Latest / Simply Bitcoin / Michael Saylors Latest $1B Bitcoin Buy Changes Everything | EP 1482

Transcript

Michael Saylors Latest $1B Bitcoin Buy Changes Everything | EP 1482 · Simply Bitcoin

• 0:02
  MicroStrategy has started the week by buying another 14,000
• 0:07
  Bitcoin yesterday and then we woke up this morning to stretch
• 0:12
  buying even more Bitcoin with them already nearly up to
• 0:15
  another billion dollars of Bitcoin bought today, which has
• 0:20
  got me thinking and keep I keep reiterating this point is
• 0:24
  Michael Saylor single handedly ending the Bitcoin bear market
• 0:28
  and has Stretch fundamentally changed everything?
• 0:32
  Guys, it's truly incredible what we're seeing with stretch right
• 0:36
  now. At first I really didn't
• 0:38
  understand the product. I'm like, OK, another strategy
• 0:41
  product, another, you know, Bitcoin equity.
• 0:44
  Like what? What's this mean?
• 0:45
  It doesn't mean anything, but as I said last week when he
• 0:49
  literally bought $1 billion throughout the whole week, the
• 0:52
  entire week like it, this feels like if it goes even more
• 0:57
  exponential this that everything has changed and here we are.
• 1:02
  Monday comes around literally less than 48 hours later and
• 1:06
  he's bought a billion dollars in one single day and looking like
• 1:10
  he's going to buy another billion today.
• 1:12
  Anyways guys, before I get into the source material, I am here
• 1:15
  with our boy Kent Halliburton, CEO and Co founder of SAS
• 1:18
  Mining. So Kent, always a pleasure bro.
• 1:20
  I know Nika's been ditching us every time, but hey, we'll,
• 1:23
  we'll, we'll make do with us man.
• 1:25
  So anyways, here is strategies Twitter and they go record day
• 1:29
  for STRC, $1.1 billion in daily traded volume, up 46.5% from
• 1:39
  previous high. Yeah, you heard that right,
• 1:40
  guys. It's up 50% basically from their
• 1:43
  last previous high. The amount of capital flowing
• 1:48
  into Stretch, or rather maybe the amount of interest from
• 1:50
  institutions, from investors into this Stretch product,
• 1:54
  Again, the fixed income product that gives you an 11 1/2% yield
• 1:58
  on it. It seems like it's catching
• 2:01
  storm, guys. It seems like it's really making
• 2:04
  some waves. And I know Sailor's been looking
• 2:06
  for this iPhone moment for a while.
• 2:09
  It's almost like he may have just found it.
• 2:11
  It it's truly incredible what we're watching here.
• 2:13
  But again, I think the stark contrast here is last week and
• 2:19
  probably the best week they ever had was stretched.
• 2:22
  They bought a billion dollars throughout the whole week.
• 2:25
  The week before it was somewhere around like 700 million on a
• 2:28
  short week. Last week, a billion dollars.
• 2:31
  Now it seems like he's buying a billion dollars a day in
• 2:35
  stretch. And I did see some comments in
• 2:38
  the chat on one of our shows Friday like, oh, here's here
• 2:41
  they are again talking about the supply shock.
• 2:44
  Well, guys, it looks like it's happening.
• 2:46
  It looks like Sailor is literally buying up all the
• 2:48
  Bitcoin and finally the Bitcoin price is reacting to it.
• 2:53
  And it reminds me of one of Sailor's tweet.
• 2:55
  He he posted about, I don't know, a month or so ago.
• 2:57
  And he's like, there's a time delay from when we buy Bitcoin
• 3:00
  and when the price goes up. Well, it looks like now we are
• 3:04
  in the very short delay of the market reacting to these Bitcoin
• 3:10
  buys because again, let's not forget strategy stretch sailor.
• 3:15
  Just one man is buying more Bitcoin than all of the Bitcoin
• 3:19
  supply daily. And then of course, we all know
• 3:23
  the 100K was a psychological point for a lot of people.
• 3:25
  It was the I made it moment for a lot of the Bitcoin.
• 3:28
  Oh geez. And it seems like that selling
• 3:31
  has finally been exhausted. It seems like there's not that
• 3:33
  many people left selling Bitcoin currently and literally one
• 3:38
  company's buying them all up. So again, let's go over to
• 3:42
  here's Bitcoin corporations.com/S TRCATM
• 3:45
  tracker. And this is today's amount to
• 3:49
  buying. I've been referencing this
• 3:52
  interest here that literally in the 1st 30 minutes, first hour
• 3:56
  of the market opening, in that one hour, sailors buying more
• 4:00
  Bitcoin or Stretch, sorry, or the investors that are
• 4:03
  interested in the Stretch product are buying more Bitcoin
• 4:06
  than the total daily mind volume.
• 4:10
  So this is for today. I will if you want me to, I'll
• 4:12
  cover what he did yesterday. It's actually at the bottom of
• 4:15
  this, but for today, these are the updated estimated acquired,
• 4:21
  you know, buys from stretch in Bitcoin and now it's it's up to
• 4:24
  8886 Bitcoin. And you can see down here at the
• 4:27
  bottom, which is probably the crazier number.
• 4:29
  Just today sailors bought 19.8 times the daily supply, 19.8
• 4:36
  times the total Bitcoin mined a day is what is being attracted
• 4:41
  to stretch now going down here you can see the weekly this
• 4:46
  week. How much Bitcoin total volume
• 4:49
  yesterday 1.2 billion or 1.1 something billion today, 838
• 4:54
  million in the week so far already bought 2 billions.
• 4:58
  We're already 2X what he did all of last week in the first two
• 5:01
  days. The real question here is, is
• 5:05
  this interest in the STRC product going to increase?
• 5:10
  Is there going to be literally a billion dollars of Bitcoin
• 5:13
  bought a day from here on into the distant future from one
• 5:17
  company? And what does that mean for
• 5:20
  where we are currently in the Bitcoin price?
• 5:22
  If you guys are watching, I'm not going to do TA.
• 5:24
  Actually, me and me and Kat were kind of joking that we might do
• 5:26
  TA. Nico, Nico, I I'm just saying as
• 5:29
  a miner, I am trying to keep up with sailor, you know?
• 5:32
  Yeah, yeah. Let let's hear from the minor
• 5:33
  perspective. I just want.
• 5:34
  To. Keep you guys $2 billion two
• 5:37
  days. He's producing he's that means
• 5:40
  20X what the miners are producing.
• 5:43
  You just cannot do that for very long before the price reacts.
• 5:47
  And we're seeing it react right now.
• 5:49
  But like wait until the momentum buyers come in, right?
• 5:52
  Like we are at the phase in the market where we're in seller's
• 5:54
  exhaustion mode. That means there's not many
• 5:56
  people selling against Sailor here because all the weekends
• 5:59
  are out, right? So that means as he buys, he's
• 6:02
  starting to push up the price. But guess what happens next?
• 6:05
  When the market starts to get bullish momentum, traders step
• 6:08
  in and then they start to push that.
• 6:10
  So then the price starts to move even faster.
• 6:13
  Now, I'm not going to say that two days in a row makes a trend.
• 6:16
  I think we need at least three dots before we can draw a line.
• 6:19
  But the direction here is highly, highly positive.
• 6:23
  And you know, the thing that this sailor's purchasing
• 6:26
  behavior reminds me of Opti is the old Archimedes quote.
• 6:30
  You know, if you give me a lever long enough and a fulcrum on
• 6:33
  which to put it, I'll move the world.
• 6:35
  It feels like that that lever right now is Sailor with this
• 6:39
  stretch strategy where he's leveraging the fact that people
• 6:42
  are greedy about wanting more dollars, right?
• 6:45
  That's why people are investing, because they want their 11 1/2%
• 6:47
  dividend. They want dollars.
• 6:49
  They don't see Bitcoin as money. So yeah, give me the dollars,
• 6:52
  please. And that's causing him to do
• 6:54
  this aikido move where he's using that greed for dollars to,
• 6:58
  to to, you know, service his self-interest in getting more
• 7:02
  Bitcoin. And then that drives the price
• 7:04
  of Bitcoin up. And then that makes it easier
• 7:05
  for him to get his 11 1/2 percent.
• 7:08
  So that's the lever. The fulcrum is Bitcoin itself,
• 7:10
  right? And, and the world he's moving
• 7:12
  is the dollar. And I think unless the US
• 7:16
  government just steps in here at a certain point in time, this
• 7:19
  literally is going to break the dollar.
• 7:22
  And I guess I, I will be happy. I, I'm not going to come out
• 7:28
  super anti dollar here, but I, I got to say that's not a bad
• 7:31
  outcome if Bitcoin just winds up hyper Bitcoin anything here
• 7:35
  because of direction the, the long lever it's representing.
• 7:39
  Yeah, no, 100%. And well, I, I'm a, I'm a here
• 7:43
  actually. Let me let me pull this off
• 7:44
  before I cover a little more because I, I think I'm a little
• 7:48
  less bearish on the dollar demise right now with what we've
• 7:52
  seen in the Middle East. And, and I, I think I will cover
• 7:55
  a little bit in the numbers here.
• 7:57
  But I'm more of the idea that I think we will have Bitcoin in
• 8:02
  dollars. I'm more of the, you know,
• 8:04
  bimetalism phase kind of guy that that's probably where we're
• 8:08
  going to be for a while. But what we are seeing here and,
• 8:11
  and you are right and I know Sailor doesn't like to call it
• 8:14
  this, but we are seeing a speculative attack right now on
• 8:17
  the dollar. And I and I think this stretch
• 8:18
  product, whether people know what's happening or not, like
• 8:23
  you said, they're falling into the greed of they just want more
• 8:26
  dollars and Sailor is using that greed against them.
• 8:29
  And so we are seeing a speculative attack.
• 8:32
  Now I know Sailor doesn't like to say that, but that's exactly
• 8:34
  what's going on with strategy with the common stock MSTR, with
• 8:37
  what's happening with STRC and all these other products.
• 8:40
  It's like this is without a doubt a de facto speculative
• 8:43
  attack on the dollar. You basically, you know, you
• 8:46
  take out or you use dollars to get more Bitcoin and you use the
• 8:50
  incentives of the Fiat system to acquire more Bitcoin.
• 8:54
  And in the long term, we all know that the dollar is going to
• 8:57
  lose purchasing power. But while you were talking, it
• 9:00
  really triggered the idea in my mind of like the great man
• 9:03
  theory. I I don't know if the great man
• 9:05
  theory is necessarily, you know, it's not, it's still a theory.
• 9:09
  And if you guys don't know the great man theory, the idea is
• 9:11
  that the end in certain moments in history, there is just a
• 9:15
  single person on planet Earth that fundamentally changes the
• 9:19
  course of history. Now, I don't know if sailor's
• 9:22
  that guy. I don't even know if the theory
• 9:24
  withstands. But I do like the idea of the
• 9:27
  great man theory And like you're saying, Saylor is is using the
• 9:32
  tools at his disposal right now to fundamentally shift the
• 9:36
  course of history. And we're all watching it in
• 9:38
  real time. And I think This is why I am so
• 9:41
  mind blown by why we're seeing with stretch.
• 9:43
  And again, you guys know me, I'm a Bitcoin and self custody kind
• 9:46
  of guy. I don't recommend these products
• 9:49
  unless you you know, you have, I know very specific like needs
• 9:55
  that you would need these products.
• 9:57
  But Sailor again, and and I'm speculating here.
• 10:01
  I don't know. We we won't know until we can
• 10:04
  look in hindsight, but it does seem like Sailor is
• 10:07
  fundamentally changing the game. What's he's been saying for so
• 10:10
  many years like all our models are broken.
• 10:13
  I think now we are like we are totally in uncharted territory
• 10:17
  overall, in general, yes, we still have kind of the four year
• 10:21
  cycle meme, but Sailor's been saying 4 year cycle is dead and
• 10:24
  now you know we are in a bear market, but it's not an 80 to
• 10:28
  70% bear market. Do we even consider it a 45%
• 10:33
  drop a real bear market or is this just like a standard market
• 10:36
  correction? Are the Bitcoin cycles quote
• 10:40
  playing out differently now? Are we in I I don't want to say
• 10:44
  it, guys, I don't want to say it.
• 10:46
  I don't want to say The Dirty S word here, but is it super cycle
• 10:49
  territory? You know, as you can tell, I'm
• 10:51
  getting a little more bullish here on the show.
• 10:54
  I don't want to say this time is different, but man, it, it's
• 10:57
  truly, it is truly mind blowing what is happening with STRC or
• 11:03
  rather maybe the interest into this product.
• 11:07
  And if this continues, that's like the big, the big idea here.
• 11:10
  If this continues, it's a big if.
• 11:12
  If this continues, if this does accelerate, you know, maybe it's
• 11:17
  not going to be just $1 billion a day like Kent was saying, 2
• 11:21
  days is not enough information to really see a trend here.
• 11:25
  But we are starting to see, hey, second day, basically another
• 11:29
  billion of vibes into stretch. We have two weeks now with at at
• 11:35
  least a billion dollars a buy. Next week's going to be very
• 11:39
  interesting if we come out and he also hits that billion dollar
• 11:42
  buy. So maybe it's not a billion
• 11:44
  dollars a day being bought, but a billion dollars a week just
• 11:47
  through this product. I, I, it's hard to imagine a
• 11:52
  world where we have someone buying a billion dollars a
• 11:55
  Bitcoin a week or a billion dollars a Bitcoin a day, 450
• 11:59
  Bitcoin mined a day, literally buying 20 extra supplies
• 12:02
  basically weekly or daily. That that's a demand supply.
• 12:06
  Economics just don't make sense in this world to say, Oh yeah,
• 12:09
  we're going to have another Black Swan leg down.
