Latest / Simply Bitcoin / $5.9T GIANT Launches NEW Bitcoin Retirement Product! | EP 1215

Transcript

$5.9T GIANT Launches NEW Bitcoin Retirement Product! | EP 1215 · Simply Bitcoin

• 0:00
  Yo, this $5.9 trillion giant Fidelity just dropped a new
• 0:05
  retirement product based entirely around Bitcoin.
• 0:09
  And Fidelity did this only days after they dropped a new report
• 0:14
  saying that the Bitcoin bull run is not over.
• 0:17
  Today we're not only going to be explaining why the third largest
• 0:20
  asset manager in the world launched a Bitcoin retirement
• 0:23
  product, but also some new data reveals why you could retire on
• 0:28
  much less Bitcoin than you think by 20-30.
• 0:32
  We also have a. Very special guest joining us
• 0:34
  today. We got NVK in the house.
• 0:37
  NVK is the CEO of Coin Kite. We recently just partnered with
• 0:41
  them. They make the best Bitcoin
• 0:43
  harder wallets in the game. NVK thank you so much for
• 0:46
  joining us today, bro. Hey, thanks for having me guys.
• 0:50
  So guys, let's jump straight into today's news regarding
• 0:54
  Fidelity. Fidelity introduces retirement
• 0:57
  accounts with minimal fee crypto investing.
• 1:01
  I don't know what that means, but we'll find out in a second.
• 1:03
  Fidelity Financial Services Company, with $5.9 trillion in
• 1:07
  assets under management, has introduced new retirement
• 1:10
  accounts that that will allow Americans to invest in crypto
• 1:14
  nearly fee free. The crypto Iras are offered by
• 1:19
  Fidelity Digital Assets, a subsidiary of Fidelity that has
• 1:22
  traditionally offered institutional investors the
• 1:25
  opportunity to buy and sell crypto.
• 1:27
  The broadening of its client base may be another signal of
• 1:30
  the changing crypto landscape in the United States, which has
• 1:33
  seen the adoption of a strategic Bitcoin reserve and multiple
• 1:39
  companies, including stablecoin issuer Circle, filing for
• 1:42
  initial public offerings. Fidelity states that for
• 1:45
  security, it holds the majority of its crypto in cold storage,
• 1:50
  which consists of crypto wallets not connected to the Internet.
• 1:54
  I want to get NB, KS thoughts on this as the in house cold
• 2:00
  storage manufacturing expert Rodolfo thoughts.
• 2:10
  Well, I mean, you know, it's like not your not your keys, not
• 2:14
  your coins. But listen, you know, I have no
• 2:17
  issues with any of this financialized Bitcoin products.
• 2:20
  It's great. Everybody that you don't like is
• 2:22
  going to be buying Bitcoin, including Fidelity.
• 2:26
  Maybe you like them, you know, like maybe that works for you.
• 2:28
  I don't give a shit anymore. It's like, you know, people
• 2:31
  should just get Bitcoin however they can and, and like, tell
• 2:36
  people who tell them that they're doing it wrong to go
• 2:39
  take a go take a hike. Yeah, I I love that, love that
• 2:43
  take. Do you have a take before I
• 2:44
  continue with the article? Well, I just find it.
• 2:47
  I mean, no, not not on the cold storage set up.
• 2:49
  That's why MV KS here. So let's keep going on the.
• 2:51
  Article All right. While the direct purchases of
• 2:54
  cryptocurrencies in an IRA has never been strictly prohibited,
• 2:58
  few IRA providers have allowed such purchases, according to
• 3:02
  Investopedia. Therefore, Fidelity's new Iras
• 3:05
  may signal a change change in the environment.
• 3:07
  Still, for enthusiasts of BTC and ETH, there have been other
• 3:13
  There have been other options since 2024.
• 3:16
  If you are, this is. Maybe I'm a little bit biased
• 3:18
  here, but if you are saving for retirement and ETH, you will
• 3:21
  definitely have fun staying poor anyways.
• 3:24
  Since the debut of those ETFs, investors in the US have been
• 3:28
  able to gain exposure to crypto markets from their retirement
• 3:32
  accounts. Depending on the brokerage,
• 3:34
  there has also been the rise of Bitcoin Iras which are
• 3:37
  self-directed retirement accounts that offer tax
• 3:40
  advantages. Some crypto companies offer
• 3:43
  digital asset specific Iras like BIT.
• 3:46
  IRA. Where individuals can add
• 3:48
  altcoin. Oh my God, I didn't even want
• 3:49
  this. It hurts me saying this.
• 3:51
  Anyways, the other thing I want to talk about on today's show,
• 3:54
  which was Fidelity's bringing up this report, you know, saying,
• 3:57
  listen, you can now for whatever reason, you could buy Bitcoin or
• 4:02
  whatever through Fidelity. You can use that to save for
• 4:05
  retirement. But the thing that I wanted to
• 4:08
  focus on today, the thing I wanted to touch on, the thing
• 4:10
  that Opti has not let me speak about for many months now, is
• 4:15
  like the topic that a lot of people are questioning, which is
• 4:18
  how much Bitcoin do you need to retire, right?
• 4:21
  Let's let's leave all the shit coining aside, right?
• 4:23
  So how much Bitcoin do you need to retire?
• 4:26
  I think that's the question. There is this BlackRock report
• 4:29
  that was released a couple days ago is the actual annual letter
• 4:33
  by Larry Fink and he's making the case that you need
• 4:36
  $2,000,000 in Fiat to retire. I don't know what that
• 4:39
  translates to in Bitcoin terms at the moment.
• 4:42
  Opti, if you could do the math real quick, and I have this
• 4:45
  handy dandy calculator, the Bitcoin Retirement Calculator,
• 4:50
  and allows you to plug in all the numbers that you wish.
• 4:54
  And we're going to plug in some numbers because I know you guys
• 4:57
  absolutely love this type of content.
• 4:59
  And there's something that I know, Rodolfo, you've said in
• 5:02
  the past many, many times, you should be storing your Bitcoin
• 5:06
  as if it was worth 10 times what it's worth today.
• 5:09
  Is that correct? Yeah, I mean, I, I think I
• 5:11
  repeat that like every time the price moves, it's like, you
• 5:15
  know, if the price is down, buy the dip, store the hardware
• 5:18
  wallet. If the price is moving up, just
• 5:20
  remember it, you know, because it, because it does happen,
• 5:23
  right? I mean, people by BTC, they
• 5:26
  finally take custody of it and then they forget that BTC on a
• 5:31
  phone, you know, and then five years later that Bitcoin is
• 5:34
  worth 10 times more and then they freak out or they lost the
• 5:37
  Bitcoin. It's very common.
• 5:39
  So, so yeah. So you know, like I always
• 5:43
  accompanied that with the link with the bitcoinsecurity.org.
• 5:47
  I try to keep it very simple there, you know, just just get
• 5:51
  your shit together because the price will go up.
• 5:54
  I love that yeah get your shit together because the price will
• 5:57
  go up and I think one of the things that you guys say over
• 6:00
  there at Coinkite is sleep sounds at night technology that
• 6:04
  I butcher it something along those light something along
• 6:07
  those lines. Sleep at night technology.
• 6:10
  Here's the website that Rodolfo was talking about.
• 6:12
  We're going to put it in the live chat.
• 6:14
  Also shout out to the live stream 729 live viewers so far.
• 6:17
  If you guys are enjoying the show, make sure to smash that
• 6:20
  like button. You guys are listening to simply
• 6:21
  Bitcoin live. Our guest today is NVK from Coin
• 6:25
  Kite. We're going to be talking all
• 6:26
  things Coin Kite during the culture segment.
• 6:28
  We'll get to that in just a second.
• 6:30
  But first we're going to ask the question, how much Bitcoin do
• 6:34
  you need to retire by 20-30? And Opti was doing the maths in
• 6:38
  the backgrounds and if we were taking the numbers from Larry
• 6:42
  Fink, he says you need roughly $2,000,000 to retire.
• 6:45
  That equates to 24 Bitcoin in today's, you know, with an
• 6:50
  81,000 or $82,000 Bitcoin. So we're going to plug all of
• 6:54
  this into this and if you guys have some numbers as well, put
• 6:58
  it in the chat and we'll put it into the calculator.
• 7:01
  So it says amount of Bitcoin you huddle, we're going to go to
• 7:04
  what was it 24, right, Opti 24 and life expectancy, let's say
• 7:12
  85. We're going to keep it at 85
• 7:14
  current age, let's say 35 annual estimated buy, How much, how
• 7:21
  much Bitcoin is people buy? Let's say I'm not.
• 7:25
  Let's say $100. So you're not buying any?
• 7:27
  Let's say $100 a month, $100 a month.
• 7:30
  So what is that $1200, right? I'm going to, I'm going to ask
• 7:35
  this, I'm going to ask MBK this question.
• 7:37
  NBK What is the price annual growth of Bitcoin percentage
• 7:42
  wise? I think it's 30% year over year
• 7:45
  for the last 15 years or something.
• 7:47
  You think it'll be like that moving forward?
• 7:51
  OK, listen, you know if you want to, if you want to cut 30% off
• 7:55
  of that, just do 20%. OK.
• 7:58
  OK. We'll stick with 20% inflation
• 8:00
  rate. What is the inflation rate?
• 8:02
  5%. Inflation rate in the US and
• 8:08
  Canada, what are we talking about here, 3%, five percent,
• 8:10
  10%? I, I think we should use the
• 8:13
  real stuff, not not what they say, because that's what affects
• 8:16
  people. So, so let's put to 7, seven to
• 8:19
  10%. All right, let's put 7% and then
• 8:22
  desired annual income. What are we putting here?
• 8:26
  I did. Did you put yours there?
• 8:30
  All of this was just there before I got there.
• 8:34
  What? What's that?
• 8:35
  What was the average average income in with 60?
