Latest / Simply Bitcoin / What Happened to The U.S. Strategic Bitcoin Reserve? | EP 1454

Transcript

What Happened to The U.S. Strategic Bitcoin Reserve? | EP 1454 · Simply Bitcoin

• 0:01
  There's been a lot of speculation over whether the US
• 0:04
  government is ever going to actually buy Bitcoin, whether
• 0:08
  they're secretly buying Bitcoin, or whether they even have plans
• 0:11
  to buy Bitcoin. Well, in a strange turn of
• 0:15
  events, the US government added a huge chunk to their gold
• 0:18
  reserves. Will break down all of the
• 0:21
  details about it and of course this is causing even more
• 0:24
  questions about how serious the US is on actually buying a
• 0:29
  million Bitcoin. That's what we've been hearing
• 0:32
  for a long time. There's a lot of speculation, a
• 0:34
  lot of talk, rumors saying they're actually going to do
• 0:37
  this, they're serious about it. And now we see that I guess the
• 0:42
  first move is, is trying to get as much gold as possible, which,
• 0:45
  you know, you're, you're seeing this trend expand from all
• 0:48
  central banks and governments in the last few years rather than
• 0:52
  the last year because of all of the tension in the world.
• 0:54
  Obviously Bitcoin historically is or sorry, gold is
• 0:58
  historically the store of value from institutions.
• 1:01
  So the move does make some sort of sense, but of course, this is
• 1:05
  a Bitcoin show. And guys, we got a special guest
• 1:07
  with us today. We got Paul Tarantino, CEO bite
• 1:10
  Federal in the building with us. So Paul, thanks so much for
• 1:14
  joining us. All right, let's yeah, this is
• 1:16
  going to be fun. You know, Hey, chat, you, you,
• 1:19
  you guys know you, you guys have been giving Nico some Flack and
• 1:22
  I'm like, Paul, maybe maybe you'll be less bearish than
• 1:26
  Nico. He's like, I don't know.
• 1:27
  So guys, take it easy on them. Take it easy on them guys.
• 1:30
  All right, anyways, let's get into this new story, guys.
• 1:33
  So here we go. Here is the breaking scoop from
• 1:36
  Axios, which is, of course, Trump officials broker massive
• 1:41
  US Venezuela gold deal. Huge news.
• 1:44
  Actually my first maybe more cynical view here is remember
• 1:49
  there was supposed to be a a Fort Knox gold on it.
• 1:52
  Is this them replenishing the the Fort Knox gold audit that we
• 1:56
  don't know what's going on? Do we even have gold there?
• 1:59
  Is this their way of making sure there is some gold in the Fort
• 2:02
  Knox? We'll see, who knows.
• 2:05
  Anyways, breaking this down a little bit, Venezuela state
• 2:07
  owned mining company on Monday inked a multi $1,000,000 deal to
• 2:11
  sell as many as 1000kg of gold destined for U.S. markets, at
• 2:16
  least two sources familiar with the matter have told Axios.
• 2:19
  Of course, why it matters. The arrangement shows the
• 2:22
  tightening commercial bound between Venezuela and the US
• 2:25
  after President Trump ousted the nationals, indicted socialist
• 2:29
  dictator and exerted de factor control over its oil rich
• 2:33
  petroleum company. But to zoom in, the gold deal
• 2:36
  requires state old company Minervan Minervan to furnish 650
• 2:41
  to 1000 kilos of gold door bars to the commodities trader
• 2:46
  Figura. According to one of the surface
• 2:48
  the sources contract calls for 98% final gold content.
• 2:52
  Trifigura will shepherd the gold to US refineries under a
• 2:55
  separate arrangement with the US government.
• 2:58
  And of course, US Interior Secretary Doug Berman, who
• 3:01
  arrived in Venezuela Wednesday to discuss oil mineral
• 3:04
  opportunities, help shepherd the gold contract.
• 3:07
  So as the rumors have been said, ever since the Venezuela
• 3:12
  operation, most people pointed out two very, you know, very
• 3:17
  crucial resources here, which is, of course, of course, the
• 3:19
  gold and the oil. We know what happened with the
• 3:22
  oil. Now it seems like we know what's
• 3:25
  going to happen with a lot of their gold.
• 3:26
  And actually, I was talking with Sophie this morning.
• 3:28
  Of course she's Venezuelan and she's like, wait, what?
• 3:32
  They did a deal to acquire gold and with multimillion dollar
• 3:35
  they bought gold from Venezuela. She's like, no they didn't.
• 3:38
  They just took the gold. Now, of course the pro and cons
• 3:41
  of this, again, as I was saying, from my view, it seems like the
• 3:46
  US government is just trying to replenish the gold that's
• 3:49
  supposedly at Fort Knox. I think everyone, at least you
• 3:54
  know, with the tinfoil hats like us, think there is no gold in
• 3:58
  Fort Knox. So they need a lot of gold
• 4:00
  there, but this is a beneficial move from from the Venezuelan
• 4:05
  perspective. Now they obviously make a deal
• 4:07
  with the US and now they can get on some U.S. financial rails.
• 4:10
  So it does make a lot of sense. It makes a lot of sense from a,
• 4:15
  you know, geopolitical trade angle.
• 4:17
  But again, from a bitcoiners perspective, you're like, bro,
• 4:20
  you're stacking gold over Bitcoin like huge L.
• 4:24
  What are you guys doing? I thought we were going to buy a
• 4:26
  million. Now, I know the chat is going to
• 4:28
  say, 'cause I, I actually do believe that the US government
• 4:32
  has been buying Bitcoin just silently.
• 4:35
  But there is another interesting wrinkle to this.
• 4:37
  And if you guys are following what's going on on Twitter, then
• 4:41
  you guys know, just like I know where to go, where to go.
• 4:45
  Here we go that the Trump linked American Bitcoin now holds 6500
• 4:51
  Bitcoin. Now, why is this interesting?
• 4:54
  Of course it's a Trump family's Bitcoin mining company, but
• 4:57
  they're stacking Bitcoin. They're, you know, getting
• 5:01
  higher on the Bitcoin treasury rankings.
• 5:04
  I do have them here for you guys actually.
• 5:06
  Here's the government one, of course, the United States
• 5:09
  allegedly supposedly holds over 300,000 coins.
• 5:13
  We haven't really got a audit on this, so this is just a trust
• 5:17
  me, bro not verify scenario. They haven't told us anything,
• 5:20
  but allegedly we still held the 2000 or 200,000 Bitcoin that we
• 5:26
  were supposedly holding. And then we took that other 128
• 5:29
  K from China over the fraud case.
• 5:32
  But let's look at the public companies holding Bitcoin.
• 5:36
  And I think this is where you might be getting some signal
• 5:39
  here, especially if you hear and understand a lot of the things
• 5:43
  that Trump administration is saying and potentially doing.
• 5:46
  And it's moving away from the public's or sorry, away from,
• 5:50
  yeah, away from the public sector into the private sector.
• 5:53
  And I think this is where this move is very interesting.
• 5:56
  So let me look here real quick and we'll see where American
• 6:01
  Bitcoin is. There's Trump media at 13
• 6:05
  America. Here we go.
• 6:06
  There are now 17th on the Bitcoin treasury list here.
• 6:10
  So they've been making aggressive moves to acquire a
• 6:13
  lot of Bitcoin. And, and so anyways, here's my
• 6:16
  kind of take here. Again, I do believe that the US
• 6:20
  government is secretly stacking Bitcoin.
• 6:23
  It makes perfect sense from a game theory perspective.
• 6:25
  You announce you want to get into Bitcoin.
• 6:27
  You don't actually wait until you know your official
• 6:30
  announcement to get Bitcoin. You tell people, hey, we're
• 6:33
  going to tell you up front we want some Bitcoin, You stack
• 6:37
  your bags. And then once you actually get
• 6:39
  your position is when you announce that we've been
• 6:41
  stacking Bitcoin. And at least in theory, you
• 6:44
  would expect that the Bitcoin price goes up afterwards because
• 6:47
  of the game theory. But the other wrinkle here is,
• 6:51
  again, what Trump has been saying recently, a move away
• 6:54
  from the public sector into the private sector, which is why I
• 6:57
  think it's very interesting that we're seeing American Bitcoin
• 7:00
  company, the Trump family, Bitcoin mining corporation,
• 7:03
  stacking Bitcoin. So I think, I think the rumors
• 7:07
  of the US government are at least Trump and his family
• 7:10
  stacking Bitcoin. I think there's a lot of water
• 7:13
  to this. I think there's a lot of weight
• 7:14
  to this idea that there is stacking coming from the first
• 7:17
  family. It could potentially happen from
• 7:20
  the federal level. We know it's happening from the
• 7:22
  private level. So I think it's pretty, pretty
• 7:25
  safe to say that if they are that bullish from a private
• 7:28
  corporation level that they are actively or maybe trying to get
• 7:34
  Bitcoin, more Bitcoin on the federal level.
• 7:36
  Of course, Senator Lummus has been pushing the we want a
• 7:40
  million Bitcoin. We'll see if that happens.
• 7:42
  A million Bitcoin over the next five years.
• 7:44
  As of now, with all of the hot water that Trump's getting
• 7:48
  himself into, I'm, I'm very, I'm very cynical and critical about
• 7:53
  any more Bitcoin stuff coming out of the Trump administration.
• 7:58
  I know a lot of people are saying the Clarity Act might
• 8:00
  happen soon. Actually, I have the odds here.
• 8:02
  The Poly market odds are shooting up.
• 8:04
  Even though we are seeing that there is Reuters article saying
• 8:09
  like the clarity act is stalled. They're an impasse.
• 8:12
  And, and I covered that yesterday.
• 8:13
  You, you guys all know the reasons for that.
• 8:15
  It's because of the stable coin yields.
• 8:17
  Actually, there was an interesting tidbit.
• 8:19
  Remember yesterday, guys. So, Paul, I did, I did a
• 8:23
  coverage of the ECB and they did dropped a report about stable
• 8:29
  coins and how stable coins are going to take away from the ECB
• 8:34
  deposits. Yeah.
• 8:36
  And then this morning, or rather it was last night, Reuters
• 8:39
  dropped an article about the Clarity Act and how there's an
• 8:42
  impasse between the banks and the crypto industry.
• 8:45
  And guess what, guys? The banks now are saying the
• 8:48
  same thing. If there is stable coin
• 8:50
  proliferation, then our deposits are going to go down.
• 8:53
  So the same narratives, as I was telling you yesterday, are being
• 8:57
  played out on both fronts, from the central bank level and from
• 9:00
  the, you know, regional banks in the US.
• 9:03
  As I was saying yesterday. It's like, yeah, that's kind of
• 9:05
  the point. That is kind of the point.
• 9:08
  That's what we want to happen anyways.
• 9:11
  It's what seems like for me, all these things come together, the
• 9:14
  gold side and the stablecoin side, the Clarity Act, etcetera.
• 9:19
  And I take it back to you when JP Morgan released some research
• 9:22
  that showed that like 80% of every dollar that leaves the
• 9:25
  banking system and goes into crypto never comes back.
• 9:29
  So it is absolutely a threat to the traditional banking system.
• 9:33
  So I think it's This is why the focus on gold now.
• 9:37
  I think it's an order of operations.
• 9:39
  So if we can get a large inventory of gold reserves and
• 9:45
  then the gold price is driven up through global conflict through
• 9:50
  the rest of the world accumulating reserves, then that
• 9:53
  gold is repriced, which allows massive trillion plus multi
• 9:58
  trillion dollar funding of the Treasury general account, right?
• 10:02
  If that then can coincide with the issuance of stable coin
• 10:08
  proliferation across the globe, it's going to make those dollars
• 10:12
  more valuable to people to know that the United States is not on
• 10:16
  the verge of a debt explosion. So I, I, I think this is all
• 10:21
  coming together. I think this is part of the
• 10:22
  order of operations and the reason why they want this
• 10:25
  Clarity Act done ASAP because they want to get to a point
• 10:29
  where when they do revalue the gold and we do fix the Treasury
• 10:35
  general account gets all this liquidity, it can start to do
• 10:38
  things with the budget. Neutral.
• 10:40
  Ways and budget neutral ways, right, it can push out stable
• 10:43
  coins to friends of the of the West, right.
• 10:46
  I don't think it's going to be it's not going to be global
• 10:48
  printing for everybody in the future.
• 10:50
  It's going to be delivery of stable coins to partners and
• 10:53
  friends of the West. Yeah, yeah.
• 10:54
  And we're seeing that happen in Argentina, like currently.
• 10:57
  Interesting. Yeah.
