Latest / Simply Bitcoin / World's Largest Country Adopting Bitcoin Sends it to $100k? | EP 1122

Transcript

World's Largest Country Adopting Bitcoin Sends it to $100k? | EP 1122 · Simply Bitcoin

• 0:00
  Yo, a $722 billion asset manager just told the world's largest
• 0:07
  country to adopt Bitcoin. This is a country that has 1.4
• 0:12
  billion people and a GDP of $35 trillion.
• 0:17
  So what analyst am I talking about?
• 0:20
  I'm talking about Bernstein. Bernstein also predicted that in
• 0:23
  2025, Bitcoin, they think they believe that Bitcoin will hit
• 0:28
  $200,000 per coin. So what does Bernstein know that
• 0:33
  you don't? Well, could it be the recent
• 0:35
  election of Donald Trump and the proposed strategic reserve on a
• 0:40
  federal level and now, you know, shout out to Dennis Porter, the
• 0:44
  potential strategic reserve on a state level causing this domino
• 0:49
  effect of mass nation state adoption on a worldwide scale.
• 0:54
  And Bernstein could be adopted, could be advising India, which
• 0:58
  is the country to, you know, jump on the jump on the train
• 1:03
  just in case, you know, so they don't get left behind Anyways,
• 1:06
  this is huge. This is massive.
• 1:08
  Bitcoin is AI mean India is a massive country with a lot of
• 1:12
  people, lot of economic power. So we're going to get into the
• 1:17
  Bernstein news and the press release that they released.
• 1:20
  But again, like we emphasized on yesterday's episode with Seth
• 1:25
  for privacy, there's two things in Bitcoin.
• 1:28
  There's Bitcoin as the investment and then there's
• 1:31
  Bitcoin as the revolution, which is what we are all here for,
• 1:35
  which is the inevitable separation of money and state,
• 1:38
  which I believe will make the world a better place.
• 1:41
  Anyways, I'm joined here with my legendary Co host Optimus Fields
• 1:45
  and our special guest for today Beauty on.
• 1:47
  He has some of the best takes on Twitter and he is the founder of
• 1:51
  Osteco Beauty On. Thank you so much for joining us
• 1:53
  today. It's a pleasure to be here
• 1:56
  again, Nico and Opti. Opti, how you doing, brother?
• 2:00
  I'm doing wonderful. I think anyone that's been at
• 2:03
  simply Bitcoin knows how much I love beauty on.
• 2:05
  So this is this is a gift to me on the show, you know, but you
• 2:09
  guys are going to be exposed to I think some killer take from
• 2:12
  beauty on today. So if you're new to the show and
• 2:14
  you're not familiar with beauty ONS work, this one's gonna be a
• 2:16
  great show. I I'm always excited to hear
• 2:19
  beauty on talk. So today's gonna be epic.
• 2:22
  Anyways, Nika, let's get into it.
• 2:23
  Let's get into these stories. Absolutely.
• 2:24
  So let me pull it up. So this let me pull it up.
• 2:26
  This is the official kind of press release from Bernstein.
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  Bernstein said. Dear India investors, Bitcoin is
• 2:34
  now a strategic asset. Should India miss out?
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  What's really interesting is that Bitcoin is not yet a
• 2:42
  strategic reserve asset. So again, do they know something
• 2:45
  that we don't? I mean, part of the GOP policy
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  in the United States is to create.
• 2:51
  A positive regulatory environment, not only for self
• 2:54
  custody. But for the Bitcoin mining
• 2:57
  industry, in the last couple months alone, again, Trump made
• 3:01
  his famous announcement at the Bitcoin 2024 conference, talking
• 3:05
  about a strategic Bitcoin reserve.
• 3:07
  Polymarket currently gives the odds of that happening about
• 3:11
  roughly 35%. And of course, the recent news
• 3:15
  that came out in the last couple weeks or so with Dennis Porter
• 3:19
  saying that on a state level, up to 10 states are interested in
• 3:23
  making Bitcoin part of their treasury.
• 3:26
  And of course, I'm, I'm assuming all of this is happening because
• 3:30
  they're seeing what Naimbu Kelly has done with El Salvador with
• 3:35
  their, you know, putting Bitcoin on the treasury and they're
• 3:37
  seeing the performance of MicroStrategy.
• 3:40
  MicroStrategy is the best performing stock.
• 3:43
  And you know, what Seth said yesterday was kind of funny.
• 3:47
  Like what does MicroStrategy do as a company, right?
• 3:50
  I love the way that he framed that.
• 3:52
  You know, we know they're a software company, but it wasn't
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  a very well known company in general until they adopted a
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  Bitcoin strategy. And now they've broken
• 4:02
  officially into the top 100 companies in the world, which is
• 4:07
  absolutely massive. So let's get through.
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  Let's get to some of this news. This is the headline.
• 4:13
  Bernstein urges India to recognize Bitcoin as strategic
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  asset investment firm. Bernstein believes it's time for
• 4:21
  India to view Bitcoin as a strategic asset.
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  With Bitcoin now worth $1.5 trillion globally and delivering
• 4:28
  an impressive 50% annual return over the last four years,
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  Bernstein argues that India should not ignore its potential.
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  The firm argues that India's regulators need to create a
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  policy that treats Bitcoin not just as a quote private
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  currency, but as a viable quote store of value in times of
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  global economic uncertainty. Bernstein suggests that Indian
• 4:51
  asset managers should step up to offer secure and regulated ways
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  for people to invest in Bitcoin. Many Indian investors today face
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  the risk of losing money on unregulated crypto exchanges,
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  and Bernstein sees a chance for Indian companies to lead in
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  creating safer investment options.
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  Quote Should an Indian retail and institutional investors not
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  gain access to regulated crypto products without risk of losing
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  custody? Quote In In its report,
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  Bernstein also highlights financial moves made by the
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  United States, where Bitcoin is getting new attention.
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  With crypto friendly President Donald Trump, who has big plans
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  to make USA global leader in Bitcoin, the US could soon treat
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  Bitcoin as a strategic asset. Bernstein believes that as the
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  world's fifth largest economy, India shouldn't miss the benefit
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  the chance to benefit from Bitcoin as well.
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  Currently, India's government focuses on CBDC's and labels
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  Bitcoin as quote private crypto, which Bernstein says limits its
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  potential. The firm explains that that the
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  CBDC could help expand India's digital economy, but it doesn't
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  replace what Bitcoin could do as digital gold.
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  I disagree with that. By the way, Bernstein points out
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  that India has significantly increased its gold reserves over
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  the past decade, and it could do the same with Bitcoin without
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  relying on foreign gold storage. Globally, companies like
• 6:17
  BlackRock and Fidelity have already launched Bitcoin ETFs,
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  bringing in over 55 billion in assets just 10 months after
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  launch. Bernstein believes India's
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  leaders need to move fast on Bitcoin policy.
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  And I think this is what Max Kaiser coined the global hash
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  war, where you're going to see countries all around the world,
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  once they start realizing Bitcoin superior incentives and
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  monetary properties, they're going to start aping in.
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  And this is something that we've already seen.
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  For example, the Kingdom of Bhutan holds 12,207 Bitcoin or
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  about 1.141 point, 1.14 billion worth in U.S. dollars.
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  Bhutan's to 2023 GDP was 2.9 billion.
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  So if Bitcoin hit hit another 2.5 X from here, Bhutan's
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  Bitcoin stack will be about the same as its annual GDP.
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  So Bhutan literally aped in. I mean, look, guys, a couple
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  takes here and I know that Bution is going to agree with me
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  the way that that that Bernstein framed it, which is, you know,
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  we need regulate, we need regulations, we need regulated
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  crypto exchanges. You know, retail is going to
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  miss out, investors are going to miss out.
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  The way that I see it is very simple.
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  Bitcoin is the most beneficial towards individuals.
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  So the question is not so much is India's government adopting
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  Bitcoin? The question is, are the
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  individuals of India adopting Bitcoin and are they taking that
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  said Bitcoin into self custody? And if a significant percentage
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  of those people, let's say 5 to 10% of 1.4 billion people,
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  that's a lot of people that own Bitcoin and are empowering their
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  themselves, taking back their financial sovereignty by buying
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  Bitcoin, earning Bitcoin, mining Bitcoin and taking that said
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  Bitcoin into self custody. However, if India for whatever
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  reason does decide to, you know, follow in the fitsteps of Bhutan
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  and say, hey, we need a nation state treasury strategy, I think
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  that's very, very bullish for the price, but not so bullish
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  for the revolution. Anyways, beauty on, I want to
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  get your takes on this. Is this just noise?
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  Because I mean, we're seeing this on an on in on an
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  international level. Russia kind of rolled back their
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  Bitcoin mining ban. Of course you have Donald Trump
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  talking about the United States Strategic Reserve Asset.
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  Of course you have the Kingdom of Bhutan, Forgive my words,
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  going balls deep. You have El Salvador.
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  You know, of course, with their Bitcoin strategy, what's your
• 9:07
  take on this beauty on? Well, look, the, the, the idea
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  that that that's wrong with many of these people.
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  What they're, what they're saying is they're pigeonholing
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  Bitcoin into one thing. They're saying it's a it's a
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  strategic asset at digital Gold. And of course, these late comers
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  into the idea of Bitcoin bring with them their legacy system
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  and their legacy thinking and superimpose it on top of Bitcoin
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  to help them understand it and contextualize it.
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  And that, of course, is not the way that the reality works.
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  Bitcoin is not a strategic asset.
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  Bitcoin is not digital gold. Bitcoin is not money.
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  Bitcoin is a database, and databases are useful for storing
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  all sorts of things. In the case of Bitcoin, it's
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  very good at acting like a global Abacus to show how many
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  beads are on your side of the rail, and that's all it is.
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  And so these people who are well meaning for the most part are
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  advising governments to do a very specific thing which
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  actually it could fail for them, you never know.
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  I can tell you this, that if these governments make Bitcoin a
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  strategic asset and then hoard all the Bitcoin, take Bitcoin
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  out of circulation, this is not good for Bitcoin.
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  It's not good for the price of Bitcoin.
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  It's not good for the utility of Bitcoin.
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  And so it's it's it's, it's a double edged sword.
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  It's a good thing that these people are sort of waking up to
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  Bitcoin and not thinking that it's a threat or it's only for
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  drug dealers or all kinds of other nonsense that they've been
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  saying for years. But what it does mean is that
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  they've got to, if they get allowed to run away with these
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  mistaken ideas, these Wall Street ideas, there's going to
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  be a a problem. And it's interesting that a Wall
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  Street type is coming to the Government of India saying you
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  must do this now, wait a minute. India is a sovereign nation.
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  They're perfectly capable of figuring out things for
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  themselves. And so it's, it's it's kind of
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  bad taste for these people that say India must be doing this
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  just because you were broken up to it all of a sudden.
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  And 10 years ago, I wrote a piece about India and why it
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  should be adopting Bitcoin. And so it's laughable that these
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  newcomers are coming in and telling other people what to do
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  when they've only just woken up to what Bitcoin is, and they're
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  not even categorizing it properly.
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  And so I think countries like the United States should lead by
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  example. They have a written constitution
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  which is the envy of all sane people on earth, and they should
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  apply their own laws to their treatment, the government
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  treatment of Bitcoin. Lead by example.
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  Don't get up and start telling people what to do when you can't
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  even formulate a proper strategy on policy on Bitcoin, which in
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  the case of America should be no policy at all because Bitcoin is
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  speech and not money. And so you can't have any of
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  your agencies telling people what they can do with their
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  speech. This has already been to court
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  more than once and proven that mathematics is speech.
