Wall Street Unplugged
Episode: 1013March 1, 2023

Regulators’ crypto crackdown is backfiring

Cryptocurrency regulation

Big banks are cracking down on everything related to crypto—even us here at Curzio Research…

I start today’s show by sharing the story of Bank of America dropping us as a customer. I rant about how the government’s interference is terrible for the entire industry… the no-brainer regulations it should enforce… how regulators are acting like bad parents… and how (as with bad parents) the “tough love” is backfiring.

Meanwhile, the crypto market is shrugging off the negativity… with prices holding up well (even as stocks tumble). I break down how the crypto space reminds me of the early days of sports betting.

As a reminder, tomorrow will be our first episode of WSU Premium—which will include a ton of new features aimed at making you richer and more informed. If you haven’t already, be sure to sign up now.

Inside this episode:
  • Bank of America is breaking up with Curzio Research [0:30]
  • The government is trying to pick the crypto winners and losers [6:35]
  • Regulators can’t keep crypto in a corner [12:20]
  • Crypto is following the path of sports gambling [21:00]
  • Don’t miss the premiere episode of WSU Premium [30:19]

Wall Street Unplugged | 1013

Regulators’ crypto crackdown is backfiring

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

Frank Curzio: How’s it going out there? It’s March 1st. I’m Frank Curzio, host of the Wall Street Unplugged podcast, where I break down the headlines and tell you what’s really moving these markets.

Frank Curzio: So, what I’m about to say may get me in a little bit of trouble, but I think the world should know it. I think it’s very important.

Frank Curzio: We’ve been doing business with Bank of America, our corporation, since we started this business, five years ago. And Bank of America, last week, decided to send me a letter saying that they would no longer do business with Curzio Research. Found it interesting. Maybe it’s because we talk about crypto, but CNBC talks about crypto. Maybe it’s because we invested in TCG; yet, Nike investing in Roblox or other major retailing companies are investing in Roblox to build a metaverse, puts us on par. And hundred percent of revenue is derived by the same thing over the past five years, which is subscriptions.

Frank Curzio: And the letter they sent to us, right… A letter, they didn’t call me. They didn’t call me personally. They sent a letter, but they said they would no longer do business with us and we will restrict deposits on your accounts. They said you have 30 days to transfer everything out of Bank of America. And in this letter they provided a number to call. It says, “We’re here if you have any questions.” So, I called it, and I want you to listen to exactly what’s on this recording.

Recorded Telephone Message: If you have been referred to this phone number, it is because we are unable to open new accounts or add one or more applicants to your existing account. This decision cannot be overwritten. If you have recently received a letter stating your account or accounts are being closed, the reason for this is that Bank of America made a business decision to close the account. We have determined you operate in a business type we elect not to service at Bank of America. The decision to close the account will not be reconsidered. Press one to speak to an agent.

Frank Curzio: So, when I press the number one, it actually goes to a voicemail. So, they don’t let you talk to anyone. But imagine your bank just sends you a letter out of the blue saying, “Hey, you know what? We’re no longer doing business with you. We’re not going to provide a reason. We’re not going to talk to you about it. You can’t talk to us about it. You can’t defend yourself. No matter what, this decision will not be reversed.” It’s pretty f-ing crazy.

Frank Curzio: Now, we’re fine as a business. We set up with a mid-tier bank. We’re perfectly fine. Like I said earlier, Bank of America sucked anyway. We’re looking to move, right? They didn’t prize… Good rates, charge us massive amount of fees. We had lots of problems with them, lots of problems with them. But again, when you have everything integrated, payroll, your corporation, everything integrated. And we just… We’ll get to it when we get to it. We wanted to get to it. After tax season, it should have been a little bit better. But they didn’t care. They didn’t care when they sent this out. They didn’t say, “Hey, you have three months.” They said, “Nope, you have a month.”

Frank Curzio: So, I started making some calls talking to people within the industry. And the bigger point here, all the major banks have been instructed by the regulators, the government, to shut down all crypto operations. So, the government basically said, “Hey, if you don’t, then we are going to fine you, and the hammer is going to come down.” Now, you can look in The Wall Street Journal. They had a great article about this. Everything always gets leaked first in the Wall Street Journal. The Fed, all the regulations, stuff gets leaked to Wall Street Journal first. This was from like four or five days ago. They’ve been doing this over the past month or so, but it highlights how big banks are backing away from crypto companies and how it follows the FTX blow up, which by the way had nothing to do with crypto. This was fraud where a person decided to take customer deposits through its brokerage, the trading arm, that platform, and illegally distribute them to its hedge fund, which was losing billions and billions of dollars, right? This is classic fraud.

