Latest / Simply Bitcoin / Adam Back Predicts $700k Bitcoin this Cycle | EP 880

Transcript

Adam Back Predicts $700k Bitcoin this Cycle | EP 880 · Simply Bitcoin

0:07
It's. All going to zero against
0:10
Bitcoin. It's going up.
0:12
Forever. You're against Bitcoin.
0:21
You're against freedom. Yeah.
0:25
Welcome to another episode of Simply Bitcoin Live.
0:27
We're the number one source for the peaceful Bitcoin revolution
0:29
called Breaking News, Culture, Dramatic Warfare.
0:30
We will be your guide through the separation of money and
0:33
state technical difficulties. This morning I couldn't get my
0:36
green screen to work. I was having trouble connecting
0:39
to restream. But the good news is that we're
0:42
pumping. We're pumping.
0:43
I think we went from like 38 K We touched Fit 42K last night.
0:48
Everyone's been losing their minds.
0:51
Opti and I were talking about this off air.
0:54
It's like 2 years in a bear market.
0:56
Finally seeing the light at the end of the tunnel.
0:59
Things feel good. People are optimistic.
1:03
Adam Back is dropping crazy, crazy price predictions.
1:07
He's calling for $700,000 Bitcoin.
1:10
Samsung now is calling for $1,000,000 Bitcoin.
1:13
We're going to break all of that down for you guys today.
1:15
We have all the receipts and we have a very, very special guest
1:19
as well. We have the Bitcoin Atlantis
1:24
that's being thrown in Maida, Portugal.
1:28
How you doing Andre? Welcome to the show.
1:29
I'm. Good.
1:32
Thanks for having me. Well, we're excited, excited to
1:35
have you and excited to talk about what's going on with the
1:39
event that you're throwing. You have a lot of high profile
1:42
speakers flying from all over the world going to this, this
1:46
little, this little islands off the coast of Portugal.
1:49
What's happening there? I know that the President of
1:52
Portugal, for example, spoke or or or the.
1:55
I don't, I don't know what the correct terminology is, but he
1:58
spoke at either Bitcoin 2022 or Bitcoin 2023 and that was a big
2:01
deal. Yes, but it's the president of
2:04
Madara, not the president. President of Maida.
2:06
President of Maida. See, that's why I'm asking you.
2:08
That's why I'm asking you. Well, it would be amazing to
2:11
have the president also there, the the, the big main one, but
2:14
that's not possible so. Hey, never say not possible yet.
2:19
Yet yet. We have elections next March, so
2:22
who knows? Just actually one week after the
2:24
conference, we have elections for the national government, so
2:28
who knows? Yeah, there you go.
2:32
So if you live in, you live in Portugal, you know what to do.
2:35
Anyone who's always optimistic Opti, what's going on with
2:40
restream, bro. I don't know bro, You're having
2:42
all kinds of well, actually guys, for once this is not my
2:46
fault. This is Nico's fault.
2:48
So shouts out to the chat, making fun of Nico and not Opti
2:51
this morning. But hey man, big fun of the
2:53
show. Pile in because.
2:55
I don't know what's here. We made it.
2:56
We made it. We made it.
2:58
As Nigel was saying, you guys need to lower your time for.
3:00
No, no, we're we're, we want to hit our normal time guys.
3:03
But hey, it's Monday. It's going to be a chaotic week.
3:06
And hey, we showed up, so we're doing the best we can with what
3:10
we got working today. Nico, Don't update your
3:12
computers, bro. Yeah, don't don't update if you
3:15
use restream on your Mac. Like, don't operate your
3:19
operating system because it just messes everything up anyways.
3:23
I do want. To talk to updating Ledger,
3:25
right? Ledger makes a backdoor.
3:28
Maybe. Maybe the new operating system
3:31
that made a backdoor? I don't know.
3:32
Who knows? Update Oh man, Don't update,
3:35
don't update. That's for sure.
3:36
So Opti was talking about it being a heptic week.
3:38
Yes, simply Bitcoin is going to be traveling to Unconfiscatable
3:43
in Las Vegas. We're going to be doing some
3:45
awesome interviews with high profile speakers and I think
3:48
we're gonna be also live streaming the conference as
3:50
well. So we will be traveling.
3:52
We might miss an episode or two. Just letting you guys know, but
3:56
it overall it should be an awesome, awesome week.
3:59
All right guys, no more delay. Let's jump straight into the
4:01
show. We have a lot to talk about
4:03
today. Let's check it out.
4:06
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Stamp your seed on stamp seed. But because restream is bugging
5:10
for me. Yeah, your audio is a little
5:13
weird. Too in the video description.
5:16
Yeah, I I have no idea what's going on Opti.
5:20
Let me know if you. Did this one keep it going?
5:22
At the time of recording the Bitcoin price is 41,710 SATS per
5:27
dollar 2398 block height 819,700 seven 167 blocks to having
5:35
20,233 having estimate April 19, 2024 Total Lightning Network
5:41
capacity 5041 Bitcoin capacity value roughly 210 million U.S.
5:47
dollars Realized Monetary inflation 1.75% The market
5:51
capitalization of Bitcoin $816 billion with the B almost at a
5:56
trillion dollars. We're almost there.
5:57
Bitcoin versus gold market cap 5.92% Definitely a definitely a
6:02
big big big leg up. Anyways, this was an ad that
6:09
dropped over the weekend or last week, and originally it was a
6:14
Coinbase ad, but of course some bitcoiners hijacked the ad and
6:18
made it a Bitcoin ad opti let me know if you can hear this
6:25
system, Emma yeah? We're born into it, A system
6:28
with numbers and papers and lines and waiting.
6:32
You work. Hard Get good grades, Go to
6:34
college. I want to go to college.
6:36
I got good grades. I overachieved.
6:38
That's right, she did. Debt is good.
6:41
Debt. Is so good.
6:42
So much debt. I can totally save up and.
6:46
Buy a house and start a family. I want a family.
6:49
Oh, Starting a family means you need two or three jobs.
6:52
You can't afford to buy. Oh, you can't afford to rent.
