Latest / Simply Bitcoin / Max Keiser Explains What is Next for Bitcoin | EP 1052
Transcript
- 0:02It's. All going to zero against
- 0:05Bitcoin. It's going up forever.
- 0:15You're against Bitcoin, You're against freedom November.
- 0:24The speed at which Bitcoin will be adopted globally will
- 0:27accelerate by a decade. And if we can get two nations,
- 0:33two nations in the world to be competing over Bitcoin and over
- 0:37Bitcoin dominance, it will induce every nation on the
- 0:42planet to compete in the Bitcoin space race.
- 0:45And so if you want to see the price of Bitcoin sent to the
- 0:48literal moon, what are we talking about here?
- 0:51You're teasing again, David, what are we talking about here?
- 0:54When you say moon, I, I, I'm saying I'm saying if you want to
- 0:57see Bitcoin since the moon, what we need to do is have nation
- 1:00state 1/2 a million dollars, 100,200 thousand, $1,000,000
- 1:04plus. OK, there we go $1,000,000 plus
- 1:07Bitcoin prices. We need nation states competing
- 1:10over Bitcoin. And you know, you can't have
- 1:13competition if you only have one person doing it.
- 1:16So if we can if we can accelerate what's happening
- 1:20here, we can accelerate hyper Bitcoin ization dramatically and
- 1:25I think everyone yeah, we're gonna assume the Bitcoin live
- 1:28the number one source for the peaceful Bitcoin revolution
- 1:30cover breaking news culture magic warfare will be your guide
- 1:33through the separation of money. Say ladies and gentlemen, sit
- 1:35back, relax, enjoy the ride. Welcome to the most watched
- 1:38daily Bitcoin only live show on YouTube Rumble NX.
- 1:42You just heard a clip in the cold opening from David Bailey.
- 1:45David Bailey's the CEO of BTC Inc, the owners of the Bitcoin
- 1:50conference and Bitcoin Magazine. He just came on Simply Bitcoin
- 1:53IRL yesterday. Highly suggest you guys watch
- 1:56that entire episode. It was incredibly bullish.
- 1:59But David was essentially talking about something that Max
- 2:02has been talking about. And we're going to play you guys
- 2:04a clip of Kaiser. He went on this pretty popular
- 2:07show this last week or so, but essentially it's the global hash
- 2:12wars like Kaiser likes to talk about it.
- 2:14We want nation states competing for Bitcoin.
- 2:17We want nation states competing for Bitcoin miners.
- 2:20We want nation states competing for Bitcoin businesses.
- 2:23Because when nation states compete, when jurisdictions
- 2:26compete, you as the individual win because you get to decide
- 2:30where is more favorable for you to set up shop.
- 2:33So it's incredibly bullish. I do agree with David in the
- 2:37sense that this year, this election year is quite
- 2:40interesting, right? You have RFK and Trump on one
- 2:44side and then you have the Biden Harris administration on the
- 2:47other side. And unfortunately, I think the
- 2:49last, you know, year or so have shown that Operation choke point
- 2:53O the proposed Bitcoin mining ban.
- 2:57Of course, Ross, I mean, Trump and RFK offering that they're
- 3:02going to free Ross. You know, it's become this
- 3:04situation where, you know, the 2024 election is an election
- 3:09that will have consequences for the Bitcoin industry in the
- 3:13United States. And that's essentially what what
- 3:16what David Bailey was saying and part of the reason that they
- 3:18brought Trump and RFK to the Bitcoin conference.
- 3:22Now a little known fact, which is why I recommend watching the
- 3:26entire episode. Yesterday, David Bailey revealed
- 3:30that the seek, the reason that the Trump speech was delayed was
- 3:34because there was supposed to be a fireside chat after the Trump
- 3:38speech between Elon and Trump at the Bitcoin conference.
- 3:43That didn't happen. But you know what did happen?
- 3:45It happened yesterday, absolutely broke the Internet.
- 3:48Some of the figures are saying that we had essentially over a
- 3:51billion views. I was having a trouble.
- 3:53I was having trouble getting into the spaces.
- 3:56Apparently there was a DDoS attack, right?
- 3:58There was. They were just flooding the
- 4:00system. They didn't want people to tune
- 4:01in, but the spaces still happened.
- 4:04It was three hours long. And again, we're not a political
- 4:08show. We're not going to focus on the
- 4:10rhetoric. That's not what you guys tune
- 4:11into simply Bitcoin about. The part that we are going to
- 4:14focus on though is they talked about inflation.
- 4:18One of the things that I've always told you guys on the show
- 4:20is we want people to ask a very simple question and we're
- 4:24getting very close. And that simple question is, why
- 4:30do I, why am I being forced to be illegal tender laws to use
- 4:34the money that loses purchasing power?
- 4:37Question number one. And question #2 is why should
- 4:43money have to lose purchasing power in order to function,
- 4:46right? Those are the two questions.
- 4:47The reason those two questions are so important is that they're
- 4:49somewhat simple questions. And once people like embrace
- 4:54that, because inflation right now, the way that it's talked
- 4:57about, it's talked about like as if it's like Mother Nature, it's
- 5:01a fact of life. That's just the way things are.
- 5:04But that's not the way things are.
- 5:06And one of the things that Elon said and Trump were talking
- 5:08about was to get government spending under control because
- 5:12that's what's going to control inflation.
- 5:14That's true, but Bitcoiners are a step ahead.
- 5:19Why are we a step ahead? Because it's not just about
- 5:22identifying the problem and a short term fix.
- 5:25Because let's say Trump or RFK or whatever wins the election
- 5:30and they cut down government spending.
- 5:32There could be another election, there could be another
- 5:34government. They could spend a lot more
- 5:36money. The solution to this is saving
- 5:40and earning in the money of which the government can't,
- 5:43can't debase in order to pay for their own expenses.
- 5:47That inevitably becomes a forcing function over time.
- 5:51It's like a check on government spending, but not from a like
- 5:55I'm going to vote type of thing. It's I'm going to vote with my
- 5:59wallet and I'm going to save and earn in Bitcoin type of vote.
- 6:02And that I believe is the most effective vote you can make.
- 6:06And believe me when I tell you guys this, we are very close to
- 6:11that even being mentioned. We are on the cusp of that being
- 6:14mentioned. And once that's out of the bag,
- 6:17you can't put that back in the bag.
- 6:19And there really isn't a good excuse in regards to government
- 6:25spending because the fact is that it hurts everybody
- 6:28tremendously, specifically the lower and middle classes that
- 6:32don't have the means to save in assets there.
- 6:34Therefore they save and earn in Fiat and they get destroyed by
- 6:38the ravages of inflation. Bitcoin is for you.
- 6:41Bitcoin will save your purchasing power.
- 6:45Bitcoin is the solution to inflation.
- 6:47That's just my humble opinion. Maybe I'm totally wrong here,
- 6:50but maybe I've just spent way too much time in Bitcoin, but I
- 6:54think we're very, very close and you want to bring up my Co host
- 6:57Miss Fields and our guests for today, Raj Raj is with the speed
- 7:03wallet. Well, gentlemen, I'm sure maybe
- 7:06you didn't TuneIn, perhaps you didn't tune into the interview
- 7:10yesterday. But Raj, what was your take on
- 7:13that man? It's specifically not all the
- 7:15other political rhetoric and stuff, but as it as it relates
- 7:18to inflation being brought up in the discussion, I think you're
- 7:24muted, Raj. Yeah, I think it was an
- 7:31interesting discussion throughout.
- 7:34They spoke all about the fiscal deficit and everything and
- 7:37didn't mention Bitcoin. That is not what I expected.
- 7:41I think they should have. I mean, it's the most obvious
- 7:44solution like, you know, to, to hold, you know, overspending and
- 7:51everything because, you know, we may have another four years of
- 7:55Trump and let's say we have efficiency Commission and, you
- 7:58know, we cut down on the regulation, bring the spending
- 8:01down, But you know, we'll have another government would come
- 8:05and then, you know, we we'll have the same, you know,
- 8:07overspending and everything. So if you want to really solve
- 8:11this for long term, we just, you know, have the Bitcoin and, and
- 8:16go from there. And you said inflation,
- 8:18inflation is a curse, But I would say, you know, deflation
- 8:21is awesome. Like, you know, we need to make
- 8:23that as a narrative. You know, price dropping,
- 8:25deflation is really good. Like it it's, it's good for
- 8:29consumer, it's good for everyone.
- 8:31Yeah, it may be tough for businesses, but I think they
- 8:34will they will add up to that. 100% it, it, it's, it's good for
- 8:38everyone and, and people believe in that like you, you, I've
- 8:41heard, I've heard people talk about it's like deflation is so
- 8:44dangerous. It's like you mean by purchasing
- 8:45power going up is dangerous. Like that's crazy.
- 8:49That's crazy that they even frame it that way, you know?
- 8:54Yeah. I mean, I think, I think we need
- 8:55to set the narrative where we say that deflation is awesome,
- 8:59it's good. I mean, just make that as a
- 9:01position. And, you know, I think there is
- 9:03no need to kind of, you know, focus a lot on maybe like
- 9:07inflation and changing that narrative.
