Latest / Simply Bitcoin / BILLIONAIRE Responds to The $61T REJECTION: ATTACK CONFIRMED?! | EP 1328

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BILLIONAIRE Responds to The $61T REJECTION: ATTACK CONFIRMED?! | EP 1328 · Simply Bitcoin

• 0:00
  Nobody knows why Strategy was rejected from the S&P 500 last
• 0:03
  Friday. Strangely, MicroStrategy or
• 0:07
  Strategy didn't dump like many people thought it might.
• 0:10
  The real question is probably do the insiders know something that
• 0:14
  we don't? Well, Michael Saylor has just
• 0:16
  said some really interesting words about it when he was asked
• 0:19
  about this on the national news yesterday.
• 0:21
  So let's check that out and. And I guess I wonder if you
• 0:25
  think standard and Poor's or others or you know if, if, if
• 0:30
  anybody has any sort of bias towards crypto still at this
• 0:35
  point because the S&P 500 just came out with their decisions
• 0:38
  and they chose to go with Robin Hood and app lovin over
• 0:43
  strategy. A lot of people were kind of
• 0:45
  surprised by that the stock actually was down a little bit.
• 0:47
  Do you think that there is a bias at any of the indexes or
• 0:52
  any places that come through this against a company with a
• 0:55
  lot of Bitcoin and holdings? I don't think there's a bias.
• 0:58
  I don't think we expected to be selected on our first quarter of
• 1:01
  eligibility. We figure it'll happen at some
• 1:03
  time. There's a digital transformation
• 1:06
  in the markets. This is a brand new novel
• 1:08
  concept. Every quarter we make new
• 1:11
  believers. We we get more support from
• 1:14
  banks, from politicians, from credit rating agencies,
• 1:18
  etcetera. I think that will continue for
• 1:21
  the foreseeable future. Interesting interesting that
• 1:25
  Sailor is so confident. Of course, wait, I got Luke here
• 1:29
  Luke here with me on today's show.
• 1:31
  But let's just dive into that last question.
• 1:34
  Look, I even though I was very, I guess, optimistic that
• 1:41
  MicroStrategy would get added to the S&P 500, obviously a lot of
• 1:45
  Bitcoiners were, I would say, disappointed.
• 1:48
  It would be a historic moment to have strategy added to the S&P
• 1:52
  500. It wouldn't be the first Bitcoin
• 1:54
  company, quote UN quote Bitcoin company to be added to the S&P
• 1:56
  500. We saw that Coinbase got added.
• 1:59
  I believe it was May. Yeah, I think it was May, but it
• 2:03
  would be the first Bitcoin treasury company to get added to
• 2:06
  the S&P 500. And that would obviously, I
• 2:09
  think change a lot of things and really be a like a historic
• 2:13
  moment for for Bitcoin, for Bitcoin companies, etcetera.
• 2:16
  And it was surprising to see some of the names that were
• 2:19
  added. I mean, me and Luke were talking
• 2:20
  about this this morning like what is this app lovin company?
• 2:24
  Is this like a, a dating app or something?
• 2:27
  It's not a dating app, but it, it almost acts like a dating
• 2:30
  app. It was what, what was it for?
• 2:32
  Like business connections or something like that.
• 2:34
  The Robin Hood edition makes a lot more sense to be honest.
• 2:37
  Now, of course, strategy. I think it was like the second
• 2:40
  biggest company that that is being that was looked at for the
• 2:45
  September addition to the S&P 500.
• 2:48
  As Sailor recently said he believes it'll probably be added
• 2:51
  in October. Now, I think the interesting
• 2:54
  part, and I was mentioning this yesterday, this idea that even
• 2:58
  though Wall Street is begrudgingly kind of accepting
• 3:02
  Bitcoin, they aren't fully convinced yet.
• 3:05
  And I think this was kind of the idea that Sailor was trying to
• 3:08
  get across. Obviously he's on national news,
• 3:10
  he's the CEO, he's a much more public figure.
• 3:12
  He can't outright say this. But I think that's the feeling
• 3:15
  that I'm getting when I hear the words that Sailor said.
• 3:19
  It's like every every week, every quarter, every year, we
• 3:22
  are getting more believers. We're turning the sceptics into
• 3:25
  believers. And I think that's that's kind
• 3:27
  of like a zeitgeist of where we are right now in the the Bitcoin
• 3:31
  adoption cycle, even though Wall Street is looking at Bitcoin.
• 3:35
  Yes, they've been talking about it.
• 3:36
  Yes, there's Bitcoin ETFs. Yes, the institutions are trying
• 3:39
  to position themselves. Yes, you know, again, the ETF
• 3:43
  was just launched a year ago. These institutions take a while
• 3:47
  for them to really kind of, you know, change course on what
• 3:50
  their investment strategies are. What do you got here?
• 3:55
  I was just pulling up the the chatter micro strategy.
• 3:57
  Apologies, didn't mean to bring that up while you're talking.
• 4:02
  So. Yes.
• 4:03
  These products are relatively new in in the grand scheme of
• 4:07
  things. And yes, we're seeing a trickle
• 4:10
  into Bitcoin. But I think the kind of unspoken
• 4:14
  saying that Sailor just mentioned is this idea is like,
• 4:18
  we still have some work to do. We still have to fully convince
• 4:21
  Wall Street that this is the play.
• 4:24
  Yes, they're looking into Bitcoin.
• 4:26
  They have to take time to go through the regulatory hoardoes.
• 4:29
  They have to do their research. They have to figure out their
• 4:32
  position sizing. Again, there's more bureaucracy
• 4:34
  when it comes on the institutional level.
• 4:36
  And so I think this is again, just a a moment of clarity for
• 4:41
  us Bitcoiners that we are essentially still on the verge
• 4:46
  of the adoption of Bitcoin coming from an institutional
• 4:50
  level. They have stepped into the
• 4:51
  market, there's interest in Bitcoin, the institutions are
• 4:55
  here. We no longer have to wonder
• 4:57
  whether they're here or not, but they haven't really moved in
• 5:00
  force yet. And I think this is what this
• 5:03
  delay, if you want to be a little more optimistic about the
• 5:06
  strategy inclusion to S&P 500 really kind of sheds light on.