• 12:12
  It's going to 40K. You know, hey, I know Nikka was
• 12:15
  right about the four year cycle, but maybe I'm right about us not
• 12:18
  going to 30K. And the chat would be like, OK,
• 12:21
  hey, look, Opti was wrong. We'll forgive him for not
• 12:24
  realizing that October was the top, but he was right.
• 12:26
  We aren't going down to 40K, so maybe we're both right.
• 12:29
  That's why you need Nico and I on the show, because, you know,
• 12:33
  he called one thing, Riot, I got it wrong.
• 12:36
  He called one thing wrong, I got it right.
• 12:38
  Hey, it's a perfect balance here.
• 12:40
  Well, since I, I, I always see you now.
• 12:41
  I'm not Nico anymore. I'm, I'm, I'm going to say I'll
• 12:44
  forgive you. I'll forgive you the the, the,
• 12:49
  the, the, the reality here is though, you know, as you were
• 12:52
  talking, I'm sitting here scratching my head and like, you
• 12:54
  know, there's always been the, the buyer of last resort that
• 12:58
  has represented the bid that sort of catches price.
• 13:01
  I don't know if you're familiar with that, that language, but
• 13:04
  like there's always been that like hardcore bitcoiner that
• 13:07
  shows up that starts buying in bulk at the bottom.
• 13:10
  And that's what sets the next price floor.
• 13:13
  And if you look at it, it seems like the the bid, the buyer of
• 13:18
  last resort this time is sailor, right?
• 13:20
  He is now the bid. And what's really cool if you
• 13:22
  think about it, is it was a bunch of incremental, you know,
• 13:26
  small plebs basically that were set in the floor before.
• 13:29
  But now here's this institutional buyer that's
• 13:32
  setting the, the the floor like that is a radical difference.
• 13:35
  And that's like a a magnitude scaling order for bitcoins
• 13:38
  adoption, right? Maybe it's just Sailor, but
• 13:40
  guess what, guys? The next cycle.
• 13:43
  And I don't think cycles are dead.
• 13:45
  Now the question is this a four year, six year cycle, super
• 13:48
  cycle, you know whatever superlative you want to put in
• 13:50
  front of the word cycle like cycles are not dead.
• 13:53
  There is going to be both phases and bare phases.
• 13:58
  And I think, you know, with the next time we will get to this
• 14:00
  bare phase, let's say it is four years, if we are in a four year
• 14:04
  cycle, just for the sake of argument, instead of being one
• 14:08
  sailor, I promise you guys there will be multiple Sailor esque
• 14:11
  figures setting that that institutional bid.
• 14:13
  Hey, it might even be a sovereign nation state.
• 14:15
  You know, let me just while out for a minute.
• 14:18
  That's maybe where we go. So it's cool to see that the
• 14:22
  floor is no longer having to be set by just the plebs, that
• 14:26
  we've got some some big boy capital entering the ring here
• 14:29
  to help us out. Yeah, I mean, and, and what you
• 14:32
  said is one of the things that a lot of us have been speculating,
• 14:37
  I've been saying it on the show for a while, is I, I truly
• 14:40
  believe that we do not fully understand what an infinite bid
• 14:45
  means for Bitcoin. And we're starting to kind of
• 14:48
  grasp this idea like what it means to have someone with high
• 14:51
  conviction or multiple people with high conviction, as you
• 14:55
  said, buying billions of dollars or half billion dollars or
• 14:59
  hundreds of millions of dollars of Bitcoin a day.
• 15:02
  That fundamentally changes all of our models because we've
• 15:05
  never seen that in the past. And the other thing I've been
• 15:08
  saying, and we kind of got everyone mad in the chat,
• 15:11
  they're like, does anyone even buy Bitcoin because the price
• 15:14
  has been going down? It's like everyone out here is
• 15:16
  talking about, oh, we're bitcoiners, we're buying
• 15:18
  Bitcoin. I think they're just kind of,
• 15:20
  you know, using us as exit liquidity because why isn't the
• 15:24
  price going up if we're seeing all of these Bitcoin buys?
• 15:27
  Well, again, there's been a lot of sellers.
• 15:29
  We've been covering the idea of of there's been a lot of
• 15:31
  sellers. Now we're seeing that we might
• 15:34
  be at the point where we are seeing a very short delay in
• 15:38
  like market reflexivity. It's like when you see a huge
• 15:41
  buy if we are breaking out currently and and I don't think
• 15:45
  we're going to do TA today Kent, but we were talking earlier chat
• 15:49
  and we're like hey, you know the TA is looking pretty good.
• 15:52
  The downtrend is broken. We're above the 50 day moving
• 15:56
  average. We're above the May 2024 kind of
• 16:00
  high. That was the resistance for a
• 16:01
  little bit. It is feeling a little frothy
• 16:04
  here. And is Sailor the guy that
• 16:07
  literally changed the course of this bear market, Is he
• 16:10
  literally changing the course of Bitcoin trajectory?
• 16:13
  And I also believe kind of what you're saying, it's like we
• 16:17
  don't know what the cycles are going to be moving forward.
• 16:21
  But what we do know is there will be some form of cyclical
• 16:25
  nature in Bitcoin, whether it's a macro grand cycle, you know,
• 16:29
  hyper bitcoinization super cycle, however you want to call
• 16:32
  it. Like there will still be boom
• 16:34
  and bust in Bitcoin for the, you know, significant future until
• 16:38
  the whole world's on Bitcoin. And it's just like that gradual,
• 16:41
  you know, stable, wait, sorry, gradual, stable climbing thing
• 16:46
  as the world gets more productive.
• 16:48
  But it it's truly incredible what we're seeing right now.
• 16:50
  And I know a lot of hardcore Bitcoiners, excuse me, that are
• 16:53
  just like self custody Bitcoin, bro.
• 16:57
  I know that they're not the biggest fans of sailor.
• 17:00
  I think everyone's just like, man, I wish I had more money
• 17:03
  because Sailor's buying up all the Bitcoin right now.
• 17:05
  But the point that you said, I think a lot of us haven't fully
• 17:09
  cemented in our mind is, guys, retail is no longer in control.
• 17:13
  You can you can be mad about that.
• 17:16
  We can complain about it. Or you just realize, hey, all I
• 17:20
  got to do is just try to acquire more Bitcoin.
• 17:22
  If I'm selling Bitcoin right now, you're selling it literally
• 17:25
  to the big banks and sailor, if you're not buying Bitcoin, then
• 17:29
  you are losing market share to the big boys, you know, the big
• 17:32
  banks and Michael Saylor. Like the only thing you can do
• 17:35
  right now is either complain about this or try to acquire
• 17:38
  more Bitcoin And then just kind of strap in and have fun and
• 17:43
  enjoy the ride. Because we Bitcoiners, the
• 17:46
  average individual, I don't think is anywhere close to being
• 17:49
  in control to how the price moves anymore.
• 17:51
  So let me, let me just make a, a couple of quick points on this
• 17:54
  'cause I think it's important Opti, I think we've introduced a
• 17:57
  new risk into the chat room and that that risk is 61 O2, right?
• 18:03
  I think, I think we need more sailors, not less, because right
• 18:07
  now he's on a boat carrying one person, right?
• 18:11
  Like that is not safe from A61-O2 attack.
• 18:14
  And I promise you, if this continues to be another Billy a
• 18:18
  day for multiple days on end here and it really starts to,
• 18:22
  you know, show that the emperor is naked, meaning that the bond
• 18:25
  market is absolutely naked. the US federal government will get
• 18:29
  involved. And I don't like how that looks.
• 18:32
  And that is a risk. I don't know how it plays out,
• 18:36
  like literally don't, but we need more institutions to show
• 18:40
  up here. That way that risk is is spread
• 18:42
  out and that is what we are giving up.
• 18:44
  And I don't think there is any way around that.
• 18:46
  So I'm not crying over spilled milk here at all.
• 18:49
  Like there was never going to be a way for us to move Bitcoin to
• 18:53
  hyper bitcoinization just with retail capital.
• 18:55
  The big boys had to come in, they had to get involved, they
• 18:58
  had to buy. And so I don't think that there
• 19:00
  is any way to avoid the outcome that we're going to.
• 19:02
  But by gosh, if we don't need like the the the socks and the
• 19:07
  cooks of the world and the Fang, the Elon's to start showing up
• 19:10
  and buy into that way, you know, we can we can outflank the US
• 19:14
  federal government before they decided to come after sailor.
• 19:17
  And if that happens, I mean, it won't be the end of the world
• 19:19
  for Bitcoin, but it might be the the next market top.
• 19:22
  We'll just see see how it all plays out here.
• 19:24
  But the second point I want to make is, is more just about what
• 19:27
  you're saying about the great man theory.
• 19:29
  And I think that you guys all heard it here first, folks.
• 19:33
  Opti just called Sailor the the next Alexander the Great.
• 19:38
  To be clear, I did not. Actually say.
• 19:41
  That OK, but I I you got George Washington, George Washington
• 19:47
  whatever quote me whatever quote me.
• 19:48
  I don't care clip it. I I don't care, but but while
• 19:52
  you were talking, it did it didn't remind me of, you know, a
• 19:55
  lot of people trolling and maybe the cynicism amongst bitcoiners
• 19:59
  in this bear market that strategy is the real.
• 20:02
  Bitcoin, what's it strategic reserve that they're just going
• 20:06
  to take all of this Bitcoin he's been stacking.
• 20:08
  That's why they let him stack so much is because they know that
• 20:11
  yeah, that's our Bitcoin. It's not really sailors Bitcoin,
• 20:14
  which really does come into the like the main fight here.
• 20:18
  We as we always say, you know, self custody Bitcoin is the
• 20:22
  revolution. I totally understand why people
• 20:27
  find a need in their portfolios for these quote Wall Street
• 20:31
  products, however you want to name it, but that is the main
• 20:34
  threat here. Yes, you might get, you know, a
• 20:38
  leverage play on Bitcoin if you buy strategy, if you buy STRC,
• 20:42
  etcetera. But that is the trade off that a
• 20:45
  lot of people do not really factor into why they should hold
• 20:49
  Bitcoin over a MSTR whatever. And that's not to say that
• 20:53
  Sailor's a bad guy or any or like by any means saying that.
• 20:57
  That's just the idea. Hey, why was Bitcoin created in
• 21:00
  the 1st place? It says in the white paper, you
• 21:03
  know, money works on the Internet so far as you use a
• 21:06
  trusted third party, whether you like sailor or not, strategy is
• 21:11
  a trusted third party here. So like that is the
• 21:13
  philosophical divide here. I think there is a place for
• 21:16
  both of these in your portfolio. Obviously Bitcoin in self
• 21:20
  custody and maybe you want to, you know, 12X levered play on
• 21:23
  Bitcoin because you think it's going to take over the world.
• 21:25
  You want to get a little more gain.
• 21:27
  I totally understand that. But that is probably the idea
• 21:31
  that is lost on most people because as you said in the
• 21:34
  beginning of the show, Kemp, a lot of people are getting caught
• 21:36
  up in the greed of I just want more dollars.
• 21:39
  Well, hey, we you got to remember history and history
• 21:43
  doesn't, you know, repeat, but it does often rhyme and we've
• 21:46
  seen things like this happen in the past.
• 21:48
  So that's just one of those things that we definitely have
• 21:50
  to continue to talk about. But hold on.
• 21:52
  Let me rewind a little bit 'cause I still have more numbers
• 21:55
  for you guys. So let's check this out guys
• 21:58
  here is again, this is Bitcoin corporations.
• 22:01
  You saw 2 billion, but let's go over to sailor tracker here.
• 22:06
  Now he is close to $60 billion in Bitcoin.
• 22:12
  I saw Poly market odds this morning saying that I think the
• 22:16
  odds to him getting about 800,000 coins by the end of this
• 22:20
  month are at like 85%. So look his his stacking has
• 22:25
  accelerated and you can see the buy from yesterday, but it
• 22:29
  wasn't 14,000 exactly, but it was 13,927 Bitcoin for roughly a
• 22:35
  billion dollars last week. Wait, do I have this last week
• 22:40
  by I think it was Oh no, they're OK.
• 22:44
  Anyways, last week he basically bought all of that in one week.
• 22:49
  Now the next conversation here is not, is Sailor just going to
• 22:55
  get to $1,000,000 for or sorry, a million Bitcoin for strategy's
• 22:59
  holdings? But when is Michael Saylor's
• 23:02
  strategy going to pass a Black Rock's I bit because it's
• 23:06
  getting close here, guys. Oh Dang, hold on.
• 23:10
  It's getting very close here. By the numbers.
• 23:13
  I don't know, maybe we should be taking Poly market bets on when
• 23:17
  Strategy's going to pass. I bit and I think if we do see
• 23:21
  that happen, there is a fundamental conversation to be
• 23:25
  had here because I I was talking yesterday with Nico on what
• 23:30
  we're seeing. I don't know if you saw this
• 23:31
  news, Kemp, but yesterday we saw Morgan Stanley essentially
• 23:35
  announced that they wanted to become a Bitcoin bank.
• 23:38
  I know a lot of people are saying that strategy sailors end
• 23:41
  goal is eventually to be the de facto Bitcoin bank.
• 23:44
  He's basically doing the, you know, Bank of England play, but
• 23:48
  with Bitcoin. And while I was kind of thinking
• 23:52
  through that process, one of the ideas that I had was even though
• 23:58
  these institutions were 15 years late to Bitcoin, they still seem
• 24:02
  to have a lot of influence in the market.
• 24:05
  They're still able to attract a lot of Bitcoin.
