Latest / Simply Bitcoin / Wall St Firm Accused of CAUSING 2022 Bitcoin Crash!! EP 1447

Transcript

Wall St Firm Accused of CAUSING 2022 Bitcoin Crash!! EP 1447 · Simply Bitcoin

• 0:01
  The same Wall Street firm who has been getting accused of
• 0:05
  manipulating Bitcoin's price over the last six months has now
• 0:10
  also been accused of causing the 2022 collapse of Bitcoin.
• 0:16
  This multi trillion dollar firm, James St. allegedly started the
• 0:21
  2022 unwind that bankrupt Luna, FTX, Celsius and Block 5.
• 0:28
  We know this might sound like old news, but the real question
• 0:32
  right now is probably why is this new lawsuit coming out
• 0:36
  right now in 2026? That's the question on my mind,
• 0:40
  but let me dive into this guys. All right, So actually I might
• 0:45
  have to start with who is the guy on the thumbnail, which is
• 0:48
  the Quan who is the CEO or the founder of Terraforms Lab or
• 0:55
  Terra Luna, which was for all implications the reason for the
• 1:01
  absolute drop out of the market in 2022.
• 1:04
  So for you new guys here, I saw some people in the chat like
• 1:07
  who's this guy on the thumbnail? It's Daquan.
• 1:09
  He's am I past the 1st 2 minutes?
• 1:12
  No, I'm not He's a notorious altcoiner.
• 1:14
  He is actually got sentenced to 15 years because of this whole
• 1:20
  collapse that what happened in 2022 in the crypto markets.
• 1:24
  And you know, it's one of the biggest epic frauds in crypto
• 1:29
  that finally we we almost got got away from.
• 1:33
  Now this story is rearing its head again.
• 1:37
  So let me cover the story first and foremost, we'll cover the
• 1:40
  allegation. I still have Luna Law.
• 1:43
  You're crazy in the chat. OK, so I am going to use the
• 1:48
  zero Hedge article. This was originally posted on
• 1:51
  Wall Street Journal, was actually broken on Wall Street
• 1:53
  Journal. And then there was a Bloomberg
• 1:55
  article relaying the same story, but I don't have Wall Street
• 1:59
  Journal or Bloomberg accounts anymore, so I'm going to use the
• 2:03
  Zero Hedge article here. And they do have a a certain
• 2:08
  bias here, which is the very first sentence.
• 2:11
  But anyways, the headline is James St. sued for crypto
• 2:14
  insider trading that accelerated Terraform collapsed or the Terra
• 2:19
  Luna stable coin. And and here is their initial
• 2:22
  bias. And then I'll kind of breakdown
• 2:25
  unpack exactly what happened here.
• 2:28
  Here is the zero hedge kind of view here.
• 2:30
  For years, literally, we have been pounding the table and
• 2:33
  pointing out market rigging and manipulation.
• 2:35
  I mean irregularities in the crypto market, which for reasons
• 2:39
  of our own, we attributed to one of the world's foremost high
• 2:42
  frequency trading shops and most profitable market makers in the
• 2:45
  world, James St. And of course they have a a good
• 2:49
  tweet here, which will segue into some other connections here
• 2:54
  later on. And this is from December 29th,
• 2:57
  2023. And it goes Jane Street is going
• 2:59
  to front run so many Bitcoin ETF orders.
• 3:03
  SPF would have made trillions if he had only stayed there and it
• 3:07
  would have been all legal. Yes, SPF did work at Jane
• 3:11
  Street. I, I will, you know, show you
• 3:13
  all the connections later. But anyways, here is like the
• 3:17
  the the shortest Jane Street is being sued currently by Todd
• 3:21
  Snyder, who is the administrator of the Terra Luna collapse here,
• 3:28
  winding up the wind up fund alleging that Jane St. was
• 3:33
  insider trading and they're the reason for the collapse of Terra
• 3:37
  Luna, which again was the huge catalyst in 2022 to drop Bitcoin
• 3:43
  down under around 15 K rather. And and it wasn't the initial
• 3:49
  kind of pin to end the 2021 bull market.
• 3:53
  As you know, we have a theory here that is probably closer to
• 3:58
  either the four year cycle or because China banned Bitcoin
• 4:02
  mining again in 2021. But this was the final
• 4:06
  capitulation, the final leg down to really cause a very deep bear
• 4:12
  market in 2022. And and it was it was an
• 4:15
  interesting time. Of course, it also knocked down
• 4:18
  a lot of other trading firms in the crypto industry.
• 4:22
  But again, I'm not going to necessarily read this whole
• 4:24
  thing. If you want to see this whole
• 4:26
  article, read it for yourself. There is the sue at the bottom,
• 4:29
  which I was reading this morning to kind of get some more
• 4:32
  information on exactly what happened.
• 4:34
  But this article did a very good job of explaining it.
• 4:36
  So anyways, Jane Street used quote non public information and
• 4:41
  front run trading that hastened the collapse of terraforms.
• 4:44
  Todd Snyder, who is the administrator of the winding up
• 4:47
  affairs of the terraform labs and he goes further illegally
• 4:51
  using this information allowed Jane St. to quote, unwind
• 4:54
  hundreds of millions of dollars in potential exposure at
• 4:56
  precisely the right time mere hours before the terraform
• 5:00
  ecosystems collapse. Again, this is in the suit.
• 5:03
  This is alleging this is what they're saying.
• 5:05
  This is what the Terraform Labs guys are saying happen, and I
• 5:10
  just want to, I just want to keep the question that I posed
• 5:13
  in the beginning of the show in the back of your mind.
• 5:15
  Why is this coming up now? OK, I'll unpack that in a little
• 5:20
  bit. And then it goes on.
• 5:22
  For those, you know, for the newer people here that don't
• 5:25
  really know what Terraform Labs is, what Terra Luna was, what
• 5:28
  the 22 collapse was, this was Ground Zero for the final leg
• 5:33
  down in 2022. And of course, here the judge
• 5:37
  who sentenced the Quan to 15 years said, quote, his crime was
• 5:41
  a fraud of epic generational scale.
• 5:44
  It was a it was a huge scandal. It was one of the biggest news
• 5:47
  stories in 2022. It was really that defining news
• 5:50
  story that you can pinpoint and be like, this is the reason why
• 5:54
  we got down to 15 K. This is the the final
• 5:57
  capitulation, the final sacrifice needed to finally get
• 6:02
  to the bottom of the bear market and continue the bull run.
• 6:04
  Now they of course filed bankruptcy in 2024.
• 6:09
  Daquan went to jail in 2024 as well.
• 6:12
  Anyways, here is where you start to understand exactly how this
• 6:18
  went down South. Where is it in here exactly?
• 6:23
  OK, we'll go by late 2018. Jane St. has signed up to trade
• 6:27
  directly with Terraforms, but it's trading in Terraforms token
• 6:31
  didn't take off until February 2022.
• 6:34
  That was one of the interesting things that I particularly
• 6:37
  noticed in this lawsuit was them saying you guys are funny in the
• 6:44
  chat was them acknowledging that Jane St. basically got
• 6:50
  interested in Bitcoin in 2017. That's when they initially
• 6:54
  started to look into Bitcoin. I thought that was very
• 6:57
  interesting because now we know for sure that the institutions
• 7:01
  have are starting to really acknowledge Bitcoin now in 2025,
• 7:08
  as we've all been saying in Bitcoin for years, Basically
• 7:11
  since I got into Bitcoin, there was always this rumor, this
• 7:14
  speculation that the institutions are here, guys, the
• 7:17
  institutions are here in Bitcoin.
• 7:19
  They're going to save us guys. They're going to start buying in
• 7:21
  Bitcoin. But as you can see, yes, maybe
• 7:24
  they were researching Bitcoin in 2017, but they really didn't
• 7:27
  start to get active in Bitcoin until 2022, obviously, you know,
• 7:33
  multiple years later. So they've been looking at
• 7:35
  Bitcoin for a while. I, I found that very interesting
• 7:38
  because we have always been saying you, the institutions are
• 7:42
  here that they're not as ignorant or naive about what
• 7:45
  Bitcoin is doing or sorry, Jane, Jane Street, if you guys don't
• 7:51
  know, is pretty much what they're, they're bigger than
• 7:55
  most hedge funds. They are 10% of all of the trade
• 7:59
  activity coming from Wall Street.
• 8:01
  So this isn't just a, a very small mom and pop shop.
• 8:05
  This is one of the biggest market makers on Wall Street.
• 8:09
  They have about $23 trillion, or rather I think they traded
• 8:13
  around $23 trillion last year. So I found that very
• 8:17
  interesting. Anyway, it's going further and
• 8:19
  this is where you start to see how this happened.
• 8:22
  So again, they didn't start until 20/22 when a Jane when
• 8:27
  Jane St. set Bryce Pratt, a former intern at Terraforms
• 8:31
  Labs, to establish lines of communication with his former
• 8:34
  Terraform colleague. So this Bryce Pratt guy was an
• 8:37
  intern at Terra Labs and I guess I'm reading the suit.
• 8:43
  He was bragging a lot about Oh, hey, my next job I'm going to
• 8:47
  Jane Street. So it it was kind of maybe like
• 8:50
  a running joke. It was kind of one of those
• 8:52
  things that, you know, okay, he's just interning here.
• 8:54
  When his internship is up, he's going to go work for Jane St.
• 8:58
  and, and that's really where you start to see the connection
• 9:02
  here. And, and again, I will unpack
• 9:04
  some of the other connections through Jane St. and other
• 9:06
  things that happened in crypto. Again, crypto, not necessarily
• 9:10
  Bitcoin in crypto anyways. Amongst Pratt's communications
• 9:13
  with Terraform was a group chat he set up with his former
• 9:16
  colleagues at Terra Labs, including a software engineer
• 9:19
  and the head of business development at Terraform.
• 9:21
  The group named the chat quote Bryce's secret 'cause he's
• 9:25
  working at Jane Street, but he's still talking to Terra.
• 9:27
  Terraforms Labs, you know. Employees and used it.
• 9:31
  As a way to channel Terraform related information back to Jane
• 9:35
  St. also, Pratt started an e-mail chain to introduce
• 9:38
  Terraform's head of Business development and Jane St's Jane
• 9:41
  St's Defy leaders. The parties began regularly
• 9:44
  communicating and discussing a potential Jane St. investment in
• 9:48
  Terraform. At least this is what the
• 9:50
  lawsuit is saying. But James St. turned those
• 9:53
  communications into a back channel source for material non
• 9:56
  public information about Terraform and later used the
• 9:59
  confidential information it learned to pursue trades to
• 10:02
  maximize profits for itself. Sounds like some Wall Street
• 10:06
  stuff right? Specifically, and this is where
• 10:10
  the, the, you know, the root bomb happened.
