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#Kraken (Crypto Exchange) Quietly Expands Offerings to US Investors
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#Kraken (Crypto Exchange) Quietly Expands Offerings to US Investors
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March 12, 2025
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00:37:58
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Episode Transcript
[00:00:01] Welcome to Crypto Talk Radio, the podcast for everyday investors like you. Visit us on the [email protected] and now here's your host, Leister. Thank you for that, Bailey. And welcome, everybody out there in Crypto Talk radio [email protected] A Dry Day, a dull day, but stuff got done.
[00:00:24] The field work was completed. I'm getting plot survey done for those that don't know plot survey for the property, so I can understand utility breakout. And you know exactly where my property, what the boundaries are, because that's not understood. And out here, the county does not proactively do it like I think they should. Do you have to ask for it? I don't mind asking. I'm just really disturbed that nobody else has. Because normally you buy a house and it should come with the survey that would have been done by a prior homeowner that constructed something because the prior homeowner didn't do a damn thing to the house. It means it falls on me to get these things done. And the first step is, of course, a plot survey, mostly because I want to get a fence set up on one side of the property. But there are other things that I want to do that I'd need the survey anyway, like the driveway work and sidewalk work and landscape work, etc. And so on. So that got done. The field work's done. And then he said next week they're gonna send somebody out to actually mark the boundaries and everything else. That's. Once that's done that I can get the fence ordered up. And apparently that's a month or so out. He said. So fine, then it's getting colder. It was hot. It was actually not hot, but it was warm. The other day I was surprised at how warm it was. And then it just started cooling back down. And I think it's going to warm up again. I don't mind it, but it throws a wrench in some of my plans. I put some water out in the composter because I'm trying to compost a bunch of newspaper and all that stuff. So I haven't been able to do official composting. I have a food compost unit and that's fine, but I want the real compost because it's for the yard as the yard wakes back up from the winter. So I wanted to try that. I've been running the compost since June of last year, and I haven't been able to get enough solid compost out of it because there hasn't Been enough. You need, you need heat. You need heat and you need water, constant water. And just has not worked out. So now that it's warming up, I was hoping to try to get that process going again, but then it started to cool off again. So I'm like.
[00:02:36] So separately then today's episode, I thought because it's. It's not quiet. So I've got. But it's a quick everybody knows what the heck's going on, so that won't take too long. But I thought it was good for another 101. So I'm gonna do another 101 for today's episode on Crypto, instead of spending too much on news because there wasn't too much news, I'll briefly breeze through all the headlines that I thought were most important. But other than that it was quiet. And that's, you know, known events, but it was quiet. It was not. There was no significant chaos. Just this happened. Everybody was like, yay. And then moved on. And then this happened. Everybody was like boo. And then moved on. And then this happened. Everybody was like. And then moved on. Like it was, it was like the circuit back and forth thing of just events that were not singularly important but collectively had impacts that. I'll be chatting through bitcoin, of course I'll be chatting about. I'm gonna ignore, not ignore, but I won't talk about Ethereum as much today. Just a fair warning because I. I heard some stuff and I don't want to until I validate it. I don't want to share too much about it. But bitcoin will definitely be chatting about as we go through our journey and again enjoy the 101 because I am trying to get more of those, by the way. That is a mission of mine is to get more 101 content out to the masses and then also bitchute. I'm trying to embrace more. I just wish they would do more than that garbage, you know, image quality that they have. And obviously it's just audio, but still it's principle things, principalities in this. I want high quality text. So anyway, let's dig right in. Let's jump right in and see where we can go. I. I'm gonna like this one.
