Latest / Simply Bitcoin / MicroStrategy COPY CAT Secretly Buys 42,000 Bitcoin! | EP 1229

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MicroStrategy COPY CAT Secretly Buys 42,000 Bitcoin! | EP 1229 · Simply Bitcoin

• 0:00
  Jack Molars and the man in charge of creating America's
• 0:04
  national sovereign wealth fund has just started a micro
• 0:08
  strategy copycat. This company has secretly
• 0:11
  accumulated 42,000 Bitcoin right out of the gate, becoming the
• 0:16
  third largest Bitcoin corporate holder.
• 0:19
  And today we're going to be exploring whether the secret
• 0:21
  whales behind the new company 21 is responsible for the recent
• 0:24
  Bitcoin price explosion and why this gradual supply suffocation
• 0:29
  is sending the Bitcoin multiplier effect to new all
• 0:32
  time highs. Before I get into the whole news
• 0:35
  story, I'm going to bring on my boy Luke, and he's going to
• 0:37
  explain to you guys how the Bitcoin multiplier effect works
• 0:41
  and then I'll break down the recent news development.
• 0:43
  So Luke, how you doing this morning?
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  I'm great and I'm feeling a little bit bullish if we're
• 0:48
  talking about supply suffocations, micro strategy,
• 0:51
  copycats, and the multiplier effect.
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  So just quickly, everybody knows Bitcoin's rare, it's scarce.
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  There's 21 million coins. Now.
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  Something really interesting I've been watching over the past
• 1:02
  five years develop is for the first time in Bitcoin's life,
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  coins have been leading the exchanges.
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  So this number peaked out in 2020.
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  For the first eleven years of Bitcoin's life, coins on
• 1:12
  exchanges grew to about 3 1/2 million.
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  Today, we're at about two and a half million.
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  So we've seen 1,000,000 Bitcoin, or about 35% of the supply on
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  exchanges disappear. And it's moving to the hands of
• 1:25
  these new micro strategy copycats that we're going to be
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  breaking down and talking about today in depth and in detail.
• 1:32
  Now what's really interesting, over these past five years we've
• 1:35
  seen this supply suffocation happened.
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  What we've seen is the Bitcoin multiplier effect has now hit
• 1:42
  new all time highs multiple years in 2021 and in 2025.
• 1:48
  Now why is this? Well this is because Bitcoin is
• 1:51
  rare. Bitcoin is scarce and for every
• 1:54
  $1.00 that wants to flow into Bitcoin, it doesn't push the
• 1:57
  Bitcoin market cap up by $1.00. And that's because bitcoin's
• 2:01
  rare and scarce and not all 21 million Bitcoin are available
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  for sale. So this chart here, you can see
• 2:07
  the title Bitcoin market cap gain per dollar invested.
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  It's a little bit of a mouthful. So in my 2021 article, I just
• 2:14
  said let's call this the Bitcoin multiplier effect because that's
• 2:17
  what it is. And that's what the pink line is
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  measuring. And you guys can see this pink
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  line hitting new all time high in 20214.85 and now today we're
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  at 5.81. So this is a new all time high
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  for every dollar that wants to flow into Bitcoin.
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  Bitcoins market cap is pushed up by 5.81 X and I think the more
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  rare and the more scarce that Bitcoin becomes and the more
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  Bitcoin that's ripped off the exchanges.
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  What's going to happen to this number is that it's going to
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  rise, it's going to grow. I think it's going to grow
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  exponentially and I think there's only a matter of time
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  before this multiplier effect hits 10X20X.
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  Now, why is that? Well, that's because the coins
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  on exchanges, the available supply right now is dropping
• 3:07
  like an absolute rock. So that's why Optia and I are so
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  fascinated by this most recent news today.
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  It's because this company's come straight out of the gate saying,
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  look, we hold 4243 thousand Bitcoin, we're the third largest
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  corporate holder. And I think it's fascinating
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  that they've just put everything on the line and secretly
• 3:28
  accumulated this amount of Bitcoin.
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  Yeah, it's actually incredible. That's probably the most
• 3:33
  surprising thing about this, not only who's running it, but just
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  how much Bitcoin they actually hold.
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  All right guys, so let's get into the news story.
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  You guys got the multiplier effect and we'll chat about that
• 3:42
  a little more. Here we go.
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  Coming from the Financial Times, AKA the Fiat Times.
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  We have the Company Announcement and this is coming from Business
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  Wire. If you guys know Business Wire,
• 3:51
  this is where a lot of businesses announced their, you
• 3:53
  know, press releases about things coming up.
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  So we have here Tethered SoftBank Group and Jack Mahler's
• 4:00
  launched 21 a Bitcoin native company through a business
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  combination with Cantor Equity Partners.
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  Now this is backed by tether and SoftBank Group 21 is expected to
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  launch with over 42,000 Bitcoin and a mission to maximize
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  Bitcoin ownership per share. And they're emphasizing this
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  idea, Bitcoin ownership per share very, very strong.
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  I think a lot of Bitcoiners understand this.
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  We've heard sailor talk about this constantly and this is
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  essentially their main motive here.
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  So the Co founder Jack Mall will lead 21 as Aceo absolute, you
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  know, juggernaut of a bitcoiner. This is like probably the one of
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  the biggest most surprising things about this and then going
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  on and go 21 is expected to offer investors A singular
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  vehicle for Bitcoin exposure, pro Bitcoin advocacy and Bitcoin
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  focus content and media with plans to explore future
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  expansion into bake Bitcoin native financial products.
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  Now again here we're going to kind of go into into the jargon
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  and the actual press announcement, but we got 21
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  capital and newly formed entity today, today announced it has
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  entered into a definitive agreement for a business
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  combination with Cantor Equity Partners, a special purpose
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  acquisition company sponsored by an affiliate of Cantor
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  Fitzgerald, a leading global financial services and real
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  estate services holding company. At the closing of the business
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  combination 21 will be majority owned by Tether Co founder of 21
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  and the world largest stablecoin issuer and Bitfinex with
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  significant minority ownership by SoftBank Group Corporation,
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  one of the world's leading investment holding companies. 21
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  and CEP which is what's it Cantor Equity Partners have also
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  entered into subscription agreement with investors to
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  raise at closing $585 million of total additional capital
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  consisting of one $385 million through convertible senior
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  secured notes AKA what sailors been doing and 200 million
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  through a common equity pipe financing.
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  The net proceeds from the pipe offerings, which will close
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  contemporary contemporary wow it's it's rough reading today
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  with the business combination will be used to purchase
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  additional Bitcoin and for general corporate purposes, 21
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  expects to launch with more than 42,000 Bitcoin, which would make
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  it the third largest Bitcoin treasury in the world as of
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  today. Absolutely insane.
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  Just coming out of the gate at #3 this is huge.
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  I, I'm absolutely huge now. This is I think where the main
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  ethos coming of the company goes a new era measuring success in
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  Bitcoin. And this is something thing we
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  talk about here constantly on the show.
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  I've been kind of trolling or really leading more towards the
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  idea of once we start to price energy in Bitcoin, that's when
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  it's game over. I've been calling it the
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  Petrosat. Other people have been talking
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  about this, but here is where we start to see measuring the
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  success of equities and stocks through pricing it in Bitcoin.
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  So 21 is built to accumulate Bitcoin and grow ownership per
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  share and not just track, it says not just track it, AKA
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  track the price, but Bitcoin and ownership per share.
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  Considering you know, we've seen Sailor do something similar,
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  we've seen Metaplanet do something similar.
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  It's not about, you know, the price of the share, it's how
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  much Bitcoin each share holds. As part of its launch, 21 will
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  introduce two key performance metrics to reflect it's Bitcoin
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  denominated capital structure and Bitcoin focus mines share,
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  which is first Bitcoin per share or BPS.
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  The amount of Bitcoin each fully diluted share represents
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  reflecting shareholder ownership in Bitcoin rather than Fiat
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  earnings per share. A truly revolutionary idea that
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  that I think it's going to catch on like wildfire.
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  And then of course, the Bitcoin return rate or BRR rate at which
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  the Bitcoin per share grows over time, denominating the company's
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  performance in Bitcoin. So you guys can read this whole
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  thing. It goes on to talk about Jack
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  Mahler's. It goes on to talk about Cantor
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  Fitzgerald or Howard Leutnik. But here's a good quote here
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  from Jack Muller's. Markets need reliable money to
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  measure value and allocate capital efficiently.
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  This is what we constantly tell everyone on this show.
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  And he goes on to say we believe that Bitcoin is the answer, and
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  21 is how we bring that answer to public markets.
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  Our mission is simple, to become the most successful company in
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  Bitcoin, the most valuable financial opportunity of our
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  time. And we're not here to beat the
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  market. We're here to build a new one, a
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  public stock built by coiners for bitcoiners.
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  And it's got a couple other quotes.
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  But going further, we did get this Bloomberg Terminal here
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  kind of explaining where the bitcoins coming from.
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  There is some interesting stuff here.
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  So we have here from the Bloomberg Terminal, Cantor
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  prepares $3 billion crypto firm with Tether and SoftBank.
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  So Cantor Fitzgerald LP, Tether Holdings and SoftBank Group are
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  in talks to form a $3 billion vehicle that would absorb
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  billions of dollars. And it says cryptocurrency, but
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  it's going to be in Bitcoin. Cantor Equity Partners I Inc, a
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  special purpose acquisition company, raised $200 million in
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  January and will use the cash to create a new firm.
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  Stablecoin giant Tether will contribute 1.5 billion of
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  Bitcoin, while Tether affiliated exchange Bitfinex and SoftBank
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  plan to put in $600 million and $900 million of Bitcoin,
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  respectively, according to a person familiar with the matter.
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  And then going further, it goes. The deal may be announced within
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  a couple of days. I think this came out on it was
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  like Monday or Tuesday. And then of course, this is
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  where we start to see that people are starting to take the
• 9:30
  Michael Saylor strategy Bitcoin strategy seriously.
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  So the deal is the latest spin on the business model.
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  Michael Saylor strategy, a software maker turned Bitcoin
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  holder that has amassed about $45 billion of the digital asset
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  copycat. Crypto buyers such as Japan's
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  Metaplanet Inc have sprung up around the world in recent
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  years. Their purchases are typically
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  funded through the sales, stock and other financial instruments,
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  including convertible notes. Then it talks to Tether, you
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  know, about it being basically the most profitable company in
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  the world with 7 billion in excess reserves.
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  It talks about Howard Lutnick, who is what, what's the Todd
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  secretary of commerce, you know, part of the crypto adversary
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  group. He's obviously also very huge in
• 10:12
  Bitcoin. You guys have heard the clip of
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  him saying he's going to buy hundreds of millions of dollars
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  of Bitcoin. Cantor Fitzgerald is also a
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  partner with Tether and he's a part of the US government.
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  You know, some people say that maybe there's some concerns
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  there, but hey, as a Bitcoiner, I'm like, I like to see
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  Bitcoiners in position of power. Though.
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  The last thing I want to mention in here that me and Luke were
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  kind of talking about there is an interesting tidbit that I
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  didn't know, and it is that Lutnick's son Brandon Cantor's
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  chairman, helped introduce Tether to the video platform
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  Rumble, which I found very interesting.
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  Again, you could say that oh, they're just here to profit, but
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  it looks like they're Bitcoiners now, you know, kind of talking
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  through where all this Bitcoin is coming from.
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  Again, Tether is the most profitable company in the world,
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  so that $1.5 billion of Bitcoin, it's probably part of their
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  reserves there. And of course also Bitfinex, one
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  of the world's biggest exchanges in the world, or rather I think
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  it's the second largest exchange by number of Bitcoin held with
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  around 403,000 Bitcoin. So that's probably where those
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  Bitcoin are coming from. It's coming from their reserves.
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  But the very interesting part about this is SoftBank getting
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  into Bitcoin and seemingly only buying $900 million of Bitcoin
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  just right off the RIP. Now Kaiser, you know, Max
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  Kaiser, he jumped in on this. And I, you know, I don't really
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  believe I really agree with the the rest of this tweet.
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  But the first sentence I totally agree with.
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  And this is I think part of the signal.
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  The Capital 21 deal validates and proves A theorem first
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  proposed by Strategy, AKA Michael Saylor's company, that
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  when it comes to selling securities to buy Bitcoin,
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  dilution equals accretion. Now moving forward, interesting
• 11:51
  story around SoftBank that I wasn't aware of.
