Latest / Simply Bitcoin / BREAKING: 95% Chance Bitcoin ETF Approval this Week | EP 899

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BREAKING: 95% Chance Bitcoin ETF Approval this Week | EP 899 · Simply Bitcoin

0:03
It's all going to zero against Bitcoin.
0:07
It's going up forever. You're against Bitcoin.
0:17
You're against freedom. Yeah, welcome to another episode
0:22
of Simply Bitcoin Live. We are number one source for the
0:25
peaceful Bitcoin revolutionary curve breaking news, culture,
0:27
mining, warfare. We will be your guide through
0:29
the separation of money and state.
0:31
And make no mistake ladies and gentlemen, that's exactly what
0:34
we're living through these days. The great Disintermediation like
0:37
I like to call it. Anyways, today is a very, very
0:40
big week. Apparently this is when the spot
0:43
Bitcoin ETF is going to be approved.
0:46
Bloomberg analysts are calling. They're they're putting the
0:49
percentage odds at 95%. They're talking about it
0:54
non-stop on legacy corporate media.
0:57
But it is a double edged sword ladies and gentlemen, because
1:01
there is gonna be a lot of money flowing into Bitcoin.
1:04
But remember, this is captured Bitcoin and we're gonna be
1:07
talking about that point. We're gonna be beating that drum
1:11
the rest of the week because it is really, really something that
1:14
I want you guys to focus on. It is captured Bitcoin.
1:18
At the end of the day, if your Bitcoin is not in self custody,
1:24
it is not really yours. the US government and governments all
1:29
around the world to be frank, have a history of when they're
1:34
in a pickle, they seize assets. They, they just, they just nab
1:39
it, right? Even in the United States,
1:41
right. With all the constitutional
1:42
protections, the infamous 6102 order, which sounds so like, you
1:52
know, like, like in the US, right, The quote, UN quote, the
1:57
home of the free, the land of the brave. the US government
2:01
made it illegal for U.S. citizens to own a medal, right?
2:07
And in exchange for that medal, what did the US government do?
2:12
We're going to give you paper, right?
2:14
So it would not surprise me if we see something similar happen
2:22
with all this captured Bitcoin. You have to call it for what it
2:25
is. It is captured Bitcoin ladies
2:29
and gentlemen, but still from the price perspective, to be
2:33
fair, you know, I I do believe that it could potentially, you
2:39
know, make the price go up. I think it is going to make the
2:41
price go up. But there's two things right?
2:44
There is of course the, you know, the, the number go up
2:48
technology which I think we are all celebrating.
2:51
But there is also the separation of money in state.
2:56
And here's the thing. When you want the separation of
2:59
money in state, you need people holding an unconfiscatable
3:06
asset. If you don't want the separation
3:09
of money in state, a Bitcoin ETF isn't going to do anything.
3:13
What it's going to do is essentially make it it it.
3:18
It's a giant honeypot, you know, for the US government or any
3:22
government to seize if they get themselves in a pickle.
3:25
If Bitcoin starts to become more like so successful what do you
3:30
it's like oh like you own that OK well we're going to take it
3:35
and here's some dollars in in in in exchange do you think
3:38
BlackRock or it it's and it's all custoded in Coinbase by the
3:41
way. So they literally only have to
3:43
walk like knock on one door. Do you really think the Coinbase
3:47
was like no you can't do this. No.
3:50
The only way that you resist this, and I think that this
3:55
confiscation, by the way, and I'm going to say this on record,
3:58
is inevitable, but the only way that you resist this is
4:02
1,000,000 upon millions of individuals holding their own
4:05
private keys. Because then it becomes
4:08
unenforceable, right? What is the government going to
4:12
do? Knock on everyone's door and
4:13
just say give me your 12 words. Like the US is the most armed
4:19
country on planet Earth. Like that would be very
4:22
difficult for them to do. But if you take a look at
4:25
history and if you don't learn from history, right, like, you
4:28
know you're destined to repeat it.
4:31
They've done that in the past. How did the six 102 gold
4:35
confiscation happen? There was only a handful of
4:39
banks of which the government said, hey, you know that gold,
4:43
it actually belongs to us now, right?
4:47
Coinbase, that Bitcoin, it actually belongs to us now,
4:51
thank you very much. Right.
4:54
So I want you guys to keep that in mind.
4:57
This is simply Bitcoin after all.
4:59
Yes, this could be be potentially extremely bullish
5:03
for the price, but ladies and gentlemen, this is going to be
5:06
one of the biggest stress tests Bitcoin has ever endured.
5:12
And all the boomers and the boomers are the ones that have
5:15
the money in terms of the generations.
5:17
They're going to buy that up so quickly, so easily on their
5:21
Charles Schwab account. They're going to open the
5:23
brokerage account. Oh, I could buy Bitcoin.
5:25
Now you're not buying Bitcoin, you're buying paper Bitcoin.
5:29
Anyways, it's going to be interesting though and number go
5:32
up is definitely going to do its thing.
5:34
So Opti, what's up, man? What's your take on all this?
5:37
I I think also we have a really interesting topic during the
5:41
culture segment as well. So yeah, yeah, I mean, first and
5:44
foremost, you guys know my take on the whole ETF stuff.
5:48
It's paper Bitcoin. As far as I'm concerned, you
5:50
want to hold actual Bitcoin. But I also understand like what
5:53
Nico was saying, hence why I was laughing when I got pulled in.
5:56
The Boomers do not want to take any of their assets into
5:59
custody. They're just so used to getting
6:01
exposure to things that they they just want some exposure in
6:04
their portfolio. Like, this is where we are in
6:06
the story. And yeah, man, we're going to
6:09
see what happens this week. I think the earliest day that we
6:13
will have some kind of idea of a Bitcoin ETF being approved is
6:17
Wednesday. So it's going to be a big week.
6:20
We'll see what exactly happens. I think either if the ETF gets
6:24
approved or not, it really doesn't matter for us because
6:27
we're bitcoiners, we hold Bitcoin, we're on the Bitcoin
6:29
standard. So it's just it's going to be an
6:31
interesting week just to see what happens in response to
6:35
people talking about Bitcoin and what the price is going to do.
6:38
And I mean I I I think you're going to bring it up Nico.
6:41
But even Gary Gensler is already tweeting about getting crypto
6:44
quote UN quote exposure so it does seem like an ETF is eminent
6:48
either This week we again we've been saying for a while it's not
6:52
a matter of if it's a matter of when is this is this the week
6:55
that it pops off? We'll see.
6:57
Is this the week that we enter a new era of Bitcoin adoption?
7:02
We will see by the end of the week where we are right now, but
7:05
I wouldn't be surprised if they delay an ETF.
7:08
It wouldn't It wouldn't surprise me either.
7:10
It wouldn't surprise me either. We we know what the we know what
7:13
the political stance is from the Biden administration.
7:15
We had Caitlin Long on simply Bitcoin IRL last year and she
7:19
said the choir part out loud. She says that there the the the
7:23
order to stop my federal banking charter that came straight from
7:27
the White House. The White House released many,
7:30
many articles basically criticizing Bitcoin, making the
7:34
case as to why central banking is necessary.
7:37
So yeah, I mean, I think it would not surprise me if this
7:41
wasn't approved, but clearly there's a huge market need, like
7:46
BlackRock wouldn't be offering this.