Frank Curzio: Anyway, nobody really cared that much because FTX was huge, paying everybody, including famous athletes to market their brand. They’re allowed to go on The Hill and discuss how regulation would help the industry because… Why? They would donate billions and billions and billions of dollars, lobbying dollars, to politicians. Mostly, those big donations went to Democrats. So, of course, this crackdown did not happen before the donations were given, right? This is pre midterm election cycle. If you look at FTX, they filed for bankruptcy just shortly after midterm elections. And then, all the stuff started coming out. Perfect timing, right? You’re not going to do it before, no way, not during the midterm election. That’s much more important. Right?

Frank Curzio: But it’s not just the major banks. The government started going after almost everyone who’s currently doing business or any operation in crypto. If you look at Signature Bank, it’s one of the biggest crypto banks in terms of assets. They just announced they had to cut ties with Binance, the international part. Silvergate, no longer accepting accounts. Everybody’s been saying that’s a fraud for probably six months now. No smoking gun, no fraud. People are removing assets. The stock is going down because people are worried that if I have assets in there, if there’s an FTX situation, I might lose my money. So, you can’t blame them, but fraud? That exposure of 8 billion to FTX and what did they do? They sold debt securities. They sold other things a little bit for a loss and they paid it off and they’re operational. Doesn’t matter.

Frank Curzio: And somebody say Herbalife, where it’s a Ponzi scheme, it’s a Ponzi scheme. Well, eventually it’s not that difficult to prove that it’s a Ponzi scheme. It’s not too difficult to prove there’s illegal operations, and it’s been six months now. Have we seen a smoking gun? I haven’t. I hear all the short sellers mention that, “They have it, they have it. I have all this information. I have it. I have it,” for six months. They recently got blown out of the position. Yes, it crashed tremendously. This is something we generate over a thousand percent returns on in our newsletter for selling it late last… I think it was last year. It was less than 12 months, just took off.

Frank Curzio: But you’re talking about Silvergate and also Signature. And I guess this is how our government… Which includes what? The Federal Reserve, Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency. Right? Those are three major ones. And even the SEC is getting involved, right? This is how they plan to deal with crypto, not by providing laws, but by picking and choosing who could do business, who doesn’t, instead of actually, again, providing those guidelines that everyone can follow. It’s why Grayscale is about to go to court. I think this decisions going to be made at the SEC. And they said, “Listen, I don’t care how much it costs. We are going after them. And we’ll appeal, appeal, appeal, appeal with Supreme Court.”

Frank Curzio: They just want to know why the SEC approved several Bitcoin future products, which are competitors to Grayscale and have not approved Grayscale to actually launch a Bitcoin ETF. They haven’t provided sufficient reasons for that. SEC, they say, “Hey, the guidelines are there for everyone.” I think they pretty much checked off all the guidelines, whether you believe in that or not, in terms of Grayscale and what type of product it is. But again, there’s guidelines that you have to check off. And I don’t think they’re going to court if they didn’t check off all those guidelines, but why? Why are they picking and choosing? What do we see? And this has been happening over the past four to six weeks, guys. Finance just to spend US dollar transfers. Kraken just forced to pay a major fine, 30 million for its staking business. I understand that part of the business and why you’re going after it when it comes to staking.

Frank Curzio: So, a lot of these companies were Voyager, BlockFi, Celsius, a lot of bullshit around these industries. I interviewed the CEO of BlockFi. I asked him. I remember asking him that, “How do you able to pay the higher interest rates?” This is before interest rates where you can get 5% on a six month T bill, where rates are now. It’s when rates were zero, they’re offering 5%, 7%, 12%. And he couldn’t really answer. I didn’t understand it. That’s why, in our newsletters, we never advised anyone to stake ever. I just didn’t understand it. I’m not going to recommend things I don’t understand. I get that part of it, but they just settled now. Coinbase said they’re suspending BUSD. That’s Binance’s stable coin. And the SSC, if you notice, has been putting out articles every place, going into their media contacts, showing how, “Hey, we have our eyes on stable coins.”