6:56
Used cars cost as much as the new ones.
6:58
Oh, it's weird. Good debt is good.
7:01
Ahead of my classes are too expensive, work hard, get good.
7:03
The system did not rent. Is freaking interesting.
7:06
Breaking news. Everything is terrible.
7:09
Does it have to be this way? What if it was different?
7:12
It's always been that way. We've got to build our way out
7:14
of it. Yeah.
7:16
Book control packed in the hands of the people.
7:18
Not the. Bureaucracy.
7:20
A system with less paperwork, no waiting, no lines permission
7:24
less Just because. You're born into a system.
7:26
Doesn't mean you have to live with it.
7:31
So of course Bitcoiners hijacked that that that that ad.
7:36
Originally it was a Coinbase ad. And then of course, Bitcoiners
7:39
took the ad, took out the Coinbase logo, and then replaced
7:44
it with a Bitcoin logo. So it was very, very fitting.
7:47
But what I got to say about that is that, look, the overall
7:50
messaging was on point. Like I think they correctly
7:53
identified the problem. Now where I think they do a
7:56
disservice is that they're just leading people into shit coins
7:59
and saying, OK, shit coins are going to fix the solution versus
8:02
what Bitcoiners know it's that you know it's Bitcoin or
8:05
slavery. Bitcoin is the solution.
8:07
And another thing that they said is like, we got to remove the
8:09
bureaucracy, we got to remove the red tape.
8:11
Look, if you opt out of Fiat currencies, you're replacing the
8:16
your central banker with the shit coin developer because they
8:20
have the ability to change the monetary policy at a moment's
8:24
notice to benefit themselves at the expense of everyone else,
8:27
right? So you know, again, I understand
8:30
Coinbase, it's a public company. They put they bet behind, you
8:36
know, they bet behind the shit coins.
8:38
They're going to die on that hill.
8:39
It is what it is. But This is why me, Maddox are
8:42
so important. We were able to hijack it and
8:45
put a Bitcoin logo at the end and you know, and get our
8:49
message out that way. Anyways, I want to get Andre's
8:51
take on this. Andre, what's your take?
8:54
Especially on the messaging. The messaging of the ad was very
8:56
powerful in my opinion. You know, I think the most
8:59
important part is there are hordes of people that now
9:03
understand the breaking news. Everything is terrible part and
9:09
it's it's what's lacking is just that final step on understanding
9:15
what the solution is. But they're coming and it was a
9:19
magnificent ad actually. It was really good.
9:22
And we're seeing the hordes just, you know, unpleased,
9:26
unsettling. And here on the first world, you
9:32
know, it takes longer because things are not so broken as as
9:38
many other countries. So they get it first, which is
9:40
actually an equalizer in itself. It's not a problem, but it will.
9:45
It will eventually come and it's coming fast.
9:47
And in in Europe, we feel it a lot.
9:49
You know, everything's breaking. You know, the confidence in in
9:54
in in the old hits in the government, it's it's never been
9:58
so low. So it's coming and it's coming
10:01
soon and we're here to help everyone on board the escape I.
10:06
Understand that's that's the job of bitcoiners is we we have to
10:11
show them the escape valve to use Christine Lagarde's own
10:14
words to use the head of the European Central Bank, right.
10:19
Anyways, Speaking of Christine. Because our best friend,
10:21
actually, you know, she's just making everything faster.
10:24
You know, did. You know that she dated Opti.
10:31
Rather I tried to date her I. Tried.
10:33
I bet. I bet you didn't see it coming.
10:35
You know at the. Top Opti was trying to get as
10:38
close as possible to the to the Contilionaire spigot and Opti.
10:44
What happened between you guys? I don't know.
10:47
I I think I'm too outside the Elverton window.
10:49
Maybe. Maybe I'm too young.
10:51
I don't know. You know, I tried.
10:54
Did she dump you or you dumped her?
10:56
Well, she belongs to the street, so I dumped her.
11:00
You know, I I she she wouldn't let me get close to the money
11:03
printer, so I had to escape and find my own exit route.
11:07
But that's deep. That's deep anyway.
11:09
What do you what do you what? Do you think?
11:11
What do you think about the? Video Honestly, I I didn't see
11:14
it until now. I saw everyone was talking about
11:16
it on Twitter. I didn't know that was a
11:17
Coinbase ad, but to be honest, that messaging is is very good
11:22
and I hopefully it was Ronan who like, changed.
11:25
I don't know what the end looked like.
11:26
Maybe it like popped up Coinbase or something.
11:29
You know, Coinbase has had some very bad ads for a while, but
11:33
this one is very on point. It's kind of what we've been
11:35
talking about here on the show for a long time, that the powers
11:38
that be the the Cantillion insiders, the central bankers,
11:41
the politicians, everyone that paints Bitcoin as being criminal
11:46
or something to avoid, are really doing the best
11:49
advertising for Bitcoin that we could even imagine.
11:53
Because everything's getting more expensive, You know,
11:55
they're getting more tyrannical. They're trying to stifle the
12:00
freedom of speech. They're trying to stifle
12:01
information. And look, you know, Bitcoin just
12:05
hit 41 K Bitcoin is pumping. And so it's something you said
12:09
to me a long time ago, Nico. It's like you can't hide the
12:12
shock of inflation and now everyone is feeling it's
12:16
becoming the defining conversation.
12:18
Right now people are wondering what is going on with the money?
12:20
What is going on with inflation? Why is everything getting more
12:23
expensive? Why are why is shrink inflation
12:26
a thing? Like, why are they printing more
12:28
money? What is going on here?
12:29
And so these are the questions that lead people to asking
12:33
themselves what is money? What is the best money?
12:36
What is Bitcoin? And now that Bitcoin is, I think
12:40
officially in a bull run, at least by all metrics, we've
12:44
probably been in a bull run all year.
12:45
I know you guys have been yelling at me.
12:47
It's like we've been in the bull run for the whole year.
12:49
I know that. I think we're at like, what,
12:51
150% price appreciation this year in Bitcoin alone.
