Latest / Simply Bitcoin / Wall St Insider CONFIRMS That Bitcoin is About To EXPLODE!!! | EP 1499

Transcript

Wall St Insider CONFIRMS That Bitcoin is About To EXPLODE!!! | EP 1499 · Simply Bitcoin

• 0:03
  Morgan Stanley officially launched Bitcoin trading to
• 0:06
  their clients this week. And we know that Morgan Stanley
• 0:10
  is pushing Bitcoin to their $9 trillion of assets that they
• 0:14
  hold is absolutely huge. But I think there's a lot more
• 0:19
  to this. Obviously, since BlackRock
• 0:22
  launch their ETF in January of 2024, we are now finally
• 0:28
  witnessing the Wall Street competition over Bitcoin.
• 0:32
  They are coming in heavy. They want their share of the
• 0:35
  pie. But this executive at Morgan
• 0:38
  Stanley thinks that the next 18 months will absolutely change
• 0:42
  Bitcoin forever. So let's hear him out.
• 0:45
  This was at consensus pretty interesting take here.
• 0:48
  Obviously, guys, I know you, I already know where you're coming
• 0:50
  from. You're like, I don't care what
• 0:52
  Wall Street says about Bitcoin, I get it.
• 0:56
  But they're here and they are not afraid of the quote crypto
• 1:00
  winter. So let's check this out.
• 1:04
  These that can harden that infrastructure.
• 1:06
  You know, you're just putting your clients at risk.
• 1:08
  And that gets back to the original challenge, which is
• 1:11
  making sure we don't lose people's money.
• 1:12
  So security trust, which can come from being public in
• 1:15
  nature. One final question, one
• 1:19
  predictional message over the next 1824 months, I think
• 1:24
  everything is going to move a lot faster than people are
• 1:26
  think, think it's going to move. I think, you know, if people
• 1:30
  look at the crypto winter and everybody's upset about what's
• 1:33
  been happening, But you know, the, and I've, I've read a lot
• 1:36
  of people say, well, the hacks are going to slow down the
• 1:39
  institutions. It has nothing to do with that
• 1:41
  because we were never going to rely on, you know, the great
• 1:45
  coding of which, however, like I said, project is driving these
• 1:48
  different features. We're going to work with the
• 1:51
  folks who are building different protocols, with the folks who
• 1:53
  are building infrastructures to make sure that we can put our
• 1:56
  stamp of approval on it. And that's happening as we
• 1:58
  speak. And so I think more and more is
• 2:00
  going to move on chain more quickly than everybody thinks.
• 2:03
  All right, So putting this slight shit coinery aside or
• 2:07
  wait, did I get? Yeah, yeah, yeah, I made it.
• 2:10
  I made it. There is a few interesting
• 2:13
  points here. One, obviously I think the big
• 2:15
  headline that he said is like the next 18 months, things are
• 2:20
  going to move a lot faster than we expect.
• 2:22
  And from 1 vantage point at least, as you know, I'm
• 2:26
  constantly bullish on everything.
• 2:27
  If I read into this and I give my take on what he's basically
• 2:31
  saying, it sounds like he is basically destroying the
• 2:36
  diminishing returns idea. Everyone is is leaning on this
• 2:40
  idea that moving forward we're going to see diminishing returns
• 2:44
  on Bitcoin. If you take the institutional
• 2:47
  interest into Bitcoin and you consider how much capital they
• 2:50
  have, I think if we see a very huge influx into Bitcoin and
• 2:56
  remember Morgan Stanley is recommending about a 2 to 4%
• 3:00
  portfolio allocation, we're starting to see Fidelity's get
• 3:04
  more bullish. They're talking about 10%.
• 3:06
  We've seen reports basically saying, hey, if you believe in
• 3:10
  Bitcoin, then maybe a 22% allocation to Bitcoin is what
• 3:14
  you should be doing. So in context of how much
• 3:18
  capital is in the world, if we do see the more extreme side of
• 3:21
  these portfolio allocations starting to be acted upon, then
• 3:27
  I think we might be seeing a lot more capital flowing into
• 3:29
  Bitcoin than we even expect. And this is kind of one of those
• 3:33
  ideas that I've been saying for the last couple of weeks where
• 3:36
  everyone thinks we're going to just get a slow, gradual
• 3:39
  adoption of Bitcoin. I don't necessarily think that
• 3:43
  that is set in stone. If we do find ourselves in a
• 3:47
  situation where people are finally waking up to Bitcoin,
• 3:52
  I'm rather the the need for Bitcoin.
• 3:55
  What can it can offer to you in terms of, you know, censorship
• 3:59
  resistant permission list, peer-to-peer money, all the
• 4:02
  stuff that we like to talk about.
• 4:03
  But even further, the fact that if you just add, I think I saw a
• 4:07
  report this week, it was, it was also Fidelity and they basically
• 4:12
  said the 6040 portfolio is dead. It doesn't work anymore.
• 4:16
  Even if you just add 1%, you're going to get a better ROI than
• 4:20
  the traditional portfolio allocation.
• 4:23
  But if you go as high as 3%, which really isn't that much,
• 4:26
  the returns blow everything out of the water.
• 4:29
  Now to add on top of this, we are also seeing Morgan Stanley
• 4:34
  bull post out here. Shouts out to Bitcoin Magazine
• 4:37
  for catching this one. And, and they do the, the
• 4:40
  standard, you know, Morgan Stanley's E*Trade published a
• 4:44
  report showing Bitcoin has risen much faster than other assets
• 4:47
  over the past ten years. In the last 10 years, you know,
• 4:51
  Bitcoin up 85.5%, NASDAQ 100 maybe 19 1/2, S&P 513.3 and gold
• 4:59
  13%. They're out here bull posting,
• 5:02
  which is part of the broader conversation that we've been
• 5:05
  talking about. Remember how many financial
• 5:09
  advisors Morgan Stanley has, as you heard in that clip?
• 5:12
  What did he say? If you disregard the
• 5:15
  everything's coming on chain, you know the protocol stuff, you
• 5:18
  heard two things. One, they want to custody the
• 5:20
  Bitcoin. They want to be the the source
• 5:25
  that people come to, to get Bitcoin and then further the big
• 5:31
  kind of maybe rhetorical tool. Once we put our stamp of
• 5:35
  approval on Bitcoin, then the floodgates open up.
• 5:38
  Now on that point, we did see a very interesting story come out
• 5:42
  of Morgan Stanley, which is as I said, they have officially
• 5:46
  launched Bitcoin trade in and Ethereum trading.
• 5:49
  But like what? We'll disregard that for a
• 5:52
  minute. Well, well, yeah.
• 5:54
  Well, well, totally ignore the shit coinery We all knew so Wall
• 5:57
  Street was gonna be shit coining anyways.
• 5:59
  This is actually a significant move here and I'll break down
• 6:04
  why. It's literally in the headline.
• 6:07
  Morgan Stanley launches E*Trade quote crypto trading at .5%,
• 6:13
  undercutting Coinbase and Schwab.
• 6:15
  What is one of the things that we've been telling you guys and
• 6:18
  and further, this is not a full endorsement of you should be
• 6:21
  buying your Bitcoin from Morgan Stanley.
• 6:23
  I'll get into that a little bit in one second, but what have we
• 6:27
  been saying? As Wall Street starts to come
• 6:30
  into Bitcoin, as they start to offer new products, as they
• 6:34
  start to offer Bitcoin trading, spot Bitcoin trading on their
• 6:37
  platforms, they are going to be working for you.
• 6:41
  This is no longer a theory. They literally undercutting the
• 6:43
  whole industry and saying hey, our fees are lower than everyone
• 6:47
  else out there. Not only are they putting their
• 6:50
  stamp of approval of you should be adding Bitcoin to your
• 6:52
  portfolio, but they are offering a very interesting product here,
• 7:00
  which is one of the theories I have been saying for a while.
• 7:03
  As we move forward, it is going to be very interesting to see
• 7:07
  how the native Bitcoin companies compete with the Wall Street
• 7:11
  giants. And as you can see, that
• 7:13
  competition is going to be better for you because hey,
• 7:17
  maybe you'll be able to get better returns, better fees on
• 7:20
  your Bitcoin. Now, again, probably wouldn't be
• 7:23
  trusting Morgan Stanley per SE. I know the average person, the
• 7:27
  layman might trust Morgan Stanley.
• 7:29
  They do have a big brand name. They do have that authority
• 7:33
  figure here. They do have that sense of, oh,
• 7:36
  we can trust them. They've been in this financial
• 7:39
  industry or rather any financial market for a very long time.
• 7:43
  They got to know what they're doing.
• 7:45
  And that was what he just said. And this was again, at
• 7:48
  consensus, which is a shit coin conference, but he basically
• 7:51
  said, look, we're not going to necessarily trust all of the
• 7:56
  Bitcoin company. We're gonna bring our expert
• 7:58
  expertise, which to me is a little laughable here.
• 8:02
  And we are going to do this natively.
• 8:04
  So let me break down this article a little bit and then
• 8:07
  I'll open it up to Nico and then I'll give you some of my
• 8:09
  concerns. So of course, Morgan Stanley has
• 8:12
  begun direct cryptocurrency trading on its E*Trade platform.
• 8:16
  The bank is charging clients 50 basis points again, half a
• 8:19
  percent per transaction, undercutting Coinbase, Robin
• 8:23
  Hood, and Charles Schwab. The pilot as of now is only live
• 8:26
  to a small group of users, but all 8.6 million E*Trade clients
• 8:31
  are set to gain access later in 2026, at least according to
• 8:35
  Bloomberg. Excuse me, of course.
