Latest / Simply Bitcoin / BREAKING: DID This Just UNLOCK $132T To Flow Into Bitcoin?! | EP 1119

Transcript

BREAKING: DID This Just UNLOCK $132T To Flow Into Bitcoin?! | EP 1119 · Simply Bitcoin

0:02
Yo, today we're going to be exposing a potential $10
0:06
trillion floodgate that just went into Bitcoin.
0:09
A lot of people have been skeptical about BlackRock since
0:12
the beginning, and I mean rightly so.
0:14
They have close ties with the US government and we all have to
0:16
remember 8 out of the 9 ETFs all custody their Bitcoin with
0:21
Coinbase creating a potential honeypot for a for the US
0:25
government in the future. However, the big breaking news
0:28
as of yesterday is it in, it's indicating that BlackRock
0:32
actually potentially likes Bitcoin and we'll get to that.
0:35
We have the secret sauce for you guys today.
0:37
And bigger than that, BlackRock also potentially opened an
0:40
alternative flow of $132 trillion.
0:45
You guys heard that right? So of course, this is simply
0:48
Bitcoin live streaming from beautiful freedom country El
0:51
Salvador. We have the sources, we have the
0:53
receipts and of course I'm joined with my legendary Co host
0:57
Optimus Fields in the host chair today and the proof of work CEO
1:03
himself, Ben Gagnon, CEO of Bit Farms.
1:06
How you doing Opti and how you doing Ben?
1:08
Well, personally, guys, I'm not doing the best.
1:11
I'm, I don't know, I have some sinus stuff, but hey, we're
1:13
powering through. Other than that, everything is
1:16
good, man. Can't complain.
1:17
It's been a it's been a fun time down here in El Salvador.
1:20
And of course, we are joined with, I consider him a friend as
1:23
well, bit, Ben Ganion, CEO of Bit Farms, he's done an
1:26
incredible job since he's taken the helm.
1:29
Ben, how you doing today? I'm doing good you know Bitcoin
1:33
is near all time highs at like $89,000 or whatever it is right
1:38
at this second. Hard to complain when when
1:40
bitcoins doing so strong. Right, absolutely, absolutely.
1:44
It's a good day to be a miner when bitcoins pumping, man.
1:47
So anyways, guys, let's go straight.
1:49
Let's jump straight into the news.
1:51
What was I talking about in the beginning of the show?
1:55
This just dropped on Bitcoin Twitter yesterday.
1:58
Quotes. This is from Mac Macroscope.
2:01
In A13F filing today, BlackRock disclosed ownership of 2.5
2:06
million shares of I bit valued at 91.6 million as of September
2:11
30th. This is a new position.
2:14
That's right, ladies and gentlemen, BlackRock themselves
2:17
have exposure to the ETF. And I mean, it's not surprising
2:22
after you've seen Larry Fink speaking since talking about
2:25
Satoshi's gospel and legacy financial media.
2:28
Here's a post by BTCRBTC Archive.
2:32
The breaking BlackRock just disclosed directly owning $91
2:35
million worth of Bitcoin. BlackRock manages 11.5 trillion.
2:41
Now, I think the question is, why is this happening?
2:43
And earlier on, I said, I mentioned the #132 trillion.
2:48
So let's talk about this. This article dropped by
2:50
McKinsey. It says the North American asset
2:53
management industry faces a conundrum.
2:56
The two The 2020 23 recovery appears to be accelerating in
3:00
2024, but the industry has struggled to regain its
3:04
financial footing. Revenues have stagnated amid
3:07
outflows from higher fee active equity mutual funds and a period
3:11
of adjustment in the private markets.
3:13
The good news lifted by by strong market performance and
3:17
healthier net flows. The industry's global assets
3:20
under management reached a record 132 trillion as of June
3:24
2024. The bad news?
3:26
2023 revenues were essentially flat compared with the previous
3:30
year previous year and profits shrank 5%.
3:34
Certain asset management companies have still been able
3:37
to achieve above market growth, but share gains amid stagnant
3:41
industry economics only got organizations so far.
3:45
Outsized growth needs to come from new pools of assets outside
3:50
the industry, and I think that's really the signal there.
3:54
And of course, what could be those alternative assets?
3:57
I mean, here comes the Chad Sailor outperforming the rest of
4:02
the S&P 500 cents adopting the Bitcoin strategy.
4:06
What is the Bitcoin strategy? The Bitcoin strategy is
4:09
MicroStrategy using the infinite money glitch and just
4:12
accumulating as much Bitcoin as possible and outperforming the
4:16
rest of the S&P, not only the S&P, the big tech stocks, real
4:20
estate, gold, Bitcoin itself, right?
4:23
So could this be the, this could this be the asset that a lot of
4:27
these assets that managers need? I mean, look, don't take my word
4:31
for it. They did buy $92 million of
4:34
their own stock. I don't think they would do that
4:37
if they didn't feel bullish on it.
4:39
Yesterday we talked about, we talked about how or I think it
4:42
was like 2 days ago. So Bitcoin overtook the market
4:46
cap of silver. Silver had a 4000 year head
4:48
start. Doesn't matter.
4:49
Bitcoin overtook it in 16 years and we said that eventually it
4:53
was going to overtake the market cap of gold.
4:55
This is a little bit dated, this chart.
4:57
The current market cap of gold is sitting at 17 trillion.
5:01
But I mean, that's not even taking into account, you know,
5:04
these asset managers, that's not even taking into account real
5:07
estate, that's not even taking into account money.
5:09
So I think Bitcoin still has tremendous amount of of
5:13
potential room to grow. And I think it it's just this
5:15
black hole, black hole of incentives and it's just going
5:18
to attract all these asset managers, all these nation
5:21
states, wealthy individuals that, you know, want to want to
5:26
save themselves from the ravages of inflation and want to
5:29
potentially outperform the market Anyways, Opti, you want
5:32
to get your take on this and then we're going to pass it on
5:34
to Ben. Yeah, well, obviously it is very
5:37
interesting news to come out. Many Bitcoiners have been saying
5:41
like, oh, Blackrock's just here to grip.
5:43
They're only here for the fees of Bitcoin and of course them
5:46
coming into Bitcoin giving the the industry sense of legitimacy
5:50
in regards to traditional assets.
5:52
It is very interesting that they are pumping their own bags and
5:54
buying their own ETF. So it goes to show that Larry
5:58
Fink out there is, as Kaiser's been saying, employee of the
6:02
month for the last couple of months.
