Latest / Simply Bitcoin / Michael Saylor EXPOSES How Wall Street Plans To Take YOUR Bitcoin?! | EP 1448

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Michael Saylor EXPOSES How Wall Street Plans To Take YOUR Bitcoin?! | EP 1448 · Simply Bitcoin

0:00
What are you talking about that is the right one?
0:03
By this stage, we all know someone is suppressing Bitcoin's
0:07
price, but we didn't expect Michael Saylor to reveal exactly
0:12
how Wall Street plans to take your Bitcoin.
0:16
We all say there's 21 million Bitcoin, but you might want to
0:20
pay very close attention to what Michael Saylor says in this
0:24
clip. Now there's a third place you
0:29
can get credit, and the third place is you go to a crypto
0:33
exchange or an OTC exchange and they'll often times give you a
0:37
loan at 4% or 3% or 5% or 2%. I've had people offer me Bitcoin
0:46
back credit at 1% or 0%. What's the catch, Natalie?
0:54
Right, that's the question. There's always the catch is they
0:56
want me to transfer the Bitcoin to them so they can re
0:59
hypothecate it. So if you have $10 million, you
1:04
either cannot get a loan from a legitimate bank or you can get a
1:08
small loan at a 10% interest rate, or you can get a three or
1:14
4% loan, but then it gets re hypothecated.
1:17
So your $10 million of Bitcoin gets sold once, gets sold twice,
1:23
gets sold three times. You might have, you might
1:26
actually create 30 or $40 million worth of selling because
1:31
the Bitcoin that you posted is that you transferred to the
1:35
shadow bank or the crypto exchange rehypothecated it three
1:39
times. OK, So what's holding down the
1:42
price? I think what holds down the
1:45
price of the asset is the lack of a fully formed non re
1:51
hypothecating credit system, right?
1:54
And there's a limit to how much you can re hypothecate certain
1:58
other assets, right? When you post your home as
2:02
collateral for a mortgage, the bank doesn't turn around and
2:06
sell the house on your street 10 times.
2:10
If they did, the price of houses on your street would be lower,
2:13
right? So I I think that the lack of a
2:17
fully formed banking system holds the price back.
2:21
The existence of rehypothecation and the crypto economy damps the
2:27
Vol. It works to both sides right?
2:29
When When people want to get short, they might get short 50X
2:34
leverage. When they want to get long, they
2:36
make it long, 50X leverage. So right now we're in that that
2:42
bear market where you've got the rehypothecation holding back the
2:47
price and I think at some point it reverses itself.
2:51
We'll just have to wait. I mean, guys, Saylor finally
2:57
said it. He he I guess has, you know,
3:00
actual proof of the rehypothecation in Bitcoin.
3:03
But anyways, we got a full panel here.
3:04
Of course, Nico's here, our boy Adam O'Brien's here with us from
3:07
Bitcoin. Well, and I, I actually, I'm
3:10
going to start with you, Adam, what's your thoughts on this
3:14
'cause I know us bit corners have been saying for a long
3:16
time, actually I am kind of in the half any camp here where
3:20
there will be full reserve banks, rehypothecation banks.
3:24
And I know the basic meme, the basic idea for most bit corners
3:28
is just, hey, there's more sellers than buyers right now,
3:31
hence why the Bitcoin price is down.
3:34
But Saylor coming out and talking about rehypothecation
3:37
right now is really confirming a lot of our worst fears as
3:40
bitcoiners. So what's your thoughts here in
3:42
this? Dude, First things first, Sailor
3:45
sounds like a high quality optimist robot that Elon Musk is
3:49
making that is probably the most robotic man on the planet, which
3:54
I kind of love to see. I think too he's confirming what
3:58
we already knew. I also found it ironic 'cause
4:00
I'm pretty sure Coinbase is in the camp of like
4:02
rehypothecation. Coinbase is, you know, suspect
4:05
of of paper Bitcoin season. So, and I'm pretty sure Sailor
4:09
has all of his coins at Coinbase, which right now, which
4:12
I, which I think is is interesting.
4:16
But as far as the broader philosophical question, what do
4:21
we do with our Bitcoin? Because lots of us Bitcoiners
4:24
don't want to sell Bitcoin, but Bitcoiners need to eat to live.
4:27
And if you're all in, you kind of need to sell or I guess
4:30
borrow against, against your Bitcoin.
4:32
And so it begs the question, what do you do?
4:35
What is the moral dilemma? Do you stomach and pay 10% or do
4:40
you, do you take the take the carrots, right?
4:42
It's kind of like there's incentives everywhere and we
4:46
need to be aware of the incentives.
4:47
And I think that you're bang on or Hal was bang on.
4:50
And Opti, you can RIP Hal off all you like because I think he
4:53
has some pretty good takes. Yeah, there will be
4:56
hypothecating banks. It is probably our job as
4:59
bitcoiners to be aware of that and to do our part, not to feed
5:04
that ecosystem. If you don't want a world where
5:07
your Bitcoin is re hypothecated, probably don't use re
5:10
hypothecating Bitcoin backed lending services.
5:14
What a mouthful. And I have the same call of
5:16
like, if you don't want a world where Bitcoin is captured and
5:20
custodied, don't use a custodial exchange.
5:23
Don't give your energy. As Bitcoiners, we should know
5:27
better than anyone how valuable our energy is.
5:29
Our energy is is the time that we have on earth, the time that
5:33
we use to produce value. And when you give that scarce
5:36
time, that scarce asset, that scarce energy to somebody, you
5:40
are feeding whatever their mission is, whatever they are
5:43
doing. And we have to be aware of that.
5:44
So I think this is good. This alarm bell is awesome.
5:48
Yeah, the irony of it coming from Sailor is is not lost on
5:51
me, but I think it's, I think this is the right take and I
5:54
think it's a take that we all need to be aware of.
5:56
Yeah, totally. Wait, Nico, before you go, I of
5:58
course I want to let you go, but someone asked, so how does Wall
6:01
Street plan to get our Bitcoin? Guys, it's very simple.
6:04
They're going to offer you really good rates on your
6:07
Bitcoin. And then of course they're going
6:09
to be re hypothecating and potentially as we've been
6:12
uncovering the Jane St. liquidating your holdings.
6:15
So that this is what they're going to do.
6:17
They're going to try to incentivize you to give up
6:19
custody of your Bitcoin. Like Michael Saylor said, like
6:22
Adam just said it, it's not, it's not that like conspiracy
6:27
minded at all. It's just they're going to try
6:29
to offer you rates better than the market can offer you so that
6:31
you give up your Bitcoin. And then of course, they play
6:34
all the games to liquidate your holdings that that's like it's
6:37
plain. It's 61-O2 in two steps.
6:40
Step one, convince them to give them your Bitcoin because you
6:44
get good rates. Or I think that actually the,
6:47
the, the more devious plan is through tax incentives, right?
6:51
How many people? Like I was on a show yesterday
6:53
and the guy was talking about a guy who was probably a Bitcoin
6:56
billionaire selling all of his coins from self custody to buy
7:01
Ibit. Like that is for the for the for
7:03
the tax, for the tax reasons. And it's like that is so
7:06
backwards. They will continue to change the
7:08
rules to incentivize you to give them your Bitcoin.
7:12
They're playing the long game here.
7:13
Maybe they don't get it on day one.
7:14
Maybe it's day 6000 that that they get it.
7:16
But at the end of the day, they stole your grandkids Bitcoin and
7:20
you can't let them do that. Totally, Nico.
7:24
Dude, I mean, it's one of the things that's troubling about
7:27
the cycle, bro is and then we've, we've showed you guys
7:30
some of the graphics and stuff like this is like really the
7:32
first cycle where you've seen less and less people take
7:37
custody of their Bitcoin. Like you see the amount of
7:39
wallet addresses, it's actually going down.
7:42
And this really started since the introduction of the Bitcoin
7:47
ETFs, which everyone and their mother, I, I would say I'm
7:50
guilty of that as well, 'cause I thought I was going to make the
7:53
number go up. Was very excited about that.
7:55
We were very excited about the ETFs.
7:57
We were very excited about the legitimization of, of, of
8:00
Bitcoin on Wall Street and we totally just composed,
8:05
completely forgot or just completely didn't take it into
8:09
account that Wall Street is going to come in and play Wall
8:12
Street games. And that's exactly what they're
8:14
doing, right. So you know, we have also we
8:17
have this clip from Sailor and then what Opti covered on
8:20
yesterday's show regarding James St.
8:23
Which we got. We got a little more for the
8:25
saga. Today we have we're going to be
8:27
talking about that during the news segment and hey, look, look
8:31
guys, there was No 10 AM dump. Look at that and coincidence,
8:34
wink wink. So yeah, I mean, but look,
8:38
fundamentally, you know, how do you stop this?
8:41
I mean, I think it's pretty straightforward.
8:42
It's more individuals, you know, reclaiming back their financial
8:46
sovereignty by taking that Bitcoin into self custody.
8:49
But what worries me a little bit is again, you, you see this more
8:53
and more and Adam brought up an example, right?
8:56
You see more and more people basically saying like, look,
8:58
like now that there's, you know, these financial instruments that
9:03
are the equivalent of spot Bitcoin or they see, they
9:06
perceive it as such. You know, they're they, they
9:09
just kind of forgot the mission. They got rich.
9:11
You know, they're they're billionaires.
9:12
You know, it's like the the meme that we all came here in
9:16
Bitcoin. It's just like we came for the
9:17
money, stayed for the revolution.
9:19
It's like they went circle. It's like we came for the money,
9:21
stayed for the revolution, got really rich.
9:23
And then it's like, all right, we actually came for the money.
9:25
Dude, I'm in it for the tag bro. The blockchain is the real
9:31
innovation. Yeah, 100.
9:32
Percent. So it kind of like went full
9:34
circle, man. But it's very troubling because
9:37
again, if, if individuals really don't, they don't really
9:41
internalize this idea of self custody and the power that comes
9:44
with self custody, nothing will change, right?
9:47
I've been thinking a lot about the custody piece and like, I
9:51
think it's, I don't know that we're, it's, it's such a, it's
9:54
such an education game because if you think about it,
9:56
previously, it was actually more incentivizing to give up
9:59
physical assets because of the economies of scale.
10:02
Like if you think about gold, you know, as you accumulated
10:05
gold throughout your life, it made more sense to give it to a
10:07
custodian because they had the like the big vault and the
10:10
bodyguard and the lasers and like all the, all the fancy
10:13
security beams that you need to protect large sums of money.
10:17
But the difference is that you have institutional security
10:20
baked into the Bitcoin protocol for individuals and it actually
10:23
creates a negative incentive to give it away.
