Latest / Simply Bitcoin / WORLDS LARGEST Bitcoin Exchange BREAKS Into $47T Market | EP 1243

Transcript

WORLDS LARGEST Bitcoin Exchange BREAKS Into $47T Market | EP 1243 · Simply Bitcoin

• 0:00
  Yeah. The world's largest Bitcoin
• 0:02
  exchange will be included in the SNP 500, breaking into a $47
• 0:09
  trillion market. But why now?
• 0:12
  Coinbase just acquired one of the biggest derivative exchanges
• 0:16
  literally this week and a huge $2.5 billion acquisition.
• 0:22
  Why is Coinbase buying one of the largest paper Bitcoin
• 0:26
  exchanges at the same time that the number of Bitcoin held on
• 0:30
  the Coinbase exchange is dropping like a rock?
• 0:34
  Is Coinbase being welcomed by Wall Street with open arms, or
• 0:39
  is there something deeper going on here?
• 0:42
  The acquisition is now allowing coin.
• 0:44
  Is the acquisition now allowing Coinbase to potentially suppress
• 0:48
  the Bitcoin price through the paper Bitcoin market?
• 0:52
  Before we get into the speculation, let's cover the
• 0:55
  breaking news of Coinbase joining the S&P 500.
• 1:00
  So we have tons to unpack a couple things.
• 1:03
  First paper Bitcoin and the significance of a massive
• 1:08
  Bitcoin and to be fair, altcoin exchange joining the S&P 500 and
• 1:13
  by doing so once again aligning incentives.
• 1:18
  Joining me on the show today, I have my legendary Co host who's
• 1:21
  always optimistic optimist fields and of course we have the
• 1:25
  CEO of SAS mining. They make Bitcoin mining
• 1:29
  incredibly easy. We have Kent in the house
• 1:32
  joining us today. All right, everybody, no more
• 1:34
  delay. Let's jump straight into today's
• 1:35
  headline. So what are we talking?
• 1:38
  About, we're talking about. Coinbase and the significance of
• 1:41
  it and I get it. We're a Bitcoin maxi show.
• 1:44
  A lot of you guys are like yo, I don't use Coinbase.
• 1:46
  I you know, I, I, I mind those wild sats.
• 1:50
  What are we? What are we talking about?
• 1:52
  Or you know, I purchased my Bitcoin on a Bitcoin only
• 1:54
  exchange. Well, the significance of this
• 1:57
  very simple, the fact that Coinbase is joining the S&P 500,
• 2:02
  all those people that have retirement accounts, 4 O1 KS and
• 2:06
  they buy index funds right now, all of a sudden they're going to
• 2:10
  have exposure to Bitcoin one way or the other, or the Bitcoin
• 2:15
  ecosystem, which I find really, really interesting.
• 2:18
  Another thing also to take into account is the ads that Coinbase
• 2:23
  has been dropping. They dropped an ad during the
• 2:25
  NBA Finals essentially criticizing Fiat money.
• 2:30
  It's basically saying there's an infinite amount of dollars that
• 2:32
  were printed. There's only 21 million Bitcoin.
• 2:36
  Here is one of their latest ads. Let's check it out.
• 2:41
  Every day, the Fed prints an average of $465 million.
• 2:46
  That's 26,000 shipping containers a year created out of
• 2:51
  thin air. Maybe that's why the dollar
• 2:54
  loses value over time. But there's one thing they can
• 2:58
  never. Print more of.
• 3:00
  Bitcoin at the size of 1/4. This is all there will ever be.
• 3:05
  Shouldn't a store of value hold it?
• 3:10
  So I mean like not bad. They aren't they aren't
• 3:13
  promoting Cardano, they aren't promoting XRP, they aren't
• 3:17
  promoting anything. This is this is they're
• 3:20
  promoting Bitcoin. And not only are they promoting
• 3:23
  Bitcoin, they're. Highlighting the inefficiencies
• 3:26
  of the alternative. They're highlighting the fault
• 3:29
  of Fiat. They're highlighting the
• 3:31
  downside of Fiat. And remember, it's all about.
• 3:34
  And you guys are going to kick me for doing this.
• 3:37
  Moving the Overton window, exposing people to this idea
• 3:41
  that, you know, Fiat is a fraud, Fiat is fake.
• 3:44
  The government is just going to debase it.
• 3:46
  They're going to print more of it.
• 3:48
  And if you're holding and earning in Fiat and saving in
• 3:51
  Fiat, you are getting poorer every single time the government
• 3:55
  prints money. So it's our job as Bitcoin
• 3:57
  content creators and I think anyone within the industry to
• 4:01
  really expose that truth because once you expose that truth.
• 4:04
  The natural human reaction is to seek a better alternative.
• 4:09
  Of course, that better alternative is Bitcoin.
• 4:11
  So let's jump into today's news. Coin Base joins the S&P 500 as
• 4:15
  Bitcoin Treasury. Exposure.
• 4:17
  Goes mainstream. On May 19th, 2025, Coinbase will
• 4:23
  officially join the S&P 500, widely regarded as the most
• 4:27
  trusted, most tracked equity index in the world, with over 5
• 4:32
  trillion in assets benchmarked to it.
• 4:35
  The S&P 500 isn't just a measure of corporate strength, it's a
• 4:39
  gravitational center of global capital allocation, and starting
• 4:43
  next week it will include a Bitcoin treasury company.
• 4:46
  Coinbase currently holds 9260 seven BTC on its balance sheet
• 4:52
  valued at 900 and $963,000,000 at today's price of 104,000 per
• 4:59
  Bitcoin, making it the 9th largest public corporate Bitcoin
• 5:03
  holder globally. This marks a quiet turning point
• 5:06
  for Bitcoin and capital markets, one that reframes the treasury
• 5:10
  conversation and reshapes how companies think about index
• 5:13
  eligibility, institutional flows and balance sheet strategy.
• 5:18
  Now, a couple things that I'll say, right.
• 5:20
  So Coin Base I think was launched in like 2013.
• 5:23
  MicroStrategy had a smaller market cap than Coin Base.
• 5:27
  MicroStrategy has been around for a long time, and Michael
• 5:30
  Saylor is an absolute genius. But Coin Base had the ability
• 5:35
  because it got in significantly earlier to become the Bitcoin
• 5:41
  holding company, but they chose to go down the path of the
• 5:45
  altcoin casino. It seems like according to their
• 5:48
  ads, they're walking back that a little bit.
• 5:51
  And of course, the pressure from the public markets.
• 5:54
  Brian Armstrong has no choice but to essentially take a
• 5:58
  serious look at Michael Saylor's Bitcoin strategy.
• 6:02
  Take a look at Jack Mahler's You Know Bitcoin Strategy with 21.
• 6:05
  One and take a look at David Baileys strategy with Nakamoto
• 6:10
  and he he has a he has to take a serious look and say, hey, you
• 6:14
  know what, this Bitcoin treasury strategy thing is a real thing.
• 6:18
  The market, the markets are reacting very positive to it.
• 6:21
  I kind of don't have a choice. I'm going to have to.
• 6:25
  Type a pivot, some type of way, some type of fashion.
• 6:28
  And I think that's what's happening now.
• 6:30
  But it's a shame though. Could you?
• 6:32
  Imagine Brian Armstrong looking at strategy.
• 6:34
  I think strategy. Overtook Coinbase's market cap.
• 6:39
  They had such a they had such a head start and they squandered
• 6:43
  it in a way because they focused on all coins.
• 6:45
  That's a shame, isn't it? Anyways, the most passive flows
• 6:49
  in finance just found Bitcoin. Coinbase's addition to the index
• 6:53
  means something profound. This is what I was talking about
• 6:56
  earlier. Millions of investors will soon
• 6:58
  have indirect exposure to Bitcoin, and they didn't choose
• 7:02
  it. Because the S&P 500 is tracked
• 7:05
  by passive strategies, funds and institutions must must purchase
• 7:11
  Coinbase stock in proportion to its index weight.
• 7:15
  If Coinbase is assigned even a .2% weighting, that implies that
• 7:20
  more than $10 billion in net inflows from index tracking
• 7:24
  vehicles. This is not speculative capital.
• 7:27
  This is mandatory exposure. That's right.
• 7:31
  You heard that right. That is not a YouTube thumbnail.
• 7:34
  That is not a Forbes article thumbnail.
• 7:37
  That is is an actual fact. Mandatory exposure to Bitcoin
• 7:43
  because Coinbase is joining the S&P 500.
• 7:48
  That is signal that is absolutely massive and at least
• 7:53
  $10 billion of net inflows. Now, could you imagine if Brian
• 7:57
  Armstrong follows in the footsteps of Sailor, follows in
• 8:01
  the footsteps of Mahler's, follows in the footsteps of
• 8:04
  David Bailey and says, you know what?
• 8:06
  We actually want to add more Bitcoin on our balance sheet.
• 8:09
  The price of their stock goes through the roof as the price of
• 8:13
  Bitcoin goes through the roof. And then that weighted average
• 8:16
  increases, right? You know where this is going,
• 8:18
  right? Anyways, and for the first time,
• 8:21
  those rules lead directly to Bitcoin.
• 8:24
  Bitcoin treasuries are now index eligible.
• 8:29
  For years, Bitcoin on the corporate balance sheet was
• 8:31
  treated as a novelty, or worse, a liability.
• 8:35
  But Coinbase's inclusion signals something different.
