Latest / Simply Bitcoin / 3 Things That Take Bitcoin to $5M Per Coin | EP 1140

Transcript

3 Things That Take Bitcoin to $5M Per Coin | EP 1140 · Simply Bitcoin

• 0:00
  Yo, three things that take Bitcoin to $5,000,000 per coin
• 0:06
  are officially in place. All the obstacles that have
• 0:09
  stopped Bitcoin from being adopted by corporations and
• 0:13
  institutional capital is officially gone.
• 0:16
  These three catalysts is going to make 2025 make up for the let
• 0:22
  down that was 2021. And if you still don't believe
• 0:26
  me, hear it from the man, the myth, the legend, the Chad sale
• 0:32
  himself, because he's the one actually that was talking about
• 0:36
  this. So let's check out the clip.
• 0:38
  Here we go and then and then I think there's.
• 0:40
  Three big Look, first of all, it's going up by a factor of 10
• 0:43
  whether they fix any of the stuff, right?
• 0:45
  It's going to go a lot. It's going to be a grind up by a
• 0:47
  factor of 10 just because gold is broken and the coins going to
• 0:51
  replace gold and now everybody in the universe knows they need
• 0:54
  a non sovereign store of value in the form of a bearer
• 0:57
  instrument. So now they're looking the
• 0:59
  amount of stories for last year. People said inflation may be
• 1:02
  coming. We're not sure.
• 1:03
  Now the mainstream narrative is flipped to inflation is here,
• 1:06
  you need inflation hedge. So it's going to grind up to
• 1:09
  replace gold. It'll go to $500,000 a coin
• 1:11
  regardless of whether they fix these things.
• 1:13
  But there are three things that are massive catalysts that cause
• 1:16
  an acceleration. And I, I don't think that those
• 1:20
  three things don't take us to 500,000.
• 1:21
  They take us to 5 million a coin, right?
• 1:23
  Those three things are a spot ETF where someone can go ahead
• 1:28
  and buy $100 million of Bitcoin by a security, an ETF security.
• 1:31
  I think that's 1/2 is your bank is going to custody it for you
• 1:36
  and lend against it. And three is I can mark it up or
• 1:41
  mark it down on my balance sheet based on fair value.
• 1:44
  Para pursue, it'll be para pursue to the way I'd handle
• 1:46
  Apple stock or at least that good if it's if you have
• 1:50
  property with fair value accounting by the way, it
• 1:53
  becomes para pursue to the way you'd handle Treasury bonds on a
• 1:57
  Treasury balance sheet. Treasuries are better than
• 2:00
  stocks because Treasury is property, whereas a stock is a
• 2:03
  security and you're capped out at 40% of your balance sheet is
• 2:06
  security. So, so it would be a major,
• 2:09
  major breakthrough if you saw any of those three things.
• 2:13
  And I'll end with this one observation I tweeted this last
• 2:15
  week. But I still, I think it's very
• 2:16
  powerful. It's if the banks can hold this
• 2:19
  stuff on their balance sheet, then a whole new class of
• 2:23
  investors are going to buy it. People are going to put in
• 2:25
  billion and multi billion dollar orders to buy it as a treasury
• 2:28
  asset. Nobody's going to sell it
• 2:29
  because because there's no reason to sell it if you can
• 2:31
  borrow against it at Libor plus art sulfur plus 50 basis points,
• 2:36
  right? So you'll be you'll be boring
• 2:38
  against Bitcoin. It's so for plus 50 or so for
• 2:40
  plus 100 basis points, no one's ever going to sell it.
• 2:43
  And then as I joked, you won't be able to afford it.
• 2:45
  I mean you will be able to afford it, but you know,
• 2:47
  everybody gets Bitcoin at the price they deserve when the
• 2:49
  banks normalize it and you can draw $100 million credit line at
• 2:53
  100 basis points from an FDIC insured bank at that point,
• 2:58
  right? We're going to blow through the
• 2:59
  market cap of gold by a factor of 10, right?
• 3:02
  So. That is absolutely freaking
• 3:06
  insane. Yes, that's right, today's video
• 3:09
  was not click bait whatsoever. All these three things have come
• 3:14
  into effect. When Sailor first originally
• 3:17
  brought this up, it was back in 2020.
• 3:20
  Back in 2022 when he did the, when he did that Spaces and he
• 3:24
  was predicting, listen, we need these three things for Bitcoin
• 3:28
  to hit $5,000,000 per coin. And he was talking about the
• 3:31
  gold market cap earlier on. If Bitcoin reaches a gold market
• 3:35
  cap, I think it's like 700,000 or $800,000 per coin.
• 3:39
  So, you know, and Sailor's not talking about that.
• 3:41
  He's talking about $5,000,000 Bitcoin.
• 3:43
  And he, you know, explained his logic during that clip that I
• 3:46
  played for you guys. So just to kind of give a recap,
• 3:49
  what are those three things? Number one, approval of a spot
• 3:52
  Bitcoin ETF #2 traditional bank custody of Bitcoin and #3 and
• 3:58
  the reason that we're talking about this today, fair value
• 4:02
  accounting rules from the the FASB.
• 4:06
  So FASB, so this rule change went into account yesterday,
• 4:13
  December 15th, 2024. So now it's official.
• 4:17
  The three things that Sailor said needed to happen in order
• 4:21
  for Bitcoin to hit $5,000,000 per coin have all happened.
• 4:26
  The Fasby accounting rules, the ability for banks to custody
• 4:30
  Bitcoin. Here's an article which we broke
• 4:33
  to you guys when it was the news back in September 25th.
• 4:36
  BNY gets the SEC go ahead to custody crypto assets.
• 4:41
  That's absolutely massive. And of course, you guys all
• 4:44
  remember the launch of the Bitcoin ETF earlier on this year
• 4:50
  on January 10th, 2024. So I mean this is absolutely
• 4:56
  bonkers and it continues a trend that we've been talking about on
• 5:00
  simply Bitcoin for a while now that it looks like 2025.
• 5:04
  All the stars and planets and everything else are aligning for
• 5:10
  a 2017 esque type of bull run, which is extremely, extremely
• 5:16
  exciting. So anyways, I'm joined on the
• 5:18
  show today with these with the founder and CEO of foundation
• 5:23
  devices. They're absolutely awesome.
• 5:25
  They make one of the best Bitcoin only hardware wallets
• 5:28
  ever. And of course, I'm joined with
• 5:31
  my legendary Co host who's always optimistic optimist
• 5:34
  fields. And we have a special, special
• 5:38
  announcement for you guys later on the show.
• 5:41
  You guys are going to have to stay tuned to the culture
• 5:43
  segment foundation. Zach is going to be making a
• 5:48
  he's going to be revealing a hopefully a a product release, a
• 5:53
  new product that is going to be dropping by those guys.
• 5:56
  I got to see it it's dope it's awesome looks great and we have
• 6:01
  all the details for you guys on today's show.
• 6:03
  But anyways, before we jump into it, I do want to get Opti's
• 6:06
  opinions on this. I mean dude, three things they
• 6:10
  they all got checked off that list is completely checked off
• 6:14
  and mind you, when sailor was doing this space, these spaces,
• 6:18
  Bitcoin was sitting at like twenty $30,000 per coin, right.
• 6:22
  So, you know, we've come a long way and you know, I feel, I feel
• 6:27
  the bullishness. I think look, and we're going to
• 6:30
  talk about this during the numbers segment because I went
• 6:32
  on a Twitter rampage last night where, you know, we're having,
• 6:36
  you know, 1000 dollar, 2000 dollar, $3000 price movements
• 6:41
  and we don't feel anything, no one feels anything.
• 6:44
  I feel dead inside. So we're going to talk about the
• 6:46
  psychology as to why that is happening.
• 6:49
  And the essentially the TLDR is in percentage terms, you guys
• 6:55
  have to understand above 100 KA $1000 price swing is 1%, right?
• 7:01
  That's why you don't feel anything.
• 7:03
  That's why it's not exciting, right?
• 7:05
  So a $10,000 price swing at $100,000 is 10% that like in the
• 7:12
  grand we're we're used to more in Bitcoin land, right?
• 7:15
  So you know, I'm calling, I'm meaning it to life $50,000
• 7:20
  candles or you know, it's boring.
• 7:24
  And I also want to celebrate Bitcoin breaking an all time
• 7:27
  high. We're sitting at $107,101.00.
• 7:32
  I'm currently on the go right now so I don't have Satoshi the
• 7:36
  Bitcoin chicken, but he's clucking in spirit right now.
• 7:39
  Anyways, Opti, what's your take on sailors predictions coming
• 7:44
  true? Do you think we'll see
• 7:46
  $5,000,000 Bitcoin sooner rather than later?
• 7:50
  Well, it really does feel like that, I mean, you know, a
• 7:53
  million here to to a million here is only a 10X, which in, in
• 7:57
  this, this larger scheme of Bitcoin land isn't too out of
• 8:01
  the conversation. Obviously it's bigger numbers.
• 8:04
  So we're still kind of like thinking this isn't going to
• 8:06
  happen, that that seems crazy to see in what a year, but who
• 8:10
  knows? Especially when you kind of
• 8:12
  consider everything that's going on, whether it's the strategic
• 8:14
  Bitcoin reserve announcements going global, whether it's
• 8:18
  institutional capital coming into Bitcoin, whether it's the
• 8:20
  amount of actual Bitcoin that is getting scooped up by the ETFs.
• 8:26
  And now with this new fasby accounting rule finally going
• 8:30
  into play, I think really all of the obstacles that have gotten
• 8:33
  in the way of Bitcoin being adopted by institutional capital
• 8:37
  is like finally out of the window.
• 8:38
  So now you're starting to see, and this has been kind of the
• 8:41
  larger conversation around Bitcoin for the last couple of
• 8:44
  years is we've all been, you know, Nico, when you and I got
• 8:47
  in around 2017, the, the, the changing meme was institutional
• 8:51
  capital is coming. And it didn't, it didn't happen
• 8:54
  for like 4 years. Well, now we know that in fact,
• 8:57
  the institutional capital is here.
• 8:59
  They want your Bitcoin. There is obviously a growing,
• 9:03
  oh, oh, there's a growing conversation going on.
• 9:06
  My bad guys. There's a growing conversation
• 9:08
  going on right now about the fervor and the FOMO that is
• 9:13
  happening from Wall Street wanting that Bitcoin.
• 9:16
  You know, we, we constantly double down on the idea that
• 9:18
  Bitcoin is the best performing asset, even though you guys know
• 9:21
  my take on the whole digital asset thing.
• 9:23
  But hey, the gains are clear. It's very obvious that if you
• 9:26
  don't have Bitcoin, you are kind of losing in the digital
• 9:30
  landscape. And now all of those obstacles
• 9:32
  are out of the way. And this Fazbee accounting rule,
• 9:35
  I think is going to be huge for 2025 and allowing all of these
• 9:38
  corporations to very seriously take Bitcoin into consideration
• 9:42
  because before, you know, there were only able to value their
• 9:45
  Bitcoin at the lowest price they bought it.
