Latest / Simply Bitcoin / The 3 Reasons Bitcoin JUST Had Its WORST October In 7 Years!! | EP 1366

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The 3 Reasons Bitcoin JUST Had Its WORST October In 7 Years!! | EP 1366 · Simply Bitcoin

0:00
No, Bitcoin just had its worst it worst October in seven years.
0:06
But why is it paper Bitcoin? Is it BlackRock controlling the
0:10
price? Or has retail simply just ran
0:13
out of money? What if it's none of those
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things? Today we're going to be breaking
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down and looking at the three reasons why October was so
0:22
terrible and what could potentially come next.
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So let's jump. Straight into the source
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material today, ladies and gentlemen.
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You guys are enjoying the show so far.
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You know what to do? Smash that like button.
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Well, welcome guys. Our our streaming software is
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acting up. And we got kicked off the
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screen. OK Anyways, jumping straight
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into it, why is Bitcoin stuck? One reason is that since July
1:01
1st, long term hodlers have been selling their coins.
1:05
The distribution, The distribution distribution volume
1:09
has already reached 110 KBTC and their total holdings have
1:14
decrease from 15.5 million to 14.6 million.
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Yet even under the selling pressure, Bitcoin has hit new
1:22
all time highs twice. Current demand is absorbing the
1:26
long term holder supply. As long as long term holders
1:30
keep taking profits, the upside potential will remain limited.
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So that's reason #1 and this is exactly what we talked about
1:39
yesterday, right? That long term holders, or at
1:41
least this is the theory, long term holders are selling their
1:46
Bitcoin. This is what George Bourdain was
1:49
talking about. This is what a lot of people
1:50
were talking about. I I don't know, I you know, you
1:54
know, I guess so. So moving on to this next piece.
1:59
Long term holders are continue to use the current price range
2:02
to realize profits until their supply is fully absorbed and the
2:06
metrics decline into the 2 to one zone.
2:09
The upside potential remains limited and the market is likely
2:12
to stay sensitive to two way volatility.
2:17
So the good news about all of that, of course is again,
2:21
eventually you run out of Bitcoin to sell, but these are
2:24
people that were buying Bitcoin at $100 per coin at $10 per
2:27
coin, at $5 per coin. So they have a lot of Bitcoin
2:31
and they've been selling it. I think the average is like 3000
2:34
Bitcoin per day. And that's the reason as to why
2:38
we're not having this parabolic movement.
2:40
They're taking some money off the table.
2:43
Take a look at this other chart, Bitcoin long term holder supply.
2:47
So as you can see, it has, you know, the total supply of of
2:50
long holders and as you can see heading into October, you know
2:57
that supplies going down, which infers, of course, that they're
3:00
selling it, they're sending it to exchanges and they're selling
3:03
the Bitcoin. It's exactly what's happening
3:05
now. I think that the reason that
3:07
it's caught so many people off guard is that it is supposed to
3:10
be October and this October is completely different than every
3:15
other October in bitcoins history.
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This is the first October in the year after the having that we've
3:21
had a red October. It's never happened before, but
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if you take a look at the data, it's clear the reason is long
3:28
term holders. People have been holding Bitcoin
3:30
for a long time, selling now. Let's compare and contrast.
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That wait, wait, Nika, zoom out a little bit so people can see
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the metric here. Like guys, that's millions of
3:39
coins right there. Yeah.
3:41
And now let's compare and contrast that with the previous
3:43
cycles. The previous cycles were pretty
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standard. It was pretty clear, like look
3:48
at 2017, right? It was pretty clear the long
3:52
term holders were just selling into it.
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Look at 2021, the long term holders were just selling into
3:58
it. Now take a look at this cycle.
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It's very strange. Every single time we've had a
4:03
run up, you've had this massive amount of Bitcoin just being
4:06
sold. Again, another run up that we
4:09
had went from 65K to 100100K. We had a huge amount of Bitcoin
4:15
being sold. But I guess the news, the good
4:18
news about all of this is take a look at how much Bitcoin, take a
4:23
look at the Bitcoin price. It really didn't go down that
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much and now we're seeing a very similar pattern.
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We made an all time high and again, you have the long term
4:32
holding holders just, you know, just selling their Bitcoin,
4:36
right? But we've never had this like
4:38
double, you know, double kind of selling event.
4:44
That's never happened before. But the Bitcoin price is holding
4:47
strong. So anyhow, that's reason #1.
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Now let's get to reason #2 liquidity stress is rising.
4:57
Banks are tapping the Feds repo facility at the highest level
5:01
since 2020. That means that they are short
5:03
on cash and overnight borrowing costs are rising fast.
5:07
Liquidity is tightening as QT drains reserves and Treasury
5:11
bill issuance absorbs cash. As you can see right here,
5:15
again, this is never been really happening before.
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Now the good news about this is that on the FOMC meeting that
5:21
happened this week, we had Jerome Powell and Jerome Pal
5:24
basically admitted that their ending QT is starting December.
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He also shocked the markets a little bit by saying like, he's
5:33
not 100% sure if he's going to lower rates in December, but it
5:38
seems like the betting markets still have it that he will lower
5:41
rates. So that was reason #2 now what
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is reason #3 this incredible article by Investopedia.
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Bitcoin is sliding amid great cut uncertainty, and here's why
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October never happened. The price of Bitcoin has
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extended its slide Thursday. All coins, including Ethereum
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and Solana fell even harder, likely disappointing those
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expecting October gains to materialize by tomorrow.
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The world's most well known cryptocurrency is now below
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1700. So now we're at 1900.
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The slide could under score broader risk off sentiments
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fueled by anxiety around the Federal Reserve's plan for
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future interest rate cuts. And again, this is what I was
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mentioning earlier. Fed Chair Jerome Powell said
6:28
yesterday that another cut in December is quote far from
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guaranteed. That prompted traders to scale
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back expectations. So, you know, this is this is
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all, you know, the perfect storm coming together and it creates
6:43
these types of situations. Now let's take a look at this
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other piece of source material from Joel Wedson.
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Interesting to observe, the number of BTC withdrawals from
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exchanges has remained almost unchanged since October 2024,
6:57
and that brings an important reflection.
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For the first time in a market cycle, we're seeing low on chain
7:03
engagement for Bitcoin. Data suggests that many
7:06
investors are choosing to keep their coins on exchanges or
7:10
transact within them rather than moving funds directly on chain.
7:14
When we compare Bitcoin's on chain volume with the on chain
7:18
volume of stablecoins, the difference is striking.
7:21
Bitcoin's on chain activity is at the lowest level ever
7:24
recorded. Very few are using the
7:27
blockchain. I think that has to do a lot
7:30
with the introduction of the ETFs.
7:33
This is why it's never been as important as it as it is today
7:37
to take self custody of your Bitcoin.
7:40
Remember, self custody is the revolution.
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This is highly troubling and you can tell why this is happening.
7:46
People are getting complacent, people are getting comfortable.
7:50
But the fact that 11 out of the 12 ETFs custody their coin,
7:54
their Bitcoin with Coinbase, I think not only does that create
7:57
a honeypot situation, but that could also create a
8:00
rehypothecation situation is something that I've talked
8:03
extensively with, with Larry Leopard and Caitlin Long.
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But anyways, it continues to say, in short, Bitcoins,
8:11
blockchain is quiet. Have you seen the fees lately?