- 9:09We just set our own story. Yeah.
- 9:13Deflation, yeah, I think 100%. I think you had Jeff Booth on
- 9:16the show, right? I think we and yeah, I think
- 9:19he's written pretty good book on deflation and everything.
- 9:22It was eye opener for me. Yeah, he he now in the way that
- 9:27he talks about it is just, you know, it's he he obviously has
- 9:31nailed this down to a science, you know, so Jeff knows what
- 9:34he's talking about. Anyways, guys, there's about 590
- 9:38of you guys watching live between YouTube Rumble and Axe.
- 9:42If you guys are enjoying the show so far, make sure to smash
- 9:45that like button Opti. What are we going to talk about
- 9:47during the culture? Well, we got Raj here from Speed
- 9:50wallet. So we're going to talk about,
- 9:52you know, Bitcoin scaling Lightning and of course the
- 9:56project they're working on over there at Speed Wallet, which is
- 9:59I, I, I don't want to call it a relatively new Lightning wallet,
- 10:02but it really just kind of hit the scene on, on my radar in the
- 10:05last couple of weeks. So we're going to talk about all
- 10:07things Lightning today and and how Raj and the Speed Wallet
- 10:11team is working to improve the Lightning experience for every
- 10:15single one of us. 100% I'm I'm really excited about it yeah,
- 10:19you guys kind of came out of out of nowhere and you guys hit the
- 10:23ground running really, really fast so really excited.
- 10:26I love Bitcoin entrepreneurs. I love Bitcoin businesses, so
- 10:29I'm really looking forward to hearing what you guys are
- 10:32talking about guys stay tuned. We have a hell of a show for you
- 10:35guys today, but before we get to it, I do want to give a very
- 10:38special shout out to our lead sponsor.
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- 11:37Lots to talk about the Bitcoin numbers.
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- 12:46right everybody at the time of recording, the Bitcoin price is
- 12:51$60,520. That's per dollar 1652 block
- 12:56height 850 to 856,621 blocks to having 193,379 having estimate
- 13:05March 26th 20 28 total lightning network capacity 4852 BTC
- 13:12capacity value 293 million U.S. dollars Realize monetary
- 13:17inflation 1.45% market capitalization 1.2 trillion
- 13:23Bitcoin verse gold market cap 7.05% In the gram scheme of
- 13:29things. We are just getting started
- 13:31anyways as it relates to yesterday's spaces between Elon
- 13:37and Trump. I do want to preface this with a
- 13:41small quote from the Bitcoin president himself Naimbu Kelly
- 13:45and this article is always stuck with me.
- 13:48And in in this regard. He's referencing the people that
- 13:53were against the the the Bitcoin law in El Salvador.
- 13:57So, and he makes a really good point and it explains a lot of
- 14:01the reasons as to why a lot of people were against the spaces
- 14:07that were happening yesterday. So I'm just gonna read a little
- 14:09bit of this. He goes on to say the most vocal
- 14:12detractors, the ones who are afraid and pressuring us to
- 14:14reverse our decision are the world's most powerful elites and
- 14:19the people who work for benefit from them.
- 14:22And I'm going to go back to go to the bottom.
- 14:24And they're willing to fight, lie, smear, destroy, censor,
- 14:27confiscate, print and do whatever it takes to maintain
- 14:30and increase their control over the truth and everything and
- 14:33everyone. And again, this isn't simply
- 14:35Bitcoin saying this. This is the president of El
- 14:37Salvador, Naimbu Kelly, writing an article for Bitcoin magazine.
- 14:42All right, that being said, what was really interesting also is
- 14:45that the European Union actually sent a letter to Elon Musk
- 14:51basically telling that he shouldn't do the spaces, which
- 14:53is kind of, it's very interesting, right?
- 14:55You like European bureaucrats are sending letters to the the
- 15:01the owner of Twitter, but most importantly, a presidential
- 15:05candidate saying that they can't have that conversation that
- 15:08that's really interesting. Now take a look at the legacy
- 15:12media's response to the interview.
- 15:15I'm going to just read some of these headlines.
- 15:17Start from the top left. USA TODAY says Trump rambles,
- 15:22slurs his way through Elon Musk interview.
- 15:24It was an unmitigated disaster. Fox News says Kamala Harris
- 15:29campaign criticizes Trump for self-serving up self self
- 15:32obsessed rich guys after interview with Elon Musk
- 15:36Newsweek says Trump Donald Trump's lisp during Elon Musk
- 15:40interview raises questions, The Guardian says.
- 15:43So Donald chatted with Elon and here's the future as they see
- 15:46it. Losers win.
- 15:47Incompetence rules. The New York Times says Must
- 15:50Trump talk on X After glitches start a 2 hour ramble.
- 15:55The Guardian again says the must Trump X interview a surprisingly
- 15:59dull meeting of two planet sized egos.
- 16:02Wired says Donald Trump and Elon Musk's ex conversation took
- 16:05forever to start, then never ended.
- 16:08The Independent says Trump repeats same old talking points
- 16:11in Musk interview but lisp steals the show.
- 16:14The Verge says the Elon slash Trump interview on X started
- 16:18with an immediate tech disaster. The Hollywood Reporter says Elon
- 16:22Musk got EU disinformation warning before rambling Donald
- 16:25Trump interview on X Reuters said rambling Trump Musk
- 16:29interview marred by tech issues. CNN Fact Check Trump made at
- 16:34least 20 false claims in his conversation with Elon Musk.
- 16:38So you guys get the point. The media wasn't exactly a fan
- 16:43of the conversation that happened yesterday.
- 16:46And also check this out. Here is a legacy media reporter
- 16:50actually asking the White House if they're going to censor the
- 16:53conversation. Check it out.
- 16:55Elon Musk is slated to interview Donald Trump tomorrow tonight on
- 16:59on X. I don't know if the president's
- 17:01going to do it. Feel free to say if he is or
- 17:02not. But I, I think that
- 17:08misinformation on Twitter is not just a campaign issue.
- 17:11It's a, you know, it's a America issue.
- 17:14What role does the White House or the president have in sort of
- 17:19stopping that or stopping the spread of that or sort of inter
- 17:23intervening in that? Some of that was about campaign
- 17:26misinformation, but you know, it's a wider thing, right?
- 17:28Yeah, no. And you've heard us talk about
- 17:30this many times from here about the responsibilities that social
- 17:33media platforms have when it comes to misinformation,
- 17:37disinformation. Don't have anything to read out
- 17:40from here about specific ways that we're working on it, but we
- 17:45believe that that they have the responsibility.
- 17:48These are private companies. So we're also mindful of that
- 17:50too. But look, it is, I think it, it
- 17:55is incredibly important to to call that out as you're, you're
- 17:59doing. I just don't have any specifics
- 18:00on on what we've been doing internally.
- 18:03So let me just kind of break this down for a SEC, right?
- 18:06I read you the bit by Naimbu Kelly, right?
- 18:09The most important tool is their control over the truth.
- 18:12I read you this letter by the EU, you know, sending it to Elon
- 18:18basically saying you can't have this.
- 18:20You have the legacy media going on a full on assault on this
- 18:24interview. And then you have here a legacy
- 18:27media journalist asking, you know, the White House press
- 18:31secretary like, you know, or what are you going to do to
- 18:34censor this? Now, here's the thing.
- 18:37Trump is a divisive figure for a lot of people.
- 18:40I could say that, you know that that can be true.
- 18:43But what could also be true is why they so afraid of people
- 18:49listening and making their own decisions.
- 18:51Why do they get to be arbiters of the truth?
- 18:55I mean, I think Bouquet laid it out.
- 18:56We're perfectly right. That to me, regardless of your
- 19:00political views, is a terrifying world to be in where a
- 19:05bureaucratic elite, a journalistic elite get to decide
- 19:09what you can and what you can't listen to.
- 19:12That's very scary. That's a very scary world world.
- 19:15And the reason that we talk about this is you guys know how
- 19:19we stand on the show. It's not left versus right.
- 19:21It's not liberal versus conservative.
- 19:23It's the party of green, the party of Fiat, central bank,
- 19:26digital currencies, nihilism, poverty versus the party of
- 19:30orange, the party of Bitcoin, opportunity, peace and
- 19:33prosperity. That's the way that we see this.
- 19:36This is the party of Green. This is the party of basically
- 19:40saying you like, don't even bother listening to it.
- 19:44We'll tell you it's horrible. It's terrible.
- 19:46Like you might agree with that. Like I listened to that
- 19:48interview. There's a part that I do agree
- 19:50that, you know, Trump. There's some parts where I'm
- 19:52like, I don't agree. Or, you know, maybe he just he
- 19:55was long winded many times you could say, but at least I heard
- 20:00it. And now I'm making a decision
- 20:02about what I heard by myself. Right.
- 20:05And I would much rather live in that world where individuals are
- 20:08making decisions over their lives.
