Latest / Simply Bitcoin / $800B FIRM Sends Clients A Private BITCOIN Letter YOU Need To See!! | EP 1265

Transcript

$800B FIRM Sends Clients A Private BITCOIN Letter YOU Need To See!! | EP 1265 · Simply Bitcoin

• 0:00
  As Bitcoin looks like it's about to smash a new all time high
• 0:04
  this week, a huge $800 billion firm just sent their clients a
• 0:09
  private letter saying that their original $200,000 Bitcoin price
• 0:13
  prediction is too bearish. What do they know that you
• 0:17
  don't? Well, they're not the only huge
• 0:20
  firm making bullish Bitcoin price predictions for this year.
• 0:24
  But before we get into that second price prediction from
• 0:26
  Bitwise, let's begin exposing what Bernstein told their
• 0:30
  clients in this e-mail and talk about where Bitcoin could go on
• 0:35
  this bull run. So let me bring in the source
• 0:37
  and of course I'm not alone. I got the wonderful the
• 0:40
  beautiful Internet, Sophie next to me and and Bitcoin Mel.
• 0:45
  Bitcoin Mel is coming live from Alaska.
• 0:47
  So if we have issues with the Internet, we we'll bring her
• 0:51
  back in, but we'll be talking about Bitcoin Alaska to wrap up
• 0:55
  the show anyways, let's get into this prediction.
• 0:58
  So caveat here. There is a little shit coiner in
• 1:00
  here and you know, for us, it's like you guys are missing the
• 1:05
  point here. But they do emphasize the
• 1:07
  Bitcoin price. So this came out, I believe it
• 1:10
  was Monday. I mean, no, it was Wednesday or
• 1:12
  something like that. It goes Bernstein says 200 K
• 1:15
  Bitcoin target is high conviction but conservative.
• 1:18
  Again, this is a $800 billion firm.
• 1:21
  They have been being pretty bullish on Bitcoin.
• 1:24
  They came out earlier this year and also did this 200K
• 1:27
  prediction. Now they're kind of wrapping it
• 1:30
  up again. They're like, actually we were
• 1:32
  way too bearish. We did not anticipate where the
• 1:34
  price was going to go. We didn't anticipate how much
• 1:37
  money was going to get into Bitcoin.
• 1:39
  We didn't anticipate all these Bitcoin treasury companies
• 1:42
  basically unleashing the flows into Bitcoin.
• 1:44
  So anyways, in a note to clients on Monday, Bernstein analysts
• 1:48
  reiterated their conviction in Bitcoin, maintaining a quote
• 1:51
  high conviction but conservative price forecast of $200,000 for
• 1:56
  the cycle. However, their latest digital
• 1:58
  assets memo highlight a broadening mainstream interest
• 2:01
  in the financial innovation unleashed by the disgusting word
• 2:05
  blockchain technology extending beyond Bitcoin store value use
• 2:09
  case. Now, if you read this and you
• 2:12
  see where the rest of this is going, they they kind of are
• 2:15
  unleashing the shit coinery here.
• 2:17
  But we do know Bitcoin is much more than just a store of value.
• 2:21
  I've been saying for a while on the show that the digital gold
• 2:24
  meme around Bitcoin isn't enough.
• 2:26
  We, we've been calling pristine collateral the best money we've
• 2:29
  ever seen in the world. Well, they haven't fully got
• 2:32
  there, but they are upgrading their price prediction.
• 2:35
  So you love to see it. And here's where it gets a
• 2:38
  little tricky, guys. Here's where I think they're
• 2:40
  going haywire on this analysis, but it goes Bernstein's notes
• 2:44
  that while many investors differentiate between
• 2:46
  blockchain, AKA a useful tech, and crypto, AKA useless, this
• 2:51
  distinction is becoming a blurred.
• 2:53
  Now, if you've been in the Bitcoin space for a while, even
• 2:55
  Selfie knows she's just like, oh man, what year are we in?
• 2:59
  Is this 20/16/2017 all over again?
• 3:02
  Are we going to be seeing this eternal September problem where
• 3:04
  all these institutions come in and we just rehash all of the
• 3:08
  same FUD lines of, you know, Bitcoin or blockchain, not
• 3:12
  Bitcoin, crypto, not Bitcoin, etcetera.
• 3:15
  Well, it seems like they are going down these paths, right?
• 3:20
  Oh, wait, what's whoa going on Rumble Rumble ads coming up.
• 3:30
  OK, now moving forward, you can see here, I'm not even going to
• 3:34
  read that stuff because it's it's toxic and gross, but it
• 3:37
  says the report highlights that the crypto market cycle began
• 3:39
  with the institutionalization of Bitcoin, exemplified by the
• 3:42
  successful launch of swap Bitcoin ETFs, which now manage
• 3:45
  approximately $120 billion in assets.
• 3:49
  Now we didn't cover it on the show, but the Black Rock ETF
• 3:52
  this week became the fastest growing ETF to 70 billion
• 3:57
  dollars. It's never been seen before.
• 4:00
  We've talked about the ETFs in general.
• 4:02
  It's the fastest growing ETF ever, and now it's the first ETF
• 4:07
  in history to get to $7 billion. I think it's safe to say that
• 4:11
  the institutions have an appetite for Bitcoin.
• 4:13
  It's becoming greater. We're seeing all kinds of
• 4:15
  financializations to get more Bitcoin.
• 4:18
  We've been a little skeptical here about that.
• 4:20
  We're saying, hey, this might be the new ICO bubble.
• 4:22
  This one of these companies might pop on us.
• 4:25
  And we just definitely advise you guys to just buy straight
• 4:30
  Bitcoin. This is the safest way taken
• 4:31
  into custody. This is the safest way going
• 4:33
  forward. Now to wrap up here again, kind
• 4:37
  of disgusting framing here, it seems like either there is some
• 4:40
  talk about the shit coin ETS being launched, but we all know
• 4:44
  the value is really going into Bitcoin.
• 4:46
  Everything rides on Bitcoin coattail, but there is kind of
• 4:49
  some signal right here and it goes.
• 4:50
  The analysts conclude that the narrative around value accrual,
• 4:54
  a public blockchain network is at a critical inflection point.
• 4:58
  Now this is something we've been talking about for a long time.
• 5:00
  It does seem like Bitcoin is going mainstream.
• 5:03
  It does seem like there is a whole new interest and appetite
• 5:05
  for Bitcoin and you can't put this back in the bag.
• 5:10
  We are entering the mainstream conversation, the macro
• 5:13
  conversation. Everyone out there is starting
• 5:16
  to wrap their head around this idea that Bitcoin is the new
• 5:19
  macro asset. And I'm not going to play it on
• 5:22
  today's show, but we have some of the biggest billionaires
• 5:24
  essentially saying if you want an ideal portfolio, you need to
• 5:28
  have some Bitcoin in that portfolio.
• 5:30
  Now this is the first report I'm going to pass it around.
• 5:32
  The horn is you know 200K by end of year bearish selfie is 230 K
• 5:37
  even more bullish. What's your thoughts on this?
• 5:40
  Actually self might get a little toxic on this one.
• 5:42
  I already know what she's going to say.
• 5:44
  I mean, it's not bearish when you have no idea how much
• 5:48
  Bitcoin these companies are actually holding, right?
• 5:52
  I mean, if we're taking their word for it, sure like 200 K can
• 5:56
  can seem kind of bearish. Actually 200K was actually like
• 6:00
  the base case for a lot of bitcoiners.
• 6:02
  Between 1:50 and 200 K was usually what you would be
• 6:04
  reading on Twitter. That was people's predictions.
• 6:07
  However, a lot has changed since that last bear market.
• 6:13
  Donald Trump is in office of pro Bitcoin president.
• 6:16
  We've had nothing but good news. The institutions have bought in
• 6:20
  so much money has been coming into Bitcoin and I think that
• 6:24
  the question really is where? Where is that Bitcoin?
• 6:28
  Can they show us the proof of funds or is that the reason that
• 6:32
  Bitcoin isn't sky rocketing right now?
• 6:34
  Because I think that if they did show us the proof of funds,
• 6:37
  Bitcoin could make it to 500 K by the end of the year, like
• 6:41
  Nico says. Yeah, I mean self, that is the
• 6:44
  fundamental question. Where are they buying all this
• 6:47
  Bitcoin from? How much paper Bitcoin is in the
• 6:49
  system? We're all wondering this.
• 6:51
  And how is it even possible for them to be buying all of this
• 6:54
  Bitcoin when there's only, I think you said 450?
• 6:58
  Now, 450 a day, it's roughly $50 million a day of buying.
• 7:03
  Pressure can buy up the daily supply of Bitcoin, and they're
• 7:07
  talking about billions. And they.
• 7:09
  Yeah, right. So they're talking about
• 7:10
  billions. I don't think people can
• 7:12
  actually humanly conceive how much more billions are from
• 7:16
  millions. And they're.
• 7:18
  Not buying. It yeah, but like, no, but
• 7:20
  they're like not buying it from people.
• 7:23
  So where is this coming from? Why hasn't the price moved?
• 7:27
  Why are we still in this like weird sideways up the stairs
• 7:31
  action that's like, you know it, it doesn't make any sense.
• 7:35
  Yeah, well, you can see Nico's perma bear is starting to
• 7:39
  infiltrate Sophie's thinking. I'm just pissed off.
• 7:44
  OK, listen, I was there was a lot riding on this bull market.
• 7:49
  I had a shopping list, I had a wish list, not saying we were
• 7:54
  going to sell, but just, you know, like we all thought that
• 7:58
  we would be at a totally different place right now.
• 8:00
  And you have to ask yourself why, if all of the news is
• 8:03
  positive, if everything is going so great, if all of these
• 8:06
  institutions are buying Bitcoin, why hasn't the price moved?
• 8:11
  And why are they reluctant to to show us are there?
• 8:15
  The balance, yeah, the the controversy around sailor and
• 8:21
  strategy. Anyways, Mel, what's your
• 8:23
  thoughts on this? Is 200 K conservative?
• 8:26
  Is it bearish? And what's your thoughts on
• 8:29
  paper Bitcoin? Yeah, it's definitely there.
• 8:35
  I mean, there has to be it, it, it doesn't make sense otherwise.
• 8:39
  I, I've been saying this for years.
• 8:42
  It just, it makes no sense whatsoever.
• 8:46
  But at this time last year, what were we at price wise?
• 8:51
  So something is happening, it's just slower than we're thinking.
