Latest / Simply Bitcoin / We finally found the REAL Reason Bitcoin isn't going up... | EP 1469

Transcript

We finally found the REAL Reason Bitcoin isn't going up... | EP 1469 · Simply Bitcoin

0:01
While everybody's blaming the normal boogeyman like Larry
0:05
Fink, Jamie Dimon or Jane St. for price suppression, there
0:10
could be someone within Bitcoin that's been pushing the price
0:13
down that we really didn't expect.
0:17
Let's start with this cryptic tweet from Michael Saylor here
0:20
to kind of set the mood of what's going on.
0:22
And this will really give you maybe the broad idea and it
0:26
really leans into what I've been saying the last couple of days.
0:28
It seems like Michael Saylor himself is the only person
0:33
holding up the Bitcoin price and we might have just seen some
0:37
more confirmation of this. So what am I talking about?
0:40
Obviously, I'm sure you guys saw this.
0:42
This was on March 4th. Again, note the the days here.
0:46
Note the timing of this. So on March 4th of this year,
0:50
Michael Saylor tweeted we can buy more Bitcoin than they can
0:54
sell. At the time, obviously we all
0:57
kind of read this as hey, what's the other?
1:00
What's the other meme? Actually, I can't say this too
1:03
early in the show. How do I say it without saying
1:07
it? We could say more idiotic and
1:10
buy Bitcoin than the amount of people selling Bitcoin.
1:14
We will buy the Bitcoin at any price.
1:16
We want the Bitcoin, we want to accumulate the Bitcoin.
1:18
So I think that's how most people read this is like, yeah,
1:22
dump on us all you want. Obviously we had the October
1:25
dump, We have the November dump. We got a 45% discount on
1:29
Bitcoin. This is I think in in the the
1:33
spirit of what this tweet was embraced as it's like, yeah,
1:38
give us the Bitcoin, we'll keep buying it.
1:41
That's all that matters. But after the news this morning
1:44
that came out it it starts to bring on a whole new light Who
1:49
exactly what sailor talking about when he did this tweet, We
1:53
can buy more Bitcoin than they can sell.
1:56
What we're starting to see what is going on in the markets right
2:00
now, hence why I've been saying the last couple of days, it
2:03
looks like Sailor himself might single handedly pull us out of
2:08
this bear market. He might himself with the amount
2:11
of capital, the amount of money that he's buying Bitcoin with
2:15
the amount of Bitcoin that he's buying.
2:17
Again, if he's really buying actual Bitcoin, which I can hear
2:20
you guys saying, he might be scooping up all the coin
2:23
himself. It seems like Sailor rather
2:25
strategy is the single largest buyer in the market right now.
2:30
So going further, we got this tweet this morning, super
2:34
interesting. We have Mara tweeting today.
2:38
Mara or Marathon announced the repurchase of $1 billion in
2:42
convertible notes at a roughly 9% discount per vowel.
2:47
Yeah, par value roughly 30%. Convertible debt reduction
2:51
roughly 88 million in value captured 0 future dilution
2:55
exposure on the retired notes funded through Bitcoin sales,
3:00
not an ATM. So let's look at the press
3:05
release. Here we have the press release
3:08
from Marathon Miners. Again, a huge public Bitcoin
3:13
mining company and before today they were the second largest
3:18
Bitcoin treasury. With this announcement, with
3:21
this verification, they are sliding down on the Bitcoin
3:24
treasury list, the leaderboard of who owns the most Bitcoin.
3:27
Here is the headline or the name of the press release.
3:29
It goes. Mara Holdings Inc announces a $1
3:31
billion repurchase of 0% convertible senior notes due
3:35
2030 and 2031 and sale of 15,133 Bitcoin.
3:43
So when you look at this, it really goes into what we've been
3:46
covering. I think it was last week or
3:47
maybe it was the week, week before that, a lot of the cell
3:51
pressure we have seen, at least in the year of 2026 has been
3:57
from these public Bitcoin miners.
4:00
They're selling a lot of Bitcoin to pivot into AI because
4:04
profitability in Bitcoin mining it, it has been getting a lot
4:08
tougher. And now with the AI hype, with
4:12
kind of this whole idea that AG is coming, AI is taking over the
4:16
world, we're seeing a lot of Bitcoin miners transition into
4:20
AI using the mining infrastructure for data centers.
4:26
And this has been a trend that's been going on for the last
4:29
couple of weeks. I think since 2026, we've seen,
4:32
you know, 10s of thousands of coins sold from these public
4:35
Bitcoin miners so that they can raise capital to build out their
4:41
AI infrastructure. It might be a little too little
4:43
too late, but again, remember what Sailor said, We can buy
4:47
more Bitcoin than you can sell on March 4th.
4:49
Now let's look into this press release a little more and you
4:53
start to see an interesting connection.
4:56
Here I highlighted the one point I'm not going to read the whole
4:58
thing because you know, they're selling Bitcoin so that they can
5:02
raise cash so that they can use that cash to transition into AI.
5:09
Now here's where it does get a little interesting.
5:12
The company Mara Marathon announced today that between
5:17
March 4th and March 25th of 2026, it sold 15,133 Bitcoin for
5:22
an aggregate sale price of approximately $1.1 billion.
5:27
The company expects to use the proceeds from the Bitcoin sales
5:29
to fund the notes repurchase transactions, with the remainder
5:32
available for general corporate purposes.
5:37
So Sailor tweets March 4th, we can buy more Bitcoin than they
5:41
they can sell. At the time we were all
5:44
thinking, hey, maybe this is just the OG selling.
5:47
Maybe this is Wall Street selling.
5:50
All right, cool, we're getting a good discount on Bitcoin.
5:53
You know, we'll buy all the Bitcoin.
5:55
Now this cryptic tweet seems like this might have been just a
5:58
straight shot at Marathon being like, look, maybe he knew
6:01
something behind the scenes that we didn't knows they're selling
6:05
a bunch of Bitcoin and he's like, we're going to buy that
6:08
Bitcoin. Now the interesting aspect of
6:11
this is that shortly thereafter, Sailor did a huge buy.
6:16
Shouts out to David Lawrence. He goes like he quotes that
6:19
sentence. Meanwhile, on the 4th, the day
6:22
that they started selling their Bitcoin, Sailor does the cryptic
6:25
tweak of we can buy more Bitcoin than they can sell.
6:28
And then on Monday March 9th, strategy comes around and
6:32
announces they have bought 17,994 Bitcoin for $1.28
6:36
billion. As this tweet goes, the message
6:39
is very clear. If you don't want your Bitcoin
6:41
strategy, we'll buy it all. And as he notices what the Super
6:45
Bowl is for micro strategy. Now in the context of this video
6:51
we have been seeing especially at the tail end of 2025 and the
6:56
beginning of 2026, a very interesting phenomenon happened.
7:00
Obviously when Bitcoin hit all time high in October at 126.
