Latest / Simply Bitcoin / NEW: Is BlackRock FORCING $200T into Bitcoin?! | EP 1487

Transcript

NEW: Is BlackRock FORCING $200T into Bitcoin?! | EP 1487 · Simply Bitcoin

• 0:01
  BlackRock started the institutional Bitcoin frenzy in
• 0:05
  2024, and they're getting even more bullish.
• 0:09
  But the real question is why now?
• 0:11
  When BlackRock originally published a report announcing a
• 0:14
  4% Bitcoin allocation was optimal, almost no one listen.
• 0:19
  However, since then, we've seen nearly every Wall Street giant
• 0:24
  compete to get their hands on your Bitcoin.
• 0:27
  And judging by what Blackrock's head of digital assets just said
• 0:31
  on Fox News, that competition is about to explode.
• 0:36
  Let's play the clip. That's at BlackRock.
• 0:39
  J Jacobs OK first establish your long term view of crypto.
• 0:42
  Well, Bitcoin in particular is this non, you know, non
• 0:46
  sovereign global decentralized asset that can really provide
• 0:49
  value to people's portfolios in small doses as a unique asset,
• 0:53
  sort of like how gold doesn't behave like stocks or bonds.
• 0:56
  Bitcoin is driven by its own rules and its own drivers
• 0:59
  predominantly which is greater geopolitical or inflation risk.
• 1:02
  And frankly, we live in a world where these are prevalent risks
• 1:05
  around the economy where people want to hedge that with
• 1:07
  different assets. Isn't that interesting?
• 1:08
  It used to be fringe and now thanks very much in part to
• 1:13
  Larry Fink, your boss and iShares coming out with the I
• 1:16
  bit. This is more than two years ago
• 1:19
  now that it really became this opportunity for people to
• 1:22
  understand it. Are you saying now that Bitcoin
• 1:25
  and crypto are long term investments?
• 1:29
  I think you have to look at it through a long term lens because
• 1:31
  it's volatile, because we see over weeks, months, it can be up
• 1:33
  and down. People are still trying to
• 1:35
  figure out what the, you know, what the value of this asset is,
• 1:38
  but if you zoom out and take a long term view of the role it
• 1:40
  can play in a portfolio, it can really be one of those
• 1:43
  diversifiers that behaves unique from stocks and bonds.
• 1:45
  When somebody who is Bitcoin curious comes out and says to
• 1:48
  you, Jay, what is the value? One minute in October it's
• 1:51
  126,000, Today it's 76,000. You have to look at it in the
• 1:56
  context of a broader portfolio. We can't put a specific price
• 1:59
  target on it on a given moment. It really has to do with how
• 2:02
  much do people need this asset that can behave uniquely, that
• 2:06
  can be a geopolitical hedge that's constantly changing
• 2:08
  around the world. When you see, you know, more
• 2:11
  currency debasement, when you see rising government debts,
• 2:14
  when you see that more people want to move assets across
• 2:16
  borders, that's going to increase the value of something
• 2:18
  like Bitcoin. And so in this world, we see
• 2:20
  that as a structural trend that's growing.
• 2:23
  But minute by minute, that demand and supply is going to
• 2:24
  change. Interesting to watch, right?
• 2:28
  First of all, obviously I'm not the biggest fan of BlackRock.
• 2:33
  You guys know this. I'm sure everyone in the chat's
• 2:35
  not the biggest fan of BlackRock, but again, what Uncle
• 2:39
  Larry wants usually Uncle Larry gets.
• 2:42
  If you are more of a tinfoil hat person, you might be saying that
• 2:46
  Larry Larry Fink actually runs the world.
• 2:49
  Well, it seems like that is the case again in 2024 when they
• 2:53
  launched the Bitcoin ETF, it fundamentally changed the
• 2:57
  trajectory of Bitcoin and, and arguably at least in the last
• 3:01
  two years, not really for the better yet, but we are starting
• 3:05
  to see that things have fundamentally changed on the
• 3:09
  just grand idea, the the overall general idea of what Bitcoin is
• 3:14
  shouldn't be a part of your portfolio, should it not be?
• 3:17
  And as you heard in that clip, he's basically saying, yeah,
• 3:20
  actually, you know, Bitcoin can actually help you.
• 3:24
  It should be a part of your portfolio.
• 3:26
  Again, they have been saying this since they launched the
• 3:29
  ETF. But now we're starting to see
• 3:31
  that it's coming from basically every corner of Wall Street at
• 3:35
  this point saying, look, not only should you buy Bitcoin, but
• 3:39
  obviously you should buy our Bitcoin product.
• 3:42
  And that's probably the real, the real shill here.
• 3:45
  They are talking their books. But when you listen to that
• 3:49
  clip, it is very interesting. The, the, the main clip that
• 3:52
  really stuck out to me is that what he said, You know, Bitcoin
• 3:55
  is driven by its own rules. Now, obviously in the past few
• 4:00
  years we have seen a lot of correlation between Bitcoin and
• 4:03
  stocks and equities or the kind of inverse relationship between
• 4:07
  gold and Bitcoin as a lot of us have been talking about
• 4:10
  recently. Since the suit coiners have came
• 4:13
  in, since the suits have came into Bitcoin, Bitcoin is trading
• 4:17
  a lot more like a macro asset because they are following the
• 4:21
  macro news, the macro landscape. And yes, they have a little bit
• 4:24
  of Bitcoin. So if they get spooked, they're
• 4:26
  probably going to sell Bitcoin first.
• 4:28
  If they're starting to get bullish because of the macro
• 4:30
  landscape, then they'll probably get a little more comfortable
• 4:33
  buying into Bitcoin. And I do want to rewind the
• 4:37
  track a little bit. I have the BlackRock reports
• 4:41
  that they launched a little while ago.
• 4:43
  I believe these were last year, end of 2024 when they launch.
• 4:48
  Here's the first one. I'm just going to read the
• 4:50
  conclusion. But Bitcoin, a unique
• 4:51
  diversifier. Why bitcoins appeal to investors
• 4:55
  lies in its detachment from traditional risk and return
• 4:58
  drivers. Again, this is an old report.
• 5:01
  They literally just said this yesterday.
• 5:03
  But the conclusion is probably the only thing that really
• 5:07
  matters in this whole thing. Everything else in this report
• 5:10
  you've probably already heard, and you definitely heard this
• 5:12
  conclusion, but I'm going to build the case of why they're
• 5:15
  doing everything that they're doing right now.
• 5:17
  So conclusion, while Bitcoin has shown instances of short term
• 5:21
  code movement with equities and other risk assets, over the
• 5:24
  longer term its fundamental drivers are starkly different
• 5:27
  and in many cases inverted versus most traditional
• 5:30
  investment. Oh, I'm not pulling it up.
• 5:32
  Sorry guys. Which is literally what we've
• 5:35
  been showing you on the show, what we've been covering, what I
• 5:38
  just said a minute ago. This isn't just me saying this.
• 5:42
  So if you don't like my funny accent, you don't like that I
• 5:45
  yell at you, you don't like me as a person, and maybe you don't
• 5:49
  like Black, maybe you like me more than BlackRock.
• 5:51
  I don't know. But they've been saying the same
• 5:54
  thing. And it has been getting lost in
• 5:57
  all of the news. And you know, the fact that
• 6:00
  Blackrock's the world's boogeyman and whatever they
• 6:03
  touch, they're going to destroy what they've been saying.
• 6:06
  And this, again, is over a year old.
• 6:08
  They've been saying exactly what's been going on if you're
• 6:10
  looking at the data. So whether you like them or not,
• 6:15
  this this conclusion is true. This conclusion is exactly how
• 6:18
  things are playing out anyways. Going further, as the global
• 6:22
  investment community grapples with rising geopolitical
• 6:24
  tensions, concerns over the state of U.S. debt and deficits,
• 6:28
  and increase political instability around the world,
• 6:30
  Bitcoin may be seen as an increasingly unique diversifier
• 6:34
  against some of these fiscal, monetary and geopolitical risk
• 6:36
  factors investors may face elsewhere in their portfolios.
• 6:42
  Have we not seen this literally play out to AT now again, maybe
• 6:47
  maybe your spider Spidey senses are popping up here and you're
• 6:50
  like, it's almost like maybe they are causing all of this
• 6:55
  instability and maybe they want a monetary reset.
• 6:59
  Maybe they want the escape valve of Bitcoin.
• 7:03
  I mean, I'm not going that far. I'm just saying there is a
• 7:06
  haunting similarity to what we've seen play out in the last
• 7:10
  year in regards to Bitcoin and in the macro landscape.
• 7:13
  It was literally that exact sentence that Black Rock said
• 7:17
  over a year ago as why people would want Bitcoin.
• 7:22
  And now we have the actual in real life examples of these
• 7:27
  things playing out. So you could say maybe they're
• 7:31
  manufacturing this or maybe they are some of the smartest people
• 7:34
  in the room, like that one documentary about Enron in the
• 7:38
  past. So you know, no, no correlation
• 7:39
  there, but it's the same, the smartest people in the room,
• 7:42
  right? Well, it played out exactly as
• 7:46
  they said in this old report by BlackRock.
• 7:48
  But moving further, I have the other report that they dropped
• 7:52
  and I believe this one was mid 2025 and this one is titled or
• 7:56
  sorry, this one was December 2024 and the other one was mid
• 8:00
  2025. Sizing Bitcoin in portfolios.
• 8:05
  Of course, this is where this connects to the clip that we
• 8:08
  just watched. And I will just hit you with a
• 8:11
  little bit here on Tailoring Bitcoins Fit.
• 8:15
  So how can investors think about Bitcoin, a Bitcoin allocation?
• 8:19
  We take a risk budgeting approach, sizing the allocation
• 8:22
  based on how much it would contribute to total portfolio
• 8:26
  risk measured by its long run volatility and correlation to
• 8:29
  other assets. Have you, as you heard in that
• 8:31
  clip, that is kind of the framing that they're taking
• 8:35
  right now. They're not going as bullish as
• 8:37
  maybe Michael Saylor or we would on this show where we think the
• 8:41
  traditional financial system is the risk.
• 8:43
  Obviously they're they are conservative asset managers.