• 8:55
  And I would think that I'm going to just fully blame these
• 8:59
  institutions for this because I if we can't prove it, I'm
• 9:03
  assuming it's paper Bitcoin. Yeah, 100%.
• 9:07
  I, I think we're all kind of agreeing on that now.
• 9:10
  Next story is another billion dollar firm essentially saying
• 9:15
  the very same thing. So remember I was telling you
• 9:19
  about the Bitcoin conference and the consensus around that
• 9:21
  conversation that I got from most people that we interviewed
• 9:24
  and just chatted with, everyone was saying 150K.
• 9:27
  They're like, I think 150 K is the Bitcoin price for the end of
• 9:30
  the year. And we had just hit 110 or 112
• 9:33
  that day. And I'm like, what are you guys
• 9:34
  talking about? Like 150K for the end of the
• 9:37
  year, 6 months away, as you see in the in the thumbnail, 203
• 9:41
  days away, or was I guess 200 and something days away, 220
• 9:45
  days. It was a couple weeks ago.
• 9:46
  I'm like, you guys are all bears.
• 9:48
  What's going on? And then my boy CJ comes on and
• 9:51
  just absolutely blows them all out of the water.
• 9:53
  And I'll show one of his charts. But anyways, let's check this
• 9:56
  story out. And This is why I bring up CJ
• 9:59
  because he's the only other person that I've ever heard use
• 10:01
  this framing right here. But Bitcoin's fair value, that's
• 10:05
  the point could be as high AS230K.
• 10:07
  Bitwise analysts are saying, hey, 200K seems bearish, maybe
• 10:12
  2:30. And it just, you know, makes
• 10:14
  some some points here goes. Trump's tax cuts and soaring
• 10:16
  U.S. debt fuels Bitcoin rise as a hedge against sovereign debt
• 10:20
  risk, sovereign debt default risk, potentially pushing
• 10:22
  bitcoins price towards 200K or more by 2025.
• 10:26
  So it's interesting, we have two huge firms.
• 10:29
  You could argue that maybe they're talking behind the
• 10:32
  scenes, but now we're seeing that maybe 200 K is a reasonable
• 10:37
  price prediction for the end of the year 6, six months from now.
• 10:40
  As we know, Bitcoin price run very quickly in a relatively
• 10:43
  short time span. And I've been saying I think
• 10:45
  since like 2024, like 200K to 300K seems, you know, just my
• 10:49
  gut feeling where the price is going and we'll just kind of hit
• 10:53
  the few key takeaways chat about a little bit and goes Bitwise
• 10:56
  predicts Bitcoin could hit 200K by year end with a potential
• 10:58
  fair value. And I'll explain the fair value
• 11:01
  after this bit of $230,000. Of course, Trump's proposed tax
• 11:05
  cuts and rising U.S. debt position Bitcoin as a hedge
• 11:07
  against sovereign default risk coins.
• 11:09
  OTT signal suggests strong momentum after a dip to 100K.
• 11:13
  So I wanted to show you what this OTT is here and you can see
• 11:16
  consensus build on 200 K BTC price target adding a bitwise
• 11:21
  outlook by May 28. Analysis by stock money lizards
• 11:24
  got to love the name highlights a bullish Bitcoin breakout
• 11:27
  indicator. The signal comes from the
• 11:29
  optimized trend tracker, which is triggered for the first time
• 11:32
  since mid 2024, suggesting Bitcoin will potentially reach
• 11:36
  200K in 2025 with a possible extension to 250,000.
• 11:41
  And of course, everyone is kind of talking the same, the same
• 11:45
  book here, 200 K, 250 KA. What you know, 2X from here
• 11:49
  basically seems reasonable when you consider there is hundreds
• 11:53
  if not thousands of Bitcoin treasury companies popping up
• 11:56
  every other day. We're seeing the nation state
• 11:58
  FOMO. I have a clip of Trump this
• 12:00
  morning dropping about, you know, making America the Bitcoin
• 12:03
  superpower of the world. Seems like the dominoes are
• 12:06
  falling and we haven't even hit retail FOMO yet.
• 12:10
  It seems like everyone doesn't care about Bitcoin at 100K,
• 12:13
  which is we kind of thought would be the opposite.
• 12:15
  We thought 100K would be the the price target that would bring
• 12:18
  people back in. Maybe that's one 5200 K.
• 12:22
  We have no idea what's going on here, but it looks like we are
• 12:25
  at the point of breaking out. We've been saying this.
• 12:27
  It feels like it's going to break out, feels like the
• 12:30
  Bitcoin price is going to explode.
• 12:32
  Now before I pass it to the crew real quick, this is what me and
• 12:37
  CJ were talking about. So I don't know if you guys saw
• 12:39
  the interview I did with CJ at the Bitcoin conference, but we
• 12:43
  chatted about Bitcoin's fair value.
• 12:45
  Now, I don't know all the mechanics of this and I don't
• 12:48
  know where he gets his indicator from.
• 12:50
  It is from Caprio IO Investments.
• 12:54
  He's got some really good indicators, but this is the
• 12:57
  point that we tried to get across to you, but we were in
• 12:59
  the interview, so I didn't have a visual for you.
• 13:02
  And this was June 2nd, so I don't have the updated one for
• 13:05
  this week, but ten days ago, this is kind of the data he was
• 13:09
  looking at. And he goes Bitcoin's fair, fair
• 13:10
  value chart update, Bitcoin's fair value, which is this yellow
• 13:14
  or maybe orange line. I'm not, I think it's orange.
• 13:17
  It's orange. OK, it's orange.
• 13:19
  It's all right. It goes Bitcoin's fair value is
• 13:21
  $318,719. The current price is a 67%
• 13:28
  discount. And this is the point that we
• 13:30
  were talking about at the conference.
• 13:32
  Is this idea right here? There's never been an over 12
• 13:36
  years of applicable chart history, a time when a Bitcoin
• 13:39
  bull cycle ended below the Bitcoin fair value number.
• 13:44
  Reversions to the mean is up, Max Payne is up.
• 13:47
  Any downs are a gift, and premiums to Bitcoin fair value
• 13:51
  will come. In the meantime, stack the
• 13:53
  discount. Now, as I was saying when we
• 13:56
  were having these conversations in Vegas, the bearish take, what
• 14:00
  I would say was everyone's like 150 K CJ comes on, he's like, I
• 14:04
  don't think you guys know what's going on.
• 14:06
  It's the Bitcoin fair value is at 318 K.
• 14:09
  So whether you think 23250 is bearish, if you think it's
• 14:14
  conservative, maybe a high conviction take.
• 14:16
  There is even more bull tarted bit corners out there with
• 14:19
  indicators basically saying no, like we're going to go above if
• 14:23
  not to 318 K. And like this said, there's
• 14:26
  never been a time in any bull market where we haven't hit
• 14:29
  these numbers. So I'm not telling you to FOMO
• 14:31
  into this, but it does seem like the end of the year, it might
• 14:34
  get more exciting than we've seen that this beginning of the
• 14:37
  year. I don't know.
• 14:38
  All roads seem to be leading to Bitcoin.
• 14:40
  Everything seems to be lining up perfectly.
• 14:42
  We have way more interest in Bitcoin from institution.
• 14:45
  And I have a good report from Gemini essentially laying out
• 14:48
  that maybe the market dynamics have changed here because of the
• 14:51
  institutions. I'll cover that in the in the
• 14:53
  news for you guys so we can get some new data on who's actually
• 14:56
  driving the Bitcoin price. But shout out to CJ.
• 15:01
  I love this chart. Again, we're chart bowling a
• 15:03
  little bit. We are predicting some prices
• 15:05
  here on Simply Bitcoin. But I think we're all kind of
• 15:09
  getting tired. And I mean, maybe I'm speaking
• 15:11
  for myself. We've all heard the $1,000,000
• 15:13
  prediction. We've all heard it's going up
• 15:15
  forever, Laura. But you know, everyone really
• 15:18
  wants to know, like, what's it going to do in a year?
• 15:20
  Can we just know what we're going to do by the end of the
• 15:22
  year? Like, what is 2025 going to look
• 15:25
  like? Are we going to get a crazy FOMO
• 15:27
  blow off top again? Only time will tell but it's
• 15:31
  starting to make me feel like my original 300K price prediction
• 15:35
  that I literally just like pulled out of the mid thin air
• 15:37
  and I'm like the meme. I am the source for this.
• 15:40
  I think we're going to get close to this so keep watching that
• 15:44
  Twitter account again. It is BTC fair value on Twitter.
• 15:48
  CJ updates that constantly. I think that's some some good
• 15:52
  indicators there. So I'm gonna pass it over to Mel
• 15:54
  because I heard her doing a couple like, MMM, OK,
• 15:56
  interesting. I like some bull sauce on a
• 15:58
  Thursday. What's your thoughts on these?
• 16:00
  Basically, you know, more high conviction people moving up
• 16:03
  their price predictions. Are you feeling the same vibe?
• 16:06
  Are you starting to get bullish that we're going to see a blow
• 16:09
  off top parabolic run this year? The first thing I'm gonna say is
• 16:15
  I don't know. But when I see this fair value
• 16:20
  stuff, I mean, I have to agree. We're still below value.
• 16:27
  So I'm going to take as much time as I can and to keep
• 16:31
  stacking. I mean, it means we have more
• 16:33
  time to stack. I can't tell you that.
• 16:38
  You know, the higher the price gets, the more people believe
• 16:42
  that they can't get in anymore. And it's a, it's a weird thing,
• 16:47
  but I, I caught it in Vegas, you know, talking to bartenders and
• 16:51
  servers and oh, you know, I wanted to, but it's so expensive
• 16:56
  now. So like, you know, fair market,
• 17:00
  fair value. I love this.
• 17:02
  I love this. This means keep buying.
• 17:04
  Everybody keeps stacking because, yeah, eventually we're
• 17:07
  going to get a blow off top. When it happens, Who knows, but
• 17:11
  it's coming. Yeah.
• 17:12
  And, and I think, Mel, I think you said something that we've
• 17:15
  been saying and I think all Bitcoiners have been saying
• 17:18
  whether they're an OG or a newer Bitcoiner.
• 17:21
  Once you understand the the fundamentals of the network, you
• 17:24
  look at the Bitcoin price today and you're all you can think of
• 17:27
  it. It's it's on discount, like it's
• 17:29
  cheap, it's underrated right now, like the Bitcoin price
• 17:32
  should be much higher. And I think that's kind of the
• 17:34
  trend until you fully understand what's going on with Bitcoin,
• 17:37
  you're like, but why would I buy it at 100K?
