Latest / Simply Bitcoin / America's Most Elite Bank Buys $710M Bitcoin | EP 1120

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America's Most Elite Bank Buys $710M Bitcoin | EP 1120 · Simply Bitcoin

• 0:00
  Yeah, well, everyone's been distracted with the recent
• 0:03
  election of Donald Trump and what that could mean for Bitcoin
• 0:07
  in the United States. One of the world's most
• 0:09
  prestigious banks quietly just acquired $710 million worth of
• 0:16
  Bitcoin exposure in the same news, the ETF, the ETFs
• 0:21
  accumulative combined have accumulated over a million
• 0:25
  Bitcoin, which is absolutely freaking crazy.
• 0:28
  What bank is it that I'm talking about?
• 0:31
  I'm talking about Goldman Sachs. Goldman Sachs is one of the most
• 0:33
  well respected wealth management banks on the planet.
• 0:37
  It's rumored that you need at least a $10 million account just
• 0:41
  to bank with them essentially. And they're also one of, they've
• 0:46
  been 1 of Bitcoins biggest critics over the last, you know,
• 0:49
  5-10 years or so. They haven't been recommending
• 0:52
  yet. But again, the thing that we
• 0:54
  always say on simply Bitcoin, eventually everyone bows down to
• 0:57
  the king. And again, don't pay attention
• 0:59
  to what they say. Pay attention to what they do.
• 1:02
  Also, this is a, is this a trend that you're seeing worldwide?
• 1:06
  MicroStrategy buys 51,780 BTC Mara and Mara announces the
• 1:12
  publicly traded Bitcoin miner $700 million convertible notes
• 1:18
  to acquire more BTC Selmer Scientific raises $21 million to
• 1:22
  acquire 215 BTC. And the Japanese company that
• 1:27
  Dylan Leclerc and Bitcoin magazine are advising is again
• 1:32
  offering more debt to acquire Bitcoin.
• 1:34
  So you're seeing this trend happening everywhere you know
• 1:37
  the the so-called sailors infinite money glitch.
• 1:40
  It's very very exciting. Also happy to be back home.
• 1:44
  It was a pretty crazy week last week.
• 1:46
  I hope you guys enjoyed the show.
• 1:47
  We did shows in front of a volcano and in San Salvador and
• 1:52
  of course we were at the adopting Bitcoin conference
• 1:55
  trying to live stream for that for you guys from the jungle.
• 1:59
  That was pretty fun. Anyways, I'm going to bring up
• 2:01
  my legendary Co host Optimus Fields and of course our very
• 2:04
  special guest today Mauricio from Lend Man.
• 2:08
  How you guys doing? Doing great this morning.
• 2:12
  We're on a tear and you know, Bitcoin just keeps pumping up at
• 2:16
  the with bullish morning, so enjoying it.
• 2:19
  Absolutely man Bitcoin Bitcoin is pumping up.
• 2:23
  I think everyone's having a good time, you know making all time
• 2:26
  highs. You know I was kind of worried
• 2:27
  Mauricio, because we were like kind of chop solidating for
• 2:31
  eight months and you know like I saw people are like people like
• 2:35
  is Bitcoin getting boring? Is it done?
• 2:37
  Is the volatility over, you know, is this thing so big?
• 2:39
  And then all of a sudden waka goes from like 55 to 93
• 2:45
  overnight very, very quickly. You know, I felt something.
• 2:48
  I felt. I didn't feel a lot, but I felt
• 2:50
  something. I, I agree with you.
• 2:53
  I was to me, I was, I was a little bit, I was to me.
• 2:59
  It wasn't clear what was going to happen going into the
• 3:01
  elections because I think Bitcoin had a decent run leading
• 3:04
  up to the election and there was clearly 2 very different
• 3:07
  outcomes that could come out of it.
• 3:09
  We obviously got the Trump victory and you saw Bitcoin just
• 3:13
  absolutely catapult after the news.
• 3:15
  And I think it's a testament to how much Bitcoin has been in so
• 3:20
  many ways held back by, you know, whether it's operation
• 3:24
  choke Point or an unfriendly SEC, etcetera.
• 3:27
  And I think just the idea of those things shifting just
• 3:32
  reignited the market with optimism.
• 3:34
  And none of these things are done deal, but the, the, the,
• 3:38
  the sort of chances of them materializing are much higher.
• 3:41
  And I think the market is showing you that they are
• 3:44
  excited and we're we'll get into all these other purchases that
• 3:46
  you just discussed. But it's, it's basically you got
• 3:49
  to get on the Bitcoin train now. If if you're not on the Bitcoin
• 3:52
  train, you're going to get left behind. 100% And something that
• 3:55
  we're going to focus on like later on this week too, is
• 3:57
  Howard Lupnik. He is, I believe he's managing a
• 4:01
  lot of the assets for, for for Tether.
• 4:03
  But also he went, he recently went on Pomp's podcast and Pomp
• 4:08
  was like, so you buy a Bitcoin, he's like, I'm buying 10s of
• 4:11
  billions of dollars of Bitcoin. We're going to be buying
• 4:13
  hundreds of millions of dollars of Bitcoin.
• 4:15
  According to Polymarket, he has the highest odds right now to be
• 4:20
  named Treasury Secretary. And what you were saying about
• 4:23
  ECO, that is in stark contrast to how Bitcoin has been treated
• 4:28
  on the regulatory level the last 3 1/2 years.
• 4:30
  You go in there with someone who holds hundreds of millions of
• 4:33
  dollars worth of Bitcoin. I mean, trust people's
• 4:36
  incentives, man. Like he's probably not going to
• 4:38
  create a hostile regulatory environment, right?
• 4:41
  Well, that, for one. But Even so many people around
• 4:46
  the administration, like people tend to forget that Donald Trump
• 4:50
  himself launched a token or supported a token.
• 4:53
  And if you look at the launch, the sale didn't hit its targets.
• 4:56
  And likely it's because he had to do all these dances that that
• 5:00
  other, every other token has to do, which is only available to
• 5:03
  foreign investors, only available to the, you know,
• 5:05
  accredited US, etcetera. So he's been through the pain
• 5:10
  that many in the industry have. And again, some of the stuff is
• 5:12
  Bitcoin specific, some of the stuff is more crypto related.
• 5:15
  But throughout the spectrum, there's just a complete shift in
• 5:21
  what was once an anti crypto army to now what it seems a pro
• 5:24
  crypto army. So it's not even like you remove
• 5:27
  the headwind, you've now replaced the headwind with a
• 5:29
  tailwind so that the effect of that is going to be supersonic
• 5:34
  like as many people are anticipating. 100% and there's
• 5:37
  also been news of, of, of Cynthia Lummis really moving
• 5:40
  full steam ahead with the so-called US strategic reserve.
• 5:45
  Right now. The Poly market odds gives it at
• 5:47
  like about a 3233%, which is nuts.
• 5:51
  You know, and if that happens, I'm telling you guys, and I
• 5:54
  think I saw Adam back tweet this out early this morning, we're
• 5:58
  going to see $7,000,000 Bitcoin in the next couple of years.
• 6:01
  If the United States, if the US government, I'm not, I'm not
• 6:04
  like this isn't like, you know, bull juice or anything.
• 6:07
  I'm, I'm telling you, look, if the United States, look, Michael
• 6:11
  Saylor bought like $4.6 billion worth of Bitcoin or something
• 6:14
  before he was using the infinite money glitch. the United, the
• 6:17
  United States has a money printer, right?
• 6:19
  This is a, is a totally different conversation.
• 6:21
  And then that's going to force other nation states to stay
• 6:25
  competitive with the United States to use their money
• 6:28
  printers to buy Bitcoin too, right?
• 6:30
  So we can see something like the likes of which we've never seen
• 6:33
  before. Anyways, Opti, good morning.
• 6:35
  How you doing? Have you had your coffee?
• 6:38
  We had Sunday flights from Freedom Country from sunset
• 6:41
  Lelore yesterday. Are you alive?
• 6:43
  How you doing? Yeah, I did have my coffee this
• 6:46
  morning. I think I'm finally getting over
• 6:49
  that whole sinus thing I caught in El Salvador because of the
• 6:52
  fog. So I still sound a little weird,
• 6:55
  but you know, the show goes. It was on.
• 6:57
  Yeah, man, it feels good to be home.
• 6:59
  It was also a fun trip. I we got stable Internet.
• 7:03
  I don't know if you guys saw me laughing at the beginning, but
• 7:06
  Nika said keyword tried to stream on the jungle Internet.
• 7:10
  It man, it feels good having some good Internet.
• 7:13
  That's all I'm going to say. That's all I'm going to say
• 7:15
  today. But yeah, man, I feel good.
• 7:16
  It feels good to be back home in the studio, you know, keep the
• 7:19
  show running. Man can never complain over
• 7:23
  here. This is our job.
• 7:24
  Love it, love it. Yeah, I mean, but to give us
• 7:26
  credit, right, So we were able to stream the for the, like,
• 7:32
  after an hour and a half of the first day, we fixed the Internet
• 7:35
  and we were able to stream the rest of the conference.
• 7:37
  And then the second day we started it off perfectly.
• 7:41
  And then 10 minutes into Doctor Jack Cruz's talk, interestingly,
• 7:46
  the Internet just. Yeah rumor rumor mills are
• 7:49
  flying. They just didn't want Doctor
• 7:51
  Jack Crews message to get out to the world is what everyone
• 7:54
  saying. So, you know, it was
• 7:55
  interesting, but we luckily we did record it locally, so we
• 7:59
  will be uploading that later on this week.
• 8:01
  So stay tuned to that. Anyways, let's jump straight
• 8:03
  into today's news. So let's talk about the Goldman
• 8:06
  Sachs news. This is huge for a couple of
• 8:08
  reasons. Actually, one of my best friends
• 8:10
  in high school, I'm not gonna name, not gonna name or say who
• 8:12
  he is, but one of my best friends in high school actually
• 8:15
  works at Goldman. And you know, I have 7 high
• 8:18
  school friends. You know those people that you
• 8:20
  grew up with, you guys all you know, know, know, know what I'm
• 8:23
  talking about, right? If those people that you grew up
• 8:25
  in high school, you know them and you know, there's something
• 8:28
  about like that age, those those teenage years or you make
• 8:32
  memories with people that it's different, right?
• 8:35
  And you kind of like always kind of have that friendship with
• 8:37
  them. And out of those seven people, I
• 8:40
  orange pill 6 out of those seven.
• 8:42
  And one of those that I wasn't able to orange pill was this
• 8:45
  friend who works at Goldman and he's very successful there, you
• 8:48
  know, climb the climb the ladder.
• 8:51
  And he was never into Bitcoin. He was just like, no, you know,
• 8:55
  like what the way the thing that he would say is like, you know,
• 8:58
  it doesn't produce any revenue, like it doesn't make it and it's
• 9:00
  not backed by anything like whatever, you know, those things
• 9:02
  that you always hear. Well, I mean, like, I think
• 9:06
  things change as soon as how we call him here at simply Bitcoin.
• 9:11
  Daddy Fink AK Larry Fink from BlackRock basically legitimized
• 9:18
  Bitcoin in the eyes of trad Fi with the approval of the ETF in
• 9:23
  January. And that kind of just, you know,
• 9:26
  changed everything, right? You have pension funds, you
• 9:29
  know, getting into Bitcoin, you have Wells Fargo, you have the
• 9:31
  second largest bank in, in France, right?
• 9:34
  It's this is like, you know, they're all getting exposure to
• 9:36
  Bitcoin. Like forget about everything
• 9:38
  that's been said over the last 5-6 years about it being, you
• 9:41
  know, an index of money laundering and all that stuff.
• 9:44
  You know, it seems like all those things have been forgotten
• 9:47
  and number go up does what number go up does best?
