Latest / Simply Bitcoin / BREAKING: Kamala Harris to Support Bitcoin Industry? | EP 1059

Transcript

BREAKING: Kamala Harris to Support Bitcoin Industry? | EP 1059 · Simply Bitcoin

• 0:02
  It's all going to zero against Bitcoin.
• 0:06
  It's going up forever. You're.
• 0:15
  Against Bitcoin, you're against Freedom isn't a very different
• 0:24
  place than it was two or three years ago, because this idea
• 0:27
  that the dollar it is going down the tubes and that instability
• 0:32
  it would cause people to run from it just doesn't seem to
• 0:35
  hold as much as it did back then.
• 0:38
  Do you disagree? Definitely agree, the two
• 0:43
  ecosystems need to coexist and I believe will coexist for quite
• 0:47
  some time. So why should I care if I'm not
• 0:50
  a person who's invested in crypto already?
• 0:54
  If I don't have a dog in the fight, why should I care as a as
• 0:59
  a participant in the economy? I'm not going to buy stuff with
• 1:02
  crypto anytime soon. It doesn't feel like so.
• 1:05
  What's in it for me? Well, in the US you might not be
• 1:09
  buying much with crypto anytime soon, but that's not true about
• 1:13
  the rest of the world. Bitcoin is different things to
• 1:15
  different people, and the most important aspect of Bitcoin is
• 1:19
  that no one controls it. It's just code maintained by
• 1:24
  engineers in an open source, decentralized manner, and it
• 1:28
  cannot be diluted by the arbitrary whims of of a control
• 1:34
  P at a central bank. So we've had a lot of
• 1:39
  conversation lately about AI. The metaverse has kind of faded
• 1:42
  away. Web 3, which Kutto is a part of,
• 1:44
  has faded away too. It's sort of competing.
• 1:46
  I think crypto is for the zeitgeist here.
• 1:49
  If I shouldn't care in the US, why should I, as an investor,
• 1:52
  look at it beyond a space for speculation and some risk?
• 1:58
  Well, in the US that is primarily what it is right now.
• 2:00
  I'll concede that it is about an investment and especially that's
• 2:04
  true with the ETF's with the Wire house is now starting to
• 2:08
  offer the Bitcoin and Ether ETF's which is just a wrapper
• 2:13
  around the actual underlying asset.
• 2:16
  But again, it is also a payment system.
• 2:19
  It's so interesting as someone who's been in Bitcoin for this
• 2:21
  entire since 2012, so been through three cycles, Bitcoin
• 2:26
  became different things. In the beginning it was a
• 2:29
  payment system and and it has evolved in the US because of
• 2:34
  transaction costs to be a high value transfer system, which was
• 2:39
  which is what makes it a an investment.
• 2:42
  And of course because it cannot be diluted, it is digital gold.
• 2:47
  That's probably the best analysis.
• 2:49
  Yo, everybody, welcome to simply Bitcoin live, your number one
• 2:52
  source for the peaceful Bitcoin revolution, corporate news or
• 2:55
  culture romantic warfare. We'll be your guide through the
• 2:57
  separation of money and state coming at you live from the
• 2:59
  beautiful Puerto Rico. I'm going to be here for the
• 3:02
  next couple weeks or show, but the show must go on anyways.
• 3:08
  So Caitlyn long talking to legacy media anchor and it's
• 3:12
  almost like a throwback to like five years ago conversations.
• 3:16
  Very interesting. Yes, in the United States, to be
• 3:19
  blunt, and This is why we focus so much on the revolution rather
• 3:23
  than the speculative aspect of it, because it is a revolution
• 3:28
  like this is this is what makes Bitcoin different than any other
• 3:32
  asset in the world. The fact that you can take self
• 3:35
  custody of it, the fact that it can't be manipulated or easily
• 3:39
  confiscatable and it protects your wealth.
• 3:42
  And Caitlyn Long said it perfectly there in that
• 3:44
  conversation. I love how the anchor just kept
• 3:46
  saying crypto and she just kept saying Bitcoin.
• 3:49
  It just continues to happen. Bitcoin isn't crypto, crypto
• 3:53
  isn't Bitcoin. Bitcoin is unique among amongst
• 3:57
  them all. And what what I will say is
• 4:01
  she's absolutely right everywhere around the world,
• 4:05
  doesn't have most places around the world, better said, doesn't
• 4:08
  have the privilege that we have here in the West.
• 4:13
  What is that privilege? We have the privilege of a
• 4:15
  relatively stable Fiat currency that allows you to, you know,
• 4:22
  not realize that you're being stolen from at a rate where you
• 4:27
  are incentivized to seek an alternative.
• 4:30
  If you're in Venezuela, if you're in Argentina and you're,
• 4:33
  you know, suffering through double, double digit or triple
• 4:37
  digit inflation, that's a different story.
• 4:41
  Bitcoin isn't seen as an investment from your
• 4:43
  perspective. Bitcoin is seen as a lifeline
• 4:47
  for you to be able to put food on the table to feed your
• 4:51
  family. That's how Bitcoin is seen, and
• 4:54
  that's what Caitlyn Long was referring to.
• 4:57
  So in the United States, yeah, it could be seen, you know, and
• 5:00
  I think for most people it is seen, to be frank as this like,
• 5:04
  you know, speculative investment.
• 5:07
  And that's why we focus on the show so much.
• 5:09
  We hammer it home that it yes, you can see it as an investment.
• 5:14
  I say, I say it's much more than investment.
• 5:17
  It's a revolution. It's a way to take back your
• 5:21
  financial sovereignty and empower yourself.
• 5:24
  Specifically. If you're taking self custody of
• 5:26
  your Bitcoin, you could take all of your wealth with you.
• 5:29
  I promise you, you will fight. You will feel a Peace of Mind
• 5:33
  and a Zen that you've never felt before.
• 5:36
  When you properly secure your Bitcoin in self custody, it
• 5:41
  gives you so much peace of not only does it give you so much
• 5:43
  Peace of Mind, frankly, it gives you a sense of power, right,
• 5:47
  Because you're like, look like if I don't share, you know,
• 5:51
  these 12 or 24 words with anyone and I die tomorrow, like this is
• 5:55
  going with me and like it's this is not going to move to the end
• 5:58
  of eternity. Like that's incredibly powerful,
• 6:00
  like the custodial aspect of Bitcoin.
• 6:04
  No other asset gives you that, whether that's real estate,
• 6:07
  whether that is, you know, like I would say the only thing that
• 6:11
  you could make an argument that is similar as gold, but there's
• 6:15
  a physical characteristic to it. Like, you know, if if it's a
• 6:18
  large amount of gold, like it's pretty heavy, you're going to
• 6:21
  have to get a vault, maybe you buried in the ground.
• 6:24
  Like compare that with writing down or stamping into metal a 12
• 6:28
  to 24 word seed phrase. Like it's a it's a whole
• 6:30
  different conversation. And other news.
• 6:33
  I do want to address the topic of today's video, which is every
• 6:37
  couple of weeks or so, the Kamala campaign has a little bit
• 6:41
  of a heartbeat, like a little. And the latest piece coming from
• 6:47
  the legacy financial media, the headline is coming from
• 6:50
  Bloomberg Harris supporters. Harris supports policies to
• 6:55
  expand crypto industry. That's the headline.
• 6:59
  What I got to say about that is something that I've been saying
• 7:02
  over the last couple of weeks is talk is cheap.
• 7:06
  Actions are expensive. Every single time these types of
• 7:09
  things happen, Opti and I, we scramble in the morning.
• 7:13
  We put the facts and data together so that you guys could
• 7:17
  come to your own conclusion as to whether she is being sincere
• 7:21
  or not. The fact is, is that Harris is
• 7:24
  part of the executive branch now.
• 7:26
  She could free Ross or she could ask Biden to free Ross, if you
• 7:30
  want to be specific with the details.
• 7:33
  And that would take the momentum out of the Trump campaign and
• 7:38
  their, you know, policy on Bitcoin completely.
• 7:41
  If she wants to get ahead of it, she can go and she can release
• 7:44
  an official statement saying I'm going to protect the right to
• 7:47
  mine. I'm going to protect self
• 7:49
  custody. She has not done that.
• 7:51
  Bitcoin has not been included in the official Democratic policy.
• 7:57
  It has been included in the Republican policy and it has
• 8:01
  been included in RFK policy. So you can throw all these
• 8:06
  headlines all you want, because what they're essentially doing,
• 8:10
  in my opinion, is they don't want to spend any political
• 8:14
  capital. They want to get the votes, but
• 8:17
  they don't want to change their tune.
• 8:20
  And once again, we will make the case for you guys on today's
• 8:23
  episode. And like always, we brought the
• 8:26
  receipts. Also, Dave Smith, who spoke at
• 8:29
  the Bitcoin conference, man, I love his takes.
• 8:32
  I love the way that he's been describing things.
• 8:35
  But most importantly, he explained the fractional reserve
• 8:39
  banking system on Joe Rogan. So this is someone who's
• 8:43
  incredibly, you know, based he's awake to what is happening, the
• 8:47
  scam of central banking. And most importantly in terms of
• 8:50
  the Overton window, he's shifting the F out of the
• 8:53
  Overton window because Joe Rogan is a mainstream podcast.
• 8:57
  It's not a Bitcoin podcast, right?
• 9:00
  So we're going to get to all of that on today's show.
• 9:02
  And we also have a very special guest today that joining us and
• 9:06
  of the legendary Co host Optimus Fields in the house and I'm
• 9:11
  excited for today's show. Opti is laughing.
• 9:14
  So he's either feeling. Extreme.
• 9:15
  It's a chat. It's a chat, it's a chat.
• 9:17
  He's either. Feeling extremely optimistic
• 9:19
  today. Or, or it's the chat Anyways,
• 9:23
  Opti, the chat's trolling. What are we gonna talk about?
• 9:26
  What are they trolling about? It's just me.
• 9:28
  They're just trolling me. They're they're low key
• 9:30
  blaspheming in the chat. But I'll allow it because it's
• 9:32
  about me. So it's actually kind of
• 9:33
  hilarious. Yeah.
• 9:35
  So. Well, first of all, actually,
• 9:37
  actually, I'm going to say my takes until we get to these news
• 9:39
  stories. I think most people probably
• 9:41
  already know my takes about this by now.
• 9:44
  I'll hold back for the beginning of the show.
• 9:47
  But yeah, on the culture, as we as you can see, we got Matt.
• 9:51
  And I'm going to butcher your last name.
• 9:52
  Sorry, bro. Matt Gollaher.
• 9:54
  Did I say it right? Close Gallier.
• 9:57
  Gallier Okay, sorry, yes, you know #opti can't speak, but a
• 10:03
  Bitcoiner and also a financial advisor in Richmond, IN.
• 10:08
  SO you recently dropped an epic open letter to financial
• 10:12
  advisors. And we've been constantly
• 10:14
  covering this on our show and exposing our audience to, you
• 10:19
  know, the, the very real development in Bitcoin that now
• 10:23
  we are entering into, you know, the institutional assets and,
• 10:27
  and bitcoins maturing. And we're getting a lot of
• 10:30
  coverage in the space. And you wrote an open letter to
• 10:34
  financial advisors that is time to study Bitcoin.
• 10:37
  So I'm really excited to get into that and and you know,
• 10:40
  break it down and and maybe there's some financial advisors
• 10:44
  out there watching simply Bitcoin and we can get that
• 10:46
  message across that they need to understand Bitcoin.
• 10:49
  But anyways, Matt, how you doing this morning?
• 10:51
  I'm. Great.
• 10:52
  How are you guys? Wonderful man actually, Nika
• 10:56
  Loki I I didn't drink coffee. I ran out of coffee this
• 10:58
  morning. So this is just natural opti
• 11:00
  energy, not caffeinated energy. So it might be a little off
• 11:03
  today, guys. That's just a tad bit off A.
• 11:06
  100% that is on decaffeinated. Decaffeinated is low energy.
• 11:15
  And I just want to apologize on behalf of Simply Bitcoin for
• 11:19
  decaffeinated Opti. I'm just kidding bro.