7:47
All these institutions wouldn't be offering this if they didn't
7:51
believe that there was institutional demands for
7:54
Bitcoin, right? Not Amico.
7:56
It's even deeper than that. Like they wouldn't have even
8:00
considered this idea if their customers weren't asking for it.
8:04
Correct, right. So there's clearly like a market
8:06
need, right? But again ladies and gentlemen,
8:09
it is a double edged sword. So we're going to focus on the
8:12
ETF news today. We're going to go through it.
8:15
But we're also because we are a Bitcoin show, right?
8:18
We're not going to just go, Oh my God, the price is going to go
8:20
up. We are going to look back in
8:23
history and show you because remember ladies and gentlemen
8:27
some and shout out DAF. He put it in the chat.
8:31
The revolution is self custody. The fact that you can memorize
8:37
12 words or 24 words is what is going to fundamentally change
8:42
things. If everybody is just posting,
8:46
everyone's just, you know, buying the Bitcoin ETF.
8:49
And that Bitcoin ETF is in a custodian of which the US
8:53
government could just one executive order away from being
8:57
able to seize. It doesn't change anything,
9:02
right? This is the separation of money
9:04
and state. You do not separate money and
9:06
state if you have it all in a custodian that the state could
9:10
just seize and confiscate at a moment's notice, right?
9:14
So I just want to make that very clear.
9:16
Anyways, I'm really excited for today's episode.
9:18
Let's start off the week strong. Let's hit the numbers.
9:21
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Use promo code simply at the time of recording the Bitcoin
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price is $45,340 SATS per dollar 2206 The market capitalization
11:06
of Bitcoin $888 billion. Decline from all time high 34.3%
11:15
days since all time high 788 days.
11:19
Bitcoin versus gold market cap 6.53% supply of Bitcoin and
11:25
corporate treasuries, 10% Total Lightning network capacity. 5000
11:30
Bitcoin block height also making an all time high 824,886.
11:38
Anyways, we've come a long way. We're at $45,000 Bitcoin.
11:43
Very very, very long day. But sometimes I know what a lot
11:46
of you guys are thinking. Maybe we're late to Bitcoin.
11:49
Maybe we've missed the party. Oh gosh, well, we have to look
11:53
back into the past. Remember, you want to if you
11:56
want to learn. If you don't learn from the
11:58
past, you're destined to repeat it.
12:00
Here's the legend. Andreas Ontonopoulos, I think at
12:03
one of the first Bitcoin conferences talking about
12:06
Bitcoin at $100 and I'm not gonna play you guys the video,
12:11
but literally, like come on now, right, $100 a Bitcoin And the
12:16
conference was completely empty. We're on the verge of this being
12:21
accepted by the traditional financial system.
12:25
If you think that you know $40,000 Bitcoin, you're still
12:29
too late to it. Maybe you're not extremely
12:31
early, you know, But you know, looking back 10/15/20 years from
12:35
now, when we're sitting at $2,000,000 Bitcoin, $3,000,000
12:39
Bitcoin, potentially $5,000,000 Bitcoin, you're going to look
12:42
back on this. You're going to be like, wow,
12:43
remember when I was at 40K? That was an opportunity.
12:45
Anyways, so here is Michael Saylor.
12:49
He's saying it. Time to break free.
12:51
Michael Saylor is so bullish about this ETF he cannot contain
12:55
himself. He's even dropping some memes.
12:58
They're absolutely hilarious. Let's check it out.
13:03
Which one's the best crypto asset?
13:05
Well, Bitcoin's the best crypto asset.
13:06
OK, What's the second best? There is no second best.
13:09
There's no second best crypto asset.
13:10
There's a crypto asset that's called Bitcoin, right?
13:12
Right. There's no second best.
13:13
OK, but take all your money, buy Bitcoin, Then take all your
13:16
time. Figure out how to borrow more
13:18
money to buy more Bitcoin. Then take all your time and
13:20
figure out what you can sell to buy Bitcoin.
13:22
And if you absolutely love the thing that you're that you don't
13:24
want to sell it, go mortgage your house and buy Bitcoin with
13:27
it. And if you've got a business
13:28
that you love because your family works for the business
13:30
that's in your family for 37 years, and you can't bear to
13:33
sell it, mortgage it, finance it, and convert the proceeds
13:37
into the hardest money on earth, which is Bitcoin.
13:43
I mean, and shout out to the original creator, Robin, Robin
13:47
Sier, absolutely crushing it with the meme game.
13:52
So yeah, I mean, dude, absolutely hilarious.
13:55
You know, everything that Sailor said was absolutely spot on.
13:57
Absolutely hit the nail on the head, Opti, what's your take on
14:01
this, brother? Well, first I did not see that
14:04
video. I saw it kind of going around
14:06
and that was absolutely hilarious.
14:08
Shouts out to the guy who made that, cuz that was some good
14:12
editing. I I really enjoyed the audio,
14:14
the audio edits on there. That was great to the idea of
14:18
are we early or late or whatever.
14:21
It's like yeah, you know, Bitcoin went from literally
14:23
$0.00 of worth, you know, it came out of nowhere.
14:28
It had no price and now it's at 45 K So like if you're looking
14:31
back and you're looking at the price increases, obviously it
14:34
seems like you are late to the party, but you know another
14:39
Sailor quote. Which one is it?
14:40
Let's see. Do I have it right here for you
14:42
guys? I do.
14:43
It's going up forever. So I fundamentally think that no
14:47
matter what you'd think about Bitcoin, it's only been 15 years
14:50
in this game. Gold's been around for thousands
14:53
of years. This is a new hard money
14:55
standard. And 15 years is just it's still,
14:58
it's still a baby. It's in its teenage years.
15:00
Like, I I fundamentally believe that we have not seen the best
15:06
games in Bitcoin. I'm not part of this diminishing
15:09
returns meme. I I I don't believe that.
15:12
Because look, I look around and I've been saying this for a
15:15
while on the show. I have one fundamental test.
15:17
Go outside and talk to normal people guys, and ask them what
15:22
they think about Bitcoin. If you do this, most people will
15:26
either think you are stupid because you're a bitcoiner, they
15:30
think you know they they have some view on Bitcoin that they
15:33
heard from the corporate press or they are just kind of loosely
15:37
interested like Oh yeah, that sounds like a good idea, but I
15:40
heard it's a scam. Like very few people actually
15:43
hold Bitcoin and I forget what the numbers are, but I think we
15:47
are less than what, 1% of global population that are bitcoiners
15:52
and we got to onboard billions of people.
15:54
Like it's still so early and Bitcoin, you know as a how thin
15:57
quote did I put on last week is Bitcoin has to go up in value to
16:01
on board the rest of the world. Like this is how it works.
16:04
It's simple supply, demand, economics and very few people
16:08
actually hold Bitcoin. And even to that point, the
16:12
people that hold Bitcoin, I I would say that very few or a
16:16
small percentage of them are the ones that actually understand
16:19
Bitcoin. Believe in Bitcoin, like all of
16:20
us, like the Bitcoin maxi still get ridiculed in the crypto
16:24
industry and we're the ones does that have the real understanding
16:27
of what Bitcoin is? So like if you think you're
16:29
early to Bitcoin, I think either you need to study a little
16:33
harder or just kind of, you know, lower your time
16:36
preference, relax, realize that there's still a long, long game
16:40
that needs to be played out. Like we're still very early in
16:43
this Bitcoin experiment. And remember, this is a a new
16:46
monetary experiment the the dollar has been around or paper
16:50
Fiat money, however you want to however you want to claim it.
