Latest / Simply Bitcoin / $42 Billion Entering the Bitcoin Market (Super Cycle) | EP 1109

Transcript

$42 Billion Entering the Bitcoin Market (Super Cycle) | EP 1109 · Simply Bitcoin

0:00
Yo, did Michael Saylor just ignite the Bitcoin super cycle?
0:05
Is this your last chance to get Bitcoin before the market goes
0:09
absolutely bonkers? Could Michael Saylor's new
0:12
strategy mean the end of bear markets?
0:15
I I swear that like we're not trying to hype you guys up.
0:18
What he just announced is absolutely crazy.
0:22
Stick around until the end of the video because we're going to
0:24
cover all of this guys. It's going to be a great show.
0:26
Anyways, I want to bring up my legendary Co host who's always
0:28
optimistic celebrating Halloween.
0:31
We got Optimus Fields in the house and anyways, let's get to
0:35
this guy. So what am I talking about?
0:37
What is this news and let's get to it.
0:40
So MicroStrategy, which is Michael Slur's company,
0:44
announced a $42 billion Bitcoin investment plan.
0:48
So let's read through some of it and why it could mean the end or
0:53
the start of the so-called super cycle and potentially the end of
0:56
bear markets. And by the way, this isn't the
0:58
only we're not the only ones saying this, so we'll get to
1:01
that in a second. First off, MicroStrategy
1:03
revealed plans to raise $42 billion in fresh capital for
1:08
Bitcoin purchases over the next three years, according to its Q
1:11
3/20/24 earnings release on October 30th, 2024.
1:16
The company holds 252,000 bitcoins as of September 30th,
1:21
2024, making it the largest publicly traded company Bitcoin
1:25
holder worldwide, according to coin Deco data.
1:29
The new a new capital raising initiative called the 2121 plan
1:33
aims to secure 21 billion through equity offerings and
1:37
another 21 billion via fixed income securities between 2025
1:42
and 2027. Which is interesting because
1:45
that's, you know, if Bitcoin were to follow the cycles,
1:48
Bitcoin peaks next year and then 2026, you get a bear market and
1:53
then, you know, it kind of recovers until the next one,
1:56
which is 2029. But this could potentially
1:58
change everything. So you know, and then let's get
2:03
to you know why this could potentially be the end of
2:06
traditional bear markets. Here's the Bitcoin therapist,
2:09
which is and this was retweeted by Max Keiser FY and he says if
2:13
MicroStrategy is primed to buy 42 billion of Bitcoin over the
2:16
next three years, we may not see a traditional bear market.
2:20
We might just dip grind higher and consolidate.
2:24
This could be the cycle that breaks everything sell your
2:27
Bitcoin at your own risk. This is effing crazy.
2:31
Moving on to David David Bailey. David Bailey is the CEO of BTC
2:35
Inc BTC Inc is the owner of Bitcoin magazine and of course
2:39
the famous the biggest and greatest Bitcoin conference,
2:42
which is like the Bitcoin 20, the Bitcoin series, right?
2:45
So like Bitcoin 2023, Bitcoin 2024 in the upcoming Bitcoin
2:48
2025. And he says basic basically
2:50
sailor buying $40 million of Bitcoin every day for the next
2:55
three years up forever, just to kind of give you an idea of what
2:59
that means, guys. So $40 million a day at 70K is
3:04
571 Bitcoin per day. Currently the block subsidy is
3:09
only 450 BTC per day. So do the math.
3:14
This is why we're making the theory that, yeah, this, I mean,
3:18
like if Sailor by himself, this no other nation state, this
3:23
isn't no BlackRock, it's just Sailor himself is literally
3:29
buying up all the the Bitcoin subsidy every single day.
3:34
And of course the having is coming up in what's the next
3:38
having Opti. It was 2024.
3:39
So it was 2028. Yeah.
3:42
I mean, like, this is crazy. Is this the Super cycle?
3:46
We, we don't know yet, but I mean, everything is lining up to
3:50
be absolutely explosive. So yeah, Opti, what's your take
3:55
on this, bro? Like, is this the beginning of
3:57
the Super cycle? Is this, you know, are we
4:00
overplaying it? Are we reading too much into it?
4:04
Is this, you know, the end of traditional bear markets?
4:08
I mean, think about it, all that cell pressure because you guys
4:11
have to understand something. Part of that 450 bit Bitcoin
4:16
that gets mined every single day, the miners have to sell
4:20
some of that in order to maintain their operations,
4:24
right? You're very expensive,
4:25
especially if you're large, if you're mining on a large scale.
4:28
So, yeah, I mean, like it definitely has to come with, you
4:34
know, I definitely think it has to do with, I definitely think
4:38
it's going to take a lot of that cell pressure away If sailors
4:42
just buying basically all the block subsidy and it kind of
4:45
goes away the cell pressure. You can make an argument that
4:48
let's say like 20 to 50% of that Bitcoin that's mined every
4:51
single day has to be sold to pay for the cost.
4:55
Sailor by himself is going to be able to scoop that up and
4:58
there's going to be a supply shock because there's not going
5:00
to be enough to go around like, and, and I'm positive just based
5:03
on that number, it's too coincidental that he did this
5:06
specifically so that he could be buying all the block subsidy
5:10
mined every single day, not including fees, by the way.
5:14
So anyways, I find that fascinating.
5:16
Potentially the beginning of the Super cycle, potentially the end
5:20
of bear markets. Who knows, maybe we're too
5:22
bullish. But anyways, anyways, guys, Opti
5:25
was wearing a Halloween mask in the beginning of the show.
5:28
You might have scared some people away.
5:29
How you doing Opti? I, I think I'm still wearing the
5:32
mask. I don't know what you're talking
5:33
about. I don't know.
5:36
Wait, one, one thing before I go into my thoughts.
5:39
Technically, to clarify, the block or the having is going to
5:44
be in 181,733 blocks, which is, you know, going to be 2028, but
5:51
we're in oh, my bad. We're in block height here.
5:54
We're we're block height Maxis. And so yes, block are having is
5:59
in, you know, roughly 181,000 blocks away And here we go All
6:06
right, Nika saying I'm having audio issues.
6:08
I, I guess it's just a continuation from from
6:10
yesterday, but OK, my thoughts on the Super cycle.
6:14
I've been saying it for a while, low key, I've been kind of
6:17
trolling because I I still personally believe in the having
6:22
cycles, the four year having cycles and I don't know yet.
6:25
Obviously we won't know until we get into the next four years
6:30
whether there is enough buy pressure and how much retail is
6:34
following into Bitcoin. And again, how much people
6:38
understand what Bitcoin actually is for us to you know, get
6:42
escape velocity and and end up in a super cycle.
