Latest / Simply Bitcoin / Why did bitcoin crash to $66k?! | EP 1434

Transcript

Why did bitcoin crash to $66k?! | EP 1434 · Simply Bitcoin

• 0:00
  Bitcoin is officially crushed this morning, moving below
• 0:05
  $67,000 for the first time since 2024 and everyone is wondering
• 0:11
  why. We we all want to know why we
• 0:13
  crash, But at the same moment, that didn't stop JP Morgan from
• 0:17
  coming out this morning and making a massive Bitcoin
• 0:21
  prediction. Let's be clear guys, we are
• 0:24
  officially in bear market territory.
• 0:27
  So before we get into the JP Morgan news, let's take a look
• 0:30
  at all the carnage and try to figure out when is the best time
• 0:34
  to smash by the dip. I've been telling you guys for a
• 0:37
  week. Basically, you might not want to
• 0:39
  catch the knives right now. Who knows how low this goes?
• 0:44
  And you know, I, I do have my guests here today with me, Nico.
• 0:47
  So, you know, Nico, Nico's gonna be a little glorious.
• 0:51
  He's gonna glow. He's gonna glow a little bit.
• 0:53
  Indicated. Vindicated.
• 0:55
  I told you guys since October, I told you guys, I told you guys
• 1:00
  this is I had. I had the feeling in my loins.
• 1:02
  I had the feeling in my loins. I remembered it.
• 1:05
  I've been through what it's like 3 or 4 Bitcoin bear markets at
• 1:09
  this point and you never forget it.
• 1:11
  Right when the bear markets are about to start, it's like
• 1:14
  you're, you're like on the edge of a Cliff and you're looking
• 1:17
  down into the abyss and you never forget that feeling.
• 1:21
  It's a very particular feeling. And I felt that feeling in
• 1:24
  October and I was mocked by you and Walker, bro.
• 1:28
  Like Ron Pees, even Nika was right.
• 1:30
  I apologize like. Not to like, you know, like poop
• 1:34
  on the parade or anything, guys, but you know, like, did I sell
• 1:39
  any Bitcoin? Let me start with that.
• 1:40
  No, absolutely not. I've been stacking the dip as we
• 1:42
  go down. Yeah, Chad says.
• 1:45
  Nika, stop. We are already dead.
• 1:48
  I'm gonna pass it out to Opti, but I I just wanted to say that
• 1:51
  bro, because I got a lot of heat for, for my opinion.
• 1:55
  I thought we were a Bitcoin show.
• 1:56
  I thought we could have some free speech here.
• 1:58
  You know it, it was good banter anyways, anyways, let's let's
• 2:01
  let's cover all the carnage here guys.
• 2:03
  So I will start with some of the liquidations and stuff.
• 2:07
  So here we go. Here's the official numbers.
• 2:10
  In the last 24 hours, 1.41 billion dollars has been
• 2:15
  liquidated from the markets. We have 1.23 billion from longs
• 2:19
  and about 175.8 million liquidated in shorts.
• 2:24
  Again, lot of trades, big amount of liquidations on the leverage
• 2:29
  on the longs and the shorts. So this is the largest single
• 2:33
  liquidation order happened on Aster with a value of 11.36
• 2:37
  million. All right, that's the
• 2:39
  liquidations. Now let's look at kind of the
• 2:42
  different metrics so we know where we are.
• 2:43
  Everyone's wondering where are we going to bottom?
• 2:46
  Are we in a bottom? How much farther can we drop?
• 2:49
  You know, how is this bear market going to play out?
• 2:52
  4538. OK, we'll we'll we'll, we'll
• 2:54
  wait on that dude, don't don't scare everyone away.
• 2:56
  You're making them all depressed.
• 2:58
  OK, so here is glass node and they go.
• 3:02
  The Bitcoin capitulation metric has printed its second largest
• 3:05
  spike in two years, highlighting a sharp escalation in 4 seller
• 3:09
  Again, there has been a lot of talk about the 1010 liquidations
• 3:13
  and what we're seeing could potentially be some, you know,
• 3:18
  bodies floating down the river there.
• 3:19
  There could be more carnage right now.
• 3:21
  This this could be because of the 1010 liquidations.
• 3:25
  And now with the market is finally digesting all of the
• 3:28
  stuff we saw essentially, you know, a few months ago.
• 3:31
  So going further, the stress events typically coincide with
• 3:35
  accelerated de risking and elevated volatility as market
• 3:39
  get participants reset positions.
• 3:41
  You can see the first one was towards the end.
• 3:44
  I I believe this was this spike here you can see I think this is
• 3:47
  October 10th. If I'm or maybe this no, sorry,
• 3:51
  I think this was the November dump.
• 3:53
  Anyways, going further, you know, giving you guys context of
• 3:56
  where we are currently for context, at current levels,
• 4:00
  Bitcoin is more oversold than the 2020 crash and at levels
• 4:04
  that mark substantial bottoms in 2018 and 2022.
• 4:08
  So, you know, maybe maybe just start off here.
• 4:12
  It's kind of like, you know, it's who knows how much farther
• 4:16
  we're going to go, but we're not going to see most likely a
• 4:20
  sharp, you know, V bottom correction here.
• 4:24
  But from a lot of the metrics, we we are in a in very oversold
• 4:29
  territory. So we are starting to get close
• 4:31
  to a bottom. Nico will give you his opinion
• 4:34
  on where the bottom is. Here's Andre Dragos, who is from
• 4:37
  Bitwise European head of research.
• 4:39
  He goes Bitcoin approaching deep, deep value here and we
• 4:42
  have Bitcoin percent supply and profit.
• 4:44
  You can see there's still a little ways to go, but we, we
• 4:48
  are in very oversold, deep, deep value purchasing levels right
• 4:54
  now. We are in areas that do at least
• 4:57
  in the past, historically marked close to where the bottom is.
• 5:00
  I'm not saying the bottoms here yet.
• 5:02
  I'm just saying we, we're getting close to the deep end
• 5:05
  here. We're we're getting close to the
• 5:06
  bottom. And so now you probably want to
• 5:09
  understand, OK, where is all the selling coming from?
• 5:13
  What, what is actually happening?
• 5:15
  And I have been covering the Binance saga recently and I have
• 5:18
  actually like one of the most hilarious updates on this.
• 5:21
  But first, let let's start with, you know, Binance.
• 5:25
  So since midnight, since last night UTC, Binance has sold
• 5:29
  approximately roughly $1.5 billion in Bitcoin.
• 5:33
  I repeat for the slower folks in the back, 1.5 billion in the
• 5:37
  last 16 hours or sold, sold on Binance.
• 5:41
  Now this is where the update is absolutely hilarious.
• 5:45
  Remember, I've been covering the Binance saga the last couple of
• 5:48
  days where CZ or Binance basically said, hey, we're going
• 5:53
  to buy a billion dollars. We're in super psycho territory.
• 5:56
  Then you know, he's like, the community's been mean to me and
• 6:00
  in reality we're selling a billion dollars in Bitcoin, but
• 6:03
  guess what? We're going to buy $100 million
• 6:05
  in Bitcoin. So we're good.
• 6:07
  And then literally for the past week or so, every other couple
• 6:11
  of days, we've seen a billion dollar sells on by an end.
• 6:14
  So it's, you know, if you really want to point the fingers at
• 6:16
  someone I know saying let's not be too mean to see Z the other
• 6:20
  day, it seems like a lot of the selling is coming from Binance.
• 6:23
  Now this is where the update gets actually hilarious.
• 6:26
  This is this is I I couldn't make this up.
• 6:29
  This is hilarious. So Binance's $1 billion SAFU
• 6:33
  fund, it's Bitcoin Teewop, which is the time weighted average
• 6:37
  purchases accidentally set to sell instead of buy explaining
• 6:41
  bitcoins tumble this week. So apparently their algorithm is
• 6:45
  like, yeah, we we actually meant to buy a billion dollars, but
• 6:48
  sorry guys, we actually dumped billion dollars on you guys.
• 6:52
  My bad. Another technical glitch.
• 6:54
  We didn't mean to do this. So that that was it's just
• 6:58
  that's just actually kind of hilarious.
• 7:00
  Now going further, we're seeing people are saying coordinated
• 7:04
  dump, but we are seeing a large amount of Bitcoin being dumped
• 7:09
  currently from big exchanges. Finance sold 11,545 Bitcoin,
• 7:14
  Comb based sold 14,181 Bitcoin. Kraken sold a 7.8000 Bitcoin buy
• 7:20
  Bit sold another 7.8000 Bitcoin. Wintermute sold 1.72 Bitcoin.
• 7:26
  They dumped over $4 billion worth of Bitcoin.
• 7:28
  So it's not just finance selling, it seems like a lot of
• 7:32
  the exchanges are also selling now.
• 7:35
  I will, you know, go go into a little bit of bullishness before
• 7:40
  I get into the JP Morgan news. But before we do that, you know,
• 7:43
  every Bitcoin analyst is now bearish.
• 7:46
  I I guess we could all start and blame Nico for the start of
• 7:49
  that, but Checkmatey's take on this analyst getting bearish
• 7:53
  after we sold off significant. You love to see it.
• 7:56
  If you stop paying attention now, you're doing it wrong.
• 7:59
  Push through the storm. So that is obviously the take
• 8:03
  away from this is is now is the time where you really got to
• 8:07
  evaluate your finances, pick your spot, get back into the
• 8:10
  markets, maybe not right now. Again, I I would let wait until
• 8:14
  this carnage kind of clears out and then we'll start seeing a
• 8:17
  bottom form. Now the last bullish thing I'll
• 8:20
  say again, this might not hold up, but historically every time
• 8:25
  January closes in red, we've seen February close green.
• 8:29
  Obviously first five days of February, we are we are in deep
• 8:33
  red territory. So it has to get a good recovery
• 8:36
  for this pattern to continue. Now, again, everything we've
• 8:42
  really kind of known all of our metrics besides the fact that
• 8:46
  Nico somehow called the top because he he's doesn't remember
• 8:50
  what the four year cycle is. We'll see what happened.
• 8:53
  We'll see what happened. You you guys miss Nico freaking
• 8:57
  all right, all right, but here before you go, Nico.
• 9:00
  And this goes into my larger theory that I am fully convinced
• 9:05
  that Wall Street wants Bitcoin on the cheap.
• 9:09
  And I think this might, this might lead into those that
• 9:13
  speculation. So here we are on Yahoo Finance
• 9:16
  and we have JP Morgan Quant says Bitcoin now looks more
• 9:19
  attractive than gold long term. We have I, I, I can't, I don't
• 9:24
  know this guy's name. So Nicholas, I'm not even going
• 9:27
  to attempt to say his last name. The JP Morgan's quantitative
• 9:31
  strategy said that the large outperformance of gold versus
• 9:34
  Bitcoin since last October Uber, coupled with the sharp rise in
• 9:37
  gold volatility, has less Bitcoin looking even more
• 9:40
  attractive compared to gold over the long term, they explained.
