Latest / Simply Bitcoin / Worlds 3rd LARGEST Government Pension Fund INCREASES MSTR Exposure! | EP 1250

Transcript

Worlds 3rd LARGEST Government Pension Fund INCREASES MSTR Exposure! | EP 1250 · Simply Bitcoin

• 0:00
  Yeah, this week another huge government pension fund has been
• 0:04
  exposed for silently buying MicroStrategy.
• 0:08
  But let's not forget this pension fund in Asia isn't the
• 0:11
  only one trying to get Bitcoin exposure that's creating a
• 0:16
  supply suffocation. Earlier in this week, we covered
• 0:19
  why the Saudi Arabian Central bank was buying 25,000 shares of
• 0:24
  MicroStrategy as well as 14 different states in the United
• 0:29
  States. Get getting exposure to
• 0:30
  MicroStrategy as well, and by doing so, getting exposure to
• 0:34
  Bitcoin. In my 9 years in Bitcoin, I've
• 0:37
  never seen as bullish as a setup as I've seen today.
• 0:42
  What I've been saying for the last couple of months, this has
• 0:44
  been the most bullish cycle from a news perspective.
• 0:48
  I think the price action is just catching up.
• 0:51
  We're making all time highs and it feels amazing.
• 0:54
  Joining us today, we have a very special guest.
• 0:55
  We have the one and only Michelle Weekly joining us.
• 1:00
  And let's jump straight into the news everybody.
• 1:02
  No more delay. Let's let's get into the sauce.
• 1:05
  All right, everybody. So what am I talking about?
• 1:06
  South Korea's $800 billion pension fund eyes direct Bitcoin
• 1:12
  investment. It goes on to say Bitcoin's
• 1:14
  price has been relatively stable over the past month, trading
• 1:17
  around 100,000 and fluctuating within a narrow range of 35,
• 1:22
  $35,000. This consolidation phase follows
• 1:25
  nearly two week rally driven by Bitcoin surge improve risk
• 1:28
  appetite due to a temporary easing of US, China trade
• 1:32
  tensions. The 105 level remains a key
• 1:34
  resistance. So it's just talking about the
• 1:36
  price, but let's get into the actual news.
• 1:38
  South Korea's National Pension Service, one of the world's
• 1:41
  largest pension funds with over $800 billion in assets under
• 1:45
  management is considering direct investments in Bitcoin.
• 1:49
  This potential shift in public funds strategy comes amid
• 1:53
  growing political and legislative support for digital
• 1:56
  assets. Recent regulatory changes now
• 1:59
  allow national pension funds to allocate capital to
• 2:03
  cryptocurrencies. Political leaders from both
• 2:05
  major parties have endorsed this pivot, with Democratic Party
• 2:08
  leader pledging to approve spot Bitcoin ETF if elected
• 2:12
  president, aiming to foster a safer investment environment,
• 2:15
  particularly for younger S Koreans.
• 2:18
  You know, what's really interesting about this as well
• 2:21
  is this is exactly what you're hearing in the US.
• 2:24
  Like it's the same exact pattern, right?
• 2:27
  This is, I think This is why the this election, this last
• 2:30
  election was so consequential because it gave regulatory
• 2:34
  clarity to the world that Bitcoin wasn't going to be
• 2:37
  banned by the most powerful government on the face of the
• 2:40
  planet, which is, of course, the US government.
• 2:42
  Anyways, it continues to say until now the NPS has limited
• 2:47
  its exposure to crypto through indirect means such as acquiring
• 2:51
  35, $1,000,000 worth of shares in Micro Strategy and investing
• 2:55
  over $45,000,000 in Coinbase. These positions reflect the
• 2:59
  funds growing comfort with digital asset related equities.
• 3:02
  While no direct purchases of Bitcoin have yet been made by
• 3:05
  the NPS, the alignment of legislative momentum, political
• 3:09
  will and shifting public sentiment signals a credible
• 3:12
  path forward towards institutional adoption.
• 3:15
  If realized, this would mark a significant milestone for crypto
• 3:19
  integration within traditional public investment time works in
• 3:23
  Asia. Now, what's really interesting
• 3:25
  about all of this is the size of essentially the global pension
• 3:30
  fund, the global pension on assets, right?
• 3:32
  So currently it's sitting at 58.5 trillion at the end of
• 3:36
  2024, a 4.9% increase compared to the previous year.
• 3:41
  So bitcoins current market cap is sitting at roughly only two
• 3:45
  trillion, right? You know, we always see the
• 3:47
  graph by Michael Saylor talking about the global assets.
• 3:50
  It's roughly at 900 trillion. Just pension funds themselves
• 3:54
  sit at 58 trillion. So just put a just put a small
• 3:58
  percentage, right. So let's say global pension
• 4:01
  funds put one to two. And we all know how that starts.
• 4:04
  You dip your toe in and with, you know.
• 4:07
  You buy a little bit of. Bitcoin You end up being 100%
• 4:09
  exposed after you realize it's the best asset the world has
• 4:11
  ever seen. Right.
• 4:12
  So you can just imagine these pension.
• 4:14
  Funds they, you know, they start seeing Oh my God, you know this.
• 4:17
  Is probably a really good idea. And, you know, they start
• 4:20
  getting more exposure and this is obviously number goes up.
• 4:23
  And I think that's what we're all witnessing here.
• 4:26
  The other thing I'll say, and I want to take advantage of the
• 4:28
  fact that we have Michelle weekly on the show and of
• 4:31
  course, my beautiful wife to my left, Sophie joining us.
• 4:34
  Michelle, why do you think that these pension funds haven't
• 4:38
  gotten direct exposure to Bitcoin yet?
• 4:41
  Why do you think it's always been they've, they've been
• 4:45
  buying proxies, you know, they've they've been buying
• 4:47
  MicroStrategy, they've been buying Coinbase, some have been
• 4:51
  buying the ETFs, but I haven't seen any news of any of these
• 4:57
  pension funds buying spot Bitcoin.
• 5:00
  My question to you is. Why is that?
• 5:02
  Happening #1 and #2 doesn't that create kind of like a danger for
• 5:06
  potential paper Bitcoin? Absolutely.
• 5:09
  So you know, the big institutions are always late and
• 5:13
  slow to adopt. They like to think of themselves
• 5:16
  as slow and steady, but they're really just cautious and they're
• 5:19
  late adopters. So like you mentioned before, we
• 5:22
  really just received regulatory clarity from the United States,
• 5:26
  which is the largest market and really a signal to global
• 5:29
  markets. So there was a lot of regulatory
• 5:34
  like reasons regulatorily that people were not adopting.
• 5:37
  And now that that's been cleared up and everybody has like a
• 5:41
  green light, they're coming, I think there will always be a
• 5:44
  large percentage of them that do hold paper Bitcoin, but
• 5:48
  inevitably some of them will come to hold the asset itself
• 5:52
  and those will be the most valuable companies in the
• 5:56
  future. Yeah, 100% agree with you.
• 5:59
  What? Sophie?
• 6:00
  What's? Your take on this?
• 6:02
  I think it's something well, obviously what Michelle said,
• 6:06
  but it's also something that I've seen like in my own family,
• 6:10
  I think people that have pensions are probably older
• 6:13
  people, people who, you know, are of a later age and they
• 6:17
  don't they don't understand the low time preference that it
• 6:21
  takes to be a bitcoiner. They don't understand that you
• 6:24
  have to hold for a long time and they would rather have something
• 6:27
  a little bit more stable. But the the number one thing
• 6:31
  that orange pills everybody is number go up.
• 6:34
  And so I think that as number go up, people are going to keep
• 6:38
  buying in, but regardless, they're going to have to wait
• 6:41
  for, you know, they're going to have to pay their dues and and
• 6:44
  go through the cycles a. 100% I think and also too like there's
• 6:47
  a cost of waiting right? Like I think right now where the
• 6:50
  US government essentially put a rubber stamp of approval.
• 6:53
  By the way, I want to give a shout out to the live stream
• 6:55
  about to break 1000 live viewers between YouTube and X.
• 6:58
  If you guys are enjoying the show so far, make sure to.
• 7:00
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• 7:02
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• 7:03
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• 7:05
  You're watching some of the Bitcoin live.
• 7:07
  I'm hosting the show today at Nico.
• 7:08
  With my wife. Next to me and of course we got
• 7:10
  Michelle weekly in this in the house.
• 7:12
  Michelle, I got a question for you late.
• 7:14
  Earlier on in the week there was news kind of relating to what
• 7:17
  we're talking about this this topic.
• 7:19
  There was news about Coinbase joining the S&P 500.
• 7:23
  Now, the reason that this is such a massive deal is a lot of
• 7:26
  people you're talking about the older generations have exposure
• 7:30
  to to index funds and the index funds love the S&P 500 that's.
• 7:35
  Like the thing? Right.
• 7:36
  So the fact that COIN Base is joining the S&P 500, I believe
• 7:40
  it was May 19th, I think it already happened, essentially
• 7:44
  means that look, if you have an index fund that has exposure to
• 7:48
  the S&P 500, you have indirect exposure to Bitcoin whether you
• 7:53
  like it or not, When you disagree with Bitcoin, whether
• 7:56
  you don't like the industry you now have.
• 7:58
  Exposure to Bitcoin. Every single person that has an
• 8:01
  index fund that has SNP 500. Has indirect exposure to Bitcoin
• 8:06
  and I think that's absolutely massive.
• 8:08
  And we all know, again, you dip your toe into the pool, into the
• 8:11
  Bitcoin pool, the orange pool, whatever you want to call it,
• 8:13
  and you end up going 100% a couple years later.