6:45
But when you kind of account for how much the ETFs are buying
6:50
currently, and I would argue that that's probably going to
6:53
increase, they're buying. But when you kind of account for
6:57
how much the ET, Yeah. And it's unique that we're
7:00
playing back, we, we're definitely going to be seeing a
7:06
lot of buy pressure. You know, BlackRock right now,
7:08
or rather all of the ETFs they're buying about like it
7:11
seems like 10,000 Bitcoins a day with these ETFs.
7:14
And I can only imagine that that is going to increase as more
7:18
people start to look at Bitcoin as a viable investment.
7:22
Because we're going to, you know, personally I think it's
7:24
the best store value, but you got to remember that
7:26
institutional capital is probably looking at Bitcoin as
7:29
just an investment. They just kind of want the
7:32
exposure to the purchasing power.
7:34
And so if you kind of account for these two things, which is
7:37
the amount of Bitcoin ETFs are buying and scooping up and
7:41
locking up away, and then that $40 million a day of sailor
7:46
buying every single day, like the floor is just going to
7:49
constantly keep raising. So potentially we could see a
7:54
super cycle. Now, is it going to be the Super
7:56
cycle that we all think it is where like, you know, the price
7:58
just keeps going up and to the right forever?
8:01
Probably not. I mean, I, I just like, I, I got
8:04
to be honest with you, bro, like, look, so let's break it
8:07
down. Sorry to interrupt.
8:08
Like Opti, like if the ETFs are buying most of the supply
8:14
because ladies and gentlemen, at the end of the day, the, the
8:16
reason that, you know, price, the price doesn't just keep
8:19
going up is because at a, at a eventual price, maybe it's an
8:22
OG, maybe it's someone who bought Bitcoin at $100.
8:25
Someone's like, I'm going to sell right?
8:27
And then of course, you know that that causes the price to go
8:30
down. But what I'm trying to make the
8:32
argument with is if the blog subsidy is 450 BTCA day and just
8:38
Michael Saylor alone wants to buy all that Bitcoin on a daily
8:42
basis. Not to mention the ETFs of
8:46
course, that are scooping up a lot of that Bitcoin, not to
8:50
mention all the institutional investors that are coming in as
8:53
well. I mean, it, it's not, I guess
8:58
the argument that I'm trying to make arp Opti is that it it's
9:00
not to like, I mean, where am I wrong?
9:05
Like please, like I, I, I where do you think I'm wrong here in
9:09
in making that case? Because I agree with BTC.
9:13
There's a reason that Max Keiser quote tweeted BT or quoted BTC
9:18
therapist on X on Twitter. He wouldn't have done that if he
9:21
didn't believe what he was saying because it makes sense.
9:24
Like all that cell pressure from the miners goes away because
9:27
Sailor buys it. And this isn't even take into
9:30
consideration the ETF stuff. So like where's that cell
9:33
pressure going to be coming from?
9:35
Is it going to be coming from O GS that bought Bitcoin back in
9:38
the day for less than a dollar? Potentially, But eventually
9:41
they're going to run out of Bitcoin, right?
9:44
So and then a lot of those OGOGS are ideological about this whole
9:48
movement. So you know, they won't sell no
9:50
matter what. So I I'm just saying, man, like
9:54
it. It could be like it, it 'cause
9:56
it sounds too good to be true, like a lot of things in Bitcoin,
9:59
but it's like, please put, please chat, poke holes in my
10:03
logic. I want to hear.
10:04
About it, I'll start here. I mean, obviously this is the
10:07
given that the Bitcoin price is going to be around 70 Ki don't
10:11
believe that's going to happen so.
10:12
It it exactly if it's not. Even it's going to keep.
10:14
Going up, it's going to be, it's going to be whatever.
10:18
Anyways, Anyway, yeah, anyways, there's the.
10:20
The point remains the same. You know, Sailor with micro
10:23
strategy is basically doing a daily DCA of $40 million buying
10:28
Bitcoin. That means the buy pressure
10:31
every single day is going to get scooped up.
10:33
That means you know the price is going to have a price floor,
10:37
which is obviously different than what we've seen in the
10:40
past. Obviously, you know, we can
10:42
argue that there's probably some very rich people, some whales
10:46
that do something similar, but now we have 1 very publicly
10:50
buying $40 million a day. So the point remains the same.
10:53
You know, I like I was saying, I think maybe it's not the Super
10:57
cycle that everyone kind of imagines it where just Bitcoin
11:00
just constantly pumps forever. But that's probably going to
11:04
dampen the volatility in the next bear market.
11:07
And that's going to be one of those things that's like, oh
11:10
wait, like the price is just going up into the right forever.
11:13
And so, yes, I think this is huge.
11:15
Obviously, we don't know exactly when he's going to start to
11:19
deploy that capital. Maybe it'll be later, maybe it's
11:22
going to be sooner than we think.
11:24
But either way, now we know for a fact that there's going to be
11:28
an extraordinary amount of buying pressure every single day
11:32
moving into this next cycle. So, hey, maybe this bear market
11:36
that we all think is going to happen again in what, like a
11:39
year or so, maybe Sailor is going to be able to keep that
11:42
floor up and now we're just gonna constantly go up into the
11:46
right and we won't see more of these 80% drawdowns.
11:49
I know a lot of us have been thinking that, yeah, OK, you
11:51
know, diminishing returns meme that, yeah, the Bitcoin price
11:55
isn't going to go up as high as we think it will.
11:58
But now it seems like the Bitcoin price isn't going to go
12:01
down as much as we're used to. So either way, this is
12:04
beneficial. And then again, that's not even
12:07
accounting for all the institutional capital, all of
12:09
the retail FOMA that I think is going to happen.
12:12
And just, you know, relaying a meme that I say on here all the
12:14
time is the Bitcoin price, in my opinion, is just a real time
12:17
metric of people's understanding of Bitcoin.
12:20
And I think as more people educate themselves, there's
12:23
going to be less selling in the next, you know, cycle of drop
12:27
basically that we think is coming in roughly around a year
12:30
or so. But then again, you know, now we
12:33
have institutional capital out there, Wall Street basically
12:36
trying to do Wall Street games. And so we might be seeing more
12:39
selling than we thought. But I think this is bullish.
12:41
I love seeing price floors. That just raises the price floor
12:45
on Bitcoin. And that means we know, you
12:47
know, $40 million a day buying Bitcoin.
12:50
And hey, you might want to get some Bitcoin.
12:52
You might want to continue the stack.
12:54
You might want to also deploy ADCA strategy like this and buy
12:58
Bitcoin every single day because hey, we may never come back down
13:02
again, who knows? It's true.
13:04
And you actually, I'm glad that you brought that up, Opti,
13:06
because you did poke a hole in my logic, which is if the price
13:10
of bitcoins at 100 or 150K, Michael Saylor, buying $40
13:14
million a day isn't going to be buying the whole block subsidy.
