The Practical Islamic Finance Podcast

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• Rakaan Kayali

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In this episode, we will cover:

  • Intro
  • Market Recap: Indices Surge
  • Bitcoin and the Strategic Reserve Push
  • Tesla’s Optimus Robot Milestone
  • Meme Coin Mania and Solana Insights
  • Crypto ETF Applications Flood SEC
  • Coinbase’s Solana Backlog Issue
  • Dogecoin Upgrades and Future Potential
  • Closing Thoughts on Crypto and Investing

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salam@practicalislamicfinance.com

ABOUT OUR PODCAST
Our podcast is about helping people ethically build wealth. We cover a broad range of topics including stock and crypto investing, product reviews, and general financial well-being.

DISCLAIMER
Anything you hear in this video is an opinion. It is not personalized financial advice. Make sure you do your due diligence before making any investment decisions.

As-salamu alaykum, everyone. I hope you are doing well. Day two of the Trump administration and does seem like people are buying the news. They're not selling it. The indices were all in the green today. The S&P actually notched a fresh record today, up thirty seven points. The Dow Jones was up one hundred and thirty and Nasdaq was up one point three percent. The Russell did pull back after a very strong showing yesterday. The dollar did gain strength and the U.S. ten-year treasury yield also gained strength, although it is far removed from the highs that it notched earlier this year. So whereas the high was closer to four point eight, we are now at four point six, which is good for. risk assets uh tesla closed today at four fifteen we are awaiting the tesla earnings call next week so there should be a lot of volatility in this stock from here until then and afterwards as well uh bitdeer was down five percent today on no new news it did It did announce that it appointed a new CTO in order to turbocharge their development and their technological capabilities. initiatives, which is also something that I like to see in the stocks that I'm investing in. I like to see aggressiveness in research and development and new projects. Iris Energy did get that bump that I talked about yesterday. So it's up a percent after pulling back substantially yesterday. Gold is at a twenty seven five. Had a great start of year. Gold did. And this just goes to show that the rally we're in is really an everything rally. You have risk on assets going up, risk off assets going up. Bitcoin is at one hundred and three thousand, close to one hundred and four thousand. Dogecoin is at thirty five cents and Solana is at two sixty four. Solana really benefited from the meme coin mania that really, you know, encompassed the crypto market after the Trump coin official Trump coin release in the lead up to the inauguration, you had a lot of other coins being released. Because, hey, if it worked once, why not? Try it again. I stay away from those things. I think they're clear, you know, pump and dump schemes. And I would highly advise others to stay away. Although, as always, this is not financial advice. So a summary of, you know, why the markets are reacting in the way that they are, even though, you know, we had slightly stronger dollars, slightly higher yields today, but still the major indices ended in the green. So the combination of a resilient economy, easing inflation, stabilization in interest rates and earnings season off to a strong start and less day one focus on tariffs by President Trump has provided a solid backdrop for the market. So that's a good, succinct summary of basically macro and how it's impacting markets. Now, in terms of Bitcoin, eleven states now are leading the charge for establishing a strategic Bitcoin reserve for themselves. And they're basically front running the federal government. So the more the federal government waits, the higher the Bitcoin prices will be for them. And it will have a less advantageous position when it tries to establish its own strategic Bitcoin reserve. And the same calculus is going to happen not just between the states and the federal government, but between different sovereign states in terms of establishing a strategic Bitcoin reserve. And all of this means higher prices for Bitcoin. Now, Coinbase CEO Brian Armstrong on the topic of the Strategic Bitcoin Reserve, did mention that President Trump seemed very excited about it. So that's always good to hear. In terms of Tesla, it did report something that I think is extremely significant today. Or Tesla didn't report it, but news came out that Tesla told suppliers that they plan to produce six hundred Optimus robots per week by the end of this year. Now, this may just be Tesla making sure that suppliers are ready in case they reach that milestone. Obviously, Elon Musk has a very checkered past. with regards to timelines. But if they manage to pull off something like six hundred robots per week by the end of this year, this is a significant milestone for the company. A lot of analysts are going to start to bake the optimist business into their price targets for this company. And it's going to cause, I think, a lot of appreciation. in this stock's price so that is something very bullish for the company now if you look at analysts right now and what they're doing with their price targets for tesla it does seem like the revisions keep coming in more and more positive. Wedbush analysts, Dan Ives increased their Tesla price target to five fifty from previous five fifteen. I personally think we'll see seven hundreds in this year, in this calendar year. And And the probability for that is obviously higher if they can reach that Optimus Robot milestone. Although Elon Musk does seem to have his hands full with the Department of Government Efficiency, Vivek Ramaswamy has left. So it's him at the helm. You know, reforming a government the size of the United States and reining in spending is not a small task. But if anyone's up to the job, it's probably Elon Musk. Now, on the topic of crypto and this new administration, a lot of firms have thought it worthwhile to apply for a wide range of different ETFs. So you have right now, this is a list of ETFs that are currently waiting for SEC decisions. You have in these ETFs assets ranging from BTC, so Bitcoin and Ethereum, to Solana, XRP, Litecoin, HBAR, all the way to Bonk and Doge. Everybody gets an ETF. You get an ETF. You get an