• 10:13
  This is where the root cause of the 2022 collapse happened.
• 10:17
  Is this exact scenario here, or at least this is what the suit
• 10:21
  is alleging. On May 7th, 2022, at 5:54 or
• 10:25
  sorry, 5:44 PM Eastern Time, Terraform withdrew 150 million
• 10:30
  Terra USD from this Curve 3 pool, a liquidity pool where
• 10:35
  stable coins could be exchanged one for the other.
• 10:38
  And less than 10 minutes after Terra's withdrawal, which hadn't
• 10:42
  been publicly announced, a crypto wallet that some analysts
• 10:46
  have linked to Jane St. withdrew $85 million of Terra USD from
• 10:51
  the same liquidity pool, the compliant alleges.
• 10:54
  The next day, of course, Kwan said publicly that the $150
• 10:58
  million withdrawal was meant to move the Terra USD to a new
• 11:02
  liquidity pool for stablecoins. However, the exact timing of the
• 11:06
  activities associated with the new liquidity, including any
• 11:10
  withdrawal again from Curve 3 pool, wasn't public knowledge.
• 11:14
  The trades accelerated the collapse of Terraform by adding
• 11:17
  selling pressure at a critical moment while allowing Jane St.
• 11:20
  to profit. Or, you know, maybe a less
• 11:24
  cynical view or avoid massive losses.
• 11:27
  Now, it didn't end there. After the May 7th trade, Jane
• 11:30
  St. continued to use confidential information,
• 11:32
  including what it learned from jump trading, to trade Terra USD
• 11:36
  to reap more. Profits, the lawsuit said.
• 11:38
  On May 9th, while Terra USD was dpegged but not fully collapsed,
• 11:43
  Pratt set up a group message with Kwan Huang and others at
• 11:46
  Jane St. expressing the firm's interest in bidding on either
• 11:49
  Bitcoin or the Luna token. Kwan responded to get in touch
• 11:53
  with Bill De Soma, Co founder of Jump, and maybe you guys could
• 11:57
  fundraise for Terraforms Lab. And then of course, if you are
• 12:02
  familiar with this story, by May 13th Terra Luna completely
• 12:06
  collapsed. It was at 0.
• 12:09
  So if you want to look at the lawsuit there, it gives you a
• 12:14
  good kind of breakdown of exactly what happened.
• 12:17
  But just to recap here, essentially this lawsuit is
• 12:21
  claiming that an ex Terra Labs intern that then worked for Jane
• 12:27
  St. was basically sent from Jane St. to talk with his former, you
• 12:33
  know, Co workers to see what was going on at Terra Labs.
• 12:38
  And he was using these back channel communications to tell
• 12:42
  the heads at James St. about what is going on with Terra
• 12:45
  Labs. Now from the the Quan Terra Labs
• 12:49
  perspective, what happened was they did withdraw $150 million
• 12:54
  from this Curve 3 pool, but they're saying, hey, we were
• 12:57
  just going to move our liquidity to a new pool.
• 12:59
  But at the same time, literally within the hour, Jane St. dumped
• 13:04
  80 million plus dollars, which started the initial cascade of
• 13:09
  Terra being D pegged from a dollar.
• 13:11
  Again, it was, this was a stable coin around May 8th.
• 13:14
  It was already at a 80% price point.
• 13:18
  So not a dollar 20% off couple of days later, you know, week
• 13:23
  later, Tara, Tara Luna just completely collapse.
• 13:26
  So this is what the suit is claiming now again, I I I I want
• 13:32
  to kind of maybe not necessarily just talk about why this is
• 13:37
  happening now, but you know, going further, here's zero
• 13:40
  hedge. There it is.
• 13:41
  Jane St. was behind the 2022 crypto market or crypto winter
• 13:45
  destroying terraforms by first depegging the token and
• 13:47
  destroying the ecosystem, then pretending it would rescue Terra
• 13:51
  while effective, effectively, it was soaking up what little value
• 13:54
  remain. And here is the actual suit
• 13:57
  which basically breaks down what they just mentioned in that
• 14:00
  article. Again, you know, Terra moved
• 14:05
  $150 million of liquidity from one pool, was allegedly moving
• 14:08
  it to another pool. James St. dumped on the on on
• 14:13
  their heads in that in that first pool.
• 14:14
  And that's what caused the initial D peg.
• 14:17
  So Zero Hedge and Simon Dixon, a lot of others are like, look,
• 14:21
  Wall Street has been playing Wall Street games in Bitcoin for
• 14:25
  a while. If this has proven to be facts,
• 14:30
  then I think we it's very safe to say that, you know, Wall
• 14:34
  Street caused the 2022 collapse in the Bitcoin price.
• 14:39
  That might be a stretch here. But, you know, again, I posed
• 14:42
  the question, why are we talking about this now and, and what are
• 14:46
  the incentives for this suit to come out today if there is no
• 14:50
  facts here, If this is just speculation, you know, you, you
• 14:55
  kind of understand maybe why this is happening now from Jane
• 14:59
  Street. They say, hey, this is this
• 15:01
  completely fabricated. This is a money grab.
• 15:04
  You know, this, this is completely unfounded.
• 15:07
  That's what the Jane Street is saying right now.
• 15:10
  But our boy Bitcoin therapist poses a really interesting
• 15:13
  question, which really gets the, you know, the bearings moving in
• 15:16
  your head. He goes so the same institution
• 15:19
  who is being sued for insider trading that caused the collapse
• 15:22
  of Terra Luna and then to the 2022 bear market is also
• 15:26
  allegedly responsible for dumping Bitcoin every day at
• 15:29
  10:00 AM. But they're also buying MSTR and
• 15:33
  increased their allocation by 475% over the last quarter and
• 15:37
  of course also bought millions of dollars in the I bit ETF.
• 15:44
  The whole picture here of Wall Street manipulate.
• 15:48
  Oh, sorry, I didn't pull up of Wall Street manipulation games
• 15:50
  is starting to really, I don't know, paint a picture here.
• 15:55
  So obviously some institutions, market makers, Wall Street firms
• 16:02
  have obviously been interested in Bitcoin for a long time.
• 16:06
  The new wave that is really just starting of Wall Street getting
• 16:10
  interested in Bitcoin is really more of a potentially going
• 16:14
  mainstream, right? But they've been in the game for
• 16:17
  a while. And this is where it it kind of
• 16:21
  makes me think, look, OK, so we're seeing and, and here's
• 16:25
  Simon Dixon. And there it is.
• 16:27
  You know, Simon Dixon has definitely been on the, what do
• 16:31
  you call it, weapons of, of mass.
• 16:33
  Or yeah, weapons of mass destruction or weapons of of
• 16:37
  mass financialization. You know, he's doubling down on
• 16:40
  this again, as I was saying. This really starts to make you
• 16:46
  wonder. OK, given that this is just a
• 16:53
  suit that was just launched, we can't necessarily say that this
• 16:59
  is. Facts that this is.
• 17:00
  Proven yet? There's no proof to this yet,
• 17:02
  except for what one side of the suit is saying.
• 17:05
  So we're going to work on the assumption that these are
• 17:09
  allegations and therefore maybe think through some of the
• 17:13
  incentives from both sides of you know what, what does Jane
• 17:18
  St. have to gain from this? Or, you know, gain from
• 17:21
  manipulating the price of Bitcoin per SE using Wall Street
• 17:25
  algorithm trading mechanisms to get a a good portion of the
• 17:31
  Bitcoin supply. And then the other side of why
• 17:34
  is the Terra Luna Labs, Terraform Labs now issuing this
• 17:40
  suit? And I think the Bitcoin
• 17:42
  therapist question probably point or gives us the answer in,
• 17:49
  in, in my opinion, Simon Fudd is the worst.
• 17:52
  This was on Fox News. Yeah, No, this was huge, guys.
• 17:55
  The Terra Terra Luna collapse or this story.
• 17:57
  Was this story on Fox News? I I didn't see it on Fox News.
• 18:00
  I saw it on Wall Street Journal in Bloomberg.
• 18:02
  I think this tweet here probably points to the incentives from
• 18:07
  the Terraforms Labs perspective, which from my opinion, my
• 18:12
  speculation, my you know, mind reading here is I think the
• 18:20
  Terraforms Labs, you know, the Dequan's or you know, the Dequan
• 18:25
  side here. They're probably looking at a
• 18:27
  lot of the news stories going on right now.
• 18:29
  And from what everyone can tell, it's no secret that James Street
• 18:35
  is crashing the market at 10 AM. Actually, it's been moved to
• 18:39
  about 8:00 PM. Later in the evening.
• 18:41
  We're we're starting to see dumps happen at 8:00 PM and not
• 18:43
  so much at 10 AM. So this this makes you wonder,
• 18:47
  OK, is there is this just, you know, an unfounded libelous
• 18:52
  case? Here are the Terraforms lab just
• 18:55
  trying to save face. Is this exactly what Jane St.
• 18:58
  said, that this is just a money grab suing someone so that they
• 19:02
  can kind of recoup some of the lost money.
• 19:05
  Whatever it whatever, whatever you want to, you know, whatever
• 19:08
  they got to pay off essentially. And that does make sense.
• 19:11
  Obviously, Jane St's been in the news a lot lately.
• 19:15
  Hey, they're manipulating Bitcoin price.
• 19:17
  There is this connection with an X Terraform Labs intern that did
• 19:21
  work at Jane St. There was communication between
• 19:24
  some of the Terraform Labs workers, employees and Jane St.
• 19:30
  And it could be just a simple money grab.
• 19:32
  It could be, hey, we want to, we want to skirt blame away from
• 19:36
  Daquan and start to blame someone that's not really
• 19:41
  favorable in the spotlight right now, which is of course, Jane
• 19:44
  Street. So you see those incentives pile
• 19:47
  up. You, you do see that incentive
• 19:49
  coming from the Daquan Terraform Labs camp and saying, hey, you
• 19:53
  know, Jane St's a big bad boogeyman right now.
• 19:56
  Let's do this suit. Maybe they have a very fragile
• 20:00
  case. It could turn out that this in
• 20:03
  fact is 1 in court, though I'm guessing Jane St. might have
• 20:06
  more money than the Terraform Labs guys, so they might have
• 20:09
  better lawyers. So this this might all be
• 20:11
  fabrication that this might not actually end up as proof through
• 20:16
  the court system. That's what I think the
• 20:19
  incentives are from the Terra Labs perspective.