[00:04:24] CoinDesk.com we are going to zoom out to the month chart for bitcoin and the reason that we're starting with bitcoin is because bitcoin is the one under the immense level of pressure over the past 24 hours. A low of just shy of $77,000 a high of 83,834, currently hovering just shy of the 83,000 mark as I record this. And I did buy, just by the way, I did buy a little bit of bitcoin when it dipped down. It's like the 80,000 range because I mean, why not? And you know, and that was kind of a DCA because I had a little bit of bitcoin sitting in a wallet off in the side and I figured, okay, let's stack a little bit more off that dip and then hopefully if it goes down the 70s, which some people speculated that it would, then I can buy a little bit more. Basically just buy a couple little bit more here, a little bit more here as it goes down. That's kind of my strategy is as it goes down, then I'll buy a little bit more. Because I wasn't able to buy in the 60s like I wanted to because of everything that was going on at the time that bitcoin was at its all time lowest. That was the roughest time for me financially and I wasn't in a position to do it. Even now I don't have max cash to be able to just throw at it. Not because I don't think it'll go somewhere, but because if I were going to buy it, I wanted to be at a situation I would never need to sell it or at least not in the short term. But if I were to buy now, I can almost guarantee I would need to sell it once it hit a certain profit point. And I was trying to get a little bit that I can sit on. And I do have a target. I don't know if I'll reach that target. Depends on the dips. But if I can reach the target I would just, you know, sit on it and then whatever would happen and then probably my niece I think would inherit whatever would happen if something were to happen to me. So I am thinking more long term the visionary with respect to what I'm investing in. But other than that I wasn't buying in too many other things. I do have some small investments here and there, but nothing major because I don't know what's happening. And then with Ethereum, as I mentioned at the top show, Ethereum was just, it went beneath the $2,000 mark, which I didn't think was possible, in short, but it's absolutely did. Right now it's 1900 bucks. Over the past 24 hours a low of just shy $1800. Didn't get back up to 2000 in this 24 hour. Period. So Ethereum looks bad. Ethereum looks like it's going down and down and down and down. And not because specifically of Bitcoin itself, but seems like other factors with Ethereum that are exclusive to Ethereum are making it worse for Ethereum. Now, the upside of this is that if Ethereum is able to get down to like the twelve hundred dollar mark like it did before, to me that's a strong buy opportunity. Because even if you think about idiot Vidlick the rug puller ripping you off, I haven't seen too many dips coming out of the dude. So maybe people are finally getting across to him waiting to stop. But Ethereum certainly has to run back up at a point. I would. I would suspect that it has to at some point run back up to where it was.
[00:07:27] I also think that Americans right now may not know, and I'm going to talk about this probably at the tail end of the show, that rhymes. But they may not be aware that there's more options available to them now than we had before under the Gary Gensler era. I want to kind of specify what that means. Let me go through the rest of my topical matter and then we'll circle back on what that is.
[00:07:53] Congress is chatting about the stable coins and CBDCs. They've essentially shot down the notion of CBDCs. When I say Congress, I'm mostly talking about the House. But I think most in Congress agree that CBDCs was never the right answer, as I said. And certain of the YouTubers were telling you that CBDCs were a guarantee. And of course those people went silent after Congress came out and said it wasn't gonna be a real realistic thing.
[00:08:20] Most in the House feel that the right answer is what Donald Trump said, which is when he did his executive order banning CBDCs, that we need to have a better framework and we need to have a better synergistic relationship between fiat and cryptocurrency. Quote, unlike stablecoins, which operate in a competitive market, a CBDC would concentrate financial power within the federal government, restrict consumer choice, and undermine the innovation that has made United States financial markets the strongest in the world, unquote. So essentially what that translates to is a stablecoin is about competition. As long as they're in compliance with the regulatory standards for issuing stablecoins, it encourages competition, which in theory should encourage positive movement from an economic scale perspective. That's the theory. We don't know if it's true or not. What we do know is that if you issue a CBDC you're basically handing over the keys to the federal government to control the currency, and that's not going to benefit anybody because nobody can compete on, on a level playing field.
[00:09:25] Now, on the other side of this, on the. The actual issuers and the private side and cryptocurrency, they chimed in and basically spoke their piece about what's going on, and they said essentially the same thing, which is we really need to have something that we can have a level playing field with and not something where the government's calling shots. All of which is to say, once Gary Gensler was out of the way, a lot changed. A lot got lightened up and you didn't know about it. You weren't hearing it directly. There was no official announcement, barring Donald Trump's executive order. Beyond the executive order, there was no real outright messaging telling you that you as an American, now have more options than you did before. Speaking of options, I did a coverage, two of them, on Kraken, the Amer, the exchange for cryptocurrency.
[00:10:17] The first coverage I did, I was not impressed with what I saw. The second coverage I did, which is a few months back, I was. They seemed like they had changed some things, seemed like they approved some things. And I've been using Kraken for a long time because it seems like they were actively improving the experience for users. I was not impressed the first time, but they have taken steps to improve the experience for users. There's still some things that are annoying, but nothing that I would consider earth shattering or negative.
