Latest / Simply Bitcoin / $130B GIANT Makes HUGE $644k Bitcoin Prediction SOONER Than You Think | EP 1348

Transcript

$130B GIANT Makes HUGE $644k Bitcoin Prediction SOONER Than You Think | EP 1348 · Simply Bitcoin

• 0:00
  Yo Larry thinks Bitcoin ETF is the most profitable of all time,
• 0:05
  but he's not the only giant getting bullish on Bitcoin. $130
• 0:10
  billion firm is predicting 600K Bitcoin in under 1000 days.
• 0:17
  That's right, a massive firm that has a lot of legitimacy on
• 0:21
  Wall Street is predicting 600K Bitcoin by the year 2027.
• 0:27
  So who are we talking about? We're going to get to that in
• 0:29
  just a second, so you're going to want to stick around.
• 0:32
  Also, gold just hit $4000 an ounce.
• 0:35
  That's a $27 trillion market cap.
• 0:39
  Once Bitcoin reaches parity with gold, that would keep, that
• 0:43
  would make the Bitcoin price $1.27 million per coin.
• 0:49
  It's a lot. It's a lot of money.
• 0:51
  It's a lot of money. So anyways, before we get into
• 0:54
  all of that, ladies and gentlemen, what am I talking
• 0:56
  about? Well, I have a tweet or a post.
• 0:59
  It's not called Twitter anymore these days.
• 1:02
  Eric Balkunas and he's talking about this.
• 1:05
  I bit is a hair away from $100 billion.
• 1:10
  It is now the most profitable ETF for BlackRock by a good
• 1:14
  amount now based on current assets under management.
• 1:18
  Check out the ages of the rest of the top 10.
• 1:22
  Absurd. So yes, I mean, this is what we
• 1:24
  are talking about this this is a theme on yesterday's show.
• 1:28
  We are talking about the alignment of incentives.
• 1:31
  If you have Larry Fink saying literally, it's not saying like
• 1:37
  the proof is in the pudding. This is the most profitable ETF
• 1:41
  in. Blackrock's history, That should
• 1:44
  tell you everything you need to know.
• 1:46
  That should tell you about the alignment of incentives.
• 1:48
  That should tell you how much Larry Fink has to benefit from
• 1:53
  number go up from institutional Bitcoin adoption, from
• 1:57
  potentially the United States government adopting Bitcoin as
• 2:00
  well. This is history, ladies and
• 2:03
  gentlemen, the world's largest. Asset Manager Their most
• 2:06
  profitable ETF is. The Bitcoin ETF, that is
• 2:12
  massive, massive news. The other thing I wanted?
• 2:15
  To talk about as well is $130 billion firm was talking about
• 2:24
  was was saying that it reaches the market cap of Bitcoin.
• 2:31
  I'm going to pull that up as well.
• 2:32
  The gold. Market cap, I mean.
• 2:35
  And here is a post by Matthew Siegel.
• 2:40
  And he says we've been saying Bitcoin should reach half of
• 2:43
  gold's market cap after the next.
• 2:46
  Having roughly half of gold's value reflects its use as a
• 2:50
  store of value rather than industrial or jewelry demand.
• 2:54
  And surveys show younger consumers in emerging markets
• 2:59
  increasingly prefer Bitcoin for that role.
• 3:02
  At today's record gold price, that implies an equivalent value
• 3:07
  of $644,000 per coin. And this is coming from none
• 3:14
  other than than X. So these guys, you know, this
• 3:19
  isn't just some bitcoiners. On Twitter posting bullish
• 3:23
  things. This is a very large firm.
• 3:26
  Actually saw one of their tweets this morning.
• 3:28
  I thought it was absolutely hilarious.
• 3:30
  Let me pull it up because it's something a bitcoiner would say.
• 3:34
  At this point. I think Bitcoiners are the ones
• 3:36
  actually running a lot of these accounts.
• 3:40
  Where is it man? Where is it?
• 3:44
  I can't find it anyways I'll find it in a second.
• 3:46
  But anyway, they basically said 200K is is bearish, something
• 3:50
  along those lines. So anyways, Bitcoin 2050
• 3:54
  valuations, global medium of exchange and reserve asset.
• 3:59
  So here are some of the premises exactly You can pull that up
• 4:04
  right. Who's ever running the Vanek
• 4:06
  account you know is obviously a big fan of Optis.
• 4:11
  Big fan of Optis. They said for the audio
• 4:14
  listeners, Vanek numb until 200 KA.
• 4:18
  Gemini's responding with an AUD is close lol.
• 4:22
  It has a bunch of bitcoiners running these accounts at this
• 4:24
  point anyways, so let's get back to the article.
• 4:28
  Vanek was established in 1955, so they've been around.
• 4:32
  The block a couple times and again I want to emphasize how
• 4:36
  big of an effing deal this is. The Bitcoin BlackRock ETF is the
• 4:41
  most profitable ETF in Blackrock's history.
• 4:45
  BlackRock is the world's largest asset manager.
• 4:49
  They not only have a tremendous amount of influence in the
• 4:51
  financial world, but they also have a tremendous amount of
• 4:55
  influence in the political sphere as well.
• 4:58
  I believe that part, the, one of the reasons that the Bitcoin ETF
• 5:01
  was approved in the 1st place was because of the tremendous
• 5:06
  pressure that was brought on by BlackRock and Larry Fink, right?
• 5:11
  You saw the change in sentiment go from, oh, you know, we need
• 5:16
  this whole ESG thing. You know, we need this to be
• 5:19
  clean and, and, you know, shiny. And you know, and you know, you
• 5:25
  take Larry Fink's wording from a couple years ago, he says
• 5:28
  Bitcoin is an index of money laundering.
• 5:31
  And now it's a complete 180, right?
• 5:34
  And why? Well, there's a profit motive
• 5:37
  now there's a profit. He's like, oh, this Bitcoin's
• 5:40
  fantastic Bitcoin, to quote the BlackRock.
• 5:43
  Report is a non sovereign alternative, right?
• 5:46
  Of course you'd be saying that if it was one of your most, no,
• 5:50
  if it was your most profitable product, right?
• 5:53
  So this is what we're talking about in alignment of
• 5:56
  incentives. So going back to the Van Eck
• 5:59
  report again, by 2050 we see Bitcoin solidifying its position
• 6:06
  as a key international medium of exchange, ultimately becoming
• 6:10
  one of the. World's Reserve.
• 6:12
  Currencies the projection is rooted and the anticipation
• 6:16
  erosion of trust in current reserve assets.
• 6:20
  Crucially, we believe that Bitcoin scalability issues,
• 6:24
  which have been the primary barrier to its widespread
• 6:27
  adoption will be resolved by emerging Bitcoin layer 2
• 6:31
  solutions. The combination of Bitcoins,
• 6:34
  immutable property rights and sound money principles with the
• 6:38
  enhanced functionability function ability provided by
• 6:43
  Layer 2 solutions could enable the creation of global financial
• 6:47
  system capable of better meaning the developing world's needs.
• 6:51
  Executive Summary It is conceivable that by 2050,
• 6:56
  Bitcoin could be used to settle 10% of the global's
• 7:00
  international trade, 5% of the world's global of the world's
• 7:04
  domestic trade. This scenario would result in
• 7:07
  central banks holding 2.5 trillion of their assets in BTC,
• 7:14
  it goes on to say. Using assumptions about global
• 7:17
  growth, investor BTC demand, and bitcoins turnover, we apply a
• 7:22
  velocity of money equation to suggest a potential price of 2.9
• 7:28
  million per Bitcoin, translating to a total market cap of 61
• 7:35
  trillion. Applying our existing framework
• 7:38
  for valuing Ethereum layer twos, we estimate that Bitcoin layer
• 7:41
  twos could collectively be worth 7.6 trillion, approximately 12%
• 7:47
  of bitcoins total value. So before I move on, I kind of
• 7:50
  want to just get Opti's thoughts on this bro.
• 7:53
  I think the headline of today's news is a very simple one.
• 7:57
  It's I can't believe that the Bitcoin ETF is Blackrock's most
• 8:01
  profitable product. That is crazy, bro.
• 8:04
  Like Larry Fink, my best friend now, bro, I can never I I like
• 8:10
  4-5 years ago, I could never have imagined a world where I'm
• 8:14
  saying that I'm a big fan of Larry Fink and I hope that
• 8:17
  BlackRock continues to succeed and they're a fantastic company
• 8:21
  and I support them wholeheartedly.
• 8:25
  I never could have imagined, you know, saying that as a
• 8:28
  bitcoiner, right? So yeah.
• 8:32
  Yeah, huge. Huge BlackRock fans here.
• 8:39
  Well, first of all, just talking about the BlackRock news, I
• 8:44
  think it's very important for us to always remember that this
• 8:46
  isn't necessarily like Larry Fink's money.
• 8:49
  This is clients in retail at BlackRock that want Bitcoin to
• 8:54
  succeed. Obviously it's their money.
• 8:57
  Are you talking I'll of Larry? No, I'm saying he looks like a
• 9:01
  genius. I think.
• 9:02
  Larry is a genius. I think Larry is a genius.
• 9:05
  I think he's a. Great guy.
• 9:06
  Totally a great guy. We we'll ignore all the ESG
• 9:09
  stuff for the last decade. Now that he's pumping Bitcoin,
• 9:11
  it's great. But he does like with, in all
• 9:16
  seriousness, he does kind of look like a genius right now.