• 9:47
  And that means they usually had to record losses on it.
• 9:50
  Now they can account for the gains in Bitcoin.
• 9:53
  So that is going to fundamentally change how people
• 9:56
  view Bitcoin because now it's kind of going to be that micro
• 10:00
  strategy strategy where, hey, if you add some Bitcoin to your
• 10:04
  balance sheet, you can add those gains to, you know, your, your
• 10:09
  market cap to your, your profit and losses on your company
• 10:13
  balance sheet. And that means shareholder value
• 10:16
  is going up. So now it's obviously a
• 10:18
  beautiful incentive for these people to start to add Bitcoin
• 10:22
  to the balance sheet. But like someone said in the
• 10:24
  chat, you know, as a bitcoiner, as as someone that is in kind of
• 10:27
  the whole separate money from state, you know, like not very
• 10:32
  much being a fan of banks, you know, a lot of people like I'm
• 10:35
  not here for the banks to acquire Bitcoin.
• 10:37
  We knew this was going to happen and it is what it is.
• 10:40
  But now we know that, hey, institutional capital is very
• 10:44
  clearly going to be here. I'm sure we're going to see very
• 10:47
  quick minds mine mindset shifts in the next a couple of months
• 10:51
  and everyone's going to want some Bitcoin.
• 10:53
  So hey, you know, maybe a 10X from here isn't that far out of
• 10:57
  the picture. You know, maybe the gold market
• 10:59
  cap isn't, you know, four years away.
• 11:02
  Maybe it's a couple years from now.
• 11:04
  Nika, I hate to say it, I've been saying it so much lately,
• 11:06
  but maybe you know what? I'm stepping in, I'm I'm
• 11:10
  hijacking this for a second. We're at 107 thousand probably
• 11:14
  break 110 a 120 by the end of the year.
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  If we only do to 200 K, it's less than it's less than 100%
• 11:23
  gain. All right, If we only hit 100%
• 11:26
  gain next year, it would be a let down and the in historically
• 11:31
  Bitcoin tends to perform the year after the halving.
• 11:35
  So you know, are you saying that we're only going to hit 100%
• 11:38
  next year? That's the gain.
• 11:40
  We hit 143% this year, right? 2016, we hit 125% before the 20X
• 11:49
  that we did in in in 2017. I'm not saying the same thing
• 11:52
  needs to happen, but I mean a 5X from here is roughly 500,000 per
• 11:57
  Bitcoin, right? AA3X from here is roughly
• 12:00
  300,000 per Bitcoin. Like I and the general consensus
• 12:04
  what I get from someone and we're going to talk about this,
• 12:06
  the market psychology behind all of this.
• 12:09
  Do you any of you guys feel euphoric?
• 12:11
  Do you any of you guys feel excited?
• 12:13
  We were just talking about this. I think I was interacting with
• 12:16
  Joe Consorti on on Twitter last night and we all just feel
• 12:20
  exactly the same. There's no exactly whatsoever.
• 12:24
  We're all dead inside. We're all dead inside.
• 12:27
  So Zach, before you know I I do want, I want, I want you to show
• 12:30
  the box right. But before we do that, what's
• 12:34
  your take on the prediction by Sailor?
• 12:37
  The three things that needed to happen, the change in the Fasby
• 12:39
  accounting rules, the ability for banks to custody Bitcoin and
• 12:43
  the approval of the spot Bitcoin ETF.
• 12:46
  All those three things have happened in 2024 before the the
• 12:51
  Parabola year of 2025. What's your opinion on all this?
• 12:56
  Well, the guy's definitely prescient.
• 12:59
  I think it really helps with his credibility.
• 13:01
  I mean, he he predicted these things and as much as I think
• 13:05
  Sailor can sometimes be a polarizing figure in Bitcoin,
• 13:09
  especially with his comments about, you know, self custody
• 13:12
  and that kind of stuff, I mean, he seems to be spot on about
• 13:15
  this. And even for smaller startups
• 13:19
  like like Foundation, the accounting rules are a really
• 13:22
  interesting and helpful change because before we were only able
• 13:26
  to put Bitcoin on our books at whatever value we purchased it
• 13:29
  at. And now we're actually going to
• 13:31
  be able to mark that up on our books.
• 13:32
  That's going to make our company look stronger.
• 13:34
  It's going to help companies with Bitcoin on their books that
• 13:36
  are private companies or startups have an easier time
• 13:39
  raising money because our financials are going to are
• 13:41
  going to look better. Then of course for public
• 13:43
  companies, right? I think it's going to create a
• 13:44
  huge incentive to bring Bitcoin on to the on to the balance
• 13:48
  sheet. So I think seller was spot on
• 13:50
  here. I think another aspect that you
• 13:52
  know, on top in addition to the ETF is I believe options trading
• 13:57
  on the ETFs for recently improved too.
• 13:59
  So there's just so much money that's going to be flooding in
• 14:02
  now and none of us are even close to being in a state where
• 14:06
  we're even excited yet euphoric. So I just feel based on that
• 14:08
  gauge alone, I think we have so much higher to go in 2025.
• 14:14
  Yeah, I, I 100% agree with that assessment.
• 14:17
  By the way, we're on the verge of breaking 500 live viewers on
• 14:20
  YouTube. We already broke 100 likes, so
• 14:23
  let's aim for 200 likes within the 1st 30 minutes of the show.
• 14:27
  So if you guys are enjoying the show, smash that like button
• 14:30
  across all platforms. We're currently sitting at 1300
• 14:33
  live viewers plus the 90 or so you guys watching on Rumble.
• 14:37
  So smash the like button on whatever platform you guys like.
• 14:41
  And of course, share this video if you are, you guys are
• 14:44
  enjoying it, if you guys find it valuable, but the party is just
• 14:48
  getting started. Also, Zach, before we move on,
• 14:52
  could you show the box? I got to be careful not to
• 14:56
  reveal too much, but. The box box is.
• 15:01
  Right here. That's.
• 15:02
  Pretty, but want to actually something cool?
• 15:04
  There's two boxes because we got we got a oh box as well.
• 15:10
  So oh, very interesting times. Why?
• 15:13
  Why could there be two boxes in two different colors?
• 15:16
  What could it be? I have no idea why we.
• 15:18
  Do that. Anyways, guys, you guys are
• 15:20
  going to have to stay till the end of the show when during the
• 15:23
  culture segment, Zach is going to reveal the new product that's
• 15:27
  going to be launched by foundation devices.
• 15:29
  It's going to be changing the game.
• 15:31
  So many things that I can't say I want to say, but I can't say
• 15:34
  just now. So you guys are going to have to
• 15:36
  stay tuned. But anyways, guys, let's start
• 15:38
  the show. But before we do that, I have to
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  We have lots to talk about today.
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  Again, smash the like button. We're starting Monday off
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  The Bitcoin price is $107,080. Block height 875,039 is yeah 39
• 19:36
  sats per dollar 934 that. That sounds so good.
• 19:42
  It's less than 1000 sats per dollar.
• 19:44
  Holy cow that is gnarly. Market cap 2.12 trillion Bitcoin
• 19:50
  versus gold market Market cap 11.47% Percentage issued 94.27
• 19:56
  Declined from all time high 0 because we're at we're at an all
• 20:00
  time high. Oh no, never mind that I jinxed
• 20:03
  it. And realize monetary inflation,
• 20:06
  1.15% Bitcoin is currently sitting near all time highs or
• 20:10
  close to all time highs. And it's pretty, pretty crazy.
• 20:14
  Anyways, so I have, I don't know if I want to play you guys's
• 20:17
  video. I kind of just want to talk
• 20:18
  about this topic. And it's kind of essentially
• 20:23
  just how markets work, right? And the reason I want to talk
• 20:26
  about this is Zach was talking about it earlier.
• 20:29
  I went on a tweet rampage last night.
• 20:30
  I'll show you some of those tweets, but essentially, you
• 20:34
  know, we broke 100K and we celebrated at 100K.
• 20:37
  Everyone was hyped, but you weren't hyped because of the
• 20:41
  price appreciation. You were hyped because of the
• 20:44
  milestone of Bitcoin breaking 100K.
• 20:47
  It's like human beings like they like the nice round numbers and
• 20:50
  we're like, Oh my God, 6 digit Bitcoin, this is historic.
• 20:53
  Oh my God, this is crazy. But like percentage wise, we're
• 20:58
  like, you know, we're like, OK, this is nice.
• 21:00
  And then the euphoria of that celebrating 100K wore off within
• 21:06
  half a day or a couple hours, right?
• 21:08
  And The thing is with markets, right, is that like they kind of
• 21:14
  they're it's like it's it's psychological, right?
• 21:17
  So This is why I like to show the Wall Street CHEAT SHEET
• 21:20
  because it applies to Bitcoin. It applies to all markets,
• 21:23
  right? And me and Opti were talking
• 21:25
  about this before the show and I guess we'll kind of like, you
• 21:27
  know, go around the panel and just kind of get where
• 21:31
  everyone's thinking. But essentially this is how it
• 21:33
  works. There's a there's a disbelief
• 21:35
  phase, which is this rally will fail like the others, the hope,
• 21:38
  a recovery, a recovery is possible optimism.
• 21:41
  This rally is real belief. Time to get fully invested.
• 21:45
  Thrill. I will buy more on margin.
• 21:47
  Got to tell everyone to buy euphoria.
• 21:50
  I'm a genius. We're all going to be rich and
• 21:52
  then it starts to correct. Complacency.
• 21:54
  We just need to cool off the next for the next rally.
• 21:57
  Anxiety. Why am I getting margin called?
• 21:59
  This dip is taking longer than expected.
• 22:01
  Denial. My investments are with great
• 22:03
  companies, they will come back. Panic.
• 22:05
  Shit everyone is selling, I need to get out.
• 22:07
  Capitulation. I'm getting 100% out of the
• 22:09
  markets. I can't afford to lose more.
• 22:11
  Anger. Who shorted the market?
• 22:13
  Who? Why did the government allow
• 22:15
  this to happen? Depression.
• 22:16
  My retirement money is lost. How can we pay for all this new
• 22:20
  stuff? I'm an idiot.
• 22:21
  And then the cycle just repeats itself, right?
• 22:24
  But you kind of get PTSD from going through that bear phase.
• 22:28
  And you know, the awesome thing about Bitcoin is that Bitcoin's
• 22:31
  very unique because of the halving cycles.
• 22:34
  And it's really followed this pattern of three green, one red
• 22:39
  since its inception. So what are those 3 green, one
• 22:42
  red? You have 3 green three years of,
• 22:45
  of, of Bitcoin being up on the year and then you have one year
• 22:50
  of just, it's slowly, you know, going, losing value on the year,
• 22:55
  right. And what tends to happen is the
• 22:57
  most parabolic year the, the, the year of the parabola so far
• 23:02
  in bitcoins history. Maybe next year is going to
• 23:04
  break that cycle. I don't think so.
• 23:06
  But the year of the parabola tends to be the year after the
• 23:11
  halving. That's when the party starts.
