Zeneca on Blast, Base and managing a crypto portfolio

Transcript

anytime you buy something you should have an Exit Plan and you should write it down GM good morning welcome to milk Road radio where we tell you what's going on in crypto faster than a nun on Rollerblades it's Tuesday June 11th I'm Jay Hamilton and today's guest is zenica we'll talk about his take on the markets where we're at in the cycle his portfolio breakdown and where he sees the alpha right now GM Zeno welcome back to milker radio GM good to be back new format but uh very excited to be here I'm excited that you're excited man let's start with your portfolio can you give us a high level overview of what your portfolio looks like right now yeah

and let me preface it by saying that you know I got into crypto in 2021 it was very heavy nfts two two and a half years ago my portfolio was 98% nfts and like 2% everything else now we're probably I've been like slowly trying to get that percentage down since then now it's probably sitting at around around 30% in nfts which I feel pretty good about especially because the nfts that I have left are the ones I have the highest conviction in things like Crypt Punk py Penguins a few gaming projects let's say 30% nfts probably about 10 to 15% in various meme coins probably my biggest bag there is dgen on uh bass big fan of that I barely even call it a mem coin and then it's

mattering of other things probably second biggest is Pac Moon over on blast mhm and then I think maybe another 20% in alt coins maybe 20 25% things like Prime the gaming token which is taken a battering this week a few other things in that category and then I'd probably say the rest is in the majors um SL Stables so Bitcoin eth soul and some usdc I have very little actual Bitcoin so most of it is in eth and soul eth being the bigger of the two bags there I am a big fan of eth but also OB salana so yeah and I guess I'll also say I've taken a bunch of money out this cycle put it into like real estate and and just diversify it outside of crypto as well so what I just said was just my

crypto portfolio not my sort of overall investing portfolio thanks so much for breaking that down for us it's interesting to hear you say that you don't have a lot in Bitcoin we released a milk Road portfolio recently and in that portfolio we hold no Bitcoin right now and we got a lot of backlash from for not holding Bitcoin and we said very clearly it's not that we don't believe in Bitcoin we think Bitcoin still has a long way to go we think it will still has probably I would say two to 3x in this cycle but right now I would say there's a lot of other assets that have more potential for the rest of this cycle is that your conviction and your reason for having less Bitcoin is that

like a and is that a recent move did you reallocate recently no I've I've historically never held much Bitcoin basically for the same reasons I've always felt you know insanely bullish on bitcoin always um but also eth and I guess I felt that eth could do more multiples than Bitcoin you know over a three five year time Horizon 10 year time Horizon and so when I consider and Solano as well so when I consider myself putting in like the safe uh cryptocoins I eth and sler are probably the two there however you know I often think back to you know a year ago and if I had just sold everything and put it in Bitcoin then Bitcoin has done you know 3 to 4X I not done a three to fourx in my portfolio in the last year and so I I

really do think a lot about how how much more difficult it is getting to sort of pick the right altcoins because there's just so many more things this time around than previous Cycles we're seeing it time and time again with all the l2s with all the l1s all the mean coins on them different nfts it's just it's getting all the gaming tokens it's getting so much more difficult to pick the right altcoins in theory it's great you you you know you allocate away from Bitcoin you hold other things that you know Bitcoin does a 2X and your altcoins do a 10x or a 20x and then in a perfect world when the cycle is topping you sell off and put it back into Bitcoin or put it into Stables but I'm sort of coming around to the idea that maybe that's not the wisest move both from a whether or

not that will actually outperform and whether I'll pick the right tokens but also from just sort of a a mental Clarity and and peace of life mindset where you know it takes a lot of time to manage a portfolio of mean coins and altcoins and nfts whereas you can just sit back with you know Bitcoin and Ethan soul and be like you know what I have 50% of My overall net worth or 20% or whatever and 30% in crypto I'm good 5 years 10 years I'm you know I'm very bullish on this space so that that has been my uh Logic the whole time while I've had zero% in Bitcoin or close to zero but I'm starting to like change my mind on that actually says the guy who it's hard to manage meme coins nfts and altcoins and I I I I'm trying to do the