• 20:23
  Obviously some kind of reputational reputation.
• 20:26
  All right, sorry, reputational fix here, basically trying to
• 20:31
  not paint Daquan as the bad guy Yes, he's in jail for 15 years
• 20:36
  Yes, there was a lot of a lot of bad blood in the Bitcoin crypto
• 20:41
  industry after the Terra Luna collapse because again, this
• 20:45
  wasn't just Terra Luna that collapsed.
• 20:48
  Terra Luna collapsed 3 arrows capital Celsius FTX block 5 Now
• 20:54
  this was a a crypto contagion, as we called it at the time,
• 20:58
  because they were all ancestral. They were all, you know, holding
• 21:02
  each other's coins, holding each other's debt.
• 21:05
  And this, this basically was the final catalyst to really end the
• 21:11
  2022 bear market or rather get us to the final leg.
• 21:15
  Now from the James St. perspective, obviously, if the
• 21:19
  suit is correct. You could very.
• 21:21
  Clearly just say oh this was because they were just trying to
• 21:24
  make some profit though it is a pretty savage move here you get
• 21:28
  some insider information, see what's going on in the inside
• 21:32
  you absolutely dump Dpeg, their stablecoin and then you.
• 21:35
  Short them at the same time you make massive gains and then you
• 21:39
  do literally the following day after you secretly dumped on
• 21:43
  their head. You're like, hey, can we talk?
• 21:46
  We we might buy you out and then you rug pull them and then you
• 21:51
  dump on their head more and they literally completely collapse
• 21:55
  the company and the token the whole while I'm guessing you
• 21:58
  short it and you're making even more money.
• 22:00
  So you you see both sides of the coin.
• 22:03
  Obviously I don't. Think Jane Street or Wall Street
• 22:07
  and, and not really to just say Jane St. in particular, but Wall
• 22:10
  Street in general. The idea of what people have of
• 22:13
  Wall Street. I don't think it's too much to
• 22:15
  say that, you know, the Wall Street greed got ahead of them
• 22:18
  and they probably kicked a domino and they were like, hey,
• 22:21
  you know, if we can kill it, then why shouldn't we kill it
• 22:25
  and make a killing in profits while we're doing this?
• 22:28
  I, I can totally see that happening.
• 22:31
  I, I don't think that that's too crazy of a leap to make.
• 22:35
  Now this is where it does get interesting of all the
• 22:40
  connections from James St. to other crypto companies and other
• 22:45
  crypto boogeyman. I guess you could say this was a
• 22:49
  good tweet here. I don't even know who she is,
• 22:52
  but this is all confirmed and it's laid out really good in a
• 22:55
  tweet. So she goes, you know what SBF,
• 22:57
  the terror lawsuit and a $400 million in stolen customer funds
• 23:04
  have all in common. James St.
• 23:07
  SPF was a Jane St. Trader.
• 23:10
  Caroline Ellison was also a Jane St. trader.
• 23:14
  Those are the two big names from FTX.
• 23:16
  Gabe Bankman freed Jane St. trader later ran SPF political
• 23:21
  dark money SBS father Lily Zhang, a Jane St. trader SBF
• 23:26
  ex-girlfriend and we already know what happened with STX
• 23:29
  absolutely collapsed. They literally had no Bitcoin
• 23:32
  that's they were trading paper Bitcoin at the time.
• 23:35
  And Daquan was Jane Street with Jane St. was Tara's market
• 23:40
  making partner from day one. During the UST or US terror
• 23:45
  collapse, the Quan was in direct group chat with Jane St's Bryce
• 23:48
  Pratt, a former Terraform intern who used that access to front.
• 23:51
  Run the DPEG. Jane Street is linked to every
• 23:54
  major. Fraudster from last cycle not a
• 23:57
  good. Luck for Jane Street right now.
• 24:00
  Again, if you look at at kind of this tweet and from what we know
• 24:05
  to be true about the 10 AM slams and Jane Street right now, it
• 24:13
  seems like they are doing high frequency trading on Bitcoin
• 24:17
  right now, actually have been doing it for a long time.
• 24:20
  They are in the short term manipulating the price of
• 24:24
  Bitcoin so that they can buy cheaper and they can get better,
• 24:28
  better entry points into Bitcoin.
• 24:31
  That seems to be what it is. What is happening right now more
• 24:36
  like scam St. 100%. Now one more little interesting
• 24:40
  wrinkle here guys is do you guys remember who is the official
• 24:45
  authorized participant of the Black Rock?
• 24:48
  I bit ETFI know. Most of you probably know it's
• 24:52
  JP Morgan, but the other one was James St. and this is from
• 24:56
  December 29th, 2023, which we covered at the time.
• 25:02
  BlackRock named Jane St. JP Morgan as authorized
• 25:04
  participants for his proposed Bitcoin ETFs.
• 25:07
  Oh, I didn't pull it up and everyone else isn't doing that.
• 25:11
  Yes, yes, exactly, guys. So as you can see.
• 25:20
  There is a lot of paper games being played right now in
• 25:24
  Bitcoin, which I think is why everyone is feeling demoralized.
• 25:29
  Everyone is feeling like, man, is this what winning feels like
• 25:33
  because it doesn't feel very good.
• 25:35
  We know they are in Bitcoin now. They're deploying all of, well,
• 25:41
  not actually, not everyone, but we do know it is becoming the
• 25:45
  the flavor of the month, the flavor of the year, the flavor
• 25:48
  of the decade. Now on Wall Street, everyone's
• 25:50
  starting to dip their toes. Everyone's starting to research
• 25:52
  Bitcoin. And what are they trying to do?
• 25:56
  They're trying to get a good price on 100K Bitcoin, remember?
• 26:01
  If you think. About when the institutions are
• 26:03
  fully allowed to get into Bitcoin, their starting point
• 26:07
  was 100K. That's when they got most of the
• 26:12
  regulatory kind of OK. It's not, it's not full
• 26:15
  regulatory clarity, but the banks can get into Bitcoin.
• 26:18
  We have the Black Rock ETF. Their price point is 100K.
• 26:23
  So if you may have gotten Bitcoin at $100, a thousand
• 26:26
  dollars, 10,000 dollars, $20,000, etcetera, etcetera,
• 26:29
  etcetera. But when Wall Street was finally
• 26:32
  able to take the shackles off and get into Bitcoin, it was
• 26:36
  essentially 100K price point. Well, they play the games that
• 26:41
  they know they can play that they do in other markets.
• 26:44
  They get a 50% discount and then they start launching their
• 26:48
  Bitcoin products and at the same time, while everyone's afraid
• 26:51
  and everyone's selling, they start scooping up the Bitcoin.
• 26:55
  I've been telling you that this is the playbook that's
• 26:58
  happening. And as we just start to get
• 27:00
  deeper into 2026, I start getting more data points to
• 27:04
  prove that that is exactly what's going on.
• 27:07
  And once the narrative shifts. I think it's it's on to the
• 27:11
  races. I, I do fundamentally believe
• 27:14
  and, and this is where Nico and I probably disagree on things.
• 27:18
  I do think that James Street or the Wall Street firms, you know,
• 27:23
  whether it's the Black Rocks, whether it's the JP Morgan's,
• 27:26
  whether it is James Street or any Wall Street firm that wants
• 27:29
  to get a significant position in Bitcoin.
• 27:32
  What I think they are doing, or rather what I think they did,
• 27:35
  was they they used our memes against.
• 27:38
  Us and what? Do I mean by that they use the
• 27:41
  idea of the four year sign? Cycle to really use it as a self
• 27:46
  fulfilling prophecy if all the Ogs thought it was going to end
• 27:50
  in a four year cycle. 18 if the all time high was going to end
• 27:53
  after the 18 month. After the halving, then what do
• 27:57
  they do? You know, people start selling,
• 28:00
  they start driving the liquidity down so that they can get a
• 28:04
  better entry into Bitcoin. As we've been hearing from a lot
• 28:07
  of the more Bitcoin Wall Street adjacent firms there.
• 28:12
  Everyone's looking at what's going on in Bitcoin right now
• 28:14
  and they're like, dude, there's literally no reason.
• 28:17
  For the price to be dumping this hard, like every other bear
• 28:22
  market, we had a very clear, you know, data point to point to.
• 28:26
  Maybe it wasn't so cut and cut and dry, but it was very clear
• 28:31
  to look at and be like, oh, this is the reason why we dropped
• 28:34
  2017. It was essentially, you know,
• 28:36
  the ICL bubble popping, the ICL hype, the bubble popping.
• 28:40
  That's what really caused the, IT didn't really really 'cause
• 28:43
  it maybe it was more of the, you know, dog wagging the tail and
• 28:46
  the bear market collapse was the tail.
• 28:49
  It was the ICL bubble popping, the shit coin mania popping in
• 28:52
  2017. That's what was probably the
• 28:55
  huge catalyst for the 282018 bear market.
• 29:00
  And then in 2021 it was, you know, a lot of people attribute
• 29:05
  it to the China mining ban, which really stopped the blow
• 29:09
  off top of Bitcoin. But what really was the defining
• 29:12
  moment was the exchanges blowing up the lenders, FTX, FTX, wait,
• 29:19
  sorry, FTX Luna, Celsius Block 5.
• 29:23
  That was the big catalyst to cause the 2022 bottom of the
• 29:27
  bear market. Right now, we're all looking at
• 29:29
  Bitcoin and we're like, yo, I get it, you know, 18 months
• 29:32
  after the halving, that makes sense.
• 29:35
  But literally there's nothing really happening except for
• 29:38
  maybe some macro uncertainties in the market and yet we still
• 29:43
  keep dumping it. It's like we really have no, you
• 29:46
  know, or maybe just 18 months after the having like OK, four
• 29:49
  year cycle's still intact, but it's really like the bad news
• 29:54
  isn't that bad right now in Bitcoin.
• 29:56
  And yet sentiment has never been worse, which is actually crazy.
• 30:00
  It's actually kind of insane how bad the sentiment is.
• 30:05
  And we're still, you know, roughly around 60K65K and
• 30:10
  everyone is selling their coins. Now.
• 30:12
  I did see this chart here, which is pretty interesting and I and
• 30:15
  I think is kind of adding a little more proof to or not
• 30:20
  proof, but another data point to what I've been saying.
