Latest / Simply Bitcoin / First US Bank Granted Approval to Custody Bitcoin | EP 1081

Transcript

First US Bank Granted Approval to Custody Bitcoin | EP 1081 · Simply Bitcoin

• 0:22
  Draining and don't die. It's about stopping the Steve
• 0:26
  from and they're actually very parallel because in the legacy
• 0:31
  system it assumes basically 2% inflation like high but actually
• 0:37
  also deflations had so a little bit of deflation a little bit of
• 0:41
  loss of wealth appears that and this process of death is bad but
• 0:47
  trailer forever. That's weird and so yeah, we're
• 1:05
  going to see Bitcoin live the most watched daily Bitcoin live
• 1:07
  show on YouTube Rumble X noster everything guys, we are your
• 1:11
  number one source for the peaceful Bitcoin revolution cut
• 1:14
  breaking news culturmatic warfare.
• 1:15
  We will be your guide through the separation of money and
• 1:18
  state. There is Balaji starting off hot
• 1:21
  saying the T words so many times in a row made me a little bit
• 1:24
  nervous because of the YouTube algos.
• 1:27
  But I mean he's saying the choir part out loud like this is what
• 1:30
  Bitcoin is all about. Bitcoin is about protecting your
• 1:34
  purchase power from the state. And that is a message that as I
• 1:39
  continue to go down the Bitcoin rabbit hole, it's something that
• 1:44
  continues to blow my effing mind.
• 1:48
  Which is the entire world has been psyopped into thinking that
• 1:53
  you have to be a part time investor just to be, just to
• 1:56
  maintain your purchasing power #1 and #2 the entire world has
• 2:01
  been psyopped into thinking that somehow your money has to lose
• 2:05
  purchasing power in order to function and exist.
• 2:09
  That is absolutely nuts. That is gnarly.
• 2:13
  Bitcoin is the peaceful revolution.
• 2:16
  Bitcoin is saying enough is enough.
• 2:18
  I don't want to deal with this anymore.
• 2:20
  I, I refuse, I refuse to partake.
• 2:24
  And it's about taking your purchasing power, taking your
• 2:27
  wealth, taking your energy out of that parasitic system into a
• 2:32
  system that protects you and you all you have to do is take self
• 2:37
  custody. And when you take self custody,
• 2:39
  it's not a get rich quick scheme.
• 2:42
  It's a don't get poor scheme. Like that's the way that you
• 2:46
  should look at it. You still have to work very,
• 2:49
  very hard. You still have to have the
• 2:50
  discipline of saving. You still have to put those
• 2:53
  savings into into self custody. So it requires a lot of
• 2:58
  discipline and it requires a lot of discipline over a long period
• 3:02
  of time. This is not something that's
• 3:03
  going to happen overnight. But now you have a mechanism to
• 3:07
  protect yourself. Before you had to, like I said,
• 3:11
  become a part time investor, invest into gold.
• 3:14
  Gold was just going to maintain your purchasing power like you
• 3:17
  had to jump through a bunch of hoops.
• 3:19
  With Bitcoin, it's pretty simple.
• 3:21
  You earn Bitcoin, you mine Bitcoin, you buy Bitcoin, you
• 3:24
  put that Bitcoin into self custody.
• 3:27
  You know, you metaphorically lock away the key, you forget
• 3:30
  about it. And the longer you wait, the
• 3:33
  longer you save, the better your life becomes, the cheaper things
• 3:38
  around you become, right? So very, very interesting.
• 3:42
  It's it, the more I've spent, the more time I've spent
• 3:45
  thinking about it, the more simplified in my mind it
• 3:49
  becomes. But it's a very complex topic
• 3:52
  for someone who's just getting into Bitcoin because they've
• 3:56
  been used to living in the Fiat matrix the majority of their
• 4:00
  lives, where they've been convinced that somehow it is
• 4:03
  absolutely normal for you to lose 10/15/20 percent of your
• 4:08
  purchasing power on a yearly basis.
• 4:11
  And that is is somehow the norm. That is not the norm.
• 4:15
  Money doesn't need inflation in order to function.
• 4:18
  Politicians are not the solution.
• 4:20
  You're the you're the solution. But you have to take agency and
• 4:24
  action over your own life and a little bit of personal
• 4:27
  responsibility and take back that financial sovereignty and
• 4:31
  other news as well. BlackRock changes their terms
• 4:35
  with Coinbase custody agreement because a lot we were covering
• 4:39
  this last week. I'm surprised actually how fast
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  they've moved on this. But last week there was a rumor
• 4:45
  that Coinbase was rehypothecating Blackrock's
• 4:51
  Bitcoin. It was a huge rumor.
• 4:53
  Multiple people did videos on it.
• 4:55
  We did it. We did a videos on it here at
• 4:57
  Simply Bitcoin. Our buddy over at Bitcoin
• 5:00
  University, Matthew did a video on it as well.
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  And it was, you know, it was like wildfire on Bitcoin
• 5:06
  Twitter. And what's really interesting to
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  me is how quickly they've changed the terms of conditions.
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  And now they're the custody agreement requires a 12 hour
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  withdrawal amid debt rumors. So BlackRock is putting the
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  coin, the pressure on Coinbase and saying, hey, no, no, no, no,
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  no, you're not going to re hypothecate.
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  But still, there's still high re hypothecation risk.
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  But it's interesting to see this, this this change in policy
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  because you would think like, what does BlackRock care what
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  bunch of Youtubers and what bunch of people saying on are on
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  Twitter. But BlackRock wants their
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  customers to have confidence in their ETF product.
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  This is what it's all about. And they're putting pressure on
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  COIN base to say, hey, listen, you better have that that
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  Bitcoin that we're custodying with you.
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  Because I don't think they, I don't think Larry Fink liked
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  what Brian Armstrong was saying whatsoever.
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  Also in other news as well, credible rumors, these are
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  Michael Saylor's words, not mine.
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  Credible rumors are circulating that one or more major banks in
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  the US will be a will soon be able to custody Bitcoin.
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  So that First bank is Bank of New York Mellon and these are
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  one of the that was one of the three things Michael Saylor said
• 6:29
  needed to happen in order to in order for Bitcoin to reach
• 6:33
  $5,000,000 per per coin. Now what's really interesting
• 6:38
  about this the whole concept of banks custing Bitcoin is
• 6:42
  operation choke .2 point O and there was some damning evidence
• 6:46
  that was released over the week weekend.
• 6:50
  Shout out Nick Carter, shout out Ryan Selkis and shout out
• 6:55
  Caitlin Long. They did a incredible work kind
• 6:58
  of uncovering this specifically Nick Carter.
• 7:01
  It seems like a lot of the crypto related banks were
• 7:06
  targeted by the current administration, something that
• 7:10
  we knew, but we didn't realize how malicious it was and how
• 7:16
  much of an influence specifically Elizabeth Warren
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  had in the in the demise in some of these banks.
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  And now if you put that together with the Feds recent enforcement
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  action on Customers Bank, one of the last friendly crypto, crypto
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  friendly banks in the United States that currently banks
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  exchanges like Gemini, it kind of makes sense.
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  They're trying to isolate the industry from the traditional
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  financial system. And in my, what I'm guessing is
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  happening is that they're hoping, they're hoping to
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  funnel. They're like, OK, we can't make
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  this thing go away. It's not going anywhere.
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  So what we're going to do instead is we're going to funnel
• 8:01
  people to the ETFs because we can control the ETFs.
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  Self custody is the dangerous part.
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  And what I think they're trying to do is that they're trying to
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  go after every bank that facilitates on and off ramp
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  transaction. So if you're selling dollars for
• 8:18
  Bitcoin and then that exchange allows you to withdraw that
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  Bitcoin to self custody, I think that's fundamentally what
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  they're going after because they've realized that they're
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  not going to make this thing go away.
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  Specifically with BlackRock and Michael Saylor coming into the
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  fray, this is something that we've been covering over the
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  last six months. This is the reason as to why we
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  get, we get a lot of heat for this, but this is the reason as
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  to why this upcoming election is so important from a regulatory
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  perspective for the Bitcoin industry in the United States.
• 8:49
  So anyways, lots of stuff to cover.
• 8:51
  Ladies and gentlemen, it's going to be a hell of a show and we
• 8:54
  have an incredible guest, an up and coming Bitcoin podcaster.
• 8:58
  He's doing incredible work on on YouTube, on Bitcoin Twitter.
• 9:03
  So we got Robin Sire in the house.
• 9:05
  How you doing bro? Hi, how you doing?
• 9:07
  Really, really good. Thank you for having me here.
• 9:10
  Thanks for joining us and of course the Co host for today in
• 9:13
  the house, Optimus Fields. Bro how you doing dude?
• 9:17
  I am doing wonderful of course, another day in paradise covering
• 9:22
  Bitcoin. How could we complain?
