Transcription
Welcome to another episode of Kombucha with Friends. Let's get into it. It's Octat Tuesday. We have a ton of material to cover. Big thank you to the mods in the chat and everybody else. We'll get to those in a minute, but let's get into the story. This one's called a market illusion. We're going to cover some drainages, some reverse Robin Hoods, some scary statistics, and some things that are happening under the hood that you need to be aware of. And the illusion is real. Let's get into the market illusions with Onchain TA and see what's happening in the world after last week. And last week was very interesting. And this is not financial advice, just a guy on the internet.
And a quick update for the agenda. Uh, people like structure. I like structure. Animals like structure. But just to give you an intro as to what's going on on the channel. Mondays are basically Bitcoin Micro Strategy Times. People really want to learn more about that because those things are on fire these days. Big changes happening behind the scenes. Octa is today as always, always has been since the very beginning. Wednesday is 21 Charts where I dig through all the top assets on the planet. We'll talk about those top assets and why you need to be in the 0.3% of assets or else you're toast. Imagine over the last 100 years, 30,000 stocks, literally, we'll cover today, only 10 matter. You have to pull out the 10 from the 30,000, which is literally like finding a needle in the haystack. Really hard. Uh, Thursday is AI alpha day. Friday is Friday fire. We talk about all the sensitive things that are just blowing up around the world. And Saturday is preparation for Q&A, which is alpha-packed, little MBA in finance on a Sunday. And that's the week. Hope you enjoy it.
Let's get into the story today. And a big thank you to Joy. Hello Joy. I love when women are in the Patreon community. And she says she's so happy to be part of the IIA Patreon. Best exchange for a coffee I spend every month. 10x. I'm finally learning options after sitting on the sidelines for years. Best community ever. And I'm very happy to have a very growing, a large growing female population in the community. When I started, it was all males. And that means a lot, Joy. Thank you. And uh, I'm right there with you regarding coffee. I used to spend a lot of money on Starbucks, like $25 a day. And when you add that up for a decade or more, it's a substantial amount of money. Now, I make my coffee at home. It's healthier. It's cleaner. It's better. And I make it the way I want it. So, I love hearing that as well, and I deliver more value than, of course, coffee. We live on coffee. The ugly. Sorry for that long intro. Thank you, Joy.
Uh, first of all, bad week for hacks in crypto. It was a whole bunch of stuff all hitting at the same time. We have the CO swap in Ethereum DEX aggregator lost $1.2 million via DNS hijack. Remember, crypto is still the wild west. We had a huge one. Biggest exploit of the year. Woohoo. Kelp Dow in the Ethereum liquid restaking protocol lost $300 million. Boom. And that was through Layer Zero. Cross-chain bridges. I've told you a thousand times, I'll say it again. Bridges are death. Absolute death. Be careful out there. And then the third one is Grand X Exchange lost $15 million. Mostly USD Tron. Some funds moved and converted via Ethereum as well. So, it's been ugly out there and that's why be very, very careful if you are playing with crypto. You there's no help desk you can call or get some support. You're on your own. Be careful.
Next, this one is uh kind of eye-opening. The TLDDR is basically the red is consumer sentiment and it's at all-time lows and the stock market is at all-time highs. So, how can the stock market be so high and sentiment be so low? Well, the answer is it's AI. AI is breaking everything, changing everything. It's pushing stocks up, but only sadly for a very small group of people who've got exposure to AI stocks and AI assets. So basically, we've got this weird split economy right now. We've got people in AI stocks and Wall Street. They're winning, thriving, killing it. We'll get more into the importance of weeding out those needles in that haystack. And then Main Street, everybody is struggling. So when there's talk of everything's fine out there, no, it is not by any stretch of the imagination.