12:56
It's becoming very clear to everyone out there.
12:58
It's like, wait, what is the problem and is there a solution?
13:02
And this is what we talk about constantly on the show.
13:04
Like, yo, if you're an average person of average means you
13:07
can't save in dollars, life is getting more expensive, you're
13:11
barely able to make ends meet, people are working two to three
13:15
jobs and still living paycheck to paycheck, well, you might
13:19
want to look for an alternative. And of course that alternative
13:22
is Bitcoin. There is Bitcoin, and then there
13:25
are shit coins and everything else is a shit coin in
13:27
comparison to Bitcoin. And so, again, I've been saying
13:31
this for a while, and I'm glad that Nico's finally getting
13:33
stupidly bullish, you know, saying that we might not be
13:37
seeing diminishing returns anymore.
13:39
We're asking, we're asking the chat right now.
13:41
About 86 of you have already voted.
13:45
Does diminishing returns break this cycle?
13:48
56% of you said yes, it does. I'm going to pass it on to
13:52
Andre. Andre, do you believe in the
13:54
diminishing returns theory? I don't know.
13:57
I believe that this one always surprises you.
13:59
So I wouldn't bet on any any of any of the outcomes.
14:04
I'm you know, I just believe in the low long term perspective on
14:09
the thing and there it will break everything.
14:12
As a seller put it, all models are destroyed and it will
14:17
eventually break everything but on a good way.
14:20
So, and it's not the first time that cheap corners do good ads.
14:25
I still remember FTX on the golden bowl or whatever it was.
14:28
It was kind of funny and it was on point at the time as well.
14:32
Yeah. We all know why it ended up but.
14:36
Oh man, I I do remember that. Yeah, dude, the shit corner,
14:39
man. We we got to step up our game as
14:41
bitcoiners and get. On this good parking department,
14:43
man, they're good at it. So it's.
14:45
They're really good. They're really good at it.
14:47
I mean, I was literally joking with Nico the other day.
14:49
I was watching a a football game by chance and it was like
14:53
blockchain.com all around the arena.
14:55
I'm like, yo, like these shit corners are everywhere, man.
14:59
Like we need to get some of that shit coin money.
15:01
If only we didn't have principles, man.
15:04
They're everywhere. You know, in Europe we are, you
15:07
know, big, big football fans. There's shit corners on almost
15:11
every shirt. Even my, my, my favorite team in
15:14
Portugal, they have been ants here.
15:18
I don't know if people know this as well, but Cristiano Ronaldo,
15:20
for example, is from the data. And you know, actually there was
15:24
a couple of news today or yesterday that is being sued.
15:30
So you lay your own bed, man. You'll eventually learn.
15:34
So it's good. Oh man.
15:42
All right, Opti, let's jump straight into the culture.
15:44
We could talk about Bitcoin Atlantis, and then we'll hit the
15:46
news. We'll talk about Adam Back's
15:48
crazy price prediction in the news in the segment after that.
15:51
But first, I do want to give a shout out After Bitcoin 2024,
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17:18
Let's go. So I got this, Nika.
17:22
I got this. You're you're you're you're
17:25
getting lost in the matrix right now.
17:27
All right, so, Andre, you've been talking about Madera
17:32
Portugal, and we will get to the Bitcoin Atlantis at the end of
17:37
this. But let's start with your first
17:38
project. What is freemadera.com?
17:40
What are you working on? Well, you cannot disconnect the
17:43
project the free meter from the conference because free meter
17:47
organizes the conference and it's part of the objectives as
17:49
well. But yeah, free meter is in the
17:52
basis of it all. It's a, it's a non profit.
17:55
So basically it was set up to for the high, you know, level of
18:03
adoption and and education of all Bitcoin touches in our
18:08
region in our archipelago. And we have a lot of plans.
18:12
You know, Bitcoin touches everything.
18:13
So it goes from education to remittances.
18:16
We have a big diaspora outside of Madar as well, a big
18:19
connection to Venezuela and other places energy.
18:24
We're working with the public power company on educating them
18:27
to integrate mining and other, you know, other parts of the
18:30
technology in their services. We're creating a Bitcoin
18:35
business hub where we'll have the free Madar headquarters, the
18:39
meet ups, the podcast, the you know sovereign engineering
18:42
projects, so educational projects inside and and
18:45
especially a place where Bitcoin companies can incorporate work
18:49
from there with a Co working space, you know private offices
18:52
and so on. So many, many good long term
18:56
projects that we're trying to establish.
18:58
Some of them are already, you know, full on, some are still on
19:03
the planning. But there's many, many good
19:05
goals for for the for the overall organization And my dad,
19:09
of course. Awesome.
19:11
Love it. Love it.
19:12
OK, so let's just jump straight into Bitcoin Atlantis for those
19:15
listening in audio. How is Bitcoin Atlantis shaping
19:20
up? When is it?
19:20
What can people expect? All that good stuff.
19:24
No, I was shaping up, shaping up to be a great week in Madara.
19:27
You know since we decided to do it, it grew.
19:31
It became this monster conference that we're doing in a
19:34
stadium in downtown for Shaw. We're hoping to get 5000 people.
19:40
Things are going very well on ticket sales.
19:42
So we're, we're probably almost there.
19:44
And yeah, we because of our Advisory Board that we have at 3
19:49
Madara, you know, with people like Jeff Booth and Tracross and
19:52
Samson and Obi and you know, so many good people helping us, we
19:57
were able to reach out to this long list of of speakers that
20:03
are already on board. We have many, actually many more
20:07
news to give on the following months.
20:09
There's a lot more that you can see on the page right now.
20:13
But of course we have all the big names.
20:15
Jack Dorsey, Michael Seller, Jack Mahler, Jeff Boots.
20:17
You know, list goes on. Add them back Giacomo Obi, I
20:21
don't know. There's over 120 speakers
20:25
confirmed and that will be on the 2 main stages, the Mainstage
20:31
and the open source stage. But for in our view it's also a
20:34
a mainstage because a lot of good conversation is going to
20:37
happen there and and a bunch I mean a serious bunch of
20:42
satellite events that we can speak in more detail.