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They've been awfully low, while stablecoins are screaming
8:18
liquidity across the market, a contrast that says a lot about
8:21
investor behavior in this phase of the cycle.
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So moving on to the final bit, this is a tweet by Michael Nadu.
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He says persistent selling by BTC long term holders continues
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to weigh on market structure. As this plays out, short term
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holders are now sitting on losses.
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Historically, market expansions begin only after long term
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holders transition from distribution to sustained
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accumulation. In my opinion, this will happen
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after the short term holders capitulate.
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Now the, I think million satoshi question is when is that going
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to happen? So the TLDR, what are the three
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reasons as to why October, October never happened?
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Reason #1 long term holders are selling.
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This is what George Bourdine was talking about.
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This is what a lot of these people were talking about.
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Absolutely no volume of people buying Bitcoin.
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That's why October never came to fruition.
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Now, will November be any different?
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I think that's a big question as well, but who knows?
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I've been saying this since yesterday, since I've gotten
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back. We are in uncharted territory.
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We've never kind of experienced this in bitcoins history.
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Not kind of. We've never experienced this in
9:51
bitcoins history. And that leads me to believe
9:54
that there is a possibility, again, not financial advice,
9:58
that the cycles are over and we only have three data points for
10:02
the cycles. This is what you guys have to
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understand. There's only three data points
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for the cycles. And now that the institutions
10:07
are here, now that Wall Street is here, now that the ETFs are
10:10
here, the game might, might, might have changed right now,
10:15
Does that mean that I don't think, what does that mean that
10:17
we'll never see a parabola again, that we'll never see some
10:19
type of mania again? No, that doesn't mean that at
10:21
all. But I'm saying that the, the
10:23
timelines are definitely, they've definitely changed,
10:27
right? That's for certain.
10:29
Now, are we going to know 100% that the cycles are over?
10:32
No, we're not going to know that until the end of 2026.
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So I mean the end of 2025. So if we get to December 31st of
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2025. And again, Bitcoin's just
10:42
continuing to go sideways. Do you think all of a sudden
10:46
just because of 2026 bitcoins going to dump out of nowhere?
10:50
No, I think we're going to continue to see this kind of
10:53
like, you know, chop solidation action until eventually the long
10:57
term holders are going to get exhausted because again, guys,
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you could only sell Bitcoin once.
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Once you sell that Bitcoin, you know, you run out of ammunition.
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Now, I think what surprised me, and this is a question that I
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asked Samson Mao Opti while I was in Lugano.
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It surprised me and Adam back. I asked Adam back as well.
11:16
It does surprise me a little bit that these O GS because that's,
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you know, the the the type of people that have the amount of
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corn to create this amount of downward sell pressure are
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selling this amount of Bitcoin. You know, and this is the this
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leads me to the to the joke that I've been telling you, man, like
11:36
is the Ponzi over right? But just to kind of leave it on
11:39
a positive note, I love George Bodine's post about this where
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he talks about it and he he talks about it in an incredibly
11:49
positive way. Because these coins are being
11:52
bought, we have not crashed as I thought we would have.
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There's a relentless underpinning bid that is putting
11:59
new price discovery in every one of these coins.
12:02
We are creating a new cohort of coins that others view valuable
12:06
above 100K. We are increasing the realized
12:09
cap of Bitcoin every day. That is incredibly bullish for
12:13
the long term. Someday you will be that long
12:16
term holder with incredible wealth and time and you might
12:19
want to buy something. So yeah, I mean, I understand,
12:22
but I mean the question that I have for you, Opti, I want to
12:25
continue this conversation, right?
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This flow that we have, like why didn't they do this last cycle?
12:32
Like why at 69 K did we not have these O GS selling the amount of
12:39
Bitcoin that they're selling? Is it the 100K psychological
12:43
number that's creating this phenomenon where like, you know
12:46
what, dude, I've been holding like Bitcoin 17 years old,
12:50
right? I've been holding for, you know,
12:52
15 years, right? You know, I started when I was
12:56
30. I'm 45 now.
12:58
You know, I want to get, I want to get my house, I want to get
13:00
my plane. I want to get, you know,
13:02
whatever it is that you desire to buy.
13:05
You know, I want to take some off the top, right, and takes
13:08
them off the top for them means something very different than
13:10
taking some off the top for most bitcoiners, right?
13:13
If you have 10,000 Bitcoin and you're taking some off the top,
13:16
maybe that's 1000 or 2000 Bitcoin, but that's that's a
13:19
fortune, right? So, you know, this has been the
13:22
story of today of this year's of of this year's cycle, right, is
13:27
that long term holders continue to sell.
13:29
And you know, a little bit of a tragedy about this is that
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they're selling to institutions, they're selling to
13:35
MicroStrategy, they're selling to Wall Street, right?
13:38
They're not selling to individuals.
13:39
Individuals don't have the capital to be accumulating the
13:44
amount of Bitcoin that these O GS are selling.
13:47
Now, on the positive note, and this is what I was trying to say
13:50
earlier, is like, even though we're having this much cell
13:56
pressure to the downside and we have gone down from 126 K to 108
14:02
K, in the grand scheme of things, you know, as George
14:05
Bodeen pointed out, you know, he thought they would be a much
14:08
bigger crash. And maybe I'm jinxing it.
14:10
Maybe November is going to be horrible.
14:12
But, you know, I'm surprised that Bitcoin has held up the way
14:16
it has. And he's pointing out the
14:18
numbers here. They're selling 100,000 coins
14:21
per month, 3000 coins a day, 100,000 coins per month are
14:29
being sold by the long term holders, right.
14:34
And you know, According to him, that's, that's why he believes
14:37
that there's all that there's all this downward cell pressure.
14:41
So Opti, I want to get your take, man, because I think a lot
14:44
of us had, you know, expectations for October, which
14:47
started very strong. October 1st we're like, Oh my
14:50
God, we're heading to new highs. And then all of a sudden, you
14:54
know that that I hope that optimism, that expectation was
14:58
just rugged right beneath us. Yeah, well, First off, I
15:02
actually First off guys, before I dive into it, apologies for
15:05
the glitches. Our streaming software is acting
15:07
up, so I'm trying to troubleshoot live Bear with us
15:10
it it should hopefully be fixed. But anyways, to answer the
15:13
question, I think two things are going on here. 1 is like what
15:17
you pointed out. I think 100K is kind of if
15:21
you're an OG holder you you bought Bitcoin 20/11/2013 better
15:25
you know you bought Bitcoin under a dollar or even around a
15:28
dollar or $100. Like 100K is their moon shot and
15:33
for the newer entrance, you know, maybe the 20/16/2017 type
15:38
bitcoiners, you can you can kind of look at it that like 100K was
15:41
basically their million. And so you can't really blame
15:44
them for taking some coin off the table.
15:46
But I don't think that that's the only reason we're seeing
15:48
coin, you know, this much quote UN quote long term holder coin
15:53
and the supply diminish. Like we're seeing it because
15:54
it's a lot of coin. It's around what 1.5 million
15:58
coins. I think the other thing to
16:00
factor in is that in the last couple of weeks we did see that
16:06
BlackRock and the ETF issuers did get in kind redemptions.
16:10
And so I think a lot of the coin that on the exchanges, it looks
16:13
like a sell. But in reality, I think they're
16:15
swapping kind of their assets, their Bitcoin to go into these
16:19
ETFs for the various different trad 5 benefits that they might
16:22
get whether they want a loan or the yields on top of it or or
16:25
collateralize their their Bitcoin.