• 30:23
  And I saw this as this morning and this guy goes retail
• 30:26
  investors are selling Bitcoin and leaving the market.
• 30:28
  They are suffering record losses.
• 30:30
  However, whales continue to buy strongly.
• 30:32
  The market is driven by whales who are absorbing the selling
• 30:34
  value from retail investors. So you can see it's just spiking
• 30:38
  new whales, you know, buying up a ton of coin, even though the
• 30:44
  price of Bitcoin is still in the 65 range, 60 is 65 range, you
• 30:49
  know, in the 70 to 60 K range. So you're saying there is the
• 30:53
  mass accumulation picking up as we speak.
• 30:57
  And yet most retail is is scared to the bone.
• 31:02
  They're selling at their coin. They're like, oh, I expect the
• 31:04
  Bitcoin price to go down to 40K. Maybe I should sell here at 60K
• 31:09
  and I can buy a little more coin at 40K.
• 31:11
  Maybe I can save myself some some of the downside volatility
• 31:16
  if I just sell now. Well, who is buying that
• 31:19
  Bitcoin? It's Sailor, it's it's
• 31:23
  BlackRock. It's.
• 31:24
  Jane St. Literally the big corporations
• 31:27
  right now are trying to position themselves into Bitcoin.
• 31:31
  They're scooping up the coin for low.
• 31:33
  The whales are coming back and forth and everyone on Twitter,
• 31:37
  all the retail's like, oh, we're going to 40K.
• 31:40
  I'm like, I, I don't necessarily see that.
• 31:44
  I know if Nico was here today, we'd be arguing about the four
• 31:47
  year cycle. He'd be saying, oh, we're going
• 31:48
  to go to 40K. I, I just, I don't necessarily
• 31:52
  see that. And I tweeted the other day, I'm
• 31:54
  like, since we got no euphoric top, no blow off top, we're not
• 31:58
  going to see an 80% correction. The bottoms been in and some
• 32:02
  people were agreeing with me. Other people were like, dude,
• 32:04
  don't say that. Or I've seen confident
• 32:07
  statements before. I'm like, look, if every other
• 32:11
  metric, every other kind of point in our four year cycle
• 32:17
  meme is gone except for, oh, 18 months after the halving, we've
• 32:21
  seen the all time high, then why do we think we're going to see
• 32:23
  another 8070% correction in Bitcoin, which would drop us
• 32:27
  into the 40 to 30 K range? I just don't see that happening
• 32:32
  I think. We're going to see a.
• 32:36
  I don't know if I'm, I'm going to say a reversal in sentiment,
• 32:40
  but I think as we start to see more of this news come out of
• 32:44
  Jane Street or Wall Street firms trying to crash the price so
• 32:48
  that they can scoop it up, you will start seeing sentiment
• 32:51
  shift. And once they finally hit that
• 32:53
  trigger to let Bitcoin run, I think Larry Leopard yesterday
• 32:58
  might be right. This might not just go to 150.
• 33:01
  This probably might go higher because now they're incentivized
• 33:04
  to get Bitcoin to go higher because they have a good
• 33:07
  position in Bitcoin. They can make the gains on
• 33:09
  Bitcoin. Whereas in 2025, they were just
• 33:12
  building their Bitcoin position. Now they've had a whole year of
• 33:17
  accumulating Bitcoin, getting Bitcoin on discount.
• 33:21
  And at a certain point, when the next bull run comes back,
• 33:24
  they're going to be looked at as geniuses.
• 33:27
  I don't think they're as afraid as everyone likes to say.
• 33:29
  You know, the whole earning your stripes meme here, or like
• 33:32
  everyone earns their stripes in a bear market.
• 33:35
  You know, even Wall Street's going to have to earn their
• 33:37
  stripes. I don't think it's much of A
• 33:40
  earned stripe if you are orchestrating the crash and know
• 33:45
  where it's going to go. Again, let me remind you how the
• 33:50
  James St. quote UN quote manipulation in 2026 works out
• 33:54
  and it's pretty much a very simple process.
• 33:57
  James Street is one of the biggest market makers.
• 33:59
  Therefore they can see the order books.
• 34:03
  Therefore, they know where all the coin is stacked behind the
• 34:06
  scenes and they can just drive Bitcoin, the price of Bitcoin to
• 34:11
  where all the liquidity sits. They're literally Wick hunting
• 34:15
  here, they're liquidity hunting here, So they'll drive the price
• 34:18
  to where all the liquidity is short.
• 34:21
  Everyone liquidate all of the leverage whether it's up or
• 34:24
  down, and then they get cheap Bitcoin.
• 34:27
  Now you could argue that maybe the drop to 60 K was just the
• 34:32
  market overcorrecting because of the liquidity being or the
• 34:35
  leverage being liquidated. I, I, you know, I don't have any
• 34:39
  insight on that, but that's kind of where what my thinking is,
• 34:43
  what my framework is right now. And I think we will be seeing a
• 34:51
  a reversal here somewhat. Soon up to who you talking to
• 34:55
  because it ain't sure I don't I don't know what that I don't
• 35:00
  know what that reference is. I I don't know what we're
• 35:02
  referencing there, but again. It seems to me maybe it could be
• 35:10
  a easy excuse to blame Jane Street right now because they
• 35:14
  are not not getting a lot of favorable coverage.
• 35:20
  They they're actually kind of like the big boogeyman in
• 35:23
  Bitcoin currently. We all we all are speculating
• 35:26
  that Jane St's the reason for the price manipulation again,
• 35:29
  they're one of the biggest market makers in the world.
• 35:31
  Trillions of dollars of capital, 10% of all Wall Street
• 35:34
  liquidity. They have the fiend, the the
• 35:38
  funds and the means to push Bitcoin price to where they want
• 35:43
  to scoop it up. I think it's very safe to say,
• 35:47
  or maybe it's a 90% chance that this is exactly what's going on,
• 35:53
  but only I'm, I'll only be able to say I'm right in hindsight
• 35:57
  for now. We just know the mechanisms
• 35:59
  going on. We just know the mechanisms at
• 36:01
  play currently. And This is why the price
• 36:04
  probably feels off. This is why a lot of people keep
• 36:07
  saying, hey, this cycle feels a lot different.
• 36:10
  You know, things, things aren't exactly how they used to be.
• 36:13
  We used to have a really good idea of how things would work,
• 36:17
  whether that was self fulfilling or because of the four year
• 36:21
  cycle actually played out. At this point, it does seem like
• 36:27
  most of our metrics are completely off to understand
• 36:30
  what is actually going on in the Bitcoin price.
• 36:33
  But one thing's for sure, we adds retail.
• 36:40
  And that's what I mean by we adds retail.
• 36:42
  The OG Bitcoiners, the OG Bitcoin retail that potentially
• 36:48
  drove most of the Bitcoin price actions for the last 151617
• 36:52
  years. They, they're no longer in
• 36:56
  control. Again, Bitcoin is what I don't
• 36:59
  even know what the market cap is, right?
• 37:01
  Like 1.3 trillion, that's, that's tiny.
• 37:06
  We are tiny right now. Even at 2 trillion, it's tiny.
• 37:09
  At 2 trillion, it's 2% of global capital.
• 37:12
  Like it's not or actually .02, I forget.
• 37:18
  Math is hard. It's tiny guys.
• 37:20
  That's all. That's the point I'm making.
• 37:21
  Bitcoin is tiny currently, which is why I always, I always keep
• 37:26
  leaning on the same theory, the same kind of heuristic.
• 37:29
  It's Bitcoin is so tiny that I still fundamentally believe this
• 37:34
  Bitcoin thing is early. Now, I know it's been 15 years.
• 37:39
  Everyone's heard about Bitcoin, but not everyone holds Bitcoin.
• 37:43
  And as we're seeing the institutions are starting to
• 37:47
  further their Bitcoin allocation, they're still
• 37:50
  staying at 1%. I actually have a good clip
• 37:52
  coming out of an Emiratis bank basically saying this exact idea
• 37:57
  falling right now in the numbers Wall Street hasn't for the
• 38:02
  institutions haven't fully dove into Bitcoin in force and look
• 38:08
  at what they've been able to do to the Bitcoin price.
• 38:11
  On the one hand, that should terrify you.
• 38:15
  On the other hand, kind of makes me feel bullish.
• 38:18
  Boys. I'm kind of like, I can't wait
• 38:20
  till they start ripping this. I can't wait till they let this
• 38:23
  Bitcoin thing run. I don't think it's too crazy to
• 38:28
  say that what we saw in gold in 2025 can potentially happen in
• 38:32
  Bitcoin. And by that I mean multiple 10s
• 38:35
  of trillions of dollars added to a market cap in a very short
• 38:38
  period of time. Call it Hopeium, whatever you
• 38:42
  want, but once the FOMO, once the understanding of scarcity
• 38:46
  really clicks, this can run higher than any of us can't even
• 38:53
  imagine. That's my bet.
• 38:55
  That's my bull case. You guys were asking for some
• 39:00
  some bull sauce on today's show. It's not happening now, but it
• 39:04
  will happen at some point. All right, boys, all right.
• 39:08
  Let me see. I believe that OG whales
• 39:10
  distributed their coins to a lot of new holders, including the.
• 39:12
  Yeah, 100. Percent.
• 39:13
  That's that's how this thing works.
• 39:16
  That is how this thing works. And yes, there is more sellers
• 39:20
  than buyers. It's simple, simple math, boys,
• 39:22
  simple math. OK guys, let's keep it moving.
• 39:25
  I do have, like I said, the Emiratis clip of the bank exec
• 39:30
  talking about Bitcoin. You you're, you will see, I
• 39:33
  think a little bit of how the institutions are wrapping their
• 39:38
  heads around Bitcoin, where they currently are, their sentiment
• 39:41
  of what they view Bitcoin to be. And then in the news, we do have
• 39:46
  a new update coming out of the Fed around Operation Choke point
• 39:50
  2.0. It's not a a crazy revelation,
• 39:53
  but I think it is a good advancement.
• 39:56
  And then for the culture, I am going to cover what I was
• 39:59
  wanting to cover yesterday, but I didn't look at my schedule and
• 40:01
  I didn't notice that Bran was coming on the show.
• 40:04
  So that cut short. So I'll cover that today.
• 40:07
  And it's really around the total sentiment of Bitcoin.
• 40:09
  Where does Bitcoin fit in the global macro conversation?