7:04
The rationale for most people when we started dropping was,
7:08
oh, 100K was the price point where O GS are very willing to
7:12
realize some profits. And further towards the end of
7:16
last year, we also got, I wouldn't necessarily call it
7:20
regulatory clarity, but we got bank clearance now and Wall
7:24
Street products where the Ogs could use their Bitcoin in
7:27
various forms to get some various Fiat benefits, you know,
7:31
use their Bitcoin in or rather sell some Bitcoin or transfer
7:35
some Bitcoin into ETFs. They get some tax benefits.
7:39
We're starting to see, obviously JP Morgan announced that Bitcoin
7:42
is going to be used for collateral.
7:43
Maybe that's what they want to do.
7:45
Maybe they were just selling out because they thought four year
7:48
cycle was here. 126 K is the top.
7:51
I want to realize some of these games.
7:53
I don't want to ride the roller coaster anymore.
7:54
I can't actually ride another 80% draw down.
7:59
I want to realize some of my wealth.
8:00
That was the narrative at the end of 2025.
8:04
It's the OG selling. Remember, the idea of Bitcoin at
8:08
100K is essentially like an IPO that the Bitcoin project has
8:15
gone from the innovators, from the, you know, the, the real
8:19
Bitcoin pioneers to now it transitioning into a more maybe
8:24
late stage, early adopter, early majority era.
8:28
And that's when Wall Street is coming in.
8:30
Their starting price is 100K. So we are seeing kind of a
8:33
changing of the guard from the original idea ideologues in
8:37
Bitcoin to a more investor Wall Street kind of perspective where
8:43
it's just an investment. And that was the narrative that
8:47
we were all kind of comfortable talking about the end of 2025.
8:50
Now, since the beginning of 2026, we have seen a whole new
8:55
round of selling and now it's coming from the public miners
8:58
that seem to be pivoting towards AI.
9:02
So we've been asking, like we literally asked this yesterday,
9:06
like who is selling Bitcoin right now?
9:09
It's 45% off all time highs. There's not much liquidity.
9:14
There's really nothing in the market that makes people feel
9:18
the need to sell their Bitcoin. There is no Black Swan panic
9:20
actually. I mean, we've had a bunch of
9:22
black Swans and that's why we're at the price we are today.
9:25
But it's starting to look like the pivot from Bitcoin mining
9:28
infrastructure into a more AI data center is really taking a,
9:34
you know, a very, very quick turn.
9:37
I think they're trying to do this as quickly as possible
9:40
because I think they're trying to capitalize on the AI height.
9:43
But further, again, Bitcoin mining is one of the most
9:46
competitive industries period in the world.
9:49
There's not that much margin on Bitcoin mining unless you're
9:51
getting free energy, but if or maybe black market energy.
9:55
But if you are paying for energy like most normal people, even if
9:58
you're getting a good deal, there's really not that much
10:02
profits. And then going further, if you
10:04
are a public company, you have to deal with the shareholders
10:08
and they want to see a quarterly return.
10:11
So you're seeing the dynamics here where and remember we had
10:15
Kent on and he was saying, look, we are seeing this pivot.
10:18
We are seeing public Bitcoin miners have some issues right
10:21
now, not necessarily huge issues, but they are starting to
10:25
get a little nervous. They're starting to get the heat
10:27
here that hey, we got to figure out something that's going to be
10:29
more profitable for these huge infrastructure that we built
10:33
out. And right now it seems like all
10:35
the rage is the AI. Now personally, if you watch the
10:38
show, you know my view here, I'm not the biggest AI guy.
10:41
I do kind of believe it's AAI bubble, but AI is a part of our
10:46
lives now. If you're on Twitter, you see it
10:48
everywhere. If you're on any social media,
10:50
everything is AI, though. We are starting to see that
10:54
maybe open. Wait, open AI?
10:58
Is it open? Yeah, ChatGPT, basically, you
11:01
know, the mother company of ChatGPT.
11:03
I think it's open an eye. I'm, I'm blanking right now that
11:05
they are starting to potentially run out of money now.
11:09
I think they have a lot of money because all the hype is in AI
11:12
right now. It's all of the hype we're
11:14
seeing that the Trump administration is adding a, what
11:18
was it called, Discovery Science Board.
11:20
And it's basically like all the AI guys.
11:22
So there is a huge pivot in the AII think anyone that is aware
11:27
of where technology is going, they're probably focusing on two
11:31
things, it's AI and it's Bitcoin.
11:34
Now AI gets a lot more coverage, hence why I think we're seeing a
11:37
lot of the public Bitcoin miners pivot into AI.
11:40
But in the last couple of months, we've seen a lot of
11:43
these public Bitcoin miners. If I remember, it was about six
11:45
of all the big public companies, Bitcoin mining companies all
11:49
announced the same kind of plan. They're going to sell some
11:52
Bitcoin so that they can raise some cash so that they can pivot
11:55
into AI. Now this trend is continuing.
11:59
So when you ask the question who is selling all of the Bitcoin,
12:03
it's not necessarily just, you know, you and me or your uncle
12:08
or anyone on Main Street. That's really being afraid and
12:13
shaking out a Bitcoin at this point.
12:15
I think it's very safe to say that most people in Bitcoin
12:18
aren't tourists here. And and that term tourist is a
12:21
little derogatory, but it's just people that are true believers.
12:23
It's people that see the long term gain and the long term
12:26
impact of Bitcoin, whether that's institutions like the
12:30
Wall Street, you know, entities like all the big banks like
12:34
nation states, like sovereign wealth funds or just individuals
12:38
or corporate treasuries, the people that are currently in the
12:41
space. And I, I would consider the
12:45
Bitcoin mining companies in in that category as well, though
12:49
they're obviously making moves to secure their business here
12:53
that, you know, their their, their business plan, their long
12:55
term longevity here. We are seeing that the majority
13:00
of the selling is coming from the public Bitcoin miners.
13:04
That's where it's coming from and it really makes me think,
13:07
you know, Nico and I have had this argument on the show and
13:10
and it's just a simply opt you today guys.
13:11
So you you guys get spared a little bit on the bearishness,
13:14
but we have been having this argument for the last couple of
13:18
weeks or rather probably months that we may be in for another
13:24
leg down in this bear market. Personally, I'm getting a little
13:28
more optimistic. I I am drawing some lines here.
13:31
You know, I'm starting to see a little trend build on the daily
13:35
in Bitcoin price. The Bitcoin price did pull back
13:38
exactly to the trend line I drew a couple of I think 2 weeks ago.
13:42
But there's still this conversation of we need one
13:47
final capitulation before we can finally move on and go into the
13:54
upward trend of the bull market. But when I see this news from
13:58
public Bitcoin miners selling 10s of thousands of coins and
14:04
particularly Marathon, I'm wondering is this the final
14:09
capitulation? As the heuristic goes, as the
14:12
meme goes in, in Bitcoin or amongst Bitcoiners is usually to
14:17
mark a bottom, you need a final sacrifice.
