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The Media Just LIED About Bitcoin! (Here's The Proof) | Simply SatoSHE · Simply Bitcoin

• 0:00
  This week the New York Times basically declared crypto and
• 0:03
  the entire crypto industry dead according to their multi page
• 0:07
  Ivy League vetted. This is why you can't have nice
• 0:10
  things breakdown. The dream is over.
• 0:13
  The great escape from the 9:00 to 5:00 matrix gone, the way out
• 0:17
  closed. And I'm not going to lie, when
• 0:19
  you read it, you kind of start believing it.
• 0:21
  You start thinking maybe you're not breaking out of the system.
• 0:23
  Maybe you're ending up with someone like this instead of
• 0:27
  this for the rest of your life. And that's when the doubt creeps
• 0:30
  in. Maybe we're cooked, but I'm here
• 0:33
  to snap you out of that because something big is happening under
• 0:37
  the surface. And instead of saying crypto is
• 0:39
  dead, we need to talk about what's actually separating right
• 0:42
  now. Today I'm going to breakdown
• 0:44
  what the mainstream media gets wrong about crypto, show you
• 0:49
  what the data is actually saying, and explain why the DIF
• 0:52
  might not be here for long. Welcome back.
• 0:55
  I'm Sophie, This is Satoshi. Let's go.
• 1:00
  The New York Times just declared the crypto industry dead, and
• 1:04
  these headlines are leading shows on CNBC.
• 1:07
  It feels coordinated and headlines that we got recently
• 1:10
  regarding the Jane St. attack confirm the paranoia from the
• 1:14
  industry isn't justified. We feel attacked, targeted, and
• 1:18
  they're feeling like they're winning.
• 1:20
  But this is where we have to snap out of that behavior.
• 1:22
  First, I want to show you this clip from CNBC in which Jared
• 1:25
  Bernstein is claiming crypto is dead.
• 1:28
  After the clip, I'm going to tell you what he has right and
• 1:31
  what he has wrong and provide the evidence to back it up.
• 1:34
  The crypto industry may be in trouble, but Bitcoin is very
• 1:38
  much alive. Bitcoin, continuing its move
• 1:40
  lower this morning, down more than 40% from its recent high,
• 1:43
  is currently down about 2.7%. Those recent highs were last
• 1:47
  October as investors really rotated broadly away from
• 1:50
  riskier assets. Can it ever gain back the value
• 1:54
  it has lost? Our next guests are out with
• 1:56
  with an op-ed in the New York Times this morning saying not
• 2:00
  even the current pro crypto White House can stop this skid.
• 2:04
  Joining us now, Jared Bernstein, Council of Economic Advisers
• 2:06
  Chair under the Biden administration and Ryan
• 2:08
  Cummings, CEA member during the Biden administration as well now
• 2:13
  chief of staff at the Stanford Institute for Economic Policy
• 2:16
  Making. Thank you both for joining us
• 2:18
  here. So what what's your thinking
• 2:21
  behind this? Because obviously it's still a
• 2:22
  relatively nascent asset class on the crypto side.
• 2:26
  They may say that just because an asset is volatile doesn't
• 2:29
  mean that it's worthless. Maybe it's just in the early
• 2:31
  stage of stages of adoption. Well, the early stage excuses
• 2:35
  probably past its sell by date and the point of our piece today
• 2:39
  is be careful what you wish for. I mean this is an asset that we
• 2:44
  argue has almost zero legal use cases.
• 2:48
  It's pretty good for scammers, and it was able to hide behind
• 2:52
  the apron strings of complaints about regulatory regimes that
• 2:58
  diminished its value once the Trump administration took office
• 3:01
  and completely embraced the industry.
• 3:03
  I mean, the crypto Bros pretty much purchased the the best
• 3:07
  Congress and president they could ask for.
• 3:10
  The Sheen really came off the Rose, and its value proposition
• 3:15
  took went pretty negative pretty quickly.
• 3:18
  Yeah. I want to follow up on that real
• 3:19
  quickly before we get over to you, Ryan.