• 8:38
  The .5% fee places Morgan Stanley below several rivals
• 8:41
  competing for retail crypto flow.
• 8:43
  Schwab charges 75 basis points, or .75%, on its newly launched
• 8:48
  spot. Bitcoin and Ether trading
• 8:50
  Coinbase retail fees can climb above .5% depending on tier and
• 8:55
  payment method. Quote.
• 8:56
  If I know Schwab, they likely won't let the stand.
• 8:59
  Others will probably undercut too.
• 9:02
  By the time the dust settles, it'll be pretty dirt cheap to
• 9:04
  trade crypto everywhere. Just was because wait, just as
• 9:09
  we saw with Bitcoin ETF expiration ratios prior to
• 9:13
  launch. This is why Tradfi is no joke
• 9:16
  and crypto exchanges should be scared, commented ETF analyst
• 9:20
  Eric Balkunis. I've been saying that this was
• 9:22
  going to happen for a while. I think this might be one of the
• 9:26
  more interesting things going on right now is to see how the
• 9:29
  native Bitcoin companies, all of us quote real bitcoiners, how we
• 9:34
  are going to compete with Wall Street and the game.
• 9:38
  The game has fundamentally shifted.
• 9:41
  It is a new era. This isn't the same Bitcoin that
• 9:45
  we've seen in the past. For better or worse, we are
• 9:49
  actually entering into the early, sorry, the early
• 9:55
  mainstream phase. I I, I think that's what it's
• 9:57
  called. I'm I'm blanking right now.
• 9:59
  No, the early majority phase. And as you can see, that
• 10:02
  competition is going to build up.
• 10:05
  Again, you may not like the institutions here, but one of
• 10:08
  the things that I definitely try to do is I, I don't think of a
• 10:14
  world that I necessarily, I don't just think of the world I
• 10:18
  want to see. I, I try to look at the world as
• 10:22
  it is and obviously nudge it and, and go to companies that
• 10:26
  are that are working towards the future that I actually want to
• 10:28
  live in. But as we're seeing right now,
• 10:31
  the interest and the entrance of the institutions here, the
• 10:34
  interest and entrance of Wall Street, it is doing some
• 10:39
  interesting things that I believe will fundamentally shake
• 10:42
  up everything that we know moving forward.
• 10:45
  And if these ETF inflows, if this amount of spot Bitcoin
• 10:50
  trading does get very popular amongst basically the masses
• 10:54
  here, the next 18 months could be, as was said in that clip,
• 11:01
  happening and moving faster than it has in the past.
• 11:04
  Now, that is a big claim considering Nico and I are
• 11:08
  basically 2017 Bitcoiners, which means, you know, we all saw what
• 11:12
  happened in 2017 and a lot of us are still chasing that dragon.
• 11:16
  We're still looking towards that incredible bull run that we saw
• 11:20
  in 2017 and a lot of us are thinking we're never going to
• 11:23
  see that again. No, I know, I agree.
• 11:27
  I I want. I want to believe, I want to
• 11:29
  believe, but let me. But it is.
• 11:31
  Interesting. We will get that, but not in the
• 11:35
  condensed amount of time. It's just going to be elongated.
• 11:40
  That doesn't sound fun. Five years.
• 11:42
  Five years for the Gays I. Don't think it's going to take
• 11:45
  five years either. It's just like like the days.
• 11:48
  So you guys have to understand the market cap of Bitcoin is
• 11:50
  just so much bigger. Don't do that to me.
• 11:53
  So it's just going to take longer for you to get the gains,
• 11:57
  but the gains are still there. Once Bitcoin reaches $1,000,000,
• 12:01
  ladies and gentlemen, like this is where like this is the
• 12:03
  window. This is the window right now
• 12:06
  where you have to be really packing your bags because once
• 12:10
  Bitcoin gets to the $1,000,000 region again, these price
• 12:13
  movements, it's just going to require so much capital for like
• 12:18
  think about it. It was a lot easier for Bitcoin
• 12:21
  to double from 1000 to 2000 than it was for Bitcoin to double
• 12:26
  from 100,000 to 200,000. Now imagine how difficult it
• 12:30
  would be for Bitcoin to double from 1,000,000 to 2 million.
• 12:33
  That's why I like we have this unique window of opportunity
• 12:37
  where there's still tremendous upside in Bitcoin, but that
• 12:41
  window is closing and that window to get to 1 Bitcoin is
• 12:45
  closing even faster. Most people don't have $79,865
• 12:50
  of disposable income to put into Bitcoin.
• 12:53
  Like that's the reality, right? So I just wanted to give that
• 12:56
  context Opti. No, no, that's, that's I mean, I
• 12:59
  kind of disagree considering what we saw with gold last year,
• 13:02
  but it it does, it does make. That is very true.
• 13:06
  Like that's my big disagreement. He could see like this like
• 13:10
  ginormous RIP because at the end of the day, guys like, like the
• 13:16
  thing about markets is that like, I don't know if you guys
• 13:19
  have seen the SanDisk stock. Yeah, it's going.
• 13:22
  Did the the Wall Street? Sorry, the stocks are trading
• 13:26
  like shit coins right now, it's crazy.
• 13:27
  The SanDisk stock due to like the whole AI, you know the the
• 13:31
  AI adoption 50 xed in one year 50 X 5000% in 365 days.
• 13:40
  And and what was the market cap so?
• 13:41
  Anything is possible. I don't know the market cap, but
• 13:43
  so anything is possible in the markets.
• 13:45
  And in the beginning of 2017, you didn't think that Bitcoin
• 13:49
  was going to 20X in one year, right?
• 13:51
  So anything is possible, but at the same time.
• 13:53
  The market cap is only a little under 200 billion.
• 13:56
  So like at the same time though, guys, like you know it, it's the
• 13:59
  law of big numbers, right? Like it's like the market cap of
• 14:02
  Bitcoin is 1.35. No, no, we're at 1.61 or I don't
• 14:07
  know. It went down a little bit, like
• 14:08
  1 1/2 one and. 1/2 trillion. So like obviously it takes a lot
• 14:13
  of capital to move, but at the same time, Opti is absolutely
• 14:17
  right. Like you had gold pull off this
• 14:20
  enormous. Move.
• 14:21
  And silver and the market cap of gold was enormous, right?
• 14:25
  It went to $35 trillion. If Bitcoin reaches the market
• 14:29
  cap of gold, that would be $1.7 million per Bitcoin in a year.
• 14:33
  And that was the goal like initially when we first like
• 14:37
  when we because we cover this all the time in the Clark Moody
• 14:39
  dashboard that that we have. And by the way, guys, we're
• 14:42
  gonna, we're, we're about to start hearing noises they're
• 14:45
  doing. Yeah, I I didn't imagine the
• 14:46
  noises guys you guys will hear. Them today they're doing they're
• 14:50
  doing work on the rooftop of the studio, so bear with us, but
• 14:55
  it's gonna be a lively show to say the least.
• 14:57
  You might hear some buzz saws and some hammers, but it's OK.
• 15:00
  It's gonna be horrible. Keep the show rolling.
• 15:03
  But yeah, it is possible. Like technically it is possible.
• 15:06
  Well, it is possible, but. To really give the context of
• 15:11
  this, the reason gold went as high as it did, it wasn't
• 15:14
  necessarily retail. It was the central banks were
• 15:17
  acquiring a lot of gold. So obviously that's probably not
• 15:21
  in the stage that we're in, but it can happen.
• 15:24
  What? Happens when central banks start
• 15:27
  accumulating. Well, we have 1, you know, the
• 15:29
  Czech Republic, but they don't have that much.
• 15:31
  Yeah, they don't. They don't have that much
• 15:33
  capital. But anyways, anyways, going back
• 15:35
  to this Morgan Stanley E*Trade. Oops, sorry, my biggest
• 15:40
  contention here and and I I tried to research this for you
• 15:44
  guys. So I'm going to do the default
• 15:45
  that I think this is what they're doing.
• 15:48
  Obviously from a hardcore Bitcoin first principles
• 15:53
  perspective. My main question when I heard
• 15:56
  about E*Trade offering quote spot Bitcoin trading was a very
• 16:01
  simple one. Are they going to allow you to
• 16:04
  take that Bitcoin off the E*Trade platform?
• 16:07
  Now I couldn't find any information regarding this
• 16:10
  because as you can tell as that report basically said, this is
• 16:14
  only to a small, small group of Morgan Stanley E*Trade clients
• 16:20
  that are using this that are able to trade Bitcoin on their
• 16:23
  platform with very low fees. So I'm going to default on the
• 16:27
  idea that I think it's probably going to stay on the platform
• 16:31
  for now. I mean, we have seen other
• 16:33
  companies do something similar. I'm pretty sure if I'm
• 16:36
  remembering correctly that Robin Hood basically when they launch
• 16:40
  their Bitcoin trading, you can actually take your Bitcoin off
• 16:42
  the exchange and then slowly and later you are you are allowed to
• 16:47
  withdraw your Bitcoin. So I'm guessing again, I tried
• 16:51
  to look up this news for you guys, this this very important
• 16:54
  detail, but I didn't get anything.
• 16:57
  And so I'm guessing, you know, just my best guess here is that
• 17:02
  that's probably how it's going to work out when it launches is
• 17:06
  you can buy Bitcoin, which is still kind of like just getting
• 17:09
  Bitcoin exposure. It in my opinion, it's not too
• 17:12
  different than just buying an ETF.
• 17:14
  Basically, it's still a Wall Street wrapper on it.
• 17:19
  So I'm I'd be very surprised if when this launches to every
• 17:24
  E*Trade client, whether it's going to be able, whether you're
• 17:28
  going to be able to withdraw your Bitcoin.