6:03
So it is interesting when you look at the that article that we
6:06
just read in regards that yes, traditional financial, so
6:09
institutions and institutional managers are looking for
6:12
alternative assets. Obviously, we've been saying
6:15
this for a long time on the show that Bitcoin is that
6:17
alternative. And it's only a matter of time
6:19
until everyone wakes up to the fact that, hey, you probably
6:23
want to buy some Bitcoin if you want to outperform inflation, if
6:25
you want to outperform treasuries, as I always say, and
6:28
I'm probably going to mess it up again.
6:30
You know, Bitcoin is the fastest horse in the race and everyone
6:33
needs a Bitcoin plan out there. And now you're seeing it
6:36
starting to catch on. You know, Larry Fink buying his
6:38
own ETFI think that's it's a good thing and it's very
6:40
interesting development that we're seeing playing out.
6:43
So you know, as much as we can hate on BlackRock because they
6:46
are the big bad boogeyman of the world right now in regards to
6:49
traditional financial assets. Hey.
6:53
They need Bitcoin just like everyone else.
6:55
As the meme goes, Bitcoin is for enemies and they understand the
6:57
value of Bitcoin. So I think if 2025 is going to
7:01
be very, very interesting to say the least.
7:03
But let's pass it off to Ben. Ben's been here for a long time.
7:06
Before we do that, before we do that, I do want to give a shout
7:08
out. We already broke 1000 live
7:10
viewers watching on the stream. If you guys are enjoying the
7:14
stream so far, make sure to smash that like button.
7:16
Consider subscribing if you feel like we're providing you value.
7:19
Anyways, Ben, you have a very unique you.
7:23
You have a very unique perspective as the CEO of one of
7:26
the largest publicly traded Bitcoin mining companies in the
7:29
world. Does any of this news surprise
7:31
you? Do you have any unique insights
7:33
into this? No, I don't think any of this is
7:36
surprising, right? This has been building up for
7:38
several years right now and it goes back to that that really
7:42
simple thing of of 21,000,000 divided by Infinity, right?
7:48
There's the only one hard asset on the planet.
7:51
It's Bitcoin. Everything else can be created
7:54
into Infinity. Even things like gold where
7:56
people are like, well, you know, there's all these production
7:59
costs and there's kind of limited about, about maybe how
8:02
much gold there is on the planet.
8:03
But you know, we've got Elon Musk out there building rocket
8:06
ships to go off to Mars. You know, how long is it before,
8:10
you know, he'd be building a rocket ship to go off and start
8:12
mining space asteroids? In which case, you know, these
8:16
kind of hard resources which are present throughout the Earth and
8:20
their presence throughout the universe, you know, they become
8:22
infinite. And so just like real estate,
8:24
just like Fiat, just like everything else, it becomes
8:27
infinite. The only thing that's not is
8:28
Bitcoin. And you know, for me, it always
8:30
goes down to like one simple thing.
8:33
You know, everybody always thinks that Bitcoin is a
8:35
volatile asset, but it's such a short term view, right?
8:39
Because when you look at Bitcoin and you're looking at the
8:42
day-to-day, yeah, day-to-day price volatility is incredibly
8:46
volatile. But if you're looking at, hey,
8:49
what is the actual supply and availability of Bitcoin over
8:52
time, it's the most predictable asset on the planet.
8:55
Nobody out there can tell you how many dollars exist on the
8:58
planet today, how many barrels of oil there are, how many are
9:01
being produced, how many tons of of gold there are, how many
9:04
being produced, how many tons of silver or, or, you know, bushels
9:07
of wheat or whatever it is. Nobody can tell you exactly how
9:10
much of anything there is, how much is being produced, how much
9:13
will be produced in the future, and if the prices change, or as
9:16
the prices change, the incentives change to produce
9:18
more and more and more, and so that number keeps growing.
9:22
Bitcoin's the only ass on the planet where the further out you
9:25
look, the higher precision and the higher confidence you have
9:30
in your prediction of how many bitcoins are going to exist at
9:33
any point in time. Back to the history of when
9:35
Bitcoin, you know, was first founded and 1st created all the
9:39
way out into the future. We have very, very high degree
9:42
of precision of, you know, insight in terms of exactly how
9:45
much is going to exist. And even better, anybody can run
9:49
this information, anybody can verify it.
9:51
It doesn't matter who you are, where you are on the planet.
9:54
If you have an Internet connection, you can go out
9:56
there, figure out this math yourself and you can confirm it.
9:59
So it's it's a game changer for people like asset managers.
10:05
Absolutely, and it's it's a total game changer.
10:08
And you can make an argument that in a way, you know, and
10:14
Parker Lewis originally wrote an article about this called the
10:16
great de financialization in a way like it, it kind of makes it
10:21
kind of threatens a lot of their jobs a little bit, right,
10:23
because people could just be buying spot Bitcoin, putting
10:27
that Bitcoin into self custody. They no longer need these, you
10:30
know, large financial institutions to, you know, it
10:33
gives it like again, like if you're, you know, a plumber,
10:36
you're a dentist, you're kind of forced to become a part time
10:39
investor just to maintain your purchasing power, right?
10:42
And then all of a sudden comes Bitcoin that has a, you know,
10:45
anticipated, you know, annual appreciation rate of between 40
10:50
and 29% moving forward. That's a great, phenomenal
10:54
return. And you don't need to pay fees.
10:57
You could take self custody of of this.
10:59
All you got to do is buy it, mine it, earn it, put it into
11:03
self custody, you know, secure it and that's it.
11:07
It's as simple as that, right? So it's a, it's a brave new
11:10
world that we live in, for sure. Absolutely.
11:14
We we got a good. Question in the chat and I just
11:16
did some some quick AI mass here.
11:19
So let me find this question. So Nick Daniels asked how much
11:21
of their gold, how much of the BlackRock Gold ETF does
11:24
BlackRock own? And I just checked it and again,
11:27
this is AI numbers here. Apparently 4.7% of the BlackRock
11:32
ETF is the BlackRock holdings and shares with around little
11:36
under 14,000,000 shares. And so if you do some quick
11:39
maths here, you know Bitcoin owns about two and a half
11:42
million shares in their I bit ETF, which is obviously a small
11:47
number on on just scale wise. But again doing some quick
11:50
maths, they own about .21% of their BlackRock ETF in the
11:55
Bitcoin ETF. So it looks like they're going
11:58
to pump those numbers up and I'm.
12:00
Sure, we will see. A lot more buys coming out of
12:03
the BlackRock company into their own ETF.
12:05
So I I thought that's pretty interesting.
12:07
Great question in the chat. Absolutely.
12:09
All right, guys, before we move on to the numbers, lots to talk
12:12
about. It is windy.