• 9:49
  And you can't ignore it anymore, right?
• 9:51
  So I think this is a big deal just because this is one of, you
• 9:55
  know, the most prestigious banks in the United States and also a
• 10:00
  bank that you could say, you know, they wouldn't be.
• 10:03
  It's conservative. They wouldn't be doing this
• 10:06
  unless they felt very, very confident about bitcoins, you
• 10:12
  know, future potential. So anyways, let's get to the
• 10:14
  article. Goldman Sachs holds $710 million
• 10:18
  in Bitcoin ETFs. Since the second quarter,
• 10:20
  Goldman Sachs has added 300 million to its portfolio and
• 10:24
  Bitcoin ETF holdings, increasing its exposure.
• 10:28
  Mauricio, I know you're a percentage guy by 71%.
• 10:32
  I mean, that's a huge, huge increase.
• 10:36
  Goldman Sachs, a major global investment bank once critical of
• 10:39
  Bitcoin, has disclosed significant holdings in in
• 10:42
  Bitcoin ETFs and November 14th filing with the with the SEC
• 10:47
  reported about $718 million in holdings in eight Bitcoin ETFs.
• 10:53
  The report disclosed a $461 million investment in
• 10:57
  Blackrock's ETF. The bank's latest quarterly
• 11:01
  holdings reported revealed it added 300 million to its Bitcoin
• 11:05
  ETF portfolio since the second quarter, a 71% increase.
• 11:10
  Goldman Sachs entered the spot Bitcoin ETF market in Q2.
• 11:15
  It goes on. Apart from a $461 million
• 11:18
  investment in Black Rock, Goldman Sachs also now holds 96
• 11:22
  million in Fidelity's Wise Origin Bitcoin ETF fund, 72
• 11:26
  million in Grayscale's Bitcoin Trust ETF, and around 60 million
• 11:31
  in Invesco Galaxy Bitcoin ETF. Additionally, Goldman Sachs
• 11:35
  holds $22.5 million worth of Bitwise Bitcoin ETF, $3,000,000
• 11:41
  in the Arc ETF, and about 4 million in the Grayscale Bitcoin
• 11:46
  Mini Trust ETF. Okay longs TLDR they they just
• 11:50
  have a crap ton of Bitcoin exposure amongst all these ETFs
• 11:54
  right? And I think that should tell you
• 11:55
  everything you need to know. And again, the giant increase, I
• 11:59
  mean, 71% exposure tells you everything you need to know.
• 12:05
  But I just want to kind of want to read some of the things that
• 12:07
  they've said in the past in 2020 And Goldman Sachs slams Bitcoin
• 12:11
  and cryptocurrencies, arguing that they are quote not an asset
• 12:15
  class and not a suitable investment for its clients.
• 12:19
  Even after Goldman Sachs launched its limited bit BTC
• 12:22
  derivatives trading desk in May 2021, some of its executives,
• 12:27
  such as private wealth management chief investment
• 12:29
  officer Sharim Mosavar Rahmani, I hope I pronounced that
• 12:34
  correctly, remained skeptical of crypto.
• 12:37
  In April, Wall Street Journal interviewed the private wealth
• 12:42
  management chief investment officer, and she said that
• 12:46
  Goldman Sachs clients had not expressed much interest in
• 12:49
  exposure to crypto despite a major bull market this year.
• 12:53
  Quote, we do not think it is an investment asset class.
• 12:57
  Comparing the recent crypto enthusiasm to the Tulip mania of
• 13:01
  the 1600s, quote, We're not believers in crypto, she added.
• 13:05
  Meanwhile, another division of the bank increased their
• 13:08
  exposure by 700%. Here's Willie.
• 13:12
  He provided a little bit more context here from the original
• 13:16
  kind of breaking news tweet by Bitcoin Archive.
• 13:19
  He says full context. This is via 13 F filings, which
• 13:23
  is what institutions file to the SEC to disclose what they're
• 13:27
  holding for their clients. Effectively, Bitcoin is in
• 13:30
  demand everywhere and Goldman has no choice but to execute or
• 13:34
  lose their wealth management customers.
• 13:36
  In your face lady, I don't know what else to say.
• 13:39
  Anyways, in other news, Sam Callahan is saying this morning
• 13:43
  MicroStrategy buys another 51,780 eighty BTC.
• 13:49
  Mara announces $700 million converted to acquire more BTC.
• 13:53
  Selmer Scientific raises 21 million and acquires 215 BTC.
• 13:59
  Metaplanet issues 1.75 billion yuan debt offering to buy more
• 14:05
  BTC. The Corp Bitcoin race is just
• 14:08
  heating up. So I mean crazy news all over
• 14:11
  the place. This is bonkers.
• 14:13
  This is insane. You can't ignore bitcoins
• 14:16
  incentives. You have to bow down to the
• 14:18
  king. I find that quite interesting.
• 14:20
  You compare and contrast what the you know, the the chief
• 14:24
  investment officer for the wealth management division is
• 14:26
  saying, quoted saying, and then you pay attention to the numbers
• 14:30
  and they tell a completely different story, as Willy Woo so
• 14:34
  correctly pointed out. So Mauricio, you're a number
• 14:36
  first guy. What does all this mean?
• 14:38
  What is the significance of this is just just noise?
• 14:40
  What's your take? No, it's absolutely not just
• 14:45
  noise. I think this what what this
• 14:47
  means to me is that when you're seeing groups like Goldman or
• 14:50
  the Goldman's clients, which are very, very wealthy individuals
• 14:53
  that are going out and demanding Bitcoin be put in their
• 14:55
  portfolios. I think you always had this, you
• 14:58
  know, if you go back to, I think it was Hal Finney that once said
• 15:03
  you, it's good, probably a good idea to pick up some Bitcoin in
• 15:06
  case it takes off, right? So for the, for the last few
• 15:08
  years we've been in this, you know, Bitcoin could be 0 or it
• 15:11
  could be a legitimate store of value and that in which Case No
• 15:14
  one knows what the number could be, right?
• 15:16
  So put it, put things in perspective.
• 15:18
  Gold, which is what most people know of as a store of value.
• 15:21
  The market cap of gold is about $17.5 trillion.
• 15:24
  Bitcoin even after this run up is a $1.75 trillion.
• 15:28
  So still a perfect 110th, call it, of what the traditional
• 15:33
  reserve asset is, which is, by the way, completely analog.
• 15:37
  So the what you're seeing here is you're saying, OK, well,
• 15:40
  Bitcoin is certainly not going to be 0.
• 15:43
  So the number's going to be some multiple of gold, whether a
• 15:46
  fraction or multiple times gold. And if you look at the delta
• 15:50
  between gold and Bitcoin, everyone's kind of looking at
• 15:52
  each other and saying this thing is going to become much closer
• 15:56
  to gold because why would anyone hold gold?
• 15:58
  This generation's not going to want it.
• 15:59
  They're going to want this new thing.
• 16:00
  And everybody's basically basically racing to say what we
• 16:03
  want to participate in the repricing of this asset since
• 16:07
  it's no, since we know it's now not going away.
• 16:09
  Now what's going to be super interesting to me, it's not
• 16:12
  surprising that wealthy investors and smart investors
• 16:16
  are getting into Bitcoin. The guys like Stan
• 16:17
  Druckenmiller, Dan Tapiero and a bunch of others, they're,
• 16:20
  they're famously in Bitcoin for a very long time, wildly
• 16:23
  successful investors. What, what I, what I think is
• 16:27
  very interesting is these companies are now racing because
• 16:29
  companies, corporate treasuries want to take advantage of this
• 16:32
  repricing, you know, event that is going to happen.
• 16:36
  What I think is going to be super interesting is that
• 16:38
  eventually these things are going to stop making news.
• 16:41
  As in today, it's great. Five companies are announcing
• 16:45
  that they're basically going to go buy Bitcoin.
• 16:47
  But in a few months or in a few years, it's going to be expected
• 16:51
  that companies come out and buy Bitcoin.
• 16:53
  And so I think companies are trying to right now
• 16:56
  differentiate themselves by adding Bitcoin to the balance
• 16:59
  sheet because it's still a differentiator, but in due time
• 17:03
  it will stop being a differentiator.
• 17:05
  So people are trying wildly to basically, you know, get their
• 17:11
  names surface to the top of the news cycle by being the first
• 17:14
  ones to do this. It's the perfect game theory
• 17:18
  that Bitcoin was designed on at play.
• 17:20
  And the conversations that are happening around the room go as
• 17:24
  as follows. If your investment manager had
• 17:27
  been telling you for five years that Bitcoin's not a an asset,
• 17:30
  that Bitcoin should not be in your portfolio.
• 17:32
  And now you're seeing news that the United States is going to be
• 17:36
  putting it in its portfolio and that the state of Pennsylvania
• 17:39
  has just filed a, a bill to put it in its portfolio.
• 17:42
  I think you have a pretty serious conversation with that
• 17:44
  investment manager and ask him if it's good enough for those
• 17:47
  governments. How can you tell me it's not
• 17:49
  good enough for me? And why am I?
• 17:51
  Why are you leaving me out of this generational wealth
• 17:53
  building opportunity? You're fired.
• 17:56
  So I think to the point that they're trying to make execute
• 17:59
  or else I think registered investment advisors and treasury
• 18:02
  managers around the world are basically going to be either
• 18:06
  taking a hard look of Bitcoin today or taking a hard look at
• 18:09
  the jobs market that that's my view 1. 100% I think that's a
• 18:12
  really good, really good take. Opti 2 minutes.
• 18:15
  What are your thoughts? Yeah.
• 18:16
  I mean, I just kind of what Mauricio is saying is that now,
• 18:19
  you know, the last couple of years it's become very obvious,
• 18:23
  well readily since Larry Fink announced the ETF that it was
• 18:28
  career suicide to embrace Bitcoin, to even shield Bitcoin
• 18:31
  to their clients. And now like Mauricio just said,
• 18:34
  it's the opposite. If you're not shilling Bitcoin,
• 18:36
  if you're not talking about Bitcoin, then like that article
• 18:39
  is saying, you know, your customers are going to leave and
• 18:41
  go somewhere else. Like Bitcoin is the best
• 18:43
  performing asset the last 15 years.
• 18:45
  And now we're seeing that it's not just a fringe Internet
• 18:48
  phenomenon. The highest wealthiest, you
• 18:51
  know, largest network people in the world are trying to get
• 18:53
  exposure to Bitcoin and so this is only going to increase.
• 18:56
  Obviously, sailors been out there beating the drum on the
• 18:59
  corporate level and now we're seeing that high net worth
• 19:02
  individuals are basically going to their institutional managers
• 19:05
  and like, yo, bro, like I want some of this Bitcoin exposure
• 19:08
  like why? Why am I not getting the games
• 19:11
  that all of these Internet autists are getting out there?
• 19:14
  Like Bitcoin is a legitimate asset now, you know, Bitcoin has
• 19:18
  entered the mainstream conversation and and like
• 19:21
  Mauricio mentioned, you know, we have nation states adding it or
• 19:24
  at least talking about adding it to their reserves.
• 19:26
  We have states adding it to their reserves.
• 19:29
  We have companies all around the world adding it to their
• 19:31
  reserves and they're outperforming everything else in
• 19:33
  the S&P 500. So it's becoming very clear that
• 19:36
  you need to have a Bitcoin strategy to continue to lead and
• 19:41
  continue to be an innovator and be ahead of the markets.
• 19:44
  And so I think this is only going to increase.
• 19:46
  But I really love what Mauricio said where it's like right now,
• 19:49
  it still has kind of that like flair.
• 19:51
  It's still very novel to talk about Bitcoin, but it is going
• 19:54
  to become just like a like a no brainer to add Bitcoin to your
• 19:59
  corporate strategy. And I think this is what we're
• 20:02
  seeing and we're going to see this play out.