20:46
But it's going to be a full week of activities in in in the
20:49
island and in the venue and in many other smaller venues around
20:53
and even some nature ones not related to you know to to
20:57
Bitcoin itself, parties and music festival.
21:00
The list goes on because we we decided from start, you know,
21:05
but but that is a is already a very, oh can I say a very known
21:11
touristic destination and an amazing place to to spend the
21:14
vacation. So we decided to make it a full
21:17
week and if people are coming to Madera, why not spend some
21:22
vacations. So we invite people to come a
21:24
few days before, go a few days after and get to know the
21:28
island. There will be a lot of
21:30
activities of nature like boat trips and hiking and many other
21:34
things to do. So just, you know, treat it as a
21:37
vacation with the family and, you know, with an amazing
21:40
conference in the middle of it. Love it.
21:43
Love it. OK.
21:43
For the audio listeners go Mika, I can hear you give.
21:47
Me an update? Am I coming in clear?
21:49
OK, Yeah. Yeah.
21:50
Yeah. I don't.
21:50
Know guys, don't update your computer.
21:53
So yeah, you can use promo code simply right now and it will
21:56
give you AI. Think it's a 10% discount if you
22:00
guys want to get your tickets to Bitcoin Atlantis?
22:03
And Maleida, Opti, yeah, yeah, I just want for the audio
22:08
listeners, Andre, when exactly is this conference?
22:13
So do the conference. The main days are 1-2 and three
22:17
of March. That's Friday, Saturday, Sunday.
22:21
But the events start three days before.
22:24
I think the first main event is a golf championship.
22:28
We're calling it the whole corner.
22:30
So for every golf aficionado, it could come three days before
22:34
this amazing golf course that we have in the mountains, beautiful
22:39
views. It's going to be a fun day with
22:43
finishing with the launch and some SAT surprises and so on.
22:47
And then there's many, many others like we on the 28th, we
22:50
already and we have some partner satellite events.
22:53
So excuse me if I forget some, but we'll have me premier
22:57
Bitcoin with a with an event previous to the conference.
23:01
We're going to have the Raspy Blitz guy with the with the guys
23:04
with another event. We're going to have a women's
23:06
branch. We're going to have the mega
23:09
pleb dinner that I'm just you're just scrolling by On Sunday
23:13
we're going to have the Atlas Music Festival on a very cool
23:17
park near the main venue. It's going to be headlined by
23:20
Theo Katzman. We're going to have a special
23:23
meet up on mini design Center, a very cool place in the port of
23:27
Rochelle. We're going to have the pitch
23:29
day, the so a start up slash VC day for presentation of new
23:35
Bitcoin companies. We're going to have the Welcome
23:40
to Bitcoin So a noob day before the conference starts.
23:43
One day before the conference starts on the 29th, just for for
23:48
newbies, 100% in Portuguese. Well, what?
23:53
More boat trips? Pleb walks?
23:55
You were going to have the half in the seaside run for running
23:59
aficionados. So many things that I'm probably
24:05
skipping a few. That's going to be awesome.
24:08
Yeah man, I'm, I'm just guys, definitely get your tickets to
24:12
Bitcoin Atlantis. Do the prices go up as time
24:14
progresses, Andre? Yes, next increase and final
24:18
increase is we didn't, we didn't do a do a lot just you know
24:22
quarterly. So the next one is on the 1st of
24:24
January by by, so buy your tickets this year still.
24:28
Yep, buy your tickets this year guys.
24:30
You could check out the link in the video description and use
24:34
promo code simply and that will get you a 10%.
24:38
By the way, Nico, be before we move.
24:40
On Atlanta simulated, Yeah. Andre, what?
24:44
What exactly is the response to Bitcoin in Madera?
24:48
Like? Is it known?
24:50
How? How do people look at Bitcoin
24:51
over there? Well, it's still like most
24:54
places. I would say the majority is
24:55
still very far away either they a lot of people still think it's
25:01
a scam of course, and a lot of people are involved involved in
25:05
shit coiner as well. You know the spirit, Cristiano
25:08
Ronaldo endorses shit coins. So it's it's hard.
25:11
We're starting from the bottom but we are, we are very, very
25:16
surprised not only for the community that already
25:20
established here in Mulatt, it's becoming quite big actually a
25:24
lot of businesses and families, some of them already here, some
25:29
on our way some already you know very interested.
25:32
We we've been getting messages every days and and I was very
25:37
surprised since we started the open the the merchants trying to
25:43
get merchants on board. When we confirmed the conference
25:46
and really wanted to push it. I was very surprised by how many
25:51
people just on board and Bitcoin without even blinking of an eye.
25:54
You know I was very surprised and we're growing the we're
25:58
growing numbers every day. We're being almost like Bitcoin
26:00
we're we're a full round of merchant adoption here in Madaha
26:03
now. So I think the perspectives are
26:06
very, very good. Love it, love it.
26:09
And I I think it just kind of goes what what your goal is with
26:14
the conference to onboard NOOBS and of course bring bitcoiners
26:17
to your lovely, lovely island. It's a it's a very it's a golden
26:22
opportunity to increase the education by 5 by tenfold.
26:28
You know people get a lot more curious.
26:30
We have big names it's going to put a lot of movement like but
26:33
that is not that big and the main city for shell is a medium
26:36
sized city so you can imagine 5000 bitcoiners in a week and
26:40
Don Don for shell is going to be completely crazy.
26:43
So of course it pushes the awareness and and one of our
26:47
goals, we have a Layer 1 ticket just for residents quite cheap,
26:50
So very cheap for locals to to for the curious locals to to
26:54
come to learn. And I think a lot of them will
26:58
be surprised because they're going to be very surprised that
27:02
they go to the conference and almost nobody's going to pick
27:05
speak about price. So it's going to be very
27:07
technical, very, you know, we're going to speak about energy,
27:09
about macroeconomics, about a lot of stuff.
27:12
And they'll be surprised and hopefully learn why become is so
27:15
different from everything else that they're being, you know,
27:18
slapped in the face every day. Yeah, I love it.
