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0:00:02 – Announcer

Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary direct from Wall Street right to you on Main Street.

0:00:16 – Daniel Creech

How’s it going out there? It’s Wednesday, February 26th, and you’re listening to the Wall Street Unplugged podcast, normally hosted by Frank Curzio, but, as you can tell, he is out and about whining and dining, wheeling and dealing boots on the ground research for you subscribers, leaving me, Daniel Creech, research analyst here at Curzio Research, behind the mic to fill in today. Greetings, I couldn’t be more honored or more happy to be here. It’s always a pleasure to fill in for Mr Frank, but have no fear he will be back manana. So for all you Wall Street Unplugged premium members, be sure to check out tomorrow’s podcast, because Frank will be back in the saddle again as Aerosmith sings about.

That leaves me Daniel in the podcast here today to talk about whatever the flying Florida I want to talk about. Yes, I have full reins for let’s call it the next 30-ish minutes, but we are going to have fun. No doubt we’re going to go through and talk about the market sell-off, not only in equities but also crypto. We are seeing red everywhere. When will the pain stop. I will look into Creech’s crystal ball here. Give you guys some things to look forward to, some checkpoints or benchmarks to follow, and remember, do not panic. That does no good. It lets emotions lead and we do not want to do that. I will also talk about some comments from hedge fund manager Steve Cohen regarding our markets, and then get into the cryptocurrency sell-off. What, if anything, has changed surrounding the bullish narrative of a new Trump presidency? All righty, let’s do a quick market check here. We’ll switch over to Finviz For once in several days.

Look at this, people. Take a snapshot, freeze it, frame it, send it to your friends. I know markets have only been open less than an hour right now, but look at this we have green across the Dow, the NASDAQ and the S&P 500. Wow, all right, let’s get to something serious here. So let’s check out some high flyers. We have App11, which has absolutely been sold off from the top. It was over $500 a share just about a week ago and that has fallen from $500 down to the $300 level. There was also a short report out on this company today. We’ll check out another high flyer Palantir. As you can see, popped to over $125 right around 125, and then sold off hard to under 90, seeing a little bit of green Notice. It fell right to its 50-day moving average. So we’ll see about all these guys. Now Meta continues to just even it’s back in its uptrend. But listen, this thing went up for what? 20 days in a row or something ridiculous. Even it pulled back from about 750 to 650 and seeing a big pop there. Now, what is behind all of this kind of nervousness and or market pullback? And I want to share some slides with you here, because this is pretty interesting on just seeing how quickly things can change, how emotions and leverage okay, leverage is key here.

Let’s switch over. So this is from CNBC, and JP Morgan put out this for this Monday and it says in the first two hours of the session, retail investors that’s you and I, the little guy, retail investor sold $1.1 billion in stocks, which was the largest outflow. And that’s just the first two hours on Monday. That was the largest outflow since March of 2020. Now, anytime you say that, what do people think? They think of COVID? Covid was the end of the world. Markets crashed for what a couple of weeks before the Fed turned the printing press back on and saved the world, as they do once again.

Palantir, baba and the Magnificent Seven were big sellers by retails and again, the big takeaway here is holy cow, this is the biggest sell-off since March 2020, meaning retail investors are finally throwing in the towel. Let’s put a little bit of this in perspective. We have had unbelievable runs and I got to give credit to Frank Curzio here, because whenever you hear stats about you know hey, we have record mortgage debt or record credit card debt. You only hear one side of those arguments and just like this hey, there is a lot of selling pressure. There has been a pullback in the markets. The S&P 500 and the NASDAQ are down between 4% and 6% just in the last trading week, and I understand that when market indices like the S&P 500 or the NASDAQ move 4% to 5% to 6%, you’re going to have a lot of individual stocks move much more than that, just as I’ve showed you Palantir Applovin, all your high flyers have really pulled back.

But you have to take this with a grain of salt and look at the massive run higher that these had. Palantir was up a couple of hundred percent over the last couple of years. Apple oven the same, carvana the same. You get these momentum trades in Tesla. Tesla had a lot of momentum right after the election of President Trump in last November. Now, for whatever reason, you call it sales and fundamentals for Tesla you call it sales and fundamentals for Tesla, you call it politics and people being angry with his stances on certain issue Tesla has pulled back over 25% since then. Now I think that’s setting up for a better trading opportunity now than it was, but time will remain to be seen.