• 24:07
  And there is a real threat for a lot of us Bitcoiners that have
• 24:11
  been in this for a long time that are making Bitcoin products
• 24:14
  to just completely get our our lunch eaten by these big dogs
• 24:18
  because people still trust them. But I think if strategy is able
• 24:22
  to surpass ibit, that's one of those data points to show that,
• 24:25
  hey, if you do the product, if you create the Bitcoin product
• 24:30
  with the true Bitcoin ethos, the market will, you know, you will
• 24:35
  win in the market. So I think if this happens very
• 24:38
  soon, I think that's going to be a very significant kind of data
• 24:42
  point here, like strategy passes Blackrock's holdings, you know,
• 24:46
  like Larry Fink might have some competition out there and he is
• 24:50
  a bitcoiner. You just, you kind of just love
• 24:52
  to see it. So I'm, I'm actually rooting for
• 24:54
  him to pass ibit again, I am a little concerned, like you said,
• 24:58
  of him holding so much Bitcoin. I'm like, I see these buys.
• 25:02
  My first thought is, man, this is incredible.
• 25:04
  My second buy. My second thought is like, hey,
• 25:06
  yo, sailor, leave some Bitcoin for the rest of us, bro.
• 25:08
  Like what's going on here? You're you're going to make the
• 25:11
  price start ripping and you're going to be the only one with
• 25:14
  Bitcoin. I need to buy some more Bitcoin.
• 25:16
  You know, I'm not complaining. I'm just like, Dang, I really
• 25:18
  need to buy some more Bitcoin. He's taking them all.
• 25:20
  Take some Bitcoin. So here's here's the thing
• 25:23
  though, Nico, the, the way I, I think about this is, yeah,
• 25:26
  Larry, Larry Fink having getting upended by Sailor I, I think is
• 25:31
  a wonderful thing for the marketplace.
• 25:33
  I, I don't know if Larry is used to that.
• 25:35
  And so I'll be curious to see his reaction to be in second
• 25:38
  place. So that would be a healthy,
• 25:39
  healthy outcome to watch. But I think here's the thing,
• 25:42
  Wall Street is late to this game, right?
• 25:45
  If you go look at all the Bitcoin that's out there, you
• 25:48
  know, we're up to 1920 million total that's been mined at this
• 25:53
  point. I forget the exact number.
• 25:54
  I know we crossed the threshold recently, yeah, over 20 million
• 25:57
  because we have less than 1,000,000 left to be mined.
• 25:59
  The The thing is, the majority of all that Bitcoin right now,
• 26:03
  what we're talking about is a slice, a slice of the the
• 26:06
  Bitcoin available pie. The rest is all of private
• 26:09
  wallets. And so when you look at that,
• 26:12
  basically the plebs have already won the game as long as they
• 26:15
  continue to sit on and hold the Bitcoin in self custody like the
• 26:19
  games already won. What's being fought over is the
• 26:22
  froth up at the top and that that right there is, you know,
• 26:26
  we need to as a community, continue to purchase and self
• 26:29
  custody and not participate in these products to the greatest
• 26:32
  degree. But the value of what they have
• 26:35
  is just the top. And I think it's like 15 or 20%
• 26:38
  of all Bitcoin and supply. I could be totally, I could be
• 26:42
  off the mark a bit on that number.
• 26:43
  So please double check and look that up.
• 26:45
  But what always strikes me about Bitcoin is this was the first
• 26:49
  product in Wall Street's history where the plebs front ran the
• 26:53
  Wall Street market, right? Wall Street's trying to play
• 26:56
  catch up fundamentally on the rest of us.
• 26:58
  And that is a fundamentally unique and different power
• 27:01
  dynamic. And I think that ultimately it
• 27:03
  causes Bitcoin to be a a Trojan horse for Wall Street.
• 27:08
  And a lot of the Wall Street vets, I think have been
• 27:09
  thinking, Oh yeah, we're digesting Bitcoin like every
• 27:11
  other product we have out there. And I don't think that that's
• 27:14
  the case at all. I think Bitcoin is in the
• 27:16
  process of digesting Wall Street and they just don't realize it.
• 27:19
  Yeah, No, I, I think that's a great point because as we start
• 27:24
  to walk down this path of Bitcoin being financialized, and
• 27:30
  it could just be a symptom of the bear market, you know, I,
• 27:32
  I've been feeling demoralized. I think everyone's been feeling
• 27:36
  demoralized. We all expected a lot more in
• 27:38
  2025. But I, I think that's like a
• 27:41
  good point to remember that. Hey, look, Wall Street isn't
• 27:45
  here taking over Bitcoin. In reality, it's Bitcoin taking
• 27:49
  over Wall Street. It's just in this process, it is
• 27:51
  kind of messy. It's almost like it's not
• 27:54
  happening how we expected it to happen because a lot of people
• 27:57
  expected, hey, you know, 8 billion people are going to use
• 27:59
  Bitcoin and then eventually Wall Street's going to get in here.
• 28:03
  And, and what we're seeing is like retail is completely
• 28:07
  nowhere to be found, that they're asleep at the wheel.
• 28:09
  Bitcoin is at 75 K. The idea of, oh, I'll buy
• 28:13
  Bitcoin when it's on discount. Well, Bitcoin's on discount.
• 28:16
  No one wants to buy Bitcoin. And we're seeing institutions
• 28:19
  come in and buy a bunch of Bitcoin, created a lot of
• 28:22
  Bitcoin products. And people are like, we're
• 28:25
  having this, I don't know, cognitive dissonance right now
• 28:27
  where it's like, wait, is this, is this what winning feels like?
• 28:31
  Is this how we were supposed to win?
• 28:32
  Is Wall Street actually taking over Bitcoin?
• 28:35
  Or was this just the way it was going to always happen?
• 28:38
  And I, and I'm with you, I think the same thing because I don't
• 28:41
  know, I mean roughly depending on the numbers, it's like 2 and
• 28:45
  a half million Bitcoin on exchanges, 21 million Bitcoin or
• 28:49
  we could go 20 million Bitcoin. So what's that like maybe 10 or
• 28:53
  12%, maybe 15 at the highest of the amount of Bitcoin that are
• 28:57
  being traded. I think the last numbers I saw
• 29:00
  it was somewhere around 60% of all the Bitcoin is held by
• 29:03
  individuals. So the other what 30% is being
• 29:09
  held by institutions and public companies.
• 29:13
  Like people forget that the majority of Bitcoin is held by
• 29:16
  individuals. But we're we're getting caught
• 29:18
  up with all of these numbers. We're getting caught up with the
• 29:20
  headline, Hey, Wall Street's here.
• 29:21
  They want your Bitcoin. They're buying billions of
• 29:23
  dollars of Bitcoin a day. And you're just like, man, I
• 29:27
  didn't like, is this what winning feels like?
• 29:29
  Are we being Co opted? Is Bitcoin really what we
• 29:31
  thought it was going to be? And we just always forget the
• 29:35
  most most of the Bitcoin is being it's held by people.
• 29:38
  And that's what Kent saying it's like we did kind of already win.
• 29:42
  Now I don't to be fair, Ken, I don't really like the idea of
• 29:45
  Bitcoin has already won because I feel like it makes us
• 29:48
  complacent and I. And I know.
• 29:50
  You know, I, I, I want everyone to be prepared to be in this for
• 29:55
  five to 10 years minimum. Like it's not a Sprint, it's a
• 29:59
  marathon. So I also believe like Bitcoin
• 30:01
  is 1, but I, I don't like to say it too much because it like I
• 30:05
  can feel it. I'm like, all right, well,
• 30:07
  Bitcoin won then I don't got to do anything.
• 30:10
  I don't have to show up. I don't I, you know, I, I can
• 30:12
  just get complacent. I can go drink Mai Tais on the
• 30:14
  beach and I, I have to, I have to make sure that I'm locked in
• 30:18
  every day ready to show up and drink a lot of coffee and geek
• 30:22
  out or else, I don't know, I, it feels like what, why are we
• 30:25
  doing this? If we.
• 30:26
  Already. Niko, let me.
• 30:28
  Opti, I just called you Niko. I'm sorry.
• 30:30
  Opti. Let me.
• 30:31
  Let me. Let me.
• 30:32
  Let me. Let me, I would give you my take
• 30:33
  on that because I actually I, I feel very strongly about this
• 30:36
  point and I think most of the Bitcoin community gets it wrong
• 30:39
  by separating it as an either or statement instead of both and
• 30:43
  statement. Bitcoin has already won and it
• 30:46
  has to be fought for and those seem contradictory at first, but
• 30:51
  fundamentally what Satoshi did was figure out how to leverage
• 30:57
  human self-interest. Every single actor on the
• 30:59
  Bitcoin network works to their maximum self-interest and the
• 31:03
  network and the price goes up. That is how Bitcoin works.
• 31:06
  Now what that means is if you are a holder of Bitcoin, you
• 31:10
  need to work to yourself interest and fight for Bitcoin
• 31:13
  so that it does not get overtaken.
• 31:16
  But guess what? It's the social layer that
• 31:18
  causes Bitcoin to win and I am 100% convinced in our social
• 31:22
  layer having the conviction and the commitment to serve their
• 31:25
  self-interest, which causes us to win.
• 31:28
  So it's a it's a knock on effect.
• 31:30
  They're winning and it does not come without a fight.
• 31:34
  And we will fight because it's in our self-interest to do so.
• 31:38
  Mars, I love that reframing Kent love that reframing I see I see
• 31:44
  a good a good comment here by third gear pull, but I'm I'm
• 31:47
  I'll answer that after the break 'cause I I think it will kind of
• 31:51
  connect to what my next topic is so guys again, I I am going to
• 31:55
  have a little bit of an update on the Middle East.
• 31:58
  Of course it's really going to be more Bitcoin focus in the
• 32:01
  news. We got another huge announcement
• 32:03
  from Wall Street and then in the end, me and Ken are going to be
• 32:06
  talking about he's got a very interesting cool, I, I what what
• 32:11
  we call it a prop, cool prop that he got a bit block boom.
• 32:14
  We're going to have a cool conversation towards the end of
• 32:16
  the show. So that's today's show.
• 32:17
  I'll be right back after this commercial break and we will
• 32:21
  continue chatting about Bitcoin. Today's episode is brought to
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  stampseed.com store. All righty then guys, current
• 34:37
  Bitcoin price is 74,918. If you weren't watching the
• 34:42
  price this morning, we were in the 70 fives for a little bit
• 34:45
  and I don't I'm I'm not going to TA guys, I'm not going to TA.
• 34:48
  But hey, let's just say, you know, Bitcoin is in a is a very
• 34:53
  interesting spot right now. It's breaking some trend line.
• 34:55
  That's all you need to know. You know, don't trust verify.
• 34:58
  But hey, if you are ATA tarot card reading person, the TA is
• 35:04
  looking kind of frothy right now guys, it's getting a little
• 35:07
  bullish. Anyways, the discount from all
• 35:09
  time high is 40.6%. The market cap guys, wow, we are
• 35:13
  back at $1.5 trillion market cap.
• 35:15
  That feels pretty good. And the block height, TikTok
• 35:18
  next block 945,000 and 65, I repeat 945065.
• 35:24
  All right, guys, now I think what is the most interesting
• 35:29
  aspect of Bitcoin breaking out or potentially breaking out is
• 35:34
  if you put this in the context of the Iran war and what
• 35:38
  happened in the Middle East. Now shouts out to you Bitcoin
• 35:40
  Archie or archive. Sorry, our boy Archie over here
• 35:43
  and he goes Bitcoin is up 17% since the US Iran war started.
• 35:47
  It's outperforming stocks, gold and silver over the same period.
• 35:50
  Here you can see the chart. Bitcoin is the new safe haven.
• 35:55
  Now, kind of unpacking this a little bit, what I find to be
• 35:59
  the most interesting aspect of this is Bitcoin was the first
• 36:03
  thing to drop when the war was announced, or rather over the
• 36:07
  weekend. You know, over that one weekend,
• 36:09
  I think what was six weeks ago or 5 1/2 weeks ago when the US
• 36:14
  initially started this operation Mission War, whatever you want
• 36:18
  to call it, that Friday night when the bombs first drop,
• 36:23
  Bitcoin had a, you know, it went to 60, OK.
• 36:26
  It had a, it had a pretty epic drop.
• 36:28
  And we're like, oh, man, this is going to be absolutely brutal.
• 36:32
  I expected Monday that Bitcoin would drop even more because now
• 36:36
  we're in a war, a prolonged war. Who knows how long this is going
• 36:39
  to happen. Who knows what the implications
• 36:41
  are going to be. But we saw the opposite happen.
• 36:44
  We saw Bitcoin hold up very well.
• 36:46
  And people were yelling at me in the chat.
• 36:47
  They're like, how could you say Bitcoin's resilient right now?
• 36:50
  It's at 65 K. I'm like well, I expected Monday
• 36:53
  morning when the markets open that Bitcoin would drop even
• 36:55
  more. We haven't seen that.
• 36:57
  It's actually been relatively stable in that 65 to 70 K range
• 37:03
  Now after what we saw this morning, Bitcoin is seemingly
• 37:09
  leading the charge now. The idea here is essentially,
• 37:14
  are we seeing Bitcoin finally get back to what we've known it
• 37:18
  to be in the past, that it will lead all of the general
• 37:22
  geopolitical kind of world events.
• 37:25
  Whether it's a bad event, Bitcoin will usually drop first.
• 37:28
  Whether it's a good event, Bitcoin will usually start to
• 37:31
  pump First is this breakout that we're seeing 275 K, another
• 37:36
  indicator that Bitcoin is leading the charge.