• 5:11
  They're taking a moment, they're taking a beat.
• 5:13
  If we had the S&P 500 include strategy, I think that would
• 5:18
  just essentially kick off a flood of new capital coming in,
• 5:23
  not necessarily because the capital is going into strategy
• 5:27
  per SE, but because that would be a tacit approval of what they
• 5:31
  are doing now. Strategy or Michael Saylor has
• 5:34
  been dominating the performance of stocks.
• 5:38
  I think to date they're like the best performing stock this year.
• 5:41
  Maybe NVIDIA is still above them a little bit, but nothing's been
• 5:44
  performing as well strategy and I think they're still taking
• 5:47
  kind of a moment to fully accept what Sailor is doing.
• 5:51
  This did bring up the conversation last week of is
• 5:54
  this Wall Street attacking Bitcoin or rather Bitcoiners?
• 5:58
  You could argue that that might be the case.
• 6:01
  I, I just think it was a a little too soon, too quick.
• 6:05
  Like I, I think I even kind of stepped back a little bit on the
• 6:09
  Friday show and was mentioning I'm, I wouldn't be surprised if
• 6:13
  strategy doesn't get accepted into the S&P 500 yet.
• 6:16
  Now it's going to be interesting to see if they get accepted next
• 6:19
  month or if it still gets delayed into 2026.
• 6:23
  And I think that will give us further proof and further data
• 6:25
  of what Wall Street thinks of Bitcoin.
• 6:28
  And we are seeing that there there is some pushback here.
• 6:32
  So I think Saylor is super confident it's going to happen
• 6:36
  again. His stock is was one of the
• 6:38
  biggest companies to even be acknowledged to be admitted to
• 6:42
  the S&P 500. But I think it just shows that
• 6:45
  we are still early in the institutional adoption of
• 6:47
  Bitcoin. And once this does get accepted,
• 6:50
  one strategy does get accepted, it will be a tipping point.
• 6:53
  It will be one of those again, tacit approvals.
• 6:56
  It it'll be one of those indirect signals that, yeah,
• 7:00
  Bitcoin is here, it's not going away.
• 7:02
  And in time we will probably look back at this year as a very
• 7:06
  important year. So I will stop there.
• 7:09
  Luke, what is your thoughts on what Sailor is saying on his
• 7:13
  inclusion into the S&P 500? So I've got a ton of thoughts on
• 7:17
  what Sailor says and maybe you know what, you know what's
• 7:21
  actually happening because I do think it's, again, it's just
• 7:24
  strange that a company like at Lovem is included in front of
• 7:29
  MicroStrategy. That's for me just doesn't math,
• 7:32
  OK? The math doesn't math Opti and I
• 7:34
  always talk about that here on the show.
• 7:36
  I mean, MicroStrategy is $100 billion company, Their treasury,
• 7:41
  like the amount of Bitcoin on their treasury, there's only
• 7:43
  about 6 or seven other companies in the entire world that have
• 7:47
  more savings in their treasury than MicroStrategy.
• 7:51
  The amount of profit that they made in the last quarter, they
• 7:55
  were one of the 10 companies to get $10 billion worth of profit
• 7:59
  last quarter. So just when you run the maths
• 8:01
  and you run the numbers, strategy looks like a top 10
• 8:05
  company, not an S and P500 level worthy company.
• 8:09
  The numbers is very clear. They're one of the biggest, most
• 8:13
  impactful companies around the world.
• 8:15
  So again, a little bit of a preface to a lot of my comments
• 8:17
  today. I'm a little bit more on the
• 8:19
  conspiratorial side of things purely because the numbers just
• 8:23
  don't add up for me. Whether he, I mean, he should
• 8:26
  have got in months ago really. I mean, if he gets in October,
• 8:30
  that'll be really interesting. But I think if he got denied
• 8:33
  now, what's going to change between now and October?
• 8:37
  We also talked about this last week on Thursday, the day before
• 8:42
  the S&P 500 was supposed to make that very pivotal decision on
• 8:47
  which companies will get added into the S&P 500.
• 8:50
  On that Friday, the NASDAQ came out and they kind of said, whoa,
• 8:54
  let's hold up a little bit. We're actually going to be
• 8:56
  changing how we evaluate what companies get into the NASDAQ
• 9:01
  and how we delist companies off the NASDAQ.
• 9:05
  And they essentially said, like, look, if you want to be a
• 9:08
  Bitcoin treasury company who's trying to boost your stock price
• 9:12
  through buying cryptocurrencies, you need to now go and get more
• 9:17
  approval from your shareholders. I thought that was interesting.
• 9:20
  I thought that was strange. I thought the timing of that
• 9:22
  announcement was just really strange.
• 9:25
  Strategy came straight out and Twitter and they said the
• 9:27
  Nasdaq's change doesn't affect us.
• 9:30
  I mean, that's what I would say as well.
• 9:32
  If I was the CEO of Strategy or if I was a company who was
• 9:37
  listed on the NASDAQ who was relying on buying Bitcoin for my
• 9:41
  stock price to go in a certain direction.
• 9:43
  I think that's firstly just strange and interesting.
• 9:46
  And I think there's a lot of things happening behind the
• 9:49
  scenes right now that I don't think many people are aware of.
• 9:54
  OK, So that's kind of my thoughts.
• 9:55
  I want to get into my thoughts on what Sailor said, but what I
• 10:00
  want to have a look at first here is the charts.
• 10:02
  Now again, we always tell you we're not simply charts, we're
• 10:04
  not TA gurus, we don't know where the price of Bitcoin is
• 10:08
  going. But what I do want to show you
• 10:10
  is something interesting here. I'm going to, I'm going to
• 10:13
  refresh my page. We're looking at the share price
• 10:15
  of MicroStrategy. I'm going to start by giving you
• 10:17
  a little bit of a zoomed out view of MicroStrategy.
• 10:21
  So Microstrategy's really just been chopping sideways here
• 10:24
  since November. We peaked in November at 540
• 10:27
  dollars a share and you can see more recently we've just been
• 10:30
  chopping around between 5:40 and $230 a share.