The idea here is don’t just focus on the pullback, but you want to look at the run up too, and then you also want to start looking at entry levels to either start a position or get back in, if you still believe in some of these theses. Now let’s just see where we’re at. So we had this massive sell off and JP Morgan talked about this. Now we scroll down and we can look at the fear and greed index and this is from CNN and notice we’re still around. We’re still near market all time highs. Okay, and again, let’s go back to FinViz and let’s just see Look, the recent all time highs are up here at 610 on the S&P 500.

And, granted, we are a little bit below that, but we are nowhere near in correction mode, or say 20% to 25% off. Here’s the NASDAQ as well. And so why am I showing you this? Well, because, but to put this in perspective markets have pulled back from all-time highs. Gold is still around, near all-time highs, bitcoin is even down around 20%-ish from all-time highs, and yet, when you gauge sentiment and fear, we are at extreme fear.

Now, yes, there’s some little bit more wiggle room here to go down. We’re at 23. But you see, one week ago we were in a neutral setting at 47. A year ago we were all the way over here on this side of the chart on the right to the greed section, and one month ago, side of the chart on the right to the greed section, and one month ago we were in fear. So, definitely, the trend has been going for investors to say, hey, we’ve had a great run up, we had a lot of momentum, and now you take this staircase up and now the elevator down and it’s getting absolutely smacked people, which leads to emotions, which leads to more selling, which leads to fear of loss, and the fear of loss and the emotional pain of losses it’s much greater, the way we view them as humans, than when you win or have a gainer. That’s from the great book Thinking Slow and Fast that I’m going through, as I’ve told you about All right, so extreme fear and it’s only getting worse.

And then, when you think about what is going to stop or what is going to cause investors to pause, reevaluate. Because now, as we see prices coming down, you see market valuations coming down, you see these forward PEs come in and now things are a little bit more closer to fundamental. So if you had something trading at a 40 PE and now it’s at a 30 PE, I’m not saying it’s time to go all in. I am saying the valuations are falling with prices and at some point we have to reevaluate and we have to think and say, okay, is this overdone? Is this momentum that was to the upside, now too far to the downside? And then we want to focus on what do we have as far as policies, politics and business sentiment and or results to push us forward, or let us kind of put a Band-Aid on this bleeding here.

Now, what’s wild here is because we have Trump just continuing to be Trump and he’s going off on tariffs and trade restrictions or new trade ideas or rules and kind of everything is changing all the time. New trade ideas or rules and kind of everything is changing all the time. So there’s constant going to be this volatility around all that. But as market prices move lower, you’re going to see Trump comment sooner than later on market equities. Whether he admits it or not, trump watches the stock market, he’s invested in the stock market in different areas and he wants to be a very pro-growth, pro-business president, and the way he measures that is by different inflation readings, different GDP data, but also the stock market. He’s already quoted the NASDAQ and the S&P 500 and the Dow since he took office over a month ago.

When you look at investor sentiment and we’re going to go back to the slides here just yesterday I took this screenshot from briefing and I apologize if it’s a little difficult to read here, but I made some scribbles here and what I want you to look at and focus on is this is the rate cut expectation probability going forward. Now, this was taken yesterday, on the 25th, off of briefing, and what I want to highlight is, as of yesterday, there was a 71.6% probability of a 25 basis point rate cut at the June meeting when the Fed meets in June. Now, why am I pointing this out Because 71% is not a bad. I mean, that’s obviously the vast majority. The reason I’m pointing this out is because a week ago the odds for this were only 44.8%. That’s a 59% increase in one week on a 25 basis point rate cut for the Fed in the June meeting. If you look out to the September meeting, there’s now a 60% chance, or a 59.7% probability, of a 25 basis point rate cut for the September meeting, and that is up from 27 and a half just a week ago. So rates have more than or excuse me rate cut. Expectations have more than doubled again for the September meeting later on this year.

A lot can happen. Why am I pointing this out? I’m simply pointing this out because, right, wrong or indifferent, we have the mindset of the Federal Reserve and the government in general to save everything. Not only do these bastards break everything, make it worse and then take over more control to quote unquote, fix it, but they have the mindset in our scheme of things, have this attitude or this understanding or this kind of expectation that when things get bad or we have trouble or fear or scary or lower prices, or if markets go down, then somebody’s got to step in and save us. We need the grown-up in the room, the smartest people, and the reason I’m pointing this out is because markets have fallen again S&P 500, Nasdaq 4% to 6% in the last week and you see these rate cut probabilities spike Now.