• 8:15
  I wish. I wish I did a lot.
• 8:17
  Sooner. Anyways, Michelle, what's your
• 8:18
  opinion on that? Yeah, I agree that it's huge.
• 8:20
  I mean, mainstream adoption is really, we're just at the tip of
• 8:23
  the iceberg of mainstream adoption.
• 8:25
  And this is how it happens. You know, Wall Street starts and
• 8:29
  then there's an avalanche of it. So we see moves like this.
• 8:32
  We see the continued normalization of asset
• 8:35
  allocations of crypto and Bitcoin companies, and it's just
• 8:39
  going to grow. Yeah, I 100% agree with you.
• 8:43
  Also I do want to mention also this article from I think I
• 8:46
  believe. It was decrypt.
• 8:48
  Let's check it out the the title is Bitcoin on track to hit
• 8:51
  $500,000 as government entities increase MicroStrategy Holdings
• 8:58
  standard charter. Now what's really interesting
• 9:00
  again, the, the, the pattern that I'm recognizing here,
• 9:03
  regardless of the country, the state, this specifically applies
• 9:07
  to US retirement funds in California and New York.
• 9:11
  Again, it's not direct exposure to Bitcoin, it's indirect
• 9:15
  exposure to Bitcoin through MicroStrategy.
• 9:17
  I think that can explain a lot of Microstrategy's performance
• 9:21
  to be honest with you. I think a lot of people don't
• 9:23
  want to risk their careers potentially by just buying spot
• 9:26
  Bitcoin or buying the ETF. So they buy a stock instead,
• 9:30
  right? I think that's a much safer kind
• 9:32
  of career move and, and that could explain a lot of
• 9:35
  Microstrategy's performance recently.
• 9:37
  We're going to talk about Metaplanet as well during the
• 9:39
  numbers segment. It's been absolutely crushing.
• 9:41
  I think it it like it went up 100% in like I think 24 hours
• 9:46
  yesterday. So we're going to cover that
• 9:48
  during the numbers segment. Anyways, it goes on to say
• 9:51
  Bitcoin price remains on track to hit half, $1,000,000 before
• 9:55
  Donald Trump's current term ends, after government entities
• 9:58
  increase their indirect exposure to Bitcoin in the first quarter.
• 10:02
  It goes on to say. And this is according to global
• 10:05
  head of digital assets research at standard charter, whether it
• 10:09
  was South Korea's national pension fund, the Swiss National
• 10:12
  Bank or US state retirement funds, government entities,
• 10:16
  recent holdings of strategy, which owns around 576,000
• 10:21
  Bitcoin quote was very encouraging, wrote in a note on
• 10:25
  Tuesday. That group also included Swedish
• 10:27
  pension funds, a state owned bank in France and the Saudi
• 10:31
  central bank. So you got to break that down.
• 10:33
  I mean, this is a global phenomenon.
• 10:35
  You have South Korea, you have the Swiss bank.
• 10:39
  Switzerland is, you know, tend to be known to be very
• 10:41
  conservative when it comes to banking in general.
• 10:44
  You have Swedish, the Swedish pension funds, you have a state
• 10:48
  owned bank in France and you have the Saudi, the Saudi
• 10:51
  central bank. I mean, this is a global, you
• 10:54
  have, you have America, you have Europe, you have, you know, Asia
• 10:58
  in there. Like this is a global
• 11:00
  phenomenon. But again, it's indirect
• 11:02
  exposure. It's exposure through strategy.
• 11:04
  It's not exposure through buying spot Bitcoin.
• 11:07
  It goes on to say in the first quarter, 12 government entities
• 11:09
  increased their exposure to strategy, holding 31,000 Bitcoin
• 11:13
  worth of strategy shares. It goes on to say although
• 11:16
  investors can gain exposures of Bitcoin through spot ETFs that
• 11:19
  were approved in the US last year, government entities
• 11:22
  increased strategy holdings reflect quote widening
• 11:25
  structural demand for Bitcoin and strategies continued use as
• 11:30
  a Bitcoin proxy. It goes on to say, quote, we
• 11:32
  believe that in some cases MSTR holdings by government entities
• 11:36
  reflect a desire to gain Bitcoin exposure where local regulations
• 11:41
  do not allow direct BTC holdings.
• 11:43
  So very, very interesting. So again, Michelle kind of
• 11:48
  doubling back to the conversation we were having
• 11:50
  earlier on in the show, you know, ideally what this is all
• 11:55
  about is people holding Bitcoin in self custody.
• 11:58
  Like, and I think that this cycle, like specifically what
• 12:01
  has happened is we've had a giant influx of the number go up
• 12:05
  crowd. That's what I've noticed this
• 12:06
  cycle. It's like number go up, you
• 12:08
  know, strategy meta planet. Great.
• 12:11
  I'm a big fan. Not not I'm not, you know, I'm
• 12:13
  not trying to, you know, talk badly about them.
• 12:15
  Big fan of both, right. But I feel like the fundamentals
• 12:18
  of Bitcoin, like the cypherpunkness of, you know, a
• 12:22
  cycle ago has essentially gone by the wayside.
• 12:24
  Like people just. Forgot about it.
• 12:26
  Essentially. So what's your take on that?
• 12:28
  Like what? Why is self custody so
• 12:29
  important? Yeah, so it's unfortunate, but I
• 12:33
  think it was also inevitable. I mean, we don't get to hyper
• 12:36
  bitcoinization if you just have this small little crowd of
• 12:39
  cyberpunks. But we all know who was here in
• 12:43
  the beginning and and who was here before Wall Street
• 12:45
  adoption, who was here when they were persecuting people for for
• 12:50
  trying to persecute people and in some countries really going
• 12:53
  after people for holding their own Bitcoin.
• 12:55
  I think the unfortunately the number of people that care about
• 12:59
  freedom will always be a smaller percentage of the population.
• 13:04
  So but that it's never going away.
• 13:06
  And the most important thing is that Bitcoin is here and it does
• 13:10
  offer freedom if you are going to stand up and take it.
• 13:13
  So we may see, you know, the percentages change where you get
• 13:17
  thousands and thousands of people coming in via exposures
• 13:21
  with traditional markets, but it is still an asset that's
• 13:24
  available to cyberpunks, to people that care about, you
• 13:28
  know, getting out of the traditional Fiat systems.
• 13:30
  And I think ultimately on a longer time frame, we will see
• 13:34
  Bitcoin de dollarize the entire world and then we will have one.
• 13:39
  Do you do you think, do you think it's a A?
• 13:41
  Net positive that Bitcoin essentially is, is going into
• 13:45
  the capital markets and you essentially have you know, you
• 13:48
  have all these quote UN quote Bitcoin treasury companies
• 13:51
  popping up globally here in the United States alone, you have of
• 13:54
  course, strategy they the with the rebrand, you have Nakamoto,
• 13:59
  you have 21. You think it's a net positive
• 14:02
  essentially because it seems like, you know, been in the
• 14:05
  industry for a couple cycles now and every cycle there's
• 14:08
  something that quote UN quote outperforms Bitcoin, right?
• 14:11
  You know, we all remember the ICO era and then it was kind of
• 14:14
  like the altcoin. Era of 21.
• 14:16
  I feel like this era is, is it's kind of like the Bitcoin holding
• 14:22
  company that's like the, that's the brand new, that's the thing,
• 14:27
  that's the thing, that's the current thing, you know?
• 14:29
  So what's the longevity on these things cause a lot of these
• 14:32
  companies like, you know, I know they're getting very favorable.
• 14:35
  Terms and you know, the, the the.
• 14:38
  Rates at which they're borrowing money.
• 14:40
  Are, you know, incredibly low? But at the same time they are
• 14:44
  leveraging. Themselves to buy Bitcoin.
• 14:46
  Like, let's put it bluntly, is there any type of danger in
• 14:50
  that, Michelle? Well, I think so.
• 14:52
  I mean, I kind of view it as, you know, exposure to these
• 14:56
  assets. I find people that are excited
• 14:58
  about exposure to these assets are really chasing Fiat returns.
• 15:02
  And the thing each cycle is always chasing quick and fast
• 15:08
  dollar returns. But ultimately what will win is
• 15:11
  the people holding the Bitcoin at the end of the day, right?
• 15:15
  So in my opinion, you shouldn't let these structures or these
• 15:19
  like short term plays separate you from your stats because
• 15:23
  what's going to matter in the next 5-10 or generations, 5-10
• 15:27
  years or generations ahead is who's actually holding the
• 15:31
  Bitcoin. So you don't want to trade that
• 15:32
  for anything. You don't want to trade that for
• 15:35
  some crypto, some ICO or some stock, You know, like what are
• 15:39
  you in that for? Ultimately, I think you're in
• 15:42
  that for more dollars, which is fine for a short term play.
• 15:46
  But if you think about it long term, what do you want to be
• 15:48
  holding? You want to be holding the
• 15:50
  underlying asset and that is Bitcoin in self custody.
• 15:53
  Absolutely. And Sophie, what's your, what's
• 15:55
  your take on this, specifically the, the self custody aspect of
• 15:58
  it? Because I remember, you know,
• 16:00
  the, you know, the first couple of years when I entered the
• 16:03
  industry, you looked at me like a absolute crazy person.