• 10:35
  Now what's really interesting is this is kind of catastrophic
• 10:38
  news for micro strategy being rejected to enter the $61
• 10:44
  trillion market, the S&P 500. This is kind of catastrophic
• 10:48
  news. So again, I would have expected
• 10:52
  that micro strategy would have absolutely taken a dump on
• 10:56
  Monday morning. What's really interesting is
• 10:58
  here on the chart, this Big Blue line that is showing you Friday.
• 11:03
  So I'm looking at the daily chart of Bitcoin.
• 11:05
  So that means every single one of those Reds or green candles
• 11:09
  that represents one day. Now you can see this blue line
• 11:12
  is on Friday. You can see micro Strategy has
• 11:16
  not dumped since Friday. If anything, their stock price
• 11:20
  is a little bit up. Now Opti, again, I'm we're not
• 11:24
  technical analysis gurus, we're not traders.
• 11:27
  But something that is common knowledge in the trading space
• 11:31
  is that when a stock doesn't dump on bad news, that's
• 11:37
  typically somewhere close to the bottom.
• 11:39
  And it's the same at the highs. If you're in a parabolic bull
• 11:44
  run, things are going to the moon.
• 11:46
  And if all of a sudden you see some incredibly bullish news and
• 11:50
  if the stock price doesn't go up in the days after that piece of
• 11:55
  news or on the day of that news, maybe you have ran out of
• 11:59
  buyers. And I don't know, but maybe we
• 12:03
  have ran out of micro strategy sellers.
• 12:06
  Again, who knows what's happening in the short term.
• 12:10
  Nobody knows where Bitcoin or any stock is going in the short
• 12:12
  term. But I'm trying to paint a
• 12:14
  broader picture here. I think it's strange the
• 12:16
  strategy's not accepted into the S&P 500 alongside the NASDAQ
• 12:21
  pivot. And I find it really strange
• 12:24
  that their stock price isn't dumping.
• 12:26
  So I think someone there is buying some micro strategy,
• 12:30
  which I think answers the question we posed on the
• 12:32
  thumbnail of today's video. But obviously, I'd love your
• 12:35
  thoughts. I said a lot.
• 12:36
  I'll pause there for a moment. Yeah.
• 12:38
  I mean, well, first of all, I don't know if I'd agree that
• 12:40
  this is catastrophic news per SE, that that would probably be
• 12:44
  something, I don't know, a little more hard hitting.
• 12:47
  I, I think the way Sailor kind of responded, as he said
• 12:52
  directly, he's like, I wasn't expecting to get accepted into
• 12:56
  the S&P 500 on our, on our first attempt.
• 12:58
  And so I think from a Bitcoiners perspective, or rather from a
• 13:02
  lower IQ Bitcoin Twitter perspective, everyone gets super
• 13:05
  excited when it comes to Bitcoin stuff and we think we're a lot
• 13:09
  bigger than we are. We, you know, we, we have this
• 13:11
  hubris that everyone sees what we see about Bitcoin and it's a
• 13:15
  no brain. And of course, from our
• 13:17
  perspective, I think it would, it is a no brainer for strategy
• 13:20
  to get accepted into the S&P 500.
• 13:22
  It's obviously been the best performing stock like period.
• 13:26
  And so it probably should have. Now it is, it is interesting,
• 13:30
  like you said that the sell off wasn't that bad, to be honest.
• 13:34
  It's like it's, it's really the, the structure didn't change at
• 13:38
  all. You, you wouldn't even know that
• 13:39
  they had a quote UN quote bad news event because the price is
• 13:44
  still holding on pretty good. So I think that's safe to say
• 13:47
  that the people, at least the bulk shareholders of
• 13:51
  MicroStrategy kind of expected this delay to happen.
• 13:55
  And then like you said, it does seem like there are, or rather,
• 14:00
  yeah, they 'cause I, I don't hold MicroStrategy, but that
• 14:03
  we're seeing basically the sellers of MicroStrategy, you
• 14:07
  know, running out of money. No one is looking at
• 14:10
  MicroStrategy. Well, they're actually, there's
• 14:12
  a lot of people that are trying to short the stock, but people
• 14:14
  aren't looking to sell out of their position because they
• 14:17
  understand what's coming on the horizon.
• 14:19
  And like you said, to answer the question, look, I don't hold
• 14:21
  MicroStrategy. Full disclosure, I, I don't hold
• 14:24
  MSTR. In hindsight, I probably would
• 14:27
  have liked to buy it in 2020. It would have been a great move.
• 14:30
  But if you are in MicroStrategy, I don't think it's time to
• 14:33
  panic. I wouldn't be selling it.
• 14:34
  Yes, there's been some pain. Yes, maybe there's a little more
• 14:38
  correction involved here, but if you are still a believer in what
• 14:43
  Sailor is doing, I think it's pretty safe to say that they
• 14:46
  will get included soon and the the stock will regain a a lot of
• 14:52
  what it's lost in the last couple of months.
• 14:54
  I know it look, it looks like sailors running out of money
• 14:57
  because it's ATMs are getting smaller and smaller.
• 15:00
  Is that signal that people are losing faith in MicroStrategy?
• 15:04
  I don't think so. I just think that like it's
• 15:07
  harder to gain or sorry, it's harder to create these billion
• 15:13
  dollar ATM processes week after week.
• 15:16
  And so there's there's still not that much money out there.
• 15:18
  And it really does connect to me this idea that there's not that
• 15:22
  many Bitcoin buyers at the moment.
• 15:24
  And so the only people that are really being committed to this
• 15:28
  micro strategy play are people that already know what's going
• 15:31
  to happen. And so until we get a new influx
• 15:33
  of people understanding what's going on, I'm sure we might be
• 15:37
  going sideways for a little bit. Again, the volume's been dead.
• 15:40
  No one's really looking at Bitcoin coin like it used to be,
• 15:43
  though. We are seeing a lot of problems
• 15:45
  in the the macro economy right now globally.
• 15:48
  There's a lot of things going on that I think people are
• 15:52
  essentially waiting on the sidelines because there is so
• 15:55
  much uncertainty. They don't know where to
• 15:57
  actually put their capital. And I think This is why, as I
• 16:00
  was saying yesterday, we're seeing gold start ripping.