• 9:44
  Of course, we've seen multiple headwinds, we've seen some
• 9:47
  crashes. And despite the sell off, JP
• 9:50
  Morgan noted that the position liquidations have been more
• 9:52
  modest compared to those seen last quarter.
• 9:55
  Going further, they said, however, the spot Bitcoin ETFs
• 9:59
  continue to suffer outflows, suggesting that negative
• 10:01
  sentiment is widespread and encompasses both institutional
• 10:05
  and retail investors. So everyone, as much as I've
• 10:08
  been in denial, I'm in acceptance now.
• 10:11
  I think we've all can accept that yes, we are in bear market
• 10:14
  territory and you're seeing that on, you know, all of the kind of
• 10:19
  corners of the Bitcoin industry. Now it is interesting because
• 10:23
  almost everything is kind of dumping.
• 10:25
  So it's not necessarily just a Bitcoin problem per SE, but
• 10:30
  Bitcoin price is is getting kind of nuke right now anyways.
• 10:34
  The quant also highlighted continued contraction in
• 10:37
  stablecoins, yadda yadda, but they believe the latest pullback
• 10:40
  has pushed Bitcoin further, a level that historically served
• 10:43
  at as a soft price floor, which was 87, but it dumped way lower
• 10:47
  than that anyways. The bank central point, JP
• 10:50
  Morgan's central point is that bitcoin's long term risk
• 10:53
  adjusted potential relative to gold has improved.
• 10:56
  The Bitcoin to gold volatility ratio has fallen to 1.5 a new
• 11:00
  record low and on volatility adjusted basis Bitcoin market
• 11:04
  cap would need to rise to 266 K to match private sectors
• 11:08
  investment in gold. To be honest, this last sentence
• 11:11
  really doesn't make sense. It I think they're saying
• 11:13
  bitcoin's price because bitcoin's market cap is you know
• 11:17
  one point what 4 trillion right now.
• 11:19
  So I, I don't know, there might be a misquote here on Yahoo
• 11:22
  Finance. But anyways, with that being
• 11:26
  said, I will pass this over to Nico because Nico was right.
• 11:30
  I, I am not, I'm not a, I am a big enough man to admit that
• 11:34
  yes, I, I was drinking the institutional kool-aid and Nico
• 11:37
  is right. Now I will disagree maybe on
• 11:40
  where this will bottom, but on that note, Nico take the floor.
• 11:44
  Yeah, I mean, look, first of all the this time wasn't different,
• 11:52
  so. The four RIP RIP off the.
• 11:55
  This time is not different. The four year cycle is intact
• 11:59
  and it has not, it hasn't been broken like that's the reality
• 12:03
  of it. And I think when I was telling
• 12:06
  you guys back this on in October, even Opti was saying
• 12:09
  this time is different and that's not what I was seeing.
• 12:12
  I was like this time isn't different.
• 12:14
  Like the Bitcoin peaked where it has always peaked, and it looks
• 12:22
  like Bitcoin is playing out the same pattern that it always
• 12:26
  plays out. Now I know what you guys are
• 12:29
  thinking like, So what does that mean?
• 12:31
  That means that if Bitcoin continues its historical
• 12:35
  patterns, we're not going to bottom until around October.
• 12:39
  Right now, the question is right.
• 12:41
  If you guys are buying the dip and stacking and whatever is
• 12:45
  like you're basically catching a falling knife, right?
• 12:48
  But everyone wants to know like around where's the debt?
• 12:51
  Well, OK, historically, Bitcoin tends to correct about 80 to 75%
• 12:56
  in bear markets. Now every single bear markets
• 12:59
  got in a little bit better. So there used to be 80%
• 13:03
  corrections and now 75% corrections, now 72%
• 13:07
  corrections. So if you want to prepare for
• 13:10
  the worst case scenario, just think about in your mind,
• 13:14
  internalize it. I was telling you guys this on
• 13:16
  since October. Prepare for a 70% correction in
• 13:21
  Bitcoin. Now what is a 70% correction
• 13:24
  from 126,000 around? That could be the absolute
• 13:29
  bottom. Now, does that mean that Bitcoin
• 13:32
  has to get there guaranteed 100%, No 100?
• 13:35
  No one knows where the price of Bitcoins going.
• 13:38
  But again, if you don't learn from the past, you're kind of
• 13:41
  destined to repeat it in the future.
• 13:43
  So I expect that we're going to continue to see more downward
• 13:47
  price action, maybe a bounce because we did have quite a bit
• 13:51
  of a drop, which I think is is great in a way because it's like
• 13:55
  volatility is back. Like remember volatility guys
• 13:58
  like we, we don't, we forgot what that was in 2025.
• 14:01
  Like at least the price is doing something.
• 14:04
  It's just not going in the direction we want it to go.
• 14:06
  But like again, if you've been in Bitcoin for for for a long
• 14:11
  time now, if you've been, if you've been in this industry for
• 14:14
  a while, if you've experienced a couple bear markets by now, none
• 14:17
  of this should be surprising to you.
• 14:19
  None of this should take you by surprise.
• 14:22
  None of this that you're just in familiar territory in which
• 14:26
  you've been in many, many times before.
• 14:28
  If this is your first bear market, welcome.
• 14:31
  You're now paying your dues. This is what being a bitcoiner
• 14:34
  is all about. All of us, most of us, I would
• 14:37
  say 80 to 90% of us that have got into Bitcoin.
• 14:41
  We got into Bitcoin when the price was rising, right?
• 14:43
  That's what initially attracted us to Bitcoin.
• 14:47
  And then you get absolutely wrecked, hashtag wrecked the
• 14:51
  first cycle that you smash buy in.
• 14:54
  But if you stick it through, it tends to reward you over time.
• 14:59
  Like that's the keyword there, right?
• 15:01
  I remember when I was buying bitcoins in the thousands and
• 15:04
  then it went to 20,000. I bought 20,000 and then it
• 15:07
  crashed to 35 thousand 3500. Then I bought a 3500 and then it
• 15:12
  went to 69,000. I bought at the top of 69,000
• 15:16
  because I thought I was a genius and we're at 66, right?
• 15:20
  That's depressing. I bought the top in 2021 and
• 15:22
  we're we're below the top in of 2021.
• 15:25
  So my top buy of 2021 is now underwater by $3000.
• 15:31
  And then I, I didn't have that much cash, but I bought the
• 15:34
  bottom at 16 K, right? Like this is like, this is par
• 15:38
  for the course. And I think what like really
• 15:41
  confused people this cycle specifically was that
• 15:45
  institutions were involved, right?
• 15:47
  They're like, listen, Michael Saylor's involved the president
• 15:50
  of the United States. He has a treasury company that,
• 15:53
  you know, he's tweeting, you know, the Bitcoin capital of the
• 15:56
  world. So it, it really fed into the
• 15:59
  narrative of, oh, OK, this time is different.
• 16:03
  What I've been saying since October, this time is not
• 16:05
  different, right? This is a bear market like every
• 16:08
  other bear market. The only question remains is,
• 16:11
  you know, at what point are we going to bottom out?
• 16:15
  Are we going to bottom out at 45, at 55, at 35, at 25, Right.
• 16:22
  And then, you know, of course you have your personal kind of
• 16:25
  ideas of where it could be. Personally, I think it's in the
• 16:29
  5040K region. We're only going to stay there
• 16:32
  for a little bit and then we'll start bouncing back up.
• 16:35
  I'm extremely bullish for the end of 2026 heading into 2027.
• 16:40
  Historically, that's when things start to pick up again and we
• 16:43
  kind of see the, the, you know, the, the, you know, the, the
• 16:47
  rainbow in the sky and you see the light at the end of the
• 16:49
  tunnel, etcetera, etcetera. Now, another thing that I'll say
• 16:52
  is I'm kind of happy this happened.
• 16:54
  And you'd be like, Nico, why the hell are you saying that?
• 16:57
  Like we're all down, you know, whatever your money's relative,
• 17:01
  but we're all down, you know, percentages on our on our net.
• 17:05
  Yeah, we're. All just down like 50% right
• 17:06
  now, just our. Net worth is just getting
• 17:09
  absolutely wrecked. Like, how could you be happy
• 17:11
  you're a psychopath? I am a little bit because I
• 17:15
  think that this cycle people really lost their eye on the
• 17:18
  ball. Like this cycle was the cycle of
• 17:21
  suit suit corners. This cycle was the cycle of
• 17:26
  Bitcoin IO us. That was the cycle.
• 17:28
  Every cycle there's a meta, right?
• 17:31
  The the 2021 cycle, the meta was layered to all coins, right?
• 17:36
  The 2025 cycle, the meta was Bitcoin treasury companies.
• 17:40
  That was the meta. Like if you bought a Bitcoin
• 17:43
  treasury company before the bull run you, you know you be you 30X
• 17:47
  to 10X your money, right? If you sold, that's the big
• 17:50
  caveat, right, But that's the same with the all coins right?
• 17:53
  If, if you sell, so that was the meta this cycle, it was the
• 17:57
  Bitcoin treasury companies. Now, the reason I don't want to
• 18:01
  say I'm happy, but the reason I'm like, you know, I, I, I
• 18:05
  think the silver lining here is the fact that, listen, guys,
• 18:09
  this is going to cleanse a lot of inefficient companies in the
• 18:14
  space. It happens every cycle, right?
• 18:18
  If you're leveraged up to the eyeballs, if you, you know,
• 18:23
  bought Bitcoin with debt, if you're not an efficiently well
• 18:28
  run company or Bitcoin company, you're going to get wrecked.
• 18:33
  It's, it's a cleansing, right? And that happens every single
• 18:37
  cycle. And obviously as Bitcoin
• 18:39
  entrepreneurs, as people that run a Bitcoin company in the
• 18:41
  space like you, you have to survive.
• 18:45
  Like that's literally the name of the game is survive, right?
• 18:49
  But I will say the last thing I'll say before I pass it on to
• 18:52
  Opti is if you look at Bitcoin historically, these times tend
• 18:58
  to be the most lucrative times to buy Bitcoin in it's history.
• 19:05
  It's literally around the the, the bear market years towards
• 19:10
  the bottom right. If you buy Bitcoin right now, I
• 19:12
  think it's a great entry point. But around these price points is
• 19:16
  when it tends to be the most lucrative looking back two to
• 19:20
  three to four years from now. So that's the last thing I'll
• 19:23
  say, you know, keep your head up, enjoy the volatility, enjoy
• 19:27
  the roller coaster ride. I'm glad we're back, but it's
• 19:31
  just a roller coaster ride down right.
• 19:33
  We, we had like a roller coaster ride sideways for like a year,
• 19:37
  right? Like, and we like totally forgot
• 19:39
  that Bitcoin had volatility. It's back baby.