14:21
Historically, it's been exchanges blowing up, it's been
14:24
exchanges being insolvent. It's been huge liquidations
14:29
shorts like usually it happens in liquidations on for or rather
14:34
forced liquidations where you know, we find someone with with
14:38
no clothes as the river pulls out or the ocean pulls out
14:41
again. You guys know I suck at
14:43
euphemisms. It's crazy.
14:45
But right now, this news this morning, it's starting to make
14:49
me think that maybe the capitulation that we are kind of
14:53
waiting on might be already happening.
14:56
It might be coming from the Bitcoin public, public Bitcoin
15:00
miners. They're selling tons of coins
15:05
and the price is holding on very good.
15:07
Now as I've been making the case and I saw someone, I think it
15:11
was moonshine fuel in the chat said maybe Opti is right.
15:15
Maybe we are just going to go sideways and then we're going to
15:18
start doing another leg up and we're not going to see a quote
15:21
on quote. Wait, sorry, someone made fun of
15:24
me quote UN quote, I guess I say quote UN quote, quote UN quote.
15:31
Quintessential bear market where we get a blow off top Bitcoin
15:35
price corrects 80%, we get a final capitulation leg down for
15:40
maybe a couple of weeks and then as we kind of reset the
15:45
sentiment, we start to build back up.
15:49
But what is different now, and that's kind of what I've been
15:53
harping on. It's like, yeah, OK, look, the
15:57
four year cycle played out almost to AT in terms of timing.
16:02
You could argue that everything else around the four year cycle
16:05
is broken, but that's for another video, that's for
16:07
another debate. It's not fun to debate with
16:09
myself. But just taking that as a given,
16:12
18 months after the halving, we got an all time high.
16:16
That happened October. We got 126.
16:19
Now we're all expecting or at least we're expecting an 80%
16:23
drawdown kind of where we are. It'll go down, you know, 4050%,
16:28
it'll go sideways and then we'll have one final capitulation like
16:32
as we saw in 2021. I think a lot of us have PTSD
16:36
from the 2021 cycle because we didn't go as high as we thought
16:39
we were going to do go, but we definitely got an 80% drawdown.
16:43
You know, the the price was brutal.
16:45
It went, it drew down kind of maybe almost held and then it
16:50
rolled off a ledge and we saw a final, final leg down.
16:53
Now that could still happen, but trying to think through what
16:59
we're seeing right now, a few things have changed and I, and
17:04
I'm not saying that this time is different per SE, but things
17:08
have changed. And what are those huge changes?
17:12
Obviously we have the US government embracing Bitcoin.
17:16
We have regulatory clarity at least being discussed on Capitol
17:20
Hill. We're seeing other nation states
17:23
follow suit. We're seeing central banks
17:25
acquiring Bitcoin, We're seeing sovereign sovereign wealth funds
17:28
acquire Bitcoin. And we're seeing extreme amount
17:35
of interest coming from Bitcoin treasuries and in particular
17:39
micro strategy and the stretched product.
17:42
So I think all of these factors, we do have to take them into
17:46
consideration. And plus, I didn't even add,
17:48
we're seeing banks and Wall Street start to finally embrace
17:52
Bitcoin. And as some of the data has been
17:54
showing us, 2025 was the year that Wall Street or the
17:59
institutions and the banks and the hedge funds really probably
18:02
just started to research Bitcoin.
18:05
Because remember, 2025 was just, it's, it's the single year that
18:09
all of the banks can now finally get into Bitcoin based on all of
18:13
the red tape being cut. It doesn't mean that they were
18:17
instantly going to go into Bitcoin.
18:18
It just means that now they're finally going to unleash their,
18:22
you know, not their wealth advisors.
18:24
They're they're research analysts to understand, should
18:28
we be buying this thing? Is this thing going to be a long
18:31
term viable investment for our customers and ourselves?
18:35
So 2025, as much as we would like to see them move very
18:39
quickly, you could still argue that they did move very quickly
18:44
because now in 2026 and the conversation is no longer, oh,
18:48
do you own Bitcoin or do you not conversation is how much
18:54
exposure should I get to Bitcoin and how quickly and, and not
18:58
just quickly, but how strong will the US government embrace
19:02
Bitcoin? It's no longer this idea that
19:04
you can ignore Bitcoin. It's more of this idea of like,
19:07
how do we actually embrace Bitcoin?
19:09
It's no longer a conversation of theoretical what is Bitcoin is
19:15
it got a place in My Portfolio. It's more of a conversation of
19:19
action. How can we actually partake in
19:22
this industry, in this new asset class.
19:25
So that's why I've been making the case and the thesis that I'm
19:29
not going to say this time is actually I have said it.
19:32
I'm just saying there's different variables now.
19:35
And some of those variables I think are really, I don't know,
19:42
adjusting how things are playing out.
19:46
And the main one is obviously the amount of FOMO and interest
19:50
and fervor that we're seeing from Michael Saylor in, in terms
19:54
of buying Bitcoin. So if Sailor literally without
19:59
raising the $42 billion that he plans to smash by with Bitcoin
20:03
is it's the only person kind of holding us up.
20:05
Obviously there is a lot of speculation.
20:07
There's a lot of rumors that there is nation States and
20:11
sovereign wealth funds doing an unlimited almost silent bid
20:14
here, kind of like ADCA, but it's really more of a time
20:18
weighted, you know, algorithm by AT WAP.
20:22
Where they just buy a little bit of Bitcoin consistently
20:24
throughout the trading day. And it happens every single day,
20:29
you know, for the week, might stop on the weekend, but they're
20:32
just continuously trying to buy just little bits of Bitcoin so
20:35
that they don't move the price of Bitcoin too much.
20:38
And that's only if they're buying on the open market.
20:40
There's also the OTC kind of idea that a lot of people might
20:43
be buying chunks on the OTC as to not move the market.
20:47
But Saylor himself is, you know, kind of doing both things.
20:51
He's just smashed buying billions of dollars.
20:53
So 1 entity. And again, as I was saying
20:56
yesterday, there is a conversation about whether this
20:59
is a good thing, whether one entity should be buying or
21:02
rather whether we should be applauding 1 entity buying a
21:05
million Bitcoin for themselves and their shareholders.
21:08
Again, that's a whole other conversation.
21:10
But what we are seeing is that even if a bunch of public
21:15
Bitcoin miners are selling Bitcoin and they're, you know,
21:20
skimming some of their treasury off sailors, literally buying
21:24
that all just by himself. And that doesn't even account
21:28
for the amount of Bitcoin that is released today, which is
21:31
probably being, you know, boughten up by other
21:34
institutions. And even Sailor himself, it
21:38
doesn't account for the fact that he just is going to raise
21:41
44 billion or really it's 42 billion to buy Bitcoin.
21:45
Love or hate Sailor, it doesn't matter what your thoughts are on
21:49
Sailor, I'm going to double down on the idea that I am.
21:53
I'm like wholly convinced that Sailor himself, he is, you know,
21:57
Sisyphus here he is holding the entire market up just by his
22:03
buys alone. Sailor's the one scooping up all
22:08
this coin. And as we've talked about, he
22:11
will totally be vindicated. Maybe not next year, but in a
22:14
few years it will become very obvious that what Sailor did in
22:18
this bear market, it's going to go down in history.
