Latest / Simply Bitcoin / Larry Fink CONFIRMS The Worlds BIGGEST Banks Want YOUR Bitcoin?! | EP 1354

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Larry Fink CONFIRMS The Worlds BIGGEST Banks Want YOUR Bitcoin?! | EP 1354 · Simply Bitcoin

• 0:00
  What Larry Fink just said on the national news confirms the
• 0:04
  world's biggest banks are coming for your Bitcoin.
• 0:08
  Citibank will be offering a Bitcoin custody service trading
• 0:11
  in 2026. Morgan Stanley is allowing all
• 0:15
  their clients to invest into Bitcoin today and Bank of
• 0:20
  America released an interesting survey we will cover in a
• 0:23
  moment. But before we do that, let's
• 0:26
  play that clip you. Know our eat our Bitcoin I bid
• 0:31
  is now over $100 billion. I know from nothing not that
• 0:36
  long ago. Two years ago.
• 0:37
  Zero. Yeah.
• 0:38
  So. Well, you weren't always a huge
• 0:40
  proponent of crypto, as I know. I love it now, but I grow and
• 0:44
  learn. I heard you save it on 60
• 0:46
  minutes. I did.
• 0:47
  Yeah. All right, Well, thank you,
• 0:51
  Sophie. She's a professional, you know
• 0:53
  we're. We're throwing it into the fire,
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  guys, I think. I think this might be the first
• 0:56
  time ever that we see a prominent boomer admitting to
• 1:00
  the fact that maybe they're. Wrong big is the.
• 1:04
  World shaking? Is there an earthquake?
• 1:06
  Like, was this a major event? Well, I mean, he was extremely
• 1:12
  giddy and and I'm going to get to that.
• 1:13
  But before I do, I do want to bring up our guest, Francesco,
• 1:17
  CEO of Bit Vault. Guys, we're going to be talking
• 1:19
  about multi sig and time locking, how to protect yourself
• 1:22
  in case of emergencies towards the end of the show show.
• 1:26
  But I do want to start with just the Larry Fink clip.
• 1:30
  And the reason I wanted to bring this up is you can see how giddy
• 1:34
  he is here. He is over the moon here and I
• 1:37
  think there is signal with just how excited he is.
• 1:40
  Again, guys, I've been covering this on the show and I've been
• 1:43
  pointing it out that you got to remember the Bitcoin ETF, the
• 1:46
  BlackRock Bitcoin ETF is the most successful ETF launch in
• 1:50
  history. And now they have $100 billion
• 1:53
  of Bitcoin under their control. Obviously, it is because of
• 1:57
  their clients, but what does this tell you about what Wall
• 2:00
  Street thinks about Bitcoin? And I think that's where this
• 2:04
  lies and that's where this is headed is look, they're looking
• 2:07
  at Larry Fink, they're seeing them be this profitable.
• 2:11
  They all want to get into this game.
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  And that is I think what we're starting to see.
• 2:15
  We told you guys it was going to be a slow trickle, and now it's
• 2:18
  becoming a freaking rapid torrent of capital that's trying
• 2:23
  to find its way into Bitcoin. So before I go on and give you
• 2:27
  guys a little more source material, Francesco, what's your
• 2:29
  thoughts on hearing Larry Fink be this giddy about his Bitcoin
• 2:33
  ETF again? You know, two years ago he was
• 2:36
  calling it a what was it a, a money Ledger for criminals and
• 2:41
  money launderers. And now he's like, I'm a genius.
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  I, I knew it was going to be this successful.
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  You can hear in his voice he's excited.
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  It's just like, oh man, you, you couldn't have picked for a, a
• 2:52
  better spokesman, I guess. Well, actually we probably
• 2:55
  could, but anyways, Francesca, what's your thoughts on this?
• 2:58
  Yeah, welcome everyone and thanks for well, who could have
• 3:01
  imagined the I mean, but maybe he could have respected after
• 3:05
  decades of deception from who could actually control the
• 3:09
  market and wants to control everything, right.
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  So there is no big surprise unfortunately, but I mean they
• 3:16
  have a some would let's say merit because the ETF it brought
• 3:25
  a lot of interest in Bitcoin and accessibility is driving the
• 3:29
  price up and driving the price up also get other people
• 3:32
  interested in the loop of Satoshi vision.
• 3:36
  So yeah, not Satoshi wants the banks of Bitcoin, but there are
• 3:40
  there is a bit of the issue. So what is banking is doing is
• 3:45
  starting to extract value from a system which it it needs some
• 3:51
  some not not trust, but they need some help.
• 3:56
  So people need some help on this better instrument, which is
• 4:01
  asset, which is Bitcoin and how it's, it's an easy prey to for
• 4:06
  them to say, OK, I take care of it.
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  I, I will lift all of the risks from you.
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  You can relax and buy all the Bitcoin and but the the the the
• 4:16
  concerning part is that they can use Bitcoin, they can report
• 4:20
  again many other things which by a legal framework they cannot do
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  because ETF is not supposed. But yeah, I mean you are
• 4:27
  trusting the law yeah, according to a law if you trust the law,
• 4:30
  you have no problem but if you are we are here in Bitcoin I
• 4:33
  would say we don't don't want to trust we want to verify we want
• 4:36
  to do actually order our coins. So the two positions they want
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  to monetize on are the custody. So the risk of custody for you
• 4:47
  as an individual because you are like holding a bottle of gold in
• 4:52
  your house and somebody know that you hold it if you purchase
• 4:57
  it on this change of course the employee processes your AML
• 5:02
  course, he knows and like up and that they got private or your ex
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  hates you and you know and you cannot really be safe that
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  nothing. So that's where they step in and
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  say we're going to protect you. Well, and then the other, this
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  is the first problem. And then the second problem is
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  that what if you lose your keys? So I take your control, your
• 5:27
  Bitcoin, so you cannot lose your keys because I cast it, which
• 5:30
  they very well used to. But yeah, at least it's you're
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  not guilty. So people want to have a easy
• 5:35
  life, not to have responsibilities and they get
• 5:38
  paid to really for your responsibility.
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  What I say is that with our product beat vault dot SUV and
• 5:46
  invite you to check the site because it's brand new concept
• 5:49
  and we solve the problem of them to not for you for the user not
• 5:57
  to trust them as a provider of security for your Bitcoin.
• 6:01
  Because we have have a protective vault with protective
• 6:06
  time delays, which is fully Unchained, fully non custodial.
• 6:10
  And you don't need to trust them and the custodian to not to be
• 6:15
  attacked or kidnapped or hacked in your device.
• 6:19
  Because the combination of time delay over multi sig in a
• 6:23
  protective framework in a protective way against the
• 6:26
  trustless convenient service gives you the possibility to
• 6:31
  time lock the whole vault and not to be forced to and over
• 6:38
  your funds or whatever. So actually there is a
• 6:41
  possibility now on chain to not to rely on them and not to to
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  feed them. So you have a better solution
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  without feeding the enemy. And also maybe focus on this
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  point, but also with something, the pipeline also for the second
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  problem, which is the loss of the key.
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  But I, I wonder if you have anything or if you got to be
• 7:06
  told to make your audience interesting and if it's easy or
• 7:10
  difficult to understand how be told to work and if you see the
• 7:14
  value proposition of our company.
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  Yeah, definitely. Francesco, I I totally, totally
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  love what you said. And we're gonna, we're gonna
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  cover the whole bit vault. We'll have a we'll have the
• 7:23
  audience kind of chime in there. But there is an interesting
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  point that you said about custody because that does lead
• 7:29
  to the secondary kind of stories that we have here today.
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  The first one is the Morgan Stanley headline.
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  Guys, we covered this last week or yeah, it was last week where
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  this kind of was the breaking news that Morgan Stanley will
• 7:44
  now allow all of their clients to be able to invest in Bitcoin.
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  So I have a headline here. Morgan Stanley unlocks crypto
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  for all retirement accounts open to digital assets.
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  I'm really just going to read, you know, kind of the the
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  beginning of this and it goes In a landmark move poised to
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  redefine the landscape of digital asset accessibility.
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  Morgan Stanley, one of the world's leading financial
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  services firms, has announced a significant expansion of its
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  cryptocurrencies offerings. Effective today, literally
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  today, October 15th, 2025, all wealth management clients,
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  including those utilizing IR Ras and four O 1 KS will gain access
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  to carefully vetted crypto investment options.
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  It's a huge policy shift, guys. This is a fundamental difference
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  from what we've seen in the past with Bitcoin and then further
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  Citibank. They're targeting a 2026 launch
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  for a quote crypto custody services as Wall Street dives
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  deeper into digital assets. And this is coming from CNBC and
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  this is going exactly into what Francesco was saying is that
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  we're seeing right now, as Larry Fink goes, went into Bitcoin.
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  Obviously they were, they went out on the limb with the ETF and
• 8:51
  now we're starting to see it took them about 10 months for
• 8:54
  them to all get into Bitcoin. And now they're doing exactly
• 8:58
  what Francesca was saying. They're all wanting to custody
• 9:00
  their Bitcoin. They want to give you Bitcoin
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  products that, you know, they're in control of that basically,
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  you know, makes the, the retail customer, the traditional
• 9:09
  investor more comfortable holding this thing.
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  And like we've been saying, and like I said in the title, guys,
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  what is this saying? Let me full screen.
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  What is this saying to me is they want your Bitcoin, guys.