• 19:42
  And it's back hardcore. Like, I mean, we were, we were
• 19:46
  preparing the show this morning and it was at 70 and we're like,
• 19:49
  yo, it's at 69 yo, it's at 68 yo, It's it's at 67 yo, it's at
• 19:55
  66. It just kept dropping, bro.
• 19:59
  I haven't seen that level of Bitcoin price action in a very
• 20:02
  long time. I forgot what it felt like, to
• 20:05
  be honest with you. So, you know, there's some
• 20:07
  Silver Linings. Very opportune moment if you're
• 20:11
  looking to buy some Bitcoin. It's these moments that you'll
• 20:14
  be like, wow, that was genius in, in, you know, in two or
• 20:19
  three years. So just sit back, relax, enjoy
• 20:22
  the ride, don't get wrecked. Don't pay, don't play stupid
• 20:25
  games, and you know, just hunker down.
• 20:29
  That's my take on all this. It's my take, Mika.
• 20:31
  What was your dad, Jack, this morning?
• 20:33
  Look at the silver lining. The volatility's back on the
• 20:36
  table. Yeah.
• 20:38
  I mean, like the silver lining, is that right?
• 20:40
  The silver lining was. We had a stable coin for a year
• 20:44
  at least. We got some volatility, but I
• 20:46
  mean it's just to the down. Yeah, yeah.
• 20:48
  And I. Mean like if you look at the
• 20:49
  power law too, right? Another thing, the power law.
• 20:52
  Yeah, another thing. Power.
• 20:54
  Law's gonna save us 53K if you. Look at the power law right?
• 20:57
  I I look at the 200 day moving average, that's like what I'm.
• 21:00
  Looking at well, we've been cooked.
• 21:02
  No, I was at the 200 week or is it 200 day?
• 21:06
  I think they both no, no, no we. Haven't the 200 week is is 55 K
• 21:11
  That's what I'm looking at. So Bitcoin always hits it's I
• 21:15
  think it's either the 200 day or the 200 week.
• 21:17
  Is it? I think it's the 200 week.
• 21:21
  One SEC. One SEC Yeah, yeah, yeah, I got
• 21:24
  it. I got it right here.
• 21:25
  I got it right. Here, yeah, it's.
• 21:26
  The 200 day, yeah. No 200, Week 200.
• 21:28
  Week OK, we're we're. We're kissing it, we're kissing
• 21:31
  it. It's the two. 100 day, No, no,
• 21:32
  no, I'm right. It's the 200 day.
• 21:34
  So the 200 day moving average, it's the 200 day.
• 21:36
  I'm right, So the 200 day moving average or?
• 21:39
  No, you're not it. It is.
• 21:41
  It's 200 week, 200 week anyways, so.
• 21:44
  Bitcoin always hits this. Always.
• 21:47
  So every single cycle previously, whether it was 2018,
• 21:53
  20/20/2022, every bear market Bitcoin always kisses the 200
• 22:01
  week or 200 day, I don't know. We're confused on 200.
• 22:03
  Week 200. Week moving average every single
• 22:06
  time. Currently, that level is at
• 22:10
  $58,000. Now there's a caveat.
• 22:13
  The caveat is, and that it does sometimes go below that level,
• 22:19
  right, which is where we are. No, we're not.
• 22:21
  We're not well. I have the I have the EMA here,
• 22:25
  so I'm looking. At it right now, I know, but.
• 22:27
  You might have the the simple moving average.
• 22:29
  I have the EMA on this chart and it's at 63.
• 22:32
  Well. The simple moving average is is
• 22:34
  200 is at 58 K. For me, it always goes below
• 22:39
  this every single bear market, but those happen to be the most
• 22:44
  opportune times to buy Bitcoin, right, But again, all of this is
• 22:49
  in hindsight, hindsight's 2020 here.
• 22:53
  So I'm I personally I like this. I I the I see a lot of people
• 22:59
  talking about, oh, this is full capitulation.
• 23:02
  I mean, it's a brutal red candle, but like, if you guys
• 23:06
  have been in a bear market before, things could get worse.
• 23:09
  Things could get way worse before they get better.
• 23:12
  But yeah, that's my take on all this Opti, and I'm glad to be
• 23:16
  back on the show. BT Dubs.
• 23:18
  Yeah, I mean, look, I'll admit it.
• 23:21
  I'll admit it. Nikko was right.
• 23:23
  I'm. I'm fully in acceptance.
• 23:25
  I was in denial for months. I'm accepting this and in part
• 23:30
  of my acceptance, I'm just tweeting bangers.
• 23:32
  I forgot what it felt like to actually have some life in me.
• 23:36
  Yes, you know the price is dumping, but I'm having fun on
• 23:40
  Twitter. It was it was funny like the I
• 23:42
  don't I don't know if you guys saw that one tweet.
• 23:45
  It was like Bitcoiners are so funny when it the price goes up,
• 23:48
  they meme. When the price goes down in the
• 23:50
  wreck, they still meme. Just absolute legends.
• 23:53
  And I am starting to feel some life.
• 23:56
  And so in my acceptance, obviously I don't know where the
• 24:00
  price is going to end up at the bottom.
• 24:03
  I was looking at the 50 month moving average and usually we
• 24:08
  don't go too much lower than that.
• 24:10
  So I'm, I, I don't know, Nico could be right, you know, I'll
• 24:14
  give him his flowers here. Nico was right calling that we
• 24:17
  are going to drop lower than we were and we didn't go sideways
• 24:20
  like I was thinking. I'm not on board with Nico on
• 24:24
  the 30K drop though. I, you know, hey, you could be
• 24:28
  right, you could be right. Disagree.
• 24:30
  With me again, yeah. But you could be right.
• 24:32
  I'm just saying, let me. Let me let me lay it out for you
• 24:34
  guys so we can we can re rewind this.
• 24:36
  So Black Swan event 25 Ki think the bottom realistically if
• 24:43
  things get really bad is 3838 to 45 K.
• 24:47
  If things don't get so bad, it's in the 50 KS 5055 that that's
• 24:52
  what I'm saying. That's my expectation, OK.
• 24:54
  Look, I don't know where the bottom is going to be.
• 24:55
  I'll, I'll, you know, I'll, I'll, I'll, I'll defer to Nico's
• 24:59
  bottom takes here. But the silver lining here again
• 25:03
  is boys, we're getting Bitcoin on discount here.
• 25:07
  So everyone that's freaking out, I'm like thinking the opposite.
• 25:10
  I'm like, man, I guess Opti's going to have no fun this couple
• 25:13
  of months. I'm going to be eating ramen.
• 25:15
  We if we get super low, we get into the 25 K, it's like, Dang,
• 25:19
  are we going to be able to pick up like, you know, chunks of
• 25:21
  coins because our, our $100 smash buy or $1000 smash buys
• 25:25
  weren't buying us that much Bitcoin.
• 25:27
  So now I'm like, all right, maybe maybe we can, you know,
• 25:30
  actually build a significant stack.
• 25:33
  Again, if we do go that low, obviously we're not going to see
• 25:37
  a very quick reversal. We might see a quick dip and
• 25:40
  then it'll kind of pull back up. But as of now, in my acceptance,
• 25:45
  you know, my, my 5 stages of grief in my acceptance, I'm like
• 25:49
  we we're, we're going to be able to pick up some cheap sets
• 25:51
  someone in. The chat bro.
• 25:52
  Once Clarity Act is approved, we go up dude, dude.
• 25:55
  It's not going to get approved and we got some updates.
• 25:58
  First of all, I've been I also was right about this.
• 26:01
  I told you they're they're they're playing games with that
• 26:04
  number one, number two, dude, this isn't ain't 2017 anymore.
• 26:09
  When a headline news breaks and the price pumps 50% like those
• 26:13
  days are gone. You got institutions, you got
• 26:17
  BlackRock up in here. You got, you know, you got large
• 26:20
  players that that have fundamentally changed the
• 26:23
  Bitcoin market. But what I will say to all y'all
• 26:27
  is again, these are the most these are the best times
• 26:32
  historically to buy the dip. If you look back two or three
• 26:38
  years from now, right now is when legends are made right.
• 26:42
  Right now is when you look back and you're like, that was one of
• 26:46
  the best Bitcoin buys I've ever made.
• 26:47
  It's it's literally moments like this, even if you don't get the
• 26:50
  absolute bottom, like even if you don't get the 50 or the 40,
• 26:53
  whatever, if you're buying right now, in three to four, two to
• 26:58
  three years, you're going to be like, yo, that was genius.
• 27:01
  That was I, I did AI did a right move.
• 27:03
  And again, I'm talking from a historical perspective.
• 27:06
  That's what always happens. If you've bought the top, don't
• 27:10
  worry, next cycle you'll be good.
• 27:12
  You'll be in the green, right. This is all about paying your
• 27:15
  dues. Remember to succeed in Bitcoin,
• 27:19
  it's to keep as much Bitcoin as humanly possible over a long
• 27:23
  period of time. That's number one rule #1 and
• 27:27
  rule #2 to succeed in Bitcoin is also to, to succeed in Bitcoin
• 27:36
  is also to the amount of time that you are in Bitcoin.
• 27:41
  That's a really, really key thing that I want to point out
• 27:45
  because I think a lot of people forget that it's really about
• 27:49
  time in the market rather than timing the market.
• 27:52
  People forget that it's literally how much time you've
• 27:56
  been in the space and and again, if you if you didn't do anything
• 28:00
  stupid, you know, guys talk, talk to the O GS talk to anybody
• 28:06
  that you want to talk to about about this.
• 28:10
  Literally it's about keeping as much Bitcoin as you humanly can
• 28:14
  for a long period of time. I define a long period of time
• 28:17
  AS2 halvings, So eight years total.
• 28:21
  And yeah, you, you're, you're in a good spot if you do that
• 28:26
  right. Anyways, guys, we have a jam
• 28:30
  packed show for you guys today. We have a special guest joining
• 28:34
  us a little bit later. It's going to be an incredible
• 28:36
  show. Very happy to be back in the
• 28:38
  seat again. I'm going to be in town all of
• 28:41
  February. So I'm going to be joining Opti.
• 28:43
  Really excited for that. Happy to be back on the live
• 28:45
  show today. We got a special guest for you
• 28:46
  guys tomorrow. We got a special guest for you
• 28:48
  guys today. So hunker down.
• 28:50
  We're going to be right back in just a bit.
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  store. At the time of recording the
• 31:39
  Bitcoin price is $66,290.00 stats per dollar, 1508 stats per
• 31:46
  dollar block height. Now remember when stats per
• 31:49
  dollar went under 1000 right? At least we still got that, bro.
• 31:53
  At least we still got that. Don't take that.
• 31:56
  Silver Linings for everything don't take.
• 31:57
  That for granted ladies and gentlemen, right?
• 31:59
  Cuz I mean that might go under 1000 block height 935,150
• 32:06
  realize monetary inflation .83% market cap 1.33 trillion Bitcoin
• 32:11
  versus gold market cap 4.44%. Now that is another silver
• 32:14
  lining. Let's talk about Silver Linings
• 32:16
  today. So when Bitcoin before gold's
• 32:21
  historical performance in 2025 and we got absolutely wrecked by
• 32:24
  Peter Schiff, for Bitcoin to reach the market cap of gold,
• 32:29
  it'd be 1,000,000 per Bitcoin today.
