Latest / Simply Bitcoin / MT Gox Dump, Michael Saylor Predicts $10M Bitcoin | EP 1018

Transcript

MT Gox Dump, Michael Saylor Predicts $10M Bitcoin | EP 1018 · Simply Bitcoin

0:02
It's all. Going to zero against Bitcoin.
0:06
It's going on. Forever you're.
0:15
Against Bitcoin, you're against freedom.
0:22
Yeah, welcome to simply Bitcoin live, your number one source for
0:24
the peaceful Bitcoin revolution. Car breaking news culture,
0:27
dramatic warfare will be your guide through the separation of
0:30
money in state. Ladies and gentlemen, Opti is
0:33
with me in the flesh here in Miami and we are getting ready
0:38
for the mining disrupt conference, which we're going to
0:42
be officially live streaming from the simply Bitcoin channel.
0:45
So we are going to be taking a couple days off like if we can
0:49
do the show on the floor while the conference is happening,
0:52
we'll be doing the show Tuesday and Wednesday.
0:54
I don't know. I still we have to go to the
0:57
venue, have to check things out, but we might be missing Tuesday
1:00
and Tuesday and Wednesday, but you can still TuneIn to simply
1:03
pick the simply Bitcoin channel and we'll be giving you like hot
1:07
fire signal from the industry greats of the Bitcoin mining
1:11
industry. And of course, Opti and I will
1:13
be offering commentary in between the breaks and hopefully
1:16
getting some of those CEOs and industry leaders and just ask
1:20
him questions about, you know, Bitcoin mining and all that
1:22
stuff. So really excited for it.
1:24
And then we'll be back with the regular Thursday episode on on
1:28
Thursday. We'll be back with simply
1:29
Bitcoin Live on Thursday. So anyways, couple things that I
1:32
wanted to cover today. First off is apparently, you
1:36
know, a lot of people are are saying that it's the Mount G Ox
1:39
thing that has dumped the price. We did have a pretty big
1:42
correction. I think we were like at like
1:44
6665 K dumped all the way down to 60 K.
1:48
We're definitely going back down to 10K.
1:53
But no, in all seriousness, it's like your emotions always, you
1:57
know, like always get the best of you.
1:58
But historically in these times, like from being in the market
2:02
for eight years now, these are actually like the best times to
2:05
buy when you know, you, you kind of fear and you're like, oh,
2:09
what's going on? And you know, you get those like
2:11
voices in the back of your head saying like, holy shit, is this
2:13
going to dump lower? Those are the best times to just
2:17
go a Ben and stack those sats. And also a pretty great
2:23
interview with this up and coming Bitcoin podcaster.
2:26
He was able to get an interview with Michael Saylor at BTC
2:32
Prague. And Michael Saylor and I, and I
2:34
know we've been like, like again, like I can't emphasize
2:37
this enough. Simply Bitcoin doesn't make any
2:39
types of predictions and we don't like to speculate on the
2:41
price whatsoever. But when notable figures do talk
2:44
about the price, it seems like you guys like that type of
2:47
content. So we do like to highlight it.
2:49
And we got this latest clip of Sailor basically being ultra
2:53
mega bullish and throwing out the $10 million number, $10
2:57
million number is very notable because that's the number that
3:01
how Finney back in the early days of Bitcoin, you know, when
3:05
Bitcoin was like, I think less than $100, I just threw this
3:09
crazy number out there. And so far it's seems like
3:14
Bitcoin is on track, You know, and like, I think the question
3:19
is not if. I think the question is when?
3:21
Also during the culture segment, we got a special guest.
3:25
We got the most wicked in Bitcoin.
3:28
We got wicked in the house. How you doing wicked?
3:32
Hey guys, I'm doing good. Thanks for having me on.
3:34
Thanks for joining us, brother Opti, how you doing, bro?
3:37
We're, we're very, very close and tight.
3:40
It's very, you know, it's, it's very.
3:43
Very intimate it's. Very intimate and the the, the
3:47
Nico's Miami studio. But anyways, it's going to be
3:50
great. Lots of work to do that.
3:52
Opti, I still have left setting up for this mining Disrupt
3:57
conference, but we're looking forward to it.
3:59
It's going to be absolutely epic and you guys should definitely
4:02
TuneIn tomorrow and Wednesday and we'll bring you guys the hot
4:05
fire. So guys, we got a loaded show.
4:08
So much to unpack. But before we jump into it,
4:10
Opti, we're going to talk to Wicked about during the Culture
4:13
segment. Yeah, so I got a few of Wicked's
4:16
tweets up here. We're going to pull them up.
4:18
But we really, we were actually going to talk about this before
4:21
this show did. Just getting Wicked thoughts on
4:24
the diminishing returns meme. But we thought maybe we should
4:28
just have this conversation live on air.
4:30
And then of course, I know Wicked's super, super big on the
4:33
idea of DCA ING, so we're going to hit on some DCA memes.
4:36
And then also maybe, maybe a controversial take here, but
4:41
Wicked is also going to dive deep on being a bits maxi.
4:44
So I know they're going to throw tomatoes at us, Wicked.
4:46
But I think these are all good conversations to have on today's
4:49
show. So I'm super excited for this
4:52
and man it again. Let me know if there's some
4:55
charts you want to pull up. I do have some back here in
4:58
regards to what you're looking at, what you're watching.
5:01
But yeah, we're going to talk diminishing returns, some DCA
5:04
action and then some bits, bits Maxi memes over here, which I
5:08
know that Chad is going to lose their mind because they're all
5:10
Sats Maxi's. So I love triggering the chat
5:13
when we can Wicked. So there's going to be a great
5:15
show. I can't wait.
5:17
And for anyone who doesn't follow Wicked on Bitcoin
5:21
Twitter, you definitely should. He drops some a wicked hot fire.
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You can go follow him at W under score S under score Bitcoin and
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you know, drop some some very good signal.
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Anyways, guys, before we jump into today's show starting off
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Lots to talk about today. Let's check it out.
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The Bitcoin price is 60,960 thousand 890 dollars.
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Opti and I are going to go back to ramen SAT's per dollar 1643
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block height 849,000 two 324 blocks to having 200,676 the The
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headings priced in having estimate March 25th 2028 Total
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lightning network capacity 4869 Bitcoin capacity value 296
9:45
million U.S. dollars realized monetary inflation 1.57% the
9:50
market capitalization of Bitcoin 1.2 trillion U.S. dollars with
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AT Bitcoin versus gold market cap 7.53%.
9:59
In the grand scheme of things, we're just getting started.
10:02
I think during these times of uncertainty, during these times
10:05
of volatility, it's probably a good idea to look back into the
10:08
past because if you don't learn from the past, you're destined
10:12
to repeat it. Here is Max Kaiser absolute
10:15
legend, October 30th, 2013, when BTC was $0.20, nobody believed
10:21
it could trade to 200 at 200. Nobody believes it can get to
10:25
20,000. A few will, however, and five
10:29
years from that prediction, Bitcoin did indeed hit 20,000,
10:33
and this was back in 2013. So I think it's important.
10:36
I think as human beings, we're just like, you know, we still
10:40
have those eight brains, We still have those chip brains,
10:42
right? And you know, it's important
10:45
that during this volatility, look, I'll tell you what.
10:48
I'll tell you what, guys huddling, if you just break it
10:52
down, you're like, that is so freaking easy.
10:54
But actually doing it, it like takes your soul.