Maybe Jerome Powell, fed chair, has a very strong, sturdy spine and can ignore all the loud yelling and screaming, not only from individuals but the president of the United States, or maybe he’s as human as everybody else and just maybe, if he sees equities continue to fall and crypto continue to fall in this leverage cycle continuing to just kind of compound lower and lower, you are going to hear people screaming. You are going to want to see things happen at the government level, at the Federal Reserve level, and that’s why I think it’s important to see these probabilities spike higher. It doesn’t guarantee anything. I’m just showing you how this works. Now, another key factor in what’s coming down the pike and let’s look into this crystal ball here that I, Daniel Creech, have the House and I’m going to talk politics here because we have to and there’s a bill being debated on right now. It just passed the House and it’s going to the Senate and they’re tackling they meaning the GOP, the Republicans who are in control of the government right now. They are trying to pass a massive, big, beautiful bill, as they call it, with immigration, energy, tax cuts and all the like.

Now, the reason I’m pointing this out I’m not saying if this is good, bad, right or wrong. I’m simply telling you to think, not how to think. We have a pullback in the markets, that’s fine. Pay attention to moving averages, look at some technical analysis, if you want, or just look at basic fundamentals and say, hey, we had a great run. Pullbacks are completely normal. Now, what are we doing from here forward?

Well, the House passed its reconciliation bill, or the first step to kind of kick off that reconciliation process, and I saw Mike Johnson, speaker of the House, was talking last night briefly and thanking everybody and his constituents and all that kind of stuff doing this America First agenda. Now here’s the process. Now the Senate has to go kick around their idea and then they start voting on reconciliation. Now they only need the majority. They being the party in power, the Republicans only need the majority of votes to pass through a lot of things, and that’s what they’re going to do.

And before you get upset and say if it’s right or wrong. Democrats and Republicans are all bastards. They all do this. They all pass massive legislation through different reconciliation and you know, up down votes or what have you. It just depends on where the pendulum is swinging in our society at the time and who has favor. Remember it wasn’t very long ago when Obama got Obamacare through and took over roughly a quarter-ish or 15% of the GDP with the healthcare system. And now Republicans are going to be doing a lot of what they say pro-growth policies through the same reconciliation, while they have power. That remains to be unseen, but I want you to understand that, hey, they are taking up this legislation right now. The House and the Senate are kind of going back and forth and negotiating this. This process has started.

So now, what do I say all this for? Because, as markets are kind of hem-hauling around, we’re through earnings season for the vast majority, and they were okay. Frank’s already talked about that earnings growth and such. Now we have this kind of air pocket because, yeah, we have some economic data, we have some Fed meetings coming up, but now, between now and either a bill being passed or more policies being enacted for pro-growth policies, we’re kind of in this wait and see moment or this uncertainty moment around tariffs, around trade policies, until we have the next earning season or the next big catalyst.

And that’s why not only is volatility kind of quote unquote, normal, but you have to understand what’s kind of behind it, and I don’t have a crystal ball. I don’t know exactly what caused the market to drop four or 5% over the last week, but I can tell you it’s a combination of things One, just being leveraged after a massive run higher. But two uncertainty causes fear, fear can be get selling and then that just kind of self compounds. But it is key that you pay close attention to the reconciliation bill and the House and the Senate are going to negotiate and hammer out. Because if you can get tax cuts, if you can get through energy pro-growth energy policies, if you can cut a lot of regulation, if you look at the immigration stat point and see what that does, if you lower immigration, you have a closed border that’s going to obviously affect the unemployment situation. Unemployment both job openings, both hiring and labor force and such. So these are all massive implications for the economy and we’ll see how this unplays.

But I want you to understand that that is in the background. So be cautious and be open-minded to hearing that, because, whether or not you agree with President Trump on a lot of things, I would argue that a lot of the policies are pro-growth and pro-stock market, and that’s what we care about here. I understand that the market is not the economy and Main Street is not always viewed or feels the same as Wall Street. You can have Wall Street going, gangbusters and Main Street people struggling and vice versa. I’m not denying that. I’m simply pointing out the reality of that and, as you get these more clarity or more understanding on what types of policies could be passed, how that will funnel through the economy. That is going to be more bullish than bearish for equities. So if you’re getting very bearish, check your position sizes. If your emotions are telling you you have too much, if you can’t sleep, if you’re upset, I get it. Trim your positions or cut your losses, but if you’re thinking about just throwing in the towel, I think you’re making a big mistake there, because we do have a lot of pro-growth policies coming down the pike. When does this all kind of stop, or when does the bleeding stop? Or when can we say, hey, with a little bit more confidence, let’s turn this thing around and understand what’s going on. And understand what’s going on Now.

