Latest / Simply Bitcoin / Bitcoin is about to CHANGE This $370T Market FOREVER! | EP 1470

Transcript

Bitcoin is about to CHANGE This $370T Market FOREVER! | EP 1470 · Simply Bitcoin

• 0:02
  Jamie Dimon quietly started a trend, and now we have the $4
• 0:07
  trillion giant and biggest home lender in America accepting
• 0:13
  Bitcoin for a down payment on a new home.
• 0:16
  You've heard it right. One of the biggest, if not the
• 0:20
  biggest lenders in the world wants Bitcoin for collateral.
• 0:25
  And of course, there's reason to be critical of this
• 0:27
  announcement, and I will dive into that today.
• 0:30
  But what happens if Bitcoin now becomes the collateral backing
• 0:35
  the $370 trillion real estate market?
• 0:40
  And further, it's showing another data point on the trend
• 0:44
  that I've been kind of saying the last couple of weeks, I and
• 0:48
  I'm the source here, you know, I don't have an official source
• 0:50
  for you, but it does seem like 2026 is the year that Bitcoin is
• 0:56
  fully embraced or ingrained into traditional financial system.
• 1:00
  And maybe we'll talk about the pros and the cons of this, of
• 1:03
  course, but what am I talking about?
• 1:06
  Of course, Actually, before I dive into all the news, let me
• 1:10
  just play you a quick little clip from CNBC that covers that
• 1:14
  does a pretty good summary. Here we go with yields.
• 1:18
  This is Fannie Mae prepares to accept crypto backed mortgages.
• 1:21
  Diana Olek has the details on what crypto backed mortgages
• 1:24
  are. Diana.
• 1:26
  That's right, Dom, it's not the first crypto backed mortgage,
• 1:28
  but it is the first to comply with Fannie Mae requirements for
• 1:31
  purchase. Better Home and Finance together
• 1:34
  with Coinbase are offering a new mortgage that would allow home
• 1:37
  buyers to use their crypto assets as collateral.
• 1:40
  It falls under Fannie Mae guidelines, so it can be bought
• 1:43
  and securitized by Fannie like any other conforming mortgage.
• 1:47
  All right, how does it work? It's a little tricky.
• 1:49
  The borrower takes out a regular mortgage with Better and then a
• 1:52
  second loan backed by either Bitcoin or U.S. dollar coin and
• 1:56
  held in a coin base account. The second loan would fund the
• 2:00
  down payment on the first loan. That way the borrower doesn't
• 2:03
  have to sell their crypto. Both loans are held by Better
• 2:06
  and the crypto assets once pledged cannot be traded.
• 2:10
  Even if the value of the crypto falls, nothing changes on the
• 2:13
  loans as long as the borrower keeps making the monthly
• 2:16
  payments. We have now finally created the
• 2:20
  infrastructure rails to enable any tokenized asset in America
• 2:25
  to be able to be pledged to help someone afford to buy a home.
• 2:30
  So it starts with Bitcoin, starts with USDC, but going
• 2:33
  forward, it can be Apple stock or Amazon stock or any publicly
• 2:37
  traded mutual fund, bond fund, something that you might hold in
• 2:41
  your IRA. You're going to be able to
• 2:43
  pledge that to buy a home. Now the downside is you are
• 2:47
  paying on 2 loans which makes it a little bit more expensive, but
• 2:50
  Garg says since you're not selling the crypto, you're still
• 2:53
  benefiting from its appreciation if it does appreciate which
• 2:57
  offsets the higher cost. Other companies like Milo make
• 3:00
  crypto backed mortgages but without the Fanny backing, so
• 3:03
  their interest rate would be higher.
• 3:05
  If you want more details on this, I know it's complicated.
• 3:07
  It's all up on cnbc.com right now.
• 3:14
  Oh, man, oh man, that's funny. I'm laughing at the if it
• 3:18
  appreciates part of that, that's good stuff.
• 3:21
  That's good stuff. Anyways, just to refresh you, of
• 3:23
  course, JP Morgan, Jamie Dimon also last year basically at the
• 3:28
  literal top, also announced that Bitcoin can be pledged as
• 3:33
  collateral. Now, I already see some people
• 3:35
  in the chat, you know, talking about like, who really cares?
• 3:38
  Obviously from a purely Bitcoin, maybe hardcore Bitcoin maxi
• 3:44
  position, there has been this conversation of Bitcoin as
• 3:49
  pursuing collateral, as the best collateral in the world.
• 3:52
  And I think This is why this is, in my opinion, probably another
• 3:57
  data point of of another huge announcement regarding Bitcoin.
• 4:01
  And yet what do we see the price do?
• 4:03
  This morning it crashed. And that's probably has a lot
• 4:06
  more to do with what's going on in the Middle East.
• 4:09
  People are saying Trump's checking it out.
• 4:11
  If you if you've been following along on that, it looks like
• 4:13
  that five day extension has now been extended to 10 days.
• 4:17
  There's really a lot of uncertainty and, and I think
• 4:19
  that is what's driving the Bitcoin price currently.
• 4:22
  Someone asked earlier like what, why is Bitcoin down?
• 4:25
  I think it's because of the general uncertainty in the
• 4:28
  Middle East. And guys, I know I did a little
• 4:30
  TA chart bowing for you guys, but my trend line's so cook, so
• 4:34
  I'm going to have to redraw another line.
• 4:36
  We all know T as astrology for men anyways.
• 4:38
  Anyways, obviously there's some bad side here.
• 4:44
  If you were not living under a rock 2008, you might know this
• 4:49
  Fannie Mae name. It might be a big name to you,
• 4:52
  which is probably where a lot of the sentiment or maybe the
• 4:55
  criticism and the hate is coming from.
• 4:57
  Personally, from my perspective, I don't generally trust Fannie
• 5:02
  Mae. I don't generally trust many
• 5:04
  institutions, but I could also be a smaller minority.
• 5:09
  I, I could be, you know, more of an outsider, more of an
• 5:13
  extremist, like not in the normal over 10 window, but for a
• 5:17
  lot of people, you see big names like this, a $4 trillion
• 5:21
  institution or firm lender, and they come out and they give the
• 5:25
  stamp of approval on Bitcoin as collateral.
• 5:29
  It really does go into a lot of the narratives that we've been
• 5:31
  talking about in Bitcoin. Bitcoin is not only the best
• 5:34
  money in the world, but also pristine collateral, as our boys
• 5:37
  CJK has come on the show and said for I guess years at this
• 5:40
  point. Now there is before I get into
• 5:43
  it, obviously as that clip said, this isn't the first one, but
• 5:49
  this is probably the biggest announcement regarding this.
• 5:54
  Yes, there's some Bitcoin companies, there's some
• 5:57
  Bitcoiners that are doing mortgage-backed loans and
• 6:01
  arguably they, they're probably doing it better.
• 6:04
  And I'll, I'll probably break that down for you guys a little
• 6:07
  bit. But we have JP Morgan announcing
• 6:09
  they want to do something similar, not necessarily in
• 6:11
  mortgages to buy a new home, but you're seeing that 2025 was the
• 6:18
  year that did that. The institution, Wall Street,
• 6:20
  the big firms did their research on Bitcoin.
• 6:23
  Seems like 2026 is when they're all trying to speed run products
• 6:28
  to essentially attract not just the Bitcoiners wealth or the
• 6:34
  crypto wealth, but also to make sure that they have these
• 6:38
  products. As we move into the tail end of
• 6:42
  the twenty 20s, I think they're seeing the writing on the wall.
• 6:45
  Bitcoin isn't going away. Yes, we're probably waiting for
• 6:49
  another capitulation event. At least that's kind of the
• 6:51
  general sentiment, but I think they've come to terms with the
• 6:55
  idea that Bitcoin isn't going to 0.
• 7:00
  I didn't cover it to yesterday or today.
• 7:02
  Actually, I didn't really cover much on yesterday's show.
• 7:05
  And I'll I'll talk about what happened yesterday guys for the
• 7:08
  hardcore guys, I'll talk about what happened yesterday.
• 7:10
  But there was a Fidelity report that came out, which was very
• 7:13
  interesting, where they're seeing a trend in regards to how
• 7:19
  people see Bitcoin, that it's no longer this idea that, hey,
• 7:26
  don't touch that Bitcoin thing. It's no longer and if I should
• 7:29
  buy Bitcoin or not. It's really shifted to this idea
• 7:34
  of how much of My Portfolio should get into Bitcoin.
• 7:39
  The conversation is no longer do you even buy any Bitcoin?
• 7:42
  It's like, well, how much do I get off 0?
• 7:47
  Because 0 allocation to Bitcoin is still a bet.
• 7:50
  You're still betting on what is going to happen and now we're
• 7:53
  getting to the point where people are having these
• 7:55
  conversations of like, is it just one percent?
• 7:57
  Is it just 5% of My Portfolio, 10/20, etcetera?
• 8:00
  Do I go all in? Do I do the sailor 150%?
• 8:04
  You know what, what do you call it?
• 8:06
  Triple maxi strategy to get into Bitcoin you're starting to see
• 8:10
  there is a general sentiment twist and shift on Bitcoin and I
• 8:15
  will be talking about this in the culture I I've actually been
• 8:17
  thinking about this the last couple of days.
• 8:19
  It might be a slightly different angle on that conversation, but
• 8:23
  anyways, let's go into the news a little more.
• 8:27
  Let's go into the official Well, it came from Wall Street
• 8:33
  Journal, but I I pulled up the coin base kind of announcement
• 8:35
  on this cause. So this is a partnership with
• 8:38
  better buy and Coinbase to allow crypto back mortgages with the
• 8:44
  tacit approval of Fannie Mae. So again, I don't have Wall
• 8:48
  Street Journal, but you can see the headline.
• 8:49
  This is where it was broken Fannie Mae to accept crypto back
• 8:52
  mortgages for the first time. New offering for better home and
• 8:55
  finance and coin or what did I say better buy better home and
• 8:58
  finance and Coinbase allows home buyers to pledge Bitcoin and
• 9:01
  other cryptocurrencies when making a down payment.
• 9:04
  But since I don't have Wall Street Journal, I'm going to go
• 9:09
  over to the CNBC coverage of this, which is again the same
• 9:12
  title. Fannie Mae accepts first crypto
• 9:13
  back mortgage product and they basically covered exactly what
• 9:17
  was in that clip. But just a key point.
• 9:19
  Fannie Mae will accept crypto back mortgages via new product
• 9:22
  by Better Home and Finance and Coinbase.
• 9:23
  The borrower would take two loans, the second to fund the
• 9:26
  down payment on the 1st. And the borrower needs to have a
• 9:30
  Coinbase account. And once the cryptocurrency is
• 9:33
  put up as a collateral, it can't be traded.
• 9:36
  Again, I will give you my view on some of these details, but
• 9:40
  let me read a little more of this.
• 9:41
  So again, it's not the first, but here's a quote, quote.
• 9:45
  We have now finally created the infrastructure rails to enable
• 9:49
  any tokenized asset in America to be able to pledge to help
• 9:52
  someone afford to buy a home. I've been telling you guys last
• 9:56
  couple of weeks, actually I saw this tail end of last year when
• 10:00
  Larry Fink was saying this, that they are, and by they I mean
• 10:03
  Wall Street fully convinced of tokenizing all the things.
• 10:07
  We saw SEC chair Paul Atkins say, you know, every security
• 10:13
  and every assets going to be on the blockchain within two years.
• 10:16
  I think it was an either tail end of last week or the
• 10:19
  beginning of this week. So they're going full force on
• 10:22
  tokenizing all the things. And I've been probably very
• 10:26
  cynical about it and saying, look, I know we had this idea
• 10:30
  that shit coins are going to die, that ever since Trump came
• 10:34
  out and went more pro Bitcoin than shit coins, that shit coins
• 10:38
  were done, they were cooked. I think we're going to see a
• 10:41
  whole new round of not just crypto degenerate shit coin
• 10:46
  cycles coming back, but Wall Street degenerate shit coin
• 10:50
  cycles with this new branding of quote tokenizing, all the
• 10:53
  things. Everything's going on the
• 10:55
  blockchain. Remember the meme?