12:13
We are in El Salvador literally in front of a volcano, so
12:16
forgive the wind. I do want to give a shout out to
12:18
the 1400 of you guys watching live, 100 of you guys watching
12:22
live on rumble, almost 1000 live viewers on X and almost 500 of
12:27
you guys watching live on YouTube.
12:29
If you guys are enjoying the show so far, make sure to smash
12:32
the like button. Consider subscribing if you feel
12:34
like we provided you value and of course I'm Nico Miran your
12:37
host, my Co host Optimus Fields and our guest today Ben Ganion,
12:40
CEO of bit farms, the proof of work CEO.
12:44
Anyways, before we jump into numbers, I do want to give a
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se-ed.com. At the time of recording, the
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Bitcoin price is 89,050. Block Height 8800 Seventy 303
16:24
sats per dollar 1123 market cap 1.76 trillion Bitcoin priced in
16:30
gold 34.7 oz Bitcoin versus gold market cap 9.88% Percentage
16:36
issued 94.2% Decline from all time high negative 4.7% realize
16:42
monetary inflation 1.22% Continuing to take Fiat
16:46
currencies to absolute school. Speaking of Fiat currencies, our
16:52
friends over at the European Central Bank continue to release
16:57
these highly produced. I would say I would call them
17:00
propaganda videos in regards to really pushing, you know, the
17:05
European Central Bank, which they have changed now they call
17:09
it the digital Euro, but make no mistake, it is a CBDC.
17:13
So we have the video lined up for you guys.
17:16
Let's play it. Let's check it out.
17:18
Here we go. Do you want to know more about
17:21
the digital euro? No, let's find out more Evelyn
17:25
in 20 seconds. Can you answer our questions?
17:29
Why do we need that inside euro? We don't.
17:31
Well, our currency needs to keep up with how we want to pay, so
17:35
currently more than half of the people prefer to pay digitally
17:38
and there is not one single European way to do so.
17:41
The digital euro would fill that gap.
17:45
What would a day in the life of the Europeans look like with a
17:48
digital euro slavery? Well, Europeans will be able to
17:51
pay with a digital euro alongside cash, and they can
17:54
trust that they can pay everywhere in the euro area.
17:58
They can trust that they can be paid digitally while their
18:01
privacy is secured. And last but not least, they can
18:04
pay offline when there's no electricity connection or when
18:08
there is no Internet connection. So what's next?
18:13
Well, as the words go digitally, so should our currency, So
18:16
that's why we are designing a digital euro to offer a seamless
18:19
payment experience across Europe.
18:21
But we need a strong legislation.
18:23
That's why we're supporting European lawmakers because they
18:27
are deciding on the legislation needed.
18:30
Together we can bring European payments into the digital age.
18:38
Like you know what's happening is that they're getting out
18:41
memed, so they're stepping up their meme warfare, But you know
18:44
what Bitcoin we we have home field advantage on the Internet,
18:48
bro right. I I hope this gets community
18:51
noted. I just want to check.
18:52
I just have to check out the comments on this because they're
18:55
probably absolutely hilarious. The CBDC fixed this.
19:00
The EC BS announcement of the digital year is intriguing.
19:04
That's going to be a game changer.
19:05
Can't wait for this. Please focus on on your only
19:10
task. Centralized digital slavery.
19:13
When do we vote on it? You don't.
19:15
You missed the boat. A BTC has one.
19:18
CBDC is a scam. So This is why, guys, it's so
19:20
important that you get involved. Maybe the ECB should buy some
19:24
Bitcoin. Now is the time.
19:26
So again, like this video conveniently leaves out that
19:30
Bitcoin already solves these problems and it's not just
19:34
confined to Europe, right? Bitcoin is a global money.
19:38
You know, Lightning is there, Bitcoin on chain is there.
19:41
But again, that's not convenient.
19:43
That's not convenient for governments that have this
19:46
tremendous privilege of being able to create money for free
19:50
that everyone else has to work for, that enables deficit
19:53
spending that that allows them to spend money they don't have.
19:57
And that's very convenient for politicians.
19:59
So how do they keep that gig going?
20:02
Well, the continuation of of Fiat are central bank digital
20:07
currencies. And make no mistake, as we saw
20:09
with the Canadian truckers, protest if they can use it
20:13
against their political opponents.
20:15
I mean, like, who, who, why? Why would you give someone so
20:19
much trust when there's an alternative where you don't have
20:23
to trust, right? That's my only, you know, that's
20:26
my only criticism of this. So, and again, it not, I think
20:30
it's a little bit insincere not pointing out the alternatives.
20:33
And also, guys, make no mistake, this is a worldwide phenomenon.
20:37
This is happening in Europe. This is happening all over the
20:41
world. Here is the Atlantic Council
20:45
central bank digital Currency tracker.
20:48
You know, it's explaining what a central bank digital currency
20:50
is. Here it says 134 countries and
20:53
currency unions representing 98% of global GDP are exploring a
20:59
central bank digital currency, right?
21:02
So make no mistake, guys, like this is happening whether people
21:06
like it or not. And again, I think that this is
21:09
just a government's attempt to retain the money printer.
21:14
And also there's a tremendous amount of power from not only
21:18
having the monopoly on the creation of money, but also on
21:22
the control of money itself. And I love how they, you know,
21:25
they include these nice words like we're not going to get rid
21:28
of cash. We're going to protect your
21:30
privacy. Trust us.
21:32
It's not like we've betrayed your trust for the last, you
21:35
know, 100 years or so. Debasing the the currency,
21:38
censoring people. This time we're different.
21:41
We have changed. We have found satoshi
21:44
everything's different now. You guys should trust us with
21:46
the CBDCI say it's time to try something new.
21:50
It's time to try money that cannot be debased.
21:53
It's time to try money that has a hard cap of 21 million.
21:57
It's time to try censorship resistant money.
22:00
And of course, that money is Bitcoin.
22:02
Anyways, I'm going to pass it on to Ben.
22:03
Ben, what's your take on this? I mean, you can't deny that
22:07
their videos are getting much better, bro.
22:09
You know, like, they first they bring on the younger beautiful
22:12
girl, then they bring on, you know, the more mature lady.
22:15
And then they're basically, you know, letting you know that this
22:18
is great. There's no slavery, happy
22:20
kumbaya. They put the upbeat music, you
22:23
know? What's your take?
22:26
I mean, it's funny, right? Like, what are they actually
22:29
trying to solve that a credit card doesn't already solve?
22:31
I don't I don't really understand, you know, you can
22:34
pay everything digitally if with a credit card or a debit card.
22:38
What you know, there's there's no real payment mechanism that
22:41
you need a CBDC to solve. Like credit cards and debit
22:44
cards have worked for a long time.