16:27
So we are seeing a ton of Bitcoin move into these Wall
16:32
Street products and the way that the exchanges work, that does
16:35
look like a sell. Now, are they actually selling
16:38
out or rather is all of this supply or?
16:42
Yeah, all of this supply technically being sold, when you
16:45
look at the exchanges, it is technically being sold, but are
16:48
they selling out and, you know, just leaving the market for
16:51
good? I, I don't think we can
16:53
attribute all of that 1.5 million Bitcoin to Bitcoin Ogs
16:58
just selling out and, you know, cashing in their Fiat gains and,
17:01
and moving on to a different kind of, you know, just living
17:04
off their Fiat money. Like I, I think once you get
17:06
into Bitcoin, you're not just going to leave for dollars.
17:09
If you're a bitcoiner, if you've been around for 15/16/17 years,
17:13
I think you understand the game enough.
17:15
But you are at this point in your life, like you were saying,
17:18
Nico, where oh did Oh, OK, sorry, it maybe it's me on my
17:23
end. You are at this point in, in
17:26
your life where you do want to use your wealth.
17:29
And for better or worse, This is why I've been saying for a while
17:32
that it does seem like one of the attack vectors from, from
17:36
Wall Street right now is, you know, this idea of capturing
17:39
your Bitcoin getting into these Wall Street regulated products
17:43
so that they have more control of that Bitcoin.
17:46
Ideally for, for them, there's 2 routes that they can do either
17:50
1, you know, some pure 61-O2 confiscation, or better yet, as
17:55
we saw a couple of weeks ago, just some pure leverage
17:59
liquidation. And so if you are in these
18:02
products, what are the ways that they can get your Bitcoin?
18:04
One, of course, like a, a rug pool OF61-O2 just complicate
18:08
confiscate your assets. I don't think we're there yet.
18:10
So what are they going to do in the meantime?
18:13
They mess with the market and they liquidate your your
18:15
holdings so that they can get control of that coin.
18:17
So I think those are the two fundamental answers to that
18:21
question. Like what are these Ogs doing?
18:24
Why they're probably, they probably are taking some chips
18:28
off the table. And two, they're they're, you
18:32
know, doing in kind redemptions. And so they're putting their
18:35
Bitcoin into the ZTS for tax benefits for potentially using
18:39
collateral, you know, maybe they think they can outperform and
18:43
just spot Bitcoin. And so we're we are seeing that
18:45
happen. The other things you know that
18:48
we mentioned earlier, I think the biggest one guys, I know it
18:52
gets kind of complicated when you think about all this, but I,
18:54
I think the biggest signal here is just like there's literally
18:58
no one buying. They're like no one is in the
19:01
market except for Bitcoin. Been here for a long, long time.
19:05
And as I, as I've been joking on the show, it's like I have no
19:08
more Fiat left. Like if you've been in the
19:10
market for a while, we've bought in every dip and we have no
19:13
capital left to really buy the dip in bulk when you're
19:16
realizing that the institutions are the ones in control now.
19:20
So like our little, you know, pennies being thrown at the
19:23
market right now are are paling in comparison to the billions of
19:27
dollars of capital. And I know we also have to watch
19:30
the inflows and outflows of the ETF because again, the
19:32
institutions are essentially running the game right now.
19:35
Doesn't mean they're in control of Bitcoin or they Co opted it.
19:38
But hey, if they have a lot of capital and you're, you know,
19:42
and Bitcoin is a bucket and the water is the total capital in
19:46
the market, like what do our drops do when they're pouring
19:49
bucket fulls or billions of dollars?
19:51
But again, boiling it down to just simple supply demand
19:55
economics, because you know me, I have a 42 IQ over here.
19:58
So it's just like there are more sellers than buyers.
20:01
And as we saw in the last month, a lot of Bitcoin.
20:04
I think we are under estimating how much Bitcoin actually is
20:07
being captured by these ETFs This long term holder in October
20:11
down about a couple million coins.
20:14
Like that's a lot of selling pressure, but on the flip side,
20:18
the fact that we've stayed above 100K for this long, I think is
20:21
showing us a good consolidation period.
20:24
Now do we know what's going to happen by end of the year?
20:26
No, I see my buddy in the chat and he's like, bro, it's over.
20:29
It's a top. People are taking, you know,
20:31
risk off the table. I don't, I don't know if I
20:34
necessarily believe that I'm, I don't think actually maybe we
20:36
pull up the the let me see if I can pull it up real quick.
20:40
The historic Bitcoin chart. We were talking about this
20:42
yesterday, and if we look at what the past did, then I think
20:49
a lot of people are, are starting to think that the end
20:52
of this year, that November is not probably not going to be
20:55
that much better. Because we are comparing what
20:58
year is this? The two 2018 cycle, which was a
21:01
bear market and we got similar returns -3.83.
21:05
And then November was -36 and then December was -5.
21:11
So I, I don't think it, I don't think the same thing's going to
21:13
play out. I, I'm, you know, what do I
21:16
know? Obviously, maybe it's going to
21:18
be, it's over November or something.
21:20
I don't, I don't know what the name is, just like I don't know
21:23
what we're meaning November, if it's a, if it's a bad month, but
21:27
it does, it does look like maybe this is like a 2014 kind of
21:31
cycle thing, though. I was joking with Nico.
21:33
Then that just means we're going to go up 2% in November and not
21:37
see this 46 or median of 10% going up.
21:41
But I think as we've been kind of covering, covering this time
21:45
does feel fundamentally different.
21:47
Again, we have ETFs, we have the institutions here and and if you
21:50
look at the market structure of Bitcoin, it it has fundamentally
21:54
changed and we aren't below the 200 week moving average, the
21:58
simple moving average that still hasn't passed all time high yet,
22:01
which means it probably going high.
22:03
A lot of the indicators that people are looking at to kind
22:07
whether we are at the top of the cycle, those haven't really hit
22:10
yet. And I know everyone is talking
22:13
about potentially pumping into 2026 in the four year cycle
22:18
being dead. So things have fundamentally
22:20
changed and especially, you know, you have a Trump
22:22
administration, you have a president that's incentivized to
22:26
pump this thing. Maybe the idea that we're going
22:29
to pump all the way through the Trump presidency because we have
22:32
a president that's, you know what 6 largest holder in Bitcoin
22:35
at this point. I, I think, I think it's fair to
22:39
say that the traditional kind of market structure in Bitcoin has
22:43
changed since the ETF. So remember, we got all time
22:46
high before the halving. We didn't get in October 2025,
22:50
the year the bull run was super mid.
22:54
I don't know guys, like again yesterday you guys were kind of
22:56
talking or, or Nico was kind of going hard on this idea of you
23:01
guys calling us fudders and bearish.
23:04
And we're like, we're just looking at the data and trying
23:06
to be as objective as possible. And now I don't think the price
23:10
run is over. But you have to admit to
23:13
yourself that things have changed and this time is
23:15
different. We didn't get a 2025 parabolic
23:18
run. Remember, 3 green years, one
23:19
red, we got, you know, a kind of mid green year.
23:25
It's like it's, it's barely hanging on.
23:27
We're not beating the S&P 500 yet.
23:30
We're actually still underperforming the S&P 500.
