Latest / Simply Bitcoin / ANALYSIS: Bloomberg Predicts $500k Bitcoin!? | EP 884

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ANALYSIS: Bloomberg Predicts $500k Bitcoin!? | EP 884 · Simply Bitcoin

0:06
It's. All going to zero against
0:09
Bitcoin. It's going up forever.
0:19
You're against Bitcoin. You're against freedom, yo.
0:23
Welcome to another episode of Simply Bitcoin Live, or your
0:26
number one source for the peaceful Bitcoin revolution
0:28
Cover breaking News. Culture Medic Warfare will be
0:29
your guide through the separation of money and state.
0:32
This is day #2 of Streaming Backstage from the
0:36
Unconfiscatable conference which is going to start at 10:00 AM
0:39
Pacific Time. So this is kind of like the
0:41
prelude to that today's going to be a very special show at
0:45
everyone is extremely excited about Bitcoin to the point that
0:49
Bloomberg, you know this respectable financial
0:52
publication is predicting essentially $500,000 Bitcoin.
0:57
And this comes on the heels of Adam Back who's originally cited
1:01
in the situation Bitcoin white paper predicting $700,000
1:04
Bitcoin. Also, we're going to pull up a
1:07
lot of data and a lot of facts that you could say support those
1:12
arguments. There's this very, very famous
1:14
Twitter spaces that Michael Saylor did, and he said that
1:18
three things needed to happen in order for for Bitcoin to 10X
1:21
from here, for Bitcoin to take it up to the next level.
1:24
And those three things are #1. The FASB accounting rules
1:28
change. Check that off.
1:29
That already happened. A Black Rock or sorry, an an
1:33
ETF, A Bitcoin ETF to be approved and the capability for
1:37
big banks to custody Bitcoin for their institutional clients.
1:41
There's been much news about that throughout the world.
1:44
Many blank banks are applying for licenses to do that and
1:47
building out the infrastructure. So it looks like all the planets
1:51
are aligning and I think it's going to be a very, very
1:54
exciting next couple of years. Also, we have a very, very
1:57
special guest today. We have Romaine.
2:00
Romaine is part of he is with Bai Sato.
2:05
Romaine, thank you so much for joining us on Simply Bitcoin
2:08
today. We're super, super happy to have
2:10
you. Romaine does some very
2:12
interesting things. Bitcoin mining, AI, this is so
2:17
cool. I didn't even know that like was
2:19
a thing. So Romaine, thank you so much
2:21
for joining us today. Well, thank you very much for
2:24
for having me. It's a pleasure to be in your
2:26
show. It's a pleasure to be with you
2:27
in Vegas even if I'm not there must be must be fun.
2:30
And I've heard a great conference from from from your
2:33
show from yesterday. Thank you.
2:36
Yep. So Bitcoin miner super focusing
2:40
on efficiency for mining Bitcoin.
2:42
Frankly as you said adding AI into our our, our, our business
2:46
because we think at the energy level we can transform energy
2:50
for computing power for Bitcoin and for AI and HPC.
2:54
So this is a kind of trend that you see not only with us in
2:57
other Bitcoin manners. We have made announcements into
3:00
moving AI or HPC. And again this is because our
3:05
job at the end we transform energy into computing power.
3:08
We can do what we can do for one, we can do for the other
3:10
one. It's interesting for various
3:12
reasons that I'm sure we will go over at some point.
3:15
Yeah, absolutely. Well, it's an honor to have you
3:17
on the show today remain and we're friends with anybody who
3:21
is increasing the Bitcoin hash rate and further, you know,
3:24
securing the network. I'm also joined today with my
3:28
two Co host, my legendary Co host Optimus Fields, the Mr. of
3:32
Flights and of course Ruston is with me today.
3:35
He's the star of the Simply Bitcoin Originals.
3:38
So it's going to be a great show.
3:40
We're really looking forward to it and let's just jump straight
3:44
into it. So let's start with numbers
3:46
first. Let's go.
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At the time of recording, the Bitcoin price is 43,735 SATS per
5:14
dollar. 2286 block height 820,284 blocks to having 19,716
5:23
having estimate April 20th 2024 Total lighting Network capacity
5:27
5038 Bitcoin capacity value 220 million U.S. dollars Realized
5:33
Monetary inflation 1.75% The market capitalization of Bitcoin
5:37
almost touching 1 trillion We're at 855 billion U.S. dollars.
5:42
Bitcoin versus gold market cap 6.29% continues to crawl up ever
5:47
so slowly. So Elizabeth Warren continues
5:50
with her relentless attacks for anyone who is not based in the
5:53
US Elizabeth Warren is AUS Senator from the state of
5:57
Massachusetts. She also sits on the Senate
6:00
Banking Committee. So she has a lot of influence
6:03
when it comes to banking in the United States of America and
6:06
she's took it upon herself. In fact, she's made it part of
6:09
her campaign to take a quote UN quote anti crypto approach.
6:14
You know, she was involved with the she took advantage of the
6:18
bogus Wall Street Journal article that came out a couple
6:20
weeks ago to write a letter to the White House.
6:25
That prompted the White House to tap on the Treasury.
6:28
And that prompted the Treasury to recommend the Fin CEN
6:32
proposal, which took advantage of the Patriot Act, would
6:35
basically surveil more Bitcoin of the more Bitcoin
6:39
transactions, the industry, more regulation.
6:42
And it was all based on a misrepresentation of data and
6:45
facts, right? There was we played you the
6:48
video yesterday on yesterday's episode where she was
6:51
interviewing Jamie Dimon, Jamie Dimon saying we should, you
6:54
know, ban this, all right. But she's really, really
6:57
accelerating. You know, this is interview
6:59
after interview after interview after interview just talking
7:02
about, you know, Bitcoin is a threat.
7:04
Bitcoin is a threat to national security.
7:06
Bitcoin is a threat to America. And it's it's just crazy.
7:11
But it's something that we've always said on the show on
7:13
simply Bitcoin exposes incentives.
7:15
That's really what it does. And I think that if you're
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someone like Elizabeth Warren who has, you know, $179,000
7:23
salary but she's worth 10s of millions of dollars and makes
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you start to ask questions, I'm not making any assumptions.
7:29
I'm not making any you know, any.