• 17:40
  Like why would I buy the top at 100K?
• 17:42
  And we're all like, we buy tops as generational timestamps.
• 17:45
  Like this is cheap. We know where it's going.
• 17:47
  And once you once you can't see the finish line, you don't
• 17:50
  understand what is going on. I had a friend reach out
• 17:52
  yesterday and he was trying to buy, you know, a couple $1000 in
• 17:55
  Bitcoin and he didn't know anything.
• 17:57
  He was like, wait, like I have to pay fees on this And to be
• 18:00
  like, I'm like, yeah, this is, you know, if you're buying from
• 18:03
  exchange, you'll pay some fees on it.
• 18:04
  And I really want, I didn't really want to like bombard him
• 18:07
  with too much information. But I really wanted to say,
• 18:11
  dude, like, you know, $50 fees on your buy, you're really not
• 18:14
  going to even if it's a couple $100, you're really not going to
• 18:17
  care if Bitcoin goes to these crazy price predictions in a
• 18:20
  couple of years, Like it's really not going to matter.
• 18:23
  It is cheap right now. And that is the signal.
• 18:25
  Anyway, Sophie, what are you thinking?
• 18:28
  I I know you have some. Let me just get Sophie.
• 18:31
  All right, so we got Nico the Perma bear.
• 18:33
  Let's get Sophie the Perma bull. Take on this.
• 18:37
  Well, it's not so much bullishness.
• 18:39
  I mean, I, I agree with that being the fair market price, but
• 18:43
  I think ultimately what's going to make that fair market price a
• 18:47
  realization like in actuality is adoption.
• 18:52
  I think people like we the normies need to wake up.
• 18:56
  They need to like get out of bed, take a little stretch and
• 19:02
  read the white paper. It's going to be, it's going to
• 19:06
  be hard for them because if they don't adopt it now, they're
• 19:08
  going to get it at the fair market price or at an incredibly
• 19:13
  bullish price of, you know, 500 K 1,000,000, like $1 million.
• 19:18
  What price is it really going to take for people to buy in?
• 19:22
  And I think that that there's some truth to the what Mel said.
• 19:25
  A lot of the people that I speak to about Bitcoin, they're like,
• 19:28
  oh, it's too late for me to come in.
• 19:30
  I need to wait for the price to go down and then the price just
• 19:33
  keeps going up. So is it really about the price
• 19:36
  or is it really about you just stacking some sats and buying
• 19:42
  some periodically so that you can at least have some?
• 19:46
  Having some is better than having none at all.
• 19:49
  But people don't understand that.
• 19:50
  They're still looking at Bitcoin as an investment and they don't
• 19:54
  see the long term vision and the utility of Bitcoin.
• 19:57
  So until people actually understand that, I don't, I
• 20:02
  don't know what will happen to the price.
• 20:04
  Like it? It does make me a little bit
• 20:06
  bearish, but I because I think that the price should be so much
• 20:11
  higher than it is. But both adoption and the fact
• 20:14
  that I don't trust these institutions to be telling the
• 20:17
  truth when they say that they're buying actual Bitcoin is, you
• 20:22
  know, I think those are factors that are making the price go
• 20:25
  sideways. Yeah, I think, I think the main
• 20:27
  signal here is someone wants the price to be low for now or some
• 20:32
  people want a low Bitcoin price at the moment.
• 20:35
  Yeah, that's, that's obvious. I think a lot of these people
• 20:38
  are just trying to accumulate as much capital as possible so that
• 20:41
  they can take all the Bitcoin and keep it for themselves.
• 20:45
  Like what was it that we were saying when BlackRock initially
• 20:49
  launched their ETF? Like Blackrock's coming for all
• 20:52
  of your Bitcoin. Don't sell it to them.
• 20:54
  Like that's what's happening right now.
• 20:56
  And maybe they're saying that they're buying all this Bitcoin,
• 20:59
  but in reality they're just, it's like kind of like a pinky
• 21:02
  promise. Like we are going to buy this
• 21:04
  Bitcoin, but we just need it like to, we just need to wait a
• 21:07
  little bit for like our money to like come in so that we can buy
• 21:10
  it. Yeah, totally.
• 21:12
  Let's, let's, let's dump on, let's dump on the institution.
• 21:16
  No, we are. We are solidifying our
• 21:18
  purchasing power. Let's dump on the institutions
• 21:21
  and the normies. Y'all need to get it together,
• 21:23
  chill. But First off, before we move
• 21:26
  on, Winsome's got not this again.
• 21:29
  We need to push the message that Bitcoin's gains are because your
• 21:32
  Fiat is devaluing, of course. So this is what we try to get
• 21:35
  across as much as possible, but people don't understand this
• 21:39
  concept. It's not even that people don't
• 21:41
  don't understand people don't care.
• 21:44
  People don't care. People want to live for today
• 21:47
  and they don't care about tomorrow.
• 21:49
  Like we live in a generation that like because our money is
• 21:52
  so devalued, we're not able to think ahead.
• 21:55
  We're literally just thinking about how to get from one
• 21:58
  paycheck to the next, how to pay our bills and how to once in a
• 22:02
  while enjoy our lives because people just can't do that
• 22:05
  anymore. So you think that people are
• 22:07
  going to take from their life enjoyment and instead of like
• 22:11
  going out to have a burger, they're going to like, save it
• 22:14
  and put it into Bitcoin, This thing that they can't even like
• 22:17
  conceptualize? No, absolutely not.
• 22:21
  And that's part of the plan. That's part of the evil of Fiat.
• 22:25
  It keeps people enslaved because their money is constantly
• 22:29
  devalued and they just that there is no incentive to like go
• 22:33
  out and like sacrifice and like learn about Bitcoin and go
• 22:38
  through this inconvenience of, of stacking sats.
• 22:42
  And ultimately, and I say this almost every show that we that
• 22:46
  I'm on, I think it's going to take something absolutely
• 22:49
  catastrophic for people to finally wake up and say, damn,
• 22:53
  like I really, I really should get off zero.
• 22:56
  I should buy some Bitcoin. I should have a little bit so
• 22:58
  that I'm not like in this rat race 24/7.
• 23:02
  Not everybody's meant to be an entrepreneur.
• 23:04
  Not everybody's meant to like be, you know, this like grand
• 23:08
  investor, but everybody can buy some Bitcoin.
• 23:13
  Everybody can buy some Bitcoin. And so it's going to take
• 23:16
  something real bad. And I really hope that people
• 23:20
  realize that the reason that they're in this rat race is
• 23:22
  because they are they are, their money is being devalued.
• 23:27
  They're getting screwed. Couldn't agree more.
• 23:29
  So couldn't agree more. I, I saw this great thread
• 23:31
  yesterday and it was really kind of angling it in terms of AI,
• 23:36
  but it was basically saying like we are seeing a essentially a
• 23:40
  fork in the road right now, stratification in, in, in
• 23:42
  society right now where there is and, and you know, using what's
• 23:47
  it Yuval Harari's kind of very horrible framing of like useless
• 23:52
  eaters. We're starting to see this, this
• 23:55
  fork in the road where if you don't own assets, AKA Bitcoin,
• 23:59
  or if you're rich enough, any other assets and you're just
• 24:01
  like an average middle of the road person, middle class, you
• 24:05
  have a lot of debt or you're working paycheck or paycheck.
• 24:09
  Things might get really bad real soon because AI is, I'm not and
• 24:13
  I'm not the biggest AI guy out there.
• 24:15
  I'm, I'm kind of, I think that AI hype is, is like just what it
• 24:18
  is, a little over hype. But we are seeing like Niko,
• 24:21
  Niko's a good example. He's obsessed with his AI.
• 24:24
  It's like his best friend right now.
• 24:26
  And I think we're seeing that there is a whole fundamental
• 24:30
  paradigm shift going on in the world right now.
• 24:32
  And if you don't have skills and you don't have assets, it might
• 24:37
  get really bad. It might be a digital
• 24:38
  pentopticon. It might be worse than any
• 24:41
  sci-fi movie we've ever seen. Again, it's a little hyperbolic.
• 24:43
  I'm a little Dumorish right now, but we are seeing a fork in the
• 24:46
  road right now and you need asset.
• 24:48
  Just get off 0 saving Bitcoin, taking into custody.
• 24:51
  This is how you win. It's not that hyperbolic when
• 24:54
  you realize that AI can also be applied to robotics and that
• 24:59
  like people, I, I saw someone say like, go get a trade job,
• 25:02
  like become, you're never going to see AI become a plumber.
• 25:05
  That's not true. Like have you seen these little
• 25:08
  robots on the street that like come and deliver your food and
• 25:11
  like do it? Like there's like robots that
• 25:13
  know how to do like surgery and stuff using AI.
• 25:18
  So you know, there's, we're going to, we're going to have to
• 25:22
  like develop as a human race a bunch of other skills.
• 25:30
  He got, he got a bonus. Yeah, bonus is not a race self
• 25:33
  anyways if you don't. In terms of Bitcoin, yeah, yeah.
• 25:38
  It could be, it could be if you don't get the joke.
• 25:41
  It was from Sessions last night. So if you didn't catch that,
• 25:44
  you're not in on the inside joke anyways, we got a lot of
• 25:48
  conversation left again. I have a new Gemini coin glass
• 25:52
  report kind of talking about the new market dynamics since
• 25:55
  institutions came in. And then we got a like a
• 25:58
  breaking news video from Donald Trump.
• 26:01
  He is doubling down on America being the Bitcoin superpower of
• 26:04
  the world. He even mention how honored he
• 26:07
  is of being the first crypto president.
• 26:09
  I don't know. There's a lot of talk going on.
• 26:11
  Like Self has been saying, I want to see the hard numbers
• 26:15
  here. I want to see the address with
• 26:18
  the Bitcoin that America supposedly holds.
• 26:20
  I want to see them buy some more.
• 26:21
  Actually, I don't really want to see that, but like if they're
• 26:23
  going to talk, I want to see some action here.
• 26:26
  So that's coming up. Anyways guys, before I move on,
• 26:30
  big shout out to the Bitcoin. Well, they are the best place to
• 26:34
  buy your Bitcoin. You need to have a wallet to buy
• 26:37
  Bitcoin from them and the reason we love them is because there is
• 26:41
  no possibility of them ever rug pulling your Bitcoin.