16:54
It's been 100 year experiment and look how ingrained it is
16:57
into society. Well, we're only at 15 years of
17:00
Bitcoin. I'm sure if you go back in time
17:03
after what, 1913 when the Federal Reserve was created, at
17:07
15 years people were still kind of iffy and unsure about paper
17:11
money. And this is where we are in the
17:13
experiment. Or the other example that most
17:15
people like to talk about is the adoption of the Internet.
17:19
At like 15 years old we're still like AOL, so we're still very
17:23
early in this new monetary paradigm.
17:26
And I think if you are thinking that you're late, of course you
17:31
are looking back in time and be like man, Bitcoin went from
17:33
literally worth nothing to $45,000.
17:37
Like how much more can this run? And as a bitcoiner, as someone
17:41
that is stays bull tarted, I think this can run a lot more
17:45
than any one of us even understand I as as Nico says, or
17:48
rather as we quote from CK. You're not bullish enough.
17:53
Yeah, You're not bullish enough, but we fundamentally
17:55
underestimate what a new operating system, a new monetary
17:59
operating system really means for society.
18:02
And if we look at where we are right now, there's a lot of,
18:06
there's a lot of speculation on the Internet right now about
18:09
like society segregating and. And it seems to be getting
18:13
worse. Well, this is all because of
18:15
Fiat paper money. And as we move on to a new
18:19
operating system, a new monetary system like we will start to see
18:23
the fruits of building on a hard money standard.
18:26
And we just aren't there yet. And if you think that Bitcoin is
18:29
only going to stop at six figures, 7 figures, you know,
18:32
$100,000, a million dollars, I I just fundamentally think you are
18:37
too bearish and this is going up forever.
18:40
A hard capped monetary asset has never been had before in the
18:46
history of humanity. I fundamentally think you are
18:49
underestimating how important Bitcoin is.
18:51
And I think this year is going to be a very interesting year,
18:55
not only in regards to the institutions coming corporate
18:58
press talking about Bitcoin, but just literally in regards to
19:01
price. Like I know we try not to talk
19:03
about price. A lot of people say that price
19:06
is the most uninteresting thing about Bitcoin, but I say it all
19:10
the time. The Bitcoin price is a real
19:13
time, understand real time metric of people's understanding
19:16
of Bitcoin. And so few people understand
19:18
what Bitcoin is that I think as it goes up more and more people
19:21
are going to FOMO. I think we're in for a FOMO
19:24
train coming 2024 and 2025. Remember 33 green dots, one red.
19:31
We are only in the second green dot.
19:33
Guys, simplify this stacks at stay humble, Hoddle that Bitcoin
19:36
long term. Create more value.
19:39
It's it's a positive feedback loop and we have just yet to see
19:42
the exponential release and and price movements that we're gonna
19:48
see right now. I I think you're just being
19:50
bearish right now. You're stopping 2.
19:53
Bearish 2 Bearish Bro Anyways, I do want to give a shout out to
19:58
our rumble audience, our YouTube audience, our Twitter audience.
20:02
If you guys are enjoying the show, make sure to smash that
20:06
like button. It really, really helps us.
20:08
We are at 72 likes right now in the chat, so if we break, let
20:12
help us maintain our streak of breaking 100 likes within the
20:15
first hour. Really, really helps with the
20:18
mysterious algos. I do want to give a shout out to
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All right, everybody, let's hit the news.
21:19
We have a lot to talk about the Daily News.
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more. All right, everybody.
22:23
So before we talk about the Bloomberg article, which and the
22:28
Bloomberg analyst saying saying basically that there's a 95%
22:34
chance that the Bitcoin spot ETF is going to be approved today.
22:38
We are a Bitcoin show. So what we're going to talk
22:41
about is the dangers really of a spot Bitcoin ETF.
22:46
The truly the benefits of self custody.
22:49
And remember, without self custody there is no revolution,
22:54
right? There's a high probability I'm
22:56
not the only one thinking about this Here is Max Keiser Absolute
23:00
Bitcoin Legend 1 Government seizes the ETF for national
23:04
security before they send you. Your USD price moves up
23:07
$100,000. You pay taxes on the game from
23:10
the payout with what's left. You buy Bitcoin at 100,000 or
23:14
higher price crashes. You're now sitting on a net
23:17
losing position from where you started.
23:19
Here is Alex. We work together over at Swan
23:24
and she said not likely out of the realm of possibility.
23:28
If you read the fine print this excerpt from the Valkyrie
23:31
Bitcoin fund form S1 registration statement quote
23:35
seizes impounds quote restricted access or outcomes We want to
23:39
protect our wealth from real Bitcoin is superior.
23:43
Here is some details from one of the trust documents.
23:46
The trust will dissolve if any of the following events occur.
23:49
AUS federal or state regulator requires the trust to shut down
23:54
or forces the trust to liquidate its Bitcoin, or seizes in
23:59
pounds, or otherwise restricts access to trust assets.
24:05
I mean, they're seeing the quiet part out loud.
24:08
Like, why would you want to put yourself in that position if
24:12
Bitcoin succeeds too much, if it continues to embarrass Fiat
24:17
currencies, which it's absolutely doing?
24:21
They've done this in the past. What makes you think they will
24:25
not do this in the future if they find themselves in a
24:28
pickle? The whole point of Bitcoin is
24:31
unconfiscatable wealth, and that goes in two ways, Either direct
24:37
confiscation or confiscation via inflation.
24:42
Here is the infamous 6102 order. What was it for?
24:46
Anyone that doesn't know, It's an executive order signed on
24:49
April 5th, 1933 by FDR forbidding the hoarding of gold
24:55
coin, gold bullion and gold certificates within the
24:58
continental United States. Check out the wording.
25:01
We're for forbidding hoarding. No, no, no, no.
25:05
They made it illegal for the private ownership of gold coins,
25:11
bars, just gold in general and and again, like the stated
25:18
reason for the order was that hard times had caused hoarding
25:21
of gold. What what makes you think that
25:25
they won't do the same thing? I mean, Elizabeth Warren right
25:28
now is trying to pass a law and she has 20 senators that have
25:32
signed up to this, basically saying that they want it, they
25:36
want it, they want to make it illegal for American citizens to
25:40
take self custody. Here's Gary Gensler.
25:44
He tweeted this out this morning.
25:46
Here's a thread. Some things to keep in mind if
25:48
you're considering investing in crypto assets.
25:52
One, those offering crypto asset investments and services may not
25:57
be complying with applicable law, including federal
25:59
securities law. Investors in crypto asset
26:02
securities should understand that they may be deprived of key
26:06
info or other important protections in in connection
26:09
with their investment. Investments in crypto assets
26:11
also can be exceptionally risky and are often volatile.
26:15
A number of major platforms in crypto assets have become
26:18
insolvent or lose value. Investments in crypto assets
26:22
continue to be subject to significant risks 3.
26:25
Fraudsters continue to exploit the rising popularity of crypto
26:28
assets to lure retail investors into scams.