10:25
But I don't think we've learned that yet.
10:26
This is kind of the first asset in of that nature where it gets
10:29
easier to self custody the more that you have and which is still
10:33
counterintuitive to everything we've ever known.
10:36
Yeah, I mean, the, the, the, the counter intuitiveness I think is
10:40
a really good point because again, like it made sense to
10:43
outsource the custody of gold, especially if you hold a large
10:46
amount of gold, right. Like what are you gonna do?
10:48
Build a like a like a vault underneath your house like.
10:51
Or like oil. Remember two years ago they were
10:54
literally paying 20 bucks for people to take custody of oil.
10:57
The oil companies were paying because it was so inconvenient
11:00
to actually house the oil. Yeah.
11:02
And and it's the physical characteristics and I think that
11:06
you hit the nail on the head at them.
11:07
Like that's where I think people have this disconnect where like
11:11
they don't realize that you can write down a 12 word or, you
11:14
know, 24 word seed phrase and you can theoretically store
11:17
1,000,000 billions, trillions of dollars on it, right?
11:22
And then you, you know, you, you work in multi sig and all that
11:24
stuff. Like you have the power, if you
11:27
are, are, are willing to learn right on how to take self
11:30
custody, you can do it as an individual.
11:33
It's again, it comes with trade-offs.
11:35
I wouldn't say it's particularly easy for very large amounts like
11:38
'cause then you start going down the multi sig rabbit hole or
11:41
you're going to do collaborative custody.
11:43
Are you going to set up the multi sig yourself?
11:45
Like it, it, it you run into these to these problems.
11:48
But ultimately between that and giving up custody altogether, I
11:54
would rather go to, I don't own any Bitcoin for the record, but
11:58
who does? Yeah, no one owns any Bitcoin.
12:00
Really does. Yeah, we just like talking about
12:03
we. Just like talking about it on a
12:04
theoretical basis, but you know, if, if you had a choice, if, if
12:09
this theoretical person had a choice between, you know,
12:13
custody, their Bitcoin or, you know, you know, taking self
12:17
custody in a way where you know, you're, you're protected from $5
12:20
rent to tax. You're protected from, you know,
12:23
making a mistake with one of losing your keys, Right?
12:27
I, I, I think there's an, there's an obvious choice, but
12:30
how do you convince the wealthiest generation, which is,
12:33
which are the boomers, which are used to, you know, dealing with
12:37
the traditional financial system, to basically go down
12:40
that route? That's a very difficult
12:42
conversation that you need to have with them, right?
12:45
Because they're like the dude. But like, I, I just have a
12:48
Schwab account. I could just buy it on Schwab.
12:50
Like why? Why would I like, what do you
12:52
mean wallet? What, what, what are you talking
12:54
about? Right.
12:55
So, yeah, it is, it is a little bit of a heavy lift.
12:58
I think the ETF was a, a double edged sword and we're going to
13:03
have to deal with this rehypothecation stuff.
13:05
And it's actually interesting because I was having a
13:07
conversation many years ago. It was like two or three years
13:09
ago with Larry Leopard and Caitlin Long and they both
13:14
called it, they're like there is going to be rehypothecation of
13:18
Bitcoin and where's. That even stronger.
13:20
They're like it's happening right now.
13:21
Yeah, there's like there is going to be rehypothecation of
13:24
Bitcoin and and I think it's going to become apparent one day
13:28
where the markets are going to realize, wait a second, there's
13:31
25,000,000 Bitcoin being sold and.
13:34
Well, that's that's the next question is like how many
13:37
Bitcoin, how much paper Bitcoin is in the system right now?
13:40
It's like the real question for all of us to answer.
13:42
I mean I think it's really hard to find out like bro what is it?
13:46
11 out of the 12 ETFs have their Bitcoin custody with Coinbase
13:50
and then. And they have like a million
13:52
plus coins. Michael Saylor has their Bitcoin
13:54
has his Bitcoin with Coinbase like.
13:56
Like, so there's really like 30 million bitcoins.
14:01
And and then you have this news with Jane St. basically, you
14:05
know that with the dark arts, right and coming out and it
14:09
seems like they're responsible for a lot of the crashes that
14:12
happened in 2022. Like these are things that we're
14:15
finding out three years later. Like we had no idea.
14:18
Like, remember, Frank Holmes came on the show and he was
14:21
talking about the events of October 10th, which probably.
14:26
Was Jane St. too, and not just Binance?
14:28
Like basically Binance like basically dumping the market on
14:32
purpose and then all the theories that came out of it
14:35
regarding Trump pardoning CZ so he can dump them.
14:39
I was the biggest conspiracy theorist on this.
14:43
So it's pretty crazy. But Adam, I mean like, bro,
14:45
you've been in this space for a long time.
14:47
Do you think we've we can ever get to a point where you know at
14:51
least a sufficient portion of the population is willing to
14:55
take personal responsibility and put Bitcoin into self custody?
15:00
Yeah, man, I think probably in a longer term we will.
15:04
I, I'm, I'm bullish on the next Gen. man.
15:07
Every time I talk to like a 22 year old kid, they're just
15:11
hungry. I think that the Generation Z or
15:16
Gen. Z is this perfect combination of
15:20
people growing up in like, they're digital natives.
15:24
They don't trust everything. They are like, they're already
15:26
trained not to trust and they understand the system is failing
15:30
them. Like, like our generation is
15:34
bearish on pensions, right? I don't think anyone our age is
15:36
like under the disillusion that there's going to be a pension
15:38
waiting for them when they turn 65.
15:40
I think that Gen. Z is like not even gonna not not
15:43
even gonna shop the lie around. Like they're, they're just so
15:46
far removed. They see the writing on the wall
15:49
and I think it's making them hungry.
15:50
You know, what's the what's the saying?
15:52
Good times make makes make strong men or good good times
15:56
make weak men. Weak men make hard times.
15:58
Hard times make strong men and strong men make good times or
16:01
whatever the cycle is. How?
16:02
Was it? We're we're seeing this play out
16:05
in real time. And I think that the next
16:07
generation is, is the strong they're the strong men coming
16:12
up. And so yes, they will take
16:13
personal agency. Yes, at least the winners of
16:17
that generation will be the ones that have self custody Bitcoin
16:22
in their hands, ready to buy the nations that are failing.
16:25
Like we are going to see nation states collapse at an alarming
16:29
level in our lifetime. And the ones that are going to
16:33
buy them are probably going to be a mixture of the communists,
16:37
you know, and and the world's economic powers and the
16:40
Bitcoiners. And I think that the more
16:43
bitcoiners that start founding nation states in the next 10 to
16:46
30 years will be the one like the only ones able to do that
16:49
are going to be the ones that have Bitcoin in self custody.
16:51
Because last time I checked, your I bit ETF doesn't
16:55
necessarily count as like a purchase, you know, an asset
16:59
that you're able to purchase a nation state with.
17:01
So I think that I'm bullish still.
17:04
I'm the eternal optimist. I'm just like, I'm, I'm so
17:07
bullish on the next generation, so bullish on Bitcoin and self
17:11
custody. And so I think with those two
17:13
things, as long as the option is there, the strong and the free
17:16
will prevail. It's just, it might be few or it
17:19
might be many. I hope it's many, but I think
17:21
the few that do will will make it.
17:24
Breaking, breaking, breaking. Adam is bullish on the broccoli
17:28
haircut. Come on, broccoli haircut for
17:30
the win. Actually, no, Adam, I, I do want
17:32
to ask you a question because, or maybe maybe I'll wait until
17:36
actually, maybe I'll wait until the Jane Street.
17:39
I like. I haven't talked to you in a
17:40
while. And, and of course you've been
17:41
in Bitcoin a little longer than me.
17:43
And I, I actually, let's just do this first part and then and
17:46
then I'll attack it on at the, at the second part.
17:51
You know, you've been in Bitcoin for a long time.
17:53
You're a Freedom Maxi person, and I've.
17:57
Yeah, Niko's rocking the Freedom Maxi shirt right now.
17:59
Come. On adamobrien.ca always.
18:02
Plus, there you go. Yeah, everyone was asking about
18:03
the hoodie. Adam obrien.ca.
18:05
I was trying to look for it. I'm like Adam obrien.com.
18:07
It's like, no, that's. Not no, I'm a Canadian.
18:09
It's not, Yeah. Dude, you're.
18:10
Canadian Anyway dude, I might have to troll you.
18:13
A side note. Side note, I might have to troll
18:15
you about the Olympics bro you got?
18:19
Let's go. Hey, listen, listen.
18:22
All that showed was that Canadians are amazing teachers
18:26
and let's. Go, wait, wait, wait.
18:29
Nico, before you go, let me get this question out.
18:31
So as we've been seeing, obviously Bitcoin now is, you
18:36
know, top of mind for a lot of institutions.
18:39
And like we, we always talk about This is why we're aligned
18:43
with simply Bitcoin and Bitcoin well is because we are all self
18:46
custody Maxis. We believe this is the best way
18:49
for individuals to hold Bitcoin, but I have been covering on this
18:53
show a lot, this idea of a Wall Street attack on Bitcoin and
18:58
that brings in the larger implication or the larger
19:00
question for most people that aren't as hardcore and, you
19:04
know, just obsessed with Bitcoin.
19:06
This idea of like, has Bitcoin not only lost the roots that it
19:10
started with, but is Wall Street going to be able to control
19:14
Bitcoin? So I want to pose that question
19:16
to you and and then Nico, it's going to pop in.
19:18
Yeah. I mean, can it not at a protocol
19:21
level, but I think probably the greatest risk to Bitcoin is at
19:23
the economic level, where there's the economic level,
19:26
regardless of the protocol is always proof of stake.
19:29
And I think that's something that Bitcoiners kind of forget
19:31
sometimes, you know, and, and as we talked about earlier, we were
19:34
ushering in like, Wall Street is here, Hooray, the government is
19:38
here, Hooray. Like, we did it, the Trojan
19:40
horse won. We're in the battleground now.
19:43
And it's like, oh, wait, they welcomed us in because they had
19:46
the knife to stab us. And I think that we kind of
19:50
forget that They're here to play their games.
19:52
They're here to enrich themselves.
19:54
They didn't bend the need of Bitcoin.
19:56
They're trying to make Bitcoin bend the need of the state or to
19:59
the Wall Street or so whatever. So can they capture it?
20:01
Yeah. You better believe they can
20:03
capture it. Will they be successful long
20:06
term? No.
20:07
I think that Bitcoin is the superior asset, the supreme
20:11
asset on the planet. And at the end of the day,
20:13
they're going to need to distribute it.
20:16
It's too scarce and it's and it's too, you have too much
20:19
authentication for it not to be distributable.