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  Bitcoin is mathematics. Therefore, you cannot come in
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  and say you're not allowed to do this kind of speech in any way
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  other than we tell you how to do it.
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  And so I think America has a place to part a place to part.
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  It has a part to play in leading the world into the into the
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  Bitcoin global ecosystem. But they got to do it by example
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  and not by diktat. They can't dictate to other
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  countries how they should do things with Bitcoin.
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  I'm very happy to hear that the Russia, the Russian government
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  is relented on trying to control people's doing math inside
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  Russia. Russians are very good
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  traditionally at mathematics and so they should also, if they
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  want to have a seat at the Bitcoin table in as far as there
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  is even this one, they need to let the Russian people who are
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  super smart, super creative, very good at maths and software
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  to get on with it by themselves. Allow the the market to bear the
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  risk of providing services to Bitcoin users who happen to be
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  in Russia or in other places. And that's the most efficient
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  way, most cost effective way for governments to harness the power
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  of Bitcoin. Don't try and be clever because
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  you're not clever. You didn't come up with Bitcoin.
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  It came from inside the normal population.
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  It took you over 10 years to even start to understand what it
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  is or why it works. And so you're not in the
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  position, the proper position in many respects, to say what
• 14:05
  Bitcoin is and determine how it should be used by the people.
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  You need to get out of the way, take a step back and let the
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  public let the market figure out what they should do with Bitcoin
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  and how they should do it. And this idea, which is frankly
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  deeply, deeply offensive to all real Americans, that the only
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  way to interact with Bitcoin should be through exchanges and
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  that regulation is required to control how people use Bitcoin,
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  is extremely anti American. If somebody were to say this
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  about book publishers, we must only allow book publishers who
• 14:41
  have a license to publish books so that people don't publish
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  books that are full of lies, because we have to protect the
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  people from lies. That's exactly what these people
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  are saying. Bitcoin regulation or regulation
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  that companies that use Bitcoin is a prerequisite to it being
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  useful in the economy. That's absolutely false.
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  There are more than enough laws on the books to protect people.
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  Well, when I say protect, the laws don't actually protect
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  people from things. What they do is offer you an
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  Ave. of recourse. There are many sufficient
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  avenues of recourse to do with fraud that will cover anything
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  any company or person want to do with Bitcoin.
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  There is no need for new laws that are tailored specifically
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  for Bitcoin, and the American government in particular has no
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  authority to regulate people publishing words and numbers in
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  a database. And so whilst I'm very gratified
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  that the America is starting to wake up, they need to be very,
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  very careful about bringing the wrong attitudes, thinking and
• 15:47
  legal structures to something that doesn't require legal
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  structure. And if they get this wrong,
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  there are other countries that are getting it right and it's a
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  simple e-mail and sending of a transaction somewhere to open up
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  an incorporation in another jurisdiction, a freer
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  jurisdiction, ironically a more American jurisdiction than
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  America to escape the Luddite ideas of these people.
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  And As for the national reserve, a Bitcoin national reserve, on
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  the surface it sounds like a good idea because you obviously
• 16:24
  don't want your quote, UN quote your government to be
• 16:27
  exanguinated and to be left out of the Bitcoin ecosystem as a
• 16:32
  laggard country when it comes to Bitcoin adoption.
• 16:35
  But how it's done is very, very, very important.
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  You can't say I need to buy a new car and therefore I'm going
• 16:44
  to go steal the money to buy a new car.
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  That's not how that's not how ethical business works.
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  That's not how ethical transactions work.
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  You can't steal money to buy a car.
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  You can't steal money to make a national Bitcoin reserve.
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  And I've written a piece about Cynthia Loomis's idea about
• 17:01
  having a strategic Bitcoin reserve.
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  And so if America's going to do this, first of all, they need to
• 17:08
  fund it correctly and they have to fund it, I think, through the
• 17:12
  tariff system that the greatest president ever, Donald John
• 17:17
  Trump, has proposed. If he removes the income tax
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  from the yoke of the income tax from the next Americans and
• 17:27
  moves America to a Taft style tariffs system, they can use
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  that money, which should be paid in Bitcoin, to fund the
• 17:38
  strategic Bitcoin reserve of the United States.
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  If it's true that during the Taft era, and of course it is,
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  the American government had more money than it knew what to do
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  with, the same effect will happen again, only they'll have
• 17:52
  more Bitcoin than they know what to do with.
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  And so that's the way to build a Bitcoin national reserve through
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  the payment of tariffs, mandate that all tariffs for all goods
• 18:05
  coming into United States are paid in Bitcoin.
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  And then all of a sudden, you'll find that the American
• 18:10
  government has a huge coffer full of Bitcoin that they can
• 18:15
  then disburse into the economy as as they do, which is normally
• 18:19
  inefficient, but with Musk in charge, maybe it's going to be
• 18:21
  efficient too. So we're going to get many
• 18:23
  different positive aspects, but this has to be done correctly
• 18:27
  from the start, not incorrectly. And the idea that this strategic
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  reserve should be an arbitrary #1,000,000 Bitcoin, 121st of all
• 18:37
  the bitcoins ever going to exist, and then locked away for
• 18:41
  decades so that nobody can even use it, that doesn't make any
• 18:44
  sense at all. It makes far more sense that
• 18:47
  tariffs are used to build this this system.
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  And then through that, American business and genius can be put
• 18:55
  into how this Bitcoin is being managed, how it's going to be
• 18:58
  managed by the state and, and everywhere else.
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  If these tools to manage this great horde of Bitcoin are made
• 19:07
  open source and available to everybody because they're
• 19:09
  developed by the government, the whole ecosystem is going to
• 19:12
  benefit. That's how it should be done.
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  And it's not like I'm making up something new.
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  You can paste and copy and paste all of these things from what's
• 19:20
  happened in the last, I don't know, the last since task till
• 19:24
  now, including the software era to figure out that that's the
• 19:28
  correct way it should be done. And so we have to be very
• 19:32
  careful of why I suggest people are very careful about how they
• 19:35
  proceed with this emerging Bitcoin ecosystem, how it's
• 19:41
  thought about the rules that are used, which in America's case
• 19:45
  should be done, on how this should be mediated and
• 19:49
  controlled. The free market is the most
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  powerful, potent way of getting things done and getting things
• 19:55
  done properly. And anything that interferes
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  with that is going to cause a big problem.
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  And America doesn't want any more problems.
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  Just come out of a very long dark era where the
• 20:07
  regulationistas and those quasi socialists have made collecting
• 20:13
  rain off your own roof illegal in some states in America where
• 20:16
  raw milk, milk and some pasteurizers have been made
• 20:19
  illegal. Which got the only Amish out to
• 20:22
  vote for Trump, by the way. So it's very important that
• 20:24
  don't repeat the mistakes of the past.
• 20:28
  Don't make assumptions that regulation is the way to keep
• 20:32
  people safe. Some very clever people say that
• 20:34
  AI has to be regulated to keep people safe.
• 20:36
  This is completely wrong. And if we go down this logistic
• 20:41
  European style socialist thinking when it comes to
• 20:44
  Bitcoin, it's going to end very badly for America.
• 20:48
  And nobody who's American wants things to end badly for America.
• 20:53
  We want things to and correctly or to carry on correctly for
• 20:57
  Americans. We want America to be the number
• 20:59
  one, the premier country on earth for Bitcoin and it can do
• 21:04
  it. Americans have the know how.
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  They've had the know how since the birth of the computer era,
• 21:09
  Internet era. And so all that has to happen is
• 21:12
  that has to be harnessed. People have to be left to their
• 21:15
  own devices to get things done properly.
• 21:19
  All of the rules as far as defrauding people are concerned.
• 21:23
  Let the law do its job of protecting people for fraud
• 21:27
  after it's taken place. And then you watch.
• 21:29
  The market will do its magic by itself.
• 21:31
  You can't conjure prosperity at the table of the legislatures
• 21:38
  and their poison pens. It doesn't work like that.
• 21:41
  Markets don't work like that. And that applies directly to
• 21:44
  Bitcoin. If you want Bitcoin to become
• 21:48
  the global of new money that's used on the Internet, with
• 21:53
  America having a strategic central position in everything
• 21:56
  to do with mediating Bitcoin, the state must not be involved
• 22:01
  in it. The government was not involved
• 22:03
  in building of the web and the standards that were built to
• 22:08
  mediate web, websites, e-mail, you name it, those were all done
• 22:13
  privately and the same thing can happen to Bitcoin.
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  This there's and I think it's i.e.
• 22:20
  FIFTFI can't remember, sure I can't remember what it is the
• 22:23
  people who do the standards for the the web and there is a
• 22:29
  payment part of that standard which was never implemented
• 22:34
  because Bitcoin didn't exist. Now that it does exist, it's
• 22:38
  obvious that it should be added to the other protocols on the
• 22:41
  Internet without government interference.
• 22:44
  It's the people who write the software who should set the
• 22:48
  standards of how everything works.
• 22:50
  That's how the Bitcoin ecosystem has grown to its size today.
• 22:54
  Software developers have taken the lead and responsibility for
• 22:58
  making things work properly, and they've managed to stave off
• 23:01
  some very, very serious attacks from people whose names, you
• 23:05
  know, that I don't have to repeat.
• 23:07
  And so not only is the software working very, very well, it's
• 23:11
  able to withstand attacks of many different kinds of shades
• 23:15
  and flavors. And it's going to, it's about to
• 23:18
  step into a new phase of global adoption.
• 23:21
  And thanks to Oluwaluwa Osudoku and Elizabeth Stark and people
• 23:26
  like that, we have lightning upon which billions and billions
• 23:30
  of transactions can be made. And so this is not the time now
• 23:34
  for the Luddites and laggards to come in and say, no, you should
• 23:38
  actually be doing it this way. You should be thinking about it
• 23:40
  this way. No, if you want to contribute to
• 23:43
  Bitcoin, you either start a business or get your laptop,
• 23:47
  open up a command line and start writing software.
• 23:49
  You cannot dictate to people how they do their speech in
• 23:55
  computers. That's the law.
• 23:57
  If you don't like that, you can go and live in some other
• 24:00
  country where they don't have a written constitution and
• 24:04
  guaranteed rights. And if you think that you can
• 24:07
  force people in America to follow your rules and
• 24:10
  categorizations of Bitcoin, we can go to the Supreme Court and
• 24:14
  we will make the same arguments that Bernstein made and others,
• 24:18
  and we will have your rules shot down and incinerated.
• 24:23
  And you will deserve it because you're going against the
• 24:27
  American culture, the laws of the United States, And we're not
• 24:31
  going to tolerate it. As simple as that.
• 24:33
  We're not going back as a Democrat, say.
• 24:35
  Beautiful, beautiful, beautiful man.
• 24:37
  I'm going to continue this conversation.
• 24:39
  We're just going to continue talking with Beauty on today's
• 24:43
  episode just because he's full of knowledge.
• 24:45
  So many good takes, the guys we do have to pay the bills at the
• 24:49
  end of the day. So quick commercial break guys,
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  I just want to take advantage of beauty on here because he's been
• 29:13
  dropping the fire and we're just gonna continue the conversation.
• 29:16
  Before that, we do have to give A to Toshi the Bitcoin chicken
• 29:21
  celebration because the price of Bitcoin did make an all time
• 29:25
  high earlier on today. I believe we hit $94,700.
• 29:30
  So that's absolutely massive. But anyways, I do want to pivot
• 29:33
  the conversation back. Beauty on that was amazing.
• 29:36
  Like always, you come on the show, blow my mind, blow
• 29:39
  everyone's minds, and I want to kind of continue this.
