Is Crypto Set to Go 50x From Here? ft. Jamie Coutts

35:53But the report looked at really, Firstly, it started off by just, I guess, highlighting the two underpinnings for why I think, you know, one should invest in blockchain assets or in this asset class. And the first thing is obviously the debasement of currency and the, you know, the spiraling debt that we have and the level of accelerating debasement that is required to keep the whole system afloat. and so it was you know those conversations that we had back in 2022 rail i didn't know that you were going to create the the um the phenomenal framework of the everything code out of it but it gave me the you gave me the confirmation on a couple of um ideas that i was generating at the time which sort of allowed me to build my framework which um is really just a um a very small and at least sophisticated and much less sophisticated model as the one that you've developed.

36:55But nevertheless, all I did was I looked at these liquidity factors and there's a whole range of them and looked at and I backtested them and came down to essentially three. And I built a trend regime model or a liquidity model, which you can see on this chart here, which is these three sort of subcharts, which are color-coded red and green. All they are, it's a momentum filter on things like Global M2, which I use in this report extensively, central bank balance sheets, and the dollar, the DXY. And what I found backtesting these factors was over time is that it essentially keeps you out of the market when conditions are not favorable and improves risk-adjusted returns by investing in Bitcoin purely based on this signal.

37:45It doesn't give you the same upside, but it does limit your downside, which I think as a trend regime or a market regime filter is exactly what you want. So we can see what happened. I mean, the backtesting goes back to over a decade ago, but you can see here the last five years, we had the three indicators align in Q4 of last year. That gave us a move in Bitcoin from$30 ,000 to$70 ,000. a smart contract platform set a move of about 3x, and then everything started to tighten up in the second quarter of this year, and we had this sort of six-month pullback. We've come out of that, and now liquidity, the liquidity indicators that I use from August turned decisively bullish.

38:33So we have that as our backdrop. Then the other aspect to the thesis on blockchain or crypto asset class is the network growing. So this is, you know, we hope that we'll get this data inside the RV platform. So it's not coming to our readers in the form of a report every couple of weeks. It's something that they can sort of access and tap. But for now, these reports will be showcasing updates on how well things are tracking. And we can see here, there's a lot going on in this dashboard, Raul, as you can see. but if we just sort of focus on the column which looks at the one year percentage change so over the last one year if we look at the market cap for smart contract platforms it's risen by that 92 when we look down below in the network activity section you can see that active addresses daily transaction fees stablecoin transfer volumes are well over a hundred percent and one of the things i sort of look for is like is the network activity outpacing the change in the market cap or the prices so that for me is a is a very strong signal and if you look at the percentile rankings on the far right column you can see that for most network activity metrics they are except for fees they're in the 95 percentile or above so you know we're almost at all-time highs in most metrics but yet the market cap is about 13 % below.

40:12It's in the 87 % also. That's an incredibly bullish line in my view. So as we look to what's like the six-month percentage change column, market cap is down 28%. Again, just about everything except for fees is up a lot. And fees is down partially because Ethereum went through the upgrade where it slashed fees, which is, I think, an incredibly constructive thing for the blockchain economy. But that shows up in that metric with a large decline over the last six months. We could think of slashing fees as cutting taxes in the Ethereum economy. So you've cut taxes in the hope that it brings new economic activity, I guess.

41:01Yeah, yeah, exactly. It's a long term, very, very constructive. and if you look at just sort of one time series chart if you look at daily active addresses for the aggregate of blockchains which is the line in blue overlaid with the market cap of the smart contract platform sector you can see that the sector market cap is basically been going sideways or down for the last six months but we've seen a breakout to the upside in daily active addresses and it just reminds me of what happened in 2020. Back in 2020, if you look at the blue line, it broke out to a new all-time high in the middle of that year.

41:45But the actual sector market cap was down about 50%. It was a 50 % drawdown at that point from the 2017 cycle. So, you know, in a lot of the work that I've done has looked at the um the art with the you know regress these metrics and at the aggregate level rail it's quite interesting all of these metrics at the aggregate level when you total them all up at r squareds of like 60 70 which are pretty strong when you look at the individual assets the correlation breaks down a lot more and that's what i found when i was doing that metcalfe's law thing it was like it was bizarre but when he put them together and i just used two things in the end total value transacted plus um active addresses the r squared was really high yeah and it's it's it's the nuance of of the crypto economy when you look at the networks there's all this idiosyncratic risk you and you need to look at holistically which is which is the key point because it's not an individual so i know a lot of people focus on tvl well tvl is the size of the financial sector or defense spending, if you think of it in terms of securing chain activity, whatever it is, it's only a part of the economy.