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  So you cannot give them your Bitcoin as selfie's nodding your
• 9:24
  head. You cannot give them your
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  Bitcoin right now. I know it seems like a safer bet
• 9:29
  to trust these big institutions to hold your Bitcoin.
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  And I know a lot of people are a bit concerned about holding
• 9:36
  their own private keys. But as we're gonna talk about
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  later in the show, as Francesco was mentioning, there is a lot
• 9:42
  of new products here that will let you sleep better at night.
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  And you don't don't have to trust the middle man anymore.
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  You don't have to give them your fees to just Hoddle your
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  Bitcoin. And as we're seeing Wall Street
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  enter the Bitcoin space, they're they're literally trying to
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  recreate exactly what they've been doing before is hey, trust
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  us, bro. We will give you these Bitcoin
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  products. And I know even though we've
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  been covering this, it does kind of lead into the bigger
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  conversation that a lot of people do want to see these
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  authority figures, these institutions that they trust
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  embrace Bitcoin, and that's going to be the signal for them
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  to get into Bitcoin. So I don't think it's all bad
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  news here. I wouldn't be giving them my
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  Bitcoin. I'm not trusting them to hold in
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  custody my Bitcoin. And I don't think you should
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  either. But I know a lot of people are
• 10:29
  definitely looking at this and being like, oh, hey, you know,
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  Charles Schwab came out a couple weeks ago and they're like,
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  yeah, maybe I'll trust Charles Schwab.
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  Maybe I'll trust Morgan Stanley, maybe I'll trust Citibank to
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  hold my Bitcoin. And we're sitting here like, do
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  not do that. That is the last thing you
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  should be doing here. Terrible idea.
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  It's horrible. It's not what you should be
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  doing at all. Here's the good news.
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  I think that OK, so here's the good news.
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  The good news about these institutions moving into Bitcoin
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  and wanting to sell this as a product to their investors,
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  clients, what have you, is that these this is like a ton of
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  money coming into Bitcoin supposedly, right?
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  Like it they're supposed to be buying a ton of Bitcoin, but
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  what good is all of that number go up action if you don't
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  actually have your Bitcoin in self custody?
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  Like that kind of defeats the whole purpose of Bitcoin for me.
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  I know for a lot of people, they look at it and they look at the
• 11:29
  returns and they're like, Oh my God, I want to get in, but I
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  don't know how to do any of this technical stuff.
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  We'll learn. You learned how to use the
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  computer, right? You learned how to use the
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  Internet back in the 90s. People will eventually learn how
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  to Bitcoin and how to self custody and how to to, and
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  they'll realize that that is literally the most important
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  part. But don't get it twisted.
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  It is important that this institutional money is coming
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  in, especially when the price is going sideways.
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  This sideways action, I don't know how I'm feeling about the
• 11:59
  sideways action. We're not going to talk about
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  it. I'm in a bad mood because of it,
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  but whatever. Sophie's like, yo, we need stuff
• 12:07
  at the house, we just got a new house, we need stuff.
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  What's the price doing? The the line from that movie
• 12:15
  Blow and Penélope Cruz says. What are we going to do to
• 12:18
  leave? That's literally me.
• 12:19
  I literally heard her say that. I literally heard her say that.
• 12:22
  Anyways, Francesco, adding on top of this, you already hit the
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  nail on the head as we see Wall Street come into Bitcoin.
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  It is on the one hand funny and on the other hand, interesting
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  that they're all positioning themselves to be like, hey,
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  trust us bro, we have a long reputation.
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  We will custody your Bitcoin. And you literally built a
• 12:45
  product to be like, guys, I thought as a Bitcoiner, the
• 12:48
  whole point was not to trust them.
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  And now they're coming in and just doing the like, hey, trust
• 12:53
  us, bro. We finally get it.
• 12:54
  It's like the skateboard meme. They're like, hey, children, we
• 12:57
  know what we know what's going on around here.
• 13:00
  So anyways, what's your thoughts on that idea?
• 13:02
  You did cover a a little bit, but going further, this is
• 13:06
  literally why you built bit vault.
• 13:08
  Yes, I mean the bad news for them is that if you look at the
• 13:14
  distribution of the coins of 30 million, 40 million something
• 13:18
  like that is already self custody in individual all of the
• 13:22
  people. So they now have a big problem
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  because if they in an article can they convince people who
• 13:32
  were already self custody to move their coins into the
• 13:36
  custodians, it is not going to happen.
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  So they are trying now to position themselves in a way
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  where they naturally going to sell you Bitcoin funds etcetera
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  without self custody. So their goal is to naturally
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  sell not non self custody enabled coins, but just not
• 14:01
  never showing the private keys. And this is something where we
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  have an advantage on for two reason. 1 is because 40 million
• 14:12
  coins are in the end of individuals who would never
• 14:14
  transfer to them. And the second is that the
• 14:17
  technology went ahead. What is possible with bit vault
• 14:21
  today was not possible before. What will be possible with bit
• 14:26
  vault in a few months, like losing the keys and going to the
• 14:35
  custodians to recover the keys without the custodians to
• 14:39
  collude each other, which is possible with the mini script
• 14:43
  technology. I'm going to show you in a few
• 14:45
  minutes. Yeah, Yeah.
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  Then that changed everything because the custodians just
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  disappear as a custodian, the custodian with the they get paid
• 14:57
  to all the the keys, but they cannot collude.
• 15:00
  They steal your funds. They are like a safe in a bank
• 15:04
  where you can go and getting it out, but they can never access
• 15:09
  your full figure to therefore moving your mind.
• 15:12
  So certain solution which is being born today in thanks to
• 15:17
  the mini script technology, especially top truth is going to
• 15:22
  change inevitably the distinction, the inferential
• 15:25
  between custodian and no custodian.
• 15:30
  So where custodian is not going to exist anymore, everything
• 15:35
  will be no custodian because the only task, the only possibility
• 15:38
  of the custodian will be to just hold your keys, but not to move
• 15:42
  the facts. So the, the, the technologies
• 15:46
  are very available today that the answers make them obsolete
• 15:49
  already, not only because 40 million coins at the end of us,
• 15:55
  but also because the technology has already solved the problem
• 15:58
  with security where they want to step in and take your Bitcoin.
• 16:02
  With that excuse, you're a bit worried today and also you're
• 16:06
  going to have very soon the possibility not to lose your
• 16:09
  keys thanks to the same technology.
• 16:12
  Maybe you want to have some question here on the
• 16:17
  functioning. Yeah, No, I, I will, I will pose
• 16:20
  question what we're going to break down bit vault completely
• 16:23
  at the tail end of the show and the culture.
• 16:26
  But I do want to hit one more thing guys, 'cause we do have an
• 16:30
  update from Bank of America. Remember a couple of weeks ago,
• 16:33
  I think it was 2 weeks ago now, we were talking about the Bank
• 16:37
  of America. There was this tweet going
• 16:38
  around that Bank of America did a global survey of wealth
• 16:43
  managers. And the last time we brought
• 16:46
  this up, it was 3% of global wealth managers have adopted
• 16:51
  Bitcoin and about only 4% of their capital has got into
• 16:54
  Bitcoin. Well, now got a fresh update and
• 16:57
  it's 3% of global fund managers have invested around 8%.
• 17:01
  So we it's still rookie numbers. We still got some rookie numbers
• 17:05
  here. That's a 2X.
• 17:07
  We didn't get another 2X, but we got 12X here.
• 17:11
  All right, it's a double. We got a double these.
• 17:13
  These Tradfi guys are finally getting it together.
• 17:17
  They they want girlfriends. It's it's rough.
• 17:19
  I don't know, I think the tradfi's got girlfriends, but
• 17:22
  they need to they need to they need to pump these numbers up.
• 17:25
  So hey, it's baby steps guys. And I think this is kind of the
• 17:29
  greater trend that we saw. I I've been saying for a minute,
• 17:32
  2025 is going to be one of those defining years.
• 17:34
  Yes, the institutions are finally here.
• 17:36
  And also, as I was saying yesterday, you know, be careful
• 17:39
  what we wish for We as bitcoiners, we've been always
• 17:42
  saying, you know, to save the bull run.
• 17:44
  The the institutions are here, they're finally buying Bitcoin.
• 17:46
  Well, now they are here and they are buying Bitcoin, but I think
• 17:50
  the trade off is we're not seeing a parabolic run anymore,
• 17:53
  which I don't know if that was worth the trade off here or?
• 17:56
  Maybe that's a turning point. You know, like we've been
• 17:58
  saying, maybe this is. Not intended.
• 18:01
  This is potentially the the. Yeah, not come on now, Opti.
• 18:08
  Jesus Christ. OK, this might be a different
• 18:13
  cycle. This might be the cycle that
• 18:15
  changes everything. This might be the cycle that
• 18:18
  ends the cycles. And if that's true, you know, I
• 18:23
  think that that's actually what these institutions are looking
• 18:25
  for. I think that's what it looks
• 18:26
  like when this big money comes into Bitcoin, when governments
• 18:31
  start backing Bitcoin. Yeah.
• 18:33
  Fine, Yeah, this is oh, I don't like institutions anymore.
• 18:36
  I don't like them either but but but it means that number go up
• 18:41
  and number go up means that. Well, it means number goes up,
• 18:44
  just not as fast. But it won't drop as fast
• 18:47
  either. I love that, honestly.
• 18:49
  I'm a woman, Opti. I like stability.
