Latest / Simply Bitcoin / First BITCOIN ONLY Company Goes Public On NASDAQ!! | EP 1186

Transcript

First BITCOIN ONLY Company Goes Public On NASDAQ!! | EP 1186 · Simply Bitcoin

0:00
Yo, huge news. The first Bitcoin financial
0:05
services company just went public on the NASDAQ.
0:10
We now have a whopping 23 companies who have Bitcoin
0:13
exposure who have been quietly taking over this $26 trillion
0:19
market. This includes massive household
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names like Tesla, MicroStrategy, and now the first Bitcoin only
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financial services company. Fold is official live under the
0:31
live on the NASDAQ under the ticker FLD.
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Fold is not just any Bitcoin company.
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They hold 1000 Bitcoin on their treasury.
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Today we're going to be explaining why this could just
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be the beginning of the flood of Bitcoin companies taking over
0:48
global markets and we have a very very special treat for you
0:52
guys. We have the Co founder and CEO
0:55
of fold himself. We have Will Reeves in the
0:58
house, so will on stage, of course, my legendary Co host
1:02
who's always optimistic and Co founder of simply Bitcoin
1:06
optimist fields. Will, how you doing?
1:08
Congratulations. We totally did not plan this at
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all. This was just complete
1:14
coincidence that you happen to come on the day that folds went
1:20
public. So congratulations.
1:21
What was that like, man? It's surreal.
1:25
It's absolutely one of those things that happens.
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You've been working on it for for a very long time.
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It's here and you just look around with the team and said,
1:35
holy shit, we did it. But I wouldn't have it any other
1:39
way than celebrating right here with you, Nico and and Opti on
1:43
Simply Bitcoin. Big fan.
1:46
I appreciate that Will. So, so talk, talk to us a little
1:49
bit about what you're expecting. You guys went public, you guys
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did it, you guys did it verse through a let me see if I can
1:57
get this correctly. A a business merger with FTAC.
2:03
How did so how? What were the mechanisms like?
2:06
Yeah, I mean there's many ways of of going public and we looked
2:10
at fold in the previous cycle and we said, you know the the we
2:16
need to do what we can to give the maximum effect so that we
2:20
can take advantage of the next bull run and retail wave into
2:23
Bitcoin. And looking at our company as in
2:27
good shape, a good product line, very bright future.
2:31
We said, you know, being a publicly traded company,
2:34
allowing people to buy into our story, participate in not only
2:39
bringing financial tools to Bitcoiners, but also a company
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that is generating Bitcoin to its treasury every day.
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And building that position is just a really great story and
2:50
will allow us to accelerate quite a bit.
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So we looked out and saw many options.
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You know, there's a traditional IPO, there's reverse mergers,
2:58
there's specs and ultimately we found an incredible partner in
3:03
Betsy Cohen, who is one of the absolute legends in the banking
3:08
and financial services industry. She created one of the first
3:11
Internet banks and has had an absolute legendary career.
3:16
And she saw our story at Fold, not only us building, reshaping
3:21
traditional financial tools with Bitcoin, but also our strategy
3:26
to grow our Bitcoin treasury. And she immediately got it.
3:29
And so we found an incredible partner there with her and the
3:32
team at F Tech Emerald. And we are very lucky because
3:36
not only did we do this in record time, but also we found a
3:40
great team to to join us along the journey.
3:43
So shares rallied 30% in early action.
3:47
I believe the trading was stopped because of how much
3:51
volatility to the upside. Does that surprise you at all?
3:56
You know, anytime you throw Bitcoin into the world, it it
4:00
creates unexpected outcomes, right?
4:02
And so in some ways I was not surprised at all that Folds
4:06
debut would initially be a trading halt after three minutes
4:11
time. And that's just what Bitcoin,
4:13
Bitcoin doing its thing and you know, really what it's
4:15
representative of is the story is obviously is there people
4:20
want big companies that have made the decision to hold their
4:24
treasury in Bitcoin because that is what is going to create value
4:28
over the long term. That idea is settled into the
4:31
mainstream. We are creating financial tools
4:34
that not only do hundreds of thousands of people use today,
4:37
but people are increasingly recognizing that Bitcoin is an
4:40
asset that should be in every person's portfolio and savings.
4:45
And so Fold doesn't offer any strange products.
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We offer all the tools that you use everyday, but we give we
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integrate Bitcoin in ways that give you 10X outcomes.
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And so I think the story of Bitcoin taking over traditional
4:58
finance is, is also settled in. And then we also have a very
5:05
loyal, loud, active, engaged user base who you know, I think
5:10
has really enjoyed using the product over time.
5:13
Some have done very well unfold, and I think we're seeing just
5:17
that love come back our way. And we're going to talk a little
5:20
we're going to talk about more about the fold products are in
5:23
the culture segment. So you guys are going to have to
5:24
stay tuned. They recently just announced a
5:27
credit card. But I I kind of want to focus
5:29
double back and focus on this launch.
5:32
It was a submarine launch. It came out of nowhere.
5:35
The Bitcoin community was looking at various, you know,
5:37
Bitcoin financial services company, not to name any names
5:41
and out of nowhere, bomb Bing bomb boom full just came out.
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Just submarine coming out just out of the water.
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Like, you know, I'm sure you guys have seen the pictures of
5:51
those nuclear submarines that just go out of the water.
5:54
No one expects it. What were you guys doing?
5:57
This was like some stealth building in the back end.
6:00
No one had any idea. You guys were kicking so much
6:03
ass. You know Bitcoiners, I think
6:07
truly believe in this idea of proof of work, not only Core 2
6:12
Bitcoin in the protocol, but just about life and how we
6:16
deliver value to the world and the fold's been around since
6:19
2019. We've we've had our successes
6:22
and stakes along the way, but ultimately staying really close
6:25
to the ethos of Bitcoin a low time preference.
6:29
Keep your eye on a vision, bring the right people to the table
6:33
can achieve great things and let that story speak for itself.
6:37
And so, you know, any time we, you know, we have, you know,
6:40
we're doing monumental things, not only us at full, but just
6:43
everyone you hear building on Bitcoin, growing Bitcoin.
6:47
It's a massive project. This is a project that will
6:50
reshape the entire world in many ways.
