Latest / Simply Bitcoin / 3 Multi-Trillion Banks Have ALL Got Bitcoin FOMO this Week! | EP 1167

Transcript

3 Multi-Trillion Banks Have ALL Got Bitcoin FOMO this Week! | EP 1167 · Simply Bitcoin

• 0:00
  Yo 3 multi trillion dollar banks have all gotten some Bitcoin
• 0:06
  FOMO in the last 24 hours at Davos.
• 0:10
  Why has the World Economics Forum annual conference turned
• 0:14
  into a Bitcoin conference? Is the election of Trump
• 0:18
  creating a wave of FOMO amongst these multi trillion dollar
• 0:23
  banks? Or is there something deeper
• 0:25
  going on behind the scenes at the annual Cantillion air
• 0:29
  conference in Davos, Switzerland today?
• 0:31
  We're going to be exploring all that.
• 0:33
  But before let's play the clip and then we'll talk about it, I.
• 0:37
  Have to admit that I've been I'm still struggling to understand
• 0:41
  exactly the value and and the merits of crypto crypto
• 0:45
  currencies. I'm not talking about stable
• 0:46
  coins, but I'm talking about more traditional one.
• 0:49
  How it would be on the other end, looking at the phenomenon
• 0:53
  that goes on for so long now, it would be a little bit naive and
• 0:58
  to just think that it's just speculation.
• 1:00
  I mean, I, I think it's speculation.
• 1:02
  We know it's also used by college, probably not so a good
• 1:07
  activities or and criminalities. But we have to bring it back to
• 1:12
  the financial stability topic. Many, many people invest in
• 1:16
  cryptocurrencies because they don't trust any longer the Fiat
• 1:20
  system or the Bretton boots system.
• 1:22
  And particularly here I'm talking about emerging markets
• 1:26
  and and certain places where inflation or political
• 1:30
  instability is a threat to savings.
• 1:33
  So we have to really understand if crypto in some cases.
• 1:38
  And again, I'm not a big fan of cryptos, but is this the new
• 1:41
  gold is, is easy? Is that a different way for
• 1:45
  people to secure a different kind of houses they they believe
• 1:50
  is not in control of the establishment?
• 1:53
  So I, I, I'm not saying that this is exactly what happening,
• 1:58
  but there is an element and I'm hearing more and more people
• 2:02
  thinking that way. So that's a real risk to
• 2:05
  financial stability is that we have we we see the creation of
• 2:09
  parallel systems. Obviously it's a big part of
• 2:11
  that. So you got the retail side of
• 2:13
  it. What do you make of crypto under
• 2:15
  Trump, this Trump administration, what may happen
• 2:18
  and what that speaks? I mean, we're talking about meme
• 2:21
  coins. I don't know if you're following
• 2:22
  the Trump coin or the Melania coin and what that says about
• 2:25
  what's happening here. Well, I think there is liquidity
• 2:30
  and the liquidity, you know, express itself in all kinds of
• 2:33
  different ways. I think the the broader question
• 2:35
  is whether some of this has come of age, whether it's hit escape
• 2:39
  velocity and you know, time is the friend the longer it trades
• 2:43
  and you know, perception becomes reality.
• 2:45
  For us, the equation is really around whether we as a highly
• 2:49
  regulated financial institution can act as transactors, sort of
• 2:52
  follow the money. And there we'll be working with
• 2:54
  Treasury and the other regulators to serve.
• 2:59
  This reduced the cost of virtually all goods and
• 3:02
  services. It'll make the United States a
• 3:04
  manufacturing superpower and the world capital of artificial
• 3:09
  intelligence. All right, everybody.
• 3:14
  I mean, I've been saying it for a long time now.
• 3:17
  Elections have consequences. The World Economic Forum, the
• 3:22
  contillionaire conference, they haven't been friendly to our
• 3:26
  industry, to say the least, for many, many years now.
• 3:31
  And all of a sudden a change in tune, the CEO of some of
• 3:35
  America's largest banks, the Bank of I don't believe is an
• 3:38
  American bank, but the CEO of UBS, the CEO of Morgan Stanley
• 3:42
  and of course the CEO of Bank of America.
• 3:44
  The other day we played you guys a video.
• 3:46
  These banks have trillions of dollars assets under management
• 3:50
  and they're all basically saying something along the same lines.
• 3:54
  We might not have a choice. This is happening whether we
• 3:58
  like it or not. We are probably going to have to
• 4:01
  offer this to our clients. And then some are saying, like,
• 4:05
  look, that we're just basically waiting for the approval of of,
• 4:09
  you know, the regulatory approval.
• 4:12
  I think the repeal of SAB 121, SAB 121 makes it very
• 4:17
  inconvenient from an accounting perspective for, for banks to
• 4:22
  custody Bitcoin and institutions to custody Bitcoin.
• 4:26
  So yes, elections have consequences there.
• 4:28
  You saw Trump at the World Economic Forum mentioning AI and
• 4:34
  crypto. Of course, he didn't say
• 4:35
  Bitcoin. He didn't say it wasn't perfect,
• 4:38
  but I mean, that's a huge deal. That's a huge deal.
• 4:41
  The writing's on the wall and we're taking over that
• 4:45
  conference. And I'll tell you what, guys, if
• 4:47
  you're not in the room, you're not in the deal.
• 4:50
  And our industry is in the room. That is what's happening.
• 4:54
  So we are winning. We can't stop winning.
• 4:57
  The people that say you're going to get tired of winning, I don't
• 4:59
  know about that. I'm not tired of winning.
• 5:01
  I want to win more. This is very, very, very bullish
• 5:04
  news for Bitcoin overall, at least from a number go up
• 5:08
  perspective. You know last year they were
• 5:12
  just basically saying that we're going to ban this thing.
• 5:14
  This thing is useless, and now they're basically saying, hey
• 5:17
  guys, we might not have an an option but to integrate this
• 5:23
  into our products, but to adopt this and that is incredibly
• 5:26
  bullish, but not surprising whatsoever.
• 5:29
  Anyways, I'm joined today with my legendary Co host Optimist
• 5:32
  Fields and we got Chase and Mason in the house joining us
• 5:36
  today. Opti, I'm going to start with
• 5:37
  you. What are your thoughts?
• 5:39
  Man this is pretty crazy dude. A year ago we would have never
• 5:43
  have imagined this at all. We were thinking about moving to
• 5:47
  El Salvador like 6 like six months ago because of the
• 5:53
  regulatory hostility that was happening in the United States.
• 5:57
  And man, have we made an F ton of progress, Opti.
• 6:02
  Yeah, so, I mean, I was saying it this morning while we were
• 6:05
  crafting the show and kind of trolling of like what is
• 6:09
  actually going on. It's making me feel a little
• 6:12
  weird. Maybe I'm just so used to like
• 6:14
  being the underdog here as a Bitcoiner that now it feels
• 6:17
  weird having the biggest bankers in the world and, you know, the
• 6:21
  president of of the the leading country financial country in the
• 6:26
  world start to embrace Bitcoin. We have Uncle Larry pumping our
• 6:29
  bags it it's almost it does almost feel like too much
• 6:32
  winning, but you know, hey, I'm still just sitting here
• 6:35
  wondering what's actually going on.
• 6:38
  But to really dive into some of the points that we just heard in
• 6:41
  those clips. First of all, I I I'd be remiss
• 6:44
  if we didn't talk about the fact that Trump said crypto instead
• 6:47
  of Bitcoin right now. I think we all know why he said
• 6:50
  that considering what we heard Andrew Sorkin kind of talk about
• 6:55
  the meme coins. The next part is the growing
• 6:58
  trend we're seeing right now. And also let's forget today
• 7:00
  later, I guess Trump's going to sign another executive order.
• 7:04
  Obviously a lot of Bitcoiners are saying that it's going to be
• 7:06
  a strategic Bitcoin stockpile. Personally, I think it's going
• 7:10
  to be more on the lines of the SAB 121 repeal.
• 7:13
  And I think that would be a a huge, huge thing that happened
• 7:17
  later today. Also, he's going to be talking
• 7:19
  to the Kelly after that. So I don't know a lot of dots to
• 7:22
  connect, but really I think the main point and the main like
• 7:26
  explosive bombshell that we heard was from I I'm going to
• 7:30
  butcher his name, Sergio Ermati, I think of CEO of UBS saying a
• 7:36
  lot of the stuff that those Bitcoiners have been saying.
• 7:37
  And and also to clarify, Nico stole my joke.
• 7:40
  Davos is now turning into a Bitcoin conference and it is
• 7:43
  making me feel a little icky. But what he said in that clip is
• 7:46
  absolutely amazing. You can hear in his own voice
• 7:49
  that like he doesn't fully understand Bitcoin, but they are
• 7:52
  getting dragged kicking and screaming to try to understand
• 7:56
  Bitcoin. They are being forced to bend
• 7:58
  the knee around Bitcoin. And the main part that I heard
• 8:00
  there was him saying on the lines of people don't trust Fiat
• 8:04
  currency, People, you know, aren't really happy with the
• 8:07
  Bretton Woods agreement here. And they're looking for
• 8:10
  alternatives. And especially in emerging
• 8:11
  markets. And we're seeing all of this
• 8:12
  play out in real time. The trust in Fiat currency and
• 8:16
  traditional financial markets, it is eroding.
• 8:18
  A lot of people are kind of waking up to the fact that
• 8:21
  inflation may be getting out of hand.