Frank Curzio: Really? You have your eyes on stable coins. That’s where you see the most risk, stable coins. There’s 3000 plus, probably 5,000 plus, utility tokens where most should have their founders and CEOs locked up. I know, because I did the research on a lot of these. They raise money through a utility token. And investors buying into that offering expect to make money on that token, which is the exact definition of a security. That’s why we launched a security token. And our token is just like a stock, regulations there. Everything’s checked, going through guidelines. It’s not crypto. It’s a security token. It’s a digital asset. It’s much different than a utility token where you have no information or nothing. But if you look at these other companies, nobody knows where the money is that they raised. They have new cars and houses.

Frank Curzio: Most of these tokens, their only value is tied to their utility feature. For Binance, that’s using that token to lower your fees or you could book trips and buy different things. They have hundreds and hundreds of uses. That’s the utility. That creates demand. When you use that token against burned, that’s fine. That’s the way the system works. 90% of these do not have any utility features, meaning that token is absolutely worthless, absolutely worthless. Also, you can’t find any info on the company, how much the insiders still own, what’s going on. They provided this whole outlook and these updates. A lot of these guys have taken that money and actually invested it in other crypto ideas, which they didn’t outline when they were raising money.

Frank Curzio: I mean, some of these companies don’t even provide a picture of the executive teams. They’ll have a link to a LinkedIn account. And when you click it, it’s like a face of an NFT. They don’t have a lot of followers. They’ll just have a brief description on what the company does. That’s it, not even that much of a background. Don’t even know who these people are, where to find them. You try to do searches. Try to do searches on some of these people. Try to do a search on me in Google. Try to do a search on anyone you see in CBC in Google. You’ll find a whole profile, everything, reviews, positives, negatives, people writing about you. If you’ve been in the industry for a long time, that’s great. You can do your own research. Again, all of you should do your own research on me before you listen to me. Do your due diligence. That’s your job. Try to do due diligence on some of these companies. You can’t. I know. Don’t bother looking. I’ve looked for you.

Frank Curzio: It’s just remarkable. But stable coins are the issue. Let’s go after stable. It just shows you how much they don’t know about the industry. With that said, trying to shut down crypto at this stage by going to the banks, kind of like we did with marijuana, kind of like we did with gambling and things like that, where you don’t know what the hell to do with the banks… I mean, the banks don’t provide…

Frank Curzio: I mean, some of them may provide capital, but you can’t use your debit account to purchase marijuana where it’s not approved on the federal level, but it’s approved on state level. Same thing when it comes to different gambling sites. A lot of you enjoy being able to gamble, not just horse racing or fantasy football, but actually betting on games through, I think, 34 states. Florida is one of them that you can’t and that’s fine. But a lot of companies, when you fill out new accounts or brokerage firms or whatever, they say, “You don’t do any business in marijuana. You don’t do any business in gambling.” And no, not at all.

Frank Curzio: But trying to shut down crypto at this stage and putting it in that category… And I mentioned this analogy and it’s relevant again. I mean, it’s like telling my teenage daughter to stop dating her new boyfriend with the 10 tattoos and the motorcycle. I mean, she’s going to end up marrying him a week later. They do exactly what you tell them not to do. This is the younger generation that grew up with this. Millennials are now 40 years old. They’re used to Bitcoin. They understand the digital age. Most of the kids that are growing up on Roblox, most of the kids that are growing up using Minecraft or Fortnite, they’re developers. They don’t even know it. That’s the future. Watch your kids when they’re on these sites. They’re developing. They can pretty much write code if they want. It won’t be difficult for them to learn.

Frank Curzio: But in short, trying to take something that goes against, especially the biggest institutions of the world, central banks, who have unlimited spending… Politicians don’t give a shit about anyone. They have no accountability. They’ll spend money. Look how much money is being funded to Ukraine right now, more than what Russia is paying for their war. Are you kidding me? Do you approve it? Do I approve it? Should we help them? You could debate whether we should help them or not. And why don’t we just go to war Russia? I mean, providing the weapons is like someone providing you with… About to fight someone and a guy gives them a baseball bat and a gun to fight me. I mean, aren’t they in the fight, kind of? You supplying them? But this amount of money going out of our country with the problems that we have in our country that could be solved?