• 20:04
  And, you know, who knows how long this is going to take.
• 20:06
  Maybe it maybe it's a watershed moment in 2025.
• 20:08
  It's just going to be like every single company is going to have
• 20:11
  a Bitcoin strategy. It could take longer, but you're
• 20:13
  seeing that right now. That is the conversation.
• 20:15
  It's like, you know, that people on the back end are like, yo, we
• 20:19
  have to take Bitcoin very soon. We saw the.
• 20:20
  Microsoft vote, you know, shareholders doing the vote of
• 20:23
  adding Bitcoin to their balance sheet.
• 20:24
  So you know that every other company is probably having a
• 20:27
  very similar conversation. And we've been saying it all
• 20:30
  year, Nico, that once this year ends, we're going to see some
• 20:33
  very big names starting to talk about or rather have exposure to
• 20:37
  ETFs and like it's playing out in real time, you know, gold.
• 20:41
  Yeah, Goldman Sachs talking about it.
• 20:43
  We have. We know JP Morgan's been kind of
• 20:45
  embracing it more. All of the biggest companies in
• 20:47
  the world have to have a Bitcoin strategy and now you're seeing
• 20:50
  it play out in real time time. So hey, for everyone out there
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  that's been stacking numbers going to go up incredibly.
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  And it's just very important that that you continue to secure
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  your Bitcoin because you know, Bitcoin ETF, as as much as we
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  love the number go up, it's not real Bitcoin until it's in your
• 21:07
  cold storage. Absolutely, guys, Stay tuned.
• 21:10
  We still have so much content for you guys.
• 21:12
  We're going to talk about of course the continuation the the
• 21:15
  battle for free speech Shamat's 33 to $4 billion mistake selling
• 21:21
  Bitcoin early. It seems like Andrew Tate is
• 21:24
  bought is trying to match Michael Saylor's buys so Michael
• 21:29
  Saylor's buying billions. Andrew Tate apparently is buying
• 21:31
  millions in the process and again, why is that important
• 21:34
  again moving the Overton window. Bitcoin adoption is a cultural
• 21:38
  phenomenon and whether you like it or not, Andrew Tate does have
• 21:41
  a huge following and of course, the Pentagon fails its 7th audit
• 21:45
  in a row, which I find quite interesting because I think if
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• 25:21
  the time of recording, Bitcoin price is 91,410 block height
• 25:25
  870,896 sats per dollar. 1094 market cap 1.81 trillion Bitcoin
• 25:32
  price and gold 35.35 oz Bitcoin versus gold market cap 9.97%.
• 25:38
  Percentage issued 94.2%, declined from all time high
• 25:41
  -2.2%. Realize monetary inflation,
• 25:45
  1.21% in the grand scheme of things, we're just getting
• 25:49
  started. Also continuing to take Fiat
• 25:52
  currencies to absolute school. That's the targeted rate for
• 25:57
  Fiat is like 2% of Bitcoin's already lower than that.
• 25:59
  And of course the having coming up in four years or roughly 4
• 26:03
  years from now is just going to continue to take that lower
• 26:06
  anyways. Let's talk about free speech is,
• 26:08
  is core to the Bitcoin movement. One of the things that you have
• 26:12
  to, you have to understand what Bitcoin is, you know, and, and
• 26:16
  it's very kind of similar to how the 1st Amendment works in the
• 26:19
  United States. Mauricio and I, we were
• 26:22
  originally from Venezuela, kind of see this, you know what
• 26:24
  happens when you kind of censor political opponents and all that
• 26:28
  stuff. So I'm a huge fan of the 1st
• 26:31
  Amendment. I'm a huge fan of free speech.
• 26:32
  In fact, if you're a Bitcoiner, you have to be OK with even your
• 26:36
  worst enemy using Bitcoin. You can't censor them right now.
• 26:40
  Is it perfect? No.
• 26:41
  Is it a little bit messy? Absolutely.
• 26:43
  But what is the alternative? The alternative, in my opinion,
• 26:46
  always leads to tyranny. Now, this is one of the
• 26:49
  arguments that Ross Stevens used in this research paper for NY
• 26:54
  Dig that he used. He says that Bitcoin is
• 26:57
  protected under the 1st Amendment in the paper.
• 27:00
  We we've read it, we've read some parts of it for you guys in
• 27:03
  the past. He argues that through extensive
• 27:05
  legal precedent that Bitcoin is speech and therefore protected
• 27:08
  by the 1st Amendment. Any regulations attempting to
• 27:11
  curtail Bitcoin therefore have clear constitutional
• 27:14
  implications. Now, why am I bringing this up?
• 27:16
  Well, something happened over the weekend that was a little
• 27:19
  bit troubling to me specifically.
• 27:22
  Now, what am I talking about? So one of the biggest creators
• 27:25
  right now on X is Alex Jones. Now, Alex Jones is a very
• 27:30
  divisive figure to a lot of people.
• 27:33
  However, shutting down his platform he's built over the
• 27:36
  years is completely unamerican. I think it's very dangerous.
• 27:39
  If you don't like what he has to say, don't listen to him.
• 27:43
  And another thing that I'll point out is that legacy media
• 27:46
  has said equally divisive things, but with absolutely no
• 27:49
  consequences. So you can't have two standards.
• 27:53
  You can't have a standard of OK, you know, Alex and, and I'm not,
• 27:58
  you know, agreeing or, you know, saying that what he said was
• 28:01
  right or anything, whatever what I'm saying.
• 28:04
  What, what is the Voltaire quote?
• 28:05
  It's like, I might not agree with what you have to say, but
• 28:08
  I'll, you know, I'll, I'll do whatever it takes to protect
• 28:11
  your right to say it. I think that's incredibly
• 28:14
  important. So the problem is that with this
• 28:17
  case that's happening, they're not interested in, you know,
• 28:22
  getting, let me read some of the article.
• 28:24
  They're not really interested in getting the judgement for the
• 28:30
  for the families of Sandy Hook. What I believe they're
• 28:33
  interested in doing is shutting his platform down, shutting his
• 28:38
  ability to speak in the 1st place.
• 28:41
  And that is a very, very dangerous precedent.
• 28:43
  So let's check this out. At the bankruptcy hearing
• 28:46
  Thursday, the trustee overseeing the bankruptcy option.
• 28:49
  So they're selling, you know, Infowars did not have the
• 28:52
  highest bid. The Sandy Hook families agreed
• 28:54
  to forego some of their defamation awards to pay off
• 28:57
  Jones. Other creditors made the Onions
• 28:59
  bid the best deal overall. According to The Associated
• 29:02
  Press, Judge Christopher Lopez said that he had concerns about
• 29:06
  how the bidding process played out.
• 29:07
  He ordered a hearing for next week to review how the auction
• 29:10
  was conducted. Quote, we're, we're all going to
• 29:14
  an evidentiary hearing. I'm going to figure out exactly
• 29:17
  what happened. No one should feel comfortable
• 29:19
  with the result of the auction. So here's the thing.
• 29:22
  The whole point of bankruptcy is not to shut down speech.
• 29:27
  The whole point of bankruptcy, you know, is to make your
• 29:30
  creditors whole or to at least give as much money possible to
• 29:34
  your creditors. But it seems like the auction
• 29:37
  wasn't supposed to do that. The auction was tailored to shut
• 29:42
  down the operation or put that put the operation in their hands
• 29:46
  of of a media outlet that perhaps isn't exactly very
• 29:49
  friendly to Jones. And if you don't, if you still
• 29:51
  don't believe me, if you still think Nico, you're crazy, you're
• 29:54
  reading too much into it. Don't take my word for it.
• 29:57
  Take the lawyer's words for it. With your verdict, you not only
• 30:04
  take Alex Jones platform that he talks about away, I ask that you
• 30:10
  make certain he can't rebuild the platform.
• 30:14
  That's what matters. Take him out of this discourse,
• 30:21
  of this misinformation, of this peddling of lies, and make sure
• 30:25
  he can't do it again. That is punishment.
• 30:31
  That is deterrence. The question is going to be,
• 30:35
  where is Alice Jones? When that happens is in the
• 30:39
  studio. Get ready to pass or will you
• 30:45
  stop it? And that is why I've been saying
• 30:49
  that what this is called heading towards is there's going to be a
• 30:52
  large set of plaintiffs who are going to be dividing up the
• 30:56
  corpse of Infowars in the bankruptcy estate.
• 30:58
  And over the course of that process, that could get very,
• 31:00
  very dangerous for Mr. Jones. But we will be at it as long as
• 31:05
  it takes. And if you're out there right
• 31:08
  now and you're 1 of Alex Jones's audience members and you're
• 31:12
  considering giving him money, I just want you to know that based
• 31:14
  on the jury's verdict today, it's not a very good bet.
• 31:18
  I hope that we never see someone like him again.
• 31:25
  I hope that with your verdict, he can go away.
• 31:29
  But the money is not even really the question for me.
• 31:31
  The question is, will this suit be successful at stopping him
• 31:35
  from being on the national stage?
• 31:37
  That's not what that's not what bankruptcy is about.
• 31:41
  That's not what bankruptcy is about.
• 31:42
  Bankruptcy is to make the creditors whole or to at least
• 31:46
  attempt to do that right. So we're going down a very
• 31:50
  slippery slope where again, you're seeing law fair being
• 31:53
  used, not necessarily for justice, but to shut down
• 31:58
  speech. And I mean, what did we just
• 32:00
  live through the last 3 1/2 years or so?
• 32:02
  I mean, what was this recent election about, right?
• 32:05
  I mean, and we were, we were kind of forced to talk about it
• 32:09
  as Bitcoin media as soon as they started going after Bitcoin
• 32:13
  privacy developers for writing open source software.
• 32:16
  So if we don't hold the line on free speech, I'm telling you, if
• 32:20
  you don't think, if you, if they're not OK with you
• 32:22
  transacting freely, what makes you think they're going to be
• 32:25
  sorry? If they're not OK with you
• 32:27
  speaking freely, what makes you think they're not OK with you
• 32:31
  transacting freely? So this is very important.
• 32:33
  And again, there's a double standards here.
• 32:35
  Here's Rachel Maddow. Let's hear what she had to say.
• 32:40
  Things work well enough that the virus stops with every
• 32:44
  vaccinated person. A vaccinated person gets exposed
• 32:46
  to the virus. The virus does not infect them.
• 32:49
  The virus cannot then use that person to go anywhere else.
• 32:52
  And not use a vaccinated person as a host to.
• 32:54
  Go get more people. So I'm not saying one is right
• 32:58
  and one is the other, but there's a double, there's a
• 33:00
  clear double standard there. If legacy media says things,
• 33:03
  they're not held accountable for things, even though that it
• 33:06
  could potentially hurt, potentially lead to damage.
• 33:10
  If Alex Jones says something, you know, no, we have to shut.
• 33:14
  We have to use the bankruptcy as a justification to shut down his
• 33:19
  speech in totality. No, that doesn't make sense.
• 33:22
  It's a very, very dangerous precedent.
• 33:25
  As Bitcoiners, we've been always talked, We've, we've always been
• 33:28
  talking about free speech. We've always defended free
• 33:31
  speech. Mauricio, you and I come from a
• 33:33
  country where you know, if you say certain things, you
• 33:37
  potentially, you know, let's just say.
• 33:43
  You vanish. Yeah, yeah.
• 33:45
  So, you know, this is something that I, that I, that I remember,
• 33:49
  I saw this and we never talked about it again.
• 33:53
  Alex Jones is very divisive. But as soon as I saw this, I'm
• 33:56
  like, this is crazy. This is law.
• 33:58
  Fair to the point that now Elon Musk has involved himself.