• 18:52
  I I need it. It's important for my daily
• 18:57
  life. And so, you know, stability
• 18:59
  might be a good thing for Bitcoin.
• 19:01
  It might be a good thing for adoption.
• 19:03
  You know, it might be something that, you know, we say in the
• 19:07
  Wild West of Twitter like, you know, the the golden days are
• 19:11
  over, but every investment has the end of its golden days, like
• 19:17
  the people who got in early. It's too early for that to.
• 19:20
  End well, the people who got in is it the so like with the way
• 19:23
  that things with the way that with the way that technology
• 19:28
  goes so fast? Is it really the you know that
• 19:32
  fast? Is it too early?
• 19:34
  I think I think the people who got in early, the people
• 19:37
  watching the show, you know, we we we got in and then the we
• 19:42
  frant ran the institutions and that's an ex.
• 19:44
  #Frant ran. #Frant ran and you know now.
• 19:50
  Now is the time for more. Now it's just boring.
• 19:53
  So, you know, stability just means boring.
• 19:55
  Sophie I I didn't sign up for. Boring.
• 19:57
  I don't know about that. I think there's a lot of
• 19:59
  positivity in in stability like mass adoption and price go up
• 20:03
  and not down. I like the not down part.
• 20:07
  I like the price. Not down part too like I'm I'm
• 20:10
  cool with it not going down 80% like.
• 20:15
  Yeah, that that. Yeah, I'm OK with that.
• 20:17
  Right, like. I need it.
• 20:19
  I need it to go up 10X though. Come on.
• 20:21
  But. But I don't want these
• 20:23
  institutions gobbling up all of the Bitcoin.
• 20:25
  And that's why it is so important for people to keep
• 20:28
  stacking. You know, this is a game of
• 20:31
  accumulation. This is a game.
• 20:33
  Oh my God. Yeah, gold is more exciting now.
• 20:37
  This is this is. I want a refund, Satoshi.
• 20:40
  I want a refund. No, no, I'm trolling.
• 20:42
  I'm trolling. This is the first time that gold
• 20:44
  has ever been exciting. So like just, you know, since
• 20:47
  maybe the time that they went to go mine it in California.
• 20:51
  This is this is, you know, it's having its moment, it's having
• 20:55
  its cycle. But gold has been very stable
• 20:57
  for, you know, thousands of years.
• 20:59
  And that is something that we should want for Bitcoin.
• 21:04
  We should want Bitcoin to become a mainstream adoption.
• 21:08
  And with that, it means that these institutions are going to
• 21:11
  step in. There are going to be people
• 21:13
  with a lot of money buying Bitcoin.
• 21:14
  And guess what? If you got in early, if you have
• 21:17
  been stacking stats, if you have reached one coin, the
• 21:21
  possibility of you being in that club is very high.
• 21:27
  So you know that there's nothing for for people who have already
• 21:31
  been buying Bitcoin to complain about.
• 21:32
  It's people who haven't bought Bitcoin who might have something
• 21:36
  to worry about. Yeah, I mean, I obviously I
• 21:39
  totally agree with that last part.
• 21:40
  I totally agree. All right.
• 21:41
  Very quickly, Francesco, I want to ask you, do you, do you think
• 21:45
  the cycles are over? I don't think that we it's
• 21:52
  possible, it's intellectually honest to think about 10
• 21:56
  situation where got it. Yeah.
• 21:59
  So I tend to say that is different but not to some
• 22:07
  extent. I mean just to some extent
• 22:09
  because yes, it's clear to me that as soon as the ETF
• 22:13
  launched, then there was the the money supply metric, which was
• 22:21
  perfectly in line of Bitcoin price.
• 22:24
  But it's it now is not anymore for a couple of months.
• 22:30
  But then all of the rest of the how the market works in step in
• 22:35
  steps, it's already in line and the fact that we have a gold at
• 22:39
  all time high, it means that a Bitcoin bull run hasn't even
• 22:43
  started. Let's go yes, because what
• 22:47
  happens, this is a study I published in June 2024 to check
• 22:54
  in my lights. It was really clear to me that
• 22:57
  gold is the first responder to the quantitative easing.
• 23:02
  Because who the investors of gold are are the investor in
• 23:06
  gold are people who know scarcity, who know that
• 23:10
  something has been the best globally and also call this a
• 23:14
  global asset. So they invest there because
• 23:17
  they have the old mindset and that they want to secure their
• 23:20
  wealth and they still go because that's what they'll learn for.
• 23:23
  So they want, they see, they want TTV sign as a risk.
• 23:26
  So they move into gold. So that's why God is a fast
• 23:30
  responder to the quantitative easing.
• 23:33
  That's also start to happen now and after God picks the Witcher
• 23:42
  didn't, but then the the the risk uptight of investors moves
• 23:47
  towards NASDAQ stocks. So they want bigger returns with
• 23:51
  they they want, they wanted to this liquidity which has been
• 23:55
  printed before. They want to deploy it in a
• 23:57
  riskier asset, mostly because gold is already up a lot and
• 24:03
  also because they they there is some more liquidity coming.
• 24:06
  So as a cascade that goes into NASDAQ and the stocks, then
• 24:11
  after NASA goes up and stock goes up, then it's the turn of
• 24:14
  Bitcoin which is the one with the most intrinsic leverage of
• 24:19
  all all assets, which is the one with the the the most volatility
• 24:24
  still. And there's going to be also for
• 24:26
  a long time and the volatility only the smartest can see it is
• 24:31
  a feature to beat inflation, to beat the the quantity of easing
• 24:36
  in the quantity of money printed.
• 24:37
  So there is a natural selection happening here.
• 24:42
  This matters go into Bitcoin before the others, before the
• 24:46
  gold, the buyers. I think that we are going to
• 24:52
  possibly seeing more and more milder appreciation, but not not
• 25:00
  perfectly. There will still be a sort of
• 25:03
  bubble because that's the the the asset is intrinsically
• 25:09
  leveraged and there is the Alving which is part of the
• 25:11
  question Bitcoin and cannot be overlooked.
• 25:14
  It's like a delta inside of the asset which has to be expressed
• 25:20
  sometime as soon as the market condition get right because
• 25:27
  that's how the asset to work and the scarcity plays out to
• 25:30
  somehow. So the bubble, we assume that
• 25:33
  the bubble is given by the bias, the retail bias, but that's part
• 25:40
  of the answer only. The other part of the answer is
• 25:42
  that is given by the intrinsic leverage given by the Alvin.
• 25:46
  So it it will also play a role. Interesting, Interesting.
• 25:50
  I, I haven't heard that Francesco I I really, I really
• 25:53
  like that inside. I, I I think I totally agree
• 25:55
  with that. Great great take all right guys,
• 25:58
  we got a we got a jam packed show for you guys but before I
• 26:01
  do want to remind you of course, smash the like button comment on
• 26:03
  the show. Let us know what you think of
• 26:04
  the new studio. We're we're live in the new
• 26:06
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• 26:10
  hit the subscriber button guys, we're dropping the best content.
• 26:12
  But before I move on, I do want to give the boys over at
• 26:16
  Bitcoin. Well a shout out guys, if you
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• 27:03
  All right guys, so jam packed show I have Ray Dalio just did a
• 27:07
  Lex Friedman podcast and he literally said Bitcoin changed
• 27:13
  his world view on how things work because of Bitcoin's
• 27:16
  success. Look, I'm not out here saying
• 27:19
  yeah, I love Ray Dalio. All I'm saying is it looks like
• 27:23
  the boomers out there are starting to figure it out a
• 27:25
  little bit. It may have took them a while,
• 27:27
  but they're getting it. So many ruined Thanksgivings to
• 27:30
  get to this point. They're finally here.
• 27:33
  This time we can finally have some peace.
• 27:36
  Doubt it. A highly doubtful you You think
• 27:39
  I give peace at my dinner table when I start ranting.
• 27:42
  Absolutely. Yeah, no, my, my family hates me
• 27:44
  when I do that anyways. And then interesting.
• 27:47
  Interesting article coming out of Reuters from the IMF warning
• 27:53
  about central bank losing trust, inflation concerns.
• 27:58
  Guys, it's a perfect storm. It's a it's a perfect storm
• 28:00
  right now for Bitcoin. It is all happening exactly as
• 28:04
  predicted, guys. It's all happening exactly as
• 28:08
  predicted. And then of course, yeah, it is
• 28:10
  totally. I predicted all of this.
• 28:13
  Yeah. Optidamus.
• 28:14
  Optidamus and then, of course, to wrap up the show on the
• 28:17
  culture. We're going to be talking about
• 28:19
  bit vault. Why you might want a multi sig
• 28:21
  time delay. What is helping you do?
• 28:24
  What is protecting you from so jam packed show for you guys
• 28:27
  today. We'll be right back after this
• 28:29
  commercial break. I want to give a shout out to
• 28:38
  our partner Stamp Seed. Is your Bitcoin and cold storage
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  stampseed.com store. All right, guys, we are back and
• 29:51
  the current Bitcoin price guys, it's over.
• 29:54
  It's it's officially over. It's officially over guys, it's
• 29:59
  done No, I'm trolling. I really am trolling but the
• 30:02
  current Bitcoin price is 110,480.
• 30:05
  I swear we go up, we go down, we get wrecked and then it times a
• 30:10
  little bit and then we get more wrecked and.