Frank Curzio: I mean, come on, give me a break. No accountability. Doesn’t matter. Doesn’t matter what you think. Nobody cares. Politicians don’t do what we want. It’s supposed to. That’s what democracy is, right? We hire people to represent their constituents, but they don’t. We know that. Most of them don’t. And you can’t. They have no choice. They probably go in as independent being like, “Hey, I’m going to make changes.” And then, their party goes to them and says, “Hey, if you don’t vote with us, you’re fucked. You’re not going to get funding. You’re not going to get anything ever. Never be on your side with anything. Or we can give you this, this, this and this if you vote party lines.” And within a week, you’re voting party lines. You have to. You don’t have a choice. That’s our political system, very easily corruptible.

Frank Curzio: And it’s why China, when you have one person in charge, they look at our government and say, “Wow, this is pretty easy to corrupt with all these greedy motherfuckers on the other side that really don’t have to answer to someone. And even when you catch them with things, nobody really cares.” So, the way our system is set up is the greatest thing in the world, but it’s easily corruptible, very easily. You could see that with the spending and what we’re doing. How come we never blame China? Remember getting kicked off when… Right? Now, we’re seeing the truth that… which is a fact and something that, again, I was reporting, thanks to my contacts in January 2020, before Covid even came here, how it came out of Wuhan, and hearing about Wuhan lab and how this happened. And right away, the media just threw people offline. Do not say that. It’s not a China virus. It’s not that… Everyone knows where it came from. There’s a reason why the WHO did not…

Frank Curzio: And no one, none, scientists, anyone, and doctors were allowed. China didn’t let anyone in. And the WHO still came out and said, “Wow, we love how China’s handling this situation and it’s not from China” even though they were not allowed… China did not allow them to go into the country to investigate, to try to help people, where maybe we could have stopped this before a million Americans died, 7 million people died. Now, we know the truth. And still, we’re not saying anything like, “Hey, is any…”

Frank Curzio: Are we coming out against China at all? No, we’re not allowed to. Everything’s Russia. Blame Russia, Russia, Russia, Russia, Russia. Crazy. But a lot has to do with this central government, this power. And people have less and less control. But when you’re looking at the reckless spending, and this is just not in the US but across all nations, look what’s going on in China right now, how much they’re trying to inflate this… Their market right now, and how much debt they have, how much trouble they’re in. You’re not hearing that. You’re not hearing the real stories. You say, “Oh, China’s opening. Everything’s okay.” Everything’s not okay in China. You can buy their stocks and enjoy the trend, enjoy what everyone says. And they’re going to lie about their numbers, but be very, very, very, very careful.

Frank Curzio: It’s hard to do research because a lot of the information here is suppressed, especially by Google, but if you have good contacts and you really see what’s going on in China, which I report, which you’re going to hear a lot of, especially Wall Street Unplugged Premium, you can see why everyone is up in arms and pissed off. But if you’re looking at digital… This is the future, Bitcoin, Ethereum, digital currencies. This is the future. This is where we’re going. It’s already integrated. The more you try to take it away, the stronger it gets. Notice where Bitcoin is. It continues to go higher, to 24,000, well off its lows of 15,000. And it’s why Bitcoin adoption continues to grow, with the amount of Bitcoin started in a lightning network, payment protocol. Just hit an all-time high. It’s why the amount addresses…

Frank Curzio: The Bitcoin network continues to grow, which is now 44 million, record high, 44 million. These trends are happening now. They’re happening now as regulations are clamping even more. You see more adoption and it makes sense. They’re going to try to take something away from you. The more someone tells you notice something, especially something that’s like this, that’s this innovative, the more people are going to want it and adopt it. And while you’re looking at the regulation, the BS, the government is still in the banks. And by the way, it’s on the banks, mostly the major banks, not brokers firms like Fidelity, Coinbase, not asset managers like BlackRock. That’s different. We’re talking about banks, the banking laws.

Frank Curzio: So, Fidelity is like, “Hey, we’re cool. Coinbase is cool. They’re regulated.” It’s amazing how a company like Galaxy Digital, they won’t even let go public. They did it. Coinbase is okay. But again, what are the rules? Galaxy’s amazing company, that company should be doing much, much better, but they’re on a bulletin board trying to get an assed they can’t. They’ve been trying to do it for two years. And they got hit as hard as everybody else with crypto, had a little exposure to FTX, but now they have… I mean, you have to see some of the moves in crypto, even our portfolio.