23:33
Gold's been ripping. It's just like, it does feel
23:36
like the general macro environment is fundamentally
23:39
different now. There is a lot of uncertainty.
23:42
We don't know what's going on. And again, now that Bitcoin has
23:45
kind of grown up and the institutions are here, they look
23:48
at the macro markets and that's their signals to deploy capital
23:51
right now. And if they're uncertain, what
23:54
do you think they're going to be doing?
23:55
They're not going to be buying Bitcoin.
23:56
That's just like very simple. So I, I'm, I still kind of think
23:59
that we haven't really seen the institution comes in force into
24:04
Bitcoin yet. And that could fundamentally
24:07
mean we're going to be pumping into 2026.
24:09
It, it's been a pretty mellow year.
24:11
And since we didn't get a blow off top, we probably won't get
24:14
as big of a dip as we're used to.
24:16
So there is some benefits here, but again, we're just in
24:20
uncharted territory at this point.
24:21
I, I, as Nico's been saying, as we've been saying on the show,
24:24
literally no one knew what this year was going to be like.
24:28
And you guys could say we're coping all that stuff.
24:31
We're just trying to make sense of the data.
24:33
There is a lot of noise. Even amongst us bit corners,
24:36
there's a lot of noise. But when you look at the macro
24:38
picture, there is a ton of noise as we've seen in all the
24:42
markets. You know, a Trump tweet just
24:43
nukes the markets and who knows when he's going to wake up at
24:47
night, drink a Diet Coke and just tweet and nuke the market.
24:50
So things are very uncertain. He tells Baron before you know,
24:54
like Chad, go go on super chat, go on Binance and short the shit
24:59
out of Bitcoin bro. But anyways, if you guys are
25:02
enjoying the show so far, make sure to smash that like button
25:05
help us break 100 likes within the first hour or first 30
25:09
minutes of the show. Of course you'll listen to
25:12
simply Bitcoin live, the most watched daily Bitcoin live show
25:15
on planet earth. You guys are enjoying the show
25:18
on rumble, YouTube X or the audio platforms you're listening
25:22
it after the fact smash smash the like button share the show
25:26
really really helps pushing this message forward.
25:29
I asked you guys in the chat. I said, do you believe the bull
25:33
market is over 73% of you guys said no 26% of you guys said
25:39
yes. I want to hear your thoughts
25:40
like why do you think it's over? Let us know down in the chat,
25:43
please let us know so Opti and I could talk about it.
25:46
But yes, ladies and gentlemen, those are the, those are the
25:49
three reasons as to why we did not have October Long term
25:55
holders are selling. That's number one.
25:57
Number two, general uncertainty in the markets because liquidity
26:01
is drying up and #3 no volume of people buying Bitcoin.
26:06
Now here is my personal plea to Jerome Powell.
26:10
Jerome Powell, please start the money.
26:13
Printers, please start the money printers, please cut the rates,
26:17
start the money printers. But even then, bro, like I I
26:20
don't know, man, like we were talking about this is we were
26:24
talking about this yesterday Opti, you know, gold's having a
26:29
parabola. The NASDAQ is having a good
26:31
time. It's specifically Bitcoin.
26:33
It's specifically Bitcoin. I want to I I want to understand
26:37
what's in the mind of these O GS like what are they thinking?
26:40
What do they, what do these O GS know that we don't know?
26:45
That's the that's the question. And you could bet that a couple
26:48
of them are watching the show right now, laughing their asses
26:51
off. Dude, they're just locking in
26:53
some games. They're like, I've been doing
26:54
this for so long, I don't want to go through another bear
26:57
market again. Maybe they're full for your
27:00
cycle believers and they're like, we, we've come towards the
27:04
end of the cycle. I'm going to sell out right now.
27:07
I, I can't, I mean, we, we joke about this all the time.
27:10
It's like personally, another 80% bear market at this point in
27:14
my life is going to be completely brutal.
27:17
And if you've been doing this for this long, you're just kind
27:19
of like, I, I need to take some chips off the table right now
27:22
because you know, like you said, they're older, they got a
27:25
family, they're probably trying to live.
27:32
Oh, no, no, it's think all right.
27:36
It, it it kicked me off here. You're just taking chips off the
27:41
table. You're just like, I want to live
27:43
my life a little bit. I don't want to wait another 15
27:45
years for me to gain some wealth.
27:47
I'm at the point now where I could use a little bit of my
27:49
wealth and still be a true Bitcoin believer.
27:53
Yeah, I I just think it, it's just human psychology.
27:55
They're like, I don't want to deal with another bear market.
27:58
I've dealt with 3-4 at this point.
28:00
And right now is a good time for me to, you know, secure my
28:04
lifestyle and maybe upgrade my lifestyle.
28:06
So you can't really blame them. This is how Bitcoin gets
28:08
distributed as new price points come.
28:11
And people look at that as their moon shots, that coin gets
28:15
distributed, new buyers come in. That's just how this market
28:18
works. Yeah, yeah.
28:20
That's how the market. That's how the market works.
28:22
Anyways, guys, we got a load of content loaded up for you guys.
28:26
We got Christine Lagarde continuing to talk about central
28:29
bank digital currencies. She's not lost the plot.
28:33
She like, she really, really wants these things.
28:36
She really wants these things to go down.
28:38
The formal rollout date has been announced. 2029 is going to be
28:43
the formal rollout day of of the CBDC in Europe.
28:48
Now I will say this right, I guarantee you that Bitcoin
28:53
regulations are going to get bonkers when that CBDC gets
28:59
rolled out. They don't want competition.
29:02
They want people trapped in the Fiat system.
29:05
A CBDC is the Fiat system for the digital age, right?
29:10
They want that connected with your ID.
29:12
They want that connected with your, your travel plat patterns
29:16
like they, they want the whole shebang, right?
29:18
This is about keeping control. You got to ask yourself, is this
29:22
really necessary? Does the CBDC really solve a
29:24
problem? I would say no.
29:26
I think a CBDC is a reaction to Bitcoin.
29:28
That's what it was. I don't think a CBDC would exist
29:31
without Bitcoin, right? So anyways, we're going to be
29:34
talking about that during the numbers segment.
29:36
And then during the news segment, some interesting clips
29:39
that we have of Michael Saylor. Michael Saylor basically again,
29:43
we, we played you part of the interview yesterday, but he had
29:47
an interview with Kenzie Sagalos and he's talking about how he
29:49
believes that the industry is going to 10X from here as banks
29:54
like Wells Fargo, Bank of America, Morgan Stanley, BNY
29:58
Mellon, all are are, you know, they're all getting into
30:03
Bitcoin. And you saw the change from
30:07
Jamie Dimon. Jamie Dimon yesterday we played
30:09
you guys the clip for the first time in like years.
30:12
He was not he was saying, look, this thing's here to stay.
30:15
Now he was trying to going to show his own his his own stable
30:18
coin. But regardless, he was he was
30:21
basically admitting that look, this is not going to go away.
30:25
So we're going to be talking about that as well.
30:28
And it's going to be it's going to be a fantastic show
30:31
everybody. So strap in and we still got a
30:34
lot to cover. Let's start the show.
30:36
We're going to be right back in just a bit.
30:39
If I could find the actual thing here it is.
30:42
All right, everybody, we're going to be right back.