• 40:12
  So that's today's show. I'll be right back after this
• 40:15
  commercial break. Today's episode is brought to
• 40:20
  you by Bitcoin Well Infinite. If you're a serious Bitcoin
• 40:23
  buyer, you've probably hit the same wall.
• 40:25
  Most platforms make you give up custody just to play by the
• 40:29
  rules. Bitcoin Well Infinite fixes
• 40:31
  that. They're North America's only
• 40:33
  publicly traded, non custodial OTC desk listed on the TSX
• 40:39
  Venture Exchange, which means transparent operations and 0
• 40:43
  counterparty risk. You buy Bitcoin, you take
• 40:46
  immediate control period for trades over $50,000, you get a
• 40:50
  dedicated executive Bitcoin advisor, competitive spread
• 40:54
  starting at 1%, and immediate delivery straight to your own
• 40:58
  wallet. No custody risk, no withdrawal
• 41:01
  fees, just institutional grade execution with full asset
• 41:05
  control. If you want to buy Bitcoin the
• 41:07
  right way, book a free consultation at
• 41:09
  bitcoinwell.com/OTC or e-mail Infinite at bitcoinwell.com.
• 41:16
  I want to. Give a shout out to our partner
• 41:18
  Stamp Seed. Is your Bitcoin in cold storage
• 41:20
  really secure? Are your seed phrases really
• 41:23
  secure? Stamp Seeds Do It
• 41:38
  Your words are actually stamped. Into the titanium.
• 41:40
  Plate with this hammer and these letter stamp stepping tools.
• 41:44
  Once the words are in they aren't going anywhere.
• 41:48
  No risk of the plate breaking apart and pieces falling
• 41:51
  everywhere. Titanium stamp seeds will
• 41:54
  survive nearly triple the heat produced by a house fire.
• 41:57
  They're also crush proof, waterproof, non corrosive and
• 42:00
  time proof. And now you can customize your
• 42:04
  titanium seed plates. You can upload your design or
• 42:07
  logo and they will laser engrave it on the back of your seed
• 42:12
  plate, the opposite side of where the words are.
• 42:14
  Stamp your seed on Stamp seed and use promo code simply to get
• 42:19
  15% off anything on the Stamp se-ed.com store.
• 42:28
  OK everyone we're back. The current Bitcoin price is
• 42:32
  64,370 which is a 49% discount from all time high.
• 42:39
  The market cap under 1.3 we're at 1.29 trillion and the block
• 42:44
  height is 938,161. OK, guys, so this was on Squawk
• 42:51
  Box this morning. Actually, you know, Full
• 42:54
  disclosure, I actually kind of like squawk box in the morning.
• 42:57
  It feels, it feels like we're official financial news media
• 43:02
  company when we have it on, it's like, oh wow.
• 43:04
  Anyways, anyways, here's the headline and I, I did clip this.
• 43:10
  Maybe I'll maybe I'll breakdown what was said after the clip,
• 43:13
  but here's the headline. Emirati's NBD sees Bitcoin as
• 43:16
  digital gold explores adding Bitcoin to portfolio.
• 43:20
  Now, the reason I want to play this clip for you guys is I know
• 43:24
  we've and, and I'm guilty of this.
• 43:27
  I know we've been hyping up the institutions coming into
• 43:30
  Bitcoin, you know, like it's finally here, guys, mainstream
• 43:34
  adoption. Look at all the institutions.
• 43:36
  Look at the big hedge fund managers.
• 43:38
  In the world are are getting in the Bitcoin bro.
• 43:40
  They believe. They finally believe in Bitcoin.
• 43:44
  In reality, I think it's been a much smaller adoption or rather
• 43:49
  much smaller quote investment into Bitcoin than the headlines
• 43:53
  would probably make you believe they are.
• 43:57
  It's been a a small percentage of the capital allocators
• 44:03
  getting into Bitcoin and then further a small percentage of
• 44:06
  their capital that they are allocating to Bitcoin.
• 44:09
  I think the last number I got was something about like 3% of
• 44:12
  capital maybe or sorry, no, it was like 3% of capital
• 44:16
  allocators are into Bitcoin and they're not really getting into
• 44:20
  Bitcoin in force yet. They're still kind of using this
• 44:24
  1-2, maybe we saw as high as 5% allocations of their portfolios
• 44:29
  are quote diversified into Bitcoin.
• 44:32
  Now this clip is a little interesting because he is very
• 44:35
  excited about Bitcoin, but there's still a little cautious
• 44:41
  and I, I think we will get a, a better idea of maybe what the
• 44:47
  the view of Bitcoin is outside of the big three.
• 44:51
  You know, Black Rock, JP Morgan, James St. the big guys out here.
• 44:55
  So here, here's this I'm I'm wondering if you guys find this
• 44:59
  interesting. You see one day part of our
• 45:02
  portfolio you're saying suggesting it is not now when is
• 45:07
  that one you're going to come and what's going to have to
• 45:09
  happen. It said what is it, what are we
• 45:10
  at? We're at 65,000 right now.
• 45:14
  Interestingly, we have just opened the the possibility in
• 45:17
  our process to include Bitcoin because we think it works as a
• 45:21
  store of value. We see it as a kind of a digital
• 45:24
  goal. Very simply, you know, the, the,
• 45:25
  the proof of work, the limited supply, the limited inflation.
• 45:29
  We haven't pulled the trigger yet because in our framework we
• 45:32
  need to analyze the backdrop, the valuation, the behavioral
• 45:35
  factor, the backdrop. We believe in the blockchain, we
• 45:37
  believe it works behavioral factors.
• 45:39
  Yes, there is some panic. We like that valuation is the
• 45:42
  difficult part to be honest. And we, we are working on our
• 45:45
  models. One of these days we'll, we'll
• 45:47
  pull the trigger, but it will be probably, I don't know, 0.5 or
• 45:50
  1%. What would be good value though?
• 45:52
  We've fallen so far we're below 65,000 now.
• 45:54
  It's way better value than six months ago.
• 45:57
  I agree with you. And six months ago we thought it
• 45:59
  was too expensive. We, we, we have a model with a
• 46:01
  fair value that would be currently not far from $100,000
• 46:05
  in the 12 month at the 12 months horizon, but we're working on
• 46:07
  it. We haven't pulled the trigger
• 46:09
  yet and but it works. It works with a limited, with a
• 46:14
  limited allocation because we we love Bitcoin fundamentally, but
• 46:17
  still it's correlated with risk appetite, which is something we
• 46:20
  don't like. You want diversification.
• 46:22
  And it's also very, very volatile, which is something
• 46:24
  that requires some calibration. But we're very open to it.
• 46:28
  Let's say 0.5% of a balanced portfolio would be a good
• 46:31
  starting point. Half a percent OK sure and when
• 46:35
  you. All right, guys, sorry, I
• 46:37
  literally, I, I don't know what happened.
• 46:38
  I edited that so it'd be louder for you guys.
• 46:40
  And I must, I must have uploaded the wrong 1LL Opti L OK,
• 46:46
  anyways, kind of unpacking what he said there obviously very
• 46:51
  favorable. We love Bitcoin.
• 46:53
  They're like we we think that Bitcoin thing's great.
• 46:57
  It's not going away. We've been looking into it.
• 47:00
  We haven't dove yet into Bitcoin, but .5 to 1%
• 47:05
  allocation, I think that's a very good starting point and
• 47:09
  they're, they're basically about to get into Bitcoin now.
• 47:13
  I think this is probably what a lot of banks and institutions
• 47:17
  and hedge fudge managers are thinking currently.
• 47:21
  Obviously though, when I heard that like, hey, yeah, like 50%
• 47:26
  off the 100K price point, it's a really good time to get in.
• 47:30
  It's like, huh, kind of reminds me of what I was just saying
• 47:34
  about Jane St. and all the other Wall Street institutions seeing
• 47:38
  that they can get into Bitcoin at 100K and now it's on
• 47:41
  discount. Everyone's like chomping at the
• 47:42
  bitch like, yo, I'm going to get into Bitcoin now.
• 47:45
  Like this is on sale. This is the best time to get
• 47:47
  into it. I mean, guys, am I, am I just
• 47:52
  seeing things? Am I, Do I have my rose colored
• 47:55
  lenses on today? Because it sounds like that he's
• 47:58
  saying the exact same thing that I said in the beginning of the
• 48:00
  show. They are now just able to get
• 48:03
  into Bitcoin. They are now starting to really
• 48:07
  consider adding 1% of their portfolio into Bitcoin.
• 48:12
  They love this thing. They're like, it's not going
• 48:14
  away. This thing is here to stay.
• 48:18
  We want to get some of this. We want to make sure that we are
• 48:21
  in the position moving into the future.
• 48:23
  Everything's going digital. The like of this thing's dope.
• 48:28
  Now, the one other part that I did find a little interesting
• 48:31
  was his little rant about Bitcoin being too risky.
• 48:36
  And he didn't tack that on with like, it's not good to diversify
• 48:40
  your portfolio, which isn't that literally the point of a
• 48:45
  diversified portfolio is you literally diversify into
• 48:49
  different sectors, into different monies, currencies,
• 48:55
  assets. So I, I found that a little
• 48:57
  funny though. They, this guy, obviously this
• 49:01
  is Emirati's MBD. I'm guessing other people view
• 49:04
  it the same way. He did kind of echo the idea of
• 49:09
  sailor volatility is good. They're like, hey, we love the
• 49:12
  volatility. The volatility isn't scaring
• 49:14
  Wall Street traders away as maybe it is scaring retail away.
• 49:19
  Most retail investors come into Bitcoin.
• 49:23
  They're like, oh, this is too high.
• 49:25
  It went up too high too fast. I'm going to buy it when it
• 49:29
  crashes and then it crashes and they're like, actually it's
• 49:33
  probably going to crash more. I'm not going to buy.
• 49:34
  And then they just forget about it.
• 49:37
  The Wall Street, or rather more the institutional investor
• 49:41
  doesn't look at it like that. They're like, hey, this Bitcoin
• 49:44
  thing is on discount. It was just 100K.
• 49:49
  Maybe now's a good time to get into Bitcoin.
• 49:52
  Now the last thing I am going to troll a little here.
• 49:56
  Maybe this guy's just so bullish on Bitcoin that he didn't know
• 49:58
  how to value Bitcoin. It's like, how do you value, you
• 50:04
  know, an infinite dollar price for Bitcoin?
• 50:07
  It breaks all their models, guys.
• 50:11
  No, look that that. That was kind of a troll.
• 50:17
  I think it is very hard for traditional asset managers to
• 50:24
  value Bitcoin because based on all of the metrics that they're
• 50:28
  used to, it flips it all on their head.