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  Obviously huge investment firm, but the CEO, how do you say this
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  guy, it's my Yoshi's son, No, Masayoshi's son, he actually
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  bought like the 20/17/2017 top and and he went through his own
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  Bitcoin journey. Obviously, if you buy a huge
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  investment in Bitcoin and it drops and you're buying the top,
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  it does mess with your psychology.
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  And here you can see SoftBank CEO sold his Bitcoin for heavy
• 12:22
  loss because it was distracting. Masayoshi's son lost somewhere
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  between 50 to $130 million in 2018 when the bitcoins price
• 12:31
  volatility became too much for him.
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  And of course, this came out in 2020 and you can see here that
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  he didn't understand and Bitcoin and watching the price fluctuate
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  was distracting his focus from his business.
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  I think all of us bit corners can feel his pain now.
• 12:47
  David Bailey jumped in here a little bit and he goes, it
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  literally couldn't have been more obvious.
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  You need to buy Bitcoin. And we have a clip here, a
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  screenshot here, my Yoshi son, my my Sochi sons, forgive me.
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  Howard Lutnick and Donald Trump at Mar a Lago.
• 13:03
  And you can see here with the headline SoftBank CEO at Mar A
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  Lago, Masayoshi son to announce $100 billion investment in US
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  over 4 years. Now, we've been hearing a lot of
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  talks about foreign investment into the US.
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  We've been wondering where that money is going.
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  And I think David Bailey hit the nail on the head.
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  Yesterday was like, it couldn't have been more obvious.
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  He's up there with Howard Lutnick.
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  He's there with Trump. We know that the Trump
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  administration is taking Bitcoin very seriously.
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  And here we are with this SoftBank announcement.
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  Now again, double David Bailey double s down.
• 13:34
  He goes another way to read the headline.
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  SoftBank has officially entered the Bitcoin market with an
• 13:39
  initial $900 million acquisition.
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  SoftBank holds 108, a $180 billion in assets, 32 billion in
• 13:46
  cash and a massive portfolio companies that hold immense
• 13:49
  influence over. So you can argue or venture to
• 13:53
  guess that this is just the beginning.
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  And then going further, we got some really good screen grabs
• 13:59
  here from the official announcement and you know Jack
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  Mahler's Howard Leutnik, my, my say, my say Yoshi son, forgive
• 14:07
  me, are kind of angling this as a superior micro strategy.
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  Now we've been talking about this on the show for a while.
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  Can someone come into the space and acquire more Bitcoin than
• 14:21
  Michael Saylor strategy? Now that is still up for debate,
• 14:26
  but you can see from this chart that they're putting out there
• 14:29
  that they're saying they compare favorably to micro strategies
• 14:32
  across metrics. You can see strategy pureplay,
• 14:35
  Bitcoin exposure. They're just purely Bitcoin,
• 14:38
  Bitcoin native operations, again, purely Bitcoin existing
• 14:41
  debt balance. I'm guessing they don't have
• 14:44
  much debt. They're brand new company debt
• 14:46
  collateralization, again, seemingly better inside insider
• 14:50
  ownership, completely owned by these Bitcoiners.
• 14:53
  Of course, Sailor, I think his majority shareholding is
• 14:57
  somewhere around 40% and you guys could Fact Check me on that
• 15:00
  and purpose belt KPIs again, they're saying this is a better
• 15:03
  play than MicroStrategy. Now I know Nico and I were kind
• 15:06
  of joking for a little bit like we missed a MicroStrategy boat,
• 15:08
  we missed a Meta planet boat. Is the next boat going to be
• 15:11
  GameStop or is it 21? Now we are Bitcoiners, I'd say
• 15:17
  buy as much Bitcoin as possible, but it's looking like we are
• 15:20
  seeing these Bitcoin securities hit the market and there's going
• 15:24
  to be a lot of interest in this. So this is a very interesting
• 15:27
  new play and as you can see in the bottom 21 is potentially a
• 15:31
  superior vehicle for investors seeking capital efficient
• 15:34
  Bitcoin exposure. We will see how this plays out,
• 15:37
  but with the leadership of Jack Mahler's, I think I think this
• 15:42
  is going to be a huge play. Now you guys know, for the last
• 15:44
  couple of days I've or rather last week or so, I've really
• 15:48
  been diving into Simon Dixon's, you know, analysis of what's
• 15:51
  going on. And, and this is a pretty
• 15:54
  interesting take. And then I'm going to pass it
• 15:55
  over to Luke and we'll chat about this.
• 15:56
  So Simon Dixon goes, Jack Muller's 21 is launching a SPAC
• 16:01
  as a capital efficient alternative to micro strategy
• 16:04
  backed by Cantor Fitzgerald, a primary bond dealer to the Fed.
• 16:08
  Here's what I think the real play is.
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  SoftBank, a Japanese bank putting in $900 million, Tether
• 16:13
  putting in a $1.5 billion in Bitcoin and Bitfinex putting
• 16:17
  $600 million in Bitcoin are putting in Bitcoin seed capital.
• 16:21
  Japan is dumping Treasury, the dollar is weakening under
• 16:24
  Trump's tariffs, long term yields on bonds are rising and
• 16:27
  they're setting up for a short dollar long Bitcoin trade.
• 16:31
  Expect a stable coin backed by U.S. debt plus Bitcoin somewhere
• 16:34
  in the mix. In fact, Cantor's already been
• 16:36
  talking about that. They're custodian and
• 16:39
  shareholder and tether already. They're draining yield stacking
• 16:42
  stats and using fed slash equity slash debt markets to do it.
• 16:46
  You probably should be considering if you should be
• 16:49
  doing the same. And then this is where he, you
• 16:52
  know, puts his been on. It's not about politics.
• 16:54
  It's about decentralization for centralization.
• 16:57
  Follow the money. This is trumped a line capital
• 17:00
  betting against the dollar, pretending they are MAGA.
• 17:03
  And then he goes, Full disclosure, I'm a shareholder in
• 17:05
  bit for next. So very interesting stuff.
• 17:08
  I think this is a huge move and kind of in response to what
• 17:12
  we've seen in the Bitcoin price. We were all wondering, I know
• 17:15
  last week on Friday, we were kind of sitting here feeling a
• 17:17
  little bearish. Then the price starts pumping a
• 17:20
  little bit and we're like we're so back.
• 17:23
  It is interesting to see is this the reason that the Bitcoin
• 17:26
  price pump though, we know about you know what, 2.1 billion of
• 17:30
  that, which probably just coming from Tether and bit Fenix
• 17:33
  treasuries, but I'm guessing, venturing to guess that the
• 17:37
  SoftBank $900 million is that new capital coming into the
• 17:41
  market buying Bitcoin. And when you add that to the
• 17:44
  multiplier effect, I think that might be the reason why we're
• 17:47
  seeing the Bitcoin price start to RIP.
• 17:49
  And it really goes into one of our thesis we talked about here
• 17:52
  constantly on the show. So it's only going to take
• 17:54
  someone with conviction to come into the market to move the
• 17:57
  Bitcoin price. And we might be seeing that in
• 17:59
  the time where there's all kinds of uncertainty in the market.
• 18:03
  So here we go. I, I ranted enough.
• 18:06
  Luke, what's your thoughts on all that?
• 18:08
  Break it down. How, how are you seeing this?
• 18:11
  Is this as big as we are making this?
• 18:13
  Or are we Bitcoiners just excited that the Bitcoin price
• 18:16
  is pumping? Well, Bitcoin is pumping and I
• 18:20
  am going to explain why. I do think it's bigger than most
• 18:22
  people give this most recent announcement credit for.
• 18:26
  But I saw a comment in the chat, somebody said SoftBank equals
• 18:29
  soft hands. I think that's just a brilliant
• 18:32
  little explanation of their CEO lettuce hand in the 2017 top.
• 18:37
  Again, what's the saying? You all get Bitcoin at the price
• 18:40
  you deserve? Now this most recent
• 18:42
  announcement, I think it's really interesting.
• 18:44
  I wanted to crunch the numbers so there's 2.5 million Bitcoin
• 18:47
  on exchanges, and we know that this company just bought 42,000
• 18:52
  Bitcoin. So I was thinking, that's
• 18:53
  interesting, that's big, a brand new Bitcoin corporate treasury.
• 18:57
  They just came straight out and they said, yeah, we own 42,000
• 19:00
  Bitcoin and they're going to buy more.
• 19:02
  So I wanted to see how many public companies could do
• 19:05
  exactly what this new company called 21 could do.
• 19:09
  Crush the numbers. And that's what I got. 5959
• 19:13
  companies out of the 58,000 public companies can buy the
• 19:18
  same amount of Bitcoin that this brand new company just bought.
• 19:22
  Just think about that for a minute.
• 19:23
  That's 0.1% of all of the public companies in the entire world
• 19:28
  can buy a 42,000 Bitcoin stake. Maybe that's why this company
• 19:34
  secretly bought the Bitcoin and just came out and announced it
• 19:37
  from day one. Hey, we got 42,000 coins.
• 19:39
  I didn't know, but I do think it's really interesting.
• 19:41
  I just think it really ties into this broader thesis.
• 19:44
  I think the £900 elephant in the room that nobody is talking
• 19:48
  about is the fact that 1,000,000 coins have disappeared off the
• 19:51
  exchanges over the past five years.
• 19:52
  And I think we're beginning to see signs that billionaire FOMO
• 19:56
  is accelerating. There's 170 public companies
• 20:00
  with Bitcoin on the balance sheet today, and it's nearly
• 20:02
  every week. We see another massive
• 20:05
  announcement 2 weeks ago was GameStop.
• 20:07
  GameStop said we're going to put $1.3 billion into Bitcoin.
• 20:11
  We're going to raise even more capital, even more debt.
• 20:14
  That's thousands of Bitcoin go on off the market now.
• 20:18
  Again, it's something I think a lot of people forget is that a
• 20:22
  lot of these public treasuries, whether it's nation state
• 20:25
  Bitcoin treasury adoption or whether it's public corporation
• 20:29
  treasury adoption, these guys are not trading Bitcoin, OK?
• 20:34
  These guys aren't hedge fund Bros trying to make a couple of
• 20:37
  $100 million playing the Bitcoin four year cycles.
• 20:40
  Like once thousands of Bitcoin go onto the the balance sheet of
• 20:44
  some of these large corporate Wales, it's going to be really
• 20:49
  difficult for them to sell the Bitcoin again.
• 20:51
  A lot of people will say, ah, but they're going to sell.
• 20:53
  They're paper handed, they're weak handed, blah, blah, blah,
• 20:56
  blah. I mean, you can make an argument
• 20:58
  for that, but I think just have a look what MicroStrategy has
• 21:01
  done over the past five years. They've enjoyed a 70% correction
• 21:06
  in twenty, 2175% correction in 2021-2022.
• 21:11
  They've survived a lot of volatility and they haven't sold
• 21:15
  a coin. And Michael's saying, look, the
• 21:17
  Bitcoin held by micro strategy, it's going to be held for 100
• 21:20
  years. And I don't think enough people
• 21:23
  are really running their numbers and having a look at the maths
• 21:26
  of what that means. If one CEO, one public company
• 21:30
  is squatting on 500,000 coins, it's about 2 1/2% of the entire
• 21:35
  supply. What happens if he actually does
• 21:37
  sit on this for 100 years? What happens if another five
• 21:42
  companies want to copy him? It's not.
• 21:45
  Again, a lot of people think this is crazy, but just have a
• 21:47
  look at today's announcement. 42,000 Bitcoin bought by a
• 21:52
  Bitcoin treasury company who's comparing themselves to micro
• 21:55
  strategy, which implies they're probably going to want to sit on
• 21:58
  those Bitcoin for a long time. They're not going to be trading
• 22:00
  their Bitcoin. I think a lot of just I think
• 22:03
  it's the law of large numbers. Every week we're bombarded with
• 22:06
  another public company who buys 1020 thirty 42,000 Bitcoin and a
• 22:11
  lot of people are just like, oh, I didn't care.
• 22:13
  It's just another micro strategy and they're not really thinking
• 22:16
  about, all right, what does the end game here look like?
• 22:19
  If what we've seen over the past five years continues for another
• 22:21
  five years, what happens? I don't think it's some sort of
• 22:26
  like linear game where you can say, oh, Bitcoin price hasn't
• 22:29
  moved that much in the past five years.
• 22:31
  Yes, we've 20X D again, the Bitcoin price coming into 2020,
• 22:35
  it was at $5000 a coin. We're now at $100,000 a coin.