20:22
Like sadly, the the most likely distribution method is probably
20:26
through like a Coinbase hack or through like, you know, a
20:29
government hack of some kind. The governments are too big,
20:31
Coinbase is too big. They're handling too many coins.
20:34
The honeypot is too good. Who knows, maybe Quantum comes
20:38
to save Bitcoin because Quantum can attack Satoshi's wallets and
20:41
distribute those coins around. I think that the protocol is
20:44
designed so well, so decentralized, and the scarcity
20:47
provides such amazing economic incentive that the economics
20:50
always work for for distribution of coins to individuals on mass
20:56
over a long time frame. But if we aren't careful and the
20:59
centralization of Bitcoin continues, then I think the
21:03
prophecy says there's going to be some dark days ahead, and so
21:07
we have to be on the lookout for that.
21:09
Yeah, man, I mean it. It's, it's I, man, I and I and I
21:14
fell into it. I fell into the, the whole, you
21:16
know, I was, I was pumped when the ETF was approved.
21:19
We thought we were winning. You know, we, we were, we were
21:21
coming out. Wait, wait.
21:25
I thought we are winning. I thought this, I thought we
21:27
were winning so. Hard.
21:28
We're in the. Golden age, bro, you know, we're
21:30
in the golden age, but no, it, it was crazy.
21:34
We went from operation Choke .2 point O, you know, getting
21:38
attacked on a on a regulatory perspective in the United
21:40
States. It was so bad and we were so
21:43
hyped and we, we were so hyped to the point.
21:45
And Adam, you were, you were there that we were on the news
21:47
desk at the Bitcoin conference, you know, when, when President
21:51
Trump was running for a second term and it was so like, Oh my,
21:55
we were, we were all so excited. And like Jay RFK was there and
21:59
he was like, yeah, like I have all my assets in Bitcoin and
22:02
like Tulsi Gabbard made an appearance and like Trump went
22:05
on stage and he's like, you don't have to sell your Bitcoin.
22:07
It's gonna go to the moon. RFK speech before that was like
22:11
times 10. He's like the United States is
22:13
gonna buy 4 million Bitcoin. And we thought Operation Choke
22:16
.2 point O was ending. Like we it was, there was so
22:19
much optimism, you know, and I remember the the inauguration
22:23
where like, Oh my man, we won. You know, the White House was
22:26
like posting, you know, like the US is going to be the the
22:29
Bitcoin capital of the world. Like all this stuff.
22:32
And then the entire time, like we like, it's like, dude, like
22:37
we, we actually don't want the state to have a strategic
22:42
Bitcoin reserve. Like that actually sounds like a
22:44
bad idea. Like we actually, it was
22:47
actually a lot funner when Wall Street was not involved in the
22:52
industry. We had a lot more volatility
22:54
back then. Adam, I've been cracking jokes
22:56
with Opti just because 2025 sucks so much in terms of price
23:01
action. I was like bro, I wish cackling
23:03
Kamala won the election because at least the price would have
23:06
went up, right? Can we get a print please?
23:10
Like, it's like, all right, fine, we would have been in the
23:12
gulags, but at least, you know, we would have been at 300K,
23:15
right? And the gulags would have been
23:16
lit. The gulags would have been
23:17
super, super lit. So, yeah, I mean, you know,
23:21
it's, it's kind of but. But again, look, if Bitcoin
23:25
fails this stress test, then Bitcoin isn't what we all
23:28
thought it was gonna be, right? And I think it's gonna, I think
23:32
Bitcoin's gonna succeed like it always does eventually.
23:37
I I think they can only re hypothecate so much until the
23:40
market pays until the market notices.
23:43
Well, until someone blows up. Well, yeah, the the blow up, the
23:46
blow up going to make FTX look small, but I think that's
23:49
actually the known scarcity of Bitcoin.
23:51
We've never like gold is obviously re hypothecated, oil
23:53
is infinitely abundant. So I think the scarcity of oil
23:56
is like off the table at this point.
23:58
It's pretty obvious. But Bitcoin, we have a known
24:01
scarcity. We've never had a known scarce
24:03
asset, even land like we don't know how much land there is.
24:06
We don't know, you know what happens if you dig in in just
24:10
into certain areas? You know how what if there's a
24:12
new island that pops up in the middle of the ocean that ends up
24:14
being this amazing paradise? Like nothing is scarce in this
24:18
world other than the world itself and Bitcoin and and we
24:23
know how much Bitcoin there is and there ever will be.
24:27
And so I'm deeply interested to try to track the chain analytics
24:32
as more of these companies go public, as we kind of
24:35
investigate the blockchain. It's like, hey, wait a SEC
24:38
Coinbase is holding 3 1/2 River's holding this much like
24:41
as proof of reserves gets a little bit bigger as the balance
24:43
sheets get a little bit more public.
24:45
I think we're in for some pretty interesting conspiracy talks.
24:49
100% I mean. Well, well, the biggest
24:51
conspiracy is there's more land behind the ice wall for the flat
24:55
earthers in the chat so that. Wasn't.
24:58
That wasn't. That wasn't the breaking news.
25:03
The breaking news is that Adam O'Brien just confirmed the
25:07
Hollow Earth theory. Yeah, he's a flat earther.
25:10
There is dinosaurs. We are globetards.
25:13
You're a flat earther. I'd.
25:15
Be there man, don't, don't put me in these camps.
25:21
If you dig deep enough, there's a hollow Earth and you'll find
25:24
dinosaurs in King Kong. You know what?
25:26
That was just confirmed. Dinosaurs were Dragons.
25:29
I don't know what you're talking about.
25:30
I was playing golf yesterday at this golf SIM and I hit this or
25:33
my friend hit this weird shot and it went through and it went
25:36
like through the earth and I was like ah, Earth's hollow knew it
25:39
the. Simulator knows that.
25:41
Confirms it that confirms it, man.
25:44
But yeah, man, I mean, look, I am optimistic longer term, you
25:50
know, and I think I think what's going to happen this cycle is,
25:55
you know, a lot of man, I mean, I want to get your take on this,
25:58
Adam, like the treasury companies that are not producing
26:02
cash flow, What is your take on that?
26:05
Because like, dude, like it was basically like, it was like a
26:10
like it was a whole shtick last year.
26:12
It was basically you had all these treasury companies that
26:15
raised a ton of raised a ton of money to buy Bitcoin, but they
26:18
had absolutely no underlying business beneath them.
26:22
And then it was like, you know, it was went through like the the
26:25
typical hype cycle, right, euphoric top.
26:28
They've all blew up their M nabs are like 5678 whatever.
26:33
And then the market realized it's like, wait a second, like
26:36
why am I paying a premium to, to buy this Bitcoin, you know,
26:40
paying the management fee, etcetera, etcetera.
26:44
And there's no underlying business beneath.
26:46
There's no, there's no, there's no cash flow that's actually
26:48
being generated. Like what is it actually that
26:50
I'm buying? And then the, the market
26:53
realized that and I, I, I, I don't know how I feel about
26:55
treasury companies that don't have a business behind them.
27:00
Like I, I don't know about the future of them.
27:02
I, I, I think it, I, why would you not just buy spot Bitcoin or
27:06
why would you not just buy the ETF?
27:08
It makes absolutely no sense. Adam, I want to get your take.
27:10
Yeah, man, I think that the we're, I mean the market
27:13
naturally is going to find its, its homes.
27:16
And I think that we fell into a trap of Bitcoin goes up forever.
27:22
Companies that own Bitcoin go up at a nice premium to that we
27:25
should buy the faster horse. And like with all faster horses,
27:29
they come to die and and you know, here we are, you know,
27:33
bending the knee. Treasury companies, maybe they
27:35
rise faster than Bitcoin in the pumps, but they sure do fall.
27:38
And last time I checked, individuals, retail is not very
27:40
good at at finding the top or they're very good at finding the
27:44
top because they usually buy it. And Wall Street's already
27:47
planned their exit to dump on those on those poor people.
27:51
At the end of the day, owning Bitcoin is not a business.
27:54
Owning Bitcoin is something a good business does to steward
27:57
its profits properly. And it could be that if your
28:01
business is is successful and you're buying Bitcoin, the
28:06
market will reward you to buy more Bitcoin.
28:09
Or the market will reward you to build your business even
28:11
stronger so you can buy more Bitcoin in the future.
28:14
But at the end of the day, we we've got this, we've got such a
28:18
broken money system that it's, it looks like owning assets is a
28:22
business because our monetary systems are so bent out of shape
28:25
and so broken. Owning a house, for example,
28:29
became a business because of how busted the home system is.
28:34
Owning oil became a business. Owning gold became a business
28:39
because of multiple different things, but primarily Fiat games
28:42
because of the Fiat world, because of the Fiat industry.
28:45
Owning Bitcoin is not and never will be a business.
28:49
I think that MSTR is the exception to the rule, not the
28:52
rule. And anyone try meaning, I think
28:55
that like, because MSTR, they, they burn cash like it's going
28:58
out of style. Like like their business is like
29:01
their software business is a complete disaster that just
29:04
lights money on fire by the hundreds of millions of dollars.
29:08
But they've got this insane Moat of Bitcoin.
29:10
And it wouldn't surprise me to see them just like shutter the
29:14
operating company and just become the Bitcoin bank that say
29:17
there's kind of like testing out.
29:19
But if you're a business that has no business and you own
29:21
Bitcoin, you're done. Like the market will not reward
29:24
you. And I think it's going to be up
29:25
to what I'm deeming productive Bitcoin treasury companies
29:29
because the the barrier to buy Bitcoin is effectively 0.
29:32
Anybody on earth can buy Bitcoin, which means every
29:36
single public company on the planet will eventually in the
29:39
next 5 to 10 years own Bitcoin. So all of a sudden this like
29:43
novelty effect that it used to be owning Bitcoin is is no
29:47
longer and which company do you want to own?
29:50
If you want to own Bitcoin treasury companies, it's
29:54
generally because you want exposure to the Bitcoin market.
29:57
And so if you want exposure to the Bitcoin market, are you
30:00
going to buy the a non profitable, no cash flow, no
30:05
business in any industry that owns Bitcoin?
30:08
Or are you going to buy a cash flowing business that owns
30:10
Bitcoin? Or are you going to buy a
30:12
Bitcoin business that has cash flow, that has productivity,
30:16
that also owns Bitcoin? Like if you want exposure to the
30:19
Bitcoin industry, that last option is probably the one that
30:22
sounds the best. And I think that that's where
30:24
we're going to see treasury companies go.
30:26
Those productive Bitcoin treasury companies are going to
30:28
have the opportunity to go and buy Bitcoin probably at a
30:31
discount, which is an absolutely crazy thing to be to be
30:34
contemplating and and and considering.
