Latest / Simply Bitcoin / you won't believe what these banks just admitted ... | EP 1450

Transcript

you won't believe what these banks just admitted ... | EP 1450 · Simply Bitcoin

0:01
2 multi trillion dollar banks might have just accidentally
0:06
slipped up, a Wall Street insider said.
0:09
Something in this clip we're about to play for you that a lot
0:12
of people are interpreting as bullish.
0:15
But if you can read between the lines, they might be admitting
0:19
exactly how they plan to freeze your money.
0:22
So pay very close attention to the end of this clip.
0:27
So yes, as we move into the world of 24/7 assets like
0:31
Bitcoin, we definitely need 24/7 U.S. dollar or 24/7 digital
0:38
money. And all our systems and
0:41
processes are also being uplifted into 24/7 support.
0:46
Like we absolutely need that. So in some sense, we are back to
0:49
the world of City Never Sleeps. So this is the one big idea to
0:54
make Bitcoin bankable. Later this year, Citi will be
0:59
launching our infrastructure that integrates Bitcoin into
1:04
traditional finance. So we're going to start with
1:07
core custody and safe keeping capabilities, institutional
1:11
grade key management and wallet infrastructure.
1:16
So what does it actually mean to make Bitcoin bankable?
1:20
3 things. First, as we said, institutional
1:25
grade custody and key management infrastructure.
1:28
We also will be bringing Bitcoin into the fold of the $30
1:32
trillion of traditional assets that our clients entrance with
1:35
us today. So it will be the same framework
1:37
that's applied now brought to Bitcoin.
1:40
We will be offering our clients a single service model across
1:44
crypto securities and money. What this would mean is we will
1:50
be feeding the Bitcoin positions through the same reporting
1:53
channels and frameworks and tax workflows that traditional
1:58
securities fold into. We've heard from our clients
2:01
like they don't want to handle wallets and keys and one time
2:05
addresses, so we will take care of those problems.
2:08
Did you catch? That so that was Citibank at the
2:12
Bitcoin for Corporations conference yesterday, which is,
2:15
of course, Michael Saylor strategy conference.
2:19
And and there's a few things, obviously.
2:21
The first one, which is probably just me more cynically trolling,
2:25
is we're in 2026 and we are quote UN quote, making Bitcoin
2:30
bankable. Remember the old memes of
2:32
banking the unbanked? Now it's just we're making
2:35
Bitcoin bankable. How far we have come, I guess,
2:38
and maybe not in the right direction.
2:40
But anyways, the the big point here, I think you can take this
2:44
two ways. Obviously, if you listen to kind
2:47
of what she's saying, Bitcoin's going to get intricated to the
2:50
banks and their $30 trillion of assets can potentially flow into
2:54
Bitcoin. That is obviously the bullish
2:57
headline here. That's the, hey, $30 trillion
3:00
can get into Bitcoin. And they're not the only bank
3:02
saying this. But when you listen to the last
3:04
part, you can read this two ways.
3:07
And Nico and I have been talking about this on the show.
3:09
Actually, I think everyone on simply Bitcoin has probably been
3:12
saying something along the lines of there is an active Wall
3:16
Street attack going on currently and how is this going to play
3:20
out? And you heard her say
3:23
specifically, which I think again, can be taken two ways.
3:27
One, that a lot of Tradfi investors do not want to handle
3:31
private keys. And we've been saying this for
3:33
the last year that whether it was the Bitcoin treasury
3:36
companies, whether it's the ETFs or what have you, we've seen
3:42
that self custody has been on the decline in the last couple
3:45
of years or rather the last year in particular.
3:48
And, and it is a worrying trend as a bitcoiner, someone that
3:51
constantly goes out and says, hey, you need to take Bitcoin
3:55
into custody, buying Bitcoin is not enough.
3:58
You need to take it off the exchange.
3:59
And hey, I get for some people why they want to have quote, UN
4:03
quote exposure to the Bitcoin ETFs, but you're missing one of
4:06
the big parts about Bitcoin, which is, of course, holding
4:09
your own keys, not your keys, not your coin, which is what we
4:12
always say. And so they are painting this as
4:15
a convenience factor here. Hey, look, Tradfi doesn't want
4:19
to own or rather doesn't want to hold Bitcoin.
4:21
They definitely want to own Bitcoin or get Bitcoin exposure.
4:24
They want the Fiat games, but they don't want to actually deal
4:28
with the holding of the keys. And this is being marketed as
4:32
it's a little too cumbersome as we know we do it.
4:35
It's not that difficult. But there is a different
4:38
mentality from a trad FI investor.
4:41
It could be just a legacy perspective.
4:43
They're so used to having an asset manager custody their
4:46
assets, hence why they don't want to touch that.
4:50
But when you really dig deeper, or maybe it's just 'cause I have
4:53
a tinfoil hat on constantly that you're like, whoa.
4:56
It sounds like they are making the case for, hey, let us hold
5:01
it. It is literally the opposite of
5:04
what the white paper says, the very, very beginning of the
5:08
Bitcoin white paper. It says, hey, modern finance
5:10
works, but there is too much reliance on trusted third
5:14
parties. Now the banks are coming in and
5:17
what are they doing? They are marketing themselves as
5:20
the trusted third parties. Hey, you can trust us, bro.
5:23
I get it. You don't want to hold your
5:25
Bitcoin, but we'll hold it. We're going to build the
5:27
infrastructure for you. Now, again, taking this two
5:30
ways, on the more cynical side is what I just said.
5:33
On the more positive side of this is of course, of course
5:37
banks are going to build the infrastructure to custody
5:40
Bitcoin and on some extent this is probably a good thing.
5:44
But if everyone is holding their Bitcoin on these custody
5:47
infrastructure, you know, tools that they are offering are
5:50
potentially going to roll out this year, it's almost like we
5:54
are creating our own gilded cage here.
5:56
It's almost like we're recreated the Fiat system once again.
5:59
And this is what a lot of us Bitcoiners have been fighting
6:02
against, have been very active and talking against and saying,
6:05
hey, you know, I thought this Bitcoin thing was going to free
6:08
us. I mean, Nico always says Bitcoin
6:09
is slavery, and we're almost rebuilding our own digital
6:13
slavery here. Bitcoin is a tool for freedom.
6:16
But if we're not careful, it could also be a tool for digital
6:20
panopticon. This is something we've all been
6:23
saying for a long time. Yes, the institutions are here,
6:26
yes, you know, potentially, or at least theoretically, they
6:30
will pump our bags, but at the same time, we have to stay
6:33
vigilant. Now, if this was just coming
6:35
from Citibank, if this was just a one off thing, then you'd be
6:39
like, OK, you know, we've heard this before.
6:41
There will be fractional reserve banks, there'll be non
6:44
fractional reserve Bitcoin banks.
6:46
And so, hey, they're going to make they're going to make their
6:48
decisions. It's a free market after all,
6:50
etcetera, etcetera. But we have Morgan Stanley
6:53
pretty much on the same day saying something very similar,
6:57
which is why it is a worrying trend, which is why we why I'm
7:01
coming out here and being like, look, I get it.
7:04
A lot of people trust the big names, but you still need to
7:07
take your Bitcoin into custody. Now I know it's not for
7:11
everyone. I don't think you need to have
7:13
all of your assets in self custody, but I think the
7:16
majority of your Bitcoin should be in self custody.
7:19
I I get the need for people using the traditional financial
7:23
system with their Bitcoin, which is why I'm not so cynical on
7:27
this is like, yeah, you know, I want Bitcoin to be integrated
7:30
everywhere and also use the Bitcoin, but I'm not going to be
7:34
trusting, you know, a Charles Schwab or a Citibank or AJP
7:37
Morgan or a Morgan Stanley to custody my Bitcoin long term.