30:51
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se-ed.com store. All right everybody, we are
32:05
back. I do want to give a very special
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bitcoinwell.com/OTC team today. Anyways, everybody, let's get to
33:03
the numbers. At the time of recording, the
33:05
Bitcoin price is $108,780. Block height 921,633 market cap
33:12
2.17 trillion Bitcoin versus gold market cap 7.71% Decline
33:19
from all time high -13.8%. The grand scheme of things, I
33:23
think we lost a little bit. Anyways, I did mention that we
33:27
were going to talk about CBDC. Here is Opti's ex-girlfriend
33:31
Christine Lagarde and she's formally announcing, she's
33:36
formally announcing the roll out of the digital euro.
33:41
So let's check it out. Hello, Hello.
33:44
I have good news for you on the digital euro front today.
33:47
The Governing Council has decided to move ahead on the
33:51
next and final phase of the preparatory work for the digital
33:56
euro. The other good news is that on
33:59
October 23rd, the European Council has asked us and all
34:04
those involved to accelerate the process so that we can roll out
34:08
the digital euro as early as possible.
34:12
This is important because as much as banknotes will continue
34:15
to circulate, we want cash to be in the form of digital euro as
34:21
well, so that you can circulate banknotes and click cash with
34:26
the digital euro. More work is going to be done in
34:30
the next few months and if we receive the approval by the
34:34
European Parliament in the course of 26, we'll be able to
34:38
pilot the digital euro as of 27. And if the pilot is conclusive
34:43
and positive, it will be a formal roll out in the whole of
34:46
Europe in 2029. This is a big project because
34:51
the euro is our currency, your currency.
34:55
It brings us together. It's a symbol of trust in our
34:57
common destiny. So off we go with the digital
35:01
euro in that next and final phase of the preparation.
35:06
Hello. I mean, I just have so many
35:09
things. There's so much to unpack there,
35:11
right? You know, this shared destiny,
35:14
right aspect of it, you know, this shared commonality.
35:18
And then how the way that she was describing it as if it was
35:22
some type of good news, right? Like this is fantastic news.
35:25
This is good news. Like this is going to help
35:28
everybody. Dude, that is some 1984 like
35:33
dystopian stuff. And again, she's phrasing it as
35:36
if it this is yours, more money, right?
35:38
Like this is your money. No, no, no, that's the banker's
35:43
money. That's the government's money.
35:46
It ain't your money. If you're the average Joe, if
35:50
you're 99% of the population, you do not benefit from the Fiat
35:56
system. They benefit from it.
35:59
You do not benefit from it. But what I found, what I find,
36:03
like, like it, it's total cowardice to me that they're
36:08
hiding behind this, like, you know, this is exciting, this is
36:14
for you, this is for the public. This is your money.
36:18
No, no, you can't just create more EUR.
36:22
That's counterfeiting. You can't audit the European
36:25
Central Bank. You can't audit that, right?
36:29
You, you, you don't know what the supply is, right?
36:32
You, you don't you, they, they make all the rules.
36:36
You don't get any type of transparency and this thing just
36:40
inflates away. And the gall of them saying that
36:43
somehow this is public money. Bitcoin is much more public.
36:50
You don't need to have any form of ID.
36:52
You can just download a Bitcoin wallet.
36:53
You can receive Bitcoin anywhere around the world that's
36:56
international. You can audit the chain.
36:59
You can know exactly how much Bitcoin there is in the supply.
37:04
You know you can send it anywhere.
37:06
You know, it doesn't have inflation or the inflation is
37:08
very low. Like there's a cap supply of 21
37:12
million. It protects your purchasing
37:14
power. Like, you know, that sounds
37:17
more, you can create more Bitcoin.
37:19
You just have to mine it. You have to invest in the
37:21
infrastructure. That sounds a whole lot more
37:25
public than whatever the F this lady's talking about.
37:30
This is this is dystopian. This is this is like borderline
37:34
evil, man. This is evil.
37:36
Like I got to say it's evil like hello, I have some good news
37:39
like you know, you know that the, the, the, the money system
37:43
that we're going to use to control everything about your
37:45
life. Well, it's going to be rolled
37:47
out in 2029 formal roll out like that's crazy, man, that's nuts.
37:53
I, I, I would be terrified like if I heard, if I, if I saw, you
37:57
know, we don't live in the EU. But if, if, if, if I saw, you
38:01
know, American Paul, they tried it.
38:03
But if I saw, you know, Jerome Powell come on TV and say
38:06
something like this, I would be losing my mind.
38:08
I'd be like, this is crazy. And again, what problem does
38:11
this fix? It doesn't fix the problem.
38:15
It doesn't fix the problem. It's justifying the continue the
38:19
the continuation of the existence of the central bank.
38:24
And that's how they're. Framing it and they're framing
38:26
it like as if this is for your own good, right?
38:30
And again, if they were so confident in their money, then
38:35
why go after Bitcoin, right? If they were so confident in
38:38
their money, if they're so confident that their money is
38:41
money, that their money has value, why you attacking Bitcoin
38:45
like let let let let the best money win.
38:48
Who are you to decide what who, what money, what money people
38:52
should use? And I think that that boils down
38:55
to like the root, 'cause of all this, right?
38:58
Which is like, you know, again, we the people bestowed onto the
39:03
government, right? You know, which I think was a
39:06
bad idea. But anyways, you could make an
39:08
argument that there was no other solution.
39:10
We bestowed onto the government this idea of, listen, you guys
39:14
get to regulate money. Like you guys get to issue
39:17
money. Because if not, you know, people
39:20
are going to cheat and things are going to get crazy and you
39:23
know, there's no referee. But Bitcoin is a is a system
39:28
rules without rulers. And now you have the rulers
39:32
trying to justify their very existence, right?
39:35
They're saying they're they're basically trying to make the
39:37
case to you that look, This is why we should continue to exist
39:42
right where they've essentially they've been out innovative like
39:48
Bitcoin. Bitcoin doesn't require a
39:50
middleman. Bitcoin doesn't require a
39:53
central banker to set interest rates.
39:55
Bitcoin doesn't require, you know, any of this type of
39:58
madness, right? So, you know, don't be fooled
40:01
with these, you know, these videos about, oh, this is good
40:04
news and this is whatever. Do you ever see these types of
40:07
marketing videos from Bitcoin? Like did you ever see this?
40:10
No, you see, you see crazy muppet people making memes on
40:13
the Internet and people adopting it.
40:16
Because of the incentives of Bitcoin.
40:18
That's why they're adopting Bitcoin.
40:20
They're not adopting Bitcoin because, you know, some person
40:25
on TV basically says, hey, good news, we're going to shove this
40:29
down your throat through regulations and enforcement and
40:33
coercion. Like, no, no, I, I completely
40:36
refuse this framing. This is dystopian as hell and
40:41
This is why we Bitcoin. This is the world they want you
40:43
to live in by the way, right where they get to set the rules
40:47
on what you can do with your money.
40:50
So you spend your like your life, your your time working for
40:55
this money. And they get to dictate what
40:59
you. Yep.
41:29
Yeah, I don't know what's going on with our streaming software
41:33
today, man. It's going a little crazy.
41:36
We got to hit him up. But anyhow, Opti, I want to get
41:40
your thoughts, dude, what's going on with your ex, bro?
41:44
Because she's not. It's not being very nice.
41:48
You know, heartbreak makes people act strange.
