Coinbase CEO: How to Win in Crypto

Introduction

In this section, the hosts introduce the podcast and provide an overview of what will be discussed in the episode.

Welcome to Bankless

• The podcast explores internet money and finance.

• Hosts are Ryan Sean Adams and David Hoffman.

• They aim to help listeners become more bankless.

Overview of Episode

• Interview with Brian Armstrong, co-founder and CEO of Coinbase.

• Reflections on 2022 and outlook on crypto moving forward.

• Discussion of regulatory situation in America.

• Introduction to Base Chain, a new layer 2 chain launched by Coinbase.

• Wall Street's understanding of crypto.

• Brian's advice for settlers and builders during crypto winter.

Brian Armstrong's Reflections on 2022

In this section, Brian Armstrong reflects on the events that took place in 2022 and shares his insights about what was learned.

How Bad Was 2022?

• It was a tough year for crypto due to market volatility and scams.

• However, it was also a year of growth for Coinbase as they continued building their platform.

Lessons Learned

• Crypto is resilient and can outlast any administration or official with the wrong ideas about it.

• Building is important regardless of good or bad periods in the market.

Regulatory Situation in America

In this section, the hosts discuss the current regulatory situation facing America regarding cryptocurrency. They ask Brian Armstrong how SBF infiltrated halls of power and how to undo damage while winning over legislators.

Regulatory Environment

• The current regulatory environment is challenging for crypto companies like Coinbase due to uncertainty around regulations.

SBF's Influence

• SBF (Sam Bankman-Fried) has been influential in shaping policy around cryptocurrency regulation.

• He has been successful in getting his views heard by legislators.

Undoing the Damage

• To undo the damage caused by SBF and win over legislators, it is important to educate them about crypto and its potential benefits.

• This can be done through lobbying efforts and building relationships with lawmakers.

Introduction to Base Chain

In this section, the hosts introduce Base Chain, a new layer 2 chain launched by Coinbase.

What is Base Chain?

• Base Chain is a new layer 2 chain launched by Coinbase.

• It aims to provide faster and cheaper transactions for users.

Launch Timing

• Coinbase launched Base Chain during one of the worst regulatory environments for crypto.

• They did this because they believe in the long-term potential of cryptocurrency.

Does Wall Street Understand Crypto?

In this section, the hosts discuss whether or not Wall Street understands cryptocurrency and Coinbase.

Wall Street's Understanding

• There is still a lack of understanding among some on Wall Street about what cryptocurrency is and how it works.

• However, there are also many who are starting to see its potential as an asset class.

Understanding Coinbase

• Some on Wall Street may not fully understand what Coinbase does or how it operates.

• However, those who take the time to learn about it will see that it is a legitimate business with strong fundamentals.

Brian's Best Advice for Settlers and Builders During Crypto Winter

In this section, Brian Armstrong shares his best advice for settlers and builders during crypto winter.

Surviving in Crypto

• To survive in crypto, you need certain qualities such as resilience and focus on building.

• Brian has been able to make it through market cycles because he has been laser-focused on building Coinbase.

Best Advice

• Brian's best advice for settlers and builders during crypto winter is to keep building and stay engaged in the community.

• It is important to focus on the long-term potential of cryptocurrency and not get discouraged by short-term market fluctuations.

Kraken and Metamask Learn

This section talks about Kraken, a crypto exchange platform, and Metamask Learn, an educational platform for web 3.

Kraken

• Kraken is a crypto exchange platform with a simple and intuitive user experience.

• Kraken has a customizable trading interface and offers 24/7 client support globally.

• Kraken also has an NFT beta platform that provides the best NFT trading experience possible.

Metamask Learn

• Metamask Learn is an open educational platform for web 3, self-custody wallet management, and other related topics.

• It offers practical simulations for each lesson to give users actual experience in navigating web 3.

• Metamask Learn is available in ten languages and aims to cater to a global audience interested in web 3.

Arbitrum One

This section discusses Arbitrum One, which is pioneering secure Ethereum scalability.

• Arbitrum One provides faster transaction speeds with significantly lower gas fees than Ethereum.

• It leverages the security and decentralization of Ethereum while providing an intuitive builder experience that's fully EVM compatible.

• With its recent migration to Arbitrum Nitro, it's now ten times faster than before.

Interview with Brian Armstrong

This section features an interview with Brian Armstrong, CEO and founder of Coinbase.