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I'm. I'm not accusing her of
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anything, but I'm just saying, you know that there is a money
7:36
printer in Washington, DC anyways, so I do want to play
7:40
you guys this video. It is, you know, TFTC did a
7:43
great job reposting it originally.
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It is from Squawk Box, CNNBC. So the clip's about 3 minutes
7:50
long. Let's check it out and then
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we'll all talk about it. We'll discuss it.
7:54
I'm so curious what was going through your mind when you heard
7:56
Jamie Dimon's response. Look, when Jamie Dimon and I are
8:00
in exactly the same place, it's because we have a serious
8:03
problem in this country, and that is a part of the financial
8:06
system is being used by terrorists, by drug traffickers,
8:09
by rogue nations in order to launder money, move money
8:12
through the system and finance their illegal activities.
8:15
But keep in mind on this one, it wasn't just Jamie Dimon.
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We had a long, long table with the CEOs of all of the largest
8:22
banks in this country. And when I asked the question,
8:25
should the rules that apply to their banks, and by the way,
8:28
also apply to stock brokers and gold traders and credit card
8:30
companies and credit unions and all the other financial
8:33
transactors, Should those same rules to deal with drug
8:37
trafficking and terrorism financing and rogue nation
8:40
financing, Should the same rules be put in place?
8:43
Every single one of them said absolutely.
8:46
So what this tells me is it's time for Congress to act.
8:49
Let me ask you, beyond Congress acting, there's a big question
8:51
mark over whether the SEC is going to act on whether, for
8:54
example, a Bitcoin ETF will ultimately get approved, which
8:56
would expand access for for Americans all over the country
9:00
potentially to invest in Bitcoin.
9:02
You've probably watched the price of Bitcoin has risen quite
9:04
materially even in the past several months in large part of
9:06
the back of that expectation, You know Gary Gensler very well.
9:09
Do you have any expectation that something like that would take
9:11
place and would you support it? So I I don't want to speculate
9:14
on what the SEC is doing here. I really want to draw an
9:16
important distinction and that is the SEC principally is
9:21
talking about regulation, the kind of monitoring the
9:24
platforms, the markets, make sure that there's adequate
9:26
consumer protection and issue that is built into the DNA of
9:30
the SEC. It's an important thing to do.
9:31
It's absolutely something they should do.
9:33
What I'm talking about is the law enforcement aspect of this.
9:36
It's not over at the regulatory agencies.
9:38
What I'm talking about is the part of the system that make
9:41
sure that banks are not being used for terrorist financing.
9:45
For example, you know, we have something called the Bank
9:47
Secrecy Act, which is how banks are required to monitor certain
9:51
kinds of transactions that go through the system.
9:54
It was written in the 1970s following 911.
9:58
The law enforcement folks went back, looked at what had
10:01
happened, figured out how the financing had made it through
10:03
the system. And that's the last time that
10:05
Congress updated the the Bank Secrecy Act.
10:08
What we need to do is we need to update it again because there's
10:11
a new threat out there. It's crypto, and it is being
10:13
used for terrorist financing. It is being used for drug
10:16
trafficking. North Korea is using it to pay
10:19
for about half of its nuclear weapons program.
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We can't allow that to continue. So, OK, so a lot.
10:27
You know, you're hearing this and you're like, wow, you know
10:29
this, this this industry is, is is terrible.
10:32
Like it's so many things. And she mentioned a couple
10:35
things, so the terrorism. And then you have to connect
10:37
that with the Wall Street Journal article which claimed
10:39
initially at $130 million was raised using quote UN quote
10:44
crypto. Sam Callahan did a great job and
10:46
other bitcoiners. Preston Pitch wrote an amazing
10:49
piece. The actual number was roughly
10:51
$450,000, very, very, a lot smaller than that original, you
10:57
know, $130 million claim. And then she mentioned North
11:01
Korea. Now that's very interesting
11:02
because North Korea was mentioned by the US Treasury
11:08
when they sanctioned for the first time in American history,
11:11
open source software. And I'm talking about tornado
11:14
cash, right. So you can see the narrative
11:16
that's being built here is the Bitcoin senator, Senator Cynthia
11:19
Lummus, and she has the data. And the data points to a very,
11:24
very different story because you hear that interview and
11:28
essentially you're like, wow, the terrorism is being financed
11:31
by crypto. Terrorism is being financed by
11:33
Bitcoin. This is a major, major issue.
11:36
But if you actually look at the data, you know, Senator Cynthia
11:39
Lummus, you know, agrees with with the with the initial you
11:42
know what we've been saying about the Wall Street Journal
11:44
article, she says in an inaccurate report last week.
11:47
Claimed Tomas raised nearly 100 million via crypto assets, in
11:51
reality was less than 500,000. This in captain in encapsulated
11:56
the misconception that crypto is a tool for illicit finance when
11:59
it accounts for less than 1% of global illicit finance activity.
12:05
And here's a graphic that we've been showing to you guys over
12:08
the last couple days. Total illicit finance 2.9
12:11
trillion crypto accounts for less than one percent .69% or 20
12:18
billion of the total pie. Where does the the rest of that
12:23
illicit finance happen? Where?
12:24
Where? Where does it occur in the
12:27
traditional financial system where the rules are already in
12:30
place. So you know, it goes to question
12:34
what are Elizabeth Warrens true motivations?
12:37
What is she really, really, you know, what is, what is she
12:40
really interested in here? So I'm going to pass that on to
12:43
Romaine. And the way that I'm going to
12:45
frame it to you, Romaine is, look, your business, you know,
12:48
is based on Bitcoin and she's clearly she's taking it upon
12:52
herself to attack the industry, you know, under the guise of
12:56
money laundering, under the guise of terrorism, you know,
12:59
any excuse, you know, under the sun essentially.
13:02
So what is your take on this? Does this surprise you at all?
13:06
Where's your stance? Well, it's not a surprise in the
13:10
sense that it's not new but it hasn't started with Isabet
13:13
Warren. It has started with every new
13:15
inventions that was invented since the electricity.
13:19
There is always someone who's against and try to reframe the
13:22
use or having more people going into into that.
13:26
Right now the cycle is about crypto and Bitcoin.
13:29
And I think one one thing that she probably misunderstood is
13:33
the difference between Bitcoin and crypto.
13:35
She often talk about talks about crypto.