• 16:07
  And then, you know, and then you took the orange pill as number
• 16:10
  go number went up. But the self custody aspect of
• 16:13
  it isn't easy for the everyday person that perhaps you know, is
• 16:17
  it on Bitcoin Twitter every single day, you know, screaming
• 16:20
  from the rooftops. Yeah, I think that's exactly
• 16:23
  right. I think self custody is
• 16:25
  extremely inconvenient, especially to those who hold the
• 16:29
  majority amount of wealth right now, which are the boomers.
• 16:32
  They are the people with the pension funds and that's why
• 16:36
  these holding companies are so attractive to them, because at
• 16:39
  the end of the day, in the short term, they do want dollars.
• 16:42
  They want to be able to ride into the sunset and burn their
• 16:46
  wealth and not leave anyone with anything.
• 16:48
  But The thing is there is a silent wealth transfer that is
• 16:54
  happening currently as we speak. Every single person that owns
• 16:58
  their Bitcoin in self custody is slowly and stealthily taking the
• 17:03
  wealth back and reclaiming their power.
• 17:06
  I think that by taking self custody, that's exactly what
• 17:10
  we're doing. We they think that there's,
• 17:13
  they're gaming the system, that they are still going to be the
• 17:16
  middle man, that the banks are never going to go away, that
• 17:19
  they're still going to have the same system.
• 17:22
  But the reality is that once self like people who have self
• 17:26
  custody that we have enough power with, with the amount of
• 17:30
  value that Bitcoin gets over time, they're going to actually
• 17:34
  be relying on us. They're going to be, they're
• 17:37
  going to be wanting us to borrow Bitcoin and, or to lend against
• 17:42
  their Bitcoin because we're going to be the only ones that
• 17:44
  have that type of, of value and assets.
• 17:48
  So what I think what's happening now is a silent transfer of
• 17:52
  wealth from one generation to another.
• 17:54
  And right now, the holding companies that supposedly have
• 17:59
  Bitcoin, it's this is just like a stepping stone to the
• 18:02
  inevitable. I think that's an incredible
• 18:05
  point, specifically about the older generations, you know, not
• 18:07
  being comfortable with self custody and just, you know, they
• 18:11
  go on the Charles Schwab account.
• 18:12
  They're like, oh, this. Is this is BlackRock ETF so?
• 18:16
  My account is up 5% today. Sounds.
• 18:18
  Pretty good, right? Sounds.
• 18:19
  Pretty good. I'm gonna just buy the ETF
• 18:22
  through my Schwab account or Robin Hood, whatever.
• 18:26
  Because it's what they understand.
• 18:28
  Yeah, Yeah, exactly right. And then there's this radical
• 18:31
  form, we gotta be honest here, this new radical form of
• 18:35
  thinking, which is, you know, writing, stamping your seed
• 18:38
  phrase on a piece of metal and, you know, buying a hardware
• 18:42
  wallet and. But what?
• 18:43
  What's sillier doing that? Or like writing out on a piece
• 18:47
  of paper that has your checking account and routing number and
• 18:50
  just like handing the paper to someone you know I'm talking
• 18:53
  about. Checks that and then having to
• 18:55
  get into your car or walk across the street to go to the bank to
• 18:59
  deposit the check so that it hits your account in two to
• 19:02
  three business days like. No, it it, it, it's great.
• 19:05
  And then also like. Sending a wire.
• 19:07
  I I. I used to.
• 19:08
  It's awful. I used to tweet this like back
• 19:10
  in the day. I was like, look, you send a
• 19:12
  wire, you know, Bitcoin wins. Yeah, you send you send one wire
• 19:15
  transfer like, you know, Bitcoin wins.
• 19:16
  It's like they're they're like, what is this wire?
• 19:19
  Like you go to the bank, like what is this wire for, you know,
• 19:21
  take the process takes like an hour.
• 19:23
  It's crazy. It's.
• 19:24
  And it costs like 25 to $50 regardless of the amount of your
• 19:28
  wire. Yep, like flat fees they can't
• 19:31
  explain. It's just like, all right, it's
• 19:32
  25, you know. So yeah, I completely agree.
• 19:34
  And, and I think that's really kind of like the, the general
• 19:37
  theme of the segment of the show, which is there's, there's
• 19:40
  two phenomenons that are happening, which is the world is
• 19:42
  getting a taste of Bitcoin. Ideally, it's not, you know,
• 19:46
  it's spot. Ideally a lot of that is
• 19:47
  concentrated with the custodian, which is Coinbase to be
• 19:50
  specific. Coinbase is like the custodian
• 19:53
  for the vast majority of the ETFs and I believe sailors stack
• 19:57
  as well. So it's just a massive
• 20:00
  concentration of Bitcoin and obviously that creates the the
• 20:03
  risk of re hypothecation. But I think the signal here as
• 20:08
  Bitcoiners, you really have to pay attention to is, guys, if
• 20:12
  you really want to reclaim back your sovereignty, regardless of
• 20:15
  the political environment, regardless of what's happening
• 20:18
  around you, regardless of where you live, to be frank, you can
• 20:22
  acquire Bitcoin, buy it, earn it, mine it, put that Bitcoin
• 20:25
  into self custody, and by doing so, you become a sovereign
• 20:28
  individual like you. You now have.
• 20:29
  The power to vote with your feet go to a more favorable
• 20:33
  jurisdiction, and that's really what's happening here.
• 20:35
  That's really the beauty of Bitcoin, you know, So the
• 20:38
  holding. Companies are great.
• 20:39
  These pension funds acquiring Bitcoin?
• 20:41
  Phenomenal. It's great for number go up or
• 20:43
  reaching. All time highs.
• 20:44
  We're sitting at 111,000. I can't believe I'm even saying
• 20:48
  that right? But I think the signal and for
• 20:51
  everyone to remember is not your keys, not your cheese.
• 20:54
  You want to take self custody, right?
• 20:55
  Anyways guys, it's been an amazing show.
• 20:57
  We have tons to cover, lots of stuff.
• 21:00
  Apparently Opti was telling me this this morning.
• 21:04
  The bond market is absolutely blowing up, so we're going to
• 21:08
  cover that a little bit. How does Bitcoin?
• 21:11
  Fit into that. But before we jump into that, I
• 21:14
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• 22:41
  Alright everybody, let's get some numbers.
• 22:42
  We have tons to talk about. We will be right back in just a
• 22:45
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  I mean, here is the plate that they crushed, they put in water,
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  Scan the QR code. Oh, sorry, wrong.
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  Opti's not here today. Scan the QR code on your screen.
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• 24:36
  At the time of recording, Bitcoin is at $111,300 block
• 24:40
  height. 897,872 sats per dollar under not only under 1000, under
• 24:47
  900. Holy cow 898 sats per dollar.
• 24:51
  Wow, I remember, I, I remember when $100 just to buy you a
• 24:55
  million sets, right? Like holy cow, man.
• 24:58
  Market cap 2.21 trillion Bitcoin versus gold market cap 9.54%.
• 25:04
  We still got a long ways to go. Percentage issued 94.61% decline
• 25:09
  from all time high -.5% realized monetary inflation, continuing
• 25:13
  to take Fiat currencies to absolute school.
• 25:15
  We're sitting pretty at .84%. Anyways, I was.
• 25:20
  Talking to Opti about this this morning and.
• 25:22
  There's what I want to talk about.
• 25:23
  The music is stopping. Apparently the bond market is
• 25:28
  not doing so hot. In fact, if you guys know this
• 25:32
  movie Margin call, this is the point where we are in the movie
• 25:36
  where they call in the big guns. They call in the dude with the
• 25:38
  red tie that flies in with the helicopter and he's like, what's
• 25:42
  going on? And basically they're saying
• 25:43
  like, look, things are collapsing right now.
• 25:47
  You got to pay attention to what's going on.
• 25:49
  So before I make the case, I have a video.
• 25:51
  I have a clip of Ray Dalio talking about why, you know it's
• 25:54
  so important to pay attention to these things.
• 25:56
  Watch the bond market. The bond market is the basis.
• 26:01
  It's the backbone of all markets.
• 26:05
  It is the risk free, meaning default free, probably default
• 26:13
  free interest rate that determines what all asset
• 26:21
  returns are going to be. And when there is a breakdown of
• 26:26
  the supply demand picture for the bond market, you see a
• 26:30
  certain type of market action. You see long rates rising
• 26:34
  relative to short rates. You see the currency go down,
• 26:40
  you see gold go up because there's a movement out of that
• 26:45
  bond market, because there's a supply and demand imbalance.
• 26:51
  When that happens, that raises interest rates and it puts the
• 26:56
  Federal Reserve and other central banks in a bind that
• 27:00
  supply, demand imbalance in order to deal with that.
• 27:03
  When there's not enough demand, they're torn between allowing
• 27:09
  interest rates to rise and have the negative effect that that
• 27:14
  has on markets and the economy, or coming in and printing money
• 27:19
  essentially and buying bonds in order to provide the demand for
• 27:27
  those bonds that aren't there and that all.
• 27:32
  Right, ladies and gentlemen, this is where we are in the
• 27:35
  movie. This is what is happening in
• 27:38
  slow motion. And Ray Daliot explained, you
• 27:42
  know why this is so important. Now, one of the things that I, I
• 27:44
  got to point out that he said he says if the bond market defaults
• 27:48
  right? He said big if right.
• 27:49
  He said it never defaults, but there's a possibility.
• 27:53
  And then he kept describing, you know, the things that have been
• 27:57
  happening. How has gold been performing
• 27:59
  recently? Extremely well.
• 28:02
  Gold's been going to the moon, right?
• 28:04
  So let's take a kind of further, further deep dive into this.
• 28:08
  And again, this is a Yahoo Finance article.
