As-salamu alaykum everyone, I hope you are doing well. Happy Friday, Jum'ah Mubarak. We've made it through the second week of or work week of Ramadan. I hope everyone is doing well in good health, in good spirits, insha'Allah. Today we're going to talk about something that has been flying under the radar of most, but not us. So we'll have a quick one, a fun one today. Without further ado, let's get started. Not financial advice, be sure to do your own due diligence before making any investing decisions. So we had a tough week for Bitcoin. We had a rebound midweek on the heels of the Fed comments that interest rates were going to get cut around two to three times this year. People started doubting that after we had hotter than hotter than expected inflation numbers for the first two months of this year. But Jerome Powell said, don't worry about that. We understand it's just a blip in the road, a bump in the road. And we understand that there's lagging effects to our interest rate hikes. So we'll probably stay the course here. We're definitely not going to raise interest rates, but we'll probably stay as planned with an expected rate cut in June. Now, the main culprit for the dip after that recovery in Bitcoin price, the main culprit was GBTC outflows, which achieved basically a record pace this week. So people are getting out of GBTC because of their higher fees. And I think because of the dip in Bitcoin, people figured, oh, hey, now's the time to get out. We'll realize less profits, owe less taxes. And so this kind of snowball, the more the price fell, the more GBTC holders were incentivized to leave GBTC and sell their shares. However, and this what we have now, you're not going to be able to make out these numbers, but at the very bottom here, you can see four red numbers. So for the first time since their inception, we had four consecutive net outflow days for the Bitcoin ETFs. And the reason, of course, is because of GBTC and the accelerating outflows from there. However, not to worry, the GBTC drainage will soon end. So GBTC started with 619,000 Bitcoin, it's now down to 350,000 Bitcoin. And eventually, one of two things are going to happen. They're either going to zero out and no longer exist, or they're going to have to reduce their fees. And I think eventually they'll end up reducing their fees. But until then, we're already halfway through zeroing out the GBTC fund. And what I wanted to point out, aside from Bitcoin, was the fact that, you know, very quietly, Dogecoin has been climbing the ranks here of the cryptocurrencies with the largest market cap. So a few weeks ago, it was at 10. It was actually at the rank number 10 for a long time. And it's slowly been climbing the ranks. It actually passed Cardano recently and is now ranked number eight in terms of size of cryptocurrencies by market cap. Why is this? Well, we're seeing some interesting activity. The highest number of Dogecoin millionaire transactions have occurred on the Doge blockchain since the top for Doge in May of 2021. The number of Doge transactions larger than one million increased by more than 600 percent in the last 30 days. Hmm. Makes you want to stroke your beard, if you're a dude. And so why is this? Well, one reason perhaps is that Elon Musk's ex seems to be inching closer and closer to having payments on their platform. They were recently approved in three additional states. And Elon has mentioned on numerous occasions, including quite recently, that he was interested in enabling payments using Dogecoin on X. So that would be a huge catalyst and create some organic demand for the cryptocurrency. Also, something less talked about, but is actually a very big deal, is the fact that Coinbase applied for Dogecoin futures earlier this year and they actually got approval from the CFTC. They approved their derivative exchange application for Dogecoin, Litecoin and Bitcoin cash futures. Now, you may be wondering, well, why did they approve? This is just a meme coin. Why did the Commodities Commission approve the futures? Well, the reason is because they approved the Bitcoin futures and Dogecoin is a fork of Bitcoin. All of the Dogecoin code is a copy of Bitcoin's code, with exception to two lines related to the maximum supply of Dogecoin. So whereas Bitcoin has 21 million maximum supply, Dogecoin has a maximum supply of new tokens of 5 billion per year. So there's a maximum per unit of time. So this has basically limited the options for regulators. If you approve Bitcoin as a commodity, you recognize it as a commodity. You have to recognize all these forks as commodities as well. So Dogecoin has a really big advantage here. And this leads me to believe that it's not a far-fetched idea, considering that the SEC approved the Bitcoin ETF for us to eventually have a Dogecoin ETF. Why not? Why wouldn't an asset manager apply for something like that? It's an easy way. You