• 8:38
  Yeah, 60. 1001 two three OK what was there before?
• 8:45
  Like let's put half a mil I. Think it was 50.
• 8:47
  Let's put half a mil. So 60,000.
• 8:51
  All right And what are we? OK, so the your retirement?
• 8:55
  Age would be 49. So 49.
• 8:58
  So if you had 20, that's that sounds, that sounds very
• 9:00
  depressing. You know what it is?
• 9:05
  It's the inflation rate, man. The inflation rate kills it.
• 9:09
  So let's move the inflation rate down to 3%.
• 9:13
  The inflate the retirement age to be 42.
• 9:16
  Inflation is so bad that like even Bitcoin might might not
• 9:20
  help you. Oh, man.
• 9:26
  OK, so. So with the 60, this is pretty
• 9:29
  depressing. This isn't that great.
• 9:33
  OK, let's say the price, the annual appreciation rate is 30%.
• 9:40
  Let's see. Does that fix anything?
• 9:42
  No, this has to be wrong, bro. This has to be wrong 40.
• 9:46
  Well. That's five years.
• 9:48
  That's 2030. Oh, that's right, because the
• 9:51
  person's 35. Oh, that's not that depressing.
• 9:54
  That's pretty. That's pretty awesome.
• 9:56
  Five years, yeah. That's pretty awesome.
• 9:57
  OK, All right, let's play around with this.
• 9:59
  So let's put 20%. Let's see what the chat is
• 10:02
  saying too. 20% annual growth. I don't know.
• 10:07
  We got 60%. I'm guessing that's annual
• 10:10
  growth. No way it's going to 60 bro.
• 10:12
  Clarify this Robert. What was the 60%?
• 10:17
  That's how we got. That's how we got.
• 10:18
  OK. All right.
• 10:19
  Well, Opti, I'm going to pass it on to you.
• 10:21
  Let's plug in some numbers. OK.
• 10:23
  Let's plug in some numbers here. We can keep those amount of
• 10:26
  Bitcoin you had all annual estimate buy we'll keep that
• 10:30
  price annual growth. What's the sailor been saying
• 10:32
  4040% a year? I think he said 40%. 40% a year
• 10:35
  and I'm and I'm more of an extremist.
• 10:37
  So let's go on the high end of inflation.
• 10:39
  I let's do 10%. OK.
• 10:42
  High end of inflation 10%. All right, 4611 years not.
• 10:49
  We'll take that. Not bad Rodolfo, you want to
• 10:51
  plug in some numbers. Wait guys clarify what these
• 10:54
  numbers are? What's 26 mean?
• 10:56
  Like I I need clarification on what the what you want plugged
• 11:00
  in. Dude, I mean, what's #40% you
• 11:09
  guys are, hey. That's hey, that's sailors.
• 11:13
  That's what sailors been saying. So OK. 10.
• 11:17
  Percent output Output 25 which is the bear. 25 bear case all
• 11:23
  right if you have 24 Bitcoin. And then and then estimate by
• 11:26
  whatever, let's go annual retirement income, you're going
• 11:34
  to need more than 60 KA year due to retire.
• 11:37
  All right, so let's put. Like, let's put like, well, like
• 11:40
  100K. With inflation, because they're
• 11:42
  not calculating inflation on the final number, it's it's not like
• 11:45
  you guys need to upgrade that chart.
• 11:48
  That's true. You know by the time you're
• 11:50
  retiring, you know the number needs to be two 100K.
• 11:54
  Let's put 2. 100K There you go. Life expectancy.
• 11:59
  I mean, I don't know your drinking habits, but it's fine.
• 12:06
  I think. I think you guys are on to
• 12:08
  something there. There you go. 85 OK, So $1200
• 12:12
  estimated by price annual growth. 25 annual.
• 12:17
  Change the amount of Bitcoin to 615.
• 12:20
  I bet a lot of people really went into that. 6.15 All right,
• 12:26
  So if you started at 35 and you wanted to take out 200K and the
• 12:31
  annual inflation rate is 10% and Bitcoin grows by 25% a year,
• 12:36
  you'd be able to retire at age 63.
• 12:39
  So the only way to actually retire nowadays is by holding
• 12:43
  Bitcoin, apparently. Yeah, 'cause if you don't, I
• 12:45
  think you're absolutely screwed all.
• 12:46
  Right, Nico, 11 more number. We got a number in the chat.
• 12:49
  So Joshua says 55% growth and 12% inflation and then we got
• 12:53
  another number of 3.125 for the amount you hold. 3 point 1253.1.
• 13:00
  That's shrink flation. All right, so 53 it's better 53
• 13:06
  age. Bullet hard in the chat.
• 13:08
  Let's go say Larry. Fink's number was was was pretty
• 13:11
  close in terms of of the number what you'd be able to retire
• 13:16
  with. Anyways, if you guys are
• 13:17
  enjoying the show so far 1100 of you guys watching live between
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• 13:28
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• 13:30
  If you guys are enjoying the content so far, we have tons to
• 13:33
  talk about today. We have NVK in the House of
• 13:36
  Quaint Kite. We're going to be talking about
• 13:38
  all things Quaint Kite. We're talking about the MK4, the
• 13:41
  queue, the block clock, all those things.
• 13:43
  And we have we have a video of you guys of Jack Dorsey in a
• 13:46
  recent podcast that he went on and he said some interesting
• 13:49
  things and I'll get I want to get NB KS thoughts on them.
• 13:52
  So first thing he said, which is a billionaire Jack Dorsey says
• 13:55
  that BlackRock can't stop you from using Bitcoin.
• 13:58
  We don't need their permission. I think that one's an obvious
• 14:00
  one. And then the other one, which I
• 14:02
  think was a little bit more controversial, he says Bitcoin
• 14:05
  fails by being irrelevant. So we're going to check out
• 14:08
  those clips. We're going to talk about it
• 14:10
  guys. It's going to be a great show.
• 14:11
  In the meantime, smash that like button.
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• 14:16
  you value and we still got a jam packed show.
• 14:18
  We will be right back. I want to tell you guys about
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  All right everybody, we are back.
• 15:56
  At the time of recording, the Bitcoin price is $81,900.
• 16:00
  Block height 890,730 sats per dollar 1221 market cap 1.63
• 16:08
  trillion Bitcoin versus gold market cap 7.38% Percentage
• 16:14
  issued 94.5% Decline from all time high -24.9%.
• 16:21
  Realized monetary inflation .88% Bitcoin continues to take Fiat
• 16:27
  currencies to absolute school. Anyways, I have two clips for
• 16:31
  you guys from Jack Dorsey, founder of Twitter and I believe
• 16:37
  Square as well. Maybe I think it was blocked
• 16:39
  before, I don't know. Anyhow, he went on this recent
• 16:42
  podcast some interesting clips. I want to get NB KS thoughts on
• 16:45
  it. So let's check out this first
• 16:47
  clip and then we'll talk about it.
• 16:50
  What makes Bitcoin special? What makes things like nostril
• 16:53
  special? Is there a permission list?
• 16:56
  You don't need anyone's permission to build what you
• 17:00
  want to see. And, and that's just incredible
• 17:04
  like to to be able to work on a money transmission protocol
• 17:07
  that's entirely open, that has no one leader that has all this
• 17:11
  attention that has converted the likes of a Black Rock or these
• 17:18
  major institutions that were these things that we railed
• 17:21
  against in the past. And now they have to turn their
• 17:24
  attention to it. And yet you still don't need
• 17:27
  their permission to build on it or to change it or to better it.
• 17:32
  Where else can you find that? Like at that scale, not nowhere
• 17:35
  and in only 16 years. So imagine the next 16 years and
• 17:40
  how you can contribute to it. Again, only asking yourself
• 17:44
  permission like that. It's just an incredible thing to
• 17:48
  be a part of and it reminds me so much of the of the earlier
• 17:51
  that were you again, the default was you didn't need permission
• 17:54
  to do anything. We see more and more of that
• 17:57
  going away and Bitcoin and Noster and and hopefully
• 18:01
  something in intelligence will be the the antidote to that and
• 18:05
  bring us back to like what made the Internet special in the 1st
• 18:08
  place where I made it magic. So permissionless that that's
• 18:12
  the one the one thought one idea that's.
• 18:15
  A great. Very, very powerful by Jack
• 18:21
  Dorsey. NVKI know is part of your ethos,
• 18:25
  man. This is what you're all about,
• 18:27
  dude. You have any thoughts?
• 18:28
  Do you have any wisdom that you can drop on everybody watching
• 18:32
  the 1300 people watching live right now?
• 18:35
  What are your thoughts on what Mr. Dorsey had to say?
• 18:39
  I mean, he's right. Like, I mean, that's kind of the
• 18:41
  whole point of Bitcoin is no permissions, right?
• 18:45
  You you don't need permission to to buy transact Bitcoin.
• 18:49
  I mean, if you're going to buy Bitcoin through an exchange, you
• 18:52
  might need permission there, but you can still exchange cash to
• 18:55
  somebody else. Noster is the same way like you
• 18:59
  don't need permission to do anything.
• 19:02
  And that's that's sort of like what the value stems from.
• 19:06
  I think where we differ is I think store of value and anti
• 19:11
  debasement and the the replacement of central banking
• 19:17
  is the number one Bitcoin intent.
• 19:20
  So much so that was released in the 2008 crash like right after
• 19:25
  that. And I think the all other
• 19:30
  Bitcoin properties serve at the pleasure of store of value,
• 19:35
  right. So you know, you cannot have a
• 19:39
  insensible or or a store of value that is absent of
• 19:43
  governance, like a people governance without having a
• 19:49
  money that you can transmit without permission, right?
• 19:52
  Because if you can't transmit your Bitcoin without permission,
• 19:55
  it is no longer a good store of value, right, because it needs
• 19:59
  to be soluble. So so it's sort of like that
• 20:03
  that route, right? And and I don't think Bitcoin
• 20:06
  base layer is usable for. For small transactions in in the
• 20:11
  coming future, right, like right now it's still cool.