- 20:11It's not journalists and it's not the government, especially
- 20:14the government getting to dictate what is true and what is
- 20:17not true. That's a very scary world to
- 20:20live in. And the last thing that I want
- 20:22to focus on, and the reason that I'm bringing this up today is
- 20:25because they brought up inflation.
- 20:29And remember, inflation is a really kind of like hot button
- 20:32issue to some government politicians and to some people,
- 20:38the way that they see inflation is they blame everything and
- 20:42anything on inflation but government spending.
- 20:46So the fact that this was brought up was very important.
- 20:49And you want to kind of know a reason as to why they're getting
- 20:52so many attacks other than a lot of the other political talking
- 20:55points that we're not going to bring up on.
- 20:56Simply, I bet you that a lot of it has to relate with the fact
- 21:01of saying this choir part out loud, right?
- 21:04Which is I'm going to quote it here.
- 21:05Actually, I think I have the actual audio clips about a
- 21:08minute and 14 seconds. So I'll play it for you guys.
- 21:10You know, as you're saying, you know, a lot of people are
- 21:12concerned about the economy, a lot of people concerned about
- 21:14inflation. Inflation is effectively a tax
- 21:16on people that, that, that save money.
- 21:19And, and, and for people that are working day-to-day, it's,
- 21:21it's just, it's just a form of taxation.
- 21:23And if we can solve the government spending problem,
- 21:26we'll solve the inflation problem, which means people will
- 21:28have a better standard of living.
- 21:29And that's a really big, the people that got hurt worse are
- 21:31the people that did it the way they were taught to do it all
- 21:34through their younger life and their young life and their whole
- 21:37life. The people that saved money and
- 21:40then they got no interest on their money and inflation
- 21:43destroyed them. And frankly, they were almost
- 21:45better off if they didn't do anything like that.
- 21:46I mean, those people have been absolutely decimated.
- 21:48And we're going to bring those people back and help those
- 21:50people. We've got to get the prices
- 21:51down. You know, when I look at bacon
- 21:53costing 5, four or five times more than it did a few years
- 21:56ago, when when you look at some of the food products and, and
- 21:58grocery stores people go, they can't believe it.
- 22:00They used to be able to buy a whole cart.
- 22:02And today, you know, a lot of people just don't have the
- 22:05money. They go in and they can't buy
- 22:06anything. So good kind of, you know, goes
- 22:09into the political rhetoric and whatever.
- 22:10And it's like Trump good, you know, other party bad.
- 22:14But the point is, is that it's being talked about.
- 22:17Inflation is a problem. Now, here's where I think
- 22:20Bitcoiners are ahead and where we have a responsibility.
- 22:23And here's some original thought I had from last night.
- 22:26I said the problem is trusting that government won't overspend.
- 22:30Bitcoin fixes this because it requires no trust.
- 22:33Bitcoin is the solution to inflation.
- 22:35This is something that Raj was saying in the beginning of the
- 22:38show. Like let's say we get Trump into
- 22:41the office, Whoop Dee Doo, right?
- 22:44There could be another administration.
- 22:46You know what they're going to do?
- 22:47Overspend. The the the solution isn't
- 22:49fixed. It's kind of like a Band-Aid,
- 22:51right? But again, it moves the Overton
- 22:54window and it brings that discourse into the mainstream.
- 22:58Now there's a whole lot of people that are now opening
- 23:01their eyes and they're asking questions about inflation.
- 23:04They're asking questions about like, yeah, things are getting
- 23:06more expensive. That road is A1 Ray Road.
- 23:10And at the very end, it leads to Bitcoin, right?
- 23:13So our job as Bitcoiners is to accelerate that.
- 23:17Don't get lost in the sauce with the whole left and right
- 23:21Democrat Republican debate because that's a hot pile of
- 23:25garbage. But focus on providing the
- 23:28solution and the solution is Bitcoin and it helps everyone,
- 23:32right? It doesn't matter where you
- 23:33stand on the political aisle, Bitcoin is for you and Bitcoin
- 23:37will make your life better. I love the way that Rajput
- 23:41posted it. Let's make deflation popular.
- 23:45Let's bring back deflation. Let's make deflation the thing
- 23:48that people talk about because I think people are brainwashed in
- 23:52a way. Like even Elon, like Elon is in
- 23:54so intelligent. The guy lands his rockets, you
- 23:57know, build self driving cars. His products are great.
- 24:00I mean, depends on who you ask. I personally love his products,
- 24:04but you know, even Elon's talking about like, oh, this
- 24:08inflation thing get get it under control.
- 24:10It's like they can't get it under control.
- 24:12That's the whole point. They don't have if the
- 24:14government has the ability to press the P button right to fund
- 24:19whatever they would like, they're going to press that
- 24:21button. That's something that Satoshi
- 24:23innately knew. He even wrote about it in the
- 24:26forums, right? This the only way to fix this is
- 24:28the separation money and say the only way to fix this is by
- 24:31opting out and saving and earning in the money that can't
- 24:35be debased regardless of who's in office and who's in power.
- 24:40But in terms of moving the Overton window, it was moved
- 24:43tremendously. I'm more pro free speech.
- 24:45There should be more open discussion.
- 24:48There shouldn't be less of it. And it, it does alarm me a
- 24:51little bit that there was so much pushback for this
- 24:55discussion. It kind of reminds me of the
- 24:57time of of when Tucker wanted to talk to Putin and they did so
- 25:03many things in order to stop that interview.
- 25:05And I was just thinking about it like, OK, maybe Putin's a bad
- 25:08guy. He's a president of Russia.
- 25:09You could say that he's an authoritarian.
- 25:11You could say all of those things.
- 25:13But like, what? How's the conversation going to
- 25:16hurt anybody, Right? Like, that's the question that I
- 25:19have. Anyways.
- 25:20Raj, what are your thoughts on this?
- 25:21It sounds like you heard the interview yesterday, but I
- 25:24really just want to focus on the inflation because that's really
- 25:27what that's really what's going to fix things is moving to a
- 25:30Bitcoin standard. Yeah, definitely.
- 25:31So I think Elon says that government overspending will or
- 25:38not overspending will solve for the inflation.
- 25:41I don't think so. It's it's one of the
- 25:43contributing factors. But if you look at the M2 money
- 25:47supply, it's function of not only government deficits, but
- 25:50also like central bank setting the cost of the money sometimes
- 25:54too loose, sometimes too tight. We go from booms and busts and
- 25:59we have stimulus stimulus, we have bailouts.
- 26:02All this leads to excessive like money printing and it is kind of
- 26:08a all combined is kind of a root cause of inflation.
- 26:11So he didn't bring that up. I don't know why, but I think
- 26:17this I mean central bank just setting kind of, you know, cost
- 26:24of the money, like just old people getting together in the
- 26:27room and just having a feel for economy, some collecting some
- 26:33data, which is usually like stale and kind of disconnected,
- 26:37skewed in several ways to set the cost of the money is is
- 26:43what's the root cause here. And with the Bitcoin we get, we
- 26:47have predictability, right? We have, we know what would be,
- 26:51I mean, the market would decide the cost of the money with the
- 26:54economic monetary policy is it is transparent.
- 26:58And yeah, I think Bitcoin is a proper solution.
- 27:04Like you know, it's as you said, Nico on your tweet, right, No
- 27:10trust required. You know what?
- 27:12Implement Bitcoin and that's about it, yeah. 100% Opti,
- 27:16what's your take on this, brother?
- 27:17I mean, we were talking about it when the when the space was
- 27:20happening according to the latest figures, right?
- 27:24A billion people apparently have gotten, have listened to it,
- 27:28have viewed it. So this got a tremendous amount
- 27:31of reach. And I think the legacy media
- 27:34attacking it, if anything, it backfired.
- 27:36And, and, and again, I can't double this.
- 27:39Look, I get Trump's divisive, you might not like him, but I
- 27:43don't think, I think we're heading to dangerous territory
- 27:47where people just say you can't listen to someone what they have
- 27:50to say in their perspective. I think that's I don't wanna
- 27:53kind of live in that world. I kind of want the individuals
- 27:56to get to decide what they wanna listen to, what they don't wanna
- 27:59listen to. I don't think that should be in
- 28:01the hands of government. Opti, what's your take?
- 28:03Yeah, obviously, I mean, we've talked about this constantly on
- 28:06the show, but I think the biggest signal from yesterday
- 28:09was the fact that there was a DDoS attack on this, this
- 28:13conversation happening in the 1st place.
- 28:15Like if you listen to the speech, I don't really think
- 28:18that there was anything that was really too crazy upon the
- 28:22speech. It was it.
- 28:23And you could say it was rambling and, you know, maybe a
- 28:25little stale because it was just like the same talking point
- 28:28we've heard from Trump. If you've listened to anything
- 28:31you said in the last year or so. So it wasn't anything new that
- 28:34we heard in here. But the fact that they didn't
- 28:36want to have this conversation, it is, I think the most telling
- 28:40aspect of this is like, you know, I was trolling yesterday
- 28:42on Twitter. It's like me sitting listening
- 28:45to two billionaires have a casual conversation.
- 28:47It's like a meme of me, you know, listening.