• 11:22
  I didn't even notice the optimism.
• 11:24
  You're powered by optimism, bro. Coffee is just like, you know,
• 11:28
  like some some salt on top. But the optimism is what powers
• 11:32
  optimists. Feel it's a way of life, it's a
• 11:34
  way of life, but. Anyways, we did.
• 11:36
  You actually did send me a screenshot this morning, and I
• 11:40
  do want to mention it before we get into the show because, well,
• 11:43
  let's get. Context.
• 11:44
  You got to get some context. We, we, we, we have called this
• 11:47
  again. I'm, I'm going to say it simply
• 11:50
  Bitcoin, tomorrow's Bitcoin news today.
• 11:53
  Yeah, we did call this. And eventually, you know, we
• 11:57
  said that eventually someone in the media was going to say that
• 12:01
  Bitcoin is a threat to democracy.
• 12:05
  And that actually happened this morning in an article.
• 12:08
  And it's just, it's pretty funny.
• 12:10
  So I just. Went and well, hold on a little
• 12:12
  more context. So this is she does write, she
• 12:16
  is in media, she's more of an independent media.
• 12:18
  She's been AI forget her name, but it's Molly something on
• 12:21
  Twitter, something Molly she's been a long time anti crypto
• 12:26
  advocate. She's on her tirades on Twitter
• 12:30
  about how crypto's destroying the world and how, you know,
• 12:32
  people should stay away from it and maybe maybe we'll talk about
• 12:37
  it later. Maybe not, but she wrote some
• 12:40
  article about the the influence of the crypto.
• 12:44
  Industry's lobbying, but you know, big crypto lobby industry.
• 12:48
  I, I, I love there. Here you go.
• 12:50
  So I, I love Nick Carter's response to it, which was like,
• 12:55
  like you attack us for four years and then we, we come
• 13:00
  together and fight back And your Pikachu face surprised me.
• 13:04
  Like, how could you do that? It's like, what do you expect?
• 13:08
  Like, did you expect us just to lay down and die?
• 13:11
  So it's hilarious. Anyways, I do wanna read the
• 13:13
  passage. It says here's this.
• 13:18
  The strategy has become has been effective so far.
• 13:21
  Candidates are clamoring to demonstrate their willingness to
• 13:23
  pander to crypto corporations, and sitting lawmakers are
• 13:27
  backing off tough policy stances.
• 13:29
  It is is it a clear indication that the Supreme Court's 2010
• 13:33
  ruling in Citizens United is a serious factor in the 2024
• 13:37
  elections and a threat to our democracy?
• 13:41
  So that's something that we've been trying, we've been saying
• 13:44
  over the last couple of months, we've been saying that
• 13:46
  eventually they're going to use this line.
• 13:49
  And ladies and gentlemen, here we are.
• 13:51
  They have said the line. Tune into simply Bitcoin,
• 13:54
  tomorrow's tomorrow's Bitcoin news today, straight up.
• 13:58
  All right, everybody, before we jump into the show, I do want to
• 14:01
  give a shout out to our lead sponsor.
• 14:03
  Of course, I'm talking about Bitcoin.
• 14:05
  Well, Bitcoin well is the best place to build your automatic
• 14:08
  self custody Bitcoin stack. It's a publicly traded company
• 14:11
  coming out of Canada that recently expanded to all 50
• 14:15
  States and it's automatic self custody buy real Bitcoin Enable
• 14:19
  your independence with the fastest and safest way to buy
• 14:22
  Bitcoin and Canada and the US of A.
• 14:25
  What does automatic self custody means?
• 14:27
  That means every time you buy Bitcoin on Bitcoin, well, it
• 14:30
  does not allow you to leave it on the platform.
• 14:33
  You buy the Bitcoin as soon as the funds clear, it goes
• 14:36
  straight to yourself. Custody Bitcoin wallet address
• 14:40
  that perfectly aligns with our ethos of the separation of money
• 14:44
  and state because after all, self custody is the revolution
• 14:48
  every time you earn Bitcoin, sorry, sorry every time you buy
• 14:51
  Bitcoin on Bitcoin well, you earn Bitcoin well points.
• 14:56
  You can use those points towards the Bitcoin wishing well
• 14:59
  contest. It's a contest that went that
• 15:03
  lets you win now you literally win every single time, but you
• 15:07
  have an opportunity to win up to 1,000,000 satoshi.
• 15:10
  So we're going to play one for you guys right here.
• 15:13
  Get your Lightning wallet. It's ready.
• 15:15
  Toss a coin into the Bitcoin wishing well.
• 15:17
  Bada boom bada Bing. First person to scan the QR code
• 15:20
  wins 500 Satoshis. If you use promo code simply
• 15:25
  BTC, simply BTC. When signing up to
• 15:29
  bitcoinwell.com, you get 3 tosses into the Bitcoin wishing
• 15:33
  well for an opportunity to win up to 1,000,000 Satoshis.
• 15:37
  All right everybody, let's get to the numbers.
• 15:39
  Lots to talk about. The Bitcoin numbers.
• 15:45
  Buddy, you want to make it over the finish line with your
• 15:48
  generational wealth. And the way that you do that is
• 15:51
  by properly storing your seed phrase.
• 15:55
  Usually when you buy a hardware wallet, it comes with a piece of
• 15:58
  paper that's labeled one through 12 or one through 24.
• 16:03
  You don't want to store your generational wealth on paper.
• 16:07
  You don't want to do that. Paper is prone to water damage,
• 16:10
  fire damage. Your dog could eat it.
• 16:12
  You want your generational wealth to last generations,
• 16:15
  which is exactly why you should get yourself a stamp seed
• 16:19
  titanium seed phrase storage kit.
• 16:22
  Literally proof of work. Stamp your seed into titanium.
• 16:27
  The kit comes with everything. It comes with the hammer.
• 16:30
  It comes with the letter press tool kit things so that you can
• 16:35
  literally stamp your seed phrase into titanium so it survives the
• 16:41
  test of time. It is fire damage.
• 16:43
  It is salt wall, a salt waterproof.
• 16:47
  It is dog proof. If your dog eats this, he'll
• 16:49
  probably break its teeth. It's not a good idea.
• 16:52
  So you want to maintain the relationship with your
• 16:55
  grandchildren. You want them to talk to you, so
• 16:57
  you don't want to write down your generational wealth on
• 16:59
  paper. Stamp it into titanium only with
• 17:03
  the stamp seed. Head over to stampse-ed.com
• 17:06
  today to get started. And you could use promo code
• 17:08
  simply to get 15% off anything on the website.
• 17:12
  At the time of recording, the Bitcoin price is $60,590.00.
• 17:17
  Sats per dollar 1650 block height 857,900 36 blocks to
• 17:25
  having 192,064 having estimate March 28th 2020 March 28th, 2028
• 17:32
  Total network capacity 4785 capacity value 290 million.
• 17:38
  Realized monetary inflation of Bitcoin 1.43% Continuing to take
• 17:42
  Fiat currencies to absolute school market capitalization 1.2
• 17:47
  trillion. We are just getting started and
• 17:49
  Bitcoin versus gold market cap 6.93 percent.
• 17:54
  I can't wait for it to hit that 100% number and then overtake
• 17:58
  the market cap of gold. That is going to be glorious.
• 18:00
  Anyways, here's our boy the let me put this up because I can't
• 18:04
  hear myself enough. There we go.
• 18:06
  Here's our boy V BTC therapist, some of the one of the best
• 18:09
  content creators on Bitcoin Twitter, and he says fractional
• 18:14
  reserve banking and why the entire financial system is a
• 18:18
  scam explained in 3 minutes. Here's Dave Smith doing just
• 18:22
  that on the Joe Rogan podcast. By the way, excuse me, this is
• 18:26
  the same Dave Smith that we played you guys a clip of a
• 18:31
  couple days ago of his words at the Bitcoin conference and they
• 18:35
  were just absolutely fire. We need more of this, Ladies and
• 18:39
  gentlemen, the way that we win this revolution is winning over
• 18:42
  the hearts and minds of individuals.
• 18:43
  And the way that we do that is breaking the F out of the
• 18:46
  Bitcoin echo chamber and getting the masses to talk about
• 18:50
  Bitcoin, to talk about why does my money lose purchasing power?
• 18:55
  Why does money need to lose purchase power in order to
• 18:58
  function? What is government?
• 18:59
  What is money? We need all those questions
• 19:01
  being asked by average everyday people, and the government does
• 19:06
  not have very good answers for that.
• 19:08
  So anyways, let's check out this clip by Dave Smith.
• 19:11
  I'm gonna play it at 1.25 the speed 'cause it is about 3-3
• 19:15
  minutes and 11 seconds long. Let's check it out.
• 19:17
  The whole system of what fractional reserve banking is
• 19:21
  really kind of this fascinating like thing, 'cause everybody
• 19:25
  still kind of has in their mind that if you, you kind of have in
• 19:28
  your mind that the money in your bank account is your money and
• 19:31
  that you're holding it, that they're holding it for you.
• 19:34
  But that's not right. That's not what's going on.
• 19:35
  And if you ever actually read like the contract that you sign
• 19:38
  when you open a checking account, that's not what it is.
• 19:41
  It's more like you're loaning money to the bank and they owe
• 19:44
  that money to you, but they don't have to give it to you.
• 19:47
  They, you could, legally speaking, you could walk in
• 19:49
  tomorrow to a bank. I mean, no one actually walks up
• 19:51
  to a teller anymore. It's a Wonderful Life isn't a
• 19:54
  Christmas movie, it's a banking movie.
• 19:55
  Oh, yeah, yeah, yeah, yeah. So that is the scene.
• 19:57
  I was right about that. OK.
• 19:59
  But so you, you could walk into the bank tomorrow and you're
• 20:01
  checking, you know, account balance is whatever.
• 20:03
  Say it's $5000 and you could go, I'd like to take out $2000 and
• 20:06
  they can say, no, you can't have it.
• 20:08
  Now, they owe it to you technically, but they don't have
• 20:11
  to give it to you. They're not just holding it for
• 20:12
  you to give to you on demand. Now, the system hasn't
• 20:14
  collapsed. So they will give that to you
• 20:15
  today if you walk into a bank. But when?
• 20:17
  If too many people come in and they want too much money, well,
• 20:19
  they. Don't have it is the point.
• 20:20
  So when you open a bank account, and I don't know exactly what
• 20:22
  the reserve rates are now, because I know they did change
• 20:24
  this during COVID, but for a while it was 10% was the what
• 20:27
  the Federal Reserve set as the reserves that you had to put
• 20:30
  away. So when you come in to your bank
• 20:32
  and you give them $100 to open a checking account, just to make
• 20:34
  it an easy number, they, they hold $10 and they loan out
• 20:39
  $90.00. And now so they, they'll loan
• 20:41
  that money out. And so essentially they owe you
• 20:43
  $100. But the, the effect of this
• 20:45
  right is that now there's this, this guy.
• 20:47
  So let's say you open the account with $100.
• 20:50
  Now there's another guy who takes out a loan for $90.00 and
• 20:53
  you're now in the economy and kind of like you think you have
• 20:55
  $100 and he thinks he has $90.00.
• 20:57
  But really there's only, there's not $190.00, there's only $100
• 21:01
  that you you get what I'm saying?
• 21:03
  But now here's where it gets even crazier than that.
• 21:05
  This guy doesn't just hold his $90.00, he goes and puts it in
• 21:09
  the bank. And so the bank holds 10% of
• 21:13
  that money and then loans out 90% of that to somebody else,
• 21:16
  who then puts that money in the bank and then they take 10%.
• 21:18
  So when you actually look at the effect of it, there's like not
• 21:21
  nearly as much money in the bank as we all think we have.
• 21:24
  So essentially, if everybody came into the bank, or even just
• 21:28
  too many people came into the bank and said we'd like to
• 21:30
  withdraw our money, there's nowhere near enough money for
• 21:32
  them to give you. So inherently, the whole thing
• 21:34
  is kind of a House of Cards. It's like when you're going to a
• 21:36
  stadium, you try to use your cell phone.