• 8:39
  Bitcoin exposure is now compatible with the highest
• 8:42
  standards of institutional eligibility.
• 8:46
  It's a powerful validation for public companies already holding
• 8:49
  Bitcoin. Any strategic consideration for
• 8:52
  those that aren't index inclusion is not reserved for
• 8:56
  Fiat, only treasuries. Coinbase edition confirms that
• 9:00
  sound operations and a Bitcoin aligned balance sheet are now
• 9:05
  not mutually exclusive. In fact they now may be
• 9:09
  complimentary. It goes on to say strategy may
• 9:13
  be next to join the S&P 500. I hope you guys are connecting
• 9:17
  the dots here. This could lead to a domino
• 9:20
  effect where essentially more and more companies that have
• 9:24
  Bitcoin on their treasury join the S&P 500.
• 9:28
  That weight continues to shift and essentially it forces
• 9:33
  companies that don't have Bitcoin on their balance sheet
• 9:36
  to put Bitcoin on their balance sheet to remain competitive.
• 9:40
  And all the while there's only 21 million Bitcoin.
• 9:44
  What do you think is going to happen to the price number go
• 9:48
  up? Isn't absolute scarcity
• 9:51
  absolutely beautiful? Coinbase may be the first.
• 9:54
  It goes on to say Coinbase may be the first S&P 500 company
• 9:58
  with the Bitcoin treasury, but it likely won't be the last
• 10:01
  strategy. Formerly MicroStrategy is wildly
• 10:05
  viewed as the next potential candidate.
• 10:07
  The company meets many of the S&P 500's baseline criteria.
• 10:12
  It is US based and publicly listed on NASDAQ.
• 10:15
  It has sufficient free float and market capitalization.
• 10:19
  It lasts 4 quarters of GAAP earnings, are positive, and
• 10:23
  perhaps most notably, Strategy is the largest corporate Bitcoin
• 10:27
  holder in the world by far. As of today, it holds 568,000
• 10:33
  Bitcoin, currently worth $59 billion.
• 10:38
  Its balance sheet is no longer just Bitcoin heavy, it is
• 10:41
  Bitcoin native. If admitted, strategy would
• 10:45
  represent an even deeper exposure to Bitcoin inside the
• 10:49
  world's most influential index. This matters because it's
• 10:53
  signals that Bitcoin is becoming a foundational component of
• 10:57
  corporate capital found formation, not an outlier.
• 11:02
  This is absolutely massive. Again, Bitcoin on your treasury
• 11:09
  is not becoming an option. It's becoming mandatory in order
• 11:14
  for you to become competitive. And I'm making a prediction and
• 11:17
  so. Far, we've been pretty correct
• 11:19
  on our predictions on Simply Bitcoin.
• 11:22
  Tomorrow's Bitcoin news today Coinbase is going to be
• 11:25
  admitted, I think Brian Armstrong.
• 11:27
  Is going to for is going to be forced to follow in the
• 11:30
  footsteps of MicroStrategy. He wants to make his
• 11:33
  shareholders happy. He's going to add more Bitcoin
• 11:36
  to Coinbase's treasury. The the market cap of Coinbase
• 11:41
  is going to go up. The stock of Coinbase is going
• 11:43
  to go up. That weighted index that they
• 11:46
  were talking about earlier, that mandatory exposure is going to
• 11:50
  increase. And then you arrive in a world
• 11:53
  of aligned incentives. So essentially anybody that has
• 11:56
  exposure to those index funds that hold the S&P 500 are going
• 12:01
  to have exposure to Bitcoin. And all of a sudden all of
• 12:04
  bitcoins naysayers, all of bitcoins enemies, all of P all
• 12:09
  the people that talk very ill of Bitcoin are no longer going to
• 12:13
  talk I'll of Bitcoin because if they talk I'll of Bitcoin,
• 12:16
  they're directly hurting their bags.
• 12:19
  And this is the beauty of this. And by the way, the S&P indexes
• 12:24
  are some of the most popular indexes on the face of the
• 12:27
  planet. So if you have a retirement
• 12:29
  fund, if you have a four O 1K, if you have a financial advisor,
• 12:33
  more than likely they're recommending to you and S&P
• 12:37
  index, an S&P 500 index. And it has just been announced
• 12:42
  today with this article starting May 19th that they are going to
• 12:47
  have mandatory exposure to Bitcoin.
• 12:51
  Just by having exposure to the S&P 500, that is.
• 12:55
  Absolutely massive news and you guys know this.
• 12:58
  You guys have been around Bitcoin for long enough.
• 13:01
  You guys know the deal. You guys know the drill.
• 13:03
  You start by dipping a little bit of your toe in, right?
• 13:07
  And then maybe you put in your foot and then maybe you put in
• 13:10
  your leg, but you end up going fully submerged 100% into
• 13:14
  Bitcoin, right? Because it is the best asset the
• 13:16
  world has ever. Seen.
• 13:18
  So this is just the start. This is incredibly exciting and
• 13:21
  I'm going to keep saying what I've been saying this entire
• 13:24
  cycle. From a news perspective, this
• 13:26
  has been the most bullish cycle I've ever witnessed in my 9
• 13:29
  years in Bitcoin, coming up to my 10 years in Bitcoin, I've
• 13:33
  never seen this much bullish news back-to-back to
• 13:36
  back-to-back. Of course, you had the election
• 13:39
  of a pro Bitcoin administration. You have the freedom of Ross
• 13:43
  Albrecht. You had the repeal of SAB 121.
• 13:46
  You had the introduction of the strategic Bitcoin reserve via
• 13:50
  executive order. You had all this amazing news.
• 13:53
  You have essentially signals coming from the administration,
• 13:56
  from Bo Hines, from Howard Lupnik that they have every
• 13:59
  intention to acquire Bitcoin in a budget neutral way.
• 14:03
  You have the success of of Bitcoin holding companies on
• 14:07
  Wall Street strategy outperforming NVIDIA completely
• 14:12
  leaving NVIDIA in the dust. I mean.
• 14:15
  From a news perspective, this is insanity.
• 14:18
  I've never seen this before. We wish this would have happened
• 14:21
  in 2018. If this type of news would have
• 14:24
  broke in 2018, the price would have liked 10X.
• 14:27
  In a day. Opti knows what I'm talking
• 14:29
  about. So you know, from a news
• 14:31
  perspective, extremely bullish. I think from a price action
• 14:35
  perspective, a little bit underwhelming, but I think it's
• 14:38
  just a matter of time. Like a beach ball that you put
• 14:40
  underwater, it's just a matter of time before that beach ball
• 14:44
  explodes to the upside. And I think we're starting to
• 14:47
  see the first innings of that. Anyways, I do want to welcome
• 14:50
  our special guests for today. We have Kent, CEO of SAS Mining
• 14:54
  in the house today. Guys, we're going to be doing a
• 14:56
  live demo during the culture. Segment we're going to be
• 14:59
  showing you guys how easy it is to mine Bitcoin using SAS mining
• 15:06
  Bitcoin mining as a service this is top tier you guys definitely
• 15:11
  don't want to miss that we're going to cover that during the
• 15:12
  culture segment but first Kent, do you have any opinions any
• 15:16
  thoughts this is significant this is a big effing deal
• 15:20
  Coinbase being. Added to the S&P 500.
• 15:24
  And then by that happening, anybody that has exposure, yeah,
• 15:28
  index funds has indirect exposure to Bitcoin, which means
• 15:33
  that they're fans of Bitcoin whether they like it or not.
• 15:36
  Ken, what are your thoughts? Well, there's a part of me that
• 15:39
  absolutely loves this because I know a lot of people that are
• 15:42
  going to wind up with Bitcoin exposure here do not like
• 15:45
  Bitcoin, but they're going to be forced to hold it and they're
• 15:47
  going to be forced to hold their breath and, and realize that the
• 15:51
  the water they're stepping into isn't so bad.
• 15:53
  But to me, this is kind of the inexorable March of Bitcoin
• 15:56
  here, right? Like it is a financial or a
• 15:59
  monetary black hole, right where there's the singularity at the
• 16:02
  center of every black hole. And for Bitcoin, there's just a
• 16:05
  reality that once you go through the other side, it's better,
• 16:09
  right? All of us that are fully
• 16:11
  submerged in the waters of Bitcoin here, we know that it's
• 16:14
  a better reality. And, and I think that's
• 16:16
  ultimately where your excitement is coming for, at least for me
• 16:19
  here, Nico, the excitement is coming in because it's like,
• 16:22
  holy shit, we're going to finally get more of these these
• 16:25
  guys in the water that are that are going to realize it's not so
• 16:28
  bad. And actually they're going to
• 16:29
  walk down this trail that we've all tried before that takes to a
• 16:32
  better place. And eventually they'll they'll
• 16:35
  they'll realize like, yeah, I'm going to make more money here.
• 16:38
  But actually what I thought was money, these dollars, it's
• 16:41
  actually not money. Bitcoin is money.
• 16:44
  And that changing that transformation, getting more
• 16:48
  people started on that journey, that's what we need to get to
• 16:51
  the next steps of human freedom. So I'm, I'm like you, I'm super
• 16:55
  bullish about this. And in some ways it feels like
• 16:57
  Coinbase going full circle. You know, I, I picked up my
• 16:59
  first Bitcoin on Coinbase in 2015 and there wasn't, I, I
• 17:03
  can't even remember if there's anything else being sold there.