• The interview covers various topics such as FTX, catching up with Coinbase products, reflections on the crypto market in 2022, and what was learned during that time.

Educating the World on Crypto

In this section, Brian Armstrong talks about his efforts to educate people about the crypto industry and how it is not defined by the actions of a few bad actors. He also discusses some of the lessons he learned in 2022.

Lessons Learned in 2022

• Armstrong admits that Coinbase grew too quickly during an upmarket and that he got caught up in the moment.

• Doubling headcount in a year can strain a company's culture, making decision-making unclear and communication difficult.

• Coinbase exceeded its growth expectations around early 2022, hitting almost 3x over a 12-month period.

• Despite growing pains, Coinbase remained focused on compliance, trust, and security from its inception.

• Armstrong learned that if something seems too good to be true, it probably is. He emphasizes that Coinbase is not trying to get rich quick or cut corners but rather build a foundation for generations to come.

FTX's Rise and Sam Bankman-Fried

In this section, Brian Armstrong discusses FTX's rapid rise and Sam Bankman-Fried's reputation as an "insane operator."

Thoughts on FTX's Rise

• Armstrong found it difficult when companies like FTX came onto the scene and seemed to be moving so fast after only two or three years.

• While acknowledging his own ego-driven motivations, Armstrong paid attention to where his ego was getting involved.

Sam Bankman-Fried

• As FTX peaked and everyone loved the product, Armstrong questioned whether Sam Bankman-Fried was an insane operator or if something felt wrong.

• Armstrong learned that it's important to focus on what you know best and not get caught up in the hype.

The Impact of FTX Collapse on Coinbase

In this section, the speaker discusses how the FTX collapse and regulatory backlash impacted Coinbase as a business.

Counterparty Risk

• During the crisis, there was contagion and other dominoes fell as a result of FTX going down.

• The importance of risk controls inside companies is incredibly important.

• Coinbase had an incredible Finance team and CFO who built a risk function within the company over prior years.

• They were underwriting every counterparty that they stored funds with to operate their business.

Regulatory Crackdown

• Centralized actors should be brought within the regulatory perimeter.

• There's a misconception that people in crypto don't believe in regulation or want to do KYC AML.

• It's important to repeat basic messages like this to people outside of crypto who may not be familiar with it.

Proactive Measures

• There's a lot that is in their control, and they don't want to feel like victims or helpless.

• Showing up for meetings and having conversations can help counteract negative narratives about crypto.

The Importance of Crypto in Updating the Financial System

In this section, the speaker discusses how the financial system is slow and does not work for everyone. He believes that crypto is the most important technology that can update the financial system.

Crypto as a Technology to Improve Financial Services

• The financial system doesn't work for everyone because it's too slow, fees are too high, and it doesn't serve everybody equally.

• Coinbase has been messaging externally and internally about how crypto can update the financial system.

• Crypto is a technology that can improve financial services in various ways but is not itself a financial product per se.

Organizing Crypto Holders to Elect Leaders Who Believe in Crypto

• Coinbase put out a post called "Crypto 435" to get the community of crypto holders organized to elect leaders who believe in crypto.

• This involves getting donations from crypto holders or showing up at town halls to ask questions.

• Electing representatives who believe in economic freedom will help protect against bad actors and ensure sensible regulation for centralized players in crypto.

Backlash Against Crypto Industry

In this section, the speaker talks about how some scammers and fraudsters have caused backlash against the crypto industry. There has been increased scrutiny on this industry, especially after November 2022.

Cleaning Up After Scammers and Fraudsters

• Some scammers and fraudsters had a gigantic house party which destroyed everything. Now we are left to clean up after them.

• There has been increased hostility towards the crypto industry since November 2022, with things like Operation Choke Point to choke out the banking sector in the US.

• The speaker feels that this backlash is worse than it has ever been in the US, but other places like Europe are still moving forward.

Deserving More Scrutiny

• As an industry, the speaker believes that crypto deserves more scrutiny.

• People who are only tangentially aware of crypto and those who get their news from traditional media channels may be more skeptical if they see bad headlines about crypto.

• Engaging with both new and traditional media channels can help get messaging out there and ensure fair coverage.

Messaging around Economic Freedom and Decentralization

The messaging around economic freedom and decentralization resonates with technical audiences, while non-technical audiences resonate with messages about updating the financial system. Democrats are interested in equality of opportunity, while Republicans are interested in economic freedom and building critical infrastructure in America.