13:38
We do Bitcoin, we are bitcoiner. Bitcoiner, as you know is a
13:42
unbreakable blockchain makeable accounting method if you want on
13:47
different kind of transactions. This is not used by terrorists.
13:52
This is not used to do lender money.
13:54
It's a fact. So I think that really at the
13:59
end you will either fight the technology or you embrace it and
14:02
you make sure that it's done correctly and not against rules.
14:05
I think we need to have some rules at some point, at least
14:09
little rules. But when you look in the US
14:10
anyway, if you're in crypto, in this case not only in Bitcoin
14:13
but in crypto, you're probably using what a Gemini, a base to
14:18
do access and buy crypto, which is one is listed on the NASDAQ,
14:22
the other one different kind of regulation in place, KYC,
14:26
etcetera. So there are rules and we are so
14:29
small today. I mean we were you are looking
14:31
at your numbers, it's great. We are approaching the 1
14:33
trillion valuation for Bitcoin. The gold valuation market cap is
14:38
around 10 trillion. So we still have hope to go and
14:40
hope to go we are not at the stage where we should or the the
14:44
the government should refriend the use but more embrace it and
14:47
make sure that it's done correctly.
14:49
And honestly I think we are doing this way and when you look
14:52
at Bitcoin miners like us who are publicly listed, we are more
14:56
and more professional. It's it's over the time where
14:59
some Bitcoin miners were edgy or bitcoiners were edgy, we we
15:03
should have in 2910 eleven, 12. It's possible that Bitcoin was
15:08
used for different kind of like operations that was borderline
15:11
legal or illegal. It's not the case anymore.
15:14
We are are. We are professionalizing
15:17
ourselves and we are going showing the way and let's let's
15:22
let's go for it. Yeah, 100%.
15:26
And I think that you know it it's it's it's it's not
15:31
surprising it's it's not surprising what you said and I
15:33
and you you said something about any any new technology any new
15:36
innovation. You know it's been attacked and
15:39
it just kind of reminds me of this like caricature and I'm
15:43
sure you're familiar with it romaine of the electricity in
15:46
like the 1900s and essentially like you know this woman being
15:49
like shocked to death just like don't electrify society is
15:53
extremely dangerous and it just and it kind of reminds of what
15:56
when you were saying that it just reminded me of that image
15:58
for some reason. Anyways I'm going to pass it on
16:01
to you. Rustin.
16:01
Rustin, do you have a? Do you have any takes on this?
16:04
All right, I got to be. I'm going to try it here because
16:08
it's Liz and she just gets under my skin that that face her tone
16:13
of voice. But let's get started here.
16:16
Terrorism by crypto. You said it 400,000.
16:20
What about 600 billion? Are are we going to talk about
16:24
that and and Hamas or why aren't they pointing that out, See,
16:29
this is the paint or the pot calling the kettle black.
16:32
They are going to point out their own felonious activities
16:37
and push that on to the other person.
16:40
And when she was giving this spew in Congress, it was
16:43
incredible because on live TV she was getting debunked by
16:47
senators and also financial surveillance experts that broke
16:51
down how these people are using sovereign funds and the Fiat
16:55
system to to fund their activities.
16:58
So we have that. And at the, she had just these
17:02
people by the day are losing credibility on a massive scale
17:06
and she was when she speaks to Jerome Powell and they're
17:10
talking about the Fed and things, what she tries to say
17:13
these people are price gouging. She has no understanding of
17:16
basic economics. So that is very, I mean how do
17:20
you get on the Banking Committee?
17:22
I guess she's easy to manipulate and get them to support their
17:25
narratives 'cause she's kind of incapable of thinking or but the
17:31
government printing and stealing from people, that's going to go
17:34
the way of the dinosaur just like Liz.
17:36
And of course they want to keep that ability to to live rent
17:40
free and provide no value. If you didn't have to do
17:43
anything and you could live off free printed counterfeit money,
17:46
I guess that's a good deal for some people.
17:49
But again, the status or going to become extinct and that's
17:53
going to coincide as they as they go.
17:55
It's probably going to be a decade and that'll be bitcoins
17:57
rise. Coinciding with that, the rise
17:59
of freedom and prosperity, freeing ourselves from the
18:02
shackles of the state and their ilk.
18:05
Like Elizabeth Warren, their actions go against everything
18:08
they try to preach or promote. So go ahead and look at that.
18:12
Look at their actions, not their words.
18:14
In North Korea. What kind of straw man, weak ass
18:17
argument is this? They just they just spew.
18:22
Out of the. Out of their mouth, OK.
18:26
And they, it's just completely bonkers.
18:29
And so I just can't wait until the tales of history come back
18:32
and say maybe we should have had IQ tests or something along
18:37
those lines when people came into the Senate.
18:40
I don't know. It's I'm just brainstorming
18:42
guys. But hey, I, I'm, I'm with Jack
18:45
Ballers. Game over.
18:47
We're going to the moon. See you, Liz.
18:50
Wait, wait, wait before before I'm.
18:52
Happy we have our in house Libertarian here.
18:54
It's simply Bitcoin. OPTI, what the other side of the
18:57
spectrum. What's your take?
18:58
Well, I don't know if you guys noticed, but did you see when
19:02
Elizabeth Warren or whatever you guys want to call her comes on?
19:06
She literally couldn't not laugh when she started to talk about
19:10
this. I I think this might have been
19:11
one of those Freudian moments. She kind of like, giggled.
19:14
And you're like sitting here like this is supposed to be
19:16
serious and the first thing she does is start laugh and you're
19:20
just like, what is going on here?
19:22
It just it. It just.
19:23
She. Knows her statement is so.
19:25
Yeah, it's it's laughable. She's laughing on air and here
19:30
we are. Everyone's taking her serious,
19:31
like it. It's really incredible that this
19:33
is where we are. You know everyone's favorite
19:35
Karen out there is is is basically here to protect the
19:38
world and and what she said, the last thing she said on that clip
19:41
was we can't allow this to happen.
19:43
Like, who is we that we're talking about?
19:45
Who is this we? Because we?
19:47
Can't allow this to happen. We should be looking at the
19:51
banks and JP Morgan's well, well cited JP Morgan as like some St.
19:56
like he has the moral like superiority to come out and talk
20:01
about. Illegal activity what you know,
20:04
what about the the old island financing in that?
20:07
And it gets a little. Slap on the wrist.