30:37
And I think that over time we see us get back to some type of
30:40
normalcy. The same thing happened though
30:42
in like I think it was 2017. If you even had the word Bitcoin
30:47
or the word blockchain in your public company boom like I.
30:51
Remember if you had a good website.
30:53
Dude so. Well, that was that was the IC
30:57
OS, but even like even in Tradfi, there was this Long
31:00
Island Iced Tea company and. Yeah, that was it, Long Island
31:05
blockchain. Yeah, they just changed their
31:07
name to Long Island Blockchain and boom, their stock pump like
31:12
crazy. They didn't even have to buy
31:13
Bitcoin. And so it's like this is the
31:15
modern day pump. The next one was going to rhyme
31:18
with what we just saw. History doesn't repeat but it
31:20
rhymes and there's always going to be a new batch of retail to
31:23
trick and yeah. I think that we rightfully
31:26
called the alarm on the treasury companies and I think that the
31:32
next one is gonna We have to be on the lookout.
31:33
We just we just have to be on the lookout and pour wine.
31:37
I mean fell for the website it's.
31:39
We all fell for the website. We all fell for the website,
31:41
man. We're a sucker for a nice HTML
31:43
landing page. Right, dude, I, I, I personally,
31:46
personally. You know Niko, read the white
31:49
papers. Niko the website.
31:52
And they all look the same. Is copy pasta, but personally, I
31:58
miss those days 'cause, you know, the volatility was just it
32:02
was, it was great. I feel like those days, you
32:04
know, we took, we took a. Little Here we go.
32:06
Here we go. Bear posting again.
32:11
Where's the Where's the correct sound?
32:13
Board dude, don't touch it. Get away from me.
32:16
Those days were those days were, you know, I feel like we, we
32:20
took them for granted as Bitcoiners.
32:22
The the volatility was nice. It, it was, it was, it was, it
32:25
was soul crushing, like the 50 to 60% drawdowns in one day.
32:29
But at the same time, like, it was great, you know, yeah, let's
32:35
see what happens. Yeah, man, I think it's, we're
32:38
always going to look back fondly on what was because what's to
32:41
come is different. And I think that we have to
32:44
remember that because even these days we might come to come to.
32:48
I think Bitcoiners need to realize that we probably don't
32:51
have all the answers and we need to just stick to what we know,
32:55
which is rules and not rulers. Control your generational wealth
33:02
and at the end of the day, just focus on, you know, your tight
33:05
circle and their freedoms. And I think that if we maintain
33:09
those initiatives, like Bitcoin becomes a tool to help advance
33:13
those initiatives. It doesn't become the thing that
33:16
we like. When's the last time you guys
33:18
went or heard about like a gold conference?
33:20
You know, it's like gold is a tool that we that we have and,
33:25
and we're in this golden era right now of, of Bitcoin and
33:28
it's cool, but I think that we need to see it for what it is,
33:32
which is a valuable tool for human, the humankind to advance
33:36
their initiatives. And we got to get good at that.
33:39
Absolutely. Oh, I got the horn.
33:42
Come on. And have lots of babies.
33:45
Lots of babies. Yeah, let's go.
33:47
Let's have lots of babies. Anyways, guys, it's going to be
33:50
a fantastic show. We're going to be talking about
33:52
Jane St. A little bit later.
33:53
We have Adam back to change his appearance.
33:56
Man, he's, he's wearing a suit. He had like some nice
33:59
sunglasses. He was here in Miami a couple
34:02
days ago. He was on CNBC.
34:04
So we have a clip of him talking about the bear market.
34:07
And then of course, during the culture segment, we're going to
34:09
be talking about the best place to build your automatic self,
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bitcoinstackbitcoinwell.com. And we have the founder and CEO,
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Adam O'Brien on the show joining us today.
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anyways, at the time of recording the Bitcoin price.
36:58
Wrong QR code Opti. There we go.
37:02
At the time of recording the Bitcoin price is 69,050 that's
37:07
for a dollar 1448 block height 938,321 Realized monetary
37:12
inflation .84% market cap 1.38 trillion Bitcoin versus gold
37:16
market cap 4.61% percentage issued 95.21% decline from all
37:21
time high. If you're buying Bitcoin right
37:23
now, you're going to get at a 45% discount ladies and
37:27
gentlemen. Anyways, I did mention so to, I
37:32
mean, Adam back on CNBC yesterday and you know, for
37:38
Bitcoin mine first, before I play the clip, I just got to say
37:44
like, you know, usually when you see Adam back, you know he's in
37:48
a T-shirt, right? You know, he has his, he has his
37:51
thing. Look at that man, that's like
37:55
what what what is the Dragon Ball Z?
37:57
When they like evolve into stuff?
37:59
What is it called? Lobby.
38:00
I never watched Dragon Ball. Z like man, like look at this
38:04
Adam back bro, it's a jacket. You know the the very nice
38:08
sunglasses, the seriousness look at that dude.
38:13
I I could have never have imagined that, never have
38:16
imagined that. Do you know Bitcoin goes to 69 K
38:20
and Adam back loses loses the humble part?
38:24
All right, let's check out the clip.
38:27
We're going to be right back in a bit with us now an exclusive
38:30
from the iconnections conference in Miami Beach is Adam Back.
38:33
He's the Co founder and CEO of Block Stream and known for
38:35
inventing hash cash, the system that became the foundation for
38:39
Bitcoin mining. Adam, great to have you with us.
38:42
Thanks for having me. On I want to get your take on
38:44
what's going on with Bitcoin. It seems like all of the right
38:47
things are happening for the Bitcoin story in terms of, but
38:51
the legislative sort of arena, regulatory environment seems
38:54
good for Bitcoin. The investment case is good for
38:58
Bitcoin in terms of institutional investors coming
39:00
in. They're all sorts of products
39:02
tied to Bitcoin. Why is it down so much?
39:06
Well, I mean, I think the market generally have been off based on
39:11
geopolitical uncertainty and news flow about tariffs and
39:15
things like that. So Bitcoin has followed that.
39:17
I think in the in a short term, Bitcoin falls along.
39:19
In the long term it's de correlated basically.
39:22
So I think it's just a longer term view.
39:25
All right, here's my take. I think no one has any idea what
39:28
is happening. I think 2025 showed that, you
39:33
know, no one had any idea what was going to happen with
39:36
Bitcoin. But of course, you have to ask
39:38
the legend Adam Back what's going on.
39:41
And yeah, I mean, I think tariffs definitely played a
39:44
role. I remember like twice in 2025,
39:47
you know, Bitcoin was starting to pump and then Trump just fat
39:50
fingered 50% share tariff on China.
39:53
And, you know, the price would literally just collapse the next
39:55
day or the, you know, the day of.
39:58
And then he would go on truth Social and say, hey, you know,
40:00
buy your stocks. And then he'd say, hey, the
40:03
tariff is cancelled and then the price would just pump.
40:05
So, yeah, I mean, definitely the tariffs definitely created
40:08
uncertainty for sure last year. But I, I, I also, you know, I, I
40:12
also think a lot of people were caught off guard.
40:14
Because they had expectations and I think Bitcoin has a way of
40:17
taking your expectations and and you know, just grinding them
40:21
down into small atoms, no pun intended.
40:24
A lot of Adams on today's show. There's Adam and then we got
40:27
Adam. We got Adam and then I'm talking
40:29
about Adams. Adams.
40:31
Anyways, Adam, I want to get your take, bro.
40:33
What's your take? Are we in a crypto winter?
40:35
Are we in a Bitcoin winter? What's going on?
40:38
Does it even matter? Is this just a, a great
40:40
opportunity to buy the dip? Adam O'Brien, the floor is
40:43
yours. Yeah, dude, probably a great
40:45
opportunity to buy the dip, but I was saying that at all time
40:47
highs also, so I'm not the best. I I got.
40:50
I mean, I'm sure we all get it right.
40:51
We're everyone watching this show is the Bitcoin pioneer in
40:56
their in their circle and they all get the texts.
40:59
What's happening with Bitcoin. I get them too.
41:03
And my answer is always like great time to buy.
41:06
It's it's it's got to be terrible texting me, asking me
41:08
for Bitcoin advice. It's literally just like what I
41:11
say every single time I think that we are out of I mean, hey,
41:17
are we are we going here? Is this, is this confirmed?
41:19
Are we out of the four year cycle?
41:20
Like is, is the predictability of bitcoins volatility over at
41:24
this point? Wall Street's here.
41:25
They're the manipulators now of the economic.
41:27
Bitcoin is like it's big enough that Wall Street's here and the
41:30
government's here and it's so small that it's just like it's
41:32
so easy for them to manipulate it.
41:35
It feels like they get to call the shots for a little bit.
41:37
We're going to see a print. We're going to see the market
41:39
cap balloon. We're going to see more people
41:41
take self custody. We're going to see simply that
41:43
coin continue to educate people on the important self custody
41:46
that power will eventually be removed from Wall Street, from
41:49
the governments, and then we will be prosperous and then we
41:52
will be abundant and and and you know, we can resume our our
41:56
happy dance until we get there. You've got to fight the good
41:59
fight, regardless of of price. I think stay humble, stack
42:02
stats, live within your means, spend less than you earn.
42:05
Put the rest in Bitcoin. Earmark it for your grandkids.
42:09
You know, that's biblical. By the way, the wisest the the
42:11
the man who called the man who God called the wisest man on
42:15
earth, King Solomon. He has a proverb, and in that
42:18
proverb it says a wise man leaves an inheritance for his
42:22
children's children. So if you're not going to listen
42:25
to the wisest man on earth, there's probably no hope for you
42:27
anyways. And I think that at the end of
42:30
the day, if we just stay humble and stack sats, it's all going
42:34
to be fine. And maybe I'll add, stay humble,
42:35
stack Sats and educate the masses about the importance of
42:38
using self custody. Another airborne dude.
42:44
Adams dropping Adams. That was for 69 K, but oh, let's
42:48
go. 6969 K is probably the inflation adjusted 58 K, so
42:54
we're right where we need to. Be dude 58K gang lives on dude
42:58
man. Oh man.
43:01
Wow, way to way to ruin the party here Adam.
43:03
The whales are just. Sorry.
43:05
The whales are that was on. Me.
43:07
That was rude. I don't care about your feelings
43:12
Opti dude. You should, but I'm sensitive.
43:18
Alright everybody, we're going to be talking about Jane St.
43:22
Quite interesting. So all of this the Jane St. saga
43:25
dropped yesterday. Opti was covering it on
43:27
yesterday's show. We're going to cover it on
43:29
today's show. And then coincidentally, you
43:32
know one of the. We're at 69 K.