• 10:57
  I like blockchain, not Bitcoin. Well, it seems like we are going
• 11:01
  to have to continue to counter all the FUD and everything's
• 11:07
  going to be on the blockchain. It's all going to be shit coin.
• 11:08
  It's shit coins all the way down at this point.
• 11:10
  That's kind of where we are. But anyways, let's go back into
• 11:13
  this article. Of course, as you heard, it
• 11:16
  starts with Bitcoin and then they're going to tokenize all
• 11:18
  the things. But this is where there is a
• 11:22
  kind of broader conversation to the average normie person here.
• 11:27
  It's this idea of things becoming unaffordable.
• 11:29
  And remember, Trump said this about, I don't know, a month or
• 11:32
  so ago. He's like, I don't care that
• 11:35
  housing prices are going up. I want them to continue to go up
• 11:38
  because people finally feel rich.
• 11:40
  So it seems like housing is going to become, quote UN quote,
• 11:44
  more unaffordable. And we're starting to see a
• 11:48
  trend of realizing that you can't just be a politician and
• 11:55
  run this run on the idea of, hey, you know, you're either
• 11:59
  rich or everyone else is going to get left behind.
• 12:01
  And if you get left behind, too bad.
• 12:03
  Doesn't matter, which is kind of the narrative and the rhetoric
• 12:09
  that we are hearing from the Republican side and the
• 12:12
  Democratic side is, I think, very astute and realizing that
• 12:17
  unaffordability is a key concept right now for everyone.
• 12:21
  Inflation is probably going to go crazy.
• 12:22
  Oil prices are going crazy. No one can afford a home.
• 12:26
  We're going to be working our whole life.
• 12:27
  We're living in the quintessential World Economic
• 12:30
  Forum. You will owe nothing and and be
• 12:32
  happy thesis. It's happening right now.
• 12:35
  Most people are just cooked and they're just too busy with the
• 12:39
  bread and circuses. But you're seeing in this
• 12:42
  article and look, I know I'm not the biggest fan of Coinbase, but
• 12:48
  I'll give the devil its due. I think this is a smart move.
• 12:51
  Now the technical details, I think it's probably going to be
• 12:55
  done better, but I will expand on that in a minute.
• 12:58
  So going further, the idea is to serve Americans who have enough
• 13:01
  crypto assets to fund a mortgage down payment but do not want to
• 13:04
  sell those assets, which would both incur taxes and forfeit any
• 13:08
  future appreciation. New mortgage product allows them
• 13:11
  to keep the cryptocurrency and still secure home financing
• 13:15
  token backed mortgages gross are a major first step to unlocking
• 13:19
  home ownership for the younger generations that have struggled
• 13:22
  with barriers to saving for a traditional down payment.
• 13:26
  As you can see, the idea of, hey, the American dream is still
• 13:33
  sort of alive if you know how to do it.
• 13:36
  We're no longer going to just, you know, spit in your face and
• 13:40
  say it's raining. Now you're starting to see that
• 13:43
  Wall Street or Fannie Mae or the institutions and anyone that is
• 13:49
  trying to launch a Bitcoin product or a crypto product,
• 13:52
  it's realizing that there is a growing market for this idea.
• 13:56
  There is a growing sentiment of people being completely
• 14:00
  deflated, demoralized, have no purpose, and they're just
• 14:04
  realizing I'm going to be a renter forever.
• 14:06
  There is no escape for me. So I'm just going to be a
• 14:10
  nihilist, like get my kicks on Route 66.
• 14:12
  And I've told my story about this.
• 14:14
  I, I was that person for a long time until I found Bitcoin.
• 14:18
  And I think we're starting to see a general sentiment around
• 14:22
  this in society that people, if they're not in Bitcoin, they
• 14:28
  really only have two choices and one of them is not that popular
• 14:31
  because it's like the boomers basically telling us, hey, and I
• 14:34
  know you guys are going to yell at me.
• 14:36
  I love the Bitcoin boomers. Boomers are not all bad.
• 14:38
  You know, you guys always say Opti so mean to the boomers.
• 14:43
  Sorry, not that sorry. Anyways, there is the kind of
• 14:47
  boomer rhetoric of just, you know, what is it?
• 14:52
  Strap bootstrap yourself. You know, just work harder, save
• 14:58
  more money. You can afford this too, but we
• 15:01
  don't talk about the fact that they bought you know, houses for
• 15:03
  like 40K. Now that same house is minimum
• 15:06
  400K. So it's a little different
• 15:09
  conversation. And then we have the complete
• 15:11
  opposite side, which is, hey, we will give you free things.
• 15:15
  Vote for us and we'll give you free stuff.
• 15:17
  We're going to make things more affordable.
• 15:19
  There might be a third Ave. here, which is what we always
• 15:22
  talk about as bitcoiners. It's hey, it's a little bit of
• 15:25
  both. You are going to have to save.
• 15:28
  You are going to have to work hard, you are going to have to
• 15:31
  bootstrap yourself, but you are just missing the fundamental key
• 15:36
  is that you're using the wrong money.
• 15:37
  Your money is broken. And if you really want to live
• 15:41
  the American dream or own a home or own anything at this point,
• 15:44
  you need to save in Bitcoin. And then life does become more
• 15:48
  affordable, as we've talked about on the show, if you price
• 15:51
  your wealth in Bitcoin, everything gets cheaper over a
• 15:55
  longer term, you know, time period, over a four to five to
• 15:59
  10 year time span, everything becomes cheaper with Bitcoin
• 16:03
  because Bitcoin appreciates so much and there's only 21 million
• 16:08
  hard cap and there's an infinite money printer and all that
• 16:12
  global liquidity needs to find somewhere to be stored, which
• 16:16
  from our thesis, from my perspective, from my
• 16:18
  fundamentals and heuristics, I believe that the best thing, the
• 16:23
  truly not only free market, but the truly great asset is of
• 16:28
  course, Bitcoin. So it's a little bit of both.
• 16:31
  But it is interesting when you see that they chose this angle
• 16:35
  of everything's unaffordable, use our loan and you can finally
• 16:42
  get a house. Then, you know, Jen, Z and
• 16:45
  millennials will finally be able to own something.
• 16:48
  You will finally be able to call something your own.
• 16:50
  Now, I saw another clip and this was around summertime of 2025.
• 16:59
  And I don't think this is from a Fannie Mae representative, but
• 17:03
  it is at like a Fannie Mae conference or something.
• 17:06
  There's Fannie Mae behind him and he says something very
• 17:10
  similar. It's a short clip.
• 17:11
  Let me play that for you guys. Crypto has an enormous
• 17:14
  opportunity to help with the affordability equation.
• 17:17
  I mean, Bitcoin is a very stable asset in our view.
• 17:20
  You know, obviously it has volatility, but a lot of.
• 17:22
  Assets have volatility. And a lot of people have a lot
• 17:24
  of wealth in Bitcoin, and so we want to make sure that people
• 17:27
  have access to the American dream and we're doing everything
• 17:29
  we can. It's a pretty good sell.
• 17:35
  It's what we say. I think it's what Bitcoiners
• 17:37
  have been saying for a long time.
• 17:39
  It makes sense to me. I, I get where the rhetoric is
• 17:42
  coming from. I, you could argue it's
• 17:44
  propaganda. Obviously they're trying to sell
• 17:46
  you a product and hence why they are using probably the Bitcoin
• 17:51
  rhetoric, the Bitcoin memes. Now I do want to kind of look
• 17:56
  into the the technicalities of this.
• 18:01
  Now I think the biggest problem with this when you compare this
• 18:05
  to the more Bitcoin friendly back mortgages like our boy CJK
• 18:12
  or in any any other more Bitcoin native loan, it works totally
• 18:18
  different and they did mention the clip.
• 18:21
  The, the key difference is if you take a Bitcoin back loan
• 18:27
  from any of the Bitcoin native companies, you're probably, you
• 18:32
  probably are going to pay a higher interest rate because
• 18:35
  it's not coming from these institutions.
• 18:37
  That is a, you know, a solid selling point, I think for a lot
• 18:40
  of people. But this part right here, the of
• 18:42
  course, they're going to take two loans out.
• 18:44
  I don't think that's really, I, I think this is kind of a, a
• 18:49
  missed opportunity here. If Bitcoin is pursing collateral
• 18:52
  and that that might be kind of throwing a wrench into the
• 18:55
  narrative. If Bitcoin is pristine
• 18:56
  collateral, then you shouldn't have to take two loans out here.
• 18:59
  I should just be able to, you know, give you my Bitcoin.
• 19:02
  And obviously that comes with more pros and cons.
• 19:06
  And you give me the cash or give you the Bitcoin and you give me
• 19:10
  the house. I think this is a little bit of
• 19:13
  added friction and you can see that the traditional financial
• 19:16
  system is still wrapping their head around figuring out how do
• 19:21
  we actually treat this Bitcoin thing without either one it
• 19:25
  blows up and without us having some kind of fiduciary
• 19:28
  responsibility or us getting in legal hot cases.
• 19:30
  So this taking two loans out, it seems like added friction.
• 19:34
  And like they said in the clip, in the initial clip, it might be
• 19:38
  more expensive because you you're going to have to pay back
• 19:40
  two loans. So the product's not perfect,
• 19:45
  but I think as we always talk about on this show, you are
• 19:50
  seeing the Overton window shift in real time 2025.
• 19:55
  If we would, if we would have talked about not only nation
• 19:59
  States and laws seemingly on the verge of embracing Bitcoin and
• 20:05
  Bitcoin back loans, we probably would have been like, yeah,
• 20:09
  that's going to come in like 5 years at least.
• 20:11
  I know I would have said that. So the Overton window around
• 20:14
  this conversation is shifting. The institutions, Wall Street
• 20:19
  nation states, as I keep covering on the show constantly,
• 20:22
  they want your Bitcoin. They think the Bitcoin is
• 20:25
  valuable. What does that tell?
• 20:28
  What's that telling me? It means it's all I obviously
• 20:32
  think it's valuable. But when you see the Triadfi
• 20:36
  system start to embrace you, it makes me feel like I need to
• 20:40
  hold on to this Bitcoin even more.
• 20:42
  You need to hold, you know, Hoddle your Bitcoin with a
• 20:45
  tighter grip if they're coming in trying to incentivize you,
• 20:49
  which I had said a while ago that Wall Street is going to
• 20:52
  come in and they're going to use various products incentives to
• 21:00
  make you give up your keys on your Bitcoin.
• 21:01
  Now, obviously this is probably literally what it said.
• 21:05
  You need a Coinbase account for this to even work out, which as
• 21:10
  you know, I'm not the biggest fan of Coinbase.
• 21:12
  So that's another kind of like, all right, well, I guess baby
• 21:17
  steps. I guess we're moving in the
• 21:19
  right direction, but we're not totally there, which really
• 21:22
  brings up the broader conversation of the reason I
• 21:26
  think from an Overton window perspective, from a what the
• 21:30
  masses think about Bitcoin perspective, I think this is
• 21:34
  going to be super good for all Bitcoin back loans in the
• 21:40
  ecosystem. Unless there's some form of
• 21:42
  regulatory MO or legal MO or what what have you.
• 21:46
  I think this is going to foster more competition.
• 21:50
  I think this is probably going to eventually, hopefully sooner
• 21:53
  than later, get us to the point where Bitcoin backed loans, pure
• 21:56
  Bitcoin backed loans, where you pledge the Bitcoin it's on, you
• 22:01
  know, a proof of reserve system. It doesn't get rehypothecated
• 22:05
  and then you just get cash back and then we don't have to pay
• 22:11
  exorbitant interest fees because the banking system isn't
• 22:15
  treating Bitcoin like a toxic asset, which is part of the
• 22:18
  conversation we've been hearing lately.