• 8:46
  They can't go that far, but they're like, hey, take a little
• 8:49
  bit of risk. Your portfolio is risk anyways.
• 8:52
  Basically, I know we all try to protect our portfolios, but
• 8:56
  depending on your risk assessment, these are probably
• 9:00
  the size of allocation you should add to Bitcoin.
• 9:03
  And here is where they get their map.
• 9:05
  In a traditional portfolio with a mix of 60% stocks and 40%
• 9:09
  bonds, those seven stocks if held, talking about the Mac 7 if
• 9:13
  held at their current weights in the MSCI world, each account for
• 9:17
  4% of the overall portfolio risk on average.
• 9:20
  That's it's about the same share of a 1 to 2% exposure to
• 9:24
  Bitcoin, and given bitcoin's correlation to other assets,
• 9:28
  it's relatively low. It's more volatile, making its
• 9:31
  effect on total risk contribution similar overall.
• 9:35
  Now they do have a, you know, nice little chart here.
• 9:37
  Estimated contributions to risk in the 6040 portfolio, the
• 9:41
  average MAG 7 stock allocation's about 4% and you can see share
• 9:46
  of portfolio risk, 1% is about a 2% risk, 2%'s about a 5% risk.
• 9:51
  And if you go to 4%, that's about a 14% risk.
• 9:54
  Now we have heard some interesting kind of updates on
• 9:58
  this, not from Black Rock, but of course from the Goldman Sachs
• 10:02
  and Morgan Stanley of the world. They're getting a lot more
• 10:04
  bullish than this. The highest number we saw this
• 10:06
  like 2 weeks ago was maybe if you are more bullish on Bitcoin,
• 10:10
  you go about 22% of your portfolio.
• 10:12
  So this is where I'm starting to think that I think BlackRock,
• 10:20
  it's starting to feel the heat of competition.
• 10:22
  I think this is where they are starting to realize that they're
• 10:26
  no longer the only shark in the water here.
• 10:30
  They're no longer the only institution that is leading the
• 10:33
  charge. Yes, they kicked the they
• 10:35
  started the race, but in the last week, what we've seen from
• 10:39
  Morgan Stanley and of course Goldman Sachs announcing they're
• 10:41
  going into Bitcoin, you're starting to see that the Wall
• 10:44
  Street race to literally get your Bitcoin from you or rather
• 10:47
  get money from you so that they can acquire more Bitcoin is
• 10:50
  starting to heat up. And that's where I'm starting to
• 10:52
  think that the fact that Morgan Stanley launched their ETF, even
• 10:57
  though they're not really, you know, they're still far behind
• 11:01
  BlackRock. And I'll go over to Bitcoin.
• 11:03
  Treasuries real quick, of course.
• 11:06
  Black Rocks ETF, the ibit Bitcoin Trust has 800,000 plus
• 11:11
  coins and even though that Morgan Stanley, one of the
• 11:16
  bigger banks in the world, the first US bank, lower fees,
• 11:19
  obviously in the last week, they're not going to catch up to
• 11:21
  that currently. They did jump up if I remember
• 11:24
  correctly last week on the start day.
• 11:27
  On the very first day there were 43.
• 11:29
  Now they are at 36. With a measly at least up till
• 11:34
  now, we'll we'll get updated numbers next week, but there are
• 11:37
  some significant inflows into the ETF this week.
• 11:40
  They only have 1800 coins, right.
• 11:42
  Let me double yeah, I got to zoom in here 18121 coins.
• 11:47
  So in comparison to BlackRock, a measly 138 million compared to
• 11:54
  at least the current numbers will get more numbers next week,
• 11:57
  $60 billion. So look, there's still a long
• 12:02
  way for Morgan Stanley to go, But I think what we're starting
• 12:06
  to see is that there is this competition going on right now.
• 12:13
  And Morgan Stanley is a huge bank.
• 12:17
  They have the infrastructure basically already in place to
• 12:21
  get this to millions of customers.
• 12:23
  So the inflows that we're seeing into Morgan Stanley currently,
• 12:28
  they might be making a good run now.
• 12:30
  Obviously, Blackrock's almost out of, you know, 1,000,000
• 12:34
  coins. It's.
• 12:36
  That's a lot. I don't know if Morgan Stanley's
• 12:39
  going to be able to catch up to them.
• 12:40
  That's that's a big question. Unless they're what I think it
• 12:44
  was, 10s of thousands of advisors at Morgan Stanley are
• 12:49
  all going to basically recommend to the clients.
• 12:52
  Yeah, you should probably go 20% of your portfolio into Bitcoin.
• 12:57
  This game can change if BlackRock is basically saying
• 12:59
  just do 1 or 2%. So significant amount of
• 13:03
  capital. Just the numbers alone from
• 13:06
  Morgan Stanley, they hold roughly 7 trillion depending on
• 13:09
  the numbers. Somewhere they say 7 trillion
• 13:11
  ish. You know, maybe as low as 5.
• 13:15
  It's in the trillions. If they're recommending 20%,
• 13:21
  that's a significant difference than the $14 trillion asset
• 13:25
  manager. BlackRock only recommending 1 to
• 13:28
  2%. You starting to see the numbers
• 13:31
  could get a little interesting, but they're not the only ones in
• 13:34
  the game, right? And this is where you're
• 13:36
  starting to see that. I think what we're seeing from
• 13:38
  BlackRock night right now, I think they are feeling a little
• 13:42
  bit of the pressure for Morgan Stanley.
• 13:43
  And here's the overall numbers. These are the upper bat, the
• 13:48
  upper range of asset managers and banks and how much money
• 13:52
  they actually hold. So you can get an idea of the
• 13:54
  scale of how much money is out there that these people are now
• 13:59
  all going to go out and recommend Bitcoin they hold
• 14:03
  about. Depending on the numbers, you
• 14:07
  know, the top 500 asset managers like BlackRock, Vanguard,
• 14:10
  Fidelity, etcetera is about 140 trillion.
• 14:14
  The top 1000 banks on their balance sheet, all loans,
• 14:17
  deposit securities held 164 trillion.
• 14:20
  So obviously all that money in itself isn't going to flow into
• 14:23
  Bitcoin. All global banking assets,
• 14:26
  including smaller bank, every deposit taking institution $180
• 14:31
  trillion. Total global investable wealth,
• 14:35
  everything manageable and deployable, $345 trillion.
• 14:41
  The total global financial intermediation, every asset in
• 14:46
  the entire system, $410 trillion.
• 14:49
  Now obviously that tsunami of assets out there isn't all going
• 14:54
  to flow into Bitcoin, but we're starting to see the race of
• 14:59
  these asset managers and banks starting to recommend from 1 to
• 15:04
  20% of those assets into Bitcoin if we are starting to see as we
• 15:10
  have been kind of covering on the show the last.
• 15:12
  Couple of weeks. This race by Wall Street to
• 15:16
  outcompete themselves and recommend Bitcoin with their
• 15:20
  army of financial advisors to their clients.
• 15:24
  I think we all underestimate how quickly the capital can flow
• 15:28
  into Bitcoin. Hence why I'm starting to get
• 15:31
  this sense that I think Larry Fink is is seeing the same
• 15:34
  thing. Even though Morgan Stanley is 2
• 15:37
  years late to the ETF race, even though they have about half of
• 15:41
  the total assets under management that Black Rock has.
• 15:46
  If they're recommending a higher percentage of their portfolio to
• 15:50
  their clients, this race could get very interesting.
• 15:56
  And that's if the Bitcoin price stays stagnant here.
• 16:01
  If they are buying this much Bitcoin, then at a certain point
• 16:05
  the price of Bitcoin is going to go up.
• 16:07
  Now everyone knows the Bitcoin on exchange number.
• 16:10
  It's been roughly around 2 1/2 depending on the numbers 2,
• 16:15
  maybe 2.1 on the lower end, 2 1/2 on the higher end.
• 16:19
  For the last, I don't know about two years minimum, it was as
• 16:23
  high as three. We're starting to see that
• 16:25
  slowly drain. Now if you do just the simple
• 16:30
  mental math here, if we're seeing these huge asset managers
• 16:36
  and banks recommend up to 20% of their portfolio of their clients
• 16:39
  portfolios into Bitcoin, that 2 million Bitcoin could very
• 16:44
  quickly actually leave the exchanges.
• 16:46
  Now, obviously they usually buy over the counter, which
• 16:50
  historically doesn't really affect the Bitcoin price.
• 16:53
  But if the OTC desks completely run out, where do you think
• 16:57
  they're going to go to get their Bitcoin?
• 16:59
  Are we going to be seeing the biggest asset managers and banks
• 17:02
  in the world literally buying Bitcoin on the open market
• 17:05
  because they have that much interest, that much capital and
• 17:10
  not enough Bitcoin? What do you think the price of
• 17:14
  Bitcoin is going to do? It's got to go up.
• 17:17
  Everyone knows that the only way to get Bitcoin out of your hand
• 17:20
  is for you to sell it at a price that you like.
• 17:24
  It has to go up. I'm sure everyone here, most of
• 17:27
  the Bitcoiners that have ridden out this bear market are looking
• 17:30
  at the current price is like, there's no way.
• 17:32
  I have one friend. I don't think he watches the
• 17:34
  show that much anymore. He kind of crashed out on me.
• 17:36
  I still consider him a friend though.
• 17:38
  He would always say my SAT is already priced at at an infinite
• 17:44
  amount of dollars. Now obviously he's being an
• 17:47
  extremist, he's kind of a troll, but that's how a lot of bit
• 17:50
  corners think. A lot of people in the chat,
• 17:53
  even though $1,000,000 per Bitcoin is crazy right now, a
• 17:57
  lot of people already price that however much Bitcoin they have
• 18:02
  at $1,000,000 price points, and that's when they'll start
• 18:05
  considering getting rid of their Bitcoin.
• 18:09
  It's really about the scale interest.
• 18:11
  And this is, again, this isn't even accounting for Stretch and
• 18:15
  Sailor. This is like his competition.
• 18:17
  Or if you go to the Simon Dixon route, you could say that Sailor
• 18:21
  is a part of Wall Street, you know, so maybe they are in
• 18:25
  cahoots here a little bit, but this is Wall Street legacy Wall
• 18:31
  Street looking at Bitcoin, seeing they have to compete,
• 18:37
  seeing that hey, they're not the only ones in the game anymore.