• 32:31
  For Bitcoin to reach the market cap of gold at gold's all time
• 32:34
  highs, Bitcoin would have to be at $1.7 million per coin.
• 32:40
  That's fantastic because I would say that's the lowest hanging
• 32:44
  fruit. That's the lowest hanging fruit.
• 32:47
  I would say that if Bitcoin doesn't reach the market cap of
• 32:49
  gold, I would consider Bitcoin a failure.
• 32:51
  And I think it is a superior asset, has better
• 32:54
  characteristics. You can transport it better, you
• 32:59
  can store it better, you can send it better.
• 33:01
  It's it's just a superior asset in every single way in my, in my
• 33:05
  humble opinion. So if Bitcoin reaches the market
• 33:08
  cap of gold, that's $1.7 million per coin.
• 33:10
  Now the only question on everybody's mind is, is how long
• 33:13
  is that going to take? The amount of Bitcoin issued is
• 33:15
  95.16%. So anyways, I'm going to pass it
• 33:20
  on to Opti. Before I do that, let's do
• 33:22
  actually our guest is going to join us about 10 minutes or so.
• 33:25
  So I do want to take advantage of this and talk about a little
• 33:27
  bit about the, the, the, the market structure Bill, the
• 33:33
  Clarity Act, the so-called Clarity Act.
• 33:35
  So I've been telling you this for all of 2020.
• 33:39
  I lost, I started to lose hope when Bo Hines resigned and he
• 33:42
  joined Tether and then Tether's a great company, but he, he left
• 33:46
  the administration and then he joined the, he joined Tether to
• 33:50
  launch the USD TA coin, like the Tether equivalent of that coin
• 33:56
  made for the American market. That's when it like it hit me in
• 34:01
  the face and I was like, wow, the probability that there's a
• 34:08
  the probability that we get a strategic Bitcoin reserve just
• 34:13
  got that much lower because he was really, it was a young guy
• 34:17
  in the administration and he was really the one that I saw moving
• 34:21
  things forward when he resigned, I was like, that's not a good
• 34:27
  sign in terms of momentum. The other sign that I got was
• 34:31
  when Senator Lummis love her, she's the Bitcoin senator,
• 34:34
  always will be. But when she announced that she
• 34:37
  wasn't going to run for re election, when I saw those two
• 34:40
  key data points, I was like, I just, I, I don't know if we're
• 34:46
  going to get what we want now. The Genius Act was pushed
• 34:51
  forward. And the reason for that is the
• 34:53
  Genius Act, because it's a, it's a, it was a, it was a piece of
• 34:56
  legislation that relates to stablecoins.
• 34:58
  Stablecoins actually help the US dollar because they, they expand
• 35:04
  U.S. dollar usage around the world.
• 35:07
  So of course it was going to have some type of bipartisan
• 35:10
  approval or support. Better said that's very
• 35:15
  different than the Clarity Act. The Clarity act essentially, it
• 35:19
  was made specifically just to help the, you know, Bitcoin and
• 35:25
  broader crypto market as a whole, right?
• 35:27
  It had wording in there that would specifically protect, you
• 35:32
  know, the right to self custody, right?
• 35:34
  And I was telling you guys for this for a long time, I said I
• 35:38
  don't think it has enough support in the Senate because
• 35:41
  unfortunately there's two parties in the United States,
• 35:45
  two predominant parties. There's a Republican Party,
• 35:47
  which is more right wing and then Democratic Party, which is
• 35:50
  more left wing. And of course they're extremes
• 35:53
  to those parties and, and representatives and senators and
• 35:56
  congressmen, Congresswoman, that you know, kind of represent the
• 35:59
  two extremes of the parties. But those are the two parties in
• 36:01
  the United States. It's a two party system as
• 36:04
  things stand. The Republican Party is really
• 36:07
  the only party that that has broader support for the Bitcoin
• 36:13
  and crypto industry as a whole. And in the Senate, with
• 36:18
  currently how the current Senate lost Senate structure stands,
• 36:22
  there's something called the filibuster, right?
• 36:25
  And a filibuster is essentially a way for the IT, it's a way for
• 36:31
  the minority party to kind of be protected, right?
• 36:34
  So essentially what that means is if you really want to pass a
• 36:39
  law in the Senate, you need at least 60 votes.
• 36:41
  The Republicans only have 53 or 54 cent Senate seats, so they
• 36:48
  essentially need six to seven Democrats, which if the Biden
• 36:53
  administration was any indication of, of anything at
• 36:56
  all, to essentially reach across party aisles and support this
• 37:02
  piece of legislation. I didn't see any indication
• 37:07
  after the loss of Joe Biden and Kamala Harris that the
• 37:11
  Democratic Party as a whole took a different stance.
• 37:14
  Now, it's not monolithic. There's congressman like Ro Khan
• 37:18
  of California that is extremely pro Bitcoin, pro crypto, so I
• 37:23
  don't want to say. And then there are Republican
• 37:25
  senators that aren't exactly pro Bitcoin and pro crypto, but the
• 37:29
  parties. As a whole.
• 37:31
  They kind of have different stances on this.
• 37:33
  So again, Bo Hines, Senator Lummis and then just the overall
• 37:39
  kind of political environment and also how the political
• 37:42
  environment is so polarized these days.
• 37:44
  It really is, right. I was like, I don't have a lot
• 37:49
  of a lot of hope for this. And that's essentially what
• 37:53
  we're seeing, right? The Clarity Act was essentially
• 37:57
  the way that I interpreted it. It was Co opted by the banking
• 38:01
  industry and doesn't have necessary a lot of allies on the
• 38:05
  other side of the aisle. And what I think is happening is
• 38:09
  they're trying to wait Trump out until the midterms.
• 38:13
  The midterms are coming up in November and there's a very high
• 38:17
  likelihood. If you look at the Pauly market
• 38:19
  odds, it's between 70 and 80% that the Republicans lose the
• 38:22
  House. The Republicans lose the House.
• 38:25
  There's no way there. This isn't, this won't get
• 38:28
  passed full stop, right? So we really have like six to
• 38:32
  seven months for this bill to get passed.
• 38:35
  And the incentive for the opposing party is to slow this
• 38:39
  down as much as humanly possible.
• 38:42
  And that's exactly what they're doing, right?
• 38:44
  Because if you take a look at the language, it was like, oh,
• 38:46
  it was supposed to be passed in December.
• 38:48
  It's supposed to be passed in January.
• 38:49
  We're now in February, right? So it it's like they're kicking
• 38:52
  the can down the road and. Now I think they're saying
• 38:54
  April. End of April, yeah.
• 38:56
  So I, I, I just don't have hope for this.
• 38:59
  So here is kind of like a breakdown from crypto, Teese
• 39:03
  says. US crypto bill hits a wall.
• 39:05
  The White House just drew a hard red line on the crypto market
• 39:08
  structure bill. The Trump administration wants
• 39:11
  it pass fast, but refuses any ethics provisions that would
• 39:15
  restrict the president or his family's crypto businesses.
• 39:18
  Yes, really what's happening? Democrats want bans on top
• 39:22
  official trading crypto. White House calls it a political
• 39:25
  hit job. Senate needs 60 votes.
• 39:27
  Midterms are approaching fast. If no deal is reached by late
• 39:31
  February, the entire bill could collapse.
• 39:33
  Now I I will add to this right, the Democrats want bans on top
• 39:40
  officials trading crypto. It's bullshit.
• 39:43
  Who is the most successful trader of all time?
• 39:46
  Nancy Pelosi, but she's a Democrat.
• 39:50
  So, you know, there could have been a, a bill that was passed
• 39:53
  that would ban, you know, representatives in in the House
• 39:58
  to to trade any type of stocks or to benefit from the office
• 40:03
  because they have insider knowledge.
• 40:04
  And none of those bills got none of those bills ever got passed,
• 40:09
  right? They're not incentivized for for
• 40:12
  them to get passed. So.
• 40:14
  And that's just the that's the official excuse, but that's not
• 40:17
  the actual reason. The actual reason I believe, and
• 40:20
  Elizabeth Warren has been very open and transparent about this.
• 40:24
  And she's the head of the Senate.
• 40:25
  She's on, she's, yeah, she's heading the Senate Bank Banking
• 40:28
  Committee. For the Democrats.
• 40:29
  The reason for this is because I think they want a central bank
• 40:33
  digital currency. It's as simple as that.
• 40:35
  It's not that complicated. They've said this, they've said
• 40:38
  this openly, they said this bluntly.
• 40:40
  So I think that's the reason why it's not happening.
• 40:42
  Anyways, we have our guests who just joined us today.
• 40:46
  We have Beauty On joining us. I haven't seen Beauty on in
• 40:49
  months and love having him on the show and having the
• 40:52
  conversations with him. So we're going to be talking to
• 40:55
  him right after the break. We're going to be right back in
• 40:58
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• 43:17
  Get 20. Percent off at.
• 43:19
  Bitkey dot world that's BITKEY dot world with the code simply
• 43:31
  beauty on. Welcome to the show man.
• 43:32
  I haven't seen you in forever. It's great, great, great to see
• 43:36
  you. How you doing?
• 43:40
  Oh, he's muted. You're muted.
• 43:50
  Seems like you're muted beauty on
• 44:03
  there we go. Can.
• 44:04
  You hear me now? Yes, we can hear you.
• 44:06
  Oh. Nice.
• 44:09
  So in any case, look yeah, last time we were together was in the
• 44:14
  El Salvador, yes. And it does seem like a a a long
• 44:20
  time ago. Things move at Internet speed
• 44:24
  these days, especially in Bitcoin.
• 44:27
  Absolutely IA 100% agree with that.
• 44:29
  How you been beauty on 'cause you know it's been a it's been
• 44:33
  an it's been an interesting year in Bitcoin.
• 44:35
  I would say. I think a lot of people forgot
• 44:39
  the fundamentals of of why we are here.
• 44:42
  I would say that was the year of 2025 and I think, you know, the
• 44:49
  beauty of bear markets is it it kind of takes people back to the
• 44:53
  fundamentals, the the, the core reasons as to why we are in
• 44:59
  Bitcoin, right? And we at simply Bitcoin truly
• 45:02
  believe in our hearts of hearts that it is, you know, to empower
• 45:08
  individuals by individuals taking back or reclaiming back
• 45:11
  their financial sovereignty by getting Bitcoin, buying Bitcoin,
• 45:15
  earning Bitcoin, mining Bitcoin and putting that Bitcoin into
• 45:17
  self custody. I think 2025 that was forgotten,
• 45:20
  like people forgot that lesson that was very core to the ethos
• 45:25
  of Bitcoin and the beauty of bear markets is everyone starts
• 45:29
  to remember again. So anyways, man, it has been a
• 45:33
  long time. I think it was adopting Bitcoin
• 45:36
  last time I saw you. So it it is, is definitely
• 45:39
  really, really great to see you again.