7:41
Now this is where it gets into the next point that again,
7:44
another trillion dollar bank said literally the exact same
7:48
thing. And this is Morgan Stanley.
7:50
Morgan Stanley this morning, it's coming on Yahoo Finance,
7:54
but it's from Decrypt. It goes.
7:55
Morgan Stanley is absolutely planning to offer Bitcoin
8:00
custody, trading yield and lending, an executive says.
8:04
Of course, Morgan Stanley is a $9 trillion bank, one of the
8:09
biggest banks in the world. They hold a ton of assets for
8:12
their clients. So they are painting themselves
8:14
as, hey, you know, trust us, bro.
8:16
This is what we do. Again, a lot of this is banks
8:19
justifying their their business models, which, you know, I can't
8:22
really blame them for that. It's like, yeah, if everyone is
8:26
holding Bitcoin and there are no banks, which I don't think is
8:28
necessarily the case, I think there will be Bitcoin banks.
8:30
And I think there is still a, a role for banks in general, but
8:35
they are coming out very strong with this narrative of, hey,
8:38
we're the banks, we custody your money, your assets.
8:41
So therefore we're going to build the tools to custody your
8:43
Bitcoin as well. Trust us, bro.
8:46
But going further, of course, they're asked about Bitcoin
8:49
based yield. They say, hey, we're looking
8:51
into it. It's still kind of early.
8:53
And then the CEO of strategy, Fong Li asked her about
8:59
custodying it. And what is their, their view on
9:02
custodying and what their clients think.
9:04
So going to the back a little further, she goes, of course,
9:08
they're looking for the yield, and then she talks about the
9:11
custody of Bitcoin. So when Strategy CEO Fong Lee
9:15
asked her how much the investment bank estimates its
9:17
clients holding cryptocurrency and therefore currently off its
9:21
banking platform, Odenberg said it's a considerable number.
9:24
But she added that she doesn't necessarily expect the bank's
9:27
clients to want want to move all of their Bitcoin into their
9:31
custody solution. Again, a lot of people
9:33
understand the game and they're like, look, I want to hold my
9:35
Bitcoin. I want to self custody my
9:37
Bitcoin because I don't want it to potentially get wrapped up in
9:41
the traditional financial system.
9:43
Bitcoin is a parallel to the traditional banking system.
9:47
That's what that's what this is about.
9:49
And she goes, but quote, there's always those that are going to
9:53
want to self custody and that's just a natural part of the
9:56
space, especially in the Bitcoin kind of, you know, culture.
10:00
That is one of the defining things for us bitcoiners.
10:03
But she also understands that, hey, a lot of are Tradfi
10:05
clients, they don't want to custody their Bitcoin and
10:08
rightfully so. You know, a lot of people that
10:11
hold maybe, you know, if you hold a billion dollars, you
10:13
probably don't want that just in a Ledger in your house.
10:15
You probably want some of the protection from the bank, but
10:19
you probably don't want all of your Bitcoin at the bank because
10:23
who knows what's going to happen?
10:24
Who knows if they're rehypothecating your Bitcoin as
10:26
Saylor mentioned yesterday, who knows exactly what they're doing
10:30
with your Bitcoin. The safest, and I guess for lack
10:33
of better terms, the more more your paranoid way to hold your
10:36
Bitcoin is of course. Under your own.
10:39
Control, not your keys, not your Bitcoin.
10:42
Now this does bring up the broader conversation that we
10:45
have been talking about the last couple of days is like, are the
10:48
institutions good? And I don't know if you guys
10:51
saw, but there is some more kind of drama coming out of the Jane
10:55
St. saga. I know some Bitcoiners are like,
10:58
this is probably not the case. They're just doing traditional
11:01
Wall Street stuff. It's been a little blown out of
11:04
proportion. Yes, we're in a bear market.
11:06
People want to point a finger, you know, basically blame a big
11:09
bad boogeyman here. And Jane St. for better or
11:12
worse, they're, they're the scapegoat right now.
11:14
Whether they're actually doing what we think they're doing or
11:17
not, they are the scapegoat right now.
11:20
But Nick Zabo had a good tweet in regards to the Jane St.
11:24
stuff. But again, it does lean into
11:27
this exact very idea of not your keys, not your Bitcoin.
11:30
So I want to read his tweet real quick.
11:32
Caitlin Long also responded. But I, I think the bulk of it
11:35
comes from Nick Zabo. And he goes, look, it seems Jane
11:38
Street may have had a long standing culture that
11:41
essentially trained crypto scammers.
11:43
Obviously SBF Caroline also came out of Jane St.
11:48
There's a weird connection between Daquan and Jane Street.
11:51
So it look, Jane St's probably not doing themselves any favor.
11:55
And I'm not saying they're good guys.
11:57
I'm just saying it has been speculative.
12:00
We are speculating that Jane Street is the problem.
12:03
It is a little coincidental that ever since this this court case,
12:08
this suit, the 10 AM kind of literally the following day just
12:12
pumped on us. It is down a little bit today.
12:14
So you know, the narrative is probably not not as ironclad as
12:19
we think it is. But anyways, the Terra Luna was
12:22
a Jenga tower waiting for somebody to topple it, which
12:24
Jane St. obviously did. And then the alleged Bitcoin ETF
12:29
market making plus the 10 AM selling with that liquidity
12:32
sounds like a considerably more problematic conflict of
12:35
interest. Negligent might be a good way to
12:37
describe the ETS who naively trusted Main Street with
12:40
dysfunction and now once hot crypto ETFs are draining because
12:44
of the understandable reduction in trust.
12:47
Not in the coins themselves, but in the way Wall Street makes
12:49
markets for buying and selling them and finance.
12:53
As bit corners have always said, everyone is a scammer and you
12:57
should stop blindly trusting these scammers.
12:59
Now whether they are obviously it's a bit hyperbolic it it
13:03
isn't supposed to be a bit inflammatory in this tweet, but
13:06
this is where it comes down to it.
13:09
That's why bitcoiners Bitcoin O GS have forever said not your
13:13
keys, not your coins don't trust verify and even trusted third
13:18
parties are security holes and when the market is so depending
13:21
on trusting strangers, especially strangers who still
13:24
don't actually understand or like Bitcoin all that much, it's
13:28
also not your market price. So you're seeing how the the war
13:32
with Wall Street with Bitcoin is playing out.
13:36
We know there's a tax on Bitcoin.
13:38
We know that yes, they are. How do you say it?
13:42
You know, tentatively being a little bullish on Bitcoin.
13:46
They maybe they don't like Bitcoin, but they kind of
13:49
respect Bitcoin's place in the grander macro perspective.
13:54
But they're still for lack of better term, Fiat Maxis, though
13:57
it is interesting this trend coming out right now of like,
14:00
hey, trust us, bro, we're the banks.
14:03
We're going to custody your Bitcoin.
14:05
And of course, all the Bitcoiners are just looking for
14:07
some bullish, just just a bullish narrative right now
14:10
because it's the depths of a bear market and we're like,
14:12
dude, something, please pump the price.
14:14
And I, I think that's missing on a lot of people that we know
14:17
what they want to do. I don't think Wall Street can
14:21
necessarily control Bitcoin like a lot of people think they can.
14:26
But what they can do is centralized a lot of the Bitcoin
14:30
under their control and therefore do a lot of things
14:33
that we might consider shady. And they've been doing a pretty
14:36
good job of incentivizing Bitcoiners to give up their keys
14:39
for various different benefits and reasons.