Steve Cohen, hedge fund billionaire, 0.72, and owner of the New York Mets, was interviewed a handful of days ago. It was only about a 17 or 18-minute interview. I listened to it and I thought it was pretty good overall. What I found interesting was Mr Cohen said for the first time in a few years he’s actually cautious on markets. And what he was talking about here is, he said, there’s three things that are basically acting as headwinds Tariffs, as he views on tax as a tax which could hurt consumption.

The immigration slowing is going to impact the hiring and the labor force and unemployment and everything on that side. And then the DOGE, the Department of Government Efficiency, is really austerity cuts and meaning if the government was propping up spending through the economy and you cut government spending, then that’s going to cause some pain in the economy. Now, if that sounds familiar, it should, because it’s echoing what we’ve been saying here on the podcast about listen, when you look at the massive debt and deficits and the deficits of GDP and these trillion dollars per year in spending, if you don’t think that that’s helping prop up the economy not saying right or wrong, but if you don’t think that’s helped propping up economic activity as far as GDP and employment. I just agree to disagree. And what Mr Cohen is saying here is saying listen, you cut off immigration, you’re going to have unemployment go up or you’re at least going to have the labor participation rate go down. And you can see stats. There’s been a lot more foreign born workers in the workforce than homegrown or home native here lately, and that’s not a racist comment, that’s not an opinion, that’s just looking through the Bureau of Labor Statistics. And the point is if you limit immigration, that is going to have an impact, no doubt on the labor market. The way that plays out remains to be seen, but don’t act like changing immigration policy doesn’t have any impact on the labor force.

The other side is this tariffs idea. If tariffs and I have to give Trump a little bit of credit here, because like all presidents and politicians, he’s an absolute egomaniac and he is a bigger egomaniac than all the others takes the cake and I mean that as a compliment, just like I say the best bankster on Wall Street is Jamie Dimon. I mean that as a compliment With Trump. At least he’s admitted that there could be some short-term pain here with tariffs, because if prices go up, then consumers either have to pay the higher price ie that feels like a tax or they’re going to do without and shop elsewhere or exchange products, meaning your level of satisfaction may go down even though the price of something new stays the same. And he has said listen, there might be some short pain. He’s backing that off. No politician wants to admit that the people that just voted for you are going to have some experience in pain. But as these policies unfold, you’re already seeing some pain and some volatility. Just understand that that’s the new norm and just continue to understand what you own and why you own the things that you do.

And with Trump and Musk doing this doge effort and such, I agree with Steve Cohen because, again, that’s echoing what we’ve been saying you can’t just take a sledgehammer and slash the budget without any pain. I still think it’s necessary. Don’t misunderstand. I still think that’s a great idea. Because what if and this is kind of a fun conspiracy theory because what if the Fed has to act on rate cuts even though inflation is going to remain stubbornly high and stagflation is here? I’m not saying anything new on this podcast or telling you guys that I don’t think the inflation is going down to 2%, like the Fed has been telling you to. What if Doge and Trump gets his way? And let’s say, we clean house a lot on the government side? But what if there’s so many layoffs and there’s a spike in unemployment that the Fed has to react? Or the change happens so quickly that it causes so much noise and aggravation that the Fed hints or even changes its language about being there as this economy transitions back to the private sector. Can you imagine how crazy the media would go if the Fed has to cut rates because unemployment is spiking or the change in unemployment is spiking because of government layoffs? Oh my goodness, people, that would make for some interesting headlines.

But back to this. Steve Cohen comments on and he says listen, this pain isn’t going to last forever. We just have to understand and see how this plays out. So you have tariffs, you have the limit of immigration and then, if you have these doge cuts, it’s going to lead to austerity and some short-term pain. Now I’ve said many times here, and I’ll wrap this up quickly In my opinion, what Donald Trump and the Republicans need to do is pass the legislations, get through their pro-policies for pro-growth, because you are definitely going to have some pain. You are not going to change this system without any pain, even if it’s for the better over the long term.