43:34
Right, the Jane St. stopped at Zero Hedge has not stopped
43:37
posting about this, but basically.
43:41
Wait and get into the next segment and then and then say
43:43
the story. OK, fine.
43:45
All right. We're going to be right back in
43:46
just a bit. Amateur.
43:48
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Anyways, that doesn't do that. Let's talk about Jane St., shall
47:03
we? You guys remember Doquan?
47:06
He's a homie, Opti. And most people actually don't
47:08
didn't know who Doquan was. I mean, Opti and him used to go
47:11
out on town, you know, pause the back, back in, back in, back in
47:15
Dallas. News.
47:16
Fake news. You know, you guys used to, you
47:18
know, used to meet up. With Cynthia, they were a.
47:21
Keep going. Keep.
47:26
Going oh man, and then it and then it just all went S when
47:29
Doquan started hitting on Chrissy and then Opti Opti ended
47:32
the relationship after that. OK, just keep going.
47:38
All right, everybody. So let's talk about Jane.
47:40
St. Opti was talking about this on
47:41
yesterday's show, but we didn't package it.
47:44
We didn't package. It properly so it feels so bad
47:47
about this we. We packaged it better today but
47:51
anywho. So seems like Jane St. was doing
47:55
some insider trading that speed up Terraforms 2022 collapse.
48:02
But it goes deeper than this, 'cause you're like Nico, this is
48:04
a Bitcoin show. What what the like?
48:06
Why do I care about Terraform? Why do I care about Doquan?
48:09
Why do I care about any of this stuff?
48:11
The key point here is the insider trading.
48:14
The key point here is to connect it what we were talking about
48:17
during the intro segment regarding Sailor's comments
48:21
regarding how the price is being suppressed.
48:24
So they have these giant financial institutions that are
48:28
playing the Wall Street games that they've always played.
48:31
And now they're getting into the Bitcoin and crypto markets and
48:35
they're saying, oh, you know, this is easy prey.
48:37
There's no accountability. And none of this would have ever
48:41
have come up if it wasn't for some of these lawsuits.
48:44
So here are the highlight points.
48:47
It says Terraform Labs bankruptcy administrator has
48:50
sued high frequency trading firm Term Jane St., alleging it used
48:54
insider information to front run trades that accelerated the 2022
48:59
collapse of Terra USD Luna. The lawsuit claims a Jane St.
49:04
linked wallet withdrew 85,000,000 Terra USD from Curve
49:08
3 pool minutes after Terraform quietly pulled 150 million
49:13
USDUST, helping trigger the stable coins loss of its dollar
49:17
peg and a $40 billion market wipeout.
49:21
Jane St. has denied the allegations as a desperate and a
49:25
base and baseless attempt to extract money.
49:29
Now, what's really interesting about this is take a look at
49:32
this No 10 AM BTC dump price of Bitcoin price rallies as Jane
49:38
St. Trading draws attention.
49:40
That's not a simply Bitcoin title, by the way.
49:43
It's a Yahoo Finance article, so let's check it out Anyhow.
49:49
For weeks, Bitcoin traders have been watching the same
49:51
unsettling pattern unfold as you do.
49:54
Our writers write the same what the was going on here for weeks.
49:57
It's like the same it's. The same writers.
50:01
It's Claude Bot. Adam just told us about Claude
50:03
Bot. It's Claude Bot these.
50:05
Are these are like these are like simply hooks, bro.
50:07
For weeks, Bitcoin traders have been watching the same
50:10
unsettling pattern unfold as US equities open between 9:30 and
50:14
10:00 AM Eastern Time Bitcoin. Again, I gotta emphasize this is
50:17
a Yahoo Finance article. As US equities open between 9:30
50:21
and 10:00 AM Eastern Time Bitcoin overnight gains can
50:24
often disappear within minutes, only for prices to stabilize
50:28
later. Since early November, Bitcoin
50:30
has declined during the first hour of US trading and more than
50:34
60% of sessions, typically shutting up to 3% in that
50:38
window. On December 4th, for instance,
50:41
the tokens What is this Like 2017?
50:44
Slid 2.1% within 18 minutes of the S&P 500 opening flat.
50:50
One of the theories behind this phenomenon, widely shared across
50:53
Crypto X and Reddit, alleged that Jane St. was systematically
50:57
selling Bitcoin on the hour and suppressing potential rallies.
51:02
Those claims intensified this week after investor Mike Alfred
51:06
entered the discussion. He claimed to have spoken with
51:09
an internal Jane St. source. Alfred's said that management
51:12
had ordered an immediate secession or cessation or stop
51:17
whatever of manipulate manipulative Bitcoin trading and
51:21
that a 10 AM algo has been shut down anyways.
51:26
That's effing crazy. That's crazy.
51:28
So this stuff, so this news comes out tomorrow, yesterday.
51:32
James St. basically denies it completely and we're up 10%.
51:39
Zero Hedge is losing their minds on X right now.
51:43
Could all of this stuff be a coincidence?
51:45
Could this be connected, man? I mean, a lot of a lot of
51:51
coincidences is what I gotta say, man.
51:54
So yeah, man. Like this is this is just crazy
51:57
stuff. This is just crazy stuff.
51:59
And Zero Hedge is dropping articles.
52:00
Jane St. billionaire keeps low profile, almost 10 Bitcoin up 7%
52:07
since the Jane St. bust and almost 10% now and then you
52:12
connect that with, you know, Mike Alfred supposed inside
52:16
source. It seems like we found the
52:18
perpetrator behind the behind those 10 AM dumps, man, which is
52:22
just so crazy, dude, that they're doing this and of course
52:26
they're doing this to save their ass 'cause they're currently
52:28
being sued. So, yeah, I mean, not
52:31
surprising, but this is what happens when Wall Street gets
52:34
involved, which is kind of the core message what we were
52:36
talking about earlier. Adam, I want to get your
52:38
thoughts on this, bro, because I think this is uncharted
52:41
territory. This level of, you know, I
52:45
brought I, I brought this up to a friend of mine who like worked
52:49
in, in Wall Street and I said, man, like this Wall Street
52:53
manipulation. And he and the, he said
52:55
something really wise to me. He was like, Nico, That's not
53:00
manipulation. That's what they do.
53:02
Like they've been doing this. Their game they've.
53:04
Been doing this for years and years and years and years and
53:07
years. Like they don't consider, well,
53:10
they don't consider it manipulation.
53:11
This is just their, their, their, their, you know, their
53:14
normal operating procedure. And that just kind of opened my
53:17
eyes a little bit, but it seems like we found the the culprit.
53:20
Adam, what are your thoughts on all this?
53:22
Well, what you just said kind of reminds me of when you and I
53:25
were together in Montreal a couple years ago and you being
53:28
the soccer fanatic that you are watching man's best sport in the
53:32
hockey game. And and you were like, oh, Adam,
53:37
they're hitting each other. This isn't allowed.
53:39
And I was like, Nico, this is a man's sport.
53:42
This is how it works. But it is, it's the same thing,
53:47
man. We're playing a different game.
53:48
We have. We've done ourselves a great
53:51
disservice financializing money. Money as a whole, money in
53:55
general is now financialized and we are doing ourselves that same
54:01
disservice letting the people that financialized money
54:04
financialized Bitcoin. I can, I've said this 1000
54:09
times. I'll probably say it 10,000 more
54:11
before I die. Bitcoin is not a financial
54:15
asset. Bitcoin is a freedom tool.
54:17
Financial assets as a whole, financial tools as a whole are
54:22
kind of garbage. They are designed to keep you
54:25
captured and tricked and disassociate the way that your
54:28
time is supposed to work. You have time, you create value,
54:32
you earn value for the value that you create and you need to
54:35
lock that in a protocol and that's Bitcoin.
54:38
That's time locking. It's not financial.
54:41
We need to get out of this mindset of like ones and zeros
54:44
and dollar signs and thinking that our livelihood revolves
54:47
around some type of monetary policy.
54:49
It doesn't. It revolves around freedom.
54:51
It revolves around freedom of time and freedom of the future.
54:54
I think that, yeah, I mean, to your point, we had the
54:57
revelation earlier. It's like we were cheering this
54:58
on and then we realized it wasn't great.
55:00
We need to have that same inception now.
55:04
What are we cheering on today? What do we think is going to fix
55:07
and cure Bitcoin? And if it's anything other than
55:10
low time preference, stay humble, stack stats.
55:14
I think we're going to miss the plot.
55:15
Yeah, 100%. I I heard you talking about
55:18
hockey earlier. Oh, wait.
55:22
Oops, that's the that's. The I.
55:25
Should have known. Street wait, wait, wait, wait.
55:27
I shared the wrong screen too. What is going on here?
55:31
Sorry guys, we're having. Some.
55:33
Technical difficulties. To be to be fair, the president
55:37
did promise you guys too much winning and I think that you've
55:39
hit that point. He he didn't clarify it was
55:41
further. He didn't clarify where the
55:42
winning was going to happen. But I guess we'll take, you
55:45
know, Olympic gold over Canada. So to be clear, I didn't even
55:49
know South Florida had a hockey team and they made it to the
55:53
final 2. Years in a row, hey?
55:55
Man, the, the Panthers are in the finals.
55:57
It's like the Panthers. I was like, yeah, Oh my God,
55:59
they're in Miami. That's true.
56:01
And they won, which was fantastic.
56:03
And I still don't know much about hockey, but yeah, dude,
56:06
they go, the hockey players go fucking hard, bro.
56:09
They, you know, they, they beat the shit out of each other.
56:12
Like, I don't curse often on the show, but it's, it's fun to
56:15
watch. I I still have trouble finding
56:18
the puck when I'm watching it on TV because the puck is so small,
56:22
but it is highly. Entertaining when a soccer
56:26
player I might alienate some of our audience here, but when the
56:29
when the soccer player watches hockey for the first time,
56:31
they're blown away at the quality of athletes that it
56:34
takes to play hockey that's. Just.
56:36
That's just what I have to say. Oh man, oh wait, I have to share
56:41
my screen again anyways. Wait, wait, wait, wait.
56:44
I, I do want to add a little bit on, on the Jane St. stuff
56:46
because like, obviously we've been speculating about this.
56:51
We've had some pretty decent proof that Jane St. was the
56:54
culprit. That was, you know, crashing the
56:57
Bitcoin price. We also found out shortly after
57:01
that they're acquiring a lot of I bid at the same time and
57:04
MicroStrategy all at the same time, which made everyone think
57:07
like, oh dude, you know, as we were just saying, Wall Street's
57:10
doing Wall Street games. They come in at Bitcoin around
57:12
100K. They get a really good discount.