• 37:38
  We've seen it finally kind of decorate, decorrelate from the
• 37:44
  Black Rock Software ETF, which it has had very strong
• 37:48
  correlation with. We're starting to see that
• 37:50
  decoupling. We're starting to see, hey,
• 37:52
  maybe decoupling right now for Bitcoin.
• 37:55
  Is it necessarily that Bitcoin goes up extremely?
• 38:00
  You know it like we see an Omega candle while everything drops.
• 38:03
  Maybe Bitcoin decoupling looks like everything dropping and
• 38:07
  Bitcoin kind of just staying where it is.
• 38:10
  And now we've gotten another dynamic here where it seems
• 38:14
  like, I don't know if you guys saw this morning, but it seems
• 38:16
  like I know the negotiations over the weekend in the US Iran
• 38:22
  war, they seem to have fallen through.
• 38:24
  It looks like this morning I saw some reports that maybe they're
• 38:28
  coming back on the table. Maybe the markets are starting
• 38:31
  to price in that, hey, the Strait of Hormuz closing might
• 38:36
  necessarily not even be that bad of an event.
• 38:39
  It might have been a planned event from Trump.
• 38:41
  And and you know me, I'm not a planned truster here, guys.
• 38:44
  I'm not AQ Anon Trump, you know, 5D chess guy.
• 38:48
  But one of the most interesting things that I saw over the
• 38:51
  weekend that I think is, is really maybe the signal here of
• 38:56
  what's actually happening is a lot of the oil tankers that were
• 39:00
  stranded in the Strait of Hormuz were rerouted into the US.
• 39:03
  They started to go into the Gulf of Mexico or wait, sorry, the
• 39:06
  Gulf of America and they're trying to get U.S. oil.
• 39:09
  Now It does seem like I I I saw this Instagram or it wasn't
• 39:15
  Instagram. It was on Twitter.
• 39:16
  And the title was some something on the lines of maybe Trump's
• 39:20
  plan was to lose the Iran war. And here's how this looks and
• 39:25
  essentially the idea again, this might be, you know, Q Anon 5D
• 39:28
  chess, Trump plan truster type stuff.
• 39:31
  But the idea to get the, I don't know, the resolution you wanted,
• 39:36
  which was the closing of the Strait of Hormuz.
• 39:40
  And what we've seen since that happened, since the initial kind
• 39:43
  of negotiations have failed, is that it looks like the US is
• 39:48
  becoming like the de facto U.S. oil exporter, basically routing
• 39:54
  around Iran, routing around that 20% that goes to the Strait of
• 39:57
  Hormuz. I saw I, I keep forgetting if
• 40:00
  it's Saudi Arabia or Qatar, but they just finished their
• 40:03
  pipeline so that they can get their oil everywhere else.
• 40:06
  It seems like the world has rerouted around the Strait of
• 40:10
  Hormuz as being the kind of, you know, one of the focal points
• 40:13
  for energy, obviously for. US in America, this is a good
• 40:17
  thing for other countries, say, you know, European and Asian
• 40:21
  countries, it's not looking so hot.
• 40:23
  And it does seem, you know, this is falling into the Tom Luongo
• 40:28
  camp, that, hey, maybe this was the de facto result that we
• 40:32
  wanted, that now the US is going to maintain dollar hegemony.
• 40:37
  If the world needs to come to the US for oil, what does that
• 40:40
  mean? It means the Petro dollar system
• 40:43
  can maintain, can continue to proliferate.
• 40:46
  So that's why I think I was super hesitant earlier to kind
• 40:49
  of jump in on the idea that, yeah, the dollar is dying here
• 40:52
  and it's losing control. From what I'm seeing in the last
• 40:55
  week, it seems like the US may have strengthened their dollar
• 40:59
  control. But at the same time, what are
• 41:02
  we seeing with Bitcoin? Bitcoin might be breaking out.
• 41:06
  Maybe, you know, things aren't as doom and gloom as everyone
• 41:11
  makes it out to be on Twitter. Maybe things are a lot more
• 41:14
  positive for everyone. And we're not gonna see a World
• 41:16
  War three. We're not going to see, you
• 41:18
  know, global economies crash. We're not gonna see oil crises.
• 41:23
  I was very adamant on the idea that we might be seeing, you
• 41:26
  know, energy lockdowns. It seems like, hey, maybe it's
• 41:30
  not as bad as we think it is. And or also maybe I'm just being
• 41:34
  optimistic because Bitcoin's frothy.
• 41:35
  It's at 75 K and I'm like hey dude.
• 41:38
  Oh, your name's Opti. Yeah.
• 41:40
  Oh, my name's Opti. I'm like, hey man, Bitcoin
• 41:43
  starts pumping and I start feeling a little better.
• 41:45
  I'm still a little hesitant right now.
• 41:48
  You know, there's still I guess a chance that we don't maintain
• 41:51
  this drink. But if we get to 80 K by the end
• 41:54
  of the week, guys, I'm going to be like losing my mind.
• 41:56
  I'm going to be like I told you guys, bull market is confirmed,
• 42:00
  bear market wasn't that bad, so let's just hope we get to 80 K
• 42:04
  and then watch. I say that and then it drops.
• 42:05
  But anyways, I, I don't want to rehash all that, you know,
• 42:09
  ranting and I guess mumbling that I did can't.
• 42:13
  But what do you think about the idea of, of Bitcoin finally
• 42:18
  doing what we all know what to do of, of it leading the markets
• 42:21
  of it being the first thing to drop because it is so saleable,
• 42:24
  because it is 24/7, 365 days a year.
• 42:28
  It's the first thing that reacts to good and bad news.
• 42:31
  And maybe this breakout is Bitcoin leading the charging
• 42:34
  once again, like we've seen it do in the past.
• 42:37
  And I know a lot of Bitcoiners kind of they have this new jerk
• 42:41
  reaction to the idea that Bitcoin does react to macro
• 42:44
  factors because it's, you know, parallel.
• 42:47
  You know, it's a parallel network, guys.
• 42:48
  And why are we trading based on Geo political macro factors?
• 42:53
  Like why do we care what the Fed thinks?
• 42:54
  And it's like, well, hey, guys, there's a lot of suit corners in
• 42:57
  the market. Bitcoin is a macro asset now.
• 42:59
  That's just something we have to deal with.
• 43:01
  Like Bitcoin is a macro asset now.
• 43:03
  So it will react to macro events, but it might be leading
• 43:07
  the charge currently. So I don't know.
• 43:08
  I, I'm, I'm ranting, I went too long, but what's your thoughts
• 43:11
  on this, Ken? Are we back to Bitcoin leading
• 43:14
  the charge and leading the markets well?
• 43:17
  I mean, let me give a different framing for how I think about
• 43:20
  this, which is which is that ultimately, like right now, we
• 43:26
  are seeing the Bitcoin holders dominate the market, right?
• 43:30
  We're out of sellers. And that's why we're seeing the
• 43:33
  buys by sailors start to cause the price to not just bottom,
• 43:37
  but now start to move up and to the right, right.
• 43:39
  That cohort that is at the bottoms, the macro bottoms,
• 43:43
  those people are the ones that have decided that Bitcoin is
• 43:47
  money and dollars in Fiat are not money, right?
• 43:50
  So they're not wishy washy. They're just in here holding
• 43:52
  Bitcoin because we we know it's inevitable.
• 43:54
  It's going up and to the right as compared to Fiat.
• 43:57
  So what happens is these macro bottoms, like I currently think
• 44:02
  we're in, even if there's another leg down, I'll still
• 44:04
  claim that this is one of those macro bottoming effects.
• 44:07
  I don't think we've got more than a leg down if we get it.
• 44:10
  And I agree with you like right now with kind of the the TA I'm
• 44:13
  seeing in my, my astrology for hombres, look at the the charts
• 44:18
  is that it is breaking out, right.
• 44:22
  And so that's a healthy thing, assuming it holds the breakout
• 44:25
  and doesn't fall back below. But all of that said, this is
• 44:29
  what happens when the long term convicted people are in the
• 44:33
  market setting the bid at the bottom is that they begin to
• 44:36
  separate from all the other markets.
• 44:39
  That is the hallmark that I've seen over and over again of
• 44:42
  multiple cycles here. So I've been in since late 2015.
• 44:45
  And every time the the screams for we're going to die, we're
• 44:49
  going to go down farther, happen at the bottom.
• 44:52
  And then you start to see the sellers get exhausted, the price
• 44:55
  sort of stabilize and then it goes up.
• 44:56
  And then people are like, Nah, Nah, Nah.
• 44:58
  It's just getting ready for another leg down.
• 45:00
  And then, you know, continues to pivot.
• 45:02
  But this is what it looks like when Bitcoin bottoms is the
• 45:06
  seller's exhaust. The price deviates from the rest
• 45:09
  of the markets and then we start to go up and to the right.
• 45:12
  And that's not a hard Omega candle situation at all.
• 45:15
  But it means that we start to grind it out and we start to
• 45:18
  head back for new all time highs.
• 45:20
  Too early to say that that is where we are.
• 45:23
  We need to not just break out here, but hold the breakout
• 45:26
  likely on the retest. But it is beyond like shoots of
• 45:30
  green moment here. From what I said, it's like, no,
• 45:33
  like OPS are looking good that this is this is turning here not
• 45:37
  you know everything's probabilities and not
• 45:39
  certainties, but probabilities are higher than 5050 here that
• 45:43
  the bottoms in from where I sit. Yeah, I'm, I'm, I'm with you.
• 45:48
  I also, I think I have like this running bat with Nico.
• 45:50
  I'm like, he can't be right. He can't be right twice.
• 45:52
  OK, so we're not going lower, but have we breaking out?
• 45:55
  I don't know, but hold on, I I do have to acknowledge a comment
• 45:59
  here. Our boy Familia Diaz in the chat
• 46:01
  says this level of plan trusting is disgusting.
• 46:03
  Bro, dude, I am not a plan truster.
• 46:05
  All I'm saying, and I said in the chat that the boats are
• 46:09
  going from the Strait of Hormuz to, to to the US.
• 46:12
  Look, that's what we saw happen, OK?
• 46:15
  I, hey, I'm not a plan truster. I'm just saying the boats are
• 46:19
  coming here. It's just interesting.
• 46:22
  Opti, let me let me let me make one, one comment about that as
• 46:24
  well. So I am not AQ Anon 5D chesser
• 46:27
  here. And I will say that Trump has
• 46:30
  got a way of navigating chaos that I think is particularly
• 46:33
  unique. And so I kind of think that he
• 46:36
  is a particularly unique leader when it comes to Pandora's box,
• 46:39
  which is kind of how I classify where we are right now is we're
• 46:42
  in a Pandora's mox moment where there's a lot of chaos, a lot of
• 46:46
  fog war. I don't really understand what's
• 46:48
  going on. I mean, the Doom Bird guy went
• 46:50
  into the Straits of Hormuz and came back with a very different
• 46:53
  story than any of us were hearing, really.
• 46:54
  What do you say? I didn't see that.
• 46:57
  Oh, you just how how things are being paid off and how ships
• 47:00
  were still being brought through.
• 47:03
  You know, he paid $15,000 to to ride in on a dinghy and see what
• 47:07
  was actually going on in the ground.
• 47:08
  Very interesting. But it was a completely
• 47:10
  different narrative than we were all hearing.
• 47:13
  So I don't think that there has been a time in human history
• 47:16
  where the fog of war has been worse than this conflict.
• 47:19
  And so I would be very cautious and I would caution anyone to to
• 47:23
  have any strong conclusion that's as to what's going on
• 47:25
  with the combination of propaganda coming from every
• 47:28
  military that's involved, combined with AI capabilities to
• 47:32
  both create visual and text content.
• 47:35
  Man, touch grass, guys. Let's see what happens.
• 47:38
  We're not in control. Yeah, no, yeah, yeah.
• 47:42
  The the, the fog of war misdirection that we are seeing
• 47:46
  you I think you said an interesting.
• 47:49
  We've never seen it like this bad if you want to use that
• 47:52
  framing. But like, we've, we're, what
• 47:54
  we're seeing is that fog of war, that misdirection, that
• 47:57
  propaganda is literally being used as part of the, the, the
• 48:01
  war that like it's being used deliberately as a tool.
• 48:04
  And the the closer you try to follow along on this, like the
• 48:08
  harder, more confusing it gets. But if you understand that what
• 48:12
  we're seeing is being used directly as a tool to misdirect
• 48:16
  us, to misdirect enemies, to misdirect allies, you start to
• 48:20
  understand what is, you know, maybe a little closer of how the
• 48:23
  mechanisms are working. But you did say something
• 48:26
  interesting. And I know a lot of people don't
• 48:27
  like to admit it, but without a doubt, whether you like Trump or
• 48:30
  not, he has fundamentally changed politics for forever.
• 48:34
  Just by the character that he is.
• 48:36
  It's, it's fundamentally different now because of who he
• 48:38
  is and what he's, you know, the, the character that he's been the
• 48:41
  last 10 years. Like things are different.
• 48:43
  And we've, we've all kind of adjusted to this new type of
• 48:47
  politician that if we go back to the old stuff, we're going to be
• 48:50
  mad anyways. It's like it, I think we're only
• 48:53
  going to accelerate and it's only going to get even more
• 48:55
  extreme because of the precedent.
• 48:57
  If if that could even the president of the new president.
• 49:01
  But yeah, things I think things are fundamentally different now.
• 49:04
  It's you. You've been around for Bit
• 49:07
  Connect. You were around for Bit Connect
• 49:08
  back in the day. I'm reminded of Carlos Matos.
• 49:10
  You know, we no longer live in the world that we once live or
• 49:13
  whatever the meme was. Man, good job.
• 49:15
  It's, it's, it's all, you know, our perceptions, you know, it's
• 49:18
  we're no longer in Kansas anymore.