• 22:39
  That's the new normal. I, I didn't think Bitcoin just
• 22:42
  20 XS over the next five years. And again, if what just happened
• 22:47
  in the past five years continues, Bitcoin 20 XS to
• 22:52
  what, $2,000,000 a coin? I don't think it works like
• 22:54
  that. I think when Bitcoin on
• 22:55
  exchanges get to 0, we're going to find out what the real price
• 22:58
  of Bitcoin is. And I don't think it's going to
• 23:00
  be $2,000,000 a coin. I think it's going to be much,
• 23:03
  much higher. And we're talking about today's
• 23:05
  purchasing power. Again, I could just be getting
• 23:07
  crazy here. Maybe, maybe Oppnie needs to
• 23:09
  rein me in just a little bit here, but I think nobody's
• 23:14
  giving these billionaires enough attention.
• 23:16
  I think it's it's massive what they're saying and doing.
• 23:19
  Yeah, 100%. I mean, the biggest thing and I
• 23:22
  think we've all been talking about this the last couple of
• 23:24
  weeks is like with all this bullish news that we're seeing,
• 23:26
  it's absolutely incredible that Main Street and retail are still
• 23:29
  asleep at the wheel. It's like, how could you not be
• 23:31
  reading all of this stuff and being like, I need to buy some
• 23:34
  Bitcoin, whether it's 1% of your portfolio, 510 or like all of us
• 23:38
  Maxis and you see go all in. It feels like there should be an
• 23:43
  itch in people's minds. Maybe they're just not Obviously
• 23:46
  they're probably just not so absorbed and obsessed with
• 23:49
  Bitcoin news that they maybe aren't hearing all of this
• 23:52
  stuff. But if you hear all of the news
• 23:54
  that we've been covering for the last year, it's absolutely
• 23:57
  incredible that we're not seeing just extreme FOMO.
• 24:00
  But again, maybe it's just people waiting for the price to
• 24:03
  start ripping and now we're starting to get the price
• 24:04
  movement. But I actually, I do have a
• 24:07
  quick question, Luke, when you did that math for what you do
• 24:11
  2000 / 21 million, was that the math you did?
• 24:16
  Because we all know that that's physically impossible here.
• 24:18
  So. Let's do it live on air.
• 24:20
  I went two and a half million Bitcoin again.
• 24:22
  I hope I'm not wrong. I see.
• 24:24
  Exchanges. Okay, I see what you're doing.
• 24:26
  Divide by 42,000 Bitcoin. This is a new buy today.
• 24:30
  How many companies can copy what this brand new company has done?
• 24:33
  59 So 59 companies can buy that amount of Bitcoin.
• 24:36
  OK. So that's the Bitcoin currently
• 24:38
  on exchanges. That's absolutely nuts.
• 24:41
  And I think that really leads into just how scarce Bitcoin is.
• 24:45
  People just fundamentally don't understand just how little
• 24:48
  Bitcoin there is and how much capital there is in the world.
• 24:51
  And when you try to wrap your head around this multiplier
• 24:54
  effect, it's like, OK, right now we're at what?
• 24:57
  Every $1.00 that comes into the market is basically moving up
• 25:00
  the price by $5. I think, I think we're all still
• 25:04
  have PTSD from 2021 and you know, this, this recent local
• 25:09
  top that we are fundamentally underestimating just how hard
• 25:14
  this price can RIP. So, you know, don't get caught
• 25:18
  on the sidelines. This is the time to be buying
• 25:21
  Bitcoin. This is the time when you need
• 25:23
  to get your position. I think maybe be leading into
• 25:25
  what we've been saying for a while, we are seeing that people
• 25:29
  are trying to get their positions and then they're going
• 25:31
  to announce. I mean, I think this 21 capital
• 25:33
  announcement is exactly that Like, hey, we're going to do
• 25:36
  this company. Oh yeah, sorry, we acquired
• 25:38
  42,000 Bitcoin and then we announced our company.
• 25:41
  I think more people are doing this exact playbook, so you
• 25:44
  better get off 0. This is the main signal here.
• 25:48
  All right guys, so let's get into the show.
• 25:49
  Before I go on, I want to remind you to smash the like button and
• 25:53
  hit the subscriber button. And of course, comment on the
• 25:56
  video. Let us know what you think about
• 25:58
  today's show. And of course, we want to give a
• 26:01
  shout out to our lead sponsor, Bitcoin.
• 26:04
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• 26:43
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  get some rewards and you'll get some Bitcoin well tosses.
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  OK, so they they change the dashboard up.
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  Shouts out to the boys over there.
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  All right, get your lightning wallets ready, scan the QR code
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  tosses into the wishing well and a chance to went up to 1,000,000
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  sats. OK, 500 sats first come first
• 27:08
  serve. On that note guys, we got a jam
• 27:10
  packed show. We have corporate press, the
• 27:14
  media essentially saying Bitcoin memes now.
• 27:17
  The decoupling meme has escaped Bitcoin Twitter.
• 27:20
  It is going on. The corporate press, all the
• 27:22
  boomers are hearing it now. We're just memeing it into
• 27:25
  reality and in the news. I want to talk about the ETFs.
• 27:28
  I know the ETFs are a little boring now, but they are
• 27:31
  scooping up Bitcoin. And then we have Luke on today.
• 27:34
  So the tail end of the show, we are going to get extremely
• 27:37
  bullish on you guys. You already know Luke might be
• 27:40
  the most bullish content creator out there.
• 27:42
  Is he crazy or is there facts backing up everything he's
• 27:45
  saying? On that note, guys, let's get
• 27:47
  into the show. I want to tell you guys about
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  all things that paper is not allowing you to huddle your
• 28:56
  Bitcoin for the long haul. I mean, here is the plate that
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• 29:22
  All right guys, quickly scan the QR code so you can get yourself
• 29:27
  a stamp seed. On that note, we are over here
• 29:29
  on Clark Moody's dashboard. Looking at the time chain
• 29:32
  numbers, the current Bitcoin price is 93,690.
• 29:36
  Boys and girls. We are back this this time feels
• 29:40
  better I'm not going to lie all right the stats per dollar AKA
• 29:43
  how much Bitcoin you can buy for a single dollar AKA how much the
• 29:46
  dollar is worth in Bitcoin is currently at 1067 stats per
• 29:50
  dollar. The current block height is
• 29:52
  893,661 and the market cap in Fiat terms is 1.86 trillion.
• 29:58
  An interesting story this morning before the stock market
• 30:01
  opened up, Bitcoin rose the ranks of market cap, global
• 30:06
  market cap. It hit 5th.
• 30:08
  But then you know stock market opened up and it you know it, it
• 30:12
  came down a little bit, but it passed Google for a moment.
• 30:15
  It passed silver for a moment, it passed Amazon for a moment.
• 30:18
  So this next couple of rips, I think we might be able to secure
• 30:22
  the 5th largest just, you know, market cap in the world.
• 30:26
  So with this whole devaluating of the stock market that we're
• 30:30
  seeing play out right now, Bitcoin's going to really
• 30:33
  quickly climb those ranks. So an interesting metric to
• 30:35
  watch, the Bitcoin versus gold market cap is 7.93%.
• 30:39
  And the total percentage of Bitcoin that will ever be issued
• 30:41
  is currently at 94.54%, roughly, again, 19.85 million Bitcoin in
• 30:47
  circulation. And the realized monetary
• 30:49
  inflation taking fuel currencies to school is currently at .84%.
• 30:53
  All right, guys, now we've been talking about this.
• 30:56
  There's a lot of cynical bitcoiners saying, you know, the
• 30:59
  decoupling meme is, you know, not happening and we're all, you
• 31:03
  know, smoking opium. But it's starting to make waves.
• 31:07
  The memes are going viral and we have a clip from Bloomberg
• 31:12
  talking about the decoupling. But there's one other thing that
• 31:15
  I want you guys to notice. And I, and I'll mention this
• 31:17
  after the after the clip. It's a short clip, but tell me
• 31:20
  if you if you see what else is interesting in this clip.
• 31:24
  Breaking away from tech stocks at a pretty good time, trading
• 31:27
  more like gold, just in time for gold to rocket higher.
• 31:31
  You can see that physical Bitcoin gold is up about 9% over
• 31:35
  the past month in April alone, that has dragged Bitcoin higher,
• 31:39
  especially in the last couple days.
• 31:41
  The crypto is up about 6% or so. And take a look at what has
• 31:46
  happened to tech stocks in blue. You have the NASDAQ 100 actually
• 31:49
  lower by 6 1/2 percent or so. So Bitcoin may be taking on some
• 31:54
  safe haven characteristics at least.
• 31:59
  Interesting. The first part is let me let me
• 32:02
  full screen myself because I found it hilarious.
• 32:04
  Did you catch? She said physical Bitcoin AKA
• 32:08
  gold guys, we are fundamentally getting into the mind share that
• 32:12
  they're calling gold, physical Bitcoin.
• 32:14
  We've been calling Bitcoin digital gold.
• 32:17
  Now they're on the corporate press calling Bitcoin physical
• 32:19
  gold. It's the memes are going viral
• 32:22
  anyways. Anyways, here's a chart and and
• 32:24
  as you see Alex Thorne, you know from Galaxy, he goes this is the
• 32:29
  chart that Wall Street is seeing on their screens today.
• 32:32
  And this is the chart that the Bloomberg lady was talking about
• 32:35
  right now that Bitcoin and gold's gained since start of
• 32:38
  Trump tariff war. And you can see here in the blue
• 32:42
  is a NASDAQ composite Intex or the tech stocks, because that's
• 32:45
  what basically pushing the NASDAQ.
• 32:47
  And and you can see I'm I'm the most color blind guy here.
• 32:50
  So gold is what this pink one up here, you know, it's kind of
• 32:54
  going down. We have Bitcoin in white and
• 32:57
  it's absolutely starting to RIP. And then we have NASDAQ and the
• 33:01
  Bloomberg Dollar spot index kind of going sideways.
• 33:04
  And of course, in the last couple of days, NASDAQ is going
• 33:08
  down. So whether you believe the
• 33:10
  decoupling meme or not, people are seeing this chart and they
• 33:14
  have to be asking what is going on in the markets right now?
• 33:18
  How come Bitcoin is ripping when it should be kind of dumping in
• 33:22
  all of the economic uncertainty. So a lot of interesting,
• 33:26
  interesting metrics and then going further our boys Marty
• 33:29
  band over at TFTC goes the correlation is fading.
• 33:32
  Is Bitcoin diverging from NASDAQ now this would be absolutely
• 33:36
  insane. It would really kind of confirm
• 33:38
  and validate a lot of the things that bit corners have been
• 33:40
  saying for a long time that at a in point Bitcoin will decouple
• 33:44
  from tech stocks. I know we've been kind of seeing
• 33:47
  the correlation that Bitcoin is kind of acting like a tech
• 33:50
  stock. It might be, you know, a higher
• 33:52
  volatility tech stock with with more gains.
• 33:55
  And now it looks like we might be finding ourselves in an
• 33:58
  environment where Bitcoin is breaking.
• 34:00
  So the chart goes divergent between Bitcoin and NASDAQ.
• 34:04
  Bitcoin is rallying while the NASDAQ 100 struggles.
• 34:07
  But that divergent isn't necessarily bullish.
• 34:09
  Historically, when the NASDAQ 200 day moving average is
• 34:13
  trending down, Bitcoin tends to face strong macro headwinds.
• 34:17
  So we have the chart up here at Bitcoin at the top and it goes
• 34:20
  Bitcoin is back to its 200 day moving average, while NASDAQ is
• 34:25
  declining on the 200 day moving average.
• 34:28
  And it is historically a strong headwind for Bitcoin.
• 34:31
  So can Bitcoin maintain this decoupling, this divergent?
• 34:35
  We will, we'll be here to cover it.
• 34:38
  But it is interesting that they are talking about the meme.
• 34:41
  They're saying it on corporate press, on Bloomberg, all of the
• 34:44
  capitals seeing this, you know, the boomers are hearing this
• 34:47
  like, wait, you know, my, my whole portfolio is in NASDAQ and
• 34:51
  now somehow Bitcoin is ripping against it.
• 34:53
  I thought this wasn't possible. Again, this is the chart that
• 34:57
  all of Wall Street is seeing. And now they fundamentally have
• 35:00
  to wrap their heads around what is going on.
• 35:02
  How come Bitcoin is performing so strong in the face of all
• 35:05
  these macroeconomic headwinds and all of his bitcoins just
• 35:08
  like it's very simple 21 million hard cap apolitical neutral
• 35:12
  money that no one controls like it's it's a very simple thesis,
• 35:15
  guys, and we knew this day was going to come.
• 35:18
  Will it hold on? Who knows?