43:03And you can't say, you can't look at the US economy and just look at defense spending and understand what the total US economy is. Yeah, you have to sort of triangulate. And a lot of those metrics like TBL and fees are extremely dependent on the price. So, you know, the TBL numbers are denominated in the price of the token, the token goes up, those numbers go up with it. So it looks like they're growing. But sometimes, unless you sort of delineate the real growth, it's very hard to pass whether there's actually more capital coming in, in terms of TDL, versus just people speculating on the token.

43:43So it's, yeah, it's tricky. But the aggregate level, you get a very clear signal that higher adoption metrics means higher market cap for the space. And so what I did was I used that as the underpinning and then we started to talk in the report about the projections. And I go into some regressions and things like that, but in the report, I sort of go back to my first projection for the cycle, which I did back last year in sort of Q2 of 2023. And my view is that I just had this very simple sort of outlook for the Bitcoin price as being sort of proportional in nature. It's exponential, but it is actually starting to immoderate in terms of the cycles.

44:37And so I applied just a, I think what was a very common sense sort of proportionality sort of discount, looking at the previous cycles, which are these blue bars that you can see here. These are the returns from the trough to the peak in the previous cycles. And then the next three bars in different colors are sort of the projections based on, you know, the proportionality of the trough to peak move for this cycle. And so my base case was actually the bullish, the bullish projection of about 170 ,000, which is half the trough to peak return of the previous cycle. and i still use this in in the modeling in the report because um number one i want to keep myself you know i want to be accountable to what i've said in the past but i believe that this you know is just a very common sense approach and then we sort of go with some more sort of um statistical ways of looking at it so then i sort of think about okay we understand that global liquidity drives asset prices what is the what is the the correlation or the how much do these different metrics explain the Bitcoin price.

45:43And I should back up a little bit too. The projections in the report are for the entire market. But I started Bitcoin because it's the benchmark asset. Bitcoin dominance is well over 50 % today. What Bitcoin does, so does the rest of the market. So you have to sort of start there and then back out from there about the other sectors or the other assets in the space. But you look across these different sort of macro indicators or liquidity indicators. global m2 in the far right um has generally been the strongest predictor or um explanatory variable for bitcoin so from there i just really um gave a so from there i then looked at okay if global m2 explains about 70 to 80 percent of the bitcoin price what will global m2 do in this cycle if we look at what it has done in the past.

46:39So just looking at the way you can track the trough to peak moves in Bitcoin, you can do that in Global M2. And I wanted to understand generally, how much does Global M2 expand and contract? And how long are those expansions and contraction periods? And so that provided me with just some general averages that I could apply in my modeling for the crypto cycle. And so what I found was that generally M2 will expand by about 34 % if you will take. The contractions are a lot shorter because, as you know, debt must always expand in a credit-based system. So we have these small contractions, shallow contractions, And we have these longer, larger expansion periods.

47:38And that aligns with my thesis about the fall Bitcoin season, the crypto seasons, where winter is the contraction and then spring, summer and fall is generally an expansion. Yeah, that's right. And it tends to correlate to the four years. So if you look at the number of days, contraction is roughly around sort of nine to 10 months. Expansions are around three years. three and change. So yeah, so you've got your three seasons in the expansion period and that the winter is your contraction. So based on that, if you look down at the bottom of the table, it just says that Global N2 could peak out at about 127 trillion this cycle.

48:24And based on the duration of previous cycles, it should top out at some point, maybe in Q1 of 2026, specifically January, according to the model. And then we'll have the crypto winter, as you call it, sort of trough out or bottom out in Q3, Q4 of 2026. And so, again, this is just that projection on the time series of global money supply. But then we have to sort of consider, what does Bitcoin do in relation to global money supply? And if you just overlay the two time series, Bitcoin peaks before global money supply peaks. Bitcoin sniffs out the change in global monetary conditions very, very well.

49:20At least it has in the past, and I hope it continues to do so. And generally that's just because if you look at the rate of change of global M2, a slowing rate of change, it could still be positive. It could still be going up. But as soon as that starts to moderate, Bitcoin understands, or people trading Bitcoin because of its properties understand that actually that the end is nigh. And so if we look at the actual time it takes generally for Bitcoin or the period it usually peaks before the global M2 peak, it's roughly 160 days based on previous cycles. It's been as narrow as 116 days and as long as 222 days.