• 17:05
  And to watch them go from this Bitcoin, you know, company
• 17:09
  Bitcoin only sort of company in the early years go through the,
• 17:13
  the, the shit coin cycle. And now coming out on the other
• 17:15
  side, it kind of almost feels like there's this prodigal son
• 17:18
  sort of story now. I don't I'm skeptically
• 17:21
  optimistic about them because of the journey they've been on.
• 17:23
  So, you know, I love to see it. And they've got a lot of bad
• 17:27
  past deeds as far as I'm concerned that they need to come
• 17:31
  clean with before I'm really going to be supportive of their
• 17:34
  efforts. But this is massively bullish
• 17:36
  news. And regardless, I'm glad to see
• 17:39
  it. Absolutely, you know, and I
• 17:41
  agree with you. You know the Coinbase they are,
• 17:44
  you know they are responsible. They are the the quintessential
• 17:50
  coin altcoin casino And I, I, Brian Armstrong paid a heavy
• 17:55
  price for that because if he would have just focused on
• 17:59
  Bitcoin, did a Bitcoin strategy like sailor Coinbase would be
• 18:04
  significantly bigger right now. The fact that strategy holds
• 18:08
  more Bitcoin than Coinbase is absolutely embarrassing for
• 18:13
  Brian Armstrong in in my humble opinion right now, it's still an
• 18:16
  extremely successful company. You know, to each their own.
• 18:20
  Everyone has a different strategy, but that's the beauty
• 18:22
  of markets. Markets are going to show you,
• 18:25
  you know, what company is is is is outperforming what company is
• 18:29
  doing better and clearly Sailor with the strategy.
• 18:33
  I love the name change. It's so fitting.
• 18:35
  Clearly is the superior strategy.
• 18:37
  It's clearly working right? Anyways, what's your take on
• 18:41
  this dude? This is this is some big news
• 18:44
  here on simply Sometimes we have trouble finding news to cover on
• 18:48
  a daily basis because we are a daily live show, but it's one of
• 18:51
  those days man, where. You know the news.
• 18:54
  Breaks itself. Yeah.
• 18:56
  Well, before I kind of get my take, I don't know if you guys
• 18:59
  saw, but there was an article or rather an interview.
• 19:02
  I think Brian Armstrong did it with Bloomberg.
• 19:04
  If I'm I might be forgetting where it where it was posted,
• 19:07
  but he was quoted as saying they thought about doing the micro
• 19:10
  strategy strategy and they basically voted against it.
• 19:13
  And in hindsight they said that was the best move for us.
• 19:16
  I think in hindsight it might be some cope because we see what's
• 19:20
  happening with strategy and it's like it's very obvious now that
• 19:24
  that should have been their move.
• 19:25
  Try to acquire as much Bitcoin as possible.
• 19:27
  And maybe this also goes into the whole fact that they are one
• 19:30
  of the biggest altcoin casinos in the world.
• 19:32
  And they have made a lot of mistakes in, in, you know, the
• 19:35
  recent years. And they're not very like in the
• 19:38
  Bitcoin only community because of their shit coinery and the
• 19:42
  fact that there there has been seemingly a lot of attacks on
• 19:45
  Bitcoin coming out of Coinbase, particularly, you know, posting
• 19:50
  or, you know, listing be cash when it was this whole
• 19:53
  controversy. And they they've made a lot of
• 19:55
  huge mistakes. And, and it's funny to see Brian
• 19:57
  Armstrong and maybe it was the right move for their company at
• 20:00
  the time, but it's funny that he literally came out and said
• 20:03
  like, yeah, we thought about this micro strategy strategy and
• 20:06
  we voted against it. And we're all like, bro, that's
• 20:08
  probably like the worst move you could have done anyways.
• 20:12
  On today's news, I think two things can be true. 1, you can
• 20:17
  recognize this as being a huge, huge story and two, also be
• 20:22
  skeptical of Coinbase and you know their history and what
• 20:25
  they're doing as a shit coin casino.
• 20:28
  So on the first part, obviously the big thing here is that now
• 20:32
  Bitcoin is essentially a core portion of every institutional
• 20:35
  investors portfolio. Like this is a huge, just huge
• 20:39
  story in and of itself. Like Ken Nico are saying
• 20:42
  everyone out there that is being in or investing in the S&P 500
• 20:46
  index now has indirect exposure to Bitcoin.
• 20:49
  That's millions of of potential investors that now are
• 20:53
  acknowledging, or rather not consciously acknowledging that,
• 20:57
  hey, Bitcoin something that you need to hold on to.
• 20:59
  So on that portion, I think it's, it's very, very big news
• 21:04
  here. And like we've been saying, the
• 21:05
  the news around Bitcoin has been huge in the last couple of weeks
• 21:08
  or rather months. And the price hasn't ripped,
• 21:11
  which makes me think that once it does start ripping, it's
• 21:15
  going to RIP incredibly high. And I think we were all being a
• 21:19
  little conservative and we all still have PTSD from 2021.
• 21:23
  But I'm starting to get really bullish.
• 21:24
  And it's just like with all this news going on, once we do see as
• 21:29
  I, I think it was Kaiser who quoted it like the mother of all
• 21:32
  supply shocks, this thing's going to start ripping.
• 21:35
  And that's going to be really fun again to see Bitcoin kind of
• 21:38
  go back into its parabolic stage.
• 21:40
  And maybe we can get some 2017 vibes back into here.
• 21:43
  And it just goes so much higher than we think it does.
• 21:46
  And, and kind of the, the classic tropes of, you know,
• 21:49
  don't sell your Bitcoin because once you sell your Bitcoin at
• 21:52
  whatever X price you have in mind, it's just going to keep
• 21:54
  ripping higher. So that's going to be fun.
• 21:56
  And then also the the big question of are we going to see
• 22:00
  a 2026 bull run with all of this really bullish news and all of
• 22:04
  this talk about people holding Bitcoin long term.
• 22:07
  Now we know the institutions are here, they're holding Bitcoin.
• 22:10
  I don't think they're going to just be trading in and out like
• 22:12
  traditional, you know, Bitcoin shit coin traders.
• 22:16
  So I think the dynamics around Bitcoin have changed.
• 22:19
  Now the second part of what I said earlier, the fact that they
• 22:22
  are one of the biggest altcoin casinos, it's going to be very
• 22:25
  interesting to see what they do with that extra capital going
• 22:29
  into their stock price here. So, you know, are they actually
• 22:33
  making, making a pivot going, you know, more into Bitcoin
• 22:36
  because of what they're seeing? Basically no one really wants
• 22:39
  all these shit coins except for, you know, the degenerate Bitcoin
• 22:42
  shit coin traders and everyone else is like, I only want to get
• 22:45
  Bitcoin exposure. All of this other stuff is
• 22:47
  trash. I I want to avoid it as much as
• 22:49
  possible. Will they keep continue to
• 22:51
  double down on Bitcoin and realize the error of their ways?
• 22:55
  Or will they take all that extra capital and essentially just do
• 22:58
  a whole new round of shit coin marketing, which is just going
• 23:01
  to be absolutely horrible. So again, I think these two
• 23:04
  thoughts can be, you know, held together where it's like this is
• 23:08
  a very huge news for the Bitcoin industry at large.
• 23:11
  And two, being very skeptical of what Coinbase is going to do.
• 23:14
  And of course, here we, we try not to talk about Coinbase too
• 23:18
  much because we're not the biggest fans of them.
• 23:20
  But this is a huge news story. And I think when a lot of people
• 23:24
  think about Bitcoin or where to get Bitcoin, they still think of
• 23:27
  you go to Coinbase. And until that changes, I think
• 23:31
  this is a big narrative shift around the industry history.
• 23:34
  And obviously there's still a lot of work for us to do out
• 23:36
  there. And basically, you know, make
• 23:39
  sure people don't go to coin base, but.
• 23:42
  Hey, you guys, You guys gotta go to bitcoinwell.com, man.
• 23:47
  Anyways, so before we move on to the next segment, what I will
• 23:50
  say is what I will say is that I want to talk about the topic of
• 23:55
  rehypothecation. I want to talk about the topic
• 23:57
  of paper Bitcoin, which I mentioned in the very, very
• 24:00
  beginning parts of the show. So I mean this isn't unfounded.
• 24:05
  This is actually something that you know that there was some
• 24:08
  signals especially when this news broke.
• 24:12
  That Coinbase was doing some shenanigans in terms of the
• 24:15
  custody of it. It was denied heavily by
• 24:19
  industry heavyweights. Like they were just denying it
• 24:22
  flat right? They're saying no, that's that's
• 24:24
  BS, that's not happening. But at the same.
• 24:27
  Time, you know, don't pay attention to what they say pay
• 24:29
  attention to what they do. BlackRock has actually decided
• 24:33
  to diversify in terms of their custodians.
• 24:36
  And something that you guys have to remember about Coinbase
• 24:40
  custody is that the vast majority of the ETFs, except for
• 24:44
  Fidelity are custodied with Coinbase.
• 24:47
  So I think it's like 11 out of 12 or like 10 out of 12 have all
• 24:52
  their Bitcoin with Coinbase. MicroStrategy has their Bitcoin
• 24:55
  with Coinbase, right? So it's it's literally a
• 24:58
  honeypot. And This is why we talk about
• 25:00
  paper Bitcoin like, you know. I'm not trying to, you know, I
• 25:05
  did an episode with Caitlin Long and Larry Leopard last year and
• 25:11
  essentially the the entire topic of that episode was talking
• 25:16
  about rehypothecation, rehypothecation this,
• 25:19
  rehypothecation that. And both Caitlin Long.