20:09
All right, all. Right.
20:10
All right, let's reel it in. Let's reel it in.
20:12
All right, I do want to give a shout out to our sponsor.
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All right, everybody. We are going to talk about
21:58
Bisato today. Opti, let's share the screen.
22:01
Here we go. We're putting it up on the
22:04
screen right now. Russian, you have some questions
22:06
prepared. Why don't you jump into it?
22:08
Man, I'm so excited to get this going, 'cause the pairing of
22:12
mining with AI just got my mind going in so many directions.
22:16
But just to get started, what are, you know, kind of the ethos
22:21
and mission behind by Sato and what are you guys seeking to
22:24
accomplish? And you know, what are kind of
22:27
the implications of AI in Bitcoin mining and where are you
22:30
looking to take all that? Well, thank you for giving me
22:35
the opportunity to do it. Simply put, long term we're
22:39
building ultra efficient infrastructure for managing
22:42
computing power. Originally we started with
22:45
Bitcoin mining in 2017. I started the company myself.
22:48
I'm an entrepreneur for the past 25 years.
22:50
I started with the Internet back in 1995.
22:53
I've seen also the people fighting Internet the same way
22:55
that they are fighting Bitcoin right now.
22:57
So I've seen it. I know where it is.
22:58
I'm not the only one of course, but this is a kind of like a
23:02
story I'm bringing to the company.
23:04
When we started originally it was so fun.
23:06
We were like, hey, big in technology.
23:09
Bitcoin is great, Bitcoin mining sounds simple and easy.
23:11
We were living in New York and we decided to find a mining site
23:16
and we found Q1 of the best place in the world for mining
23:19
Bitcoin because not only the energy is renewable but it's
23:23
stable and it's also super well priced.
23:25
We pay on 44.3 cents a kWh, so it means an electricity price
23:31
for the full year of 2023 until today, the cost of producing one
23:36
Bitcoin electricity is on $14,000 one four in US.
23:41
So it's an extremely great price.
23:42
It's an extremely great buying price of the Bitcoin and even
23:47
better when the Bitcoin goes to the 4344 and we hope way higher
23:51
depending on the prediction that you you said earlier.
23:55
So that's that's that's who we are.
23:57
We're publicly listed in 2021 a little bit at the late stage of
24:02
the last bull market. We listed on the Canadian market
24:07
for Satoshi Nakamoto obviously and we are also available in the
24:12
US under the ticker OTCQBCCPU dot F So it's very easy to to to
24:18
find us and of course people can go on our website.
24:22
We wanted to get listed one first to to bring some some kind
24:26
of transparency into the industry and being listed this
24:30
is what it is you need to show. We did, we had to show the four
24:33
years or five years of of full account edited account.
24:36
We are publishing our financial every quarter.
24:39
We are publishing monthly our numbers about our production.
24:43
Today we run 20 megawatts of energy.
24:45
We are present a little bit less than 0.1, 25% of the total high
24:50
shape network. We run start computers and we
24:55
make our own serve Bitcoin per month.
24:57
We're not the bigger, we are bigger than us.
25:00
But in the industry the the the one wins are the most performant
25:04
and the more efficient. And that's what we have built
25:07
because we are transforming our energy ourselves into computing
25:11
power. And this is where the link
25:13
happens with AI, because what we've learned, what we've done,
25:17
the way we manage our infrastructure, yes, it will be
25:20
different for AI and HPC. You don't run the same type of
25:23
data centres or AI and HPC. You have one need to have
25:26
redundancy in electricity or higher cooling system, Internet
25:30
access that the generators exist and this kind of stuff.
25:35
However, the magical thing we have in Bitcoin mining, as you
25:39
know is the curtailment or the demand response that we can.
25:42
We are the only industry technologies technologically
25:45
speaking, who can turn the turn the computer off and on in
25:49
milliseconds or seconds and that way we can balance an an
25:53
electrical grid and by mixing AI.
25:57
Our vision is that we will be able to manage a grid with BECO
26:00
mining and keep a A a stable energy for AI and HPC and that
26:06
way we can continue using the energy at the local level where
26:10
we operate. For example, in Quebec, we're in
26:12
a city called Joliet. Somehow we're north of mental
26:15
health. It's a very lovely city.
26:18
But with us they have been able to monetize the energy that was
26:22
wasted before. They've been able to make more
26:24
revenues from it, more margin from it that they can distribute
26:27
to the constituent. We have employees, not a lot.
26:31
It's true in become mining, we don't have lots of employees,
26:33
but also in Quebec there are they have no unemployment
26:37
issues. We have also made work with a
26:40
lot of contractors around the city where we are probably like
26:43
3 or $4 million electrician, constructors, construction
26:47
etcetera. So it's bringing about revenues
26:51
and it's been getting wealth to the to the local level.
26:54
We are and what we are trying to anyone having like this local
26:57
approach, but what we are trying to do is to show the benefit we
27:00
can make at the at this local, at this local approach and then
27:04
show how it could be made at the state or even at the country
27:07
level managing the grid for the next 15 to 20 years for
27:11
computing power. It's not only Bitcoin mining,
27:13
it's certainly also competing for for AI and HPC.
27:17
My my guess is that the demand for AI has been undervalued by
27:24
the market. We're going to need way more and
27:27
in order to have computing power originally need to have
27:29
electricity and you need to have people who know how to transfer
27:31
this electricity to computing power and that's what that's
27:34
what we do. I'm going to stop here.
27:37
I don't. I don't want to continue for for
27:39
too long. No, man, thank you so much.
27:43
That kind of flows in perfect. So Sato, you guys are really
27:47
into sustainability and So what do you aim to do with that and
27:51
you have that cheap access and how do you particularly aim at
27:56
hydroelectric powered operations like that in Quebec and that
28:00
load shedding agreements? How does that work for you guys
28:03
in the economics there and especially in like Canada where
28:07
you have these just Wicked Winters and how does that work
28:10
and benefit, benefit just the people in that community where
28:14
the miners are? Yeah, very great question.
28:17
The benefit because they can get energy when it's cold, that's
28:20
what happened with us in Quebec in winter.
28:24
Sometimes the electricity providers, they need to manage a
28:27
peak of activity coming from the the hectares in the in the
28:30
houses and by turning off our energy they can then use the
28:36
energy to their Max because the municipality we're in.