22:46
Even the point about, oh, you can settle this even if you
22:49
don't have an Internet connection, you know, got back
22:52
in the day when credit card first came out, there was no
22:54
Internet connection and everybody's, you know, could use
22:56
credit cards. There's not a single thing that
22:59
they solved with the CBDC in that video that you couldn't
23:02
solve with a credit card or already hasn't been solved with
23:04
a credit card. And it's not about, you know,
23:06
that right? Whenever anybody is trying to
23:09
promote for an idea, it's always projection.
23:11
They're always trying to do the opposite of the thing that
23:14
they're trying to say. So, you know, if they say, Hey,
23:17
we're out here trying to give you kind of like this new, you
23:19
know, kind of money that's going to be so much better or freedom
23:23
money or whatever. It's probably slavery money.
23:25
And the, the reality is it's like you look at what happens
23:29
with these things, it's like they're going to use the data
23:31
and they're going to track you and then they're going to use it
23:33
to give you free money. And it's going to become a
23:35
literal power graph. Like I've seen this in to Hong
23:39
Kong and China, you know, where digital currency is a thing.
23:43
And the government does give out money directly to citizens in in
23:47
a digital format. And people love it.
23:50
It like it buys a lot of loyalty from the people that receive
23:53
money because it's free money, right?
23:56
But what I think people don't understand is the price tag that
23:58
comes along with that free money, right?
24:00
Yeah, it's free today, but you pay for it over time as a debase
24:04
everything else that you own, right?
24:07
And so it's a way, it's like, it's the constant Fiat trick.
24:11
It's like, how do you do sacrifice the long term gain,
24:16
you know, for like the short term benefit, right?
24:19
It's it's the Fiat. It's the Fiat way of of looking
24:23
at the world. So it didn't solve a damn thing
24:27
with the CBDCI. Don't think anything you know is
24:30
solved with the CBDC, but it does give governments an
24:33
incredible amount of new power to wield and an incredible new
24:37
tool in order to buy loyalty. 100 percent, 100%.
24:42
I mean, it, it like, and again, you know, they, they, they kind
24:45
of dress it up. They, you know, the helicopter
24:47
money, they kind of give it out, but you know, they, they
24:50
conveniently leave out all the downsides.
24:53
Opti. I mean, they're stepping up
24:55
their game, bro. Like, first it was Christine
24:58
Lagarde that didn't work out. Then they changed it from the
25:01
European Central Central Bank digital currency to the digital
25:04
euro. Now they're getting like younger
25:07
women. Now it's like a combination of
25:09
like a younger woman and then like an older woman.
25:12
I mean, their mimatics are stepping up, bro.
25:14
You can't deny it. Yeah, definitely.
25:17
The propaganda is increasing it. The quality is getting better.
25:20
I mean, we saw this coming out of the Fed as well, Jay Powell
25:23
doing like TikTok. So they understand that they
25:25
have to meet us on the playing field, the digital, the playing
25:28
field. Hold on the the Jay Powell
25:29
TikTok with him without a tie and and his shirt buttoned a
25:33
little bit. Yeah, exactly.
25:35
Like they they're essentially they're, you know, they're
25:38
trying to, you know, whitewash the central banks and make them
25:42
look cool. It's like literally the mean
25:43
with the skateboard. Like I'm here like I'm here to
25:45
hang out with the kids. But it is very interesting.
25:48
And I and I do want to basically touch on what Ben was saying is
25:50
that if you really listen to that clip, all they're talking
25:55
about is payments. And we've been covering this on
25:56
the show constantly is they're trying to, you know, put out the
26:00
CBDC and say like, oh, you don't need Bitcoin.
26:02
We have a digital euro. You know, we're going to
26:05
increase payments. And This is why when you hear
26:07
people just talk about Bitcoin in regards to payments, you
26:10
realize that either one, they're nefarious or two, they don't
26:13
understand what is actually at play here.
26:15
And like Ben was saying, don't we have credit cards?
26:18
Like I aren't those already digital payments?
26:20
Like what does the digital euro actually do for people?
26:24
But it is very interesting that in their propaganda piece, it is
26:27
like very innocent. They have like, you know, very
26:29
light hearted music. And they're like, we're here to
26:31
protect you, you know, like trust us, bro.
26:33
You're going to have privacy on the network and you're like,
26:37
it's literally projection. All of their projections is
26:39
really admitting what they want as the opposite of what they're
26:43
saying. It's like classic doublespeak
26:45
here. And man, hey, at least they're
26:47
trying. At the very least, at least
26:49
they're trying to up their propaganda.
26:50
But they didn't talk about wants of debasement, and that's what
26:54
we're all talking about here. They can print money at will and
26:57
we're not here to just fix payments.
26:59
It's about not getting poor over time.
27:01
Absolutely 100% all right guys before we move on to the news,
27:04
we just broke 2000 live viewers between all platforms.
27:08
So if you guys are enjoying the show so far, make sure to smash
27:11
the like button consider subscribing if you feel like
27:13
we're providing you value of course you're listening to
27:16
simply Bitcoin live. I'm your host, Nico's my
27:18
legendary Co host Optimus Fields and our special guest for today,
27:22
the proof of work CEO himself, Ben Ganion from bit farms
27:26
anyways guys, during the news we're going to take advantage of
27:28
Ben being on the show. We're going to talk about what
27:31
the Trump victory means for the Bitcoin industry and
27:35
specifically the Bitcoin mining industry in the United States.
27:39
So stay tuned, we'll be. Right back, I want to give a
27:43
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All right everybody, let's jump into to the news for today.
30:01
Here's the Bitcoin senator Cynthia alumnus, she says I
30:05
believe we can get and she's reacting to David Bailey's
30:08
original tweet where he says the Bitcoin and crypto industries
30:11
policy wish list is long and pressing, but the strategic
30:14
Bitcoin reserve is the number one most urgent and
30:17
transformational policy on President Trump's agenda.
30:20
The downstream effects change everything.
30:22
We must get it done in the 1st 100 days.
30:25
Polymarket gives the odds of that passing about 32%.
30:29
So they are rising, but you know, we got to get those
30:31
numbers up. Senator Cynthia Lummus, which
30:34
famously took out the strategic Bitcoin Reserve bill in front of
30:39
the Bitcoin 2024 Nashville crowd shortly after Donald Trump
30:45
concluded his speech. She says.
30:46
I believe we can get this done with bipartisan support in the
30:50
1st 100 days if we have the support of the people.
30:53
It is a game changer for the solvency of our nation.
30:57
Let's put America on sound financial footing and pass the
31:01
Bitcoin Act. Here is David Bailey.
31:05
David Bailey is the CEO of BTC Inc, which is responsible for
31:08
Bitcoin Magazine and the Bitcoin conference.