• 10:58
  I, I think, I think that's a, a very, for lack of better terms,
• 11:04
  like sober, you know, analysis of what's going on, because I
• 11:08
  know our chat, they've, they've been wondering one thing, this
• 11:12
  whole thing like, why is gold running up and bitcoins been
• 11:14
  flat? Like is the US government
• 11:16
  actually serious about the clarity Act passing this whole
• 11:19
  Bitcoin stuff? And I've been kind of on the
• 11:22
  same page as you that it is an order of operations thing.
• 11:25
  Most people are not comfortable with Bitcoin like we are.
• 11:28
  They're not, they're not extremists like us guys, You
• 11:30
  know, they, they don't look at Bitcoin as this neutral, scarce,
• 11:34
  you know, parallel economy. They're just looking at it like,
• 11:37
  hey, I just want to investment, I just want price exposure to
• 11:39
  it. And This is why you'd expect in
• 11:42
  the last year that gold would run up because we're seeing
• 11:47
  central banks drop Treasuries or, you know, Fiat debt at the
• 11:51
  fastest rate ever. We're finally seeing central
• 11:53
  banks acquire more gold than Treasuries and and you're kind
• 11:57
  of wondering like, are we in this pseudo gold standard right
• 12:00
  now because of all of the uncertainty in the world?
• 12:03
  It is making you wonder like what exactly is going on?
• 12:06
  And I've just been saying it's like, look guys, it just makes
• 12:08
  perfect sense. More people are comfortable with
• 12:11
  gold than they are with Bitcoin, hence why that's the first thing
• 12:14
  that they get into. And I do think there's a lot of
• 12:16
  truth in the fact that the central banks of the world want
• 12:21
  privacy, right? They don't want you to have,
• 12:23
  they don't want you to have private transactions, but they
• 12:26
  need them. They want them gold settled
• 12:29
  financial transactions. They're going to be able to
• 12:31
  control that. They're going to have more, more
• 12:33
  privacy. They're going to be able to do
• 12:35
  the business they want to do. Once that reset has been
• 12:39
  completed and and the world is settling trade on gold, then I
• 12:43
  think the green shoots of the future if you reference the 4th
• 12:47
  turning is Bitcoin as the settlement layer.
• 12:50
  Got it. This is, you know, I don't think
• 12:52
  we are off the trail or we've lost the map of where Bitcoin is
• 12:57
  going, but I do think this order of operations is part of the
• 13:01
  process so that we we are on good standing with trade
• 13:06
  globally. Our balance sheet is fixed, then
• 13:11
  we move to Bitcoin. Can they actually fix the
• 13:13
  balance sheet though, Paul? Take a lot higher.
• 13:17
  Gold price so a. Lot higher.
• 13:19
  If you follow this order of operations, it's going to be
• 13:23
  well above $10,000. Yeah, that, that is the crazy
• 13:26
  thing. A lot of a lot of gold analysts
• 13:27
  are like, look, it's going I I forget who it was a very big
• 13:30
  name. He's like, it's going to 10/20 K
• 13:32
  in like a year or so. And you're like, that is just
• 13:35
  insane. Especially when everyone's kind
• 13:38
  of been saying the, you know, law of big numbers, it's a
• 13:41
  bigger market cap. It can't run that high.
• 13:44
  And they, they've been using that in Bitcoin.
• 13:46
  And for us, we're like, look at what happened to gold guys.
• 13:48
  Like I, I don't know if we're all looking at the same thing
• 13:51
  'cause if it can happen to gold, if there's a rush into Bitcoin,
• 13:54
  things could get very crazy right now.
• 13:57
  And, but I do think your, your point and I've been saying the
• 14:01
  same thing on the show. It's like it's an order of
• 14:03
  operations thing. They're going to go into gold
• 14:05
  1st and then eventually, like, I really like your, your take here
• 14:09
  that first it starts with gold and then it goes into Bitcoin.
• 14:14
  And they got to, they got to kind of get the first step first
• 14:16
  foundation down and, and make sure that they can get more
• 14:19
  gold, they can revalue the gold. And then what can they do after
• 14:23
  they have a lot of gold it well, allegedly, because, you know,
• 14:27
  who knows what's going on with the Fort Knox A.
• 14:29
  Bunch of neutral way to to buy Bitcoin is to revalue gold,
• 14:32
  true. I mean, Senator Lemons has been
• 14:34
  saying that, but, you know, we'll see how much, you know,
• 14:38
  influence Senator Lummus actually has in Congress,
• 14:41
  especially now that we know she's not going to be running in
• 14:44
  2027. But Paul, I do want to ask you
• 14:46
  one more thing. You're at Bight Federal, so you,
• 14:51
  you know, you have to deal with a little more regulations than
• 14:54
  we do. We just talk on on YouTube.
• 14:57
  So you I think you have a better insight than I do on what
• 15:00
  actually comes from the government level and Bitcoin.
• 15:03
  So what's your thoughts right now on the Clarity Act?
• 15:06
  What's in it and whether it's actually going to pass?
• 15:09
  Boy, I do think it's going to pass.
• 15:13
  I, I think they'll sort it out. I think they'll figure out a way
• 15:15
  that at least, you know, crypto exchanges are either going to be
• 15:18
  able to pay a yield or, or offer rewards or some, some sort of
• 15:23
  incentive for people to park stable coins at the exchanges.
• 15:25
  I think that'll get settled. The time frame of that, you
• 15:30
  know, I, I've seen enough of politics, you know, that's like,
• 15:33
  I'm not going to predict that the on the on the regulatory
• 15:38
  front, you know, and not just we obviously we see it in our
• 15:42
  industry. And I think what we're seeing
• 15:44
  around all of us is there is certainly an attack to suppress
• 15:50
  self custody. And we we need to, as core
• 15:55
  hardcore bitcoiners, we need to fight to maintain that at all
• 16:00
  cost. That is the the core feature of
• 16:03
  Bitcoin that gives us the power that we have.
• 16:06
  We would not be here today if it wasn't for self custody.
• 16:08
  Self custody has bailed us out of every crisis that we've had,
• 16:12
  every attack that we've experienced.
• 16:14
  And, and don't kid yourself, just because the government is
• 16:17
  saying we like Bitcoin, we want to bank Bitcoin, we want a loan
• 16:21
  against, that doesn't mean that they want you to have self
• 16:24
  custody and to be sovereign. They want this thing moved into
• 16:27
  the banking system and controlled by the banking
• 16:29
  system. And the way they do that is they
• 16:31
  incentivize you to give up self custody or they regulate you out
• 16:34
  of self custody. So that is the preeminent battle
• 16:38
  that I think we're going to be fighting for as long as Bitcoin
• 16:41
  is here, and we need to make sure that we keep that ground.
• 16:45
  That's the beachhead that we cannot lose.
• 16:47
  I 100% agree with you, Paul. I've been saying for a while,
• 16:51
  obviously there's a lot of, there's a lot of infighting
• 16:54
  currently in, in regards to the core knots debate.
• 16:57
  You know, that that's been one of the, the big, big blow UPS in
• 17:01
  Bitcoin in the last year or so. And I, you know, I followed
• 17:05
  along on it. I, I personally don't think
• 17:07
  it's, it's as catastrophic as everyone else says.
• 17:09
  I'm like, it's if Bam's going to kill Bitcoin, then this isn't
• 17:12
  what we thought it was. That that's kind of like my
• 17:13
  default here. And I've been talking on the
• 17:15
  show constantly and I literally laid it out exactly like you
• 17:19
  did. I was just calling it like the
• 17:20
  real attack going on right now is the Wall Street attack on
• 17:23
  Bitcoin. Trying to centralized a lot of
• 17:25
  Bitcoin in their custody, making sure via their products that you
• 17:29
  give up the keys to your Bitcoin so that they can hold their
• 17:32
  Bitcoin or hold your Bitcoin. And and I'm like, that's the
• 17:36
  attack guys. It's really under the radar
• 17:38
  because it is so bullish that the institutions are coming.
• 17:41
  We've been in Bitcoin for a long time.
• 17:43
  We've heard the rumors. Institutions are coming.
• 17:45
  We all thought they were going to pump our bags.
• 17:47
  Here we are. We're like you guys, you guys
• 17:49
  are dunking on us like what's going on here?
• 17:51
  And I'm just like it. It's all it's like the matrix,
• 17:55
  you know, you see the green lines.
• 17:57
  I'm like, guys, they're just trying to get you to give up
• 18:00
  your keys, and they're dropping products right now that are
• 18:03
  incentivizing people to give up their keys.
• 18:05
  And they're going to continue to do that.
• 18:07
  And this is the war that we're probably going to be doing for
• 18:10
  the next decade plus is fighting that urge to give up the keys of
• 18:14
  your Bitcoin so that you can get whatever shiny product Wall
• 18:18
  Street's trying to give you. I've been saying that same thing
• 18:20
  on this show for a while. And the more I see coming out of
• 18:24
  the Clarity Act kind of debate, I'm like, it makes perfect,
• 18:28
  makes sense to me. That's why I'm like, I, I don't
• 18:30
  like to agree with Brian Armstrong much, but I do agree
• 18:33
  with the I'd rather have no bill than a really bad bill.
• 18:37
  And the way it's going, I'm like, man, this is going to be a
• 18:40
  monstrosity. Yeah, You know, we used to when
• 18:43
  Trace Meyer was just pounding the tables.
• 18:46
  I forget what what he called it, but every January, you know,
• 18:49
  January 1, we'd all proven reserves.
• 18:51
  Proven. Reserves and I'll pull our
• 18:53
  Bitcoin from every exchange into self custody and that was a
• 18:56
  really great training wheel for all of us that were here during
• 18:59
  that time because it got us in the habit of sweeping our coins
• 19:03
  to self custody and it would what it does is it flushes out
• 19:07
  anybody that's up to no good right If you know if you're FTX
• 19:12
  or you're Celsius or you're XYZ Quadriga right.
• 19:17
  Or whoever. Like, like if we pull out like
• 19:20
  coins, we know who's who's rehypothecating and who's up to
• 19:24
  up to no good. And I think it's a practice that
• 19:26
  Bitcoiners need to get back to it.
• 19:28
  It is the beach head that is going to keep us strong and keep
• 19:32
  the shenanigans out of Bitcoin. We all know about Jane St.
• 19:36
  We all know about all of the price manipulation that goes on
• 19:40
  in the derivatives markets. Those derivative markets are
• 19:42
  only going to get bigger and self custody and those instances
• 19:46
  are it's just going to become more and more valuable.
• 19:49
  So I, I can't, I can't state enough how important that is
• 19:53
  when it comes to core and knots. I'm probably just going to piss
• 19:57
  off everybody here. Let's go.
• 19:59
  I think they're both attacks. Oh, spicy, right.
• 20:02
  And, and so, and this is the way I look at it #1 knots, even
• 20:07
  though morally taking this imperative, which, you know,
• 20:12
  morally I align, I will align with it from a protocol level,
• 20:16
  It's introducing censorship. And, and if we're going to
• 20:19
  introduce censorship, that's a slippery slope.
• 20:22
  I don't think we should go there on the.
• 20:26
  Poor side, the way they handled the marketing and promotion of
• 20:31
  this, the way they the way they said like basically our
• 20:35
  opinion's the only opinion that matters and the fact that Peter
• 20:38
  Thiel is an investor in Citria is the only one benefiting from
• 20:45
  the expansion of that that. You put that guy, you put that.
• 20:49
  Guy's name in front of anything and I'll be suspicious.
• 20:52
  Me too, me too. So I, I think they both have
• 20:55
  potentials to be attacks. They both, they both need to be
• 21:00
  constantly looked at, reviewed and questioned.
• 21:03
  This is the nature of the space we're in and and opting out opti
• 21:10
  by self custody is the way we do that. 100% couldn't agree more.
• 21:14
  OK, one, one last question since we're kind of on this topic of
• 21:17
  self custody, of course Bite Federal, you guys sell Bitcoin
• 21:21
  to you know, individuals that's that's what you guys do through
• 21:24
  ATMs etcetera. And we were talking about like
• 21:28
  kind of the Wall Street attack, obviously from a incentivizing
• 21:33
  you to give up your keys. But we did see kind of a
• 21:37
  worrying trend last year where because the ETFs were launched,
• 21:40
  self custody is probably at the lowest it's been in a long time.
• 21:44
  So I'm wondering again, from your like behind the scenes view
• 21:47
  of, of working with selling Bitcoin to individuals.