• 20:14
  You know, it's cheap to send and and it's all good and dandy, but
• 20:19
  realistically speaking, we only have 4 megabytes per block and
• 20:23
  you know Bitcoin is a terrible way for you to pay to feed
• 20:28
  chickens on the Internet, right? Like there's no privacy on
• 20:32
  chain, you know, pseudonymous, but like people can reverse it
• 20:36
  and it's really as bad for that. So I, I think we need to improve
• 20:42
  on how we find privacy between on chain and into layer twos,
• 20:47
  right. Lightning also does not scale
• 20:50
  for more than 200 million people at the current design of Bitcoin
• 20:53
  because it's still bound by block data, the block size.
• 20:58
  So lightning is a fantastic way for like custodians to clear
• 21:03
  between each other very fast or or semi custodian lightning
• 21:06
  solutions to do that too. And then what you need is a
• 21:10
  third layer, something like cashew or an E cash solution
• 21:13
  that that it really is pegged to Bitcoin depends on Bitcoin.
• 21:17
  Bitcoin is the ultimate arbitrator of truth, but it
• 21:21
  gives you much more, much better trade-offs for payments, right?
• 21:26
  You have a better, better token, you have full privacy and and
• 21:31
  you know, it sort of goes with that and it's not one or the
• 21:33
  other. It's sort of like I, I think
• 21:36
  Bitcoin for payments is like, you know, it's short lived and
• 21:40
  it's fun and all, but it's wasting your time.
• 21:42
  We should be really looking as you know, how can we improve
• 21:45
  vaulting on Bitcoin? How can we improve Bitcoin as a
• 21:48
  great store of value and clearance mechanism between
• 21:53
  other solutions that provide payments?
• 21:56
  Yeah, no. And, and I agree.
• 21:58
  And I think the the, the transaction aspect, I think a
• 22:04
  lot of the community hasn't completely swallowed that pill
• 22:07
  yet. This the Would it be
• 22:12
  controversial to say NVK that the base layer isn't for
• 22:16
  everybody? Oh, absolutely.
• 22:19
  Bitcoin is not for everybody. Bitcoin is available to to
• 22:21
  anybody. So it's like I when when one of
• 22:25
  the most annoying memes that there is is Bitcoin is for
• 22:28
  everyone. It's definitely not.
• 22:31
  It's available to everyone, right?
• 22:34
  First of all, I mean the dollar is for everyone because you're
• 22:37
  going to have the dollar even if you don't like it right like if
• 22:42
  and if you don't like it, you'll send the F the F30 fives and
• 22:47
  it's also like the dollar is a push mechanism in that sense.
• 22:51
  Bitcoin, on the other hand, is fully voluntary.
• 22:54
  I mean, you may find yourself without a choice but to, to buy
• 22:57
  it because you'll be debased. But you know, it's, yeah, it's
• 23:04
  not, it's not for everyone. And especially for underbanked
• 23:08
  poor people. Like, you know, like what poor
• 23:11
  people need is, is like unsensible dollars, not Bitcoin,
• 23:16
  right? Like they don't have savings.
• 23:18
  They, they don't have spare income at the end of the month
• 23:20
  to save. So if we can, if we can help
• 23:23
  them leverage Bitcoin as the rails to get other things they
• 23:28
  may need to transact because they can't survive volatility
• 23:32
  and, and then through that mechanism become a little
• 23:35
  wealthier and then be able to save in Bitcoin, then we're in a
• 23:38
  much better place. I, I think, I think that's a
• 23:42
  much better framework than just sort of like, Oh my God, you
• 23:46
  know, Bitcoin is for everyone. Yeah, I agree.
• 23:49
  And and it's, and it's more realistic, right?
• 23:51
  It's more realistic rather than selling this kind of utopian,
• 23:55
  you know, vision, Cuz the reality is that's, that ain't
• 23:58
  so, right? At least from the technical know
• 24:02
  how perspective, from the block size perspective, just from, if
• 24:06
  you've been a Bitcoin long enough, I think you, you really
• 24:08
  understand that. But it is a catchy slogan
• 24:10
  though. At VK, you can't deny that
• 24:12
  Bitcoin is for everyone. I mean, can we change it?
• 24:16
  Bitcoin is for anyone. I mean, really, it almost sounds
• 24:19
  the same. And then we don't have to be
• 24:21
  wrong. Yeah.
• 24:24
  Mr. Hoddle's been on that for a long time.
• 24:26
  Bitcoin is for anyone, not. Everyone Bitcoin is for anyone.
• 24:29
  We've been saying that for for years.
• 24:31
  We we got to, we got to, we got to, we got to move, we got to
• 24:34
  move that. We got to pivot it.
• 24:36
  Opti we got to pivot it anyway. I've been saying Bitcoin is for
• 24:38
  anyone, You've been saying Bitcoin is for everyone, and I
• 24:41
  think you thought we were saying the same thing.
• 24:42
  I think I think so. I think so.
• 24:44
  Anyways guys before we move on to the next Jack Dorsey video, I
• 24:47
  do want to give a shout out to of course, our lead sponsor Best
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• 26:13
  All right, everybody. So next video I want to talk
• 26:16
  about is this one. Bitcoin fails by being
• 26:20
  irrelevant. I find that interesting.
• 26:22
  So I'm going to play the video and then we're going to get
• 26:24
  NVK's thoughts on it. Here we go.
• 26:25
  So. Let's Fast forward to the future
• 26:28
  and Bitcoin has failed. How did it fail?
• 26:33
  I think it fails through irrelevance, like it just it
• 26:38
  fails to be relevant to people on a daily basis.
• 26:43
  If it just ends up being store value and nothing more, I don't
• 26:47
  I don't think it gains relevance at all.
• 26:49
  Like I think it has to be payments for it to be relevant
• 26:53
  on the everyday. Otherwise it's just something
• 26:55
  you kind of buy and forget and only use in emergency situations
• 26:59
  or when you want to get liquid again.
• 27:04
  So I think if it doesn't transition to payments and find
• 27:09
  that everyday use case, it just it's increasingly irrelevant.
• 27:17
  Interesting. I mean, what do you think about
• 27:20
  that, Rodolfo? Bitcoin becomes irrelevant if it
• 27:24
  just stays as a store of value, if it doesn't completely migrate
• 27:28
  to payments. And it's quite interesting a
• 27:31
  little bit. I'll add a little bit of context
• 27:32
  to this because I think with the popularity of the ETFs and the
• 27:36
  popularity of some stocks that have been acting like Bitcoin
• 27:40
  leverage plays like, you know, strategy and, you know,
• 27:44
  metaplanet, all that, it seems like a lot of people have just
• 27:50
  forgot about self custody. I think I saw a, a, a tweet, a
• 27:53
  post by Plan B the other day, which was like, I'm selling all
• 27:56
  my Bitcoin and I'm buying the ETF, you know, and those
• 28:00
  bitcoiners are just like, what the what, what, what is, what is
• 28:02
  happening? I did that too.
• 28:04
  I sold all my BTC. And body too.
• 28:09
  So you guys heard it here first. Big breaking NVKCO of coin Kite.
• 28:14
  He sold all his Bitcoin. It's all in ETFs.
• 28:18
  So what? Do you think that as the clip
• 28:20
  for the show? OK, let's let's improve the
• 28:22
  object. Oh man.
• 28:25
  So NVK, let's talk about this man.
• 28:29
  Do you agree with what Dorsey was saying in terms of Bitcoin
• 28:32
  becoming irrelevant? If if it's if it's not used for
• 28:38
  more than something than store of value, it has to be used for
• 28:41
  transactions. What are your thoughts?
• 28:43
  I think it's, it's not agree or disagree.
• 28:45
  It's like, I think Jack is being a bit of a bear there.
• 28:50
  So I mean, Bitcoin is winning, right?
• 28:52
  And, and, and the first way Bitcoin is winning is by
• 28:55
  becoming a store of value in, in, in sort of like the
• 28:59
  developed Western world, right? And man, like we could only have
• 29:03
  dream. I still remember making the
• 29:05
  memes that PayPal is buying Bitcoin, you know, even though
• 29:08
  we all hated PayPal, you know, and it's very early.
• 29:14
  Like, you know, Fiat has over 100 years, gold had 5000.
• 29:18
  They're quite 16 years old, right?
• 29:20
  So like, give it a fucking break.
• 29:22
  So first of all, yes, we, we are becoming a store of value first.
• 29:29
  I don't, I don't think Bitcoin is becoming any irrelevant.
• 29:34
  I think the problem is, see, in the Western developed world,
• 29:41
  people are overstretched and the existing payment solutions are
• 29:45
  very good, right? Like if you're not like doing
• 29:49
  stuff that the state doesn't like, you know, you can have an
• 29:52
  Amex and you can, you know, have a high limit and you can go tap
• 29:57
  anywhere you want for payments and pay later.
• 29:59
  And that's on a charge card. You have net 30 on a charge
• 30:03
  card, right? And then if you have a, an
• 30:05
  actual credit card like Visa or MasterCard, now you have like
• 30:09
  net forever plus interest, you know, so, so like people just
• 30:14
  don't have money, right? So they want to pay later and
• 30:17
  Bitcoin does not provide credit. And, and you know, and that's
• 30:21
  why I like, you know, that there is affinity links.
• 30:23
  There's all this stuff on every store offering people to pay
• 30:26
  later, right? In Brazil it's the same.
• 30:28
  You can pay anything in 24 months with some credit.
• 30:33
  So with some interest already pre calculated.
• 30:36
  So you know, when people, just when people don't have enough
• 30:40
  savings to buy what they need, they need credit.