6:53
And often when you have big ambitions like that, it's
6:56
probably best not always to just talk about what that world will
7:01
be like. It's best to just build it like
7:03
get on the stream, deliver the education, ship the product.
7:08
And in this case, it was very similar.
7:10
You know, we there's a lot of things that we, you know, didn't
7:14
necessarily know about the process of going going public.
7:17
We knew it was a, a, a big work. You know, this was not this was
7:21
post the new pre the new administration.
7:25
When we started this process, the world looked very, very
7:28
different. And so for us, it made sense to
7:30
keep quiet, keep heads down, but maintain our eyes on the prize
7:35
of of this day. Being able to share our story in
7:38
a much bigger way and expand this idea of expanding access to
7:43
Bitcoin and providing a vehicle that allows people to accumulate
7:49
more Bitcoin at the same time the company itself is doing it.
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Just a beautiful story of aligned incentives and I'm just
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glad we're here today celebrating.
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Beautiful, beautiful. Let me ask you something second
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to last question. I'm going to pass it on to Opti.
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You guys have 1000 Bitcoin on your treasury.
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What do you plan to do with it? Are you going to, is it, is it a
8:10
MicroStrategy? Is it a MicroStrategy?
8:12
Is, are we seeing another meta planet?
8:14
Are we seeing another MicroStrategy?
8:17
You know, Folds core mission is to build the long term savings
8:24
of of everyone through Bitcoin and we have walked in a we we we
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have walked that line ourselves in terms of being a company.
8:31
We have built the Bitcoin positions of our customers and
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we've built that of our company. Why do we do that?
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We think it adds durability to the company, but also the same
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time as a public company, it delivers an incredible new Ave.
8:44
of delivering long term value to our shareholders.
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Those that say I believe in the story, I want access and
8:51
exposure, this is what this is what people want.
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And fortunately we can align our business with the treasury model
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to achieve I think some incredible things.
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And so absolutely it is our intent to have a very focused
9:06
Bitcoin treasury strategy. We are standing on the shoulders
9:09
of giants. We have spent the last year
9:13
studying the playbook, studying the moves are opportunities that
9:18
we have and bringing the right partners to the table so that we
9:20
can get moving fast. And So what you'll see is, you
9:24
know, my goal is to continue to build into that strategy, but
9:27
also look at our treasury and say, hey, there is something
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different about fold. We're not only building, we have
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today have a top 25 Bitcoin treasury of all public
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companies. Today we're just just listed day
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one top 25. But also what happens that our
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business is generating Bitcoin natively.
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Our customers are holding Bitcoin.
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Our customers want Bitcoin services directly.
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So we look at our treasury not just as a thing that can collect
9:55
dust on the side, but how can we leverage that to bring more
9:58
value and unlock new products and services to our customers in
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ways that don't exist today or couldn't exist if you didn't
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have the treasury of of our size.
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So we're very bullish on it and short answer absolutely is we're
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running the playbook. Beautiful beautiful.
10:17
I want to give a shout out to the how many how many almost
10:21
1000 people watching live across all platforms.
10:24
If you guys are enjoying the show so far, make sure to smash
10:26
that like button help us break 100 likes within the 1st 15
10:31
minutes of the show on YouTube. You guys are listening to simply
10:34
Bitcoin live. I'm your host Nico our special
10:37
guest today Will Reeves of fold, the CEO and Co founder and of
10:41
course, my legendary Cos Opti Opti.
10:43
I know you have questions for. Bill yeah, I mean, my main
10:47
question and actually will kind of did just touch on this is,
10:50
you know, as Bitcoiners have been saying for a long time, the
10:53
institutional capital is coming. And I think your launch is like
10:57
a testament to this, how successful it is on what first 3
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minutes. But it just goes to show that
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there is a hunger out there for Bitcoin products.
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And the fact you guys went live, you had such a successful
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launch, it just it like really is cementing this idea that, you
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know, whether you want to call it Wall Street, institutional
11:15
capital or Main Street, they are looking for not only Bitcoin
11:19
exposure, but Bitcoin products to trade and to, you know,
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acquire and hold and be a part of.
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And I think you are a testament to this.
11:26
So can you talk about maybe some behind the scene?
11:29
Actually, you can't talk behind the scenes stuff, but can you
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talk about from your perspective what you're seeing and how
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actually significant this is to have the first Bitcoin only
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financial services product to launch on NASDAQ?
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Yeah. I think this is, you know what
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we could have years ago. I think some of some people on
11:48
the corners of various Bitcoin Twitter forms were you know
11:51
projecting that this would happen.
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But you know, today is testament that that ceiling has been
11:57
broken through fold is first movie here first Bitcoin LA
12:00
financial services company out there.
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And both from the support that we're getting from investors and
12:07
support from our customers and from our team.
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We know that this sentiment, this enthusiasm is so widely and
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deeply held at a much greater scale across across the market
12:21
that there this will not be the last we are going to see a
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steady addition of new Bitcoin companies enter.
12:30
And what my favorite part about this is not necessarily what
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happens to Bitcoin companies that are listed on NASDAQ can
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become public companies, but what does the idea of how does
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the idea of a public company change as a result of Bitcoin
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companies redefining that? And that starts to get really
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remade from the ground up. Fold enters day one with a large
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rabid user base of people that love Bitcoin, both from the
12:57
asset and achieving financial independence, but also from the
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culture. And we we come with a built in
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base of people supporting this story.
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Secondly, we're coming in with this treasury.
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There really has never been AIPO or SPAC of this sort where a
13:14
company is entering with 1000 Bitcoin into the market, a
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absolute fortress of capital that is going to propel us into
13:23
the future, help us create new products and services that don't
13:26
exist today and help people get access to Bitcoin exposure.
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And so there's really a trickle down of how does a public
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company get remade by Bitcoin companies.
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And I think fold is going to really lead that charge on what
13:40
that redefinition is. And I think what that means for
13:43
and, you know, shareholders and, and, and people interested in
13:46
the space is companies taking a very long term view on their
13:50
operations. Bitcoin is a long term project.
13:54
We're bringing that low time preference up and baking it into
13:58
the kind of core of our strategy.
14:01
And so you'll see our us to work on the treasury, continue to
14:04
build products. But also, I think the best part
14:07
about this journey is not how Wall Street's going to remake
14:10
Bitcoin, but how Bitcoin will remake Wall Street.