10:58
It's very hard. It's hard to say that, but it is
11:01
absolutely true. Here's the legendary prediction
11:04
of how Finney back 2000, literally 2009, and he's just
11:10
kind of doing this thought experiment.
11:12
He says an amusing thought experiment.
11:13
Imagine that Bitcoin is successful and becomes a
11:15
dominant payment system and used throughout the world.
11:18
Then the total value of the currency should be equal to the
11:20
total value of all the wealth in the world.
11:22
Current estimates of total worldwide household wealth that
11:26
I have found range from 100 trillion to 300 trillion.
11:29
With 20 million coins, that gives each coin a value of about
11:33
$10 million. Now, this was back in the day.
11:36
Here is Michael Saylor and one of his latest interviews with
11:40
the podcaster Robin Sire. By the way, huge fan.
11:43
I think he did an excellent job in this podcast.
11:45
Great job. So shout out to him and give him
11:47
a follow. He's up and coming.
11:49
And let's check out Michael Saylor talking about $10 million
11:53
Bitcoin. And if you just want Bitcoin to
11:55
be successful, when you hear the Bank of Shanghai is rolling out
11:59
a Bitcoin ETF custody to the Bank of Shanghai, you would say
12:03
that's great, that's going to give access to.
12:04
Bitcoin to 1.5 billion people in China OK and they're going to
12:13
buy a bunch of Bitcoin. The price of Bitcoin is going to
12:15
go up to $10 million coin. So here's the question.
12:19
Do you want the billion people in China to be rich?
12:22
And do you want to be rich while the Chinese government still has
12:26
a bunch of laws that you may or may not agree with?
12:29
Or do you want the people in China to be poor and you to be
12:32
poor while the Chinese government has a set of laws
12:35
that you don't agree with? Pretty.
12:37
Easy. Or do you think that you're so
12:41
great, you're Superman, that you can just go and topple the
12:43
entire government by barking on Twitter?
12:48
It's like I, you know, I just don't think right that that
12:52
you're going to topple, you know, an entire sovereign nation
12:56
with your ideology. So.
13:00
I mean, so like, is he just saying that to be hyperbolic?
13:06
Like, do you believe in that? I mean, it kind of makes sense.
13:10
China has a very, you know, populous nation.
13:12
I'm going to pass it on to you. Wicked, wicked you, you know,
13:16
you focus a lot, a lot of your time and energy putting together
13:20
these awesome kind of like infographics that are so well
13:23
made. So I mean, do you think that's
13:26
just rhetoric from Michael Saylor?
13:27
I mean, he, he does have a history of back in the day, I
13:31
think there was a very famous video of him in 2011 predicting
13:35
that Apple stock was just going to go through the effing moon
13:39
and it totally did. He hit the nail on the head with
13:42
that prediction like 100%. So you know, it is this
13:46
something that we're going to see in our lifetimes?
13:48
Like do you see like, and again, it's impossible to see and it
13:52
this, it just like the, the Max Keiser tweet, like back then,
13:56
$200.00 Bitcoin, $20,000 Bitcoin probably seemed unfeasible.
14:01
What's your take on that wicked? Yeah, I mean, I think so
14:05
there's, there's a couple of things.
14:06
First of all, you have to consider, you know, is this an,
14:09
an inflation adjusted number, right?
14:12
Because with inflation, everything is going to reach $10
14:16
million eventually, right? The dollar is going to fail and
14:19
then everything will be infinite number of dollars.
14:22
So if this is like $10 million in today's dollars, then, you
14:28
know, I think that that could be possible eventually if Bitcoin
14:32
kind of like Hal said, you know, represents basically the value
14:36
of everything or, or near the value of everything.
14:39
It's actually higher now, right? The value of everything is like
14:42
closer to a quadrillion at this point because of inflation.
14:46
So now we're talking like, you know, I think like 50 million
14:50
per Bitcoin would, would, would, would account for all of that
14:54
value. So 10 million just kind of, you
14:57
know, it's on the way up there to getting to the, you know,
15:00
the, the, the value of everything.
15:01
If that is to happen with Bitcoin, because Bitcoin's the
15:05
best money in the world, you know, it's hard to believe that
15:07
it won't eventually eat the value of everything.
15:11
So I wouldn't be surprised. Maybe not in our lifetimes, but
15:15
maybe in our kids. It might get there.
15:18
We'll see. You're a bearish apple.
15:20
Anyway, it's. Opti, I'm a bear.
15:23
I just said 50 million. Exactly, Opti, what's your take
15:29
on this brother? Well I usually reference the how
15:32
Finney quote as well and I I always have to highlight the
15:35
date and I actually got the date today which was January 10th,
15:38
2009. So like literally when what, 2
15:41
weeks? After the one week.
15:42
One week after Genesis. Exactly one week after the
15:45
genesis block, how Finney was already saying $10 million per
15:49
Bitcoin, just absolutely bullish.
15:52
And, and it really kind of reminds me of the the Kaiser
15:55
tweet, you know, everyone in the chat right now, we're all
15:57
wondering like, why is it going to 60 K?
16:00
And even today, what, a 10X to 600,000 per coin?
16:04
We're all like, yeah, it's going to get there eventually, but not
16:07
this cycle. And so you can feel the same
16:09
type of energy regarding the Bitcoin price right now and all
16:13
of the factors that are playing out where it's like, man,
16:15
there's, there's so much capital that is just literally what like
16:20
3 months ago just unleashed ready to be deployed into
16:24
Bitcoin. And we're still all super
16:26
bearish because we have PTSD from the last cycle.
16:28
And we're like, it's, it's like, let's break 100K first and
16:31
foremost before we even talk about these nerds.
16:34
But one thing though, that I did find hilarious in that sailor
16:38
tweet is he he kind of going down the beauty on the beauty on
16:42
route where he's like, yeah, your memes mean nothing.
16:46
They're not going to change anything.
16:47
Which to a point, like I kind of agree to a certain extent
16:51
because like, what really matters here is the amount of
16:53
capital going into Bitcoin. Hence why there's so many times
16:56
when I get frustrated with Bitcoin.
16:57
It's like, it's not about the price, bro.
16:58
And it's like, it's literally all about the price because
17:02
that's a real time metric of the capital coming into Bitcoin.
17:05
And so, yeah, we love the technology behind Bitcoin.
17:07
You know, we're all in it for the tech obviously, but the
17:10
price is a real time indicator of how much capital is going
17:14
into Bitcoin. And it's super important if you
17:16
if you kind of separate the fact that it's not just about being a
17:19
moon boy, It's about understanding that as the price
17:22
goes up, that means more capital is going into Bitcoin, which
17:26
kicks off the positive feedback loop, which means more people
17:28
are going to know about Bitcoin and start to follow into
17:30
Bitcoin. So, you know, stay stupidly
17:32
bullish. Like how funny out there and do
17:35
10 million price $10 million Bitcoin prediction when Bitcoin
17:39
doesn't even have a price. So shouts out to what's his name
17:42
now? Opti pro slavery Apple Maxi
17:44
fields. Who's saying that?
17:45
It's already Infinity per SAT today and the world just hasn't
17:49
priced it in. Oh man, oh man, yeah, it's
17:52
Infinity divided by 21 million. And I got to say something
17:55
because you referenced this, this cycle.
17:57
I, I think the last cycle people were like taking 100K.
18:02
They're just like, it's going to hit 100K for granted.