• 21:51
  Are you guys seeing something similar that people are just
• 21:53
  going to, you know, ETFs or whatever Wall Street product and
• 21:57
  avoiding self custody and, and the responsibility that comes
• 22:00
  with it? We we don't see that in the ATMs
• 22:03
  and the reason being is that like the ATM industry lives on
• 22:06
  self custody. So that's why I'm asking.
• 22:08
  So it is a it, it was built to replace the peer-to-peer
• 22:11
  transaction where you met some stranger at a coffee shop,
• 22:14
  right. So now you're, you're, you're
• 22:16
  the, you're doing a business with a trusted entity.
• 22:18
  But we, we buy Bitcoin into our inventory.
• 22:21
  We're holding the Bitcoin, you're giving us the address you
• 22:24
  want the Bitcoin sent to and we're sending it to you.
• 22:27
  And we're going through every hurdle possible to verify with
• 22:31
  you that this is your wallet, that you're not sending it to a
• 22:34
  third party, that this is actually for your own investment
• 22:36
  purposes. And so it's a peer-to-peer
• 22:40
  transaction at the end of the day.
• 22:41
  And we're supporting self custody.
• 22:43
  So our customers know that they come because they want to give
• 22:47
  you cash that's not in the banking system to get Bitcoin
• 22:51
  safely and securely into self custody.
• 22:53
  So we haven't seen a drop off in our revenues, OK, because of of
• 22:58
  the ETF. OK, so you're out.
• 23:01
  Your customers, your your clients, your partners, however
• 23:04
  you want to, you know, describe them.
• 23:06
  They're just hardcore bitcoiners.
• 23:08
  They know exactly what they're getting themselves into.
• 23:10
  Yeah, absolutely. If I mean they're buying for the
• 23:12
  long term. Got it, got it.
• 23:14
  OK, well, I guess that that makes me feel a little better
• 23:17
  there. There's still some of us
• 23:18
  hardcore revolutionaries out there.
• 23:22
  Me and Nico, we've been on the show and we we have been accused
• 23:26
  of cheerleading for the institution because it's a new
• 23:30
  show and that's what the news is happening.
• 23:32
  And hey, we were all, I guess, somewhat duped last year on hey,
• 23:36
  they're going to pump our bags and they have it.
• 23:39
  But we come on the show every single day and we're just like
• 23:41
  guys, TCA into self custody. All our partners help you do
• 23:46
  that. That's what we're really about.
• 23:48
  We are hardcore bitcoiners. In that sense.
• 23:51
  It's like it's self custody or buzz.
• 23:53
  I guess I'm just going to promote Trace Mayer this entire
• 23:55
  show, but you know, Trace Mayer's.
• 23:58
  He had a good run. He had he's, he's, oh, Gee, I,
• 24:00
  I, I grew up watching Trace Mayer.
• 24:03
  There was a little, you know, that that was a little
• 24:05
  skirmation there. But but All in all, I mean top
• 24:09
  of the game, but he talked about the financialization as one of
• 24:13
  his network effects and and is where we are today.
• 24:16
  So if you think there, you know, we talk about this by federal,
• 24:19
  there's a core group of whether you're a libertarian or
• 24:24
  sovereign minded, whatever you are that you came to Bitcoin
• 24:27
  fairly early and you came to Bitcoin for all of its sovereign
• 24:32
  self custody principles. Now that is only going to go so
• 24:36
  far, right? We are, as you said earlier,
• 24:38
  we're we're a small percentage of the global population.
• 24:42
  We are now in this wave of adoption of people that just
• 24:45
  want exposure, right? Well, as they get exposure and
• 24:50
  as banks are transitioning from a rehypothecation Fiat system to
• 24:57
  trying to blend in Bitcoin full reserved into their banking
• 25:03
  system, we're going to see some banks have some problems with
• 25:07
  that, right. I mean, like, this is exactly
• 25:09
  why the Fed told Simon or the Fed told Caitlin Long and why
• 25:13
  the bank, the, the Bank of England told Simon Dixon, like
• 25:17
  you, a full Reserve Bank. And they but just about shit
• 25:19
  themselves, right? Like there's no way you're going
• 25:21
  to be allowed to do this. So, so we're, we're stuffing
• 25:25
  these two things together. I wouldn't be surprised if we
• 25:28
  see some banks do some really squirrely things and get
• 25:30
  themselves in trouble with this new bearer asset that they don't
• 25:34
  quite understand. So I, I guess the the point
• 25:37
  being is that that these people might be going for exposure now,
• 25:41
  but when their exposure to institutions gets them in
• 25:45
  trouble or a transaction is censored, or they try to
• 25:50
  withdrawal and it comes with ramifications, they too will be
• 25:54
  taught the value of self custody.
• 25:56
  So this is not immune to just small crypto exchanges, right?
• 26:00
  This. When you put a bare asset on a
• 26:02
  balance sheet of a big bank, things can go wonky.
• 26:06
  So I would just say self custody is not out of style.
• 26:09
  It's just there's a whole new group of people adopting
• 26:12
  Bitcoin, getting exposure to Bitcoin that don't understand
• 26:14
  the value of it yet. Yeah, 100%.
• 26:16
  Paul for the chat, the chat saying some funny things, Nika
• 26:20
  looks different today. And then another one was like,
• 26:22
  yo, is Opti's dad on the show? But no, I, I want one last
• 26:28
  question since we're on this topic and I do kind of want to
• 26:30
  connect this back to the opening story.
• 26:33
  Like you said, and I've been very adamant about saying this
• 26:36
  on the show, that I think all of us Bitcoiners knew that a
• 26:40
  certain point Bitcoin would become financialized.
• 26:42
  If Bitcoin is going to be what we think it's going to be, it's
• 26:47
  inevitable it's going to be financialized.
• 26:49
  I know a lot of the hardcore cypherpunk, you know, there is a
• 26:52
  faction of Bitcoiners that like, I want Bitcoin to win, but not
• 26:56
  like this. You know, it's like it's another
• 26:58
  Matrix team here. But since you're not here often,
• 27:02
  I got you in the studio. As Bitcoin becomes
• 27:05
  financialized, do you think like having the Trump family or any
• 27:10
  politician embracing Bitcoin, is this doing harm to our industry?
• 27:14
  Or again, is this just the inevitable kind of evolution of
• 27:18
  what Bitcoin is and what it will do?
• 27:20
  I, I, I'm OK, Both are correct, right?
• 27:24
  Right. So anybody right who has Trump
• 27:26
  Derangement Syndrome and is upset about Trump is going to
• 27:30
  therefore hate. And, and we're seeing that
• 27:33
  narrative start to grow a lot. So that is going to be what it
• 27:36
  is because that's politics. But I, I, I know there's a lot
• 27:41
  of Democrats out there that embrace Bitcoin.
• 27:43
  We've, we've talked to them, we've talked to legislators,
• 27:47
  we've talked to senators. I mean, there's a lot of people
• 27:49
  out there that are not on Team Red that love Bitcoin and we, we
• 27:56
  should embrace all of them through their educational
• 28:00
  process. And I think that's the biggest
• 28:01
  thing I noticed when we're talking to legislators,
• 28:06
  regulators, etcetera. It's just the lack of knowledge
• 28:08
  of of how the Bitcoin blockchain truly works, how it truly
• 28:12
  functions and in it takes adoption right when when you
• 28:17
  first bought Bitcoin. I didn't know anything.
• 28:19
  I didn't know anything. It's it's when you're faced with
• 28:22
  holy shit, my bag is down 80%. It's when you got a letter.
• 28:25
  Better open up I. Better read.
• 28:27
  Right, I better read what the Hell's going on.
• 28:29
  So it's going to take time for them to educate themselves and,
• 28:32
  and quite frankly, they have less time than a lot of people
• 28:35
  to. I, I just was up in Tallahassee
• 28:39
  last week talking to, you know, legislators there.
• 28:44
  And I mean, these poor guys are running from meeting to meeting
• 28:47
  to meeting to meeting to meeting.
• 28:48
  They have, they don't have hardly any time to really dig in
• 28:52
  and study. So they are learning as we
• 28:55
  explain it to them. And quite frankly, there's a lot
• 28:58
  of people going in there and explaining stuff to them that is
• 29:00
  very, very tilted towards crypto.
• 29:04
  I I've noticed that too. Right.
• 29:05
  And and so they're learning things that don't necessarily
• 29:10
  apply to a fully decentralized protocol like Bitcoin.
• 29:13
  And then they're assuming Bitcoin functions in the same
• 29:15
  manner, right? So, so there's still a lot of
• 29:18
  education to be done. And that's the biggest, that's
• 29:20
  the biggest thing that that we can do still today and it'll be
• 29:24
  ongoing. Well, Paul, you just made me
• 29:26
  feel better about me having a job for the long term.
• 29:29
  So hey well, we'll be here for a little bit, but actually 11 last
• 29:33
  thing before I keep it moving because obviously one of our OG
• 29:37
  kind of mottos here at the show was simply Bitcoin will be the
• 29:41
  guide through the separation of money and state.
• 29:44
  Now, obviously with politicians, with Wall Street embracing
• 29:47
  Bitcoin, there has been maybe doubts or in people's minds,
• 29:52
  this idea that like, are we actually separating money and
• 29:56
  state? Are we being Co opted because
• 29:59
  they're coming in because the US government is trying to buy
• 30:01
  Bitcoin? I've always kind of viewed it's
• 30:04
  like, look, Bitcoin is for enemies, Bitcoin is for anyone.
• 30:07
  This again was how we knew it was going to happen.
• 30:10
  But we are in this transition period where it's like it feels
• 30:13
  a little weird. You know, when Larry Fink comes
• 30:15
  out with the ETF, it was like, I'm covering the news, but I'm
• 30:18
  also like, I don't know, I don't really feel that good about it
• 30:22
  with politicians coming out. I'm like, like, you know, maybe
• 30:26
  you'll pump my bags, but I this really doesn't feel good to me
• 30:28
  anymore. But hey, we're here to cover to
• 30:30
  the news. So what's your thoughts on this
• 30:32
  idea? So the first thing that comes to
• 30:34
  mind is, yeah, we, we are on a mission to separate money from
• 30:40
  state, but you have never lost the option to separate yourself
• 30:44
  from the state's money bars. So, so that, that is really
• 30:49
  where it starts, right? And we're seeing it in Lugano,
• 30:53
  we're seeing it in Prague, we're seeing it in El Salvador, we're
• 30:57
  seeing it in Bitcoin jungle because, right.
• 31:00
  So all these little grassroot communities that are growing up
• 31:03
  around a Bitcoin centered economy and they're doing trade
• 31:08
  with each other. All of the continent of Africa
• 31:10
  is moving in that direction right now.
• 31:11
  They don't care about the volatility because their Fiat is
• 31:14
  garbage and they're making a. Decision.
• 31:16
  The Fiat's more volatile. Right.
• 31:18
  So the United States is actually well behind the curve, just like
• 31:21
  we were way behind the curve on wireless Internet and fiber
• 31:24
  optics, right? Like remember when, when all
• 31:27
  that was happening and China just jumped to the future and
• 31:29
  they just went wireless everything and we were a good
• 31:32
  ten years behind that. Africa has a horrible banking
• 31:36
  system, horrible financial infrastructure.
• 31:38
  They're jumping to Bitcoin, they're jumping into the future
• 31:41
  because we have a functioning system, because we have a bank
• 31:44
  infrastructure, ACH, wires, etcetera, Venmo, PayPal, like we
• 31:48
  have so many financial products that we are looking to the globe
• 31:52
  like the last movers. So, so when you, it's much
• 31:56
  easier to jump into the future when you're not carrying a bunch
• 31:58
  of baggage, right? And so we have got to shed the
• 32:01
  baggage. And the way we do that is 1 by 1
• 32:03
  individually banking ourselves. That's why that's our motto by
• 32:06
  federal Go Bank yourself, because that's where it all
• 32:09
  starts, removing yourself from state money 1st and then the
• 32:13
  state will have to follow. I love it.
• 32:15
  OK, Absolutely love it, Paul. Great, great takes there.
• 32:19
  Spicy little spicy take, but great take.
• 32:21
  Love to see it. All right, guys, we got a jam
• 32:24
  packed show. So of course I got Paul in the
• 32:26
  studio with me from bite federal and in the culture we're going
• 32:30
  to be talking about a a new narrative attack on, you know,
• 32:34
  Bitcoin ATM is there's a there's a whole kind of new attack angle
• 32:40
  towards Bitcoin ATM. So that'll be the tail end of
• 32:42
  the show. And then guys, look, you guys
• 32:44
  know me, I, I did the bit about the one minute chart.