31:11
And he says let me be clear, the United States is being front run
31:15
on its Bitcoin strategy and must stand up the strategic Bitcoin
31:19
reserve as quickly as possible. It's literally a national
31:22
security issue. Here's Fred Krueger goes on to
31:26
say, My wit, my wish list. What else?
31:29
Get rid of KYC for buying and selling Bitcoin.
31:32
Allow anybody to sell Bitcoin for cash without penalty.
31:35
Bitcoin strategic reserve fund. Elimination of all taxes on
31:39
Bitcoin, Which by the way, this is something that that Trump has
31:42
been quoted on saying, getting rid of capital gains taxes on
31:46
Bitcoin. So again, this isn't just, you
31:48
know, a dream or whatnot. Eliminate all SCC crypto
31:52
lawsuits except fraud. Banks are allowed to custody
31:55
Bitcoin in kind. Bitcoin for the ETFs.
31:59
I completely agree. Now here's this article by
32:01
Blockhead that kind of summarizes all the promises that
32:04
Trump has made so far the so-called Bitcoin stockpile.
32:09
He says quote if I'm elected it will be the policy of my
32:12
administration, the United States of America to keep 100%
32:15
of the Bitcoin the US government currently holds and acquires
32:19
into the future keyword there acquires into the future.
32:22
I think if the US government started acquiring Bitcoin, it
32:25
would be a domino effect all over all these countries
32:29
worldwide, specifically the ones that see the United States as
32:33
their competitor, they would have no choice but to buy
32:36
Bitcoin or get left behind. He also promised to fire Gary
32:41
Genzer on day one. I will fire Gary Genzer.
32:44
And it was so funny because at the Nashville conference, when
32:47
he said that, the crowd erupted and he's like, ah, you guys
32:50
really like that. And he repeated it and the crowd
32:53
erupted again even louder. Bitcoin for the people by the
32:56
people quote. The rules will be written by
32:59
people who love your industry and not hate your industry.
33:02
I love that it goes on to say, and this is where this is Ben.
33:06
This is Ben's territory. Miners for America.
33:10
Here's the specific tweet, vote for Trump.
33:12
Bitcoin mining may be our last line of defense against a ACBDC.
33:18
Biden's hatred of Bitcoin only helps China, Russia and the
33:22
radical left. We want all the remaining
33:24
Bitcoin to be made in the USA. It will help us be energy
33:30
dominant and of course, we know Trump's wording.
33:34
Mine, baby, mine or energy, energy, energy, something
33:38
energy. Anyways, I do drill, baby,
33:41
drill. There we go.
33:41
Thanks, Opti. So I want to get Ben's opinion
33:44
on this. Ben.
33:46
I mean, the the CEO of one of the world's largest Bitcoin
33:50
publicly traded Bitcoin mining companies.
33:52
It must have been huge, the fact that Trump, you know, won this
33:57
election specifically for your side of the industry.
34:00
Oh, absolutely. You know, I, I think the biggest
34:03
overhang that's been happening on Bitcoin for several years now
34:06
is just regulatory uncertainty around Bitcoin.
34:09
And with Trump coming in, that all goes away.
34:12
Like Gensler's is getting replaced for bringing in a lot
34:14
of pro Bitcoin people into the administration.
34:18
And I, I think I saw the statistic correctly.
34:20
I think, I don't know how it breaks down between crypto and
34:25
and Bitcoin, but I think crypto in total donated about 170
34:30
million to Trump and I think Trump raised about 350 million.
34:34
So crypto contributed about 50% of the campaign funds to Trump
34:39
and you know, they won like he's crypto, Bitcoin companies,
34:43
they're going to have a whole lot of opportunity here in this
34:46
next administration. And to be honest, like I don't
34:48
think we want special treatment. I think we just want to be left
34:51
alone. We just want to have the law
34:53
fair stop. We want to have all of the
34:56
attacks against the industry stop because we're not out here
34:59
trying to, you know, boil the ocean.
35:02
We're out here trying to restore hard money to the people of the
35:06
entire planet. And we can only do that if, you
35:10
know, we are able to run our businesses the way that we need
35:13
to run our businesses. Bitcoin or Trump coming in here
35:17
is a massive win. Like we that have been doing a
35:20
lot of growth in the United States and rebalancing the
35:22
United States. We've got a huge pipeline of
35:26
activity here in Pennsylvania. And I think under a Trump
35:29
administration, it's it's just so much more exciting.
35:32
There's going to be so much less red tape.
35:33
We're going to be able to get so much more done, so much faster.
35:38
Man, I'm so excited to hear more about it.
35:40
We're going to talk about bit farms, what their strategies are
35:43
during the culture segment. And you did say something, Ben,
35:46
you said Pennsylvania. This is breaking news, massive
35:49
breaking from. But I did confirm this.
35:52
I did listen to the spaces where specifically this state
35:56
representative Mike Cabell did confirm that this was being
36:01
introduced. But Dennis Porter says I can't
36:05
confirm. The state of Pennsylvania has
36:08
introduced legislation to create a strategic Bitcoin reserve.
36:14
I mean, this is massive. Not only strategic Bitcoin
36:17
reserves on the federal level, but also on the state level.
36:21
I think we heard something similar coming out of Florida as
36:24
well. I mean, like, what's the famous
36:26
Trump line? Like?
36:28
You guys are going to get tired of winning.
36:29
We're going to win so hard. I mean, that's what it feels
36:32
like, bro. Like, this is absolutely nuts.
36:35
You know, we're starting the bull market.
36:37
We hit $93,500, I think a lot sooner than a lot of people were
36:42
anticipating. So yeah, man, I think this is
36:44
just great overall. Ben, let me ask you something.
36:47
How much of this this recent pump is due to Trump winning
36:53
this recent election? Probably all of it, to be honest
36:59
with you, because, you know, you saw Bitcoin pumping, you know,
37:04
going into the election and Bitcoin beat all the polls in
37:07
terms of determining who was the winner of the election.
37:10
And it's been a non-stop, you know, rally since.
37:16
It's hard to say that this would be anything other than the Trump
37:19
administration and what that means for regulatory certainty
37:23
support for Bitcoin. You know, all the different
37:26
other initiatives that they're doing in terms of maybe changing
37:29
tax policy or, or implementing a strategic Bitcoin reserve or
37:32
reducing regulatory red tape for building Bitcoin mines or energy
37:36
plants. This is a yeah, this is probably
37:40
100% the Trump administration winning that victory.