• 25:26
  Who is the CEO and founder of Custodia Bank and Larry Lapard
• 25:30
  both had their worries. Now on the other side, I had
• 25:34
  James Lavish and Greg Foss. They weren't as concerned.
• 25:37
  They said, you know, the system is built in such a way where you
• 25:41
  know, they can't be doing that type of stuff.
• 25:43
  But if you take a look at the gold market, it's like an open
• 25:47
  secret at this point that a lot of this gold that is being sold,
• 25:51
  the reason that gold isn't a lot higher in terms of price right
• 25:55
  now. Is because a lot of paper gold
• 25:57
  on the market. And my argument is if you have
• 26:02
  all these ETFs, all these institutions that are holding
• 26:05
  millions of Bitcoin, all having all under one roof, like who's
• 26:12
  to say that Coinbase isn't selling paper Bitcoin, isn't
• 26:16
  selling Bitcoin that they actually have.
• 26:19
  They're just saying they're just selling Bitcoin IOU's.
• 26:22
  There would be absolutely no way for these institutions to verify
• 26:27
  this unless they decided to all going to Coinbase all at once
• 26:32
  and say hey Coinbase, could you send me my Bitcoin please?
• 26:35
  Right. This is why self custody is so
• 26:37
  important. I remember there was like a
• 26:39
  movement back in the day like. Proof of keys day.
• 26:42
  Which essentially is that has died down now that the number go
• 26:46
  up, you know, audiences is the biggest one these days.
• 26:51
  Guys like the differentiating factor with Bitcoin is the
• 26:56
  ability for you to take self custody.
• 26:57
  That's one of the biggest like it was one of the best
• 27:00
  characteristics of it. Gold it's difficult because of
• 27:03
  its physical characteristics. Bitcoin it's easy and regardless
• 27:08
  of the amount, right? So you should be taking self
• 27:10
  custody of your Bitcoin if you're, if for whatever reason
• 27:14
  you're not doing that, you don't own Bitcoin, you own an IOU of
• 27:18
  Bitcoin. And I think you can make an
• 27:21
  argument here and we've been more right than wrong in the
• 27:25
  past here on simply Bitcoin. We've been doing this for almost
• 27:29
  five years now. Like I wouldn't be surprised if
• 27:32
  Coinbase was selling paper Bitcoin to a lot of these
• 27:35
  institutions. And I wouldn't be surprised that
• 27:37
  the because the price isn't higher right now because of that
• 27:41
  fact, I wouldn't be surprised. I'm just saying I'm I don't know
• 27:44
  for certain, but anyhow, guys, before we move on to the rest of
• 27:48
  today's show, I do want to give an extremely special shout out
• 27:52
  to a platform that doesn't allow re hypothecation.
• 27:57
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• 28:00
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  bitcoinwell.com/simply today, you get 3 tosses into the
• 29:07
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• 31:22
  At the time of recording, the Bitcoin price is 101 hundred and
• 31:26
  3840 dollars block height 896,571 sats per dollar under
• 31:33
  1000. Love to see it. 963 sats per
• 31:37
  dollar market cap 2.06 trillion Bitcoin versus Goldman market
• 31:41
  cap 9.03% Percentage issued 94.59% decline from all time
• 31:47
  high -4.9% realized monetary inflation .84%.
• 31:53
  In the grand scheme of things, the party is just getting
• 31:57
  started. Anyways, I do have a clip for
• 31:59
  you guys from the one of the latest interviews of Natalie
• 32:03
  Burnell and Michael Saylor. Michael Saylor is talking about
• 32:06
  the opportunity. Cost of selling a Bitcoin.
• 32:11
  Guys, you, you, if you sell a Bitcoin today, it's like selling
• 32:14
  $13 million. You want to sell you, you that's
• 32:18
  a terrible trade. So if you sell $100,000 worth of
• 32:22
  Bitcoin, it might cost you $13 million in the future.
• 32:25
  That doesn't sound too hot. Anyways.
• 32:27
  Here's Michael Saylor explaining it on the Coin Stories podcast
• 32:31
  by Natalie Brunel. I think the best way to get
• 32:35
  superior returns 100 and X type returns if you're an individual
• 32:39
  would be you adopt a bit, you keep your day job and so you,
• 32:44
  you maximize the cash flow you generate via whatever your
• 32:48
  profession is, you're responsible on your, on your
• 32:54
  expenditures. You have to think in the year
• 32:56
  2045, I think of bitcoins worth $13 million.
• 32:59
  So every Bitcoin that you don't buy is a $13 million cost.
• 33:04
  That Ferrari that you're going to buy is going to cost you like
• 33:07
  6 Bitcoin. And so it's going to be $100
• 33:10
  million Ferrari, right if you look out 20 years.
• 33:15
  So you have to keep your job, you know, unless you're insanely
• 33:20
  rich, don't splurge on the Ferrari.
• 33:23
  Buy the buy the six Bitcoin instead.
• 33:25
  And with regard to leverage, the intelligent leverage for the
• 33:31
  individual is generally long dated, mid dated mortgage debt.
• 33:37
  So if I have any kind of property, you know, if I have a
• 33:40
  house, I would put a long mortgage on it, a 10 year
• 33:44
  mortgage or 15 to 20 year mortgage on especially a
• 33:46
  conforming loan. And then I would roll into
• 33:48
  Bitcoin because mortgage debt is not marked to market.
• 33:53
  It's against, it's against an asset which is fairly stable.
• 33:57
  Normally the interest rates are somewhat subsidized by a Fannie
• 34:00
  Mae or a Freddie Mac Mac program or a government program.
• 34:04
  So it's, it's the cheapest form of permanent capital that
• 34:08
  someone can get. So you know, I, I give you what
• 34:12
  you shouldn't do. You shouldn't quit your job.
• 34:15
  You shouldn't splurge on sports cars you can't afford.
• 34:19
  Don't buy a yacht because it's a it's obscenely expensive and
• 34:23
  don't pay off your mortgage. Don't, don't get debt free.
• 34:29
  Any, any capital you have. That's not that's not mark to
• 34:33
  market to capital would be better invested in an asset
• 34:38
  that. I mean, like, I mean, what do
• 34:46
  you guys think? Overly overly bullish, Overly
• 34:49
  bearish? I see Opti laughing his ass off.
• 34:52
  I want to know why. Yeah, well.
• 34:53
  Like, look, I'm just thinking from like a, you know,
• 34:56
  traditional normie perspective. Like they're probably thinking
• 34:59
  this is like the worst financial advice ever.
• 35:03
  Never pay off your debt, refinance wins your home, take
• 35:06
  out a longer mortgage and just keep buying Bitcoin.
• 35:09
  He's Sailor's just gone full bull tardy.
• 35:12
  I kind of love it. It's like I I was literally
• 35:14
  joking with a friend the other day like should I, should I pay
• 35:18
  off my credit card or should I just buy Bitcoin?
• 35:20
  I'm like, bro, it's like that's the stupidest question I've ever
• 35:23
  heard. Like buy Bitcoin.
• 35:24
  What are you talking about? Like join the cool kids club and
• 35:26
  nuke your credit score. Like, what are you even talking
• 35:28
  about? But here we have Saylor, you
• 35:31
  know, billionaire. He's talking to the like the
• 35:34
  richest people in the world, institutions, corporations, high
• 35:36
  net worth individuals. And he's like, basically you're
• 35:39
  an idiot. Like don't pay off your debt, go
• 35:41
  in debt more and continue to buy Bitcoin.
• 35:44
  Like I, I just find that hilarious.
• 35:46
  This like from a traditional view, this is like the worst
• 35:49
  financial advice you could give someone.
• 35:51
  But when you put. Bitcoin into this?
• 35:53
  It's like, yeah, makes sense to me.
• 35:58
  I do want to do you want to give a shout out to the stream?
• 36:02
  Almost 2000 people watching live rumbles absolutely popping off.
• 36:07
  I want to give a shout out to the YouTube chat on the verge of
• 36:09
  breaking 500 live viewers. We're already at 130 likes.
• 36:13
  Help us break 200 likes by the time the show wraps up.
• 36:16
  So guys, smash the like button if you guys are enjoying the
• 36:19
  content. Can't.
• 36:20
  What are your thoughts man? Do you think he's being overly
• 36:23
  bullish, overly bearish? Someone in the chat is saying
• 36:26
  sell your chairs. What are your thoughts, Kent?
• 36:30
  Well, I, I think I drank way too much of the orange kool-aid
• 36:32
  because I didn't even see how ironic it was until Opti pointed
• 36:36
  it out there. But yeah, I think from a normie
• 36:38
  perspective, like it's absolutely absurd.
• 36:41
  And from us and, and, and where we are, it's like, Oh yeah, it's
• 36:44
  normal. That's that.
• 36:45
  Isn't everybody doing that? So I think it's I.
• 36:48
  Think it's good advice. I think, you know, what I see
• 36:51
  actually, like on a bigger scale is the incentives of Bitcoin are
• 36:54
  actually driving like an incredibly conservative
• 36:56
  behavior. Like, OK, yes, the mortgage
• 36:58
  part, let's set that aside. But the rest of what he's
• 37:00
  talking about was just strong, like conservative, you know,
• 37:04
  values like, hey, try to save as much as possible and put it all
• 37:07
  into Bitcoin. You're going to be fine, right?