• 17:30
  Now, if that's the case, then obviously these Wall Street
• 17:33
  products are a big no go from our perspective from we would
• 17:38
  not be recommending them even if quote they have lower fees.
• 17:41
  You don't want to use a platform that yeah, you can get lower
• 17:45
  fees. You might be able to technically
• 17:47
  get more Bitcoin, but if you can't take the Bitcoin off of
• 17:50
  their platform and then it's not really your Bitcoin.
• 17:53
  So that was the biggest question that I had when I heard this
• 17:56
  news. Can you withdraw your Bitcoin
• 18:00
  now? Another interesting aspect that
• 18:01
  we have seen similar patterns play out like this in the past
• 18:05
  is they did the same thing that every other institution has done
• 18:08
  so far. They let a small group of
• 18:11
  clients use it. And I'm only going to again,
• 18:14
  guess that those small clients that are able to get quote
• 18:17
  Bitcoin from E*Trade are probably their highest net worth
• 18:21
  individuals, which obviously is something that we've been
• 18:26
  talking about on this show for a long time, is they always do the
• 18:29
  same thing. Oh yeah, hey, we're launching
• 18:31
  this product, but we're only going to allow our high net
• 18:34
  worth individuals to get in early, which is interesting
• 18:37
  because what if they're the ones buying right now at the bottom?
• 18:40
  I, I know Bitcoin kind of retraced a little bit here, but
• 18:43
  you let your rich customers come in, scoop up a lot of Bitcoin at
• 18:47
  the absolute bottom. Then you open it up later in the
• 18:49
  year when you let the retail come in, when you let the layman
• 18:53
  come in and they're buying what halfway at up the bull run,
• 18:57
  maybe at the top of the bull run and they're expecting at least
• 19:01
  everyone still kind of expects this idea that the asset
• 19:04
  managers that are recommending you, you know, your portfolio
• 19:08
  allocations of stocks you should buy the commodities you should
• 19:12
  be buying. They have your best interests in
• 19:14
  mind. Well, it looks like they're kind
• 19:16
  of doing the same thing. One, you're probably not going
• 19:19
  to be able to withdraw your Bitcoin.
• 19:20
  And two, they're letting the rich people get in first, which,
• 19:23
  you know, I, I, I, I, or rather, as we've heard in the past,
• 19:27
  we're only going to let high net worth individuals with a high
• 19:30
  risk tolerance get in early, which obviously that's the
• 19:35
  beauty of Bitcoin. There is no gatekeepers.
• 19:38
  As long as you have dollars, you can get Bitcoin.
• 19:43
  And you don't need to trust an advisor to tell you when.
• 19:45
  You don't need to trust an institution to basically hold
• 19:49
  your hand through the process, though.
• 19:51
  For some people, they like that. But you know, those were my, my
• 19:55
  basically biggest concerns here. Those are my cons from what I
• 19:59
  can kind of parse through the information we currently have.
• 20:03
  But let's let's explore that further, right?
• 20:06
  So like, yeah, the other one, will they right, Rehypothecate.
• 20:09
  So yes, hold on, I'll be right back.
• 20:13
  And I had AI, had AI, had a stream with Larry Leopard and
• 20:18
  Caitlin Long, which we should probably do that soon.
• 20:23
  And they 100% will re hypothecate.
• 20:26
  But the beauty of Bitcoin is its absolute scarcity, right?
• 20:30
  So the re hypothecation card, you could only play to such an
• 20:34
  extent. It's a double edged sword
• 20:35
  because eventually people are going to do the math and they're
• 20:38
  going to say, wait a second, why is there 25,000,000 Bitcoin?
• 20:41
  Now the other thing I want to address is we had this utopian
• 20:45
  dream as a community like five years ago and the community was
• 20:50
  a lot more militant, rightly so. And the whole, you know, theme,
• 20:55
  the whole ethos of all of us on X and on the Bitcoin community
• 20:59
  as a whole was, hey guys, this is a revolution.
• 21:03
  Everyone is going to take self custody of their Bitcoin, We're
• 21:06
  going to fix the money, fix the world, etcetera, etcetera.
• 21:09
  That utopian vision was naive. You kind of have to meet people
• 21:14
  where they are. And the reality is that the
• 21:16
  lion's share, the world's wealth is held by older individuals and
• 21:20
  those older individuals are used to the traditional financial
• 21:24
  system. They're not comfortable with the
• 21:26
  idea. The hammer time, baby hammer
• 21:29
  time is starting. They're not used to.
• 21:32
  Stampede. Plug exactly.
• 21:34
  They're not used to, you know, going outside of what they're
• 21:38
  comfortable with. But again, going back to the
• 21:42
  Trojan horse reference, this is a Trojan horse because
• 21:45
  eventually they will come to that realization.
• 21:48
  And even if they don't come to that realization, guys, the the
• 21:52
  biggest wealth transfer in human history is going to happen in
• 21:56
  the next 10 to 20 years. And that wealth transfer is
• 22:00
  going to come, is going to go from the Boomers to the Gen.
• 22:04
  Xers to the millennials. And let me ask you guys
• 22:08
  something from a percentage basis, how much, how many
• 22:11
  millennials do you think have a very good outlook on the
• 22:16
  traditional systems? How many millennials in your
• 22:20
  view, are comfortable with what Wall Street did in 2008, right,
• 22:26
  which is basically steal our future?
• 22:28
  How many millennials are comfortable with the traditional
• 22:31
  financial system? They're not comfortable with
• 22:33
  that. So for them, it's going to be a,
• 22:36
  a big portion of them are going to be like, yeah, listen, I, I
• 22:39
  love my financial advisor. This is great, right?
• 22:41
  But like, why am I going to pay an extra fee if I could just
• 22:45
  take self custody of this Bitcoin myself?
• 22:48
  So the utopian vision that we have was a little bit naive.
• 22:52
  It doesn't mean it's not going to play out.
• 22:54
  It's just going to be a multi generational thing.
• 22:57
  It's going to be a multi generational change, right?
• 23:00
  So I'm still extremely bullish. This was, excuse me, this was an
• 23:05
  inevitability. Number go up was going to
• 23:08
  inevitably attract Tradfi. Number up was inevitably going
• 23:12
  to attract Wall Street. But everybody has to remember
• 23:15
  Max Keiser's famous quote, you don't change Bitcoin, Bitcoin
• 23:20
  changes you. So while Wall Street is going to
• 23:23
  try and take over Bitcoin, what I think eventually is going to
• 23:27
  end up happening is it's going to be Bitcoin that ends up
• 23:30
  changing Wall Street. And I think a lot of people, and
• 23:33
  this is a big right now, this is a big point of contention right
• 23:37
  now. This is a big topic that's being
• 23:38
  talked about regarding the Clarity Act.
• 23:41
  Like the reason the the banks are so freaked out about the
• 23:43
  Clarity Act is because they're scared that people are going to
• 23:46
  take out their deposits from the traditional banks and putting it
• 23:50
  to these new platforms that do offer interest yield rewards,
• 23:54
  however you want to frame it. But it's really interest.
• 23:57
  So yes, this is a pivotal ship. 5th ladies and gentlemen, this
• 24:01
  is like the equivalent of what the Internet did to the economy
• 24:06
  and what the Internet did to society in the 1990s.
• 24:10
  Everybody thought that the Internet was going to be this
• 24:13
  huge thing, it was going to change everything and they got a
• 24:16
  little bit ahead of their skis. However they were right.
• 24:19
  That thesis was right. It just took a decade.
• 24:23
  It just took two decades to fully play out.
• 24:26
  If you're a Business Today, could you operate the the lights
• 24:30
  are shaking. It's hilarious.
• 24:31
  They might, guys. We literally.
• 24:33
  Might. It might have to be a short
• 24:34
  short show. Literally.
• 24:35
  Might have construction workers fall through the.
• 24:37
  Roof. No, no, we might just have to do
• 24:39
  a shorter show today. But anyways, that's my take on
• 24:43
  all this. This is extremely exciting.
• 24:45
  We're winning guys, the Trojan horses and and you know, I know
• 24:50
  it doesn't feel like what we all envisioned as hardcore.
• 24:53
  Bitcoiners, is this what winning feels like?
• 24:54
  Bitcoiners that take self custody.
• 24:56
  However, I will say that this is definitely a step in the right
• 25:01
  direction. The Trojan horse is inside the
• 25:03
  Trojan horse is inside government, the Trojan horse is
• 25:06
  inside Wall Street and it's just going to take a little bit
• 25:10
  longer than we all expected, but the gains are there guys.
• 25:13
  The gains are there stay humble stack sats number go up
• 25:17
  technology, it's going to do its thing Infinity divided by 21
• 25:21
  million Bitcoin is going to win because of its incentives and
• 25:24
  all they have on the other side is coercion.
• 25:27
  My money is always on incentives guys it's going to be a great
• 25:30
  show. We have an update for you guys
• 25:32
  regarding the Clarity Act. We're going to cover that.
• 25:34
  And then also I called it on yesterday's show, ladies and
• 25:38
  gentlemen, about a cash flow producing business.
• 25:43
  I was telling you guys yesterday on the show regarding the 21
• 25:46
  announcement last week and it seems like Jack Mahler's
• 25:50
  literally confirmed exactly what I was talking about yesterday.
• 25:54
  So we're going to have an update on that as well.
• 25:56
  Guys, it's going to be a great show.
• 25:58
  Smash the like button, consider subscribing and you know, grab a
• 26:02
  drink, get comfortable. We're just getting started baby,
• 26:05
  baby we're we're going to be be right back just after the break.
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  All right everybody, we are back.
• 28:21
  At the time of recording the Bitcoin price is $79,830.