13:17
Yeah, but it does set that floor around this level of 70K75K
13:22
Bitcoin. So that's a really, really good
13:24
point. Anyways, do you guys believe
13:25
that this is the beginning of the Super cycle?
13:27
If you're watching the live show, let us know in the poll
13:29
that we just made live. And if you watch the show late,
13:32
just let us know down in the comments and we'll talk about it
13:35
after. Anyways, guys, before we start
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Bitcoin price is $70,390.00 sats per dollar 1421 Sats Black Block
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height 868,270 Realized monetary inflation 1.26% Market
17:07
capitalization 1.39 Trillion Bitcoin versus Gold market cap
17:13
7.23% Money supply 19,775,630 BTC percentage issued 94.17.
17:25
In the grand scheme of things, we are just getting started.
17:29
Anyways, ladies and gentlemen, I want to play you guys this clip
17:33
about the Bitwise, the Bitwise CIO and he believes that Bitcoin
17:40
is is going places very, very soon.
17:42
Let's check out the clip. Thing for Bitcoin is that the
17:47
election happens regardless of a Trump win or a Harris win.
17:50
The regulatory setting for Bitcoin is improving, and I
17:53
think that's what you're seeing reflected in the price.
17:56
Of course, in the short term, crypto favors a Trump victory
17:59
over a Harris victory, but really Bitcoin doesn't need
18:03
Washington to succeed regardless of what happens.
18:06
Institutions are moving into the space, adoption is rising, ETF
18:10
flows are happening. I think we go higher either way,
18:13
it just might be a little bit faster under.
18:15
Trump. Yeah.
18:15
And then when we talk about that, maybe a clarity from a
18:18
regulation perspective, right? How much of that is necessary in
18:22
order to continue that momentum, even potentially past 100,000?
18:25
Yeah, it's a great question. Look, I think we're going above
18:28
100,000 on Bitcoin. I think that regulatory clarity
18:31
you're talking about actually matters more for the so-called
18:34
altcoins for Ethereum on down. Those are more exposed to
18:39
regulatory risks. What then do you think is the
18:41
number one catalyst for Bitcoin as you look ahead to some of
18:43
your 2025 projections? Look, I think this is the best
18:46
single time to invest in Bitcoin from a risk adjusted
18:49
perspective. All of the major existential
18:52
risks of Bitcoin have been washed away.
18:54
We have an ETF, we have institutions.
18:57
They are coming into the space. The biggest catalyst is that
19:00
move of institutional adoption. We're seeing that accelerate.
19:04
We saw $800 million in ETF flows yesterday alone.
19:08
This is a tidal wave of institutional assets moving into
19:11
the space. There's a fixed supply, and from
19:13
my perspective that means higher prices.
19:15
And you're saying it doesn't matter ultimately?
19:17
In the long. Run who is elected come next
19:19
week. I'm curious because there's been
19:21
so much talk about why Trump is better for Bitcoin or for the
19:24
crypto community than Harris. It seems like at least in the
19:27
short term, maybe that is the case.
19:29
But why are you confident, I guess?
19:30
Why aren't you as concerned about the pullback that we could
19:32
see if Harris is elected? Look, I think we could see a
19:35
short term pullback, but in that case, I think it would be a
19:38
major buying opportunity. That's right, specifically for
19:41
Bitcoin, for those all coins. I think there's more regulatory
19:44
uncertainty, but Harris has already indicated that we're
19:47
likely to turn the page and I think Washington is ready to
19:50
turn the page on crypto. You see bipartisan support for
19:53
crypto bills. You see, talk about moving on
19:56
from the SEC. Make no mistake, short term the
19:59
rally is higher on crypto if Trump wins and I think it's more
20:03
certain we'll get that regulatory clarity for the
20:05
altcoins. But in either case, I think the
20:07
direction of travel is upwards. I think we'll be at new all time
20:11
highs this year on Bitcoin and I think 2025 will look even better
20:15
than 2024. Bullish.
20:17
Yeah. I mean, everyone's been,
20:18
everyone's thinking the same thing.
20:19
That's like the general consensus.
20:22
Everyone's, you know, expecting a very, very bullish of 2025.
20:26
Now, what I got to say, though, is emphasizing what we've been
20:30
emphasizing for the last year or so.
20:34
This election will have an impact on the regulatory
20:37
environment in the United States, however, because I know
20:41
a lot of Bitcoiners feel a certain way about that.
20:45
Regardless of who wins, Bitcoin doesn't need a politician in
20:49
order to succeed. Bitcoin doesn't need a
20:51
politician for number number to go up.
20:53
However, if you're a Bitcoin business owner in the United
20:56
States, this election will be will have an impact on you.
21:01
Now, that being said, I think Trump would be more positive
21:04
from a regulatory environment and because it would be more
21:07
positive for a regulatory environment, I think we will see
21:10
larger pumps if Trump is to win in about a week or so.
21:15
So we shall see. We'll stay tuned.
21:18
And also I do agree with him. I think we will, no doubt in my
21:22
mind, I mean, we can't be speculating, but I'm, I'm pretty
21:25
confident that we'll, we'll definitely at least break 100K
21:30
either by the end of this year, potentially heading into 2025.
21:34
And I'm not the only one to say this.
21:36
I remember I saw, I was in Europe for the last month or so
21:40
and I remember I saw a panel by Jack Mahlers at Bitcoin
21:43
Amsterdam. And he's also anticipating that
21:47
he potentially sees Bitcoin reaching 250,000 to one million
21:52
U.S. dollars in this cycle. So 20252026.
21:57
I mean, it's a little bit on the bullish end, especially those
22:00
larger number like the $1,000,000 numbers.
22:02
Like we shall see. No one knows.
22:05
But yeah, I mean, this is this is just exciting stuff overall.
22:08
And you know, I'm, I'm a little bit more pessimistic in terms of
22:14
Kamala coming in and her being more neutral, so to speak.
22:21
I, I think, you know, Trump has come out and said he'll protect
22:24
the right to self custody, He'll protect the right to mine.
22:27
I know Kamala has walked it back.
22:29
But again, I think actions are expensive and words are cheap.
22:34
I would love to see more words coming out of Kamala.
22:37
I think the only thing that we saw from Kamala was basically
22:42
promising to protect a certain demographic of people as it
22:47
really. And again, what were those
22:49
protections? She didn't get into the
22:50
specifics. So yes, it's great that we're
22:53
making progress, but the Democrats aren't quite there
22:57
from a regulatory clarity perspective.
23:00
It's but the the Republicans are.
23:02
So anyways, just wanted to leave my two Sats on that Opti.
23:06
I mean, it's a little bit bearish, my friend, you are
23:08
you're the bullish man on this show.
23:10
What's your take? Yeah, well, first of all, I know
23:13
the chat really loved I'm blinking.
