Latest / Simply Bitcoin / Jerome Powell FIRED? | Why $1M Bitcoin Is NOW In Play! | Simply Originals

Transcript

Jerome Powell FIRED? | Why $1M Bitcoin Is NOW In Play! | Simply Originals · Simply Bitcoin

0:00
You better brace yourself, because today's news might go
0:03
down in history. the Fed chair might be gone.
0:09
That's right. Jerome Powell.
0:10
Fired, replaced, erased. This has never happened before,
0:15
and it's all breaking right now. We've heard the resignation
0:19
talk. This is not speculation anymore.
0:22
And if Powell's out, you know what that means.
0:25
The dollar's grip is slipping and Bitcoin is breaking the
0:28
entire Fiat matrix. Welcome back.
0:31
I'm Rustin and we've got a massive show today.
0:34
Ed chairman is about to get fired.
0:36
Bitcoins perfect storm is staring us in the face.
0:40
We have massive legislation being voted on today and Adam
0:45
back and Cynthia Lummus, well, they're saying what would what
0:48
what we believe for years, $10 million Bitcoin is not a dream.
0:53
It's the end game. Rome Powell has done a terrible
1:01
job and frankly, I don't think he could do a worse job.
1:04
Let's get into this because I know what you're thinking.
1:07
You can't fire the Fed Chairman Rustin.
1:10
Actually, that's Bubba bullshit. While no Federal Reserve chair
1:15
has ever been fired or removed from office by a president, the
1:18
Federal Reserve Act allows the president to remove board
1:22
members, including the chair, for cause.
1:25
But this authority has never been exercised in the agency's
1:29
history. All chairs have either completed
1:31
their terms, resigned voluntarily, often for other
1:34
roles or personal reasons, or just not reappointed at the end
1:38
of their term. And the White House has formally
1:41
begun the search for Powell's replacement.
1:43
You said previously the interview process would begin
1:46
later on in the fall. There's been plenty of
1:48
speculation as to whether that process would be brought
1:50
forward. Mr. Secretary, do you still, as
1:52
far as you understand, believe that's when the interview
1:54
process to replace the Fed chair will begin in the fall or as a
1:58
formal process already starts? That's it.
2:00
Well, look, there's a formal process that's already starting.
2:03
There are a lot of great candidates and, you know, we'll
2:07
see how rapidly it progresses. It's President Trump's decision
2:12
and it will move at his speed. Do.
2:15
You see any merits at all in selecting maybe a candidate
2:18
that's already on the committee on the FMC versus taking a look
2:22
at someone outside of the Federal Reserve?
2:25
Again, there are a lot of good candidates inside and outside
2:29
the Federal Reserve, Jonathan. Has the chairman himself, the
2:32
Fed chair Jay Powell, given you any indication whatsoever as to
2:36
what he would do once his term has expired?
2:39
Will he vacate his seat as the governor of the Federal Reserve?
2:43
Well, traditionally the the Fed chair also steps down as a
2:48
governor and there's been a lot of talk of a shadow Fed chair
2:53
causing confusion in advance of his or her nomination.
2:58
And I can tell you, I think it'd be very confusing for the market
3:01
for a former Fed chair to stay on also.
3:05
This is unprecedented, the last time a Fed chair was ousted in
3:10
chaos, never Bitcoin at new all time highs.
3:13
And Powell is on the chopping block.
3:16
There's some sort of beautiful symbolism there.
3:19
And Senator Cynthia Lummus just dropped this hammer.
3:22
She said get him out. The swamp is eating its own.
3:26
The Fed's credibility is collapsing.
3:28
And look at what Deutsche Bank is saying here.
3:30
Firing pal could trigger AUS dollar and bond market collapse.
3:34
And you know what that means? Omega could be closer than you
3:38
think. Oh, is that too bullish for you?
3:41
Let me water it down for you. Here's the bearish outcome. 400K
3:47
and what do you got? Drop your predictions below, but
3:49
either way, it's not looking good for that ass hat Peter
3:53
Zyhan. Let's go ahead and check in on
3:55
him real quick. Absolutely wreck like the Fed
4:01
and Jerome Powell's career and Peter Schiff just look at and
4:05
see and resignation would be a little disappointing.