• 28:11
  This isn't on Zero Hedge or anything.
• 28:13
  The headline is why is the Fed quietly buying billions in bonds
• 28:18
  and hoping nobody notices? Well the TLDR is nobody wants to
• 28:22
  buy the bonds. They don't feel secure in the
• 28:26
  bonds, right? So essentially, there's only
• 28:28
  really one way out of this, the only way out of this.
• 28:31
  And Larry Leopard wrote an amazing book.
• 28:33
  It's called The Big Print. The Only Way Out of This is
• 28:37
  Money printer go Burr. And the reason we're talking
• 28:39
  about this is if you're most likely sitting in Bitcoin or you
• 28:42
  have exposure to Bitcoin, if you're watching simply Bitcoin,
• 28:45
  when money printer goes Burr, Bitcoin tends to go to the moon,
• 28:49
  right? But again, this is this is this
• 28:52
  is bad. This is bad.
• 28:53
  Essentially no one has confidence in in in US bonds and
• 28:58
  the Fed has to go in there and buy the bonds themselves.
• 29:01
  So essentially the money printer is using the printing the
• 29:04
  printed money to buy the bonds that the market doesn't want to
• 29:07
  buy. And this isn't just happening in
• 29:09
  the United States. In Japan, it's way worse.
• 29:12
  And by the way, you want to know why the micro, why the
• 29:15
  metaplanet stock has been performing the way it has?
• 29:19
  You want to know why it's mooning?
• 29:21
  It's because people are leaving bonds.
• 29:23
  They they're leaving bonds perhaps in Japan.
• 29:26
  I believe that the capital the the the tax the way that things
• 29:30
  are taxed. If you have a gain on Bitcoin.
• 29:34
  And the tax rate is significantly higher if compared
• 29:38
  to if you have a gain on a stock, right?
• 29:40
  So, but people still want exposure to Bitcoin.
• 29:42
  So what do they do? They buy Metaplan instead
• 29:45
  because they know that's basically by proxy buying
• 29:47
  exposure to Bitcoin. And look, I mean.
• 29:50
  The stock is, let's say, in a year.
• 29:53
  Has. Gone up 580. 5.
• 29:57
  Percent. I mean, just in the last couple
• 29:59
  days it went up from $4.00 to. To $15.00, That's absolute
• 30:04
  insanity. Now, why is this happening?
• 30:06
  I mean, it's so crazy because, you know, our Internet, the, the
• 30:11
  Bitcoin culture, the meme culture has infected the
• 30:15
  Financial Times. They're using memes now to kind
• 30:18
  of, you know, describe what's happening.
• 30:20
  So the headline is the Japanese government bond market is in
• 30:24
  trouble and there's a meme. I fear no man, but that thing,
• 30:29
  it scares me. That's absolutely hilarious.
• 30:31
  It goes on to say the Japanese government bond market was
• 30:34
  already having a. Bit of a springtime nightmare,
• 30:37
  but a poor auction of 20 year debt earlier this week has sent
• 30:40
  long and yield soaring to their highest level ever.
• 30:44
  Here's a long term chart of the 30 year Japanese bond yield.
• 30:48
  As you can see, there's been an almost parabolic rise in long
• 30:52
  term interest rates with seemingly no end insight.
• 30:55
  The 40 year Japanese bond bond now yields nearly 3.7%, up a
• 31:01
  full percent point just since the beginning of April.
• 31:04
  That hurts if the duration of the bond is, say, 20 years.
• 31:07
  Investors have lost almost 20% in just a few weeks in a high
• 31:13
  grade government bond. That sort of thing isn't just
• 31:17
  isn't supposed to happen in the developed markets.
• 31:19
  Bonds are supposed to be safe asset class.
• 31:23
  The internals of the Japanese bond market look even more
• 31:26
  worrying. The 40 year is a benchmark bond,
• 31:29
  a frequently quoted part of the bond curve.
• 31:32
  Spare a thought instead of for the 35 year old JGB.
• 31:37
  The 40 year old bond issued it four years ago.
• 31:41
  It now yields over 4.6%, almost 1% more than the on the run 40
• 31:47
  year JGB. As you can see, the the Japanese
• 31:51
  yield, Japanese yield curve is upward sloping.
• 31:54
  In fact, it's the steepest yield curve in the developed world.
• 31:58
  That means longer maturity bond should have higher yields.
• 32:02
  And yet that 35 year JGB now yields over 100 basis points
• 32:07
  more than the 40 year one simply because it is less liquid and
• 32:11
  off the run. That kind of glitchy pricing is
• 32:14
  pretty stark evidence of the evaporating demand for longer
• 32:18
  term Japanese debt. But.
• 32:20
  Again, this isn't just happening in Japan, so This is why I keep
• 32:24
  pointing this part. You guys have to watch this
• 32:26
  movie. This is where we are in the
• 32:27
  movie, where this is like, OK guys, you know what?
• 32:32
  The music is stopping and we got to find an effing chair.
• 32:35
  That's what's happening right now.
• 32:37
  Ray Dalio laid it out. He made the case as to why the
• 32:40
  bond markets are so important. You can make the case that
• 32:43
  they're the backbone of this. Again, this isn't just happening
• 32:47
  in Japan. The Yahoo Finance article, Why
• 32:50
  is the Fed quietly buying billions in bonds and hoping
• 32:53
  nobody notices? The reason for that is there
• 32:56
  aren't no buyers. That's what's happening now, the
• 32:59
  reason I'm talking about. All of this, guys.
• 33:01
  And the music stopping etcetera, etcetera is that if you are in
• 33:05
  Bitcoin, Bitcoin? Is the lifeboat.
• 33:08
  When when this? Thing you know does what it
• 33:10
  does, right? Again, we are on, and this isn't
• 33:13
  my words. This isn't simply Bitcoin being,
• 33:15
  you know, like panicking and dooming and glooming.
• 33:17
  These are Jerome Powell's words. United States is on an
• 33:21
  unsustainable fiscal path with its current debt.
• 33:24
  You know, the big bill that was just talked about was still
• 33:27
  being talked about in Congress. Again, the deficit spending.
• 33:30
  Is going to be crazy. the US government spends a trillion
• 33:33
  dollars every 100 days. A trillion with AT that's more
• 33:38
  than the GDP of most countries on planet earth.
• 33:40
  Just to give you guys a perspective, you know what the
• 33:43
  GDP of El Salvador is 32 billion 32 billion.
• 33:47
  The US government spends 100 trillion with a T every hundred
• 33:52
  days. So that means that in the next
• 33:54
  five years or so, just the interest on the debt alone is
• 33:58
  going to be the biggest expense for the US government.
• 34:01
  Forget about Medicare, forget about military, forget about any
• 34:04
  of that. Just the interest to service the
• 34:06
  debt, right? So I think the bond market is
• 34:10
  starting to reflect that. And This is why you have
• 34:12
  extremely intelligent people like Lynn Alden basically saying
• 34:15
  nothing stops this train. This is why you have extremely
• 34:19
  intelligent people like Larry Leopard writing the book, The
• 34:21
  big print, The only way out of this.
• 34:24
  I mean, I read you guys the article.
• 34:25
  When they say that the Fed is buying bonds, what they're
• 34:29
  basically saying is the Fed is creating money out of thin air
• 34:33
  to buy the bonds that the market doesn't want to buy.
• 34:35
  That's what it means. It's like a little kind of bait
• 34:38
  and switch. So anyways, Michelle, you're
• 34:42
  very intelligent. I'm sure you've been paying
• 34:44
  attention to this as well. Is the Titanic?
• 34:47
  Is the Titanic sinking? It is.
• 34:49
  This is how Fiat currencies hyperinflate and people think
• 34:53
  that that is, you know, some outlandish statement, but it's
• 34:57
  not it's just math. You know, like you said, people
• 35:00
  much smarter than all of us are screaming this from the rooftops
• 35:03
  and the math maths, the United States debt is going parabolic.
• 35:07
  Moody's, which is a credit rater, just downgraded the
• 35:11
  United States for the first time in history.
• 35:14
  So I honestly, I think what's coming is going to be worse than
• 35:17
  O 8:00. They have absolutely no option
• 35:20
  but to to print. Larry is correct.
• 35:22
  They will print and the, you know, this whole concept that
• 35:27
  nobody understands what's going on and they hope that we don't
• 35:29
  notice. That's all by design, right?
• 35:32
  They don't want you to know that the whole thing is a complete
• 35:34
  House of Cards. But it is.
• 35:36
  And it's about to fall. The music is about to stop.
• 35:39
  And you can only buy chairs with Bitcoin.
• 35:42
  I love that you can only buy chairs with Bitcoin.
• 35:46
  You guys have to understand where we are in the movie
• 35:49
  Sophie. I don't know if you've seen
• 35:51
  margin call, but we're going to watch it tonight.
• 35:54
  But yes, ladies and gentlemen, this is where we are.
• 35:57
  If you guys are familiar with the movie.
• 35:59
  I wish I could play this for you guys, but you know there's.
• 36:01
  Copyright and stuff. This is where we are in the
• 36:04
  movie Get yourself a Chair, and that chair is Bitcoin, by the
• 36:06
  way. By the way, BT dubs the when I
• 36:10
  say the chair is Bitcoin, that means spot Bitcoin in self
• 36:13
  custody, right? That is an actual chair.
• 36:16
  The other things that you know, the Bitcoin proxy is cool.
• 36:20
  It's like an imaginary chair. It's it's it's a chair as long
• 36:23
  as they allow it to be a chair. But when Bitcoin is in self
• 36:26
  custody, it's a chair. That's a rock.