Now, that was the ugly news. Let's get into the good news. The bad news first. Fear and greed still low, but out of extreme fear for the first time in ages. That's a win. And crypto has actually been very good. So I think the fear and greed index for crypto has been very laggy lately. Anyhow, other cool chart. This is from charts BTC. And this kind of, it's interesting to go back and look at the different cycles. Again, I've shared this before, but what is interesting with the way this is scaled is if we had the prices and the action from the previous bull markets, the target we would have gotten to is a lot higher. So, for example, if we had the bull run in blue, that was a 2014 to 2017 situation, but that occurred from 2022 to 2026, the price of Bitcoin would have gone to $800,000. Not bad. If we had the previous cycle uh in yellow, the price would have gone north of $250, $300,000. But this cycle that we had was extremely muted. I'm still trying to figure out why we didn't have a traditional bull run. So many reasons, you know, miners hodling, then minor selling, then ETFs happening, and then the treasuries happening. Um, but I think I may have stumbled across it yesterday when I talked about the impact of inflation and deflation. And the people always thought for years the narrative was, well, Bitcoin does really well in an inflationary environment. Actually, the opposite is true. That I proved yesterday. Bitcoin does better in a deflationary environment. So I'm going to dig more into that and create a different piece in it. I also owe you guys a cohort analysis of the wallet changes because they have been radical. Again, that's coming, but it takes a long time to prepare that. But I will, I promise you, I will get that as well as so much more. So, let's move on.
Uh, this one too. Don't get too excited though. I joke. A scientist predicts. I won't even give you the name of the company, but a firm called Etherealize. Guess what? They're probably invested in. Yep. But they said Ethereum is going to $250,000. This type of price prediction makes Tom Lee look conservative. And coincidentally, their scientific process is to take the market cap of gold, which is $30 trillion, and divide it by 120 million ETH, the price $250,000. That was it. And they believe it's going to the market cap of gold. I don't believe, and I've said this now for nearly 5 years, ETH is too slow, too complex. And in the age of AGI and AI, finality is the product. Speed is everything. There is no time to wait. You can't wait 10 or 15 minutes for a transaction to clear or two and a half minutes. It's got to be 20, 30, 40 milliseconds. That's it. That's all the time you've got. Anyway, moving on.
Why crypto is nonsense. Uh, I shared this on Twitter yesterday just to kick some things. And what is kind of mad again, it's why sometimes crypto is not just the wild west, but it's utterly illogical for so many reasons. This is the market cap per daily transaction on ETH and Solana. The ETH market cap per daily transaction is $160,000. Solana is $500. That's a 300x valuation gap. And there's many metrics. You can do the same thing with daily active users, market cap, etc., etc. 300 times more expensive. By the way, if you go to things like Cardano, it's like, I don't know, $25 million per user or something. I don't even look at that anymore. It is insane. But the point is, this is how you value chains or or assets like whether it's Meta or Facebook or WhatsApp or Google. It's a lot of it is about users and newspaper, etc. So transactions, usage. We'll see where it all goes. But this is kind of crazy right now. I've never seen it so disjointed, illogical. When will it change? I don't know. Tired of waiting.
Let's get into the good news. Bitcoin's up 12% in April. That's okay. We'll take that. A week ago, it was up 11%. So, it's gone up 1% since then. And remember, the month of April is the second best month of the year for Bitcoin. See if this pattern continues. Crypto last week. Move myself to the top left. Uh, everything compared to Bitcoin, Binance, Tron, XRP, XMR, whatever Bill is, XLM, they all beat it. But ETH down 3.6% against Bitcoin and SOL down 2% against Bitcoin and Hype sold off hard as well as Zcash. Zcash down around 10 or 20%. Not sure why. Um, in terms of actual dollars, Bitcoin up nearly at $76,000. We did hit $78K briefly a few days ago. It has reverted a touch, but it's holding up real strong, especially considering the on-again, off-again situation in the Middle East, which we won't go into, but uh, overall things were not a bad week.
