Latest / Simply Bitcoin / Did The US Government Shutdown CONFIRM Bitcoin Is About To EXPLODE?! | EP 1344

Transcript

Did The US Government Shutdown CONFIRM Bitcoin Is About To EXPLODE?! | EP 1344 · Simply Bitcoin

• 0:00
  Yo, the 22nd U.S. government shutdown just happened and
• 0:04
  Bitcoin is currently ripping past $117,000.
• 0:10
  We're currently at $118,000. October, baby.
• 0:14
  The last time the US government did this, it marked an absolute
• 0:19
  bottom in December of 2018. That's right, the last U.S.
• 0:23
  government shutdown marked a bottom for the Bitcoin price.
• 0:28
  Could it be a coincidence? Maybe before Bitcoin rallied 3K
• 0:32
  to 60 KA 1000 seven 1007% move now does that mean it's going to
• 0:39
  happen again? And you know the law of
• 0:41
  diminishing returns bitcoins market cap is much much bigger.
• 0:44
  Opti's calling me a bear. I could see it.
• 0:48
  But anyways, considering we just entered October and Bitcoins
• 0:51
  most bullish quarter historically Q4, it looks like
• 0:56
  history might just might be repeating itself Over the last
• 1:01
  couple of days, Opti and I have been telling you guys over and
• 1:05
  over and over again, look, we're in uncharted territory.
• 1:08
  But historically Bitcoin always performs extremely well in Q4 of
• 1:15
  the year after the halving. And so far, I don't want to.
• 1:19
  I don't want to call it too early 'cause Opti Jinxed sent
• 1:23
  over. I mean to give him credit.
• 1:24
  It was 5% we did. We did end September in the
• 1:27
  green for Bitcoin, so to give him credit, he did get it kind
• 1:31
  of right. So anyways, did this new
• 1:34
  government shutdown just mark the absolute bottom of this
• 1:39
  recent of this latest bull run that we're currently going
• 1:43
  through right now? Anyways, let me show up.
• 1:45
  Let me show off some source material.
• 1:48
  Check out this article from fastcompany.com.
• 1:51
  Bitcoin is up as the US government shuts down.
• 1:54
  It goes on today. It goes on to say the US
• 1:57
  government has shut, shut down. Last night, Congress failed to
• 2:00
  pass a funding bill that would have kept the federal government
• 2:04
  operating normally. However, at midnight today, the
• 2:07
  existing funding bill cease to be in effect and with no new one
• 2:12
  in place, large parts of the government are now shut down.
• 2:16
  Fast Company has previously explored how the government
• 2:19
  shutdown will affect everyone from Social Security recipients
• 2:23
  to travelers, federal workers. But the shutdown will all also
• 2:27
  no doubt have an effect on the markets and not just the stock
• 2:31
  markets. Well, clearly it's having a very
• 2:34
  positive effect on the Bitcoin market so far.
• 2:38
  Maybe it's too early to tell. But what I will say guys, when
• 2:41
  you hear this term government shutdown, government shutdown,
• 2:45
  does that literally mean that all government services and you
• 2:49
  know, and, and law enforcement and emergency services, does
• 2:54
  that mean it all comes grinding to a halt?
• 2:56
  No, all essential government services continue to run as
• 3:01
  usual and non essential government services, those are
• 3:06
  the ones that are shut down. So just a clarification there
• 3:09
  and we're going to cover more about that during the news
• 3:13
  'cause I you guys know the deal. We've been talking about the
• 3:16
  question what is money for many years on this show, but now
• 3:20
  we've come to this conclusion of what is government, right?
• 3:23
  We've answered the question what is money?
• 3:25
  The answer that question is Bitcoin.
• 3:27
  Now the question is what is the role of government in a society
• 3:31
  under a Bitcoin standard? And I think that it's going to
• 3:34
  be a very, very different society compared to the rest of
• 3:39
  human history. This is the first time that we
• 3:41
  have a money that is not issued or controlled by state.
• 3:46
  So moving on to this next part. This is what I was talking
• 3:49
  about. The last U.S.
• 3:50
  Federal government shutdown happened from December 22nd,
• 3:53
  2018 to January 25th, 2019 marked a bottom in the cycle.
• 4:00
  Now could that be a coincidence perhaps, maybe so.
• 4:03
  But anyways, this is the last thing that I want to show you
• 4:04
  guys, which is the Bitcoin quarterly returns historically.
• 4:09
  Ladies and gentlemen, we are officially air horns please.
• 4:12
  And in Q4 of the year after the halving that historically tends
• 4:20
  to be the most bullish years for Bitcoin.
• 4:23
  We shall see what happens. Last year we had an incredible
• 4:26
  return of 47%. Bitcoin finished very strong
• 4:31
  last year. It started this year strong as
• 4:33
  well. And you guys could thank you
• 4:36
  Opti and you guys could see it just historically 2017, a lot of
• 4:41
  us got in that year. Q4 was explosive. 2021 not so
• 4:48
  much. You know, that was the year
• 4:50
  after the having most of the returns happened actually at the
• 4:53
  end of 2020 in the beginning of 2021.
• 4:57
  Now this cycle, it seems like a lot of the returns happened like
• 5:01
  let's take a look at 2020, 371%, seven percent, 56 percent, 68%
• 5:09
  and now you have 47%. Now the question on everybody's
• 5:14
  minds is will Bitcoin continue to follow previous patterns and
• 5:20
  outperform on Q4 the year after the having so far on the first
• 5:25
  day of the month? Could you imagine how we would
• 5:27
  have felt if Bitcoin did nothing and we were?
• 5:31
  We would have to not do a show October. 1st and we were still
• 5:35
  at 114 Ki think me and Opti would just we would change the
• 5:40
  the the show name to simply simply SMP 5 simply SMP Bitcoin.
• 5:46
  So anyways, it's too early to tell if this is going to
• 5:50
  continue, but I was looking for that 118 number because that 118
• 5:56
  number actually breaks past Opti.
• 5:59
  I don't know if you want to pull up the chart, share it with.
• 6:02
  Me. Breaks part here.
• 6:05
  Let me let me pull up the trading view Trading view
• 6:09
  Bitcoin. It actually breaks past the
• 6:13
  previous, the previous high that we just got a, a couple I would
• 6:19
  say a couple weeks ago and I'll show share the chart right here.
• 6:24
  Dude, not even in dark mode. Boom, boom, boom.
• 6:28
  And as you guys could see, right, we made a high not too
• 6:31
  long ago, not let me make this the one A1 year.
• 6:37
  There we go. Yeah.
• 6:40
  So as you guys can see, we made that high right of about a
• 6:45
  hundred 17945. We already overtook that.
• 6:50
  It's just a Wick. I think we hit 18,300 according
• 6:53
  to this Wick by on Bitstamp. So that's, you know, we we
• 6:59
  technically already broke past that.
• 7:01
  Now that's incredibly bullish. Now the big question on
• 7:04
  everybody's minds is where will Bitcoin close the day?
• 7:09
  I think that's the big question. But so far this looks incredibly
• 7:13
  good. Seems like Bitcoin is going back
• 7:16
  to that consolidation zone that we had back in July.
• 7:18
  That sounds very depressing to say.
• 7:21
  And yeah, so let's see. And the all time high that we
• 7:25
  need to break is 124,000, currently sitting at 118,000.
• 7:30
  So in the grand scheme of things, I mean, it doesn't sound
• 7:33
  like too big of a. It's literally 3%.
• 7:41
  That is so depressing. Remember when Bitcoin was just
• 7:44
  three K? You know, those were those were
• 7:47
  the days. So anyhow, I do want to give a
• 7:50
  shout out to the show. Let me see.
• 7:52
  We tried to let me see if we're live on Noster.
• 7:56
  Oh yeah. We're trying to go live on
• 7:57
  Primal right now. Or Noster.
• 7:59
  Let me see, Let me see, Let me see.
• 8:01
  We are. We are.
• 8:05
  So shout out to the shout out to the Noster audience.
• 8:08
  Of course, shout out. Oh, we, we got zapped 420
• 8:10
  slides. Appreciate it dude.
• 8:13
  And shout out to the the rumble team as and a shout out to the
• 8:18
  rumble and YouTube. Of course, we love all the
• 8:21
  platforms and X. So if you guys are enjoying the
• 8:23
  show so far, make sure to smash that like button.
• 8:26
  We're back, baby. October so far, starting off
• 8:30
  very, very strong. Opti, I'm going to pass it on to
• 8:34
  you, bro. I mean, we were in the we were
• 8:37
  we were not we were in a we were not in a good state of mind, my
• 8:40
  friend, the last week or so talk about the emotional roller
• 8:45
  coaster of Bitcoin. And while you while you talk
• 8:48
  about that, I'm gonna put the the Wall Street CHEAT SHEET and
• 8:51
  you know we'll. Talk.
• 8:52
  Yeah, actually, umm, why you're looking at that?
• 8:55
  Will you pull up the price? That one chart you were telling
• 8:57
  me about the 2017. I, I think that might be a good
• 9:00
  addition to this segment. Nico and I were talking about
• 9:03
  this last night and we were, we were trolling each other while
• 9:07
  we were talking about this cause the chat was trolling me
• 9:09
  basically saying, hey, if it doesn't pump in October like
• 9:13
  Opti, you got to delete your account.
• 9:14
  And I, I'm glad I'm still safe. I'm glad I'm still here guys,
• 9:18
  'cause it was a pleasant surprise waking up to the price
• 9:22
  going up this morning. You know, I, I was honest,
• 9:25
  obviously kind of expecting you to dump this morning and just
• 9:28
  like instantly dump. But seeing I go to 116 now, 118
• 9:32
  is, is starting to feel a lot better.
• 9:34
  It feels, it feels great, though.
• 9:37
  I do find these headlines like absolutely great.
• 9:40
  And I know Nico's really been harping on this idea of like,
• 9:43
  what is government? I, I, I know it's like a
• 9:45
  memetics here, you know, 3 words, triad or whatever you
• 9:48
  call it, but it is starting to, I think pose a lot of questions.
• 9:55
  Obviously, I don't think there's a real correlation between the
• 9:58
  government shutdown and the price going up.
• 10:01
  I know a lot of people are trying to find the reasons for
• 10:03
  this, for why it starts to go up in Q4, why it's going up in
• 10:07
  October. Though.
• 10:09
  It is very interesting that there is a coincidence and I
• 10:11
  don't really believe in coincidences, but it is
• 10:14
  interesting that the last time the government shutdown, Bitcoin
• 10:17
  ripped. And it does make you kind of
• 10:19
  especially from like a Bitcoiners perspective, ask the
• 10:22
  question like, OK, how what was the numbers?
• 10:25
  Nico? You said 800,000.
• 10:27
  This is total speculation. This is 1/2 joke guys so don't
• 10:30
  take this seriously but we're the non essential buying big
• 10:34
  home workers like suppressing the price of Bitcoin but.
• 10:38
  I know, I know that's a joke, but like, it's a joke.
• 10:41
  The the real question is the idea.
• 10:44
  And I don't even know can I even say?
• 10:45
  So also I, I, I do want to empathize guys like, you know,
• 10:49
  these are, I believe the number is 740,000 non essential
• 10:53
  government employees. And I do empathize with them
• 10:55
  because these are people that have families.