• 22:20
  So I think this is probably going to get us to the point
• 22:23
  where if you do want to have a Bitcoin back loan from a
• 22:28
  hardcore bitcoiner company, then maybe we won't have to pay crazy
• 22:32
  fees and we finally get some competitive fees here and it
• 22:36
  makes sense to use your Bitcoin. And then further, I think the
• 22:40
  best part about this is the fact that if the if Bitcoin drops,
• 22:45
  you don't have to get liquidated, which is, you know,
• 22:47
  I think the coolest part of this though, the monthly payments
• 22:50
  part, that's just kind of the status quo.
• 22:52
  But there are Bitcoin companies that you don't have to pay
• 22:55
  monthly payments. You just pay it all back in full
• 22:57
  at the very end. Now, will we be seeing these
• 22:59
  products from Wall Street? Highly doubtful, at least where
• 23:04
  we currently are because they still treat Bitcoin like, you
• 23:07
  know, they don't trust us. I'm sure most of us Bitcoiners
• 23:09
  have a bad credit score. Maybe I'm speaking for myself
• 23:12
  here and they don't really trust Bitcoin fully as an asset.
• 23:16
  They don't really under, they don't trust the industry to
• 23:20
  continue to expand the the Bitcoin price to continue to go
• 23:23
  up. But we are seeing that
• 23:26
  traditional finance, whether it's perfect or not, they are
• 23:31
  starting to embrace the industry and that comes with more pros
• 23:35
  and more cons. Obviously there's been a huge
• 23:38
  conversation recently on this idea of is Wall Street Co opting
• 23:42
  Bitcoin? Are they trying to centralized
• 23:44
  control of Bitcoin? Are they trying to centralized
• 23:47
  the amount of holdings in Bitcoin?
• 23:49
  And what does that mean for Bitcoin at large?
• 23:52
  Is Bitcoin still decentralized? Is Bitcoin becoming a gilded
• 23:56
  cage? These are the conversations.
• 23:58
  I'm wow, I just made myself sound like a schizo.
• 24:02
  This is the thoughts that I have.
• 24:06
  This is the doubts I think we've all been feeling recently, or
• 24:10
  maybe not everyone, but some of us are.
• 24:12
  I think it's just because I'm on this side of, of the camera that
• 24:16
  I, I'm like, I come out here and I tell everyone I believe in
• 24:20
  this revolution. I think bitcoins going to take
• 24:22
  over. I I in my heart of hearts know
• 24:25
  it's going to take over, but in what form and with what fallout?
• 24:31
  And so I think about this constantly of like, you know, I
• 24:33
  come out here and I and shout at the down in the Blues.
• 24:36
  He's like, you guys are becoming pure propaganda.
• 24:38
  And I'm always like, I've been very transparent about the fact
• 24:41
  that I like making Bitcoin propaganda, but I think about it
• 24:44
  constantly. I'm like, am I, you know,
• 24:47
  walking you down the river? I think as the euphemism go, are
• 24:50
  we floating down the river together?
• 24:52
  And it's not going to end in a good place.
• 24:55
  Those are my doubts, obviously. But I think we are doing what
• 24:59
  we're doing. I know the winning feels weird.
• 25:01
  I know it doesn't feel like we're winning, but I think we
• 25:04
  truly are winning. I think we are in the, I don't
• 25:07
  want to say first innings of institutions embracing us.
• 25:11
  And, and the mass is starting to understand what we have all
• 25:15
  understood for years, because it is interesting.
• 25:20
  You'd think when you see huge institutions embracing Bitcoin,
• 25:24
  the Wall Street giants embracing Bitcoin, that people would perk
• 25:27
  their ears up and want to own some Bitcoin.
• 25:30
  Or when you see huge celebrities embrace Bitcoin, which is why
• 25:33
  Bitcoiners get so excited when big names start to embrace
• 25:36
  Bitcoin because it basically, at least to us, confirms that, hey,
• 25:41
  we are getting embraced. We're no longer out in the cold.
• 25:45
  People do see the value of this. I'm not crazy.
• 25:48
  I did, you know, get there early and now people are catching on
• 25:52
  and it just hasn't manifested where the masses have found
• 25:57
  Bitcoin to be the coolest technology on planet earth
• 26:00
  currently. I always have my theory that I
• 26:04
  just think it's this FOMO price like number go up, brings
• 26:08
  everyone in and then you stay for everything else because you
• 26:11
  realize how awesome and revolutionary and world changing
• 26:14
  this actually is. I think time will tell, but I do
• 26:18
  have a meme for you guys. I know you like memes.
• 26:21
  It's not really a meme, it's kind of a meme.
• 26:24
  Tweets can be memes too and I saw this as I was preparing for
• 26:28
  the show and I totally totally agree with this.
• 26:33
  This is not financial advice though, right?
• 26:35
  This is not financial advice, but this does.
• 26:38
  This does make me laugh, especially when you think of
• 26:40
  this idea that you will not get liquidated on this loan.
• 26:43
  Though a lot of Bitcoin only companies as well have similar
• 26:46
  features. But here here's a good tweet we
• 26:49
  have. I don't know who this is Narof.
• 26:51
  He looks OX Narof. So I'm guessing he's kind of a
• 26:54
  shit coin him and it goes. Your new goal is to time the
• 26:57
  absolute Bitcoin top and take the biggest of your life with
• 27:01
  Fannie Mae because you can't get liquidated.
• 27:04
  Man, the funds coming back. I'm starting to feel the fund
• 27:09
  come back and then further. Remember we talked about Peter
• 27:13
  Schiff yesterday. We got a response from Peter
• 27:16
  Schiff guys hot off the press, here's Peter Schiff.
• 27:19
  Fannie and Freddie guaranteeing mortgages with pledge Bitcoin as
• 27:24
  the only down payment means hodlers get a free ride if if
• 27:28
  Bitcoin keeps going up they keep all the games.
• 27:31
  If Bitcoin crashes they walk away from their mortgages.
• 27:34
  Stickling the GS, ES and taxpayers with huge losses.
• 27:39
  Man dude salty salty shift. What free ride man we've we've
• 27:45
  been handling for years. Can we not realize our wealth?
• 27:54
  Does it mean that we are lobbying the very system we
• 27:58
  wanted to destroy by being like, hey, accept this as money
• 28:02
  because it is money? I think it's kind of like the
• 28:06
  free market working out exactly as designed, not just from the
• 28:12
  merchant side, because that's kind of the idea with most
• 28:15
  Bitcoin adoption stories is like, if you really want to have
• 28:19
  true adoption from from from the masses, then it's going to come
• 28:23
  from the merchants basically saying, hey, I don't want those
• 28:25
  dollars, I want Bitcoin. But if we can, not just from
• 28:30
  merchants being from merchants, but also customers being like,
• 28:33
  hey, I'm not going to give you dollars, I'm going to give you
• 28:36
  Bitcoin. And you have to bend the knee to
• 28:37
  this because we have the wealth. What's the Kaiser quote?
• 28:40
  He who has the Bitcoin makes the rules.
• 28:45
  It seems like this is playing out.
• 28:47
  Or you could take the more cynical view.
• 28:51
  It seems like Wall Street and the very institution that
• 28:53
  started the 2008 financial crisis, it's starting to
• 28:56
  realize, hey, I want that Bitcoin from them.
• 28:58
  I'm going to do whatever I can to get that Bitcoin from them.
• 29:01
  I'm going to incentivize them with all these different
• 29:02
  products so that he gives up its keys.
• 29:05
  And then who knows what's happened on the back end and
• 29:07
  we're too big to fail. And oh, all this Bitcoin is ours
• 29:09
  now. And hey, we'll, you know, give
• 29:12
  you some Fiat in exchange for the fact that we blew up and we
• 29:16
  took your Bitcoin. Now that is probably the biggest
• 29:20
  contention here for, for me personally is I would not be
• 29:23
  giving Fannie Mae my Bitcoin if I had any further.
• 29:27
  I, I don't use Coinbase. I'm, I'm not giving, you know,
• 29:30
  putting Bitcoin on Coinbase, but it does I think spread the
• 29:35
  broader conversation. I think it does show, hey,
• 29:38
  Bitcoin is here. It's not going away and it's
• 29:43
  starting to get ingrained in the traditional financial system,
• 29:46
  which again has pros and cons. But I think when the price comes
• 29:50
  back, who knows when soon, three months, nine months, end of the
• 29:55
  year, when we start coming back, when the price starts getting a
• 30:00
  little more life in it. And I think we are going to see
• 30:05
  that these Wall Street institutions had laid out the
• 30:08
  foundation for all of us to use Bitcoin as money.
• 30:11
  Now, of course, there's still a regulatory hurdle.
• 30:14
  There's still conversations of how to actually treat Bitcoin.
• 30:18
  What what is Bitcoin exactly? How do we view Bitcoin through
• 30:22
  the traditional financial lens lens and I I think these will
• 30:27
  all work itself out. It might take a while.
• 30:29
  It might be faster than we know. It could be a gradually then
• 30:32
  suddenly scenario. But once the price comes back
• 30:35
  and we know it will, I think we are going to see that a lot of
• 30:41
  the good news that we've recently been covering and
• 30:43
  wondering why the price has been going down on such good news.
• 30:47
  It's going to be a snowball effect.
• 30:49
  It's going to be almost like a snap of the fingers moment that
• 30:52
  one day everyone hated us and the next day we're completely
• 30:58
  OK, normal embrace, just completely normalized.
• 31:02
  And I think in the in the grand view of history, that's totally
• 31:06
  how it's going to look. But in our day-to-day, it's
• 31:10
  gruesome man. This is not a free ride.
• 31:12
  Peter Schiff huddling isn't easy bro.
• 31:15
  You should know you waited a 10 year bear market and hey, our
• 31:19
  cycles are better. But as you guys can tell, I'm
• 31:22
  going crazy over here on the stream, not just because I watch
• 31:26
  the Bitcoin price, but just because I'm so inundated with
• 31:29
  Bitcoin to all I do my whole life is Bitcoin and it just
• 31:34
  drives me crazy sometimes. I was just saying what drives me
• 31:39
  crazy hazy is whether I or them are crazy.
• 31:43
  You look at everyone and you're wondering how do they not see
• 31:46
  what I see? How am I still the crazy one
• 31:49
  that understands that Bitcoin is going to take over the world,
• 31:52
  It's going to fundamentally shift the world.
• 31:54
  And then your friends and family are like, yeah, hey, how is
• 31:56
  your, how's your little bitcoins?
• 31:58
  Are you having fun playing with your bitcoins, son?
• 32:01
  Are you winning yet, son? I think the foundation for
• 32:07
  whatever comes in the end of this year, in 2027, I think
• 32:12
  we're going to have a solid launchpad to really, really make
• 32:16
  not only some big moves in the price, but also saturate within
• 32:22
  the culture, within the economy, within the world very quickly.
• 32:27
  And so shouts out to everyone building products, shouts out.
• 32:29
  I, I mean, I, I would even say shouts out to the Wall Street
• 32:32
  executives that are taking Bitcoin seriously because I
• 32:36
  think they understand what we understand at least a little
• 32:38
  bit. They understand, they can't
• 32:41
  ignore this any longer. Whether it was Trump that forced
• 32:44
  their hand, or it's the fact Bitcoin's 17 years old, or the
• 32:48
  fact that Bitcoin went to all time highs at around 126 K,
• 32:53
  they're starting to realize it's not going away.
