Latest / Simply Bitcoin / Are Nation States SILENTLY Buying The Bitcoin Dip?! | EP 1384

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Are Nation States SILENTLY Buying The Bitcoin Dip?! | EP 1384 · Simply Bitcoin

• 0:00
  Yo, multiple analysts are now claiming that there are nation
• 0:06
  states quietly buying the Bitcoin dip.
• 0:08
  That's right, nation states are acquiring this dip.
• 0:13
  While most people think that the Bitcoin bull run is over, lots
• 0:17
  of data is suggesting we are seeing whales silently
• 0:21
  accumulate Bitcoin. And it makes perfect sense.
• 0:25
  I mean, with the recent news of J of JP Morgan and Jamie Dimon
• 0:30
  and kind of throwing FUD and manipulating the markets a
• 0:33
  little bit, you know, fudding MicroStrategy, bringing the
• 0:36
  Bitcoin price down with it, it makes sense.
• 0:40
  This is, and I, and I was talking to a Wall Street veteran
• 0:44
  yesterday and I was taught and I brought it up to him.
• 0:46
  I said, this is manipulation and he corrected me.
• 0:49
  He's like, no, Nico, you might perceive that as manipulation as
• 0:54
  a Bitcoiner, but this is what Wall Street does best.
• 0:58
  They FUD retail out of their bags so that their institutional
• 1:03
  clients could buy it on the cheap.
• 1:05
  And I think that's exactly what's happening.
• 1:08
  It what's happening. And it's not just institutional
• 1:11
  clients. It's institutional clients and
• 1:14
  nation states that are doing this.
• 1:16
  Before we play you the new clip of Checkmatey from the What
• 1:20
  Bitcoin Did podcast, check out this clip that came out weeks
• 1:24
  ago from Anthony Pompliano talking about a specific nation
• 1:28
  state buying Bitcoin, and it's from CNNBC.
• 1:32
  Let's check out the clip and then we'll talk about it.
• 1:35
  I think there's really three things that people are kind of
• 1:37
  paying attention to. The first is the United States
• 1:39
  of government at some point is going to announce that they're
• 1:40
  buying Bitcoin, creating the initial Bitcoin kind of
• 1:43
  strategic reserve and setting the Bitcoin that we already had
• 1:45
  there was good. But that's kind of the, you
• 1:48
  know, not the main dish. The main dish is when they start
• 1:50
  buying and I think that will happen at some point.
• 1:52
  So again, clip is couple weeks old, but I want you guys to pay
• 1:57
  attention to that because this is something that I've heard
• 2:02
  somewhere else. So I also talked to a, a
• 2:06
  corporate veteran, like someone who worked in the corporate
• 2:09
  world, Fortune 500 companies. And he told me he's been telling
• 2:14
  me this the entire year because I was approaching him and I was
• 2:18
  saying, Hey, listen, I'm kind of worried the four year cycle.
• 2:22
  And he looks at me, he's like, listen, Nico, I'm not a bit, I'm
• 2:24
  not a bitcoiner. I'm not I, I, I can't tell you
• 2:26
  that I know anything about the four year cycle, but I know a
• 2:29
  little bit about the macro. And you have to understand that
• 2:33
  Wall Street and the world hasn't figured out that Bitcoin is
• 2:38
  absolutely scarce. I can tell you for a fact that
• 2:42
  the Bitcoin price is being, I don't want to use the word
• 2:46
  manipulated, but is is being played around with a little bit
• 2:50
  so that people take advantage of the dip.
• 2:53
  But he also said something along the lines of what Anthony
• 2:57
  Pompliano said, which the thing to me stands out the most.
• 3:01
  If you were the United States government and you were
• 3:04
  acquiring Bitcoin, would you want people to know before you
• 3:09
  announce? Thank you, Opti.
• 3:16
  The moment they announce that news, what do you think's going
• 3:19
  to happen to the price? So they can't make that public
• 3:24
  until they're finished packing their bags.
• 3:27
  If they don't pack their bags before that information goes
• 3:30
  public, the price is going to be significantly higher, right?
• 3:35
  So kind of interesting right there that, you know, he's
• 3:37
  saying this on legacy Financial Media and he's saying it with
• 3:40
  utmost confidence that he believes eventually the United
• 3:44
  States government is going to announce that they've been
• 3:46
  buying Bitcoin. And if you look at who's part of
• 3:49
  the cabinet, which is Howard Lupnik, right?
• 3:51
  Bo Hines was part of it. You know, Donald Trump, Donald
• 3:55
  Trump's family, Donald Trump's family's investments in all
• 3:58
  these Bitcoin native companies. You have Eric Trump, Donald
• 4:03
  Trump's second oldest son, basically going out to the world
• 4:06
  basically saying, listen, you know, buy the dip.
• 4:09
  Bitcoins going up forever, Laura, you know, that all points
• 4:13
  to one thing. And eventually they're gonna
• 4:15
  want their bags to go up. Do you think they're OK with
• 4:17
  just, you know, the price going sideways?
• 4:20
  Like, you know, when, when Trump was inaugurated, the Bitcoin
• 4:23
  price was 109,000. Today it's at 87,000 and we're
• 4:27
  11 months. We're we're 11 months older.
• 4:30
  So I think that there is a strong possibility by that by
• 4:34
  the end of Trump's second term. So by 2028, I wouldn't be
• 4:40
  surprised if we saw, you know, three 300,400 thousand $500,000
• 4:46
  Bitcoin. I just I wouldn't be surprised
• 4:48
  if if we saw that and that could come with a major announcement
• 4:52
  like a nation state buying Bitcoin, right.
• 4:56
  So anyways, here's this other clip from Checkmatey, which is
• 4:59
  very recent came out recently from the one what Bitcoin did
• 5:03
  podcast that's hosted by Danny knows who shout out to those
• 5:06
  guys. Incredible work that they do.
• 5:09
  And again, Checkmatey, he's saying something very similar
• 5:12
  than what Anthony Pompliano is saying.
• 5:15
  And again, our job is to connect the dots for you guys so that
• 5:19
  you guys could come to your own conclusion.
• 5:23
  If there's one thing I can just help people understand right
• 5:25
  now, 70% of all of the wealth that's ever been invested in
• 5:29
  Bitcoin, we price every UTXO based on the last move. 70% has
• 5:34
  a cost basis above 85 K That's insane. 70%, This is Bitcoin's
• 5:38
  new home. So, you know, if you're talking
• 5:40
  about 30K and 10K and 5K Bitcoin, the truth is it's just,
• 5:43
  it's like ancient history. It just doesn't matter.
• 5:45
  There's not enough wealth down there.
• 5:47
  The wealth is all up here now because we're below it.
• 5:50
  That's a lot of potential sellers on the way back up.
• 5:52
  So the bulls have got a lot of work to do to get us out of this
• 5:54
  mess. However, the rotation of this
• 5:57
  capital, think about who these new buyers are, right?
• 6:00
  These aren't retail hodlers putting in their pocket money.
• 6:04
  You know, no one's got these kind of deep pockets.
• 6:05
  We're talking if there has to be, could be banks, could be
• 6:08
  sovereigns, could be a bit of everything.
• 6:09
  I saw the other day, I forget which Gulf state, but there's a
• 6:11
  Gulf state that bought like half a billion dollars worth of the
• 6:14
  ETF. So like sovereigns are
• 6:15
  interested in this kind of thing.
• 6:17
  And these folks feel like price insensitive buyers where they're
• 6:20
  just accumulate, they're just forever allocators.
• 6:23
  So there is going to be this rotation, market's got to go
• 6:25
  through this process. It'll take trying to hammer out
• 6:27
  this bottom, but at the same time, these guys probably
• 6:31
  aren't, you know, they're sailor types.
• 6:32
  They're not going to sell. So there's going to be this
• 6:34
  process of, you know, as we hammer out a floor wherever we
• 6:38
  find that clearing price, you know, because it's got a really
• 6:41
  bright future ahead of it. So a, a lot, a lot to unpack
• 6:45
  there, right? A lot to unpack there.
• 6:47
  And, and I also want to pick Opti's brain.
• 6:49
  Me and Opti are going to have a conversation 'cause he had a
• 6:53
  dinner with a a veteran last night and he got a lot of alpha
• 6:59
  for you guys. So we're going to be talking
• 7:00
  about that. But essentially, you know, you
• 7:03
  have Anthony Pompliano and you have Checkmatey.
• 7:06
  Checkmatey's a very well known and respected analysts in the
• 7:09
  Bitcoin space, both saying the same thing, right?
• 7:13
  They both believe that sovereign wealth funds are buying.
• 7:17
  This has confirmed that one of the Middle Eastern states, a big
• 7:22
  one, a very wealthy one, has been accumulating Bitcoin.
• 7:25
  It's. It's multiple at this.
• 7:26
  Point multiple have been accumulating Bitcoin if you
• 7:29
  think that the Bitcoin conference in MENA that that
• 7:32
  specific side of the world and sailor making the trip over
• 7:35
  there like it to the Middle East.
• 7:37
  If you think that's like happenstance or coincidence like
• 7:41
  you have your head buried in the sand.
• 7:42
  So yeah, I think it's it's it's all but confirmed that nation
• 7:47
  states are buying Bitcoin. Now, what's really interesting
• 7:50
  to me too, is Michael Saylor's thesis, which is he thinks that
• 7:55
  the first country that uses their money printer to buy
• 7:58
  Bitcoin is essentially going to win by default, right?
• 8:03
  And there's only, and the way that Saylor phrases it is like,
• 8:07
  look like there's only it, it we, there's only enough room for
• 8:12
  one country to buy 10 to 15 to 20% of the supply.
• 8:16
  Multiple countries can't do that.
• 8:18
  The question is which country's going to be first to the punch?
• 8:22
  I think that it could be the United States of America.
• 8:25
  And again, it's because of the incentives that are in place.
• 8:29
  You have Eric Trump again, Donald Trump's I think second
• 8:33
  oldest son talking about the American Bitcoin mining.
• 8:36
  He he posted videos about that. They've been talking about
• 8:40
  they've been going to every single Bitcoin conference
• 8:42
  throughout the year. Trump owns the second largest
• 8:45
  Bitcoin treasury company. Sorry, not the second largest,
• 8:49
  the 6th largest Bitcoin treasury company.