• 37:08
  Like that's a pretty simple message that I think if, if more
• 37:12
  of us take it and take that to the market, like that's the
• 37:14
  easiest way that I'm able to orange peel people to say just
• 37:17
  quit saving a dollar, saving Bitcoin. 100% say quit saving in
• 37:22
  dollars, saving Bitcoin, Stack some wild sats.
• 37:28
  This is the way to live. This is this is this is the
• 37:30
  Bitcoin Zen. Opti used to talk a lot about
• 37:33
  Bitcoin Zen. Not anymore.
• 37:34
  Now he's a jaded bitcoiner. There is no such thing.
• 37:38
  Content Trader but. There is no bitcoins then
• 37:43
  anymore. But yeah, I mean Natalie
• 37:45
  dropping absolute fire with that interview with sailor sailor
• 37:48
  basically saying like, look, don't buy that Ferrari, don't
• 37:52
  buy that yacht. I mean the yacht one is obvious.
• 37:54
  Buying a yacht is like literally lighting money on fire.
• 37:57
  But you know, the whole Ferrari things like don't buy a Ferrari
• 38:00
  that that that six Bitcoin? What 6 Bitcoin?
• 38:04
  One Bitcoin 13 million, you know, 6 Bitcoin.
• 38:07
  Roughly 6. That's a $60 million Ferrari.
• 38:10
  That's a really expensive Ferrari, you know, so it's that
• 38:13
  low time preference that sailors talking about.
• 38:16
  But again, it it would opt to you saying it sounds absolutely
• 38:20
  absurd from like a normie perspective, you know, but
• 38:24
  again, if you take a look at bitcoins past, I mean, guys, you
• 38:28
  have to remember back in 2017, January of 2017, I don't know
• 38:32
  how many years ago that was now, but Bitcoin was at $1000 a
• 38:37
  thousand $1000. It is currently at 103 hundred
• 38:43
  $103,885, right? That's more than 100 X.
• 38:48
  That's, you know, that's, that's absolutely absurd.
• 38:51
  And the bull? Market hasn't really run its
• 38:53
  course yet, right? That's another thing to talk
• 38:55
  about. So, you know, on a 20 year time
• 38:58
  scale is what sailors saying you know, is, is it really that
• 39:03
  outlandish? I, I, I wouldn't think so.
• 39:05
  Anyways, guys, it's going to be a great show.
• 39:07
  We have tons to cover. We're going to hit the new
• 39:10
  segment. We will be right back in just a
• 39:12
  second. I want to give a shout out to
• 39:15
  our sponsor Casa. Casa makes self custody easy and
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  card. Anyways.
• 42:03
  So let's cover today's headline. Arizona rejects Bitcoin Reserve
• 42:09
  plan. Caps ATM use AT2K.
• 42:12
  Per day, Katie Hobbs, Arizona Governor, vetoed 3 significant
• 42:17
  crypto bills but backed tough consumer protection rules for
• 42:22
  Bitcoin ATMs. Governor Hobbs denied Senate Bill 1373 on May
• 42:28
  12th, which would have established a Digital Asset
• 42:31
  Strategic Reserve Fund to store crypto that has been seized by
• 42:35
  law enforcement or allocated by appropriate governing bodies.
• 42:39
  Governor Hobbs stated the proposed proposal.
• 42:42
  I presented it as risky due to volatility associated with
• 42:46
  crypto quote today I vetoed Senate bill 1373.
• 42:52
  Currently, volatility in cryptocurrency markets does not
• 42:55
  make it a prudent A prudent fit for general fund dollars.
• 43:00
  It goes on to say on May 3rd, Hobbs denied the center the
• 43:04
  Arizona Strategic Bitcoin Reserve Act, which would have
• 43:07
  allowed the state to invest up to. 10% of Treasury and
• 43:11
  Retirement fund investments in Bitcoin or other
• 43:14
  cryptocurrencies. The third proposal billed was
• 43:17
  vetoed Senate Bill 1024, which would allow state agencies to
• 43:22
  accept cryptocurrency as payment of taxes and fees.
• 43:26
  While these investments were rejected, Hobbs did however
• 43:30
  approve House Bill 2387 on May 12th, which placed new rules on
• 43:35
  crypto ATMs in Arizona. The legislation requires Kiosk
• 43:39
  to display clear and multilingual and educational
• 43:43
  warnings about common crypto scams and requires users to
• 43:46
  acknowledge those risks before doing transactions.
• 43:50
  Operators must also provide detailed receipts, including
• 43:53
  transaction information, contact details, fees and refund policy.
• 43:59
  New users will now only be able to spend up to $2000 on their
• 44:03
  first day, but returning customers will have limits up to
• 44:06
  10,500 after 10 days. In addition, users who fall
• 44:11
  victim to scams and report them within 30 days will get a full.
• 44:16
  Refund, including the fees charged.
• 44:20
  Look, I'll be honest guys, this is incredibly hostile towards
• 44:24
  Bitcoin ATM companies. Number one and number 23 vetoes
• 44:30
  3 vetoes rejecting a strategic Bitcoin reserve initiative in
• 44:36
  the state of Arizona. I'm gonna say something.
• 44:40
  It's a pattern that I've picked up.
• 44:42
  We are we we're going there. We we we on simply Bitcoin have
• 44:52
  remained neutral for our entire history.
• 44:55
  It was only until this last election when the Samurai Wallet
• 45:00
  developers were targeted that we chose essentially to get
• 45:04
  political and we chose to choose a side.
• 45:06
  We said, guys, if you know, if you want a pro Bitcoin
• 45:12
  environment in the United States, you should vote for
• 45:15
  Trump or RFK Junior. It seems like the Democratic
• 45:19
  Party is hostile towards Bitcoin.
• 45:22
  It seems like there's they still remain hostile towards Bitcoin.
• 45:26
  You can make an argument that their stance towards Bitcoin
• 45:30
  cost them the last election because a major portion of their
• 45:34
  voting demographic is the younger generations and the
• 45:37
  younger generations absolutely love Bitcoin because they got
• 45:41
  completely screwed by the 2008 financial crisis.
• 45:45
  So, yeah, I mean, like it's a troubling trend.
• 45:50
  Like Elizabeth Warren hasn't changed course another a lot.
• 45:54
  And I asked Senator Lummis about this back in February when I had
• 45:58
  my interview with her in Washington, DC. 1 of the things
• 46:01
  that I said was, you know, like Senator Lummis, there is a there
• 46:06
  is a bill that was introduced in the House.
• 46:08
  It wouldn't it was, it was very straightforward, right?
• 46:11
  The bill essentially was It would forbid the federal
• 46:15
  government from launching a central bank digital currency.
• 46:18
  It literally went along party lines.
• 46:20
  The Democratic Party voted against the bill.
• 46:24
  The Republican Party voted for the bill that would ban the
• 46:27
  federal government from launching ACBDC, the latest
• 46:31
  Genius act, the so-called Stablecoin Act, which had
• 46:35
  supposed Democratic Co sponsors on that bill.
• 46:39
  That bill was shut down in the Senate. 2 Republicans joined the
• 46:44
  vote. I think it was Rand Paul and
• 46:47
  Senator Hawley. But again, it was across party
• 46:50
  lines. So this isn't a political show.
• 46:53
  You're tuned into the wrong show.
• 46:55
  This isn't the Daily Wire for trying to get your dose of
• 46:58
  politics. This is a Bitcoin show.
• 47:00
  But what I will say is that it would be a disservice to you
• 47:04
  guys if we didn't point out some patterns that we're picking up
• 47:09
  here. Why does the Democratic Party
• 47:11
  continue to be anti Bitcoin specifically if it vote, if it
• 47:16
  helps their constituents? It doesn't, it doesn't make
• 47:20
  sense in my opinion. And I think Elizabeth Warren
• 47:23
  made this very, very clear. I think they want a central bank
• 47:27
  digital currency. And I think that if you have
• 47:30
  Bitcoin competing with the central bank digital currency,
• 47:34
  people are going to choose Bitcoin by default because it's
• 47:36
  better money. They don't want competition.
• 47:39
  So that's why they're aggressive towards the industry.
• 47:42
  Like no one's better than their incentives.
• 47:44
  I think to me it's clear as day. It's unfortunate that we have to
• 47:49
  talk about these types of things because this is a Bitcoin show,
• 47:53
  but it would be a disservice if I didn't point it out.
• 47:56
  Anyways, Opti, what are your thoughts, bro?
• 47:58
  Because you're the one, you're the the famous Opti gate.
• 48:01
  Opti was one of the first people to point this out.
• 48:04
  And it was like, Nico, speak up, speak your mind.
• 48:07
  What are you talking about? And I was like, no, bro, we have
• 48:10
  to remain neutral. And then I blew a gasket when I
• 48:14
  found out about the samurai guys when they arrested the samurai
• 48:17
  guys have said, you know what Trump 2024 like we don't have a
• 48:20
  choice now, right? So anyways, Opti, you know what
• 48:24
  are what are your thoughts on this man?
• 48:26
  Like why it like they just lost a major election, right?
• 48:30
  You would think that, you know, from a policy perspective, they
• 48:33
  would change. Now, again, it's not monolithic.
• 48:36
  I have to be very, very clear there.
• 48:39
  There are Republicans that are against it.
• 48:41
  There are there are Democrats that are for it, like
• 48:44
  Congressman Roe Khanna of California, right?