14:13
I'm beautifully, beautifully said, man, I'm so excited, guys.
14:17
We still have a ton to talk to Will about.
14:20
We're going to be talking about their recently announced credit
14:23
card products and of course what Fold has been doing the doing so
14:27
well all these years. We're going to hit that during
14:29
the culture segment. But before we get to that, we're
14:31
going to talk a lot about a lot of things on today's show.
14:35
We have a ton of content for you guys.
14:37
Howard Lutnick confirmed as Trump's commerce secretary.
14:42
There's this very famous video of him on Anthony Pompliano's
14:45
podcast, basically saying that he plans to buy 10s of millions,
14:50
hundreds of millions of dollars worth of Bitcoin.
14:52
And then there's a video that he made himself, a 2 minute video
14:56
explaining about how, you know, a message to Bitcoin holders
15:00
themselves, which I thought was really, really interesting.
15:04
And of course, Vivek Ramis Swami, which was making the
15:07
rounds during election season, and he's making the case that,
15:11
you know, a lot of companies are not going to have a choice but
15:15
to put Bitcoin on their treasury.
15:18
So very, very exciting news. I think Trump was right when he
15:22
said you guys are going to get tired of winning in Nashville.
15:25
So guys, stay tuned for the rest of the show.
15:28
We'll be right back. Before we hit the number
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segment, I do want to give a very special shout out to our
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At the time of recording, the Bitcoin price is 96,440 block
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height 884,476 sets per dollar 1037 market cap 1.91 trillion
19:07
Bitcoin versus gold market cap 9.32% percent Percentage issued
19:12
94 .41% Decline from all time high -11.7%.
19:18
Realize monetary inflation is my favorite number.
19:21
My favorite number because when we started covering this, it was
19:24
like 2 or 3%. It's under 1%.
19:28
So even if central banks somehow managed to get the inflation
19:32
back to 2% somehow, Bitcoin is just still taking them to
19:37
absolute school anyways. Opti shared with shared this
19:40
with me earlier and I thought it was quite interesting.
19:43
Vivek says now that the era of easy money is over, companies
19:47
and other institutions, even state actors will have to
19:50
rethink their hurdle rates for internal capital investment.
19:54
Bitcoin is likely to become a more common corporate treasury
19:59
holding in that environment. Interesting trend to watch.
20:03
Here's the clip. And then of course I want to
20:05
take. Advantage of the fact that we
20:06
have Will here and we're to talk about this.
20:08
Let's check it out. I expect this year to be an
20:11
extremely positive year for the crypto markets.
20:13
And my prediction will be it will be the year of the Bitcoin
20:16
treasury company. And I say that because when you
20:20
look at what's happened to corporations and the amount of
20:22
cash that they sit on, the amount of stock buybacks that
20:25
they do, my prediction is that they'll find and at least one
20:29
company in every sector. And we're going to be actually
20:31
engaging with companies to make this happen, that they'll put
20:34
themselves on the Bitcoin standard like a micro strategy
20:38
to say that unless we can deploy capital and earn a higher rate
20:42
of return than owning Bitcoin, then we're actually going to put
20:45
our cash towards Bitcoin. And that will all.
20:50
So I mean, what do you think will someone who has 1000
20:55
Bitcoin on on their treasury, do you agree or do you disagree
21:00
with the prediction? Also let us know down in the
21:02
chat guys. If you agree with Vivec, put one
21:05
in the live chat. If you disagree, put two in the
21:08
live chat. And yeah, so will on to you.
21:12
Do you agree with Vivec? I I, I agree wholeheartedly and
21:17
it's actually more than anything crazy to hear this being
21:20
discussed at this level right ex ex presidential candidate
21:24
involved in the new administration the the areas
21:29
where these types of conversations are no longer
21:32
within the confines of Bitcoin Twitter.
21:34
These are happening in every single boardroom, every single
21:37
ETF sovereign nations. It's it's amazing.
21:42
The entire top is blown off and Bitcoin is being discussed as a
21:45
serious topic of how to stay ahead and how to win into the
21:50
future. And at a level that is that is
21:53
truly changed everything. And the scale of opportunity has
21:57
also increased in that way. That's going to be a kind of a
22:00
reflexive flywheel that we're going to see.
22:03
And those companies holding large positions in Bitcoin in
22:07
their treasury are going to receive outsize returns.
22:11
So having 1000 Bitcoin is something that is going, in my
22:14
opinion, is going to be exceptionally hard for new
22:17
companies to achieve or just starting this today.
22:20
You know, we look at, you know, let alone from a year or two
22:23
years from now. So the window for major moves
22:26
and opportunities is rapidly closing.
22:29
And you know, I think all of us understand Michael Saylor just
22:33
opened up another $2 billion convert yesterday because even
22:36
he knows that that window is closing.
22:39
Absolutely everyone's just trying to get trying to get
22:43
their hands on 21 million Bitcoin, 4 millionaire estimated
22:47
loss. There's only so much to go
22:49
around. And again, it's just basic
22:52
market dynamics. You know, there's no sellers,
22:55
the price goes up, things get more expensive.
22:58
And what happens when nation states start using their money
23:01
printers to start buying Bitcoin?
23:03
I mean, I think things are going to go absolutely bananas
23:06
anyways. Opti, what's your take on this
23:08
man Vivek? Vivek going in hard.
23:11
And I actually want to give credit to Vivek because Vivek
23:14
was actually the one who told Trump about the CBDC's.
23:19
Then Trump used that on the campaign trail.
23:22
And it was hilarious because me and Opti covered this week by
23:25
week. And the first time Trump used.
23:28
If you vote for me, I will be against central bank digital
23:32
currencies. And the crowd was like, yeah.
23:34
And he was like, whoa, if you vote for me, I will be against
23:39
central bank digital currency. And the crowd's like, yeah.
23:42
And then I kid you not, two weeks later, he's like, if you
23:45
vote for me, I will end Elizabeth Warren's unholy
23:49
crusade on Bitcoin. And the crowd's like, yeah, two
23:52
weeks after that, he was like, if you vote for me, I will free
23:56
Ross. So shout out to Vivek for
23:59
starting that domino effect. You know a lot.