• 8:52
  We read you guys an article from I think it was Bloomberg
• 8:55
  yesterday talking about how the Trump's family fortune has taken
• 8:59
  a hit because of the recent. I think the Trump family is is
• 9:06
  paying their price of tuition, just like, you know, Naimbu
• 9:09
  Kelly and Michael Saylor did, you know, Once Upon a time.
• 9:13
  So yeah, man, I think this is interesting as hell.
• 9:17
  I think this is I think that eventually you know what a huge
• 9:22
  catalyst would be for the second round up.
• 9:24
  And again, you know, if I told you that the president was going
• 9:29
  to be pro Bitcoin two years ago, you wouldn't have believed me,
• 9:33
  right. If I told you that Larry Fink
• 9:35
  would have would be promoting Bitcoin, you wouldn't have
• 9:38
  believed me. So you know all the when if I
• 9:42
  told you that a nation state was going to make Bitcoin legal
• 9:45
  tender El Salvador, you wouldn't have believed me.
• 9:48
  If you, if you take a look at the game theory, you would
• 9:50
  realize that all of these things were inevitable.
• 9:53
  All of these things were eventually going to happen.
• 9:56
  But just because you think it's going to happen because of the
• 10:01
  game theory that it's still surprising when you still see it
• 10:05
  for the first time, right? So I think I'm making a
• 10:09
  prediction here, not financial advice.
• 10:12
  I think eventually you are going to hear an announcement
• 10:15
  potentially during this administration that the United
• 10:19
  States of America has been acquiring Bitcoin.
• 10:22
  And I think that the reason that they haven't come out and been
• 10:25
  public about it is because they just don't want the price to go
• 10:29
  up. Because the moment they make
• 10:31
  that announcement, you know, to use Matt to borrow Max Keiser's
• 10:35
  famous quote, you're going to see a global hash war.
• 10:38
  The way that the the, the way that you've never seen before.
• 10:40
  It's it's going to be, it's going to be utmost madness.
• 10:44
  It's, it's going to be insanity. The amount of countries that are
• 10:47
  going to be jumping in trying to, you know, stack build their
• 10:52
  stacks, right. So, yeah, that that's what I'm
• 10:54
  seeing. You know, again, you're not
• 10:57
  hearing it from me. You're hearing it from Anthony
• 11:00
  Pompliano. Checkmatey.
• 11:02
  Again, I heard it from a Fortune 500 veteran.
• 11:06
  Very similar language to what Anthony Pompliano is saying.
• 11:09
  Opti, you had a dinner last night, you talked to a veteran,
• 11:15
  a veteran of Wall Street as well, and you were dropping some
• 11:18
  alpha this morning on me while we were preparing the show.
• 11:21
  I don't know if you want to talk about.
• 11:22
  That yeah, no, I'll expand towards the end of the show on
• 11:25
  the culture, but more specifically on this topic.
• 11:28
  The first thing I do want to hit on is it sounded like Checkmatey
• 11:33
  was was low key trolling Nico. It's not going to 30K guys, You
• 11:36
  heard you heard it here first. It's not going to 30K ever
• 11:39
  again. I, I, I don't know about ever
• 11:41
  again. Obviously there's no guarantees
• 11:43
  here, but that was the first thing I heard.
• 11:45
  I'm like shots fired. The chat the chat has vindicated
• 11:49
  today because they they they got pretty upset when you were
• 11:54
  saying that Nico, but OK the the kind of greater greater point to
• 11:58
  be made here. I I think it just makes perfect
• 12:03
  sense again, whether you believe the Trump administration or not,
• 12:08
  they have very clearly came out and said we want to be the
• 12:11
  Bitcoin superpower of the world. Obviously they've been doing
• 12:14
  this whole budget neutral dance and they've you know acquired
• 12:17
  more Bitcoin budget neutrally 127 K that they seized from you
• 12:23
  know a hacking criminal group and therefore they are
• 12:26
  accumulating on that front. Well, we still haven't seen an
• 12:29
  audit of the of all the the coins, but allegedly, supposedly
• 12:32
  the US now holds around, I believe it's what like 327,000
• 12:37
  coins. So they are winning on that
• 12:39
  front. But two pomps point and me and
• 12:43
  Nico actually had this conversation off air before
• 12:45
  where it just makes no sense for the US government.
• 12:48
  And I don't know all the legalities of this.
• 12:51
  You know, obviously I have friends.
• 12:53
  They're like you, you think you think they're following the laws
• 12:56
  here to acquire Bitcoin. I'm like, look, I, I don't know
• 12:58
  what the legalities are of trying to acquire a commodity
• 13:02
  like Bitcoin, but it just makes perfect sense to me that you
• 13:05
  would secretly kind of build your position and then you
• 13:09
  announce it once you have your bags packed like that is just,
• 13:13
  you know, DCA 101 in Bitcoin there, there is literally no
• 13:18
  good outcome that comes from a nation state such as the United
• 13:22
  States, the leading superpower, the world reserve currency to
• 13:25
  basically Telegraph every single one of their buys.
• 13:28
  Obviously they have telegraphed that they want to acquire more,
• 13:32
  but it just, it may, it really is hard for me to understand how
• 13:36
  they aren't acquiring Bitcoin. And I think once we finally get
• 13:40
  that signal that they are acquiring Bitcoin or they bought
• 13:43
  Bitcoin, it kind of goes back to the standard Wall Street plays.
• 13:47
  Like once you know that they're buying this thing, you got to
• 13:51
  ask yourself, why do I know this?
• 13:53
  Why me at at on Main Street? Well, how did I hear that this
• 13:57
  is what they're doing? It's because they finished
• 14:00
  packing their bags. Their position is already met.
• 14:03
  And so now they can tell the market.
• 14:04
  Yeah, we have been acquiring this.
• 14:06
  And especially as I've been kind of saying since the, the, the
• 14:11
  kind of price crash we've seen the last couple of weeks that it
• 14:15
  just makes perfect sense to me. And the, and the whole like JP
• 14:18
  Morgan attack of strategy, JP Morgan, you know, there's the
• 14:21
  narrative now JP Morgan wants to suppress the Bitcoin price.
• 14:24
  There's, there's kind of different angles on that.
• 14:27
  But just the general idea that I've been saying for you guys
• 14:31
  just from a first principle view here, if you were an institution
• 14:35
  and this is the first year that you can get into Bitcoin, what
• 14:39
  would you want to do? You would want to get a good
• 14:42
  price point for that Bitcoin. You would try to do whatever you
• 14:45
  can to make sure that this price doesn't get away from you.
• 14:49
  Obviously, in the short term that is fully possible.
• 14:51
  In the long term, I don't think they're going to be capable of
• 14:53
  controlling Bitcoin like that. But it just makes perfect sense
• 14:56
  to me. If you are these, you know, the
• 14:59
  Wall Street Titans out there and now you are legally, you know,
• 15:03
  regulatorily, I don't even think that's the word via regulations,
• 15:07
  able to finally invest in this new budding asset, this new
• 15:13
  budding monetary network, this new money, What would you want
• 15:17
  to do? You would want to acquire it at
• 15:18
  a good price. Now I have heard people say that
• 15:21
  there is this kind of like they really don't care about the
• 15:25
  price, Like what's the difference between 100K and 87K
• 15:28
  or 100K and 126K? And it's like, I don't know,
• 15:32
  like 25 percent, 30% discount, like that's a significant
• 15:36
  portion of your initial buys. You, you want to get the best
• 15:40
  bang for your buck. And so I, I think it, it does
• 15:43
  make perfect sense to me. And I've been calling it the
• 15:45
  billionaire fund playbook for years where it's like the
• 15:48
  billionaires, they come out here, they fund Bitcoin.
• 15:50
  What do they secretly do later on?
• 15:52
  They're either one acquiring Bitcoin or they launch Bitcoin
• 15:55
  products later. And then you're like, oh, so you
• 15:58
  literally just funded the price. So that retail, you get scared
• 16:01
  out, then you position yourself and then finally when you're
• 16:04
  positioned, you're like, this thing's cool.
• 16:07
  Like retail, get back on the ship here.
• 16:10
  Like you need to be buying this. It's almost like the reverse.
• 16:12
  Jim Cramer, you know, if Jim Cramer tells you to do
• 16:14
  something, you probably should do the opposite.
• 16:17
  Well, it's the same thing. If they're telling you not to do
• 16:19
  something, you should probably do that thing.
• 16:23
  So that's kind of like my general view.
• 16:25
  I think one more thing that I heard and I saw Chuck Mady said,
• 16:28
  and I, I didn't fully, I think it was in this podcast, but he
• 16:33
  said something that was very interesting to me.
• 16:35
  He said, if you take all of the amount of coin that's been sold
• 16:40
  this year and you account for all of it.
• 16:43
  And obviously there's been a lot of selling pressure.
• 16:45
  But if you factor in how much of that was being bought up by the
• 16:48
  ETFs, if I remember exactly what he said, he's like the ETFs are
• 16:53
  the inflows are really only buying 25% of all the coin
• 16:56
  that's being sold. So who's buying that other 75%?
• 17:05
  We're we're getting wrecked today on the Internet.
• 17:07
  We're having, we're having electrical issues over here.
• 17:09
  So again, if the ETFs are only buying 25% of all the coin
• 17:15
  that's hitting the exchange. And again, the price of Bitcoin
• 17:18
  has been essentially flat, which you can think all the sellers
• 17:21
  have been bought up by, you know, people that want to own
• 17:25
  this thing. So again, bitcoins, you know,
• 17:28
  supply demand dynamics are probably the purest in the
• 17:31
  world. So with every seller, there is a
• 17:32
  buyer. Now, if we've seen this much
• 17:34
  coin hit the exchange and the ETFs are only gobbling up 25% of
• 17:39
  that, then there's there's a huge whale out there that is
• 17:44
  buying this Bitcoin thing. It's not just all of us plebs
• 17:47
  out here. And we did get a few kind of
• 17:49
  data points. And I'll, I'll pull that up here
• 17:52
  because I have been kind of just like rambling on you guys.
• 17:55
  But this was an interesting chart that I saw essentially
• 17:58
  whale verse. You guys see that?
