Ivan on Tech analyzes Bitcoin's potential final shakeout before a Q4 rally
Ivan on Tech delivers a solo market analysis covering Bitcoin's technical position, AI stock weakness, crypto regulation, and altcoin risk.
Summary
Ivan on Tech presents a bearish short-term outlook for Bitcoin, arguing it is being rejected at a key support level and could flash down to the $50,000s or even $40,000s before a major Q4 rally he calls "Valhalla." He frames any such dip as a deep-value buying opportunity, noting Bitcoin remains near its 200-week moving average. He also covers the AI stock sector, where he sees significant weakness in names like AMD, Intel, Micron, Marvel, SanDisk, Amazon, and Google, contrasting them with Apple's strength. On the regulatory front, he discusses the Clarity Act, with a motion to proceed expected Monday or Tuesday and a possible floor vote the week of August 3rd, and Coinbase's Stand With Crypto initiative as a political pressure tool. He warns listeners to stay out of altcoins and memecoins while Bitcoin remains in a bear trend, and flags concerns about Strategy's Stretch product and the broader AI infrastructure financing model. He also covers Polygon's persistently poor chart despite strong technology, Mark Zuckerberg's belated arrival on X as a sign of Threads' failure, and Circle's acquisition of 680 blockchain patents from IBM.
Key Takeaways
FULL TRANSCRIPT
Bitcoin's Technical Setup and the Case for a Shakeout
Ivan on Tech: Guys, welcome to another episode. As you can see right now, Bitcoin is doing something interesting. It's getting rejected by this previous support — this yellow line, which was support back in March. We broke below it, we retested it, and for now at least it seems that Bitcoin is getting rejected. The question is: are we getting the flash into the $50,000s, maybe even into the $40,000s?
As a reminder, Bitcoin is cheap around the 200-week moving average — the white line. Bitcoin is cheap. So although it's cheap, it can become cheaper. Buying here all the way down in the green zone is very, very smart, as you remember. But the next logical step, in case we break this support at the 200-week, is a flash to the $50,000s, maybe even the $40,000s, before the big fat Valhalla that is upon us.
Now the reason why there is a bit of shakiness in the market today is because there is a worry that the Fed may actually increase rates. On Wednesday we will have the FOMC, and there is a risk that they come out and say, "Listen, we're actually increasing the rate." The gasoline is too expensive. Very important.
So when we look at the current situation, when we look at what's happening with inflation, you could have a hike. I think it's unlikely. When we look at Polymarket — let's quickly check Polymarket — the hold decision, just holding the rate, is the biggest outcome. By the way, Polymarket doesn't load for me. It didn't even load yesterday. We need to go to Kalshi. I would rather use Polymarket because it is crypto-native, but we're kind of forced here as refugees to Kalshi.
Let's check Kalshi. Yeah, the Fed decision in July — maintaining the rate is still the biggest, most likely outcome. But as you can see, an increase is rising. We saw it already yesterday that there is a bit of increase in the hike option. But all in all, with the highest likelihood, they will just hold the rates. Not sure why Citadel is saying they're going to increase — a bit of FUD maybe, to shake the market. Especially the stock market, which is now super fragile.
AI Stocks Showing Weakness — and Apple as the Exception
You have the AI bubble potentially collapsing, potentially popping in a big way. SanDisk down a lot. AMD down a lot. Intel down a lot. For us it's not a big surprise because many of them have already started to go bearish. When something is bearish, we respect the bear trend. Many of these companies already showed weakness before. You look at SanDisk — it went bear already around July 20th, and now it continues down and down and down. So it's not a surprise for us. Intel has been bearish also since the 13th. Not a surprise.
This is a very important thing: don't overplay your hand. When we look at AI, when we look at anything, don't marry a narrative. SanDisk is in bear trend. Intel is in bear trend. When it's bear trend, it's bear trend. We respect the bear trend. Many people are so excited about AI that they don't see the chart turning. Many people say, "Oh, AI is going to change the world." It will change the world. It can also go down 80% in the meanwhile.