4:09
Still bullish. But I know you're like me and
4:12
you want to hear Jerome, you're fired, get out.
4:15
But hey, if firing the Fed chairman and destroying the
4:19
credibility of the Federal Reserve forever is not bullish
4:24
enough for you, check this out. After failing yesterday, it
4:27
looks like all three bills are set to be advanced today.
4:31
This is all going down today, this afternoon.
4:34
So we're likely to see some very interesting price action.
4:38
Imagine being those Republicans who get called into the
4:41
principal's office and it looks like the orange man spanked them
4:44
into submission. I guess rumblings that maybe the
4:47
votes weren't there. And then, you know, the
4:48
president met with with some individuals yesterday.
4:51
Are you confident now it's that the votes are there?
4:56
I believe that we do have the votes to advance the Senate
5:00
Genius Act, which will create the first federally regulated
5:05
with clear rules, dollar back payment, stable coin, which will
5:08
unleash a new competitive round and how payments are done when
5:12
they're used in a blockchain application.
5:15
We also have the houses work on market structure, which we work
5:19
through the House AG Committee and the House Financial Services
5:22
Committee, strong bipartisan support for that bill.
5:26
And then finally Whip Tom Emmer of Minnesota.
5:29
Mr. Emmer has his bill that blocks the federal government
5:32
from creating a central bank digital currency through the Fed
5:37
unless it's done with a specific authorization through Congress.
5:40
So I believe that the House has the votes for those 3 measures
5:44
and the Speaker is working this morning on how they'll be
5:48
coordinated and presented to the House for consideration.
5:52
What's your? What do you think?
5:54
How long it won't be today? Well, it was supposed to be
5:58
today. Well, we expected to vote on
6:01
clarity this afternoon and also vote on the defense
6:05
appropriations bill and then vote on Genius, the Senate's
6:09
stable coin bill tomorrow. So right now, I think that based
6:13
on the work yesterday of a small number of members taking down
6:17
the House rule is still under discussion this morning as to
6:21
how that'll be sequenced and brought back to the House.
6:23
Oh wait, there's more. We have banks and sovereign
6:26
wealth funds to get to the green light means go for something.
6:31
If you recall, that's right, the original $5,000,000 Michael
6:35
Saylor prophecy. And Catelyn Long says strap in,
6:38
because big things are coming July 22nd.
6:41
One thing we haven't talked about yet which is the report
6:44
from the Treasury Department that's coming out on crypto on
6:48
July 22nd, which was which is 180 days after the initial
6:52
crypto executive order. And I am hearing rumors and
6:56
believe very strongly that that is going to be a watershed event
7:00
and the stable coin bill is out there in the mix as well.
7:05
Those those two things I think are going to massively change
7:09
the dynamic in just the next few weeks.
7:12
And I think a lot, again, a lot of folks who sat back thinking
7:16
and hoping and praying that this would go away are about to be
7:20
rolled over by an incredible wave of innovation that's coming
7:25
from this industry. The suddenly part of gradually
7:29
then suddenly comes in a hurry. And there are nearly countless
7:33
catalysts for Bitcoin to go nuclear right now.
7:36
Like this. 30 year treasury bills are back over 5%.
7:41
PPI has come in below expectations and not good.
7:46
Japan's bond yields are going parabolic.
7:49
Here's a good question. What happens when Japan has to
7:52
offload Treasuries to prop things up?
7:54
The Colonel says we're dangerously close.
7:57
Well, tell you what happens, Bitcoin teleports.
7:59
That's what happens. And I've got some numbers here
8:02
that are displaying the mother of all supply shocks mow ass and
8:06
they're going to blow your mind. Let's go ahead and start with
8:08
the plebs. You hear blah blah, BlackRock
8:10
and the rest, but this is major signal.
8:13
Shrimps, crab, fish, they are all buying more Bitcoin than
8:17
miners produce and the institutions are not letting up
8:21
anytime soon. Demand is actually surging and
8:24
now public companies hold 91 billion dollars plus in Bitcoin.