• 3:21
  Jared, I've heard that similar lament about the campaign
• 3:24
  spending and all the crypto money going in, even compared to
• 3:27
  traditional finance. It's like a multiple of 10 in
• 3:30
  terms of the dollars from the crypto industry in this most
• 3:33
  recent election, how much of that was paid in Bitcoin?
• 3:37
  And given what Bitcoin has done since the election, how do you
• 3:42
  think that changes things for the midterms?
• 3:44
  Well, first of all, it's very much the case that this industry
• 3:47
  lobbied up faster than any we've ever seen.
• 3:51
  And I think one of the revealing factors behind the recent
• 3:54
  decline in its value is precisely the fact that even
• 3:59
  once you kind of control the regulatory environment, if you
• 4:02
  really lack fundamental value, investors are eventually going
• 4:06
  to take their risks off when it comes to your asset.
• 4:09
  Much of the payments that you mentioned have gotten
• 4:14
  transferred into dollars. And so you know, when the, when,
• 4:16
  when we say that the Trump administration has enriched
• 4:19
  itself by over a billion dollars, we're actually talking
• 4:22
  sovereign dollars right there. And, and, and by the way, one of
• 4:25
  the things that helps you if you own an exchange like the World
• 4:27
  Liberty Financial Exchange, is that you make money whether the
• 4:31
  coin goes up or down. So we, we view this as, as, you
• 4:34
  know, really pretty much a racket run by the Trump family
• 4:37
  at this point. That narrative works if
• 4:39
  everything in the space rises and falls together, but the data
• 4:42
  says something very different is happening.
• 4:44
  While the claim is that obviously crypto is over, the
• 4:47
  reality is that Google searches for buy Bitcoin just hit their
• 4:52
  highest level in five years. Five years.
• 4:55
  That's since 2021 when the thing was going on.
• 5:00
  We're about 50% down from all time highs right now.
• 5:02
  So this isn't euphoric mania. This is a dip, dare I say, a
• 5:07
  bear market and during the bear market people, smart people
• 5:11
  anyway, are searching how to buy.
• 5:13
  So that's not really panic behavior.
• 5:16
  If you ask me. That's I've seen this movie
• 5:18
  before and I know how it ends. Behavior, Deja Vu and I'm
• 5:26
  waiting for my entry so my little cousin doesn't get a
• 5:28
  Lambo before I do behavior and it gets better.
• 5:31
  Since the Jane St. headline hit, Bitcoin is up 10% in a single
• 5:36
  day. 10% after weeks of getting beat up.
• 5:40
  That's what Bitcoin does. It grinds down slowly and then
• 5:44
  it moves violently. There's a stat that most people
• 5:47
  don't internalize. Historically a huge chunk of
• 5:49
  bitcoins yearly gains happened in a tiny fraction of days, like
• 5:53
  under 5% of trading. You know, if you weren't in at
• 5:56
  the best 20 days from 20, you know, 18 to 2025, you missed
• 6:00
  600% games. So you know, my view is you just
• 6:05
  you buy it, you hold it, your dollar cost.
• 6:06
  Average. You miss those days, you miss
• 6:09
  the year, and those days don't necessarily come with a
• 6:13
  notification on your phone. The struggle is real.
• 6:18
  The struggle is real. But you know, to be more
• 6:21
  serious, when Bitcoin is hitting all times high, all time highs,
• 6:25
  there's a sense of exuberance and, and all of the media terms
• 6:28
  positive and it's glowing and people are doing high fives.
• 6:32
  And when it draws down, there's a gloominess to it.
• 6:37
  And then and then people over forecast to the negative.
• 6:40
  I think that it's the volatility that drives the engagement and
• 6:44
  the interest and the speculation and there's something to talk
• 6:47
  about and they're talking about us.
• 6:51
  You know, what they're not talking about is they're not
• 6:53
  talking about, you know, real estate on the Upper East Side of
• 6:57
  Manhattan. They're not talking about timber
• 6:59
  rights. You know, like people, people
• 7:02
  they they talk about all these non volatile assets.
• 7:04
  Well, non volatile assets means there's no news.
• 7:07
  And if there's no news, there's no interest.
• 7:10
  That surprise is the tell. When it moves, it moves fast.
• 7:14
  And the people Googling buy Bitcoin right now.
• 7:17
  They don't want to miss that window.