• 9:20
  If you're on Wall Street and you're looking at this ETF, it's
• 9:22
  what, two years old, maybe a year and a half a year and some
• 9:27
  change old and it's now their most profitable ETF ever, which
• 9:33
  is just insane. It's it's, it's become the best
• 9:37
  launched ETF ever. Now it's literally the most
• 9:41
  profitable ETF that BlackRock has.
• 9:43
  Obviously, I'm not the biggest fan of ETFSII don't recommend
• 9:47
  people buy ETFs, but I understand why people would want
• 9:49
  to buy ETFs and just chat chill. But it is crazy just how much
• 9:59
  capital they are accruing under this I bit ticker.
• 10:03
  And it really goes into how much crazier is this going to get
• 10:07
  when more people really dive head first into the Bitcoin kind
• 10:12
  of FOMO. And I think we're start to enter
• 10:15
  that era right now, like we're starting to enter that stage
• 10:18
  where people are going to start FOMO ING into Bitcoin.
• 10:20
  Obviously we did get a little correction today.
• 10:22
  I'm sure everyone's panicking and saying it's over, Bitcoin's
• 10:26
  out like 121, but I do think that this is just the beginning.
• 10:30
  This is just a tip. This is just the start of the
• 10:33
  iceberg. We're going to see a lot more
• 10:36
  capital coming to Bitcoin and the Banach report, or rather him
• 10:40
  doubling down on their old report.
• 10:43
  I think it's very interesting. It's something I've been saying
• 10:45
  on the show for a while. This is why I've been following
• 10:47
  gold for a while. I was actually kind of hip to
• 10:49
  gold from Larry Leopard last year.
• 10:53
  Oh no. This year at the mining Disrupt
• 10:55
  conference, I was watching his speech and he said something
• 10:59
  that stuck out in my mind. He's like, I watch a few things
• 11:01
  outside of Bitcoin every morning and it's the price of gold, it's
• 11:04
  interest rates, and it's a few different Fiat conversions.
• 11:08
  It was the yen in the US dollar, the euro on the US dollar and
• 11:13
  the Swiss franc in the in the US dollar.
• 11:15
  And so I started watching, watching that, you know, earlier
• 11:18
  this year. And This is why I've been so I
• 11:22
  mean, This is why I'm like the macro personnel is because I
• 11:26
  have been watching gold and what we're seeing in gold is very
• 11:29
  interesting. And then also, we're seeing this
• 11:30
  new narrative around, you know, this debasement trade, It's
• 11:33
  everywhere, it's going mainstream.
• 11:35
  And it's something Bitcoiners have been saying for a long
• 11:37
  time. And when you're watching what
• 11:39
  gold is doing, it is telling you a lot about the psychology of
• 11:43
  the investor, which is basically people aren't trusting Fiat
• 11:46
  currencies anymore. It's the Bitcoin thesis
• 11:48
  happening in real time. And gold is now to the $27
• 11:52
  trillion market. Even silver's at a crazy market
• 11:55
  cap right now that you've seen the amount of capital come into
• 11:59
  the gold market cap and the silver market cap.
• 12:03
  And it really kind of throws the whole, you know, it takes more
• 12:07
  capital to come into Bitcoin now to make it move a thesis like
• 12:11
  spins it on its head. If gold and silver, which is,
• 12:15
  you know, like basically worthless now in, in monetary
• 12:18
  terms, can attract trillions of dollars of capital into their
• 12:22
  market cap, you think Bitcoin isn't going to do the same
• 12:25
  thing? And so even though a what, what
• 12:28
  do you say? 644 K in less or around 1000
• 12:32
  days, you know, 2028 isn't that far away.
• 12:34
  It sounds crazy. But when you see what is going
• 12:38
  on with gold and you're seeing that people are moving away from
• 12:40
  treasuries and Fiat currencies and they're looking for hard
• 12:43
  assets or hard currencies, you start to kind of wake up to the
• 12:47
  idea that a lot of capital can find its way very quickly into
• 12:50
  Bitcoin. So if we see, you know what,
• 12:53
  what is it, 13 trillion, that's obviously that's a lot of
• 12:57
  capital, 10 trillion going into Bitcoin.
• 12:59
  But we saw around 7 trillion go into gold this year alone in
• 13:03
  like 6 months. So it's not out of the realm of
• 13:06
  possibility of what's going on. I have been on the fence and
• 13:09
  saying that I think we're going to see a slow crawl.
• 13:11
  I think that the capital is going to trickle into Bitcoin.
• 13:14
  But with what we're seeing with gold, it does make me think that
• 13:16
  we might be seeing a huge tsunami of capital come into
• 13:20
  Bitcoin. So all of these things kind of
• 13:22
  combine are just telling me that people are waking up to Bitcoin.
• 13:26
  Yes, there's still a general kind of trend of not liking
• 13:31
  Bitcoin, of kind of trying to ignore it.
• 13:33
  But we've seen that shift very quickly as well.
• 13:36
  And I think if we see the price of Bitcoin start to go up very
• 13:39
  rapidly at the Q4 of this year, then I think the sentiment
• 13:43
  around Bitcoin is going to be just completely different than
• 13:46
  where we were in 2024. And we've seen that change
• 13:49
  happen in 2025. And so it's been a slow 2025 and
• 13:54
  it is shift, but I, I totally think that we are on the verge
• 13:58
  of seeing a huge influx of capital coming into Bitcoin just
• 14:02
  on the strength of what gold is doing.
• 14:04
  We all know the memes and I know the memes are maybe not going to
• 14:09
  last too much longer, but Bitcoin rips harder than gold.
• 14:13
  And so right now we have, I think it's like a, I, I forget
• 14:18
  what the math is, but it's, it's basically like a somewhere
• 14:20
  between 20 and I think 50% difference from the Bitcoin
• 14:24
  price and the gold price or the gold price and the Bitcoin
• 14:27
  price. So if Bitcoin rips up to those
• 14:30
  levels, I think all of this is on the table.
• 14:33
  I, I, honestly, as I was putting the show together, I was kind of
• 14:36
  trolling that Matthew Siegel from Vanek is actually kind of
• 14:38
  bearish. I'm like 640 forty 644,000 by
• 14:42
  2028. Like that's so bearish.
• 14:45
  It's going up way higher. And then Niko's sitting there
• 14:47
  like, dude, 644K in three years. Like that's actually pretty,
• 14:51
  pretty good. So I think he's kind of bearish.
• 14:54
  I think this is his conservative take here.
• 14:56
  He's again having to market Bitcoin to a totally different
• 15:00
  audience than us. They have to be conservative in
• 15:04
  their price predictions. We could be as regarded and
• 15:06
  bullish as we want to be because we're just here on YouTube,
• 15:09
  we're just Youtubers, we're just Bitcoiners so we can say crazy
• 15:13
  stuff. As Uncle Rockstar says, we well,
• 15:16
  rather I'm, I'm doubling down on this.
• 15:18
  I'm making my Bitcoin predictions just so outlandish
• 15:21
  that people think I have something wrong with my head,
• 15:24
  whereas they have to do the opposite.
• 15:26
  They have to be more conservative.
• 15:28
  They got to sound reasonable. So I think 644 by 2028 is, is
• 15:33
  honestly undershooting where where it can go.
• 15:35
  But hey, you know. By 2028, I mean I was, I my, my
• 15:40
  baseline was half a mil or a mil by half a mil or a mil by by
• 15:47
  20-30 like that's what I was. Half a male to a male by 20-30.
• 15:52
  Yeah, that's you're, you're bearish.
• 15:54
  That's what I was. Thinking totally bearish?
• 15:56
  To be honest, you're totally bearish.
• 15:59
  That's totally bearish. So OK, well I want to go back to
• 16:08
  this article man, because there is a lot of little golden
• 16:11
  Nuggets and Opti's a a macro. Expert.
• 16:14
  I'm not. I just kind of want to give him
• 16:16
  the soapbox sometimes. So you're thinking 600K by 2028
• 16:21
  is bearish? Dude I'm thinking 644 by.
• 16:24
  This year, what do you No, no, no, no, Josh, What do you think
• 16:27
  about Josh Mandela's? You know, I think he was smoking
• 16:30
  the opium and I'm, I'm, I'm here for it.
• 16:33
  I think you don't think it. You don't think?
• 16:34
  It dude, he said 440K444 by November. 8th that that's what
• 16:40
  he said in. November Yeah, well, he
• 16:41
  literally moved it. It was like 444 by like Q3 and
• 16:45
  then he moved it to November 8th.
• 16:47
  So what, in a month you think we're going to go 300K up dude?
• 16:52
  That would. That would be wild.
• 16:55
  I mean, I'm, I'd I'd love to see that, but I'm I'm at this point,
• 17:00
  I'm like the chat. I dude, I just want to see 200K
• 17:02
  and I'll and I'll call this year, OK?
• 17:05
  Yeah, I mean, we're all just coping now.
• 17:07
  I'm dude, this is cope. Someone in the chat MSTR 2X
• 17:12
  leverage kicked me in in the Nuggets.
• 17:14
  Were you on Robin Hood? I hear Robin Hood's messing with
• 17:18
  people right now. He said someone saying 500K by
• 17:24
  Christmas. Dude I like the.
• 17:26
  Magician says he also said 87 in December.
• 17:30
  I'm 4. Wait, no, he said. 87 in.
• 17:33
  I don't know. I forget.
• 17:36
  I forget. I mean, he did get that one
• 17:39
  prediction, like completely right.