24:02
It's it's it's huge. We couldn't you can make a very
24:05
solid argument that if it wasn't for Vivek Ramaswamy Trump
24:09
wouldn't, you know, have been pro Bitcoin at OK, I give him
24:13
give him a little bit of pass. I know with the Trump coin and a
24:16
lot of the degenness. OK, the repeal Saab 121 fraud
24:20
Ross being free. I'll take the wins.
24:22
OK, I'll take the wins everybody.
24:25
Opti, what's your take on this man Vivek's comments?
24:29
Yeah. Well, first I was going to
24:31
basically echo what Will was saying.
24:33
The fact that we're seeing these conversations happen at the
24:35
highest level, You know, it's no longer just kids and hoodies
24:38
that are talking about this on Bitcoin Twitter.
24:40
We have CEOs of some of the biggest companies talking about
24:43
this, whether publicly or privately, and they are sounding
24:46
exactly like all of us on Bitcoin Twitter.
24:49
I mean, in that clip, that was the Strive CEO, which is the
24:53
asset management company that Vivek Ramaswamy is a part of.
24:57
So obviously they might be, you know, kind of pumping their own
25:00
narrative here, but hey, we're not going to hate on that when
25:02
they are actually, I would say factually correct here.
25:05
We've been talking about this for a long time.
25:07
And the fact that they keep when they bring up this conversation,
25:10
they keep referencing, you know, even like the Bitcoin standard
25:14
or Michael Saylor's micro strategy strategy, like this is
25:17
how we know that Bitcoin is maturing.
25:20
And even to, you know, credit to will here like bitcoins of what,
25:24
you know, 1516 years old. And I think first Bitcoin only
25:28
company going live on NASDAQ is one of those moments.
25:31
Just showing that the Bitcoin movement, the Bitcoin network
25:34
effects are growing up and we are maturing as a, you know, you
25:38
could say an asset class or, you know, a currency, however you
25:40
want to frame it. And the fact that we have some
25:43
of the biggest, most influential people in the world right now in
25:45
politics talking about Bitcoin or at the very least taking
25:48
Bitcoin seriously, just goes to show that we are entering a
25:52
whole new era in Bitcoin. And I know a lot of, especially
25:55
our audience in the chat, a lot of Bitcoiners I think are having
25:58
a hard time. I'm wrapping their minds around
26:00
the fact that we are entering a whole new echelon here.
26:03
And it doesn't mean that Bitcoin is losing its core ethos.
26:07
It just means, hey, we are growing up.
26:09
Bitcoin is being financialized and people want Bitcoin.
26:12
And like Vivek was saying, you know, the corporate hurdle rate
26:15
for saving and storing value has to be beating Bitcoin.
26:20
And, and it is absolutely insane that so many people are still
26:24
fighting Bitcoin. They still can't wrap their
26:26
heads around Bitcoin. It's just a strategy is just too
26:30
simple and people are trying to overcomplicate things.
26:32
And it's literally, hey, if you have a shit ton of cash
26:36
reserves, you probably want to put some in Bitcoin or else you
26:39
are literally losing the race. It's that simple.
26:42
And now we're finally having these conversations.
26:44
Obviously, we heard the, you know, Sailor presentation to
26:49
Microsoft. We're hearing rumors that
26:51
Gamestops might add Bitcoin to their reserves.
26:54
Everyone's wondering when Apple is going to add Bitcoin to their
26:57
reserves. So now we've gotten to this
26:59
point where the biggest corporations in the world are
27:01
very seriously talking about holding Bitcoin or, you know,
27:05
huddling Bitcoin now. And it really just goes to show
27:07
that this movement, this monetary experiment, if you want
27:12
to call that that is Bitcoin is growing up and people are taking
27:16
a seriously. And, you know, for better or
27:18
worse, that comes at, hey, we are entering a whole new
27:20
conversation. And part of that does mean we
27:23
are going to have to relive the same old conversations over and
27:27
over and over again. All of the Javier Malay, you
27:30
know, meme coin launch debacle. And it's like we just are
27:33
entering a whole new paradigm here.
27:36
And you know, as we all know, like Bitcoin is winning, it will
27:40
win, but obviously we kind of still have to keep our heads on
27:43
a swivel. But hey, we have the attention
27:46
now. And as everyone knows, it's an
27:47
attention economy. Attention is power and Bitcoin
27:50
is leading that charge. So.
27:52
Amen 5's. Gonna be a huge year.
27:54
Like Amen, Amen. I do wanna give a shout out to
27:58
the live audience. We just broke 500 live viewers
28:01
on YouTube alone and almost 2000 live viewers across all
28:06
platforms. If you guys are enjoying the
28:08
show so far, smash that like button.
28:11
Help us break 200 likes. We're at 131.
28:14
Help us break 200 likes within the 1st 45 minutes of the show.
28:19
Will, how are you doing on time? Because it seems like the
28:22
audience wants you to stick around for the whole show.
28:24
We'll. Give the audience what they want
28:27
then. Hell yeah.
28:28
All right, everybody, we're going to hit the news segment.
28:30
We're going to talk about Howard Lutnick being confirmed as
28:34
Trump's commerce secretary, what that means for the industry.
28:38
And then during the culture segment, we're going to be
28:40
talking about all things fold, their new product, their credit
28:44
card launch, of course, their debit card and all the things
28:47
that I believe you guys help people pay their mortgages,
28:51
right with Bitcoin, something along those lines.
28:54
Very, very interesting. So we're going to, we're going
28:55
to dive into all of that guys. We'll be right back.
28:58
We're going to hit the new segment.
29:01
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anyways this jumps straight into the news segment.
31:42
Shall we? All right everybody.
31:44
So Howard Lepnick has officially be been confirmed as Trump's
31:49
commerce secretary. The article goes on to say the
31:53
Senate confirmed Howard Lepnick on Tuesday to serve as President
31:57
Donald Trump's secretary of Commerce.
31:59
The Republican controlled Senate voted to confirm Lepnick on
32:03
Tuesday, less than a week after vote senators of voted to invoke
32:07
cloture on his nominate on his nomination.
32:10
He needed a simple majority for a full Senate confirmation,
32:14
getting a 51 to 45 tally on Tuesday.
32:18
Lautner Leupnik has passed the procedural vote last week after
32:22
the Senate Commerce, Science, and Transportation Committee
32:26
voted 16 to 12 to motion the cloture on February 5th.