• 26:45
  Literally, you send them their money, once it clears, it goes
• 26:48
  straight into your cold storage. They are the only exchange in
• 26:52
  North America that does that. They're actually the only
• 26:55
  exchange and this one might be a big of a stretch, but I was
• 26:57
  talking to Adam and I'm like, I'm a plug it.
• 26:59
  They're the only exchange that has sent 100% of their Bitcoin
• 27:03
  to their customers. You could Fact Check me on that
• 27:06
  one, but you know, scan the QR code over there, use the promo
• 27:09
  code simply BTC and when you sign up, you get 3 tosses into
• 27:13
  the wishing well for a chance to win a million sats, which I
• 27:16
  think is about $1000 right now. I'm still on 100 hundred dollars
• 27:23
  per million SAT metric here. Anyways, let's get into the
• 27:26
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• 29:02
  All right guys, I'm over here on Clark Moody's dashboard going
• 29:04
  over the Bitcoin numbers. As you can see, the current
• 29:07
  Bitcoin price is 107,820, which means you can buy about 927 sats
• 29:14
  per dollar, which is essentially how much the dollar is worth in
• 29:17
  Bitcoin. And the block height is
• 29:19
  currently at 900,959. The market cap in Fiat terms is
• 29:23
  2.14 trillion. We're only we're almost at 9% of
• 29:27
  the gold market cap. And the total percentage of
• 29:29
  Bitcoin that will ever be issued, I repeat the total
• 29:31
  percentage of Bitcoin that will ever be issued is currently at
• 29:34
  94.65% with the realized monetary inflation of .85%.
• 29:39
  Again, the best, hardest money period.
• 29:41
  Nothing comes close to it. And as much as we're getting
• 29:44
  tired of the price, we're only down -3% and everyone's like
• 29:47
  it's over. Wrap it up up and we're never
• 29:49
  going back to all time high. Even Nico was joking yesterday
• 29:52
  off air. He's like, I'm like bro, we're
• 29:54
  seeing a bullish setup right now and he's like, what if the
• 29:57
  bullish setup is just going to 114 K and then it dumps again?
• 30:00
  I'm like dude, trust, trust bro. It's going up anyways.
• 30:06
  Damn, he really he's a yeah, he's a perma bull.
• 30:08
  He's a perma, Bull confirmed. I can't believe it.
• 30:11
  He is a bull. He's kind of sorry, a perma
• 30:14
  bear. Perma bear.
• 30:15
  He is bearish. Anyways, we saw this.
• 30:18
  What is happening? Yeah, exactly.
• 30:20
  It's he's got PTSD, he's got price fatigue, right?
• 30:23
  Now he's demoralized. He's totally demoralized.
• 30:26
  I mean, it's it's selfie buying all the new furniture for the
• 30:28
  house. It's gotten really demoralized.
• 30:30
  He. Says he says I'm like a a hole
• 30:33
  in, you know, the middle of his bank account that just like
• 30:36
  slowly grains all of his resources.
• 30:39
  Not my fault shit's expensive bro.
• 30:43
  Yeah, and a daughter. Hey, when I'm when I'm back in
• 30:46
  Miami, I'm going to take you estate sailing.
• 30:49
  I'm so doubt. OK, enough girl talk here.
• 30:53
  We're we're here for Bitcoin. Where you ever Bitcoin?
• 30:56
  No, no, this isn't girl talk. This is about Bitcoin.
• 30:59
  This is that more sad. Yeah, this money for Bitcoin, by
• 31:03
  the way, if you want to buy great stuff, go to estate sales.
• 31:07
  That's where it's at. You just need a lot of patience
• 31:09
  and a friend like Mel. Let's go.
• 31:11
  OK, OK. I have the patience for that.
• 31:15
  I do. Not low time preference, low
• 31:17
  time preference. OK, so we saw this come across
• 31:21
  the timeline this morning. Trump made a speech.
• 31:24
  Apparently there's a Coinbase conference happening right now
• 31:27
  and there is, which I'm not going to cover today, but there
• 31:30
  is some interesting news coming out of Coinbase which I need to
• 31:33
  dive in a little deeper for you guys.
• 31:35
  So I might bring that up on tomorrow's show.
• 31:38
  There's a questionable advisor at Coinbase now, but I didn't
• 31:43
  have enough time to dive into all of the details.
• 31:45
  But apparently there's a Coinbase conference going on
• 31:47
  right now, and Trump gave all of us a message.
• 31:52
  So let's hear this message one at the Coinbase State of Crypto
• 31:56
  Summit. I'm delighted to speak to some
• 32:00
  of the greatest visionaries and pioneers in the fields of tech
• 32:04
  and finance who are working to build a future powered by
• 32:08
  crypto. Many have called me the first
• 32:11
  crypto president. That's an honor.
• 32:14
  I really do consider that a very big honor, actually.
• 32:17
  And starting on day one, we ended the Biden administration's
• 32:21
  war on crypto was an absolute war and very unfair.
• 32:25
  And we unleashed American innovators to do what you do
• 32:29
  best, lead the world into new frontiers.
• 32:32
  We ended Operation Choke Point 2.0.
• 32:35
  I created the first presidential working group on digital assets.
• 32:39
  I named a Pro Freedom, Pro Innovation SEC chair, a great
• 32:45
  man named Paul Atkins. And we created the US Strategic
• 32:49
  Bitcoin Reserve and the United States Digital Asset Stockpile,
• 32:54
  but we are not done yet. My administration is working
• 32:57
  with Congress to pass the Genius Act supporting the creation of
• 33:01
  dollar backed stable coins. And we also will be working to
• 33:06
  create clear and simple market frameworks that will allow
• 33:10
  America to dominate the future of crypto and Bitcoin.
• 33:14
  Congratulations to everyone at this exciting time in your
• 33:18
  industry and in our country's life.
• 33:21
  I wish you all the best of luck. The best part of that entire
• 33:26
  video was at the end when he made the distinction between
• 33:29
  crypto and Bitcoin. Like Slay finally put some.
• 33:33
  Respect. Put some respect on our digital
• 33:35
  asset bro. The only crypto is Bitcoin.
• 33:39
  Anyways, before I pass it over to Mel, we didn't, we didn't
• 33:43
  talk about this on the show, but we have been hearing a similar
• 33:47
  sentiment come out of Bohind, which of course he's part of the
• 33:50
  crypto advisory group and he said essentially what Trump
• 33:55
  said. This was about a week ago,
• 33:56
  beginning of the week, over the weekend, I forget the exact same
• 33:59
  day. I'm not going to play the clip,
• 34:00
  but here is essentially the meat of this and it is we want as
• 34:06
  much Bitcoin as we can possibly get.
• 34:07
  Of course, we've been hearing him say this like we want all
• 34:10
  the Bitcoin. Of course, he's been doubling
• 34:12
  down on the budget neutral ways, but he's emphasizing double
• 34:16
  pulling down on they are working actively to figure out a way to
• 34:21
  get this Bitcoin. You know, a lot of bitcoiners
• 34:23
  are maybe a little uncomfortable with the fact that most of the
• 34:26
  Bitcoin they own or rather all of the Bitcoin they own on this
• 34:29
  supposed strategic Bitcoin reserve is by seize Bitcoin.
• 34:32
  So hopefully there's some some ways where they get Bitcoin
• 34:35
  without doing that. And here's the big part that I
• 34:38
  think will be interesting to watch a little FOMO, is I think
• 34:42
  he said Bitcoiners will be extremely pleased with what they
• 34:45
  announced. Now Trump double down on that.
• 34:47
  Are they going to print more money and you get to buy
• 34:49
  Bitcoin? Super exciting, that's.
• 34:52
  Really exciting. That would be great.
• 34:53
  Yeah, totally. So you know Trump, as he said,
• 34:56
  I'm very honored to be called the first crypto president of
• 35:00
  the United States. It does seem, yeah, the hands,
• 35:03
  it does seem like the Trump family, you know, whether you
• 35:07
  like them or not, whether you believe them or not, whether you
• 35:09
  think they're just politicians looking for votes, it does look
• 35:12
  like they are going head first into Bitcoin in a lot of ways.
• 35:15
  Whether that means they're true believers or they're just
• 35:17
  dipping their toes into the Bitcoin industry, One thing
• 35:21
  remains the same as as the United States and very
• 35:24
  influential people in the United States start to embrace Bitcoin,
• 35:28
  the ripples around the world are going to spread and everyone
• 35:31
  will have no choice but to stack Bitcoin but to accept Bitcoin.
• 35:36
  And as Nico tweeted, I don't have it up here and he was
• 35:38
  talking about it yesterday. It's like this is what we mean
• 35:41
  when we're saying we are winning.
• 35:43
  We have fundamentally mean Bitcoin into the White House,
• 35:47
  into the mainstream conversation, into every macro
• 35:50
  circle. They have to take Bitcoin
• 35:52
  seriously and we are just starting to see the beginning of
• 35:54
  it. It's going to get crazy, guys.
• 35:56
  I'm, I'm fully convinced of this.
• 35:58
  So I don't know. Sophie, you can chime in on
• 35:59
  Trump and then we'll pass it over to Mel.
• 36:02
  I agree with one of the comments that seems like AI Trump and
• 36:06
  it's. I thought that too.
• 36:07
  I literally thought that too. And I, I had to.
• 36:09
  I had to Fact Check. It it's almost unbelievable,
• 36:12
  though, that President of the United States is making these
• 36:15
  comments and is so forward and like bullish on Bitcoin.
• 36:21
  Yes, you can keep me. I will be on a lot, a lot more.
• 36:26
  But I, you know, again, this doesn't where, where's the
• 36:31
  Bitcoin show us the reserves. And also, by the way, I'm not
• 36:35
  partial to just showing us the reserves on Bitcoin, like show
• 36:38
  us the gold reserves. Yeah, whatever happened to the
• 36:41
  gold audit? Show us the whole balance sheet
• 36:43
  or just, you know, print more money so that you guys can buy
• 36:47
  more Bitcoin. And then it's not, you know,
• 36:50
  stealing from the American people through taxes or, or, or
• 36:53
  through Ross Ulrich. But OK, Mel, what's your
• 36:59
  thoughts on this Trump clip? And maybe, hey, you know, Fact
• 37:03
  Check me, I'm like 99% confirmed it was an AI, but AI has been
• 37:07
  getting so good lately that I, I literally had that same thought
• 37:10
  guys. So Mel, if it is true, what's
• 37:13
  your thoughts here in that clip and being congratulated?