• 28:27
  Stats per dollar 1253 block height 948,337.
• 28:32
  If you guys could hear Hammer Time, right?
• 28:35
  Hammer Time in the chat, baby. No, no, they're they're not
• 28:39
  actually fixing the roof. They're just hammering stamp
• 28:41
  seeds up there. They're just hammering stamp
• 28:42
  seeds. Realized monetary inflation .83%
• 28:46
  Market cap 1.6 trillion Realized monetary Bitcoin versus Gold
• 28:51
  market cap 5.32% Percentage issued 95.36%.
• 28:57
  Declined from all time high -36.7%.
• 29:02
  So if you're buying Bitcoin right now, you're getting it at
• 29:05
  a 36% discount, which is quite big of a discount.
• 29:10
  Any who I do want to talk about this guys so.
• 29:23
  What did I tell you yesterday, ladies and gentlemen?
• 29:25
  What did I tell you? What did I tell you?
• 29:27
  It it all goes full circle. I told you guys this, right?
• 29:30
  You all go through this as an experience as a bitcoiner.
• 29:34
  Eventually, initially you say never sell your Bitcoin.
• 29:37
  I'm not gonna sell my Bitcoin no matter what.
• 29:39
  And then you come to the realization that, hey, I'm
• 29:42
  gonna, I'm gonna end up having to sell my Bitcoin a little bit,
• 29:45
  just a little bit of my Bitcoin. And it seems like Michael Saylor
• 29:49
  finally came, went through that full circle.
• 29:51
  Everyone has to pay their prices, tuition.
• 29:53
  This is the beauty of Bitcoin is that there's no special rules
• 29:57
  for elites. There's no special rules for
• 29:59
  institutions. There's no special rules for
• 30:01
  anyone. It's rules without rulers.
• 30:03
  It's actual equal money, right? It's a level playing field.
• 30:07
  And Michael Saylor is coming to the same conclusion that I came
• 30:11
  to, the same conclusion that Opti came to and the same.
• 30:13
  Conclusion that I. Literally told you guys on
• 30:16
  yesterday's show. He might have.
• 30:18
  He might have watched it, maybe, but this is what Michael Saylor
• 30:24
  said. Buy more Bitcoin than you sell,
• 30:26
  right? That's exactly what we told you
• 30:28
  guys yesterday, right? Eventually, you know, in the
• 30:33
  plot line, in the story of a bitcoiner, you go through this
• 30:37
  experience yourself. Initially, you don't want to
• 30:40
  sell no matter what. And then eventually you're
• 30:42
  forced to sell for whatever reason to pay for living
• 30:44
  expenses. Maybe you were overexposed.
• 30:47
  Maybe you were putting too much of your income into Bitcoin and
• 30:50
  you have to sell some to pay for expenses or whatever.
• 30:53
  And Michael Saylor is going through that same exact
• 30:56
  experience. The only difference here is he
• 30:59
  has a massive following. He has a huge following.
• 31:02
  So it got a lot more attention. Now going back to what I was
• 31:06
  saying, does this mean that strategy, the strategy stock
• 31:11
  isn't going to perform well, that Microstrategy's in peril,
• 31:14
  that Michael Saylor's in peril? Absolutely not.
• 31:17
  He's just learning the lesson that all of us Bitcoiners have
• 31:19
  learned. The longer that you're in
• 31:21
  Bitcoin, right? So he's saying, he said it very,
• 31:24
  in a very simplistic fashion, buy more Bitcoin than you sell.
• 31:30
  That's it. That's really what it comes down
• 31:32
  to, guys. You don't have to make it over
• 31:34
  the finish line with 100% of your stack.
• 31:37
  I said this yesterday. You just have to make, you have
• 31:40
  to make it over the finish line with the majority of your stack.
• 31:44
  That's what it comes down to, ladies and gentlemen.
• 31:47
  All right, so that's the first update.
• 31:49
  The 2nd update that I want to talk about is again called this
• 31:53
  yesterday, Opti. I thought it was a little slow
• 31:56
  yesterday because I was just getting back into the hot.
• 31:58
  Seat wait, just yesterday. And This is why, This is why
• 32:04
  he's my brother. This is why he's my brother.
• 32:06
  If he wasn't making fun of me all the time, I wouldn't
• 32:09
  consider him a brother. This is what brothers do.
• 32:11
  But this is what I also said yesterday.
• 32:14
  So Huddle Whisper says 1 does not simply create operating.
• 32:17
  Can you zoom in? Can you zoom in a little?
• 32:19
  Bit so 1 does not simply create operating cash flow on pristine
• 32:22
  collateral without taking significant risk on the said
• 32:25
  collateral. Investors beware.
• 32:27
  And then Jack Mahler's is saying exactly what I I'm saying I have
• 32:31
  nothing but respect for what strategy has built.
• 32:33
  No issue from me. And then he goes exactly what I
• 32:37
  said verbatim on yesterday's show.
• 32:40
  Operating cash flow comes from building profitable businesses.
• 32:44
  I'm not talking about generating yields on Bitcoin collateral.
• 32:48
  I'm talking about real operating income alongside a Bitcoin
• 32:53
  treasury. So, yeah, man, I mean,
• 32:57
  tomorrow's Bitcoin news today, baby, simply Bitcoin.
• 33:00
  I mean, Opti, it's crazy because I don't know, maybe I have
• 33:03
  imposter syndrome, maybe I doubt what I'm saying.
• 33:07
  But for the last six years or so, what I've come to realize
• 33:10
  is, guys, we're usually more right than we are wrong.
• 33:15
  We we might not be completely polished, we might be wearing
• 33:18
  hoodies on the show, but we're pretty spot on on our
• 33:22
  assessments and on our on our analysis.
• 33:26
  So yeah, man, Sailor and Mahler's confirming exactly what
• 33:30
  we were talking about on yesterday's intro.
• 33:33
  Again, quoting model. Mahler's operating cash flow
• 33:36
  comes from building profitable businesses.
• 33:39
  And then Sailor might buy more Bitcoin than you sell.
• 33:44
  So again, full circle. Closing the loop there, weaving
• 33:47
  it back in. 2 for two baby. 2 for two.
• 33:51
  Yeah, I mean, look, you, you guys know I, I always say I have
• 33:56
  a 42 IQ. It's highly debatable.
• 33:59
  You know, it might be lower. It might be.
• 34:02
  You gotta stop saying that. It might be higher.
• 34:04
  He's just saying that. Opti's just saying that, but
• 34:06
  Opti's actually. Really smart.
• 34:08
  Hey dude, don't. Blow my cover here.
• 34:09
  Went to university for Hey hey, all right, quit dodging me.
• 34:14
  Philosophy dude dodged out here. Dumber than his mark bro.
• 34:19
  Hey, it's a 21st Law of the 48 Law of the Power.
• 34:22
  Alright, alright, literally go look it up.
• 34:25
  I, I didn't make that up. I, I actually didn't make it up.
• 34:28
  Go look at the 21st law of the 40th follow power.
• 34:30
  That's that's literally what it is.
• 34:32
  Anyways, I, I say all that to essentially say that what is
• 34:37
  super interesting to me and, and, and kind of picking back
• 34:41
  off what Nico said is, you know, we, we've been making content
• 34:44
  for a long time. We've been bitcoiners for a long
• 34:46
  time. And there is that classic meme,
• 34:50
  that classic idea that when you work from first principles, it,
• 34:53
  it doesn't become that difficult to predict what's going on.
• 34:58
  And one thing that you do notice in more a traditional financial
• 35:03
  lane is that things are overcomplicated for a reason.
• 35:07
  It's so that you go to these financial advisors and they
• 35:10
  recommend stuff so that you can, you know, properly invest your
• 35:14
  savings or properly try to make some money.
• 35:17
  But when you come and do Bitcoin and you just have a basic, I, I,
• 35:22
  maybe it was not necessarily basic, but you work from a first
• 35:26
  principles, from a foundational level and, and you kind of
• 35:31
  simplify everything going on and, and try to make sense of
• 35:36
  just like these terms and these ideas.
• 35:38
  It's not that difficult to really just see through all of
• 35:42
  the noise. And like we said yesterday, you
• 35:44
  know, Jack Mahler said exactly what we were saying on the show
• 35:47
  yesterday. It's it's not that complicated,
• 35:50
  like you want a profitable business that has cash flow.
• 35:53
  Now, if Bitcoin is money and this is I, I didn't say this on
• 35:57
  the show, but I was saying it maybe before the show or after
• 36:00
  the show, I forget. If you just switch Bitcoin for
• 36:05
  dollars in in this whole idea, it it's not that crazy of an
• 36:10
  idea. If we tell you never sell your
• 36:14
  dollars, or rather that's not what people say.
• 36:16
  That's what bitcoiners say. We actually say the opposite,
• 36:18
  like sell your dollars for Bitcoin.
• 36:20
  But if someone tells you to save a lot of money, you know what's
• 36:25
  I forget what the statistics are, but right now, you know,
• 36:28
  there's that one, that one YouTube, his name's Caleb
• 36:33
  Hammer. I forget what what the show is.
• 36:34
  It's like financial audit or something.
• 36:36
  People love that show. I really can't stand the show,
• 36:38
  but I respect the guy's hustle. You know, there's this idea that
• 36:43
  like as a millennial, as a young person, there is a number
• 36:46
  depending on how you want your life to live.
• 36:48
  And that's usually, I think right now somewhere around like
• 36:51
  5 to 10 million. If you want to have a bunch of
• 36:53
  kids and you want to be able to pay for your kids for, you know,
• 36:57
  18 years, etcetera, etcetera, live in a nice house, provide
• 37:01
  for your wife, etcetera, etcetera.