• 23:13
  And then the year after the parabola year is the hangover
• 23:16
  year. So why am I bringing like all
• 23:19
  this up? Because Zach was talking about
• 23:23
  it, Opti was talking about it. I actually tweeted this out last
• 23:26
  year when we were making an all time high.
• 23:30
  I said I feel nothing. And then I added a little bit
• 23:33
  more context a little bit later and the tweet kind of blew up.
• 23:36
  So it resonated with a lot of people, meaning a lot of people
• 23:39
  have. They're thinking about this as
• 23:41
  well. And I said no excitement and all
• 23:44
  time high anymore. 100K was cool because it was historic.
• 23:48
  We need to go much higher before actual euphoria kicks in. 5K
• 23:53
  candles are considered boring now.
• 23:56
  And if you think about it, a 5K candle now equals a $500 candle
• 24:00
  at 10 at 10K, which is gnarly to say because it's like, you know,
• 24:05
  $5000 move. But at the end of the day, if
• 24:08
  we're at 100K, that's, that's a 5% price swing, which is great
• 24:13
  maybe in stock market terms, but in Bitcoin terms, you're like,
• 24:15
  this is boring. Like what's going on now.
• 24:19
  This is what I think is going to happen and the reason I believe
• 24:22
  this is going to happen is because look at where we are.
• 24:26
  We're at 107 thousand and none of us, none of us feel euphoria.
• 24:31
  None of us feel thrill. None of us even feel belief.
• 24:35
  Most of us are still like still PTSD D from the 2021 bull
• 24:42
  market, which was in my opinion, and this is debated, was cut
• 24:47
  short because of the China mining ban.
• 24:49
  And I know a lot of people say FTX, I'm doubling and tripling
• 24:52
  down. It was the China mining ban.
• 24:54
  You look at the hash rate, look at the price, it's like a direct
• 24:57
  correlation, right? And then you think about it.
• 25:00
  Why would the price start falling with the mining ban?
• 25:02
  Well all those miners had to sell all a lot of Bitcoin to
• 25:06
  relocate to more favorable jurisdictions and now you
• 25:09
  sprinkle in FTXI Think 2021 was cut short.
• 25:13
  I think we were destined to hit 100K in 2021.
• 25:16
  So. But a lot of people still have
• 25:18
  PTSD. We haven't had a proper bull
• 25:21
  market since 2017. That's a long effing time.
• 25:26
  That's what, 7 years now? That's a long time, right?
• 25:30
  So what I tweeted out last night, and I really believe this
• 25:33
  in my heart, 2025 will be the redemption year for the class of
• 25:38
  2017 who got rugged in 2021. So anyways, I thought this would
• 25:44
  be an interesting topic to talk about and we're almost at 2000
• 25:47
  live viewers, so appreciate all you guys for tuning in.
• 25:50
  Smash the like button. Help us break. 250 likes within
• 25:53
  the first hour of the show. I wanted to bring this up
• 25:56
  because I know we're all feeling this way.
• 25:58
  We're at, we're at all time highs, everyone's happy, but
• 26:02
  we're like, we're like chasing the dragon.
• 26:04
  We're like, yo, like, how come I don't feel anything like I'm
• 26:08
  like dead inside, like what's going on?
• 26:11
  And it's because of the percentages. 1000 price $1000
• 26:15
  price movement is 1% at 100 K $5000 price movement is 5% at
• 26:20
  100 K, $10,000 price movement. That's 10%.
• 26:24
  And you're like only 10%. Like that's gnarly.
• 26:27
  And not too long ago, the all time high of Bitcoin ever was
• 26:31
  $10,000, right? So the fact that we're having
• 26:35
  these price point price swings now, you know, that's why you're
• 26:38
  not feeling it. That's why you're not feeling
• 26:40
  the excitement. It's the percentages.
• 26:42
  Anyways, I'm going to pass it on to Zach.
• 26:44
  Zach, it seems like you had, you know, and this by chance, this
• 26:48
  wasn't we weren't talking about this backstage.
• 26:50
  It seems like you're having these conversations with some of
• 26:53
  your friends as well. So what's your what's your take
• 26:55
  I? Mean, I thought it was just me,
• 26:57
  you know, I didn't realize, I thought it was just me, 'cause I
• 26:59
  have a hard time feeling like really enthusiastic, you know,
• 27:02
  about things and so on. So it's very, very validating to
• 27:06
  hear you say that and to hear everyone else echoing it too.
• 27:09
  I agree with you. It's the percentages, but I also
• 27:12
  just think like we all, we all believe, or I don't know if
• 27:17
  belief is the right word, but we all felt such high conviction
• 27:20
  that Bitcoin was going to go past 100,000 that when it did, I
• 27:24
  didn't feel as much exuberance as as much as I felt like, OK,
• 27:29
  good. You know, I was right, we're all
• 27:31
  right. It's on track.
• 27:33
  But it very, it very much felt like something that was
• 27:35
  definitely going to happen if you're a Bitcoiner and you've
• 27:38
  been in the space for a long time, you know, whether it was
• 27:41
  2017 or early or you've just been, you know, following
• 27:44
  everything. And so I think when it happened,
• 27:47
  it just felt like a little good and validating.
• 27:49
  I felt like, OK, a little smug like now, now I can say I told
• 27:52
  you so to some people, but I kind of agree with you about the
• 27:57
  last bull market. I do feel like we kind of got
• 27:59
  rubbed. I think if you look at, and
• 28:01
  you'll have to, you might know the numbers better than I do.
• 28:03
  But if you look at like the 2017, you know, time period, I'm
• 28:07
  pretty sure it like 20X and we did not get that last cycle.
• 28:12
  And so I mean, it's possible, right?
• 28:14
  It's possible that there's so much money flowing in this
• 28:16
  cycle. Maybe we we just 20X again and
• 28:19
  then everyone's going to feel extremely exuberant.
• 28:22
  Yeah, I mean, bro, that and a 20X guys from $100,000 Bitcoin
• 28:27
  right now is that's $2,000,000 Bitcoin, right?
• 28:31
  So you know, a 5X is $500,000 Bitcoin.
• 28:35
  And if you've been in the and roughly we're all the same
• 28:39
  class, I'm assuming a 20/16/2017 Zach and I have oof, look at
• 28:45
  that flex. So, so we're class 2017, 2016,
• 28:50
  2013 in the house. So yeah, I mean, you know, we,
• 28:54
  we haven't had a party in Bitcoin for a very long time,
• 28:59
  right. And you know, the XS don't like,
• 29:03
  if you're, if you're class of your class of 2017, you know, a
• 29:07
  $500,000 Bitcoin, you're most likely going to be very happy
• 29:10
  like at $500,000 Bitcoin. I am actually worried that Opti
• 29:14
  will disappear for at least a week or two.
• 29:17
  So Opti, what's your take on this?
• 29:19
  I wanted to talk about this bro because it was on my mind.
• 29:23
  It was clearly on a lot of people's minds.
• 29:24
  Zach, it was on your mind. Opti, what's your take on this
• 29:28
  bro? Because, you know, we, it's like
• 29:29
  we need bigger fixes, man, those, those $1000, those $1000
• 29:33
  price swings don't they don't cut it anymore, bro.
• 29:36
  Like they used. To yeah, I mean, I was even
• 29:38
  saying it this morning, like, you know, even on Twitter, the
• 29:41
  $1000 update every single day, you're just kind of like, it
• 29:44
  doesn't mean anything to me. Like, do we really have to talk
• 29:46
  about $1000 updates every time Bitcoin goes up?
• 29:50
  But yeah, like to your main point, it was really exciting
• 29:54
  seeing Bitcoin break 100K. Obviously, as a Bitcoiner, we
• 29:57
  all were kind of looking at that psychological price point and we
• 30:00
  knew it was going to get there. I mean, as long as I've been in
• 30:03
  Bitcoin, it was definitely like, we're going to 100K.
• 30:06
  You know, when I got in, it was roughly around like 10K.
• 30:09
  We hit 20K and everyone was like, we're going to 100K this
• 30:12
  cycle. And then, of course, we had a
• 30:14
  really long bear market. And then 2021 came and we didn't
• 30:18
  hit 100K, even though everyone thought it was price.
• 30:20
  And now it seems like we're breaking 100K.
• 30:23
  And yes, a lot of people are talking about it, but it doesn't
• 30:26
  feel like the euphoria that you felt in 2017 when literally
• 30:31
  everyone was talking about it. And you got to remember that one
• 30:34
  Wall Street heuristic where it's like once the shoe boy is
• 30:37
  starting to talk about buying the X product, that's when you
• 30:40
  know, you're getting into the euphoria phage.
• 30:42
  And I don't think we're there. And people in the chat are
• 30:45
  saying that they think we're in like the belief stage.
• 30:47
  I, I'm going to argue that I think we're just out of the
• 30:51
  disbelief. Maybe we're added that like
• 30:53
  we're just about to get out of the hope phase.
• 30:55
  To me, that's kind of what I'm seeing.
• 30:57
  Obviously, I'm always overly bullish, so take it with a grain
• 31:01
  of salt. And and the funny part is, is
• 31:03
  when you start using the psychological Wall Street CHEAT
• 31:07
  SHEET, you can really map it out to everything.
• 31:09
  Like you see the bears out on Twitter basically saying like,
• 31:12
  oh, this is the anxiety phase or, you know, the capitulation
• 31:15
  phase. So you can really tailor this to
• 31:17
  whatever your perspective is on Bitcoin.
• 31:19
  But personally, I think it is kind of like maybe ending the
• 31:23
  hope stage, about to break into the optimism stage where like
• 31:26
  this rally is real because a lot of us, you know, again, we broke
• 31:30
  100K. I'm already bored with 100K.
• 31:33
  And it's just like, OK, can we really start to see some price
• 31:36
  pumps? And Nika, you said something
• 31:38
  interesting in those tweets that what was it like $500 is equal
• 31:42
  to 5K pumps now. And I said this the other day
• 31:46
  when we, when we actually kissed 100K and it went instantly back
• 31:50
  down to 90 K, it really reminded me of when Bitcoin broke 10K and
• 31:54
  then went down to 9 K. And you know, 10X candle now
• 31:59
  kind of feels like a 1X candle or A-1000 or a 10,000 candle
• 32:04
  price. And Bitcoin feels like the $1000
• 32:07
  Bitcoin candle. And if that's the case, then it
• 32:10
  does feel like we are a long ways away from hitting a top.
• 32:14
  Because in 2017 when Bitcoin broke 10K, it was towards the
• 32:18
  end of the, what's it the parabolic stage of the Bitcoin
• 32:23
  price market. You know, it's in November.
• 32:24
  So that means if, if that still plays out, it means we basically
• 32:28
  have what, like a year of pumping guys.
