Latest / Simply Bitcoin / Bitcoin & Nayib Bukele WIN Re-Election in El Salvador | EP 919

Transcript

Bitcoin & Nayib Bukele WIN Re-Election in El Salvador | EP 919 · Simply Bitcoin

0:03
It's all. Going to zero against Bitcoin.
0:07
It's going up forever. You're.
0:16
Against Bitcoin, you're against freedom.
0:20
Yeah. Welcome to another episode of
0:22
Simply Bitcoin Live. Your number one source for the
0:24
peaceful Bitcoin revolution. Code breaking news culture.
0:27
Matic warfare. We will be your guide through
0:28
the separation of money and state.
0:31
Today's a very special episode. Nayeem Bouquelay has won re
0:35
election in El Salvador by a historic margin.
0:39
Last time I checked, he won 87% of the vote.
0:44
Well, you can. You look at that like a
0:46
president, like a president or politician who actually says the
0:50
things he's going, the things that he promises on campaign and
0:56
look, he gets reelected for it. Look at that.
0:58
It's very interesting. Of course, that doesn't stop the
1:01
legacy media from going absolutely bonkers.
1:04
There was a week before there was attacks from multiple
1:08
outlets, not only multiple outlets, but also a political
1:11
attack as well. There is AUS representative that
1:14
try to, and I'm going to say very strong wording, but it's
1:17
the truth interfere in the election of El Salvador.
1:20
So we're going to get to all that.
1:21
We're going to cover the details.
1:23
Nayeem Bukele also had some very strong words as to why he
1:27
believed he was being attacked. Ladies and gentlemen, this is an
1:30
example of democracy. This is the definition of
1:34
democracy. Even though the detractors of
1:37
Bukele, the people that were hating on Bukele, one of the
1:40
excuses that they continue to use was that Nayem Bukele was a
1:44
threat to democracy. If you won, if you win 87% of
1:48
the vote. Isn't that an example of
1:50
democracy? Well, I believe it's because
1:52
they define democracy differently and Naimbu Kele gets
1:56
to that. We'll explore all of those
1:58
topics, of course. And we also have a very special
2:01
guest. We have Trey Sellers.
2:03
He is the VP Enterprise Sales at Unchained.
2:06
We're super, super happy to have them, happy to have him.
2:10
We're going to talk about Unchained of course.
2:12
And during the numbers we're going to talk about inflation,
2:15
right. The continue the continuing
2:17
gaslighting that continues to happen not only see from the
2:20
legacy media, from the central bankers and also from the
2:23
politicians. Well, I don't think they'll
2:24
they'll be able to get away with that for that much longer.
2:27
I think the Overton window is shifting.
2:30
People are starting to wake up to the reality of what is
2:33
inflation and most importantly what is money.
2:36
Does the money need to decrease in purchasing power in order for
2:40
it to exist. That's a very, very important
2:42
question. I don't think governments have a
2:44
really good answer to that. Anyways, no more delay.
2:46
I do want to bring up my cohost. Always optimistic.
2:50
Opti, you looking good today, bro.
2:52
What's up? How you doing?
2:53
I. Don't know.
2:55
Another day, another day in paradise.
2:57
Man, life's good, life's great. Everything's good.
2:59
It's and not only just for us here.
3:02
It's simply Bitcoin. But man, incredible, incredible
3:05
results coming out of the El Salvador election, especially
3:08
considering that we did see, what were you saying,
3:11
interference last week? I mean, it's a strong word, but
3:15
to be fair, that's the word that they use.
3:18
That's the word. That's a lot of the talking
3:20
points that they use, like interfering in elections.
3:23
So I'm just kind of like throwing back the words that
3:25
they've used back they can. Live up to their own rules.
3:27
Exactly So. So, yeah, man, incredible news
3:31
coming out of El Salvador. This is five more years of of
3:36
five more years to allow the Bitcoin law to do its thing.
3:39
Five more years of peace, opportunity, optimism.
3:43
In El Salvador. I saw a joke by Max Kaiser.
3:47
I remember the saying there's always a little bit of truth in
3:49
every joke. El Sav Max Keiser put out a poll
3:53
is should Naimbu Kele run again once his turn is over Once his,
3:57
you know. And no, that's that's it's.
4:00
Really. Make them freak.
4:01
Out. That's really kind of
4:02
interesting that he says that. Anyways, no more delay.
4:04
I do wanna bring up our various guest Trey Sellers, Thank you so
4:07
much for joining us on Simply Bitcoin today.
4:09
How you doing man? What's up Nico?
4:11
What's up Opti? Thanks for having me guys.
4:14
How bad did I butcher your title?
4:16
So it's Vice President of. Vice President, Enterprise
4:20
Sales. I've been with Unchained for
4:22
like almost three years now and I've seen it all.
4:25
You know, Unchained has has grown quite a bit over the last
4:28
few years since I've been here and and we really have moved
4:30
from a start up into a full blown company now, right?
4:34
And we've got a whole bunch of different departments, we've got
4:38
a lot of process and are much more professional and in the way
4:42
that we approach the market. And so we're we're moving into
4:45
new markets, enterprise being one of those.
4:47
And so I'm I'm lucky enough to be able to to head that head
4:51
that effort, absolutely. Very.
4:52
I'm a huge fan of the company. I remember when you guys first
4:56
started use some of your guys's products before big fan.
5:00
You know the the Caravan feature, the Multi Sig, the
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Collaborative Custody, there's so many products that Unchained
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offers that really I feel like is the top of the line.
5:08
So huge fan of Unchained, huge fan of what you guys are doing
5:11
and overall it's gonna be a great episode.
5:13
Opti, could you cue the audience?
5:15
Maybe drop some little hints about what we're gonna talk
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about during the culture? Well, it's gonna be all things
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Unchained. So if you have ever wondered
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what they're doing at Unchained, why you should maybe consider
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them. We're gonna get into the nitty
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gritty today about you guys making sure that you're
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custodying your Bitcoin correctly for the future and for
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the long term. 100 percent, 100%.
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Let's jump straight into the numbers.
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We have a lot to talk about. Let's check it out the.
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Anyways, at the time of recording, the Bitcoin price is
7:50
42,630 sats per dollar. 2346 block height 829,071 blocks to
7:59
having 10,929 having estimate April 19th 2024 Total lightning
8:06
network capacity 4928 Bitcoin or roughly 210 million U.S.
8:13
dollars. Realize monetary inflation
8:15
1.75%. The total market capitalization
8:18
of Bitcoin $836 billion with the B Bitcoin versus gold market cap
8:24
6.07% in. The In the grand scheme of
8:27
things Bitcoin is still a baby. Because I want to give you guys
8:32
a quick ETF update. The the BlackRock iShares ETF
8:37
continues to mean 72,000 Bitcoin.
8:40
At the beginning of last week it was sitting at 50,000 Bitcoin.
8:45
Obviously tremendous amount of inflows.
8:47
Lots of institutional interest, very exciting stuff.
8:50
If you combine both Fidelity and BlackRock, they're estimated to
8:54
hold about 150,000 Bitcoin together.
8:58
Absolutely crazy, right? Give or take.
9:00
Probably like a 40 to 150,000, but we'll give you guys an
9:03
update on the ETFs every single day because that number
9:06
continues to go up, which is really, really interesting.
9:09
Anyways, what I want to know is who among you is anybody willing
9:12
to admit to selling your Bitcoin to BlackRock?
9:16
Who's doing it? It's not me.
9:18
I mean, if if anyone admits in the chat that they're doing
9:22
that, we will ban you out of the chat.
9:26
No, but it's true. Who's selling?