• 34:03
  He's just recently sent his lawyers to the the bankruptcy
• 34:08
  case that Alex Jones is doing. So, I mean, this is crazy.
• 34:12
  And this is one of the reasons I believe that the whole Trump
• 34:15
  election happened the way it did, right?
• 34:18
  This is this is nuts. This is very unamerican.
• 34:21
  Free speech is incredibly important to our movement, to
• 34:24
  the Bitcoin movement. And again, the Is it perfect?
• 34:27
  No. Is it messy?
• 34:28
  Yes. But what is the opposite?
• 34:29
  The opposite is always tyranny because it's a bureaucratic
• 34:33
  elite that gets to decide what speech is OK, what speech is not
• 34:37
  OK, what is misinformation and what is not misinformation.
• 34:41
  And the founding fathers in the United States had the wisdom to
• 34:44
  understand that there there really kind of isn't another
• 34:48
  option. Because if you give the
• 34:50
  government the ability to get to decide what is truth or not,
• 34:54
  they're going to use that as a political Moat to protect
• 34:57
  themselves, right? Which has always happened.
• 34:59
  Like, look at history. Anyways, Mauricio, I'm going to
• 35:02
  pass it on to you. I know, like I said, I can't
• 35:04
  emphasize this enough, guys. Alex Jones is a divisive figure.
• 35:07
  But it's not about Alex Jones. It's about the attack on free
• 35:11
  speech. Mauricio, what are your
• 35:12
  thoughts? Yeah, I, I guess my thought is
• 35:15
  to, is to perhaps frame this in not the context of Alex Jones.
• 35:19
  Cause like you said, it's, it's, it's easy to get carried away
• 35:21
  with all the things he said. And, and I'll, I'll let other
• 35:23
  ones judge what he said. But you know, I don't wanna, I
• 35:26
  don't wanna sit here and say Alex is right and everyone else
• 35:29
  is wrong. I'll, I'm gonna share my
• 35:30
  perspective on what's happened to me or what I've lived through
• 35:34
  and particularly in Venezuela. And then other things that I'm
• 35:36
  more of a spectator of, which is what's happening in Europe,
• 35:38
  which is pretty Darwinian if you are pretty, pretty horrible if
• 35:41
  you ask me. But what happened to Venezuela
• 35:44
  is when Chavez came in, one of the first things he did was he,
• 35:48
  he basically took over I think the number somewhere in 1500 or
• 35:53
  1700 radio stations in the country.
• 35:55
  So the first thing he did is basically controls the OR try to
• 36:00
  control the narrative. And that's a very, if you, if
• 36:03
  you sort of read through the sort of dictatorial playbook or
• 36:06
  the tyrannical playbook, one of the first things they're always
• 36:09
  going to go after is the media. And because the reason is
• 36:12
  because the media tells people how to think and how to feel
• 36:15
  about certain things. They tell them they're supposed
• 36:18
  to tell you if an action by another country is a good thing
• 36:21
  or a bad thing, or they're always going and telling you
• 36:23
  that you're politicians are always working so hard and
• 36:26
  caring about you. So the, the media is bias.
• 36:29
  I, I don't really think there's such thing as fully unbiased
• 36:33
  media. I think there is somewhere of a
• 36:34
  bias. No matter where you go, the
• 36:37
  important thing is to keep a healthy balance between the
• 36:40
  different views. Because what the government
• 36:42
  loves to do is to, you know, whatever view is uncomfortable
• 36:45
  to them, they just go and shut it up.
• 36:47
  And that's exactly what happened in Venezuela.
• 36:49
  In Venezuela, at first, Chavez took the licenses from 1500
• 36:53
  radio stations. Then as the opposing channel,
• 36:57
  the opposing TV networks, licenses were coming up for
• 37:00
  renewals. He famously did not renew
• 37:03
  Eraseta's license, which was the main opposition voice in the in
• 37:08
  the Venezuelan, you know, news waves.
• 37:12
  And then slowly he started effectively punishing or going
• 37:16
  after anchors at the other news places that were against him.
• 37:21
  So in effect, if you turn on Venezuelan TV today, it's all
• 37:25
  regime propaganda like from from dusk till dawn, no matter how
• 37:29
  far deep on the grid you go, it's all propaganda.
• 37:33
  So of course, you know, no one says anything.
• 37:35
  No, no one has. There's no coverage of the
• 37:38
  opposition. It it becomes a one party state,
• 37:41
  A1 party media. And if you're either, you're
• 37:43
  either on their side or you're better off gone.
• 37:45
  So there is no winning when one group, whether it's right or
• 37:50
  left or whoever controls the media because the debate ends.
• 37:53
  Effectively the the right to debate or the normalization of a
• 37:57
  debate ends whatever the government says is Bible.
• 37:59
  What the government doesn't like is the devil.
• 38:01
  And you just go and chase it and, and it becomes very easy
• 38:04
  for them. If you look at what's happening
• 38:06
  in the UK, there's been some outrage recently because people
• 38:09
  are getting thrown in jail over tweets and posts.
• 38:13
  And, you know, I think the solution here is to let everyone
• 38:18
  tweet and say what they want. Because when you try to
• 38:20
  politicize freedom of speech, you're inevitably going to come
• 38:23
  to a point where someone is going to have to be holding the
• 38:25
  moral compass. Someone's going to have to be
• 38:27
  saying the person is saying this is what's right and this is what
• 38:30
  doesn't stand. And that's always, by
• 38:32
  definition, subjective. So I think the founding fathers
• 38:35
  had a very elegant way of saying everyone is allowed to say
• 38:38
  whatever they want. We're going to debate these
• 38:40
  ideas and the way we go all get smarter is by allowing these
• 38:43
  ideas to coexist and to ensure reconstraw men and steel men,
• 38:46
  the ones that make sense. There is no growth or no
• 38:51
  evolution of any living Organism in 10, in this case, a society,
• 38:55
  if there's no way of basically introduced new ideas that can
• 38:59
  improve on of the ones that already exist.
• 39:01
  It's a script. It becomes a script, not a not a
• 39:04
  not organic debate. So that's what I would say.
• 39:07
  I would say it's very dangerous to try to put a moral compass on
• 39:11
  the conversation of your country.
• 39:13
  And I think that we all benefit from having these ideas out
• 39:17
  there, whether they're outrageous or not, but at least
• 39:20
  it allows people an opportunity to form their own opinions and
• 39:24
  just look at what the other side is thinking and say, OK, well,
• 39:27
  I, I still think this is the better way because I've heard
• 39:30
  now both sides. So I always think it's important
• 39:33
  to have a diversity of views in order for people to become
• 39:38
  smarter over time. 100% and and something that makes America
• 39:42
  very special, right? My eco is, is that you come here
• 39:45
  and you're, you know, your, your speech is supposedly protected,
• 39:49
  right? And this differentiates the
• 39:51
  United States from a lot of other countries.
• 39:54
  And, you know, it's like even if you vehemently disagree with
• 39:59
  that person. The debate should be had and let
• 40:02
  the free market of ideas get to decide what idea is good and
• 40:06
  what idea is not good, right, But using law fair and using,
• 40:11
  you know, all this stuff to, you know, shut up your opponent
• 40:14
  basically to silence your opponent is something that
• 40:18
  Marisa just described is something that I've witnessed
• 40:20
  myself and it's something that is very UN American is you don't
• 40:25
  do it, even if the person that you you know, like I like I
• 40:28
  said, Alex Jones is extremely, extremely divisive Ma Dicio.
• 40:33
  I'm going to give you a quick example because this just came
• 40:35
  to me as as we were talking about this, this is a perfect
• 40:37
  example. Venezuela just had its election.
• 40:39
  You know this Nico July 31st, the regime once again stole the
• 40:43
  election in front of everybody like openly no vote counts.
• 40:48
  We won, Trust me, bro, like it, it was a like it was actual
• 40:53
  Grand Theft and there was an out roar or upper outrage in social
• 40:59
  media and everyone in social media was posting like how can
• 41:02
  this be happening? Supporting Venezuelan people?
• 41:05
  Maduro's a criminal. And I was going through my my
• 41:08
  Instagram those days because I I wanted to see what my friends
• 41:11
  were posting locally, the videos they were posting Nico, not a
• 41:15
  single one of my local friends posted a video challenging the
• 41:19
  government or saying anything bad about them.
• 41:22
  Not a single one of my friends that live in the country, every
• 41:25
  one of us that was abroad non-stop posting to raise
• 41:29
  awareness. When I asked my friend and I
• 41:32
  asked him I, I, I went point blank and I said listen if we
• 41:35
  are we the ones that have the means and the education to take
• 41:38
  a stance. If we're not taking a stance,
• 41:41
  how would we expect anyone else to take a stance?
• 41:43
  How? Why are you not saying anything?
• 41:46
  He's like Mauricio Graciela just put a note about this is how
• 41:51
  they explain it. Graciela, who has another
• 41:52
  friend, had Maria Corina come and her staff members ate lunch
• 41:57
  at her restaurant. They shut down the restaurant
• 42:01
  for allowing their staffers to have lunch at the restaurant.
• 42:06
  And so people are like, I'm petrified of what they're going
• 42:08
  to do if I post. And so all my friends just
• 42:11
  silently into a corner, even though they have been squashed,
• 42:14
  they're the, the, the, the regime's boot is on their neck
• 42:18
  and they're still not posting. So it it just, it gets really
• 42:23
  dark really fast if we start muzzling people by force.
• 42:28
  Exactly. Even if you don't like what they
• 42:30
  have to say, right, 100? Percent.
• 42:32
  Very similar to how Bitcoin works.
• 42:34
  You're going to have to be OK with your worst enemy benefiting
• 42:38
  from Bitcoin and also trans using Bitcoin to transact
• 42:41
  freely, right? So got and even if that means
• 42:45
  Alex Jones, right? So Opti, what's your take on
• 42:48
  this one minute? Yeah.
• 42:50
  So obviously, you know, we we whenever we talk about free
• 42:53
  speech, we always get kind of very similar questions in the
• 42:56
  chat. Like I thought this was a
• 42:57
  Bitcoin show. Why are they talking about free
• 42:59
  speech? And it's very simple.
• 43:01
  Guys like Niko says it all the time.
• 43:02
  We talk about this constantly on the show.
• 43:04
  Like if you can't speak freely, what makes you think the powers
• 43:07
  that be are going to let you transact freely?
• 43:10
  And going even further, Bitcoin is speech.
• 43:12
  It is codes, it is ones and zeros.
• 43:15
  And so you've seen especially, you know, in the last month or
• 43:18
  whatever since this election in the US, you've seen that the
• 43:21
  legacy media, the corporate press is is on its last breath.
• 43:24
  And I think this is one of those attacks that we've been seeing
• 43:27
  from the corporate press to essentially silence Alex Jones.
• 43:30
  Obviously, like that, that clip of the lawyers talking is, in my
• 43:33
  opinion, absolutely insane. Like, that's wild that they're
• 43:36
  actually saying the quiet part out loud.
• 43:38
  But you can see right now that the powers that be for, you
• 43:42
  know, the longest time have had the monopoly on information or
• 43:46
  rather the control of the narrative.
• 43:48
  And now that they're losing that control, when they're backed
• 43:51
  into a corner, that's when they're most vicious.
• 43:53
  And you're seeing this play out. You know, not very many people,
• 43:56
  especially the younger generations, are going to the
• 43:58
  corporate press because I think we all kind of at least as as
• 44:01
  the youth understand that the corporate press is the
• 44:04
  propaganda machine. And these institutions are
• 44:07
  losing the, you know, they're losing their legitimacy here.
• 44:10
  And people are starting to move away to alternative platforms.
• 44:13
  And This is why they're fighting back.