• 18:40
  Hence why I think sailors really FOMO ING into buying a lot more
• 18:45
  Bitcoin because he's sensing this exact same thing.
• 18:48
  Obviously he had competition when Larry Fink came into the
• 18:50
  game. Now we have basically every
• 18:53
  asset manager and we have our first US bank getting into
• 18:57
  Bitcoin, creating Bitcoin products, creating Bitcoin ETF,
• 19:01
  deploying Bitcoin trading on their, you know, traditional
• 19:06
  trading platforms. The foundation is totally being
• 19:11
  built right now. For.
• 19:13
  An incredible run. If this FOMO really does catch
• 19:16
  on, as we were talking about yesterday, this idea of what
• 19:19
  true scarcity actually means catches on.
• 19:23
  This game could completely blow all of our minds in this next
• 19:27
  run and I I'm not just saying that it's hoping I'm on the on
• 19:30
  today's show. It's just the simple supply
• 19:33
  demand economics. When an infinite amount of cash
• 19:37
  meets a truly scarce asset, the only thing it can really do is
• 19:43
  go up. Now I do want to update you a
• 19:47
  little bit on the Morgan Stanley ETF, because I think this is.
• 19:51
  Maybe I'm connecting the dots that aren't there possibly.
• 19:55
  I could be doing that, but this is I think where it starts
• 19:59
  getting interesting. Of course.
• 20:01
  The Morgan Stanley Bitcoin ETF has hit nine straight days of
• 20:05
  inflows, $8.1 million today as of 11:00 PM or sorry, 11:00 AM
• 20:12
  Eastern Time, and about 16.6 million average daily, only 12
• 20:18
  days post launch and already ranked third Bitcoin ETF by
• 20:23
  inflows. You see you.
• 20:25
  Starting to see what's going on here, hence why I showed you
• 20:29
  guys the ETF ranks and I know you guys don't like the ETFs.
• 20:33
  I'm not the biggest fan of the ETFs, but from all of the data
• 20:37
  I've seen, from all the on chain metrics I've seen and the and
• 20:41
  other Bitcoin influencers, Bitcoiners that are my friends,
• 20:45
  most of the Bitcoin that is allocated to these ETFs, they
• 20:51
  actually hold that Bitcoin. Now, again, BlackRock is the
• 20:55
  clear. Leader here about what I don't
• 21:00
  know 5. Times the second leading ETF,
• 21:03
  which is Fidelity. BlackRock has again over 800,000
• 21:08
  coins. Fidelity has about 100.
• 21:10
  And hold on, I'm blind. 88,000 coins So there is a race going
• 21:15
  on here and like I said Morgan Stanley is down here all the way
• 21:19
  at 36 on this list with a measly. 1800 coins, but if
• 21:26
  they're already the third leading ETF by inflows.
• 21:33
  Things can change very quickly. Now, I know from a bit corners
• 21:37
  perspective, you're not, we're not the biggest fans of banks.
• 21:41
  You probably don't like Morgan Stanley.
• 21:43
  You might be like some of my friends that don't even have a
• 21:45
  traditional bank. You're just like, I don't care.
• 21:48
  I tuned out, I'm out of the system.
• 21:50
  You might not even have a bank. You might just be in.
• 21:52
  Purely cold storage. You know, on an Amish farm,
• 21:56
  paying for your bread, your butter, your steaks in Bitcoin,
• 22:00
  your plumber gets paid in Bitcoin.
• 22:02
  I don't know how you do it, but I, I'm sure there's some of you
• 22:05
  out there that are completely 100% living on Bitcoin and the
• 22:12
  and the banks don't matter to you.
• 22:15
  But for the average normal person, the banks still have a
• 22:19
  very strong influence on what they do with their money.
• 22:23
  It, it literally destroys my brain when I try to think about
• 22:28
  how people could have lived through the 2008 financial
• 22:30
  crisis and just like having amnesia, completely forgot about
• 22:36
  it. They trust the same people, the
• 22:37
  same institutions. They've built that trust back
• 22:40
  and they're just back putting. All of their worth, all of their
• 22:44
  value, all of their. Money in a bank, it's just
• 22:47
  sitting there just waiting for either a new financial crisis to
• 22:52
  wipe them out again or for them to be debanked because they say
• 22:56
  something crazy on the Internet or what have you.
• 22:58
  Whatever the risk is, as we know in Bitcoin, trusted third
• 23:04
  parties are a security hole. It's crazy to me that people
• 23:08
  haven't learned these lessons yet.
• 23:11
  But humans are very interesting beings and we have very short
• 23:15
  memories, and we're just doomed to repeat the.
• 23:20
  Same problems and failures over and over and over again.
• 23:25
  So for us, hey, we don't like the banks, but a lot of people
• 23:28
  still do. And now their bank is literally
• 23:31
  either already rolling out a Bitcoin product it's already
• 23:34
  live or about to roll out by some point this year or you
• 23:38
  could only guess that they're in the back end working on doing
• 23:41
  this. As we saw with Vanguard, anyone
• 23:45
  that's bought Bitcoin at this point is starting to bend the
• 23:47
  knee at Bitcoin and realize we need some Bitcoin product.
• 23:50
  Our not only do we need those. To compete, but our clients want
• 23:54
  them. Because if you're going to an
• 23:57
  asset manager and you've been with him for 17 years or at the
• 24:01
  very. Least 15-16 years, whatever, 10
• 24:07
  years, we'll go 10 years. Nice round Number and you're.
• 24:10
  Looking at the games that Bitcoin has provided in the last
• 24:14
  10 years, you got to. Ask your manager.
• 24:18
  Hey man, why didn't you recommend Bitcoin a decade ago?
• 24:22
  I wouldn't have to work my job. You see, they're starting to get
• 24:28
  the pressure points here. And this is where I think this
• 24:33
  Jay. Man, I'm blanking on this.
• 24:36
  Is it Jay? Hold on.
• 24:37
  I remembered his name. I said it in the beginning, but
• 24:39
  I'm blanking on Jay Jacobs. I was going to say Jay Adams,
• 24:42
  but that's. Lloyd's of Dogtown, I'm doxing
• 24:47
  myself here. Jay Jacobs here is on Fox News.
• 24:54
  We're seeing a lot of interest from literally every bank now,
• 24:57
  so they're competing for the attention.
• 25:00
  So that their product can get in the limelight, so that they can
• 25:03
  maintain their lead. Obviously, BlackRock is still
• 25:06
  ahead of the game for for. The foreseeable future, but if
• 25:10
  Morgan Stanley's infrastructure can overtake BlackRock as the
• 25:15
  leading inflow by a marginal amount again, they seem to be
• 25:20
  recommending a lot more than just one to 2%.
• 25:22
  But I think we're going to see BlackRock continue to go out and
• 25:26
  be like, actually, you know, we were being very conservative.
• 25:29
  And I remember the one of the oldest reports that we saw from
• 25:32
  BlackRock, it wasn't Larry Fink, it wasn't Jay Jacobs.
• 25:36
  It was like a research report paper.
• 25:38
  And they did come out and correct it.
• 25:40
  But one of the earliest reports was like, you need to invest 80%
• 25:43
  of your portfolio. And then I think they got pushed
• 25:45
  back and everyone was like, yeah, there's no way I'm putting
• 25:48
  80% of My Portfolio in Bitcoin. So they realized they had to be
• 25:53
  a little more conservative. 1 to 4% has been the average kind of
• 25:59
  conservative bet into Bitcoin. At least that's what we heard
• 26:02
  all of 2025 and now. Start of 2026, we're starting to
• 26:07
  see that those numbers are. Increasing a little.
• 26:08
  Bit people are people are worried about.
• 26:10
  What stocks and equities are doing?
• 26:12
  Stocks and sorry, stocks and bonds are doing.
• 26:16
  They have been essentially moving in lock step.
• 26:19
  Stocks drop, bonds are dropping or bond yields are dropping,
• 26:23
  etcetera, etcetera. There is a very close
• 26:26
  correlation between traditional financial assets currently in
• 26:29
  the market and I think we all know why.
• 26:32
  Obviously Trump posts are really affecting the market.
• 26:36
  Everyone's worried about what's going on in the Middle East.
• 26:38
  We're all wondering if there's going to be a prolonged war in
• 26:41
  the Middle East. As of you know, we're all
• 26:43
  wondering, are the tariffs on? Are they off?
• 26:46
  Is the straight open? Is it closed?
• 26:49
  What is actually going on? In the morning you hear it's
• 26:53
  open, then in the evening. Once the markets close,
• 26:57
  straights close and then there's deals, there's no deals.
• 27:01
  So you, you, you starting to see the picture.
• 27:03
  Everything is kind of moving in lockstep, but what have we?
• 27:06
  Seen since the start of the war, Bitcoin is slowly grinding up.
• 27:12
  It seems to have decoupled now. It's not a very obvious
• 27:15
  decoupling yet, but it seems to be moving in its own.
• 27:19
  Terms right now and what did Jay Jacobs just say?
• 27:25
  Bitcoin has its own rules. You see, I'm not saying
• 27:29
  BlackRock or I'm also, I'm also not saying that people at
• 27:33
  BlackRock aren't Bitcoiners, but I'm not saying that Larry Fink
• 27:36
  is a hardcore Bitcoiner here, but Jay Jacobs.
• 27:39
  Might be he might be a true believer.
• 27:41
  There's probably people at BlackRock that are true
• 27:43
  believers. They're seeing what we're seeing
• 27:44
  and they're like, oh man. Maybe these crazy bitcoiners
• 27:49
  have a point. Maybe we didn't give them enough
• 27:53
  credit. When we made fun of them for 15
• 27:56
  years, when we fought them, when our boss was telling everyone
• 27:59
  stay away from this thing because it's an index of money
• 28:01
  launderers. It's only for criminals.
• 28:03
  And now we are going to have to backtrack and pretend like none
• 28:07
  of that ever happened and go out there and.
• 28:09
  She'll she'll she'll for Bitcoin because if we don't do it,
• 28:14
  Morgan Stanley will do it. And if Morgan Stanley isn't the
• 28:18
  leader, then it might be Goldman Sachs.