28:39
In some way it's similar to APPA.
28:41
You have a maximum of energy they can use.
28:44
So I'm going to give you an example.
28:46
Let's say they have 100 megawatts of energy they can
28:50
use. They want to to run their
28:53
operation at 80 MW because you don't want to run your
28:55
electricity and then your system at 100% you want to distance and
28:59
there are CT used 60 megawatts and they have this 20 MW that
29:03
wasn't used before. But they need this 80 MW of this
29:06
extra 10 to 20 MW because in winter, during the day or during
29:11
the night they have a peak of demand and then they need to
29:14
produce more energy and send more energy to to the resident.
29:18
Before us because of this peak they were not able to sell this
29:21
energy with us. They can sell this energy.
29:23
This is why it's major and This is why at the local level we are
29:29
already bringing some art for for the population.
29:32
We are not using energy could be used for something else.
29:35
We are just using an an wasted energy that we can use for big
29:38
cut mining. I I want to focus on that last
29:42
part because I thought could you wide shot it.
29:45
Thank you Murphy. So I want to focus on that last
29:48
part, which is this idea that Bitcoin mining, you said it was
29:53
wasted energy, and that's a misconception.
29:55
That's something that's one of the like a talking points.
29:58
Essentially, Bitcoin mining uses too much energy.
30:01
Well, no, Bitcoin mining uses energy that was already going to
30:05
waste because if it was being used, it wouldn't be economical
30:09
for Bitcoin miners to use that set energy, right.
30:12
And they paint this misconception in the media of,
30:15
you know, Bitcoin miners just setting up shop in the middle of
30:17
the city and just bringing up the prices up for everybody.
30:20
That doesn't make any sense, right?
30:21
Bitcoin miners are like water. They're going to flow to the
30:24
cheapest electricity sources because that makes it the most
30:27
economical for them, and that creates and and remain.
30:31
And then this topic itself is fascinating to me because for
30:34
the first time in human history we have something that monetizes
30:40
wasted energy or stranded energy, nothing else before
30:44
that. Maybe I'm, I'm incorrect here
30:48
but you know my memory I I can't think of anything else that
30:52
gives the stranded energy this wasted energy value and you're
30:55
seeing that along many, many fields, right.
30:58
So you have hydro you have that otherwise could potentially be
31:02
very stranded because it was in a remote area.
31:05
You have flared gas. You have methane, you have all
31:08
these, you know, different types of, you know, wasted energy,
31:12
stranded energy that's somehow being monetized.
31:14
So can you talk a little bit about that, about how Bitcoin is
31:18
changing the energy industry itself?
31:21
Yeah, commonly I go with you. I mean, it's unique.
31:24
Only Bitcoin can provide this kind of flexibility with the
31:27
computing power that they're providing.
31:31
So we can really deploy. We decided to be incorrect.
31:34
It's a it's a one provider of energy, 97% is hydro
31:39
electricity. In the rest it's biomass, wind
31:43
and solar, but almost producing no carbon emission.
31:47
But in in more than us and and and for the whole industry and
31:50
the Bitcoin industry, we can go where energy is wasted, usually
31:54
at low cost and we can sometimes even lower the carbon footprint,
32:00
mainly with slag as as you were mentioning.
32:02
And there are studies probably that from this that you've known
32:06
called Daniel are showing how the renews of the metal from the
32:11
flag gas and the CO2 could be reduced into energy and then
32:14
even lower the temperature of the Earth in the coming in the
32:18
coming years for the Paris Climate Accord.
32:20
I think that is for 26 or maybe a little bit more.
32:24
So it's really the only energy. The only technology companies
32:28
that can do that Marathon have started to do are are converting
32:32
energy from waste. So the waste, the trash and
32:35
really from from from our life. Instead of putting them in a
32:39
field you can use the metal it creates or you can burn them.
32:43
Some miners are using burning, burning tyres and reusing the
32:47
heat to produce energy. The beauty of Bitcoin is that we
32:52
are focusing on efficiency and if we want to survive we need to
32:56
be efficient. And to be efficient we will need
32:58
to find this kind of phrase And this is what I love this
33:00
industry that's why I'm passionated with with with what
33:02
we do. Because it's not only us we I
33:04
mean we have the electricity we are reusing our heat for example
33:08
and more and more become miners. Also using your your there if we
33:13
can do it for heating augments and all of a sudden not only you
33:18
heat apart your apartment but you make it cut at the same
33:20
time. Innovation is everywhere.
33:23
It's only the beginning. But the bottom line is that we
33:26
are focusing on efficiency and this efficiency it was it is
33:29
what is needed in the next again five years.
33:32
I don't want to send to long term vision and etcetera.
33:35
But we are at the verge I think where the environment debate is
33:40
behind us. Maybe I'm a little bit
33:42
optimistic maybe it's going to take more and when I see Senate
33:45
of that well and I understand that we still have some some
33:49
some some work to do. But I really believe that in in
33:53
today's world efficiency and using the energy the right way
33:57
for computing power is something that is needed everywhere.
34:00
If you are government and if you don't have that ready in your
34:03
country, you will lose your efficiency not only as a as a
34:07
country but for your citizen, your companies and at some point
34:11
they will need to contact and use.
34:14
This is also the beauty of being in Northern America, Canada, US.
34:17
It's a kind of a free market. It's a private companies even if
34:21
we're public, but the the private projects that can
34:23
finance themselves use the network of companies like US
34:27
Ultra professional. We are not the owner and we have
34:29
huge companies who are listed on the NASDAQ doing what we do.
34:33
We are listed in in Canada under Inter GSXV.
34:36
We want to follow these steps. We've seen the success from Iris
34:40
Clean, Spark, Big Farm. We've seen, we've seen how they
34:44
were able to deploy capital and to grow intelligently.
34:47
We want to follow that step and grow and and and add more
34:50
computing power for Bitcoin where Bitcoin deliver.
34:53
We love Bitcoin for a long time. We are even developing
34:57
applications for the lighting network and ordinals because we
35:01
want to provide infrastructure also for the software part.
35:04
This is also where I'm coming from.
35:06
I was more coming from the the software part earlier and yeah
35:12
the the, the innovation in our industry is so key that I think
35:17
it's only going to go and be developed and and and asked to
35:20
run other become manners. I think it's clean, clean spark.