23:16
I was named Matt Hugh. Matt Ho.
23:18
Matt Ho Matt from Bit Wise CIO, he echoes exactly what the chat
23:24
usually says, like Bitcoin don't need no stinking politician
23:27
that's going to win regardless of what happens in Washington
23:31
and what the politicians do. I totally agree with that.
23:34
But I think the signal remains the same that it is looking like
23:38
if Trump wins, you know, they have Howard Leitnik over there
23:41
on the Trump transition team. He's obviously behind Cantor
23:44
Fitzgerald. He's a billionaire that has
23:47
hundreds of millions of dollars in Bitcoin we just learned this
23:49
week. And so it does look like we're
23:52
seeing coming from the Republican camp rather coming
23:55
from the Trump camp that personnel will, you know, man,
24:01
I'm blanking on the word, but like personnel is policy
24:03
basically. And since Howard Leutnik is on
24:06
the Trump transition team, we know that they're going to be a
24:08
lot more favorable towards Bitcoin.
24:10
Obviously, I played the clip yesterday where he's talking
24:12
about this idea that maybe we shouldn't be calling Bitcoin a
24:15
currency because that puts a bull's eyes on us and we maybe
24:18
we should just be calling it a commodity.
24:20
So I would argue right now that that's probably going to be the
24:22
official stance coming out of the Trump campaign.
24:25
Though we did hear, we did get a sound bite yesterday of Trump
24:28
talking about capital gains on Bitcoin when you're buying
24:30
coffee and how that's wrong and like there shouldn't be that.
24:33
So it's looking like obviously we'll we'll have more, more
24:37
favorable regulation and more favorable administration coming
24:40
out of the Trump campaign. So, you know, depends on what
24:44
camp you're under. If you're under the, I would
24:47
like four years of cover under a Trump campaign for the Bitcoin
24:50
industry or you're following into the let's just accelerate
24:54
and get Kamala in there and let them fight us and Bitcoin will
24:58
obviously be proliferated. But the other thing that I think
25:02
he said that is very important, and I know a lot of people are
25:05
probably going to be asking this is basically should I be buying
25:09
Bitcoin right now? And I think we've been saying
25:10
this all year. Obviously it's been a little
25:13
harder to say it when the price was kind of going sideways and
25:15
chopping, but this is the best time to be buying Bitcoin.
25:19
Like he said in that clip, all of the existential risks
25:23
regarding Bitcoin have basically been cleared out of the way in
25:26
2025. It's going to officially be
25:27
cleared out of the way and now is the least risky time to die
25:32
Bitcoin and you know all time high is what where are we at
25:35
right now? Like 70,000 It's it's 3-4 K
25:38
away. I I don't know what that is in
25:40
math ratios here, but it's like 2 to 3% away from all time
25:44
highs. So I also do agree that we are
25:46
going to see an all time high this year.
25:49
Does that mean the all time high is going to be 100K?
25:52
Probably not. Remember what we mean.
25:54
We don't know, We don't know. Yeah, we don't know.
25:55
I'm just saying we are going to see an all time high in 2024.
26:00
I do also believe that 2025 we will be hitting the six figure
26:04
Bitcoin. I've been saying for a long time
26:06
that like 2 to 300 K seems to be maybe where we'll be at.
26:10
If you kind of look back at old cycles.
26:13
But again, maybe things are changing now and maybe things
26:16
have changed and we're going to see a lot of demand to Bitcoin
26:20
and this blow off top. It could be, you know, a double
26:23
tsunami compared to the fact that we got, you know, we we we
26:27
got a little price suppression seemingly last cycle cycle and
26:31
maybe all that pent up demand is going to skyrocket Bitcoin into
26:34
just ludicrous numbers this cycle.
26:37
But I think it all remains the same that yes, people are
26:41
waiting on the sidelines after the election next week, I'm sure
26:44
we will see a lot of people start to deploy capital because
26:47
the uncertainty that is caused because of the elections.
26:50
It does make people just kind of sit on their bags and and look
26:53
for buying opportunities. But the point remains the same
26:57
from here on out. Guys, we are in the next leg up
27:00
of the bull run, which means buy every dip is being activated.
27:05
This is the best strategy moving forward into the bull runs.
27:08
And hey man, I think we've been saying it for a while that 2025
27:12
is going to be a great year for Bitcoin.
27:14
It's going to be very interesting.
27:16
We'll be here along for the ride.
27:17
And man, I'm just, I'm a hype, you know, this year was a
27:20
struggle, you know, a little bit of a struggle session in the
27:22
Bitcoin space. But 2025 is going to be great.
27:25
Absolutely. All right, everybody, let's get
27:27
to the news. We have tons to talk about
27:29
state. Stay tuned.
27:30
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Foundation devices. Anyways, moving on to the news.
30:04
We have lots to talk about today, ladies and gentlemen.
30:07
First guys, we've been talking about the concept of the Overton
30:11
Window. Elon is bringing up the Overton
30:13
Window. This, even if it doesn't happen,
30:17
even if this does not happen, the fact that the discourse has
30:22
been moved to this point, you cannot walk back.
30:27
These are one of the things that you can't go backwards.
30:29
You cannot go backwards here, right?
30:32
So what am I talking about? Michael Saylor quoted Donald
30:36
Trump. Another reason as to why I
30:39
believe Donald is is better for Bitcoin in the industry.
30:43
He says this is Donald Trump and this is Saylor by the way, that
30:46
quoted Donald Trump. They have been paying tax on
30:50
crypto. I don't think that's right.
30:52
Bitcoin is money and you have to pay capital gains tax if you use
30:56
it to buy a coffee. I was talking with a friend and
30:59
he said it really shouldn't be taxed and I agree.
31:04
OK, OK, OK, OK Opti, how many times have we brought up this
31:09
exact point? How many times?
31:12
Too many times. How many?
31:13
Times we brought like think about it, OK, I was just in
31:16
Europe for a month for Bitcoin, Amsterdam and Lugano.
31:19
They don't. They don't tax you for.
31:25
They tax you for if, for example, the euro gains on the
31:29
dollar, they don't tax you on that difference.
31:32
There's like specific laws for that.
31:35
But if BIC and Donald, the potential future president of
31:39
the United States, just said that Bitcoin is money, why
31:42
should I be taxed for the gain that my money has on the
31:46
inferior money? Like, OK, it's because they're
31:50
OK with the euro and they're OK with other Fiat currencies
31:54
because all the other Fiat currencies are designed to go
31:56
down forever. They never bet that someone was
32:01
going to invent a sly roundabout way, a non sovereign alternative
32:06
money or currency that wasn't going to have inflation built
32:11
in, it was going to have deflation built in and it was
32:14
going to go up forever. So my argument is you can't pick
32:19
and choose from a regulatory perspective when money is
32:24
convenient, when Bitcoin, when you can say that Bitcoin is
32:29
money for for it to be convenient from a regulatory
32:32
perspective. And then on the other hand, you
32:34
can't say, you know what, Bitcoin actually isn't money
32:39
when it's convenient. From a regulatory perspective,
32:42
from the legal tender aspect, Bitcoin isn't money.