• 17:41
  Anyways. Going back to the topic at hand,
• 17:45
  shifting trends in the International Monetary system to
• 17:49
  understand Bitcoins potential role in the future financial
• 17:52
  landscape, excuse me, it is crucial to examine the current
• 17:58
  and shifting trends in the IMS anyways, so it just continues to
• 18:05
  just relationship between GDP, GDP correlates with cross-border
• 18:09
  payments, future trends for four principal currencies, base
• 18:14
  scenario debt projections. So it's a very all-encompassing
• 18:18
  report. A lot of charge.
• 18:19
  Pretty charge. I'm going to put in the chat so
• 18:21
  you guys could verify. It's pretty charge yourself and
• 18:25
  I'm going to put it in the Rumble chat and the Noster chat.
• 18:29
  Been loving streaming on Primal. By the way, Shout out to our.
• 18:33
  Friends, they were saying. We left it on all day yesterday,
• 18:35
  Nico. Sorry about that guys.
• 18:37
  We're still learning how to manage it.
• 18:41
  So anyways, 100, someone's saying 150K by the end of
• 18:44
  October, but to kind of weave it back in, right, Bitcoin's market
• 18:50
  cap, I mean, sorry, gold market cap is now 27 trillion.
• 18:55
  And for Bitcoin to catch up, that would be a $1.27 million
• 19:00
  Bitcoin for it to reach the parity with Goldman.
• 19:04
  Yeah, I don't see. It's a lot higher.
• 19:07
  Bro yeah but he said in that tweet he his base case is 50% of
• 19:14
  of gold as the store of value kind of meme.
• 19:18
  So Bitcoin should reach half of gold's market cap after the next
• 19:21
  halving. Roughly half of gold's value
• 19:23
  reflects its user's store of value.
• 19:25
  Yeah, but what does he does? He doesn't put a timeline on
• 19:28
  that. He said next, halving.
• 19:31
  Yeah, but what like is it after the hat?
• 19:33
  Right after the halving. Three years from now, dude.
• 19:40
  Chart Boy going back to Eric. Balkunis again breaking news for
• 19:45
  today, the intro segment is this BlackRock, the Bitcoin ETF is
• 19:50
  the most profitable ETF for BlackRock.
• 19:53
  That is the most bullish news that you'll hear today.
• 19:56
  Despite the price correcting a little bit.
• 19:59
  We, we, you know, we had a fabulous run, a fantastic run.
• 20:04
  All time highs 26 K Now we're back down to 122 K.
• 20:09
  However, the most bullish chart out of all this again is the
• 20:14
  breaking news that Bitcoin is now the most profitable, the
• 20:19
  most profitable ETF for BlackRock and that alliance a
• 20:26
  ton of incentives and now we have Larry Fink, you know,
• 20:31
  moving forward pushing the Bitcoin gospel because he wants
• 20:34
  more people to buy his product, right?
• 20:36
  He wants these bro. So you have you have Donald
• 20:39
  Trump, right, with the 6th largest Bitcoin treasury
• 20:42
  company. Now you have Larry Fink.
• 20:45
  Yeah, I mean, this is fantastic. This is fabulous.
• 20:48
  This is this is alignment of incentives and for anyone who's
• 20:52
  like a little bit bummed out and and cuz I've seen hold.
• 20:55
  On after one year. That's the crazy part.
• 20:57
  I've seen like a lot of the tweets now, it's like all the
• 21:00
  Bitcoin conferences now are just a bunch of politicians and, and
• 21:04
  you know, it's, it's so you love them.
• 21:06
  It's not what it was five years ago.
• 21:08
  So they're your favorite conferences ever?
• 21:10
  I'll be honest, like this is part of the, this is part of
• 21:14
  Bitcoin becoming a maturing asset, right?
• 21:17
  Like this was always going to happen.
• 21:18
  This was always going to be part of the process.
• 21:22
  And yeah, I mean, that's my take on all that.
• 21:25
  But some pretty good news, bro. Pretty good news overall.
• 21:29
  Yeah, too bad it's not pumping the price right.
• 21:36
  I don't know. As you can see you guys
• 21:37
  yesterday I felt really good. After the show, I'm like, all
• 21:40
  right, we're pumping, we're back.
• 21:41
  Things are good. The show did well today.
• 21:45
  It's like we're broke. We're broke.
• 21:48
  We're back at 121 K Actually, I was joking about this this
• 21:51
  morning. Like as long as we're above 120
• 21:54
  then we don't feel as broke but the price corrected like 1 1/2%
• 21:58
  and we're like it's over. The bull run. 126 was top for
• 22:03
  October. It is completely over.
• 22:06
  No, I'm trolling. I, I think, I think what we are
• 22:09
  seeing is exactly what Bitcoiners have been saying for
• 22:12
  a long time is whether you like the ETFs or not, whether you're
• 22:16
  a fan of Wall Street, which most of us probably aren't, what you
• 22:19
  are seeing is that there is a huge appetite for Bitcoin and I
• 22:23
  think this is only going to increase.
• 22:25
  Obviously, Larry Fink, I wouldn't say he's a Bitcoiner.
• 22:28
  He just sees gains, he sees fees and he's like, I'm all in on
• 22:32
  this. I'm sure he is doing the rounds
• 22:35
  and we've actually been covering this now.
• 22:36
  What are you laughing at? The the.
• 22:39
  An Oster comment. What is the Oh yeah, sorry guys,
• 22:46
  we we're still don't know how to how to deal with with monster
• 22:51
  streaming. I think what we are seeing
• 22:55
  though, is that there is this, I don't know if we want to call it
• 23:01
  unlimited bid here, but there is like a lot of buying pressure
• 23:06
  now. And This is why I think we're
• 23:08
  seeing a little bit of the price kind of get frothy.
• 23:11
  And I mean, dude, my boy here in the chat.
• 23:14
  What about what happened to October?
• 23:15
  Dude, I, I'm not going to dox you here, but we can't take
• 23:19
  signals from you. It's been a week of October,
• 23:22
  dude. Like we still have three more
• 23:25
  weeks of this, OK? This is a Tuesday of, of the
• 23:28
  second week of October. We corrected 1 1/2% and and it's
• 23:34
  like the sky is falling. Come on man.
• 23:36
  It's over bro, pack it up. The top was two weeks ago.
• 23:40
  Yeah, dude, like it's over. It's.
• 23:44
  Over bro pack. It up dude, we haven't hit an
• 23:46
  all time high in like 8 hours dude what is going on here?
• 23:49
  This is whack. It's over bro.
• 23:51
  Pack it up, take it home. I'm just kidding.
• 23:54
  Anyways guys, it's going to be a fantastic show.
• 23:58
  Opti's ex-girlfriend? That's a joke.
• 24:00
  Chrissy Lagarde? Oh man, that's also a joke.
• 24:13
  What? Yeah, dude, I'm being very
• 24:14
  inclusive. Oh.
• 24:15
  Man, opti opti she Anyways, she's saying the quiet part out
• 24:24
  loud about central bank digital currencies, about the governing
• 24:28
  system, about checks and balances.
• 24:32
  And I think it revealed. A lot about how central bankers
• 24:36
  see themselves in the world. So we're going to play you guys
• 24:38
  that clip. I know that you guys are going
• 24:40
  to enjoy it and then during the news segment I got a nice story
• 24:45
  lined up for you guys as well. I have some breaking news that
• 24:51
  Germany is proposing raising the retirement age to 73 to prevent
• 24:58
  the collapse of the pension system.
• 25:00
  So we have some really good takes by Adam O'Brien, the CEO
• 25:03
  of Bitcoin. Well, and then James Lavish, of
• 25:06
  course you guys know James Lavish and then we have an
• 25:08
  article about it, but it's it's really interesting I.
• 25:11
  I would say like you know. When I hear pension system or
• 25:14
  when I hear like 4 O 1K and, and all that stuff, like, you know,
• 25:19
  I, I, I'm just thinking I'm like, you know, like is, is
• 25:25
  Medicare even going to exist by the time I get no, by the time
• 25:29
  I'm 70? It doesn't even exist now.
• 25:31
  Like, no, it does. It does.
• 25:33
  It's actually pretty good. I know, but you're like over 65.
• 25:36
  Like if everything's free, supposedly no that it, it
• 25:40
  actually works pretty well today.
• 25:42
  But what I'm saying is like, is it going to work in like 30-40
• 25:44
  years? Totally not.
• 25:45
  And then the whole thing is, I have a question for you is like,
• 25:50
  what if you just instead of putting it towards a pension,
• 25:54
  what if you just invested that money yourself?
• 25:56
  Would you get more of a return? That's the question.
• 26:00
  Do you have that tweet? Let me see if I can find that
• 26:02
  tweet. There was a good tweet about
• 26:03
  that. I think you'd get more of a
• 26:05
  return if you if you did it yourself.
• 26:08
  But anyway, that's just an opinion guys, this is me a
• 26:10
  fantastic show, so please stick around to the end.
• 26:12
  We have a lot to cover today. But before we get started, I do
• 26:17
  want to give an incredibly special shout out to, of course,
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  to get started. All right, everybody, let's get
• 27:12
  into the numbers segment. We have tons to talk about.
• 27:15
  We're going to be right back in just a bit.
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  I want to give a shout out to our partner Stamp Seed.
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  If you guys are enjoying the show, smash that like button and
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  also go to stampse-ed.com today. And guys, get yourself a stamp
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  the store. All right.
• 29:08
  At the time of recording, the Bitcoin price is $121,400 Block
• 29:13
  height 918,062 SAS per dollar 824 Market cap 2.42 trillion
• 29:21
  Bitcoin versus gold market cap 8.6% decline from all time high
• 29:25
  -3.8%. We're down way more than 2% bro.