[00:10:48] So I'm going to let you know. And they did not compensate me for this shout out. I'm going to let you know if you're in America, if you've been listening for a long time, you would have heard me blatantly criticize the garbage known as Coinbase. And I felt like they were crap and I abandoned them a long time ago. There's still some. I think it was like 40 bucks in there, sitting in there that I can't even touch. That's how bad they are. They're scammers, they're a bunch of jackoffs. So haven't touched Coinbase in a while. And I did a series of episodes around different cryptocurrency exchanges. Most of the ones that I favored shut down. I was actually cool with Gate IO, it shut down. I was decently cool with Hotbit. It shut down. And then Coinbase started acting like jerks and I'm like, screw you. I actually still have a Robinhood account sitting There that I hardly ever used. I mostly use it on the stock side. Don't use it anymore. Kraken has been solid. I've not had any problems getting back in there and making the one off transactions that I need to do. I've not had any problems with trades. I've not Anything, Nothing. Blocked. They're not slow, they're nothing. I don't like the speed of crediting funds when you wire them. I don't like where if you want to use a debit card, they put a four day hold. I don't like that there's things that I don't like. I understand why they do them. They're doing them for risk management. I don't like them. It's. If I'm giving you cash, I should be able to use it right away. So if you're gonna, I'm recommending, if you're gonna use Kraken, I'm gonna recommend that you wire funds to them. I understand what that means because most banks charge for wire. I happen to have a bank that doesn't charge for outbound wire. So for me it's not a problem.
[00:12:28] Then they charge a fee. That's Kraken. To use the money to buy crypto. So does Coinbase. But Kraken's fees seem to be a little bit lower if it's cash that you deposited. Whereas Coinbase, they just rip you, you know, it's like Vaseline off the side on you. But Kraken seems to be a little bit more fair. They only charge it's like five bucks for a transaction. I think it's a 1% fee where I do a charge and then I do to get the money in there and then it's cash credit and then you use it and buy it and then you can transfer it out to whatever. And you also can transfer crypto in. You can take crypto from your wallet, transfer it in, do a swap using Kraken and then swap it back out. Well, the nice thing about Kraken that I just noticed because there was no notification of this, they didn't announce it, they didn't do anything. When I first set up cracking, they had probably, I'm going to say maybe 20 cryptocurrencies you could trade.
[00:13:20] That's it. They didn't have hardly anything whatsoever.
[00:13:24] Well today, because I'd gone in to buy the bitcoin, I go in and I notice, I'm like, oh jeez, this list has gotten a hell of a lot longer know, dude. They, I mean they've got all sorts of stuff. Stuff that they would never have considered available. USDS was never. Not even close. What was the other ton coin like? No, not even. Let's see. Mantra Om. Not even. Was not there before. Pretty sure it wasn't Pepe. I'm pretty sure Pepe was there before. But not. Not on the simple trade side. I think it was only on the pro side.
[00:14:00] Trump. The official Trump is listed. Athena is listed. I'm pretty sure that wasn't there. World Coin is there. I'm pretty sure that was not here. Bonk. I'm pretty sure it may have been there. But not on the simple one. I don't think so.
[00:14:14] So Floki and that got listed on Coinbase. That didn't surprise me. But there's a bunch of. Point is Dogwood hat. There's a bunch of tokens that you never would have been able to trade before that all of a sudden showed up that you can easily buy. They don't block you. They don't do anything about it. So if you felt like you wanted to get into some of these garbage Vol coins that are out there, Kraken makes them available now. I don't know if there's something within the United States like say certain states where they'll block you. I don't think there is. But I'm calling it to attention that there was no announcement that they were going to just open up the floodgates and all sorts of garbage like Turbo, which is like some little frog or whatever the hell that is. They just open the floodgates and they can let you buy all sorts of stuff on there. So Kraken now became a very strong viable, in my opinion exchange for doing some of these trades. That was not the case before like it used to be again, 20 at the most. And then all of a sudden they opened up the gates. So I'll give them that shout out for that. And that's what I mean, that something changed where all of a sudden they're comfortable doing that. I don't know if the other exchanges did that because I didn't bother checking because I've been mostly all in on Kraken. But I'm calling it to attention in case you're looking for an exchange. Cause I know I had a couple people listening that were curious about an exchange. Cause there's started blocking us traders like Kucoin and others. So this is now your opportunity. I would recommend Kraken. If you want to have a good exchange, just understand that you will have to Go through at least a basic KYC process. It's not too intense, it was pretty low key, there wasn't too much to it. And then you can go to a higher KYC if you want to, up the limits if you choose. But the limits are pretty pretty flex. I think they're pretty fair. Pretty fair and flexible. So that's out there for you.
