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BREAKING: Clarity Act is REVEALED and You WONT BELIEVE What's INSIDE | EP 1502 · Simply Bitcoin

• 0:01
  At 12:30 AM this morning, the long-awaited 309 Page Clarity
• 0:07
  Act markup was just released and we're going to show you the most
• 0:11
  important parts that we found in it.
• 0:13
  Obviously it was just dropped, so I don't think anyone has
• 0:16
  enough time to really break down everything in it.
• 0:19
  But we'll tell you as much as we know, 'cause there are some very
• 0:23
  big wins in this that everyone's talking about, but there's also
• 0:26
  probably some potential threats buried inside this.
• 0:30
  It does feel like there's some crypto stuff that maybe we're
• 0:34
  not all too happy about. But before we get into that,
• 0:37
  let's start with the positives. OK?
• 0:39
  So we're going to start with the positives here and then we'll
• 0:41
  break out, probably break down more of the maybe not so good
• 0:46
  portions of this. Obviously, as we know, as we've
• 0:50
  been covering for months here, there has been many compromises
• 0:55
  to get this Clarity Act markup through the Senate Banking
• 0:59
  Committee. And to my surprise, we, it seems
• 1:04
  to be very close to getting over the finish line, which I, I was
• 1:08
  very pessimistic about. I really thought we wouldn't
• 1:11
  even get this close. But hey, I'll take my LS here
• 1:14
  anyways, I'm not alone here. I do have Kent and Nico is with
• 1:18
  me today. So we got a full packed house
• 1:21
  today. But let me get into the initial
• 1:25
  kind of breakdown here. So as we know, actually, I'll
• 1:29
  start with this one. We got the US Senate Banking
• 1:31
  Committee GOP, of course, they pushed through the markup.
• 1:36
  So here's what they tweeted. The Senate Banking Committee's
• 1:39
  Clarity Act is the result of more than 10 months of good
• 1:41
  faith bipartisan negotiations and has benefited from
• 1:45
  consultation with industry participants, legal and academic
• 1:49
  experts, and key stakeholders. And here are the facts.
• 1:52
  I will break down the Senate Banking kind of fact sheet.
• 1:55
  But before I get to that, here's Senator Cynthia Lemons, the
• 1:58
  Bitcoin senator, and she goes big week for digital assets.
• 2:02
  After nearly a year of bipartisan, this markup brings
• 2:06
  US one step closer to cementing America's place as the global
• 2:10
  leader in financial innovation. Wyoming.
• 2:13
  Wyoming showed the way. Now Washington is following.
• 2:17
  So again, it's 309 pages. I don't think as an industry we
• 2:22
  have had enough time to really nitpick every portion of this,
• 2:27
  but the timeline, actually, let me give you guys the timeline,
• 2:30
  at least the expected timeline here.
• 2:32
  So we got the Senate Agricultural Committee markup
• 2:37
  parsh portion of the Clarity Act already.
• 2:40
  That's already done. That was months ago, maybe a
• 2:44
  month or two ago. We've been waiting on the Senate
• 2:47
  Banking Committee's markup portion of the Clarity Act,
• 2:49
  which is what we have here today.
• 2:52
  That was released last night. They have until tomorrow to add
• 2:56
  amendments to it. It will get voted on Thursday.
• 3:00
  I don't have the official time for when that vote will happen,
• 3:04
  but for the next 24 hours, we will be seeing amendments.
• 3:08
  I'm sure we will start to see people coming out either for
• 3:12
  against all that's going to happen this week.
• 3:15
  And then it will go for a final Senate vote where they basically
• 3:19
  take the Senate Agricultural Committee side of the Clarity
• 3:21
  Act markup bill, the Senate Banking Committee.
• 3:24
  They will combine that. Then that will get voted
• 3:26
  through. Still, obviously a lot to go on
• 3:30
  whether the Clarity Act will become law, what the timeline
• 3:35
  is, or at least this is the expectation from the Trump
• 3:37
  administration. If it does get past Senate, a
• 3:39
  full Senate vote, then July 4th is kind of the ETA, maybe the
• 3:44
  timeline date that we're all shooting for that the Clarity
• 3:48
  Act will be signed into law by President Trump.
• 3:52
  So that's the timeline here. Wednesday, today and tomorrow
• 3:55
  for amendments, Thursday vote. And then after that, I think
• 3:59
  they're kind of shooting for maybe a June vote in the Senate,
• 4:04
  potentially signed into law by President Trump July 4th.
• 4:08
  At least that's what we're seeing on social media anyways,
• 4:11
  going through the Senate Banking Committee's fact and fiction
• 4:15
  list here. We'll read the whole thing.
• 4:18
  We'll kind of just kind of glaze over some of this.
• 4:20
  And I do have a lot of tweets of people that have read portions
• 4:23
  of the bill. Some things to be, I guess,
• 4:26
  maybe worried about looking to. The thing that I'm most focused
• 4:30
  on, and I brought this up before also shout out to Kent, CEO of
• 4:34
  SAZ Mining and check out switch to your shot Opti.
• 4:37
  Look at that sexy, sexy SAZ hat behind Opti.
• 4:40
  Anyways, the thing that I'm the most focused on Opti is how it
• 4:45
  relates to Bitcoin and that's the bullish.
• 4:47
  Part and yes, that's what that's that's where that's all we
• 4:51
  really care about. To be honest, that's really all
• 4:53
  we care about anyways, here we go.
• 4:55
  OK, so again, if you want, if you want this, it's it's on
• 5:02
  banking.senate.gov. You can read the whole
• 5:05
  breakdown. If you really want to get into
• 5:07
  the weeds, you can read the 309 page report or markup bill.
• 5:12
  But here we go. Fact, the Clarity Act protects
• 5:15
  everyday Americans. I mean, obviously that's
• 5:19
  probably why they're doing this and and why that's the first
• 5:22
  thing on this list. Anyways, bottom line, Americans
• 5:25
  deserve transparency, fairness, and accountability regardless of
• 5:29
  the technology involved. In fact, the Clarity Act cracks
• 5:33
  down on fraud and money laundering.
• 5:35
  Bottom line, the bill closes significant gaps in fraud and
• 5:38
  money laundering while preserving marketplace
• 5:40
  integrity. And then now we're going into
• 5:45
  the kind of myths and their rebuttals.
• 5:47
  So myth, The bill deviates from security law and would provide
• 5:51
  fewer investor protections and compliance obligations for
• 5:53
  digital asset securities. Fact, this claim is false.
• 5:56
  Going further, the bill puts banks, taxpayers and the
• 5:59
  financial system at risk. Fact.
• 6:01
  The real risk is the Status Quo Clarity Act establishes a clear
• 6:05
  regulatory framework that holds bad actors accountable for
• 6:07
  fraud, manipulation and abuse and is designed to prevent
• 6:11
  another FTX style collapse. Interesting verbiage here coming
• 6:16
  from the Senate Banking Committee.
• 6:17
  Moving further, the bill creates loopholes for evasions of US
• 6:21
  rules. Fact.
• 6:22
  The bill closes regulatory gaps. The bill fails to address
• 6:26
  illicit finance and national security risk, while the bill
• 6:29
  establishes strong enforceable protections against illicit
• 6:31
  finance and national security threats.
• 6:34
  Going further, the bill enables illicit finance to occur through
• 6:37
  decentralized finance, AKA defy trading protocols.
• 6:40
  Fact. The bill does the opposite.
• 6:42
  The bill criminalizes software developers or ban self custody.
• 6:46
  And this is one of the big things that we have talked about
• 6:48
  here on the show. From what I've saw in the bill,
• 6:52
  it in fact explicitly protect software developers who publish,
• 6:55
  maintain, or contribute to code without controlling customer
• 6:58
  funds. And it preserves Americans
• 7:00
  ability to hold their own digital assets.
• 7:03
  At the same time, the bill makes clear that these protections do
• 7:06
  not shield fraud. Illicit finance.
• 7:08
  Hold on. Sorry guys, I'm choking on my
• 7:11
  saliva here. Illicit finance or other
• 7:13
  misconduct. Giving regulators targeted
• 7:15
  authority to address real risk without sweeping in lawful
• 7:19
  software development. Myth.
• 7:21
  The bill was written by industry and serves industry interests.
• 7:25
  Fact. The bill has been shaped by
• 7:27
  years of bipartisan work, extensive engagement with
• 7:30
  regulators and law enforcement, and the focus and public
• 7:33
  interest outcomes. Bottom line, the Clarity Act
• 7:36
  replaces uncertainty with clear rules of the road.
• 7:39
  It protects investors, strengthens national security,
• 7:43
  preserves lawful innovation, and gives regulators and law
• 7:46
  enforcement the tools that go after fraud, manipulation,
• 7:49
  sanctions, sanctions, evasions, and illicit finance.
• 7:53
  OK, so that's the overall breakthrough breakdown of it.
• 7:56
  Obviously, we didn't breakdown exactly what is in the bill per
• 8:01
  SE. This is just the overview here.
• 8:02
  And this is where I will go into a little more specifically on
• 8:07
  things that people have touched on on Twitter and that have come
• 8:11
  to light specifically. Oh, I thought I thought Nico's
• 8:16
  trying to chime in here. Specifically, I saw Zach Shapiro
• 8:20
  who works at the Bitcoin policy industry and this is one of the
• 8:23
  big portions here. And this is one of the points of
• 8:26
  contention that I've seen on Twitter.
• 8:28
  So we saw him tweet the BCR edit looks benign to me.
• 8:33
  The new carve out requires quote specific intent to transfer
• 8:36
  funds, you know, are criminal. They should not capture debs who
• 8:40
  build neutral privacy tech that gets misused by criminals
• 8:43
  without evidence of actual intent to aid those criminals,
• 8:47
  which it is a it is a big move here here in regards to what's
• 8:52
  going on. Though there is a little bit of
• 8:54
  contention on this point on Twitter, particularly I believe
• 8:59
  it's Keon Williams wife. She tweeted about this.
• 9:02
  And then this is partially where you're starting to see some,
• 9:06
  maybe some pushback on Twitter. So we have free samurai account
• 9:10
  go. Seems like that can easily
• 9:12
  easily be misused because if someone builds a tool that large
• 9:15
  scale self custody and totally private, then they already know
• 9:19
  that absolutely anyone can download and abuse that tool
• 9:21
  against their best intentions. Zach Shapiro responds that's not
• 9:25
  how it works. According to this language, they
• 9:27
  would have to specifically intend to transfer known
• 9:30
  criminal funds in order to be liable.
• 9:32
  Mere knowledge is not enough. And then they go, I sure hope
• 9:37
  that's right. They start tagging his wife, of
• 9:39
  course, the samurai Deb's wife, who's currently in jail and says
• 9:43
  you may. The Samurai wallet developers.
• 9:49
  Is what I say. Sorry Samurai Wallet Dev's
• 9:52
  developer's wife. Yes, yes, yes.
• 9:54
  This is where she gets tagged 'cause she did have a post on.
• 9:57
  Here, just to clarify, she's not in jail.
• 9:59
  Her husband is in jail because she's the samurai.
• 10:02
  Developer. And then she's been a huge
• 10:04
  advocate for her, for him, yes. 100% of jail one.
• 10:09
  Thank you thank you. I I I can't speak today anyways
• 10:12
  here we go so it goes You may want to take a look at lemur
• 10:18
  Lauren Emily recent post so I will pull or did I pull that up?
• 10:22
  I'll pull that up for you guys here.
• 10:24
  And this is what she said. Here we go.
• 10:30
  This is the one that was going out.
• 10:32
  So TFTC tweeted buried on page 230 of the Clarity Act is
• 10:38
  arguably the biggest win for the digital assets industry in the
• 10:41
  entire 309 page bill. Yeah yeah.
• 10:45
  Section 6 O 4, the Blockchain Regulatory Certainty act.
• 10:49
  If you build open source blockchain software and don't
• 10:51
  have unilateral control over users funds, you are not a money
• 10:54
  transmitter, not under fins and rules, not under federal
• 10:58
  criminal law, not under state registration requirements.
• 11:01
  Writing code does not equal money transmission.
• 11:05
  OK. And this is where I'm going to
• 11:06
  chime in, right? And this is where like, you
• 11:09
  know, guys, we have to keep putting the pressure on the
• 11:12
  Trump administration. And remember, we have we have
• 11:16
  all the rights to put the pressure on the Trump
• 11:18
  administration. Because you can make a very good
• 11:20
  argument that it was the Bitcoin community that got Trump over
• 11:25
  the finish line and got him elected in the 1st place.
• 11:28
  Not to mention the amount of donations the Bitcoin and crypto
• 11:33
  community gave to the Trump administration.
• 11:35
  Not to mention the fact that Bitcoin Magazine did give him a
• 11:39
  massive stage at Bitcoin 2024. So, you know, I know that I
• 11:45
  never saw that journalist back in the White House again, but
• 11:47
  there was a journalist that did ask Trump, and Trump was in the
• 11:51
  Oval Office. Hey, listen, are you going to
• 11:54
  pardon the samurai wall of developers?
