Latest / Simply Bitcoin / BREAKING: STRATEGY GIVEN FIRST CREDIT RATING BY S&P GLOBAL | EP 1363

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BREAKING: STRATEGY GIVEN FIRST CREDIT RATING BY S&P GLOBAL | EP 1363 · Simply Bitcoin

0:00
In what might be the biggest milestone for Bitcoin in 2025,
0:04
Michael Saylor's strategy just got the first ever credit rating
0:08
by a Bitcoin or for a Bitcoin treasury company.
0:11
But many are not that happy about the results.
0:15
Does S&P Global just completely misunderstand what strategy is
0:19
doing or even what Bitcoin is? Or are they purposely misleading
0:23
investors to stay away from Bitcoin and Bitcoin exposure
0:27
products? We'll break all this down on
0:30
today's video. All right, guys.
0:32
So as you can tell from the title, of course, I'm I'm here
0:35
with Sophie. She's she's been holding it down
0:37
with me. Micro MicroStrategy sailor or
0:40
strategy. Michael Saylor's company got the
0:43
first credit rating and a lot of Bitcoiners are pointing out just
0:47
how historic this actually is, though they're not so happy with
0:52
the results. But I think it is telling us a
0:54
lot about where we are in the story.
0:57
I think it's really telling us just how early we are in
1:00
Bitcoin. I know everyone's been saying
1:02
this for a long time. We're early to Bitcoin.
1:04
It's still early, guys. I know we're at 100K, but it's
1:07
still early. And I think this is one of those
1:09
signs that just continues to show us how early we are.
1:12
So I got creases here just to start us off.
1:15
And he goes, this is the biggest milestone for Bitcoin as an
1:18
asset this year. The era of digital credit has
1:21
begun. Now a lot of people have been
1:22
saying this isn't a milestone for Bitcoin, this is a big
1:26
milestone for the credit or Bitcoin treasury companies.
1:29
But I think what it is showing us is one, of course, they
1:33
actually gave them a credit rating, which is it would be
1:36
unheard of five years ago to see where we have come to this
1:40
point. Even if it's not exactly the
1:42
results as Bitcoiners are looking at, it's still just
1:45
incredible where we are. And then I've heard other a
1:47
little more cynical Bitcoiners say, look, I thought we, I
1:51
thought we were in Bitcoin to get away from the traditional
1:53
financial system. And here we are applauding
1:55
credit ratings. Like, what are we doing?
1:58
I'm gonna break all this down for you guys.
1:59
I'll give you my points of view on this.
2:01
And I, I truly do think this is one of those significant
2:04
moments. And you'll understand why at
2:07
this next kind of screen share where I where I show you exactly
2:12
what they said. So here's Sailor's tweet and he
2:15
goes here, let me zoom in. He goes S&P Global ratings have
2:19
assigned Strategy Inc AB minus issuer credit rating with, you
2:24
know, parentheses outlook stable.
2:26
The first ever rating of a Bitcoin treasury company by a
2:29
major credit rating agency. Now going into the official
2:33
press release here we will break down what is going on what they
2:38
did. So here is a press release from
2:40
S&P Global and it goes Strategy Inc to sign AB minus issue
2:43
credit rating outlook stable. And and if you don't understand
2:46
credit ratings, this is really, you know, off the RIP upfront,
2:51
not a good credit rating. And and we'll kind of troll that
2:53
a little bit later on in the segment.
2:56
So I am going to read a little bit guys.
2:58
I know Opti read along today, but I think there's a lot of
3:01
important information to garner from reading this press release.
3:05
It really tells us what they think about Bitcoin and further
3:09
what they think about Bitcoin treasury companies.
3:11
So first, bullet point strategy, formerly MicroStrategy, is a
3:15
Bitcoin treasury company that uses proceeds from the issuance
3:18
of equity and debt financings to accumulate Bitcoin on its
3:21
balance sheet. Obviously, you guys know exactly
3:24
what they're doing. The company's securities provide
3:26
investors varying degree of exposure to Bitcoin across its
3:29
capital structure. The company also has a
3:31
relatively small software business that provides AI
3:34
powered enterprise. I I yeah, I really like, I
3:38
really like that a lot. Yeah, you know, they just buy
3:41
Bitcoin, but they they also kind of have a small business.
3:44
To hate Sailor, honestly, like it's either they love to hate
3:48
him because of how like, well, this strategy, for lack of a
3:53
better word, has gone for him, or they might be trying to
3:57
suppress the price. I don't know.
3:58
Well, I don't know if it's necessarily suppressing the
4:01
price. We will we, I think you'll see
4:04
in this next portion here exactly what they think about
4:08
Bitcoin. And I think that's like the the
4:10
big kind of take away from. I don't even need to read to
4:14
know wrong. Totally, totally.
4:19
OK. So I'm going to again, I'm going
4:20
to read a lot of this guys. I apologize upfront.
4:23
So we've used strategies, high Bitcoin concentration, narrow
4:27
business focus, weak risk adjusted capitalization and low
4:31
U.S. dollar liquidity as weaknesses.
4:34
These are only partially offset by the company's strong access
4:37
to capital markets and prudent management of its capital
4:39
structure, including maintaining no maturities in the next 12
4:43
months and financing its business primarily with equity.
4:46
Again, they gave them the B minus rating, which is basically
4:50
a junk rating. It's it's not that good and and
4:52
we'll break all this down I. Thought it was good when I first
4:55
I was like OK B minus like it's not that bad.
4:59
Yeah, it's not, it's not good. And then we'll make some funny
5:01
comparisons towards the end of this.
5:03
So you'll you'll see where we are in the story.
5:06
Anyways, the stable outlook reflects our expect expectation
5:10
that strategy will continue to prudently manage maturities of
5:13
its convertible debt. We also expect the company will
5:15
continue to finance payments of its convertible debt and
5:17
preferred stock dividends via issuance of debt, preferred
5:20
equity and equity while maintaining sufficient capital
5:22
markets. Of course, they even though
5:27
they're not so hot on Bitcoin, they do look at strategy or what
5:33
Michael Saylor is doing as like they're they're not going to
5:35
blow up. Yes, there's some concerns about
5:37
the volatility of Bitcoin, but they're like they'll, they're
5:40
going to be able to pay this stuff back anyways.
5:42
Going further, the company's concentration in Bitcoin is key
5:45
And and this is start starting to, you know, you start to get
5:48
the idea of what the major credit ratings offices and
5:52
agencies think about Bitcoin. The company's concentration in
5:56
Bitcoin is key to its strategy and will likely continue to
5:59
weigh on our ratings. This is the this is the big
6:02
contention here is their view on what Bitcoin is.
6:05
Is it actually, you know, a credit worthy asset to hold or
6:11
is this kind of a knock on your balance sheet?
6:13
Obviously from a Bitcoin's perspective, we've seen what
6:16
Bitcoin does to your balance sheet, but from the official
6:20
kind of authority figures out there, they're not looking at it
6:23
the same way that we are. So strategies, Treasury reserve
6:26
strategy gives indirect exposure to Bitcoin to investors.