And then you have another stock which is very interesting: Apple. They have a bit of a different approach to AI. Apple is all about on-device AI — they ship AI inside their phone. The model runs inside the phone, so you don't need to use a big data center. You don't need to build all of this cloud that the hyperscalers are building. Maybe the future of AI is Apple, because Apple is going up. Bull trend confirmed, new all-time high. Fantastic.
So it's just another take on AI. There's no question whether AI is going to be big or not — AI is going to be big. It's more a question of: do all these investments happening in AI, are they smart? Will they have a return? Will they bankrupt the whole country? Because the Treasury, as you know, issued warnings about the AI industry. The Treasury is literally sounding the alarm that AI could bring the economy down if all of this data center capex does not play out.
So just keep an eye here. Apple is doing fantastic. Meanwhile, a lot of these other AI names — be careful. Look at Micron. People are so surprised. How can Micron go down? It's simple. It's been in bear trend since July 13th. Simple. Not complex.
Marvel went down into bear trend. We said get out, get out, get out, be careful, be careful. And people say, "No, AI is going to change everything. Look at the scaling." Listen, the chart is the chart. It's very difficult to see how all of the scaling, all of this capex, is going to be paid out. And if the chart turns, we're out. Now, if they go green again and keep moving, we're going to be part of it. But for now, we're not marrying. We're being super brutal here with our money because we like money. There's no shame in that. We like money. In whatever form it comes, we love money.
So when you have a situation where your best darling AI narrative goes into bear trend, I don't care about the narrative. We need to protect the funds. Yes, sometimes it means we become risk-off and the chart just goes down into bear trend. Sometimes it does continue — but that's an exception. In most cases it just goes lower.
For example, you see here Amazon went bear, then it went up again. A noob who doesn't know the market, when it goes up, is worried: "Oh, what if it goes to all-time high and we missed it?" That's the pleb. The professional sees this and says, "Okay, good. If it goes up — which it could, everything can happen — if it goes up, good. We become bullish right here at the bull flip and we're in for the next leg up." It's impossible to capture 100% of the move anyway. You cannot buy the very bottom. You cannot sell the very top. But what happens most often is that it does not continue up. It went bear, it told you time to get out, time to de-risk. Yes, it did go up a bit, and then it collapsed. Classic.
Google the same thing. Google went bear, then went up. The inexperienced trader says, "Oh, but maybe it's going to go to all-time high. Look, it's pumping." It pumped for like a day, then collapsed down.
Again, I'm not Nostradamus. I don't know what's going to happen. No one knows what's going to happen in the future. I don't see the future. I don't have a crystal orb. Sometimes it does happen that a stock or crypto goes like this and then actually goes to all-time high. It can happen, and then you just become bullish when it flips bullish again. That's it. It's risk management, guys. But for most people this is so foreign because they're so wrecked and they don't understand simple risk management.
Could the Fed Actually Cut Rates?
Now, President Trump is coming in saying that the Fed should lower interest rates. There are worries they're going to hike. Trump said they should lower. Wouldn't it be crazy if they actually come tomorrow and they lower it? The market has a mega pump. I'm thinking: what would be the mega pump scenario? Citadel says they're going to hike. Kevin Warsh is stone-faced, so we don't know. And then they actually lower it. Wouldn't that be crazy? People are worried they're going to hike. What if they lower it? That would be insane.
At the end of the day, Trump did put in Kevin Warsh for a reason. He must have some payoff from that — some kind of good interest rate decisions. Otherwise, he made a bad decision. Let's see. That would be crazy if Kevin Warsh actually lowers interest rates. I think it's very possible, actually. He is Trump's man. Trump wants the rates down. Trump gave him the job. It's like the first month on the job — do something.
Trump also appointed Powell, but they became very conflicted, very inflamed. So when he put in Kevin Warsh, I'm thinking he must have thought a bit better here. Let's see.