• 30:43
  So that's the Western problem. Western people are going to use
• 30:47
  Bitcoin for savings and as an investment for now, they may
• 30:54
  start getting paid in Bitcoin. There is a lot of people getting
• 30:56
  paid in Bitcoin for their salary, but it's very unlikely
• 31:01
  they're going to be interested in buying, you know, feeding
• 31:04
  chickens on the Internet with, you know, their, their
• 31:08
  generational wealth, right? And and that's what people are
• 31:12
  interested in a much lower time preference.
• 31:15
  Now when you move out of the Western developed world, the
• 31:20
  situation is much different, right?
• 31:22
  People don't have access to credit.
• 31:24
  Like it's like, you know, duty center of America, like you
• 31:27
  know, he doesn't have a Visa card, right?
• 31:30
  All that they have is phone payment systems that the
• 31:33
  government sort of like has a very hands on participation on
• 31:38
  right or cash. So for them to use BTCS
• 31:43
  payments, say Bitcoin jungle in Costa Rica or the Chivo in El
• 31:47
  Salvador, or I forgot the solutions.
• 31:50
  Now that they have in, in, in some of Africa, you know, it
• 31:54
  makes sense and people do use it.
• 31:56
  So it's just that like Bitcoin is different things for
• 32:00
  different people in their different financial economic
• 32:04
  journey, right? I, I, I totally dislike shitting
• 32:09
  and being a bear on Bitcoin because you don't like the way
• 32:15
  people are using Bitcoin. I, I often take offense to that.
• 32:20
  I think it's like it's, you know, it's like Bitcoin is none
• 32:22
  of your business money. If people want to use it for
• 32:24
  savings, it's their fucking problem.
• 32:28
  Yeah, absolutely. I mean, to each their own right?
• 32:30
  To each their own and I agree. I think that's a that's a very
• 32:34
  good take. It it really, it really depends
• 32:36
  where you're, where you're from and that that aspect about the
• 32:38
  credit cards. It's, it's so true.
• 32:41
  And the convenience of Apple Pay, I mean, with a little
• 32:44
  haptic feedback, like it, it's great.
• 32:46
  But again, as, as NVK pointed out, like, you know, not
• 32:50
  everyone has that convenience, like everyone, you know, not
• 32:54
  everyone, Alex Godstein, I think coined the term financial
• 32:57
  privilege, right? Like not everyone lives in, you
• 33:00
  know, in in a country that has Fiat currency where the
• 33:04
  inflation rate isn't big enough for you to realize that you're
• 33:06
  being stolen from. And then the payment methods are
• 33:10
  very efficient. They're very effective as well,
• 33:12
  right? So I completely agree.
• 33:14
  I think it's a really good take from NBK Opti, what's your take
• 33:17
  on this? I mean 22 hot takes from from
• 33:20
  Mr. Dorsey. Yeah, I mean, I, I don't think I
• 33:23
  have much to add to this combo. You guys clearly nailed it.
• 33:26
  But I do want to ask MVK one question because we've been
• 33:28
  hanging out with Dante this last week, and he's making the case.
• 33:31
  And This is why I'm going to ask MVK.
• 33:33
  We were all, we were having this huge argument the other day.
• 33:35
  We're like, no, you're wrong. So I want Jack, I want MVK's
• 33:38
  take on this. Dante is almost fully convinced
• 33:41
  that Jack Dorsey is Satoshi. What's your thoughts on this
• 33:44
  MVK? Take a walk with him.
• 33:48
  You'll be convinced that he's not.
• 33:55
  Yeah, I said something similar. OK so can I, can I?
• 34:02
  I want to give a shout out to the stream 1800 of you guys
• 34:05
  watching live between YouTube and X and we are we're about to
• 34:09
  break our goal. We're gonna raise the goal. 200
• 34:11
  likes within the first hour, almost 500 live viewers on
• 34:14
  YouTube alone. Of course, shout out to the
• 34:16
  Rumble audience, the most hardcore audience that just
• 34:19
  continuously shits on me and Opti every live stream.
• 34:22
  If you guys are enjoying the show, make sure to smash that
• 34:24
  like button. We still have a ton of content
• 34:26
  to get to. We're gonna be talking about
• 34:28
  markets in general. This whole thing that's going
• 34:31
  on. We're we're gonna be talking
• 34:32
  about that during the news and then they're in the culture
• 34:34
  segment, which we're about to hit.
• 34:36
  We have the CEO of coin Kite on on the show today NVK we're
• 34:41
  going to be talking all things cold card where it's the the
• 34:44
  block clock, the cold card Q or the MK4 and just we're going to
• 34:49
  have any questions you guys might have drop it in the chat
• 34:52
  and NVK will will will answer them.
• 34:54
  So anyways, guys, we're going to get to the culture.
• 34:57
  We will be right back. I want to give a shout out to
• 35:00
  our partner Hive Digital Technologies as the first ever
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  public miner Hive's position to quadruple their global footprint
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  in 2025. And as the. 1st with an AI
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  strategy, Hive continues to make moves in sustainable high
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  performance computing. They consistently topped the
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  headquartered in the USA. They're leaning me, they're
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  green and clean and they're changing the game.
• 35:32
  You can. Catch the latest buzz by
• 35:34
  following them at Hive Digital Tech or check out their website
• 35:38
  at Hive digitaltech.com. I want to give a shout out to
• 35:52
  our partner coin kite. If you take your Bitcoin
• 35:56
  security seriously, you'll need the best Bitcoin hardware wallet
• 36:00
  on the market to take self custody.
• 36:02
  That's where cold card comes in The cold card Q is the most
• 36:06
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• 36:09
  It's got a full keyboard, larger screen and NFC support, making
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  It's built for power users who want the ultimate security
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  without sacrificing usability. And if if you're looking for a
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• 36:28
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• 36:35
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• 37:00
  All right, everybody, this is Opti and Opti's holding.
• 37:03
  You're holding it upside down, bro.
• 37:06
  Opti's holding the cold card queue.
• 37:08
  You can use five. You can use promo code simply to
• 37:11
  get 5% off not Opti but at 5% off anything on the Coin Kite
• 37:15
  store. So scan the QR code or check the
• 37:17
  link in the video description again.
• 37:19
  Joining us today we have NVK from Coinkite, CEO of Coinkite.
• 37:23
  Before we do, we did get a super chat vac.
• 37:26
  Appreciate the $5 Opti stole my girlfriend.
• 37:29
  I'm jealous but gotta set aside feelings and admit he's the.
• 37:34
  It's true. Sorry Vac, my bad bro.
• 37:37
  Anyways, NVK, it's an honor. Thank you so much for joining us
• 37:41
  today man we re recently partnered up with with cold
• 37:46
  card. They make the best Bitcoin
• 37:48
  harder wall in the game and here we have the CEO man so NVK
• 37:52
  welcome. Hey.
• 38:04
  Everyday talk to us a little bit about the queue man.
• 38:07
  What makes it special, What makes it dope?
• 38:10
  Why should people part with their precious sats to get this
• 38:14
  Bitcoin hardware wallet? I I mean like there really is no
• 38:18
  second Bast. And, and you know, for anybody
• 38:20
  that has one, it becomes very obvious this, this device is
• 38:26
  sort of like a product of many, many, many, many years of, of
• 38:33
  Bitcoin understanding and Bitcoin security.
• 38:36
  We, we've been in this market since, since the paper came out
• 38:41
  and we needed devices for ourselves.
• 38:44
  This is sort of like a product of passion and sort of like we
• 38:50
  went to know what this fool autism looks like developing a
• 38:54
  product. And this is this is as secure as
• 38:58
  it gets. It is as verifiable as it gets.
• 39:02
  And and it's surprisingly easy to use.
• 39:05
  I was just describing to Nico that, you know, if you have push
• 39:09
  TX enabled, it is, it is stupid easy.
• 39:13
  You'll scan Sparrow on the screen of the computer and then
• 39:16
  you tap your phone and the transaction broadcast like you
• 39:19
  don't need an app, you don't need anything.
• 39:22
  It's it's pretty amazing. So and let and yeah, so can we
• 39:26
  walk through that process NVK, because I don't think people
• 39:31
  are, are fully aware. And I'm, I'm going to try to
• 39:34
  like act it out while you talk about this.
• 39:37
  So essentially, let's say you're, you're building up a
• 39:40
  transaction, right? You build it up on Sparrow on
• 39:43
  your computer, you take the queue and then you scan the QR
• 39:48
  code from Sparrow, right? The queue signs it on the device
• 39:54
  and then what you do is you take the queue and you just tap it
• 39:59
  onto your phone and. Then.
• 40:02
  And then it just broadcast it out is that is.
• 40:05
  That correct. That's it.
• 40:06
  That's it. It's like it.
• 40:07
  It takes just a few seconds and you're done.
• 40:09
  Like it. Really nothing like that exists
• 40:11
  in the market right now and we did it in a way that's fairly
• 40:15
  secure. And best yet it's like cold card
• 40:18
  is probably the Q is probably one of the only harder walls
• 40:21
  that actually scans. The other ones kind of try to
• 40:25
  scan the Q scans. So it so it becomes a very
• 40:29
  pleasant quick experience. And why is that?
• 40:33
  Like is it the camera that is so?
• 40:35
  So we don't use a general purpose camera because that's
• 40:38
  also insecure. What we do is we have a a bar
• 40:43
  scanner module, right, that does QRS and bar scans, kind of like
• 40:47
  the supermarket. When you go to the supermarket,
• 40:50
  the lady goes beep, beep, same idea.
• 40:54
  We use a proper module for scanning.
• 40:57
  And then we actually have like a nice little firewall between the
• 41:01
  scanner and the device as well. So we don't ingest any kind of
• 41:05
  data and it gets processed. And then you can, you know, you
• 41:09
  can scan any kind of data really.
• 41:11
  And you can transform that into passwords in the password
• 41:14
  manager. You can scan seeds.