6:29
Of course, we know this. Who can't have or prefer to
6:32
avoid direct exposure to Bitcoin while the strategy is public and
6:36
easily replic. Replicatable.
6:38
Wow. Replicable.
6:39
It's replicatable. Replicatable.
6:43
Yeah. I can't speak today, guys.
6:44
Sorry. The company is unique in its
6:46
scale. Yeah, it is.
6:47
It is. And investors have ready access
6:50
to invest in its convertible debt, preferred equity and
6:52
common stock. Replication of this strategy
6:54
would likely pressure the multiples that would.
6:56
Company securities are valued, but higher Bitcoin demand from
6:59
new entrants would also likely be a tailwind in Bitcoin
7:03
valuations. The strategy also creates an
7:05
inherent current mismatch. The company has a long Bitcoin
7:09
position, a short U.S. dollar position.
7:11
Yeah, that's, that's literally what it is.
7:14
That's literally what it is. And here, this next part is
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where you start to see either their bias or maybe our bias.
7:21
While we believe the company's negative total adjusted capital
7:25
is a significant ratings constraint based on our
7:27
treatment of its Bitcoin assets, in our calculation of risk
7:30
adjusted capital strategies, risk adjusted capital ratio was
7:34
significantly negative, which drives our view of the company's
7:37
capital and earnings. Because we deduct Bitcoin assets
7:40
from equity when we calculate adjusted common equity, the
7:43
company has negative total adjusted capital as of its
7:47
second quarter 2025. We take this approach because we
7:50
believe Bitcoin has significant market risk that is uncorrelated
7:54
to traditional market risk and because most of the company's
7:56
assets are in Bitcoin and it's Bitcoin holdings are likely to
7:59
continue growing materially, we are likely to continue to view
8:03
capital as a weakness. That is, I think the biggest
8:08
signal here of what they're saying.
8:10
They're basically saying, hey, you know, there's a currency
8:13
mismatch, they're long Bitcoin and they're short the US dollar.
8:18
And from the S&P Global's kind of assessment, they're looking
8:22
at Bitcoin as, you know, as we like to say, the most pristine
8:26
collateral in the world. It's not backed by debt.
8:30
You know, there's no third party middle men here.
8:33
There's no counterparty risk and they're viewing that as weakness
8:37
on their balance sheet. So you can see we are still
8:39
early to this Bitcoin thing. They're basically saying, and
8:43
you'll see later on in this and I'll, I'll skim the rest of it.
8:46
They're basically saying, hey, you don't hold enough dollars,
8:49
therefore we can't actually rate you and give you, you know, a
8:53
AAA rating because of this weird thing that you're holding on
8:56
your balance sheet. That makes us nervous.
8:58
That is the big contention here, that yes, we got a Bitcoin
9:02
treasury company to get a rating, but there's still either
9:05
one misunderstanding what Bitcoin is or purposely saying,
9:10
hey, this Bitcoin thing, we're literally not going to count
9:13
that towards the favor of your company.
9:15
It's actually kind of a negative to what we're trying to rate
9:19
here. And I think that is the biggest
9:21
signal of where we are in the story anyways.
9:23
Going a little further, the ratings also reflect the firm's
9:26
lack of operating cash flow generation.
9:28
Again, we've heard this before. Bitcoin doesn't have cash flow,
9:31
guys. You know it doesn't generate
9:33
yield. Bro.
9:34
How do we actually rate this? What is this thing you're
9:36
holding? Bitcoin is the cash flow.
9:39
Yeah, Bitcoin is the cash flow. That's the whole.
9:41
Thing like it is literally the most liquid asset there is in
9:45
the world and like they're saying, oh, stability.
9:49
First of all, Bitcoin has become our new favorite stable coin.
9:54
Let's just be super for real about that because the price has
9:57
been going sideways for a while, but stability, I mean, sure, in
10:03
the short term, Bitcoin has its volatility, but you know to to
10:08
knock it on its predictability is kind of laughable because it
10:12
has its four year cycles. We know when it goes up, we know
10:15
when it goes down. If it was truly volatile, if it
10:18
was truly something that you know, we couldn't control and
10:21
just like one day dumps to all health for absolutely no reason,
10:26
I would understand where they're coming from.
10:28
However, it Bitcoin doesn't really work that way over the
10:32
long term. It's beat the S&P 500 as a
10:35
whole. So just because it's not paying
10:37
dividends, just because you know, it's not in the same
10:41
system, like what what they're doing is just othering Bitcoin,
10:45
which is fair. It is totally different than
10:47
every other asset because it's better, but it doesn't it it it
10:52
takes kind of a paradigm reshift for them to understand that it
10:56
is better, not that it's different and therefore it's
11:00
bad. Yeah, yeah, yeah, 100%.
11:02
I think, I think that's kind of and we're going to break down,
11:05
break this down more. I, I got a lot of Bitcoiners
11:07
takes on this and the significance of it.
11:09
But I think that is kind of what what we're seeing right now is
11:14
like literally someone said in the chat and and this is, you
11:17
know, the easiest way to kind of understand what what this is.
11:21
Chris Christie 423 T goes low, deduct all the assets, then
11:26
value a company. That's pretty much what they're
11:29
doing. They they're not counting, you
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know what Sailor has about almost 80 billion in Bitcoin and
11:34
they're like, actually, you know, we're going to take that
11:36
completely out of our kind of assessment of what this company
11:40
is and then we'll give you a credit rating.
11:42
So obviously I think their system is flawed in the sense
11:45
that they don't know how to accurately price Bitcoin.
11:49
And then that's like the, I think the main take away way of
11:52
this, but the significance of it is finally a Bitcoin treasury
11:56
company does get a rating. So it is kind of the beginning.
11:59
And obviously we'll see as Bitcoin matures more as Sailor
12:03
continues to, you know, elevate his game that that most likely
12:07
will raise and not maybe not in the near future, but it will
12:10
continue to go up. So again, sorry guys for reading
12:13
a lot of this, but I think we can learn a lot from this press
12:16
release. So while the inherent risk from
12:18
the inherent currency mismatch in cybersecurity, we believe our
12:22
view of capital captures these risks.
12:25
Again, another highlight, the company maintains strong asset
12:28
to capital markets, though this could change in a severe Bitcoin
12:32
stress or there are liquidity risk in our view from the
12:35
company's convertible debt. And, and we see some risk from
12:38
dividends owned on the company's preferred dividends.
12:41
While you know, they're, they're looking at this and they're
12:43
like, OK, they're doing good, but if the price is more
12:47
volatile, maybe they won't be able to maintain where they are.
12:50
And then again, here is where you start to see maybe a little
12:53
more of their bias and it goes over the next 12 months.