• 11:56
  And Trump wisely said, Pam, we should take a look at that.
• 12:00
  Well, guess what, guys? Pam is no longer the attorney
• 12:05
  general of the United States. It's someone else now.
• 12:08
  So we have to keep putting on the pressure and we have to do
• 12:11
  it before the midterms because I think after the midterms is
• 12:14
  going to be a lot harder. Now, the good news is, and
• 12:16
  again, this isn't about Republican or Democrat, I don't
• 12:19
  care about right or left. I'm a single issue voter, but I
• 12:22
  will support the party parties that are pro Bitcoin and pro
• 12:26
  crypto. I I will not support the parties
• 12:28
  that are anti crypto, anti Bitcoin.
• 12:30
  That being said, it isn't monolithic, right?
• 12:32
  There are Democratic senators and there are Democratic
• 12:36
  representatives that have gone across the aisle and support
• 12:40
  supported Bitcoin slash crypto regulation.
• 12:42
  So I do want to specify with that, but what I will say is, so
• 12:47
  they're passing this law that basically says that, hey, the
• 12:52
  samurai developers, they didn't really do anything wrong.
• 12:55
  Because at the end of the day, the Samurai Wall developers,
• 12:58
  they created an application of which they didn't have access to
• 13:02
  users funds. And the law is basically saying
• 13:06
  those developers shouldn't be held responsible for that.
• 13:08
  So it's like they charged the samurai developers basically on
• 13:15
  something that wasn't into law. Now there's law that's being
• 13:19
  passed that specifically protects the samurai wallet
• 13:22
  developers. That doesn't make that the math
• 13:25
  ain't math in there, right? So the samurai, the samurai
• 13:29
  wallet developers and the Tornado cash developer as well,
• 13:32
  but more so the samurai wallet developers because of, you know,
• 13:35
  the Bitcoin focus aspect of it. Those they they should be let
• 13:39
  free at this point, specifically if this bill gets passed.
• 13:42
  And another thing that I want to say before I pass it back on to
• 13:45
  Opti, because I know there's other Bitcoin stuff related is I
• 13:49
  do want to give a shout out to Senator Lummis because all of
• 13:53
  this pro Bitcoin legislation and all this pro Bitcoin language
• 13:58
  really is coming out of her office.
• 14:00
  Like she is really moving this forward.
• 14:02
  Of course, shout out to the Bitcoin Policy Institute.
• 14:05
  Shout out to the work done by Dennis Porter and the Satoshi
• 14:08
  Action Fund. Again, the think tanks behind
• 14:10
  all all of this policy. But you know, again, the Samurai
• 14:15
  Wallet guys should be let free because they're passing a law
• 14:19
  that specifically says, hey, what they did isn't illegal.
• 14:24
  Because ultimately what the Samurai Wallet developers did
• 14:26
  was that they created an application, right?
• 14:29
  They created software. Are they responsible for people
• 14:33
  using it for criminal activity? Now, it didn't help that the
• 14:37
  Samurai wallet developers were active on Twitter and, you know,
• 14:41
  kind of trolling and saying all of these things.
• 14:43
  Well, that would be the key contention with this law, that
• 14:46
  that is the Gray area of. This, that didn't really help
• 14:49
  their case, right? You know, they were poking the
• 14:52
  bear, so to speak. But at the same time,
• 14:55
  ultimately, what did they do? They created a piece of open
• 14:58
  source software of which they didn't have control over the
• 15:01
  funds, and criminals decided to use that open source software
• 15:05
  for criminal activity. If you're going to use that
• 15:08
  argument, and by the way, this has been tried, but it hasn't
• 15:11
  been. It hasn't fully been passed
• 15:13
  because of the Second Amendment protections.
• 15:16
  It's like holding gun manufacturers liable for crimes
• 15:21
  that people use with guns. Ultimately, the gun didn't
• 15:24
  commit the crime. It's the human being that used a
• 15:28
  gun to commit the crime. So if you apply that same logic
• 15:31
  to this, it's like, how can you hold developers responsible for
• 15:36
  using open source code? I mean, developing open source
• 15:39
  code and then criminals using open source code.
• 15:42
  How, how can you, how can you hold those developers
• 15:44
  responsible? And then I'm going to tie it all
• 15:46
  in with this. If that argument were to be
• 15:49
  true, then you could see how that's a very slippery slope
• 15:53
  into Bitcoin because you know what?
• 15:54
  Bitcoin is open source software. Do criminals use Bitcoin?
• 15:58
  Of course, right. Of course criminals use Bitcoin.
• 16:01
  But if you want to know why Satoshi ultimately disappeared,
• 16:06
  and he disappeared into the ether and he didn't want to be a
• 16:09
  public face, this is precisely why.
• 16:13
  This is precisely why. So this is a big, big win for
• 16:16
  open source developers. This is a big, big win for
• 16:19
  Bitcoin. But I have to say the Poly
• 16:21
  market odds did go down significantly.
• 16:24
  Once the price. Was released.
• 16:27
  Once this language was released, the Poly market odds went from I
• 16:30
  think it was like a 70 something percent.
• 16:33
  It's almost 7575%. It's gone down to 60%.
• 16:38
  And another thing that I'll add as well is that 4th of July
• 16:43
  deadline is so symbolic because that is the 250th anniversary of
• 16:49
  the United States of America. Again, it's in the national
• 16:52
  anthem. This is supposed to be the home
• 16:53
  of the free, right home of the brave land of the free.
• 16:57
  And again, with this type of regulations or this, this type
• 17:02
  of law fair that happened under the previous administration, was
• 17:05
  it really the land of the free? And the, and I'll, I'll add
• 17:09
  another argument to that. Listen, I think as long as
• 17:13
  there's a central bank and as long as, you know, governments
• 17:17
  act as this kind of like middle man for money, they control the
• 17:20
  flows of money. They get to arbitrarily pick and
• 17:23
  choose, you know what money flows are OK and what money
• 17:27
  flows are not OK, right. And This is why Bitcoin is so
• 17:30
  powerful because it's censorship resistant.
• 17:32
  Nobody makes the rules. It's rules without rulers.
• 17:35
  It's censorship resistant money, right.
• 17:38
  So I'm really, really glad that's being mentioned in in the
• 17:42
  in the legislative aspect, because not only does this
• 17:45
  protect the samurai potential open source software developers
• 17:50
  in the future, but this most importantly protects Bitcoin
• 17:53
  software developers in the future.
• 17:55
  Because you can see how them setting the precedent with
• 17:59
  Samurai could lead to that slippery slope and saying, Hey,
• 18:02
  listen, you're a Bitcoin software developer and Iran just
• 18:07
  mentioned that they're going to accept, you know, Bitcoin
• 18:10
  payments for the Strait of Hormuz.
• 18:11
  I don't know what the situation is.
• 18:13
  I don't know what the latest update is on that, but you could
• 18:15
  see how that was going to be a very slippery slope.
• 18:18
  So if this gets signed into the legislation, they can't, they
• 18:22
  can no longer use that argument, at least here in the United
• 18:25
  States of America. And that, in and of itself, is a
• 18:28
  massive win. Yeah, Yeah, I'd I'd agree with
• 18:31
  that. OK, let me let me let me rewind
• 18:33
  a little bit. And and I know Kent, sorry this,
• 18:36
  this one's going to be a little, we got a lot to cover here.
• 18:38
  So I will let you chime in here, but the TRTLDR of this TFTC post
• 18:44
  and then I'll bring up the controversy.
• 18:46
  And then I'm just going to give you kind of like the the best
• 18:49
  overview that we got here. It's like a, you know, Claude
• 18:52
  Reddit and here's like the key takeaways of it.
• 18:54
  But anyways, back to this tweet. For years, developers have
• 18:57
  operated under the threat that publishing code could expose
• 19:00
  them to money transmission charges.
• 19:02
  Section 6 O 4 eliminates that ambiguity entirely.
• 19:06
  It establishes a clear codified legal protection for the people
• 19:09
  who actually build the open source infrastructure this
• 19:11
  industry runs on. Now, going back again to the big
• 19:15
  contention here, here is the Samurai wallet dev that is
• 19:19
  currently in jail's wife. This is her tweet.
• 19:22
  And she goes, there's a major flaw in the BRCA of the proposed
• 19:26
  Clarity Act. Clarification of treatment
• 19:29
  explicitly states that the protections in subsection C do
• 19:32
  not extend to or modify the application of 18 USC 1960B1C
• 19:38
  for a specific subset of conduct by an initial person. 18 USC
• 19:42
  1960 prohibits operating an unlicensed money transmitting
• 19:46
  business. Subsection B1C covers cases
• 19:49
  involving the transportation or transmission of funds that the
• 19:51
  defendant knows R1 derived from a criminal offense, proceeds of
• 19:56
  fraud, drug trafficking, etcetera, or intended to be used
• 19:59
  to promote or support unlawful activity, EG, funding terrorism
• 20:03
  or further crime. This is the exact 1960
• 20:06
  subsection now being used to target developers.
• 20:09
  Every builder and developer knows their tool could.
• 20:11
  Be used for nefarious purposes under this law.
• 20:14
  That knowledge alone is enough to send you to prison for years.
• 20:17
  There's no protection for developers in the Clarity Act
• 20:19
  while this carve out remains. So that's the big contention.
• 20:22
  Now going back to the initial post, Zach Shapiro goes,
• 20:26
  unfortunately this would not fix the law in a backward looking
• 20:29
  way. The samurai guys need a pardon
• 20:31
  to get released early, but this should stop future samurai
• 20:35
  wallet type prosecutions from happening.
• 20:38
  So again, the big contention is this idea of knowing consciously
• 20:45
  knowing that your product is being used by criminals and you
• 20:51
  being aware of that, which as it stands now, the semi wallet devs
• 20:55
  would not be able to have like a retroactive, you know, get out
• 20:58
  of jail free card. Because that was kind of the big
• 21:01
  contention that they were marketing it quote for at least
• 21:05
  this is how the court sees it criminal activity.
• 21:08
  That is the big, big contention here from the Clarity Act about
• 21:12
  protecting open source developers.
• 21:14
  Now doing a more broad breakdown here.
• 21:17
  Again, it's 309 pages. We haven't been able to break
• 21:20
  down everything in this, but from the key takeaways that I
• 21:23
  got from this, it is basically this.
• 21:26
  Let me full screen myself for you guys.
• 21:29
  So the CFTC jurisdiction is locked in by statute.
• 21:33
  The bill defines digital commodity and network token via
• 21:37
  amendments to the Commodity Exchange Act and explicitly
• 21:40
  treats them as non securities. Bitcoin sells through every test
• 21:44
  intrinsically linked to a distributed Ledger.
• 21:46
  No issuer, no profit sharing rights, years of SEC ambiguity
• 21:51
  and on day one. Self custody is federally
• 21:54
  protected. Keep your coins act that's what
• 21:57
  it's called. No federal agency may prohibit,
• 21:59
  restrict, or otherwise impair AUS individual's ability to self
• 22:03
  custody using a self hosted wallet for any lawful purpose.
• 22:06
  Hardware wallets multi sig and node running are explicitly
• 22:09
  shielded through or. Though the Bank Secrecy Act in
• 22:13
  AML still applies to intermediators.
• 22:15
  There is a no US retail CBDC. The bill amends the Federal
• 22:20
  Reserve Act to bar Fed banks from offering products directly
• 22:23
  to individuals and prohibits CDC used for monetary policy
• 22:28
  eliminates of course bitcoins most feared state competitor.
• 22:31
  The banks can now custody and transact in Bitcoin, unlocking
• 22:35
  institutional rails. There is of course that
• 22:38
  bankruptcy protection specifically mentioning FTX and
• 22:42
  Celsius, which is obviously something that we're barely
• 22:46
  getting out of and then of course the developer and non
• 22:49
  custodial safe safe harbor. So protecting Bitcoin core devs,
• 22:54
  lightning operators and miners from being deemed money
• 22:56
  transmitters. Now, of course, the big
• 22:59
  contention throughout this whole saga of the Senate Banking
• 23:03
  Committee getting the Clarity Act markup through was the no
• 23:08
  yield on payment stable coins. So as because the bill stands
• 23:14
  now, basically you are not going to be able to gain yield on your
• 23:19
  stable coins if they're just sitting in a stablecoin account.
• 23:22
  Now they're calling it like a reward usage system here.
• 23:26
  So like if you're using the stablecoin, then you can get
• 23:28
  rewards. That is still one of the big
• 23:31
  contentions here. Obviously there will be tougher
• 23:34
  Bank Secrecy Act and AML on centralized exchanges and D5
• 23:39
  front ends. But with this all being said, as
• 23:43
  we can see from this point until we can get a full breakdown of
• 23:49
  the 309 pages of the Clarity Act markup from the Senate Banking
• 23:54
  Committee, this is starting to look like actually the most
• 23:57
  bullish US legal regime that Bitcoin has ever had.
• 24:01
  So it is a big move that we are seeing here.
• 24:05
  Again, it's still a little early.