14:42
And I think this is only going to accelerate.
14:44
And and from there, there, you know, from the horse's mouth
14:46
themselves, they're like, yeah, we are going to do this.
14:49
Obviously it is painted in the very positive, Hey, we're here
14:53
to help you bro, You know, but it does lean down to the idea
14:57
of, you know, how it's paved with good intentions and
15:02
therefore from someone that is a self custody maxi.
15:06
This is what our whole show is about.
15:09
This is why we're bringing up bringing this up because there
15:12
is going to be attempts to maybe confuse you to separate you from
15:18
your Bitcoin for various different benefits.
15:20
And you got to stay vigilant. You got to make sure that hey,
15:23
look, even if you do use some of these Wall Street products,
15:27
you're not giving them your whole stack.
15:29
It might you know, I'm not going to tell you what to do with your
15:31
money, but if you do use these products, it should be a very
15:35
tiny portion of your stack because you never know what's
15:38
going to happen. Bitcoin still nation it's still
15:40
very early in the game and you never know if another kind of
15:45
blow UPS going to to happen. I, I definitely imagine we're
15:48
going to see an FTX Mount G OC scenario come from Wall Street
15:51
and it's going to be even bigger than we've seen ever in Bitcoin
15:56
and from the crypto industry. And that's going to do
16:00
irreparable damage to anyone that use those, those, those.
16:04
Products. I'm going to take a completely
16:06
contrarian. Approach.
16:07
Wow, who would have thought so? OK, so do you guys remember like
16:12
a couple years ago Michael Saylor said three things needed
16:15
to happen. It's true it's a Bitcoin to
16:18
reach like $5,000,000 per coin. First thing is the approval of
16:22
the spot Bitcoin ETFs. Then it was the change of the
16:26
accounting rules and then it was banks custodying Bitcoin.
16:32
This is a massive, massive, massive deal because unlike you
16:39
know, us on simply Bitcoin who are advocates of of of self
16:43
custody, even though we don't own any.
16:47
And I'm assuming if you guys are watching a show called simply
16:50
Bitcoin, you guys are are down the rabbit hole and you guys
16:54
understand the power of self custody.
16:57
But the reality is that most of the world is not there yet.
17:01
Specifically if you're from the older generations and you're
17:04
used to dealing with the traditional financial system, I
17:08
think one of the biggest hurdles as to why you haven't had any
17:13
exposure to Bitcoin in the 1st place is the idea of self
17:17
custody itself. Now we are moving this forward.
17:20
Like I'm not trying to excuse this.
17:22
I'm not trying to normalize this whatsoever, right?
17:26
That's why we have amazing partners like bit Key and
17:29
Bitcoin. Well, that specifically are
17:32
focused on the self custody aspect of Bitcoin.
17:36
But the reality is that a big a portion of the population just
17:40
doesn't care. A big portion of the population
17:42
wants exposure to Bitcoin but doesn't want the risk of the
17:48
self custody aspect of it. Because let's be honest here,
17:52
there is a trade off with self custody.
17:55
There is no 1800 number you can call if, God forbid, you lose
18:01
that 24 to 12 word seed phrase. And I know our friends over at
18:04
Bitkey, which we're going to be talking about a little bit
18:06
later, you know, are solving this problem by building by
18:10
building essentially a hardware wallet where it's essentially a
18:13
seed phrase set up with multi sig and inheritance built in.
18:17
It has a phone app also connected to it, But again, it
18:21
comes with trade-offs. And let's say you're a higher
18:25
net worth individual in the older demographics.
18:27
We know we know our demographics who watch us.
18:30
It's simply Bitcoin. I know we know a lot of your age
18:33
groups right yeah, you might not necessarily feel comfortable
18:38
holding a a a great sum of money money's relative right in in
18:44
self custody and that's just the reality of the situation.
18:48
Of course, our original thesis we were militant about this back
18:52
then and we still advocate for it solely the way you should be
18:56
holding your Bitcoin is in self custody, full stop.
19:00
But, but, but there are a portion of people that just,
19:04
they don't want that. They want the bank experience.
19:07
So what I think this is going to happen.
19:10
This is a, this is a, this is a 2.
19:13
What's the expression? A a A2 edged sword or A2 edged
19:16
knife or whatever. Double edged.
19:18
Sword thank you, thank you Obti the so it's a double edged
19:22
sword. So the the positive is there's
19:25
going to be more and more people that are comfortable buying
19:29
Bitcoin as an asset because now the third largest bank in the
19:33
United States has a a total sum of $1.7 trillion under
19:39
management is base just went to strategy, the strategy
19:44
conference Bitcoin for corporations conference, a
19:46
Bitcoin conference. The third largest major bank in
19:50
the United States went to a Bitcoin conference.
19:54
That is insanity right? And they basically said, listen,
20:00
we're going to offer this to our clients.
20:02
We're going to offer custody to our clients.
20:05
And a lot of their clients are going to feel comfortable with
20:08
that. They might not have gotten
20:11
exposure to Bitcoin before that specifically because these big
20:15
banks are not offering that. And remember, this is one of the
20:19
three pillars. This is the final pillar that
20:22
was necessary in order for Bitcoin to hit $5,000,000 per
20:26
coin, according to Michael Saylor's thesis.
20:29
Back from 2022, I wish I had the clip lined up for you guys, but
20:32
this was the third thing he predicted all three things would
20:35
happen, right? So anyhow, what is the other
20:38
side of the sword? The other side of the sword is
20:40
unfortunately this leads to more centralization, which is what
20:44
Opti was talking about earlier of the custody of Bitcoin.
20:48
That's the downside of that. If you have centralization of
20:52
the custody of Bitcoin, that opens up the attack vectors to
20:55
potential 61-O2 orders in the future.
20:58
And also This is why the Clarity Act has to pass because it
21:02
protects the right to self custody.
21:04
It enshrines it in legislation. It's not just an executive
21:06
order, which are weak because the next president could just
21:10
reverse the previous president's executive orders.
21:14
So it's a double edged sword. And I would say it's, it's a,
21:18
it's a good thing. It's a good thing.
21:20
I would say it's it's more of a pro than it is con, however, and
21:26
we'll continue to be beating, we'll continue to beat the
21:29
battle drum on this. We'll continue to make our
21:32
voices known. We'll continue to be hard line
21:35
hardcore advocates of if it's not your keys, it's not your
21:40
cheese. If it's not your Bitcoin in self
21:43
custody, it's not really your Bitcoin.
21:46
We're going to continue to voice that message and that message is
21:50
going to get louder and louder and louder and louder.
21:53
And the next generations, for example, like my children, my
21:58
children's children, they are going to be, I'm going to use
22:02
the word indoctrinated from a very young age about, hey,
22:07
listen, you want to take, so if you had Bitcoin, you want to
22:11
take self custody of your Bitcoin.
22:13
You don't want to rely on a third party, even though that
22:17
third party can make it as convenient as they want to make
22:21
it. You want that sovereignty, You
22:24
want the ability to be able to vote with your feet.
22:27
You want, I'm telling you guys, there's no better feeling than
22:31
knowing that you have Bitcoin in self custody and you completely
22:35
control that Bitcoin and you can sell that, you can send that
22:38
Bitcoin to anywhere around the world without having to ask for
22:43
permission. It is the most sovereign
22:46
powerful feeling I think an individual can feel or at least
22:49
one of them. So I think that there is pros
22:53
and I think that there is cons to this.