37:44
What would have it look like? And of course, we're kind of
37:47
going down the hypothetical, what would have it look like if
37:51
Kamala had one? What different strategy would
37:55
you have taken with bit farms? So we've got international
38:00
portfolio of assets specifically to spread out that
38:04
jurisdictional risk just in case stuff like that happens.
38:06
But you know, let's say Kamala Harris had had one.
38:11
You know, I don't really think it matters whether or not Trump
38:15
won or the Democrats won. The answer is it's like both
38:19
sides are probably going to be running the money printers for
38:22
different reasons, for different, you know, allocations
38:25
On the damn side, obviously, they'd be running the money
38:28
printer to do all of their, you know, social programs and
38:31
stimulus and, and helicopter money.
38:33
And, you know, on the Trump side, he'd be running the money
38:35
printer in order to support business and the stock market
38:38
and the economy. Either way, it's probably going
38:41
to be good for Bitcoin. But with the Trump
38:43
administration, it means that law fair is gone.
38:45
It means that regulatory uncertainty is gone.
38:48
It means that those Domino's effect that you talked about
38:50
with all the other countries is, is lined up because the US
38:55
determines everything. You know, when let's say the US
38:58
wants to increase the, the money printing, guess what every other
39:01
country in the world does? They increase their money
39:03
printing because the last thing that you want is to get your,
39:07
your FX out of whack with the US dollar, right?
39:10
You know, that starts screwing up a whole lot of problems in
39:13
terms of your, your import export, in terms of your, your
39:16
foreign reserves balances. There's all sorts of different
39:19
things that have knock on effects if your FX starts
39:23
getting out of whack with the US dollar.
39:25
And so most countries are trying to be as stable to the US dollar
39:29
as possible, right? Maybe they do a peg, maybe they
39:32
do a, a ranged peg or a floating peg system.
39:37
But most people want to stay in line with United States.
39:39
So if they want to print 5% per annum, they're going to try and
39:43
print, you know, as close to 5% per annum.
39:45
If the United States wants to print 5% per annum to run a
39:48
strategic Bitcoin reserve, guess what every other country is
39:50
going to be incredibly incentivized to do?
39:53
Because they're not going to want to be falling behind.
39:55
They're not going to want to get out of sync with the United
39:58
States because it's going to be disastrous for their own
40:00
economy. Absolutely, absolutely.
40:02
I mean, and, and Trump was right in that sense, Ben, it, it
40:05
sounds like what, what you're saying it they, they would have
40:08
pushed the industry overseas. So I think Trump was, was, you
40:13
know, cause a lot of people say, you know, Trump is, is
40:15
hyperbolic in a lot of ways. Maybe he is, but I think his,
40:19
his claim at the Bitcoin conference.
40:21
He's just funny the way he says things, right?
40:24
His claim, you know, at the Bitcoin conference was was right
40:27
in a way, right. You know, where he says, you
40:29
know, Kamala is going to destroy the industry.
40:31
It's going to be terrible. It's going to be horrible.
40:33
And you know, we want the Bitcoin all to be mined in the
40:36
United States and have fun with your bitcoins and all that
40:38
stuff. But it but like underlying, you
40:41
know, his antics and the way that he says it and his
40:43
delivery, he was right. Like I think it would have
40:46
happened. And you know, as a, as as a, you
40:49
know, as a show, as a Bitcoin show, we tried to stay away from
40:54
politics. It takes for the longest time,
40:55
even I got, I was getting upset with Opti when he said Trump
40:58
Derangement Syndrome. At one point I was like, dude,
41:00
what are you doing? We want to be inclusive here.
41:03
And we were kind of like we were forced because it became very
41:07
apparent that Operation Choke .2 point O is real, was real.
41:12
The proposed 30% Bitcoin mining tax like, you know, and it's
41:16
tried to, they tried to walk it back as soon as it got closer to
41:20
the election with the crypto for Harris and stuff.
41:23
But she never went on record saying all the things that Trump
41:26
said about protecting the industry and ending, you know,
41:29
this regulatory onslaught, this regulatory attack.
41:33
So yeah, man, Opti, do you have any thoughts before we get on to
41:35
the culture? Well, I mean, I was going to
41:37
troll a little bit, but I actually have a serious question
41:40
that I would love to ask Ben, considering we are talking about
41:43
Trump and what he said in that announcement of he wants all of
41:46
the Bitcoin, the remaining bitcoins mined in America.
41:49
So what's your first thoughts when you hear that Ben as a
41:52
Bitcoin miner? Not possible and not desirable
41:57
to be honest with you, but you know it.
42:01
It's fine because it's not a it's not possible to achieve
42:04
that goal. But if that is, you know, a
42:06
stated objective, then all the things that you're going to do
42:10
in order to help achieve that objective is really going to
42:13
make America the number one jurisdiction for mining Bitcoin.
42:17
But that doesn't mean that you're ever going to be able to
42:20
keep any other country out of this, right?
42:23
Bitcoin is ruthless, profit maximalist, and it's going to go
42:28
exactly where it needs to go in order to be produced for the
42:32
lowest possible cost. So if that's in the United
42:34
States, great. If that's in, you know, some
42:37
other country, that's what it's going to be.
42:39
And Bitcoin miners have had no problem picking up, dropping
42:44
miners and capital into new regions, new countries that
42:47
they've never ever been to before because they understand
42:50
the economic opportunity there to produce Bitcoin for a lower
42:53
cost. So not possible to achieve, not
42:55
even desirable to achieve. But if he's working towards that
42:59
goal, then inevitably I think he is going to make America the
43:02
number one Bitcoin mining country on the planet.
43:06
This is fake news of the Bitcoin needs to be made in America.
43:11
No, but in all seriousness, I, I completely agree.
43:15
Yeah, man, it and it's and it's great because it's like you have
43:18
countries that are competing for the hash rate, right?
43:22
We had news earlier on in the year where Russia legalized
43:26
Bitcoin mining, right? So you have all these nation
43:29
states that are essentially competing for the hash rate.
43:31
That is great for Bitcoin companies.
43:34
That is great for Bitcoin. You want you want this to happen
43:37
and and and Kaiser actually predicted this when he was
43:41
describing and talking about the so-called global hash war.
43:45
I think this is exactly what he was talking about anyways, very
43:49
very exciting stuff heading into 2025.
43:53
The future definitely looks bright anyways guys before we
43:58
move on, I do want to give a very special shout out to our
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All right everybody, let's move on to the culture.
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We have a lot to talk about everybody.
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Download the Orange Pull app today, scan the QR code or check
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the link in the video description.
46:41
It's also one of the best ways to reach me.
46:43
All right, everybody, let's pivot the conversation to Mr.
46:47
Ben Ganion, the proof of work CEO at the helm of Bit Farms.
46:53
Ben, how you doing today, brother?