[00:15:59] Now let's talk about our 101 and for my 101 I thought it's. It's also an opportunity for me to recommend. I'm not going to suggest anything specific, but I'm going to recommend it because I think in my opinion that many people are overlooking it for what it could be for you.
[00:16:20] You've probably heard the term, if you've been out for a while, you've heard the term etf, right? The Bitcoin etf, the Ethereum etf, a Salana etf, a Ripple etf. You've heard all these about an etf, you may not realize what the ETF really is. One, two, how the ETF can benefit you directly. Three. Why, in my opinion, the ETF is the key to long term wealth. If you get in early.
[00:16:49] Let's start with what it is. I'm going to explain it like you're five years old or explain it like you're in the fifth grade, depending on how your level of competency is.
[00:17:00] Here's an example for an etf, let's say that I wanted to buy a bunch of something that is extremely valuable, it's more expensive than you can afford, and then I want to give you access to benefit from profit as a result of these, whatever it is that we're talking about. So let's take houses. I just happen to be super fricking wealthy and I buy let's say 100 houses in different areas. And as part of this purchase, I'm going to create a fund and the fund is going to basically benefit you. If you buy into the fund as a holder, it's going to benefit you by way of dividends, it's going to benefit you in terms of price movement and etc. But you're investing in the fund, you're not investing in the houses. You don't own the risk of the houses, you don't have any maintenance on the houses, you don't have to worry about anything with logistics or legality or any of that stuff. You're simply benefiting from price movement as part of this purchase. For the hundred houses, I say I'm gonna do a couple of things. I'm gonna fix them up, I'm gonna flip them, right? I'm gonna fix them up. I'm gonna set them up with all these fancy doodads and all this great appliances and everything. I'm gonna make these things absolutely appealing, because what I intend to then do is turn them into a bunch of, you know, like Airbnb or something, where I'm gonna have a lot of people coming through them. And those people are going to pay me for the privilege of being here, and I'm going to be able to charge, you know, obscene rates for the privilege of doing so. And the profit, all this transactional activity and the profits and everything, I'm going to wrap it into a fund that you can invest in.
[00:18:45] When I announce that to you, you hear my pitch. So I'm telling you what it is. I'm telling you, here's what I expect. It's going to be. Here's the launch price I'm going to target for this. Here's how much asset, so in terms of dollars, is going to be part of this fund. You can invest, and if you invest, it's x, you know, 20 bucks per, 50 bucks per whatever we choose, whatever I choose to offer it as, as the initial offering, this is made available publicly, which means that there's no private transaction. There's no private agreement between you and I. It's simply, it's open to the public, whoever wants to invest. And then your amount that you invest in gives you a share percentage. So you have a certain stake in what we're talking about, and somebody else might have a larger stake and somebody else might have a smaller stake. And so the point is, you are all considered equal in as far as you're all part of the same class of investors. However, certain of the investors simply have more shares than you do, and certain ones have less shares than you than you do, neither of which changes your level of ownership. You do not own any of the properties. You have no dictate over the properties. You can't tell me what to do with them. You can suggest, but I can choose to blatantly ignore you. That's the agreement is all you're doing is benefiting from the price, and you're essentially investing in the price movement is what you're doing, and your shares represent a portion of whatever that profit or deficit happens to be. So that's what an ETF is. It's a fund. It is something where you're investing in price movement potential for whatever it is that's owned and then the money is kind of wrapped around that. But you have no direct. You're insulated from any impact. You're insulated from any damage, you're insulated from any harm. But you also have no rights with anything that I own. It's all me. And I am the so called custodian of, of those items. You might think, how does that benefit you? It benefits you. Because if I'm successful at what I'm talking about, you stand to make a hell of a lot of money. Consider if I could tell you that for these hundred houses that I've got out there, the fund's going to start at $100 million. And then I 10x it because I was so good at flipping it. And now I'm able to charge 500 bucks a month on these deals to a bunch of people to stay at them as luxury properties or something or just simply rent, whatever it is. But I'm able to guarantee you a turnaround because I was able to do what I said I was going to do now because that's essentially securities. That's what it is. It's secured by these assets. The fund itself is useless. If I didn't have the assets, if the assets weren't doing anything, the fund is worthless. If the assets crap your fund, your money becomes worthless. Thus it creates a security.