Clarity Act Approaching a Vote
The Clarity Act has a new draft released, merging the Senate Banking and Agriculture Committee versions — I don't know why the Agriculture Committee is writing the Clarity Act, but okay — and adding an ethics provision. That's good. For the first time, apparently, they have ethics. Trump is saying he's going to be the most ethical crypto entrepreneur.
A motion to proceed is expected Monday or Tuesday, with a possible floor vote the week of August 3rd. Many people are saying it's going to get passed on August 3rd, which is Monday. Coinbase expects the Clarity Act to pass as early as Monday. So yeah, as long as you have the majority supporting it — which it does look like now, because all of these anti-crypto forces are getting a bit worried — it should pass.
Let's listen to this guy. He is anti-crypto and he doesn't like the Clarity Act, and he's saying that the Clarity Act is very, very close to passing. So when he's worried, I guess it is close to passing.
Anti-crypto speaker (clip): "They know their position is bad. They also know they need to pass this bill right now, because if they don't get this bill passed and the Democrats take back the House, they'll have much more leverage to negotiate something that's actually reasonable when it comes to cryptocurrency. So they need to pass it right now. I really appreciate your work on this issue, Senator Van Hollen, as well as Senator Blumenthal. Thank you, Senator Durbin, for being here. I am scared to death that seven Democrats — maybe it's even six now — is all that's necessary to get this bill passed. You cannot be against Trump's crypto corruption and then vote for a bill that enables that corruption to continue. Those two things are just fundamentally in conflict. So I hope that members of the Democratic caucus are paying attention."
Ivan on Tech: Interesting political maneuver that the Democrats will have to make. If I'm a Democratic senator, what would I do? There are many things to keep in mind. One thing is just how many crypto owners there are in the US.
Look here — Stand With Crypto, on behalf of three million US advocates, is providing notice that they will be scoring votes on the Clarity Act. Stand With Crypto is this website that Coinbase made where you can see which politician in your state is pro-crypto or anti-crypto. So obviously there is political leverage here.
So here you can see what's happening — which politician is pro-crypto, which is against. They are saying: listen, you guys who are voting on the Clarity Bill, we are going to be recording all of your votes, putting it on our website, and this website is embedded in the Coinbase app. So anyone who has crypto will see that you voted against them, and you're going to lose votes. Even if you're a Democrat, you have to be a bit careful here, because you may lose votes. And the other candidate you're running against may get votes because they are pro-Clarity. Coinbase has marketed this Clarity Act so much that it's a big thing — something that people pay attention to.
Coinbase is doing a good job here. Brian Armstrong — he's not messing around. Imagine doing this political thing with Stand With Crypto, exposing all of the politicians who are against crypto and pushing the average person to see exactly how everyone is voting. Very, very cool stuff from Coinbase. I like that. Now I still don't like L2s. I still don't like Base. That's okay. We can still like this political thing and still not be excited about L2. I don't like L2, guys. I don't like corporate chain Base. But Stand With Crypto — that's a powerful thing.
Strategy's Stretch Product and MSTR Concerns
In terms of news, we have Strategy now raising a lot of money by selling MSTR. If you hold MSTR, you are getting dumped on in real time. They use that money to buy Stretch. Okay, they sold MSTR, kept a lot of money, and then bought Stretch — but only for $25 million. That $25 million doesn't help too much.
Stretch is not coming back to $1.00. People thought it was like a money market account — you put it in, it's always going to be $1.00. Now it is $0.88. So yeah, you wanted 11% yield. Okay, now you're down 11%. Maybe you're going to break even, but then you have to hold for an entire year, and who knows what's going to happen. You have so much risk.
I feel very bad for everyone who put money in here at around $1.00, because this was supposed to be like a money market account — a bank account where you put in money and get 10% per year. That is exactly how it was marketed. All of these ads said it's like your pension fund, your retirement fund. But now you've lost 11%. You could theoretically recoup the loss if you keep holding. But what if it drops more? If it drops more, you're going to lose 20%. So you understand — it's a big problem for people holding.