• 10:57
  Don't they? They still get paid right?
• 10:59
  Isn't there back pay? No back pay.
• 11:00
  If there is no, no, no, there is back pay, but no government
• 11:04
  employee gets paid during the shutdowns except for Congress.
• 11:08
  Except for Congress. But if it.
• 11:10
  Congress keeps getting paid, yes, they get, they get
• 11:12
  furlough. So, so they'll, they'll get
• 11:15
  complete pay even for the days that they weren't and they
• 11:18
  weren't working. So they will get compensated.
• 11:20
  But I do want to empathize because it's, it's a lot of
• 11:23
  people. So 740,000 people.
• 11:25
  I know ideologically, we're Bitcoiners and we believe in
• 11:28
  smaller government, all that stuff.
• 11:29
  But people are still people. And I just want, I just want to
• 11:32
  preface that because, well, I'm glad you said that.
• 11:35
  There's a lot of people. It is.
• 11:36
  Yeah. And I I, you know, I am
• 11:39
  empathetic, but it does pose the question of why is there non
• 11:44
  essential government workers? I thought everyone in the
• 11:46
  government was essential. We're gonna talk, we're gonna
• 11:48
  that. So that's exactly 1 of the
• 11:49
  things we're gonna talk about today.
• 11:51
  But at the same time, like, you know, there's, there's a lot of
• 11:54
  dehumanization that you see when you talk when 'cause you have to
• 11:59
  understand that the, the way that people see the government
• 12:02
  and the way they, they see, you know, their perspective.
• 12:05
  But yet at the end of the day, it's still 740,000 people that,
• 12:10
  you know, are that depend on that paycheck to feed their
• 12:14
  families. And I want to empathize with
• 12:15
  that. Simultaneously that is 740,000
• 12:20
  people that the taxpayer is paying for and whether you're
• 12:24
  paying for it directly via income tax or you're paying for
• 12:29
  it via the inflation tax, make no mistake, you are paying for
• 12:34
  it because the government doesn't produce anything.
• 12:36
  It doesn't make anything right. So it's source of revenue is you
• 12:40
  right. So you know, that's, it's, it's
• 12:43
  quite interesting the whole situation.
• 12:44
  And again. Oh.
• 12:45
  Oh, we have a little more of context here.
• 12:47
  Back pay is not a guarantee that has to be approved as part of
• 12:50
  the Quote New Deal. I mean, OK.
• 12:52
  Is that true? So you're more politically savvy
• 12:54
  than? You so yes and no.
• 12:55
  So basically if one, once government gets back.
• 12:59
  So I think by the way, maybe we'll talk about the, we will
• 13:03
  talk, we'll we'll get more into depth on this specific subject.
• 13:06
  But essentially once government gets, you know, once the
• 13:10
  Republicans and the Democrats reach an agreement and you know,
• 13:13
  government gets turned on again, I guess that's the wording for
• 13:16
  it. I don't know.
• 13:19
  Basically every employee that hasn't been fired gets back pay.
• 13:26
  Got it. But it's not easy to fire an
• 13:28
  employee. I was watching a video by Peter
• 13:34
  St. Orange and he was talking about
• 13:35
  that the the amount of days that need to happen before Trump is
• 13:39
  able to do that is 61 days. OK, so the last shutdown was 35
• 13:44
  days, so it's gotta be twice. As long and that was one of the
• 13:47
  largest shutdown. So it has to be 61 days where
• 13:50
  Trump will have more power again.
• 13:53
  But these are people like that's that's what I'm saying like I
• 13:55
  don't wanna celebrate that. I think it's messed up.
• 13:59
  You know, these are people, these are people that have
• 14:01
  families. These are people that depend on
• 14:02
  that paycheck to live. So I'm not celebrating that, but
• 14:06
  I think that you can have a civil discussion about it and to
• 14:10
  bring it up. Because ultimately at the end of
• 14:12
  the day, you know, if you live in the US, even if you live in
• 14:15
  another country, because I know we have viewers all over the
• 14:17
  world. Like you are paying for your
• 14:20
  government via inflation or via taxation.
• 14:22
  You are paying for it. So you know, there, there needs
• 14:26
  to be some type of accountability, right?
• 14:28
  And then we're gonna, this is what we're gonna talk about
• 14:30
  later on during the show. But the topic I wanna talk about
• 14:33
  is essentially like, what is the role of government in society?
• 14:37
  What should government be? It's a very important discussion
• 14:41
  that we're gonna, we're gonna have.
• 14:43
  It's a very important discussion that we're gonna have for the
• 14:45
  next decade, for the next 10 years.
• 14:48
  Simply Bitcoin will be talking about this specific subject
• 14:51
  because Bitcoin changes things. I'm actually gonna read you a
• 14:54
  quote from Larry Leopard, and I love Larry, OK Larry is like,
• 15:02
  Larry reminds me a lot of Ruston, OK?
• 15:06
  In the future, he does not give a flying F.
• 15:10
  He speaks exactly what's on his mind.
• 15:13
  Right. You know, I'm a little bit more
• 15:14
  rhetorical, like I kind of, you know, more inclusive in my
• 15:18
  language, in my wording, me. And Ruston are unhinged.
• 15:22
  And I have to, you know, wield them back a little bit every
• 15:24
  once in a while. But I love this quote from
• 15:28
  Larry. And the the best part about this
• 15:31
  is where Larry said this, right? So I, I don't want to pull it up
• 15:35
  guys, 'cause it says a lot of curse words and stuff.
• 15:38
  But I will pull up the link to the tweets.
• 15:40
  I'll post it in the rumble chat and in the YouTube chat so you
• 15:44
  guys can go check it out. Also shout out to the live
• 15:47
  stream 117 likes. Smash that like button.
• 15:50
  Help us get to 200 likes within the 1st 30 minutes of the show.
• 15:54
  So smash that like button. But this is what Larry Leopard
• 15:56
  said. He said all you Bitcoiners
• 15:59
  should know that Larry the legend Lawrence Leopard was on
• 16:04
  fire today at BTC in DC. So BTC in DC was a conference
• 16:10
  that was thrown in Washington DC.
• 16:13
  A lot of Bitcoin companies were there, a lot.
• 16:15
  Michael Saylor was there, a lot of C Bitcoin CE OS were there.
• 16:19
  A lot of politicians were there. And Larry Leopard actually said
• 16:23
  this on stage. OK, sitting in DC, Larry
• 16:27
  announced that these evil FS who print money to destroy lives,
• 16:33
  cause inflation and fun wars are a bunch of mother effers
• 16:39
  regarding the feds getting on bit our Bitcoin.
• 16:41
  Good luck with that. Bitcoin is a peasant's
• 16:44
  revolution. We're not effed.
• 16:47
  You're effed. I love that.
• 16:51
  Except for calling us peasants. Could you imagine like you're a
• 16:55
  politician in the audience and you're.
• 16:58
  Like saying that DC is is pretty a pretty a chat move.
• 17:01
  He's dropping bars. Larry Leopard is dropping.
• 17:05
  He always drops bars. But hey Nico, before, before we
• 17:08
  move on and, and get sidetracked too much, one of the big things
• 17:12
  that I kind of find ironic is the fact that the government
• 17:16
  even shut down in the 1st place. You know, the the whole crux of
• 17:18
  this government shutdown is, you know, essentially the government
• 17:22
  has no more money. You know, they're like bankrupt
• 17:24
  now until they can create more money.
• 17:26
  And from a Bitcoiners perspective, it just brought me
• 17:29
  back to like the government's been bankrupt.
• 17:31
  I would argue most governments are bankrupt right now if they
• 17:34
  are backed by the money printer. And we constantly see this
• 17:38
  happening, and people kind of just think it's normal.
• 17:41
  They just think this is totally normal, that the government
• 17:44
  should be able to create money out of thin air to pay for
• 17:46
  themselves. And so the irony wasn't lost on
• 17:49
  me on this whole idea of, like, the government's bankrupt.
• 17:51
  They have no money to pay themselves.
• 17:53
  And from a Bitcoinage perspective, you're like, yeah,
• 17:55
  it's pretty much been bankrupt for a long time here.
• 17:58
  You know, 1971 being one of those key moments in, in this
• 18:01
  saga. And again, you know, being being
• 18:05
  a little nicer and, and more generous of what Nico was saying
• 18:08
  earlier. It's just, you know, these,
• 18:10
  these questions are literally what Bitcoiners talk about all
• 18:13
  the time. This is a conversation that is
• 18:16
  really kind of frowned upon in the mainstream, you know,
• 18:19
  zeitgeist conversation amongst people.
• 18:22
  They don't even get this far down.
• 18:23
  And I know from Bitcoiners we're we're just way ahead of everyone
• 18:26
  else when we talk about certain things.
• 18:29
  But it does kind of lead into what Nico has been asking when
• 18:33
  he first asks it. You're like, that's just a bad
• 18:35
  mean. Like what is government?
• 18:37
  But going further, as Nico was saying, the for the foreseeable
• 18:41
  future, we're gonna have the conversations on what is the
• 18:44
  role of government. And I think that obviously is a
• 18:48
  little more poignant. It, it makes a little more sense
• 18:50
  to people. Obviously people will have
• 18:53
  whatever, you know, perspective they have of like the roads,
• 18:57
  etcetera, etcetera. But it is very interesting that
• 19:01
  we're seeing this happen right now when we are seeing a lot of
• 19:04
  uncertainty in the system and it like the price is pumping,
• 19:09
  whether whether we can really correlate that to government
• 19:12
  shutdown or I saw people kind of saying it was because of the job
• 19:15
  reports and we're expecting kind of rate cuts.
• 19:18
  And someone asked earlier, I think it was Bitcoin Barber in
• 19:21
  the chat earlier, like why is it pumping in Q4 always?
• 19:24
  And again, this isn't just a Bitcoin phenomenon.
• 19:27
  You see this happen in all markets.
• 19:28
  Q4 is usually the most bullish time for all markets.
• 19:32
  And so of course, Bitcoin is being, we would argue, probably
• 19:35
  the freest market in the world. It only makes sense that it
• 19:38
  starts ripping in Q4. I actually got a, a good meme
• 19:41
  here from one of our close friends, Nico, this morning.
• 19:44
  You were hearing it. It's like it's Q4.
• 19:46
  Lock in, boys. This is when your lifetime, are
• 19:48
  your generational bloodlines going to change?
• 19:50
  And I'm like, OK, the memes are spreading guys.
• 19:53
  Q4 is, is catching on. Let's see if we can hold it down
• 19:58
  like Bitcoin has been historically.
• 20:00
  So. Optimistically bullish for the
• 20:02
  month, Nico. Now pull up some of these charts
• 20:05
  here. I really want you to to tell the
• 20:08
  people what you were telling me last night about the 2017 bull
• 20:13
  run and how you are starting to feel like we might be in that
• 20:17
  same scenario right now. Nico was making a case for me
• 20:20
  last night and we were also trolling that what if, what if
• 20:24
  we don't pump? But hey, we started off good.
• 20:26
  We started off good here. So do you have those charts,
• 20:30
  Nico? Yes, of course.
• 20:33
  Just talk thanking the the the primal guys in the back end.