• 7:19
  This isn't a crash cycle, it's a sorting cycle.
• 7:23
  The casino tokens quiet, the narrative chains rebranding, the
• 7:28
  high projects suddenly talking about sustainability.
• 7:31
  Meanwhile, Bitcoin just keeps producing blocks.
• 7:34
  No emergency road map, no founder explaining A pivot, no
• 7:37
  tokenomics redesign. Just up time and even in a 50%
• 7:41
  drawdown, zoom out five or ten years and the chart doesn't look
• 7:45
  dead at all. It looks volatile, and
• 7:48
  volatility is scary, but it's not a failure.
• 7:51
  Most assets don't move 10% in a day.
• 7:54
  Most assets don't get declared dead hundreds of times and then
• 7:58
  recover. Bitcoin does, and that pattern
• 8:01
  should tell you something. At the point that I give that
• 8:03
  speech and you know, I'm saying, hey, this is an iPhone 5,
• 8:07
  There's not a six year old that doesn't want this iPhone 5.
• 8:12
  At the point I give the speech, there's general consensus that
• 8:15
  the iPhone is something you can't live without and no one's
• 8:18
  got a product nearly as good. And yet the conventional markets
• 8:22
  counter trading it. OK so if you got rich in the
• 8:28
  past decade, you probably bought big tech, you probably bought
• 8:32
  Apple, you probably bought Google, you probably bought
• 8:34
  Meta, maybe you bought Amazon, maybe you bought NVIDIA, maybe
• 8:39
  you bought Tesla. There's no way you got rich
• 8:41
  without buying big tech. Big tech has been the primary
• 8:46
  screaming success. The stocks are up 10X20X30X50X.
• 8:52
  But in all cases you find examples of the conventional
• 8:56
  market that under appreciates them and underestimates them.
• 8:59
  With Apple it was 7 years through the wilderness.
• 9:03
  With Amazon, I remember Amazon for something like 4 to 8 years.
• 9:08
  Conventional wisdom was Amazon's an awful company.
• 9:10
  They'll never make any money. They'll never amount to anything
• 9:13
  that you can almost could have bought Amazon anytime for a
• 9:16
  decade while conventional investors crapped all over it.
• 9:20
  And it wasn't until 2020 during the lockdown.
• 9:24
  So people go, oh wow, I guess we need Amazon.
• 9:27
  And of course, just this last week, Amazon's revenue surpassed
• 9:32
  Walmart and Amazon became the largest company in the world by
• 9:37
  revenue. But when could you have
• 9:39
  concluded Amazon was going to work?
• 9:42
  20/10/2012 It was, it was already obvious there was going
• 9:47
  to be no competitor to Amazon. No one could possibly do what
• 9:50
  they were doing by 2012, eight years later.
• 9:54
  You know, conventional wisdom is that the same is true with
• 9:58
  Apple. It's like, so Bitcoin, at what
• 10:01
  point do you have the fundamental ability to conclude
• 10:04
  that Bitcoin is global digital capital now?
• 10:08
  Like, what's the indicia? The president United States is
• 10:11
  telling you, right? The head of the Fed, Kevin Wash
• 10:15
  is telling you, the head of the Treasury, Scott Bessett is
• 10:19
  telling you, the head of the SEC, the head of the CFTC, 8
• 10:22
  other cabinet members, you know, all the Middle Eastern sovereign
• 10:27
  wealth funds are telling you, Black Rock is telling you,
• 10:31
  right? My company is 100 X its
• 10:33
  enterprise value, right? When in the history of the
• 10:38
  capital markets did a company ever by $55 billion worth of a
• 10:42
  commodity and then loudly declared that this is digital
• 10:46
  capital and this is the new money of the world?
• 10:48
  One side needs narrative momentum, the other survives
• 10:52
  narrative collapse. That's the separation and
• 10:55
  markets reward durability. So before we go any further,
• 10:58
  quick gut check message, check your setup.
• 11:01
  If you're not running a node, you're not verifying your own
• 11:04
  transactions, and you're flying on someone else, the Bitcoin way
• 11:07
  will get your coins off of the exchange into cold storage and
• 11:12
  guide you step by step in setting up your own node.