35:23
They are developing themselves in Georgia, in the state of
35:26
Georgia they have this local approach showing that we can win
35:30
at the local approach will make us even more at the global
35:33
approach. It's going to take time.
35:35
It's true that governments around the world can change
35:38
etcetera, but more and more placing in the wall start to
35:42
realize the beauty of Bitcoin as a store value international
35:46
transaction and maybe one day the the the guy dream of the
35:50
peer-to-peer network marathon solution.
35:53
In the meantime, it's it's, it's.
35:54
Happening today, Yeah. And and and I I wanted to double
35:58
back on something that you said in the beginning romaine about
36:02
you being you've been an entrepreneur since the, you
36:06
know, since the 90s, you saw the rise of the Internet.
36:10
Is there something unique about Bitcoin?
36:11
Is there something about Bitcoin that you've never seen before?
36:15
Because I've I've, I've had this conversation with multiple
36:18
entrepreneurs and they're like this thing is special.
36:20
So is that something that you've experienced too?
36:23
Because you've seen the rise and falls of of many things you've
36:26
experiencedthe.com, bustthe.com boom.
36:30
So is there something about Bitcoin that makes it different?
36:33
And if it it is different, why is it different?
36:36
Why is it unique? Is there something?
36:38
So, and I'll describe it from, from my point of view, right,
36:41
It's like, yes, it's not only the it's not only a technology,
36:45
but there's something revolutionary about this.
36:48
There's something that hits the soul.
36:49
Maybe it's money itself. Maybe it's because money, as
36:53
much as people don't like to admit it, money plays a critical
36:56
role in society. It's half of every transaction.
36:59
And if that money is broken, if that money is corrupted, you
37:03
know that has downstream effects.
37:05
So I want to get your take on that remain.
37:08
Clearly you're a veteran, you've been here, you've done this for
37:11
a while. What's your take on that?
37:14
Well, last question. Yes, Bitcoin is special.
37:17
Bitcoin is magical. It's something that has never
37:21
been done before, invented before.
37:23
It's touching a lot of things as you said from technology to
37:26
finance to freedom to worldwide payment system and solution of
37:35
exchange and communication. It's it's opening everything and
37:39
in that way I think Bitcoin is is really unique in in what they
37:44
have done and and working on it today I think there is nothing
37:46
better. There is also it's interesting
37:49
to to note the vision where Bitcoin and Satoshi could become
37:52
the the, the the currency of AI in some ways because they are
37:57
you need to create some kind of request back and forth.
37:59
You can monetize this with SAT. You can also use the SATS as the
38:03
and the transaction Ledger and lots of things could could
38:07
happen. So it's really interesting to to
38:09
to to see the range of Bitcoin and and also one thing that is
38:12
interesting right now is is what's happening with ordinals.
38:15
I know it's a big debate. You have some Maxis who are
38:18
against ordinals. You have pools who are not
38:21
mining ordinals or inscribing ordinals.
38:26
But the inventivity that has brought to Bitcoin is really
38:31
magical. It's it's a time of of you know
38:33
when Internet started then all of a sudden you have things pop
38:37
popping up everywhere new invention and we are in that in
38:41
that period. So it's it's the best.
38:42
It's not only our Dinos, you have a Federation of course
38:46
Lightning Network type of multi stick signature and etcetera.
38:52
DLCS are also very interesting and in development and it's only
38:55
the beginning. So it's it's it's that's where
38:58
it, it differs from everything that I've seen before.
39:01
And what we are building today I think is going to be something
39:06
huge in the coming 5-10 years and it's going to be behind us.
39:10
We're going to see the fleet, the same fleet with we've seen
39:12
with the Internet in 99 people stop complaining about the
39:17
Internet at the end it became normal.
39:20
We're going to have this flip at some time.
39:22
We'll take more time in different kind of countries and
39:26
different kind of legislation, but eventually it will really be
39:30
mainstream and and everywhere. Absolutely 100%.
39:34
Oh man, I I really, really enjoyed this.
39:37
Nico, before we go though, I I'd just like to highlight, if you
39:40
contrast the numbers, you know we saw Elizabeth Warren talking.
39:44
We have Romain talking and and it just goes to show that like
39:47
it, it's completely fabricated lies that we're hearing that you
39:52
know we're we're all criminals. And I think you're Romaine,
39:55
you're just a perfect example of being an entrepreneur and why we
39:59
are all into Bitcoin and the improvements that it does give
40:02
us. And and I think just like if you
40:04
in your mind, you contrast the difference between her
40:07
messaging. And our messaging, as I think
40:09
it's very clear to anyone who's actually paying attention to the
40:12
numbers that if they still have some critical thinking and logic
40:15
left in their brains, they will understand that Bitcoin is
40:17
really winning. 100 percent, 100%.
40:20
Wow, I really, really enjoyed that segment.
40:22
All right, everybody, let's get to the news.
40:24
We have a lot to talk about. Let's check it out.
40:26
The. Daily.
40:30
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Not your keys, not your Bitcoin. Anyways.
41:48
So let's talk about this and it is, I'll be honest with you
41:52
guys, we usually don't talk about price on the show.
41:54
We don't like to speculate and whatever.
41:56
But The thing is when Adam back is saying 700K Bitcoin, when
42:00
Bloomberg is saying 500 K Bitcoin, like, I mean, you're
42:05
going to have to cover it. And then we're going to break
42:07
down like we're actually going to, let's look at some data,
42:10
like let's look at some facts because you can just throw out a
42:14
number there and you can say this is the number, this is how
42:16
it's going to happen. But let's kind of connect the
42:18
dots because this is what we do here at simply Bitcoin.
42:21
So this is the Bloomberg article.
42:22
Bitcoin hype machine kicks into OverDrive.
42:24
While cryptocurrency surges past 42,000, Bitcoin topping 42,000
42:29
is just the start of a fresh crypto super cycle.
42:32
Again, I love how the media still says crypto, but it's
42:36
really big. They're talking about Bitcoin,
42:37
but they somehow put crypto in there.
42:40
Bitcoin super cycle that will push the world's biggest token
42:43
above $500,000. And what I heard say is the new
42:47
monetary order taking Wall Street by storm.