12:56
We could lower the rating if strategies access to capital
12:59
markets is impeded, either due to a mark deterioration in
13:02
Bitcoin valuation or for any other reason, just whatever
13:06
reason or we believe there's increased risk that the company
13:09
will not be able to manage maturities out of the money
13:11
convertible debt, which is something you know they've
13:14
they've been able to do anyways, an upgrade is unlikely in the
13:17
next 12 months. Over the longer term, we could
13:20
raise the the ratings if one, we expect the company to improve
13:24
U.S. dollar liquidity 2 strategy reduces its use of convertible
13:28
debt and three, the company continues to demonstrate strong
13:31
access to capital markets even during a Bitcoin stress.
13:35
So hey, they might raise the ratings if they, you know, hold
13:38
more dollars. OK, like their literal.
13:42
Their literal point is holding more Bitcoin.
13:44
This kind of sounds like they want Sailor to just like put all
13:48
of that Bitcoin into an ETF or some other traditional finance
13:52
instrument. Yeah, I wonder why.
13:54
I wonder why? I wonder who would stand to
13:58
benefit from something like that?
14:01
100% and these are the questions you should be asking yourself
14:04
it's like okay, one they obviously are not really taking
14:09
Bitcoin seriously yet shows we're still early and two who
14:13
benefits from this anyways? This next one from trading view
14:16
and this headline, you know, sums it up from a more
14:18
traditional finance perspective. It goes Bitcoin obsession cost
14:23
sailor S&P tag strategy as junk. So with this B mining rating, as
14:28
I was telling Sophie this morning, it's basically it it's
14:32
considered a junk rating. It's it's, you know, on the same
14:36
level as companies that have gone bankrupt that are
14:39
literally, you know, spending millions of dollars like bad
14:44
airplane lines that are literally just burning jet fuel.
14:48
And here they are like more collateralized in any company.
14:54
They have the pristine collateral in the world, which
14:56
is Bitcoin. And it's literally on the same
14:59
level as Hertz and Chuck E Cheese.
15:03
Why don't they just give it an SI mean Jesus Christ?
15:07
So so there we go. Is Chucky.
15:11
Yeah, same level. Don't give no hate to Chuck e
15:17
Chuck E Cheese. Chuck E Wow.
15:17
Cheese. Chuck E Wow.
15:17
Cheese. Chuck E Wow.
15:17
Cheese. Chuck E Wow.
15:17
Cheese. Chuck E Wow.
15:17
Cheese. Chuck E Wow.
15:17
Cheese. Chuck E Wow.
15:17
Cheese. You know.
20:07
I mean, we could only hope. I don't think we are there yet,
20:10
but we could only hope because it is essentially telling us
20:15
that these rating agencies literally have no idea how to
20:19
properly value Bitcoin, which is continuing on the theme of we
20:24
are still early. Like people don't understand.
20:28
Well, you could argue again two arguments here.
20:31
They either don't understand Bitcoin or they want to make
20:33
sure that more people do not get into Bitcoin here.
20:36
So again, this is what early looks like guys, this is what
20:41
early looks like anyways, Jeff Park goes on a little more he's
20:45
at pro cap, which is a pumps Bitcoin treasury company and
20:49
he's you know, continuing on a lot of beef with the S&P
20:52
assessed assessed MSTR credit rating.
20:55
But again, by far this is the biggest below any asset owner
20:59
would understand this is completely illogical.
21:01
This doesn't just ignore Bitcoin's contribution to
21:03
balance sheet resilience. Hello, uncorrelated, but it
21:06
penalizes it again. That's that's where we are.
21:09
And remember, sailors been dealing with a lot of this stuff
21:12
for for I think since, you know, he basically started and I could
21:17
only imagine or started in Bitcoin, sorry.
21:19
And I could only imagine that Sailor and the MicroStrategy
21:22
team are just laughing at this and just like, oh man, like we
21:26
are still so early to this that they can't even understand what
21:30
this is that I'm doing. Like he's probably chomping at
21:33
the bits like I'm going to get to 1,000,000 plus coins because
21:38
we are still early early to the game here.
21:40
I mean, so many innovators in their time were early to the
21:44
game. Steve Jobs, when he invented the
21:47
iPhone had, you know, he had a bunch of people telling him it
21:50
would never work. People weren't going to be
21:52
interested in a full screen touch phone and he ate them all
21:57
alive. He set the precedent for how we
22:01
communicate today. You know, so I think Sailor is
22:04
doing the same thing in in a way he's, you know, getting laughed
22:09
out of the room at first, but after they laugh at you, they
22:12
join you. And you can see that from the
22:15
way that other institutional traditional banks are joining
22:21
Bitcoin. JP Morgan is allowing Bitcoin to
22:25
to be used as collateral. So is Bank of America, so is
22:28
Sophie Bank. So is, you know, Fidelity has
22:31
been, has had an ETF. You know, he's they, they were
22:34
one of the first ones. BlackRock, you know, Uncle
22:36
Larry, he's super, you know, falls deep.
22:41
And so it just it's a matter of time before I think that
22:45
honestly, these institutions, these credit rating systems,
22:49
they are terrified of having power taken away from them
22:53
because they understand that people who hold Bitcoin, actual
22:56
Bitcoin are starting to hold the power and they feel the shift
23:01
and the tide kind of going in a different direction.
23:04
So they are trying to do everything to other us, to
23:08
delegitimize us. But Pandora's already
23:11
out-of-the-box. You know, it's already been
23:13
opened. It's it's already been accepted
23:16
essentially by this administration.
23:19
The obstacles have been removed out of the way.
23:21
And it's only up from here just because, you know, you give it
23:25
an arbitrary rating that let's be honest, the majority of
23:28
people don't even understand it doesn't like do anything for
23:32
their lives. I think that at the end of the
23:35
day, they're the ones that are going to be laughed out of the
23:37
room and not Sailor. Yeah, 100%.
23:40
I mean, who needs a credit rating when you hold Bitcoin,
23:42
right? So anyways, anyways, no dude, I
23:47
got, I got good credit. I got good credit.
23:49
You do. No, I don't.
23:52
Like since. When no, I don't I I don't I
23:56
really don't I'm trying to be an adult, but it's not working out
23:59
so much anyway. So if you did say something that
24:01
does lead to this tweet here that I saw that I, I think
24:06
perfectly sums up what obviously we heard the trad 5 view, we'd
24:10
hear some of the Bitcoin view. Of course, you know, actually
24:12
one more here's Mitchell Hoddle shout out to the zoomer out
24:15
there. He's like B minus is criminally
24:17
low. The value of strategies Bitcoin
24:19
holding is 5X greater than their outstanding liabilities 5 to 1.
24:22
They should be AAA, which is the best.
24:25
Obviously we are biased as bitcoiners.
24:28
We we view Bitcoin as the best Christine collateral, the best
24:32
money, you know, uncorrelated from the traditional financial
24:35
system, no counterparty risk, etcetera, etcetera, etcetera, 21
24:39
million hard cap going up forever, all the good things.
24:42
So you can see kind of the pushback from from the Bitcoin
24:44
community that this is ridiculous is an outrage.
24:48
You heard it from the S&P global agency themselves.