• 36:28
  That's a chair made of I don't know what's the strongest thing.
• 36:31
  Titanium, I guess. Yeah, yeah.
• 36:33
  Anyways, Sophie, what are your thoughts?
• 36:36
  To be honest with you, I don't know much about bonds it I'm
• 36:41
  kind of learning as the conversation goes along.
• 36:44
  But if they're going to print more money to kind of sustain
• 36:48
  this House of Cards, like I'm all for it because that just
• 36:51
  means the acceleration of hyper bitcoinization and number go up.
• 36:55
  So I mean like go U.S. government, go Jerome Powell,
• 36:58
  keep doing what you're doing. Never change.
• 37:01
  We love that. Oh my God, does Sophie?
• 37:04
  No. I just, I'm like the little girl
• 37:07
  in the meme with the house burning down in the background.
• 37:10
  Like that's me. So Sophie, Sophie's an
• 37:13
  accelerationist. But no, no guys, this is like
• 37:15
  serious stuff like I'm telling. No this sucks.
• 37:17
  Like if you have bonds I feel sorry for.
• 37:20
  You, but it's not just if you have bonds, if you if you're not
• 37:23
  on the Bitcoin lifeboat like Michelle said it like worse than
• 37:27
  08 type of situation. No one, because.
• 37:30
  It's 08. It was like, oh, we're
• 37:32
  miscategorizing the bonds here. It's like, no, they're the right
• 37:35
  bonds. They're just not worth anything,
• 37:37
  yeah. The market, yeah, the market is
• 37:39
  pricing. Anyways, I do want to read this
• 37:40
  post by Preston. I think it's very important
• 37:44
  because again, I think everyone is seeing this again.
• 37:46
  Larry Leopard, Lynn Alden, some of the smartest.
• 37:48
  People in the industry at Preston is saying in the coming
• 37:52
  decades the volatility of bitcoins, price against
• 37:54
  desirable commodities, goods and profitable equity will
• 37:58
  eventually start to stabilize, but it's value against Fiat will
• 38:02
  only get more volatile and maybe even violently volatile.
• 38:07
  People showing you a chart where bitcoins volatility against Fiat
• 38:10
  is diminishing and suggesting that it'll only keep getting
• 38:13
  less volatile moving forward are seriously misunderstanding
• 38:17
  what's happening and where this is about to go next.
• 38:20
  But hey, I could be wrong and I think, you know, that's, you
• 38:24
  know, I guess again, there's, you know, this is nothing to
• 38:28
  celebrate about. Like I understand Sophie,
• 38:30
  because it's like, OK, hold Bitcoin and you know, never go
• 38:32
  out. This is like, this is
• 38:33
  catastrophic. This is really bad.
• 38:36
  And again, we didn't 'cause this, we're not responsible for
• 38:39
  this. This is the central banking
• 38:41
  system. This is what Michelle said.
• 38:43
  You're saying every Fiat currency?
• 38:45
  Ends like this, does it not? It does.
• 38:47
  All fiats fail. The average lifespan of a Fiat
• 38:51
  currency is 200 to 250 years. And we're there.
• 38:54
  It's the average lifespan of an empire as well.
• 38:57
  So that's a separate conversation.
• 38:59
  But all Fiat fails, you know, and the dollar has been the
• 39:03
  global reserve currency for our entire lifetimes.
• 39:06
  So there's a normalcy bias and we, you know, we just, we think
• 39:10
  it could never happen here. But you guys, you guys are, you
• 39:13
  guys know like it happened in Lebanon, it happened in Nigeria,
• 39:16
  it happened in Cyprus, it happened in Venezuela.
• 39:18
  Like currencies absolutely can and do hyperinflate, and you
• 39:24
  want to be prepared if that happens because the math is
• 39:27
  mahhing. Absolutely.
• 39:29
  You want to get something that cannot be debased, right?
• 39:32
  You want to get something, you want to get a hard asset.
• 39:34
  This is why gold is performing. You heard Ray Dalio himself,
• 39:37
  right? And again, you know, as
• 39:39
  Bitcoiners, we believe that Bitcoin is superior to gold.
• 39:42
  It has better characteristics. Gold is not absolutely scarce,
• 39:46
  right? So very interesting times.
• 39:50
  And again, the the US debt is unsustainable.
• 39:52
  Again, Jerome Powell's words, not mine.
• 39:55
  Pick up a copy of the big print. Take a look at Lynn Alden's
• 39:58
  work. Everyone is seeing the signs.
• 40:01
  We're starting to see the signs. Opti's starting to see the
• 40:03
  signs. It's incredibly obvious.
• 40:05
  Find yourself a chair before the music stops.
• 40:08
  I mean, not to be doomer gloomer, but again, you know
• 40:11
  it's there. You just have to pay attention
• 40:13
  to the signs. Anyways, guys, we're going to.
• 40:15
  Get to the news segment today. Is Bitcoin peaks a day?
• 40:19
  So we're going to be talking about that.
• 40:22
  Jerome, Sorry, I said that incorrectly.
• 40:26
  JP Morgan CEO Jamie Dimon clears Bitcoin for bank.
• 40:30
  That's right. One of Bitcoin's biggest
• 40:32
  naysayers, haters, is basically saying, you know what, for the
• 40:37
  bank, it's OK. You know, Bitcoin's fine.
• 40:40
  You know, I love the power free markets.
• 40:42
  Also, the Genius Act passes it's 60 vote threshold.
• 40:46
  I believe the final vote was 66. So that's awesome.
• 40:51
  Incredible victory for Senator Lummus.
• 40:54
  And you know, Senator Warren was on the floor.
• 40:56
  It's just I got a screenshot of it is incredibly symbolic.
• 41:00
  Now again, this is a stable coin bill, but it is positive for
• 41:05
  Bitcoin because again, it creates more regulatory
• 41:07
  certainty for the industry. And the next bill to come after
• 41:11
  this is going to be the Bitcoin Act 2.0 that was introduced by.
• 41:16
  Senator Lummis and Congressman Biggich of Alaska.
• 41:19
  So anyways, we're going to talk about all that in just a second.
• 41:22
  We will be right back. We're.
• 41:23
  Going to hit the news. I want to give a shout out to
• 41:26
  our sponsor Casa. Casa makes self custody easy and
• 41:30
  secure. As a bitcoiner I care about
• 41:33
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  5% off anything on the store. All right everybody, we are
• 43:34
  back. Like I said, historical moment,
• 43:38
  Genius Act passes 60 vote threshold and needed sixty votes
• 43:43
  to get over the cloture. And it's essentially be
• 43:47
  considered. And again, that was the hardest
• 43:50
  part. The hardest part was getting 60
• 43:52
  votes because essentially there needed to be an element of
• 43:55
  bipartisanship. And me and Sophie were
• 43:57
  essentially watching this as like a sports game.
• 44:00
  And it was stuck. It was it.
• 44:01
  It got 60 votes. And then I, I believe Senator, I
• 44:05
  forget his name, but I have it. I think Warnock.
• 44:09
  Yeah, Senator Warnock withdrew his vote.
• 44:11
  It went down to 59. And then then all of a sudden,
• 44:15
  like when time was getting to the very end, all these senators
• 44:18
  piled up and it got to 66 votes and it passed.
• 44:21
  So big win. I, I would say for the industry,
• 44:24
  it, it creates regulatory certainty and clarity for, you
• 44:28
  know, stablecoins. And again, this indirectly, I
• 44:30
  think benefits Bitcoin because it tells, you know, companies
• 44:35
  and and countries essentially that the US government is, you
• 44:39
  know, thinking long term when it comes to when it comes to
• 44:42
  digital assets. Here is Senator Lummus, the
• 44:46
  Bitcoin senator from Wyoming. She says genius, the genius
• 44:49
  she's referring to the genius Act establishes America as the
• 44:51
  leader in digital assets. Now, what I found really, really
• 44:55
  interesting, the next headline is JP Morgan CEO Jamie Dimon
• 45:00
  clears Bitcoin for bank. I mean, I swear to God, it's so
• 45:05
  interesting because every single time you know, any, every
• 45:09
  naysayer has just gotten owned, right?
• 45:12
  I think Peter Schiff is Schiff is speaking at the Bitcoin
• 45:16
  conference, right? Like what does he have to say at
• 45:18
  this point? You know, like Bitcoin obviously
• 45:21
  won, right? So anyways, JP Morgan CEO still
• 45:24
  isn't a fan of Bitcoin, but he's not letting his personal
• 45:27
  feelings get in the way of business at the bank quote when
• 45:30
  I look at the Bitcoin universe. The leverage in the system, the
• 45:33
  misuse, he said at the company's annual investment day Monday,
• 45:36
  noting that ban bad actors can use it for trafficking and
• 45:40
  terrorism. Quote, I am not a fan of it.
• 45:43
  We're going to allow you to buy it and we're not going to cussy
• 45:47
  it. We're going to do it to put on
• 45:50
  statements for clients. So, you know, I don't think we
• 45:53
  should. I don't think we should smoke,
• 45:55
  but I defend your right to smoke.
• 45:56
  I defend your right to buy Bitcoin.
• 45:58
  Go at it. I mean, if that is a that you
• 46:01
  guys, you don't understand, that is the biggest victory.
• 46:05
  Take a victory lap. That that is a concession.