• 29:42
  And where I want to, where I want to take it off from is this
• 29:45
  idea of getting back to America's original ideals.
• 29:51
  I think America has been Frankenstein since the
• 29:54
  establishment of the Federal Reserve since and, and
• 29:58
  coincidentally, I don't think this is a coincidence.
• 30:00
  Oh, someone said 94 ninety, 4900 was all time high.
• 30:03
  Thank you for the correction. But America has been
• 30:05
  Frankenstein since the establishment of the Federal
• 30:08
  Reserve 1913, which coincidentally was the same year
• 30:12
  that the income tax was established.
• 30:15
  I don't think that's a coincidence at all.
• 30:17
  And the way that they pitched the American people on the idea
• 30:22
  of an income tax is that it would only be for the ultra
• 30:27
  wealthy. So it was only 1 to 5% in the
• 30:30
  very beginning fast. Forward to World War.
• 30:32
  Two, FDR put it all the way up to 90%, you know, and it and
• 30:37
  it's been there ever since and people essentially have been
• 30:41
  normalized to this idea that somehow you have to pay, you
• 30:46
  know, almost half, depending on where you live, almost half of
• 30:50
  your income to the state in order for the state to run
• 30:54
  effectively. I disagree.
• 30:56
  Why do I disagree? I live in the state of Florida,
• 31:00
  right? And I'm telling you, the state
• 31:02
  of Florida has a much better quality of life than the state
• 31:05
  of California or the state of New York.
• 31:07
  If you try to start a business again, the state of Florida much
• 31:11
  better. Guess what?
• 31:11
  The state of Florida has no income tax.
• 31:15
  And you tell me like, wait, how is that possible?
• 31:18
  Like, how could you say how is it possible?
• 31:20
  Because if you leave more money in people's pockets rather than
• 31:26
  a group of bureaucrats, and those people have the ability to
• 31:30
  decide what to do with their money, I think you're going to
• 31:33
  get a better outcome. And I think what people also
• 31:36
  have to understand too is that it's not the government that's
• 31:39
  giving you these things. The government does not produce
• 31:42
  anything the government takes. It is entrepreneurs that are
• 31:46
  driving society, entrepreneurs putting their own money on the
• 31:50
  line, taking risks that are developing these incredible
• 31:54
  products that you use on a daily basis.
• 31:57
  Elon Musk landing a rocket is an entrepreneur, right?
• 32:01
  Elon Musk basically inventing a self driving car is an
• 32:04
  entrepreneur. Simply Bitcoin making, you know,
• 32:08
  a daily live show. And we're entrepreneurs in a
• 32:10
  way, beauty on creating a stucco.
• 32:13
  He's an entrepreneur in a way. Entrepreneurs are the ones that
• 32:16
  are developing products and really moving humanity forward.
• 32:20
  It is not governments. I would say governments move
• 32:24
  humanity back. You can make a very strong
• 32:25
  argument for that. So I know it's a little bit
• 32:28
  outside of the Overton window. This concept of getting rid of
• 32:32
  the income tax altogether, The knee jerk response is how will
• 32:36
  the roads be built? Well, how were the roads built
• 32:39
  before the Intra in the introduction of the income tax
• 32:42
  in 1913? How the roads built here in
• 32:45
  Florida, I'll tell you what, the roads here in Florida are much
• 32:48
  better than the roads in California.
• 32:50
  But wait, there's no income tax. What's going on?
• 32:53
  Right? Never mind, sorry, I have to
• 32:54
  interrupt you. How was the West won?
• 32:57
  How was the West? How was California, quote, UN
• 33:00
  quote, colonized by the people from the east?
• 33:03
  There was no income tax that they were using to get people to
• 33:05
  go and caravans and the gold rush and everything else.
• 33:08
  I mean, come on. The idea that the income tax is
• 33:11
  a requirement for a civilized society is completely false.
• 33:15
  It's proven to be false. If you know anything about
• 33:18
  history, the Federal Reserve System was created in a
• 33:24
  conspiracy at a meeting in a place called Jekyll Island.
• 33:27
  You'd read a book called The Creature from Jekyll Island.
• 33:31
  And before that, America had a previous central bank that was
• 33:37
  killed by I believe was Andrew Jackson.
• 33:39
  And so this is the second central Bank of the United
• 33:42
  States. And so there is no reason
• 33:45
  prosperity of a nation is does not come from taxation.
• 33:51
  This is a very well known fact amongst the bit corners, many
• 33:54
  bit corners, but it's not generally known by the
• 33:56
  population. And really in a free country it
• 34:00
  shouldn't be a requirement that everybody knows the minutiae of
• 34:04
  how an economy works and why it doesn't.
• 34:07
  If the country is formed and governed correctly, the market
• 34:12
  will mediate everything and everyone will benefit, whether
• 34:16
  you know about how things work in the in the details or not.
• 34:20
  And So what has to happen in the case of Bitcoin is that Bitcoin
• 34:26
  has to be spread to every single person on earth.
• 34:30
  You don't have to know how the the gears underneath the hood of
• 34:34
  Bitcoin work. What you need to be able to do
• 34:37
  is get access to it in a trivial manner and to be able to use it.
• 34:43
  It's very important that this is understood by people who are
• 34:46
  trying to advocate for Bitcoin. It doesn't.
• 34:49
  It doesn't matter if some ex favours person or some other
• 34:53
  person or some big company has a hoard of Bitcoin.
• 34:56
  That doesn't matter. What matters is that it's easily
• 35:00
  accessible to the greatest number of people.
• 35:02
  That's how the economic effect of Bitcoin is going to change
• 35:06
  everything. Not that some person has a lot
• 35:09
  of Bitcoin. Obviously these stories are
• 35:12
  spectacular and very interesting, exciting because it
• 35:15
  shows that there are a couple of people who are very dedicated to
• 35:19
  the what they believe is the idea of Bitcoin.
• 35:22
  But that's not going to change the way things work.
• 35:26
  If every single Bitcoin was owned by one person, and that
• 35:31
  Bitcoin was never in circulation, the power of
• 35:34
  Bitcoin would be completely neutralized, because money only
• 35:39
  has utility when it's in motion, not when it's all sitting in one
• 35:43
  person's account not being used by anybody.
• 35:47
  In a situation like that, which is obviously completely
• 35:50
  theoretical, you'd have to have another Bitcoin released so that
• 35:54
  it could act like money and be in circulation amongst many
• 35:58
  people. And so whilst there's nothing
• 36:00
  wrong with collecting and essentially hoarding money, if
• 36:07
  anybody wants Bitcoin to take over the world it for the
• 36:10
  reasons why it was written, it needs to be widely distributed
• 36:15
  in a very flat manner amongst many, many people.
• 36:19
  Used by many people. The Super hoarding of Bitcoin
• 36:24
  isn't actually useful to the utility of Bitcoin, although
• 36:29
  hoarding Bitcoin does give utility of Bitcoin to the people
• 36:32
  who are hoarding it. Anybody who's for Bitcoin, the
• 36:35
  mission of Bitcoin, which is essentially unwritten, then they
• 36:39
  have to be for spreading Bitcoin.
• 36:41
  They don't just hoard it. That's not rational, it's
• 36:44
  actually irrational, and it's a kind of OCD response to Bitcoin
• 36:50
  that I find rather odd, as they say.
• 36:56
  Yeah, 100 percent, 100%. I think again, this is like
• 37:00
  against the grain type of thinking.
• 37:02
  If we want Bitcoin to be a medium of exchange, if we do
• 37:06
  want it to be a currency, you're going to have to use it.
• 37:11
  I, I personally, you know, when I go to El Salvador or I was,
• 37:16
  you know, lucky enough to go to Canada and a buddy of mine, you
• 37:20
  guys know him by the name of BTC Sessions, He was doing these SAT
• 37:24
  markets and it was essentially like a Bitcoin circular economy.
• 37:27
  And what I would do is whether I go to El Salvador, whether I go
• 37:30
  to Canada, I would load up 500 or $600.00 on a Lightning wallet
• 37:36
  and I would make sure to go through every single one of
• 37:38
  those vendors and pay them in Bitcoin using money, using
• 37:42
  Bitcoin as money. And I'm telling you guys, like
• 37:46
  Lightning has come a long way and it's a pleasurable
• 37:49
  experience. It's not quite Apple Pay and it
• 37:52
  needs to be, but it's getting close with the QR, with the QR
• 37:57
  code and whatever. I hope they add haptic feedback.
• 38:00
  I hope they add the little touch.
• 38:02
  I mean, there's no reason as to why those things that couldn't
• 38:06
  be possible and it was, you know, it was you beauty on that
• 38:09
  told me you said, like Nico, like we we need to make Bitcoin
• 38:14
  human friendly and right now it's not.
• 38:17
  Right now it's designed for a bunch of tech nerds on the
• 38:21
  Internet. Sorry, guys, but that's the
• 38:22
  reality. We need to.
• 38:24
  Well-being being a teched myself more or less of these that I'm
• 38:28
  not insulted it's just I'm talking about I'm.
• 38:31
  Talking about myself and Opti too, right?
• 38:35
  Self deprecating humor is, is good, but you know, the the
• 38:39
  other thing that's very, very important to to try to
• 38:41
  understand is that when we're talking about the tools that
• 38:45
  people use to move Bitcoin from A to B, we're not talking about
• 38:50
  Bitcoin. We're talking about companies
• 38:52
  that have written wallets to use Bitcoin.
• 38:55
  And it's those people who have to be very careful about how
• 39:00
  they're doing what they're doing.
• 39:02
  Now, there are some wallets out there.
• 39:05
  When you want to redeem an Esteco voucher, it's required
• 39:10
  you press send instead of receive.
• 39:14
  Now that user experience is something that we cannot show to
• 39:18
  anybody because it's so upside down, so counterintuitive, so
• 39:24
  completely wrong, that we can't possibly expose this to other
• 39:27
  people because they'll say, well, how I'm receiving Bitcoin,
• 39:30
  why am I pressing send to receive?
• 39:32
  And so before we even start to explain anything, we just say,
• 39:36
  no, we're not going to do that. Whereas if we use something like
• 39:39
  Wallet of Satoshi, then you have an experience which is very,
• 39:44
  very close to being an ideal consumer Bitcoin experience.
• 39:50
  And by the way, the phrase consumer Bitcoin, which we
• 39:54
  coined in Nasdeco, this is what has to be the norm if you want
• 39:59
  Bitcoin to spread everywhere. You have to have the proper user
• 40:04
  experience in graphic design that any user is going to be
• 40:08
  familiar with. That's why when Apple or Google
• 40:13
  gets onto Bitcoin, they're going to put their years of
• 40:16
  interaction. Understanding on to making the
• 40:20
  perfect wallet and then all the problems of using a wallet are
• 40:25
  going to go away. It will be like ducks to water
• 40:28
  people using Bitcoin and then that won't be the problem
• 40:31
  anymore and there'll be something else to focus on.
• 40:34
  But we can see that there is a locus somewhere, a design and
• 40:39
  user experience locus that is being centered on.
• 40:43
  And there's 2 examples of companies that are getting close
• 40:46
  to this. The first one is Primal.
• 40:49
  Now Primal is a noster client and they have a Bitcoin wallet
• 40:54
  element to to Primal, which is absolutely wonderful.
• 40:59
  Got try it, it's almost perfect. The other company is bit key big
• 41:05
  keys interface. If you were to put it next to
• 41:08
  primals, you would see that it's very, very similar.
• 41:11
  That's not because one of them has copied the other one,
• 41:14
  although that might have happened.
• 41:15
  But it doesn't. It doesn't really matter.