• 21:37
  You realize there's no signal even though you have 5 bars,
• 21:40
  because everyone's using their phone.
• 21:42
  So there's no signal for you. You can't get online.
• 21:44
  You can't make a phone call. Right, like this thing only
• 21:46
  works if we're not all trying to do it at the same time, but if
• 21:49
  we do then we're in a lot of trouble.
• 21:51
  OK, So he did mention a very interesting number, which is
• 21:54
  10%, ladies and gentlemen, that has changed.
• 21:57
  The reserve requirement in the United States is 0.
• 22:01
  So they don't even require, they don't even require the United
• 22:05
  States government doesn't even require U.S. banks to hold
• 22:10
  reserves. So my question to you is, and
• 22:15
  again, this just has to be simple questions, because simple
• 22:18
  questions are what goes viral, right?
• 22:21
  If you, if you have to ask someone else for permission to
• 22:25
  use your money, it isn't your money, The bank, the money in
• 22:29
  your bank, it ain't your money. It's the bank's money.
• 22:33
  And you have to ask the bank to use your money.
• 22:36
  But what happens if everyone asks the bank at the same time
• 22:39
  to use their money? The bank doesn't have the money.
• 22:41
  That's exactly what happened in the 1930s where the bank runs.
• 22:44
  That's why they installed the FDIC insurance that basically
• 22:49
  the federal government insures every deposit at a bank for up
• 22:53
  to 250,000. Do they have enough money to,
• 22:57
  you know, ensure everyone's the POD?
• 23:00
  No, they're going to have to print the difference.
• 23:02
  This is the scam of the system, like this system is a scam of a
• 23:07
  scam. When you have Bitcoin in self
• 23:10
  custody and you run a node and you're verifying your own copy
• 23:15
  of the blockchain and your Bitcoin is in custody, that's in
• 23:20
  your custody. That isn't being fractionally
• 23:23
  reserved, that isn't being lent out.
• 23:25
  If you want to have an idea of of what happened with Celsius
• 23:29
  and FTX, it's exactly this. They sold Bitcoin, they lent out
• 23:36
  Bitcoin that belonged to other people.
• 23:39
  They re hypothecated Bitcoin. They put it all in one pot and
• 23:43
  when everyone said hey, let's start withdrawing, they didn't
• 23:47
  have the Bitcoin to give back. That's happens.
• 23:51
  It's like a story. It's a story as old as time,
• 23:54
  happened with Mount G, Ox happen, whatever.
• 23:57
  If you trust another person with your wealth, why would you do
• 24:02
  that if now you have the tools to not have to trust anybody,
• 24:06
  but you only have to trust yourself?
• 24:09
  The thing is, what he just said is not common knowledge.
• 24:14
  Most people do not know that. If most people knew that Bitcoin
• 24:21
  would seem a little bit more appetizing, wouldn't it, right.
• 24:24
  If most people knew that, they would say, you know, This is why
• 24:27
  you hear stories of like older people just keeping cash under
• 24:31
  the mattress. Like This is why you hear those
• 24:32
  stories. The reason they hear those
• 24:33
  stories is because like, they remember being rugged, right?
• 24:37
  So make yourself unruggable. And the way that you make
• 24:40
  yourself unruggable is by taking self custody of your assets.
• 24:46
  You know, believe it or not, Nico is a fan of physical gold.
• 24:50
  I just don't think physical gold is, you know, as convenient and
• 24:56
  as scarce as Bitcoin. So, you know, I'm a, I'm a fan
• 25:01
  of self custodying my assets. When you self custody your
• 25:05
  assets, that comes with a tremendous amount of
• 25:06
  responsibility from a security standpoint.
• 25:09
  That's why I love the 2nd Amendment.
• 25:12
  But you know, that's, that's why you, you, you, it, it comes with
• 25:16
  personal responsibility. You're not outsourcing that to a
• 25:19
  third party, right? So if, you know, you lose your
• 25:22
  12 word seed phrase or it gets lost in a fire or in a flood,
• 25:26
  that's why we literally recommend the stamp seed.
• 25:29
  There is no one 800 number to call to get your Bitcoin back.
• 25:33
  It is gone forever, literally. So you know, with great power
• 25:36
  comes great responsibility. I don't think it's crazy if you
• 25:40
  can take care of a baby, if you can make a sandwich, you can
• 25:43
  take self custody. Like it's not rocket science
• 25:47
  either, right? So anyways, I wanted to play
• 25:49
  that clip for you guys cuz every single day Opti and I, our life
• 25:54
  dedication is to get people to wake the F up to the scam that
• 25:59
  is the traditional financial system and the scam that is Fiat
• 26:03
  money. Imagine working your entire life
• 26:07
  for those precious dollars, only to give those dollars to a bank
• 26:12
  that isn't really holding those dollars anymore.
• 26:15
  What a scam. Imagine if you actually put your
• 26:19
  work into something that you actually custodied.
• 26:22
  That no matter who was in power, no matter what the fiscal policy
• 26:27
  of your government was, you are holding unconfiscatable wealth.
• 26:33
  You're reclaiming back your financial sovereignty and you're
• 26:37
  reclaiming back your time, your energy, and your work.
• 26:41
  Look, look at throughout history, multiple different
• 26:44
  countries, including the United States.
• 26:47
  So many examples of bank runs. Even in the Bitcoin slash crypto
• 26:52
  industry, we had bank runs. They're just not called bank
• 26:56
  runs. They're called exchange runs.
• 26:58
  It's the same concept though. People trusted other people with
• 27:01
  their money and when they came to collect, they said, sorry, I
• 27:04
  lost it and I lost it. Basically.
• 27:06
  I don't, I, I just can't give it to you.
• 27:08
  People get upset, you know, they, they're like, oh, I'm
• 27:10
  going to sue that person, but you never get your money back.
• 27:13
  You know how you avoid that? Become unruggable.
• 27:16
  Take back your financial sovereignty.
• 27:18
  Learn how to take self custody Opti.
• 27:20
  Yeah, I mean, first and foremost, we wouldn't ever
• 27:25
  really need Bitcoin if fractional reserve was a thing
• 27:28
  in the 1st place. This is probably why we're in
• 27:30
  the position we're in. Remember what was written in the
• 27:33
  genesis block? Chancellor on the brink of
• 27:36
  second bailout. We've seen this play out
• 27:38
  multiple times. This is literally the reason for
• 27:40
  Bitcoin in the 1st place. But on the flip side, it's
• 27:45
  absolutely incredible that most people don't understand
• 27:47
  fractional reserve banking. And that's probably why they
• 27:50
  don't get into Bitcoin because they don't understand the
• 27:53
  fundamental problem that Bitcoin is solving.
• 27:55
  And that's why we have a lot of work to do in Bitcoin content
• 27:59
  creation and of course here at Simply Bitcoin.
• 28:01
  But just very simply, like a bank wouldn't be a business if
• 28:06
  they were just holding your assets or holding your money
• 28:08
  just and not doing anything. There wouldn't be a business
• 28:11
  there. And so it's very it, it really
• 28:13
  blows my mind that most people don't understand the business
• 28:16
  that is banking. And it's very simple.
• 28:18
  You know, they loan out the money, they loan out your money
• 28:21
  and then they give you back interest a little bit of the
• 28:23
  money that they. Potentially make it's literally
• 28:25
  like a penny like it happens every.
• 28:27
  Month. Yeah, yeah, it's, it's a.
• 28:29
  Month and it's minuscule it's .0 it's like .001% like even in the
• 28:35
  quote UN quote savings account it's like .02% interest.
• 28:40
  It doesn't. It doesn't out compete inflate.
• 28:42
  You're essentially losing money. You're paying the bank to lose
• 28:45
  money essentially 100% and they charge you and they charge you a
• 28:49
  maintenance fee like it's a scam of a scam.
• 28:51
  This is. Why we Bitcoin, This is why we
• 28:54
  Bitcoin. And then further, like I also
• 28:57
  was going to clarify on it was at one point 10% and now it's 0%
• 29:02
  reserve. So like they literally don't
• 29:04
  have your money in the banks at all.
• 29:06
  And that hasn't changed since 2020.
• 29:09
  And if that doesn't terrify you, like, I don't know what would,
• 29:13
  because if you ever really need your money in a pinch and
• 29:17
  there's a, there's a, you know, an argument to make that there
• 29:20
  is potentially some catastrophic Black Swan events coming in the
• 29:25
  future that you will need cash on hand and your debit cards and
• 29:29
  credit cards won't work. And it's, it's just absolutely
• 29:32
  scary to think that most people won't have any cash or anything
• 29:36
  to survive on. And as a Bitcoiner, you know,
• 29:39
  everyone in the chats like we need a bank run day.
• 29:41
  It's like Bitcoin is the bank run like this is the whole coin
• 29:44
  of Bitcoin. Take your money out of the bank.
• 29:47
  Yet becoming your own bank is scary, but it's it's what has to
• 29:51
  be done at this point because we can't trust these people to not
• 29:55
  do what they're going to constantly do, which is just
• 29:57
  debase your currency and, you know, loan out all the money you
• 30:01
  put in the bank. Like this is just the business.
• 30:03
  This is the incentives. And This is why as a bitcoiner,
• 30:06
  we're like, take your Bitcoin into custody.
• 30:09
  So you don't even give them an option anyways.
• 30:11
  Matt, I see you. I see you nodding along as a
• 30:13
  financial advisor. There are Nico and I, lost in
• 30:17
  the sauce. No, I I read The Creature from
• 30:21
  Jekyll Island in college and at first I could not believe that's
• 30:25
  actually how the modern banking system work.
• 30:29
  So then of course I continued reading to such an extent I'm
• 30:32
  actually frustrated it took me so long to take a serious look
• 30:36
  at Bitcoin, which I didn't do until 2020 or so.
• 30:40
  But in that book, The Creature from Jekyll Island, a line that
• 30:44
  the author says over and over again is the name of the game,
• 30:47
  is bailout, where the stated purpose of a central bank or the
• 30:51
  Federal Reserve is to act as a lender of last resort and
• 30:54
  stabilize the banking system. But in reality and historically,
• 30:58
  its purpose and function is to privatize profits and socialize
• 31:03
  losses, which is what we see over and over and over again and
• 31:06
  is what the incentives are designed to do.
• 31:10
  So if you've heard the phrase the the result of a system or
• 31:16
  the outcome of the system is its purpose, you can kind of use
• 31:19
  central banking from that lens. So now I'd say definitely not
• 31:23
  off base on anything that you've been saying.
• 31:26
  Wow Nico, we're so much smarter than we like.
• 31:28
  Love it, love it. Actually though Nico, before we
• 31:31
  move on, we do have a super chat shout out to Lawrence Forbes. 5
• 31:35
  Canadian dollars and he goes y'all.
• 31:37
  Before we get a separation of money from state, we need a
• 31:40
  separation of Opti from Chrissy Lagard.
• 31:46
  Oh man, oh man. I mean, dude, Opti, Opti is the
• 31:50
  ultimate. Like he's he's plugged in Opti.
• 31:53
  Sorry, keep it going Opti. I didn't mean to say that Opti
• 31:58
  is is is within the sentence. Alright, next segment, next
• 32:03
  segment, move it on. Opti has, you know Opti.
• 32:08
  Opti is is, you know, he, he's our guy.
• 32:12
  He's our. Guy, wait, wait.
• 32:13
  Let me cut you off. Here, think of all.
• 32:15
  Yeah. Can you blame me after what Matt
• 32:17
  just told you? This is the incentive of the
• 32:20
  game. I am a canteon hunter.
• 32:22
  Here, when Opti gets wiped up with Chrissy like he's gone,
• 32:26
  He's he's I'm trying to replacement.
• 32:29
  He's gonna start his own show. It's gonna be simply.
• 32:32
  CBDC, I'm gonna be on the French Riviera in my yacht with my silk
• 32:36
  scarves. I'm never coming.