• 28:21
  And again, like I said, that doesn't account for the fact
• 28:23
  that Michael Saylor is now the leader in this market.
• 28:26
  And they're like, damn, I thought we had the clout.
• 28:28
  I thought we. Had the juice to come in and
• 28:30
  overtake Sailor, and sailor just continues to smash by when the
• 28:36
  world competes. For you as a bitcoiner.
• 28:42
  Your life does improve now. We have yet to see number go up
• 28:46
  in the way that we all expected, but we are starting to see a
• 28:50
  slow grind up. We are starting to see.
• 28:53
  Some healthy price action here, now I know.
• 28:56
  A lot of people are like, how can you say that Bitcoin is
• 28:59
  resilient? It's still in the 70 KS.
• 29:03
  It's it's grind, it's bullish right now.
• 29:05
  Yeah, it's it's, you can say it's been sideways, but it's
• 29:09
  it's a bullish. Grind up right now I'm not of
• 29:13
  the opinion. That we are going to see an
• 29:16
  Omega candle anytime soon and and by that I mean within the
• 29:20
  next month or two, I think what we're going to see is Bitcoin
• 29:23
  try to break. Out if we do get a breakout
• 29:26
  above 77 into the 80 KS, obviously extremely bullish.
• 29:31
  If we fail the next breakout, then that's just more time to
• 29:34
  accumulate and you could argue you could say.
• 29:39
  That the institutions are also trying to, yeah.
• 29:46
  What am I talking about? I can't laugh, OK?
• 29:49
  The institutions are trying to acquire a lot of Bitcoin.
• 29:52
  OK, Hey, I guess let me see. Let me see.
• 30:01
  I'm getting trolled right now. Maybe, OK, maybe.
• 30:03
  Or maybe I'm seeing things, Bros.
• 30:06
  Maybe I'm seeing things. What is this?
• 30:10
  Alexander 1990? I'm sorry, dude.
• 30:13
  That's my laugh. I I can't fix the laugh.
• 30:16
  You know you're going to. It's an acquired.
• 30:19
  Taste, they're going to have to love it.
• 30:21
  OK, moving forward, I guess since hey, I guess I rambled a
• 30:24
  little too much about BlackRock and what I see with the
• 30:27
  institutions in the ETFs and I know you guys don't like it.
• 30:32
  I know we're not the biggest fan of quote paper Bitcoin.
• 30:34
  I know we're not the biggest fans of institutions holding a
• 30:38
  huge amount of Bitcoin. But there is an interesting
• 30:42
  trend going on. And I saw a check matey clip and
• 30:46
  it was in this in with this idea that he said.
• 30:49
  Something on the lines. Of, and I think it was with
• 30:51
  Natalie Brunell that he said this.
• 30:53
  He's like like from all the data I can parse through.
• 30:58
  There's probably only about 100,000.
• 31:00
  People that hold Bitcoin in self custody and then that might feel
• 31:03
  low. It also might be correct because
• 31:09
  of so many people using different addresses because we
• 31:12
  can't link a single address to a new hodler.
• 31:15
  It could be where we are. Obviously we'll never know
• 31:18
  because not every address is linked to an ID, which is part
• 31:22
  of the benefit of Bitcoin, but what he did?
• 31:25
  Say that was interesting, is that ever since the retail ETFs
• 31:28
  have come in, it seems like? It's incentivized a lot of
• 31:33
  people to get into Bitcoin because maybe they're just
• 31:35
  scared of self custody and maybe we'll talk about this in the
• 31:38
  culture. Yeah, maybe that's what.
• 31:41
  I'll do on the culture today. Let's talk about a little self
• 31:44
  custody. I'll hate a poll and ask you
• 31:46
  guys not if you do self custody because I realized that might be
• 31:50
  a question that doxes you. But do you think that self
• 31:53
  custody is too hard for most people because it seems like
• 31:57
  there is a mass amount of interest into.
• 31:59
  These ETFs because they don't have to self custody it and that
• 32:04
  does. Bring on its own problems, but
• 32:05
  it also brings on a lot of attention into Bitcoin, a lot of
• 32:09
  capital in the Bitcoin. So we are in a very interesting
• 32:12
  time. And as I said yesterday, this
• 32:15
  idea of, I think the real question is can Bitcoin survive
• 32:19
  Wall Street? I think that's what we're all
• 32:20
  going to be living through for the next year or so.
• 32:22
  Maybe 5, who knows, But I think that's the the real question
• 32:28
  that we're currently finding ourselves in.
• 32:30
  All right. Anyways, going further a little
• 32:33
  bit. OK, I sorry, I thought, I
• 32:37
  thought my. My Twitter was dumb.
• 32:40
  Again, on this theme of institutional adoption, I don't
• 32:43
  know if you guys saw, but Charles Schwab is now dropping
• 32:47
  Bitcoin education. It is a little stale, but we got
• 32:50
  to watch it here because this is part of the theme.
• 32:53
  The suits are coming. It's like we're like Paul Revere
• 32:55
  here. The suits are coming.
• 32:56
  The suits are coming. Actually, no, the suits are
• 32:58
  here. They are on our doorstep.
• 33:00
  And then we got a interesting update this morning.
• 33:05
  The new Fed chair, Kevin Walsh, is being.
• 33:08
  Confirmed today in Congress. And Senator Lummis asked him
• 33:12
  directly what he thought about Bitcoin and crypto and digital
• 33:15
  assets. So the new Fed chair got a good
• 33:18
  sound bite on Bitcoin and what he thinks.
• 33:22
  That's going to be the breakdown on today's show.
• 33:23
  I will be right back after. This commercial break.
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  se-ed.com store. OK, guys, we are back.
• 35:40
  Hold on. OK.
• 35:43
  The current Bitcoin price is 75,340.
• 35:49
  Man, it's feeling pretty good. Feeling pretty good with this
• 35:52
  price. Tag I'm I don't want to chart
• 35:53
  boy on you guys. You know can't do that every
• 35:56
  day. We'll we save that for for
• 35:58
  special time. Maybe Friday we'll do a little
• 36:00
  chart boying, but it is holding up in this 70. 4 to 76 range.
• 36:07
  So it almost seems like the 60 K bottom, if I can call it a
• 36:13
  bottom 270, you know, 73 ish range has been clamped down a
• 36:19
  little bit and we're kind of ranging around. 75K right now,
• 36:24
  who knows if this will hold up. If it does, very bullish in my
• 36:28
  opinion. But anyways, we are.
• 36:29
  Currently down from all time high about 40%.
• 36:32
  So 40% discount on all time high.
• 36:34
  If you like Bitcoin at 126 K, you're going to love it at 75.
• 36:37
  K, it's a discount. Who doesn't like discount?
• 36:39
  It's on sale. It's on a fire sale right now.
• 36:42
  Market cap. We have secured the 1 1/2
• 36:45
  trillion dollar market cap again, boys and girls.
• 36:48
  We are. We're going to, we're going to
• 36:50
  reclaim 2 soon, all right? Clock it anyways, the block
• 36:56
  guide is. 946,000. And 81, I repeat 946081.
• 37:03
  So I saw this this morning and honestly, let me let me just
• 37:11
  play it. I don't.
• 37:12
  Want to? I don't want to roast it too
• 37:13
  hard. I want to put bad thoughts in
• 37:15
  your eye, in your eyes, but in your eye, in your mind.
• 37:18
  Sorry. Charles Schwab releases an
• 37:19
  educated educational video on Bitcoin and risk management.
• 37:22
  Now let's compare this to what BlackRock is basically saying,
• 37:27
  or what they said. Over a year ago.
• 37:30
  Here we go. Because they're so volatile,
• 37:34
  even small amounts could translate to much larger levels
• 37:38
  of risk. Let's look at a quick
• 37:40
  hypothetical example using Bitcoin.
• 37:42
  A theoretical investor with a moderate risk appetite might
• 37:47
  split a traditional portfolio 6040 sixty percent stocks and
• 37:52
  40% bonds. Stocks consist of almost 100% of
• 37:57
  the risk in that portfolio because they're far more
• 37:59
  volatile. If that investor decides to add
• 38:02
  an even more unruly asset like Bitcoin, they might only want
• 38:06
  Bitcoin to make up 10% of the portfolio's risk.
• 38:10
  According to the Schwab Center for Financial Research, that
• 38:13
  investor might want to invest no more than 2.7% of their total
• 38:17
  portfolio in Bitcoin. An aggressive investor say they
• 38:22
  typically put 96% of their portfolio in stocks might be
• 38:26
  comfortable with 20% of the portfolio's risk in Bitcoin.
• 38:29
  That would translate to an allocation of just under 7%.
• 38:34
  Other cryptocurrencies like ether are more volatile than
• 38:37
  Bitcoin, so you may want to consider investing even less.
• 38:41
  It's a bit non traditional to think about it from a risk
• 38:44
  perspective rather than an overall portfolio percent
• 38:48
  perspective. Bitcoin's volatility means it
• 38:51
  has an outsized risk. It's an exponential
• 38:55
  relationship, so small increases in Bitcoin holdings can lead to
• 39:00
  larger increases in overall risk exposure.
• 39:03
  Cryptocurrencies can be complicated and confusing for
• 39:06
  beginners. Start by learning the basics,
• 39:09
  understanding the risks and your own risk tolerance.
• 39:13
  Remember, if buying cryptocurrencies themselves is
• 39:17
  too big of a jump at first, you could consider starting with
• 39:20
  exchange traded products that include cryptocurrencies,
• 39:23
  although those have their own risks as well.
• 39:26
  Never invest more than you can afford to lose.
• 39:29
  Whether you're looking to trade crypto actively or take it on as
• 39:32
  a long term investment, coming from a risk management
• 39:35
  perspective can be helpful. Patience, discipline, and
• 39:38
  consistent learning can help you introduce crypto into your
• 39:41
  portfolio. Oh, man, I gotta love it.
• 39:49
  Oh, man. All right, guys, I.
• 39:53
  Forgot I forgot. I can't laugh.
• 39:55
  Hold on, I forgot. I can't have fun here.
• 39:58
  The fun police are here. I think we might have a job for
• 40:03
  a little bit here. That's all I'm going to say.