26:32
These investments continue to be replet with fraud, bogus coin
26:36
offerings, Ponzi Ponzi and pyramid schemes and outright
26:40
theft where a project promoter disappears with investors money.
26:43
But hey guys, with this ETF we can protect you for all that.
26:49
It's always for your safety anyways, so let's get back to
26:53
the actual topic. Now that I said that giant
26:56
disclosure because we're a Bitcoin show, we are here for
27:00
the peaceful Bitcoin revolution. We are here for the separation
27:03
of money and state. Let's get into the ETF news.
27:07
There's a high probability, according to multiple sources,
27:10
including ex SCC chair, that the spot Bitcoin ETF is assured.
27:18
A Bloomberg art analyst said there is a 90% chance that the
27:23
Spot Bitcoin ETF gets approved this week.
27:26
Anyways, here's a clip from CNBC from Squawk Box.
27:30
Let's check out what they have to say.
27:34
Is the SEC going to sign off on a Bitcoin ETF, you think?
27:38
I think approval is inevitable and imminently.
27:41
And I think there's nothing left to decide.
27:46
And I look, I credit the SEC for where they are, what has what,
27:49
where are we? We're comfortable with the
27:51
disclosure. Joe just went through the cost
27:53
of investing in it big to an EDF.
27:55
People need to know what the cost of doing it is.
27:57
They need to know, you know, about the underlying Bitcoin
28:00
market. Is the Bitcoin underlying
28:03
trading market something that is what I would say is robust
28:06
enough, efficacious enough where you can rely on it.
28:09
It is much better today than it was five years ago, Five years
28:13
ago. There was wash sales, there was
28:15
laddering, there was all sorts of things that you wouldn't want
28:18
to make available to the general public because of that risk.
28:22
And the last thing I think this is missed is the technology to
28:28
actually provide the product. The custodying, the create, the
28:33
redeem. This is, this is a big.
28:35
So hold on a second before I keep going, right?
28:38
Like think about what he just said a second.
28:42
I'm I'm so hell bent on this. Self custody is the revolution
28:45
thing. He said five years ago.
28:49
We shouldn't have allowed this to the general public.
28:51
Where was the price of Bitcoin five years ago?
28:55
And did you meant, did you hear him mention custody right?
28:59
We have the custody. We have the custody capability.
29:04
So, like, it's just interesting. You have to pay attention to
29:08
words. Words are important.
29:09
Framing is important. Next step, not just for Bitcoin,
29:12
but for finance generally. If you can digitize, tokenize
29:16
underlying assets and trade that way, that's a potential
29:20
significant change across finance, not just in the, you
29:25
know, crypto space, but you you think Bitcoin ETF approval is
29:30
coming and imminent? Yeah, I do.
29:32
And I could be wrong, but that's what I think.
29:35
OK, so that's the general consensus from the old SC, from
29:39
an ex SCC chair. And again, I just want you guys
29:43
to hyper focus on the aspect of five years ago wasn't ready.
29:48
Could you have imagined where we're sitting today, if you
29:51
could have bought Bitcoin five years ago?
29:53
Well, he thinks basically that people shouldn't have, shouldn't
29:57
have had access to it five years ago, even though look at how
30:01
it's performed. He also mentioned, oh, we can
30:03
custody it. The whole point of Bitcoin, you
30:06
can write down 12 words. You can create, you know, you
30:09
can create your own seed phrase, you can get yourself a hardware
30:13
wallet, you can take self custody.
30:14
Obviously we recommend the foundation here.
30:16
It's simply not your keys, not your Bitcoin.
30:20
You can take self custody of it, right?
30:22
And of course it's just like, you know, yeah, but no custody
30:25
is important as long as it's it's our custody essentially.
30:30
Here is the article that I wanted to read.
30:32
I wanted to really focus on today Bitcoin ETF approval odds
30:36
raised to 90% by Bloomberg analyst Odds of a spot Bitcoin
30:42
ETF being approved in the US have risen to more than 90%, two
30:46
influential analysts at Bloomberg said, while crypto
30:49
market participants at betting platform Polymarket became more
30:53
pessimistic, timing the odds to 85%.
30:56
Referring to the likelihood of the SEC rejecting proposals
30:59
after Friday's flurry of update, updated filings, Bloomberg ETF
31:04
analyst Eric Bakunas said in a Saturday post.
31:09
I'd probably go up with 5%, putting his probability at 95%,
31:14
but you got to leave a little window open for these things.
31:18
He previously tipped the odds at 90% November.
31:21
So it goes on to say good question.
31:23
Arc withdraws with assurances about March.
31:26
Gensler goes nuclear and SEC denies new reasons or ignores
31:30
the court knowing they end up back in court.
31:32
Biden administration comes down and does something to stop this,
31:37
you know, and Eric replies, well said, although I probably go
31:40
with 5% at this point. And I mean those are really good
31:43
points, right? We know the Biden administration
31:44
doesn't like it you know and the Biden administration obviously,
31:47
you know it's a it's a democratic administration.
31:49
Guys would only left or right. I'm just saying things how they
31:52
are the the vast majority of people that Co sponsored the
31:57
Elizabeth Warren bill were Democrats.
31:59
The current administration is democratic or it comes from the
32:02
Democratic Party. The Democratic Party has been in
32:06
general, it's not black and white, has been a hostile
32:09
towards Bitcoin, while the Republican Party has been a
32:11
little bit more open to Bitcoin, even though I like I said it's
32:14
not black and white. You had RFK Junior, you know,
32:18
even though he's running as an independent now, you know he was
32:21
extremely pro Bitcoin, self custody, anti CBDC, right.
32:25
So I just wanted to mention that.
32:26
So all these things, you know, even though they're unlikely,
32:30
they're definitely non 0%, you know, probabilities, right.
32:34
So anyways, it goes on to explain more than a dozen
32:39
applicants hope to launch the first Spot Bitcoin ETF in the
32:43
US, and let's go through some of them.
32:46
Our friends over at Bitcoin Magazine, they've laid, they've
32:48
laid out the case. Here is the Gray Bitcoin, the
32:53
grayscale Bitcoin trust. They're converting it.
32:57
And let's check out the fees, because they've been extremely
33:01
competitive. These fees right, So fee 1.5%
33:07
for the Grayscale Bitcoin Trust. For ARC, it's a point two 5.25%
33:13
fee. The iShares, which is the
33:15
BlackRock .3% fee. The Bitwise .24% fee.
33:20
The Van Erck Bitcoin Trust .25%. The Wisdom Bitcoin Trust .5
33:26
Fidelity .39%, Valkyrie .8 Hash Hashtags Bitcoin ETF .9,
33:33
Franklin Bitcoin ETF .29%. And I got a question for you
33:38
guys and our boy Ruston did some great effing great effing work
33:44
on this. You're paying a fee for someone
33:50
else to custody your Bitcoin, of which we read you guys the
33:55
document. There's explicit wording.
33:58
OK, so like, let's just break it down for a SEC.
34:01
OK, let's just break it down for a SEC.
34:02
I have to go full screen for this.
34:04
OK, All right. Have to go full screen for this
34:06
and just break it down. You're paying a fee for someone
34:12
else to hold your Bitcoin. And in the disclosure documents,
34:18
it literally says that the trust will dissolve if the federal
34:22
government decides to liquidate, seize and impound.