• 41:17
  You know you can scan barcodes from a bottle of booze if you
• 41:20
  want. Really.
• 41:22
  Will it? What if Will it show if you do
• 41:26
  that? You just show the number that is
• 41:29
  scanned. But, but it's kind of cool like
• 41:31
  because there is people out there playing with seeds being
• 41:35
  stored and other data being stored in different formats than
• 41:38
  just QRS. So we, there's a lot of
• 41:41
  experimentation happening in the world right now.
• 41:44
  This this is this is preparing for a lot of that genuine stuff,
• 41:48
  kind of like the BBQR standard BBQ R.
• 41:53
  There's a BE qr.org I think where we created a super simple
• 42:01
  way for you to to scan seeds, to scan transactions that is that
• 42:07
  is very secure and and very efficient.
• 42:11
  And we are going to have a few other features coming on that
• 42:15
  will leverage that very soon. So Rudolph on, we're getting
• 42:18
  some questions in the chat regarding this.
• 42:20
  What makes the Cold Card the best hardware wallet in the
• 42:26
  industry? I I think it's, it's like it's
• 42:30
  the only device in the market that's made by real bitcoiners
• 42:33
  that are not trying to shit coin with some other technology as
• 42:36
  well. So most of the other hardware
• 42:39
  wallets in the market are designed to be general purpose
• 42:42
  for other shit coins or they're trying to do side change shit or
• 42:46
  they're trying to do, you know, like other things that are
• 42:50
  unrelated to Bitcoin And cold card was the only reason why
• 42:54
  cold card exists is because PSBT exists.
• 42:59
  Cold card doesn't even know how to talk about other things.
• 43:03
  He only knows how to talk about Bitcoin and some plain text data
• 43:08
  for passwords and and and other notes.
• 43:12
  But so so we created this whole architecture around that, right?
• 43:18
  It only does Bitcoin. It's Bitcoin native.
• 43:20
  Everything inside the cold card works.
• 43:22
  Trying to understand Bitcoin and then because we are actually
• 43:25
  Bitcoiners, we don't have our coins on Coinbase.
• 43:29
  You know, we, we sort of like went into the deep dive of like,
• 43:32
  how can we make this thing actually secure?
• 43:35
  And now it's, you know, it's the mark for architecture.
• 43:37
  It's one side, the queue as well.
• 43:39
  You know, he uses 2 secure elements plus a secure MCU and
• 43:44
  then he does a dance with all of that so that, you know, the
• 43:47
  Ledger Don Jon can spend $1,000,000.
• 43:49
  It's still not get the the seat out.
• 43:52
  Somebody asks what compares the Jade.
• 43:53
  I mean, the the jade is very cool, but it's a toy, you know,
• 43:56
  uses ESP 32. I think it's a great 50 bucks
• 44:01
  device if you don't have money to use or if you want to use it
• 44:05
  a liquid. But but it's not on the same
• 44:07
  category. It's it's a whole different sort
• 44:09
  of ball game. Gotcha, gotcha.
• 44:12
  And then what is the main difference between the Q and the
• 44:15
  MK4? Like like let's say people are
• 44:18
  looking at the website, they say, oh wow, the Q, the MK4 is
• 44:21
  you know, it's less expensive. The the Q is more expensive.
• 44:25
  Like will people be just as secure using the MK4 versus the
• 44:30
  the Q? They're the same security
• 44:32
  architecture, almost the same. The difference is that the Q has
• 44:37
  NFC, it has QR scanner and batteries.
• 44:41
  I might be forgetting one more thing but and two micro SD
• 44:45
  cards. Gotcha.
• 44:46
  So essentially the the the the the the security infrastructure
• 44:51
  architecture is exactly the same, but the queue just has
• 44:54
  more functionality in. Terms of how you get the bigger
• 44:57
  screen, you know, you get the keyboard, all that stuff.
• 44:59
  Gotcha. So like the, it's like the, you
• 45:02
  know, what's the there's like the iPhone and the iPhone Pro.
• 45:07
  So it'd be like the Pro version maybe?
• 45:11
  Yeah, kind of exactly. It's like the the pro the the
• 45:15
  fuck, man? Steve Jobs died and they ruined
• 45:17
  all the names. But it's like it's like the the
• 45:20
  Pro and the Pro Max same difference.
• 45:23
  Like it's like the same device. It's just you get a bit more
• 45:26
  stuff but it's same architecture.
• 45:28
  Gotcha, gotcha. OK.
• 45:30
  And we have a question from the chat from Andrew.
• 45:33
  Andrew says. I really like my cue, but I do
• 45:35
  wish it showed the total BTC balance somewhere.
• 45:39
  I don't know if I don't know how you'd be able to do that, but.
• 45:41
  It's not possible the the harder wallets don't have chain state
• 45:46
  data, right? I mean, there is some work being
• 45:48
  done on that. Who knows, maybe, maybe in a
• 45:50
  year or so, maybe we have something.
• 45:53
  But you'd never be believable because the device cannot double
• 45:57
  check that you didn't spend that coin somewhere else, right?
• 46:01
  So it's a very, it's like a hard problem.
• 46:03
  The in order for you to have a balance, you need to have access
• 46:06
  to the Internet and the devices are gapped.
• 46:08
  So the whole point is that it doesn't have access to the
• 46:11
  Internet. Gotcha.
• 46:13
  We got a suggestion for the name from Senor Gringo Papi, he says.
• 46:17
  MK, Supra. I think that's a different show.
• 46:22
  It's the guy who likes the the Supra Toyotas and has moved on
• 46:28
  to share coins. But but yes, I, I, I take the
• 46:34
  consideration. So Opti, could you pull up the
• 46:36
  the block clock up on your screen?
• 46:39
  Because that's a huge favor in the Bitcoin community.
• 46:42
  I think, you know, I I'm we're travelling right now.
• 46:44
  We're in, we're in Dallas for bit block boom.
• 46:47
  But normally I have it behind me.
• 46:50
  It's super awesome. It's like a fit for how do I
• 46:53
  describe it? It's like a physical device the
• 46:56
  length of like a shoe box and essentially it it show it you
• 47:01
  can customize it. So you could put the block high
• 47:04
  the price, you know? The.
• 47:08
  Moscow, Moscow time, yeah, you could put a variety of different
• 47:12
  things. So can you talk a little bit
• 47:15
  about the block clock and MVK? This was already answered right?
• 47:19
  Because everyone was wondering like what's what was going to
• 47:22
  happen when Bitcoin hit 100K? And it seems like you guys just
• 47:26
  got rid of one of the price things, but what happens when
• 47:28
  Bitcoin hits 1,000,000? Well, we're going to have a
• 47:33
  great problem to have. I can't wait to have those
• 47:37
  problems. But but yeah, like the this,
• 47:43
  this device was a product of like we, we wanted something to
• 47:47
  display block data and other information around the house and
• 47:51
  the office, but we didn't want just like a big screen.
• 47:56
  So we created the original clock, the OG clock, which was
• 47:59
  some flip numbers like train stations.
• 48:04
  And then, and then we sort of like try to play around more
• 48:06
  and, and we came up with this one.
• 48:08
  It's if you go to blockclockmini.com, you can see
• 48:12
  a live demo of it and you know, it has like multiple E Ink
• 48:19
  display digits. The idea is that like even
• 48:22
  though we have some lights that can shine on the back, it's
• 48:25
  like, the idea is that like it's kind of like art in the house.
• 48:27
  It doesn't have illumination like a screen.
• 48:30
  So all the the Jack Krause fans would love this if it predates
• 48:35
  him. The the idea is just this.
• 48:39
  It's like a very beautiful display for block data around
• 48:46
  you. But we we put actual amounts of
• 48:49
  proper gold on the PCB so that it looks pretty where gold
• 48:54
  belongs. We have you know that the back
• 48:57
  of the device is like nice too. And it has this very thick
• 49:01
  acrylic clear a cleric, a cleric on the front and on the back as
• 49:06
  well. So it just stands.
• 49:09
  It's it's just a cool device to have around.
• 49:10
  It's it's our sort of like fun thing.
• 49:13
  I love it too. It it it's a it's a good like to
• 49:17
  to have in a home. You know, it looks good like
• 49:19
  it's aesthetically pleasing, right?
• 49:22
  So yeah, go check out the block clock scan the QR code again.
• 49:26
  If you use promo code simply you get 5% off anything on the coin
• 49:30
  Kite store Super thrilled to partner with these guys.
• 49:35
  A big fan of their products for many, many years now and go
• 49:38
  check out their their hardware wallets.
• 49:40
  But last question for you, NVK is yeah, what are what are what
• 49:47
  are the future plans of, of Quinn Kite of Cold Card like
• 49:50
  anything that you are excited about, you know, next four
• 49:53
  years? I know the cycles are completely
• 49:55
  different now. I think bitcoins growing up,
• 49:58
  it's you know, it's it's it's it's in its teenage years.
• 50:01
  It's maturing, right? The the kind of Wild West days
• 50:05
  of, you know, many, many years ago.
• 50:07
  I feel like those days are are coming to an end, but what has
• 50:11
  you the most excited about your company?
• 50:15
  I mean, you know, it's a we have a lot of fun with like the
• 50:19
  feedback that we get and sort of like building new products.
• 50:22
  Like most, most of all we do comes from that.
• 50:25
  It's just like what, what other insane shit can we come up with
• 50:28
  and and go try to develop it? We're working on this protocol
• 50:32
  now called Key Teleport so that he can send keys and PSP TS over
• 50:35
  video calls securely. And we're also working on on a
• 50:40
  cosine system for the device itself.
• 50:42
  So you can travel with some BTC the device and use it to cosine
• 50:48
  and, you know, new versions of things and, you know, just just
• 50:52
  play more like the design space. It's just so early.
• 50:55
  We're still in the Nokia days, right of, of Bitcoin.