22:20
So anyways, I did bring up that we will look at the Bitcoin
22:24
Treasury leader board. So here is the recent move and
22:29
what it actually means. So of course, strategy way ahead
22:34
of everyone. I doubt anyone's ever going to
22:36
catch up the strategy at this point, especially when he's
22:39
going to buy another, I don't know, 2 to 600,000 coins.
22:44
He's going to very clearly be in the lead next as of today was 21
22:51
capital with 43,514 coins. Now 21 capital has been very
22:56
quiet lately. I've I've seen a lot of people
22:58
pushing back on Jack Mahler's on Twitter, like what are you guys
23:01
doing? When are you going to announce
23:03
some more buys? I would never bet against Jack
23:06
Mahler's. I'm sure we'll see something
23:09
interesting come out of 21 Capital soon.
23:13
Yes, the stock is hurting, but I, I don't think that they're
23:18
just going to go quietly into the night like 21 Capital is
23:20
going to make a move. But currently Mara Holdings or
23:24
Marathon, they're at #3 with 38,689 coins.
23:29
And they were as far as we all knew yesterday in the number two
23:32
position. But as you can see, since March
23:34
4th, they've been selling 15,000 coins.
23:37
And so let's go into Morrow's holdings here.
23:40
As you can see, as of today, these are the updated numbers.
23:44
They have 38,689 thousand Bitcoin with a market cap of 3
23:49
billion. And doesn't this usually have
23:54
their holdings here? But anyways, we'll go here.
23:56
What's this date, March 26 or sorry, before we all knew,
24:03
yesterday, March 25th, 2026, they had 53,822 Bitcoin roughly
24:10
valued at $3.8 billion. As of today, when we all heard
24:15
that they've been selling, they're down to 38,689, roughly
24:20
$2.7 billion. So they sold what is that?
24:25
A billion dollars and the market's eating it up.
24:30
Bitcoins going sideways, Bitcoin in the face of a Middle East
24:35
conflict, war operation, whatever you want to call it,
24:38
and Bitcoin, it did pull back a little bit, but roughly at 70
24:42
Ki. Think part of the bigger
24:45
conversation here is what I've been saying and what was really
24:49
surprising me about four weeks ago now, or guess 3 and some
24:53
change is that when the markets open on that Monday after the
24:58
initial attack in Iran was that Bitcoin didn't go down.
25:05
And This is why I am bullish right now.
25:08
Yes, a part of me, my gut is still saying we're probably
25:12
going to go down. Maybe it's the PTSD from the
25:14
last cycle in my head being like it's going to we're going to see
25:17
another final leg. Every time I start getting
25:19
optimistic and bullish is right when we get kicked in the nuts
25:23
and the price just caters on us. But it hasn't done that so far.
25:29
It's actually been super resilient.
25:31
I saw some people in the chats like Bitcoins AT70K, it's down
25:34
45% from all time high. How?
25:36
How could you say that this is resilient price action because
25:39
it's not going lower. That's the signal here.
25:43
You would think any bad news would drive Bitcoin lower.
25:47
We haven't seen that happen. So for all we know, it's not
25:52
just sailor in the market scooping up all this coin,
25:54
though that's, you know, a good narrative, a good headline.
25:57
It's all the data that we currently have.
26:00
But there could be other buyers in the market right now that are
26:03
trying to build a silent position.
26:04
We have speculated on the show in the past that maybe it's the
26:07
US government, though we're probably getting a little less
26:13
optimistic that the strategic Bitcoin reserve will actually
26:16
amount to anything. But in the face of all of this,
26:22
the fact we're holding where we are, the fact we're seeing some
26:24
of the biggest public miners sell a lot, a shit ton of
26:27
Bitcoin, scientific term, a shit ton of Bitcoin fact we're seeing
26:32
again, scientific term Michael Saylor buy a shit ton of Bitcoin
26:35
by himself. The price is almost in
26:39
equilibrium. And as you all know, if you've
26:42
been in Bitcoin for long enough, supply, demand, economics, the
26:46
price isn't going up. It just means there's more
26:48
supply than demand. Well, for all intents and
26:52
purposes, the supply the the price, you know, supply demand
26:56
economics of Bitcoin, it's neutral.
26:59
So the amount of selling we're seeing is equal to the amount of
27:03
buying. Hence why a lot of people have
27:05
been on Twitter like yo sailors buying billions of dollars a
27:08
Bitcoin every week. Why isn't the price going up?
27:12
Are they even buying real Bitcoin?
27:13
Oh, they're buying paper Bitcoin.
27:15
Well, I think now we kind of know for a fact that sailors
27:20
just buying all the Bitcoin that is being sold from these public
27:23
Bitcoin miners. Again, he specifically said it
27:26
in a cryptic tweet. We can buy all the Bitcoin that
27:30
they can sell. So maybe there is some inside
27:33
baseball here. Maybe Sailor does know something
27:36
that we aren't Privy to from a mainstream perspective.
27:39
Maybe these backroom deals here, I wouldn't say backroom deals.
27:42
These backroom meetings he's had is really giving him the FOMO.
27:48
He's like, oh man, once all this selling stops, this thing's
27:53
going to start ripping. Maybe I I really don't remember
27:59
and I was trying to think about Sailor putting his hat really
28:03
into the four year cycle meme. I know he did say crypto winter
28:08
is never coming and then he followed that up.
28:10
I believe it was about a month ago saying crypto winter is
28:14
starting to go into spring. Obviously the connotation of a
28:18
crypto spring. Hold on, sorry guys, I'm I'm so
28:22
cooked from the gym yesterday. I feel like I got hit by a train
28:26
and I don't know I'm like raspy this morning.
28:29
But anyways, Sailor said crypto winter's almost over.
28:32
We're going into a crypto spring.
28:35
Obviously, seasonally we are in springtime, you know where we
28:40
just passed the spring equinox, so flowers are blooming.
28:44
I'm starting to feel a little better.
28:45
The sun's nice, the weather's great.
28:48
But the in crypto terms, in Bitcoin terms, a spring is when
28:53
the price gets frothy. All I'm saying is once we get
28:58
another announcement, another headline of someone coming into
29:02
Bitcoin and wanting a lot of Bitcoin, I think all of our
29:06
models, all of our heuristics are completely going to go out
29:09
the window once the demand comes in.
29:13
And I actually, I didn't, I didn't bring it up on the show,
29:15
but I did see another statistic coming from, I believe it was JP
29:21
Morgan. Let me see.
29:22
Actually, I'll pull it up. I, I have it in my notes over
29:25
here, but I wasn't going to necessarily hit it, but I have
29:28
been mentioning this to you guys on the show that we are seeing
29:32
an interesting phenomenon happen in retail markets.
29:35
Oh, and also, guys, let me, let me check in the chat.
29:38
Am I, am I lagging because my computer after you're high?
29:42
We know I'm not I'm not Let me know if it's if it's pixelated
29:47
or anything because I need to get a, an external hard drive.