• 30:12
  Why are you complaining about me wanting stability?
• 30:15
  Because I want volatility, Sophie.
• 30:18
  Then enjoy the ride bro, enjoy the ride.
• 30:21
  No, I don't. Want what you get?
• 30:23
  No, I don't want chop solidation I wrong one wrong one I want
• 30:27
  pump I I'm sick of this chopped holidays and we need some pump
• 30:30
  action This is this is not fun anymore yeah I don't like this
• 30:33
  is not fun anymore OK the decline from all time high guy
• 30:37
  it's the reason I'm joking is we're down -12% right now we did
• 30:41
  just hit all time high it's really not that bad I know so
• 30:45
  it's really not that bad it's. Bad 12% for the boomers is
• 30:49
  really. We're not boomers, though.
• 30:51
  We're not boomers, no. I know we're used to this, but
• 30:53
  it still hurts. Does hurt I I was promised pump
• 30:57
  in October, but actually maybe maybe I'll throw in a little
• 31:00
  hopium here for you guys later and maybe I'll actually I might
• 31:03
  have to hold off for no, no, maybe you know what I'm I was
• 31:08
  gonna pivot No, I'll I'll do that in the news I'll do that in
• 31:11
  the news market cap 2.2 trillion and the current block height.
• 31:15
  The only time that matters, 900 and 19221.
• 31:18
  So I was gonna pivot on you guys, but let me play you this
• 31:21
  Ray Dalio clip. He was just on Lex Friedman.
• 31:25
  I'm not the biggest fan of Lex Friedman, you know, full Full
• 31:28
  disclosure here, but he did just have Ray Dalio on.
• 31:32
  And Ray Dalio has been coming around.
• 31:34
  He's been talking about dollar debt spirals, the concern about
• 31:38
  country's national debts. And he has been extremely
• 31:42
  bearish on the dollar. Now, a lot of people have been
• 31:45
  saying that it's probably because he does have a lot of
• 31:47
  investments in China. He he does look outside of the
• 31:50
  US for investments. I would argue it's kind of his
• 31:53
  job to understand these big debt cycles right now and This is why
• 31:58
  he's starting to figure out Bitcoin.
• 31:59
  But in this short clip, he does say some interesting things that
• 32:03
  we always say, you know, you don't change Bitcoin, Bitcoin
• 32:06
  changes you. And he, in a Ray Dalio boomer
• 32:09
  way, said that exact same thing. So let's watch the clip and
• 32:11
  we'll be right back. Well, the evolution of Bitcoin
• 32:15
  over the years is 1 of the things that has influenced
• 32:21
  changes in my view. It has proven itself something
• 32:28
  like 10-11 years ago. Imagine the programming of this
• 32:32
  and here's you throw it out and that's the idea.
• 32:34
  It has not been hacked. It has operated, it is built.
• 32:41
  It has come an amazing way over that 11 years to be maybe
• 32:49
  probably the most excited topic among a lot of people and has
• 32:54
  been used and and is now has obtained, you know the status of
• 33:00
  having imputed value. At the same time, it is one of
• 33:05
  those assets that is an alternative money.
• 33:09
  I think we're entering an era where there's going to be a
• 33:14
  competition of monies because of the printing of Fiat money and
• 33:22
  the depreciated value. There will be a competition of
• 33:26
  monies and Bitcoin is part of that competition.
• 33:31
  But the money has two purposes, a medium of exchange and a store
• 33:35
  hold of wealth. And we are looking for and it's
• 33:40
  portable and you can and it's best if it's recognized in other
• 33:45
  countries. So gold is one of those.
• 33:49
  So I look at it as an alternative gold, but I look at
• 33:55
  a number of things as an alternative gold.
• 33:58
  And I think that, and I think, and gold is still my favorite
• 34:02
  because of certain qualities. For example, you can't trace it
• 34:07
  in in Bitcoin, you can trace who owns it, where it's going and
• 34:11
  and so on. Governments can have that
• 34:13
  ability to trace it. And so on a gold piece of coin,
• 34:16
  it's it's not connected. I think not connected has
• 34:20
  benefits, particularly in a world where maybe connections
• 34:24
  can be more risky. Well, my first thought is just
• 34:29
  boomers love shiny rocks. I they just they absolutely love
• 34:32
  shiny rocks and it's it's like hard wired into into their
• 34:36
  mentality to love the shiny rock, but.
• 34:39
  Caveman. Yeah, yeah, well, I mean, I'm a
• 34:41
  caveman too. I'm a, my cousin called me a
• 34:43
  Neanderthal, but I understand Bitcoin, so I I guess an old dog
• 34:47
  can learn a neat trick, I suppose.
• 34:49
  But without the, the point that he was saying about competition
• 34:53
  and Fiat currencies, guys, that's literally where we are
• 34:56
  right now. And I, I didn't bring it up on
• 34:57
  today's show, but I don't know if you guys heard Donald Trump
• 35:00
  yesterday, but he literally said the BRICS nation was an attack
• 35:04
  on the dollar or the BRICS system was an attack on the US
• 35:07
  dollar. So if you think Bitcoiners are
• 35:09
  just reading into all of this stuff, I would just argue that
• 35:13
  guys, you just read kind of between the lines.
• 35:16
  It's it's literally out there. They're telling you exactly what
• 35:19
  Bitcoiners have been saying for a long time.
• 35:21
  We're getting to a place where there is a debt spiral going on,
• 35:24
  or maybe we're not fully in a debt spiral, but there is a debt
• 35:27
  problem in the in many countries around the world and people are
• 35:31
  looking for alternatives. And as we're seeing with gold,
• 35:33
  it's hitting all time high because like Francesca was
• 35:36
  telling us earlier, you know, people first move into gold and
• 35:39
  then it starts rotating into other things and eventually
• 35:42
  we'll end up in Bitcoin. And I think the fact that we're
• 35:45
  seeing some of the biggest investors in the world, whether
• 35:48
  you like them or not, but the fact that they are starting to
• 35:51
  see the light, maybe you know, it, it is a little late.
• 35:54
  I, I would argue that like, if we understood it, they could
• 35:57
  have probably understood it a little earlier.
• 35:59
  But hey, they're, they're, they're also out there marketing
• 36:02
  Bitcoin. So 1st I'm going to go to
• 36:03
  Francesco. What's your thoughts on Ray
• 36:05
  Dali? Do you actually, do you like his
• 36:07
  thesis about the debt spiral? What do you, what do you think
• 36:11
  about the debt spiral thesis? And of course, he's starting to
• 36:13
  embrace Bitcoin. But do you see the the
• 36:16
  competition between Fiat currencies happening or is
• 36:19
  Bitcoiners or are Bitcoiners kind of blowing it out of
• 36:21
  proportion? Actually, I don't know what
• 36:26
  brought us all year which we can confidently say and call that
• 36:33
  guy by the name like laggard. I mean, because three or four
• 36:38
  years ago he was starting to look into Bitcoin and talking
• 36:43
  about trade value. I mean, I hope it's not in
• 36:45
  itself, but the funny way to name it academics because I want
• 36:49
  to look up to this point. It was slightly in trying to get
• 36:53
  Bitcoin 5-6 years ago, I think, but and then I didn't make it.
• 36:59
  He's doing baby steps now to reach to move towards the
• 37:05
  Austrian economics. So he's starting to mean to
• 37:10
  reject the the Fiat system where yes, he was more into gold as he
• 37:15
  said, but still was part of the system.
• 37:17
  He had the fun and when you understand that side or that
• 37:22
  system, the the the base of whether the value is going to go
• 37:27
  towards is ultimately inevitably Bitcoin, then you start to
• 37:31
  question yourself, your cut, your challenge, your career and
• 37:35
  you have to make changes. But if you make changes too
• 37:39
  quickly, then your problems with your academic positions.
• 37:45
  But yes, so I don't think he actually got it quickly because
• 37:51
  but he stand to. But this is the, the, the
• 37:54
  mistake we make is that thinking that we, they are better than us
• 38:00
  because they studied, but they, they, they, they studied the
• 38:03
  wrong subject. So they studied, yes, they, they
• 38:06
  studied the wrong and that's was harmful to them.
• 38:11
  So as a paradox, we I didn't do any economic study and you guys,
• 38:16
  but it's much easier for the truth, which is the Austrian
• 38:21
  economy and Bitcoin representation of the Austrian
• 38:24
  economy to get into your brain and in comparison to somebody
• 38:28
  who spent a lot of money and time.
• 38:31
  And the bit is all a personality around the Kenyans in economics.
• 38:37
  So the real shift of the academics is going to be from
• 38:42
  Kenyans and economics and into into the Austrian economics and
• 38:47
  the best representation of it, which is it's not easy.
• 38:51
  I mean, it will take more time. And this is these are should be.
• 38:56
  I don't think the, the, the, there are so many surprises
• 39:01
  here. But changing this is difficult
• 39:05
  to for anyone. The competition money to go to
• 39:08
  that point is something which I don't see because at the end of
• 39:13
  the day, money, Fiat money, we can really sum it up into the
• 39:18
  dollar. There is no prison.
• 39:22
  I mean, we have seen in COVID crisis all, all the other Fiat
• 39:26
  currency crushed against the dollar.
• 39:28
  The dollar was the last coin standing coin.