- 28:49It would like it, my friends. And it's an ad.
- 28:51And so it's just very interesting that they would try
- 28:53to stop this conversation from happening.
- 28:56And I think it really goes to show that they obviously, one,
- 28:59do not want people to get that like humanized feeling coming
- 29:03out of Trump. They want those sound bites
- 29:04coming out of it. And again, like the, I think the
- 29:08fact that Elon Musk was able to identify the the, the problem of
- 29:13inflation and he was sounding like a Bitcoin.
- 29:15And I think that's things that we said on the show all the
- 29:17time, which is very interesting that he won't come out and be
- 29:20like, OK, Bitcoin's a solution. Obviously that's not really his
- 29:23Ave. or his lane here, but it is one of the defining
- 29:27conversations right now. Everyone is getting poorer and
- 29:29we're all looking for solutions. And most people think it's going
- 29:32to be a political solution. Like most people think that if
- 29:34they vote the right guy in office, then we're not going to
- 29:37have inflation. And as Bitcoins, they're like,
- 29:39no, like they're all Fiat. They're they're all, you know, a
- 29:42uniparty at this point. And whoever gets in power is
- 29:45probably going to print more money.
- 29:47And none of this is going to help you.
- 29:49All you need to do is literally start saving in Bitcoin And at
- 29:53at this point find your own sources of information.
- 29:55Because if they don't want to have this conversation happen in
- 29:58the 1st place, I think that's the most telling aspect of this
- 30:01whole thing where it's like that conversation wasn't nefarious.
- 30:04It would like, nothing crazy was really said throughout that
- 30:07conversation. It was just, it's like, OK, this
- 30:10is where we are. Me and Nico were texting during
- 30:13the the spaces and we were both just like, man, it's really a
- 30:17historic moment when you can sit here and just have an
- 30:20unprompted, unscripted conversation between a
- 30:23presidential candidate and, you know, one of what, what people
- 30:27would argue one of the most impressive entrepreneurs in the
- 30:30world right now. So like, I think this is the new
- 30:33age of the media that we're at. And This is why you're seeing
- 30:35that media response where they're like trying to downplay
- 30:39the historic moment that happened yesterday.
- 30:41And I saw it was like 60 million yesterday.
- 30:44That has saw the views around it was live.
- 30:46There's a million plus live viewers watching and listening
- 30:49throughout the whole, what was it, 2 hour speech or two hour
- 30:52conversation? So like, it really goes to show
- 30:55the power of social media, the power of peer-to-peer
- 30:57communication in the 1st place. But yeah, it's, it's really
- 31:01interesting the the backlash and the DDoS attack on, I would say
- 31:06a very, you know, very elementary conversation.
- 31:10The fact that they don't want this conversation to happen, I
- 31:12think speaks volumes. Absolutely 100% by the way,
- 31:15there's 1070 of you guys watching live between YouTube
- 31:20Rumble and X. If you guys are enjoying the
- 31:22show, make sure to smash that like button really really helps
- 31:25with the algos and helps push this message forward all right
- 31:29everybody let's get to the news lots to talk about today.
- 31:32Let's check it out. Here we go.
- 31:37The Daily News. I want to give a shout out to
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- 33:00foundation devices completely open source Bitcoin hardware
- 33:04wallet. All right, everybody.
- 33:06So let's talk about Kaiser Kaiser again, once again
- 33:09breaking the Overton window. He went on Infowars and he's
- 33:13been saying like very something very similar that what David
- 33:17Bailey was saying in in the beginning.
- 33:20Not to mention that everything is going to zero against
- 33:22Bitcoin, which is incredibly obvious.
- 33:24I mean, you guys know that we absolutely love this website
- 33:28priced in Bitcoin because it just shows that what Kaiser is
- 33:33saying is absolutely right. Everything price in Bitcoin just
- 33:38keeps going down and life gets cheaper in let's make deflation
- 33:43popular again, right? What Raj was saying, everything
- 33:46gets cheaper if you price your life in Bitcoin, including
- 33:49housing. Even with housing prices
- 33:52doubling or whatever, they've only doubled if you've been
- 33:54saving in Fiat, if you've been saving in Bitcoin.
- 33:57No, no, no, no, they haven't been doubling.
- 33:58They've gone down 84% in the last five years.
- 34:03Can you imagine that? An 84% discount on real estate,
- 34:07that's what. That's what Kaiser means about
- 34:09everything going to zero against Bitcoin.
- 34:11Anyways, let's play the clip of him on Infowars.
- 34:14Let's check it out. Bitcoin, the economy?
- 34:17What are you betting on? What Any other key points you
- 34:20wish you would have added after you leave?
- 34:22Well, every, everything goes to zero against Bitcoin.
- 34:25And you know what do I mean by that?
- 34:26I mean that in, in terms of purchasing power.
- 34:29So your purchasing power of your dollar obviously is going to go
- 34:32down versus Bitcoin, but your purchasing power in terms of
- 34:35gold, property, fine art, your business, stocks, bonds,
- 34:39everything, the purchasing power of everything relative to
- 34:42Bitcoin is going to go down because it's only a $1.2
- 34:46trillion asset in the world of $400 trillion worth of financial
- 34:50assets, financialized assets. So and just like software ate
- 34:54the world during the 70s and 80s and every company in the world
- 34:57became essentially a software company.
- 34:59You know, car companies are a software company, airlines are a
- 35:01software company. All value will become priced in
- 35:05Bitcoin. Everything will be priced in
- 35:07Bitcoin, particularly energy. I would say the next big
- 35:10prediction, I'll make a prediction here is that within
- 35:1224 months, all the major global energy contracts will be priced
- 35:17in Bitcoin, not dollars. And that will be the end of the
- 35:22Fiat money world as we know it officially and the beginning of
- 35:24the Bitcoin epoch. What comes after Bitcoin
- 35:28standard? Well, it it what comes after it
- 35:32is the demonetization of violence and the monetization of
- 35:35love. Not to get too freaking over the
- 35:39top crazy Alex, but I do really do liken it to like a Christ two
- 35:43point O it's, it's a story about love where if you cannot steal
- 35:48somebody's wealth through violence because Bitcoin is
- 35:50unconfiscatable, you can only approach people within the
- 35:54intention of Fair trade. And that demonetizes violence.
- 35:59And the profound quality of this is what happened in El Salvador.
- 36:02They made Bitcoin legal tender and within three months the
- 36:05president put 70,000 gangsters in jail because Bitcoin makes
- 36:09you think differently. You know, you don't change
- 36:11Bitcoin. Bitcoin changes you.
- 36:13And this is what the world has on the other side of this Fiat
- 36:18money collapse. If we get there, if we survive
- 36:20the next 24 months and the Fiat money collapse, we will wake up
- 36:23as a global Bitcoin standard and a moment of Christ like
- 36:27universal love. If we can get there, we got to
- 36:30get through the next 24 months. We got to get Trump in office.
- 36:33We have to defeat the global bankers.
- 36:38I mean, holy shit, it's like Max Keiser dropping hot fire.
- 36:44And yeah, 100% agree. Bitcoin changes your operating
- 36:50system. It changes your whole
- 36:52perspective on the world. When you're on a deflationary
- 36:56mindset and things just get progressively cheaper.
- 36:59Your perspective changes. When all of a sudden you feel
- 37:02the power of taking self custody and you, you know for a fact
- 37:08that your wealth is unconfiscatable, undebaseable.
- 37:12Yeah, that gives you a lot of Peace of Mind.
- 37:14You sleep better at night and all of a sudden your life gets
- 37:18progressively better. You have more optimism.
- 37:20You have more hope about the future.
- 37:23And the vast majority of the world is still on this Fiat
- 37:26nihilistic mindset. That is because they're living
- 37:30on a Fiat standard. So I don't know if I'm on the
- 37:34whole doom thing of the next 24 months.
- 37:37That sounded a little crazy to me.
- 37:39But, you know, Max has had a tendency to, you know, predict
- 37:43things in the past very accurately.
- 37:46So, you know, it's probably a good idea to get some Bitcoin
- 37:50just in case it catches on. I mean, this guy has been
- 37:54telling everybody about Bitcoin since it was like a dollar.
- 37:57So maybe he sees something that we don't.
- 37:59One last bit before I pass it on to Raj.
- 38:02What he said about El Salvador was so true because something
- 38:06that we've identified on simply, which is this idea that it's not
- 38:10a coincidence that the first country that made Bitcoin legal
- 38:13tender has the most popular present in the Americas.
- 38:16I don't think that's a coincidence.
- 38:18The reason I don't say that's a coincidence is because I know
- 38:21what Bitcoin has done to me since I've transitioned to a
- 38:24Bitcoin standard. It's my eighth year now.
- 38:26Holy shit, it's been a long time and it's just like life just
- 38:31gets like it just compounds. It just gets better and cheaper
- 38:35and you're able to just live the life that you want to live.
- 38:39If you don't spend your Bitcoin these days, what is it?
- 38:42What is the stay humble stack stats?
- 38:44Stay solvent and life gets progressively cheaper over time.