29:52
My computer is like on the verge of of being cooked on me.
29:56
So I'm getting all kinds of notifications.
29:59
OK, it was it was it was JP Morgan and this was Walter
30:03
Bloomberg and it goes investors fleet to cash as uncertainty
30:08
surges. Let me pull this up for you,
30:10
which is very interesting to look into the psychology of
30:13
traditional finance right now, which does make the case that
30:16
once demand comes back into Bitcoin, once liquidity comes
30:19
back in the in the Bitcoin, I think all bets are off.
30:22
But here we go. Investors are shifting back to
30:25
cash and a more reminiscent and they move reminiscent of 2022
30:28
according to JP Morgan, as geopolitical tensions and policy
30:31
risks rise. Strategist Nicholas, I'm not
30:34
even going to try to pronounce your last name, bro.
30:37
Nicholas P says investors have been pulling out of equities,
30:39
bonds and gold since the Iran war began, boosting cash
30:42
holdings instead. The shift reflects fears that
30:45
central banks could repeat past policy mistakes, especially as
30:48
energy shocks risk fueling inflation, forcing further rate
30:51
hikes. Markets have already priced out
30:54
expected rate cuts and are now anticipating increases in the
30:57
coming months. While cash allocations have only
31:00
risen modestly and remain low historically, they're still
31:03
weighing on stocks and bonds. Meanwhile, equity positioning
31:06
has dropped sharply from recent highs, signaling growing caution
31:10
amongst investors, which is what I've been telling you guys.
31:13
It seems like Tradfi is sitting in cash right now.
31:18
They don't know where they want to deploy their capital.
31:21
Now once we start seeing those market signals, they're going to
31:25
start to deploy the capital. Now what would those market
31:27
signals be? As we kind of talked about
31:29
yesterday, one would be the US announcing they bought Bitcoin
31:33
for the strategic Bitcoin reserve.
31:35
That one's, I would almost argue at zero.
31:38
I guess it's a non zero chance just to be a more optimistic,
31:40
but it's low. It's like 1% at this point, at
31:43
least from all the headlines we've heard.
31:45
The other one would be some kind of regulatory clarity or the
31:50
Clarity Act passing. And I do have an update for you
31:52
guys on that later on in the show.
31:54
Now, if we do get that happening within the next month or so,
31:59
maybe by the end of summer, three months, who knows exactly
32:02
what's going to happen. I doubt it's going to happen
32:06
before Easter, but at least that's what the conversation has
32:09
been lately. Then we might see investors
32:13
start to deploy some of that cash into Bitcoin.
32:15
I don't know if they're going to go in the equities, depending on
32:18
how long this war in the Middle East goes.
32:21
I think people are going to be sitting in cash.
32:22
They're going to be basically sitting on their hand because no
32:26
one wants to go and put their cash into something.
32:28
And then the markets keep dropping.
32:30
I actually had a story time. I, I was actually talking with
32:33
my, with my mother yesterday. You know, I called my mother, I
32:36
haven't talked to her in a little bit.
32:38
And she was making a joke about how I forget what the app is,
32:42
but she would throw like, I don't know, $50 at some kind of
32:46
like Robin Hood app where it just deploys capital, you know,
32:49
just does little investments. And she's like, what the hell is
32:53
going on? Like everything besides Bitcoin
32:56
is down. And I'm like, in my head, I'm
32:57
like, yeah, you should just be buying Bitcoin, mom.
32:59
I'm like, I am the Bitcoin guy. You don't, you don't, what are
33:01
you doing? She's like, I have my DCA, but
33:04
you know, I was just trying to play with a little bit in the
33:06
markets. And she's like, literally all
33:08
stocks are down. So I think that's what a lot of
33:12
retail investors, a lot of what mainstream is seeing, Main
33:15
Street is seeing right now is equities are not in a good
33:19
place. I was looking at, you know,
33:20
NVIDIA, it's looking a little toppy.
33:22
You look at stocks, it's down. It's not looking that hot.
33:28
Gold's down. The only thing holding up in the
33:32
market right now, I would say, is Bitcoin.
33:34
Hence why I was saying the other day that what if the decoupling
33:38
we were looking at is not necessarily Bitcoin breaking out
33:41
and everything staying flat, but what if the decoupling is
33:43
everything goes down and Bitcoin doesn't go down at all or that
33:47
much? This is where my head's at.
33:51
This is what I'm looking at. But hey, we know where the
33:55
selling's finally coming from, guys.
33:59
It's from the public Bitcoin miners pivoting to AI.
34:02
The AI hype is eating everything.
34:04
The the idea of AI will take all of our jobs is actually
34:07
happening. It's just not happening how we
34:09
thought it would. It's people selling their
34:12
Bitcoin for AI. So we're just broker and then
34:15
and then we get our jobs taken from AI unless you have a trade.
34:21
I always say. I don't think AI could be
34:23
disregarded. So I might have a job for a
34:25
little bit. But hey, I've been seeing some
34:27
of the AI stuff. Maybe maybe it'll maybe I can
34:30
just program the AI and you'll never know that I'm not an AII
34:35
think you'll know we're not there yet.
34:37
Anyways, there you have it guys. The selling is coming from the
34:40
public Bitcoin miners. It didn't stop what, a month or
34:44
two ago when we I think it was a month ago.
34:46
It didn't stop a month ago when we covered this story.
34:49
It has continued. I wouldn't be surprised if we
34:52
see other Bitcoin public miners selling more Bitcoin to pivot
34:56
into AI, to raise some cash to go into AI.
34:58
It did seem like this story was like a it happened in the past
35:02
and now we're now we're hearing about it.
35:05
But since that initial story broke, we're seeing more Bitcoin
35:09
miners sell Bitcoin again. Is Marathon skimming off their
35:16
Bitcoin treasury? The final capitulation, the
35:18
final sacrifice we need for the next move up?
35:22
I know we're so used to a very huge explosive capitulation and
35:28
explosive sacrifice, but maybe this is it.
35:33
I don't know. I want to believe.
35:36
I want to believe guys, we're broker.
35:40
We're broker let's. See, this is a good one.
35:44
Stocks are not that high relative to M2 money supply that
35:48
goes up every second of every day.
35:49
Facts. Oh guys, have you and I haven't
35:52
brought it up on the show, but have you guys watched the Mag 7?
35:58
They're cooked. Now, obviously they're not
36:01
falling off a Cliff per SE, but if you look at the Mag 7,
36:05
they're not doing so hot. And the idea that the MAG 7 is
36:09
the only thing that's been holding up the stock market,
36:12
well, that it that correlation has seemingly broke because MAG
36:18
7 has been going down and stocks indexes like the S&P 500 and QQQ
36:24
have continued to go up. Well, relatively gone up.
36:28
So things are interesting, say the least things are interesting
36:32
and from my opinion, Bitcoin going sideways at 70 Ki think
36:36
that's a lot of signal. I know you guys always say and
36:38
yell at me like, oh, you guys are Fiat Maxis all you care
36:41
about this price. This is a free market of money.