• 32:30
  Like you think in a year of pumping in Bitcoin, we're only
• 32:33
  going to get a 1X. Like that just doesn't make
• 32:35
  sense to me. Obviously bigger numbers,
• 32:37
  etcetera, etcetera. But to me, I think we're kind of
• 32:40
  in that hope stage, Nico. Like I think we're breaking into
• 32:42
  the optimism stage right now. And you're starting to feel that
• 32:46
  because all the conversation around Bitcoin mainstream media
• 32:49
  or corporate press is starting to pick up Bitcoin.
• 32:51
  You're starting to see that Bitcoin is kind of breaking echo
• 32:54
  chambers and going into more normally friendly channels.
• 32:58
  And it's not just Bitcoiners talking about this.
• 33:01
  And of course, with everything we've been covering the last
• 33:03
  couple of weeks, that everything that is changing with Bitcoin,
• 33:06
  whether it's the Bitcoin strategic reserve pushes
• 33:11
  institutional capital cupping in the Bitcoin, the ETF scooping up
• 33:13
  all the Bitcoin, obviously less Bitcoin being produced by blocks
• 33:18
  every, you know, 10 minutes like it, it just doesn't feel like
• 33:22
  we're in the manic euphoria stage yet.
• 33:24
  Like I personally within myself, I don't feel like I'm euphoric.
• 33:27
  I'm not, I'm not like, you know, I've been telling you guys all
• 33:30
  year, I'm going to be losing my mind when the price goes up.
• 33:32
  So I can be a good metric for when we are hitting euphoria.
• 33:35
  If I start coming on the show and losing it, then maybe we can
• 33:38
  start to think we're in Euphoria.
• 33:40
  But yeah, it it still feels like we have a lot, a lot of room to
• 33:44
  run Nico. 100%, I agree with you and I actually asked the chat
• 33:48
  and we have 62 votes and I'm going to get Zach's thoughts as
• 33:51
  well. What phase are are we in?
• 33:54
  And it seems like 49% agree with you Opti, where they believe
• 34:00
  that we are in the optimism phase about 25%.
• 34:03
  Just starting it. Just starting it.
• 34:05
  Yeah, so we we threw. That chart back up.
• 34:08
  Yeah, absolutely, 100%. So I'm going to pass it on to
• 34:10
  Zach. Zach, what are your thoughts on
• 34:12
  this, man? What's going on?
• 34:14
  Well, firstly, my thoughts are about this chart.
• 34:16
  Haven't people been talking about booms and busts for
• 34:18
  hundreds of years in business literature?
• 34:21
  So something really important I think to realize 'cause there's
• 34:24
  always the theories about like will this be the Super cycle,
• 34:27
  right? Will this, will we just go to
• 34:29
  Infinity? I don't think so at all 'cause I
• 34:31
  think Bitcoin is a perfect open permission less market, right?
• 34:36
  It's open 24/7, it's global, it's always trading and there's
• 34:40
  nothing anyone can do to interfere with that market.
• 34:43
  And so we actually capture this market cycle that's been
• 34:46
  documented for hundreds of years or probably even thousands of
• 34:50
  years, right? If you go find like records from
• 34:51
  ancient, you know, Rome or whatever, I'm sure there's
• 34:54
  probably similar kind of documents about these market
• 34:56
  cycles. And I think the only reason why
• 34:59
  we don't see these market cycles for like the US economy is
• 35:03
  because of the Fed, right, and of all the intervention.
• 35:06
  And so, you know, our government is constantly intervening to
• 35:09
  stop, stop these cycles, right? It stops the the booms and it
• 35:13
  stops the bus, or at least it tries to.
• 35:15
  And you know, as we know, it doesn't always go that well, but
• 35:18
  in Bitcoin that doesn't happen. So I mean, I think we're like
• 35:21
  very much in the beginning of of hope as well with this cycle.
• 35:24
  I think, I think we're just going to follow exactly the same
• 35:28
  formula that we did last time. And I was doing some math just
• 35:30
  for memory. Like I'm pretty sure when I got
• 35:32
  into it, I bought it like around 1000 for the first time.
• 35:36
  And end of 2013, I think it hit like 1300 and then Mount G Ox
• 35:40
  collapsed. So that was like my first
• 35:41
  exposure. And then I mean, 2017 you went
• 35:44
  to $20,000, right? I mean, if you think about like
• 35:47
  that, that's a 15 times increase right from one top to the other
• 35:51
  top. And then last cycle we only got
• 35:53
  like a three, three something X increase.
• 35:56
  So I think like a lot of Bitcoiners who've come in in the
• 35:59
  last few years, I, I fully agree with with Nico, like I've been
• 36:02
  robbed of this cycle top. And I think most people have
• 36:06
  come in, in the last few years. And so they're not aware of like
• 36:09
  the dynamics of going from like, you know, $300.00 in 2016 to
• 36:16
  $20,000 all within a, you know, 18 or so month period.
• 36:22
  And I don't see any reason why with the new administration
• 36:26
  coming in with all the money coming in with all, all on the
• 36:30
  legal side, just everything making it easy for money to flow
• 36:32
  into the space. I mean, I don't know what's
• 36:34
  going to like artificially stop this from happening.
• 36:37
  Maybe like a fake UFO invasion or something right in New
• 36:40
  Jersey. Well, they're working on that,
• 36:41
  Zach. Yeah, right.
• 36:43
  The the, the drones. I saw someone in the chat ask
• 36:46
  like, you know, is it cheaper? Is it expensive?
• 36:49
  Guys, if you bought the top in 2017, you're you're up five,
• 36:54
  100% right now. If you bought the top in
• 36:57
  20/20/21, you're still up 30% on your investment.
• 37:02
  Even if you bought the freaking top.
• 37:04
  And I totally bought the top. I always buy the top.
• 37:07
  That's like what bitcoiners do. We buy the tops.
• 37:11
  But anyways, I also do want to give a shout out to the stream.
• 37:13
  We just broke 2000 live viewers across YouTube and X and another
• 37:19
  100 of you guys watching live on Rumble and only on YouTube
• 37:22
  alone. We're at 654 people.
• 37:26
  It's a pretty good live stream. You guys are enjoying it.
• 37:28
  Smash that like button. Help us break 300 likes within
• 37:32
  the we're already at 250. Let's bring that up to 350.
• 37:36
  Help us break 350 likes before the end of the stream.
• 37:41
  All right, guys. Hey.
• 37:42
  Wait, hey, wait, Nico, can I, can I chime in real quick
• 37:44
  because I do kind of want to echo what Zach said because I've
• 37:46
  been saying this as well and you guys kind of summed it up well
• 37:49
  because of what we saw in 2021 and the bull market seemingly
• 37:54
  being cut off Like this cycle. I know everyone's kind of doing
• 37:57
  like 300, maybe 500 K predictions, but it does kind of
• 38:01
  feel like we might have like pent up demand because of the
• 38:04
  2021 end of the bull market. So this, I don't know, this
• 38:08
  cycle could be really different in 2025 in the sense like the
• 38:11
  price could go a lot higher than any of us are predicting, kind
• 38:13
  of what Zach was saying because 2021 that we, you know, we kind
• 38:17
  of feel like we got robbed and now we feel dead at 100K.
• 38:20
  So hey, you know, who knows what's going to happen, but it
• 38:23
  does feel like we are going to get an incredible, incredible
• 38:28
  2025. And you know, the parabolic
• 38:30
  season of bitcoins might might get really crazy here.
• 38:33
  So again, you know, keep stacking them Bitcoin, you know,
• 38:36
  don't trade that Bitcoin, just just hold it, put it in the cold
• 38:39
  storage because who knows, it could fly a lot higher than we
• 38:41
  are thinking. A lot of people are saying two
• 38:43
  5300 K it could, you know, it could blast to half a million
• 38:48
  per coin. Like who knows?
• 38:50
  Who knows? Anyways, guys, stay tuned, we'll
• 38:52
  be right back. We're going to hit the news.
• 38:54
  We have tons to talk about. Let's check it out.
• 38:56
  We're going to talk about Jack Mahler's going on the Timpool
• 39:00
  podcast. Timpool is one of the most
• 39:02
  popular creators on YouTube these days.
• 39:04
  And again, it's Bitcoiners breaking that Overton window
• 39:08
  going into the popular mainstream culture.
• 39:12
  But Jack Mahler's actually much slipped when he said some things
• 39:16
  kind of hinting towards Trump's dedication to making this
• 39:21
  Bitcoin strategic reserve a thing.
• 39:23
  And there is actually a Forbes article written about it.
• 39:27
  And the Forbes article, the headline is Trump confirms
• 39:29
  Bitcoin reserves plans 15 trillion price boom predicted.
• 39:35
  That's not a simply Bitcoin title.
• 39:37
  That's a Forbes title, Bros. So 2025 seems to be very
• 39:42
  looking, very, very good. So stay tuned because we're
• 39:45
  going to cover. We're going to cover.
• 39:47
  No, we're at 2 trillion, bro. We're at 2 trillion.
• 39:49
  That's not a anyway. OK, OK.
• 39:51
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  subscription and use promo code simply to get a discount.
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  Again, does not come with Opti, but you will get a discount
• 42:11
  anyways. Getting to today's news segment,
• 42:14
  the headline from the Forbes article is Trump confirms
• 42:18
  Bitcoin reserve plans 15 trillion price boom predicted.
• 42:24
  Let's get to some of the details.
• 42:26
  Donald Trump has firmly embraced Bitcoin in crypto this year, as
• 42:30
  the leak reveals Russia could be about to start a Bitcoin Cold
• 42:33
  War. The Bitcoin price has rocketed
• 42:36
  past 100,000 per Bitcoin on the back of Trump's November
• 42:41
  election, with the chief executive of a major Wall Street
• 42:44
  giant admitting Bitcoin FOMO. Now, as an influence of
• 42:49
  influential billionaire warms of a looming quote debt crisis that
• 42:53
  could collapse the US dollar, Trump has confirmed he plans to
• 42:56
  establish AUS Bitcoin strategic reserve.
• 43:00
  And I think that's the end of the article.
• 43:02
  But I have a clip for you guys, which is quite interesting.
• 43:05
  Again, it's Jack Mahler's on the Tim Pool podcast.
• 43:08
  Let's check it out. In gold and you're going to
• 43:12
  build a Bitcoin position with that and it's a million Bitcoin
• 43:15
  is the target. I also know Trump is looking at
• 43:19
  an A day one executive order. You there's, there's, you know,
• 43:24
  like. Sorry, sorry.
• 43:26
  Day one Executive order for a Bitcoin reserve for the United
• 43:28
  States. Yeah.
• 43:29
  But so I know that there's people looking at the Dollar
• 43:34
  Stabilization Act as it gives the president wide discrepancy
• 43:38
  to protect the dollar. And there's potential to use a
• 43:41
  day one executive order to purchase Bitcoin.
• 43:43
  It wouldn't be at the size and scale of 1,000,000 coins, but it
• 43:46
  would be a significant position and it'd be a message that the
• 43:48
  United States listen, here's what I think isn't talked about.
• 43:53
  OK, he slipped up there, my friend.
• 43:57
  OK, he got ahead of himself. He definitely said something
• 44:02
  that I don't know if he was allowed to say on air.