• 20:37
  We're getting zapped like crazy 27,000 Wow. 27,000 Dude, we're
• 20:43
  rich, we're rich. Guys, if you wanna check us out
• 20:45
  on Primal that I I get one of the best Nostro user interface
• 20:50
  is my favorite personally. You can follow me personally at
• 20:54
  primal.net/nico or check out primal.com primal.net/simply.
• 20:59
  Bitcoin. Wait, wait, we've been too
• 21:01
  bullish. Nico, the price is dumping.
• 21:03
  It's 117.6. Yeah, yeah.
• 21:06
  So anyways, the people not, I'm not making that joke anyways.
• 21:12
  So, OK, so imagine if I could say all the jokes.
• 21:16
  That'd be, that'd be an interesting day.
• 21:19
  OK, so I do want to show this. Where is it, man?
• 21:25
  I have it pulled up. Too many tabs.
• 21:27
  Too many tabs. Here it is.
• 21:31
  Here it is. OK, fantastic.
• 21:33
  OK, So me and Opti, I had a doctor's appointment yesterday,
• 21:37
  which is the reason that I couldn't make the show.
• 21:40
  And Opti and Sophie filled in. But after the show, I call Optia
• 21:44
  like always, and I'm like, hey, how'd the show do you?
• 21:47
  And we were just having a discussion and going back and
• 21:50
  forth, and it was pretty gloom. It was pretty gloom discussion.
• 21:53
  Yeah, it was like, is it going to pump guys?
• 21:55
  Like we were basically like, dude, like, is it over?
• 21:58
  Like that's basically the conversation we were having.
• 22:00
  Like we were like, dude, like, maybe, you know, like maybe this
• 22:02
  is over. Like maybe it's done.
• 22:04
  And then we like we reached this conclusion that we're like, hey,
• 22:06
  like I don't think it's over. And the reason that we reached
• 22:08
  that conclusion is because like, this is the Wall Street CHEAT
• 22:12
  SHEET. So it's the psychology of a
• 22:14
  market cycle, the feelings appearing as the market
• 22:19
  fluctuates. So, for example, this is
• 22:21
  disbelief, right? Oh, we haven't pulled up our
• 22:25
  logo. By the way, Optia, let's do.
• 22:26
  Oh my. Bad I got.
• 22:28
  You the Bitcoin will there we go they.
• 22:31
  Know who we? Are so anyhow, so yeah, so let's
• 22:34
  get back to it if I can find the it's a it's a here it is OK so I
• 22:39
  was talking to Optia. I was like, OK, like, bro, like
• 22:41
  it doesn't make sense. Like it could be over, Like you
• 22:43
  never know. But would it make sense for it
• 22:46
  to be over? And the reason like we were
• 22:48
  getting to that conclusion is because like, I don't know about
• 22:52
  you guys, but like we've never hit euphoria like this cycle.
• 22:56
  We've never hit euphoria. Like I, I think we've hit like
• 23:00
  optimism, a little bit of belief.
• 23:04
  Dude, we haven't hit optimism. But like.
• 23:07
  This is optimism today. I want to ask you, I want to ask
• 23:10
  you guys like where do you think we are?
• 23:13
  Like please let us know in rumble on Primal on YouTube, on
• 23:18
  X. Like please let us know in the
• 23:20
  chat so that we can stay on top of.
• 23:22
  It we're at opium. Where?
• 23:26
  Where are we? Where do you are people putting
• 23:27
  Bitcoin addresses like they? Just don't care.
• 23:30
  Just send me Bitcoin to this address.
• 23:31
  That's funny. No ones gonna do that.
• 23:34
  Digital vagrants love it. No ones gonna do that.
• 23:36
  It's like panhandling in our live chat.
• 23:39
  Dude, hey dude, chase the bag bro.
• 23:42
  Okay man, you gotta do what you got it I guess so anyways, so I
• 23:48
  wanna ask you guys because me and Opti talked about this for
• 23:50
  like an hour yesterday. Where are we?
• 23:53
  Right now and and yeah for us if you guys wanna hear our
• 23:55
  perspective. Hold up and I and I have to tell
• 23:57
  the audio the listener something.
• 23:59
  I didn't mean to this guy. So there's different, there's
• 24:02
  different phases of the cycle. So there's disbelief this rally
• 24:06
  will fail like others. That's like the first one.
• 24:08
  There's hope a recovery is possible.
• 24:10
  There's optimism. This rally is real.
• 24:13
  There's belief. Time to get fully invested.
• 24:15
  Thrill. I want to buy more on margin.
• 24:17
  Got to tell everyone to buy Euphoria.
• 24:20
  I'm a genius. We're all going to be rich.
• 24:22
  And then there's complacency. We need to cool off for the next
• 24:25
  rally. And there's anxiety.
• 24:26
  Why am I getting margin call? The dip is taking longer than
• 24:28
  expected. Denial.
• 24:29
  My investments are with great companies.
• 24:31
  They will come back. Panic S everyone is selling.
• 24:35
  I need to get out. Capitulation.
• 24:37
  I'm getting 100% out of the market.
• 24:38
  I can't afford to lose more anger.
• 24:40
  Who shorted the market? Why did the government allow
• 24:42
  this to happen? And then there's depression.
• 24:45
  My retirement money is lost. How can we pay for all this new
• 24:48
  stuff? I'm an idiot.
• 24:50
  And then the cycle repeats itself itself.
• 24:53
  So me and Opti were talking about this.
• 24:55
  So we, we pulled it up and we were like, OK, like, where are
• 24:58
  we? Like, where are we?
• 25:00
  Because we have definitely not hit euphoria.
• 25:03
  And I'll, and I'll back that up with, with the Google trends,
• 25:06
  right, because the Google trends like really show it.
• 25:12
  Like I, I, I just, I just think that retail has been completely
• 25:17
  asleep, You know, for like the last, you know, like we had a
• 25:24
  pump at the end of last year, right?
• 25:26
  That was like the last pump we had a, we had a pump, right?
• 25:30
  But like we really haven't had like a pump pump since 2021,
• 25:34
  since 2017 hasn't happened yet. So like the pumps are what
• 25:42
  brings the thrill in the euphoria.
• 25:44
  So like me and Opti always talk about this like we're like, bro,
• 25:46
  like we're like dopamine addicts, right?
• 25:48
  Like, you know, like we, we want that, that, that rush of the
• 25:52
  price going parabolic, you know, and we haven't had that as a
• 25:57
  market. And The thing is like, if you
• 25:59
  don't really have that, you don't really get a blow off top,
• 26:03
  right? That the blow off top doesn't
• 26:05
  happen, right? So where are we now?
• 26:08
  That's the question that I have for you guys.
• 26:10
  I think Opti, me and you. What?
• 26:12
  What? Where did we come to?
• 26:13
  Yeah, so while we were talking about this, we, I literally
• 26:17
  pulled up the chart because we, we were kind of, you know,
• 26:20
  gauging our vibe. We were vibe checking ourselves
• 26:23
  on this. And I was saying that I think
• 26:28
  where we were yesterday before we kind of saw some life back
• 26:32
  into the market is probably in the hope phase.
• 26:36
  And my reasoning was is like, listen to us every single day on
• 26:40
  the show for the last six months, we're like, I, I'm
• 26:43
  hoping it's gonna pump, guys. Like that was our vibe.
• 26:45
  I'm hoping it's pumping this week.
• 26:47
  I'm hoping it's pumping tomorrow.
• 26:49
  Like I swear I'm, I'm hoping it's pumping Q4 October, like
• 26:53
  it's coming, guys. I'm hoping for the pump.
• 26:55
  And I think we've been in disbelief for a while.
• 26:58
  I, I think if you look at this chart a little bit, this, this,
• 27:01
  you know, kind of pumping sideways.
• 27:04
  I think that's kind of where we were in, I don't know, the last
• 27:09
  few months, maybe the last dip. It's hard to really say where
• 27:11
  the last dip is the last dip, that disbelief kind of dip in
• 27:15
  one O 8. Or is this kind of the beginning
• 27:18
  of going into optimism? And I'm like, I was just joking
• 27:22
  to Nico that I think we've been in hope for a while 'cause I
• 27:25
  haven't really felt optimism about this rally.
• 27:28
  I I've been hopeful that things would pump.
• 27:30
  And so I would say personally that I think we are
• 27:33
  transitioning from the hope to the optimism stage.
• 27:36
  As you can tell from today's show, we are very optimistic.
• 27:38
  We are, you know, very, very hyped on October.
• 27:42
  Hold on, how could you say that? Because like, look at, look at
• 27:45
  our, look at how we were feeling yesterday.
• 27:48
  Yes, that's what I'm saying. So like here I can't you guys, I
• 27:51
  can't point use your mouse. I think we're like here in this
• 27:56
  area. Wait, does the show up Yeah the
• 27:58
  yeah, the mouse like we are we're at that last dip and then
• 28:03
  it's going to kind of, you know, do a little sideways action and
• 28:07
  then finally start ripping so you.
• 28:08
  Think we're not You don't think? I think we're out of disbelief.
• 28:12
  We were hopeful yesterday. I was hoping for.
• 28:14
  We were hopeful. We were hopeful for.
• 28:16
  October, we were hopeful. We woke up pleasantly surprised.
• 28:20
  So I think we're probably leaving the hope range and going
• 28:23
  into the optimism range. So we are we are entering the
• 28:27
  Opti era of the price movement. The Opti era of the price.
• 28:30
  Movement. Now pull up the the last thing I
• 28:33
  want you to pull up and talk about is the what you were
• 28:37
  saying about the 2017 cycle and where you think we are now
• 28:41
  'cause that you made a really good point there.
• 28:43
  Oh, oh, when I when I told you that about that yesterday.
• 28:47
  Yeah, well, yeah, OK. During the same conversation,
• 28:50
  OK, Nika was was making the case of this and I was like damn, I
• 28:54
  really hope so. So OK, so back in 2017, remember
• 28:59
  this is like me and Opti's era. That's when we started, when we
• 29:02
  started. Right.
• 29:03
  So 20/16/2017 era. So like, this is when we were
• 29:07
  forged, we were amateurs, we didn't know anything about
• 29:10
  anything. Green as can be.
• 29:13
  And you know, it really grinds you down.
• 29:15
  So anyways, so in October of 2017 when I told this to Opti,
• 29:23
  he didn't believe me. He's yeah, I had to Fact Check
• 29:26
  him. He.
• 29:26
  Didn't believe me? He's like no, you're lying and
• 29:29
  I. So in October of 2017, the price
• 29:32
  of Bitcoin was $4200. Three months later it was at
• 29:41
  20,000 dollars, $20,000. So yeah, I mean, and actually CZ
• 29:54
  was actually talking, was actually talking about just
• 29:57
  this. Let me see if I could find his
• 29:59
  tweet. But yeah, that's what we were
• 30:02
  talking about yesterday, Opti. So a lot can happen in Q4, a lot
• 30:07
  can happen a lot of. That's like what, 700% up from
• 30:12
  there? I think it's a 4X that's a. 4K
• 30:16
  to 20 KC. CCZ was actually talking about
• 30:20
  this. He's not predicting the future.
• 30:23
  And don't get too excited. A September in the past.
• 30:27
  My first crypto cycle. Just data, right?