36:46
The price of things is signal to the market.
36:50
We're not talking about necessarily just the value of a
36:53
per Bitcoin, but the price sends a signal to the market, which
37:00
gives invert investors information of where they should
37:02
be deploying their capital. The fact we're at 70K or a
37:07
little under 70K right now, I think that's, I think that's all
37:10
the signal we really need Bitcoins holding up very well.
37:13
Anyways, keeping this moving. Oh, guys, I'm pretty excited for
37:18
today's numbers, even though I really don't even know what he's
37:21
saying. But Peter Schiff came out with
37:23
another classic sound bite. And then I do have a update for
37:27
you guys in the Clarity Act and then in the culture to wrap up
37:32
the show. I want to talk about Bitcoin
37:35
media in general. I, I was thinking about this
37:37
idea this morning when I was coming to work and I don't know,
37:42
I'll flush it out with you guys. Just the idea of media literacy
37:46
around Bitcoin and stuff. And so that's going to be
37:49
today's show. I'll be right back after this
37:50
commercial break and we are going to dunk on Peter Schiff a
37:53
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40:10
Sorry guys, the the chat really doesn't like Peter Schiff.
40:13
That's funny. OK, so the current Bitcoin price
40:17
is $68,970. Again, we did retrace a little
40:21
bit. Actually you should.
40:23
We chart boy. Should I chart boy a little bit
40:26
No, no, no, I'm not. I'm not going to subject you to
40:29
my chart boy unless you guys want it in the chat one's in the
40:31
chat if you want some chart boy. Anyways, the discount from all
40:33
time high is currently 45.3%. The market cap is 1.38 trillion
40:40
and the current block height is 942,342.
40:45
That's where we currently are, guys, just, you know, keep
40:48
chugging along, keep stacking the Bitcoin, keep accumulating
40:54
the coin. All right, so as I want.
40:58
You guys are funny, dude. All right, we got multiple.
41:02
OK, I'll do a little charboy before I dunk on Peter Schiff
41:06
here, let me pull up my chart. Let me pull up my chart.
41:10
Let me show you what I'm watching.
41:11
Let me show you what magic lines I've drawn drawn, drawn.
41:17
OK, here is the Bitcoin price on the dollar.
41:23
Again, I use this. You'll see here you know
41:27
Bitcoin. Oh well, let me zoom in.
41:29
Bitcoin slash U.S. dollar crypto on trading view.
41:33
I'm almost positive I haven't been able to confirm this, but
41:35
I'm pretty sure this is a composite of all of the
41:39
different exchanges and all the Bitcoin charts combined into
41:44
one. That's why I like to use this
41:45
one. Maybe that's a a hack.
41:47
You guys want to use. Usually a lot of people like the
41:50
bit stamp one because it's the longest one, but they don't have
41:52
that much volume or they go use the Coinbase one because it does
41:57
have a lot of volume, but I've really liked this Bitcoin slash
42:01
U.S. dollar crypto one on trading view, and this is what
42:04
I'm watching. So of course we all know here is
42:07
the 24 high, we totally didn't hold on that.
42:14
And then this red range is kind of the 2021 high where we
42:19
trended through. So that's what I got.
42:22
And then here is, you know, the bottom line that 60K drop this
42:27
line again is the 2021 top and then the 2024 top is, you know,
42:33
don't it? It's a little messy right now,
42:35
but what I am watching, which is interesting and watch this is
42:39
not going to hold up, but it has been holding up for the last
42:42
couple of weeks is that this trend line, guys, check it out.
42:47
I was showing Luke this, this morning.
42:49
My trend line's intact and further it is being held up at
42:53
least as of now on the 50 day moving average.
42:57
This trend line holds up, boys. I don't know.
43:02
All I'm saying is I don't know. OK.
43:05
That's what I that's what my charts look like right now.
43:08
It's a little messy. Might as well have the moon
43:10
phase. Yeah, dude, I should add a whole
43:12
moon, full moon. I, I, I joke with one of my
43:15
friends and, and then we'll we'll talk about Peter Schiff.
43:17
I joke with one of my friends. I have a couple of Bitcoin
43:21
friends. We have a group chat.
43:22
It's just, it's just three of us and we always joke and I'm like,
43:26
yo, bro, what's the astrology TA on Bitcoin?
43:30
Literally like what is astrology telling us so that we can make
43:33
up some shit about the Bitcoin price and make up some
43:36
narratives. So I I literally I don't just
43:41
troll with Tai, literally troll with astrology to to make.
43:45
Sense of the Bitcoin price. But in, in reality, we look at
43:50
supply demand economics, as I, as I made the case in the first
43:53
segment, we're looking at who's selling and who's buying and are
43:56
they really buying and how much liquidity is in the system, how
44:00
much interest is in the system, or rather how much interest is
44:03
in Bitcoin. That's what we watch.
44:05
That's what we really watch. But you guys know, actually Q
44:08
said it best yesterday. I I can probably do with a
44:13
little less fun. So to me it's just fun.
44:15
TA is just kind of fun trolling my friends about astrology,
44:19
Bitcoin price movement. I think it's kind of fun.
44:21
But hey, you know, I know, I know you guys don't like to have
44:23
any fun. I know the fun police are in the
44:25
chat and I got to be super stoic and you know, serious and wear a
44:30
suit or else you don't take me seriously or whatever.
44:33
But we have fun here, guys. You guys know when I'm here, we
44:36
have fun. All right, anyways, let's watch
44:39
this Peter. Let's watch Peter Schiff's
44:42
latest pivot. It's a short clip.
44:45
It really doesn't even make sense to me.
44:47
But when we can dunk on on on our boy, when we can dunk on
44:52
UNK, the hard money game about Bitcoin versus gold, I always
44:57
take it. So here's the short clip.
45:00
The. The real threat to Bitcoin now
45:04
isn't all this shit coins. It's tokenized gold.
45:10
Because tokenized gold does everything that Bitcoin is
45:15
supposed to do but can't, And everything that Bitcoin can do,
45:20
tokenized gold does better. Brah.
45:28
Brah, OK, let me let me try to mentally recap all of Peter
45:34
Schiff's pivots we had in the early days, you know, go Bitcoin
45:41
is trash, it's never going to catch on.
45:45
And then we had gold is a much better Bitcoin than Bitcoin.
45:50
This is why you need physical gold.
45:55
And then we got to, you know, Peter Schiff doing his victory
45:58
lap last year that because gold had a run up and see, hey,
46:04
Bitcoin failed. He always does the Bitcoin fails
46:07
every time Bitcoin goes down and gold doesn't go down as much.
46:12
And now because we're starting to see the Wall Street phase of
46:17
shit coining and tokenizing all the things.