• 44:05
  I could just kind of check by his, his demeanor, which was
• 44:10
  quite interesting. One of the things that he also
• 44:14
  said on the show, which is something that I've been saying
• 44:16
  for years now, which is I have it pinned to the top of my
• 44:20
  profile, I refuse to use the money that another man can
• 44:23
  create for free. It's clearly a line that is
• 44:27
  resonating with a lot of people because it's a very strong line.
• 44:29
  I think Jack put in his own words and he says, I refuse to
• 44:33
  use the money that another man can print for free.
• 44:36
  But it's essentially the same exact message.
• 44:38
  And that that message is resonating with a lot of people
• 44:43
  because it's as simple as that, right?
• 44:45
  Like, this is what Bitcoiners are fighting for.
• 44:47
  You know, as much as we get villainized, as much as the
• 44:50
  legacy media, which, you know, we posted that clip over the
• 44:53
  weekend and clearly a lot of people liked it, But clearly
• 44:56
  some portions of the legacy media are like playing this
• 44:59
  class warfare, trying to divide people, trying to demonize
• 45:03
  Bitcoin. I don't think that was a great
• 45:05
  election strategy, mind you, But, you know, I don't think
• 45:09
  it's working. And what Bitcoiners are asking
• 45:12
  for is like, I would say equal because it it's, it's equitable,
• 45:17
  it's equal. What are we asking for?
• 45:19
  All we're asking for is to earn and be able to save in a money
• 45:24
  that another man can't create for free.
• 45:27
  And what they're advocating for is a system of which they have
• 45:33
  the unique privilege of being able to create money for free
• 45:36
  that everyone else has to work for.
• 45:38
  So which system is a system of privileges and which system is a
• 45:42
  lot more equal? Bitcoin is clearly the system
• 45:44
  that's a lot more equal. However, if you're a politician,
• 45:48
  you know, you're going to have to spin circles and try to
• 45:51
  justify why you should keep that, that insane power.
• 45:59
  And I don't think anybody should deserve that type of God like
• 46:01
  power of because again, it's not only just being able to create
• 46:06
  money for free that someone else has to work for.
• 46:08
  It's also while you do that, you're actually taking your,
• 46:13
  your you, you're redistributing wealth.
• 46:16
  And people don't even, they're not even aware of that.
• 46:19
  And then when you talk about it, what they do is that they
• 46:22
  gaslight you. So they don't even take
• 46:25
  responsibility for it. They'll blame it on the war,
• 46:28
  they'll blame it on the supply chains, they'll call it
• 46:30
  disinformation. So it, it's not even that like,
• 46:34
  oh, we got to reel it in because, you know, our, our
• 46:37
  reckless spending is causing monetary, like massive monetary
• 46:42
  debasement, which is disproportionately hurting the
• 46:45
  lower and middle classes the most.
• 46:47
  No, they gaslight you into thinking it's corporations.
• 46:50
  They're like, oh, the corporations are are price
• 46:53
  gouging. Listen, it's economics one O 1.
• 46:56
  OK. If you price gouge as a
• 46:58
  corporation, you're creating an opportunity for your competitor
• 47:02
  not to price gouge and your customers are going to leave to
• 47:06
  your competitor who is not quote UN quote price gouging.
• 47:09
  The reason that companies have to raise the prices on things is
• 47:13
  because of inflation. It's literally because of
• 47:16
  inflation. And if you save and earn in
• 47:18
  Bitcoin, and you're denominating your net worth in Bitcoin,
• 47:23
  you're going to see everything around you get cheaper.
• 47:28
  So you can't get gas lit if you're on a Bitcoin standard.
• 47:32
  You can't. It's like saying like, no, don't
• 47:34
  believe your eyes, right? So eventually, you know, there's
• 47:39
  going to be politicians that are going to have to confront that
• 47:42
  new reality that money can exist without inflation.
• 47:47
  And if money can exist without inflation, why should we be
• 47:52
  forced as a society to be to use a money where inflation is
• 47:58
  forced on to us? Why should we?
• 48:00
  Why should we have to do that? Shouldn't we have the choice?
• 48:04
  Isn't this home of the free land of the brave?
• 48:07
  Isn't that what it's all about? I know that there is a social
• 48:10
  contract on the income tax and we can get into a very heated
• 48:14
  debate on that, but the reality is that the income tax is in
• 48:18
  law, right? It's in law.
• 48:20
  People agreed on it. However, which way you feel
• 48:23
  about it, it's the law. We have not agreed upon money
• 48:28
  tax, inflation tax. We have not agreed on that tax.
• 48:33
  That is something that they just get away with because people are
• 48:37
  not educated on the matter, which is why it's so important
• 48:41
  for people like Jack Mahler's to get these ideas that are very
• 48:44
  popular and very well known within the Bitcoin community
• 48:48
  into the mainstream consciousness.
• 48:50
  Because not only will it spread Bitcoin adoption, but it will
• 48:55
  actually get more people on our side of the football.
• 48:58
  And I'll tell you what, and this is something that Sailor said
• 49:00
  recently, in Bitcoin, everybody wins.
• 49:05
  In the Fiat system, it's a 0 sum game.
• 49:08
  There's an elite few that benefit from the contillionaire
• 49:11
  system at the expense of the many in Bitcoin.
• 49:14
  Michael Saylor might hold more Bitcoin than you, but if you're
• 49:17
  holding one Bitcoin, you're benefiting percentage wise just
• 49:22
  as much as Michael Saylor. And Michael Saylor can't change
• 49:25
  the rules of the network or of the system to benefit himself at
• 49:30
  the expense of everybody else. So, you know, like, anyways,
• 49:34
  Zach, I want to get your thoughts on this very, very
• 49:36
  powerful line by Mahlers. I've said it, I said it two or
• 49:40
  three years ago, the same line, Very, very powerful.
• 49:43
  But I'm glad that this messaging is just getting it.
• 49:47
  It's going viral and it's getting into the minds of the
• 49:50
  people. So the people could resonate
• 49:53
  with that. People could understand that.
• 49:54
  People could start asking questions about what is money?
• 49:58
  What is this money that I'm using?
• 50:00
  And instead of, you know, the divide and conquer methods that
• 50:05
  I think a lot of politicians use, you know, it actually
• 50:08
  brings people together under a common cause, right?
• 50:11
  And of course, that causes Bitcoin.
• 50:13
  So what are your thoughts, Zach? Yeah, I mean, I think Jack is
• 50:15
  spot on. I really enjoyed him.
• 50:17
  By the way, just the maybe leaking some private information
• 50:21
  by mistake. Was that yesterday, I think with
• 50:24
  that video And I'm really interested actually too.
• 50:28
  And just the the the legal framework side of things, which
• 50:31
  I don't think I've seen enough people talking about.
• 50:33
  But I was reading a lot about this that, you know, we actually
• 50:36
  have the ability to put Bitcoin on the US, you know, balance
• 50:42
  sheet to actually buy Bitcoin for the United States without
• 50:45
  really needing to do anything except issue an executive order.
• 50:48
  So I love that he leaked that out, you know, on that, on that
• 50:54
  interview. Absolutely 100% opti.
• 50:57
  What's your take on that, my friend?
• 50:59
  Yeah, I mean, it does seem like maybe maybe he said something
• 51:04
  that he wasn't supposed to. So he.
• 51:06
  Walked it back real quick. Dude, maybe he crossed an NDA
• 51:10
  real quick or something, but it is very interesting because a
• 51:14
  lot of Bitcoiners have been saying on Twitter recently like,
• 51:17
  oh, well, first of all, you know, we'll have to see day one.
• 51:20
  You know, he's just kind of pandering.
• 51:22
  He doesn't really care. He doesn't understand Bitcoin.
• 51:25
  You know, let's let's see what day one what happens if he's
• 51:27
  going to free Ross. And then, of course, he becomes
• 51:30
  the president of the elect. And they kind of go out and say
• 51:33
  their motto of like, promises made or prom.
• 51:35
  Yeah, promises made, promises kept.
• 51:37
  And now you're seeing that he is and his children are kind of
• 51:41
  catching that Bitcoin bug. They do realize that, hey,
• 51:44
  maybe, you know, backing the dollar with Bitcoin does
• 51:47
  stabilize the dollar. And maybe this is a good thing.
• 51:50
  He did kind of go out last week saying something about if you're
• 51:54
  a BRICS nation, you're trying going to drop the US dollar,
• 51:56
  like we're going to attack you, you know, very forcible language
• 52:00
  here because BRICS has been posturing about creating their
• 52:03
  own Fiat currency. Obviously a lot of BRICS
• 52:05
  nations, particularly Russia has been kicked off the SWIFT
• 52:09
  payment system and they're looking for alternatives.
• 52:11
  And of course now you're seeing in the last week, actually
• 52:14
  pretty much all last week, we were covering that.
• 52:17
  So many new countries are coming out with a strategic Bitcoin
• 52:20
  reserve bill or proposal or asking questions around it.
• 52:24
  So ever since that domino has been kicked, it seems like
• 52:27
  everyone has to take it very seriously.
• 52:29
  And so we've been saying for a long time on the show that if a
• 52:33
  country, a first world country wants to maintain their position
• 52:37
  as a world leader, then they have to embrace Bitcoin.
• 52:40
  Bitcoin is the thing that will not only save countries and save
• 52:45
  these Fiat currencies, but it's going to propel them even
• 52:47
  further. And we've kind of seen what's
• 52:49
  happened with El Salvador. And remember, El Salvador's GDP
• 52:51
  was at like 32 billion when they adopted Bitcoin.
• 52:54
  And so once this big one of these big nations start to
• 52:57
  finally go super, you know, balls deep into Bitcoin, I think
• 53:02
  the game is going to fundamentally change.
• 53:04
  So that little, you know, maybe violation of an NDA by Jack
• 53:10
  Muller. And then maybe we're just
• 53:11
  speculating here and like we're putting, we're putting probably.
• 53:13
  No, I know. By saying.
• 53:15
  That we're probably no, no, it probably wasn't like an NDA is
• 53:18
  what I'm saying like we probably shouldn't shouldn't keep
• 53:21
  repeating that because it maybe he could have been able to say
• 53:23
  it. But it is interesting that we'll
• 53:25
  see you know, in a in a couple of weeks, right What like a
• 53:28
  month, maybe less yeah, a little over a month right now.
• 53:31
  We'll see what happens day one. We'll see.
• 53:33
  We did hear, you know, Eric Trump kind of say something on
• 53:37
  the lines of like, they're going to really seriously talk about
• 53:41
  the first 100 days. And we're seeing all of the new
• 53:43
  elect, the new people being elected for the CTC, the SEC,
• 53:47
  etc. And they're all very favorably
• 53:50
  towards the Bitcoin industry. So it does look like it's a high
• 53:53
  priority. And let's not forget the Bitcoin
• 53:56
  lobbying was like $130 million, which is a significant amount in
• 54:00
  terms of lobbying groups. And so it's becoming very clear
• 54:03
  that as a political movement, as a voting bloc, being a Bitcoiner
• 54:08
  and fighting Bitcoiners has actual consequences.