• 41:17
  I have a suspicion that they've both arrived at the same
• 41:20
  conclusions from 2 totally different directions.
• 41:24
  And what this tells me is that these wallets have the look of
• 41:29
  of the Bitcoin wallets of the future where they're super
• 41:33
  legible, super easy to use. There are no options literal
• 41:38
  over the screen. All of the conventions to do
• 41:41
  with sending messages and receiving messages are
• 41:44
  duplicated in these wallets so that you don't have to learn
• 41:47
  anything, read anything or understand anything just to use
• 41:50
  them. And so this has to be the, the
• 41:53
  understanding that Bitcoin itself is not a company.
• 41:56
  Bitcoin itself can't do anything.
• 41:58
  It's companies. And behind those companies are
• 42:01
  people. And those people need to be
• 42:03
  appealed to directly to say you guys have got to clean up your
• 42:07
  ACT. You've got to stop presenting
• 42:10
  things to the user that the A have no interest in and B are
• 42:14
  never going to use. That's why Wall of Satoshi is so
• 42:17
  powerful. And of course, there's a this
• 42:19
  sort of theme going around in the Bitcoin community that
• 42:22
  Satoshi is no good because it's not custodial, blah, blah, all
• 42:25
  this kind of nonsense. What these people are doing is
• 42:28
  preparing for the onslaught, the flood, the tidal wave of Bitcoin
• 42:34
  users. And when that tidal wave of
• 42:36
  Bitcoin users comes, I can guarantee you that if the
• 42:40
  conventions of sending and receiving were reversed, their
• 42:45
  support groups would be inundated with complaints and
• 42:49
  questions and all kinds of other stuff.
• 42:52
  If when your support groups are empty, your support, your
• 42:56
  Zendesk are all empty, and yet the number of transactions is
• 43:00
  going up is an indication that you're doing things correctly,
• 43:04
  You and I know that Wallet of Satoshi works exactly as
• 43:09
  described the. Billions of people who are
• 43:13
  coming. To Bitcoin are not going to be
• 43:15
  running their own nodes, they're not going to be controlling
• 43:18
  their own infrastructure. They're going to be using
• 43:20
  Bitcoin in the same way that you they use WhatsApp and Signal.
• 43:24
  And so for Bitcoin to be useful to these people, it has.
• 43:29
  To be brought. To them, in that kind of
• 43:32
  interface, what happens behind the scenes is less important
• 43:36
  than these people having access to Bitcoin.
• 43:38
  Now, there's some people who will argue that you're not using
• 43:41
  Bitcoin unless you're running your own node.
• 43:44
  That is correct and incorrect at the same time.
• 43:48
  If you go to a noodle bar in in Danang and you're going to buy a
• 43:54
  bowl of noodles with Bitcoin and you use Toshi to buy those
• 43:58
  noodles, you've used Bitcoin. There's no doubt about that.
• 44:03
  And So what matters is the utility where you can use it,
• 44:07
  how you can be on boarded to Bitcoin, how you can get a
• 44:10
  wallet like that and then top it up with Bitcoin like that.
• 44:14
  Those are the things that matter if you want to see Bitcoin
• 44:18
  fulfill its full potential. The idea that everybody has to
• 44:22
  use Bitcoin in only one way is as absurd as categorizing
• 44:27
  Bitcoin as a digital asset or strategic reserve or any single
• 44:31
  thing. It's very important that the
• 44:33
  market is what determines what Bitcoin is and what the best way
• 44:38
  to use it is. It doesn't come from the top
• 44:40
  down, it comes from the bottom up.
• 44:42
  And the people who understand this first are going to be the
• 44:46
  ones to change the world. And I think that's a very, very
• 44:49
  good thing. It's a perfectly natural thing,
• 44:51
  and it's enough to make Bitcoin get into the hands of everybody
• 44:55
  who needs to use it. Beautiful, beautiful.
• 44:58
  I completely. Agree, beauty on dropping the
• 45:00
  hot fire. Guys, we're going to continue
• 45:02
  this conversation. I do want to get beauty ONS take
• 45:05
  on Howard Lupnik being appointed.
• 45:08
  Let me make sure I get this correctly.
• 45:10
  Being appointed the secretary of Commerce.
• 45:13
  Guys, we'll be right back. We're going to hit the news.
• 45:15
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  With passport at foundation dot XYZ slash simply get Peace of
• 47:03
  Mind for your piece of Bitcoin. All right, everybody, this is
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  Opti. And Opti has a passport by
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  Envoy app. It's incredibly easy to use,
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  guys. Get yourself a passport by
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  foundation devices. Take self custody of your
• 47:34
  Bitcoin doesn't come with Opti, but if you use promo code
• 47:37
  simply, you will get a discount. All right, let's get to today's
• 47:41
  news. Here we go.
• 47:44
  So Howard Lupnik, I can't wait to get a beauty on his take on
• 47:49
  this Howard Lupnik. Was.
• 47:51
  Just appointed the secretary of commerce by President Donald
• 47:57
  Trump. Now the reason, and we'll give a
• 47:59
  little bit of context. So Howard has been a dynamic
• 48:03
  force on Wall Street for more than 30 years.
• 48:05
  He joined Counterfeitzgerald in 1983 and rapidly rose through
• 48:10
  the ranks to become President and CEO at The Age age of 29.
• 48:15
  Tragedy struck on September 11th, 2001 when terrorists
• 48:19
  attacked the World Trade Center and Counter Fitzgerald lost 658
• 48:23
  of its 960 New York based employees, including Howard's
• 48:29
  brother and his best friend. He emerged from those events
• 48:33
  with an indomitable sense of purpose to rebuild the firm, to
• 48:36
  honor those lost, support their families and become a beacon of
• 48:41
  hope for those who remained. He was an inspiration to the
• 48:44
  world, the embodiment of resilience in the face of
• 48:47
  unspeakable tragedy. There's a little bit about, you
• 48:49
  know, Howard, and this, by the way, is coming from the
• 48:53
  presidential nominee who's going to be sworn into office January
• 48:57
  20th, Donald J Trump. Anyways, here are some things
• 49:01
  because I do. This is a Bitcoin show after
• 49:03
  all. And you're like, Nico, what are
• 49:04
  we talking about? These are some of the things
• 49:06
  that he has said recently about Bitcoin.
• 49:09
  Let's check it out. Gerald is here to.
• 49:14
  Announce that we are launching. A Bitcoin financing business.
• 49:20
  We will offer leverage, leverage to those who own Bitcoin.
• 49:29
  We are going to start, we are going to launch with 2 billion.
• 49:35
  Dollars of lending and once we put out the two.
• 49:38
  Billion of lending, we will go up in increments of $2 billion.
• 49:44
  You have to realize Canner and BGC its whole its largest.
• 49:48
  Wholesaler we finance. And arrange vast, vast amounts
• 49:55
  and we are going to now build that ecosystem for Bitcoin.
• 50:01
  So the moral of the story is we are going to.
• 50:05
  Welcome Bitcoin into the financing family.
• 50:09
  Of the global financial markets and Cantor Fitzgerald is going
• 50:13
  to be your sponsor. We will build the best.
• 50:23
  Platform for financing Bitcoin we will work with the best
• 50:27
  custodians we are committed to your ecosystem of Bitcoin so.
• 50:34
  In closing, we are Cantor Fitzgerald.
• 50:38
  And we will support Bitcoin. Thank you everybody.
• 50:43
  So, ladies and gentlemen. That guy was.
• 50:45
  Just nominated by Trump, Howard Lupnik to be part of Trump's
• 50:51
  cabinet. Those are the things that he was
• 50:53
  saying about Bitcoin. And here's a recent clip of him
• 50:56
  on the Anthony Pompliano Anthony Pompliano Podcast.
• 51:02
  Out either you or. Cantor, I don't have a big
• 51:05
  enough percentage I. Probably have you know if.
• 51:10
  I can't say because then people can.
• 51:11
  Figure out that none and how much I have, I would say I have
• 51:15
  hundreds of millions of dollars, OK, OK, hundreds and hundreds of
• 51:19
  millions of dollars exposure to Bitcoin and it will be billions.
• 51:26
  I was going to say so next year when you come.
• 51:27
  Back and we'll do this again and you'll be a Bitcoin billionaire
• 51:31
  and if you remember that. Model, I told you so.
• 51:35
  If every time Bitcoin dips, I'm going to be the buyer, I know
• 51:40
  why. You're doing the lending.
• 51:43
  Listen, listen. You don't have to.
• 51:45
  Explain that one around here. So yeah.
• 51:47
  I got the 50. Percent.
• 51:48
  Bitcoin, I got the Bitcoin lending, but basically what
• 51:51
  you're going to see is Kenneth Fitzgerald is going to be the
• 51:53
  sponsor of Bitcoin into traditional finance.
• 51:56
  And so we will be the leader of it.
• 51:58
  And I'll pull out this podcast in years to come and say, see, I
• 52:02
  told you because no one's going to remember, of course, but all
• 52:05
  the banks, after we do it and show people how to do it right,
• 52:10
  they'll all copy. And so the asset of Bitcoin
• 52:13
  will, just as it becomes more accepted, it will become more
• 52:18
  valuable. And the whole Bitcoin nation
• 52:21
  should just call it a commodity, never a currency.
• 52:24
  Just cough, I'm going to stop it right there.
• 52:27
  Well, yeah, that's. The you, you, you know, you've
• 52:29
  triggered me now and so well done, I I'm going to stop it.
• 52:32
  Right there. So invoices.
• 52:34
  Invoices in the, in the, in the mail.
• 52:36
  I mean, these, these guys are absolutely don't, don't.
• 52:40
  These guys are absolutely out of order.
• 52:43
  They're completely Irish now, Of course, it's very good that this
• 52:48
  gentleman has been invited into the the Trump cabinet.
• 52:51
  This is a very good thing because he's not in the
• 52:53
  ignorance, he's not frightened of Bitcoin, and he's probably
• 52:58
  going to do more good than harm. I imagine that's going to be a
• 53:02
  very good thing. But the idea that one company
• 53:08
  and one man can tell you how to do Bitcoin right is completely
• 53:13
  absurd. Bitcoin is not a single thing.
• 53:16
  Bitcoin is a database. It's not an asset.
• 53:19
  And so the the fact that this man wants to call Bitcoin one
• 53:25
  thing and he says he's going to show everybody how to do it
• 53:27
  right. This is completely absurd.
• 53:29
  Many developers, software developers all over the world
• 53:33
  who are going to be using Bitcoin in the ways that they
• 53:35
  want, including, believe it or not, things that are like
• 53:40
  considered to be anti Bitcoin, which is putting images onto the
• 53:44
  chain of blocks. And so is Bitcoin a database to
• 53:49
  store images on or is it a exclusive reserve of Cantor to
• 53:54
  define what it is? This is an interesting question
• 53:57
  because Bitcoin is essentially a database.
• 54:00
  Nobody controls it. Anybody anywhere on earth can
• 54:04
  write to that database whatever they can afford to put on it.
• 54:07
  And so to make a definitive statement like this, I
• 54:11
  personally think it's very worrying because either you're
• 54:15
  going to be proven right and you're going to ring fence off
• 54:19
  Bitcoin so that only companies who think like this gentleman
• 54:22
  thinks are going to be able to use it legally or these going to
• 54:25
  be wrong and they're going to lose money, which of course is
• 54:29
  completely their business. I don't think they are going to
• 54:31
  lose money, but that's that's just the principle that counts.