• 39:30
  This is currency standing. So the there are three things in
• 39:35
  the world, basically the US dollar, gold and Bitcoin and you
• 39:39
  you bet which one is the best. I won't say that the the other
• 39:45
  mistake he makes, which I think he generally made, I don't know
• 39:48
  all this is video, but generally maybe it's now is that they
• 39:53
  confuse about the the fact that Bitcoin be traced.
• 39:58
  Well can be just buy with document.
• 40:00
  If you don't buy with document, OK, we'll see how but they but
• 40:05
  they phrase to understand that gold is not easy to move.
• 40:13
  Bitcoin can be move at the speed of light.
• 40:15
  So which one is the information age come on and it's this this
• 40:19
  is a this is a genuine mistake so we we should I mean normal
• 40:22
  people just just not listen to them they just go to
• 40:26
  unfortunately now the information is in the Internet.
• 40:28
  Just go to the Vishal Boya party blog and read this article you
• 40:33
  get Bitcoin. You don't need to explain to you
• 40:35
  didn't understand. I mean, I'm not I don't want to
• 40:39
  be nasty or say that everybody has its own part and time and to
• 40:43
  get into things. But the academics are definitely
• 40:46
  not the people to listen to because their persona and their
• 40:50
  career is built around the opposite.
• 40:53
  So why would you listen to that? That's.
• 40:55
  So true. Yeah, yeah.
• 40:56
  That's so true when I was, but just taking a basic economics
• 41:01
  one O 1 class, the amount of lies they tell, it's not even
• 41:04
  lies. It's just like they paint this
• 41:07
  picture that like Fiat. It just it will never fail.
• 41:11
  Nothing will ever happen to it. And that's I think why Ray Dalio
• 41:14
  is making the comments that he's making.
• 41:16
  It's like, great, your currency is going to go up and it's going
• 41:20
  to have power. As long as you know you, you
• 41:24
  respect it and you don't overprint it, you don't abuse
• 41:28
  the system. But what's happened is an abuse
• 41:31
  of the system. And you know, that's, that's why
• 41:34
  there is this competition. But in these academic scenarios,
• 41:39
  you're absolutely right. They will never tell you that
• 41:41
  because there's just no scenario where that would ever happen,
• 41:47
  period. Well, their job depends on you
• 41:51
  not understanding Bitcoin. I think it's probably probably
• 41:54
  the biggest signal here. Anyways, guys, one quick
• 41:57
  commercial break and we'll be right back.
• 41:59
  We're going to be talking about the IMI think I, I, I think they
• 42:03
  are starting to say the quiet part out loud here guys, and
• 42:06
  it's something Bitcoins have been saying forever.
• 42:08
  So quick, quick commercial break.
• 42:09
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  year. It is what it is.
• 45:24
  Anyways, guys, I have this news. I'm going to fly through this
• 45:27
  because I'm I'm going to try to jam something in you guys been
• 45:30
  asking about October. So I'm going to I'm going to
• 45:33
  just kind of fly through this news article, but I think there
• 45:36
  is a lot of information here. So I'm over on Reuters here,
• 45:38
  guys, you're going to have to trust me on this.
• 45:40
  I, I, I just, I like how this looks better than doing the
• 45:43
  screen share. So you're going to have to trust
• 45:44
  me. I'm just, I'm reading off
• 45:46
  Reuters. OK guys, so Reuters just posted
• 45:49
  this article and it goes the erosion of trust in central
• 45:53
  banks can boost inflation expectations.
• 45:56
  IMF warrants. You heard that right.
• 46:00
  The erosion of trust in central banks can boost inflation
• 46:04
  expectations. The IMF form So the
• 46:06
  International Monetary Fund on Tuesday say putting pressures on
• 46:09
  central banks to lower interest rates Quotes quote always
• 46:12
  backfires, warning that erosion of trust and monetary
• 46:15
  authorities could de anchor inflation expectations.
• 46:18
  The IMF chief's economist said the global lender was observing
• 46:22
  increasing pressures on central banks to lower interest rates,
• 46:25
  but did not name any specific countries.
• 46:27
  Yeah, I wonder, I wonder who the IMF is talking about.
• 46:31
  Anyways, he goes, the loss of trust in central banks could
• 46:34
  have negative consequences for efforts to keep inflation
• 46:37
  expectations in check, a lesson learned in the past by advanced
• 46:40
  and emerging economies. Quote, trust in central banks
• 46:44
  helps anchor inflation expectations, and this
• 46:47
  credibility needs to be protected as Trustee Rhodes.
• 46:50
  Inflation and inflation expectations always rise.
• 46:54
  Macroeconomic stability deteriorates and everyone loses
• 46:58
  is out, he told reporters at the annual meetings of the IMF and
• 47:01
  the World Bank in Washington. Guys, literally what I've been
• 47:06
  telling you guys forever. First of all, once you
• 47:09
  understand what Fiat means, you know, literally money by decree
• 47:12
  or government words being money. Now you start to see what what I
• 47:17
  what I keep trying to tell you guys that literally once a trust
• 47:21
  in the institution, Desi Rhodes, literally what they said in this
• 47:23
  headline or the IMF said, it's like once people stop trusting
• 47:26
  these institutions, all hell is going to break loose.
• 47:29
  And it's funny that they're literally like, hey, you know,
• 47:31
  if you can't trust the central banks anymore to control
• 47:34
  inflation, then, yeah, inflation expectations are probably going
• 47:38
  to go a lot higher. Like, so they they're admitting
• 47:42
  that your money is just government words and you have to
• 47:44
  trust their words. And this is kind of what keeps
• 47:47
  the carousel going. And, you know, that's what keeps
• 47:49
  everyone on the ride here. And as Bitcoiners, we're just
• 47:52
  like, why, why do I have to trust you at all?
• 47:55
  I, I don't have to trust you. I don't what, what do you mean I
• 47:58
  have to trust you? Literally if words, or rather,
• 48:01
  you know, people doubting inflation is going to be what
• 48:04
  they expected is going to cause inflation to go up.
• 48:07
  Like, first of all, it really goes into what Sophie was just
• 48:09
  saying a minute ago, that, you know, the, the lies that the
• 48:13
  economists tell you. It really makes no sense once
• 48:17
  you break it down. As we say as bitcoins, you know
• 48:20
  inflation is caused by the expansion of the money supply.
• 48:23
  What the IMF just say hey bro trust us or inflation is going
• 48:27
  higher. But but opti if if people stop
• 48:30
  trusting the fire department, who will put out the fires?
• 48:33
  My roads Who's going to build my?
• 48:36
  Roads. OK, No, this is what happens.
• 48:39
  The fire actually spreads and then we all get burned.
• 48:43
  That's what happens if we end up trusting the IMF and it's such
• 48:49
  gaslighting there. They caused this problem.
• 48:52
  They caused the problem, problem.
• 48:53
  They caused the fire. And then they point at everybody
• 48:56
  getting their houses burned and saying, hey, you better trust us
• 49:01
  or else. It's crazy.
• 49:04
  This is like, I can't even believe that people still trust
• 49:08
  in Fiat. I cannot believe that there are
• 49:11
  not people rioting on the street.
• 49:13
  Not saying that you should do that.
• 49:14
  You should never ride on the street but.
• 49:17
  Peaceful. Peaceful.
• 49:18
  But this is, but this is such an abuse of power.
• 49:21
  People, you know, they don't even question money.
• 49:24
  They don't even question the creation of it because they
• 49:27
  believe that they're creating it with their hard work.
• 49:30
  And in reality, they're just creating it in, in thin air with
• 49:34
  the push of a button. And now they're saying, look,
• 49:37
  you got to keep trusting us. You got to keep letting us print
• 49:40
  this money or else it's going to get out of control and you're
• 49:45
  going to realize what we're doing.
• 49:47
  And if you realize what we're doing, we're not going to know
• 49:51
  how to control anything. It's no good.
• 49:55
  Hey yo, trust us bro. We got this under control and if
• 49:58
  you don't trust us, all hell is going to break loose.
• 50:00
  We're going to. Start it's, it's kind of a
• 50:03
  veiled threat, like they're they.
• 50:05
  Selfie got that fire though. Selfie got that fire.
• 50:07
  This feels like they're going to start putting people in a box if
• 50:11
  they don't metaphorical and if they don't maintain control.
• 50:15
  Metaphorical in a metaphorical box in in metaphorical chains,
• 50:20
  if you catch my drift. If, if you don't listen to what
• 50:23
  they say and the The funny thing is, like most people aren't even
• 50:28
  aware that these are the people in power.
• 50:30
  They, they're not even aware that these are the people in
• 50:32
  charge of our money. It's crazy.
• 50:35
  Yeah, you know, a lot of people are asleep at the wheel.
• 50:40
  I think we can all Well cuz. They have so much to deal with,
• 50:43
  right I. Would say they're just that
• 50:45
  complacent. They're just like life's good.
• 50:47
  Hey, I got Netflix, Sophie, I got Netflix.
• 50:50
  I have, you know, ice cream on demand.
• 50:53
  I got DoorDash. What else do I need in my?
• 50:55
  Life, yes, we have a lot of conveniences in life, but I
• 50:58
  actually kind of disagree. I think people are bombarded
• 51:02
  right now by inflation, by trying to juggle multiple jobs,
• 51:07
  by trying to keep their kids safe from, you know, school
• 51:11
  environments and, and people and the things they watch on social
• 51:15
  media. I think people, well, we have a
• 51:17
  very convenient society, are very, very distracted and it's
• 51:23
  all on purpose. And if it, if we don't wake up,
• 51:28
  you know, if we don't start to prioritize what is actually
• 51:32
  important and where our money comes from, where our values
• 51:35
  come from as a society, we're going to continue to let these
• 51:39
  pirates dictate our life. And that is scary.