saw the success of the Bitcoin ETFs. This would be an easy way to earn management fees on something that should be, I mean, assuming Dogecoin actually achieves the type of traction that one can expect if there's integration into X, this would be sort of a slam dunk for an ETF manager. So I think that there are a lot of, there's a confluence of things working in favor of Dogecoin at this particular point in time. Not a lot of people are talking about it. Yes, there are a lot of other meme coins. This is true. And in fact, today, there was sort of a Doge copycat launched on Solana and it just spelled wrong. So it's spelled with an E before the G, I guess. And it experienced a big pump. However, the difference I maintain between Doge, the original, and all these other meme coins, well, one of the fundamental differences is that Doge is proof of work. And proof of work makes all the difference. Proof of work means you can't just create tokens out of thin air. It's like Bitcoin. You have to actually mine it. So this makes a lot of, this makes a big difference between it and other meme coins. So with that, if you'd like to follow our crypto portfolio, then be sure to become a PIF member. We have a community of Halal Conscious Investors that are trying to do good and do well at the same time. And it's a joy for me to be part of the community. And I would love for you to be part of the community as well. So with that, leave a like if you enjoyed this live, and I will take whatever questions there are. As-salamu alaykum, Rakan. Are Render and FET still good coins to buy? I think Render probably is. In our crypto portfolio, we hold Nosana. I'm not familiar with FET, but don't panic. The downturns happen in a crypto world. It's a very volatile space. Don't invest money you can't afford to lose. And do not FOMO into anything. This is how you get burned. So be sure to be aware of that. Also, I do want to mention this. Today, I unwittingly clicked. So I was looking for the Radium Exchange, and I unwittingly clicked on a link that seemed legit. It was the exact same website as Radium. It was just spelled differently. But they put a lot of effort into it. But then I noticed, okay, the URL is different, and I got out of there. But be very careful. Thieves are getting desperate. Also, I will not DM you first ever. So if anyone DMs you, they are scammers posing to be me. Be sure to be very careful there. So Ramit asks, is it too late to dollar cost BYC and DOGE? I think you mean BTC. I don't think it's too late. I think for BTC and DOGE, we're probably just getting started. And guess what? The DOGE market cap right now is just$20 billion. I say just $20 billion because when you compare it to Bitcoin's market cap, that's $1.25 trillion. So you can easily see the upside that DOGE has. I'm not saying DOGE will get anywhere near where the market cap of Bitcoin is. But let's say it reaches $100 million. Well, that's a 5x from here. So I think it has a pretty attractive risk profile. What do you think about XRP? I don't really give it much thought. I'm not really interested in it. Salam, is Elon a good to buy? Well, that's clearly just a meme garbage coin. I'm not interested. Assalamu alaikum. Salam. Thoughts on someone just dollar cost averaging for long term investment on BTC specifically or any other coins rather than trading and dealing with stress of trading? Well, those are two very different questions. BTC, yes. I think that you will do well. Dollar cost averaging into BTC. Don't worry about the stress of trading. I think you'll do well. And your future self will thank you for doing that. Don't dollar cost average into other coins. A lot of these coins are just, you know, meant to be traded. They're not meant to be held long term. Be very careful of what you... Everything other than Bitcoin is an altcoin. So be very careful what you buy. P in a different live. But yeah, I'm not interested. But yeah, that would require perhaps a different deep dive. So out of Doge, Ethereum or Solana, Doge and Solana, we hold. Ethereum, I'm completely uninterested in it. If you look at Ethereum, you know, it's been, what has it been, nine years since it launched. Is there anything that you use that's based on Ethereum? Any application since nine years? Has anything been built on it that's useful that people actually use? It's crazy to me that this is valued as high as it's valued. Nine years and no utility whatsoever. I mean, this is just la la land. Michael Baylor, maybe a basketball player. Michael's MicroStrategy, I think, yeah, no worries. I'm just, I'm teasing. It's the end of the week. But yeah, MicroStrategy relies too much on debt for my comfort. So I just stay away from it. Other than that, if you enjoyed this live, do leave a like. I'd really appreciate that. Subscribe for more. And until next time, take care of yourself. Assalamualaikum and peace be upon you all.