32:45
From the KYCAML, Bitcoin is money.
32:48
That's not how it works, man. That is not how it works.
32:53
And I'm glad that the Overton window is shifting because if
32:58
Trump gets elected, at least half the country is going to, is
33:04
really going to connect with this message.
33:06
Like we are making progress, we are winning.
33:09
This is what it's all about. So again, you know, and, and,
33:13
and he didn't, he didn't only say this about Bitcoin, he said
33:17
this about income tax altogether, which is something
33:19
that we've also brought up on simply Bitcoin.
33:22
So, I mean, anyways, Opti, do you have any thoughts on this?
33:25
I mean, this is great. Like we've brought this up so
33:27
many times. I'm like, dude, it does not make
33:29
sense that you have a capital gains tax and Bitcoin is money
33:35
and you can't go around and say for KYCML Bitcoin isn't money is
33:39
money. Like that does not make sense.
33:41
You're moving the goal post to justify regulations when it's
33:46
convenient for you, but when it's not convenient?
33:49
No, no, no, that's not the way it works.
33:51
Anyways, Opti, what's your take before we move on to the next?
33:53
Story. Yeah, Well, obviously I love
33:55
hearing this type of rhetoric. And again, kind of just echoing
33:58
what I just said, we got to remember, you know, personnel
34:01
equals policy coming out that like, that's how politics works.
34:04
And so I'm guessing that friend was like Howard Lutnick talking
34:08
to, you know, Donald Trump. Oh no.
34:10
And David Bailey too. He.
34:12
Did a great job either way. You know, Yeah, like Lutnick is
34:16
on the transition team. I'm sure.
34:18
Like, I'm, I'm just gonna say that it was Howard Lutnick that
34:21
said that, you know, and, and he's on the Trump transition.
34:23
He he went on Pomp's podcast the other day.
34:25
He's like, I'm gonna be pouring billions of dollars into.
34:28
Bitcoins, that makes sense. Like yeah, I'm gonna be a
34:31
billionaire, you know, just in Bitcoin.
34:33
Yeah, this is the way. But anyways, like obviously he
34:36
is a politician. He is campaigning, he is trying
34:39
to get votes, but this is the type of rhetoric that I like to
34:42
hear, you know, talk like talk about eliminating income tax,
34:45
talk about eliminating capital gains tax on Bitcoin.
34:48
Talk about freeing Ross. You know, if he follows through
34:51
on just that stuff like he's going to go down as a legendary
34:54
president in regards to the Bitcoin industry.
34:56
Like, obviously, I hope this isn't just talk and and there is
35:00
follow through, but it is starting to go to what Nico
35:03
keeps saying, you know, at least right now how half of the
35:07
population are getting exposed to this idea is like, oh, wait,
35:10
wait, we should treat Bitcoin as money.
35:13
Like, yeah, why, why do I have to pay capital gains tax when I
35:16
just want to buy some coffee? Like, why do I have to, you
35:18
know, get taxed on my Bitcoin when I just want to use it as
35:21
money? And so obviously we are heading
35:23
in the right direction, especially when you kind of look
35:25
at the opposite. We've been battling the Biden
35:28
Harris administration for the last three and a half, four
35:30
years in regards to Bitcoin Operation Choke .2 Point O has
35:34
been going in OverDrive like fighting the Bitcoin industry,
35:37
doing whatever they can to hamper Bitcoin adoption.
35:39
And now we have the other presidential candidate, you
35:42
know, on the other side being like, yeah, let's eliminate
35:45
income tax, like let's eliminate capital gains tax on Bitcoin.
35:48
Let's free Ross is like, yeah, this sounds like the president I
35:51
want in power. Hopefully there's follow through
35:55
on this, but you just love to hear it.
35:57
Like, obviously as a Bitcoiner, we talk about this constantly.
36:02
Again, hopefully it's more than just rhetoric, but yeah, man, I
36:05
I love to hear it. I like, hey, yo, keep keep
36:10
whispering sweet. Nothing's in my ear.
36:12
Trump, this is great. All right, ego, Let's are we
36:17
going next story. What you got here?
36:18
Absolutely. So Speaking of The Donald,
36:23
Donald Trump wishes Bitcoiners a happy 16th anniversary of
36:27
Satoshi's white paper and calls to free Silk Road founder Ross
36:31
Ulbricht from prison. Very, very interesting.
36:35
I don't know about you guys. Like I'm telling you, I'm, I'm
36:38
voting a free Ross, baby. I'm voting a free Ross.
36:42
Anyways, moving on to what I want to talk about today.
36:46
Very interesting, very interesting article written by
36:52
Bitcoin Magazine. The name of the article is the
36:56
Bitcoin Popularity Index, a measure of Bitcoin interest
36:59
around the world. So it goes on to say,
37:02
introducing the the BPI, the first comprehensive search study
37:06
of its kind, that the index has been curated in an attempt to
37:10
measure the global reach and impact of Bitcoin through a
37:13
broad analysis of Google search queries.
37:16
Unlike many studies that offer absolute data or blend or blend
37:20
various aspects of cryptocurrency, the BPI data
37:24
aims to deliver insights of Bitcoin interest, specifically
37:28
by considering factors such as language diversity, Google's
37:33
browser dominance, and population sizes.
37:36
This approach allows us to gauge not just the raw interest, but
37:41
also the relative intensity of Bitcoin engagement across
37:45
different countries. We can therefore highlight which
37:48
countries are punching above their weight, relatively
37:51
speaking. While not intended as a
37:53
definitive answer, the BPI serves as a useful exercise,
37:58
perhaps the best snapshot we have amid imperfect data.
38:03
By integrating these various elements, the Bitcoin Popularity
38:07
Index offers a unique perspective, shifting away from
38:11
generic mentions metrics to provide a richer, more
38:15
contextual understanding of how Bitcoin's adoption is advancing
38:19
worldwide. Key Findings The USA scores the
38:23
highest number of queries with 14,000,000 queries per month,
38:28
followed closely by Brazil with 1212 million queries per month.
38:33
Germany, India and Turkey complete the top five.
38:37
The top seven and eight of the top ten positions are occupied
38:41
by Western European countries. Western Western countries around
38:45
the world have an average BPI of approximately 3720, indicating a
38:51
relatively high popularity of Bitcoin.
38:55
Africa has the lowest BPI scores among the continent.