• 32:38
  Back there is some truth to that all right everybody before we
• 32:44
  move on to the news what I gotta say is stay tuned because
• 32:48
  there's lots to talk about and if you guys are enjoying the
• 32:51
  show so far there's about 1061 of you guys watching live on
• 32:55
  YouTube and X and about how many of you guys on Rumble let me see
• 33:02
  504050 of you guys watching on rumble make sure to smash that
• 33:07
  like button consider. Subscribing we got another one
• 33:11
  oh man we got to figure out the the formatting of the maybe we
• 33:14
  read them at the end of the show, but the Super chat super
• 33:17
  chat all right so sat wise jank super chat five U.S. dollars
• 33:21
  Abdi get off that old bag of bones Christy Lagarde will never
• 33:24
  love you like us don't be tempted by her offer for.
• 33:33
  Oh, man. All right, everybody, let's get
• 33:35
  to news. Lots to talk about.
• 33:36
  Let's check it out. Here we go.
• 33:41
  The Daily News. I want to give a shout out to
• 33:45
  our sponsor Foundation Devices. It's self custody done right.
• 33:49
  They built a premium grade hardware wallet called Passport
• 33:53
  right here in the US. It's fully open source and
• 33:56
  verifiable. It's the most intuitive Bitcoin
• 33:58
  wallet designed with the UX reminiscent of a simple feature
• 34:02
  phone, so you will know how to navigate it and use it the
• 34:05
  moment you pick it up. Get your Bitcoin off exchanges
• 34:08
  and into your into your own hands in just a few minutes.
• 34:11
  Experience the Peace of Mind that comes with taking ownership
• 34:14
  of your own keys. After a massive sellout during
• 34:17
  Bitcoin Miami 2023, the Passport is back in stock at
• 34:21
  foundationdevices.com. Bitcoin only open source,
• 34:25
  verifiable, completely air gap security model, gorgeous design
• 34:29
  craft premium grade materials. If you're thinking about getting
• 34:32
  your Bitcoin off exchanges, this is the one for you.
• 34:35
  Check out the Passport link link in the show notes below to learn
• 34:38
  more. Everybody, I made it easy for
• 34:41
  you guys. Not only do you have to properly
• 34:43
  secure your seed words, you need a hardware wallet.
• 34:48
  That's how you take so and that's how you, I mean, you
• 34:50
  don't technically need a hardware wallet, but I highly
• 34:53
  recommend one because it's what makes cold storage like easy for
• 34:56
  most people. And of course, we recommend our
• 34:59
  sponsor Passport by Foundation devices.
• 35:01
  It's completely open source. It's Bitcoin only.
• 35:04
  If you've never used a hardware wallet before, they have a
• 35:06
  concierge service, so you can they, when you're buying it on
• 35:11
  the website, you can add that to your shopping cart and they will
• 35:15
  literally walk you through how to set it up.
• 35:18
  And by the way, you can use promo code simply and you'll get
• 35:21
  a discount. So head over to the Foundation
• 35:24
  website. You can check the link in the
• 35:26
  video description, scan the QR code and get yourself a passport
• 35:30
  by Foundation devices. OK, so I'm going to start off
• 35:34
  with this. See this face right now, her
• 35:37
  Vera laughing. That's exactly what's happening
• 35:40
  right now. This is something that we've
• 35:42
  been covering for the last couple of weeks and I'm going to
• 35:46
  show you two things before I I read into the article.
• 35:51
  The headline for the audio listeners, this is on Bloomberg,
• 35:55
  by the way, says Harris supports policies to expand crypto
• 35:59
  industry. Aid says not, Harris says AID
• 36:03
  says so when I saw that I said OK let's compare and contrast.
• 36:10
  Trump and RFKI will protect self custody and the right to mine
• 36:15
  Kamala. AID supports policies to expand
• 36:19
  industry. Major difference in those
• 36:22
  wordings. Do you see how the bottom one is
• 36:26
  very open-ended? Supports policies to expand the
• 36:30
  industry. What industry is she talking
• 36:33
  about? What type of expansion Trump
• 36:37
  RFKI will protect self cussing the rights of my there is no,
• 36:40
  there's nothing open to interpretation there.
• 36:43
  It's straight and to the point there.
• 36:45
  It's kind of like support policies to expand it.
• 36:47
  What does that mean? What what does that entail?
• 36:50
  Right. So we've been covering this over
• 36:52
  the last couple of weeks and we've tried to remain open-ended
• 36:57
  and open minded. You know, it's time to put up or
• 37:00
  shut up. What does that mean?
• 37:02
  Come out and say something. You can free Ross right now.
• 37:06
  You're part of the executive branch.
• 37:07
  It's time to say something. So we're going to continue
• 37:11
  hammering this point home because it's not fair for them
• 37:15
  to get free votes for words. The last 3 1/2 years, the
• 37:19
  current party in power in the executive branch has gone after
• 37:25
  the industry in like 20 different ways.
• 37:30
  Whether it was the denial of Caitlin Long's federal banking
• 37:33
  charter, Custodia Bank, which by the way is a fully reserved
• 37:38
  bank, not a 0 reserve fully reserved bank, and it was denied
• 37:41
  a federal banking charter. Whether it is the proposed 30%
• 37:46
  tax on the Bitcoin mining industry, whether it's the right
• 37:49
  the attack on self custody. Whether it is the arrest of open
• 37:54
  source wallet developers like the Tornado Cash guys, which set
• 37:59
  the precedent which led to the arrest of the Samurai wallet
• 38:03
  guys. And that inevitably led to the
• 38:06
  exodus of multiple Bitcoin wallet lightning companies out
• 38:11
  of the United States. This is supposedly land of the
• 38:15
  free, home of the brave. But you know what we know where
• 38:19
  wallet of Satoshi isn't available?
• 38:21
  China, North Korea and the United States.
• 38:24
  That is insane. And that is 100% because of the
• 38:28
  policies of the current administration.
• 38:30
  Not to mention Gary Gensler's unholy crusade on the entire
• 38:35
  industry. The first day that they held a
• 38:38
  so-called crypto town hall, Kamala didn't show up, but
• 38:41
  members of the White House did. That same day, the Fed and the
• 38:45
  FDIC sued Customers Bank. Customers Bank is one of the
• 38:50
  last remaining pro Bitcoin banks in the United States.
• 38:53
  So I'm going to go back to something that I've been saying
• 38:55
  over the last couple of weeks. Talk is cheap, action is
• 38:59
  expensive. It's time for action.
• 39:01
  It's not time for more of this bullshit.
• 39:04
  So Harris supports policies to expand crypto industry.
• 39:07
  What does that mean? What does that entail?
• 39:10
  Where is the show of good faith? Is Kamala going to say this?
• 39:13
  Because all I see is this laughing, right?
• 39:17
  Anyways, Vice President Kamala Harris will back measures to
• 39:20
  help grow digital assets, a policy advisor to her campaign
• 39:24
  said, highlighting efforts to court an emerging cryptocurrency
• 39:28
  industry expanding its political influence.
• 39:30
  Quote, she's going to support policies that ensure the
• 39:33
  emerging technologies and that sort of industry can continue to
• 39:36
  grow. Brian Nelson, senior campaign
• 39:39
  advisor for policy to the campaign, said that when asked
• 39:42
  about the vice president's efforts to engage with the
• 39:44
  crypto community during a Bloomberg News roundtable at the
• 39:47
  Democratic National Convention on Wednesday.
• 39:50
  Some crypto investors have rallied behind former President
• 39:53
  Donald Trump's campaign after the Republican nominee said he
• 39:56
  favored decreasing government regulation on the industry.
• 39:59
  The Republican, who previously called cryptocurrency a scam,
• 40:02
  now holds at least $1 million in digital currency and has said
• 40:06
  that the US should embrace the industry less China pull ahead.
• 40:10
  Harris's team is signalling they're still interested in
• 40:13
  implementing safeguards on the industry, which has seen the
• 40:15
  collapse of numerous high profile companies.
• 40:18
  Quote. Obviously they've.
• 40:20
  Expressed that one of the things that they need are stable rules,
• 40:23
  rules of the road, Nelson said, pointing to a Harris speech that
• 40:27
  laid out the initial pillars of her economic policy last week.
• 40:31
  In remarks during a campaign event in swing state North
• 40:34
  Carolina last week, Harris did not specifically mention digital
• 40:39
  assets but vowed that if elected president, she would, quote,
• 40:43
  focus on cutting needless bureaucracy, an unnecessary
• 40:48
  regulatory red tape. Do you see how the media is
• 40:51
  literally filling in the blanks? She has not said anything.
• 40:56
  It's an aid this isn't even part of and what we're going to get
• 41:00
  to the receipts in a second. But I do want to finish this
• 41:03
  this article. So it goes on to say, encourage
• 41:05
  innovation technologies while protecting consumers and
• 41:07
  creating a stable business environment with consistent and
• 41:10
  transparent rules of the road. The cryptocurrency industry has
• 41:13
  bristled under what it sees as a burdensome regulatory regime
• 41:17
  under President Joe Biden's administration and this year is
• 41:20
  looking to flex its clout, including through sizable
• 41:23
  political donations. Trump has said he would fire SEC
• 41:28
  Commissioner Gary Gensler, whose term is not up until 2026, pick
• 41:32
  regulators friendly to the industry, form a crypto industry
• 41:36
  Presidential Advisory Council and create a stablecoin
• 41:39
  framework. That approach, with offers to
• 41:41
  scale back regulatory enforcement of cryptocurrencies,
• 41:45
  has seen Trump win the support of predominant crypto
• 41:47
  enthusiasts, including billionaire twins Cameron and
• 41:50
  Tyler Winklevi, who run Winklevi Capital Management OR and large
• 41:55
  investors in point. I can't pronounce that name.
• 41:58
  I apologize. Rohini, who previously served as
• 42:02
  Harris's domestic policy advisor, said at Wednesday's
• 42:05
  roundtable that the nominees approach to the economy as one
• 42:09
  that would give more certainty to businesses in contrast to a
• 42:13
  second Trump administration. Businesses are concerned about
• 42:16
  the chaos of a second Trump administration and what that
• 42:19
  means for not knowing rules of the road and making sure that
• 42:23
  they have an opportunity to grow and thrive in the economy.
• 42:26
  Trump, if returned to power, has vowed to renew expired tax rates
• 42:30
  that sounds awesome. And implement sweeping tariffs
• 42:33
  on US allies and adversaries alike, a move that critics warn
• 42:37
  could exacerbate high prices and up end global trade.
• 42:41
  OK, anyways, so that's the article, right?
• 42:45
  Making the case as to why, you know, we got to, we got to get
• 42:49
  Kamala in. She's signalling that she, she,
• 42:52
  she supports policies to expand the crypto industry, according
• 42:56
  to an aide, even though she never said this directly at any
• 42:59
  of her speeches. You know, it's trust me, bro.
• 43:04
  So let's get to some of the receipts, shall we?
• 43:07
  Here's the official Democratic Party platform.
• 43:12
  It is on their website. You go to democrats.org and
• 43:16
  you'll find it. Every four years, Democrats from
• 43:18
  across the country join together to craft our party's platform.
• 43:22
  You can download this PDF. In fact, I'm going to put the
• 43:24
  link right here in the chat for you guys.
• 43:27
  Don't trust verify Opti. I'm not the link thing is not
• 43:31
  working. I'm put in the private chat so
• 43:32
  you can do it and make feel free to not not take my word for it.
• 43:39
  You can download it yourself and you can press the control F
• 43:43
  thing on your keyboard and search for crypto, search for
• 43:47
  digital assets and that entire party platform.
• 43:50
  You will not find it one time. It is not mentioned there.
• 43:54
  So you have to trust me, bro, and trust an aide, essentially,
• 43:59
  that she's going to change the existing policy of the Biden
• 44:03
  administration, which has been literally hitting us and jailing
• 44:07
  us and going after us for the last 3 1/2 years.
• 44:12
  You're going to have to trust me, bro.
• 44:14
  That they've changed their minds, even though in their
• 44:17
  policy they have no mention whatsoever of anything related
• 44:23
  to crypto and Bitcoin and digital assets.
• 44:29
  So there's that. All right, Now let's compare and
• 44:31
  contrast with the Republican Party platform.