• 9:24
  Life is wonderful, life is great.
• 9:27
  I I dude, I didn't drink as much coffee as usual this morning.
• 9:29
  So I I think my energy is a little lower than usual, but
• 9:32
  hey, we're still here. I'm sure I'll get geeked up as
• 9:35
  these topics start to come out. But yeah, man, I think I, I will
• 9:38
  actually let's let's just get in the show because I'll I'll
• 9:41
  cover, I'll cover my thoughts on the on the BlackRock stuff and
• 9:44
  the operation choke .2 point O thing.
• 9:46
  But let let let's just get on the show because I don't want to
• 9:48
  drag out the intro too much. Nico.
• 9:50
  Let's let's jump right into it all.
• 9:51
  Right ladies and gentlemen, before we jump into the jump
• 9:54
  into the show, I do want to give a shout out to simply bitcoins
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  But before we do that, if you guys are enjoying the show so
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  At the time of recording, the Bitcoin price is $63,290.00.
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  That's per dollar 1581 block height 862,548 blocks to having
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  187,450 to having estimate March 28th, 2028 Total lightning
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  network capacity 5065 BTC capacity value 320 million
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  Realized monetary inflation continuing to take Fiat
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  currencies to absolute school 1.35% The market capitalization
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  of Bitcoin 1.25 trillion Bitcoin versus gold market cap 6.88%.
• 13:21
  In the grand scheme of things, Bitcoin is just getting the
• 13:24
  party started. Anyways, our first headline for
• 13:26
  today news dropped from cryptoslate.com headline is
• 13:31
  BlackRock amends Coinbase custody agreement to require 12
• 13:35
  hour withdrawals and amid debt rumors, BlackRock has amended
• 13:39
  its custody agreement with Coinbase updating operational
• 13:42
  procedures for its Bitcoin Trust ETF.
• 13:45
  According to an SEC filing dated September 16th, the amendment to
• 13:49
  the Coinbase Prime Broker Agreement introduces changes
• 13:52
  amid at improving withdrawal processes and asset management
• 13:56
  during during during unsettled trades, the modification shorted
• 14:00
  shortened Coinbase custody withdraw processing time when
• 14:03
  handling withdrawals from the vault balance to a public
• 14:07
  blockchain address, while trades credits remain unpaid.
• 14:11
  The agreement also permits the trust to withdraw Bitcoin from
• 14:14
  either the vault balance or the trading balance to public
• 14:17
  blockchain addresses, provided that an amount equivalent to the
• 14:20
  unpaid trade credit remains in the aggregate balances after
• 14:24
  such withdrawal. Now here's my two Sats on this.
• 14:27
  El Salvador has made their reserves public.
• 14:31
  River Financial also came out with a way for you to verify
• 14:37
  their reserves. I believe also Kraken has a
• 14:40
  mechanism for you to verify your reserves.
• 14:44
  In the ideal situation, you shouldn't want to trust a third
• 14:49
  party on if they have the Bitcoin or not.
• 14:52
  Ideally is why we recommend our lead sponsor of Bitcoin.
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  Well, ideally you want to take self custody because you're just
• 14:59
  trusting yourself. But if you are to trust someone
• 15:01
  else, you want to make sure that they have the Bitcoin that they
• 15:04
  say they do or you have a Mount Cox or FTX type of event, right?
• 15:10
  A bank run, so to speak. So, you know, it's interesting
• 15:14
  how much BlackRock is basically putting pressure on Coinbase to
• 15:26
  give their clients confidence in their product.
• 15:30
  And what I would say as well is US content creators on Twitter
• 15:36
  and on YouTube, we went nuts about this topic last week.
• 15:41
  And it all had to do with the fact of Brian Armstrong's
• 15:46
  comments on this. They were, they did not make me
• 15:49
  feel confident at all that Coinbase was not
• 15:53
  rehypothecating. And I suspect this is
• 15:57
  Blackrock's reaction to this. So, it goes on to say these
• 16:01
  adjustments reflect Blackrock's effort to enhance the
• 16:05
  operational framework of its ETF by redefining withdrawal
• 16:09
  capabilities and offering flexibility and managing assets
• 16:12
  during unsettled trades. The firm aims to improve
• 16:16
  liquidity and access for institutional investors who
• 16:18
  require timely asset movements without being hindered by
• 16:23
  outstanding trade settlements, it goes on to say.
• 16:26
  Bloomberg senior analyst Eric Bakanos refuted these
• 16:31
  allegations, stating that BlackRock would act if Coinbase
• 16:34
  were screwing around with their Bitcoin.
• 16:36
  He emphasized that such behavior would violate regulations and
• 16:40
  that BlackRock is serious about its operations.
• 16:43
  The Bloomberg analyst suggested that these rumors stem from
• 16:47
  investors seeking explanations for the selling pressure keeping
• 16:50
  Bitcoin in a downward trend since March, and from inert
• 16:53
  skepticism towards institutional involvement and digital assets.
• 16:58
  Coin based CEO Brian Armstrong also addressed the claims,
• 17:01
  clarifying that all mints and burns related to the ETFs in the
• 17:04
  firms custody are ultimately settled on chain.
• 17:08
  He noted that institutional clients have off chain options
• 17:11
  before trades are settled on chains, such as over OTC trading
• 17:16
  with funds settled in Coinbase Prime vaults with one business
• 17:19
  day. Armstrong added that while users
• 17:22
  must trust a centralized custodian to store the Bitcoin
• 17:25
  backing Coinbase's products, the firm operates transparently and
• 17:29
  complies with regulatory standards.
• 17:31
  OK, you know what I got to say? Make the reserves public.
• 17:35
  We've seen it time and time happen time and time again where
• 17:40
  the regulations are in place, everything is in place, but the
• 17:44
  rug pull still happens. I think at this point, if you're
• 17:47
  still getting rug pulled, you got to ask yourself what is the
• 17:50
  definition of insanity? Ladies and gentlemen trying the
• 17:53
  same thing and expecting different results now that we
• 17:56
  have technology like Bitcoin that allows you to take self
• 18:00
  custody of your assets in an efficient manner, specifically a
• 18:04
  large like a large amount too right?
• 18:08
  You could theoretically store 1,000,000 billions, trillions of
• 18:12
  dollars by writing down a 12 word seed phrase I mean if it's
• 18:16
  trillions you're probably going to want to stamp it into a stamp
• 18:19
  seed right? A paper would probably be kind
• 18:20
  of fickle in that sense promo code simply but the point I'm
• 18:24
  trying to make is we now have the technology where there is no
• 18:28
  excuse. You shouldn't be trusting
• 18:30
  someone else with your money if you now you have the
• 18:34
  technologies and the tools to trust yourself.
• 18:37
  And another thing that I got to say is Coinbase, why don't you
• 18:40
  follow in the footsteps of El Salvador?
• 18:43
  Why don't you follow in the footsteps of Kraken?
• 18:45
  Why don't you follow in the footsteps of River Financial?
• 18:48
  I would love to see the, the, the Bitcoin that BlackRock
• 18:54
  holds. I would love to see that address
• 18:57
  public, like, why isn't that? Like, if you really want the
• 19:01
  public to trust, I get that there's all these regulatory
• 19:04
  frameworks, but that hasn't helped in the past.
• 19:07
  Why don't you make those reserves public?
• 19:08
  Maybe I'm naive to say that, but that's just my two sats.
• 19:11
  I'm going to pass it on to Robin.
• 19:12
  Robin, what's your take on this? And do you suspect that it has
• 19:16
  to do with how much pressure we put on as a community last week
• 19:20
  that they are reacting this way? I'm not 100% sure about that.
• 19:25
  But one thing is for certain, and we talked about when you
• 19:29
  were on my part because about that, that the power is
• 19:31
  shifting. More and more people want to
• 19:34
  have a public reserve. They want to have the proof that
• 19:36
  the money is actually there because we have so many
• 19:39
  instances that the money was supposed to be there, but it
• 19:44
  wasn't there. So first of all, I want to say
• 19:47
  there's no, and you nailed it actually.
• 19:50
  There's no excuse to not self custody at that point.
• 19:53
  If you have Bitcoin, if you have anything to do with Bitcoin,
• 19:57
  there's no excuse to not do self custody.
• 19:59
  I still see it in my friend circle.
• 20:01
  I still see it in my comments. I ask the community about, oh,
• 20:05
  how many of you do self custody? How many of you have?
• 20:08
  In on exchange, there's still way too large of a percentage
• 20:12
  even amongst those people who watch daily or weekly Bitcoin
• 20:16
  podcast and week Bitcoin content, even those still don't
• 20:20
  do self custody. There are some alleged reasons.
• 20:23
  Maybe you have it in some retirement account and you
• 20:25
  cannot get it out because of some lock up period.