• 32:56
  We got to make these. Or rather, maybe it's because of
• 32:59
  all the customers at these institutions, begging them,
• 33:02
  yelling at them, hey, we want Bitcoin products that we are
• 33:07
  starting to see them again. I would not be using most of
• 33:10
  these products, but if this does breed competition so that we get
• 33:15
  more favorable, you know, incentives, more favorable
• 33:18
  products from Bitcoin as we do trust it looks like Bitcoin is
• 33:25
  surely taking over the world, happening slow, but it's
• 33:30
  happening nonetheless. All right guys, that is my view
• 33:36
  on this news story. I have a clip from you for I
• 33:44
  have a clip for you from Larry Fink.
• 33:47
  Pretty sure this just happened this week.
• 33:49
  In regards to what's going on the Middle East and exactly what
• 33:54
  the rise in oil means for everyone.
• 33:58
  It is a little doomer. I know you guys are going to
• 34:00
  yell at me. You guys have been so doomer
• 34:01
  lately, but I, I, it does bring up a broader conversation and I
• 34:05
  was thinking about doing a video on this, but I don't know, I, I
• 34:09
  might just give it to Luke. So you might be seeing it on
• 34:11
  Luke's channel, but I'm getting, I'm getting 2020 vibes.
• 34:17
  OK, I'm getting some 2020 vibes. I, I can't kick him.
• 34:20
  I'm, I'm starting to get some 2020 vibes.
• 34:22
  It's just a new iteration. And then in the news, we saw
• 34:26
  some interesting conversations over taxes happening around
• 34:31
  Bitcoin and again, stable coins on Capitol Hill this week.
• 34:36
  So I will be covering that. And then in the culture, I will
• 34:39
  acknowledge the fact that the show messed up yesterday at the
• 34:44
  end of the show. But I really, I'm going to do
• 34:46
  what I wanted to do yesterday if my computer didn't crap out on
• 34:49
  me. So that's today's show.
• 34:51
  I'll be right back. Give me one minute.
• 34:54
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  se-ed.com store. Oh sorry guys, I was checking
• 37:08
  out the the rumble chat. OK, the current Bitcoin price is
• 37:13
  65,910. Yes, we had a correction this
• 37:18
  morning. Oh, I didn't pull up.
• 37:19
  We did have a correction. I'm not going to TA on you guys
• 37:22
  today, but just know that my trend line, my daily trend line
• 37:27
  I was talking about yesterday is absolutely cooked.
• 37:31
  So like any good TH artist, I would just move my trend line
• 37:35
  lower. OK, OK.
• 37:38
  The discount from all time high is 47.8%.
• 37:41
  Yo, did we ever hit 50% on this drawdown?
• 37:47
  Yeah, I think we did, right. 60K down is a little more than 50%.
• 37:51
  All right, ANYWAYS, market cap, 1.32 trillion.
• 37:54
  Dude, we're not even going to hold on to the $1.3 trillion
• 37:57
  market cap. Yo, we're so cooked.
• 38:00
  No, everyone's like Opti's getting bearish.
• 38:02
  She's been hanging out with Nico so much.
• 38:04
  Just acknowledging I don't really know what's going on with
• 38:06
  the price. It doesn't matter long term.
• 38:08
  Only thing that matters is holding more Bitcoin than you do
• 38:10
  today. Anyways, the block height, the
• 38:13
  only time that truly matters. The only universal time that
• 38:18
  truly matters is 942,501. OK, so Larry Fink was on BBC.
• 38:29
  Oh, I didn't pull it up. Oh, dude, I'm so wrecked.
• 38:31
  Wow. All right, forgive me.
• 38:33
  The levels aren't right. I'm going to have to play this
• 38:35
  from the Twitter browser. I thought I pulled it up, but I
• 38:40
  didn't. Here you go.
• 38:43
  Let me let me double check that you guys can see this.
• 38:46
  Let me know if you can hear this.
• 38:47
  I completely blanked on pulling this up.
• 38:50
  So if it's quiet, forgive me. I, I usually like to edit it,
• 38:59
  you know, process it a little bit so it's louder, but
• 39:01
  whatever, let's just watch the clip and then and then I'll kind
• 39:04
  of rant a little bit about it. Is, is Iran a country that can
• 39:09
  be accepted by the international community?
• 39:11
  Can Iran be a country that participates in the world again?
• 39:15
  And if that outcome occurred, then you could have the Iranian
• 39:18
  oil back into the marketplace alongside what the growth of the
• 39:22
  Venezuelan oil. And you could, you could paint a
• 39:24
  picture where where oil prices could be lower than they were
• 39:27
  prior to the Iranian war. If there's a cessation of war
• 39:32
  and yet Iran remains a threat, a threat to trade, a threat to
• 39:37
  the, to the Straits of Hormuz, then I would argue that we could
• 39:41
  have years, years of, you know, above $100, closer to $150.00.
• 39:47
  Oil What happens to the global economy?
• 39:49
  If that happens, how do we see it?
• 39:50
  We'll have global recession is is a.
• 39:54
  Yikes. A country that.
• 39:56
  We have the big boss. We have the big boss, Larry
• 39:59
  Fink, saying if the oil prices continue to go up, hold on.
• 40:05
  Or rather are sustained above $150.00 per barrel.
• 40:11
  We could be in a global recession and probably worse.
• 40:15
  You know, the big D word, which is obviously very scary, just to
• 40:26
  say the least. It it's we're in a weird
• 40:28
  position. I know like on Twitter and in my
• 40:32
  own mind, I am toting 2 opposite opinions I'm seeing and I'm just
• 40:38
  going to use these names to kind of, you know, put faces to them.
• 40:41
  But I'm seeing, you know, the conversation of maybe that's the
• 40:48
  more cynical people being like Trump has no plan.
• 40:51
  He went into the Middle East, thought it was going to happen
• 40:53
  easily. Now we're going to be stuck in
• 40:56
  Iraq, 2 point OA, forever war. This is only going to continue
• 41:00
  to get worse and worse and worse.
• 41:02
  Then you have the other side, which I've been mentioning.
• 41:05
  It's like a hybrid of Tom Luongo, Simon Dixon, where
• 41:09
  they're both basically saying that there's some backroom
• 41:12
  deals, that, you know, the deals already been made.
• 41:15
  Everything is playing out as theater.
• 41:17
  You know, there's going to be AW at the end of this, though Simon
• 41:21
  Dixon always goes that Trump made a deal for the financial
• 41:25
  industrial complex and it's going to essentially change,
• 41:29
  change the US from a the main only superpower in the world to
• 41:35
  a regional power. And that power will shift to,
• 41:38
  you know, China and Russia. And then we have the Tom Luongo
• 41:41
  angle in there that's essentially Trump made a deal.
• 41:44
  And this is all America first. This is all to rearrange global
• 41:50
  trade lines. This is actually good for the
• 41:52
  US. But what we are seeing that we
• 41:56
  can confirm as a fact is that no matter what happens in the
• 42:03
  Middle East right now, if the Strait of Hormuz was opened up
• 42:07
  tomorrow, it would still take months for things to get back to
• 42:12
  normal. Months.
• 42:15
  So after summer, maybe, maybe they can get the economy booming
• 42:21
  again right before the midterms. You know, I'm again opposing
• 42:25
  ideas here. And so I think maybe somewhere
• 42:28
  in the middle is probably the truth.
• 42:29
  Maybe Simon Dixon's right, maybe Tom Wongo be right.
• 42:32
  Maybe the, you know, cynical anons on Twitter are right and
• 42:36
  he had no effing clue what was going on.
• 42:40
  But the point remains the same. I think the data that I've seen,
• 42:45
  if oil stays above 150 for a prolonged period of time, it
• 42:49
  like, without a doubt, guarantees a global recession.
• 42:52
  Now, I'm not trying to fearmonger here.
• 42:54
  It's just trying to understand where we currently are though.
• 42:57
  You know, Trump keeps doing all kinds of things to try to get
• 43:00
  oil prices down. But I think the recent crash we
• 43:05
  saw in Bitcoin and the recent price movements in equities, you
• 43:09
  know, S&P 500, NASDAQ and even gold and silver and in oil.
• 43:15
  I don't know if the investors, I don't know if the market is
• 43:20
  pricing in that this is going to solve quickly.
• 43:25
  I think every, I think from what I'm seeing it the uncertainty
• 43:29
  going on, it seems like we're flip flopping with with every
• 43:32
  Trump post truth social post, investors in the market start
• 43:37
  pricing in, oh, this is handled, this is over.
• 43:40
  At least that's what happens during, you know, 9:00 to 5:00
• 43:43
  when the markets are open. And then after the markets
• 43:45
  close, you get another new Trump tweet and then you get even more
• 43:49
  uncertainty And it's like, oh, wait, no, actually this is going
• 43:52
  to be a forever war. Now I did mention that I am
• 43:55
  feeling this gut feeling that we might be seeing a 2020 esque
• 44:04
  scenario. And by that I mean we are seeing
• 44:08
  the IEA, is it i.e., A I, I'm blanking it, the International
• 44:18
  Energy Atomic Camps Council. So IEAC, we just saw last week
• 44:24
  that the IEAC did a report or maybe it was just a post where
• 44:32
  they are starting to essentially recommend that we might be going
• 44:37
  into like an energy lockdown telling you, hey, you know, fill
• 44:42
  up your gas. If you can not drive so much,
• 44:46
  stay at home, maybe don't travel.
• 44:51
  If you can use a bus, maybe maybe, you know, alternate
• 44:54
  through that instead of flying to, you know, St.
• 44:58
  Barts for the weekend, though of course, they're not going to
• 45:00
  stop. If you can use public
• 45:02
  transportation to get to work, do that.
• 45:06
  If you can parallel drive with Co workers, do that.
• 45:11
  We are starting to see huge lines for gas in Asia and
• 45:17
  Australia. I think I saw some starting to
• 45:21
  pop up in Europe. So I'm starting to see like, and
• 45:27
  I'm again, maybe this is my PTSD.
• 45:29
  Maybe maybe this is what I asked for the other day where I'm
• 45:32
  like, can we get to the new conspiracy theory here?
• 45:34
  Can I remember? 2020 was so much fun.
• 45:36
  We were so ahead of the curve, and I remember what January and
• 45:41
  February felt of 2020 because I was still new to Bitcoin.
• 45:45
  I was obsessed with Twitter and we were seeing all that scary
• 45:49
  propaganda of people falling in China.
• 45:51
  And we, like anyone that was on Twitter that was a Bitcoiner at
• 45:54
  that time, we all freaked out first.
• 45:57
  And I'm starting to get this parallel feeling that maybe the
• 46:02
  next crackdown is an energy and this is literally going into the
• 46:07
  World Economic Forum. You will owe nothing and be
• 46:11
  happy. You know, 20-30 agenda that hey,
• 46:15
  we need to use less energy. Well, the ESG narratives didn't
• 46:20
  work around energy because BlackRock abandoned it.
• 46:23
  And now AI absolutely decimated that idea.
• 46:27
  It's no longer, hey, we don't want to use that much energy.
• 46:30
  It's wait, actually we need to use all the energy possible for
• 46:34
  AI because it's going to change the world.
• 46:37
  Now we're seeing because of what's happening in Iran in the
• 46:41
  Middle East around energy and oil prices and the Strait of
• 46:45
  Hormuz and the supply chain disruption and the fact that,
• 46:50
  hey, lot of Western countries, a lot of countries in the world
• 46:53
  right now are probably not going to be able to get the oil they
• 46:56
  need or, and if they do get it, it might be an elevated prices.
• 47:01
  We're starting to see that there is a narrative building on
• 47:05
  energy scarcity that hey, look, this war really disrupted
• 47:10
  everything. Don't leave your house because
• 47:14
  you can't, because you literally can't, because it costs too much
• 47:16
  money to drive around anywhere. It costs too much money to have
• 47:20
  your vacation lock down in your homework from home.