• 51:44
  I'm a mom now. That is terrifying to me.
• 51:51
  Motherly wisdom. Motherly wisdom here, let me.
• 51:55
  Have bags under my eyes. Now, yeah, let me that's.
• 51:58
  Where all the wisdom? Comes from all right, Francesca,
• 52:01
  I'm I'm gonna I'm gonna sneak one more thing in here and then
• 52:04
  I'm gonna give you give you the floor so guys, I promise you I I
• 52:07
  really wasn't gonna cover this today but I see everyone in the
• 52:10
  chat basically saying like what happened to October so I'm gonna
• 52:12
  drop a little nugget here and then and then we'll we're gonna
• 52:16
  keep it moving. So I saw this guys, I was gonna
• 52:19
  actually cover this on the show, but I, I think it's fitting to
• 52:23
  cover here. So this guy, Timothy Peterson,
• 52:26
  he, he did some, he calls, calls himself network economist, love
• 52:30
  it, author of Metcalf's law as a model for Bitcoin.
• 52:33
  And he tweeted, this was in September 30th when he tweeted
• 52:36
  and he goes Bitcoin in October. Most upside occurs after the
• 52:40
  15th. And then he did this chart here.
• 52:43
  So Bitcoin in October since 2015, you know, it does.
• 52:48
  I mean, we got a dump. We, we got a dump.
• 52:50
  We can't ignore it. We, we got a dump, you know, a
• 52:52
  couple days ago, But as you can see, most of the upside comes
• 52:57
  after October 15th, which is why I wanted to sneak it in Today is
• 53:00
  October 15th, guys. So I still think October is, is
• 53:05
  is on track. We're we're still on track for
• 53:07
  an October. So let's see if this is true,
• 53:10
  guys, you know, Hey, a little bit of speculation, a little bit
• 53:13
  of chart boying here, but end of October should still be in play.
• 53:17
  Guys, don't listen to my boy son of Sats in the chat.
• 53:20
  He's a bear. We don't like bears.
• 53:22
  Boo him in the chat. October's still in play.
• 53:26
  Anyways, Francesco, you you can cover which whichever story you
• 53:29
  want to what, whatever you want to cover on this one and then
• 53:32
  we'll start talking about Bit Vault.
• 53:34
  Yes, I mean, I think short term is impossible to forecast.
• 53:39
  But if you have the the macro picture in your mind with the
• 53:44
  real value and what's really happening in the markets and
• 53:48
  starting from the money pretty to where the real value is
• 53:51
  added, then you eventually have the answer.
• 53:53
  You have the the possibility to mentally hold and just a bit to
• 54:00
  the market because Buffett was wrong about everything, but not
• 54:06
  on one thing. One thing was certainly right.
• 54:08
  Time in the market beats time in the market and you have a ice on
• 54:13
  the ice on the sleeve there just to wait because the condition
• 54:19
  system cannot survive if they don't print mine.
• 54:22
  So you just wait and you have a dialing to protect you if you
• 54:27
  have Bitcoin in terms of volatility.
• 54:29
  So the volatility is what makes volatility and time are the two
• 54:35
  factor which makes you pick the market and this is knowledge.
• 54:39
  So knowledge is the third pillar and this is everything.
• 54:43
  But if I wanted to go on the point about the International
• 54:48
  Monetary Fund, just stating for the first time since I've been
• 54:54
  into Bitcoin that if they basically say that to the
• 55:00
  various government worldwide that if they print more money,
• 55:04
  they will cause more inflation. But the first time I heard that
• 55:09
  they never say the public publicly and that there are some
• 55:12
  reasons, I think because it's increasingly evident to the
• 55:17
  people which the living condition are going low and the
• 55:24
  the rest of Bitcoin is also playing apart.
• 55:26
  But we are reaching a point where they cannot lie anymore,
• 55:30
  200%, they have to lie a bit less.
• 55:34
  And this is because they are, they will try to create the new
• 55:39
  normal of the inflation which is above 2%.
• 55:44
  They will try to set it around 3.54, maybe 2, and they have to
• 55:49
  justify that. And so they create narratives
• 55:53
  and narratives distort the reality, which, yeah, and can be
• 55:59
  used to the politically because how many wars have started with
• 56:05
  fake murder or maybe all of it? And the same, the same thing
• 56:12
  applies to this economic war. Because at the end of the day,
• 56:16
  if you buy Bitcoin, you sell the dollar.
• 56:19
  So you, you, you want and an International Monetary Fund
• 56:23
  relies on the doorbell and you have a political situation like
• 56:29
  where is it right now that they they want to pump the market?
• 56:34
  But then there is the factor of confidence.
• 56:39
  And these people, they also have a fall back.
• 56:41
  And in politics, they always come up with the finalistic
• 56:48
  takes which they can bombard people on and eventually people
• 56:52
  start believing the most famous is the best of woods agreement
• 56:55
  like speculators kill are forcing us to remove the
• 56:59
  convertibility to God. And another lie will arise when
• 57:05
  things eat the fun, another lie will arise.
• 57:07
  And that's why you have to have custody because don't rely on
• 57:11
  the the situation right now with the current administration,
• 57:16
  because there will be another election and who knows?
• 57:18
  And there are external worldwide pressure with the the where the
• 57:23
  deep state, the elite people who really wanted to play this game
• 57:27
  and play it right. They might not agree with what
• 57:31
  is happening today. And this is also a factor.
• 57:33
  This is a political. So the legal framework is not
• 57:39
  enough to put your life saying it's on an ETF.
• 57:44
  It was the legal framework. You're just trusting the same
• 57:47
  person who lied for 45 years to you and then I don't know more
• 57:52
  than that. And then now they're just
• 57:55
  shelling out the truth slowly like a pillar to unconsciously
• 58:00
  get make it permeate to you and just start believing what to say
• 58:07
  more. Because even the dumbest people
• 58:09
  on earth there is a limit of BS you can take.
• 58:13
  And unfortunately the logistic who goes to the inflation and
• 58:17
  COVID, maybe they don't have another lie anymore.
• 58:20
  So they tell our truth and they build more life on top of that
• 58:24
  and that eventually they can divide the citizens and conquer
• 58:30
  like all the Romans say divide and conquer.
• 58:34
  And the same thing is happening over and over.
• 58:36
  We have the real advantage in self custody Bitcoin.
• 58:39
  You cannot depend on their decision, on their take on their
• 58:42
  games. You just a sovereign and you
• 58:45
  really not only financially you can of course outperform the
• 58:51
  market, but also you can retain the value for your rest of your
• 58:55
  life and for your generations. 100 percent, 100%.
• 58:59
  All right, guys, last ad break and then we're going to be
• 59:02
  talking about interesting ways to secure your Bitcoin for the
• 59:05
  long term. Exactly what Francesco was just
• 59:07
  talking about. South.
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  Quick ad break and we will wrap up today's show.
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  freedom. All right, guys.
• 1:01:15
  We are back with Francesco, CEO of Bit Vault.
• 1:01:19
  So Francesco, for everyone out there that isn't familiar with
• 1:01:22
  Bit Vault, what is this and what are you working on?
• 1:01:25
  And then and then we're going to talk about the problems that
• 1:01:27
  you're solving. Yes.
• 1:01:30
  So first of all, I maybe look here beside the below my name.
• 1:01:35
  The site is B12 dot SV. We want to look at it to better
• 1:01:39
  understand maybe also later on and try to explain now.
• 1:01:43
  So essentially the problem which is facing all of us is that you
• 1:01:49
  can protect yourself against physical attacks for like having
• 1:01:57
  the cold wallet OK, but the gold wallet doesn't work if the
• 1:02:02
  attacker knows that you bought 35 Bitcoin Kragen and the
• 1:02:07
  employee got private or other other exchanges.
• 1:02:11
  And this is a problem because you cannot ever be certain that
• 1:02:17
  you you you can and over the 0.01 and the decor wallet to
• 1:02:22
  e-mail will believe you. This is not going to happen.
• 1:02:25
  So there is unsolved problem which is that one, there is a
• 1:02:29
  problem, kidnappings, which is also really, really dangerous.
• 1:02:35
  And then the other one is the the problem of the axe.
• 1:02:42
  So probably this problem you need a system, a secure system
• 1:02:47
  which is on top of the private keys.
• 1:02:49
  If you look at our site, we say beyond keys protect humans and
• 1:02:55
  if you also think about other how other banks or security
• 1:03:01
  institution are say casting gold or other valuable assets, they
• 1:03:07
  all want, they all have this standard, security standard to
• 1:03:11
  have a time at the vault. You want to have an external
• 1:03:15
  security system according to the culture of principle, where the
• 1:03:20
  security, the only security possible which should be visible
• 1:03:27
  known to the attacker. So this is all the principle.
• 1:03:32
  But it wasn't possible to be implemented of Bitcoin before
• 1:03:38
  because there were some technical difficulties we solved
• 1:03:41
  at bit vault. But now it is possible also in
• 1:03:45
  Bitcoin to have a time at the vault exactly like bank calls
• 1:03:49
  the the coins a security and in a in a time at the vault but
• 1:03:53
  with the multi seek. So at big vault we combine the
• 1:03:57
  time of the vault and the multi seek to protect the the the
• 1:04:02
  users against physical attacks and acts where it's a non
• 1:04:07
  custodial product. They people with their own keys.