Now, there's a couple of things that are happening that are important to look at. Uh, first of all, you know, people are getting probably tired of saying, "Oh, exchange Bitcoin imbalance on exchanges, supply crunch, etc." But this is interesting. And over the last month, exchange reserves have declined by 105,171 Bitcoin from about 2.7 million to about 2.6 million. And it has continued as well for many consecutive weeks. I think two months now, seven or eight consecutive weeks. And the notable fact is that the first half of April, Bitcoin was trading in the $67 to $72K range. And the reserves showed no meaningful inflow spike even under price stress. Holders didn't send coins back to exchanges to sell. The code for this is all the selling is done, which is good. As long as the money is flowing in and the selling is done, the price will go up. It's that simple. Don't overthink it.
Now, another on-chain news, too. This is a synchronized signal. It's the 30-day net flow, and it dropped 300,000 Bitcoin. Again, while exchange reserves have been declining for 7 weeks, this here is a very strong exchange outflow signal over the last few months. And though not at historical extremes, at down at the low end, but fewer coins on exchanges means less selling supply. And of course, this more drainage as well is also a good thing. So these are kind of two bullish factors. In addition, ETF flows, they were good. This is global, remember, $1.4 billion flowed into digital ETF ETP funds all over the world. Brazil, Switzerland, Sweden, you know, US, Canada, etc. And the risk sentiment for crypto is really improving because, you know, when TRFI comes in, it's a good sign. Also, IBIT and the Morgan Stanley new ETF. Pure green all the way. Big money, but catching up. But the IBIT money has really come back hard. We had April 9th, nearly $300 million, $213 million April 14th, $300 million April 15th, $300 million April 17th, $256 million April 20th. That's big money flows. And that's on top of the crazy buying that Sailor's doing at the same time. So some of the ETFs are really, really going well.
Another view of this is Bitcoin. How much they pulled in across the different assets. Bitcoin $1.116 billion in. Not bad. Year-to-date flows over $3 billion now, if I recall correctly. And that probably has helped the push through $76,000 Bitcoin. Again, sentiment is turning. All the tread-fi companies are coming. Ethereum pulled in $328 million. Great job there. XRP, Solana recorded XRP big dump $56 million. I was actually thinking it was a week or two weeks ago. I saw a huge inflow going into XRP. I was like, who is doing that? And Solana down $2 million. That's basically nothing. Apparently, for some reason, the funds in Switzerland were selling off. I don't know why. I don't know why the Swiss are dumping, but uh, that's all she wrote on this one.
And another view of Bitcoin ETFs. You can see here, this is on the weekly for. So for this show, I aggregate the ETF flows for the week since inception, so you get a better feel because the intraday noise is sometimes messy. But you can see we've only had one red week over the last nine weeks. That is very positive. Very positive indeed. Yes, the beginning of the year was a bit bumpy, but since then it's been good. Uh, and this is another sign of how big the ETF flows are into the Bitcoin ETFs, which again, very positive. You can see that's a record high, biggest inflow for on the weekly since the very beginning of the year. So again, watch that. That drives a lot of the price. As I said before, for every billion dollars that flows into Bitcoin ETFs, price goes up 3%. Take that to the bank. And I've analyzed two years of data, more than that, two and a half years of data on that, nearly.