• 37:18
  If it's true, I it's great, but I, I don't know if I believe
• 37:23
  that he understands the difference.
• 37:25
  I'm sorry, I I don't know so. I don't think he knows it
• 37:29
  either. I.
• 37:32
  So that's why I'm not sure. I mean, if that's real great
• 37:36
  because people need to understand the difference
• 37:39
  because I think that's another one of our huge issues is that
• 37:42
  crypto is Bitcoin to everyone. They don't know the difference,
• 37:47
  you know there. Is no difference between.
• 37:48
  Solana and Cardano. Yeah, those who understand the
• 37:53
  difference, though, they're winning.
• 37:55
  And yeah, sorry. So I'm glad he's saying that
• 38:01
  because I hope that it can differentiate and that's, it's
• 38:05
  just such a huge piece of this right now.
• 38:09
  And like I, I actually had a call from my mother and she said
• 38:13
  to me, does Trump have anything to do with Bitcoin?
• 38:17
  I'm like, OK, I've been in this since 2017.
• 38:23
  Trump had nothing to do with Bitcoin then, and he's got
• 38:28
  nothing to do with it now. It's him enforcing it is not the
• 38:33
  same as him. So yeah, there is this weird
• 38:36
  misconception that somehow he has something to do with
• 38:43
  Bitcoin. And once again, Bitcoin is for
• 38:45
  everyone. It's for everyone.
• 38:47
  It's not just if you like Trump or don't like Trump, it's for
• 38:51
  everyone. And I hate that it's getting so
• 38:53
  politicized because it's not political, period, period.
• 39:00
  Amen. It's not political.
• 39:02
  Mic drop. Let's go.
• 39:04
  Yes, I I think Mel made a good point and actually I saw a good
• 39:07
  comment that you reminded me of. Here, let me let me pull it up
• 39:11
  this guy I I've been following him for a couple of months now
• 39:13
  financial physics. He goes why does Bitcoin need
• 39:16
  him? AKA, you know, why does Bitcoin
• 39:17
  need Trump? Bitcoin doesn't need government.
• 39:19
  That's the whole point totally agree.
• 39:21
  I think all of us Bitcoiners are are, you know, especially if
• 39:24
  you're like libertarian and Arco capitalist perspective, you're
• 39:27
  like, you know, I, I could take or leave this, but it does enter
• 39:33
  the conversation now because the armies are like, whether you
• 39:35
  love Trump or not, there is a legitimizing effect by having
• 39:38
  the president of the United States start to embrace Bitcoin
• 39:42
  and talk about Bitcoin. And maybe he is doing an art of
• 39:45
  the deal here where he's like, we're going to buy $1,000,000
• 39:47
  Bitcoin and then they don't ever buy it.
• 39:50
  And it's just like a game of chicken.
• 39:51
  And then someone starts buying hey I'm OK with all of this if
• 39:55
  the nation state game theory starts playing out real quick
• 39:57
  and they someone starts stacking.
• 39:59
  I think that if Trump understood that if they actually bought
• 40:03
  Bitcoin, his shit coin would go up, he would buy it in a
• 40:06
  heartbeat. I don't know how no one has
• 40:08
  explained it to him to be. Honest, that is why I believe he
• 40:14
  is saying this. I mean, that makes the most
• 40:16
  sense. If he endorses Bitcoin, it makes
• 40:20
  Trump coin legitimate. And and that guy is right.
• 40:24
  Not technically, but yeah. Bitcoin doesn't need Trump.
• 40:30
  But what Bitcoin does need is marketing.
• 40:35
  We need better marketing. We need the normies to hop on
• 40:38
  board. We need people to want to use
• 40:41
  Bitcoin. We need people to want to buy
• 40:43
  Bitcoin. And if the price isn't an
• 40:45
  incentive enough for people because they have lives and they
• 40:48
  don't follow the price of Bitcoin obsessively on a block
• 40:51
  clock like we do, you know, they're going to, they're going
• 40:54
  to need some other pushes. And what better incentive than
• 40:58
  having someone else tell them to buy it or someone else
• 41:01
  legitimize it. You know, whether that be for
• 41:04
  boomers or institutions or people like me and you, we see
• 41:08
  that, you know, the government is buying some or these
• 41:11
  institutions are leaning towards it.
• 41:12
  And it stops being this Internet meme and suddenly actually
• 41:16
  starts being this actual asset that people start looking into
• 41:22
  and actually it being incentivize to educate
• 41:24
  themselves on. So, you know, Bitcoin doesn't
• 41:27
  need Donald Trump or any any person on this planet.
• 41:32
  But yeah, we need better marketing y'all.
• 41:34
  And this is it. Well, Speaking of better
• 41:37
  marketing, Sophie, we've been talking about it for a while
• 41:40
  now. The institutions are here and
• 41:42
  their marketing teams are out here pumping Bitcoin as well.
• 41:46
  And we got a new report coming out this morning talking about
• 41:49
  the new landscape. So let's dive straight into it.
• 41:52
  There's actually some interesting numbers here and,
• 41:54
  and I want to kind of point out some of the, the framing that
• 41:57
  they used. We'll, we'll talk about it right
• 41:59
  here. I'll I'll point it out.
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• 44:11
  All right, guys, as I was telling you, it seems like we
• 44:15
  have some of the best marketers coming into Bitcoin, but this
• 44:18
  report isn't necessarily about like the Black Rock team
• 44:21
  shilling Bitcoin or any of these big firms shilling Bitcoin.
• 44:24
  It's really kind of quantifying the effect of institutions
• 44:28
  coming into Bitcoin. And of course, since I just
• 44:31
  played Trump the idea of a strategic Bitcoin reserve and
• 44:34
  Bitcoin adoption. So I'm over here on gemini.com
• 44:37
  and this you can see the URL or maybe actually you guys can't,
• 44:40
  but it's strategic Bitcoin Reserve and this is titled the
• 44:43
  Bitcoin adoption volatility and market cap, exploring the impact
• 44:47
  of the strategic Bitcoin reserve on the broader Bitcoin
• 44:50
  ecosystem. So I'm not going to read the
• 44:52
  whole thing. I'm going to kind of hit on a
• 44:54
  few of the main points. There is some good data in here
• 44:56
  that I think is suggesting kind of the vibe we've been feeling,
• 45:00
  the gut feeling that we've been talking about, and I know it's
• 45:03
  kind of a cliche in the Bitcoin space.
• 45:06
  We all say in every cycle that this time is different.
• 45:09
  I think fundamentally we can all agree, or rather we won't all
• 45:12
  agree on it, but I think fundamentally we can say that
• 45:15
  this time is different. The institutions are here.
• 45:18
  There's a whole new breed of interest that we've never had.
• 45:20
  Nation states talk about Bitcoin, central banks and
• 45:24
  embrace Bitcoin. We've never ever had, you know,
• 45:27
  strategic Bitcoin reserve passing legislation or even that
• 45:30
  conversation happening or essentially some of the biggest
• 45:35
  influential investors in the world start to look at Bitcoin
• 45:39
  as an alternative to bonds. And now we do.
• 45:43
  So whether that information hasn't fully spread throughout
• 45:47
  the whole marketplace or rather planet Earth, I think we are
• 45:51
  starting to see this time is different just based on the
• 45:54
  conversation. Will the cycles be different?
• 45:57
  We have still yet to see, but we are seeing that things are
• 46:01
  fundamentally changing. Anyways, this first statistic is
• 46:04
  actually kind of crazy. Now, as I was mentioning before
• 46:08
  the the break, there is a framing here that I find
• 46:11
  interesting. Maybe they're just trying to
• 46:13
  clarify what's going on and maybe they're trying to
• 46:15
  differentiate that from individual holders.
• 46:18
  But you can see here centralized growing adoption, over 30% of
• 46:23
  Bitcoin circulating supply is now held by just 216 centralized
• 46:28
  entities. Again, the emphasis on
• 46:30
  centralized here reflecting both expanding institutional adoption
• 46:34
  and deepening custodial centralization, which is
• 46:37
  obviously a huge hot topic right now, not only just in
• 46:41
  centralization of companies custody Bitcoin.
• 46:44
  We've been talking about Coinbase for a long time or the
• 46:47
  recent move of the centralization of mining or you
• 46:50
  know, as some people have been saying, the attack of core on
• 46:53
  nodes. We are starting to see that
• 46:56
  maybe a lot of people are realizing or trying to figure
• 47:00
  out is Bitcoins decentralization ethos under attack here, whether
• 47:06
  directly or indirectly, Is this a concern?
• 47:09
  Now this framing is really more on custody in the Bitcoin in in
• 47:13
  honeypots. OK, OK, that was Mel.
• 47:17
  All right, anyways, let's break this down a little bit and here
• 47:20
  is some of the article that goes Since early 2015, centralized
• 47:23
  exchanges have emerged as a dominant custodians of Bitcoin,
• 47:26
  initially holding just under 600K Bitcoin on behalf of their
• 47:30
  users. Today, the total Bitcoin held
• 47:32
  across major institutional and custodial entities has surged to
• 47:36
  6,145,207 Bitcoin, representing an increase of 924% in supply
• 47:43
  held by centralized entities over the past decade.
• 47:47
  Now, during the same period, the spot price of Bitcoin has
• 47:49
  climbed from under $1000 to over $100,000, reinforcing the thesis
• 47:54
  that institutions increasingly view Bitcoin as a strategic
• 47:58
  asset. Now, this report analyzes 216
• 48:01
  entities spanning 6 key categories, Exchanges, ETS slash
• 48:05
  funds, public and private companies, defy contracts, and
• 48:08
  government. While of course not exhaustive,
• 48:10
  this data set captures the most influential players that now
• 48:13
  collectively hold nearly one and third of all circulating
• 48:16
  Bitcoin. Now when I saw this, we were
• 48:19
  preparing the show this morning, me and Luke, and we're like, is
• 48:22
  that number real? A third of all circulating
• 48:25
  Bitcoin is in custodians, or rather these big entities,
• 48:28
  corporations, ETFs. It seems to be true, say it
• 48:32
  ain't so, but it seems to be suits true.
• 48:34
  And it's really I mean Sophie was bringing it up earlier.