• 45:41
  Yeah, we had a good time down there and you know, as as much
• 45:44
  as I have, I wouldn't call disagreements, but we have
• 45:48
  different perspectives about what Bitcoin's for and
• 45:50
  everything else. It's nice to to go down to a
• 45:54
  place like El Salvador certainly and and hang out with people and
• 45:57
  meet people in, in real life. There's nothing like, it's not
• 46:00
  the same as being on social media.
• 46:01
  Social media is actually very toxic and destructive and
• 46:05
  distortive of human interaction. So it is good to meet people.
• 46:10
  I think what, what would be interesting to have is a a
• 46:13
  conference where the focus is purely on Bitcoin.
• 46:17
  I think somebody must be cooking up one of those now, especially
• 46:21
  in, in light of what's going on. But what you just said in your
• 46:24
  in your introduction about about Bitcoin, you know what, because
• 46:28
  Bitcoin is database and people bring different perspectives to
• 46:32
  it depending on what they want from it.
• 46:34
  People can have a different perspective on what, you know,
• 46:38
  numbers on a page mean. It depends on what you're
• 46:41
  bringing to what you want those numbers for, what you're using
• 46:43
  those numbers for. And so I'm perfectly willing to
• 46:46
  concede that people use Bitcoin for their own purpose, whatever
• 46:49
  that purpose is at the moment. There are a lot of people who
• 46:52
  appear to have invested, quote, UN quote, in Bitcoin then who
• 46:56
  are now having, you know, a lot of sleepless nights because the
• 47:00
  synthetic price is going down. And so the people who do not
• 47:04
  think of a Bitcoin like that, the people who think of it as a
• 47:08
  means of doing other things, more kind of socially important
• 47:11
  things, they're not concerned about the price.
• 47:14
  So that thing is the best way to think about, if you think about
• 47:17
  Bitcoin correctly, you bring the correct attitude and the correct
• 47:21
  mentality to it, then it cannot betray you, cannot work against
• 47:26
  you, and you won't care about what the price of Bitcoin is at
• 47:29
  any time because it's doing what it's supposed to do for you.
• 47:32
  And it does that consistently day after day by nature, by the
• 47:37
  nature of what it is and the nature of how it works.
• 47:40
  And I think this is something that certainly we repeat and we
• 47:44
  try to make at the forefront of what we're talking about at
• 47:47
  Azteco, which is using Bitcoin for a purpose, which is to help
• 47:53
  people who don't have the means of moving money around to move
• 47:56
  money around and do other money like things in a simple way with
• 48:00
  a wallet on their smartphone. And so as long as Bitcoins
• 48:05
  running and as long as somebody's interested in it and
• 48:08
  somebody's having some kind of utility out of it, it serves a
• 48:12
  purpose. And that's the most important
• 48:14
  thing, not the price of Bitcoin, but that it has utility for
• 48:18
  somebody. And if more people start to
• 48:21
  think about it in that way and adopt it on that basis, then
• 48:26
  very special things will start to happen.
• 48:28
  We've got many, many, many people using Bitcoin.
• 48:32
  And as a result of that, as an effect of that, then the price
• 48:35
  of Bitcoin will go up because people are using it not as a
• 48:40
  tool of speculation or something that has no real real purpose,
• 48:47
  but for it's things that have a purpose.
• 48:49
  So for example, if you think about coal, coal has a price in
• 48:53
  the market because it's burned to make electricity.
• 48:56
  Nobody hoards coal coal in their house because the value of coal
• 49:00
  is whatever it is. A ton just be ridiculous.
• 49:04
  Just imagine somebody calling up a coal monger and saying deliver
• 49:08
  one ton of coal to my backyard because the I think the price of
• 49:12
  coal is going to go up. Doesn't make any sense.
• 49:15
  So you need to change. Well, you need to change, but
• 49:17
  people need to change their thinking about how Bitcoin
• 49:21
  works, what it's for, so that they bring the right approach to
• 49:26
  it and don't get hurt. Absolutely.
• 49:29
  I think yes, 100% people need to to use Bitcoin and you guys help
• 49:35
  facilitate that at Azteco beauty on.
• 49:39
  So could you give a little bit for anyone who's tuning into the
• 49:42
  audience that hasn't heard about Azteco, what is a Steco?
• 49:45
  What is it that you guys do? Azteco is a Bitcoin voucher
• 49:51
  company. Actually, we're the 1st and best
• 49:54
  Bitcoin voucher company and what we've done is superimpose the
• 49:59
  way that people buy top UPS for their mobile phones on to
• 50:04
  Bitcoin. So most people in the world
• 50:07
  don't pay for their mobile phone service in arrears.
• 50:10
  They pay for it in advance by buying a paper voucher from an
• 50:14
  outlet. It can even be at a wooden shack
• 50:16
  somewhere and you buy a voucher with a 16 digit code on it, tap
• 50:21
  that into your phone and all of a sudden you have airtime.
• 50:24
  That means you can make telephone calls and use the
• 50:27
  Internet over mobile. And that's how most people use
• 50:30
  their phones. And so it occurred to me that
• 50:33
  this method can be superimposed onto Bitcoin, but instead of
• 50:38
  topping up people with air time, we top them up with Bitcoin.
• 50:41
  It's just a matter of writing the software to do that.
• 50:44
  And so 12 years later, we have a lot of distribution coming on
• 50:51
  stream where we're going to be reaching an unfathomably great
• 50:55
  number of people, greatly large number of people.
• 50:58
  And so we are set to change the way people perceive Bitcoin,
• 51:03
  what Bitcoin's utility is by making it trivially easy to get
• 51:09
  so that they can top up their mobile phones in the same way
• 51:12
  that they top up the SMS and voice call accounts on their
• 51:17
  phones. And so once it's put into that
• 51:20
  different context, several things are going to happen.
• 51:23
  First of all, people are going to stop focusing on Bitcoin
• 51:27
  purely as a form of money. You'll see it just as another
• 51:30
  type of top up. Then the widespread use of
• 51:35
  Bitcoin will cause vendors of every scale and every type to
• 51:40
  start accepting Bitcoin because there's a lot of people who are
• 51:44
  using it for A to B everything. And so it's going to be a cause
• 51:49
  for them to start accepting Bitcoin in their businesses.
• 51:53
  And those are just two of the effects that we're expecting to
• 51:57
  see when this starts to happen. This starts to kick off at
• 52:01
  scale. And so to get to this point,
• 52:03
  it's been very difficult. First of all, we have to explain
• 52:07
  to people and disabuse them of all of the, well, superstitions,
• 52:13
  mostly about what Bitcoin is. And funnily enough, when you
• 52:17
  show them as TECO, when you issue a voucher to them and let
• 52:21
  them redeem it themselves onto wallet, a Satoshi or some other
• 52:25
  high quality wallet, all of a sudden the light bulb goes off
• 52:29
  and that they see that there's some very large potential in not
• 52:33
  only Bitcoin, but in this method of delivering Bitcoin.
• 52:37
  And so we've had the the pleasure of working on very
• 52:42
  interesting problems, both technical and social in Bitcoin.
• 52:46
  But one of the biggest was the distribution, because the
• 52:49
  distributors of gift cards are very cautious, as they should
• 52:54
  be. And if a gift card has the word
• 52:57
  Bitcoin on it, well, all the alarm bells go off.
• 53:01
  And so we've had a very, very interesting and sometimes even
• 53:06
  entertaining discussions with lawyers from different
• 53:10
  countries. And every country has their own
• 53:12
  law and different jurisdictions have their own, their own rules
• 53:16
  and regulations. And also their cultures are very
• 53:18
  different. So when we go in front of these
• 53:21
  lawyers, we start, we, we see a passion first of all, that they,
• 53:26
  they all seem to be getting their information about what
• 53:28
  Bitcoin is from one place. And we haven't managed to detect
• 53:31
  what that place is. But for certain, there is one
• 53:35
  Group, One person who is informing all these legislatures
• 53:41
  all around Latin America and other places about what Bitcoin
• 53:44
  is. They probably have, they're
• 53:46
  probably not using Safdene's book as their guide to what
• 53:49
  Bitcoin is. If they were, then our
• 53:51
  discussions would have been much more easy.
• 53:53
  But in any case, we made arrangements with with a lot of
• 53:56
  these companies so that they do actually understand what it is
• 53:59
  that we're doing. And some very large distributors
• 54:03
  are going to start distributing our our, our vouchers in the
• 54:07
  next couple of weeks. One of them is called shopping
• 54:11
  and this is a distributor in that has 250 million clients on
• 54:18
  their books, 250 million customers.
• 54:21
  That's a very large number, an extremely large number.
• 54:25
  And if we can serve even a a fraction of Shoppie's customer
• 54:31
  base, we will be able to vastly increase the number of vouchers
• 54:37
  that we sell on a daily basis. And Shopee is just one of the
• 54:42
  mega distributors that we're about to unleash.
• 54:46
  And in total, I'm not going to say the number because it's so
• 54:51
  big that it's almost unbelievable.
• 54:54
  And when I say, when I said this number to other people, they
• 54:58
  say, yeah, OK, sure, because it's just too big.
• 55:01
  But Shopee is something people can look up.
• 55:04
  It's 250 million users they have and that's just one of them.
• 55:08
  And so if you have any kind of imagination, you can imagine
• 55:12
  that there are other entities like that that have similarly
• 55:17
  big numbers and smaller numbers, like smaller numbers, if you add
• 55:21
  them all up, and that's a 2 very big number.
• 55:24
  And so if we're successful, we'll do two things.
• 55:26
  Since Tecco's going to be the number one way that people get
• 55:29
  Bitcoin on Earth, that's the first thing.
• 55:32
  And second, we're going to transform the way people think
• 55:36
  about Bitcoin. It's not just going to be about
• 55:39
  number go up. It's not just going to be a way
• 55:42
  to store your your value and all that other business.
• 55:45
  And of course you can do that. It's going to be a way for
• 55:48
  ordinary people to do ordinary things on the Internet and off
• 55:52
  of the Internet. Now Rumble have just rolled out
• 55:56
  in their their platform tipping people with Bitcoin.
• 56:02
  Now, obviously you don't want to have to go to Exchange to be
• 56:07
  able to tip somebody a dollar on Rumble because you'd like their
• 56:11
  video. So we're looking to do some
• 56:15
  integrations that will put us very close to Rumble users so
• 56:21
  that they can buy small amounts of Bitcoin to tip the video
• 56:25
  makers and content creators who are on that platform.
• 56:29
  And that's just some of the stuff that we've been working on
• 56:32
  with our Stellar team over here. Of course, Stellar means
• 56:35
  something else to Bitcoin as well.
• 56:38
  Our excellent team here. And so it's it's it's very
• 56:41
  exciting. I I.
• 56:42
  I love, I love, you know, I've loved what you've done, you
• 56:46
  know, beauty on for, you know, for the, the years that you've
• 56:49
  been running this company. It's it's so cool, guys, like
• 56:52
  if, if like basically, if you want to buy Bitcoin, this is an
• 56:56
  alternative way. It's like buying a, a gift card,
• 57:00
  right? So you can get an, A Steco
• 57:02
  voucher. They're, it's, it's, it's
• 57:04
  available in over 190 countries on planet Earth.