46:19
And I don't know if you saw the SEC chair Paul Atkins said that
46:23
within two years all the things are going to be on the
46:26
blockchain. Everything's going to be
46:28
tokenized. We have Peter Schiff now saying,
46:32
wait, no, no, it's not physical gold that's going to beat
46:36
Bitcoin. It's tokenized gold that's going
46:39
to be Bitcoin. It's actually better Bitcoin
46:41
than Bitcoin. Tokenizing the gold is actually
46:43
better Bitcoin than Bitcoin. And my first initial thought
46:47
when I saw this was like, what? Like he's basically just saying
46:51
like dollars. Like he's just saying dollars
46:53
are going to be Bitcoin. Like, wait, paper gold is going
46:58
to be Bitcoin, or rather digital paper.
47:03
It's going to be Bitcoin, man. This is what happens when you
47:09
have Bitcoin derangement syndrome, or at least publicly.
47:11
I, I truly believe that Peter Schiff is a Bitcoiner.
47:14
I think in private he's a bitcoiner.
47:15
I'm pretty sure he owns Bitcoin. Remember the whole theater
47:19
between his son and him where his son was a Bitcoiner and then
47:22
he did an AI pivot and he's the gold bug and he's like, you
47:26
don't have any experience, kid. You'll learn one day.
47:29
And then he, you know, effed off and started to doing AI stuff.
47:33
But now we've gotten to the point where guys, guys, guys,
47:42
you better watch out, dude. Your bags are in trouble because
47:44
tokenized gold is going to take over.
47:46
Tokenized gold is actually better Bitcoin than gold.
47:51
Wait, tokenized gold is actually better than digital gold?
47:58
Wait, wait, is tokenized gold just digital gold?
48:03
Wait, are they just recreating the system with more
48:06
complexities because they don't want to own Bitcoin?
48:13
Does tokenized tokenized gold literally just means digital
48:16
gold? Dude, they just made.
48:18
Oh my goodness. Oh yeah.
48:19
Hold on, hold on. Let me let me workshop this
48:21
live. Let me workshop this live.
48:23
They just did. God's vision of gold.
48:30
That's blasphemous. Satoshi's vision.
48:32
Of gold, this is the true. Vision.
48:35
Tokenized gold is the true vision of what gold should be.
48:40
Tokenized gold is what's going to run the modern economy.
48:44
It it literally it doesn't make any sense to me.
48:45
This is why I'm trolling. I like.
48:48
I don't get how he can seriously say tokenized gold is better
48:54
Bitcoin than Bitcoin. It makes it literally doesn't
48:59
make sense to me guys. Yes and family.
49:03
Dia hits the nail on the head. The problem with Peter's
49:06
argument is that it introduces A counterparty risk.
49:10
Hey, I hope that's the whole thing dude.
49:14
Apparently tokenized gold is better than Bitcoin because if
49:18
you insert a counterparty in between the physical gold and
49:23
the digital blockchain representation of gold, it's
49:29
better than Bitcoin because you can trust humans to audit the
49:32
gold correctly and not make not make more gold or digital gold.
49:38
IO us in the physical gold you see dude, it's so much better.
49:42
Tokenized gold is the new digital gold.
49:46
It's over Bros. We have been checkmated.
49:53
Yeah. Semi.
49:53
Yeah. Yeah, exactly.
49:55
My money needs other use cases besides money.
49:57
Semiconductors need gold. That's why gold is money.
50:02
We've abandoned that now. Tokenized gold is just better
50:05
than Bitcoin. Tokenized gold over digital
50:08
gold. Wait.
50:09
Digital gold does not equal digital gold?
50:12
Wait, I'm getting confused. He likes to trust me bro.
50:18
Anyways, as you can see, Peter Schiff, man, love the guy.
50:25
I think he, I think he's right about 99.
50:28
I think we agree on 99% of everything.
50:33
It's just that last 1% where it all goes down the drain.
50:38
But you heard it here first guys.
50:39
Tokenized. Gold is going to.
50:40
Take over Bitcoin. This is why you should sell your
50:42
Bitcoin right now, because tokenized gold is coming for
50:45
gold. Wait, sorry, bitcoin's market
50:47
cap. Nah, I'm trolling.
50:50
Accumulate. The Bitcoin I.
50:51
Forgot we can't have fun. We can't have fun on this show.
50:55
All right, let's keep it moving because I'm just rambling and
50:58
making jokes about. Peter Schiff at this.
51:00
Point. I'll be right back, want to give
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Wait, wait, wait, wait. We got a.
53:43
We got a. Good comic coming from Twitter
53:45
right here, Francisco. Goes Nah, just tokenize the
53:48
tokenized gold and double the digital gold.
53:53
Dude, it's, it's going up. Bro it.
53:55
Is going up, Yes. Peter Schiff will sell anything
53:59
besides Bitcoin. Schiff creating a new.
54:05
Shit coin for gold. You, Mr. Schiff, are genius.
54:09
How could I miss that? How could I miss?
54:11
That just. A shit coin version.
54:14
Wait. Shit coins.
54:17
Don't threaten Bitcoin. But a shit coined version of.
54:21
Gold. Is a true threat to Bitcoin.
54:26
Man, I wish I would have seen. That I wish I would have.
54:28
Known. OK anyways, let's get into this
54:32
guys. So as we've been talking, bro, I
54:36
don't know you guys let me know in the chat.
54:39
Are we tired about talking about?
54:40
The Clarity Act are we? Tired about headlines coming
54:45
about the. Clarity Act.
54:47
Because I sure am. At this point, I'm like, just
54:50
get it over with in the sense that it's just not going to
54:53
happen. Well, we got a new update all
54:55
right, We got. A We got a A.
54:57
Fresh update from the Clarity Act and there was a lot of hope
55:04
coming from a lot of people in the industry saying that it, you
55:08
know, it's going to happen, it's going to happen.
55:11
I think they said shortly after Easter and then it come.
55:28
To, well, I forget. What the initial date was?
55:36
It was supposed to happen in the beginning.
55:37
Of the year. Our drive today, it's it's dying
55:55
on me. Give me.
55:56
One second, give me one second. Oh, snaps.
56:03
I'm cooked. Wait, no, I'm pixelating.
56:07
I'm pixelating OK. Well, let me, let me, let me
56:11
just try to. No, no, it's not the Wi-Fi guys,
56:16
it's not. The Wi-Fi, it's my.
56:19
I have so much. I have all the video, I have all
56:22
the episodes downloaded on my computer.
56:24
So I'm literally using up my entire computer's memory and I
56:31
need to. Put all that I need.
56:33
To clear my computer, but I need AI need a hard drive to store.
56:38
All the stuff I got OK. Oh man, we're cooked.
56:42
I'm so cooked. Give me one second.
56:46
Let me, let me. Try to try to close.
56:48
Some things and delete some stuff.
56:50
Oh man. Can you guys?
56:55
Hear me? Can you hear me at?
56:56
Least. All right, let's see.
57:01
Let's see. Oh man.
57:03
Oh man, oh man. Can you hear me?
57:13
Let me know if. You can hear me.
57:14
Let me. No.
57:15
It's not no. Do my computer just cut my my I
57:18
need, I'm all right. I need to go get a hard drive.
