Latest / Simply Bitcoin / Trump Plans July 4th Bitcoin Reset? | What They're NOT Telling You About The Clarity Act! | Bitcoin Simply

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Trump Plans July 4th Bitcoin Reset? | What They're NOT Telling You About The Clarity Act! | Bitcoin Simply · Simply Bitcoin

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  Yesterday was a historic moment for Bitcoin, with the Clarity
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  Act passing the Senate Banking Committee 15 to 9 and going to
• 0:06
  the Senate floor for a full vote.
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  The room was filled with passionate speeches from Senator
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  Lummus, Senator Scott, Senator also broke, and there were still
• 0:14
  haters who were less enthusiastic.
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  When this blows up with the economy, I hope everybody
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  remembers. Mr. Chairman, today we're going
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  to cover the historic news from behind the scenes in DC, but
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  more importantly, we're going to cover the biggest macroeconomic
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  story impacting Bitcoin that no one's talking about.
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  And I'll give you my prediction as to why the Clarity Act is
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  just the first domino for what's going down on July 4th this
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  year. The Clarity Act was just the
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  beginning. We got a lot to get to stick
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  around, and you'll hear my thoughts.
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  This is Dante Coca Bitcoin simply let's go all right y'all,
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  we got something big dropping here simply Bitcoin.
• 0:53
  We've been working on this behind the scenes for over a
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  year now and we want early users, early testers, people who
• 0:59
  want to be in the know first, people who are tired of the same
• 1:02
  old same old Bitcoin news and media out there.
• 1:04
  If you want to be one of the first to get in on the action,
• 1:06
  hit the QR code on the screen. You won't want to miss out.
• 1:09
  Back to the historic moment yesterday.
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  This is a pro law enforcement bill and it's also a pro
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  consumer bill. Consumers can now transmit money
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  between them faster and cheaper than they can now.
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  It provides a level playing field, regardless of whether you
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  live in Rwanda or Queens, NY, about transmitting money faster
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  and cheaper. It provides a woman who's trying
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  to get out of a battered, miserable marriage the
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  opportunity to walk away with her money in her head.
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  It provides people who are being tortured in foreign countries
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  the opportunity to walk away from that country with their
• 2:01
  money in their head. Because Bitcoin can be
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  memorized. This is one of the most iconic
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  speeches that any politician has given to monetary freedom and
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  monetary rights anywhere. This sound bite from Senator
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  Lummis displays exactly why she said this is the most passionate
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  piece of legislation and the hardest piece of legislation
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  that she's worked on in her 40 years of public service.
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  She not only represents Bitcoin as a true innovation for
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  Americans, but for people everywhere across the globe.
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  Bitcoin is an open source piece of technology, but it's more
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  than that. It's an idea that represents a
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  fair playing field, freedom, and a system that is apolitical and
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  outside of the current financial system.
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  Senator Lummis isn't the only one who believes this.
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  I was actually shocked to hear these comments from Senator Tim
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  Scott yesterday. As a kid who grew up in poverty,
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  the thing that attracts me to this issue the most is
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  democratization. An opportunity to lower prices,
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  create access points that today does not exist.
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  This ought not be about Republicans and Democrats.
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  It ought not be about who's on which side of the aisle or
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  whether you agree with what we've done.
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  This should be about the American people and nothing
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  else. I want single mothers like the
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  one that raised me to have more opportunities, more access at a
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  lower price. And so we will disagree on this
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  today, but I hope that what we end up with is a legislative
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  product that is good now and gets another bite at the apple
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  as it heads to the floor. What does it mean gets another
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  bite at the apple as it heads to the floor.
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  Well, this is just the beginning.
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  It had to pass the Senate Banking Committee before it can
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  go to the Senate floor for a full vote for more revisions and
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  for more opposition. Opposition from people like
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  Senator Warren who will continue to play the same old story about
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  Bitcoin being a tool for fraud, criminals, tax evasions.
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  She continues to use this insight.
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  This is bitcoins only use case. While we're at war, Iran is
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  openly gearing up to collect crypto fees from oil tankers to
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  pass through the Strait of Hormuz.
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  This will be the rhetoric from the opposition.
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  You can guarantee it. The other opposition that we
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  will hear because Senator Warren is paid by the big banks, is
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  that the big banks have an unfair opportunity as it relates
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  to them raising money in assets versus crypto companies issuing
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  stable coins in digital assets. This actually isn't true.
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  Senator Lummus highlights exactly what things that banks
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  can do, everything that they always could do just now with
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  digital assets. The bank permissibility language
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  in our legislation does one thing.