• 30:31
  Oh, he said the same thing. Yeah.
• 30:33
  Wow, Nika's a Binance spy. So I actually, I didn't get it
• 30:40
  from him, it was his. I know I'm I'm I'm my own.
• 30:42
  Observation, but I saw it on his Twitter, he was seeing the same
• 30:45
  thing. So a lot can happen in Q4 and
• 30:48
  actually that's what we've been talking to you guys about for
• 30:51
  the last, you know, for the last month of September, which
• 30:55
  started off strong, but then we went into like this total cope.
• 31:00
  And it was a 5% was 5% in September.
• 31:02
  It's like this third best performing September ever.
• 31:04
  So give me a break. Here so anyways, if you guys are
• 31:08
  enjoying the show so far, first time, I mean not first time, but
• 31:12
  we're back to streaming on Rumble guys.
• 31:15
  So go to go to primal.net/simply Bitcoin if you want to watch us
• 31:23
  on Noster on primal. I love the Primal app.
• 31:27
  You guys should definitely check it out.
• 31:29
  It is fantastic. It's incredibly easy to use.
• 31:32
  But anyways, guys, we have a loaded show for you guys.
• 31:34
  I, I, I hope I'm right too. We have an incredible show for
• 31:38
  you guys, but before we get to it, I do want to give a shout
• 31:41
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• 32:29
  bitcoinwell.com/simply. Anyways, guys, it's going to be
• 32:33
  a fantastic show. We're going to be right back in
• 32:35
  just a bit. I want to give a shout out to
• 32:46
  our partner Stampsy. Is your Bitcoin and cold storage
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  se-ed.com store. Alright everybody, we are back.
• 33:59
  At the time of recording, the Bitcoin price is 117,460.
• 34:05
  Dollars It's over. October's over.
• 34:07
  We had a run, it was fun. Sats per dollar, 851 sats per
• 34:13
  dollar block height and 917,258 realized monetary inflation .85%
• 34:20
  market cap 2.34%. I mean, three 2.34 trillion
• 34:25
  Bitcoin versus gold market cap 8.56 percent percentage issued
• 34:30
  94.9%. And the grand scheme of things,
• 34:33
  we are just getting the party started, ladies and gentlemen.
• 34:37
  All right, everybody. So the clip that I want to show
• 34:40
  for you guys today is a clip that was originally posted by
• 34:46
  Pete Russo. How what's really interesting
• 34:51
  guys, after the Genius Act was passed, one of the provisions in
• 34:56
  the Genius Act was that stablecoin companies would not
• 35:01
  be able to offer interest to their users.
• 35:05
  Why? Because the banks would freak
• 35:09
  the F out, right? Like think about your bank
• 35:11
  account. You know that banks used to pay
• 35:14
  interest on your deposits. You know, that was like part of
• 35:18
  banking, you know, like now you can maybe get 3% on a specific
• 35:25
  types of account, but most people like retail accounts,
• 35:28
  you're getting like .00 something.
• 35:30
  It's like it's, it's, you're not getting an actual return on your
• 35:34
  investment. And then not only that, they
• 35:37
  make you pay a fee to use the bank account, right?
• 35:40
  So it's like a $12.00 fee or 24. It's like they call it a
• 35:43
  convenience fee or something, right?
• 35:45
  Unless you have above a specific amount.
• 35:49
  So back in the day banks used to pay you for deposits.
• 35:53
  Now they were freaking out because Tether, essentially the
• 36:00
  way that tether works is every time you buy a tether, tether
• 36:06
  buys a dollar AUS treasury in return.
• 36:09
  So it's fully backed, right? And Tether is making between 4
• 36:14
  and 5% off of those U.S. Treasuries that they're holding.
• 36:19
  That amounts to billions of dollars a year, right?
• 36:23
  Imagine if they just took a percent of that or half a
• 36:28
  percent of that and gave it back to their users.
• 36:31
  All of a sudden holding a stable coin in a wallet, which you
• 36:37
  don't have to go into a branch and give your ID and go through
• 36:41
  this giant, enormous process. You don't have to do that
• 36:43
  anymore. You can just download a wallet
• 36:45
  and boom, you have dollars in your account.
• 36:48
  That's where they're freaking out.
• 36:49
  So they put a lot of pressure on Congress to put a provision in
• 36:54
  the Genius Act that forbade stable coins from offering
• 36:58
  interest to their users. That passed.
• 37:01
  Now what they're trying to do is they're trying to re nag because
• 37:04
  the compromise that they reached would be that exchanges would be
• 37:09
  able to offer rewards to their users.
• 37:13
  Now, the banks don't even want that because they're freaking
• 37:17
  out. And then that you come to a
• 37:20
  conclusion, which is kind of like, wait a second.
• 37:23
  So like that's very monopolistic behavior.
• 37:27
  Like you don't want the best for your customer.
• 37:29
  You're not even willing to compete.
• 37:32
  You want to use the government to basically try to stop your
• 37:37
  competition, right? That's interesting.
• 37:41
  So right now there's kind of like this pug pull and tug type
• 37:45
  of situation happening between banks and the stablecoin issuers
• 37:51
  and the Bitcoin slash crypto exchanges.
• 37:55
  And also the whole idea of Bitcoin as money.
• 38:00
  Bitcoin as money in the US sucks.
• 38:02
  And the reason it sucks is because it's seen as property.
• 38:07
  So every time you you exchange Bitcoin for, you want to buy
• 38:11
  something with it, you owe capital gains tax.
• 38:15
  You have to do the capital gain or the capital loss.
• 38:18
  And then when you report your taxes to the IRS, you have to
• 38:21
  reflect it there. That's the law, right?
• 38:25
  So I don't think that's fair. And the reason I don't think
• 38:28
  that's fair is because like, OK, like the question, this is the
• 38:32
  question, this is this is this is goes back to what I've been
• 38:36
  talking to you guys about. And maybe you've been looking at
• 38:38
  me like a crazy person. Like what is government?
• 38:42
  Why should we be forced to use the money that loses purchasing
• 38:47
  power? And why should we be penalized
• 38:53
  and to pay taxes if we don't want to use the money that loses
• 38:57
  purchasing power? So you pay taxes on income, you
• 39:02
  pay taxes on money via inflation.
• 39:04
  If you try to escape the inflation tax and you save and
• 39:10
  earn in Bitcoin, when you exchange that Bitcoin for
• 39:13
  something else, you have to pay a capital gains tax on it.
• 39:18
  So like, it doesn't make sense. You can't have both, bro, right?
• 39:22
  So, you know, this is what was being discussed.
• 39:25
  And I know a lot of people dislike in this, you know, group
• 39:29
  of people because we're all Bitcoiners, right?
• 39:31
  And we want Bitcoin only. But this was actually brought up
• 39:34
  yesterday in Congress. And this is going to continue to
• 39:37
  get brought up. And I have no doubt in my mind
• 39:41
  that eventually there's going to be enough support in Congress
• 39:45
  and in the Senate where they're inevitably going to pass a law
• 39:50
  that exempts a specific amount of Bitcoin from taxes.
• 39:56
  That hasn't happened yet, but I predict it will happen as more
• 39:59
  and more young people that are holding Bitcoin today get into
• 40:03
  positions of power tomorrow. What are they going to do?
• 40:07
  They're going to vote for their bags, aren't they?
• 40:09
  Anyways, so I'm going to play you guys this clip.
• 40:12
  Shout out to Pete Russo for reposting it.
• 40:14
  I'm going to play it and then me and Opti are going to talk about
• 40:16
  it. Mr. Zeiken, do you have anything
• 40:19
  in particular that you think would do harm if we would put
• 40:22
  something in legislation? Thank you, Senator.
• 40:25
  I I think that my theme is that there's a lot of potential for
• 40:29
  over reporting. We spend a lot of time on that.
• 40:31
  Even in this discussion about de minimis and with stable coins
• 40:34
  itself, there's an enormous potential.
• 40:36
  This is a democratized form of financial asset class where
• 40:40
  people can use things in ways that weren't done before.
• 40:43
  And there's a tremendous potential here for over
• 40:45
  reporting and burdening the system that's burdening the
• 40:48
  system for taxpayers is burdening the system for the
• 40:50
  IRS. So let's take reporting today.
• 40:53
  And if you enhance this by over reporting, by not including a de
• 40:56
  minimis rule, you're going to billions of transactions that
• 40:59
  taxpayers are going to have to report, keep track of.
• 41:02
  I don't think most taxpayers are prepared for that result.
• 41:04
  It'll probably hinder the growth of the industry.
• 41:07
  We'll also. And when you talk about
• 41:08
  reporting again, I, I, I want to keep, always keep things as
• 41:12
  simple as possible. The whole block chain is based
• 41:15
  on pretty complex computers, which we have now.
• 41:18
  So hopefully we could be able to use something like that.
• 41:22
  Miss Nellen representing the AICPAII would ask you same
• 41:27
  question in terms is there. So look, and then this is
• 41:32
  something also Trump talked about again, he doesn't have the
• 41:34
  support to do that. It has to go through Congress.
• 41:37
  He can't do a via executive action, but you already hear
• 41:40
  this in his political rhetoric. What did you hear?
• 41:42
  What was his one of his main campaign promises and one of the
• 41:46
  things that he passed in the big beautiful bill.
• 41:50
  What was it? Do you guys remember no tax on
• 41:54
  tips? I'm going to say the same thing.
• 41:57
  Let's start a slogan. No tax on Bitcoin, no tax on
• 42:02
  Bitcoin, right? Like I get, I understand if it's
• 42:06
  a huge like bro, like let's say you cash in, you've been holding
• 42:11
  Bitcoin for, you know, a nice time, nice, nice, decent amount
• 42:15
  and you're, you know, you're cashing in half $1,000,000 or
• 42:19
  $1,000,000. I understand, I get it.
• 42:22
  But what he was talking about, the Coinbase CEO was talking
• 42:26
  about was like, OK, bro, like, what if people are just using
• 42:29
  this for payments? And it's like they just want to
• 42:31
  buy a coffee or they just want to buy, you know, a hardware
• 42:36
  wallet or they just want to use Bitcoin as money on the
• 42:38
  Internet. They want to buy a flight.
• 42:39
  And maybe it cost a couple $1000 or maybe it cost $500 or maybe
• 42:44
  it cost $1000. Like that's what he was talking
• 42:47
  about, about burdening the system.
• 42:49
  Now the elected representative kind of pushed back and he said,
• 42:53
  we have sophisticated computers to track all that.
• 42:56
  Like, fine, you have sophisticated computers, but
• 42:59
  I'll tell you as a Bitcoiner, literally the amount of pages,
• 43:03
  like it's pages upon pages and pages and pages of, of
• 43:07
  reporting. If you are using Bitcoin to
• 43:10
  transact, because you have to report the capital gain and the
• 43:13
  capital loss. If you're doing it properly,
• 43:16
  like it is, it takes hours. It's no joke, right?
• 43:20
  And that's what he was talking about.
• 43:21
  And that's a burden. And I think it's a it's an
• 43:24
  unfair burden, right? Like I understand like, and I
• 43:27
  understand Mr. Hoddle, like Mr. Hoddle's like, listen, there
• 43:30
  should be no capital gains on Bitcoin at all.