• 32:47
  I got this video from Stan Druckenmiller, billionaire
• 32:50
  investor Stan Druckenmiller guys.
• 32:52
  And, and he's, he's dunking on me here, guys.
• 32:54
  So he's dunking on the one minute chart.
• 32:56
  We're going to, we're going to talk about that.
• 32:58
  It's, it's actually not about the one minute chart, Full
• 33:00
  disclosure. But anyways.
• 33:02
  And then in the news, remember the story about the US Marshals
• 33:07
  losing $46,000,000 in crypto that they were supposed to be
• 33:12
  custodying? Well, we got another update on
• 33:14
  that guys. It's kind of a good update.
• 33:17
  Kind of I, I, I think it's a net positive on that.
• 33:20
  So that's today's show. Quick commercial break and we'll
• 33:23
  be right back. Today's episode is brought to
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• 35:35
  And the, the, the chat, you guys are killing me today.
• 35:38
  You guys are killing me today. All right, guys.
• 35:40
  Anyways, the current Bitcoin price is currently 70,810.
• 35:45
  So there's been a little bit of a correction this morning, But
• 35:48
  if you're watching all markets, all markets are kind of melting.
• 35:51
  I, I don't want to say melting down, but all markets are down
• 35:54
  right now, which from a geopolitical kind of macro
• 35:58
  framework, I think what might be happening is all the markets.
• 36:02
  I, I think again, this is just my opinion here are pricing in
• 36:07
  a, a longer war than what the Trump administration is saying.
• 36:10
  So I think that's what we're seeing currently happened in all
• 36:13
  the markets. We'll, we'll obviously be
• 36:15
  covering this as as we progress along and we'll see how long
• 36:19
  this whole prolonged operation Epic fury will happen or will
• 36:22
  be. I think that might be what's
• 36:24
  happening right now anyways, the decline or rather the discount
• 36:28
  from all time high is currently at a 43.9% discount.
• 36:31
  The market cap is 1.42 trillion and the block height is 939,463.
• 36:39
  All right guys, so I, I'm, I'm going to do a little different
• 36:43
  numbers today. It's not necessarily about
• 36:46
  Bitcoin as I was trolling earlier in the beginning before
• 36:50
  I hit the hit the brake. You guys know one of the bits
• 36:54
  that I've been doing is and and Paul, maybe you're unfamiliar
• 36:57
  with the chat loves when I bring up the one minute chart.
• 37:00
  They've been calling me a chart boy.
• 37:02
  I don't really do you know, I draw lines on my charts here,
• 37:06
  but I really just watch the one minute chart for like the
• 37:09
  emotional, you know, dopamine that I get.
• 37:11
  It's like, oh, you see the price pump, you're like, oh, I feel
• 37:13
  good. You see it dump and your you
• 37:15
  know, your stomach drops to the bottom and you're like, man,
• 37:18
  this is brutal. So I, I do the one minute chart
• 37:21
  on the show and the chat loves when I do some TA stuff.
• 37:26
  I, I, I've been wrong, you know, and, and that's the point of
• 37:29
  this clip. So I saw this short clip of Stan
• 37:32
  Druckenmiller and and of course, you know, billionaire investor,
• 37:35
  he's been in the game for a long, probably longer than I've
• 37:37
  been alive, you know, being a trader, being in the markets.
• 37:41
  And he had an interesting take on TA.
• 37:43
  And the reason I'm going to bring this up is because we are
• 37:45
  seeing, of course, currently a lot of TA around Bitcoin,
• 37:48
  whether we bought them. I actually have a coin desk
• 37:51
  article saying like we're at a crucial TA, you know, line right
• 37:55
  now, crucial trading TA support resistance area.
• 38:00
  But before I get into that, I do want to play the Stan
• 38:02
  Druckenmiller clip because I think it is an interesting
• 38:05
  perspective. And I think a lot of us that do
• 38:09
  kind of look at lines on the chart, you know, we all love a
• 38:12
  little bit of TA as the joke is, you know, TA is astrology for
• 38:15
  men. So we all, hey, look, we're all
• 38:17
  guilty. We all love a little bit of TA.
• 38:20
  But let's just listen to Stan Druckenmiller's take on this.
• 38:23
  And I think it's an interesting view and probably why you're
• 38:27
  starting to see that the TA from the Bitcoin perspective and I
• 38:31
  guess even in, in broader markets, it's not as fail safe
• 38:35
  as it as you might believe it is.
• 38:37
  So here's a short clip, OK. I can unequivocally tell you
• 38:41
  that technical analysis is about 20% as effective today as the
• 38:46
  West End because no one was using it.
• 38:50
  But when everybody's using it, it doesn't work anymore because
• 38:53
  you don't have a unique thing to act against.
• 38:56
  So it's it's kind of sad because it's easy and you can be lazy.
• 39:00
  You don't have to work that hard.
• 39:01
  Just look at a chart instead of going into a 10Q and and all
• 39:06
  this other stuff. But technical analysis is a
• 39:10
  problem. You heard it there, guys.
• 39:13
  The one minute chart is wrecked. Dude, Stan Druckenmiller just
• 39:16
  told us the one minute chart is wrecked.
• 39:18
  But anyways, on that note, obviously we're all looking at
• 39:20
  the price. We're all wondering, hey, did
• 39:22
  Bitcoin bottom, you know, are we hitting certain levels?
• 39:26
  Are we hitting resistance? Do we have support?
• 39:29
  And I think that is why some of the more price analysis that I
• 39:34
  do on this show has been kind of wrong is because everyone is
• 39:38
  using it and further the market makers currently, they see the
• 39:42
  order books and they know what we're doing on on the timeline.
• 39:45
  Hence why everyone always jokes like don't get excited if the
• 39:49
  price is pumping, don't say it, you know, counter trade the
• 39:52
  algorithms. But anyways, on that note,
• 39:54
  obviously we're all looking at the current price right now.
• 39:57
  Bitcoin. Here's the coin desk article.
• 39:59
  Bitcoin traders alert the rally is nearing A2 year make or break
• 40:02
  price, which is roughly that 73 to 74 range that we're all kind
• 40:08
  of seeing. Here's a good little.
• 40:09
  But I, I brought this up with the idea of hey, TA probably
• 40:14
  doesn't work guys. I, I think we could all kind of
• 40:16
  agree it doesn't work. And again, as I was saying on
• 40:20
  Monday, one of the more interesting things that's
• 40:23
  happened this week, in my opinion, and we talked about it
• 40:25
  before we went live, is the idea that Bitcoin has, you know,
• 40:29
  pumped in the face of a war in the Middle East.
• 40:32
  And a lot of us were expecting, you actually told me a funny
• 40:35
  story. A lot of us were expecting the
• 40:37
  markets to dump. And now we're all like, wait,
• 40:39
  like, I guess the TA, the lines don't it means nothing.
• 40:43
  And then to add on that, which we say here all the time and we
• 40:46
  just talked about it a minute ago, it's like when the price
• 40:49
  dumps, that's when you really got to learn and understand what
• 40:51
  this Bitcoin thing is. And just to tack that on to
• 40:55
  this, I think what we might be seeing is there are people that
• 40:59
  understand what this is. And hence when you would expect
• 41:02
  Bitcoin to dump, that's why we probably saw a pump is just like
• 41:06
  the lines on the chart don't mean anything right now when
• 41:09
  people are trying to escape the system because of uncertainty in
• 41:13
  the market because of global war, because maybe their
• 41:16
  financial system is collapsing. So I say all that to just drop a
• 41:20
  kernel of opium for the chat in the sense that look, look, the
• 41:23
  lines mean nothing. All it takes is, you know, a a
• 41:28
  very convicted buyer here to buy Bitcoin and the whole game
• 41:33
  changes. And I think we're seeing that
• 41:35
  play out in real time. So anyways, enough, enough
• 41:38
  voodoo on TA. But Paul Stan Druckenmiller,
• 41:43
  what are you? Do you agree with him on TA just
• 41:45
  not working anymore? Well, I partially I do because
• 41:49
  I, I, I do believe that the more and more traders are following
• 41:54
  certain indicators, the less valuable those indicators
• 41:58
  become. But I do think TA is a really
• 42:02
  good tool for position sizing and also scaling your trade in
• 42:08
  regards to whether you're a day trader, a swing trader, a long
• 42:12
  term investor. But I, I think the technical
• 42:17
  value of on chain analysis is still providing A tremendous
• 42:23
  amount of value. It's very underused.
• 42:25
  So I think there's a lot of technical benefits there.
• 42:28
  And I guess the only other thing I would say is I think the most
• 42:32
  important factor is the emotion around Bitcoin.
• 42:37
  Yeah, right. So, so when things are super,
• 42:40
  super negative, it's generally a good time to be at it.
• 42:43
  Yes. And, and we just, we see that
• 42:45
  time and time again. My favorite indicator is the
• 42:48
  Fear and Greed index. Yeah, right when the best TA in
• 42:50
  the game. When that thing breaks double
• 42:52
  digits and single digit fear zone I was like well I should
• 42:55
  probably be buying right now. And and it hurts.
• 42:57
  You're like, yeah, I feel, I feel like as I'm poor and oh,
• 43:02
  the fear and greed. It's like at 9 you're like,
• 43:04
  yeah, I should probably be buying right now.
• 43:06
  Yeah. Well, we have one.
• 43:08
  We got a what? Country Club hillbilly, He goes.
• 43:11
  The four year cycle is technical analysis dude.
• 43:14
  A man of my own heart, a man of my own heart here because me and
• 43:18
  Nico have been arguing over the four year cycle and actually,
• 43:22
  not to put you on the spot, Paul, but Paul is a little bit
• 43:24
  of line with Nico. Maybe let's talk about that
• 43:28
  'cause I was asking the chat. I'm like, is this a, is this a
• 43:31
  suckers rally or are we decoupling?
• 43:33
  Are we finally breaking out the Chad agreed suckers rally and we
• 43:37
  were talking this morning and you're like dude, we might have
• 43:39
  a suckers rally up until 80 and then we dump and I'm like no
• 43:44
  please. It's a suckers rally until
• 43:46
  something or up and until something is triggered that
• 43:51
  really dramatically increases liquidity in the United States,
• 43:55
  right? So and there's so many things on
• 43:58
  the horizon that could trigger that.
• 43:59
  So it is a very dangerous trade to try and short Bitcoin no
• 44:04
  matter what. You don't, you know, because you
• 44:08
  could wake up tomorrow. Something happens overnight.
• 44:11
  A bank goes out. Global liquidity comes rushing
• 44:14
  in you. A huge liquidation and you're
• 44:16
  getting. Wrecked yeah 10K overnight and.
• 44:20
  The Chad's going to lose it, Paul.
• 44:22
  The Chad's going to lose. It so, so you, you know, again,
• 44:25
  like unless you're a professional trader and that
• 44:28
  you're, you know, first of all, don't trade your whole stack
• 44:30
  right? If you, if you have to trade
• 44:32
  because you feel like you can. Have because you're the generate
• 44:34
  gambler. Or you feel like you can do you
• 44:36
  can do better than the market then then go ahead and do it
• 44:39
  with part of your stack, right? But don't risk your long term
• 44:41
  term holdings because it is very dangerous to short Bitcoin and
• 44:46
  just highly highly recommend you just take advantage of dips and
• 44:52
  acquire. Yeah, totally.
• 44:54
  I mean, I one, one of the kind of the main ideas on the show
• 44:58
  for us is like, look, guys, if you're a professional trader,
• 45:03
  you're probably not watching simply Bitcoin, You're watching,
• 45:05
  you're watching the charts, you know, So like, if you're here,
• 45:09
  you're probably like us, you just want to stack Bitcoin.
• 45:12
  You want to be entertained. You want to, you know, be
• 45:14
  updated on the news. Like I, I, I think I can make a
• 45:18
  pretty good bet that there's no one like on Wall Street in the
• 45:21
  trading desk, like watching simply Bitcoin and then making
• 45:24
  trades off of that, though the chat does yell at me about that
• 45:27
  sometimes. But I say all that to say, like,
• 45:32
  it's very hard right now, especially as we've all been
• 45:35
  watching in, in Bitcoin since Wall Street and the institutions
• 45:38
  got in. Like they're playing Wall Street
• 45:40
  games with the price, whether it was James St. like we all kind
• 45:43
  of suspected or what have you. They're sophisticated traders
• 45:47
  and they're coming into Bitcoin and the safest bet is just like
• 45:51
  stack Bitcoin, take it into self custody.
• 45:54
  Because I really don't think like I'll talk for myself.