24:51
They're like, you know what, holding Bitcoin is actually a
24:55
negative and it's hurting your rating.
24:57
So we're going to give you the junk rating.
24:59
But I really like this take here on Twitter.
25:01
It is, I think more more balance and objective.
25:05
And he goes MP giving strategy. A credit rating is probably the
25:09
most notable event for Bitcoin treasuries this year.
25:11
For the first time ever, one of the big three credit rating
25:13
agencies has officially recognized a Bitcoin back
25:16
capital structure as a valid corporate model.
25:19
And I think this is This is why it is such a big milestone, not
25:22
just for Bitcoin treasuries companies, but for Bitcoin in
25:24
general. They have decided that it is
25:26
worthy of formal evaluation, scrutiny and inclusion in
25:30
traditional financial frameworks.
25:32
It wasn't dismissed. Again, I think a lot of the
25:35
things Bitcoiners were missing, sure, it's AB mining rating, but
25:37
that's just a starting point. The point is the game has now
25:40
changed. Bitcoin is becoming a collateral
25:42
class again, as Sophie was saying, with JP Morgan coming
25:45
out and essentially saying, hey, we'll take your Bitcoin for
25:47
collateral and it's not just a speculative asset anymore.
25:51
More importantly, Bitcoin credit is now being priced by the
25:53
traditional financial system, and that unlocks everything.
25:57
Fund managers can now justify an allocation to the strategy
26:00
preferred by pointing to the ratings covered as
26:02
justification, though I think most people would look at the
26:05
ratings as a junk rating and probably look away.
26:08
More importantly, it validates the idea that a company can
26:11
build an entire capital stack on top of Bitcoin.
26:13
It can use it as a monetary base and still maneuver in public
26:16
markets. This is not just bullish for
26:19
strategy, it's bullish for every other Bitcoin treasury company
26:23
and it's extremely exciting times for where we are going.
26:27
And of course, eventually, as we're probably all thinking,
26:30
this big minus rating, this junk rating will eventually become
26:33
the AAA preferred rating, which basically means like the safest
26:37
best thing to be holding. Now that you say AAA, that
26:41
reminds me of this little movie called The Big Short and how
26:46
they dressed up a bunch of garbage.
26:50
Whatever that was, what was it Bonds like?
26:53
Mortgage-backed securities. Yeah, whatever that they dressed
26:58
it up so that it could be AB something or whatever, like so
27:02
that it could look like. I think it was BBII think so
27:06
that. It could look decent.
27:08
OK. But it was, I think it was
27:09
absolute. Garbage.
27:10
Yep. So why are we still giving these
27:15
credit ratings systems any legitimacy at all whatsoever?
27:20
Like, we've already been rugged by the system and people
27:23
actually lost their livelihoods from this system, so why would
27:27
anybody take this seriously? Like that's a real question.
27:31
Because they use these metrics for like they're investing.
27:36
So why we don't take the institution seriously and what
27:40
they say, we kind of take it as maybe surface level or just like
27:44
whatever the people with the real capital out there, not just
27:48
us plebs out here, you know, stacking, stacking pennies.
27:52
They look at this stuff and that's where they they get their
27:55
signal and they can justify allocating a bunch of capital
27:59
into these markets. So for us, I think I.
28:01
Think, I don't know. I think all those people are
28:03
insider trading like within. Themselves anyways, so like
28:07
it's. Like it, it does.
28:09
It just doesn't make any sense. You think those people that are
28:11
smart and have money like are going to be putting their money
28:14
into like something that has to do with this credit score.
28:17
It makes absolutely no sense. They have to be looking at the
28:21
return. And the fact is that strategy
28:23
has been the one of the best performing companies of the last
28:27
five years. So it just, I mean make it make
28:31
sense. That's just my opinion.
28:33
I couldn't agree more. And then just to kind of wrap
28:37
this up, Kaiser did kind of, you know, I, hey, it's not meme
28:40
Friday, but this is kind of a meme.
28:41
OK, guys. So I'll, I'll feed, I'll feed
28:44
you guys a little bit here. Here's Kaiser's take.
28:47
The irony is thick as molasses, Warren.
28:50
And you know, Berkshire Hathaway is downgraded on the very same
28:54
day that strategy of Michael Saylor is upgraded.
28:59
So hey, maybe we don't take these credit ratings seriously.
29:03
Maybe we understand the flaws in their thinking.
29:06
But again, on the very same day, Berkshire Hathaway, they got
29:10
demoted and for the first time ever a Bitcoin treasury company
29:15
got a credit rating. So for us, it might not be the
29:18
biggest news you you might not even want to invest in these
29:21
Bitcoin treasury companies, but it is a a historic milestone in
29:26
regards to Bitcoin becoming a mature asset and and people
29:31
looking at Bitcoin very seriously as something they want
29:34
to actually hold, something they're actually allowed to
29:36
hold. So it's not perfect.
29:38
I'll grant that it's not perfect from our perspective, but again,
29:41
a lot of the things that we see as Bitcoiners, we, I think it's
29:45
because we are biased and we do understand what we're holding
29:48
that we expect them to kind of go all the way up front.
29:52
We expect them to get the best results and you know, the most
29:55
amount of capital. But you got to understand a lot
29:58
of these institutions, whether it's from a misunderstanding of
30:02
what Bitcoin is or a more negative bias of what Bitcoin
30:05
is. Both of those.
30:07
Things. Yeah, it could be both.
30:08
Those things are great for us by.
30:11
The way exactly? Those are great signs.
30:13
That means that we're all on the right path.
30:17
That means they're scared. 100% So yeah, here we go.
30:22
The fact that they were rated opens up a lot of new capital
30:26
Exactly. That's that's basically what
30:28
we're seeing happen and then we're I pulled up a lot of
30:35
these. That's what No, that's what's
30:36
funny. Y'all just haters 'cause you got
30:37
no dollars Fags, dude, fags. So hey, historic day in Bitcoin.
30:45
You could argue, you know, it's just a historic day.
30:47
Or maybe this is a nothing burger for Bitcoin.
30:50
Like Bitcoin doesn't really care about a credit rating.
30:52
I mean, the price hasn't, it's not any.
30:55
It didn't go up, it didn't go down.
30:56
It just kind of like stayed where it was.
30:58
It's not too bad. Oh, this October has been rough,
31:01
guys. It's been.
31:04
Oh, wow, OK, I got to move on. I just realized I've spent 30
31:07
minutes on this. That's crazy talk.
31:09
All right guys, I thought this was going to be a 15 minute bid.
31:12
Here we go. I, I, I spent way too much time
31:14
on this. All right guys, of course, smash
31:16
the like button, comment on the show.
31:18
Let us know what you think about it and of course hit the
31:20
subscribe button. And before I go on, I do want to
31:24
talk about our partner Bitcoin. Well, if you are in the market
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32:07
OK, guys. So after this commercial break,
32:09
we're going to talk about Larry Fink.
32:11
Larry Fink did a conference yesterday and he's he's
32:16
continued to double down on Bitcoin.