57:15
And then when everyone kind of feels safe and we're
57:18
comfortable, they're like, no, we want to steeper discount.
57:20
Not only do they make profits when they short Bitcoin, but
57:23
they're also acquiring Bitcoin. And then just coincidentally,
57:27
you know, there's this suit it comes out on, on social media
57:31
yesterday. And now we're seeing the 10 AM
57:35
pump or dump not happen. Bitcoin's at 69 K again.
57:39
And I know a lot of people are saying, well, they're just
57:41
probably moving it to 8:00 PM, which is what 00 hedge has been
57:44
saying. So they're they're still might
57:47
be a chance that they just change their algorithm them up a
57:50
little bit and they're going to dump later today.
57:52
But I think the coincidence is a little like it.
57:55
It's kind of hard to ignore that the very next day we start to
57:59
see Bitcoin pump and you're just like, OK, you know, obviously
58:03
this is what has been happening and now they kind of are caught
58:07
and they're like, we we probably can't be doing that anymore
58:11
because we're kind of in some hot water right now and we
58:14
should probably back off a little bit.
58:16
We're. Just going to move it to 2:00 PM
58:17
or the market closed bro. And actually Zero Hedge has been
58:21
saying it, it's been not 10:10 AM, it's been going to 8:00 PM.
58:25
So we'll see what happens tonight, guys.
58:27
It's. Like the IT just reminds me of
58:30
like the scene in the big short where Michael Bury's correct and
58:34
he's got all in the and the market's like dumping and he's
58:37
like, what are my short positions?
58:38
And they're like, oh, they're negative.
58:40
They're negative. And he's like, no, like I'm
58:42
right. I bet on the right thing.
58:44
How are they going down? And then they call in the
58:45
monthly like, oh, hey, wow, your short positions is so good.
58:48
And he's like, no, you guys just just out, just allocated
58:51
properly and now you're willing to price them the way it.
58:54
Is that's exactly what is going, dude, that that's what I've been
58:56
saying for a while. That's exactly what in my, at
58:58
least in my mind, what's going on.
58:59
It's like, that's totally what's happening.
59:02
Guys, we're going to be talking about the best place to build
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Alright everybody, we're going to be talking about all things
1:00:45
Bitcoin. Well, ladies and gentlemen, go
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to bitcoinwell.com/simply. Use the URL or else Carl will
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get mad at me. Don't just go to
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But anyways, we're going to be talking about one of the best
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And that's just a very fancy way of saying they don't hold your
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Custody Bitcoin wallet address. Now Adam, you guys offer two
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So you guys are not holding Bitcoin on people's behalf,
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which is the right way of doing things, even though it's a much
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harder way. But long term it is the right
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way. So anyways, Adam, the founder,
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man, you founded this company back in 2013.
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It's been a long, a long time, a long journey.
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Talk to me, man. What's?
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What's going on? Dude, I think that I'm probably
1:02:12
more aware of why Bitcoin needs to succeed because of this
1:02:20
company. Like it's, it's such an
1:02:22
interesting, like people that hear, you know, my story, like
1:02:25
I'm famously debanked across the country here in Canada, like
1:02:30
through Operation Choke Point, our business struggles, you
1:02:33
know, even like even finding grants.
1:02:36
Like there are, there are all kinds of grant.
1:02:37
If if you're an AI company right now, you get all kinds of
1:02:40
grants. If you want to disrupt the way
1:02:42
that the Fed prints money, you get no grants.
1:02:45
And I think that that has opened my eyes in such a big way.
1:02:49
And it's really helped harden our mission to the point of
1:02:53
like, like our mission is just simply to enable independence.
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We, we live and die by this, by this mantra.
1:02:59
And we understand that the way to enable independence is in
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2026, merging the benefits of Bitcoin with the convenience of
1:03:10
modern banking. Because let's, let's, let's face
1:03:11
it, like the Overton window, the mass market, I mean it, they're
1:03:16
convenience whores. Like they just, they will do
1:03:19
whatever they need to to remain in this kind of convenient
1:03:22
lifestyle that that we have. Tap your phone to pay for
1:03:25
things, you know, instant transactions that take five days
1:03:28
to settle. We've kind of got this illusion.
1:03:30
Our financial system is just a big ball of paper, a House of
1:03:33
Cards and the slightest breeze is going to just topple it over
1:03:37
and we, the bitcoiners need to build the infrastructure that is
1:03:42
ready to pick up the pieces when it does and I know there are a
1:03:46
subset, I mean Bitcoin well, like we're about to cross 70,000
1:03:48
customers. That's like, that's such an
1:03:50
obscene number to me that I, I, when you know, when we started
1:03:52
this, I had and, and we've been building the Bitcoin portal.
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We started with Bitcoin ATM we've been building the portal
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since 2022. We launched the end of 2022, we
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launched the first instance of the Bitcoin portal.
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And so in basically 2 1/2 years, we've, we've now got, yeah,
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almost 70,000 customers, which is just, I feel so deeply
1:04:13
grateful that 70,000 people have at least wanted to give Bitcoin.
1:04:17
Well, a look, many of them listening right now, I'm sure to
1:04:21
help feed the system. Like I talked about earlier,
1:04:23
like where you give your energy, where you buy your Bitcoin,
1:04:27
that's the system that you are feeding.
1:04:28
You have more power than you realize.
1:04:30
We've been tricked to think that we have no control that that,
1:04:33
you know, it doesn't matter where you spend your money.
1:04:35
Buy now, pay later, fund the debt system, you know, take out
1:04:38
the, the second mortgage on a property that you know, is
1:04:41
under, is, is overvalued. You know, you're feeding that
1:04:43
system. Like where we spend our energy.
1:04:45
You know, if you want to buy shoes made by a child slave in
1:04:49
Indonesia, you're feeding that system.
1:04:51
And we need to like take back this personal age, see this
1:04:54
personal responsibility and we need to fund and support the,
1:04:59
the future that we want to see. And so, you know, that's kind of
1:05:03
my, my call, my urge to Bitcoiners.
1:05:05
And it's like maybe a little bit self-serving, but like, if you
1:05:09
don't want Bitcoin trapped in a custodial environment, don't use
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a Bitcoin platform that traps Bitcoin in a custodial
1:05:16
environment. It's, it's like a pretty simple
1:05:18
concept, but I think it's a deep and, and meaningful 1.
1:05:21
And I think that, you know, we're trying to build Bitcoin
1:05:25
well in a way that is just as easy, just as fast, just as
1:05:28
cheap, but ultimately safer and funds the vision that Bitcoiners
1:05:33
have for the future. I think we've been successful so
1:05:35
far. I'm really excited for some of
1:05:38
the, for some of the advancements that we've been
1:05:40
making. We're right now spending like
1:05:41
the better the rest of Q1 and the better part of Q2 just in
1:05:45
Optimize City. And so if you don't use Bitcoin,
1:05:49
well, please go give it a shot. 1 transaction.
1:05:51
Tell me everything you hated about it right now.
1:05:53
It's a bit of a disaster to be honest.
1:05:55
We've got some like some scroll issues and some sizing issues,
1:05:58
which probably isn't actually a big deal, but to me it's a big
1:06:01
deal. And so those are getting all
1:06:02
tidied up this week. And and then I think the
1:06:06
optimization is pretty good. And so like, go use it today,
1:06:09
maybe use it next week. Tell me what you liked about the
1:06:11
change and then future you. I mean, you guys know my DMS are
1:06:13
open. I actually like my DMS are open
1:06:16
and like pretty active. There's actually somebody just
1:06:19
in my DMS like feeding me the legitimate ones.
1:06:21
And so if you're in there, like I'm going to respond to you.
1:06:23
I, I have somebody whose job it is to just look at the DMS that
1:06:27
come in and make sure that I see the ones that are, that are
1:06:30
important and the important ones like our customers and people
1:06:33
giving product feedback. Those are the two things that I
1:06:35
kind of prioritize in my, in my DMS. And so I deeply want we,
1:06:40
we're building for bitcoiners. I'm not out here like thinking
1:06:43
that we know all the things we are.
1:06:45
We are relying on our customers to tell us why they don't like
1:06:49
using the platform. And my ego is so tiny that it's
1:06:55
like, you're not going to hurt my feelings.
1:06:56
I love it when customers and if I disagree, then I disagree and
1:06:59
that's OK. But I just love it when
1:07:01
customers tell us what they would change about the platform
1:07:05
and the product. And yeah, we've taken massive
1:07:08
strides and yeah, I'm pumped. I just, you know, 70,000 is like
1:07:11
somehow a massive number and somehow feels like just the tiny
1:07:15
little infant beginning. And so it's, it's been great.
1:07:18
And I'm very grateful to all of our customers and to our
1:07:20
partners, like Simply and yeah, it's been awesome.
1:07:23
It's and it's fantastic and it's great to see, you know, as, as
1:07:27
I'm sure you've seen us grow, Adam, it's great to see, you
1:07:30
know, the portal grow and all, the all the development that's
1:07:33
gone into it and you know, where it was, you know, two or three
1:07:38
years ago when we initially partnered up where it's come
1:07:40
now. And one of my favorite features
1:07:42
for the portal, by the way, guys, for anyone who doesn't
1:07:45
know is every single time you buy Bitcoin on Bitcoin.
1:07:47
Well Chantel has still not sent me the 69,000,000 points that I
1:07:51
need for the orange cyber truck. Got personally delivered by the
1:07:54
way, I'm going to personally deliver the orange cyber truck.
1:07:57
If anybody has 69,000,000 points like come on.
1:08:01
So you earn you you you earn points when you you buy Bitcoin
1:08:05
on Bitcoin. Well, right.
1:08:06
And one of the prizes is a cyber truck.
1:08:09
So you got to earn 69,000,000 points or Chantelle gives Nico
1:08:12
69,000,000 points, whatever comes before.
1:08:16
But anyhow, so every time you like, like I said, you earn
1:08:21
points, but you could also use those points instead of
1:08:24
redeeming it on prizes like a bid ax or a Bitcoin nutrition
1:08:29
hoodie or a stamp seed plate or a leather mint wallet or a
1:08:34
Cybertruck, you could play the Bitcoin wishing well contest.
1:08:37
So we're going to do we're going to be doing that live on air for
1:08:40
you guys right now to get your lightning wallets ready.
1:08:43
Oh, this is new. This is really cool and it shows
1:08:46
you the odds of, you know, winning Opti, get your get your
1:08:50
wallet. You might get a million sacks.
1:08:51
Dude there has to have been 10,000 spins by now.