• 54:12
  And so we'll see what happens day one.
• 54:14
  Like, will they? Will they do?
• 54:15
  Democratic political consequences, as in if you fight
• 54:19
  the Bitcoin industry. We have to be specific because
• 54:23
  we are on YouTube Opti. I didn't I didn't say anything
• 54:26
  bad. Clearly, right.
• 54:27
  It wasn't a, a, a winning political strategy to, you know,
• 54:32
  to go against the industry. And I think that that had
• 54:36
  electoral consequences. And, you know, Mark Cuban was
• 54:39
  actually caught basically saying, you know, she's like, I
• 54:43
  don't think it was a good idea to go after the industry.
• 54:46
  And it makes sense. Like if you run the numbers,
• 54:50
  it's like, it's like estimated that between 40 and 60% of of
• 54:55
  people under the age of 35 own Bitcoin or own crypto.
• 55:00
  And if you take a look at Trump's electoral numbers, Trump
• 55:03
  won a record amount of the young vote, which usually swings
• 55:07
  Democratic. And Mark Cuban was basically
• 55:10
  saying like, I don't think it was wise attacking the industry,
• 55:13
  which was a huge portion of Operation Choke .2 Point O Zach,
• 55:18
  you're running a Bitcoin business.
• 55:19
  We were running a Bitcoin media business.
• 55:20
  There was many points last year where we were just like, I mean,
• 55:23
  no, this year, since earlier this year.
• 55:25
  I mean, after you're just like, do we have to move to El
• 55:27
  Salvador? Like are they attacking self
• 55:29
  custody? Like they're locking the samurai
• 55:31
  guys And they forced our hand to get political.
• 55:35
  Bitcoiners would not have gone political if we we were not
• 55:39
  attacked as, as an industry as a whole.
• 55:42
  Now, you know, according to the media, some portions of the
• 55:46
  media that represent the Democratic Party, like CNBC, it,
• 55:50
  it seems like they're doubling down on that strategy.
• 55:53
  I don't think that's a good strategy in my opinion.
• 55:56
  And I don't think that Bitcoin is a is a partisan issue as much
• 55:59
  as they try to make it 1. I I think it's, you know, for
• 56:02
  right and left, I don't think it's political.
• 56:05
  And, you know, the fact that they're trying to make it such
• 56:09
  or at least create an opportunity for the opposing
• 56:11
  party to capitalize on it, I think it's a huge blunder in my
• 56:16
  opinion. So anyways, we'll see towards
• 56:18
  the future. But anyways, these guys are
• 56:19
  we're going to get to the culture we're going to be
• 56:23
  making. The announcement has already
• 56:25
  happened. The live stream has happened,
• 56:26
  but we we're going to take advantage of Zach joining us on
• 56:30
  the show today to talk about foundation devices new product
• 56:34
  and we we can't talk about it 'cause it's after one O 7:00 PM.
• 56:39
  So we're going to give you guys all the details and if you guys
• 56:42
  want drop your questions in the chat so that Zach is able to
• 56:46
  answer those questions. We'll be right back.
• 56:48
  Let's hit the culture. Here we go.
• 56:50
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  All right, everybody, I also I want to tell you guys about our
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• 57:58
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  crew is going to be there. Nico, Opti, Rustin, Dante,
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• 58:25
  Anyways guys, I'm going to pay you guys a clip of part of the
• 58:29
  live stream, the announcement, the keynotes announcing the new
• 58:35
  product launch by passport. Let's check it out.
• 58:37
  Here we go. Today I am thrilled skilled to
• 58:40
  introduce not a hardware wallet, but the world's first personal
• 58:45
  security platform, introducing Foundation's third generation
• 58:50
  device Passport Prime. Passport Prime empowers you to
• 59:37
  secure your entire digital life with one device.
• 59:41
  Passport Prime offers the same robust Bitcoin hardware wallet
• 59:44
  capabilities as our Gen. 2 Passport.
• 59:47
  It supports most Bitcoin software wallets like Sparrow,
• 59:51
  Blue Wallet, Nunchuck, Casa Thea and many more.
• 59:55
  Prime offers a best in class multi stick experience alongside
• 59:59
  numerous power user features like temporary seeds.
• 1:00:03
  Passport Prime is more than just a hardware wallet, it's a Swiss
• 1:00:07
  army knife. But I saw someone in the chat
• 1:00:16
  say goosebumps, Yeah man, dude, like yeah.
• 1:00:19
  And someone said feels like an Apple ad.
• 1:00:22
  I actually had the pleasure of, of handling this device in
• 1:00:25
  Nashville. And Zach basically said, like,
• 1:00:29
  you know, if you talk about this, we're going to cancel your
• 1:00:31
  sponsorship. So I haven't been able to say
• 1:00:33
  anything about it, but it I've been really, really excited.
• 1:00:36
  And it looks absolutely beautiful.
• 1:00:39
  I think it's a game changer. Comes in two different colors, I
• 1:00:43
  might add, white and black. And oh, sorry about that, Zach.
• 1:00:48
  And yeah, man, I think you absolutely crush it.
• 1:00:51
  The keynote was so different, so, so different to the
• 1:00:54
  industry. But what I'm really excited
• 1:00:56
  about this device in particular is the fact that it's much more
• 1:01:01
  than a hardware wallet, right? It's not just a Bitcoin hardware
• 1:01:04
  wallet. The passport, by the way, that
• 1:01:06
  we guys that we we promote every single day, that is a that's a
• 1:01:10
  Bitcoin hardware wallet. And you guys are still going to
• 1:01:12
  be making that. But you, this is a step above
• 1:01:15
  that. This is a device that has more
• 1:01:18
  capabilities. So can you talk a little bit
• 1:01:20
  about that, Zach? And again, if anyone has any
• 1:01:22
  questions, please drop them in the chat and then we have Zach
• 1:01:25
  here to answer them live. Thanks guys I'm I'm really
• 1:01:29
  excited. I was nervous the whole time
• 1:01:31
  because I was hoping the logistics of everything would
• 1:01:33
  work properly as I was hanging out with you on the stream here.
• 1:01:36
  It looks like it did except our our site is crashing, I think
• 1:01:40
  because too many people are going to it right now.
• 1:01:41
  I think this is the first time this has ever happened.
• 1:01:44
  So it's it's good and it's also bad.
• 1:01:46
  But yeah, this is Passport Prime.
• 1:01:49
  It's the world's first, as we call it, personal security
• 1:01:53
  platform. The idea is that instead of a
• 1:01:57
  hardware wallet, and I want to emphasize it's we're not calling
• 1:02:00
  it a hardware wallet because I don't think it's a hardware
• 1:02:02
  wallet. I think it really is something
• 1:02:04
  new and and different. And like you guys said, like
• 1:02:07
  we're still selling Passport, you know that the top rated
• 1:02:10
  Bitcoin only hardware wallet on our site, we're shipping that
• 1:02:13
  now in time for the holidays. That's not going to change, but
• 1:02:16
  we want to make something that would make it easy to secure
• 1:02:19
  your entire digital life. I'm sure you guys and a lot of
• 1:02:22
  other people listening use an array of devices to store all
• 1:02:27
  their stuff, right? You'll use like hardware
• 1:02:29
  wallets. People will have, you know, cold
• 1:02:32
  cards, trousers, Ledger's, Yuba keys or those kinds of things to
• 1:02:39
  do all their like Fido 2FA, if they even do that.
• 1:02:41
  You know, most people don't even take that step because it's too
• 1:02:43
  difficult. They'll use a Google
• 1:02:45
  Authenticator to store their 2FA codes on their phone, which is
• 1:02:49
  kind of weird because like the phone is your primary computing
• 1:02:52
  device. So like you don't want to store
• 1:02:53
  your two FA codes for your most important accounts on your
• 1:02:56
  phone. And then also like I and our Co
• 1:03:00
  founders and I know a lot of other people who use hardware
• 1:03:02
  encrypted flash drives to secure all their most important stuff
• 1:03:04
  like the physical keypads on them.
• 1:03:06
  So our view is like, let me just roll everything up into one
• 1:03:09
  device. We need to make it more of a
• 1:03:11
  platform where we provide an awesome set of apps at launch,
• 1:03:16
  but then we also allow third party developers to come make
• 1:03:18
  apps just like how they make up apps, you know, for the, they
• 1:03:21
  make apps for the iPhone or Android phone.
• 1:03:23
  So we're going to be expanding, you know, with an entire open
• 1:03:27
  developer ecosystem to really rival and hopefully leapfrog
• 1:03:31
  Ledger's developer ecosystem. We want to have every developer
• 1:03:35
  who makes a wallet, a service to come make an app, you know,
• 1:03:38
  Toronto Passport Prime. So there's probably a lot more I
• 1:03:40
  could say about it, but I'm really excited.
• 1:03:43
  It comes in two colors. Finally, you know, packaging is
• 1:03:46
  beautiful. It comes in Arctic copper, which
• 1:03:50
  is white with the copper, and then it also comes in midnight
• 1:03:54
  bronze, where you got all black with the bronze.
• 1:03:56
  So I'm really excited about it and yeah, yeah, just an awesome
• 1:04:01
  day for us. And it's it's cool that it's all
• 1:04:03
  time high today. And then also we did not even
• 1:04:07
  trying to it was a 21 minute keynote.
• 1:04:09
  So a lot of good symbolism today.
• 1:04:12
  Very, very cool. By the way, guys, if you want to
• 1:04:14
  see that keynote, we retweeted it from the Simply Bitcoin
• 1:04:18
  account. So you guys will be able to see
• 1:04:20
  it. Or of course, you can search
• 1:04:21
  Foundation on XI. Also have another clip for you
• 1:04:25
  guys. Let's check it out and then
• 1:04:26
  we'll talk about it, Zach. Sounds.
• 1:04:28
  In addition to building a new operating system, we've
• 1:04:31
  reinvented Bluetooth. Bluetooth is convenient, but so
• 1:04:35
  many of us are uncomfortable with its security trade-offs.
• 1:04:39
  It's why our first and 2nd Gen. Passport use AQR.
• 1:04:43
  Code based air gap, no wireless comms, limited attack surface,
• 1:04:48
  better security, right? Well, for Passport Prime, we've
• 1:04:52
  created a new. Protocol called Quantum link.
• 1:04:56
  Quantum Link provides the security of an air gap over
• 1:05:00
  Bluetooth. So how does this work?
• 1:05:04
  Passport Prime contains a dedicated Bluetooth chip
• 1:05:07
  separate from the security processor running Key OS.
• 1:05:12
  This Bluetooth chip can only send and receive messages that
• 1:05:17
  are already encrypted using quantum resistant tech.
• 1:05:22
  To establish the end to end encrypted connection, simply
• 1:05:25
  scan the QR code displayed on Passport Prime screen during
• 1:05:30
  setup and that's it. Keys are automatically exchanged
• 1:05:34
  and an encrypted tunnel is established.