18:04
Now you could have made a bunch of arguments as to why that not
18:07
that didn't happen in regards to the China mining ban, you know,
18:12
the rehypothecation from FTX and like all these things.
18:15
But the the feeling that I get this cycle just based on
18:18
interacting with people is that people are just like it's like
18:22
they're, they're expecting, like they're being overly bearish in
18:25
a way. And just from being Bitcoin for
18:28
quite a while now, like Bitcoin tends to do the exact fucking
18:31
opposite of what everyone thinks it's going to do, right?
18:36
So, yeah, I mean, that's my take on what's coming up.
18:39
But it's probably a good idea to get some just in case it
18:42
continues to catch on. You can't even say that anymore.
18:45
Anyways. All right, I do wanna give a
18:46
very special shout to our sponsor.
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Opti and I are gonna be there. Rustin's gonna be there.
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Nashville at the pleb party. It's going to be absolutely
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bonkers. It's going to be a great time
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and it's a great, it's a great opportunity interact with the
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Simply Bitcoin crew. All right, everybody, let's hit
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the news. Lots to talk about.
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The Daily News. I wanna give a shout out to our
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Anyways, I want to talk about this because this is the news
22:07
that was making the rounds Mount Gox, which I feel like I've
22:09
heard this a million times, but I guess it's true this time.
22:14
So the headline for audio listeners is a coin desk article
22:16
says Mount Gox to begin repayments in July.
22:18
BTC slides under 61K. Here are the key points.
22:23
Defunct Bitcoin exchange Mount Gox said it will start
22:26
distributing assets stolen from clients in a 2014 hack in July
22:30
2024 after years of postponed deadlines.
22:33
The repayments will be made in Bitcoin and Bitcoin cash and
22:37
could possibly add cell pressure to both markets.
22:40
So I mean, what's your take on this Apple like?
22:43
Apparently it's 140,000 Bitcoin, but I mean, compared to sailor
22:48
stack, it's actually smaller than sailor stack.
22:51
It's still quite a bit quite a lot of Bitcoin, quite a lot of
22:55
apples that you can get for those Bitcoin.
22:57
So wicked what what are your thoughts on this is, is this was
23:01
this the catalyst for the price to dump like we're almost at
23:04
we're almost in the 50K region. We're at 60,388.
23:08
By the way, if you guys are watching the show, it's probably
23:10
a really good opportunity to stack some sats.
23:11
So head over to bitcoinwell.com. Smash the buy button anyways.
23:16
Wicked what? What's your take on this,
23:17
brother? I don't know, man, and we've
23:19
we've seen this flood over and over again.
23:21
And even if they do distribute it finally next month, and it's
23:27
not like all those Bitcoin are going to be sold on the market,
23:30
right? A lot of them are probably just
23:31
going to be huddled. Anybody who wanted to sell their
23:35
Mount Gox Bitcoin already did like on, you know, the secondary
23:40
markets. And so I don't think there's
23:43
going to be very much selling of this Bitcoin that gets
23:48
distributed. Maybe they'll sell the BCH
23:51
though. So if you're you're if you're a
23:54
B cash guy, I'd be worried, but I think the Bitcoins probably
23:58
just going to be huddled. Yeah, I I agree.
24:01
I agree. Opti, what's your take on this
24:03
bro? Well, first.
24:04
Before era. Before.
24:06
Yeah, it's definitely before my era, but I was just going to say
24:08
like, this is one of those news stories that just like keeps
24:11
giving. And it's a constant, constant
24:14
reminder of why everyone needs to take your Bitcoin off
24:17
exchanges. And so anyone that's new to
24:19
Bitcoin maybe aren't familiar with Mount docks, maybe they
24:22
kind of heard about it, whatever.
24:24
Like this just goes to show that you do not want to leave your
24:28
Bitcoin on exchanges. Any exchange will eventually
24:31
most likely end up like Mount Gox.
24:34
And so This is why I always told Nico about the ad where we need
24:38
to update it because it's not about thinking about taking your
24:41
Bitcoin off the exchange, because a lot of people get lost
24:43
and just thinking about taking their Bitcoin off in exchange.
24:46
It's like you want to take the steps, even if it's a simple
24:49
step, first and foremost, going into like a mobile wallet, it's
24:52
better than leaving your Bitcoin on an exchange, but you want to
24:54
take the baby steps to eventually get your Bitcoin into
24:57
cold storage. You know, of course, we
24:59
recommend passport by foundation because it's super easy, but you
25:02
have to, this is like one of the main fundamental rules of
25:06
Bitcoin is you need to take your Bitcoin into custody.
25:09
I've been saying for a long time, I, I don't care how you
25:12
get your Bitcoin, as long as you end up with your Bitcoin in cold
25:15
storage. That's really what matters.
25:17
And this is what Nico he says. This is how we define, you know,
25:20
the Fiat system, the tyranny of the Fiat got dollar.
25:22
But with that being said, Nico, I was tagged on this right
25:26
before the show happened. So since it's Monday, I'm going
25:30
to pull it up and we'll get a little bullish, a little bullish
25:33
bull sauce, opium sauce for everyone in the chat.
25:35
So apparently here's a chart here and I'm I need a zoom in
25:39
over here so I can look at. So I might I might be a little
25:41
off camera guys, but it's apparently the past three times
25:45
that mount gotts repayment, quote UN quote FUD was dropped
25:48
was March 6th, 2023. This first line November 22nd,
25:52
2023 and January 6, 2024. And if you look at the chart
25:58
guys and you see one connection here is the price always goes up
26:03
afterwards. So hey, if this is the last dip
26:05
we need before the price pumps, then I'm absolutely for it.
26:09
And it really reminds me of something that check maybe has
26:13
said on the show for us, Nico when he came on the IRL is the
26:16
idea that the best you know, the the Bitcoin price needs a
26:21
catalyst for it's the. Second best.
26:23
The Bitcoin price needs a catalyst for it to go up higher.
26:26
And what checkmate he's been saying on his Twitter the last
26:28
couple of days is like, usually the best catalyst for this is
26:31
the price dumping a little bit. So this is all healthy stuff in
26:34
the market. If you're new to Bitcoin, you
26:36
know, don't get shaken out. Keep stacking.
26:39
What do we say? This is the this is the cost of
26:41
tuition. Everything will be all right.
26:43
Just keep stacking. Taking Bitcoin in the cold
26:45
storage. This is how you earn your
26:46
stripes. You have to you have to reach
26:48
Bitcoin's end, right? And you reach Bitcoin's end by
26:52
you know, just just stack those sats and you know, just unplug a
26:56
little bit unplug. Anyways, before I move on to the
26:59
next story, you guys know that I love talking about how Opti
27:04
ruined it for all of us because dating history.
27:07
And of course I'm talking about the witch the, the Wicked Witch
27:11
of the East, the Wicked Witch of the European Union.
27:14
And of course I'm talking about Christine Lagarde and she is the
27:17
head of the European Central Bank.
27:19
Now, even though this is extremely unpopular, even though
27:24
it's been community noted on on Twitter, they don't give a
27:27
flying fuck and they're moving on full steam ahead in the
27:31
European Union. They seems like they rebranded
27:34
it, which is really interesting. Ladies and gentlemen, it's not
27:37
called a central bank digital currency.
27:40
They're just calling it a digital euro.
27:42
They're leaving the central bank digital currency completely out
27:46
of the post. By the way, that is by design
27:50
and what we do here at simply as we point this out.