Key Points

• This messaging about economic freedom and decentralization resonates with technical audiences.

• Non-technical audiences resonate with messages about updating the financial system.

• Democrats are interested in equality of opportunity.

• Republicans are interested in economic freedom and building critical infrastructure in America.

SBF's Influence on American Politics

SBF had an incredible passion for policy, spent an inordinate amount of time in DC, and framed his ideas to be music to their ears. However, he ultimately got caught being inauthentic which blew up in his face.

Key Points

• SBF had an incredible passion for policy.

• He spent an inordinate amount of time in DC.

• He framed his ideas to be music to their ears.

• Ultimately, he got caught being inauthentic which blew up in his face.

Building a Crypto Lobby

In this section, Brian Armstrong talks about the potential for building a crypto lobby and how it could be effective in influencing politicians.

The Potential of a Crypto Lobby

• The crypto community has the potential to create a powerful lobbying effort similar to other industries like banking or oil and gas.

• If even just one million people in the US who have used crypto become politically active, it could make a significant impact on Congressional races.

• Coinbase is already building tools into their app to help people find out what rating their local politicians have regarding crypto.

• Coinbase is willing to provide support and be a megaphone for any organized and effective crypto lobbying efforts.

The Long Game of Political Activism

In this section, Brian Armstrong discusses his optimism about the effectiveness of political activism over the long term.

Optimism About Political Activism

• While some people may be cynical about political activism, there is still hope that it can work effectively over time.

• Business can play a role in championing policy changes and organizing individuals to create an effective lobbying effort.

Democracy and Crypto

In this section, the speaker discusses how democracy works in America and how it affects the adoption of crypto. He also talks about the slow nature of democracy and how it can be frustrating for people.

Democracy in America

• In a democracy, the government works for the people.

• Democracy is slow, which can be frustrating for people who want change quickly.

• There is an age generation gap between politicians in DC and younger generations who use technology like Twitter.

Crypto Adoption in America

• Crypto will outlast any administration or official who has the wrong idea about it.

• The US has a self-healing system that allows for sentiments to shift over time.

• People engaged on the civic side can help push for better policies related to crypto adoption.

Coinbase's Approach to Politics

In this section, the speaker talks about Coinbase's approach to politics and how they are trying to connect politicians with voters who care about crypto values.

Connecting Voters with Politicians

• Coinbase is taking an engineering approach to solving regulatory issues related to crypto adoption.

• They are trying to funnel people who care about crypto values into being able to connect with politicians that resonate with those values.

• By adopting crypto protocols, people adopt crypto values, which can help them find politicians that align with their beliefs.

Crypto Advocacy and Coordination

In this section, the speakers discuss how to organize the crypto community to advocate for their interests in politics. They introduce Crypto435, a platform that provides information on political candidates' stances on crypto and opportunities for advocacy.

Crypto435 Platform

• Crypto435 is a third-party platform that provides information on political candidates' stances on crypto.

• Users can sign up for more information about key races and opportunities for advocacy such as donating, calling representatives, or showing up at town halls.

• Advocacy efforts such as calling representatives can have an impact by getting issues on their radar.

Coordination Technology

• The crypto community has built coordination technology that can be used to organize advocacy efforts.

• The crypto community is likely to be a single-issue voter when it comes to crypto-related issues.

• There are opportunities to use NFT badges or other crypto-native tools to incentivize political engagement.

Regulatory Impact on Product Development

In this section, the speakers discuss the regulatory environment in the US and its impact on product development in companies like Coinbase. They touch upon specific examples of regulatory limitations such as staking.

Regulatory Limitations

• The regulatory environment in the US limits what companies like Coinbase can do with their products.

• Specific examples of regulatory limitations include staking, which is allowed by Coinbase but not Kraken.

Coinbase CEO on Crypto Regulations

In this section, the Coinbase CEO discusses the need for clarity in crypto regulations and how it is affecting the industry.

Need for Clarity in Crypto Regulations

• Coinbase is working proactively with regulators to help them understand their products.

• Derivatives trading is a huge percentage of crypto trading, but Coinbase has been unable to launch a derivatives market in the US due to lack of clarity in regulations.

• The SEC and CFTC have been debating over what constitutes securities, and new legislation may be needed to clarify this issue.

• Companies should be able to raise money through crypto by registering it as a security in the US and having securities trading platforms.

Negative Impact of Lack of Clarity

• The negative rhetoric around crypto regulations has caused an environment of fear among entrepreneurs, leading some to move their companies offshore.