Frank Curzio: We had one that was down 65%, so 55%. We have several names that have taken off tremendously. The last five, six names, we’re seeing big reversals. Our Bitcoin position… Now, Bitcoin is up tremendously. Ethereum’s up tremendously. Could you recommend that early? 10x, I believe. We have Binance is up 20x for us. Again, early investment. I mean, could you see those types of gains any place else? You’re seeing strength in the real names within this industry. When it comes to regulation, the BS the government’s doing and telling them, no matter what crypto company it is, whether it’s compliant, whether it’s even crypto company or not, like Curzio Research…

Frank Curzio: We’re not a crypto company. We talk about crypto, I’m talking about Bitcoin. We’re not a crypto company. A hundred percent of our revenue comes from subscriptions. We invested in TCG. Maybe that triggered something or whatever, but for us not to be able to call them and say, “Hey, what are you doing?” Too bad. This is what we decided. No questions asked. Think about that for a minute. That’s insane, right? It’s insane when you think about it. Again, we’re able to switch operations, go to another bank. We’re in good standing. We have very little charge-offs. But everything’s integrated, and it takes a little while. We got that done within a week. A lot of banks would love to do business with us because we do a lot of business, generate revenue and wires, fees, investments, everything across the board, using their credit cards and stuff. And any business would love to have us. We’re in good standing.

Frank Curzio: But to have to stop doing business with them just because an algorithm triggered something… What algorithm triggered us? And what a joke. And I’m thinking, hopefully, it’s a step where the government will regulate crypto the right way to make sure it’s safe. Everyone knows where their money is. You’re not worried about hackers when you sign up to E-Trade, Schwab, wherever you go, Fidelity, online accounts. You’re not worried about it. They’re doing all the checks in the background. You’re not worried about anything. That’s the way crypto has to be. And it’s light years from where it was three years ago, four years ago. It’s easy. Open up an account on Coinbase and trade. It’s very, very easy. It’s not that difficult. That used to take weeks and weeks and weeks. Doesn’t take that long anymore.

Frank Curzio: But that was out… what I was hoping… Okay, we’ve seen this regulation. But to restrict all major banks from doing business with crypto companies, as if they were marijuana companies, gambling companies. I mean, that’s a complete joke, especially what’s happening with gambling. Notice how gambling, right? If you noticed 10 years ago, even as much as like five, six years ago, notice how the NFL, major league baseball, NBA, all against gambling. You can’t gamble. No gambling. No gambling. Again, they had these commercials. They were regulated to have commercials saying how bad it is to gamble. Now, look at them. They have commercials, mid-game promoting, “If you go to this website right now, FanDuel, we’ll give you a 20% discount or a free trade.”

Frank Curzio: And they’ll go to the announcer and say, “Well, who do you like in a second half?” “Well, I think LeBron James is going to score at least 15.” They’re actually promoting the out of this, right? So, they don’t care about the people. They just know they can now make money off of it, so they’re going to promote the hell out of it. But the difference is that’s gambling. I mean, marijuana, fine. You want to smoke it, do whatever you want. People have the right to do whatever they want, feel good and relax. I don’t care. More people that smoke pot, the better, the less angry people would be. That’s fine. We’re talking about an industry where the greatest innovations that we’ve seen in the past 20 years are coming from. I mean, you’re looking at Dow. Dow is one of the biggest trends of the world. This is governance, this is voting. You don’t really have those rights when you’re a shareholder. You think you do, but you don’t.

Frank Curzio: You do when you’re BlackRock, and you have these massive companies that have been around for 30 years, and those shares are distributed, but most… Even mid-tier, you have big owners. And a lot of them, like Under Armour, will have structures in place where their shares count for three, four shares of this class and this class. You can’t vote. You can’t do anything. They have total control. Okay? It’s very rare that you see it. You’ll see some of these… You notice how, when you have… Elliott Management, a lot of these hedge funds, become hostile. They try to convince other members that, “Hey, the company’s not being run that well.” I mean, those shares are distributed. And it’s almost always with large caps, bigger companies where you don’t have one or two shareholders holding a big amount of shares, unless you’re what? Vanguard? BlackRock?