22:55
But the big breaking news out of all of this is you had the third
23:00
largest bank in the United States go up there at a Bitcoin
23:05
conference and tell A room of institutional Bitcoiners that,
23:10
hey, Citibank is here. And now we're offering our
23:14
clients, our customers, the ability to custody Bitcoin with
23:19
them, right? That is massive, massive news.
23:23
I can't emphasize that enough. And again, all of three, all of
23:28
sailors 3 requirements for Bitcoin to hit $5,000,000 per
23:32
coin. Reminder #1 the approval of the
23:35
spot Bitcoin ETF. Check the chain change of the
23:38
FAZBE accounting rules. Check.
23:41
The third thing that was that had not yet fallen was big banks
23:48
custodying Bitcoin. That domino just fell.
23:51
That box was just checked. I think it's only upside from
23:55
that from here, dude, I'm feeling incredibly bullish when
23:58
I see things like that. And again, we'll continue to
24:01
hold the the line, ladies and gentlemen, we'll continue to be
24:04
the vanguard on the advocation for self custody, the avocation
24:09
of you taking your Bitcoin and putting it on a hardware wallet,
24:14
you know, writing down or stamping your seed phrase.
24:16
We're we'll continue to be advocates for this.
24:19
But again, not everybody fits into the simply Bitcoin
24:22
category. There are just some
24:24
institutional investors that want exposure.
24:27
They want the benefits of number go up technology and they don't
24:30
really care about the sovereignty aspect of it.
24:33
Remember, Bitcoin isn't just a financial innovation, it is also
24:38
a revolution as well. But I remember talking to a
24:41
higher net worth individual and I was telling him and I never
24:45
forget this and I was telling him about all the benefits of
24:48
Bitcoin. And one of the things that he
24:50
told me, he's like Nico, like I'll be honest with you, man.
24:52
Like, you know, I'm a little bit older.
24:54
I'm not really interested in the revolutionary aspect of this.
24:59
I'm interested in the investing aspect of this.
25:03
And you know what, at the end of the day, look, with Bitcoin, you
25:06
have to be OK with even your worst enemy using it, right?
25:10
So it was an inevitability that big banks were going to offer
25:15
the ability to custody Bitcoin. It was an inevitability that big
25:20
banks were going to sell Bitcoin directly to their clients.
25:25
I think where it's a very slippery slope and we we have to
25:28
continue to remain vigilant and hold the line is if too much of
25:33
the population, if too much Bitcoin is held under their
25:38
control. Because as things stand right
25:40
now, the majority of Bitcoin is still held by individuals that
25:46
for the first time since the launch of the spot Bitcoin ETF,
25:50
that trend has been going down. So the amount of the amount of
25:54
Bitcoin that has been held by individuals has gone down by
25:58
600,000 Bitcoin. And then the amount of Bitcoin
26:02
that has been held by institutions, ETF and businesses
26:06
has continued to gone up, has continued to go up.
26:10
So at the end of the day, we do want Bitcoin to remain in the
26:14
hands of individuals. But I think that this is a
26:17
positive development, Opti, because when the next cycle
26:21
starts to pick up, when the price starts to pick up, man
26:24
like this is Bitcoin is perfectly positioned to really
26:29
take advantage of that wave, man.
26:31
So I'm feeling incredibly bullish on this news.
26:34
We have to remain vigilant. We have to continue to advocate
26:38
for self custody, but overall I think this is very, very bullish
26:42
in my opinion. True, true, true.
26:45
Though side note, when when you said institutional bitcoiners,
26:48
I'll I'll I could think of just like bitcoiners.
26:51
I mean I I. Know, I know, I know what you
26:53
mean, but in my head I'm like, yeah, we all are.
26:55
All crazy like like we have to like they're hot cause and then
26:58
Sailor does a really good job at like describing like the
27:00
different types of like of Bitcoin investors as he calls
27:04
them He call he calls our our group Bitcoin natives, right,
27:10
crypto natives, Bitcoin natives, but there are suit coiners, for
27:14
example, or institutional. What about best coiners?
27:18
Or institutional. I like my best.
27:20
I like my best. By the way, I saw someone in the
27:22
comments saying like, hey, is Niko paid to wear this?
27:26
No, I'm not paid to wear this. He's just a financial analyst
27:29
now, guys. Hive.
27:30
Hive is a partner of Simply Bitcoin.
27:32
We really love Hive. They're a great Bitcoin mining
27:36
company and AAIHPC. So I love Hive, but no, I just
27:40
like the vest. It feels comfortable.
27:43
I really, really like it. I I wanna I wanna look
27:44
professional for you guys rather than just wear AT shirt.
27:47
He's wearing a financial a financial vest 'cause he's a
27:49
financial advisor now. No, I'm not.
27:52
I'm not a financial advisor. None of this is financial
27:55
advice. I just think it's a pretty good
27:56
idea. I'm we're just not.
27:58
Financial advice We're just. Telling you guys what we do if
28:01
we owned any Bitcoin, Yeah, we're just telling you what we
28:04
do. But anyways, guys, it's gonna be
28:06
a great show. Shout out to everybody watching
28:09
us over 400 live viewers on YouTube.
28:12
Shout out to the Rumble chat. Always vest fest in the rumble
28:16
chat. Love the comment.
28:18
And of course, shout out to Noster.
28:20
We already man. I love the Noster audience, bro.
28:23
Shout out to everybody zapping us sats on Noster.
28:26
Shout out to everybody sending us Bitcoin.
28:28
Download the Rumble wallet today by the way, shout out to
28:31
everybody sending us Bitcoin on rumble and of course shout out
28:35
to the YouTube and X audience as well.
28:38
If you guys are enjoying the show, make sure to smash that
28:41
like button consider subscribing to simply Bitcoin.
28:44
It's going to be a great show. Today the New York Times
28:47
released a hit piece on Bitcoin trying to blame the Trump
28:52
administration trying to blame Bitcoin, basically calling
28:56
Bitcoin a failure and you know what guys, Maybe this is going
28:59
to make Opti happy. Usually when you start getting
29:03
these types of Bitcoin is dead types of articles, that tends to
29:08
be a, a, a signal of a bottom forming.
29:12
I'm not saying that this is the bottom, but that tends to be a
29:16
very, very positive piece of a very positive indicator.
29:21
I would say counter indicator. Is it a counter indicator?
29:25
I think so. I think that's.
29:26
It's an indicator. Of a bottom.
29:28
It's an indicator of a bottom right.
29:31
So anyhow, it's going to be a great show.
29:33
Then also we got some some some like straight up like bull sauce
29:38
sauce during the numbers. A really good video for you guys
29:41
that I want you guys to watch as well.
29:43
And then of course, it is the culture.
29:45
It is Friday, so maybe we're going to let loose a little bit.
29:48
We got we got some trolling from Senator Lummis.
29:50
It's really good. We got some 556 rounds for you
29:53
guys right here in the front of Opti.
29:55
Do a wide shot. Yeah, yeah, yeah.
29:56
If you guys, if you guys like, if you guys like the little
29:59
trinkets, please let us know. We should, we should on the
30:01
break, we should put the flower here with the with the bullets.
30:05
Yeah, Yeah, right there. All right, Anyways.
30:07
Anyways, guys, it's going to be an incredible show.
30:09
We're going to be right back after the commercial break in
30:13
just a second. Today's episode is brought to
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Stamp it into a plate of titanium.
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Anyways, at the time of recording, the Bitcoin price is
32:55
$65,570. That's per dollar 1525 block
33:02
height 938,610 market cap realized monetary inflation .84%
33:10
market cap 1.31 trillion Bitcoin versus gold market cap 4.38%
33:17
percentage issued 95.21% decline from all time high.