• 8:22
  Like what is actually going on? Are these levers that
• 8:25
  Washington, DC has or the Fed and central banks around the
• 8:28
  world have? Are they actually controlling
• 8:30
  the economy or are we on a runaway train?
• 8:33
  I think all of us bit corners know lid Alden's been saying,
• 8:37
  yeah, Lynn, Alden's been saying for a while, you know, you can't
• 8:39
  stop this train. And now we're getting into this
• 8:42
  era right now where it seems like the banks are chomping at
• 8:45
  the bits to see what happens with this Trump regulations or
• 8:48
  rather this Trump administration around regulations.
• 8:52
  And again, if they repeal SAB 121 today, later today, at a
• 8:57
  certain point, basically right when we end the show, it's going
• 9:00
  to kick off a whole new way of institutional capital.
• 9:02
  And I think we have perfect guests to kind of talk about
• 9:05
  that. We have Chase and Mason of
• 9:06
  Acropolis Treasury that are helping corporations add Bitcoin
• 9:10
  to their balance sheet. So I'm, I'm interested to hear
• 9:12
  what you guys have to say. So Chase Mason, thanks for
• 9:15
  coming on today. What's your guys's thoughts
• 9:18
  hearing some of the biggest bankers in the world at Davos
• 9:20
  talk about Bitcoin? Yeah, man, thanks for having us.
• 9:24
  We're stoked to be here. I guess what I'm saying is it
• 9:28
  seems like we're tripping a few different tipping points all at
• 9:31
  the same time. So Trump got elected.
• 9:33
  Personally, I think that's because bitcoiners have become a
• 9:36
  big enough voting bloc that we can actually tip the elections
• 9:39
  now. And I think that that's only
• 9:41
  going to be even more the case four years from now.
• 9:43
  And when we go into our next U.S. presidential election.
• 9:47
  We've tipped when it comes to kind of the general awareness of
• 9:50
  inflation. You know, a lot of people
• 9:52
  besides bitcoiners had no idea what inflation was or monetary
• 9:56
  expansion and debasement. These ideas were pretty foreign
• 9:59
  and, you know, out of the Overton window just four years
• 10:02
  ago. So I think we've tipped there
• 10:05
  with corporate adoption. Did we lose him?
• 10:12
  I. Think we might have lost Mason
• 10:14
  while he comes back. Guys, ladies and gentlemen, this
• 10:16
  is live. You guys are listening to Simply
• 10:18
  My Coin. Oh, oh, we got Chase back.
• 10:21
  We got Chase back. Chase.
• 10:24
  The Matrix had you for a second. You want to continue your
• 10:26
  thoughts? Yeah, we won't let them stop us.
• 10:28
  I was just kind of saying we're hitting all these different
• 10:32
  tipping points seemingly simultaneously.
• 10:34
  So corporate adoption of Bitcoin, treasury strategies led
• 10:37
  by micro strategy. We've also got nation state
• 10:40
  adoption now kicking off on the sovereign level with the SBR
• 10:44
  that I expect us to get any day now.
• 10:46
  And then with the repeal of SAB 1/21.
• 10:50
  It's just the fact that banks want to be able to custody the
• 10:53
  asset and maybe we'll get into all the benefits that'll come
• 10:57
  with that when banks can start borrowing and lending on Bitcoin
• 11:00
  and, and how bitcoiners are going to have the lowest cost of
• 11:02
  capital. But it just seems like we're
• 11:04
  hitting like 5 or 6 major tipping points all at the same
• 11:07
  time. Absolutely one 100% chase.
• 11:12
  Very, very good insights, Mason. What are your thoughts on that
• 11:15
  before, before I pass it on to Mason, actually, I want to give
• 11:17
  a shout out to the live stream. There's 567 of you guys watching
• 11:22
  live on YouTube alone and roughly 2000 of you guys
• 11:26
  watching live between all all platforms.
• 11:29
  Of course, shout out to our X and Rumble audience as well.
• 11:32
  Guys, help us break 100 likes within the 1st 15 minutes of the
• 11:36
  show. We're already at 94 likes.
• 11:38
  So smash the like button. Actually, let's let's bring up
• 11:40
  that like goal to 150 likes within the 1st 20 minutes.
• 11:45
  So if you guys are enjoying simply Bitcoin live, smash the
• 11:49
  like button. Anyways, I'm going to pass it on
• 11:51
  to Mason. Mason, what are your thoughts on
• 11:53
  this? Man, this is crazy.
• 11:55
  I mean, Trump was right when he said you guys are going to get
• 11:58
  tired of winning. You guys are going to have so
• 11:59
  much winning when he made that historical speech at the
• 12:03
  Nashville Bitcoin 2024 conference.
• 12:05
  Mason, what are your thoughts? Yeah, Thanks for having me,
• 12:09
  guys. I was there in Nashville when he
• 12:12
  made those comments and it was it was surreal to have a
• 12:16
  previous president at that time, now current president of the
• 12:19
  United States talking about Bitcoin just at all obviously is
• 12:23
  huge, but I'm not tired of winning yet.
• 12:25
  I, I, I really hope that this winning will continue.
• 12:29
  I believe it will. And we're talking about things
• 12:31
  that we anticipate to happen in the future.
• 12:34
  But I think what's been huge for us at Acropolis has been the
• 12:39
  fasby change so that companies can now put Bitcoin on their
• 12:44
  balance sheet and not have to write down those the value of
• 12:48
  those Bitcoin holdings to the lowest point until they sell it.
• 12:52
  That's been huge for us. That is really it sounds basic,
• 12:55
  it sounds simple, but that's been huge for us obviously along
• 12:59
  with everything else that we're anticipating. 100% it's, it's
• 13:03
  massive. I think this is going to be an
• 13:05
  enormous year for our industry. I, I I've been predicting it for
• 13:10
  the last three or four days. Guys, I'm feeling 2017 vibes in
• 13:16
  in January of 2017, Bitcoin was at $1000 and it did nothing for
• 13:22
  an entire 30 days. By the end of 2017, we saw 2020
• 13:29
  K Bitcoin 2016. We had a roughly 100 and 130%
• 13:35
  gain. 2024 roughly 130% game gain.
• 13:41
  So I'm feeling 2017 vibes 20. X Incoming Nico.
• 13:46
  I don't know, I don't know about, I don't know about that,
• 13:48
  bro, but we don't need a 20X with the 5X we're at, we're at,
• 13:52
  we're at half $1,000,000 per coin, right?
• 13:54
  So yeah, I'm, I'm very excited about this year.
• 13:57
  I think people are going to be pleasantly surprised from a
• 14:00
  regulatory perspective, the stars and planets are aligning
• 14:04
  and of course the institutional adoption of Bitcoin is just
• 14:08
  continuing to go absolutely bananas.
• 14:11
  So all these things are aligning right for an explosive 2025 for
• 14:16
  if you guys are new to the industry, what tends to happen
• 14:19
  is Bitcoin tends to have the year of the parabola the year
• 14:23
  after the halving. It's done so ever since its
• 14:26
  inception. I don't think this year is going
• 14:28
  to be any different. That's what I'm expecting.
• 14:31
  I could be completely wrong. That's not financial advice.
• 14:34
  My only financial advice is stay humble, stack stats and stay
• 14:38
  solvent. All right everybody, before we
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• 18:52
  from all time high -3.3% Realized monetary inflation
• 18:59
  1.05, 5%. In the grand scheme of things,
• 19:03
  the party is just getting started.
• 19:06
  Well, ladies and gentlemen, had a very special interview a
• 19:08
  couple days ago with Senator Cynthia Lummus of Wyoming.
• 19:14
  Full production value that we're going to be doing a lot more of
• 19:18
  these in 2025. You guys are going to be
• 19:21
  absolutely loving it. We're going to be dropping the
• 19:23
  first one today with the man who orange peeled, Michael Saylor,
• 19:28
  Eric Weiss. It's going to be absolutely
• 19:30
  awesome. But the reason I'm showing this
• 19:32
  picture off is because I went to DC to talk to Senator Lummus
• 19:38
  about the strategic Bitcoin reserve on the federal level.
• 19:41
  And of course, Dennis Porter joined us, who he has really
• 19:45
  been at the front of the strategic Bitcoin initiatives on
• 19:49
  the state level. And it was amazing conversation.
• 19:52
  You guys will have that very, very soon.
• 19:56
  Senator Cynthia Lummis actually made an announcement this
• 20:00
  morning, and here it is. Digital assets are the future,
• 20:05
  and if the United States wants to remain a global leader in
• 20:08
  financial innovation, Congress needs to urgently pass
• 20:12
  bipartisan legislation establishing a comprehensive
• 20:15
  legal framework for digital assets and that strengthens the
• 20:19
  US dollar with a strategic Bitcoin reserve.
• 20:23
  I am humbled by my colleagues have placed their trust in me to
• 20:26
  chair this historic subcommittee, and I look forward
• 20:30
  to shepherding bipartisan legislation to President Trump's
• 20:33
  desk this year that secures our financial future.
• 20:37
  So what are we? What am I talking about?
• 20:39
  Cynthia Lummis was tapped to lead first ever sub the Senate
• 20:45
  committee. Senate crypto subcommittee.
• 20:49
  This is going to be under the Banking Committee.
• 20:51
  The Banking Committee is going to have a subcommittee that is
• 20:54
  specifically focused on digital assets.
• 20:58
  Here's a little bit more details.
• 21:00
  According to Fox News, Fox Business, this would be an
• 21:02
  offshoot of the Senate Banking Committee.