32:30
Lupnik said he aligns with Trump's trade and tariff agenda,
32:34
which seeks to remedy the trade imbalances by imposing
32:38
reciprocal tariffs. His confirmation indicates a
32:41
milestone for Trump's America First policy agenda.
32:44
I know, I know what a lot of you guys are thinking.
32:47
Nico, this is a Bitcoin show. What the F does this have to do
32:50
with anything? Well, I'll give you guys a
32:52
slight reminder. So Howard Lupnik, oh, it's going
32:55
to play an ad. I was going to have that playing
32:56
in the background. I'll have this in the background
32:59
instead. So Howard Lupnik, first of all,
33:03
he manages the money for Tether. Second of all, there is a very
33:07
and Tether obviously is, is very pro Bitcoin.
33:10
Second, he went on Poms podcast not too long ago and he says
33:16
he's buying 10s of millions, if not hundreds of millions of
33:19
dollars worth of Bitcoin. And take a look at who's
33:25
celebrating that. Howard Lupnik got confirmed.
33:29
So it's of course the Bitcoin senator, Senator Cynthia Lummis.
33:34
And she says congratulations to my friend as secretary, Howard
33:39
Lepnick. I know he will do a fantastic
33:41
job invigorating the economy. And who also congratulated Mr.
33:47
Howard Lepnick was the Chad sailor himself.
33:52
Congratulations, Howard Lepnick on your confirmation as
33:55
secretary of Commerce. And he actually released a video
33:59
in regards to Bitcoin not too long ago.
34:02
Let's check it out. Here we go.
34:05
I guess the easiest way to get a clearview of where Bitcoin is
34:08
going over the next five years is take a look at the last five
34:12
right? The last five, Bitcoin has been
34:15
an outsider in the finance business, becoming closer and
34:21
closer and closer. Right now there's an ETF just
34:25
starting to go a little bit mainstream, maybe a toe in the
34:30
water of mainstream, but banks still can't clear it.
34:34
Banks still can't transact in it, banks still can't custodian
34:38
it, Banks still won't transact in it, and they won't finance it
34:43
yet. I think people misunderstand
34:45
traditional financial service companies.
34:47
They want to transact in Bitcoin, They want new asset
34:52
classes to transact it. That's just a good thing.
34:55
But they need the regulator to say it's OK right now, today,
35:02
right? If a bank were to hold your
35:05
Bitcoin, they would have to set aside their own money equal to
35:10
that amount in sort of like in the jail.
35:14
I mean, you'd say so. Well, that's crazy.
35:17
The answer is that's why they don't hold it.
35:20
But if you let them hold it, if the regulatory environment was
35:23
good, you will see all the traditional financial service
35:27
companies, the big banks, the big brokerage companies, they're
35:30
all going to go head first into Bitcoin.
35:34
Pound. That's what's going to happen
35:36
and it's coming. It's a slow, steady process, but
35:40
eventually there's going to be a CFTC chair who says, you know
35:45
what, Bitcoin is a financial asset, and we're going to treat
35:49
it as such. And when that happens, you're
35:51
going to see Bitcoin move in very, very strong, positive
35:57
direction. So that's why I'm a fan of
35:59
Bitcoin. It's going to go much higher.
36:02
It always bounces around like any other financial asset, but
36:06
ultimately over the next five years as it gets invited into
36:09
this. I mean, that was the secretary
36:14
of Commerce and he's just saying that Bitcoin's going to the
36:17
moon. So, and he also announced he,
36:21
there is a press conference of him in the Oval Office with
36:25
President Trump and he was talking about the US sovereign
36:29
wealth fund, which of course, obviously, if he's, if he, if
36:34
he's saying it's going much higher, if he, if he says he
36:37
owns 10s of millions, hundreds of millions of dollars worth of
36:39
Bitcoin, what do you think is going to go on that on that
36:42
sovereign wealth fund, bro? It's not rocket science.
36:45
So I think this is very, very bullish.
36:47
And I think this is in stark contrast to what we had to deal
36:51
with as an industry with the Biden administration, right?
36:54
Operation Choke .2 point O was not, it was not OK.
37:00
As a Bitcoin entrepreneur, Will, you're a Bitcoin entrepreneur.
37:03
Like bro, it was not fun. There was a lot of uncertainty.
37:07
Our industry was being targeted. This is in stark contrast.
37:12
Man, like this is crazy. So many people in the Trump
37:16
administration, whether it's Trump, JD Vance, RFK Junior,
37:21
Howard Lepnick, we, we know that they all own Bitcoin, right?
37:25
So no one's better than their incentives.
37:27
How bullish is this for the Bitcoin industry in the US Will
37:30
all. Right.
37:32
We've entered into a completely different face and chapter.
37:36
You know, as much as this administration is transparent
37:42
and vocal about the support for our industry, the previous
37:46
administration was subverting quietly and in the background.
37:50
And this I know personally from other founders in the space who
37:54
have been building legitimate businesses help truly helping
37:59
people get ahead, achieve financial independence went
38:03
through, you know, went through some really difficult times that
38:06
didn't need to happen. And we all can just acknowledge
38:10
that that is now in the rearview mirror.
38:12
And what you're ultimately going to see is what happens to a
38:15
Bitcoin ecosystem that have allowed to breathe and grow on
38:20
its own without the hindrances of, you know, that we saw in the
38:24
past. And so I am just very excited to
38:28
see what Bitcoin builders do and I think what fold has done today
38:33
being able, you know, we, we, we just announced our Bitcoin
38:37
rewards credit card with Visa and some of the best partners in
38:41
the space. We are just listed on the
38:43
NASDAQ. You know, none of this would
38:45
really be possible if if if the wins didn't shift.
38:49
And they really have in a big way, which is going to give a
38:53
incredible opportunity for Bitcoin builders, but mostly for
38:56
those who want and are seeking Bitcoin.
39:00
They're just going to be benefiting off of an explosion
39:04
of great new products and tools and community and education that
39:08
is going to be available to them.
39:10
So it's just a very bright orange future ahead of us all.
39:14
Absolutely a 100% agree. By the way, we're on the verge
39:17
of breaking 200 likes on the YouTube chat alone.
39:21
I'm going to push up that #250 likes by the time we end the
39:24
show. So smash that like button.
39:27
And of course, 2000 live viewers across all platforms.