• 40:06
  Anyways, obviously they're saying basically the same thing
• 40:09
  as BlackRock said over a year ago, but you're seeing
• 40:14
  production starting to get a little better.
• 40:16
  As you can tell, they are talking to a very conservative
• 40:20
  audience, people that still think Bitcoin is risky, though
• 40:23
  I, I found it interesting from my perspective, like maybe it
• 40:28
  was just because I was young and naive and I had no money.
• 40:30
  There's, there's like a, there's a different perspective here.
• 40:33
  Obviously, I forget who it is. Is it Warren Buffett quote that
• 40:37
  he says, if you want to build wealth, you put all your eggs in
• 40:41
  one basket. If you're trying to protect your
• 40:43
  wealth, then you diversify, as you can tell just from the
• 40:46
  simple. Framing of this video.
• 40:48
  They are talking to people that are trying to protect their
• 40:50
  wealth, hence why they're saying.
• 40:52
  You know your risk appetite, your risk aversion, How much are
• 40:55
  you willing to risk? They even say the.
• 40:57
  Classic Bitcoin meme which we. Probably stole from Trad 5, but
• 41:00
  don't invest more money than you're willing to lose you.
• 41:04
  You can just see the different framing here, because what do we
• 41:06
  do here on the show? It's like, look, we're all
• 41:08
  broke. We ain't got no money.
• 41:10
  Like you want to you, you want to win, you want to risk it for
• 41:13
  the biscuit. We, we really don't think in
• 41:15
  terms of necessarily risk loss. Like we don't really think of
• 41:20
  how much we can lose because most of us.
• 41:22
  Start out with 0. What do we always do here?
• 41:25
  We're like yo. Just think about how much you
• 41:27
  can gain and that's. Probably why we get called.
• 41:31
  Snake oil salesman and scammers. I saw someone say the classic
• 41:35
  opti troll where we were click bait scamming you into profits
• 41:40
  or whatever that Nico gets mad at me.
• 41:41
  Oh wait sorry I forgot. I can't say that but you can see
• 41:44
  the different framing here. So now we're seeing $12 trillion
• 41:47
  Charles Schwab out here doing Bitcoin educational videos and
• 41:51
  they're talking to their clients at at the very.
• 41:53
  Least they know who they're talking to.
• 41:55
  They know the psyche of their clients and what they consider
• 42:00
  the biggest threat about Bitcoin is the volatility.
• 42:03
  It is the risk. It is the maybe this is going to
• 42:07
  crash and I'm going to panic and have to sell at the bottom with
• 42:09
  money that I need in a year or two or my retirement money.
• 42:13
  That's a totally different conversation than us younger
• 42:16
  people that are like, look, I am never going to escape.
• 42:21
  The Matrix I'm never going to escape generational poverty
• 42:24
  unless I do something sort of extreme.
• 42:26
  At least quote extreme to the average person.
• 42:29
  And I always eat when I have this conversation with my
• 42:31
  friends. And maybe it's just 'cause I'm
• 42:34
  younger and I'm perpetually, perpetually online and I just
• 42:38
  have a fundamentally different world view than someone that
• 42:42
  built their wealth while I was still in diapers.
• 42:47
  You know, they built their wealth before I even became an
• 42:49
  adult. We always have this view.
• 42:53
  At least this is a very common view on Twitter amongst my
• 42:56
  friends amongst. People that I follow on Twitter
• 42:59
  is if you don't go against the grain, if you follow what has
• 43:03
  worked in the past, it doesn't work in today's.
• 43:06
  World. And in some respects, what
• 43:10
  you're seeing in that clip is them basically admitting that.
• 43:15
  The 6040 portfolio is is the go to default portfolio or rather
• 43:21
  it was the go to default portfolio for the longest time.
• 43:27
  I don't know, I think. I heard of AI, think I heard an
• 43:29
  admission of guilt there, an admission that, hey, this no
• 43:33
  longer works anymore. But they're framing in this
• 43:36
  idea. Hey, maybe you want to, maybe
• 43:37
  you want to, you know, diversify even more into this new thing.
• 43:43
  But I really wanted to hear the what can you gain if you just go
• 43:49
  all in on Bitcoin? That's the real question.
• 43:53
  That's the real. Savage move here, but again, I'm
• 43:57
  I'm a Bitcoin YouTube. I'm I'm biased in Bitcoin.
• 44:02
  At least on on one respect, we hopefully the very least I'm a
• 44:06
  little more entertaining than that.
• 44:07
  Guy, I hope? I don't know, maybe.
• 44:13
  Maybe you don't like my laugh, but I think I'm a little more
• 44:17
  entertaining than that chud. No, I'm not making fun of I.
• 44:21
  I should have said that. But hey, you can see there's a
• 44:25
  trend going here. It's no longer just BlackRock in
• 44:29
  the game we have. Huge other, huge estimate.
• 44:34
  Basically BlackRock competition now entering the game, Yeah.
• 44:38
  They're a little late, and maybe BlackRock feels very comfortable
• 44:42
  in their lead here, but I think this game can change, especially
• 44:47
  if the price of Bitcoin somehow doesn't maintain going up like
• 44:51
  we covered. Yesterday if this basis trade is
• 44:53
  still able to quote suppress the Bitcoin price or if the whales
• 44:57
  are able to quote suppress the price because they can sell a
• 45:00
  lot of. Bitcoin, get more Fiat, buy
• 45:02
  that, allow. Just rinse and repeat until
• 45:04
  there's enough people to actually break that mechanism.
• 45:07
  Maybe they will be able to acquire a lot of Bitcoin if the
• 45:10
  price starts ripping then I think Black Rock's going to be
• 45:13
  very comfortably in the lead here, but you can see they're
• 45:19
  all starting to think in the same way.
• 45:23
  You need to get some Bitcoin in your portfolio though.
• 45:25
  They are, they are being a little nice, but it's like maybe
• 45:27
  you're thinking about adding Bitcoin into your portfolio and
• 45:30
  you shouldn't research. You should get your 40 hours a
• 45:33
  week of podcast. You should understand the.
• 45:38
  Risk tolerance that you can basically deal with because it
• 45:42
  is very volatile. But the 6040 portfolio?
• 45:46
  Doesn't work. We actually covered that idea
• 45:48
  over a year ago. That we saw the institutions
• 45:51
  admit the 6040 portfolio no longer works and just adding a
• 45:55
  little bit of Bitcoin into that portfolio will change the game
• 45:59
  of your portfolio. It's actually James Lavish that
• 46:02
  did a good report on it and I think his numbers were basically
• 46:06
  by just adding 1% of your portfolio, your 6040 portfolio
• 46:10
  into Bitcoin, you're going to get outside's returns that are
• 46:14
  going to blow everything the the rest of your 99% of your
• 46:17
  portfolio out of the water. Now you know a little bit of
• 46:21
  good thing. It's cool.
• 46:23
  But a lot of a good thing if you ain't ready for it could be bad,
• 46:27
  but it could also be very good. We're risking it for the biscuit
• 46:32
  here, guys. We're never going to escape
• 46:34
  generational poverty unless we don't do anything on the extreme
• 46:38
  side, at least from what our. I don't know.
• 46:43
  Generation above us probably believes.
• 46:46
  But you can see there's a theme. It's a theme building in 2026,
• 46:50
  which is what I've said I think 2026 is.
• 46:53
  I think we're going to see the floodgates here.
• 46:56
  And I know I'm not, at least in hindsight, not the happiest that
• 47:00
  the institutions are here, but at the very least, they're here.
• 47:05
  Bitcoin is for enemies. Can you guys just buy a bunch of
• 47:09
  Bitcoin, Pump our bags? We feel a little better about
• 47:10
  ourselves here. Don't just take all the.
• 47:14
  Bitcoin and then short it and we're still broke and we can
• 47:18
  only. Buy little pennies, but it
• 47:21
  doesn't matter, just keep buying Bitcoin.
• 47:23
  You're seeing the game. They want to acquire Bitcoin, so
• 47:26
  just acquire Bitcoin and actually.
• 47:29
  He did make the same point that I was just relaying about what
• 47:31
  Checkmatey was saying. He said.
• 47:34
  Maybe you don't want to buy spot Bitcoin.
• 47:37
  Maybe you just want to buy the ETF.
• 47:39
  There's cons and there's benefits of this and I and I did
• 47:43
  see some of you guys over the ad break basically talking about
• 47:46
  self custody. So I might I might have to get
• 47:49
  you guys to repost those because I'll probably lose them in my
• 47:53
  streaming software. But you know, sometimes we've
• 47:57
  got to face the hard truth and even though we are self custody
• 48:00
  Maxis, it's second nature to us. It's not to a lot of people.
• 48:05
  They are very comfortable with other people holding their money
• 48:09
  and maybe they just don't want to learn a new skill.
• 48:12
  Maybe they don't trust themselves.
• 48:14
  Anyways, hold on. Jeez, I I'm going to have to,
• 48:20
  I'm going to let the break. I'm I'm about to sneeze on you
• 48:22
  guys again. We got the.
• 48:25
  The new Fed chair confirmation. Hearing this morning in Congress
• 48:29
  and we got a great sound bite coming out of it.
• 48:33
  Interesting difference from current.
• 48:36
  Jerome Powell, let's watch that after the break.
• 48:42
  I want to give a shout out to our partner, Leaden.
• 48:44
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  it's too late. If you're sitting on wealth you
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  eight years speaks for itself. Don't choose between a great
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  Get both at Leaden. I'm going to give a shout out to
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  our partner Bit Key. If you already self custody your
• 49:47
  Bitcoin, you already know the deal with hardware wallets by
• 49:49
  now. Complex setups, clumsy
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  interfaces and a seed phrase that can be lost, stolen or
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  forgotten. Bit Key fixes that.
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  world. That's BITKEY dot world with the
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  code simply. Man, I know what's going on, but
• 50:34
  dying over? Here.
• 50:37
  It's been a rough morning for me, guys.
• 50:40
  I'm hurting I'm I'm optimistic today, but I'm hurting I I had a
• 50:44
  rough morning anyways and someone in the chat.
• 50:48
  Said he didn't get. Confirmed yet?
