what have to you do I gotta get you to introduce me to the bell curve guys I gotta get one of them on the show to talk deeper about this because this move for private credit coming on chain is it just feels huge and I I need to wrap my head around it and I want our audience

to understand it because it's a it's a big one on the rwa side that not a l of people are talking about yeah just um uh the easiest thing to like framework for folks who maybe aren't familiar with private credit is you're just pushing a little farther out on the risk Spectrum right so if Cash There's No risk of cash so because there's no risk of cash of holding cash you get 0% interest uh let's say treasuries right there's a very very small amount of risk of of treasuries but it's kind of the risk-free rate so you get like what 4% or 5% so then you can move that on chain when you move it on chain when you hold the token you get 4% or 5% for holding the token uh right now all of that yield is sucked up by someone like Circle and

tether um but those uh stable coin fee Agreements are all about to get renegotiated I think more of that those fees will actually get passed back to the user the next thing that happens is little further out on the RIS spectrum is private credit so safer than something like an equity oftentimes but you'll get this like guaranteed seven eight nine% a year so that's and that will pass back to it'll be kind of split actually between the issuers of the private credit and the holders of the tokens so and this is what like sky is really pushing on this the big one is Sky yeah the big one is sky so if you look at sky just allocated a billion dollars to this um I I I I'm not sure how much of it is public but I I think some part of that is private credit or

maybe that's I don't know if that's we we got run coming on the show next week ask him directly about private credit coming on show um uh number seven I think we're on now number seven number seven uh institutions are coming but the butt is um it still takes a while for this stuff to happen so some are testing crypto products to offer to clients others are kind of just exploring others are experimenting um it is definitely early steps not a full not a full Deep dive um I would say the big concern that is kind of stopping some of these folks from coming on chain is privacy so most of the conversations I had with some of the big uh trading firms some of the big

Banks uh some of the big big brokerages is is privacy it's like look if I send a transaction on ethereum or arbitrum or salana today or Aptos or whatever it is can't everyone see that transaction the answer is yes so this is where some of the ZK stuff actually goes from like oh we're pontificating about how could this be used and why is this useful to okay we actually we actually need this stuff uh now the good thing is they understand that public blockchains are better than private blockchains but privacy is still definitely a concern the the other the other note on this side is like if you think about the flow at which they'll come in I think it means trafi trading firms will actually come come in like relatively quickly these are all all the big trading firms are going to come in

they want to Market make they want to set up pods and and and and basically trade prop Capital that is a required step for institutional Capital so if the tra the trading firms come in first second is probably going to be the banks custody and then later trading the assets and third this is farther out this won't be this year's the Wall Street firm is actually buying tokens so it's important to understand like instit are coming is a phased and measured uh roll out I mean it feel feels like feels like we that's that's what we've been saying for for like five years now right is how many times have we said institutions are coming I mean I'm sure on Empire you've probably done a show that says institutions are coming I've

done it myself right and so we're used to it being coming in phases um and I think there is there's a level of patience but I don't I don't want the butts you know don't give me the butts we don't want the butts we don't want the butts all right so then I'll go back I'll go back I will the last note on institutions is this is for the builders you know we're talking a lot about investing for the builders this is the single best time in history to be building crypto products for institutions so on the soues side right the issuers the largest financial institutions in the world want to tokenize their own assets and they're going to need defi rails to create real utility right borrow lend trading vaults all these things are going to explode uh

on the buy side right the investors crypto native institutions and high networks and you know more sophisticated retail right they're all actively hunting for yields Beyond just crypto uh especially now that right like Defi and funding rates are starting to actually lag treasuries which is a interesting Dynamic but I think there's going to be like these big moves towards higher yield assets Beyond just treasuries which have traditionally be been unavailable to crypto users and this is where things like non us treasuries like private credit which we're talking about becomes really interesting so if you're a builder and founder and engineer defi infrastructure that can actually support token issuers that can enable things

like you know token gating on the asset and protocol level onchain borrow lend facilities risk engines uh all that kind of stuff it makes building for the institutional crowd finally appealing can I can I ask a question here is um there's this there's this uh conversation going around and maybe this is just a crypto Twitter conversation so feel free to correct me which is that uh that we might end up there's two paths for for crypto and one would be that the existing financial institutions just start to they become the front end they