• 44:36
  Here it is number 5 again. I'm going to put this in the I'm
• 44:41
  going to send this top to you so he can put it in the live chat.
• 44:44
  Don't trust verify. You guys could find this
• 44:47
  yourself #5 of the Republican Party platform.
• 44:52
  Republicans will pave the way for future economic greatness by
• 44:55
  leading the world in emerging industries.
• 44:57
  Crypto Republicans will end Democrats unlawful and UN
• 45:01
  American crypto crackdown and oppose the creation of a central
• 45:04
  bank digital currency. We will.
• 45:06
  We will defend the right to mine Bitcoin and ensure every
• 45:10
  American has the right to self custody of their digital assets
• 45:14
  and transact free from government surveillance and
• 45:17
  control. I mean, compare and contrast
• 45:21
  that with this article. That's clear, that's
• 45:26
  straightforward, that's telling you exactly what's going on.
• 45:29
  I told you guys, both Trump and RFK have said this vocally in
• 45:34
  speeches. Here's a clip.
• 45:38
  That the future of crypto and the future of Bitcoin will be
• 45:41
  made in the USA, not driven overseas.
• 45:44
  I will support the right to self custody to the nation's 50
• 45:49
  million crypto holders. I say this with your vote.
• 45:53
  I will keep Elizabeth Warren and her goons away from your
• 45:56
  Bitcoin. So I mean, pretty
• 45:59
  straightforward, pretty blunt. And again, if Kamala came out
• 46:05
  tomorrow, because this is green versus orange, it's not red
• 46:08
  versus blue, I'd wear a Kamala shirt no problem.
• 46:11
  But that's not the case. So this article is bullshit.
• 46:18
  That's what I got to say. This is not included anywhere.
• 46:22
  She never said this directly. It's a he said, she said an
• 46:26
  aide, not Kamala. And the article, it literally
• 46:30
  said that she specifically didn't mention this, like here
• 46:33
  in remarks during a campaign speech in swing state North
• 46:35
  Carolina last week, Harris did not specifically mention digital
• 46:39
  assets but bowed if vowed that if elected president, she would
• 46:43
  focus on cutting needless bureaucracy and unnecessary
• 46:47
  regulatory. Like, like, do you see how like
• 46:50
  the article is trying to connect the two things even though
• 46:53
  they're not connected? Like this is bullshit, OK.
• 46:57
  And you'd be like, OK, Nico, you're still freaking crazy.
• 47:00
  You're so biased. This is other bullshit.
• 47:04
  One of the cases that I've made for you guys is you can't be a
• 47:09
  pro Bitcoin and pro CBDC politician.
• 47:13
  They literally contradict each other.
• 47:16
  And we got the receipts. There was a bill that was passed
• 47:20
  in the House and check this out, a bill to ban the Federal
• 47:25
  Reserve from issuing ACBDC passes the House.
• 47:30
  Now let's take a look at the votes.
• 47:34
  Almost every Republican voted yes and no.
• 47:37
  Republican voted no, and four Republicans did not vote.
• 47:42
  Only three Democrats voted yes. 192 Democrats voted against a
• 47:51
  bill that would ban ACBDC. So you want to know why this
• 47:57
  isn't in the platform? Well, they're not.
• 48:00
  Don't pay attention to their words.
• 48:03
  Let's pay attention to their actions.
• 48:06
  Their actions are letting you exactly know what's going on.
• 48:10
  And if you still don't believe me, here's Elizabeth Warren
• 48:13
  herself to tell you guys. In theory, a digital currency
• 48:19
  issued and backed by a central bank to provide the advantages
• 48:23
  of cryptocurrency. Without those risks, the Federal
• 48:27
  Reserve trusted institution could provide a digital version
• 48:32
  of cash to the public that is secure, stable and accepted
• 48:37
  everywhere. So let me ask you, Professor
• 48:39
  Manand, what role could a central bank digital currency
• 48:43
  play in reducing these kinds of risks to financial stability?
• 48:48
  So a well, a well designed CBDC could serve as a public
• 48:52
  alternative to these crypto currencies and potentially crowd
• 48:56
  out their usage. In contrast to private digital
• 48:59
  currency, CBDC's would be sovereign non defaultable money.
• 49:03
  They'd be cheaper to use and they would not be subject to
• 49:06
  bank run dynamics, right. So that's, that's very helpful.
• 49:09
  Thank. I mean, like, it's very clear.
• 49:18
  It's like, let's get a CBDC so that people don't use Bitcoin.
• 49:26
  CBDC's don't solve inflation and CBDC's don't solve confiscation.
• 49:33
  They don't solve those issues. But she's telling you exactly
• 49:37
  what's going on. They want to create a monopoly
• 49:41
  so that they can roll out a CBDC.
• 49:44
  Don't pay attention to Nico. Look at their votes, right?
• 49:48
  Look at the policy. They don't mention Bitcoin, they
• 49:50
  don't mention digital assets. They're not interested in that.
• 49:53
  Their voting record and Elizabeth Warren herself are
• 49:57
  telling you what they want. They want a central bank digital
• 50:01
  currency being rolled out in the United States.
• 50:04
  And fundamentally, the reason that they want that is they want
• 50:07
  to retain the power of being able to create money for free
• 50:11
  that everyone else has to work for.
• 50:13
  They want to retain their monopoly on the creation of
• 50:17
  money and the control of money. Bitcoin is a fundamental threat
• 50:22
  to that. And Elizabeth Warren for the
• 50:24
  last six months has used every tool in the book to try to go
• 50:29
  after the industry. She's tried to connect the
• 50:32
  industry to terrorism. She's used money laundering.
• 50:34
  She's used everything that you can think of.
• 50:38
  And that part, she was being really insincere.
• 50:41
  Protect people from bank runs if you take self custody bank runs
• 50:45
  is that that doesn't exist. That's not even possible.
• 50:49
  So what is she talking about? And then another thing that that
• 50:52
  guy said, and I'm going to pass it on to Matt to get his
• 50:54
  opinion, is this whole dynamic where I'm not going to allow
• 50:58
  them to take that ground. Fiat money is private.
• 51:03
  Bitcoin is public. Everybody could mine Bitcoin.
• 51:08
  It's a publicly audible chain. Anyone could download the
• 51:12
  Bitcoin software in the Bitcoin blockchain and you can audit it.
• 51:15
  It's public. Can you audit the Federal
• 51:18
  Reserve? No.
• 51:20
  Can you print more dollars without going to jail?
• 51:22
  No. What is more private and what is
• 51:25
  more public to you? So this whole thing where this
• 51:28
  is public money, No, no, no, no, it's politicians money.
• 51:32
  That's what they meant. That's what they mean when they
• 51:34
  say public and they're, they're merging the words to capitalize
• 51:39
  on that and convince people of things that are not true.
• 51:43
  So once again, every time one of these bullshit articles get
• 51:47
  releases, until I literally see Kamala Harris say I will protect
• 51:53
  the right to self custody and I will protect the right to mine.
• 51:56
  We will continue to show the receipts because it is utter
• 52:00
  bullshit. There's no substance behind
• 52:03
  anything that is being said in that article while there's
• 52:06
  substance being said by both Trump and RFK.
• 52:09
  That's my honest opinion. Matt, what are your thoughts?
• 52:13
  Yeah, the keyword you said there is protect in that news article
• 52:18
  that mentioned that an aide to Kamala Harris campaign said that
• 52:21
  they would support policies to expand the industry.
• 52:26
  If Bitcoin is a profound technological innovation, it
• 52:31
  will expand on its own. It does not need public policy
• 52:34
  in order to create an artificial expansion of the industry.
• 52:38
  That would be like coming out in favor of policies to support the
• 52:42
  expansion of the Internet 20 or 30 years ago.
• 52:44
  Where if you're an entrepreneur, if you're an Internet
• 52:47
  entrepreneur or you own an Internet company and you're an
• 52:52
  honest, profit motivated business owner, you don't need
• 52:57
  the government to promote policies to expand your
• 53:00
  business. You just need them to get out of
• 53:02
  the way and eliminate the artificial barriers and
• 53:05
  restrictions that are between you and your goals.
• 53:08
  And so that's one distinction that I draw between the crypto
• 53:13
  digital asset friendly rhetoric among some politicians versus
• 53:17
  the ones where I actually pay attention because those ones are
• 53:21
  framed as we don't need to do anything explicitly Bitcoin
• 53:26
  friendly. We just need to defend property
• 53:29
  rights, which along with that comes with defending the right
• 53:32
  to mine, defending the right to self custody, and at the end of
• 53:36
  the day is not anything that they shouldn't be supporting
• 53:40
  anyway. You either have property rights
• 53:42
  or you don't, whether it's a piece of physical real estate or
• 53:45
  whether it's Bitcoin. So I I would echo your
• 53:48
  sentiment. In the long run, the political
• 53:52
  incentive is for bureaucrats and politicians to embrace Bitcoin
• 53:56
  though. So whether or not anyone
• 53:58
  particular candidate or administration comes out with
• 54:02
  the rhetoric or policies that we want, at the end of the day, you
• 54:08
  can't, you can't really ban Bitcoin.
• 54:10
  You can only ban yourself from benefiting from it.
• 54:12
  And so the the long, long term trend of superior technology
• 54:19
  tells us what the long term future is going to be.
• 54:22
  I think so. I try to zoom out and even
• 54:25
  though it is the case that politicians can make life
• 54:28
  difficult for Bitcoiners within their political jurisdiction,
• 54:32
  increasingly technologies like Bitcoin, cryptography and things
• 54:36
  like that. To paraphrase a quote from the
• 54:39
  book, the sovereign individual modern nation state is so used
• 54:43
  to treating their citizens like cattle to be milked that I think
• 54:47
  they're soon going to realize that those cattle have grown
• 54:50
  wings and they now need to treat them more like customers.
• 54:53
  And we're starting to see that not just nation state to nation
• 54:57
  state, but also intra nation state with the confederation of
• 55:01
  the US and the different policies at the state level,
• 55:04
  people will start voting with their feet and they will move to
• 55:06
  the political jurisdiction that defends their property rights
• 55:10
  and defends their ability to use the best monetary technology in
• 55:14
  the history of the human race, which is Bitcoin.
• 55:17
  So yeah, ultimately I saw, I saw that press release on Kamala
• 55:22
  Harris. I kind of rolled my eyes and
• 55:24
  moved on because yeah, I agree completely with how you
• 55:28
  described it. Yeah.
• 55:30
  And I think you brought up a really good point.
• 55:32
  And I just want to emphasize to everybody like it's, you know, I
• 55:38
  don't care which political party is in power.
• 55:43
  What I care about is their stance towards the industry
• 55:46
  because I am a Bitcoin business owner operating in the United
• 55:49
  States, right? So if Kamala changed her stance,
• 55:54
  I literally would not care. But the reason that we started
• 55:58
  covering this stuff is because of all the things that I listed
• 56:02
  in the past, so many things that have happened over the last six
• 56:07
  months to a year. And the moment that they locked
• 56:11
  the samurai guys in prison, they arrested Roger Ver.
• 56:15
  OK, it gets to a point where OK, we got to say something.
• 56:19
  And honestly, they created an opportunity for the opposing a
• 56:23
  political party to capitalize on it.
• 56:26
  And that article, it even said it like Trump wasn't exactly pro
• 56:30
  Bitcoin slash crypto, you know, a couple of years back, right?
• 56:35
  He only became this, and you know, everyone will point this
• 56:38
  out. He only became this because he
• 56:40
  saw a political opportunity to get votes.
• 56:43
  Like that's what politicians are.
• 56:45
  That's like how the game is played.
• 56:47
  So people say, oh, he's pandering.
• 56:49
  Like, yeah, that's how it works. Like that's the whole point of a
• 56:52
  represent. Like that's the point of someone
• 56:54
  representing you in government, right?
• 56:57
  They're supposed to pander to what your wants and needs are,
• 57:01
  right? So like, again, like it, it's
• 57:05
  kind of like put up or shut up. I want to see action from the
• 57:09
  Democratic Party. But I'll be honest with you, I
• 57:14
  don't think there is going to be any.