• 48:47
  But by and whole, this seems to be a partisan issue when it
• 48:51
  shouldn't be a partisan issue because Bitcoin is completely
• 48:55
  apolitical. But I think it would be
• 48:58
  dishonest of us not to point this out.
• 49:01
  Opti your thoughts? Yeah, I mean, my thoughts are
• 49:04
  probably pretty well known on this show.
• 49:06
  The Dems are lost in the sauce is all I can say.
• 49:09
  They like, they constantly do things and they act like, you
• 49:13
  know, they're your, your parent or your teacher and they, they
• 49:17
  do this like bleeding heart thing where they're they, you
• 49:20
  know, pass stuff or veto stuff. Like we're doing this for the
• 49:22
  best of you people and we got to protect you.
• 49:25
  And it's like, OK, you know, Arizona can have fun staying
• 49:28
  poor, though. I am kind of OK with her vetoing
• 49:30
  that second bill where it was essentially saying they could
• 49:33
  like, you know, steal your Bitcoin after three years and
• 49:36
  then they put it to their reserve.
• 49:38
  So I'm kind of OK with that getting vetoed in in this
• 49:41
  thought of Bitcoin is too volatile.
• 49:43
  Like, all right, cool. Like you don't understand what's
• 49:45
  going on. I'm OK with this as that Sun Zoo
• 49:47
  quote is, you know, you, you don't interrupt your enemy when
• 49:51
  they are making mistakes. It's like, OK, awesome.
• 49:53
  I I actually love this. But yeah, this is obviously from
• 49:57
  a Bitcoiners perspective. My bias is I'm, I'm very biased
• 50:00
  here. This is very bad for the people
• 50:03
  of Arizona if they're making more stringent laws around
• 50:06
  Bitcoin. I think this is only going to
• 50:08
  hurt people on that point, though.
• 50:11
  Again, I'm kind of OK with them saying, you know, some kind of
• 50:15
  some kind of notification saying that every crypto is a scam or
• 50:19
  whatever besides Bitcoin. Obviously that's not what it's
• 50:21
  going to say, But if it basically said like bitcoins
• 50:23
  legit, everything else is a scam, again, like I'm I'm kind
• 50:27
  of OK with this. And then the third part, like
• 50:29
  the limits on on getting out of Bitcoin or the limits on the
• 50:34
  ATMSI think it just goes to show like capital controls never
• 50:37
  work. And that's usually a sign of
• 50:39
  problems in the empire or the the traditional financial
• 50:42
  system. And so if they are limiting how
• 50:44
  much Bitcoin you can buy personally, that's like, you
• 50:47
  know, smoke just to show like you'd probably want to get your
• 50:50
  money out of the system as quickly as possible because,
• 50:53
  hey, if you can't buy Bitcoin and furthermore, if you have bit
• 50:56
  money in a bank, it's not your money anymore.
• 50:58
  So before they go even harder on limiting the amount of Bitcoin
• 51:03
  you can buy, you should probably be buying Bitcoin.
• 51:05
  Yeah, one 100%. And another thing that I'll say
• 51:08
  too, is like I'm going to move the Overton window because that
• 51:12
  was one of the first people to say this on on X and it
• 51:14
  absolutely blew up. Like I mean should I say it Opti
• 51:22
  I? Don't know what you're going to
• 51:23
  say but we are on YouTube. Should I say it?
• 51:26
  Like, OK, I'm going to say it. I'm going to say it.
• 51:28
  I'm going to say it like, if you're in the US based on the
• 51:32
  actions of the Dems, it's probably a good idea that you
• 51:36
  vote Republican. Like this is like it's, it makes
• 51:41
  me feel extremely uncomfortable to say that because like this
• 51:46
  isn't a political show and there are different, everyone has
• 51:49
  different, you know, approaches to like how they look at
• 51:54
  different policies and whatever. But if you're looking at it from
• 51:57
  a Bitcoin first perspective, like Bitcoin first, right?
• 52:01
  Like, I'm a single issue voter and I care about the future of
• 52:05
  Bitcoin in the Bitcoin industry here in the United States.
• 52:08
  Like regardless of what happened during the last election, it
• 52:14
  seems like there's still hostility.
• 52:17
  And if you're a bitcoiner or a Bitcoin entrepreneur or a
• 52:20
  Bitcoin holder in the US, like you would be thinking you're
• 52:24
  like, OK, wait a second. Like, you know, like, what
• 52:28
  should I do? Right?
• 52:29
  And it's unfortunate because again, like this isn't a a
• 52:33
  partisan issue. Bitcoin is apolitical.
• 52:36
  If Bitcoin doesn't pick favor one side or the other side,
• 52:40
  Bitcoin is for anyone. Anyone could adopt Bitcoin.
• 52:44
  But again, Fiat politics still matter as long as we're on a
• 52:48
  Fiat standard and the government has a central bank to
• 52:51
  essentially enforce their monopoly on violence over
• 52:53
  society. And if you have a vote, vote and
• 52:57
  you can use that vote to, you know, obviously have more
• 53:00
  favorable regulation and a more favorable regulatory
• 53:03
  environment, Use that vote, right?
• 53:07
  Use that vote to your advantage. I mean, like, the fact that I
• 53:12
  feel uncomfortable saying this tells me that it's outside the
• 53:15
  Overton window. The fact that I feel
• 53:17
  uncomfortable talking about this tells me that, you know, this
• 53:21
  isn't something that is openly discussed among Bitcoin circles.
• 53:26
  But at the same time, we were the first people to say, hey,
• 53:30
  guys, it's probably a good idea to vote for Trump if you like
• 53:33
  Bitcoin in the US. Like we were the first ones to
• 53:35
  say that and we got a lot of shit for it when we said it
• 53:38
  openly last year during election season.
• 53:41
  In hindsight, it was a really, really good decision.
• 53:45
  Ross was freed, we got the strategic Bitcoin Reserve, the
• 53:48
  end of Operation Choke .2 Point O, the repeal of SAB 121, the
• 53:53
  so-called Trump pump which didn't really amount to anything
• 53:56
  at the end. But you know, some positive
• 53:59
  things overall. What I would like to see is a
• 54:03
  change, right, like some good faith, because then it wouldn't
• 54:07
  be a partisan issue. Then you wouldn't force
• 54:10
  Bitcoiners or the Bitcoin community to have to choose a
• 54:13
  side because I don't like that. I I don't think Bitcoin should
• 54:17
  be political. I don't think Bitcoin should be
• 54:20
  treated in the realm of politics like everything else is because
• 54:24
  then what happens is every four years there's an effing
• 54:27
  pendulum, right? And if you're a Bitcoin business
• 54:31
  in the US, it's it's very unstable, right?
• 54:34
  Like it's like one year it's going to go this way, the other
• 54:37
  year it's going to go that way. How do you plan for that?
• 54:39
  You know, you do have to move operations.
• 54:41
  You have to like there is a point last year where me and
• 54:44
  Opti were seriously debating moving to El Salvador.
• 54:48
  Like we were seriously talking about that, like self custody
• 54:50
  was under attack. There was a proposed 30% Bitcoin
• 54:53
  mining tax. Like what's going on there now?
• 54:56
  I do want to give a shout out to Dennis Porter.
• 54:59
  I do want to give a shout out to Bitcoin Policy Institute that
• 55:02
  are making tremendous strides. I do want to give a shout out to
• 55:07
  the the Democrats that are, you know, that that have supported
• 55:11
  Bitcoin specifically on the state level.
• 55:13
  You've seen tremendous amount of support on the state, state
• 55:16
  level from Democrats, but it seems like predominant Democrats
• 55:20
  in the federal government or governors seem to still be
• 55:25
  somewhat anti Bitcoin and it doesn't make sense at all
• 55:30
  whatsoever. It should change.
• 55:33
  Bitcoin should not be political, but just because you believe
• 55:37
  that the way that you force an issue, the way that you force a
• 55:41
  change is to vote a certain way, right?
• 55:44
  Anyways, the the the chat is hilarious.
• 55:48
  I I made that made me feel very uncomfortable to talk about that
• 55:51
  topic. Kent, I know you're a CEO of a
• 55:54
  company. What are your thoughts on this
• 55:58
  man? Oh, man, I, I think money is
• 56:02
  inherently political. I, I think we've tried to stay
• 56:05
  out of the fight as much as we can, but I think money is
• 56:07
  inherently political. And actually these these actions
• 56:12
  from the governor here in the state of Arizona, I want to talk
• 56:16
  about it for a minute because I think there's actually some
• 56:18
  important knock on consequences that are going to come from
• 56:21
  this. So first of all, it's it's
• 56:23
  pretty clear a lot of people believe that it was because of
• 56:26
  the Bitcoin community's support of Trump that Trump got elected.
• 56:31
  To me, this lady just decided she didn't want to get re
• 56:34
  elected and that it will probably be a short tenure for
• 56:38
  her. But prediction don't know if
• 56:39
  that'll come true. But the reason why for me is
• 56:43
  quite simple because as the number goes up, there are more
• 56:46
  bitcoiners with more money that are getting more into politics
• 56:50
  and the incentives are set here. The Bitcoin community just
• 56:54
  learned, hey, we got the tar knocked out of us here the last
• 56:58
  four years. We're starting to win right now.
• 57:01
  Let's do more of what it takes to win.
• 57:02
  And as the price of Bitcoin goes up, there's more dollars for us
• 57:06
  to influence this process or we're going to.
• 57:08
  And that's why I think people like this woman, Karen Hobbs, I
• 57:11
  think her name is, it is short, short for this world.
