Latest / Simply Bitcoin / BREAKING: Middle Eastern GIANT Drops HUGE Bitcoin BOMBSHELL! | EP 1298

Transcript

BREAKING: Middle Eastern GIANT Drops HUGE Bitcoin BOMBSHELL! | EP 1298 · Simply Bitcoin

• 0:00
  While everyone is distracted with what the US is doing with
• 0:03
  Bitcoin, a massive Middle Eastern giant might have just
• 0:07
  went all in on Bitcoin. A government sponsored bank in
• 0:11
  the UAE just announced they are opening Bitcoin trading for all
• 0:16
  its clients. If you're not paying attention,
• 0:19
  you really need to be this Bitcoin bull run could be unlike
• 0:23
  anything we've ever seen before. Let's get into this guys.
• 0:28
  And of course I'm not alone here.
• 0:29
  I got what what do I always say your your neighbor neighbor
• 0:33
  favorite neighborly friendly bitcoiner.
• 0:36
  I, I butchered that one today. Anyways, we got Chris Alamo
• 0:38
  here, one of our good friends. What's up, dude?
• 0:41
  All right, guys, let's get into the headlines.
• 0:43
  So as you guys know, the game theater around Bitcoin is
• 0:47
  getting kicked into OverDrive. And now it's not just happening
• 0:52
  in the USI think since Trump came out and said they are going
• 0:56
  to make the US the Bitcoin superpower of the world,
• 0:59
  everyone one is scrambling to position themselves to also
• 1:03
  compete with Bitcoin and make sure they don't get left behind.
• 1:07
  So the big news for today, Rockbank becomes the first UAE
• 1:11
  bank to offer crypto trading for retail.
• 1:14
  And Rankbank becomes the first traditional bank in the United
• 1:18
  Arab Emirates to enable crypto trading for retail users through
• 1:21
  its mobile app powered by Bitpanda, which is a big
• 1:25
  European exchange. Now the real interesting part
• 1:28
  about this is RAC Bank is a state government owned bank.
• 1:34
  So this isn't just like in the US, you know, you see a bank
• 1:37
  they they kind of announce, hey, you know, Trump's going into
• 1:40
  Bitcoin. We got to also go into Bitcoin.
• 1:42
  No, this is backed by the government.
• 1:44
  So the National Bank of Ras Al Kamal, forgive me.
• 1:48
  RAC Bank, a government owned bank in the United Arab
• 1:51
  Emirates, is the first conventional bank in the country
• 1:53
  to offer retail crypto trading. In a Tuesday news release, the
• 1:57
  bank announced the launch of a crypto broker service through
• 2:00
  its mobile banking app, allowing customers to buy, sell and swap
• 2:04
  crypto currencies directly from their UAE Durham account.
• 2:08
  Quote, We recognize the opportunity this solution will
• 2:11
  provide the customers in the UAE as we believe they deserve a
• 2:14
  more efficient and seamless crypto buying selling and
• 2:17
  swapping journey that is fully regulated and entirely in AED,
• 2:22
  which is the local currency Durham's said the CEO Raheel
• 2:27
  Ahmed of rock bank. The new offering is powered by
• 2:29
  Austria bank based bit Panda with transactions facilitated by
• 2:34
  bit Panda broker MENA DMCC going further.
• 2:39
  Of course, this is probably super interesting as we've been
• 2:43
  covering on the show here for a while.
• 2:46
  We're starting to see the trickle, the domino effect of of
• 2:49
  countries embracing Bitcoin, of banks embracing Bitcoin, of
• 2:53
  sovereign wealth funds embracing Bitcoin and of course of
• 2:56
  companies, corporations embracing Bitcoin and, and we
• 3:00
  have been hearing some kind of rumors coming out of the Middle
• 3:03
  East of countries embracing Bitcoin.
• 3:06
  The biggest news was obviously a sovereign wealth fund buying
• 3:09
  Bitcoin. It was really through the ETS
• 3:11
  and MicroStrategy and now we have the first conventional bank
• 3:16
  to embrace Bitcoin. Now what is interesting, of
• 3:19
  course, if you're familiar with UAE, United Arab Emirates, it is
• 3:23
  made-up of seven Emirates. So Roz al Kamar or Kamai, sorry,
• 3:28
  is one of those Emirates here. And of course, they're not the
• 3:33
  guy that backs this is not the king.
• 3:35
  The king is usually from Abu Dhabi.
• 3:37
  But what is interesting is that it is backed by the government.
• 3:41
  Now, I know a lot of Bitcoiners out there probably saying, hey,
• 3:44
  I thought we were here to separate money from state.
• 3:47
  Yes, this is true. But what we're seeing is a
• 3:49
  watershed moment where everyone is embracing Bitcoin.
• 3:53
  And This is why personally, I think that we are entering into
• 3:57
  a new epoch in Bitcoin. Last cycle, 2017 cycle, we
• 4:02
  didn't have banks, nation states, literally the biggest
• 4:05
  institutions in the world embracing Bitcoin.
• 4:07
  And we're all still kind of thinking, or rather maybe we all
• 4:10
  still have PTSD based on the last cycle that hey man, we're
• 4:14
  going to double top. It's only going to go, you know,
• 4:16
  6X. It's going to be diminishing
• 4:18
  returns, bro. But the foundation that I'm
• 4:21
  seeing here and especially the announcement of the ETFI think
• 4:25
  it's fundamentally shifting how we should view the Bitcoin cycle
• 4:30
  is moving forward. The main take, most of the
• 4:33
  traditional Bitcoin take is a four year cycle, you know, 2025,
• 4:37
  which should likely be a parabolic run.
• 4:39
  And then we're going to see a 2026 bear market.
• 4:42
  And maybe they're adjusting and saying, hey, it's not going to
• 4:45
  be 80% bear market. It might only be like a 50% bear
• 4:48
  market. But there is interesting news
• 4:50
  coming out or rather some interesting data coming out
• 4:53
  since since the the ETF dropped, it looks like the structure of
• 4:59
  the Bitcoin cycle is fundamentally changing.
• 5:03
  And I'll pull that out for you guys in a little bit and we can
• 5:06
  chat about that as well. But what is interesting here is
• 5:10
  of course there is interest coming out of the Middle East.
• 5:14
  There is at least eight large regional banks participating in
• 5:17
  quote blockchain platforms used for payments, which indirectly
• 5:21
  of course support cryptocurrency infrastructure.
• 5:24
  But we haven't seen an official bank, a traditional bank
• 5:28
  official, you know, government sponsored state backed bank come
• 5:31
  out of the Middle East embracing Bitcoin.
• 5:34
  There is also, you know, we've we've heard some news coming out
• 5:37
  of Saudi Arabia, Qatar and Bahrain, but nothing really
• 5:41
  coming out of the United Arab Emirates yet, though this is
• 5:45
  changing in real time. And it just makes me think that
• 5:49
  we are kind of entering a different time here.
• 5:51
  It does seem like things are changing really quickly on the
• 5:55
  more cultural view of Bitcoin. Remember, for a long time it was
• 5:59
  basically, you know, a career detriment to embrace Bitcoin.
• 6:04
  And now it's the opposite. If you're not embracing Bitcoin,
• 6:06
  then you're going to be left in the dust.
• 6:08
  Now this bank here, roughly $24 billion in US currency, it's
• 6:14
  88.3 billion in the Durham. So it's a big bank.
• 6:19
  I think it's the fourth largest bank in United Arab Emirates.
• 6:22
  So I think this is one of those moments where maybe a smaller
• 6:26
  regional bank, still a huge bank.
• 6:28
  It's one of the top 50 banks in the world starts embracing
• 6:31
  Bitcoin. And I think this could be one of
• 6:33
  those ideas where it's a test bed.
• 6:35
  If this does well, if they get a lot of traction, a lot of
• 6:38
  liquidity going to them, then I think this will happen very
• 6:41
  quickly and we're going to see things start to snowball
• 6:45
  extremely fast here. Now, I'm going to pass this over
• 6:49
  to Chris real quick before I show you kind of this new view
• 6:53
  of maybe the ETFs have fundamentally shifted the
• 6:56
  Bitcoin cycle. So Chris, you've been along on
• 6:59
  the journey with, I think you've literally been on every show
• 7:01
  we've done about the Middle East embracing Bitcoin.
• 7:04
  So what's your thoughts on seeing this?
• 7:06
  And really on on top of that, also let's emphasize just how
• 7:10
  you, whether you love Trump or not, he's fundamentally shifted
• 7:13
  the game here and now everyone is taking Bitcoin seriously.
• 7:16
  So what's your thoughts upon hearing this news, Chris?
• 7:18
  Well, definitely the Overton window has shifted.
• 7:20
  I'm just imagining this like young 2324 year old intern being
• 7:25
  like, you know, working for this bank and now day trading inside
• 7:29
  the bank using bank funds. I'm just just kidding.
• 7:31
  Obviously that would probably be illegal, not allowed to do that.
• 7:33
  But no, I, I honestly think that the Overton window has greatly
• 7:36
  shifted. I think when Trump spoke at
• 7:39
  Bitcoin 2024, he basically put the world on notice.
• 7:43
  And then obviously winning the presidency, signing an executive
• 7:46
  order, a Bitcoin strategic reserve, trying to account for
• 7:49
  how much Bitcoin the US government has, which a lot of
• 7:51
  people are speculating is way less than we were expecting they
• 7:53
  had. But yeah, no, I think it's a
• 7:56
  huge deal. And as you were saying, like
• 7:58
  this bank, if you want to come back into frame, you're saying
• 8:00
  that this bank is one that is kind of in collaboration with
• 8:03
  the government. So obviously, so obviously the
• 8:06
  UAE and their government are basically, yeah, it may be a
• 8:08
  private bank, but basically them and their government officials
• 8:11
  are signalling we know about Bitcoin.
• 8:13
  We recognize Bitcoin. It's a serious asset and that's
• 8:15
  why we're opening it up. I know obviously you and I are
• 8:18
  in the boat that, hey, it should be a Bitcoin only bank or a
• 8:20
  Bitcoin only play. They're doing crypto play, I
• 8:23
  think. I think the way that I view
• 8:24
  this, this and Opti, I know that we've talked offline about this,
• 8:27
  that basically everyone needs to take their lumps Back in like
• 8:29
  the 2015 to 2017 era, there was a lot of people like, you know,
• 8:34
  Icos and people day trading other cryptos.
• 8:36
  They were kind of getting distracted by all the shiny
• 8:38
  objects. I know many legendary Bitcoiners
• 8:40
  were in the same way. And then basically right after
• 8:41
  the fork wars in 20/17/2018, it was basically like it's Bitcoin
• 8:45
  and everything else. And I think that kind of
• 8:47
  solidified it for a lot of the people that were in for 2018 and
• 8:50
  and before obviously 2020, there was a very strong class of
• 8:53
  Bitcoiners then. I consider myself, I'm part of
• 8:55
  that class, but a lot of people were learning from the mistakes
• 8:58
  of Bitcoiners and people that had come before us.
• 9:00
  Like it's Bitcoin and there's everything else.
• 9:02
  I think governments and everyone else in that is not familiar
• 9:05
  with this industry still says crypto, you know, Oh, we like
• 9:08
  the underlying block tame technology.
• 9:10
  We really like what Bitcoins offer, but it's not going to be
• 9:12
  the best currency in the world. Well, dude, it's called the
• 9:15
  leaderboard. And Bitcoin is the 5th largest
• 9:17
  asset in the world. It is by far the largest
• 9:19
  cryptocurrency. Not even, you know, not even
• 9:21
  close. So I just want to say look at
• 9:23
  the scoreboard when anyone's telling you otherwise so.
• 9:26
  Yeah, no, 100%. I mean, I forget who said, I
• 9:28
  think it was actually Mr. Hoddle who first said it is everyone.
• 9:32
  Basically there's like there's a journey when you get into
• 9:35
  Bitcoin and usually you do a pit stop with shit coins and then
• 9:39
  you finally end up at the what we always talk about being
• 9:42
  Bitcoin Maxis, Bitcoin only, like all roads lead to Bitcoin
• 9:45
  and one of the surest ways to become a Bitcoin maximalist or a
• 9:48
  Bitcoin only person is by burning your hand on shit coins.