• 45:57
  Like I know I have no edge on a, you know, algorithmic Wall
• 46:00
  Street trader that's been doing this for 30 years and just found
• 46:03
  a new asset, a new industry, a new market to get into.
• 46:07
  And I'm just like, you know, I tried to do some trading in my
• 46:10
  early days. I can't do it.
• 46:13
  I can't look at charts. You can, but you can use long
• 46:16
  term technical analysis to say this is a high probability point
• 46:22
  to start adding. You can you.
• 46:23
  You can do smart dollar cost averaging is what I'm saying.
• 46:26
  No, I, I totally. Agree.
• 46:27
  Right. So I totally agree.
• 46:28
  Just zoom out, start at the monthly chart, weekly chart,
• 46:31
  daily chart if you go. To the one minute chart.
• 46:34
  If you're going, If you're going.
• 46:35
  Shorter term than that, then you know.
• 46:38
  Damn dude, that. Shouldn't be tough.
• 46:40
  Chat look my my my dad's on the show telling me that we
• 46:43
  shouldn't be trading the one minute chart bro I guess that
• 46:47
  bit's dead now Paul actually it's not I I love the feeling of
• 46:50
  watching the one minute chart it it makes me feel alive right now
• 46:53
  since nothing's been happening in Bitcoin it looks.
• 46:55
  Like there's a lot more. Going on, yeah, the chart is so
• 46:58
  fun and, and really it's like you said, and then we'll move
• 47:02
  on. It's like you said, when it
• 47:04
  feels bad, that's when you probably should be buying.
• 47:07
  And again, I've, I've told everyone in the chat to do this
• 47:11
  experiment with themselves is like, turn on the one minute
• 47:14
  chart, don't trade, but just kind of analyze and observe
• 47:19
  yourself when you're watching the one minute chart and you see
• 47:23
  the price dump and it's literally like a, I don't know,
• 47:26
  like a 10% move and you're like, Oh my God, the house is burning.
• 47:30
  This is the psychology of trading.
• 47:32
  And you can just like see it in yourself.
• 47:34
  And This is why I tell everyone like, dude, just don't trade.
• 47:37
  Just buy Bitcoin weekly, daily, whatever, monthly, whatever
• 47:41
  works for you, Just buy it, hold it.
• 47:43
  Because if you sit there and you do this on the one minute chart,
• 47:46
  you're like, wow, I can easily influence myself to make really
• 47:50
  dumb decisions. So I'm just going to buy it for
• 47:53
  the long term. That's why I don't trade because
• 47:55
  I I've just lost too much money. That's just the bottom.
• 47:58
  Line Yeah, I'm not a traitor. That's the bottom line.
• 48:00
  Some people. Are made out to do it and others
• 48:02
  aren't. Yeah, You know, I, I like to
• 48:04
  think I have balls of steel, you know, like I'm very stoic.
• 48:07
  I like to think I'm stoic and then I look at charts, one
• 48:11
  minute charts and I'm just like, it pumps a little bit.
• 48:13
  I'm like, we're back, let's go like F you, I'm the genius.
• 48:17
  I remember when Bitcoin hit its last all time high.
• 48:20
  I went home. A short story, they've heard it
• 48:22
  before, but I remember I went home and Bitcoin was at all time
• 48:26
  high and it was around the holidays.
• 48:28
  So I'm seeing like all my friends, they all know I'm in
• 48:30
  Bitcoin and Bitcoin's like pumping.
• 48:34
  And I was telling like you're like, you're an idiot.
• 48:36
  I told you you should have been buying Bitcoin.
• 48:38
  It's going to go higher. Literally it was the absolute
• 48:41
  top. Like the next two days or
• 48:42
  something. The next day or so, it was like
• 48:44
  dumping. I'm like, yeah, probably
• 48:46
  shouldn't be ranting about price and Bitcoin games.
• 48:49
  After a couple of drinks, I'm like, OK, never going to do that
• 48:52
  again. All right, You know, luckily
• 48:54
  none of them listened to me, so I didn't have to get the text
• 48:56
  messages. But, you know, I've I've learned
• 48:59
  my lesson. I've learned my lesson.
• 49:00
  Anyways, guys, OK, so update from the US Marshals basically
• 49:05
  fumbling their custody of Bitcoin that has been
• 49:10
  confiscated. We did get a recent update this
• 49:12
  morning. Let's cover that right now.
• 49:16
  You know, at least they're doing their job.
• 49:18
  I guess that that's the net positive here.
• 49:20
  That's that's what I'll say before we get into it.
• 49:22
  Quick commercial break and I'll be right back.
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• 51:57
  Yeah, you guys are so funny. Hold on.
• 51:59
  I I want to read this comment. I just read it to to Paul.
• 52:02
  This one's funny. You know, last bit.
• 52:05
  I'm telling you guys, dude, just just stack Bitcoin.
• 52:08
  You know there's no traders watching simply Bitcoin on Wall
• 52:12
  Street and our bro over here Bitcoin capital, bro.
• 52:15
  I'm watching simply while I'm watching the price action.
• 52:19
  God, you guys are hilarious. You guys are absolutely
• 52:21
  hilarious. OK, guys, so little context.
• 52:25
  I believe this was like 2-3 weeks ago again, you know,
• 52:28
  Bitcoin time, it's all a blur. But we heard a news story a
• 52:33
  little while ago, about a week and a half ago.
• 52:35
  No, actually maybe it's closer to a month ago that the US
• 52:39
  Marshals, which is, you know, in control of confiscated Bitcoin,
• 52:44
  They're they're, you know, custodying this Bitcoin.
• 52:47
  They actually outsource this to an independent contractor to
• 52:51
  custody the Bitcoin. And then there was a story about
• 52:54
  a kid he was flexing. I don't know if you saw, did you
• 52:57
  see some of these videos of oh man, dude, they were, they were
• 53:00
  horrible. It was this young.
• 53:02
  Oops, sorry. It was this young kid.
• 53:04
  And he was doing like the standard, you know, Fiat flex
• 53:08
  with the money, the watches, the cars.
• 53:10
  And he's basically like, you broke bombs.
• 53:13
  Like I'm rich. Look at me, I'm super rich.
• 53:15
  It turns out that his dad was the contractor.
• 53:19
  That was, you know, use for the US Marshals to custody the
• 53:24
  Bitcoin. And this kid stole like $46
• 53:28
  million of crypto. It was mainly shit coins from
• 53:31
  his dad's company. And everyone's like, wait, so
• 53:36
  the government is so incompetent that they can't even custody
• 53:39
  Bitcoin? And this guy's kid is literally
• 53:42
  stealing, you know, America's crypto from his dad's company.
• 53:47
  It was like a huge, huge debacle.
• 53:51
  We're all laughing in the idea of like, look, if they said
• 53:54
  they're going to do a Bitcoin strategic reserve and we're
• 53:57
  seeing this type of incompetence, like how much hope
• 54:01
  do we have that they can actually, or rather how much
• 54:03
  hope do we have that they actually have that 200,300
• 54:06
  thousand coins? It it brought a lot of
• 54:08
  questions. OK, so that's the context before
• 54:11
  I get into the recent update we just saw and I know some of some
• 54:15
  of the Bitcoiners are you're going to feel a certain way, but
• 54:19
  breaking this morning, FBI Director Kash Patel announces
• 54:23
  they arrested this kid. They're saying a government
• 54:25
  contractor. It was really government
• 54:27
  contractor's son who stole more than $46,000,000 in crypto from
• 54:32
  the US Marshals. And you can see here, you know,
• 54:35
  his, his bag of cash and his treasures and his ledgers and
• 54:40
  you know, I guess his passport and all this stuff.
• 54:42
  So hey, at least some justices served here.
• 54:45
  But I do want to read the New York Post a little bit.
• 54:48
  And you know, I, I, you guys know me, I have a, I'm not the
• 54:52
  most favorable of the New York Post, but here's the breakdown.
• 54:55
  the US government contractor busted on ritzy Caribbean island
• 54:58
  for stealing $46,000,000 in crypto from US Marshall
• 55:01
  Services, FBI says again, this was this morning.
• 55:06
  So just to read a little bit, a purported U.S. government
• 55:08
  contractor accused of stealing more than 46 million in crypto
• 55:12
  of course has been arrested in the island of Saint Martin.
• 55:15
  Again, it wasn't really the US contractor of the US Marshall.
• 55:20
  It was his son. But this is where we'll break it
• 55:23
  down South John Degida since deleted LinkedIn page identified
• 55:27
  him as working for Virginia based command service and
• 55:29
  support CMDSS, which was the company contracted by the US
• 55:33
  Marshals to custody the Bitcoin, a technology firm led by his
• 55:37
  dad. Or I guess actually he might
• 55:39
  have worked under his dad, Dean Degida, which held contracts
• 55:42
  with the Marshall service, of course, for managing CS digital
• 55:44
  assets. Again, we talked about these
• 55:47
  budget neutral ways of of the US government acquiring Bitcoin and
• 55:51
  then there's just a huge debacle about can't they can't even
• 55:54
  custody the Bitcoin correctly. How can we expect that they
• 55:57
  actually have all the Bitcoin that they had, especially when
• 56:00
  we're hearing rumors from, you know, the likes of Senator
• 56:03
  Lummus saying that the Biden administration has been selling
• 56:05
  Bitcoin. We haven't heard any update on,
• 56:08
  you know, the actual audit of the Bitcoin that we don't know
• 56:11
  if the US government actually holds allegedly 328,000 plus
• 56:16
  Bitcoin. Really, we don't know if they
• 56:18
  hold a bulk of that 200,000 that they originally had.
• 56:22
  But anyways, the younger Dagita was reportedly able to access
• 56:26
  private crypto addresses and millions of dollars in funds
• 56:29
  through his father's position at the company through the tech
• 56:32
  technical details behind how, though the technical details
• 56:35
  behind how he obtained access remains unclear.
• 56:38
  There's a picture of him and and I don't know if you guys saw the
• 56:40
  memes, but there's a funny meme correlation here.
• 56:43
  But here's the official announcement.
• 56:45
  You know, thanks to the international cooperation team
• 56:48
  serious crime unit of the French gender Marie national.
• 56:51
  I I don't think I said that right and St.
• 56:54
  Martine and the group that intervention de la gender Marie
• 56:57
  national of Guadalupe for the outstanding coordination.
• 57:01
  So FBI will continue working 24/7 with our international
• 57:04
  partners to track down apprehend and bring suggested those who
• 57:08
  attempt to defraud American taxpayers no matter where they
• 57:12
  try to hide. And according to Bitcoin mag hey
• 57:15
  look, New York Post, you know, tagging our boys here quoting
• 57:18
  our boys. The case comes amid increased
• 57:19
  scrutiny of the crypto holdings of the US Marshall Service,
• 57:22
  which is estimated to be in the vicinity of 200,000 Bitcoin.
• 57:26
  That is kind of the big question here.
• 57:28
  That's why this story has been brought up from a lot of
• 57:32
  Bitcoiners. It's the idea.
• 57:34
  Look, we know what the US government has said.
• 57:38
  They said we're going to, you know, find a lot of budget
• 57:41
  neutral ways to acquire Bitcoin. And the main point, which I
• 57:44
  pointed out at the time was they didn't really have any.
• 57:48
  You know, there was the talk of Senator Lummus of reevaluating
• 57:51
  gold, but the main point that they said was budget neutral was
• 57:55
  confiscation of people's assets or their Bitcoin in crypto.
• 57:59
  And then shortly after we're seeing the US Marshals just
• 58:02
  completely fumble this idea of actually holding on to the
• 58:06
  Bitcoin. There was a little speculations
• 58:08
  and rumors around whether the US Marshals actually had the
• 58:13
  200,000 Bitcoin. There was a, what's it Freedom
• 58:16
  of Information Act and they responded with like, you know,
• 58:20
  I, we don't have it. The address apparently went to
• 58:24
  Coinbase, but we actually, you know, got a report or a press
• 58:28
  release from them. So no, no, we actually do have
• 58:30
  it again, on chain metrics are like, it looks like you guys
• 58:33
  sold the 200,000 Bitcoin. What the hell is going on here?
• 58:37
  So look, I started the show with the idea of, you know, me and
• 58:43
  Paul laid out, laid out the the logical basis for will the US
• 58:48
  eventually get to the strategic Bitcoin reserve?
• 58:51
  Of course, they're stacking gold eventually that might, you know,
• 58:55
  flow into Bitcoin in some kind of budget neutral ways.
• 58:58
  And then we also have the recent story that we just covered where
• 59:02
  it's like they can't even custody the Bitcoin that they're
• 59:05
  confiscating. So look, as I've said on this
• 59:08
  show multiple times, I think you guys know my view on this.