27:22
Love it. All right.
27:23
Well Nico, I think your audio is doing well, so.
27:26
Am I back? All right guys, before we get to
27:29
the news, I do our sponsor. They're the most trusted place
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All right, everybody, let's get to the news.
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We got a lot to talk about today.
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Nika Updating my back? Yeah, opt in.
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My back. My God, I don't know.
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Yes, yes, yes. You upgrade your Mac.
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Don't upgrade your Macbooks. Everybody okay.
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Remember, not your keys, not your Bitcoin.
29:41
All right everybody. So a crazy prediction by Adam
29:44
Back basically saying calling for $100,000 Bitcoin by the
29:49
having he made that famous bet with the Kingo.
29:52
But I think he was feeling extremely bullish because he
29:55
made another he made another prediction last night, basically
29:58
saying that by this having and and Samson Mao and him were
30:02
going back and forth, by this having, there's a possibility
30:06
that we might see $700,000 Bitcoin.
30:09
Why $700,000 Bitcoin? He is saying that Bitcoin might
30:14
flip the price of gold. Now something crazy is
30:17
happening. Look we're really not that far
30:21
off from the previous all time high about 50%.
30:25
It's according to this this trading view statistic.
30:30
This is going absolutely parabolic.
30:32
This is not at all what happened last cycle.
30:36
So things are just things are heating up and especially it's
30:39
it's not even the Bitcoin having yet And I think the reason for
30:43
all this and of course we're speculating there's no way to
30:46
know this for sure is for two reasons primarily.
30:53
Primarily the reason number one is the Bitcoin ETF.
30:56
A lot of people are getting excited because of the Bitcoin
30:59
ETF and because of the potential inflows coming into Bitcoin with
31:04
all this institutional money coming in.
31:08
That's reason #1 and reason #2, and I think the the the more
31:13
important reason in my opinion is that Michael Saylor is in the
31:17
green. His average price per bitcoins
31:19
around 30,000. And Naimbu Kelly this morning,
31:22
which is what we're going to talk about on tomorrow's
31:24
episode, tweeted out that El Salvador is now in the green as
31:28
well as the price of Bitcoin is at $40,000 per coin.
31:33
That's two massive deals on the public company level.
31:37
Michael Saylor has proven that Bitcoin is not only in a viable
31:40
alternative to holding Fiat, but is a better alternative.
31:44
And then on the country, on the nation state level, Naeem Bukele
31:47
is proving that Bitcoin again is not only a viable alternative to
31:51
Fiat currencies, but it it is a better alternative.
31:55
Clearly El Salvador's Bitcoin strategy is winning and that's
32:00
in complete contradiction to what the IMF predicted because
32:03
the IMF was hit El Salvador with all this legacy media propaganda
32:08
attacks using the corporate media saying this is going to be
32:12
terrible for your economy, your economy is going to collapse.
32:14
And then with Argentina, when the IMF gave Argentina another
32:19
bailout, one of the conditions was that the Argentine
32:22
government had to de incentivize the adoption of Bitcoin and
32:26
crypto, right? So the IMF, the predictions that
32:29
they made, they got it absolutely wrong.
32:32
Now it's undeniable that Nayeem Bukele with the Bitcoin law made
32:36
the right decision. And I think because they fix the
32:40
base layer of society, I think you see, you're seeing El
32:43
Salvador flourish. You're seeing El Salvador
32:46
improve. Maybe it's too early to tell,
32:49
but as a bitcoiner who has adopted a Bitcoin standard for
32:53
about 6-7 years now, I could tell you that it's completely
32:57
changed my life. It's improved.
32:58
My life could say the same thing about Opti.
33:00
I could say the same thing about everyone who's really adopted a
33:02
Bitcoin standard. Anyways, this is Adam Back.
33:05
This is his prediction. I think he was feeling bullish
33:07
last night with the price of Bitcoin flying.
33:09
He said digital gold. Bitcoin will surely flip
33:12
physical gold sooner or later, and probably this having cycle.
33:18
So within a year or two currently I would take 700,000,
33:23
seven, 700K Bitcoin. But it may be partially a
33:27
substitute. Some people start selling gold
33:29
to buy Bitcoin crossing the market cap below that, right.
33:33
And of course we always read you this on Clark Moody's dashboard
33:36
and we do it on purpose Bitcoin versus the gold market cap and
33:40
it's at 5.91%. So I think when we started
33:45
covering this, it was in the 3%. So it still has a while to
33:50
climb. But I mean, look, someone who
33:52
was, who was cited in the Satoshi in the Bitcoin white
33:56
paper making these types of bullish predictions, I mean,
34:01
something might be happening there and I'll get to why.
34:04
I think it starts to make a little bit more sense.
34:06
So here's Vijay Boyapati. He wrote the very, very, very
34:10
famous piece that went absolutely viral, that it was
34:14
eventually turned into a book. I think he might be speaking at
34:18
Bitcoin Atlantis, I think, which is the bullish case for Bitcoin.
34:23
And he says Bitcoin all time high before the halving.
34:26
For the first time ever, Adam Back responded with that's what
34:29
I've been saying. My bet is 100K Bitcoin before
34:33
the halving. So Adam Back is feeling bullish
34:37
to say the least. On the other side of things,
34:41
here is Opti's ex-girlfriend, Christine Lagarde, and here is a
34:44
tweet by the European Central Bank just to contrast both
34:48
things. International cooperation has
34:50
brought indisputable benefits, but mistrust has grown among
34:54
citizens, says optis ex-girlfriend Christine Lagarde.
34:57
To respond, policymakers need to focus on citizens, priorities
35:02
and lead with courage while being held accountable.
35:05
What about being held accountable for all of that
35:08
money printing? Why do they keep gaslighting us?
35:11
Why do they keep trying to shove CBD CS down our throats?
35:15
Right. So again, I think this is the
35:17
another definition of gaslighting.
35:20
Just gaslighting right up in your grill.
35:23
OK, so Adam Back is predicting these crazy things, right?