• 9:52
  And could we expect, or rather should, should have we expected
• 9:56
  that when nation States and banks come into the space that
• 9:59
  they aren't going to kind of take that shit coin pivot right
• 10:02
  now. Now, of course they could.
• 10:04
  They could just not even be fully ideologically aligned with
• 10:08
  any of the shit coins. They're just like, hey, look,
• 10:10
  these are the biggest ones. You know, as, as Gary Gensler
• 10:13
  was saying for a while, we don't want to pick winners and losers
• 10:16
  here. We're just going to open it up
• 10:17
  to the top. What do they call them?
• 10:19
  Blue chip cryptos? It seems like that's kind of
• 10:22
  what they're doing. And of course, people want to
• 10:24
  trade this stuff. It's a bank.
• 10:25
  They want profits, they want feeds.
• 10:27
  They want to make money off of this stuff.
• 10:28
  Now I think, oh, oh, oh, OK. Hold on, Hold on, Chris.
• 10:33
  I I forgot. I forgot.
• 10:35
  To plug this in. I'll feel a Buster while you're
• 10:37
  there. Well, I know we all know that
• 10:38
  Opti is secretly a Gary Gensler lover.
• 10:41
  He thinks he is the ultimate Bitcoin bull.
• 10:44
  Obviously, you know, he was talking about how Gary Gensler
• 10:47
  was actually protecting everyone.
• 10:49
  And, you know, he is actually doing what he said, even though
• 10:51
  he's holding back the Bitcoin ETFs.
• 10:53
  And I think a lot of Democrats, or at least the liberals and
• 10:56
  Democrats from the DNC blame him for why they lost the election
• 11:00
  in 2024 to Donald Trump and JD Vance.
• 11:04
  You know, obviously. But Opie's like Gary Gensler,
• 11:07
  Dr. Daddy Gary was protecting retail investors.
• 11:10
  He was doing right by everyone else.
• 11:12
  I mean, obviously that's Opie's take.
• 11:14
  I don't think that's my take. But obviously with the Trump
• 11:16
  administration, when they're laxing regulation for Bitcoin,
• 11:19
  they were also doing it for the crypto folks as well.
• 11:21
  And I think that's kind of what a lot of people have the problem
• 11:23
  with. I know people are brought up.
• 11:25
  I mean, Trump launching the meme coin like 4 days or two days
• 11:29
  before he's about to take office before inauguration is pretty
• 11:31
  crazy. And kind of, you know, basically
• 11:34
  I'll call it what it is, a spade, a spade.
• 11:35
  Like basically people were buying favor by buying the Trump
• 11:38
  coin. You know, Justin's son had an
• 11:40
  opportunity to, to sit at the Trump's round table.
• 11:43
  I think there was like 25 seats that they were selling.
• 11:45
  And basically this is a way to buy direct access with him and
• 11:47
  his family. So want to call it money
• 11:49
  laundering? Want to call it a bribe?
• 11:50
  It is what it is. I'm just calling how I see it.
• 11:52
  But maybe Opti was on to something like Gary Gensler was
• 11:55
  actually a team Bitcoin and protecting Realtor investors and
• 11:58
  everyone else, but I don't know. Well, to be fair, I was actually
• 12:02
  kind of trolling when I was going the whole Gary Gensler was
• 12:05
  a Bitcoin maximalist. I was kind of using his own
• 12:07
  words against him in that in that sense that this is what he
• 12:10
  was saying. And then he came out and rather
• 12:13
  he got pretty much pushed out of the SEC position.
• 12:16
  And he's just like, yeah, it's Bitcoin only.
• 12:18
  And I'm like, look, he was a maxi all along.
• 12:20
  I was obviously trolling here, but at least that was his
• 12:25
  official position, right? It was 2, which protecting
• 12:28
  investors. And we don't want to pick
• 12:30
  winners and losers. And now in hindsight, you can
• 12:34
  make whatever argument you want about it.
• 12:36
  It's like, you know, you can pick whatever side of the coin
• 12:39
  you want. Was Gary Ginzer good for
• 12:41
  Bitcoin? He did allow the ETF even if it
• 12:44
  was delayed? Or was he actually fighting
• 12:46
  Bitcoin, which is like what all of his Bitcoiners were saying
• 12:49
  for a long time. Considering he taught a course
• 12:52
  on blockchain at MIT, Like you'd think he'd know better.
• 12:55
  And then he gets out of the SEC position.
• 12:56
  He's like, actually, you know, there's Bitcoin and there's
• 12:59
  everything else and you're like, OK, so maybe maybe he was on our
• 13:03
  side the whole time. My favorite conspiracy on this.
• 13:06
  I wouldn't even say it's a conspiracy.
• 13:07
  My favorite take on this is that the reason Gary kind of fought
• 13:13
  the Bitcoin ETF launched for so long is because he wasn't able
• 13:16
  to find a way to stop the floodgate of shit coin ETF's
• 13:19
  being launched. I kind of like that take.
• 13:22
  Whether that's real or not, I don't know that that might be a
• 13:24
  more positive, optimistic view of Gary Ginzer in hindsight.
• 13:28
  We can always we can always, you know, make whatever narrative we
• 13:33
  want around Gary Ginzer, paint him as a good guy or a bad guy.
• 13:35
  But that did make I was like, OK, that that seems a little bit
• 13:38
  favorable. Anyways, let's everyone's
• 13:42
  talking about my Eric right now. It wasn't a Peaky Blinders fade,
• 13:44
  guys, OK? It was a Miami fade, all right?
• 13:48
  Different. Anyways, as I said a minute ago,
• 13:51
  shouts out to our boy Mitchell Harto, literally one of my
• 13:54
  favorite zoomers out there, and he's making the case that ever
• 13:57
  since the ETF was launched, the fundamental cycle of Bitcoin,
• 14:02
  the fundamental market structure of the price has changed.
• 14:05
  Now we don't have enough data for this, but it is kind of
• 14:10
  making a good case, so here we go.
• 14:12
  His tweet BTCUS dollar looks to like 2 entirely different assets
• 14:16
  before and after the ETF launch. The days of parabolic bull
• 14:19
  markets and devastating bear markets are over.
• 14:21
  Bitcoin is going to $1,000,000 over the next 10 years through a
• 14:23
  consistent oscillation between quote pump and consolidation.
• 14:28
  It will bore everyone to death along the way and shake the
• 14:30
  tourists out of their position. Strap in.
• 14:33
  And I don't know if we have enough data to really show this,
• 14:36
  but this does, you know, on a intuitive level makes sense to
• 14:41
  me. One of the real basis for this
• 14:44
  is this idea that when the institutions kind of come into a
• 14:47
  market, especially a small market like Bitcoin, they
• 14:50
  obviously have enough capital and sophisticated financial
• 14:54
  engineering to kind of control the market for a little bit.
• 14:57
  Now, a lot of people have been saying this is market
• 14:58
  manipulation. They want to keep the price
• 15:00
  down, they're suppressing it. I don't know if that's
• 15:03
  necessarily the case. Obviously, I think there is some
• 15:04
  paper Bitcoin and there is some quote UN quote price suppression
• 15:07
  in the Bitcoin market, but the bigger idea I think is if you
• 15:13
  look at the S&P 500, and I've been making this case for a long
• 15:15
  time. If you look at the S&P here,
• 15:17
  actually maybe I'll pull it up for you so you guys can see see
• 15:20
  what I'm saying. If you look at the S&P 500 and
• 15:23
  I've been joking for a while that we're basically just
• 15:25
  trading the S&P 500 now because we're just getting bored to
• 15:28
  death. It does kind of have this very
• 15:32
  boring up and to the right look here.
• 15:36
  So here I'm on the month chart. So, so it's not not fully ideal,
• 15:41
  but look at the S&P 500 again, this is the monthly candles.
• 15:46
  And, and I'll zoom in a little bit.
• 15:47
  It is starting to kind of look what we're seeing in the Bitcoin
• 15:52
  market. It's just kind of has this
• 15:55
  gradual boring up and to the right.
• 15:57
  It's got like 2530% corrections and then it recovers and then it
• 16:01
  just keeps pumping up and to the right.
• 16:03
  Well, this is what these institutional investors are used
• 16:07
  to trading and and so I wouldn't be surprised if this is what
• 16:11
  we're seeing right here. And you could kind of make the
• 16:13
  case that that's what Mitchell Hartle was saying.
• 16:15
  It's like these big institutional investors are
• 16:17
  coming into the space and it looks like we're just going to
• 16:19
  be seeing these kind of boring, you know, dips.
• 16:22
  Like for us, a, a dip's like 80%.
• 16:24
  That's when we, we get ravaged out there and we're like, we
• 16:27
  need to buy the dip, buy the dip.
• 16:29
  It's on discount. We might not be seeing 80% dips
• 16:32
  now obviously we won't know until the end of the year.
• 16:35
  But if you do kind of zoom in here, you look at this, you
• 16:40
  know, let me let me cut off. Oh, it won't let me, let me cut
• 16:42
  off the end here. Look at this market structure
• 16:45
  and then I'm going to go back to the S&P 500.
• 16:48
  And I don't know, guys there there, you could make an
• 16:51
  argument that this is kind of what we're seeing play out in
• 16:54
  the market. Now, of course, with more huge
• 16:57
  capital, with more banks and more nation States and a more
• 17:02
  ETF capital coming in, you could make the case that we are now
• 17:06
  trading this to V500. Now, do I agree with Mitchell
• 17:10
  Hoddle on this idea that we're not going to see crazy pumps
• 17:13
  anymore? Not really.
• 17:14
  I did a tweet the other day. Now, as I told you yesterday, I
• 17:18
  was watching Mark Moss this weekend.
• 17:20
  I I went to a Mark Moss rabbit hole and he said something that
• 17:23
  was super interesting and actually like, since since I'm
• 17:26
  since I'm alone here with Chris, I will bring a meme for you
• 17:29
  guys. And I made this last night just
• 17:33
  on a whim. It actually it dude, it did some
• 17:35
  numbers, bro. I, I did some numbers yesterday.
• 17:37
  OK, it's got like 100 likes numbers.
• 17:42
  Dude, I'm doing numbers. I'm literally the meme, it's his
• 17:46
  idea. So what Mark Moss said that
• 17:48
  really kind of planted the idea. He's like, look what you're
• 17:51
  seeing in the Bitcoin price. The 1st 16 years, obviously,
• 17:55
  like it was incredible. It took Bitcoin, how long, you
• 17:58
  know, 10 years to get to a trillion dollar market cap.
• 18:01
  It went very quickly to two. And what I think we're going to
• 18:04
  see in the next 16 years of Bitcoin is what we like to call,
• 18:08
  you know, the S curve adoption. Like I think it's going to go
• 18:11
  even more parabolic the next 16 years.
• 18:13
  And my tweet was something on like the next 16 years, this is
• 18:16
  going to be more bullish in the 1st 16 years.
• 18:18
  And I'm fully convinced of that. Like I'm seeing what I'm seeing
• 18:21
  on the adoption level with like the news.
• 18:23
  We're seeing Middle East starting to embrace Bitcoin.
• 18:26
  We're seeing sovereign wealth funds literally being created
• 18:29
  just to buy Bitcoin. We're seeing the US superpower,
• 18:32
  economic superpower pivot and say they're going to literally
• 18:37
  open up the floodgates into Bitcoin And we don't even have
• 18:40
  to get into my whole stable coin thesis of they're going to
• 18:43
  expand the money supply to essentially pump assets up into
• 18:48
  the moon. This was my meme from yesterday.
• 18:51
  And this is, you know, for you visual learners is literally
• 18:55
  what I'm thinking is going to play out and it goes Bitcoin in
• 18:58
  the 1st 16 years. You know, the roots, the
• 19:00
  foundations are being built and then Bitcoin and just to be
• 19:03
  hyperbolic in the next 12 weeks, because I think my math is way
• 19:06
  wrong because it should have been 24 weeks.
• 19:08
  What, 6 months? That's 24 weeks basically, I did
• 19:11
  12 weeks, 3 months, whatever is when the plants, when the leaves
• 19:15
  start to sprout. And this is where you really
• 19:18
  start to see all the crazy stuff play out.
• 19:20
  And I think that's kind of what we're seeing right now with all
• 19:22
  the news we're seeing. You know, Nico keeps saying this
• 19:25
  is the most bullish cycle in terms of news, but it's the most
• 19:27
  boring in, in terms of price action.