• 35:20
  But these little, you know, these little moments, I think
• 35:23
  show what we've been saying is actually true and Bitcoin kind
• 35:27
  of does what it wants to do. Sometimes it leads, sometimes
• 35:30
  it's, it's, you know, the, the panic alarm and global
• 35:33
  liquidity. And sometimes it's like, like
• 35:36
  it's the lead indicator of global liquidity.
• 35:38
  And I think these might be one of these moments.
• 35:40
  We saw what happened with the tariff trade war.
• 35:43
  It decoupled for the day while everything else dumped.
• 35:45
  And then on Monday, because it's the most liquid asset, people
• 35:48
  sold it off. And now it looks like it's
• 35:50
  holding really strong. I don't know about you, Luke,
• 35:53
  but when I see stuff like this, it goes back to the initial
• 35:56
  question of the show. How are people looking at
• 35:58
  Bitcoin in this current economic landscape and not getting
• 36:02
  bullish and not actually rather maybe the opposite, not getting
• 36:06
  afraid of where their portfolio is sitting and why they're not
• 36:10
  seeing the same games that all of us 45 IQ Bitcoiners are
• 36:13
  seeing on Bitcoin Twitter? Anyways, what's your thoughts on
• 36:16
  all this, Luke? Are we seeing the decoupling
• 36:19
  mean play out in real time? Not yet.
• 36:24
  When we see the decoupling meme, it's going to be impossible to
• 36:27
  ignore because again, this I think we're going to see some
• 36:30
  really crazy things in the future.
• 36:32
  I think everything we've kind of seen on the short term and the
• 36:35
  medium term over the past five years, and it's all just been
• 36:38
  noise. I think the disconnect between
• 36:41
  the fundamentals of Bitcoin and the price of Bitcoin over the
• 36:45
  past five years, it is the biggest opportunity for all of
• 36:49
  the hardcore Bitcoiners to take advantage of.
• 36:51
  Again, I haven't met somebody in Bitcoin who said, yeah, you know
• 36:56
  what, I bought enough Bitcoin when I first started learning
• 36:59
  about it. Not one person.
• 37:00
  And this is just simply because I don't think we've seen
• 37:03
  anywhere near to what is Bitcoin's potential power and or
• 37:09
  of its value in the future. I think when Bitcoin really
• 37:12
  decouples, we're going to see things like Omega candles.
• 37:15
  I do think Samsung Ma's thesis about Omega candles is just
• 37:19
  reality. And again, I don't think 100K
• 37:22
  daily move is really that big in the grander scheme of things,
• 37:25
  especially when you start thinking about, look, OK,
• 37:27
  there's $900 trillion of capital in the world, Bitcoin's $2
• 37:31
  trillion in size, A100K move. It's not even that much.
• 37:36
  It's a $2 trillion move. That's it.
• 37:39
  And I don't think it's that big at all, to be entirely honest,
• 37:43
  especially when things like the multiplier effect today are at
• 37:46
  six X. So a lot of people say, all
• 37:48
  right, where would $2 trillion come from?
• 37:52
  That's about what is that nearly 1% of the size of the global
• 37:56
  real estate market. What people don't understand is
• 37:59
  with today's multiplier effect, you only need $300 billion to
• 38:03
  come in in a day to give us an Omega candle.
• 38:07
  If we do have that 6X multiplier effect, if we just extrapolate
• 38:11
  out the chart that we were looking at earlier, where's the
• 38:14
  multiplier effect going to be 5 years?
• 38:17
  I think it's going to be much higher than 6X, much higher than
• 38:19
  8X. Just based upon previous data,
• 38:22
  data that I think is flawed, you're going to be looking at a
• 38:25
  910-1112 X multiplier effect. So I don't think it's crazy to
• 38:30
  assume that we're going to see 50 to $100 billion of inflow
• 38:34
  into Bitcoin in a day. It's not as crazy as most people
• 38:37
  think. So I just think the broader
• 38:39
  picture, we haven't seen the true decoupling.
• 38:42
  The true decoupling happens when we see an Omega candle, a
• 38:45
  $100,000 daily move and stocks are crashing at the same time.
• 38:49
  That would be fascinating to see.
• 38:51
  But I do think Bitcoin would just do this on its own.
• 38:54
  I don't think it'd be a market catalyst for us to see the the
• 38:57
  true decoupling. I think it's just going to
• 38:59
  happen purely based upon simple supply and demand economics.
• 39:05
  Like we talked about most recent Bitcoin corporate treasury,
• 39:08
  who's now the third largest corporate treasury 21.
• 39:11
  They just came out and announced 42,000 Bitcoin buy and they
• 39:15
  again, they didn't, there was no foreshadowing of this.
• 39:18
  They didn't say, look, we're going to begin buying and try to
• 39:20
  get 42,000 Bitcoin. They just said it What happens
• 39:23
  when Saudi Arabia comes out and says, yeah, you know what?
• 39:26
  We've actually bought 420,000 Bitcoin, not just 42,000.
• 39:31
  What happens then to the price of Bitcoin?
• 39:33
  It moons. It moons and this is again the
• 39:37
  true decoupling. That's when I think we're going
• 39:38
  to see it. Well, I mean, obviously I'd love
• 39:42
  to see that decoupling moment. I think we will see this.
• 39:44
  You'll see us our reaction live to this on simply Bitcoin.
• 39:48
  But something about that is just telling me like if we see that
• 39:53
  100K Omega candle and I don't even remember what's Omega
• 39:57
  candle, What's God candles? I, I keep getting those mixed
• 39:59
  up. But if we did see 100K candle on
• 40:02
  a day where the markets are bloody.
• 40:05
  I don't know, that would be almost like a, you know,
• 40:07
  apocalyptic moment. And I would be like, there is
• 40:09
  something fundamentally wrong in the world and people are waking
• 40:13
  up. That's like really an oh shit
• 40:15
  moment. I I think we could all say if we
• 40:16
  saw that as happy as we would be to see the Bitcoin price start
• 40:20
  pumping, I would be I would probably be terrified.
• 40:24
  I I think I would be scared. I'm like, what is going on?
• 40:26
  Something is fundamentally broken.
• 40:28
  The world is over. You know, as as optimistic as I
• 40:31
  am, that would be one of those scary moments.
• 40:33
  I think so Hey, we will we will we'll be here to cover.
• 40:38
  No guys, Hey, it's a sweater. Sorry, they're saying didn't he
• 40:41
  wear this? I have wore it on Monday, guys.
• 40:43
  OK, and and then I'm getting trolled about memes in the chat.
• 40:45
  Hey, memes are also a word Rumble, Rumble viewers, memes
• 40:49
  can be messages short memes. OK, they're not just just all
• 40:52
  pictures. All right.
• 40:53
  Anyways, anyways, I'm getting roasted today.
• 40:55
  I I got to keep it moving. I got to keep it moving.
• 40:57
  All right, guys, we're going to talk about the ETFs.
• 40:59
  I know you guys don't want to talk about the ETFs, but I think
• 41:01
  this is more signal on what we're talking about in the
• 41:05
  beginning with 21 capital. The institutions see what we see
• 41:11
  and they're not being afraid at this moment.
• 41:13
  As everyone knows the meme when there's blood on the streets,
• 41:16
  that's when you buy and we're seeing that play out.
• 41:19
  We had an incredible day yesterday in ETF inflows and
• 41:22
  we're going to cover that right now.
• 41:23
  And then to wrap it up guys, if you think Luke has been bullish
• 41:27
  already, I am going to tee him up again and we are just going
• 41:31
  to get extremely bullish at the end of the show.
• 41:34
  Actually, my my challenge to Luke is if you guys aren't this
• 41:38
  bullish and need to stack Bitcoin by the end of today's
• 41:41
  show, then Luke didn't do his job today.
• 41:43
  So or rather I didn't do my job to hear as well.
• 41:46
  Anyway, let's get into the news. I want to give a shout out to
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  queue. They also have all the other,
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  you know, products out there. But if you want to make sure
• 44:10
  that your bitcoins going to be with you for the long term, get
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  yourself the cold card queue. Oh, of course, I got some news
• 44:19
  for you guys. We got some updates.
• 44:20
  I know, I know hold on, let me full screen myself.
• 44:23
  I and I'm still getting trolled about my shirt.
• 44:26
  You're not a real bitcoiner if you have multiple clothing
• 44:28
  items. No, I'm trolling.
• 44:29
  I'm trolling Look nice. It's important it's very
• 44:32
  important. I know, I know we've been
• 44:34
  talking about the ETFs and for a while there, the ETFs was like
• 44:37
  the, the, the trending story and, and as we saw by the end of
• 44:41
  the year, the Bitcoin ETF was literally the most successful
• 44:45
  ETF launch ever. And now we're seeing that there
• 44:49
  was some fluctuations in inflows.
• 44:51
  A lot of bitcoiners have been watching the ETF inflows to kind
• 44:54
  of gauge what's going on with the institutional interest in
• 44:58
  Bitcoin. And when we saw the market crash
• 45:02
  on the tariff trade war, they stopped buying, you know,
• 45:06
  Bitcoin to go into the ETFs. They, they kind of waited till
• 45:09
  the market relaxed and then they bought back in and we, we kind
• 45:12
  of slightly covered that last week, but this week we are
• 45:16
  seeing something interesting. So if you are on the sidelines
• 45:19
  right now and you, you were waiting for, I don't know what
• 45:22
  the calls were for Bitcoin, you know, 58 K Bitcoin or 20K
• 45:26
  Bitcoin. People are saying, oh, it's
• 45:27
  going to crash the 20 K. You know, Wick off wave theory,
• 45:31
  bro, it's a top, you know, 109 is a top.
• 45:34
  Well, you know, just follow what the money is doing.
• 45:37
  And I hate to use smart money on institutional capital because I,
• 45:40
  I think bitcoiners are the smartest ones in the in the
• 45:42
  room, but they got the deepest pockets and watch what they're
• 45:44
  doing. And you can see here, April
• 45:46
  22nd, yesterday that Fidelity, BlackRock, Arc Invest and
• 45:50
  Bitwise were all buying Bitcoin. And I'll pull these up for you
• 45:54
  guys so you guys can check them out.
• 45:56
  There's Fidelity, there's Bitwise, you know, actually
• 45:59
  let's go back. You can see they're buying a,
• 46:02
  you know, a hundred a million. So a little more 200 million,
• 46:07
  you know, north of 100 million here we got Bitwise buying north
• 46:12
  of 40 million. We have Arkan Vest also buying
• 46:16
  hundreds of million or no, let me north of 50 million, you
• 46:21
  know, doing the math quickly on the fly.
• 46:23
  And then we have BlackRock again also buying north of 100
• 46:27
  millions of dollars a Bitcoin. Now I really like this tweet
• 46:31
  here. And you know, I'm not I'm not
• 46:33
  going to shit on him too hard for his really bad Twitter name
• 46:37
  here. But Cedric Bow says all these
• 46:39
  ETF inflows, Fidelity, BlackRock arc are positioning for a post
• 46:42
  dollar world. They're building surface area
• 46:45
  axis rails infrastructure for capital to flow in fast when the
• 46:48
  dam breaks. And once it does, the people
• 46:50
  holding real Bitcoin, not ticker symbols will be the ones with
• 46:54
  actual control. So, you know, as much as he has
• 46:57
  Web 3 in his Twitter name, I think this is a good take.
• 47:01
  I I think this is the signal here.
• 47:03
  And then moving forward we have Eric Balkhunis, of course,
• 47:05
  senior ETF analyst for Blink Bloomberg and he goes, this was
• 47:09
  this morning and he goes the spot Bitcoin ETFs went Pac-Man
• 47:14
  mode yesterday plus 936 million, 1.2 billion for the week.
• 47:19
  Also notable is 10 of the 11 of the originals all took in cash
• 47:23
  to good sign to see flow death versus say I bid or Black Rock's
• 47:28
  ETF doing 90% of the lifting price up to 93.5 K pretty strong
• 47:35
  all things considered in my opinion.
• 47:37
  So hey, institution wants Bitcoin.
• 47:40
  They're the ETF, or rather the customers in these ETFs are
• 47:44
  buying the ETF, which means they have to buy the Bitcoin.
• 47:47
  And I know we've been talking about this for a long time.
• 47:49
  Do the ETFs actually hold the Bitcoin?
• 47:51
  Well, it seems like the interest in these ETFs are acquiring a
• 47:55
  lot of Bitcoin inflows. Now, just to wrap this up, I'm
• 47:59
  on treasuries.bitboorbitcointreasuries.com
• 48:02
  and you can see the ETFs are hoovering up a ton of Bitcoin
• 48:07
  with currently almost 1.3 million Bitcoin captured into
• 48:13
  the ETFs, basically double the size of what countries are
• 48:17
  holding. And of course, you know, public
• 48:19
  companies, it's more than that, et cetera, et cetera, et cetera.