42:50
Holy cow. Anyways goes on to say such is
42:53
the is the palpable sense of euphoria within the digital
42:56
assets community right now, where the largest token is
42:59
coming off its third months of gains, adding another 11% so far
43:02
in December to trade at its highest since the market began
43:05
to implode in April 2022. All the excitement about about
43:09
the surge is bringing out hype up predictions about further
43:12
gains, most of them based on little else that intuition or
43:16
obscure technical analysis. The cryptocurrency is in the
43:19
midst of a revised arrival few saw coming this year.
43:22
It's added more than 150% so far in 2023.
43:26
As many market watchers anticipate, an exchange traded
43:28
fund that directly holds a token could soon be approved to trade
43:32
in the US. The jubilation prompted Coinbase
43:35
CEO Brian Armstrong, for instance, to post a post that
43:38
quote Bitcoin may be the key to extending Western civilization.
43:42
Something to note he'd He is the CEO of one of the largest crypto
43:46
casinos. But he didn't say crypto, he
43:49
said Bitcoin. I just want to point that out.
43:51
Anyways, it goes on to say Meanwhile, the prophecies for
43:53
high how high the coin could go spanned anywhere from 50,000 in
43:58
the media term to above 530,000. Quote It's getting crazy again,
44:04
said Matt Mellie, the chief market strategist at Miller
44:07
Tabik Co. Those kind of comments show just
44:10
how quickly sentiment can change for this asset class.
44:14
It goes on to say, quote. I would argue that one of the
44:16
most important reasons Bitcoin rallied so strongly in 2020 and
44:20
2021 was because of the massive influx of liquidity into the
44:24
system due to the pandemic quote.
44:26
Without another huge liquidity program, some of those
44:29
predictions are a pipe dream. Anyways, moving on to Adam
44:32
Back's prediction, says digital gold.
44:34
Bitcoin will surely flip physical gold sooner or later
44:38
and probably this having cycle. So within a year or two
44:40
currently I would take 700K Bitcoin, but it may be partially
44:44
a substitute. Some people start selling gold
44:47
to Bitcoin to buy Bitcoin crossing the market cap below
44:50
that, right. So it's very, very interesting
44:52
and I know Romaine mentioned the the gold market cap earlier.
44:56
Now let's kind of tone down the opium a little bit and let's
45:01
talk about why, you know these things could happen.
45:04
First, the Bitcoin supply the whole time high has been most of
45:09
it has been inactive, 70% to be specific.
45:13
This has never happened in Bitcoin's history, right.
45:16
We have the having coming up. So this about half the cell
45:19
pressure is going to be cut in half about in April of next
45:23
year. So you have the having, you have
45:25
the fact that there is not enough Bitcoin to go around.
45:28
You have the fact that Naimbu Kelly's buying Bitcoin strategy
45:33
has been vindicated. The moment Bitcoin passed 40K
45:37
name Buchelli is now in the green.
45:39
And Michael Saylor's strategy as holding Bitcoin as an
45:43
alternative to holding Fiat in the company's balance sheet has
45:46
also been vindicated. He's been in the green since.
45:49
I think his average buy in price is about $30,292 per coin,
45:54
right? And here is because we connect
45:57
the dots for you guys. Here is a Twitter Spaces
46:01
recording that Michael Saylor joined where he basically made
46:06
he made the case, What are the three things that need to happen
46:09
in order for? This is way too bullish.
46:12
So I'm not going to read the number exactly, but if you guys
46:14
are watching the video, which you totally should, you could,
46:16
you guys could read that number. But he said these three things
46:20
needed to happen in order for Bitcoin to 3X from here.
46:25
So I'll play you guys the recording and then we'll talk
46:28
about it. Think the catalyst that 10X, it
46:30
really is the moment that JP Morgan Chase or other big money
46:33
center banks can custody these for large corporates.
46:35
That's it. That's the sea change because
46:36
there's really no reason why they shouldn't be diversifying
46:38
the assets on the balance sheet. Is that, is that your take?
46:40
Because I know that. Like Tim Cook, I don't know
46:41
where it came from. Earlier this week he said
46:42
something like, I owns a Bitcoin, but we have no designs
46:44
on anything. Or I don't know if he said
46:45
Bitcoin or crypto in general. Is that the thing?
46:47
And then? Look first of all it's going up
46:50
by a factor of 10 whether they fix any of this stuff, right.
46:51
It's going to go a lot. It's going to be a grind up by a
46:54
factor of 10 just because gold is broken and the coins going to
46:57
replace gold and now everybody in the universe knows they need
46:59
a non sovereign store of value in the form of a bearer
47:01
instrument. So now they're looking the
47:03
amount of stories for last year people said inflation may be
47:06
coming we're not sure. Now the mainstream narrative is
47:08
flipped to inflation is here you need inflation hedge.
47:11
So it's going to grind up to replace gold.
47:12
It will go to $500,000 a coin regardless of why they fix these
47:15
things. But there are three things that
47:16
are massive catalyst that cause and acceleration and I don't
47:20
think that those three things don't take us to 500,000, they
47:22
take us to 5 million a coin, right.
47:24
Those three things are a spot ETF where someone can go ahead
47:27
and buy $100 million of Bitcoin via security.
47:29
An ETF security I think that's 1/2 is your bank is going to
47:33
custody it for you and lend against it.
47:35
And three is I can mark it up, I'll mark it down on my balance
47:39
sheet based on fair value pair of pursue, it'll be pair of
47:42
pursue to the way I handle apple stock or at least that good if
47:45
it's if you have property with fair value accounting by the way
47:49
it becomes para pursue to the way you'd handle treasury bonds
47:52
on a treasury balance sheet. Treasuries are better than
47:54
stocks because treasury is property whereas a stock is a
47:56
security and you're capped out at 40% of your balance sheet of
47:59
security. So.
48:00
So it would be a major, major breakthrough if you saw any of
48:04
those three things. And I'll end with this one
48:06
observation. I waited this last week, but I
48:07
still I think it's very powerful.
48:09
It's if the banks can hold this stuff on their balance sheet
48:11
then a whole new class of investors are going to buy it.
48:14
People are going to put in billion and multi billion dollar
48:16
orders to buy it as a. Treasure.
48:17
I'm going to stop it right there.
48:18
So that recording was two years ago, and two out of those three
48:25
things have happened. So first thing is the FASB votes
48:29
in favor of Fair value accounting for Bitcoin.