9:28
Who's selling, I mean. Someone has to be doing it.
9:30
Wait. Wait, let's actually have this
9:31
conversation before we move on to the inflation conversation,
9:34
Trey. Like, honestly, where are they
9:36
getting all this Bitcoin right? Because we know that the vast
9:38
majority of Bitcoin it's in cold storage.
9:40
It's not moving, right? Miners only have so much to
9:43
sell. So who's selling them this
9:45
Bitcoin Trey? Yeah, I mean, as much as we
9:49
would like to think that Bitcoin has arrived on the world stage
9:53
and it and it has, it's, it's making its introduction, right?
9:56
It's just walking out onto the stage.
9:58
Most people still don't understand it.
10:00
Most people don't understand what how valuable it actually is
10:04
to hold on to those sets. And so they're not concerned
10:07
with making sure that they lock it down and preventing Larry
10:10
Fink and anybody else from getting ahold of those.
10:12
So you know, you, you and I and and this group of people
10:16
watching the show, we're in the minority unfortunately.
10:19
But that will change over time, Larry.
10:23
And and all the the people who who are running these ETFs, the
10:27
people who are buying Bitcoin in in these large amounts and these
10:30
institutions, they're going to have to pay a much higher price
10:33
in order to you know pry any of these stats away from from the
10:37
Hodlers that that are joined in here today. 100 percent, 100%,
10:41
eventually they're going to run. They're just there's not enough,
10:43
there's not going to be enough Bitcoin to sell to them which
10:47
means number go up, right. Has to.
10:49
It's it's going up forever as they say.
10:51
I mean, you know, so sourcing Bitcoin in the future is going
10:56
to be very difficult, you know, unless you are just pulling it
11:00
from the economy, providing goods and services and that kind
11:03
of thing. I will never sell a single SAT
11:07
to Larry Fink and the ETFs. I don't know what people are
11:10
thinking out there. Absolutely.
11:11
It's going up forever, Laura. Amen to that.
11:13
All right, ladies and gentlemen, I do want to talk about the
11:16
continued gaslighting, and I think that they can only keep
11:20
this up for so long. This is Opti's ex-girlfriend,
11:24
Christine Lagarde. Opti is infamous for dating all
11:27
the central bankers trying to get the benefits of the
11:30
concilionaire class. He's he hasn't been successful
11:33
yet, but let's check out this latest video from Christine
11:36
Lagarde. Apparently she's watching simply
11:38
Bitcoin because she started doing shorts.
11:40
Let's check it out. Floods, droughts and wildfires
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last year with just a preview of what is to come.
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A hotter climate and nature loss.
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Are changing our economy and our financial system at the ECB.
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We must understand this change to ensure financial stability
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With our new Climate and Nature Plan, we focus on the following
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own models. We will also work to reduce our
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carbon footprint in everything we do, from banknotes to how we
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supervise banks. So I mean, like the simply
12:45
Bitcoin comment I think is is the best fitting right is that
12:48
they will blame climate change for inflation 'cause that really
12:51
sure seems like where it's going, and I think I've heard
12:54
her say that more directly in the past.
12:56
Here is this crazy, crazy article that came out from the
13:00
Washington Post February 2nd. It goes on to say inflation has
13:04
fallen. Why are groceries still so
13:07
expensive, right? So like, clearly, clearly we
13:10
have a lot of education to do. As bitcoiners, we have to
13:14
continue shifting that Overton window, right?
13:17
Because they've clearly have the higher ground here, right?
13:21
Not only with Christine, the Guard basically making the claim
13:24
that somehow, you know, these central banks can not only
13:28
quote, UN quote manage the economy but also manage the
13:31
weather somehow, which is absolutely absurd.
13:34
And then here I think is a really important point.
13:37
And then we've seen the current regardless of Democrat or
13:40
Republican, you guys know, we're apolitical and simply Bitcoin.
13:42
We don't lean left or right blue, red, we lean the part.
13:45
We are on the side of the party of Orange versus the party of
13:48
Green anyways. So I I do want to highlight
13:51
this, right, which is inflation has fallen.
13:53
Why are groceries still so, so expensive?
13:56
So and and that's a narrative that you know, the current
13:59
administration has used, right. We've we've tackled inflation.
14:03
Inflation has come down. Just because inflation has come
14:07
down, all that means is that the rate of which prices are
14:11
increasing is slowing down. But that does not mean that the
14:17
prices are going to go back down to where they were before.
14:20
And that's a really important point, especially for the
14:23
general public to understand, because one of the things that
14:27
you'll always hear from central banks, from governments, is
14:31
inflation is falling at a record place.
14:33
Inflation is back to normal. That doesn't mean that the
14:36
prices before the crazy record money printing due to the
14:41
pandemic are back to where they were before.
14:43
In fact, they're like 40% higher to where they were before,
14:46
right? So we still have a lot of
14:48
education to do, but I do. I do see the Overton window
14:52
shifting. I do see people waking up to the
14:55
scam. I do see people waking up and
14:57
asking questions. We've seen Joe Biden get
15:01
community noted on Twitter, like in foot caught in 4K.
15:04
We've seen Christine Lagarde. We've seen Elizabeth Warren, so
15:07
we are making progress, but we still have a tremendous amount
15:10
of work to do, especially if those types of articles are
15:14
being seriously written like that's that's absolute lunacy.
15:18
And here's the thing, Here's where Bitcoin has a major
15:21
competitive advantage. Because one of the one of the
15:24
talking points that they use for central bank digital currencies
15:28
is, hey, this is going to make payments more efficient.
15:32
And and one of the cases that they make is people are seeking
15:35
efficient payments and that's why they're seeking
15:37
alternatives, where in reality people are seeking alternative
15:41
payments because it's deflationary, right?
15:44
Bitcoin is a deflationary currency.
15:47
That means your purchasing power increases over time versus your
15:51
purchasing power decreasing over time, which is what if Fiat
15:54
currencies will ensure that you do if you hold them for long
15:58
periods of time. So anyways, Trey, you guys are
16:01
doing some great work on Unchained.
16:03
You guys release a lot a ton of educational material.
16:06
Does it surprise you at all? You know this type of, I'm going
16:09
to call it for what it is. This is gaslighting.
16:11
This is pure gaslighting. They must think we're stupid.
16:15
And maybe we are. Maybe we are.
16:16
In a way, maybe we were stupid pre 2009.
16:19
Anyways, what's your take? Yeah.
16:21
Well, I watched Jay Powell on the 60 Minutes interview that he
16:25
did last night. I was actually surprised to hear
16:27
him say we do not expect that those prices that we had before,
16:33
you know, 2020 are actually going to come back down.
16:37
Yes, inflation has dropped but he's actually, you know telling
16:41
the truth to say look you're never going to see those prices
16:45
actually come back down and that is because of all the money
16:47
printing that happened throughout those years.
16:50
I was kind of surprised to see him admit that.
16:52
But you're it, it is par for the course.
16:54
You're absolutely right that, you know they control things
16:58
through narrative. People need stories.
17:00
People need to hear the definitions of words over and
17:04
over again in the framing that those people who are are
17:08
controlling all of this need them to hear it so that they
17:10
will go along with it. And if you say it over and over
17:14
and over again, the the language and the way that we talk about
17:17
things starts to change and starts to shift.
17:20
So they can't necessarily control what you say, but they
17:23
can control what you are talking about.
17:25
And if they frame the discussion around inflation being you know
17:30
an increase or decrease in in prices as opposed to working
17:34
through the the traditional definition of inflation being an
17:37
expansion of the money, money supply, it allows them to really
17:40
anchor the discussion, the direction they wanted to go.