- 38:48And I think Kaiser, what he did there, it wasn't as impactful as
- 38:54Trump and Elon because they had a lot more reach.
- 38:58But think about the audience, them hearing that for the first
- 39:02time, right? Like the first reaction is this
- 39:06guy's batshit crazy or holy cow, this guy's been telling the same
- 39:09thing since Bitcoin was at a dollar.
- 39:12Like I bet you there was some bitcoiners minted watching that
- 39:16Alex, that Max Kaiser, Alex Jones special man, because just
- 39:21in those two minutes like Opti that made that gave me chills,
- 39:24bro. Like Max is operating in a
- 39:27different dimension, I think. Anyways, Raj, what's your
- 39:31perspective on all this? Yeah.
- 39:33So I think, OK, I'm I'm here. OK.
- 39:37So yeah, 24 months is pretty optimistic, but I if you
- 39:43remember the Vijay Boyapati's big blog post about the growth,
- 39:52like what will be the arc of growth for Bitcoin, right?
- 39:55We start with the store of value, then we go to medium of
- 39:58payments, then we go to unit of economics, right?
- 40:02So everything kind of priced in Bitcoin.
- 40:06So personally, I believe that, you know, we are, we have
- 40:11already proven that it's a great store of value.
- 40:14I think we last cycle we had Tesla and micro strategies, you
- 40:18know using it as a treasury. Now we have the EDSI think
- 40:22hundreds. I think the Wall Street is in
- 40:24most of the funds have Bitcoin on their balance sheets now and
- 40:29there'll be a lot. There are like lot more
- 40:31corporations. I think just yesterday Marathon
- 40:34announced a $50 million of Bitcoin.
- 40:36So I think store of value is mostly proven at speed.
- 40:41We want to focus on the medium of payment.
- 40:43Like we want to solve for the medium of payment, get millions
- 40:46of users who are actually using Bitcoin directly or indirectly.
- 40:53And that's where we focus. And probably like once we have
- 40:58medium of payment going, you know, obviously the next step
- 41:01would be people will start denominating everything into as
- 41:05in Bitcoin. Like, you know, people would
- 41:07start selling and their services and products into Bitcoin and
- 41:10then probably will have the have the contracts or energy
- 41:14contracts probably, you know, written in Bitcoin.
- 41:18I think that's how it should probably go.
- 41:22One more thing that I'd like to add is, you know what, after
- 41:25Bitcoin, So yeah, Bitcoin is low, but I think post Bitcoin
- 41:30will have stability and peace. Like, you know, the things will
- 41:34stabilize. We will have much better
- 41:36economic calculations of how the future will be.
- 41:40I think as SEF said, you know, when once the economic
- 41:44calculations simplify, we will be able to undertake long term,
- 41:47you know, projects which are almost impossible to do as of
- 41:50today. You know, because the cost of
- 41:52money can go from zero to all the way like 6% and maybe down
- 41:57to 2% again within the span of five years.
- 42:01That's completely impossible for any business to kind of plan
- 42:04around, especially small medium businesses.
- 42:07So, yeah, I mean, I think we will be out of this boom bust
- 42:12cycle. We have stability and that would
- 42:16that would bring the air of peace and I think a growth or
- 42:20it'll be like a new renaissance. Yeah, new Renaissance.
- 42:26I mean, who's coined that term? It's Renaissance 2.0.
- 42:30I I feel like if yeah, it's Renaissance two point.
- 42:32Oh yeah, Booth maybe. I don't know. 100% agree.
- 42:35I think the world is going to see freedom the likes of which
- 42:38it's never seen before. And I think a lot of the
- 42:40problems that people just cannot see right now, like I think the
- 42:44Elon and Trump thing yesterday is an example of that.
- 42:48Like, they're like, they're they're like 10 years back.
- 42:51Like, yeah, let's get government spending under control.
- 42:54It's like, no, no, no, let's fix that problem completely forever,
- 42:58right? And of course, Bitcoiners have
- 43:00that solution anyways. Opti, what's your take before we
- 43:03move on to the culture and talk about the speed wallet?
- 43:06Yeah. So first and foremost, guys, I
- 43:08highly recommend everyone go watch that whole clip because
- 43:11Kaiser just keeps dropping the bombs about where we are right
- 43:14now in the current financial landscape.
- 43:16And of course, how Bitcoin fixes this.
- 43:18It, it was a great speech. And you know, Kaiser does have a
- 43:21way of maybe for lack of better terms, getting a little
- 43:24hyperbolic. So maybe he did get a little
- 43:26cosmic and super bullish. But we all know that this is
- 43:30what's gonna happen eventually. What Kaiser said is going to
- 43:34happen. And what we've been seeing in
- 43:35the last couple of weeks is that this global hash war is playing
- 43:40out in real time. As we played in the beginning
- 43:42with the David Bailey clip, everyone is seeing something
- 43:45very similar where now Bitcoin is becoming the defining
- 43:48conversation. And as we played with Elon Musk
- 43:50and Trump earlier, inflation is becoming pretty much most
- 43:54Americans concerned right now is because it's getting extremely
- 43:57hard for everyone to just survive on a normal paycheck.
- 44:00And so we're seeing in real time that Bitcoin, at least in a very
- 44:05maybe lesser degree, it's becoming like everyone's savior
- 44:10right now. And like we say, you know, it's
- 44:11no coincidence that Buchele from El Salvador literally
- 44:15translating to the savior is doing so well is because they
- 44:19obviously got on the Bitcoin standard and of course
- 44:22everything else that Buchele has been doing.
- 44:23But I think it does go to show that people are waking up to
- 44:26Bitcoin as a solution. We're constantly saying, and we
- 44:30do get a lot of Flack for it because you know, we came out
- 44:32and say RFK Junior and Trump is who we are endorsing because
- 44:36they're being pro Bitcoin. But there is no political
- 44:38solution out of this. So as long as we get people
- 44:41talking about these conversations is how we spread
- 44:44this out to the mainstream audience and more people
- 44:47realizing that Bitcoin isn't just this, you know, Internet
- 44:49nerd money that you speculate on and get rich on.
- 44:52But to one of the points that Kaiser said, and I've been
- 44:55saying this for a while as well, and Kaiser's, I think his time
- 44:58frame was like 18 to 24 months, which I don't know if that's
- 45:01necessarily the time frame, but once everyone starts pricing
- 45:06energy in SAT or in Bitcoin, that's really when Bitcoin is
- 45:10going to take over the world because it's the the truest
- 45:13measurement of value that we have in the world without all
- 45:16the financial manipulation of the world.
- 45:18And we're seeing right now that most people that understand
- 45:21what's going on realize the fundamental problem that it's
- 45:24the financial manipulators that are wrecking the world.
- 45:27And the more games are able to get away with, the poorer we all
- 45:30get. And that's the solution that
- 45:31we're solving here. Like, you know, Raj was saying
- 45:34like Bitcoin as a store of value.
- 45:36I, I think it's proven itself. And if we continue to allow the
- 45:41financial manipulators to manipulate the Fiat currency in
- 45:44the traditional financial world, then there's literally no escape
- 45:48from this unless you're opting into Bitcoin.
- 45:50And that's what we constantly harp on this show is you need to
- 45:53save in Bitcoin, take it into self custody.
- 45:56That's the only way to get out of this and protect yourself.
- 45:59100 percent, 100%, yeah, man. And it's really, it falls down
- 46:02to us like to really get that message out there.
- 46:05Like it's not just about electing a certain person, it's
- 46:09literally about changing the system root and branch, like
- 46:12everything from the top to the bottom.
- 46:14And that's, you know, separation of money and state individuals
- 46:17taking back their their financial sovereignty via self
- 46:21custodying their Bitcoin. Anyways, guys, we're going to
- 46:23talk about the speed wallet and what Raj is working on and
- 46:26Bitcoin entrepreneurs building on Bitcoin, building on those
- 46:29second and third layer solutions, helping it scale.
- 46:33So really excited, stay tuned. Let's get to the culture.
- 46:38The daily culture. Right everybody before we talk
- 46:46to Raj, I do want to give a shout out to our sponsor.
- 46:49Of course I'm talking about the orange pull up stack friends who
- 46:52stack SAT's join the 11,822 bitcoiners that are on the app
- 46:58download the Bitcoin social layer, the orange pill app.
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- 47:06you've lived in your city for quite a while.
- 47:07You just don't know any bitcoiners around you.
- 47:09The orange pull app is a great resource.
- 47:12You pull it up and you will literally see the bitcoiners
- 47:15that are near you and you have the ability to send them a
- 47:18message. When you send them a message,
- 47:20you can connect with them. Also, it's the number one
- 47:22resource for Bitcoin only events.
- 47:24So if you're going to a conference for and there's days
- 47:27that there's nothing happening, you open up the orange pull app
- 47:30and it will literally show you the events that are happening
- 47:33near you and near the conference.
- 47:36So guys download the orange pull app today.
- 47:37It's one of the best ways to reach me directly.