48:32
Those rules are set to go into effect as soon as 2025.
48:38
So that was one of the one of the major catalysts that Sailor
48:41
described needed to happen. The other one was major banks
48:45
gearing or or preparing themselves for them to custody
48:49
Bitcoin for their clients. Here's HSBC to launch storage
48:54
services for Torken Eyes Token Eyes Securities as more big
48:57
banks warm to blockchain. Soak effing crazy how they do
49:03
that. And then Deutsche Bank or the to
49:06
hold crypto for institutional clients also not to mention the
49:10
fact that Swan announced institutional swan institutional
49:16
as well. So yeah, this is all coming
49:18
together. This is an article that dropped
49:20
a couple days ago. US Bitcoin ETF issuers talks
49:23
with SEC have advanced to key details.
49:26
So it looks like it that's that's making progress as well.
49:29
So those are the three things that Michael Sealer said needed
49:32
to happen in order for Bitcoin to 10X from here.
49:35
Mind you, two of those three things have happened and the ETF
49:38
is on the verge of being approved, hopefully in January.
49:42
So this is absolutely crazy. Now remain, please pull down the
49:46
bullishness. Please bring us down from the
49:49
moon. Or are you seeing what we're
49:51
seeing? Well, I mean First off it's it's
49:55
difficult to be better than Michael Seller.
49:58
I really love him. He's he's always a spot on and
50:02
he's he has a clear vision some risk he took some risk he's he's
50:05
very amazing and he made a miners he was the instigator
50:10
originally of the BMC, the Bitcoin mining council which is
50:14
a gathering of many North American and now need a bit more
50:20
international Bitcoin miners that are on ourselves.
50:22
So it's great to hear him and and and and even if it's two
50:28
years on I'm sure today we are getting there and then and the
50:33
missing part ETFI think will happen.
50:35
We can still be have a deception we never, we never I mean there
50:42
is a possibility that something bad will happen.
50:44
I don't believe it. I really believe that we are
50:47
going to go into a beaconization of the world more and more it
50:51
and and the beauty of the ETF if it happens and when it happens
50:54
not only it will be bring cash to become but it will bring
50:57
respectability. All of a sudden it will be OK
51:00
for people to buy to access it whether the other banks or
51:05
otherwise they will invest into into the the check.
51:08
So I think it's it's more than just the value of it, but in
51:11
terms of value we look at it and myself, I mean as a bitter
51:15
miner, I don't look at the price.
51:17
So I I'll look at the price but most of the time look at the
51:20
cycles. I tried, I know, I tried to look
51:24
at the cycles, you know and to see how can I deploy more mining
51:27
power and competing power in the different kind of cycles.
51:30
Because in the Bitcoin mining industry, the difficulty is to
51:35
align time with I mean timing your energy, financing your
51:40
miners and getting access to the data centres running.
51:46
So every time aligning everything is always the most
51:50
difficult, the most difficult things and being able to to
51:52
navigate during a bull that we've seen before we started in
51:56
27/20/17 and in the bear is also key.
52:00
But obviously when the Bitcoin is doing nuts, the market is
52:03
doing nuts. I believe that Bitcoin is going
52:06
to grow up by, by effect, publicly determiners are going
52:09
to also grow like crazy. Not only us.
52:12
My theory, my guess is that it might of course have no magic
52:17
ball, but it might be the the the first bigger brands, first
52:21
the one and then we'll come to junior like us.
52:24
We are junior. We are trying to, if I could
52:26
become the senior of the next ball.
52:29
It's a business that needs lots of CapEx to to deploy not only
52:33
for buildings infrastructure but also for buying the the mining
52:37
rigs and the computing power. But it's right there.
52:40
This is the excitement, this is what is great to be in right now
52:44
because we think we are the beginning of of of this cycle
52:48
and it's a cycle where we can really go to a a huge level.
52:52
Absolutely, 100%. I I I feel as bullish as you
52:56
remain. I think that this next cycle is
52:58
going to be absolutely crazy guys.
53:01
We are going to have to wrap it up because the unconfiscatable
53:05
stream is starting right now. So I do.
53:09
So I do want to thank our guests.
53:12
Romaine, thank you so much for joining us on the show today.
53:17
Check out Sato. Like I said, it's like Romaine
53:19
said, it's publicly listed in Canada and the US as well,
53:22
correct? Correct.
53:25
Awesome. Awesome.
53:26
OK, we. Got to get Romaine back to talk
53:28
like the implications of AI and Stratum V2 and building
53:31
templates and and what that's going to be.
53:34
OK. I would love to see and and and
53:36
on this subject I would add one thing that we didn't mention
53:39
today. It's really interesting fees,
53:41
the increase of fees are reducing the impact of cash rate
53:45
on our revenues and it's a great event today and I think it's a
53:50
great event in the future for us because minors post adding, but
53:54
anyway that's probably for another conversation.
53:58
Yeah. Thank you so much.
53:59
Remain really, really enjoyed you coming on the show.
54:01
We really appreciate it. Thank you.
54:04
Thank you so much. All right, everybody.
54:06
So the unconfiscatable live stream is up right now.
54:09
So you got all you guys got to do is you guys got to tune into
54:12
Tone Vase's YouTube channel and you'll be able to see it.
54:16
I I I was just looking at the stream a second ago and it seems
54:19
like Jack Mahler's is saying some words.
54:21
So we're going to wrap it up here, tune into the Tone Vase
54:24
channel for day two of Unconfiscatable.
54:27
We also have the Simply Bitcoin news desk during lunch, also on
54:31
the Tone Vase channel as well. So TuneIn there and guys, we'll
54:34
be back around 1:30 Pacific Time.
54:37
Peace out, everybody. In your panel later.
54:40
Yeah, yeah, yeah. I'm going to be on a mining
54:42
panel later. It's going to be interesting
54:44
debate. Public miners versus private
54:45
miners going to be interesting. Bob Burnett's going to be there.
54:49
We have Ben Gagnon from Bit Farm.
54:52
So it's going to be Huddle Tarantulas.
54:54
It's going to be a very, very exciting panel.
54:56
Anyways, we'll see you guys in a little bit.
54:58
Tune into Unconfiscatable Tone Bay's Channel, Peace Out,
55:01
everybody. Into For everyone in Twitter
55:12
Spaces, we are going to switch over to.