• 48:23
  So the ETFs are are seemingly becoming a huge vehicle to
• 48:28
  acquire a lot of Bitcoin. They want the Bitcoin.
• 48:32
  If you're sitting on the sidelines wondering whether this
• 48:34
  is a good time to buy Bitcoin, I don't know.
• 48:36
  Just follow what the deep pockets are doing and they want
• 48:38
  that Bitcoin. So we've been saying it for
• 48:40
  forever. Just constantly acquire Bitcoin,
• 48:43
  take it in the cold storage, do not leave it on exchanges.
• 48:46
  And if you can help it, don't buy Bitcoin through the ETFs.
• 48:50
  But I get it, if your 4O1K allows you to buy Bitcoin, you
• 48:53
  have money in the traditional system, then you know, let's
• 48:56
  let's get some of get some more buying pressure into Bitcoin.
• 48:59
  So these inflows are very promising.
• 49:01
  And again, I think this all connects in this idea.
• 49:04
  We are seeing that in the face of all the economic turmoil
• 49:07
  we're seeing in the face of everyone running around like
• 49:09
  their chickens are cut off in the traditional stock market,
• 49:13
  Bitcoin is a clear winner here. And you've been stacking.
• 49:16
  You follow the Bitcoin news as that one guy said, you know, he
• 49:21
  who owns the Bitcoin makes the rules and you guys have the
• 49:27
  Bitcoin. So it looks like the world is
• 49:29
  waking up. I'm as much as I'm kind of tired
• 49:32
  about talking about the ETFs, I find this very, very bullish.
• 49:36
  We're seeing some more bullish signals, more bullish indicators
• 49:38
  showing us that hey, you know, bitcoins not over.
• 49:41
  I don't think 109 K was the top. I think we're going to see an
• 49:45
  incredible amount of buying pressure towards the end of the
• 49:46
  year. We might even see, you know,
• 49:48
  Bitcoin RIP to all time highs by next month.
• 49:51
  It's seeming like as the price is moving right now, it feels
• 49:55
  like all time high is within reach in the next couple of
• 49:58
  weeks. So don't sit on the sidelines.
• 50:00
  Make sure you stack Bitcoin anyways.
• 50:02
  Luke, you've been covering ETFs too, bro.
• 50:05
  I know we're kind of burnt out on ETFs.
• 50:06
  Every time we try to do a show and ETFs is like the main news
• 50:10
  story, we're like, we can't do that.
• 50:11
  No one cares anymore. But this is promising.
• 50:14
  What's your take on the ETF scooping up this much Bitcoin in
• 50:17
  the last week? Yeah, I mean a billion dollars
• 50:20
  of buying is insane when you really think about it.
• 50:23
  Only what 450 Bitcoin of mined every day and a billion dollars
• 50:28
  of buy pressure is coming just through the ETFs.
• 50:31
  We're not even talking about what we open the show with the
• 50:34
  brand new public corporates entering the space saying, yeah,
• 50:37
  you know what, we've just secretly bought 42,000 Bitcoin.
• 50:40
  We're not even talking about those and all of the billions of
• 50:43
  dollars of buy pressure coming in that space.
• 50:46
  Just the ETFs buying a billion dollars, 10s of thousands of
• 50:49
  coins. Go on, on, you know when 450
• 50:53
  Bitcoin are mined a day. This is, again, going back to
• 50:56
  our earlier point. I do not think the price of
• 50:58
  Bitcoin over the past five years has reflected the new
• 51:01
  environment we're in. Nation states, billionaires,
• 51:04
  public corporations, sovereign wealth funds, pension funds,
• 51:08
  they're all buying Bitcoin and they're buying Bitcoin for the
• 51:12
  long term. So I think we're yet to see the
• 51:15
  true price of Bitcoin emerge and the real decoupling.
• 51:20
  I do think it's really interesting that we're seeing
• 51:23
  now all of these rumors about the highest people in government
• 51:29
  all spinning up Bitcoin companies like the the tether
• 51:32
  Cantor Fitzgerald link to this new Bitcoin company 21.
• 51:37
  That's a really interesting one. It just kind of goes to show
• 51:40
  that, you know, the largest nation state in the world has
• 51:43
  now entered the chat. We, I think we're yet to see the
• 51:47
  Middle East or China or Russia really respond and kind of
• 51:52
  announce their Bitcoin strategy or their Bitcoin plan.
• 51:55
  We've seen rumors of China doing a little bit of a backflip.
• 51:59
  We've seen little bits and pieces come out of Russia, but I
• 52:02
  think we're yet to see the big announcement.
• 52:04
  The big announcement is Saudi Arabia comes out and they say,
• 52:07
  yeah, we've got half a million coins.
• 52:10
  We have the biggest sovereign wealth fund.
• 52:12
  I, I think that would be really interesting and that would be
• 52:15
  that would be when we really start paying attention because I
• 52:18
  do think the ETFs is just a little bit of social validation
• 52:21
  like the ETFs buying Bitcoin. The reason we do cover it so
• 52:24
  often is it just strips away all of the risk where the man in
• 52:29
  charge of the world's largest firm in the entire world with
• 52:33
  10s of trillions of dollars of assets under management, Larry
• 52:36
  Fink is literally going on national news nearly every week
• 52:39
  saying Bitcoin is an international asset, it's a
• 52:42
  valid asset. It should be a part of all
• 52:44
  portfolios. He's writing reports what he's
• 52:47
  saying you need a 1 to 2% Bitcoin allocation.
• 52:50
  I think it's all just kind of a little bit of social validation
• 52:53
  and when you've got the CEO of the world's largest asset
• 52:56
  manager shilling Bitcoin, approving Bitcoin put in his
• 53:00
  stamp of approval on Bitcoin. This de risks it for every
• 53:03
  single nation state, every single sovereign wealth fund and
• 53:06
  I think we're yet to see the the real announcements hit the the
• 53:10
  tape, so to say optive. Yeah.
• 53:12
  I mean, like to your point, even though we've been covering a lot
• 53:16
  of news that for for like the last couple of weeks, people in
• 53:19
  the chat were like, dude, can we like talk about something
• 53:21
  concrete instead of what's going to happen?
• 53:24
  And to that person's point in the chat, like we have been
• 53:27
  talking about things that haven't actually happened and
• 53:31
  you know, the price has seemingly responded really well
• 53:33
  or at least really resilient on it today.
• 53:36
  You know, we actually get some concrete news that there is, you
• 53:39
  know, 42,000 Bitcoin in a new corporate treasury company or,
• 53:43
  or a Bitcoin hoarder company. How the corporate press would
• 53:46
  talk about. And if we did get this
• 53:48
  announcement that someone huge has been acquiring and
• 53:52
  accumulating Bitcoin or as Eric Balkunis said, you know, PAC
• 53:55
  Manning a lot of Bitcoin, you know, he's stealing my means
• 53:58
  guys. You know, I've been saying that
• 54:00
  on the show forever. We're playing Pac-Man here,
• 54:02
  we're playing Hungry Hippo here, acquire the Bitcoin, take it
• 54:05
  into custody. But once we see a huge buyer
• 54:07
  actually come into the market, I think it's going to be very
• 54:10
  obvious in hindsight who pushed the market up because again,
• 54:13
  there's not that much Bitcoin in circulation.
• 54:16
  And the only way to get Bitcoin is to sell that Bitcoin is to
• 54:19
  push the price up. And I think anyone that's been
• 54:21
  in the market for this long is like, my bitcoins are worth way
• 54:24
  more than what? Where are we at like 93 K right
• 54:26
  now? You're like, no, these bitcoins
• 54:28
  are worth way more than 93 K. So once we get an actual
• 54:30
  announcement of a huge buy, it's going to be game over and maybe
• 54:34
  Lukes point of 100K candle comes to fruition and we are all
• 54:39
  terrified because it's ripping too too much and we're having
• 54:42
  too much fun on Twitter because those days are coming.
• 54:45
  I'm starting to feel it guys. I know I am literally the a
• 54:51
  living example of the you know, it's so over, we're back, it's
• 54:56
  so over, we're back. It's so over meme where you're
• 54:59
  just going through the cycle or one week you're like, man, it's
• 55:02
  over. And the next week you're like
• 55:05
  we're so back. Well, guys, we are on the we're
• 55:08
  so back week. So, you know, enjoy it, enjoy
• 55:11
  it. It's going to get better.
• 55:12
  It's going to get bigger. The price is going to start
• 55:13
  ripping. I can feel it, guys.
• 55:15
  I can feel it in my bones. I'm no longer just, you know,
• 55:20
  manifesting it or, or gaslighting myself into thinking
• 55:24
  the end of the year is going to be bullish.
• 55:25
  It's coming. I, I know it's coming, Luke.
• 55:27
  I know we're going. I know it's going to happen
• 55:29
  anyways. You know, I've been getting a
• 55:32
  little bullish, but now I'm just going to tee up Luke to RIP it
• 55:35
  and get as bullish as possible. You already know when Luke comes
• 55:39
  on, he's going to say something ridiculous like we're going to
• 55:42
  100 million coin, $100 million per Bitcoin by like next year.
• 55:45
  So we're going to chat about it a little bit.
• 55:49
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  today. Yeah, chat.
• 57:55
  Chat's rushing me today. I'm getting so rushed into the
• 57:58
  chat. I love you guys.
• 57:59
  Love you guys. All right, Luke, All right.
• 58:01
  Well, man, last time you came on, I asked you the simple
• 58:05
  question of what do you think is the most bullish idea?
• 58:08
  What are people missing? I don't think I want to ask you
• 58:12
  that today. You know, I, I think we've been
• 58:15
  covering it a lot on the show. So let me, let me just ask you a
• 58:20
  simple Luke, like what is the pull case for 2025?
• 58:23
  Like what, what is the bull case moving forward for the next 5 to
• 58:27
  10 years? What I actually, I think I'm
• 58:29
  going to circle it back. What is the masses missing in
• 58:32
  regard to Bitcoin and what will be that catalyst so that
• 58:35
  everyone starts flowing into Bitcoin?
• 58:38
  Yeah, the catalyst is the supply shock that's just only
• 58:41
  accelerating. And I've just been sitting here
• 58:43
  waiting for that to happen. And and that's what everybody's
• 58:48
  missing. Like if the trend of supply
• 58:50
  suffocation that we've been covering today continues, you've
• 58:54
  got no Bitcoin in exchanges in 2026.
• 58:57
  Next year, if what we've seen over the past couple of months
• 59:00
  continues, there's no Bitcoin in exchanges 2026.
• 59:03
  If you're more conservative and you say, OK, let's slow down a
• 59:05
  minute, Luke, let's take the trend from 2022.
• 59:09
  Let's look at two years of data. In the past two years, 900,000
• 59:13
  Bitcoin have left the exchanges. That comes from the chart we
• 59:16
  showed you guys earlier in the show.
• 59:18
  Rewind it and check it out, study it for yourself.
• 59:20
  But if we see 900,000 Bitcoin leave the exchanges every two
• 59:24
  years like we've just seen, do the maths.
• 59:27
  There's no Bitcoin in exchanges by 2029.
• 59:30
  So again, I think this is the thing that the masses is
• 59:33
  missing. It's the supply suffocation.
• 59:35
  Now, this is just like the continuation of the trend.
• 59:38
  If we do get to 2029 and there's no Bitcoin in exchanges,
• 59:43
  Bitcoin's not at $1,000,000 a coin.
• 59:44
  It's going to be a lot higher than that.
• 59:46
  But again, I think the wild card catalyst that I think a lot of
• 59:49
  people also are probably waiting for and they're probably not
• 59:54
  prepared for is the nation state accumulation game.
• 59:58
  When Saudi Arabia, when Qatar or Russia or China comes out and
• 1:00:03
  they say, yeah, we've got 500,000 bitcoins stored away in
• 1:00:07
  response to Donald Trump saying we want every Bitcoin mined,
• 1:00:11
  made and minted in America. What's going to happen?
• 1:00:14
  I think I I'm shocked and stuns that bitcoins at $93,000 a coin
• 1:00:21
  today if you hadn't told me three years ago, Luke.