• 18:00
  Yeah, whale versus retail delta shows that for the first time in
• 18:03
  Bitcoin history, whales are this heavily positioned and long
• 18:07
  compared to retail traders. Whenever these levels get this
• 18:10
  high in the past, we saw local bottoms forming, but also large
• 18:13
  positions getting liquidated. And so you're, you are seeing
• 18:17
  that it's not just the, you know, 10,000 plus whales that
• 18:21
  are acquiring, you're seeing this like 1000.
• 18:25
  I don't, I don't know what, what the, the moniker is for him, but
• 18:28
  you know, people are holding about 1000 coins that are
• 18:30
  scooping everything up right now while retail is panicking.
• 18:33
  I mean, I, I told Nico, he was on the show saying we're going
• 18:36
  to 30K next year. And I'm like, Nah, dude, you're
• 18:39
  wrong. You're, you're 100% wrong.
• 18:41
  I'm like, it's going to go sideways.
• 18:42
  We have bought them. Obviously this is just kind of
• 18:46
  me speculating, but again, we have seen some interesting stuff
• 18:50
  happen with new data in the last couple of days, specifically
• 18:53
  this one as well. More than 8% of total Bitcoin
• 18:56
  supply moved in the past seven days.
• 18:58
  And the last time that this happened or something very
• 19:01
  similar happened marked the absolute bottom in March 2020
• 19:04
  was at $5000 and at December 2018 it was at $3500.
• 19:10
  So we are seeing that the amount of buying right now, it, it
• 19:14
  doesn't really connect to me that this is, you know, like it,
• 19:19
  we're going to go lower. There's just too much kind of
• 19:22
  interest in this price point. And remember, and I and I will
• 19:26
  kind of spread on this conversation later on today.
• 19:28
  As Nico said, I, I did go to dinner last night with Oliver
• 19:32
  Valez and, and Sal the, the simply Bitcoin trainer.
• 19:37
  We got dinner. It was super cool.
• 19:38
  This guy's been trading on Wall Street before I was even born
• 19:42
  and I was picking his brain the whole night.
• 19:45
  And I was basically just trying to confirm my bias on this.
• 19:48
  I'm like, is, is my thinking correct here?
• 19:51
  And the the kind of take away was what I've been telling you
• 19:54
  guys on the show. And I didn't even say this to
• 19:56
  him. I like, I kind of just asked him
• 19:59
  like, what, what do you think's going on right now?
• 20:01
  And he essentially said what I told you guys and been telling
• 20:04
  you guys. And what I think is actually
• 20:06
  going on is. You got to understand that there
• 20:09
  is a new type of investor in the market.
• 20:12
  It is the institutions and things.
• 20:15
  I, I will kind of pull some data.
• 20:17
  I will do a little chart boarding later on.
• 20:19
  You guys in the culture, you know, but forgive me, but if you
• 20:23
  look at the price of Bitcoin from 2023, it looks like it's
• 20:26
  fundamentally changed. Now, obviously everyone is still
• 20:30
  on the fence of whether there's a four year cycle or not.
• 20:32
  Did we hit the top in October 'cause it would align perfectly,
• 20:35
  You know, Q4 top, it would be perfect kind of four year cycle
• 20:39
  playing out. But what we're seeing is kind of
• 20:43
  going back to that IPO meme, the early investors, the early
• 20:48
  revolutionaries, the early, early true believers in Bitcoin,
• 20:52
  they basically hit their price point.
• 20:53
  And it's not even that many whales if if you're being
• 20:55
  completely, you know, looking at the data.
• 20:59
  But what they're doing is they pass the baton to the
• 21:02
  institutions at 100K. I don't know if you understand
• 21:05
  how IPOs work, but usually when an IPO goes live and the initial
• 21:11
  holders sell out, that's the start of the price.
• 21:13
  That's where everyone looks at the big or the the stock
• 21:16
  pricing. Like this is the beginning.
• 21:18
  So you can look at 100K as the beginning for the institution to
• 21:22
  come here and they have 80 year, you know, at least 30/20/50
• 21:28
  maybe generational time perspectives on this.
• 21:32
  As Chuck Matey was saying, it's like they're not coming in this
• 21:34
  thing and, and trying to flip it in four years.
• 21:38
  They're trying to hold this and corner this as, as, as they
• 21:42
  probably should be and they want to hold it for a long time.
• 21:45
  So again, it all goes back to I think a lot of us are are
• 21:50
  totally underestimating what it means for the institutions to
• 21:53
  come in Bitcoin, what it means to have this new investor start
• 21:57
  to chomp at the bits for this Bitcoin thing.
• 21:59
  And yes, they are going to use a lot of, you know, they're kind
• 22:03
  of Wall Street algorithmic trading mechanisms for them to
• 22:07
  silently and stealthily buy this Bitcoin or potentially, you
• 22:11
  know, like T wap sells, time weighted average price sells.
• 22:16
  I think that's what it is. I forget what it is.
• 22:19
  So you, you're starting to see all these dynamics play out and
• 22:23
  a lot of those bitcoiners are still using old paradigms on, on
• 22:27
  what we think the price is doing.
• 22:28
  You know, we're still using old cycle thinking.
• 22:30
  We're still, we're still looking at four data points and being
• 22:33
  like, it's got to repeat the same, the same thing.
• 22:36
  When if you look at this cycle, it's been 100% different.
• 22:39
  Everything's been different. We got an all time high before
• 22:42
  the halving. We didn't get a 2025 parabolic
• 22:45
  run. Since we didn't get a parabolic
• 22:47
  run, most likely we're not going to to see, you know a a huge
• 22:51
  bear market dump. And if that is the case and we
• 22:55
  continue to go up into 2026 because these institutions here
• 22:59
  have basically started this unlimited bid.
• 23:02
  And I think we underestimate what an unlimited bid actually
• 23:05
  does and looks like, but it is just very interesting.
• 23:09
  I'm going to show you some more data from this conversation.
• 23:11
  Again, shouts out to Oliver, Super cool dude, met him last
• 23:15
  night. Shouts out to my boy Sal for,
• 23:17
  you know, inviting me to dinner. It was it was great to kind of
• 23:21
  compare notes with someone that's been doing this, been a
• 23:25
  trader, one of the earliest Internet traders out there.
• 23:28
  And now he sees what we all see is like the end game isn't more
• 23:33
  dollars. The end game is acquiring more
• 23:35
  Bitcoin. Bitcoin is the finish line here
• 23:37
  and these institutions, some of them are still playing this Fiat
• 23:41
  game where they think you just buy Bitcoin so you can gain more
• 23:44
  dollar values. Whereas all of us here that hang
• 23:47
  out in the chat that are on the show that really understand what
• 23:51
  Bitcoin is Bitcoin is the finish line.
• 23:53
  You just want more Bitcoin than the day before or the week
• 23:56
  before, the month before. The name of the game is
• 23:59
  accumulation. It's what I've said years ago.
• 24:02
  You know, it's the Bitcoin AB CS.
• 24:04
  You want to always be constantly buying.
• 24:08
  This is how you win this game. And in the face of everything
• 24:11
  we've seen and I I told you guys this yesterday or on Friday, I
• 24:15
  forget exactly the day. But it's like if you are looking
• 24:18
  at what's going on right now, you probably want to be doing
• 24:22
  what the institutions are doing. And what are they doing?
• 24:25
  It seems like they are just accumulating this without a care
• 24:29
  for the price for the long term. So it's not so much what they
• 24:35
  it's what they do. All right, guys, I'm, I'm gonna
• 24:38
  start ranting. I don't, I don't know what's
• 24:39
  going on. We're we're having some issues
• 24:41
  over here. But yeah, Nico, this is also a a
• 24:44
  good tweet. Was this is this me or is this
• 24:46
  you? This is me.
• 24:47
  OK. Arthur Hayes also, So whether
• 24:50
  you love him or hate him, he's also kind of agreeing with this
• 24:55
  idea that Checkmatey said that 8080 K is probably the bottom
• 25:00
  and the reset of liquidity and leverage and that as the money
• 25:05
  printer and liquidity situation start to kind of ramp back up,
• 25:10
  we might we might be in for some good action here.
• 25:13
  And so he goes minor improvements in dollar
• 25:15
  liquidity. Fed QT stops December 1st this
• 25:18
  Wednesday will probably be last fall in I don't know what he
• 25:22
  means in BS. Maybe it's Bitcoin in stocks, I
• 25:25
  don't know, Maybe he's maybe it's just bullshit.
• 25:27
  I don't know. Anyways, U.S. banks increased
• 25:29
  lending in November. We chopped below 90K.
• 25:32
  Maybe one more stab down into low 80 KS, but I think 80 K
• 25:36
  holds might start nibbling, but leave the bazooka until the new
• 25:39
  year. And I think this might be kind
• 25:42
  of the view that a lot of people are looking at.
• 25:44
  They're just, you know, constantly acquiring right now
• 25:47
  because a lot of people are saying 2026, we have a lot of
• 25:50
  tailwinds in our benefit and it might, it might just blow all of
• 25:55
  our expectations out of the water.
• 25:56
  Water things could be fundamentally different.
• 25:58
  And that's kind of like the main take away with the institutions
• 26:01
  coming in Bitcoin and my friends, my friends fight me on
• 26:04
  this all the time, but I, I, there's just something in the, I
• 26:10
  don't know, the water, for lack of better terms.
• 26:12
  When I look at the institutions coming in and I'm like, it just
• 26:15
  it, I think it's fundamentally changed how this thing moves
• 26:19
  forward. And I, and I'll make a case for
• 26:21
  this later on in the culture, but I, I've been kind of ranting
• 26:24
  for a minute. So Nico, Nico, jump back in.
• 26:27
  Yeah, man, I mean, look, I I don't know what's going on.
• 26:29
  We have to reset the router I guess every day before we go
• 26:32
  live. Yeah, that well you did have
• 26:34
  like power surges earlier. So we're going to power through
• 26:38
  today and we'll reset it We're. Going to power through today,
• 26:40
  but anyways, thanks for bearing with us.