17:43
And then if you include this extra layer of this CPI, you
17:48
know, calculation that is very open to manipulation and and
17:52
weird ways of interpretation that you you can really help to
17:55
frame people's thought process in a way where they can say, oh
17:59
look, we accomplished our goal, inflation is down.
18:03
We we came in and we saved the day.
18:05
Even though we created the problem in the 1st place, don't
18:08
worry about that. We saved the day.
18:09
We're good to go. And so you should be happy and
18:12
excited about your life and go out and start producing so that
18:15
we can start collecting more of these tax revenues. 100%, But we
18:19
still got to work. We still got a ton of work to
18:22
do. We got to shift that Overton
18:23
window, take individual agency, take action, you know, educate
18:27
the people around you, educate your family members and a lot of
18:30
the political discourse. I feel like they, you know, they
18:32
do. They use this divide and conquer
18:34
strategy which whatever political parties in power, you
18:38
know, they blame all the economic woes on that political
18:41
party. In reality, both political
18:43
parties are doing the same thing.
18:44
They're printing a ton of money, therefore, you know, hurting the
18:47
lower middle classes that don't have the means to save an
18:50
assets. Therefore, they don't benefit
18:52
from asset inflation anyways. Because it works.
18:54
It's worked for thousands of years.
18:56
You know, don't expect for that to change the the the propaganda
19:00
and the the media outlets and the way that they control a
19:02
conversation is how you control a population.
19:04
You can't do it with brute force because they're kind of a tiny
19:07
minority of of the population, right.
19:09
So the the the language that is used, the media outlets that are
19:15
used, the the framing of the discussion, that is how all of
19:19
this is, is controlled and massaged.
19:22
And I don't mean it's like, you know, people in a backroom with
19:25
cigars and and all that stuff like coming up with some
19:28
sinister plan. But the incentive structure is
19:31
in place such that they're able to keep people moving in the
19:37
direction that they want to, so they can continue to extract
19:41
more wealth toward those people who are closer to the money
19:43
spigot. 100% I completely agree with that, Opti.
19:46
What's your take on this, brother?
19:48
Yeah, I don't know. First and foremost, the fact
19:52
that Christine Lagarde is starting to create her own
19:55
content. I don't know if it was just the
19:58
way we got that on our Twitter, but the audio is only coming out
20:02
of one ear, so. I need to work on the on the.
20:05
Quality of their content. All right, that's just me
20:07
trolling. The second one is kind of what
20:09
Trey was saying. You know, there was a seemingly
20:12
breath of fresh air coming from Jerome Powell.
20:15
He was actually being honest for once on 60 minutes.
20:18
And at like, personally, I was so surprised when I saw the
20:22
clips going around and what he was saying on 60 minutes
20:25
basically like, yeah, prices are never going to go down.
20:28
And it was just like, Oh my God. Like, Jerome Powell is finally
20:31
saying what we've been saying for a long time.
20:33
He almost sound like a Bitcoin. He's like, yeah, you know,
20:36
inflation may be going down, but like prices are going up forever
20:39
and we got to keep printing until the end of time to keep
20:43
this thing going. And it's absolutely incredible
20:44
that the central bankers are saying what we've been saying
20:47
for a long time. And and then on that inflation
20:50
headline, like we got to remember that inflation and
20:54
prices aren't the same thing. Like they've printed an obscene
20:57
amount of money in the last couple of years, which means
21:00
that prices are probably always going to be this high.
21:03
And so just because inflation is going down doesn't necessarily
21:06
mean that prices should be going down as well, especially when
21:09
you expand the money supply by what like 50% the last three
21:12
years. Like there is no way prices are
21:13
going down. And on that note, I went out and
21:16
got, got a burger last night. I got a Shake Shack, It was
21:18
absolutely delicious. And it's with a bitcoiner.
21:20
It's with my friend and and I think he was kind of trolling.
21:23
So like the normies around listening could kind of, like
21:26
ask themselves questions. He always tries to do this and
21:28
he like, ordered his burger and he's like, man, isn't it
21:31
interesting that like a few years ago you could buy a burger
21:34
for $10? And it seems like anytime I buy
21:36
anything, it's like $1820, like, what's going on here?
21:39
And yeah, it was delicious, guys.
21:41
I I like Shake Shack anyways. And I, like, looked at him
21:44
because I didn't realize he was trolling me, right.
21:46
And I'm like, dude, like you're a bitcoiner.
21:49
Do you not understand how inflation works.
21:51
And he and he's like he's like, dude, I know.
21:53
I'm just like I'm trying to do this to the people around me
21:55
here. What's going on?
21:56
And like for a quick moment I'm like, bro, you've been in
21:58
Bitcoin for like how many years and you still don't get how
22:01
inflation works. They're printing obscene amount
22:03
of money doesn't mean prices are ever going to go down.
22:06
And so the fact that we are seeing at least this
22:09
conversation, you know, I, I I hate to get everyone drunk on
22:12
Monday morning but the Overton window shifting on inflation
22:15
into the public consciousness just goes to show show that this
22:19
year is going to be a very big year in regards to not just the
22:23
Bitcoin price but all of the talking points that we've been
22:26
talking about Bitcoin. Like we we know.
22:29
And and again, not to get too political here, but like this
22:32
Tucker Carlson Putin interview that's going to happen this this
22:35
week. I think it's going to even
22:36
further that conversation on what's going on with central
22:39
banking and centralizing all the forces and and all the obscene
22:43
amount of money printing and what's happening with the BRICS
22:46
nations and all them moving and posturing away from the dollar.
22:49
Like the the dollar wars the currency wars are heating up
22:53
right now. And if you are just an average
22:56
person that's just trying to live their you know day-to-day
22:58
life living paycheck to paycheck, like you can get
23:01
absolutely wrecked if you are still believing the official
23:04
narratives coming out from the central banking And and remember
23:07
this is a show where naive Buchelli is on the headline.
23:10
Remember the article coming out from Bitcoin magazine.
23:13
Do not drink, we're going to the elite kool-aid.
23:15
I know exactly. I love it.
23:17
And it's that one quote that that we always use, that the
23:20
powers that be have been able to control the flow of information.
23:24
And that is by design. The whole system is based on
23:27
trusting it and the fact that, oh, the people in suits and the,
23:31
you know, the people with accolades and academic resumes,
23:35
like they know what they're doing.
23:36
Trust the experts. They're a lot smarter than you,
23:38
like they can financially manipulate the markets and
23:41
everyone's calling their bluff. Right now.
23:42
Everyone is feeling like everyday people are feeling the
23:45
pain of inflation and what's Nico what do you always say like
23:48
you can't can't hide the shock or the sticker shock of
23:51
inflation market or? Whatever.
23:53
I forget what to say. You can say whatever you want.
23:55
But you, once you, you know, once you go to the supermarket
23:58
and you see this, you know, you see, that's why they call it the
24:00
sticker shock. It doesn't lie.
24:02
Like there's no amount of articles from, you know, the
24:05
Wall Street Journal or whatever from government saying, yeah,
24:08
we've got inflation under control.
24:09
It's like then why are things 40% more expensive, right.
24:13
And to add to your point and we'll get to it during the 9
24:15
Bouquet article and the reason I haven't played you guys the the
24:18
60 Minutes clip says we're gonna dedicate the entire episode
24:22
tomorrow to focus on that but the Putin at the Putin and
24:26
Tucker Carlson interview is historic in the the obviously
24:31
corporate media is losing their control.
24:35
They're they're no longer the single source of information.