• 16:02
  It's hitting another all time high today, which really makes
• 16:06
  me feel that there is some either some very smart money out
• 16:11
  there that do know what's going on or people are just panicking
• 16:14
  right now and they're trying to go into the safest thing to
• 16:17
  invest in or hold their value, which is of course historically
• 16:19
  gold. So I think people are waiting on
• 16:22
  the side right now. They're just kind of waiting to
• 16:24
  get a little more clarity in the market.
• 16:26
  And once we do get that clarity, which could be next week after
• 16:29
  the Fed rate cuts, it does seem that the markets are getting
• 16:34
  ready to RIP and people are just waiting they're sitting on their
• 16:36
  hands. They they don't know what to do
• 16:38
  with their money because at it. I don't know if you guys saw I
• 16:41
  was covering it yesterday, but the, the labor market reports
• 16:46
  came in, they revised it, but I believe it was like 911,000
• 16:49
  jobs. And so the TLDR, the short part
• 16:52
  of it is essentially all the economic data right now is
• 16:56
  completely fake. If the, if the job numbers were
• 16:59
  cut by 50%, essentially you could argue that the economic
• 17:03
  data that people are using to trade, it's, it's wholly
• 17:07
  incorrect. And this is what's going on.
• 17:09
  People just, they're starting to realize that the data they are
• 17:12
  using to invest the bulk of their capital is wrong.
• 17:15
  And they're trying to figure out what the North Star is now as as
• 17:19
  a Bitcoiner, we would obviously say Bitcoin is the North star,
• 17:23
  but we still have a long ways to go.
• 17:25
  And I, I really liked, I forget what her name is on squawk box,
• 17:29
  but I do like her question, though.
• 17:31
  It was leading in these ideas. Like is there a bias against
• 17:34
  Bitcoin? I think we could safely say
• 17:36
  there is Saylor as a, as a professional politician.
• 17:40
  You, you can argue, I think he, I think he, you know, sideswiped
• 17:45
  that question perfectly and was like, look, that's, that's not
• 17:48
  the, the, the question I want to answer is we are, we are
• 17:52
  constantly creating new believers in Bitcoin and it's
• 17:55
  just going to continue to go up, which I think is probably going
• 17:59
  to align perfectly with Bitcoin going up.
• 18:01
  So, yeah, to answer the question on the thumbnail, I wouldn't be
• 18:04
  selling MicroStrategy right now. Again, this isn't financial
• 18:07
  advice. You should probably know what
• 18:09
  you're holding. But I know a lot of people in
• 18:11
  the chat the last couple of weeks have been wondering, is
• 18:13
  MSTR like going to go back up? Should I sell it?
• 18:16
  Should I be worried? I, I personally don't think you
• 18:19
  should be. But again, I, I don't hold MSTR.
• 18:22
  So, and I, I, it's, it's been a while of me trying to understand
• 18:27
  exactly what sailor's doing and it seems like he knows what he's
• 18:31
  doing. So, you know, I, I would, I
• 18:33
  would let Saylor do all the topic talking on that.
• 18:35
  But just the fact that he's not worried about it, it's probably
• 18:38
  a good sign. And he does know this process a
• 18:41
  little better than people on Twitter do.
• 18:42
  So I, I think it's hopeful for the next inclusion attempt that
• 18:46
  they'll probably get in, but it will be interesting if they do
• 18:49
  get delayed again. Yeah, I mean, I'm the biggest,
• 18:52
  you know, Slayer of heroes or I'm the last person to trust an
• 18:56
  expert in most realms. But the amounts of thinking that
• 19:01
  Michael Saylor has put into engineering micro strategy
• 19:05
  stock, it is more thinking that I could engineer him in a
• 19:08
  lifetime, even with AI at my fingertips.
• 19:11
  At this stage, I think you've just got to trust the man.
• 19:13
  I think he knows what he's doing.
• 19:15
  And I think the fact that he's taken micro strategy from a
• 19:17
  billion in 2020 to 100 billion today in 2025, it's pretty
• 19:24
  representative of the fact that the man knows what he's doing.
• 19:26
  And I think again in the short run, I think some of the more, I
• 19:32
  think some of the more dangerous advice to listen to is short
• 19:35
  term advice. Nobody knows what is going on
• 19:38
  with anything in the short run. And I think what gold is doing
• 19:41
  right now is a massive warning sign that somebody knows what
• 19:47
  the Fed is going to do next. Opti mentioned it earlier, gold
• 19:51
  set another new all time high today.
• 19:54
  Right now it's $3600 an ounce. And it's not really until you
• 19:58
  zoom out, until you kind of realize just how catastrophic
• 20:02
  gold's rally over the past 18 months has been.
• 20:06
  It was again under $2000 an ounce in the beginning of 2024.
• 20:11
  Now, again, less than two years later, we're nearly at $3700 an
• 20:15
  ounce. I think gold is screaming right
• 20:18
  now that there is a problem with the monetary system.
• 20:21
  Central banks are loading up on gold.
• 20:23
  They're dumping Treasuries. Not just U.S. government debt,
• 20:27
  but all of the government debt. This is EUR.
• 20:31
  This is all sorts of government money.
• 20:34
  People are saying there is a crisis with government money and
• 20:37
  unbacked money, and I need a solution.
• 20:40
  Again, that's Bitcoin. We're simply Bitcoin.
• 20:42
  We're not simply stocks. We're not simply gold.
• 20:45
  We're simply Bitcoin for a reason, because we think it's
• 20:47
  the best solution. But I think gold is telling you
• 20:51
  Bitcoin is. Bitcoin's going to RIP.
• 20:54
  Again, I'm not the biggest believer in correlations, but
• 20:57
  historically, Bitcoin lags gold by about 100 days.
• 21:03
  So I mean, hey, you've seen what gold's done in the past 100
• 21:07
  days. Bitcoins about to do that if
• 21:10
  history repeats. So I'm again, incredibly bullish
• 21:14
  for the short, the medium and the long term for Bitcoin.