• 26:43
  I think anyways, guys, smash the like button if you guys are
• 26:45
  enjoying today's show, but I think Opti, you just dropped a
• 26:48
  ton of alpha, right? The Long story short is this
• 26:51
  right? If you have these not giant
• 26:54
  nation states, I mean, it reminds me of the the the
• 26:57
  example of the Kingdom of Bhutan, right?
• 26:59
  So you had this small Himalayan Kingdom that they were mining
• 27:05
  1/3 of their GDP is in Bitcoin and they're mining so much
• 27:10
  Bitcoin. They're building a new
• 27:11
  International Airport out of the, the, from the, from the
• 27:15
  revenue that they're getting from Bitcoin mining.
• 27:17
  It's essentially free energy for them because they have a
• 27:20
  tremendous amount of hydroelectric capability.
• 27:24
  The right, you know, they're right next to the, the
• 27:26
  Himalayas. You know, there's that runoff
• 27:28
  that comes, you know, those, the, the ice melts, it turns
• 27:30
  into rivers, right? They have this, all this
• 27:33
  hydroelectric capability and capacity.
• 27:36
  The thing is, we would have never found out that they were
• 27:40
  mining if it wasn't for the Celsius lawsuit.
• 27:44
  The Celsius lawsuit made a lot of this information public.
• 27:49
  And then only because that information was public then did
• 27:52
  we find out that bit deer had this major investment in this
• 27:57
  small country in Asia called the Kingdom of Bhutan.
• 28:02
  And they're, you know, they're literally as deep as you can go.
• 28:07
  It's a nation state has 1/3 of their GDP in Bitcoin, right?
• 28:13
  So they would have never told anybody.
• 28:15
  They would have never told anybody.
• 28:17
  So it it begs the question what Chuck Maddy is saying, what
• 28:20
  Pompliano is saying, you know, Chuck Maddy is saying, listen,
• 28:26
  the the bottom is is 80 K. It's not going to go below that.
• 28:29
  I disagree by the way, that I've heard this story.
• 28:32
  I've heard this story 1000 times.
• 28:34
  I disagree with that. He could be right.
• 28:36
  I disagree. But, you know, he's saying,
• 28:41
  look, with the amount of selling that's happening and the fact
• 28:44
  that Bitcoin has held up the way it has tells me that there are
• 28:50
  people with very large pockets that are willing to buy the
• 28:54
  debt. And then connect that with what
• 28:57
  Opti's saying about the Bitcoin's IPO moment.
• 29:00
  The original holders of Bitcoin the people that bought in 2011,
• 29:04
  2012, 2013, they've more than 100 extra money and they didn't
• 29:10
  have the liquidity to cash out before without completely you
• 29:14
  know tearing down the price. This changed this cycle with the
• 29:19
  introduction of the Bitcoin ETFs and basically Wall Street's
• 29:24
  involvement. Now they have the necessary
• 29:26
  liquidity where if you guys remember that sale from Galaxy
• 29:30
  where literally someone just smash sold $8 billion worth of
• 29:35
  Bitcoin and I think the Bitcoin price fell like 3%.
• 29:39
  If that same event would have happened in 2021-2022 or 2017,
• 29:45
  we would have seen an 80% correction the next day, right?
• 29:50
  So there's a tremendous amount of of, of, of, of buy pressure.
• 29:57
  And the question that I think Opti and I have, I think the
• 30:01
  question that Checkmate is asking himself is who in the
• 30:05
  hell has these types of bags? Who in the hell it's not retail,
• 30:10
  Who in the hell has these types of bags in order to maintain the
• 30:14
  price at these levels? Even with JP Morgan, the world's
• 30:18
  one of the world's largest banks with their you know, you know
• 30:25
  us. Why does this keep?
• 30:26
  Happening. I got you dude, I got.
• 30:28
  You with the shenanigans that they're doing and, and
• 30:30
  attacking, you know MicroStrategy and kind of
• 30:33
  shorting the stock and with all of those things happening
• 30:37
  despite all of that, the price went from 120K to 80K and right
• 30:43
  back and we're right now we're back at 89 K right or 87K or 88K
• 30:49
  or around that level. So despite all the bullshit,
• 30:53
  because that's what it was, we've only gone down to these
• 30:56
  levels. Now that could change.
• 30:59
  We could be on the verge of a traditional bear market like
• 31:03
  we've seen. I think this is where me and
• 31:04
  Opti disagree, right? But you know, that's yet to be
• 31:09
  determined because right now this is what I want you guys to
• 31:11
  understand. We're, we are already in
• 31:14
  uncharted territory. The, the rule of thumb is 3
• 31:20
  green, one red. So three years green and then
• 31:24
  one year red. That's a rule of thumb.
• 31:26
  That's, that's what everyone knows.
• 31:27
  That's been the Bitcoin cycles so far this year.
• 31:32
  If the price stays where it's at and we head into December, it's
• 31:37
  going to be 3 green, sorry, 2 green, one red and then one yet
• 31:45
  to be determined, right. And this this goes back to what
• 31:49
  Lynn Alden was talking about. I think we played you got we,
• 31:52
  we, we played you guys this clip where she was basically making
• 31:56
  the case that look like you're not going to have these giant
• 31:59
  draw downs without this euphoric blow off top.
• 32:04
  You're not going to have it right.
• 32:06
  So again, it it's like it'd be weird to say, oh, Bitcoins
• 32:10
  headed into a bear market, dude. As it stands right now, Bitcoin
• 32:15
  has been in a bear market. All of 2025 has been a bear
• 32:20
  market. And we've slowly been
• 32:23
  discovering what's behind the scenes.
• 32:27
  But basically, if for you guys to understand in a very
• 32:30
  simplistic fashion, and then we'll move on to the other
• 32:33
  segments of the show. What has happened in 2025 has
• 32:37
  been this giant transfer of Bitcoin from individuals to
• 32:44
  institutions and potentially countries and nation states.
• 32:49
  And I want you to pull up that graph that you had Optique
• 32:52
  'cause it was super useful from the whales accumulating because
• 32:57
  I think that's the signal right there.
• 32:59
  It really kind of shows the case that we're making and that could
• 33:04
  be that could be the reality ladies and gentlemen the the
• 33:07
  reality could be that look at that like I mean look at that
• 33:12
  let's let's make this full screen like like look at that
• 33:16
  you've never seen that before. So you had this massive dip,
• 33:22
  this massive, massive dip that just happened, falling from the
• 33:27
  highs of 126 K to, you know, 80K.
• 33:33
  And look at the amount of whales buying that dip.
• 33:39
  Look at the amount of whales stacking the dip.
• 33:42
  And this goes back later, This goes back to a later time.
• 33:46
  You know, look at the selling that was happening when we were
• 33:51
  like on the decline. Look at the buying that's
• 33:54
  happening right now. And again, a whale is someone
• 33:58
  that's defined as someone who has 1000 Bitcoin or more.
• 34:01
  Una by Dana, bro Una by Dana, right humpback with the with the
• 34:08
  wire water coming out the back. But yeah, man, I mean, I, I, I
• 34:13
  think, look, guys, if you're paying attention to the data,
• 34:15
  you're, you're connecting the dots here, there could be a very
• 34:19
  solid case that, you know, 2025 was this shake out institutional
• 34:24
  market. Or transition baton passing.
• 34:28
  Yeah, however you want. A friend can.
• 34:29
  We can we talk about that for a second Opti, before we move on,
• 34:32
  'cause you were telling me about how the same thing happened when
• 34:36
  the gold ETFs were released. Yeah, I I'm gonna save that
• 34:38
  later 'cause I'm gonna do some chart boring, but yeah, that
• 34:42
  that someone said it in the in the chat as well.
• 34:44
  But I, I don't wanna well, I mean, I, I could no let let
• 34:47
  let's save it for the the rest of the show.
• 34:50
  But the but there is some some alpha in there in that that
• 34:52
  idea. All right guys, well, we're
• 34:54
  gonna be right back in just a little bit.
• 34:56
  We still have tons to cover. If you guys are enjoying today's
• 35:00
  show, make sure to smash that like button.
• 35:02
  We're having a little bit some Internet issues here.
• 35:04
  We'll have that fixed by tomorrow.
• 35:06
  So bear, bear with us. Roll with the punches, ladies
• 35:08
  and gentlemen. Anyways, we're gonna be right
• 35:11
  back just a bit. But before we do that, I do want
• 35:14
  to give a very special shout out to our lead sponsor
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  bitcoinwell.com/OTC today. All right, everybody, it's going
• 36:19
  to be a fantastic show. We're going to be right back in
• 36:21
  just a bit. I want to give a shout out to
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• 38:18
  At the time of recording, the Bitcoin price is $87,690.00
• 38:23
  block height 925,147 market cap 1.71.75 trillion Bitcoin versus
• 38:31
  gold market cap 5.96% decline from all all time high.
• 38:36
  We're currently at A50, a 30% discount.
• 38:40
  Anyways, Andreas Antonopoulos, who played a very special role
• 38:46
  in my orange peeling journey because I've told you guys this
• 38:50
  story 1000 times. When I got into Bitcoin and when
• 38:54
  I started consuming Bitcoin content, there was no Bitcoin
• 38:59
  content. It did not exist.
• 39:00
  There was Max and Stacey Max on the Kaiser Report, which wasn't
• 39:05
  really optimized for YouTube, but you would see the clips
• 39:09
  every now and then and then you would see Andreas.
• 39:12
  Andreas had a whole YouTube channel completely dedicated to
• 39:19
  orange filling people. He would lecture people off the
• 39:22
  cuff, so he would do a 30 minute lecture in front of giant
• 39:27
  audiences and he would tell you about why Bitcoin, you know why
• 39:31
  you need Bitcoin. What are the things that Bitcoin
• 39:34
  fixes. Andreas has dropped a little bit
• 39:36
  off the radar these days. You know, I, I think he, I, I, I
• 39:41
  think he fought the good fight and I think you know, it, it, it
• 39:45
  comes to a point and every, you know, every bitcoiners life
• 39:51
  where I think eventually they ride into the sunset.
• 39:54
  And I think that's what happened to Andrea.
• 39:56
  So he's taking more of a backseat.
• 39:59
  He's not as vocal anymore. He's not as, you know, present
• 40:03
  anymore, but his holds, his words still hold a lot of weight
• 40:07
  because of the amount of, of what he's contributed to the
• 40:10
  movement, what he's contributed to Bitcoin education.