math what you just said it was over 50% of your portfolio was probably something like that I've been yeah it's just like this sopian task of consistently trying to sell off those parts of my portfolio and then I get shiny object Synder and be like Oh but pacoon that's got I mean I have so much conviction in that I got to get a bag of that and this other thing comes along and this other thing and yeah I just actually like three weeks ago I put a tweet out basically saying I want to stop buying anything here are my wallets if anyone sees me buy anything in the next week I will just pay you $2,000 and that like forced me to basically not buy anything of course like 8 Days afterwards I'm buying stuff again so I think I need to implement something like that just to sort of

force myself not to buy stuff because I clearly don't have the self-control to if I have eth in a hot wallet it just gets spent on something some I'll fomo into something you know very few people are immune to The Lure of fomo in this way yeah I mean very few people in in the whole world are immune to F it's it's a real a real feeling that controls us every day I just want to double click on uh Pac Moon and djen since you you brought up both of those and you said specifically you have a lot of conviction on Pac Moon and I also like that you said that you don't think DJ is a meme coin can you talk us through your conviction on Pac Moon and then maybe talk a little bit about djen yeah so pacoon for those who don't know is

basically the biggest mean coin on the blast ecosystem blast is an L2 on ethereum and I'm bullish on blast and that whole ecosystem and I'm bullish on mem coins and it's just sort of there's this whole there's something called the barbell strategy where you look at you know let's say you buy eth and then you buy the biggest mcoin at e let's say Pepe you buy sa and then you buy the biggest meem coin on Soul which is whiff and generally that strategy seems to do well and I think the same will happen with blast where I'm bullish on blast I think blast will do well and because of it the biggest mem coin on blast will probably do well just as we've seen the biggest mean coin on other chains also do well pacoon has incredible Network effects it has basically every big

Builder on blast every big project on blast every big influencer on blast every everyone on blast basically has some I think they have 85,000 holders now obviously a lot of that is Bots and multi accounts and stuff like that but that's kind of crazy for an L2 mecoin so that's why I'm bullish on Pac Moon and I think it is just a a really reasonable thing to be holding from a me mcoin perspective and then over on Deen I basically feel the same way about Deen uh as like the barbell strategy for the bass ecosystem now there's a lot more competition over on bass there are some other m coins that are you know in a similar market cap or fdv as dgen so it's not for sure clear that it's the the one that is going to win the the

mean coin race over on base but I think and this is going back to what I said about it not being such of a a mean coin I think of it more as like a culture coin and it's sort of embedded into the farcaster ecosystem I'm very bullish on farcaster it has you know a lot of the base team is you know talking about it building with it there's a lot of apps that of integrated payments in dgen it has its own L3 which I have mixed feelings about I think l3s I just I can't just l3s is too much for me right now like there's enough with all the l2s I just can't be bridging to l3s and doing stuff on them but it's it just goes to show that they've built out this infrastructure and ecosystem and I'm bullish on on it and I like the two l2s

I'm the most bullish on a Bas and blast and basically Pacman and djen are the two biggest meme coins on them interesting that you me two biggest uh l2s your bullish on are blast and Bas because base obviously and coinbase launching onchain summer recently really putting a lot of marketing dollars behind building the onchain brand uh and Blast tge coming up next week so both both are getting a lot of hype from more the marketing side then necessarily I mean their tokens are doing well but is that where your bullish Vibes come from is it because you see pretty much yeah I guess I should clarify the bullishness

is um I am long-term bullish on both but I'm especially bullish over the next say three months on both because of onchain Summer of the coinbase smart wallet of the marketing that they putting out there to onboard people of the amount of users they already have on on coinbase and then blast tge I think it's actually a week after the next 206th of June or 25th of June something like that but yeah there's a lot of eyeballs on blast and I think I think that the concept of blast is really really strong this whole native yield where if you just have money sitting on the Chain you're earning money off of it like a great example is there's this app ikb which is like a f daily fantasy sports app like DraftKings or fanel but they charge no rake because when if you want to play