• 54:34
  And so the idea that Cantor is going to be building on Bitcoin,
• 54:42
  it's like it's like just imagine this is the the, the age of the
• 54:45
  first computers, the first computers that came from IBM as
• 54:50
  mainframes. It's like saying that we are
• 54:53
  going to be the people who are going to bring computers to
• 54:57
  everyone. No, it's not.
• 54:59
  It's not like that. You're going to be using
• 55:01
  computers for your business purpose.
• 55:03
  They're going to be using Bitcoin for their business
• 55:05
  purpose, and that has nothing to do with anybody else.
• 55:08
  What they want to use Bitcoin for, these people cannot tell,
• 55:13
  cannot define Bitcoin. They cannot sequester it off and
• 55:16
  tell people what Bitcoin is. It doesn't work like that.
• 55:20
  Reality doesn't work like that. And I think part of the problem
• 55:25
  that America's faced in being so such a laggard and getting into
• 55:30
  Bitcoin is that they need to have things defined for them
• 55:35
  before they will understand, before they'll even try to
• 55:38
  understand anything. And because Bitcoin is
• 55:40
  essentially a purely technical arrangement of software, these
• 55:46
  people who do not program, who do not build their own
• 55:49
  computers, who don't run anything, they are left like
• 55:53
  leaves in the wind trying to quote UN quote figure out what
• 55:56
  Bitcoin is all about. And because they can't do that,
• 55:59
  because they have no insight, they have no inroad into
• 56:02
  understanding what Bitcoin is. It's only now that analogies
• 56:05
  have been put in front of them that they can understand that
• 56:07
  are tangential to their previous businesses and they can say, ah,
• 56:12
  Bitcoin is digital gold, Gold, we understand, digital we
• 56:16
  understand. Put the two things together,
• 56:18
  digital gold, we understand. It's all nonsense.
• 56:21
  It's all nonsense on stilts. So Bitcoin is not digital gold.
• 56:25
  It's just a database. And so the final part of the
• 56:29
  notes I wrote down when I was watching these very triggering
• 56:33
  quotes, Bitcoin, these people are hoarding Bitcoin for
• 56:38
  themselves. They hold bitcoins that in the
• 56:41
  anticipation that the value of bitcoins going to go up.
• 56:44
  Now, if you are spending your time doing these two things that
• 56:49
  are contradictory, first of all, hoarding Bitcoin in the hopes
• 56:51
  that it goes up, and then on the other hand, ring fencing
• 56:55
  bitcoins that only registered people can use it or can only be
• 56:58
  used for one purpose in the United States, these two things
• 57:01
  are contradictory. If you want Bitcoin to become
• 57:05
  maximally valuable, you want as many people using it in as many
• 57:10
  different contexts as possible, in the same way that people use
• 57:14
  electricity in many different contexts.
• 57:17
  You don't have an electricity regulator saying you can't use
• 57:21
  electricity to light this kind of light bulb or you run that
• 57:24
  kind of refrigerator. Once electricity is connected to
• 57:26
  your house, what you do with electricity in your own house is
• 57:28
  your own business. And So what these people are
• 57:31
  doing is they're trying to say that electricity is one thing.
• 57:34
  We decide what electricity is, we decide what proper use of
• 57:38
  electricity is, and nobody else is allowed to say.
• 57:41
  So obviously that's completely ridiculous.
• 57:44
  And so if these people really expect Bitcoin to become
• 57:48
  10/20/30, a hundred, 1000 times worth more than it is today,
• 57:54
  they need to let the market disseminate Bitcoin into every
• 57:58
  single corner of the world, into every device.
• 58:01
  So that when you get on an elevator, to go up in an
• 58:03
  elevator, you have to pay a tiny bit to pay like a fraction of
• 58:06
  Bitcoin to go up and down the elevator.
• 58:08
  Really. That sounds completely insane.
• 58:11
  But this is the kind of thing that can happen when Bitcoin is
• 58:16
  allowed to creep into every single area of human activity.
• 58:22
  It's going to be used in ways that people can't even imagine
• 58:25
  today. And I can tell you, the people
• 58:27
  who are calling Bitcoin an asset couldn't imagine Bitcoin before
• 58:31
  it was written. They don't know why Bitcoin was
• 58:34
  written. I guarantee you today that these
• 58:37
  people do not hold that the Federal Reserve is illegitimate
• 58:40
  on its face. They all believe in the Fiat
• 58:43
  dollar. They all believe that the dollar
• 58:45
  is legitimate and the dollar must be carried on forever.
• 58:48
  If they really did understand why why Bitcoin was written,
• 58:52
  they would have accepted it as soon as it was released.
• 58:56
  It's taken them so long because they believe in the Fiat system.
• 58:59
  They accept the the Fiat system. They want the Fiat system to
• 59:02
  continue. They measure their their wealth
• 59:05
  in dollars, not in Bitcoin. They want, they want to see the
• 59:09
  price of Bitcoin go up. Now, of course everybody wants
• 59:13
  to see the price of Bitcoin go up because everybody's using
• 59:15
  Fiat money. But if they were really
• 59:17
  understood Bitcoin, they wouldn't care about the price of
• 59:20
  Bitcoin. The price of Bitcoin doesn't
• 59:22
  matter. The utility of Bitcoin matters.
• 59:26
  That the more people using Bitcoin than less is what
• 59:29
  matters, not the price of Bitcoin, because Bitcoin is the
• 59:35
  only sound money that can be transferred peer-to-peer on a
• 59:39
  telephone, a cell phone, and without any third party
• 59:43
  involvement. So a lot of these people have a
• 59:47
  catching up to do and I don't mind people having catching up
• 59:51
  to do. You can't be expected
• 59:53
  out-of-the-box to understand everything to do with Bitcoin,
• 59:55
  which includes Austrian economics and those other arcane
• 59:58
  things. What I do object to is people
• 1:00:01
  getting in the way of those of us who do understand Bitcoin at
• 1:00:06
  least a little bit, and then telling us how we should define
• 1:00:10
  it, what rules we should follow to run our own software on our
• 1:00:14
  own machines, interacting non violently and voluntarily with
• 1:00:18
  other people. And that's what I object to.
• 1:00:20
  And that's what every. Real American objects to that.
• 1:00:24
  The government can come in and tell you you can't publish this
• 1:00:27
  kind of book, you can't release this kind of database, you can't
• 1:00:30
  use your speech in XY or Z way without a license.
• 1:00:35
  That's what's the objectionable thing.
• 1:00:36
  They've got to take a take a deep breath, stand down and let
• 1:00:43
  the market decide what the best way to mediate Bitcoin is.
• 1:00:48
  And it's very, very disturbing that the the usual suspects are
• 1:00:52
  being hauled into the White House to help the greatest ever
• 1:01:00
  American administration think about Bitcoin.
• 1:01:04
  And let's just think about this just for a second.
• 1:01:07
  Just imagine that there was an evil villain in Bitcoin who was
• 1:01:14
  through his thinking, anti Bitcoin, pure anti Bitcoin.
• 1:01:18
  And that was the person who was going in to advise the
• 1:01:22
  administration that KYC was completely necessary, that
• 1:01:26
  holding your own keys was against the national interest
• 1:01:31
  and all that kind of all that kind of thing that as the voice
• 1:01:36
  of Bitcoin quote, UN quote in the administration would be a
• 1:01:40
  nightmare scenario. I'm not saying it's happening,
• 1:01:43
  but just imagine if it was to happen, who would you prefer to
• 1:01:47
  have advising the new and best ever American administration
• 1:01:53
  about what Bitcoin is, what the best way to to use it is,
• 1:01:58
  etcetera, etcetera. You'd rather have someone I
• 1:02:02
  don't know, someone like me there?
• 1:02:05
  And not somebody. Who is an anti Bitcoin person?
• 1:02:09
  Also you would not want somebody who believes that the
• 1:02:12
  environmental impact quote UN quote of Bitcoin is too severe
• 1:02:18
  for it to be used. These people don't understand
• 1:02:20
  anything about electricity, how electricity works or what is
• 1:02:23
  generated and and what it's used for mostly.
• 1:02:26
  And I'm sure all of your viewers know that the amount of
• 1:02:30
  electricity used to create aluminum or an American
• 1:02:34
  aluminum, the aluminum is smelted using electricity.
• 1:02:38
  The amount of electricity used to do that is far greater than
• 1:02:41
  the amount of electricity used to mine Bitcoin.
• 1:02:44
  And so to complain about Bitcoin in on the environmental basis is
• 1:02:50
  completely absurd. It doesn't take reality into
• 1:02:53
  account. And also the side effects, the
• 1:02:57
  2nd order effects of Bitcoin, sound money being in the hands
• 1:03:01
  of billions of people far outweighs any quote UN quote
• 1:03:06
  environmental costs of running the miners.
• 1:03:09
  And so even if Bitcoin was run only on fossil fuels, which of
• 1:03:13
  course it isn't just run on many sustainable sources as well, but
• 1:03:16
  even if it's run only on burning diesel or coal, it'd be well
• 1:03:20
  worth it because of 2nd order effects in introducing sound
• 1:03:25
  money to people where they save more than they spend would help
• 1:03:28
  to contribute to the death of the consumer society and all
• 1:03:32
  these other ills that plague the Fiat system, the Fiat mediated
• 1:03:36
  system, because Fiat encourages spending, encourages
• 1:03:41
  wastefulness, whereas Bitcoin is the opposite.
• 1:03:44
  And so these equations can only be put together for people who,
• 1:03:49
  first of all, understand why Bitcoin was written, what the
• 1:03:53
  effect of Fiat money is on the economy, and all those other
• 1:03:56
  things. It's only with these small
• 1:03:58
  pieces all put together that you can understand why it's
• 1:04:01
  important that first of all, Bitcoin should not be regulated,
• 1:04:04
  Why the environmental impact of Bitcoin is not only smaller than
• 1:04:08
  other uses, but is absolutely worth it in terms of the 2nd
• 1:04:12
  order effects and many other things.
• 1:04:14
  And people don't talk about these things because they don't
• 1:04:16
  know about them, and those that do are not concerned about them
• 1:04:21
  enough to make them the talking point.
• 1:04:23
  They have other reasons why they want Bitcoin to be regulated.
• 1:04:28
  For the crony capitalists who have the ear of the president,
• 1:04:32
  he put us the greatest ever president of the United States.
• 1:04:36
  These people have a reason for going there and advocating for
• 1:04:39
  KYC, AM L and all the other things because they know that
• 1:04:42
  the barriers to entry will be all of a sudden put up like a
• 1:04:46
  huge force field and they will have free reign and all that.
• 1:04:49
  The upstart entrance market entrance are not going to be
• 1:04:53
  able to get the licenses and everything else they need to do
• 1:04:57
  run a Bitcoin business. And so the world is a big place.
• 1:05:02
  There are many places in the world, many different free
• 1:05:05
  countries, where Bitcoin businesses can establish an
• 1:05:10
  entity and serve the entire world.
• 1:05:13
  And if any particular country wants to go down the route of
• 1:05:17
  Luddism and crony capitalism, they are at liberty to do so.
• 1:05:23
  Bitcoiners and Bitcoin entrepreneurs are at liberty to
• 1:05:26
  go to other places. The EU is a perfect example
• 1:05:30
  trying to outlaw unhosted wallets, which is not even a
• 1:05:33
  real thing by the way. This is just a term portmento
• 1:05:36
  they've made-up. They want to outlaw these
• 1:05:39
  wallets where the keys are not controlled by a central entity.
• 1:05:44
  OK, fine, by all means do that. All of you people in the EU will
• 1:05:48
  not be able to use a self custodial wallet.