• 57:16
  And unless they lose this election and they really get a
• 57:20
  shock, right? And the reason that I say that
• 57:22
  is because look at their voting record.
• 57:25
  Look at the actions and when someone wins an election, the
• 57:29
  mandate from the public that's basically saying you're doing a
• 57:33
  good job keep going. That's what it that's what that
• 57:36
  means That's the sign that you're sending like that's how
• 57:39
  elections work, right. So simply Bitcoin, we are not a
• 57:43
  partisan channel by all means, we're not Republican, we're not,
• 57:46
  you know, libertarian, we're not liberal, but you know, like we
• 57:51
  got to be honest here of what's going on.
• 57:53
  It's our duty to do that. As you know, people that cover
• 57:56
  the news every single day in Bitcoin.
• 57:58
  That article's bullshit. That article is trying to like.
• 58:01
  That article is is talk to get votes without action and we're
• 58:06
  calling it out. Opti, what are your thoughts?
• 58:09
  OK. Well, first and foremost, I did.
• 58:11
  Write some notes because there's a lot of stuff going on.
• 58:14
  To be fair completely here, Elizabeth Warren is right.
• 58:18
  ACBDC would stop a bank run because there would never be a
• 58:22
  bank run because it could just add more credits to a CBDC.
• 58:24
  So she's kind of right there, Nico, she's, you know, kind of
• 58:27
  right in a roundabout way. There won't be bank runs on a
• 58:29
  CBDC because they'll never run out of money.
• 58:31
  They just add zeros to the database.
• 58:33
  Like it's very, very simple. And guys also, you know, I, this
• 58:38
  is probably the first time in my life have actually watched any
• 58:41
  of the political camps. And so trying to be as objective
• 58:44
  as possible. I, I did watch the DNC this week
• 58:47
  and you know, I'm trying to be as objective as possible, but
• 58:51
  everything I'm seeing coming out from the Democrats is a bunch of
• 58:54
  the platitudes and rhetoric and no substance and policy.
• 58:57
  And I think this example that Nico is showing right now from
• 59:00
  Bloomberg and it's just like, trust me, bro, you know, Harris
• 59:03
  for crypto, for Harris campaigns, there's no substance
• 59:07
  to it. It there's no policy, there's no
• 59:10
  simple like we will protect your right to custody your Bitcoin
• 59:13
  and mine in the US. Like it just needs a very simple
• 59:17
  statement on that. And then I think this would be a
• 59:20
  null argument and and it wouldn't be a hot button topic
• 59:24
  like it is right now. And you know, to be fair, like
• 59:28
  everyone's saying, you know, Trump isn't perfect.
• 59:30
  I don't know if you guys saw this, this news this morning
• 59:33
  that also came out. He put on his true social that,
• 59:36
  you know, the Trump kids are releasing some defy platform
• 59:39
  thing to rival banks called the Defiant 1.
• 59:42
  So it seems like he might be going down the shit coin rabbit
• 59:45
  hole, but at least it's trending towards the right direction.
• 59:49
  And if you add with the rumors that we're hearing on Twitter
• 59:52
  and on I forget what podcast it was of RFK Junior's like right
• 59:57
  hand lady RFK junior might be dropping out and joining Trump's
• 1:00:01
  camp. So that would be a very strong
• 1:00:03
  move in in the Trump camp being extremely pro Bitcoin.
• 1:00:07
  I, I see a lot of people in the chat, they're like RFK Junior's
• 1:00:09
  like the real Bitcoiner and Trump doesn't know what he's
• 1:00:11
  talking about. Well, now if they align forces,
• 1:00:14
  that might be a huge move. And then, of course, you know,
• 1:00:17
  some people say like, Oh, you know.
• 1:00:19
  Only Trump in the Magacole is for Bitcoin, but pretty much the
• 1:00:23
  whole Republican platform has embraced Bitcoin.
• 1:00:27
  They they've embraced anti CBDC's.
• 1:00:29
  So whether you can say that, oh, it's just because they follow
• 1:00:33
  Trump or not, I think they see the writing on the wall.
• 1:00:36
  Bitcoiners, if they vote is a huge voting bloc.
• 1:00:39
  I think the last numbers and we can always Fact Check this is
• 1:00:42
  over 50 million people hold Bitcoin in crypto.
• 1:00:45
  So it's a it's a huge untapped market of a poll, polls and
• 1:00:49
  potentials here. Like there's a huge untapped
• 1:00:51
  amount of ballots here being worked on at play right now.
• 1:00:55
  And so the fact that they are embracing Bitcoin in this year's
• 1:00:58
  election is it's moving up the timelines right now.
• 1:01:01
  We were talking that maybe next election and be a hot button
• 1:01:04
  topic. Now it's on our doorstep.
• 1:01:07
  So obviously we want follow through.
• 1:01:10
  Of course they're pandering for votes.
• 1:01:11
  Of course they're they're saying what the people want to hear.
• 1:01:15
  But I think that is a time of the sign.
• 1:01:18
  So like, love Trump or hate Trump, Bitcoin is on the balance
• 1:01:22
  sheet and Bitcoin is maturing. Bitcoin is palatable to the
• 1:01:26
  public consciousness. Like, you know, even that
• 1:01:29
  article said it and I've seen people in the chat say it as
• 1:01:31
  well, like, oh, Trump was anti Bitcoin in 2016.
• 1:01:34
  He didn't do anything for Bitcoin in 2016.
• 1:01:36
  You got to remember how tiny Bitcoin was at that point in
• 1:01:39
  time. It didn't have the maturity that
• 1:01:41
  it now has. It didn't have the mind share
• 1:01:43
  that it now has. Didn't have Larry Fink.
• 1:01:46
  Yeah, it didn't have Larry. Fink like the Overton.
• 1:01:48
  Window has shifted now where it's becoming like we've said
• 1:01:51
  before and we're going to talk about this in the culture like
• 1:01:54
  in the past, financial asset managers or institutional asset
• 1:01:58
  managers, it was career suicide for them to embrace Bitcoin.
• 1:02:02
  Now it's career suicide for them not to embrace Bitcoin.
• 1:02:05
  And this is a sign of the times that we that we're seeing right
• 1:02:07
  now. And so it's just, it's, it's
• 1:02:11
  very interesting to me. And Nico, you know, Nico, we had
• 1:02:14
  the infamous Opti gate in the past where like, I'm just like,
• 1:02:17
  I've had enough of this already. And we're trying to give them
• 1:02:19
  the benefit of the doubt. But like the Democrat Party
• 1:02:23
  literally chose to pick on a group of people that weren't
• 1:02:26
  politically organized, that didn't care about politics.
• 1:02:29
  And now that we're organizing, they're either calling us bad,
• 1:02:32
  they're calling our industry a threat to democracy.
• 1:02:35
  And now they're trying to like retrace their steps and pander
• 1:02:39
  and be like, oh, trust us, bro. Like we're going to do some good
• 1:02:42
  for the industry. And it's like, all right, put up
• 1:02:44
  or shut up. Like, yes, of course it's your
• 1:02:46
  job to talk. Of course you're a politician
• 1:02:48
  and you're supposed to, you know, spew out rhetoric.
• 1:02:50
  But we need some action here because we're getting close to
• 1:02:53
  the elections. And I know everyone that watches
• 1:02:55
  our show that isn't American or even some Bitcoiners, Like who
• 1:02:58
  cares about politics at stake? Politics cares about us.
• 1:03:02
  And now that we're in the limelight, like we should care,
• 1:03:05
  we should organize and we should be very vocal about this.
• 1:03:08
  Like Bitcoin is on the ballot sheet in 2024.
• 1:03:11
  And we'll see what happens tomorrow.
• 1:03:12
  Like if RFK Junior does join Trump as a Bitcoiner, I don't
• 1:03:16
  know the the the choice is very obvious to me at this point.
• 1:03:21
  100% a hundred. Percent.
• 1:03:23
  All right, everybody, let's get to the culture.
• 1:03:25
  Let's talk to Matt. I'm really excited about it.
• 1:03:28
  Let's check it out. Here we go.
• 1:03:31
  The daily culture, everybody. I do want to give a shout.
• 1:03:41
  Out to our sponsor, the Orange Pull app.
• 1:03:43
  Stack friends who stack stats join the 11,822 Bitcoiners that
• 1:03:47
  are currently on the app. Stack friends who stack stats
• 1:03:51
  join the Bitcoin social layer. The Orange Pull app is one of
• 1:03:56
  the best resources if you're on the go, if you're travelling, if
• 1:04:00
  you're just moving around and you don't know any Bitcoiners
• 1:04:04
  around you in your city, or perhaps you're travelling for a
• 1:04:06
  conference and keeps you staying for a week, but you don't know
• 1:04:09
  any bitcoiners around you or you don't know any events around
• 1:04:13
  you. The Orange Pull app is the
• 1:04:14
  number one resource for that. It will literally allow you to
• 1:04:18
  DM bitcoiners that are near you. You can connect with them, You
• 1:04:21
  can see the events. It's awesome.
• 1:04:23
  It's one of the best ways to reach me directly.
• 1:04:26
  If you want to reach me directly, send me a message on
• 1:04:28
  the Orange Pull app. I don't really answer Twitter
• 1:04:30
  DMS or emails these days from just mysterious people or people
• 1:04:35
  that I don't know. So best way to reach me is the
• 1:04:38
  Orange Pull app, scan the QR code or check the link in the
• 1:04:42
  video description. So I'm really excited about
• 1:04:44
  this. We got Matt on the show today
• 1:04:47
  and we're gonna talk about this. Yeah, yeah.
• 1:04:50
  OK, so let me. Just set some context here.
• 1:04:53
  So Matt, you dropped this article the other day, I think
• 1:04:57
  it's what's it say here? June 24th, so about a month ago
• 1:05:01
  and it's an open letter to financial advisors and it's
• 1:05:04
  titled It's time to study Bitcoin.
• 1:05:07
  So as a financial advisor, I know, I know like, you know,
• 1:05:11
  Larry Fink's got in the game and we're seeing kind of some, some
• 1:05:14
  trickling of institutional asset managers and financial advisors
• 1:05:18
  starting to embrace Bitcoin, But we haven't seen the floodgates
• 1:05:22
  that I think all of the Bitcoiners are waiting for.
• 1:05:24
  And of course, I've been saying for a while, it's going to take
• 1:05:27
  them a little while to, you know, change course and, and do
• 1:05:30
  their fiduciary responsibility and research this.
• 1:05:33
  So as a fellow financial advisor, what is the TLDR of
• 1:05:38
  this letter that you can expose to our audience?
• 1:05:41
  Like, what is the fundamental message that you're trying to
• 1:05:44
  get across to a fellow financial advisors to boil?
• 1:05:49
  It down. The big message is you need to
• 1:05:52
  take this seriously and you need to study it is anyone who's
• 1:05:56
  tried to orange pill anyone else before knows.
• 1:06:00
  I did not attempt to try to orange pill my colleagues with
• 1:06:03
  one letter because that's really not possible.
• 1:06:06
  The goal of the letter was to trigger in them enough curiosity
• 1:06:11
  that they read a book about Bitcoin.
• 1:06:13
  They spend a Saturday afternoon learning about Bitcoin because
• 1:06:18
  that's the first step down the rabbit hole.
• 1:06:20
  And I tried to make the case because in our industry, the
• 1:06:25
  ETFs definitely shifted the narrative around Bitcoin, where
• 1:06:30
  it is taken a little bit more seriously as a potential
• 1:06:33
  investment. But a massive number of
• 1:06:35
  financial advisors still to this day cannot offer it to clients
• 1:06:39
  because that's based on their firm's policy and whether the
• 1:06:42
  firm allows them to offer it unsolicited or solicited,
• 1:06:46
  whether they have restrictions on the allocation or the amount
• 1:06:50
  of Bitcoin that can be owned in a particular account.
• 1:06:52
  And so all of that's going to take time to develop.
• 1:06:55
  But even with that shift, the majority of advisors I talked
• 1:07:01
  to, even if they went from all that, that things all crazy to,
• 1:07:05
  oh, I don't know, it's interesting.