• 44:15
  And This is why they're doing their best to try to stop
• 44:18
  alternative media. And This is why you're seeing
• 44:20
  the law fair play out. We've there's multiple examples
• 44:23
  that we covered this year in regards to law fair in regards
• 44:26
  to independent content creators. And I mean, if the last four
• 44:29
  years hasn't been a wake up call for a lot of people that the
• 44:32
  stuff coming out from the television isn't actually the
• 44:34
  truth and it's just pure propaganda, then, you know, I
• 44:37
  hate to be the guy, but you may be a lost cause here.
• 44:40
  And you know, we're doing our best to educate you that this is
• 44:43
  a free speech issue and Bitcoin is a free speech issue.
• 44:46
  And of course, in America, we have the 1st amendment.
• 44:48
  It just absolutely crazy that the Leviathan, you know, the
• 44:52
  powers that be are fighting so hard to control the narrative.
• 44:55
  But in that moment, it just goes to show that you have the power
• 44:58
  here by communicating peer-to-peer by, like Mauricio
• 45:01
  was saying, you know, by continuing to meme and tweet and
• 45:03
  talk about these topics. This is how more people wake up.
• 45:07
  And I think we're seeing this play out in real time.
• 45:09
  And I think the future, yeah, there's going to be, you know,
• 45:11
  yellow journalism might increase, but I think that's
• 45:14
  going to further society and we're going to have a lot more,
• 45:17
  more freedom moving forward. Things might get a little dark
• 45:20
  before it gets better. But hey, I think this is what is
• 45:23
  needed for society to move forward.
• 45:25
  And I'm in. I'm here for it.
• 45:27
  Yeah, 100%. I don't think it's a coincidence
• 45:29
  that X is the most popular news platform in the world on
• 45:33
  multiple app stores, different countries.
• 45:35
  I don't think that's a coincidence, right?
• 45:37
  I think people naturally gravitate towards the truth and
• 45:41
  I think that's what you're seeing on a worldwide and just
• 45:44
  kind of using law fair and using bankruptcy to silent.
• 45:47
  And that's not the whole point. That's not the point of the
• 45:49
  case. The point of the case is to make
• 45:51
  the creditors whole, not to silence an opponent and for the
• 45:55
  lawyers to feel like emboldened to be basically say like, I hope
• 45:59
  that the end result of this is just for him not to be able to
• 46:02
  speak at all. Like that's insane.
• 46:04
  It's completely UN American. It leads to tyranny.
• 46:07
  You have to be OK with even your worst enemies, you know, using
• 46:11
  Bitcoin. You have to be OK with your
• 46:12
  worst enemies, you know, speaking freely and let the free
• 46:16
  market of ideas, you know, see what idea is best.
• 46:19
  Anyways, guys, let's get to news.
• 46:21
  We're going to talk about Michael Saylor continuing to
• 46:24
  double down. He's making a record Bitcoin
• 46:27
  purchase. Of course, Shamat admits that he
• 46:30
  made a three to four million, $4 billion mistake selling his
• 46:35
  Bitcoin. And the audit, I mean, the
• 46:38
  Pentagon fails it's 7th audit in a row.
• 46:41
  And of course, guys, stay tuned for the culture and we're going
• 46:43
  to talk to Mauricio about lend. All right, everybody, let's
• 46:46
  check it out. Here we go.
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• 49:03
  All right everybody so let's talk about to today's article.
• 49:07
  Michael Saylor continuing to buy all that Bitcoin up or at least
• 49:11
  attempting to. This is a Bloomberg article
• 49:13
  MicroStrategy taps stock market to fund record Bitcoin buy
• 49:16
  continues to say MicroStrategy bought a record $4.6 billion in
• 49:21
  Bitcoin, making good on plans announced last month to tap
• 49:24
  capital markets to accelerate purchases of the cryptocurrency.
• 49:28
  The enterprise software maker, whose corporate strategy
• 49:31
  includes buying the digital asset, acquired about 51,780
• 49:36
  Bitcoin between November 11th and November 17th.
• 49:40
  Could that have been the pump? According to the SEC Commission
• 49:44
  filing on Monday that follows. That follows purchases of over
• 49:48
  27,000 Bitcoin between October 31st and November 10th and two
• 49:53
  large acquisitions in September. MicroStrategy Co founder and
• 49:57
  Chairman Michael Saylor decided to invest in Bitcoin in 2020 as
• 50:00
  a hedge against inflation. The firm initially used cash to
• 50:04
  make the purchases and has shifted to using the proceeds
• 50:07
  from the issuance and sale of stock as well as convertible
• 50:10
  debt sales to leverage its buying power.
• 50:12
  On October 30th, the firm announced that it hired banks to
• 50:16
  help it raise 42 billion through the sales, sale of new shares
• 50:21
  and fixed income. To buy more Bitcoin,
• 50:24
  MicroStrategy tapped its so-called At the Market program
• 50:27
  to sell 13.6 million shares into the market over the week ending
• 50:31
  November 17th. The filing showed the sales are
• 50:34
  part of a record 21 billion pro $21 billion program that enables
• 50:39
  the company's bankers to create shares to sell into the into the
• 50:43
  market. The proceeds pooled over the
• 50:45
  past week would mark the 4th largest at the Market deal by
• 50:49
  itself, a signal of the rampant demand for shares.
• 50:52
  Data compiled by Plumberg show the company is now the largest
• 50:57
  institutional holder of Bitcoin with 331,002 100 Bitcoin
• 51:02
  purchase at an aggregated price of approximately 16.5 billion,
• 51:06
  well below the current value. And you know what's really crazy
• 51:10
  about this is that like the usually when a company shell
• 51:17
  sells shares to the stock market, the price goes down.
• 51:20
  The price just keeps going up and then they just keep issuing
• 51:23
  debt or they just keep selling shares.
• 51:26
  And then they use that the proceeds of that to buy more
• 51:28
  Bitcoin, making the price go up even more.
• 51:31
  And they just keep rinsing repeating this.
• 51:33
  This is I mean, Marisa, what is this?
• 51:35
  This is like a cheat code to a video game to to this is like
• 51:39
  the cheat code to the video game of Fiat.
• 51:41
  Bitcoin is the cheat code. Yeah.
• 51:44
  I think, I think what's really interesting here is, is Michael
• 51:47
  has clearly found a very clever way of using the traditional
• 51:53
  finance infrastructure to effectively mint new mint new
• 51:57
  shares, get cash with those shares and go buy Bitcoin with
• 52:00
  it. And he has been really the first
• 52:04
  leveraged play on Bitcoin. He has, you know, he was
• 52:07
  obviously he has a first mover advantage and he has, you know,
• 52:12
  first mover advantage of being the first corporate treasury.
• 52:14
  Now he's become an operating company with a massive corporate
• 52:17
  treasury that's basically all in on Bitcoin and it's leveraging
• 52:20
  that treasury to buy, buy more Bitcoin.
• 52:23
  And I think what he's doing or the the attractiveness of the
• 52:26
  allure of this is that Michael is taking advantage of a very
• 52:30
  hot bond market with relatively low yields.
• 52:33
  So on the fixed income side, his value prop is quite strong
• 52:37
  because you have a bond that's giving you market yield, it's
• 52:40
  backed by Bitcoin and on top of that gives you a call option to
• 52:44
  MicroStrategy shares, which you can then go out and sell.
• 52:46
  So it juices up your yield. So on the fixed income side,
• 52:49
  it's it's all very good and dandy because right now again,
• 52:52
  Michael is really the only or the best offering that does
• 52:55
  this. But to the point I was trying to
• 52:56
  make earlier, I think you're seeing a sort of people trying
• 53:01
  to basically all come in through this door of acquiring Bitcoin
• 53:04
  with their balance sheet while it's still new and exciting.
• 53:08
  What I think could happen is that as more leverage ETFs start
• 53:13
  coming into the market, by this, I mean, I expect fairly soon, if
• 53:17
  not in the next few months or even within the next year to
• 53:20
  start seeing, you know, leverage Bitcoin spot ETF.
• 53:23
  So 2X E TF3X Bitcoin, 4X Bitcoin, short Bitcoin.
• 53:27
  Right now there's a, I'm looking at a three XS and P leverage
• 53:31
  index. These things already exist.
• 53:33
  And I think that once you start putting more because that that's
• 53:36
  really what an ETF does. An ETF when you send the cash,
• 53:39
  it literally turns around and buys the position that it's
• 53:41
  supposed to be buying. So if the position right now
• 53:44
  with MicroStrategy or MicroStrategy is a 3X leverage
• 53:46
  on Bitcoin, you could theoretically get a very similar
• 53:50
  performance with a 3X leverage ETF sans the operating company,
• 53:55
  which frankly, I don't think anybody really understands what
• 53:58
  they do. So, so I actually actually think
• 54:01
  that there's a big rush right now and you're going to see this
• 54:04
  play out because of the game theory.
• 54:05
  But I again, I fully expect that two years from now or a year
• 54:10
  from now, when it's not just MicroStrategy, but basically
• 54:12
  everyone, everyone under the sun catching up to this and trying
• 54:15
  to do this, It will no longer be exciting.
• 54:18
  It will no longer be a differentiator and you'll
• 54:20
  probably be better served by going to a clean 3X ETF.
• 54:24
  So I think people are trying to strike while the iron is hot.
• 54:28
  And that's why I think we saw this very bold announcement from
• 54:30
  them just recently. Interesting, interesting.
• 54:32
  So, so it's not like we're aren't actually buying the stock
• 54:36
  for I mean we like it's essentially functioning as a
• 54:40
  product as something that doesn't quite exist yet and
• 54:43
  people are using the the micro strategy stock to get that type
• 54:48
  of exposure because an alternative product does not
• 54:52
  exist. That's my general view.
• 54:54
  I think it's a way for you to play leverage Bitcoin in the
• 54:57
  stock market because there's a lot of people that can't.
• 54:59
  I think there's a lot of companies that have a mandate or
• 55:01
  funds that have a mandate that they can't own these ETFs yet.
• 55:04
  And MicroStrategy just happens to take the box 'cause it has an
• 55:07
  operating company under it. But I think that this is all
• 55:10
  going to play out and resolve itself because I don't.
• 55:14
  I love Michael, I love what he's done for Bitcoin.
• 55:17
  I'm a huge fan of his content and everything he does.
• 55:20
  I do not believe in infinite money glitches.
• 55:23
  I I don't. Think, OK, fair enough, fair
• 55:26
  enough. So it's a it's in a it's an
• 55:29
  appearance of it, but it's it's it's a temporary, it's a
• 55:33
  temporary thing just because he was kind of first to market,
• 55:37
  people are are using his stock as kind of like a leverage
• 55:41
  Bitcoin play. They're not actually buying his
• 55:43
  stock for the core function of the company.
• 55:47
  He's fulfilling a need in the stock market and no other kind
• 55:51
  of product exists to give that type of leverage exposure.
• 55:55
  Would it be correct to say that? That that would be my view.
• 55:57
  I would argue that 90% barely. That's a bit harsh, but 85% of
• 56:01
  the people that own micro strategy don't know what the
• 56:03
  underlying company does. Gotcha, gotcha.
• 56:06
  And also, it seems like we have Gary Gensler in the chat.
• 56:08
  What's going on here? You will be gone in January,
• 56:10
  Gary. Anyways, I do want to get to
• 56:12
  this Opti. I know, I know we're running a
• 56:15
  little bit lower than I do Yeah, yeah, Maedicio 20 minutes on
• 56:18
  land. So but I want to get his opinion
• 56:20
  on this. So here is the All In podcast,
• 56:23
  very famous. I think it's with Nick Sachs,
• 56:25
  the Jason guy and then Shamat. And he said something quite
• 56:30
  interesting in one of the recent episodes.
• 56:33
  Let's check it out. More exciting for you, you.
• 56:35
  Know honestly, you know what I think about actually think about
• 56:37
  all the Bitcoin I sold. What's going on here?