And back to Micro Strategy, the other big buyer of Bitcoin. This is from James Van Stratton. He calculated that there's two eras. There's the pre-stretch era STRC and Micro Strategy since August 2020 when they started to June 2025. Thank you for doing the math, James. Save me the trouble. They bought 153 Bitcoin a week on average for that 5-year period. But hey, then something happened. Then the stretch era kicked off July 2025 to today. They are now buying 3,267 Bitcoin a week. That's a 2.2x increase in weekly Bitcoin accumulation. How long will this continue? If, if this stretch product continues to just keep on stacking Bitcoin and keep on growing momentum like it is and it doesn't slow down, you know, they're going to hit a million Bitcoin very soon. And it's theoretically possible as well they could get to 2 million again if this STRC product starts sucking all the supply from Bitcoin. And this is what Sailor knows because Ian knows uh rocket mechanics, rocket physics. I can't remember what he studied at MIT, but basically it's a finite asset. All he has to do is suck it in and then the price goes up. It's the most simple formula in the whole world and that's what he's doing. And remember, just to pay the yield on the STRC, they just need the value, the price of Bitcoin to grow by about 2.2% per year, which coincidentally is confluent with this 2.2x increase in weekly accumulation. We're seeing a lot of twos today. So again, this is for me, somebody who spent his life with numbers, it's so exciting to watch and I'm glad you're all here watching it too with me because if you like numbers, you're watching this show. Thank you.
Now, let's look at the top Bitcoin holders. I'm also doing another analysis, not just cohort analysis, but people have asked me to do a whole coinership analysis update again because that has also changed. I've calculated many times there'll never be more than 350,000 Bitcoin whole coiners on the planet. That's just gotten a little more extreme because here you see players like IBIT and Micro Strategy. Yes, you could argue if I bought a truckload of Micro Strategy shares on my whole coiner. Technically, you have that value, but you don't really have the ownership. Imagine having one Bitcoin on a cold wallet that you can lock away somewhere secure. That is what we're talking about. So I will do that analysis as well. I'm running through all the data and the impact of these big stackers. You know, things like US government, 330,000 Bitcoin. When you see things like Bitfinex, Binance, Coinbase, they are a combination of holdings, retail holdings, etc. Maybe in custody. Um, but either way, it's changed a lot. Even, even just adding Micro Strategy and IBIT together, it's over 1.6 million Bitcoin. Huge. Huge. I remember actually when the two of them combined had more than Satoshi, which by the way, per this, shout out to Huddle 15 Capital. He has 1.12 million Bitcoin in the Satoshi bag. I calculate 1.05. I need to check in on that too. See who's correct. Either way, fascinating to see the demand for this. And look, just look at the tiny number of players that are sucking all this supply up. Tiny. Watch this space. The big tread-fi companies have yet to come.
And this is a cool piece. Who would have thought? Henry Ford 100 years ago. Shout out to Bitcoin along too. And this is from the Fiat archive. And I shared this before many years ago, but I thought it's worth revisiting again because it's so prescient how smart Henry Ford was. Not that the current CEO is very smart, but Henry Ford surely was. And he predicted literally an energy currency would replace gold and stop wars in the future. Remember, we're moving in this whole AI agentic world. Everything is about atoms, energy, compute, scarcity. That's it. Forget everything else. Nothing else matters. You know, when software is eating the world, that era is over. Now AI is eating software and the world. So, buckle in. It's going to be a fun ride. Shout out to Henry Ford.
Uh, old season up to 41. It was 39 last week. No big change there. And when we look at the different assets, I'll turn off my camera for this so you can see it all. Uh, this on the top is the top 50 change of price over the last seven days. At the bottom is the top 50 cryptos change of price over the last 30 days. You'll notice nothing really happened. It's all kind of steady Eddie. You've got uh Zcash won the 30-day score, but Zcash gave 20% back over the last 7 days. So, they must have been up nearly 60% over the last month, but then gave a big chunk back. Other names at the top, XLM doing well, etc. Polkadot. Polkadot. Nobody even uses that and that's doing well too. So again, crypto, crypto is interesting but also illogical. Anyway, the point of this is nothing has really moved over the last 7 days and 30 days. Small nuances in between, but in the middle, like Solana is basically flat last 7 days, last 30 days. Bitcoin pretty much up a little bit over the last 7 days, last 30 days. But that's all she wrote.