• 40:14
  And he had some thoughts. Regarding the core verse knots
• 40:18
  debate, which I think we're kind of threading the needle a a bit,
• 40:24
  but I think that it's worthy to listen to.
• 40:26
  So let's check it out. Summarize Any data can be
• 40:30
  encoded as any data. One person spams another
• 40:34
  person's content. The power to decide what is and
• 40:37
  what isn't allowed is dangerous because it leads to censorship.
• 40:41
  It also leads to giving the the developers power over the
• 40:46
  protocol, which will eventually be used by someone else.
• 40:50
  And if the developers are shown to be able to censor, then they
• 40:58
  will become required to censor in any and all jurisdictions
• 41:05
  where they live. And so that's extremely
• 41:09
  dangerous and people will be able to put ordinals and shit
• 41:16
  pegs and jpegs and NFTS and garbage and Bible verses.
• 41:23
  I already said garbage and other stuff on the blockchain whether
• 41:29
  we want them to or not. And so I would rather people put
• 41:36
  it in an opera turn where we can then disregard it, prune it and
• 41:42
  not have to carry it anymore forever.
• 41:45
  Then if they put it, hide it in other places.
• 41:48
  The protocols we made-up return too hard.
• 41:51
  And so I actually think that's a better solution.
• 41:57
  So very contentious, I would say, but you know, he from what
• 42:03
  I'm gathering just based on his output is just basically like
• 42:09
  look like it seems like he's taking cores side while
• 42:12
  simultaneously not taking cores side.
• 42:15
  I think he brings up a very good point regarding knots and this
• 42:20
  is AI think a conversation that needs to be had, which is like
• 42:24
  look like once you start censoring transactions.
• 42:29
  The problem with that is who gets to decide what transactions
• 42:33
  can be censored or not? And then what happens when
• 42:37
  governments start to find out that you can censor transactions
• 42:41
  and then they start then they start putting pressure on.
• 42:48
  We'll have this fixed tomorrow, guys.
• 42:49
  Appreciate, appreciate the support.
• 42:51
  As you know what's happening. Oh my God, what is happening
• 42:57
  just keeps happening. We're going to figure this out
• 43:00
  by tomorrow, guys. But the the I think the key with
• 43:05
  what he was saying Opti is, you know, he he was taking the side
• 43:09
  of core, but he was also not taking the side of core.
• 43:14
  He was basically like look like the the opera turn thing can be
• 43:19
  fixed, right? And you know, the going down the
• 43:26
  path of censorship where developer gets to choose what
• 43:31
  transaction is OK and what transaction isn't OK, again,
• 43:37
  could be Co opted. And I think he has a very, very
• 43:40
  good and valid point with that, right.
• 43:43
  Like the whole point of Bitcoin and the reason it's worked, it's
• 43:46
  because it's fully decentralized.
• 43:48
  And because it's fully decentralized, it can't be Co
• 43:52
  opted. As soon as something becomes
• 43:53
  centralized, as soon as there's a single point of a single point
• 43:58
  of, of, of weakness, I think nation States and governments
• 44:02
  are going to try to exploit that like it's an inevitability.
• 44:05
  And I, I think that's a very solid concern coming from him.
• 44:09
  So I, I, I think he took more of course side, but simultaneously
• 44:14
  he did address the fact that look like we, we could fix this
• 44:18
  opera turn thing. It is, you know, it, it, it is
• 44:22
  fixable. We could address it, but at the
• 44:26
  same time we have to be very careful with the censoring.
• 44:29
  So I want to get your thoughts bro.
• 44:30
  Because clearly he took a side there.
• 44:32
  He took more of the core side, then he took more of the not
• 44:35
  side. There's some jabs that he threw
• 44:37
  as well. Yeah, the Bible.
• 44:38
  That was crazy. So yeah, I don't know.
• 44:41
  What do you think, Adopti? Well I mean mine is mine is
• 44:47
  trolling the the Bible verses. I, I pretty much agree with with
• 44:50
  what he was saying. You guys have been asking me
• 44:54
  all, all the time, you know, take a stance on the corvus knot
• 44:58
  stuff. I've so you guys called me a
• 45:00
  coward for saying and I'm like, dude, run whatever you want.
• 45:03
  I, I agree with the knot narrative in principle.
• 45:07
  I also want to see purely monetary transactions.
• 45:11
  But when I talk to my friends that are in the mining industry
• 45:14
  and they kind of explain to me what was going on.
• 45:17
  It was exactly what Andres basically said.
• 45:19
  It's like you can't stop the spam.
• 45:21
  And even if you can then, and it does go into a slippery slope of
• 45:25
  if you can't censor transactions, then it will
• 45:28
  probably, you know, actually lead to more censorship here.
• 45:32
  And the one thing that really kind of hit me was from one of
• 45:36
  my, my mining buddies. You, you guys know him?
• 45:39
  He's Alex. He was at kaboom racks.
• 45:41
  Now it's mega miner. He's basically telling me, you
• 45:43
  know, once you understand that you can get out of band
• 45:46
  transactions through with just needing 1 miner is like, oh, so
• 45:50
  like it really doesn't fix anything.
• 45:53
  And that was the case that I've heard.
• 45:55
  It's like, I think people are going to essentially like, you
• 46:00
  know, people like the graffiti on, on freaking cathedrals and
• 46:03
  stuff. It's like people want to do
• 46:05
  jpegs and all of this stuff. And, and if we're being honest,
• 46:07
  and this might be a hot take, but like the jpeggers and the
• 46:10
  ordinals kind of like held us down during the, the last year
• 46:14
  when no one was using the blockchain like they were paying
• 46:17
  the miners. I don't like it, but like
• 46:19
  that's, that's what the facts were.
• 46:22
  So I, I, from what I heard, it made sense to me.
• 46:25
  Again, it's a little above my pay grade.
• 46:27
  I that's kind of why I stayed out of it.
• 46:28
  I'm not updating my note. I'm still on like 28.
• 46:31
  But from what I heard and the kind of takes that I saw was the
• 46:37
  best place to kind of put that spam was like Andre said, in the
• 46:40
  in that off return limit. And so I don't know, man.
• 46:44
  Like to me, this makes sense. Maybe it's because I also have a
• 46:47
  soft spot for Andreas and he is kind of confirming what I
• 46:50
  believe myself. Yeah.
• 46:53
  And then, you know, I, I have been trolling like I, I was kind
• 46:57
  of hoping that we would get a, it, it's, it wouldn't have been
• 47:00
  a good thing, but I was kind of hoping we'd get a, you know, an
• 47:02
  AirDrop here. You get a hard fork AirDrop
• 47:05
  knots coin. I'm with that.
• 47:07
  But no, that that's not going to happen.
• 47:10
  I, I think it would, you know, there, there is a, a fork
• 47:13
  contention going on right now and it probably would do more
• 47:16
  damage, but it does lead to kind of my bigger narrative.
• 47:19
  I've been saying on the show throughout the last couple of
• 47:22
  weeks, it does seem like a lot of us have been distracted with
• 47:25
  this knots core thing. And when I kind of had friends
• 47:28
  explain it to me that were a little closer, not just
• 47:31
  developers, but closer to the mining side, it just seemed like
• 47:35
  a nothing burger. And I'm like, I, I think the
• 47:37
  real tax coming from Wall Street guys.
• 47:39
  But hey, you know, I know you guys love that that debate
• 47:42
  people, people really been adamant and passionate about it.
• 47:46
  But I just I if bitcoins going to die because of spam, then it
• 47:50
  wasn't what we thought it was. And so that's always kind of
• 47:53
  been my view on this. Yeah, I mean, there's also like
• 47:56
  the free market view on the whole spam and debate, which is
• 48:00
  like, you know, if people want to pay extra to put, you know,
• 48:05
  extra things on the blockchain, I think the free market will
• 48:07
  take care of that, you know, but I think that they, I think the
• 48:11
  ocean guys do have some valid concerns as well, right.
• 48:16
  So I think, I think this, this the, the, the needle needs to be
• 48:20
  threaded here. But I think going down the
• 48:23
  censorship route is, is, is potentially dangerous.
• 48:26
  I I really believe that, but also, you know, the concerns
• 48:33
  about, you know, putting illicit content on the because you guys,
• 48:38
  you have to understand this, right?
• 48:39
  And this is the whole debate around the, the core 30 thing,
• 48:43
  right? Just they increase the opera
• 48:45
  turn limit. I believe that's, that's what
• 48:47
  happened, right? Opti.
• 48:48
  So when you increase the Opera turn limit, basically the case
• 48:53
  that's being made is people are going to start putting illicit
• 48:57
  content on the Bitcoin blockchain.
• 49:01
  And because it's illicit content on the Bitcoin blockchain,
• 49:05
  they're going to start raiding homes, right?
• 49:08
  And if you run a node, technically you have that
• 49:11
  illicit content on your node, right?
• 49:13
  Even though you didn't do it on purpose, just because you have
• 49:17
  the Bitcoin blockchain synced with you, right?
• 49:20
  So there are ways to mitigate that, even including with Core
• 49:23
  30. By the way, with Core 30, you
• 49:24
  can set what your upper turn limit is, but I think most
• 49:28
  people are just not going to do that, right?
• 49:31
  So, you know, there are some valid concerns.
• 49:33
  I think, you know, the community is going to, you know, it's
• 49:37
  going to figure this out and we'll see what happens, but
• 49:41
  we'll keep you guys updated anyways.
• 49:43
  So China seems to be mining Bitcoin again.
• 49:47
  I mean, not surprising at all. They are officially the third
• 49:50
  largest Bitcoin miner in the world despite the China mining
• 49:55
  ban. Breaking news coming out of
• 49:58
  Reuters. We're going to tell you more
• 49:59
  about it after the break. I want to give a shout out to
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  So guys, go get yourself a bit key wallet today.
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  Anyways, use the link in the video slash podcast description
• 53:31
  or scan the QR. Breaking news China returns as
• 53:36
  third largest Bitcoin mining hub with a 14% share despite it
• 53:42
  being underground. Underground activity expands as
• 53:48
  cheap power, minor demand and softer policy signals support a
• 53:53
  renewed mining push and key provinces in China.