33:22
Right now you're getting Bitcoin at a 45% discount.
33:26
I would say that's a pretty good discount, ladies and gentlemen.
33:28
Anyhow, guys, I'm going to go straight straight to it.
33:33
We got a very interesting, very interesting clip from this
33:39
gentleman Roy Neinderhoffer. But anyways, this guy's this
33:46
guy's AG look at that look, he has a he what is that?
33:49
A cello behind him? Like, you know, he's got he's
33:52
got charts to his right and then he's got a cello behind him and
33:56
then he's got a piano anyways. So he's earned 20% per year for
34:04
the last few decades. A 20% CAGAR is unheard of.
34:08
That's crazy. This guy, this guy knows what
34:11
he's talking about. His brother Victor was the only
34:14
fund manager to retire from Soros while ahead his price
34:18
target for Bitcoin up to 450 million.
34:23
You heard that correctly. All right, Sailor went from 13
34:28
million to 22. That was his bullish case.
34:31
I think his bullish case might might have been.
34:33
I think it was like 49 or something like that.
34:34
It's like. 50 This dude's not saying 50, ladies and gentlemen,
34:38
this dude Bull Sauce is saying. Oh, and he's with Kevin O'Leary.
34:42
Look at that, He's saying up to $450 million per coin.
34:49
That's unbelievable. I got it.
34:51
I got to give it to, I got to give credit to British Huddle,
34:54
where credit is. I got to give credit where
34:56
credit is due to British Huddle. You got to do whatever you got
34:59
to do to get yourself to one Bitcoin, because if this guy's
35:03
prediction comes true, you're going to be worth $450 million.
35:09
But what's the but? What's the coffee going to cost?
35:12
We'll get to that in just a second.
35:14
Anyways, I'm going to play you guys this clip and then of
35:16
course me and Opti will analyze it and talk about it.
35:20
Right now the inflation rate is about 10%.
35:23
I think most people would make it say it's fairly reasonable to
35:26
think that we could have 10% inflation for another 20 or 30
35:30
years. That doesn't sound so out of
35:31
control. It's also reasonable to think
35:35
that Bitcoin itself grows from where it is right now.
35:39
It's about the size of the Thai baht.
35:42
And if Bitcoin happens to get a little more acceptance and grows
35:46
to the market cap of the British pound, that's about five times
35:49
what it is right now. You put those together in 20
35:52
years, you have a Bitcoin price 30 times what it is now in 30,
36:00
85 times what it is right now. So we're talking about a Bitcoin
36:04
price of 3.8 million. Even if a very reasonable
36:09
current assumption holds true and we can go beyond that.
36:13
Let's say there's 15% inflation for 30 years and the Bitcoin
36:19
market cap rivals that of the euro.
36:21
We're talking about a Bitcoin price of 56 million.
36:25
And if Bitcoin becomes the world reserve currency and we have 20%
36:30
inflation, the Bitcoin price is going to be almost 500 million.
36:39
Let me go what what, what OK Opti, I want to hear your
36:45
thoughts. I want to I want to run the math
36:48
because the the purchasing power comment that you that you said
36:51
was on point, right? Because it's like, OK, it's
36:53
worth 500 million, but what is 500 million going to buy you,
36:56
right so. So he said 20% inflation. 20%
37:00
inflation for 20 years. For 20 years.
37:03
Yeah, So what did? He say 30 what so OK, yeah OK
37:06
while. I do the math in the back.
37:09
OK. Oh, sorry.
37:11
Well, look, guys, you know me, I'm as bullish as anyone and 450
37:17
million or under 500 million per coin is now that's some moon
37:21
math, you know, like that is that is some some grade A
37:26
hopium. And you know me, I love some
37:28
grade A hopium. Yeah, I even showed Luke this
37:31
morning and someone in the chat's like, wow, this guy's
37:33
even more bullish than Luke is. We, we were watching this
37:35
morning this clip and he was like, yo, I don't even think I'm
37:42
that bullish. And that's how bullish you got
37:44
to be. I actually saw a good tweet of
37:46
someone saying like, or actually it was at the bottom of the
37:48
tweet that Niko read it. It said, if you're not this
37:51
bullish about Bitcoin, like you shouldn't be in Bitcoin.
37:55
And I'm, I'm kind of, I'm kind of with it.
37:58
I know right now it's like the bear market, you know, it's, we
38:02
don't know where the bottom is. There's debates whether we've
38:05
already hit the bottom. We also have been going sideways
38:08
for about a year ish, a year and a half and you know it, it
38:12
hasn't been that fun. There has been a lot of
38:15
conversations even amongst Bitcoiners about like, we're
38:18
never going to go up again. You know, all the fun is gone
38:22
where basically Wall Street market makers aren't going to
38:26
let Bitcoin run more than 2%, you know, be intraday like we're
38:31
we're not going to get the games that we have or that we used to
38:34
have in Bitcoin. So a lot of also diminishing
38:37
returns meme. Dude, you're going to love this.
38:39
OK, OK, hold on, let me let me finish.
38:42
And so it reminds me of the good days when Bitcoin did run and I
38:48
forget, I think it was Rockstar dev and he said something on the
38:52
lines of you need to have a such a ridiculous Bitcoin price
38:56
prediction when you're talking to normies that they think you
38:59
are literally stupid. And dude, we're getting back to
39:02
those those days. But this guy, again, this guy is
39:04
like he's he's he's a good trader.
39:07
He's worth a lot of money. This isn't just us, you know, on
39:11
anons on Twitter talking about this.
39:13
Like this guy's got a track record.
39:15
And when you put the numbers in, you're like, yeah, it's not that
39:18
crazy. 500 million per coins. It's going to happen sometime.
39:24
Soon, so OK, so I ran the numbers, you guys are going to
39:27
love this. Well, you guys are not going to
39:29
love this if you're saving in dollars, but it's basically if
39:32
the inflation, right, inflation rate runs hot for 20% per year
39:37
for 20 years, your dollar in today's purchasing power will be
39:42
worth 2.6 cents. Damn, $100 will be worth 2.612
39:49
dollars and 61 cents 500 million, which is what he
39:53
brought up, will be the equivalent of $13 million.
39:57
Today, OK, hey, I guess I, I, I guess we'll.
40:00
Take the good with the bad. Why?
40:01
Is that number so interesting to me is.
40:03
That not sailor's number. That sailor's number on the.
40:07
Dot bro. So that to me is is is
40:10
fascinating. So to answer my question, I did
40:13
grab a coffee this morning. It was about $7.00 'cause I got
40:17
a a cafecito and a coffee. So.
40:21
Sidetrack, how are you liking the the the Cuban coffee?
40:24
Cuban coffee is good. I, I can't get it every morning
40:26
because I, I, you know, I try not to spend too much.
40:29
Money on my coffee. Every morning.
40:31
But it's great, dude. It's sugary, it's strong, it's
40:34
amazing. So $7.00.
40:36
So it'll be about like 200 and no 3-3 ish $100 and some change
40:44
with that, that inflation rate. So you know it, it'll be OK.
40:47
They they have to take away some of the like, I think if it gets
40:51
to that point. Like they'll just drop a 0.
40:53
I think they'll drop a 0. Maybe a couple zeros, They'll
40:56
drop a couple. Zeros like, there's no way that
40:58
it's like, oh, how much is the coffee?
41:00
Or or we just do Zimbabwe dollars. 15 it's oh, it's going
41:04
to be just $1500 please. It's like vessels, you know,
41:07
hundreds. Of vessels for something, bro, I
41:10
think they'll drop they'll they're going to have to drop a
41:12
0 because it's just going to like just be like ludicrous.