• 1:04:11
  And this is possible because we utilize mini script based on the
• 1:04:16
  solution. I mean, skip is a perfectly
• 1:04:19
  functional work in technologies. It's not in just maybe not known
• 1:04:23
  too much, but it is part of between and the the to deliver a
• 1:04:28
  great result and you can set conditions and essentially the
• 1:04:34
  the the the bit. What technology works by having
• 1:04:39
  a convenient service which is trustless open source which was
• 1:04:44
  only task is to avoid that the the the user and the by the
• 1:04:54
  compiens service which can be fostered by also by the user go
• 1:04:58
  to move the coins before the time delay has passed.
• 1:05:03
  So you can rely on a trustless service of piece of software
• 1:05:07
  which is going to avoid that the the transaction gets broadcasted
• 1:05:13
  before time delay passed. But now you can think OK but
• 1:05:16
  this is a software pro service so it can be faulty right?
• 1:05:20
  No, it's not a software service. This is called a CSV op code.
• 1:05:25
  It's a Bitcoin native op code and the only problem was how to
• 1:05:29
  pair it and make it functional on the software level.
• 1:05:32
  We made it with the trusted convenient service.
• 1:05:34
  But I mean there is no way it means that it's enforced at the
• 1:05:39
  level of the notes. So there is no way to bypass it.
• 1:05:42
  You are using a pure native Bitcoin technology in a smart,
• 1:05:46
  smart way to protect your Bitcoin and yourselves.
• 1:05:50
  Mostly important your more important yourself.
• 1:05:53
  I guess any kind of physical attack and act.
• 1:05:55
  Because at that point, let's imagine yourself in a situation
• 1:06:01
  where you are under duress. Somebody wants to ask you for
• 1:06:05
  your 10 Bitcoin you purchased many years ago and that has
• 1:06:08
  changed. All the information were leaked
• 1:06:10
  from then UNW 0.1. That way wallet doesn't believe
• 1:06:14
  you, but if if he doesn't believe you, you have to show
• 1:06:20
  the real vault. That's the non obscure
• 1:06:23
  information according to the terms of principle.
• 1:06:26
  So you sure you're you're you're bold with the Bitcoin because of
• 1:06:30
  your life at the stake, right? And then you can see the very
• 1:06:34
  big countdown 15 days. One day is 2 hours.
• 1:06:38
  You set it and that's customized about the time delay and the
• 1:06:41
  time delay you can order you to process to start a transaction.
• 1:06:45
  You love the transaction as but don't broadcast as soon as the
• 1:06:49
  transaction gets loaded, there is a dead time delay with the
• 1:06:52
  clock starts ticking. So you can just look at the
• 1:06:55
  clock and buying by being this system which is above the
• 1:07:01
  product. He's a non obscured is a is a
• 1:07:04
  the iphone's telling him the other is open source from
• 1:07:09
  watching yourself. He doesn't have to believe you
• 1:07:12
  the technology speaking. So at that point he will take
• 1:07:16
  the wallet and go away. Not because he believes it's
• 1:07:20
  because the non obscure information is speaking for for
• 1:07:23
  you, saving your life. And this is how it protects you.
• 1:07:27
  I'll be told to protect you against physical attacks, but it
• 1:07:32
  also protect us against the acts and the mistakes you can make by
• 1:07:36
  just having this wall of time always ready against the August,
• 1:07:41
  which I guess try 24/7 because they were nothing to lose.
• 1:07:45
  The the physical antagonist says going to jail, but the Agar is
• 1:07:49
  mostly not. So we'll try 20%.
• 1:07:51
  But you all will always eat against a lot of time and force
• 1:07:55
  at the level of the knots, which is serious to be so you can
• 1:07:59
  understand how useful is the solution.
• 1:08:03
  And if we talk to us about kidnappings, there is a signal
• 1:08:06
  notification which as soon as translation gets loaded and the
• 1:08:11
  countdown starts 15 days only after that that session will be
• 1:08:16
  broadcasted only after template. Then I seek a notification,
• 1:08:21
  which is a software solution, but still useful.
• 1:08:23
  Can go reach your telegram and alert trusted third party that
• 1:08:28
  something is happening, maybe your wife and they will look for
• 1:08:31
  you. So I we have set 15 days because
• 1:08:35
  we don't think you can go missing for more than 15 day and
• 1:08:39
  nobody noticing. So we engineer a solution which
• 1:08:45
  is fully on chain to protect and also us a nice possibility to
• 1:08:51
  have a protection against kidnappings because the only way
• 1:08:54
  is that somebody needs to know. But the physical attacks and
• 1:08:58
  acts protection is really huge. Now we are running just we sold
• 1:09:03
  out all of our lifetime presale subscriptions.
• 1:09:07
  So thank you guys. It was a big feedback from the
• 1:09:11
  community. Now we started the, the, the
• 1:09:14
  founders tires where you, we have just under $19.00.
• 1:09:19
  You have a one year of subscription with 50 off.
• 1:09:23
  So this is valid until the end of December.
• 1:09:25
  So I invite you maybe to consider because the wallet will
• 1:09:30
  be launched at the a couple of months.
• 1:09:31
  It's already a test of light. If you want to test it, just you
• 1:09:34
  can test it. There is a button below on the
• 1:09:36
  landing page. And this is how the mini script
• 1:09:40
  technology and it was done in this way will really start to
• 1:09:45
  the effect to to protect the user.
• 1:09:49
  I don't know if you I was clear on.
• 1:09:53
  Wow. I think, I mean, this is an
• 1:09:55
  incredible product. I think that this is, this would
• 1:09:59
  be incredibly useful where I'm from in Venezuela where people
• 1:10:03
  get kidnapped and they call it kidnap express, right?
• 1:10:07
  So the way it happens is they pick you up, they call your
• 1:10:11
  family, they ask for ransom and it's a very quick turn around,
• 1:10:15
  right? It's like they they're depending
• 1:10:17
  on volume because not a lot of people in Venezuela have money.
• 1:10:21
  And so I love this solution because you're making it
• 1:10:25
  economically unfeasible for people to do harm to others and
• 1:10:32
  to steal their Bitcoin. And at the at its core, that is
• 1:10:37
  1 of bitcoins fundamental principles, right?
• 1:10:40
  It's actually a lot easier to buy it or to mine it than it is
• 1:10:44
  to hack someone or steal it. And so this is a product that I
• 1:10:48
  think, you know, every bitcoiner should have, especially high net
• 1:10:53
  worth bitcoiners. Would you say, you know, have
• 1:10:56
  you gotten a lot of stories from people saying how this product
• 1:11:01
  saved their life? Because I can definitely imagine
• 1:11:03
  that. We we are not live yet, but we
• 1:11:08
  studied all of the scenarios possible and if any kind of
• 1:11:13
  physical attack happened, the would have had bit vault then
• 1:11:18
  nothing with that that the wallet that worked and gone away
• 1:11:22
  because it's not under your control.
• 1:11:24
  That's that's enough. And also think about when
• 1:11:27
  because we also B2B solution or we sell also to other wallets
• 1:11:31
  provider who can integrate with both and what level and people
• 1:11:35
  use quickly. And I invite if you're a wallet
• 1:11:38
  provider and CEO, just reach out to me and figure it out because
• 1:11:41
  people need this technology. This is an optic game.
• 1:11:44
  We want to serve a Bitcoin community and do it quick
• 1:11:47
  because because the number of physical attacks rise tracks the
• 1:11:51
  Bitcoin appreciation and they they they they they are
• 1:11:54
  increasing those incentive is more and more lucrative for
• 1:11:58
  people to try to physical attack you and this.
• 1:12:01
  Is Yeah, it wasn't. Wasn't there that guy in New
• 1:12:04
  York that recently was kidnapped inside of an apartment for I
• 1:12:08
  don't know how many days, and they took away all of his
• 1:12:11
  Bitcoin like that? He would have needed this
• 1:12:15
  product so badly. Yes, yes, not only e-mail, but
• 1:12:21
  everyone. I mean, if all of the Bitcoin
• 1:12:25
  war the all of the pro wallet provided and all of the
• 1:12:28
  attackers after one year, 2 year before the spreads knows that
• 1:12:34
  there's nothing I can do because there is a time a lot to vote
• 1:12:38
  and every wallet uses this. There is no economic no
• 1:12:41
  incentive for them to try to attempt the ICE whenever they
• 1:12:44
  only end up going to jail for nothing.
• 1:12:47
  So that's why nobody robs the bank anymore after they invented
• 1:12:50
  this solution in them. Yes, there is there was a drop
• 1:12:53
  of 9%. This is called a time lock the
• 1:12:55
  walls in the bank. This is already up in the
• 1:12:58
  traditional finance and something cool because they are
• 1:13:01
  deals to the cultural principles right before and and the same
• 1:13:05
  thing is possible now in Bitcoin.
• 1:13:06
  Just do it. I mean, don't, don't, don't
• 1:13:09
  expose yourself unnecessary to the risk of being docked at the
• 1:13:14
  KYC then and just people showing it way, way, way because
• 1:13:17
  unfortunately, you know, if you end over the document, people
• 1:13:21
  know where, where you leave it. It's something, yeah.