• 53:57
  Bitcoin mining is experiencing a significant revival in China,
• 54:02
  even though the activity was formerly banned in 2021.
• 54:07
  After almost disappearing from the global landscape, China has
• 54:11
  climbed back to the third position with an estimated 14%
• 54:16
  share of global mining by October.
• 54:20
  The resurgence is driven by miners and companies quietly
• 54:24
  operating in regions with abundant and inexpensive
• 54:27
  electricity, particularly Xinjiang, where excess power and
• 54:32
  rapid data center construction created favorable conditions.
• 54:37
  Miners told Reuters that surplus electricity in places such as
• 54:42
  Xinjiang and and Sichuan are encouraging new underground
• 54:46
  projects, and some former miners have reported have returned.
• 54:51
  Data provider Crypto Quant estimated that 15 to 20% of
• 54:56
  global mining capacity now operates in China.
• 55:01
  According to the article, Canon, a leading mining rig producer,
• 55:05
  has seen a sharp rebound in domestic sales, helped by a
• 55:09
  higher Bitcoin, helped by higher Bitcoin prices and uncertainty
• 55:13
  around United States tariffs that slowed overseas demand.
• 55:18
  Although the Chinese government has not publicly reversed its
• 55:22
  stance, its approach appears to be softening Hong Kong's
• 55:26
  stablecoin legislation and discussions about yuan backed
• 55:30
  stablecoin, suggesting more flexible outlook on digital
• 55:34
  assets. Despite that hash price hits an
• 55:38
  all time low. Bitcoin hash price fell to a new
• 55:42
  all time low on Friday. This metric represents the
• 55:46
  revenue a miner can expect to earn from a given amount of hash
• 55:51
  rate. Hash price is determined by 4
• 55:54
  main inputs, which are network difficulty, the price of
• 55:58
  Bitcoin, the block subsidy, and transaction fees.
• 56:02
  Hash price generally moves higher when Bitcoin price or fee
• 56:06
  volume rises. It drops when mining difficulty
• 56:09
  increases as Bitcoin is down more than 30% since the October
• 56:14
  peak. Combined with subdued
• 56:16
  transaction fees and a network hash rate just around one Zeta
• 56:21
  hash 10% below recent highs has pushed minor revenue to new
• 56:26
  lows. The next difficulty adjustment
• 56:29
  is expected on Wednesday and is projected to decline by a little
• 56:33
  more than 2%. So miners are feeling the pain
• 56:37
  right now, I believe. I was looking at some of the
• 56:39
  data and it was quite interesting.
• 56:42
  It was basically like most miners are underwater in terms
• 56:48
  of the cost of production is actually higher than the amount
• 56:54
  of Bitcoin that they're getting from they're getting from it.
• 56:57
  But I want to open up the conversation if you can make a
• 57:00
  thank you, Opti, you read my mind.
• 57:03
  You know, what's really interesting is China, this the
• 57:06
  most powerful centralized government on the face of the
• 57:10
  planet banned Bitcoin mining. The hash rate dropped by 50%.
• 57:18
  The took the price down with it. The hash rate recovered to new
• 57:22
  all time highs within nine months.
• 57:24
  Hash rate represents the amount of computational network app
• 57:28
  computational power actively mining the Bitcoin protocol and
• 57:32
  network. And it recovered within nine
• 57:37
  months. Not only did it recovered, it
• 57:39
  decentralized in the hash rate. And then the country that bans
• 57:44
  Bitcoin mining now is the third largest Bitcoin miner in the
• 57:49
  world, even though it's not officially approved by the
• 57:53
  government. From my take on that article, it
• 57:56
  seems like the government is looking they're they're just,
• 57:59
  they're just putting their head in there saying they're
• 58:01
  pretending it's not happening. But I think the most important
• 58:05
  lesson here is incentives are so effing powerful.
• 58:10
  And fundamentally that's why I believe Bitcoin wins at the end
• 58:14
  because it has better incentives, right?
• 58:17
  Like compared to Fiat currencies or state money that requires
• 58:22
  coercion in order for it to function.
• 58:26
  Bitcoin, it just has incentives. They, you know, the the hash
• 58:31
  rate dropped by 50%. It created a huge incentive for
• 58:35
  for Bitcoin mining entrepreneurs to start setting up facilities
• 58:39
  all over the place. Why?
• 58:41
  Because the the reward was just increased by 50% overnight when
• 58:45
  those miners disappeared. And what did that incentive
• 58:49
  structure create within within within nine months, the hash
• 58:57
  rate recovered to all time highs.
• 58:58
  That's what happened. That's what happened.
• 59:01
  I mean, that's crazy, dude. That's so, so crazy.
• 59:04
  This is how resilient the Bitcoin network is.
• 59:07
  The most powerful totalitarian country, centralized government
• 59:12
  country on the face of the planet.
• 59:14
  You can make the argument that the second most powerful country
• 59:16
  in the face of the. Earth.
• 59:18
  That their military parades are just like everyone is walking in
• 59:22
  lock step. There's like hundreds of
• 59:24
  thousands of people. There's like tanks rolling down
• 59:26
  the street. It's effing crazy.
• 59:28
  This country could not only not make Bitcoin go away, but the
• 59:34
  incentives of Bitcoin are so good that entrepreneurs in that
• 59:40
  country are willing to take the risk to mine Bitcoin within that
• 59:44
  country because they see it as a business opportunity.
• 59:48
  And it's interesting how the tariffs are playing a role into
• 59:52
  this because it goes back to the United States.
• 59:55
  A lot of these miners are coming are being shipped from China,
• 59:59
  like China's the manufacturing hub Shenzhen, right?
• 1:00:03
  I know like some companies are trying to move the manufacturing
• 1:00:06
  out to Vietnam and stuff like that, but still the majority of
• 1:00:09
  the miners are still manufactured in Shenzhen and and
• 1:00:13
  or the Shenzhen region. And like, now you see what the
• 1:00:19
  tariffs are coming into place. And a lot of these miners are
• 1:00:23
  like, look, it doesn't make economical sense to ship these
• 1:00:25
  miners into the United States because I have to pay a tariff
• 1:00:29
  to the United States government. And that makes me even less,
• 1:00:31
  more, even less profitable. It actually doesn't make sense
• 1:00:34
  for me to do that. Let me just mine at home.
• 1:00:37
  Let me just mine in China. And if I go to jail, so be it,
• 1:00:41
  right? Like incentives are a beautiful
• 1:00:43
  thing. And and this has been my primary
• 1:00:45
  argument as to why Bitcoin inevitably wins, right, is that
• 1:00:49
  the incentives are so much better for Bitcoin and
• 1:00:55
  Bitcoiners than they are for anything else, right?
• 1:00:58
  Bitcoin doesn't need a government.
• 1:01:00
  It doesn't need regulations, it doesn't need enforcement for
• 1:01:04
  people to use and adopt Bitcoin. People adopt Bitcoin because
• 1:01:08
  it's better money. It has a better incentive
• 1:01:10
  structure. And if I were to bet between
• 1:01:13
  incentives and coercion, my money's always going to be on
• 1:01:16
  incentives, Opti. Yeah, 100%.
• 1:01:21
  I, I totally agree with that. Now I find the, the more
• 1:01:26
  interesting angle here is well one, you know, Nico's made the
• 1:01:31
  case in the past and we're, we're not going to rehash that,
• 1:01:34
  but it, it did seem like the last bull run ended because of
• 1:01:38
  the China mining ban. Now a lot of people kind of
• 1:01:40
  pushed back on that that, you know, people have different
• 1:01:43
  reasons for why they think the 2021 cycle ended, but it seemed
• 1:01:48
  like it ended basically because of the China mining ban.
• 1:01:51
  And now throughout the time that I've been in Bitcoin, I can't
• 1:01:55
  even count how many times China's banned Bitcoin and it's
• 1:01:59
  never stopped Bitcoin. And even though that the last
• 1:02:03
  one was kind of the the biggest, like maybe the most noted one,
• 1:02:08
  because it it was just it was a big deal at the time, it does
• 1:02:11
  seem to have end the last bull run.
• 1:02:14
  Now. I think we are in a totally
• 1:02:16
  different era. Well, one hold on one, I think
• 1:02:23
  like Nico was saying, the incentives are are everything.
• 1:02:27
  And I think China basically realized like they we can't
• 1:02:30
  actually, we can't actually stop this.
• 1:02:32
  So it was interesting that you saw 50% of the hash rate drop
• 1:02:35
  off 2021. And now China is basically back
• 1:02:39
  to being one of the top mining countries of the world, which is
• 1:02:43
  something that I think if you've been in Bitcoin long enough, you
• 1:02:46
  knew that this was going to happen.
• 1:02:47
  I think though, and this is me speculating, I think what is
• 1:02:52
  kind of a more interesting data point is that China is again
• 1:02:57
  back to being the third, you know, largest country mining
• 1:03:00
  Bitcoin. And the Chinese government's
• 1:03:03
  kind of looking away from it. Well, what fundamentally changed
• 1:03:07
  it last year that would probably cause them to turn a blind eye.
• 1:03:12
  You know, they they probably are trying to save face here.
• 1:03:15
  It's obviously the Trump administration saying we are
• 1:03:17
  going to be the Bitcoin superpower of the world.
• 1:03:19
  And yeah, yeah. And now they're like, oh, OK,
• 1:03:24
  hey, look like we haven't officially unbanned Bitcoin, but
• 1:03:30
  we're not going to attack you guys.
• 1:03:32
  Because again, Bitcoin has become a geopolitical macro kind
• 1:03:37
  of not just investment, but like a, a macro geopolitical
• 1:03:42
  battlefield is whether you're going to embrace Bitcoin or
• 1:03:46
  you're going to maintain down the, the, you know, money
• 1:03:49
  printer dollar Fiat train, or as we've seen, you're going to try
• 1:03:55
  to accumulate as much gold as possible.
• 1:03:58
  So there is a monetary war going on right now, and China has been
• 1:04:02
  stacking a lot of gold. Obviously, the US is still Fiat
• 1:04:06
  Maxis, but they are embracing Bitcoin.