35:27
That's what I've been saying, 100K.
35:28
Boy, the halving and he's predicting 700K Bitcoin.
35:32
This having cycle. You guys know the deal and
35:34
simply Bitcoin. We don't really speculate but we
35:37
can make the case. So first we kind of have to go
35:40
back in time and see what happened last cycle.
35:45
And I think that this played a major role in why the last cycle
35:49
was played short. So if anyone who's looking on
35:53
the screen right now, here is the US dollar. the US dollar
35:57
price in April of 2021, and it was at it peaked at roughly 60
36:03
or or 58,000 U.S. dollars. And then it crashed last cycle.
36:08
At the same time of that crash, the Bitcoin hash rate crashed as
36:14
well. The Bitcoin hash rate crashed
36:16
because the majority of Bitcoin miners were located in mainland
36:20
China and the CCP made it illegal for you to mine Bitcoin
36:26
and mainland China. I believe this was a major
36:28
reason as to why Bitcoin did not hit 100K last cycle.
36:33
I think it was attacked on a nation state level and there's a
36:37
direct correlation between the price of Bitcoin and the crash
36:41
of the hash rate. As the hash rate recovered, you
36:45
know Bitcoin broke all time highs again.
36:47
But more importantly, it survived a nation state attack.
36:51
It decentralized the hash ray in the process and the hash ray is
36:55
literally going parabolic. It shows no signs of slowing
37:01
down. So all those people that are
37:03
bullish on the future of Bitcoin continue to invest a large sum
37:07
of money into the infrastructure that is required to mine
37:10
Bitcoin. So, I mean, that's a really,
37:12
really good sign. Also on another side, and I
37:15
think this plays into the narrative by Naimbu Kele and by
37:21
Michael Saylor, is that Bitcoin is just a superior asset.
37:25
It's not even at all time highs. But if you've been saving in
37:29
Bitcoin, the US dollar is actually 90% cheaper than it was
37:34
five years ago. The oil is 85% cheaper.
37:39
If you've been holding Bitcoin for five years, gold is 80 gold.
37:43
That's that's to you. Peter Schiff is 84% cheaper.
37:47
The S&P 500 is 84% cheaper. If you've been holding, if
37:51
you've been saving a Bitcoin for the last five years.
37:53
Even housing prices in the US, they've doubled since they
37:56
printed that record amount of money.
37:59
Still, housing prices, if you've been saving in Bitcoin, are
38:02
actually 77% cheaper than they were a couple of years ago.
38:09
OK, now here's the other component, which is Bitcoin
38:12
supply. This is the first time this has
38:14
really happened in Bitcoin's history.
38:17
Bitcoin supply in active for a year, So what happens right?
38:21
So 70% of Bitcoin supply doesn't move and at the same time you
38:27
have these massive institutions coming in announcing ETFs, you
38:32
have Naimbu Kale strategy being proven right on the nation state
38:36
level and you have Michael Saylor strategy being proven
38:39
right on the public company level.
38:42
You have the perfect storm of events and I think that is what
38:47
is causing this crazy crazy price to run up the way it's run
38:52
up. So.
38:54
So before the having right here is the rational route who has
38:58
done a great job covering this right.
39:01
And he has these, he has these graphics that point out right.
39:05
So usually what happens during the run UPS is a lot of people
39:09
sell their Bitcoin. You could see that, right.
39:11
So percent of supply last active for the last year, right.
39:16
And of course it kind of dumps on the run UPS.
39:18
You saw that last happen in 2017.
39:21
All this Bitcoin is being dumped but for the first time the
39:25
percent of supply 70%, it's reaching an all time high.
39:31
We've never been in this type of situation in Bitcoin's history,
39:37
70% of Bitcoin addresses of the Bitcoin has not moved in over a
39:42
year. People are huddling crazy
39:45
psychopaths, care about the propaganda, don't care about
39:48
whatever Christine Lagarde is saying, and they're holding
39:51
their Bitcoin and they don't wanna sell their Bitcoin, right?
39:54
So this perfect storm of events is converging to create this
39:59
very, very bullish environment. That I think, again, we don't
40:03
speculate on simply Bitcoin. We don't, we don't make price
40:06
predictions. We don't, we don't, we don't
40:07
like to say where the price is going or anything like that.
40:11
But you have Adam back who is literally calling for $700,000
40:16
Bitcoin. You have Samsung Mao who's
40:18
calling for $1,000,000 Bitcoin. I don't know if it's going to
40:21
get there, but those are crazy, crazy price predictions, bro.
40:25
Those are crazy, crazy numbers. And if you actually look at the
40:28
data, if you look at the information behind the scenes, I
40:33
mean is it really that crazy, right?
40:35
If if the if the total amount of Bitcoin that's being sold, the
40:40
cell pressure gets cut in half during the halving, 70% of
40:44
holders are not selling, the hash rate continues to go
40:47
parabolic. I mean is it not creating a
40:50
perfect storm? I think we're so jaded from the
40:53
last bull market US, you know, US class of 2016, class of 2017
40:58
bitcoiners that I think we we're a little bit nihilistic.
41:02
I think we have a little bit of PTSD.
41:05
So anyways, is the diminishing returns theory going to be
41:08
broken this cycle? My vote is that yes it will, it
41:11
will be broken this cycle. If it doesn't get broken this
41:14
cycle, you're looking at a $70,000 Bitcoin.
41:17
I don't know. Anyways, Andre, what are your
41:20
thoughts on this? Is Adam back being too bullish?
41:24
Well, you made a mistake by it's.
41:26
It's going to be 700 K Buy Bitcoin Atlantis, not the whole
41:29
thing. So no, just joking, man.
41:34
I don't know. Bitcoin is unpredictable.
41:38
It feels like it's it's it's going to break to the upside.
41:42
So if I had to vote, I would vote.
41:46
It's not going to be diminishing returns this time.
41:50
But you know, I've all bets are off.
41:54
You know what matters again is the long term and that I know
41:58
it's I I bet everything I have that's going to be way, way more
42:04
than it is today. So, you know, just calmly living
42:07
my life and working on it until it comes.