Bitcoin Price Targets and Q4 Outlook
To summarize: we have now a bit of shakiness in the market. The stock market is worrying that AI is going to collapse, and that worry is getting spilled over into crypto as well. We're seeing Bitcoin now go down below the resistance, still above the 200-week. So we're not breaking down yet. But should we break down, $50K is a good target. Should we go lower, $40K. And everything in that range is cheap Bitcoin. Everything there is very cheap Bitcoin.
We've been expecting this breakdown. If you've watched any stream, we've been saying that Bitcoin is cheap in the green zone and we can potentially go to $50K and $40K. We expect it. So don't get surprised if we go to $50K. Don't get surprised if we go to $40K. See it as a cheap, cheap, cheap discount. And yes, it will be time to become even more bullish as we go lower. As we go lower into the $50,000s, it will be time to become even more bullish.
Q4 is almost here. And likely we will have a big fat Valhalla after Q4. So just stick to the plan. Don't shake the boat. We've been risk-off since October. Now in the green zone, we're deploying between 10 and 15% of the capital. And then when Bitcoin goes bullish on the money line, it's Valhalla — Valhalla in Bitcoin, Valhalla in everything.
Altcoins: Stay Out
In terms of altcoins, stay out. Stay away from altcoins. It's not the time. Especially memes. Why? Because Bitcoin is in bear trend. Stay away from altcoins.
Solana is not doing that well. I love Solana tech. Solana's chart is very bad. It can easily go down into the $30s. We became risk-off in October and it's just been going down and down. We said it could go to $30. It's been a while. But if you look at what it's been doing, it's just following everything according to plan. It had the support, broke support, retested it, now retesting it as resistance and getting rejected. So yeah, let's see what's going to happen. But it's very bad. All altcoins are very bad.
There are a few exceptions — like Hyperliquid, which is looking okay, but not too okay. It's now also getting closer to the flip. Everything that pumps in a bear market is going to dump. It's true. It's bear market still, guys. We're not out of the woods. So everything that pumps — any altcoin that pumps — is going to dump.
One recent example is Near. Near pumped and it dumped. Near had a pump and dump. Great tech, great everything, likely going to play a big role in the next bull, but it pumped and it dumped. That's it.
Zcash — still bullish now, but bear trend. We respect the bear trend. Even though it's higher than the bear flip, we still respect the bear trend. Be careful.
Backpack is doing quite okay. It's one of the newer coins. Lighter also doing quite okay. But overall, the risk-reward in altcoins is very bad now. Yes, there are some exceptions. Yes, you could ride some of them. But now it is time to look at Bitcoin. When Bitcoin goes bull trend, that's the big fat signal. And we're going to get there sooner or later.
Coinbase Adds Pump.fun; Robinhood Chain Rises
Coinbase is now adding Pump.fun to their DEX experience. So now the average person can get wrecked even faster. Find and trade Base tokens as soon as they're live on-chain. I guess it's good — Coinbase is doing more of this on-chain stuff, allowing you to get access to it in a more user-friendly interface. And you can get wrecked even faster in a more user-friendly interface if you don't know what you're doing.
Robinhood chain has become the largest network by tokenized stockholders, surpassing Solana, BNB Chain, ETH, and Base. Distribution matters. This one is interesting in terms of getting traditional finance on-chain. Robinhood is being a beast here. For them it's quite easy to take stocks from the Robinhood app into on-chain.
Sadly, there's nothing to invest in directly — you cannot buy any Robinhood chain coin. You can only buy the stock. And remember, the stock is in bull trend. It's been in bull trend quite nicely. So keep an eye on Robinhood stock. From the bull trend entry to the peak it was about 28% — and it's not even bull market. Should we go bear, very good — wait for the next bull trend, which is likely going to be when crypto is really back. Keep an eye on it.