• 24:07
  We haven't been able to break down all 309 pages.
• 24:10
  I'm sure we we will see some stuff that pops up that is
• 24:14
  concerning. There is a lot of like crypto
• 24:17
  language here. You know, some, some of the shit
• 24:20
  coins do get some some pretty favorable coverage in this.
• 24:23
  But first of all, self custody protected, you know, open source
• 24:29
  developers protected. It's it's honestly a little
• 24:34
  better than I thought it was going to be, I'm not going to
• 24:35
  lie. So and and this is that part
• 24:38
  doesn't surprise me that the like the the big the biggest
• 24:42
  gripe that I had with with this ladies and gentlemen was always
• 24:45
  like it was unfortunate that the Bitcoin side of the legislation
• 24:51
  had to be grouped into this massive crypto bill, because if
• 24:54
  the Bitcoin side of legislation was being passed in and of
• 24:58
  itself, it would have been passed a long time ago.
• 25:01
  But the way that the US legislative system works is you
• 25:05
  kind of just have to pass this massive bill all in one time.
• 25:09
  And oh, and also. What slowed things?
• 25:11
  Yeah. And and part of that I forgot to
• 25:12
  mention there is like a, a housing bill embedded in here
• 25:16
  that yeah, they, they always do. Yeah, exactly.
• 25:19
  Before I pass it on to Kent, let me give you guys one more high
• 25:23
  level overview, which Fred Krueger actually did a pretty
• 25:27
  good job at doing this. He tweeted about it yesterday
• 25:31
  just to do one last breakdown of everything.
• 25:34
  And this tweet did go pretty viral.
• 25:36
  Got 2100 likes. So my take on Clarity Act and he
• 25:40
  says my take, Claude's take, Claude's take.
• 25:44
  Relying on Claude, Claude could be just bullshitting us the
• 25:46
  entire time. But anyhow, so here are the the
• 25:49
  4-4 takeaways and then I'm gonna shut up and I'm gonna pass it on
• 25:53
  to Kent. First one for Bitcoin, very
• 25:56
  bullish self custody explicitly protected big win clear legal
• 26:03
  framework for lending rappers. Banks could go nuts.
• 26:07
  Very bullish 4 number go up and also for self custody for D5
• 26:11
  don't really care for stable coins bullish, but yield bearing
• 26:15
  coins get heavily restricted banks win.
• 26:17
  I mean, this was the, this was the make or break for banks.
• 26:21
  And I've been telling you guys for the last couple weeks why I
• 26:25
  was the make or break for banks. I'm not going to repeat myself
• 26:27
  #4 and then I'm going to pass it on to Ken for crypto slash
• 26:31
  Bitcoin companies. Very bullish U.S. companies
• 26:34
  building truly decentralized protocols are fine.
• 26:37
  Products can start out more centralized and decentralized to
• 26:41
  comply. This would start being
• 26:42
  enforceable in summer of 2027. Kent, you've been coming on the
• 26:48
  show for a long time now, man, you're you're you're a regular
• 26:52
  at this point. And we've been talking about
• 26:55
  this topic a lot, right? So what are your latest thoughts
• 26:59
  about the recent status, the current status of the Clarity
• 27:04
  Act now that the language has finally been made public?
• 27:07
  And Opti if I saw the time correctly, did they release the
• 27:11
  language at midnight? Yeah, it, well, I saw, well,
• 27:14
  actually, guys, I've I passed out early.
• 27:16
  I actually, I actually got a good night's rest.
• 27:18
  But what makes all of us? Yeah, Eleanor Teret tweeted this
• 27:21
  at 12:22 AM last night. So yeah, it came out at
• 27:25
  midnight. Wow again, why midnight?
• 27:28
  Anyways Kent, what are your thoughts?
• 27:30
  Didn't want anyone to read it. Kent, what are your thoughts on
• 27:33
  all this brother? Oh man, you guys have really set
• 27:37
  me up here. I I would love to have a hot
• 27:41
  take for your audience. Absolutely.
• 27:43
  I, I think I've been trying to think of 1 and I would just keep
• 27:48
  coming to my mind as you guys have been talking is
• 27:50
  everything's good for Bitcoin, right?
• 27:52
  Like you guys are talking, I'm living outside the US.
• 27:55
  So I'm, I'm looking from the outside into the fishbowl of the
• 27:58
  US when I'm having this conversation and from somebody
• 28:01
  that's living outside the US and works in the US economy.
• 28:06
  Like it doesn't really matter. Actually this bill in the in the
• 28:11
  long scheme of things, yes, it will hasten up the capital flows
• 28:15
  coming into Bitcoin from Americans and the access to the
• 28:20
  capital markets. But is that necessary for
• 28:22
  Bitcoin to win in the long, the long tail of time here?
• 28:26
  And I don't think it is. So I don't actually think it
• 28:29
  matters. What I do think it matters is it
• 28:31
  helps number go up and number go up eventually does help freedom
• 28:35
  go up. So that's how I look at it from
• 28:38
  from the vantage point. I do like the carve outs for the
• 28:42
  developers. I don't like Zach Shapiro's
• 28:46
  should protect developers. If you read that that that
• 28:49
  tweet, he said it should protect.
• 28:51
  Generally, anytime there's a should when it comes to legal,
• 28:55
  that gets challenged in court and then a lawyer gets to
• 28:58
  decide. And at the end of the day, I
• 29:02
  think probably the most worrisome thing I have about the
• 29:05
  government meddling in all of this is there's probably some
• 29:09
  sort of Wall Street backdoor to attack Bitcoin in here that we
• 29:12
  can't see coming that that will wind up coming.
• 29:15
  And actually, so this is going to be the Super contrarian take
• 29:18
  is I actually think we need Wall Street to attack Bitcoin.
• 29:21
  And I think we need that attack to occur for Wall Street to then
• 29:24
  realize when it fails that Bitcoin is truly outside of
• 29:29
  sovereign control and nobody controls it.
• 29:32
  And therefore we can deploy our capital into it because it's
• 29:34
  truly safe. So that's kind of my my long
• 29:37
  winded take on this actually being good or for for Bitcoin in
• 29:42
  general is that there's, you know, anytime you have 309
• 29:46
  frigging pages of legislation, it's not all going to be good
• 29:51
  for Bitcoin boys. Yeah.
• 29:53
  And Bitcoin just got stapled together with crypto here,
• 29:56
  right? Yeah, we got some provisions
• 29:58
  that are good for us. I promise you there's some
• 30:00
  provisions in there that we're not going to like after the
• 30:02
  fact. And once they're in legislation,
• 30:05
  it means now we got to go through the court system to get
• 30:07
  it changed because an act of Congress is probably harder to
• 30:10
  do than to change the 10 commandments at this point.
• 30:13
  So, you know, there's be careful what you wish for, I guess, and
• 30:20
  let's see what happens. The good news is the Bitcoin
• 30:22
  adoption doesn't just have to happen in the US for Bitcoin to
• 30:27
  win. And so I think this advances
• 30:29
  things in positive ways. And probably like climbing a
• 30:32
  sand dune, you know, we go up a, a step and, and slide back half
• 30:36
  a step. And I, I, I on the samurai
• 30:38
  wallet devs, it is an absolute travesty that those folks are in
• 30:41
  jail. And my comment on that
• 30:43
  particular issue is that I think that it is completely punitive
• 30:47
  and a sign of a political class that is much more like The
• 30:53
  Hunger Games at this point. And it's a punitive judgement on
• 30:56
  some of the comments they made attacking the system pretty
• 31:01
  blatantly and openly than it is about freedom of speech and
• 31:04
  their right to code. I think that's why those guys
• 31:06
  are in jail. And it's I, I can't prove that,
• 31:09
  but that's my take because it doesn't make any sense.
• 31:11
  It's, it's not a legally viable position and the way that the,
• 31:16
  the courts have operated towards them has been absolutely a
• 31:19
  travesty of, of, of law. So I'm, I'm not for it.
• 31:23
  And I wish that this would help them get out of jail.
• 31:26
  Complete and complete alignment there.
• 31:27
  And, and can you know, you say it's contrarian, but I
• 31:30
  completely agree with all of this.
• 31:32
  I, I think, and there's a couple points I want to touch on.
• 31:35
  So first of all, I think that this bill is more for, for the
• 31:39
  benefit of the United States rather than for the benefit of
• 31:42
  Bitcoin. Like, you know, but Trump said
• 31:44
  it best, like if we don't get ahead of this, other countries
• 31:48
  will, right? So, you know, and going back to
• 31:51
  the Wall Street comment, which I think was very on point, right,
• 31:55
  which is Wall Street is going through this process right now.
• 31:58
  Of. Essentially trying to Co opt a
• 32:00
  Bitcoin right whether they're doing it knowingly unknowingly,
• 32:04
  whether they're playing, you know, paper Bitcoin games and
• 32:07
  all that all that stuff. But as Max Keiser's famous quote
• 32:11
  always goes, you don't change Bitcoin, Bitcoin changes you.
• 32:14
  And as Kent mentioned, this is this is an inevitable stress
• 32:19
  test that Bitcoin had to go to, right?
• 32:23
  And I think the the last stress test that Bitcoin is going to
• 32:26
  have to go to, which is the what we all wish for as Bitcoiners is
• 32:29
  the separation of money and state, which is really going to
• 32:32
  be Bitcoin versus the central banks, right?
• 32:35
  But now it's Wall Street up first up up first the bat.
• 32:38
  Now Bitcoin has lived through so many stress tests in his life in
• 32:43
  its life. So of course you know the block
• 32:46
  size wars, the infamous China, China mining ban where 50% of
• 32:51
  the hash rate literally dropped offline within nine months.
• 32:54
  The hash rate recovered and decentralized in the in the
• 32:57
  process. So Bitcoin has been in these
• 33:00
  situations before, and what ends up happening is that Bitcoin
• 33:03
  becomes stronger for it. And as Max Keiser always says,
• 33:08
  Bitcoin is meant to be attacked. And the more you attack Bitcoin,
• 33:12
  the stronger it gets. And not only Bitcoin, but the
• 33:15
  Bitcoin community, we're so used to being attacked.
• 33:19
  Most of our lifetime in Bitcoin, we've been attacked.
• 33:23
  It really wasn't until the Trump administration that we really
• 33:26
  had a change of winds in terms of the regulatory environment.
• 33:31
  It really wasn't until the approval of the spot Bitcoin ETF
• 33:34
  that we have a that we had a change in heart by Larry Fink.
• 33:38
  It wasn't really until Michael Saylor got involved on the
• 33:41
  public company level in 2021 with the Bitcoin treasury
• 33:44
  strategy announcement at the conference here in Miami that we
• 33:47
  really had a change from the public company side of things.
• 33:51
  So now Bitcoin is being integrated into the traditional
• 33:54
  financial system. And I think the question on
• 33:57
  everybody's minds, as Kent has said is, is Wall Street going to
• 34:00
  Co-op Bitcoin? And I'll drop a couple data
• 34:02
  points for you guys. Right, so for the first time in
• 34:05
  Bitcoin's history, we actually have seen less people taking
• 34:10
  Bitcoin until into self custody since the launch of the ETF.
• 34:14
  Why? Because of convenience.
• 34:17
  And I'll go out on a limb and I'll say Bitcoin fails.
• 34:21
  If a big portion of the community is not taking Bitcoin
• 34:27
  into self custody, Bitcoin fails.
• 34:30
  If Bitcoin is just this centralized thing, then you're
• 34:33
  going to have a 2 point O type a gold, 2 point O type of
• 34:36
  situation, right? They Co opted gold.
• 34:40
  The way that they did that is because of the centralization of
• 34:42
  the custody of gold because of its physical characteristics.
• 34:45
  What makes Bitcoin different is 2 things.
• 34:49
  Bitcoin's absolute scarcity, so you can only pay paper gains for
• 34:53
  so long and #2 is the fact that Bitcoin is the ultimate bearer
• 34:57
  asset, right? The fact that you can take self
• 34:59
  custody of your Bitcoin by writing down a 12 word seed
• 35:03
  phrase. Or you can have hardware devices
• 35:05
  like we recommend the bit key that are seedless and they have
• 35:08
  multi sig built in, inheritance built in and all of that good
• 35:11
  stuff. Again, there are so many good
• 35:15
  solutions for you depending on your technical level or what you
• 35:18
  want to get out of Bitcoin because Bitcoin is different
• 35:20
  things to everybody that you should have no excuse at this
• 35:24
  point if you're watching simply Bitcoin in 2026 to have Bitcoin
• 35:30
  in self custody because that ultimately is the revolution.
• 35:34
  So to go back to Ken's point, this is very bullish from a
• 35:37
  number go up perspective, but it's important that people don't
• 35:41
  lose their perspective on what are we, what are we trying to
• 35:44
  achieve here? What is the ultimate goal with
• 35:46
  Bitcoin, right? It's the separation of money and
• 35:49
  state. You're not going to do that
• 35:51
  through the legislative process, to quote Hayek, You have to find
• 35:54
  a clear roundabout way. That's the way you do it.