32:18
And then going further, we saw some interesting stuff come out
32:23
of the White House in regards to Bitcoin.
32:25
And then we're going to wrap up with, you know, some, some light
32:29
view on how just scarce Bitcoin really is.
32:31
So we'll be right back in one minute.
32:40
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Alrighty then guys, so the current Bitcoin price is
33:56
$115,440 per Bitcoin which is a -8.5% decline from all time
34:02
high. The market cap is $2.3 trillion
34:06
and the current block height, I would argue probably the most
34:09
important number in Bitcoin is 921,209.
34:13
I repeat 921209. That is the current time in
34:17
block time. OK, so an interesting clip
34:22
started going around of Larry Fink, and he's actually doubling
34:27
down on something he said about a month or so ago.
34:31
And again, maybe you don't like Larry Fink.
34:36
Yeah, so. Don't talk about my uncle, my
34:40
now uncle. Yeah, the Uncle Larry.
34:43
But I think when Larry says something, it really kind of
34:49
shows you where the future is going, whether you like him or
34:53
not. You could argue that in America,
34:57
the corporations actually control things.
34:59
And so when Larry Spinks with Jamie Dimon speaks, it really is
35:03
telegraphing probably where the future is moving or as the
35:08
saying goes, you know, where the ball is going.
35:10
So let's listen to this and then I'll, you know, maybe I'll,
35:14
maybe I'll put my tinfoil hat on for a second here.
35:16
But it it's a short clip if you if you believe that countries
35:22
are going to continue to debase their currency, if you believe
35:27
that there's going to be global rise of insecurity, owning
35:31
crypto assets or gold are assets of fear.
35:38
You own these assets. You're frightened of the
35:41
debasement of your your assets, your finance.
35:44
You're worried about your financial security, You're
35:47
worried about your physical security and, and, and between
35:51
crypto assets and gold, they're put in, they believe, you know,
35:56
there's a strong belief that is a good hedge against optimism.
36:00
Jamie, you were not. You were a little a.
36:03
Hedge against optimism. Wow.
36:08
I mean one. Of US1 of.
36:10
Us well, well, well, I don't, I don't know about all that per
36:14
SE, but anyways for you guys. He's been he's been on Bitcoin
36:18
Twitter like it shows. Well, I think I what I think
36:21
you're honestly not that far off.
36:24
Like, I know you're kind of trolling, but I think no, I'm.
36:28
Super serious. I don't think he's on Bitcoin
36:30
Twitter. He's definitely is.
36:32
No, not. No, he's listen, someone's in
36:35
his ear. One of us is in his ear.
36:37
Yeah, Who's the Bitcoin? Who's Larry Fink's Bitcoin
36:40
intern? Because he's doing a good job.
36:44
But this was at the What is this financial Financial Investment
36:49
Initiative Institute. It's like a conference.
36:53
And here's their website. I'll show you kind of what, what
36:56
they're saying on their website about what this is 'cause I, I
36:59
never actually heard about it, but it's got all the big guys
37:02
there. You know, they were just
37:03
mentioning Jamie Dimon as well about the talking.
37:05
This is Financial Investment Initiative is a global nonprofit
37:10
with a single pressing agenda impact on humanity, global,
37:13
inclusive and driven by data. We foster great minds from
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around the world and turn ideas into real world solutions and
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robotics, education, health care and sustainability.
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I mean, some of those buzzwords I'm not the biggest fan of, but
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as you can fed meet up, here's a, you know, unwavering in our
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commitment to produce powerful opportunities and actionable
37:39
knowledge to help impact humanity at scale.
37:42
Hey, at least they're talking about Bitcoin a little bit.
37:44
So my, as I said, my, if I, if I put on my tinfoil hat here, I
37:49
think what we're seeing and I'm, I'm not the only one to be
37:52
saying this. If you want really more
37:55
breakdown of this, I, again, I've been, I've been kind of
37:57
binging a lot of Simon Dixon's content lately and he, I think
38:01
he's on the ball with his analysis of what's going on.
38:04
Again, I've been telling you guys geopolitics and macros like
38:07
the, the, to me, what is interesting going on in the
38:10
world 'cause, you know, Bitcoins been a stable coin and there
38:13
hasn't really been too much going on in Bitcoin per SE, even
38:16
though we're getting so many good news revolving around
38:20
Bitcoin. It's been a stable coin all
38:22
year. And you're just like, man, I
38:24
back in the day, if Bitcoin had the amount of good news we would
38:28
we've had this year, the price would be going crazy.
38:31
And yet we've been stable all year long.
38:33
Anyways, My, my like tenfold view of this is ever since Larry
38:38
Fink launched the ETF, I think he's been telling us a lot about
38:43
where he thinks the future is going.
38:45
As you heard in that clip, he basically said what we've been
38:48
saying, what we've heard the Trump administration say rather
38:51
more in their actions and in their words, but that they're
38:54
going to debase the currency. You know, they got to pay back
38:56
their debt. There's no possible way for them
38:58
to pay back $38 trillion, even though they come up with a bunch
39:01
of these different kind of strategies to fix that.
39:04
We all know there's only one strategy for them to do that,
39:07
and that is to essentially print their debt away.
39:10
And they've been telegraphing this for a long time now where
39:14
Simon Dixon and I think most people kind of, you know, split
39:18
ways is he's been on this path saying that we are essentially
39:23
seeing the US maybe accept that we are entering A multipolar
39:28
world and we're no longer going to be, you know, the world's
39:30
leading superpower. And of course, Larry Fink as
39:35
head of one of the biggest corporations in the world, they
39:37
don't really care about national, you know, nationalism
39:41
or country lines. They just care about profits.
39:43
And so they're trying to position themselves as to where
39:46
the future is going. And as we think it's going to
39:49
happen as well is I think Bitcoin is going to be a huge
39:52
part of that. And so with what he says, he's
39:56
essentially telling you what is going to happen.
39:59
They're going to destroy the purchasing power of the dollar.
40:01
They're going to print a bunch of money.
40:03
They're going to debase the currency.
40:05
And therefore the only place to really position yourself is in
40:09
hard assets, whether for you could be gold.
40:12
I know a lot of people like real estate.
40:13
For us, it's Bitcoin. Bitcoin is the move.
40:17
And then we don't even have to get into the whole stable coin
40:20
plays and all that stuff That just complicates things.
40:22
What we are seeing is. They're going to destroy the
40:26
purchasing power of the dollar, and if you want to protect
40:29
yourself, you need to save Bitcoin.
40:32
That's what they've been saying, though I'm not the biggest fan
40:34
of his, his meme. You know, Bitcoin is the
40:37
currency of fear. And if you want to hedge your
40:40
optimism, you buy Bitcoin. I I'm like the complete
40:42
opposite. I think you buy Bitcoin because
40:44
you are optimistic about the future, because you think we can
40:47
figure this out and there is a solution to the problem.
40:50
That's probably why you're a bitcoiner.
40:53
We're not doomers here. We think this problem will get
40:55
fixed. Speak for yourself.