46:56
We're doing great. You know, Bitcoin's doing well,
46:59
mine's doing well. We've got a bunch of interest
47:02
surging across the United States, across, you know, the,
47:06
the financial markets honestly hasn't been this exciting for
47:11
three years. I mean, I think the last time I
47:13
was this excited about Bitcoin mining was the China mining ban
47:16
in 2021. And I remember that too, right?
47:20
Because it just kind of created this like vacuum so much
47:23
opportunity to kind of fill in. But you were saying something
47:26
earlier on which I wanted to focus on, which was this idea
47:29
that you are bullish on Bitcoin mining in the United States.
47:34
You dropped the state's name, you dropped the great state of
47:36
Pennsylvania. Could you talk a little bit
47:38
about that? Because I, I, that's the first
47:40
time I'm hearing of something like that.
47:43
Yeah. So we've got a, we've got a
47:45
massive pipeline of, of, of megawatts.
47:48
So we're currently operating at 11.9 XA half.
47:51
So it's about 1 1/2 percent of the entire network.
47:54
But we just acquired or well, we just announced the acquisition
47:58
here of, of Stronghold. We announced the acquisition of
48:02
this Sharon site a couple of months ago.
48:05
And so, you know, the combination of those two means
48:07
that we're going to be building out 427 megawatts in
48:09
Pennsylvania for next year. That should make us the largest
48:13
miner in Pennsylvania, just like we're the largest miner in
48:16
Canada, we're the largest miner in Paraguay, we're the largest
48:19
miner in Argentina. I think for that point, we're
48:21
probably the largest miner in Lat Am.
48:24
You know, we've got a huge portfolio of opportunities here
48:28
and we've really for the last couple of years been focused on
48:30
building up every country other than the United States and
48:35
United States remained a very, very small percentage of our
48:38
portfolio. You know, as of right now
48:41
without the Stronghold acquisition complete, which we
48:44
expect to be done in the first quarter of next year, US only
48:48
represents about 6% of our hash rate, right.
48:51
But after we complete this transaction and you know, the
48:54
first couple of months of next year, we're going to go up to
48:57
about 75% of our hash rate is in North America between the United
49:00
States and Canada, with the majority of that being in the
49:03
United States. So we're taking a massive
49:06
rebalance and a massive pivot towards the US, towards Canada.
49:10
You know, we still have a massive portfolio of
49:13
international assets, which is great to maintain and operate.
49:16
But you know, where are you investing capital right now,
49:19
today? What's the most exciting, you
49:20
know, country to be investing capital in?
49:22
It's the United States right now and when you're looking around
49:25
the US at where are these great places to be building out
49:30
Bitcoin mine, you know, you always want to go to those areas
49:33
where they're rich in energy resources.
49:36
They're just so over saturated with energy resources, as Trump
49:40
put it. You just, you'll just be so sick
49:42
of how much energy that you're going to have because you just
49:44
won't get, there's going to be too much energy.
49:46
You're not going to know what to do with it.
49:48
So, you know, those are the areas that we like to target.
49:50
Quebec, you know, they built out over 40 gigawatts of hydropower.
49:55
A lot of that was for gold mining and iron ore mining and
49:59
and aluminum smelting and all these industries which have
50:01
largely, you know, left in the United States, you have this
50:06
situation where, you know, all this energy infrastructure was
50:09
built up for manufacturing, but then all of the manufacturing
50:12
shifted abroad, right? It all went and got outsource.
50:16
So went to China, went to Asia, went to Mexico, it went all over
50:20
anywhere but the United States. But you know what remained?
50:23
Those energy assets, those power plants, the transmission lines,
50:26
the substations, all of that infrastructure is spread all the
50:31
way around the United States. And some of the best quality
50:33
electrical infrastructure on the planet.
50:35
It's one of the best legal jurisdictions on the planet.
50:38
And you know, you want to go where the energy is abundant.
50:41
So Pennsylvania is a massive energy state.
50:44
It was a swing state. They voted very heavily for for
50:47
Trump. And you know, they've got a a
50:50
Democratic governor, but a Democratic governor who's very
50:53
pro energy, right? So he's very, very supportive of
50:57
these things. I'm not surprised to see that if
50:59
there was one state that was going to be announcing
51:01
introducing the strategic Bitcoin reserve into their
51:04
legislation, it was Pennsylvania.
51:06
I'd be much more surprised if it was something like California or
51:09
Washington, you know, or like Rhode Island or New York.
51:13
But Pennsylvania makes makes a ton of sense.
51:15
It's really, really exciting area and where excited to be
51:19
building into that next year. Beyond that we've got a pipeline
51:22
to go up to about 1.6 gigawatts with the majority of that
51:27
actually in Pennsylvania specifically.
51:29
So we've got a pipe over a GW in Pennsylvania alone.
51:33
That that's a no, no, that's, that's absolutely incredible.
51:36
And and let me ask you something, Ben, like what is it
51:38
the power cost? Like what is it that is so other
51:42
than the, the election, like, you know, at the end of the day,
51:45
the, the name of the game with mining is, is the energy cost,
51:48
right? So is it that you're getting
51:50
better energy cost in Pennsylvania?
51:53
Is it because of the favorable regulatory environment?
51:56
Is it the security on the ground?
51:58
Like, what is it about you making the shift back to the
52:03
United States? Yeah, The situation in
52:07
Pennsylvania is they have the they're, well, they're one of
52:11
many states that participate in what's called the PJM market.
52:14
PJM market is the largest wholesale market for electricity
52:17
in the United States. It's bigger than than any other
52:20
market. And it has a lot of the same
52:23
features that have been become really popular and famous in
52:26
Texas for Bitcoin mining, like economic demand response
52:29
programs, curtailment, you know, just energy trading, all sorts
52:34
of hedging opportunities. And so there's this ability here
52:38
to really get a very granular control of your energy price and
52:43
do so in real time with changing market conditions.
52:46
And that means that it doesn't really matter what's happening
52:48
on a daily basis. You can optimize your
52:51
performance in order to drive a better cash flow and more
52:55
profit. So, you know, power price goes
52:58
up. OK, well, I'm going to crank
52:59
down my machines. I'm going to get a higher
53:01
efficiency or I'm going to sell that power back to the grid.
53:03
Power price goes down, I'm going to crank up my machines.
53:06
I'm going to have a lower efficiency, but I'm going to
53:08
have more hash rate. I'm going to consume more power.
53:10
And there's this ability where you can really absorb the
53:13
inefficiencies that exist in the electrical system.