[00:21:36] And that arrangement now is subject to securities trading. This is where the SEC is the one who has to approve the issuance of an etf. So they're the ones that have to negotiate with the one who wants to issue it. So in this case, me, I have to sell them on why I believe what I'm going to do is correct. I have to have all my ducks in a row. I got to have all the paperwork set out. I got to make sure I got all the legal nonsense done, all. All the permitting done. I've got to have my plan in place for how I'm going to get you to this 10x. And I got to make sure there's an actual custodian of the money part of this, which cannot be me. So as the person who owns the assets, I cannot have, I can't hold on to the money that's exchanging hands from your side and your shares. So there's usually somebody else that's in charge of that. And that would be something like a Fidelity or Schwab or whoever. And they're the ones that manage the money movement around the etf. But that cannot be me. I have exposure to it because I'm ultimately the reason the fund exists and my activities keep the fund existing for the long term. But I am not directly exposed to your cash. That's the reason why most of the regular ETFs are largely. They're mostly accepted by the SEC. They don't push back on those as much because there's not direct exposure, direct access to your money. I can't just directly take your money from you. It has to come by way of those third parties. So now that you understand the what of it, here's what the impact is for cryptocurrency. Second, because of what I described, it's public, it's a lot more friendly to the sec.
[00:23:24] It's covered by all the protections that we have for securities. It has Awareness International.
[00:23:32] You have the fidelities and the Schwabs that already have the framework to make it available and to make it accessible. You can amend, in some cases, buy it through your bank. It's ubiquitous is the term. You can get access to it with relative ease. You don't have to go through a KYC process to get access to it if you already have the account, you just buy it. The barrier of entry is lower. Everything is advantageous to buying into ETFs, with one notable exception. You have no ownership stake in the asset. The institutionals, the large players, see that as a positive. They see that as a benefit. They don't want to own the asset because that's risk. They'd be exposing themselves to whatever risk you see, like the FTX garbage. But they want to benefit from the price movement when there's unreasonable pumps. Yeah. So if you're getting into ETFs, the benefit to you on the crypto side is you get to benefit from price movement without the exposure to the risk aspect. The risk aspect, though, there are certain gamblers that roll the dice because they have rush. They, they get a rush on trading a risky asset because it. They have ownership, they maximize the profit and in theory, nobody can take it from them. Now we know what the real is. But the point is some of them, they feel this should not be taken from me if it's. If I own the asset, but if I don't own the asset, it can be taken, blocked, frozen. They're not wrong. Assets can be frozen from you. If it's an etf, it can be frozen from you, can be taken from you, commit a crime. It can be absolutely taken from you. That's true. I'm suggesting that even though that's true, if you have cryptocurrency it can also be taken from you. You just don't know it. Bitcoin is harder to confiscate. It's not impossible, as we saw with Silk Road. So you have to understand, it's. It's up to you what you feel. But the benefit, the main benefit of ETF is to insulate yourself from the exposure that the main asset has, but still benefit from price movement also when you have less money to play with. One of the big concerns from the young people about cryptocurrency is the price. They see 60, 70, $80,000 bitcoin and think it's too expensive. They don't understand they don't have to buy a whole bitcoin. And they also see, well, that means I'm not gonna be able to get any kind of rich. You know, if I only have a hundred bucks, how am I gonna turn that into something? So then they turn to the dogs and the cats and the frogs and all that garbage, because they're trying to get rich quick. It's a scheme. Well, you could take $100, you could buy three shares, let's say, of a $30 something, and you could make a lot of money on that over time. It'll take some time to get there, but you now have a barrier of entry that's much lower because the price. Now psychologically, you look at it and you see that the price is more within your grasp and it's more accessible, more easy to understand, etc. I'm not suggesting that there's, it's better because of that. I'm saying that it's easier to convince somebody to get in it when they have a lower amount of money than it would be. On the crypto side, despite the fact that crypto can be bought in small increments, the layman investor doesn't understand that.