• 47:26
  Drive with Co workers. So we no longer have a panic
• 47:28
  about the flu. We're going to have a panic
• 47:31
  around fossil fuels or the cost of energy or a war disrupting
• 47:36
  the supply chain for energy. And we have Larry Fink out here
• 47:40
  saying, hey, man, if the price of oil stays up for a prolonged
• 47:45
  period of time, it even gets to 150, we might be seeing a global
• 47:49
  recession. I don't know.
• 47:51
  I think you know the very cynical tinfoil hat conspiracy
• 47:56
  theorist in me really wants to say that this all does seem to
• 48:03
  align perfectly with the 2030 agenda with the World Economic
• 48:07
  Forum. You will own nothing and be
• 48:08
  happy with the 15 minute cities with the push for digital IDs
• 48:13
  and CBD CS now. I really hope I'm wrong, but
• 48:19
  when I see all of this stuff right now, it just reminds me of
• 48:26
  how I felt in 2020 before the world got completely decimated.
• 48:30
  Lockdown in March of 2020. Maybe this is me seeing things
• 48:35
  that aren't there, or maybe this is me two months early before we
• 48:39
  even get to the the pivotal moment where it actually
• 48:44
  happens. I don't know guys, let me know
• 48:47
  in the chat. That's just kind of the general
• 48:49
  vibe that I'm feeling right now. Again, maybe I have PTSD, maybe
• 48:54
  I'm just too cynical. Conspiracy theorist here, but we
• 48:57
  are starting to see these trends and for now it seems isolated on
• 49:01
  the other side of the world. But I think very quickly it
• 49:06
  might spread to Western countries.
• 49:08
  And once it cause gets into the Western countries, that's when
• 49:11
  you're going to be seeing it all on the news.
• 49:12
  So if it does happen, I don't want to say I told you so first
• 49:16
  because we're kind of in a lot more hot water than me being
• 49:20
  right. But this is just this is all the
• 49:22
  stuff I'm thinking. I'm literally just thinking live
• 49:24
  on the show with you guys today. I'm just thinking through this,
• 49:27
  OK, I'm I'm OK, dude. I don't want to.
• 49:32
  I'm not AI don't want to. I don't want to fear monger
• 49:40
  lightning goats you you, this is a good comment and and I'm going
• 49:44
  to recommend a podcast and I I just watched it this week.
• 49:48
  Lighting guts goes. Let's stop being around the
• 49:49
  Bush. America is collapsing.
• 49:50
  What will replace it? Probably AI corporate syndicates
• 49:53
  like out of snow crash. You know, I I am generally
• 49:58
  aligned with you, but I saw an interesting podcast on the
• 50:03
  Bitcoin layer, Nick Bhatia and Santiago Capital.
• 50:06
  I think his name is Brent Johnson.
• 50:08
  And it was a very interesting take that I haven't heard
• 50:12
  before. And I, I really need to, you
• 50:16
  know, do a little research and, and kind of digest it and look
• 50:20
  at some content. But he made the he made the
• 50:23
  case. And again, maybe it's just
• 50:25
  cliche man thinks of the Roman Empire.
• 50:26
  But I highly recommend you go watch it.
• 50:28
  And the take away from it was this.
• 50:31
  A lot of people are saying that the US is collapsing or already
• 50:34
  has collapsed and we just haven't recognized it.
• 50:38
  But Santiago's kind of thesis in that podcast was maybe this is
• 50:43
  akin to what we saw in Rome where the Republic ended, but
• 50:48
  the Roman Empire was born. And I just thought that was such
• 50:53
  an interesting kind of flip of the narrative.
• 50:56
  It's like maybe the US as we currently know it as a Republic,
• 51:00
  you know, a representative, what's it democratically
• 51:03
  representative Republic? I know a lot of people like to
• 51:06
  say and, and, you know, cheerlead that, hey, the US is
• 51:09
  democratic. It's like, no, really, it's a
• 51:11
  representative Republic. This is a Republic.
• 51:15
  And maybe that is what's collapsing, but I don't think
• 51:19
  that necessarily means that the US is going to go away like the
• 51:24
  Soviet Union did in, you know, the late 80s.
• 51:27
  So this idea of maybe the US Republic is eroding, but maybe
• 51:34
  AUS empire, a true empire. It's coming about.
• 51:39
  I don't know. Go watch it.
• 51:40
  Bitcoin layer Santiago capital, it's just an interesting,
• 51:45
  interesting podcast And, and I don't, I haven't really been
• 51:47
  watching too much Bitcoin podcast because I make I make
• 51:50
  content, but I, that was probably the freshest take that
• 51:55
  I've heard in a while. And I, you know, I'll, I'll
• 51:58
  check out the chat during the commercial break.
• 51:59
  And and that's just kind of where I'm thinking I'm going to
• 52:02
  be, I'm going to be doing, I'm going to be watching some Roman,
• 52:06
  you know, documentaries this week and we're going to do some
• 52:08
  Roman history lessons of the transition from the Republic to
• 52:11
  the Empire. And if you watch a podcast,
• 52:13
  you'll see that he does make a lot of good cases.
• 52:17
  There's a lot of, you know, corollary, there's some
• 52:19
  parallels to what happened around that time.
• 52:21
  I forget what the date was. I think it was like 67 AD and
• 52:26
  where we currently are basically, you know, high
• 52:28
  inflation, a lot of immigration, corrupt politicians, etcetera,
• 52:32
  etcetera. So go watch it.
• 52:34
  Highly recommend. It was really good shots of the
• 52:36
  Nick Bhatia. It was a it was a great, great
• 52:38
  podcast. And again, like I said, I just I
• 52:40
  haven't heard that take much. And it is kind of a stark
• 52:43
  contrast because there is a lot of people that are either super
• 52:47
  pro America or they're kind of anti American and they want to
• 52:53
  see America collapse. And so, you know, trying to
• 52:56
  parse the information within this, it's like, well, what's
• 52:59
  actually going on? What are their biases?
• 53:01
  Which again, I will talk about this a little bit in the culture
• 53:04
  because it's something I've been thinking about constantly.
• 53:07
  But yeah, it's an interesting take.
• 53:08
  I don't I don't know. I don't know if you guys saw
• 53:10
  this. I don't hold on.
• 53:11
  Lightning goes so that all I know is this.
• 53:14
  The America I grew up in is gone.
• 53:15
  That is not Freeland anymore. Also, no one had corrected the
• 53:18
  USSR to collapse when it did. Shout out the light.
• 53:23
  Here you go. Yeah, No, I, I mean, I agree.
• 53:25
  I think it's I, I think it's an interesting.
• 53:32
  Obviously if you're a thinker, if there's a stinker left in a
• 53:36
  still, that's probably what you're thinking.
• 53:38
  You guys have probably seen the meme.
• 53:40
  It's like if your friends aren't talking about whatever,
• 53:42
  whatever, whatever, then you need new friends.
• 53:44
  You, you, you know the meme, They, they put different things
• 53:46
  in it. But from my perspective, like if
• 53:49
  my friends aren't talking about this stuff like global macro
• 53:53
  geopolitical, where we currently are in the United States, what
• 53:57
  is actually happening? Trying to parse through Trump
• 54:00
  post and what he's actually saying and, and what
• 54:04
  geopolitical chess moves are being played out right now And
• 54:06
  who's in control of what and who's fighting who and where is
• 54:09
  the real money coming from and what are the true levers of
• 54:12
  power. Then I really don't want to have
• 54:16
  conversations with you unless unless you know, it's just the
• 54:19
  boys hanging out. But anyways, I've been rambling
• 54:21
  a little too much. I've been rambling it it a
• 54:24
  little too much on this. So let's keep it moving.
• 54:27
  And we are going to get an update from Capitol Hill.
• 54:32
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  super interesting. Anytime we talk about houses
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  everyone freaks out. It's like the Joker meme.
• 57:21
  Oh wait sorry I got you out, I can't laugh.
• 57:24
  Serious serious face. Serious face serious.
• 57:27
  Opti has arrived. OK, so we got an interesting
• 57:32
  update from Capitol Hill in regards to the conversation over
• 57:37
  de minimis taxes or de minimis tax exemption.
• 57:41
  And remember that I believe it was last week.
• 57:45
  Again, I apologize that every day is a blur for me and I
• 57:50
  forget when I said exactly this and when the story was.
• 57:54
  But we did a story the other day about Coinbase essentially being
• 58:00
  rumored to attacking Bitcoin as money, saying no one actually
• 58:05
  uses this thing. We don't need a de minimis tax
• 58:08
  on it. We should do a de minimis tax on
• 58:10
  stable coins. And I came on the show.
• 58:11
  I'm like, that literally makes absolutely no sense.
• 58:14
  Why does a stable coin need a de minimis tax when by default it's
• 58:19
  stable? Allegedly it's pegged to a
• 58:21
  dollar. There is no capital gains there.
• 58:23
  What's that even mean? Well, we got again, I'll give
• 58:28
  the devil its due, what an interesting update from this
• 58:31
  week in particular on this very same conversation.
• 58:35
  So first and foremost I do want to give a huge shout out to
• 58:38
  Connor Brown. He came on the scene, I believe
• 58:41
  it was 20/21/2021 ish, kind of 20/20/2022.
• 58:49
  Maybe he was in Bitcoin earlier, but from my memory, which is not
• 58:53
  that good in terms of dates, came on the scene around 2021,
• 58:57
  came in hot, had some really good interviews, had some really
• 59:00
  good takes on what Bitcoin is, got a a pretty good following.
• 59:05
  And you know, it's interesting when new people come in with
• 59:08
  fresh takes, people go to them, you know, like flies to a light.
• 59:13
  And so he was one of those guys. I really loved his podcast
• 59:15
  earlier. And it might, it might have been
• 59:17
  earlier, I forget. But anyway, sorry Connor, but he
• 59:20
  also worked for Senator Lummis and now he is working at the
• 59:25
  Bitcoin Policy Institute, which personally is probably the only
• 59:30
  Bitcoin esque lobbying group in Washington, DC or educational
• 59:39
  group of Bitcoiners in Washington, DC that I actually
• 59:42
  do like that. I, I think they're doing good
• 59:45
  work. So shouts out to the BPI, the
• 59:47
  Bitcoin Policy Institute, highly recommend you go check them out.
• 59:50
  You know, if if you have some funds, some extra funds and you
• 59:53
  want to support them, I think that's the group to really
• 59:55
  support the people over at Bitcoin policy Industry
• 59:59
  Institute. Sorry, and Zell, David Zell.
• 1:00:02
  I think they're doing really good work.
• 1:00:04
  I'm I'm a huge fan of what they're doing, some of the
• 1:00:07
  others. A little iffy, you know, Coin
• 1:00:10
  Center, it's kind of been pretty good for a while, but there are
• 1:00:14
  a little more shit coining and you know, I'm not going to I'm
• 1:00:17
  not going to pit. Sorry, I can't laugh.
• 1:00:19
  I'm not going to criticize everyone that's doing it.
• 1:00:22
  All I'm here to say is I really like what the Bitcoin Policy
• 1:00:25
  Institute is doing. Anyways, we got this update from
• 1:00:28
  Connor Brown. He goes today's briefing on a de
• 1:00:31
  minimis exemption for Bitcoin was a great success.
• 1:00:34
  Our panel delivered a strong data forward case for de minimis
• 1:00:37
  relief. Coinbase presented new stats
• 1:00:40
  showing that a de minimis exemption would bring
• 1:00:42
  administrative relief by saving millions of unnecessary forms
• 1:00:45
  being sent to the IRS. Thank you to Cara Calvert who is
• 1:00:50
  out Coinbase, Janessa Lopez also, or she's at block Cash App
• 1:00:55
  Square and previously at Gemini and Bill Mongan of river for
• 1:01:02
  participating and all the staffers who joined.
• 1:01:04
  We'll keep everyone updated as legislation progresses.
• 1:01:08
  There was actually a a pretty good, what do you call it?