41:16
But anyways, it it's quite interesting when I was doing the
41:18
math. So this gentleman's predictions
41:21
lined up exactly with Michael Saylor's predictions in in.
41:28
Yeah, that is, that is kind of crazy.
41:29
They lined up exactly with Michael Saylor's predictions, so
41:32
like that to me is quite interesting.
41:37
People wait, people. In the chat, said Nico did.
41:39
Math Nico did do math. No, it was a chat.
41:41
ChatGPT. Wait, so just to clear 'cause
41:44
I'm already blanking 450 million from this video is 13 million in
41:49
today's dollars? So with using his like examples,
41:53
right. So if we have 20% inflation for
41:56
the next 20 years, the purchasing power of 500 million
42:00
in today's dollars in 20 years will be $13 million in today's
42:06
dollars. OK, well, I yeah, no, it it
42:09
makes perfect sense. I I just wanted to clarify
42:11
because you know, bigger number better.
42:13
I like. The 450. $1,000,000 number
42:16
better even if it's not inflation.
42:19
Inflation adjusted. I'll take it.
42:20
I think that's the only thing like. 400. 50 mil.
42:22
I think that's the only thing that he just, like, left out of
42:26
the yeah, yeah, of the thing. It's like, OK, yeah.
42:29
It's like, wow, like $450 million, bro.
42:32
Like, holy crap. Like everyone's going to be a
42:34
billionaire. This is fantastic.
42:36
Conveniently leaves out the fact that.
42:40
That coffee's gonna be a couple 100 bucks I.
42:42
Mean bro, let's use your let's use your example.
42:44
You said your cafecito cost you 7.
42:46
I got a coffee and a cafecito. OK, so iced coffee and a yeah,
42:50
it was $7.00. So in 20 years with 20% year on
42:55
year inflation it your coffee would have cost you 300 bucks?
42:59
Damn I'm so I'm so rich today. 300 bucks. 300 bucks.
43:04
Wait, am I poor? Wait, I don't know.
43:06
I'm. So poor someone in the chat
43:11
ChatGPT is too bearish. I'm I'm going to put it why
43:14
don't we do a poll? Opti and Senor Gringo Papi drop
43:18
dropping the wisdom. Let's get to 150 K first.
43:23
Yeah, 100%. Bro in today's dollars or wait
43:27
no in 2020. Dollars, yeah, 100%.
43:30
Let's get to 151st I I agree. I agree with that statement and
43:35
then did. Our boys Sun of sets Venezuela
43:37
dropped 9 zeros coming to America.
43:40
Soon coming. Coming to a country near you
43:43
soon This. Is why you got a save in Bitcoin
43:46
but opti could you drop it? In What's the poll?
43:49
What poll? You know it is. 4 is oh is 450
43:53
bearish? Is.
43:54
Is 450 mil realistic realistic realistic no, but I mean once
44:01
you break down once you like plug in the numbers for like the
44:04
inflation stuff like it. It doesn't sound too too too
44:10
crazy, too crazy also got. I want to give a shout out to
44:13
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44:16
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44:40
right back. We're going to be talking.
44:41
We're going to be dissecting this New York Times article that
44:45
talked a lot of smack on Bitcoin on Trump's term.
44:50
And, you know, it was an opinion piece, but it was the New York
44:53
Times and New York Times is back.
44:55
They were, they were off our back for for quite a while.
44:57
For quite a while. Seems like they're back.
45:00
And we're gonna, we're gonna, we're gonna check out this
45:03
piece. It's it's quite comical.
45:04
And then they're in the culture segment.
45:06
It is Friday. So we're gonna, you know, we're
45:08
gonna celebrate a little bit to see what Opti wants to talk
45:10
about. I'm excited, looking forward to
45:12
it. We're gonna be right back in
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Opti, could you message this person and tell them that they
50:03
won, please? Here, I'll I'll send it to you
50:06
while I get into here. I just sent it to you on on
50:10
chat. But anyways, let's get into this
50:12
New York Times article. So this is an opinion piece, a
50:16
guest essay from our favorite publication, the paper of
50:20
record. And of course, I'm, I'm kidding,
50:24
but the title, the headline for the audio listeners is crypto is
50:29
pointless. Not even the White House can fix
50:32
it. So the article goes into it.
50:35
They came up with this beautiful graphic that they spent a lot of
50:38
time on. And essentially their, their
50:41
base case is that, you know, crypto is pointless.
50:44
And not even Trump's endorsement is is even working out.
50:52
So I read the entire article and essentially the article is
50:55
claiming that Bitcoin's recent 50% drawdown proves it's
51:00
fundamentally worthless. I mean, we've heard these
51:02
articles time and time again, and it's only propped up by the
51:06
political favor favoritism of President Trump.
51:09
And of course, convenient that this article is coming out the
51:13
year of the midterms. The author argues that Bitcoin
51:17
has no real value, calls blockchains expensive and slow
51:22
databases, and the the pro Bitcoin legislation, a potential
51:28
strategic reserve and regulatory clarity as corrupt political
51:33
payback rather than policy decisions.
51:36
Again, an ideological bent to this.
51:39
They also recycled the usual talking points, low, low
51:43
consumer adoption, criminal activity volatility, and
51:46
comparisons to past private money failures.
51:49
I want to focus on this aspect 'cause it's very important.
51:53
When they talk about private money, they're talking about the
51:56
Wildcat era and the banking era. So before pre Federal Reserve.
52:01
What I find funny when someone calls the dollar public money
52:08
and Bitcoin private money is I asked them very simple
52:12
questions. Can you audit the Federal
52:15
Reserve? No.
52:16
Can you create more dollars without breaking a law?
52:20
No. It's called counterfeiting.
52:23
So if you can't audit the Fed, if you can't just create more
52:29
dollars sounds pretty private to me.
52:32
Now let's compare it with what they call private Bitcoin.
52:37
Can you audit the Bitcoin blockchain 24/7?
52:41
Especially if you're running your own known Highly highly
52:43
recommend the start 9, by the way.
52:46
Yes you can. It's completely transparent.
52:50
Anyone could audit it 24/7. Can you create more Bitcoin?
52:54
Yes. All you got to do is invest in,
52:57
you know, the necessary infrastructure to mine Bitcoin.
53:00
So what sounds more private and public to you?
53:04
Is it considered private because it's not controlled by the
53:10
government? Is that, is that why they're
53:12
calling it private? So the government, it's
53:16
unaccountable. It's the Fed is obscured to put
53:20
it, you know, to put it nicely, you can't, can't citizens can't
53:26
create more money. Like what is that?
53:31
Like they're, they're, they're like changing the words.
53:34
Bitcoin is public money. Dollars are government money,
53:39
private money for the government that the citizens are forced to
53:43
use by law. So I, I, I, I I resist that
53:47
framing altogether. So first, the first argument is
53:52
Bitcoin has gone through multiple 50 to 80% drawdowns in
53:57
its history and still up. No, our, our argument better
54:00
said our argument. So let let's counter this, this
54:04
opinion piece. So First off, regarding the
54:08
volatility, so Bitcoin has gone through multiple 50 to 80%
54:12
drawdowns in its history. Volatility is an example or
54:17
evidence of life. It is not a con.
54:20
And again, calling a blockchain or calling specifically the
54:24
Bitcoin blockchain misses the point.
54:26
It's the first globally decentralized, censorship
54:30
resistant, non sovereign money ever created in history.