- 47:40If you have any questions for me, I don't really answer
- 47:42Twitter emails these days. You can send me an A message on
- 47:47orange pull app. And every week or so, I make
- 47:49sure to get back to each and every single one of you guys
- 47:52download the orange pull app today.
- 47:54Scan the QR code or check the link in the video description.
- 47:58Well, I'm really excited about today's show before I pass it on
- 48:00to Opti Raj, you are with speed wallet.
- 48:03So for anyone in the audience that doesn't know what speed
- 48:06wallet is, could you give a quick one to two-minute elevator
- 48:10pitch on what speed wallet is? Yeah, I don't think I'll need
- 48:14more than a minute. So speed wallet is easiest to
- 48:17use a Lightning wallet. It's not self custodial.
- 48:23It's we, we custody the Bitcoin, but it's we it's it's our our
- 48:31goal at speed wallet is to just make it super easy.
- 48:34You just register it with your e-mail and go from there.
- 48:38We want to make this into a spending wallet.
- 48:41This is not your saving wallet. You should not save your
- 48:45bitcoins on this. If you're going to spend the
- 48:49Bitcoin, maybe let's say 100 dollars, $500 worth of Bitcoin,
- 48:53you bring that over. And we just wanted to make it
- 48:56super, super easy for anybody to quickly register load the
- 49:02bitcoins. You, you stand on chain Bitcoin,
- 49:06you, you have immediately immediate availability of those
- 49:10bitcoins on the Lightning network.
- 49:11You can just, you don't really have to do anything.
- 49:14You can just start, start spending on Lightning.
- 49:16So and let's say you have a Lightning bitcoins, you can just
- 49:22take them out on chain or on the Lightning wallet, super easy.
- 49:27You don't have to do anything. So a complete seamless
- 49:30transition between on chain and Lightning from lightning to on
- 49:35chain and like the most easy to use UI.
- 49:42And that's what the speed wallet is.
- 49:44We just wanted to make it super easy.
- 49:47Yeah, I mean, that's what the speed wallet is.
- 49:48It's very simple, straightforward implementation.
- 49:51What's the difference between for example like wallet of
- 49:54satoshi was very popular so like what would be the difference
- 49:58between speed wallet and like wallet of satoshi?
- 50:01Yeah. So wallet of Satoshi, I would
- 50:04say the biggest difference would be the seamless transaction
- 50:08transition between the on chain and lightning.
- 50:12With wallet of Satoshi you will have to bring the light.
- 50:16I mean, either you buy the Bitcoin and load it up in their
- 50:20Lightning channel or you bring the Lightning BTC and use them
- 50:25with the wallet of Satoshi. So you have to be on the
- 50:28Lightning to kind of directly start using it with the speed
- 50:32app. You know you have a Bitcoin on
- 50:33chain and you want to quickly like transition to the
- 50:37Lightning. You know you use your wallet,
- 50:40just put your light, put your own chain bitcoins on the in the
- 50:44speed wallet, scan it immediately.
- 50:47They are available for you to spend on Lightning.
- 50:50Gotcha. And questions from the audience
- 50:52like what would be like, for example, you guys decided to add
- 50:57USDT by the way, for anyone in the audience, if you live in the
- 51:02developing world, Bitcoiners like it's like we want Bitcoin
- 51:07to be this like, you know, used in everyday transactions, but
- 51:12that's not what the market is saying it is.
- 51:14Bitcoiners, we should be free market Maxis.
- 51:17What the market is saying specifically in developing
- 51:19countries is that stablecoins seem to be very, very popular
- 51:24and that's something that can be potentially life saving for
- 51:28someone who lives in Venezuela or Argentina, right?
- 51:33So I, you know, and there's other wallets that have
- 51:36integrated, you know, specifically Tether and other
- 51:39stablecoins as well. So could you talk a little bit
- 51:43about that? I just want to preface that
- 51:44because I know we. Have some more core I, I, it
- 51:48took me long time to kind of get over this I, I really didn't
- 51:52want to touch any shit coins neither the stable coin.
- 51:57But then you know, I come from the product management
- 52:00background where we are told to listen to the users and like
- 52:06everyone that I spoke to who were non bitcoiners, right?
- 52:10They were like, OK, I mean, I will love Bitcoin, but it's too
- 52:15volatile. We want if you, if you have a
- 52:19significant amount, it will be great to have that in USVD.
- 52:24It'll be awesome if we can have bitcoins immediately converted
- 52:28into the USVD and then be able to spend that USVD into on on
- 52:35like any of the crypto networks or any of the crip sites which
- 52:38offer like, you know, for example, bit refill will will
- 52:41allow them to buy the gift cards, right, be able to stand
- 52:44over there. So I mean spoke with more than
- 52:48about more than I would say 500 users and probably like 12
- 52:53months back and like 99% of them were like, OK, you know, we, we
- 52:59would if if given option for the USBD, we would like to saving
- 53:05USDT. I mean, I think about other than
- 53:09like non like Bitcoiners, you know, there, there is this huge
- 53:13section of users who still do not appreciate like the
- 53:19Bitcoiners. I mean as as a money as I would
- 53:25say, I think most people do appreciate it as a store of
- 53:29value. But when we want them to spend
- 53:32and kind of retain they, they are like, OK, you know, it'd be
- 53:35great if we could convert it into the USVD and just, you
- 53:38know, may be able to spend and with the Taproot assets, right,
- 53:41that just becomes very easy viable native to the Lightning
- 53:47Network. So with the Taproot assets, it's
- 53:50it's by Lightning Labs, we can we can actually, you know, just
- 53:56use a regular lightning invoices.
- 54:00They can be paid with a taproot asset like a stable coin or with
- 54:04the Bitcoin and the receiver can decide whether they want to get
- 54:10that in sets or they want to get that as a taproot assets, right.
- 54:14So it gives a complete inter operate operatability like, you
- 54:18know, you can pick and choose how you want to retain the
- 54:21value. And we for last year, you know,
- 54:26we were we were kind of focused on that.
- 54:28We were working with Lightning Labs and trying to see if we can
- 54:33if we can just have that available in our wallet.
- 54:36So yeah, I mean, I think they just launched like a month back.
- 54:41They launched, they completed the implementation.
- 54:44It's like, it's still like the first cut And we decided to
- 54:50launch USDT on Lightning Network.
- 54:53It's available both in speed wallet as well as speed merchant
- 54:57platform for businesses. So yeah, just give it a try.
- 55:01It's pretty straightforward. You are actually inherently
- 55:03still using Bitcoin. So the rails are still Bitcoin.
- 55:08If USDT on Lightning Network becomes popular, the Lightning
- 55:14Network capacity for BTC like BTC Lightning Network capacity
- 55:19will just skyrocket. So it is kind of complementary.
- 55:23I mean it will help adoption of Lightning Network.
- 55:27It will then after you know be like a entry like drug to
- 55:32getting into the Bitcoin, we'll be able to get millions of users
- 55:36onto the Lightning Network. And I think that'll open for
- 55:41like create, it's kind of a gate to creating more Bitcoiners
- 55:45eventually and also it will increase the network capacity in
- 55:50terms of Bitcoin. Absolutely Opti.
- 55:55Yeah. I was just to say, Raj, again,
- 55:57knowing who our audience is, I'd like to kind of elaborate.
- 56:01We did kind of compare wallet or Satoshi to speed wallet.
- 56:04But I'd like for you to talk about the the design choice in
- 56:08the UX experience of going custodial and needing an e-mail.
- 56:13Like why? Why did you choose that route
- 56:15versus what your competitors are doing?
- 56:20So can can you please repeat that once more?
- 56:24Sorry, yeah. So for for I know you want to
- 56:27make the easiest wallet possible and, and knowing our audience,
- 56:30which is, you know, hardcore Max is out here.
- 56:34What's the design choice of going fully custodial?
- 56:37Yeah. So we had, so we were initially
- 56:42trying to make a self custody wallet and there are two big
- 56:47challenges with the self custody on the lighting network.
- 56:50I mean it's pretty well known. Number one is channel
- 56:53management, liquidity management and #2 is offline receive.
- 56:58So with the channel management, any self custody wallet would
- 57:04have to have a have user kind of become sophisticated enough to
- 57:09do the channel liquidity management, which I don't think
- 57:15you know, will allow us to bring millions of user onto the
- 57:18Lightning Network and offline receive to.
- 57:21I mean, those were the those are the two challenges.
- 57:24We really do not have a good solution as of today.
- 57:27I'm very optimistic. I think, you know, we will very,
- 57:30very soon be able to solve it. And maybe at that time we could
- 57:36kind of, you know, have another wallet within the speed itself
- 57:39where, you know, you could immediately take the self
- 57:42custody your hand and have your own mobile lightning node
- 57:45working. But with those issues unsolved,
- 57:50you know, the experience of self cost free wallet is not a well
- 57:56and not good for like unsophisticated users.
- 58:00We just wanted to, our goal is to bring like millions of people
- 58:04on to the lighting network and so decided to take the list path
- 58:10of resistance, which is just, you know, have a custodial node.