• 1:01:12
  Like a thumbnail. It wasn't really a thumbnail.
• 1:01:13
  It was just like a post where it had block river, Coinbase and
• 1:01:19
  someone else. I'm blanking.
• 1:01:20
  Maybe, maybe I can find it for you.
• 1:01:21
  But so they're, they're having conversations around de minimis
• 1:01:25
  tax and again, giving the devil's due.
• 1:01:28
  Remember when I talked about this story, Coinbase basically
• 1:01:32
  said, this is lies. We are trying to do whatever we
• 1:01:36
  can to fight for Bitcoin. And then Connor Brown came out
• 1:01:41
  and was like, yo, if you're serious about this, let's all
• 1:01:46
  come together. Let's go to Capitol Hill.
• 1:01:48
  We'll organize a presentation. We'll, we'll organize a meeting
• 1:01:53
  so that we can talk about this so that we can basically get the
• 1:01:57
  get the real figures out there, get the real narrative out
• 1:02:00
  there. So again, shouts out to Coinbase
• 1:02:02
  for being a part of this because they have been a lot of hot
• 1:02:06
  water. Obviously I'm not the biggest
• 1:02:07
  fan of Coinbase. I used to use Coinbase
• 1:02:10
  throughout my time in Bitcoin. It seems like they have embraced
• 1:02:13
  shit coins a lot more than than Bitcoin, but in reality, they
• 1:02:17
  got to know that Bitcoin is the only reason for their existence.
• 1:02:20
  So again, shout out to Coinbase for even partaking in this and
• 1:02:24
  it seems like they said some good things.
• 1:02:26
  So I did find the Coinbase press release about this and here it
• 1:02:34
  is. This is on coinbase.com on their
• 1:02:36
  blog and it is titled Modernizing the Tax Code to Meet
• 1:02:39
  America's Next Era of Financial Innovation going in a little
• 1:02:43
  bit. Hold on.
• 1:02:44
  I didn't pull it up. Going in a little bit here, in
• 1:02:48
  fact, Yeah, Yeah, Exactly. Lining goats.
• 1:02:53
  TLDR, the United States is building the world's most
• 1:02:56
  comprehensive digital asset regulatory framework.
• 1:02:58
  Congress has already passed the Genius Act, and lawmakers are
• 1:03:01
  now advancing market structure legislation through the Clarity
• 1:03:03
  Act. But one critical piece of the
• 1:03:05
  puzzle is still missing the tax code.
• 1:03:08
  Today's rules treat digital asset unlike any other financial
• 1:03:11
  asset class. Everyday activity like
• 1:03:13
  stablecoin payments, Ethereum gas fees, or even routine
• 1:03:17
  Bitcoin transactions can trigger taxable events that create
• 1:03:21
  enormous compliance burdens while generating little
• 1:03:24
  meaningful tax revenue. Before I go on and read this
• 1:03:27
  more, I I find it interesting that Bitcoin wasn't the first
• 1:03:32
  thing mentioned. You know, hey, maybe I'm
• 1:03:37
  nitpicking, maybe I'm seeing things that aren't there, but it
• 1:03:40
  seemed like they'd be grudgingly added the Bitcoin transactions
• 1:03:43
  in there, but I digress. Anyways, Coinbase alone expects
• 1:03:47
  to issue over 4 million 1099 DA forms to customers with under
• 1:03:51
  $600.00 of proceeds and over 60% of our customers have incomplete
• 1:03:56
  cost bases data due to the way digital assets move across
• 1:03:59
  wallets and platforms. If the United States wants its
• 1:04:02
  digital asset framework to succeed, tax policy must
• 1:04:05
  modernize alongside stablecoin and market structure
• 1:04:09
  legislation. Today, the Coinbase Institute is
• 1:04:11
  launching a new series of data-driven papers outlining
• 1:04:14
  practical reforms to bring digital asset taxation into
• 1:04:18
  alignment with the rest of the financial system.
• 1:04:21
  Here's the first one. Read the first one here, Tax
• 1:04:24
  policy for the Digital Age. Just read.
• 1:04:28
  I'm just going to read the blurb.
• 1:04:30
  If you want to go find this and read the whole thing, it is on
• 1:04:33
  coinbase.com and it goes. Digital assets are rapidly
• 1:04:36
  becoming a core part of modern finance, used every day for
• 1:04:39
  payments, investments into financial services.
• 1:04:43
  Yet the US tax reporting framework has not kept pace, and
• 1:04:45
  applying last century's rules to 21st century digital markets is
• 1:04:48
  leading to predictable and counterproductive results.
• 1:04:51
  Brokers and taxpayers required to generate vast information
• 1:04:54
  with minimal tax valuable with minimal taxable valuable.
• 1:04:58
  Regulators inundated with low signal paperwork, and all
• 1:05:01
  parties face rising compliance, administratability,
• 1:05:04
  administrability burdens in exchange for limited incremental
• 1:05:08
  insight for tax authorities as adoption grows.
• 1:05:10
  This this mismatch between rules and technology risk distorting
• 1:05:15
  economic behavior. The time taxpayers must spend
• 1:05:17
  navigating complex reporting requirements effectively
• 1:05:20
  functions as a hidden tax on innovation.
• 1:05:23
  Targeted reforms that reduce low signal reporting and focus on
• 1:05:26
  higher value tax information can improve outcomes while creating
• 1:05:29
  a system that scales one where compliance remains practical
• 1:05:32
  whether a taxpayer has 10 transactions or 10,000.
• 1:05:35
  So those are just the blurbs, but I do agree with the the
• 1:05:42
  general, oh, sorry, the general sentiment here.
• 1:05:46
  I personally think that the biggest thing stopping quote UN
• 1:05:51
  quote adoption right now is how Bitcoin is treated from a tax
• 1:05:55
  perspective. And we are seeing some favorable
• 1:05:59
  stuff come out of the SEC and the CFTC in regards to how they
• 1:06:03
  will be treating Bitcoin. And I think like this Coinbase
• 1:06:07
  report blurb said, if the US is serious about the quote Bitcoin
• 1:06:13
  capital of the world or crypto capital of the world, then there
• 1:06:19
  will need to be a tax reform in regards to how Bitcoin is
• 1:06:25
  treated. Personally, I think it's money.
• 1:06:27
  Why are we being taxed on our money?
• 1:06:31
  I'm not the biggest fan of a de minimis tax exemption because
• 1:06:34
  they've been historically lowered and lowered and lowered
• 1:06:39
  where it really doesn't make that much sense.
• 1:06:41
  I want to see it where we could all live on Bitcoin.
• 1:06:45
  It doesn't have to be, you know, a crazy amount of money, but
• 1:06:49
  enough where you can pay rent and buy groceries with it.
• 1:06:53
  So I will applaud this effort to actually go to Capitol Hill, put
• 1:06:58
  their neck on the lines from Bitcoin Policy Institute to
• 1:07:01
  Coinbase to River to Square or block.
• 1:07:05
  This is the type of lobbying that we do need.
• 1:07:08
  This, I think, is one of the more important things that could
• 1:07:12
  happen for Bitcoin that would truly unlock Bitcoin adoption.
• 1:07:17
  I've said it all the time. I've said it before, If Trump
• 1:07:20
  really wants to go down as the greatest Bitcoin president in
• 1:07:25
  the world, or rather in history, it's about whoa, that was weird.
• 1:07:33
  It's not just about creating a strategic Bitcoin reserve.
• 1:07:37
  Who wants to go down on Mount, Mount Rushmore for Bitcoin?
• 1:07:44
  It's eliminating capital gains on Bitcoin and letting us use
• 1:07:46
  our money like money. Or at the very least, you know,
• 1:07:50
  if we have to pay a capital gains, can we also, you know,
• 1:07:54
  write off capital losses, treat us a little fairly?
• 1:07:57
  That's all I'm saying. But preferably just no cap
• 1:08:02
  games. OK, guys, let's move on.
• 1:08:09
  I do want to talk about media, media literacy.
• 1:08:13
  I, I thought about this on Monday.
• 1:08:16
  I think. I think that's when I did that
• 1:08:17
  show on Monday. Oh, wait, actually before I go
• 1:08:20
  on, sorry. We saw this other thing and
• 1:08:23
  it's, in my opinion, kind of asinine.
• 1:08:25
  But hey, we're talking about taxes and what's going on in
• 1:08:28
  Washington. So this also happened the
• 1:08:32
  digital chamber says we're grateful to see representative
• 1:08:36
  Max Miller and representative Steven Horsford Horsford
• 1:08:42
  Horsford released the digital asset parity act discussion
• 1:08:47
  draft. A modern tax framework is
• 1:08:49
  critical to keeping innovation in the US Digital chamber has
• 1:08:52
  led to charge through multiple tax roundtables on Capitol Hill
• 1:08:56
  and we won't stop until a common sense framework is lost.
• 1:08:58
  So it's not just coming from Bitcoin Policy Institute.
• 1:09:03
  It seems like this conversation is happening.
• 1:09:05
  Senator Lummus has been telling us for a while that they're
• 1:09:08
  working overtime to try to make this happen.
• 1:09:11
  So it seems like it's a, it's a real conversation happening
• 1:09:16
  right now on Capitol Hill. So cautiously optimistic, not
• 1:09:21
  going to hold my breath, but cautiously optimistic.
• 1:09:24
  And then we got our boy Pierre Rashard.
• 1:09:27
  The GOAT wouldn't be here without you, bro.
• 1:09:30
  And he goes, unfortunately, this bill only makes stablecoins tax
• 1:09:34
  exempt. This is the wrong direction to
• 1:09:35
  go in. It's Bitcoin that should have a
• 1:09:37
  de minimis tax exemption. Stablecoins are not
• 1:09:40
  decentralized and they're not permissionless.
• 1:09:42
  They're not real money. They're just Fiat.
• 1:09:45
  So as you can see, there's still a education curve going on in
• 1:09:48
  Capitol Hill. But at least we have some good
• 1:09:53
  Bitcoin advocates over there. I know a lot of people have said
• 1:09:57
  in the chat and to me personally, you know, and I, and
• 1:10:00
  I'm the same way that we don't trust politicians.
• 1:10:03
  And further, again, I'm going to take shots at the boomers here.
• 1:10:07
  Forgive me beforehand, but having these boomers that don't
• 1:10:11
  really understand the technology try to regulate and write laws
• 1:10:16
  for the technology is just absolutely insane to me.
• 1:10:20
  Now, I don't write laws, so that's not my job, but I think
• 1:10:26
  it is a huge hurdle, at least where we currently stand, to
• 1:10:31
  expect the politicians in Washington to write some good
• 1:10:35
  laws with this emerging technology, this emerging money.
• 1:10:42
  So we'll see if anything happens out of disguise, but at least
• 1:10:48
  the general trend I've been looking and seeing, it's
• 1:10:53
  probably not going to be that good.
• 1:10:56
  OK, but anyways, I, I, I guess opt wait, how do I even say
• 1:11:02
  optusly costumistic? Did I say that it's been a long
• 1:11:08
  week? Lay off my back.
• 1:11:11
  No, OK, but there we go. Hey, is it baby steps?
• 1:11:17
  Is this shifting the Overton window?
• 1:11:19
  Will we see anything positive come out of this?
• 1:11:24
  I guess only time will tell. All I know is that there are
• 1:11:29
  some good people trying to do the right thing.
• 1:11:34
  Can they not get beaten up by the machine?
• 1:11:37
  I guess to put it nicely. OK, All right, guys, Dude, I'm
• 1:11:42
  getting trolled. All right?
• 1:11:43
  Anyway, let's let's keep it moving.
• 1:11:44
  We're going to keep it moving. We're going to go on the
• 1:11:46
  culture. I'm going to first of all
• 1:11:49
  acknowledge what happened yesterday and and I'm going to
• 1:11:51
  do what I wanted to do yesterday, all right?