• 21:17
  And I think most people are too scared looking at those daily
• 21:22
  red candles. Oh, Microstrategy's down 20%
• 21:24
  this month. Who cares?
• 21:26
  Zoom out, have a look at what Bitcoin and MicroStrategy have
• 21:29
  done over the past 12/18/24 months.
• 21:34
  Again, a while ago I was making videos in the beginning of 2024
• 21:37
  thinking, is Bitcoin ever going to get back above $20,000 a coin
• 21:41
  again? We've got all these macro gurus
• 21:44
  and trad fi gurus saying Bitcoin's going to three K Oh,
• 21:48
  they're going to try to liquidate Michael Saylor.
• 21:50
  That was the narrative just 18 months ago in early 2024.
• 21:55
  Zoom out and now where are we? We're at 100.
• 21:58
  We're at $110,000 per coin. So I think again, what do we do
• 22:02
  on this show? We continue to encourage you
• 22:04
  guys to think in the long term off the I'd love your thoughts.
• 22:08
  What do you think about the long term picture of Bitcoin here?
• 22:12
  And I know yesterday you guys talked about Russia and some of
• 22:16
  the interesting things happening over there.
• 22:17
  They're famously a country with a lot of gold reserves.
• 22:21
  Do you think they are potentially contributing to that
• 22:24
  parabolic gold price chart we just looked at?
• 22:27
  Yeah, well, it's not just Russia.
• 22:28
  We saw China stocking up on gold, Russia stocking up on
• 22:32
  gold. Obviously individuals are
• 22:34
  stocking up on gold. We've seen this fight this whole
• 22:36
  year of countries trying to repatriate their gold. the US is
• 22:40
  basically been telling like, no, you can't take your gold.
• 22:43
  So obviously when the people are scared, they go to the hard
• 22:47
  assets. And historically, gold's been
• 22:48
  the hardest asset. But I think the signal is
• 22:51
  exactly that. Like if gold is ripping this
• 22:53
  hard, it is telling you something about the economy.
• 22:56
  And that should probably worry a lot of people.
• 22:59
  But most people, I think are asleep at the wheel and they
• 23:01
  just don't really not looking at the right data, they're not
• 23:04
  looking at the right signals. They're, you know, everyone's,
• 23:07
  everyone's basing their investment or their economic
• 23:11
  reality on fake numbers. And gold is telling us
• 23:15
  everything that you think to be the norm is not exactly what's
• 23:19
  going on. It's starting to RIP.
• 23:21
  So, yeah, seeing gold RIP this high, it's it's actually an
• 23:25
  incredible moment that we're seeing.
• 23:27
  And yeah, historically Bitcoin does lag, Bitcoin's gold rush or
• 23:31
  gold price pump, but Bitcoin will go up higher.
• 23:34
  So look, in the short term, we have no idea what's going to
• 23:38
  happen. There could be a lot of pain.
• 23:39
  I was, I was talking with one of my friends this morning and gold
• 23:44
  is essentially or the investors in gold are, are essentially
• 23:48
  pricing in a rate cut in next week.
• 23:52
  We don't know how big it is. We literally saw Trump this
• 23:54
  morning saying that the Fed is broken, that they need to pump
• 23:58
  or cut rates by 25 to 100 bits. If we see 100 bit cut a 1% cut
• 24:03
  in interest rates, that is crazy.
• 24:07
  That is absolutely nuts. And what I was telling my friend
• 24:11
  was he was basically saying gold dripping.
• 24:14
  And I was like, yeah, it's this is crazy what we're seeing.
• 24:17
  And he's like, the gold is essentially pricing in rate
• 24:20
  cuts. And I'm like, yeah, that's
• 24:21
  pretty much what's going on. But what is going to be
• 24:24
  interesting is to see how the markets react to rate cuts.
• 24:28
  A lot of people are expecting this will be a bullish scenario.
• 24:30
  If we see the markets tank. Like I said, in short term,
• 24:34
  there might be some pain, but the long term play is still the
• 24:36
  same. Like long term play is still
• 24:39
  what, 7 figure Bitcoin in five to 10 years?
• 24:42
  Like it's numbers going up. They're going to continue to
• 24:46
  print money. The money printer is about to
• 24:47
  turn on free money era is coming back, which all means more
• 24:52
  liquidity in the system means Bitcoin has to go up.
• 24:55
  That's just how it works. And so, yeah, my long term view
• 24:58
  of this is the same as it's always been.
• 24:59
  Bitcoins going up forever, Laura, you need to buy some, you
• 25:02
  need to save in it. You need to store it correctly.
• 25:05
  And that's just what's going on in the short term.
• 25:08
  And actually this next clip is going to kind of, I've explained
• 25:12
  the same thing. I've been saying it for a while,
• 25:14
  like in the short term, what we see happening day by day, it may
• 25:18
  not seem like that much is changing, but when we look back
• 25:22
  in hindsight, the stuff that happens in Bitcoin happened so
• 25:25
  quickly and we are seeing paradigm shifts happen every
• 25:28
  day. And so, yeah, short term, who
• 25:31
  knows what's going to happen in the markets.
• 25:32
  I'm kind of, I'm kind of leaning towards the view that the
• 25:35
  markets are going to tank. When we see these Fed rate cuts,
• 25:37
  everyone's thinking this is going to be bullish.
• 25:39
  You know, markets are going to start ripping.
• 25:41
  I'm kind of of the view that we're going to see the markets
• 25:43
  tank and then in the short term get some kind of correction.
• 25:47
  Then long term, obviously, as people feel more comfortable
• 25:50
  with the economy and the economic signals, they are going
• 25:54
  to start investing again. So I'm, I'm kind of viewing that
• 25:58
  this next week, even though it's going to be a bullish scenario
• 26:01
  for Bitcoin, I, I think the markets are gonna tank.
• 26:03
  Like markets are not looking that good right now.
• 26:06
  And of course Bitcoin's gonna probably go down as well, but it
• 26:09
  will rebound faster and harder than everything else.
• 26:12
  So yeah, I'm, I don't know if what we're going to see happen
• 26:16
  next month, this month, sorry, in a week or so is necessarily
• 26:20
  the most bullish setup, but it is setting up a bullish
• 26:23
  environment for Bitcoin with a lot of free money, interest
• 26:26
  rates low, people need to find somewhere to store their wealth.