• 20:28
  OK, yeah, yes. Then you have it in MSTR, then
• 20:30
  you have it in somewhere else. But there's no excuse to not do
• 20:35
  self custody. There's so many services.
• 20:37
  There's so many interesting and great solutions around those
• 20:41
  things. There's just no excuse.
• 20:42
  Just wanted to get that out because I still see it in the
• 20:44
  community, even those who watch the Bitcoin podcast, even
• 20:48
  probably they are around here in the community that people watch
• 20:51
  here and there's still people that don't do the self custody,
• 20:55
  which is for me, I, I, I don't know why, but it seems to be
• 21:00
  still a thing. And then the next thing, as you
• 21:03
  mentioned, the public reserves, if you have, if you are a public
• 21:07
  company and you want to establish trust, the old way to
• 21:11
  do it is with regulatory frameworks, with the
• 21:14
  politicians, with that kind of old system.
• 21:17
  But we might be on the verge of a new system.
• 21:21
  And it might be a good idea to, yes, have the regulatory
• 21:25
  frameworks do whatever you have to do to be in a legal form.
• 21:30
  But why not also do the new way of actually proving the
• 21:33
  reserves? And that's the the power that is
• 21:35
  shifting here. 100 percent, 100% agree.
• 21:38
  There's absolutely no excuse. By the way, shout out to the
• 21:42
  1000 of you guys watching live between YouTube Rumble X and
• 21:47
  Noster. If you guys are enjoying the
• 21:48
  show, make sure to smash that like button comment, share the
• 21:51
  stream. Really really helps with getting
• 21:52
  the message out there. Excellent comments from Robin.
• 21:55
  I'm going to pass it on to you, opti.
• 21:57
  Oh, we got just got zapped 40. Are you doing that manually
• 22:00
  Opti? Yeah, bro, I'm a pro.
• 22:02
  Okay, okay, okay, appreciate the zaps.
• 22:05
  You guys could go to ZAP dot stream and follow us to simply
• 22:08
  Bitcoin and you can ZAP us live anyways, Opti what what?
• 22:12
  What are your thoughts on this brother?
• 22:14
  Yeah. Well, first of all, I think I
• 22:16
  said it, I forget when it was on the show the other day when
• 22:19
  these rumors were, were being played out and we were covering
• 22:22
  it live, that I, I'm convinced that BlackRock isn't doing
• 22:27
  anything shady right now because they want this ETF product to be
• 22:31
  very successful. And it's still very early in the
• 22:34
  ETF adoption, or rather, you know, quote, UN quote ETF
• 22:36
  adoption game. Even though the ETF is most
• 22:39
  like, I think officially at this point, the, the best release of
• 22:43
  any ETF ever. I, I think it would be very
• 22:46
  stupid. And of course, as the meme goes,
• 22:47
  you know, play stupid games, win stupid prizes.
• 22:49
  I think it would be ridiculous for them to try to do any
• 22:52
  trickery right now with the ETF. It is in Blackrock's best
• 22:56
  interest to have the ETF product go well and any kind of rug pull
• 22:59
  in the ETF. I'm not saying that it won't
• 23:01
  happen in the long run, but I'm just saying right now, I think
• 23:04
  it's in their best interest to make sure that that ETF product
• 23:07
  is it's basically fully backed. And so I really do enjoy this,
• 23:12
  this pushback from BlackRock to Coinbase shortening that time
• 23:16
  frame. It went from one day to now 12
• 23:18
  hours. And of course, people on Twitter
• 23:20
  were basically saying trolling, like, well, now Coinbase only
• 23:22
  has 12 hours to get all that Bitcoin that they need.
• 23:25
  But hey, they're still going to try to do some trickery there.
• 23:28
  But Nico, I think, I think you asked a rhetorical question and
• 23:33
  again, being the reigning toxic person on the show, you asked
• 23:36
  the question of why doesn't Coinbase publicly release all
• 23:41
  their address with all this ETF coin.
• 23:43
  And you know, the very low hanging fruit example would be
• 23:47
  because there's probably some holes there that they don't want
• 23:49
  people to see. Not saying that Coinbase would
• 23:51
  be dumb enough to do that. I really think the opposite.
• 23:54
  I think it is in their best interest to make sure that all
• 23:57
  that Bitcoin is there and it'd be really, it'd be really dumb
• 24:01
  for them to do some. Trickery right now just be dumb.
• 24:03
  It would be. Legal.
• 24:04
  Well, of course, not only illegal, but it would be like it
• 24:08
  wouldn't just be done for Coinbase.
• 24:10
  Yeah, not exactly. Well, but then again, Nico, it's
• 24:13
  not like we haven't seen that before in the space.
• 24:14
  So it's not something new, but I just think it would be not only
• 24:18
  bad for Coinbase and the ETF in general, but to be really bad
• 24:21
  for the whole industry at large. Though that one quote from Eric
• 24:24
  Balkunis is very interesting of I think BlackRock would respond
• 24:29
  if there was some trickery and then they actually did respond.
• 24:32
  And it's like, all right, well, let's shorten this out.
• 24:35
  I don't trust you guys, which I think kind of goes to the
• 24:37
  general I'm. Going to double down like
• 24:39
  they're saying that this is that they're doing this like by I, I
• 24:43
  saw how like the rumors last week were we we we made multiple
• 24:48
  we did we covered it on the live show.
• 24:50
  We did a video on it. The video performed extremely
• 24:53
  well. I Matt Crowder from Bitcoin
• 24:55
  university did a video on this. It was it was on Twitter got a
• 24:59
  ton of attention. Do I think it's a coincidence
• 25:02
  that they change the regulations the week after?
• 25:06
  No, I don't think that's a coincidence at all.
• 25:08
  I think that they are reacting to rumors and the Black Rock
• 25:13
  says no, like don't F with our product.
• 25:16
  This could potentially mess with our product Coinbase.
• 25:18
  You have to move that back down to 12 hours and I think that's
• 25:23
  going to quell some of the re hypothecation rumors.
• 25:26
  That's that's my two sats on that.
• 25:30
  Yeah, I don't. I don't know where I was going,
• 25:32
  but yes, exactly. Keep going.
• 25:33
  All right, everybody stay. Tuned, we still got a lot of
• 25:36
  news for you guys. So there was 5 things that
• 25:39
  Michael Saylor said needed to happen in order for Bitcoin to
• 25:42
  reach $5,000,000 per coin. One of those things finally,
• 25:47
  finally happened despite all the regulatory pushed back.
• 25:51
  So stay tuned, we're going to hit the news.
• 25:52
  Let's do it. Here we go.
• 25:55
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• 28:11
  So Michael Saylor said that three things needed to happen in
• 28:15
  order for Bitcoin to reach $5,000,000 per coin.
• 28:19
  Here is the original clip from a Twitter Spaces that was held
• 28:23
  back that was held a while ago. Let's check it out.
• 28:25
  Here we go. I think there's three.
• 28:28
  Look. First of all, it's going up by a
• 28:29
  factor of 10 whether they fix any of the stuff, right?
• 28:31
  It's going to go it's going to be a grind up by a factor of 10
• 28:34
  just because gold is broken and the coins going to replace gold.
• 28:38
  And now everybody in the universe knows they need a non
• 28:41
  sovereign store of value in the form of a bearer instrument.
• 28:44
  So now they're looking the amount of stories for last year.
• 28:47
  People said inflation may be coming.
• 28:49
  We're not sure. Now the mainstream narrative is
• 28:51
  flipped to inflation is here, you need inflation hedge.
• 28:54
  So it's going to grind up to replace gold, it'll go to
• 28:56
  $500,000 a coin regardless of whether they fix these things.
• 28:59
  But there are three things that are massive catalysts that cause
• 29:02
  an acceleration. And I, I don't think that those
• 29:06
  three things don't take us to 500,000, They take us to 5
• 29:08
  million a coin, right? Those three things are a spot
• 29:12
  ETF where someone can go ahead and buy $100 million of Bitcoin
• 29:15
  by a security, an ETF security. I think that's 1/2 is your bank
• 29:20
  is going to custody it for you and lend against it, and three
• 29:25
  is I can mark it up or mark it down on my balance sheet based
• 29:29
  on fair value. Para pursue.
• 29:31
  It'll be para pursue to the way I'd handle Apple stock, or at
• 29:34
  least that good if it's if you have property with fair value
• 29:38
  accounting. By the way, it becomes para
• 29:40
  pursue to the way you'd handle Treasury bonds on a Treasury
• 29:44
  balance sheet. Treasuries are better than
• 29:46
  stocks because Treasury is property, whereas a stock is a
• 29:49
  security and you're capped out at 40% of your balance sheet is
• 29:52
  security. So, so it would be a major,
• 29:55
  major breakthrough if if you saw any of those three things.
• 29:59
  And I'll, I'll end with this one observation.