• 1:04:08
  And so it really does feel like a, you know, Mexican standoff
• 1:04:12
  here where, yeah, China's kind of realizing, you know, what,
• 1:04:16
  like we can't actually enforce this 'cause we might be losing
• 1:04:20
  against the US in regards to adopting Bitcoin.
• 1:04:24
  And if we keep fighting this and this Bitcoin thing does work
• 1:04:27
  out, we might have just done the same thing we did with gold and
• 1:04:31
  silver, but now with gold and Bitcoin.
• 1:04:34
  And so I, I, I legitimately think this might be one of the
• 1:04:36
  factors going on right now. So one, obviously it's cool to
• 1:04:41
  see that the China mining FUD, it's our China mining ban is
• 1:04:45
  finally like it's come to an end, yeah, four years later.
• 1:04:49
  But two, I think fundamentally the difference now is the Trump
• 1:04:51
  administration coming out being pro Bitcoin.
• 1:04:54
  I don't think China has the luxury of being able to be like,
• 1:04:57
  yeah, we're going to we're going to ban this thing.
• 1:04:59
  In 2021. It seemed like the the thing to
• 1:05:02
  do, every country wasn't really embracing Bitcoin.
• 1:05:05
  But now there are multiple countries embracing Bitcoin, and
• 1:05:09
  the US claims to be one of them. And everyone knows that there is
• 1:05:13
  this beef between China, the US and of course, Russia and I, I
• 1:05:18
  don't think they have the luxury of just being like, yeah, we're
• 1:05:20
  going to ban this thing anymore. That that like, I think that's
• 1:05:23
  completely been taken off the table now.
• 1:05:25
  And maybe finally we can put the China, China bands to rest
• 1:05:32
  because I don't think they can do it anymore.
• 1:05:34
  I don't think that that that card has any weight anymore.
• 1:05:37
  Dude, it just didn't work. Like it just didn't work, you
• 1:05:41
  know, like it didn't work. Like the incentives of Bitcoin
• 1:05:44
  are too powerful. And again, like, This is why I
• 1:05:47
  keep harping on this idea that like I, I'm so confident we're
• 1:05:51
  going to win because of this specific region, like, because
• 1:05:54
  of this specific reason, like they don't.
• 1:06:01
  Are we good? Dude, I'm I'm, I'm like a
• 1:06:03
  freaking cat. Of it here they they don't
• 1:06:05
  really have like a response to us like their response is just
• 1:06:09
  doubling down on on coercion, doubling down on forcing people
• 1:06:14
  to do something. But as you can see the Bitcoin
• 1:06:16
  network incentivizes people to to do to do things.
• 1:06:20
  Anyways guys we're going to hit the culture segment.
• 1:06:22
  We have lots to cover. We're going to be right back in
• 1:06:24
  just a bit. I want to give a shout out to
• 1:06:28
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  All righty then, guys, we are back.
• 1:08:31
  Forgive me up front. We are, I am going to do a
• 1:08:34
  little chart boring. Not, not actually chart boring.
• 1:08:37
  I'm not really drawing lines. But as I was telling you the
• 1:08:39
  beginning and, and I, I did want to, you know, Nico was trying to
• 1:08:42
  tease it earlier, But as I was telling you, I, I went to dinner
• 1:08:45
  last night. It was we went to a cool
• 1:08:47
  steakhouse. It was kind of a vibe.
• 1:08:50
  Got a few drinks. It was cool.
• 1:08:51
  It was shouts out to Oliver. He, he's a really cool dude.
• 1:08:53
  I, I met him for the first time last night.
• 1:08:55
  But our buddy Sal, it trains both of us and he's like, he's
• 1:08:59
  in town. You want to go to dinner?
• 1:09:00
  I'm like, hell yeah, dude. Like I'm trying to pick his
• 1:09:02
  brain. This guy's been trading longer
• 1:09:04
  than I have and literally was trading on Wall Street before I
• 1:09:10
  was even born, which is just like mind blowing.
• 1:09:12
  And I, I, I don't mean to, I don't mean to age you, Oliver.
• 1:09:16
  And, and I did ask his permission if I, if I can name
• 1:09:18
  drop him on today's show. I'm like, yo, I'm basically just
• 1:09:20
  going to recap what we talked about tonight on tomorrow's
• 1:09:23
  show. And he's like, yeah, cool bro.
• 1:09:25
  Like that. That's how cool.
• 1:09:26
  Anyways, the main kind of idea that I that I was laying out
• 1:09:30
  earlier for you guys is since the institution got in Bitcoin
• 1:09:36
  essentially since 2023, you can look at it as like a new type of
• 1:09:41
  investor coming into the market. And I've been making this case
• 1:09:44
  for you guys throughout the whole year.
• 1:09:46
  Obviously, I don't know, I didn't know where the price was
• 1:09:49
  going to run, but just something felt different and I brought on
• 1:09:53
  a couple different friends on the show, like shouts out
• 1:09:55
  Mitchell Hoddle. He was one of the first ones to
• 1:09:57
  really kind of hit me to this idea that when the ETF launched,
• 1:10:01
  it fundamentally shifted how the Bitcoin cycles price works.
• 1:10:06
  And me and Oliver and Sal were talking about this last night.
• 1:10:11
  And you know, I even, I kind of asked him about the whole JP
• 1:10:13
  Morgan attacking strategy and he's like, dude, just look at
• 1:10:17
  who are the top shareholders of strategy.
• 1:10:20
  It's basically all of Wall Street.
• 1:10:21
  It makes no sense to me for JP Morgan to attack strategies,
• 1:10:24
  like it makes no sense to me that JP Morgan would attack
• 1:10:29
  Bitcoin when they're making so much money as the authorized
• 1:10:34
  participant of the Black Rock ETF.
• 1:10:36
  People forget that JP Morgan is the AP from where the I bit
• 1:10:40
  they're making. They're literally printing,
• 1:10:43
  printing Fiat right now with that.
• 1:10:45
  I bit AP like they JP Morgan is more incentivized than anyone
• 1:10:49
  right now to see this thing do. Well, he did agree with me on
• 1:10:54
  the kind of the more Simon Dixon angle where the real battle is
• 1:10:58
  Wall Street versus Bitcoin in self custody.
• 1:11:01
  And I was like, yeah, that's kind of what I think's going on.
• 1:11:04
  But I was kind of just comparing notes because again, as we've
• 1:11:07
  told you on the show over the years, over and over and over
• 1:11:11
  and over again, is that Nico and I, and I'm sure a lot of you
• 1:11:15
  guys, like we learned about the traditional financial system
• 1:11:19
  through the Bitcoin lens. And so I tell you guys
• 1:11:22
  constantly, you know, I'm on the show essentially learning with
• 1:11:26
  you. My, my job here, or rather maybe
• 1:11:28
  what I'm good at is just like I'm a good curator.
• 1:11:31
  I, I know where the signals from and I'm still trying to wrap my
• 1:11:34
  head around what's going on. And, and so I, I, that's
• 1:11:38
  basically what I was doing at the dinner last time.
• 1:11:40
  I'm like, look, Oliver, Oliver's been doing this way longer than
• 1:11:43
  me. One of the earliest kind of Wall
• 1:11:45
  Street hedge funds to use the Internet.
• 1:11:48
  You know, he was joking about his early Internet website and
• 1:11:51
  he's like, don't make fun of me for how bad it looks now.
• 1:11:53
  But it was state-of-the-art. And back then we even trolled
• 1:11:56
  Jim Cramer a little bit. I, I told my, my story that I
• 1:11:59
  tell you guys all the time is when I first got into Bitcoin,
• 1:12:02
  my friend sat me down to watch Jim Cramer and I got laughed out
• 1:12:06
  of Charles Schwab because, because I didn't have enough
• 1:12:08
  money to start an account. And he's like, that's such a
• 1:12:10
  good story. You need to tell that more
• 1:12:11
  often. I'm like, all right, man.
• 1:12:13
  Anyways, the, the take away from this, the probably the, the
• 1:12:17
  biggest signal and someone dropped it in the chat earlier
• 1:12:21
  is he's like, bro, I've seen this happen before.
• 1:12:25
  He, he was, you know, kind of aging himself.
• 1:12:27
  He's like, I was there when I, when we adopted the Internet,
• 1:12:30
  like I was there when I, when the world adopted the computer,
• 1:12:34
  like I was there when the world adopted the smartphone.
• 1:12:37
  And every time that happened, it sounded exactly like what people
• 1:12:42
  are saying about Bitcoin today. It's like, that's never going to
• 1:12:45
  catch on. It's never going to work.
• 1:12:47
  That's for criminals, that's for idiots, that's for children.
• 1:12:50
  He's like, dude, I've just, I've seen this before because he'd
• 1:12:54
  had so much experience in markets.
• 1:12:56
  He's been trading forever. And again, I don't mean to age
• 1:13:00
  you, bro, but that's where I, I personally think I have a pretty
• 1:13:07
  good understanding of what's going on.
• 1:13:08
  Obviously I need to learn more and I'm, I'm constantly updating
• 1:13:11
  my kind of world models, my, my point of views, but I'm lacking
• 1:13:16
  the experience of being in markets for decades for as long
• 1:13:19
  as I've been alive. So I was really excited to go to
• 1:13:22
  this dinner. And again, Oliver's like, yo,
• 1:13:25
  I've seen this play out before. I, I, I'm pretty sure.
• 1:13:29
  And he's like, I, I don't know exactly, but I think what is
• 1:13:33
  going on right now with Bitcoin is one kind of the IPO meme.
• 1:13:38
  And as, as I was telling you, you know, 100100K is the start
• 1:13:41
  for all of these institutions. This is their initial get in
• 1:13:45
  Bitcoin. He's like, there's still a long
• 1:13:46
  way to roll after this. He's like, we've been here from
• 1:13:49
  the initial beginning of the IPO prices, but if you look at an
• 1:13:53
  IPO, when does the stock really start?
• 1:13:55
  It's after the IPO sell. So that number is 100K and the
• 1:13:59
  institutions are here and they're trying to build long
• 1:14:01
  term positions. But again, yeah, I'm going to
• 1:14:05
  troll the jet. You guys are funny anyway.