• 1:00:25
  In 2025, the president of the United States of America, the
• 1:00:29
  biggest nation state in the world, the biggest nuclear power
• 1:00:32
  in the world, is going to be talking about mining, making and
• 1:00:36
  minting every Bitcoin in America, creating a strategic
• 1:00:39
  Bitcoin reserve, and even creating a sovereign wealth fund
• 1:00:44
  for the country for which we don't know what is going to be
• 1:00:47
  in it yet. If you'd have told me all of
• 1:00:48
  those things would happen in 2025, I'd say, oh, Bitcoin's at
• 1:00:52
  $5,000,000 a coin. Today's purchasing power, not
• 1:00:56
  even a question asked. I'd say 5 is probably
• 1:00:59
  conservative, more at $90,000. Again, I think that's the
• 1:01:03
  opportunity that the everyday person has today to stack.
• 1:01:07
  And I think people don't really need as much Bitcoin as they
• 1:01:11
  might think they need. A lot of people look at the
• 1:01:13
  price today, it's $93,000 a coin, and they think I can't buy
• 1:01:18
  a full Bitcoin. That kind of sucks.
• 1:01:20
  Again, we can probably get even more bullish with some numbers
• 1:01:23
  here in a moment, Opti, but I want to know what your catalyst.
• 1:01:26
  What do you think is the big catalyst that the people are
• 1:01:30
  missing today in 2025 or even on A5 or A10 year time frame?
• 1:01:35
  What do you think most people are missing?
• 1:01:37
  Yeah, I mean, I've been kind of, I think the big thing that we're
• 1:01:42
  going to see and, and we're kind of seeing it right now.
• 1:01:45
  And I don't want to use it as a coupling meme, but I, I do think
• 1:01:49
  and I'm, I, I'm still on the fence on diminishing returns and
• 1:01:53
  cycle theory as much as I still believe in the cycle theory.
• 1:01:56
  I think what might be the most interesting catalyst to see
• 1:02:00
  maybe not this year, but going into next year is whether we're
• 1:02:04
  going to see a a huge drawdown and if if Bitcoin is able able
• 1:02:08
  to maintain this like stepwise function going into 2026 when we
• 1:02:12
  should be dropping and we're continuing to see all of this
• 1:02:15
  economic macro uncertainty play out in the world.
• 1:02:19
  If Bitcoin is able to hold on very strong in the face of that.
• 1:02:22
  I think that safe haven meme that we saw, you know, the
• 1:02:24
  Bloomberg analyst lady say is one of those things where
• 1:02:27
  something's going to click in their mind and be like, Oh my
• 1:02:29
  God, maybe these bitcoiners were right.
• 1:02:31
  Like maybe it is this, you know, uncorrelated asset or, you know,
• 1:02:35
  perfect pristine collateral. And maybe this is where I need
• 1:02:39
  to buy some. So I am really kind of waiting
• 1:02:41
  for I, I, I want to know what the catalyst will be for retail
• 1:02:45
  to start to funnel back into Bitcoin.
• 1:02:47
  It's been so long. I remember when I got into
• 1:02:49
  Bitcoin in 2017, it seemed like everyone and their mother about
• 1:02:53
  Bitcoin. It was everywhere.
• 1:02:55
  It was on TV. You'd take an Uber and people
• 1:02:57
  are like, you know, I'm trading this shit coin.
• 1:03:00
  Like, have you heard about Bitcoin?
• 1:03:01
  Like I want to see basically the Stampede come back into Bitcoin
• 1:03:06
  And I'm unsure where that is going to be.
• 1:03:08
  But I think at a certain price point after we break all time
• 1:03:11
  high, that's going to be the the catalyst.
• 1:03:13
  And I, I know guys like, oh, Opti's here talking about price
• 1:03:16
  again, like what's going on here?
• 1:03:18
  Sorry, guys, people watch the price.
• 1:03:20
  This is what they're watching. So as Luke is saying, the supply
• 1:03:24
  shock will be the catalyst, but I think it's just a lot simpler
• 1:03:27
  than that. Like I think once Bitcoin hits
• 1:03:29
  like 150 K and it's running, that might just be the very
• 1:03:33
  simple catalyst. Just a psychological switch
• 1:03:35
  clicks in people's minds and they're like, wait, Bitcoin's
• 1:03:38
  150K, you know, my, my stock portfolio's down.
• 1:03:43
  Treasury bonds aren't doing good yield.
• 1:03:45
  Like what is going on here? The Magnificent 7 my tech stocks
• 1:03:49
  are down, but Bitcoins ripping and it just ripped past 150.
• 1:03:53
  OK, like I thought it was over at 109 Ki thought we're going to
• 1:03:56
  58 K. So I I think once we see some
• 1:03:59
  kind of retail FOMO breaking past all time high to me that's
• 1:04:03
  probably going to be the catalyst.
• 1:04:05
  So like it's kind of what you're saying, the supply shock, but
• 1:04:08
  also I think it's just a psychological round Number of
• 1:04:11
  Bitcoin that is going to really break the gates of the FOMO.
• 1:04:15
  So yes, pull up some some charts.
• 1:04:18
  Let's get them more more bullish, you know, give you a
• 1:04:20
  challenge here. We want them to get so bullish
• 1:04:23
  that they even stack a minimum of one.
• 1:04:26
  Like wine, I'm getting trolled. This time is different.
• 1:04:28
  RIP. Yes, I said it.
• 1:04:30
  This time does feel different. It's fundamentally different.
• 1:04:33
  Like Luke can kind of agree with me here, wine, it is different.
• 1:04:37
  We have nation state following in the Bitcoin.
• 1:04:39
  We have more than one sailor coming into the market acquiring
• 1:04:43
  Bitcoin. We have a new regulatory
• 1:04:46
  environment in the US embracing Bitcoin.
• 1:04:49
  I don't know, I don't know about you bro, but it does seem like
• 1:04:52
  it's different here, So I know that's a me man.
• 1:04:55
  It's a very easy low hanging fruit to troll Bitcoiners like
• 1:04:59
  this time is different and watch let you know.
• 1:05:01
  I'll eat my humble pie. If we go back to it's not being
• 1:05:04
  different, but it sure does feel different.
• 1:05:06
  I'm going off vibes here. OK, I'm going off vibes here
• 1:05:10
  Winekiss and the vibes are strong.
• 1:05:12
  We are vibes trading Bitcoin now.
• 1:05:14
  It's no longer TA. It's just vibes, pure vibes.
• 1:05:18
  All right, Luke, pull some stuff up.
• 1:05:20
  Let's get let's get a little more bullish before we round out
• 1:05:23
  today's show. So what do you got?
• 1:05:25
  What do you got over there? What do you got under your
• 1:05:26
  sleeve? Your shirtless sleeve here.
• 1:05:30
  I'm drinking screwdriver, apparently to Ron's comment in
• 1:05:32
  the chat here. This is a pre workout.
• 1:05:35
  I'm just trying to get jacked up for you guys, trying to get the
• 1:05:37
  caffeine hit in the veins. But yeah, I mean like so there's
• 1:05:41
  a couple of interesting comments in the chat.
• 1:05:44
  I, I think it should be one of the biggest myths in Bitcoin
• 1:05:48
  that people will always be selling their Bitcoin.
• 1:05:51
  Because I, I want to really extrapolate that out a little
• 1:05:54
  bit further. Yes, people will always be
• 1:05:56
  selling their Bitcoin. Who knows, I might even take a
• 1:05:59
  little bit of profit at $1,000,000 a coin or $5,000,000
• 1:06:02
  a coin and a lot of huddlers will be doing the same.
• 1:06:04
  But what I think a lot of people miss is when you get down to
• 1:06:08
  nearly zero Bitcoin on exchanges and again, you just extrapolate
• 1:06:13
  the past five years of data, we're going to get there.
• 1:06:15
  We're going to get near to 0 Bitcoin on exchanges.
• 1:06:18
  And yes, people will be selling. I get it.
• 1:06:20
  Bitcoin will be a million, $5,000,000 a coin.
• 1:06:22
  All the plebs and the hodlers will be selling.
• 1:06:24
  They'll be taking some profit. They'll be upgrading their
• 1:06:27
  lifestyle. They'll probably sell $1,000,000
• 1:06:29
  a Bitcoin, even $5,000,000 a Bitcoin If you've been hodling
• 1:06:31
  for a long time, that's just taken some chips off the table.
• 1:06:35
  But what people don't understand, they don't think
• 1:06:37
  about in that environment, yes, people will be selling, but who
• 1:06:41
  is the buyer on the other side of that transaction?
• 1:06:45
  This is what people don't think about because Bitcoin $100,000,
• 1:06:49
  it's not investable for Apple, Microsoft, Ray Dalio,
• 1:06:54
  Bridgewater Capital, he Bridgewater Capital, $100
• 1:06:57
  billion firm. They cannot put a 1% allocation
• 1:07:01
  into Bitcoin today. They can't do it.
• 1:07:03
  They're too big. It's the same with Apple,
• 1:07:06
  Microsoft, and all of these really big dogs.
• 1:07:09
  They cannot get a 10% allocation to Bitcoin.
• 1:07:11
  It's simply too small. But Bitcoin at $1,000,000, all
• 1:07:16
  of a sudden they can actually begin buying Bitcoin.
• 1:07:19
  They can begin taking an allocation.
• 1:07:21
  And when Bitcoin's at 1,000,005 million, $10 million a coin, who
• 1:07:25
  do you think has a bigger impact on price?
• 1:07:28
  And think about this for a minute.
• 1:07:29
  Let's say the hodlers one year want to sell, you know, you
• 1:07:33
  know, 1,000,000 coins. The hodlers want to send a
• 1:07:35
  million Bitcoin to exchanges. Well, the big guys, the big guys
• 1:07:39
  are going to completely dominate the actual equation here.
• 1:07:43
  So yes, a hodler could sell $1,000,000 worth of Bitcoin.
• 1:07:46
  But who's on the other side of the transaction?
• 1:07:48
  Microsoft wants to buy a billion dollars worth of Bitcoin.
• 1:07:51
  This is an order of magnitude difference.
• 1:07:53
  This is 1000 times bigger. Yes, the yes, there'll be
• 1:07:56
  thousands of Hodlers selling $1,000,000 worth of Bitcoin when
• 1:07:59
  we hit these crazy 1,000,002 million, $5,000,000 price
• 1:08:03
  levels. But think about who is unlocked
• 1:08:05
  as a buyer as you get to these price levels.
• 1:08:09
  All of a sudden nation states can start allocating 1, two,
• 1:08:12
  510% of their treasury into Bitcoin.
• 1:08:16
  And when the Bitcoin do hit exchanges, yes, people will
• 1:08:19
  always be selling, Who do you really think's going to get
• 1:08:23
  access to the coins? We know that bitcoins a
• 1:08:26
  democratic network. We know that I have the same
• 1:08:29
  rules as a billionaire on the Bitcoin peer-to-peer network.
• 1:08:33
  But when we're talking about selling Bitcoin to an exchange,
• 1:08:37
  do you really think that the sovereign wealth fund of America
• 1:08:40
  doesn't have some sort of a handshake deal with Coinbase
• 1:08:44
  behind closed doors so that all of the Bitcoin on exchanges,
• 1:08:48
  it's first reserved for the billionaires or the sovereign
• 1:08:51
  will fund? Again, think about it.
• 1:08:54
  Bitcoin is becoming a national security risk.
• 1:08:58
  Do you really think the sovereign wealth fund of a
• 1:09:00
  nation state, America, is going to have the same rights as you
• 1:09:04
  on a Bitcoin exchange? Of course not.
• 1:09:07
  So yes, people will always be selling, but I don't think a lot
• 1:09:10
  of people think about who's the buyer on the other side of that
• 1:09:13
  transaction. Because once we get to these
• 1:09:16
  price levels, all of a sudden the big dogs can actually start
• 1:09:20
  accumulating and buying Bitcoin. And they're price agnostic.
• 1:09:24
  Like these guys are buying Bitcoin for the next 100 years.
• 1:09:27
  They're not. Again, even if Bitcoin has a
• 1:09:29
  parabolic rally to 1,000,000, they're not going to buy it a
• 1:09:32
  million. And if Bitcoin drops to
• 1:09:33
  $900,000, they're going to, oh, I'm going to sell my Bitcoin
• 1:09:35
  because it's a short term trade. No, they're thinking about this
• 1:09:38
  thing like Michael Saylor, they're holding it over 100
• 1:09:41
  years and when Bitcoin gets to $1,000,000 a coin and it's
• 1:09:44
  5/10/20 trillion dollars of market cap, finally they can
• 1:09:49
  actually invest in it because it's a big enough size.
• 1:09:52
  So again, that's a little bit of a rant, that's a little bit of
• 1:09:56
  myth busting because I see this narrative a lot.