41:52
No, but I mean, I think the biggest thing that I find,
41:57
obviously central bankers are going to gaslight us like
42:00
they're they're going to frame this CBDC like it's something
42:04
that you need, that it's going to benefit you.
42:06
When in reality, when you understand what is actually
42:08
going on, you understand that it's actually not going to
42:11
benefit you and it's actually going to be way worse than we
42:13
currently are right now. But I'm always kind of, I don't
42:18
know if impressed is the right word, but it is always
42:21
interesting that they they always frame this that cash
42:24
needs to go digital When if you understand how the banking
42:28
system works already, cash is already digital.
42:30
Yes, there is still physical cash notes, but when it comes to
42:35
bank ledgers, it's already digital.
42:37
Like what? What are they actually doing
42:40
with the CBDC that is different than what they they currently
42:43
have? Obviously they're going to frame
42:45
this as this is going to update the system.
42:48
You know, we're going to have faster payment, you know, faster
42:52
settlement. The, the physical cash will now
42:55
be digital. And in reality, it's like if you
42:59
understand how the banking system works, like cash is
43:01
already digital. Yes, we still have physical
43:04
notes and we know that they want to basically phase out the
43:06
physical notes. And that's where the CBDC, you
43:10
know, system is popping in. It's like all your life is going
43:12
to be easier. And then you add that on top of
43:14
the digital ID and it's really like you're walking into your
43:18
own panopticon. Like you're walking into a world
43:21
that is totally surveilled and you have actually no freedom
43:25
whatsoever with your money. You, you, you're literally like
43:28
they tell you out front, we can program your money and shut you
43:31
off because you're eating too many sweets or whatever.
43:34
You know, your, your carbon ID or whatever, whatever they call
43:38
it is, is too high. Like your, your carbon footprint
43:41
is too high. And, and you know, for that
43:43
reason, you're going to have to eat salads instead of steak
43:45
today. Or, you know, whatever.
43:48
You, you, you can make up your own views on this or, or your
43:51
own scenarios on this, but it is becoming very obvious.
43:55
One, of course, like they are trying to frame this as this is
43:59
good for you, when in reality it isn't.
44:02
And then two, it sometimes seems like they're not really even
44:05
talking to the citizens here. They might be talking to someone
44:09
else. You know, you can dive as deep
44:11
as you want in on that. But the part that I found the
44:14
most interesting on that clip is, remember, we've heard
44:16
Christine Lagarde say for the better part of this year that
44:21
the CBDC will be out in October. Here we are the end of October.
44:25
And what did she say in that clip?
44:27
If we get approval, then maybe we can start building it.
44:31
If it sounds like she said we, we can start building this in
44:33
2026, maybe get a pilot program by 2027 and then it'll be fully,
44:39
you know, launched by 2029. It's like that four years in
44:43
four years. They're going to be so behind
44:46
the curve from where Bitcoin will be that I in my opinion,
44:50
this is just going to it's just going to be DOA like it has no
44:53
chance of actually being used. They're they're they're already
44:57
telling us that they're losing the game and everyone's waiting
45:00
on them like, oh, hey, in four years guys, we're going to
45:02
update the the payment system, the digital euro in four years.
45:07
What do you think bitcoin's going to be from then?
45:09
Like they're this is this is a this is a a dead project as far
45:13
as I'm concerned, this is non existent 4 years.
45:16
If they were really smart it, you know, and they really were
45:20
as technically savvy as they think they are like this would
45:22
be launched now and then we really have some trouble.
45:25
So the flip side of this is I think we're going to be good
45:29
like I, I think we're going to be straight if they, if they're
45:32
going to launch this in four years.
45:34
I, I think as Nika has been saying on the show and I, I do
45:37
kind of push back on like Bitcoin already won.
45:40
They're saying 2029 is when they drop the CBDC.
45:43
What 2020? What?
45:44
We were just talking about it yesterday.
45:46
That's the year after the halving that the year.
45:49
And, and everyone thinks that we're going to be above
45:51
1,000,000 per coin by then. Yep.
45:53
It's like the CBDC is DOA. It's just like they're they're,
45:58
they're lost. I wouldn't underestimate their
46:01
willingness to use coercion to get people to, you know, use a
46:06
central bank digital. Yeah, I wouldn't, I wouldn't
46:26
underestimate their ability to use coercion to, you know, to,
46:33
to get people to, you know, really go along with these
46:38
CBDCSI just I I wouldn't underestimate their ability to
46:43
do that. I wouldn't underestimate, you
46:45
know, how you know how, how much they're willing to, you know, to
46:52
get people to use the system because again, it it, that's
46:55
their source of power. And I think that's what people
46:57
need to understand. Anyways, we're going to head on
46:59
to the new segment. We have tons to cover.
47:01
We're going to be right back in just a bit.
47:04
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code simply. All right, everybody, we are
49:42
back. I do want to give a shout out to
49:47
our merch guys. Go check out our merch if you
49:49
guys want to support the show. It's a little rocky these days
49:53
with the price doing what it's doing.
49:55
But if you do want to support the show and help us stay on
49:58
air, go to simplybitcoin.com. Get yourself a Simply Bitcoin
50:02
hoodie and some T-shirts. They're really, really high
50:06
quality. Opti's wearing one right now.
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If you want to switch to that Opti, you can model it a little
50:10
bit. Super high quality, like I said,
50:13
extremely comfortable and this is the type of thing you'll wear
50:17
this hoodie. Don't wash this hoodie.
50:19
It's that comfortable. It's one of those hoodies or
50:21
you, you just don't want to wash it.
50:23
No wonder you stink. Because of how comfortable it
50:26
is. So anyways guys, let's get into
50:28
today's news. We have a lot to cover. 1st I'm
50:31
going to start off. Did it happen again?
50:37
Yeah. Oh my God.
50:40
I don't know what's going on guys.
50:41
We'll get this fixed by Monday. Anyways, Mackenzie Sagalos and
50:47
Michael Saylor had a conversation.
50:50
And and to quote Michael Saylor, the industry is going to 10X.
50:55
It's going to decrease by a factor of 10 based upon
50:58
activities that are taking place at JP Morgan, at Wells Fargo, at
51:02
Bank of America, at Morgan Stanley and at BNY Mellon.
51:05
Let's check it. Out the industry is going to
51:07
10X. It's going to increase by a
51:09
factor of of 10 based upon activities that are taking place
51:13
at JP Morgan, at Wells Fargo, at Bank of America, at Morgan
51:19
Stanley, you know, at B&Y Melon, it's the big household brands at
51:25
City, right? They're the ones that are going
51:28
to introduce Bitcoin and digital assets to the next billion
51:32
people. And JP Morgan is now willing to
51:34
accept Bitcoin as collateral. At least they said that they
51:36
intended to do that. Talk to me about that component
51:39
where you're seeing Wall Street banks lean into Bitcoin as
51:42
collateral. What is that?
51:43
Yeah, I think the most exciting thing is 12 months ago, you
51:45
couldn't get a loan against Bitcoin or a loan against
51:49
wrapped Bitcoin like an ETF, like ibit.
51:52
You couldn't get those loans from any major bank in the
51:56
nation. And now what you see is that
51:59
Bank of America, JP Morgan, Wells Fargo, BNY Mellon are all
52:07
are all beginning to embrace this asset class.