• 26:30
  And usually they do go into quote UN quote riskier assets,
• 26:35
  which historically would have been, you know, going into gold.
• 26:38
  But now we have a different, we have a we have a different
• 26:41
  medium here that is Bitcoin. So yeah, long term I'm bullish,
• 26:43
  obviously. Like I wouldn't be me if I
• 26:45
  didn't if I wasn't bullish on Bitcoin.
• 26:47
  So yeah, I think, I think long term we're good to go, Luke.
• 26:51
  Dude, spicy take. Market's going to react
• 26:53
  negatively to the rate cut I. Think so dude.
• 26:56
  I I everyone's saying cuz look I am a left side of the bell curve
• 27:01
  person. If everyone's saying oh rate
• 27:03
  cuts are bullish, markets are going to start pumping.
• 27:08
  I'm going to just take the opposite view.
• 27:10
  I think markets are going to tank will probably be hurting in
• 27:13
  the short term, but setting up into October when they really
• 27:17
  kind of turn on the free money again, I think it's going to be
• 27:20
  a bullish, bullish set up. So look what do I know I I think
• 27:23
  Bitcoin might might retest the what 95 K area?
• 27:27
  I think I was looking at that area this morning.
• 27:29
  If they do tank, that's probably where we'll go a little under
• 27:32
  100K for the last time and then it starts ripping.
• 27:34
  So yeah, I'm, I'm kind of leaning toward markets are going
• 27:36
  to tank when they finally announced that they're cutting
• 27:40
  the interest rates, but I don't know, do you think they're going
• 27:43
  to RIP? Are you on the other side?
• 27:45
  So I have two things I I'm going to not show both of these
• 27:50
  straight away. I'm going to save one of those
• 27:52
  things for later. But let's have a look at the
• 27:55
  this is the chart of the S&P 500.
• 27:57
  I just noticed how nuts this thing looks like.
• 28:01
  Look at each melt up and each correction, it just gets bought
• 28:04
  up even more aggressively than the last.
• 28:07
  I mean, so to answer your question, Opti, having a look at
• 28:10
  how parabolic this thing is, is and how parabolic it has gone,
• 28:15
  it's gone straight up since April 2025 from 470 to 650.
• 28:22
  I mean, I, there is fair room for it to have a little
• 28:27
  correction. Absolutely.
• 28:28
  I, I'm, I'm on board with that idea.
• 28:30
  I, I don't think it's outrageous for the S&P 500 to see a little
• 28:35
  bit of a correction, but just this chart, I mean, that's kind
• 28:38
  of catastrophic. Each correction it's getting
• 28:41
  more and more parabolic and this kind of like this just looks
• 28:44
  like the melt up thesis in one chart.
• 28:46
  What do you think? I'll see.
• 28:49
  Yeah, I mean, look, the, the economy basically hinges on the
• 28:54
  S&P 500 here. It's like what the Dow S&P 500,
• 28:58
  it's really the MAG 7, whatever the MAG 7 does, which is I, I, I
• 29:01
  think we brought this up on the show.
• 29:03
  Essentially it's only 7 companies out of the S&P 500
• 29:08
  that are driving all of this, you know, bullish performance
• 29:11
  here. And everything else is
• 29:13
  essentially like a zombie company here.
• 29:15
  So, yeah, if we, if we do see a bearish scenario here in the
• 29:20
  next week or so, yeah, there could be a huge correction.
• 29:23
  Well, maybe it's not that huge. I mean, it looks big on the
• 29:26
  chart, but it's really only what, like a less than 1%
• 29:29
  correction or maybe it's a one or two percent correction and
• 29:32
  everyone freaks out. So look, I, I really don't know.
• 29:34
  I, I don't know what's going to happen.
• 29:37
  All I know is I feel safe in holding Bitcoin If we do see a
• 29:41
  correction, it's a buying opportunity and everyone,
• 29:45
  everyone's trolling me. Opti's a bear so bull market
• 29:48
  cometh. Opti is short.
• 29:52
  Why are you being bearish Opti? Opti is trolling, not guys.
• 29:55
  Look, that's just kind of what what I see right now.
• 29:59
  Everyone's saying that rate cuts are going to be extremely
• 30:02
  bullish. I do agree that long term it
• 30:05
  will be extremely bullish. But when they announce this,
• 30:10
  it's probably going to take the market.
• 30:12
  It's just kind of what I'm seeing.
• 30:15
  We're seeing a lot of economic data that is is making the case
• 30:19
  for me. I've been covering that on the
• 30:20
  show for a while. It doesn't look like the economy
• 30:23
  is as healthy as the headlines are.
• 30:26
  I know Trump keeps saying that if we cut rates, you know, this
• 30:29
  is going to be healthy for the economy.
• 30:31
  My main kind of variable here is if they cut rates and the
• 30:38
  markets don't react exactly how they think it will, then that is
• 30:42
  just for the proof that the institutions have lost control.
• 30:45
  And that's probably a bearish scenario on a macro kind of
• 30:49
  landscape here. So that's that's kind of my, I
• 30:52
  guess you could say my bearish take.
• 30:54
  My contrarian take here is, is essentially just I'm looking at
• 30:57
  both sides of the aisle. Obviously they cut interest
• 30:59
  rates, more liquidity free money flows, that's going to be
• 31:03
  bullish for Bitcoin. But if they cut rates and and
• 31:06
  nothing happened and they actually what they think is
• 31:09
  going to happen, the opposite happens.
• 31:11
  That's not that's that's really bad.
• 31:13
  So hey, I don't know, that's just that's kind of my two sides
• 31:17
  of the coin that I'm seeing right now.
• 31:20
  All right, guys, OK, OK, everyone's, everyone's freaking
• 31:26
  out, guys. I'm still bullish.
• 31:27
  I'm just saying short term it might be a bearish scenario.
• 31:31
  That's all I'm saying, guys. OK.
• 31:33
  Don't. Freak out about it.