• 29:28
  We're down 4%. Basically realized monetary
• 29:31
  inflation .84%. Well.
• 29:34
  I did the math before it dropped under 121.
• 29:36
  And here's this very good thread.
• 29:40
  This is a stunning admission from ECB President Christine
• 29:44
  Lagarde and a perfect window into the Oh, Christy, into a,
• 29:49
  into the, into a certain mindset.
• 29:53
  She laments that democratic process is a drag and that speed
• 29:58
  of the essence and that speed is of the essence.
• 30:01
  OK, so. That is effing crazy.
• 30:05
  Play the. Clip that is effing crazy.
• 30:07
  Is there a clip? Down here.
• 30:08
  Yeah. OK, let's see.
• 30:09
  Let's see. But we are victim of our own
• 30:16
  legacies and and complications and and this democratic process
• 30:20
  that we praise ourselves with, and rightly so, but which is
• 30:23
  operating as too much of a drug at time when speed is really of
• 30:28
  the essence. I'll share 1 frustration with
• 30:30
  you. When I started back six years
• 30:33
  ago, I was adamant to push for the digital euro and to make
• 30:38
  sure that we would be digitally anchored with central bank
• 30:43
  money. Given the time that it takes,
• 30:48
  and this is currently pending before the European Parliament,
• 30:52
  given the time that it takes, I will be gone.
• 30:56
  In other words, my mandate will have expired when the digital
• 31:00
  euro is eventually launched for good.
• 31:05
  This is too long. It takes time.
• 31:08
  When you want to launch something, it has to be right
• 31:10
  and the same applies for securitisation, for capital
• 31:13
  market union, for banking union and what have you.
• 31:16
  But we just have to accelerate. So my plea is for an
• 31:20
  understanding of the speed at which reforms have to take place
• 31:24
  and change has to occur because we don't want to be left in the
• 31:29
  dust. I don't.
• 31:33
  Holy wow. OK, so let me just translate
• 31:38
  what she just said. All right?
• 31:43
  Mind you, these are the same people that talk to us about
• 31:45
  democracy, democracy, democracy, democracy.
• 31:48
  And This is why we've been making the case for you guys so
• 31:51
  long that it's, it's democracy as long as it heads in their
• 31:57
  direction. If it doesn't head in their
• 31:59
  direction, it becomes a danger to democracy, right?
• 32:03
  And I told you guys, we, we prophesized this.
• 32:06
  We said how long until they say Bitcoin is a danger to
• 32:10
  democracy? How long until they say that,
• 32:12
  right? And they ended, they ended up
• 32:14
  saying that like legacy media, there is some headlines that
• 32:16
  were dropped. Like, you know, again, it it was
• 32:20
  so obvious, but she said so much saying so little there.
• 32:26
  She has no respect for the checks and balances.
• 32:31
  Remember, the whole democratic process is not meant to project
• 32:37
  to protect the majority. It's it's meant to protect the
• 32:42
  minority. That's the whole basis of the
• 32:45
  system. So what she's saying and
• 32:48
  remember, I've heard like Trudeau say something very
• 32:51
  similar to as well. She's like, I really like China
• 32:53
  because, you know, in China, you, you can just get things
• 32:56
  done right. We, we've seen like Western
• 32:59
  leaders say, Oh my God, I love how China's doing it.
• 33:02
  And we've seen Christine Lagarde talk positively of China.
• 33:06
  So just connect the pieces together.
• 33:10
  What was the first country that successfully launched a CBDC?
• 33:13
  It was China. She's talking about frustrations
• 33:16
  with the democratic system. You know, what country doesn't
• 33:19
  have a democratic system and has a total totalitarian
• 33:22
  dictatorship where the central bankers and the government
• 33:26
  basically control the citizens through a digital ID and central
• 33:30
  bank system? You know where that's that's the
• 33:32
  case? It's in China.
• 33:34
  Also, shout out to Rumble 500 live viewers, baby.
• 33:37
  I'm loving it. She's she's admitting it.
• 33:43
  She's saying the quiet part out loud.
• 33:45
  She wants Europe. She said she already said this.
• 33:48
  I'm not I'm not even connecting the dots here.
• 33:50
  She wants Europe to follow in the footsteps of China.
• 33:53
  And that's going to give politicians an ungodly amount of
• 33:56
  power that, frankly, I don't think they deserve.
• 33:59
  Right. So, you know, and then you can
• 34:01
  see her frustration. She's like, you know, I'll be
• 34:04
  gone. I'll be out of here.
• 34:05
  I'll be left in the dust. It's like, OK.
• 34:07
  But like, what doesn't what? What does it matter if you won't
• 34:10
  be there? If you truly believe in the
• 34:13
  central banking system and you believe that the central banking
• 34:16
  system and the CBDC is going to make a whole everyone's lives
• 34:19
  better, why do you care that you're not going to be in power
• 34:23
  when that system is ready to go and launched?
• 34:28
  Like, why do you care? Like it back in the day, you
• 34:31
  know, people used to take like 800 years.
• 34:34
  There's just like 500 years to build a cathedral.
• 34:37
  The first person that started building the cathedral, they
• 34:39
  wouldn't even see what the end outcome would be.
• 34:42
  It would be like the future generations.
• 34:43
  But if they did it to like, you know, better the community build
• 34:47
  this beautiful building that was just going to last generations.
• 34:50
  She doesn't care about that. She's like, F the democratic
• 34:53
  process. I love what China's doing.
• 34:56
  I want the power now and we got to launch the CBDC right now.
• 35:00
  I don't want to get left in the dust.
• 35:02
  This is going to be implemented while I'm gone.
• 35:04
  We have you have to accelerate. How do you accelerate the
• 35:07
  democratic process? You throw it.
• 35:09
  Away that's what she's saying that's what she's implying,
• 35:11
  which is a so crazy and then we have this other video we have
• 35:16
  this other video talking about it let's check it out and then.
• 35:19
  Yeah, we'll discuss. Hi, I'm Jordy and I study
• 35:24
  economics and I want to get back on your remarks about
• 35:27
  cryptocurrency. You mentioned that it's that you
• 35:31
  think that it has no intrinsic value, which I personally do not
• 35:36
  agree so. What is?
• 35:39
  What is the value of it? I think in, especially in
• 35:43
  current environments, we're living now with the inflation.
• 35:49
  How much is inflation now? And now it's quite good, but in
• 35:52
  the back of in the COVID times is what?
• 36:00
  Yeah, just to say for the people who don't know, I think 2% a
• 36:04
  little bit more in the. 2.2 Latest latest reading in August.
• 36:08
  A bit more in the Netherlands. Is 3.3 and and and going up, so
• 36:12
  you're going to say. That it has gone down.
• 36:13
  Much better instrument. How many do you have bitcoins?
• 36:17
  Or well, I'm not going to give you a number, but it's more than
• 36:22
  90% of My Portfolio, so. So the question is.
• 36:26
  So put against Bitcoin, be like a digital form of gold.
• 36:30
  OK. No, that's the final answer,
• 36:34
  right? You know, I hesitate to say
• 36:37
  that, but I say because I have No Fear because I know that the
• 36:41
  social media tonight and tomorrow is going to hit me
• 36:46
  like, like, you know, like crazy because that's, that's the
• 36:50
  community that they form and that's the belief that they
• 36:52
  have. And that's the confidence that
• 36:53
  they generate amongst themselves.
• 36:55
  But I still am of the view that there is no intrinsic value and
• 37:00
  there is no underlying value to it, which doesn't mean to say
• 37:03
  that there is no hype created as a result that some can associate
• 37:07
  with a value, meaning a price, which then moves up and down
• 37:12
  depending on what happens. Who?
• 37:13
  Who is is instrumenting all this?
• 37:17
  That last part made absolutely no sense.
• 37:20
  So she basically admitted she's like, it has value because
• 37:23
  there's hype, there's communities that believe in it,
• 37:26
  but it has no intrinsic value. So she's she's contradicting
• 37:30
  what she's saying. The also the part that gave me
• 37:33
  the most amount of cringe when she was she's like, what's she's
• 37:37
  she asked the guy she's like, So what is inflation now?
• 37:42
  And the guy's like, oh, it's, it's quite good.
• 37:44
  And she's like, yes, it's 2%, 2% theft is still 2% theft.
• 37:50
  It's still 2%. The basement bitcoins been going
• 37:53
  up. The CAGAR that Michael Saylor
• 37:55
  anticipates for the next 20 years is 30% year over year.
• 38:00
  The current Bitcoin inflation rate, which is going to go down
• 38:03
  forever, Laura is currently at .84%.
• 38:07
  And that number is just going to continue to go down.
• 38:10
  So again, like this, this crazy round of applause, like, like
• 38:14
  seals, like, Oh my God. Thank you, Chrissy, so much for
• 38:18
  bringing down, you know, the fact that my currency is
• 38:23
  debasing because you printed money.
• 38:25
  Thank you for bringing that down to this 2% magical number.
• 38:29
  I appreciate you so much. But then if you compare it with
• 38:33
  Bitcoin, the thing that she has has no intrinsic value.
• 38:37
  And that guy's super base, he holds 90% of his his portfolio
• 38:41
  in Bitcoin, right? So I don't know how long he's
• 38:43
  been doing that, but he's a Bitcoiner.
• 38:45
  I will say is you know what the value is.
• 38:48
  The value is to use his her words, not mine, is that I can
• 38:53
  escape that system of 2% debasement.