I'm actually going to add Hood to our crypto stocks that we keep an eye on, because Hood is now basically a crypto stock with their chain, and it's a big part of their business. There's nothing to buy in terms of a coin, but you can buy Robinhood stock because they're going to monetize the crap out of it. That's for sure.
Bitcoin Core and BIP 110
Michael Saylor is saying, "Bitcoin's core design is set in stone. Protocol changes should be rare, conservative, and driven by necessity, not ambition. Don't fix what isn't broken." He is of course referring to BIP 110. BIP 110 is the latest outbreak of the "I just heard about Bitcoin, I'm here to fix it" syndrome. That's a big syndrome. When something is bearish, we respect the bear trend. Don't marry the narrative.
Solana Prediction Markets: World XYZ
Some great news for Solana coming. World XYZ is a fully on-chain prediction market. This is a Polymarket competitor, which is good for Solana to have, because they have been losing the prediction market game big time. For Solana, it's very bad that they don't have a prediction market. They need to get a prediction market and a perps exchange as soon as possible.
Let's listen to the World XYZ pitch.
World XYZ (clip): "This summer, billions of people watch the World Cup, and for the first time, millions of them can trade it.
Prediction markets now hold a record $1.484 billion in open bets, but almost none of it settles on-chain. World is changing that, and it's built on Solana. Polymarket proved the model with billions traded on a single event. Kalshi has passed a hundred billion dollars in lifetime volume, but these platforms still operate like the exchanges that came before them. Funds move into custody. Settlements happen behind closed doors. And when an event ends, payouts can wait on a human to resolve the market.
World takes a different approach. World is a fully on-chain prediction market native to Solana. It's non-custodial. Funds stay in your wallet until the moment you enter a market. Positions, settlement, and redemptions all happen on-chain. When an event resolves, Chainlink data settles the market automatically. No claims process, no waiting. Winning lands in your wallet in cash — a stablecoin native to Solana.
And World is the infrastructure powering prediction markets inside Phantom. Millions of users, no new app, no onboarding. Open your wallet and the market's already there. That's what sets World apart — not another platform holding your funds, but a protocol running on a network already proven."
Ivan on Tech: So basically this is going to be in Phantom. Let's see how the adoption is going to be — that's the main thing. Because yes, you're going to have full decentralization, but adoption can still be crap. With Phantom they do have a good chance, because most crypto users have Phantom and it's Solana-native, so they can plug and play it.
People sometimes accuse Solana of being centralized. Oh, it's so centralized. Then you ask them what they like. "Oh, I like Hyperliquid because Hyperliquid is EVM." Okay, but you know that Hyperliquid is highly centralized also. It's a DEX, but most DEXes are fake DEXes, including Hyperliquid — it's not a real DEX in the fully on-chain sense.
The same thing with prediction markets. Polymarket and Kalshi — some of it is on-chain, obviously. But then you've got to ask how centralized they are and what is the risk long-term, because regulators are going to come. If they don't like crypto, they're going to say: listen, it's all centralized, you guys are just using regulatory arbitrage. The reason why Solana doesn't have a leverage DEX like Hyperliquid is because to make it genuinely decentralized is way harder. The same thing with prediction markets — to make it actually on-chain is way harder. That's the difference. Let's see if this will matter for users or not, because you can be decentralized and still have no users.
If Solana goes to the $30s, guys — oh my god. It's going to be very nice. The best for us to get the most out of the next cycle. I'm bearish the price but bullish everything else. If it goes to $30 — guys, guys, guys. If it goes below $40, oh my god. And by the way, $30 means everything below $40. So $39 is $30. $39.9 is $30. $38 is $30. You understand? You don't have to wait for $30.00000. $39 is already $30. It starts with a 3. Keep that in mind.
Kyle Samani vs. Multicoin Capital Drama
Kyle Samani, who worked at Multicoin in the past as the lead investor, is now saying that if you're building in the Solana ecosystem, you should understand that Multicoin is working against everything that you are building. Laura Shin is saying, "Well, now we know why he left Multicoin." Kyle says, "No, you don't. My leaving had nothing to do with Hyperliquid."