27:52
So you guys could, aren't you get, you guys could arm
27:54
yourselves with the truth and the weapons that you need to
27:58
combat on the other side. Of course, when I'm talking
28:00
about combat, I'm talking about information narrative trench
28:02
warfare. It's, it's a war over hearts and
28:05
minds of individuals. So this is a bait and switch.
28:08
Just because they don't call it a CBDC doesn't mean that it's
28:12
not a fucking CBDC, right? And here's Christine Lagarde
28:15
saying we've made significant progress towards ensuring we are
28:18
ready to issue a digital year in the future if needed.
28:21
We look, if needed. That's bullshit.
28:22
Again, you have to pay attention not to what they say, but pay
28:26
attention to what they do, right?
28:28
Oh, we're doing this if needed. You know, that reminds me of
28:31
when the Federal Reserve is telling you they're not
28:34
investigating into, they're not looking into a central bank
28:37
digital currency. But you had Tom Emmer, the GOP,
28:41
I think majority whip. And he was basically saying
28:45
like, look, I got a report to my office and one of the mission
28:49
statements of the Federal Reserve right now is
28:51
investigating a central bank digital currency.
28:53
So what is it you guys are telling me one thing on one hand
28:55
and the other thing on the other hand.
28:57
And then you see the movements from the states, right?
29:00
I think I saw shout out to Satoshi action fund.
29:03
It was breaking news that the state of Louisiana passed a law
29:07
that would make it illegal for a central bank digital currency to
29:09
be rolled out. The state of Florida is the is
29:12
the same they they already passed the law.
29:16
So this is incredibly popular to the point that now it's entered
29:20
into the mainstream political discussion.
29:22
You have the president of, you know, the potential president of
29:25
the United States, Donald Trump, and also RFK Junior that are
29:28
running against Joe Biden basically saying under my
29:31
presidency, we would never allow central bank digital currency
29:34
and we would be pro Bitcoin. And then the other side, they're
29:37
not saying much. They even walked back their anti
29:40
Bitcoin stance on, you know, in wording, not really in actions
29:44
because they realize how unpopular this is.
29:46
Now. That's like, do we really live
29:49
in a democracy? Is, is the government really
29:52
representative of the people? If they're marching full steam
29:55
ahead with a central bank digital currency, even though
29:59
it's not popular with their to the point that they have to lie
30:02
to you and gaslight you and tell you we're actually not looking
30:04
into this, but they are in the case in the United States and
30:08
Europe. They they don't give a flying
30:09
fuck at this point. They're just like, you know, you
30:11
guys are just going to have to take it.
30:12
But this isn't needed. Like people aren't asking for
30:15
this. The reason they're so hell bent
30:17
on rolling this out. Christine Lagarde said this.
30:20
These are her words. She's like, we're at risk of
30:23
losing the, the central bank, losing control and losing power
30:28
if we don't have a digital currency.
30:30
And that's what it's about, break free from the shackles of
30:34
Fiat currency because it is literal slavery.
30:36
Like even if even if you take out the the currency
30:43
confiscation, even if you take out the censorship, even if you
30:46
take out the capital controls, if you take out all of that
30:49
stuff, it's still slavery because the money that you spend
30:54
hours and time and energy working for is constantly
30:58
stealing from you. What is that but not slavery?
31:03
We are already like somehow they si upped us into the social
31:07
contract of income tax. That's a whole other rabbit
31:09
hole. But most people have not agreed
31:13
to the tax of inflation. And make no mistakes, it is a
31:16
tax, right? So it's our responsibility to
31:19
really wake people up. A digital currency issued by a
31:23
central bank isn't going to solve inflation, and that is
31:27
what Bitcoin solves anyways. So let's move on to the official
31:30
post because it's bullshit. Let's highlight it.
31:33
Here's the European Central Bank.
31:35
We've published a report summarizing our progress in the
31:37
Digital Euro project since the preparation phase they started
31:41
on one November 2023. I bet you this fucking thing is
31:46
way longer than the Bitcoin white paper.
31:48
A digital euro would provide an all in one digital payment
31:51
solution that is accessible to all.
31:53
Should it be issued, right? Should it?
31:55
It's not a central bank digital currency.
31:56
It's actually a digital euro and we actually haven't issued it
31:59
anyways, but it could be issued in the future.
32:01
Like fuck you. All right, I got to say it.
32:04
Like fuck you. I don't believe you at this
32:06
point. It would make our payments
32:09
market more innovative, resilient and less dependent on
32:12
non European schemes. And this part is extremely
32:15
insidious. Why is it insidious?
32:17
Because essentially they're commingling that somehow Fiat
32:22
money represents Europe like the euro represents Europe.
32:27
I would say that Fiat money is a representation of the state.
32:33
It is not a representation of the people.
32:36
The state has a monopoly on the issuance of Fiat money.
32:39
It has control on Fiat money. It completely controls the
32:43
thing. Bitcoin could be made by anyone
32:45
if you invest in the proper infrastructure, right?
32:49
You can hold. It doesn't care about your
32:50
nationality, doesn't care about capital controls, doesn't care
32:53
about sanctions. Anyone.
32:54
No matter where you are in the world, you can download a
32:57
Bitcoin wallet. And now you can interact with
32:59
the global economy. You can't do that with the
33:01
fucking digital euro. You can't do that with, you
33:04
know, it's an American CBDC and all that stuff.
33:07
They don't want to let they they still want to psyop you into
33:10
thinking that somehow you're non European because you don't use
33:13
the cocked state money, which is absolutely bullshit.
33:17
So anyways, here's more examples of just the absolute gaslighting
33:23
and we can go completely against Joe Biden because he's against
33:28
Bitcoin and you guys know, you guys know the deal on the show.
33:32
We don't need left to right. We don't care about Democrat,
33:34
Republican, but we are single issue voters.
33:36
We are pro the candidates that are pro Bitcoin like Donald
33:39
Trump and RFK and we are anti we are against the candidates that
33:44
are against Bitcoin. The Joe Biden administration has
33:46
been extremely against Bitcoin. We've covered that in depth on
33:49
this show. This is the definition of
33:51
gaslighting. OK, Inflation was 0 on a monthly
33:55
basis, monthly basis in May. This is welcome progress, but
33:59
prices are still too high. That's why I'm fighting to lower
34:02
cost by increasing rental assistance, taking on big
34:05
pharma, and investing in affordable clean energy.
34:08
I want to focus on this part investing.
34:10
So that means that you are you are fucking spending money.
34:14
You're printing money to tackle a four.
34:18
This is the gaslight. This is the gaslight of the
34:20
century. He's basically saying, guys,
34:25
even though we cause inflation, we are the issue to inflation.
34:28
The the the solution to inflation is less government.
34:32
The solution to inflation is not the government.
34:35
The solution to inflation is not a president like Joe Biden, like
34:40
Donald Trump, like RFK Junior. The solution to inflation is the
34:44
separation of money in state. And they won't be able to
34:47
gaslight you when they, the only way that they're able to raise
34:51
revenue, including pay themselves is via direct
34:54
taxation. They won't be able to gaslight
34:56
you like this, right? So this is bullshit.
34:59
And here's some awesome Bitcoiners explaining in the
35:02
comments. This is what we talked about
35:03
when we talked about narrative trench warfare.
35:05
These are examples of that. You have the president of the
35:07
United States gaslighting everyone and then you have
35:10
bitcoiners saying that's not true.