- 58:14We do the complete channel management, liquidity
- 58:17management, make sure that we have healthy channels available
- 58:20across the Lightning network. 100% transaction success rate
- 58:25was our goal. So we achieved that at speed.
- 58:28Like we have like 99.999% transaction success rate.
- 58:34So the experience is super smooth.
- 58:36Like, you know, any transaction you make will just go through.
- 58:40So that was the goal, you know, just make it make make a wallet
- 58:43available for non surface. I think we have a lot of self
- 58:45custodial wallets. We had a lot of them available.
- 58:48I think new TV just pulled out. But I think back in 2022 when we
- 58:53were evaluating there were about 5 to 6 pretty good like self
- 58:57custodial like wallets in the market.
- 59:01And I think a wallet of Satoshi was, and I think strike we're
- 59:07the only ones kind of catered into the to the unsophisticated
- 59:12users. And one of the challenges that
- 59:15we found was, you know, this transition between the on chain
- 59:19to lightning, lightning to on chain, which was, which was also
- 59:22an issue we wanted to solve that we solved for that and we put
- 59:26the wallet out. I mean, honestly, like we did
- 59:29not really expect so much adoption to be.
- 59:35I mean, we, we were like, OK, you know, we'll just put it out,
- 59:38see and you know, anyone wants to use it, just one more option
- 59:42available. Right now we're getting about
- 59:44like 100,000 to 1500 downloads every day and we crossed like
- 59:50100,000 wallet users in like last 4-5 months since it's
- 59:54available on the app stores. Congratulations.
- 59:59It's huge. And and I, I look like
- 1:00:02personally, I'm and again, I know this is unpopular with some
- 1:00:05part of our crowd. I, I was a huge fan of all of
- 1:00:08Satoshi just because if I, if I ever wanted to introduce someone
- 1:00:12to Bitcoin and the more amount of steps that they take and the
- 1:00:16less interested they are. Like if it's just as simple as
- 1:00:20you literally download an application and you're basically
- 1:00:25extremely, in a very short amount of time, you're ready to
- 1:00:28receive Bitcoin. It's a very, very powerful tool.
- 1:00:31And then you just send someone, you know, like $1.10 dollars or
- 1:00:34$100 worth of lightning and they just receive it instantaneously
- 1:00:38And they just say that's it. And you're like, that's it.
- 1:00:40That's, you know, like that is a good thing.
- 1:00:42Ideally, of course, like you don't want to leave, you know, a
- 1:00:46considerable amount of money in a lightning wallet.
- 1:00:50It's, it's for the coffee, it's for the day-to-day spend.
- 1:00:53So I personally am a convenience maxi.
- 1:00:56I, I, I have the capability to, to set up a lightning whatever,
- 1:01:02but I just haven't done it because it's just like, that's
- 1:01:05not where I'm, I'm, you know, a couple $100 in the lightning
- 1:01:08wallet, like, you know, it's not going to like, OK, it's like
- 1:01:12losing a wallet with $100 in it, like, OK.
- 1:01:15And if they rug pulled and they ruin the reputation that they
- 1:01:17can only do that one time, right?
- 1:01:20So, yeah, I personally, I'm a big fan of convenience for the
- 1:01:24smaller payments and it just helps on board a lot of people.
- 1:01:27Now my question to you, Raj, is, are you concerned at all about
- 1:01:32the regulatory environment in the US because some of the
- 1:01:36reasons that Phoenix and Wallet of Satoshi pulled out was
- 1:01:40because of the regular regulatory uncertainty.
- 1:01:44How are you guys approaching that?
- 1:01:47Yes. So right now the direction from,
- 1:01:52I mean, we, when the Samurai wallet, you know, issue kind of
- 1:01:57came up, it's kind of, it kind of started all the, you know,
- 1:02:00regulatory interference with the Lightning network Earlier.
- 1:02:04We were probably all flying under the, you know, nobody
- 1:02:08really bothered about what's going on the what was going on
- 1:02:11the Lightning network. But with the, with the Bitcoin
- 1:02:15wallets kind of, you know, coming under the, the view and I
- 1:02:20think with that investigation, some of the language that came
- 1:02:24out was very obscure. I mean, it's very difficult to
- 1:02:27really ascertain if you need the money transmission license or
- 1:02:32not. And usually like, you know, if
- 1:02:36some, if it's not clear, you'll need the money transmission
- 1:02:40license. So we are, we are actually
- 1:02:42working on that. And for now, you know, we had to
- 1:02:47put the know your customer requirements for North American.
- 1:02:52Otherwise we would probably have to make the wallet unavailable
- 1:02:56for North America. And we it is it's a trade off.
- 1:03:02I mean, you either make the services available and comply
- 1:03:07or, you know, just stop doing it and not comply.
- 1:03:11So, I mean, we choose that, you know, we'll, it's a spending
- 1:03:17wallet. You know, it's not we, we don't
- 1:03:19want like people to save millions of dollar on that.
- 1:03:23I mean, and honestly, like internally, we are actually
- 1:03:25considering very, very soon you're going to put like the
- 1:03:29hard limit on how much you can custody on our wallet.
- 1:03:32Like maybe you will not be able to have more than $1000 worth of
- 1:03:36Bitcoin. We are, we are actually
- 1:03:38considering that. We'll definitely put the hard
- 1:03:41limit on it. And we, we, I mean, we chose the
- 1:03:46KYC route and maybe just, you know, do the compliance make,
- 1:03:50but have the service available, make the Lightning available,
- 1:03:54keep it available within, have the option available to the
- 1:03:57users. But for the rest of the world,
- 1:03:59you know, it's just available without any kind of KYC
- 1:04:02requirements and anybody anywhere in the world can just
- 1:04:06download the wallet, start using it.
- 1:04:08We also have the web version available.
- 1:04:11We have the Chrome plug in available.
- 1:04:12We have lot of different versions available and we'll
- 1:04:15make it available in all possible languages.
- 1:04:17So, you know, like we'll not just remain limited to that
- 1:04:24stores. We'll try to go as like, you
- 1:04:26know, horizontal as possible and make this available in as many,
- 1:04:31on as many platforms and as many different languages as possible.
- 1:04:35But yeah, on North America, you know, I think the things are
- 1:04:39very hazy. It's not very clear.
- 1:04:41So yeah, to keep the lights on Will will have to comply.
- 1:04:50Yeah, yeah. Oh, wait, wait, hold on.
- 1:04:52Sorry. I was just going to add, you
- 1:04:54know, very quickly. I know there, there's still
- 1:04:57might be some people in the chat that are going to flood
- 1:04:59lightning. So rapid fire response will
- 1:05:02lightning scale Bitcoin? Yeah, yeah, 100%, yeah.
- 1:05:07I mean it. It works.
- 1:05:08It just works and it works really, really well.
- 1:05:12We have small problems with self custody.
- 1:05:15I think we should be able to solve it.
- 1:05:17It's the engineering problem. But yeah, it like with this self
- 1:05:22custody, it just works. You have used Lightning on the
- 1:05:27cash app. It works really, really well.
- 1:05:29Stripe what's really, really well wallet of shuttle See, I
- 1:05:33mean and there are I mean, I look at the transaction volume
- 1:05:38right now, it's just estimation like it's just mind blowing like
- 1:05:42you know, every day we are like processing about 40-50 BTC worth
- 1:05:47of payments right now, even though we are so new and so
- 1:05:50small. I mean should be like
- 1:05:54significant number for wallet of Satoshi and strike.
- 1:05:57I mean, those guys must be there's there is a lot of
- 1:06:00velocity and lightning network incredible and lot of like
- 1:06:04literally hundreds and thousands of users are actually
- 1:06:07downloading the wallet everyday and joining this network.
- 1:06:11This is just going to get bigger and snowball into like much,
- 1:06:16much bigger, like, you know, payment network.
- 1:06:18So I'm extremely optimistic. You know, this is we can
- 1:06:23definitely, I mean there will be challenges, there will be
- 1:06:26engineering, you know, challenges, there might be
- 1:06:28regulatory challenges, but once we kind of acquire a certain
- 1:06:33level of, you know, size, it will become unstoppable.
- 1:06:39Yeah, I agree. It's it's like you have to make
- 1:06:43Bitcoin human friendly. Like that's the reality that
- 1:06:47Bitcoiners don't understand. But it's something that like the
- 1:06:51reason that the iPhone took off, right?
- 1:06:54Like the whole general consensus was there's going to be a
- 1:06:58computing revolution. That was right.
- 1:07:00But what wasn't right was the whole keyboard and screen and
- 1:07:05whatever the computer was human friendly.
- 1:07:08And now everyone has a computer which is their smartphone,
- 1:07:12right? So you just apply that same
- 1:07:15logic to Bitcoin. How do you make Bitcoin human
- 1:07:18friendly? The reality is that self custody
- 1:07:22is not a human friendly exercise for the vast majority of people.
- 1:07:27That's not to say that people shouldn't take self custody and
- 1:07:30they should definitely learn and you should keep pushing that
- 1:07:32message forward. But like you guys know the deal.
- 1:07:36Like at least in my family, I'm the uncle Jim bro.