• 50:49
  Yeah, I know. I said his confirmation hearing
• 50:52
  started today. Maybe, maybe I need to slow down
• 50:55
  a little bit. But again, this morning, this
• 50:59
  was at 10 AM, it was tweeted, We saw the Senate confirmation
• 51:05
  hearing for the Fed chair, the not Fed chair nominee, Kevin
• 51:09
  Wash, who Trump picked to replace Jerome Powell.
• 51:14
  And you guys know, the whole key fob of Trump versus Powell.
• 51:19
  Trump doesn't like Powell. He's been calling him too late
• 51:22
  Powell, that he's too late on cutting interest rates,
• 51:26
  basically putting the blame on Powell for a lot of the economic
• 51:29
  woes that Trump has been facing. And so he picked Kevin Walsh.
• 51:33
  Now, we talked about when this nominee was selected by Trump,
• 51:39
  how he seems to be a pro Bitcoin Fed chair.
• 51:43
  So now not only has Bitcoiners taking over the federal
• 51:47
  administration under Trump or quote Bitcoiners, but it seems
• 51:51
  like now, and we have them at the SEC, the CFTC, they're
• 51:57
  infiltrating Wall Street. We now seem to have another pro
• 52:04
  quote. I'm going to put air quotes on
• 52:06
  this one Pro Bitcoin. Fed chair which is very
• 52:09
  interesting as I as. I said in the past, hey, we
• 52:12
  haven't ended the Fed yet and who knows how long that's going
• 52:15
  to take, but it seems like we have someone that is at the very
• 52:22
  least understanding Bitcoin. So Senator Lumas asked him a
• 52:26
  very direct question. And he has a very.
• 52:29
  Interesting response. Let's play that.
• 52:32
  Believe that digital assets should be incorporated into our
• 52:36
  financial industry so Americans have new investment
• 52:40
  opportunities and consumer protections.
• 52:43
  Senator, digital assets are already part of the fabric of
• 52:46
  our financial services industry in the United States.
• 52:49
  Yes, OK, short but sweet. It seems like, hey, he's at
• 52:56
  least a realist here. Here's Senator Lummis tweeting
• 52:59
  about it. Digital assets are being woven
• 53:01
  into the fabric of America's financial system.
• 53:03
  I look forward to a Federal Reserve chair who not only
• 53:06
  understands that, but embraces that.
• 53:10
  Now, before I go further, I would be remiss to acknowledge
• 53:16
  the fact that we have heard. Something like this before,
• 53:19
  particularly with Gary Gensler when he went into the SEC.
• 53:23
  He taught a course at MIT and then once he got in that
• 53:28
  position it seemed like his tune changed a little bit.
• 53:31
  Though this time around I think it might be a tad bit different
• 53:35
  considering that Trump is so pro or pro Bitcoin.
• 53:41
  From digital assets. But he has in the past had very
• 53:45
  interesting clips about his understanding and.
• 53:49
  You know it, It may not be. Like the a hardcore Bitcoin
• 53:52
  maxi, cypherpunk understanding. But he seems to understand
• 53:54
  what's going on. He seems to understand that,
• 53:56
  yeah, Bitcoin's not going away. Seems to understand that.
• 54:01
  Where we currently are, you can't ignore reality.
• 54:05
  Bitcoin is already. A part of the traditional
• 54:08
  financial system it it already is the fabric of our framework
• 54:11
  for how finances work, for how money flows around the world.
• 54:16
  And the fact that he's acknowledging that I think is
• 54:18
  pretty, pretty big just in and of its own.
• 54:22
  Now, obviously, a lot of people have been a little unsure of
• 54:29
  whether one Fred. Yeah, whether the new Fed chair
• 54:33
  Wars nominee is actually going to get confirmed or not.
• 54:38
  There might be some pushback. Who knows when we'll be able to
• 54:42
  fully know that he's confirmed. That's the first point.
• 54:48
  The second point is a lot of people are unsure whether he's
• 54:51
  going to be hawkish or dovish, whether he's going to cut rates
• 54:53
  or not cut. Rates And remember, he is a
• 54:57
  Stanley Druckenmiller acolyte. You know, he, he was one of his
• 55:01
  mentees here. And what Stanley said in regards
• 55:05
  to Wash is that he will. Read the Room.
• 55:08
  And. He won't necessarily just cut
• 55:11
  rates or raise rates just because he wants to, just
• 55:15
  because. He has a certain ideology or he
• 55:18
  just doesn't like Trump or what have you.
• 55:21
  It seems like Trump and him are actually good friends.
• 55:24
  As of now, where we stand, it does seem like we might not get
• 55:28
  too many rate cuts on. The table this year, I think the
• 55:33
  last numbers I saw was maybe 2, and they're not going to be
• 55:35
  until the end of the year. Again, you know, Jerome Powell
• 55:40
  is not going to be in there for that much longer.
• 55:42
  I doubt we're going to get one from Jerome Powell.
• 55:45
  Of course, there is a bit of a contention, at least in Bitcoin,
• 55:50
  whether interest rate cuts even affect us.
• 55:54
  They they haven't really been as bullish as we all thought it
• 55:56
  was. Obviously, we know what the
• 55:59
  Trump administration or as has been called the Mar a Lago
• 56:03
  Accords wants to happen, which is print more money and lower
• 56:09
  rates, expand the money supply and lower rates.
• 56:12
  They want, they want the liquidity back on the table and
• 56:15
  that's how they're going to make it happen.
• 56:17
  Here is Lawrence. Leopard's take on this actually
• 56:20
  let me go to this one. We have this quote, another
• 56:24
  quote coming out of this. Hearing and it goes.
• 56:26
  Warsh opens the hearing by noting that today's inflation is
• 56:29
  a residual of the Fed's past mistakes. the Fed missed its
• 56:33
  mark, and we are still dealing with the legacy of the policy
• 56:35
  errors in 2021 and 2022. Or, you know, after the 2020
• 56:41
  print a thon quote. Once you let inflation take hold
• 56:45
  in the economy, it's more expensive and harder to bring it
• 56:47
  down. Captain Obvious here.
• 56:51
  No, you know, once you expand the money supply, you, you
• 56:54
  basically don't bring down price.
• 56:55
  I mean you can in theory you can.
• 56:58
  So I get and. It is harder to bring it down.
• 57:00
  In theory, you can, I guess technically bring down
• 57:04
  inflation, but they never do, which is why it's always
• 57:08
  interesting when we get the CPI numbers because everyone always
• 57:11
  thinks like, oh, everything's getting cheaper and you're like,
• 57:13
  no, just the money supply is expanding less.
• 57:17
  So it's not getting as expensive, but it's still
• 57:21
  getting more expensive. Anyways, quote the fatal policy
• 57:25
  error is still a legacy that we're dealing with today.
• 57:28
  Inflation is less problematic. He really does sound like a a
• 57:33
  Trump guy just based on some of these these sound bites best.
• 57:38
  Economy ever golden golden age inflation is.
• 57:41
  Zero. All right, look.
• 57:45
  Barry, what's it? Europa has always been at peace.
• 57:50
  Or whatever. What's the Orwell quote?
• 57:53
  You know what I'm talking about. Anyways, here's Lawrence apart.
• 57:55
  Wash throws Powell under the bus.
• 57:57
  Easy, Kevin. It is not as easy as it looks or
• 58:00
  you make it sound. Keeping a.
• 58:02
  Ponzi going is tough. You will learn, so doesn't.
• 58:06
  Necessarily need to be a nefarious Marsh is going to get
• 58:09
  the call by the. You know, big guys in in dark
• 58:13
  suits and tell them how the world really works.
• 58:17
  I think it's a little more of what Lawrence Lapard said.
• 58:20
  It's extremely hard to keep the Ponzi going.
• 58:23
  They have to continue to expand to add more liquidity into the
• 58:28
  system. That is an inevitability.
• 58:34
  We have. We have.
• 58:35
  Memes for this Nothing stops this train again, I don't know
• 58:39
  if I brought the actual report on the show, but I believe it
• 58:43
  was the IMF last week. I think it was the IMF.
• 58:47
  I might be blanking on what the source was but you guys could
• 58:49
  look this up. They basically.
• 58:52
  Moved. Their debt to GDP ratio, or
• 58:57
  rather the the date of when that debt to GDP ratio will be passed
• 59:03
  by more debt than how productive we really are from 2030 to 2029,
• 59:08
  now 2030. Seems like a long way away.
• 59:12
  I always forget that, you know? I always forget how old I am
• 59:15
  too. But we are in 2026, so that
• 59:19
  gives you a. At least if these numbers are
• 59:23
  you know, correct. If we are going to continue to
• 59:25
  slowly expand based on what we already know, which is probably
• 59:30
  not a very solid given here 2029, we're going to have more
• 59:35
  national debt than the productivity of this country.
• 59:41
  Nothing stops this train. The big print is coming.
• 59:44
  At some point, if we do start to see some catastrophe in the
• 59:50
  global economy, we all know there's only one way that they
• 59:53
  fix it. Well, maybe two ways, but it's
• 59:55
  still basically one way. You know, the banks are going to
• 59:59
  get bailed out. The Wall Street institutions,
• 1:00:01
  the hedge funds are going to get bailed out.
• 1:00:04
  We clocked the bill. A bunch of money gets flooded
• 1:00:07
  into the system. All of our savings get diluted
• 1:00:11
  unless you protect yourself in assets if you owed assets.
• 1:00:17
  Those assets are going to go up in price.
• 1:00:20
  You're going to be good now. Obviously this is a Bitcoin
• 1:00:23
  show. We think the most accessible
• 1:00:25
  asset for most people. Well, I think of it.
• 1:00:27
  It's the most the perfect money, the most accessible money in the
• 1:00:31
  world, the one that doesn't have a ruler, the one that isn't
• 1:00:34
  controlled by any nation, a sovereign neutral money, a
• 1:00:38
  political money. Hard capped at 21 million.
• 1:00:42
  Everything divided by 21 million.
• 1:00:44
  All the memes. You've heard them before if
• 1:00:45
  you've been a bitcoiner for longer than a day.
• 1:00:48
  It is Bitcoin, everyone needs some Bitcoin now.