24:39
And I think that's going to really, really change the
24:41
discourse in people. I think people are more and more
24:44
seeking their information from independent media, which isn't
24:48
Co opted, which isn't captured, and that completely changes the
24:53
discussion and that completely shifts the Overton.
24:56
It shatters the Overton window, in fact.
24:58
Anyways, everybody wait, wait, Nico, before we go, I, I, I want
25:01
I I feel it'd be a missed opportunity if we don't say my
25:04
favorite inflation metaphor, it's like just because you're
25:08
getting fatter at a slower rate doesn't negate the fact that
25:11
you're still getting fatter. This is what these inflation
25:14
numbers are about. Yes, the inflation's going down,
25:16
but they're still expanding the money supply.
25:17
It's like, yeah, it sounds good, you know, you're you were losing
25:21
5 or you were gaining 5 lbs last month, but this month they're
25:25
only gain gaining 3 lbs. It's like, that's good.
25:28
I applaud you. But you're still getting fatter.
25:31
This is how you should be thinking about the inflation
25:33
numbers. It it is a bit of a dangerous
25:35
game, right? When you're talking about
25:36
inflation's going down, inflation's going down.
25:38
But as you said, people go to the grocery store and they're
25:41
trying to buy a steak or trying to buy whatever they're getting
25:43
on a regular basis. You can't hide the fact that
25:46
that price is so much higher and people are are wondering, is
25:50
this gonna ever come back down? Are are my wages ever gonna
25:53
catch up to it? It it's just it's very difficult
25:55
to hide that when you tell somebody, hey, you should be
25:58
happy right now because they're not happy.
26:03
They're they're not happy with the fact that they're paying
26:05
double what they used to and and don't see any end insight to
26:08
that. So, you know when it comes to
26:10
like the political aspect of all this, it becomes a bit of a
26:13
dangerous game because it it it creates this like cognitive
26:16
dissonance with people. It's like, hey, you the
26:20
administration, you're telling me one thing, I'm seeing
26:22
something else. Well, how how do you make that
26:24
jive? We saw that with COVID as well.
26:26
It's like there was so much much of an overwhelming narrative
26:29
around the vaccines and COVID and masks and all this stuff.
26:33
And then after a certain point, people just saw through it.
26:36
They saw it in their daily lives.
26:38
Hey, I don't see people actually dropping dead in the street.
26:41
And so maybe this is something that is is being a little bit
26:44
overblown and I shouldn't be thinking about it in the way
26:47
that I'm being being conditioned to. 100% I love, I love the way
26:52
you framed it. Anyways, guys, if you're
26:54
enjoying the show, make sure to smash that like button on
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YouTube. Help us break our streak of
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27:01
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27:05
Smash that like button really, really helps with the algos.
27:07
All right guys, no more delay. Let's jump straight into news.
27:10
We have a lot to talk about today.
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29:36
bitcoiners. Remember we need a beachhead.
29:39
We need a nation state that supports Bitcoin that makes
29:44
Bitcoin legal tender. We need that unfortunately,
29:47
right. I do agree.
29:48
I do agree. And the theory from the
29:50
sovereign individual, I think overtime information
29:53
Technologies is going to make politics irrelevant.
29:56
However, during the transitionary period, I think
29:59
politics still play a key role because you know, the reality is
30:02
that if you live in a certain jurisdiction where the local
30:05
government treats Bitcoin in a hostile manner, they can make
30:09
your life pretty tough, right? So the fact that we have a
30:12
beachhead, the fact that we have a nation state that that
30:15
supports Bitcoin, that makes Bitcoin legal tender, that has a
30:19
Bitcoin office is a big deal. And now here's the thing, ladies
30:22
and gentlemen. Naeem Bukele was up for re
30:25
election. It was vital that he went and
30:28
that he that he won this re election.
30:30
Because you know, it was not guaranteed that if another
30:33
candidate won, they could have repealed that Bitcoin law,
30:37
right? And it's going to be a lot
30:39
harder to repeal if Bitcoin gets another five years
30:42
uninterrupted. Here are some of the streets.
30:44
Here is in front of the presidential palace Las People.
30:48
Were absolutely. Celebrating.
30:49
People were going bananas and they're waiting for Naimbu Kele
30:54
to make his speech. I'm going to translate one of
30:56
his speeches because really gave me boot goosebumps.
30:59
Unfortunately, there is no English subtitles, so I'm going
31:01
to have to translate it on the go, which is OK.
31:04
But yeah, people are extremely excited for this, for this.
31:07
Historic. Win.
31:08
Here's a more like drone shot from the outside.
31:12
People were celebrating. People were celebrating the
31:15
continued peace, the continued freedom.
31:18
You know, this is, this is what it's all about.
31:20
That almost looks like there's a Bitcoin logo on the side of the
31:23
building. But no, that was an H That would
31:25
be funny. That would be funny as hell.
31:27
So people were obviously celebrating.
31:28
It looks like a concert. And of course, you have to look
31:31
at El Salvador in a historical context, right?
31:34
This is a country that endured 30 years of civil war.
31:37
This used to be one of the most violent countries on the face of
31:40
the planet. People were sick and tired of
31:42
the status quo. The, you know, the left wing
31:46
party, the FLMFLMN party and the right wing party of the arena
31:51
party. They kept whoever who was voted
31:53
into office regardless of the party.
31:55
Nothing changed. People were sick and tired of
31:58
it. Naimbu Kele's party literally
32:00
called Nueva Sedas, which translates to new ideas in
32:03
English. He came in there and he actually
32:06
started doing the things that he was elected to do, which was,
32:10
you know, make the country safer, make it more business
32:14
friendly, to attract investors, to attract bitcoiners.
32:18
And he did just that. And the people are rewarding him
32:21
with reelection. This is a historic landslide.
32:24
He won the vote by 87%. If you compare that to the US or
32:29
if you compare that with Javier Malay in in Argentina.
32:34
Javier Malay only run by like, you know, I think like 5-6
32:37
percent, right? He he won like 5055 or 56% of
32:41
the vote. Naeem Bouquet won 87% of the
32:44
vote. If you take a look at this from
32:47
a historic sorry, from a from an electoral standpoint, this is a
32:52
landslide. This is a complete and utter
32:55
landslide. No other opponent even broke 5%,
32:59
right? So clearly the people of El
33:01
Salvador have spoken. But that doesn't stop the legacy
33:04
corporate media from releasing their propaganda a couple weeks
33:08
before the election, right? Take a look at this Bloomberg
33:11
article like this is sending a sign, right?
33:14
This is the this is a very, you know, top picture.
33:18
At the very top. Take a look at how this is
33:20
framed. A brutal crime crackdown is
33:24
emboldening leaders across Latin America.
33:26
Naim Bukele has brought violate criminal gangs to Hilo El
33:30
Salvador. While that's made the country
33:32
safer and him extremely popular, his strongman tactics have come
33:36
at the cost of civil liberties, right?
33:38
That's like a certain narrative. And of course, put that with the
33:41
picture, like it's a very, very like.
33:44
It's very, very strong. And if you take a look at The
33:46
Economist, by the way, I searched Naimbu.
33:48
I searched The Economist and Naimbu.
33:50
Kele. Take a look at how many times
33:52
they posted this. These are multiple posts.
33:56
This is February 2nd, February 3rd, right?
34:00
February 4th They're posting this consecutively, right?
34:04
And then the the, the. From the quote it says the
34:07
powers, the powers El Salvador President has amassed are enough
34:10
to cow the press, the judiciary and his opponents.
34:13
When re elected, which he is certain to be this weekend, he
34:16
will no doubt continue to dismantle checks and balances.
34:20
Under Diane Buchelli's rule, normal life has returned to
34:22
bullet pocket neighborhoods of El Salvador.