[00:26:37] As a result. This leads me to question number three. Well, how does it benefit crypto? It benefits crypto because since it is a lower barrier of entry and since it's simpler to understand and since it's easier to get access to it, in theory, you have more people that can get in faster. That should, in theory, that should encourage more buy pressure down the road as more ETFs of this kind become available to people and they realize that it's now more ubiquitous. The ubiquity is what causes things to be more successful. We saw this with the Amazon and the Apple stocks. Remember, Apple stock was worth garbage. Apple was on the verge of shutting down at a point and then turned into this beast. And then after Steve Jobs died, they started kind of, you know, calming down a little bit. Because Steve Jobs is all about fomo, right? Amazon was still spiky, and then the pandemic hit and then they piped up, then they started crapping back down when people started going back down to stores. The point is, is that there's always this impact when you make something readily available or it's kind of the only option or the most convenient option or whatever it is, it's going to cause a run. Naturally, if you have a lot of people getting in ETFs, it doesn't really matter what side you're on. If you're on the ETF side, if you're on the dedicated whole crypto side, or both, you benefit because more people are getting in by way of the ETFs, regardless of whether they hold the asset or not. The downside is simply that those funds, the ones that are creating the ETFs, who hold assets that support it, at some point they're going to sell and you're going to see these big dips like you see now where it goes from $120,000 down to $80,000. That volatility won't ever go away, no matter what, because as more people do get in it, the volatility is simply going to increase because there's more people in it. And because those funds managers, those people that hold the assets in the pool, they're going to sell and they're not going to sell small amounts, they're going to sell large amounts because they're taking profit or they're using it to pay expenses to maintain this whole business. So if you, if it sounds like what I'm describing, eventually will turn into some sort of house of cards, that's exactly what I'm warning forewarning is you could run the risk that there's some sort of a house of cards situation endemic with the fact that you're doing all this together and you have to make this work. But because of the way it works, the pro and the con is, the pro is you're going to get more people in it because it's easier to do it. The more people that get in it, the volatility increases. The more the volatility goes, especially as it goes up the institutionals and the large players that manage those funds are going to be doing large cells. The large cells is going to cause more volatility. And then there's FOMO selling, etc. And so on. So it's great for crypto in the sense that increases exposure and awareness to what can happen and the availability of it. It makes it easier for them to get in. The downside is you're going to have people dumping out of it, which is going to impact price and you have to steal yourself S T E E L yourself against the temptation to FOMO sell, because that's the trap. In a lot of cases, the ones that are selling are trying to do it to get you to sell because they know you're reacting to the one day chart. As I told you guys a long time ago, the all these different tools default to the one day chart and the one hour chart because it's the most volatile. Because they want you to FOMO sell by FOMO selling. You then give them lower prices so that they can stack more and then pump it up again. And they know you'll FOMO buy when they see the green and then they'll wreck you on the way back down. And it's the cycle. So it's very, very easy. Buy on the red, sell on the green. If you do nothing more than that, it's easy. That means though, and if I'm going around, it's because I want you to be clear.
[00:30:25] That means when I say buy on the red, sell on the green. That means you have to train yourself not to react to the opposite. But that's what they want you to do.
[00:30:36] The ETF side is no different. I've had the Fidelity ETF pretty much since it launched and I sold a little bit for a profit just to get back my initial investment. Everything else is let ride because it doesn't matter. And then I have a bit get or bit bit cube bit Q that's on a different account. And I've let it ride and haven't sold any of that one because I actually forgot I had it and it went 3x and I just completely forgot it. So if you get into ETFs, that's the other nice part is it's easier to forget because it's part of a. You know, like one of them is in a retirement something and so on. Because you could expose like if you have a retirement account, you can invest in those in your retirement accounts. We all know your regular 401k and all that stuff ain't making any money. But these have a strong potential to make you some good money if you're careful about it. You just have to be careful.
[00:31:23] Last and I'll wrap up. That was brought to attention as ETFs become more popular, remember, they fall under IRS, very specific IRS rules governing stocks and bonds and other types of trades, in the sense that as you put money in, you're not taxed on the money you put in. You're taxed on. When you get it out, you're already taxed. You know, if you're doing income tax, you're taxed on that money.