• 50:59
  You know, it's, I think I think a lot of what we see today is
• 51:02
  now what we're going to see in a few years.
• 51:05
  So that there's a lot, a lot to be made.
• 51:08
  And, you know, we want to make sure that people don't lose
• 51:10
  their Sats between now and the time that they move to something
• 51:14
  else. Yeah, absolutely.
• 51:17
  And and the one of the things this is the second time you've
• 51:20
  said this NBK during the show, which is the idea that this is
• 51:24
  still early days. Like, do you really believe that
• 51:26
  like with, with the US government saying that the SBR,
• 51:30
  you know, the Wall Street? How much did they buy?
• 51:35
  OK, this is true. OK, touché fine, but but it it's
• 51:39
  not early, early days. It's very early days.
• 51:43
  See, like our goal is that 400 trillion market, right?
• 51:48
  Like we, we, we, we, we're one 400th of it.
• 51:52
  So you know, it's very early like a, a normal person should
• 51:57
  not have to buy equities in order to save.
• 52:02
  That should be the job of like a value investor who fucking reads
• 52:06
  the filings, right? Like you shouldn't have an
• 52:09
  investment. None of this shit should be how
• 52:11
  normal people do their life savings.
• 52:13
  Like they should go be able to go back to storing some money or
• 52:18
  some gold under the mattress. And and we want to get back to
• 52:21
  that mattress way of doing savings.
• 52:24
  Like you focus on your craft, go do your thing and stop worrying
• 52:29
  about like, you know, financial sort of complications.
• 52:33
  And we're very early on that. Yeah, I think I think you hit
• 52:37
  the nail on the head right. You shouldn't be forced to
• 52:39
  become a part time investor just to maintain your purchasing
• 52:41
  power. 1,000,000% agree with NVK guys, go check out the cold card
• 52:48
  NVK. It's been an honor to have you
• 52:50
  on today's show. Really, really appreciate it.
• 52:52
  Shout out to the 2000 of you guys watching live on the stream
• 52:55
  right now. Make sure to smash that like
• 52:57
  button. Check out coinkite.com.
• 52:59
  Use promo code simply you get 5% off anything on the store.
• 53:03
  NVK Thank you. Thank you guys.
• 53:05
  Thanks for having me. Take care.
• 53:07
  Appreciate it. All right, everybody, We still
• 53:09
  have a loaded show for you guys. We got the news.
• 53:12
  We're going to be talking about the current macro environment,
• 53:14
  which is absolutely crazy. We have a really cool article
• 53:17
  from Forbes. We're going to check it out.
• 53:19
  We will be right back. I want to.
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  Check out leaden dot IO today. All right, everybody, we are
• 55:55
  back. So what are we going to talk
• 55:57
  about today during the news? Let's pull it up.
• 55:59
  Forbes article Quote Flood the market Major Fed flip predicted
• 56:04
  to blow up the Bitcoin price and this was dropped this morning at
• 56:09
  8:41 AM. Article on Forbes Bitcoin and
• 56:13
  crypto prices have dropped after U.S.
• 56:15
  President Donald Trump followed through with his threatened
• 56:18
  liberation day of global trade tariffs, dropping an atomic bomb
• 56:23
  on markets. The Bitcoin price has fallen
• 56:26
  back after climbing in the run up to Trump's tariff
• 56:29
  announcement as traders scramble to parse the so-called
• 56:32
  reciprocal tariffs. Now, as the chief executive of
• 56:36
  BlackRock warns Bitcoin could end the US dollar's world
• 56:40
  reserve currency status, traders are betting the Federal Reserve
• 56:43
  will be forced to cut interest rates to starve off AUS
• 56:47
  recession, something that could see the market flooded with
• 56:51
  dollars. Short term interest rate futures
• 56:54
  are showing a 70% chance of a Fed interest rate cut when it
• 56:58
  meets in June. Up from it about. 60.
• 57:00
  Percent before the tariffs were announced.
• 57:03
  The recession fears have seen traders have boost bets the Fed
• 57:06
  will restart its interest rate cutting cycle this summer and
• 57:10
  deliver a total of 3 three quarter point reductions to the
• 57:14
  policy rate by October. Trump's so-called Liberation Day
• 57:19
  barrage of trade tariffs have pushed the probability of AUS
• 57:23
  recession to over 50% on prediction markets like
• 57:28
  Polymarket and Kalishi. Remember, tariffs are dovish and
• 57:33
  big tariffs are very dovish. In a closely watched Wednesday
• 57:37
  announcement, Trump slapped 10% tariffs on most goods imported
• 57:41
  to the US, as well as even higher duties on a dozen a
• 57:46
  dozens of of countries last September.
• 57:49
  The Fed's surprise 50 basis point interest rate cut helped
• 57:54
  kick off the bottom the Bitcoin price rally that the Fed.
• 57:58
  I totally read that wrong. The Fed's surprise 50 base point
• 58:02
  interest rate cut helped kick off the Bitcoin price rally that
• 58:06
  the that fed into Donald Trump's election victory in November.
• 58:10
  Quote. I still believe Bitcoin could
• 58:12
  hit 250K by year end because now the US Treasury has put Powell
• 58:19
  in his place. This is by Arthur Hayes we read
• 58:21
  you guys that article yesterday. Highly recommended.
• 58:23
  Great article. The Fed will flood the markets
• 58:26
  with dollars if by analysis of amount analysis of the Fed's
• 58:31
  major pivot from quantitative tightening to quantitative
• 58:34
  easing where Treasuries is correct.
• 58:36
  Then Bitcoin hit a local low of 70. 6.5 K last month and now we
• 58:42
  begin the ascent to 250K by year end.
• 58:46
  Of course this is not an exact science, but using the gold
• 58:50
  example, if I had to place a bet on whether I thought Bitcoin
• 58:53
  would hit 76K or 110K first, I would bet on the latter.
• 58:58
  It seems like the Forbes author is watching Simply Bitcoin.
• 59:02
  Anyways, Opti, what are your thoughts on this, bro?
• 59:05
  I mean, I got to say, the pain is real, dude.
• 59:10
  The pain is. So we still got some time, so
• 59:12
  let's just shoot the shit. Essentially.
• 59:14
  The pain is real, dude. I mean, blood, blood on the
• 59:18
  markets, like just everything is just going to 0.
• 59:21
  Essentially just everything is losing its value.
• 59:24
  As soon as Trump put up that paper, that graphic, I don't
• 59:27
  know if we could pull it up of all the tariffs with all the
• 59:30
  countries, the market just just went down.
• 59:33
  I think a lot of people are not expecting this.
• 59:35
  I think a lot of people were expecting essentially number go
• 59:38
  up within the Trump administration.
• 59:40
  I mean, I think he did run on that.
• 59:42
  He ran on prosperity. He ran on, you know, America is
• 59:46
  back. The the comeback make America
• 59:49
  great again. You know, the golden age of
• 59:52
  America. I mean, I got to say this golden
• 59:54
  age, it doesn't feel very good. Like after he showed that, did
• 59:59
  he really hold this? Yeah, yeah, yeah.
• 1:00:01
  This is a screenshot from the from the taking a nap yesterday
• 1:00:04
  but we were all sitting here watching.
• 1:00:05
  This is the actual screenshot from the the speech yesterday.
• 1:00:08
  So, yeah, exactly. People in the chat, freaking
• 1:00:12
  bloodbath. My wife's in the chat.
• 1:00:15
  The pain is painting. Yeah, exactly.
• 1:00:18
  Yeah. I mean, I, I don't know what
• 1:00:20
  else to tell you. I don't know what else to tell
• 1:00:22
  you guys, But yeah, like, clearly Bitcoin is behaving like
• 1:00:25
  a macro asset. It's going down with everything
• 1:00:28
  else. It is holding surprisingly well,
• 1:00:31
  right? I got to give.
• 1:00:33
  Maybe that's a cope. That's a cope.
• 1:00:38
  Bitcoins holding. Well, man, it's still, it's
• 1:00:40
  still down 22%, but it's still holding pretty well.
• 1:00:43
  What do you think of? Well, at first, you know, what
• 1:00:46
  was David Bailey saying when Trump got elected?
• 1:00:49
  Like we have to give Trump the credit for the Trump pump.
• 1:00:53
  Well, I think at the same point we got to give Trump the credit
• 1:00:55
  for the Trump dump Yesterday. We were watching this.
• 1:00:57
  We the whole simply Bitcoin house here.
• 1:00:59
  We're in Dallas waiting for a bitlock boom this weekend.
• 1:01:02
  And we were all sitting here watching the the speech
• 1:01:05
  yesterday and look, Trump first of all is hilarious, but like,
• 1:01:10
  he could have done that whole speech in probably like 2
• 1:01:12
  minutes, just like reciprocal tariffs.
• 1:01:13
  And it kind of dragged on a little bit, right?
• 1:01:15
  But we were sitting here and I'm trolling everyone that I just
• 1:01:18
  love to watch the one minute chart when things, you know,
• 1:01:21
  when really important economic news is, is on the television or
• 1:01:25
  it's like a live event. And we were sitting and it's
• 1:01:27
  like, OK, the, the price is pumping.
• 1:01:29
  Like here we go. We were like, oh, we're at 85,
• 1:01:32
  OK, we're at 86. We're 87.
• 1:01:34
  I'm like, oh, we're almost at 88.
• 1:01:35
  And then, you know, very pretty quickly the price just started
• 1:01:39
  dumping and now we're at what, 8281?
• 1:01:43
  So it is a pretty bloody day, at least in the Bitcoin terms.
• 1:01:47
  I mean, I mean, it's funny that we're saying it's bloody at 81
• 1:01:50
  K. But you know, this is what we're
• 1:01:52
  all feeling. As Soph just said, the pain is
• 1:01:54
  painting. But I think the bigger signal
• 1:01:56
  here is exactly what Arthur Hayes was saying yesterday.