50:06And in terms of the troughs, they generally trough around the same time. So if you sort of back out from January, the global M2 peak, projected peak, you kind of get this Bitcoin peak that looks to be around August. So from there, what I did was, okay, I've got a sense of timing. What are the range of outcomes to the Bitcoin cycle based on global M2 and this relationship where Bitcoin peaks before global M2? This is kind of very similar also to our everything code, our forward-looking basis of global liquidity. It comes to the same kind of conclusions, I think. Okay. Well, I mean, you've obviously been a huge influence in the way I've thought about things.

50:58but this is like, there was a couple of different ways I wanted to approach this, but I actually just felt like the most, yeah, the most explainable is just to look at the linear growth of the Bitcoin chart from sort of 2013. And this chart, you can see cuts off down the bottom left-hand corner just so you can sort of fit things in. But it's really that linear chart from the 2012 period. So you cut out those first really two years, which were just, you know, I don't think the liquidity and, you know, where Bitcoin was traded has a lot of meaning towards the forward projection of the trend. If you look at that linear growth, you can see that the potential for Bitcoin to reach certain levels this cycle.

51:47So my base case is if we just look at global M2 and back it out to August, which was where the Bitcoin cycle peaks, that infers a price of about$100 ,000 on Bitcoin, which I am placing as a potential outcome, but a very low probability outcome. my proportionality forecast is 170 000 that was the one that i uh that i produced last year um when bitcoin is more or less still in a bear market and then you've got these more optimistic scenarios where maybe bitcoin gets back just to the mean the red line of the linear price chart which would imply a price of around$234 ,000 and then something crazy, where it goes absolutely parabolic and maybe up to one standard deviation.

52:41So that's the range of outcomes. The question is like, what probabilities do you assign to each of those potential outcomes to come up with some sort of grounded probability weighted projection? And so, as I mentioned, Global M2 regression line of 100 ,000 is sort of like my base case or worst case. And then all I've done is I've looked at these other potential outcomes and assigned a probability. I don't think Bitcoin is going to go parabolic to 500 ,000 this cycle. I see 500 ,000 in the future, not this cycle. So it's a very low probability. And the outcome is just this probability weighted market forecast of 189 ,000 for Bitcoin by August of next year, which will give it a market cap of around 3.75 trillion.

53:30Seems, you know, for those uninitiated, seems crazy perhaps, but all I've done is taken, you know, previous trends and also regress it against global liquidity, which is at this point, probably one of the safest bets, right? In terms of what that particular macro liquidity variable will do. and then form a basis of where I think the cycle will end and also get to. It's fascinating. I've used similar ideas of a probability of a short stunted cycle, a normal cycle and a blow off top cycle. My guess, my probabilities are the shorter stunted cycle less so because we've had this long corrective period and liquidity seems to be coming as expected um something like so i would give that kind of a 10 weighting something like a 60 waiting for that mid-tier so that's somewhere between 180 and 250 kind of where you get to and then you know the top of the band that that blow off top i've probably got slightly higher odds.

54:50But who the hell knows? And you've gone into it in a more systematic way to me. Now, part of what you've done here is you've assumed a Bitcoin dominance of 53. Why that? And why does it not move around? Because kind of if we get a blow off, my guess is Bitcoin dominance goes down because that tends to be an old super cycle. How do you think through that i didn't include the chart but it's in the it's in the report um when people look at bitcoin dominance typically what they're doing is they're going to trading view and they're looking at the bitcoin dominance chart which is like a default chart so the bitcoin dominance that i'm referring to is slightly different because i'm using bitcoin dominance within the top 200 so the one you see on trading view i think is around 59 percent in my top 200 bitcoin dominance is around 63 % currently.

55:47So it's slightly higher in the top 200. It takes up a larger share. So I see it dropping. Now in the Bitcoin dominance that I use, it tends to get as high as 70 and as low as 40 from the previous two cycles. So that's kind of like the range. So 53 is pretty much in the middle. I don't think this cycle Bitcoin actually, Bitcoin dominance drops as much as it has in previous cycles. I made mention of this in the report, and I've talked about it in a report back from April about the increasing use of Bitcoin as collateral. I think Bitcoin's moneyness is increasing with every new use case of it underpinning as a collateral for something else.