• 1:07:07
  The majority of advisors still just flat out are not attention
• 1:07:10
  to it. For example, I would say most
• 1:07:13
  financial advisors at least that I talked to are not aware that
• 1:07:16
  Bitcoin hit a new all time high this year.
• 1:07:19
  They just do not pay attention to it.
• 1:07:21
  And I used to be one of those advisors.
• 1:07:25
  So the goal of the letter is to try to give them enough concrete
• 1:07:30
  examples to raise their eyebrows and say, wait, is that true or
• 1:07:35
  you know, what happened there and to continue the learning
• 1:07:38
  process. So if I'm successful, then
• 1:07:42
  hopefully I will have done for some other advisors what Safety
• 1:07:46
  and Amos and Young Pritzker and the authors of some of the first
• 1:07:49
  Bitcoin books did for me and set them down the Bitcoin rabbit
• 1:07:53
  hole 100 percent, 100% so. What?
• 1:07:58
  What is like the feedback, 'cause I'm, I'm sure, you know,
• 1:08:01
  I think all bit corners, we all go through kind of a similar
• 1:08:04
  phase where like you have that epiphany moment and then you
• 1:08:07
  want to tell everyone about it and you become the annoying
• 1:08:10
  Bitcoiner guy. And so, you know, Nico and I
• 1:08:13
  aren't financial advisors. We're, we're just, you know,
• 1:08:15
  again, guys, this isn't financial advice.
• 1:08:17
  We're just Bitcoiners on the Internet covering stuff.
• 1:08:20
  But what has been the response that you've gotten maybe before
• 1:08:26
  the Larry Fink Bitcoin ETF was approved and now like what?
• 1:08:30
  What are you seeing recently? Honestly, not a whole lot has
• 1:08:36
  changed, at least from what I'm seeing from colleagues and
• 1:08:39
  clients. The the biggest shift I think is
• 1:08:42
  just that colleagues think I'm a little less crazy, you know,
• 1:08:48
  that that catapulted Bitcoin I think into mainstream finance in
• 1:08:52
  a way that it doesn't spend, it hadn't spent as much time there.
• 1:08:56
  But by and large, the dynamic has not shifted all that much
• 1:09:01
  there. You're seeing incremental steps
• 1:09:04
  like institutional money starting to leg in small
• 1:09:07
  allocations. And the Bitcoin ETF is what
• 1:09:10
  allowed them to do that in a relatively frictionless way.
• 1:09:13
  So it's all good, but it's all on the margins.
• 1:09:17
  So far there is, there has not been at least so far, you know,
• 1:09:21
  one major step function that I can identify as, oh, that's
• 1:09:25
  really different compared to six months or or a year ago.
• 1:09:29
  Let me ask you something. Let me ask you something.
• 1:09:32
  Matt, if you know in in traditional like if you had a
• 1:09:37
  client, for example, I'm, I'm, I'm just throwing out examples
• 1:09:40
  here, right? If you had a client who, you
• 1:09:43
  know, older gentleman, right, you know, 40, but sorry, but
• 1:09:48
  it's like 50-60, seventy years old, you know, so he can't take
• 1:09:53
  as much risk as someone who's younger, right?
• 1:09:56
  He's still wanting to plan for retirement.
• 1:09:58
  What would be the proper allocation that you would
• 1:10:02
  recommend? Like what would you say would
• 1:10:05
  be, you know, 'cause obviously me and Optier D Jens, we're like
• 1:10:08
  100% plus, you know, but like we're all in, we're, we're
• 1:10:14
  younger guys, right? We're willing to take on, I'm,
• 1:10:16
  I'm, you know, Speaking of the finance talk, right?
• 1:10:19
  We're younger guys are willing to take on that risk.
• 1:10:21
  But let's say you're older, you know, you're, you're, you're
• 1:10:24
  successful, you know, you, you've made your money.
• 1:10:27
  You know, you have real estate portfolio, you have, you have
• 1:10:29
  equities, right? You know, the whole shebang.
• 1:10:31
  Typical kind of investor, you know, and, and they see Bitcoin.
• 1:10:36
  What percentage allocation would you recommend to them?
• 1:10:39
  And in my, my second question to that is, and the way that I see
• 1:10:44
  it, and I acknowledge that I'm incredibly biased in this topic,
• 1:10:47
  but I, I, I don't think it's an option at this point.
• 1:10:51
  I actually have really good friends of mine that, that,
• 1:10:54
  that, you know, work at Goldman, some of the big banks and, and I
• 1:10:58
  and I troll them all the time. I think it's a disservice to not
• 1:11:03
  have at least some exposure to Bitcoin at this point.
• 1:11:07
  I think that if you are a financial advisor or, you know,
• 1:11:11
  a wealth manager and you don't have a, a, a percentage
• 1:11:16
  allocated to Bitcoin for your client, you are actively hurting
• 1:11:20
  your client. That's my opinion.
• 1:11:21
  So I want to get your take on those two questions and points.
• 1:11:26
  Yeah, so I'll start with a boring.
• 1:11:27
  Financial advisor answer which is it depends on that client's
• 1:11:31
  investment goals, time horizon, risk tolerance, etcetera.
• 1:11:35
  But the the only blanket answer that I'd be willing to say is
• 1:11:39
  something above 0. And that is my goal for clients
• 1:11:42
  who don't own any Bitcoin, have never owned it, don't know much
• 1:11:47
  about it. Often times I do not actually
• 1:11:50
  recommend they make an allocation to Bitcoin because in
• 1:11:54
  order for them to benefit from Bitcoin, they need to do more
• 1:11:57
  than buy it. They need to hold it over the
• 1:11:59
  long term. And the ability to hold it
• 1:12:02
  through volatility is a function of someone's knowledge and
• 1:12:05
  conviction or by proxy their trust in us and our
• 1:12:08
  recommendations. But Ed, at the same time, I, I
• 1:12:12
  am hesitant to offer a blanket recommendation to, you know,
• 1:12:16
  shove clients into an allocation of Bitcoin if they know nothing
• 1:12:20
  about it, because that puts them in a position where they could
• 1:12:23
  see downside volatility. They see some wacky anti Bitcoin
• 1:12:27
  news headline and they sell at the worst possible time.
• 1:12:31
  So the one recommendation I do give to all my clients is you
• 1:12:35
  need to Start learning about it. And then once they're ready,
• 1:12:39
  starting with a small allocation because as you guys know, the
• 1:12:43
  more you know, the more you own, typically with Bitcoin.
• 1:12:46
  So the initial goal is to get them off zero.
• 1:12:49
  That tends to get them learning a little bit about it on their
• 1:12:52
  own because they see the value jumping around on their
• 1:12:55
  statements and that makes them more inclined.
• 1:12:58
  Just like my goal with advisors is to trigger enough curiosity
• 1:13:02
  in them to get them to proactively learn about it on
• 1:13:05
  their own. A lot of the times that that's
• 1:13:07
  my goal with clients. So having said that, we do now
• 1:13:13
  offer portfolios that include Bitcoin exposure to our clients
• 1:13:18
  managed portfolios and you know, no one portfolio is right for
• 1:13:22
  everyone. But as one example, we have one
• 1:13:25
  that's goal is to give a client, you know, similar volatility as
• 1:13:30
  they would get if they were 100% invested in the stock market,
• 1:13:34
  but to do it in a way that if Bitcoin continues to outperform,
• 1:13:39
  they also get outsized returns. So one example there in a
• 1:13:43
  broadly diversified portfolio among several different asset
• 1:13:48
  classes, including stocks, bonds, gold, that one has a 17%
• 1:13:53
  Bitcoin allocation. So that's one example.
• 1:13:56
  Again, doesn't mean that that's appropriate for someone who's at
• 1:14:00
  0 to jump into that, but that that at least gives you, you
• 1:14:05
  know, one example of of how we're thinking about it.
• 1:14:09
  Yeah. Allison, perhaps this let me ask
• 1:14:11
  you something. Else perhaps this questions,
• 1:14:13
  it's a little bit controversial, but so you know, we essentially
• 1:14:20
  have been living in a world where Fiat currencies has
• 1:14:24
  created an environment where people have been forced to
• 1:14:29
  invest to maintain their purchasing power.
• 1:14:34
  And you know, Parker Lewis has wrote a great piece on this.
• 1:14:36
  It's essentially over financialized everything.
• 1:14:39
  And the case that he's making is that we'll see a great de
• 1:14:43
  financialization of things as people are not forced to look
• 1:14:49
  into assets just to maintain their purchasing power.
• 1:14:52
  Right. So you know, if, if you're a
• 1:14:55
  wealthy individual, right, let's say you know, you have a couple
• 1:14:57
  $1,000,000, you're not going to leave that in the bank.
• 1:15:00
  You're going to get wrecked by inflation.
• 1:15:02
  So you're kind of forced to, you know, either invest in real
• 1:15:05
  estate looking for an 8 to 10% return, looking in, you know, at
• 1:15:09
  S&P roughly around the same return.
• 1:15:10
  So you're looking for those returns.
• 1:15:12
  You factor in inflation, it's not really eight to 10%, it's
• 1:15:15
  more like 5 to 4%, right. So what would you like in a way,
• 1:15:20
  like Bitcoin kind of comes in and it you know, it, it, it kind
• 1:15:24
  of shrinks the financial industry in a way, because all
• 1:15:28
  of a sudden you, you don't have to come up with these creative
• 1:15:31
  ways to maintain your purchasing power.
• 1:15:34
  You can just buy spot Bitcoin, take self custody of it and you
• 1:15:39
  know, go about your day. What would be your response to
• 1:15:43
  that one of the points I made in that open?
• 1:15:46
  Letter to financial advisors is that Bitcoin is not just some
• 1:15:50
  new shiny investment that you might want to take a look at.
• 1:15:53
  It is your competitor for the exact reason you just mentioned,
• 1:15:58
  which is that the last especially, you know, 50 some
• 1:16:01
  odd years of Fiat money has stimulated a massive demand,
• 1:16:05
  artificial demand for wealth management services.
• 1:16:09
  Because everyone, even if they don't know the particular
• 1:16:12
  dynamics about fractional reserve banking or inflation,
• 1:16:16
  everyone intuitively knows if you have $1,000,000, you can't
• 1:16:19
  just leave that in your checking account for 10 years.
• 1:16:23
  Everyone intuitively knows that's a bad idea, even if they
• 1:16:27
  couldn't necessarily articulate all the reasons why.
• 1:16:30
  The the idea that thing that you have to do something with your
• 1:16:34
  money has been so hard grained into anyone in this country who
• 1:16:38
  has any significant amount of wealth that they don't have an
• 1:16:42
  alternative to engaging with my industry unless they want to go
• 1:16:46
  out and manage their own investments.
• 1:16:48
  But a lot of people don't want to do that, so they hire someone
• 1:16:51
  else to help them navigate the complexities of the investment
• 1:16:55
  world. And that's why a lot of us have
• 1:16:58
  jobs. So I believe the long term
• 1:17:02
  effect of Bitcoin is that it will shrink my industry.
• 1:17:06
  And that's both a threat and an opportunity for advisors today.
• 1:17:10
  A threat for the advisors who continue ignoring Bitcoin and an
• 1:17:13
  opportunity for the ones who embrace it and are able to offer
• 1:17:17
  clients Bitcoin related financial services, which
• 1:17:21
  increasingly over the decades to come is where I see our industry
• 1:17:26
  shifting toward. But for the ones who continue
• 1:17:32
  ignoring it, unfortunately, I think the the thing that's going
• 1:17:36
  to make the light bulb go off over a lot of advisors heads is
• 1:17:40
  when they lose one of their big clients because they don't offer
• 1:17:42
  Bitcoin. So we'll see.
• 1:17:46
  Yeah. And that's great and I'm so
• 1:17:48
  glad. That you said that because you
• 1:17:49
  hit the nail on that you, you, you are aware of, of what, what
• 1:17:53
  I just described, right, which is, and I, and I see the
• 1:17:56
  disconnect, right, with, you know, these are people that I
• 1:18:00
  grew up with, like these are my high school friends and you
• 1:18:02
  know, they're working at these investment banks.