• 43:33
  I agree with with that by the way, but I, I just don't think
• 43:36
  that's politically feasible in this current environment.
• 43:39
  But what I think is a compromise is like, how about no tax below
• 43:49
  a certain amount of Bitcoin spent?
• 43:52
  And what is that certain amount? I think, you know, I think under
• 43:56
  $10,000, I think is, is reasonable, right?
• 44:00
  I think that's a reasonable ask. I know they tried $600.00 and
• 44:04
  then I know that didn't pass. But like, you know, more and
• 44:08
  more people are going to be using this and it's it's going
• 44:11
  to be outside of the system too. This is what you guys have to
• 44:13
  understand. It's not like the banking
• 44:15
  system, right? So, you know, again, I think
• 44:18
  there needs to be some type of compromise here because it's not
• 44:21
  like you get taxed every time you use the dollar, right?
• 44:25
  Like could you, I mean, you do with sales, dude, it's crazy.
• 44:27
  There's so many, there's so many, but OK.
• 44:30
  But OK, so let's say, again, this is all opinion.
• 44:33
  This is all, you know, my personal opinion.
• 44:36
  None of this is legal advice or financial advice.
• 44:38
  But like that, that's what I would like to see.
• 44:41
  And that's what the Coinbase CEO is pushing for as well.
• 44:44
  I think it's reasonable. I think it's a reasonable ass
• 44:47
  man. Like it's, it's, it's a burden,
• 44:50
  bro. Like think about it.
• 44:51
  If you're a bitcoiner living in the United States and your
• 44:54
  savings are in Bitcoin and you want to use Bitcoin as a way to
• 44:58
  transact, Yep, you have to report every single transaction
• 45:04
  because you have to report the gain or the loss if you want to
• 45:08
  do it properly. So Opti.
• 45:13
  Yeah, You know, while you were going, or rather while that guy
• 45:16
  was speaking, I was just thinking of a bad joke of they
• 45:19
  should put taxes on the blockchain, They should create a
• 45:22
  blockchain. I'm trolling, guys.
• 45:27
  It was a troll because he said sophisticated computers.
• 45:30
  I'm like, dude, he's going to say we should make a blockchain
• 45:32
  for this. I know he's going to say that,
• 45:36
  but he he didn't, unfortunately. But yeah, I, I've been saying
• 45:40
  for a while like if if Trump really wants to do something
• 45:44
  incredible for the Bitcoin space, it's eliminating capital
• 45:46
  gains on Bitcoin. And that would 100% unleash
• 45:50
  Bitcoin as money and fulfill Bitcoin as being the Bitcoin
• 45:54
  superpower of the world. But I like that this
• 45:57
  conversation's coming and I, I really wasn't going to bring
• 46:00
  this up today, but we did see some other tax news this morning
• 46:05
  that is very interesting. And so it kind of leads me to
• 46:09
  thinking that it is probably like some baby steps here that
• 46:13
  we're seeing, we're seeing some progression towards this.
• 46:16
  So we have Senator Cynthia Lummis and actually Saylor
• 46:19
  tweeted this first. And he basically said, like, now
• 46:22
  strategy is like basically free and clear.
• 46:24
  But Senator Lummis tweets and goes, the Trump administration's
• 46:27
  treasury just delivered for American innovation, fixing the
• 46:30
  CAMT problem that threatened unrealized gains on Bitcoin.
• 46:33
  This leadership clears the way for the US to become the world's
• 46:36
  Bitcoin superpower. And so I, I do have an article
• 46:39
  here. Again, I wasn't really going to
• 46:41
  bring this up completely, but since we're talking about it,
• 46:44
  I'll bring it up. So here's Michael Saylors tweet.
• 46:46
  As a result of the Treasury and IRS interim guidance issued
• 46:49
  yesterday, strategy does not expect to be subject to the
• 46:52
  corporate alternate minimum tax, which is roughly about 15% on
• 46:56
  unrealized gains due to its Bitcoin holdings.
• 46:59
  And David Bailey goes behind the scenes.
• 47:01
  This is something Michael and allies have been advocating to
• 47:03
  fix for over a year. Huge victory for Bitcoin on
• 47:06
  corporate balance sheets. Thank you, Sailor for your
• 47:09
  leadership. And this has been one of we all
• 47:13
  know here on simply Bitcoin, the idea of FAZBE accounting rules.
• 47:17
  Sailor implemented that and this was probably the second biggest
• 47:21
  thing right now to dissuade people from holding Bitcoin on
• 47:24
  their balance sheet. And now it seems like they are,
• 47:27
  they're completely scrapping it. So I think this conversation is
• 47:31
  moving in the, the, the right direction here.
• 47:35
  And maybe this is a, you know, baby steps.
• 47:38
  You know, again, a lot of the stuff that we're seeing coming
• 47:41
  out does kind of revolve around corporations first and then
• 47:44
  maybe as little people will get some of the benefits later.
• 47:46
  So I'm hoping, I'm hoping again, I'm, I'm, I've been trying to be
• 47:52
  less cynical about things and I'm hoping that this eventually
• 47:56
  gets to the point. And, and I think what Nico's
• 47:58
  saying is like, it's still, I believe early in the adoption of
• 48:02
  Bitcoin globally, though we have seen some good jurisdictions
• 48:06
  around the world, most notably, I think it's Dubai and the Czech
• 48:09
  Republic that do have some form of no capital gains on your
• 48:14
  Bitcoin. I know Czech Republic is like,
• 48:16
  if you hold it for four years, then then that's free and clear
• 48:19
  and, and makes the Czech Republic sound like a good place
• 48:22
  to move. So I do think that this is going
• 48:25
  to be one of the conversations that we'll be talking about for
• 48:28
  the foreseeable future, maybe not in the short term, but in
• 48:31
  the long term, this will be one of the big conversations going
• 48:34
  on on Bitcoin. So I'm very happy to see this
• 48:36
  start to kind of, you know, I guess sink in some claws and
• 48:40
  make sure that people know that this is one of the most
• 48:43
  important issues for us Bitcoiners.
• 48:45
  And if they really do want to embrace Bitcoin as money, then
• 48:48
  this this is going to go by the wayside eventually.
• 48:51
  Yeah, yeah, absolutely. So let's see what happens, guys.
• 48:55
  Again, you know, incentives, runs everything.
• 48:59
  And ultimately, you know, again, you have more people in
• 49:02
  government that are bitcoiners, They're incentivized to do that.
• 49:05
  Shout out to the 34,000 SAT's so far.
• 49:09
  Damn, yeah, we've been leaving. That's on the table.
• 49:14
  Guys go to primal.net/simply Bitcoin.
• 49:17
  They just added a live stream feature.
• 49:19
  Shout out to the Primal team for hooking us up and helping us set
• 49:24
  it up. So now we're live on a lot of
• 49:27
  platforms. We're live on YouTube, we're
• 49:29
  live on Rumble, we're live on X, we're live on on Noster now via
• 49:35
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• 49:37
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• 49:40
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• 49:43
  enjoying us on the audio platforms, please give us a five
• 49:46
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• 49:51
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• 49:53
  So yeah, just leave us a five star review if you if you like
• 49:57
  to listen to the audio version of all our shows, it really,
• 50:00
  really helps. But anyways, guys, we still have
• 50:03
  so much content to get to. I'm really excited about today's
• 50:06
  news section. I'm really going to do a deep
• 50:10
  dive into the question. What is government?
• 50:13
  What should the role of government be in society now
• 50:17
  that we're heading into the digital age, right?
• 50:20
  We've never, we've never experienced this in human
• 50:24
  history. Everybody, you guys have to
• 50:25
  understand that we've never been in this type of situation
• 50:29
  before. We've never had a technology
• 50:32
  that has allowed that has facilitated the separation of
• 50:36
  money and state. I'm not the only one thinking
• 50:38
  about this. There's a lot of people
• 50:40
  obviously thinking about this as well and we're going to we're
• 50:45
  going to talk about it. So guys, stay tuned and we're
• 50:49
  going to be right back after this short commercial break.
• 50:52
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• 54:34
  Anyways, guys, I do want to get into today's news story because,
• 54:40
  you know, again, it it, it goes into a very important question
• 54:44
  that we are going to be asking ourselves as a society.
• 54:49
  And I think we're going to get demonized a lot just because of
• 54:55
  what the consequences are. But the TLDR is this.
• 54:58
  And I'll use the sovereign individual to really kind of,
• 55:02
  you know, break it down what is happening.
• 55:07
  So new technologies will allow the holders of wealth to bypass
• 55:11
  the national monopolies that have issued and regulated money
• 55:14
  in the in the modern period. The reason I love this book is
• 55:17
  written in 1999 I believe, right?
• 55:20
  Language 90. 6 Their importance for controlling the world's
• 55:23
  wealth will be transcended by mathematical algorithms that
• 55:26
  have no physical existence. And the new Millennium, cyber
• 55:29
  money controlled by private markets will supersede Fiat
• 55:33
  money issued by governments. It goes on to say it will become
• 55:38
  harder for a nation state to collect taxes from its citizens.
• 55:41
  When I say that, I mean inflation tax.
• 55:43
  By the way, they compare the state to a farmer keeping cows
• 55:47
  in a field to be milked. But that quote soon the cows
• 55:51
  will have wings. They predict that for the
• 55:53
  government to collect inflation tax from its citizens in this
• 55:56
  type of society, it would have to violate human rights.
• 55:59
  Even traditionally civil countries will have to resort
• 56:02
  and turn nasty. Now, ladies and gentlemen,
• 56:05
  here's the thing. People are starting to realize
• 56:08
  this. People are starting to realize
• 56:10
  that there is a parallel system and take a look at some of the
• 56:18
  reactions. And again, this is not a left or
• 56:20
  right thing. I just want to emphasize this
• 56:22
  guys, and I'll get into why it's not a left and right thing in in
• 56:26
  a little bit. But anyways, so let's check out
• 56:31
  this clip. I don't want to play it for
• 56:34
  copyright reasons, but I'll definitely read you and I'll
• 56:37
  I'll drop the link in the rumble and YouTube chat so you guys
• 56:41
  could don't trust verify what I'm saying and I'll drop it in
• 56:44
  the primal link as well so you guys could check it for
• 56:49
  yourself. But anyways, in this clip is Joy
• 56:54
  Reid and Joy Reid is a extremely popular MSNBC anchor, right?
• 57:02
  And she literally says this, this is real.
• 57:05
  By the way, this is this is not comedy or anything.
• 57:08
  OK, quote. They want to take us back to no
• 57:14
  income tax, no regulation, earn what you want, family inherits
• 57:20
  everything. Sounds like a deal that.
• 57:23
  Sounds absolutely fantastic. That sounds I will buy that
• 57:27
  Great. That sounds, that sounds
• 57:30
  fantastic, right? So anyhow, so the reason they're
• 57:37
  saying this again, you have to realize where we are in the
• 57:40
  movie is there's there's a crossroads that's happening
• 57:44
  right there is the rise of sovereign individuals.
• 57:47
  And in the US it works a little bit differently because in the
• 57:50
  US, it's one of the only countries in the in the world
• 57:52
  where it doesn't matter where you are, you will get you have
• 57:56
  to pay income tax legally. And I suggest that you do follow
• 58:00
  the law, but there are ways to legally not, there are ways to
• 58:07
  legally lower your tax obligations by going to Puerto
• 58:12
  Rico and kind of taking advantage of of, you know, some
• 58:15
  incentive and some incentives that they have there.