• 49:20
  Toto And I, I think actually 50 years from now, I have this pet
• 49:24
  thesis that historians will look back on this time period and
• 49:28
  we'll label this as World War Three and they will say that it
• 49:31
  was the Spooks versus the people because it is that bad.
• 49:35
  The propaganda machine and the mind control and the neuro
• 49:38
  linguistic programming. I, I genuinely, I think that the
• 49:42
  outcome of everything that's going on is that it's going to
• 49:46
  be very hard to find sources of truth like you and Nico Opi and
• 49:50
  you're going to have to have people in your social graph that
• 49:52
  you've met in person. They're going to need to talk
• 49:55
  to. And otherwise most of us are
• 49:56
  going to drop off and go play analog games and probably enjoy
• 50:00
  life more when we do. Maybe that's just my, my hopeful
• 50:03
  thinking, but I really do believe at this point, and I'm
• 50:07
  happy to be proven wrong, that it's just my, my paranoia
• 50:10
  tinfoil cap. But I really do believe right
• 50:12
  now that the populace is being shaped by narratives from the
• 50:15
  spook class for various reasons, and that that that is the the
• 50:21
  war is information war. And I'm not a big Alex Jones guy
• 50:24
  by saying that even by the way. But I just think that there's a
• 50:27
  crazy amount of effort to control our minds going on right
• 50:30
  now. And the only way to get out of
• 50:31
  that is to check out a bit. Yeah, no, I, I'm, I'm fully on
• 50:37
  board with the idea that World War Three, like we're currently
• 50:40
  living it through it. And it might not be a huge
• 50:44
  kinetic war like World War One or World War 2, but I think you
• 50:48
  nailed the, you know, the the nail on the head.
• 50:50
  It's like this is an information war.
• 50:52
  We are currently living through, I think the biggest information
• 50:55
  war ever. We, we saw the beginning in
• 50:57
  2020. I think it's only going to ramp
• 50:59
  up as we get closer to the end of this decade.
• 51:02
  Like we are currently in the process of the biggest global
• 51:06
  information war period. And I know a lot of us don't
• 51:10
  like to think in those terms because maybe it's a little bit
• 51:13
  of doomer, but I, I view it the other way.
• 51:15
  I'm like, no, like we are all soldiers in this guys.
• 51:18
  Whether it's what do we always say, you know, memes are the,
• 51:20
  are tweets are the, are the, the bullets and memes are the
• 51:23
  artillery. Like we are all frontline
• 51:25
  soldiers. If you are chronically online
• 51:27
  like us, we are all in the mimetic war.
• 51:30
  The mimetic war has not ended. The information war has not
• 51:34
  ended. It is all happening
• 51:36
  simultaneously and we won't know it actually happened until it's
• 51:39
  over. So hey, it might be a long time,
• 51:42
  guys. I think that's my theme for
• 51:44
  today. We might be in this for a long
• 51:46
  time, guys. So, you know, get some touch,
• 51:49
  some grass, do what you need to do to chill out, unplug.
• 51:54
  But every Monday or every Saturday, whenever you're off
• 51:57
  your work and you're, you're, you know, you check in on the
• 52:00
  front lines, you got to dust off those mimetic powers because
• 52:04
  we're we're going to keep doing this anyways.
• 52:06
  Kent Jones. Kent Jones.
• 52:11
  A good one. There's no way I'll bet through
• 52:13
  brothers, brothers and sisters. There's no way I'll bet through
• 52:17
  that's. So funny.
• 52:18
  All right. Guys.
• 52:19
  Let's keep it moving. I will give you another huge
• 52:21
  update coming from Wall Street guys, institutions or, or they
• 52:27
  want your Bitcoin. I guess institutions, Wall
• 52:30
  Street want your Bitcoin, and we got another huge announcement
• 52:32
  that just dropped this morning, so we'll be right back.
• 52:36
  I want to give a shout out to our partner, Leaden.
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  All righty then guys. So check this out.
• 54:28
  The connection, the, the timing is probably the most interesting
• 54:33
  aspect of this. But Eric Balkhunis, of course,
• 54:36
  senior ETF analyst at Bloomberg tweeted this morning shock
• 54:39
  Goldman Sachs jumping into the Bitcoin ETF game with a filing
• 54:43
  for a Bitcoin premium income ETF.
• 54:46
  Now it is very interesting that they didn't they don't really
• 54:49
  even have a name for it. It's just Goldman Sachs Bitcoin
• 54:51
  premium income ETF. They're just like, holy shit, we
• 54:54
  need an ETF like pronto. We're going to file for this
• 54:58
  now. There was a little longer blurb
• 55:00
  here. Oh wow, computer's acting up.
• 55:03
  Here is the rest of the tweet. We got Eric Balkun as he goes.
• 55:07
  Interesting side note, this is a 40 act filing so it has to use a
• 55:11
  Cayman subsidiary to get around regulatory limitations already
• 55:16
  holding commodities. BlackRock meanwhile, is a 33 act
• 55:20
  product that is similar. Goldman may sent an opportunity
• 55:24
  to leapfrog them and or is probably hearing from their
• 55:27
  clients. They want Bitcoin but with less
• 55:30
  volatility and are happy to give up some upside for lower
• 55:33
  downside and income. AKA boomer candy.
• 55:37
  Anyways, can't say I saw this coming.
• 55:39
  I kind of just thought JP Morgan and Goldman Sachs would sit
• 55:42
  crypto out in favor of competing in other categories.
• 55:46
  Now, obviously this news in and of itself in the past might have
• 55:50
  been a big news story, but I think the bigger story here is
• 55:54
  connecting this with, remember what we saw last week.
• 55:57
  Morgan Stanley launches their ETF, it's their best performing
• 56:00
  ETF out of all of their ETFs. January 2024, BlackRock launches
• 56:05
  a Bitcoin ETF, it's the best performing ETF out of all of
• 56:08
  their ETFs. Now we have Goldman Sachs being
• 56:10
  like, OK, actually it looks like we have to join this Bitcoin
• 56:15
  game. Now, begrudgingly, like we've
• 56:17
  met they, the heads might not want to do this.
• 56:21
  Seems like maybe their clients want to do this.
• 56:23
  Maybe the managers want to get some fees here.
• 56:26
  So the connection between last week's story of Morgan Stanley
• 56:29
  launching a Bitcoin ETF. Now we see this week Goldman
• 56:32
  Sachs wants a Bitcoin ETF. We obviously don't know when
• 56:36
  this is going to launch, but we also know Charles Schwab's about
• 56:39
  to launch Bitcoin trading. I think every huge bank in the
• 56:44
  US has some form of Bitcoin product.
• 56:46
  I think maybe Wells Fargo's the only one that's left.
• 56:49
  JP Morgan's been in Bitcoin with the authorized participant of
• 56:53
  the BlackRock ETF. They're going to launch loans,
• 56:56
  Bitcoin collateralized loans. We're seeing, you know, Morgan
• 57:01
  Stanley now, Goldman Sachs, Citibank, every bank now is at
• 57:07
  the point, and I said this was going to happen.
• 57:09
  We've been talking about this for a while, that at the highest
• 57:12
  levels of traditional finance, they're starting to wake up to
• 57:16
  the idea that they cannot ignore Bitcoin any longer.
• 57:20
  What, 17 years in, they're like, yeah, OK, hey, we we have to do
• 57:25
  this or else our clients are going to go somewhere else.
• 57:27
  And further, they're not going to have that reputational risk
• 57:32
  anymore. It's like the hottest flavor
• 57:34
  right now of the week, or rather the year is we need Bitcoin
• 57:37
  products. But let's go down memory lane a
• 57:40
  little bit here. If you're if you haven't been in
• 57:42
  Bitcoin for a while and maybe you aren't so caught up in all
• 57:46
  of the news around Bitcoin, but Goldman Sachs has spent years
• 57:50
  explaining why Bitcoin wasn't a real asset, why you shouldn't be
• 57:54
  buying Bitcoin, why you should stay away and shouts out to
• 57:58
  Freddie. New here.
• 57:59
  It's got a nice little blurb here because Goldman Sachs, one
• 58:02
  of my old clients on Bitcoin in 2020, it's not even an asset
• 58:06
  class. And here's the highlight.
• 58:08
  One slide offered the withering perspective that crypto
• 58:11
  currencies like Bitcoin are not even an asset class in the 1st
• 58:15
  place, and that they offer neither cash flow nor a hedge
• 58:19
  against inflation. And here we are in the Big 26
• 58:22
  and they're like, actually, we're going to launch a premium
• 58:24
  income Bitcoin ETF for your portfolio.
• 58:28
  It seems like everyone eventually, as we say, bends the
• 58:32
  knee to Bitcoin and we just have our newest casualty.
• 58:35
  Actually, guys, maybe, maybe the sacrifices that we need for the
• 58:40
  bull market to continue isn't necessarily within the space.
• 58:43
  It's just everyone capitulating the Bitcoin I, I, we're, we're
• 58:48
  truly in the 2026 is the institutional era.
• 58:53
  As we said earlier, retail's no longer in control.
• 58:57
  And, and further, maybe Bitcoin companies are no longer in
• 58:59
  control. It's like Wall Street is here
• 59:02
  now. The other little wrinkle of this
• 59:04
  is they wouldn't be doing this at this time if they didn't
• 59:08
  think that they could also attract a lot of capital into
• 59:12
  this ETF, which does relate to what we heard the Morgan Stanley
• 59:16
  digital asset head advisor, whatever her name was, say, hey,
• 59:20
  look, we launched an ETF. We had a very strong opening day
• 59:24
  and we only think this is going to increase.
• 59:26
  So if you think that BlackRock or maybe strategy has taken the
• 59:32
  entire total asset market share for traditional finance capital
• 59:36
  to flow in the Bitcoin, I think you're sorely mistaken.
• 59:39
  I think this is only just starting.
• 59:42
  And the numbers we're seeing is like, it's literally like that
• 59:45
  meme of the tsunami on the horizon.
• 59:47
  And we're just seeing little waves hit us and the Bitcoin
• 59:49
  price is going up and down because of these little waves.
• 59:52
  If we see the massive tsunami capital coming from Wall Street
• 59:57
  from, you know, traditional assets into Bitcoin via these
• 1:00:01
  ETFs, via these Bitcoin loans, via these Bitcoin products
• 1:00:05
  trading, etcetera, though it's not perfect, I think we really.
• 1:00:11
  Underestimate how much capital will be attracted into Bitcoin
• 1:00:15
  by the end of this year and all of the predictions of oh, we're
• 1:00:18
  only going to go to 250. It's completely out the window.
• 1:00:21
  Every major bank, basically every major hedge fund, we have
• 1:00:26
  nation states buying Bitcoin. The game has changed.
• 1:00:31
  I I look, I said I didn't want to say it.
• 1:00:33
  I said I didn't want to say it, but I don't know am I am I
• 1:00:36
  seeing the same thing? Can I?
• 1:00:37
  I think things are different now.
• 1:00:40
  We're not in Kansas City more Toto.
• 1:00:42
  I keep saying that it's true. You know, I think the, the way
• 1:00:47
  that I'm looking at this right now is, is just look at global
• 1:00:51
  M2 guys, it's 110 trillion. I gave a presentation at Bitlock
• 1:00:55
  Boom this last weekend and refresh those numbers just last
• 1:00:57
  week, 110 trillion, right? If you look at the number of
• 1:01:00
  Bitcoin on exchange, last numbers I've seen is and it's,
• 1:01:04
  it's a range and people don't totally agree on how much liquid
• 1:01:08
  liquid Bitcoin is available, but on exchange around 2.2 million.
• 1:01:13
  If you price that out, that means that .02% of global
• 1:01:18
  liquidity is needed to make all the Bitcoin disappear.
• 1:01:22
  That's it. Now I know the price will go up
• 1:01:24
  as people decide to buy more and more of it.
• 1:01:27
  However, we are governed by Gresham's Law.
• 1:01:30
  It is the reason why when you go to spend your Bitcoin, you
• 1:01:34
  always have a moment of, of, of double checking yourself.
• 1:01:36
  Do I really want to spend it? Because that means I have less
• 1:01:39
  of it, right? We're hoarding the good money
• 1:01:41
  and we're spending the bad money.
• 1:01:43
  And so inevitably in my opinion, we will see all 2.2 million on
• 1:01:48
  exchange disappear this last cycle.
• 1:01:51
  And granted, who cares if we're still in the four year cycle or
• 1:01:53
  not want to make this statement, but when price was increasing
• 1:01:56
  last year, the last two years 24 and 25, we saw Bitcoin coming
• 1:02:00
  off exchange. That is the store of value
• 1:02:04
  process like playing itself out, right.
• 1:02:06
  And that has not concluded. In fact, I don't believe we will
• 1:02:09
  conclude the store of value adoption until there's no
• 1:02:12
  Bitcoin on exchanges. And guess what, then we move
• 1:02:14
  from the buy phase to the earned phase of bitcoins adoption.
• 1:02:18
  And how that plays out in my opinion is I'm going to be very
• 1:02:21
  contrarian when I say this, but I think when there's no Bitcoin
• 1:02:24
  on exchange, we see start to see a lot of merchants price their
• 1:02:26
  goods and services in Bitcoin to try to get Bitcoin from people
• 1:02:30
  that are holding Bitcoin. And so that comes next and then
• 1:02:33
  medium of exchange. But what we're seeing play out
• 1:02:35
  right now, just just to pull it all the way back to the
• 1:02:38
  beginning here, $110 trillion of global into, that's liquid
• 1:02:42
  capital out there in the market. And right now the value of
• 1:02:45
  Bitcoin on exchange is .2% to that .2%.