38:58
This is unsurprising given the Internet penetration in Africa
39:01
is only 40%. The most predominant Bitcoin
39:05
queries are price queries, and more often than not, the price
39:09
of Bitcoin against the dollar. In Egypt, however, Bitcoin is
39:13
more frequently priced in bars of gold instead of the dollar or
39:17
the Egyptian pound. The total number of monthly
39:21
Bitcoin related queries is nearly 77 million, with direct
39:25
searches for Bitcoin approaching 10 million.
39:29
The ratio of Bitcoin to Ethereum queries is 9 to one wrecked.
39:35
And I just want to highlight the the the map for everyone.
39:39
This is pretty effing cool, man, I'm not going to lie right?
39:42
You have the United States, Canada is just completely blue.
39:46
I mean, it explains it because there's so many like Canadian
39:49
and Canadian companies, They're the, the amount of the amount of
39:52
the population ratio to Bitcoiner in Canada is so
39:57
freaking high. You have some of the most
39:59
awesome Bitcoiners coming out of Canada.
40:02
So it makes sense, right? The USA, Brazilians, they're
40:06
obviously, you know, they're into it.
40:08
Australia, they're super into it as well.
40:11
All of Europe seems to be into it, Germany specifically Turkey
40:15
as well. So we saw look, the United Arab
40:18
Emirates, which makes sense, Japan.
40:21
So we still got a lot of work to do.
40:23
But yeah, I mean, this is great. This is awesome.
40:25
This is this is really, really cool.
40:27
I thought you guys would find it interesting.
40:30
You guys could go check out the whole article.
40:32
Just search the Bitcoin popularity index for it on
40:38
Bitcoin Magazine and it'll break it down for all of you guys.
40:41
Anyways, Opti, I mean, does this surprise you?
40:44
I knew that the US was going to have a lead, and I knew that
40:48
Canada was going to have a lead as well.
40:51
But I was a little bit surprised in terms of Africa.
40:55
Like, you know, I would think that Africa would have more
40:58
penetration, more reach, but that's that apparently isn't the
41:02
case. What's your take?
41:04
Yeah. I'm personally not really that
41:06
surprised, especially when you kind of understand like the
41:10
dynamics of what's going on in the world right now.
41:13
Obviously I would argue that the people in the Western country
41:16
have, you know, more capital, they have, they have more
41:19
profits, they have more excess. And this is probably why they're
41:22
looking for places to put that excess capital to preserve its
41:25
value. And I think this is what's
41:27
happening. Obviously, we do have the meme
41:30
in Bitcoin that the global South or, you know, third world
41:32
countries do have an opportunity to leapfrog into quote UN quote,
41:36
first world countries by their adoption of Bitcoin.
41:39
But when you kind of look look into it a little deeper and you
41:41
realize, like, you know, most people in 3rd world countries
41:44
don't really have excess. And this is probably why you're
41:46
seeing in the first world of countries that they're looking
41:49
for places to store that value. Now on that front, you know, I
41:54
personally, I'm going to troll a little bit here. 10 million
41:56
searches of Bitcoin. Come on, we got to up those
41:59
numbers. There's 8 billion people on
42:00
planet earth. We need to get more searches of
42:03
Bitcoin. We need to override the Google
42:05
Analytics. But it is going to show that as
42:07
the price starts to go up, these metrics will continue to climb
42:11
and more people will look into Bitcoin.
42:13
And I, I find it interesting to another thing that I always say,
42:16
you know, if you, if you, you kind of look at what the
42:18
searches were, it's always about Bitcoin and the price.
42:21
And so I know a lot of Bitcoiners always talk about
42:23
like, oh, the price of Bitcoin is the least interesting aspect
42:26
about Bitcoin. Totally agree.
42:28
But you also have to remember that that's what the normies
42:31
kind of look at. They look at the Bitcoin price
42:33
and that's kind of what gets them into Bitcoin.
42:35
I mean, personally, I, I remember how I got into Bitcoin,
42:37
Bitcoin kissed 10K for the first time.
42:40
And that was, you know, the last tipping point for me to kind of
42:44
search into Bitcoin. And then I fell into the rabbit
42:46
hole. So it's the mean theme of you
42:48
come for the money, but you stay for the revolution.
42:50
And most people, you know, for better or worse, they start to
42:53
get interested in Bitcoin when the price goes up, which is, you
42:57
know, hilarious because once you come into Bitcoin, you probably
42:59
get more excited when the price goes down because you can
43:02
acquire more sets. But I'm not really surprised
43:05
that the Western world is looking at Bitcoin more again,
43:09
You know, we're the ones with excess capital, with melting ice
43:12
cubes, and we're trying to find places to store that value.
43:14
If you're living paycheck to paycheck and you can barely
43:16
survive, like there is kind of a, a Maslow's hierarchy of needs
43:21
here where once you get past the survival level is when you start
43:24
to look for assets. And obviously, if you save in
43:27
Bitcoin, there is an opportunity to kind of start to elevate
43:31
yourself out out of the survival needs.
43:34
But again, you know, there is a lot of education that needs to
43:37
be done. And we're, we're, we're starting
43:39
to enter that, that next epoch in Bitcoin, that next era where
43:44
people are looking at Bitcoin legitimately as something that
43:46
they want to store. You know, I remember before
43:49
Bitcoin, I was, I was a Luddite here and I, I would be the one
43:52
saving cash under my pillow, obviously metaphorically.
43:55
But now hopefully the trend will lead towards that's what people
44:00
will do with their Bitcoin. They'll just store it under
44:02
their pillow and save in Bitcoin, you know, nickel and
44:04
time their way out of poverty. Obviously you got to be
44:08
disciplined and you and you need to meet your survival needs, But
44:11
I really love this metric. I, I totally miss this metric,
44:14
but shouts out to the BPI, you know, Bitcoin popularity index
44:17
and we've been doing this for a long time with the Google
44:19
metrics and you can do this where you know, you can see in
44:23
the bear markets, no one's searching for Bitcoin in the
44:27
bull markets. Everyone's searching for Bitcoin
44:29
and I don't remember the numbers, but I, I haven't
44:32
checked the Google trends lately, but I'm pretty be sure
44:35
that the Google search trends right now are way under where
44:38
they were in 2017 in the 2021 bull market.
44:41
So I think that's going to increase and more people are
44:44
going to start to look at Bitcoin.
44:46
And that obviously means more people are going to educate
44:49
themselves, expose themselves to all of the Bitcoin narratives in
44:53
the Bitcoin thesis and hopefully switch their operating system to
44:56
a Bitcoin centric worldview, which obviously is a better
45:00
worldview because if you align yourself with with nature, then
45:04
you know, life rewards you. And I think that's what we're
45:06
seeing happening right now. The Fiat apocalypse is upon us
45:10
and the Fiat worldview is collapsing back to reality.
45:14
And Bitcoin is reality, baby. So let's go keep on winning.