• 37:02
  Like, that's the number that most people should be looking
• 37:05
  towards. But we all know that, yeah, once
• 37:08
  you get to five, $10 million, like you may not be filthy rich,
• 37:12
  but you'll be able to live comfortably.
• 37:15
  No one no one thinks it's crazy to be like, yeah, I made a bunch
• 37:18
  of money and I'm literally never going to use that money.
• 37:22
  If Bitcoin is money, if Bitcoin is the best money, I I I kind of
• 37:28
  like the lane that we're going down right now 'cause this idea
• 37:31
  obviously it's a good sound bite.
• 37:33
  We were, you know, having fun yesterday.
• 37:35
  It's like never sell your Bitcoin asterisk.
• 37:38
  But if you need to use your Bitcoin to improve your life,
• 37:42
  obviously don't just have a bunch of Bitcoin and then not be
• 37:46
  able to survive like it. It's just not a good sound bite.
• 37:50
  But if you switch Bitcoin with dollars or with money, the idea
• 37:58
  is not that crazy. It's like, look, build a huge
• 38:00
  treasure chest of Bitcoin and the longer you're in Bitcoin, if
• 38:05
  it is your money, if you are all in using a little bit of that
• 38:10
  Bitcoin to live your life or live a better life, like you're
• 38:14
  not, you're not breaking like a holy sanctimony.
• 38:17
  You know, it's not sacrilegious here.
• 38:19
  It's like it's your money, do what you want with your money.
• 38:23
  Now that's just for an average everyday person.
• 38:27
  Obviously with Sailor, it's a little different.
• 38:29
  I actually saw a funny response to the, that tweet that Nico
• 38:32
  brought up. You know, just what, what do you
• 38:35
  say? Buy more Bitcoin than you sell.
• 38:37
  I, I saw a funny tweet and it was like, Sailor, we want our
• 38:40
  kidneys back. Sailor, I want my kidney back
• 38:43
  because obviously he's like selling all your chairs, sell
• 38:46
  your kidney to buy Bitcoin, you know, do a HELOC on your house
• 38:48
  to get more Bitcoin, etcetera, etcetera, etcetera.
• 38:52
  But it's not that crazy in the idea.
• 38:53
  It's only news because it's coming from Sailor, because he
• 38:57
  built his brand over this whole idea of I am never going to sell
• 39:01
  Bitcoin. But guys, so did I and so did
• 39:07
  Opti, and so did most Bitcoiners.
• 39:09
  This is what you guys have. To let's guys sorry about the
• 39:12
  roof noise. They're they're redoing the roof
• 39:14
  on the studio today and we we we thought we'd be able to come in
• 39:18
  here and it wouldn't be noise, but hopefully it's done today.
• 39:20
  Today's show might be a little shorter.
• 39:22
  So they're they're yelling, but continue, Nico.
• 39:24
  So yeah, I mean like it it Look, guys, all of us said this in the
• 39:29
  beginning. The only difference is that
• 39:31
  Sailor had this massive audience.
• 39:33
  This is massive following as a publicly traded company.
• 39:37
  I'm seeing this tweet right now. I don't want to I don't want to
• 39:40
  say who it's from, but it says it's logical to sell when you
• 39:43
  need to. But yet another inconsistency to
• 39:45
  build a brand on never selling without meaning.
• 39:47
  Yeah, that's bars. But here's the thing.
• 39:50
  I said the same thing to my friends and family.
• 39:52
  I literally said the same thing. And I opti probably said the
• 39:55
  same thing, right? Like.
• 39:56
  I still say this every. No, I, I, I, I actually caveat
• 39:59
  it. I'm like, look, just buy
• 40:01
  Bitcoin, hold it for like 5-10 years, you know, like but but
• 40:05
  it's still, you know, never sell in the.
• 40:07
  First years, What were you saying?
• 40:09
  I like never sell your Bitcoin. Exactly, that's this is the
• 40:12
  point I'm trying to make. Yeah, yeah, you're right.
• 40:13
  So anyways, guys, it's going to be a great show, actually really
• 40:17
  positive news from the clarity act.
• 40:19
  It seems like it's going to pass, ladies and gentlemen, 180,
• 40:23
  the Poly market odds have it at a right now at a 70% chance of
• 40:30
  pause of passing. So that's big breaking news
• 40:33
  guys. We're going to be right back
• 40:35
  just after the break. Here we go.
• 40:38
  I want to give a shout out to our partner Leaden.
• 40:40
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  it's too late. If you're sitting on wealth you
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• 41:40
  I'm going to give a shout out to our partner bit key.
• 41:42
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  Get 20% off at bitkey dot world. That's BITKEY dot world with the
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  code simply. Hey, Wayne, Nico, before we move
• 42:27
  on, can can I, can we add a little more to the strategy
• 42:30
  story? Because one other little thing
• 42:32
  that I did find interesting is the fact and, and I, I blanked
• 42:35
  on it. I remember during the ad break
• 42:37
  that what, what I did find interesting is it is kind of
• 42:41
  something that you said yesterday, though you were
• 42:43
  saying it in terms of like when we see the Bitcoin treasury
• 42:46
  company start to capitulate is when we know we're at like the
• 42:48
  bottom of the bear market. What I did find interesting on
• 42:52
  this saga that we're seeing is that Sailor is obviously feeling
• 42:56
  the pressure from the, you know, the plebs and from everyone out
• 43:00
  there because he also had another tweet and this one came
• 43:03
  out of strategy in regards to everyone freaking out about him
• 43:06
  saying sell some Bitcoin or we will sell some Bitcoin.
• 43:10
  Not only did he do the buy more Bitcoin than you sell, but
• 43:12
  strategy did an interesting tweet where they're like as long
• 43:15
  as Bitcoin goes up 2.3% a year, we'll be able to pay our stretch
• 43:19
  dividend. And it's not so much about what
• 43:21
  he's tweeting, it's more about the fact that like he's starting
• 43:25
  to feel the pressure. You can tell he's starting to
• 43:27
  feel the pressure. And remember when we were in the
• 43:29
  first initial drop around October, Saylor was on on CNBC
• 43:34
  or Fox or whatever, And it was like the first time we saw him
• 43:37
  crash out and we were like, oh, this is different.
• 43:41
  He's starting to feel the pressure.
• 43:42
  OK, So maybe signs of bear market action going on or
• 43:47
  towards the tail end of a bear market action happening like
• 43:50
  these are, I would say, healthy signs.
• 43:53
  Anyways, sorry I I just wanted to add that.
• 43:56
  That's great context. That's great context.
• 43:59
  All right, everybody. So let's get into the clarity
• 44:03
  act. Ladies and gentlemen, 67%, this
• 44:06
  is essentially the highest it's ever been since February.
• 44:11
  February was at 82%. Now it's back up to 67%.
• 44:16
  And again, it's not just noise. Some things have passed.
• 44:20
  Again, for the audio listeners, this is the Poly market at odds
• 44:24
  right now. Now there's about $636,000 worth
• 44:29
  of volumes. There's a lot of money on the
• 44:31
  line. A lot of people are gambling on
• 44:34
  this, which is funny. Every Everything's just a bat
• 44:36
  now these. Days so the world is a casino
• 44:39
  the. Poly market odds right now for
• 44:41
  the Clarity Act signed into law in 2026 is 67%.
• 44:46
  OK, So what has changed from then and now?
• 44:51
  Well guys, I told you the importance of bipartisanship.
• 44:58
  Check out this breaking news tweet from the one and only Pete
• 45:02
  Russo Justin Democrat senator just said that Bitcoin clarity
• 45:07
  act will past. We are going to have to
• 45:10
  compromise. Clarity is clarity is happening.
• 45:15
  So this is big, big news. I told you guys that for Clarity
• 45:20
  to pass, it needs 60 votes in the Senate.
• 45:24
  The Republicans only hold 53 Senate seats, so they need at
• 45:29
  least 7 minimum 7 Democrats to grow across part, go across the
• 45:36
  aisle and get behind the Clarity Act once it passes that 60 vote,
• 45:41
  60 vote threshold. There's an extremely high
• 45:44
  probability that this will get signed into law in the nick of
• 45:48
  time, right? And remember what executive
• 45:51
  chairman of Hive Digital Technologies, Bulldog Homes, AKA
• 45:55
  Frank Holmes said. He said that if Clarity Act
• 45:58
  passes, he expects 200 $50,000 Bitcoin.
• 46:04
  So what else happened on the other side?
• 46:07
  White House Ames for July 4th deadline to pass the crypto
• 46:12
  structure bill. Man, I got to give a shout out
• 46:15
  to my boy Pepe bro digital 1776 G money G money G money G money
• 46:21
  Pepe G money Pepe digital 1776 guys digital 1776 This is crazy.
• 46:29
  This is a very symbolic date right?
• 46:31
  Again, breaking from the system that we have now, which is the
• 46:37
  system that was established in 1913, right, the central banking
• 46:42
  system that again during the central banking era of the
• 46:45
  United States, we had the two largest world wars in world
• 46:49
  history. We had the biggest depression in
• 46:52
  world history. We had the greatest recession in
• 46:54
  world history. And remember, the central bank
• 47:00
  was promoted to the American people to promote stability in
• 47:07
  the markets. It clearly did not do that,
• 47:11
  right? So, you know, and then this
• 47:14
  reminds me of the Hyatt quote, right, which is it's too well
• 47:20
  entrenched. The incentives are too strong
• 47:24
  for politicians to vote down the central bank because
• 47:30
  fundamentally the central bank is what's funding the US
• 47:32
  government's, what's funding the deficit spending.
• 47:35
  So again, it it no one is better than their incentives.