• 38:57
  I can escape that system of central bank digital currencies.
• 39:01
  I could opt out of that system into a system that is
• 39:05
  deflationary. But Jeff?
• 39:08
  Booth. Quote the natural state of the
• 39:10
  free of the free market is deflationary, but because the
• 39:13
  government's manipulation of money it is inflationary.
• 39:17
  So things, houses, food should be getting cheaper overtime as
• 39:24
  productivity increases, as the world GDP increases, as the
• 39:29
  world becomes more and more wealthy and more and more
• 39:32
  productive through technological advances.
• 39:34
  But we're not seeing that because of central bank
• 39:37
  manipulation of money, right? So again, she's just like, she's
• 39:41
  like taking the credit for it. Then before that, like her inner
• 39:45
  tyrant comes out and she's like, you know what, like F democracy,
• 39:49
  we got to be more like China. We got to roll out this CBDC.
• 39:52
  We got to accelerate the checks and balances.
• 39:56
  Like I won't be here to see the roll out of the CBDCI won't be
• 40:01
  able to go after the people that talked I'll of I'll of me of
• 40:04
  social media on social media. I won't be able to shut down
• 40:07
  their accounts, man. I want to be able to see that
• 40:10
  before I'm gone. What the F is going on, man?
• 40:13
  So yeah, like, this is crazy. This is this is something out of
• 40:17
  a mood. You couldn't write this better
• 40:20
  if you tried. This is comedy.
• 40:22
  Comedy with tyrannical government underpinnings
• 40:27
  underneath. But it's comedy nonetheless.
• 40:30
  That's crazy. That's Crazy by Chrissy Lagarde
• 40:32
  bro, what the hell did you do to that woman?
• 40:35
  You know, I was going to say I agree with her.
• 40:38
  No one should be talking bad about Chrissy.
• 40:41
  She's great. I mean, I mean she.
• 40:44
  She do you see those leather pants?
• 40:46
  She's great. Not me, but.
• 40:47
  See them scarves, man, she's amazing.
• 40:49
  I will say this though, did you see how she bowed when everyone
• 40:54
  clapped for that 2? Percent yeah.
• 40:55
  It's so smug. That's what I love about her.
• 40:57
  So smug. Dude, but that's crazy, bro,
• 41:00
  that is wild. It's like, oh, I'm going to take
• 41:03
  Oh yes, I'm going to bow. I'm going to bow.
• 41:05
  It's like look, Bitcoin, Bitcoin is already beating that 2%.
• 41:11
  That is wild. That's wild.
• 41:13
  That's crazy. It's like we printed a a crap
• 41:16
  ton of money and now we're bringing the debasement rate
• 41:20
  back to 2%. And now I'm.
• 41:22
  Going to bow and take credit for that like.
• 41:26
  That's what I I don't, I don't have any.
• 41:28
  She's an amazing woman. I.
• 41:29
  Don't have anything else to say. She's an amazing woman.
• 41:31
  I have, I don't have any of this to say I'm I'm just mind blown.
• 41:34
  Like those videos are way better than I thought they would be.
• 41:37
  Yeah, Yeah. Can I, can I talk about that
• 41:38
  first one? Because that one is crazy talk.
• 41:42
  Like literally that is by I, I mean you, I was going to say by
• 41:46
  definition, but I don't think by definition that's exactly what
• 41:49
  it is. But like, that's literally the
• 41:51
  design of democracy is to slow down these people so that they
• 41:54
  can't do what they want to do. That's like literally what it's
• 41:56
  designed to do. And it's hilarious how she comes
• 41:59
  out here and essentially says, like, you know what this
• 42:03
  democratic process is is too slow.
• 42:05
  We should be full authoritarian like China.
• 42:08
  I want the digital euro in. And you're like, oh, my
• 42:10
  goodness, you know when they say the quiet part out loud, listen
• 42:13
  to them. And I'm sure she's not the only
• 42:16
  politician. Well, she's a central banker,
• 42:18
  but I'm sure she's not the only politician that thinks exactly
• 42:21
  the same way. Is basically like if the
• 42:25
  peasants didn't have if we didn't have to, you know, do
• 42:28
  right by the peasants, at least on on the surface level, if we
• 42:31
  didn't have to basically kind of incentivize them to go along
• 42:35
  with this, we could get away with so much more.
• 42:37
  And you're like, yeah, that's literally the definition of what
• 42:41
  the system is supposed to do. Like, what are you talking
• 42:43
  about? And then the second clip, of
• 42:46
  course she's going to come out and be anti Bitcoin, but shouts
• 42:49
  out to the Chad there. You know, one didn't tell her
• 42:52
  how much coin he held. Kudos to you to 90% all in.
• 42:56
  And then I was literally trolling this morning with my
• 42:59
  buddy Sal. I was in the gym and we were
• 43:01
  trolling and we kept just saying all of the flood lines that
• 43:05
  people have around Bitcoin. And one of them was literally,
• 43:08
  oh, but there's no intrinsic value to Bitcoin And you're just
• 43:11
  like, what's the next flood? It's it's just they're they're
• 43:13
  not bringing their best. They're they're literally
• 43:15
  rehashing old flood lines and it's just hilarious.
• 43:18
  It's like, OK, cool man, you know, 1201K dollars per Bitcoin
• 43:25
  literally would beg to differ. So I, I'm not I'm not surprised
• 43:29
  that she continues to double down on on Bitcoin not having
• 43:32
  intrinsic value, Bitcoin not being valuable.
• 43:34
  It's because she's got to justify the digital euro.
• 43:36
  She's got to justify her job. And that's what it's all about.
• 43:39
  Because if she continues, or rather, if they very slightly
• 43:45
  embrace Bitcoin and kind of justified our our reasonings for
• 43:49
  being a Bitcoin, then people wouldn't use digital or central
• 43:53
  bank money. Like that's their whole job.
• 43:55
  Their whole job is to kind of gaslight you into believing that
• 43:59
  central bank money is the only real money and they should be in
• 44:01
  control of that money and they're justifying their job.
• 44:04
  So, you know, are we surprised that they're saying this?
• 44:06
  Like, not at all I. I think you hit the nail on the
• 44:08
  head. They're absolutely justifying
• 44:11
  their job, 100% they're they're justifying the very existence of
• 44:15
  the central bank. And keep in mind, ACBDC would
• 44:19
  not exist if it wasn't for Bitcoin AC.
• 44:23
  BDC is a response to Bitcoin because they fear that they're
• 44:27
  losing their monopoly on money. And if they lose their monopoly
• 44:31
  on money, that's where Opti's. Statement comes in, they lose
• 44:35
  their job and I think that's what it fundamentally comes down
• 44:37
  to. But again, guys.
• 44:39
  Like, don't celebrate, don't celebrate.
• 44:42
  You know what freaked me out a little bit there?
• 44:45
  When she asked the guy, she's like, so what's the inflation
• 44:49
  rate now? And the guy's still like, oh,
• 44:52
  it's quite low now. I would have said I would like
• 44:56
  if she would have said that to me.
• 44:57
  So like, what's the inflation rate now?
• 44:59
  I would say it's higher than bitcoins.
• 45:01
  That's what I would say. I'll say it's higher than
• 45:03
  bitcoins. I'm still the money, still the
• 45:06
  basic right and she would have no counter to that.
• 45:08
  But she bought into her framing. She's like, it's quite low now.
• 45:13
  Money does not need to debase in order.
• 45:15
  For it to function. And everyone in that audience,
• 45:20
  they caught, they, they bit into that trap, they caught into that
• 45:24
  framing immediately. He's like, oh, it's quite low
• 45:26
  now. And everyone starts clapping
• 45:27
  like, Oh my God, this amazing central banker, she managed to
• 45:32
  make the inflation rate lower. Like, like, I am fantastic.
• 45:36
  And she's got her leather pants and she's got that.
• 45:38
  Smile. Sexy leather pants.
• 45:41
  Is joking and she's got, she's got that like smug face, you
• 45:45
  know, like no bro, like. No, well, you know, the, the,
• 45:49
  the, the more interesting angle of this is even though, you
• 45:53
  know, they quote UN quote, got the inflation level down, it's
• 45:57
  never going to go away. And so, yeah, maybe they got it
• 46:00
  down from 8% to 2%, but that still means you're losing 2% of,
• 46:04
  of your purchasing power a year. Like they're never, they're
• 46:07
  people forget that. Yes, maybe inflation, the
• 46:10
  inflation rate is going down, but you never go back to zero.
• 46:14
  You never go back to reset where you get more of your money.
• 46:17
  It's just still, hey, remember last year you lost 8%, but this
• 46:21
  year you lost 2%. You know, compound that it's
• 46:24
  it's much more than just 2% inflation rate here.
• 46:28
  So and a few people understand what the economics is actually
• 46:32
  and how it actually plays out in your pocketbook.
• 46:35
  But again, shouts out to the kid there.
• 46:36
  He's like I study economics and I'm a bitcoiner and like based.
• 46:41
  Yeah, man, but we still have a lot of work to do because like I
• 46:44
  said, the fact that the whole audience clapped meant that they
• 46:48
  accepted her framing in the 1st place.
• 46:50
  The framing is this. Money should not lose purchasing
• 46:53
  power. That's the framing.
• 46:55
  Don't buy into. Oh, if money loses purchase.
• 46:58
  If money doesn't lose purchasing power, people won't spend.
• 47:01
  That's. Not the decision of a central
• 47:02
  banker to incentivize people to spend or not.