don't really use defi it's just faster settlement and 247 markets but we don't really get the Defi and the decentralized finance that we all want the other is that we get the decentralized finance and there seems to be this belief that institutions aren't so interested in defi is that is that accurate no I think they're interested in defi I think they're interested in defi I I don't think they'll become the front Okay so maybe I can talk about this with an analogy or an anecdote which is the internet um you know there was a time when the internet wasn't like a thing really obviously and then '94 Netscape gets introduced and browsers become accessible and if you were an engineer

or a Founder back then it was kind of like being in crypto today where it's like oh my God like this like this person's using the internet or like this person's using the internet that's so cool and there's this watershed moment where actually the one of the first institutions to use the internet was the New York Times They were a right because you know the internet was for moving information crypto we get excited when the institutions come in because they're moving Capital right because crypto is more for Capital movement the the internet was more for information movement so who's one of the biggest information providers in the world is the New York Times so it was like oh my God the the New York Times is using the internet and sure the new the New York times's business definitely got propelled by the internet and they've

done a great job and launched their subscription business and their website and use their mobile app and they've got the cooking app and all that all that kind of stuff it's all powered by the internet obviously however internet native companies far surpassed on a scale of 100x bigger than the New York Times right Facebooks and Instagrams and whatsapps and uh of of the world far surpassed you know social media obviously way overtook traditional Legacy Media but you couldn't have seen that in 1994 so I think when we try to apply that to today with crypto J JP Morgan Morgan Stanley all all of them yes they're going to get into crypto and they're going to tokenize things and they're going to launch Real World assets they'll definitely all the banks will launch their own stable coins but

they won't do it as well as the crypto native players who understand the market they understand the users and they can move much faster great analogy okay let's keep keep going last two here um token investing is changing so every protocol conversation with ons at least for me led to this conversation around token value capture how is your protocol capturing value from users and that's like this bad negative word in but in you know maybe web 2 you would call it like how are you making money how are you generating revenue and making profits very normal thing for a startup to do and how are you in you know maybe traditional world it's how are you

driving that value back to the shareholders uh in in crypto there's finally this discussion around token value capture so how you driving that value back to token holders so what this means is that fundamental investing there's like you know obviously it's kind of a meme at this point but like fundamental investing is finally a thing and any in the last Administration any token that showed that they were capturing value or what you know got in trouble so you really had to off skate and make make it really clear that you weren't capturing value now no utility here no now uh any token that is not capturing and distributing value under this new Administration they are trying

to hide something in my opinion they are trying to hide that they are not making any Revenue at all because you no longer have the SEC and Regulators as an excuse that that that excuse doesn't work anymore so you're going to see uh a shift I think away from governance tokens to tokens that actually ACR value this isn't going to happen overnight this will take a while um but what this is actually so there so that's the big shift is like away from governance tokens into tokens that capture value the second thing related to this is that VCS dominated the investing landscape for the last decade um protocol teams no longer need to VCS are diam a dozen it is very easy to actually go fundraise

right now in crypto the harder group to get in front of that is more important are the liquid fund managers so this there's this new crop of fund managers uh who are right modular cap and theia cap and you know they're small now but you know few years they'll be they'll be the big players in the space they are liquid fund managers and the protocol teams if you talk to the founders they're like yeah we got we have all the VC relationships that's easy to go talk to them we can raise in a second we need to talk to the liquid funds who will buy our token in the liquid Market once it's live so things like investor relations is going to become really important for the first time ever that's never been a thing and now it's going to become important and these liquid funds they realize now that

uh they're making the protocols realize they need a business model and they need tokens that ACR value and this is all just a sign of a liquid funds tokens that ACR value investor relations teams all a sign of a maturing Market which is which is so great for for everybody here because it means that we're here for the long term and we're legitimate and we're going places beyond what we ever expected the thing is the key takeaway from what you're saying though is you really do need to sit back and really think about your portfolio right now and where your allocations are because there's a shi yeah what the port the allocation of the industry is going to shift drastically it's going to shift drastically and maybe the last thing uh here the 10th takeaway the last one is