• 57:15
  And I think that the Bitcoin community, it's actually been a
• 57:17
  wonderful thing from where I sit, it's sort of matured to the
• 57:19
  point of saying, hey, no, we, we got our Bitcoin.
• 57:21
  We're just going to sit on the sidelines and let this, let this
• 57:24
  process play out. I think Bitcoin is at the
• 57:26
  Bitcoin communities instead realizing hey no, we're going to
• 57:30
  take the center stage. I heard a statistic 6-6 years
• 57:34
  ago or so, I don't know if it's true at all, but the statistic
• 57:38
  was something like a $200,000. The majority of billionaires on
• 57:41
  the planet are bitcoiners. Now again I don't know if that
• 57:44
  number is true, but there is a number out there that it is.
• 57:48
  At a certain point, the most powerful community on the planet
• 57:51
  will be the Bitcoin community and powerful meaning by how much
• 57:56
  impact they can have through the the impact of their money.
• 58:00
  And so I think the Bitcoin community just needs to continue
• 58:02
  to show up and fight the good fight.
• 58:04
  And these sort of things are going to go away.
• 58:06
  And the reason the Democrats and other individuals that don't
• 58:10
  even necessarily have to be Democrats are playing these
• 58:12
  stupid games is in my opinion, they know they're going to lose,
• 58:16
  but they've got survival on the line, right?
• 58:18
  They've got their snouts in the money through in some way.
• 58:21
  You look at what Karen's just done.
• 58:23
  And in my opinion, all the Bitcoin ATM's are leaving.
• 58:26
  There's no way if I'm running a Bitcoin ATM, I'm going to take
• 58:28
  the risk that I have to give you all your money back, all the
• 58:30
  fees in 30 days. Like that's crazy.
• 58:32
  She just basically shut down the Bitcoin ATM industry.
• 58:35
  I mean, I'm saying that as a CEO.
• 58:37
  God bless you ATM runners. If you can figure out how to
• 58:39
  work in that environment, I could it off the cuff.
• 58:42
  So yeah, I think it's just show up, keep fighting a good fight
• 58:45
  and support the people and and the folks out there that are
• 58:48
  representing Bitcoin correctly in politics and we're going to
• 58:51
  win this game. That that's a great take, you
• 58:53
  know, and, and again, we're going to our, our movement is
• 58:56
  just going to continue to get stronger and stronger.
• 58:58
  Now, I did verify this in the background because I was like,
• 59:01
  wait a second. I think New Hampshire is like a
• 59:03
  blue state. They have a Democratic governor,
• 59:06
  you know, they just made a strategic Bitcoin reserve.
• 59:08
  No, they're governor's Republican.
• 59:11
  So like like, wow, wow. So you have that, that to me is
• 59:16
  insane. Like again, guys, I, I'm, I have
• 59:19
  to point this out, right? And like, what is going on here?
• 59:24
  Why, why is this happening? This is the most important
• 59:26
  question, like why is this happening?
• 59:27
  Why is this issue political? I think Kent made a really good
• 59:32
  point, which is money's inherently political, but like,
• 59:37
  you know, what is happening here?
• 59:39
  Like what and, and why can't we talk about it?
• 59:41
  What is happening here? Why can't we talk about it?
• 59:44
  There's clearly a pattern, right?
• 59:46
  That law that she signed in terms of consumer protection for
• 59:50
  ATMs. Again, Kent, you know how much that's going to be abused,
• 59:55
  right? Someone's just going to say I
• 59:59
  lost my Bitcoin to fraud. And then you know, you, you as
• 1:00:02
  the ATM company are, are, are liable.
• 1:00:05
  So you're, you're essentially, you're going to take a $10,000
• 1:00:07
  loss. They might be lying.
• 1:00:09
  There's no way for you to verify that they lied or not, right?
• 1:00:13
  How are you going to take the risk?
• 1:00:15
  Right that to run AATM company like that, you know, and then at
• 1:00:18
  the same time shutting down laws that pass the legislative the so
• 1:00:23
  they pass the lower chamber and the upper chamber.
• 1:00:26
  They went to the governor's desk.
• 1:00:28
  The governor had to sign into law.
• 1:00:29
  She said no, no, no, I don't care what the lower and the
• 1:00:32
  lower and higher chambers of Arizona had to say about this.
• 1:00:35
  I'm going to veto. This is not happening on my
• 1:00:37
  watch. Then at the same time in New
• 1:00:39
  Hampshire, which I assumed had a Democratic governor, actually as
• 1:00:44
  a Republican governor, she signed the bill into law.
• 1:00:48
  And then you put in together the genius actress as a stablecoin
• 1:00:51
  law again along party lines, the banning of the CBDC bill across
• 1:00:59
  party lines. So at what point us as simply
• 1:01:02
  Bitcoin, can we not bring up the obvious because no one else in
• 1:01:07
  the industry is effing talking about this.
• 1:01:09
  It's all kumbaya, right? But it, it, there's a, there's
• 1:01:13
  an obvious trend here. There's an obvious pattern.
• 1:01:16
  It's not monolithic, right? It's there's Democrats that
• 1:01:19
  support Bitcoin, there's Republicans that are against
• 1:01:22
  Bitcoin, but by and large. It's.
• 1:01:26
  This party is for this party is not, is against that.
• 1:01:30
  That's the, that's the pattern I'm picking up.
• 1:01:32
  That's very troubling. I hope that changes because
• 1:01:35
  Bitcoin in itself as a technology is neutral.
• 1:01:39
  But as Kent said, Bitcoin money is inherently political.
• 1:01:43
  Anyways, guys, we're going to get to the culture.
• 1:01:45
  We have tons to talk about. We'll be right back in just a
• 1:01:48
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• 1:01:50
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• 1:03:54
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• 1:06:09
  And we'll go to you know, we'll go to proceed to rig purchase
• 1:06:13
  and then what I'm going to do. And then you put in your your
• 1:06:16
  your first name, your last name, your e-mail address, and you
• 1:06:21
  proceed to payment. You can pay in many, many
• 1:06:24
  different ways. You can pay it using Bitcoin,
• 1:06:29
  you can pay using dollars. You can pay using credit card.
• 1:06:32
  You can pay using Tether I. Believe.
• 1:06:34
  There's a variety of different ways to pay for your rig.
• 1:06:38
  And then what I'm going to ask Kent to do is Kent, could you
• 1:06:40
  show the awesome dashboard that people have access to once they
• 1:06:46
  have, once they've purchased their rig?
• 1:06:48
  And by the way, guys, the turnover rate is incredibly
• 1:06:51
  quick. It's incredibly fast.
• 1:06:53
  Within 48 hours, you make your, you make your purchase, you buy
• 1:06:57
  your rig and Bom Bing bom, boom, within 48 hours, you're up and
• 1:07:01
  running, you're mining Bitcoin and this is what you're going to
• 1:07:04
  see on your end. On your end, you're going to see
• 1:07:08
  a dashboard and it's going to show where your miner is, what
• 1:07:12
  the hash rate is, the total amount of Bitcoin that you've
• 1:07:15
  received, the total amount of Bitcoin that's pending your hash
• 1:07:19
  rate, and whether it's active or not.
• 1:07:21
  Again, this makes the whole process of mining incredibly,
• 1:07:26
  incredibly easy. This is why it's called Bitcoin
• 1:07:29
  mining as a service, and this is exactly why we recommend it here
• 1:07:34
  at Simply Bitcoin. And one of the things also to
• 1:07:37
  guys that you have to understand is that mining wouldn't be a
• 1:07:40
  thing if it wasn't economical. So what do I mean by that?
• 1:07:46
  I mean by that is ideally the way it's supposed to work, the
• 1:07:51
  way that it should work, the way that it works is it only makes
• 1:07:56
  sense to mine if you're able to essentially mine Bitcoin for a
• 1:08:01
  cheaper rate than if you were able to buy its spot.
• 1:08:05
  And that's the that's the selling point.
• 1:08:07
  Like that's the awesome part about mining Bitcoin is that
• 1:08:10
  you're able to acquire Bitcoin at a cheaper rate than if you
• 1:08:16
  were to just buy it's spot. And I think Kent just pulled
• 1:08:18
  something up. What's the daily cost of mine a
• 1:08:21
  Bitcoin with SAS? So you of course you have your
• 1:08:24
  electricity cost and then your wild SAS generated.
• 1:08:27
  So again, your cost of acquisition is $73,000 per coin
• 1:08:33
  compared to $100,000 per coin if you were just to buy it at spot
• 1:08:39
  market rate. And that's the selling point.
• 1:08:42
  And also another thing to you guys, one of the best things
• 1:08:45
  about bull markets is as someone in the chat bomb being bomb boom
• 1:08:49
  by the one of the things about bull markets guys is that that
• 1:08:54
  rate doesn't really change that much if the price shoots up.
• 1:08:58
  So if the price shoots up to like 150,000 or 200,000 or
• 1:09:03
  300,000, yes, that daily cost of mine that will go up, but it
• 1:09:08
  won't go up drastically like that.
• 1:09:10
  So you're getting significantly cheaper Bitcoin by mining it
• 1:09:16
  rather than buying its spot. And This is why we recommend
• 1:09:20
  size mining here at Simply Bitcoin, a great way to get wild
• 1:09:26
  sats. And the the reason they're
• 1:09:28
  called wild sats is quite interesting.
• 1:09:31
  It's 'cause they're Wilds. No one knows where the those
• 1:09:34
  those sats came from. They're wild sats.