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  It simply confirms that banks can use digital assets to
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  conduct activities that they already allow to perform by law.
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  the US dollar is going to be digitized.
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  It is going to be a digital asset.
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  And so we need to integrate all of these assets into the banks
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  that are allowed to do them, to continue to do them.
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  There are no special carve outs. There are no special permissions
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  and no special carve outs. Banks will be able to fold
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  digital assets into their current operations and this is
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  just part of a much bigger plan. That wasn't the big news that
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  was happening. That isn't why you should be
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  bullish about Bitcoin. I think the most historical work
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  piece of news for the entire financial system starts to
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  unfold on July 4th of this year. Remember in January of last year
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  when Scott Besson and President Trump were talking about the
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  Economic Liberation Day that was going down on July 4th on the
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  250th anniversary of our country from 1776 to 2026?
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  Well, let me give you the playbook, playbook step #1
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  getting Kevin Wash elected as a new Fed chair.
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  That just happened. He was just announced as the
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  17th Federal Reserve Chairman and he's already laid out his
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  plan for what he's going to do step #1 lower interest rates.
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  But how is he going to do that? He's going to do that by
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  convincing the market that the Fed is now no longer the person
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  that is responsible for maintaining the balance sheet of
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  the United States government. That will be the role of the
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  United States Treasury in Scott Besson.
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  They will come to in a court as what he says, he lays out his
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  entire plan, but step #1 lowering interest rates, step #2
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  creating a separation between what the Fed does and what the
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  Treasury does. So when that role of fiscal
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  responsibility heads to Scott Besson in the Treasury, what is
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  going to be his mean for raising debt if the Fed is no longer
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  going to be the buyer of last resort, which is what is
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  creating inflation and which is what is creating high interest
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  rates? Because the market doesn't
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  believe that we will ever stop borrowing at such rapid rates.
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  Agenda for reform. That won't.
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  That will. Make matters worse, Yes.
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  Well, this might upset part of your audience, Peter.
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  So this is a trigger warning. This is what one of the people
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  like you and I do on campus. I believe this administration
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  inherited a mess, a fiscal and monetary mess, and it is
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  incumbent on the administration to get out of it.
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  No one said it would be easy. We didn't get into this mess
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  overnight. We're not going to get out of it
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  overnight. To make the numbers you said
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  somewhat easier, I think to understand we were paying about
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  a billion dollars in interest expense every day the day before
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  COVID. We're now paying more than $3
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  billion per day in interest expense.
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  None of that's going to strengthen the military or help
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  the least well off among us that is being squandered away.
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  So what do I suggest? As you pointed out and as you
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  and I have discussed, but I'm not sure the economics
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  profession believes this, there are two monetary policy
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  instruments. One is setting of interest rates
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  and the other, this money we keep talking about, we call it
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  QE, we call it the central bank's balance sheet.
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  If we would run the printing press a little quieter, we could
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  then have lower interest rates because what we're doing right
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  now is we have all this money that's being flooded into the
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  system, which causes inflation to be above target.
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  That's the $7 trillion balance sheet you're talking about, an
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  order of magnitude larger than when I joined the Fed.
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  And at the same time, you have another monetary policy
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  instrument, and that's interest rates.
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  They don't work perfectly together.
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  They're not perfect substitutes for each, but they're both
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  monetary policy and too many that are in the central banking
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  business say no, no, no, that balance sheet has nothing to do
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  with monetary policy. Well, if it did when you were
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  growing it, it should have something to do with the conduct
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  of monetary policy when it's going the other direction.
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  I think we have to be honest about these two instruments.
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  And because I believe that growing the real economy is the
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  more important piece for revenue, for fairness, for
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  efficiency and growth, and because you have higher
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  inflation caused by the bigger balance sheet, we want to shrink
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  that. We can't do it overnight.
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  We want the Treasury Department and the Federal Reserve to come
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  to some accord, much like the Treasury and the Federal Reserve
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  came to in 1951. Who's responsible for what?
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  Who's going to be managing interest rates?
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  The Federal Reserve? Who's going to be handling
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  fiscal accounts? The Treasury Department?
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  We have blurred these lines about who's responsible and when
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  a president comes to power, his Treasury Secretary should be
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  responsible for as the fiscal authority instead of blurring
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  that over to the Federal Reserve, which only brings
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  politics to the Federal Reserve. Scott Bessett needs a lever, he
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  needs a new buyer, he needs a new means to issue debt, and
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  that is coming through the Clarity Act.
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  But before I get to the rest of the plan, let's thank our
• 9:40
  sponsors. Most Bitcoiners don't know that
• 9:43
  after they've stacked Bitcoin for such a long time, they don't
• 9:45
  have to sell their Bitcoin for a capital gain.