• 30:01
  I tweeted this last week, but I still, I think it's very
• 30:03
  powerful. It's if the banks can hold this
• 30:05
  stuff on their balance sheet, then a whole new class of
• 30:09
  investors are going to buy it. People are going to put in
• 30:11
  billion and multi billion dollar orders to buy it as a treasury
• 30:14
  asset. Nobody's going to sell it
• 30:15
  because because there's no reason to sell it.
• 30:17
  If you can borrow against it at Libor plus art, sulfur plus 50
• 30:21
  basis points, right? So you'll be, you'll be buying
• 30:24
  against Bitcoin. It's sulfur plus 50 or sulfur
• 30:26
  plus 100 basis points. No one's ever going to sell it.
• 30:29
  And then as I joked, you won't be able to afford it.
• 30:31
  I mean, you will be able to afford it, but you know,
• 30:33
  everybody gets Bitcoin at the price they deserve when the
• 30:35
  banks normalize it and you can draw $100 million credit line at
• 30:39
  100 basis points from an FDIC insured bank at that point,
• 30:44
  right? We're going to blow through the
• 30:45
  market cap of gold by a factor of 10.
• 30:48
  All right, So Michael Saylor being the Chad Saylor, by the
• 30:53
  way, I think this is originally recorded back in back in 21.
• 30:58
  So let's go by those three things real quick.
• 31:01
  Ring #1 ETF check thing #2 changing in the accounting
• 31:06
  rules, check the Fasby accounting rules that was
• 31:08
  announced late last year. The last thing that was on that
• 31:12
  list was the ability for banks to custody this.
• 31:16
  Now this was a huge fight, right?
• 31:18
  We remember that there was a a bill that was being proposed
• 31:24
  called SAB and that bill essentially prevented banks from
• 31:30
  custodying digital assets. And it was actually actually
• 31:34
  when it went on Biden's desk, he I forget what the correct optic.
• 31:39
  Can you help me here? He, he signed against it.
• 31:42
  I don't know when the president is like when he he.
• 31:45
  Did he veto it? He vetoed it.
• 31:47
  Thank you. That's the word I was looking
• 31:48
  for anyways. So like they were fighting
• 31:51
  against this hard and the reason that they're fighting against
• 31:53
  this hard, I think it becomes very, very difficult if you are
• 31:58
  a government agency and all of a sudden all of Wall Street is for
• 32:03
  something for you to be against it.
• 32:06
  And it puts, it puts, I think the government in a, in a very,
• 32:09
  very tricky situation because SAB 21 wants SAB 1/21.
• 32:14
  It puts the government in a very tricky situation because all of
• 32:17
  a sudden they're getting competition from the, from the
• 32:22
  private sector, from the free market on money.
• 32:26
  And a lot of how the government pays for things is their unique
• 32:31
  ability to create money for free that everyone else has to work
• 32:33
  for. I think that has devastating
• 32:36
  effects on society. But all of a sudden Bitcoin
• 32:39
  comes along and is like, yo, like, what's up?
• 32:42
  Like, you know, I, I can be, I can offer an alternative.
• 32:44
  I can offer an alternative not only to money, but I could
• 32:47
  actually offer an alternative to bonds, right?
• 32:50
  And now they start to really, really get themselves in a very
• 32:54
  tricky situation. So I think Bitcoin exposes all
• 32:57
  incentives. And I think what we're going to
• 32:59
  see over the next 5 to 10 years is really, are governments
• 33:04
  really playing the role that they're supposed to be playing?
• 33:09
  Because, you know, it's like the Lincoln speech, a government by
• 33:11
  the people, for the people. A government is supposed to
• 33:13
  represent the wants of the people.
• 33:15
  A government is just provide law and order, a stable society, you
• 33:20
  know, a referee of some sorts. Or has government expanded its
• 33:25
  reach? It's it's, it's, it's utility in
• 33:28
  society. I suspect that it's it has
• 33:31
  expanded its utility tremendously due to the funding
• 33:35
  that's coming from the Fiat money printer of which Bitcoin
• 33:39
  is a threat to. But we're just going to see how
• 33:42
  that plays out. It's going to be fascinating.
• 33:44
  But what I'm really excited about going back to these three
• 33:48
  things that Michael Saylor said is thanks Opti is it looks like
• 33:54
  and again this is coming from the Chad himself.
• 33:57
  Credible rumors are circulating. This is Michael Saylor on
• 34:00
  Twitter by the way for the audio listeners.
• 34:02
  Credible rumors are circulating that one or more major banks in
• 34:06
  the US will soon be able to custody Bitcoin.
• 34:11
  If we check out the article it says BNY identified as first
• 34:15
  bank to receive SEC exemption from SAB 1/21.
• 34:20
  It goes on to say, and what would be a huge breakthrough for
• 34:23
  banks looking to dive into the institutional crypto custody
• 34:28
  business. BNY, America's largest custodian
• 34:32
  bank, was identified during public testimony in Wyoming
• 34:36
  Select Committee on Blockchain Financial Technology and Digital
• 34:40
  Innovation Technology as having received a variance from
• 34:44
  following the SE CS SAB 121 accounting guidelines for its
• 34:49
  institutional crypto custody business.
• 34:53
  As part of a broader federal update on Monday, Chris Chris
• 34:57
  Lands, general counsel for Senator Cynthia Lummis testified
• 35:01
  that the SEC and thus likely other regulators have cleared
• 35:05
  the way for BNY to provide institutional custody of digital
• 35:09
  assets. Now it's not surprising at all.
• 35:12
  Here is a clip of Senator of Senator Cynthia Lummis talking
• 35:16
  about big A Bitcoin on Fox Business.
• 35:18
  So check it out. And you are an advocate of
• 35:21
  Bitcoin as well. Tell us if that.
• 35:23
  I don't know why anybody would be opposed to Bitcoin or crypto.
• 35:29
  I'm so delighted to see President Trump making it an
• 35:32
  issue during this campaign. The Republican convention touted
• 35:39
  policies that are favorable towards Bitcoin and other
• 35:42
  digital assets. The president is highlighting
• 35:45
  it. He showed up at Nashville
• 35:47
  Bitcoin 2024 in support of a Bitcoin strategic stockpile.
• 35:54
  And yesterday, as you said, in New York City, he made his first
• 35:57
  transaction for food with Bitcoin.
• 36:00
  The important thing is many more Americans and people all over
• 36:04
  the world are embracing digital assets and digital technology.
• 36:08
  It's here to stay and we want the United States to be the
• 36:12
  leader in it. We've always been the leader in
• 36:15
  financial services and this is sort of the next frontier in
• 36:18
  financial services. We don't want this industry
• 36:22
  choosing Europe as its home base and Europe has a better
• 36:27
  structure for digital asset efforts than we do.
• 36:33
  We need to catch up. Well, Miss Trump is buying
• 36:36
  hamburgers for everybody at this bar and paying for it in crypto
• 36:40
  of some kind. I don't know whether it was
• 36:41
  Bitcoin or not. He had a wallet, quote UN quote.
• 36:44
  See, I've learned the lingo, the wallet and he does not want the
• 36:48
  Fed and the Treasury to, you know, have this sort of central
• 36:52
  bank digital currency business, which I agree with him would be
• 36:55
  a very bad idea. And by the way, ladies and
• 36:58
  gentlemen, this has because it, this is such a popular issue
• 37:04
  with young Americans and Americans as a whole, even
• 37:07
  though the current administration has been somewhat
• 37:10
  hostile, they've had no choice but to bend the knee a little
• 37:15
  bit. Here is breaking news.
• 37:17
  Presidential candidate Kamala Harris says finally we get a
• 37:22
  word for her specifically as it relates to digital assets.
• 37:27
  It's, it was coming from campaign, you know, from or for
• 37:30
  people in their campaign or people that knew her, but we
• 37:33
  didn't have any direct quotes. This is still too vague in my
• 37:38
  opinion. You could put central bank
• 37:40
  digital currencies under digital assets.
• 37:42
  So I would love further clarification, but I think we're
• 37:46
  heading in the right direction. Specifically, if you know, there
• 37:51
  are banks that are getting specific exemptions as it
• 37:55
  relates to SAB and these words specifically from Kamala, quote,
• 38:00
  to quote Bitcoin Magazine, apparently presidential
• 38:03
  candidate Kamala Harris said, quote, we will encourage
• 38:06
  innovation, innovative technologies like AI and digital
• 38:10
  assets. That's still a little bit too
• 38:11
  vague for me. I hope more details come as it
• 38:17
  relates to to digital assets specifically because this is a
• 38:20
  Bitcoin show after all, but definitely a step in the right
• 38:23
  direction. And this news coming out is
• 38:26
  definitely another step in the right direction.
• 38:28
  So to continue with the article, as part of a broad broader
• 38:32
  federal update on Monday, Chris Land and general counsel for
• 38:34
  Senator Cindy Alumnus testified that the SEC and thus likely
• 38:38
  other regulators have cleared the way for BNY to provide
• 38:41
  institutional custody of digital assets.