• 1:01:59
  And a lot of Bitcoins have been saying for a long time, like
• 1:02:02
  this isn't just a Bitcoin phenomenon.
• 1:02:04
  If you're watching all the markets, you know US 10 year
• 1:02:06
  Treasury bond yield is down, the S&P 500 is down.
• 1:02:10
  Like everything that everything is getting wrecked.
• 1:02:13
  But I think the silver lining here, and I don't know if you
• 1:02:15
  guys caught this on Twitter, but Scott Besson, the new what's the
• 1:02:19
  Treasury Secretary? He basically said like, this is
• 1:02:23
  not a problem with MAGA. This is a problem with the
• 1:02:25
  magnificent 7, which is, you know, the top the top stocks in
• 1:02:28
  the market. And he's kind of making a
• 1:02:30
  gangster move right now. I'm not going to lie, like kind
• 1:02:33
  of shouts out to Scott Best. And I think the analysis that we
• 1:02:36
  were covering yesterday from Arthur Hayes and from other bit
• 1:02:38
  corners, you know, Nolan's been saying this, Tom Luongo has been
• 1:02:41
  saying this a lot. Marty, Ben's been saying this a
• 1:02:43
  lot of bit corners have been saying and I think very, very
• 1:02:47
  good predictions of what's going on.
• 1:02:49
  And again, it's essentially that the Trump administration, Scott
• 1:02:53
  Besson, is trying to corral and make Jay Powell subjugated to
• 1:02:58
  the Treasury. And it seems like we are in this
• 1:03:00
  position right now where we are trying to get Jay Powell, of
• 1:03:04
  course, head of the Fed, to lower interest rates.
• 1:03:07
  And I think they're doing a pretty good job in this manner.
• 1:03:10
  If this is what they're doing, if this is what they're
• 1:03:12
  projecting, I think it's working exactly as they they designed it
• 1:03:16
  to be. Now it's going to be very
• 1:03:18
  interesting though, if Trump really does follow through on
• 1:03:21
  this or the Trump administration follows through on this because
• 1:03:24
  if they just kind of bluff this and it goes away in a month or
• 1:03:27
  so, then that might, you know, let the markets rebound a little
• 1:03:31
  bit. But I think long term that would
• 1:03:33
  be very detrimental. So I hope that they, you know,
• 1:03:36
  really do continue on what they're doing.
• 1:03:38
  I think if we can rein in the Fed, we all remember what must
• 1:03:41
  just said the other day, I think it was Monday when we played
• 1:03:43
  that, you know, he's out there being super goofy and saying and
• 1:03:46
  the Fed now. And it looks like that's what
• 1:03:49
  the Trump administration is trying to do.
• 1:03:50
  They're trying to corral Jay Powell, head of the Fed and if
• 1:03:54
  they're able to put him in a headlock or you know, I don't
• 1:03:57
  think I can say what, what Arthur Hayes was saying in that
• 1:04:00
  analysis yesterday. But it is it's very interesting
• 1:04:05
  times. And of course everyone knows, or
• 1:04:07
  at least you should know if you're on this channel, what is
• 1:04:10
  going on right now. There's a lot of uncertainty in
• 1:04:12
  the market. So of course people go to what
• 1:04:14
  they think are the least risky assets, which of course for most
• 1:04:18
  people is either gold or treasury bond.
• 1:04:21
  Now, I think what what we're seeing is pretty soon we'll be
• 1:04:25
  seeing people start to flow into Bitcoin.
• 1:04:27
  Now, obviously most people still kind of don't think Bitcoin is
• 1:04:31
  mature enough, but we do no that eventually all roads lead to
• 1:04:35
  Bitcoin. At least that's our hypothesis,
• 1:04:37
  that's our thesis as Bitcoiners. So honestly, as much as the pain
• 1:04:42
  is painting right now and Bitcoin is kind of dumping, I
• 1:04:46
  think long term this isn't going to affect Bitcoin at all.
• 1:04:49
  I mean, I saw Saylor tweet this morning like there's no tariffs
• 1:04:51
  on Bitcoin. Obviously Arthur Hayes yesterday
• 1:04:54
  was essentially saying that these tariffs won't actually
• 1:04:56
  affect Bitcoin. Yes, in the short term, traders
• 1:04:59
  are dumping it, but I think long term this is going to be very
• 1:05:02
  healthy for the economy. Obviously, I'm an American, I'm
• 1:05:05
  an American centric person. Like I have a bias here.
• 1:05:08
  I, I'm, I'm definitely biased towards America and what we're
• 1:05:12
  doing. But I think it's a, it is a very
• 1:05:14
  interesting change to see. And also there was a very
• 1:05:18
  interesting moment, Nico and I, maybe I can pull it up here
• 1:05:22
  again, Nico. Nico took a nap after.
• 1:05:24
  But we were sitting here and the most interesting aspect of this
• 1:05:28
  speech that I think really kind of went under the radar was that
• 1:05:32
  Trump specific particularly pointed at a very interesting
• 1:05:35
  date in American history. Can you guess what date it what,
• 1:05:38
  what year it was? Nico did.
• 1:05:39
  Did he really say 1913? He said 1913 yes, let me let me
• 1:05:43
  try to find it. Nico rant a little bit about it
• 1:05:45
  and I'll try to find it. OK, well, if that's true, I did
• 1:05:48
  see, I, I saw a, a post essentially, I forget who it was
• 1:05:54
  from, but essentially like and it it was OK, hold on, hold on.
• 1:06:00
  So Opti has it. I have it.
• 1:06:02
  I'm pulling it up. So just keep going, Nico and I
• 1:06:04
  pull it up. Yeah, so essentially Howard
• 1:06:06
  Lopnik, commerce secretary, huge fan of Bitcoiner, when on Pops
• 1:06:11
  podcast, he's saying he's buying, you know, 10s of
• 1:06:13
  millions, hundreds of $1,000,000 worth of Bitcoin.
• 1:06:16
  He's now in a very influential part of government.
• 1:06:18
  He was the, he was the one next to Trump when they were signing
• 1:06:21
  the strategic Bitcoin reserve executive order.
• 1:06:24
  And he went on legacy media and he was basically saying the
• 1:06:28
  case. He was making the case.
• 1:06:29
  That like look like. Why not lower the income?
• 1:06:35
  Why not get rid of the income tax altogether for anyone who's
• 1:06:38
  making 150K? Like why are, if, if you're
• 1:06:42
  making under 150K, why are you paying income tax?
• 1:06:45
  And if you think about the logic behind that, the vast majority
• 1:06:50
  of the income tax that's paid in the US and it's, it's like this
• 1:06:54
  in most modern, you know, most modern countries, the majority
• 1:06:58
  of income tax is already being paid by the top tax bracket.
• 1:07:02
  If you, if you consider the middle class and the lower class
• 1:07:06
  in there, if you put it in there, the lower middle class is
• 1:07:10
  percentage wise, they don't pay that much of the overall income
• 1:07:15
  tax revenue for the government, But in terms of a percentage of
• 1:07:20
  the revenue that they're making for themselves, it's a huge cut.
• 1:07:25
  So like, why not get rid of the income tax altogether for people
• 1:07:29
  that are making under 150K and then that leads eventually that
• 1:07:33
  leads down the road of like, why not get rid of the income tax
• 1:07:36
  altogether, right? Because they, they would like
• 1:07:39
  you to believe that essentially the government would shut down
• 1:07:41
  if there's no income tax. So a lot.
• 1:07:44
  Sounds like a good thing. A lot of people are speculating
• 1:07:47
  that that is the end goal and the OR in, in order to get to
• 1:07:52
  that point, they essentially need to make up the revenue.
• 1:07:56
  And I think what Trump is trying to do is they're trying to make
• 1:08:00
  up the revenue via tariffs. I mean, that isn't me just
• 1:08:04
  speculating. That's what he said He.
• 1:08:06
  He said that before and now I'm like kind of connecting dots in
• 1:08:10
  my mind. Elon was asked about the Fed a
• 1:08:16
  couple days ago while he was camp, while he was campaigning,
• 1:08:19
  and he didn't answer. You know, he didn't give his
• 1:08:24
  direct, he didn't give his direct opinion about what he
• 1:08:27
  felt about the Federal Reserve. What he responded with was, you
• 1:08:32
  know, he was kind of trolling. He was like, and the Fed and the
• 1:08:34
  Fed, but he was like kind of joking about it.
• 1:08:36
  But what he really said was he started talking about waste.
• 1:08:43
  So how do you go from being asked a question about central
• 1:08:47
  banking and the Fed and you start talking about waste
• 1:08:51
  because the waste is enabled by the central bank's ability to
• 1:08:57
  just create money for free in the 1st place.
• 1:09:00
  So maybe Elon wasn't, again, this is speculation territory,
• 1:09:04
  but again, why would he say, why would he say like, it's like,
• 1:09:07
  Hey, what do you think about the Fed?
• 1:09:09
  And then you just end the conversation with like, dude,
• 1:09:11
  the federal government's wasting so much money.
• 1:09:13
  Like what? What does one have to do with
• 1:09:15
  the other? It has it has everything to it's
• 1:09:18
  completely connected, but you have to you have to be in the
• 1:09:21
  know. So maybe they're playing some
• 1:09:23
  type of political chess here. If he's if he really said 19
• 1:09:28
  thir. Can you play that video?
• 1:09:29
  Yeah, I got to get. My mind blown.
• 1:09:30
  I got you He. Really, said 1913.
• 1:09:33
  Yes, he really said it one second. 1789 to 1913, we were a
• 1:09:40
  tariff backed nation in the United States was
• 1:09:42
  proportionately the wealthiest it has ever been.
• 1:09:45
  So wealthy in fact, that in the 1880s they established a
• 1:09:50
  Commission to decide what they were going to do with the vast
• 1:09:53
  sums of money they were collecting.