• 48:37
  We're like with the amount of of announcements of buying Bitcoin
• 48:42
  billion dollars going into Bitcoin, there has been a
• 48:46
  conversation whether these ETFs and these corporations actually
• 48:49
  own the Bitcoin. Our boy check matey has been
• 48:52
  saying it's there. There's Sonny on Twitter who's
• 48:54
  been saying something similar. Arkham has been saying similar
• 48:57
  that we see, you know, sailors addresses.
• 48:59
  So it does seem like the corporations that ETFs do hold
• 49:03
  the Bitcoin. This is coming out of not just
• 49:05
  Gemini, but glass node. If you know glass node, they do
• 49:08
  have really good on chain data and you can see the different
• 49:11
  sizes. Of course, the main bulk of that
• 49:13
  Bitcoin is in exchanges and 2nd is in ETH or sorry exchange
• 49:18
  traded funds or what's it I forget what ETH is it, but it's
• 49:23
  it's a ETF. Anyway, this is probably the
• 49:26
  point here 'cause there has been a conversation about this
• 49:29
  recently is whether you know Bitcoin's been hijacked or these
• 49:32
  corporations. Is Larry Fink a good thing to
• 49:34
  come into Bitcoin? Hey your your worst enemy wants
• 49:38
  Bitcoin as well, so you have here this quote 3 entities
• 49:41
  dominate Bitcoin adoption across nearly all respective
• 49:44
  categories, signaling that early adopters continue to shape
• 49:47
  institutional market structure. Across nearly all institutional
• 49:51
  categories, excluding private companies, the top three
• 49:53
  entities control between 65% to 90% of total holdings,
• 49:57
  underscoring the dominance of early adopters in the Bitcoin
• 50:00
  treasury space. You could read that as saying if
• 50:02
  you were to early to Bitcoin. If you are a true believer in
• 50:04
  Bitcoin, you're probably holding most of the Bitcoin right now.
• 50:08
  In contrast, private company holdings appear more
• 50:10
  distributed, reflecting a broader base of engagement.
• 50:13
  While this dominance is expected to decline as markets mature,
• 50:16
  these centralized leaders have played a crucial role in
• 50:19
  channeling capital into Bitcoin holdings and legitimizing it as
• 50:22
  a global macro asset class, something we've been saying on
• 50:26
  the show. Now we have the data to back it
• 50:27
  up. Of course, despite a steady
• 50:29
  aggregate balance, the spot trading sector exerts growing
• 50:33
  influence on price, driven by investor flows and the rising
• 50:36
  dominance of ETF. Yeah, Now here's another
• 50:38
  interesting point. I don't know if you guys saw me
• 50:41
  and Luke on the show, but we kind of have a differing views
• 50:44
  on the idea of how much Bitcoin is on exchanges.
• 50:48
  Is it really going to go under 2 million?
• 50:50
  What is actually happening with the amount of Bitcoin in
• 50:54
  exchanges going down? I think here is kind of what
• 50:57
  I've been saying from a gut feeling, Luke's been taken the
• 51:00
  other way. Like, yo, the exchange, the
• 51:02
  Bitcoin in exchange is going to zero.
• 51:04
  I'm like, it might be that things are just getting kind of
• 51:07
  moved around and here is Glass Note and Gemini's take here.
• 51:10
  In reality, most of the bitcoins has migrated to ETFs and funds,
• 51:14
  particularly US spot ETFs. The total Bitcoin held by this
• 51:18
  spot trading sector has remained relatively stable, ranging
• 51:21
  between 3.9 million to 4.2 million BTC since June 2021.
• 51:27
  The stable range suggests that the drop in exchange balances
• 51:30
  does not imply shrinking supply, but rather a structural
• 51:34
  reshuffling of custody. Now this is something I've been
• 51:37
  kind of saying Lukes been taking the other side, but it's here it
• 51:41
  seems like we're getting some on chain data, some more
• 51:43
  information that it's not that all the Bitcoin is leaving the
• 51:46
  exchange. It's probably just moving into
• 51:49
  ETFs and and these private companies.
• 51:50
  So supply shock at some point will happen.
• 51:54
  Of course there isn't inherent supply shock in Bitcoin cause 21
• 51:58
  million and trillions of capital have to flow into it.
• 52:00
  But I think I'm I'm going to push back on the fact that bit
• 52:04
  exchanges are losing Bitcoin cause the data seems to be
• 52:07
  proving otherwise. Anyway, these custodians are
• 52:09
  highly responsive to market volatility.
• 52:11
  Net monthly flows can massively swing between ±10 billion,
• 52:15
  underscoring their growing influence on price action
• 52:17
  despite relatively stable aggregate holding.
• 52:20
  So still bullish it just the supply shock team is probably
• 52:24
  not not totally accurate here and I'm just going to read the
• 52:27
  couple last headlines here and then we'll chat about it.
• 52:29
  So sovereign treasuries influence markets through
• 52:31
  passive holdings, legal seizures, growth and strategic
• 52:34
  policy signals. Again, they start talking about
• 52:38
  the US announcement of a strategic Bitcoin reserve and
• 52:41
  China and Germany selling and China banning it UK kind of
• 52:44
  embracing it or kind of not so much.
• 52:47
  They seem to flip it all the time, but here is the the main,
• 52:52
  the main point of this one. These holdings represent a
• 52:54
  structurally distinct class, dormant but capable of moving
• 52:57
  markets when activated. We've talked about this in the
• 52:59
  past that, hey, you know, nation states getting in the Bitcoin
• 53:02
  don't necessarily need to stack Bitcoin to move the market.
• 53:06
  If they just change the regulations around that, that
• 53:08
  can be a bullish indicator or, you know, unleashing capital.
• 53:11
  They do mention El Salvador and Bhutan as being the only two
• 53:14
  nations in the world that are stacking Bitcoin without seizing
• 53:18
  Bitcoin without theft, which is, you know, kudos to those two
• 53:21
  countries, the only one really getting Bitcoin the way that we
• 53:24
  like to see it. But hey, you know, what can we
• 53:27
  really do or say? We can just talk about it
• 53:30
  anyways, another one, as Bitcoin adoption expands across
• 53:33
  institutions, market behavior is becoming more stable, offering
• 53:36
  greater predictability and confidence for long term
• 53:38
  investors. The TLDR of this segment is
• 53:40
  eventually saying what I've kind of been saying.
• 53:43
  Maybe we're just going to be seeing slow grinds up to like
• 53:46
  $1,000,000 Bitcoin. Maybe we're just going to be
• 53:49
  bored to death as I've been joking.
• 53:51
  Maybe we're just covering the S&P 500 now.
• 53:54
  Like it's just going to be a slow gradual climb up and
• 53:57
  there's not going to be many fireworks.
• 53:59
  I don't want to believe it, but this is what their data is
• 54:02
  showing them. Now there is one more thing I
• 54:05
  want to say in here. You guys could read the whole
• 54:07
  report. I will drop it for you guys, but
• 54:09
  there is an interesting number here.
• 54:12
  Let me see where, where did I highlight it?
• 54:14
  It was towards the day. OK, this part is interesting and
• 54:16
  then I'm going to wrap it up. Market cap multiplier.
• 54:19
  Each dollar deployed into Bitcoin can move the market by
• 54:22
  $1.70 overtime or up to $25 in the short term depending on
• 54:28
  timing, volatility and conviction.
• 54:30
  Now I'm going to read this a little bit to break it down and
• 54:32
  goes. The effect is quantified through
• 54:35
  the market cap multiplier. We brought up this idea on the
• 54:38
  show. Roughly the kind of idea was
• 54:41
  that for every dollar going into Bitcoin, it pushes up by $8 in
• 54:45
  market cap. They kind of broke this down
• 54:47
  into short term and long term. So the ratio of change in market
• 54:51
  capitalization to net realized capital inflows.
• 54:54
  Using this framework, we estimate the short term and long
• 54:57
  term MCM under both bull and bear market conditions.
• 55:00
  So critical MCM varies significantly with trend
• 55:03
  momentum ranging between roughly $0.70 in bear markets.
• 55:07
  Every $1.00 of inflow if held until next bear market leads to
• 55:11
  increasing market cap by just $0.70 or roughly 3.7 in bull
• 55:17
  market. Every $1.00 of inflows if held
• 55:19
  into the next bull market results in increasing market cap
• 55:22
  by up to 3.7. So we've talked about the
• 55:25
  multiplier on the show. Now the interesting one here is
• 55:29
  they're they kind of averaged it out, but the short term 1 is the
• 55:33
  short term impacts. The 30 day MCM can range from
• 55:36
  near 0 to 25 X, especially during high volatile periods.
• 55:40
  On average, the short term multiplier is roughly 8, meaning
• 55:43
  $1.00 of capital can briefly move the market by 8, but
• 55:47
  they're saying a short term could move it by $25 per dollar
• 55:50
  going in. So I'm gonna drop the report for
• 55:53
  you guys. You guys could go check it out.
• 55:55
  I think there's some bullish information here.
• 55:57
  First of all, I think we can all agree or rather you don't have
• 56:01
  to agree. There's there's data now and we
• 56:03
  can verify the data from other sources.
• 56:05
  But institutions have fundamentally changed the
• 56:08
  structure of the Bitcoin bull market.
• 56:10
  Whether that means we aren't going to see a cycle anymore, we
• 56:14
  don't know. I know Sailor went out yesterday
• 56:16
  and said like $1,000,000 Bitcoin, no bear market ever.
• 56:19
  But then did kind of caveat it afterwards was like, well, we
• 56:21
  might see like a 60% drop. But you know, what do I know?
• 56:24
  We're going up forever, but the the signal remains the same.
• 56:29
  Institutions are here. It's no longer just a meme.
• 56:31
  They are fundamentally getting hungrier for more Bitcoin.
• 56:35
  It is starting to change the structure of the Bitcoin cycle.
• 56:39
  This is all growing pains. The market is just getting
• 56:41
  bigger. It is getting more liquid.
• 56:43
  It it's potentially going to get more stable over time.
• 56:46
  Does that mean it's now? No, but it is starting to
• 56:49
  become, for lack of better terms of very boring asset.
• 56:53
  I don't know, Sophie, we've been pretty bored this whole year.
• 56:55
  So I think I'm starting to feel right.
• 56:57
  It's starting to feel right. But anyways, let me drop this in
• 57:00
  the chat for you guys and you guys could read the whole
• 57:02
  report. I think I hit the main points of
• 57:04
  this for you guys and I thought it was a good report.