• 56:40
  It's good, Nico, it's good. You know, OK, perfect.
• 56:42
  More exciting for you? You know, honestly, you know
• 56:45
  what I think about. I actually think about all the
• 56:46
  Bitcoin I sold. You.
• 56:49
  Know, I had Bitcoin, I had a bunch of Bitcoin in my funds
• 56:52
  when I managed outside capital, you know, that's AI.
• 56:56
  Don't know a three or $4 billion mistake in growing now because
• 56:59
  my partners at the time capitulated and I wanted to be a
• 57:02
  good team member and redistribute it and it was
• 57:04
  profitable, but obviously I shouldn't have sold.
• 57:07
  It would have made them a lot more money.
• 57:09
  And then I think about like, I bought some land.
• 57:12
  I remember Tahoe, it was in the Wall Street Journal.
• 57:15
  I'm sure you can find it. But yeah, how much is that worth
• 57:17
  now? Probably a couple $100 million,
• 57:20
  maybe more, but. You you do have.
• 57:22
  Bitcoin holdings, Can I ask you a question, Why do you stay sold
• 57:25
  Bitcoin as opposed to converted Bitcoin into dollars?
• 57:28
  Like when you think about Bitcoin just as a as a
• 57:31
  participant, do you think about Bitcoin as a dollar denominated
• 57:34
  asset that you go and buy Bitcoin and then you're
• 57:35
  eventually going to sell it, turn it back into dollars and
• 57:37
  use the dollars? Or are you like, what do you
• 57:38
  think about the purest kind of idea that Bitcoin should be the
• 57:41
  de facto? Currency and store value in the
• 57:43
  future and the dollar doesn't matter and we shouldn't
• 57:45
  necessarily be talking about the value of Bitcoin in dollar
• 57:47
  denominated terms. That's something I'm going to
• 57:49
  eventually turn it back into. It hasn't happened yet.
• 57:51
  And so until it happens, I think you have to view it as like a
• 57:53
  very good gold proxy, but it's a largely dollar denominated
• 58:03
  asset. Now, why do you see it going the
• 58:05
  other way like so a lot of folks thought that as a safe haven, it
• 58:08
  should do well when there's a negative economic outlook.
• 58:10
  But it has traded the last couple of years kind.
• 58:12
  Of totally correlated, No, it's totally, it's a totally
• 58:14
  correlated asset. I mean, yeah, there will be a
• 58:17
  point and it's probably an hour lifetime where it is an
• 58:22
  independent asset and a non speculative store of value.
• 58:27
  There will be that day, but that day is not now.
• 58:29
  And I think it's very important to see the conditions on the
• 58:32
  field as they are versus what you wish it to be.
• 58:35
  And and the reason is that it allows you to risk manage more
• 58:37
  appropriately because if you don't see it then when something
• 58:42
  happens to the dollar complex good or bad or when something
• 58:45
  happens to rates good or bad or when something stimulative
• 58:47
  happens, good or bad, you're not going to react properly if
• 58:50
  you're in the business of managing it as a risk asset.
• 58:53
  So if you're in the Senate and forget it, bucket, and there are
• 58:55
  some people, I think it's great. None of these conversations
• 58:58
  matter. But like most people, you're
• 59:01
  probably going to be motivated to do something.
• 59:04
  And I think if you're motivated to do something or you have FOMO
• 59:08
  that stimulates you to do something, whatever the
• 59:09
  psychology is that leads you to action, it's probably important
• 59:13
  to just view things as they really are versus how you wish
• 59:15
  them to be. And so I think the purists may
• 59:18
  eventually be right. I think they'll be right at some
• 59:20
  point in my lifetime, but they're not right now.
• 59:22
  And that's why these things are correlated.
• 59:25
  If your market goes up, The other, the other thing I'll say
• 59:27
  just broadly about the market is I think that there is a
• 59:29
  tremendous amount of optimism about the economy.
• 59:31
  I think that's why you see risk spread.
• 59:32
  Good questions. Definitely, yeah.
• 59:35
  And I think that as long as we see the kind of prognostications
• 59:39
  that the Trump administration is putting out, I think people are
• 59:42
  going to be mostly bullish, I think, the way that this trade
• 59:45
  turns around. All right.
• 59:46
  I'm going to start right there. Opt, I'm going to start with you
• 59:49
  because I didn't get your opinion on the last subject.
• 59:51
  What are your thoughts on Shamath and then Mauricio?
• 59:54
  And then we're going to hit the culture.
• 59:56
  Well, it really kind of just reminds me of what Greg Foss has
• 59:59
  been saying for so long. Like, don't be too.
• 1:00:02
  What's it like? Don't be too smart by 1/2 or
• 1:00:05
  whatever. It's like he obviously has good
• 1:00:07
  insights and and he knows how the markets is working, but it
• 1:00:10
  just goes back to the same idea like never sell your Bitcoin,
• 1:00:13
  especially if you are super bullish on your Bitcoin.
• 1:00:17
  You shouldn't be selling huge amounts of your stacks because
• 1:00:19
  everyone knows it's a bad trade, even if you're buying real
• 1:00:22
  estate, you know, yeah, real estate and his investment has
• 1:00:24
  been pretty strong for the last whatever amount of, you know,
• 1:00:27
  decades. But if you're just going into
• 1:00:30
  dollars like it's, it's always going to be a bad trade.
• 1:00:33
  And you know, obviously we don't have what, 4 billions in Bitcoin
• 1:00:38
  right now, But like, still, everyone feels the same pain
• 1:00:41
  When you sell your Bitcoin for something and you look back at,
• 1:00:45
  you know, you the cost of capital in regards to Bitcoin,
• 1:00:49
  you're always like, man, I, I shouldn't have done that.
• 1:00:52
  Like I, I should do whatever I can to hold Bitcoin for as long
• 1:00:55
  as I can. And trading Bitcoin is never a
• 1:00:57
  good solution, especially if you're new to Bitcoin, like the
• 1:01:00
  best bet is just buy Bitcoin, accumulate Bitcoin, take it into
• 1:01:03
  cold storage. Obviously, you know, Chamath has
• 1:01:06
  I, I would argue a good grasp of what's going on in the
• 1:01:09
  macroeconomic landscape, but even he will, will acknowledge
• 1:01:13
  he's like, man, that was a bad trade.
• 1:01:14
  I shouldn't have done that. And so, you know, for everyone
• 1:01:16
  out there, he's just like, don't sell your Bitcoin.
• 1:01:18
  Just hold your Bitcoin, make sure you have a huge huddle
• 1:01:21
  stack. And then if, if you want to, you
• 1:01:23
  know, sell a little Bitcoin to live your life, like I'm not
• 1:01:25
  against that, but obviously like, don't be buying stuff if
• 1:01:30
  you think Bitcoin's going to be the fastest horse in the race.
• 1:01:32
  Like it's just never sell your big.
• 1:01:34
  I mean, even Trump said it at the conference.
• 1:01:36
  Never sell your never sell your big coins.
• 1:01:39
  Never sell your Bitcoin. Have fun with your bitcoins.
• 1:01:41
  Anyways, Mauricio, what's your take on this?
• 1:01:43
  I mean, three to four billion. I mean, that's, that's nothing
• 1:01:46
  amongst friends, right? Chamat, if you're listening,
• 1:01:51
  Bitcoin back loans exist, brother, you could have taken a
• 1:01:53
  Bitcoin back loan. You could have bought your land,
• 1:01:55
  you could have kept the Bitcoin. You would have been celebrating
• 1:01:57
  both right now and I think selling your Bitcoin and
• 1:02:00
  realizing selling your Bitcoin is a bad idea.
• 1:02:03
  It's just part of everyone's journey.
• 1:02:05
  And Nico Opti, we've all sold Bitcoin.
• 1:02:07
  We built Leaden because I got tired of selling Bitcoin and I
• 1:02:11
  had no other choice. And I knew how bad of a decision
• 1:02:14
  it was. Yet I was going into these banks
• 1:02:16
  and financial institutions. They were laughing me out of the
• 1:02:19
  room telling me Bitcoin wasn't an asset.
• 1:02:21
  So because we couldn't find a way to solve our own problem, we
• 1:02:24
  went out and built it. So again, and I'll say this as
• 1:02:27
  I've always said it, lending or borrowing against your Bitcoin,
• 1:02:30
  nothing that you have to give custody of your Bitcoin is
• 1:02:33
  without risk. But it is an amazing tool.
• 1:02:36
  And I see a future in which borrowing against your Bitcoin
• 1:02:39
  is going to be faster, cheaper and way more widely available
• 1:02:43
  than borrowing against US real estate.
• 1:02:45
  And guess what? It's going to be available to
• 1:02:47
  the world at large because it's not just 300 million people that
• 1:02:50
  live in in a particular part of the world.
• 1:02:52
  It'll be available to anyone that's able to buy the world's
• 1:02:54
  best collateral asset. And that's everyone, by the way,
• 1:02:57
  from Chamat to Miguel in Honduras.
• 1:03:00
  So I look forward to that future and Chamat, hopefully for next
• 1:03:03
  time you'll be able to take a Bitcoin back.
• 1:03:05
  Yeah, go check. Go check out Landon Chamat.
• 1:03:07
  What's going on over there? No, but this is a perfect segue
• 1:03:11
  to the culture, guys. If you use the tools at hand,
• 1:03:16
  there's great ways to kind of leverage your Bitcoin, using it
• 1:03:20
  as collateral to get some cash. And you can use that cash to
• 1:03:24
  live. You can use that cash.
• 1:03:26
  I don't recommend this, nor does simply Bitcoin.
• 1:03:29
  You can use that cash to speculate a little bit.
• 1:03:31
  You can use that cash to, you know, pay off some bills,
• 1:03:35
  potentially start a business, and when you get that cash,
• 1:03:39
  there's no tax implications because it is a loan.
• 1:03:42
  So we're going to talk about lend and all the functionality
• 1:03:45
  that it gives you. I recently rolled over one of my
• 1:03:49
  Bitcoin loans from another company to, I don't even know if
• 1:03:51
  that's the correct terms, but I ended a Bitcoin loan from
• 1:03:54
  another company and I initiated the loan on the lend platform.
• 1:03:58
  I've been a huge fan so far and there's a couple of features
• 1:04:03
  that surprised me that, you know, I don't think a lot of
• 1:04:06
  people know about. So I'm very excited to talk
• 1:04:08
  about my personal experience. And then we've got Mauricio on
• 1:04:11
  the show and shout out to the 2000 of you guys watching live.
• 1:04:14
  We just broke that number on YouTube and X and shout out to
• 1:04:17
  the Rumble crowd as well. So stay tuned for the culture.
• 1:04:20
  But before we jump into it, we want to give a shout out to our
• 1:04:23
  sponsors. So first up, I want to give a
• 1:04:26
  shout out to Hive Digital Technologies.
• 1:04:28
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• 1:04:39
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• 1:04:58
  Check out their NASDAQ ticker Hive.
• 1:05:00
  Also check out Bit Block Boom, which Simply Bitcoin we'll be
• 1:05:04
  doing the production for the whole Simply Bitcoin crew will
• 1:05:07
  be there. Opti, Nico, Rustin, Jacob Dante.
• 1:05:12
  You definitely don't want to miss a true Bitcoin conference
• 1:05:16
  and what I mean, a true Bitcoin conference, it's Bitcoin only.
• 1:05:19
  Mauricio was there last year. We got to spend some time
• 1:05:22
  together. We were at the BBQ.
• 1:05:23
  It's going to be freaking awesome and it's four days this
• 1:05:26
  year. It's April 3rd, April 4th, April
• 1:05:29
  5th, April 6th, and it's going to be in Dallas, TX.
• 1:05:33
  I hope to see you guys all there.