53:16
And it's, it's the only I've said this numerous times before,
53:20
but I love this point. Electricity is the only market
53:24
on the planet where the equilibrium of supply and demand
53:29
is not where supply intersects demand, but where supply just
53:33
exceeds demand. Because if you ever have a
53:35
situation where supply and demand are equal, you're going
53:38
to have a brownout or a blackout.
53:40
Hospitals are going to go offline, lights are going to go
53:42
out. You know, cities are going to go
53:44
dark. People are going to have a loss
53:47
of power. Maybe that that causes loss of
53:49
life. Maybe that causes loss of
53:51
economic value. There's all sorts, maybe just
53:54
inconvenience. There's all sorts of things that
53:57
happen when supply equals demand.
54:00
And so supply is always a little bit greater than demand.
54:02
And what that means is that we're always generating.
54:05
In order to have a stable grid, you always have to generate more
54:08
electricity and more energy than you expect to be needed or
54:12
demanded at the time, right? And so, you know, Bitcoin mining
54:16
is solving a problem that nobody ever thought that you could
54:19
solve, which is how do you monetize and minimize the gap
54:23
between the excess supply and the actual demand of electricity
54:26
in real time. And it managed to do that
54:29
without a single government subsidy, without a single
54:31
government incentive or any free money.
54:33
It's done that through a purely organic free market economic
54:38
incentive from Bitcoin mining. It's truly like a beautiful,
54:42
beautiful thing to see and to participate in because this is
54:47
how you actually solve a lot of problems and you make the
54:52
environment better for everybody by participating in this, in
54:55
this kind of activity. So that is super exciting about
55:00
PJM in general. Pennsylvania has a ton of energy
55:04
assets, a ton of energy resources.
55:06
You know, Pennsylvania was largely responsible for
55:10
providing all of the energy to for the industrial revolution.
55:14
Like when you go back and say, hey, where did all the energy
55:17
come from in the 1800s? What came from coal?
55:20
Where did the coal come from? Came from Pennsylvania.
55:22
What did they do with the coal? Oh, well, they built, they made,
55:26
they refined iron ore into steel.
55:27
They started, you know, shipping it out across boats and they, it
55:32
was the coal from Pennsylvania which made the steel in
55:36
Pennsylvania, which made the skyscrapers in New York and, and
55:40
all throughout the, the rest of the United States.
55:42
Like this state is such a foundational state for American
55:47
prosperity and industrial growth.
55:49
And I think, you know, Bitcoin mining, it's just the natural
55:53
evolution of that stage. It's like we want coal, steel,
55:57
Bitcoin. Absolutely no, it makes perfect
56:01
sense. It's a match made in heaven here
56:03
too, that the governor, even though you know, he's coming
56:07
from the opposite side of the aisle, he's he's very energy.
56:10
He's open to the energy industry.
56:12
That's that's great to hear, man, that's awesome.
56:14
He's a. Rare centrist.
56:18
And I think he would be a vote, yeah, I think he would be voted
56:20
out if he wasn't pro energy in Pennsylvania because I think a
56:23
lot of their jobs come from the energy industry.
56:27
And I think that it, you know, it confines him in a certain
56:32
way. So Ben, I do want to take
56:34
advantage of that the next 5-10 minutes or so to give you the
56:38
opportunity to the 22,500 people that are watching live right
56:43
now, give everybody a investor's pitch.
56:47
So for anyone who's looking for bit farms on the NASDAQ, the
56:50
ticker is BITF. You can go find them.
56:54
Their stock has been performing incredibly the last couple of
56:57
weeks. You know, this the Trump pump
56:58
baby. So I do want to give.
57:00
I'm going to hand you the microphone, Ben, you know, why
57:03
don't you give everyone who's watching a a pitch on bit farms
57:07
and why they should invest? Sure.
57:10
Well, Bit Farms is one of the largest and oldest publicly
57:14
traded Bitcoin mining companies on the planet.
57:17
We operate roughly 1 1/2 percent of the entire Bitcoin network
57:21
and that means we get roughly 1 1/2% of all the bitcoins mined
57:25
on a daily basis. You know, what we really pride
57:27
ourselves on is operational excellence and we have a
57:30
ruthless drive for profit maximalism.
57:32
So, you know, we are really, really focused not on growing
57:36
our hash rate for hash rate's sake or for growth sake.
57:39
We're really, really focused on how do we make these strategic
57:43
long term investments to generate the most value for our
57:47
investors. And when it comes down to it,
57:49
it's like, hey, what do you actually want out of one of
57:53
these Bitcoin proxies? You know, when Bit Farms first
57:56
came out in 2017 and 2018, along with Hive and HUD 8 and Riot as
58:03
the first few publicly traded Bitcoin mining companies, we
58:06
existed as Bitcoin proxies because the regulatory
58:10
environment was so hostile towards Bitcoin.
58:12
The only thing that could get approved was something that was
58:15
a lot more kind of tangible in real world.
58:18
And then most specifically, not retail facing, right?
58:22
You're not dealing with exchanges, you're not dealing
58:25
with customers, you're not dealing with KYC and AML and all
58:27
these other things. So Bitcoin miners were able to
58:30
get approved in a regulatory environment that would never
58:33
approve a Bitcoin ETF, right? And they became the only
58:37
proxies. But over time, this has really
58:39
changed, right? You know, in 2021 we got micro
58:42
strategy and, and they're competing in terms of how do you
58:45
provide better quality exposure for Bitcoin.
58:48
You know, early at the beginning of this year, we got the Bitcoin
58:51
ETS who provide direct, you know, equivalent exposure to
58:55
Bitcoin. And So what we're focused on as
58:57
a company is, is not how do we provide direct exposure to
59:00
Bitcoin, but how do we outperform Bitcoin?
59:02
And that can only be accomplished through a couple of
59:06
of really strategic endeavours. Mining is one of those things
59:10
that we can do and we are one of the best builders and operators
59:15
of Bitcoin data centers on the planet.
59:17
It's the only thing we do and it's we do it better than I
59:21
think anyone else. Absolutely guys go check out bit
59:25
farms on the NASDAQ BITF. You just heard from the proof of
59:29
work CEO himself. Ben Againion guys this is simply
59:33
Bitcoin live from November 14th, 2024.
59:36
I'm your host Nico, my legendary Co host Optimus Fields, our
59:40
guest for today, Ben Againion guys, we will be not we will be.
59:44
We'll be streaming the adopting Bitcoin conference from the
59:47
simply Bitcoin channel tomorrow on Friday and on Saturday.
59:50
So no live show tomorrow, but of course we have Ruston dropping
59:55
simply Bitcoin originals and of course, Dante cook dropping
59:58
Bitcoin simply episodes like usual.
1:00:01
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We will see you on the next one. Peace out, everybody.
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