And Steve Cohen made a comment about hey, this could be a tough year or a tough stretch. And what I want investors to think and prepare for is what if 2025 is similar to 2022? And I don’t mean that markets may fall near as much, but what if you have a sideways to lower market this year as you have? All these policies and the politics get kicked around and passed through the House and the Senate as Trump’s administration members get confirmed, get settled in and really have. You know, after the noise and dust settles, you have a real full agenda and the working power, all the resources, to implement the quote, unquote America first or Trump agenda going forward. My point is is I want investors to brace for the fact that this could be a bumpy year, and I’ve said this many times and I’m sticking to it.

The reason, in my opinion, that Trump wants to get all this stuff done and the GOP must do it is because you need to feel the pain that’s coming and get on the other side of that and be able to see that through economic data and commentary from the American people on Main Street by the time midterms roll around. So you have a short window here of saying listen, we’re going to do tax cuts, we’re going to do energy, we’re going to do immigration, we’re going to do all these trade policies, we’re going to do all this great stuff that is pro-growth, pro-america. But the initial ripping of the Band-Aid off or to implement all those is going to be painful. You could see lower equity prices, you could see higher prices through the Consumer Price Index and such. But make no mistake, if you get these through and that’s a big if these policies are more pro-growth, and that would be coming out better on the other side. So all your high flyers are pulling back. Don’t look at the pullback without understanding the massive run up there. Keep things in perspective. Do not let emotions control your thinking and or let alone your actions, because that is just an absolute disaster. Recipe for disaster, recipe for disaster people for disaster recipe for disaster people. Okay, 25 minutes in and now we’re going to talk about crypto, similar to the equities, but I want to give you some crazy strong policies that are coming down the pike here.

Back over to my wonderful spreadsheet. Not only are stocks from CNN in the ultimate fear index labeling, but this is from CoinMarketCap and we have the crypto fear and greed index and you can see this that we are at 29 now. Now again we are 20-ish percent. Bitcoin’s all-time high was around 107,000. It’s around give or take 88. Today. We’re down a good bit from its all-time high, but we are not 30%, 40%, 50% down. We haven’t seen this. We could. Of course, crypto moves like crazy, just like stocks, with being close to all-time highs. From an indice standpoint, the crypto market is already fearful. We’re in the fear zone and you can see here. You have extreme greed up here on this chart, then you have greed and then neutral and we are all the way down here in fear. Which pink matches my wonderful shirt today? Don’t run away from volatility and fear people Embrace it and understand it. All right, let’s look at a few tweets.

On X. This is Eric about Tunis. I’ve talked about him several times. He’s a big ETF guy, an analyst and somebody I respect. You guys ought to follow him. We ought to get him on the podcast. Actually, I think he would have a great conversation with Frank. But just like I pointed out the equities falling like rocks in the higher flyers. Check out Bitcoin. Etfs sold nearly a billion dollars in outflows yesterday and 1.8 billion on the week. Holy cow, that means just like I showed you with retail investors they are voting with their feet and hitting the exits. People, to hell with crypto. I’m out of here or maybe not because the 1.8 billion on the week is less than 2% of all assets, and I love how Eric says so. Over 98% of the money is holding hold on for dear life. All right, and there’s some good stats there Again. Check him out at Eric Balchunas on X and then we can check this out. Alex Thorne he’s the head research guy at Galaxy Digital company that I am very familiar with. I’m going to do some more YouTube videos on that, or actually start doing some YouTube videos on that. Look for those over the next week or so to hit that.

Now. We keep hearing a lot of this. Well, I don’t know if you do. That’s why you tune in to stay in touch, but there’s a lot of financial headlines around Bitcoin and where the price is going to go, and this $70,000 level keeps coming up, and what I want is prepare for. Are you prepared for Bitcoin to trade at $70,000 or lower, bitcoin to trade at 70,000 or lower, and if that makes you sweat, if you’re driving, hands on the wheel, eyes forward, if you’re not driving, look at me. If you started to sweat there when I said that Bitcoin could go to 70,000, or imagine Bitcoin at 70,000, then you may have too much exposure to the market and I’m not telling you to get out. I’m telling you you should have exposure to cryptos and equities.