ETF. Everybody gets an ETF. But these haven't been approved yet. Obviously, they will be bullish for the underlying assets when these ETFs are approved. I think Doge is, you know... a great candidate for a successful ETF. So we'll see about that. Now, Brian Armstrong, CEO of Coinbase, did mention that the Solana issues that many people were experiencing, especially over the weekend, appear to be not Solana network related, but rather Coinbase related. So Coinbase couldn't handle all of the requests that were coming in for transferring Solana. And a lot of people weren't sure if it was the Solana network or not. It turns out that Coinbase is just not able to keep up with the with the capacity that the Solana network makes available. So he mentions that we have the Solana backlog triage. Transactions should generate quickly now. If your transaction got canceled, you can retry it now. Apologies for the trouble. We did buy a micro cap over the weekend. And it required people to send Solana to their Solana wallets. And a lot of members on Discord were saying, oh, hey, it's taking a long time for Solana to actually reach my wallet. Well, if you were sending it from Coinbase, this may have been the culprit. But it looks like it's fixed now. So. That is good news. And going to questions, assalamu alaikum to all. I did write something on my blog today about the Trump meme coin. So I don't have any problem in principle with meme coins. The issue I have is with pump and dump schemes. And it does seem like the Trump coin is a pump and dump scheme. You have eighty percent with one holder. You have very little transparency with regards to who is behind it. and you know it's launched in the lead up to the inauguration it has all of the markings of a pump and dump scheme uh so you know rasul alaihi salatu was so you don't want to harm yourself or cause harm to others and you know participating in this even if you manage to escape unscathed or even with the prophet you're setting other people up for basically to be exit liquidity for insiders. So I don't, I'm not comfortable with the Trump coin or other coins like it. Now you may argue, well, hey, all of crypto is like that. Well, to the extent that you think that any crypto, any project is a pump and dump scheme, then it is hard for you to invest in it. Hannibal says, Assalamualaikum, do you think the position of Dogecoin As the most famous meme coin will persist in the future with all these useless meme coins. Well, I do think that Dogecoin has something very unique about it, which is that it is proof of work like Bitcoin. And so that is something that you're not seeing replicated at all. These are just, you know. pumped out fun coins that don't cost anything to launch. So I think that makes Dogecoin unique. Thanks, Shamsuddin. Appreciate it. Salam, Rashad. Nice to see you. Yes, I am looking into new stocks all the time. By the way, Interactive Brokers stinks. Stinks. It is the worst brokerage I've ever dealt with. I was setting up to buy a stock and share it with PIF. I couldn't do it. And so I reached out to their... I reached out to their support. Hopefully we'll be able to do that soon. Squared Circle, Salaam Alaikum. Yes, I do think that there will be upgrades to Dogecoin or at least add-ons that make it more, that enhance its capacity. I don't look at cup and handles. I don't think that's really a smart way to invest. Well, you can look to figure out, you can't really know if something is pump and dump ahead of time, but there are typically a lot of signs, like I said, very concentrated holdings, et cetera. There's a lot of there's a lot of demos on how to buy cryptocurrencies using your crypto wallet. I'm not going to make the one thousand and one video on doing that. I suggest just, you know, searching for a video on buying crypto in a crypto wallet. There's or asking Chad GBT. I'll walk you step by step. Oh, says. Yeah, I think that obviously strategic Bitcoin reserve will be a catalyst for Bitcoin. Oh, yeah, it's my pleasure. And I'm glad you were able to join. Oh, thank you. I appreciate the review. The membership and guidance have paid for itself many folds. That's really nice of you to share. Hamid, thanks for everything. It's my pleasure, brother. Salem says, do you think Solana still has more to run up? I would say it's probably a good idea to be planning your exit from something like Solana. I don't really get the thousand dollar I think it's probably a good idea to plan your exit. Maybe if we find another microcap that, you know, we get excited about, I may exit Solana in favor of that microcap. Leave your suggestions in the members pick in our discord, because, you know, We're up, I don't know, forty, fifty percent on what we bought on Saturday. You know, I don't know how many months it's going to take for Solana to go up forty, fifty percent. So might as well, you know, maximize the returns we get in the times that we are. Where do you see strong support for Tesla? Well, I think that. You know, if you have a long term look outlook on your investment, you're still early on Tesla, so. um I would dollar cost average if you haven't built a full position yet I miss the days when these lives were early um are you saying this live like you enjoy it because it's earlier than how I've been doing it or you know earlier still than uh today Yeah, I talked about Tempest AI yesterday and Pelosi invested in it. All of a sudden, it's up thirty five percent, forty percent since she invested. So she's like she's the Warren Buffett of our times. Actually, Warren Buffett is the Warren Buffett of our times, but she's like the female version of Warren Buffett. Trump recent press conference seems like he is focused on how AI can help in healthcare industry. Yeah, I mean, AI can help everywhere. Other says thumbs up. Yeah, and if you have a problem, other finding a video that helps you or walks you through that, you know, just nudge me on Discord. We'll help you out, inshallah. Or just ask the community. They'll help you out. Everyone's very, very helpful. And your review is very helpful. I did talk about the Trump meme coin. And I'm not comfortable with it. I don't sell credit spreads. Thank you all for coming. Do leave a like if you enjoyed this earlier timing for this live, or if you prefer the other timing, then just leave a comment. Become a PIF member if you aren't already. Until next time, make sure to take care of yourself. As-salamu alaykum and peace be upon you all.