Let's look at solid ETF flows. We had three tiny little negative weeks and then a big green week and then so far, by the way, this little dip here, that only includes yesterday. So that week is only representing one day of flow. We'll see if it continues as we go forward. And before I forget too, big thank you to Sir Winston, Holly, Killa, Lex, Gravity, Bman, Bookhorn, Piper, Sel, and DBF430. And of course, Shaund D, TND, Cipher Sniper, and K8. Appreciate you all. That's the solid ETF flows sucking in just $3.3 million so far, but that's just for one day and nearly a billion dollars in these things. And they began a lot later than Bitcoin and Ethereum. Ethereum flows slightly positive as well, sucking in $67 million. Not bad. $67 million versus three. Ethereum is still a much bigger machine. And TRDFI likes it. Treadfi loves it because they don't analyze it and Ethereum is big and it's the brand that's known. However, in the future, I can't wait to see what the world looks like in 5 years. Who knows what'll even exist? We'll see.
Stock fear and greed. Switch gears now up to 70. Everybody wants to grab stocks all of a sudden. Crazy stuff. Again, normally fear and greed for crypto and stocks go hand in hand. The last couple of weeks they've been absolutely disjointed, just like many other things in life. And this is an important section actually, we get into stocks because everybody needs stocks, okay? Not just crypto. It's good to have a little bit of both. But this is where the world is really changing very fast. Over the last week, Nvidia up 4.5%, Broadcom 6%, AMD 14%, Microsoft 9%, Google 2%. Uh, what else moving? Tesla 8% and Tesla gave some back today and uh yesterday as well. Amazon 3%. Walmart's even up too. But again, a lot of the other stuff is kind of red. But all the action is happening around AI right now. Micron up 3%, but that was on a rampage the week before. So things are looking good and we'll talk more about a couple. Palunteer up 8% too. Uh, but this is one of the key stories and I've been hammering this. I've made dedicated videos on this many times about wealth creation and how you need to be extremely careful, not just not just with crypto to excise the winners, you know, 300,000 cryptos or 3 million cryptos, whatever it is now, I don't even know, I gave up trying to count, but you need to be in the top two or three, that's it. The rest are going to zero. The 99.9% are going to zero. That's just a fact of life. Let's look at some stocks now here and get a feel for where they are.
And this is from uh Charlie Bellow. It's a different view of my chart, which you saw in my video a year ago, by the way. I talked about how you need to be in the top 0.3% of stocks, not the top 3%, and the bottom 97% lose your money. Historic reality. Over the last 100 years, 86 stocks, that's 0.3% of 30,000 stocks, created over half of all net worth. 86 names out of 30,000. But it gets even more crass with this chart from Charlie. What he calculated was, and it's a humbling reminder, by the way. A lot of people think you need to be diversified, lots of diversification. I call it diversification. But the real wealth creation in markets has been to have brutal concentration in a handful of exceptional businesses, aka winners. You even owning one of the right ones is enough to make a big difference to your portfolio. And holding it long enough for compounding to work its magic. A lot of people sometimes may own, they'll own a great asset, but they'll sell it way too soon. You know, it could be um Apple after, you know, when it launched the iPod, it did really well and then they sold before it launched the iPhone and then never got back on the train. Then they missed everything. But this cool chart shows you all the wealth created by some of the companies. And by the way, uh Tesla's on the list. It's created 1.4% 4% of all stock market wealth over the last 100 years, but it's only been around for 15 years. Okay? Walmart's been around for god knows how, probably 60, 80 years. Apple has been around for 40 years. Nvidia 35 years, but look at these, these companies. The big message here is eight of the 10 are technology. There's a reason I don't play with Exxon and Walmart. Even though they are killers, they did really well. The rest is all technology. It's all disruption. That's where the money is. Now, we're going into an era where I believe wealth will be even more concentrated across fewer winners because of AI. And there's going to be the most incredible set of disruption. But the point is here, you got to own your Apples, your Nvidias, your Microsofts, your Apples, your Metas, Teslas. Uh, you know, had you had to own them in the past to make a big difference to your portfolio. If you didn't, you missed out because of the concentration. Again, 30% of all the wealth came from 10 names over the last 100 years. 30,000 stocks, 10 made 30% of the wealth. Just sit on that. Write it down. Think about it. Think about it very long and hard. You have to spend an inordinate amount of time researching and finding the winners. I probably spend 40 to 60% of my time looking for the winners over multi-year periods and analyzing them to the nth degree. That's the key. And once you can do that and you can do it well and you can find the winner, you're golden. You're going to be rich. It's that simple. It's not hard. So, thank you, Charlie Bala, for that one.