34:25
But ahead of Sunday's election, there are enormous downsides to
34:28
his approach. El Salvador's president has
34:31
brought peace to a country previously terrorized by
34:34
criminal gangs. But he has also used his crusade
34:37
for public order as an excuse to move towards authoritarianism.
34:41
This is clearly the press has an agenda.
34:46
Why are they so terrified of this guy?
34:49
I think that's the question. And I have a very simple I have
34:51
a very simple answer to this and also this, this, this, this,
34:55
this holds a very special place in my heart as a Latin American
34:59
myself, as a first generation immigrant.
35:01
The reason that they hit El Salvador is not only because not
35:04
only does it prove that their solution to the violent crime,
35:07
which is rampant all over Latin America, works, but that some of
35:12
the politicians themselves are partners with the criminals
35:14
themselves. Right?
35:16
And I think this embarrasses a lot of other Latin American
35:19
countries, and I think this embarrasses a lot of leaders in
35:22
the United States as well. And of course they're using, you
35:26
know, their, their allies in the media to try to convince people
35:30
of just that. But it's not working.
35:32
Even representatives of of the US Congress are going out, and
35:36
they're. But this is Representative Omar.
35:38
She said, I LED members of Congress in sending a letter to
35:41
Secretary Lincoln urging actions on threats to democracy in El
35:44
Salvador. How are they defining democracy?
35:47
This is literally democracy for you.
35:49
He has 87% of the vote. So are you trying to say that
35:54
you know what's better for the people of El Salvador?
35:57
This is election interference. I'll be honest with you.
36:00
I know it's a very strong statement, but it is.
36:03
And she got community noted. El Salvador's democratically
36:06
elected president Naimbu Kelly won the 2019 election with a 54%
36:10
of majority. He did such a great job that
36:12
that 54% went to 87%. Under his leadership, El
36:17
Salvador's murder rate has fallen 93% and he currently has
36:21
a 91% approval rating amongst El Salvadorian citizens.
36:25
How are you defining El Salvador?
36:27
Democracy? This is literally democracy at
36:30
work anyways. And of course, Naim Bukele is
36:33
aware of that. In his victory speech, which
36:37
obviously we don't have the time to play the entire thing, he
36:40
literally, he titled it, if you translate it from Spanish to
36:43
English, says true democracy, right.
36:47
And I'll get to I'll get to a part of his speech in
36:50
referencing actual democracy. I don't know if I'll have time
36:53
to play the entire thing, but I'll try to translate some of
36:56
it. So a Spanish journalist told me
37:08
greetings to all my Spanish friends.
37:10
Buenos. So.
37:22
He he's referencing that there's a Spanish, there's a Spanish
37:25
journalist came in from the publication, it's called El Pais
37:30
and he had a question for Naimbukele.
37:37
Why do you want to? Dismantle democracy, right.
37:40
So you could see that regardless of the international whether
37:44
it's Bloomberg, whether that's the Economist, even a legacy
37:48
media outlet in Spain, it's the same question, why are you
37:51
dismantling democracy? Check out Nine Buchella's
37:54
response. Of what?
38:00
Democracy. Are you talking about
38:02
democracia? Significa El poler del Pueblo?
38:06
Democracy signifies the power of the people.
38:09
Demos, Demos. Ecratos, democracia demos,
38:19
ecratos demos significa Pueblo the word.
38:22
Democracy comes from demos. Gratos demos signifies Pueblo,
38:27
which means the people gratos significa.
38:31
Gratos means power, so power to the people significa.
38:36
El Pueblo. And if the Salvadorian is giving
38:50
me chills, and if the Salvadorian people want this,
38:53
why is a journalist from Spain coming to my country and
38:57
dictating to me what is democracy?
39:00
Very very. F you statement from from, from
39:05
Naim Bukele and you have to ask yourself, why is this happening?
39:09
Well, I'm going to show you 2 examples.
39:11
One is kind of a meme from Walker America.
39:14
Shout out to the crypto couple and here is an article that Naim
39:17
Bukele wrote himself. And it goes on to say the most
39:20
vocal detractors, the the the ones who are afraid and
39:23
pressuring us to reverse our decision are the world's most
39:26
powerful elites and the people who work for benefit from them.
39:29
They used to own everything in the way they still do the media,
39:32
the banks, the NGO's, the international organizations, and
39:35
almost all the governments and corporations in the world.
39:38
And with that, of course, they also own the armies, the loans,
39:41
the money supply, the credit ratings, the narrative, the
39:43
propaganda, the factories, the food supply.
39:46
They control international trade and international law.
39:49
But their most powerful weapon is the control of the truth.
39:53
And they are willing to fight, lie, smear, destroy, confiscate,
39:56
print, and do whatever it takes to maintain and increase the
39:59
control over the truth and everything and everyone.
40:03
And here is a kind of like a. Meme article from You know, of
40:08
course it's it's Dick Cocker saying of course this is Walker
40:11
America making fun of a legacy media outlet.
40:14
And it's from the Economist and this is all meme By the way,
40:17
this is an actual article and it says the disastrous implications
40:20
of stability in Latin America, is the headline.
40:23
This is when Americans start questioning, start raising
40:25
questions about all the gang crime, poverty and political
40:28
corruption in the United States of America.
40:30
U.S. politicians and their media allies have deployed the same
40:33
successful strategy for decades. Remind U.S. citizens is how much
40:36
worse it is in Latin America. It's not lying per se, it's just
40:39
a tactic used to ensure Americans don't start demanding
40:42
true reform. After all, the grass is always
40:45
greener on the side with the best propaganda.
40:48
So hit the nail on the head and I just gotta say this.
40:52
Where what? El Salvador wasn't even on.
40:55
I'm going to make myself full screen.
40:56
And Trey, I apologize beforehand.
40:58
Where was fucking El Salvador before the Bitcoin law?
41:02
No one gave a flying fuck about. El Salvador wasn't even on the
41:05
map. Why do they all start to Care
41:08
now? Well, it makes cuz it makes them
41:10
look bad. You know Walker America put it
41:13
perfectly. It makes them look bad.
41:15
This is what it's all about. How dare this Spanish reporter
41:19
go and question Naim Buchelli about him dismantling democracy,
41:23
even though that is like the most historic landslide in terms
41:27
of elections I've ever seen in my life, 87%.
41:31
This guy's the most popular president in the Americas.
41:34
And it's because he was elected to do the thing he he promised
41:39
the people, and he actually did the things that he promised he
41:42
said he was going to do. And that makes the politicians
41:46
look bad. That's what it's all about, I
41:48
think. I think it's not that El
41:50
Salvador is a threat to democracy.
41:52
I think El Salvador is a threat to the status quo, not only
41:55
because of the Bitcoin law but also because of Naimbu Kele's
41:58
leadership. All that being said, I just got
42:01
to say Naimbu Kele is a politician after all.
42:05
You know, absolute power does corrupt, absolutely.
42:09
You know, we have to keep an eye out.
42:11
But so far in his first term in office, he's been absolutely
42:16
crushing it. And you cannot deny that he's
42:19
improved the lives of the vast majority of the El Salvadorian
42:23
people. And as a Latin American myself,
42:26
coming from a country that was absolutely destroyed by a
42:29
terrible government, Venezuela, this is inspirational.
42:32
And the fact that you see lines going around the block in
42:36
different cities all around the United States of El Salvadorians
42:40
excited to elect this guy back into power, that's the why.
42:43
That's why the media is attacking him, that's why the
42:46
politicians are attacking him, because it makes them look bad.