• 47:38
  So to quote Hayek, you have to find a clear roundabout way, you
• 47:43
  know, to get money out of the hands of government.
• 47:46
  So I think it's very symbolic that the White House is saying
• 47:49
  July 4th is the deadline to pass the crypto market structure
• 47:54
  bill. And also it is going to be, I
• 47:57
  believe the 250 year anniversary of the United States of America.
• 48:03
  How symbolic would that be, right?
• 48:06
  How how epic would that be? The first pro Bitcoin president
• 48:11
  almost assassinated twice. He had the Epic 3.
• 48:15
  Like 3 or 4. Times.
• 48:16
  Oh yeah, Now it's three times. That's right now that he's
• 48:19
  president that that that time just happened.
• 48:22
  And then he had the epic fight, fight, fight, you know, saying
• 48:26
  so again, this is this is full circle, full circle.
• 48:34
  Opti take it for a SEC. Yeah, so obviously I like the
• 48:44
  memetics here. I I did see that this morning.
• 48:46
  I thought that was really interesting as well.
• 48:48
  The White House saying July 4th obviously the implications are
• 48:53
  it it's like the Always Sunny you know it's the implications
• 48:56
  of the thing that is the most interesting or maybe the
• 49:00
  significance of it the symbolism of it, which I think is the most
• 49:04
  interesting aspect of this. Obviously, you know shouts out
• 49:07
  to our boy G money digital 1776 and in in the context of this
• 49:14
  obviously July 4th 1776 where the US claimed their
• 49:18
  independence from Britain. Now, if this does pass on that
• 49:22
  day, it would be a new form of independence.
• 49:26
  Now obviously there's a lot of contention about what's going to
• 49:30
  actually be in the bill. If it's going to really help a
• 49:33
  lot of people, well, rather help the Bitcoin industry per SE in
• 49:37
  particular versus the quote digital assets industry.
• 49:41
  But the significance, the symbolism is probably the
• 49:45
  biggest tell here at least maybe the biggest signal.
• 49:47
  The biggest take away that I'm getting from this is if it does
• 49:50
  pass on July 4th of 2026, then is that not fundamentally
• 49:58
  ushering in a financial independence here, which I think
• 50:02
  obviously I don't necessarily have to spell out the symbolism
• 50:06
  here. But anyways, on that note, what
• 50:09
  I will say that is a bit cynical in regards to the Clarity Act
• 50:13
  actually passing. I know the betting odds are
• 50:14
  getting better. They have basically flipped on a
• 50:17
  dime. You know, Friday it looked like
• 50:20
  it was good. Then by Monday, Tuesday it was
• 50:23
  like, oh, it's not going that good.
• 50:26
  And now we are seeing that, like I said yesterday, the clock is
• 50:31
  ticking. So to give you kind of a time
• 50:34
  frame here, they've been saying markup's going to happen by next
• 50:38
  Monday. And then there's an interesting
• 50:42
  article this morning in Politico.
• 50:44
  It was called Wall Street is Losing Its Crypto War.
• 50:46
  And it's basically saying the banks are running out of time.
• 50:50
  They're trying, they're trying, you know, they're trying to
• 50:54
  fight the crypto industry. They're trying to fight the
• 50:57
  Clarity Act, but they don't have that much time.
• 51:01
  And they might have to basically push this through.
• 51:05
  And then they'll do some stuff on the back end, which usually
• 51:07
  isn't a good, you know, a good plan here.
• 51:10
  But we do know that the Senate session is basically only going
• 51:15
  to be for the first two weeks. So this next, if it, if it
• 51:18
  doesn't, the market bill doesn't happen by next week.
• 51:21
  We're going to have a two week break, 2 week relief of talking
• 51:25
  about the Clarity Act because they're not coming back until
• 51:28
  June. And then they got a very short
• 51:31
  time window here to get it passed by July 4th.
• 51:35
  So again, the clock is ticking. And if it doesn't happen by July
• 51:39
  4th, like the White House once I've heard them say by August,
• 51:43
  but again, they take another break in August and then by the
• 51:49
  time they come back, it's the midterms again.
• 51:52
  So if this doesn't happen in the summer months, I, I think we
• 51:58
  could all venture, no matter what the prediction markets are
• 52:02
  suggesting that it's probably not going to happen this year.
• 52:05
  But again, you know, put your money where your mouth is.
• 52:08
  And I did see another metric the other day, which I find to be
• 52:12
  probably the most interesting aspect of all this.
• 52:15
  I don't know if you guys saw this, but it said only the top
• 52:18
  1% on prediction markets make money.
• 52:21
  And everyone's basically out there on Twitter and talking
• 52:24
  about, it's like, yo, they're just insider trading on these
• 52:28
  prediction markets. So it might not necessarily be
• 52:31
  that you're getting the best clear data here in terms of, oh,
• 52:36
  this is what the collective consciousness is thinking.
• 52:40
  The main signal here might just be that the insiders know this
• 52:44
  is going to happen and they're putting their money up so they
• 52:47
  can make even more money. So I guess it's looking a little
• 52:52
  better than it did a couple of weeks ago, but the the time is
• 52:55
  running out because there are going to be a lot of breaks in
• 52:58
  the next couple of months and then the midterm cycle is coming
• 53:03
  back in. So, you know, I, I appreciate
• 53:06
  all the work that all of the bit corners have been doing.
• 53:08
  I appreciate the fact that it this is bipartisan.
• 53:11
  Actually, Nico, before I move on, I did see Senator Lummis
• 53:15
  tweet in regards to this this morning.
• 53:17
  Let me see, did I put it in our show notes?
• 53:20
  Yeah, here we go. All right, let me pull it up.
• 53:21
  This is also breaking this morning.
• 53:24
  Here's Senator Lummis's take on it, which I, I think does give
• 53:28
  us a little more context of what's going on.
• 53:31
  So Senator Lummus tweeted, the American people have made it
• 53:33
  clear America should lead the way on digital assets.
• 53:36
  Let's secure our financial future for generations.
• 53:38
  Come, let's get clarity done now.
• 53:40
  Now, obviously we've heard that before, but she's quote,
• 53:44
  tweeting the statistics here, which are very interesting.
• 53:47
  And it goes support for the Clarity Act crosses party lines,
• 53:50
  52% support, only 11% oppose net support, plus 48 Democrats, plus
• 53:57
  43 Republicans and plus 32 independents.
• 54:00
  Voters obviously overwhelmingly favor clear rules and consumer
• 54:04
  protections for digital assets. So it's, you know, again, shouts
• 54:11
  out to the hard work of Senator Lummis, to Bitcoin Policy
• 54:14
  Institute, to the Satoshi Action Fund, to all of the Bitcoiners
• 54:18
  that have been lobbying, I guess, for lack of better term.
• 54:22
  Simply to simply Bitcoin for. For our tweets.
• 54:25
  No. I'm joking.
• 54:26
  I'm joking, but shouts out to every bitcoiner far more than I
• 54:31
  know I'm. I know I'm just trolling so I
• 54:34
  just want to say like a huge shout out to every.
• 54:37
  Everybody is a combined effort of the entire Bitcoin community.
• 54:41
  And do you want to give a shout out again to BPI, to Dennis
• 54:45
  Porter, Satoshi Action Fund, to Senator Cynthia Lummis?
• 54:50
  To other senators too there's a lot to name to Bitcoin magazine
• 54:55
  as well coin mag exactly so if it does get pushed through I
• 54:59
  would say I I like I I hate to I hate to say this and I'm
• 55:03
  probably going to get clipped out of out of context here, but
• 55:06
  we do have to you know give the devil its due Coinbase as well
• 55:12
  you know even even finance here, you know like they're they're
• 55:16
  they are actively working towards this and you know I hate
• 55:20
  to say it you guys are going to call me a shit corner in the
• 55:22
  chat I know but this has been a collective effort.
• 55:25
  If it does get over the line, then every single bitcoiner I
• 55:28
  think can pat themselves on the back because it it hasn't just
• 55:31
  been, you know, a select few people.
• 55:33
  So we'll see. We'll see.
• 55:34
  I'm I'm not really holding my breath, but.
• 55:36
  Absolutely, but it's 70% odds, ladies and gentlemen, for the
• 55:39
  Clarity Act. And again, Frank Holmes, 250K
• 55:41
  Bitcoin if it passes, really, really exciting stuff, guys.
• 55:45
  We're going to be right back after the break.
• 55:48
  I want to give a shout out to our partner Hive Digital
• 55:51
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• 55:54
  quadrupled its global Bitcoin mining footprint and channels
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  performance. At Hive, you've got dual
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  They're green and clean, and they're rewriting the playbook
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  on sustainable digital infrastructure.
• 56:21
  You can catch the latest buzz at Hive Digital Tech or at Hive
• 56:24
  digitaltech.com. I want to give a shout out to
• 56:28
  our partnersat123.com. Sovereignty isn't just about
• 56:32
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  Go to sat123.com/simply today and use promo code simply to get
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  15% off anything on the store. And all right, all right, guys.
• 57:29
  We've been hearing about the big print happening for a long, long
• 57:33
  time from Bitcoiners now. We aren't at the quote on quote
• 57:39
  big print moment yet, but we are starting to see signals of this
• 57:45
  not QEQE phenomenon playing out in real time.
• 57:49
  And obviously we all know Jerome Powell's out here very soon.
• 57:54
  Things can fundamentally shift. We know that when Kevin Wash
• 57:58
  goes in, he's probably going to do Trump's bidding.
• 58:01
  At least that's kind of the common consensus here, which
• 58:05
  means lower interest rates and probably the money printer
• 58:08
  finally gets turned on. But we are starting to see the
• 58:12
  expansion of the balance sheet. So first and foremost, shouts
• 58:17
  out to the boys or I don't even know who's over at Kobayashi
• 58:20
  letter, but the Fed is loading up on U.S.