39:30
Opti, what's your take on that man?
39:32
And I mean incredibly bullish. This guy manages tethers money.
39:36
This guy holds hundreds of millions of dollars worth of
39:39
Bitcoin and he's just telling you Bitcoins going a lot higher.
39:42
And he was just confirmed Secretary of Commerce, bro.
39:46
I mean, Trump was right. Like we're going to get tired of
39:49
winning. I'm not tired of winning, but
39:51
holy cow, Opti. Wait, is this winning?
39:53
Is this winning? Is this what winning feels like?
39:55
We've been underdogs for so long, it's it's hard to feel.
39:58
Yeah, there was. There was a part, there was a
40:01
there was a moment in time last year when me and Opti were just
40:03
like, dude, are we going to have to move to El Salvador?
40:06
Like, you know, it was pretty dark, man.
40:09
It was pretty dark, right? No, but what makes me what makes
40:12
me really, really bullish. Before, before you say your bid
40:15
Opti was. Talking to Senator Lummis, I had
40:19
the privilege of being able to interview her in DCA couple
40:22
weeks ago and she is committed to getting to the bottom of what
40:27
happened during Operation Choke .2 Point O.
40:30
So when that stuff gets on V like revealed man, like I think
40:34
there's going to be some skeletons that are found.
40:36
Opti, what's your take bro? Well, like I was saying, I was
40:39
kind of joking and and there is a lot of cynicism in the Bitcoin
40:42
space because, you know, there I think Bitcoiners are paranoid,
40:46
you know, tinfoil hat wears and right, rightfully so.
40:49
And now that we are seeing the winds kind of change in our
40:53
direction, there is a lot of trepidation and people like, I
40:56
don't know, this stuff makes me feel weird.
40:58
And it it really kind of goes to show that we've been the
41:01
underdogs for so long that when things go our way, we are still,
41:04
you know, have our head on a swivel.
41:06
We're still concerned. We we can't relish in the winds
41:08
here. But I think this is actually
41:11
probably going to be a huge win for the Bitcoin space in
41:14
general, as Will was saying how we finally have seemingly a more
41:18
pro Bitcoin administration. Obviously they're still using
41:22
the word crypto here, which we we got to do our education there
41:25
and separate Bitcoin from crypto.
41:27
But I think with that comes the fact that, hey, if Bitcoiners
41:30
and Bitcoin entrepreneurs and the Bitcoin network itself can
41:34
just kind of, you know, get some air to breathe and get out of
41:37
the door and like be able to do what it's going to do, it's
41:41
going to obviously be extremely favorable for the Bitcoin
41:45
network and of course for the the price itself.
41:47
But I think this is a lot of good signs that we are entering
41:52
a whole new paradigm around Bitcoin regulations.
41:55
And hopefully we get a little more, you know, I don't want to
41:58
say laissez faire regulations here, but hopefully there is
42:01
some clarity here and they do start to treat Bitcoin more akin
42:05
to other things. And we don't have this like
42:07
rules for the, but not for me type things playing out that
42:10
we've been seeing in the last four years or rather, you know,
42:13
for the whole history of Bitcoin.
42:15
But one thing that is also very interesting, Nico, is all the
42:18
things you said about Howard Leutnik.
42:20
Obviously, he is, you know, holding a lot of the Tether
42:23
assets. He's super bullish on Bitcoin.
42:26
He says he's going to buy, you know, hundreds of millions of
42:28
dollars in Bitcoin, but he's also going to be, you know, a
42:31
part of or the leadership of this potential sovereign wealth
42:34
fund of of the United States. So I don't know, I'm hearing all
42:38
this stuff. And it sounds like we are going
42:40
to see a lot of capital come in and try to scoop up as much
42:43
Bitcoin as possible. And if the US launches a
42:46
sovereign wealth fund and a portion of that one to 5%,
42:49
etcetera goes into Bitcoin, it's going to be an incredible
42:54
narrative around Bitcoin being the, you know, the, the superior
42:57
pristine collateral out here. And I think more people are
43:01
waking up to this. So I think this is very bullish.
43:03
Obviously, I am also cautiously optimistic about it.
43:07
But I think this is just, it's an incredible 180 compared to
43:11
where we've been the last couple of years.
43:13
And I'm super excited to see what Bitcoin does the next four
43:16
years and, and see hopefully all of this stuff does get
43:18
implemented after the Trump administration gets out of
43:21
office. So I think this is extremely
43:24
favorable for Bitcoin. And, you know, Bitcoin's going
43:26
to do its thing. So in the next 4 years, the next
43:29
eight years, I think we're going to look back at this and be
43:31
like, man, remember when we were joking about leaving the US and
43:35
now it's the, you know, Bitcoin capital of the world?
43:37
Like let's go. It's feeling like it really is
43:40
going in our direction, and it's making people feel weird.
43:43
You know, people are still feeling a little weird about
43:45
winning so hard. Absolutely shout out to the 2500
43:49
of you guys watching live across all platforms.
43:52
We're at 213 likes on the verge of breaking our 250 like goal.
43:56
I'm going to move it up to 300 likes.
43:58
If you guys are enjoying the show so far, smash that like
44:02
button. We got Will Reeves in the house,
44:05
Co founder and CEO of Fold. They just went public today on
44:09
the NASDAQ and during the culture segment, we're going to
44:12
be talking about all things Fold.
44:15
So we'll be right back. I want to give a shout out to
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45:55
All right, buddy. Well, I'm going to pull it up.
45:57
Opti, here we go. The bit, the Bitcoin credit card
46:01
from fold, you guys just recently announced.
46:05
I mean, the timing of it couldn't have been a
46:06
coincidence. Well, let let's be honest here,
46:09
right? You drop a credit card and then
46:11
you're like, well, bam, we're going public too.
46:14
So was it a coincidence? When, when it rains at Porsnico,
46:19
you know, I, I would like to say we're that great at that
46:22
planning and managing our, our, our timeline like that.
46:27
But really it's, this is just the years of work seeing coming
46:32
to fruition, both from the listing and the credit card.