42:10
Yeah, yeah, I agree. I think long term, extremely
42:13
bullish. No one knows.
42:14
I think that's a really good point by Andre and I want to
42:17
emphasize that enough. No one knows what the price of
42:19
Bitcoin is going to do tomorrow. A year from now, everyone could
42:23
just kind of guess. I know that Mandrick, for
42:25
example, he made a very famous bet.
42:28
He made the bet that Bitcoin was going to break 40K by the end of
42:32
the year. Who's going to eat vegetables
42:34
for the rest of the year? And then Mandrick hit the nail
42:36
on the head. But as Mandrick pointed out, he
42:38
was like, I was totally guessing.
42:40
I made, you know, that was a total guess.
42:42
And I think that's essentially anyone who is drawing lines and
42:46
making price predictions. What you're really doing, maybe
42:49
you can make, maybe you can make the statement that you're We're
42:52
making educated guesses, but at the end of the day, no one knows
42:56
whether this is going to go up or down tomorrow.
42:58
But I do know. American Hotel also lost the bet
43:01
with the Peter McCormick, right? They said it would be 300 K but
43:06
there was the last bull cycle was very manipulated as well.
43:10
We all know now that FTX and others were playing around and
43:14
doing bullshit in the background selling Bitcoin that they didn't
43:17
have. And actually that's also in part
43:20
why I don't make any educated guess on on the Bitcoin price,
43:25
because I think those that stuff is not good.
43:28
It's not still going away for for sure and on on every there's
43:32
still a lot of bad stuff happening in the in the
43:36
background, a lot of manipulation that can also
43:38
happen with the FTFS and ETFs and all of that.
43:41
So there's a lot of bullshit to clear before the price really
43:47
runs up and and goes holistic in my.
43:50
View 100% Opti. What's your take on all this,
43:52
brother? Yeah, well first and foremost,
43:56
I'm glad you said that is all price speculation and no one
43:59
knows where the price is actually going.
44:01
All we really know is 21 million hard caps.
44:03
Censorship resistant money. We know that the Fiat world has
44:07
to continue to print money. As the meme goes, you know,
44:11
infinite Fiat dollars divided by 21 million.
44:14
It means number is going up. It's going up forever.
44:17
So this all just kind of culminates into what we've been
44:22
saying for a while. And you know, this year has been
44:24
one of those years where we've been following naive bukelly.
44:27
We've been following Michael Saylor.
44:29
And you know, maybe they aren't fully vindicated on a corporate
44:34
and a nation state level, but at least to us Bitcoiners, we know
44:37
that they're right and they will continue to be right.
44:40
And the more the price goes up, up, the more more people will
44:44
wake up to this being a viable solution.
44:47
And I tweeted this morning like Bitcoin being smaller than
44:51
corporations or countries, balance sheet right now just
44:55
shows how early we are in this game because Bitcoin is bigger
44:58
than any one company, any one country.
45:01
It's bigger than every one of us individuals out here.
45:04
But what we do know is that you cannot make more Bitcoin and
45:08
we're seeing that the world is is actively starting to drop
45:14
U.S. Treasuries which is currently
45:16
though you know the safest risk off asset in the world.
45:20
So we're seeing that everyone is looking for a solution, or
45:24
rather something to store their value.
45:26
Flight to quality. Up.
45:27
It's a flight to quality and we're seeing it happen in real
45:30
time. And you know, I know in 2020 we
45:34
didn't really see a blow off top.
45:37
And we also kind of had at the same time like that whole
45:40
GameStop thing happened and all those people were speculating in
45:43
Stonks. Well, you know, I just can't
45:45
wait till they all wake up to the realization that Bitcoin is
45:49
that real. Bet you know Bitcoin is that
45:51
real GameStop and it is the Occupy Wall Street.
45:55
It's the real Occupy Wall Street.
45:57
And so we're going to see that. I think this cycle, I've been
46:02
saying it all year, we're seeing a perfect storm for Bitcoin.
46:06
We're seeing that the flight to quality is happening.
46:09
We're seeing U.S. Treasuries, you know they're,
46:12
we're seeing people drop them. We're seeing BRIC nations start
46:16
to move away from the dollar. We're seeing inflation go higher
46:21
than ever. And I just remember when I got
46:23
in 2017, like everyone and their mother was talking about
46:26
Bitcoin, it was, it was really a drive by retail.
46:30
And now we're seeing that the biggest institution, asset
46:34
manager of the world are going to not only get bullish on
46:38
Bitcoin, but they're going to be educating everyone out there
46:40
about Bitcoin. Like, in my opinion, and I've
46:42
been saying this for a while and hence why I'm kind of trolling
46:45
Nico right now. It's like we got him.
46:47
I I don't know if this is the cycle that we see diminishing
46:51
returns end, but I do know there will be a point where Bitcoin
46:57
becomes the monetary asset. And once corporate treasuries go
47:03
fully into Bitcoin, once nation states go fully into Bitcoin,
47:07
once quote UN quote, the smart money drops treasuries U.S.
47:11
Treasuries and they start going into Bitcoin once Bitcoin starts
47:15
milking some of the real state, you know, store a value.
47:21
And then once we get that feedback loop of everyone
47:23
talking about Bitcoin and we see retail start to FOMO into
47:26
Bitcoin as the price goes up, like I think we are all totally
47:31
underestimating how high the price will go.
47:34
And it really all boils down to just Bitcoin fundamentals.
47:39
A hard capped currency, hard capped monetary asset that is
47:43
censorship resistant, that you truly control, that is private
47:47
property that no one can take from you.
47:49
Like I don't think we are bullish enough and I and I say
47:52
it all the time, like my fatal flaw is that I'm too bullish.
47:55
I get, I get overly bullish all the time and once the price
47:58
starts to pump, I I get even more stupidly bullish.
48:01
And you know, I remember 2017 or rather maybe it was 2020 when my
48:06
favorite bitcoiners, the O GS out there where you all get
48:09
caught up in the same thing like this is hyper bitcoinization.