• 58:24
  Treasuries. You can see Feds holdings are
• 58:26
  finally increasing, guys. They have started increasing all
• 58:31
  of this year. So not only do we have the
• 58:33
  ISMPMI expansion, which is basically, you know, quantifying
• 58:39
  the economy, whether it's in contraction or expansion,
• 58:41
  whether people feel like things are growing or, you know, we got
• 58:45
  to kind of tighten our belts here.
• 58:47
  But we are now seeing that the Fed's balance sheet is going up.
• 58:51
  Now I have, you know, Nico has made fun of me a few times on
• 58:55
  the show saying that Opti doesn't care about the middle
• 58:57
  class because I keep saying that like, they're going to print
• 58:59
  money. They're going to print money.
• 59:01
  Your purchasing power is going to get decimated.
• 59:04
  Well, we have the data here, guys. the Fed is increasing its
• 59:08
  U.S. Treasury.
• 59:08
  They're basically, you know, printing their own money.
• 59:11
  It's like one of these things is I'll sell you something.
• 59:15
  It's, it's basically like an auction, you know, like a, like
• 59:17
  an art auction. I'll, I'll create a painting
• 59:20
  that is worth nothing. I'll have someone bid up the
• 59:23
  painting. I'll buy the painting from
• 59:26
  myself. And I just magically made, you
• 59:27
  know, $10 million. You can think of it in this
• 59:30
  term. They're printing money, creating
• 59:31
  money out of thin air, and then they're buying it back for
• 59:33
  themselves to give it a market price.
• 59:35
  They are expanding the money supply.
• 59:37
  But this is not just happening in the US.
• 59:41
  This is a very interesting quote and shouts out the Bitcoin news
• 59:44
  for this one because I missed this this morning.
• 59:46
  This is absolutely crazy when you consider the implications of
• 59:50
  the yen Kerry trade going on. And here is a quote the This guy
• 59:58
  is Takisha Fuji Fujimaki, former Japan head of Morgan Bank, now
• 1:00:04
  JP Morgan Chase. And the quote is the countdown
• 1:00:07
  to the worthlessness of the Japanese yen has begun.
• 1:00:10
  Prime Minister Takashi's forbidden prescription to wipe
• 1:00:14
  out the 1300 and $42 trillion or trillion yen debt.
• 1:00:21
  It's guys, the big print, the literal idea of a
• 1:00:27
  hyperinflationary scenario is like at the finish line or at
• 1:00:33
  the beginning line here. And this, this guy again, what's
• 1:00:36
  isn't Takashi Fujimaki basically said to prepare for
• 1:00:40
  hyperinflation, that they are doing an inflation tax on the
• 1:00:44
  people, that the only way they can get out of debt is by
• 1:00:47
  inflating their debt away, which is what we've been saying.
• 1:00:52
  This is what bitcoiners have been saying forever, that the
• 1:00:54
  big print is on the horizon. Now, if this was just two
• 1:01:00
  isolated scenarios, then you probably it it probably wouldn't
• 1:01:06
  be that big of a news. It probably wouldn't be one of
• 1:01:09
  those like, OK, yeah, I know if it's smoke, that means they're
• 1:01:12
  fire. But here is like there is
• 1:01:15
  definitely fire because you got to understand Japan for the
• 1:01:21
  longest time has basically been the venture capital central Bank
• 1:01:25
  of the world. If now they're starting to
• 1:01:29
  prepare for a hyperinflationary scenario, they're going to
• 1:01:33
  inflate, inflate their debt away.
• 1:01:35
  That is going to without a doubt, 100% have contagion to
• 1:01:41
  every other country in the world.
• 1:01:43
  If the US, Japan, all the big economies in the world, the G7
• 1:01:49
  nations of the world are all in this scenario where they have to
• 1:01:53
  expand their balance sheet or else you do not want to be
• 1:01:58
  holding Fiat currencies right now.
• 1:02:00
  They're basically telling you, yeah, we got to print a boatload
• 1:02:05
  of money here. And again, Japan is 100%.
• 1:02:10
  Oh, I wouldn't say maybe 100%, but totally intertwined with our
• 1:02:16
  economy in the US, Western economies in Europe, the G7
• 1:02:20
  nations, Japan has basically been the almost interest free
• 1:02:27
  loaner of the world. You take money from Japan, the
• 1:02:30
  yen carry trade. You take, you take money from
• 1:02:32
  Japan, you invested in your economy.
• 1:02:35
  The interest payments were super low.
• 1:02:37
  They were super long. Now they're getting to a point
• 1:02:40
  where it looked like last week, I believe it was last week, they
• 1:02:43
  were selling U.S. Treasuries because they're
• 1:02:46
  trying to prop up the yen. If we're if we're in this
• 1:02:50
  scenario where they're trying to protect their currencies, this
• 1:02:55
  could get out of hand very quickly.
• 1:02:57
  The big print might be on the horizon here.
• 1:03:00
  We are starting to see central bank balance sheets expand.
• 1:03:04
  So like, I'm not, I'm not here to doom.
• 1:03:08
  I'm just saying you see this stuff and it not just this, you
• 1:03:14
  know, technical phenomenon happening, but at the scale that
• 1:03:18
  it is happening and you compare it to the last time we had a
• 1:03:21
  financial crisis in O 8. This is going to blow it out of
• 1:03:25
  the water. But for most of you guys here,
• 1:03:28
  if you hang out with us every single day, you're obviously in
• 1:03:30
  Bitcoin, you are protected, but things could get very brutal for
• 1:03:35
  everything. Now that is of course the doomer
• 1:03:37
  perspective, the, the pro, the, the clear pill, the white pill
• 1:03:43
  perspective, the orange pill perspective here is always the
• 1:03:47
  same. More dollars buying for value
• 1:03:49
  for the same amount of value means number has to go up.
• 1:03:54
  That's, that's the simple of this.
• 1:03:57
  That's, that's the simple math of what's going to happen.
• 1:04:00
  But the balance sheet expansion from the central bank, they're
• 1:04:05
  gonna destroy purchasing power. And we we know that that's what
• 1:04:08
  they wanna do. So it's crazy.
• 1:04:10
  It's. Infinity divided by 21 million,
• 1:04:11
  baby. So, you know, the more money
• 1:04:13
  they print. This is why Satoshi literally
• 1:04:15
  created Bitcoin, right? It's in the in the genesis block
• 1:04:19
  chancellor on the brink of the second bailout for banks
• 1:04:21
  alluding to money printing, right?
• 1:04:23
  This is what Bitcoin was literally made for.
• 1:04:27
  So, you know, they inevitably are going to print money.
• 1:04:30
  Lynn Alden Nothing stops this train.
• 1:04:32
  Larry Leopard, the big print, it's, it's really not that
• 1:04:36
  difficult to understand. The governments have to do this.
• 1:04:41
  They're spending more than they're collecting in tax
• 1:04:44
  revenue. And if you're looking at the,
• 1:04:46
  the news coming out of Europe, it's absolutely crazy.
• 1:04:49
  Like now the Netherlands is proposing and it looks like it
• 1:04:52
  might pass, I might add, a 36% wealth tax.
• 1:04:58
  That is bonkers. So instead of government
• 1:05:02
  spending less, they're taxing more, which is stealing more.
• 1:05:08
  I didn't say that, which is crazy, right?
• 1:05:12
  Governments don't have a tax collecting problem.
• 1:05:15
  They have a spending problem. And going back to the
• 1:05:18
  Netherlands, and I was watching a video on it yesterday.
• 1:05:23
  Right now in the Netherlands House or the equivalent of the
• 1:05:27
  House, it passed and it looks like it's going to pass the
• 1:05:30
  upper the upper chamber as well. But they're proposing a 36%
• 1:05:36
  wealth tax. And that's crazy because that
• 1:05:40
  means that if you have an asset which you haven't sold and that
• 1:05:46
  asset appreciates, you know, 20%, the next year you owe 30%,
• 1:05:54
  thirty, 6% on that appreciation even though you haven't sold it.
• 1:05:58
  And then what happens if the asset goes up in value and then
• 1:06:04
  by the time the tax bill is due, it actually went down in value?
• 1:06:10
  You're still on the hook for that appreciation when the tax
• 1:06:15
  day was due. So it is just bonkers.
• 1:06:18
  And they can't not do this. They have to do this because
• 1:06:21
  they're spending so much money that they don't, they don't have
• 1:06:24
  a, they don't have another choice.
• 1:06:25
  They can only print so much money.
• 1:06:27
  So now they're going down the let's tax as much as humanly
• 1:06:31
  possible route. And this doesn't end well.
• 1:06:33
  And the reason it doesn't end well is, you know what happens
• 1:06:36
  when they raise taxes too much capital flight, people leave to
• 1:06:41
  more favorable tax jurisdictions.
• 1:06:44
  So long term, this isn't a good move for Europe.
• 1:06:48
  If I was an entrepreneur based in the Netherlands, I would move
• 1:06:52
  out. If I was a wealthy person based
• 1:06:54
  in the Netherlands, I would leave.
• 1:06:56
  Like, what am I getting for that 36% wealth tax?
• 1:06:59
  Guys, this isn't an income tax. There's an income tax.
• 1:07:02
  There's a capital gains tax. Now there's a wealth tax, which
• 1:07:06
  as Opti alluded to earlier, I would say that is a form of
• 1:07:09
  theft because you're not selling.
• 1:07:12
  This is crazy. They're they're taxing you based
• 1:07:15
  on your wealth. It's not like you sold
• 1:07:17
  something. It's not like, OK, I bought the
• 1:07:21
  the SanDisk stock. I made 5000%.