56:36So what have we seen that have been really positive developments in this regard this year? We're seeing the creation of staking protocols on the Bitcoin blockchain, which allow Bitcoin holders to stake their Bitcoin in other proof of stake networks without it leaving the base chain. so while some people will want to do absolutely nothing with their Bitcoin because it's their the pristine collateral for their life and they can't afford any they can't afford to risk it in any way shape or form other than just hold it with the private keys or multisig or whatever and not do anything with it there's going to be a percentage of that 1.3 trillion dollar market cap value they're going to say hey I do want some yield and they're going to seek that out in a couple of different tools And then you've got Saylo's doing it, you know, in a sort of less transparent way with large banking intermediaries by the sound of it.

57:40JP Morgan, I think he mentioned. So if that's a, yeah, so I mean, how much Bitcoin does he hold? I've no idea anymore. Yeah, it's about 1%. So maybe it's 100. I don't know. So I always had in my mind there's probably like 10 % of Bitcoin holders. So that's unlocking$130 billion in value to underpin or form collateral for other things, including namely proof of stake now with the blockchain economy. So that's one. But obviously, you've got the potential for nation states as well. And I've been of the view that this will be the year that that becomes a reality. it doesn't look like it's going to become a reality in 2024, but I have this suspicion that several countries are holding Bitcoin as of today, namely through their domestic mining operations.

58:35Whether they ever bring that to full light in a public forum, especially if you're a BRICS country or some country that's sort of sitting in between the two world blocks at the moment, you don't want to sort of make that known. Or even if you're inside one of these blocks like the Western block, It's just not convenient for you to be going around talking about holding Bitcoin because it is controversial. I think that's starting in a very, very small way. And so you've got the nation state level, which is nascent, but potentially starting. You've definitely got it happening within the crypto economy.

59:16Bitcoin is going to collateralize proof of state blockchains. and then you've got the individual themselves where in this cycle, I mean, I see them in Australia. There's a couple of companies who are doing lending against Bitcoin for the purposes of either private loans, but also home loans, which I see it increasing the use case for given the unaffordability of property that people have this huge Bitcoin stack and maybe not much else and they need that to need to actually find utility for that to buy property. So I just think that actually that's my thesis as to why Bitcoin dominance doesn't go down to the depths that it has in the previous cycle.

59:59And from that assumption, which obviously could be wrong, you can sort of work out, back out what the rest of the asset class could be worth in this scenario where Bitcoin peaks in sort of August. And the other way I've also looked at it, is I've done the same thing with the log regression, the linear log regression channel, and do it with total market cap. I get slightly higher numbers, but again, it depends whether you take the back to the mean, the one standard deviation, whatever. That's where I got to the kind of 10, blow off top 15. You've got not wildly different. You're slightly more conservative than me, which I'm very comfortable with as well.

1:00:41The other part of this is, how do you see going forwards from here alts versus bitcoin and which alts are you focused on at this point in time as your outperformers for the cycle obviously things change everything else so i i see um that the rest of the the market will will in order for bitcoin to fall from In my top 200 model, 63 % to 53%, it means that the rest of the market sort of outperforms. Maybe not as much as it has in the previous cycle for the reason that we just went through. But the five sectors from the big performance, top 200, digital currency, smart contract platforms, DeFi, infrastructure and applications.

1:01:34I've just, in the report, I go through some projections for what I think they could do this cycle. And so my projection is based on that Bitcoin number, that maybe the total market cap gets to$7 trillion. And I think smart contract platforms do better. But I think the area that actually would be quite interesting to watch is the infrastructure sector. Within the top 200, it's a very small percentage. It's only 1.59 % today. but I think it could get to as high as 4 % which would be a strong outperformance. So if you break down the bitformance sector, infrastructure sector into subsectors, you get computing and networking, you get the oracles, you get pure AI plays like BitTensor and Fetch but you also get the adjacent AI plays like render and a cache in the other subsector, which is computer networking.

1:02:39So that's the sector as it is, sorry, the sector and the subsector breakdown as it is today. It also includes IoT, some very nascent and a lot of subsectors that have not found strong product market fit. So it's highly, highly speculative. But even though I have yet to form a very strong thesis around the AI crossover with crypto, I'm assigning a higher, assigning a probability, a very high probability that that subsector, sorry, the sector does very, very well in this coming bull market or the bull market that we're in and the extension into next year. But even if you, I guess, well, I can come to this in the next chart, but that's essentially the sector breakdown rail.