• 58:18
  There's a lot of Bitcoiners that have done that that are from the
• 58:20
  United States. But if you're from overseas, you
• 58:24
  see a lot of people from Europe leaving Europe and going to
• 58:27
  Dubai where there are no, there is no income tax.
• 58:31
  What was tying people down to specific locations in the past
• 58:35
  was the fact that you actually had to go physically into work.
• 58:40
  Now there's a whole group of people, I, I bet you it's like a
• 58:45
  giant percentage of the world's population that are now
• 58:48
  considered who Isaac calls the laptop class.
• 58:53
  So these are people that can work from wherever they want.
• 58:57
  I'll give you an example. Some of the biggest Bitcoin
• 58:59
  companies that you know, are fully remote companies, Simply
• 59:04
  Bitcoin. We are a fully remote company.
• 59:06
  We have, we're, you know, we have, we have a pretty decent
• 59:10
  amount of people on our staff. We international baby.
• 59:13
  And we have people all over the world basically on our team.
• 59:18
  And this is the laptop class. So if you don't have to be tied
• 59:22
  down to a specific location, this is where the sovereign
• 59:26
  individual thesis starts to play out, right?
• 59:29
  And people that are against that say stuff like this, they want
• 59:35
  to take us back to no income tax, no regulations, earn what
• 59:39
  you want and family inherence, everything.
• 59:41
  And you say, Nico, there's no connection between the two.
• 59:43
  And I thought that too, until I was watching legacy media
• 59:48
  yesterday because I watch it sometimes to get kind of an idea
• 59:52
  of what to get an idea of what different perspectives are
• 59:58
  thinking. And one of the most effective
• 1:00:00
  ways of doing that is to watch legacy media, you have to watch
• 1:00:03
  Fox, you have to watch CNBC, you watch, you watch CNN.
• 1:00:07
  And I'm telling you, these people live in different worlds.
• 1:00:10
  But The thing is, they're starting to notice.
• 1:00:12
  Check out this clip that I recorded yesterday.
• 1:00:15
  I was watching this in my in my living room.
• 1:00:18
  Take a look at this and let me know if it sounds familiar.
• 1:00:22
  Number of money tech types are trying to build new enclaves.
• 1:00:25
  Where they they set the. Rules.
• 1:00:27
  This in some ways is 2025 in a nutshell.
• 1:00:29
  For some of the. Wealthiest and most powerful
• 1:00:31
  people on earth today, the political division that matters
• 1:00:35
  isn't right, right or left, Democrat or Republican.
• 1:00:37
  It's the nation state versus the network state.
• 1:00:40
  Explain. How much time do you have?
• 1:00:46
  So the the concept of the network state has been
• 1:00:49
  particularly popularized by Balaji Srinivasan, former
• 1:00:54
  Executive, Coinbase. And the idea is sort of that the
• 1:00:58
  nation state as it stands is a sort of outdated model of
• 1:01:02
  democracy and governance. And that the answer to that is
• 1:01:05
  something called the network state, where you should be able
• 1:01:08
  to form a nation, a community with the people that you share a
• 1:01:12
  community with online. So it's taking these cloud
• 1:01:15
  communities and bringing them down to earth.
• 1:01:18
  And we see that in this sort of pushed by a lot of these tech,
• 1:01:22
  these tech billionaires to buy land where they want to start
• 1:01:25
  their own cities. Obviously, there's different
• 1:01:28
  levels of doing this, but the primary tactic is through a
• 1:01:31
  special economic zone, which is a, a place inside a country
• 1:01:35
  where the rules and regulations are different.
• 1:01:37
  And so for tech billionaires and people that are aligned with
• 1:01:40
  them, that can mean you get to do unregulated and medical
• 1:01:43
  experimentation. Maybe we'll get a Med bed also
• 1:01:46
  when you get to do unregulated use of AI or the use of
• 1:01:50
  cryptocurrency. And so in this way, it's sort of
• 1:01:53
  taking these industries outside of the oversight of the nation
• 1:01:59
  state. And in a way, you know, you have
• 1:02:01
  people like Peter Thiel who have been very involved in this as
• 1:02:03
  well. And, you know, till long ago
• 1:02:06
  said that he sort of felt that democracy and freedom, as he
• 1:02:09
  defines it, are incompatible. And so this is sort of the
• 1:02:12
  physical manifestation of that. The idea that, you know, really
• 1:02:16
  the answer for a lot of these super rich people and people
• 1:02:20
  that are aligned with them is not necessarily to learn how to
• 1:02:23
  live in a society where we're managing difference, where we
• 1:02:26
  use government as a way to find compromise.
• 1:02:29
  But actually the answer is to exit.
• 1:02:33
  It's fascinating. The answer is to absolutely exit
• 1:02:37
  right? And there's a lot of little tit
• 1:02:39
  and little bit of Nuggets that she dropped in there, which
• 1:02:42
  we've been talking about again, simply Bitcoin, tomorrow's
• 1:02:46
  Bitcoin use today where we've said it.
• 1:02:49
  It's not right verse left Balaji, the way that he
• 1:02:53
  explained it, it's the network state in the network state
• 1:02:57
  versus the nation state. And look, take a look at how she
• 1:03:01
  tried to demonize this. And I think she her arguments
• 1:03:05
  fell flat completely because she was like, Oh my God, they're
• 1:03:08
  they're going to have unregulated use of
• 1:03:10
  cryptocurrency, unregulated use of AI, unregulated, like
• 1:03:14
  unregulated. It's like where, where things
• 1:03:16
  are, you know, unregulated. And then you have to think about
• 1:03:19
  what is those regulations? Like what, what are they talking
• 1:03:22
  about? And then she mentioned Peter
• 1:03:23
  Thiel. You know who wrote the the, the,
• 1:03:28
  what is it called the beginning of a book prologue, the prologue
• 1:03:33
  of the sovereign individual? You know who wrote it?
• 1:03:36
  I'm guessing Peter Thiel. Peter Thiel, right?
• 1:03:39
  So what are they talking about when they say unregulated,
• 1:03:41
  right? They, they, they use that word
• 1:03:43
  right? If they're important, like words
• 1:03:45
  are very important on how you phrase things.
• 1:03:49
  She's saying the quiet part out loud.
• 1:03:51
  They want to take us back to no income tax, no regulations, earn
• 1:03:55
  what you want, family inherits everything.
• 1:03:59
  I don't understand. Like, please make to me an
• 1:04:05
  argument where that is unethical.
• 1:04:09
  Like, please make to me an argument where, OK, maybe you
• 1:04:13
  can make somewhat of an argument with the regulations, but I
• 1:04:16
  think that's been abused. The earn what you want.
• 1:04:20
  Isn't that the whole point? Like, shouldn't you be able to
• 1:04:23
  earn what you want based on how much you work and how much you
• 1:04:25
  innovate and how much you provide value for other people?
• 1:04:29
  Why shouldn't your family inherit everything?
• 1:04:32
  Why shouldn't your family inherit everything?
• 1:04:35
  That is crazy to me, right? So it's like they're noticing,
• 1:04:40
  they're noticing, they're paying attention, they're figuring it
• 1:04:44
  out. And this is what I've, this is
• 1:04:46
  what I've, this is what we have been predicting for many years
• 1:04:50
  now on Simply Bitcoin. I said we are going through
• 1:04:53
  something that I call the great distance remediation and
• 1:04:57
  information technologies has allowed this, right?
• 1:05:01
  First it was the distance remediation of information.
• 1:05:05
  You saw that with the mass censorship of X of YouTube.
• 1:05:10
  A lot of things have come out since then that has confirmed
• 1:05:15
  that the US government, even though specifically we are
• 1:05:19
  protected by the 1st Amendment, was actively censoring American
• 1:05:23
  citizens through a lot of some platforms.
• 1:05:29
  So the question to you guys is, even though the First Amendment
• 1:05:33
  is very clear, Congress shall pass no law.
• 1:05:38
  I don't know the exact, I'm paraphrasing here, but basically
• 1:05:43
  Congress doesn't have the right to censor the speech of
• 1:05:46
  Americans. And the point of that is to have
• 1:05:48
  open dialogue, right? And now my question for you guys
• 1:05:53
  is a very simple one. What is government?
• 1:05:56
  What is government? Because what what I've seen
• 1:06:00
  government do to my generation, the millennial generation or the
• 1:06:04
  Gen. Z or the Gen.
• 1:06:06
  Z generation is take away our, our, our opportunities through
• 1:06:10
  money printing, endless wars. Now they're trying to push
• 1:06:14
  digital IDs on U.S. central bank digital currencies, lack of
• 1:06:21
  property rights, lack of safety, corruption, unaffordability,
• 1:06:29
  massive wealth inequality. Like what is the role of
• 1:06:34
  government? And if the role of government,
• 1:06:37
  the role of government should be to protect private property,
• 1:06:40
  should to should be to provide safety.
• 1:06:46
  And you can there's an argument whether you want private
• 1:06:50
  companies providing services or whether the government provides
• 1:06:52
  services, but it should be quite limited.
• 1:06:56
  Government has grown way out of what the original vision of
• 1:07:04
  government was by the founders of the United States.
• 1:07:08
  And the reason they wanted a limited government is because
• 1:07:11
  they knew that if you had a government that was too big,
• 1:07:16
  remember government does not produce anything.
• 1:07:21
  So what happens when a government is too big?
• 1:07:24
  Where does it get its revenue? Where does it get its ability to
• 1:07:29
  function right? So anyways, and that that leads
• 1:07:34
  me to the final point. And again, I, I want to be very
• 1:07:38
  empathetic here because at the end of the day, people are
• 1:07:42
  people and a lot of people just, they don't know.
• 1:07:46
  They don't know these things. And humans are humans and, and
• 1:07:51
  people have families and people want to be able to provide for
• 1:07:55
  their families and people want to be able to put food on the
• 1:07:57
  table. And I would say it's not their
• 1:07:59
  fault. The money printer has given this
• 1:08:03
  warped version of what the government can provide, and it
• 1:08:08
  gives a false sense of illusion that printing money is free.
• 1:08:15
  Most people still believe that. Most people do not understand
• 1:08:20
  that printing money is a form of taxation.
• 1:08:23
  They do not understand that because it's insidious.
• 1:08:27
  It's not like your income tax. It's very obvious that you're
• 1:08:30
  paying tax in inflation tax, debasement tax isn't obvious
• 1:08:35
  because if you have $100 in your bank account, that $100 is not
• 1:08:40
  change. It stays $100.
• 1:08:41
  What changes is the price of groceries, the price of real
• 1:08:46
  estate. It goes higher, right?
• 1:08:48
  That's the tax. It's very insidious.
• 1:08:50
  And unless you know the truth about money, you don't, you
• 1:08:54
  don't quite understand that. So this leads me to my final
• 1:08:58
  point before I pass it on to Opti to kind of weave all of
• 1:09:01
  this back in. So yesterday we saw a government
• 1:09:04
  shutdown and the shutdown, despite what the media was
• 1:09:09
  saying, only focused on non essential personnel.