8:29
The levy is going to break and when it does, it's going to
8:33
rattle your sphincter. But you know, we could get into
8:36
the specifics, but I think the big picture is that regulatory
8:40
uncertainty, the lack of regulatory clarity has been the
8:42
reason for 15-16 years that the mainstream capital markets
8:48
haven't felt comfortable engaging with that space.
8:50
That's changing this year and it's opening a new chapter and
8:54
this week is it is an important step on that front.
8:57
You reckon that we could be looking at Excuse Me at Bitcoin
9:01
at $200,000 by the end of the year?
9:05
That's right. Yeah.
9:06
Every year our research team led by our CIO Matt Hogan put out
9:10
some predictions, 10 predictions and and $200,000 Bitcoin is is
9:16
our prediction for the ending price of Bitcoin this year.
9:20
What will push it higher? Partly institutions more
9:23
comfortable. Yeah.
9:26
You know, it's, it sounds so basic, but for, for 15 years,
9:31
crypto and Bitcoin has been a very hard asset class for the,
9:35
you know, $100 trillion capital markets to participate in.
9:38
And that's changing. This year is a different year
9:41
and the beginning of a different chapter.
9:43
And the reason it's changing is because of this topic of
9:45
regulation. It's now opening up.
9:48
Banks are engaging, corporates are engaging, sovereign wealth
9:50
funds are engaging and and that's creating flows that are
9:55
outstripping the supply that's available and and we're seeing
9:58
price push higher throughout the course of this year already.
10:02
What is the end game here? Where is Bitcoin headed?
10:05
Well, the legend Adam Back, who just closed a $4 billion deal
10:09
with Cantor Fitzgerald and the Bitcoin Senator are about to
10:12
bring it home for us. But before the big finish, Look
10:15
at our likes 3 or 4 times, maybe I.
10:17
Pumped those numbers. Up Those are rookie numbers in
10:19
this racket. Hey, don't forget to like,
10:20
subscribe and give us a PAMP while we take a moment to
10:23
recognize our sponsors powering this show over at the Bitcoin
10:26
Way. Let me make it simple.
10:28
You either own Bitcoin or someone else does, and if you're
10:31
new, head over to the Bitcoin Way and they'll walk you through
10:34
it like it's kindergarten with Satoshi.
10:36
From setting up your first wallet to running a node and so
10:39
much more. No tech skills are needed.
10:42
The Bitcoin Way has got you covered.
10:43
They'll hold your hand from start to finish.
10:46
If you want $1,000,000 Bitcoin, you better act like it's self
10:49
custody is not optional. That is the revolution.
10:52
Schedule a free 30 minute consultation with the Bitcoin
10:55
Way using that link in the show notes.
10:57
Guys, are you lost and alone in the Fiat clown world surrounded
11:01
by normies who think Liz Warren has an IQ above 75?
11:06
Well, our friends, the orange pill app has got you covered.
11:08
Connect with over 16,000 other bit corners in real life.
11:12
Stay up to date with every meet up and conference around you and
11:16
across the country. Bitcoin is better with friends
11:18
and now you can ZAP them instantly all in one app.
11:20
What are you waiting for? Download the orange pill app
11:22
today, go hit a meet up and start stacking friends who stack
11:25
sets today big finish time we're going to 10 million a coin.
11:31
$10,000 was a pipe dream and never going to happen, right?
11:33
So I think half any was just like, you know, a decade ahead
11:37
of his curve in terms of thinking about, you know, that
11:40
this could actually happen, right?
11:41
So I think, you know, because if everybody was 100% convinced,
11:46
but it's going there, it would already be there, right?
11:48
And so there's there's got to be doubt about the, you know, the
11:53
pace of adoption, how much more money is, you know, what the
11:57
addressable market actually is. We don't we don't fully know.
11:59
I mean, I think Halfine's estimate is reasonable because
12:02
still today, you know, even they made it is because there is a
12:05
lot of monetary premium where people are trying to protect
12:10
themselves from inflation and safe by, you know, buying real
12:12
estate. In some cases they're not even
12:14
using it. It's just vacant.
12:15
But you know, there's a lot of that in New York and China are
12:18
in different places, right? And that is not a great thing
12:22
because it makes housing less affordable.