• 50:32
  You know, mainly a lot of people say, hey, like there's no,
• 50:36
  there's no yield, there's no cash flow coming from Bitcoin,
• 50:39
  There's no issuer of Bitcoin. There is no state stamp of
• 50:44
  approval saying this is actually money.
• 50:49
  There is no physical coin here. So they're still have to adjust
• 50:55
  how they view this Bitcoin thing before they fully understand
• 51:00
  what is the real value of Bitcoin.
• 51:02
  Now from a Bitcoin or perspective, from what you guys
• 51:05
  believe in the chat, from what I believe in the chat, it's like,
• 51:07
  hey, non sovereign, neutral, scarce hard cap money.
• 51:12
  In a world where they are printing dollars out of thin
• 51:15
  air. In the world where your money is
• 51:16
  literally paper can be printed literally for pennies and then
• 51:24
  attributed value. In a world where they're going
• 51:27
  to continue to debase the currency.
• 51:29
  You want something that cannot be debased that you could
• 51:31
  literally send across the globe in seconds to us.
• 51:35
  Maybe it's because we're digitally native and the people
• 51:38
  that run the institutions and the banks, it's like them, you
• 51:41
  know, finding fire for the first time and they're like, well, how
• 51:44
  do you, how do you, how do you use this?
• 51:46
  And they're trying to avoid burning their hands.
• 51:48
  I think for us younger generations, it just clicks.
• 51:50
  Now this guy is not that much older than me.
• 51:52
  I'm, I'm guessing, you know, late 40s, maybe early 50s, maybe
• 51:56
  early 50s. And he looks really good.
• 51:58
  But you can see from an institutional capital allocator
• 52:04
  perspective, it doesn't really hit all the marks that they're
• 52:09
  used to, but they do see the value of this Bitcoin thing.
• 52:13
  And especially after 2025 when they're able to get into Bitcoin
• 52:17
  now, maybe they have to readjust what they think is valuable.
• 52:22
  What is value? Where do you invest in?
• 52:25
  Where is the, the puck going to? So I, I found that pretty
• 52:29
  interesting. I, I found it interesting that
• 52:31
  he's like, yeah, you know, I think we're going to dive in 1%.
• 52:35
  I think that's a good place to start For most people.
• 52:37
  That is the prevailing narrative we're hearing from institutions
• 52:41
  right now that about 1% of your portfolio should be allocated to
• 52:45
  Bitcoin. And then we also, you know, to
• 52:48
  dig up some old data points, statistics from James Lavish.
• 52:52
  Essentially, if Bitcoin starts ripping that 1%, it's obviously
• 52:55
  going to be a lot more of your total portfolio.
• 52:59
  And then, then we'll get to what we'll get to that point once
• 53:02
  Bitcoin actually starts running again, if it ever, if it ever.
• 53:06
  Starts running again. Oh man.
• 53:09
  Hofty works in the drive through taking order.
• 53:11
  It's true dude. This is the drive through.
• 53:13
  Hey, welcome to Wendy's. Can I take your order?
• 53:16
  All right, guys. Let's keep it moving and let's
• 53:19
  talk about what's going on at the Fed.
• 53:21
  An interesting development. I want to give a shout out to
• 53:25
  our partner Let In, the leader in Bitcoin Back Loans unlock the
• 53:29
  liquidity in your Bitcoin without having to sell your
• 53:32
  Bitcoin. They've issued $9 billion in
• 53:35
  loans to over 10,000 customers since 2018.
• 53:39
  I absolutely love these guys. Not only do I have an account
• 53:42
  with them, but I also have a loan.
• 53:44
  And what I love about them is that there are no monthly
• 53:46
  payments and you could pay back the loan at any time.
• 53:49
  As soon as you send your Bitcoin as collateral, you'll have cash
• 53:52
  in your account within 24 hours. Over 1005 star customer reviews
• 53:58
  and they've never lost a single dollar or sat of customer.
• 54:01
  Money go to. Learn dot leaden dot IO slash
• 54:05
  simply today and you'll get .25% off your first loan.
• 54:10
  I want to give a shout out to our partnersat123.com.
• 54:14
  Sovereignty isn't just about your money, it's about your
• 54:16
  communications too. When the grid goes down, most
• 54:19
  people go dark. Cell towers fail and hurricanes,
• 54:22
  cyber attacks and blackouts. But satellite phones, they don't
• 54:25
  rely on local infrastructure. Iridium has 77 satellites in
• 54:29
  orbit, giving you a Direct Line anywhere in the US, even
• 54:33
  offshore. If you hold your own Bitcoin
• 54:35
  keys, you should hold your own. comstoosat123.com also has
• 54:39
  everything you need need to start building your Bitcoin.
• 54:42
  Citadel, Starlink, battery backups, Faraday bags to protect
• 54:46
  your hardware wallets and much much more.
• 54:48
  It's a one stop shop for anyone serious about resilience and off
• 54:52
  grid independence. Stay connected, stay
• 54:55
  independent, stay software. Go to sat123.com/simply today
• 55:00
  and use promo code simply to get 15% off anything on the store.
• 55:04
  I want to give a shout out to our partner.
• 55:06
  Big key. If you already self custody your
• 55:09
  Bitcoin, you know the deal with hardware wallets by now.
• 55:11
  Complex setups, clumsy interfaces and a seed phrase
• 55:15
  that can be lost, stolen or forgotten.
• 55:18
  Bit Key fixes that. Bit Key is a multi sig hardware
• 55:21
  wallet built by the team behind Square and Cash Out.
• 55:24
  It packs a cryptographic recovery system and built an
• 55:28
  inheritance feature into an intuitive, easy to use wallet
• 55:32
  with no seed phrase to sweat over.
• 55:34
  It's simple, secure self custody without the stress time names
• 55:38
  Bit Key. One of the best inventions of
• 55:40
  2024 get 20% off at bitkey dot world.
• 55:44
  That's BITKEY dot world with the code simply.
• 55:56
  Sorry guys, I'm trolling. I'm trolling in the chair.
• 55:59
  OK, All right, so this press release or this note came out of
• 56:05
  the Fed yesterday night at 5:00 PM.
• 56:09
  And maybe I might have to unpack it for you guys a little bit,
• 56:13
  but here is from the federalreserve.gov yesterday,
• 56:17
  5:00 PM And it goes following earlier actions to remove
• 56:21
  reputation risk from its supervision of the bank's
• 56:23
  Federal Reserve Board request comment on proposal to codify
• 56:27
  that removal Again, the Federal Reserve Board on Monday
• 56:31
  requested comment on a proposal to codify the removal of
• 56:35
  reputational risk. The proposal reiterates the
• 56:38
  board's policy against penalizing or prohibiting an
• 56:41
  institution from banking a customer engaged in legal
• 56:45
  activity. Quote.
• 56:46
  We have heard troubling cases of DE banking where supervisors use
• 56:50
  concerns about reputation risk to pressure financial
• 56:53
  institutions to debank customers because of their political
• 56:56
  views, religious beliefs, or involvement in disfavored but
• 57:00
  lawful businesses. Discrimination by financial
• 57:04
  institutions on these bases is unlawful and does not have a
• 57:08
  role in the Federal Reserve supervisory framework.
• 57:12
  So this is a Bitcoin show after all.
• 57:15
  You're like I I didn't hear Bitcoin or crypto or digital
• 57:18
  assets named in this, but no, it is this involvement in
• 57:22
  disfavored but lawful businesses.
• 57:26
  Now, what is this reputational risk, you might ask?
• 57:29
  Well, this is one of the one of the big things that was used to
• 57:34
  debank a lot of Bitcoin crypto companies.
• 57:37
  Of course, this is used more probably famously in in
• 57:40
  political attacks. If you got the wrong politics,
• 57:44
  hey, we'll debank you. But it is interesting that the
• 57:47
  Federal Reserve now is doubling down on the fact that, hey, this
• 57:52
  shouldn't even be a part of the board's mandate.
• 57:55
  Because you got to remember, what is the official Federal
• 57:58
  Reserve Board mandates? They usually say two of them,
• 58:02
  right? And it is maximum maximum
• 58:05
  employment and price stability where where in any of that is
• 58:11
  hey the Federal Reserve should be tagging people that seem
• 58:16
  risky from all banking system just de banking people because
• 58:20
  you don't like what they're doing.
• 58:21
  Now Alex Storn goes a little further and he goes choke .2
• 58:24
  point O rowbacks continue fed open UPS comments to finalize
• 58:28
  removal of course of reputational risk as a bank
• 58:30
  supervision vector before publishing final rule in the
• 58:34
  Federal Register within 60 days. He goes my comment, yes, now
• 58:38
  someone English, we don't know what you know and he goes the
• 58:43
  Fed and other bank regulators used quote reputational risk as
• 58:47
  a reason to block bank activity or deem legal client types too
• 58:51
  risky. Again, that's why I highlighted
• 58:54
  the unfavorable but legal businesses.
• 58:58
  This was specifically a tool that bank regulators used to
• 59:00
  pressure banks to the bank customers they don't like but
• 59:03
  who were otherwise legal. So part of this yesterday night,
• 59:13
  dude. Yesterday night, OK, yesterday
• 59:16
  evening. Whatever, dude.
• 59:18
  Whatever, bro. We want to keep, fed to keep.
• 59:22
  Oh, yeah. OK.
• 59:23
  All right, So to put this in the context of the Bitcoin or quote
• 59:29
  crypto industry, this reputational risk.
• 59:35
  Excuse me kind of tag was definitely used amongst a lot of
• 59:41
  Bitcoin banks. You could arguably say that this
• 59:44
  reputational risk was one of the reasons why Caitlyn Long
• 59:49
  custodia bank wasn't able to get a legally Chartered Bank to be
• 59:52
  fully fractional reserve. But this goes further for a lot
• 59:55
  of Bitcoin or sorry for a lot of retail customers here.
• 59:59
  Essentially the short of it for most people is if you.
• 1:00:05
  I don't know, say you bought Bitcoin on an exchange, maybe
• 1:00:08
  you bought a lot of Bitcoin and then maybe you did something
• 1:00:13
  else where you sent money. I don't know, say, say to like
• 1:00:16
  South America or something. I don't know.
• 1:00:17
  I'm this is this is metaphorical.
• 1:00:19
  I'm just giving you some examples here.