• 19:30
  I think we're just getting, I think we're just getting heated
• 19:33
  up. I think it's going to still
• 19:34
  pump. I think it's still going to have
• 19:36
  an incredible price move. It's just hard to see with so
• 19:39
  much liquidity buying Bitcoin every day.
• 19:42
  There's a new Bitcoin treasury company announced.
• 19:43
  I don't know if you guys saw them, but Jack Mahler's 21
• 19:46
  Capital, of course, partner with Cantor Fitzgerald.
• 19:50
  They just announced that they have, I think their initial
• 19:52
  announcement is they wanted to get 50,000 coins.
• 19:56
  They literally in the in this week have jumped all the way up
• 19:59
  to the third largest Bitcoin treasury company.
• 20:03
  They have something around like 43,000 Bitcoin already.
• 20:06
  So it seems like they are being overcapitalized right now.
• 20:08
  They have way more Bitcoin than they even claimed they were
• 20:11
  going to get. And I think this is only going
• 20:14
  to increase. And I think as the meme goes,
• 20:16
  every company will be a Bitcoin treasury company.
• 20:19
  Will they be a strategy Bitcoin company in the sense of they're
• 20:22
  going to be taking free, you know, basically free money, free
• 20:25
  debt and. My Bitcoin I don't think so, but
• 20:27
  I think every company in the world will have Bitcoin on their
• 20:30
  balance sheet and essentially be a corporate quote UN quote
• 20:33
  corporate Bitcoin treasury company.
• 20:35
  Anyways, I'm I, I'm starting to make myself even more bullish.
• 20:42
  I'm I it's hard to make yourself more bullish.
• 20:44
  Yeah dude, everyone in the chat, S&P and chill.
• 20:47
  Literally it's guys we're going to be bored to death to
• 20:52
  $1,000,000. I'd like this is this is
• 20:54
  probably the truest thing I've heard in a long time considering
• 20:57
  this year, I think we're going to be bored to death to
• 21:01
  $1,000,000, but it's going to be like bored to death to
• 21:03
  $1,000,000 in like 2027. So in like 2 years you're still
• 21:06
  going to get a 10X game, but it's just going to be a boring
• 21:08
  10X game. It's not going to be like a 12
• 21:10
  day pump. I don't know.
• 21:11
  That's kind of just what my intuition's telling me.
• 21:13
  That's, that's where I'm at right now.
• 21:15
  But Chris, what are you? What are you thinking?
• 21:17
  I I got I got a question for you, Avi.
• 21:19
  So I'm going to flip the script here.
• 21:21
  I'm going to ask you a question. So I know I forget who
• 21:24
  popularized this, but basically I was hearing like obviously a
• 21:27
  lot of people are very hesitant about these Bitcoin treasury
• 21:29
  companies or just even these companies in collaboration with
• 21:32
  governments as we can see the UAE bank or even just a lot of
• 21:35
  these banks and government officials that are like bullish
• 21:38
  on Bitcoin. But do you see it?
• 21:40
  I, I forgot who said it. Like I said, is this like
• 21:42
  bitcoins Trojan horse? Like I think people are worried
• 21:44
  about government officials, governments, dictators,
• 21:48
  whatever, coming in and trying to change Bitcoin or changing
• 21:51
  the culture. Or do you think Bitcoin goes in
• 21:53
  and changes them? So a lot of people have said
• 21:55
  it's a Trojan horse. Like everyone's like everyone
• 21:57
  needs Bitcoin at the end of the day.
• 21:59
  But I think they're worried about the consequences of the
• 22:00
  culture and trying to change or modify or, or I hate to say
• 22:04
  gamify, but like basically trying to potentially harm
• 22:07
  developers. As we saw with choke point 2.0,
• 22:09
  we're trying to stifle Bitcoins innovation.
• 22:11
  So what are your thoughts on that?
• 22:12
  Is Bitcoin the Trojan horse? Chris, I, I don't mean to side
• 22:17
  swipe or step around your question, but I literally wanted
• 22:20
  to talk about this on the culture.
• 22:22
  I got some stuff. We're going to talk about this
• 22:24
  later, So remember the question and we'll we'll rehash this at
• 22:28
  the end of the show. But my take is Trojan horse.
• 22:30
  So just just, you know, not to skip the question, but I
• 22:33
  literally had, I have the culture built around that same
• 22:36
  idea. So we're dude, we're telepathic
• 22:38
  here. We're on a wavelength here.
• 22:40
  But yeah, we'll, we'll talk about it towards the end of the
• 22:42
  show, 'cause I, I think that's one of the big conversations
• 22:46
  happening right now is Bitcoin Co opted, you know, can Bitcoin
• 22:49
  withstand the interest, the lobbying from the the great
• 22:53
  leviathan? You know, you know what is going
• 22:55
  on right now. I think that's what, especially
• 22:57
  with like shows today, we were talking about banks coming into
• 23:00
  Bitcoin. Everyone does the same.
• 23:01
  Like I thought we were, I thought we were, you know,
• 23:03
  separating money from state, bro, we literally see it in the
• 23:05
  chat. They're like you guys are
• 23:07
  advocating for the banks to come in a big and we're like, no,
• 23:09
  we're just covering the biggest news story of the day.
• 23:11
  Like our view is still separation of money in state.
• 23:14
  You need to save in Bitcoin, but you need to take that Bitcoin
• 23:17
  into custody. Don't give these banks your
• 23:20
  Bitcoin, you know, like guys don't give them your Bitcoin.
• 23:24
  That that's the real take. But yeah, no Chris, let's put a
• 23:27
  pin on it and we'll and we'll talk about it at the end of the.
• 23:29
  Show I learned the same wavelength.
• 23:30
  Yeah, I have the whole culture wrapped around this idea.
• 23:33
  So all right, we'll we'll talk about this later.
• 23:35
  Anyways, guys, before I move on, of course, I do want to remind
• 23:39
  you to smash the like button comment on this show.
• 23:42
  Are we becoming bank Maxis or are we just following the news
• 23:47
  here? And of course, hit the subscribe
• 23:49
  try button guys. We dropped the best content.
• 23:51
  We dropped the most content out of any Bitcoin media company or
• 23:55
  YouTube channel period. We are ahead of the game.
• 23:58
  And on that note, I do want to give a huge shout out to our
• 24:01
  partners over at Bitcoin. Well, this is the best place to
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  well. And on that note, guys, if you
• 24:50
  are sitting on the sideline right now and we're making you
• 24:53
  bullish and you're like, I have 50K of Fiat sitting and I don't
• 24:57
  know what to do it or I've heard stories of people saving all
• 25:00
  their money in the banks. So like what should I do with it
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  All right guys, on that note, let's get into the show.
• 25:23
  We got some interesting stuff to talk about.
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• 26:54
  today. Yo the the rumble chat, you guys
• 27:03
  got a meme all right get get off my back for like a week, OK, at
• 27:06
  least sheesh all right I'll be here on Clark Moody's dashboard
• 27:11
  bitcoin.clarkmoody.com of course, going over the Bitcoin
• 27:14
  numbers, the time change stats and the current Bitcoin price is
• 27:18
  117,760. The stats per dollar is very
• 27:24
  strongly under 1000 sets. It's crazy.
• 27:26
  We're at 849. The current block height is
• 27:28
  907,705 and the market cap in Fiat terms is $2.34 trillion.
• 27:34
  And we have secured that 10% of the gold market cap.
• 27:37
  There's still 90% of the hard money game to achieve and
• 27:42
  everyone's freaking out and we're just at a, you know -4.4%
• 27:46
  decline from all time highs. It's over guys.
• 27:48
  It's it's never been more over. Now actually, I was going to say
• 27:53
  no, we've never been more back. But actually, guys, I think it's
• 27:56
  never been more over. OK, so we we got a clip coming
• 28:01
  out and Jim Cramer is starting to get bullish on Bitcoin.
• 28:06
  So I was trying to bring a little light heartedness.
• 28:08
  You guys always yell at me about the memes.
• 28:09
  Well, we have a living meme in real time.
• 28:11
  But let's hear what he says. Some, some by Bitcoin, well,
• 28:16
  Bitcoin, you can put it in the speculation basket, but at the
• 28:20
  same time, how many companies who are just going over these
• 28:22
  numbers have, are raising money to buy Bitcoin?
• 28:27
  It's it's enormous, far more than has been raised by
• 28:31
  companies going public. It's because it's almost, it's
• 28:34
  almost encouraged. I mean, the, the the SEC chief
• 28:38
  is like, yeah, yeah, this is a very crypto positive
• 28:41
  administration, no doubt about that.
• 28:43
  That's been a real positive for all of the different.
• 28:45
  It's also a great hedge against the, the budget deficit.
• 28:48
  Well, it may be, which is what it is.
• 28:51
  Michael Saylor would say that, right Store of value.
• 28:53
  I, I, I, I was with someone whose son took his paycheck and
• 28:56
  bought bought Bitcoin. I started a job good job five
• 29:02
  years ago and now it doesn't really have to work.
• 29:04
  And he's totally hedge the kids hedge father has to work.
• 29:09
  I'm I'm kidding, the kids hedge. Look, I mean, this is happening.
• 29:12
  We won't want to talk about it. Or maybe we think it's Vimark.
• 29:15
  Maybe it's Vimark 23? Well, I mean it's not often you
• 29:18
  create a new asset class and then write the regs around it in
• 29:21
  real time at the same time that's different and we we don't
• 29:26
  know what that's going to bring. Well, like the guys from Circle,
• 29:28
  I mean, I was, I said that maybe there's a possibility that JP
• 29:32
  Morgan or BlackRock could do a stable coin and you get to usual
• 29:36
  e-mail. She's like, you don't know what
• 29:37
  you're talking about. It's much bigger.
• 29:38
  I've gotten more I don't know what you're talking about in
• 29:40
  emails since like there's like so many of us like wait, because
• 29:43
  every time I know I don't know what I'm talking about.
• 29:45
  I know what I'm talking. All right, guys, it's never been
• 29:48
  more over. It's over dog cancel.
• 29:51
  The bull run, all of my bullish talk in the beginning, has
• 29:54
  completely been destroyed because of Jim Cramer.
• 29:57
  Maybe the economists were right off the We become Weimar Germany
• 30:00
  because of Bitcoin, because of Jim Cramer.
• 30:04
  Well, I mean talking of Weimar, it is interesting like he is
• 30:09
  directionally correct. You know what he said is crazy.
• 30:12
  Maybe this is Weimar 2025 like maybe we are in the beginning of
• 30:17
  the currency hyperinflate and I don't actually think that the US
• 30:22
  dollar is going to hyperinflate that quickly.
• 30:23
  I, I think they still have a lot of tools in their tool belt to
• 30:27
  continue to, you know, make the runway longer for the dollar and
• 30:33
  add, I think actually one of the hot takes that Mark Moss was
• 30:35
  saying is like Bitcoiners are not going to like this, but he
• 30:38
  believes that the Bitcoin will essentially give the dollar more
• 30:42
  life. And This is why we're seeing
• 30:44
  this push through stablecoins. And I think directionally he is
• 30:48
  correct. Like what I'm seeing is also,
• 30:50
  you know, this connection between the US and Bitcoin
• 30:56
  through stablecoins, it does seem like they're doing whatever
• 30:59
  they can and to elongate the dollar runway.
• 31:03
  And even if you are a, you know, Larry Leopard Fiat dumer type
• 31:07
  person, I think this can go on a lot longer.
• 31:10
  I think the dollar is going to be with us for any at least the
• 31:13
  next 1020 years. But during that time Bitcoin
• 31:17
  will, sorry, the dollar will fundamentally continue to lose
• 31:21
  value. It loses value by design and it
• 31:24
  is very interesting to see the corallows between the current
• 31:28
  dollar dominance and what we saw, you know in Weimar Germany
• 31:32
  when the currency is hyperinflated and as you know
• 31:34
  you need to protect yourself in hard assets.
• 31:37
  There is that historical example of someone in Weimar Germany
• 31:42
  that basically was hedging and trading in precious metals and
• 31:45
  they made a killing throughout the time.
• 31:46
  Now we just updated this to it doesn't need to be precious
• 31:50
  metals. You just need to buy Bitcoin.
• 31:51
  You could just need to continue to buy Bitcoin daily.