• 1:05:37
  Quantum Link provides the security of an air gap with the
• 1:05:41
  convenience of Bluetooth, enabling real time comms with
• 1:05:46
  your phone, wireless QoS updates, and so much more.
• 1:05:50
  But we're not stopping there. We've also redefined the
• 1:05:54
  onboarding experience to make personal security more
• 1:05:58
  accessible to newcomers. Instead of writing down seed
• 1:06:02
  words, Passport Prime comes with NFC key cards.
• 1:06:07
  Simply tap two of the cards during setup to your Passport
• 1:06:10
  Prime. And that's it.
• 1:06:12
  QoS uses a two of three Shamir secret sharing configuration to
• 1:06:17
  split your seed into three pieces.
• 1:06:19
  Two of the pieces are stored on cards and the third is stored on
• 1:06:23
  your Envoy mobile app. Our Magic backup technology
• 1:06:27
  enables an iCloud backup like experience for your Passport
• 1:06:31
  Prime. All of your device's data and
• 1:06:34
  settings are first encrypted on device and then sent to
• 1:06:39
  Foundation servers through Envoy.
• 1:06:42
  There's no username, there is no password, and there's no e-mail
• 1:06:45
  address. We know absolutely nothing about
• 1:06:48
  you and no seed words ever leave your device.
• 1:06:53
  You store the key cards, and we simply store an encrypted BLOB
• 1:06:58
  of your settings and your metadata.
• 1:07:01
  So if you ever need to replace your passport prime, simply
• 1:07:05
  connect it to Envoy and tap one of your two key cards.
• 1:07:09
  That's it. It's that simple.
• 1:07:12
  Your device will be restored. I keep I kept hearing the word
• 1:07:18
  simple and simply must be a coincidence.
• 1:07:21
  Anyways, we got the, we got the first question in the chat from
• 1:07:24
  Matthew J says how many secure elements?
• 1:07:29
  Yes. So Passport Prime has one secure
• 1:07:33
  element that's separate from the main processor.
• 1:07:36
  But the main processor we're using, you can almost think of
• 1:07:41
  as like some kind of secure element in itself.
• 1:07:43
  It is a security chip. So we're using a security chip
• 1:07:46
  made by Microchip. It's it's a security
• 1:07:49
  microprocessor and it's really locked down.
• 1:07:52
  It has a lot of advanced security features like ARM Trust
• 1:07:56
  Zone, active tamper protection. So we have physical tamper
• 1:08:00
  switches in the device so that if you try to open it, it'll
• 1:08:03
  wipe itself, which is a first and it's really cool.
• 1:08:07
  And then we also, of course, have a separate secure element
• 1:08:09
  that stores some of the key data.
• 1:08:11
  So there's some key data stored securely on the main security
• 1:08:14
  chip, which is I think a more secure chip than we have in the
• 1:08:17
  current Gen. passport today. Then we have that separate
• 1:08:19
  secure element. We have a lot of cool features
• 1:08:22
  like active tamper protection. Incredible very very cool stuff.
• 1:08:27
  It also looks pretty man. It looks it looks nice sexy
• 1:08:31
  right We we got AI like the I I like the the what was the the
• 1:08:38
  the name It was it was Arctic. It was Arctic.
• 1:08:41
  Oh. Yeah, we got.
• 1:08:42
  Yeah, this was, this was fun. Actually, I was working on that
• 1:08:45
  only if you like a week ago with Bitcoin Q&A.
• 1:08:47
  We're doing Arctic Copper and then midnight bronze is.
• 1:08:52
  The. We don't call them, we don't
• 1:08:54
  call them colors, we call them colorways, right?
• 1:08:56
  Because usually you think like, oh, it's black, it's white.
• 1:08:59
  But the whole point is like, we don't just want to give you an
• 1:09:01
  all black device, right? Like if we're going to give you
• 1:09:03
  a dark mode device, which was probably our most requested
• 1:09:07
  feature. And by the way, it's going to
• 1:09:09
  have a dark mode UI option as well, which is going to be
• 1:09:11
  really cool. A lot of people have been asking
• 1:09:13
  for that. Like we don't just want to give
• 1:09:14
  you an all black device. We want to bring in the brand
• 1:09:17
  colors, right? So you got the the bronze going
• 1:09:19
  on and then you know, we're so detail oriented.
• 1:09:21
  We even match it to the packaging where you get the
• 1:09:24
  bronze color to match the bronze device.
• 1:09:27
  So it's really cool. It's our best packaging yet by
• 1:09:29
  far too. It feels very Apple quality, I
• 1:09:31
  think much more than anyone else in the industry.
• 1:09:34
  I love it, I love it. Yeah, no, it looks incredible
• 1:09:37
  and I'm definitely going to get my hands on it and I'm I'm
• 1:09:41
  really looking forward to it. Also want to give a shout out to
• 1:09:44
  the price we're almost at seven 108,000, but again I feel
• 1:09:49
  nothing inside but anyways, dude, this is this is awesome.
• 1:09:54
  This is super cool. You can reserve it right now.
• 1:09:59
  I I'm hearing some people in the chatter are having some
• 1:10:02
  difficulties. Yes, that's because a lot of
• 1:10:04
  people are trying to do it all at once.
• 1:10:06
  But you head over to foundation dot XYZ slash simply and bada
• 1:10:12
  Bing bada boom, you know you will.
• 1:10:15
  Will people be able to get a a discount on this?
• 1:10:18
  Yes, I believe how we set it up is that if you're making a
• 1:10:20
  pre-order for the early access, which is a limited to 1000
• 1:10:23
  units, you can use the simply code to get the discount.
• 1:10:28
  I don't think we do that for the reservation.
• 1:10:30
  But you but like the reservation is 49 bucks.
• 1:10:33
  But of course when you go next year and you pay the the balance
• 1:10:37
  right, because the $49 is like a refundable deposit, you'll be
• 1:10:40
  able to use the simply code for that as well and get the
• 1:10:42
  discount. So if you go to the slash simply
• 1:10:45
  page, it might auto add like a normal passport to your cart.
• 1:10:50
  So you may just need to type in the code simply or like add a
• 1:10:53
  passport prime early access pre-order to your cart.
• 1:10:57
  But yeah, you should be able to to get all that and let me know
• 1:10:59
  if there's any issues. I'll make sure that's handled
• 1:11:00
  right away. The site is is really buckling
• 1:11:04
  right now under all the traffic. That's awesome.
• 1:11:07
  That's awesome. So yeah, guys, this is this is
• 1:11:09
  for release in early 2025, right in time for the Parabola year.
• 1:11:15
  And again, it's not just a Bitcoin hardware wallet, it also
• 1:11:20
  has a ton of different functionality.
• 1:11:22
  The two FA 1 sounds really exciting.
• 1:11:25
  And again, getting that 2FA off your phone right on an air gap
• 1:11:30
  device, I think is is is pretty, pretty cool.
• 1:11:34
  So yeah, man, this is awesome. This is really cool.
• 1:11:36
  I did. I don't know if we planned this,
• 1:11:38
  but so happy to have you on the show today, you know, the day of
• 1:11:44
  your new product release, you know, so, and I'm really glad
• 1:11:47
  that a lot of people are, you know, taking taking a look at
• 1:11:50
  it. You did mention earlier and I, I
• 1:11:53
  want to ask you this and also guys, we're on the verge of
• 1:11:55
  breaking 400 likes on the live stream.
• 1:11:58
  So smash the like button. Appreciate it.
• 1:12:01
  We're like 4 likes away 10/9 likes away to be specific.
• 1:12:05
  You did mention that it has because one of the things that I
• 1:12:07
  always do, especially for like higher net worth individuals
• 1:12:10
  that are older, I don't want them on a single sig, but I want
• 1:12:15
  them to take advantage of multi sig.
• 1:12:16
  But perhaps they don't have the technical know how to set up a
• 1:12:19
  multi sig. So I always kind of recommend
• 1:12:23
  either Casa or Nunchuck. I think I like to you kind of
• 1:12:30
  mentioned and and the device has multi sig capability.
• 1:12:34
  I know that Casa recently announced that it added
• 1:12:37
  integration with the passport 2, which is the one that, you know,
• 1:12:41
  we we do the add on every single day on simply.
• 1:12:44
  So could you talk a little bit about that about it?
• 1:12:47
  It's it's what is the correct technical term?
• 1:12:50
  Wow, it's slipping my mind the adaptability.
• 1:12:54
  No, that's not the right term. The compatibility Booyaka nailed
• 1:13:00
  it. The the compatibility between
• 1:13:05
  oh, we're raising the goal, everybody 420 likes is the real
• 1:13:09
  goal. So bro, we're at four O 4 help
• 1:13:12
  us break 420 likes. So what is the compatibility
• 1:13:16
  between a lot of these kind of like multi sig companies that
• 1:13:20
  are super super useful for people that perhaps are not as
• 1:13:24
  tech savvy? Yeah.
• 1:13:26
  So Passport Prime is compatible with everything that our current
• 1:13:32
  Gen. Passport is compatible with on
• 1:13:34
  day one, because Passport Prime in addition to having a lot more
• 1:13:38
  connectivity methods does still have, you know, the camera where
• 1:13:41
  you do the QR code based stuff. And so everything that Passport
• 1:13:44
  supports today, Casa Thea, Nunchuck, Sparrow, Spectre, Blue
• 1:13:52
  Wallet, and there's probably like 10 more, you know, we
• 1:13:55
  support as well. So it's really important to us
• 1:13:57
  to support and be compatible with like every single software
• 1:14:00
  wallet in the space. Passport works really well with
• 1:14:04
  our mobile app Envoy, but Envoy is more of like your basic
• 1:14:09
  straightforward Bitcoin software wallet where it does not do
• 1:14:12
  multi sig right now. So we highly encourage, you
• 1:14:14
  know, multi sig with either one of the services that we
• 1:14:18
  integrate with or any of the great wallets and actually
• 1:14:21
  Bitcoin Q&A and I are going to be in a New York City at Pub key
• 1:14:24
  tomorrow night to do a multi sig workshop with passport for
• 1:14:28
  anyone who's, you know, in town. We're going to be there for a
• 1:14:30
  couple hours tomorrow night. Awesome.
• 1:14:32
  That, that, that's really cool. Yeah.
• 1:14:34
  And I can't recommend that enough guys like, you know, if,
• 1:14:37
  especially if you've been in Bitcoin a couple years, you
• 1:14:40
  know, your, your net worth starts to grow before you know
• 1:14:42
  it, you know, you start to have a, a good amount of your, of
• 1:14:46
  your net worth and, and Bitcoin, and you obviously want to do
• 1:14:49
  that correctly. So, you know, I, I, I really
• 1:14:52
  recommend kind of learning multi sig and kind of doing a deep
• 1:14:56
  dive in that. There's so many companies that
• 1:14:58
  make it easy and convenient. And if you're a little bit, you
• 1:15:03
  know, if, if the, if the tech side of it is, is a little bit
• 1:15:06
  intimidating. So yeah, I mean, and you know,
• 1:15:09
  when, when you remember this, Zach, like when we were when we
• 1:15:13
  were getting into this industry, we've known each other a long
• 1:15:17
  time now when we were getting into this industry, man, like,
• 1:15:21
  you know, taking self custody was not easy, right?