• 1:00:22
  You buy a lot of Bitcoin and then you send some money out of
• 1:00:25
  the US. Well, you could have potentially
• 1:00:28
  gotten your your bank account closed because the bank would
• 1:00:31
  view you as too risky of a customer and so they just shut
• 1:00:34
  you down. This has been used multiple
• 1:00:37
  times on a lot of different people throughout the years, a
• 1:00:40
  lot of Bitcoin businesses throughout the years to
• 1:00:43
  basically close your Fiat bank accounts and basically make you
• 1:00:48
  unbank. You know, the meme of Bitcoiners
• 1:00:50
  are here to unbank, to bank the unbanked.
• 1:00:54
  Well, a lot of times a lot of Bitcoiners became unbanked not
• 1:00:58
  just because they're in the third world or whatever.
• 1:01:01
  They became unbanked because they were just in the Bitcoin
• 1:01:04
  industry and their banks would just close their accounts.
• 1:01:07
  I mean, famously we saw a couple of months ago Jack Mahler say,
• 1:01:13
  hey, JP Morgan closed my bank account.
• 1:01:16
  Why? Probably because he's a
• 1:01:20
  bitcoiner. It's probably because he runs
• 1:01:22
  strike one of the big Bitcoin exchanges right now.
• 1:01:26
  So this isn't an isolated event. Now, obviously this is just
• 1:01:30
  comments. They're they're going to take
• 1:01:32
  the the masses feedback on this and then we'll see what actually
• 1:01:37
  happens. But it does, I would, I would
• 1:01:40
  argue, lend them a little bit of credibility here in the sense
• 1:01:44
  that they are trying to roll back Operation Choke .2 point O.
• 1:01:47
  As the Trump administration has been saying Choke .2 point O is
• 1:01:51
  over. We will not allow, you know, the
• 1:01:56
  the institution to attack Bitcoin and crypto industries or
• 1:02:00
  people with the wrong political beliefs or the wrong religious
• 1:02:03
  beliefs, which is what the bulk of Operation Choke .2 point O
• 1:02:09
  was the justification for using that.
• 1:02:12
  So, hey, look, this is just getting comments feedback from
• 1:02:20
  the the masses here. But it does look like operation
• 1:02:25
  Choke .2 point O is rolled, being rolled back at least in
• 1:02:28
  the in the old form. I'm not saying there might not
• 1:02:32
  be a new form. We might not.
• 1:02:33
  We, we might see an operation choke point 3.0, but in a
• 1:02:37
  totally new form. But it seems like the 2.0 legacy
• 1:02:43
  from the Biden administration is being rolled back in real time.
• 1:02:47
  So cautiously optimistic on that.
• 1:02:51
  Now I don't really think the Fed.
• 1:02:54
  Shouldn't even be a part of this.
• 1:02:57
  So that's why I'm kind of like, yeah, you guys shouldn't even be
• 1:03:00
  in this. Like what's this got to do with
• 1:03:02
  you? But you got to remember the Fed
• 1:03:04
  is owned by the the 12 regional banks, so.
• 1:03:10
  That's probably why this is all connected.
• 1:03:13
  But hey, like, you know, short Newsday, but maybe some good
• 1:03:19
  news will come out of this. We'll see if they do get some
• 1:03:23
  good feedback. We'll see if this does get
• 1:03:24
  codified. If this does get codified, then
• 1:03:27
  maybe there will be a little more banking freedom out there.
• 1:03:30
  Maybe it's. Just a hair.
• 1:03:32
  Just a hair operation chunker, Maxine.
• 1:03:35
  OK, let's. Let's get into the culture.
• 1:03:39
  This one's going to be. Oh, actually, before I do that,
• 1:03:41
  I do have to give a shout out to our boys over at Bitcoin
• 1:03:46
  Magazine for Las Vegas 2026. Guys, make sure you go to Las
• 1:03:51
  Vegas at the Venetian April 27th through the 29th this year for
• 1:03:57
  the largest Bitcoin conference of the world.
• 1:04:01
  It's a Super Bowl. This is the biggest one.
• 1:04:04
  If the price is pumping by then, it might it might be one of the
• 1:04:08
  biggest ones. If it's down, it might be a
• 1:04:11
  little closer knit, but it's always a good time.
• 1:04:13
  I actually truly enjoyed last year at the Venetian.
• 1:04:16
  It was really cool to see all you guys.
• 1:04:18
  So of course, scan the QR code here or use simply to get 10%
• 1:04:22
  off. On that note, we're going to,
• 1:04:24
  we're just going to chat about maybe the the narratives going
• 1:04:27
  on right now and a lot of people try to figure out where does
• 1:04:33
  Bitcoin fit in the world currently when we're seeing
• 1:04:36
  everything happening right now. So I'll be right back.
• 1:04:40
  I want to give a. Shout out to our partner Hive
• 1:04:43
  digital technologies. Fueled by clean energy, Hive has
• 1:04:46
  quadrupled its global Bitcoin mining footprint and channels
• 1:04:51
  that same scale into high performance compute, where their
• 1:04:54
  AI cloud is now ranked number one in the world for network
• 1:04:59
  performance. At Hive, you've got dual
• 1:05:01
  engines, Bitcoin and AI humming, roaring, accelerating in unison.
• 1:05:06
  They're lean and mean, they're green and clean, and they're
• 1:05:09
  rewriting the playbook on sustainable digital
• 1:05:12
  infrastructure. You can catch the latest buzz at
• 1:05:15
  Hive Digital Tech or at Hive digitaltech.com.
• 1:05:24
  All right guys. So I did want to talk about this
• 1:05:26
  yesterday, but like I said. There we had a guest that I that
• 1:05:32
  I wasn't aware of. I didn't look at my schedule.
• 1:05:35
  Forgive me, forgive me, but Nico said something yesterday, which
• 1:05:39
  was this idea of. You know, if gold is hard money
• 1:05:45
  and it runs so high, then what is what is the need for Bitcoin?
• 1:05:51
  What is the use for Bitcoin? And you're seeing that this
• 1:05:53
  narrative is not just coming from bitcoiners, but obviously
• 1:05:57
  it's coming from Main Street corporate press.
• 1:05:59
  And it does seem like it's ramping up.
• 1:06:01
  It does seem like it is becoming a little louder than usual.
• 1:06:06
  And I saw a couple of tweets over the weekend, which is like,
• 1:06:13
  I don't want to say it's a coordinated narrative attack on
• 1:06:17
  Bitcoin, but you are you are starting to see that people
• 1:06:20
  maybe are in bad faith arguing and not wonder, not
• 1:06:25
  understanding what Bitcoin is. But the first one I will use a
• 1:06:29
  Walter Bloomberg here. And this is a tweet.
• 1:06:33
  He goes. Bitcoin faces a $1 trillion
• 1:06:35
  identity crisis. Bitcoin has dropped over 40%
• 1:06:39
  from its peak. But the bigger issue isn't
• 1:06:41
  price, its purpose. Once driven by strong
• 1:06:44
  narratives, Bitcoin now faces competition on all fronts.
• 1:06:47
  Gold as a hedge, stable coins for payment and prediction
• 1:06:50
  markets for speculation. Even with growing support from
• 1:06:53
  Wall Street and policymakers, demand is weakening.
• 1:06:56
  Analysts say Bitcoins core story more number go up slash rising
• 1:07:00
  prices has broken down and unlike stocks or commodities, it
• 1:07:03
  lacks clear fundamentals to fall back on.
• 1:07:05
  At the same time, it's quote digital gold claim is under
• 1:07:08
  pressure, it's precious metals rally and Bitcoin ETFC outflows.
• 1:07:11
  New crypto use cases like tokenization and stable coins
• 1:07:15
  are also shifting attention away.
• 1:07:18
  Despite this, Bitcoin remains the most established crypto
• 1:07:20
  asset and survived past crises. The quick question now is, can
• 1:07:24
  it redefine its role? Or will it slowly lose?
• 1:07:28
  Relevance. Honestly, it's like this is
• 1:07:31
  bottom signal stuff bro. This is like peak bottom signal
• 1:07:34
  stuff. Love to see it.
• 1:07:36
  OK, now going further, this one is by, I don't know, Koopa
• 1:07:40
  Troopa and he goes, I think crypto is in the weirdest spot
• 1:07:43
  it's been since I joined the space in 2017.
• 1:07:45
  Beyond speculating and gambling, it's hard to see how it adds
• 1:07:48
  meaningful value to people's lives.
• 1:07:51
  And enough time has passed that you start to wonder if slash
• 1:07:54
  when that won't be the case anymore.
• 1:07:56
  And this one was quote tweeted by Eric Balkunas senior ETF at
• 1:08:01
  Bloomberg. And he goes, I'm seeing this a
• 1:08:03
  lot. My two cents.
• 1:08:06
  The novel value of Bitcoin is that it's user run money.
• 1:08:09
  That is both censorship and debasement resistance.
• 1:08:12
  Far as I can tell nothing has changed about that.
• 1:08:15
  However, because the current admin is so on board with it,
• 1:08:18
  the censorship part may seem less valuable.
• 1:08:20
  But just wait a few years. That could come in handy.
• 1:08:23
  It already does in many emerging slash frontier market countries
• 1:08:27
  and debasement is alive and well.
• 1:08:30
  Even dogs know that ain't ever stopping.
• 1:08:32
  I just think it's youth makes it volatile and price tends to
• 1:08:36
  govern narrative and value way too much for people.
• 1:08:39
  Same goes for stocks and bonds at times.
• 1:08:41
  Got to see through all that. Price is a smokescreen that the
• 1:08:44
  most successful investors have learned to see through.
• 1:08:47
  Slash ignore now. This has been a longer
• 1:08:52
  conversation in Bitcoin basically since BlackRock got
• 1:08:57
  in. I know I've seen a lot of people
• 1:09:00
  basically say oh you know, Wall Street has Co opted Bitcoin.
• 1:09:04
  You know, the cypherpunk ethos of Bitcoin are gone.
• 1:09:07
  Let's make Bitcoin cypherpunk again.
• 1:09:10
  It's like, oh, you guys are cheering on the institutions in
• 1:09:13
  Wall Street. Whatever happened to separation?
• 1:09:15
  Of money and. State bro, I am on the half any
• 1:09:21
  side here where I think this was the way it was always going to
• 1:09:24
  happen. Yes, there is a concern about
• 1:09:28
  Wall Street centralizing a lot of coin with hence why we always
• 1:09:32
  tell you don't sell your Bitcoin and take Bitcoin into self
• 1:09:35
  custody because they might be playing some games to steal
• 1:09:38
  Bitcoin from exchanges. Whether that's liquidating you
• 1:09:41
  or maybe some grander for you know, 61-O2 conspiracy.