45:18
Let's F and go. We're winning, ladies and
45:20
gentlemen. We got to keep up the pressure.
45:21
Anyways, guys, stay tuned because we have a ton to talk
45:25
about during the culture segment.
45:27
Let's check it out. Here we go.
45:40
All right, everybody, welcome back.
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46:21
All right Opti, I see you have something pulled up.
46:24
What are you talking? About today well guys, it's not
46:27
only Halloween, it is Satoshi's Bitcoin white paper day and so
46:32
you know I'd be remissed here if we don't talk about the white
46:35
paper. And maybe today is a good day
46:38
for everyone out there to reread the white paper.
46:41
I've been referencing the white paper all year long on, you know
46:44
why we Bitcoin in the 1st place, but here we go.
46:47
Let me get into this and for people that don't know, you
46:50
know, 16 years ago today, Toshi Nakamoto published the Bitcoin
46:53
white paper on October 31st, 2008.
46:57
And here is the the post he did on the cryptography mailing
47:03
list. And I'm not going to read the
47:04
whole thing, but I do have the white paper here.
47:07
But I will read the beginning because it really does highlight
47:10
what Bitcoin is. And especially since we're at
47:14
this point right now, obviously we've been talking about it all
47:16
year. The institutions are here, you
47:19
know, Wall Street is here, politics are on our doorstep.
47:23
And I think it's very important for us to kind of remind
47:26
ourselves why Bitcoin was created in the 1st place and
47:30
what was, you know, the initial intention of why Satoshi created
47:34
the Bitcoin white paper. And this isn't to say, you know,
47:37
like Satoshi is a hero and he's the authority figure here, but
47:42
there's a lot of good signal in this initial post on what the
47:46
ethos of Bitcoin is and why it was created in the 1st place.
47:49
So again, Friday, October 31st at 14 10 Eastern denomination
47:53
time 2008 Satoshi on the cryptography mailing list posted
47:58
this Bitcoin a peer-to-peer E cash paper again, peer-to-peer E
48:03
cash paper. Remember what all the central
48:05
banks have been talking about in in regards to Bitcoin.
48:08
They always like to frame Bitcoin as just a payments
48:12
network. It is not a payments network
48:14
guys. It's a peer-to-peer E cash
48:16
system. Here we go quote I've been
48:19
working on a new electronic cash system that's fully peer-to-peer
48:23
with no trusted third parties. Again, a new electronic cash
48:28
system that's fully peer-to-peer with no trusted third parties.
48:31
The paper is available and of course, it's still there
48:33
bitcoin.org/bitcoin dot PDF and here are the main properties.
48:37
The main properties are double spending is prevented with a
48:40
peer-to-peer network. No mint or other third parties.
48:44
Participants can be anonymous. New coins are made from hash
48:47
cast style proof of work. The proof of work for new coin
48:50
generation also powers the network to prevent double
48:52
spending. And of course, here we have the
48:55
beginning of the Bitcoin white paper, the abstract Bitcoin a
48:58
peer-to-peer electronic cash system.
49:00
So again, I would highly suggest that if you haven't read the
49:04
Bitcoin white paper, maybe today's a good day to reread the
49:07
Bitcoin white paper or you know, you know, actually, if you
49:10
haven't read it at all, maybe today's the day to read it for
49:12
the first time. But all of us have read it
49:14
multiple times. Maybe rereading it today is a is
49:17
a is a good time to read it, of course, 16 year anniversary.
49:20
But again, just kind of breaking down these main properties here,
49:24
of course, and electronic cash system.
49:26
Nowhere in this does Satoshi say that this is a payments network
49:30
like the ECB or the Federal Reserve would like you to
49:32
believe it is. Again, they always frame Bitcoin
49:36
as, oh, this is just a payment settlement network and you know,
49:39
it hasn't caught on for payments and we already have Visa and
49:43
PayPal. Like, why do we need a new
49:45
payment system that is clunky and slow and takes 10 minutes to
49:48
settle? And it's like, that's not what
49:51
this is. It's an electronic cash system,
49:53
a peer-to-peer electronic cash system, which means that I can
49:56
send Nikko money or I can send someone across the world money
49:59
directly without a trusted third party, again, without a trusted
50:04
third party. And you're seeing right now that
50:07
there is AI would argue a concern narrative to kind of,
50:12
you know, Trojan horse custodians and trusted third
50:15
parties here. We've seen the conversation of,
50:18
oh, banks need to custody your Bitcoin.
50:20
Yes, even how many days after the Bitcoin network was
50:24
released, he did talk about there will be Bitcoin banks in
50:27
the future. I'm not one of these persons
50:28
that thinks there will never be banks and that banks are going
50:31
away. No, Bitcoin is not eliminating
50:34
banks. It's eliminating the central
50:36
banks, though, the need for the central banks and, and it's
50:39
going to disintermediate the power that the international
50:41
banks have via the central banks.
50:44
Now, of course, double spending, kind of some vernacular, but
50:47
that just means that you can't spend the same coin twice.
50:50
And then again, no mint or trusted third parties again,
50:52
guys, the elimination of trusted third parties, the elimination
50:55
of middleman is what we're trying to do here.
50:58
And you can see a concerted effort coming from institutional
51:01
managers and of course Wall Street and the like of trying to
51:05
insert trusted third parties. Yes, the world and society needs
51:09
to be run on trust. Yes, trust is a feature of
51:12
society, but we no longer need middle men to trust, to control
51:16
our money, to trust that they're not going to debase our
51:18
currencies. And this is a good thing.
51:21
This is why we are here for Bitcoin.
51:23
And of course, you know, Satoshi did say participants can be
51:26
anonymous. It's synonymous.
51:27
But hey, we're we're not going to get hung up on that.
51:30
And then of course, proof of work, guys, proof of work is a
51:33
feature, not a bug. And it's very interesting in the
51:36
last 15 years that all the skeptics and haters of Bitcoin
51:40
always kind of say that, oh, proof of work is a bad thing.
51:43
They're wasting so much energy. And it's like, no, this is a
51:46
feature, not a bug. Now we have a money that is
51:49
connected to reality that needs to use energy to create and
51:54
propagate the network, create new coins that go into the
51:56
network versus the opposite, which is the Fiat currency that
52:00
is literally created with no work.
52:02
It's created out of nothing. It's the basing by, you know,
52:06
lower estimates of 2% every year, which means I think it's
52:09
every 10 years you lose 50% of your purchasing power.
52:12
Of course, though, even in this first part it doesn't really say
52:15
anything about 21 million, but that does get talked about in
52:18
the Bitcoin white paper. So, you know, just pulling it
52:20
up, guys, go read the Bitcoin white paper.