• Regulation by enforcement is causing harm as there are no clear rules or engagement with the industry on rule-making.

• Other financial hubs like UK, Singapore, Hong Kong are open for business and want to move forward with crypto while the US risks falling behind.

Crypto Regulation in the US

In this section, the speaker discusses the regulatory environment for cryptocurrencies in the US and compares it to that of other countries.

Regulatory Turf Battle

• The UK has one financial regulator that regulates both commodities and securities, which avoids a turf battle between regulators like in the US.

• The political climate in recent years has made some within the government skeptical of crypto, but most people are reasonable and want appropriate consumer protections.

• Congress has not yet passed comprehensive legislation for crypto regulation like what happened with Mika in the EU.

• Three different groups are drafting bills, but everyone is afraid of being associated with FDX collapse.

Stable Coins

• There has been action against BUSD recently, but there is no worry about USDC coming under pressure.

• Entrepreneurs have created stable coins that can be regulated on-chain called USDC. This seems like a win for America to propagate to the rest of the world.

• The biggest concern is that there will be a massive withdrawal from banks of stable coins creating liquidity issues in traditional financial systems.

The Future of the Dollar as a Global Reserve Currency

In this section, the speakers discuss the future of the dollar as a global reserve currency and how digitization of the economy will impact it.

The Importance of Digitization for the Dollar's Future

• Over the next 10-20 years, there is concern about whether or not the dollar will remain the global reserve currency.

• China is pushing its Central Bank digital currency into more aspects of the global economy, which could threaten the dollar's status.

• China has ambitions to become a more dominant global reserve currency, which comes with significant privileges.

• USD coin and other digital currencies that enable participation in the global digital economy should be celebrated from a national security and foreign policy perspective.

The Legality of USD Coin

In this section, one speaker discusses their bullish outlook on USD coin and its legality.

Legality of USD Coin

• Strictly by letter of law, USD coin is not a security and should not have any issues.

• People may have varying positions on it but following rule of law is important.

Uniswap: A Decentralized Exchange with Fiat On-Ramp

In this section, one speaker talks about Uniswap's new fiat on-ramp feature and other benefits.

Benefits of Using Uniswap

• Uniswap is currently the largest on-chain marketplace for self-custody digital assets.

• Uniswap now has a shiny new fiat on-ramp, allowing for direct conversion from fiat to tokens in DeFi.

• Uniswap is also an NFT aggregator, letting users find more listings for the best prices across the NFT world.

• Uniswap's universal router optimizes gas fees and supports Polygon, Arbitrum, and Optimism layer twos.

Benefits of Bankless Premium Subscription

In this section, one speaker discusses the benefits of subscribing to Bankless Premium.

Benefits of Bankless Premium

• Bankless Premium offers an ad-free version of Bankless with access to exclusive content such as the Token Report and Airdrop Guide.

• Subscribers get a 30% discount to the Permissionless Conference and access to the Inner Circle Discord.

• Ben the Analyst hosts Degen Pit where subscribers can ask questions about the Token Report.

Coinbase's New Layer Two Chain

In this section, the speakers discuss Coinbase's new layer two chain and its significance in light of the current regulatory climate.

The Vote of Confidence

• Coinbase has launched an entirely new layer two chain despite the adverse regulatory climate.

• This move is seen as a big vote of confidence from Coinbase to the rest of the industry.

• It signals support and shows that Coinbase is here for the long term.

Base: A Layer Two Solution

• Base is a layer two solution that will help make crypto more scalable and usable for a billion people.

• There was a long history at Coinbase of looking at different ways to create their own coin or chain, but they wanted to ensure compliance and real value for customers.

• When becoming a public company, they considered creating a registered security in the form of an ERC20 coin redeemable for shares, but couldn't find a legal way to do it in the US.

I'm sorry, but I cannot summarize the transcript without the transcript itself. Please provide me with the transcript so that I can create a comprehensive and informative markdown file.

Operating Efficiently at Scale

In this section, the speaker talks about how they are trying to operate efficiently at their current size and scale. They discuss reducing headcount and practicing operational efficiency.

Moving Fast and Holding High Standards

• The company needs to hold themselves to a high standard.

• They have slowed down as they grew too fast and became too bureaucratic.

• They are trying to fix that now.

Practicing Operational Efficiency

• A big focus of the speaker has been on how to operate efficiently at their new size.