• 35:59
  And what is that clear roundabout way?
• 36:00
  It's Bitcoin in self custody and it's transacting peer-to-peer.
• 36:06
  Amen. That's it.
• 36:07
  Kent, passing it back on to you as a Bitcoin entrepreneur that
• 36:11
  has built a successful business, you have to interact with the
• 36:15
  United States from a regulatory perspective.
• 36:18
  What's your opinion on this bill, because I'm assuming that
• 36:21
  it is going to make business a little bit easier, at least from
• 36:25
  an investor's perspective, at least from a from a from no pun
• 36:28
  intended from a clarity perspective right, At least
• 36:31
  you're not going to find yourself potentially in an
• 36:33
  operation choke .3 point O. What are your opinion on on
• 36:37
  that? Are you still bearish?
• 36:38
  Are you still, are you still thinking, hey, Nico, you're
• 36:41
  right, maybe we're reading in this.
• 36:43
  You know, on the surface level, there's all these good things
• 36:45
  for Bitcoin, but I'm sure buried on page 269 there's this small
• 36:52
  provision that you know, isn't so bullish.
• 36:54
  So what's your take on that, Ken?
• 36:57
  Well, I certainly haven't had the the chance to to come
• 37:00
  through all 309 pages. So I've been rapidly typing on
• 37:03
  the keyboard on the side. If you guys are seeing that to
• 37:05
  talk to my, my, my AI agent named Claude to give me some
• 37:09
  talking points here. And I think that there's a
• 37:11
  couple of things that are worth pointing out here by what is not
• 37:15
  included in this bill that I think sets the stage for that
• 37:18
  attack we're talking about or the Wall Street way of, hey,
• 37:21
  we're going to Co-op this. One of those things is there's
• 37:24
  no explicit privacy protection. There's no protection that your
• 37:28
  Bitcoin can't be confiscated in the future.
• 37:32
  So, you know, the 61 O3 situation that happened in 1933.
• 37:37
  So this could be a great funnel into the ETFs for a lot of
• 37:40
  people. So exactly what you're saying,
• 37:42
  you know, Amen, brother. Like not your keys, not your
• 37:44
  coins take custody. So I think that that is a risk
• 37:48
  if everybody comes in through these ETFs and and allows their
• 37:52
  Bitcoin to be custody by others because there is no explicit
• 37:55
  protections for your Bitcoin in these custody vehicles that
• 38:00
  prohibits future confiscation. There's no prohibition on
• 38:04
  transaction level surveillance. There's no carve out for non KYC
• 38:10
  peer-to-peer commerce. And you know, those things are
• 38:14
  risks. You know, our business we've
• 38:17
  been able to operate and I don't know, maybe this does impact our
• 38:21
  business. I don't think it does, but the
• 38:24
  ability for our business to be in a position where we sell a
• 38:28
  product and we manage that product on your behalf makes us
• 38:32
  property managers of sorts. And that has left us in a place
• 38:35
  where we don't have to come in and do all the, the, the
• 38:40
  rigmarole that you have to do with an exchange, right, for
• 38:43
  identification. And we love that.
• 38:46
  So it's been a great way for people to acquire Bitcoin
• 38:49
  through mining, which is the way Satoshi designed the network,
• 38:52
  right? He didn't design the network to
• 38:53
  go buy your Bitcoin. He designed the network.
• 38:55
  So you acquire your Bitcoin through mining it.
• 38:57
  And you know, if there's changes here to the ability for us to
• 39:02
  manage your property in that same way, then that could impact
• 39:05
  us. The biggest thing though is on
• 39:07
  the front end, it absolutely is going to let the capital flow.
• 39:09
  So I am expecting a pick up in business.
• 39:12
  I just am hoping that that doesn't come at the cost of
• 39:15
  privacy, right? Because I think that that would
• 39:18
  be a walled garden of sorts. And then Bitcoin is moved from
• 39:21
  being permissionless to needing a permission slip.
• 39:24
  And I I think that sucks if that's what's coming down the
• 39:27
  Pike. So, you know, this is be careful
• 39:29
  what they what you wish for. Bitcoin will always remain
• 39:32
  sovereign and permissionless at the protocol level.
• 39:35
  It's just if if people choose to interact with it at the protocol
• 39:38
  level. So my hope would be that, you
• 39:41
  know, the price pump that inevitably occurs for more
• 39:43
  capital flowing into Bitcoin will lead to more adoption.
• 39:48
  You know, people come, come for the the monetary gains, but then
• 39:51
  they stay for the revolution and the cohort of Bitcoiners grows
• 39:53
  as a result. And, you know, we supercharge
• 39:55
  the community and we level ourselves up by protecting the
• 39:59
  network at the next level. And I do think that the mining
• 40:02
  community is one of the best to do that right?
• 40:05
  If you're acquiring your Bitcoin through mining it, well, guess
• 40:07
  what, you have as much skin in the game as you can possibly
• 40:10
  have with the network and protecting it and caring about
• 40:13
  these aspects of the network. Because you're getting your
• 40:15
  Bitcoin directly from the network.
• 40:17
  You have to be self custodying it by definition, or at least
• 40:21
  deciding not to, right? You're having to consciously
• 40:24
  make that choice. And so you have a feel of what's
• 40:28
  actually going on in the network.
• 40:29
  I mean you, our clients are looking on a daily basis at
• 40:32
  their dashboards like how many sats have I accumulated?
• 40:34
  Well, is the network difficulty going to be?
• 40:36
  I think the more of our community that is operating on
• 40:39
  the social layer, the more we're going to protect the network and
• 40:42
  the more freedom will go up for all of us and the less like
• 40:46
  negative type legislation will be pushed through.
• 40:49
  So a little bit of a shell there for for why mining is the best,
• 40:53
  but I truly believe in it. Absolutely, guys, go check out
• 40:56
  SAS Mining ladies and gentlemen. It is literally the Uber of of
• 41:01
  Bitcoin mining as a service and makes Bitcoin mining incredibly
• 41:05
  easy. These guys really focused on the
• 41:08
  tech side and then they built the mining side after so really,
• 41:13
  really big fans of Zaz and I do want to pull up this comment.
• 41:18
  Shout out Nathan like and subscribe comment from Zaz like
• 41:22
  and subscribe or we'll make Opti read a 700 page novel on.
• 41:26
  Air. Well, I can read, so it's much
• 41:30
  more painful if it's Nico having to read 700 pages.
• 41:33
  All right, let's just clarify. Oh man, all right, guys, it's
• 41:36
  going to be an incredible show. By the way, breaking news, we're
• 41:40
  going to cover this right after the break, so you guys are going
• 41:42
  to want to stay tuned. Ladies and gentlemen, Senate
• 41:46
  confirms Kevin Walsh to a 14 year term on Federal Reserve
• 41:51
  Board of Governors 51 to 45 vote.
• 41:54
  We're going to be talking about what is the significance of
• 41:57
  this. Ladies and gentlemen, we might
• 41:59
  have the first pro crypto, pro Bitcoin Fed chair in United
• 42:07
  States history. I kept telling you guys and you
• 42:10
  guys were giving me so much heat for this and I'm glad I stuck to
• 42:15
  my guns. Elections have consequences,
• 42:20
  ladies and gentlemen, Elections have consequences and these
• 42:22
  midterms, they will have consequences.
• 42:25
  And the presidential election after that, it will have
• 42:27
  consequences. So again, just wanted to point
• 42:30
  that out. I'm taking my victory lap a
• 42:32
  little bit, but anyways, guys, we're going to be right back
• 42:35
  just after the break. We're going to be talking about
• 42:38
  the new Fed chairman and how it relates to Bitcoin.
• 42:44
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  se-ed.com store. All right, ladies and gentlemen,
• 44:55
  we are back. At the time of recording, the
• 44:57
  Bitcoin price is $80,450 sats per dollar 1243 block $11.00.
• 45:06
  Realized monetary inflation is .83%.
• 45:10
  Market cap is 1.61 trillion. Bitcoin versus gold market cap
• 45:14
  is 5.36%. Percentage issued 95.37.
• 45:20
  Decline from all time high -36.2%.
• 45:24
  So right now if you're buying Bitcoin, you're getting it at a
• 45:26
  36% discount. All right, everybody, what is
• 45:30
  the breaking news? Well, ladies and gentlemen,
• 45:32
  again, as I said before the break, Senate confirms Kevin
• 45:37
  Wash to 14 year term on Federal Reserve Board of Governors in 51
• 45:42
  to 45 votes. That's right, ladies and
• 45:45
  gentlemen. So also, no, I'm, I'll get to
• 45:49
  that in a second, but what is the significance of this?
• 45:53
  And there's this great crypto briefing article that talks
• 45:58
  about this U.S. Senate to finalize nomination of
• 46:02
  pro Bitcoin Kevin Wash as next Fed chair that has been
• 46:05
  confirmed. It is finalized again. 50 no.
• 46:09
  He's confirmed on the Board of Governors.
• 46:11
  I think tomorrow is official chair.
• 46:14
  Thank you, Opti, Thank you for clarifying that.
• 46:16
  So the former Fed governor who called Bitcoin the new gold for
• 46:20
  people under 40. Can you believe that like 4
• 46:24
  years ago, I'm like you would have never have imagined that in
• 46:29
  your wildest dreams. That is crazy.
• 46:33
  So the former Fed governor who called Bitcoin the new gold for
• 46:36
  people under 40 is hours away from leading the world's most
• 46:39
  powerful central bank. The the US Senate is Senate is
• 46:44
  scheduled to vote on confirming Kevin Wash to the Federal
• 46:47
  Reserve Board of Governors today at 3:00 PM.
• 46:49
  Again, that is already that was yesterday.
• 46:54
  I'm I'm I'm a little bit confused.
• 46:56
  Anyways, don't trust Khalishi I guess.
• 47:00
  Kaushi kaushi. I'm thinking about Game of
• 47:03
  Thrones. Alright, so he's confirmed as a
• 47:06
  member of the Federal Reserve Board of Governors, officially a
• 47:10
  Fed governor. Not yet the chair tomorrow, but
• 47:15
  yeah, tomorrow will be the final vote.
• 47:17
  Thank you to be the chair, the to lead the the Fed.
• 47:20
  OK, So thank you, Opti. I appreciate you being precise.
• 47:24
  And So what this means and This is why everyone's here.
• 47:27
  So what this means for Bitcoin and crypto?
• 47:29
  Wash just described Bitcoin as the new gold for people under
• 47:32
  40, a statement that carries real weight when it comes from
• 47:36
  someone about to control the levers of US monetary policy.
• 47:40
  Bitcoin's price dipped towards 75,000 following Warsh's Senate
• 47:43
  hearing, as traders digest the other half of his economic
• 47:47
  worldview, A hawkish stance of on inflation.
• 47:50
  Warsh is likely to keep interest rates higher for longer that
• 47:53
  many investors would prefer, which is generally bad news for
• 47:56
  risk assets in the short term. Analysts are split on how this
• 47:59
  will play out. Some argue that a more
• 48:01
  disciplined approach to inflation could actually benefit
• 48:04
  cryptocurrencies over the longer term, since bitcoin's appeal as
• 48:08
  an inflation hedge grows stronger when people believe the
• 48:11
  central bank is serious about protecting the dollar's
• 48:13
  purchasing power. Other worry.
• 48:15
  Others worry that delayed rate cuts will keep a lid on the kind
• 48:20
  of liquidity fueled rallies that have historically driven crypto
• 48:24
  bull markets. But I think the key part for you
• 48:27
  guys to take away here is this part right here, the new gold
• 48:31
  for people under 40. And again, this is someone that
• 48:36
  the Trump administration recommended, the Trump
• 48:38
  administration wants. So obviously you can make a
• 48:42
  pretty good assessment that this goes in line with Trump's
• 48:47
  overall policy and view on Bitcoin and the fact that it's a
• 48:52
  14 year term is that is that correct Opti 14 years if.
• 48:56
  He's the chair if it if it gets voted through tomorrow, yeah, 14
• 49:00
  years, that is a. Long time.
• 49:02
  So I'm going to repeat the line and I'm sorry, elections have
• 49:06
  consequences. And I'm going to back that up
• 49:09
  with some evidence of what would happen if the other party won
• 49:16
  the election. Check, check, check this out.
• 49:18
  Senator Warren, top Democrat on the Senate Banking Committee,
• 49:22
  opposes the GOP crypto market structure bill released late
• 49:28
  last night. This is the official statement
• 49:30
  from Elizabeth Warren. United States Senator Elizabeth
• 49:33
  Warren, Ranking Member of the Senate Banking, Housing and
• 49:35
  Urban Affairs Committee, released the following statement
• 49:38
  on the banking Republican majority's new text of crypto
• 49:42
  market structure legislation to be marked up this Thursday.
• 49:46
  This bill puts investors, our national security, and our
• 49:49
  entire financial system at risk. That is a very strong statement.
• 49:55
  You want to know where Operation Choke .2 Point O came from?