• 38:44
  Quote, BNY is looking to get more involved in the crypto, in
• 38:47
  the crypto custody business, Land testified.
• 38:51
  Quote, they have had some problems with staff accounting
• 38:54
  Bulletin 121 and the SEC has apparently given them some kind
• 38:59
  of variance from SAB 121 to move forward.
• 39:03
  So that's really, really good news.
• 39:06
  Anyways, it goes on to say last Monday, SEC Chief Accountant
• 39:10
  Paul Muttner gave a speech in which he surprisingly revealed
• 39:13
  that the agency had granted some exemptions to SAB 121, mostly
• 39:18
  finding that the rule did not apply to certain entities if
• 39:21
  they met certain conditions. Muttner said one exemption has
• 39:25
  been granted to a bank, several brokerage houses and other
• 39:29
  entities that use blockchains to track and transfer traditional
• 39:32
  assets without specifying the names of any of them.
• 39:36
  SAB 121 requires that entities who choose to custody crypto
• 39:40
  list the assets on their balance sheet and create a corresponding
• 39:43
  liability equal to the worth of the crypto.
• 39:47
  The crypto and banking industries have strongly
• 39:49
  criticized this measure as overly burdensome to comply
• 39:53
  with. In his speech, Muntler outlined
• 39:55
  situations in which the SESEC found SAB 121 did not apply for
• 40:01
  a bank, brokerage house or other entities that use blockchains.
• 40:05
  In the case of the bank, he said, the conditions involved
• 40:07
  the institutions working with a state regulator first to ensure
• 40:11
  that the crypto assets being custody will return to the
• 40:14
  customer in the event of a bankruptcy and that.
• 40:17
  Activity with customers would only compromise institutional
• 40:21
  custody with sufficient controls in place to manage risk.
• 40:24
  Now here's my take on all this. I think this is bullshit.
• 40:27
  Like if there's a law and the government is picking and
• 40:30
  choosing what bank or what entity gets to the laws enforced
• 40:38
  on and what entity the law is not enforced on, then what is
• 40:42
  the point of the law in the 1st place?
• 40:43
  Like, that is absolutely ridiculous, but I think it shows
• 40:46
  you like the approval of the ETF that happened in January, how
• 40:52
  much power these financial institutions have because Gary
• 40:56
  Gensler didn't want to approve the ETFI, doubt they wanted to
• 41:00
  give this special variance to BNY Bellin.
• 41:03
  I doubt Kamala Harris wanted to say those things about digital
• 41:08
  assets and AI. But this is a testament to the
• 41:12
  power of our movement. And I think it's also a
• 41:15
  testament to how much our movement has infiltrated, I'm
• 41:20
  going to use that word, these very, very powerful
• 41:24
  institutions. And now they have become
• 41:27
  employees of Bitcoin. I think that's Max Keiser's
• 41:31
  wording on it, and I'm absolutely love it.
• 41:33
  I'm going to continue using it because basically anyone who is
• 41:37
  advocating for Bitcoin, pushing for Bitcoin, is working for you.
• 41:41
  This is the beauty of an aligned incentive structure system.
• 41:44
  Anyways, I'm going to pass it on to Robin.
• 41:46
  I've been rambling on for a little bit.
• 41:48
  What's your take on this? I think this is incredible
• 41:50
  bullish news. Do you agree?
• 41:53
  Now the three things have been checked off.
• 41:55
  Now let's see if the $5,000,000 prediction by Sailor comes true.
• 41:59
  What's your take, Robin? I think 5 million is low but.
• 42:03
  Let's go. That that's just a general idea
• 42:08
  that I, I developed that we kind of in 2094, we had the last step
• 42:13
  with the ETF that we have now all the buckets in place.
• 42:17
  We needed the the, the nation states to, to be on board.
• 42:21
  We have now with El Salvador and with other Wiz Bhutan and other
• 42:24
  nations that small countries already really hyper focused on
• 42:28
  on Bitcoin. We have companies since 2020,
• 42:32
  but really since 2024 also in a major way on on Bitcoin.
• 42:38
  We have those small regulations wolves like whatever you want to
• 42:41
  call it with, with the, the banks in, in, in Bitcoin with
• 42:45
  the ETFs now. And really what's going on is
• 42:48
  now we have all those small buckets and and big buckets
• 42:53
  ready for Bitcoin and the money is really just waiting to come
• 42:57
  into the Bitcoin. See, now we needed the 1st 10 to
• 43:01
  15 years to build the infrastructure, to build the
• 43:05
  YouTube only channels, to build the regulatory framework, to
• 43:08
  build the publicly traded CEOs that endorse Bitcoin, to build
• 43:11
  all those amazing things that we have built the last 15 years.
• 43:15
  And now it's just time to see all the money, all the people,
• 43:19
  all the mainstream media, all the things that we have been
• 43:23
  waiting for and working towards coming into place.
• 43:27
  And that's why the next 10 years will be crazy bullish. 5
• 43:31
  million. It's like the time is always
• 43:33
  hard to predict. But from for me, the full
• 43:35
  potential of Bitcoin is 50 million plus inflation.
• 43:38
  So 50 million without inflation and 5 million, I think it's just
• 43:42
  a stepping stone. And as also Michael Saylor
• 43:44
  himself puts I think 40, 9 million price target at Bitcoin
• 43:50
  at what was it 2045 or something like that.
• 43:53
  So that's, that's more where we're going.
• 43:55
  But yeah, 5 million is, is in the meantime, we will hit it
• 43:59
  towards that goal. The one thing that I was
• 44:01
  wondering about, and maybe that's a question you can answer
• 44:03
  me, how is Europe further ahead of the USA?
• 44:06
  Sundar Lamas did something in the video and I was like, how's,
• 44:09
  how's that? How's that working?
• 44:11
  I, I don't, I don't see the Europe on the EU, especially
• 44:15
  further ahead in Bitcoin in any way, shape or form.
• 44:18
  But maybe I'm, I'm not seeing anything.
• 44:20
  But in, in terms of CB CS, Europe is in ahead and America
• 44:27
  is putting a stop to that, at least for now.
• 44:29
  So like, I don't see any, any arguments why Europe is further
• 44:33
  ahead in, in Bitcoin than America.
• 44:36
  And that's coming from someone living in the European Union in
• 44:39
  Austria. Yeah, I mean, maybe, maybe it's
• 44:43
  just like a competitive thing. I suspect that that plays into
• 44:47
  it. Like I would say, you know, you
• 44:50
  hear Trump in his rhetoric say this all the time where he's
• 44:53
  like, you know, if we don't do this, China's going to get
• 44:57
  ahead. Maybe she's seeing it from that
• 44:59
  perspective. I totally agree with you.
• 45:01
  I think Europe is 1, like Christine Lagarde and what
• 45:04
  they're doing with the sea, they're moving full sea.
• 45:07
  They don't even care what people have to say about the central
• 45:10
  bank digital currency. Like we're just going, you know,
• 45:12
  I don't care. So yeah, I mean, I, I, I would
• 45:15
  from, from my position, I agree with you, Robin.
• 45:19
  I don't know what she's seeing, but I think from a rhetoric
• 45:23
  standpoint, from a talking point, it's a really good
• 45:25
  talking point, right? It's like, look, you don't want
• 45:28
  Europe to get ahead. You don't want China to get
• 45:30
  ahead. You want the US to get ahead.
• 45:31
  So I understand what she's doing.
• 45:34
  Is it true? I don't think so.
• 45:36
  I I would say that the US, despite the hostile regulatory
• 45:41
  environment from the current administration, is one of the
• 45:44
  most positive countries or big developed countries as it
• 45:48
  relates to the industry. Maybe you could say Dubai has a,
• 45:52
  more, a more positive stance in Singapore and these like kind of
• 45:57
  like smaller, a highly developed wealthier countries.
• 46:00
  Maybe that you can say Hong Kong?
• 46:02
  No, not. Not so much so you could.
• 46:06
  Make an argument. Maybe, but but anyways, but I
• 46:10
  agree with you, I think Europe, Europe is a step behind.
• 46:12
  But we're going to fix that. Bitcoin fixes these things.
• 46:15
  What's your take on all this? Well, First off, I do kind of
• 46:19
  want to echo what Robin was saying.
• 46:21
  I've been saying this for a while that it does feel like the
• 46:24
  year of 2024 is one of those years that yes, the price has
• 46:28
  kind of gone sideways. You know, we've been capped
• 46:30
  AT58K all year basically, at least that's how it feels.