40:58
Are you a doomer? I'm not a doomer, but I do think
41:01
that part of the reason that I'm buying Bitcoin is because I
41:05
don't like the way that the financial system is heading
41:08
right now. And unfortunately, the reality
41:12
for me is that I don't think a lot of people are going to
41:16
assimilate that mindset until they understand because
41:20
something horrible has happened, you know, either, you know,
41:23
through their finances or otherwise.
41:27
I think that, you know, fear and negative consequences are a real
41:32
motivator here. And I think Larry Fink
41:35
understands that. And he, he, that's his way of
41:38
convincing the public. Well, well, sorry.
41:42
Well, you did hit on something that I was saying the other day,
41:45
that if you want to try to, you know, persuade people's
41:52
behaviors, usually the best way is to scare them into changing
41:56
their behaviors. So maybe he's good at persuading
41:59
people. I mean, yeah, have you ever had
42:00
a dog? Have you ever had a child?
42:03
Like sometimes you got to, they got to.
42:05
Sometimes people learn by fear. Sometimes people learn after
42:09
they've gotten their finger burnt on the stove.
42:11
And I think he's trying to warn people and you know, believe it
42:16
or not, and obviously his intention is for people to buy
42:20
the ETF, his financial product. But if you keep going down the
42:26
rabbit hole, you know, first you get exposure to the ETF, maybe
42:30
then you buy a little bit of Bitcoin and keep it on an
42:33
exchange. And then finally, you might lose
42:36
a little bit of that Bitcoin on an exchange from a scammer and
42:41
look into self custody. And that's, you know, that's
42:44
been the the journey for so many people who hold Bitcoin today.
42:50
And ultimately it's those, you know, negative experiences and
42:54
consequences that lead you to the final boss, which is self
42:59
custody. Yeah, well, I think you did say
43:02
something important there where though I'm I don't, I might not
43:07
be as gracious. You said you think Larry Fink is
43:11
trying to warn people. I would be more more precise, I
43:19
think in saying that I don't think he's trying to warn
43:21
everyone out there. I think what he's trying to do
43:23
is warn his customers and his clients of what's going on and
43:27
hence why he's trying to get as much capital into the Bitcoin
43:30
ETF because he sees where it's going 100% and that's what he's
43:33
really trying to do A. 100% because the IVIT has been their
43:39
best performing product. You know, this this year is it.
43:44
Yeah. So if it's been their best
43:46
performing product, he obviously wants more people to buy into
43:49
it. But regardless, what he's saying
43:52
is still it still rings true, you know, no matter how you see
43:56
it. And maybe he maybe that's the
43:59
way that he kind of got orange peeled.
44:01
Not, I'm not going to say orange peeled, because I don't ever see
44:04
someone like Larry Fink holding personal self custody, but I
44:09
think that those negative consequences and the negative
44:14
aspects of Fiat are what made him open his eyes to the fact
44:18
that he should maybe hedge his bets and not stay behind.
44:23
I don't, I mean that last part, I don't know.
44:26
I, I don't think he had this epiphany.
44:28
I think he just realized it's probably going to become less
44:32
profitable for them to continue in the Fiat system, so they're
44:36
trying to get ahead of that. Well, that is what I'm saying.
44:39
Like he's seeing the negative look.
44:40
I'm, I'm thinking about it from like his billionaire
44:45
perspective, right? Like for us, there are real
44:48
world negative consequences. For him, it's like, you know,
44:52
can I buy the same yacht and maintain my lifestyle 10 years
44:57
from now? Sounds like a good problem.
44:59
Yeah, it's a it's a sick problem to have.
45:02
You know, I hope we all, all of us Bitcoiners have that problem
45:05
in the future. But but that is what he's
45:09
probably thinking about and that's what motivated him.
45:13
And those kind of like little personal fears are what he's
45:18
trying to to input into the public.
45:22
Yeah. I, I, I think there's some, some
45:25
reason to that. I I think he's obviously doing
45:30
some sort of fiduciary responsibility for his clients
45:34
out there and being like, look, you need to get some Bitcoin.
45:37
This is why we're offering this Bitcoin ETF.
45:40
It's no longer really just an option, like it's a necessity.
45:45
And whether his intentions are good or not, still true.
45:49
Yeah, exactly. He's still aligned in seeing, I
45:52
think Bitcoin in the short term do amazing things because
45:56
obviously he's going to make a lot of money.
45:57
Anyways. We'll be right back after this
46:00
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code. Guys I'm tired.
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I just don't have it in me today.
48:55
Okay, okay, let's keep it moving.
48:59
Let's keep it moving. What was in the coffee today?
49:02
Like I'm just like. All right, guys.
49:05
So this is actually kind of a story that really went under the
49:11
radar the last couple of weeks. Some I, I did see some people
49:14
talking about it, but we got an interesting new bill that I
49:17
think is a a direct reaction to this news.
49:22
So you can see here this is on Yahoo Finance and this came out
49:27
October 24th. But I did hear some Bitcoiners
49:30
talking about this couple days before.
49:33
Actually, it's probably around the same time last week.
49:35
So Donald Trump's new White House ballroom attracts funds
49:38
from Ripple, Coinbase, Tether and Gemini.
49:40
And I know you guys have been seeing, if you're in the US,
49:43
you've probably been seeing a lot of the politicians out
49:46
there. I, I know I'm sure you guys
49:48
caught the kind of hilarious back and forth between Clinton
49:52
and, you know, Hillary Clinton and Trump around the ballroom.
49:55
Just comedic gold, to say the least.
49:58
But it is interesting that is basically being funded by, you
50:04
know, Bitcoin crypto companies. And of course, he did just
50:07
pardon CZ from Binance last week as well.
50:10
And it is starting to raise a lot of concerns for people.
50:13
So I'm going to read a little bit here and then I'll show you
50:16
kind of the response of this. And and I don't think they're
50:19
they're it's a coincidence that we're seeing this, though the
50:23
person that it comes out of I thought was a Bitcoiner, but
50:26
I'll, I'll get to that in a minute.
50:27
So what happened to crypto industry?
50:29
A long time backer of Trump through campaign and inaugural
50:32
donations, including an 18 Bitcoin contribution from the
50:35
Winkle by twins, is now supporting the 300,090,000
50:40
square foot ballroom announced in July and under construction
50:43
since September 2025. Of course, the new venue will
50:47
see 650 people, whatever, whatever major tech firms such
50:50
as Apple, Google and Microsoft are also contributing.
50:52
So it's not, not just Bitcoin crypto companies, there is some
50:56
other tech companies, which probably opens up a whole new
50:59
can of worms. But we're we're going to focus
51:01
on the Bitcoin stuff here. So why it matters?