• 31:54
  And this is how you protect yourself against whatever
• 31:56
  craziness is coming. And actually in the news, we
• 31:59
  have one of the, again, one of the biggest billionaires
• 32:01
  essentially saying the same thing, continuing to double down
• 32:04
  on the debt loop spiral or the doom debt spiral.
• 32:07
  What's it debt doom? I forgot what they call it now.
• 32:09
  Debt doom loop spiral. Doom loop, spiral, that's the
• 32:12
  one. And so a lot of the signs are
• 32:15
  there. Now, do you have to go full
• 32:17
  doomer? I don't think you have to go
• 32:19
  full doomer. I don't think Bitcoin's success
• 32:22
  depends on the collapse of the dollar here.
• 32:25
  Bitcoin's going to succeed either way.
• 32:27
  As far as I'm concerned, it's just superior money.
• 32:29
  But with a catastrophic collapse of the dollar, of course, you'll
• 32:33
  see the Bitcoin price go absolutely nuclear.
• 32:35
  Now the funny part about this though, of this clip from from
• 32:38
  Jim Cramer is at the end where he's like, dude, I one of my one
• 32:42
  of my friend's kids has hedged himself in Bitcoin and he just
• 32:45
  kicked back by the pool. It's probably like American
• 32:48
  Hoddle or something like that, chilling by the pool drinking
• 32:51
  margaritas. Like, hey, you have to go to
• 32:53
  work, dad. Like, are you winning, Dad?
• 32:56
  No, I have to clock in do my 9:00 to 5:00.
• 32:58
  Are you winning, son? Yeah, I'm chilling.
• 33:00
  I'm shit posting on Twitter all day.
• 33:02
  This is this is what's going on. We are in a new era.
• 33:05
  We're in a in a totally new time.
• 33:07
  And literally all you have to do is Bitcoin and chill saving
• 33:10
  Bitcoin, taking into custody, you know, laugh on Twitter,
• 33:14
  watch all the madness, and you are going to succeed.
• 33:17
  It's literally the easiest playbook period.
• 33:20
  And yet with all the good news we're hearing, people are still
• 33:23
  laughing at Bitcoin and Bitcoiners.
• 33:25
  It makes no sense to me. But with all that being said, we
• 33:28
  have just been cursed by Jim Cramer.
• 33:30
  So it's over, guys. It's completely over.
• 33:34
  We've never been more over because Jim Cramer is starting
• 33:37
  to say he likes Bitcoin. It's horrible.
• 33:40
  It's horrible. Anyways, Chris, how over is it
• 33:43
  does? This break the curse is he is.
• 33:45
  He does this break the curse? Say Jim Cramer goes all in on
• 33:51
  Bitcoin and that breaks the curse.
• 33:52
  I don't think that actually happens, but maybe the local top
• 33:55
  is in for the time being now that Jim Cramer is is Bitcoin
• 33:58
  bull, Bitcoin maxi. Or maybe it's over to the
• 34:00
  Bitcoin treasury companies. He was talking about the Bitcoin
• 34:02
  treasury companies. Maybe it's over for them.
• 34:04
  I don't know. It needs to be seen.
• 34:06
  I guess I'll I'll add my my 2 sats to kind of your argument
• 34:10
  with Mark Moss and always our good friend Mark Goodwin.
• 34:12
  Shout out to Mark love the kid to death, but I I definitely
• 34:16
  think, and we've even heard this from Ansel Lindner as well.
• 34:19
  Like I definitely think the US dollar is going to strengthen
• 34:22
  relative to it. And the, I think it's kind of
• 34:25
  the scary or I guess the George Orwell 1984 kind of it all is
• 34:29
  like as the US dollar strengthens in Fiat currency
• 34:34
  purchasing power, it's, it gets more Orwellian in the sense that
• 34:38
  like, you know, obviously there's bank limit caps of
• 34:41
  $10,000. I know those were set in the 70s
• 34:43
  right when we're coming off the gold standard.
• 34:45
  And that back then was like 75,000 dollars, 80,000 dollars,
• 34:48
  $85,000, whatever the purchasing power of that was.
• 34:50
  So when you did more than $10,000, whether it was in
• 34:53
  credit card or a loan or even cash, they had to report those.
• 34:57
  Obviously, as the dollar has lost purchasing power relative
• 35:00
  to assets, so it is strengthened relative to other Fiat
• 35:03
  currencies. It has weakened relative to
• 35:05
  anything you want to buy goods and services.
• 35:07
  So with that being said, like we creep up to those limits, that
• 35:10
  means that more and more people are being surveilled.
• 35:12
  And obviously, it looks like Tether's going to get welcomed
• 35:14
  into open arms in this administration.
• 35:16
  But at the same time, back in 2022 and 2023, they're like,
• 35:19
  we've onboarded the IRS and the FBI and the NSA.
• 35:23
  It's like, all right, so it's like, you know, I know Mark
• 35:25
  Goodwin hammers the drum on this.
• 35:27
  Like while stable coins aren't CBDC's, they're almost a better
• 35:30
  CBDC. Like yeah, they're not a central
• 35:32
  bank digital currency. They're a private company
• 35:35
  digital currency. But at the same time, they could
• 35:37
  be Co opted just as the same and that your transactions can be
• 35:40
  reversed when you're using Tether and things like that.
• 35:42
  And like obviously many people have vouched for the Tether
• 35:44
  guys. You know, they said they're
• 35:45
  hardcore bitcoiners and I believe they have a great
• 35:47
  business. They have a great business model
• 35:50
  for what they do. They're giving dollars to the
• 35:52
  rest of the world that can't that doesn't, doesn't have a
• 35:54
  Venmo account or a PayPal or Robin Hood or a sofa or a way to
• 35:58
  interact with U.S. stocks and equities and bonds.
• 36:01
  But at the same time, like I worry that they're going to be
• 36:03
  under the thumb and the regulation of the US government.
• 36:06
  So my long winded response is like that.
• 36:08
  We're building 2 parallel societies.
• 36:09
  There's one that's Bitcoin and a Bitcoin freedom and oriented
• 36:12
  society. And then there's stablecoin,
• 36:15
  CBDC's and the US dollar strengthening and getting way
• 36:18
  stronger and, and harming people that stay in that system.
• 36:20
  But the weirdest thing is it's almost like the carrot in the
• 36:23
  stick that people, the Internet like, oh, I have the US dollar.
• 36:25
  It is the global reserve currency, not the global reserve
• 36:28
  asset is still treasury bonds. But at the end of the day, I
• 36:31
  believe that people are going to go into that system being like,
• 36:33
  oh, like I was in Honduras or I was in XY and Z country that had
• 36:37
  their country, their currency hyperinflate.
• 36:40
  Well, and now I'm in the US dollar, which is superior, which
• 36:42
  is the king. Cash is king, the old saying.
• 36:44
  But I definitely think that you're going to harm yourself in
• 36:47
  that society or that economy because of your losing
• 36:50
  purchasing power just more slowly than the rest of the
• 36:53
  world. And to Opti's point, I think a
• 36:54
  lot of other currencies in the world outside of like maybe the
• 36:57
  Japanese yen, the Chinese yuan, maybe the euro, maybe the
• 37:03
  British pound are like the top five currencies that I see being
• 37:05
  around long term. I think every other currency
• 37:07
  hyperinflates relative that. And then once those hyper
• 37:10
  currencies hyperinflate and they either dollarize or they go to
• 37:12
  the Wan or the yen or whatever, eventually those start to feel
• 37:16
  pressure globally. So while they are devaluing
• 37:19
  slower, they're the best horse in the glue factory as it's
• 37:21
  called. I do think long run that is not
• 37:24
  the society or the world that we want to be in.
• 37:26
  We want to slowly inch people over to Bitcoin, people using
• 37:29
  Bitcoin as freedom money, sending Bitcoin over the
• 37:31
  Lightning network where it's less traceable.
• 37:33
  Obviously for the receiver it is a different story, but for the
• 37:36
  sender it is very almost perfectly private.
• 37:38
  So that's my long winded rent. Buy Bitcoin.
• 37:40
  We're trying to orange peel you and you know, we're trying to
• 37:43
  force you, bore you into financial freedom and financial
• 37:46
  sovereignty. They humble stack.
• 37:48
  That totally. I would make one caveat to what
• 37:52
  you saying about the currencies. I think the EUR cooked
• 37:55
  personally, I think the. EUR, I say it as a 5, but I
• 37:58
  definitely think the Euros. No, I think the EUR cooked.
• 38:01
  I think the Japanese yen though historically has been one of the
• 38:04
  stronger currencies and and kind of one of the measuring sticks.
• 38:07
  I think the Japanese yen's pretty cooked.
• 38:11
  I think the main British pound's been cooked.
• 38:15
  I think, you know, they, they have that legacy.
• 38:18
  So like what? That's three of the top five.
• 38:20
  The only one that you missed that I think will be one of the
• 38:22
  stronger currencies is the Swiss franc.
• 38:24
  I I I was just thinking the Swiss franc.
• 38:26
  Yeah, I think the Swiss franc, the US dollar and probably the
• 38:30
  Chinese yuan are like the main three, you know, Fiat currencies
• 38:36
  that are going to probably last for the foreseeable future.
• 38:40
  I think, I think the European EUR done, I think the Japanese
• 38:44
  yens like live literally on life support right now.
• 38:47
  And the British pound just been freaking absolutely nuked as
• 38:51
  well. So if you are, you know, if you
• 38:54
  happen to be on the show and you're a forex trader or
• 38:56
  something and you trade traditional Fiat currencies and
• 38:59
  those are the three currencies you're probably looking at.
• 39:02
  I mean, I measure literally the dollar every morning against the
• 39:05
  Swiss franc and the Japanese yen just because just historically
• 39:10
  like the, the, the difference or rather the significance of those
• 39:13
  currency exchange rates can tell you a lot about what's going on
• 39:17
  in the global geopolitical macro environment right now.
• 39:20
  It's like Japanese yen, of course, literally my favorite,
• 39:23
  my favorite kind of take on the reason why Satoshi called
• 39:26
  himself Satoshi Nakamoto is to essentially say, hey, U.S.
• 39:29
  dollar, you're going to become the Japanese yen.
• 39:31
  We've all been seeing what's going on in the bond markets in
• 39:34
  Japan. They're not doing so hot right
• 39:37
  now and they are literally like the first QE advocates.
• 39:41
  They're the ones, hey, you can inflate your money out of note,
• 39:43
  like up into Infinity. And then Swiss franc has
• 39:46
  historically one of the strongest, most stable, not only
• 39:49
  central banks, but currencies around the world.
• 39:51
  So if you, if you want to start to kind of dive into macro
• 39:54
  stuff, highly recommend you look at the US dollar versus Japanese
• 39:58
  yen exchange rates and the US dollar versus Swiss franc
• 40:01
  exchange rates. And it does tell you a lot of
• 40:03
  what's going on in the world. Of course, you can also look at.
• 40:06
  Treasury yields for the pound and yen, etcetera.
• 40:10
  But there's a lot of information to be found in what Chris was
• 40:14
  saying, that the relative strength of currencies between
• 40:18
  each other do tell you a lot of what's going on in the world.
• 40:21
  But of course, for us, you can simplify it.
• 40:23
  Just look at what the Bitcoin to U.S. dollar exchange rate is,
• 40:26
  and that tells you everything you need to know.
• 40:28
  Are we pumping or are we dumping?
• 40:30
  That's all we want to know here. The the easiest Fiat currency
• 40:33
  short is to not actually short them because you can get
• 40:36
  yourself blown up. It's to buy Bitcoin with the
• 40:38
  Fiat currency. And I you know, that's another
• 40:40
  spicy take. How long can you trade paper
• 40:43
  money that's printed for free for a freedom money that is
• 40:45
  Bitcoin? That that remains to be seen
• 40:47
  when that ends. Yeah, dude, you can just short
• 40:51
  all Fiat currencies by buying Bitcoin, you know, keep.
• 40:54
  Taking in self custody? Yeah, buy taking in self
• 40:56
  custody. Taking the self custody, this is
• 40:58
  how you went. All right, guys.
• 40:59
  And on that note of what's it called?
• 41:02
  Death. Doom loop cycles, Spirals.
• 41:06
  Death. Doom loop spiral.
• 41:08
  Yeah, death, doom loop spiral we have.
• 41:10
  We have an interesting update from Ray Dalio going around.