34:28
And by the way, that 6102 order that FDR passed, that was an
34:34
executive order That wasn't even Congress.
34:36
Congress agreed to it after the fact.
34:38
That was the President literally writing executive order.
34:41
Gold is illegal now try me right.
34:46
So I mean like or or crazy idea. You can learn how to take self
34:51
custody, get yourself a hardware wallet, get yourself stamped
34:55
seed, put that seed in titanium, Check out our boys over at the
35:00
Bitcoin way if you still don't know this.
35:01
Or check out our boy BTC sessions.
35:03
He literally has free tutorials on YouTube on how to take self
35:07
custody in multiple ways and there is no fee.
35:12
There is no way for them to confiscate your wealth easily
35:16
and you have the total freedom to not only vote with your
35:19
wallet but also vote with your feet.
35:23
What is easier for you? I mean for me it's an obvious
35:26
decision that self custody is the answer, but like, I guess, I
35:31
mean like you know, like you can pay someone else money to hold
35:37
your Bitcoin of which the government can seize at a snap
35:40
of a finger. How does that make sense?
35:43
No idea. But OK.
35:45
Anyways, back to the ETFI mean. Look, I'm not going to say this,
35:51
but I mean like, I guess people just like convenience.
35:56
Like this is the craziest shit. I mean as I get it, I get it.
35:58
I'm biased, I'm a bitcoiner, I value sovereignty.
36:02
But like this makes absolutely no effing sense to me
36:07
personally. And here's our boy Rustin and
36:10
Ani and they've done our Twitter and Jax, our Twitter team
36:13
dropping hot fire. You know self custody is the
36:16
revolution and they break it down right?
36:20
New Bitcoin ETF fees may leave you with only 54% of Bitcoin
36:25
after 30 years Bitcoin times by the way.
36:28
If you guys want some more, like you know, news dropping the
36:32
second it drops, follow the Simply Bitcoin account.
36:34
Go to at Simply Bitcoin TV on Twitter or X and let's just
36:39
check it out, right. So self custody, no fees, right?
36:43
After 30 years guess what, you have 100% of your Bitcoin with a
36:48
1% fee. After 30 years you have 73% of
36:52
your Bitcoin and after a 1% plus an IFA managing fee you have 54%
36:59
of your Bitcoin. So I mean like like the
37:04
government could seize it, it's in the disclosure documents, you
37:08
end up with less Bitcoin and they're charging you a fee to
37:11
custody it or you could take self custody with a hardware
37:15
wallet and benefit from multi sake.
37:17
I mean it's obvious, it's really obvious to me.
37:23
So but there is stuff going on in the background right?
37:25
All these, you know, all these, all these black institutions,
37:30
BlackRock Arc, they all they're all changing things last minute,
37:34
which I think is another indicator that this is there's a
37:36
high probability for this to get approved.
37:40
It goes on to say BlackRock, Ark and several other prospective
37:43
issuers of exchange traded funds investing directly in Bitcoin in
37:46
the US filed amended forms for their applications on Monday
37:50
with the SEC. Fidelity, Invesco, A Galaxy
37:54
Digital and Wisdom Tree were among other firms that filed
37:57
amended S1 applications with the SEC.
38:00
The regulator has until January intent to take action on at
38:03
least one of their applications. Bitcoin goes on to talk about
38:07
the price. There are two technical
38:09
requirements that must be fulfilled before a spot Bitcoin
38:11
ETF can start trading. First, the SEC must sign off on
38:15
so-called 19 BF filings via the exchange that would list the
38:20
ETF. Second, the regulator must
38:22
approve the relevant's one forms, which are the
38:24
registration applications from the would be issuers.
38:28
The SEC is planning to vote on the exchange filings that the 19
38:32
the 19 BFS in the coming days. Bloomberg News has reported.
38:37
The regulator may or may not then take action on the issuers
38:41
applications. The S ones are around the same
38:43
time. If the SEC grants both the sets
38:46
of requirement both sets of requirement approvals, the ETFs
38:50
could start trading as soon as the next business day.
38:54
That's right. There's a probability that these
38:57
ETFs could start trading on Thursday and Friday.
39:00
That's a giant potential inflow of money coming into Bitcoin.
39:05
And I know that, you know, I, I I know that Opti loves, you
39:10
know, some bullish takes. So Samsung Mao is absolutely not
39:15
holding himself back whatsoever. And I just, I this is him saying
39:21
this, this is not Nico saying this says just making sure here
39:25
I'm still the only one saying Bitcoin can go to $1,000,000 in
39:28
days to weeks, right? Because when it happens I don't
39:32
want any of you bearish mother Effers saying you also called it
39:36
right. Here's Eric Voorhees app.
39:39
You know it's been a long time in in the industry.
39:43
The founder of Shapeshift goes on to say the most important
39:46
results of Bitcoin ETF will be that it dissuades or even
39:50
prevents governments from the harshest potential treatment of
39:53
Bitcoin. The impulse outright ban it.
39:56
When 50 million boomers own it passively, the political and
40:00
economic damage from a ban will be significantly less palatable.
40:03
It's no longer just an asset for shadowy supercoders.
40:08
It's and it's absolutely a Trojan horse about to be pulled
40:12
through Gates of Troy. But again, I just want to re
40:16
emphasize this, Here's the predator.
40:19
The Bitcoin spot ETFs are a cascading chain of counterparty
40:22
risks. If you don't control the UTXO,
40:25
then you don't actually own the Bitcoin.
40:27
Here's a meme U BlackRock, Coinbase and government seizure,
40:32
right? Absolutely.
40:33
Spot on. Very, very fitting.
40:36
And one more tweet if I could find a note.
40:38
That's the last one. So yeah, ladies and gentlemen, I
40:41
hope that covers everything. Big probability according to the
40:45
odds, according to multiple analysts, that we have a spot
40:49
Bitcoin ETF approval this Wednesday that could be trading
40:53
by Thursday and Friday of this week.
40:55
I think it's extremely bullish for the price.
40:58
However, I think that it could potentially be damaging for the
41:02
revolution. As people get comfortable, they
41:05
start, they start to buy that Bitcoin or sorry, that spot
41:09
Bitcoin ETF on their Robin Hood account or on their Charles
41:12
Schwab account or whatever brokerage firm.
41:14
And they don't actually learn the benefits of self custody.
41:18
And we broke it down for you guys like the the the pros and
41:22
cons of both are just so freaking obvious.
41:25
The slight discomfort of learning a new technology,
41:28
technology, buying a hardware wallet, writing down 12 mother
41:32
effing 24 or 12 to 12 to 24 mother effing words right?
41:38
Paying zero fees. It's unconfiscatable.
41:41
The other option is outsource that, pay a fee, have less
41:47
Bitcoin. Not to mention the fact that in
41:50
the disclosures itself, they say that this could be seized and
41:54
confiscated by the US government whenever they want.
41:57
Like, I'll let you guys be the judge, right?
41:59
Like which one is the better option?
42:01
It's obviously it's obvious which one is the better option.
42:05
Anyways, I am bullish for the price.
42:08
I am a little bit worried for the revolution.
42:10
I mean, even though Bitcoin's going to win at the end, I think
42:12
it's inevitable the incentives are going to win.