• 46:08
  The reason he's doing this, and I'm telling you that it's the
• 46:11
  same reason that I was telling you that like the moment the US
• 46:15
  government, the moment that Trump got elected, I said, look,
• 46:18
  Russia and China, regardless of how they feel about Bitcoin,
• 46:21
  they're inevitably going to have to buy Bitcoin because market
• 46:24
  forces are essentially going to put pressure on them to say,
• 46:27
  hey, you know what, if we don't want to get left behind by the
• 46:30
  United States, we're probably going to have to buy the dip.
• 46:34
  We're probably going to have to stack some corn, right?
• 46:36
  And this is exactly what happening.
• 46:38
  What happened to JP Morgan, right?
• 46:40
  You know what's happening? High network clients are
• 46:42
  basically saying, hey, guys, why don't you offer this?
• 46:45
  Like, you know, like I'm one of your biggest clients.
• 46:47
  I'm, I'm worth, you know, $10 million, a $100 million, Like,
• 46:50
  why can't I buy Bitcoin through you?
• 46:52
  Like what's going on? They don't want to lose that
• 46:54
  clientele, right? So what are they doing?
• 46:56
  They say, OK, you know what, yes, you can.
• 46:58
  We can, we can sell you Bitcoin, but you can't go see it with it.
• 47:01
  Like that's a that is a win. This is like the equivalent of
• 47:05
  when the Vanguard CEO basically said, yeah, we're not going to
• 47:08
  allow it like BlackRock. And then literally the CEO got
• 47:12
  resigned like two or three weeks later.
• 47:15
  It's the equivalent to that, you know, and you got to love market
• 47:18
  forces when they do it. But anyways, what I wanted to
• 47:20
  focus on today, because it is a celebration a little bit, it is
• 47:24
  Bitcoin peaks a day. So essentially Bitcoin peaks a
• 47:27
  day for anyone who's new to the industry, I'll explain it.
• 47:31
  Essentially what happened. Bitcoin peaks a day celebrated
• 47:34
  every year on May 22nd marks the first time Bitcoin was used to
• 47:39
  buy physical good. So again, it became money on
• 47:43
  that day. So May 22nd of 2010 is when
• 47:46
  Bitcoin became money and it became money when it was used to
• 47:49
  buy a physical good in real life.
• 47:52
  And I'll take check out the amount on this day in 2010.
• 47:56
  Laszlo, sorry I can't pronounce the name, a a Florida based
• 48:00
  programmer paid 10,000 BTC 10,000.
• 48:04
  That's like a billion dollars for two large Papa John's pizzas
• 48:08
  worth about $41.00 at the time. He didn't order them directly.
• 48:12
  Instead, he posted on Bitcoin Talk.
• 48:15
  Forum offering the coins and another user accepted the deal
• 48:19
  and ordered the pizzas for him. That transaction is now
• 48:22
  legendary in crypto circles because those 10,000 BTC would
• 48:26
  be worth over 1.1 billion today. The purchase wasn't instant.
• 48:33
  It took four days. For someone to agree to the
• 48:35
  trade, which shows just how new and uncertain Bitcoin was back
• 48:40
  then. And today is that day.
• 48:42
  We're celebrating Bitcoin peaks today.
• 48:44
  I believe Papa John's there, Papa John's pizza, Papa John's
• 48:47
  still this day. I think it has like a special
• 48:49
  offer on Bitcoin peaks a day or something.
• 48:51
  I think you could still pay in Bitcoin, but I mean 10,000 that
• 48:55
  that was the price for. Bitcoin to become money?
• 48:58
  Because before then it was an experiment they like they're.
• 49:02
  The only money people knew was Fiat.
• 49:04
  It was. Dollars.
• 49:04
  It was coins. What?
• 49:05
  Do you mean this? Digital money that comes out of
• 49:08
  these at the time CPUs like that isn't money.
• 49:11
  Like what are you talking that has no value?
• 49:13
  He made it valuable. He basically said, oh, it does
• 49:16
  have value. I'm going to use it as money.
• 49:18
  And then ever since now we have nation states.
• 49:21
  Did they even have Venmo or Zell or anything at that point?
• 49:24
  Yeah, this was the first time that there was an instant
• 49:27
  payment of that kind that that could be done.
• 49:30
  So that's pretty cool. Yeah, 100.
• 49:32
  I mean those were the the. BBM days the the You guys
• 49:34
  remember the BBM days, right? BlackBerry.
• 49:37
  Yeah, the BBM days, BlackBerry Messenger and you know, brick
• 49:42
  Breaker like that, that was that that's that's 2010, right?
• 49:46
  Like that's how that's how early it was.
• 49:48
  The Internet was a totally like YouTube wasn't even taken off
• 49:52
  back then. Facebook was relatively new.
• 49:54
  Myspace was still being used right where you like, got to
• 49:58
  like put who your favorite friends are and stuff.
• 50:00
  Like that, That was amazing. Let's bring that back.
• 50:02
  Yeah, let's bring it back. And you get to customize your
• 50:05
  page with HTML and all that stuff.
• 50:07
  Anyways, Michelle, how do you feel Bitcoin peaks the day?
• 50:10
  I mean, this guy's not this guy's.
• 50:14
  I'm from Miami. I apologize.
• 50:16
  Peak stuff peaks, but it's. Super cool and right on the
• 50:20
  heels of Steak and Shake accepting Bitcoin, right?
• 50:23
  So I mean, what an amazing time it is to be in Bitcoin.
• 50:28
  So Steak 'n Shake and a national chain has just started accepting
• 50:32
  Bitcoin. And so there's no better time to
• 50:35
  celebrate Pizza Day, where it all started.
• 50:38
  Yeah, 100 percent, 100%. Do you think people should be I
• 50:42
  I saw some screenshots of Bitcoiners on on We still got to
• 50:46
  go to Steak 'n Shake. We got to go.
• 50:47
  To steak N. Shake and and they are seed oil
• 50:50
  free so oh they're. Not.
• 50:52
  Only not only do they accept Bitcoin, but they follow the
• 50:56
  Bitcoin ethos and you know, they, they've been hearing us
• 50:59
  all complain about the seed oil. So that's really cool.
• 51:01
  They use beef tallow and they're, I believe that their
• 51:05
  beef is 100% grass fed as well. So that's good stuff.
• 51:09
  That's good stuff. We can actually go there tonight
• 51:11
  if you want. It's even though it's pizza day.
• 51:14
  Everybody go eat a burger for pizza day.
• 51:17
  Buy it in Bitcoin. It's almost as if Bitcoin fixes
• 51:21
  things. Yeah, but it's very special.
• 51:24
  Also, I saw two kind of breaking news as well.
• 51:27
  GameStop is officially following the Hal Finney account.
• 51:31
  You know that We all know the GameStop meme that was like kind
• 51:34
  of like a rebellion of of the millennials.
• 51:37
  There is all these hedge funds that were trying.
• 51:39
  Trying to take down GameStop. You know, again, everything's
• 51:43
  digital these days. You don't really have to go to a
• 51:45
  store to buy video games, right? So, you know, it's a, you know,
• 51:48
  it's, I don't want to call it blockbuster, but it, you know,
• 51:51
  kind of heading down that path. And then a bunch of millennials
• 51:54
  just got together and essentially rebelled against
• 51:57
  these hedge funds that were trying to take down their
• 51:59
  childhood dream, their childhood, the memories
• 52:01
  essentially. And it's like, no, you're not
• 52:03
  taking it down. And essentially GameStop finds
• 52:05
  itself right now with I think it was like 4.7 billion.
• 52:08
  Dollars worth of. Cash.
• 52:10
  And we all. Know what has happened?
• 52:12
  Remember the story of MicroStrategy?
• 52:14
  Sailor has admitted this many times.
• 52:16
  He said. Look like it was either going to
• 52:19
  be a quick death or a slow death.
• 52:21
  There was no way to compete with Microsoft.
• 52:24
  Microsoft was essentially giving the software for free.
• 52:27
  We. Needed to take a risk.
• 52:29
  And we went in Bitcoin Metaplanet, very similar story.
• 52:32
  Did you guys know that Metaplanet is a hotel chain?
• 52:35
  They're a hotel chain, all right.
• 52:37
  It's, it's a hotel chain. When I first heard the name I
• 52:40
  was like what? What I think it was like an.
• 52:42
  AI, that's what I'm saying. It's a hotel chain that was
• 52:45
  heavily impacted by the pandemic, right?
• 52:47
  So what did they do? They pivoted to a Bitcoin
• 52:50
  strategy and now all of a sudden these are some of the best
• 52:52
  performance. Stocks in the world, right?
• 52:54
  So again, if you're GameStop, right, you're sitting on $4.7
• 52:59
  billion worth of cash, like, and you kind of have a blockbuster
• 53:03
  business model. Let's be, let's be, I love
• 53:05
  GameStop. I have good memories there.
• 53:06
  But you know, I, I could just download things to my Xbox these
• 53:10
  days. I don't have to drive to a
• 53:11
  store, right? They should sell hardware,
• 53:15
  Bitcoin hardware. Right, they should just pivot.
• 53:18
  Sell ASICS. Right.
• 53:20
  They should just pivot then maybe change the name to Bitcoin
• 53:22
  Stop or something. They don't know, but they have a
• 53:24
  lot of cash and they can follow the micro strategy playbook and
• 53:28
  they can find themselves potentially in a very good
• 53:31
  situation, you know, so it's. That they were buying Bitcoin.
• 53:35
  They did, but they never like. They never threw with it.
• 53:39
  Yeah, get out of. That.
• 53:41
  I know. Can you imagine they could have
• 53:42
  bought it like 75 K, right? Yeah, They kind of missed the
• 53:46
  boat a little bit. It's yeah, it's rough, but I
• 53:49
  think a lot of like, are they playing games?