• 57:08
  And it's like, essentially like buying like a, a, a, a, like a
• 57:11
  prepaid voucher, essentially. So pay with cash, you know, and
• 57:15
  again, the, the, the barrier to entry is so low here and you can
• 57:18
  buy in a Stego voucher and boom, you're essentially you're
• 57:21
  buying, you're buying yourself some Bitcoin, right?
• 57:23
  It's as simple as that. It's a, it's an alternative way.
• 57:27
  It's legal and it's a that. Cough wasn't that cough was not
• 57:33
  delivered by the way users that cough real cough.
• 57:38
  And no, it's, it's, it's, it's a, it's a legal way to get
• 57:43
  Bitcoin through vouchers, again, available in over 190 countries.
• 57:49
  And you can buy it for as little as $10.
• 57:52
  And you can, you know, you can buy larger amounts as well.
• 57:54
  So it's, it's another way of looking at it as well is it's a,
• 57:59
  it's a, like a Bitcoin gift card, so to speak.
• 58:02
  So if you go to like, you know, CVS or Walgreens and you see
• 58:05
  gift cards, you know, for like Apple or like Starbucks, well,
• 58:09
  you can get an, a stacco Bitcoin voucher as well.
• 58:12
  So really, really awesome. Lowers the barrier to entry to
• 58:15
  get into Bitcoin and it's fantastic.
• 58:18
  Now I do want to talk to you, Beauty, on about something that
• 58:22
  you guys recently announced, which is a Stucco on Proton
• 58:27
  Wallet. What is that?
• 58:29
  What's going on there? What's the big deal?
• 58:32
  What is Proton Wallet and why is it a big deal that a stucco is
• 58:35
  on Proton Wallet? Well, Proton are one of my
• 58:39
  favorite companies and I've used them for e-mail for many years.
• 58:43
  They're privacy focused Internet service company.
• 58:47
  They do. They started off offering
• 58:49
  private e-mail and you could actually pay for your e-mail
• 58:53
  service with Proton with cash. They allowed you to mail cash to
• 58:56
  them to buy the paid for service of the of Proton.
• 59:00
  That's how serious they are about privacy.
• 59:03
  And so knowing about Proton, I heard that through the Grapevine
• 59:09
  that they're writing a Bitcoin wallet.
• 59:12
  And so when this war actually came out, of course, because I
• 59:16
  already have a Proton account, I delved into how they're getting
• 59:22
  the Bitcoin onto that wallet because that's the big, I don't
• 59:28
  know what the word is. That's the big problem that all
• 59:31
  these services have, how to get Bitcoin into the hands of the
• 59:35
  users on these platforms. And you'll see with many
• 59:38
  wallets, they all have a list of these similar methods that
• 59:42
  involve going to another website, signing up, doing your
• 59:47
  KYC and blah, blah, blah, and everything else.
• 59:49
  And then you buy Bitcoin on those services and then it gets
• 59:54
  sent to your wallet or whatever other wallet we were talking
• 59:57
  about. So we went with Proton, knowing
• 1:00:00
  that they're privacy fanatics and they're privacy centered
• 1:00:04
  company. I was very very keen to have
• 1:00:07
  Azteco as a means of buying Bitcoin in Proton wallet.
• 1:00:13
  Because our method of getting Bitcoin is inherently more
• 1:00:17
  private than other methods. And so after a very long time of
• 1:00:22
  an integration that was interesting in terms of the
• 1:00:27
  technical stuff because it's the technical purpose of Nightmare
• 1:00:30
  I. I didn't realize it was like, I,
• 1:00:32
  I use ProtonMail like all the time.
• 1:00:34
  It's fantastic, right? For anyone who's not in the
• 1:00:36
  know, essentially it's completely encrypted.
• 1:00:40
  So even ProtonMail can't read your inbox.
• 1:00:43
  They're they're privacy Maxis. They're based in Switzerland and
• 1:00:47
  they did release a wallet. I remember that they released a
• 1:00:49
  wallet for Bitcoin and it's, it's just great for e-mail.
• 1:00:54
  It's just great. They they really privacy
• 1:00:57
  centric, privacy focused. So that's an incredible
• 1:01:00
  partnership that you guys have and I'm really, really excited
• 1:01:03
  to see what comes out of that. Now I do want to use the latter
• 1:01:07
  half of the show to talk a little bit about censorship,
• 1:01:10
  what's going on in Europe and we got beauty on.
• 1:01:14
  If you guys tune into the early simply Bitcoin episodes from
• 1:01:17
  back in the day, Beauty on would go hard in the paint.
• 1:01:21
  So I'm really curious to hear what his thoughts are in terms
• 1:01:25
  of, you know, kind of this social media censorship that's
• 1:01:28
  happening in Europe, what his takes are, you know what, what
• 1:01:31
  the why are they doing this in the 1st place?
• 1:01:35
  You know, if we cut through all, you know, what their reasoning
• 1:01:37
  is, what their rationale is. For me, I think it's pretty
• 1:01:40
  simple. I just think that they are not
• 1:01:42
  OK with people speaking freely amongst each other.
• 1:01:45
  That's. My, it's a cultural thing.
• 1:01:47
  It's a cultural thing. You get, for example, the
• 1:01:50
  Germans. As long as you've read the
• 1:01:51
  German constitution, you should get it out and read it.
• 1:01:54
  Every single quote, UN quote right in the German Constitution
• 1:01:59
  is caveated saying that these rights are suspended if it's in
• 1:02:04
  the interest of the state. So basically these people have
• 1:02:07
  no idea in the American way of thinking of what liberty and
• 1:02:12
  what rights actually are. So it's no surprise to me that
• 1:02:17
  something like Bitcoin will be seen as a threat to them.
• 1:02:21
  And also companies like X, which are allowing people more and
• 1:02:26
  more to say just about anything that they want want to say.
• 1:02:30
  There are things in in Germany you're not allowed to say that
• 1:02:33
  have to do with the Second World War.
• 1:02:34
  But in America, you can say whatever you want about the
• 1:02:37
  Second World War. And so this is this is a big
• 1:02:40
  problem for them because these, this is oil and water not
• 1:02:45
  mixing. And unfortunately for them, the
• 1:02:47
  Europeans, they don't have any social media companies based in
• 1:02:52
  Europe. Why is that?
• 1:02:54
  Because they're a bunch of socialists.
• 1:02:56
  We think that I'm not lying. I mean, I'm not making it that.
• 1:03:00
  That's the beauty on I know. That's the beauty on I know.
• 1:03:04
  Better calm down. Better calm down.
• 1:03:06
  That's not good. So these people are socialists
• 1:03:10
  and so they don't have the, the, the conception of what a human
• 1:03:14
  being is like Americans do. They don't have written
• 1:03:18
  constitutions in Britain, for example, which is a wonderful
• 1:03:21
  country, but they don't have written constitution.
• 1:03:23
  And so you can't turn to a piece of paper and say just I have the
• 1:03:26
  wider free speech. So everything in, in Europe is
• 1:03:31
  about what's going to serve society, which in in those cases
• 1:03:35
  is the state. So they don't understand how
• 1:03:39
  something like X can be allowed to exist.
• 1:03:43
  They, they, you know, they say, how well, how do you stop people
• 1:03:45
  from, you know, hurting other people's feelings?
• 1:03:47
  Well, in America, nobody cares about that.
• 1:03:49
  In America you can say whatever you want.
• 1:03:51
  America you can open carry guns in states that are properly run.
• 1:03:55
  So it's a very, very different culture.
• 1:03:58
  And because they don't have any social media companies
• 1:04:00
  themselves, they don't have the leverage to stop something like
• 1:04:05
  X or the other companies like Gabs.
• 1:04:08
  Gabs even even well to one of one of a better phrase worse
• 1:04:13
  than X, because Andrew Torba will not tolerate anything and
• 1:04:17
  he openly ridiculed and lambast the German government, other
• 1:04:22
  governments for telling him to stop publishing things.
• 1:04:25
  That's perfectly legal in America.
• 1:04:27
  So these people don't have the means to shut any social media
• 1:04:32
  down because there's no social media based in Europe.
• 1:04:37
  The fact that hasn't happened because they're no company, no
• 1:04:40
  entrepreneur is going to do that in Europe.
• 1:04:42
  First of all, because they know they're going to come under
• 1:04:43
  regulation and secondly, if they operate in the United States,
• 1:04:47
  then they're going to be able to make a profit and cheap money.
• 1:04:50
  So there's no incentive for anybody to start these kind of
• 1:04:53
  companies in the in Europe. And of course, they've just
• 1:04:57
  raided ex's offices in France. Abu Dhrav was arrested at Le
• 1:05:02
  Bourget airport when the private planes come in.
• 1:05:05
  So the CEOs and other people who actually one of the Facebook
• 1:05:10
  executives had his laptop stolen by a parliamentary policeman who
• 1:05:14
  came to his hotel and just basically stole his his laptop.
• 1:05:18
  So these people are very, very frustrated that their
• 1:05:23
  populations are being from, from their perspective, propagandized
• 1:05:29
  to by these Wild West Americans who have are lawless and who
• 1:05:35
  refuse to obey foreign laws. Now, obviously if you're running
• 1:05:39
  X or any other kind of business, what you need to do is to close
• 1:05:43
  all offices in Europe immediately.
• 1:05:46
  They should all be closed. So you're going to play this
• 1:05:49
  game, OK, We're going to close all the offices we have in
• 1:05:51
  Europe and we're not going to, we're not going to do anything.
• 1:05:54
  We're not going to have any kind of corporate presence or
• 1:05:56
  footprint in Europe at all. And then you should say simply
• 1:06:01
  come get us. You come try and get us in the
• 1:06:04
  American court and see what happens.
• 1:06:05
  Nothing's going to happen. So when I heard that, you know,
• 1:06:10
  the XX's offices were in, in France, great.
• 1:06:13
  So what are you doing having an office in Paris, for heaven's
• 1:06:15
  sake? I mean, it doesn't make any
• 1:06:17
  sense. So it's very interesting.
• 1:06:20
  America is definitely 100% going to win this.
• 1:06:23
  And they're also going to win in Bitcoin, by the way, if they
• 1:06:26
  don't allow bad laws written by well meaning people to get off
• 1:06:32
  the statutory books. They have to let Bitcoin grow
• 1:06:36
  like the Internet grew in the 1990s without any regulation.
• 1:06:40
  And of course, it's our right as Americans to not have our speech
• 1:06:44
  regulator because we have a written constitution or an
• 1:06:47
  unwritten one or imaginary 1. And so there's also case for
• 1:06:52
  like the Bernstein case that says that categorically software
• 1:06:57
  cannot be regulated because it's a free speech issue.
• 1:07:00
  So if Americans are allowed to write software and release it,
• 1:07:06
  they will dominate just like they've dominated in the past.
• 1:07:09
  And This is why I wrote a note to the greatest president, the
• 1:07:16
  greatest ever president of the United States.