42:14
But it it, it might push us back a couple years.
42:17
It might make life a little bit uncomfortable here in the US if
42:20
you decide to live in the US anyways.
42:22
Opti, what's your take on all this?
42:23
And then we'll move on to the culture.
42:25
Yeah, well First off, it's a strange day on Simply Bitcoin
42:29
where Nico's agreeing with Eric Voorhees and Opti agreeing with
42:33
Voorhees. I remember when he freaked out
42:36
when you said this on stage. You're.
42:37
Against Bitcoin, you're. Against he came on, he's like,
42:40
who the hell with that guy? What the hell is he talking
42:42
about? But yeah, I mean, I I definitely
42:44
agree with that take. And we've been saying this for a
42:46
while. You know, I also believe that
42:49
taking Bitcoin into custody is probably the most important
42:52
thing to do. Literally.
42:53
I I wasn't going to pull this up, but I but I actually got it
42:56
ready. It's in the white paper, guys.
42:57
It it it's it was Satoshi's prophetic foresight.
43:02
Which one is it? Which one is it?
43:04
What's needed is an electronic payment system based on
43:07
cryptographic proof instead of trust, allowing any 2 willing
43:10
parties to transact directly with each other without the need
43:13
for a trusted third party, I repeat, to transact directly
43:19
with each other without the need for a trusted third party.
43:22
This is why Bitcoin is what it is.
43:24
This is why it's so powerful and it's just absolutely hilarious
43:28
that and and I'm, I mean there is some irony and I understand
43:31
why this is happening. Obviously it is very funny that
43:35
we are seeing Wall Street trying to come in and become the
43:38
trusted third party. I get it.
43:40
You know, the the boomers out there, the rich, the rich and
43:43
wealthy out there usually do not like to custody their own
43:47
assets. And so of course they want to
43:50
have someone trusted to hold those assets.
43:53
And I don't find it. You know, it's not, it's not
43:57
lost on me that Wall Street is kind of low key trying to neuter
44:01
Bitcoin as as Nico, he says, you know, capturing Bitcoin, making
44:05
paper Bitcoin. We'll see exactly how this plays
44:07
out. I mean even how Finney said it
44:09
what like when Bitcoin was dropped, there will be full
44:12
reserve Bitcoin banks and then there will be fractional reserve
44:16
Bitcoin banks. We know that this was going to
44:18
happen. We've been saying that this is
44:19
inevitable. Obviously this will be good for
44:22
the Bitcoin price, but we do not want to get ourselves back in a
44:26
position where the banks and, you know, the unproductive class
44:30
try to centralized the the control of Bitcoin, the
44:35
liquidity of Bitcoin. But as we've seen and we've been
44:38
covering this all of last year, most of the bitcoins already in
44:41
cold storage, most of the Bitcoin is held by people that
44:44
know what is they are holding, which I think is why we will not
44:48
get ourselves into that position like gold.
44:51
But I did see this tweet yesterday, I think it was
44:55
yesterday by June Sis who's been a a Bitcoin OG and he was
44:59
basically saying doing like a a more contrarian take on the six
45:02
one O 2 order about them confiscating Bitcoin and saying
45:06
like look guys, they won't confiscate Bitcoin because when
45:09
they confiscated gold, they were on the gold standard.
45:11
We're not on the Bitcoin standard, so we probably won't
45:13
get there yet. Now that's not to say that it's
45:17
not a possibility. We know as bitcoiners that the
45:21
powers that be are not going to let Bitcoin get out of the gate
45:24
and easily like it will be a fight guys.
45:26
So that's just something to keep in mind.
45:28
I thought it was a very interesting take.
45:30
And then on that point, guys like I I fundamentally believe
45:34
taking Bitcoin in the cold storage is the most important
45:36
thing for us Bitcoiners. Yes, I know that not everyone
45:39
will be able to transact on the base layer and that's why we
45:42
have all the awesome developers out there working on scaling
45:47
Bitcoin. But for some reason why you were
45:50
talking I I I was reminded of the GameStop scenario.
45:54
What was it like a few years ago when when everyone meme coin, I
45:57
think it was 2021 or whatever. I forget the date but like is
46:01
this going to be the new GameStop 2 point O you know,
46:04
they they unleash a spot Bitcoin ETF.
46:06
Everyone that knows what's going on get into Bitcoin.
46:09
They buy spot Bitcoin. They buy the spot Bitcoin and
46:12
not the ETF. The price starts pumping.
46:15
People start to realize that if they take custody of their
46:18
Bitcoin that Wall Street cannot put what it is.
46:22
The the breaker trade trading Breakers and Bitcoin.
46:26
What? You know, they stop at 10% and
46:27
Bitcoin just goes 40%. Apparently, apparently that
46:31
doesn't apply. That only applies to stocks.
46:33
It doesn't apply to. Things OK, OK, but how beautiful
46:35
would that be? Like Wall Street embraces
46:38
Bitcoin. Everyone that was in the
46:42
GameStop, you know, movement starts to realize that Bitcoin
46:46
is the real GameStop, that Wall Street can't neuter Bitcoin.
46:49
And it actually happened as people thought it would be like
46:53
Bitcoin being the revolution. Like I I was always surprised
46:56
that not that more that not more Gamestoppers became Bitcoiners.
47:00
I know some of them have, but maybe this is the second time
47:03
around and that that Gary Gensler crypto tweet he's
47:08
basically had already said like yeah, the spot Bitcoin ETF is
47:11
gonna get released guys. But just be aware don't FOMO.
47:14
Rimmer SEC dropped the Don't FOMO.
47:16
Don't. Don't FOMO.
47:17
Don't FOMO. Look, I also I do.
47:20
And we gotta get to the culture Opti.
47:22
But. Yeah.
47:22
Wait, wait. One last thing before you go
47:24
look guys, also as I said, you know boomers, the rich people,
47:29
of course they want a spot Bitcoin ETF to get price
47:32
exposure to Bitcoin. We know that it's convenient.
47:34
We know this was going to happen.
47:35
This is part of the story. But guys.
47:38
Frenemies, Yeah, one. 100% Bitcoin into custody.
47:40
If you're an average person like us, you can still buy Bitcoin
47:43
directly. You don't need an ETF, but I get
47:45
if your employer is going to match your, you know your 401K
47:49
or something, get some Bitcoin exposure.
47:51
I I'd say it's free. Bitcoin it look, Bitcoin ETF is
47:55
captured Bitcoin if it's captured, Bitcoin if it's a snap
48:00
of a finger like government could seize it, you know, That's
48:03
why I said Bitcoin is for enemies.
48:05
That's not real Bitcoin. So learn how to take self
48:08
custody. We're going to be hammering self
48:10
custody a lot over these next couple weeks because guys like,
48:16
you know, check out our sponsor Foundation devices.
48:19
They're an awesome hardware wallet.
48:21
Make self custody extremely easy.
48:23
Scan the QR code. Guys like it is like you have no
48:28
excuse at this point. Don't fall into the ETF trap.
48:32
It's convenient, but they're going to make you pay for it
48:34
with fees. And there's a back door, right?
48:38
There's a back door with the government.
48:39
They could seize it. Snap of a finger.