54:35
Second, the bailout narrative. Bitcoin has no CEO, no balance
54:39
sheet, no central issuer. It can't be bailed out and
54:43
that's the entire design. 3rd 30% of US ownership in barely 15
54:50
years is not stagnation, it's massive adoption for a new
54:54
monetary network. It took the Internet decades to
54:58
hit similar penetration. That's right, Bitcoin adoption
55:02
in the United States has a faster adoption rate than the
55:09
Internet itself. So again, bullshit article.
55:14
This piece reads like an economic analysis.
55:17
More like resistance to monetary competition.
55:21
And I think the dead giveaway of all this is calling Bitcoin
55:25
private money. That's an ideological bent.
55:29
And do I think it's a coincidence that this is being
55:32
released on the year of the midterms where the the
55:36
Republican Party which has a pro Bitcoin pro crypto stance is
55:41
going against the Democratic Party that has an anti Bitcoin
55:45
pro CBDCCBDC stance? No, I don't think that's a
55:49
coincidence whatsoever. So this article or this opinion
55:53
piece is a hit piece, and it's meant, again, to cause
55:57
uncertainty and doubt for anyone for, for anyone who still thinks
56:03
reading The New York Times is a good idea.
56:06
But yeah, that that's what it is.
56:08
It's a political hit piece to cast certainty and doubt on
56:12
Bitcoin while simultaneously, you know, attacking the Trump
56:18
administration on the year of a midterm election.
56:21
But I want to thank the New York Times because they do give us a
56:25
ton of source material to cover and to talk about.
56:28
So we appreciate you, New York Times for doing just that.
56:32
Opti, I want to get your takes on this, man.
56:34
The articles like they, they're, they're aren't relentless, bro.
56:37
They're, they're relentless. These people like they've been
56:40
losing for the last 15. If they just shut up and just
56:43
bought the coin and put it in self custody, they would be
56:46
fabulous. Obviously wealthy if they just
56:49
did that instead of writing these articles, right?
56:52
Because these are the types of articles where look, you look
56:54
back five years in 10 years from now, you look back at this
56:58
article and you're going to have pie on your face, right?
57:00
You're going to, you're not going to look good.
57:02
You're not going to look good. But they keep trying and I
57:05
applaud them for trying it. It's very consistent.
57:11
Yeah, well, you know, when you're the New York Times as as.
57:15
If you if you're. Are waking up now and you're
57:19
realizing what the New York Times is it's not really a news
57:22
source. It is a propaganda machine.
57:25
And I remember, you know, I'm old enough to remember when they
57:28
did the whole Bitcoin mining flood in the green skull thing
57:31
and, and they literally altered a picture of Texas around a
57:34
Bitcoin mining facility and said, Oh, look, they're
57:37
polluting everything. So this happens constantly.
57:41
And honestly, I, I, I'm kind of, I kind of like it.
57:46
Like it makes me, it reminds me of the good old days when we
57:49
used to constantly see Bitcoin FUD.
57:52
And I know 2025 there was no Bitcoin obituaries like at all,
57:56
because it seemed like it was going to win.
57:57
You know, Trump was embracing it.
57:58
And now we're starting to get the Bitcoin obituaries in, in,
58:01
in kind of like a different flavor.
58:03
And it just it, it reminds me of the good old days.
58:06
Like I, I love to see this stuff again.
58:11
I've been saying this for months.
58:13
Careful what you asked for bro cause the Dems might might take
58:16
the house. Well, I know I would.
58:18
Look, dude, we're cooked. Like I've been saying, you know,
58:20
the, I actually, I was watching the World War 2 stuff over
58:24
yesterday and I it's no longer the gulag.
58:27
It's the stalags are going to be lit because we're going to be in
58:31
the work camps. So we're not just going to be
58:32
in, you know, the, the lock you away camps.
58:36
We're going to be in the work camps guys, because we're all
58:38
basically of young fighting age. So stalags, we're going to be
58:42
prisoners of war. They're going to be super LED.
58:44
All the boys are going to be there.
58:46
I'm totally OK with this. No, but like honestly, I might
58:50
have a contrarian take on on the dams getting in like I, I kind
58:53
of do think that they are going to get in, but maybe I'm not so
59:01
afraid of them getting in. I do know they.
59:04
Do like to use? Power, they they are very
59:06
aggressive. When they get into power, we
59:08
know what they're going to do. There will be a lot of
59:09
retribution, but I also feel like if they do win, whether
59:16
it's in 2026, if they get 20, the House in 2026 and then they
59:19
come into power in 20281. As we know, as we've been kind
59:23
of joking, you know, Bitcoin was going up a lot more when we were
59:27
being fought. And you know, maybe that comes
59:30
back on the table, but also more on like a broader view, not just
59:34
in the Bitcoin community. I do feel as if a lot of people
59:39
will see what the Democrats are doing and they'll they'll start
59:43
to actually fight the system again.
59:45
So it might be a whole new revival of like mistrust in the
59:49
political system. So I don't want it to happen,
59:52
but I'm also not as afraid of like literally if they get in
59:56
the power like we're going to the Culags, like I I don't think
59:59
that's going to happen. I.
1:00:00
I no, it's not going to happen, but the the but I, I do IA 100%
1:00:06
of this. I could say with confidence, I
1:00:08
know for a fact that the industry will get attacked from
1:00:12
a regulatory perspective once again.
1:00:14
And number goes up. A non sovereign alternative is
1:00:18
incompatible with their worldview.
1:00:21
I'm not. It's not monolithic, but they
1:00:24
want central bank digital currencies.
1:00:26
They want a centralization of control of the money.
1:00:30
I'm not saying that this is going to be the future policy or
1:00:36
sorry, the future official policy of the Democratic Party
1:00:40
heading into the future, But as long as Elizabeth Warren is that
1:00:45
the head of the Senate Banking Committee, that is what their
1:00:49
policy is going to be. They want a CBDC.
1:00:51
They don't want Bitcoin. Bitcoin is competition to a
1:00:54
CBDC. If you put a CBDC right next to
1:00:57
Bitcoin, right, Bitcoin is censorship resistant, It's
1:01:01
deflationary, right? It's absolutely scarce.
1:01:04
The government can't debase it. It's hard to confiscate.
1:01:08
So it versus the CBDC, which is none of those things, right.
1:01:12
So if people will have a choice, I think eventually.
1:01:14
And you, you speak to any Venezuelan or anybody who's
1:01:17
lived in a, in, in a country that has a kind of dictatorial
1:01:21
regime, authoritarian regime, like, you know that you don't
1:01:25
even need to convince them on Bitcoin.
1:01:27
They're like, how do I sign up? That sounds fantastic.
1:01:30
That sounds great, right So anyways, guys, it's going to be
1:01:33
a great show. We're going to head into the
1:01:35
culture and I'm excited. Let's let's, let's see what
1:01:39
you're. Going to like this one.
1:01:40
You're going to like this. One, I'm excited.
1:01:41
Let's check it out. I want to give a shout out to
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our partner Hive Digital Technologies.
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Alright everybody, we are back. I do want to give a shout out to
1:02:28
our partner Bitcoin 2026. Guys, it's going to be the
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I call it Bitcoin Super Bowl weekend.
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It's always a fantastic time. So many great side events, so
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I'm going to pass it on to Opti. Opti, what are we talking about
1:03:37
today during the culture? Yeah, yeah.
1:03:38
So I I got some good stuff. This is right up your alley
1:03:41
here, Nico. You're going to love this.
1:03:43
I don't know if you saw this, but I thought it was pretty
1:03:47
cool. This was this was a solid W from
1:03:50
Senator Lummis. So anyways, First off, a couple
1:03:53
of days ago, we got this tweet from Watch Your Guru.