1:03:30So I think smart contract platforms go from 27.3 % today to 33.5%. That means it outperforms Bitcoin. DeFi is an interesting one. There's a narrative in the market that's been building up with some analysis done from a couple of analysts that the DeFi sector is primed to outperform. And I'm sympathetic to that view. I really think that that sector, because of the amount of fees that it's generating and the actual relative attractiveness of the valuations within some of these protocols, that if the institutions do come into the space, if the regulatory environment improves, they'll look at the DeFi sector very closely because you've got protocols that are working, that are actually generating real income.

1:04:22whether it's Uniswap or Aave. And they don't, I mean, they trade on, you know, crazy multiples relative to, you know, NASDAQ or some of the other tech sectors. But if we look at just the attribulation of growth and the continued use of blockchain rails, the merging of DeFi and CIFI or traditional finance, you know, we had the Fed governor Waller this week come out and say and sing the praises of DeFi and why DeFi is going to be so beneficial to the banks and the centralized entities. So I don't know whether he's talked himself out of a job or whether that's a view of more of the junior middle management within the Fed, I don't know.

1:05:05But it's such an interesting presentation that he did. I'd encourage everyone to go look at it and the things that he said. I think the DeFi sector should theoretically do well, but using a sort of a relative value or a momentum approach, When it breaks out against Solana or Civi or Bitcoin, that'll be the signal that that narrative is turning into reality. Maybe just moving on to the asset view, and this will be the last one. It does go into the assets that I like and also the subsectors as well. So specifically to your question, Raoul, the assets that I like are Bitcoin. I still hold Ethereum.

1:05:52I don't think it will perform as well as Solana, Sui or Nia this cycle. And in terms of what this means, some of the RV community was asking me, what's my projections on Sui and Nia? And I looked at really, okay, what's the current market share for these assets today? What do I think it could get to in the bull market? and that's how I arrive at the targets on the far right, which are admittedly very aggressive. But this cycle, SWE's is about a million daily active users generating about$30 ,000 in daily fees. Nier is two and a half, three million daily active addresses generates about sort of$20 ,000 in fees.

1:06:40in a bull market they'll effectively double solana got to the same valuation in the last cycle only on a million daily active addresses so it tells me one thing it tells me that valuations are compressing like the the the amount of premium that's being placed on these assets is declining which is i think sensible because no one knew how to price these things in the last cycle but just to see these these assets or these networks in this cycle have way more users than the most popular non-Ethereum chain in the last cycle, produced way more fees than Solana did in the last cycle. Betrayed at a significant discount, I think gives you some sort of pathway to them going up a lot for the rest of this cycle.

1:07:28And I think you've seen this as well, the chart of, and you talked about it earlier, SWE versus Solana last time. It's very similar. The metrics are similar, as you say, Yes, their metrics are better this time around, same with near, but they're very similar kind of adoption curves and what gets the attention and drives the performance. So, I mean, these are pretty decent sized targets. And we'll see again, you're not saying this is exactly what you think it is, but this is a framework of understanding and how these things can perform, which I think is amazing. Now, why have you got memes so low in performance when the market's utterly captivated by this as the biggest performer?

1:08:13So I think at the moment in the top 200, the meme coin subsector is worth about 2%. And that's mainly Doge and Shiba Inu, I guess. Yeah, it includes Bonk and Whiff. And I think there's maybe eight or nine in it. like every quarterly rebalance, there's a new one that comes in because it reaches the liquidity requirements and the market cap requirements for entry into the index. So it's growing. But yeah, I still have it like, you know, outperforming the other subsectors except for AI. But yeah, I think maybe it's because I don't fully appreciate the meme coin phenomena. I think it will go up a lot it'll probably peak well before the rest of the market does I'm looking for some sort of early indication of that petering out because it's going to be very important for the cycle because it generates Mincoins generate so much fee income for certain chains namely Solana so yeah maybe those numbers are probably understating it One of the ways to look at it that I think you'll find super helpful is just look at the NFT stuff from last cycle versus ETH and when it peaked.