• 53:51
  Is that even like what's the legality of like, because it's
• 53:54
  like we're following how fitting.
• 53:55
  What does that say? It's like where to buy Bitcoin.
• 53:58
  I hope, I hope that it's coming. You know, some of these Fiat,
• 54:02
  all this Fiat stuff takes time and approvals and all kinds of
• 54:06
  nonsense. So hopefully they get in sooner
• 54:09
  rather than later. And whether they bought at 70 or
• 54:11
  100 won't matter when Bitcoin's at a million, 5 million.
• 54:16
  Yeah, absolutely. Anyways, guys, we're going to
• 54:18
  talk to Michelle during the culture segment.
• 54:21
  All things Michelle What is Michelle working on these days?
• 54:24
  What's on her radar and should be an interesting.
• 54:26
  Discussion, We'll be right back in just a second.
• 54:28
  We're going to hit the culture segment.
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  all right everybody, big breaking, big breaking Bitcoin
• 56:35
  is at 111,900 and hit 111,999 on the verge of hitting 112,000.
• 56:45
  As these numbers get bigger, it's going to be harder for me
• 56:47
  to say it used to be a lot easier, like Bitcoin just broke
• 56:49
  10K because Bitcoin just broke 111.
• 56:52
  Anyways, we got Michelle weekly in the house joining us, Bitcoin
• 56:56
  legend. Just we're at globetrotting the
• 56:59
  world, speaking at different Bitcoin conferences, dropping
• 57:02
  signal Michelle. Welcome to the show, happy to
• 57:04
  have you. Great to be here guys.
• 57:07
  So see you both next week. Absolutely we will be in Vegas.
• 57:10
  The whole simply Bitcoin crew will be in Vegas.
• 57:13
  It's going to be crazy. You know, 3 days of just
• 57:15
  non-stop action. Hope to see a lot of you guys
• 57:18
  there. So yeah, we'll we'll see you
• 57:20
  next. Week, Michelle, it's.
• 57:21
  Going to be awesome. Yeah, absolutely.
• 57:24
  So, Michael, talk to me. What's been on your radar
• 57:26
  lately? You know what's what's been on
• 57:27
  your mind. Oh, there's been so much
• 57:30
  nonsense. You know, I, you guys know I was
• 57:34
  a big advocate for people going out and voting for Trump.
• 57:38
  And I don't regret that at all. But I am bummed about some of
• 57:43
  the things that have not happened.
• 57:45
  But I, I don't believe that the reaction should be more apathy.
• 57:50
  I think we need to care. You know, we can go down.
• 57:54
  Oh, I promise not to get it promised not to get you in
• 57:56
  trouble. So I'm not going to make any
• 57:58
  suggestions. There's one option to, like,
• 58:01
  burn the whole thing down or the other option is continued
• 58:03
  involvement. And, you know, we have the power
• 58:07
  to hold these psychopaths responsible by simply voting
• 58:10
  them out of office. And so I, you know, I still,
• 58:14
  like, want to do that. I want to fire these expletives
• 58:20
  and I think people should do that and we should put
• 58:22
  Bitcoiners in office and, you know, get the government out of
• 58:26
  our lives. And we do that by taking power
• 58:28
  back. We don't do that by just
• 58:30
  apathetically like saying, oh, we don't care because you might
• 58:34
  not care about politics, but unfortunately, politics does
• 58:36
  care about you. It's going to come for you if
• 58:39
  you are not involved or defending against the other side
• 58:44
  that wants to like regulate your life into nonsense.
• 58:48
  Yeah. And I mean, that's something
• 58:49
  that we, we, you know, as a community, we were kind of
• 58:52
  forced to pick a side, unfortunately, unfortunately,
• 58:57
  unfortunately, depending on how you see it.
• 58:59
  But you know, Operation Show .2 Point O was real and it did a
• 59:04
  tremendous amount of harm for our industry and it created a
• 59:07
  lot of uncertainty, right. And now there is news that was
• 59:11
  coming out when I interviewed Senator Lummus in in January,
• 59:15
  the essentially, you know, a, a lot of there, there's a cover
• 59:18
  up. The Federal Reserve was involved
• 59:20
  itself in a lot of these regulatory actions against these
• 59:25
  so-called crypto friendly banks. Right now.
• 59:28
  It's come off that charter bank was essentially it didn't need
• 59:31
  to go under. It was like targeted and shut
• 59:35
  down on purpose because it was friendly towards the Bitcoin
• 59:38
  industry. There was the repeal, sorry, the
• 59:41
  veto of this of, of, you know, they, it passed through the
• 59:45
  House, it passed through the Senate and President Biden
• 59:49
  essentially vetoed the repeal of SAB 121.
• 59:51
  Yeah. And essentially what that did is
• 59:54
  it galvanized in like we like as an industry, we're like, oh,
• 59:57
  wait, a. And then not to mention, of
• 59:59
  course, the arrest of the samurai wallet, right?
• 1:00:03
  And the Tornado Dev. Yeah, that that's, it's
• 1:00:05
  interesting because they started the tornado dev because they
• 1:00:08
  started with a small fish and then they set the precedent.
• 1:00:12
  And then when the president was sent, Coin Center sued, they
• 1:00:14
  lost a lawsuit. They moved on to samurai like
• 1:00:18
  within a month, Right. So like it was, it was on
• 1:00:20
  purpose. And they were going to keep
• 1:00:22
  going. Yes, 100%.
• 1:00:24
  And, and I'll, I'll, you know, I'll back that up with there was
• 1:00:27
  a vote in the House last year that essentially would make it
• 1:00:33
  illegal for the federal government to launch ACBDC.
• 1:00:38
  And essentially that vote went unfortunately, it is what it is.
• 1:00:42
  And, and again, I do want to give credit where credit is due
• 1:00:45
  because the, the Genius Act was passed and they're, it required
• 1:00:48
  bipartisanship that I think the Republicans only have 52 that,
• 1:00:54
  that they only have. 52. They only have a 52 Senate
• 1:00:58
  Majority, so they needed, you know, I think like 8 or 8 or 9
• 1:01:01
  Democrats in this recent vote. So again, it's not monolithic
• 1:01:05
  and I don't want to make it partisan, but the previous
• 1:01:09
  administration was very hostile towards the industry.
• 1:01:11
  Like Elizabeth Warren, she campaigned on an anti crypto
• 1:01:15
  army, right? And the reason I'm talking about
• 1:01:17
  the House vote is that the House vote happened last year, and
• 1:01:20
  perhaps things have changed since this previous election.
• 1:01:24
  But the House vote was across party lines.
• 1:01:27
  And essentially it was one party voted for the possibility of a
• 1:01:33
  CBDC in the future, and another party voted against the CBDC in
• 1:01:38
  the future. And then Trump realized this and
• 1:01:41
  he made it part of his campaign. And I remember the process.
• 1:01:45
  Like he said at a. Campaign speech.
• 1:01:46
  And he was like testing the waters a little bit.
• 1:01:48
  And he was like, if you elect me, you know, the way that Trump
• 1:01:51
  does things, like if you elect me, you know, I'll forbid A CBDC
• 1:01:56
  and the crowd will want. He's like, whoa, right was Oh my
• 1:02:00
  God, I forgot Vivek Ramaswamy. That gave a heads up, right?
• 1:02:06
  And then he was like, whoa. And I remember when that
• 1:02:08
  happened, I was like, guys. He's like a month.
• 1:02:11
  Or two away from saying he's going to support Bitcoin.
• 1:02:15
  Like once you start heading down that path, you're going to say
• 1:02:18
  Bitcoin. And then within a month later,
• 1:02:20
  he was like, if you vote for me, I'll end the war, I'll end
• 1:02:23
  Operation Truck .02 point. Oh, and I'll, you know, I'll
• 1:02:26
  protect your right to Bitcoin and.
• 1:02:28
  Like Happy Ross. And yes.
• 1:02:30
  And he did. Yeah.
• 1:02:31
  And he did. And everyone's like, right, You
• 1:02:33
  know, And then all of a sudden, you know, the industry was put
• 1:02:36
  in this predicament where, you know, a lot of us are
• 1:02:38
  apolitical. A lot of us didn't want that.
• 1:02:41
  A lot of us didn't care what you were saying, right?
• 1:02:43
  Yeah. About politics, right?
• 1:02:45
  Like a lot of us have this like, you know, cipher like look, I
• 1:02:48
  have Bitcoin in self custody, I'll be fine, whatever.
• 1:02:50
  Right. Just leave me alone.
• 1:02:52
  Very naive take. By the way, you know Sophie and
• 1:02:55
  I are originally from Venezuela, right?
• 1:02:57
  Very, very naive take. They're not going to leave you
• 1:03:00
  alone. Yes, politics do matter.
• 1:03:03
  Fiat voting, like I, like I call it, does matter.
• 1:03:07
  Getting involved does matter. And believe it or not, maybe one
• 1:03:12
  individual vote doesn't hold a lot of power, but as a voting
• 1:03:16
  bloc, right as Bitcoiners, we do hold a lot of influence.
• 1:03:21
  This last election is a testament of that.
• 1:03:24
  And by the way, one of my favorite sayings, if you're not
• 1:03:28
  in the if you're not in the room, you're not in the deal.
• 1:03:30
  We are in the room now in. DC Domit, we are in the room.
• 1:03:34
  Literally, we're in the room. Right.