• 1:02:50
  That is it. It does not take a very massive
• 1:02:52
  amount of that capital to flow in before there's no Bitcoin on
• 1:02:55
  exchanges, full stop. So I do think we could see
• 1:02:59
  things radically change in a different way.
• 1:03:02
  And I do think that we are close to the moment where this time is
• 1:03:05
  different. And if it's not different now,
• 1:03:08
  then it's a very short time before it is different where
• 1:03:11
  it's institutional capital. And we're never going to get
• 1:03:14
  through hyper bitcoinization without going through this
• 1:03:17
  doorway. So this is kind of inevitable.
• 1:03:19
  And the Bitcoin Wall Street is going to think they're digesting
• 1:03:22
  it, as I said earlier, but they're not.
• 1:03:23
  Bitcoin is digesting Wall Street.
• 1:03:25
  So hang on, not fun cold storage your Bitcoin and the the ride
• 1:03:31
  will take us up and to the right.
• 1:03:33
  Yeah. And then to like kind of add
• 1:03:35
  more fuel on the fire of that idea is something that we
• 1:03:38
  haven't talked about on the show for a while.
• 1:03:40
  But like the multiplier effect that every dollar that comes
• 1:03:42
  into Bitcoin doesn't necessarily mean just like $1.00 added to
• 1:03:46
  the market cap. I, I forget what the number is
• 1:03:48
  in like a bull run, but it's somewhere between like for every
• 1:03:51
  dollar that comes in, it's like $8 that is added to the market
• 1:03:56
  cap of Bitcoin. I think that's like the average
• 1:03:58
  number here. So what was that one, you know,
• 1:04:02
  $121 trillion flowing into Bitcoin.
• 1:04:05
  I'm not saying it's going to be, you know, $800 trillion market
• 1:04:10
  cap, but if a small number of that, like Kent was saying,
• 1:04:13
  flows into Bitcoin, the market cap of Bitcoin, the, the market
• 1:04:18
  share of Bitcoin isn't just going to move one to one, It's
• 1:04:21
  going to, it's going to be a big exponential move that's going to
• 1:04:25
  blow people's minds. And so, and I think it's still
• 1:04:29
  going to be a trickle. I would love to see the faucet
• 1:04:32
  turned on, but I think it's going to probably be a trickle
• 1:04:35
  into Bitcoin. But hey, we still got a long
• 1:04:38
  year ahead of us guys, and we know how quickly things can
• 1:04:40
  change in the Bitcoin space. So I don't know, Ken, I think
• 1:04:44
  we're getting kind of bullish on today's shot.
• 1:04:45
  I think Loki, even though there's some doomer here,
• 1:04:48
  literally we're getting a little bullish.
• 1:04:49
  Maybe we're getting a little more bullish as the days
• 1:04:52
  progress. As the days progress.
• 1:04:55
  Anyways, let's get into the culture.
• 1:04:56
  We're going to be chatting with Kent about his really cool prop
• 1:05:01
  there from Bitlock Boom. We got a, you know, a pretty
• 1:05:04
  good kind of Rd. sign in Bitcoin currently in regards to Bitcoin
• 1:05:10
  mining. And then of course, this this is
• 1:05:14
  a big month for Bitcoin. So Kent, we'll be right back and
• 1:05:17
  we're going to just chat it out to round up today's show.
• 1:05:21
  I want to give a shout out to our partner Hive Digital
• 1:05:24
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• 1:05:27
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• 1:05:40
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• 1:06:59
  All right, Kent. Well, glad you're on the show.
• 1:07:04
  You wanted to start with. You just came back from Bitblock
• 1:07:07
  Boom and you have a really cool prop over there.
• 1:07:09
  So let's start the conversation with that.
• 1:07:12
  Yeah, so I got to give a shout out to to Mel.
• 1:07:15
  She's one of the, the, the lead organizers for Bit Block Boom,
• 1:07:18
  where I was at this last week. And I, I didn't realize it, but
• 1:07:23
  she the day before the conference started, she went out
• 1:07:26
  to the Federal Reserve's mint in, in Fort Worth where the
• 1:07:31
  conference was. And you can take a tour.
• 1:07:33
  It's open to the public. I mean, they do security
• 1:07:35
  measures, of course, but you can, you can take the tour.
• 1:07:38
  Go see how they print money and see that they can print money as
• 1:07:41
  much as they, as long as they keep feeding into the, into the
• 1:07:45
  plates the right amount of ink and paper that they can make,
• 1:07:52
  you know, a bunch of bills basically as much as they want,
• 1:07:56
  right? Just controlled by the Federal
• 1:07:58
  Reserve's desire to print zeros in their database.
• 1:08:01
  And so this is a sheet of $51.00 bills.
• 1:08:04
  They are actual currency. I could cut them up at the
• 1:08:08
  conference they were having, they were being signed.
• 1:08:12
  That's what you see all the, the defacing.
• 1:08:14
  It's not really defacing. As I learned, there's a, there's
• 1:08:17
  a clever workaround on that. You're not defacing currency
• 1:08:21
  unless you try to change the unit count on it, then you're
• 1:08:24
  defacing. And that's, that's the federal
• 1:08:25
  crime. But it was being signed.
• 1:08:27
  Yeah, it was being signed by everybody that was there at the
• 1:08:30
  conference. And I got, I was very lucky to
• 1:08:33
  be given this at the end of the conference.
• 1:08:34
  And so I've got it. That was a prop in my office,
• 1:08:37
  but it's a very cool effect. And there was a couple of people
• 1:08:39
  that were brand new bitcoiners at the conference, and I was
• 1:08:42
  using this as a prop to demonstrate the difference
• 1:08:46
  between Bitcoin and Fiat because this, you know, I just rolled it
• 1:08:50
  back up. This can be printed in as much
• 1:08:52
  abundance as the 12 Federal Reserve governors.
• 1:08:56
  I believe that's what they're called.
• 1:08:58
  Maybe you have it wrong would like by printing zeros in the
• 1:09:01
  database. So there's no connection to
• 1:09:03
  reality. It's all just a delusionary
• 1:09:05
  narrative that people come up with.
• 1:09:06
  And, you know, loosely, we're going to try to control
• 1:09:09
  inflation, but we're going to make up the statistics for how
• 1:09:11
  we measure inflation. And we're going to adjust those
• 1:09:13
  all the time so that then we're going to try to count the jobs.
• 1:09:16
  And, you know, it's, it's, it's all a bunch of smoke and mirrors
• 1:09:19
  to, to print money to debase the currency and take away from,
• 1:09:23
  from people their purchasing power and keep the economy from
• 1:09:26
  being deflationary, which it naturally is.
• 1:09:29
  So you take that sheet and, and use that as a visceral response
• 1:09:33
  to try to educate somebody on how Bitcoin works.
• 1:09:37
  And then you say, look, Bitcoin itself is constrained by the
• 1:09:40
  laws of physics because you actually have to use energy
• 1:09:43
  connected to the right hardware and an Internet connection to
• 1:09:46
  print money. So you've got these two
• 1:09:47
  different forms of money printers.
• 1:09:49
  One is centralized, controlled by by politics primarily, and
• 1:09:53
  then the other side is controlled by laws of physics.
• 1:09:57
  Which do you want, right. It was really eye opening for
• 1:09:59
  people to to hear and see that on their journey is to
• 1:10:03
  understand that Bitcoin has tied to energy and our money is not.
• 1:10:07
  So that was a very cool experience to to get to share
• 1:10:10
  with people. No, that's super cool.
• 1:10:12
  And the I think the the crazy part when you showed me that is
• 1:10:18
  like, yeah, I could literally cut these up and I have $50.00
• 1:10:21
  in $1.00 bills. And it's like, man, it's such a
• 1:10:25
  trip that yeah, they just print these sheets out.
• 1:10:27
  And as long as you gave them your money to buy it off of them
• 1:10:32
  and then you cut it up, then it's not counterfeiting and
• 1:10:35
  you're not making fake dollars. It's actually real money here.
• 1:10:39
  It just, it was so weird. It's such a weird thing.
• 1:10:43
  It is such a weird thing. So I did spend or I didn't spend
• 1:10:46
  it. Sorry.
• 1:10:47
  I was given this at the end of the conference.
• 1:10:49
  But Mel who purchased this paid $50.50.
• 1:10:53
  So to be fair, it's $51.00 bills and they charge an extra $0.50
• 1:10:56
  premium to sell it on a sheet and you do your own cutting.
• 1:11:00
  So it's it's backwards logic, right?
• 1:11:02
  Yeah. Wait, wait, Ken, before you go
• 1:11:03
  on, I got a joke. So it costs more money to buy
• 1:11:07
  wholesale dollars than it does to get normal dollars.
• 1:11:10
  I I'm pretty sure wholesale is usually cheaper.
• 1:11:13
  That dude sounds like a great racket.
• 1:11:15
  Yeah, I think it is a great racket.
• 1:11:16
  They they probably have a tour price on that too.
• 1:11:19
  They probably sell those as well.
• 1:11:20
  But you know, I think in in conjunction with this month of
• 1:11:23
  April. So I don't know if most people
• 1:11:25
  know this yet or not. It's kind of obscure Bitcoin or
• 1:11:30
  trivia here, but April 5th, 1975 is the, is the, is the date that
• 1:11:35
  Bitcoin or that Satoshi had for his birthday and his profile.
• 1:11:39
  Now there's no comments on this, but if you go down the, the,
• 1:11:43
  the, the education path or, or research path, you can see that
• 1:11:47
  that date is connected to two different things.
• 1:11:50
  So April 5th is the date at which in 1933 Executive Order
• 1:11:56
  61-O2 occurred. So a lot, a lot of people think
• 1:12:00
  that there's symbolism by Satoshi having the birthday of
• 1:12:03
  April 5th and then 1975 is the year at which you could
• 1:12:09
  personally possess gold again, right.
• 1:12:12
  So 61 O 2 was the beginning of confiscating everybody's gold
• 1:12:16
  and 1975 was the year that people could get their gold
• 1:12:19
  back. And so pretty cool.
• 1:12:21
  We liked it so much as a company this particular date that we
• 1:12:24
  decided to run a campaign for the month of April.
• 1:12:27
  So anybody that purchases a rig from us just to honor Satoshi's
• 1:12:32
  birthday here and you know, move away from this sort of printed
• 1:12:37
  money to mine your own and participate in the decentralized
• 1:12:41
  printer. You can type in happy birthday
• 1:12:43
  in the discount line and get 150 bucks off mining rig from us.
• 1:12:47
  So just kind of our way to honor Satoshi's birthday here for the
• 1:12:50
  month of April. I'd be happy to talk a bit more
• 1:12:52
  about what's going on in mining and generally.
• 1:12:54
  But yeah, I think, you know, the main, the main reason why we
• 1:12:58
  wanted to honor Satoshi's birthday this month is just,
• 1:13:00
  hey, he intended Bitcoin to be distributed by mining, not by
• 1:13:05
  buying it. So we wanted to make that a bit
• 1:13:06
  easier. Yeah, no, definitely.
• 1:13:08
  Let's let's definitely pivot into mining.
• 1:13:11
  In general though, I, I, I don't know if you saw, but we were
• 1:13:14
  talking about it earlier. We just saw this morning that we
• 1:13:17
  have officially gone 50% of the way to the next halving.
• 1:13:21
  So we got the block, we are 50% to the next halving guys.
• 1:13:25
  I mean it's going to be another roughly 2 years here, but you
• 1:13:28
  know, we're at 50% of the way to the next halving guys, which
• 1:13:32
  usually means probably got a little bit of upside here.
• 1:13:35
  So anyways, can't let's do a general general view of Bitcoin
• 1:13:40
  mining right now. Actually, you haven't been on in
• 1:13:42
  a minute. And one of the things that we
• 1:13:44
  have maybe actually you might have been on the last time we
• 1:13:47
  did cover one of these stories. But what we have seen is a lot
• 1:13:51
  of I maybe I'll I'll put this nicely, a lot of pressure coming
• 1:13:55
  from the public Bitcoin mining treasuries currently.
• 1:13:59
  And I know last time you were on, you're like, I think this
• 1:14:01
  might be a, you know, a bullish time for individuals to get into
• 1:14:05
  mining. So could we get an update on
• 1:14:07
  what, what you're seeing just generally in Bitcoin mining?
• 1:14:10
  I know it's usually not the most sexy conversation, but it's one
• 1:14:13
  of the most important aspects of Bitcoin is obviously Bitcoin
• 1:14:17
  mining. We wouldn't be here without the
• 1:14:18
  miners. And and we try to highlight that
• 1:14:20
  constantly, but people usually tune out when we start talking
• 1:14:23
  about mining, but we're gonna nerd out a little bit.
• 1:14:25
  So where are we generally? Let me let me nerd out and go
• 1:14:28
  back in time and let's let's go have a a a a walk down memory
• 1:14:31
  lane for a minute. So from 2009 when the network
• 1:14:35
  and the first block that was mined until 2013, everybody that
• 1:14:41
  ran the Bitcoin software could mine through simple toggle.
• 1:14:46
  And that is in fact how most Bitcoiners that I've met during
• 1:14:49
  that time period acquired their Bitcoin.
• 1:14:51
  They mined it because if you're running the software, you could
• 1:14:53
  use your computer to mine Bitcoin and help secure the
• 1:14:56
  network. On 2013, something really the
• 1:15:00
  two things actually occurred that caused the timeline to
• 1:15:02
  split and now most of us are buyers, not miners.
• 1:15:06
  And those two two things were one, the ASIC came out.
• 1:15:09
  So this was because the difficulty got high enough that
• 1:15:12
  that manufacturers invested in making Bitcoin specific hardware
• 1:15:17
  to mine with. And so it became harder to mine.