• 21:04
  It has a new chairman in the form of South Carolina's Tim
• 21:08
  Scott, who has previously said that crypto has the potential to
• 21:10
  democratize the financial world. Scott recently held a meeting
• 21:14
  with Donald Trump's incoming crypto czar David Sachs, and
• 21:18
  appeared with Lummis at a panel of the Wyoming blockchain last
• 21:22
  summer, last September. At the time, he said.
• 21:26
  Wouldn't it be kind of cool if we had a subcommittee on the
• 21:28
  Banking Committee that focuses on the industry so that we bring
• 21:32
  more light to the conversation, more hearings on the industry so
• 21:36
  we get things done faster. Such a subcommittee already
• 21:39
  exists in the large house in the in the larger House of
• 21:42
  Representatives, which is also undergoing leadership change.
• 21:46
  On Thursday, it was announced that Wisconsin's Brian Steele
• 21:49
  will chair the House subcommittee on digital assets,
• 21:52
  financial technology and artificial technology
• 21:54
  intelligence with jurisdiction over crypto.
• 21:57
  Well, it was just confirmed today, ladies and gentlemen,
• 22:00
  that Senator Cynthia Lummus will be heading the the Digital
• 22:04
  Assets subcommittee in the Senate, which is the upper House
• 22:09
  of the legislative branch in the United States.
• 22:12
  Here is CZCZ is the founder of Binance, one of the largest
• 22:17
  crypto exchanges in the world and he says the US strategic
• 22:22
  Bitcoin reserve pretty much confirmed and he is quote
• 22:27
  tweeting. Senator Cynthia Lummis is a
• 22:30
  statement on being being named chair of the Senate Banking
• 22:34
  Subcommittee on Digital assets and the Poly market.
• 22:38
  Odds do reflect it's up to a 69% probability that the United
• 22:46
  States has a Bitcoin reserve in 2025.
• 22:51
  Ladies and gentlemen, I'm expecting at least I'm saying it
• 22:55
  boldly and proudly on the show, at least a half, $1,000,000 this
• 23:01
  year because this is going to, this is going to set in motion a
• 23:04
  nation state FOMO, the likes of which you have never seen
• 23:08
  before. Russia, China, all the countries
• 23:11
  that look at the United States as as a competitor, they're
• 23:14
  going to be looking and they're going to say what the F is going
• 23:18
  like we can't get left behind. Donald Trump just dropped the
• 23:22
  name crypto or Bitcoin at the World Epic Economic Forum.
• 23:26
  That was our mortal enemy last year.
• 23:29
  I think we did like 3 or 4 episodes just dedicated on
• 23:32
  exposing all the BS that was coming out of the World Economic
• 23:35
  Forum. And now you have the CEOs of the
• 23:37
  world's largest banks basically saying like, yo guys, we're
• 23:40
  fucked. We're probably going to have to
• 23:41
  implement this. I don't understand it.
• 23:44
  We don't get this. But like this is where things
• 23:46
  are going. We don't have a choice.
• 23:48
  We're just going to have to do this anyways.
• 23:50
  This is crazy. And what something that I love
• 23:52
  about the betting markets is that they're, they're more,
• 23:56
  they're more accurate than everything else in terms of
• 24:00
  making predictions because people actually have money on
• 24:04
  the line. So anyways, incredibly bullish
• 24:07
  news overall. It looks like at the moment we
• 24:11
  are getting a, a, a, a national strategic reserve here in the
• 24:16
  United States. And again, you guys are going to
• 24:18
  have to wait for the Cynthia Lummis episode that we'll be
• 24:21
  dropping on Saturday, where I'll have even more information on
• 24:25
  the ground from DC in regards to why the strategic one reserve is
• 24:30
  important, why you know, why it's great for the price and all
• 24:34
  the details that you guys want to know about it.
• 24:36
  So anyways, Opti, I'm going to pass it on to you.
• 24:39
  This is this is crazy, dude. I mean, elections have
• 24:42
  consequences, do they not? Yeah, I think, I think you're
• 24:46
  fully vindicated on that front, Nikka.
• 24:50
  But this Senator Lummus news I think is, is absolutely huge.
• 24:56
  And you know, it's, it's kind of rare when I agree with CZ on
• 25:01
  things, but I think this is kind of confirmation that a strategic
• 25:05
  Bitcoin stockpile or reserve is, is damn near.
• 25:09
  It's like a it's a go. It's 100% it's going to happen.
• 25:12
  Well, we'll see if they can actually, you know, push it
• 25:15
  through Congress and all that stuff.
• 25:17
  But it seems like it, it's a go, You know, having Senator Lummus
• 25:20
  in that position. Remember her family, she's
• 25:23
  literally has family members that are really big Bitcoiners.
• 25:27
  You guys know who they are. And she is a Bitcoiners.
• 25:30
  So we literally have a Bitcoiner in that position.
• 25:34
  And it's something we've been saying for a long time on the
• 25:36
  show that, yes, as much as Bitcoiners hate Paul politics,
• 25:39
  I'd rather have bit corners in these positions.
• 25:42
  Obviously, you know, a lot of people have been fighting it,
• 25:45
  like, oh, you guys used to hate on Nancy Pelosi, and now you're
• 25:48
  embracing bit corners in those positions.
• 25:50
  I'm like, yeah, exactly. This is the lined incentive.
• 25:53
  Now. It is very interesting, though,
• 25:57
  that the strategic Bitcoin reserve odds hold on one second.
• 26:01
  Choking on my saliva over here. It is very interesting that the
• 26:05
  strategic Bitcoin stockpile or reserve numbers on the Poly
• 26:08
  market, odds are going up. And it seems, I know a lot of
• 26:12
  people are saying that it's priced in at this point.
• 26:14
  I, I don't think it's actually priced in, but I think there is
• 26:18
  kind of a concern about if it doesn't actually go through that
• 26:21
  we might see a really aggressive dump because people are so
• 26:25
  bullish on the SBR happening right now that I'm starting to
• 26:29
  see people kind of get a little get a little frothy and
• 26:31
  impatient about it. And we saw this happen this
• 26:33
  morning when Senator Lummus announced she did an
• 26:37
  announcement of an announcement this morning.
• 26:39
  The Bitcoin price pumped like 5% and then instantly dumped when
• 26:42
  it wasn't a strategic Bitcoin reserve announcement.
• 26:44
  So I think in terms of price right now, the volatility might
• 26:49
  increase if Bitcoin doesn't get or a strategic Bitcoin reserve
• 26:53
  doesn't get passed. But obviously in the long runs,
• 26:56
  I think it's a it's a no brainer.
• 26:57
  It's going to happen at some point.
• 26:59
  But I think Bitcoiners are getting a little impatient right
• 27:01
  now. You know, it's what day three
• 27:03
  now of the Trump presidency and everyone's like, where is my
• 27:07
  repeal to SAB 121? Where is the strategic Bitcoin
• 27:10
  reserve? And it's like, guys, he's got a
• 27:12
  lot on his plate. He's doing a lot of things.
• 27:14
  At least we did get Ross day one.
• 27:16
  But I'm, I'm definitely hopeful. And again, cautiously optimistic
• 27:20
  about what we're seeing, or rather the regulations around
• 27:23
  Bitcoin that we're going to see. Obviously, I'm not so happy
• 27:25
  about Trump kind of pulling back on saying Bitcoin and saying
• 27:29
  more crypto, but it is what it is.
• 27:33
  Everyone knows when he says crypto what he actually means,
• 27:36
  but he's got to play some cover right now.
• 27:38
  So those are my takeaways from that clip.
• 27:40
  I'll pass it on. Absolutely.
• 27:42
  Before we do that guys, if you guys are enjoying the show,
• 27:44
  we're at 776 live viewers just on YouTube alone and roughly
• 27:49
  3000 live viewers across all platforms.
• 27:52
  Shout out to the Rumble audience as well.
• 27:54
  Help us break 300 likes within the 1st 40 minutes of the show.
• 28:01
  We're currently at 225 likes. Anyways, I'm going to pass it on
• 28:04
  to Chase. Chase, what are your thoughts on
• 28:07
  this? What are your opinion?
• 28:08
  I mean, this is, this is pretty crazy. 69% probability that a
• 28:13
  strategic Bitcoin reserve will be implemented in the United
• 28:16
  States this year. Yeah, I mean, I think to to
• 28:19
  Opti's point, maybe the news of a strategic Bitcoin reserve is
• 28:24
  priced in. But I'll tell you what's not
• 28:26
  priced in. That's the US government going
• 28:28
  out and buying spot Bitcoin in the market.
• 28:31
  So, you know, the news might be priced in, but the buying power
• 28:34
  of the US government and then the the other sovereign
• 28:37
  countries that are going to have to follow suit, that is
• 28:39
  definitely not priced in. And and I think we're going a
• 28:43
  lot higher. And then when it comes to
• 28:45
  Senator Cynthia Lummis, I mean, there are very few senators or
• 28:50
  even politicians that I would consider a better Bitcoiner than
• 28:53
  myself and has been in Bitcoin longer than me.
• 28:55
  And you know, hats off to Cynthia Lomas.
• 28:58
  She is the real deal. Nobody better to lead that
• 29:01
  charge. Yeah, actually, actually can I
• 29:03
  jump in here real quick because Chase made a really good point
• 29:06
  and it's, it's a news of a strategic Bitcoin reserve
• 29:10
  announcement may be priced in. But I think as we saw this
• 29:13
  morning, a lot of, I don't know who's buying the Bitcoin this
• 29:17
  morning and who's actually pumping the price, but it does
• 29:20
  look like a lot of people feel like they are under capitalized
• 29:23
  to Bitcoin and This is why it pumped so much.