• 1:18:04
  And I'm like, dude, like, you know, and then every single
• 1:18:08
  time, for example, it came out that Goldman had exposure to the
• 1:18:12
  ETF. You know, when the Larry Fink
• 1:18:14
  thing happened, the ETF got over.
• 1:18:16
  I always just take a no comment. I just take a screenshot.
• 1:18:19
  I send it and I just get the response and the response.
• 1:18:22
  Is always. Like Pikachu face meme, like,
• 1:18:25
  like, you know, cuz this is someone that I've been telling
• 1:18:27
  about Bitcoin. I've been in the industry for
• 1:18:29
  eight years now. This is someone I've been
• 1:18:30
  telling. Can you imagine eight years,
• 1:18:32
  right? The first time I bought Bitcoin,
• 1:18:33
  it's like under $1000. And I'm like, dude, like this
• 1:18:35
  thing is gonna work out. And the whole time I was just
• 1:18:39
  being gas lit essentially, you know, and it's like, hello.
• 1:18:43
  Like you can't ignore it. Like now that you have banks in
• 1:18:48
  the Swiss central bank, the the central Bank of Norway, you have
• 1:18:55
  the Wisconsin pension fund, you have the second largest bank in
• 1:18:58
  in Europe. Now you have Goldman.
• 1:19:02
  They all have exposure to Bitcoin now, right?
• 1:19:05
  Like you can't just bury your hand, bury your head into the
• 1:19:09
  sand like an ostrich and pretend this thing's going to go away.
• 1:19:12
  Like it's coming. It's here to stay.
• 1:19:15
  And I think that as time progresses and and of course,
• 1:19:19
  like you can't say this, Matt, because it would be
• 1:19:21
  irresponsible for you. But like, obviously as
• 1:19:23
  Bitcoiners, we are, we are, we are biasedly bullish, but you
• 1:19:29
  know, we continue to, we continue to believe it's going
• 1:19:31
  to continue to outperform everything, right?
• 1:19:34
  Or at least a, a, a, a portfolio that has Bitcoin is going to
• 1:19:38
  continue to outperform a portfolio that does not have
• 1:19:41
  Bitcoin, better put like that. So, yeah, I, I, I think that you
• 1:19:46
  know, it, it is it, it's, I, I would say it's, it's, it's not
• 1:19:51
  only potentially putting yourself at risk if you work in
• 1:19:55
  the financial services industry and you don't offer Bitcoin, but
• 1:19:59
  I also see it as a, as a, as a great disservice to your client
• 1:20:03
  as well. I think that's right.
• 1:20:06
  And, you know, our, our focus on our existing clients is trying
• 1:20:10
  to do a good job of educating them about Bitcoin.
• 1:20:13
  Some of those clients will never buy Bitcoin And and that's OK.
• 1:20:17
  Our, you know, as long as, as long as we do a good job of
• 1:20:21
  continually bringing it up and educating them.
• 1:20:24
  You know, we're doing Bitcoin seminars now for clients in the
• 1:20:28
  community. Then that's really all you can
• 1:20:31
  do. But there are some people who
• 1:20:34
  are ideologically opposed to it. Bitcoin can trigger cognitive
• 1:20:38
  dissonance because it its existence and continued success
• 1:20:42
  does violate some fundamental assumptions that a lot of people
• 1:20:47
  have about the world and the way the world works.
• 1:20:50
  And so embracing Bitcoin can sometimes require rethinking
• 1:20:55
  some foundational pillars of someone's worldview.
• 1:20:58
  But really our firm has identified Bitcoin not just as
• 1:21:05
  it being our fiduciary duty to educate clients about Bitcoin
• 1:21:08
  and and offer Bitcoin to them in a variety of ways, but we also
• 1:21:12
  see this as the best business opportunity that we're going to
• 1:21:15
  see in our careers. And our primary strategy for
• 1:21:18
  growing the firm moving forward is helping Bitcoiners who also
• 1:21:22
  own traditional financial assets and want help from an advisor
• 1:21:27
  who has a deep understanding of Bitcoin.
• 1:21:30
  And that has worked out pretty well so far.
• 1:21:34
  And we expect that to continue working out well in the future.
• 1:21:37
  I would also expect that Nico, we did get a good.
• 1:21:40
  Question here from Mikkel in the chat.
• 1:21:42
  Matt, what do you tell your clients that own Bitcoin ETS?
• 1:21:47
  If they ask about cold storage, we have a.
• 1:21:52
  In depth conversation around the benefits and trade-offs of self
• 1:21:56
  custody. So I framed that for the client
• 1:21:59
  as essentially the trade off is that you gain sovereignty and
• 1:22:04
  control over your money, but with that also comes the
• 1:22:08
  responsibility. So you know, the we use, we use
• 1:22:13
  Swan to be able to offer spot Bitcoin, actual Bitcoin to
• 1:22:17
  clients. And one of the reasons we picked
• 1:22:18
  their platform is because well #1 they're Bitcoin only, they're
• 1:22:22
  not a crypto platform, but #2 because they allow clients to
• 1:22:26
  withdraw the Bitcoin into their own custody.
• 1:22:29
  So it is important to me that our clients know how to self
• 1:22:34
  custody Bitcoin. And I will describe to them,
• 1:22:38
  even if you choose to leave your Bitcoin on platform, even if you
• 1:22:43
  choose to continue trusting us to custody it, either spot
• 1:22:46
  Bitcoin or via an ETF, that's fine.
• 1:22:50
  But you don't want if something happens, you know overtly
• 1:22:53
  hostile legislation or something that causes you to want to take
• 1:22:58
  possession of your Bitcoin, you don't want the first time that
• 1:23:02
  you take possession of it to be when you have to.
• 1:23:05
  So we have a conversation around the different options, hardware
• 1:23:09
  wallets, we explain the trade off there and I encourage them
• 1:23:12
  to learn about it. But again, I I do not want to
• 1:23:16
  drag anyone kicking and screaming into self custody
• 1:23:19
  because if they're not ready for it and they don't take it
• 1:23:22
  seriously, as we all know as bitcoiners, there are
• 1:23:26
  potentially catastrophic irreversible consequences to
• 1:23:29
  that. Agreed. 100% agree with that.
• 1:23:34
  Man. Well.
• 1:23:34
  This is, it's incredibly excited.
• 1:23:37
  It's it's incredibly exciting to me that you know, there are
• 1:23:40
  people in in your industry, in your sector that see the
• 1:23:44
  benefits of Bitcoin, see the writing on the wall, see how
• 1:23:47
  it's going to fundamentally change not only the world, but
• 1:23:50
  your industry as a whole. And I'm super glad that you guys
• 1:23:54
  are, you know, are capitalizing on that and it's benefiting your
• 1:23:57
  business. Bitcoin always benefits anyone
• 1:23:59
  who who like adopts it And you know, you, you guys are on team
• 1:24:03
  Bitcoin that that's awesome. And I also love the fact that,
• 1:24:06
  and this isn't like a lot of the other financial services, like a
• 1:24:10
  lot of the financial services industry, you're offering two
• 1:24:13
  options, right? You're offering exposure via the
• 1:24:16
  ETF, you're explaining the trade-offs and then you're
• 1:24:19
  offering exposure via, you know, actual spot self custody
• 1:24:23
  Bitcoin. So that's that's incredibly
• 1:24:26
  awesome. And just a little bit of a, you
• 1:24:28
  know, reality check for some people watching in the show,
• 1:24:31
  right, because this is a hardcore Bitcoin Max the
• 1:24:34
  audience. Yeah, they are older people,
• 1:24:38
  believe it or not, who have made their wealth.
• 1:24:42
  They are very comfortable. They own their home, you know,
• 1:24:46
  and they have pretty awesome lives, you know, and they just
• 1:24:51
  don't see, you know, they don't see the the risk benefit of
• 1:24:58
  taking on exposure to Bitcoin. Obviously I I disagree with
• 1:25:03
  that. I think everyone would benefit
• 1:25:05
  from Bitcoin, but you know, like they're going to continue having
• 1:25:08
  awesome lives because they've already built up their wealth,
• 1:25:11
  right. You know, that's a little bit
• 1:25:13
  different for the younger generations where I would
• 1:25:16
  definitely be a little bit more extreme and say, you know, if
• 1:25:19
  you're a millennial or you're a Gen.
• 1:25:22
  Z uh, I don't think you have an option but to use Bitcoin to
• 1:25:26
  save and grow your wealth. But, you know, if you're a
• 1:25:29
  boomer or, you know, perhaps an older Gen.
• 1:25:32
  Xer, you know, like, you know, I've, I've, I've met plenty of
• 1:25:36
  these people. They're just, they're older,
• 1:25:37
  successful people. They've made their wealth and
• 1:25:40
  they just, they see it as a risk for whatever reason.
• 1:25:44
  But you know, maybe at 600 K they'll be like, you know what,
• 1:25:46
  now's the time, right? So number go up is the the best
• 1:25:50
  convincer. And you know, Matt, I, I love
• 1:25:53
  having, you know, these types of perspectives on the show so we
• 1:25:57
  can have these types of conversations.
• 1:25:58
  And, and just so it gives you guys, everyone who's watching
• 1:26:01
  like a different look into a different facet of the industry
• 1:26:05
  that perhaps you didn't really know existed because everyone
• 1:26:08
  just hangs out on Bitcoin Twitter, right?
• 1:26:11
  So I do want to thank Matt for joining us on the show today.
• 1:26:15
  Matt, where can people find out more about you, more about your
• 1:26:19
  services? Where can they find you on the
• 1:26:22
  interwebs and where can they find out more about the the
• 1:26:24
  company that you're with? Yeah.
• 1:26:27
  So we are in the. Process we just launched a
• 1:26:30
  division of Vista investment partners called Orange Horizon
• 1:26:33
  wealth. Its purpose is to deliver
• 1:26:35
  Bitcoin focused wealth management services and
• 1:26:39
  solutions. So that website is still being
• 1:26:41
  stood up, but you can find a splash page currently at
• 1:26:45
  orangehorizonwealth.com. And if anyone wants to reach out
• 1:26:51
  to me or they have questions or anything like that, I'll spell
• 1:26:54
  it out that they can reach me via e-mail.
• 1:26:57
  That is matt.golyer@vistainvestment.net.
• 1:27:02
  Matt dot GOLLIHER at Vista V as in Victor Ista the word
• 1:27:10
  investment singular with no s.net.
• 1:27:14
  Those are those are the best places, at least currently.
• 1:27:18
  The Orange horizon. Our, you know, our new venture
• 1:27:21
  get it took us about three or four years to clear all the
• 1:27:24
  things we needed to do to create the bridge between Tradfi and
• 1:27:28
  Bitcoin. But now that we can do what we
• 1:27:30
  want, it's a couple months in the making.
• 1:27:32
  So we're still in the process of that web presence, but there's a
• 1:27:35
  few places. Wonderful.
• 1:27:37
  All right, well, I do want. To thank Matt, thank you so much
• 1:27:40
  for joining us on the show. Today is August 22nd, 2024.
• 1:27:44
  This is your Simply Bitcoin live episode of today.
• 1:27:47
  I'm your host Nico. This is my Co host Optimist
• 1:27:50
  Fields and our guests for today. Matt, if you guys enjoyed the
• 1:27:53
  show, you know what to do like the show, consider subscribing
• 1:27:57
  if you feel like we provided you value and of course, we'll be
• 1:28:00
  back tomorrow for a brand new episode.
• 1:28:01
  Wait, wait. Also drop comments in the chat
• 1:28:04
  are. In the description, let's let's
• 1:28:06
  see what you guys are thinking about this stuff.
• 1:28:07
  Absolutely. Yeah, let us know any topic that
• 1:28:10
  we talked about on today's show if you disagree.
• 1:28:12
  If you agree, let us know down in the YouTube comments if you
• 1:28:16
  guys missed the live show. All right, love you all.
• 1:28:18
  We'll see you guys on the next one episode was.
• 1:28:22
  Brought to you by bitcoinwell.com on a mission to
• 1:28:25
  enable independence.