• 1:15:21
  And in 2013, Coinbase opened the doors and so it became easier to
• 1:15:24
  buy. And those two events separated
• 1:15:26
  how we the timelines for how we acquire Bitcoin, right?
• 1:15:29
  And that was a unique event in our history.
• 1:15:32
  And this was what my conversation of Hinblock film
• 1:15:34
  was about was all the unintended consequences and all the mining
• 1:15:38
  centralization that has come downstream of that.
• 1:15:40
  And the, the kind of to get to the, the core of that
• 1:15:45
  conversation. What you see is there's a lot of
• 1:15:48
  what I call Fiat hashers that have been on the network.
• 1:15:51
  And Fiat hashers are those folks like the, the publicly traded
• 1:15:54
  mining companies that have a fiduciary responsibility, a
• 1:15:57
  financial and legal obligation to give their investors returns.
• 1:16:02
  So the people that are shareholders, their shareholders
• 1:16:05
  in their unit of account is dollars.
• 1:16:06
  So by definition, publicly traded mining companies have to
• 1:16:09
  return more dollars to their investors.
• 1:16:11
  So by definition, they are Fiat hashers, meaning they are there
• 1:16:15
  to get Bitcoin as a stepping stone to get more dollars.
• 1:16:19
  And guess what? As you can imagine, they that
• 1:16:22
  doesn't necessarily align you with the interests of the of the
• 1:16:24
  Bitcoin network. And what has happened is there's
• 1:16:27
  been a centralization of mining pools.
• 1:16:31
  There's only two pools, foundry and AMP pool, which is a
• 1:16:34
  subsidiary of Bitmain that contain 49% of the current hash
• 1:16:38
  rate, right? So that's only two throats that
• 1:16:39
  have to be choked before a Bitcoin transaction can be
• 1:16:43
  censored or double spent, right? And so that's, that's a threat
• 1:16:46
  to the network. And more than 50% of the
• 1:16:48
  hardware is produced by Bitmain. So despite the amp pool
• 1:16:52
  relationship there, they also have more than 50% of the
• 1:16:55
  hardware. So there's all these mining
• 1:16:56
  centralization that has happened because basically as a community
• 1:17:00
  we've we decided it's easier to buy than mine and the mining
• 1:17:03
  community has failed to deliver easy to mine products for the
• 1:17:08
  community. So this right now, to your
• 1:17:12
  point, Opti, we are seeing all the pubcos dumping a lot of
• 1:17:15
  Bitcoin on the market and that's probably the biggest seller
• 1:17:18
  right now. But once that's exhausted, the
• 1:17:20
  price will go up and to the right.
• 1:17:22
  And they're doing that because they're funding A pivot to AI.
• 1:17:25
  Most of them, in fact, I think it was bit farms that has
• 1:17:28
  renamed themselves. I can't remember what they
• 1:17:29
  renamed themselves to, but they're no longer a Bitcoin
• 1:17:32
  company, the CEO said. So we are seeing all these
• 1:17:35
  publicly traded miners pivot off and that gives it a unique
• 1:17:39
  opportunity in time right now for the Bitcoin community.
• 1:17:42
  And hopefully companies like ours that are that have a, a, a
• 1:17:46
  complete vision to make this easier to mine for the average
• 1:17:50
  person gives us an opportunity to actually take back the
• 1:17:53
  network. Because of taking back the
• 1:17:55
  network and having the majority of the hash rate come from
• 1:17:58
  people looking to acquire Bitcoin instead of Fiat is going
• 1:18:01
  to lead to a longer term healthier network and a better
• 1:18:04
  protected network and will allow, won't allow the
• 1:18:07
  centralization to happen. Because if the majority of our
• 1:18:10
  community had been mining instead of buying, I promise you
• 1:18:13
  the mining pools would not have centralized in this way.
• 1:18:16
  We would not have allowed the supply chains to be a central as
• 1:18:19
  they currently are. So yeah, there's, you know,
• 1:18:22
  that's obviously a fashion point of mine is to get this message
• 1:18:25
  across. But at the end of the day, this
• 1:18:27
  is a very healthy thing for the network from where I sit.
• 1:18:30
  It's just like in the same way that the people that were here
• 1:18:32
  for the Fiat games sell their Bitcoin at the market bottoms,
• 1:18:36
  we're seeing something very similar happened with the
• 1:18:38
  miners. Yeah, That really brought the
• 1:18:42
  question to my mind. Do you think we are starting to
• 1:18:47
  see a trend of I, I don't know if I want to necessarily say
• 1:18:51
  that like public mining companies, like there won't be
• 1:18:56
  any public mining companies in the future.
• 1:18:59
  But do you think we're starting to see a trend where like the
• 1:19:02
  individual, I don't know, pleb miner is going to take a larger
• 1:19:06
  role in Bitcoin mining? Or is it still going to be like
• 1:19:08
  a symbiotic relationship here? Because obviously from a public
• 1:19:11
  mining perspective, the margins are very, you know, they're,
• 1:19:15
  it's a very tough business to say the least.
• 1:19:17
  And so do you think that public Bitcoin mining companies are
• 1:19:20
  just going to go away? Or are you just saying, hey,
• 1:19:24
  look, the pivot's just good for an individual.
• 1:19:26
  If you've been thinking about it on the fence, like we're at the
• 1:19:29
  bottom of the bear market. Now is probably the time to get
• 1:19:32
  into mining some Bitcoin. So I think it's nuanced and
• 1:19:37
  complicated. I don't think the.
• 1:19:40
  Question was nuanced. It's hard to.
• 1:19:42
  Get the question now Yeah. So I here's let me let me try to
• 1:19:44
  frame the question and then answer it for myself, right.
• 1:19:47
  So I'll be the questioner and answer I'm playing playing an
• 1:19:49
  answerer and I'm playing chess by myself then.
• 1:19:52
  But the the way I think about this is what is the role of the
• 1:19:57
  publicly traded minor in the future?
• 1:19:59
  And what I see is. It's going to change because the
• 1:20:03
  investor is going to change and you get more educated,
• 1:20:05
  understand what Bitcoin is. So I think until the
• 1:20:08
  relationship between the investor and the publicly traded
• 1:20:11
  company shifts to realizing that Bitcoin is money and that is
• 1:20:16
  what Bitcoin mining is for, until that changes, I think the
• 1:20:20
  publicly traded miner will largely follow Fiat based gains.
• 1:20:25
  But I do think it will change and I think publicly traded
• 1:20:28
  miners will change the mandate with their investors and the
• 1:20:31
  investors that are there for the exposure to Bitcoin acquisition
• 1:20:37
  will back those companies and then they'll be a more
• 1:20:40
  predominant part of the ecosystem again.
• 1:20:43
  But until that happens, I think there is a movement with the
• 1:20:47
  average Joe that you can see that had started off, I would
• 1:20:50
  argue with the bid ax, you know, that was an explosive product
• 1:20:53
  that came to market where everybody wanted to mine at
• 1:20:55
  home. And I think that's educated a
• 1:20:57
  whole class of bitcoiners. And now they're seeking more
• 1:21:01
  opportunities, whether it's to mine from home or to participate
• 1:21:05
  with a product like what we've developed, which is mining as a
• 1:21:07
  service. You know, think what Uber
• 1:21:10
  brought to the taxi market is what says mining has brought to
• 1:21:13
  the traditional hosting market. But you look at that desire and
• 1:21:17
  I think it increases. And I think that the, the, the
• 1:21:21
  average person right now being able to have a hash rate heater,
• 1:21:25
  you know, so you're getting a discount on what you'd otherwise
• 1:21:27
  use to burn electricity for, to heat is a, a big part of that
• 1:21:33
  movement. And I think again, the ease of
• 1:21:36
  use of products like ours brings more people.
• 1:21:39
  I think the, there's a counter intuitive part of mining,
• 1:21:42
  though, that I think our community is starting to
• 1:21:44
  understand not fully yet, but when it comes to mining, the
• 1:21:49
  best time to put capital into mining is when the numbers look
• 1:21:51
  the worst. So what I see right now is the
• 1:21:54
  smartest money is showing up and buying and buying in bulk a lot
• 1:21:59
  of it. And what I also see is that in
• 1:22:02
  the in the ripping bull market is when most people show up.
• 1:22:06
  But then when the bear market turns, their returns that they
• 1:22:09
  had counted on stopped looking so good.
• 1:22:11
  So it's kind of like you want to ride the wave up and take
• 1:22:16
  advantage rather than coming in when the numbers look the best.
• 1:22:20
  And that's a weird counterintuitive thing.
• 1:22:22
  But if you just stay focused on, I'm just acquiring Bitcoin and
• 1:22:26
  is my monthly electric bill less than what I would have spent on
• 1:22:29
  that in exchange to get that same amount of Bitcoin, then
• 1:22:33
  you're looking pretty smart. Yeah.
• 1:22:35
  And now, I mean, isn't that just how it is with Bitcoin in
• 1:22:38
  general? When everyone says bitcoins
• 1:22:40
  going to die or in a bear market, that's probably the best
• 1:22:43
  time to be getting some Bitcoin. And yet no one does it.
• 1:22:47
  And I, I think the extra step of, you know, at least before
• 1:22:51
  SAS mining was so popular, as we've talked in the past, a lot
• 1:22:55
  of the I, I forget what they're called the cloud mining stuff.
• 1:22:58
  It was like the biggest scam ever.
• 1:23:00
  And everyone was like, oh, this is such a good deal because for
• 1:23:03
  a lot of people, we can't really build like a mining farm at our
• 1:23:06
  house, you know? So it's like, yeah, that sounds
• 1:23:09
  great. But there's that extra step of
• 1:23:10
  friction on top of it where it just might not make sense.
• 1:23:13
  You're in an apartment, you have a wife.
• 1:23:15
  You don't have that much space. So you don't you don't have the,
• 1:23:18
  you know, the luxury of building a soundproof area in your house
• 1:23:23
  or something like that. But now things have changed.
• 1:23:25
  And with companies like SAS, it's like, look, you can still
• 1:23:30
  mine Bitcoin. You don't have to do you don't
• 1:23:32
  necessarily need to have the product in your hand or a ASIC
• 1:23:36
  in your hand to still get the benefit of just getting some
• 1:23:40
  Bitcoin. What what are we wild stats?
• 1:23:42
  Getting some wild stats here. And actually we got a got a
• 1:23:46
  comment here, though, a it's really a question for you, but
• 1:23:49
  it's not, it's not worded the best.
• 1:23:51
  So I don't know what the framing is.
• 1:23:53
  It says, is SAS mining solely US?
• 1:23:56
  You guys, I know for a fact you guys are not just mining it in
• 1:23:59
  the US, which I don't know if that's the question or is he
• 1:24:02
  asking can non-us citizen sign up for SAS mining?
• 1:24:06
  So I'll give you the floor and I'm going to pull up the website
• 1:24:08
  so we can chat a little bit about it.
• 1:24:11
  Let me let me let me answer all the potential derivatives.
• 1:24:14
  Yeah, yeah, I'd, I don't know what the question is.
• 1:24:16
  I don't know what the question's asking actually, but it's sad.
• 1:24:19
  Mining solar US, you know, let me.
• 1:24:21
  Personal and then we'll expand from there.
• 1:24:23
  I am AUS citizen. How about that?
• 1:24:26
  I happen to live in Peru, but I am AUS citizen and the company
• 1:24:31
  is headquartered in Wyoming and is AUS based company.
• 1:24:36
  We do have data centers, not just in the US though.
• 1:24:40
  We have data centers in the US, in South Dakota specifically,
• 1:24:46
  we've got a data center in Norway, we've got a data center
• 1:24:48
  in Paraguay and one in Ethiopia. And we're looking to bring on
• 1:24:53
  more data center capacity. In fact, in the next few weeks I
• 1:24:57
  believe we'll have a new opportunity listed.
• 1:25:00
  So really excited about that, but the at the end of the day,
• 1:25:05
  if you look at, you know, we've got great reviews.
• 1:25:08
  That's that's a mine a Bitcoin today.
• 1:25:10
  That's our energy cost to mine a Bitcoin today.
• 1:25:12
  So basically how much electricity do you spend divided
• 1:25:16
  into how many sats you get? And you can see exactly how that
• 1:25:20
  plays out over time. So you know you get more sats
• 1:25:24
  for your dollar, but if you go in, you can buy a mining rig.
• 1:25:28
  We are e-commerce and we get that set up for you right now in
• 1:25:32
  Paraguay. That's about 3 weeks turn around
• 1:25:34
  time. Actually if you purchase right
• 1:25:36
  now, we've got a batch of mining rigs that'll be deployed by next
• 1:25:39
  Wednesday. So that's a pretty quick turn
• 1:25:42
  around time there. And then we should have Texas up
• 1:25:46
  on operational, I would imagine at the latest by the 1st of next
• 1:25:50
  month and that'll be pretty quick turns on hardware there
• 1:25:53
  too when we're going. And then we have still more
• 1:25:56
  capacity in Ethiopia that's available and we're back
• 1:25:59
  stopping a shipping delay there with virtual mining rigs.
• 1:26:02
  So that is cloud mining to answer that question, the
• 1:26:06
  difference between what I like to think of as sovereign data
• 1:26:09
  center mining versus cloud mining is the fact that clients
• 1:26:13
  have the outcome of their particular hardware, the serial
• 1:26:16
  numbers. We tie the entire experience to
• 1:26:19
  their hardware. And what makes our business
• 1:26:20
  model fundamentally work is the fact that we go out and do all
• 1:26:24
  the hard work to find a data center to figure out that entire
• 1:26:29
  relationship and make it easy for our clients.
• 1:26:32
  But we do it all based on finding low cost energy, right?