- 1:07:39You know, I'm the tech support guy, right?
- 1:07:41Any when it comes to Bitcoin stuff.
- 1:07:44And I'm sure you guys have had very similar experiences, right?
- 1:07:47When you have like convenience, like these types of convenience
- 1:07:52onboarding apps into lightning, it creates a really pleasant
- 1:07:57kind of user experience. And then of course, you know,
- 1:08:01like it's like having, you know, if you have more than 600 or
- 1:08:05$700 in your wallet, you know, you're going to look at that
- 1:08:08wallet a little bit differently, right?
- 1:08:10If you have $10,000 in your wallet, like you're going to
- 1:08:13feel uncomfortable and be like, I don't need this much money in
- 1:08:15my wallet. I'm going to leave some of this
- 1:08:18whatever at home or something. So the point is, is that someone
- 1:08:22said to come Nico, will the vast majority of people still win if
- 1:08:25they don't take self gussy nihilistic field.
- 1:08:28So I would say that I think that most people are just not, it's
- 1:08:34going to be a very unpopular comment, but I'm going to say it
- 1:08:36anyways. Most people are just not going
- 1:08:38to transact on chain. I think on chain is going to
- 1:08:41become prohibitively expensive in the next 10 years or so.
- 1:08:47And most people are going to be interacting with Bitcoin on
- 1:08:50second and third layer solutions.
- 1:08:52And I think it's going to be a certain group of people that are
- 1:08:55going to have the means and the technical know how in order to
- 1:09:00operate Bitcoin on chain. Yeah, that's what I think is
- 1:09:03going to happen. And it's just a matter of the
- 1:09:05fees. Like the fees are just going to
- 1:09:07look, Bitcoins going to go to a million.
- 1:09:09Like the fees are going to go up, right.
- 1:09:12If Bitcoin becomes a world reserve currency, that block
- 1:09:15space is going to become very, very sought after, right?
- 1:09:20To say the least. So, yeah, I, I, I don't think
- 1:09:23scaling on the main chain is that was not a serious question.
- 1:09:27Well, I answered it anyways, bro, I don't think scaling on on
- 1:09:31chain is the way. I think, you know, second layer
- 1:09:34solutions and third layer solutions are the way forward.
- 1:09:37And we haven't quite cracked the code because it there has to be
- 1:09:40a balance, right? There has to be a balance.
- 1:09:42Unfortunately, we still have the, the Fiat, the party of Fiat
- 1:09:46on our side and they have all the whole KYC in compliance and
- 1:09:50they have the men's with they have the men with guns, right?
- 1:09:53That's just the reality of the situation.
- 1:09:55It's sucked to me. It blows my mind that North
- 1:09:59Korea, China and USA are all on the same list as it regards to
- 1:10:04certain Lightning wallets. Like that is not a good
- 1:10:07situation for the United States. That's an embarrassment in my
- 1:10:10opinion. And that is a complete drop ball
- 1:10:13because all you're doing is you're forcing these companies
- 1:10:15to go overseas and innovate over there.
- 1:10:17That's all you're doing. You're not shutting it down.
- 1:10:20So, yeah, I mean, it's, it's not so much, you know, like when I,
- 1:10:25when I see a lot of these exchanges and, you know, these
- 1:10:29applications, you know, implement KYC and then users get
- 1:10:34upset. It's a you're getting upset at
- 1:10:36the wrong people, bro. You should be getting upset at
- 1:10:39the government officials and the regulators because they're the
- 1:10:43ones that are forcing these companies and exchanges and
- 1:10:47brokers to implement these things in their products.
- 1:10:50Because if they don't implement it, they will literally be
- 1:10:53locked in a box or they would be ran out of business.
- 1:10:56So that's something to keep in mind with everybody.
- 1:10:58It's just kind of like the reality of the regulatory
- 1:11:00situation, which is why on our show we talk a lot about the
- 1:11:07political environment here in the US.
- 1:11:10You have the current administration that has been
- 1:11:15pretty hostile towards the industry as a whole, the
- 1:11:19Operation Choke .2 Point O denying Caitlin Long's federal
- 1:11:23banking charter, the proposed 30% tax on Bitcoin miners.
- 1:11:28And then you have two opposing candidates, RFK Junior and
- 1:11:33Donald Trump, that have promised that they'll be pro industry if
- 1:11:39they get into office. Like these are the types of
- 1:11:41things where you don't like KYC, you don't like AML and you don't
- 1:11:45like this, the regulatory environment in the United
- 1:11:48States. Then elections matter to you.
- 1:11:51Like they really do. Like there's, there's a
- 1:11:52consequence to it. And that's something that I've
- 1:11:56seen Bitcoiners clash with. Like they don't fully comprehend
- 1:12:01that because we've been used to operating in the shadows since
- 1:12:06really the beginning of Bitcoin's history.
- 1:12:08They, they haven't really paid attention to us.
- 1:12:10Now it's that we've grown in popularity and there's more
- 1:12:14adoption, you start to get into the limelight and that's where
- 1:12:18these types of things happen. So anyways, I'm a huge fan of
- 1:12:21the Speed Wallet. I definitely think it's gonna do
- 1:12:23great for Lightning adoption and just more the onboarding of
- 1:12:28Bitcoin. And I do want to give a shout
- 1:12:30out to Raj for joining us on the show today.
- 1:12:34To check out the app, you go to Speed dot app and you can
- 1:12:38download it. It's available in the App Store
- 1:12:40on the Google Store and, you know, the smartphone of your
- 1:12:43choice. And Raj, if you have any final
- 1:12:46parting thoughts for our audience, what would it be?
- 1:12:49Yeah, I will say that Bitcoin layer one take the self custody,
- 1:12:56not your Bitcoin like not your keys, not your Bitcoin.
- 1:13:00We have lots of good options available in terms of hardware
- 1:13:02wallets. We have multi sig wallets now
- 1:13:06you know I think self custody of layer one is super easy and it
- 1:13:10is completely possible to do that even for unsophisticated
- 1:13:16users. I think BT Sessions has done
- 1:13:18like really great job making the tutorials for all the different
- 1:13:22hardware wallets and different kind of the wallets available.
- 1:13:26I think you know, we are at a point where the hardware wallets
- 1:13:31are super easy to use, multi sig wallets are easy to use.
- 1:13:35Self custody of the bitcoins for saving should be the norm.
- 1:13:40And whether you are sophisticated or not, not so
- 1:13:43sophisticated users don't leave bitcoins on the exchange, just
- 1:13:48take it on your hardware wallets.
- 1:13:49And so there will not be, you know, lending of your Bitcoin to
- 1:13:54the and I think that does affect the price of the Bitcoin.
- 1:13:58Like when they land out, they keep circulating the same
- 1:14:01Bitcoin to several different buyers between several different
- 1:14:04buyers and traders. It doesn't help.
- 1:14:07So take the self custody when it comes to the Lightning.
- 1:14:11You know, it is for spending. It's a medium of payment.
- 1:14:14Don't bring in big amount, don't save it on the lightning metal
- 1:14:18wallets. You know, it's for spending and
- 1:14:20we'll we'll be kind of focused on that just making it super
- 1:14:23easy to spend or use Bitcoin if you don't want.
- 1:14:27I mean, I would still say that do not like spend your Bitcoin
- 1:14:31in which case we have like a stable coin available which
- 1:14:35which is what users want and you know, you can use that for the
- 1:14:39spending. There are a lot of, I mean, we
- 1:14:42grow the medium of payment network that's going to
- 1:14:45complement the Bitcoin price and Bitcoin overall.
- 1:14:50Once it becomes a norm to kind of, you know, use the Lightning
- 1:14:53network, the next step would be unit of economics.
- 1:14:56People will start denominating their products and services into
- 1:15:00Bitcoin and then we'll have a proper Bitcoin bitcoinization.
- 1:15:04Like, you know, we will have like hundreds and thousands of
- 1:15:07business just selling the things for Bitcoin.
- 1:15:09I think we really need that mindset where everything is
- 1:15:13priced in Bitcoin and doesn't matter whatever the bit, you
- 1:15:18know, U.S. dollar in it or any other shit coin prices against
- 1:15:21like Fiat token price against it is people just like care only
- 1:15:26about Bitcoin price of it. And at that point of time,
- 1:15:29probably we will not even need the stable coin and we'll be the
- 1:15:32first one to drop it off A. 100% Well, dude, thank you so much
- 1:15:36for coming on on the show, Raj. It's great what you guys are
- 1:15:40doing, spreading Bitcoin adoption, making it convenient
- 1:15:44and easy for people to onboard and stuff.
- 1:15:47So I really appreciate it guys. You can go to Speed dot app to
- 1:15:50download the application today. This was your show for August
- 1:15:5413th, 2024. I'm your host, Nico.
- 1:15:57It's my host, my Co host Optimist Fields and our special
- 1:16:00guest today, Raj from Speed Wallet.
- 1:16:02All right everybody, love you all.
- 1:16:04We'll see you tomorrow for brand new episode of Simply Bitcoin
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