the tournaments you deposit some money onto the site $1,000 $500 $50 whatever your bank R is $10,000 and then you play the tournaments with that bankroll and if they have thousands tens of thousands of users all of a sudden they've got a TR of 10 20 50 million they're earning you know 10% if it's usdb whatever that that's enough to pay them and and make their revenue on and and it's like defi you know cuts down fees and eliminates the middleman but this is for everything and I think it's really interesting and compelling so I think I am bullish on both long term um but yeah especially over the next three months the attention they're going to get is great like optimism arbitrum also very bullish on them hard not to be yeah you can't be in everything I think that's the thing you said I mean you kind of are in

everything maybe as a result of being in the space for so long but also I do think you make a good point and if you were to advise somebody who's investing in the space would you tell them to be focused and to only pick some projects as opposed to trying to be in everything yeah I think over diversification is I would say worse than under diversification I think you get death by a Thousand Cuts if you try and be and everything and catch everything it's much better to have like a portfolio of five or 10 things that you have a lot of conviction in than have a portfolio like mine where I have thousands of nfts and probably 100 50 to 80 different tokens that I have say more than $500 value of

um it's just too much and it's I've been constantly trying to cut back and you know streamline it because of mistakes I made you know over the last two three years by just having too much stuff spread out everywhere it's it's unmanageable you miss airdrops you miss claims you miss timing Windows you miss selling the top you miss new events you just you miss so much value and again it's it's manic on the mind so yeah one other thing I just remembered of um blast and Bas versus arbitr and optimism arbitr and optimism have already had their tokens their tges are out there the tokens are circulating blast is coming up and Bas they say there's no token I wouldn't be surprised if in the next five years there is a Bas token because regulatory landscape in America clears up but um that's another reason

to be a little more bullish on them from sort of an investing perspective I think mhm mhm what do you think about Blast tge how do you think it affects the price yeah I mean it's anyone's guess I think it depends a little bit on the overall crypto market like if Bitcoin falls off a cliff over the next week then it's going to struggle out of the gate if we're basically where we are now which you know we've been trading water for so long that that's probably the best bet is we're going to be roughly you know around 70k Bitcoin and 36 37 3800 E I think has a really good shot to come out of the gate strong there's so much sort of positive moment mum and excitement and energy behind it and one thing we know about Pac-Man the the founder of blast and of blur is that he

is a genius at building incentive structures to basically keep people he's he's the master of panomics he he finds a way to keep value on the chain to get people depositing more to keep playing the game I would be shocked if there's not some plan to basically just supercharge the blast ecosystem after tge I don't know what it is uh but I'm bull on Pacman and bullish on blost and I think that we'll see something exciting come out of the gate and evidence says that we will because every time a season ended over on blur everyone thought okay well the season is ending this must be the end of the incentives the price is going to drop and every single time it didn't happen it was remarkable like like you said

he's a ma he's a true Master at the crypto gambling casino and bringing everybody in and getting them excited to be a part of it so yeah I agree that I have no idea what they will do but I would put my money on it being something that captures attention and maybe I mean obviously external factors aside if if the whole Market goes through a dip then there's that's going to affect them in ways that they can't control but maybe it also is the thing that captures the attention during I'm curious what you think's going to happen over the next few months we feel like there's a bullish macro setup we talked in a recent episode about how everything is lining up for interest rates going down and it looks like there's going to be

the money printer is going to start buring again but we also recognize that summer can often be a flat period and maybe the next bump doesn't come until the fall what's your thought I pretty much agree with that I was just thinking earlier today that people are touching grass like literally people are not and and there's also this like this animosity on the timeline people are fighting with each other there's like tribal maximalism from one chain to another I think I would be shocked if we get some crazy blowoff upward action in the next one or two months I think macro needs a little more time to sort of get all the pieces in place and the the existing crypto participants need sort of I don't know maybe like a little bit more pain or a little bit more um you know another wash

out or I don't I I doubt we drop to like 40K Bitcoin but you know we could drop to 58k we could drop to 60k there could be another you know 15 20% dip before it resumes up only or we just you know continue to chop within a 5 10% range and then it's up only but um yeah I agree I think you know I see people saying is the top in have we already topped is this the end and I tweeted this yesterday when the top is in everyone on Twitter isn't talking about how the top is in it people are talking about how it's a new paradigm it's a new world order how crypto is going to be everywhere and everything and I think if the top is in the top for crypto like permanently is in like if we go down from here and just like I I'm very