• They have reduced their headcount a couple of times.

• This is giving them a chance to practice operational efficiency at their current size and scale.

Unique Products Enabled by Coinbase Having Its Own Chain

In this section, the speaker discusses what products could be uniquely enabled by Coinbase having its own chain. They give examples of USD coin payments, NFTs, and future dApps.

Examples of Uniquely Enabled Products

• Coinbase could build native DeFi apps or decentralized services on their own chain.

• USD coin payments could be integrated into Base brand.

• NFT transactions could be made lower friction and faster on an L2 that Coinbase has input into the direction of.

• Future dApps that use more scalability can be created using Coinbase's own chain.

Making User Interface Simple

• By having its own chain, Coinbase can make the user interface simple so that it "just works."

• Auto-exchange can be used for tokens underneath transactions so users don't have to worry about bridging between different chains or choosing the right token.

Business Model Behind USD Coin Payments on Base

In this section, the speaker talks about the business model behind USD coin payments on Base. They discuss how it involves treasury bills in a bank account earning yield and transactions going around on Base's layer two.

Business Model Overview

• The business model involves treasury bills in a bank account earning yield.

• Transactions go around on Base's layer two.

• This is a unique feature that sets them apart from other chains.

Coinbase's Future Plans

In this section, the speaker talks about Coinbase's future plans and products.

Coinbase Card and Payment Methods

• Coinbase has a card that uses Visa rails to make it easier for people to pay for crypto with credit or debit cards.

• Visa and MasterCard are embracing the potential of more efficient global payment rails that allow funds to settle instantly.

Synergies between Coinbase Wallet and CB

• There are synergies between on-chain decentralized-ish products like Coinbase Wallet and CB.

• The different USDC use cases that NFT adapts could happen in Coinbase Wallet as well.

Future of Coinbase NFT Platform

• The hype around NFT was too much when it came out, but Chroma's entity has been going well.

• They want to aggregate different marketplaces out there and surface them all in one place so people can compare prices across different exchanges and aggregate liquidity.

• They are working on integrating Chroma's NFT more directly into their main app, making it simpler for users who already have crypto in their account to buy an NFT with just one click.

• The speaker is bullish on NFT over the long term despite recent market fluctuations driven by Pro Traders buying them in baskets through platforms like Blur.

Utility of NFT

• Decentralized social media where every post is an NFT could be a replacement for Spotify or YouTube or Instagram where every audio or video or text is an NFT in web 3.

Coinbase's Business Model and Wall Street Understanding

In this section, Brian Armstrong talks about Coinbase's business model and how it is perceived by Wall Street. He also discusses the potential of NFTs and other business models that Coinbase has in the pipeline.

Coinbase's Business Model

• Brian Armstrong believes that certain aspects of cryptocurrency should be natively integrated into wallets or primary financial accounts.

• NFTs had a big run-up, a correction, and will slowly grow from here. There are many exciting things happening in the space.

• Coinbase has many potential business models beyond just taking revenue, such as CBE staking model and NFT platform.

Wall Street Understanding

• Wall Street understands Coinbase's financial picture as a business and its prospects well.

• Analyst reports on Coin stock are generally good, but some investors may still view cryptocurrency as a new asset class similar to gems or commodities.

• Investors are interested in products generating meaningful revenue today rather than pie-in-the-sky ideas for the future.

Overall, while Wall Street understands Coinbase's financial picture well, they may not fully grasp the potential of cryptocurrency beyond being a new asset class.

Understanding the Future Potential of Coinbase

In this section, Brian Armstrong and Fred Ehrsam discuss the future potential of Coinbase as a company and how they plan to achieve it.

Revenue Streams

• Wall Street still doesn't understand that Paradigm is.

• Financial firms and giant tech companies may not understand the new paradigm yet.

• The future potential of Coinbase lies in getting more use cases going and ultimately getting a billion people into the crypto economy or more.

Bullish Line Items

• Subscription and services are becoming more predictable revenue streams for Coinbase.

• Trading fees will be big for a long time, but subscription and services are helping to shift revenue to more predictable sources.

• Coinbase Cloud is an upcoming product that will make internal services available to external customers through APIs. One such product is "wallet as a service," which allows companies to store crypto easily without having to figure out how to connect with dozens of blockchains.

Wallet as a Service

• Wallet as a service can be used across various applications like Reddit, Shopify, etc., allowing users to store balances of crypto or NFTs easily.