35:12
This is why this is the importance of you making your
35:15
voice heard. Here's Walker America huge fan
35:18
of his content says inflation compounds inflation was not 0.
35:22
Inflation increased but at the same same rate of increase as
35:25
the prior month. Bob Burnett work won't work.
35:29
Balance the budget and stop printing money instead.
35:32
Corn neck does. Inflation was 0 on a monthly
35:34
basis in May. So the cost of your adult
35:37
diapers may not go in May. Here's Steven.
35:39
Inflation year over year is what is crushing the American people.
35:42
This is absolutely the fault of Joe Biden and his handlers going
35:46
absolutely savage. Here's clown world.
35:48
Are you serious? People are struggling to afford
35:49
groceries and you seem completely out of touch with the
35:52
reality. I don't agree this is on
35:54
purpose. You have to understand this is
35:56
on purpose, just like this and the wording that they're using,
36:00
right? This is on purpose.
36:02
You saw they mentioned digital physical cash.
36:04
They're trying to let you know that this isn't going to replace
36:07
physical cash, right? So they're trying to sneak this
36:10
in. This is bullshit.
36:13
The state shouldn't run people's lives.
36:15
The state doesn't know better. I think the last four years have
36:20
shown the utter catastrophes of the unintended consequences of
36:25
censorship, the unintended consequences of a bureaucratic
36:28
elite getting to dictate how people should run their lives,
36:33
people losing their livelihoods because they didn't decide to do
36:37
to, to make certain medical decisions, right?
36:40
Not to mention the potential war, like the nuclear war in
36:43
Ukraine, right? Potential this is this is all
36:47
the state, this is Allstate. This is all government that you
36:50
have to under like people have to get that through their heads.
36:53
And how is this whole entire system funded?
36:57
They print fucking money the the central bank.
36:59
It just gives them the ability to play God and essentially
37:04
create money for free out of nothing that the rest of us
37:07
peasants, because that's how they see us have to work for and
37:11
that is absolutely absurd. So if you want World Peace, if
37:15
you want to be able to save for a better future, if you want to
37:17
live the American dream no matter where you are in the
37:20
world, get on a Bitcoin standard.
37:23
And the beauty of Bitcoin is as soon as you adopt it and you put
37:25
it into cold storage, definitely get yourself a passport hardware
37:28
wallet. You are part of the revolution.
37:30
You are part of the movement of the separation of money and
37:33
state. You're part of it.
37:35
That's all you got to do is buy Bitcoin and Bitcoin buying
37:36
Bitcoin, put in cold storage. That's it.
37:38
You're part of this revolution. You're, you're enacting change,
37:42
not through the democratic process they say is the end all
37:45
be all, but through a process of opting out of their system
37:48
entirely. And I'll tell you this guys,
37:49
it's 100% voluntary and it's 100% done by incentives.
37:54
Their CBDC system, their euro system is 100% a coercive
38:00
system. They're not going to get people
38:02
to sign up to this shit voluntarily.
38:04
They're going to coerce people and then hide behind, oh, this
38:08
is good for the greater good. Fuck you bullshit.
38:11
I remember what you did in 2008. You fucked the rest of us.
38:14
You bailed out the bankers. No bankers went to jail, and you
38:18
completely stole the time and energy of the zoomer millennial
38:22
generation. So I don't believe you guys
38:24
anymore. And that's why Bitcoin was born
38:26
and that's why we're here, and that's why we're going to
38:28
fucking win because we don't believe what you have to say
38:31
anymore. It's fucking bullshit.
38:32
And now we have the Internet. We can combat you peer-to-peer.
38:36
That's why you hate this. This is why journalists love the
38:38
ability to just control the fucking narrative all the time.
38:42
Look, I have an actual video of Elon talking about this.
38:45
There's another type of phenomenon that we're all living
38:48
through that people have to understand.
38:51
This is the disintermediation of money and in for money, but this
38:55
is also the disintermediation of information because the Internet
38:59
allows mass scale peer-to-peer communications, right?
39:03
So let's check out Elon. He has about 3737 second clip.
39:07
Also, he's in Miami for this. So shout out the three O 5 and
39:10
then I'll pass it on to Octi and wicked.
39:12
Now, the thing that that a lot of traditional journalists don't
39:15
like is they don't like being put on the same platform as the
39:19
average citizen. They don't like their voice
39:21
being it's the same. They're pretty mad about that.
39:24
I, I think it's very important to, to elevate citizen
39:26
journalism. I think it's very important to
39:29
hear the voice of the people, the actual voice of the people,
39:31
not the filtered voice of the people.
39:33
And let the people choose the narrative and let the people
39:36
determine the truth and. Not 5 editors in chiefs of major
39:41
publications. Do you want to know what's
39:42
really going on? Or, and that's it.
39:44
Like it's as simple as that. Let the free market of ideas
39:49
come to their own conclusions. Let's not let you know.
39:53
A handful of editors get to determine what is the truth,
39:58
what is not the truth, period. Anyways, Opti, what's your take
40:01
bro? First and foremost, I got to
40:03
give Nico some horn for the Nico Jones is so back today.
40:07
I I was literally telling Nico last night like we need some
40:10
good old fashioned Nico Jones rants.
40:12
We we need to unleash Nico here. Anyways, going back to the CBDC
40:17
or Digital Euronews first, the first thing that popped in my
40:20
mind besides the fact that they completely rebranded the CBDC
40:24
project to just leave the Digital Euro.
40:26
It's absolutely incredible that they are obviously listening.
40:30
And I think I said this last week where it's becoming very
40:33
obvious that they're listening to what people are saying on the
40:35
Internet and then they're trying to craft their narratives in
40:37
such a way so that they don't get the backlash from everyone
40:39
on Twitter. And I think this is one of those
40:42
moves right here where like good catch on the digital Euro not no
40:45
longer being called the central bank digital Euro project or
40:48
whatever. It's just simply the digital
40:50
euro. And again, when I heard the
40:52
digital year, my first thoughts was always like, the euro is
40:54
already digital. All fuel currencies are already
40:56
digital. Like if you understand that,
40:59
then what's the real, what's the real thing?
41:01
What's the real need for the digital euro project or central
41:04
bank digital currency? And that's where the narrative
41:06
falls off because they always frame it in the same way.
41:08
They're always like, oh, this is for all in But you can tell that
41:18
the gas sliding is strong and that a lot of people still
41:20
believe that Bitcoin is only about digital payments.
41:23
And until that, until we work on educating people on that idea
41:26
that Bitcoin isn't just about digital payments, it's not about
41:29
paying better on the Internet, it's about keeping your saving,
41:34
it's about fighting inflation. And they never once ever talk
41:38
about inflation being the problem.
41:39
And when they do, they gas like you.
41:41
Like that Joe Biden tweet there where he literally talked about
41:45
things that are going to increase inflation.
41:47
They basically said like, we're going to spend more money here,
41:49
we're going to print more money and this is going to fix
41:51
inflation. And people out there think that
41:55
this is an actual fix, like he should be embarrassed that he
41:57
actually tweeted that because none of those things will fix
42:00
inflation. The real problem, like you know,
42:02
Walker was saying, is that they're printing obscene amount
42:04
of money. They're going to continue to
42:05
print money. They have to keep printing
42:07
money. This is how the Fiat systems
42:09
work and it's just it really the first one that really grind my
42:13
gears. It's like, you know how we're
42:14
going to we're going to fix inflation.