• 1:05:52
  That's perfectly fine. Other people will be able to use
• 1:05:56
  those wallets in the world. And there's 7 billion people on
• 1:05:59
  earth, 300 million Europeans. Who do you think's going to win?
• 1:06:04
  I think the people outside the EU are going to win, and the
• 1:06:06
  people who serve them are also going to win.
• 1:06:09
  So by all means, you can put the Luddite hat on, ban custodial
• 1:06:13
  wallets and do all this kind of business, and that's fine.
• 1:06:15
  But you're going to the world is going to teach you a lesson.
• 1:06:18
  You're going to be punished for it and you're going to deserve
• 1:06:20
  it because you've been told in advance.
• 1:06:22
  Now for those who are paying attention, it might seem
• 1:06:25
  contradictory that I'm for what a Satoshi and also taking the
• 1:06:31
  stance that custodial wallets are very important and shouldn't
• 1:06:33
  be outlawed. The overarching theme of this
• 1:06:38
  and principle is that the market should decide what is best when
• 1:06:42
  it comes to providing or the provision of service of Bitcoin
• 1:06:45
  to people. Not an apparatchik, not for from
• 1:06:49
  some non programmer financial world escapee who, you know,
• 1:06:58
  thinks that they're going to superimpose their their rules
• 1:07:01
  and thinking about Bitcoin and everybody else.
• 1:07:03
  The market must decide what the best way is to serve the public.
• 1:07:08
  And it doesn't matter what sector of the public, it is Mr.
• 1:07:11
  Lutnick and and all these other people to have a very, very deep
• 1:07:15
  understanding about the what the financial community requires in
• 1:07:19
  terms of services and the provision of those services.
• 1:07:22
  And so he with that expert knowledge, can put together a
• 1:07:28
  set of services and tools which is perfectly suited to those
• 1:07:33
  those customers at constituency and he should be at liberty to
• 1:07:38
  do that. On the other hand, the people
• 1:07:40
  who come from a completely different perspective, let's
• 1:07:43
  take the most polar opposite perspective that you can
• 1:07:45
  possibly have. The Ordinals community, those
• 1:07:49
  ordinals people should be able to do whatever it is they want,
• 1:07:52
  whether you like it or not, with the Bitcoin software that
• 1:07:56
  they've downloaded that they're coding against and that they're
• 1:07:59
  working with. And the two, the two worlds
• 1:08:01
  don't ever have to meet in the same way that people who go to
• 1:08:06
  the McDonald's website to order McDonald's don't go to the
• 1:08:10
  Burger King website. They're both on the web.
• 1:08:12
  But these two different constituencies, both dealing and
• 1:08:14
  burgers, never touch each other. And that's the way, the proper
• 1:08:19
  way to think about Bitcoin. Everybody can use it for
• 1:08:21
  whatever they want. They all have to pay access to
• 1:08:24
  make transactions and whatever they want to do with it is their
• 1:08:28
  business. It's not your business to tell
• 1:08:30
  people what they should do. Call memes and so the ordinals
• 1:08:34
  an asset and say that because it's an asset, you have to get a
• 1:08:38
  license to to do this kind of stuff.
• 1:08:39
  This is very, very, very toxic, very anti American and I don't
• 1:08:44
  want America to lose in this competition to be the number
• 1:08:48
  one, the premier country to do with Bitcoin.
• 1:08:51
  So you have to be very, very careful.
• 1:08:53
  By all means, work with Bitcoin in whatever way you want, but
• 1:08:57
  don't get in the way of other people.
• 1:09:00
  Don't take one perspective of one man as your guide to what
• 1:09:05
  Bitcoin actually is. No, those people look at Bitcoin
• 1:09:09
  through their own lenses, and then they impose their own
• 1:09:13
  thinking on the services that they provide.
• 1:09:15
  That doesn't mean that what they think applies to anybody else.
• 1:09:18
  And if you don't understand this, you're going to lose.
• 1:09:22
  And once you lose the premier position in Bitcoin, as the
• 1:09:26
  premier country for Bitcoin, it's going to be very, very hard
• 1:09:30
  to get it back. I can tell you there's one
• 1:09:32
  country that has suffered this very recently, that's the United
• 1:09:36
  Kingdom. The United Kingdom has suffered
• 1:09:38
  with companies leaving this, leaving that country to go to
• 1:09:43
  freer jurisdictions. And nobody who is a Bitcoin
• 1:09:47
  entrepreneur is thinking about moving to shortage in central
• 1:09:51
  London to start a Bitcoin company.
• 1:09:53
  It's the last place on earth that anybody would want to start
• 1:09:58
  a Bitcoin business. Why?
• 1:09:59
  Because they've taken the wrong advice about what Bitcoin is
• 1:10:03
  saying. It's a digital asset, saying
• 1:10:05
  it's a digital commodity. It was on the port rental
• 1:10:08
  nonsense, which is irrational, illogical and destructive of the
• 1:10:14
  Bitcoin business ecosystem. And so all sovereign nations are
• 1:10:19
  at liberty to take these bad steps, these missteps.
• 1:10:22
  There are many places other people can go, and they're going
• 1:10:25
  there. It's as simple as that.
• 1:10:26
  You know that there are many companies that are going to El
• 1:10:28
  Salvador to incorporate, and they're doing so because the
• 1:10:32
  laws there are sensible in that they're very, very, very light
• 1:10:38
  touch. They're so light.
• 1:10:39
  Touch it like the touch of a feather as you drop it.
• 1:10:42
  And I mean the big one too. So if you want to attract
• 1:10:46
  entrepreneurs who are working in Bitcoin, the way to do it is
• 1:10:50
  through the free market. So that's how you do it.
• 1:10:53
  And then maybe in 30 years, 40 years, if there's anybody left
• 1:10:58
  to to who has the regulation mindset, well, then you can
• 1:11:02
  think about it after you've captured the market for Bitcoin
• 1:11:05
  entrepreneurialism. But to try and do so beforehand,
• 1:11:07
  we need the rules. The road was kind of a clap
• 1:11:10
  trap. It's not going to work.
• 1:11:12
  It's not going to work because everybody understands in this
• 1:11:15
  age where you can communicate anybody set up in a corporation
• 1:11:19
  anywhere without even leaving your desk.
• 1:11:22
  You don't have to tolerate Luddism.
• 1:11:25
  You don't have to tolerate Cynthia Loomis.
• 1:11:27
  You don't have to tolerate the FCA in the UK.
• 1:11:30
  You don't have to tolerate the, the, the, the government of
• 1:11:33
  Russia telling you you're not allowed to run Bitcoin business.
• 1:11:36
  None of it's going to work anymore.
• 1:11:38
  And the country that is sensible, the country that has
• 1:11:42
  the correct attitude to this is going to attract all of the
• 1:11:44
  money and it's not going to go back because once you've been
• 1:11:48
  kicked out of a jurisdiction, the bitterness is always there.
• 1:11:52
  And I think they're very, very few inducements that can make
• 1:11:56
  companies move back to jurisdictions where they've been
• 1:11:59
  told to get lost because that taste is not good. 100 MIC.
• 1:12:05
  Drop moment from beauty on 100% and and the term Luddite.
• 1:12:10
  Guys, this is sovereign individual thesis, right?
• 1:12:13
  Yeah, Bitcoin gives you the power to not only vote with your
• 1:12:16
  wallet, but also your feet. You're going to flock to more
• 1:12:20
  favorable jurisdictions that actually want your business,
• 1:12:23
  right? And this isn't just the theory
• 1:12:25
  or anymore. We saw this with the reaction
• 1:12:29
  from certain states as they reacted to the pandemic.
• 1:12:32
  And you saw an exodus of people leaving California, leaving New
• 1:12:37
  York and going to Texas and Florida where there was more
• 1:12:41
  federal business environment. So yes, it's like, you know,
• 1:12:45
  follow the laws in your jurisdiction, but if the laws
• 1:12:47
  are unjust, I'm going to as a bitcoiner, I'm going to get up
• 1:12:49
  and leave and I'm going to go to a jurisdiction that is more
• 1:12:52
  favorable. And with Bitcoin, it gives you
• 1:12:55
  the power to do that. You know, before Bitcoin, it's
• 1:12:58
  kind of difficult, you know, what were you going to do?
• 1:13:00
  But now that you can take self custody, you can theoretically
• 1:13:04
  memorize A12 word to 24 word seed phrase.
• 1:13:07
  Like that's a lot, you know, it empowers you as an individual,
• 1:13:11
  but only if you're going to use the tools.
• 1:13:14
  Anyways, guys, we're going to hit the culture and we're going
• 1:13:17
  to talk about a Steco, we're going to talk about beauty ONS
• 1:13:21
  company and what he's doing. But before I do give a shout out
• 1:13:24
  to some of our partners. So we're going to start off with
• 1:13:28
  first Hive Digital Technologies. As the first ever public miner,
• 1:13:33
  Hive's been battle tested through every possible market,
• 1:13:37
  and as the first with an AI strategy, Hive continues to
• 1:13:40
  redefine the future of sustainable computing.
• 1:13:43
  I've got to also casually drop in here that Hive consistently
• 1:13:47
  tops the industry in Bitcoin mine per Exahash.
• 1:13:51
  They're lean and mean, they're green and clean, and they're
• 1:13:53
  changing the game. Learn more by following them at
• 1:13:57
  Hive Digital Tech or check them out at Hive digitaltech.com.
• 1:14:03
  Also, they're a publicly traded company, so you can check out
• 1:14:05
  their ticker on the NASDAQ Hive. All right, everybody, I also
• 1:14:09
  want to tell you about one of my favorite Bitcoin conferences.
• 1:14:14
  Of course, I am talking about the legendary bit Block Boom,
• 1:14:19
  guys, this is one of the best Bitcoin conferences in the
• 1:14:23
  space. You'll only find pure Bitcoin
• 1:14:26
  signal there. The speakers, the events, the
• 1:14:29
  side events, the side BBQ. It's absolutely awesome.
• 1:14:34
  It's going to be in Dallas, TX this year.
• 1:14:37
  April 3rd, April 4th, April 5th, and April 6th.
• 1:14:42
  The whole Simply Bitcoin crew will be there.
• 1:14:45
  That includes Opti, that includes myself, that includes
• 1:14:47
  Ruston, that includes Dante, that includes Jacob, that
• 1:14:51
  includes Sophie. We're going to be doing the
• 1:14:53
  production for them, so we're going to be live streaming the
• 1:14:56
  entirety of the content. Guys, you don't don't want to
• 1:14:59
  miss the one of the best Bitcoin conferences of the year, and I
• 1:15:04
  hope to see you guys in person so we can have a chat.
• 1:15:08
  Get your tickets, the Bit Block Boom today before the price
• 1:15:12
  increases. Also, if you use promo code BBB
• 1:15:17
  21, you get $100 off your tickets.
• 1:15:21
  Guys, I hope to see you at Bit Block Boom 2025 in Dallas, TX.
• 1:15:27
  All right, everybody, let's hit the culture.
• 1:15:40
  Everybody, I do also want to give a shout.
• 1:15:42
  Out to our sponsor, the Orange Flap Stack friends to stack
• 1:15:46
  sats. Join the 13,912 Bitcoiners that
• 1:15:51
  are currently on the app. The Orange Pull app is the
• 1:15:54
  Bitcoin social layer. So if you're travelling, you're
• 1:15:57
  on the go and perhaps you don't know any bitcoiners around you,
• 1:16:00
  or perhaps you don't know any bitcoiners.
• 1:16:02
  In your city, you pull up the orange pull app and it will show
• 1:16:05
  you geographically the bitcoiners that are near you and
• 1:16:08
  it will give you the capability of sending a message.