52:11
You see other innovative banks, Charles Schwab, Texas Capital,
52:16
they're they're offering pretty progressive credit terms against
52:20
either IBIT and now even many of those banks are starting to talk
52:25
about offering credit against underlying Bitcoin.
52:28
I think in 2026 we'll start to see some of these major banks
52:33
like Citi custody Bitcoin, BNY Mellon start to custody Bitcoin,
52:38
and companies like JP Morgan start to issue credit against it
52:43
at this point. So keyword there, right?
52:48
Which is he's talking about 2026, right and this kind of
52:53
going full circle to kind of connect it what we were seeing
52:55
in the beginning of the show. I think this is a totally
52:58
different ball game. Ladies and gentlemen, that's my
53:03
that's my my, my gut instinct. I think this the game has
53:08
changed. The game has changed, man.
53:10
The institutions are here. This is a meme that we had in
53:13
2017 when price, you know, crashing from 20K to to to 3500.
53:22
It was a brutal, brutal, brutal correction.
53:26
And one of the coping mechanisms that we had was, Oh my God, the
53:29
institutions are here. The institutions are here.
53:31
Well, I mean, yeah, they're here.
53:33
And I don't think it was, I don't think it was every.
53:38
I don't think it was what a lot of people thought it was going
53:40
to be, right. So anyways, I do also have
53:43
another clip. I believe this is from an
53:47
earnings call and Saylor invited up a bunch of influencer, I
53:51
think Natalie was there, Ben Burkwon, Adam Livingston, I
53:56
think his name is. So anyways, just check out this
53:59
clip and then Opti and I will talk about it.
54:02
We're hearing rumors and, and we've heard, you know that a
54:06
number of major banks in the US and the first half of 2026,
54:10
we'll start to buy Bitcoin, sell Bitcoin, custody Bitcoin and
54:14
issue credit and and margin lines against the native Bitcoin
54:18
asset. That will be great for them,
54:21
that will be great for Bitcoin, that will be great for us.
54:23
That will accelerate adoption. So again, yeah, it's a different
54:31
taste, man. It's a different taste.
54:33
I think we, Opti and I, we're gonna continue to hold the line
54:37
for individual Bitcoin adoption. This is what simply Bitcoin is
54:41
all about. But there's a whole new buyer of
54:45
Bitcoin and it's the banks, it's the institutions, it's
54:49
BlackRock. So, yeah, I mean, I agree with
54:55
Jack Dorsey when he said that, you know, if people don't take
54:58
self custody of their Bitcoin, you know, this thing fails.
55:02
It's why we recommend here as simply Bitcoin the the bit key
55:08
hardware wallet, incredibly easy to use the links in the video
55:12
description. But yeah, I mean, you know, it
55:15
is kind of a it is a little bit of a bummer, dude.
55:20
You know it, it's bittersweet because you know that you know
55:25
that if these banks start buying Bitcoin, you know, you know,
55:30
they're, they're gobbling up a lot of the supply.
55:31
Maybe this is with all the Ogs know that we don't.
55:35
They're like, dude, like the suits are here like, like this
55:39
is over. Like, you know, it's not fun
55:42
anymore. Ponzi's over.
55:44
Like, you know, and if you take a look at like, you know, like
55:47
just the conferences in general, like they've completely changed,
55:50
you know, it's, it's not as militant and as revolutionary as
55:55
it was in the beginning. So, yeah, I mean, not to be any,
55:59
not to be doomer gloomer, but you know, things have changed.
56:03
This is part of Bitcoin becoming a maturing asset.
56:06
I still think that we're going to see hyper bitcoinization.
56:09
I still think that Bitcoin is going to be the world's reserve
56:11
currency. I think all those things, all
56:13
those things are true. But I I think as individuals,
56:17
I'm going to ask you guys, right?
56:19
I've been doing this for five years now.
56:22
You know, don't ask what Bitcoin could do for you.
56:25
Ask what you can do for Bitcoin. Like are you taking self custody
56:28
of your Bitcoin? Are you telling, telling your
56:30
friends and family to take self custody of their Bitcoin?
56:32
Or are your friends and family buying Bitcoin and you know,
56:37
like putting it in, you know, buying ETFs instead?
56:41
I would say that's a bad thing. I would say that's a bad thing.
56:43
I I would say like if you're watching this show, you know,
56:47
you should be buying spot and putting into self custody.
56:51
And you know, a lot of our sponsors completely align with,
56:55
you know, with, with that outlook.
56:57
Opti, I'm gonna pass it on to you.
56:58
And then we're gonna end the week strong with with the
57:02
culture segment. Yeah, yeah.
57:04
It's Bitcoin white papers there. We're gonna we're gonna actually
57:06
have some celebration today, I think.
57:08
Anyways, my view on sailors take here on the one hand, what is
57:17
what he said could be taken very bullish.
57:19
Obviously if you saw that tweet and kind of what he said, he's
57:23
basically saying like the biggest institutions the the
57:26
brand names here that you consider in banks will take
57:30
Bitcoin to the next billion people on some front.
57:36
I think that's a good thing. A billion people, a billion more
57:39
people using Bitcoin. Obviously that means it's going
57:42
to very thoroughly saturate throughout the culture.
57:45
It means people will be very used to Bitcoin.
57:48
It means you will see Bitcoin in your traditional banking apps,
57:51
which means that people can get their wealth into Bitcoin.
57:54
Though I think the medium for which they will get their
57:58
capital into Bitcoin is probably going to be regulated or
58:02
relegated to the ETFs and various Wall Street products.
58:07
And it does just make me think that that is captured Bitcoin,
58:10
that if it's not in self custody, then essentially Wall
58:15
Street is in control of that Bitcoin.
58:17
Now do I think that that means Bitcoin is over the revolution?
58:26
Geordie of Bitcoin is held in self custody.
58:32
This is where the real fight is. I think this is the attack
58:36
factor that we are seeing. So again, on the one hand, you
58:39
could look at what Taylor's saying is to be like bullish, a
58:42
billion more people are adopting Bitcoin.
58:44
You know, Wall Street's betting the need of Bitcoin.
58:46
The biggest banks in the world now want Bitcoin.
58:49
On the other hand, you kind of look at this and you're just
58:52
kind of thinking to yourself, maybe because we are more of a
58:55
militant, maybe that's just our upbringing of self custody
58:57
revolution. You need to hold Bitcoin like
58:59
you know at the bank separation. I think we want to change the
59:03
world. I agree.
59:04
And, and, but what I'm saying is when you start to see JP Morgan
59:10
talk about collateralizing Bitcoin, you're starting to see,
59:14
you know, rumors of Wells Fargo, Citibank, you know, all the big
59:19
banks now wanting to custody Bitcoin.
59:23
You're starting to see, you know, BlackRock in the ETF, the
59:27
very people that were, you know, in charge of the 2008 financial
59:32
crisis, which is when I became a, you know, an adult basically
59:36
are now wanting to get into Bitcoin and everyone's just
59:39
going to trust them because they have the brand name and they've
59:41
been around for 100 years, etcetera, etcetera, etcetera.
59:44
To me is that that's not what Bitcoin was designed to do, but
59:48
it's also, I don't think really taking away from what Bitcoin
59:52
will do. We knew that traditional finance
59:55
will eventually embrace Bitcoin, AKA the Trojan horse meme.
1:00:00
You know Bitcoin is a Trojan horse for freedom.