• 41:14
  He is starting to get either rather more bullish on hard
• 41:18
  assets or maybe just more extremely bearish on Fiat debt
• 41:23
  cycle. So let's get into that.
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• 43:54
  You know, I was looking around right now on the ad break and I
• 43:57
  was like, I don't have my cold card.
• 44:00
  I do. It's in a Faraday bag on our
• 44:02
  desk now. Get yourself one of these.
• 44:06
  This is. So sexy.
• 44:07
  A nice sax 1O2123. 123 Faraday bag Oh, oh, oh, where?
• 44:14
  OK, this is the old one, all right, you know, protecting.
• 44:18
  Look, I, I did just move from Dallas.
• 44:22
  Chris, I haven't told you. I'm going to tell this on air
• 44:24
  and I'm, I'm so paranoid, but so like I travelled through to
• 44:30
  where were we just was the last conference we were at.
• 44:33
  I forget anyways, Oh yeah, yeah. So traveled, so left Dallas,
• 44:37
  traveled to Vegas and I didn't want to ship all my stuff, or
• 44:42
  rather, I didn't want to ship my my hardware wallets to Miami
• 44:47
  like in the case. So I carried them with me.
• 44:49
  In your bag. In in my in my carry on bag and
• 44:52
  I'm like, dude, I'm going to get so wrecked right now.
• 44:55
  This like what am I doing? This sucks.
• 44:57
  And then as I'm going, I'm like, wait, is the X-ray machine going
• 45:02
  to ruin my hardware? Wallet.
• 45:03
  It could. It could.
• 45:05
  Right, that's what I was thinking.
• 45:06
  So I literally I did this at just put, you know, put my my
• 45:10
  hardware wallet in a Faraday bag, shipped it through the
• 45:14
  X-ray, you know carried on and it still works.
• 45:18
  So you know I did that. I I literally did that guys.
• 45:21
  So I'm not just shilling just to shill.
• 45:23
  It actually works. OK, anyways, as we were talking
• 45:27
  about the death, what's it dude? How am I?
• 45:30
  Debt doom Lube. OK, debt doom Lube.
• 45:33
  Why? Why am I messing that up today?
• 45:35
  Guess just not enough coffee. We've been covering Ray Dalio on
• 45:39
  this show for like the last couple of months and it seemed
• 45:43
  like slowly but surely he keeps coming closer and closer to
• 45:47
  becoming a bitcoiner. He was originally very skeptical
• 45:50
  of Bitcoin. Then he kind of dipped into his
• 45:53
  toes and was like, you know, I'm not the biggest fan of Bitcoin,
• 45:56
  but you should probably just at least hedge your portfolio with
• 45:59
  1%. Now he's coming out and saying
• 46:02
  you should probably have 15% in hard assets and that is either
• 46:06
  Bitcoin or gold. And he's kind of recommending
• 46:09
  like, look, I don't care what like how you split that up, but
• 46:12
  that should be the recommendation.
• 46:14
  So breaking news, Ray Dalio is saying you should buy 15% of
• 46:18
  Bitcoin in your portfolios, but let's really breakdown what he's
• 46:23
  saying and why he thinks you should be holding Bitcoin.
• 46:26
  So on Coin Telegraph, Ray Dalio suggests putting 15% in Bitcoin
• 46:30
  gold amid U.S. debt doom Loop Hedge fund manager Ray Dalio
• 46:35
  suggests investors put 15% of your portfolio into quote store
• 46:39
  value assets amid America's debt crisis.
• 46:43
  Now, I think Ray Dalio is kind of historically been more of
• 46:46
  like a a chicken little, you know, sky is falling type
• 46:49
  person, but he did just drop a new book.
• 46:52
  So maybe he's just, you know, shilling his bags here.
• 46:55
  Like maybe he's just shilling his product here and he wants
• 46:58
  people to read the book. But anyways, whether he's
• 47:01
  scamming us into financial freedom or not, the point
• 47:04
  remains the same. Ray Dali is saying you should
• 47:06
  buy 15% of your portfolio and Bitcoin and going in here, Ray
• 47:12
  Dalio has recommended a 15% portfolio allocation into
• 47:15
  Bitcoin or gold to optimize for the quote best return to risk
• 47:19
  ratio in light of America's crippling debt problem and
• 47:23
  currency devaluation quote. If you are optimizing your
• 47:26
  portfolio for the best return to risk ratio, you would have about
• 47:29
  15% of your money in gold or Bitcoin.
• 47:32
  And then he said, of course, you know some Bitcoin, but not too
• 47:35
  much. And he still strongly prefers
• 47:38
  gold to Bitcoin. I mean he's a boomer, can we
• 47:41
  really blame him? Not all boomers are bad.
• 47:43
  Again, before you guys start saying that bitcoins are Opti's
• 47:46
  in aegis here and he doesn't like boomers.
• 47:47
  I love the Bitcoin boomers. I'm just saying it's a lot
• 47:50
  easier for him to be like, yeah, I want to hold physical gold
• 47:53
  versus like, let me figure out this new tech money thing going
• 47:57
  on. Anyways, he says the exact split
• 48:00
  between Bitcoin and gold is quote up to you.
• 48:02
  His 15% suggestion marked a sharp increase from 1 to 2%
• 48:07
  Bitcoin allocation, which he recommended in January 2022.
• 48:11
  The issue is the devaluation of money.
• 48:15
  Hold on, Dalia said, while pointing out that the US
• 48:19
  government will likely need to issue another $12 trillion worth
• 48:23
  of Treasury over the next year to service its mounting debt.
• 48:26
  Again, guys, the interest payment on our debt is bigger
• 48:31
  than the money we spend on our military.
• 48:33
  I repeat, the interest payments, just the payments on our
• 48:36
  national debt is more than we spend on the US military
• 48:41
  industrial complex. It's absolutely nuts.
• 48:44
  And that doesn't even account for the unfunded liabilities,
• 48:46
  which are in the hundreds of trillions of dollars.
• 48:48
  It's absolutely nuts. Anyways, the reason I also
• 48:52
  wanted to bring this up, not only because Ray Dalio is a
• 48:54
  formidable name. You know, he's, he's a, a
• 48:57
  maverick in his space. He is a well known person, but
• 49:01
  he is kind of confirming what I and Mark Moss has been saying
• 49:05
  about U.S. Treasuries.
• 49:06
  And in reality, what what we've been kind of saying about
• 49:09
  stablecoins, expanding the money supply stealthily, silently, so
• 49:14
  that people on Main Street that traditional investors don't
• 49:16
  realize that their currencies, their purchasing power is being
• 49:20
  destroyed. They have to inflate their way
• 49:23
  out of this. So AUS Treasury report released
• 49:26
  on Monday projected another $1 trillion in new borrowing in the
• 49:29
  third quarter due to weaker cash flows and lower reserves.
• 49:33
  Again, it took the USI forget what the number is, someone can
• 49:35
  Fact Check me. But it took the USI believe like
• 49:37
  100 plus years to get to a trillion dollars in debt and now
• 49:42
  we are about to issue that in just the third quarter alone.
• 49:45
  It really is why I'm our vibes. I don't know man, it really is
• 49:50
  when government kills money in real time.
• 49:53
  The Treasury also expects to borrow $590 billion in Q4, added
• 49:57
  to the US government's growing reliance on debt to fund budget
• 50:00
  expenses and worsening concerns about its future physical path.
• 50:03
  So what we're telling you guys, this is this is literally the
• 50:06
  main signal that most people, I think on mainstream, your
• 50:10
  friends and your family do not understand.
• 50:12
  They have to continue to issue more debt just to keep the
• 50:16
  freaking machine going. Guys.
• 50:18
  This is the only way it's working right now.
• 50:20
  It cannot be stopped. They have to continue to issue
• 50:23
  debt. Dalia noted that other Western
• 50:25
  countries, including the UK, face the same debt doom loop
• 50:29
  issue. Hence why me and Chris were just
• 50:31
  debating that the British pound is over guys, and that their
• 50:34
  currencies will continue to underperform relative to hard
• 50:37
  currencies like Bitcoin and gold, which he described as an
• 50:40
  effective, diversified dude. We've gone so long, so far in
• 50:44
  the last, I would say six months.
• 50:47
  Bitcoin is now, you know, an effective diversifier.
• 50:50
  It's a hard currency. It's going to protect yourself
• 50:52
  from debt, doom loops. It's the best money out there.
• 50:55
  You do not want to be holding currencies.
• 50:57
  It is, it is. It's like common knowledge at
• 51:01
  this point. Well, it's not too common cause
• 51:03
  still a lot of people don't understand what's going on.
• 51:05
  He does say he's skeptical about Bitcoin becoming a reserve
• 51:08
  currency. He's talking about recent highs,
• 51:10
  etcetera, but the point remains the same.
• 51:13
  We are seeing a coming crisis. It might not happen this year.
• 51:18
  It might take 10 years. It might take 20 years for this
• 51:21
  to play out. But point remains the same.
• 51:23
  If you are holding Fiat currencies at this point, your
• 51:26
  purchasing power is going to get destroyed.
• 51:28
  And I really like Matt Hogan's take right here.
• 51:30
  So what's this? Rick Edelman last week, 2 weeks
• 51:33
  ago says you should probably hold about 10 to 40% of your
• 51:37
  portfolio in Bitcoin. And this week Ray Dalio says 15%
• 51:40
  of your portfolio in Bitcoin and you, the viewer are still at 0.
• 51:46
  What is going on Guys like you you we're on YouTube, so I got
• 51:51
  to be nice, but get all your stuff together get it out of the
• 51:57
  dark place in your behind and start saving in Bitcoin.
• 52:01
  You need to understand what's going on in Bitcoin.
• 52:03
  It's it's literally a necessity now you you don't have the
• 52:07
  luxury of ignoring Bitcoin at this point, especially when
• 52:10
  nation states biggest institution sovereign wealth
• 52:13
  funds, basically every corporate institution is looking into it.
• 52:19
  If you are still on the sidelines, you're literally that
• 52:23
  you're not, you're not going to make it.
• 52:24
  I'm sorry. It's just NGMI not going to make
• 52:26
  it. Was it Jay yesterday?
• 52:29
  He said some crazy, crazy meme that I really like.
• 52:32
  He's like, if you're not buying Bitcoin today, you're going to
• 52:35
  be working for someone that has bought Bitcoin.
• 52:37
  I'm going to double down on that.
• 52:39
  That's bars. I think that's absolute bars and
• 52:41
  I think that's the future we're going towards.
• 52:43
  Anyways. I ramble long enough, Chris, I
• 52:48
  know you were kind of like a before you got into Bitcoin, you
• 52:51
  watch macro stuff. So what's the significance to
• 52:54
  you about Ray Dalio upping his portfolio allotment to Bitcoin
• 52:58
  from 1 to 2% to 15%? Dude, we're making, we're inch
• 53:03
  by inch. We are taking over the world.
• 53:05
  I'd say it's huge to put it into perspective.
• 53:08
  Like there's the big hedge fund managers of the world or the
• 53:11
  big, you know, big money guys in the world, and there's Warren
• 53:14
  Buffett probably as one. And then there's Ray Dalio at #2
• 53:17
  and I really mean that maybe Carl Icahn, the guy that
• 53:20
  popularized investing in S&P 500 index with Vanguard funds.
• 53:24
  So like maybe those are like the big three, the Mount Rushmore.
• 53:27
  Maybe you could add a fourth one on there.
• 53:29
  But like when you think of like the guys when it comes to money,
• 53:32
  Ray Dalio is probably one of the largest ever.
• 53:34
  Obviously, he has famous books on or he has the famous YouTube
• 53:38
  video on how the economic machine works.
• 53:40
  It's and like millions of people have watched at this point.
• 53:43
  It's actually a really great way of talking about how money gets
• 53:45
  into the system, obviously with debt and treasury bonds and
• 53:48
  central bank, like obviously for a for a bitcoiner, many
• 53:51
  bitcoiners know this because we've been taught it or we've
• 53:53
  learned it in our studies. But it's a great thing for
• 53:56
  normies to kind of just slowly orange peel them into the world
• 53:59
  of macroeconomics. And then now you've got Ray
• 54:01
  Dalio backing it up with talk of instead of one to two percent,
• 54:04
  15% saying that you should get into Bitcoin.