• 29:25
  And so if we do get a strategic Bitcoin reserve actually
• 29:29
  implemented, I think we might see a an incredible, incredible
• 29:34
  amount of FOMO coming up. So I I think that's a great
• 29:36
  point, Chase. Let's let we'll go to Mason.
• 29:40
  Yeah, I think the news itself might be priced in short term,
• 29:43
  but there's no physical way for the flows to be priced in.
• 29:47
  I don't think humans are very good with numbers and the idea
• 29:51
  of of billions and then later trillions of dollars flowing
• 29:55
  into this ultimately scarce asset.
• 29:57
  Yeah, it's going to be volatile in the short term, but we know
• 30:00
  that anyone who's held Bitcoin for more than three or four
• 30:04
  years has made a profit doing it.
• 30:06
  And I think this is becoming more known broadly.
• 30:09
  There's really no way that you can you can stave off Bitcoin
• 30:13
  going up when you have Wall Street buying every single day
• 30:17
  or every single business day. And then you have countries like
• 30:21
  y'all said, fighting over who's going to have a bigger
• 30:23
  stockpile. I think, I mean, I'm not sure I
• 30:27
  forgot if it was Opti or Nico that said $500,000 Bitcoin this
• 30:31
  year. But I think that's easily
• 30:33
  possible. And then maybe even a little bit
• 30:36
  bearish. Let's go.
• 30:39
  That's a soundboard. That's worth a soundboard.
• 30:42
  Wait, wait, wait. I I.
• 30:43
  Have to relish in this moment for Mason calling Niko a bear
• 30:46
  because he's been the reigning bear on this show all of last
• 30:50
  year. But hey, maybe Niko's catching
• 30:52
  the FOMO bug himself. Man, I think I think when nation
• 30:56
  states start competing for your Bitcoin, price tends to go up,
• 31:01
  number goes up and Bitcoiners are are are the winners here.
• 31:05
  All right, everybody, we will be right back.
• 31:07
  We're going to hit the news. We're going to talk.
• 31:08
  We have an update for you guys in terms of the Tornado Cash
• 31:12
  case. Once again, I'm going to keep
• 31:13
  reiterating this point. Elections have consequences.
• 31:16
  All right, everybody, we'll be right back.
• 31:18
  We're going to hit the news. I want to give a very special
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  Simply get Peace of Mind. All right, everybody, this is
• 33:10
  Opti and Opti currently has. I don't have it.
• 33:13
  I don't have it. I I could run, I could, it's in
• 33:15
  the other room. I was, I was using it this
• 33:17
  morning. So take me off screen.
• 33:18
  I'll be right back. I'll be right.
• 33:20
  Back Opti will be right back. But anyways, let's jump into
• 33:24
  today's news, shall we? While Opti does that elections
• 33:29
  have consequences. I can't say this enough.
• 33:33
  Last year we we literally thought, oh, here's Opti Opti's
• 33:36
  back. All right, Opti Opti's holding
• 33:38
  the passport by foundation devices used promo code simply
• 33:40
  to to get a discount, not your keys, not your keys.
• 33:42
  All right back to the show. All right, guys, the what I want
• 33:46
  to talk about today is elections have consequences.
• 33:50
  So what does that mean? Well, it means the look, the
• 33:56
  attack on the industry with Operation Choke .2 Point O.
• 34:01
  We're finding out that the Biden administration is also something
• 34:05
  that I talked to Senator Lummus with essentially was targeting
• 34:11
  banks because they had a relationship with the industry.
• 34:16
  We know about the proposed 30% tax on Bitcoin miners.
• 34:22
  We know about the samurai, the arrest of the Samurai wallet
• 34:26
  developers and what led what led to the arrest of the Samurai
• 34:30
  wallet developers was the arrest of the Tornado Cash developers.
• 34:34
  And essentially the case that the US government was trying to
• 34:37
  make was that they can sanction open source software and that
• 34:43
  developers are responsible for criminals using open source
• 34:51
  software that they developed. And that's such a crazy concept.
• 34:56
  Like, you know, they didn't commit a crime.
• 35:00
  People use their software to commit a crime.
• 35:03
  So but again, the reason that they're trying to set a
• 35:06
  precedent on this, and I believe that this is where this was
• 35:09
  going was because you know what else is an open source software?
• 35:13
  Bitcoin and Bitcoin, if it's successful, and I think it is,
• 35:19
  and I think it's going to continue to succeed and we're
• 35:21
  going to see worldwide Bitcoin adoption because it's just
• 35:23
  better money. It's you can make a, a, a, you
• 35:28
  can make an argument that it changes.
• 35:30
  It moves the balance of power from the state back to the
• 35:34
  individual. The fact that you can write down
• 35:36
  12 words or even memorize them if you're in a pickle and you
• 35:41
  can take your wealth with you is insane.
• 35:45
  The fact that you can be your own bank, the fact that you can
• 35:49
  send money anywhere around the world almost instantaneously,
• 35:54
  very low fee without having to ask anybody for permission is
• 35:59
  incredibly powerful. And I think that they were
• 36:03
  people like Elizabeth Warren. I think that's the that's the
• 36:06
  most obvious example that we're not fans of that.
• 36:10
  I think that they wanted to create a monopoly so that they
• 36:15
  can roll out a central bank digital currency and a Bitcoin
• 36:21
  and ACBDC can't coexist. And the reason they can't
• 36:26
  coexist is because if people had the choice between a non
• 36:32
  inflationary censorship resistant money versus a money
• 36:38
  that is inflationary and is prone to censorship and control,
• 36:46
  eventually over time, people are going to pick the better option
• 36:50
  of the two. So this is what this case was
• 36:54
  all about. This is what this Tornado Cash
• 36:57
  case was all about. This is something that me and
• 36:58
  Opti have been covering diligently for over a year
• 37:02
  because we saw the writing on the wall.
• 37:04
  I, if you guys saw those episodes, I had the 1000 yard
• 37:07
  stare and I was like, Oh my God, like they're going after this
• 37:12
  because this is open source software.
• 37:13
  They're going to set a precedent.
• 37:15
  Once they set a precedent because they focus, what they
• 37:18
  did was really smart. They focused on something that
• 37:21
  wasn't really popular. And once they set the precedent,
• 37:26
  a month after the samurai wallet guys were, were arrested and you
• 37:30
  know where this is going. And it's something that I've
• 37:32
  said in the past too, right? If Satoshi was still a public
• 37:36
  figure, they would have arrested him by now, right?
• 37:39
  So anyways, elections have consequences.
• 37:43
  Now let's move on to today's news.
• 37:44
  So this came out January 20th, 2025.
• 37:49
  And it says Tornado Cash sanctions reversal has no effect
• 37:54
  on developers trial says Department of Justice.
• 37:57
  You know what was out? We know what else happened.
• 37:59
  On January 20th, 2025, Donald Trump was inaugurated.
• 38:04
  Two days later, US District Court officially reverses
• 38:08
  sanctions on Tornado Cash mixer. You think that's a coincidence?
• 38:14
  You think that's a coincidence that happened 2 days into the
• 38:17
  Trump administration? No, once again, elections have
• 38:21
  consequences. Now goes on to say AUS District
• 38:25
  Court ordered the Office of Foreign Asset Control to remove
• 38:29
  addresses associated with Tornado Cash from its Specially
• 38:33
  designated National and blocked persons list following an
• 38:36
  appeals court ruling that the Treasury Department exceeded its
• 38:40
  authority in sanctioning the crypto mixer.
• 38:43
  Now, if you think about what sanctions are, sanctions are
• 38:47
  meant for individuals. Sanctions are meant for
• 38:51
  countries. What the Treasury was saying was
• 38:55
  that we can sanction software and you could just surmise how
• 39:03
  that just opens the door for abuse of power, right, Like we
• 39:08
  saw last year. So this is incredible news
• 39:12
  coming out of this. Here's some more information.
• 39:16
  the US District Court in the Western District of Texas has
• 39:19
  ordered the overturning of an earlier ruling that backed
• 39:24
  sanctions against the cryptocurrency mixer Tornado
• 39:27
  Cash under the International Emergency Economic Powers Act.
• 39:32
  Quote Contrary to the department's arguments, the
• 39:35
  immutable smart contracts are not services.
• 39:39
  So even when we consider OFAC regulatory definitions, the
• 39:44
  immutable smart contracts are not are not property because
• 39:47
  they are not ownable, not contracts or not services.
• 39:51
  In August of 2022, the OFAC sanctioned Tornado Cash for its
• 39:57
  use by North Korea for North Korea and criminal and
• 40:00
  cybercrime activities. Tornado Cash developer Alex
• 40:05
  Perseff was sentenced to over five years for money laundering
• 40:08
  in the Netherlands. Again, like the, the, the, the
• 40:12
  bullshit here, and excuse my language is that TD Bank was
• 40:20
  caught laundering money for the Mexican drug cartel and it was a
• 40:26
  record fine and none of the TD Bank executives went to jail for
• 40:33
  that. And you can make the same exact
• 40:36
  argument that TD Bank facilitated money laundering,
• 40:40
  right? For the drug cartels, right?
• 40:44
  Because they always need a boogeyman.
• 40:46
  What's the difference? What's the difference between
• 40:49
  the two? What's the difference?