• 47:06
  That's your decision. The person who worked for that
• 47:09
  money in the first place, right? So anyways, let's get to the new
• 47:14
  segment. Everybody, we're going to be
• 47:15
  right back in just a bit. Some interesting news coming out
• 47:18
  of Germany. We're going to talk about it.
• 47:21
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• 49:11
  All right guys, you guys know we tell you every single day you
• 49:16
  need to take your Bitcoin into custody.
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  Well, get yourself a bit key shouts out to the big key.
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  They got inheritance by default. This is this is a hardware
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• 49:44
  OK, here we go. So Nico, we'll be right back.
• 49:49
  He had to. He had to run to the little.
• 49:50
  Girls room real quick. All right, here we go.
• 49:55
  So here's the new story guys. Check this out.
• 49:57
  I'm actually, I got to use two computers real quick.
• 49:59
  It's on Nico's computer unusual whales, who is like a news
• 50:04
  aggregator, they tweeted. Germany has proposed raising the
• 50:09
  retirement age to 73 to prevent the collapse of the pension
• 50:13
  system, per Reuters, which is something we've been saying is
• 50:17
  going to happen in the US for a long time or bit corners have
• 50:19
  been saying this. If you're, I don't know, in your
• 50:24
  30s, in your 40s, you can probably expect the same thing
• 50:28
  to happen. Retirement age is most likely
• 50:30
  going to continue to go up and you're really never going to
• 50:32
  retire. This is why you need to buy
• 50:35
  Bitcoin in the 1st place. But that's a totally probably
• 50:38
  different tangent, which we'll probably circle back to ANYWAYS,
• 50:41
  James Lavish tweets the ultimate Fiat system rug pool work right
• 50:46
  up until you end until the end of your life and you save the
• 50:50
  system of theft from you. This is this is guys, this is
• 50:56
  nuts. Imagine working your whole life
• 50:59
  expecting to retire. I believe it's usually around
• 51:01
  like 65, right? Isn't that the retirement age?
• 51:04
  65 is usually when you get your pension and then you are on that
• 51:08
  last year. And then they're like, you know
• 51:10
  what, actually, we're going to we're going to raise this to 73.
• 51:14
  Just completely rug pulling a lot of hard working individuals
• 51:17
  out there, which is why we're bitcoiners.
• 51:19
  And then further, like you're being forced to pay into this
• 51:23
  and you're never going to see the return.
• 51:25
  It's, it's a racket, to say the least.
• 51:28
  It's a total racket here. So let me go over here and I
• 51:32
  will read Adam O'Brien's take on this.
• 51:35
  And he goes, Germany just proposed raising the retirement
• 51:38
  age of 73. Let that sink in. 73, an entire
• 51:41
  generation told to work until their bodies give out just to
• 51:44
  keep a dying system alive. This is what Fiat does.
• 51:47
  It steals your time, your youth, your freedom slowly and silently
• 51:51
  through inflation and debt. You don't.
• 51:53
  You don't notice it until it's too late, until retirement
• 51:56
  becomes a mirage instead of a milestone.
• 51:59
  Bitcoin fixes this. It restores fairness to time
• 52:02
  itself. Your savings, your labor, your
• 52:04
  future. Take your freedom back.
• 52:06
  Run your future through the Bitcoin Well retirement
• 52:09
  calculator and see what sovereignty looks like.
• 52:13
  It's, it's guys, it's horrible to see.
• 52:18
  Obviously I don't want to be flipping about it because it's
• 52:21
  just you hate to see this. I, I personally have one fear.
• 52:25
  I actually have two fears. First one is being an old man
• 52:28
  with like a, you know, decrepit back and back pods, bad posture.
• 52:32
  That's like my personal fear here.
• 52:34
  The second one is ending up at like Walmart as a cashier.
• 52:37
  Like when you go into these stores and you see these people
• 52:41
  that are still working at like 75 years old, man, it's so
• 52:44
  heartbreaking. It's horrible to see.
• 52:46
  And you really start to understand how big of a scam the
• 52:51
  Fiat system is, is when you realize so many people are never
• 52:54
  going to really get out of the, the rat race.
• 52:57
  And here they are, you know, now they're raising the retirement
• 53:01
  age in Germany. I'm sure here we're going to see
• 53:03
  something similar in the US here.
• 53:05
  I don't think it's that far away.
• 53:07
  Anyways, Nico, you want to take it here, add a little more and I
• 53:09
  have a tweet I want to pull pull up.
• 53:11
  Yeah, absolutely. By the way, I, I.
• 53:13
  Read this but I don't know if we want to do I did that, I did
• 53:15
  that. I don't know if we want to do
• 53:18
  the retirement calculator. Yeah.
• 53:20
  So yes, as Opti was saying, sure, he covered it.
• 53:24
  You know, this is this is crazy. I mean like this, like this
• 53:32
  makes no sense that that that's my commentary on that.
• 53:36
  Like this makes no sense at all. You contribute to a system for
• 53:45
  all your working years and the the idea is that once you
• 53:49
  retire, you know that that pension will take care of you.
• 53:54
  So you don't really have to worry about income anymore.
• 53:59
  And then Germany is basically saying like, look like work
• 54:05
  until you're 73 years old. Like, you know, I, I personally,
• 54:12
  I, I, I don't know about you guys.
• 54:13
  I come from the school of thought where like, I don't
• 54:15
  believe in retirement just because I think that like, you
• 54:19
  know, I think, yeah, I don't know, but I, I like, I like to.
• 54:26
  Work. I, I like to do things, I feel
• 54:28
  like it, it gets going to the beach and going to a bar or
• 54:32
  going to a restaurant and like travelling, like I know it isn't
• 54:34
  for all people #winekiss. I could use a little vacation.
• 54:41
  Doesn't get old and you could like do it forever, But I
• 54:43
  personally like to work like, I like, I enjoy working, I like, I
• 54:47
  enjoy building stuff. I enjoy making content.
• 54:51
  I want to do it till hopefully, you know, God willing, I want to
• 54:54
  do it to, you know, to the day. I, I, I, I can no longer do it
• 54:57
  anymore. But again, that's my
• 55:01
  perspective. But for most people, you know,
• 55:06
  especially if you're, you know, if, if perhaps you're not
• 55:09
  working a job that you don't like, perhaps you, you do want
• 55:14
  to enjoy retirement. And I would say that most people
• 55:16
  are like that. The idea that you have to work
• 55:21
  until you're 73 is, is gnarly, right?
• 55:27
  Like that's crazy, That's crazy, That's crazy talk.
• 55:30
  Like no 73 year old should have to work if they don't want to
• 55:37
  work, right? And this kind of goes back to
• 55:41
  connect us with what Chrissy Lagarde was saying about like
• 55:47
  how she's like bowing to like taking credit for inflation.
• 55:50
  Like here's the thing, guys. The awesome part about Bitcoin
• 55:55
  is that you can focus on your craft and whatever you're good
• 56:01
  at, and you do that for a couple decades or you do that for a
• 56:07
  decade and your life will be significantly better from where
• 56:13
  it was before. Your savings will have actually
• 56:19
  increase in purchasing power. Your opportunities will have
• 56:22
  increased. Your your your ability to buy
• 56:25
  things, your ability to plan for the future will have increased.
• 56:30
  People who advocate for CBD, CS, and Fiat, this is what they're
• 56:33
  advocating for. This is so Fiat.
• 56:36
  This is the definition of Fiat and and the reason that they're,
• 56:41
  you know, changing the retirement age in the in the 1st
• 56:44
  place is to prevent collapse. It's.
• 56:46
  Because they're broke. It's going back to the whole
• 56:48
  kicking the can down the the the road.
• 56:50
  Thing like James Lavish has the ultimate Fiat system rug pull
• 56:53
  work right up until you I'm. Broke.
• 56:55
  Pass away. Save that system of theft from
• 56:59
  you. O'Brien says Germany just writ
• 57:02
  proposed raising the retirement. Age to 73.
• 57:05
  Let that sink in. 73 An entire generation told to work until
• 57:08
  their bodies give out. This is what Fiat does.
• 57:12
  It steals your time, your youth, your freedom, slowly and
• 57:14
  silently through inflation and debt.
• 57:16
  You don't notice until it's too late, until retirement becomes a
• 57:19
  mirage instead of a milestone. That's crazy, man.
• 57:24
  And Bitcoin, well, has a Bitcoin.
• 57:26
  Retirement calculator. You know, Nico, all I'm hearing
• 57:28
  from Germany is that they're broke.
• 57:31
  Look at this, look at this, look at this.
• 57:32
  They're literally broke. You're not sharing it.
• 57:34
  You're not sharing. It love Bitcoin?
• 57:36
  Well, come up with a retirement calculator and everything you
• 57:39
  could put in your current age. Broke.
• 57:41
  They just admitted to being broke.
• 57:43
  So let's go, let's go to 20. 5:00 And also Nico, I know you
• 57:46
  love the social contract. Is that not them breaking the
• 57:48
  social contract? 100%, 100% that is a betrayal.
• 57:56
  Could you imagine working and you're 64 years old, 64 years
• 58:01
  old at 11 months and they're like, hey, guys, it's now 73.
• 58:05
  Like I I would be, I'd be pretty upset.
• 58:07
  So when you hear Chrissy Lagarde, you know, talking about
• 58:12
  this, like basically saying, you know, F the democratic process,
• 58:17
  like I want to be around. I don't want to be left in the
• 58:20
  dust, OK? Since you're using the word left
• 58:24
  in the dust, what about all those retirees that have been
• 58:27
  working for decades and decades and decades?