• 49:59
  This is the type of logic that was happening, right?
• 50:02
  Remember, this is the the Elizabeth Warren camp literally
• 50:05
  assassinated a bank, you know, made that bank go out of
• 50:10
  business. I'm talking about Signature
• 50:12
  Bank, right? A lot of files have come out
• 50:14
  since then because it was, you know, it was a pro.
• 50:17
  It was a pro Bitcoin bank, right?
• 50:19
  So again, if this election did not go in our favor, Operation
• 50:24
  Toke Choke .2 point O would have been accelerating at this point
• 50:28
  and it will turbocharge Donald Trump's crypto corruption.
• 50:31
  Now, this is where unfortunately, Bitcoiners get
• 50:36
  kind of stuck in the middle. We're like collateral damage in
• 50:38
  all of this. When Trump started releasing the
• 50:41
  meme coins, right? The Trump coin, the Melania
• 50:44
  coin, what you're doing is you're giving ammunition to your
• 50:47
  political opponents because ultimately all those meme coins
• 50:51
  were were pump and dumps. So in, in, in, in the reality,
• 50:55
  you don't really have a good, you know, come back to Elizabeth
• 51:00
  Warren's claim when she's talking about, hey, listen,
• 51:03
  there's a lot of stuff that Trump has done in regards to the
• 51:06
  crypto industry that wasn't kosher.
• 51:09
  Like you don't really have a good argument against that.
• 51:11
  Like the meme coins were not a good look.
• 51:13
  The meme coins made the industry look bad.
• 51:16
  It made Trump look bad. If he just focused on Bitcoin,
• 51:20
  it wouldn't have given them ammunition to really fight fight
• 51:24
  this with. They would have had to reveal
• 51:26
  more of their incentives. Now we have to go back in time
• 51:29
  and remember where Elizabeth Warren stands on this, and she's
• 51:33
  on tape saying this out loud. Her view of the future of money
• 51:39
  in the United States is a central bank digital currency
• 51:45
  and she knows fundamentally that a central bank digital currency
• 51:50
  cannot coexist with a non sovereign alternative that is
• 51:56
  rules without rulers. That is censorship resistant
• 51:59
  because over time people are going to pick the better money
• 52:04
  as the free market should work, right?
• 52:07
  So anyway, she goes on to say in just one year in office, the
• 52:11
  president and his family have raked in at least 1.4 billion in
• 52:15
  gains from crypto deals alone. And yet this bill stunningly
• 52:19
  includes 0 provisions to prevent that.
• 52:22
  See, I, I don't really have an argument for that.
• 52:25
  First of all, I don't know enough about that specific
• 52:28
  claim, but I do remember the I do remember the meme coins.
• 52:32
  I do remember the meme coins. I do remember Trump coin.
• 52:35
  I do remember that it was like literally launched like a couple
• 52:39
  days before his inauguration was a week before launched too.
• 52:43
  Like it like it's like you're you're giving your political
• 52:46
  opponents ammunition. And most importantly,
• 52:48
  unfortunately, most of the public doesn't differentiate
• 52:53
  between Bitcoin and crypto. They can't tell the difference
• 52:57
  between the two. And this is another unfortunate
• 53:00
  part of the Security Act, right? That it, it, it kind of coin it,
• 53:04
  it, it joins, you know, defy with Bitcoin, with crypto, with
• 53:10
  stablecoin rewards like it, it all kind of bulks it together.
• 53:14
  So you if you are an uninformed voter on this, if you don't have
• 53:18
  skin in the game, if you don't really care about Bitcoin or
• 53:21
  crypto or any of that stuff, you're looking at this and
• 53:24
  you're like, she kind of has a point, right?
• 53:26
  So anyways, the American people are watching.
• 53:29
  No member of the committee should support a bill that fails
• 53:32
  to stop the massive conflict of interest posed by Donald Trump
• 53:36
  and his family's crypto ventures.
• 53:38
  Now, again, that last part I will push back on because this
• 53:41
  is very hypocritical coming from Elizabeth Warren because some of
• 53:45
  Elizabeth Warren's largest, you know, she's supposed to protect
• 53:48
  us from the banking system, but some of her biggest donors are
• 53:52
  the big banks themselves, right? So again, like, that last part
• 53:57
  is pure hypocrisy. But that first part where she's
• 54:00
  claiming, hey, listen, you know, the Trump administration might
• 54:04
  have had some unjust gains. Like, if we're being honest
• 54:07
  here, as much as I love the Trump administration from a
• 54:10
  bitcoiners perspective, as much as I love the fact that he freed
• 54:13
  Ross Albrecht, as much as I love the fact that he signed the
• 54:16
  strategic a Bitcoin reserve act by executive order.
• 54:21
  As much as I love all the good things that he's done at
• 54:25
  simultaneously, it's like you're giving ammunition to your
• 54:28
  political opponents. And you can make a very strong
• 54:31
  bet that a lot of people got absolutely roasted by these meme
• 54:37
  coins, right? They got crushed to the point
• 54:39
  that it was so popular. I believe Javier Malay and
• 54:42
  Argentina launched his own meme coin.
• 54:45
  Like, that isn't a good look if you're trying to convince people
• 54:49
  that Bitcoin is sound money. Because most people aren't
• 54:53
  tuning in to simply Bitcoin. Most people aren't reading the
• 54:56
  Bitcoin standard. Most people think Bitcoin and
• 55:00
  crypto are one in the same. So anyways, that's my take on
• 55:03
  all that. Kent, what is your take?
• 55:06
  I'm sure you have some strong feelings as well.
• 55:09
  Yeah, yeah, mine, mine really near yours though.
• 55:11
  I, I and actually I'd go a step further.
• 55:13
  I think it was single handedly one of the biggest blunders
• 55:17
  outside of maybe Iran and what's going on there in Trump's
• 55:22
  presidency. Because I think what it did is
• 55:25
  it actually drove politics in such a nasty negative way
• 55:28
  because everybody saw it, whether you were in the MAGA
• 55:31
  camp and supportive of Trump and helping to get him elected.
• 55:34
  I think everybody just kind of had an Ugg moment there.
• 55:37
  And then everybody that was opposed to Trump getting elected
• 55:40
  in the 1st place was like, see, I told you so.
• 55:43
  So I think it was just horrible all the way around.
• 55:45
  And I think largely like the, the, the passage of the Clarity
• 55:49
  Act has been Hanford by that single specific point.
• 55:53
  So I do I, you know, there's not much that I agree with on, on
• 55:57
  Elizabeth Warren's plate these days.
• 55:59
  But on this particular point, I do.
• 56:01
  I think she's making a valid point.
• 56:03
  And it's probably being used specifically because it is the
• 56:07
  most politically expedient point to be using because it resonates
• 56:12
  with so many people. And I think it would have been
• 56:15
  wise to get something in there about, you know, presidents
• 56:17
  can't can't use, you know, meme coins to to launder money in the
• 56:22
  future to help get it this to be a more bipartisan bill.
• 56:26
  I, I would have liked to have seen something like that.
• 56:28
  And Claude says it truly is not in there.
• 56:31
  But, you know, I, I, I'm, I'm at the end of the day, you know,
• 56:36
  politicians are going to grift in order to line their pockets.
• 56:40
  We see that because anybody that's making $170,000 and
• 56:43
  walking away with hundreds of millions of dollars, which is, I
• 56:46
  don't know what the majority of all Congress people and senators
• 56:50
  at this point, you know, it's, it's, it's clearly a rigged
• 56:54
  system. And the American people know
• 56:56
  this at this point. So you know, these these types
• 57:00
  of things I think we just have to live with as much as they
• 57:03
  suck and we all find them repugnant.
• 57:05
  But it it is weird to agree with Elizabeth Warren here, because I
• 57:10
  have been directly the the victim of choke points.
• 57:13
  And in fact, just to make a give a very specific example, we as a
• 57:18
  company just recently signed up and I won't disclose any, any
• 57:22
  names here, but we signed up for an expense management platform,
• 57:26
  right? Some some place to handle your
• 57:27
  accounts payable, your accounts receivable, the bills going in,
• 57:31
  the payments, the need to flow out and along with the platform
• 57:34
  we were supposed to get a credit card management system.
• 57:37
  That way staff, you know, could manage your expenses and our
• 57:40
  accounting team could manage how much people had to spend and
• 57:43
  this sort of thing, you know, just automate, improve
• 57:46
  processes, all this. And when we signed up for this
• 57:49
  product, we're told, Oh yeah, no problem.
• 57:51
  Like get the whole whole kit and caboodle.
• 57:53
  Well, to get the credit card system that we were actually
• 57:56
  looking forward to, which is a major part of why we signed up
• 57:58
  for the expense management system, we had to go apply
• 58:00
  through a credit card agency. And guess what the compliance
• 58:02
  department said? No, you guys are not a
• 58:04
  legitimate business. So here we are with a half baked
• 58:07
  product now and trying to figure out what the heck we're going to
• 58:09
  do. And I would argue that that's a
• 58:12
  a a legacy issue that still is part of Operation Choke .2 point
• 58:16
  O because we are just baked still, even after 10 years of
• 58:20
  saying Bitcoin is not crypto, we are still lumped in with being
• 58:23
  crypto and the FT XS of the world.
• 58:25
  Even though we manage clients hardware and that is what we do.
• 58:32
  We are not a FTX by any stretch of the stretch of the word.
• 58:36
  Yeah, completely, completely aligned with everything that
• 58:40
  Kent just said. Opti, what's your quick take?
• 58:43
  And then we'll move on. Yeah, I mean, I already know
• 58:45
  what Trump's response is going to be to this one point, $1.4
• 58:50
  billion of profits. I thought it was higher.
• 58:52
  I'm pretty sure the numbers are higher.
• 58:54
  They're like closer to 3 billion.
• 58:56
  He's like, wait, I did way better than that.
• 58:58
  What are you talking about? So yeah, I that that's probably
• 59:02
  what he'd say because love him or hate him, he's still got some
• 59:05
  comedic genius in him. But anyway, I, I don't really
• 59:08
  want to talk about Elizabeth Warren too much.
• 59:10
  I, I want to kind of circle back to the Kevin Walsh news in
• 59:14
  general, because I think the biggest significance that we
• 59:19
  will see of Warsh being confirmed as the Fed chair
• 59:23
  tomorrow again, they will, they will the official pass through
• 59:26
  of him being or vote on him being the chair will happen
• 59:29
  tomorrow. I think the biggest kind of
• 59:33
  change we will see is it does definitely mark again.
• 59:36
  If he gets confirmed as a new Fed chair, it will 100% mark a
• 59:41
  complete culture change at the Fed.
• 59:44
  Now with that being said, with that being said, I think that
• 59:50
  will be the most interesting to keep in mind this whole time.
• 59:54
  And I am kind of being reminded of the Gary Genser being ahead
• 59:58
  of the SEC moment because he was also very pro Bitcoin in crypto
• 1:00:03
  before he became the head of the SEC and we all saw how that
• 1:00:07
  happened afterwards. It wasn't necessarily the best.
• 1:00:10
  I know a lot of people say it wasn't that bad he finally got
• 1:00:13
  the Bitcoin ETF through, but they also had the.
• 1:00:17
  Infamous what? I forget.
• 1:00:20
  What was it? Enforcement, man, I'm blanking
• 1:00:24
  on on what the what the phrasing was, but basically you had no
• 1:00:27
  idea what they were doing. And then they would just, you
• 1:00:30
  know, give you a court case or give you something and then you
• 1:00:33
  have to something by enforcement.
• 1:00:35
  I forget anyways, anyways, I only bring all that.
• 1:00:38
  I know what you're talking. Yeah.
• 1:00:39
  Yeah. I forget what it is.
• 1:00:40
  Enforcement by legislation by enforcement.
• 1:00:44
  I think it was OK. Yeah.
• 1:00:46
  So that. You got to.
• 1:00:47
  You got to define what that is. It, it, it's basically like, we
• 1:00:51
  had no, no idea what was going on.
• 1:00:53
  And then they'd, you know, give you a charge.
• 1:00:55
  And then they'd be like, OK, now this is the new law.
• 1:00:57
  This is so basically there was no official law in the books and
• 1:01:01
  then they would just. Slap something on you and that
• 1:01:04
  would be the new law. Something on you and then that
• 1:01:07
  and then but what they're trying to do like ultimately like
• 1:01:09
  they're so and we covered this, by the way, we did a really good
• 1:01:13
  job at covering this. So essentially what they did was
• 1:01:17
  they started with the Tornado Cash developers and the reason
• 1:01:21
  they started with their, it was, it was genius what they did, to
• 1:01:24
  be honest. I, I got to give them credit
• 1:01:27
  where credit is due. So what they did was they
• 1:01:31
  started with Tornado Cash. Why did they start with Tornado
• 1:01:33
  Cash? They started with Tornado Cash
• 1:01:35
  because it wasn't, well, it wasn't a well known mixer.
• 1:01:37
  It wasn't really used right. And what they did was that, and
• 1:01:41
  Elizabeth Warren was part of this.