42:15
We're going to increase rental assistance, like we're going to
42:18
add on to the welfare and print more money and that's going to
42:21
help your inflation guys, which just goes to show that most
42:24
people don't understand basic economics and they will continue
42:27
to gas item on purpose. Exactly.
42:29
Don't they don't teach that at school.
42:31
There's very like famous Charlie Kirk video.
42:33
And he's like kind of doing interviews.
42:35
And he was just like interviewing people.
42:36
Like do they teach Mises? Like do they teach Hayek?
42:40
Do they teach whatever? And then he's like, no, they
42:41
don't teach. And then and and and Charlie
42:43
Kirk Riley shows like, so you're not going to school, you're
42:47
being propagandized, right? So this is what people have to
42:50
understand is that people are being taught Kenzie and
42:52
economics. People are being taught that
42:54
somehow inflation is a fact of life, which is like, think about
42:59
that for a second. Like they've psyopt a huge
43:02
portion of the population into thinking that money has to lose
43:05
purchasing power to function like and that's where we have to
43:08
keep pressing. They don't have a good answer to
43:11
that. They don't have a good.
43:12
Response but my roads, my roads bro and.
43:15
We'll, we'll get it. We'll do an episode on that
43:16
anyways, Wicked. What's your take on all this,
43:18
bro? The gaslighting, the propaganda
43:21
and and also I would say the winning because if we weren't
43:24
winning then they wouldn't change, They wouldn't rebrand
43:27
the the Euro, the European CBDC. Yeah, I mean, I'm, I'm always
43:32
kind of on the lookout for what are some of the things that
43:35
they're doing to try to coerce us into adopting ACBDC or, you
43:40
know, as they're calling it a digital euro now.
43:42
And I think the big thing that we'll start to see is Ubi start
43:48
to get rolled out, especially as financial markets start to
43:51
crumble, right at an accelerated rate.
43:54
We might actually enter a recession or a depression at
43:56
some point. And when they turn on the, the,
44:00
the QE machines, they're going to need a way to distribute
44:04
those funds. And I don't know if they're
44:05
going to cut checks like last time.
44:07
I think this time they're trying to roll out a CBDC so that they
44:11
can say, listen, you just download this CBDC app and then
44:14
we'll give you your Ubi checks to help you with, you know, all
44:18
of your struggles in life. But what they won't say is how,
44:24
you know, those CBDCS are going to, they're going to have
44:26
capital controls, they're going to have restrictions and they're
44:28
going to lock you into, you know, a situation that you're
44:33
not going to be aware of until it's too late.
44:35
And so you're going to get free money, but you're only going to
44:37
be able to buy very limited things with it.
44:40
Maybe it'll help you pay rent and and those types of things
44:43
and I don't know sure. I mean it's hard to say you
44:47
wouldn't take it right? Like if the government says,
44:49
hey, download this app and we'll help you pay your rent, are you
44:52
going to are you going to decline that or are you going to
44:54
I? Would love dude, if they gave,
44:56
if they were like you be like yeah, fuck yeah.
44:58
I'm going to put that into. Bitcoin bro.
45:00
Well, that's but listen though, 2020 is like, yeah, give.
45:03
Me free money. I bought Bitcoin with it.
45:05
It was. Great, it was this attack.
45:08
This is exactly what I'm saying though, right?
45:09
Like, like the, the, the 2020 checks, you could, you could
45:12
spend on whatever you wanted, but if they did it via CBDC, you
45:16
wouldn't be able to. And so I think that's the next,
45:19
the next kind of, you know, pumping of liquidity into the
45:24
system when things start to fail might be rolled out with a CBDC
45:29
so that they can be more restrictive with how you can
45:31
spend these things. Now, again, sure, you want to
45:35
help me pay my rent. Great, help me pay my rent.
45:37
And then that excess capital will go into Bitcoin.
45:40
So you know, it's like either way, I'm getting more Bitcoin,
45:43
but I don't think you'll be able to buy Bitcoin with the CBDC
45:46
that they give you through Ubi. Amen, Amen.
45:48
No, of course, because it's it's an attack like they're just
45:51
giving you this fake money and you're buying something that's
45:53
absolute scarcity. You're you're nearly like
45:56
attacking the system on a much smaller scale that Michael
45:58
Saylor is like speculatively attacking the dollar using the
46:01
infinite money glitch, but it's essentially the same, right?
46:04
It's like they're using that, they're using their system in
46:07
order to buy something with absolute scarcity.
46:09
That's a one way road, right? Anyways, before we move on to
46:12
the culture to give a very special shout out to our sponsor
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Orange Pillow app and I will get back to you.
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All right, everybody, let's get to the culture.
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scan the QR code or check the link in the video slash podcast
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description. Anyways, I'm going to move it on
47:49
because we have a very special guest today.
47:52
We have wicked in the house. Wicked is incredibly wicked at
47:55
creating these amazing kind of graphical interfaces.
47:59
You kind of explaining the, you know, the price action of
48:02
history, just breaking it down. And it's incredibly popular.
48:05
It's really, really good work. So Wicked.
48:08
Thank you for joining us man. Yeah, glad to be here.
48:13
Awesome. OK.
48:14
All right, I'm going to pivot here before we get to some of
48:16
these charts because we were going to talk about this earlier
48:19
before we even went on. Nico was asking Wicked his
48:21
thoughts on diminishing returns. And I feel like that might be a
48:24
good place to start. And then we'll pivot into Wicked
48:27
becoming a bits maxi, which I know is going to trigger
48:30
everyone in the chat. So let's just start with the
48:32
Wicked. What's your thoughts on the
48:34
diminishing returns meme? I know this has been kind of a
48:37
constant thread going on on the Bitcoin space recently.
48:40
And, and I know you look at the, the Bitcoin price very intently
48:44
and, and you tried to parse out what's going on with the Bitcoin
48:46
price action today, where we are in the future and you know,
48:50
making at least a mental map of what we can expect moving
48:53
forward. So what's your thought?
48:55
General thoughts on diminishing returns?
48:57
Yeah. I mean, I think that it's, it's
48:59
a strong narrative and it's one that if you're just looking kind
49:02
of epoch after epoch of the returns of Bitcoin, it seems as
49:07
though they are diminishing, right.
49:09
So just looking at the returns, we have 4 epochs that are
49:13
completed now we're in the 5th, right?
49:15
First epoch they had a return of Infinity because it went from
49:18
zero to, you know, a price. Second epoch you got a 53 X.
49:23
Third epoch you got a 14X. And the 4th epoch, the one that
49:27
just finished, you got A7X. OK, so it's getting smaller and
49:31
smaller and smaller. Everyone's expecting this next
49:35
one to be even smaller. So what like a 2-3 or 4X,
49:38
something like that. I think that I think that's
49:43
bullshit. I think that we have, you know,
49:45
at least another epoch or two where we could exceed the
49:48
previous one. So we could exceed a return of
49:50
7X, you know, over the maybe maybe this epoch or maybe the
49:55
next one. The other thing that you have to
49:58
consider is like, it's not just OK.
50:01
So like you're considering purchasing power returns, right?
50:04
And yes, there's a cap as to how valuable Bitcoin can get
50:09
because, you know, if it gets more valuable than everything in
50:12
the world, then that starts to not make much sense, right?