• 1:09:15
  Essential personnel are military, law enforcement, air
• 1:09:19
  traffic control, border security, Social Security,
• 1:09:22
  processors. In fact, the executive branch
• 1:09:25
  gets to decide what part of who is part of essential personnel.
• 1:09:31
  Now I want to be empathetic here and I want to preface this by
• 1:09:34
  saying even if you are an essential personnel, you still
• 1:09:39
  don't get paid until government reopens.
• 1:09:42
  They're going to back pay you, of course.
• 1:09:44
  So you're not getting those checks unless you're Congress.
• 1:09:46
  Congress still gets checks. Why does Washington, and I'll
• 1:09:51
  leave this to you guys, I'll leave this question to you guys,
• 1:09:55
  Why does Washington employ 800,000 people it admits are non
• 1:10:01
  essential? I think the actual figure is
• 1:10:03
  740,000 by the way. And then that leads me to my
• 1:10:06
  final question. What is government?
• 1:10:09
  What is government? What should government be?
• 1:10:12
  What should the role of government be in a society?
• 1:10:16
  I think that's the defining question of the next decade.
• 1:10:20
  And you're starting to see what the mainstream is seeing in
• 1:10:25
  terms of, Oh my God, do you remember the last thing that she
• 1:10:28
  said? These these billionaires, they
• 1:10:31
  think they could just exit. And again, they have to frame it
• 1:10:36
  around billionaires because it's it's very easy to do the whole
• 1:10:39
  class division thing, class warfare.
• 1:10:41
  It's like it's, it's been around for 100 years.
• 1:10:44
  It's mastered by now. It's divisive on purpose.
• 1:10:48
  But what she forgets to leave out is it's not just
• 1:10:51
  billionaires doing this, right? It's not just billionaires doing
• 1:10:56
  this. Billionaires.
• 1:10:57
  There's only 3000 billionaires. There's a lot more people that
• 1:11:00
  are choosing to vote with their feet because they don't like
• 1:11:04
  their jurisdiction. There's a lot of people that are
• 1:11:09
  that are having this nomadic lifestyle.
• 1:11:11
  You guys see me traveling the entire year going from Bitcoin
• 1:11:14
  conference to Bitcoin conference.
• 1:11:16
  And sometimes when I can, what do I do?
• 1:11:18
  I do the show on the road. So again, this is what you, this
• 1:11:23
  is what you, this is what I want you guys to understand.
• 1:11:26
  If, if a certain jurisdiction is offering more favorable
• 1:11:33
  regulations for business or taxation, why wouldn't you want
• 1:11:39
  to go to that jurisdiction? You already saw a kind of some
• 1:11:43
  of that during the pandemic when you saw a lot of people leave
• 1:11:47
  California and New York and go to Texas and Florida.
• 1:11:51
  In Europe, a lot of expats leave Europe and they go to Dubai
• 1:11:56
  where they don't have to pay income tax.
• 1:11:59
  This only applies to Europeans, doesn't apply to Americans.
• 1:12:02
  So again, the sovereign individual thesis is playing out
• 1:12:07
  and I and I find it quite interesting that they're
• 1:12:09
  noticing, right? And they're saying the choir
• 1:12:12
  part out loud. They want a world where they can
• 1:12:16
  make as much as they want. There's no income tax and their
• 1:12:20
  family inherits everything. I mean, yeah, that sounds
• 1:12:26
  fantastic, right? And of course, you know, get
• 1:12:29
  there legally. You have to do it through the
• 1:12:32
  system, right? We're we're not advocating for
• 1:12:35
  anything otherwise you have to color within the lines.
• 1:12:38
  But that's crazy that she even thinks that's some type of
• 1:12:43
  argument. It's crazy to me that they're
• 1:12:46
  they're even they're like her her arguments Opti were so lame.
• 1:12:49
  It was like, it was like, yeah, they're going to do unregulated
• 1:12:52
  cryptocurrency like like, yeah, on regular and and these
• 1:12:57
  enclaves, they're they're exiting.
• 1:12:59
  How dare they exit. We own them.
• 1:13:02
  They can't exit. Like that's nuts, bro.
• 1:13:05
  That's gnarly. That's gnarly to me.
• 1:13:07
  Yeah, Joy Reid's terms are fully acceptable in my book.
• 1:13:11
  Yes, I would be so OK with this. Joy Reid.
• 1:13:15
  That sounds like a wonderful utopia.
• 1:13:18
  I really Alert me that type of world.
• 1:13:22
  But look, I, I from that context, Nico, of that MSNBC
• 1:13:27
  video, you were that you recorded what, what was the
• 1:13:33
  context it they're trying to make it seem like a, like a bad
• 1:13:36
  thing, right? They're trying to, they're
• 1:13:37
  trying to what they're they're seeing the writing on the wall
• 1:13:41
  in terms of Bellaji talking about the network state and the
• 1:13:44
  nation state. They're kind of seeing what I'm
• 1:13:48
  seeing. I've been tweeting this.
• 1:13:49
  I've been tweeting this for over a year now.
• 1:13:52
  I've been saying the nation state is dead.
• 1:13:54
  Everyone's just still playing pretend.
• 1:13:57
  Here is Peruvian Bull and he says a study of history is a
• 1:14:03
  study of history is a study of change.
• 1:14:05
  To believe that our political system will exist in its current
• 1:14:07
  form is for form. Forever is the height of folly.
• 1:14:11
  Did the Roman Republic last forever?
• 1:14:13
  How about the Empire? How about the feudalism of the
• 1:14:15
  of the Middle Ages? Nothing lasts forever.
• 1:14:18
  And I actually said, dude, I feel it in my bones.
• 1:14:20
  This is the tail end of the modern nation state.
• 1:14:22
  Lasted a couple 100 years. James Lavish actually liked this
• 1:14:25
  tweet. And of course, Peruvian bull
• 1:14:27
  says I agree. What do you think comes next?
• 1:14:30
  And I honestly, you can just speculate on what could come
• 1:14:34
  next after that. No one really knows because
• 1:14:36
  we've never experienced this throughout history.
• 1:14:38
  What I will say is I think that there's going to be much smaller
• 1:14:41
  governments constrained by their inability to print the fund
• 1:14:45
  themselves. I think that's the obvious one.
• 1:14:47
  Yeah, and I'm the reason I only the reason I ask is because
• 1:14:51
  while they were talking, maybe, maybe.
• 1:14:54
  I'm just too low like you. I'm like, oh.
• 1:14:56
  Oh, man, this all sounds really good.
• 1:14:58
  Like, who is their audience listening to this stuff and
• 1:15:01
  being like, yeah, this is very bad, this is horrible.
• 1:15:04
  We cannot allow this to happen. We need more government.
• 1:15:06
  I'm like, guys, are we listening to the same conversation?
• 1:15:10
  Because this sounds great like. This this sounds awesome.
• 1:15:13
  What are we talking about here? Yeah, this is this is what I
• 1:15:17
  would like to see. And maybe I'm living in a utopia
• 1:15:20
  hoping for these things to happen.
• 1:15:22
  And obviously it's being framed negative and it's something
• 1:15:25
  we've been talking about here on the show for a long time.
• 1:15:27
  Nico's been hitting on this idea.
• 1:15:29
  I've been saying for a while now that a lot of the things we've
• 1:15:32
  been saying on the show, trying to pre empt these attacks where
• 1:15:37
  I saw the writing on the for a while as well, that you are very
• 1:15:41
  clearly seeing that the media is going to frame a lot of the
• 1:15:45
  things that we do as a negative thing and try to sell that to
• 1:15:48
  the public as like we're the bad guys again.
• 1:15:50
  And you're starting to see this heat up in like the UK and stuff
• 1:15:54
  and it, and it is getting, you know, a little uneasy.
• 1:15:58
  If you if you're starting to see where these narratives are
• 1:16:01
  going, you're like, oh, okay. I see the writing on the wall of
• 1:16:04
  what they want to happen. And we all know the 2030 date
• 1:16:07
  has been, you know, a timeline for a lot of this stuff.
• 1:16:10
  And I think they are kind of speeding this into OverDrive
• 1:16:13
  because I've been kind of on the fence for a while recently in
• 1:16:19
  the last couple of days. It it does feel like a little
• 1:16:21
  too little too late. You're going to start to see
• 1:16:24
  them try to call back their loss of control.
• 1:16:28
  And these narratives are only going to kick up into OverDrive.
• 1:16:31
  But I think a lot of people have woken up and a lot of people are
• 1:16:34
  seeing this and being like, wait, this doesn't make sense.
• 1:16:37
  Like these, these conversations don't sound like a bad thing to
• 1:16:39
  me. This actually sounds like a good
• 1:16:41
  thing. This is going to usher in
• 1:16:43
  something we've never seen before, which is kind of, I like
• 1:16:46
  how you answer that question. It's like, I don't know what's
• 1:16:48
  going to happen. I don't know where we're headed
• 1:16:50
  because a lot of bitcoins have been saying, you know, it's late
• 1:16:52
  stage capitalism. You know, the end stage is a
• 1:16:56
  Fiat. And if or rather when Bitcoin
• 1:16:59
  does what we think it will do, I think it's going to
• 1:17:03
  fundamentally readjust how society interacts with each
• 1:17:08
  other and how society is ruled. And I think we're all going to
• 1:17:12
  be living through this for the rest of our lives.
• 1:17:14
  I think this is literally the kind of, you know, the battle
• 1:17:18
  that we have found ourselves on the front lines for.
• 1:17:21
  This is what is going on. And I know a lot of Bitcoiners
• 1:17:25
  are probably thinking this is, you know, obviously we've been
• 1:17:28
  saying this for years. Yeah.
• 1:17:29
  But now it's starting to become a mainstream conversation.
• 1:17:33
  And so I think these things are going to, you know, just ramp up
• 1:17:37
  in, in intensity and of course, in quantity.
• 1:17:41
  And so it's upon us to really do our best to deliver the quality
• 1:17:45
  to as many people as possible. So they understand that, hey,
• 1:17:48
  this is what's happening. And I was actually watching the
• 1:17:51
  Steve Jobs biopic last night, if that's how you say it.
• 1:17:55
  And it said something that really reminded me of why we do
• 1:17:59
  what we do as Bitcoiners. And it's, it was something on
• 1:18:02
  the lines of like, if you want to really connect with people,
• 1:18:08
  you have to one, obviously solve a problem, but feel like you're
• 1:18:13
  fixing a wrong in the world. And obviously, every time I
• 1:18:15
  watch content, I'm always thinking in Bitcoin terms like,
• 1:18:18
  how can we use this for our, you know, narrative trench warfare
• 1:18:22
  that we find ourselves on? And I was like, yeah, that's
• 1:18:24
  exactly what US Bitcoiners want to do is like, that's what
• 1:18:27
  Bitcoin does. Bitcoin does fix the wrongs of
• 1:18:30
  society. And they're going to kind of try
• 1:18:33
  to lol us asleep and be like, like, no, the wrongs are
• 1:18:35
  actually good. You know, up is actually down.