• 1:01:42
  They tied the usage of Tornado Cash with North Korea, right?
• 1:01:46
  They said North Korea Tornado Cash, this broke, this breaks
• 1:01:51
  the Office of Foreign Asset Control.
• 1:01:52
  You know, it breaks their regulation.
• 1:01:54
  We can't have this yadda, yadda, yadda.
• 1:01:56
  So that's what they did. Then when the I think it was BP,
• 1:02:03
  no, it was Coin Center, which again is like a, like a, a lobby
• 1:02:10
  arm in, in, in DC that's supposed to protect the Bitcoin
• 1:02:15
  and crypto industry. It's similar to BPI, but more
• 1:02:18
  focused on the crypto industry as a whole.
• 1:02:20
  BPI is more focused specifically on Bitcoin.
• 1:02:23
  Coin Center sued and they said, listen, this is a, you know,
• 1:02:27
  this is, this is clearly breaking the constitution.
• 1:02:30
  This is not lawful. They lost as soon as they lost.
• 1:02:35
  That set a precedent and then that gave them ammunition to go
• 1:02:41
  after the bigger fish, which in my opinion was always their
• 1:02:44
  goal. So as soon as Coin Center sued
• 1:02:47
  and then they lost the case when it within a month, they arrested
• 1:02:51
  the samurai wallet developers within a month.
• 1:02:55
  And then the reason that I said this was so dangerous is they
• 1:02:58
  were setting precedents and I kept telling you guys, you know
• 1:03:02
  what else is open source code? Bitcoin?
• 1:03:06
  Because if you look at the legal arguments, they're basically
• 1:03:09
  saying, hey, samurai wallet developers, you guys are in
• 1:03:13
  trouble because criminals use your open source software even
• 1:03:18
  though you didn't have access to any of the funds.
• 1:03:20
  You guys are responsible for this.
• 1:03:23
  And you could see how that leads to a very slippery slope where
• 1:03:26
  they can go after Bitcoin developers and say, hey, you
• 1:03:30
  know what, I ran, just took payment in Bitcoin, and the
• 1:03:34
  United States government has sanctions against Iran.
• 1:03:37
  You facilitated those transactions.
• 1:03:42
  So you could see how that was a very slippery slope, right?
• 1:03:45
  And that was their full intention because again, their
• 1:03:48
  end goal is a central bank digital currency.
• 1:03:52
  Elizabeth Warren's on tape saying this.
• 1:03:55
  She's on the head of the Senate Banking Committee.
• 1:03:57
  And you guys remember all of the things that happened under
• 1:04:00
  Operation Choke Point 2.0. It was death by 1000 regulatory
• 1:04:04
  cuts. It wasn't just one big action,
• 1:04:06
  it was 1000 of them little minute actions trying to
• 1:04:10
  sabotage the industry as a whole, right?
• 1:04:13
  So anyways guys, I do wait. Wait, wait, I I didn't want to
• 1:04:16
  go all into that. The, the only reason I brought
• 1:04:18
  up Gary Gensler in this context was just, it's going to be very
• 1:04:22
  interesting to see if Kevin Wash, when he becomes the Fed
• 1:04:25
  chair, changes his tune in regards to Bitcoin.
• 1:04:28
  And further, what everyone is watching in macro circles is, is
• 1:04:32
  Kevin Wash going to do exactly what the Trump administration
• 1:04:35
  wants, which is of course, lower interest rates and then we'll
• 1:04:38
  get into a more, I think explosive, not QEQE the
• 1:04:43
  environment. So those are the things that I
• 1:04:45
  will be watching that I think probably the most significant
• 1:04:50
  maybe narratives of what's going on tomorrow and and what this
• 1:04:53
  means going down the next 14 years do.
• 1:04:56
  Are we going to get 14 years of a Fed chair that is seemingly
• 1:04:59
  pro Bitcoin? Or are we going to get 14 more
• 1:05:02
  years of someone that is actively, as we know, trying to
• 1:05:05
  protect the US dollar and maybe fighting Bitcoin?
• 1:05:08
  Though I don't know what a Fed chair can actually do to fight
• 1:05:11
  Bitcoin. But you know what?
• 1:05:13
  We all know that when they get into office, maybe they do get
• 1:05:16
  that tap on the shoulder by the the suits in black and their
• 1:05:20
  tune changes. We, we, we did, we've seen this,
• 1:05:23
  we've seen this in the past, ladies and gentlemen.
• 1:05:25
  Anyways, during the new segment, we are going to be covering
• 1:05:28
  something Uber bullish. I know you guys must be
• 1:05:30
  surprised. Nico bullish.
• 1:05:32
  Yes, ladies, yes, ladies and gentlemen, the things have
• 1:05:36
  changed and why have they changed?
• 1:05:38
  The amount of Bitcoin that Michael Saylor is buying just
• 1:05:42
  with this stretch product alone is more than the active amount
• 1:05:46
  of Bitcoin being mined on a weekly basis.
• 1:05:49
  Like stretch is gobbling up so much Bitcoin and it's not only
• 1:05:52
  stretches other institutions. And again, this market cycle
• 1:05:56
  didn't peak on euphoria. It peaked on apathy.
• 1:06:00
  And because of that, you can make a very strong argument.
• 1:06:03
  That's what I'm going to try to do today that this cycle, Oh my
• 1:06:06
  God, I have to say it, bro, I have to say it.
• 1:06:08
  Stop me Opti. This cycle might be different
• 1:06:13
  this. Cycle, you know hey, hey, look,
• 1:06:16
  it took you four months but you're finally coming to my side
• 1:06:20
  of the aisle let's. Go.
• 1:06:21
  So we're going to be talking about this bullish news right
• 1:06:26
  after the break. Stay tuned.
• 1:06:29
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  code simply. Buddy, I told you we had some
• 1:08:19
  bullish news for you guys. I do want to cover that.
• 1:08:22
  So first of all, why is this bullish news happening?
• 1:08:25
  I think again, it's it's 2, it's a combination of two factors.
• 1:08:29
  First of all, it's sailors and these institutions, this massive
• 1:08:32
  amount of Bitcoin that this massive amount of Bitcoin that
• 1:08:35
  they continue to buy despite the so-called bear market
• 1:08:39
  conditions, right? That's element number one
• 1:08:42
  element #2 again is the Clarity Act, which again, we got a lot
• 1:08:48
  of news regarding the Clarity Act.
• 1:08:49
  And we see we have a deadline by the Trump administration, July
• 1:08:53
  4th, right? Which would again would be the
• 1:08:55
  250th anniversary of the United States of America.
• 1:09:00
  So Cynthia, Senator Cynthia Lummis, she has laser eyes right
• 1:09:03
  now. She, and this is her official
• 1:09:05
  Senate profile. She she is is laser focused on
• 1:09:09
  getting this clarity act across the line.
• 1:09:12
  This is the Bitcoin Senator big week for digital assets.
• 1:09:16
  After nearly a year of bipartisan work, this markup
• 1:09:20
  brings US one step closer to cementing America's place as the
• 1:09:25
  global leader in financial innovation.
• 1:09:27
  Wyoming showed the way. Now Washington is following, so
• 1:09:33
  that's element #2 and then this leads me to a Vanek, A Vanek
• 1:09:38
  price target that originally was released on finbold.com and was
• 1:09:44
  reposted by Crypto News. The headline for the audio
• 1:09:48
  listeners is Vanek sets Bitcoin price target for the end of
• 1:09:52
  2026. You guys are gonna feel really
• 1:09:55
  bullish right now. With Bitcoin price having
• 1:09:58
  underperformed gold and the broader United States stock
• 1:10:01
  market in 2026, Matthew Siegel, the head of digital asset
• 1:10:05
  research at Vanek, has made a bold prediction quote.
• 1:10:09
  Bitcoin could hit 160,000 if it reclaims its all time high
• 1:10:15
  relative to gold, Siegel said. The prediction analyzed by Finn
• 1:10:19
  Bold on May 12th is based on the BTC gold pair recovering to 35X
• 1:10:25
  its previous peak from its current level of 17.1 X Bitcoin.
• 1:10:32
  Siegel highlighted that Bitcoin is cheap as it has not followed
• 1:10:36
  the broader U.S. stock market. Furthermore, the ratio of the US
• 1:10:41
  stock market and the country's GDP recently rebounded to new
• 1:10:45
  all time highs. As such, Siegel suggested that
• 1:10:48
  the Bitcoin price could easily surge beyond his target since
• 1:10:52
  the prediction is pegged on the flagship coin, catching up to
• 1:10:55
  where equities are trading. Moreover, the broader U.S. stock
• 1:10:59
  market rally recently entered a price discovery phase phase,
• 1:11:03
  potentially signaling the onset of a macro bully bull rally.
• 1:11:08
  So again, of course, Matthew, you have no one's better than
• 1:11:12
  their incentives. Obviously, you know Matthew
• 1:11:15
  Siegel, you know, head of digital assets at Venek, he's
• 1:11:18
  incentivized to say this. But at the same time it is true.
• 1:11:22
  I mean like if you look it's true Opti like you look at the
• 1:11:26
  stock market, it's making all time highs.
• 1:11:28
  You looked at gold's like epic run, but you have to ask
• 1:11:32
  yourself, and I think I saw Oh my God, I'm forget a name
• 1:11:35
  slipping my mind right now. I forget about that, but and you
• 1:11:44
  made me full screen. Thanks, Authy.
• 1:11:46
  I appreciate I appreciate the support.
• 1:11:47
  It's called. Production bro Appreciate.
• 1:11:49
  And support just me, just looking into the it's called
• 1:11:52
  production. So, you know, to, to, to weave
• 1:11:55
  it back in, I'll say this, things are feeling bullish right
• 1:12:01
  now. I, I, I'll, I'll leave it at
• 1:12:03
  that. Things are feeling bullish.
• 1:12:04
  Things are feeling bullish. And my base case for you guys is
• 1:12:09
  what is going to happen over the next three months, I think is
• 1:12:14
  going to determine what the cycle, how the cycle is going to
• 1:12:19
  play out. And I've been saying this, this
• 1:12:21
  has been my base case for the last couple weeks on the show.
• 1:12:25
  If Bitcoin channels between 80 and 60 K throughout the summer,
• 1:12:31
  I think there's a very high probability that we hit bottom
• 1:12:34
  already. And there's the famous there's a
• 1:12:40
  Nathan's trolling me in the chat.
• 1:12:41
  Sad is mining Bitcoin pizza day deal is live all month.
• 1:12:46
  Fresh pizza gets you $150.00 off of any rigs, $25 Papa John's
• 1:12:51
  gift card. Is that true?
• 1:12:55
  Dude, we're going all in on pizza day, bro.
• 1:12:57
  Oh, yeah, that's true. OK, it's true.
• 1:12:59
  It's not. It's not just a troll.
• 1:13:01
  No, no, no. All right.
• 1:13:02
  Pizza day. OK.
• 1:13:04
  OK. All right, So pull that up
• 1:13:05
  again. Pull that up again.
• 1:13:06
  Let's pivot the. Conversation.
• 1:13:08
  It's a good segue to get get you away from you're you're talking
• 1:13:11
  yourself back from bearish land here.
• 1:13:13
  Yeah, let me just say that Nikko finally sees the light.
• 1:13:16
  And you know well which might. Well, we'll look in hindsight.
• 1:13:19
  We'll look in in hindsight. Opti I'm actually worried at
• 1:13:22
  this point that he seems like. Over it.
• 1:13:24
  Sounds like Oh God, local. Top local, yeah.
• 1:13:26
  Nico's bullish over guys. I guess let's expect 40K again
• 1:13:29
  because now Nico's bullish so oh.
• 1:13:32
  Man, oh man. But yeah, Kent, I want to get
• 1:13:35
  your take first of all. I mean, we're, we're, we're
• 1:13:39
  hearing the price predictions again, but how are you feeling?
• 1:13:43
  Are you feeling bullish or bearish?
• 1:13:46
  I am maybe I'm getting swept up in it, but I'm getting, I'm
• 1:13:49
  getting bullish and actually I, I'm teasing I there may be a
• 1:13:52
  local top. I mean, pull backs are part of
• 1:13:53
  the game guys, right? Like I, but I, I think, I think
• 1:13:56
  you've hedged too hard thinking we're going to range between 60
• 1:13:59
  to 80 K the rest of the summer. I, I actually am more bullish
• 1:14:02
  than that. I I think we're setting up for
• 1:14:05
  and this is part my chart buoying here when I say this,
• 1:14:09
  but I think we're setting up for a bit of a run.
• 1:14:12
  And my take is not that not necessarily that this cycle is
• 1:14:15
  different, but that this cycle is elongated.
• 1:14:18
  That's that's, that's my favorite word right now.
• 1:14:20
  It's elongated, right? Like I think we're just
• 1:14:21
  stretching this whole thing out, not super cycle.
• 1:14:25
  I'm not going there. I'm going elongated stretch.
• 1:14:28
  Dude, Tomato, tomato, tomato, tomato.