• 11:14
  This is in theory, it's hands on training from the masters of
• 11:18
  self custody. If we're entering a new world
• 11:20
  order, you better be sovereign in this one.
• 11:23
  Visit thebitcoinway.com/satoshi to book your consultation.
• 11:28
  That's the bitcoinway.com/S ATOSHE.
• 11:34
  We have to talk about is price suppression as well.
• 11:36
  I think that's even though we're talking everyone talks about
• 11:39
  that the that there's that, that that Bitcoin is that there will
• 11:43
  be a supply shock and I think there is there is a supply
• 11:46
  shock. The amount of bitcoins traded,
• 11:48
  openly traded compared to how much have been held by by by
• 11:52
  long term holders, how much is available is it's nothing.
• 11:56
  So really it won't require that much for it to move drastically
• 12:01
  up. But there is because given it's,
• 12:03
  it's a completely open free market that even with
• 12:06
  regulations around the world trying to impose on it, it's
• 12:09
  nothing. It won't, it won't stop doing
• 12:12
  what it's doing. People are able to control the
• 12:14
  market to some extent. So maybe that's what's acting on
• 12:17
  that's what acted on the 2021 market.
• 12:19
  That's what suppressed its price from from jumping too high up.
• 12:23
  I think that it could, we could get that again in 2000 and 2025,
• 12:27
  but I think that there will be one point where it will run
• 12:30
  away. It will it has to run away.
• 12:32
  You can't, you know, nothing's you can't control can't control
• 12:35
  it forever. So you will get maybe Samson
• 12:38
  Maus a mega candle and you will get a green, green candle that's
• 12:43
  just going to destroy all everything.
• 12:45
  But I'm, I'm remaining cautious and I'm going to say that yeah,
• 12:49
  I don't know when that's going to happen.
• 12:50
  I'm going to say hopefully it will happen at some point.
• 12:52
  But I'm very happy that, you know, the that weather prices
• 12:55
  today. And I think it's just going to
• 12:57
  continue growing. And even if it means that that
• 13:00
  that Bitcoin doesn't rise like it did in the past, but
• 13:02
  continues rising, that's how Bitcoin was intended, designed
• 13:06
  to do that. It's it's it's deflationary
• 13:08
  money and it's always going to rise.
• 13:09
  Your your your value is always going to rise over time now.
• 13:12
  Zoom out even further. The real revolution isn't just
• 13:15
  price, it's architecture. You can regulate exchanges.
• 13:19
  You can regulate brokers. You can regulate reporting
• 13:21
  requirements. But you cannot regulate block
• 13:24
  production. You cannot vote to change 21
• 13:27
  million. You cannot pass a bill that
• 13:30
  alters difficulty adjustment. Bitcoin isn't governed by
• 13:34
  politicians. It's governed by math and time.
• 13:37
  And that's why the Clarity Act is interesting.
• 13:40
  Not because it saves Bitcoin. Bitcoin doesn't need need
• 13:43
  saving, as we all know. But because clarity reduces
• 13:47
  friction, and friction is what slows capital.
• 13:49
  If institutions get legal certainty, they allocate faster.
• 13:54
  In the short term, less uncertainty equals capital
• 13:57
  inflow acceleration. In the medium term, more capital
• 14:00
  flowing into a fixed supply asset equals intensified supply
• 14:05
  shock dynamics. Because issuance doesn't change
• 14:08
  no matter how many pages Congress writes.
• 14:11
  Bitcoin doesn't need permission to exist.
• 14:13
  But if clarity makes capital comfortable, well, then that's
• 14:17
  gasoline for number go up. So the status right now, the
• 14:20
  House passed the Clarity Act, their version of it last year
• 14:24
  over the House in July, I believe.
• 14:26
  And the Senate has taken it up and made its own changes to it
• 14:30
  and is fashioning their own version.