• 40:52
  The difference is 1 is in a system of which the government
• 40:55
  can control, and one it is one is in a system of which the
• 40:59
  government can't control. And I think that's really what
• 41:03
  it boils down to. I think they wanted to make an
• 41:06
  example, just like they made an example out of Ross.
• 41:10
  It's the same thing. Anyways, it goes on to say the
• 41:14
  key issues in the case involves the International Emergency
• 41:17
  Powers Act allowing the president to allowing the
• 41:21
  president to any to yeah, president to any property in
• 41:25
  which a foreign country that nation has an interest.
• 41:28
  The court stated that despite OFAC sanctions, Tornado Cash
• 41:32
  immutable smart contracts remain accessible online and are not
• 41:37
  ownable. The appeals court noted that
• 41:39
  while OFAC brought in the definition of property to
• 41:43
  include, quote, contracts of any nature, immutable contracts
• 41:47
  don't qualify as they don't involve an agreement between
• 41:50
  multiple parties with only one party involved.
• 41:53
  These smart contracts are not considered a service.
• 41:56
  Countering another argument by the Treasury Department, it goes
• 42:00
  on to say, quote i.e. EPA grants the president broad
• 42:04
  powers to regulate a variety of economic transactions, but it's
• 42:09
  language is not limitless. Mending a statues blind spots or
• 42:13
  smoothing its disruptive effects falls outside our lane, the
• 42:17
  ruling reads, adding that legislation is Congress's job
• 42:21
  and Congress's alone. He goes on to say, according to
• 42:25
  the US Department of Justice, the sanctions reversal does not
• 42:28
  impact the trial against Roman Storm in the United States,
• 42:31
  while Storm is seeking to dismiss the charges based on the
• 42:35
  ruling. So again, the the dates here,
• 42:40
  ladies and gentlemen, this is no coincidence, right?
• 42:43
  Elections have consequences. This is this is what you know,
• 42:46
  this is what it was all about. This is why we talked about it.
• 42:51
  If Trump wouldn't have won, most likely they would still be
• 42:54
  attacking our industry. They would most likely have shut
• 42:57
  down X by now and Ross would still be in prison.
• 43:02
  So anyways, just some some some thoughts to to digest.
• 43:06
  And I'll say that Tornado Cash is not exactly very popular with
• 43:10
  the Bitcoin community because it's not for Bitcoin.
• 43:15
  But you have to pay attention to what their plan was.
• 43:19
  Their plan was to set a legal precedent where the US
• 43:23
  government has the capability to open to sanction open source
• 43:28
  software. And if they have that
• 43:30
  capability, you know what else is open source software?
• 43:33
  Bitcoin is open source software now that it looks like that Sega
• 43:39
  that that that storyline is finally over after two years of
• 43:45
  ups and downs. And yeah, I'll leave it at that.
• 43:48
  Opti. I mean, you've been in the
• 43:49
  trenches with me, brother, covering this stuff.
• 43:53
  And I think we were one of the first to like really point out
• 43:57
  what was going to happen. And I think we nailed it along
• 44:00
  the way. Man, we, we really called
• 44:03
  inevitably that they were going to use this to go after Bitcoin
• 44:06
  projects and stuff. And that's exactly what ended up
• 44:08
  being the case. And but it looks like that story
• 44:12
  is finally coming to an end, probably due to the recent
• 44:15
  election of Trump and how Trump feels towards the industry.
• 44:19
  Opti, what's what's, what are your opinions?
• 44:21
  Yeah, well. Obviously on the surface, this
• 44:25
  is this is super good. Obviously repealing that that
• 44:28
  Othac sanction is great and I'm I'm really happy that that
• 44:31
  happened. But if you really kind of dig
• 44:34
  deep into it, like Roman Storm is still being prosecuted for
• 44:38
  money laundering charges. And so he's not out of the woods
• 44:41
  yet. So hopefully we do get some more
• 44:44
  promising and good information coming out of this because as we
• 44:48
  covered in the very beginning, a lot of people were asking us
• 44:50
  like, why are we even talking about this?
• 44:51
  This isn't necessarily a Bitcoin project.
• 44:54
  Like it's a shit coin. It's on a shit coin.
• 44:55
  Who cares? As as was proven later, it was
• 45:00
  setting precedent for privacy and open source software at
• 45:04
  large on the Internet. And Roman did a pretty good
• 45:07
  tweet yesterday. I can or what was it 2?
• 45:10
  Yeah, yesterday I think it was. I can drop in the chat for you
• 45:13
  guys. But he is obviously still being
• 45:15
  prosecuted. He's still trying to fight for
• 45:18
  his freedom. And if this goes the wrong way,
• 45:21
  then this is Brad precedent for all open source software on the
• 45:25
  Internet, not just Bitcoin and shit coin projects, but
• 45:28
  everything on the Internet. But it does seem like we are
• 45:31
  starting to see, you know, some some good tailwinds in in our
• 45:36
  direction. So hopefully this gets past in
• 45:39
  in a good way. And, you know, the court case
• 45:41
  kind of gets repealed at large and and Roman Storm doesn't get
• 45:45
  wrecked in this. So because we want to see the
• 45:48
  samurai wallet guys also not go to jail for stuff like this.
• 45:51
  And we believe in privacy. We don't believe that we're
• 45:54
  necessarily criminals just because we're trying to, you
• 45:56
  know, protect our privacy on the Internet.
• 45:58
  And I personally don't believe that everything should be out
• 46:01
  and in the open. And I think privacy software is
• 46:04
  very important. You know, I have blinds at my
• 46:07
  house for a reason. I, I don't think privacy makes
• 46:09
  us a criminal just because we want to be private on the
• 46:11
  Internet. So we still have a long way to
• 46:13
  go in this, but I think this is, this is a good trend of where
• 46:17
  things are going. So I was definitely excited to
• 46:20
  see this and I was, we were going to cover this yesterday,
• 46:22
  but the show went kind of long. And so I, I thought it's very
• 46:24
  important for us to actually talk about this and people be
• 46:28
  aware and updated on what is going on.
• 46:29
  So hopefully we hear some good news coming out later, but as of
• 46:33
  now, I would take the, the little W that we have here and,
• 46:37
  and hopefully that this completely gets thrown out
• 46:39
  because is, if you look at what the courts are kind of talking
• 46:42
  about, I don't, I don't think Roman Storm or any open source
• 46:46
  software developers should be held accountable for how people
• 46:50
  use that software. And also, you know, not, not to
• 46:52
  bring Ross into this, but we kind of have another precedent
• 46:55
  there as well. So I, I'm just, I'm hopeful
• 46:58
  here, cautiously hopeful. Obviously, you know, I'm, I'm,
• 47:02
  I'm not the biggest fan of courts and politicians, but hey,
• 47:05
  it's good news. It's incredibly important guys,
• 47:07
  because essentially what's on the line is like what the US
• 47:12
  government is, is saying is the developers of Tornado Cash or
• 47:19
  the developers of Samurai never wrote that to facilitate crime.
• 47:24
  They wrote that software because people wanted privacy and the
• 47:29
  vast majority of people that were using Tornado Cash and
• 47:33
  using Samurai were not using it for illicit purposes.
• 47:38
  But there's they're claiming that because people used it for
• 47:43
  crime, the developers themselves are responsible.
• 47:47
  That's essentially the case. I'm not a lawyer.
• 47:49
  I don't have a professional legal background, but from my
• 47:52
  understanding of it on a conceptual level, that's what
• 47:55
  they're trying to claim and what they, they're also trying to
• 47:59
  claim too, that again, you know, the US government has the power
• 48:04
  to sanction software, right? And of course that got thrown
• 48:07
  out. And I think this election had a,
• 48:09
  had a big role in that. But that that's a scary
• 48:12
  precedent. And, and the United States went
• 48:14
  through this earlier on, like back in the 90s, there is the
• 48:18
  so-called crypto wars. And I don't mean like cryptos
• 48:20
  and cryptocurrency, but it was the cryptography wars.
• 48:23
  And essentially, the US government is trying to do the
• 48:25
  same thing. They're essentially trying to
• 48:27
  outlaw certain types of encryption because they wouldn't
• 48:31
  be able to access it. And of course, that got thrown
• 48:34
  out because that is inconveniently for them against
• 48:38
  the 1st Amendment, and I would say against the 4th or 5th
• 48:41
  Amendment, the amendment that says no unreasonable searches
• 48:44
  and seizures, which I feel like that one has just been thrown
• 48:46
  out the window these days. Anyways, Chase, what are your
• 48:49
  thoughts on this? I don't know if you've been on
• 48:52
  top of this. It seems like you've been
• 48:53
  building hardcore your business and stuff, but you know, I, I, I
• 48:58
  hope, I hope you have enough context to add commentary.
• 49:01
  Yeah, I mean, This is why when normies get upset that they
• 49:05
  don't know who created Bitcoin, well, This is why Satoshi felt
• 49:08
  the need to remain pseudonymous. And obviously, we're seeing the
• 49:12
  parallels between Tornado Cash and Silk Road, right when they
• 49:16
  couldn't stop Silk Road. The difference between Silk Road
• 49:21
  and Bitcoin is with Silk Road, with Ross, there was a throat to
• 49:24
  choke. And that I think is like the
• 49:26
  main takeaways that with Bitcoin, there is no throat to
• 49:29
  choke. And so that's what makes it kind
• 49:31
  of the premier long standing open source money protocol.