• 1:14:30
  All right, all right, we'll, we'll, we'll arm wrestle over
• 1:14:33
  that one later. But that's that's my take on
• 1:14:34
  where things are. I think that the Clarity Act is
• 1:14:37
  going to lead to more capital coming in and it's going to push
• 1:14:40
  number up. And I think it's going to
• 1:14:42
  coincide fairly well with a rotation, right.
• 1:14:46
  I mean, historically Bitcoin has been seen as a risk on asset
• 1:14:50
  right by Tradfi. And so if you're looking,
• 1:14:54
  there's a lot of the, the equities are going up, people
• 1:14:57
  are starting to say what can outperform Bitcoin would be a
• 1:14:59
  natural take on that. I'm not saying it's a risk on
• 1:15:03
  asset. I'm saying this is how Tranfi
• 1:15:05
  has historically looked at Bitcoin, right?
• 1:15:07
  So it would make sense for more capital to come in.
• 1:15:09
  It would also make more sense for capital to come in if you
• 1:15:12
  look at the Bitcoin to gold chart, right?
• 1:15:15
  Like Bitcoin actually came down and touched the exact trend line
• 1:15:19
  that it's touched since 2019. I think that was one of the best
• 1:15:23
  opportunities for gold folks to rotate into Bitcoin And they
• 1:15:26
  have, I mean, it's been up since then.
• 1:15:27
  I don't know how much it's been up, but it's been pretty, it's
• 1:15:31
  been a pretty good trade if you if you followed that one.
• 1:15:33
  And so I think we're going to see that continue to, to trend.
• 1:15:36
  It just feels like and I was on with the capital markets guy
• 1:15:40
  actually earlier today in investment banking and he was
• 1:15:43
  agreeing with me. It just feels like the rubber
• 1:15:45
  band has been pulled tight right now and it's about ready to snap
• 1:15:48
  and pop up because nobody's expecting it.
• 1:15:51
  My my biggest argument for why it's a good time to be bullish
• 1:15:55
  if you're a bitcoiner is because the disbelief that everybody has
• 1:15:58
  the numbers going up here from Tradfi, not the Bitcoin
• 1:16:01
  community. Me and me and Opti have been
• 1:16:03
  sniffing out this one for a long time.
• 1:16:04
  Nico, I'm happy you're on the the, the, the bullish train now,
• 1:16:07
  but the Tradfly Bros are not. And that disbelief by Tradfly
• 1:16:12
  Bros is why I think we go up. I love it I.
• 1:16:14
  Love it. Well, I, I am actually feeling
• 1:16:16
  the disbelief that this rally's real, which is like, I can't
• 1:16:19
  tell if it's the, you know, the end of the, you know, like
• 1:16:24
  climbing back up out of the bear market or is this like the final
• 1:16:28
  end of the bear market. So I am actually feeling a
• 1:16:32
  little bit of disbelief right now, but I have been incredibly
• 1:16:35
  bullish throughout this whole time.
• 1:16:36
  I've been saying for a while that I think, I think things
• 1:16:39
  have changed. I, I don't want to say that this
• 1:16:41
  time is different because obviously we're always wrong
• 1:16:44
  when we say that, but I've, I've been showing you guys a data
• 1:16:47
  point on the show, at least my thinking throughout, like I've
• 1:16:49
  been very transparent on my thinking throughout this whole
• 1:16:51
  time. I've, if you look at the the on
• 1:16:54
  chain metrics, if you look at the narratives, institutions are
• 1:16:59
  very obviously driving the price action right now of Bitcoin,
• 1:17:03
  which to me is, is a signal that things are changing, that we are
• 1:17:08
  entering a new era. And I've been showing you guys
• 1:17:11
  my chart, Boeing, what levels I've been looking at.
• 1:17:14
  I think if we break into or above the 85 range, we might be
• 1:17:19
  making a very quick move all the way up into the 95 K range.
• 1:17:23
  And if that happens, I think every bear case is completely
• 1:17:27
  invalidated. And you don't want to be sitting
• 1:17:28
  there 95 K and being like, we're still in a bear market.
• 1:17:32
  You don't want to be at 95 K like, Oh no, it's going to come
• 1:17:35
  down more. So like this area we're watching
• 1:17:37
  Nikos range of 80 to 60. Like I I'm more looking at where
• 1:17:42
  we currently are right now, like in this 80 to 85 K range.
• 1:17:47
  If we don't break up above the 85 K range, then I I would agree
• 1:17:53
  with what Kent saying we'll probably expect one more dip and
• 1:17:56
  then it's, you know, off to the races in my opinion.
• 1:17:58
  But if we do break above 85 K, it might, you know, turbocharge
• 1:18:03
  back up to 95 K. So it's a very interesting time.
• 1:18:07
  In terms of the price action right now, I think we are all
• 1:18:10
  feeling a little bit of disbelief.
• 1:18:12
  We're unsure if we're like, are we climbing out of this bear
• 1:18:15
  market? Are we going to go higher?
• 1:18:17
  Are we going to dump one more time?
• 1:18:19
  I think that is the prevailing view right now with with
• 1:18:21
  everyone watching what's going on in in the price action.
• 1:18:24
  Absolutely. All right, ladies and gentlemen,
• 1:18:27
  we still have tons to cover. We're going to be talking about
• 1:18:29
  wild SAS. We're going to be talking about
• 1:18:31
  SAS mining, Bitcoin mining as a service.
• 1:18:33
  And of course we have the CEO and Co founder joining us on the
• 1:18:37
  show today, Kent. And also I want to ask him a
• 1:18:40
  little bit of a mining update, what's going on in the Bitcoin
• 1:18:42
  mining industry as a whole. So we're going to be right back
• 1:18:45
  just after the break in just a little bit.
• 1:18:48
  I want to give a shout out to our partner Hive Digital
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  Technologies. Fueled by clean energy, Hive has
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  performance. At Hive, you've got dual
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  sustainable digital infrastructure.
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  You can catch the latest buzz at Hive Digital Tech or at Hive
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  To get 15. Percent off anything on the
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  store. All right, everybody, we are
• 1:20:27
  back. Ladies and gentlemen, we're here
• 1:20:29
  with Kent. Kent, first I want to start it
• 1:20:31
  off with how what is the current state of the Bitcoin mining
• 1:20:36
  industry from your perspective? Oh, it's a wonderful time to be
• 1:20:41
  in mining. Genuinely saying that, right?
• 1:20:44
  You guys haven't heard me probably.
• 1:20:45
  I'm always bullish on mining. I think it's the best way to
• 1:20:48
  stack sats and I, I genuinely think it's better Bitcoin too,
• 1:20:52
  because a on an energy cost averaging basis or trading your,
• 1:20:56
  your, your energy bill for Bitcoin, you get more sats for
• 1:20:59
  your dollar that way than you could by buying them on exchange
• 1:21:03
  B. You're getting them outside of
• 1:21:04
  the banking for surveillance system and C, you know, you can
• 1:21:09
  feel good that you're supporting a Bitcoin company while you're
• 1:21:11
  doing that, right, 'cause we're all a team of Bitcoiners here.
• 1:21:14
  So I just think it's better Bitcoin in general.
• 1:21:17
  But in general, what's really going on from like a the macro
• 1:21:20
  scale is that the pub codes are going away from mining.
• 1:21:25
  And I think that's good for the mining community at large,
• 1:21:27
  right? It's it's no different than, you
• 1:21:31
  know, if you're looking at charts and people sell on the
• 1:21:33
  bottom, like it feels like a very similar trade from the pub
• 1:21:36
  goes here, right? Like they come into mining from
• 1:21:39
  the perspective that they've got to return more dollars to their
• 1:21:42
  investors each and every quarter.
• 1:21:44
  And they look at AI and say, well, cool, like right now we
• 1:21:48
  can get more dollars to an AI and HPC, you know, high power
• 1:21:52
  compute. And we're going to go do that
• 1:21:54
  because we can get more dollars that way, because our fiduciary
• 1:21:57
  responsibility is to get more dollars.
• 1:21:58
  And we're going to go sell all this equipment that maybe we
• 1:22:01
  used a little bit. And so, you know, we've, we've
• 1:22:03
  been the benefactor of getting lightly used equipment that's in
• 1:22:07
  great shape. Customers have been loving it.
• 1:22:09
  And then on the other side for the Bitcoin network, that means
• 1:22:13
  that these entities had a large portion up to about 40% of the
• 1:22:17
  hash rate at one point. They are coming down, their
• 1:22:22
  share of the hash rate is coming off the network and that will
• 1:22:24
  continue to happen over the next two years as they deploy their
• 1:22:27
  capital into HPCAI data centers, right?
• 1:22:31
  And the reason they're able to do this is because they've
• 1:22:33
  captured long term energy contracts and really the data
• 1:22:37
  centers themselves are not going to be available to to transition
• 1:22:43
  like they've got to tear down rebuild almost completely.
• 1:22:46
  Like to give some specific numbers to this.
• 1:22:48
  I was hearing a range in Las Vegas that to, to produce 1 MW
• 1:22:54
  of AIHPC was about $20 million, which is an order of magnitude
• 1:22:58
  bigger than Bitcoin mining. And so they're having to invest
• 1:23:02
  a ton of capital and it's going to take a couple years to do
• 1:23:04
  this. And by then, you know, assuming
• 1:23:08
  that we're all right that the cycle is elongating here and
• 1:23:11
  turn it into a longer cycle and we're going to be bullish and
• 1:23:14
  Vanguards, right, 160 Ki think they're going to be shaking
• 1:23:16
  their heads and saying, my gosh, what did we do?
• 1:23:18
  We could have made more money sticking with Bitcoin mining,
• 1:23:20
  but we pivoted. So I think that's great because
• 1:23:24
  what it means is the Fiat hash rate is coming off and it gives
• 1:23:28
  an opportunity for the Bitcoin community to come in and start
• 1:23:31
  stacking SAT's the way that Satoshi designed the network,
• 1:23:33
  which is to mine them instead of buy them.
• 1:23:36
  And I love where we fit in this because we have been building
• 1:23:40
  for this moment for years now to make this an easy experience for
• 1:23:44
  people to onboard. And our software is getting
• 1:23:46
  really tight, you know, we just launched a, a UX revision for
• 1:23:51
  how you mine with ocean that makes it much simpler and
• 1:23:54
  easier. And we're just building this,
• 1:23:56
  this layer of infrastructure that hasn't existed.
• 1:23:58
  It's so in the same way that like the taxis were replaced by
• 1:24:02
  Uber, like that's, that's our game is we want to be, you know,
• 1:24:05
  the, the Uber of the mining industry to just make it easier
• 1:24:08
  to, you know, hop in and get a ride, make it easier to hop in
• 1:24:11
  and get your sats from the mining experience.
• 1:24:14
  And if we're right, that's also means that the liquidity on
• 1:24:17
  exchanges is going to continue to disappear, which means that
• 1:24:20
  you're going to want to earn your Bitcoin instead of buy your
• 1:24:22
  Bitcoin just naturally based on the incentives because there's
• 1:24:24
  less on exchanges. So when it's all said and done,
• 1:24:27
  I love where we're positioned for the first time the, the
• 1:24:30
  macro economy is saying, Oh yeah, you know, that traditional
• 1:24:33
  hosting business, you know, the specialization and labor where
• 1:24:36
  there's actually a company that just produces Bitcoin for other
• 1:24:39
  people through the mining experience.
• 1:24:41
  Maybe that makes a lot more sense than self mining.
• 1:24:43
  Look at all these pub Cos they're going away from it.
• 1:24:45
  And so I, I love it. One of the benefactors, it feels
• 1:24:48
  like we've been swimming and paddling for a wave that is
• 1:24:50
  finally starting to Crest and we're about ready to catch it
• 1:24:53
  and do it on. And we've been propelled this
• 1:24:55
  entire time by customers. I mean, most of the investor
• 1:24:58
  community has looked at this outside of like the crowdfunding
• 1:25:01
  raises we've done, most of the investor community said, no, the
• 1:25:03
  pub Cos this is the way you got to go do it.
• 1:25:05
  And, and we've been saying, no, that's wrong.
• 1:25:07
  Specialization layer says that actually we should be a service,
• 1:25:10
  we should do this for other people, and being a service, we
• 1:25:14
  can actually provide more value for not only the community but
• 1:25:17
  ourselves in the process. And specialization of Labor
• 1:25:20
  would say that like, you know, somebody's going to own the
• 1:25:22
  power, somebody's going to own and manage the data center,
• 1:25:25
  somebody's going to own and manage the customer
• 1:25:27
  relationship, somebody's going to be the benefactor of the
• 1:25:30
  Bitcoin on the other end. But that's how things typically
• 1:25:33
  work in industries and it's now starting to play itself out in
• 1:25:35
  that way. It's just really gratifying to
• 1:25:37
  see after, you know, five years in the trenches building for
• 1:25:41
  bitcoiners. So I love where we are as a as a
• 1:25:44
  company and I love the fact that the pubcos are moving away from
• 1:25:48
  Bitcoin mining. I think that's good.