48:12
It's happening. But we are in hyper
48:14
bitcoinization right now and it's a slow process.
48:17
You know, like this year I was thinking about it over the
48:19
weekend. You know, I I kind of have a
48:21
cold, I don't know if you guys can hear it.
48:23
I was kind of dying, you know, and and just like I, I unplugged
48:27
from Twitter and I wasn't feeling that good And then you
48:31
know Bitcoin, I I think it was either it's like my brother or
48:34
something. He texts me, he's like yo,
48:35
bitcoins over 40K. And I just kind of sat there and
48:38
was like wow, you know, Bitcoin. I think today it's like Bitcoin
48:42
has something like 150% returns this year.
48:45
But throughout the year it's been a slow grind.
48:48
Like you know, there was days when it was up, there was days
48:51
when it's down and we didn't really realize how good of
48:54
returns we got this year because it was just like in the
48:57
day-to-day grind. We're like Oh my God, here we
49:00
are, we're still in a bear market and I think we're going
49:02
to see this continue moving into the next year.
49:05
I don't know if we will see a huge price rise going into the
49:09
halving, you know, 100K by the halving.
49:11
I'm I'm kind of leaning I'm kind of betting against Adam back on
49:15
that point but but what do I know backs an OG and he's been
49:18
here for a while but my only thing and and it's kind of the
49:21
gradually then suddenly meme like we're going to gradually
49:25
start to see Bitcoin climb. It's going to do these little
49:28
climbs up and down. You know it's going to go up.
49:29
It's going to go down and then before we know it it's going to
49:33
be above all time high. It's going to finally get some
49:36
escape velocity and it's going to go absolutely nuclear.
49:40
And I'm just, I just keep thinking that once we finally
49:43
get that like blow off top scenario that it could be
49:47
sometimes when like it goes absolutely nuts again.
49:51
All we really need is some very convicted deep pockets that
49:54
never want to sell their Bitcoin.
49:56
And this is never going down like I think we are, you know,
49:59
we are human and we like to look at the past and we like to look
50:03
at patterns and there will be a point.
50:06
Maybe it's not this cycle, maybe it's next cycle where Bitcoin,
50:09
what's this? What's the meme?
50:10
You know, Bitcoin breaks all your models and it's just like
50:13
there's escape velocity. It goes up and it doesn't
50:16
necessarily follow the same like, OK, every four year cycle
50:20
it's going to go up and then it's going to come back and
50:22
correct. Maybe there's a time when it
50:24
just keeps going up and then eventually there's a correction.
50:27
But is it this time? Is it next time?
50:31
I don't know. All I know is that 21 million
50:34
hard cap censorship resistant money is where we're going.
50:38
We're not going to go to gold, digital money for Digital World.
50:41
And when you show the numbers of how many people are huddling
50:45
their Bitcoin and how many people understand what they're
50:47
holding, again, it's just a perfect storm.
50:50
Because what are you going to do?
50:51
You're going to sell your Bitcoin to get more Fiat?
50:54
Like that's absolutely stupid once you understand what you're
50:56
holding. It's not necessarily about the
50:58
Fiat games. Yes, the increase in purchasing
51:00
power is absolutely incredible. It feels great to know that your
51:04
life is getting cheaper, but but you're not going to go back to
51:08
dollars once you understand what is going on here.
51:10
And I really do think that this bear market, the groundwork for
51:14
Bitcoin. Only the education levels, the
51:17
the amount of interest we're going to get.
51:20
I think we are getting set up for something that is just it's
51:24
going to break the old patterns and people are going to
51:27
understand, wow, I need to hold on to this Bitcoin.
51:29
It's not about getting more dollars.
51:31
And I just saw that dumb money again.
51:32
I hate to reference GameStop twice in this, but I just saw
51:36
the movie Dumb Dumb Money, and it goes back to what US
51:40
bitcoiners say all the time. You know, what do we say?
51:43
Fix the money, fix the world. It's not about the gangs.
51:45
It's about the revolution. And I think there's more people
51:48
out there that understand that, yo, this system is completely
51:52
rigged. It is broken.
51:54
Or rather, it is working exactly as intended for the big guys and
52:00
US average everyday people, the little people.
52:01
The Coinbase ad did it perfectly.
52:04
Exactly. And the fact that they use that
52:06
just shows that the sentiment or the zeitgeist of the world right
52:10
now is people understand, yo, there is something fatally
52:13
broken here. There's something wrong with the
52:15
system and it's really it's kind of the joker meme, you know,
52:18
it's not it's not about the money.
52:20
It's about making a point. And I think more people have
52:23
that same feeling. They just don't understand that
52:25
Bitcoin is the solution. That Bitcoin is that asset that
52:28
literally will change the future of humanity.
52:32
And here we are on the front lines that we get an opportunity
52:34
to stack Bitcoin under all time high like it's hold on, wait
52:37
wait wait. I need to do this for you Nico.
52:42
It's fucking. Awesome.
52:43
Boom, boom. Oh, man.
52:45
All right, guys, this is, it's been great show.
52:47
We got 437 people watching live on YouTube.
52:49
We got 53 people watching live on Rumble, and we got our
52:54
Twitter family as well. Guys, thank you so much for
52:56
tuning in to another episode of Simply Bitcoin Live.
53:00
I will be getting on a plane tonight going to Las Vegas.
53:04
Opti's gonna be on a plane tomorrow, so I think it's gonna
53:08
be me and Sophie doing the show tomorrow morning from Vegas.
53:13
Should be a lot of fun from the Vegas hotel room.
53:16
We're gonna see how we figure that out.
53:17
I think we're gonna do it like we did in LA.
53:19
I wanna thank Andre for joining us.
53:21
Thank you Andre for joining us on the show, guys.
53:24
You can check the link in the video description.
53:26
It'll take you directly to the Bitcoin Atlantis website and you
53:29
can use promo code simply to get a discount on your tickets to
53:34
the Bitcoin Atlantis conference. All right everybody, we will see
53:38
you tomorrow for another episode of Simply Bitcoin Live.
53:41
Peace out, everybody.