• 59:12
  The only thing that the government really excels at is
• 59:14
  incompetence. And I think we're just seeing
• 59:16
  more and more stories of this. So look, I'm not that hopeful.
• 59:20
  You guys know me. I've been kind of burnt out with
• 59:22
  the whole Bitcoin political narrative.
• 59:26
  It just, it doesn't seem like there's a lot of good news
• 59:29
  coming out from the Bitcoin federal level.
• 59:32
  And we'll see what actually happens.
• 59:36
  But look, hey, at least the FBI got him, I guess, you know, I
• 59:39
  guess, I guess Kash Patel is doing one thing that's sort of
• 59:43
  OK. I, I don't know.
• 59:44
  I mean, I don't know exactly. What came to my mind is like,
• 59:47
  you know, there's, there's all sorts of things that people
• 59:49
  could be arrested for these days.
• 59:50
  There were some documents that were released about that and
• 59:54
  that those don't seem to be happening.
• 59:56
  But if you, if you, if you, if you mess with the, if you went
• 59:58
  mess with some money, then they can catch you right away.
• 1:00:02
  Chain analysis seems to work great for, for, for everybody in
• 1:00:06
  the industry except the United States government.
• 1:00:09
  So I, it's just, it's, it's, you know, I don't know, man.
• 1:00:13
  It's, it's like every country that you've ever seen throughout
• 1:00:18
  history going through these kind of financial problems.
• 1:00:21
  Yeah, they just flow into chaos. And it's like 1 putting out a
• 1:00:25
  fire over here and then starting a fire over there.
• 1:00:27
  And it goes back and forth until you just like you're so busy
• 1:00:30
  looking at every fire that you, you just, all you're left with
• 1:00:34
  is what you can do for. Yourself so truly, truly it
• 1:00:38
  really look, I, I don't know if we've, I've said this on the
• 1:00:41
  show. I I think we've said it a couple
• 1:00:42
  times, but you read stories like this and the initial story.
• 1:00:47
  So I guess you know, they, they lost 46 million in crypto that
• 1:00:53
  they had confiscated in the 1st place.
• 1:00:55
  I guess now they just re confiscated what was stolen from
• 1:00:58
  them. So you know, I guess good.
• 1:01:01
  But it really does feel like the US is Banana Republic.
• 1:01:04
  It really this is this is what we are guys 100.
• 1:01:08
  Percent. And is it is that on purpose, is
• 1:01:10
  that that could be part of the narrative?
• 1:01:12
  Because if you're looking at all the chaos, you're not paying
• 1:01:15
  attention to what's really going on.
• 1:01:16
  True, true. And there's a lot of chaos going
• 1:01:19
  on right now, guys, a lot of chaos, maybe by design, who
• 1:01:22
  knows. ANYWAYS, guys, of course I got
• 1:01:25
  Paul Tarantino CEO bite federal with us today and he, you know,
• 1:01:29
  CEO of a Bitcoin ATM company and he is we're gonna we're gonna be
• 1:01:34
  talking about kind of a new I, is it fair to say a new attack?
• 1:01:38
  I think. So, OK, a new attack on Bitcoin,
• 1:01:41
  on Bitcoiners, that's what we're going to cover towards the right
• 1:01:45
  now after this commercial. So we'll be right back after
• 1:01:47
  this last break. I want to give a shout out to
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  our partner Hive Digital Technologies.
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• 1:02:25
  Digital Tech or at Hive digitaltech.com.
• 1:02:33
  All right, guys. So Paul, you guys posted this on
• 1:02:37
  BITE Federal Bitcoin ATMs have been the subject of a lot of
• 1:02:42
  scrutiny lately, but should they be with the tag Bitcoin ATMs
• 1:02:46
  where fraud begins? So for our audience that maybe
• 1:02:49
  isn't too familiar with what this is about, can you give them
• 1:02:54
  some context and then we can break down like kind of what the
• 1:02:57
  video was saying? Sure.
• 1:02:58
  If you haven't been paying attention, haven't seen it, the
• 1:03:00
  AARP and media sources that have been fed information are on an
• 1:03:08
  all out attack on the Bitcoin ATM industry, calling our
• 1:03:13
  industry the scammers and making people believe that we are the
• 1:03:18
  problem. And so we feel very unfairly
• 1:03:23
  attacked because as I will show you or talk to you about here,
• 1:03:26
  we are doing far more than anybody in this chain of fraud
• 1:03:30
  to protect customers from being scammed.
• 1:03:34
  And what people need to realize is that this all starts.
• 1:03:39
  This entire scam chain starts with a phone call, an e-mail, or
• 1:03:44
  a text. And can you break down for the
• 1:03:46
  people how the scam happens 'cause you know, I think maybe
• 1:03:49
  our audience is a little more sophisticated, but at least if
• 1:03:51
  they know, maybe they can protect like their friends or
• 1:03:54
  their, their parents or what have you.
• 1:03:56
  There there's a typical pig butchering scam is something
• 1:03:59
  like you know, you you get a phone call from a local phone
• 1:04:02
  number or the IRS or Social Security Administration.
• 1:04:06
  You get a or Microsoft, you name it, right, It's a trusted.
• 1:04:10
  Wait is this what all the scam text messages I'm getting
• 1:04:13
  recently? OK I just ignore them.
• 1:04:15
  I just like ignore them. And and it it's the seniors are
• 1:04:19
  particularly vulnerable 'cause they didn't grow up with this.
• 1:04:21
  Kind of technology, right? So, so they get the phone call,
• 1:04:26
  they're told that they have to do XYZ as fast as possible or
• 1:04:29
  they're going to something bad is going to happen.
• 1:04:31
  And so once they've got that victim on the hook, the next
• 1:04:37
  step is to send them to the bank and they're sending them to the
• 1:04:41
  bank to withdraw cash. All right.
• 1:04:43
  So there's the, that's the second line of defense.
• 1:04:45
  The first, which we haven't even talked about yet, which is the
• 1:04:48
  most vulnerable and the worst protective infrastructure is the
• 1:04:54
  telecom or the voice over IP where these scammers are getting
• 1:04:57
  access to the phone system, text messages, etcetera, and where
• 1:05:02
  they're able to spoof this trusted person that you're
• 1:05:05
  talking to, right. So once that scam has been
• 1:05:08
  implemented there, then they go to the bank and they're, they're
• 1:05:12
  they've directed that that victim to withdraw X amount of
• 1:05:15
  cash to pay the bill and then they send them to the Bitcoin
• 1:05:18
  ATM. So that's that's the chain of
• 1:05:20
  the fraud. But if you go back to the FCC,
• 1:05:24
  let me get some of these numbers because they're mind.
• 1:05:26
  Blowing. OK, OK.
• 1:05:27
  So last year alone, 52 1/2 billion robocalls in the United
• 1:05:37
  States. Robocalls.
• 1:05:39
  Is like the the automated. Phones, phone calls.
• 1:05:42
  So that's 12.5 billion a month. That's crazy.
• 1:05:45
  And there was a 43% surge in elder fraud losses in 2025
• 1:05:51
  associated with that. And the average loss to a phone
• 1:05:54
  scam, which is the highest dollar amount, not the e-mail
• 1:05:57
  scams are less and the text scams are less, but the average
• 1:06:00
  loss of a phone scam victim is 2200 and. $10.
• 1:06:04
  Wow. So the telecom is where the big
• 1:06:06
  problem is. So what what?
• 1:06:08
  Prior to 2021, you paid $100, you gave them some information
• 1:06:16
  and you got access to a phone number and you could start
• 1:06:20
  blasting out these scams. In 2021, they mandated what was
• 1:06:25
  called the Stir and shaken rule, which was basically the FCC
• 1:06:30
  telling the telecom providers that they needed to do due
• 1:06:33
  diligence, KYC essentially on the people that were requesting
• 1:06:37
  the phone number. OK, they have failed horribly at
• 1:06:42
  that. The STIR shaken protocol makes
• 1:06:45
  them rank these people based on how much they know about them.
• 1:06:48
  Well, 48% of the fraudulent robocalls had the highest KYC
• 1:06:56
  rating from the FCC. So and the the classic example
• 1:07:01
  of this and people can research it.
• 1:07:03
  Go in on any one of your favorite AIS and ask about the
• 1:07:06
  Mario Kopp scandal. OK, OK.
• 1:07:09
  So this is a telecom that gave a company whose name was Mario
• 1:07:15
  Kopp a phone number. The address of the company was a
• 1:07:19
  Hilton Hotel in Canada. And the content of the call was
• 1:07:23
  an AI generated Joe Biden voice telling New Hampshire residents
• 1:07:30
  that they didn't need to vote in the primaries.
• 1:07:33
  That's crazy. So they're not they're not
• 1:07:35
  worried at all about what the content of the call is.
• 1:07:37
  They're obviously not doing any real due diligence on on on the
• 1:07:41
  the company that's requesting the phone number.
• 1:07:44
  And these scams are just going out the door over and over.
• 1:07:46
  Well that's not enough, right? So the FCC says, well we got to
• 1:07:50
  start finding these companies that are doing all this, this
• 1:07:53
  bad work, $208,000,000 in fines. Since 2014 they've only
• 1:08:00
  collected 6700 dollars. Oh man.
• 1:08:04
  So these companies, these, they're finding these companies
• 1:08:06
  are literally folding their doors because they live in a
• 1:08:09
  Hilton Hotel and they're moving across the street to Motel 6 and
• 1:08:13
  they're starting the scam again. So they're the, it's literally
• 1:08:16
  the weakest enforcement and the leakage for it's like you've
• 1:08:20
  just left your front door wide open so the criminals can walk
• 1:08:23
  in, right? So, so we are literally giving
• 1:08:26
  the fraudsters easy access to all of our citizens in the
• 1:08:29
  United States. OK.
• 1:08:31
  So now once they've got through that network and they've able to
• 1:08:35
  target a victim, that victim is feeling pressure that they need
• 1:08:39
  to pay this bill immediately. This is happening on a, on a
• 1:08:42
  Friday afternoon and they send them to the bank and the bank
• 1:08:46
  has got to know their customer, right?
• 1:08:49
  So they're doing all the KYC on the individual.
• 1:08:52
  They're going to ask the individual, why are you
• 1:08:54
  withdrawing cash? And if they're at all
• 1:08:57
  suspicious, they don't really block and tell you you cannot
• 1:09:03
  take this cash. What they do is they file a SARS
• 1:09:06
  report, a suspicious activity report, and that gets sent to
• 1:09:11
  the file. So the bank has done their due
• 1:09:12
  diligence. This this didn't seem right.
• 1:09:15
  It's like Pontis Pilot, like I wash my hands with this.
• 1:09:17
  I I filed, I filed the SAR. Now take your money and do
• 1:09:22
  whatever you want to do with it. Then they get to the last line
• 1:09:25
  of defense which is the Bitcoin ATM because that that scammer
• 1:09:30
  has directed them there. We also do KYC AM L on every
• 1:09:36
  person that touches our ATM. So you cannot do a transaction
• 1:09:40
  without us knowing who you are. We have signs over all of our
• 1:09:43
  ATMs and in pop up windows that say stop.
• 1:09:46
  Are you being scammed? Here's scams that we're aware
• 1:09:49
  of. Does any of this sound familiar?
• 1:09:51
  Are you doing this purchase for your own self?
• 1:09:55
  For yourself? Are you?
• 1:09:56
  Is this for an investment? What?
• 1:09:57
  What is the purpose of your transaction?
• 1:10:00
  Are you buying this to send it to anybody else?
• 1:10:02
  If you're answering incorrectly, we're.
• 1:10:05
  Oh, it's like a push through like yes or no.
• 1:10:07
  We're blocking the transaction. You cannot put money on a
• 1:10:09
  machine. All these questions are
• 1:10:11
  happening ahead of time. On top of that, if you're 60
• 1:10:15
  years or older, you get a live call from customer support that
• 1:10:19
  once again goes through all the scams, asks you what's the
• 1:10:22
  purpose of the purchase? Are you buying this to send to
• 1:10:26
  somebody? And we have historical records
• 1:10:30
  going back to when we started to do those live calls in 2024.
• 1:10:36
  We have prevented 84% of 60 year old and over from doing a
• 1:10:42
  transaction because they discovered it was fraud.
• 1:10:46
  And so we are filing a suspicious suspicious activity
• 1:10:49
  report. But we're going the extra mile.
• 1:10:51
  We're not letting them do the transaction.
• 1:10:54
  We're the only and last line of defense.
• 1:10:57
  So everybody else in the system is checking boxes and saying
• 1:11:01
  we've done what we're supposed to do.