• 49:37
  And I hope that we get to a point where one we're
• 49:40
  recognizing that sanctions are just tend to backfire in the 1st
• 49:43
  place. That's what what kind of spurred
• 49:46
  Russia, China, India and these countries to move forward with
• 49:50
  their plans for bricks is because of the over sanctioning
• 49:53
  of other countries for political purposes.
• 49:56
  And hopefully we the legal precedent that we can get to is
• 50:00
  the one that is already on the books, which is that code is
• 50:03
  speech. And we are in a country that
• 50:05
  purports to have free speech. So yeah, we don't get mad at
• 50:09
  Henry Ford when somebody tragically drives a car through
• 50:13
  a crowd of people. And we should also, you know,
• 50:17
  remember that if Ross builds Silk Road and people use that in
• 50:21
  certain ways, it's the same thing as Mark Zuckerberg
• 50:25
  creating Facebook as a platform and people saying or doing
• 50:28
  things that are illegal on that platform.
• 50:30
  We don't call for Mark Zuckerberg's head every day.
• 50:34
  And we should you know, keep the same precedent across all open
• 50:37
  source technology and code written projects.
• 50:41
  Absolutely. I think that was a really
• 50:42
  important point, right? Satoshi had not have, This is
• 50:46
  why it disappeared. Literally This is why he
• 50:47
  disappeared, right? Again, it's a, it's a very scary
• 50:52
  world if you can go to jail for writing code.
• 50:56
  That's specifically why the founding fathers in the United
• 50:58
  States protected speech. But again, there's bigger.
• 51:03
  There's bigger, there's something bigger happening here,
• 51:06
  guys. And I think it's really, you
• 51:09
  know, this moment in history where the Internet has
• 51:12
  completely changed the balance of power between the state and
• 51:15
  the individual. The individual now has the
• 51:17
  ability to do their own research, to consume the content
• 51:20
  they want to consume. The rise of independent media
• 51:24
  and then of course, the rise of independent non sovereign money,
• 51:27
  which is Bitcoin. And I think that's changing
• 51:30
  things dramatically and it's happening in a very short period
• 51:33
  of time, which is the reason that I believe you're seeing a
• 51:36
  lot of this chaos. Anyways, I'm going to pass it on
• 51:37
  to Mason. Mason, what are your thoughts on
• 51:40
  this recent Tornado Cash case slash development?
• 51:46
  Yeah, I would echo a lot of the same sentiment that Chase has
• 51:49
  said on the idea of of technology being somehow bad.
• 51:53
  Not even the fact that it's open source code, but let's just
• 51:56
  think of tools like a shovel. A shovel can be useful to dig
• 52:01
  holes and provide value for the world, or it can be used to hit
• 52:04
  someone over the head. So I think that's the same way
• 52:07
  we have to look at Bitcoin. We're all humans with free will,
• 52:10
  and there are good humans and bad humans.
• 52:13
  And we shouldn't, you know, blame the good humans because,
• 52:17
  you know, the bad ones ruined it for everybody.
• 52:19
  I think we do have a right to privacy, even though it's not
• 52:23
  something that is enshrined in, in the Constitution.
• 52:26
  I, I believe it should be. And I am very familiar with what
• 52:31
  happens when you don't have the right to privacy.
• 52:34
  I spent some time in, in China when I was in college studying
• 52:37
  abroad. And everything there is paid
• 52:40
  with QR codes. And if you say something bad
• 52:44
  about the Chinese Communist Party or you don't get your
• 52:48
  particular vaccine or whatever, you know, the the issue may be,
• 52:52
  they can prevent your, your access to technology, your, your
• 52:56
  ability to pay for things because everything is done
• 52:59
  through these QR codes. So yeah, I think we have a right
• 53:03
  to privacy and we should do everything we can to protect
• 53:06
  that, even if it's on a shit coin protocol. 100 percent,
• 53:10
  100%. All right, everybody, we're
• 53:12
  going to be right back. We're going to hit the culture
• 53:14
  and we're going to talk to these gentlemen.
• 53:17
  We're going to talk to Chase and Mason who have been building in
• 53:21
  stealth Acropolis treasury. So we're going to talk a lot
• 53:25
  about that. So guys, stay tuned.
• 53:27
  We will be right back. I want to give a shout out to
• 53:32
  our sponsor Hive Digital Technologies.
• 53:35
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  hivedigitaltech.com. All right, everybody, I do want
• 54:21
  to give a shout out to our sponsor, Bit Block Boom 2025.
• 54:25
  Guys, it's going to be one of the best Bitcoin conferences of
• 54:28
  the year. April 3rd through the 6th
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  network with fellow Bitcoiners. This is the longest running
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  Bitcoin conference celebrating their 8th year.
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  Bit Block Boom holds a very special place in my heart
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  because it's the first time when me and Opti actually met each
• 54:42
  other in person. And I don't think Simply Bitcoin
• 54:44
  would be what Simply Bitcoin is today if it wasn't for this
• 54:48
  very, very special conference. Simply Bitcoin will be doing the
• 54:52
  production for the entire conference.
• 54:54
  So you guys will be able to see all the panels on the Simply
• 54:57
  Bitcoin channel. And of course, the entire Simply
• 55:01
  Bitcoin crew is going to be there.
• 55:02
  So Nico Opti, Dante Rustin, Jacob, you guys are definitely
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  don't want to, you guys definitely don't want to miss
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  Bit Block Boom 2025, April 3rd through the 6th in Dallas, TX.
• 55:15
  All right, everybody, I do want to open up the conversation.
• 55:18
  Take advantage of our guests joining us today.
• 55:21
  We have Mason and Chase. These guys are Bitcoin
• 55:25
  entrepreneurs. They just launched their company
• 55:27
  and the name of the company is Acropolis.
• 55:31
  Guys, could you chase Mason? I don't know who to ask this
• 55:35
  question to, but can you guys give us a quick elevator pitch
• 55:38
  on what Acropolis is? Yeah, I'll go ahead and take
• 55:42
  that and Mason can fill in any gaps that I leave out.
• 55:45
  But essentially, as corporate Bitcoin treasury adoption grows,
• 55:51
  LED in large part by, you know, the proof in the pudding with
• 55:54
  MicroStrategy, we foresee this trend to just grow exponentially
• 56:00
  as businesses and business owners wake up to the need to
• 56:03
  own Bitcoin on their balance sheets.
• 56:05
  And we also recognize that, you know, just like Bitcoin itself
• 56:09
  is a scarce asset, there is a scarcity of true Bitcoin only
• 56:13
  folks who understand corporate finance and treasury management.
• 56:17
  And So what we've done is we've tried to really simplify and
• 56:21
  scale corporate Bitcoin treasury adoption by becoming a
• 56:26
  outsourced Bitcoin treasury team that companies either in private
• 56:29
  market, public market, or US or any jurisdiction, they can come
• 56:34
  tap us and we'll walk them through everything from custody
• 56:38
  to accumulation strategies to accretive debt and equity
• 56:42
  financing strategies to corporate communications to make
• 56:45
  sure that they're bringing investor relations and and
• 56:48
  stakeholder engagement, bringing the team on board.
• 56:51
  There's a lot of things you can do when you implement a Bitcoin
• 56:54
  treasury, but it's very hard to do if you have to spend a year
• 56:58
  to go out and try to find talent in the space to bring in house.
• 57:02
  And so that can be not only expensive to bring that talent
• 57:06
  in house and you can screw up and find folks that maybe
• 57:09
  aren't, you know, capable of actually helping you implement
• 57:12
  that strategy, but also you'll take a year and you won't be
• 57:16
  allocating at today's prices. You'll be allocating at the
• 57:19
  prices a year from now when you finally get your compliance team
• 57:21
  on board. So we've really got this
• 57:24
  repeatable process in place now where we can onboard a company
• 57:28
  and get them to a Bitcoin treasury really quickly.
• 57:32
  Love it. Mason, you want to chime in here
• 57:34
  because I do want to ask about maybe some predictions for 2020
• 57:38
  fives in regards to corporate adoption, but Mason, if you want
• 57:40
  to add something on the elevator pitch?
• 57:44
  Yeah, no, I think, I think Chase summarized it really well.
• 57:47
  I think the only other thing to note is that we are specialist.
• 57:51
  So we're the Bitcoin treasury specialist.
• 57:53
  And anytime you want something done right, you don't want a
• 57:57
  shop that, you know, works on Ethereum and, and treasuries and
• 58:02
  also they're building a marketplace and all these other
• 58:05
  things. So we specialize in Bitcoin
• 58:07
  treasury and I'm really proud of the team that we put together.
• 58:11
  And our bench of advisors is, is really world class.
• 58:15
  So anytime we're unsure of something when working with a
• 58:18
  client, we can easily tap that bench of advisors.
• 58:21
  And yeah, really proud of what we've been doing so far.
• 58:25
  Love it, love it. OK, my Gunny go.
• 58:28
  Yeah, whatever you want, Yeah. So let's talk about that because
• 58:30
  Chase, you buried the lead there and I want to go back.
• 58:33
  OK. You said that you, I mean, and
• 58:36
  you're, you're basing the theory of your company is behind this,
• 58:40
  right? You said that you expect there's
• 58:45
  going to be a massive influx of companies putting Bitcoin on
• 58:50
  their balance sheet and just like for anyone who's watch is
• 58:54
  simply does this, of course, but we're a Bitcoin.
• 58:56
  I mean, we're a Bitcoin media company.