Frank Curzio: Those are big companies. They own everything. Convince them, and the next thing you know you get, what is it? Engine, whatever number it is, climate change person on the board of Exxon, probably trying to make sure they don’t drill as much, right? That’s when stuff like that happens. But Dow allows everyone to… Imagine if everyone had their own vote, for everything, for anything that you wanted, for any kind of measure, even politicians or whatever, that we were able to vote. That’s what’s going on with crypto. The majority of people have to approve this in order to get a protocol passed. It’s an unbelievable trend. Go look it up. Look at Andreessen Horowitz. They wrote a massive paper on this of how is the future. This is coming out of crypto. Look at a metaverse. You can determine it however you want, online gameplay, just another social media aspect, more interaction.

Frank Curzio: I mean, one of the largest companies in the world changed its name to Meta. Now, you’re not letting banks do business. I mean, are you letting Facebook do business with your banks, with your major banks? I mean, they’re pretty engulfed into crypto in the metaverse. What about DeFi, decentralized finance, NFTs? Look at the volume of NFTs over the past few months, absolutely surging. Real projects. A lot of bullshit in that industry, but now there’s real projects. One that I invested in, and I’m up 12, 13 times on. It’s called Killabears. I talked to management. I love what they’re doing. They’re building an amazing brand. They’re providing value. I said, “Okay, I’m going to invest.”

Frank Curzio: And I’m up a ton on it, where a lot of people are getting crushed. And this is in September when the market, if you’re looking since September till now, is probably down a lot. But they’re all great projects where, again, like a stock, you talk to the manager and you talk to them. And I’m like, “Wow, this guy didn’t talk about money. He’s not looking to raise any cash. This guy just has a brilliant idea that is all in. He’s got developers. He’s building this massive community that’s awesome, that posts all the time, that now has doctors and wealthy individuals in it, not like the pump and dump garbage that you see in so many NFTs and stuff like that.” No. And this gives you ownership, actual ownership of a product. It’s like a patent on the blockchain. That’s NFTs. It’s massive. It’s a trend you won’t be able to stop.

Frank Curzio: They’re coming out against crypto, these banks. Why? Because they threaten the old way of doing business as bankers, which is what? Charging massive, massive, massive amount of fees on everyone. I mean, this is disruptive technology. And by trying to limit it and restrict it, you know what? You can’t. And you won’t be able to. This isn’t the way. They just don’t know it. They’re too dumb when it comes to this stuff. That’s why it took them so long to regulate it. Again, things maybe I shouldn’t be saying. Let’s see what happens. Believe me, I’ll be reporting all the time on this because I speak my mind and we’re independent, but you’re only going to make this industry stronger. And not only are you making this industry stronger, look at the places that are adopting, whether it’s the Middle East, whether it’s Hong Kong, places around the world. These countries are integrating crypto.

Frank Curzio: They’re going to be much, much, much stronger than the US adopting these technologies. And the US is being left behind, especially when you’re telling the banks recently that, “Hey, you know what? Cut ties to crypto.” We’re a great example of this. And when I started talking, even to my lawyer and everybody else, my lawyer said, “Listen, I work with a bunch of businesses and several of them within crypto, and they all said the same thing, that they got completely shut down and they have to move their accounts someplace.” So, just a blanket statement by the government. How crazy is that? Not looking at crypto companies where a lot of them is shit, but some of them are real, but this is where the innovation’s taking place.

Frank Curzio: You saw a lot of bankruptcies, which is good, a massive wreck last year, which is great for the market, get rid of a lot of bullshit, which you see in almost every major trend going back for the past 50 to a hundred years. You get this hype cycle. You get the bullshit. You get the assholes trying to make money. And then, you get a complete wipe out and the ones that survive turn out to be Microsoft, Google, Facebook, Amazon. That’s the way business works, but that’s why you’re seeing the strength in crypto right now for the first time really. You’re seeing strength in crypto where the market is falling. You’ve had a bad February, at least the last three weeks of February. You’re not used to seeing that, right?

Frank Curzio: Usually, hey, all assets are going higher and risky assets are going higher, small caps are going higher, and that’s why you saw crypto run up off of its lows along with the NASDAQ. And the Russell is surging, but look how much the NASDAQ pulled back. Look how much Russell has pulled back. Look where Bitcoin is. We need a high 25,000. It’s a 24,000. Trying to look and see if I get a quote on CNBC right now. I expect that trend to continue. Now that they’re trying to shut them down, they’re not going to be able to. But I think this trend of seeing Bitcoin go higher and higher, higher, you’re going to see that through 2023 and well into the future. This is the future of technology. This is the younger generation of what they want. They hate the current system. They should hate the current system because it’s a lot of bullshit out there. We’ve become central banks and spending and craziness.