• 1:25:50
  And I think that there's a wonderful opportunity if you've
• 1:25:53
  been interested in mining and participating in the social
• 1:25:56
  layer that really protects the Bitcoin network like it's just
• 1:26:01
  as great trifecta of win, win, win right now.
• 1:26:05
  I love it. I love it, man, Absolute bars
• 1:26:08
  coming from Kent and yeah, it is it is quite interesting.
• 1:26:12
  Not not all of the pubcos, but some, some significant ones
• 1:26:19
  pivoted completely away from Bitcoin mining, which again, you
• 1:26:25
  know, this is beauty of Bitcoin, right?
• 1:26:28
  It it, it for the for the ones who stay right?
• 1:26:32
  There's that much more Bitcoin that you can mine, right?
• 1:26:36
  The difficulty adjustment, you know, provides that incentive.
• 1:26:39
  And that's the beauty of Bitcoin, right?
• 1:26:40
  It it Satoshi was an absolute genius the way that he designed
• 1:26:44
  it or discovered it. I don't know how how how else
• 1:26:47
  you want to view it, where he basically created a system that
• 1:26:51
  ensured the way that I the way that I that I describe it can't
• 1:26:56
  is basically like Satoshi figured out a way to Co opt
• 1:27:00
  human greed to ensure that Bitcoin survives into the
• 1:27:03
  future, right? And it's amazing because it's
• 1:27:06
  like it's an aligned incentive structure where you know, if
• 1:27:10
  you're a miner, you're winning, it protects the network, right?
• 1:27:14
  So it's, it's again, it's aligned incentives, right,
• 1:27:18
  rather than this, you know, kind of top down alternative system
• 1:27:21
  that really requires like a lot of coercion for it to work
• 1:27:25
  right. So that's one of the beauties of
• 1:27:27
  Bitcoin. Now I, I do want to go back to
• 1:27:30
  what you were one of the things that you were saying you, you
• 1:27:32
  kind of buried the lead there, Kent, which was that you
• 1:27:35
  actually believe that Bitcoin mining is a better way to get
• 1:27:38
  Bitcoin. So let's talk, let's further
• 1:27:41
  explore that topic for for anybody that perhaps hasn't seen
• 1:27:44
  Kent on the show. And this is the first time
• 1:27:47
  they're getting exposure to SAS mining.com, which by the way, if
• 1:27:52
  you use shout out Nathan, if you use the I'm pulling it up.
• 1:28:00
  If you use the pizza day deal is live all months.
• 1:28:05
  Fresh Pizza gets you a hunt. I'm saying it with my Miami
• 1:28:08
  accent. The fresh Pizza promo code gets
• 1:28:11
  you $150.00 off any rigs, plus $25 Papa John's gift card.
• 1:28:18
  I absolutely love that. That's real, ladies and
• 1:28:20
  gentlemen, and that's, that's not just Nathan trolling in the
• 1:28:23
  chat that that is an actual promo code that you can use
• 1:28:27
  right now if you go to sasmining.com.
• 1:28:29
  So, Kent, going back to the original question, why do you
• 1:28:32
  believe that mining is actually a better way to acquire Bitcoin?
• 1:28:38
  Let me let me address 2 points. So first of all, the fresh pizza
• 1:28:42
  is in honor of Laszlo. If you don't know the history,
• 1:28:45
  this is a tie to cultural reference for Bitcoin.
• 1:28:49
  And so if you're new here to Bitcoin, you need to know this.
• 1:28:51
  The first Bitcoin transaction was for a pizza.
• 1:28:56
  A guy was willing to trade a pizza for 10,000 Bitcoin, which
• 1:29:00
  I think is about God. I don't want to even think of
• 1:29:03
  the, the number of value that it is, but hundreds of millions
• 1:29:06
  right at this point that the, the value of that pizza is.
• 1:29:08
  So in honor of that, you know, we're, we're, we're having a
• 1:29:11
  little, a little, a little fun here and given a discount tied
• 1:29:14
  to that along with the a pizza card.
• 1:29:16
  So you can eat that pizza in memory of John Laszlo and his
• 1:29:20
  sacrifice to set a price point for Bitcoin.
• 1:29:24
  Now, as far as the pub coast too, you mentioned something
• 1:29:28
  that I want to tie into there. So when you come to mining, and
• 1:29:31
  this doesn't matter if you're a company, if you're an
• 1:29:32
  individual, you come to mining with the idea and you've already
• 1:29:36
  decided whether you consciously think about this with mining or
• 1:29:39
  not, of what your money is, and that decision changes the
• 1:29:44
  outcome for your experience. It's really weird.
• 1:29:46
  It's almost like this quantum effect, and it took me a lot of
• 1:29:48
  years to realize this. But if you think that money is
• 1:29:51
  Bitcoin, which I do and most of you probably do as well, then
• 1:29:55
  Bitcoin mining is to acquire Bitcoin.
• 1:29:58
  If you think your money is dollars, though, you're going to
• 1:30:00
  come to Bitcoin mining and try to get more dollars and you're
• 1:30:03
  probably going to have a bad experience and you're going to
• 1:30:05
  have weak hands and you're going to flush out.
• 1:30:07
  I've seen that just over and over again because the Bitcoin
• 1:30:11
  network doesn't obey the rules of dollars as much as it just is
• 1:30:14
  self referential for Bitcoin itself.
• 1:30:16
  And that's what we've seen with pub Cos, in my opinion.
• 1:30:18
  So Nico, absolutely right. Not every pub Co is making this
• 1:30:21
  pivot, but in my opinion, it's the pub Cos that are thinking
• 1:30:26
  about acquiring more dollars, not Bitcoin as the the the
• 1:30:30
  primary ones that are moving now.
• 1:30:32
  Why does why is mining better Bitcoin?
• 1:30:34
  So let's go back to first principles.
• 1:30:36
  When we say this, and I apologize, my, my German
• 1:30:39
  Shepherd is doing it's a barking outside.
• 1:30:42
  I, I anyway, the, the, the reason why it's better Bitcoin
• 1:30:48
  is because of the fact that the Bitcoin that is mined is done
• 1:30:53
  directly off the Bitcoin network.
• 1:30:55
  So you're outside of the banking surveillance system.
• 1:30:58
  The other reason why is because Satoshi designed the network to
• 1:31:02
  distribute Bitcoin that way. So you are actually doing it the
• 1:31:05
  way that Satoshi designed the network.
• 1:31:08
  And there's something that just feels great internally about it.
• 1:31:11
  It's in the same vein of producing your own solar power.
• 1:31:16
  You know, I used to do solar in my previous career and doing
• 1:31:20
  solar, I could always see customers light up when they're
• 1:31:22
  producing their own electricity. There's something sovereign and
• 1:31:25
  self satisfactory about creating your own, right?
• 1:31:28
  So you get that experience with Bitcoin mining and and you know,
• 1:31:31
  it's alignment of incentives, how Satoshi designed it.
• 1:31:34
  The last reason I would say is that you're doing it at a cost
• 1:31:40
  below what you could buy it for from an energy bill standpoint.
• 1:31:43
  What what you trade your electricity bill roughly $150.00
• 1:31:46
  per mining rig. The return of SAT's last time I
• 1:31:49
  looked is about 350,000 SAT's that you were getting.
• 1:31:52
  So that put it at A at an energy cost average about $50,000.
• 1:31:56
  Now that doesn't include the hardware.
• 1:31:58
  Hardware does change price, but just on a month in, month out
• 1:32:02
  basis, like your energy cost averaging into a Bitcoin
• 1:32:05
  position and quite a discount to what you could buy your Bitcoin
• 1:32:08
  for. So all those reasons make it
• 1:32:10
  better. How we actually work though, and
• 1:32:13
  if it's for your first time tuning in is unique.
• 1:32:15
  So first of all, we're the only company out there that dedicated
• 1:32:18
  themselves to a tech platform first before strapping on a data
• 1:32:23
  center. Secondly, we're the only Bitcoin
• 1:32:26
  company out there that only earns revenue for itself to
• 1:32:29
  drive the growth of the business.
• 1:32:30
  If we produce Bitcoin for our customers.
• 1:32:33
  So you come to our website, you pick up a mining rig.
• 1:32:35
  We don't have any profit built into that purchase.
• 1:32:38
  You pick up a Service plan for that mining rig, you know, to
• 1:32:42
  tell us, do you want to pay with Bitcoin and get a 5% discount?
• 1:32:45
  Do you want to pay with your credit card, not get the 5%
• 1:32:47
  discount. You know, we'll cater to however
• 1:32:49
  you want to cycle your dollars into a Bitcoin position through
• 1:32:52
  mining. But you set that up, you give us
• 1:32:55
  your wallet address, and we just make it all nice and simple so
• 1:32:59
  the Bitcoin is flowing directly to your wallet.
• 1:33:01
  Then how do we actually make money?
• 1:33:03
  We make money by taking 15% and instructing the mining pool to
• 1:33:07
  split 15% off when it's paid. And that's how we get
• 1:33:11
  compensated. So we're totally in a line with
• 1:33:13
  our customers. When our clients mining rooms go
• 1:33:15
  down, we want to get those up and going as quickly as possible
• 1:33:18
  because maintenance is part of the game.
• 1:33:20
  You are dealing with physical reality here.
• 1:33:22
  This is not a software product. This is where electricity meets
• 1:33:25
  money, right? Electricity Internet connection,
• 1:33:28
  right, hardware money out right. Like that's that's the equation
• 1:33:31
  and and I think of mining in the same way that we talked about
• 1:33:35
  cypherpunks being able to send value in a in a permissionless
• 1:33:38
  way across the Ledger. I think of mining itself as hash
• 1:33:42
  punk. You know, it's the ability for
• 1:33:45
  anybody with electricity, Internet connection and and the
• 1:33:49
  right hardware to produce their own Bitcoin as a decentralized
• 1:33:52
  money printer. And it's the first time that
• 1:33:54
  we've had anything of that nature in 5000 plus years,
• 1:33:57
  right? Everywhere money is always
• 1:34:00
  centralized, it's creation. So you can actually participate
• 1:34:04
  in the means of production of money, which is it's just mind
• 1:34:08
  blowing that we even have this capability.
• 1:34:10
  Even 17 years in. I I don't think that that
• 1:34:13
  humanity is woken up to just how crazy that is. 100% and, and,
• 1:34:17
  and it's and it's and it's beautiful, right because you
• 1:34:21
  know before it and and you kind of see like the Freudian slip
• 1:34:25
  where like you you see a lot of the narratives on Bitcoin.
• 1:34:28
  They call Bitcoin private money, right?
• 1:34:30
  And I, and the reason I, I despise that narrative is
• 1:34:34
  because ultimately anybody can make Bitcoin, right?
• 1:34:38
  You literally as long as you're paying for the infrastructure,
• 1:34:43
  the energy, you can mine fresh Bitcoin or wild sats, right?
• 1:34:49
  Can you do the same with Fiat? No, that's literally called
• 1:34:52
  counterfeiting. They have a name for that like
• 1:34:54
  you, you go to jail, right. So which one do you think sounds
• 1:34:58
  more public and private, right? Where basically it's one entity
• 1:35:01
  that is is able to essentially print as much as they want,
• 1:35:05
  debasing everybody in the process or the other system
• 1:35:09
  where anybody can make it as long as you invest in the
• 1:35:12
  electrical infrastructure. It's not free to make and
• 1:35:15
  there's a cap supply on top of it.
• 1:35:17
  Which one do you think sounds more public and private to you?
• 1:35:20
  Right? So I'll leave it at that.
• 1:35:23
  Kent, always an honor having you on the show, guys.
• 1:35:25
  They have a special promo going on right now.
• 1:35:29
  Go to sasmining.com. Also, if you're not sure about
• 1:35:34
  whether mining is for you, book a call with a Bitcoin strategy
• 1:35:39
  advisor and ask as many questions as you want.
• 1:35:42
  Go to sasmining.com today. You can also send us Adm at
• 1:35:47
  Simply Bitcoin on the Twitter handle.
• 1:35:49
  We'll put you in contact with the right people.
• 1:35:52
  I want to thank Kent for this awesome merch.
• 1:35:54
  I actually got really happy when I saw it because I was like,
• 1:35:57
  yes, I get the first SAS merch. So Kent, thank you so much for
• 1:36:02
  coming on the show today. Before we wrap up, I do want to
• 1:36:05
  give a shout out to our sponsor. Guys.
• 1:36:07
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  All the adjacent satellite events.
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  The Mining Disrupt team does a really good job putting this
• 1:36:49
  together. I highly, highly recommend it.
• 1:36:52
  Again, Mining Disrupt Miami, FL July 21st through the 23rd.
• 1:36:57
  We hope to see you guys there. Anyways, guys, thank you so much
• 1:37:00
  for tuning in to Simply Bitcoin Live.
• 1:37:02
  We'll see you on the next one. Go to sasmining.com today.
• 1:37:06
  Take care, everybody. Today's episode was brought to
• 1:37:09
  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:37:12
  mission to enable financial independence.