I’m pitching my own book, yes, and I’m not running from prices moving lower and it hurts and it sucks. I’ve been honest with my Galaxy position. I’ve been down over 80%. I’ve been up over 100%. I’ve watched that basically level out. I’ve watched all my gains in the last week go down like crazy as my cost basis goes up because I’ve continued to buy shares. I am not running from the fact that I am down a lot less. I am simply pointing out that this is just another volatile cycle, and then what I want to provide value for is to explain what’s coming down the pike, what’s going to actually move markets or what has potential to, and so the $70,000 level.

There’s a couple ideas here. One, Alex Thorne, head of research at Galaxy put out a great tweet and said listen, there’s this. Here’s a great chart and it shows this big gap here between 75 and 85,000 where not a lot of cryptos were brought on chain. And then he even calls out the 200-day moving average is around 81,600. So, just like we talk about with stocks, if you’re falling towards your 200-day moving average, a lot of times that can act as support where the stock will hit that 200, either go sideways or reverse and go higher. Same thing with Bitcoin Now the $75,000 to $85,000, this chart that I showed you here. He talks about hey, almost no coins were moved on-chain in that range. We rocketed through it very quickly, meaning we could retest it. All that means is that when people do on or off-chain transactions, the on-chains are much more trackable and people can lead to say, hey, if they’re putting this on there, maybe they’re moving it to go ahead and sell, or you could act as an area of support and or resistance resistance. The point here is listen, there’s a gap between the 75 and 85, meaning that if we break through this 88, 87, 86, we could fall all the way down there and kind of this washout and before cryptos kind of gather or find their ground before heading higher.

And another reason I want to point that out and to keep things super simple here is this is just a chart from CoinMarketCap out. And to keep things super simple, here is this is just a chart from CoinMarketCap and you can see my emoji of the fire in between this gap. But this is going back to March 2024 here on the left side of the chart and you can see. Essentially, I just drew a simple line around the 70,000 mark because it was trading here from March to November, bouncing around between 70 and 50,000. And then what happened here in November? Well, obviously, the election happened, very pro-growth candidate one versus the other, and you had this massive spike here. So there’s not a whole lot of sideways move it. There’s not a lot of. It just broke through here. So if and again, I’m not my crystal ball is broken. I’m simply being very macro here on support and resistance. But it doesn’t take a rocket scientist to look at this chart and see this massive gap here and think, okay, what if it fills that gap or falls down closer to the 70,000?

My point to you as investors are do not lose sight of the bigger picture here and, again prepare for Bitcoin to fall to 70,000. What are you going to do? Are you going to add to any of your existing positions? Are you going to wait until it gets to 70,000 and be so gosh darn upset and emotional that you’re going to pitch out and sell everything then? Or would you just understand it and think, hey, we’re going to wait for a bounce? Because what I want to explain is that, in one sense, you should beg crypto to get down to 70,000. You should want lower prices if you still believe in the thesis and the accumulation stage that we’re in right now as some pro-growth policies get implemented. Now, what do I mean by that? To finish up here quickly, I want to ask and, like I said, I’m not running from the price is going lower. It sucks watching your stocks move down.

However, I want to ask you something what’s changed on the crypto front from the last two weeks, or even the last month give or take, when crypto set an all-dune time high? And what I mean by that is do you think that Trump has changed or pivoted from his stance? We’ve actually seen some amazing and positive news in crypto land very recently, but the market could give a flying Florida about that as prices are crashing, and what do I mean? What have we done? Well, we’ve seen the SEC Security Exchange Commission who is still waiting for the new acting chair, who has been nominated in Paul Adkins. He has not been confirmed yet. They do have a sitting chair, of course, but the SEC has dropped cases against Coinbase. I may talk more tomorrow about that. Brian Armstrong, ceo of Coinbase, had some popular and interesting comments on that. They’ve also they being the SEC has also dropped a case against Robinhood, crypto exchange and stock exchange, et cetera no-transcript. So, in addition to that, Howard Lucknick got confirmed as Commerce Secretary. He’s very pro-crypto and if I could share a few things with you, this is from the Trump Media DJT stock and this is back on the 29th of January.

And again, this is good to point out now, because prices are dropping and investors are getting fearful and I completely understand that. But you don’t want to lose sight of the big picture, because if nothing else has changed behind your thesis, then you definitely shouldn’t sell. You should at least look to accumulate more, and I’m not saying in the over leveraged standpoint, I’m simply saying to take advantage of the opportunity that still exists. So this is just a press release from DJT, the Trump Media and Technology Group, from January 29th, and they are highlighting that they are diversifying the company’s cash holdings of over $700 million. And they have. They, being the board of directors, have approved a $250 million initial investment to be custodied by Charles Schwab yes, the big broker and this is for separately managed accounts, smas and exchange traded funds, etfs. So they have they.