1:00:03
And now they're coming in. And so I, I do think that
1:00:06
Bitcoin is what we think it is. All I'm saying is that the next
1:00:10
three to five years is probably going to be a totally different
1:00:13
battle than what we saw before, which what you're seeing right
1:00:16
now with this whole like core nots debate.
1:00:19
I've been kind of on the fence that like it.
1:00:21
It is distracting in the sense is like guys like the real enemy
1:00:24
is at the gate and it is Wall Street is institutions, it's the
1:00:27
nation States and here we are fighting each other.
1:00:29
I wouldn't say it's the enemy, I would just say like.
1:00:32
Well, the real attack, whatever you want to call it, the real
1:00:34
attack is that it's on our gate. It's the enemy, I would say,
1:00:37
like, you know, they're following their incentives and
1:00:39
they see Bitcoin as this fantastic product and I mean,
1:00:43
fantastic asset that they can. Did we get booted off again?
1:00:52
Yeah, dude, we're struggling. Dude, Oh my God.
1:00:54
Alright guys. We're on, we're on, we're on I.
1:00:56
Apologize, I don't know what's going on with our, our, our
1:00:59
streaming software, but hopefully we'll get it fixed for
1:01:02
you guys by Monday. But anyways, let's get to the
1:01:05
culture dude. And you know.
1:01:07
It's trying to end the show strong.
1:01:09
It's. Bitcoin White Paper Day.
1:01:10
Let's check it out. I want to give a shout out to
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IO. Join today where Bitcoin meets
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freedom. Already then boys and girls,
1:03:17
mainly boys, but some girls. It's a celebration guys, it's a
1:03:21
holiday. 17 years ago today, Satoshi Nakamoto unleashed the
1:03:26
white paper on the world, October 31st of 2008.
1:03:31
Let me let me go here. I'm not going to read this
1:03:34
because hopefully you guys have read this, but as you can see,
1:03:38
I'm over here on Nakamoto Institute October 31st, 2008.
1:03:42
So it's been a 17 year long experiment.
1:03:46
Obviously it didn't come out until 2009, January 3rd, 2009.
1:03:50
But when the world learned about the white paper, Satoshi
1:03:54
Nakamoto unleashed it on the cryptography mailing list.
1:03:57
And here we are 17 years later, Bitcoins growing up at I don't
1:04:04
know what's going on here. As you can see, we are now
1:04:10
thoroughly starting to integrate into the traditional financial
1:04:14
system. It's come a long way in the last
1:04:15
17 years. I think it's come a long way in
1:04:17
the last few years. But again, I think a lot of
1:04:20
people underestimate just how young Bitcoin is and how far it
1:04:26
has already came. And so, you know, maybe if you
1:04:29
haven't refreshed yourself on the white paper, now might be
1:04:33
the time to reread it. I know I don't read it every
1:04:36
other week, but I do like to read it once a year.
1:04:39
I haven't read it this year, so maybe if I get some time this
1:04:42
weekend, I'm, I might sit down and read it.
1:04:44
I, I read the abstract in the first couple of paragraphs all
1:04:48
the time on the show. But again, guys, 17 years.
1:04:52
I guess it's one of those things that goes like which ones?
1:04:54
What's Bitcoin's birthday is today?
1:04:56
It's birthday or January 3rd when it was released or when the
1:04:59
white paper was released. I would say January 3rd.
1:05:01
January 3rd Wow, this is when the world heard.
1:05:06
About it, the conception. And then there is the release.
1:05:12
Love it. This is when Bitcoin was.
1:05:14
This is when Bitcoin was conceived, but when Bitcoin was
1:05:17
born was January 3rd. OK, OK, so.
1:05:21
So take it three months. Well, two months.
1:05:24
One month. I mean if you want to look.
1:05:25
At it Two months. Three months.
1:05:27
The birth of Bitcoin. But it is a Bitcoin white paper
1:05:30
day. Congratulations everybody.
1:05:32
Bitcoins 17 year. Well, it's been conceived right?
1:05:35
So it's turned 17, January 3rd. It's still 16 in two months.
1:05:41
Dude, and I've wow, man, it's been a long time.
1:05:45
It's been a long time. Yeah, you know what's actually
1:05:49
crazy? Like no, no wonder that's being
1:05:52
talked about on Wall Street bro. It seems like almost 20 years
1:05:55
old. Well, but in comparison to gold,
1:05:57
you know, they always said gold's thousands of years old
1:05:59
and, and bitcoins not even, you know, Bitcoin is not even 18
1:06:03
yet. It's, it's still 16 and 5-6 or
1:06:07
whatever, 4/5 something like that, whatever the math is.
1:06:11
You know what, what is kind of interesting now, Nico, I know, I
1:06:16
know you get trolled out all the time in the chat because they're
1:06:19
always like making fun of you for saying, you know, I've been
1:06:22
here for 9 years, but yo, I've been here for I think 8 years
1:06:27
now. So I've I've been around here
1:06:30
you're. Going to be here for 9.
1:06:31
Years, I know, but but I was just going to say I, I get it,
1:06:34
dude, I get it. I know, I know.
1:06:35
But what I'm saying is when I got into Bitcoin 2017, like you
1:06:41
felt late to Bitcoin and here here I am.
1:06:45
I, I'm been here for half of its lifetime and it's literally gone
1:06:49
by in a blink of an eye. Like it just, it's a blink of an
1:06:53
eye. Well, it's been a bumpy, bumpy
1:06:55
Rd. but I can still remember when I got into Bitcoin.
1:06:57
It didn't feel too long ago, but when you look at it, it has been
1:07:01
a long time especially maybe it's 'cause it's a stable coin
1:07:04
now guys. So you know my I, I.
1:07:07
Was rug pulled on the promises the Ponzi?
1:07:11
'S over guys packing up. Anyways, guys, that was our last
1:07:15
episode for October Forever and no, I'm just chilling.
1:07:21
That was our last episode of October.
1:07:24
Obviously, you know, there we go.
1:07:31
Thank you. A lot of us were expecting that,
1:07:34
you know, October was going to be more of an October, but I
1:07:38
think that this cycle is going to be very different.
1:07:40
We explained it at the beginning of the show and we're going to
1:07:43
be here to cover it for you guys to talk to you about it and you
1:07:48
know to so to take you guys on the journey with us, which is
1:07:52
Bitcoin man. So let's see what happens.
1:07:54
We're in completely uncharted territory.
1:07:59
So that means that we could dump tomorrow and that means we could
1:08:02
also RIP tomorrow. We don't know and nobody else
1:08:06
knows either, which makes it incredibly exciting.
1:08:10
Simultaneously, sailors saying that the largest banks in the
1:08:14
world are going to be buying Bitcoin next year in 2026, the
1:08:19
supposed year of the bear market.
1:08:21
So again, I don't think anyone knows what's going to happen,
1:08:24
but we'll we'll stay on top of it and we'll try to keep you
1:08:26
guys informed until then. We love you all.
1:08:29
We appreciate all you guys. Thank you guys so much for
1:08:31
keeping the show on air. It wouldn't be possible without
1:08:34
any of you. So thank you guys so much from
1:08:36
the bottom of my heart and enjoy the weekend and we'll have all
1:08:39
this fixed by Monday. Love you all and we'll see you
1:08:42
guys on the next one. Today's episode was brought to
1:08:46
you by bitcoinwell.com, a Bitcoin only platform on a
1:08:50
mission to enable financial independence.