• 1:09:55
  We were collecting so much money so fast we didn't know what to
• 1:09:58
  do with it. Isn't that a nice problem to
• 1:10:00
  have? What do you think Marco?
• 1:10:01
  Good problem. Marco would love that problem,
• 1:10:05
  but we don't have that problem anymore.
• 1:10:08
  But we're not going to have it very much longer, I will tell
• 1:10:10
  you. But they collected so much money
• 1:10:13
  they actually formed a Commission to determine what
• 1:10:15
  they were going to do with the money, who they were going to
• 1:10:17
  give it to and how much. Then in 1913, for reasons
• 1:10:21
  unknown to mankind, they established the income tax so
• 1:10:25
  that citizens rather than foreign countries would start
• 1:10:28
  paying the money necessary to run our government.
• 1:10:31
  Then in 1929 it all came to a very abrupt end with a Great
• 1:10:35
  Depression, and it would have never happened.
• 1:10:38
  If they had stayed with the tariff policy, it would have
• 1:10:41
  been a much different story. All right. 1913 for reasons
• 1:10:46
  unknown to humanity. A very interesting take there.
• 1:10:49
  Yo what? What?
• 1:10:52
  Who who's been on this? The Pepe guy man.
• 1:10:56
  Oh yeah, our boy. G Money.
• 1:10:58
  G Money's been on point, bro. Oh my.
• 1:11:00
  He must be. Could we?
• 1:11:01
  Could you check G Money's ex account?
• 1:11:03
  He's probably losing his mind. What?
• 1:11:10
  What's the saying? There's no conspiracies, but
• 1:11:12
  there's no coincidences. Like.
• 1:11:13
  I mean, he said it pure as day. I don't know what else to tell
• 1:11:17
  you. What?
• 1:11:18
  You know what else was established 1913?
• 1:11:20
  The Federal Reserve. You know what's established the
• 1:11:22
  in 1913? The income tax, right?
• 1:11:25
  And I love how he says for reasons unknown, for reasons
• 1:11:29
  unknown, it's like we all know the reasons, right?
• 1:11:32
  But this is interesting, Elon saying and the Fed, but he's not
• 1:11:36
  directly. I don't think they're showing
• 1:11:37
  their cards. I don't think they're showing
• 1:11:39
  their true intentions here. Man, this is interesting.
• 1:11:41
  So this is what I think is happening.
• 1:11:43
  I think they're trying to prove that the US government could
• 1:11:47
  still raise revenue in an alternative way.
• 1:11:52
  That's not income tax. And once they're able to prove
• 1:11:57
  that and show that, I think it's going to be a very easy sales
• 1:12:00
  pitch to people and basically say, listen, if you make under
• 1:12:04
  150K, you don't have to pay income tax at all.
• 1:12:07
  And I think that's the majority of the electorate, right?
• 1:12:10
  And again, from a numbers perspective, it doesn't make
• 1:12:14
  sense. Like I, I, I'm going to break
• 1:12:16
  down what the, what the actual opti.
• 1:12:19
  Could you just hold the mic for a second?
• 1:12:20
  While I mean our boy G money is doing queue drops.
• 1:12:24
  I cannot, I can't pull those up. Shout out the G money though he
• 1:12:30
  did. He did do an interesting tweet
• 1:12:32
  this morning or sorry, the morning of deliberation day,
• 1:12:35
  which which I was going to bring up yesterday, but we kind of
• 1:12:38
  kept going and he was saying that the, you know, Trump is
• 1:12:41
  superstitious. And the, and yesterday, April
• 1:12:43
  2nd, Tariff Liberation Day actually also marks a historic
• 1:12:48
  declaration of economic sovereignty laid out by the
• 1:12:50
  Foundation for the US Monetary System.
• 1:12:52
  And that was the Coinage Act of 1792.
• 1:12:56
  And that was also on April 2nd. So I mean, look, our boy G money
• 1:12:59
  has been connecting some dots and sometimes we we're like,
• 1:13:03
  bro, you're on a, you're on something else, man.
• 1:13:05
  I got it. So, so here's here's the here's
• 1:13:08
  the essentially the, the, the breakdown of of, you know, the
• 1:13:14
  breakdown of, of like what percentage of you know, so the
• 1:13:21
  top, the top 1% of income earners paid about 45% of
• 1:13:29
  federal, federal income tax, right.
• 1:13:34
  So I mean, like, it's the lion's share, right?
• 1:13:40
  You know, it's the lion's share of, of, of taxes.
• 1:13:43
  So yeah, I mean, I don't know, man.
• 1:13:46
  I, I think there might be something there like he did.
• 1:13:51
  He did name drop 19. I wish I would have saw that
• 1:13:54
  clip. I would have posted it on.
• 1:13:55
  Yeah, I I would have. Posted it on.
• 1:13:57
  XI think the biggest signal here.
• 1:13:59
  Look, and I'm and I don't I'm not one of these like trust the
• 1:14:02
  plan. You know people, as you guys
• 1:14:05
  know, I I've probably been more critical of Trump and Elon Musk
• 1:14:09
  on this show then then I may should have been because he's in
• 1:14:13
  so so much good stuff for Bitcoin.
• 1:14:15
  But when you kind of realize, I mean, the fact that he dropped
• 1:14:18
  the 1913 and his framing up for reasons unknown to humanity,
• 1:14:24
  it's hard to look at that and not be like, he knows a lot more
• 1:14:27
  than what he's saying. And we were actually kind of
• 1:14:30
  talking about this at dinner the other night and about just, you
• 1:14:32
  know, here you guys are. It is a Thursday.
• 1:14:35
  I'm guessing it's 5:00 somewhere.
• 1:14:37
  So, you know, the Overton window here, the way you shift the
• 1:14:40
  Overton window is you don't go out there and say, you know, the
• 1:14:43
  crazy stuff out loud. You kind of start hinting at it
• 1:14:45
  and then people start moving in that direction and, you know,
• 1:14:48
  being less cynical than usual. It does seem like Trump is
• 1:14:52
  playing with the Overton window. We all know 1913, the year the
• 1:14:55
  Federal Reserve was created. He was framing this more as the
• 1:14:59
  year they dropped tariffs. It's just very interesting that
• 1:15:02
  he actually picked that year, especially as Bitcoiners, we
• 1:15:05
  understand how important that year is.
• 1:15:07
  So I don't know. I I'm going to have to hold
• 1:15:09
  reservation. Who knows what's coming down the
• 1:15:11
  pipeline. But it's very interesting that
• 1:15:13
  he dropped that specific year and then was very vague about,
• 1:15:16
  you know, what actually happened that year because obviously most
• 1:15:20
  people don't know what's happened that year unless you're
• 1:15:22
  a bitcoiner. It that's just like, yeah, who
• 1:15:24
  cares about 1913? That was over 100 years ago.
• 1:15:27
  Like, what's that have to do with now?
• 1:15:28
  It has everything to do with now.
• 1:15:30
  I think everything has everything to do with it.
• 1:15:32
  And I think it's what's interesting to me again is the
• 1:15:37
  it's like they're avoiding the subject.
• 1:15:39
  They're avoiding like the direct because again, like you talk
• 1:15:43
  about waste, right? Like Doge and like whatever, but
• 1:15:46
  what is not talked about is what is the cause of that waste?
• 1:15:51
  What is the root cause? What enables that waste to
• 1:15:54
  happen? And it's the ability for the
• 1:15:57
  government to print money and the ability for the government
• 1:16:01
  to print money. That really initiated with the
• 1:16:03
  establishment of the central bank in the United States, which
• 1:16:05
  is the Federal Reserve, which was in 1913, which
• 1:16:08
  coincidentally happened to be the same year that they
• 1:16:11
  established an income tax. I mean, like, and I remember
• 1:16:15
  this, this speech by Naimbu Kelly at C PAC, he's like, look
• 1:16:19
  like if the, and he said it with the the way he said it, he's
• 1:16:22
  like, look, if the government can just print money, why are
• 1:16:27
  you guys paying tax in the 1st place?
• 1:16:29
  Right? And I think it has to do with
• 1:16:34
  should I, I mean, are we, we're not here the Overton, we're
• 1:16:37
  going to shift the Overton window today, Opti.
• 1:16:40
  Yeah, we'll see about that. We're going to get ourselves
• 1:16:42
  canceled. No, no.
• 1:16:43
  This is my opinion, I could be wrong, but I don't think income
• 1:16:48
  tax has anything to do with revenue for the government.
• 1:16:51
  I think income tax has to do with social control.
• 1:16:56
  Oh, we've said that before. I think that's what it's about.
• 1:16:59
  Now. Look, it's still the law.
• 1:17:02
  It's you have to do it. You know, you have to do it.
• 1:17:04
  You have to follow the law, you have to whatever.
• 1:17:06
  But what I'm trying to say is like the, the reasons as to why
• 1:17:14
  they sold the public, I think are different than the actual
• 1:17:20
  motivations as to why they instituted it in the first
• 1:17:23
  place. Oh, now we're just connecting.
• 1:17:26
  Oh, now we're just connecting dots all over the place.
• 1:17:29
  And here, of course, is President Buchele and President
• 1:17:32
  Trump shaking hands. Trump wrote a letter to Buchele
• 1:17:37
  thanking him. Yeah, I mean, I'm.
• 1:17:41
  Pretty sure I was trying to find on his Twitter.
• 1:17:43
  I'm pretty sure Naibu Kele retweeted this but I I can't
• 1:17:46
  seem to find it. That's that's what I was seeing
• 1:17:47
  yesterday. I mean, dude, this is these are
• 1:17:51
  a lot of these are a lot of these are a lot of coincidences,
• 1:17:56
  man. We're coming full Charlie Day on
• 1:17:58
  today's show. I mean but how could you not
• 1:18:03
  point these out? These are like bro Trump said it
• 1:18:07
  and we didn't say it, he said it.
• 1:18:10
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• 1:18:14
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