• 1:16:10
  I'm direct sending them a message directly.
• 1:16:13
  It also has a very clever filtration system so you won't
• 1:16:16
  find scammers, spammers on the app.
• 1:16:19
  Also, it's the number one resource for Bitcoin only
• 1:16:22
  events. So perhaps you're traveling,
• 1:16:24
  you're going to a conference, but you're staying at that
• 1:16:27
  location for a week and the conference is only two days.
• 1:16:31
  What are you going to do the days that there's no events?
• 1:16:33
  Pull up the orange pull app and you'll see there's Bitcoin
• 1:16:36
  events near you. So to get started, scan the QR
• 1:16:40
  code or check the link in the video description.
• 1:16:42
  Download the orange pull out today.
• 1:16:44
  Stack friends who stacks ATS All right, everybody, let's open up
• 1:16:48
  this conversation and let's talk about Esco Azteco is beauty on's
• 1:16:54
  baby. He's been working on this.
• 1:16:56
  This is his project and this is one of the best ways by the way,
• 1:17:01
  for people to acquire Bitcoin that may not have access to
• 1:17:07
  traditional banking services. So they're available in the
• 1:17:11
  United States and they're available worldwide as well.
• 1:17:14
  So and I know Akeem, we were talking, you guys recently
• 1:17:18
  announced a new product, something that you guys are are
• 1:17:21
  releasing, is that correct? Well, I wouldn't say it's a new.
• 1:17:26
  Product, but we have a new, we have a couple of new
• 1:17:29
  integrations which are very interesting.
• 1:17:31
  If you have a bit key, you can redeem an Azteco voucher
• 1:17:36
  directly into it, which is very, very seamless and user friendly.
• 1:17:41
  And we also have an integration with foundation devices.
• 1:17:46
  And I know that the Foundation doesn't come with Opti, but it
• 1:17:49
  does come with the Azteco. So you can redeem one of our
• 1:17:53
  vouchers into your foundation device.
• 1:17:56
  And this is very important because the connection between
• 1:18:00
  you and the Bitcoin that you've bought and the Bitcoin e-mail
• 1:18:05
  stored either on your big key or in your foundation device is
• 1:18:10
  broken. So that you can have Bitcoin
• 1:18:12
  privately, just as you have other things privately like
• 1:18:15
  having a private SIM card or having a an account on Signal
• 1:18:20
  where you can communicate in private with other people.
• 1:18:23
  And remember, a Bitcoin is a communication network.
• 1:18:26
  It is not money. It is exactly the same in
• 1:18:30
  function as Signal or WhatsApp or any of these other tools.
• 1:18:34
  And the expectation of privacy and sending messages on Bitcoin
• 1:18:38
  should be exactly the same as it is anywhere else.
• 1:18:42
  And if you think about it, if Bitcoin is a messaging service,
• 1:18:46
  the only thing that you can send on Bitcoin is numbers, basically
• 1:18:51
  the numbers 0 to 9. And the idea that you should be
• 1:18:58
  registered to be able to send numbers, which are multiples of
• 1:19:02
  prime numbers before you can do this is completely absurd.
• 1:19:07
  So if you start thinking about Bitcoin from the the correct
• 1:19:12
  starting for the the correct initial premise, then what we're
• 1:19:15
  doing as Techo makes perfect sense.
• 1:19:17
  All we need to do is go into a local store that sells lottery
• 1:19:24
  tickets. For example, if you're in
• 1:19:25
  Brazil, you can go to into a Lotteria after going onto our
• 1:19:29
  app and ordering a a voucher. Pay for the voucher and then
• 1:19:34
  about 3 seconds later it will arrive in your inbox.
• 1:19:38
  Then you can redeem it. There are other places where you
• 1:19:41
  can go and pay in person and they have the, the voucher
• 1:19:44
  printed out for you on the spot. And we're going to, we're
• 1:19:47
  rolling this out to many, many different countries.
• 1:19:50
  We're available essentially worldwide now through our
• 1:19:53
  website, go through a simple process of finding an outlet and
• 1:19:57
  then in a very short order, you can find yourself with an
• 1:20:03
  Astecco voucher that you can then redeem to any Bitcoin
• 1:20:07
  address. And Astecco doesn't track your
• 1:20:10
  use of Bitcoin. We don't have the users, we
• 1:20:13
  don't have accounts. We only sell Bitcoin vouchers,
• 1:20:17
  which are redeemable for Bitcoin.
• 1:20:19
  And so it's very, very useful for people who want to not only
• 1:20:23
  have all the advantages of Bitcoin controlling your own
• 1:20:27
  money over the Internet, but to also do so in a private way,
• 1:20:32
  which is the right of everybody, certainly the right of every
• 1:20:36
  American. And this has already been
• 1:20:37
  tested. So we've made it easy to get
• 1:20:40
  Bitcoin. It is the easiest way for
• 1:20:43
  anybody to buy Bitcoin. We've worked very hard to remove
• 1:20:46
  everything from the process of buying Bitcoin that can be
• 1:20:49
  removed. If we were to remove any part of
• 1:20:52
  Azteco in terms of the the process of buying a voucher, it
• 1:20:56
  would be not, it would not work. There's nothing more than we can
• 1:20:59
  remove to make buying Bitcoin more easy.
• 1:21:03
  And we're talking about not buying hundreds of thousands of
• 1:21:07
  dollars of Bitcoin. We're talking about small
• 1:21:09
  amounts of Bitcoin, believe it or not.
• 1:21:11
  The vast number of people on Earth number in the billions,
• 1:21:17
  don't have hundreds of thousands of dollars each that they can
• 1:21:20
  put into their hardware wallet and then huddle for years and
• 1:21:25
  years. They are on small wages, small
• 1:21:28
  salaries, and they have the use for money in the same way that
• 1:21:32
  other people have the use for money.
• 1:21:33
  There are two billion people, just for example, 2 billion
• 1:21:38
  people on earth who don't have bank accounts.
• 1:21:40
  So these people, the only means that they have of saving money
• 1:21:44
  is through something like Bitcoin on a smartphone, which
• 1:21:47
  they also have. And if they use a smartphone and
• 1:21:51
  a Bitcoin wallet, they can start to to store money for
• 1:21:54
  themselves, use it over time, bequeath it and do all the other
• 1:21:59
  things that Westerners take for take for granted that are not
• 1:22:02
  available to them simply because they don't have a bank account.
• 1:22:06
  And that also means by the way, that the result of not having a
• 1:22:10
  bank account, the consequence of not having a bank account means
• 1:22:13
  that they can't engage in e-commerce online.
• 1:22:18
  They can't roll up to Amazon and buy something with their credit
• 1:22:22
  card because they don't have credit cards.
• 1:22:23
  Now Amazon doesn't take Bitcoin yet.
• 1:22:26
  But when Amazon does take Bitcoin, and I assure you that
• 1:22:29
  they're going to, they're going to be able to pay with Bitcoin
• 1:22:32
  for all the goods that are available on Amazon.
• 1:22:36
  And because Bitcoin eliminates payer fraud, all the problems of
• 1:22:42
  credit cards will be eliminated in one fell swoop.
• 1:22:45
  This is a revolution in how people use money online.
• 1:22:50
  The elimination of payer fraud alone, which is absolutely,
• 1:22:55
  staggeringly huge, should be enough of an incentive for all
• 1:22:59
  the companies who are selling things online that look very,
• 1:23:02
  very closely at Bitcoin. As soon as you receive a Bitcoin
• 1:23:06
  transaction, that money, quote UN quote, is yours.
• 1:23:10
  It cannot be taken from you. It cannot be manipulated, it
• 1:23:15
  can't be changed. And so this is a very, very
• 1:23:18
  powerful new payment rail. And if you think about it from
• 1:23:22
  that perspective, this is an absolutely tremendous,
• 1:23:27
  tremendous revolution in how things are done.
• 1:23:30
  And so Mr. Lutnick and his idea about Wall Street and everything
• 1:23:33
  else is actually running in parallel to Bitcoin for the
• 1:23:38
  masses, Bitcoin for the young bank, Bitcoin for the peasants,
• 1:23:42
  for one of a better description. And the two things are not
• 1:23:45
  mutually exclusive. They're complementary.
• 1:23:48
  This is why it's very important for the Lutnicks and all of
• 1:23:51
  these people who think that KYC is prerequisite using Bitcoin.
• 1:23:55
  This is why they're completely dead wrong.
• 1:23:57
  And This is why they're also wrong hoarding Bitcoin expecting
• 1:24:00
  for its value to go up, but saying that a class of people
• 1:24:04
  who don't have to live in America should be excluded from
• 1:24:07
  using Bitcoin. They're absolutely wrong about
• 1:24:09
  that. There's no reason why
• 1:24:11
  technically people cannot use Bitcoin for smaller amounts of
• 1:24:15
  money and use it in contexts that are completely excluded
• 1:24:20
  from them for no good reason. There is no technical reason now
• 1:24:24
  why e-commerce cannot be a global phenomena available to
• 1:24:28
  everybody at the same time, with the extra icing on the cake of
• 1:24:34
  the elimination of payer fraud. This opens up a new era in
• 1:24:39
  e-commerce where previously if you had a credit card from India
• 1:24:43
  or some country that wasn't the United States using that card on
• 1:24:48
  an American website, apparently the numbers are 60% of the
• 1:24:52
  transactions get the decline because you're not living in the
• 1:24:56
  right country. But with Bitcoin, that goes away
• 1:25:00
  because as long as the confirmation is the Bitcoin
• 1:25:03
  transaction is confirmed, the recipient knows they've received
• 1:25:07
  this money irrevocably. And that means that they can
• 1:25:11
  ship out the goods on that basis with complete confidence that
• 1:25:15
  there's there's no payment for or no possibility of chargebacks
• 1:25:20
  because of fraud. It's a push payment system.
• 1:25:24
  And so if we start thinking about Bitcoin in this manner and
• 1:25:28
  not A1 dimensional America centric?
• 1:25:36
  What's the correct word? A tunnel visioned manner.
• 1:25:40
  Then all of a sudden, the entire world opens up to this new
• 1:25:45
  opportunity for Bitcoin to be used as the fundamental unit of
• 1:25:52
  commerce online. It's beautiful.
• 1:25:55
  It's such a huge. Opportunity.
• 1:25:57
  It's such a staggering opportunity.
• 1:25:59
  I think many of the people who are mischaracterizing Bitcoin,
• 1:26:02
  saying it is an asset like a bunch of robots, I think these
• 1:26:07
  people, a lot of them don't have passports.
• 1:26:09
  I think they have no idea how other people, the vast majority,
• 1:26:13
  by the way, the vast majority of human beings live.
• 1:26:16
  And if they had even an inkling of this, they would be on this
• 1:26:20
  narrative, a Bitcoin like white on rice.
• 1:26:23
  Because there's so much money to be made by serving these people
• 1:26:27
  with simple access to Bitcoin and as Tecco does, as Tecco
• 1:26:33
  serves Bitcoin in the most simple possible way to the
• 1:26:36
  people who need it. 100% and and a keen.
• 1:26:40
  Let me ask you something. So because the people might not
• 1:26:43
  be familiar with it, these vouchers, let's start with the
• 1:26:47
  United States and we'll move on to the other countries.
• 1:26:49
  Opti, if you could pull up the countries that are available,
• 1:26:51
  that would be really helpful. So in the United States, let's
• 1:26:55
  say you want to purchase an, a Stacko voucher.
• 1:26:58
  Where can you find these? If you click them perfectly.