So what happened? What's the drama? Spill the beans. Someone says: "You simply can't — you were wrong on the biggest and best trade of the past four years." This is also true. We love Hyperliquid. We're actually more bullish Hyperliquid price-wise because Hyperliquid is bull trend. So there's no need to marry. If you marry Solana like Kyle, it's a problem. We've been risk-off on Solana since Q4.
What happened historically is that Drift was the Hyperliquid competitor on Solana, but it got hacked. And now Multicoin is teaming up with Hyperliquid on a regulatory filing. Hyperliquid Policy Center and Multicoin Capital filed a joint comment in support of some CFTC proposal. And that's what's upsetting Kyle.
By the way, this is interesting — everyone in crypto is now political. Hyperliquid Policy Center, Coinbase Stand With Crypto. I love it. We take the battle to the politicians. Elizabeth Warren, we're coming for you.
Actually, let me check Stand With Crypto. How do they rank Elizabeth Warren? She's from Massachusetts — and guys, in the US, why is it spelled like that? Massachusetts. What? I just learned English. Massachusetts. Holy — anyway. She represents a state as senator, so she doesn't have a specific district. Let me search here.
Okay, here she is. She has statements like "more evidence that our adversaries exploit crypto to move billions." I think she needs a better profile here. She just has a normal profile. She needs a way better profile. I would design it a bit differently.
So, Hyperliquid — why is this bad for Solana? Let's think about it. If Hyperliquid pushes for some rules around self-custody, isn't it good for Solana also? I mean, what's the problem here? Or is Kyle just hurt? With mechanical rules, we exited Solana in Q4, we still love Solana, and we love Hyperliquid, because we know how trading works. You don't have to be emotionally hurt about it. It's competitive positioning. If Hyperliquid gets nice rules around self-custody, it's good for Solana also. They're doing good stuff. There's no problem here for Solana.
Polygon's Chart Problem
Polygon — it's still alive, or what's happening? Let's check Polygon. Oh yeah, sorry, it's POL now. Polygon. Big shout to the team. Tech-wise they're very good. But why is the chart like this? How can the POL chart be like this?
The VP of Engineering at Polymarket is saying that tech is good on Polygon but it doesn't help the chart. The chart is so bad. Polygon, what's happening? Please get a market maker to pump it or something.
I mean, I'm very curious — they made it in 2020, 2021. They're not rookies. They must know how it works. But for some reason they refuse, or I don't know what the problem is. The chart is very bad. But yeah, tech is good. Tech is good. But it doesn't matter. You cannot eat tech. You cannot fly private with tech. You cannot buy coffee with tech. You cannot pay rent with tech. I'm a computer scientist — Ivan on Tech — and I'm telling you, I cannot take tech to the store.
Credit where credit is due, though. Polygon has been really great over the last three months, including the World Cup, which allowed Polymarket to handle trading loads they'd never seen before, seamlessly across both their systems and Polygon's. Can't remember the last time an issue was caused by the chain. Well done, Sandeep. Big shout. I mean, Sandeep is great. I love Sandeep as a founder, as a person. He's very good. But the chart is bad.
Polygon was great times. You guys remember Polygon? We found this at a few cents, then it rallied to like $2. The problem is, it's going to be a few cents soon again. And will it rally again? Let's see.
L1 Apps Are Good for Ethereum — L2s Are Not
Imran from Alliance DAO is saying: "I think the next generation of L1s should actively build first-party apps instead of copying the playbook of earlier chains. No one understands a chain's technical advantages better than the team that built it. First-party apps can showcase what's technically possible while proving the team is willing to put its money where its mouth is by building real products with real users. That traction becomes the wedge once other builders come." Basically, L1s should build their own thing first and then others will come. Probably true.