Um, back to Tesla. I believe Tesla is the best risk-reward on the planet right now. They're supervised, unsupervised cars. They're now 17 cars running around unsupervised. They opened up two new cities over the weekend. And this is just the tracker. This doesn't track all the cars. There's a lot. It's probably deep into a thousand cars right now, but they track 611. And again, they're adding a bunch of cars every single day like clockwork. I've actually built a tracker using technology. And now they have cars testing in 37 cities. And they're live in four places, like the whole Bay Area, which is technically four or five cities. Um, Austin, Houston, and Dallas. So, it looks like they're going big bang into Texas. And what I didn't realize was how large Dallas and Houston metro areas are. They're huge. I think, you know, they're the fourth and fifth biggest metros or the third and fourth biggest metros in the country. And the most important thing from this as well, there should be an M there beside 175 million people in the 37 cities that they've chosen. That covers 175 million people, which coincidentally is half the population of the United States. Boom. And FSD is coming to Spain and Italy. Shout out to TD Tesla in Spain. And Italy wants to fast track it. And Spain has 30 vehicles testing on the roads. And what'll happen, as with everything, it's slowly at first, shout out to the Dutch, they were the first to jump on. Now everybody will want it. If the Dutch have it, the Spanish will want it. So all the Italians, the Germans might be a little bit late, and the Norwegians will definitely want it too. And then the Brits and everybody else, then it'll snowball. And if you are in a country that doesn't have it, you're going to shout at your politicians, say, "I want this." It works anywhere. And it's going to be crazy to watch how this develops.
Now, another big news from the week is Marvel. I call it Marvelous. Marvel, it's, get this, it's up 118% since Feb. 118%. All of the AI stocks have been incredible. Your Broadcoms, your Microns, your Google's, just crazy revolution happening and this is already a very large company. But to go up so much in weeks is insane. The chart is just, it gives me a little bit of vertigo actually, but there's no sell signal on the ATR model. It just keeps on making new all-time highs. Keeps on going up. And part of the reason it keeps on going up is because Google, again, just like Elon Musk, they want all the chips they can get. And Google makes chips with Broadcom, their TPUs, uh, their new, their preferred architecture for inference. And now they're working with Marvel to build two new TPUs. I think it's tensor processing units uh for more inference from Marvel. Give me all the chips you can get. Again, software toast, hardware, not toast. Hardware making a ton of money. And now you've got partnerships happening all over the place. You've got Google partnering with Marvel, multi-year deal out to 2032. I think you've got Nvidia um selling stuff hand over fist. Broadcom working with Google. Anthropic working with Google and Broadcom. And the growth is like nothing I've ever seen before in my life. You have to have part of this revolution. Don't necessarily chase this right now after going up 120% in a couple of days. But uh, just one many example and I'll go back to my 21 charts, not tomorrow because something else going on tomorrow, but I'll cover that probably on Thursday or Friday. We'll analyze all the things. And every week I promise to find a deal and that's always fun to watch. We'll see how my deal last week worked. And the one before was incredible. It made like 65% or more in a few days. Anyway.