• Third-party wallets can also be connected if needed.

Brian Armstrong on Coinbase and Cryptocurrency

In this interview, Brian Armstrong discusses Coinbase, a self-contained crypto wallet that uses multi-party computation technology to split up keys and make wallets more secure. He also talks about the institutional play with One River Digital and the current institutional appetite for cryptocurrency.

Self-Contained Crypto Wallet

• Coinbase is a self-contained crypto wallet that uses multi-party computation technology to split up keys and make wallets more secure.

• Multi-party computation technology allows users to split up keys into different configurations, making it less likely for all funds to be lost due to one mistake or piece of malware.

• The specialized team at Coinbase had to write new crypto libraries in order to build out this technology, which has been audited by multiple firms.

Institutional Play with One River Digital

• One River Digital was recently acquired by Coinbase as part of their effort to generate more subscription services revenue through asset management.

• The partnership between One River's Asset Management business and Coinbase Prime's institutional customer base could be a great thing for the ecosystem over time.

• Goldman Sachs, Morgan Stanley, and JPMorgan generate substantial revenue from asset management, which tends to be more predictable than trading fees.

Current Institutional Appetite for Cryptocurrency

• No specific bullet points available.

Coinbase's Decentralization Plan

In this section, Brian Armstrong talks about the decentralization plan of Coinbase over time.

Decentralizing Coinbase Over Time

• The mission of Coinbase is to increase economic freedom in the world.

• In the early days, Coinbase centralized its business to get fiat money into the crypto economy.

• Coinbase has diversified its revenue streams with subscription services and different product groups tackling different stages of crypto evolution.

• Coinbase is building more decentralized pieces of the economy with self-custodial wallets like Coinbase Wallet and Base. They are also contributing to open protocols and helping them evolve.

• Brian hopes that Coinbase can become more decentralized over time.

Crypto in 2030

In this section, Brian Armstrong shares his thoughts on what crypto will look like in 2030.

Crypto in 2030

• Blockchains will be more scalable, and usability will improve with standards like ENS names for payments.

• More countries around the world will adopt crypto as a legal form of tender, following El Salvador's example.

• By 2030, every startup will use crypto in some way shape or form whether it's to raise money or collect payments from their customers or build their community.

• Brian hopes that by 2030 we have a billion people accessing an open financial system every day through products like Coinbase.

The Future of Decentralized Applications

In this section, Brian Armstrong talks about the potential for decentralized applications to help lift people out of poverty and create new opportunities. He also reflects on his time at Coinbase and offers advice for those entering the industry.

Potential for Decentralized Applications

• Decentralized applications built on web3 could help lift people out of poverty and create new opportunities.

• Crypto payments and commerce have not moved as quickly as expected, but other use cases such as DeFi and NFTs have taken off faster than anticipated.

Reflections on Time at Coinbase

• Armstrong has been with Coinbase for over a decade, having started during its early days.

• Before joining Coinbase, Armstrong worked at Airbnb and saw how quickly it grew. He believed that crypto had similar potential.

• Armstrong did not predict many of the developments in the crypto space, but he is excited about the innovation happening in the industry.

Advice for Builders

• Armstrong advises builders to focus on building something they believe in rather than seeking glamor or recognition.

• Builders should be willing to face ridicule when working on innovative ideas because disruptive ideas are often met with skepticism.

• The goal should be to work on projects that matter and make a positive impact on the world.

Conclusion and Action Items

In this section, the host thanks the guest for coming on the show and discusses the importance of playing the long game in crypto. The host also provides action items for viewers to get involved in crypto advocacy.

Thanking Guest and Playing the Long Game

• Host thanks guest for not "effing up" the crypto industry during times of uncertainty.

• Host emphasizes importance of playing the long game in crypto.

• Both agree that things will be looking different in a year or two.

Action Items

• Viewers are encouraged to get involved in crypto advocacy through Crypto 435.

Disclaimer and Bankless Community Promotion

In this section, the host gives a disclaimer about financial advice and promotes Bankless Premium subscription.

Disclaimer

• Host reminds viewers that none of what was discussed is financial advice and that crypto is risky.

Bankless Community Promotion

• Viewers are encouraged to join Bankless Premium subscription to develop their investing skills, gain financial independence, access market analysis, alpha leaks, exclusive content, airdrops, raffles, unlocks and more.

• Viewers are reminded to subscribe to channel for weekly roll-ups and other fantastic content.