• 1:05:35
  If you guys want to meet us in the flash or you guys just want
• 1:05:38
  to go to an amazing Bitcoin conference, I highly recommend
• 1:05:42
  bit Block boom. And if you use promo code BBB
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  21, you got 100, $100 off your ticket.
• 1:05:50
  See you guys at Bit Block Boom in Dallas, TX.
• 1:05:53
  All right, everybody, let's hit the culture.
• 1:06:06
  All right, everybody, I do want to give a shout out to our
• 1:06:09
  sponsor, the Orange Pull app Stack Friends who Stacks apps,
• 1:06:12
  guys, the Orange Pull app is the app for you.
• 1:06:15
  If you don't know any bitcoiners around you, has a really clever
• 1:06:19
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  Pull app, it will literally show you the bitcoiners near you and
• 1:06:24
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• 1:06:27
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• 1:06:30
  you don't know anything to do that day, pull up the Orange
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• 1:06:36
  Also check out the Bitcoin only event near you.
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  Join the 13,629 bitcoiners that are currently on the app Stack
• 1:06:44
  friends. Who stacks that?
• 1:06:47
  Guys, I have to give you my personal experience and Mauricio
• 1:06:50
  kind of lived through this with me because we are going back and
• 1:06:53
  forth the telegram. So TLDR, essentially I had a
• 1:07:00
  collateralized Bitcoin loan with another company and they changed
• 1:07:05
  the terms, they changed the rates.
• 1:07:06
  I really didn't like it. And me and my niece here were I
• 1:07:09
  consider us friends and obviously, you know, the
• 1:07:12
  Venezuelans, right? So I have that that cultural
• 1:07:14
  similarity. And you know, we go away back
• 1:07:17
  and I'm a vibes guy, I'm an energy guy.
• 1:07:19
  So I'm like, OK, you know what, let me try this.
• 1:07:21
  So, you know, I paid off that previous loan and I started a
• 1:07:25
  loan a little bit more because I wanted some extra cash for, you
• 1:07:28
  know, for, for simply for the business and all that stuff.
• 1:07:31
  And I started a Bitcoin back collateralized loan and lent.
• 1:07:36
  And one of the first things that surprised me, and this is very
• 1:07:39
  different compared to how a lot of these other companies
• 1:07:42
  operate, is that it First off, it's a one year term and you,
• 1:07:46
  there's no monthly payments and that like freak like, and you
• 1:07:50
  know, I always, I always like want to pay my credit cards or
• 1:07:53
  my bills on time. Like I, I don't like any of the,
• 1:07:55
  the penalizations. And of course, if you have
• 1:07:57
  Bitcoin and you're using as collateral, you know, you, you
• 1:08:00
  obviously want to stay on top of things, right?
• 1:08:04
  So I'm like, you know, it's like getting to that 30 day mark and
• 1:08:07
  I'm like, wait a second. Like, and I was like, like
• 1:08:10
  messaging Mauricio on Telegram was like, so do I have to pay?
• 1:08:14
  And then I was like going through the land website and
• 1:08:17
  then, you know, there the FAQ and then it said it said it's
• 1:08:20
  like, no, like you just pay back at the end of the loan.
• 1:08:24
  And one of the things that's even really, really even like
• 1:08:27
  even cooler is that if you don't pay it back, Ronnie, so correct
• 1:08:30
  me if I'm wrong, it automatically rolls over, right?
• 1:08:34
  It, it does as long as your LTV is still healthy.
• 1:08:36
  So as long as your LTV is below 65%.
• 1:08:39
  And I think Max Max is one of the he, he made a tweet
• 1:08:43
  recently, which I thought was really funny because somebody
• 1:08:44
  was mentioned the exact same point on Twitter and Max has
• 1:08:47
  come underneath was roll, baby roll.
• 1:08:49
  Because we do have a lot of clients now.
• 1:08:51
  The average, the average maturity of A let alone is about
• 1:08:55
  180 days. So that's where that's where we
• 1:08:58
  see people effectively, you know, repay on average.
• 1:09:01
  But there's a lot of our clients that have taken out these loans
• 1:09:04
  to bake very long term investment.
• 1:09:06
  So some people have used their loans to purchase homes.
• 1:09:08
  Some people use our loans to finance their businesses.
• 1:09:11
  So we've had clients that have wrote loans for four years plus.
• 1:09:16
  And obviously you have to manage your collateral.
• 1:09:18
  They haven't sent let in an extra dime.
• 1:09:20
  Obviously all the interest and fees accrue over time.
• 1:09:23
  But as long as they manage their collateral, they could continue
• 1:09:26
  rolling the loan and effectively use it as a way to optimize
• 1:09:30
  their cash flow and their taxes. Yeah, no.
• 1:09:33
  And, and it's such a, like the way that I describe it, it's,
• 1:09:37
  it's, it's a tool. It's, it's a, it's, it's, it's
• 1:09:40
  definitely a tool that if you use responsibly, because there's
• 1:09:43
  something else that you guys have to understand, right?
• 1:09:45
  Is that the the and you were talking about it earlier the
• 1:09:48
  LTV? So I think that stands for loan
• 1:09:50
  to value, right? Correct.
• 1:09:52
  So that that's the ratio between the collateral you place and the
• 1:09:55
  dollars we lent to you. And why that's really important
• 1:09:58
  is because we don't run credit checks.
• 1:09:59
  The only thing we have on on the borrow or on the transaction is
• 1:10:03
  the collateral. So and nobody has a crystal ball
• 1:10:06
  to say, you know, Bitcoin's gonna bounce back.
• 1:10:08
  You have this many hours before it reaches that price level that
• 1:10:12
  doesn't really exist. So I'd let in the most important
• 1:10:15
  thing for you to, you know, manage or maintain is that loan
• 1:10:20
  to value ratio. Our, our only hard rule when it
• 1:10:23
  comes to liquidations is don't let your loan get to 80% LTV.
• 1:10:28
  That is the point at which our system automatically liquidates
• 1:10:31
  a loan. There's no human intervention.
• 1:10:32
  It's all algorithmic. But we don't ask you to bring it
• 1:10:35
  back to 40 or 50 or 30. We, the only thing we say is
• 1:10:39
  don't let it get to 80. We have tools to help people do
• 1:10:43
  that. So we have this feature called
• 1:10:44
  auto top up, which Nico, I don't know if you have on your loan
• 1:10:46
  yet, but effectively you can leave a little bit of extra
• 1:10:49
  Bitcoin there so that the system is pre authorized to top up your
• 1:10:52
  loan if and when the price moves overnight.
• 1:10:55
  We have a lot of clients that, you know, go hiking, go
• 1:10:57
  traveling, they're going to remote areas with no signal and
• 1:11:01
  they don't want to have they want to have No Fear of an
• 1:11:03
  overnight dip. So they've they can do two
• 1:11:05
  things. They can either proactively over
• 1:11:08
  collateralize a loan or they could set up auto top up, which
• 1:11:11
  then basically sweeps the authorized amount into your
• 1:11:13
  loan. And the beautiful thing about
• 1:11:15
  this is that our clients get smarter with time.
• 1:11:19
  Every time we see a 30% plus drawdown, we had less and less
• 1:11:23
  of our book get affected and higher and higher percentages of
• 1:11:25
  our clients top up and manage your loan, which is exactly what
• 1:11:28
  we want to see. At the end of the day, the, the
• 1:11:31
  ability to liquidate alone is a is a reality of our business
• 1:11:34
  because we need to maintain the financial integrity of the
• 1:11:36
  operation. But it's a point that we try to,
• 1:11:39
  you know, we do our absolute best to make people understand
• 1:11:42
  that potential or that risk aspect of it and they can manage
• 1:11:47
  accordingly. If you manage these loans right.
• 1:11:49
  Go go through our reviews. Anyone that took cut a loan over
• 1:11:51
  the last year, 2 years and didn't sell their Bitcoin is
• 1:11:54
  elated to for for having done so.
• 1:11:56
  And a lot of people will say, you know, credit not getting
• 1:11:59
  liquidated for things like auto top up.
• 1:12:01
  So I think it's a tool, to your point, Nico, that if you use it
• 1:12:04
  responsibly, can, you know, lead to great outcomes.
• 1:12:07
  And, and especially guys like one of the things like,
• 1:12:09
  especially if you believe in the United States or like most of
• 1:12:12
  the Western democracies and like, unless you're like in
• 1:12:15
  Dubai or something like that, like, you know, there is a
• 1:12:18
  taxable event when you sell your Bitcoin.
• 1:12:21
  And you know, a lot of the way that, you know, for example,
• 1:12:25
  like people like Elon Musk, like he's very, very wealthy people,
• 1:12:29
  a lot of the way that they don't pay taxes is because they don't
• 1:12:34
  take a salary. And what they do is that they
• 1:12:37
  get compensated like in stock or something like that.
• 1:12:40
  And then they go to a bank. And Marisa was just describing
• 1:12:42
  how this is the exact reason why he started this business in the
• 1:12:45
  1st place. And then they go to a bank and
• 1:12:47
  they essentially put give that stock up as collateral to the
• 1:12:51
  bank. The banks like this is Tesla
• 1:12:52
  stock. Of course, you know, they charge
• 1:12:54
  an interest rate and then they give a bunch of cash in return.
• 1:12:58
  And then you don't have to. That's a loan, right?
• 1:13:01
  That's this is totally legal. This is that's a loan, right?
• 1:13:06
  And that's a great way for you to utilize your Bitcoin without
• 1:13:11
  necessarily selling it. And if you sell it, it becomes a
• 1:13:14
  taxable event, right? So again, you have to do this
• 1:13:17
  responsibly. I go from the side of caution.
• 1:13:21
  So like I'm like very small percentage of my total portfolio
• 1:13:26
  just because I know Bitcoin has volatility.
• 1:13:30
  And like, you know, you never want to be put in a position as
• 1:13:33
  a Bitcoiner where you have less Bitcoin today than you did the
• 1:13:37
  day before because then you're losing.
• 1:13:39
  The goal should always be have more Bitcoin today than the day
• 1:13:42
  before. If you have more Bitcoin today
• 1:13:44
  than the day before, you are by definition winning, right?
• 1:13:47
  So yeah, this is a, this is a very, very good tool if you use
• 1:13:51
  responsibly. Personally using it myself, huge
• 1:13:55
  fan. And honestly, I'm not, I'm not
• 1:13:58
  going to name any names, but it's been a much better
• 1:14:00
  experience than the previous company that I was using #1
• 1:14:06
  because of the rates and #2 there's no monthly payments,
• 1:14:11
  right? So it just kind of, you know,
• 1:14:13
  it, it, it, it, it compounds over time the interest that you
• 1:14:17
  owe, but you could pay it off at any time.
• 1:14:20
  So and you don't get penalized for.
• 1:14:21
  Is that correct? Correct, Yeah.
• 1:14:23
  And so that's, that's brilliantly said.
• 1:14:26
  And I think a couple of other interesting Nuggets to add is
• 1:14:29
  that you can repay the loan at any time.
• 1:14:31
  Nobody penalizes you for it. Our interest rate you you pay
• 1:14:33
  interest until the day you you have the loan.
• 1:14:35
  So if you have it for four days, you pay four days.
• 1:14:38
  So you can repay it at any time, whether in full or in fractions.
• 1:14:41
  So you can make partial repayments on the loan as well.
• 1:14:44
  And the, and the brilliant thing about it also is the, in the
• 1:14:47
  same way that we ask you to send additional collateral if the
• 1:14:50
  price of Bitcoin goes down, you have the option to redeem excess
• 1:14:54
  collateral when the price of Bitcoin goes up.