• 31:35
  And here's the thing, if if markets react negatively in the
• 31:40
  very short term over the week after that rate cut, that means
• 31:44
  they're just going to have to cut rates even harder and open
• 31:47
  up the money printing spigots even wider, which eventually
• 31:50
  leads to what we both agree on. In the medium term or the long
• 31:53
  term, more money's going to have to be printed.
• 31:56
  This four year liquidity cycle hasn't even really started
• 32:00
  playing out. We played you guys a clip
• 32:02
  recently of Doctor Jeff Ross saying that look, you know, the
• 32:08
  liquidity cycle, it's lagging a little bit more than previously.
• 32:12
  You know, instead of predicting a peak in, you know, November,
• 32:15
  December, it looks as if the liquidity cycle won't peak until
• 32:19
  early next year. So now we're talking January,
• 32:22
  February or March. So I, I can just see a pretty
• 32:26
  convincing medium term case for money printing to be come in.
• 32:31
  And obviously we all know that's good for everyone.
• 32:34
  Yeah, hold on. Yeah, chat.
• 32:36
  You guys are funny. They chat is funny.
• 32:38
  Someone says Opti has been Co Opti guys, look, I'm just trying
• 32:43
  to be I'm I'm just trying to be rational what's going on instead
• 32:46
  of extremely bullish and I like it.
• 32:48
  Look, I, I still believe everything's good for Bitcoin,
• 32:52
  but I, I'm just looking at what's going on and the data
• 32:56
  that I'm seeing, the official data they're putting out is not
• 32:59
  making me feel good about where the economy is right now.
• 33:03
  You know, you may call it a recession, you may call it going
• 33:06
  into another depression. I'm just saying this, this might
• 33:10
  not work out exactly how they think they do.
• 33:12
  And if that's the case, if that's the bear case, then we
• 33:16
  will probably see some, some panic in the market.
• 33:19
  So that that's like all I'm saying long term bullish for
• 33:21
  Bitcoin personally, if more people lose trust in the
• 33:25
  institutions the dollar is purchasing power weekends.
• 33:28
  This is all a bull case for Bitcoin.
• 33:30
  I maybe I'm just a full acceleration is today.
• 33:32
  You know, maybe I'm feeling acceleration ISM right now on
• 33:35
  the show, but that's all I'm saying.
• 33:38
  We gotta be we gotta try to be as clear in our thinking as
• 33:41
  possible. Obviously, everything's bullish
• 33:43
  for Bitcoin, but if things don't work out exactly as we write
• 33:47
  them down in theory, then OK, all right.
• 33:54
  And I don't have to justify myself.
• 33:55
  OK, this is just what I think. All right, anyways, let's get
• 33:59
  into the rest of the show. But before I move on, I do want
• 34:02
  to remind you guys, of course, smash the like button comment on
• 34:05
  the show. What do you think?
• 34:05
  Am I, am I being a bear? Comment on the video my being a
• 34:08
  bear and of course, hit the subscriber button.
• 34:12
  Make sure you are following us on YouTube.
• 34:15
  I think the last out is 40% of you guys don't sub on our
• 34:18
  channel. So get those numbers up guys.
• 34:20
  And of course, I do want to give a huge shout out to our boys
• 34:23
  over at Bitcoin. Well, if you think we are in a
• 34:29
  crazy scenario, you need to make sure you're buying real Bitcoin
• 34:32
  and the best way to ensure you're getting the real thing is
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  not letting the exchanges hold it right when your Fiat goes
• 34:38
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• 34:41
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  So scanned this QR code and when you do, you have three chances
• 34:54
  to win a million stats. I repeat, a million stats, and I
• 34:58
  will do the Bitcoin wishing well at the end of the show.
• 35:01
  On that note, let's get into the rest of the show.
• 35:03
  So I got some stuff here. I got a good clip coming out of
• 35:06
  Palm. This guy, I, I don't know who he
• 35:09
  is, but I really like his take that Bitcoin's run to $15
• 35:13
  trillion market caps will be faster than the mag 7.
• 35:17
  And then we have some interesting stuff coming out of
• 35:19
  the Democrats from the Senate in regards to market structure.
• 35:23
  And then I'm sure you guys heard there was, there was a little
• 35:27
  wallet scare last night. We got a little more information
• 35:30
  this morning, clear up a lot of things.
• 35:32
  So we're going to be covering that on today's show.
• 35:34
  On that note, let's get into the rest of it.
• 35:45
  I want to give a shout out to our partner Stamp Seed.
• 35:47
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• 36:58
  Hey, yo, chat, chat, I'm still bullish, OK?
• 37:00
  I'm still bullish that Bitcoin's going to RIP.
• 37:02
  I'm just saying short term we might see we we might have some
• 37:06
  storms in the water, all right, I'm not saying Bitcoin's not
• 37:09
  ripping. Geez guys, I think we're still
• 37:12
  going to RIP end of year, but I'm just saying, you know, next
• 37:16
  week next yeah rational field exactly next week it it might
• 37:20
  not be as bullish as we think it is.
• 37:22
  OK, long term end of year is super bullish anyways.
• 37:25
  Current Bitcoin price is $110,980 that's a -10.8% decline
• 37:32
  from all time high. The market cap is, you know,
• 37:35
  inching rather crabbing around 2.21 trillion and the current
• 37:40
  block height is 913,930. OK, guys, so as I was explaining
• 37:47
  to you guys before the ad for the ad break here, I saw this
• 37:51
  clip here and it's honestly super bullish.
• 37:54
  I really like it and me and me and Luke were talking about it
• 37:56
  this morning. At first, I, I was like, what,
• 38:00
  you know, this, this quote tweet here was like, wait, like what,
• 38:05
  what exactly is he saying? So Jordy Visor says Bitcoin will
• 38:08
  get to a 15 trillion market cap much faster than the 18 years it
• 38:11
  took the mag 7. And when you, your initial read
• 38:16
  of this, you're like, so does that mean Bitcoin's going to,
• 38:18
  what was the math? Luke $700,000 in what, three
• 38:23
  years? No, that's not the initial read,
• 38:26
  guys. So let's play this clip here,
• 38:28
  and then we'll talk about just how fast I think Bitcoin is also
• 38:31
  going to RIP. I still believe we are going to
• 38:37
  shock people in the next in the short time since since for us
• 38:41
  double from 100 to or 95 to 200 by the end of the year is very
• 38:46
  unlikely, at least where it is now and where the implied ball
• 38:49
  is. So probabilistically it's not
• 38:52
  there. I I've been through I've been
• 38:54
  through this cycle before of innovation and what I mean by
• 38:58
  that for everyone listening. So Bitcoin moves faster and and
• 39:03
  and technology today moves much faster than it did in the past.