48:42
So don't fall into that trap. Take self custody or Bitcoin
48:47
self custody. Bitcoin is a real thing.
48:50
Also, the last thing Nico guys, if we see a slot Bitcoin ETF by
48:54
Thursday, Oh my goodness, the onslaught's gonna be beautiful.
48:57
It might dump. Who cares?
48:58
Long term, we're going to the moon.
49:00
Yeah, the the for price. For price, right.
49:04
For price. It could pump or it could dump.
49:06
No one knows. Some people are on the side of
49:09
the dump and some people are on the side of the pump.
49:11
Obviously, Mao is like ridiculously.
49:14
Ultra bullet. Imagine being a bear.
49:15
Couldn't be me. Can't relate.
49:17
So they could pump, they could dump, who knows.
49:20
But if you stay humble, stacks that stay solvent.
49:23
Hey, if it dumps cheap SATS, let's go.
49:26
Let's go anyways, I do wanna give a shout out to one of our
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And apparently we are at 46 K All right everybody, let's hit
50:08
the culture. We have a lot to talk about.
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Visit swanbitcoin.com today. All right guys, so you guys know
50:42
what I try to do here on the culture I I try to break down
50:44
some more technical stuff and and this isn't as good of a
50:47
video as I would like it to be. If you want a complete breakdown
50:50
of what I'm going to cover today, then there is a lot of
50:54
good breakdowns specifically on YouTube you can find this.
50:57
But anyways, what am I talking about?
50:58
So you guys have been hitting me in the chat for I guess a few
51:02
weeks now about how can I create my own seed phrase and not trust
51:08
hardware companies, not trust anyone else or or mobile
51:10
wallets, not trust people to create my seed for me and
51:16
basically not trust these random generators creating seeds.
51:18
So I'm just going to cover this on a high level because I I
51:22
don't have the actual video set up to show you in real time and
51:25
I'm trying to make this not as clunky as possible.
51:28
So I'm just going to kind of spark your your thought process
51:31
here. Maybe you've never thought about
51:32
this. Maybe you haven't been around
51:33
Bitcoin long enough and and you don't know all the attack
51:35
vectors. So what am I talking about?
51:38
First and foremost guys, you should know by now that the way
51:42
to secure your Bitcoin is by creating a wallet and then
51:45
protecting your seed phrase. Usually it's in 12 or 24 words.
51:50
You usually just kind of, you know, you download maybe like
51:52
blue wallet on your phone, it'll tell you create a new account,
51:55
it'll spit out 12 words. You write that down, you secure
51:58
it on some titanium and then you send some Bitcoin to it.
52:02
And hopefully I'll cover some more, some more proper ways to
52:06
create new wallets and and get Bitcoin off in exchange.
52:09
But there has been people in the chat that like, hey, tell me how
52:11
to roll my own seed. Hey, how do I create my own seed
52:15
phrase so that I don't trust any companies.
52:16
And remember in Bitcoin we have a meme.
52:19
Don't trust verifies. So if you wanna be as sovereign
52:23
as possible, If you're an extremely paranoid bitcoiner and
52:26
you don't wanna trust any Bitcoin company, any Bitcoin
52:29
wallet, and you want to roll your own seed, create your own
52:33
seed phrase for yourself, there is a lot of options for you and
52:37
so I'm just going to cover these options for you.
52:39
Just again get get your brain working, try to understand
52:42
exactly what's going on and then I I do have some some examples
52:47
here for you. So first and foremost, the ones
52:49
that most of you guys know, and I I forgive me, I don't have
52:52
dice here, but you can literally roll your own seed phrase with
52:56
dice. So you will need basically 5
52:59
casino dice. You'll roll it either 50 to 100
53:02
* 50 for 12 words, hundred for 24 words.
53:06
Maybe Nico's got some dice over there that he can show you, but
53:09
literally you just roll dice and then you input the dice numbers
53:13
into your wallet and it will create for you a seed phrase.
53:17
I know that seed signer and cold card both use that.
53:20
I'm sure there's some other hardware wallets out there that
53:23
use that feature and you just you roll it, you roll some dice
53:28
and it will give you the entropy.
53:29
And again, what is going on here when you create your own seed
53:32
phrase, so usually there is a random number generator in your
53:36
Bitcoin wallet and it, you know, it creates randomness and then
53:40
that's how you get a seed phrase.
53:42
It'll you know there's an algorithm and spit out some seed
53:44
words so that your your wallet is human readable and you can
53:47
remember those words and so you spin or you roll five dice 5200
53:52
times depending if you want 12 or 24 words and it'll give you
53:55
the entropy you need next one and shouts it to my boy shishi
53:59
cuz he literally I'd have to get you the GitHub stuff.
54:01
If you guys want this let me know.
54:04
He literally just sent me all of the seed phrase words and then
54:09
he's like, dude, just chop them up and then put them in like a
54:12
jar. But I I move so I have a sack of
54:15
seed phrase words here. Nico, pull up.
54:17
You're the one that you did. Earlier.
54:19
Or you could just go to seed, sign or support a fellow
54:22
bitcoiner and. Yeah, and they got all the words
54:24
and then. Like all the words, right?
54:27
And then what you do is that you put this in like a bowl and then
54:31
you just pour it all in there and then you just mix it.
54:34
Up and you just randomly pick words.
54:36
Randomly pick word. But you got to make sure that
54:38
you mix the F out of it up. Because the thing about entropy,
54:42
guys, is that you think you could pick randomly, right?
54:45
You can't. You cannot pick randomly, right?
54:47
So it truly has to be random. Obviously the random number
54:51
generator in your hardware wallet, you know it's
54:54
trustworthy. Yeah, but don't trust, verify,
54:58
right? What if you created that
55:00
randomness, right? That's why Dice rolling is great
55:04
casino. Ground seed phrase.
55:06
Literally like this is like what I this is what I personally do
55:11
cuz I'm like I don't even trust the dice rolling.
55:14
I'm like no F that I'm just gonna pick the words myself.
55:19
But there's different levels to this, just like there's
55:23
different levels to self custody and multi sig.
55:26
There's different levels to entropy and picking up, picking
55:30
your own seed for seed work and you can Uncle Jim with your
55:33
friends and you can make family and stuff.
55:35
Make it, make it kind of a game. I also have another one which I
55:39
really love, shouts out to my boy Jimbo Coin on Twitter.
55:42
Jimbo is awesome. I have these customize cards, so
55:47
you can do it a card game as well.
55:50
Like you guys can see it's got the seed phrase on here and you
55:54
got to you got you do have to kind of go to his GitHub and and
55:57
there's a process to it. But literally you can get any
56:00
card deck and also do the same process.
56:02
This is just a customized version.
56:03
I was supporting my buddy. I really love the idea,
56:06
actually. I might have done a podcast with
56:08
him a few years back that covers it completely on YouTube with
56:12
Bitcoin Kindergarten and then the last one that I know of.
56:15
And there might be more features guys.
56:17
There might be more ways of doing.
56:18
This. There's many ways of doing this.
56:19
That's. What I really like is if you
56:22
guys have a seed signer, you can also literally use a picture and
56:27
it will give you random entropy just based off the camera and
56:30
looking at a picture like a a GIF or a meme or whatever, and
56:34
it'll add entropy and it'll create a seed phrase for you
56:37
based off the picture that you use.