46:35
You know fold has already has the number one Bitcoin rewards
46:40
debit card that's been our flagship products since 2019
46:43
earned Bitcoin rewards when you spend and we knew that the
46:47
credit card was a natural next step for us the idea that you
46:51
can spend on credit using someone else's money while
46:55
earning the hardest asset in the world is a value proposition too
47:01
good to be true. And so fold has been heads down
47:04
building what I believe is one of the best teams in the
47:08
industry to launch this card, as well as working with all of our
47:12
partners who helped us put this together.
47:16
You know, a a, you know, full products are bridging
47:20
traditional finance and Bitcoin that requires us to have
47:23
partners in the traditional space.
47:25
So it's finding who's going to support this.
47:27
And all of that is a ton of work sweat going into it.
47:31
And I definitely look at a day like today and just brings a
47:35
smile on my face, like, how the hell did that all come together
47:38
at the same time? So could you talk a little bit
47:40
about so why would someone if like and for for for people that
47:46
don't know, right, Let let's say you got an Amex or whatever
47:50
credit card floats your boat, right?
47:53
You know, why should people sign up to the Bitcoin credit card
47:57
from full? What what are the incentives
47:59
there? What what, what you know, what
48:02
benefits are you guys offering? So the card is very
48:07
straightforward. We tried to make it as simple as
48:09
possible to allow people to understand it as well as make
48:13
the shift. And so the full Bitcoin Rewards
48:15
credit card is 2% unlimited Bitcoin rewards on every
48:20
purchase. You're going to get $250 in
48:23
Bitcoin rewards for using our other products, buying Bitcoin
48:27
with us, using a merchant offer, using our checking account, and
48:32
then you're going to get a metal card.
48:34
And really what this package is, is, is creating an option, an
48:40
alternative to the airline miles cards and the cash back cards
48:44
that are that really dominate the credit card industry.
48:47
You know, today the largest airline miles card processes 1%
48:52
of the entire USGDP. And the only reason that is the
48:56
case is because airline miles have kind of really set
49:02
themselves deep in the culture mindset of the preferred reward
49:06
for US consumers, right? It gives you status.
49:09
They play games about lounges. You get to earn miles.
49:13
But the hard part about it is the lived reality of that
49:16
earning miles are devalued on average 2050% every single year.
49:22
So as soon as you get them, that ice cube is melting faster than
49:26
the Fiat in your pocket. Secondly, the idea of delivering
49:31
this status has quickly been eroded by the fact that they
49:35
can't handle the amount of people who are seeking that
49:38
status. So it kind of erodes the brand.
49:40
And so at the same time that Fold is offering the ability to
49:45
earn a Bitcoin reward, which Fold today has already given $70
49:49
million in Bitcoin rewards away to our customers.
49:53
If our customers had used a traditional card instead a
49:56
traditional rewards card, they would have earned under 20
49:59
million. So earning rewards in Bitcoin is
50:03
a no brainer. It makes absolute sense,
50:06
especially when Bitcoin has been growing at a 4060% tagger year
50:10
over year. You know this means that on a 2%
50:13
card, your the rewards you earn on your purchases will outpace
50:20
the original purchase price in eight years, so effectively
50:24
allowing you to live for free. If Bitcoin continues at the rate
50:28
that it has. That value proposition is just
50:31
unheard of. This isn't just swapping airline
50:34
miles for Bitcoin rewards. This is swapping into a
50:37
financial reality that puts you 10X ahead of where you would be
50:43
without this product. It is truly this incredible
50:46
opportunity that's sitting in front of Bitcoiners everywhere
50:50
to add to their financial independence and swap about
50:53
something that has been devalued, eroded over time with
50:57
something that is going to appreciate and give back in more
51:00
ways they can they can imagine. So and could you talk a little
51:04
bit about so the you guys originally offered the debit
51:08
card, which was very, very popular and it and it had a spin
51:11
wheel Here, let me pull this up. Bum Bing bum boom, your everyday
51:17
Bitcoin debit card. You know what, what was this
51:20
for? It seems like it's here you
51:22
claim. Ditch legacy checking accounts.
51:25
Bitcoin is the best performing asset of the decade, but
51:27
incorporating it into your finances could feel intimidated
51:30
on anymore. Fold combines everyday banking
51:33
needs with Bitcoin accumulation and savings, including an
51:36
account and routing number for ACH, bill pay, saving BTC spend
51:40
in USD. So the the guiding principle of
51:45
full our mission is to build long term savings for our
51:47
customers. And the way that we do that is
51:49
through Bitcoin. And So what our strategy has
51:53
always been is let's take the traditional financial stack, the
51:56
debit cards, the checking accounts, credit cards, savings
51:59
accounts, you name it and we're going to integrate Bitcoin to
52:02
achieve 10X outcomes for our customers.
52:04
So that's earning 70 million in Bitcoin rewards versus under 20
52:09
million, right? This is having a savings account
52:12
that allows allows you to earn Bitcoin that out outperforms a
52:15
traditional savings account by O 60%.
52:18
These things completely change your financial position and what
52:22
Fold has done is really taken the fundamental building blocks
52:26
of our financial tools that allow us to do our daily,
52:29
monthly and long term activities and integrated Bitcoin.
52:32
And so we started with the checking account and the debit
52:36
card being a related product to that.
52:39
And why is that? Well, the checking account is
52:42
the place where paychecks come in the door and where all the
52:45
major bills go out. And so it's really the fulcrum
52:48
really at the center of everyone's financial lives to
52:52
some extent. And So what Fuld has done is
52:54
say, hey, how can we change cards by integrating Bitcoin
52:58
rewards so that not only can you combat inflation by the
53:02
increasing appreciation of your Bitcoin rewards, but how can we
53:05
actually drive down the the cost of all of your living expenses
53:10
over time. Bitcoin Rewards fixes this for
53:14
that checking account and the debit card.
53:17
It allows us a a platform that we can integrate Bitcoin right
53:21
beside it with the custody and Bitcoin trading account and that
53:25
can work seamlessly across. So if you want to live your life
53:29
on Bitcoin, but you need to pull out $20.00 of cash for an ATM,
53:34
all you do with Fold is you have your Bitcoin balance, you go to
53:37
an ATM, you pull out $20, and you now have gone from Bitcoin
53:42
in your custody account to physical cash in under 60
53:46
seconds. This type of seamless ability to
53:49
go back and forth between Bitcoin and giving Bitcoin
53:52
connectivity into these traditional financial products
53:56
is the innovation that Fold is bringing to market.