1:08:54
I might get that million sacks. To that, but yeah, it tells you
1:08:57
the odds of, you know what your chances are of winning specific
1:09:00
prizes. But yeah, every single time you
1:09:03
play the wishing well contest, you win, you win some, you win
1:09:06
some Sats. And we're going to be doing that
1:09:08
live on air. And look at these new graphics
1:09:11
and animations. Wow.
1:09:12
Yeah, man, look at that 210 sats.
1:09:16
This is this. Is how you know we don't juice
1:09:17
it. Like I should have rigged this
1:09:19
to make it a better prize, but we just can't make it.
1:09:24
Opti would just be there with this phone.
1:09:25
Yeah, dude, I've literally I've told the chat, hey, if there's a
1:09:29
million SAT one, you're fighting me and I have a 32nd head start,
1:09:35
so at least I'm transparent here.
1:09:36
We're going to be doing it one more time, ladies and gentlemen,
1:09:39
we're going to be playing the contest one more time.
1:09:42
Here we go. Bomb, Bing, bomb, boom.
1:09:44
Get your lightning while it's ready and you have won 1000 SAT.
1:09:49
Let's go 1000. Says pays to watch simply the
1:09:54
the cool thing I like about this.
1:09:55
So this is like we we had a lot of debating about points versus
1:09:59
just straight sats and in I I just don't think that the micro
1:10:06
stream of sats is as anticipating as the opportunity
1:10:09
to win like large amounts of sats.
1:10:11
But then the cool thing about the chance to win large sats is
1:10:15
that it goes straight to self custody.
1:10:16
Like you'll notice this doesn't sit on the platform, this sits
1:10:21
or this gets sent to your to your wallet at the end of the
1:10:24
day. And I think that that's, that's,
1:10:27
I think like the mission, the ethos, like we are, that's our
1:10:31
greatest filter. And I am very, very pumped.
1:10:34
I see someone in the chat. You also get Bitcoin well points
1:10:37
on your birthday. Yes, you know, you sign up and
1:10:41
you we send you some stats on your birthday.
1:10:42
You get some some wishing well coin tosses.
1:10:46
It's it's yeah, it's great, man. I love our product.
1:10:49
I'm so proud of the team. I think that we're building some
1:10:52
of the best Bitcoin products on the planet.
1:10:54
And they're not like we don't have the flashiest marketing.
1:10:58
We don't have the the flashiest communications.
1:11:02
Our money goes into building products and our money goes
1:11:04
towards curating community that cares about freedom, and it's an
1:11:08
honor to be a a part of that. So we got, we got 2 questions on
1:11:13
Bitcoin Well, Adam and then I want to talk about Bitcoin Well
1:11:15
Infinite first one from MHMA 1976, what's the spread on
1:11:22
Bitcoin Well 1%? So you are going to pay but and
1:11:27
also like, OK, I am so getting into the states has just showed
1:11:32
me what a shell game all the other companies are using on on
1:11:36
spread versus fee. There are some companies that
1:11:38
claim to charge zero fee, but then bacon a spread.
1:11:41
There are some companies that claim to have you know, a .5%
1:11:45
spread that I can verify as 1.5% spread.
1:11:49
So my like don't take 1% as the number don't compare 1% to some
1:11:56
other platforms .8% open up the both the platforms and buy 100
1:12:00
bucks. See how much Bitcoin you get
1:12:03
with 100 bucks. That is truly in this day and
1:12:04
age. The only test is the price of
1:12:07
Bitcoin delivered to your personal Bitcoin wallet, a
1:12:11
wallet that you don't need to ask anybody because in other
1:12:13
companies too, you know, they're going to like charge a withdraw
1:12:16
fee or they're going to charge a deposit fee or, you know,
1:12:19
there's all kinds of shell games that people are playing.
1:12:21
We just want to be like, yeah, I'm not interested in the high
1:12:25
time preference game of like hiding and like, you know,
1:12:28
lurking in little fees here and there.
1:12:29
We just want to be as transparent as possible.
1:12:32
Send Bitcoin to your personal Bitcoin wallet and have you get.
1:12:36
And then and then we got to like pay our bills.
1:12:38
We got to like, you know, pay the engineers a fair wage and my
1:12:42
kids have to eat once in a while.
1:12:43
And like, you know, that's kind of what we're after.
1:12:46
So that's just how the Bitcoin, well, pricing works.
1:12:49
So hold on, let let's you. OK.
1:12:52
So let's talk about that for a second.
1:12:55
So basically what you're saying, Adam, is not to be, not to be
1:13:00
specific or anything. Like a lot of platforms, they
1:13:06
will structure and advertise the fees in a certain way to make
1:13:13
you feel like you're paying a certain percentage.
1:13:17
But in reality, you're actually paying more than what you think
1:13:24
you're paying in terms of the percentage.
1:13:27
And then if the only way, as Adam mentioned to confirm this,
1:13:33
and it's quite eye opening I might add, is you literally make
1:13:38
a purchase on Bitcoin. Well, and then you make a
1:13:39
purchase on whatever you know, other, other exchange and you'll
1:13:46
actually see what the actual fee is.
1:13:48
You'll actually see what the actual rate is, but if you go by
1:13:51
the percentage aspect of it, they I don't know man.
1:13:58
There's also there's also no such thing as the price of
1:14:00
Bitcoin like you guys are talking about the price of
1:14:01
Bitcoin right now I've got a price of Bitcoin in my in my
1:14:04
time bar up up top of my screen. We're pricing it in the real
1:14:08
money, not Canadian moose shekels.
1:14:10
OK, I know it's different. For for American customers, it
1:14:14
gets priced in American. For for Canadians, it it gets
1:14:17
priced in loonies and and toonies, which is, believe it or
1:14:21
not, yeah. Like I thought the dollar was
1:14:22
bad. Your money's called loonies,
1:14:24
bro. We're.
1:14:24
Moving on. We're moving on.
1:14:26
All right. Next question from Francisco on
1:14:30
X. How does Bitcoin well handle tax
1:14:33
automatic or do I need to play with Excel?
1:14:35
Sheets, I don't know how we'd handle tax.
1:14:38
We don't. We don't do any tax, but you buy
1:14:42
Bitcoin and you sell Bitcoin at Bitcoin.
1:14:43
Well, Bitcoin is not like it's how you handle your Bitcoin
1:14:48
purchases. I mean up in Canada you get to
1:14:50
use a light account to buy Bitcoin, which is not a fully
1:14:53
verified. We don't we don't need to know
1:14:56
necessarily the full KYC of the of the person buying.
1:15:01
So yeah, like we're, we're inherently leaving that up to
1:15:05
the individuals to file however they want.
1:15:07
You have all the purchase receipts and the actually, I
1:15:10
think the next couple weeks we're building some tax
1:15:12
documents into it. I don't know what you mean by
1:15:15
play with Excel spreadsheets, but yeah, if that's like, again,
1:15:19
if if I don't know how we'd file taxes for you, but I know that
1:15:24
we're partnering up with a partner that will make it very,
1:15:28
very simple for bitcoiners to do their taxes based off of
1:15:33
purchases. So yeah, I think it's always
1:15:35
getting better. So yeah, depending on what you
1:15:37
mean by that, it's probably already in there or coming soon.
1:15:41
Awesome. By the way, IRS Simply Bitcoin.
1:15:45
We endorse that you do pay your taxes and you do follow the law.
1:15:52
The tax authorities are a little bit different here in the US.
1:15:54
So anyhow, wait. Wait, I got one question and I
1:15:58
do have to put Adam on the spot because I, I always ask the same
1:16:02
question to you, bro. It's always the same question.
1:16:05
You already know what it's what it's going to be.
1:16:07
You've heard it before from me publicly and on the OR privately
1:16:11
and on the show, and it's always based on, I've seen how Bitcoin
1:16:16
well works in Canada. When are we going to get
1:16:20
something like that in the US? Is it even possible?
1:16:23
Bro, I need what you're doing up there, down here.
1:16:26
And it will be the best Bitcoin exchange period.
1:16:29
It's amazing. Yeah, man, I, I think that we're
1:16:33
close. We're having a really hard time
1:16:35
finding like part of our commitment is like all of our
1:16:38
costs are higher. We don't, we, we literally can't
1:16:40
re hypothecate Bitcoin. So there's no re hypothecation
1:16:43
profit. We literally the only money we
1:16:46
make is based on the spread of Bitcoin that we charge.
1:16:49
But reasonably bitcoiners want the best possible price.
1:16:52
So we have to like really grind for all of our margin.
1:16:57
And lots of these products frankly are just non viable to
1:17:00
get like bill payments and to get like, you know, real instant
1:17:03
access. The banking system in America is
1:17:04
so much different than the banking system in Canada.
1:17:07
So these are like this is top of my mind.
1:17:08
This is top of our road map. Like I deeply want people in
1:17:11
Canada, you can basically replace your bank with Bitcoin.
1:17:15
Well, that is not true in the States yet, but it is there is
1:17:19
we have some new team members. They are actively probably right
1:17:23
now researching and chatting to different different partners
1:17:28
that are going to allow us to offer like basically full on
1:17:31
Fiat bank accounts that allow you to pay your bills, that
1:17:34
allow you to deposit your paychecks, that allow you to
1:17:37
even have a card. And then I think with some
1:17:41
creative nostril wallet connect protocol interpretations and
1:17:45
implementations, we can probably make all of that happen from
1:17:48
self custody, which I think is the end goal.
1:17:49
Like I know first hand because I am one that Bitcoiners want to
1:17:54
live on a Bitcoin standard. And right now if you want to
1:17:57
live on a on a Bitcoin standard, you are still needing to be
1:18:00
exposed to the Fiat system to live.
1:18:02
I want to remove that exposure from the Fiat system.
1:18:05
And so I don't have a good answer for you, Opti.
1:18:07
Like I never do, it seems, because I always think that
1:18:09
we're close and then we just get rugged or it's like, it's like,
1:18:13
all right, everything's great. Here's your $500,000 bill to set
1:18:18
things up on the platform. I'm like, yo, when did we talk
1:18:20
about this? I'm like, oh, this is our
1:18:21
standard setup fee for crypto companies.
1:18:23
And I'm like, dude, we're Bitcoin in self custody.
1:18:25
We are not a crypto company. Like this is, this is not the
1:18:28
same. And so it's just a matter of
1:18:30
grinding through it. The world is not ready for the
1:18:32
product that we're building, but Bitcoiners are, and that's why
1:18:34
we're pushing through it. I love it.
1:18:36
All right, I want to talk about Bitcoin.
1:18:38
Well, infinite. This is tailored for family
1:18:41
offices, high net worth individuals, trust and
1:18:44
organizations. You can go to
1:18:46
bitcoinwell.com/OTC schedule call with their team, Riley,
1:18:53
Chantal, Adam and it's a white glove service.