• 54:06
  So I really respect Ray Dalio a lot.
• 54:08
  I know many people have gripes with him because he's very pro
• 54:10
  China. What was his last book Opti?
• 54:13
  It was basically talking about the ever changing world order
• 54:15
  and he talked about the US is a falling power where China's the
• 54:18
  rising power and historically when those two meet and cross,
• 54:21
  the rising power normally always wins and it runs in 250 year
• 54:26
  cycles. Obviously the US is coming up on
• 54:28
  250 years next year. So basically he was saying the
• 54:33
  US has a falling power, China has a rising power, and that
• 54:35
  China will usurp the US eventually and become the global
• 54:39
  dominant world power at #1 obviously, you know, the British
• 54:42
  empires before us and Spain and, you know, all the different
• 54:45
  empires before that. And that's kind of the thesis of
• 54:47
  his book. But maybe he's changing.
• 54:49
  Maybe he's pivoting and seeing, you know, the sovereign
• 54:51
  individual or Bitcoin being the rising power or the digital
• 54:54
  nomad or the freedom oriented person.
• 54:57
  But yeah, when Ray Dalio talks, many people, maybe not
• 55:00
  Bitcoiners, listen to him. But Wall Street takes notice
• 55:03
  when Ray Dalio speaks. Yeah, totally.
• 55:05
  And that like I know a lot of Bitcoiners do the like slay your
• 55:08
  heroes meme and they're very we're like in a wide sell
• 55:12
  immunity. We we literally tear down
• 55:14
  everyone but Main St. normies. They're completely different.
• 55:19
  It's like they wait for these signals until they start to
• 55:22
  embrace something. You know, it, it is a kind of
• 55:24
  herd mentality over there. And Chris, to to your point,
• 55:28
  let's let's read Ray Dalio's book titles because they are
• 55:32
  like, they are progressively getting crazier in like in like
• 55:36
  a a good way, guys, not like he's losing his mind.
• 55:38
  So first one in O7, how the economic machine works at
• 55:41
  template for understanding what is happening now.
• 55:43
  Great title. Principles life of work 2017 is
• 55:46
  most famous. It's kind of OK, whatever.
• 55:49
  Next book 2018, principles for navigating big, big debt crises
• 55:54
  in 2021, principles for dealing with the changing world order,
• 55:57
  why nations succeed and fail. And then the one this year, how
• 56:02
  countries go broke. The big cycle bro.
• 56:07
  I don't know if he's just caught up in the doom loop, but.
• 56:09
  So what's his next book? Buy Bitcoin.
• 56:11
  Don't get fucked. What's that?
• 56:15
  No, he does the All right, so principles for how governments
• 56:20
  broke money, you should buy Bitcoin.
• 56:24
  Yeah, I'll take a royalty on that one, Ray Dalio.
• 56:27
  All right, anyways, let's get into the culture because Chris
• 56:30
  and I, Chris actually started the show with this question.
• 56:33
  And I think it's a very interesting question because
• 56:36
  I've been wondering the same thing and I and I got some
• 56:38
  tweets that kind of lay lay the context here.
• 56:43
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• 58:44
  All right guys, before I lay this down, shout out to Chris
• 58:48
  for the 10 lbs for the 10 Great Britain pounds and he says we
• 58:53
  got this Ron Opti get some sexy sats appreciate it and shout out
• 58:57
  to Ron for peer pressuring you guys into sending us a super
• 59:00
  chat. Oh man, love you guys.
• 59:02
  This, this is so much fun. The the chat's fun today.
• 59:04
  You guys are being nice. I like it.
• 59:06
  You don't you guys don't have me crashing out over the chat
• 59:09
  anyways anyways, before Chris asked the question this morning,
• 59:14
  I actually wanted to talk about this yesterday on the show, but
• 59:17
  we had a guest and so I wasn't able to bring it up, but this
• 59:21
  tweet was making the round and it actually sparked a huge
• 59:24
  debate on Twitter. It it pretty much went viral
• 59:27
  within our circle and it's this idea of whether Bitcoin has been
• 59:31
  Co opted and what is going on with a lot of these old Bitcoin
• 59:34
  wallets from 2011, 2014 selling their Bitcoin.
• 59:38
  Well, Scott Melker, the wolf of all all streets, kind of an 40 a
• 59:42
  shit corner to to be completely honest here.
• 59:45
  But you know, he he claims to be a Bitcoiner.
• 59:47
  So we'll we'll give him the benefit of the doubt here.
• 59:50
  Anyways, he tweeted this and it really sparked the debate on
• 59:54
  Twitter. So it goes.
• 59:55
  I continue to ask my guest quote who's selling Bitcoin?
• 59:59
  And he goes. The answer from those who have
• 1:00:02
  been here since the beginning, like Eden Yago and Bruce Fenton
• 1:00:05
  is always the same. Early whales who are here for
• 1:00:08
  the freedom and libertarian ideals who have thrown in the
• 1:00:10
  towel because they see their community cheering the
• 1:00:12
  government and Wall Street. It's an entirely new ball game
• 1:00:16
  now and then going further. Bruce Fenton tweeted have a
• 1:00:19
  listen. The world isn't supposed to be
• 1:00:21
  like this. Bitcoin and this tech has power
• 1:00:24
  to increase freedom instead or become more suburbian to
• 1:00:27
  tyrants, AM LKYC accredited investors rules, etcetera
• 1:00:31
  etcetera. It's all immoral tyranny and
• 1:00:34
  unethical. Bring back the cipher punks and
• 1:00:37
  then Scott follows this up a little later and he goes Bitcoin
• 1:00:41
  is amazing, but it's obviously been Co opted to some degree by
• 1:00:45
  the very people that it was created as a hedge against many
• 1:00:48
  of the most ardent early whales have seen their faith shaken and
• 1:00:52
  have been selling at this price and then the Bitcoin kind of
• 1:00:57
  response to this. You can see Matt Hogan down
• 1:01:00
  here. He's I get I get this, but
• 1:01:01
  bitcoin's still pretty revolutionary.
• 1:01:03
  It's the first global money back, not by the state and the
• 1:01:05
  threat of violence, but by by logic and community respect to
• 1:01:08
  the early whales and let's keep building the world needs more
• 1:01:11
  Bitcoin or the world needs Bitcoin more than ever.
• 1:01:14
  We have Alex Gladstein go no technical aspect of Bitcoin has
• 1:01:18
  been quote Co opted. The network remains cyberpunk
• 1:01:22
  and the tools get more so by the day.
• 1:01:23
  Despite or even I would argue because of mainstream mainstream
• 1:01:27
  adoption. Major challenges around
• 1:01:29
  education, mining, decentralization, privacy
• 1:01:32
  remain, but Co opted no. And then we have Pierre Roche
• 1:01:36
  Shard quote tweeting that and he goes, you still have the freedom
• 1:01:40
  to generate private keys, derive public addresses, contribute
• 1:01:44
  hash rate, operate in mining pool and verify with a full
• 1:01:47
  Bitcoin node. Early adopters got psyopped into
• 1:01:50
  selling. Be grateful they gave buyers a
• 1:01:53
  better entry point. Now I am kind of on the lines of
• 1:01:57
  what Piero Shard is saying and we actually got a very good
• 1:02:01
  comment in the chat. Let me see if I can find it real
• 1:02:03
  quick. While while you're looking for.
• 1:02:05
  It. Yeah, go for it.
• 1:02:06
  I'll I'll kind of comment on this.
• 1:02:08
  So it's very funny. It's like, OK, so they're
• 1:02:10
  selling, but they're selling for what?
• 1:02:12
  U.S. dollars? I give up the towel.
• 1:02:14
  I throw in. So this great Internet money, as
• 1:02:16
  Pierre Richard says, you can generate an address, you can
• 1:02:18
  send it peer-to-peer without being stopped.
• 1:02:20
  I'm selling it for U.S. dollars. You know, that's, you know, I'm
• 1:02:23
  throwing in the towel because this this has been Co opted.
• 1:02:26
  So I'm going to use something that's not Co opted, like the US
• 1:02:28
  dollar or let's just even give them the benefit of the doubt.
• 1:02:30
  Let's say they're using another cryptocurrency.
• 1:02:33
  So they're losing purchasing power relative to holding just
• 1:02:35
  Bitcoin. That doesn't make any sense.
• 1:02:37
  So yeah, maybe they're disheartened.
• 1:02:39
  Maybe they're selling, but also can we just say like, point this
• 1:02:43
  out loud? Maybe they're just living life.
• 1:02:44
  It's like, hey, I'm a billionaire or worth multiple
• 1:02:47
  millions. Maybe I'm just selling it to
• 1:02:49
  live my life. I'm selling Bitcoin or using
• 1:02:52
  Bitcoin as a currency to buy goods and services to make my
• 1:02:55
  life better. Buying a house, buying a car,
• 1:02:58
  going on vacation. They're spending it, you know,
• 1:03:01
  so maybe they're quote UN quote selling it, but I don't think
• 1:03:04
  they're like just like they're selling it in a fit of rage.
• 1:03:06
  They're like, I'm growing in the towel.
• 1:03:08
  I'm I'm I'm cashing in my millions or billions or whatever
• 1:03:11
  it is, and then I'm just going to hold the US dollar from here
• 1:03:14
  until the end of time. I mean, they can do that, but
• 1:03:16
  that just seems so counter. So Oh, I was so full libertarian
• 1:03:21
  or early cypherpunk, and now I've just thrown in the towel.
• 1:03:23
  It's like you can just do things.
• 1:03:25
  You don't need to wait for permission.
• 1:03:26
  It's like if you're so hell bent on KYC, AM L create a non KYC
• 1:03:30
  way of selling and trading Bitcoin.
• 1:03:32
  It's like, oh, but there's risk to that.
• 1:03:33
  Obviously there's risk to anything.
• 1:03:35
  There's risk to walking outside your house.
• 1:03:37
  So I I don't buy this whole like throwing in the towel, giving
• 1:03:40
  up. Yeah, one of the greatest quotes
• 1:03:42
  that was said by Jeff Booth is the worst thing about Bitcoin is
• 1:03:47
  it is going to be used by the person you hate this most in
• 1:03:50
  this world. What that basically means is
• 1:03:52
  Bitcoin is for anyone. Anyone can use it.
• 1:03:55
  And there's nothing you can freaking do to stop it.
• 1:03:57
  You can be the most powerful dictator in the world.
• 1:03:59
  You can be the most powerful government in the world, and
• 1:04:01
  there's nothing you can do to stop it, barring just killing
• 1:04:04
  them. And like that's, that's a world
• 1:04:05
  that gets very scary. I think it's very civil unrest.
• 1:04:08
  Normally politicians don't like that.
• 1:04:10
  So while governments or dictators do that, normally
• 1:04:13
  there's huge revolutions. And normally it is not a good
• 1:04:15
  time to be a politician or government official in that.
• 1:04:17
  I'm not advocating for violence. I hope that does not happen.
• 1:04:20
  But Bitcoin is a peaceful way to opt out to prevent that from
• 1:04:22
  happening. I'll end my rant right there.
• 1:04:24
  Sorry, Opie. No, it was great.
• 1:04:26
  It was great because it just it took me this long to find that
• 1:04:28
  comment. So it was a perfect rat and we
• 1:04:31
  all will continue to chat on this for a little bit, but I
• 1:04:34
  can't pull up the comment because it was too far lost.
• 1:04:36
  It's too far up and it got lost on our on our streaming
• 1:04:38
  platform. But skip on down the road says
• 1:04:41
  separation of money and state is about the creation of money and
• 1:04:44
  not who buys slash holds the money.
• 1:04:46
  And I I think that's like the best way to sum this up right
• 1:04:49
  now. Now my take is, is obviously on
• 1:04:52
  the same lines as what Chris has been saying and what like Pierre
• 1:04:56
  Rochard's been saying. Like, yes, there is a part of me
• 1:05:00
  that feels kind of icky. Like feel like it feels like
• 1:05:04
  there's a cognitive dissonance going on, at least in the
• 1:05:06
  beginning of when we saw BlackRock kind of coming into
• 1:05:09
  Bitcoin. It's like it feels weird
• 1:05:12
  cheering on the BlackRock ETF And then you realize like the
• 1:05:15
  best performing asset or even kind of watching what Sailor is
• 1:05:18
  doing with all these different product offerings like strike
• 1:05:21
  stride, stretch, all this stuff. Even my initial take on like
• 1:05:26
  what stablecoins were doing and like, I think even Mark Goodwin
• 1:05:30
  would kind of say the same thing.