The DJT stock has 700 million in cash. They’re going to take 250 million. Put it in Schwab, let Schwab run these different assets and such. Now what kind of assets or what kind of ETFs and separately managed accounts are they? Remember this is the holding company of the president of the United States? Okay, so this is very pro equities and crypto, in my opinion. Does it guarantee the prices are going to go higher? No, but what it does do is it should show you that there is still a lot of stuff coming.

We are still only a little over a month into this second administration for Trump, and if you don’t think the momentum is going to come back or that pendulum is going to shift again, I would just agree to disagree. Now let’s move forward to February 6th, same Trump Media and Technology Group putting out another press release about its SMAs and ETFs and they filed for trademarks. Now the truthfi. They filed for Made in America ETF. Made in America SMA, energy Independence ETF, energy Independence SMA, bitcoin Plus ETF and Bitcoin Plus SMA. And again, these are going to be custodied, custodied, custodied the custodian geez by Charles Schwab and to run these. And the reason I’m pointing all that out is because you still have all the momentum behind a Trump presidency.

Trump wants to make Bitcoin great. He wants to be the pro-crypto president. He is putting forth legislation. You’re already seeing action at the SEC and his entire team, obviously, and SEC chair Paul Adkins isn’t even there yet. Meanwhile, his holding company continues to push into the financial services business, pour money into it and is going to be able to market and grow. This Bottom line is they want a piece of this pie. And if you don’t think that the odds, in my opinion, are still very favorable for pro-Bitcoin and pro-crypto policies that will be passed through the Republican-led House and Senate Again, I just agree to disagree.

Yes, I could be wrong, but I hope that some of this puts it in perspective, because it’s easy to get caught up in your emotions when prices are moving lower and volatility just goes hand in hand with crypto. So when you see Bitcoin drop 10% in, say, a couple of hours or a day, then you know most altcoins, most other coins, most other projects, let alone meme coins, are going to be down 25% to 50% or more in that same time frame. So just understand, use the volatility to your advantage. That’s why we scale into different positions in Frank’s Crypto Curzio newsletter and I think that’s great. We were early the last time Frank held a webinar, but I would encourage you guys go to Curzio Research, check that out on our crypto newsletter, because there is a lot of positive momentum happening underneath the surface right now and again more appointees, more cabinet members they are all very pro-crypto in this Trump administration, from Howard Lepnick to RFK Jr to so many more Paul Adkins at the SEC, etc. And there’s still a lot of movement. I would encourage you to check Senator Cynthia Loomis’ account on X. There’s still a lot of movement. I would encourage you to check Senator Cynthia Loomis’ account on X. She is constantly talking about Bitcoin and pro-crypto policies, as well as the sovereign wealth funds, the Czech Central Bank, the states here in the United States, the pension funds all still talking about and accumulating Bitcoin. So if you think that that’s changed just because the price over the last couple of weeks, I just agree to disagree. Hopefully that’s helpful. Love me, hate me, just don’t ignore me. Daniel@CurzioResearch.com, please provide your feedback. Let me know if this was providing value or if this is just rambling, or if you got anything out of it. Daniel@CurzioResearchcom, all right. Final note here Make sure you email Frank. Frank at Curzio Research if you’re interested in this upcoming private placement deal.

I’m not going to give this a big plug. You guys have heard Frank talk about it. He does much better than I am company and going forward, and I just know that he is crazy about this new deal and the people that he met. So he recorded a interview with a couple of gentlemen and also he’s doing a presentation on the deal. You guys will be able to have that available very soon and I would just encourage you all to listen to it.

If you decide not to join or if you don’t want to participate, I completely understand, but there is a lot of value in the interview and the presentation that Frank spent some time on putting together for you. I think it’s absolutely incredible and I would encourage all you guys to think through that process and understand what has them so excited about the space, about the business opportunity. All right, thank you for tuning in Again. Always a pleasure to fill in for the one and only Frank Curzio. We’ll see you back here next week and tomorrow. I will see you Wall Street Unplugged. Premium members Cheers and have a great day.

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