42:50
It's an alternative system which is clearly working and it's
42:53
better. Anyways, I want to get Trey's
42:55
opinion on this and we'll move on to Opti well.
42:58
Democracy is something that is touted as like the end goal of
43:03
all of political aspirations around the world by politicians
43:07
in the US and in the Western world and corporate leaders and
43:10
all of that. But really, they don't care
43:13
about democracy per SE. They care about influence and
43:17
control over what is going on around the world.
43:20
And so if they don't like the outcome of whatever that
43:23
democratic process actually produces, they will try to label
43:27
it as something that is not democratic.
43:30
And so it it goes back to what we were talking about at the
43:32
very beginning which is that it's all about the language and
43:35
the framing and the way that you that you channel the, the the
43:41
language around producing the results that you want to see
43:45
which is to accrete power back to you know the US and the the
43:51
Western world leaders there. And away from some of these
43:55
other smaller countries who are pretty much just dependent or
43:58
historically have been on loans from the IMF and and all these
44:02
other powerful interests, 100% a hundred.
44:05
Percent Opti, what's your take on this before we move on to the
44:07
culture? Yeah, I.
44:09
Mean First and foremost, you know, we say it all the time.
44:13
Like Bitcoin seems to expose the the fake news for for better or
44:18
worse and naive Bukele has done a great great job at exposing
44:24
the same fake news apparatus that pushes these agendas.
44:28
And you know just because we are in America I I just find it very
44:31
interesting that so many Americans are so concerned with
44:34
what a tiny Latin American country is doing especially when
44:38
he has this much favor what you know voted it'll landslide 87%
44:43
approval rating and and the voting election results is
44:46
absolutely incredible. Personally, you know, like, I
44:51
think Americans in any country at large should really be
44:55
focused on what's best for their country.
44:56
And Naive Bukele is an example of this.
44:58
He's doing what's best for his people.
45:01
And like, how dare a president make their citizens safe,
45:04
healthy and wealthy? Like this is unheard of.
45:07
What kind of psychopath is he? Obviously I'm being sarcastic,
45:10
but, like, our politicians don't do this.
45:12
And here we are concerned about what's going on in El Salvador.
45:16
It's absolutely ridiculous that this is where we are right now.
45:18
And, you know, kudos to Naive Bukele and all the people in El
45:22
Salvador. This is definitely a win for
45:24
freedom, a win against tyranny and a win against this global
45:29
agenda to have everyone controlled in in in a single
45:33
hegemony and making sure that they're all under the boot of
45:35
the, you know, the giant central bank apparatus.
45:38
So I think this is not only a huge win for El Salvador, but
45:41
for every freedom minded person in the world.
45:43
And man, just like the, the, the.
45:48
The love of his. People is absolutely incredible.
45:50
Like that looked like a concert or something.
45:52
Like the fact that everyone came out and was just that hype, like
45:55
it's man it was giving me chills and I haven't I haven't watched
45:58
that whole speech but I'll have to go watch it like shouts out
46:01
Denali, Buchelli. It's it's absolutely incredible
46:03
that this is where we are. Absolutely you're.
46:05
Right. Like the the Western countries,
46:08
the US in particular, we've got a lot of problems internally.
46:12
So why are we focusing on some other country that's in Central
46:15
America that you know, we we we we should be focusing on our own
46:19
affairs fixing that inflation problem that we were talking
46:22
about before, right. And the crime and, you know, the
46:26
immigration problem that's been amplified in recent weeks.
46:29
You know, there there's no reason that we need to be
46:32
meddling in in this country's affairs.
46:34
Let them take care of their own, do things the way that they want
46:37
to do and see fit and honor their democracy in the way that
46:41
we talk. Like, right, let's let's talk
46:42
exactly. Exactly I want.
46:45
I want to point out something. Else real, real fast here, which
46:47
is that we we kind of hardly touched on the Bitcoin side of
46:51
all of this right. Which is that Bitcoin just got
46:53
another five years of runway in El Salvador to instantiate
46:57
itself and and really like seep into the culture in a much more
47:02
profound way. It seems pretty clear that
47:05
Buchelli is going to stick with that, with that message.
47:08
He's going to continue to challenge the IMF and the the,
47:12
you know, billion dollar loan they keep holding over his his
47:14
head. And what's really interesting
47:17
about this is that when El Salvador adopted Bitcoin, it was
47:24
kind of at the top of the last global market.
47:27
And then what we've seen since then was a grinding lower in
47:31
prices, a whole bunch of explosions around the industry
47:36
and and companies and and all of the crypto stuff.
47:39
You know, imploding on itself and a whole lot of bearish and,
47:44
you know, downtrodden headlines around Bitcoin more broadly and
47:49
kind of people dancing on the grave of Bukele in El Salvador
47:52
for adopting Bitcoin. Right at the top of all of that,
47:56
the script is completely flipped right now.
47:58
We are getting ready to enter into the next couple of years of
48:02
a bull market, and Bukhali's going to come out looking like
48:05
an absolute genius for adopting this Bitcoin strategy.
48:09
It's going to accrue a ton of wealth into the country.
48:13
He's already got the the infrastructure in place to bring
48:17
in more business and and continue that adoption.
48:21
And Bitcoin itself is much more ready to accept a large inflow
48:26
of capital around the world, but also to start accepting a lot
48:30
more in terms of payment infrastructure and payment flows
48:33
that we will start to see when the bull market really gets into
48:36
gear. So it's it's we're we're at a
48:39
turning point. We're at an inflection point.
48:41
We've got five years of naive Bukelli in El Salvador pushing
48:46
Bitcoin adoption, and right at the cusp of a bull market it's
48:50
going to be hugely, hugely bullish 100%.
48:55
That's literally why you know it's such a big deal.
48:57
Five more years for Bitcoin to flourish 100%.
49:00
All right, ladies and gentlemen, before we get to the culture, I
49:02
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You can check the link in the video description, or you can
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scan the QR code on your screen. All right, everybody, let's get
49:31
to the culture. We have a lot to talk about.
49:33
Let's check it out. Here we go.
49:37
The Daily Culture. All right, guys, I also want.
49:45
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50:18
friend. Let's go.
50:20
All right. Trey, so for those that aren't
50:23
aware, maybe let's just start with, you know, what are you
50:26
guys doing over at Unchained and and what are all the services
50:29
that you guys provide at Unchained Capital?
50:33
Well, Unchained has been around for quite a long time, actually.
50:36
We're one of the oldest companies in the space.
50:38
We've got a ton of experience and that that relationship that
50:41
we have with our clients is typically formed around making
50:45
sure that they are controlling the keys to their Bitcoin in a
50:48
way that does not have a single point of failure, has no
50:51
counterparty risk and has an incredible team around them to
50:55
make sure that they're doing it the right way.
50:57
That they've that they understand the best practices on
51:00
holding Bitcoin private keys on security, securing that Bitcoin
51:04
for themselves while they are alive and then being in a
51:06
position where they can pass it on to their family members in
51:09
that inheritance planning scenario.
51:11
We do this for individuals, a large contingent of our of our
51:16
client base, our high net worth individuals and and family
51:19
offices and investment funds and all that.
51:21
And we work with a lot of businesses as well.
51:24
And and my title as VP Enterprise Sales is really
51:29
focused on of expanding the marketplace that we are are
51:34
operating in and providing this next level of Bitcoin custody
51:38
options for people who are coming into the space and are
51:41
looking for a way to own Bitcoin outright, the real thing, not
51:45
the ETF and take advantages of all of the the benefits that you
51:49
get from owning real Bitcoin. And then around that we have
51:52
other financial services I I think of of Unchained as a
51:55
financial services company for a Bitcoin world.
