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having such a big role in this new chapter of cryptocurrency the owner of JP Morgan is going on live television almost Daily Now talking down on bitcoin we've talked a lot on this topic so the anti- crypto Army deserters there's been two big ones this week your favorite Jamie Diamond oh my God he's so heinous like what is his deal he's just been on the news every single day talking down about Bitcoin which actually I can talk on this topic now because I learn today what a authorized participant is in an ETF and JP Morgan is an authorized participant in black rocks ETF and basically what this means is a couple things they can uh create and Destroy ETFs they can provide liquidity and they can also Arbitrage the pricing of the ETF so it's uh it's quite interesting that having such a big role in this new chapter of cryptocurrency uh JP Morgan meaning I'm trying to say and the owner of JP Morgan is going on live television almost Daily Now talking down on bitcoin obviously every time he goes on live television every company wants to know uh I mean every news Outlet wants to know his thoughts on it but you know there's something here because if you look at other headlines you can see the black CEO Larry fin in 2017 talking about how horrible Bitcoin is how horrible it is for sex trafficking and drugs and all these things and it's like I thought it was pretty good for sex trafficking drugs I mean I guess it is but the point being is it's a matter of conversational perspective I guess yeah it depends side of the table you're on continue but the point I'm just trying to make is like these guys are are not your average Joe he's not going on live television and saying he hates it because he genuinely has no passion for Bitcoin he's going on it because they have a targeted agenda that they've made behind closed doors that they're executing on right now and I guarantee in a couple of years as Bitcoin continues to establish itself which it already has but you know he will come back and say he he's not going to say he was wrong he would never admit that but he will say that he believes in Bitcoin he'll say the exact opposite of what he's saying now is my point so I'll stop ranting on that H so this week and and we can roll the video clip is very short it's just him saying he heard you he's never going to talk about Bitcoin again good job good he also said sat Satoshi or something like he can't he can't even pronounce a name what's wrong with the guy they all all of them pretend all these Boomers pretend like they can't pronounce any of the Bitcoin terms properly I think it was a soshi was the guy from the other guy in Congress said it that way let's hear this sort of laborious at this point uh that's a good good word which is Bitcoin um this ETF was approved uh just about a week ago now and I think a lot of people are trying to understand what it ultimately means JP Morgan I imagine uh if you're a client of JP Morgan you could call your broker and say uh get get get me some of this ETF U what are you telling what are you telling your Brokers to tell them back when they make that call yeah so this is an important thing I'm this is the last time I've ever talk about this in CNBC okay so help me God blockchain is it's a technology we use it it's going to move money it's going to move data it's efficient we've been talking about that for 12 years too and it's very small okay so I think we've wasted too many words in that cryptocurrencies there are two types there's a cryptocurrency which might actually do something think of a cryptocurrency has an embedded smart contract in it and then we can use it buy and sell real estate and move data that may have value the idea of tokenizing things tokenizing things that that you do something with and then there's a one which does nothing I call it the pet rock the Bitcoin or something like that and so on the Bitcoin you know there's first and I'm I'm not trying to make a joke here there are use cases AML fraud anti-money laundering tax avoidance sex trafficking those are real use cases and you see it being used for hundreds maybe 50 hundred billion dollar a year for that that is the end use case everything else is people train amongs so yeah now okay now my want know what to in the percentage of all less than 1% 67 to be exact I got to find this I had it I tweeted it out I didn't include it in the show notes because I wasn't sure we were going to talk about it but the chainalysis this morning no no no well maybe that but there was a a report that came out from the world economic Forum this week it said in the regulated world of traditional Finance over one trillion was like 1.7 trillion dollar worth of of uh sex trafficking criminal use fraud all the things that he said Bitcoin was good for a good use case for happen in traditional Finance 1.7 trillion even by his numbers 50 to 100 billion is a rounding error hey thanks for watching the merge we've got a ton more stuff for you to watch 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