Now here, when it comes to Fake World Asset — you remember we covered this a few days ago. It's interesting. It's on ETH. It's like gambling, but they made it a bit fun. The way it works is that you commit some money and then you can draw an NFT. You get a random NFT — it can be a CryptoPunk, it can be some worthless crap. It's like a deck of cards. You put in funds and then you draw a card. Maybe you get a CryptoPunk, maybe you get crap. Most likely 99% chance you get crap. And then you have the possibility of taking the money that the NFT is worth, or you can keep playing and maybe you get a Punk, maybe you get a Pudgy Penguin. It's interesting. And this is like perfect for crypto. People love it. They trade a lot.
And by the way, here's where I've got to say: this is good for ETH. This is good for ETH because this is on L1. Some people say, "Oh, this corporate L2 chain is good for ETH." I told you straight — it's not. Robinhood chain is not good for ETH in a meaningful way. There's little connection to ETH.
I'm very fair. When I'm bullish on something, I tell you. When I'm not bullish, I tell you. In this case, the fact that this app — which is like the most popular one during the last few weeks — is on L1, this is good for ETH. I'm the only person in this industry that can tell you for sure what's good for ETH and what's bad for ETH. Everyone else is blowing smoke. They tell you wrong information to shield their L2 bag or whatever. Many podcasters got tokens from L2s — at least in the past they did, advisory tokens. Look at the chart of Optimism and Arbitrum. They told you it's good for ETH. "Oh, it's so good for ETH. Oh my god, it's so serious tech." Meanwhile, Solana went from $8 to $300 last cycle. But they told you: "Oh, this is way better. It's because of L2. It's so good for ETH."
I told you all the time: this L2 Fugazi bad. It's not directly bad for ETH, but it's indirectly bad because it takes away attention and money from actual developments of ETH to this Fugazi L2 industrial complex. I told you all the time.
Now I can tell you that an on-chain app on L1 — this is good for ETH. This is good for ETH. If we have more apps like this, I'm bullish ETH. You understand? Something that was bearish could become bullish. If they have more on L1, fantastic. I'm bullish ETH. Let's go.
Zuckerberg Joins X; Circle Buys IBM Blockchain Patents
Something interesting — the last couple of weeks, X has been joined by Mark Zuckerberg. Has Zuck really started to use X? That's crazy. He's basically admitting that his Threads is for guys that no one cares about. You remember he said we're going to do X? He posted in July. Let's see when he used it before that. 2012, 2009, 2012, 2023 — he just did some token thing and then came back in July.
You remember the bravado with which they launched Threads? They said: here we're going to have good tone, good discourse. Twitter is bad discourse. People are mean on Twitter. Here we're going to be nice to each other. Only positive things. And now, guess what? Twitter is the best. Nothing can beat Twitter. Mainstream media attacks Twitter all the time. But Twitter is growing and growing and everyone is coming to Twitter. The world's richest people are coming to Twitter — Zuckerberg, Jensen Huang, Bernard Arnault, all coming to Twitter. Very nice. I could have told them this years ago, but better late than never.
Finally, Circle bought a bunch of patents from IBM. IBM — interesting strategy. Not really part of crypto. Not really doing anything. But they did like a million blockchain patents, whatever that means. That's an interesting business. They saw blockchain and they said: okay, let's do a bunch of patents here. Let's just patent everything. Any idea — patent, patent, patent. 680 patents. That's crazy.
So yeah, very interesting business. If you are into patents, see if you can patent something on blockchain. Maybe it's good. I'm wondering what patents they actually have. I mean, blockchain and supply chain — if you put something on blockchain connected to supply chain, it's a new innovation. Patent, patent, patent. Blockchain and CRM. You put something blockchain plus CRM — bam, patent. Blockchain and sales — you pay via blockchain in your sales process. Patent, patent, patent. Is that how it is? Because there's no way they patented stuff they actually deployed in production. It's just some brainstorming session. They had a brainstorming session and then patented everything. Fair game. It's how the game works. But anyway, Circle now bought all of this Fugazi patents. Okay, guys, that's it.