• 46:33
  But on the back end, I think there's been a lot of
• 46:37
  development in in areas that like I know a lot of Bitcoiners
• 46:40
  might might not like this, but in areas such as institutional
• 46:43
  adoption, whether it was the Fasby ruling that came that got
• 46:47
  change and is a like an option this year and going to be
• 46:50
  official in 2025. Whether it was the ETF being
• 46:53
  released, whether it's seeing more corporations follow sailors
• 46:57
  micro strategy strategy or now this ruling with B&Y Mellon,
• 47:02
  which basically unlocks all of the capital now eventually to
• 47:05
  get into Bitcoin. So as sailors been saying and
• 47:08
  you know sailor kind of got chewed up over there.
• 47:11
  What was it last week with with that safety clip about getting
• 47:15
  yield on Bitcoin. But I think it kind of really
• 47:17
  goes back to a classic quote from how Finney where in the
• 47:21
  future there will be Bitcoin banks that are fully backed and
• 47:24
  there will be other Bitcoin banks that are and the market
• 47:26
  will learn which is which and they will gravitate towards the
• 47:29
  one that secure their Bitcoin the most.
• 47:31
  And so I think we are seeing that the impediments to stopping
• 47:35
  institutional or yeah, to stopping the adoption of Bitcoin
• 47:38
  from an institutional level, they're getting cleared out.
• 47:40
  And I think 2024 is going to be one of those years where like,
• 47:43
  yeah, the price, technically nothing really happened.
• 47:46
  And we still have a couple months for the rest of the year,
• 47:50
  but there's a lot of work on the back end.
• 47:52
  And that's why I keep saying all year that it does feel like
• 47:54
  there's a perfect storm on the horizon for 2025.
• 47:57
  With all that being said, though, Nico, with all that
• 48:02
  being said, I they became a man on the 2008 financial crisis.
• 48:08
  And I do not find it ironic or funny at the least that one of
• 48:14
  the banks that was too big to fail, that was a part of the big
• 48:18
  financial crisis is now the first bank to be approved the
• 48:23
  custody of Bitcoin. I just find it hilarious.
• 48:26
  This is why we always say that taking custody of your Bitcoin
• 48:29
  is the most important aspect of Bitcoin.
• 48:32
  Obviously, when you look at the the, the, you know, the the
• 48:36
  aftermath of the 2008 financial crisis, BNY Mellon wasn't at the
• 48:40
  epicenter of the O eight financial crisis.
• 48:43
  They did get a huge bailout out of there.
• 48:44
  They are too big to fail bank and now they're the first one to
• 48:47
  get the approval to get, you know, Bitcoin in.
• 48:50
  Custody. These are the.
• 48:51
  Things that make me feel a little iffy when we get down
• 48:54
  into the statistics of this, but hey, you know, it is what it is.
• 48:58
  There's favorites here. No, but there is favorites and
• 49:01
  that's the part that pisses me off the most because it's like
• 49:04
  like SAB 121 is a rule, it's a law.
• 49:09
  Now they're making an exception to the law.
• 49:11
  So the government is picking who is exempt from a specific law,
• 49:17
  meaning that BNY Mellon now essentially gets a competitive
• 49:23
  advantage because the government says they do.
• 49:27
  Like, what the fuck is that about?
• 49:30
  You know, and then, and then they had they and, and I'm so
• 49:33
  glad you brought up 2008 because it's like, but wait a second,
• 49:36
  were they one of the banks? So it's like, again, I, I think
• 49:40
  it's total BS Shout out to Caitlin Long, like really
• 49:46
  putting the pressure when it comes to custodia and custodia.
• 49:51
  And that blows my mind. Custodia Bank, it is a bank that
• 49:55
  is 100% fully reserved, unlike the 0 reserve requirement for
• 50:00
  the rest of the banks. That bank got denied a federal
• 50:02
  banking charter. We have a crazy episode for you
• 50:06
  guys tomorrow in regards to the attacks by Elizabeth Warren and
• 50:10
  we have more details. Nick Carter did an incredible
• 50:13
  bit on this and it covered a lot of information.
• 50:15
  But it, it, it's, it's not a single set of rules for everyone
• 50:20
  and everyone's playing fairly. It's clearly it's rules for
• 50:25
  thee, but not for me and the government.
• 50:28
  The government is picking winners and picking losers.
• 50:33
  And that's not how free market should work, right?
• 50:36
  So they're abusing the regulatory power to favor some
• 50:44
  banks over other banks. That's not capitalism.
• 50:48
  That shouldn't be the role of government.
• 50:51
  And they're doing all of this under the guise of its four year
• 50:55
  protection. I'm sorry, I lived through 2008.
• 50:59
  I don't believe that. Opti doesn't believe that.
• 51:02
  I'm pretty sure Robin doesn't believe that.
• 51:05
  So, yeah, but anyways, beautiful thing about Bitcoin, it exposes
• 51:10
  incentives. It's going to continue to expose
• 51:13
  this. At the end, I think we're going
• 51:14
  to win. Everybody stay tuned for the
• 51:16
  culture. We're going to talk to Robin
• 51:18
  about his awesome podcast up and coming.
• 51:21
  And we have a lot of other stuff to talk talk about as well.
• 51:24
  Stay tuned. Let's check it out.
• 51:25
  Here we go. But everybody, before we'd start
• 51:39
  speaking with Rob and I do want to give a very special shout out
• 51:43
  to our sponsor, the Orange Pull apps, Stack Friends who stack
• 51:47
  stats showing the 12,233 Bitcoiners that are currently on
• 51:52
  the Orange Pull app. It is the number one resource
• 51:55
  for Bitcoin only events. Also to connect with other
• 51:58
  bitcoiners. So if you're traveling, you go
• 51:59
  to a new city, you're in a conference and you don't know
• 52:01
  any bitcoiners around you, the Orange Pull app is for you.
• 52:06
  It literally will show you what bitcoiners around you.
• 52:09
  It will allow you to send them a message directly and to connect
• 52:13
  with them. It's also one of the best ways
• 52:15
  to reach me. I don't really answer Twitter
• 52:17
  DMS or random emails these days, but if you message me on the
• 52:20
  Orange Pull app every week or two, I make sure to get back to
• 52:24
  every single one of you guys. So download the Orange Pull app
• 52:27
  today, scan the QR code or check the link in the video
• 52:31
  description. Stack friends who stacks ATS?
• 52:34
  Download the Orange Pull app today, scan the QR code or check
• 52:38
  the link in the video description.
• 52:41
  Anyways, I'm going to pass it on to someone.
• 52:42
  Some optic. Can you read that comment?
• 52:45
  Yeah, we got Kim Gage in the comments.
• 52:47
  He goes B&Y Mellon is the insiders insiders bank and part
• 52:52
  owner of the Fed. This is not good for Bitcoin and
• 52:55
  only backs up Whitney Webs thesis.
• 52:59
  Yes. We have 108, 80 likes on
• 53:02
  YouTube. Help us break 200 likes within
• 53:05
  the first hour of the show. So smash the like button.
• 53:08
  There's like 400 of you guys watching live on YouTube alone.
• 53:11
  So smash the like button really, really helps get the orange
• 53:14
  signal forward. Anyways, Phil C says Robin has a
• 53:17
  great podcast. I believe it's Robin.
• 53:21
  Did he spell it wrong? Did we spell it wrong?
• 53:25
  But I get it a lot Robin with an Y sudden I but it's it's it's
• 53:29
  OK. I get it a lot every day I
• 53:31
  guess. Oh, we spell.
• 53:33
  We totally spelled it wrong, No? I, I literally copied what he
• 53:36
  did. He they spelt it wrong.
• 53:38
  Phil's. But anyways, who cares?
• 53:39
  It let's, let's move on. OK, Robin, let's talk about your
• 53:43
  podcast. I do want to bring up your
• 53:45
  Twitter bio real quick because I absolutely love this.
• 53:48
  And then we'll do like a little TLDR of your goals with the
• 53:51
  podcast. And then we're going to talk
• 53:53
  about the vision for 2050, which I know is one of the topics that
• 53:57
  you love the most. But for everyone out there that
• 53:59
  isn't familiar, I do think this is a great way to highlight and
• 54:03
  tee this up. You got in your bio, we got
• 54:05
  Robin. He says Austrian Bitcoiner and
• 54:07
  and I'm not going to stop talking about Bitcoin till it's
• 54:10
  the base layer of our financial system.
• 54:12
  So teeing you up on that note, Robin, why do you do what you
• 54:16
  do? Why are you a Bitcoin content
• 54:18
  creator and why should people listen?
• 54:21
  I committed to myself that I will do Bitcoin content in the
• 54:26
  next 10 years. I teased it a little bit before.
• 54:30
  I think that we kind of hit in 2094, this beginning year of
• 54:34
  where Bitcoin is really building on a basis on a fundamental
• 54:39
  basis that we have built the last 15 years and not the next
• 54:42
  10 years is just thriving the Bitcoin adoption every way,
• 54:47
  shape or form. So we need those digital
• 54:50
  soldiers out there and, and convince and educating people
• 54:55
  about Bitcoin. And I was thinking of like, how
• 54:58
  can I do that? I was basically trying out last
• 55:01
  year, whatever I can do. I had like a weekly news show, I
• 55:05
  had short clips like TikTok format videos, but in the end of
• 55:10
  the day, nothing really was was natural to me.