• 9:47
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• 9:50
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• 9:53
  so that individuals can have access to institutional tools to
• 9:56
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• 10:00
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• 10:04
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• 10:15
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• 10:19
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• 10:21
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• 10:42
  So I asked the question before we started to thank our
• 10:44
  sponsors. How is Scott Besson going to
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  raise assets? Well, it's going to be through
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  digital assets. And it can't just be from the
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  American taxpayer and the normal individual.
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  It's going to be through a collaboration between the banks
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  being able to issue digital assets through their existing
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  operations. And it's going to be through a
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  new buyer, a buyer that we have to rebuild trust with in order
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  for the world to work. The new buyer for this debt is
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  clearly going to be China. That's why President Trump just
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  went to go. Is it President Xi for the first
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  time in over a year? Here's what he had to say about
• 11:15
  the meeting. And then when they look through
• 11:16
  the history books, this summit, what will people be saying 10
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  years from now? Well, I think it's a very
• 11:23
  historic summit. It's the two great countries.
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  I call it the G2. This is the G2.
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  They have G7, they have the G8, this is the G2.
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  And I think it'll go down as a very important moment in history
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  and maybe more than anything else, a great moment of respect.
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  OK, we all know that President Trump is a narcissist.
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  He said the meeting was very successful, world renowned,
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  unforgettable. He called it a historic and
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  landmark meeting that's going to go on throughout the ages.
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  OK, that's a little bit exaggerated, but as narcissistic
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  as President Trump is, it wasn't just him that saying it was a
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  great meeting. It was President Xi as well.
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  In Nanzhou for that representation.
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  Xiang Ho Chengdu Kung Fu final. So we tell Shin should die.
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  We should find a new way for our countries to be partners in this
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  new era moving forward. What is the new era?
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  What is the new system? Aren't we already partners with
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  China? This is everyone coming to the
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  table and realizing that these small factions of other
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  countries cannot sustain the global economy.
• 12:29
  It truly is the G2, China and the United States if we want the
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  world to not collapse on itself in the weight of its own debt.
• 12:36
  So yeah, on July 4th, 2020, sixth, they're going to issue a
• 12:39
  Trump coin. I'm not even kidding.
• 12:41
  Trump's face is going to be on a coin and it's rumored to be
• 12:44
  reported that he's going to be on a $100 bill.
• 12:46
  But what the actual win is, is that they're going to start
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  creating the new rails for the new financial system.
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  And that starts on July 4th with China, with Scott Besson being
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  able to issue more debt and China holding a significant
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  portion in position in our USD T dollar digital asset system that
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  will be rolling out on July 4th if the Clarity Act passes.
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  And with that, Donald Trump has a message for bit corners.
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  We're going to be winning, winning a lot.
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  Our country is winning again. In fact, we're winning so much
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  that we really don't know what to do about it.
• 13:23
  People are asking me, please, please, please, Mr. President,
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  we're winning too much. We can't take it anymore.
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  We're not used to winning in our country until you came along.
• 13:34
  We're just always losing. But now we're winning too much.
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  And I say, no, no, no. You're going to win again.
• 13:41
  You're going to win. Big All right, that's just
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  ridiculous. But still, when the Senate
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  confirms the Clarity Act, that's going to kick off the new plan
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  and new accord between Scott Bessett and Kevin Walsh, the
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  separation between the roles and responsibilities of the Fed and
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  the Treasury. This will allow digital dollars
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  to be issued through U.S. banks. And for Scott Besson to have
• 14:02
  another tool and another lever to convince the markets that
• 14:05
  forward interest rates should be lower because they're going to
• 14:08
  be more fiscally responsible with him under the helm.
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  He's also going to attract a new debt buyer, which is China.
• 14:14
  This is all insanely bullish for Bitcoin because they're going to
• 14:17
  be finding new ways to inject liquidity in the system without
• 14:20
  burdening it with more debt when we have a rising interest rate
• 14:23
  problem of nearly $1.2 trillion in interest per year, which will
• 14:27
  be more than Social Security by the end of 20-30.
• 14:30
  This is why interest rates are high.
• 14:32
  We got to get inflation under control.
• 14:34
  We got to find a new debt buyer. And the Clarity Act is just the
• 14:36
  first step. But enough of me talking, what
• 14:39
  do you think? Subscribe to the channel if you
• 14:41
  want to hear more or fire alpha in news like this everyday and
• 14:45
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• 14:48
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  This is down to coca, Bitcoin, simply hay stacking and hay
• 15:11
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