51:03
The donations reflect the deepening ties between Trump and
51:06
the crypto industry following his administration's pro crypto
51:09
policies. According to the Financial
51:10
Times, Trump's personal crypto empire is now over a billion
51:14
dollars in pre tax profits. Course, he's been pro Bitcoin,
51:19
etcetera, etcetera. And so a lot of people,
51:23
obviously, I think this is giving people ammunition on the
51:27
other side of the aisle to kind of paint Trump as AI don't know,
51:33
pay, pay for play kind of president And, and, you know,
51:36
being a, a dictator, A tyrannical authoritarian,
51:39
etcetera, etcetera. We, we, we don't have to talk
51:43
about the greatest stock trader ever being on the other side of
51:46
the aisle here. But anyways, the reason I bring
51:49
this up today is because we did see this happen as well.
51:54
And it kind of surprised me because I thought he was a
51:56
bitcoiner. So US Congressman Ro Khanna, of
51:59
course, he's a Democrat to introduce bill that banned the
52:02
president and elected officials from owning or creating crypto
52:06
currencies. Now, obviously the creating
52:07
crypto part I'm probably not against.
52:09
I I think I mean it's Bitcoin. It should only be Bitcoin, but
52:14
who am I can't tell people what to do, but you shouldn't be
52:16
buying this stuff. You should just be saving in
52:18
Bitcoin. But I I specifically remember
52:20
ROH Khanna come out and be pro Bitcoin.
52:23
Wasn't he at the Bitcoin conference like so?
52:26
I know it could be party lines and stuff, but as I've been
52:30
saying, he's. Like just to play devil's
52:32
advocate, he's probably just against politicians holding
52:36
assets that he knows they can manipulate.
52:40
You know the price of that. Like kind of the TLDR. I like
52:44
that maybe this is a pro Bitcoin stance.
52:46
I'm not super against that. Yeah, I I'm not super against
52:51
that. I think that, you know, Bitcoin
52:54
has great incentives. I think I think it is the one
52:58
that does stand out though because you can't like no one
53:02
person can single handedly really manipulate it and it is
53:07
completely decentralized. However, I can understand from
53:12
the Democrat perspective why they wouldn't want people
53:17
holding office to hold any. I mean like don't limit it to
53:22
cryptocurrency. Like don't, don't like, don't
53:26
trade stocks. Don't trade you know other
53:29
financial assets either while you're in office.
53:32
Wow. Keep.
53:33
Them keep them in hold. Hey, let's, let's not, let's not
53:36
attack Pelosi like that. That's mean.
53:39
Pelosi's my my girl, dude. But I mean, look, this has been
53:45
one of those conversations that a lot of people have been
53:49
talking about. So I don't think it's
53:51
necessarily a bad thing. I actually kind of agree with
53:55
it. Like we, we shouldn't have
53:56
politicians creating shit coins. You know, maybe, maybe hot take.
54:01
I don't I don't really think it is so, but you know, hey, I'm
54:04
I'm a bitcoiner. I know my bias.
54:07
But as you can see, like the the party lines are still being
54:10
drawn out here. And even if you are pro Bitcoin,
54:15
you know, politicians are gonna politic at the end of the day.
54:18
So I'm sure there's something deeper to this.
54:20
But this has been one of those concerns.
54:24
I, I've heard a lot of people talk about the fact that some of
54:27
the biggest Bitcoin companies are, are funding this ballroom.
54:30
And it's really starting to make people wonder what the
54:33
incentives are. And so like, this is where we
54:36
are in the, the, the fall of the Republic at this point, I don't
54:43
know. It's reminding me of banana
54:44
republics pay to play. But look, I think bitcoins gonna
54:48
win at the end of the day here anyways, I'm gonna I'm gonna
54:52
keep it moving because we're running a little late and guys,
54:55
look, I know it's not Friday, but it's gonna be a meme Tuesday
54:57
kind of day. Okay, so.
54:59
We like I, I looked at Opti and I was like, it's only Tuesday.
55:04
I know. This is crazy.
55:06
I don't know what's in the air, but I'm just like, I'm really
55:10
tired. Meme all right, so meme Tuesday
55:12
for you guys, we're going to chat about a meme.
55:15
We're going to chat about a meme.
55:16
It's not meme, I'm not shit. It's going to show you meme.
55:18
We're going to meme review. No, it's not a meme review.
55:21
It's not a meme review, but we are going to chat about a meme
55:24
because I think it, you know, as memes they do, they do pack a
55:28
lot of wisdom into short shorts all.
55:31
Right, get everybody in the chat right now.
55:34
Meme Review is back. No, no it's not.
55:37
It's not. I am talking about a meme
55:39
though. Some semblance of.
55:41
It. Yeah.
55:41
OK. All right.
55:42
All right. Enough.
55:43
Enough. We'll be right back.
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freedom. Man chat, you guys are funny
57:50
chat slaves. Okay, so I guess PSA here before
57:54
you guys throw your tomatoes. This isn't a meme review, okay,
57:57
Sophie was overselling it, but we are going to talk about a
58:00
meme because it does kind of continue the conversation from
58:03
yesterday. I've just I I fundamentally
58:05
think people don't understand just how scarce Bitcoin or
58:09
right. Maybe they don't even understand
58:10
what scarcity is. OK, maybe that's we.
58:13
Live in an over. Yeah, maybe that's the problem
58:16
here. We live in a society that over
58:18
consumes everything so absolutely not.
58:21
We do not understand what scarcity means.
58:23
We don't even know where our food comes from.
58:26
When you ask people, they say the grocery store.
58:30
Yeah, I mean technically not wrong.
58:36
I don't pretend, you just say. That from a 42 IQ perspective,
58:41
it's not wrong. OK, anyways, anyways, sailor or
58:44
strategy did did drop a meme yesterday and I think it it just
58:49
like I knew this, but when you read it in in just kind of a
58:54
short form, you're like, man, Bitcoin is super scarce.
58:58
Like they're really there's, there's a lot of people on
59:02
planet earth that haven't woke up to this and we're all going
59:06
to be scrambling for a very small amount of Bitcoin for the
59:10
next 100 plus years. And I don't think people really
59:13
understand what's going on. I think a lot of people feel
59:16
that they have all the time in the world to acquire Bitcoin.
59:18
And you know, once you first understand Bitcoin, or rather
59:22
once it clicks, you do get the sense of urgency of, oh man, I
59:26
need to acquire as much Bitcoin as soon as possible because you
59:30
never know what's going to happen.
59:32
And I think this meme is kind of a perfect example of this.
59:35
So it's just a simple meme, guys.
59:37
It's not the best meme. I'm I'm I'm not gonna you know,
59:40
I'm not gonna hold you here. It's not the best meme, but it
59:42
does make a very start point. So strategy tweets this and I
59:47
love the not investment device. That's how you know it's a meme
59:50
and it goes digital gold rush in 21 days.
59:53
So this was yesterday. So in 20 days and 95% of all
59:56
Bitcoin will have been mined. Of the remaining 5% of the
59:59
Bitcoin, 4% will be mined by 2035 S in 10 years.
1:00:05
Of that five percent, 4% will be mined.
1:00:08
And then from then on until 2/21/40, everyone will be
1:00:13
fighting for the last remaining 1%.