• 1:05:32
  Now he's like, look, I never said it was a bad thing.
• 1:05:34
  I I just said this is what's going to happen.
• 1:05:36
  And I think what skip down on the road is saying is I think
• 1:05:40
  that like the the biggest signal here is like we we can't really
• 1:05:46
  control who buys Bitcoin, but they aren't Co opting the
• 1:05:49
  network. Yes, we saw the Black Rock kind
• 1:05:51
  of what was that, that disclaimer that, you know, we
• 1:05:56
  can choose which chain we are on and we all freaked out.
• 1:06:02
  I don't think that what Scott is saying.
• 1:06:05
  I think that could be a a general take.
• 1:06:07
  Like I do think some people probably are selling their
• 1:06:09
  Bitcoin and I see it in the chat all the time too.
• 1:06:11
  You know, they they'll yell at us as like, how are Nico and
• 1:06:14
  Opti cheering on banks and and nation states buying Bitcoin?
• 1:06:17
  It's like, well, first of all, we're not cheering them on.
• 1:06:19
  This is a news show and this is what the recent news is around
• 1:06:23
  Bitcoin. So we have to cover it every
• 1:06:24
  single day. But I don't think that the
• 1:06:29
  network itself has been Co opted.
• 1:06:31
  And to answer your question in the beginning of the show,
• 1:06:34
  Chris, it was something on the lines of is Bitcoin a Trojan
• 1:06:38
  horse here? And I I totally believe it.
• 1:06:41
  And actually someone's kind of like low key trolling me in in
• 1:06:44
  the chat. But like in, in the in the good
• 1:06:46
  ways, like Bitcoin makes you smarter.
• 1:06:47
  You guys are talking about money in a way that you used to not
• 1:06:50
  even understand. It's like, yeah, we've been
• 1:06:51
  learning on the job with a lot of the new product announcements
• 1:06:56
  by like Saylor himself and with what's going on around the US
• 1:07:01
  embracing Bitcoin, the the political sphere around Bitcoin
• 1:07:05
  and them also kind of embracing stable coins, having to go down
• 1:07:09
  the Mark Goodwin Bitcoin dollar rabbit hole.
• 1:07:12
  All this stuff has. And you know, the doom loop
• 1:07:14
  stuff, the Larry Leopard's of the world, the Lynn Alden's of
• 1:07:18
  the world. It does start to kind of open
• 1:07:21
  your eyes on what is actually going on.
• 1:07:23
  And I think I saw Jimmy, Jimmy Song tweet this morning.
• 1:07:26
  He's like, look, when I got into Bitcoin 1015 years ago, I didn't
• 1:07:29
  think it would go this way. But I don't necessarily think
• 1:07:31
  it's a bad thing. Like this is where we are.
• 1:07:34
  And there's still a long time to, you know, quote UN quote,
• 1:07:37
  like course correct here. But even with that, I think even
• 1:07:41
  originally, if you look at what, what was the, how Finney tweet,
• 1:07:43
  it was literally like 2 weeks after Bitcoin was created.
• 1:07:46
  He's like, there will be Bitcoin banks that are fully reserved,
• 1:07:49
  some that aren't like Wall Street's going to get in here
• 1:07:52
  and they're going to take this thing to $10 million.
• 1:07:54
  I think even some of the more insightful and far like open
• 1:08:00
  minded. I, I don't know if open minded
• 1:08:02
  is the right word, but more far seeing early crypto cipherfunks
• 1:08:07
  here could see that this was where it was going to go.
• 1:08:10
  Inevitably. Like if we are really going to
• 1:08:12
  take over the world in, in the terms of like all capital is
• 1:08:15
  going to flow into Bitcoin, then there will be kind of these
• 1:08:19
  bridges from the Fiat system into Bitcoin.
• 1:08:21
  And I don't necessarily think that that is, you know, quote UN
• 1:08:24
  quote Co opting Bitcoin. I think that that's how you get
• 1:08:28
  capital into Bitcoin. I think we we and I'm I don't
• 1:08:31
  want to use we because I wasn't here in the early days.
• 1:08:34
  You know, I'm not Satoshi, but from the earliest stuff that I
• 1:08:37
  can read, it feels like the path that we are on right now is
• 1:08:41
  inevitable. And I think Wall Street kind of
• 1:08:44
  embracing Bitcoin, even banks kind of embracing Bitcoin,
• 1:08:47
  nation states embracing Bitcoin. Like I think this was all going
• 1:08:50
  to happen anyways. Maybe it's happening quicker
• 1:08:53
  than we thought. Maybe this is kind of like the
• 1:08:55
  WikiLeaks moment here where if you are familiar with the
• 1:08:58
  WikiLeaks moment, it's like in the early days.
• 1:09:01
  I believe I'm, I'm blanking on the the day, but I think it was
• 1:09:04
  like early 2010 or maybe it was like 24.
• 1:09:07
  Do you remember when the WikiLeaks was going to announce
• 1:09:09
  Bitcoin trading and it was 2010? Cuz Satoshi was around.
• 1:09:12
  Yeah. He's like, don't kick the
• 1:09:14
  Hornets Nets. Like we're not big enough to
• 1:09:16
  withstand basically the nation. Shit's coming down on us.
• 1:09:20
  And I think this WikiLeaks thing is a bad thing.
• 1:09:24
  Maybe this is kind of a same type of scenario where as a
• 1:09:28
  community member, I hate using the word community member, but
• 1:09:31
  as a Bitcoiner, someone that runs a node, someone that
• 1:09:35
  advocates for self custody, someone that talks about Bitcoin
• 1:09:37
  constantly, this might be kind of our next big test is what
• 1:09:42
  we're talking about here. Is Bitcoin getting Co opted by
• 1:09:44
  Wall Street? Is it big enough to withstand
• 1:09:46
  the capital injection from all these big institutions?
• 1:09:50
  I think it is, but also we won't really know until it happens in
• 1:09:54
  real time and we're living through this.
• 1:09:55
  So this is going to be one of those defining moments moving
• 1:09:59
  into the future is like, can Bitcoin withstand this, this new
• 1:10:03
  Wall Street injection because it's happening in real time, as
• 1:10:06
  we've seen actually, maybe I can find that the tweet of sailors,
• 1:10:11
  different products and how they tap into different capital
• 1:10:13
  markets. Like it's say what you want
• 1:10:16
  about sailor, but it's damn near genius what he's doing.
• 1:10:19
  And this is how you get capital from the Fiat system into
• 1:10:23
  Bitcoin. One of the things that I kind of
• 1:10:25
  was again, I'm, I'm, I'm on this Mark Moss, the rabbit hole right
• 1:10:30
  now. I'm like, I think he, I think
• 1:10:32
  there's a lot of insight into what Mark Moss is saying.
• 1:10:35
  And one of the things I took away from him, he's like a lot
• 1:10:37
  of Bitcoiners need to understand that essentially 97% of the
• 1:10:42
  world's capital is trapped in these illiquid zombie kind of,
• 1:10:47
  you know, capital allocations that are Fiat back and the
• 1:10:50
  products of like what sailors do and what ETFs are doing, banks
• 1:10:54
  kind of embracing Bitcoin. It is unlocking the majority of
• 1:10:57
  the world's capital. And if you think the majority of
• 1:10:59
  the world's capital is going to go into Bitcoin, then they need
• 1:11:03
  to find ways to come into Bitcoin.
• 1:11:05
  There is so many staunch regulations around capital,
• 1:11:08
  these capital markets that they can't find their way into
• 1:11:11
  Bitcoin. Yes, for US Main Street
• 1:11:13
  individual investors like it, we can just smash buy Bitcoin.
• 1:11:16
  We could just buy spot Bitcoin. But for a lot of people and a
• 1:11:19
  lot of capital around the world, the majority of the world's
• 1:11:21
  capital, it can't find an easy way into Bitcoin without these
• 1:11:25
  various different products. And maybe, you know, the if
• 1:11:28
  there are being kind of, I guess a little more lenient on what
• 1:11:33
  Scott Meckler saying, maybe people do believe that Bitcoin
• 1:11:35
  has been Co opted. Maybe there are some early
• 1:11:37
  libertarians that thought, you know, this was going to happen
• 1:11:40
  on a grassroots level and every individual is just going to buy
• 1:11:43
  Bitcoin. And that's how we take over the
• 1:11:45
  world by, you know, person by person, individual, node by
• 1:11:48
  node. This is how the world's going to
• 1:11:50
  get here. I don't know, I maybe it was a
• 1:11:53
  bit of utopian thinking. Maybe this is how it's going to
• 1:11:56
  happen. And in turn, this will
• 1:11:59
  fundamentally give us more freedom, more power, more
• 1:12:02
  purchasing power. And this is just how it was
• 1:12:05
  going to play out. So I don't, I, I think it's a
• 1:12:07
  Trojan horse. I'm, I'm on the Trojan horse
• 1:12:09
  side. And I don't think we're selling
• 1:12:11
  out because Wall Street's here. Bitcoiners are, you know,
• 1:12:14
  Bitcoin companies are entering Wall Street and they're getting
• 1:12:17
  capital injections and we're seeing politicians land on our
• 1:12:20
  doorsteps. I just think this is how it was
• 1:12:22
  going to play out. Like we are maturing and for
• 1:12:25
  better or worse, a lot of Bitcoiners do have this like
• 1:12:27
  under underdog victim mentality. That's like now that we're going
• 1:12:32
  mainstream, they're like, I don't like Bitcoins are like
• 1:12:34
  hipsters. We're like, you know, I like
• 1:12:36
  this band before people liked it and now that the world likes it,
• 1:12:39
  I, I don't want anything to do with this Bitcoin.
• 1:12:41
  But like Chris was saying, it makes no sense.
• 1:12:43
  What are you going to do go back into the dollar?
• 1:12:45
  It just. Go back into another
• 1:12:47
  cryptocurrency that's getting devalued by the insiders.
• 1:12:50
  Like, yeah, like what are you doing it?
• 1:12:52
  Makes no sense to me. Yeah, I'll add to that, Opti and
• 1:12:55
  I do think I think the thing that people think is that
• 1:12:58
  Bitcoin's going to get Co opted and they're going to start
• 1:13:00
  changing the rules and we're going to be forced to just sit
• 1:13:02
  there and go along with it. But I guess people's memories
• 1:13:05
  are short or some people haven't even been around since then.
• 1:13:07
  Opti, you can talk about this with being in the in the block
• 1:13:10
  size wars. Great book by the way.
• 1:13:12
  There's like 4 Bitcoin books I recommend, Bitcoin standard by
• 1:13:15
  safety, DNM Moose, the genesis book by Aaron Van Weardem, The
• 1:13:20
  block wars by Jonathan Beer. And the last one was Oh the
• 1:13:24
  price of tomorrow by Jeff Booth. Those are the four Bitcoin
• 1:13:26
  books. You should read those, those are
• 1:13:28
  excellent. But in the block size war,
• 1:13:30
  basically there was a schism in the in the community that
• 1:13:33
  there's people that believe that the block size limit should be
• 1:13:36
  increased. And those were the big blockers.
• 1:13:38
  And then there's the people that are the small blockers today,
• 1:13:40
  the everyday bitcoiners, the bitcoiners of today that believe
• 1:13:43
  that the Bitcoin limit should stay the same or even some
• 1:13:45
  people advocated shrinking the block size limit.
• 1:13:47
  So right now there is 4 megabytes per block per block
• 1:13:52
  that is allowed of data in there.
• 1:13:54
  There was a small upgrade of of SegWit that it actually 4X the
• 1:13:59
  amount of ability to hold in the block size limit.
• 1:14:02
  So it went from one MB to 4 megabytes.
• 1:14:04
  But there was a compromises of compression of data, so they
• 1:14:06
  were able to include more transactions.