• 57:07
  We got some data to back up kind of the the feeling that we've
• 57:10
  been talking about, the intuition or gut feeling about
• 57:12
  what's going on in the market. Anyways, I know that was a long
• 57:15
  segment, but I wanted to break it down.
• 57:17
  Sophie's looking at me crazy over here.
• 57:19
  Sophie, I know you're bored to death.
• 57:20
  What it what'd you take away from that?
• 57:24
  I have questions, questions. So I don't, I mean, it's it kind
• 57:29
  of seems unrealistic to me that the exchanges don't are losing
• 57:36
  Bitcoin because then how would you be able to buy Bitcoin and
• 57:40
  take it into self custody? Like for, for what it's worth,
• 57:43
  like people do still do that, right?
• 57:46
  And if they don't, the whole company would collapse, like the
• 57:49
  whole exchange would collapse as if you couldn't take your
• 57:52
  Bitcoin in self custody. Like what what would be like the
• 57:54
  whole point or, you know, any other crypto, let's say.
• 57:59
  So my kind of question for you is because I don't know, you
• 58:03
  know much about this. I'm not really like into the
• 58:05
  technical aspect of Bitcoin. I'm, I'm mostly like a cultural
• 58:09
  girly. Do you think that these
• 58:12
  institutions are just buying Ious from from these exchanges?
• 58:18
  Yeah. And then selling those Ious as
• 58:21
  paper Bitcoin and basically having the exchanges promise to
• 58:26
  give them their dollar value when Bitcoin goes down.
• 58:30
  But it doesn't go down because they're still money backing the
• 58:35
  like the Bitcoin that like they're trying to buy.
• 58:38
  You get it. You lost me on that last part
• 58:41
  Repeat it. I was getting distracted by my
• 58:43
  my fake opti account in the chat, which I do.
• 58:46
  I do endorse this message though.
• 58:48
  But he's a fake. This is not me.
• 58:50
  All right, say it again. So sorry I.
• 58:51
  Just like I'm just wondering because.
• 58:54
  I know the first part. We've been talking about this
• 58:56
  for a while. Yes, there is a potential for
• 58:59
  some of these custodians exchanges to essentially be
• 59:02
  selling an IOU of this Bitcoin. And since they aren't custodying
• 59:07
  it historically and most famously is Sailor, you know,
• 59:10
  apparently he's buying a bunch of Bitcoin, but he is using
• 59:13
  Coinbase Prime now. I think now they are trying to
• 59:16
  go public. So it would be very stupid of
• 59:18
  them to basically be committing fraud before they go public.
• 59:22
  But this is something we've seen happen in the past, particular
• 59:25
  FTX. So this is what we've been
• 59:27
  talking about. If they don't take into custody,
• 59:29
  then do they actually own that Bitcoin?
• 59:32
  But what's the second part? Sailor's kind of a different
• 59:34
  story because he's a Bitcoin maxi and he would actually take
• 59:38
  his Bitcoin in self custody. But what I'm saying is, are
• 59:42
  these institutions buying Ious from the exchanges and is that
• 59:47
  what they're selling their customers as ETFs?
• 59:52
  Oh, oh, OK, I got. You and like is it with a
• 59:55
  promise that these exchanges will sell Bitcoin at a lower
• 59:59
  price in the future because they believe in the cycles?
• 1:00:03
  Got it. It's a non zero chance.
• 1:00:07
  It's definite. I, I don't know, I'm not in the
• 1:00:09
  exchange, but it's definitely something we talked about.
• 1:00:12
  Something There's nothing in this puzzle that's missing.
• 1:00:15
  We know that they are greedy and we know that they want, you
• 1:00:20
  know, lower like cheaper sats who doesn't?
• 1:00:24
  We know that the price isn't moving.
• 1:00:27
  We know that they're not showing us their balance sheet.
• 1:00:30
  So so there's something in this puzzle that it we know that ETFs
• 1:00:35
  are not real Bitcoin. So is it possible that they are
• 1:00:40
  buying IO US from these exchanges in return for cheaper
• 1:00:44
  Bitcoin in the future based on the cycles?
• 1:00:47
  Got it. It's definitely a possibility.
• 1:00:51
  I don't know. I don't.
• 1:00:53
  Believe it is. I think it's, I think legally
• 1:00:57
  they have to back. It Yeah.
• 1:01:00
  They. Legally have to there are.
• 1:01:02
  There are charts and places I've seen tone pull it up where you
• 1:01:09
  can see the amount that has come into the ETF and then the amount
• 1:01:13
  that has to go out. So every time they sell, they
• 1:01:16
  have to actually sell the Bitcoin and then every time they
• 1:01:21
  people buy it from them, they have to have the actual Bitcoin
• 1:01:23
  to back that up. So as far as I know, that is the
• 1:01:28
  law. Well, now, again, they could be
• 1:01:33
  breaking the law, but I don't think that's what they're doing.
• 1:01:35
  Again, you know, there could be there could be some fraud, which
• 1:01:39
  is not to say that the crypto industry is all fraudsters, but
• 1:01:43
  there are people that break the law.
• 1:01:45
  It might not even be illegal. It might just be a loophole.
• 1:01:48
  It might be a loophole where they say, like, we did buy this
• 1:01:51
  Bitcoin, we just don't have it in our custody right now.
• 1:01:55
  Yeah. There's a famous example and
• 1:01:56
  that was FTX. They did that exact, that's
• 1:01:59
  exactly what they did. But I I'm hoping we have learned
• 1:02:03
  our lesson from that, that whole debacle.
• 1:02:05
  So yeah, I. Think the BlackRock ETF is a
• 1:02:10
  different, it's a different animal than FTX because FTX was,
• 1:02:15
  you know, they were in the Bahamas.
• 1:02:17
  They just said, hey, we've got Bitcoin, but they never did so
• 1:02:23
  because they never had it. What happened with FTX never
• 1:02:26
  should have even moved to the price of Bitcoin because they
• 1:02:30
  never had it to begin with. You know what I mean?
• 1:02:34
  Yeah. So.
• 1:02:36
  Totally, Yeah. So I mean, I've, I've I've me
• 1:02:40
  and Nico have been talking about this on the show, this idea of
• 1:02:42
  like BlackRock not actually having the Bitcoin and just the
• 1:02:46
  basic kind of thinking about it. I think that it's still kind of
• 1:02:50
  early. Like if you're BlackRock, you
• 1:02:52
  want Bitcoin to pump so that you can make your fees off the ETF.
• 1:02:55
  So I don't think they're going to be doing anything that
• 1:02:58
  dangerous and risky yet. Now, will they do that in the
• 1:03:01
  future potentially and like Mel was kind of saying, it's
• 1:03:06
  probably not BlackRock or these really big regulated exchange or
• 1:03:10
  the more face, you know, front facing public companies, but
• 1:03:13
  there could be some smaller exchanges that are on, you know,
• 1:03:16
  shady jurisdictions that are doing this.
• 1:03:19
  So it's definitely a possibility that these things are happening.
• 1:03:23
  But I think the big boys out there, which are essentially,
• 1:03:25
  you know, more the headline figures, I don't think they
• 1:03:28
  would, they would blatantly commit fraud when they're trying
• 1:03:31
  to go public. But what what do I know?
• 1:03:33
  You know, I don't think Larry Fink is out here doing that
• 1:03:35
  either. But it's I mean, I think we just
• 1:03:38
  have PTSD. We've seen this happen in the
• 1:03:39
  past. And This is why bitcoiners
• 1:03:41
  always keep their head on the swivel like, well, where is the
• 1:03:44
  attack coming from? Because the price should be
• 1:03:46
  pumping. So hey, you know, we don't know
• 1:03:49
  yet. This is the unknown, unknowns of
• 1:03:51
  where we are right now. We're still in the Wild West
• 1:03:53
  here, so things could happen. All I know is the math ain't
• 1:03:56
  math in. The math ain't math.
• 1:03:58
  In and something, something's, something's up.
• 1:04:02
  Well, I mean, we're saying that now.
• 1:04:04
  Watch the price start ripping by the end of the day or, sorry,
• 1:04:07
  the end of the week. And then we'll be like, hey, you
• 1:04:09
  know, manipulate the price upwards.
• 1:04:13
  OK, I'm I'm cool with that. Like I said, print them up.
• 1:04:15
  Make that money printer vibrate. A Pause is a family friendly
• 1:04:20
  show. Sophie.
• 1:04:21
  Okay, changing topics here, we're going to talk about Mel.
• 1:04:25
  As you can see behind her, she is in the woods right now
• 1:04:29
  working on something really cool.
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• 1:06:36
  All right, Mel. Well, thanks for coming on
• 1:06:39
  today's show. As they can see here.
• 1:06:42
  Let's let's pull it up. They can see you are in the
• 1:06:45
  wilderness over there coming live from Alaska.
• 1:06:48
  I believe you don't have to fully tell us where you are, but
• 1:06:52
  how's the conference coming? I'll pull up the website.
• 1:06:54
  Let's chat about it a little bit.
• 1:06:58
  OK, so Bitcoin Alaska starts July 1st and we we're going from
• 1:07:04
  July 1st through July 6th. The actual conference days are
• 1:07:08
  the 5th and 6th, but before that we're going to do some of the
• 1:07:13
  coolest stuff. We're going to go out on the
• 1:07:16
  ocean and with canoes and we're going on a big whale cruise to
• 1:07:23
  see orcas and whales. And so we're going to do all
• 1:07:26
  kinds of things that you're going to see the natural
• 1:07:29
  resources that Alaska has to offer.
• 1:07:34
  And for mining in particular, it's this.
• 1:07:38
  This is a pretty huge opportunity.
• 1:07:41
  Yeah. We're super excited to have
• 1:07:43
  Ruston as RMC. We've got Congressman Begich,
• 1:07:47
  who wrote the bill with Cynthia Loomis.
• 1:07:52
  He is our keynote speaker, and he's going to be here in Juneau,
• 1:07:56
  AK with us. Let me clear up some common
• 1:08:00
  misconceptions about where I am. There are no igloos here.
• 1:08:06
  There are no Penguins here. They're like right now it's
• 1:08:10
  about 60°, but it's cool and it rains every day.
• 1:08:17
  This is a temperate rainforest. This hat has become my life.
• 1:08:22
  Notice my little lightning bolt. I've got the whole outfit center
• 1:08:28
  outfits for this conference, so and all Bitcoin themed because
• 1:08:34
  I'm a complete nerd. But let me tell you something
• 1:08:37
  that's really interesting about Alaska.