And there's no data center bubble. This is another cool chart that shows that data center construction now has grown from $3 billion in 2016 to $447 billion today. And it keeps on going up and it surpassed general office construction as well over the past 3 months. And this is despite the fact that I think about 30 states in the United States want to ban data centers. Data centers bad. But it doesn't matter. Humans are creative. They will always find workarounds. They'll find workarounds to get power. They'll find workarounds to get processors. They'll find workarounds to get memory. They will make this AI thing happen. There's no stopping this train. As Lyn Alden would say, there's no stopping this AI train, as I would say.
Let's move on. Most active options. What's also fascinating about this, guess what? You know, if you look at this list and you look at the stocks that I own, there's a huge amount of commonality. Tesla, Nvidia, um, Micro Strategy, AMD, Broadcom, Palunteer, Marll, Google, Micron. I don't own Intel. I mean, half of them I own. But this is also the most, the list of the most actively traded options on stocks. Not just stock volume, but also options volume. And to top list, 3.43 million contracts per day. Tesla number two, 2.46 million contracts. Nvidia. Why do they trade options? Because from Joy in the beginning, that's where the money's made. Again, think of it like safe purping where you can't get shafted by an oracle or crypto bros or anything like that. Anyway, that's options. And it's just insane to see the amount of volume. I remember when I started trading options in the early 90s. There's nowhere near this. You might see a thousand contracts a day, 5,000 contracts a day. Now we're doing three and a half million contracts on one stock. Bonkers.
And earnings, big earnings coming. Again, some of the things we just mentioned, Nvidia, Tesla is tomorrow, Intel, etc. The next month is all the big tech names that we watch. AMD, keep an eye out. There can be big volatility around earnings, which is also why options are traded to hedge risk and also make some extra alpha. So watch this space carefully and tomorrow I'll be on the earnings call with the whole team on Cyber Bulls. I was streaming here on this channel. It's a long one. Starts at 12:30, but uh, it's always good to tee up exactly what we expect, what surprises we get, and then a deep analysis at the end of it as well. And then I capture all my thoughts too. So, check that out.
And back to stocks. This looks a bit fuzzy, or am I going blind? But this is the year-to-date buyback authorizations for the Russell 3000, all-time high. Now, the smaller companies, not just the big companies, are doing stock buybacks, but the small companies are doing it too. And finally, one thing I do want to mention, stick myself up here. This is, I didn't want to do a fun meme to Europe because these are serious times, serious matters. And this is Kevin Worsh. He was interviewed today trying to get qualified to be the new Fed chair. I hope he is. He's going to be an interesting cat because he is young. Well, he's young because I'm a lot older than he is, but he's also very well educated. He understands AI and technology and crypto. He also understands that the Fed always had very bad, laggy data. He understands what's coming for the job market and inflation will become very deflationary with AI. He also understands how much debt the US government has at $39 trillion. And I added a little chart there from the IMF as well and they talk about the fact that the amount of debt. The world is going into a historic debt crisis and the only way the governments can survive is to print more money. Therefore, you need to own hard assets. But the government world debt is projected to surge to 102% of GDP by 2031. US is already north of 130% of US GDP. But this is global GDP. And this is a level never seen before. Maybe for a minute during World War II, but that was it. Debt is going through the roof. And again, nothing is stopping that debt train either. So the big moral of the story today is things are spiraling out of control. You got to be on the right side of the trade to survive. All these videos turn into podcasts and substacks, etc. And I hope you all learned something today. Big thank you once again to the gang here and to the mods in the chat and Piper and the whole team. Thank you all for coming. Hope you enjoyed the show. See you tomorrow on the Tesla earnings and uh, it could be interesting. I hope we get a surprise or two. They always have a surprise. What that is, I don't know. One thing I can guarantee you is volatility in stock price after Tesla went from 330 to 400 just in a week last week. It's taking a bit of a breather right now and the earnings will suck. They always do. But once they are announced, a minute later, it doesn't matter. It's history. Now you got into forward guidance. That's all that matters. Thank you all for coming. Have a good night. Bye.