• 1:14:08
  Long story short, big blockers, small blockers, the big blockers
• 1:14:11
  are known as people that were supporting B cash and then that
• 1:14:13
  became BSV. There's a whole story there, but
• 1:14:16
  basically they were supporting forking Bitcoin and making
• 1:14:19
  Bitcoin cash. And then there was Bitcoin or
• 1:14:21
  BTC traditional that wanted to remain Bitcoin in the way that
• 1:14:24
  it is today. And back then there was this
• 1:14:26
  there was a split in the community and I forget what
• 1:14:28
  block number it was. You can probably look this up
• 1:14:30
  right now, but there was one block when basically the chain
• 1:14:34
  split, meaning that you had that they were using the same hashing
• 1:14:38
  algorithm and or a different hashing algorithm, but they had
• 1:14:40
  the same cryptographic way of of holding your Bitcoin.
• 1:14:44
  So, you know, using private keys or bit 39 of your 12 or 20
• 1:14:47
  forward C phrases, at that point, if you were to put those
• 1:14:50
  C words into a Bitcoin Cash wallet or their fork, you would
• 1:14:54
  have the equivalent of Bitcoin Cash and the equivalent of
• 1:14:56
  Bitcoin. So you had your traditional
• 1:14:58
  Bitcoin wallet. It had, you know, let's just say
• 1:15:00
  one Bitcoin for easy sake, you had one Bitcoin cash at that
• 1:15:04
  equivalent. And there was a, there was an
• 1:15:06
  alternate market of trading where would Bitcoin cash price
• 1:15:09
  be when it happened? And at one point they got to
• 1:15:12
  like 40% of Bitcoin BT CS value was going to be Bitcoin Cash.
• 1:15:16
  So it still was a lower evaluation, but people were
• 1:15:18
  worried as that was creeping up from zero.
• 1:15:20
  And it said at one point it was 42% equivalent to bit one
• 1:15:24
  Bitcoin cash being of one Bitcoin.
• 1:15:26
  So this is given everyone the context of the story.
• 1:15:28
  So at one point you basically had the equivalent of 1 Bitcoin
• 1:15:31
  Cash and one Bitcoin and you can do anything you want.
• 1:15:34
  You could have held on to both. You could have sold Bitcoin Cash
• 1:15:37
  to get more Bitcoin or or even just sold the Bitcoin cash for
• 1:15:40
  the whole Fiat currency. Or you could have sold your BTC
• 1:15:43
  to buy Bitcoin cash or you could have done nothing and basically
• 1:15:46
  you had one Bitcoin cash and one Bitcoin and that would be the
• 1:15:48
  same today. Obviously there was a lot of
• 1:15:50
  scammers were trying to scam people like oh, use my Bitcoin
• 1:15:53
  cash wallet that I just created. And when you enter your seed
• 1:15:55
  words, they would steal your Bitcoin and your Bitcoin cash.
• 1:15:58
  So it was called relay protection.
• 1:16:00
  I know this is getting through weeds everyone, so I apologize,
• 1:16:02
  but basically I'm just giving you the context.
• 1:16:03
  There was the top 50 Bitcoin or crypto companies were trying to
• 1:16:07
  push for Bitcoin cash. Coinbase bit main, the largest
• 1:16:11
  producer of the bit main ASICS or the the Ant miner ASICS.
• 1:16:16
  And so a lot of people were pushing or or supporting there
• 1:16:19
  was Roger Burr or Bitcoin Jesus, as he his moniker was called.
• 1:16:23
  Basically all these people were pushing or the money, the the
• 1:16:26
  the institutional capital was pushing for Bitcoin cash, while
• 1:16:29
  the small plebs were pushing for BTC or the small blockers.
• 1:16:34
  And ultimately the small blockers want I do think like
• 1:16:37
  BlackRock had that commercial where it said, oh, like, you
• 1:16:39
  know, depending on the longest chain that we determine, like I
• 1:16:42
  do think we meant we will have another block size work.
• 1:16:45
  Maybe it's not going to be over the block size, but I do think
• 1:16:47
  at one point there will be a debate of institutional capital
• 1:16:50
  being like, well, what if we change it so we can whitelist
• 1:16:53
  addresses? Or what if we could do that?
• 1:16:54
  When that happens, the best thing to do, in my opinion,
• 1:16:56
  that's not financial advice is not vice.
• 1:16:58
  Just do nothing, do absolutely nothing.
• 1:17:00
  Keep running the same Bitcoin that you're running and don't
• 1:17:02
  upgrade to the newest software that they're promoting.
• 1:17:05
  At the end of the day, I know and I'm not a lawyer, often are
• 1:17:07
  not lawyers here, but I remember.
• 1:17:09
  This is not financial advice. Not financial advice, but when
• 1:17:11
  the Bitcoin ETFs came out in 2024, there was a stipulation in
• 1:17:15
  there that said in the event of a fork, they are not allowed to
• 1:17:18
  have the Bitcoin ETF and Bitcoin 2.0 ETF.
• 1:17:21
  So they will have to make a decision which fork they go
• 1:17:24
  with. And I think that was in the fine
• 1:17:25
  print. Obviously that was when the ETF
• 1:17:27
  was launching. If a fork occurred at that
• 1:17:29
  moment, they'd probably have to pick one.
• 1:17:31
  I don't think in the future they might just spin off and create
• 1:17:34
  like we've now launched a new ticker with the new ETF symbol.
• 1:17:37
  But I with that being said, if they had to pick and they picked
• 1:17:41
  against BTC, I'm assuming Bitcoin's price would go down,
• 1:17:44
  there'd be chaos and panic. But the worst thing to do when
• 1:17:47
  that is going on is to panic yourself is to stay calm, to not
• 1:17:51
  do anything brash, to not enter your seed words into anything
• 1:17:55
  that you're unsure of that is not offline or not in your own
• 1:17:58
  possession because that could be catastrophic.
• 1:18:00
  You basically. Obviously people have used that
• 1:18:01
  for social engineering attacks. But I do think that we will have
• 1:18:05
  in the future another soft fork war or you know, a fork war
• 1:18:09
  where we're debating on a different issue, whatever it may
• 1:18:11
  be. And at that time, you're going
• 1:18:12
  to have to decide. You can always do nothing.
• 1:18:14
  And you have equivalent of both if there is a soft work that
• 1:18:17
  occurs. So sorry for the long, I hope
• 1:18:19
  that gives context for everyone that didn't live through it or
• 1:18:21
  haven't learned about the fork wars, the block size war.
• 1:18:24
  No, that was great. That was great.
• 1:18:27
  I actually sorry this is a good comment.
• 1:18:29
  This is financial advice by as much Bitcoin.
• 1:18:33
  I actually came into Bitcoin after the fork wars.
• 1:18:37
  I, I was, I didn't live through the fork wars.
• 1:18:38
  I literally came like right when it ended and it was still very
• 1:18:42
  contentious what was going on in the space.
• 1:18:45
  So like I had to very quickly kind of catch myself up on what
• 1:18:49
  just happened. I, I'm pretty sure like what the
• 1:18:52
  fork wars happened in, I think it was like August of 2017.
• 1:18:56
  I, I could be kind of pushing that back a little bit.
• 1:18:58
  And I got in shortly after that. And I remember when I got in, it
• 1:19:03
  was like we didn't have the big Bitcoin only accounts that we do
• 1:19:06
  now. And you got in and there was so
• 1:19:09
  much arguments going on, so much like people are slinging shit at
• 1:19:13
  each other like, no, this is the real Bitcoin.
• 1:19:15
  That's the, this is the real Bitcoin.
• 1:19:17
  And you had to like very quickly catch yourself up 'cause
• 1:19:21
  everyone basically you come into Bitcoin, you, you buy BTC.
• 1:19:25
  And then when I got in, it was like Coinbase.
• 1:19:27
  Now we have like Bitcoin only exchanges that make it easier.
• 1:19:30
  And you had to very quickly catch up on wait, is BTC the
• 1:19:35
  real Bitcoin or is it B Cash, BCH and?
• 1:19:38
  Then Bitcoin SV. And then it was SV and you're
• 1:19:41
  like, what is going on here? So yeah, it's I, I think I agree
• 1:19:44
  with you that that will happen. And we're, we're kind of seeing
• 1:19:47
  that with like the knots and core stuff, though it's not
• 1:19:50
  necessarily like a new fork. We're starting to see this node
• 1:19:53
  implementation battle going on, which can potentially lead to
• 1:19:57
  another fork. So yeah, just stay vigilant.
• 1:19:59
  That's why you guys should run a node.
• 1:20:00
  And like Chris said, I will also echo, don't update your node
• 1:20:04
  right away just because there's an update.
• 1:20:06
  I literally I have the. Keep it simple, stupid kind of
• 1:20:10
  mean where it's like I wait like a year or two before I even
• 1:20:12
  think about updating my notes. Like yeah, cool, new notes
• 1:20:16
  updated. I still run core.
• 1:20:17
  I think it's like 17 or something like that.
• 1:20:20
  I, I again, I don't have. You don't.
• 1:20:22
  Even have you don't even have taproot.
• 1:20:23
  I think taproot is like 20 or 21, so you don't even have that.
• 1:20:26
  Ability. No.
• 1:20:26
  Maybe it's 20. What are we on now?
• 1:20:29
  It's like the. 2728's about to come out in.
• 1:20:32
  The OK then, yeah, I think I'm on like 25.
• 1:20:36
  I guess for some reason I I, I thought 27 was 17, but yeah, no,
• 1:20:41
  I, I'm, I'm, I'm a few, a few node updates behind and and this
• 1:20:46
  is by design. So I totally agree, Chris.
• 1:20:50
  Anyways, guys, we are going to wrap up the show, but there is a
• 1:20:53
  great comment here. Let me let me read this because
• 1:20:57
  we do have some pretty big news coming out tomorrow and if you
• 1:21:02
  are waiting to smash buy some Bitcoin.
• 1:21:05
  I again, not financial advice here, but I would probably buy
• 1:21:08
  today though maybe this is going to be a, you know, sell.
• 1:21:12
  Buy the rumor, sell the news type.
• 1:21:13
  I'll be telling you to buy, but Jim Cramer is telling you also
• 1:21:16
  buy. So you should probably not buy.
• 1:21:18
  Yeah, you should. Probably not buy I think.
• 1:21:19
  I think Jim Cramer has way more aura than I do and he could move
• 1:21:23
  the markets a lot better than I can.
• 1:21:25
  So. Wait for tomorrow a better entry
• 1:21:28
  place in and yeah, we all in and then you're kind of.
• 1:21:31
  Exactly. But Ron P says, trust me when I
• 1:21:34
  tell you, Bo Hines know this is going to go ballistic tomorrow.
• 1:21:39
  And for everyone that doesn't know, the strategic Bitcoin
• 1:21:43
  Reserve report will be released tomorrow.
• 1:21:46
  I don't know if it's going to have come out before the show or
• 1:21:50
  after, but if it does come out before the show and and we have
• 1:21:54
  enough time to kind of read it or maybe we just get a clip,
• 1:21:56
  that's probably what we will cover tomorrow.
• 1:21:58
  That's a that's a huge, huge story coming out.
• 1:22:01
  It's it's big news. We're going to see officially
• 1:22:03
  what the US government is saying about the strategic Bitcoin
• 1:22:06
  Reserve, whether we get some news on how they're going to
• 1:22:10
  stack Bitcoin budget friendly, whether they have increased
• 1:22:13
  their reserve count via, you know, government forfeitures,
• 1:22:17
  whether there's some new regulations coming in.
• 1:22:20
  We should find all that out tomorrow.
• 1:22:22
  So we will, I think very clearly know what is going on with the
• 1:22:28
  US Bitcoin that they hold and the strategic Bitcoin Reserve.
• 1:22:33
  So that comes out tomorrow. Again, I don't know if that's
• 1:22:36
  going to be released before the show, but if it is, we will
• 1:22:39
  probably cover that tomorrow. On that note, guys, love you,
• 1:22:43
  appreciate you, smash the like button, comment on the show, and
• 1:22:47
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• 1:22:50
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• 1:22:57
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• 1:22:59
  And we have we and Ocean's dropping literally the most
• 1:23:02
  creative shows in Bitcoin. And on that note, we do have
• 1:23:05
  some interesting stuff we're going to be dropping for you
• 1:23:07
  guys on the YouTube channel. We love you guys.
• 1:23:10
  We will see you tomorrow. Chris, thank you so much for
• 1:23:12
  coming on today. Really appreciate you.
• 1:23:15
  On that note, guys, Peace out. Get some sun today.
• 1:23:18
  It's good for you. Peace.
• 1:23:21
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• 1:23:27
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