• 1:13:24
  Especially especially nowadays where everybody posts what
• 1:13:27
  they're doing and, you know, being on social media is such a
• 1:13:30
  normal regular part of life. It's really not hard to
• 1:13:34
  triangulate where people live, where they'll be, what they're
• 1:13:38
  doing with their family. Like it's it, this is something
• 1:13:42
  that I think has been a long time coming for Bitcoin and the
• 1:13:47
  fact that you can integrate it with other wallets because, you
• 1:13:50
  know, maybe you're super used to the one that you have or you
• 1:13:53
  already spent all of this time showing your friends how to use
• 1:13:57
  it, which, you know, the technological learning curve can
• 1:14:02
  be very. Let's just be honest, Bitcoiners
• 1:14:03
  don't like to change their wallet tap.
• 1:14:05
  Yeah, exactly. So it's really great that you
• 1:14:08
  could just integrate this. And when are you guys going live
• 1:14:11
  with this? The wallet is already just a
• 1:14:16
  small bug fixing and just call the assurance review within the
• 1:14:19
  next 3045 days. Can it to the post store?
• 1:14:23
  It's already in test flight or if you want to test it just
• 1:14:26
  click there. Just test the wallet.
• 1:14:30
  The landing page you can test it well.
• 1:14:33
  We're gonna we're gonna post the landing page in the description
• 1:14:36
  below. And I mean, maybe we.
• 1:14:38
  Yeah, yeah. I have one.
• 1:14:39
  I have one, one question because I've had this conversation with
• 1:14:45
  friends over time delay. Usually it's in the context of
• 1:14:48
  like storing some Bitcoin away for, you know, inheritance for
• 1:14:52
  my children, etcetera. And then never were we really
• 1:14:55
  talking about it for like protection from people trying to
• 1:14:58
  rob it. Usually it's like, oh, I'm going
• 1:15:00
  to time lock it so that my kids can have it and I can never sell
• 1:15:03
  it. And then usually the
• 1:15:05
  conversation stopped for me personally where it's like, I
• 1:15:08
  don't want to mess this up. Like this sounds way too
• 1:15:11
  complicated. I'm guessing you guys have put
• 1:15:14
  away all of the complexities so that people can't hurt
• 1:15:17
  themselves. Exactly.
• 1:15:19
  We don't want people to make mistakes.
• 1:15:22
  The the concept of time locking coins for protection is new in
• 1:15:28
  Bitcoin. That doesn't take we brought it
• 1:15:30
  and the reason why is has to be found in how people think that
• 1:15:35
  they all their keys they're solving and so they're mightier
• 1:15:38
  and stronger than smarter. Maybe that because and also yes,
• 1:15:44
  that's a mistake basically, and you need a protection system
• 1:15:48
  which is above beyond the private key and you want to have
• 1:15:51
  it. That's a that's a flaw is in the
• 1:15:55
  people using between. Unfortunately, it's not because
• 1:15:57
  they are bad, but because they like so much sort of story need
• 1:16:01
  that this. Sometimes they understand that
• 1:16:04
  people are nasty out there and they can arm you.
• 1:16:08
  So do that. But also Agar Agar say is even a
• 1:16:11
  bigger threat because that's 24/7.
• 1:16:14
  I mean if you're supposed to bug in a website, you be sure first
• 1:16:18
  time that we'll be attacked and spread in no time.
• 1:16:21
  That's that's yeah, because there are scripts and the same
• 1:16:24
  thing and they're not script a bit or maybe there are, but the
• 1:16:27
  same thing happened hacking fast hacking is, you know, private
• 1:16:31
  keys cannot be acted, but the device where you using your
• 1:16:36
  wallet can you can cross site script and then you can have
• 1:16:40
  other kind of attacks a lot and you are the weak link.
• 1:16:44
  You and your device are the weak link.
• 1:16:46
  You you need the protection above that beyond that which
• 1:16:49
  whatever it happens in the either you as a persona on your
• 1:16:53
  device, you are protected. The coins cannot move.
• 1:16:55
  At the end of the day, we are in a store of value phase of
• 1:16:58
  Bitcoin. If you needed to buy a villa and
• 1:17:01
  you had the idea to sell you Bitcoin to buy a villa for the
• 1:17:05
  simple factor that you have to write the paper where you have
• 1:17:08
  to wait for a week and this is just not immediately.
• 1:17:11
  So I mean, and the minimum time delay is 2 hours.
• 1:17:14
  You can set this is lighter in the user interface and you can
• 1:17:18
  just set it once you create the wallet and once you create it,
• 1:17:22
  then it's going to be like that forever, even for your for
• 1:17:25
  yourself. Otherwise it doesn't work the
• 1:17:26
  system and this is our delay and it's really tight to I, I, I
• 1:17:33
  don't think that's only for a net worth individual because I,
• 1:17:40
  I measure the level of Bitcoin which the service this grade of
• 1:17:45
  protection according to the amount of time you spend to work
• 1:17:49
  to recover the loss. So in my opinion, if this may be
• 1:17:52
  more than six months, I think it's my work of work of the
• 1:17:56
  people using it can be considered a big loss because it
• 1:18:00
  sucks to work for six months for something you've lost because
• 1:18:05
  you're the best protection that it's.
• 1:18:09
  And if everybody ends up, you know, being on this, if this
• 1:18:14
  becomes the norm, if this becomes something that everybody
• 1:18:18
  uses eventually, like it just won't happen to anybody.
• 1:18:22
  Like nobody will get robbed on the street or targeted for their
• 1:18:26
  Bitcoin. It's just not worth it for, you
• 1:18:30
  know, these, these people, these.
• 1:18:32
  Yeah, I don't have any Bitcoin guys.
• 1:18:37
  We we we we don't own any Bitcoin.
• 1:18:40
  We just talk about it. We just talk about it.
• 1:18:43
  But Francesca. All right.
• 1:18:44
  Sorry, Sorry. So I didn't mean to cut you off.
• 1:18:45
  Oh. No, no, no.
• 1:18:46
  That was my whole point is that, you know, by normalizing this
• 1:18:49
  type of product in the market, I think that you know it greatly
• 1:18:54
  like the benefit is to like to society at large.
• 1:18:59
  Yeah, safety for everyone. Francesca, I was going to wrap
• 1:19:01
  up, but I, I think we got a good question in the chat that I,
• 1:19:05
  that I want to give you. Obviously I, I might be a little
• 1:19:09
  rough on him, but we have Daniel Sauerbre.
• 1:19:13
  Daniel Sauerbre 750. Why do you need this?
• 1:19:17
  Why not just leave your Bitcoin on Coinbase?
• 1:19:20
  Should they quick? Should they quit the
• 1:19:22
  conversation? Yeah, why not?
• 1:19:27
  I mean, let's yeah catch up in 10 years.
• 1:19:30
  We we see, we find. Out I love it, Francesca all
• 1:19:35
  right guys, so hey, if you're interested in this, of course,
• 1:19:38
  go to bit vault BITVAULT dot SV go check it out and you said
• 1:19:44
  it's going to launch pretty soon.
• 1:19:45
  So maybe if people want to check it out now, you said it's on the
• 1:19:49
  test flight app right now on the Apple.
• 1:19:50
  Store. There's a test flight, it's
• 1:19:53
  under invitation, so shoot your e-mail on the site.
• 1:19:56
  And then also, if you like the concert and under $19.00 are not
• 1:20:01
  so much of A bet for you, you can consider having this 50%
• 1:20:05
  discount valid until December 31.
• 1:20:09
  And of course just the first year and now after that it's
• 1:20:12
  going to cost the $19.00 per month.
• 1:20:15
  Love it, man. Well, Francesco, thank you so
• 1:20:17
  much for coming on today. Good lot of good insights in in
• 1:20:21
  regards to gold and banking earlier and then of course,
• 1:20:24
  building a product to protect us guys, you you got to love this
• 1:20:27
  this type of Bitcoin entrepreneur.
• 1:20:29
  Anyways, Francesco, hang out behind the scenes for 2030
• 1:20:32
  seconds while I wrap this up and we will wrap up today's show.
• 1:20:36
  All right, guys, we did it. Another show. 3rd show in the
• 1:20:41
  studio. So third show in the studio.
• 1:20:44
  We're here. All right guys, on that note, we
• 1:20:47
  will be back tomorrow, actually. Like I'm gonna be, I'm gonna be
• 1:20:51
  honest here I am feeling a little sick.
• 1:20:53
  So hopefully I don't come down with the sickness.
• 1:20:56
  I do have some contingency plans here if I do get absolutely
• 1:20:59
  sick. Yeah.
• 1:21:02
  But guys, I don't know. I'm, I don't know.
• 1:21:04
  I woke up this morning and I'm, I'm not feeling the best.
• 1:21:07
  So I'm glad I made it through today's show.
• 1:21:09
  Hopefully I don't wake up worse tomorrow.
• 1:21:12
  But we will be back. Rain or shine.
• 1:21:14
  There will be a show. So we love you guys.
• 1:21:16
  Of course. We appreciate every single one
• 1:21:18
  of you guys. And we'll be back tomorrow,
• 1:21:20
  12:15-ish, really like 1230. All right, 12/12/30 tomorrow.
• 1:21:25
  We should be live. Anyways, we'll see you tomorrow.
• 1:21:27
  Peace out guys. Today's episode was brought to
• 1:21:30
  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:21:34
  mission to enable financial independence.