• 1:03:36
  I saw Frank Korva, political correspondent for Bitcoin
• 1:03:39
  Magazine. He just got his press.
• 1:03:41
  Awesome. He just got his press thing
• 1:03:43
  right at the Trump held the first ever crypto summit at the
• 1:03:51
  White House, OK. And then he had all of the
• 1:03:53
  industry leaders there. The sailor wore an orange tie,
• 1:03:55
  right? I think you had David Bailey
• 1:03:57
  there as well. You had the Winklevi, you had
• 1:03:59
  CZ. And then not to mention all the
• 1:04:01
  pardons, right? You had Arthur Hayes, who was
• 1:04:04
  pardoned, right? Because a lot of a lot of people
• 1:04:07
  felt that this was a lot of these person, a lot of these
• 1:04:10
  prosecutions were political. They weren't like actually
• 1:04:14
  concerned about the laws that these people were breaking.
• 1:04:17
  They just had the intent to go after the industry because they
• 1:04:20
  wanted to create an environment where there would be a monopoly
• 1:04:23
  for a central bank digital currency, right?
• 1:04:25
  And again, these aren't my. Words you can hear.
• 1:04:27
  Elizabeth Warren saying this herself, she's like Bitcoin bad,
• 1:04:30
  CBDC good, right? So if you just connect the dots,
• 1:04:33
  you know, it kind of, you know it, it paints a picture, but I
• 1:04:37
  think that's changing. Michelle, with this last
• 1:04:39
  election, you know, I think that's changing.
• 1:04:42
  Yeah, I agree. And you know, it's not binary.
• 1:04:44
  Like, oh, we went out and voted once and now everything's great.
• 1:04:47
  Like there's a sliding scale, you know, there's a a really
• 1:04:51
  wide distance between communism and total freedom.
• 1:04:55
  And we just want to and need to continue pushing towards
• 1:04:59
  freedom. And when things aren't getting
• 1:05:01
  done, you know, remember, like you can go out and fire these
• 1:05:05
  people. If they're not representing you
• 1:05:07
  and the liberties that you care about, go and fire them.
• 1:05:13
  And, and when and when you say fire, essentially elect them out
• 1:05:17
  of office, vote them out of office, right?
• 1:05:19
  Because they are, they are a representative.
• 1:05:21
  Supposedly this is a representative, you know, this
• 1:05:24
  is a Republic, right? You elect representatives to
• 1:05:26
  represent you in government and they theoretically work for you,
• 1:05:32
  right? So, you know, every two years we
• 1:05:35
  have the opportunity the like, by the way, you're going to be
• 1:05:37
  we're going to be covering this hard when the midterms start
• 1:05:40
  coming along it the you know, we got.
• 1:05:43
  Trump But this isn't the end, right?
• 1:05:45
  The midterms are literally in less than two years, right?
• 1:05:48
  They're in November of 26, I believe, if my memory serves me
• 1:05:52
  correct. Really.
• 1:05:53
  Yeah. That's another crucial vote
• 1:05:55
  because you're going to have people that are going to be pro
• 1:05:58
  CBDC and you're going to have people that are going to be pro
• 1:06:01
  Bitcoin, right? And as a big winner, vote for
• 1:06:04
  the people that are pro Bitcoin, right?
• 1:06:05
  This isn't a political show where we talk about the other
• 1:06:07
  policies, but this is a Bitcoin show.
• 1:06:10
  At the end of the day, Michelle is 100% right.
• 1:06:13
  Like you might not care about politics, but politics sure does
• 1:06:17
  care about you, right? So, you know, I think as a as a
• 1:06:21
  collective, I hate saying that word as a Bitcoiner, but as a
• 1:06:23
  collective voting. Group.
• 1:06:26
  Block We do have influence, and this last election was in a
• 1:06:30
  testament of that. And it was.
• 1:06:32
  It You know Trump didn't win by a huge margin, right?
• 1:06:35
  So imagine. You could.
• 1:06:38
  You could. Make an assumption that at least
• 1:06:40
  one or two million of those votes were pro to be, to be
• 1:06:45
  truthful, pro crypto people. Right?
• 1:06:48
  And coiners put it into that block as well.
• 1:06:50
  So I 100% agree with you. What else is on your mind these
• 1:06:53
  days, Michelle? Well, I'm just, we're busy
• 1:06:57
  building, you know, the last two years have been super, super
• 1:07:01
  chaotic as we've been discussing, you know, and I know
• 1:07:04
  you have are always covering the regulatory environment made it
• 1:07:08
  nearly impossible for us to build.
• 1:07:09
  We were talking before the show about how our wallet had been
• 1:07:14
  locked out of the App Store for a while and they were doing that
• 1:07:16
  to a lot of Bitcoin and crypto companies with apps in the in
• 1:07:20
  the Apple and Google play stores.
• 1:07:22
  So we had to pivot constantly and sort of put a lot of things
• 1:07:25
  on hold and it was a really frustrating time.
• 1:07:29
  So this year has been super exciting because of the
• 1:07:32
  regulatory clarity, because of the fact that we can
• 1:07:35
  collectively like say, all right, we don't have to worry
• 1:07:39
  about like going to jail because we put certain features in our
• 1:07:42
  wallet or in our product. And so we, we took a moment and
• 1:07:47
  sort of like remapped our priorities and we've been
• 1:07:51
  focused on building and we have some big announcements that are
• 1:07:55
  going to be coming soon. And I'm really excited to be
• 1:07:57
  able to show you guys some of the work that we've been working
• 1:08:01
  on for years. Finally, you know now that
• 1:08:05
  innovation is allowed again in the United States.
• 1:08:08
  Yeah. Now it's incredibly bullish and
• 1:08:11
  just tell, tell us a little bit about the company that you're
• 1:08:14
  with. Yeah.
• 1:08:15
  So I work for, I work with Bite Federal and the Director of
• 1:08:18
  Product development there. Bite Federal was one of the very
• 1:08:21
  first Bitcoin ATM companies. All of our ATMs are made right
• 1:08:27
  here in Florida in the United States.
• 1:08:29
  We're really proud of that. And we run the full stack.
• 1:08:33
  We we manage the hardware and the software.
• 1:08:36
  So it's really a made in America company full of many people who
• 1:08:41
  are from former or, you know, communist countries, so people
• 1:08:46
  who really understand the importance of freedom and
• 1:08:49
  liberty and being involved. So I am super, super proud to
• 1:08:52
  work with Bite Federal and we do have a non custodial app that
• 1:08:57
  you can use if you want to, you know, have a place to hold your
• 1:09:01
  Bitcoin before you get it into cold storage, before you're
• 1:09:04
  comfortable with a hardware wallet.
• 1:09:06
  We're working on a digital on ramp to go with our ATM and we
• 1:09:10
  also have a real estate product that we're working on and a
• 1:09:13
  merchant portal. So all kinds of really exciting
• 1:09:16
  stuff in the pipeline. That's awesome.
• 1:09:18
  Very very cool. Go check out Bytefederal.
• 1:09:21
  You can find them on X or you can just search them on Google.
• 1:09:23
  You can literally find an actual ATM That's right.
• 1:09:27
  And of course, I do want to give a shout out to Michelle weekly
• 1:09:30
  for joining us on Simply Bitcoin Live Today.
• 1:09:32
  If you guys enjoyed today's show, make sure to smash that
• 1:09:36
  like button. We're very close to breaking 300
• 1:09:38
  likes. I just want to give a shout out
• 1:09:40
  to the live stream 2005. 140 of youth. 2540 of you guys watching
• 1:09:46
  live plus the rumble numbers as well.
• 1:09:49
  Smash the like button, share the show if you guys are enjoying
• 1:09:51
  the content. Before we wrap it up I do want
• 1:09:53
  to give a shout out to our conference sponsor coming up
• 1:09:56
  next week. Bitcoin 2025 in Las Vegas, NV.
• 1:10:01
  First time a Bitcoin conference is going to have a sitting vice
• 1:10:06
  president who is going to be having a keynote.
• 1:10:09
  Also, of course, legendary freedom fighter Ross Ulbricht
• 1:10:13
  will be at the conference. He will be.
• 1:10:14
  Speaking as well, and both of Trump's sons will be, will be
• 1:10:19
  speaking. Of course you have the Bitcoin
• 1:10:21
  senator, you have Jack Mahler's, you have the White House crypto
• 1:10:24
  and AI czar David Sachs, and of course you have the one and only
• 1:10:28
  Chad Sailor, Michael Sailor, who's going to be making an
• 1:10:30
  appearance as well. So you guys definitely don't
• 1:10:32
  want to miss it. It's May 27th.
• 1:10:34
  Through the 20. 9th at the Venetian in Las Vegas, NV Use
• 1:10:38
  promo code simply to get 10% off and we'll see you guys in Vegas,
• 1:10:42
  like Michelle said, she's going to be there next week.
• 1:10:44
  The whole Simply Bitcoin crew's going to be there.
• 1:10:46
  We're going to bring our merch. In fact, we're going to be we're
• 1:10:48
  going to have a booth. In the media segment, hope to
• 1:10:50
  see you guys there. Swing by the booth.
• 1:10:52
  Hope to see you guys go to Bitcoin 2025.
• 1:10:55
  Use promo code simply get 10% off.
• 1:10:58
  Scan the QR card QR code below. Anyways guys love you all.
• 1:11:02
  We'll see you on the next show. Take care, everybody.
• 1:11:05
  Today's episode was brought to you by bitcoinwell.com, a
• 1:11:08
  Bitcoin only platform on a mission to enable financial
• 1:11:11
  independence.