bearish long-term on crypto it's like all right we tried for 15 years and didn't make it I do not believe that at all I have a lot of conviction in crypto US government is is becoming more accepting of it the both political parties are accepting it there ETFs it's it's becoming mainstream it's to me it's a matter of of time and yeah I think that happens later this year or early next year and basically we just see sort of a slightly different but not too different 2020 and 2021 yeah I I couldn't agree more it's so funny how many people are sitting there saying oh it's so different than past Cycles but when you step back and you look at it actually might be the exact same as past Cycles we're just so impatient we just want it to happen

sooner and we don't understand why we're not there yet but we're really only what five six months into this cycle I mean depending on when you would say it started yeah so it's it is it is amusing to see that and I and I love that tweet that you put out you mentioned that you so you did this this bet or this thing where you said I'll I'll pay you $2,000 if I buy anything in the last week and then that eight days later you you did what did you buy when you came back yeah it was like eight nine days later I honestly can't even remember at this point probably some fantasy cards because I'm I'm still a big fan of fantasy top over on um blast uh literally before this call I was uh entering lineups because I have a tournament starting tonight it's it's a

I still think it's a really fun game and compelling game that was probably it but honestly I don't remember it could have been a meme Quin it could have been something else but yeah do you think fantasy top is here to say or do you think it's like friendtech and it's just a a pump and then a jump so Clemente on Twitter has been posting sort of a chart of frch in terms of like revenue and daily active uses and like superimposing a graph of um fantasy top over it and it's basically so far following a similar Trend where there's this massive Spike to begin with and a massive drop off and then like a a Resurgence like a month or two later and I think we're starting to see that Resurgence now I think it's still too soon to say whether it's here to stay it's very difficult to

make a crypto app that has longevity and has people interested in it especially when there's Financial incentives those usually seem to burn brighter and burn burn faster but I think they've there is something there it's still it's really fun it is compelling they have a lot of issues that they need to work out the most recent update seems to have potentially addressed a bunch of them and got people happy about it I noticed that a couple weeks ago a lot of people were bearish on it seemed very whale friendly very pay to win very little strategy involved but I think that they're they're iterating quickly shipping quickly and coming up with new ideas but yeah it's still too too soon to say whether it's here to stay I hope it is I have a lot of fun with it and I think that I will

say that I think there's at least one more pump left so I don't think it's like it's toped and going to die if it does die it'll probably again follow a similar trajectory to French where you know frch did again go crazy now again obviously the friend token is seen has seen better days but um yeah I'm still cautiously optimistically bullish on on fantasy top if you were talking to somebody who is not in fness top right now not playing the game has not played it yet would you tell them to get involved or is it to is the barrier to entry too high and is it too complex to get into now missed it it depends on the bank roll how much money that they have to put in but I think it's still

very plus EV just to buy a bunch of the cheapest cards you possibly can in the hope that they win another blast jackpot which gives out gold per card maybe enter some like if you take the time to really understand it learn it I think you can enter some lineups into competitions that will get you a good return on your money give you the potential chance to win a black uh a blast jackpot and have the possibility for Price appreciation on the cards and I think it's um like Clemente again to keep seeing his phrases has been the shining example of this where as the fud has been going on the last few weeks he's been paying attention buying cards that drop a lot in price and then as you know sentiment turns and and price action picks back up he's been selling into that and you know I think he's made

what well into five figures on fantasy top and the opportunity is still there for someone and it's so much better now than say a month ago when prices were crazy inflated now they've crashed back down to reality there's been a bit of an uptick but I think there's still a lot of good opportunity for someone who has the time but I'll sort of double down on that and say you really do need to put in the time to get a good grasp on it because it's it's it does require some active participation to get the most out of before we wrap up here any final thoughts on projects that you're watching or things that you're excited about sort of not quite yet but coming up maybe in the next few months yeah um I mean I'm basically sounding like a broken record at this point between