• 1:11:03
  The Bitcoin ATM companies are the only ones in the system that
• 1:11:06
  are saying, sorry, you can't do this transaction and we are the
• 1:11:12
  major attack point. Yeah, yeah, let's.
• 1:11:15
  Talk about that. Like what what, what is the
• 1:11:18
  pressure that you're seeing right now?
• 1:11:20
  What do you think are the reasons that the Bitcoin ATM
• 1:11:23
  industry is being blamed for this?
• 1:11:24
  Like what Maybe for for everyone out there that hasn't been
• 1:11:28
  falling along because it's obviously like not a sexy news
• 1:11:31
  story. Like what is the current tax
• 1:11:34
  happening on the Bitcoin ATM industry?
• 1:11:36
  Right. So it's, it's happening at a
• 1:11:37
  state by state level. And what is is happening is the
• 1:11:41
  regulators are going, are putting out proposals, new
• 1:11:44
  legislation, rule changes that would make it illegal to operate
• 1:11:49
  a Bitcoin kiosk company in their state and or make the cost of
• 1:11:55
  doing business so high that it that you pull out.
• 1:11:59
  So I'll give you some example. We found out this morning in
• 1:12:03
  Oklahoma that they want to put in a mandatory refund up to 120
• 1:12:12
  days out after the transaction. If the customer discovers it was
• 1:12:15
  fraudulent, they get a full refund.
• 1:12:17
  We don't get our Bitcoin back. So it'd be a dollar refund.
• 1:12:21
  So you bought $10,000 worth of Bitcoin.
• 1:12:24
  We sent you the Bitcoin. 120 days later I was scammed we
• 1:12:31
  don't get the Bitcoin back and we got to give them the 10K So
• 1:12:35
  what insane So now what that means for our industry is you
• 1:12:42
  better be able to custody customers funds yeah.
• 1:12:45
  So if if that what that would mean in order to do business in
• 1:12:48
  that state is OK Opti you gave us 10 grand.
• 1:12:52
  We got 10 grand a Bitcoin here for you that we will custody for
• 1:12:55
  you until which time you're past this this hurdle rate right.
• 1:13:02
  So they are forcing us into custody and acting like a bank,
• 1:13:07
  which. Which brings on this another.
• 1:13:09
  Level of problems, right, where you're you're you're got to be a
• 1:13:13
  qualified custodian, you have to have either a bank license or,
• 1:13:17
  or enough MTLS to cover every state so that you can custody
• 1:13:20
  coins for a period of time so that that becomes a a
• 1:13:23
  difficulty. The other, the other attack
• 1:13:27
  factor is limiting the size of transactions.
• 1:13:30
  So if you can imagine right, we, we have to build our physical
• 1:13:34
  machines, we have to put them in a location we have to pay rent
• 1:13:36
  in that location. We have to pay Garda Brinks
• 1:13:38
  Loomis to go pick up the cash. We have to have a full bank
• 1:13:42
  compliance suite behind looking at every transaction to make
• 1:13:46
  sure everything's good. So it's a, it's a high cost
• 1:13:48
  operation, right? And now they want us to do
• 1:13:53
  things like limit the amount of dollars per day per new
• 1:13:57
  customer, per old customer per month to the point that we will
• 1:14:03
  not be able to even break even on some of these issues.
• 1:14:06
  Like they limit the daily volume so much that that we wouldn't be
• 1:14:10
  able to break even. So, you know, it's, it's all
• 1:14:14
  these attacks from all the different States and because
• 1:14:16
  it's a 50 state front and every state is different, it's really
• 1:14:20
  hard to keep, keep up on it. And I'll just add, you know,
• 1:14:23
  like the Bitcoin, we are all fence and registered.
• 1:14:26
  We're all fence and registered and money service businesses.
• 1:14:29
  We have, we have to comply with all the Bank Secrecy Act laws.
• 1:14:33
  And then we also have to have any state license that's
• 1:14:37
  required. And then we have the stop, stop
• 1:14:41
  you're being fraud, a scam. We have to do analysis of where
• 1:14:44
  of the wallet address we're looking for sanctioned wallets,
• 1:14:47
  sanctioned individuals, etcetera.
• 1:14:49
  We are going above and beyond what the banking industry ever
• 1:14:52
  had to do and we are getting pointed at is that we are the
• 1:14:55
  scammers and it's simply not the case.
• 1:14:58
  We're we're doing everything we can to protect our users and our
• 1:15:02
  customers from being scammed. And we seem to be the only
• 1:15:05
  person in the system that's actually preventing scams, as
• 1:15:09
  opposed to everybody else who's checking boxes or just letting
• 1:15:12
  them through the front door. Wow, that's I honestly, I was
• 1:15:15
  not aware it was that bad. And, and even further, like it
• 1:15:19
  seems terms like the protections that the state is trying to
• 1:15:23
  impose on you are just going to bring in more scams, whereas
• 1:15:26
  like you're not going to, it's not going to be the 60 year old,
• 1:15:29
  your, your grandma being scammed.
• 1:15:31
  It's going to be you guys getting scammed with like cash
• 1:15:33
  back, you know, or chargebacks. It's like, here's some of the,
• 1:15:36
  it's nuts, like a SAR, Like if you're going to file a
• 1:15:39
  suspicious activity report on somebody, it's got to be $2000.
• 1:15:42
  OK, OK, well, but a lot of these states are saying, well, we're
• 1:15:45
  going to limit your daily transaction to $1000.
• 1:15:48
  So they're they're literally tearing the transactions or
• 1:15:51
  mandating us to tear the transaction so that we never
• 1:15:54
  file a SAR. Oh wow.
• 1:15:56
  Which is. What they want the bank.
• 1:15:58
  They want the banking industry filing SARS.
• 1:16:00
  Why do they not like, why do they want to structure the
• 1:16:03
  transactions in a way where we don't ever file a SAR?
• 1:16:06
  Interesting. It's just it, it's, it's they're
• 1:16:09
  using the, we got to protect the consumer to target and attack
• 1:16:15
  our industry and the bottom line is just you guys can go look
• 1:16:20
  this up. TDM, which is a cohort or a
• 1:16:23
  competitor to chain Analysis, did a lot of research on the
• 1:16:27
  Bitcoin ATM industry. 98.8% of the Bitcoin ATM transactions in
• 1:16:35
  the United States were deemed legitimate.
• 1:16:37
  Only 1.2% were fraud. Meanwhile, last year in the
• 1:16:43
  banking system alone, wire fraud was over 208 billion.
• 1:16:47
  Dollars insane. Yeah.
• 1:16:51
  And so I mean, so why you can make a, you can make a good case
• 1:16:54
  that the majority of, you know, Fiat currency usage or wires is
• 1:17:00
  for literal fraud. And this comes back to what we
• 1:17:02
  talked, comes right back to what we talked to in the beginning of
• 1:17:05
  the show, which is we are big supporters of self custody.
• 1:17:09
  You cannot do a transaction with us unless you have your own
• 1:17:12
  wallet. Yeah.
• 1:17:14
  So when you start to look at what's happening throughout the
• 1:17:17
  Bitcoin ecosystem, regardless of where the attacks coming from,
• 1:17:23
  it all looks to be ways to try and dismantle as many people
• 1:17:27
  from holding their own keys. OK, OK, now that that's the
• 1:17:31
  other can of worms here. And I think it does kind of go
• 1:17:34
  back into the beginning of the show is, you know, we've heard
• 1:17:39
  and actually be before I do that.
• 1:17:40
  I do want to talk about like ways that people can protect
• 1:17:43
  themselves. But but we'll, we'll piggyback
• 1:17:45
  off this conversation, you know, in the US, particularly there at
• 1:17:49
  least from the Trump administration, from from all of
• 1:17:51
  the narratives we're hearing there, is this idea of the US is
• 1:17:56
  going to be the Bitcoin, you know, capital of the world.
• 1:17:59
  And then we are seeing, you know, whether it's rogue
• 1:18:03
  agencies, kind of like what the DOJ did with the samurai wallet
• 1:18:07
  devs or other, you know, lesser agencies.
• 1:18:10
  We are kind of seeing a a split between what the official Trump
• 1:18:15
  administration wants to do with Bitcoin and all these other
• 1:18:19
  agencies that are kind of hell bent on still attacking our
• 1:18:22
  industry. And it sounds like this is, this
• 1:18:25
  is a, you know, perfect example of that happening.
• 1:18:27
  We're like, yeah, we have this narrative of we're going to be
• 1:18:30
  the Bitcoin capital of the world.
• 1:18:32
  And then the smaller agencies are, you know, under the federal
• 1:18:35
  government, they're still actively attacking us.
• 1:18:37
  And since it's not like a sexy story, there's a lot of not so
• 1:18:41
  sexy stories that people won't want to, you know, click on a
• 1:18:44
  video for. And it's like there's there's
• 1:18:46
  multiple attacks happening right now in the industry.
• 1:18:49
  And like you said, and I think they're both connected.
• 1:18:51
  I said the Wall Street attack is trying to, you know, take your
• 1:18:54
  Bitcoin and various, you know, incentives.
• 1:18:57
  And now we're seeing the state attacking self custody using the
• 1:19:02
  banking regulations that are in place right now.
• 1:19:05
  So I it's never been more important to take custody of
• 1:19:10
  your Bitcoin and protect yourself.
• 1:19:11
  Exactly. And you know, we, we're coming
• 1:19:13
  from the perspective of we want to stop fraud.
• 1:19:17
  And so we have put in, you know, and, and it's not everybody in
• 1:19:21
  the industry, but we and others have put in as many safeguards
• 1:19:25
  as possible for our users to not be taken advantage of.
• 1:19:29
  That being said, if you're a regulator or you're law
• 1:19:33
  enforcement or you're the AARP, which is beating this drum to no
• 1:19:38
  end, you really need to step back and do some research as to
• 1:19:43
  how this fraud starts and where it comes from.
• 1:19:48
  Why is the FCC issuing licenses to giving people the highest
• 1:19:54
  rating that are perpetuating 48% of the fraud?
• 1:19:57
  If these calls are coming through at a rate that is this,
• 1:20:04
  this bad and they're driving people to bank fraud, they're
• 1:20:06
  driving people to our ATMs. But but you're, you're doing nothing
• 1:20:11
  of value to prevent that from happening, right?
• 1:20:15
  And even when they do give them the highest rating, again,
• 1:20:17
  that's 48% of the fraud calls have the highest rating attached
• 1:20:21
  to them. But even if.
• 1:20:23
  They wanted to they could the telecom providers or the the
• 1:20:27
  fraudsters will route the calls through old copper networks
• 1:20:31
  where they can't legitimately even utilize the new digital ID
• 1:20:36
  stamps. So when you've got a digital ID
• 1:20:39
  stamp that says this is a valid user of the phone system.
• 1:20:44
  So it won't say like unknown it it won't do that or spam call or
• 1:20:49
  whatever it is. It's absolutely insane.
• 1:20:51
  I'll give you, I'll give you see if I can find the numbers here
• 1:20:52
  real quick. The STIR Shaken Protocol is what
• 1:20:56
  it's called. You guys can look it up.
• 1:20:59
  Yeah. So 48% of the illegal robocalls
• 1:21:04
  carry the highest A level trust signature of the STIR Shaken
• 1:21:07
  Protocol. That's crazy.
• 1:21:09
  And 2.9, I'm sorry, I said 208 billion.
• 1:21:17
  That was wrong. It's 2.9 billion of bank fraud,
• 1:21:20
  wire losses and yeah, it goes on and on.
• 1:21:26
  The FCC fines were 208,000,000 since 2015, $670 actually
• 1:21:32
  collected. Wait, 670?
• 1:21:34
  Yeah, that's even worse. There's 1200 plus non compliant
• 1:21:38
  voice over IP providers. So these voice scam and it's
• 1:21:45
  like a big, big business. It's like, it's like, it's like
• 1:21:48
  a big part of, I mean. How many scam calls do you get?
• 1:21:50
  Into well, that's what I was going to say.
• 1:21:52
  So, you know, to, to wrap up the show for people.
• 1:21:54
  I mean, I'm sure most of these people in the chat with us, you
• 1:21:57
  know, have some sense of like digital hygiene, how to protect
• 1:22:01
  themselves. But I have known in the OR
• 1:22:03
  noticed in the, I don't know, like the last month or so, my
• 1:22:08
  phone is getting blown up. Like I'm getting scammed texts,
• 1:22:12
  I'm getting spam voice calls. I'm like someone must have
• 1:22:16
  bought my phone number from something.