Frank Curzio: They want something different. They want something that they can own. They want something they can believe in. And that’s Bitcoin. That’s Ethereum. And a lot of those major tokens have gotten killed that are down 80, 90%. They’re up a hundred, 200% off their lows in the past couple of months, much more than the overall market because those are the survivors. The survivors are going to do very, very well going forward. A lot of those names can be found in our portfolio, which has really been kicking ass. Yes. If you looked at it six months ago, you’d want a puke. We’re up over 600%. The average position in our portfolio is up 600% in our Crypto Intelligence newsletter. And we saw some names down 70, 80%. We took small positions in them. That’s why we didn’t have stops. Small positions. Usually, we don’t go higher than 6% on any position. It’s the most you could lose on a position. And now, over the past few months, I mean, a lot of these things have absolutely surged, especially the last five or six names are all up a ton, which is great.

Frank Curzio: This is what we want to see. Weather the storm and watch and invest into good technologies, the good names, the ones that are transparent. They’re real companies that are innovating, that are providing amazing software, amazing technology. And that’s a lot of names in that portfolio, but this is why you’re seeing strength in crypto. You tell someone no, and it’s this big, it’s going to mean more adoption, adoption, more people are going to want to get into it, and that’s what you’re see. Again, I expect this trend of Bitcoin going higher, steadily higher, be back and forth, but I don’t think it’s going to depend on the market anymore. It’s not going to be moving or… High beta moves higher than the market, it moves lower than the market when it goes down. I think you’re going to see a steady trend a month after month after month of just steady going higher and higher and higher. And believe me, this will be over a hundred thousand. I don’t know when.

Frank Curzio: It could be three years, it could be five years, but it’s going to consistently go higher and higher as more and more people adopt it, especially with all the shit that we’re seeing out of every central bank and our politicians across the world, not just in the US. With that said, love this episode of Wall Street Unplugged? I think you’ll really love Wall Street Unplugged Premium. The Wall Street Unplugged Premium is my members-only podcast, where I dive even deeper into this week’s events, where I’ll do even more than tell you what’s moving these markets. I’ll tell you specifically what moves you can make today. So, this is going to be about trading, put big money in your pocket right away due to the inconsistencies I see daily in the market. I’m talking about specific investment ideas I’m recommending and tracking each week that I believe would be impacted directly by everything I just talked about today.

Frank Curzio: Plus, you’re going to get the chance to go even further down the rabbit hole with me and my co-host, who’s Daniel Creech, as we discuss which of these week’s trends could turn into massive windfalls, the big trends that we see lurk on the horizon, also the news we’re picking up from our network of insiders, which has gotten bigger and bigger thanks to you and so many people listening to this podcast in over a hundred countries. And you’ll get a chance to talk to me directly in my special ask me anything Q&A session.

Frank Curzio: All that and a lot more like premium interviews with world leaders in finance, technology, industry, and politics. This is all part of Wall Street Unplugged Premium. And becoming a member is super simple and super cheap. So, head on over to wsuoffer.com to check it all out. Sign up today, and you won’t miss a thing. That’s wsuoffer.com.

Frank Curzio: Okay, guys. Thanks so much for listening. Question, comments, I’m here for you. Feel free to email me at frank@curzioresearch.com. That’s frank@curzioresearch.com. Happy March, everyone. Glad Spring is here. Well, at least in Florida, it’s here, especially starts in a few weeks, although some of you are getting snow across the country. I’ll be sure to send you a picture on my Twitter account at Frank Curzio, me and my pool drinking a cocktail so you guys can really, really hate me. In all seriousness, have a great week. Be careful in this crazy market, extremely, extremely volatile. I’ll see you guys next week. Take care.

Announcer: Wall Street Unplugged is produced by Curzio Research, one of the most respected financial media companies in the industry. The information presented on Wall Street Unplugged is the opinion of its host, and you should not base your investment decision solely on this broadcast. Remember, it’s your money and your responsibility.

Frank Curzio
Frank Curzio, founder and CEO of Curzio Research, is one of America’s most respected stock experts. His research is regularly featured on media outlets like CNBC’s Kudlow Report, The Call, CNN Radio, ABC News, and Fox Business News. His Wall Street Unplugged podcast—ranked the No. 1 “most listened-to” financial podcast on iTunes—has been downloaded over 12 million times.
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