50:16
But if you're just pricing things in terms of dollars and
50:19
you know that dollars are inflating, then you know, you
50:24
know that it's at a certain point the acceleration of the
50:26
inflation of the dollar is going to get crazy.
50:30
Like, you know, Weinmar status and then your quote UN quote
50:35
returns in terms of dollars are going to be insane right now.
50:40
Of course you won't care as much about it at that point because
50:43
you'll just want Bitcoin. You'll start pricing things in
50:45
terms of Bitcoin, but there will be an epoch in the future where
50:49
the returns are Infinity again. People don't understand.
50:53
It's like they don't rock it, right?
50:54
It's like literally the dollar is going to 0, which means that
50:56
the return in terms of bitcoins going to Infinity.
50:58
At some point there will be an epoch where we go to Infinity
51:01
returns again and then it will be over for the dollar and it'll
51:05
just be a Bitcoin standard at that point, so.
51:08
And those who have Bitcoin cause like if you look at countries
51:13
that experience this like kind of hyperinflationary period,
51:17
right? What tends to happen is if you
51:20
are holding on to like in the case of Argentina, for example,
51:25
if when Argentina was going through this, you know, and it
51:27
seems like Malay got it mostly under control.
51:29
But if you're going through that kind of period in history, what
51:36
tends to happen is if you're holding dollars, you're a king.
51:40
Like if you're holding the good currency.
51:42
And in this case, in the case of the dollar, be like, if you're
51:44
holding Bitcoin, you're gonna do very well, right?
51:48
Because everyone's gonna want it.
51:50
That's is hyperinflation doesn't happen because they because
51:54
there's a limit that gets hit because they printed so much
51:56
money. Hyperinflation is a phenomenon
51:58
where essentially the population, it reaches a
52:03
critical mass where enough people lose faith in the
52:06
currency and they all try to get rid of it at once, right?
52:10
That's what hyperinflation is and what always happens.
52:14
And and of course in in America, I don't think it's, I don't
52:17
think there's ever been a hyperinflationary period We're
52:20
about to brick go under. 50 I think we already went under 60K.
52:23
This is lagging over here. His block clock. 662-5090 OK, So
52:29
yeah, it's this is interesting price action, interesting price
52:32
action. But yeah, that that's what you
52:35
have to understand, right, is that that Bitcoin is keying in
52:41
these types of situations anyways.
52:43
Pass it on. Hold one thing.
52:45
Shit, it is a fucking giant candle.
52:48
Let me pull it. Up.
52:49
Go, go on. Wicked enough.
52:50
What? We, yeah, I was gonna say, I was
52:52
gonna say another thing, another thing.
52:53
So it's not just holding the superior, you know, money,
52:57
right? So if you're in Argentina,
52:59
you're holding dollars, you're doing a lot better than people
53:01
who are holding, I mean, Argentine pesos.
53:04
But it's, it's, it's also pricing your goods and services
53:08
in terms of the superior money, right?
53:10
Because if you're pricing your services in terms of the peso,
53:13
Argentine peso, and then it gets inflated, you have to now
53:17
renegotiate all of your prices way, way higher.
53:21
Whereas if you had been pricing them in terms of dollars, now
53:24
you know, you don't have to renegotiate, you're still
53:26
earning, you know, the same amount of dollars, right?
53:28
So same thing happens with Bitcoin.
53:30
It's like you're not only adopting it to hold it, but you
53:33
also have to adopt it as your unit of account so that when
53:36
your Fiat currency inflates, you don't have to renegotiate all
53:39
your prices if you have them already in Bitcoin.
53:43
Love it, love it. And and the perfect segue
53:45
because I know you wanted to talk about the bits versus SATS
53:48
debate and I think that's a perfect, I do have a tweet here
53:51
of yours, which let me pull that up as well while you go.
53:54
And I think the biggest take away that I got from just we, we
53:57
briefly talked about it before the show, but it's that no one's
54:01
bullish enough. I think that's a good indicator
54:04
of what we're talking about. But you just, you had this tweet
54:07
and you just hit this on the head a second ago.
54:09
You go, you should start measuring your net worth in
54:11
terms of Bitcoin. Then your priority will shift
54:14
from trying to make Fiat profits to preserving your Bitcoin
54:17
denominated wealth. And I absolutely love that
54:20
framing as well. I say that all the time, but
54:22
segue that conversation into no one's bullish enough and why you
54:26
are starting to become a bit maxi.
54:29
All right, so just to touch on that tweet real quick.
54:31
So you know, it's like, and this is especially important as we're
54:34
dumping, right? If you're measuring your your
54:36
net worth in terms of dollars right now, you're freaking out
54:39
because your net worth just went down, right?
54:41
If you assuming you're holding mostly Bitcoin, if you're
54:43
measuring it in terms of Bitcoin, then what you're going
54:45
to notice is it you know, it's it's either saved flat because
54:49
you're already all in or if you have a little dollars on the
54:53
side, it actually just went up, right?
54:55
So I mean, this is a good thing. Your your Bitcoin nominated net
54:57
worth most likely just went up because I know a lot of you
55:00
motherfuckers are still holding dollars.
55:01
I don't know why, but yeah, I mean, you know, this is a good
55:04
thing, right? So now's a good time to deploy
55:06
those dollars so that you lock in that Bitcoin denominated net
55:10
worth, right? You don't want it to go down.
55:11
It just went it just ticked up a little bit.
55:13
So lock that in and deploy those dollars that you still have
55:16
left. All right.
55:18
So the bits conversation, we can move on to that.
55:22
So I mean, yeah, this is kind of tying in with everything we've
55:25
been saying. So you know, kind of like the
55:28
where Bitcoins headed in terms of a price and then how people
55:32
are going to start pricing things.
55:34
I mean, I think, I think a very, very modest target for Bitcoin
55:39
price is like 1,000,000 bucks, right?
55:41
I think everyone has 1,000,000 bucks on their mind.
55:43
We all know it's going there eventually.
55:46
You know, it'd be kind of surprising if it reached there
55:48
this epoch, right? But maybe the next one, maybe
55:50
the one after that. It's not a matter of if, it's
55:52
when, right? So when Bitcoin reaches
55:55
1,000,000 bucks that I think that will kind of be a signal
55:58
that we've reached kind of like a, a very high level of adoption
56:02
globally, right? You don't reach 1,000,000 bucks
56:05
without getting a, a decent amount of people involved in
56:09
Bitcoin, if not the majority of people.
56:12
So at that point we're going to, we're going to actually start
56:14
pricing things in terms of Bitcoin, right?
56:16
People are going to start saying, OK, we've adopted this
56:18
as our money or, or at least we're saving in it.
56:21
And we're comfortable with the idea of Bitcoin being money or
56:25
savings. Now we want to spend some of it
56:27
or we want to earn more of it, right?
56:30
They're going to start pricing things in terms of Bitcoin at
56:32
1,000,000 bucks. A Bitcoin one bit equals $1.00.
56:38
It's bit dollar parity, right? I think this is going to be a
56:41
key kind of inflection where it will be very interesting to see
56:47
prices listed at your grocery store.
56:50
Dollars next to bits, right? You'll see, you know, at that
56:53
point, maybe a gallon of milk if you're in the States will cost
56:56
like 10 bucks, right, due to inflation.
57:00
And then right next to it, you'll see 10 bits, right?
57:03
And maybe you'll wait a year or two and you go back to the
57:06
grocery store and then it will be $11.00 and nine bits.