• 1:07:26
  I'm now a multimillionaire off of like a ten $20,000
• 1:07:29
  investment. Damn, what are we doing in
• 1:07:31
  Bitcoin? I haven't sold.
• 1:07:33
  I haven't sold that SanDisk stock.
• 1:07:37
  The government that wasn't saying, hey, you know what, you
• 1:07:40
  still owe us 36% of that appreciation regardless of
• 1:07:44
  whether you sold it or not. That's, that's insanity to me,
• 1:07:48
  right? So again, I think that as we
• 1:07:52
  continue to transition into the information age, as we continue
• 1:07:56
  to disintermediate money and state, as we continue to
• 1:07:59
  disintermediate information and state, I think we already passed
• 1:08:04
  that phase. The Internet, you know,
• 1:08:07
  solidified that Europe still fighting it, but in the US after
• 1:08:10
  the Biden administration like and then after Elon bought XI
• 1:08:15
  think that that fight is we we definitely want a big a big
• 1:08:19
  battle there. But the the biggest battle to
• 1:08:22
  come is the separation of money and state.
• 1:08:25
  They have all the guns, they make all the rules and this is
• 1:08:30
  the ultimate test. Is Bitcoin going to win this?
• 1:08:33
  And I think it will if it stays decentralized and secure,
• 1:08:37
  because the only way governments are going to be able to ban
• 1:08:39
  Bitcoin as if governments all around the world in cohesion
• 1:08:45
  say, hey, you know, this Bitcoin thing is not working out.
• 1:08:49
  That's why El Salvador is so important.
• 1:08:51
  That's why the election of President Trump was so
• 1:08:53
  important, right? That's why Elizabeth Warren was
• 1:08:56
  so against any of these acts being passed.
• 1:09:00
  And the reason that she was so against all these acts being
• 1:09:02
  passed is because she didn't want Bitcoin to be integrated
• 1:09:08
  into the traditional financial system because she knew that
• 1:09:11
  once that Trojan horse was let in, it was going to be very
• 1:09:15
  difficult to convince the big banks to walk away from number
• 1:09:20
  go up technology. But as Alex Gladstein wrote in
• 1:09:23
  his famous article, Bitcoin is a Trojan horse for freedom.
• 1:09:27
  Number go up technology and freedom go up Technology are
• 1:09:31
  inextricably linked. You cannot separate the 2.
• 1:09:35
  So I think Netherlands is committing A catastrophic
• 1:09:38
  mistake. We've seen these wealth taxes
• 1:09:40
  being implemented in Europe before.
• 1:09:43
  And what ends up happening is that the governments actually
• 1:09:45
  end up collecting less tax revenue because the people that
• 1:09:49
  do have money, they leave to Dubai, they leave to another
• 1:09:53
  country, right? And then that's where the exit
• 1:09:56
  tax conversation starts being brought into the discussion
• 1:10:00
  where essentially, if you decide, hey, listen, I'm going
• 1:10:03
  to give up my citizenship for this country because it's no
• 1:10:06
  longer favorable for me. Oh, if you give up your
• 1:10:11
  citizenship, you have to pay a 40% exit tax.
• 1:10:14
  This is crazy. And then I don't have anything
• 1:10:16
  against taxes. Like I don't, I don't want to
• 1:10:19
  be. I want to go on record to say
• 1:10:21
  that because like you need, I mean you.
• 1:10:25
  This is a very hot button. You could.
• 1:10:28
  But it it you, you listen, I don't have anything against
• 1:10:31
  taxes. The problem is that the money
• 1:10:36
  that goes into taxes, there is no accountability there, right?
• 1:10:43
  We, we, we as the people, right, don't have an insight into how
• 1:10:48
  that money is spent. Like we had a, we had like a 20
• 1:10:52
  year old kid go to what was it, Wisconsin?
• 1:10:57
  It was Wisconsin, right? Was it Minnesota?
• 1:11:00
  It was Minnesota. I don't know.
• 1:11:01
  I remember. I don't remember.
• 1:11:03
  And he did better investigative journalism than, you know, the
• 1:11:07
  legacy media outlets. And basically he discovered all
• 1:11:10
  this fraud and corruption that was happening.
• 1:11:13
  Those are your tax dollars, right?
• 1:11:16
  So when you, when I hear a politician say, hey, let's raise
• 1:11:19
  the taxes, it's like, dude, but like you choose to look the
• 1:11:25
  other way when there's corruption, there's no
• 1:11:28
  accountability. But at the same time, you want
• 1:11:33
  to raise taxes and you want us to go along with it.
• 1:11:36
  Like, this country was built on the fact of no taxation without
• 1:11:43
  representation. Do you feel like you have
• 1:11:46
  representation of where your tax dollars are going?
• 1:11:49
  Do you feel like your tax dollars are being spent well?
• 1:11:53
  And do you think it's a coincidence that the same year
• 1:11:57
  that the Federal Reserve was established was the same year
• 1:12:00
  that the income tax was established?
• 1:12:02
  And you know how they sold the income tax to the American
• 1:12:05
  people? They said that the income tax
• 1:12:07
  was only going to be for the top 1% and the tax rate was only
• 1:12:12
  going to be 3%. By the time war, War 2 came
• 1:12:16
  around, the tax rate for the top 1% was 90 percent, 90%.
• 1:12:24
  And it wasn't until Reagan that the tax rent, the tax rate went
• 1:12:28
  went down. So again, it's not that I'm
• 1:12:31
  against taxes, it's that there's no accountability to where this
• 1:12:35
  tax money is going. The case California with with
• 1:12:43
  the the governor of California, Gavin Newsom and the infamous
• 1:12:47
  the, the, the railroad, right? That that was supposed that was
• 1:12:50
  supposed to be built. We all know that very famous
• 1:12:53
  case that happened, right? They built what like a mile of
• 1:12:57
  railroad and they spent billions of dollars.
• 1:13:00
  Where do you think those billions of dollars went?
• 1:13:03
  Like where do you think they went?
• 1:13:04
  Do you think they just disappeared into the ether or do
• 1:13:07
  you think they just took a little bit and you know?
• 1:13:10
  A lot of people took a little bit.
• 1:13:12
  They just took a little bit off the top and, and, and put it in
• 1:13:16
  the pocket, right. So like.
• 1:13:18
  Sounds like the red state. So like again like the.
• 1:13:21
  USSR. Like, I'm not saying that, but
• 1:13:24
  like what I'm trying to say is like, listen, I'm not making the
• 1:13:28
  case that taxes are bad. Clearly you have to follow the
• 1:13:30
  law. Clearly you have to pay your
• 1:13:32
  taxes. But clearly the system is
• 1:13:34
  broken. And I think that fundamentally
• 1:13:37
  comes down to broken money, and I'll explain to you why.
• 1:13:42
  As long as the government has the ability to create money for
• 1:13:44
  free that everyone else has to work for, there's a misalignment
• 1:13:47
  of incentives. And until those incentives are
• 1:13:51
  aligned, you're going to continue to see the same
• 1:13:53
  behavior. Not because these people are
• 1:13:55
  bad, not because they're twirling their mustaches and
• 1:13:59
  scheming and saying, ha, ha, ha, we got them now.
• 1:14:02
  No, it's because the architect, the architecture of the system
• 1:14:09
  incentivizes a certain behavior. That's all I'm saying.
• 1:14:13
  So anyways guys. Wait, wait, wait, one, one last
• 1:14:15
  thing. I I was going to add something
• 1:14:17
  to what you said, but we did. I did just see on Twitter a a
• 1:14:21
  breaking breaking NEWS UPDATE here in regards to the Clarity
• 1:14:24
  Act since we just covered it. It looks like it looks like
• 1:14:33
  they're trying to kick us off the show anyways.
• 1:14:35
  But here is the late literally 18 minutes ago.
• 1:14:38
  So this is the latest update. Eleanor Terrett scoop.
• 1:14:42
  The Senate Banking Committee is preparing to notice a markup for
• 1:14:44
  the Clarity Act as soon as tomorrow and has circulated
• 1:14:48
  draft legislative text to select industry members ahead of a
• 1:14:51
  potential Thursday vote, according to multiple industry
• 1:14:55
  sources who have seen the text. The language is reportedly still
• 1:14:58
  being finalized, with additional edits expected to reflect
• 1:15:01
  priorities from Democratic offices.
• 1:15:03
  One source told me the overall vibes after reviewing the bill
• 1:15:06
  and coordinating with other industry leaders are positive so
• 1:15:09
  far, though some bracketed sections are raising concerns
• 1:15:12
  that key provisions previously thought to be settled may still
• 1:15:15
  be in Flex. It's actually moving pretty
• 1:15:20
  fast. I'm not, I'm not going to lie.
• 1:15:21
  But yeah, latest update, Latest update.
• 1:15:24
  Guys, before we close out the show, I do want to give a shout
• 1:15:27
  out to the the next Bitcoin conference.
• 1:15:30
  Simply Bitcoin is going to be at guys, the largest Bitcoin mining
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  We'll be streaming the entire conference.
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  You're going to see the latest and greatest on what's happening
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  in the Bitcoin mining world. If you're trying to get a job in
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  Off. Simply Bitcoin and you'll get
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  20% off your tickets. All right, everybody, that was
• 1:16:27
  today's show. Thank you guys so much for
• 1:16:29
  tuning in. We wouldn't be here without you
• 1:16:32
  guys. We appreciate you.
• 1:16:34
  We love you all and we'll see you guys tomorrow on the next
• 1:16:36
  episode of Simply Bitcoin Live. Today's episode was brought to
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  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:16:46
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