56:39
So I've used three of these. I haven't rolled dice yet, but I
56:43
know that that's a feature. I I just don't have dice.
56:46
But guys, so you guys have been asking me how to do this.
56:49
Again, if you want more of a breakdown, like a specific
56:53
walkthrough of these, you can go on YouTube, literally roll.
56:57
Just just type in. Like how to roll your own
56:59
Bitcoin seed phrase. You can type in on Google Jimbo
57:02
coin card, Bitcoin seed phrase that'll pop up.
57:06
Or I forget what the git cup GitHub is, but you can literally
57:10
just download the words yourself, cut them up, put them
57:13
in a jar and then of course you know there's like the checksum
57:16
which is high level stuff. It's just to ensure and secure
57:20
that you are actually typing. Yeah, but your your hardware
57:23
wallet will do that automatically.
57:24
So the the, the, the hardware wallet most likely will pick
57:27
that that last 24 word 2420 fourth word for you. 12th or
57:31
24th? Yeah, so, so yeah, So there's
57:33
multiple different ways of doing this.
57:36
You know, it really depends on your own personal like what you
57:40
want to get out of your own security setup.
57:41
And how paranoid you are. How paranoid you are.
57:44
The The thing is, as a bitcoiner, I'm telling you right
57:46
now, the longer you've spent in this, the the higher that level
57:50
of paranoia goes up, maybe to an excessive amount.
57:53
But I, you know, at least I know my bitcoin's safe.
57:56
So anyways, so anyway, so I hope we're gonna be doing more of
58:01
this guys, 'cause it seems like you guys really liked it based
58:04
on the comments like self custody, entropy stuff.
58:08
I really like these topics. So we're gonna be really
58:11
focusing on multiple things and to cover during the culture
58:15
segment. And as we move forward, we'll go
58:17
more in depth. Yeah, we'll go more in depth and
58:19
I'll go more in depth. I will try to get you camera
58:21
setups and stuff. I don't really know how to do
58:24
that yet, so maybe I'll talk to sessions and all that, but I'll
58:26
figure out how to make it more of a visual explainer for you.
58:29
But basically guys, if you want to roll your own seed, there's
58:34
multiple ways to do this and just you know again judge for
58:38
yourself. How much do you want to trust
58:40
other people? How much do you want to trust or
58:42
how much do you trust these Bitcoin businesses?
58:45
How much do you trust random number generators or as someone
58:47
said pseudo number generators, pseudo random number generators.
58:52
But guys, like, personally for some wallets I I'll trust I'll
58:58
trust my my blue wallet. Like I'll trust I'll trust my
59:00
hardware wallet to to not really rug pull me.
59:04
But if you are paranoid, you want to be as sovereign as
59:07
possible. You don't want to trust anyone.
59:09
There is multiple ways to roll your own seed.
59:11
Whether it's dice, whether it's literally picking Yeah, create
59:14
your own seed. Whether it's dice.
59:16
Whether it's picking the seed phrases out of a hat, whether
59:19
it's a card game, whether it's a picture.
59:21
There is multiple ways of doing this, so hopefully that's just
59:25
like a high level view for you guys that have never even
59:27
thought about this, that are just creating a wall and like
59:29
oh, I thought I was safe. Again, there's a lot of attack
59:32
vectors in Bitcoin and we're just trying to make you guys
59:34
aware of all this stuff. So hopefully I implanted some
59:38
new ideas and then again hit me in the chat or DM me on Twitter
59:42
at Simply Bitcoin TV or comment on our YouTube and we will cover
59:46
some stuff and you know, get you in.
59:50
A 100% I also do want to give a very special shout out to I got
59:56
a got a decent decent decent amount of views today.
59:59
The you know, the 50 on Twitter the.
1:00:01
Almost 400. This is a good comment.
1:00:04
So the boomers will be all over this method?
1:00:06
I'm sure so. I do want to give a shout out to
1:00:09
the 50, you know, 50 viewers on Twitter, almost 400 viewers on
1:00:13
YouTube, and 80 viewers on Rumble.
1:00:16
So today we're we're starting off the week strong.
1:00:18
We appreciate all you guys from all the different platforms.
1:00:21
We are simply Bitcoin. We're your number one source for
1:00:24
the peaceful Bitcoin revolution. Guys, I did break free.
1:00:28
I am independent now. Please help us, you know, please
1:00:33
help us. You know, please help the show,
1:00:35
support the show. We do have a large large crew.
1:00:39
So if you if you do want to support the show, if it's in
1:00:42
you, you could scan the QR code on on your screen.
1:00:45
You can either send us Sats directly or you could buy our
1:00:49
merch. I suggest buying our merch.
1:00:51
We dropped some. We dropped some shirts, some
1:00:54
hoodies. There's I think there's only 21
1:00:56
shirts left. We did, we did.
1:00:59
We did. Drop the prices too.
1:01:01
There's a promo code. On shirts and hoodies.
1:01:05
Yeah, so guys, it's really, really, if you're so inclined,
1:01:09
if you do wanna support the show, help us stay independent.
1:01:12
Also, guys, I did talk with wine this morning and with the new
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merch is in the works, so just bear with us.
1:01:20
We will get that to you guys ASAP. 100% All right, guys, we
1:01:25
love you all. We'll be back tomorrow with a
1:01:28
brand new episode of Dude, I Have Nothing Against Boomers.
1:01:31
Everyone thinks we do. Because the way that you said
1:01:34
it, bro, nothing against boomers.
1:01:36
I love boomers. My parents are boomers.
1:01:38
They're hardcore bitcoiners that are taking self custody even
1:01:42
though they might not know how to interact with it.
1:01:44
But they still are hardcore bitcoiners that are taking self
1:01:47
custody. I'm shaming you into self
1:01:49
custody, boomers. The reason that we emphasize
1:01:53
boomers is because the boomer generation is the generation
1:01:57
with the vast majority of the wealth right now.
1:02:00
And because they have the vast majority of the wealth right
1:02:02
now, do you think they're gonna take self custody or do you
1:02:04
think they're gonna take all of that wealth and then just dump
1:02:08
it into the ETFs? They're gonna dump it into the
1:02:10
ETFs. That's why we bring it up.
1:02:12
But I love boomers. I know we.
1:02:13
Have you boomers, Boomers. That watch the show.
1:02:16
I love boomers. Boomers that like are hardcore
1:02:19
bitcoiners that know how to take self custody.
1:02:21
They're more technically knowledgeable than I am, but as
1:02:25
a general generation, in terms of the amount of wealth that
1:02:27
they have, they have a lot of wealth, right?
1:02:30
So that's why we bring it up from that perspective.
1:02:32
To clarify Anyways guys, we love you all.
1:02:35
We appreciate it if you guys enjoyed the show.
1:02:37
Smash the like button. Smash the like button on on
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YouTube, on rumble, on Twitter really helps with the algos.
1:02:44
Share this video, share this content, share all Bitcoin
1:02:47
content, get the orange signal out there, spread the peaceful
1:02:50
Bitcoin revolution. We love you all.
1:02:52
We're really excited for 2024. We have so much content, ideas
1:02:56
in the works. So stay tuned.
1:02:58
We'll see you tomorrow for brand new episode of Simply Bitcoin
1:03:01
Live. Peace out, everybody.