• 1:14:09
  Anyway, anyways, he's like what I see in the market right now,
• 1:14:14
  ever since the ETF, and I've been saying this, it's like ever
• 1:14:17
  since the ETF, I think it's fundamentally shifted the
• 1:14:20
  Bitcoin price. And I was like, dude, I agree.
• 1:14:23
  I've been saying that forever. And he's like, again, with his
• 1:14:26
  experience, he's like, I saw this happen before and it was
• 1:14:29
  with the gold ETF. And so I'm going to pull up the
• 1:14:32
  gold ETF chart here just so we can look at this.
• 1:14:35
  Oh man, it refreshed on me. OK, so I guess maybe we'll start
• 1:14:40
  with the Bitcoin price because it's already here.
• 1:14:43
  All right, so here is the Bitcoin price.
• 1:14:45
  Let me pull this up and here's the the so I also, I don't know
• 1:14:51
  if this is alpha for you guys, but I found on trading view that
• 1:14:53
  you can find this Bitcoin USD with crypto and I think this is
• 1:14:57
  aggregating all of the exchanges into one chart.
• 1:15:01
  Kind of handy. I, I've kind of really been
• 1:15:03
  liking that anyways, of course Bitcoin, you know, you know the
• 1:15:07
  story, you know, boom, busts, bull markets, bear markets goes
• 1:15:10
  up, it goes down, you know, violently volatile, it swings.
• 1:15:16
  Then we kind of got neutered in 2021, you know, bear market 2022
• 1:15:22
  until 2023. And then this is where kind of
• 1:15:25
  the story really starts to I think change since the ETFs
• 1:15:31
  launched this price structure. And I'm on the month.
• 1:15:34
  Let me let me go back to like the week, 'cause you can see a
• 1:15:36
  little more data. Things are just kind of like
• 1:15:40
  fundamentally different here. And I think it was what around
• 1:15:43
  here is when the ETFs launch and it goes up and then it kind of
• 1:15:48
  pulls back, goes up 30% retraces.
• 1:15:51
  And here we are on the 30% retrace.
• 1:15:53
  And he's like, I've seen this play out before.
• 1:15:58
  And this was when you look at gold, he's like when gold had
• 1:16:02
  its ETF moment in 2004, Before that it had essentially boom and
• 1:16:07
  bust cycles as well. But ever since the ETF was
• 1:16:10
  launched, it had essentially A10 year bull market.
• 1:16:14
  Now this is as far back as I can go.
• 1:16:16
  Gold spot U.S. dollar or XAU slash U.S. dollar.
• 1:16:21
  You know it's 1970. You can see it doesn't look
• 1:16:24
  exactly like Bitcoin, but there is some parabolic moves up.
• 1:16:28
  There is some violent crashes again, you know, it's it it's
• 1:16:32
  cigsaws it it starts bouncing a lot Yes, there was kind of a
• 1:16:36
  long prolonged bear market sideways action.
• 1:16:40
  But then you can see in 2004 right here, it literally went
• 1:16:46
  just up into the right for 10 years.
• 1:16:48
  And so the take away is yeah, we might not be seeing 21 X, you
• 1:16:53
  know, 2021 time returns in Bitcoin anymore, but you might
• 1:16:59
  just be getting a slow unlimited bid up into the right.
• 1:17:02
  And yes, there was kind of a bear market here in 2013 to
• 1:17:07
  about 2019 and then it just started ripping up again.
• 1:17:11
  And he's like, this is kind of what happens to an asset that
• 1:17:16
  matures once it gets to ETF, the market structure fundamentally
• 1:17:20
  changes. Gold used to be very wild, very
• 1:17:23
  volatile. It got the ETF.
• 1:17:25
  It went into a 10 year bull market up and to the right.
• 1:17:28
  Yes, it's not as as flashy as getting 21X gains, but it
• 1:17:35
  doesn't get insane pull backs either.
• 1:17:39
  And I think that was like, I've been kind of saying this for a
• 1:17:42
  while, but I think because of my lack of experience, I and I
• 1:17:45
  wasn't around for the gold. I went 2004, I was like 14.
• 1:17:50
  Yeah, no, yeah, 2004 I was 14. That's crazy.
• 1:17:56
  So obviously I didn't have that experience, but he's like, dude,
• 1:17:58
  I've seen this play out and the narratives around Bitcoin are
• 1:18:01
  all the same thing. What the institutions are doing
• 1:18:04
  in Bitcoin right now, he's like, it's the same playbook.
• 1:18:08
  He's like, it's just with a new thing.
• 1:18:10
  And I think the the kind of take away of this, they're like, OK,
• 1:18:14
  cool story bro. But like, how do I win through
• 1:18:17
  this process if this is what's going on?
• 1:18:20
  And it's the same thing we tell you guys all the time.
• 1:18:23
  It's just accumulating more Bitcoin.
• 1:18:25
  As I was saying earlier, the name of the game is Bitcoin is
• 1:18:28
  the finish line. You're not getting Bitcoin so
• 1:18:31
  that you can, you know, trade it for more dollars or so you can
• 1:18:34
  trade it for the, the, the Lamba.
• 1:18:37
  You, you can, you can do that if you want to.
• 1:18:41
  But we all had this kind of laughing moment where like the
• 1:18:46
  Bitcoin Zen end goal is like whenever you have dollars,
• 1:18:51
  you're panicking until you get into Bitcoin.
• 1:18:53
  But once you get into Bitcoin, you take this deep breath and
• 1:18:55
  you're like, all right, finally, like I'm finally safe.
• 1:18:58
  I got it into Bitcoin. We're good to go.
• 1:19:01
  So you know, I'm I'm sure that was a long winded way.
• 1:19:04
  I could have probably done that way shorter, but I think it is
• 1:19:08
  very interesting. My boys in the chat right now.
• 1:19:11
  My boys in the chat, I've told you, I don't know if you've been
• 1:19:15
  watching the show. I, I, I still troll you when we
• 1:19:18
  text, text message. But you, you look, I'll give it
• 1:19:22
  to you, bro. You called the tops, you called,
• 1:19:24
  you called the recent bottoms. I just, I think you're not fully
• 1:19:30
  factoring in certain variables here.
• 1:19:32
  You're, you're, as you've put it yourself, I'm looking at
• 1:19:35
  momentum, time and price. And while I think that may have
• 1:19:39
  worked in the past, you might, you might get wrecked right now,
• 1:19:46
  bro. You might be left with no shirt
• 1:19:49
  because I think things have fundamentally changed.
• 1:19:52
  I just think things are different now.
• 1:19:54
  We new have a new investor. There's a whole new hype cycle.
• 1:19:57
  There's a whole new marketing wing from Wall Street trying to
• 1:20:00
  get into Bitcoin. There's a whole new greed
• 1:20:02
  element. There's a whole new investor
• 1:20:04
  that is just starting in Bitcoin.
• 1:20:06
  And. I don't believe that we we can
• 1:20:11
  just kind of look back at what has happened in Bitcoin and not
• 1:20:15
  acknowledge things have changed. So you know, I'm not I'm not
• 1:20:19
  going to I'm not going to put all your business out there,
• 1:20:22
  bro. But personally, I would not be
• 1:20:25
  selling out of my Bitcoin position right now.
• 1:20:28
  I get if you, you know, you need a little bit to live, but I
• 1:20:33
  wouldn't be doing that. Dude, I, I'm, I'm gonna, I
• 1:20:36
  don't, I don't want to be. I I told you so.
• 1:20:39
  But I might be telling you so in the future that you got wrecked.
• 1:20:43
  OK. Oh, man.
• 1:20:46
  All right, guys. Anyways, Nico had to pop off.
• 1:20:49
  Let me see. I'll.
• 1:20:50
  I'll read that. No, no, guys.
• 1:20:53
  No one's hacking our stream with the, the, the electricity.
• 1:20:56
  We we've had like weird surges all morning and I think we just
• 1:21:01
  needed to reset the router and then we're going to get new
• 1:21:04
  cords in here. So hopefully it never happens
• 1:21:06
  again, but I think we just had to reset the router.
• 1:21:08
  So there there's no hack going on.
• 1:21:10
  I just think yeah, you are dude, sorry I'm I'm literally talking
• 1:21:16
  to the chat. All right anyways, this was
• 1:21:18
  today's show. I hope you guys got some value
• 1:21:20
  from this again. I think, I think what, what I
• 1:21:27
  like to do is, you know, not, not just like kind of
• 1:21:32
  pontificate and, and preach here, but I'm, I'm always
• 1:21:37
  updating my mental models as we do this because I, I'm a, I'm a
• 1:21:41
  seeker of truth. I want to know the truth.
• 1:21:44
  You know, I, I'm not just trying to know the truth so that I can
• 1:21:47
  say I'm, I know the truth. I want to know the truth so that
• 1:21:50
  I can position myself moving into the future, the next 1020
• 1:21:54
  years. And I want to bring you guys
• 1:21:56
  along with me. If, if what I believe is
• 1:21:59
  correct, then we're all going to be living a better life.
• 1:22:02
  And I think that's what's really what we really want to do.
• 1:22:05
  Again, I've been saying for a while, it's like getting our,
• 1:22:07
  our wealth up, our influence up, our health up.
• 1:22:10
  That's the most important things to be doing.
• 1:22:12
  And if this is how we can reach you guys through YouTube, then,
• 1:22:16
  you know, maybe we are building a cult here, the cult of Opti.
• 1:22:23
  All right, guys, I love you guys.
• 1:22:25
  I will see you tomorrow. I again thank you for bearing
• 1:22:29
  with us. Hopefully we have this figured
• 1:22:32
  out tomorrow. I I'd really think it's just a
• 1:22:34
  reset of the router. ANYWAYS on that note guys, peace
• 1:22:37
  out. Have a good rest of your day,
• 1:22:39
  eat some good food, maybe get a workout and a walk, all that
• 1:22:42
  good stuff. Been your boy Opti.
• 1:22:45
  It's Tuesday November 25th and I don't know what the current
• 1:22:49
  Bitcoin price is like $87.00. So anyways, whatever, peace out.
• 1:22:52
  Today's episode was brought to you by bitcoinwell.com, a
• 1:22:56
  Bitcoin only platform on a mission to enable financial
• 1:22:59
  independence.