• 14:32
  We were able to pass half of the bill out of the ag committee
• 14:35
  that handles the CFTC portions. And now we're just stuck in the
• 14:38
  Banking Committee for the SEC portions, the securities
• 14:41
  portions of that bill. So there was a markup that was
• 14:44
  scheduled on I believe January 18th that unfortunately got
• 14:47
  pulled down, postponed. But we're working hard to
• 14:51
  address the issues that were raised that led to the
• 14:53
  postponement of that markup and hopefully get that back on the
• 14:56
  books soon. And then once we pass that out
• 14:57
  of the Banking Committee, the two pieces of the legislation
• 15:00
  will need to be reconciled before a final vote on the
• 15:03
  floor. So more work to be done, but
• 15:05
  we're we're a step closer with the passage of the the ag
• 15:08
  portion of this a couple weeks ago, Patrick.
• 15:11
  Who has to bend a little bit ultimately to get this over the
• 15:14
  finish line? Is it the crypto community or
• 15:16
  the banking community? Not to be cliche, it's a little
• 15:18
  bit of both and, and we've encouraged both parties, we've
• 15:21
  had conversations individually. We've we've hosted a number of
• 15:24
  meetings here at the White House.
• 15:25
  We might host another one again next week on this issue of
• 15:29
  stablecoin rewards and yield. And it's unfortunate that this
• 15:32
  has become such a big issue because ultimately this is not
• 15:34
  the stablecoin bill that was the genius act.
• 15:37
  But we've, we've heard from senators on both sides of the
• 15:40
  aisle concerns about potential deposit flight from, from
• 15:44
  stablecoins on different platforms.
• 15:46
  And So what we've encouraged both sides to do is, is let's
• 15:49
  find a middle ground. Let's, let's use a scalpel heel
• 15:52
  here to, to address this narrow issue of, of idle yield, let's
• 15:57
  call it. But let's, let's not take a
• 15:59
  chainsaw to this. Let's not let this derail the
• 16:01
  bill. There is so much goodness in
• 16:04
  this bill, no matter what your perspective is.
• 16:07
  The banks, there's a lot of permissible activities.
• 16:09
  It allows these institutions to now play in the crypto space in
• 16:13
  a way that without that regulatory clarity, they
• 16:15
  wouldn't be able to. And then obviously from the the
• 16:18
  crypto side, the regulatory jurisdiction, the clear lines
• 16:21
  between the SEC, the CFTC, developer protections in the
• 16:25
  bill, There's just a litany of excellent measures in here that
• 16:28
  are critical to future proof this industry from a, a future
• 16:32
  Gary Gensler or God forbid, a Secretary of the Treasury,
• 16:36
  Elizabeth Warren. So we want to make sure that
• 16:38
  that people are approaching this the right way, that they
• 16:40
  recognize the the value of this bill.
• 16:43
  And we're going to keep working to make it better.
• 16:45
  But ultimately it is a good product at the end of the day.
• 16:47
  That doesn't sound like a funeral.
• 16:49
  That sounds like infrastructure being formalized.
• 16:52
  And formalization isn't death, it's transition.
• 16:55
  And Speaking of sovereignty, you can't talk about the future of
• 16:59
  global money without talking about mining because miners
• 17:02
  don't just secure the network work, they secure the
• 17:05
  revolution. So if you want to understand
• 17:07
  where the industry is heading and if you want to be in the
• 17:10
  room where the real signal is happening, you need to be at
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  Grab your tickets today and use promo code Simply Bitcoin for
• 17:38
  20% off and we'll see you there. So yes, maybe the speculative
• 17:43
  crypto circus is cooling off, maybe the influence era is
• 17:47
  fading, maybe the casino phase needed to burn out.
• 17:51
  But under the surface, search interest is rising, prices
• 17:55
  snapping violently, capital is positioning, regulatory clarity
• 17:59
  is forming, and Bitcoin, not crypto, is separating in real
• 18:04
  time. The New York Times might think
• 18:06
  that they're closing the book, but historically, obituaries in
• 18:09
  this space don't age well. So before you decide that we're
• 18:13
  cooked, look at the data. Look at the search interests,
• 18:16
  look at the way that the price moves when it finally moves.
• 18:19
  And then ask yourself, is it the end or is it the quiet part
• 18:23
  before the next leg up? Historically, I know how this
• 18:27
  movie ends. Drop your thoughts below in the
• 18:29
  comments. Hit the subscribe button, smash
• 18:32
  the like button. And as always, Sax slay and stay
• 18:35
  bullish, baby.