US the US is clearly the crypto capital of the world now the new New York City is clearly the crypto capital of the US that makes New York clearly the crypto Capital crypto capital of the world and if you listen to president Trump's talk he said we're going to make America the Undisputed Bitcoin superpower the crypto capital of the world and one of the takeaways from Dash was just new New York City is pulling everybody in protocols funds uh even International VCS are setting up shop they're getting drawn into deals that are led by American Founders on American soil um there are a lot of people getting offices in SoHo and flat iron and Chelsea uh I I didn't speak with a single person who is not just Giga

bullish on the US uh and the future of crypto in the US right now did you did you predict this when you booked permissionless in New York this year I uh blockworks took a huge bet on the us and we basically said this would eventually happen and we got smashed by that because you know every the whole because every other conference moved out of the US in the last year consensus went to Hong Kong in Toronto right consensus was like the tent poll event in the US they're not hosting an event in the US this year it's crazy token in Singapore all the events move went to Asia and um yeah we just doubled down in the US and bet that look this is the most important

Market in the world it's going to remain that way and yes we're we're happy we but anyways you guys should come to permission list it's June 24th through 26 it's goingon to be in Brooklyn big Warehouse Vibes it's gonna be epic we we we actually we actually are coming I don't know if I'm coming but a bunch of our team is coming we're planning a meet up we'll give you guys if you guys want like a big code for your community or something it I love the milk let's do it let's do it block Works milk Road just you know just that that that love right there uh okay really like I I'm trying to think of how to summarize all this 10 takeaways is really difficult to summarize uh incredibly bullish it feels like I I it feels like the pipeline is getting bigger the flows

are going to come in big ways I think there's the the regulation it's very difficult to quantify the scale of the impact of all the takeaways that you just discussed that's the part that I I can't I don't look I guess what I would say is like I don't know how to quantify it either I don't think it's possible to quantify because these this in this industry is about to move exponentially not linearly and you can't quantify that because the human brain doesn't know how to think like that but what I will say anecdotally is you know I've been in the industry full-time for eight years now and for all eight years the crypto natives like you and me and milk Road

listeners and people in this retail right people on crypto Twitter we were way more excited than the institutional crowd way more excited we're always trying to tell the institutions why why we matter and now for the first time in history the institutional crowd is now more excited than the crypto native crowd and my message to people who've been here for a while is like this is what we've been trying to do for eight years and for longer right I only got in the industry eight years ago people were way longer than me don't don't don't quit we're at the we're at the last line we're at the Finish Line like don't don't give up now you know what it feels like it feels like you like you went to a a bar and the party got going and like the early DJ came on and you were having

a good time and then you kind of died out and you left early because you lost the vibe but right after you left if you left right now like the biggest DJ came in we got TCO and Martin Garrick and Hardwell are about to like headline death punk came back and made a surprise performance like it's just it's nuts it's nuts what's coming it's yeah y know man thanks for thanks for starting my Friday off with some serious bullish B it's gonna be a good Friday it's gonna be a good weekend it's uh yeah it's a it's a good time to be in the industry I love actually never been a better time to be in crypto yes yes you there's there's a million shorts from this episode today I've been I've been

writing notes yeno thanks so much for joining us everybody we're gonna uh we'll we'll link to yeno on Twitter so you guys can follow him uh we talked a bunch about permission list we'll get a code from you we'll throw it in the show notes on this one uh and we' love to see any of you guys there if you want to spend some time in New York really appreciate shout out to you and the whole blockworks team y know great job on dases here thank you sir thanks so much for listening to today's episode y'all if you want to get access to your gains from your Bitcoin or your eth without selling it you might want to take a look at Crypt back loans I'm talking about salt lending they've given over $500 million in loans already zero collateral losses they have great loan

terms you can get your loan in 24 to 48 hours no credit checks permission list all on chain check the link in the show notes you won't be disappointed thanks so much again for listening y'all have a great weekend as always if you liked today's episode please hit subscribe and make sure follow us 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