• 58:31
  And, and now you want to accelerate the democratic
• 58:34
  process when it comes to central bank digital currencies, which
• 58:37
  are just going to exacerbate this Fiat system that is
• 58:42
  stealing the life energy out of millions of people.
• 58:46
  You want to accelerate it as long as the central bankers stay
• 58:49
  in control. But when the little people want
• 58:53
  to come up and when they want to use an alternative to use your
• 58:57
  words and escape. Valve out of that?
• 58:59
  System, you know, you say it has no intrinsic value, even though
• 59:02
  you say it has intrinsic value because people, not bankers,
• 59:06
  determine whether something has intrinsic value or not.
• 59:09
  The free market. Does not a banker as much as she
• 59:12
  would love for her to be the one that gets to determine what the
• 59:15
  price of Bitcoin would be. Yeah, this is these are the 2
• 59:19
  worlds in front of you. When I mean Bitcoin or slavery,
• 59:23
  it's not a hyperbolic statement. Not hyperbolic whatsoever.
• 59:29
  These are the 2 pack. Could you pull up that meme of
• 59:32
  like the of the sunny day in the castle, the fork in the road?
• 59:36
  And then like the dark castle, there are two paths in front of
• 59:39
  you. 2 paths. And I want you guys to decide
• 59:43
  what future you want to live in, what future you want your
• 59:47
  children to live in, this dark future or this future of peace,
• 59:51
  prosperity, opportunity. This is what Bitcoin is.
• 59:55
  That's what Bitcoin is, right? So anyways, I know that's opti
• 59:59
  told you about this guys but. Wait, wait, wait.
• 1:00:01
  I got a good tweet here. I got a good tweet from our boy
• 1:00:04
  Uncle Jack. While you pull it up.
• 1:00:06
  I'm trying to find this meeting. Guys, go check out the big key.
• 1:00:08
  I did that. Go check out the Big.
• 1:00:09
  Key you. Put in your fingerprint, it
• 1:00:12
  opens. You tap it to your phone.
• 1:00:14
  All right, I can't find a YouTube friendly one.
• 1:00:16
  It's a multi sig tap hardware wallet.
• 1:00:20
  It's incredibly. Easy to use, it's the.
• 1:00:22
  Perfect gift to give to somebody that's just getting into
• 1:00:25
  Bitcoin. It's an.
• 1:00:26
  Amazing cold storage wallet. It's made by our friends over at
• 1:00:30
  Square and Cash App. Anyways, here's just the
• 1:00:33
  template. Itself we should.
• 1:00:34
  We should just make the meme in real.
• 1:00:35
  Time, yeah. So my my question to you is
• 1:00:39
  which way Western man? Which way Western man and women?
• 1:00:44
  Right. Like no put CBDC.
• 1:00:46
  Instead of instead. Of slavery like.
• 1:00:49
  So you got the. Bitcoin on the left and then you
• 1:00:52
  got a C. BDC on the right.
• 1:00:53
  Like those are your two choices that you don't understand guys.
• 1:00:56
  Like I'm not being hyperbolic when I say this.
• 1:00:59
  There is no other route. You can't.
• 1:01:02
  There is no middle route. There it's like you guys want
• 1:01:05
  memes. I made one they're.
• 1:01:06
  Trying to get rid of cash completely.
• 1:01:09
  They're trying to get rid of it these.
• 1:01:11
  Are the only. 2. These are the.
• 1:01:16
  Only two paths. You have and.
• 1:01:18
  You got to decide which path you want to take.
• 1:01:21
  You want to take the path on the left or you want to take the
• 1:01:24
  path on the right. Going right bro.
• 1:01:28
  Chris, let me know how that. Goes.
• 1:01:31
  Let me know how that goes. Hang out with Chrissy.
• 1:01:33
  Anyways, guys, wait. Wait, wait, I got one tweet.
• 1:01:35
  I got one good tweet here that that fits into this.
• 1:01:40
  Shouts out to Jack Cruz. He tweeted this the other day
• 1:01:42
  and he goes. By the time I'm 67, over
• 1:01:44
  $600,000 will be paid into Social Security on my behalf.
• 1:01:48
  That money would have been worth 1.9 million.
• 1:01:51
  If I had gotten a 5% return, my annual interest would be $95,000
• 1:01:56
  and now the government promises me $3000 a month at 67, which is
• 1:02:00
  $37,000 a year. How is this not theft?
• 1:02:03
  Yeah, I mean, dude, I, I, I'm personally not a big fan of it,
• 1:02:10
  you know, but again, I, I, I, I like, you know, maybe it's just
• 1:02:15
  our, our personal beliefs, our personal economic beliefs.
• 1:02:20
  But yeah, like, I just don't think government should be
• 1:02:23
  involved in, in, in, in money period.
• 1:02:28
  I don't think they should be involved in money.
• 1:02:30
  I think they should just focus on on basic services.
• 1:02:33
  That's it. That's what government should
• 1:02:35
  be. This is the determining question
• 1:02:37
  of the next decade. Ladies and gentlemen, the
• 1:02:39
  question what is money has been answered.
• 1:02:42
  The question what is government has yet to be determined.
• 1:02:46
  And that's what we're going to be living through through the
• 1:02:47
  next decade. But we're going to be here for
• 1:02:49
  you guys to hopefully guide you through the separation of money
• 1:02:54
  and state and see how that question is answered.
• 1:02:57
  It's going to be a bumpy Rd. along the way anyways guys stay.
• 1:03:00
  Tuned, We still have an incredible show left for you
• 1:03:02
  guys. I'm bringing back the topic,
• 1:03:04
  Nico. Renting versus buying.
• 1:03:06
  We got it. It's going to be.
• 1:03:07
  Spicy. We're going to be right back in
• 1:03:09
  just a bit. I want to give a shout out to
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  freedom. All right, everybody, we are
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  back. I just want to pull this up 100%
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  PG 13, so I'm going to read the parts that I can read.
• 1:05:22
  Mexico Huddle says Bitcoin reminds me when I made my first
• 1:05:25
  million, it was so excited. Thank you for the Super chat,
• 1:05:27
  bro. Appreciate the $20.
• 1:05:28
  Bitcoin reminds me of when I made my first million, it was so
• 1:05:31
  excited. Then I made two, and then three
• 1:05:33
  and then so on and on, so on and on.
• 1:05:36
  It got boring as F. This is where we are with
• 1:05:39
  Bitcoin. It hit 100K now Bitcoin is just
• 1:05:43
  meh. Do you agree with that?
• 1:05:44
  Let me know. Let me know what.
• 1:05:45
  You guys think Bitcoin is so boring we're trading the S&P by
• 1:05:48
  smash? That like button by the way,
• 1:05:49
  we're. At 100.
• 1:05:50
  And 71 likes help us get 200 likes by the the time the show
• 1:05:53
  wraps up. Also shout out to the Rumble
• 1:05:55
  audience. Coming in strong today.
• 1:05:58
  Shout out to Rumble. Shout out to Noster via primal
• 1:06:02
  shout out to the primal guys for helping us set that up.
• 1:06:05
  We really appreciate all y'all and we're going to be continuing
• 1:06:09
  to stream on primal and of course, shout out to X love you
• 1:06:11
  guys over at X. So if you guys are enjoying the
• 1:06:13
  show again, smash that like button Opti's going to bring up
• 1:06:16
  a spicy. Chase Mexican auto fucking Chad.
• 1:06:20
  Spicy, spicy topic. Yeah, dude.
• 1:06:23
  Well I thought it's fitting we bring this.
• 1:06:26
  You know the what? We brought this up like 3 times
• 1:06:29
  and every time everyone freaks out and you know, I got some
• 1:06:32
  other, I got another chart here to just show that I think Nico
• 1:06:35
  and I are right. You know, I, I bring the data to
• 1:06:38
  confirm my bias here guys. And, and for you guys that are
• 1:06:41
  new here, we did a bit a while ago on whether people kind of
• 1:06:46
  our age and currently in today's time should be renting or buying
• 1:06:51
  houses. And it turned out to be like one
• 1:06:53
  of the most contentious topics we brought on this show in a
• 1:06:57
  long time. But shouts out to Bitcoin
• 1:07:00
  Archive. He dropped his tweet here and
• 1:07:03
  it's just great. It's just a great tweet here.
• 1:07:06
  Let me let me change this a little bit.
• 1:07:09
  And he goes, the US home prices are down 90% priced in Bitcoin
• 1:07:14
  since 2020. And you can see here the
• 1:07:16
  American dream price in U.S. dollars versus Bitcoin.
• 1:07:20
  Even though home prices are up in U.S. dollars 51%, home prices
• 1:07:26
  in Bitcoin are down 90%. And this is where the
• 1:07:30
  conversation that we here let me do that.
• 1:07:33
  Maybe that's better. No, it's not really better.
• 1:07:36
  This is where Nico and I were were taking the conversation.
• 1:07:39
  The last time we did this is if you are currently going to buy a
• 1:07:45
  house and you have a choice of either buying this house or
• 1:07:50
  renting and just storing Bitcoin, We have the data to
• 1:07:53
  prove even the last five years you'd be down a lot in Bitcoin
• 1:07:58
  terms. So look, I was trolling when I
• 1:08:01
  saw this, this chart. It's like, why would you buy a
• 1:08:04
  house today? If you just wait a couple of
• 1:08:06
  years, you can buy a bigger house.
• 1:08:08
  Like why, why, why would you be buying a house right now?