1:09:34It's the same thing. I don't know when it peaked and, you know, I haven't looked at that analysis, but it's exactly the same type of attention capture. It onboards the normies. It drives everybody's hopes and dreams. They're slightly different because NFTs are a multiplier on top of the underlying chain value. while the meme coins are priced in dollars. So it's somewhat different. You don't get the same life-changing gains, actually, that NFTs did, which nobody talks about. But NFTs, if you, you know, ETH went up under 45X or whatever from the low and CryptoPunks went up from whatever ETH, call it half an ETH to 200 ETH or whatever the number was, that multiplier is insane yeah yeah and look i mean i need to do a lot more work on it i think the the one way you can play memes is sort of some sort of momentum system because i haven't really wrapped my head around like like i know i think we've got murad on the uh on the platform in the next week or so to talk about his thesis and how he values these uh these tokens which is fascinating i certainly don't have an edge there and i think i'm gonna get anselman as well to talk about how he trades them but yeah interesting it's a small allocation to me but i just noticed i'm looking at yours and you've got bigger performance from from single you know blockchains than you have from from the subsector that everybody's focused on with their hopes and dreams i prefer the allocation that you've got because i think memes is a sector my gut but it's the dispersion is so high and dispersion so risky and the attention spans can be so short that you it's a very different thing it's it's much less of a set it and forget it sector it's like you need to be super active in that sector and i find it too hard but yeah like some of the some of the individual meme coins themselves will go up many many times more than the sector will but the sector includes ones that will underperform and fail so that may you know contribute to the aggregate performance being where it is but yeah jamie i this work is is uh nothing short of brilliant i don't know anybody who's doing any work like this and i'm very proud to have you in real vision not just part of the pro crypto product and community but our overall community i know you work actively with the rvip community particularly in australia um and you know i want to make sure that more people get access to you across the platform that you're out in public more because I think you know you've got a special talent you're working on some incredible stuff and as part of that I think what we should also do is unlock this piece of research for anybody who joins the platform so if you're watching this on YouTube I think we'll make it to all the free members as well just so they can get familiar with your work have a grounding foundational understanding because I think it's useful and obviously for those people on the platform I think you get an idea of what we're doing in pro crypto and why it's such important work.

1:12:45And if you take your investing in crypto seriously, you know, this kind of work is very, very rare. The one thing that we should mention, Raoul, is that the purpose here of like really enriching the Real Vision pro crypto community with is data as well as reports and access to analysts and all the great content and interviewers or interviewees that you bring onto the platform. But we really want to get this, you know, more data into the hands. And the Real Vision platform itself already has data embedded, charts embedded. And so we'll be working towards getting more of this on-chain data and these sort of customized data sets into the hands of users or into the, you know, the pro crypto tier on the platform as well.

1:13:33Yeah, much like we also do with the macro investing tool, MIT. you know that's something else we want to automate more of there's a lot we can do with this stuff just to give the power back to people so listen thank you for everything you do um it's incredible research can't wait to see all of the stuff you come up with and see more of you on the platform and out in the world spreading your um incredible work so well done mate and look forward to seeing you soon thanks so much ral appreciate it so i thought brilliant conversation there with jamie I think it gives us a basis of understanding. I love how he uses probabilistic analysis.

1:14:11That's how I see the world is we don't know the outcomes, but we can look at the range of outcomes and the probabilities that align with it. I love how he's broken things down into his dashboards. The work that he's going to build for ProCrypto is amazing. Also, trying to show the different types of areas or sectors within the market, how they They might relatively outperform, underperform. What's going on? I think it gives us a really good framework to test against. Now, Jamie's not expecting to be fully right, but within his range of probabilities, he should be somewhere pretty correct. And I think it gives us a really good way of navigating this.

1:14:51You know, my takeaway is, yeah, there's some tokens that are going to do really well, whether it's SUI or whether it was Nier, and I'm sure he'll find some others as he does more analysis. But also the sectors, the AI sectors, how memes are going to perform, all of that stuff. Anyway, super cool stuff. I hope you enjoy it. Don't forget, the full report is on realvision.com. It's free for everybody. So go to realvision.com and sign up. If you're a Real Vision member, knock your socks off, enjoy it. And maybe come check out Real Vision Pro Crypto. Yes, it's not the cheapest service in the world, but fuck me, it's good.

1:15:26All right, take care. picture yourself on a beach retired early and enjoying financial freedom if this is your dream then now's the time to level up your investing game and real vision can help you we arm you with the knowledge the tools and the network to succeed on your financial journey on your own terms take control of your future and visit realvision.com forward slash free that's real vision.com forward slash free.

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