• 1:15:25
  The Envoy app paired with the passport makes it so that like,
• 1:15:31
  you know, it is extremely easy to take self custody without
• 1:15:36
  sacrificing security. And what I like about the Envoy
• 1:15:40
  app is that it gives you choices.
• 1:15:42
  So you have the ability to it. Like let's say you don't want to
• 1:15:46
  trust foundations node, you want to trust your own node.
• 1:15:49
  And you can actually set up the Envoy app where it connects with
• 1:15:52
  your own node, right? It has the capability of doing
• 1:15:55
  that. And what's awesome about Envoy,
• 1:15:58
  and I recommend this a lot to people that are just like
• 1:16:02
  getting into self custody is it makes it convenient and makes it
• 1:16:06
  easy, right? You don't have to go through
• 1:16:09
  this kind of SD card type of experience.
• 1:16:13
  You know, it is getting easier, you know, around the industry,
• 1:16:16
  but I, I really feel like you guys really led the, you know,
• 1:16:19
  really led the movement there in terms of the just with the, with
• 1:16:24
  the camera and the thing. And it's so easy to sign and
• 1:16:27
  it's like boom, boom, bang. So yeah, man.
• 1:16:31
  Well, this this one's going to be even better.
• 1:16:32
  And I hope we'll lead here as well because we actually have as
• 1:16:37
  as you played in the announcement there snippet, we
• 1:16:39
  have Bluetooth now on the device, which is polarizing.
• 1:16:42
  But I think when you see how he did it, you'll be pretty
• 1:16:45
  impressed where we put the Bluetooth on a separate chip and
• 1:16:48
  we end to end encrypt everything before it gets the Bluetooth
• 1:16:51
  chip. So we call it Quantum Optum
• 1:16:52
  Link, the protocol. It's really cool, but it allows
• 1:16:55
  you to set up Passport with Envoy like in a couple seconds
• 1:16:58
  with your phone, and you don't have to do the QR code scans
• 1:17:01
  anymore with Passport Prime. So I'm really excited about
• 1:17:04
  that. But then also we shipped three
• 1:17:05
  of these NFC backup key cards, you know, in the box with
• 1:17:10
  Passport Prime, and they're all in their own individual Faraday
• 1:17:14
  sleeve, or you can even write like a label on them.
• 1:17:17
  So you literally just take these cards out and when you're
• 1:17:19
  setting up the device, you just tap it to the device and it
• 1:17:22
  Shamir's up your seed into different pieces and then it's
• 1:17:26
  stored on the card. So of course you're able to view
• 1:17:28
  and backup your seed words if you want to.
• 1:17:31
  But like, I think we're going to really pioneer here a new way to
• 1:17:33
  do backups where you just tap, tap and you're all backed up
• 1:17:37
  automatically. And there's an optional service
• 1:17:40
  called Magic Backups that takes an end to end encrypted copy of
• 1:17:44
  all the settings and data, not the seed words.
• 1:17:46
  You know, the seed words never leave your possession, but it
• 1:17:49
  takes the end to end copy an encrypted copy of like
• 1:17:51
  everything on the device besides that, that encrypts it by the
• 1:17:55
  seed words and can back it up through to our servers for like
• 1:17:58
  if you do lose the device, you have so much stuff on here,
• 1:18:01
  right? You have QFA codes, you have all
• 1:18:03
  these settings, you might have other apps, you have security
• 1:18:05
  keys, you have labels, you have multi sick configurations.
• 1:18:10
  You literally just have one card to the device and all your stuff
• 1:18:13
  comes back onto it, like iCloud backup and recovery, you know,
• 1:18:16
  And so I'm really excited about that.
• 1:18:19
  And yeah, I think hopefully we'll look back at this in a
• 1:18:21
  couple of years and we'll really pioneered some new stuff to make
• 1:18:26
  the onboarding and the backups like much easier for new people.
• 1:18:29
  Because, you know, the QR codes can still be confusing, right?
• 1:18:31
  Or the even the SD card backup can still be confusing.
• 1:18:34
  And I want to get as many people as possible, you know, doing
• 1:18:37
  self custody. Absolutely.
• 1:18:39
  So, you know, in traditional computing, right, the theory
• 1:18:44
  back in the 90s and 80s was that everyone was going to have a
• 1:18:48
  computer in their house, right? And it wasn't until, you know,
• 1:18:52
  Steve Jobs came around and made that computer human friendly
• 1:18:58
  that, you know, computing actually went mainstream.
• 1:19:01
  And, you know, when I talk about computing going mainstream, I'm
• 1:19:04
  talking about the thing I'm holding in my hand, right, which
• 1:19:07
  is your iPhone or Android device.
• 1:19:10
  That's what make computing mainstream.
• 1:19:12
  Like, the theory in the 90s was that everyone was going to have
• 1:19:15
  a laptop with a keyboard, and that was how computing was going
• 1:19:19
  to go mainstream. That's not how it worked out,
• 1:19:21
  right? And I think, you know, what he
• 1:19:24
  realized was, you know, human being, human nature isn't going
• 1:19:28
  to change. So you have to kind of build the
• 1:19:30
  product around that. So my question to you is this
• 1:19:33
  like, you know, and one of is this kind of like the philosophy
• 1:19:37
  behind the foundation? Is this the iPhone moment for
• 1:19:42
  hardware wallets? I mean, that's what I hope,
• 1:19:45
  right? But even think about the iPhone
• 1:19:46
  moment, the iPhone was combining a bunch of disparate fragmented
• 1:19:51
  devices that all had decent, you know, adoption.
• 1:19:55
  But I think we're really limiting like what we could do
• 1:19:58
  with our computers and our technology.
• 1:20:01
  So like, you had the iPod and like by that time, almost
• 1:20:04
  everyone had an iPod. You had like the Palm Pilot or
• 1:20:07
  the PDA, which you know not as many people had only like the
• 1:20:11
  ultra ultra early adopters had. And then you had cell phones
• 1:20:15
  that everyone had. And so it's a combination of
• 1:20:18
  devices that are popular with some stuff that maybe is not as
• 1:20:21
  popular, but they had a vision to roll that all up into one
• 1:20:24
  device and then to introduce a App Store, right, an SDK
• 1:20:28
  developer platform. I don't know what would have
• 1:20:31
  happened with the iPhone. The App Store had never
• 1:20:33
  happened. And so we're kind of taking a
• 1:20:35
  similar approach where firstly, we're trying to solve some of
• 1:20:38
  the key pain points, like with hardware wallets, right?
• 1:20:41
  Like the setup, the onboarding. People get confused about, you
• 1:20:43
  know, they have a device that's offline.
• 1:20:46
  It doesn't know anything about itself.
• 1:20:48
  Like the device, the hardware wallet doesn't have a state.
• 1:20:50
  It doesn't know how much Bitcoin it's storing or anything like
• 1:20:53
  that. It's just storing the keys that
• 1:20:55
  can be a point of confusion for people.
• 1:20:57
  And so we're trying to like address a lot of those pain
• 1:20:59
  points, roll up these different device categories that are
• 1:21:02
  basically used by only ultra early adopters right now and get
• 1:21:06
  it to like a level of quality and usability that another order
• 1:21:11
  of magnitude more people will use it.
• 1:21:13
  Because I say in the keynote, if you guys who for anyone who goes
• 1:21:15
  to our site and watches the keynote, we did the math.
• 1:21:20
  We think hardware wallet adoption amongst cryptocurrency
• 1:21:24
  users. And I have to say cryptocurrency
• 1:21:26
  users, you know, because it's like the whole space, it's maybe
• 1:21:28
  like 2 1/2 percent, which is like minuscule.
• 1:21:32
  Like it's so small. We haven't even got into the
• 1:21:35
  early adopters. We're at like the ultra early,
• 1:21:38
  they call them like the innovators and stuff.
• 1:21:40
  If you look at the technology diffusion charts, which we have
• 1:21:43
  one of those charts in the keynote as well.
• 1:21:45
  And so I'm like, how do we go from 2.5% to like 10% and then
• 1:21:50
  beyond, right? Because as we all know, if you
• 1:21:52
  don't take self custody, like what's the point?
• 1:21:55
  You got to take self custody for Bitcoin to succeed.
• 1:21:58
  So we're trying to chip away at a lot of those barriers, make a
• 1:22:00
  much better product that's, you know, easier to use.
• 1:22:04
  But then also try to allow developers to just ship apps for
• 1:22:07
  it so that more and more apps can integrate self custody,
• 1:22:12
  right? Because you know, right now you
• 1:22:14
  want to integrate with hardware wallets.
• 1:22:16
  You know, you, you we got some good integration with QR codes
• 1:22:18
  with passport. But like you look at most, most
• 1:22:21
  of these companies, they go, they try to integrate with the
• 1:22:23
  Ledger. It's a nightmare.
• 1:22:25
  I don't want to see Ledger as like the market leader here,
• 1:22:27
  right? I don't want to see them being,
• 1:22:30
  you know, the billion dollar company that is that is pushing
• 1:22:32
  everyone and you go into Ledger live, you go on to their social
• 1:22:36
  feed. It's just horrible to look at.
• 1:22:39
  And I think we need, you know, hopefully more principled, right
• 1:22:43
  leadership and much better products and making it much
• 1:22:46
  easier for developers to to integrate, you know, secure
• 1:22:50
  offline storage onto a physical offline device.
• 1:22:53
  And so, yeah, I mean, you can tell I'm very inspired by Apple.
• 1:22:56
  I mean, I collect the original, I think different posters.
• 1:22:59
  I don't have space to hang them all up.
• 1:23:01
  And we always try to get more and more, you know, Apple level
• 1:23:04
  in terms of the, the hardware. Well, guys, check out the new
• 1:23:11
  passport Prime, go to foundation dot XYZ, go check out the
• 1:23:17
  website right now, reserve yours today.
• 1:23:20
  The reservations have gone line and they're planning to release
• 1:23:24
  the product in early Q1 or Q2 of 2025.
• 1:23:29
  So yeah, go check it out. In the meantime, you guys can
• 1:23:32
  get yourself a passport today and if you use promo code
• 1:23:35
  simply, you'll get a small discount.
• 1:23:38
  Anyways, guys, that was today's show for December 16th, 2024.
• 1:23:41
  I'm your host, Nico, as my legendary Co host, optimist
• 1:23:44
  fields always optimistic. Our special guest for today,
• 1:23:47
  Zach Herbert is the CEO and founder of foundation devices.
• 1:23:52
  Guys, thank you so much. Thank you so much.
• 1:23:54
  If you guys enjoyed the show, you know to do smash the like
• 1:23:55
  button, consider subscribing if you feel like we provided you
• 1:23:58
  value and we will see you tomorrow for a brand new episode
• 1:24:00
  of Simply Bitcoin Live. Today's episode was brought to
• 1:24:04
  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:24:08
  mission to enable financial independence.