1:00:16
Take action now. Buy some Bitcoin, saving some
1:00:19
Bitcoin. It really is crazy that.
1:00:22
You know what, we're 16 years into this 95% of all the Bitcoin
1:00:27
that will ever be created in our mind and everyone is still
1:00:31
asleep at the wheel and they don't realize the opportunity
1:00:34
they have. And it really does remind me of
1:00:37
how we always say people are going to come up to us and be
1:00:40
like, you should have warned me enough or like I played it
1:00:42
yesterday of Eric Trump saying, or maybe it wasn't the right
1:00:45
clip. Maybe I played a different one.
1:00:48
I saw a clip of him yesterday and he's like, everyone comes up
1:00:50
to me and says, I really wish you would have forced me to buy
1:00:54
Bitcoin. He's like, what do you expect me
1:00:55
to do here? And we've been saying this, I've
1:00:58
been saying this on the show, that I really do believe a day
1:01:01
soon is going to come where everyone that you've ever talked
1:01:04
about Bitcoin is going to come up to you and be like, I really
1:01:06
wish you had forced my hand more to buy Bitcoin because there's
1:01:10
just not that much Bitcoin. It was annoying.
1:01:14
And now you wanted me to force you, Doug?
1:01:16
Like no personal responsibility. Yeah, exactly.
1:01:22
But hey, 95% of all the Bitcoin will be mined in 21.
1:01:26
Actually, let's let me let me pull Clark when he's dashboard
1:01:30
because I know he has it in here somewhere.
1:01:31
Oops, wrong. And we can verify where we are
1:01:36
right now. So let me share this.
1:01:39
We can do this together here's Clark Community's dashboard.
1:01:42
If you've never been here, all of the Bitcoin numbers, let me
1:01:46
see. I forget where we, I forget
1:01:48
where it is here. So I'm going to look real quick.
1:01:51
There you go. Percentage issued currently at
1:01:53
94.95%. And of course, let me see if do
1:01:59
they have the, I don't think they have the 95% date here, but
1:02:06
yeah, anyways, that's the number I wanted.
1:02:09
Oh, here we do Here we do. Yeah, we do. 95% of the supply.
1:02:12
November 16th. So that is 18 days from now.
1:02:17
Wait, no. How many days are in October 31?
1:02:20
31. So I don't know, 20 days, 20 ish
1:02:26
days, maybe 19, whatever Anyways.
1:02:29
The point is, you're not stacking hard.
1:02:32
Enough. Yeah, that is literally the
1:02:33
point. Audience, we know that you that
1:02:37
we can bully you into buying more Bitcoin.
1:02:41
To our friends and family, it's a different story.
1:02:45
We don't want to be that annoying, right?
1:02:46
We don't want to be social outcasts.
1:02:48
But it's funny 'cause everybody's annoying until
1:02:51
they're right. Well, I'm annoying even when I'm
1:02:55
right so. I'm annoying because I'm right.
1:02:59
Yeah, and Bitcoiners are right. So I guess we have the right to
1:03:03
be annoying at this point because we are right.
1:03:06
But yeah, man, look, I think the game around Bitcoin is only
1:03:10
going to accelerate. Remember, most of the Bitcoin is
1:03:13
held in self custody. It's held by individuals.
1:03:17
And if we are entering in about, you know, two weeks ish, maybe 3
1:03:22
weeks closer to three weeks, the final dash for the last 5% of
1:03:27
Bitcoin, it's going to be the next 100 years that well, the
1:03:31
next 10 years going to be for the final 4% and the last 1%
1:03:34
will be 100 years. I think, I think we're going to
1:03:38
start seeing some crazy, crazy action in Bitcoin.
1:03:42
This is one of my fundamental thesis.
1:03:44
Luke and I always talk about this when when we meet up and we
1:03:47
talk is, you know, the idea of a diminishing returns.
1:03:51
And I'm like very few people hold Bitcoin and once they all
1:03:55
wake up to trying to get some of this Bitcoin, I think
1:03:58
diminishing returns is going to break.
1:04:00
Now is that this year? Probably not.
1:04:03
Who knows, Who knows what's going to happen this year, but I
1:04:06
think in a long enough time frame we will see some some
1:04:09
crazy moves left in Bitcoin because not that many people
1:04:12
hold Bitcoin. So you know, we're playing a
1:04:15
game of accumulation. This is the hungry, hungry
1:04:18
hippo. Hopefully you have more sats
1:04:20
today than you do yesterday. Hopefully you have more sats
1:04:23
next month than you do this month.
1:04:25
This is how you win and play the game.
1:04:27
Alrighty then, the next four years are going to get crazy.
1:04:32
Yes, 100%. I am with you 100%.
1:04:36
I'm with this guy, I'm with Sophie on this one.
1:04:40
We are annoying because we're right.
1:04:42
Yeah, yeah, I couldn't agree more.
1:04:45
Couldn't agree more. All right, guys.
1:04:47
Well, that's it for today. Soph and I are going to sign off
1:04:51
and. Sleep.
1:04:53
Yeah, and relax and maybe it's yeah, I was going to say go get
1:04:58
a massage, but I'm totally not going to do that.
1:05:00
I'm going to go sit on the couch guys and do some work A.
1:05:02
Complete life. Yeah, I'm going to.
1:05:05
Stare at the Bitcoin price. No, I'm good, dude.
1:05:09
I'm just honestly low key guys. I'm kind of sore today.
1:05:12
So it's been a it's been a rough morning.
1:05:14
I'm. Kind of pregnant today so I'm
1:05:16
just like honestly sitting down is exhausting and the acid
1:05:23
reflux is at an all time. High, gross.
1:05:24
OK, enough, enough. It's a lot.
1:05:26
Enough. OK, that'll be, you know,
1:05:29
honestly. We gotta let me stop talking.
1:05:32
Yeah, I was just about to say we gotta not have Sophie talk at
1:05:36
the end of the show, so. Happy Nico's almost back.
1:05:40
Believe me, I'm happier about it than you are.
1:05:46
All right, guys, of course we love you guys.
1:05:49
We appreciate you guys. Thanks for all the support
1:05:51
throughout the years. Every view you've ever given us
1:05:54
from watching a show, every comment, it means the world to
1:05:57
us. And if you want to keep
1:05:59
supporting us, check out our merch on the website
1:06:02
www.simplybitcoin.com. We just got a new drop, new
1:06:07
designs, new hoodies, new hats, all the good stuff.
1:06:11
And and and Sophie's shipping today.
1:06:14
Yeah, so. So you'll get your merge sued,
1:06:16
guys. Thank you.
1:06:17
Yeah. Yeah, sorry.
1:06:20
Yeah, so struggling. Are we all right guys?
1:06:21
Anyways, we love you, we appreciate you.
1:06:24
Have a good rest of your day and we will catch you on the flip
1:06:29
side tomorrow. Peace out.
1:06:30
God, you just reminded me how to leave.
1:06:32
Wrong one. Today's episode was brought to
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1:06:38
mission to enable financial independence.