• 1:18:37
  Like good is actually bad. And you're, you really, really
• 1:18:42
  start to see the doublespeak kind of rear its head in, in
• 1:18:45
  recent days. And it just makes me know that
• 1:18:48
  we're so we're so right about what we're saying and what we're
• 1:18:50
  doing. And it just kind of got me fired
• 1:18:53
  up. But yeah, man, I don't know who
• 1:18:56
  Joy Reid's audience is or MSNBCS audience, but her terms are
• 1:19:01
  acceptable. All this sounds good to me.
• 1:19:03
  Yeah, yeah. But again, like you guys have to
• 1:19:05
  understand and you guys have to be empathetic throughout this
• 1:19:08
  situation, right? Like there's a lot of people
• 1:19:12
  that, and again, I blame the creation of the Federal Reserve
• 1:19:16
  because that is the inherent base because again, 740,000
• 1:19:21
  people with jobs, you know, with families, like you have to take
• 1:19:30
  that into account, you know, but you also have to take into
• 1:19:34
  account the fact that we are paying for that, right?
• 1:19:37
  So it's a very kind of complex, difficult discussion and
• 1:19:41
  situation. And, and I think this bloat of,
• 1:19:45
  of, of, of, of a very big government is only possible with
• 1:19:50
  a money printer. And I think once you have
• 1:19:55
  generations and generations of people that have grown under
• 1:20:00
  that environment, have grown up under that environment, you
• 1:20:03
  start to create a sense of entitlement.
• 1:20:06
  And I think what bitcoiners are able to foresee into the future
• 1:20:10
  is that you don't necessarily, that isn't necessarily.
• 1:20:22
  What bitcoiners foresee is that like, look like if, if a, if a,
• 1:20:26
  if a country transitions to a Bitcoin standard, they're going
• 1:20:30
  to have to live within their means.
• 1:20:31
  And if they live within their means, by definition, that is
• 1:20:35
  limited government. By definition, the government is
• 1:20:38
  going to get smaller, right? So, you know, again, some people
• 1:20:45
  don't like that. Obviously Joy Reid is their
• 1:20:48
  name. Joy Reid definitely does not
• 1:20:50
  like that. CNNBC definitely does not like
• 1:20:54
  that. But what MSNBC, MSNBC does not
• 1:20:58
  like that. So the last thing I'll say is
• 1:21:00
  the last part she said during that MSNBC clip that I played
• 1:21:04
  for you guys is it's not left versus right, It's Bitcoin, It's
• 1:21:09
  the network state versus the nation state.
• 1:21:12
  And it's people who believe in the network state first, people
• 1:21:16
  who believe in the nation state, which I believe is the previous
• 1:21:19
  model. It's not left versus right.
• 1:21:21
  It's the state and the state. I'm not going to produce it.
• 1:21:28
  Someone in the chat, Nico Nico's words stuck behind the Overton
• 1:21:31
  window. They are.
• 1:21:32
  Yeah, they are. If I if I could actually speak
• 1:21:34
  my mind anyways, All right, everybody, we're going to hit
• 1:21:39
  the culture. We're going to be right back in
• 1:21:40
  just a bit. I want to give a shout out to
• 1:21:44
  our partner Hive Digital Technology.
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  Hi everybody, we're back. I do want to give a shout out to
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  our sponsor, A Mining Disrupt 2025 #opti is going back to
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  Dallas. It's November 11th through the
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  All right, Opti, what are we talking about today?
• 1:24:41
  I saw, I think, yeah, sorry. I think I know what you're gonna
• 1:24:44
  talk about. Blue lights are killing me guys.
• 1:24:45
  The Giant. Yeah, yeah.
• 1:24:48
  So we had an interesting story. The story in itself is not the
• 1:24:52
  most interesting. It's really what has happened on
• 1:24:57
  the nation state accumulation of Bitcoin.
• 1:25:00
  So you guys probably saw this, maybe you didn't, but I'm using
• 1:25:04
  the BBC to kind of, you know, read a little bit of the source
• 1:25:07
  here. So a Chinese woman convicted
• 1:25:09
  after quote world's biggest Bitcoin seizure.
• 1:25:12
  This happened well there it was reported yesterday, but a
• 1:25:15
  Chinese national has been convicted following an
• 1:25:18
  international fraud investigation which resulted in
• 1:25:20
  what's believed to be the single largest cryptocurrency seizure
• 1:25:23
  in the world. The Metropolitan Police says it
• 1:25:25
  recovered 61,000 Bitcoin worth more than 6.7 billion dollars in
• 1:25:30
  the current prices. And then, you know, it just, it
• 1:25:33
  just kind of goes on, but I'm not going to read the whole
• 1:25:35
  thing. But according to the charge, you
• 1:25:38
  know, they were knowing or suspecting its actions would
• 1:25:41
  facilitate the acquisition or control of criminal property by
• 1:25:45
  another one. Essentially, you know, they,
• 1:25:48
  they seized a bunch of Bitcoin for, for some international
• 1:25:53
  fraudulent activities here. The real story I think here is
• 1:25:58
  obviously, obviously the headlines are, are are of a huge
• 1:26:02
  Bitcoin seizure. But I think what is most
• 1:26:05
  interesting here, and this happened in the UK, obviously
• 1:26:08
  I'm using the BBC, is what happened in the Bitcoin
• 1:26:12
  government entities treasuries. So you can see here allegedly,
• 1:26:17
  and the 1st 2 numbers we're alleging here, the US is still
• 1:26:21
  at number one with 198,000. Now there's some speculation
• 1:26:25
  over that recently, you guys know we've been covering that on
• 1:26:27
  the show. China allegedly holds 190,000.
• 1:26:30
  We really don't know about that either, but the UK yesterday, or
• 1:26:36
  rather since this story has broken, is now officially in 3rd
• 1:26:41
  place for the most Bitcoin held by a nation state.
• 1:26:45
  Literally I, I forget where they were, but it looks like they
• 1:26:48
  only had 245 Bitcoin and they just leapfrogged everyone and
• 1:26:52
  now have 61,245. So as we're seeing and and this
• 1:26:57
  kind of does lead into conversation we've been having
• 1:27:00
  around the Bitcoin strategic, the the the strategic Bitcoin
• 1:27:04
  reserve, sorry, I brain for it, where they said that, you know,
• 1:27:10
  one of the budget neutral ways that they can acquire Bitcoin is
• 1:27:12
  through seizures. And you're seeing this play out
• 1:27:14
  in the UK, you know, for better or worse or whatever your
• 1:27:18
  personal feelings are of this, but the UK has just made a huge
• 1:27:22
  leap on the race to acquire Bitcoin with a 61,000 Bitcoin
• 1:27:28
  seizure here. So that's part of the story, of
• 1:27:31
  course, like coming out of nowhere to the number three
• 1:27:35
  spot. Obviously this was a big, I
• 1:27:38
  would argue win for that for the state of the UK.
• 1:27:41
  But I think it's going to be very interesting to see how
• 1:27:45
  exactly the UK handles that Bitcoin.
• 1:27:48
  Are they going to do something like Germany whether they're
• 1:27:51
  going to sell out all of the Bitcoin and you know, literally
• 1:27:55
  go back to Germany has zero. That's crazy.
• 1:27:59
  So actually I guess we could do some quick maths here.
• 1:28:01
  They would have been at the number 9 spot here before they
• 1:28:06
  seized 61,000 Bitcoin, but very, very huge elite from the 9 to
• 1:28:12
  the number three spot with a 61,000 Bitcoin bust here.
• 1:28:18
  So the UK making some moves here, obviously from a
• 1:28:21
  Bitcoiners tiny state perspective, I mean, not
• 1:28:26
  probably the best news story from our perspective, but
• 1:28:30
  they're making huge moves. So it's going to be interesting.
• 1:28:33
  Are they going to follow Germany suit and sell a lot of that
• 1:28:37
  Bitcoin and dump 61,000 Bitcoin on the market as we start to
• 1:28:42
  enter a bull run or are they going to follow America's lead
• 1:28:47
  and China in the race of we are going to continue to huddle that
• 1:28:53
  Bitcoin Now obviously the EC, BB and the European Commission have
• 1:28:57
  been very vocal on their push towards CBDC's, but it looks
• 1:29:02
  like now they have a pretty big treasury here.
• 1:29:05
  So again we will be following along on this story.
• 1:29:09
  Are they going to sell that? Are they going to huddle this
• 1:29:11
  coin? But the Bitcoin accumulation
• 1:29:13
  race is heating up and there's a lot of Bitcoin in government
• 1:29:17
  entities hands and they did seize it here.
• 1:29:20
  You know, they did confiscate that coin.
• 1:29:22
  Obviously, I think in this case it's probably better, you know,
• 1:29:26
  like I'm not I'm not a fan of fraud and people stealing from
• 1:29:29
  people. So they're actually doing, I
• 1:29:31
  guess some semi decent police work here.
• 1:29:34
  But I think the interesting aspect of this is just how big
• 1:29:38
  of a jump they made from literally 245 Bitcoin to 61,245
• 1:29:43
  Bitcoin. Huge leap in the Bitcoin
• 1:29:45
  accumulation race. It's going to be interesting if
• 1:29:47
  they sell that coin, though. So it that that story, the the
• 1:29:52
  UK seizure, biggest seizure confiscation is making all the
• 1:29:57
  rounds on the legacy media, which is I think kind of leading
• 1:30:01
  into what Nico was saying in that Joy Reid bit of you're
• 1:30:05
  starting to see the narratives be built up here.
• 1:30:08
  And they are still grasping on this idea that Bitcoin is just
• 1:30:11
  for criminals. And I'm I'm sure this is only
• 1:30:13
  going to increase as time goes on.
• 1:30:15
  So anyways, Nico let's you want to speculate here a little bit.
• 1:30:19
  Do you think they're going to sell this Bitcoin or do you
• 1:30:21
  think they're going to hold this Bitcoin?
• 1:30:25
  I think that, you know, if Germany is a an example of like
• 1:30:34
  you, you guys have to understand like Ricardo Salinas put it
• 1:30:38
  beautifully, right, which is, you know, a lot of these man, a
• 1:30:49
  lot of people still believe in the cult of Fiat, you know, so
• 1:30:53
  they don't see Bitcoin as as a, you know, as a store of value in
• 1:30:59
  in fact, I would say Bitcoin challenges their their
• 1:31:08
  worldview. So, you know, I think it you're
• 1:31:12
  just one administration away from you're just one
• 1:31:18
  administration away from, you know, or, or I don't know, if
• 1:31:22
  you call an administration united, you're 1 government away
• 1:31:25
  from that government just to sign to press smash buy.
• 1:31:29
  I mean, smash sell, right? Yeah, someone in the chat says
• 1:31:33
  it's actually old news to them in the UK.
• 1:31:36
  It's new news to us here in the States.
• 1:31:38
  OK, neighbor, we're talking about selling it for for a while
• 1:31:41
  now. So hey, maybe, maybe we get some
• 1:31:44
  cheaper Sats guys before October commences.
• 1:31:50
  Yeah, absolutely. All right, everybody, today was
• 1:31:54
  October 1st, 2025. It sounds so good to say that
• 1:32:01
  and we love you the show. Literally we went from a hundred
• 1:32:07
  116 in the beginning of the show to 118 to back to 117,000 during
• 1:32:14
  the show. So we had some quite a little
• 1:32:15
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• 1:32:19
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• 1:32:23
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