• 1:07:18
  He could just Donald John Trump to let Rodriguez and Burroughs
• 1:07:23
  out of jail. Amen.
• 1:07:25
  Because those two men have just written software.
• 1:07:28
  And the software they've written may or may not have been used
• 1:07:33
  for list purposes. They're not.
• 1:07:36
  They're not responsible for that.
• 1:07:37
  They've just written the service just in the same way that if
• 1:07:40
  somebody goes on X and libels somebody, that doesn't mean that
• 1:07:44
  you go to X and say, you know, put the the you know, Elon Musk
• 1:07:48
  in jail because he's running a platform doesn't work like that
• 1:07:51
  it. It it you know there's a reason
• 1:07:54
  Satoshi disappeared, right? There's a reason Satoshi
• 1:07:57
  disappeared. And again, it does set a very
• 1:08:01
  dangerous precedent where two open source software developers
• 1:08:05
  who just wrote code are essentially being blamed for
• 1:08:10
  crimes that people used, that are crimes that people committed
• 1:08:14
  using the code they wrote. Like that's the equivalent of
• 1:08:17
  blaming car manufacturers for car accidents or the equivalent
• 1:08:22
  of of blaming gun manufacturer, even though this has been tried
• 1:08:26
  for gun violence, right? Like in.
• 1:08:28
  In the case of cars, it's like saying Ferrari need to be put in
• 1:08:32
  jail if people run Ferrari because their cars are fast and
• 1:08:35
  they encourage people to drive fast on the highway and so we've
• 1:08:39
  got to put them in jail. It's completely ridiculous.
• 1:08:42
  It, it's, it is ridiculous. And also it comes they're,
• 1:08:46
  they're being malicious and, and facetious when, when they, when
• 1:08:51
  they talk about the reasons and the justifications as to why
• 1:08:54
  this is happening. Because if you look at the
• 1:08:57
  Tornado Cash case, which was the precedent that led to the
• 1:09:00
  Samurai wallet case, right? They started with Tornado Cash.
• 1:09:03
  It was this, you know, mixer that no one knew about.
• 1:09:06
  Once a tornado cash case was, you know, that was, you know,
• 1:09:11
  the, the, the coin center guys, they sued, they lost the they
• 1:09:14
  lost a lawsuit within a month or two.
• 1:09:17
  Boom, the samurai wallet guys, right?
• 1:09:19
  But essentially what they're trying to do is they're trying
• 1:09:20
  to set a legal precedent, right, which is very slippery slope.
• 1:09:24
  And essentially what they're saying is like, look, if you're
• 1:09:27
  an open source software developer and people use your
• 1:09:31
  software to commit a crime, you can be held responsible, right?
• 1:09:35
  Which again, in my opinion, I'm not a lawyer here, but I think
• 1:09:38
  Buddeon and I both agree on this point.
• 1:09:41
  You know, this is, this is protected by the 1st Amendment.
• 1:09:43
  Like code is speech, right? You're you're you're that's not.
• 1:09:47
  That's not an opinion, that's a fact, and there's case law to
• 1:09:50
  prove it and what they're trying to do, I think you're absolutely
• 1:09:52
  right. They're trying to insert case
• 1:09:54
  law into the statutes and into the system so that they can rely
• 1:09:58
  on it to get other people in the future.
• 1:10:00
  And if I remember, if I remember correctly, correctly, if I'm
• 1:10:03
  wrong, this Tornado Cash and and Samurai stuff started under the
• 1:10:06
  Biden administration, did it not it?
• 1:10:08
  It did. And and Trump has the he was
• 1:10:12
  asked, I remember there, there was a shout out to that brave
• 1:10:15
  Bitcoin journalist. He was asked whether he was
• 1:10:20
  going to free the Samurai Wall developers.
• 1:10:22
  He responded, he said, we're going to take a look at it.
• 1:10:25
  It's been a couple weeks now and they're still not free, right?
• 1:10:28
  So that's not a good sign. I'm not blaming President Trump
• 1:10:32
  for this, but I think that. He's very busy, you know,
• 1:10:35
  there's a lot of stuff going on. So I, I'm going to cut him, you
• 1:10:38
  know, to use a slang to cut him some slack and give him time to
• 1:10:42
  get to this, to this, because I'm sure he has a stack of
• 1:10:45
  things he has to do that's very, very, very big, but.
• 1:10:47
  He's very busy, he's very busy beauty on, but also the people
• 1:10:51
  around him. I'm not quite sure they're
• 1:10:54
  necessarily giving him the best advice when it comes to this, in
• 1:10:59
  my opinion. And the reason I'm saying this
• 1:11:02
  is the administrative state, right?
• 1:11:05
  We've, we've been talking about this guys for, for many, many
• 1:11:07
  months now, if not years, right? But essentially, it's the
• 1:11:11
  unelected bureaucracy that remains in power regardless of
• 1:11:14
  who is elected into office. And they have a tremendous
• 1:11:17
  amount of influence in government, right?
• 1:11:21
  So is it a coincidence that the DOJ didn't drop the case that
• 1:11:26
  the Biden administration started?
• 1:11:29
  No, I don't think that's a coincidence.
• 1:11:30
  I think that they see privacy as, you know, a check on their
• 1:11:35
  power. And I think that this is a very
• 1:11:38
  convenient way of really sending a message to open source
• 1:11:43
  software developers saying, listen, if you don't play along
• 1:11:47
  with us, you know, we can put you in a box essentially.
• 1:11:50
  Anyways, we're going to be right back after the break.
• 1:11:52
  And we have beauty on here. We're going to continue the
• 1:11:54
  discussion. We'll be right back.
• 1:11:56
  I want to give a shout out to our partner Hive Digital
• 1:11:59
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• 1:12:02
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  on sustainable digital infrastructure.
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  You can catch the latest buzz at Hive Digital Tech or at Hive
• 1:12:33
  digitaltech.com. All right, everybody, we are
• 1:12:40
  back here with beauty on. I want to continue this
• 1:12:42
  conversation. I want to get Opti's thoughts on
• 1:12:43
  this, man. We've been going down the rabbit
• 1:12:45
  hole. Opti, what are your thoughts
• 1:12:47
  man? Well, I do like beauty OPS take
• 1:12:51
  that there is a, you know, a lot of things ahead of of, you know,
• 1:12:55
  the Bitcoin samurai dev concerns.
• 1:12:59
  And I think a lot of the stuff that I've been wondering
• 1:13:03
  recently is, you know, there's a lot of noise and, and it's hard
• 1:13:06
  to pinpoint what the signal through the noise is.
• 1:13:09
  And it's really wondering is a lot of the stuff that the Trump
• 1:13:13
  administration helping the economy, because if you look at
• 1:13:15
  the numbers that Trump rolls out, you're like, okay, sounds
• 1:13:18
  good. A lot of people on mainstream
• 1:13:20
  are hurting. Obviously in the last couple of
• 1:13:23
  days we've seen a lot of people attribute the market crashes to
• 1:13:27
  the new Fed chair announcement. And so it's really difficult to
• 1:13:31
  I think pinpoint for a lot of people what is actually going on
• 1:13:34
  in the economy, what's going on in the macro landscape.
• 1:13:37
  You know why essentially from our view and Bitcoin here on
• 1:13:40
  simply Bitcoin, it's like why is Bitcoin dumping?
• 1:13:42
  I thought Trump was going to pump it to 150 K And I think
• 1:13:45
  Bution's point of, you know, there's other things ahead of
• 1:13:49
  the the Bitcoin price that Trump is probably focused on right
• 1:13:53
  now, though from our perspective, you know, most of
• 1:13:55
  Bitcoin is where one issue vote is like, hey Trump, can you
• 1:13:58
  please pump the price, Sir? Can you buy some Bitcoin Sir?
• 1:14:04
  Well, I, you know, I often wonder what would it take for,
• 1:14:06
  for what would it take for him to say to cause Bitcoin to, to
• 1:14:11
  have a reversal at this, at this stage.
• 1:14:13
  And for the life of me, I cannot think of anything he could say,
• 1:14:17
  although I'm sure he could come up with something.
• 1:14:18
  He's very good at coming up with things to say.
• 1:14:20
  And so, you know, in, in, in, in terms of the other things in
• 1:14:23
  the, what's happening in the economy and everything, you
• 1:14:26
  know, he's not, he's not omnipotent.
• 1:14:28
  He's not, you know, and there are people who are working
• 1:14:30
  against him even till today, even with everything that's
• 1:14:33
  going on. And so to expect perfection from
• 1:14:38
  anybody, I don't think is rational.
• 1:14:40
  We have the best possible president in 2026.
• 1:14:45
  There's anybody else who could be doing the job that he's doing
• 1:14:49
  in the way that he's doing it. I don't expect him to be
• 1:14:52
  perfect, but I don't expect him to do everything on demand.
• 1:14:54
  We people who are in Bitcoin Rodriguez and Burrows out now,
• 1:14:59
  But of course, he's very, very busy.
• 1:15:01
  He's got a lot of stuff on his plate and some of it is, you
• 1:15:04
  know, most of it is extremely important.
• 1:15:07
  But in the, in the taking a step back in the, in the, in the, in
• 1:15:10
  the long run, he is going to be, I think a net benefit for all
• 1:15:15
  bitcoins because his attitude is correct.
• 1:15:17
  His attitude is pro American. It's not anti American like the
• 1:15:21
  previous administration war and with his operation choke point
• 1:15:26
  and everything else, which has caused a lot of people a lot of
• 1:15:29
  problems like you would not imagine.
• 1:15:31
  So to have somebody like Donald John Trump in charge is a
• 1:15:36
  blessing to America. It doesn't have to be perfect,
• 1:15:40
  but if he's doing a lot less harm or I think it's a lot less
• 1:15:44
  harm than previous administrations, I think we
• 1:15:47
  should definitely get behind him as far as you can, as far as you
• 1:15:51
  can go. Obviously, nobody's perfect.
• 1:15:53
  There are things that everybody does that I don't like, but I
• 1:15:57
  don't focus on those things, but I focus on the things that are
• 1:15:59
  going to help us, help us both as people who use Bitcoin and
• 1:16:03
  work in Bitcoin and as Americans.
• 1:16:05
  I don't want to see America go down.
• 1:16:06
  I don't want to see Americans, you know, turned into into
• 1:16:09
  slaves like Europeans. And so if somebody's going to be
• 1:16:13
  there to help us stop those bad things from happening, you can
• 1:16:16
  be sure I'm behind it. You can be sure he has my
• 1:16:19
  support. And I've supported him vocally
• 1:16:22
  since the the had surprise victory the first time he he won
• 1:16:26
  the presidency. And you can go back into my
• 1:16:28
  Twitter timeline and see exactly what happened when I woke up
• 1:16:32
  because I'm living outside of America.
• 1:16:35
  When I woke up the day that he was was elected, I posted on my
• 1:16:40
  timeline. Jesus Christ is God, which he
• 1:16:43
  is. And because it's just so
• 1:16:46
  unbelievable that this man had become the president of the
• 1:16:48
  United States. And so now in the second term, I
• 1:16:50
  think he's doing even more. He's even doing more stuff that
• 1:16:54
  is so unbelievable, so unthinkable, like shutting down
• 1:16:58
  the, the public broadcasting of people who, you know, assessment
• 1:17:02
  and everything. It's just unbelievable.