• 1:09:59
  We're never going to see zero Bitcoin on exchanges because
• 1:10:02
  they'll always be sell. Someone selling, Yes, they will,
• 1:10:05
  but what does the world look like in five years when we do
• 1:10:08
  have zero Bitcoin exchanges? Bitcoin just continues doing
• 1:10:11
  what it's doing. It's half a million, it's
• 1:10:12
  $1,000,000 a coin. All of a sudden the buyers
• 1:10:15
  unlocked at those prices, they're going to be the ones who
• 1:10:18
  have dibs over all of the coins on exchanges.
• 1:10:21
  And again, I think a lot of people have this complacency.
• 1:10:23
  They're like, there's no rush for me to get a Bitcoin position
• 1:10:27
  because I can. I'll always be able to buy
• 1:10:28
  Bitcoin because someone will always be able to sell their
• 1:10:31
  Bitcoin. And again, I just think it's
• 1:10:33
  the, it's the 4D chess or the, you know, the, the a lot of
• 1:10:36
  people just aren't thinking about things in how the world's
• 1:10:40
  going to be different in five years because it is going to be
• 1:10:42
  radically different in five years, I think anyway.
• 1:10:45
  Yeah, I I'd agree with that. And I saw, I saw this tweet, I
• 1:10:49
  forget who it was. And it's very interesting that
• 1:10:53
  like, right when you get into Bitcoin, something clicks and
• 1:10:57
  like, yeah, maybe it's just understanding what scarcity
• 1:11:00
  actually means in the world where nothing is really scarce
• 1:11:02
  anymore. And you get this like panic.
• 1:11:05
  You're like you're you once you once Bitcoin clicks, you panic
• 1:11:09
  and you're like, how can I acquire as much Bitcoin as
• 1:11:12
  possible? You're literally like, you know,
• 1:11:14
  what's it the rabbit in the Wizard of Oz?
• 1:11:18
  You know, like I, I got somewhere to be a very important
• 1:11:21
  date and you like literally you just start freaking out and you
• 1:11:23
  need to get as much Bitcoin as possible.
• 1:11:25
  And then the longer you're in Bitcoin, you kind of start to
• 1:11:29
  relax a little bit and you're like, no, like, you know, I
• 1:11:32
  probably have more time than I think I have.
• 1:11:34
  But that idea of just like panicking to acquire as much
• 1:11:37
  Bitcoin, once that kicks in, this is going to be absolutely
• 1:11:41
  insane. And you know, someone's saying
• 1:11:43
  in the chat like, oh, there, this is like new show, same
• 1:11:46
  conversation we constantly have. Look bro, you understand Bitcoin
• 1:11:50
  better than like 99.9% of the population.
• 1:11:54
  The goal here is to see if we can get this message so other
• 1:11:57
  people can get into this idea of being a Bitcoiner, understanding
• 1:12:01
  what is going on. So yes, you know what gets
• 1:12:04
  repeated gets remembered, and what gets remembered gets
• 1:12:08
  repeated. This is literally mimetic
• 1:12:10
  warfare. I know I don't have pictures for
• 1:12:12
  you guys on Rumble, but this is how memes work.
• 1:12:14
  You need to repeat the message over and over and over again.
• 1:12:17
  All right, Luke, I have one question in here and I don't
• 1:12:20
  think you've answered this on the show before.
• 1:12:22
  You probably done it on your own channel.
• 1:12:24
  But Buck 52,000 says, hey Luke, why isn't the price higher?
• 1:12:31
  Yeah. I mean, I, I feel like, like I
• 1:12:33
  said earlier, we've been living in a world where I believe price
• 1:12:37
  has been more disconnected with the fundamentals between 2020
• 1:12:42
  and 2025 than ever before. I don't think we've ever seen an
• 1:12:46
  asset before being more disconnected from fundamentals
• 1:12:50
  and price than Bitcoin is today. So obviously, again, crazy
• 1:12:54
  bitcoiners all throughout 2020-2021, 2022, I was screaming
• 1:12:59
  and speculating, something's going on, Bitcoins under attack,
• 1:13:02
  something's happening behind the scenes.
• 1:13:04
  Paper Bitcoin exchanges are lending out Bitcoin.
• 1:13:07
  The real price of Bitcoin is not being reflected based upon the
• 1:13:11
  public fundamentals and the buy pressure.
• 1:13:13
  What happened in 2022? Well, FTX went bankrupt and when
• 1:13:17
  they did, we found out that they were naked selling 80,000
• 1:13:21
  Bitcoin worth of Bitcoin. They were supposed to hold
• 1:13:24
  80,000 Bitcoin. They held zero and we even got
• 1:13:27
  private phone calls and transcriptions of calls between
• 1:13:32
  yours truly. The curly haired or I need to be
• 1:13:35
  really careful. Yeah, we're on YouTube.
• 1:13:37
  We're on YouTube here, all right?
• 1:13:38
  Curly haired CEO of FDX Exchange Sam Bankman freed his name was
• 1:13:44
  escaping me and his girlfriend Caroline Ellison, and he was on
• 1:13:47
  the phone to her saying every single time Bitcoin's above
• 1:13:50
  $20,000, dump it, dump it, dump it, sell everything, dump the
• 1:13:54
  price of Bitcoin. These are open phone
• 1:13:57
  transcriptions that have now been leaked in their public.
• 1:14:00
  So again, the largest exchange in Bitcoin was aggressively
• 1:14:04
  attacking and manipulating the price of Bitcoin, dumping it to
• 1:14:07
  make sure it was under a certain price level that was supposed to
• 1:14:10
  hold 80,000 Bitcoin. They held zero.
• 1:14:12
  What happens when Coinbase is exposed for doing something
• 1:14:15
  similar? I'm not saying they are, I don't
• 1:14:18
  know. But what I am saying is it's
• 1:14:20
  really interesting that BlackRock is now distancing
• 1:14:24
  itself from Coinbase. Literally last week, BlackRock
• 1:14:28
  came out and said, yeah, we're actually going to be
• 1:14:30
  diversifying our custody away from Coinbase towards Anchorage
• 1:14:35
  Digital. And I was like, boy, that's
• 1:14:37
  interesting. Anchorage Digital, who is that?
• 1:14:39
  I Googled them. They're like 10 to 15 times
• 1:14:42
  smaller than Coinbase. So it's like, hang on a minute.
• 1:14:45
  Surely the bigger, the bigger you are, the safer you are, the
• 1:14:48
  more legit you are. Brian Armstrong, US regulated
• 1:14:52
  exchange, he has to be safe, right?
• 1:14:55
  I mean, isn't that exactly what everybody said about Celsius and
• 1:14:58
  Block 5? Everybody said, OK, everybody
• 1:15:01
  said ignore FTX, they're this offshore shady exchange in a
• 1:15:07
  penthouse in the Bahamas. That is true.
• 1:15:09
  But everybody said, yeah, block fight US regulated company on US
• 1:15:13
  soil, they have to abide by the rules, right?
• 1:15:17
  Wrong. They were also blew up in 2022.
• 1:15:20
  So I didn't think it's a stretch to assume that Coinbase is doing
• 1:15:22
  the same. And I'm absolutely shocked that
• 1:15:25
  more people aren't talking about the fact that BlackRock
• 1:15:29
  distancing themselves from Coinbase is happening.
• 1:15:32
  They're openly saying, yeah, we're out of here.
• 1:15:34
  Even four to five months ago, BlackRock actually changed their
• 1:15:37
  custody agreement. They amended their custody
• 1:15:40
  agreement with Coinbase. That was the first kind of step
• 1:15:42
  of distancing. Now three to four months later
• 1:15:45
  in Q 12025, they're openly saying, yeah, we're also going
• 1:15:49
  to diversify and put some funds with Anchorage Digital, some
• 1:15:53
  tiny company 15 times smaller than Coinbase.
• 1:15:56
  So I think to answer the question, a lot of context and a
• 1:15:58
  lot of a lot of a rant there, but I think the largest
• 1:16:02
  exchanges in the world are rehypothecating Bitcoin.
• 1:16:05
  And I do think a lot of the accumulators are getting really
• 1:16:08
  smart with how they accumulate their Bitcoin and they're
• 1:16:12
  they're using all of these methods to not move the price in
• 1:16:16
  an aggressive way. But the aggressive, the
• 1:16:19
  aggressive drainage of Bitcoin off the exchanges 900,000
• 1:16:24
  Bitcoin in the past two years. That's your indicator that
• 1:16:27
  somebody's very stealthily just ripping as much Bitcoin off the
• 1:16:30
  exchanges as they can at these current prices.
• 1:16:33
  And we're just going to find out the true price of Bitcoin when
• 1:16:36
  that number hits zero. So why hasn't the price moved?
• 1:16:41
  It's those who are buying Bitcoin today are doing it in a
• 1:16:44
  more stealthy manner. So again, when retail was
• 1:16:47
  pumping Bitcoin and we get these massive parabolas in 2013 and
• 1:16:51
  2017, retail weren't accumulating Bitcoin in a smart
• 1:16:54
  way. They just go into exchange and
• 1:16:56
  they say what? Smash, buy, baby, smash buy,
• 1:16:58
  right? Retail isn't smart.
• 1:17:00
  But these billionaires and these huge whales, they're letting the
• 1:17:04
  price come to them. That's why we're not seeing
• 1:17:06
  these crazy block blow off parabolas yet because we will
• 1:17:10
  see them, but just not yet. And I do think like obviously
• 1:17:15
  the amount of new whales buying Bitcoin just hit like it's going
• 1:17:18
  parabolic right now as Bitcoin was down in like the 75 to 80 K
• 1:17:23
  range. And you know, we were both
• 1:17:24
  making videos about this last week, Opti saying this doesn't
• 1:17:27
  happen at tops. New whales don't enter the
• 1:17:30
  market in size like this at a top for Bitcoin.
• 1:17:33
  So those saying 100K is the top, I, I think it's unlikely.
• 1:17:37
  Again, anything's a probability. Sure, Bitcoin could have topped
• 1:17:41
  at 108 Ki, just don't think it's likely.
• 1:17:44
  And yeah, so rehypothecation I think is the the biggest reason
• 1:17:49
  why price isn't absolutely mooning right now.
• 1:17:52
  And the buyers in the market are just a lot smarter.
• 1:17:54
  But eventually the Bitcoin that they're buying will be reflected
• 1:17:58
  in the price, because you can't delay the inevitable forever.
• 1:18:03
  Yeah, I love that. I, I was having this
• 1:18:05
  conversation what, 2 weeks ago about like, man, if you really
• 1:18:11
  add up all the Bitcoin that is supposedly being bought right
• 1:18:14
  now, like it makes no sense why the Bitcoin price isn't ripping.
• 1:18:19
  And while you were talking, I, I looked over, I was looking over
• 1:18:21
  at the men pool, you know, here, I'll, I'll pull it up, I guess
• 1:18:24
  for people to see as well. And I, I'm just like, you know,
• 1:18:29
  we, we've been watching all of these inflows come into Bitcoin
• 1:18:33
  for the last couple of months and we were seeing that fees
• 1:18:37
  were super low, right? And it's interesting.
• 1:18:39
  Today I was looking it over, I'm like, wow, you know, we're
• 1:18:41
  seeing the Bitcoin price RIP our fees still incredibly low.
• 1:18:44
  And it looks like there is finally some on chain demand for
• 1:18:48
  Bitcoin being moved. Now, of course, we don't know in
• 1:18:51
  real time what this is, Is this people selling?
• 1:18:53
  Is this people trying to get, you know, their Bitcoin from
• 1:18:55
  cold storage to the exchanges? Or is this kind of what we're
• 1:18:59
  seeing with all this different data?
• 1:19:01
  Like people are buying Bitcoin and it's hitting on chain so
• 1:19:05
  that Bitcoin is moving to, you know, the the strong, strong
• 1:19:09
  handed diamond handed hodlers out there.
• 1:19:12
  So I find it pretty interesting that we are seeing the on chain
• 1:19:16
  fees go up. And I think that does kind of,
• 1:19:19
  excuse me, correlate to this idea of like, yes, we might be
• 1:19:23
  seeing a lot of rehypothecation in the market or in the last
• 1:19:25
  couple of weeks, but it looks like now they're, you know,
• 1:19:28
  actually settling that Bitcoin. And I, I do tend to agree with
• 1:19:33
  you because over the last couple of weeks, if you've watched all
• 1:19:36
  of these supposed buys going into the ETFs and of course, you
• 1:19:41
  know, corporations buying Bitcoin, the demand on chain was
• 1:19:45
  super low. Like we had like one SAT fees
• 1:19:48
  for months now. And we were like, OK, well, if
• 1:19:52
  they're settling this much Bitcoin, like, why aren't we
• 1:19:54
  seeing this? Like, and not only that, like
• 1:19:55
  the mem pools were clearing, you know, there was only like one or
• 1:19:59
  two blocks for a couple of weeks that one SAT.