blast and bass but that's basically where most of my attention is over the next few months I'm honestly myself sort of taking a step back touching grass a little more you know on vacation a little bit here and there doing some travel kind of trimming back my portfolio I think this is a good time you know while the market is kind of choppy and there's not that much happening to take stock of your portfolio take a step back one exercise that I really really recommend everyone does on a regular basis but definitely do it at least once is sit down with pen and paper or with a Google sheet open and list out every token you own um at least that you earn like more than you know $50 $100 whatever small amount of and every nft if you have nfts and then in another column put in how much

conviction you have in them high conviction medium conviction low conviction and you'll quickly start to realize is you have a bunch of you own a bunch of stuff this is true for most people not everyone you own a bunch of stuff that you have like low conviction in maybe it's some crappy mean coin you bought because your friend told you about it and you don't really have much conviction but it was just a gamble oh you have like seven of these now um well maybe that that's something you might want to do you might want to do something about that and consider how you might allocate your portfolio to mostly High conviction things and maybe a couple of low conviction gambles it's a really good exercise and I can't recommend it enough yeah that's such a great idea such a great exercise to do I

think the other thing I would add is also have an Exit Plan like throw in one more column that is like what's my exit or what's my expectation here so that maybe you don't necessarily know your exit plan in terms of like timing but you know that you've said when you go into an investment hey once this 2x's I'm going to take 50% out and then just leave the profits on the table for example whatever that might be because the thing is once you get into it it is especially as you said we're not in really in the Euphoria stage yet and once you get into that Euphoria stage which we all think is coming later this year early next year tough to predict the exact timing then it's very hard to

make these types of decisions whereas right now it's pretty easy to say yeah this this should be my plan with this investment yeah I couldn't agree more I think anytime you buy something you should have an Exit Plan and you should write it down it's it's one thing to have it in your mind and be like yeah I'm probably going if I if it does a 3X I'm going to sell half and if you write it down you're much more likely to stick to it you still don't always stick to it but it makes it much much more likely the other thing one last thought that just popped into my head while we were talking about this is everyone is chasing like 100x everyone is chasing the big 50x 100x and they think oh that's that's what I'm going to retire on I saw a tweet I can't remember who

said it and basically if you have $1,000 and you get a 10x you're just three 10 X's away from a million dollars which is it's yeah there's 10 x's in this space they're not everywhere but they pretty frequent you can find quite a lot of 10xs do it three times with $1,000 and you got a million it's much easier than trying to a,x ,000 or a 100x $110,000 that's that's very very difficult that's a great point maybe we should uh our next show should be the three 10xs that we recommend right now Zen great to have you on the show thanks so much for your time today excited that you'll be a more frequent and regular guest on the show moving forward before we finish up uh where can people follow you where they

can find you online best place is on Twitter zenica that's the best place thanks for having me it's been a blast and yeah I'm also excited to be coming back regularly and uh shooting the with you right on my man okay well have a great day thanks for listening in everybody we'll let you go Zen talk to you later cheers here's what you missed in news from the past week first up the US Bitcoin ETF experienced a massive influx of $1.8 billion between June 3rd and 7th this led to the purchase of over 25,000 BTC a staggering amount that is eight times greater than the total Bitcoin mined during that same time period now this is remarkable and this

week saw almost as much Bitcoin acquired as the entire month of May it also represents the largest weekly acquisition since Bitcoin reached its all-time high back in midmar next up the onchain social platform frch announced that they are moving away from coinbase's L to network base to establish their own blockchain called friend chain this new blockchain will be developed in collaboration with conduit now the frch platform aims to leverage its native token friend for gas frees on fren chain potentially increasing the token's utility and giving frch more control over its ecosystem this strategic decision comes

at a time when frch has experienced a decrease in user engagement despite a recent upgrade the success of friend chain could be crucial for the platform's future growth that's all for today thanks for listening in and we'll see you tomorrow thank you for listening to milk Road radio the easiest path to get smarter about crypto if you like this episode share it and hit subscribe or follow so you don't miss out on the next one there's also a link in the description to our free 5minute daily newsletter where we simplify crypto for you while making you laugh and if you're willing to step up your crypto investing game then we'll leave a link to milk Road Pro as well your number one resource to help you invest successfully in crypto one final note this podcast is

for educational purposes only nothing we say is financial advice crypto is risky so you should never invest more than you're willing to lose thank you friends and we'll see you in the next one