1:18:56
So they'll be able to help you guide you through purchasing
1:19:01
Bitcoin from A-Z. You buy the Bitcoin and go
1:19:05
straight to self custody. You sell the Bitcoin.
1:19:07
I don't know why you'd want to do that, but I don't know.
1:19:09
To each their own, I guess. And it's awesome, but it's
1:19:13
tailored for people that are trying to buy $50,000 worth of
1:19:17
Bitcoin or more. And it's a little bit more white
1:19:20
glove service than the portal. So the portal, you know, you're
1:19:23
dealing with AUI, this, you're dealing with a human being.
1:19:26
So you can call, you can text them and they'll be like your
1:19:29
dedicated Bitcoin advisor slash representative that you can call
1:19:34
and you know, you can, you can talk to them about things and
1:19:37
buying Bitcoin etcetera, etcetera, etcetera.
1:19:40
So Adam, let's talk about that. Yeah, it's kind of, it's kind of
1:19:42
a response to, you said it earlier on the show.
1:19:44
You hit, you hit it, you hit the hammer on the head or the nail
1:19:46
on the head. It's like, I have my Schwab
1:19:49
account. I just call my guy and I'm like,
1:19:51
bro, you know, you just have a website you can go to and buy
1:19:54
the most sovereign money on the planet and takes off custody and
1:19:57
they're like, but my guy at Schwab.
1:20:00
Is really nice and I'm like, all right, I guess we need a bunch
1:20:04
of nice people that just help people buy Bitcoin and so that's
1:20:07
kind of where where where infinite came from.
1:20:10
It's really designed to combat the the tradfi lie that a
1:20:14
Bitcoin ETF is Bitcoin that exposure to Bitcoin is Bitcoin
1:20:18
it's full education. Our sales cycle in infinite is
1:20:21
disgustingly long. It is like from first contact to
1:20:24
1st purchase. It's like weeks and nearing into
1:20:27
months because we just spend so much time educating people.
1:20:31
We have two problems, right? When you buy Bitcoin on a
1:20:33
custodial platform, you only have to get over the the
1:20:36
educational barrier of why buy Bitcoin?
1:20:39
And, and, and we, we're just like, I'm just a glutton for
1:20:42
punishment. And we, we add on the extra
1:20:45
friction of why take Bitcoin in self custody and it and at at
1:20:49
first glance, it looks like unnecessary extra steps.
1:20:52
But by the time you talk with these customers, you help them
1:20:55
understand how it goes. Often they're coming to us
1:20:57
because they've had a bad experience with a custodial
1:21:00
exchange. Literally every exchange we've
1:21:02
had customers come to us from every single exchange in America
1:21:07
because they've had a bad experience with custody.
1:21:09
They've had problems with custody, their accounts get
1:21:12
frozen for whatever reason, the Bitcoin get get locked.
1:21:16
They're getting uneasy about about ways that the that the
1:21:19
platform handles the Bitcoin. We've every single one that
1:21:22
you've heard of has come to Bitcoin.
1:21:23
Well, because they don't they start getting spooked and and
1:21:27
and as a result, I kind of highlight like Bitcoin well is
1:21:29
probably not your first Bitcoin platform.
1:21:33
It's your last Bitcoin platform because we have that extra step
1:21:36
those, those those two educational barriers and because
1:21:38
our team is just we have a team like that, we call them
1:21:42
executive Bitcoin advisors, but really at the end of the day,
1:21:44
they're just self custody educators and they teach people
1:21:48
and walk them through why Bitcoin and then why Bitcoin in
1:21:52
self custody and I think that that's been incredibly
1:21:55
impactful. Once the light goes off in their
1:21:59
heads, you can see it, you can see it happen in real time and
1:22:02
the value prop becomes immediately clear.
1:22:04
But at first glance, it's kind of confusing.
1:22:05
So yeah, it's been a journey, man.
1:22:08
Bitcoin. Well, infinite, we launched in
1:22:09
the States about a year ago now, maybe not quite.
1:22:12
And it's been it's it's like one of our fastest growing products
1:22:16
that we've ever launched. It's maybe actually V faster and
1:22:18
probably better launched. It's amazing.
1:22:21
And I love getting the emails, the notes, you know, our team
1:22:24
shares with us or shares with me like Bitcoin.
1:22:28
Well, infinite change the way I look at Bitcoin and also the way
1:22:31
I look at life. And that's again, as you guys
1:22:34
have said earlier, Bitcoin's a tool to achieve sovereignty.
1:22:38
It's a tool to achieve freedom. It's a tool to achieve
1:22:40
generational wealth. It's not the thing that that
1:22:43
that that is generational wealth.
1:22:45
And because of that, you know, we're very, very respectful of
1:22:49
how people, yeah, think about it and work.
1:22:52
And I'm, I'm, yeah, I'm, I'm just so incredibly humbled and
1:22:57
honored to be, to be, you know, leading this team and, and, and
1:23:01
shipping these, these, you know, game changing products.
1:23:04
Love it. So guys, if you're high net
1:23:06
worth individual looking by $50,000 worth of Bitcoin or more
1:23:09
and you're a little bit skittish on self custody like Nico, like
1:23:12
alright, alright. I like I I'm convinced about the
1:23:15
Bitcoin thing, but the self custody not so much.
1:23:17
Go to bitcoinwell.com/OTC today, make a make an appointment and
1:23:23
the very fancy name Adam that's that's Unatom like executive
1:23:30
Bitcoin advisor will take care of you.
1:23:34
It's, it's built for people who are beginning their Bitcoin
1:23:37
journey and they kind of need some, they're like, they need
1:23:39
the fancy words. Sometimes they, they got to feel
1:23:41
special and they are special. But we have to make help make
1:23:44
sure that they that they also feel special.
1:23:45
We have not entered a bull market until I see Adam in a
1:23:48
suit. Anyways.
1:23:50
So the next question is from, Oh, we got to sign up.
1:23:54
Francisco signed up. Carl, that one's for you, bro.
1:23:59
Francisco signed up. Excited to give it a try.
1:24:02
Shout out Francisco. Anyways, so we got who is this
1:24:08
Murti dog? I'm I'm not going to say the
1:24:11
Murti dog. He's asking about the EU.
1:24:14
Do you have any plans in the future?
1:24:16
Alright, listen, I'm well trained on how to say this one
1:24:20
legally, so let me get my script.
1:24:22
I'm just kidding. We are not allowed to solicit in
1:24:25
the EU, but Bitcoin Well infinite is available to EU
1:24:29
customers that find Bitcoin well on their own.
1:24:32
We're not available in all countries in the EU and it's
1:24:35
just Bitcoin well Infinite. So just those large
1:24:37
transactions. If you're not sure if you
1:24:39
qualify for a Bitcoin well Infinite transaction, just
1:24:41
e-mail the team Infinite at bitcoinwell.com and we'll tell
1:24:45
you. But again, you probably don't
1:24:48
know about us too much if you're in the EU.
1:24:49
We're not allowed to solicit in the EU, but we are, you know, we
1:24:55
do have payment partners in place to allow us to.
1:24:57
We did. We did some transactions in like
1:24:59
Dubai, some in I I think Spain. We're like, yeah, we're we're
1:25:07
like infinite's global and we're actively building up teams in
1:25:11
different parts of the country where we're able to solicit and
1:25:14
and yeah, going going nuts. We want to bring self custody
1:25:17
Bitcoin to high net worth individuals everywhere in the
1:25:20
world. Oh did the oh man that sucks.
1:25:24
I think the YouTube stream crashed, no?
1:25:27
That was it's been put in private.
1:25:30
So maybe we got to wrap up today's show.
1:25:33
Why was it put in? Private.
1:25:34
I don't know. I'm not, I'm not switching it
1:25:36
yet. I think.
1:25:37
I think Adam said some crazy stuff.
1:25:39
And what do you? Mean here it's usually me again.
1:25:43
Isn't back. It's public again anyhow.
1:25:47
Interesting. Interesting.
1:25:48
What? What?
1:25:49
What the hell just happened? Anyways guys, if you guys
1:25:52
enjoyed today's show, make sure to well who who put it in
1:25:55
private. I didn't do that.
1:25:57
I think it did it automatically. Everyone's like the YouTube
1:26:00
stream shut down. What the hell anyways?
1:26:04
Ghost on the machine, man. We we, we appreciate YouTube
1:26:07
Rumble and all the platforms. Go subscribe to us on rumble.
1:26:13
Anyways, guys, if you guys enjoyed today's show, you know
1:26:15
to do smash the like button, consider subscribing all that
1:26:18
good stuff, go check out bitcoinwell.com.
1:26:21
That's so weird. So just moved it to private.
1:26:25
That's what it looks like. I don't know.
1:26:27
I'm, I'm, I'm catching it up like just like you are.
1:26:30
Anyhow, see. Subscribe to us on Rumble and X,
1:26:33
ladies and gentlemen. And and YouTube.
1:26:34
Go to Bitcoin and YouTube. Go to bitcoinwell.com/simply if
1:26:40
you guys enjoyed today's show. Love you guys all and go give
1:26:45
Adam a follow on X and Adam has his own show now too.
1:26:48
Adam what? What, when, when, What day do
1:26:50
you stream? Yeah, dude, it's been super fun.
1:26:53
Thursdays we go live with some like reaction stuff Thursdays at
1:26:56
6:00 PM Eastern. But coming soon is kind of like
1:27:01
a sit down podcast. It's it's a show that like I
1:27:04
talked to Bitcoiners, but we don't really talk a lot about
1:27:06
Bitcoin. We talk a lot about like just
1:27:08
interesting things Bitcoin are Bitcoiners are interested in.
1:27:11
We talk about lots of spirituality, lots of time, time
1:27:15
warps. You know, we're, we're, we're
1:27:16
diving in the, you know, we talked about type pastor coin
1:27:19
like we're, we're just, we're talking about all kinds of
1:27:21
different things. And I am, yeah, I'm pumped about
1:27:25
that. So you can go, you can go check
1:27:26
me out on YouTube. There's like no one there right
1:27:28
now. We're not really putting
1:27:29
anything out. But the Adam O'Brien show on
1:27:32
YouTube is where you'll find some good stuff there.
1:27:35
Awesome, dude. Well, thank you so much for
1:27:36
joining us guys. If you guys enjoyed the show,
1:27:38
you need to smash the like button, consider subscribing.
1:27:40
Adam, hang around and guys, we'll see you tomorrow for a
1:27:43
brand new show. Take it easy.
1:27:45
Today's episode was brought to you by Bitcoin Well com, a
1:27:48
Bitcoin only platform on a mission to enable financial
1:27:51
independence.