1:03:55
It said, Justin, White House says President Trump will not
1:03:58
pardon Sam Bakeman freed. Obviously there's been a lot of
1:04:02
talk because they did pardon CZ from finance and everyone's
1:04:06
like, oh, wow, are we finally going to get to a pardon of FTX
1:04:10
and F and SPF? And I guess we got an official
1:04:14
announcement from the White House.
1:04:15
They're like, no, we're not going to do that.
1:04:18
Obviously. I think a lot of bitcoiners were
1:04:19
like, cool, like, thank you, you know, on that front.
1:04:23
Thank you very much, Mr. President.
1:04:24
Now going further a couple of days, the next day or wait,
1:04:29
sorry. Yeah, the next day we got this
1:04:32
tweet. Someone quote tweeted it and
1:04:34
goes watching amazement as suddenly SPF doesn't have a
1:04:37
bunch of political opinions nor post on true social.
1:04:40
And SPF goes the Clarity Act will be a huge milestone for
1:04:44
crypto and a huge achievement for Donald Trump.
1:04:46
I was championing a similar bill to get crypto out of Gensler's
1:04:50
hands when Gensler helped Biden's DOJ.
1:04:52
To put me behind bars. The perpetual victim here,
1:04:55
right? And then we got Senator Lummis
1:05:00
off the top ropes, a absolute W. Here and she goes.
1:05:04
Someone's looking for a pardon and doesn't realize the Clarity
1:05:07
Act would have have you locked up for much longer than 25
1:05:11
years. My legislation couldn't be more
1:05:13
different than the bill you tried to buy from Congress over
1:05:16
my objection in 2022. We do not need nor want your
1:05:21
support, Senator Lummus. Just absolutely doing doing some
1:05:27
damage on the timeline here. So obviously there has like this
1:05:31
even kind of connects to the New York Times article.
1:05:34
You know this whole crypto is pointless even with the
1:05:37
political support of the president.
1:05:39
There has been a lot of concerns recently about what Trump did
1:05:44
with CZ and Binance and what are the real implications.
1:05:46
What is the behind the scenes, you know, maybe pack that
1:05:50
they've made we. We don't know.
1:05:52
For sure, there's a lot of speculations.
1:05:54
There's a lot of rumors, but at least here for sure, Senator Lum
1:05:59
is just dunking on SPF after the White House says, yeah, we're
1:06:02
not going to pardon him. You just love to see it.
1:06:05
This is our senator. This is the Bitcoin senator
1:06:07
here. And it is obviously very
1:06:10
interesting when when you see SPF response to this, like I I
1:06:15
mean, 1, isn't he still in jail and he's got Twitter.
1:06:19
I mean, bro. But anyway, this is about
1:06:22
Senator Lummits. But like.
1:06:23
A a couple things about him posting while he's in, he's in
1:06:26
jail when when Ross was doing that, they would put him in a
1:06:30
hole, right? When SPF is doing that, it's
1:06:33
like, it's just like the Bureau of Prisons is just OK with that.
1:06:38
Like and and like my question to you is like, like who caused
1:06:42
more financial damage, right? Like that's a hot topic, but
1:06:47
like who caused more like SPF or Ross Ahlbrich, right?
1:06:52
SPF without a doubt. Like, so you know, like Ross was
1:06:58
basically thrown in in solitary confinement and SPF is just
1:07:02
like, you know, obviously he's using a proxy to or maybe he
1:07:06
even has a phone, who knows. He definitely has a foe he.
1:07:10
Did give a lot of donations. He put it in nature's pocket
1:07:12
all. Right.
1:07:13
I wish. I wish, you know, in this case,
1:07:16
I wish. In this case, I wish Twitter
1:07:22
still showed the location. Yeah, how funny would that be
1:07:26
like? Where's he at again?
1:07:27
Like Bureau of Prison, New York, The.
1:07:29
Bureau of Prisons, New York, you know.
1:07:31
Yeah. But anyways, how about Senator
1:07:33
Lummus? Yeah, coming in off the top
1:07:35
ropes. Yeah, I mean, look, I'm, I'm,
1:07:38
look, I, I, I had the honor of being able to interview her in
1:07:42
Washington, DC She she's amazing.
1:07:45
She's awesome. I, I'm a huge fan of Senator
1:07:47
Lummis, the team behind Senator Lummis, the staffers, they're
1:07:51
all amazing. And what she's done.
1:07:55
She is the Bitcoin Senator after all, and she's a bitcoiner.
1:07:58
And I, I'm saddened that she is not running for re election.
1:08:04
I'm, I, I'm that really, it really kind of bums me out.
1:08:07
I'll be totally honest with you guys.
1:08:11
But you know, she until her term is over, you know, she's still,
1:08:16
she's still representing us bitcoiners.
1:08:18
I love it. I love it.
1:08:20
So shout out to Senator Lummis and, you know, really, really
1:08:24
appreciate what she's done for our industry.
1:08:27
And she continues to be an advocate for us on the Senate
1:08:30
floor, which is like a it's a pack of hyenas in there, bro, a
1:08:34
bunch of snakes. But at least we got Senator
1:08:37
Lummus on our side, which is great.
1:08:39
And and I guess some clarity in the Clarity Act proposal that,
1:08:43
hey, maybe this won't be good for shit coins.
1:08:47
What's? The Polly market.
1:08:48
Let me see what the Polly market.
1:08:49
I don't think it's that good, bro.
1:08:50
Polly Market. I'm still bearish on it even
1:08:53
passing. Actually, we're getting the
1:08:55
deadline. I think it's March 1st when it
1:08:59
was supposed to get passed. So now.
1:09:00
It's up, so it has it has a quarter mil in volume, so it's a
1:09:05
lot of money on the line and has a 67% chance of passing.
1:09:09
And I'm pretty sure the deadline was March 1st, then this.
1:09:12
Is not going to get passed. Well, we'll yeah, I mean, I'm
1:09:15
I'm so maybe I'm right here, but we're we should hear something
1:09:20
by what? Like Tuesday I'm guessing.
1:09:23
I think is is March 1st Tuesday. Let me see.
1:09:27
No, I think it's Monday. I think it's Monday.
1:09:30
March March 1st is on a Sunday my friend.
1:09:34
Oh, wait, yeah, sorry. Yeah, tomorrow's the 28th.
1:09:38
Yeah, Last day's the 29th. Yeah.
1:09:41
Anyways, guys, wait, no. So that'll be Monday.
1:09:43
Guys, is there 28 days in February?
1:09:45
I thought it was 29th. Could you do that really cool
1:09:47
thing where you know what I'm saying?
1:09:49
Yeah. OK, yeah, yeah, I got you.
1:09:51
Wait, how did I do it again? Pretend to like.
1:09:52
Yeah, yeah. Say the outro and I got it, I
1:09:54
got it. I got.
1:09:54
It anyways, guys, if you guys enjoyed the the show, the shows
1:09:58
this week, we love you all. We appreciate you all.
1:10:00
Thank you guys so much for tuning in again, if you guys
1:10:02
want to support the show, check out our partners go to
1:10:06
simplybitcoin.com. If you want to buy our merch,
1:10:09
like subscribe, all of that good stuff, go enjoy the weekend, go
1:10:12
outside, touch some grass, get some sun, enjoy the family, eat
1:10:15
some steak, all of that good stuff and we'll see you guys on
1:10:18
Monday. All right, let's do.
1:10:25
Let's do that one more time. Just end it.
1:10:27
Just end it. Just end it.
1:10:34
Today's episode was Today's episode was brought to you by
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