• 1:08:40
  When you talk about Bitcoin here, people don't look at you
• 1:08:44
  like you're psychotic. They actually know about it.
• 1:08:50
  We were at a bar Friday night and it's the bar that we're
• 1:08:53
  going to have karaoke night on July 2nd, which also happens to
• 1:08:57
  be my birthday, and they're ready.
• 1:09:00
  They're ready for us. They're ready to take Bitcoin
• 1:09:03
  and tips. They're ready to take payment
• 1:09:05
  already for drinks. I mean, like these, the people
• 1:09:09
  up here, they get it. I don't know why or how, but
• 1:09:14
  they get it. I've not quite seen anything
• 1:09:18
  like it. You know, no one gives you this
• 1:09:21
  look if you mention Bitcoin, and more people have Bitcoin already
• 1:09:27
  here like than I've ever encountered in like meeting new
• 1:09:30
  people. So I'm like, this is really
• 1:09:34
  fascinating. And I think Alaska seems like
• 1:09:38
  it's on another planet. And so people don't think that
• 1:09:43
  they don't think about it. But what's going on here is
• 1:09:48
  pretty amazing, and I'm excited to be a part of it.
• 1:09:52
  And it's easy to get up here. You fly to Seattle and you fly
• 1:09:56
  to not even 2 hours north. We still have plenty of lodging.
• 1:10:02
  We have an entire hotel reserved for us, just us.
• 1:10:06
  And people are coming. We have now I think we're up to
• 1:10:10
  about 120 people, which again, is pretty big.
• 1:10:15
  And Congressman Begich cut off his European vacation to make
• 1:10:20
  sure that he was here. And so if anybody's interested
• 1:10:25
  and you have any questions, feel free to reach out to me and I'll
• 1:10:28
  help you. Frontier Suites is what we've
• 1:10:30
  got completely just for us. So and the Whale Cruise, just
• 1:10:35
  us. So it's like, I can't wait.
• 1:10:39
  I'm so excited. I'm excited to be here.
• 1:10:42
  The people of Juneau, I mean, this is a really small town.
• 1:10:44
  This is like 35,000 people and these people are really excited
• 1:10:50
  for us to come and be here. You know, we're getting support
• 1:10:53
  from the local businesses. They're donating food.
• 1:10:57
  You know, they're, they're it's amazing.
• 1:11:00
  So this is probably one of the best communities of Bitcoiners
• 1:11:07
  in the world. Ha, can you I mean it's, it's
• 1:11:11
  mind blowing. So I've decided that I would now
• 1:11:14
  like to live half the time in Alaska, half the time in Miami
• 1:11:18
  Beach, and I would be an completely happy person.
• 1:11:22
  And it's I have seen four bears. Yeah, four bears already, 2
• 1:11:28
  Cubs, 1-3 year old. And then, like, I got a message
• 1:11:32
  from Wade last night. Him and his son were on a run
• 1:11:35
  and got about 10 feet from a bear.
• 1:11:38
  So they are out. Yeah.
• 1:11:42
  It's there are bald eagles everywhere.
• 1:11:46
  It, it's just unbelievably gorgeous.
• 1:11:49
  I cannot believe that this is part of the United States.
• 1:11:54
  My well the the. The chat wants to the chat wants
• 1:11:57
  to know is there bear hunting on the the conference schedule I
• 1:12:01
  that might not be legal guys. Absolutely not.
• 1:12:04
  No, I, no, they're thinking. That the people.
• 1:12:09
  No, I do think there are times of the year that it's legal, but
• 1:12:13
  it's I don't think that happens here.
• 1:12:17
  I think that happens further north.
• 1:12:20
  OK. There's so much to do that.
• 1:12:26
  Yeah. I mean, I've been here over a
• 1:12:29
  week and I'm just scratching the surface.
• 1:12:33
  I mean, I've seen glaciers. I've seen.
• 1:12:38
  It's just you guys are going to be here next year.
• 1:12:41
  And by the way, simply Bitcoin is one of our sponsors.
• 1:12:44
  We appreciate that so much. And having Ruston here to be our
• 1:12:48
  MC is just awesome. I mean, he's great.
• 1:12:51
  He's really, really good at it. And so you know, we have
• 1:12:55
  everything we need. Awesome, awesome.
• 1:13:00
  Yeah, we come. And join us.
• 1:13:04
  Love it, Mel. Yeah, we.
• 1:13:05
  You guys, I yes, we want you to join us too, but everyone can
• 1:13:09
  join us. And I think that this would be,
• 1:13:11
  this is an experience you're never going to forget.
• 1:13:14
  Love it. Love it.
• 1:13:15
  Yeah, we, we told Rustin to, you know, not go full Rustin, you
• 1:13:21
  know, maybe maybe pull it back a little bit so that he's not full
• 1:13:25
  blown. Crazy.
• 1:13:28
  You're going to get a full send Rustin.
• 1:13:29
  Guys, I don't know if you're ready for this full send Rustin
• 1:13:32
  in Alaska. Full sand rustin in Alaska is
• 1:13:36
  exactly what Alaska wants, I promise.
• 1:13:42
  Let's go. I promise.
• 1:13:44
  Rustin's going. To as I get to know these
• 1:13:46
  people, as I get to know these people, that is what they want.
• 1:13:50
  He's going to turn some bears into bulls.
• 1:13:54
  Let's go. That's awesome.
• 1:13:56
  Actually, Mel, I do want to kind of, you know, chat about it
• 1:13:59
  rather just comment like it is very interesting.
• 1:14:03
  The fact, you know, especially us, I was in Texas, like Alaska
• 1:14:08
  seems so far away. You said a tiny town of 35,000
• 1:14:12
  people and they're very receptive to Bitcoin, which is
• 1:14:16
  just, it's, it's kind of mind blowing something so remote.
• 1:14:20
  It seems like you said a totally different country and they're,
• 1:14:22
  they're Bitcoiners are ready to embrace it.
• 1:14:25
  They're they're hyped for the conference.
• 1:14:27
  I don't know. It's kind of amazing.
• 1:14:34
  I don't know if you know, do you know is the capital of Alaska?
• 1:14:37
  Oh, you might have wait, there I am.
• 1:14:40
  Now you're back. You're back.
• 1:14:40
  I don't know if you know this, but OK, Do you know, is the
• 1:14:44
  capital of Alaska? So this is where the Legislature
• 1:14:48
  is written and this is where all of these things happen.
• 1:14:51
  Anchorage is a bigger city. And then like I said, the mining
• 1:14:56
  resources and natural resources and opportunities here are huge.
• 1:15:03
  Love it, love it. He goes.
• 1:15:04
  He goes rudely interrupting. He goes, he goes whispering.
• 1:15:07
  Mel says. Hi, Nico, Mel saying.
• 1:15:09
  Hi he goes trying to be a smart * influencer.
• 1:15:16
  All right, Mel, well, to wrap up the show, let's pull up the
• 1:15:19
  website one more time and let's try to drive some people over
• 1:15:21
  there. So go to bitcoinalaska.org.
• 1:15:26
  Let's do. Mel, what is the last two-minute
• 1:15:28
  elevator pitch for people to make the trek to Alaska, break
• 1:15:33
  out of the norm and head up to hang out at the conference in
• 1:15:36
  Alaska in Juneau? So the pitch is this is the most
• 1:15:42
  beautiful place, one of the most beautiful places on earth.
• 1:15:45
  I I am not a winter person by any means.
• 1:15:49
  And like I said, I would spend half my time here and half my
• 1:15:52
  time in Miami Beach if I had the choice.
• 1:15:55
  And this is where people in the state of Alaska, there's a lot
• 1:16:00
  of poverty here. They need Bitcoin and they need
• 1:16:03
  us and they're receptive. I mean, where else, I don't
• 1:16:09
  know, but they're receptive. It's so easy to get here, like
• 1:16:13
  get on a plane and get to Juneau.
• 1:16:16
  It's like an hour and a half flight from Seattle.
• 1:16:19
  It is easy. We have affordable lodging, and
• 1:16:24
  we're going to do some of the most amazing things that
• 1:16:28
  Bitcoiners have ever done together.
• 1:16:30
  So when you see this, when it's done, you're going to wish you
• 1:16:33
  were here. Just saying.
• 1:16:37
  Let's go. Awesome guys.
• 1:16:38
  We'll go to bitcoinalaska.org if you're interested.
• 1:16:43
  Get yourself a pass today and let's hope we see.
• 1:16:46
  Some radical. Simply Bitcoiners up there.
• 1:16:50
  Yeah, FYIA Whale Pass is literally to sea whales.
• 1:16:55
  Oh, there we go, finally. Wealthy people It is for actual
• 1:17:01
  whales in the ocean. Let's go.
• 1:17:04
  Finally, no false advertisement over here.
• 1:17:06
  A well pass is to go whale watching.
• 1:17:10
  All right, Thank you so much. That's amazing.
• 1:17:14
  Thank you so much for coming on the show today.
• 1:17:15
  We appreciate it, guys. Go to bitcoinalaska.org and go
• 1:17:20
  hang out with Rustin and Mel in Alaska in Juneau.
• 1:17:24
  Really appreciate it. Mel, let me pull you behind the
• 1:17:26
  scenes. So if you want to say bye before
• 1:17:28
  I pull her off, Bye Mel. Bye Soph, love you.
• 1:17:33
  All right, OK, Mel, just hang out behind the scenes for a
• 1:17:36
  second while I wrap up today's show.
• 1:17:37
  All right, guys, this was episode 1265.
• 1:17:41
  This is June 12th, and I'm off to you.
• 1:17:45
  And this is the wonderful Internet, Sophie.
• 1:17:47
  And we do have Nico hovering over here, hovering kind of
• 1:17:50
  weirdly over here. Anyways, guys, he should be back
• 1:17:55
  here tomorrow. We'll be back to our normally
• 1:17:57
  scheduled show. We will be live at 12:15 PM
• 1:18:00
  Eastern Time. Well, you, you already know the
• 1:18:02
  unofficial official time of simply Bitcoin a little after
• 1:18:05
  12:15. But on that note guys, go
• 1:18:08
  outside, get some sun, eat some good food, call your loved ones
• 1:18:11
  and stack some Bitcoin. Peace out guys, we love you and
• 1:18:15
  we will see you tomorrow. Today's episode was brought to
• 1:18:18
  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:18:22
  mission to enable financial independence.