57:22
Today, just. Let me, let me let me see if it
57:24
catches itself. Let me see if it figures it's
57:26
stuff out. Yes, you can hear me.
57:33
Yes, you can hear me. OK.
57:35
All right, all right. OK, you can hear me.
57:37
All right, let me let. Me just keep it going and
57:39
hopefully. Hopefully, hopefully my
57:44
computer. Catches up because it did do
57:45
this this morning so. Anyways, we got this It goes
57:48
breaking coin Base yet again rejects Senate stable coin yield
57:52
compromise Coin Base pushes back on the Clarity Act draft warning
57:55
the proposed rules could limit how stable coin yields are
57:58
structured across the industry. The current language bans
58:01
passive yield while allowing activity based rewards under a
58:05
broader quote economic equivalent standard.
58:08
Without Coinbase's backing, the bill faces an uncertain path and
58:12
could stall indefinitely if not passed by may.
58:17
So looking into. This a little bit.
58:19
Oh man. OK, here we go.
58:21
Here is a breakdown from coin market about what actually is
58:26
happening. So the.
58:27
Headline is Coinbase pushes back on stablecoin yield terms in
58:31
Senate crypto bill. This came out today.
58:33
Again, this was on the revised clarity Act with the quote UN
58:41
quote compromise on stablecoin yield Coinbase very.
58:47
Infamously say hey. We don't want a.
58:51
Bad bill, but. We're totally willing to come
58:53
back to the table for a good bill, in particular, the main
58:57
compromise or the rate, the main sticking point was the
59:00
stablecoin rewards or stablecoin yield.
59:05
Now here we go. It goes.
59:07
A proposal that circulated earlier this week could have
59:10
barred third parties, including exchange, from paying stablecoin
59:13
yields to use. Coinbase told Senate lawmakers
59:16
Monday that it has concerns over stablecoin yield language in the
59:20
latest compromise version of the Senate's crypto market structure
59:23
bill, citing 4 people briefed on the meeting.
59:26
The exchange's opposition adds a new obstacle to a bill that has
59:29
already faced repeated delays. A proposal that circulated
59:33
earlier this week would have barred third parties, including
59:36
exchanges, from paying stable coin yields to users.
59:39
The provision was framed as a response to banking groups
59:41
concerns about deposit flight. Its customers shifted funds
59:44
towards yield bearing stablecoins.
59:47
Coinbase prior withdrawal, with support for an earlier version
59:49
of the bill in January, preceded the Senate Banking Committee's
59:52
indefinite postponement of a markup vote.
59:56
Republican Senator Thom Tillis and Democratic Senator Angela,
1:00:00
also Brooks. Are leading the current round of
1:00:02
negotiations. Also, Brooks said previously
1:00:05
that the compromise may leave both the crypto industry and
1:00:07
banks dissatisfied. The White House has hosted at
1:00:11
least three meetings. Between crypto.
1:00:12
And banking representatives in an attempt to broker an
1:00:15
agreement, but no deal has been reached.
1:00:18
Banking groups have argued that Sablecoin.
1:00:20
Yield payments by. Exchanges exploits a gap left by
1:00:23
the Genius Act, which prohibited Sablecoin issuers from paying
1:00:27
yield directly to holders. Stable coin yields represented.
1:00:31
Significant. Revenue stream for.
1:00:32
Crypto exchanges, as I pointed out on the show before, the two
1:00:35
sides remain divided in how the provision should be structured,
1:00:38
with talks apparently still ongoing anyways to.
1:00:44
Wrap this up. It goes Republicans are aiming
1:00:46
to advance the bill before the midterms, where a shift in
1:00:50
Congress could slow or halt its momentum.
1:00:52
The House passed its version the Clarity Act, in July.
1:00:56
Coinbase did not respond to a request for comments, so looks
1:01:01
like the Clarity Act is even further stalled again by COIN.
1:01:24
And we got a. Good.
1:01:31
Little herb coming out. Oh.
1:01:39
My God, let me see, Am I? Am I?
1:01:42
Here, let me see if it's still streaming Bruto show.
1:01:49
Bruto show, guys. Oh, wait, it looks like I'm
1:01:54
back. It looks like I'm back.
1:01:55
OK, you start again too. Oh, man, don't tell Niko.
1:02:01
He's going to freak out on me. Let me say, let me say.
1:02:05
Oh, man, let's see. Let me see.
1:02:11
Let's hope I. Let's hope I'm still alive.
1:02:13
Let's hope I'm still alive. Sound not good?
1:02:18
Either Oh man, you. Start again.
1:02:22
Too. OK, OK, I'm here.
1:02:23
All right. All right, I'm here.
1:02:26
I'm here. OK.
1:02:27
It's. Still working.
1:02:28
It's still working. Let me.
1:02:28
Let me. Let me.
1:02:32
Let me get. Through to that, OK, here is a.
1:02:34
News in PAP and midday Coinbase told Senate offices this week it
1:02:39
could not support the latest version of a stable coin yield
1:02:42
compromise. Key senators have been
1:02:44
projecting optimism over the last few days about a deal being
1:02:47
close. Coinbase killed the last market
1:02:50
over yield concerns and you can hear.
1:03:01
Does crypto exchange Coinbase told Senate offices this week.
1:03:04
That it cannot support the latest version of a compromise
1:03:06
intended to address banks concern about stablecoin yield.
1:03:11
So this is this. Is where we are dude.
1:03:14
I'm I'm convinced the stablecoin yield is absolutely now guys,
1:03:21
it's it's not. It's it's not.
1:03:27
My, it's not my. Yeah,
1:03:46
it's my computer's RAM is maybe this works better.
1:03:57
No, you guys are funny. My back.
1:04:02
My back. Yeah, it seems to be all right.
1:04:05
It seems to be kind of back. OK, so you got to remember the
1:04:11
main fight, your war, the. Clarity.
1:04:12
Look, I'm back, OK? I think I'm back.
1:04:14
The main contention over the Clarity Act, which has been
1:04:18
stalled, is this idea of stablecoin rewards now.
1:04:24
Stablecoin. To offer about what, 3 1/2% in
1:04:27
rewards when you look at traditional savings accounts and
1:04:34
interest on checking accounts, it's like .39% or as low as .07%
1:04:43
and. Download more RAM and.
1:04:45
The main the main kind. Of.
1:04:50
Oh my God. I'm cooked.
1:04:53
The main contention was the banks are going.
1:04:55
To lose a lot of deposits are going to lose out on a lot of
1:04:57
cash if these stable coin rewards are allowed at this.
1:05:04
Point. I dude.
1:05:07
I don't have much hopes. For the let me, let me let me
1:05:15
close some other tabs. I think the Clarity Act is going
1:05:25
off these PCs as high as he is. They're both cooked today.
1:05:31
Oh man. Brutal, Brutal.
1:05:34
OK, anyway, let me, let me, let me.
1:05:37
Just keep this moving. Let me let's move in.
1:05:38
I'm going to possible because. I'm cooked, so let's see if this
1:05:49
transition bro did it work? No, I want to give a shout out
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