• 1:17:04
  And so I'm quite happy with the disruption.
• 1:17:09
  And I think it's very good that he's doing this disruption, by
• 1:17:11
  the way, because these people have been too smug and too self
• 1:17:16
  assured and too comfortable ruining everything for everybody
• 1:17:20
  doing this stuff against Tornado Cash and against Samurai,
• 1:17:23
  against the Samurai people. Because I think they can do
• 1:17:25
  anything they want. And America's not supposed to be
• 1:17:28
  like that. And so if something isn't done
• 1:17:31
  about it, you're going to end up with a country like like like
• 1:17:34
  Germany where you can't even say even the most simple, simple
• 1:17:37
  truths without somebody coming to arrest you.
• 1:17:40
  And don't stop me on the home education stuff that happens in
• 1:17:43
  Germany. You're not allowed to home
• 1:17:44
  educate in Sweden and Germany illegal.
• 1:17:47
  That's. Crazy that it's it's it's like
• 1:17:50
  they see individuals, which is gnarly, right?
• 1:17:54
  They see individuals as essentially tools and property
• 1:17:58
  of the state. I didn't know that about
• 1:18:00
  homeschooling. Like that's wild.
• 1:18:03
  That's wild. And make no mistake, there are,
• 1:18:06
  you know, bureaucrats here in the United States that really,
• 1:18:09
  really wanted that to happen. Like they really wanted to move
• 1:18:13
  in that direction. Now the states is a little bit
• 1:18:15
  different because of the first first, the Second Amendment.
• 1:18:19
  And again, the the individual states kind of compete against
• 1:18:22
  each other. So it creates this dynamic, but
• 1:18:26
  make no mistake, they I think there is some very powerful
• 1:18:29
  people, very influential people that wanted that to be America's
• 1:18:32
  future, right. So I 100% agree with beauty on
• 1:18:35
  you had an outsider come in here, kind of shake the tree a
• 1:18:38
  little bit and he happened to be the first pro Bitcoin president.
• 1:18:43
  Now I think the only part where like I think people that had
• 1:18:47
  expectations were a little bit disappointed on is, you know, we
• 1:18:50
  did dump on the first pro Bitcoin president and but I
• 1:18:54
  don't I don't know how much of that is his fault.
• 1:18:57
  But anyway my my. One of my great catch phrase is
• 1:18:59
  who is we? So yeah.
• 1:19:01
  This is true. Let's see, we thought it was not
• 1:19:04
  we or some other people, these traders, these day traders sit,
• 1:19:07
  sit in rooms rather like this one and look at screens all day
• 1:19:10
  and say, no Bitcoin, if Bitcoin's down, that's it.
• 1:19:13
  And so this is also what we're trying to do as tackle when
• 1:19:17
  Bitcoin's in the hands of billions of people.
• 1:19:21
  Nobody's going to dump Bitcoin in an exchange because it's part
• 1:19:25
  of everybody's life. Everybody knows the value of
• 1:19:28
  Bitcoin. You could buy anything online,
• 1:19:31
  offline with Bitcoin. To dump Bitcoin would be
• 1:19:34
  literally like dumping shares in the gas company.
• 1:19:39
  So it's not what the problem is now is getting Bitcoin into wide
• 1:19:47
  circulation. That can only happen with
• 1:19:49
  distribution and cutting down, breaking down the barriers to
• 1:19:54
  getting Bitcoin. If we don't do this well, then
• 1:19:57
  it's just going to remain a niche speculative instrument and
• 1:20:02
  it's not going to change the world.
• 1:20:04
  And so that's what we're trying to do here.
• 1:20:07
  Amen. Amen to that beauty on Wait,
• 1:20:10
  wait, wait. Nico before we go before, since
• 1:20:13
  we're talking controversial topics, I and I know what the
• 1:20:17
  audience has been talking about this constantly.
• 1:20:19
  So I I do want to do a slight pivot here last combo beauty on
• 1:20:23
  if you have some time. I know you've been very vocal
• 1:20:26
  about the current spam wars going on on Twitter.
• 1:20:29
  You did just say a minute ago. You know, there's been a lot of
• 1:20:34
  contention over what Bitcoin is. So, you know, before we go off,
• 1:20:37
  I, I know the, the audience would appreciate your, your view
• 1:20:40
  on, you know, the spam wars of 2025 or actually before, but
• 1:20:45
  that's currently hitting kind of a climax.
• 1:20:47
  So I don't know if you want to do a just a a context here, but
• 1:20:53
  what what is your thoughts on everything going on currently
• 1:20:55
  between the core knots debate? Well, this is a quite an
• 1:21:02
  extraordinary story, especially in the last couple of days with
• 1:21:04
  all this stuff coming out about who's been where and all that.
• 1:21:08
  Kind of, it's absolutely unbelievable.
• 1:21:10
  I mean, this nobody, nobody with any kind of bigger card would
• 1:21:14
  have guessed that any of this was possible.
• 1:21:16
  But I am of the opinion that Bitcoin is a monetary network
• 1:21:24
  and so it should only be used to store data, which is monetary in
• 1:21:30
  nature. That means you don't store jpegs
• 1:21:33
  or anything else on it. It's essentially a dumb Ledger
• 1:21:37
  that stores only numbers that have a context in the monetary
• 1:21:41
  function and nothing else. Now of course you can store
• 1:21:45
  anything on anything. You can use a pen.
• 1:21:48
  Well, you can use, you know, a crush pomegranate and draw on
• 1:21:54
  the, on the on the whitewashed wall, any kind of number that
• 1:21:58
  you want. And that number can be
• 1:21:59
  translated into something else. And so you can use anything for
• 1:22:02
  anything. That doesn't mean that's
• 1:22:03
  correct. And if you get caught drawing
• 1:22:06
  with the pomegranate on the on the wall in your in your house,
• 1:22:09
  you're always going to come and flog you.
• 1:22:10
  And so you don't do things like that.
• 1:22:13
  You don't deface walls, you don't deface Bitcoin with jpegs
• 1:22:18
  and ordinals and things like that.
• 1:22:20
  If you want to set up a network where people are trading
• 1:22:23
  ordinals, you go spin up your own version of Bitcoin because
• 1:22:26
  the software is available for everybody and then you go do it
• 1:22:29
  somewhere else. You don't do it on the monetary
• 1:22:31
  network. So this Bitcoin 10, I'm afraid,
• 1:22:34
  is necessary to make it very much more difficult for people
• 1:22:39
  to do these anti Bitcoin activities.
• 1:22:43
  And you can bring whatever kind of opinion you want to Bitcoin.
• 1:22:48
  What do you think Bitcoin is? That's your prerogative.
• 1:22:52
  What you cannot do is force other people to store your
• 1:22:56
  images ad infinitum because you have no imagination about the
• 1:23:01
  future. Just imagine you have a group of
• 1:23:03
  people who are putting up these ordinals and pictures and expect
• 1:23:07
  them to be stored literally forever.
• 1:23:10
  If Bitcoin does what we expect it to do and it's going to be
• 1:23:14
  running for next 100 years, the people who are posting these
• 1:23:17
  ordinals are going to be dead in 100 years.
• 1:23:20
  Should their so-called artwork be stored and carried by the
• 1:23:24
  whole network? For what purpose?
• 1:23:26
  Doesn't make any sense. It's unethical, it's
• 1:23:30
  inexcusable, it's bad behavior, it's rude behavior, it's
• 1:23:34
  inconsiderate, it's inconsiderate of other people
• 1:23:37
  who use Bitcoin for its true purpose.
• 1:23:40
  And so pushes come to shove and now we have to have a change in
• 1:23:44
  the Bitcoin client so that this kind of stuff hasn't, it doesn't
• 1:23:49
  have a chance to take root. And it's very interesting, isn't
• 1:23:53
  it, how the people who manufactured this change, which
• 1:23:58
  is against the the wishes of everybody who's using Bitcoin,
• 1:24:02
  have now found themselves on the wrong side of the argument, on
• 1:24:04
  the wrong side of history. And their, their, their work is
• 1:24:08
  going to be deprecated and purged from Bitcoin.
• 1:24:13
  And this had to happen because they refused to listen.
• 1:24:16
  They should have waited and had more of a discussion about they
• 1:24:19
  would have lost anyway. But maybe it's better that these
• 1:24:21
  people have been exposed. And of course, now we know that
• 1:24:24
  people are being exposed not only in Bitcoin, but in other
• 1:24:27
  places as being of questionable characters.
• 1:24:31
  Speaking of that. And so in software, we have the
• 1:24:35
  means to purge people who misbehave.
• 1:24:39
  And so I'm afraid this has had to happen.
• 1:24:41
  Who wants to? I personally have no interest in
• 1:24:44
  this kind of argument. I'm interested in Bitcoin and
• 1:24:46
  making Bitcoin work for many people.
• 1:24:48
  I'm not interested in all this peripheral stuff and which are
• 1:24:51
  basically distractions. And so it's unfortunate that
• 1:24:54
  this it's got this, but I'm very gratified that Luke and Co have
• 1:24:59
  come up with a solution to put Bitcoin back on the correct
• 1:25:03
  track. And then of course, after that
• 1:25:05
  goes back on the correct track. How Bitcoin develops or doesn't
• 1:25:10
  develop is going to maintain software, what the plans are for
• 1:25:13
  the future. This is going to be another very
• 1:25:15
  contentious set of debates. And, and so it's not over yet.
• 1:25:20
  So if anybody wants to have an easy life, this is not the place
• 1:25:24
  to find it because it's going to be more arguments until the the
• 1:25:28
  cows come home. Absolutely, absolutely.
• 1:25:30
  That's an excellent question, Opti.
• 1:25:32
  I appreciate that. Anyways, guys, if you guys
• 1:25:34
  enjoyed today's show, you know what to do.
• 1:25:36
  Hit that hit that like button, hit that subscribe button.
• 1:25:39
  If you guys enjoyed the content, appreciate everybody watching
• 1:25:42
  from YouTube X, Rumble and of course the audio platforms after
• 1:25:46
  the show is recorded. Of course.
• 1:25:48
  I want to thank our guests today.
• 1:25:49
  Beauty on go give him a follow on X and also go check out his
• 1:25:53
  company aztecoazte.co. And it's Bitcoin vouchers.
• 1:25:59
  Very incredibly easy to buy and use.
• 1:26:01
  It's fantastic. You got to use Bitcoin, not just
• 1:26:04
  speculate on it. I think that was one of the core
• 1:26:06
  messages of today's show. Anyways, guys, we love you all.
• 1:26:09
  We'll see you on the next one. Take care, everybody.
• 1:26:12
  Today's episode was brought to you by bitcoinwell.com, a
• 1:26:15
  Bitcoin only platform on a mission to enable financial
• 1:26:18
  independence.