• 1:26:35
  Like the value proposition just doesn't work with your home
• 1:26:38
  electricity price, at least for 99% of people.
• 1:26:42
  And so that's what gave our business model an opportunity.
• 1:26:45
  And so how we designed our business model is unique.
• 1:26:48
  First of all, we're the the first in the industry to come in
• 1:26:51
  and build a software platform first to make this an easy and
• 1:26:54
  accessible experience and then we apply data centers to it.
• 1:26:58
  And then secondly, the other thing that makes us truly unique
• 1:27:00
  and, and so that's the software as a service being applied to
• 1:27:04
  mining. That's how we coined the term
• 1:27:06
  mining as a service. But the second thing that makes
• 1:27:09
  us unique is the fact that as far as I know, we're the only
• 1:27:12
  ones that make money only if our clients do.
• 1:27:15
  And what I mean by that is our clients have to pay for the
• 1:27:18
  electricity, they have to pay for the hardware, but we don't
• 1:27:21
  make any money there. There's no margin that we build
• 1:27:23
  into those or no profit built in, I guess to be more specific.
• 1:27:28
  So we have all of our expenses offset by those two costs,
• 1:27:31
  except we take a management fee. So unless we're producing you
• 1:27:36
  Bitcoin, we're not getting paid. But if we do, then we take 15%
• 1:27:41
  from the mining pool. So we never custody anybody's
• 1:27:43
  Bitcoin. The Bitcoin is paid out directly
• 1:27:45
  from the mining pool to you and to us at the same time.
• 1:27:50
  And it's just 15% for doing all that work.
• 1:27:52
  And, you know, I was actually talking to one of my staff this
• 1:27:56
  morning and we were sort of estimating if a customer wanted
• 1:27:59
  to go out and develop the type of opportunity that we have with
• 1:28:02
  the data center, what's the minimum amount of money they
• 1:28:06
  would have to throw at it? And really, I you're in the
• 1:28:08
  millions. Yeah, just straight up you do.
• 1:28:12
  Because if you want $1,000,000 or not, excuse me, if you want
• 1:28:16
  one MW, which is the smallest amount of rack space that
• 1:28:19
  anybody is willing to give, that's about 350 mining rigs,
• 1:28:23
  your 1 to $2,000,000 worth of hardware on that, let alone all
• 1:28:29
  the work to set up the relationship, get educated how
• 1:28:31
  you get to monitor and manage the fleet that's there.
• 1:28:34
  So I mean, what we're doing is really making accessible
• 1:28:37
  something that is largely inaccessible.
• 1:28:39
  And that's, that's the value proposition that we, we deliver.
• 1:28:42
  And we only take money based on a success aligned approach,
• 1:28:46
  which is a, if I can't make you Bitcoin, then I'm not getting
• 1:28:48
  paid either. So it's a big risk and a lot of
• 1:28:51
  alignment of incentives that we've taken on to deliver this.
• 1:28:54
  And we think there's a lot of money to be made in this
• 1:28:56
  business model in the long term. And we love being able to
• 1:28:59
  democratize access and get more people into Bitcoin mining so
• 1:29:02
  that the social layer better protects the the network and
• 1:29:06
  every single member of the team is a Bitcoin.
• 1:29:08
  That's like the first, that's the first screening layer that I
• 1:29:12
  do when I bring anybody into the team.
• 1:29:15
  Yeah. All right, great.
• 1:29:17
  I think the only angle was that's left is do they does he
• 1:29:22
  have to be a U.S. citizen to? I didn't answer that, did I?
• 1:29:25
  No, No, no, no. In fact, we don't.
• 1:29:28
  We don't. Yeah.
• 1:29:28
  Cheese. I did not do a good job
• 1:29:30
  answering all these questions. Like 5 different angles, but
• 1:29:32
  that was the last one. I don't mean to put yeah here,
• 1:29:35
  but. No, no.
• 1:29:36
  You did it. You did it.
• 1:29:37
  I'm just, I'm just bummed I missed it.
• 1:29:40
  No, the we, we have clients from all over the planet.
• 1:29:43
  In fact, I would estimate because we don't have to
• 1:29:46
  personally identify our clients, we do need a name and a phone
• 1:29:50
  number and e-mail to talk to you.
• 1:29:52
  But you'd be surprised how many of our clients are named Nunya
• 1:29:54
  Nunya business there. There is an uncanny number of
• 1:29:59
  those must must have been a very popular name at one point, but
• 1:30:03
  we would estimate that about 40% of our clients are offshore.
• 1:30:09
  And interestingly enough, it does look like it just
• 1:30:14
  correlated. We don't, we don't push this or
• 1:30:16
  anything that there. If there are places where
• 1:30:19
  there's been a lot of regulation on being able to get to an
• 1:30:22
  exchange and buy Bitcoin, we do see that that's where we see a
• 1:30:25
  lot of offshore activity is people still want their Bitcoin
• 1:30:28
  and figure, well, shoot, why don't I just get it by mining
• 1:30:30
  it? Yeah, interesting.
• 1:30:33
  That is very interesting. I don't think you've I don't
• 1:30:34
  think you've brought that up in the past.
• 1:30:36
  That's that's actually super interesting.
• 1:30:38
  It's kind of one of those ideas and we are we are going to wrap
• 1:30:41
  up Kemp. But you know, the more that your
• 1:30:45
  country or your local jurisdiction tries to fight
• 1:30:49
  Bitcoin, the more Bitcoiners fight to get Bitcoin in whatever
• 1:30:54
  way possible. Obviously legally, you know,
• 1:30:57
  legal means, but to get some wild stats, it's, that's one of
• 1:31:02
  the things I think a lot of people don't really kind of
• 1:31:05
  factor into this. Yeah, I, I see people on the
• 1:31:08
  chat constantly. It's like, oh, your government's
• 1:31:10
  going to ban Bitcoin. Like the government's going to
• 1:31:12
  ban Bitcoin and you're just like, yeah, but they can't
• 1:31:15
  actually stop Bitcoin. So like the government ban
• 1:31:19
  literally means nothing. If we've learned anything from
• 1:31:22
  China and Bitcoin is it doesn't matter if they ban Bitcoin.
• 1:31:27
  People, individuals want Bitcoin and they can't actually stop
• 1:31:31
  Bitcoin and that's why it's going to win.
• 1:31:34
  So maybe full circle here, Ken. I think so.
• 1:31:37
  I think so, and this is actually what you're pointing on is what
• 1:31:39
  I think of is, you know, cypherpunk is the is the
• 1:31:43
  decentralized Ledger, right? That's that that's what's
• 1:31:45
  allowing Iran to accept tolls right now for oil tankers in
• 1:31:49
  Bitcoin and the US government can't stop them.
• 1:31:52
  That's the unsensible layer and that's the the cypherpunks help
• 1:31:55
  deliver that. I kind of think of us in the
• 1:31:57
  mining community as the hash right, Because in the.
• 1:32:00
  Very same way. Hash punks.
• 1:32:05
  OK, OK, hash punks. Yeah, I'm, I'm using, I'm using
• 1:32:08
  that term because you are unstoppable if you have the
• 1:32:13
  right hardware, electricity and Internet connection.
• 1:32:16
  You do that, you have a decentralized money printer,
• 1:32:19
  right? So in the same way that
• 1:32:20
  cypherpunks like write code, like, you know, Bitcoiners that
• 1:32:24
  want to make their own Bitcoin, they're hash punks and able to
• 1:32:28
  print their own money. And I think that that is one of
• 1:32:31
  the main reasons those two things I think of are the are
• 1:32:34
  the flip sides of the same coin. The one the decentralized Ledger
• 1:32:38
  would be heads and and the the ability to mine is the tails of
• 1:32:42
  that. But you put those things
• 1:32:43
  together and they truly are unstoppable technology because
• 1:32:48
  you can mine off grid. In fact, in Deadlock Boom,
• 1:32:50
  there's some wonderful presentations about people that
• 1:32:52
  are mining off grid and what it takes to do that.
• 1:32:55
  But there's no way that that can be stopped.
• 1:32:58
  There's no way that it can be found and discovered all over
• 1:33:00
  the planet. So Bitcoin will always remain
• 1:33:02
  secure. Yeah, one of one of my good
• 1:33:04
  friends, he's a off grid miner and he's like the most hardcore
• 1:33:09
  and and I know you know who he is, but I I don't want to put
• 1:33:11
  his business out here. And he's he's like the most
• 1:33:14
  hardcore bitcoiner I know. And he'll call me from, you
• 1:33:18
  know, these oil rigs in the middle of nowhere.
• 1:33:21
  And he's like, yo, what's up dude?
• 1:33:22
  What are you doing? I'm like, you know, I'm like
• 1:33:25
  chilling on my couch. I'm just like, you know, just
• 1:33:27
  hanging out. I'm like, what are you doing?
• 1:33:28
  He's like, oh, I'm out here literally in the middle of
• 1:33:31
  nowhere, you know, getting that hash, dude, getting them sets.
• 1:33:34
  And I'm like, dude, I could never do that.
• 1:33:36
  Like you're so hardcore. Like, you're hardcore, bro.
• 1:33:40
  He's like, well, someone's got to do it, bro.
• 1:33:42
  We can't all be lazy on the couch like you.
• 1:33:44
  And I'm like, well, you know, someone's got to be on the couch
• 1:33:46
  too, OK? You know we're all playing our
• 1:33:48
  roles here but anyways, anyways, it's always a pleasure having
• 1:33:55
  you on man. It's as our in wait.
• 1:33:59
  What do we what we always call it our mine in house mining
• 1:34:02
  expert. It's always a pleasure having
• 1:34:04
  you on man. I will look you're going to have
• 1:34:07
  to yell at Nico. I will.
• 1:34:08
  I will emphasize this to Nico as well.
• 1:34:11
  But the next time you're on this show, we're going to need Nico
• 1:34:14
  on here because I swear every time he takes a break Kent on
• 1:34:19
  here. But I guess, you know, we're
• 1:34:20
  just going to replace Nikko or you with Nikko.
• 1:34:22
  So you know the chat doesn't like Nikko's 40K bearish call.
• 1:34:27
  At least we're getting optimistic, we're getting
• 1:34:29
  bullish. So maybe the chat doesn't even
• 1:34:30
  want Nico when you're around. I don't know.
• 1:34:33
  We'll see. I'm.
• 1:34:33
  I'm not going there. I'm not, I'm not, I'm not.
• 1:34:35
  No marital disputes getting started on my behalf here, Sir.
• 1:34:41
  No, no, no, I, I give Nico a lot of Flack, but that's the fun
• 1:34:44
  part about this. Anyways, Kent, really appreciate
• 1:34:46
  you coming on the show today. Actually, before I sign off
• 1:34:50
  today, guys, I do have to give a huge shout out to Bitcoin 2026
• 1:34:55
  in Las Vegas. Make sure you get over there.
• 1:34:58
  It's actually what, 13 days away?
• 1:35:01
  Yeah, 13 days away. Bitcoiners are taking over Las
• 1:35:05
  Vegas. It will be April 27th through
• 1:35:07
  the 29th at the Venetian. Make sure you guys get there.
• 1:35:12
  Make sure you go to as Nico likes to call the Super Bowl for
• 1:35:16
  Bitcoin and like prices will increase in three days, guys.
• 1:35:20
  So do not wait to the last minute.
• 1:35:23
  Get yourself a ticket now. Come hang out in Vegas.
• 1:35:27
  And actually someone in our Telegram chat asked me, is there
• 1:35:31
  going to be an official simply Bitcoin meet up?
• 1:35:33
  Unfortunately, we had thought about it.
• 1:35:36
  We're not going to have an official simply Bitcoin meet up.
• 1:35:39
  We we were planning something, but you know, plans change.
• 1:35:43
  So there's no official simply Bitcoin meet up, but maybe
• 1:35:47
  they'll be an unofficial one guys.
• 1:35:48
  So on that note, again, sorry, scan the QR code and if you use
• 1:35:52
  the promo code simply you can get 10% off your tickets.
• 1:35:56
  All right, cat man, really appreciate you being on the show
• 1:35:58
  until next time I'll see you later and to everyone in the
• 1:36:02
  chat. You already know, Hey, whether
• 1:36:04
  you love or hate Simply Bitcoin, we appreciate you watching the
• 1:36:07
  show and make sure, yeah, go on. Opti, I just got to get in there
• 1:36:12
  and say, hey, I I will be at at at at the conference.
• 1:36:15
  And just so you know where to find me at K Halliburton on on
• 1:36:20
  Twitter. If you're going to be there and
• 1:36:22
  want to want to talk in person, love to meet you.
• 1:36:25
  It's been fun being on here and I'm glad could riff and make it
• 1:36:28
  make it so that people people are enjoying our our banter
• 1:36:32
  here. Been fun Opti and hope.
• 1:36:34
  Hope both you and Opti are on next time, or you and Nico are
• 1:36:37
  both on next time and hope to catch up with you in Vegas, man,
• 1:36:39
  it'll be. Fun.
• 1:36:40
  Yeah, you as well, man. You as well.
• 1:36:42
  All right, guys, that's today's show.
• 1:36:44
  Make sure you stack some sats, get some exercise in, eat some
• 1:36:47
  good food, get some sun, touch some grass, call your loved ones
• 1:36:51
  all the all the things. All right, we'll see you
• 1:36:53
  tomorrow for simply Bitcoin Live.
• 1:36:57
  This has been Opti. This has been Simply Bitcoin
• 1:37:00
  Live. Peace out guys.
• 1:37:02
  Today's episode was brought to you by bitcoinwell.com, a
• 1:37:05
  Bitcoin only platform on a mission to enable financial
• 1:37:08
  independence.