• 1:11:54
  I want to give a shout out to our partner Hive Digital
• 1:11:57
  Technologies. Fueled by clean energy, Hive has
• 1:12:01
  quadrupled its global Bitcoin mining footprint and channels
• 1:12:05
  that same scale into high performance compute where their
• 1:12:08
  AI cloud is now ranked number one in the world for network
• 1:12:13
  performance. At Hive, you've got dual
• 1:12:15
  engines, Bitcoin and AI, humming, roaring, accelerating
• 1:12:20
  in unison. They're lean and mean, they're
• 1:12:22
  green and clean, and they're rewriting the playbook on
• 1:12:25
  sustainable digital infrastructure.
• 1:12:27
  You can catch the latest buzz at Hive Digital Tech or at Hive
• 1:12:31
  digitaltech.com. All right, guys.
• 1:12:38
  OK, OK, OK. I will acknowledge the elephant
• 1:12:41
  in the room. First of all, I do want to give
• 1:12:44
  a huge shout out to all you guys.
• 1:12:49
  Yesterday made me realize that just I got how much I love the
• 1:12:54
  hardcore simply Bitcoin guys or the simply Bitcoin live guys.
• 1:12:59
  I appreciate every single one of you.
• 1:13:01
  It really it really, I don't know, it hit me yesterday.
• 1:13:04
  I'm like, man, dude, I I got to come out here and I got to
• 1:13:07
  acknowledge what happened yesterday to the to the people
• 1:13:10
  that watched the whole show, to the people that have to deal
• 1:13:14
  with me laughing like it a lunatic to the people that have
• 1:13:17
  to deal with me not being able to speak words and and further
• 1:13:22
  have to deal with Nico trying to read.
• 1:13:25
  I I'd first of all, I just want to say a huge thank you.
• 1:13:28
  I love you guys. I appreciate every single person
• 1:13:32
  that has ever watched the show, even for 10 seconds for I
• 1:13:35
  appreciate every single person that clicked on our video.
• 1:13:40
  It truly, truly means the world. Now, why am I saying that?
• 1:13:44
  Because I saw you guys hanging out in the chat yesterday, you
• 1:13:47
  know, trying to deal with my mistakes.
• 1:13:50
  And it wasn't a Matrix attack. It wasn't us not paying our
• 1:13:55
  Wi-Fi bill. It was kind of, it was, it was a
• 1:13:59
  Dumber, Dumber problem on my head.
• 1:14:01
  So what happened is I had 700 gigs of live shows downloaded on
• 1:14:08
  my computer and I've been meaning to back them up and my
• 1:14:13
  computer I only this computer only has like a one terabyte
• 1:14:16
  memory in it. And I was getting those warnings
• 1:14:20
  of hey, you don't have enough space to do this.
• 1:14:22
  And I got it on Wednesday and I'm like, no, I'll be good.
• 1:14:28
  Actually, I was going to go on Wednesday and get an external
• 1:14:30
  hard drive and then my workout with Sal in the morning just
• 1:14:35
  tore me the pieces. And then I did a walk and I was
• 1:14:39
  just so beat Wednesday night that I didn't go to go get me an
• 1:14:42
  external hard drive. And I was like, I got this.
• 1:14:45
  We're going to, we're going to manage it managed yesterday,
• 1:14:48
  we'll manage today. And I did get a warning in the
• 1:14:52
  morning. I should have known it was going
• 1:14:53
  to happen, but I didn't buy the external hard drive.
• 1:14:56
  And towards the tail end of the show, my computer just
• 1:15:01
  completely, it just it went nuts.
• 1:15:05
  I don't know if you, if this ever been a problem for you, if
• 1:15:07
  you've, if you've ever experienced it, but like your
• 1:15:09
  cursor just has a mind of its own.
• 1:15:11
  It's all delayed. And then also my computer wasn't
• 1:15:14
  charging. So I, I wasn't sure if you watch
• 1:15:18
  the tail end of the show. I heard you guys, I saw you in
• 1:15:21
  the chat being like, yo, you're, you're kind of glitching out.
• 1:15:24
  Well, my screen over here like wasn't working.
• 1:15:27
  I couldn't move anything because then it would glitch out more.
• 1:15:30
  But you know, suffice to say I got a external hard drive.
• 1:15:36
  I sat there for two hours, you know, back in all of the videos
• 1:15:40
  up. So we have them in, you know, an
• 1:15:43
  hour custody. We have all the videos just in
• 1:15:45
  case anything happens. And then I deleted it and now I
• 1:15:48
  think I'm good for a little while.
• 1:15:49
  So it was a, it was a skill issue.
• 1:15:52
  It was a, it was a user mistake. It was not my fault.
• 1:15:54
  It wasn't crazy. I saw you guys in the chat.
• 1:15:56
  Anyways, Anyways, I'm going to do clown.
• 1:16:02
  I'm going oh wait, no, you. Oh, I thought, OK, you guys are
• 1:16:05
  you guys are fighting back and forth.
• 1:16:07
  You guys are fighting back and forth.
• 1:16:08
  You didn't call me a clown. OK, Do you stay clearly
• 1:16:11
  threatened by the power? No, dude, that's not what
• 1:16:14
  happened. This was a this was a user user
• 1:16:18
  issue. This was a skill issue.
• 1:16:19
  This was me being a procrastinator.
• 1:16:21
  It's me being a little lazy. So that's what happened
• 1:16:24
  yesterday. But again, I really appreciate
• 1:16:25
  you guys hanging out in the chat.
• 1:16:26
  I saw someone say like over or undrawn if Opti will make it
• 1:16:29
  back. I was trying you, dude.
• 1:16:32
  I was trying. Trust me, I was trying.
• 1:16:34
  Anyways, this is what I wanted to do yesterday.
• 1:16:38
  And just funny enough, last night we got another update.
• 1:16:43
  So remember the show I did, man, I forget it was at the beginning
• 1:16:48
  of this week. At some point we had Berstein
• 1:16:52
  Alliant or yeah, Berstein Alliance and K-33 essentially
• 1:16:57
  saying that Bitcoin had bottom. Well, last night we got Goldman
• 1:17:01
  Sachs is also now saying that Bitcoin and crypto has bottom.
• 1:17:05
  And I, I do have the Bitcoin mag, you know, Goldman Sachs
• 1:17:10
  crypto and Bitcoin might have bottom.
• 1:17:12
  Goldman Sachs believes crypto or Bitcoin may have hit their floor
• 1:17:17
  after months of decline. I'm not going to read the whole
• 1:17:20
  thing, but it says in a note on Thursday, analyst James Yarrow
• 1:17:23
  said crypto related equities are down 46% since October 2025 but
• 1:17:28
  are showing volatile, volatile but flattish performance, making
• 1:17:32
  valuations increasingly attractive.
• 1:17:36
  Anyways, this is not about breaking down this article, but
• 1:17:40
  after the Monday show or Wednesday show might have been
• 1:17:45
  Wednesday after the $867 billion firm show, it was making me
• 1:17:52
  think about like media literacy and what are the incentives for
• 1:17:59
  these institutions to be planting the story?
• 1:18:02
  Or I guess that's the strong word.
• 1:18:04
  Are they planning these stories? Like, what are their incentives
• 1:18:07
  here? Why are they saying this?
• 1:18:09
  Why are they releasing these reports?
• 1:18:11
  And I know when I did the video, I was extremely bullish on it.
• 1:18:15
  Obviously, I, I, I've been getting yelled at for being
• 1:18:17
  bearish on the search. So I wanted to be bullish.
• 1:18:20
  And later in the day, I just started to think on this idea of
• 1:18:27
  what is their incentives? And when we read these news
• 1:18:32
  headlines, these, you know, sound bites, what do they want
• 1:18:36
  us to believe? Are they actually bullish or are
• 1:18:41
  they looking for more exit liquidity?
• 1:18:45
  Are they actually thinking that bitcoins going to continue to go
• 1:18:49
  up? Or again, maybe they're looking
• 1:18:52
  for someone to dump on? So I was thinking about this,
• 1:18:55
  like media literacy is an interesting conversation to have
• 1:19:00
  in regards to when you see a headline, what does it make you
• 1:19:04
  think? And who has the, you know, who
• 1:19:07
  might plant these stories and, and what are the feelings that
• 1:19:10
  they want to feel? They want to make you feel?
• 1:19:13
  And what is the true incentives for these stories to kind of be
• 1:19:17
  spread around? Is it just for engagement or is
• 1:19:20
  it actually signal? Is it just to get some clicks or
• 1:19:25
  is it, you know, just to feed us some opium?
• 1:19:29
  Or do they actually believe this stuff?
• 1:19:32
  And I'm transparent. I basically believe everything I
• 1:19:36
  say on the show. You guys know I'm very sarcastic
• 1:19:38
  and that's my I don't know, my tool to get things that I can't
• 1:19:44
  necessarily say out there or maybe don't want to say in a
• 1:19:47
  way. And I'm trying to make you
• 1:19:48
  laugh. But this idea of what are their
• 1:19:52
  incentives when they make these stories?
• 1:19:55
  Are people trying to distract us from stuff or are there actually
• 1:19:59
  planting signals, you know, not to go full Q tart on you guys,
• 1:20:02
  but. If you know anything about like
• 1:20:05
  the MAGA movement, there's a lot of that cue stuff and you know,
• 1:20:09
  our bless his heart shouts out G money.
• 1:20:11
  I love him. He's always talking about him
• 1:20:14
  and he was always like, Opti, are you a are you a cue dropper
• 1:20:17
  now? And I'm like, look, they're
• 1:20:20
  interesting. It's like it's like it it's a
• 1:20:24
  it's a cool fiction that sometimes entertaining and I
• 1:20:27
  like to read it. But he'll do, you know, like,
• 1:20:30
  oh, you missed this headline in this story and this relates back
• 1:20:35
  to this drop and it's all connected now.
• 1:20:38
  I'm like, yo, like I love schizo stuff as much as anyone else.
• 1:20:42
  I love schizo edits, but like, yo, that's a little too crazy
• 1:20:47
  for me, bro. And I love G money.
• 1:20:50
  He's he's a super good guy. I love his Twitter account.
• 1:20:54
  I love some of the stuff he says.
• 1:20:56
  Well, most of the stuff he says, but a lot of the there is some
• 1:21:00
  truth to this idea that there are planted stories, whether
• 1:21:04
  it's signal or whether it's misinformation or whatever you
• 1:21:09
  want to call it, distractions, whatever you want to call it.
• 1:21:11
  Like they do happen. And so I was thinking about the
• 1:21:15
  story here of Bernstein Alliance and K-33 and really just this
• 1:21:19
  show in general, 'cause sometimes I'll read something
• 1:21:23
  and I'll make a story around a certain perspective.
• 1:21:28
  And then, not that I think I'm lying, but I'll do the show.
• 1:21:32
  And then I'm finally able to like sit down with my thoughts
• 1:21:35
  and I'll be like, huh, maybe I just completely misread the
• 1:21:43
  direction here, like, huh, maybe they're dumping on us.
• 1:21:48
  And if you've been in Bitcoin long enough, then you'd know how
• 1:21:50
  this works out. One of the interesting things
• 1:21:53
  for most Bitcoiners in their journey is you come into Bitcoin
• 1:21:57
  and you think this is this whole decentralized, you know, what's
• 1:22:00
  it beehive of people trying to find the truth, And these
• 1:22:07
  arguments are them trying to get to the truth.
• 1:22:09
  You know, they're, they're all in good faith about getting to
• 1:22:12
  the truth. And then you realize there's a
• 1:22:15
  lot of people that get paid to say a bunch of dumb shit or they
• 1:22:18
  get paid to dump shit coins on you.