• 1:20:01
  And everyone's like, yeah, like we need fees.
• 1:20:04
  We need people using Bitcoin on chain.
• 1:20:06
  And I actually had a shower thought this morning of like,
• 1:20:09
  all right, we are seeing a lot of ETF inflows.
• 1:20:12
  But could this just be, you know, they're doing some kind of
• 1:20:15
  SQL, you know, Excel spreadsheet movement where they own the
• 1:20:19
  Bitcoin and they're just kind of circulating it to new buyers,
• 1:20:22
  but it's not actually hitting the on chain data.
• 1:20:26
  And maybe that was the case for a little bit.
• 1:20:28
  Maybe we are seeing a lot of re hypothecation, but it is
• 1:20:31
  interesting that today we do see the mem pool start to get a
• 1:20:34
  little busier. There's more blocks in queue.
• 1:20:37
  The fees are going up. So I think it's very safe to say
• 1:20:40
  that people are trying to secure that Bitcoin.
• 1:20:43
  They're trying to actually hold the asset and not just have an
• 1:20:46
  IOU paper claim to that Bitcoin, which is fundamentally different
• 1:20:49
  from everything else in the market.
• 1:20:51
  This is one of the one of the main selling points of Bitcoin.
• 1:20:54
  So hey, Luke, we are getting towards the end of the show, but
• 1:20:58
  I do want to tee you up one last time.
• 1:21:00
  Is there any bullishness left in you that we can round out
• 1:21:06
  today's show with? Come on man, you know I could go
• 1:21:09
  for hours. I can do that to the people.
• 1:21:11
  So I was recently I saw a comment here in the chat,
• 1:21:14
  Bitcoin bull one Bitcoin is your goal people get to it while you
• 1:21:18
  can. I love that comment for multiple
• 1:21:20
  reasons. One, I think yes, getting to 1
• 1:21:23
  Bitcoin, it's great. That's going to be generational
• 1:21:25
  wealth. That's going to be generational
• 1:21:27
  wealth for dynasties. That that is going to be true
• 1:21:29
  generational wealth. But I don't think people need as
• 1:21:32
  much as you think. So I recently did a video kind
• 1:21:35
  of breaking down what would, how much do you need to be in the
• 1:21:38
  top 1% on a Bitcoin standard? This is something I'm really
• 1:21:41
  fascinated by. And when you run the numbers and
• 1:21:43
  you use Pareto's principle as a distributional method that kind
• 1:21:48
  of says, look, typically throughout any sort of wealth
• 1:21:51
  distribution in society, 20% of the people hold 80% of the
• 1:21:56
  wealth or 80% of the Bitcoin. So again, there's a really cool
• 1:21:59
  chart that Luke Broyles popped on Twitter a few years ago and I
• 1:22:02
  kind of took it to its NTH conclusion.
• 1:22:05
  If you assume that 4 million Bitcoin are available for sale,
• 1:22:08
  which I think after the nation state's accumulation strategy
• 1:22:13
  and the Michael Saylor public corporate strategy has ran its
• 1:22:16
  course, you can assume, I think pretty conservatively, there's
• 1:22:19
  only going to be 4 million Bitcoin for the plebs, for the
• 1:22:21
  rest of us and the other millionaires and the low level
• 1:22:24
  billionaires. And when you have a look at that
• 1:22:27
  Pareto's principal distribution, what I found fascinating is you
• 1:22:31
  actually only need 0.0, 15 Bitcoin to be a part of the new
• 1:22:37
  1%. This is the millionaire class.
• 1:22:40
  So they will only ever be able to be 80 million individuals who
• 1:22:45
  will be able to hold 1.5% of a Bitcoin.
• 1:22:49
  So today that's worth somewhere around 1500 big ones.
• 1:22:53
  And in the future, I found that if you assume there's 4 million
• 1:22:56
  Bitcoin on exchanges available for sale, well, sorry, 4 million
• 1:22:59
  Bitcoin that circulates on like a daily basis or like a weekly
• 1:23:03
  or a monthly basis that's actually available for sale.
• 1:23:06
  You only need 1.5% of a Bitcoin to be a part of the new
• 1:23:09
  millionaire class. I thought that was pretty wonky,
• 1:23:12
  but I wanted to push the numbers even further because you guys
• 1:23:15
  know I'm incredibly bullish and the way I actually think about
• 1:23:18
  things, I genuinely believe there's going to be less than a
• 1:23:21
  million Bitcoin that's actually available of the 21 million
• 1:23:25
  coins for sale. Like I genuinely think Michael
• 1:23:29
  Saylor squatting on half a million coins today, 500,000
• 1:23:33
  Bitcoin today, him holding that for 100 years.
• 1:23:36
  I genuinely believe 95% of the Bitcoin is going to be in public
• 1:23:40
  corporation treasuries like that or nation state treasuries,
• 1:23:44
  which is just not going to move for 100 years.
• 1:23:46
  That's that's how I genuinely look at the 21 million Bitcoin.
• 1:23:49
  I think 1,000,000 coins is even conservative.
• 1:23:52
  But I said, all right, let's get a little bit crazy and let's run
• 1:23:55
  some hypothetical scenarios. And under that scenario, if
• 1:23:59
  there's 1,000,000 Bitcoin that's actually available for sale, you
• 1:24:03
  actually only need 0.00375 Bitcoin to be a part of this new
• 1:24:10
  millionaire class. So that today is something like
• 1:24:12
  $400.00 worth of Bitcoin. That's less than 1% of a
• 1:24:16
  Bitcoin. And again, I genuinely think
• 1:24:18
  that's conservative. Like, I genuinely believe
• 1:24:21
  Bitcoin's going to be worth hundreds of millions of dollars
• 1:24:24
  per coin. And it's all based upon that
• 1:24:27
  assumption. There's 21 million Bitcoin in
• 1:24:29
  the entire world and it's just going to be hoarded.
• 1:24:32
  It's going to be. And again, that's not a bad
• 1:24:34
  thing. It's not a bad thing.
• 1:24:35
  People hoard valuable things. And I think Michael Saylor just
• 1:24:39
  being one of the 2 1/2 thousand billionaires saying I'm sitting
• 1:24:45
  on 500,000 coins, I'm I'm not selling them for 100 years.
• 1:24:48
  There only really has to be another 4 or 5 or 10
• 1:24:51
  billionaires who actually understand Bitcoin close to
• 1:24:55
  sailors level who wanna do the same thing.
• 1:24:57
  And we're kind of already in that world.
• 1:24:59
  We're in that world where only really one million bitcoins
• 1:25:02
  available for sale. So yeah, I mean, simple
• 1:25:06
  scarcity, simple supply and demand economics is why I'm way
• 1:25:11
  more bullish than most people. And again, I know it sounds
• 1:25:14
  crazy, it sounds like hopium, but I genuinely believe
• 1:25:16
  everything I just said. I do think Bitcoin is going to
• 1:25:19
  be a hundreds of millions of dollars a coin.
• 1:25:21
  I do genuinely think you only need 0.01 Bitcoin to be
• 1:25:25
  generational wealth. When you actually run the
• 1:25:27
  numbers with what I think is conservative assumptions, 0.015
• 1:25:33
  Bitcoin puts you in the new Class A millionaires on a
• 1:25:34
  Bitcoin standard. That's just maths.
• 1:25:37
  That's just how wealth distributions work.
• 1:25:39
  I'm only assuming that Bitcoin takes over as money of the
• 1:25:42
  world. That's it.
• 1:25:43
  And how's that going to be distributed?
• 1:25:46
  We don't know yet, but I learn more towards the bullish
• 1:25:49
  assumptions than the bearish ones.
• 1:25:52
  Let's go. So dollar SAT parity coming
• 1:25:56
  soon. A million SAT is and will be the
• 1:26:00
  new millionaire. But what was that?
• 1:26:02
  What was the the extremely bullish 1?
• 1:26:04
  You said 0 or .00375. So what 370,000 SAT do you think
• 1:26:12
  will be generational wealth? Yeah.
• 1:26:15
  So if you assume 4 million Bitcoin on exchanges, you need
• 1:26:19
  1.5% of a Bitcoin. Now, if you divide that by four,
• 1:26:23
  and if you're shooting 1,000,000 Bitcoin on exchanges, you just
• 1:26:26
  divide that number by 4. So you only need 0.00375
• 1:26:32
  Bitcoin. OK 375,000 sat someone do the
• 1:26:36
  quick math in the chat. That is what, 400 bucks right
• 1:26:40
  now? Something like that.
• 1:26:42
  That's nuts. All right, all right, Someone in
• 1:26:44
  the chat says my man. All right.
• 1:26:46
  So I think, I think we sufficiently got bullish on
• 1:26:49
  today's show. Luke, it's always a pleasure
• 1:26:52
  coming on actually. Actually guys, I forgot to say
• 1:26:55
  Luke will be on tomorrow. So maybe maybe blast him on
• 1:27:00
  Twitter and then maybe we can answer some of the questions.
• 1:27:02
  But Luke, thanks so much, man. It's really been a pleasure.
• 1:27:06
  Of course, guys, go follow him on Twitter.
• 1:27:08
  Luke Mikic, MIKIC 21 on Twitter. Of course, he also has a YouTube
• 1:27:14
  channel and he will be on the show a lot more often for you
• 1:27:18
  guys. So maybe with me or I I want to
• 1:27:22
  get him on with with with Nico, which basically means I want to
• 1:27:25
  take a vacation here soon. So you know, he might be on the
• 1:27:28
  show with Nico soon. But Luke, thanks so much.
• 1:27:32
  Hang out behind behind the scenes.
• 1:27:33
  Why I wrap or actually actually before I do that, I do have to
• 1:27:37
  shout out the Bitcoin conference 2025 in Las Vegas.
• 1:27:40
  We are taking over the Venetian Hotel in Las Vegas May 27th
• 1:27:44
  through the 29th. Make sure you get your ticket.
• 1:27:47
  We're going to have the whole simply Bitcoin team actually.
• 1:27:50
  Hey, Luke, you know not to put you on blast while you have your
• 1:27:53
  mouth full of something over there.
• 1:27:54
  Pause. Are you going to be there?
• 1:27:57
  Did you get your your visa worked out?
• 1:27:59
  Will people see you? I am going to the US embassy in
• 1:28:04
  the country that I'm currently in this week trying.
• 1:28:06
  To resolve. And try my best.
• 1:28:08
  OK, So you might see Luke there as well.
• 1:28:11
  Anyways, guys, this is the largest Bitcoin conference in
• 1:28:15
  the world and considering the price is kind of ripping, I
• 1:28:19
  think this one might actually be the long the largest attendance
• 1:28:24
  ever. So it might get really crazy.
• 1:28:26
  It's going to be really fun in Vegas.
• 1:28:29
  Again, we are embracing the game theory.
• 1:28:31
  There is going to be literal politician, US politician
• 1:28:35
  speaking on stage, the legendary Ross Olbrich's going to be
• 1:28:39
  there, and I guess even even Peter Shim's going to be there.
• 1:28:43
  So maybe we can dunk on Gold Live.
• 1:28:45
  Anyways guys, scan the QR code and you simply all caps to get
• 1:28:48
  10% off your tickets. On that note guys, let me pull
• 1:28:53
  everyone off. Luke, hang out for a moment.
• 1:28:56
  We love you guys. This has been Wednesday, April
• 1:28:59
  23rd, I believe this is episode 1229 and this has been your boy
• 1:29:05
  Opti. I'm glad you guys got
• 1:29:07
  sufficiently bullish. We will be back tomorrow, same
• 1:29:10
  time as usual, unofficially 12:15 PM.
• 1:29:15
  Don't yell at me because we start late, but I love you guys.
• 1:29:18
  Get outside, touch some grass, eat some good food, and get a
• 1:29:21
  workout in. I'm literally going to the gym
• 1:29:23
  right after this, so I'll make sure we are fit mentally,
• 1:29:26
  financially, and spiritually. This is how we win guys, as our
• 1:29:30
  boys, Fetsky was saying, you know code of virtue of
• 1:29:33
  Bitcoiners is taking over the world.
• 1:29:34
  Proof of work is a lifestyle. On that note, peace out.
• 1:29:38
  I will see you tomorrow. Today's episode was brought to
• 1:29:41
  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:29:45
  mission to enable financial independence.