• 1:08:11
  As Niko likes to say, we're not buying the boomers bags here.
• 1:08:14
  And if you guys don't know, most boomers are wealthy because of
• 1:08:17
  their real estate equity. You know, like that's why
• 1:08:21
  they're millionaires. That's why all basically all
• 1:08:23
  boomers are millionaires because they have $1,000,000 homes for
• 1:08:27
  us. It's just it's not a good trade.
• 1:08:29
  Why would I, why would I buy a house when I could just rent
• 1:08:33
  and, you know, stack Bitcoin? It just it doesn't make any
• 1:08:36
  sense to me. So Nico and I brought this up.
• 1:08:38
  We've conversated, we've argued about it.
• 1:08:40
  The chat loves this conversation.
• 1:08:43
  Well, here's a new, here's a new chart for you guys for for all
• 1:08:47
  the renters out there. Shouts out to all the renters
• 1:08:49
  out there. We're winning.
• 1:08:51
  We're winning in Bitcoin terms. So.
• 1:08:54
  So right now it's 5050. The first poll I released is is
• 1:08:59
  it better to buy a house? Yes No Is it better to rent or
• 1:09:02
  buy a house? Yes No.
• 1:09:04
  Wow. You're.
• 1:09:05
  Dumb. And someone in the chat was
• 1:09:08
  like, hold on, can we have a poll of whether to have a full
• 1:09:12
  reward? This next one, this question is
• 1:09:17
  composed poorly. Looks like it was written by an
• 1:09:24
  opti. Someone said that that's.
• 1:09:27
  No, no, they they said it worse. It was written by Nico.
• 1:09:30
  They said it. They said it worse than that.
• 1:09:34
  Look, here we go. Shut up, Ben Wise.
• 1:09:35
  I'm a boomer and my Bitcoin is worth way more than my house
• 1:09:38
  Chad. Yeah, dude.
• 1:09:42
  Dude, I sleep very comfortably in my Bitcoin.
• 1:09:45
  I don't, I don't. I don't see what you're saying.
• 1:09:50
  So I, I, I, I feel very strongly about this.
• 1:09:53
  I, I come from the school of thought where like, I'm just not
• 1:09:56
  buying the bags. I'm just not buying the bags
• 1:09:59
  like houses have been, they're, they're being used as stores of
• 1:10:07
  value. And that's what happens when
• 1:10:11
  money loses purchasing power. If you have excess wealth, if
• 1:10:14
  you're a very wealthy person, you buy a bunch of real estate
• 1:10:18
  And if you're a young upcoming family, that kind of takes away
• 1:10:24
  your opportunity because it raises the prices of real
• 1:10:27
  estate. So if you look at this from a
• 1:10:30
  Bitcoiners perspective, it's like I'm just going to rent in
• 1:10:35
  the house that I want a certain lifestyle to be in And over
• 1:10:42
  time, those houses that I wanted are going to get cheaper in
• 1:10:47
  Bitcoin terms, like your dream house, like it's just going to
• 1:10:51
  get cheaper and cheaper in Bitcoin terms.
• 1:10:53
  And then you're going to get to a point where it's like, OK, do
• 1:10:55
  I? Because I, The thing is guys
• 1:10:57
  like you have to understand, like I've.
• 1:10:59
  Been at this. For a little bit and I've heard
• 1:11:01
  horror stories I I introduced Oh my God I oh OK I'm.
• 1:11:08
  Going to dog dogs, dog dogs. OK, so I introduced the first
• 1:11:14
  guy that emailed Satoshi and he had.
• 1:11:20
  A docs. He, no, he's a public figure.
• 1:11:22
  I know everyone knows his, everyone knows his story.
• 1:11:25
  And he had a presentation at the Lugano conference, which I'm
• 1:11:28
  going to be at, by the way, in a couple weeks.
• 1:11:30
  Continuing to docs. And the name of the presentation
• 1:11:32
  is called My Bitcoin Pizza Story.
• 1:11:36
  Pizza, pizza, pizza. And he essentially tells the
• 1:11:39
  story where it's not docs if he's telling this.
• 1:11:43
  I know, I'm just trolling it. In where he tells the story,
• 1:11:46
  he's like, look, I sold. 100,000 Bitcoin to buy a one bedroom
• 1:11:52
  apartment in Finland. If I didn't do that, I would be
• 1:11:55
  what? You said 1000. 100,000. 100,000
• 1:11:58
  Oh my gosh. I If I didn't do that, I would
• 1:12:00
  be the 8th richest man in Finland today.
• 1:12:03
  I'm sure it's a penthouse though.
• 1:12:05
  It's. Probably no, it's a one bedroom.
• 1:12:07
  Flat one bedroom dude Rib. So like, and then if you see
• 1:12:14
  housing prices compared to Bitcoin, there's so many memes
• 1:12:18
  on this, they all go down. So and then there's stories of
• 1:12:24
  like people selling 300 Bitcoin to buy a house and then selling
• 1:12:29
  the house to buy 50 Bitcoin. So you can rent the lifestyle
• 1:12:34
  you want to live, You can rent the lifestyle you want to live,
• 1:12:37
  keep the Bitcoin, it's going to appreciate higher than the the
• 1:12:42
  the house that you're buying. And I think.
• 1:12:45
  Over time, housing prices are going to go lower.
• 1:12:48
  I think that there's a whole generation that use housing as a
• 1:12:52
  store of value. And the new generation has to
• 1:12:54
  decide, are you going to be the bag buyers?
• 1:12:58
  I'm not. I'm not going to be the bag
• 1:13:00
  buyers. I refuse to do that.
• 1:13:02
  And The thing is. Who are they going to Who?
• 1:13:06
  Who are they? Who are they going to sell it to
• 1:13:08
  if no one's going to? Buy it.
• 1:13:09
  That's my question for you guys, right?
• 1:13:12
  Do you think the millennials and the zoomers have the money to
• 1:13:14
  buy all this inflated housing Housing.
• 1:13:17
  Dude zoomers. Literally zoomers.
• 1:13:20
  Zoomers live with like 4 roommates.
• 1:13:22
  They're it's not possible. If they're not in their parents
• 1:13:24
  house. It's not possible, so I'm going
• 1:13:25
  to check out this poll. I'm going to end the poll. 75 of
• 1:13:30
  you voted on YouTube, 76 voted. 59% said it's better to rent,
• 1:13:35
  41% said it's better to buy. Again, this is our opinion guys.
• 1:13:39
  Like everyone has an opinion do. Yeah, and and look, you're
• 1:13:42
  right. Like of course.
• 1:13:43
  Whatever makes you happy. Of course, we are generalizing,
• 1:13:45
  but like if you're doing that today, it just kind of for on
• 1:13:50
  average, it just makes no sense. Yeah so anyways, I'm just
• 1:13:59
  reading some of the nostracump JN 1776 says yeah, I want a
• 1:14:04
  bigger house now, but I'm just I'm just going to keep the house
• 1:14:06
  I'm in for now. I'm just going to keep stacking
• 1:14:09
  silver in bitcoins. Vampire MJ says I borrowed
• 1:14:13
  against my house to buy Bitcoin. My girlfriend freaked out.
• 1:14:17
  Ballsy bro, I hope you use. Lead you heat locked your house
• 1:14:21
  crazy I. Hope you use lead in, dude.
• 1:14:24
  Anyways guys, I do want to give a quick shout out before we wrap
• 1:14:27
  up today's show. Thank you guys so much for
• 1:14:29
  tuning in. It's a fantastic show.
• 1:14:31
  Great despite us falling off a Cliff price wise.
• 1:14:36
  Guys, we're going to be in in Dallas, TX #opti is going back
• 1:14:41
  to Texas. That's right, it's happening.
• 1:14:44
  It's not fake news, it's real. News Opti will be.
• 1:14:48
  In Dallas, TX. In Cowboy.
• 1:14:50
  Boots at the Mining Disrupts conference November 11th through
• 1:14:55
  the 13th if you want to see Opti in Cowboy.
• 1:14:59
  Boots in. Dallas, I'm actually going to
• 1:15:01
  have to take my cowboy boots now.
• 1:15:03
  In Dallas, you're not going to want to miss mining.
• 1:15:06
  Disrupt 2025 is going to be the largest Bitcoin mining
• 1:15:12
  conference of the year. It's a Bitcoin mining
• 1:15:14
  conference, it's an AI conference, and it's an energy
• 1:15:18
  Expo. The whole Simply Bitcoin team is
• 1:15:20
  going to be there. Me.
• 1:15:22
  Opty Rustin, Dante, it's going to be fantastic.
• 1:15:25
  It's going to be awesome. You're not going to want to miss
• 1:15:28
  Mining Disrupt 2025 in Dallas, TX.
• 1:15:33
  We hope to see you guys there again.
• 1:15:35
  It's 11. It's November 11th through the
• 1:15:38
  13th of 2025. Hope to see you guys in Dallas,
• 1:15:43
  TX. All right, everybody, that was
• 1:15:45
  today's show. For.
• 1:15:47
  October 7th 2025. I'm Nico.
• 1:15:51
  This is my Co host Optimist Fields.
• 1:15:53
  We love you all. We appreciate it.
• 1:15:54
  You guys enjoyed today's show. Smash the like button.
• 1:15:56
  We'll see you tomorrow for a brand new episode of SB Live.
• 1:16:00
  Today's episode was brought to you by bitcoinwell.com, a
• 1:16:03
  Bitcoin only platform on a mission to enable financial
• 1:16:06
  independence.