57:11
And so you'll really start to see this like, you know, this,
57:14
this divergent of the prices. And it'll be very, very clear if
57:20
the prices are in bits, right? If they're in SAT's, it will
57:24
still be, you know, clear, but not as clear, right?
57:26
Like we need, we need it to be as clear as possible for the
57:29
normies at that time. And I think BITS is going to
57:32
make it very, very clear, especially if you're a United
57:34
States, an Army, which, you know, living in the States,
57:38
that's kind of all we care about.
57:40
Have you heard of knacks? What's What's next?
57:45
It's a superior unit of account to bits.
57:47
Oh. Yeah, Yeah.
57:48
What is it? What is it?
57:49
I don't know. By the way, I probably, I
57:51
probably should have said right from the start, a bit is a
57:54
millionth of a Bitcoin and that's that's an important thing
57:56
just to lay out for anyone who doesn't know that.
57:58
Yeah, yeah, it's 100 sats. So a bit to a sat is the same
58:01
thing as a dollar to a cent, right?
58:03
It's just kind of. It makes the.
58:04
Conversion and actually wicked just to your point.
58:07
And and this is our boy Winekus and and he he's low key trolling
58:11
you, but I think that's the point that we're kind of saying
58:15
Winekus goes bits are for dummies.
58:17
And it's like, yeah, we're talking about normies.
58:19
Exactly. Exactly.
58:20
What we're? Talking about This is why it's
58:21
the. Perfect unit of account.
58:23
That's what people don't understand.
58:24
Yeah. Anyways, wicked, before I give
58:26
you the floor again, Knack is just C9 SAT.
58:29
So it's a troll metric? It's a troll metric.
58:31
It's a superior unit of account. Super easy to, you know, to,
58:38
yeah. Easy maps.
58:39
Here to divide, right? Yeah, yeah, everyone knows all
58:41
the 69 multiples. Oh, man, but but yeah, man, no,
58:45
I agree. I that's a really good point.
58:47
Wicked. Like, in all seriousness, like,
58:49
you know, and and you know, I think it's Adam Back who's also
58:52
a fan. Yeah, he loves bits.
58:53
He he loves bits as well. That's that's a very, very
58:56
interesting perspective. Yeah.
58:58
Like I. I'm a sad maxi, I do all my math
59:01
and sad sads is easy. But the one bit to 100 sets, you
59:06
know, comparing it to a $1.00 with 100 pennies, like
59:11
$1,000,000 Bitcoin, you know, one bit equals a dollar.
59:15
Like I, I don't know it, it makes perfect sense to me when
59:19
it's kind of like just simplify the mass for the normies out
59:21
there. So like, I don't know, I've been
59:23
trying to push bits as well, even though I do all my math and
59:26
stats, But like I get I, I get why it might, it might
59:29
eventually end up bits, which is kind of what we can say.
59:32
And listen, I mean, so SAT's are, I mean, SAT's are still
59:35
there, right? It's not like we're getting rid
59:37
of SAT's. You know, cents are still here
59:39
too. We didn't get rid of cents just
59:41
because we all started using dollars to denominate things.
59:43
And by the way, if things cost less than a dollar, what do you
59:46
see the price at? What do you see the denomination
59:50
used in grocery stores? You see that little cent sign
59:52
with like whatever, 99, right? So like we still use cents now
59:55
if things are cheap enough. And with Bitcoin, you know,
59:58
we'll go through this transitory phase where we're using bits
1:00:01
because things are are better priced in terms of bits.
1:00:04
You know, like I said, a gallon of milk cost 10 bits or
1:00:06
whatever, right? But eventually, because Bitcoin
1:00:10
goes up in value over time and things get cheaper in terms of
1:00:13
Bitcoin over time, maybe that gallon of milk will cost 99 sats
1:00:16
at a certain point and then we'll start using sats again.
1:00:19
So it kind of be like an opposite.
1:00:21
Way of, of, of going through history, right?
1:00:24
Whereas with Fiat, we used to denominate everything in terms
1:00:27
of cents, things were like $0.10, five cents, four and a
1:00:30
half cents, whatever, right? And then as we progress through
1:00:33
time and got more and more inflation, we got dollars.
1:00:35
And now with Bitcoin, I think we're going to go through a
1:00:37
phase where we're using bits. And then as more and more time
1:00:40
progresses and Bitcoin gets more valuable than we'll transition
1:00:43
to using SAT's, there will be there will be a period of bits.
1:00:46
Bits will reign supreme, I think for a decent amount of time.
1:00:50
And people are sleeping on it. I agree.
1:00:53
I agree 100%. It's a very, very good way of
1:00:56
breaking it down. Anyways.
1:00:58
Wicked. Wait, wait, wait.
1:00:59
Nico, I don't don't end it yet. I wanna ask Wicked one more
1:01:02
thing before we go. That's what I was gonna Oh, OK,
1:01:04
OK. Sorry.
1:01:04
I thought you're going to end it.
1:01:05
OK, Yeah. So we do have to start getting
1:01:09
ready for the mining disrupt conference.
1:01:11
But Wicky, I want to wicked, I want to give you the floor.
1:01:13
Do you have any last message for the 1753 people that are
1:01:18
currently watching live plus the 50 or so of you guys watching
1:01:21
live from Rumble? By the way, guys smash the like
1:01:23
button. We only got 120 likes.
1:01:25
We can, we can do better. Those are rookie numbers.
1:01:27
So if you guys are enjoying the show on YouTube, XA rumble smash
1:01:30
like button really helps with the algo.
1:01:32
So wicked give you the floor bro.
1:01:34
Yeah, you got to you got to pump those numbers up.
1:01:37
I mean, I think so it's the same as always, right?
1:01:39
These stacks that start measuring your net worth in
1:01:41
terms of Bitcoin, huddle your Bitcoin, earn more than you
1:01:45
spend, save all your excess wealth in Bitcoin, do that shit
1:01:50
for at least a whole cycle and see where you're at.
1:01:53
I guarantee you're going to be better off than where you
1:01:56
started and then you're going to be a Bitcoin for life.
1:01:58
So, you know, just keep. Going Amen 100% I always say
1:02:03
this too takes four years to realize you've made a good
1:02:06
decision and then it takes eight years to be relatively wealthy
1:02:10
compared to where you started from.
1:02:12
So anyways, guys, that was simply Bitcoin live for June
1:02:14
24th 2024. I'm your host, Nico's my
1:02:17
legendary coast optimist fields our guest for today wicked.
1:02:21
You can go follow him on Twitter at W under score S under score
1:02:25
Bitcoin drop some really hot fire signal.
1:02:28
Like I said in the beginning of the show, we will be off on
1:02:32
Tuesday and Wednesday because we will be live streaming the
1:02:35
mining disrupt conference coming out of Miami.
1:02:37
You're going to have the largest Bitcoin miners and CE OS and
1:02:41
executives and going to be at that conference.
1:02:43
There's so many panels believe Ted Cruz is going to be making
1:02:47
an appearance. Also a lot of well known, you
1:02:50
know, Bitcoin mining executives as well.
1:02:52
So really, really excited for that.
1:02:53
So guys, tune into the simply Bitcoin channel tomorrow and
1:02:56
Wednesday and then we'll be back with the live show on Thursday
1:03:00
for a brand new episode of simply Bitcoin Live.
1:03:03
Until then, love you everybody, take care, Peace out everybody.
1:03:08
Episode was brought to you by bitcoinwell.com on a mission to
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