• 1:22:21
  This is one of the reasons why this show was created in the 1st
• 1:22:24
  place. This is This is why simply
• 1:22:25
  Bitcoin was created as a YouTube channel in the 1st place is
• 1:22:29
  because when we got in in 2017 and we're really trying to
• 1:22:33
  understand what was going on in 20/17/2018, all of the trusted
• 1:22:39
  Youtubers were shilling shit coins.
• 1:22:42
  And then the longer you stay in the industry, the more you
• 1:22:45
  realize that oh these guys are getting paid to dump on us.
• 1:22:49
  The only people that aren't really getting paid to dump on
• 1:22:52
  you are people that telling you, look bro, just buy Bitcoin, take
• 1:22:55
  it into self custody. I really don't benefit from this
• 1:22:58
  because it's like I don't care where you buy it.
• 1:23:01
  Just make sure you have more Bitcoin today than you do
• 1:23:04
  yesterday and you like when you realize that your favorite
• 1:23:09
  influencer on Twitter is basically dumping shit coins on
• 1:23:13
  your head and telling you it's going to go up 1000%.
• 1:23:16
  We actually I saw a new one this morning.
• 1:23:18
  It's I, I shouldn't even name it, but the, I forget how what
• 1:23:22
  his last name is, but Jason from the all in podcast, he's showing
• 1:23:25
  some shit coin and he's like, oh dude, it's going to go 500X or
• 1:23:28
  you know, 10100X or something and you're just like, bro, this
• 1:23:34
  guy's got a huge podcast. Like what are its incentives
• 1:23:37
  here? Does he actually believe this
• 1:23:38
  thing is going to outdo Bitcoin? Or does he just was he just a
• 1:23:43
  part of the pre mine and therefore he's got a huge bag
• 1:23:46
  and he's going to dump on his followers?
• 1:23:48
  It's like the longer you're in the space, the more you realize
• 1:23:52
  this is exactly what goes on. I don't get anything from just
• 1:23:58
  telling you to buy Bitcoin. Yes, we have partners and we are
• 1:24:01
  trying to make sure that you can custody your Bitcoin, secure
• 1:24:04
  your Bitcoin, use your Bitcoin in ways that are going to
• 1:24:06
  benefit you. But us coming out here every
• 1:24:09
  single day and just like, bro, just buy Bitcoin, Just keep
• 1:24:12
  buying Bitcoin. Take your Bitcoin off the
• 1:24:14
  exchange like that doesn't sell. You can't build loyal.
• 1:24:19
  Well, we've been able to do it despite this, but it's
• 1:24:23
  interesting that the shit coiners out there just have this
• 1:24:25
  loyal, dying allegiance to these shit coin influences that are
• 1:24:31
  literally dumping on their heads.
• 1:24:34
  Now I'm taking that broader and thinking of what's going on.
• 1:24:38
  You know, what are these stories being planted in Bloomberg, in
• 1:24:42
  Washington Post, in the Wall Street Journal, in the Fiat
• 1:24:46
  Times. I mean, the Financial Times now
• 1:24:49
  we've exposed the Financial Times, we've exposed Wall Street
• 1:24:52
  Journal, They are obviously very biased against Bitcoin.
• 1:24:56
  So when you see stuff coming out of those, even the Washington
• 1:25:00
  Post is a little little iffy. When you see articles come out
• 1:25:04
  from them, especially the Financial Times, which is why we
• 1:25:07
  call them the Fiat Times. You know what their bias is
• 1:25:10
  going to be? It's going to be derogatory.
• 1:25:13
  It's going to be anti Bitcoin. It's going to do Bitcoin
• 1:25:16
  obituaries going to say Bitcoin's dead.
• 1:25:18
  It's never going up again. Now Bloomberg is a little more
• 1:25:20
  interesting because they they do have a bias, but they are a
• 1:25:26
  little more objective. CNBC seems to be, you know,
• 1:25:30
  pretty, pretty good at just telling you the truth.
• 1:25:34
  Maybe it's because of Charles Payne and Joe Kern Kernan.
• 1:25:40
  I always call them Joe Kernan 'cause I love Kernan's soda.
• 1:25:42
  Joe Kernan and Charles Payne, they're like hardcore
• 1:25:44
  bitcoiners. Squawk Box has been very good
• 1:25:47
  about covering the news. So anyways, I, I, I'm not here
• 1:25:50
  to just talk about all the, the, you know, corporate press, but
• 1:25:57
  I, this is what I've been thinking and actually shouts out
• 1:25:59
  to my boy Fernando Bass layer. He did an interesting post
• 1:26:04
  literally the next day after I was thinking this and he goes
• 1:26:10
  Coinbase publish bearish indicators and decrypt publish a
• 1:26:14
  Bernstein bottom 24 hours apart. The problem with this fragmented
• 1:26:18
  media landscape is that outlets end up covering different
• 1:26:21
  bitcoins, quote UN quote and readers are making capital
• 1:26:27
  allocation decisions based on which outlet they happen to read
• 1:26:30
  1st. And here you see, I'm pretty
• 1:26:33
  sure this is Coindesk bitcoins momentum indicators flashing a
• 1:26:36
  signal that should worry bulls. And then we have decrypt Bitcoin
• 1:26:41
  is likely bottom as strategy shows resilience amid plunge.
• 1:26:44
  Bernstein Oh, I didn't pull it up.
• 1:26:46
  Sorry, guys. So as I was thinking about the
• 1:26:52
  show on I believe it was Wednesday, this idea of media
• 1:26:56
  literacy is like, I know the headlines.
• 1:27:00
  Yes, we can make good stories out of the headlines.
• 1:27:03
  And as you can see, sometimes when I talk about stuff on the
• 1:27:05
  show, in the beginning of the show, I I'll say kind of the
• 1:27:10
  headline, the big, big click bait, the big sound bite.
• 1:27:14
  And then I'll break it down in the sense of like, well, there's
• 1:27:16
  some pro and some bad here. And I think, you know, this is
• 1:27:19
  probably not done well and this is probably going to be worse.
• 1:27:23
  But generally it's always I and I hate using it and that
• 1:27:28
  positive for Bitcoin and we just had so much good news.
• 1:27:32
  But this idea of where you are ingesting your news from is
• 1:27:38
  totally altering the way you're viewing Bitcoin, hence why me
• 1:27:42
  and Nico are fighting. And I think you guys have kind
• 1:27:44
  of like that where like I'm bullish.
• 1:27:46
  He still thinks we have another leg down.
• 1:27:48
  You guys are saying that Nico's infecting me with his
• 1:27:50
  bearishness, but I'm actually pretty bullish right now.
• 1:27:53
  The only reason I was bearish today is because my trend line
• 1:27:55
  broke guys, my TA, my astrology, my astrology broke YouTube save
• 1:28:02
  scammers. You're all set, dude.
• 1:28:03
  We're actually I don't actually I don't I don't know I don't
• 1:28:08
  know what's going on I don't know what's going on Oh you guys
• 1:28:11
  are fighting in the chat all right, I guess look I've been
• 1:28:15
  rambling I I've been rambling for what like 20-30 minutes I
• 1:28:18
  don't know I don't know if you guys got some value in this, but
• 1:28:20
  it really makes me think I will personally, and maybe I'll just
• 1:28:26
  take this personal here. I will keep this in mind with
• 1:28:33
  this idea of why are these stories being released now?
• 1:28:40
  What is the point of this story? Who, you know, gains the benefit
• 1:28:45
  from these stories And you know what?
• 1:28:53
  What are these sources? Who do, who are they coming
• 1:28:55
  from? You know, this is this is just
• 1:28:58
  what I'm thinking about. Obviously, as I look, I even had
• 1:29:03
  AI guess a back and forth with down under Blues earlier.
• 1:29:05
  Let me see. Oh, it won't let me go.
• 1:29:06
  It won't let me scroll that high.
• 1:29:08
  He said something like where simply bitcoins turning into
• 1:29:14
  like the mainstream media and you guys are blow horns like the
• 1:29:17
  media. I don't even know what blow horn
• 1:29:19
  means, to be honest, but I was like, look, I'm I'm very upfront
• 1:29:26
  of I love, I love propaganda. I'm a huge fan of propaganda.
• 1:29:31
  I think propaganda is great. Not like what you're thinking,
• 1:29:34
  but we are Bitcoiners. I want you to become a
• 1:29:37
  Bitcoiner. Therefore, by extension, I
• 1:29:40
  always say I make Bitcoin propaganda.
• 1:29:42
  I'm trying to make Bitcoin so that people are interested in
• 1:29:46
  it. I have to fight the propaganda
• 1:29:49
  from the corporate press. So yes, I have my bias.
• 1:29:52
  I am pro Bitcoin. This whole channel is pro
• 1:29:55
  Bitcoin. We want you to become a
• 1:29:57
  Bitcoiner. We want you to join the ranks.
• 1:30:00
  But with that being said, I will hopefully be a little more
• 1:30:05
  cognizant when I do headlines and stories and I see source
• 1:30:11
  material of like, OK, where is this coming from?
• 1:30:13
  What do they want me to feel? What is this telling us?
• 1:30:17
  Is this bottom signals? Is this top signals?
• 1:30:20
  Are we exit liquidity? Are they dumping on us,
• 1:30:25
  especially now that we are entering into a more Wall Street
• 1:30:28
  esque era phase? I think these are only going to
• 1:30:33
  increase because if you understand just how the news
• 1:30:37
  machine works, you understand this happens every single day.
• 1:30:42
  Like if you're watching and I'm, I'm not going to fool Trump
• 1:30:45
  maggot hard here. But if you watch what's
• 1:30:47
  happening around politics around Trump right now, you'll see
• 1:30:51
  planted stories all the time. And he and he's even planting
• 1:30:54
  his own stories on Twitter. So I think this is just part of
• 1:30:59
  all of us understanding where we currently are in the history of
• 1:31:04
  social media. As the AIAI fication of
• 1:31:09
  everything increases, as the slop continues to hit the
• 1:31:13
  through, I think it's only going to get sloppier.
• 1:31:17
  And we have to be very aware of what we read.
• 1:31:21
  We can't just read something and take it as A and you could just
• 1:31:26
  walk through that writers. I'm wrapping up as as the
• 1:31:29
  gospel, I guess is what what I'm going to say.
• 1:31:32
  I I don't have the lights on, dude.
• 1:31:33
  So I'm going to wrap up. We are wrapping up.
• 1:31:35
  I've been rambling for a little bit.
• 1:31:37
  Anyways, guys, let me see. Dude, don't don't touch me.
• 1:31:43
  Pause let's see we are only 6 months away from finding out
• 1:31:46
  whether Nico or Opti's right. Either October is truly the
• 1:31:49
  cycle bottom or we are already well on their way back to all
• 1:31:53
  time high. Only a few more months of pain
• 1:31:55
  yes yes, since Nico's not on the microphone, we all know that I
• 1:31:59
  am right. Anyways, guys, again, as I said,
• 1:32:06
  I truly we truly here at Simply Bitcoin appreciate every single
• 1:32:10
  one of you guys and I shouldn't have any more technical
• 1:32:17
  difficulties for you guys, OK? So have a good weekend, eat some
• 1:32:22
  good food, get outside, get some sun, get a walk in.
• 1:32:26
  If it's not too cold where you are, call your loved ones and of
• 1:32:31
  course, stack some Bitcoin and take it off the exchange.
• 1:32:37
  Wait, can I say that? I was going to say this is
• 1:32:39
  financial advice, but maybe maybe someone's going to clip me
• 1:32:42
  and take that out of context. This isn't this is life.
• 1:32:45
  No, how do I say that? Anyway, whatever, I'll figure it
• 1:32:48
  out. All right, guys, have a good
• 1:32:50
  rest of your day. I love you.
• 1:32:53
  Have a good weekend. Peace out.
• 1:32:55
  Today's episode was brought to you by bitcoinwell.com, a
• 1:32:59
  Bitcoin only platform on a mission to enable financial
• 1:33:02
  independence.