51:59
You can buy and sell Bitcoin directly with us in the US we
52:03
have commercial loans that are Bitcoin backed.
52:06
So you can, you know, access the value of the Bitcoin that you're
52:10
holding without having to sell it for your business for, for
52:13
commercial, for business, for investment purposes there.
52:16
And then we have a Bitcoin IRA as well.
52:18
A lot of our clients on the individual side will find us
52:21
through our IRA product because they've got capital locked up in
52:25
the Fiat financial world in a in an old 4O1K or an IRA.
52:29
Maybe they they now have the option of of accessing the the
52:34
Bitcoin ETF, but they want to hold the real thing.
52:36
They want to be able to hold actual Bitcoin on their own
52:39
keys, not have a single point of failure and do that in the best
52:42
possible way and that's what we offer.
52:44
So that suite of financial services that are bridging the
52:46
gap between Bitcoin and the Fiat financial world allows for more
52:50
capital come in and for people to hold actual Bitcoin in a way
52:55
that can prepare them for a long huddle period and so that they
52:58
can pass it on to future generations.
53:00
Yeah, 100%. I also, as I love using all the
53:06
different companies and their collaborative Custody models,
53:09
whether that's Nuncha Casa Swan recently announced 1 The
53:14
Unchained. The Unchained is one of my
53:15
favourites and I'm not just saying that cause trey's here,
53:17
but the UI. You guys have clearly put a lot
53:20
of emphasis on the UI. The Collaborative Custody
53:23
product is incredible. Also to verify let's say for I'm
53:28
sure a lot of people are not familiar with this, but
53:31
essentially what Collaborative Custody is, is you hold 2 keys
53:34
and then a third party holds another key.
53:36
And the reason that you'd want to use something like that is in
53:39
case you lose one of your keys, you know, you, you know that you
53:43
can rely on a very reputable company like Unchained to sign
53:48
for you, right? And one of the verification, one
53:51
of the verification methods that they use is that they make you
53:54
essentially record a video and you know, write, read, you know,
53:58
like a certain certain things. So it's to verify that it's you,
54:01
right to verify that it's you that is actually, you know,
54:05
requesting Unchained to to sign that.
54:08
And also from a loan perspective, you guys do
54:10
something extremely unique, which is you guys do.
54:14
It's kind of like a collaborative and I wouldn't say
54:16
yeah, it's like a collaborative, you know, loan type of thing
54:21
where Unchained holds a key, another third party holds a key
54:24
and then you hold a key. And what's really interesting is
54:27
when you, you know, use Unchained to to to to do a loan,
54:33
you put your Bitcoin as collateral.
54:35
And unlike, you know, certain companies that don't want to
54:38
name any names that rehypothecated Bitcoin, when you
54:42
put your Bitcoin as collateral with Unchained, that Bitcoin
54:46
doesn't move like you see it in the Bitcoin address and that
54:49
Bitcoin does not move, right. So obviously, you know, from a
54:53
trust perspective, you know, there's still an element of
54:55
trust. But I would rather use a product
54:58
like Unchained instead of, you know, another company that, you
55:01
know, puts all that Bitcoin in a pot.
55:04
And it sure does take a lot of discipline for for for people
55:09
not to use someone else's money to, you know, to to make money
55:14
themselves. Which, yeah, Migo, everything.
55:15
We everything we build and everything we offer is built on
55:18
this foundation of collaborative custody that includes the loan
55:21
product that we have. So as you said, you're using two
55:25
of three multi sig and you as our client hold one of those 3
55:28
keys so you can verify for yourself that the Bitcoin has
55:31
not been moved, it hasn't been commingled with anybody else's
55:34
funds, has not been rehypothecated.
55:37
It's sitting there purely as collateral for the loan and that
55:40
will give you the highest level of assurances that you're going
55:43
to get the Bitcoin back at the end of the loan term.
55:46
It's a really incredible product.
55:47
We we really pioneered this collaborative custody model
55:50
around our loans and then expanded it into the custody
55:53
world. And beyond that, you mentioned
55:56
collaborative custody. It is absolutely true and the
56:00
best way to hold your Bitcoin is to actually have unilateral
56:03
control over it where you are holding the private keys.
56:05
There's no better way than this collaborative custody model
56:08
where you can control 2 keys and and Unchained controls the
56:11
third. We're in a position to help you
56:12
recover in case something happens to one of those two keys
56:15
or something happens to you. That inheritance scenario pans
56:19
out. That's where we are.
56:20
Are are so much benefit to your family member to make sure that
56:24
the Bitcoin can securely move in the direction that your estate
56:27
plan is dictating. But there are other models
56:30
outside of just that pure self custody model that are actually
56:33
very beneficial. And sometimes that self custody
56:36
model is not really within reach with with certain individuals or
56:40
with certain organizations. So when we think about an
56:43
enterprise, a very large enterprise, a lot of times they
56:45
can't hold their own keys. That might be a regulatory
56:48
reason, that might be a compliance reason, might be an
56:50
audit reason. They may just not feel
56:53
comfortable or ready to do that. But they can still get the
56:56
benefits of collaborative custody by delegating the key
57:00
management responsibility to other independent institutional
57:03
key agents that work with Unchained and what we call our
57:06
network of keys. And so we've got partnerships
57:11
with a few other companies in the space that are adept at
57:14
holding those keys on behalf of clients.
57:16
They can hold real Bitcoin. That's actual UTXOS that they
57:20
can identify on chain they have legal ownership over.
57:24
They're not fully holding the keys, but they also don't have a
57:27
single point of failure in terms of just trusting A custodian.
57:31
You know, qualified or not, qualified custodian or not, if
57:35
you are trusting somebody with your Bitcoin, you've got a
57:38
single point of failure. And if something or anything
57:40
happens to that organization, your Bitcoin might be at risk.
57:44
And so you want to eliminate that counterparty risk to the
57:47
degree that's possible. And you can do that by
57:49
distributing the key management responsibilities across multiple
57:53
institutions. That's where a lot of
57:54
enterprises are going to be going.
57:56
That's where we're going to see a huge amount of of people
58:00
coming into the space and wanting to get access to Bitcoin
58:03
in a Bitcoin native way using functionality that is built into
58:07
Bitcoin that was made for this asset.
58:09
Which can't be done with gold, can't be done with stocks, can't
58:12
be done with Fiat, be done with real estate or any other asset
58:16
out there. It's unique to Bitcoin and you
58:19
want to lean into that and be able to get the benefits of
58:22
holding actual Bitcoin without any single points of failure,
58:25
100% and. Is something unique to Bitcoin,
58:28
right? Because you can't do that with
58:30
the traditional finance, you can't, right?
58:33
But with Bitcoin, because it's an open Ledger, you can verify
58:37
that, that Bitcoin isn't going anywhere, right?
58:39
You know, you you offer, you put that Bitcoin up as collateral or
58:42
collaborative custody, you can verify yourself.
58:44
You know that Bitcoin ain't going anywhere.
58:46
It's not being rehypothecated. It's not being put in another
58:49
pile of other people's money. It's there, right?
58:53
And I think the collaborative custody model is the future, not
58:57
only for loans but like you said, enterprises as well.
59:00
And it's so unique to Bitcoin because, again, not to name any
59:04
names, but the fact that previous companies were using
59:08
models that have been tried and tested for over 100 years in
59:12
finance and it's led to catastrophic results multiple
59:17
times in the 30s. In the 2020, it's the same
59:21
thing. There's a pile of cash.
59:22
And when the money, when it's a bull market, I don't even think
59:26
it's Mal intentioned. I think it's like, oh, it's a
59:29
bull market. We offer, you know, two 3%
59:32
yield, right. We make money too.