• 1:00:52
  It is going to be interesting if he does get confirmed and how he
• 1:00:57
  views. Bitcoin in the context of the
• 1:00:59
  Fed, when all of us bitcoiners have usually chanted at least
• 1:01:03
  more than one. Time and the Fed.
• 1:01:06
  So it, it, it is a I'm, I'm going to have to think through
• 1:01:10
  that one because it's, you're kind of holding 2 opposing
• 1:01:12
  views. It's like, all right, Well, you
• 1:01:15
  know, we did hear some rumors that Trump wanted to end the Fed
• 1:01:18
  or, you know, I know a lot of Bitcoiners want to end the.
• 1:01:20
  Fed, but I guess before we get to that point is a bitcoiner or
• 1:01:28
  again air quotes bitcoiner leading the Fed just baby steps
• 1:01:33
  towards that? I highly doubt it, but.
• 1:01:38
  It's going to be interesting. It's going to be very
• 1:01:41
  interesting to see if this does. If he does get confirmed, it's
• 1:01:45
  going to be, it's going to be an interesting world that we're
• 1:01:47
  living in anyways, you know, nice little sound bite.
• 1:01:51
  I'm sure we will get some more news out of this if we do get
• 1:01:54
  some other cool sound bites and stuff.
• 1:01:56
  I will play it for you guys tomorrow.
• 1:01:58
  On that note, maybe let's, I do have an interesting news story.
• 1:02:06
  Yeah, I'll, I'll, we'll tease it.
• 1:02:07
  We'll tease it, and then I'll see what you guys say in the
• 1:02:09
  chat. Did you guys see that?
• 1:02:13
  Reuters report or Reuters article about the Strait of.
• 1:02:16
  Hormuz and Bitcoin payments. Not the first one.
• 1:02:20
  The second one about false messages about literal scammers.
• 1:02:27
  I have an interesting theory about that.
• 1:02:29
  Or do we talk self custody? Or did you guys already flush
• 1:02:32
  out in the chat? I'm going to look over the over
• 1:02:35
  the commercial break and I'll pick and choose depending on on
• 1:02:38
  what you guys want me to talk about.
• 1:02:41
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• 1:04:19
  OK, someone made a pretty good point.
• 1:04:21
  They said talk about the damn news.
• 1:04:24
  This is a news show. So OK, we're going to talk about
• 1:04:26
  the news. We're going to talk about the
• 1:04:27
  news, OK? You're making, you're making
• 1:04:29
  some points. You're making some points.
• 1:04:31
  OK, So this was on Reuters guys. And actually let me I I have the
• 1:04:40
  I, I I don't think. I don't think I can say it
• 1:04:42
  anyways. I don't have a Reuters account,
• 1:04:45
  so let me pull up the Reuters. Is it this one?
• 1:04:55
  Hold on. It's lagging on me.
• 1:04:56
  It's lagging on me. But there's a article on
• 1:04:59
  Reuters, not. Reuters I don't say my TS hard,
• 1:05:05
  I say I'm like AD OK, I I got AI got a valley grill accent, but.
• 1:05:09
  On Reuters this morning there was an article titled Scam
• 1:05:13
  messages offering ships safe transit through Hormuz security
• 1:05:18
  firms. WARN and here is the screenshot
• 1:05:23
  here which basically gives you an idea.
• 1:05:30
  Fraudulent messages promising safe passage through the Strait
• 1:05:33
  of Hormuz in exchange for crypto currencies have been sent to
• 1:05:37
  some shipping companies whose vessels are stranded West of the
• 1:05:40
  waterway. Greek maritime risk management
• 1:05:42
  for Maris has a warm and apparently and I and I did read
• 1:05:47
  this again. You you guys can see I, I don't
• 1:05:51
  have a Reuters, but I did. We were reading this.
• 1:05:58
  Apparently one of the Oh dude, no, OK, apparently one of the
• 1:06:06
  ships that. If you guys saw.
• 1:06:10
  Over the weekend and I and I look, I called it, I called it
• 1:06:13
  again. And I, and I'm not here to pat
• 1:06:15
  my, my, you know, my own bag here.
• 1:06:17
  But if you were watching the Friday show, Nico was like,
• 1:06:21
  everyone was wrong. The war is over.
• 1:06:23
  And I'm like, bro, it's still too early to tell.
• 1:06:27
  We got the announcement that the Strait of Hormuz is open
• 1:06:30
  indefinitely. Ceasefire, another deal's done.
• 1:06:34
  And then? Literally the markets close.
• 1:06:37
  Actually it was like an hour after the show we saw there was
• 1:06:40
  still bombing in Lebanon and Iran basically said look, the
• 1:06:45
  deal's. Off the Hormuz is closed and so
• 1:06:52
  there has been and actually I think it was skip on down the
• 1:06:55
  road. I think.
• 1:06:57
  I think that's the boy in the chat.
• 1:06:58
  Or is it skip on onward skip? Onward.
• 1:07:01
  I, I forget your name bro, but I, I just, I think if you skip
• 1:07:05
  he's like, have we? Got any confirmation that any
• 1:07:08
  fees have actually been paid in Bitcoin or even in stable coins
• 1:07:13
  through the Strait of Hormuz? And I've, I've basically been
• 1:07:18
  saying like, I don't think we really have because it hasn't
• 1:07:23
  really even been open. Like, no ships have actually
• 1:07:26
  really been flowing at least, and not if they aren't like
• 1:07:32
  Iranian or Chinese ships, and I don't think that they're
• 1:07:35
  probably. Going to be paying.
• 1:07:36
  Fees for that, I think it I you know, I don't have inside
• 1:07:39
  detail, but from what I would guess they were only going to
• 1:07:44
  charge those fees to non ally ships and the whole idea is,
• 1:07:50
  hey, if you want to get through this.
• 1:07:53
  You got to pay in Bitcoin. Or stablecoin backed by yuans or
• 1:07:57
  stablecoin in general. And I don't think we've actually
• 1:08:01
  seen any ships go through the Strait of Hormuz pay in Bitcoin
• 1:08:07
  or whatever crypto, however you want to frame it.
• 1:08:11
  But I was always thinking of the just the idea of the, as we like
• 1:08:15
  to say, the Overton window expanding.
• 1:08:18
  It's a crazy news story in and of itself.
• 1:08:23
  Now we're seeing like we are going full circle.
• 1:08:26
  In Bitcoin in our history here guys that Reuters and I think we
• 1:08:31
  even talked about this that in Reuters.
• 1:08:34
  Because that came from the Financial Times and.
• 1:08:38
  They weren't, really. That favorable.
• 1:08:39
  They were just like, this is an interesting development.
• 1:08:43
  And then they started talking and I showed you the Yahoo
• 1:08:45
  article and they were talking about how this makes Ofac's job
• 1:08:49
  harder because they're using cryptocurrency to skirt
• 1:08:53
  sanctions. Now, what was it?
• 1:08:57
  A week later, we're getting this article from from Reuters, which
• 1:09:01
  is quoting a, you know. Security firm saying that yeah,
• 1:09:06
  well, it seems like the only money that's actually been sent
• 1:09:10
  in Bitcoin is from ships that got scammed by fraudulent
• 1:09:15
  messages to get Bitcoin. And I'm like, oh man, we are, we
• 1:09:22
  can, we're never, we're never going to get away from the.
• 1:09:24
  Idea that we're all criminals and scammers, guys especially.
• 1:09:28
  When this is happening anyways, like I said, apparently one of
• 1:09:32
  the ships that went through and got missiled.
• 1:09:38
  And got blasted through the Strait of Hormuz, allegedly,
• 1:09:41
  apparently, according to this Reuters article.
• 1:09:44
  Was one of the. Ships that got scammed.
• 1:09:48
  It's like, bro, we're not, we are not going to, we're never
• 1:09:53
  going to be the allegations anyways.
• 1:09:55
  Maris said that it believed that at least one of the.
• 1:09:58
  Vessels which tried to exit the straight on Saturday and was hit
• 1:10:02
  by gunfire was a victim of the fraud.
• 1:10:07
  Guys brutal out here anyways quote after providing the
• 1:10:12
  documents and assessing your eligibility by the Iranian
• 1:10:15
  security services, we will be able this is the message.
• 1:10:17
  We will be able to determine the fee to be paid in cryptocurrency
• 1:10:21
  in Bitcoin or USDT. Only then will your vessel be
• 1:10:24
  able to. Transmit the straight unimpeded
• 1:10:27
  by the pre agreed time and that's the message that Merisk
• 1:10:30
  is basically saying if you get this message then you're.
• 1:10:34
  Probably going to get scammed guys these are crazy.
• 1:10:48
  We're never going to be the allegations here, but yeah,
• 1:10:52
  update. So for everyone that wanted an
• 1:10:54
  update about what happened with the Bitcoin story on the Strait
• 1:10:58
  of Hormuz, we got it from Reuters this morning.
• 1:11:00
  And apparently people are scamming these ships and at
• 1:11:04
  least one of them got hit by gunfire, thinking they, I don't
• 1:11:10
  mean to laugh, thinking that they were doing everything
• 1:11:14
  right. And the US?
• 1:11:19
  Hit them starting to make a a lot of the K fob the
• 1:11:26
  distractions going on. I don't know.
• 1:11:29
  I'm going. I'm going a little.
• 1:11:31
  Things are very interesting. Tell us about the camel behind
• 1:11:35
  it. The Silk Road art.
• 1:11:36
  This from our boy Madex. Bro, you don't know the Silk
• 1:11:39
  Road. Come on, Dan.
• 1:11:40
  Come on, bro. Come on.
• 1:11:48
  Nico can barely form sentences. He's not here, though.
• 1:11:51
  I can barely speak. I don't know how.
• 1:11:52
  This is my job, but vessel Fudd. Yo.
• 1:11:57
  Let's not make. Let's.
• 1:11:59
  Let's not make down under Blues That's ABS story.
• 1:12:05
  It could be, but it besides the. Point we're never going to beat
• 1:12:10
  these allegations that scammers and money launderers use
• 1:12:14
  Bitcoin. That's kind of what I'm trying
• 1:12:16
  to get across. This is going to be something
• 1:12:21
  that we're going to have to deal with for a while.
• 1:12:22
  Like we haven't even gotten past.