• 1:27:02
  Click on an online store you can get a Drifu Iniva G2A King win
• 1:27:06
  off gamers size end and any one of these places and you can pay
• 1:27:12
  with your credit card and you can find these in.
• 1:27:14
  In in retail places as well. Is that correct?
• 1:27:17
  This is what's coming next. In maybe Q2 of 2025, the retail
• 1:27:24
  be to be able to go into CVS for example and buy that's
• 1:27:27
  incredible over, over the counter.
• 1:27:29
  Now. It's been very, very difficult
• 1:27:32
  to get this done because all of our good friends who are running
• 1:27:37
  big businesses will listen to the, the proclamations of a, a
• 1:27:42
  look Nick and of many other people and say it's an asset,
• 1:27:46
  it's a this, it's a that. And they say, well, we don't
• 1:27:48
  deal in assets, We don't ask them.
• 1:27:50
  We know we sell aspirin. And so it's very, very difficult
• 1:27:53
  for us to disabuse these people of the brainwashing that's been
• 1:27:58
  dumped into their heads by these Wall Street people who are
• 1:28:04
  looking through Bitcoin through a cardboard tube that's like a
• 1:28:08
  one inch across. They only see Bitcoin.
• 1:28:11
  Well, let's think about it this way.
• 1:28:12
  They're looking at the part of the elephant with a magnifying
• 1:28:15
  glass. So one part of the elephant,
• 1:28:17
  whereas the elephant's a very, very big thing, has made
• 1:28:21
  different parts, has four feet, a tail, a trunk, the, you know,
• 1:28:24
  the tusks and everything else, the big ears.
• 1:28:26
  If you're looking only at the tuft at the end of the tail,
• 1:28:30
  you'll say, well, no, Well, well, Bitcoin is a tuft hair
• 1:28:33
  thing. It's only like this big.
• 1:28:35
  It's, it's black and that's it. And it's not, you know, that's,
• 1:28:37
  that's what we need. We need a comb for that.
• 1:28:39
  We don't, we don't need anything else other than a comb to comb
• 1:28:42
  out these hairs. Well, no, an elephant has many
• 1:28:46
  different parts. You have to take a step back,
• 1:28:49
  put the magnifying glass down, stop looking at the elephants
• 1:28:52
  with the wrong side of the telescope and see it's a very,
• 1:28:55
  very big magnificent monster thing.
• 1:28:59
  And it's, you know, there's a lot of a lot of elements to an
• 1:29:03
  elephant other than it's the tiny little end of its tail.
• 1:29:07
  And that's what's going to happen in Bitcoin.
• 1:29:09
  It's going to happen as a surprise also because when we
• 1:29:12
  talk to businesses about what Bitcoin is, when we show them
• 1:29:16
  Azteco in the context of gift cards and everything else they
• 1:29:20
  already sell, they understand what we're talking about because
• 1:29:24
  they're already in that business.
• 1:29:26
  And so it's much easier for us to convince them that this is
• 1:29:30
  correct. Now there there is no Ave. for
• 1:29:33
  us or opportunity for us to explain what Bitcoin actually is
• 1:29:38
  to people who are not involved in business.
• 1:29:40
  And so they because nobody's challenging them, they persist
• 1:29:44
  in this miscaracteration of Bitcoin and it's very, very
• 1:29:48
  annoying. But what's going to happen is
• 1:29:50
  that all of a sudden they're going to be many, many people
• 1:29:55
  using Azteco and in about 8 days time we're doing integration
• 1:30:01
  that will bring us in front of about 100 million people.
• 1:30:05
  And that's all I'm allowed to say about that.
• 1:30:07
  But when that happens, all of a sudden using Bitcoin through
• 1:30:12
  Azteco is going to be the norm. Using.
• 1:30:17
  Bitcoin through exchanges is going to be the reserve of the
• 1:30:20
  Lucknix and all the the finance people who are buying $1,000,000
• 1:30:25
  worth of Bitcoin at once, which of course in exchange is very
• 1:30:28
  good for that exchange is very good for buying lots of Bitcoin.
• 1:30:31
  But the normal people, the ordinary people are going to be
• 1:30:35
  using Bitcoin through Azteco. And you've seen that, that that
• 1:30:39
  picture from the movie with that the actor, he's he's on the
• 1:30:44
  beach with that old Motorola phone and his name is it's
• 1:30:50
  Sheen. I think it's Martin.
• 1:30:52
  It's a Martin Sheen. I can't remember who it is, but
• 1:30:54
  it's a very it's a big Motorola brick phone.
• 1:30:56
  And back when these brick phones were the the only mobile phones
• 1:31:00
  around, the idea that even school children would be having
• 1:31:03
  mobile phones was completely absurd.
• 1:31:05
  And that's what we're in today. We're in the huge Motorola brick
• 1:31:10
  phone era of Bitcoin, where these Wall Street types think
• 1:31:15
  that mobile phones are a big brick that you have to keep in
• 1:31:19
  your briefcase. And when you take it out, you
• 1:31:21
  get your secretary to dial because you don't want to dial A
• 1:31:23
  phone. Now, when this new era of
• 1:31:27
  Bitcoin comes, in the consumer Bitcoin era, everybody will be
• 1:31:32
  using Bitcoin. Everybody will have it on their
• 1:31:35
  mobile phone. People will be using it to spend
• 1:31:39
  small amounts of money, to send small amounts of money, and to
• 1:31:43
  save small amounts of money to save, send and spend.
• 1:31:48
  That's what Azteca was about. We are going to make it possible
• 1:31:52
  by making access to Bitcoin trivially easy.
• 1:31:56
  And if you're an American, of course you have a right to
• 1:31:59
  access to Bitcoin because there's such a thing called the
• 1:32:01
  1st Amendment. And the 1st Amendment, as far as
• 1:32:05
  it touches software, has been explored in several court cases,
• 1:32:10
  all of which overlap identically with Bitcoin.
• 1:32:14
  And you know, my suggestion is that Bitcoin businesses in
• 1:32:19
  America are not forced to go to court to prove this because it's
• 1:32:22
  a waste of everybody's time. If the overbearing state is to
• 1:32:27
  be drawn down and to be whittled away and hacked away.
• 1:32:32
  You can't have a the regulation lust and a small government at
• 1:32:38
  the same time. It's got to be small for
• 1:32:40
  everybody. It's got to be shrunk for
• 1:32:41
  everybody at the same time. And so rationality has to be
• 1:32:45
  brought to the table. If not, then the Bitcoin
• 1:32:49
  ecosystem will be centered on another country where people are
• 1:32:52
  rational, where people are sensible and high speed,
• 1:32:55
  reliable Internet is available everywhere.
• 1:32:58
  And those are the new banking rails everywhere that high speed
• 1:33:02
  reliable Internet is available and you have a same government,
• 1:33:06
  you can put a copy of Bitcoin D running and you can run your
• 1:33:10
  business from there and serve the entire world, which is
• 1:33:12
  billions of people. And of course, in those
• 1:33:15
  jurisdictions, all of the software development and other
• 1:33:19
  skills that are needed to run these kinds of businesses will
• 1:33:21
  be developed and entrenched. And the Luddite country, the
• 1:33:25
  laggard countries, the luminous countries are going to be left
• 1:33:29
  out. And no real American wants that.
• 1:33:33
  If you want America to be the number one country for Bitcoin,
• 1:33:37
  you have to take a step back. Stop trying to force the baby
• 1:33:41
  out. You know, women are very good at
• 1:33:43
  producing babies. The forceps are many times not
• 1:33:46
  necessary. They say there's a population
• 1:33:49
  problem on Earth. Most of the children on earth
• 1:33:51
  are not born in hospitals. And so it's the same kind of
• 1:33:54
  thing. Government is not needed to make
• 1:33:57
  Bitcoin a success. This is the fundamental error
• 1:34:01
  these people are making. They think that they're needed
• 1:34:03
  to make any kind of magic happen in Bitcoin.
• 1:34:05
  They're not needed. And whilst I have sympathy with
• 1:34:08
  people who have a need to be needed, you cannot use your
• 1:34:13
  problems, your psychological problems as a pretext to get in
• 1:34:17
  the way of normal people who just want to get things done and
• 1:34:20
  serve other people. So if America is to be the
• 1:34:24
  number one country for Bitcoin, it has to follow the
• 1:34:27
  Constitution. People who have sworn an oath, a
• 1:34:31
  solemn oath to obey the Constitution must obey the
• 1:34:35
  Constitution. They don't have a choice.
• 1:34:37
  It's not optional. And I'm afraid that leaves
• 1:34:40
  restriction of Bitcoin, regulation of Bitcoin out of the
• 1:34:44
  possibility of things that they're able to do.
• 1:34:47
  And once again, if not the consequences of that and lose
• 1:34:54
  the position of the premier country for Bitcoin.
• 1:34:58
  And at the end of the day, Bitcoin is going to outlast
• 1:35:02
  everybody who's watching this program.
• 1:35:04
  You and me, Opti and Nikko are all going to be things of the
• 1:35:11
  past when the last block is mined and there's still people
• 1:35:15
  on earth who are using Bitcoin. So the things that we're doing
• 1:35:19
  today are going to have a long term impact in the future on how
• 1:35:24
  Bitcoin is mediated. But in the end, I think that
• 1:35:27
  with our ideas are going to be the dominant ones because the
• 1:35:32
  two futures where there's a big state and Bitcoin being the only
• 1:35:36
  money are actually impossible to be in the same reality at once.
• 1:35:40
  So if Bitcoin does what it's designed to do, it's going to be
• 1:35:46
  corrosive to the, the, the regulating state and the state
• 1:35:50
  interfering in everybody's business, which is part of the
• 1:35:52
  reason why it was written. So it's very important now to,
• 1:35:56
  if we want in the short term for America to win, to wake up,
• 1:36:02
  smell the coffee, stop interfering in other people's
• 1:36:06
  business and run the, the court systems and everything else that
• 1:36:10
  they have authority to run and not to interfere with the people
• 1:36:15
  who are running the Bitcoin businesses.
• 1:36:17
  And I just read now that Great Britain has decided to enter
• 1:36:21
  into this ridiculous and stupid synthetic war with, with with
• 1:36:27
  Russia. I really do hope that President
• 1:36:29
  Trump is able to stop this. Because if some kind of nonsense
• 1:36:33
  nuclear war goes off, then everything we've been talking
• 1:36:35
  about today is not going to happen.
• 1:36:38
  Yeah, it would. It would just.
• 1:36:40
  Ruin the 2025 cycle. That would be a huge let down
• 1:36:44
  and not only and and also destroy planet earth.
• 1:36:47
  So nukes are bad. Bitcoin fixes this.
• 1:36:50
  The separation of of money and state fixes this.
• 1:36:53
  We are getting to the top of the hour.
• 1:36:55
  I do want to give a extremely special shout out to our very
• 1:36:58
  special guest today, Aquin Fernandez, founder of Esteco.
• 1:37:03
  You can go visit them at a zte.co.
• 1:37:09
  They're Bitcoin vouchers for every bit.
• 1:37:13
  Of. Of life so go check them out I'm
• 1:37:14
  your host Nicos my legendary Co host Optimus fields our guest
• 1:37:18
  today again is aquin Fernandez also known as beauty on we are
• 1:37:22
  simply Bitcoin. If you guys enjoyed the show,
• 1:37:24
  make sure to smash the like button.
• 1:37:25
  Consider subscribing if you feel like we provided you value.
• 1:37:28
  We'll see you on tomorrow's episode.
• 1:37:31
  Peace out everybody. Thank you guys.
• 1:37:33
  Brought to you. By Bitcoin well.
• 1:37:35
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• 1:37:39
  independence.