• 1:09:37
  Isn't that right, Ken? That's absolutely right.
• 1:09:42
  This is the way he acquired Bitcoin, the way Satoshi
• 1:09:44
  designed the network, right? And actually I want to touch on
• 1:09:48
  that for a minute. I was at Bitcoin Plus Plus last
• 1:09:50
  week making some min rooms with the developer community, the
• 1:09:53
  opera turn debate front and center.
• 1:09:55
  You guys are probably participating in that online.
• 1:09:58
  I've got my own thoughts on it quite clear.
• 1:10:00
  I'm not going to go into that, but what I there was a, there's
• 1:10:04
  a problem in mining right now and the problem is caused
• 1:10:07
  actually by us in the Bitcoin community.
• 1:10:09
  And, and the problem is this all the centralization issues that
• 1:10:13
  are occurring right now in mining.
• 1:10:15
  Well, they're occurring because the majority of hash rate on the
• 1:10:18
  network is there to acquire Fiat and using Bitcoin mining as a
• 1:10:22
  proxy to get Fiat and that's creating a misalignment of
• 1:10:26
  incentive on the network. Why is that occurring?
• 1:10:29
  Well, it's occurring because we in the Bitcoin community have
• 1:10:31
  decided the right way to acquire a Bitcoin is by buying it
• 1:10:34
  instead of mining it. And, you know, I think we've got
• 1:10:38
  a moral obligation as a community to actually go back to
• 1:10:42
  the way Satoshi designed the network to acquire a Bitcoin,
• 1:10:45
  and by doing so, dominate the network in terms of the
• 1:10:49
  intention behind the hash rate being for Bitcoin.
• 1:10:53
  Because I promise you, if the majority of us are acquiring our
• 1:10:56
  Bitcoin through mining, we're no longer going to be misaligned
• 1:11:00
  with the network. We're going to care about what's
• 1:11:02
  going on in the way things work and things like the opera turn
• 1:11:06
  debate that are going on right now, frankly are downstream of
• 1:11:09
  that. That's the core worry that the
• 1:11:12
  dev community has right now in, in Bitcoin is, hey, we're
• 1:11:15
  worried about Bitcoin mining centralization.
• 1:11:17
  And so this is a way that we're going to fix it is by, you know,
• 1:11:20
  adjusting the, the, the opera turn filter.
• 1:11:24
  So, you know, regardless of what you think of that, I just want
• 1:11:26
  to point out like what we're doing at SAS Mining and I, I
• 1:11:29
  hope others decide to do ultimately is to try to fix this
• 1:11:34
  misalignment of incentives by getting more people into mining.
• 1:11:36
  And by the way, there's a natural incentive to do so
• 1:11:39
  because it's cheaper than going to buy it in exchange and it's
• 1:11:42
  wild. So what does wild mean?
• 1:11:44
  It means it's coming directly from the network.
• 1:11:46
  There's no bag tagged surveillance state going on with
• 1:11:49
  these sats. These are just going right to
• 1:11:51
  your wallet. And what's really interesting is
• 1:11:53
  to just see how our clients are you choosing to use those sats,
• 1:11:56
  ICM being used more freely. And I, my theory is that in the
• 1:11:59
  long run, these are the sats that are going to make up the,
• 1:12:02
  the, the circular economies that we long talked about because
• 1:12:05
  people feel liberated to actually use them.
• 1:12:07
  They're not worried that somebody's looking over their
• 1:12:10
  shoulder at how they're using their stats.
• 1:12:11
  So yeah, there's a lot of positives to mine and as your
• 1:12:15
  primary way to acquire Sats, but hey, that's uncomfortable.
• 1:12:19
  You know, just split it up and and half like do diversify your
• 1:12:23
  acquisition. 100% And what I will say guys is you know
• 1:12:27
  something that perhaps I mean, if you've been watching Simply
• 1:12:30
  Bitcoin for a while, you guys know a lot, you guys know my
• 1:12:32
  story. But if you're new, I actually
• 1:12:36
  got into the industry via mining that I, I didn't do media first.
• 1:12:41
  So I got into Bitcoin around 2016.
• 1:12:44
  I was mining Bitcoin, Venezuela and Miami for a little bit,
• 1:12:49
  South Carolina. And then in 2018 the bear market
• 1:12:53
  hit. I just, I packed up shop like we
• 1:12:56
  just, we couldn't, we couldn't deal.
• 1:12:58
  We couldn't deal with it. One of my biggest regrets is not
• 1:13:02
  soldiering it through because if I would have soldiered it
• 1:13:04
  through, Oh my God, right, You know, 2019-2020, 2021, I would
• 1:13:10
  have looked like an absolute genius, you know?
• 1:13:12
  So the reason I'm telling you this is some of the best times
• 1:13:15
  to get into mining is not when the price is going through the
• 1:13:18
  roof, it's when the price is going sideways.
• 1:13:21
  It's actually when the price the bear markets like.
• 1:13:24
  It's the most. Painful because you're just
• 1:13:26
  like, this is very expensive. I'm barely profitable or I'm
• 1:13:29
  actually like kind of like losing money on the liquor or
• 1:13:31
  whatever. But if you stick.
• 1:13:33
  Around you make a. Fortune you you look like a
• 1:13:36
  genius. It's you know, and that's one of
• 1:13:38
  the awesome parts about mining and and I hope you guys learn
• 1:13:41
  from my own personal experience, right, because it would have
• 1:13:44
  been great if I would have stuck around.
• 1:13:46
  I just didn't know back then, back then it was a totally
• 1:13:48
  different environment. It was a different world, right?
• 1:13:51
  But if, if I had a time machine, I told Nico, like Nico would
• 1:13:54
  have been like, dude, I know you're hurting right now.
• 1:13:56
  I know you're losing money, but stick around, dude, stick
• 1:13:59
  around, stick around. Just just just tied it up, you
• 1:14:02
  know, soldier through and it would have worked out.
• 1:14:04
  So you know, mining is incredibly rewarding.
• 1:14:08
  What I love about our friends over at SAS.
• 1:14:10
  Is they make the whole learning curve.
• 1:14:14
  They make that go away, right? It's a plug in.
• 1:14:16
  It's like the. Uber of mining.
• 1:14:18
  Essentially, right. It's like you plug in the you,
• 1:14:20
  you, you, you make the purchase, you have a dashboard, boom,
• 1:14:24
  you're mining, you're getting that Bitcoin, you're getting
• 1:14:27
  those wild SAS that's getting sent to your wallet.
• 1:14:29
  They make it incredibly easy. Rather than going through the
• 1:14:32
  whole learning curve of plugging those, plugging in those
• 1:14:35
  machines, having to learn about heat management, having to learn
• 1:14:39
  about electricity management, having to learn about just
• 1:14:42
  machine machines breakdown, believe it or not, right?
• 1:14:45
  All of that is a pain in the ass and you lose a ton of money on
• 1:14:49
  all along the way. Just kind of learning, going
• 1:14:51
  through that process, right? So this is what these guys do.
• 1:14:54
  They make it easy. It's a turnkey solution.
• 1:14:57
  This is why we recommend it here at Simply Bitcoin.
• 1:15:00
  So if you guys are interested, head over to SAS mining.com
• 1:15:03
  today and use promo code Simply Bitcoin.
• 1:15:06
  You will get a. Discount on your first rig at
• 1:15:09
  SAS mining and again, once you make your purchase, it's up and
• 1:15:13
  running within 48 hours and it's a great way to buy cheaper
• 1:15:18
  Bitcoin. Anyways, if you guys enjoyed
• 1:15:20
  today's show, make sure to smash that like button.
• 1:15:22
  I do want to give a very special shout out to our guest today.
• 1:15:26
  We have the CEO of SAS Mining himself.
• 1:15:28
  We got Kent in the House joining us head over to SAS Mining, like
• 1:15:32
  I said. But before we wrap up today's
• 1:15:34
  show, I do want to give a shout out to our conference sponsor.
• 1:15:38
  And of course, I'm talking about Las Vegas.
• 1:15:40
  It's coming up guys, at the end of the month, Bitcoin 2025 just
• 1:15:46
  announced. The Vice president will be
• 1:15:48
  making an appearance. Of course, Ross Ulbricht, you
• 1:15:52
  have the Trump's two children, you have the Bitcoin senator
• 1:15:56
  Senator Lummus, you have Michael Saylor, you have David Sachs,
• 1:15:59
  you have Jack Mahler's is going to be the largest Bitcoin event
• 1:16:03
  in the world. Bitcoin 2025 Las Vegas NV 30,000
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  people attending 400 confirmed speakers 5000 attending
• 1:16:14
  companies $14 trillion assets under management are going to be
• 1:16:18
  at Bitcoin 2025. The speaker list is absolutely
• 1:16:22
  insane. You definitely don't want to
• 1:16:24
  miss it. The prices increase in three
• 1:16:26
  days. Get your tickets now.
• 1:16:27
  Get your tickets quickly. Use promo code.
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  Simply to get 10% off your tickets.
• 1:16:33
  To Bitcoin 2025 and we'll see you guys in Vegas.
• 1:16:37
  Until then, love you all. We'll see you guys tomorrow for
• 1:16:40
  a brand new episode of Simply Bitcoin Live.
• 1:16:43
  Today's episode was brought to you by bitcoinwell.com, a
• 1:16:47
  Bitcoin only platform on a mission to enable financial
• 1:16:50
  independence.