53:58
And you're going to see us remaking each and every one of
54:01
these. We've done the Bitcoin rewards
54:04
through the debit card. We are changing it with the
54:07
checking account. We have announced our credit
54:09
card. And you're going to see us
54:10
continue to go down the stack, reshaping them in ways that put
54:15
customers way ahead of where they would be.
54:18
And the best part about from my perspective is that I get to
54:22
have a business that's totally in line with building the wealth
54:25
and savings of our customers versus traditional models, which
54:29
are primarily about extraction, about devaluation, about about,
54:36
you know, swiping off of their, their ability to grow.
54:39
So for for us, it's a beautiful thing and that we see our
54:43
customers are, you know, what happens to them when they choose
54:47
Bitcoin, when they choose fold, but also getting to run that
54:50
type of business is just an incredible opportunity.
54:53
Absolutely, 100%. I, I, I think one of the tag
54:57
lines was built by Bitcoiners for Bitcoiners.
55:01
I think that's absolutely true. It, it allows you to, to, to
55:05
live on Bitcoin. I think that's the part that
55:07
really sticks out to me the most, Opti.
55:10
Yeah, no, it's super awesome product.
55:12
There is some questions in the chat, one person asks what
55:16
countries is the credit card going to be available?
55:18
Is this just going to be in the US?
55:20
Yeah. So this will be US first.
55:22
That is going to be the the primary focus.
55:25
And you know, we get to think about the rest of the world.
55:27
We understand that Bitcoin is a global asset demand is
55:30
absolutely global. And so, you know, from my
55:33
perspective, there's a lot of opportunity there.
55:36
And I think we've seen, you know, people outside of the US
55:41
make it very clear that they want fold where they live.
55:45
So we're going to, we're going to try to make that happen.
55:49
Love it and I don't I don't want to be cynical here, so I'm just
55:52
relaying what the chat is saying.
55:54
Well, so this isn't me. This is our very toxic troll
55:57
chat here, just to be clear. But someone said something on
56:01
the lines of like, it's the year 2025 and Bitcoiners are excited
56:05
about a credit card, like how far we have fallen.
56:07
And you know, like, I think this is actually, you know,
56:12
especially considering the states, it's very hard to live
56:14
on Bitcoin. And I think you guys are
56:16
offering this product and this is obviously making Bitcoiners
56:20
lives easier. So in response to the toxic
56:24
comment in the chat, what would be your response to that Will?
56:26
Yeah, I think there are, you know, two sides to to
56:30
everything. And really the first time is the
56:33
the ideological point. And I think that's a great point
56:36
well taken. At the same time, there's other
56:39
things going on that are far more powerful in real forces in
56:43
this world. The idea of earning Bitcoin
56:46
rewards on a Fiat credit card is the most purest expression of
56:52
Gresham's Law then you could possibly get.
56:55
And so we are not dealing with narratives and ideology.
56:59
What we're seeing in the market is these very pure incentives
57:03
taking shape amongst the products that are here being
57:06
able to spend bad money on credit to earn the soundest
57:11
money in history is the innovation and is an inevitable
57:16
place that we are going to get to as as you know in with
57:19
bitcoins adoption cycle. And so it's less about reifying
57:24
the credit card as the, you know, the the the primary
57:29
payment and it's more than Bitcoin is leveraging a credit
57:32
card to further its adoption. This is how you are not only
57:36
going to get people to more people, more Bitcoin in the
57:40
hands of more people, but also you're essentially accelerating
57:44
the the play out of Gresham's law.
57:47
Bad money is driven first and then leaving sound money and
57:51
people will save that. And so it's it's inevitable.
57:54
And you know, fold is built by Bitcoiners for Bitcoiners.
57:57
And so we appreciate the sentiment behind that comment,
58:00
but you know, you cannot change these very real forces of
58:06
incentives and game theory that are going to continue to emerge.
58:10
Absolutely. And so there is a, there is a
58:14
bit of a wait list for the credit card will and there's a
58:17
there's a bit of a game to it as well.
58:19
Could you talk a little bit about that?
58:22
Yeah. So, you know, it's always hard
58:24
figuring out how to how to do a wait list.
58:26
You know, for us, we did it for our debit card.
58:29
It went very well. And for this one, we had to toe
58:33
the line. Number one, we want to give
58:34
people the ability to opt into the card so that right when it's
58:38
available, they can get it. But we also added some elements
58:41
that allow people who use Fold everyday.
58:44
If you're using US for our debit card, or you buy a gift card
58:47
with us, or you buy Bitcoin with us, or you use us to pay your
58:52
bills, all of those things are going to drive you up the wait
58:55
list to get make sure you're one of the 1st to get it.
58:58
And so in to incentivize all of that, you know, there's $200,000
59:02
of Bitcoin and other prizes that are going to be won by people
59:07
directly climbing this wait list.
59:09
And so there there's a game that can be played, which will mean
59:13
that you're will be, you know, compensated with prizes and
59:16
early access. But at the same time, if you're
59:19
just interested in it, you just want the wait list in the card
59:23
when it's ready to come your way, just sign up.
59:25
And the good thing is the team is working very hard to make
59:30
sure that you get it as early as possible.
59:31
So you're going to be, you're going to come out on top either
59:33
way. Incredible, incredible.
59:36
So guys, I have it in I'm we're going to drop it in the live
59:39
chat. A link to the credit card get
59:43
join the wait list today. It's also in the video slash
59:46
podcast description. I want to thank will for joining
59:51
us on the show today. The show did absolutely amazing.
59:54
So many like record viewership. So I appreciate all you guys.
59:58
Thank you so much for smashing the like button tuning in.
1:00:02
We didn't break the 300 likes, but we got close to it.
1:00:05
We're at 258 likes. So we appreciate you all.
1:00:08
Thank you guys so much. Today was February 19th, 2025.
1:00:14
I'm your host Nico, our special guest today, Will Reeves, Co
1:00:19
founder and CEO of Fold and of course, my legendary Co host and
1:00:23
Co founder of simply Bitcoin, Optimus Fields in the house.
1:00:27
Guys, we love you all. We'll see you on the next one.
1:00:29
Peace out, everybody. Today's episode was brought to
1:00:32
you by bitcoinwell.com, a Bitcoin only platform on a
1:00:36
mission to enable financial independence.