59:35
But the, you know, when push comes to shove is when the bear
59:37
market hits. And that's really when it's
59:40
like, oh oops, we made a mistake, we don't have your
59:42
money anymore. But with this collaborative
59:44
custody model, that Bitcoin doesn't move, it stays right
59:48
there. So it doesn't matter what the
59:50
market conditions are, you know, you know that your Bitcoin that
59:54
you put up as collateral or your Bitcoin, you know if you're an
59:58
enterprise that Bitcoin ain't moving and you can verify it
1:00:00
yourself. It's an open Ledger, right.
1:00:02
So I definitely think it's leveraging the the capabilities
1:00:06
that Bitcoin gives you to build a new financial system on top of
1:00:12
it, a better financial system, a more transparent financial
1:00:15
system and I really think it's going to change things.
1:00:18
I think the future of Bitcoin, especially if you hold large
1:00:21
amounts or if you're a corporation is collaborative
1:00:24
custody. It is using, it is using multi
1:00:27
sig to your advantage? Yeah, and.
1:00:29
Shout, shout out. To the to the guys at Bitwise,
1:00:32
right, they're they're, they're leaning into that transparency
1:00:35
by by publishing the Bitcoin address that they're using at
1:00:40
Coinbase custody to say, hey, this is the Bitcoin that we own
1:00:44
as part of this ETF and the shares that we're issuing.
1:00:47
And you know, a lot of people came out and and we're
1:00:50
expressing support for that type of transparency.
1:00:52
It's a type of transparency that you can't get with other assets.
1:00:55
And so kudos to them for leaning into that.
1:00:57
I think the future of the Bitcoin ETFs belongs in
1:01:02
collaborative custody, right? If you look down the list of all
1:01:06
of the ETFs that are out there, about 90% of them or whatever
1:01:10
have Coinbase custody as their custodian.
1:01:13
That is a massive single point of failure.
1:01:15
Honeypot. If something goes wrong, all of
1:01:18
those ETFs are going to be affected.
1:01:20
All of the holders of the shares of those ETFs are going to be
1:01:23
affected. So say what you will about
1:01:26
whether an ETF is good or bad for Bitcoin or or whatever.
1:01:29
The fact is it is here and for those those issuers to really
1:01:35
differentiate themselves and come to the market to say look
1:01:38
if you buy our ETF you are holding Bitcoin that is much
1:01:42
more transparent and does not have a single point of failure
1:01:46
in terms of the custodian. That's a really powerful message
1:01:49
and a way to differentiate you know among those other
1:01:52
competitors. I think we will see some of
1:01:54
these ETF issuers and other major holders of Bitcoin moving
1:01:59
into this collaborative custody model.
1:02:00
It's absolutely the best way to to to do it I 100%.
1:02:05
Agree with you. Anyways, Opti, we got about 9
1:02:07
minutes left. One last question.
1:02:10
For the viewers out there, for you, Trey, if someone wanted to
1:02:13
upgrade their Bitcoin security, what's the process like?
1:02:16
With Unchain we have the. Best team on the planet in terms
1:02:21
of Bitcoin, private keys, multi sig and helping people
1:02:25
understand what this process looks like, we've got a couple
1:02:28
of different options. Our premium option is called
1:02:30
Unchained Signature. It's everything that an
1:02:33
individual would need for their Bitcoin journey, not only when
1:02:36
they're getting up to speed and getting everything set up, but
1:02:39
in an ongoing fashion. Right, So we do regular health
1:02:44
check UPS with our clients. We have exclusive events, we
1:02:47
have unlimited premium support. All of the things that you would
1:02:51
need as somebody who's maybe holding a large amount of
1:02:54
Bitcoin and is just coming into this and wanting to make sure
1:02:57
you get the best possible experience.
1:02:59
That is what Unchained Signature does.
1:03:01
Our our standard, you know, general way of onboarding is
1:03:04
called concierge onboarding. Our team will take you through a
1:03:07
60 minute session over zoom and just guide you through the
1:03:12
entire process of setting up your multi vault, helping you
1:03:15
move the Bitcoin into the vault, showing you how to deposit, how
1:03:18
to withdraw, how to recover access to your Bitcoin.
1:03:21
Outside of our platform. Unchained is not a single point
1:03:24
of failure in this set up at all.
1:03:25
We build everything in a Bitcoin native way using open source
1:03:29
standards and allow you to take your vault with you to other
1:03:32
open source tools like Sparrow Wallet like Caravan which we
1:03:36
created, Spectre, Electrum. You know those open source tools
1:03:40
that that everyone is is very familiar with.
1:03:43
And so by coming through this process and really getting a
1:03:46
great education and how multi sig works and the best practices
1:03:50
around operational security for Bitcoin keys, you really set
1:03:54
yourself up for making sure that your Bitcoin is in the best
1:03:57
possible security posture. And then included in all of this
1:04:01
is this idea of inheritance planning.
1:04:04
We we touched on it a little bit, but we want to make sure
1:04:06
that the succession of your Bitcoin keys and the way that
1:04:10
that Bitcoin can move in the direction of your estate plan is
1:04:13
taken care of. All of that is included in the
1:04:15
services that that you're paying for with us.
1:04:18
And then we're there to support you in an ongoing fashion with
1:04:21
the best, the best possible support infrastructure that that
1:04:25
could be brought to market. So we've got an incredible team
1:04:27
over here. Please go, go to the website, we
1:04:29
we do complimentary consultations, feel free to sign
1:04:33
up for one of those and and we'll really talk to you in a
1:04:35
personalized manner to make sure that you get all of your
1:04:38
questions answered and get started in the right way.
1:04:41
Absolutely. Check out on chain.com and like
1:04:45
I said I've I've used the product many times.
1:04:47
Great, great. Not only great product but also
1:04:50
great customer service. You guys have a 1800 number as
1:04:52
well for for loans, right? You can't say that about not to
1:04:56
name any names, but you can't say that.
1:04:58
You can't say that about every Bitcoin company or exchange or
1:05:02
whatever. There is no number to call.
1:05:03
So yeah, definitely recommend it.
1:05:06
Collaborative custody, the loan products are great.
1:05:09
It's just a great company overall.
1:05:11
You know they they definitely put a lot of love and effort
1:05:14
into it and of course it's a company of bitcoiners, right.
1:05:16
So bitcoiners, we're all on the same mission.
1:05:19
We all want hyper bitcoinization and I think you guys are
1:05:22
definitely accelerating that with what you guys are building
1:05:25
over there. So Trey, it's been an honor to
1:05:28
have you on Simply Bitcoin Live. Really, really appreciate it and
1:05:31
thank you so much for telling everybody about about Unchained
1:05:35
and all the things you guys have to offer.
1:05:37
Like I said, guys go to unchained.com.
1:05:39
If you guys want more info. You can also find Trey on
1:05:42
Twitter, go to TS under score huddle and you know you go from
1:05:46
there. But Trey, thank you so much for
1:05:48
coming on the show. We really appreciate it.
1:05:50
Thanks for having me. Nico, thanks Opti, really
1:05:52
appreciate it. It was great being with you
1:05:53
guys. Appreciate it all.
1:05:55
Right, guys, that was a show. If you enjoyed the show, you
1:05:56
know what to do. Smash that like button.
1:05:58
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1:06:12
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1:06:14
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1:06:17
the party of orange. The party of peace, optimism,
1:06:20
prosperity, opportunity. All right, love you guys all.
1:06:23
We'll see you tomorrow for a brand new episode of Simply
1:06:25
Bitcoin Live.