52:24
It's 9 pages. You know, maybe the, the, the
52:27
end of it might be a little too much of computer science for
52:31
you. But if you read the
52:32
introduction, you read the first part of the paper, you do get a
52:35
lot of signal and a lot of ideas of what Bitcoin was created in
52:39
the 1st place and why we do what we do and why it's caught on for
52:42
so long. And I just think it's very
52:44
important for us to constantly reread this and, you know,
52:49
celebrate the holidays that we have walked in on white paper.
52:53
Adani, in honor of the holiday, should we Should we read it?
52:56
Should we read the abstract? Yeah, sure, I'll read it.
52:59
Let's go. All right.
53:01
So again. In a little bit, yeah.
53:04
I got you. So again, I'm over here on
53:07
bitcoin.org/bitcoin dot PDF. Go search this for yourself,
53:11
read it for yourself. And this is dropped by Satoshi
53:15
Nakamoto and it's Bitcoin, a peer-to-peer electronic cash
53:19
system. And I reference to abstract in
53:21
the first sentence of the introduction on this show all
53:23
the time because it like there's a lot of narratives that come
53:26
out about, you know, like, oh, we don't need a peer-to-peer
53:30
cash on the Internet. Like just trust the bank, bro.
53:33
And it's like, no, read the white paper, remind yourself why
53:36
it was created in the 1st place, and here we go.
53:39
The abstract. A purely peer-to-peer version of
53:41
electronic cash would allow online payments to be sent
53:44
directly from one party to another without going through a
53:47
financial institution. Digital signatures provide part
53:50
of the solution, but the main benefits are lost if a trusted
53:54
third party is still required to prevent double spending.
53:57
We propose a solution to the double spending problem using a
54:00
peer-to-peer network. The network time stamps
54:03
transactions by hashing them into an ongoing chain of hash
54:06
based proof of work, forming a record that cannot be changed
54:09
without redoing the proof of work.
54:12
The longest chain not only serves as a proof of the
54:15
sequence of events witness, but proof that it came from the
54:18
largest pool of CPU power. As long as a majority of the CPU
54:22
power is controlled by nodes that are not cooperating to
54:24
attack the network, they'll generate the longest chain and
54:27
outpace attackers. The network itself requires
54:30
minimal structure. Messages are broadcast on a best
54:33
effort basis and nodes can leave and rejoin the network at will,
54:37
accepting the longest proof of work chain as proof of what
54:39
happened while they were gone. Again, you can unpack this a lot
54:43
and we could probably talk about this and all bitcoins have been
54:46
talking about just what is said in the abstract for a long, long
54:50
time. But again, just to reiterate,
54:53
This is why you need to be running a node.
54:55
If you are a Bitcoin activist or you a radicalist or you know,
54:59
Bitcoin enthusiast, you got to run a node.
55:02
Make sure you're verifying your your own transactions and
55:06
relaying the messages that are being broadcasted.
55:09
Again, Bitcoin is just a messaging system, guys.
55:12
This is why we always say that Bitcoin is a free speech issue.
55:15
It is literally speech. Not only is the code speech, but
55:18
all you're doing is you're broadcasting messages, which is
55:22
why you're seeing a lot of stuff come out from the regulatory
55:25
landscape that is just trying to, you know, Frankenstein
55:29
Bitcoin so that they can try to control it and put it into a
55:31
box. But again, peer-to-peer cash
55:35
system, broadcasting messages, proof of work, these are all
55:39
integral to what Bitcoin is. And you know, This is why we
55:44
Bitcoin. And actually, Nico, one last
55:45
thing. I'm going to read the first
55:46
sentence because I love this first sentence.
55:48
Commerce on the Internet has come to rely almost exclusively
55:51
on financial institutions serving as trusted third parties
55:54
to process electronic payments. While the system works well
55:57
enough for most transactions, it still suffers from the inherent
56:01
weaknesses of the trust based model.
56:04
I reference this all the time and what we're seeing right now
56:07
with the Fiat apocalypse, with the the Fiat system is kind of
56:12
what we are hearing coming out from the corporate press right
56:14
now. People are losing trust in the
56:16
institution, whether that's corporate press, whether that's
56:19
the financial institution. Trust right now in the system
56:23
might be at the lowest level it's been in a long, long time.
56:27
And This is why we've moved over to Bitcoin because we don't have
56:30
to trust humans anymore. You just trust that the software
56:33
is doing what it's doing. You trust that people are
56:35
following the rules that you enforce with your own node.
56:38
This is what Bitcoin is all about.
56:40
This is why, you know, this is such an important holiday for
56:43
us. Bitcoin is it's not just
56:44
Halloween. It is Bitcoin white paper day.
56:47
And man, 16 years. It's been a solid run and shouts
56:51
out to the chat that's saying we've been in the bull run for
56:53
the last 15 years. But this is a historic day.
56:56
I think, you know, I would argue years, decades down the line,
57:01
this will be, you know, one of those moments that we can look
57:04
back on and be like this fundamentally changed the world.
57:07
And shouts out to Satoshi in October 31st being more than
57:11
just a Halloween or, you know, people in the chat saying more
57:14
more than just a Pagan holiday. This is the day that the world
57:19
forever changed. And again, shouts out to Carlos
57:22
Matos of the OG 2017 era bit Connect.
57:26
The world is no longer what it once was.
57:28
We are in a new world and here we are.
57:32
Man, it's it's great. Absolutely love it.
57:35
Here we are. Also, yeah, and you know what's
57:38
crazy too is that freaking Trump tweeted about this.
57:43
Bro how fucking? Gnarly is that that was that was
57:46
interesting. That wasn't how gnarly is that
57:48
from from his true social Well, you can't see it, but it's
57:51
anyways it says and Bitcoin will be made in the USA.
57:54
We will end Kamala's war on crypto.
57:58
I would like to wish our great Bitcoiners a happy 16th
58:03
anniversary of Satoshi's white paper.
58:06
Hashtag free Ross day one, bro. That is gnarly, dude.
58:10
I mean look guys, if, especially if you live in one of the swing
58:13
states, your vote, you know your even if you don't get out to
58:18
vote, clearly you have a choice between two candidates.
58:22
I know who I'm going to choose, but anyways.
58:25
And also, Nico, adding a little lower to this, Melania, I think,
58:28
tweeted about the white paper last year, and now we have Trump
58:32
tweeting it this year. So hey, maybe next year, I don't
58:37
know who's bigger than Trump right now, but maybe, maybe
58:40
we'll get everyone tweeting Happy White Paper Day instead of
58:44
Happy Halloween. Exactly exactly all right,
58:47
ladies and gentlemen, if you guys enjoy the show, smash the
58:50
like button consider subscribing if you feel like we provided you
58:52
value, but the number one thing you can do is share this
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59:00
love you all. We'll be back tomorrow for
59:02
another episode of Simply Bitcoin Live.
59:06
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