[00:31:50] Normally, like, say, crypto, you're supposed to be paying tax even though you haven't sold it yet, which is a scam. With etf, you're avoiding that whole chaos. You're avoiding that risk because you just put it into a stock or an ETF or any etf. It doesn't matter what it is because you're not holding the asset. You're benefiting from the fund, but you haven't cashed out, so there's no benefit. By rules, this is, of course, the United States I refer to. So that's the other thing to think about is if you buy straight crypto, technically you're supposed to be filing all those taxes so that the tax man can come out to your ways. But if you do ETFs, you can put it in the ETF and you're not really responsible until you sell back out. Well, if you put it as part of your retirement plan, whether that's an IRA or 401k or whatever, it's the same thing. It'll be, you know, taxed after you sell or retire or whatever that is. So you can start stacking it into a retirement nest egg just like you would do with any other stock. You're gonna. It's gonna increase way faster than anything else you have. The down point is you have to train yourself because you're gonna see heavy volatility at points. So that's where DCA can play a good factor. By dca, I mean, okay, don't buy when it's green, you know, because if you buy when it's green, it's gonna feel worse when it's red, Right? But if you buy when it's red, you're not worried about it too much. Especially if it's Bitcoin, you know, it's gonna go back up. So there's. Long as you train yourself to just buy on red, it's not a big deal. You just see compound. You see it just increase, increase. That's how my bit Q was. I bought way early, way when it was worth half nothing. And then it just climbed. And I said, okay, once it goes in the red, which it never does, but once it does, that's when I buy and I just buy and I just toss money away and it becomes my part of my retirement asset pool. Right now it's emergency asset pool. But I'm saying if you have a retirement something, you can do the ETFs on your retirement something. People didn't know that either. As more people learn that these are tools now available to supplant your retirement funds, the game changes. But more education is needed. We have to tell people these are now available options for them because if they don't know it, they're not going to do it. If they don't do it, it doesn't do any good. So, in summary, Kraken has opened up the floodgates. Release the Kraken. And they've said you can trade all these garbage, whatevers, And I do recommend you check it out if you're interested in doing that. Because of course, Coinbase is crap if you're using that one. Don't use sketchy VPNs. It looks like you don't need to anymore. But they certainly don't have what Binance has. So I'm not. I'm kind of overstating it, but, you know, still.
[00:34:22] So that's that. And then again, if you have not looked into the ETFs, I do recommend you do so, especially the Bitcoin ETF. I think if you do nothing else, I do recommend getting into the Bitcoin etf. Chances are, if you have any, I'm talking any retirement account or anything with whatever bank, you know, Square Trade or. I think Square Trade got bought out by Schwab, I believe Square Trade, Schwab, Fidelity, whoever, whatever, any of these investments. And you know, again, if you don't, I recommend setting up one. But your chances are you do, yes, something you have some rollover from an old employer or something where you have the ability, the exposure to buy into these type of investment vehicles. I do recommend looking into the Bitcoin ETF as part of that to create a more robust retirement strategy. Even if you don't, you know, you don't. You already have crypto on the side. You can have both. You don't have to do one or the other. You do both. But I do recommend having at least a little bit in ETF and just toss a little bit in there when you can. You know, just like you might do, you know, you have annual contribution limits to an ira. Right. But that's separate from what I'm Describing. So you can do a bunch of money to the IRA in general, but then you can trade, you know this on the ETF side, separate and have dual. You have dual access to these to supply. Because, you know, it's getting harder. You know, Social Security is going to be insolvent. We know that pensions are a thing of the past. Essentially, it's all a big scam to minimize how much money you have in retirement.
[00:35:56] Everything that you could do now to try to get ahead of it, I strongly recommend, that's the recommendation I would make is to. This is another way that you can supplant that, Especially now. Especially now. Because as cryptocurrency is going down, you might buy into the crypto straight. That's cool. Just understand technically you're supposed to pay taxes on that. Or you can buy into the ETFs, you don't have to pay taxes on it, or you can do both.
[00:36:20] Nothing. The sky's the limit. And I think it's a great thing for everybody that we have these options. We just need to tell more people, the more people understand it, the more people embrace it, the better we all are. If you're not sure, and I stress this part, if you're not sure, consult an advisor. Most of these that I talked about have like financial advisory that'll tell you about these things and they'll tell you about risk and how you should best invest your cash. But most of them also will recommend a diverse set of different investments, not just one. So I definitely don't want you to yolo into a Bitcoin etf. You certainly should have multiple different types of funds, bonds, stocks, etc. In one pool of assets that are part of your portfolio. Either way, I recommend looking into the Bitcoin ETF if you have not done so already, because I think we are early with it and I think there's going to come a point where people will look back and regret not getting in it when they have the opportunity at the low prices that we're currently seeing.