• 1:22:18
  I don't know where they got it from, but I'm getting blown up
• 1:22:21
  right now, like every day. I'm getting like one or two a
• 1:22:23
  day. And I, I mean, personally, I
• 1:22:26
  just like don't respond to anyone that I don't know.
• 1:22:28
  Like I don't pick up random calls.
• 1:22:30
  I just, I just ignore them usually unless I get a voicemail
• 1:22:32
  and I'm like, OK, yeah, you know, I actually was in contact
• 1:22:36
  with them and I should get back to them.
• 1:22:38
  But for people out there like, what is your, what is your
• 1:22:42
  advice for most people? Like how do they protect
• 1:22:44
  themselves from this? So I you know.
• 1:22:47
  That's just do what I do. Ignore the calls, ignore the
• 1:22:49
  texts, ignore the emails. First of all, first of all, I do
• 1:22:54
  that like I don't take a call that if it's not got a name on
• 1:22:57
  it, that's from my contact list. Yeah, yeah, that's number one.
• 1:23:01
  Number two. Same thing goes for emails and
• 1:23:04
  texts. Yeah #3 at least for me.
• 1:23:07
  I have two FA real 2FA not. SMS. SMS2FA on every account
• 1:23:16
  that, that I have financial assets on that that's, that's a
• 1:23:21
  big one. The other, the other thing is,
• 1:23:26
  you know, I think what we're going to see and I know we're
• 1:23:29
  already we're already reading about it.
• 1:23:31
  AI has just recently been able to produce deep fakes that can
• 1:23:35
  break. Yeah, I've been.
• 1:23:40
  Saying the the E girls with like the, you know, random guy behind
• 1:23:43
  them and like doing the dances and it's.
• 1:23:45
  Like perfect overlay. Yeah.
• 1:23:46
  So it's it, it was research guys.
• 1:23:49
  OK, So what we're going to see the KYC AM L process and the
• 1:23:56
  identification Facetech, you know, persona technology that
• 1:24:01
  identifies you get put under a lot of stress in the near
• 1:24:06
  future. So I would be very, very
• 1:24:09
  cautious of keeping high balances in your bank.
• 1:24:12
  Again, another reason to have Bitcoin in self custody in cold
• 1:24:16
  storage multi sig, if you if you prefer to have a helping hand
• 1:24:22
  with Unchained or or Casa somebody like that.
• 1:24:25
  I think those are are super important because we are in an
• 1:24:29
  era with this war and with AI that we are going to see all
• 1:24:34
  sorts of attacks on the banking system and our financial system.
• 1:24:38
  So the only way you're gonna protect, oh, the other thing
• 1:24:42
  IFANI. If you're not familiar with
• 1:24:45
  Ifani. Yeah, I've never heard.
• 1:24:47
  That there's another one whose name I can't remember.
• 1:24:50
  You can. You can set up your phone in a
• 1:24:52
  way where you can't be SIM swapped.
• 1:24:54
  Oh wow. And.
• 1:24:55
  What is it Ifani? How do you spell that?
• 1:24:57
  EFANI OK highly recommend it. They just they make it nearly
• 1:25:03
  impossible for someone to SIM swap you and I'd I have friends
• 1:25:06
  of friends who got SIM swapped in the middle of the night where
• 1:25:09
  they're sleeping. They had five checking accounts,
• 1:25:13
  two business accounts, husband and wife and kids, and they were
• 1:25:17
  cleared through Zell. It was all cleared through Zell
• 1:25:20
  because they had Zell connected to all their accounts.
• 1:25:23
  It was, it was like over $150,000 overnight while they
• 1:25:26
  were asleep and they, so they had no idea that they were SIM
• 1:25:29
  swapped. So it's a real threat.
• 1:25:31
  Everybody needs to, to take, take, take security very, very
• 1:25:36
  seriously. And I think it has.
• 1:25:38
  It's going to get to the point where you know you and your
• 1:25:40
  family members going to have have to have, you know, words
• 1:25:46
  you say to each other to verify we're real.
• 1:25:48
  Yeah, 100% without a doubt. It's the the scam industry.
• 1:25:53
  I know they call us scammers, you know, Bitcoin is money
• 1:25:56
  launderers, criminals, whatever they call us.
• 1:25:59
  But it really is eye opening just how big like the I, I don't
• 1:26:04
  even know what you call it like a black mark, like the scam
• 1:26:07
  industry, like I, it sounds weird to say, but like the it's
• 1:26:10
  a literal, it's like a big business.
• 1:26:12
  It's an industry. Scam and their business just got
• 1:26:14
  easier, right? They can point AI at the dark
• 1:26:16
  web and collect IDs and then they can point it to social
• 1:26:19
  media and get your identity in your face and what you look like
• 1:26:22
  and then they can get on some crazy Bitcoin and steal your
• 1:26:25
  place. Damn, I'm cooked.
• 1:26:28
  Guys, if I call you, it wasn't me.
• 1:26:30
  I don't call anyone, OK? I'm not texting you.
• 1:26:33
  I'm not in your DMS asking you hi, you know, how's your trades
• 1:26:38
  going? Was it the man?
• 1:26:41
  Dude, it honestly, it just got that.
• 1:26:43
  Call from Opti about that one minute trade.
• 1:26:46
  Yeah, it wasn't me. Trust me.
• 1:26:48
  Trust me, it wasn't me. Wow.
• 1:26:49
  OK, Paul, that low key kind of terrifying, but I guess you know
• 1:26:55
  the. Only other thing I'll add by
• 1:26:56
  federals going to be putting up a website that's going to be
• 1:27:00
  providing everybody with all this data is the first time
• 1:27:02
  we've talked about it publicly. But we're going to have a
• 1:27:05
  website up soon. People be able to go visit that
• 1:27:07
  and and really dig in and learn about these scams and what,
• 1:27:12
  what, what we need to say to our legislators.
• 1:27:15
  And we need to point them in the right direction.
• 1:27:17
  We need to point them at the open door that's unlocked, which
• 1:27:19
  is the FCC, and we need to sort that problem out.
• 1:27:22
  That would stop so much of the scam from ever being
• 1:27:25
  implemented. All right, well, more power to
• 1:27:28
  you guys before we do go wrap up today's show.
• 1:27:32
  Paul, I do let's do a byte federal plug for the ATM.
• 1:27:37
  Not not for you guys to scam, but if you want to find an ATM,
• 1:27:42
  how can they go about finding an ATM?
• 1:27:44
  Paul? I'll I'll pull up the website.
• 1:27:45
  Yeah, just go to Google and type in byte federal Bitcoin ATM near
• 1:27:49
  me. Google search will point you in
• 1:27:51
  the right direction, or you can go to our website, this picture
• 1:27:54
  there, and you can put in your zip code and we'll point you to
• 1:27:57
  one of our ATMs that are nearby you.
• 1:27:59
  How many ATMs do you guys have worldwide or at least in the US?
• 1:28:02
  Yeah, we got about 1400 in the US, about 100 in Australia.
• 1:28:05
  Let's go. So I'm guessing maybe you guys
• 1:28:08
  might see one around you. I have been seeing the ATMs kind
• 1:28:11
  of pop up. You know it, right?
• 1:28:13
  Especially down here in Miami. I've seen them around a little
• 1:28:16
  more than I than I expected to see them.
• 1:28:18
  I was actually with my mother the other day and we were
• 1:28:20
  driving. It's like Bitcoin accepted here.
• 1:28:22
  We're like what? The what?
• 1:28:23
  What the hell is this? Place and they just have like a
• 1:28:25
  you know, Bitcoin ATM there's a a smoke shop right down the
• 1:28:28
  street from me that has one. I don't think it's a bite
• 1:28:30
  federal one because it looked a little sketchy.
• 1:28:32
  I'm not going to lie, but you know, they they are becoming a
• 1:28:36
  lot more popular and at least maybe it's one of those things
• 1:28:39
  where like when you see them, then you see more of them, you
• 1:28:41
  know, like. Yeah, it could be.
• 1:28:42
  I mean look at our, we have 19 million or so families that are
• 1:28:47
  UN or under banked in the United States.
• 1:28:50
  They make up the vast majority of our customer base that are
• 1:28:54
  they're coming in buying 500 hundred $200.00 of Bitcoin all
• 1:28:57
  the time because they have no way to get their cash into a
• 1:29:01
  banking system. So if you need to move into the
• 1:29:05
  digital economy with your cash, the Bitcoin ATM is the primary
• 1:29:09
  use case. So it's it, we're really doing
• 1:29:14
  as much as we can to help a lot of the people get access to
• 1:29:17
  financial products and services that they wouldn't normally have
• 1:29:20
  access to. Awesome, man, Awesome.
• 1:29:22
  Well, you know, doing Satoshi's work over there at Bite Federal,
• 1:29:26
  Paul, So you know, I guess. Yeah, I know you just announced
• 1:29:29
  it, but if you could, if you can rather maybe it's if you can, Is
• 1:29:35
  there an ETA when the people can can watch for this website or
• 1:29:39
  this page so that they can, you know, clean up their digital
• 1:29:42
  hygiene? Yeah, we're, we'll have it up
• 1:29:44
  and live I guess in within the next week or two.
• 1:29:46
  OK, yeah, now and the federal guys?
• 1:29:49
  Keep pinging our website. The federal guys definitely
• 1:29:52
  send. You yeah, you just you just put
• 1:29:54
  all the interns on on over over time to get this.
• 1:29:58
  All right, Paul. Well, thank you so much for
• 1:30:00
  coming on. Really appreciate it Always good
• 1:30:03
  talking with you And yeah, he was he was telling me about
• 1:30:06
  surfing and down here at South Florida this we'll see if I get
• 1:30:10
  in the waterfall. We'll see if I get in the water.
• 1:30:11
  But yeah, one one day soon actually before we for wow guys
• 1:30:17
  getting caught up here with Paul before I keep the show and roll
• 1:30:21
  out. I do have to give a shout out to
• 1:30:23
  our boys over at Bitcoin magazine.
• 1:30:24
  I I missed the Bitcoin Las Vegas 2026 plug guys, Bitcoins are
• 1:30:29
  taking over Las Vegas again April 27th through the 28th.
• 1:30:33
  It's going to be in the Venetian again, the world's largest
• 1:30:37
  Bitcoin conference. We were talking about like, hey,
• 1:30:40
  I, you know, I, I kind of wanted to come back to Miami, maybe
• 1:30:43
  Nashville. But hey, last year, I think it's
• 1:30:45
  the last year in Vegas. So you don't want to miss it if
• 1:30:48
  you weren't there last year, you know, Vegas is Vegas.
• 1:30:51
  So what happens in Vegas? And we won't talk too much about
• 1:30:53
  what you do out there. OK, guys.
• 1:30:55
  So make sure you get your tickets.
• 1:30:57
  If you use the promo code simply, you will get 10% off.
• 1:31:00
  Of course, if you're thinking about if you're on the fence,
• 1:31:03
  buy it now because the prices do get crazy.
• 1:31:06
  And like, I know you guys are in the chat, like I'm not going to
• 1:31:10
  that thing. And then the conference day
• 1:31:12
  happens and you wish you had a ticket.
• 1:31:14
  So buy it today, use promo code simply and we'll see you in Las
• 1:31:19
  Vegas. All right, guys, on that note
• 1:31:22
  again, last show of the week, it will be a simply Optie tomorrow.
• 1:31:26
  Yeah, actually it's going to be simply OPT.
• 1:31:27
  I was going to say Luke, but he's got some stuff he can't
• 1:31:30
  come on the show. So it's going to be me tomorrow.
• 1:31:33
  You already know it's Friday. Maybe if you're lucky, maybe if
• 1:31:35
  you're lucky, we'll do a meme review.
• 1:31:37
  All right, tag me in some memes. We'll do a meme review to wrap
• 1:31:40
  up the Friday show. You know, as as long as you tag
• 1:31:43
  me in some good memes. If I don't have a good memes,
• 1:31:45
  you already know the memes have been kind of mid.
• 1:31:47
  All right, if you don't got good memes, I won't do a meme review
• 1:31:50
  and I'll have to rent. OK, anyways, on that note, I'll
• 1:31:53
  see you tomorrow guys. Have a good rest of your day,
• 1:31:56
  get some sun, eat some good food, call your loved ones, all
• 1:31:58
  that good stuff. Stack some Bitcoin, this is the
• 1:32:00
  way. And make sure it is going into
• 1:32:02
  self custody. Peace out.
• 1:32:04
  I'll see you guys tomorrow. Today's episode was brought to
• 1:32:08
  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:32:11
  mission to enable financial independence.