• 58:57
  So it's a no brainer. It is a cheat code, by the way,
• 59:00
  if you're a business owner, even if you're not in the Bitcoin
• 59:03
  industry, if you have, if you put part of your treasury in
• 59:07
  Bitcoin and it's magical because your runway just keeps getting
• 59:10
  longer. And then all of a sudden like
• 59:12
  you're making payroll and you're the number, the Fiat value stays
• 59:16
  exactly the same because of the Bitcoin price appreciation is
• 59:19
  magical thing until the bear market.
• 59:21
  I'll let you know how that goes. But anyways, Chase, what are
• 59:25
  your thoughts on this man? Why are you anticipating more
• 59:29
  companies, looking at what Michael Saylor is doing and
• 59:33
  really, you know, putting Bitcoin on their treasuries?
• 59:37
  So I think a huge piece of this and Mason kind of mentioned it
• 59:40
  at the top of the show is the Fasby rule changes.
• 59:43
  We are now at the point where like if we look at MicroStrategy
• 59:46
  and what's coming up with their Q1 earnings report, they're
• 59:49
  going to be able to mark from a kind of an accounting treatment
• 59:54
  the appreciation on their Bitcoin holdings as net income.
• 59:58
  So no longer are they going to have to mark it down.
• 1:00:01
  And this I believe is going to be the big wake up call to
• 1:00:04
  capital markets when MicroStrategy has what I think
• 1:00:07
  will be the biggest change in earnings per share that a
• 1:00:11
  company has ever seen and so. You know, we are to some extent
• 1:00:16
  just riding the MicroStrategy wave as they go out and as
• 1:00:19
  Michael Saylor says, kind of build the bridge and then go and
• 1:00:22
  stand on it. And so if you want to, you know,
• 1:00:26
  grow shareholder value, you can take the NVIDIA approach and you
• 1:00:30
  can spend massive amounts of money on CapEx and, you know,
• 1:00:35
  factories and all of these raw materials.
• 1:00:38
  Or you can do what MicroStrategy does and outperforms NVIDIA over
• 1:00:41
  the last five years, which is a team of five to 10 people just
• 1:00:45
  buying and holding Bitcoin. And so as Jack Mahler's also
• 1:00:49
  says, this is growth off the shelf M&A strategies are very
• 1:00:53
  risky for companies and holding cash in a checking account that
• 1:00:57
  is, you know, being devalued away is also risky.
• 1:01:00
  It might be stable and predictable, but it is risky for
• 1:01:03
  the business's long term health and resilience.
• 1:01:06
  And so, you know, if folks are scared of Bitcoins volatility as
• 1:01:12
  something that they put on their treasury because they're worried
• 1:01:14
  that they're going to need it for operations, well, that's why
• 1:01:17
  you work with a professional and it's just all about position
• 1:01:19
  sizing. You know, maybe only 5% of your
• 1:01:22
  treasury makes sense for your business.
• 1:01:24
  But I believe and you know, obviously we're staking our
• 1:01:28
  business on it, that we're going to see exponential growth over
• 1:01:31
  this cycle of corporate Bitcoin treasury adoption.
• 1:01:35
  Incredible. And, and I, and I agree with
• 1:01:37
  that because I think that once you, once you get a taste of, of
• 1:01:41
  just just adding it, it is, it is a literal cheat code.
• 1:01:44
  I, I can't emphasize that enough.
• 1:01:47
  So yeah, I think that once, you know, once small businesses,
• 1:01:54
  entrepreneurs, big businesses, they, they, they really get like
• 1:01:57
  a, a taste of it. I, I, I definitely agree with
• 1:02:00
  that theory. Now, my question for you, Chase,
• 1:02:02
  is so like, what is, what is the service that you guys provide?
• 1:02:07
  And and I'm going to approach it from my perspective like so of
• 1:02:11
  course, you know, simply Bitcoin, small small business,
• 1:02:14
  small media company and you know, we put part of our
• 1:02:17
  treasury in Bitcoin. Why do I need you?
• 1:02:21
  Like very blunt question. Yeah.
• 1:02:25
  Yeah. Well, I will say you guys have
• 1:02:27
  been in Bitcoin for a long time. Everybody in your business is
• 1:02:30
  Bitcoiners and you are a Bitcoin business.
• 1:02:33
  But what we're trying to do is make Bitcoin treasury adoption
• 1:02:37
  something that the average restaurant or the average B to B
• 1:02:41
  SAS company can do, even if they don't necessarily have Bitcoin
• 1:02:45
  expertise on their team. And so it's really expensive,
• 1:02:49
  you know, to actually go out, try to find and hire in house
• 1:02:53
  support for this specific piece of your treasury strategy.
• 1:02:57
  You know, you might have a, you know, treasury bills, you might
• 1:03:00
  be holding something some in cash.
• 1:03:02
  You might have a lot of different assets in your
• 1:03:04
  treasury, but Bitcoin is this unique asset class that does
• 1:03:08
  have different considerations that you need to take into
• 1:03:12
  account, especially custody. So one of the big hang ups
• 1:03:15
  besides Bazbee that we've seen with clients is this idea of
• 1:03:18
  custody. So if I asked you how
• 1:03:21
  MicroStrategy custody is their Bitcoin today and they're the
• 1:03:24
  ones that are supposedly open sourcing the playbook, it's
• 1:03:27
  actually unclear where they are custodying the assets.
• 1:03:31
  And So what we've done is we're actually building our financial
• 1:03:35
  services on top of multi institution custody.
• 1:03:38
  So this leverages the multi component of, you know, best in
• 1:03:43
  class custody solutions for individuals like unchanged is a
• 1:03:47
  leader in, but without a company having to hold and manage those
• 1:03:51
  keys in house and become kind of security experts and worry about
• 1:03:55
  the CEO or the CFO having a plastic device in their wallet
• 1:03:59
  or becoming a target for kidnapping, which we've seen
• 1:04:02
  some in the recent news this week actually.
• 1:04:04
  And so the way that this works is you have three different
• 1:04:07
  qualified institutions, each of them is a keyhole.
• 1:04:11
  You don't hold the keys yourselves, but you have a legal
• 1:04:15
  agreement with each of those custodians that you know, they,
• 1:04:19
  you can direct them to sign a transaction and you need two out
• 1:04:22
  of those 3 institutions to sign. So it's kind of a slower way to
• 1:04:26
  move your Bitcoin, but it's in deep cold storage.
• 1:04:29
  And you have the protection and kind of corporate controls that
• 1:04:33
  compliance teams and CF OS need to see for them to actually take
• 1:04:37
  spot ownership of this asset, which I think we would all agree
• 1:04:40
  we want companies to own and hold spot Bitcoin and not the
• 1:04:44
  ETFs. Absolutely.
• 1:04:45
  So this is a I'm assuming this is a two of three type of setup.
• 1:04:50
  Does the does the business owner hold one key?
• 1:04:54
  No, it's all three institutions. So the the idea here is that for
• 1:04:59
  a. Company 3 separate.
• 1:05:00
  It's three separate custodians. Correct.
• 1:05:03
  So in our quorum we have coin, cover, bit go and on ramp SO3
• 1:05:08
  qualified custodians each holding the cryptographic key
• 1:05:11
  material. You can set up different
• 1:05:13
  protocols with each of those 3 custodians and they can only
• 1:05:19
  sign transactions at the discretion of whoever at the
• 1:05:22
  company has the authority to call for a signature.
• 1:05:25
  So yeah, you need two of those 3 institutions and you kind of
• 1:05:30
  they manage the keys and the cryptographic materials so that
• 1:05:33
  you don't have to manage it in house.
• 1:05:34
  But ultimately, and maybe this is this is kind of a new term
• 1:05:38
  because you mentioned it at the top, not your keys, not your
• 1:05:41
  cheese. We're kind of moving for the
• 1:05:45
  corporate world to this idea of not your control over the keys,
• 1:05:49
  not your cheese. Gotcha.
• 1:05:51
  Now that's, that's fascinating. I think that's definitely a
• 1:05:54
  market need because we we, we, we definitely want obviously as
• 1:05:58
  Bitcoiners, we're incentivized for more people to buy Bitcoin
• 1:06:01
  treasuries to adopt Bitcoin. That makes the number go up.
• 1:06:04
  But again, I think because Bitcoin is such a different
• 1:06:08
  asset than what they're used to, used to be used to handle there,
• 1:06:14
  there's really no like equivalent.
• 1:06:17
  Because I've seen, I think a part of the success of
• 1:06:19
  MicroStrategy was a lot of companies wanted exposure to
• 1:06:23
  Bitcoin, but they couldn't get exposure to Bitcoin.
• 1:06:26
  So they bought MicroStrategy as a proxy instead.
• 1:06:30
  And if you like, you think about that, it's, it's quite
• 1:06:32
  interesting. And I think Sailor's a genius
• 1:06:34
  the way that he he implemented and he went about it, but it was
• 1:06:37
  like, like MicroStrategy is a software company.
• 1:06:41
  You know, it's not even a, a Bitcoin treasury company, but it
• 1:06:44
  became this Bitcoin treasury company that has a software
• 1:06:47
  component. But that's how people used,
• 1:06:51
  that's how a lot of corporations got exposure to Bitcoin, where
• 1:06:54
  in reality what they should be doing is buying spot Bitcoin and
• 1:06:59
  having exposure that way. So Mason, I don't know if you
• 1:07:02
  want to talk a little bit a little bit about that.
• 1:07:05
  Yeah. And and what's the biggest risk
• 1:07:07
  to MicroStrategy in our eyes is their custody solution.