12:24
And if there was a, you know, financial products or a monetary
12:28
instrument that did that for you, it would make housing more
12:30
affordable. So improve, you know, cost of
12:34
housing, access to housing, quality of housing that you can
12:37
afford on a budget. So those will all be good
12:39
things. And there are other things with
12:41
monetary premium or where people are trying to protect against
12:44
inflation and like in the bond market and some more esoteric
12:48
things like alt wine where people use that as a kind of
12:53
novel way to protect against inflation.
12:55
And if you Add all that stuff up, it's 200 trillion is
13:00
possibly a conservative estimate at this point because had a lot
13:03
of inflation between 2:00 and. There is no stopping this train
13:09
to $200 trillion. Talk about how you communicate
13:13
what's going on in this industry in just a second.
13:15
But our last Spotlight episode featured Michael Saylor, and he
13:19
really kind of unpacked his plan towards this $200 trillion
13:24
Bitcoin network. You mentioned him as one of the
13:27
people you you speak to about what's going on in this
13:29
industry. You, you listen to what he has
13:31
to say. Do you think that Bitcoin can be
13:34
a $200 trillion network? I do I, I When you look at the
13:40
fact that it is fully decentralized, that it is
13:45
immutable, that it is scarce, that is more of it is might.
13:52
The volatility is going to decline.
13:56
Its use cases will expand. All of these events surrounding
14:03
as it matures as an asset are going to make it more useful.
14:08
It is faster. It is cheaper.
14:11
The Lightning network that now can lay on top of it makes it
14:15
more useful as a means of exchange.
14:18
Its continued growth as a store of value is going to be, I
14:23
think, its strongest future use. When you look at the US dollar,
14:29
that the custom inflation is declining in value every year
14:36
much more quickly than we'd like to see.
14:39
Its use case as a store of value is not good.
14:48
It's use case as a means of exchange is very strong, always
14:52
will be. But if I was going to save, I'd
14:55
want to save in Bitcoin, not in U.S. dollars.
15:00
So I think we're seeing more and more people realize that it
15:08
because it's immutable, because it's easy to store and retain
15:14
either in an individual wallet or through a custodian.
15:18
It's easy to buy now because of the exchange traded funds that
15:23
have been created by very blue chip companies that people are
15:29
used to using for all kinds of investments.
15:31
It's become more available and user friendly for people who are
15:37
more used to traditional assets and I think all these things,
15:42
when you add them together, have expanded the use case for
15:46
Bitcoin. Drompal is on the way out, GFY,
15:50
the Dollar is on life support, and Bitcoin is entering a new
15:54
era. This is the perfect storm.
15:56
Legal clarity, institutional FOMO, Fiat chaos and memes
16:00
becoming our monetary policy. So if you're holding dollars,
16:04
good luck. If you're holding Bitcoin,
16:06
congratulations, you're early. Stay humble, Stack Sats and tell
16:10
Peter Zahan to have fun staying poor.
16:12
We'll see you at $10 million and I will see you at Mining Disrupt
16:16
2025. This is going to be absolutely
16:18
wild. The biggest Bitcoin mining
16:20
conference and Expo in the world is heading to Dallas, TX
16:23
November 11th through the 13th. Dennis Porter, Samson Mal,
16:27
Lawrence Leopard, Luke Das Junior, the Bitcoin Mechanic,
16:30
and countless others are ready to send it.
16:32
Mining Disrupt is where the Bitcoin mining elite converge.
16:36
Deals are made, innovations unveiled, and the future is
16:40
forged. If you're serious about mining,
16:42
you can't afford to miss this one.
16:43
Be there, be left behind. Grab those tickets today, come
16:46
see Simply Bitcoin at the news desk and don't forget to use
16:49
promo code Simply Bitcoin for 20% off.
16:52
Hey, hope you guys enjoyed this one.
16:53
Don't forget to lag, subscribe and give us a pan by sharing the
16:56
sound money gospel. And don't forget to set those
16:59
notifications for the best in Bitcoin news delivered to you
17:02
daily. It's going to be a wild one of
17:04
my friends. I'll catch you all tomorrow.
17:06
Peace. If you.
17:07
Prefer to go down with the ship.