• 1:12:28
  I'm blanking on his name. Sam Bakeman, fraud freed.
• 1:12:32
  We're barely getting out of that, and now we're entering
• 1:12:34
  into a whole new cycle. And And down on your Blues I do.
• 1:12:37
  Actually agree with you in. In many respects, because we are
• 1:12:40
  seeing again, I talked about this a while ago like.
• 1:12:43
  If you're reading what's coming out of the media, there is this
• 1:12:48
  trend. Of quote you know, ex CIA
• 1:12:53
  contractors, security firm experts, anonymous sources.
• 1:13:00
  That plant stories in these publications and as you can
• 1:13:05
  tell. A lot of people use and, and I
• 1:13:09
  do it here on the show as well, use a lot of the more
• 1:13:13
  traditional news sources, real sources.
• 1:13:15
  But when you look at them and you kind of understand what's
• 1:13:19
  going on, like I do think you might be right.
• 1:13:21
  Like, these are probably potentially a planned story, but
• 1:13:27
  this is just starting to, I think, breed a whole new wave of
• 1:13:34
  FUD around Bitcoin. And now we're starting to see it
• 1:13:38
  play out. And we were talking about this
• 1:13:40
  when that news story broke. Damn, we're all scamming.
• 1:13:48
  Hey, all right. At this point, at this point, if
• 1:13:51
  you haven't. They couldn't yo familia they
• 1:13:56
  sent rap Bitcoin read theorem that's.
• 1:13:59
  That's actually funny. I think everyone needs to go
• 1:14:04
  read Everyone's a scammer. By Michael Goldstein AKA
• 1:14:09
  Bitstein The media I totally agree with.
• 1:14:13
  The media is always pushing parts or half truths of the
• 1:14:16
  story or purposely leaving out information.
• 1:14:19
  I totally agree. 100% agree. I'm just saying.
• 1:14:23
  We're never going to beat the allegations.
• 1:14:25
  Not for a while. It is interesting when you see
• 1:14:27
  all of the biggest institutions get into Bitcoin.
• 1:14:30
  Yes, there is a kind of shifting of the tide around Bitcoin, but
• 1:14:37
  the. Corporate press, which if you do
• 1:14:41
  listen to a little bit of the Tom Luongo, Simon Dixon stuff.
• 1:14:49
  You have a biased against a lot of the things that you might
• 1:14:52
  believe in, which is freedom, courts, Bitcoin, you follow the
• 1:14:59
  money you. Start to understand that.
• 1:15:03
  Some of these publications that claim to be journalists are
• 1:15:06
  anything but journalists. They are just propagandists.
• 1:15:13
  Opti for it to go to 1,000,000 it was inevitable that Wall
• 1:15:15
  Street would have to buy in. I've known this for 13.
• 1:15:17
  Yeah 100% I totally agree. I've been saying that for a
• 1:15:20
  minute. I I try to say.
• 1:15:24
  It in a way, and maybe I could do a better job of it of saying
• 1:15:27
  it knowing that the chat doesn't either understand that or they
• 1:15:33
  don't like. It but I agree with you.
• 1:15:36
  If Bitcoin is going to be the next World reserve currency.
• 1:15:43
  You you think that it's only going to get.
• 1:15:45
  There because people are holding it in bitcoins like no
• 1:15:48
  institutions have to use Bitcoin I I don't know what world people
• 1:15:51
  think that we're going to they think we're going to a truly
• 1:15:55
  barter system with no corporations no institutions, no
• 1:15:58
  hedge funds, no banks it's like we're all just going to go back
• 1:16:02
  to some kind of tribal like barbarian society where like.
• 1:16:10
  If we only interact with each other as peer-to-peer
• 1:16:14
  individuals, we're never going back to that world.
• 1:16:18
  There will be institutions, there will be corporations,
• 1:16:21
  there will be banks. If Bitcoin is going to become
• 1:16:25
  the world reserve currency, if Bitcoin is going to become the
• 1:16:28
  world's money, then the current world that we live in will have
• 1:16:33
  to adapt and use Bitcoin. So I know the Wall Street
• 1:16:37
  boogeyman idea is very popular. We've all seen.
• 1:16:41
  Wolf of Wall. Street We've all seen the Big
• 1:16:44
  Short. We are probably all aware of
• 1:16:48
  what happened in 2008. We've seen the Enron fraud.
• 1:16:52
  We've seen all kinds of ridiculous fraud, ridiculous
• 1:16:58
  literal criminal acts come from some of the very people that we
• 1:17:02
  entrusted withholding our money. But I don't think that we're
• 1:17:07
  going to go to a world that Wall Street doesn't embrace Bitcoin.
• 1:17:10
  That's how Bitcoin is going to get to those levels.
• 1:17:16
  Just. On the math terms, they have all
• 1:17:18
  of the money. They have what what's the total
• 1:17:22
  global assets? It's like 1000 trillion dollars.
• 1:17:26
  Yes, a lot of individuals do hold that, but the majority of
• 1:17:29
  that money? It's coming from these
• 1:17:33
  institutions, nation states, hedge funds, and then you add
• 1:17:38
  the money printer on top of it. Just get your piece of the pie.
• 1:17:42
  Just continue to stack Bitcoin. Continue to take Bitcoin into
• 1:17:47
  self custody. You guys are funny.
• 1:17:54
  Let's see I the rally will be the last.
• 1:17:57
  One that mainstream will be able to get into to get rich.
• 1:18:00
  You have 17 years to front run Wall Street.
• 1:18:02
  Yes, we have front ran Wall Street.
• 1:18:09
  If we have the truth, the world would be much better.
• 1:18:11
  Yes. Well, you know, we're doing our
• 1:18:14
  best. And.
• 1:18:15
  And on that note, down under Blues.
• 1:18:17
  Here, let me let me pull this. Wait, was it down under Blues?
• 1:18:22
  Yeah. And now I don't.
• 1:18:24
  I don't claim to. Quote have the truth Big T here
• 1:18:31
  I am parsing through the information just as you are.
• 1:18:35
  I'm reading the chat with you guys.
• 1:18:36
  I'm seeing the information, you know, some, some of you guys are
• 1:18:39
  a lot nicer when you, when you, when you're telling me your
• 1:18:42
  opinions and your facts and you know, obviously I, I'm like, all
• 1:18:46
  right, he's being nice. I'm going to listen to him.
• 1:18:48
  But even if you're yelling at me, I'm, I'm listening and I go
• 1:18:51
  back and I, you know, I sit down and I contemplate my world view
• 1:18:56
  and I contemplate what I'm saying on the show and I go
• 1:18:59
  search for the data because I really do believe in the idea of
• 1:19:03
  I want to know the truth. I want.
• 1:19:06
  To be better aligned with reality.
• 1:19:08
  Not only because it's my job here to try to give you guys the
• 1:19:11
  best information I can. But the better I can understand
• 1:19:15
  every angle of what's going on, the better I will be at my job
• 1:19:19
  and the better information you will get, you will get and the
• 1:19:22
  better value I can give you. So I'm I'm not here, you know,
• 1:19:27
  burying my head, ignoring facts. I mean, I might ignore you if
• 1:19:32
  you're being an asshole, but like that's I think that's only
• 1:19:35
  human here. But yes, I I agree.
• 1:19:38
  I agree with you down under Blues.
• 1:19:40
  If we did all have the truth, then why would we even need to
• 1:19:43
  do this? But we got to do it anyways, all
• 1:19:46
  right? Anyways, I'm rambling.
• 1:19:48
  I'm I'm. I'm I'm actually.
• 1:19:49
  Having a good time with the chat.
• 1:19:51
  Let me see him. It's still.
• 1:19:52
  Are we still? Yeah, we're still gone.
• 1:19:54
  I have a good time with the. Let's let's go see what's up
• 1:19:56
  with Jim Johnson. On Rumble, don't worry Opti, God
• 1:20:00
  will protect. You I, I'm, I'm not, I'm not
• 1:20:02
  saying all that. I am not saying all that Opti,
• 1:20:06
  you are half right. We will have crypto only, but it
• 1:20:09
  won't be Bitcoin. Cool story bro Cool.
• 1:20:14
  Story. You know those honestly.
• 1:20:19
  Jim, JJJJ and Rumble, you know I really love you, but am I the
• 1:20:31
  only one seeing the the contradiction in those two
• 1:20:34
  statements? Don't worry, government will
• 1:20:38
  protect you. But also bitcoins not going to
• 1:20:41
  last because the government's going to say you can't use it.
• 1:20:45
  Who's the one trusting the government more, me or you bro?
• 1:20:50
  Just because I want capital to flow into Bitcoin and.
• 1:20:52
  People to use. Bitcoin, I don't think we're
• 1:20:55
  saying the same thing anyways. Guys, I am rambling.
• 1:21:00
  Opti looks like he's about to solve some.
• 1:21:02
  I got you. Oh man, I'm getting cooked all
• 1:21:06
  right. Anyways, you all know the deal.
• 1:21:10
  This is your boy. Opti and I will see you tomorrow
• 1:21:20
  for another episode of Simply Bitcoin Live.
• 1:21:22
  Have a good. Rest of your day guys.
• 1:21:27
  Get some sun, eat some good food, call your loved ones, and
• 1:21:30
  of course, stack some Bitcoin. This is the way.
• 1:21:34
  I'm forgetting what I say. I'd like a list of six.
• 1:21:36
  I'm going to have to write them down for you guys, but.
• 1:21:39
  Peace out, I'll see you tomorrow.
• 1:21:40
  Have a good rest of your day. Until then, maybe go watch some
• 1:21:44
  of our other content creators. We drop a lot of.
• 1:21:46
  Content on our channel of simply Bitcoin.
• 1:21:51
  I forget who's going Live Today, but it's either Ruston, Dante
• 1:21:56
  Hurley. Shout out to Hurley.
• 1:21:58
  The newest guy on the block? Let's go.
• 1:22:01
  Oh, wow, sorry about that guys. Sophie Oceans, I'll see you guys
• 1:22:08
  tomorrow. Peace out guys.
• 1:22:11
  Today's episode was brought to you by bitcoinwell.com, a
• 1:22:15
  Bitcoin only platform on a mission to enable financial
• 1:22:18
  independence.