• 1:09:46
  But there is a very solid point to this idea right now.
• 1:09:52
  And it may not be amongst bitcoiners per SE.
• 1:09:56
  It may be just about how the market looks at Bitcoin now.
• 1:10:02
  I was saying yesterday, and I've actually been saying it for a
• 1:10:05
  long time. What Ron?
• 1:10:08
  What, what do I, what do I what dude?
• 1:10:11
  Where? Let me, let me talk through
• 1:10:13
  this, bro. And I have been saying for a
• 1:10:16
  long time that I think the biggest attack right now is
• 1:10:24
  obviously coming from Wall Street.
• 1:10:26
  But one of the things that does concern me is that either, you
• 1:10:32
  know, people, the market is just apathetic to something like
• 1:10:36
  Bitcoin. And that's probably the biggest
• 1:10:38
  fear for Bitcoin never being adopted.
• 1:10:41
  But this, this all has to be put in context to the idea that
• 1:10:45
  we're in a bear market because we're in a bear market.
• 1:10:48
  Like I said yesterday, and like I've been saying for a while,
• 1:10:52
  because we're in this bear market right now and sentiment
• 1:10:55
  is so bad, it's very easy to dunk on Bitcoin.
• 1:10:59
  It's very easy to look at Bitcoin, especially in the
• 1:11:03
  context of what happened to precious metals last year and be
• 1:11:06
  like, see, you know, Bitcoin was never a hedge.
• 1:11:09
  Look at what gold is. Gold is the real hedge.
• 1:11:11
  Look how much it ran last year. Or, you know, maybe you should
• 1:11:15
  have bought silver instead of Bitcoin, all that stuff.
• 1:11:18
  Or as we're starting to see kind of come out from Wall Street,
• 1:11:22
  I'm sorry, from Washington is the I thought Bitcoin was for
• 1:11:27
  payments, but no one uses Bitcoin for payments.
• 1:11:31
  We're using stable coins for payments.
• 1:11:33
  And yet, you know, Lightning is killing it right now, just
• 1:11:36
  behind the scenes, absolutely killing it right now.
• 1:11:38
  So it is very, I would say maybe interesting to see how the
• 1:11:44
  markets and, and by that I mean just average people look at
• 1:11:46
  Bitcoin. They still look at us like we're
• 1:11:48
  dumb. They still look at us like we're
• 1:11:50
  crazy. They still look at us like we're
• 1:11:51
  nerds. And they are right now dancing
• 1:11:56
  on the quote Bitcoin grave. You know, they're doing the
• 1:11:58
  obituaries. They're saying, oh, see, I told
• 1:12:01
  you Bitcoin was a bad investment.
• 1:12:02
  You were telling me about Bitcoin at 126.
• 1:12:05
  Now it's 50% down. I knew this was trash.
• 1:12:08
  I knew I shouldn't buy this thing.
• 1:12:10
  And you're just like, hey, I've been here before.
• 1:12:12
  I've seen this happen before. I I felt the same exact thing.
• 1:12:17
  Yes, in 2025, gold was quote a better hedge than Bitcoin.
• 1:12:22
  Bitcoin was down, gold was up. But Bitcoin is the only scarce
• 1:12:31
  neutral money in the world. It's the only digital money that
• 1:12:35
  isn't completely controlled by a central body.
• 1:12:40
  These characteristics and like that tweet said, you know, the
• 1:12:44
  censorship resistant aspects of of Bitcoin.
• 1:12:46
  Maybe right now it's not one of the biggest features because it
• 1:12:49
  seems like the Trump administration is embracing
• 1:12:52
  Bitcoin, hence why I keep trolling.
• 1:12:56
  Like maybe we maybe we really did want the Democrats to win
• 1:12:59
  guys, because at least now we would look back on it and be
• 1:13:03
  like, see, no one believes in politics anymore.
• 1:13:05
  No one believes in the Democrats and therefore completely how do
• 1:13:11
  I say it? I'm blanking on the word
• 1:13:13
  completely dismantles the great leviathan that is the political
• 1:13:18
  machine. You know my view, I'm a uniparty
• 1:13:22
  advocate. I think left, right, two birds
• 1:13:24
  of the same wing. I think they're the same thing.
• 1:13:27
  Just so you know, with a slightly different marketing.
• 1:13:30
  And one of the, one of the things that that is concerning
• 1:13:35
  right now is and, and like I, you know, Full disclosure, like
• 1:13:40
  I think Trump is actually hilarious.
• 1:13:42
  Like he's one of the funniest presidents ever.
• 1:13:44
  Like the man, the man, regardless of his presidency and
• 1:13:50
  his politics, the man himself is a behemoth.
• 1:13:53
  Like he, he's a force of nature. But one of the things that we've
• 1:13:56
  seen play out in the last year or so is that a lot of the
• 1:14:00
  people that were completely off the reservation and didn't
• 1:14:02
  believe in politics. And they almost got me though,
• 1:14:05
  you guys know, I I stood my ground here.
• 1:14:08
  They really brought a lot of people back into the political
• 1:14:12
  machine. And instead of people protesting
• 1:14:16
  about the, you know, the elections not being as.
• 1:14:21
  I got to say this, I got to, I got to say this nicely.
• 1:14:27
  Above board as we thought they were in 2020, and people
• 1:14:30
  believing all the things coming out of politics.
• 1:14:33
  It seems like we're all getting lulled to sleep into maybe not a
• 1:14:37
  lot of the hardcore bitcoiners in the chat, but the masses load
• 1:14:41
  to sleep back into the political machine.
• 1:14:43
  Whereas if Kamala won, we might be at 150K right now.
• 1:14:48
  They'd be fighting us, but Bitcoin would be ripping.
• 1:14:51
  Everyone would be just fully convinced that, hey, they're
• 1:14:54
  coming after. Us, we're in the trenches, like,
• 1:14:57
  you know, let the fight happen right now.
• 1:14:59
  We're kind of like. Well, you know, I maybe they're
• 1:15:02
  fighting us, maybe they're not. I just want them to embrace and
• 1:15:05
  pump my bags. That's what I'm like, yo, just
• 1:15:07
  pump my bags, bro. But anyways, you are seeing that
• 1:15:12
  I don't think necessarily Bitcoin has lost its narrative
• 1:15:17
  and we need to refocus our narrative.
• 1:15:19
  I really just think this is bear market things like you just got
• 1:15:23
  to, you know, we just got to get the price back up.
• 1:15:27
  Now on top of this, I did see this really good tweet by
• 1:15:31
  Marilyn Hoddle 21. And I think I think this is a
• 1:15:35
  good way to put a bow tie on the entire show today.
• 1:15:38
  And Marilyn Hoddle goes theory. Wall Street used the paper flush
• 1:15:42
  to load up for structured product inventory objective
• 1:15:45
  achieve. The narrative shift is coming
• 1:15:48
  and when it does, investor perception, including the masses
• 1:15:51
  will flip soon. It is coming soon.
• 1:15:54
  Hence why I'm talking about the narrative shift.
• 1:15:58
  This is about looking at all the narratives objectively.
• 1:16:01
  Where are they coming from? Who is saying all this stuff?
• 1:16:05
  What is the context of the Bitcoin price?
• 1:16:07
  Right now it's just bear market stuff.
• 1:16:10
  Every time you're in a bear market, you get the same, same,
• 1:16:14
  you know, maybe 5 people come out.
• 1:16:17
  They ignore Bitcoin when it runs up.
• 1:16:19
  But when it, when it drops, it's very easy to dance on the grave
• 1:16:22
  of Bitcoin and be like, hey, I told you this was the worst
• 1:16:25
  thing to be buying. And yet once the narrative does
• 1:16:30
  shift and we start running again and number goes up again, maybe
• 1:16:34
  we'll get some euphoria back into this, this whole Bitcoin
• 1:16:38
  thing. Maybe it'll get fun again.
• 1:16:39
  Maybe we will start to see a fundamental shift coming from
• 1:16:44
  people and things. Will get frothy.
• 1:16:49
  Did did you guys hear that? Sorry my my phone was ringing.
• 1:16:53
  My my do not disturb. I guess it got turned off.
• 1:16:56
  Anyways, two birds with the same wing.
• 1:17:01
  What'd I say 2? Did.
• 1:17:03
  I say two birds with the same wing.
• 1:17:05
  I meant 2 wings with the same bird.
• 1:17:07
  Did I say that? OK, all right.
• 1:17:10
  Anyways, Anyways, did I really say 2 first on the same week?
• 1:17:19
  Oh man, hold on, hold on. All right, end of the show.
• 1:17:22
  But if, if I did say that, if I did say that, where'd it?
• 1:17:32
  Oh sheesh. All right.
• 1:17:36
  Anyways, anyways, yes number go up is the only way guys.
• 1:17:42
  What's going to happen when the price goes up?
• 1:17:44
  People will be crying they didn't buy when it was lower.
• 1:17:46
  Yep. It's exactly what's.
• 1:17:48
  Going on guys. So look, hey, gold had its day
• 1:17:52
  last year. Bitcoin will RIP.
• 1:17:59
  I don't think Bitcoin lost the narrative on a hedge against the
• 1:18:03
  basement. It didn't.
• 1:18:07
  Lose an edge on the censorship resistant aspect.
• 1:18:13
  It's obviously the only neutral scarce.
• 1:18:16
  Get away. You're distracting.
• 1:18:18
  Anika just popped in. Get away.
• 1:18:23
  All right. Anyways, Anyways, Bitcoin
• 1:18:26
  definitely still has the narrative on the neutral scarce
• 1:18:30
  asset, dude. All right, let me wrap.
• 1:18:33
  All right, guys, it's over. It's all right anyways anyways.
• 1:18:38
  All right, guys, Nico, Nico's ruining the show here while I'm
• 1:18:42
  trying to wrap up. All right, I'll see you
• 1:18:44
  tomorrow. Same, same show, same, same time
• 1:18:47
  as always. Tomorrow Nico will be back, I
• 1:18:50
  think He said he's shaking his head.
• 1:18:52
  Yes. He said it's yes.
• 1:18:54
  All right, I am ending the show. I am ending the show.
• 1:18:56
  All right, guys, peace out. I will see you tomorrow later.
• 1:19:00
  Today's episode was brought to you by bitcoinwell.com, a
• 1:19:03
  Bitcoin only platform on a mission to enable financial
• 1:19:06
  independence.