• 55:13
  And the most natural to me was having conversations with other
• 55:17
  Bitcoiners. So I basically started in
• 55:19
  December or like 28th of November last year.
• 55:22
  So not that long ago Bitcoin podcast and I was like, OK, I
• 55:26
  will just have conversations and will try to and will try to to
• 55:32
  get people on talking with me and talking to other people
• 55:35
  about Bitcoin. I started that just as a as a
• 55:39
  try to like, OK, can I do that? Is that something that I want to
• 55:42
  do? Is that something that resonates
• 55:44
  with the audience? The first like 1 1/2 months was
• 55:47
  nothing really happening. I loved it, but the audience,
• 55:51
  there was no real audience there, but I was, I was keep
• 55:54
  going because I really liked it. And after like two months, I saw
• 55:57
  some bumps in the audience and I was like, yeah, let's let's keep
• 56:00
  going with that. And then my conviction really
• 56:03
  crew of of of Bitcoin, because I saw so much that I didn't see
• 56:09
  three years ahead. Like it's, it's it's fascinating
• 56:11
  when you interview everyday a bit corner, you get so much
• 56:15
  content, you get so much education in your head that you
• 56:18
  didn't have before. So I was, I was feeling stupid
• 56:21
  like just a few months before I was like, OK, I'm over three
• 56:24
  years in Bitcoin and I don't understand so many things.
• 56:28
  I I learned through the Bitcom podcast about you take so
• 56:30
  management. I've never heard it before, but
• 56:33
  through the Bitcom podcast, I learned about the things.
• 56:35
  So with the Bitcom podcast, I actually get myself educated.
• 56:39
  And now this is a really big, big, big passion of mine, the
• 56:43
  crew. And all of a sudden I'm also
• 56:46
  able to do it full time. So in while I was doing that,
• 56:49
  all of a sudden I can do this this full time.
• 56:52
  And I think it was like around like half a year ago, somewhere,
• 56:55
  somewhere around those lines that I was like, OK, Robin, you
• 56:59
  have now something that is something I can do full time.
• 57:05
  What, what is your goal for like the next 10 years?
• 57:07
  And as a Bitcoin, I like to look at long term goals and not like
• 57:11
  short term goals. So I want to do this 10 years.
• 57:14
  I committed myself to doing that 10 years now and I will do it
• 57:18
  every day for the next 10 years. Having someone in the Bitcoin
• 57:22
  scene on my podcast and talking about Bitcoin for the next 10
• 57:26
  years. That's, that's basically my goal
• 57:28
  and why this is my goal. I already outlined some of the
• 57:31
  pockets and and and why I see the Bitcoin industry so so
• 57:35
  positive. Love it, love it, Robin.
• 57:38
  OK, now on that note, the long term vision of Bitcoin, Anyone
• 57:43
  that's watching your content knows you have a famous question
• 57:46
  that you ask most of the people around and you're actually going
• 57:49
  to do a speech on this at Bitcoin Amsterdam coming up what
• 57:52
  next month. And so I want to ask you, and I
• 57:55
  do have your tweet here, what is your vision, your personal
• 57:59
  vision of Bitcoin in the long term, Bitcoin at 2050?
• 58:05
  What is the Bitcoin 2050 world that you think we are heading
• 58:09
  into? What is the long term vision and
• 58:11
  how do you see this playing out? There are so many aspects to it
• 58:15
  and I, I think if, if, if we talk about everything, we
• 58:18
  probably can cover like 5-6 hours around that topic alone.
• 58:22
  One thing is very important for me to, to note before the timing
• 58:27
  is always, always really hard to really guess.
• 58:29
  Like the timing, it could be 10 years before it could be 10
• 58:32
  years after that. So like 25th is just a really
• 58:35
  interesting goal to aim towards because it's in 26 years and
• 58:40
  most people, you know, all the, you know, the popular saying,
• 58:44
  most people under overestimate what they can do in one year.
• 58:47
  They underestimate what they can do in 10 years and everyone
• 58:51
  absolutely underestimates what can happen in 26 years.
• 58:55
  It's a very long time, especially if we're moving that
• 58:59
  fast. It's like basically we have now
• 59:01
  15 years double that will come in the next 30 years that that
• 59:06
  is around the 2050 mark. So we will have a lot of
• 59:09
  developments. We will have a lot of really,
• 59:12
  really great advances in that category.
• 59:16
  So the one thing that interest people seemingly the most, at
• 59:20
  least that's what most people click on on YouTube.
• 59:23
  You, you, you both know the game.
• 59:25
  It's like what will the price be at have a bit conversation.
• 59:28
  And I really am a fan of chassis Meyers model of looking at like
• 59:32
  what is right now the total net assets and I will break it down
• 59:35
  very simple. If you have questions, we, we
• 59:38
  can dive into that later. If you have the total net assets
• 59:41
  of let's say 900 trillion as chassis, Meyers says the
• 59:44
  question is of how much of that Bitcoin will cover or capture.
• 59:50
  Jessie Myers puts it very conservatively at like 20%.
• 59:54
  Other people say like, oh, Bitcoin is money, money should
• 59:57
  be is half of everything, so it should be 50%.
• 1:00:01
  I say it's more like 80 to 90%. I think most of the wealth will
• 1:00:06
  be captured by Bitcoin at some point.
• 1:00:09
  Again, not saying it will be 2050, it will be somewhere.
• 1:00:14
  Somewhere in the future, it could be faster, it could be, it
• 1:00:17
  could be slower. The timing is always really
• 1:00:20
  hard. That's why I try not to do
• 1:00:22
  predictions with with time, just predictions of where, where we
• 1:00:26
  where we headed. And then we look at when we
• 1:00:29
  capture actually like between 80 to 90%, let's say like around
• 1:00:33
  58%, then we're looking actually at, and we, the first thing we
• 1:00:40
  have to capture how much of the percentage we can cover.
• 1:00:43
  The second thing that we have to look at how many Bitcoin will be
• 1:00:47
  there. And we already have lost a lot
• 1:00:50
  of Bitcoin. And I look at just for simple
• 1:00:53
  terms at 15,000,000 Bitcoin, there might be, might be just 10
• 1:00:58
  million Bitcoin in 2050 because a lot of people maybe donate
• 1:01:01
  them, throw their keys away by intentions or not by intentions.
• 1:01:07
  So there might be less Bitcoin, but I go with 15,000,000 on on
• 1:01:12
  on that front. And then we're looking at a bit
• 1:01:13
  comprised without inflation with 50 million per coin, which is
• 1:01:19
  interesting because Michael Saylor said like 49,000,005
• 1:01:23
  years earlier than that, but he factors in inflation.
• 1:01:28
  So that that could be interesting.
• 1:01:29
  I think we will have a lot of inflation and it's interesting
• 1:01:33
  because most, most price models, even the power law model, I
• 1:01:37
  think don't really factor in that what happens if we have
• 1:01:40
  hyperinflation in 26 years? There can be a lot of
• 1:01:44
  hyperinflation happening and then all your models are
• 1:01:46
  destroyed. So what I always go back to,
• 1:01:51
  let's not focus on measuring Bitcoin in like U.S. dollars or
• 1:01:54
  Fiat terms. That's measured in what is right
• 1:01:57
  now here and what is bitcoins terms.
• 1:02:00
  That's why I say like the 50 million is in to taste dollars
• 1:02:03
  term. That's why the the inflation
• 1:02:05
  arguments then are are out of the window.
• 1:02:08
  So that's the price part. But then we go to society, then
• 1:02:12
  we go to an individual level. Then we go to freedom things
• 1:02:15
  where when we have Bitcoin. What does this mean?
• 1:02:18
  This means that we all have the possibilities to move money
• 1:02:21
  around in the whole world without asking for permission.
• 1:02:25
  If I now transfer money from Austria to to some other bank or
• 1:02:30
  from from also to America, not only it's a headache, but also
• 1:02:34
  it's there is a lot of steps involved in that where an
• 1:02:39
  central institution can say, multiple central institution can
• 1:02:43
  say no to that transaction. That cannot happen with Bitcoin
• 1:02:47
  and this uncovers a lot of potential in the individual, a
• 1:02:51
  lot of empowerment, a lot of trust that we can have under
• 1:02:55
  each other. Also the the concept of national
• 1:02:59
  borders and this the vision of the sovereign individual will be
• 1:03:04
  reality. I think we will live in that
• 1:03:06
  reality what is displayed in the, in the sovereign
• 1:03:10
  individual. And really interesting also I
• 1:03:12
  talked in the last few months and more and more about Plan B
• 1:03:17
  passport flag theory, however you want to call it.