• 1:14:56
  So what we, what we see a lot of clients do in this market
• 1:14:59
  environment is they are scooping off that extra excess collateral
• 1:15:03
  that they have because the collateral value has just
• 1:15:05
  skyrocketed and they're either keeping it or taking a new loan
• 1:15:08
  or taking it to custody, whatever it is that they want to
• 1:15:10
  do. We've had a bunch of clients to
• 1:15:13
  Nico to your point, that have basically said, I'm going to
• 1:15:16
  take a loan until Bitcoin reaches 90K because when it
• 1:15:20
  reaches 90, Ki will be happy selling a fraction of it to
• 1:15:23
  repay it. And I'll have met my investment
• 1:15:26
  goal. So we're seeing some of that as
• 1:15:27
  well. But the whole point of it is
• 1:15:29
  that if Bitcoin continues to do what it does, which is, you
• 1:15:34
  know, go up in in Fiat terms because the government keeps
• 1:15:37
  printing and debasing Fiat over time, you are basically going
• 1:15:41
  short the weak currency by still remaining long the hard asset.
• 1:15:46
  And you were describing what you were describing earlier, which
• 1:15:49
  is the the way wealthy people perpetuate their wealth, which
• 1:15:52
  is they take their assets, they go to the bank and they get an
• 1:15:54
  asset backed loan and then they disperse and then they use that
• 1:15:57
  to buy more assets and their assets get repriced and they
• 1:15:59
  take it back to the bank. So in effect, what they're doing
• 1:16:01
  is they are long hard asset, short the dollars they owe the
• 1:16:04
  bank. So it's a trade that works
• 1:16:07
  pretty well as long as government continues being
• 1:16:09
  irresponsible in printing out of their eyeballs, which is what
• 1:16:13
  they all do. And it's no surprise that if you
• 1:16:16
  go out to most wealthy people and you ask them what kind of
• 1:16:19
  financial instruments they use, they'll tell you asset back
• 1:16:21
  lending. To me, it was a huge surprise
• 1:16:24
  when I started going to financial entities six years
• 1:16:26
  ago, asking for Bitcoin back loan and everyone laughed us out
• 1:16:29
  of the room immediately. My business partner and I said
• 1:16:32
  to each other like this is the biggest opportunity in modern
• 1:16:34
  finance is to build financial services for this thing before
• 1:16:37
  the banks wake up. And that's effectively what
• 1:16:39
  we've done. And we, we build, you know, in
• 1:16:42
  many ways a financial service platform for bitcoiners that got
• 1:16:45
  tired of getting left out of the banks.
• 1:16:47
  Yeah, exactly 100 a 100% and and it's and it's you'll not 100%.
• 1:16:54
  And not only that, guys like, like I have found myself in that
• 1:16:58
  situation where it's like, you don't want to sell your Bitcoin,
• 1:17:03
  right? Cuz you know, you have your
• 1:17:04
  whatever your portfolio tracker is, whatever it is that you use
• 1:17:07
  and, you know, you have your Bitcoin on there and you're
• 1:17:09
  like, you know, if I sell my Bitcoin for whatever it is, you
• 1:17:13
  know, my Bitcoin number is going to go down.
• 1:17:14
  Like I don't want to do that, right.
• 1:17:16
  And it's like, how do I leverage this stack?
• 1:17:20
  And this is very, very, and this is something that perhaps a lot
• 1:17:22
  of people are not aware of manicio, but this is very, very
• 1:17:25
  common, especially for like, like you said, for for higher
• 1:17:29
  net worth individuals. This is very, very common in the
• 1:17:32
  traditional, you know, financial world, right?
• 1:17:35
  People give assets to as collateral to like buy a house
• 1:17:39
  or buy a car, right? So why can't you do that with
• 1:17:43
  Bitcoin, which is the most superior asset on the face of
• 1:17:46
  the planet, which, by the way, from your perspective, makes it
• 1:17:49
  a great business because you have the best superior asset on
• 1:17:52
  the face of the planet as collateral.
• 1:17:55
  Yeah. The banks have gone from
• 1:17:57
  basically looking at us like we were lunatics to looking at our
• 1:18:01
  business and being like salivating.
• 1:18:03
  They're like, Oh my God, this is this is incredible.
• 1:18:05
  I can't believe that I'm just learning about this.
• 1:18:07
  And to say it, you know, banks went from, you know, laughing us
• 1:18:10
  out of the room to today. They're our biggest funding
• 1:18:13
  partners. And I and I frankly believe
• 1:18:15
  they're going to continue getting more and more involved.
• 1:18:17
  That's a good thing for Bitcoin for a couple of reasons there.
• 1:18:21
  If if you go back 2-3 years, one of the biggest things that held
• 1:18:24
  Bitcoin back because a lot of people don't want to sell the
• 1:18:26
  Bitcoin. But what happens is when
• 1:18:28
  everybody comes and tries to borrow at the same time, our
• 1:18:30
  cost of capital goes higher because we there's not enough
• 1:18:34
  dollar liquidity that is willing to fund these loans because they
• 1:18:38
  don't quite understand the risk profile.
• 1:18:39
  They don't understand that Lenin hasn't lost a penny in billions
• 1:18:43
  of these dollars processed, you know, for for six years running.
• 1:18:47
  So now they're seeing this and they're saying, wait a second,
• 1:18:49
  you guys have a model that has no loan losses, you have
• 1:18:51
  excellent yields and your collateral is the most pristine
• 1:18:54
  thing in the world that I can sell in 24/7.
• 1:18:57
  I'm like, we want in. And so it clearly they're going
• 1:19:00
  to continue waking up to this because it's a brilliant, it's a
• 1:19:04
  brilliant model. And they're going to come and
• 1:19:07
  they're going to bring, they're going to lend us more capital,
• 1:19:09
  which in turn is going to help us lower the loan rates that we
• 1:19:12
  offer our clients, which will in turn make our loans more
• 1:19:14
  compelling. Because as the cost of capital
• 1:19:16
  comes down, you're more comfortable taking our loans to
• 1:19:18
  do bigger and better longer term things.
• 1:19:20
  So I see this is a really virtual cycle that we're going
• 1:19:26
  into with capital markets sort of mayor or or finally being
• 1:19:30
  able to enter Bitcoin and power the financial services that we
• 1:19:34
  offer today. Beautiful, beautiful.
• 1:19:36
  So I I saw a question in the chat, Mauricio, how do people
• 1:19:40
  get started? They go to lend dot IO.
• 1:19:43
  So it's LEDN dot IO. They get started.
• 1:19:48
  What's the setup process like? I, I, you know, me and you were
• 1:19:52
  going back and forth while I was doing it.
• 1:19:54
  I was like excited. I was through the process and
• 1:19:58
  you know what, what is the setup process like?
• 1:20:00
  Is it easy? Do you need some type of
• 1:20:02
  technical know how? Walk us through it.
• 1:20:05
  Yeah, so letting, we, we built letting to be as easy to
• 1:20:09
  interact with as possible. So you can get an account open
• 1:20:12
  in 2 minutes. We are a fully regulated entity,
• 1:20:14
  so you will have to do KYC, the KYC process you'll need an ID
• 1:20:18
  and A and a proof of address document.
• 1:20:19
  Once you have those two things, takes less than 5 minutes to to
• 1:20:22
  upload the data. Usually you'll get an answer and
• 1:20:25
  be approved within hours. If it does automatically, if it
• 1:20:27
  gets escalated to our team, it'll be within 24 hours, but
• 1:20:30
  you'll get set up and running in the happy path in about 10
• 1:20:34
  minutes. From there you can apply for a
• 1:20:36
  loan. You know, Nico, you can attest
• 1:20:38
  to this, but the application, you know, you just have to check
• 1:20:40
  if you want Fiat or if you want stable coins and then basically
• 1:20:44
  input your bank details and the amount of Bitcoin you want to
• 1:20:46
  use. But then once the loan goes
• 1:20:47
  through, it's approved in a matter of hours.
• 1:20:50
  Then you'll be assigned a collateral address for you to
• 1:20:52
  send the Bitcoin and the loans are dispersed into your bank
• 1:20:56
  accounts or your stablecoin addresses usually within 24
• 1:20:59
  hours of the collateral being received.
• 1:21:01
  So loans start at $500. That's important.
• 1:21:04
  And we did this because we have a lot of client, Nico, you and I
• 1:21:06
  are from Venezuela. We know how badly people need
• 1:21:08
  this in, in the emerging markets.
• 1:21:10
  So some of our competitors took the view that they only wanted
• 1:21:13
  to cater to high net worth individuals.
• 1:21:15
  We serve as high net worth individuals too.
• 1:21:17
  You know, you can apply for loans up to 2 million, two and a
• 1:21:19
  half, $1,000,000 on the platform, but they start at
• 1:21:21
  $500. And that's important because if
• 1:21:24
  you're new to this structure or product, a lot of people want to
• 1:21:28
  know how long will it take for me to, to how long will the
• 1:21:31
  funds take to arrive? How long will I need to be
• 1:21:34
  prepared to do a top up? Like what's the experience of a
• 1:21:36
  margin call? Like how do I repay this?
• 1:21:39
  You know, what's this no monthly interest payment thing?
• 1:21:41
  So a lot of people will take the $500 loan.
• 1:21:44
  They get a feel for how everything works.
• 1:21:46
  Then they come back and take, you know, 100 grand or whatever
• 1:21:48
  they need. But for us, it was important to
• 1:21:50
  have small amounts, A, for people to be able to, to
• 1:21:53
  interact with the platform with like relatively low friction and
• 1:21:56
  B, to be able to service, you know, we do do a lot of like
• 1:21:59
  $2000 loans for someone in Colombia that wants to buy a
• 1:22:02
  laptop to finish school. We do a lot of that too.
• 1:22:05
  And that's, those are frankly the deals that fulfill me a
• 1:22:09
  great deal from a personal level.
• 1:22:10
  But there's also the very wealthy Bitcoiner and you know,
• 1:22:14
  somewhere in the US that has $10 million worth of Bitcoin and
• 1:22:18
  goes to the bank asking for a mortgage to because they had
• 1:22:20
  their second kid. And the bank says, no, you have
• 1:22:23
  no actual Fiat income, therefore I cannot give you a loan.
• 1:22:26
  And they'll say we'll be, ought to have these $10 million here
• 1:22:28
  worth of Bitcoin. The bank says, great, that's not
• 1:22:30
  an asset. So they end up coming to
• 1:22:32
  Aladdin. They borrow $5,000,000 with the
• 1:22:34
  10 collateral, buy their dream home and go on with their lives.
• 1:22:38
  Beautiful, beautiful yeah man it's it's it's so crazy and I've
• 1:22:42
  I've had such a positive experience.
• 1:22:44
  I wish I knew about it before because I think I would have got
• 1:22:48
  a better deal right so guys go check out lend dot IO.
• 1:22:52
  It's absolutely awesome. Mauricio is a great guy,
• 1:22:55
  consider him a friend at this point, but go check out the
• 1:22:58
  product lend dot IO. Like I said, guys, if you guys
• 1:23:01
  enjoyed today's show, see you. I I was I was like, OK, Opti,
• 1:23:04
  you know, maybe we got punished in the algos a little bit, but
• 1:23:07
  seems we came roaring back on a Monday.
• 1:23:09
  So this is awesome. If you guys enjoyed today's
• 1:23:12
  show, make sure to smash the like button.
• 1:23:14
  Consider subscribing if you feel like we've provided you value
• 1:23:17
  again, I'm your host, Nico, as my legendary Co host Optimus
• 1:23:19
  Fields, our guest from today, Mauricio from Lend and we'll see
• 1:23:24
  you guys tomorrow for a brand new episode of Simply Bitcoin
• 1:23:27
  Live. Brought to you by
• 1:23:30
  bitcoinwell.com, a Bitcoin only platform on a mission to enable
• 1:23:34
  financial independence.