• 1:07:11
  I'm not saying it's good or bad. We don't really know publicly
• 1:07:15
  how it works, but that's the biggest risk.
• 1:07:17
  And anecdotally, I used to work on the treasury team at eBay.
• 1:07:22
  I did everything I could to bring Bitcoin to the company.
• 1:07:27
  Obviously I decided to quit and, and start this instead.
• 1:07:31
  But one time I walked into the CF OS, the CFO of ebay's office
• 1:07:36
  with a Ledger and was explaining to him how hardware wallets
• 1:07:40
  work. And he literally laughed at me.
• 1:07:41
  And he's like, you want us to buy Bitcoin and put it on these
• 1:07:45
  things. And you know, it's great for
• 1:07:47
  the, for the average sovereign individual.
• 1:07:49
  Big fan of, of, of multi stick technology in general in self
• 1:07:53
  custody. So I'm not saying put all of
• 1:07:55
  your stack, but the idea of a company using these devices
• 1:07:59
  doesn't make much sense. And then at the same time, the
• 1:08:03
  chief risk officer or the, the legal team is not going to be OK
• 1:08:07
  with the company's retained earnings all at Coinbase.
• 1:08:11
  So that's where we came in with our our multi institution
• 1:08:15
  custody solution and Acropolis building exclusively on top of
• 1:08:18
  that because we think it's the best way for corporates to add
• 1:08:22
  real Bitcoin, real TX OS that you can verify, yeah.
• 1:08:28
  Awesome. And and there's actually rumors
• 1:08:30
  that Coinbase's custody model is actually a Ledger which he keeps
• 1:08:36
  in his night man. But it is.
• 1:08:39
  To be fair, he adds a 25th word, and the rumor is that the 25th
• 1:08:46
  word is opti, believe it or not. So that's the rumor.
• 1:08:50
  It might not be true, but that's what I've heard about Coinbase
• 1:08:54
  custody. No, I'm just kidding.
• 1:08:55
  I heard they had. Quit spreading fake news.
• 1:08:57
  I heard they have they have incredible custody.
• 1:08:59
  Yeah, I actually I do I. Do want to have fun some fun
• 1:09:03
  right now considering what Mason just said, We've been kind of
• 1:09:06
  hearing a lot of rumors of some of the top corporations in the
• 1:09:09
  world at the very least have these conversations about
• 1:09:13
  Bitcoin. So I know it's your business to
• 1:09:16
  custody and promote the adoption of corporate balances in
• 1:09:20
  Bitcoin. But do you think this year we
• 1:09:22
  might see some of the biggest corporations in the world adopt
• 1:09:25
  Bitcoin or are we still a little early?
• 1:09:26
  Like are we going to see a magnificent 7 company go into
• 1:09:30
  Bitcoin this year or like how how do you think this is going
• 1:09:33
  to play out? Are we still kind of early is,
• 1:09:35
  is it this cycle? Is 2025 going to be the year
• 1:09:37
  that we see, you know, the apples of the world adopt
• 1:09:40
  Bitcoin or like, like, you know, you guys are having these
• 1:09:42
  conversations probably behind the scenes.
• 1:09:44
  Don't expose anything you can't. But like what is the general
• 1:09:47
  trend that you guys are feeling right now?
• 1:09:51
  For a, for a Magnificent 7, I would be a little bit cautious
• 1:09:56
  in saying that. I think I've been caught before
• 1:10:00
  in 2020 saying that that would happen because when
• 1:10:03
  MicroStrategy decided to put it on their balance sheet, I was
• 1:10:05
  just so excited. So maybe not this year for
• 1:10:09
  Magnificent 7, but definitely for the majority of the S&P 500
• 1:10:15
  and, and, and large private businesses, they're, they're all
• 1:10:18
  having the conversation. I think not just us, but anyone
• 1:10:22
  who is, you know, has anything to do with the Bitcoin industry
• 1:10:25
  and in helping these corporates get Bitcoin on the balance
• 1:10:28
  sheet, they're seeing a huge rise in, in, in consultations
• 1:10:33
  and yeah, we're, we're super busy over here.
• 1:10:37
  Yeah. And maybe maybe if I can add to
• 1:10:39
  that, I mean, Sailor often talks about how they had a need to
• 1:10:43
  know, you know, MicroStrategy was becoming this zombie company
• 1:10:47
  that was struggling to find growth and new product lines and
• 1:10:51
  services that could propel the business forward and increase
• 1:10:55
  shareholder wealth. And I think that I think the
• 1:10:59
  same thing applies to the rest of the market.
• 1:11:01
  Like there is a huge amount of zombie companies out there that
• 1:11:04
  are just treading water and this is an opportunity for them to
• 1:11:08
  actually, you know, become competitive again.
• 1:11:11
  And a lot of startups out there that are struggling to raise
• 1:11:15
  that additional round of capital because they didn't hit their
• 1:11:17
  previous, you know, two years of growth metrics, whatever it is.
• 1:11:21
  I mean, I, we fully expect businesses that have seen
• 1:11:26
  plateaued growth to be the first round of adoption.
• 1:11:29
  And then, you know, maybe Meta, if I was going to call out any
• 1:11:32
  of the Magnificent 7, it does seem like Zuck is on a either
• 1:11:36
  been on a Bitcoin path personally, but he definitely
• 1:11:39
  also has this other component that is important for our
• 1:11:41
  clients, which is either still founder LED or have majority
• 1:11:46
  shareholder, nice majority shareholder control of the
• 1:11:51
  company. Because you know, this is kind
• 1:11:53
  of your orange dictator idea where if you have one person
• 1:11:57
  with the power that is sufficiently orange peeled, they
• 1:11:59
  can pull the company in that direction.
• 1:12:01
  And that's what actually made MicroStrategy unique in public
• 1:12:04
  markets is that Sailor was still majority shareholder.
• 1:12:08
  And so Meta best fits that, but it's it's a big lift to try to
• 1:12:13
  get all of your other shareholders and executive board
• 1:12:17
  and compliance teams on board. And so we think smaller
• 1:12:20
  companies are going to be faster to adopt.
• 1:12:23
  I I 100% agree and, and just just messing with you guys a
• 1:12:26
  little bit because everyone wants to know what the next big
• 1:12:30
  seven tech company is going to adopt Bitcoin, but I.
• 1:12:33
  Forgot about meta and and don't don't forget that he has a goat
• 1:12:36
  named Bitcoin. Yeah, yeah.
• 1:12:38
  And the other. One's Max.
• 1:12:39
  He literally goats named Maxie Bitcoin Bitcoin Maxie like.
• 1:12:43
  Yeah, but it's it's, but I appreciate your guys's insights,
• 1:12:47
  Mason. That story about you going into
• 1:12:50
  the CFO offices of eBay and you know, pitching him on Bitcoin
• 1:12:55
  like that, that you're never going to forget that for the
• 1:12:57
  rest of your life, man, that's absolutely historic.
• 1:12:59
  What you guys are building is incredible.
• 1:13:02
  Again, building tools for Bitcoin for for companies to add
• 1:13:07
  Bitcoin to their treasury. And perhaps these these
• 1:13:09
  companies are not familiar with Bitcoin, right.
• 1:13:11
  So you guys are building these tools.
• 1:13:13
  You guys are are, are awesome Bitcoin entrepreneurs.
• 1:13:16
  Guys, go check out let me get this right, go check out
• 1:13:21
  acropolistreasury.com. You guys could find out more
• 1:13:26
  about Chase and Mason's that new company.
• 1:13:30
  This is awesome Bitcoin treasury solution.
• 1:13:33
  They have different. Could we could, could you show
• 1:13:36
  the different tiers Opti, So they have a cent, Yeah, a cent.
• 1:13:42
  It's foundations ascent you. Should say Foundations.
• 1:13:45
  There's a Yeah, I'll fix that. So.
• 1:13:47
  One one the first tier, no, yeah, the first tier is just
• 1:13:53
  custody. The second tier is kind of our
• 1:13:55
  our layered financial services. And then that third tier that
• 1:13:59
  really comes with everything from accretive finance
• 1:14:02
  strategies to multi jurisdictional multi institution
• 1:14:05
  custody. You get your own Bitcoin
• 1:14:08
  treasury team there with your your Bitcoin strategy officer
• 1:14:13
  and quarterly meetups and preparation on your accumulation
• 1:14:17
  plan and stuff like that. Love that.
• 1:14:19
  So guys, go check out, they have three plans, Foundation, Ascent
• 1:14:22
  and Olympus. Again, go check out
• 1:14:25
  acropolistreasury.com. If your business is looking into
• 1:14:30
  putting Bitcoin on your treasury, you don't know a lot
• 1:14:33
  about Bitcoin. These guys could help facilitate
• 1:14:35
  just that. Anyways, guys, today is January
• 1:14:39
  20 23rd, 2024. I'm your host Nico's my
• 1:14:42
  legendary Co host Optimus Fields, our guest today, Chase
• 1:14:46
  and Mason from Acropolis. Guys, if you guys enjoyed the
• 1:14:49
  show, you just smash the like button.
• 1:14:50
  We have 3700 live viewers right now.
• 1:14:53
  Holy cow. I don't know what's been going
• 1:14:56
  on these last couple days, but love you all, appreciate you
• 1:14:59
  all, and we'll be back tomorrow for a brand new episode of
• 1:15:02
  Simply Bitcoin Live. Today's episode was brought to
• 1:15:06
  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:15:10
  mission to enable financial independence.