• 1:03:21
  And this will only be enhanced with Bitcoin being a citizen of
• 1:03:26
  the world and not a citizen of Austria or America.
• 1:03:29
  That there will always be, I think countries or different
• 1:03:33
  regions where you can live those traditions and those values and
• 1:03:36
  this culture will always prevail.
• 1:03:38
  But you'll be will be way more able to move to freely move
• 1:03:42
  around. So there are there's a lot of
• 1:03:45
  interesting routes we can now go towards.
• 1:03:47
  But I already talked a lot, so I will leave it at that now if you
• 1:03:51
  have any further questions. Yeah, no, I do.
• 1:03:54
  I do. I have one more question.
• 1:03:55
  But great, great RIP right there.
• 1:03:57
  I, I think I'd agree with you on on the majority of that.
• 1:04:00
  We don't know where this is going, but we are all in
• 1:04:04
  agreement that it's most likely going to take over the world.
• 1:04:08
  And who knows, 20 years, yeah, who knows how long?
• 1:04:11
  10 years, 20 years. We know where the end game is.
• 1:04:14
  We don't know our timing. But on that note, Robin, we are
• 1:04:17
  kind of getting to the top of the show.
• 1:04:18
  So I do want to give you the last moment because I did see a
• 1:04:22
  great tweet from you as as well. And this is what Nico and I try
• 1:04:26
  to do. And, and also you really touched
• 1:04:28
  on something that we we constantly harp on.
• 1:04:31
  Like there's a fine balance between doing what we want to do
• 1:04:35
  on YouTube and also knowing what what works on YouTube.
• 1:04:38
  And I think few people understand that if they don't
• 1:04:40
  make content, it's very easy to to criticize when you don't
• 1:04:43
  really actually do it. But Robin's seen the same thing
• 1:04:46
  we've seen. So that's the first tidbit.
• 1:04:48
  And the second tidbit is this tweet.
• 1:04:50
  And it was the importance of the and the need for the right form
• 1:04:54
  of education to bring to the masses.
• 1:04:56
  And we're on the same mission. So I want you to talk on this as
• 1:04:59
  well, and then we'll wrap up today's show.
• 1:05:01
  For me, it's really interesting and kind of easier because I
• 1:05:07
  have a show where it's all centered around the guests.
• 1:05:10
  So I invite the guests and the guest is is saying his his
• 1:05:14
  condom, he's saying his own truth and this perspective.
• 1:05:18
  So I can only persuade in the title and the thumbnail in, in
• 1:05:22
  the content, only what the guest that's actually said.
• 1:05:24
  And that's my hard rule. I will not put something in
• 1:05:28
  title or family or whatever what the guest didn't say.
• 1:05:31
  And then it's just figuring out like what in education do we
• 1:05:36
  need? Because people say, oh, it's
• 1:05:38
  click, but it's click. But no, but we, we want people
• 1:05:41
  to click on Bitcoin content. We want people to actually
• 1:05:44
  understand what Bitcoin is. So we have to not close the
• 1:05:47
  garden. We have to open the garden and
• 1:05:50
  how do you open the garden in in the social media landscape, You
• 1:05:53
  make clickable tiles. You make really good TikTok
• 1:05:57
  videos that are like 1530 seconds long and everyone wants
• 1:06:00
  to watch them because they're really good made.
• 1:06:03
  You have to make the pot and you have to make the the packaging
• 1:06:06
  as good as possible. We want to you.
• 1:06:10
  We want to make Bitcoin. We will want to present it as
• 1:06:15
  good as we possibly can and not put it on some some down draw to
• 1:06:21
  only the nerds will will find it.
• 1:06:23
  So that's why I'm really passionate about making Bitcoin
• 1:06:28
  content accessible. And then when people are in the
• 1:06:31
  Bitcoin content, then we can go towards what are the most
• 1:06:35
  important values that we learn them.
• 1:06:38
  The most important value is basically critical thinking, I
• 1:06:42
  think. And then we come to like self
• 1:06:44
  custody, hold your own keys, what to do with altcoins or shit
• 1:06:49
  coins or how I call them and all those those things, all those
• 1:06:52
  values that we preserve and we want to give away with with the
• 1:06:58
  people. So I think there are a lot of
• 1:07:00
  interesting discussions on, on where to go then, but I think we
• 1:07:06
  will we will be in a very, very nice future in Bitcoin.
• 1:07:09
  Also, one thing I want to mention also, I think the
• 1:07:12
  Bitcoin only content space now when, when there are new people
• 1:07:16
  coming that just came in in 2094, they might not understand,
• 1:07:20
  but it's a huge thing that we now have so many Bitcoin only
• 1:07:24
  focused channels. This was not there like 10 years
• 1:07:27
  or or five years ago. Even.
• 1:07:29
  I think it kind of started in 2020 where more and more Bitcoin
• 1:07:32
  only content all of the sudden hit the scene.
• 1:07:35
  So I love the Bitcoin only news channel that you guys have.
• 1:07:39
  We have so many Bitcoin only podcasting things and it's it's
• 1:07:43
  great that we have such a variety in the in the scene.
• 1:07:46
  And I think who was the Walker, I think from the Bitcoin
• 1:07:49
  podcast, he said we don't have enough Bitcoin podcasts till we
• 1:07:54
  have more than the finance guys. We we will we have to have way
• 1:07:59
  more Bitcoin podcasts. We have to we have to have way
• 1:08:01
  more Bitcoin content creators. No matter what your format is.
• 1:08:04
  If you have like a short tick tock channel, if you have a long
• 1:08:08
  form randing channel, if you have a podcast, if you have a
• 1:08:11
  news channel, whatever you have put it out there, be a voice, be
• 1:08:15
  a vocal about it and be a content creator.
• 1:08:17
  It's weird for me because it's basically additional
• 1:08:20
  competition, but I don't see it like that.
• 1:08:22
  I think we, we are the, the digital soldiers that move
• 1:08:25
  towards a Bitcoin future. And the more the soldiers on our
• 1:08:29
  side, the better it is for Bitcoin and the better it is for
• 1:08:32
  us. As the same idea is everyone
• 1:08:37
  that is in Bitcoin is working for you.
• 1:08:39
  If, if, if I have Bitcoin and you have Bitcoin, I work for you
• 1:08:43
  and you work for me. That that's the basic idea of
• 1:08:45
  that. Hold on hold.
• 1:08:49
  On. 100% Well Robin, thank you so much for joining us on simply
• 1:08:55
  Bitcoin today for the 15178 of you guys watching between
• 1:09:00
  YouTube and X and 100 or so of you guys watching on Rumble and
• 1:09:04
  the 10:20. I don't know if you guys
• 1:09:06
  watching us on Nasser. We appreciate you guys.
• 1:09:08
  We love you guys. Make sure to smash the like
• 1:09:10
  button. You guys enjoyed the show.
• 1:09:12
  If you feel like we provided you value, consider subscribing to
• 1:09:15
  simply Bitcoin. Give our guest a follow Robin,
• 1:09:18
  where can people find you? I'm on YouTube.
• 1:09:22
  I'm on nowadays actually Rumble. You guys inspired me to open my
• 1:09:27
  Rumble channel. I didn't have the Rumble channel
• 1:09:29
  before the the YouTube incidents you had.
• 1:09:33
  Now I have a Rumble channel. I'm I'm constantly uploading my
• 1:09:39
  library, but also every new video is now on Rumble.
• 1:09:42
  I'm on X also. All the videos are available on
• 1:09:44
  X also. And I'm all the podcast
• 1:09:46
  platforms. The biggest one is YouTube by
• 1:09:48
  the way, I'm really close to not a 10,000.
• 1:09:51
  I think I'm like 50 subscribers away from the 10,000.
• 1:09:54
  So maybe I can hit this today already.
• 1:09:57
  Yeah, thank you so much for for hosting me.
• 1:09:59
  I'm really enjoying it and yeah, looking forward to the next one.
• 1:10:03
  Oh yeah, Well, Robin, thank you so much for joining us.
• 1:10:06
  Guys. Go give them a follow.
• 1:10:07
  I'm your host Nico. This was Simply Bitcoin Live for
• 1:10:09
  September 23rd, 2024. Of course, our guest for today,
• 1:10:14
  Robin and my legendary Co host Optimus Fields.
• 1:10:16
  Guys, go touch some grass. Enjoy the day.
• 1:10:19
  We'll be back tomorrow for another episode of Simply
• 1:10:21
  Bitcoin Live. And of course, Ruston's content
• 1:10:23
  is coming in hot later this afternoon in about a couple
• 1:10:26
  hours or so. Peace out everybody, take care.
• 1:10:31
  Brought to you by bitcoinwell.com, a Bitcoin only
• 1:10:34
  platform on a mission to enable financial independence.