• 39:07
  What the mag 7 accomplished from 2007 to today in 15 years,
• 39:12
  people have to go look breathtaking.
• 39:14
  Yeah, I mean you, you went from 1 trillion to 15 trillion.
• 39:19
  When you combine all that, this is going to take a lot less
• 39:22
  time. So bitcoins going to get to 15
• 39:24
  trillion. It's going to happen, and I
• 39:27
  believe it's going to happen in much less time.
• 39:29
  The reason is because of artificial intelligence.
• 39:31
  So I started doing this because I like to speak a language where
• 39:36
  AI is in the middle of the traditional finance world in
• 39:38
  Bitcoin. And I wanted to bridge those two
• 39:40
  groups together and say you have to understand that the fuel for
• 39:44
  moving money from this side to this side is going to take AIAI
• 39:48
  will disrupt all investments on this side, which make them less
• 39:51
  investable, and gradually people will move into Bitcoin.
• 39:54
  So AI will disrupt the legacy, the legacy system?
• 39:57
  And it's going to bring things into this.
• 39:59
  More into the digital, it has to be more efficient, has to be
• 40:02
  good. I was given an example to
• 40:04
  someone. If you're, you know, if you
• 40:06
  understand poker and you're at a poker table, there's all you
• 40:09
  know, if you, I forget the famous line that Doyle Bronson
• 40:11
  said, but it basically said if you don't know who the sucker is
• 40:14
  at the table, you're the sucker, okay.
• 40:17
  If you're not using AI in your business, if you have a lot of
• 40:19
  people and you're not using AI, which is the way most incumbents
• 40:22
  are, they're gradually looking to the CTO.
• 40:25
  The CT OS at every company I've ever seen think they can do
• 40:28
  anything better than any existing technology.
• 40:31
  The incumbents are going to get screwed.
• 40:32
  So they're sitting at the table and they're good poker players
• 40:34
  today, but they're not using AI the same way that the smaller
• 40:38
  kids are doing. And when they get at the table,
• 40:40
  and once everyone at the table has AI and you don't, you are
• 40:42
  the sucker at the table. That will happen slowly because
• 40:46
  the adoption takes time. AI agents are coming, they're
• 40:49
  coming quickly. And as they come quickly, more
• 40:52
  and more decisions will be made by computers and less by humans.
• 40:55
  That's what Bitcoin needs because Bitcoin this year, we're
• 40:57
  talking about it like it's not doing well.
• 40:58
  It's outperformed the S&P. The only thing it hasn't
• 41:00
  outperformed this year's goal. That's it.
• 41:02
  And then some of the foreign markets, but it's outperformed
• 41:04
  them by a lot. So I think as people kind of get
• 41:07
  used to this, at some point, just like the MAG 7, this will
• 41:10
  go parabolic. And I think everything today is
• 41:13
  happening in about 1 10th of time.
• 41:15
  So if it took 15 years to go from 1 trillion to 15 trillion
• 41:19
  with the mag seven, I'm not saying it's going to happen in
• 41:21
  110th of time, meaning 1 1/2 years.
• 41:25
  But I do believe that people are going to be shocked in this move
• 41:28
  higher. And the time where this happens
• 41:30
  is when Vol collapses in my history.
• 41:32
  So Bitcoin saying it's going to double in a year was a very low
• 41:35
  probability event with the Vol at 40.
• 41:39
  I'm a black Scholes guy. That's where I spent my life.
• 41:41
  The probability of what I was saying was less than 2% at the
• 41:44
  beginning of the year. I still think this stuff is
• 41:46
  going to happen. Interesting, Interesting.
• 41:50
  Look, you guys know me I'm not the biggest AI guy here.
• 41:54
  I think it's a glorified search engine.
• 41:56
  Okay, like sue me if that's maybe I'm bearish on AI, but I
• 42:02
  do like this take one. I guess the main point here if
• 42:05
  you want to get extremely bullish is actually Luke.
• 42:09
  I was trying to find the Bitcoin market cap so we can check what
• 42:13
  how long it took us to get to 2 trillion from 1 trillion and
• 42:17
  then we can kind of push this in a in a timeline.
• 42:19
  So as he was saying, you know, 1 trillion to 15 trillion from the
• 42:23
  mag seven took them 18 years. And he's saying bitcoins going
• 42:27
  to go that much faster because of technology and how rapid
• 42:31
  technology takes over the world. And so again, he did put the
• 42:35
  caveat that, yeah, it's not going to happen in 1 1/2 years
• 42:38
  that we're going to get to a 15 trillion market cap.
• 42:41
  But even if you extend that timeline a little bit, it's
• 42:45
  basically saying, what, 15 trillion again, Lou, what was
• 42:48
  the number $700,000 Bitcoin? It's not going to take 18 years
• 42:53
  to get there. So you can basically say that,
• 42:56
  hey, that 2030 prediction of $700,000 per Bitcoin is like
• 43:02
  easily attainable here. I, I hey, I like some opium on a
• 43:07
  Tuesday. You know, I'm like, yeah, I
• 43:08
  agree with this. Bitcoin is taking over the world
• 43:10
  faster than the Mag 7 is. And when you look back at what
• 43:14
  the Mag 7 has done in those 15 years, like our lives have
• 43:17
  fundamentally changed. And I think we do underestimate
• 43:21
  how impactful bitcoins change will be the next, you know what,
• 43:25
  5 to 15 years from now, I I think we're gonna be living in a
• 43:29
  totally different world. So Opti's to sucker at the
• 43:33
  table. How I hold Bitcoin?
• 43:37
  What are you talking about? I'm I'm holding Bitcoin.
• 43:39
  What do? What do you mean?
• 43:40
  You know what? I'm also holding Bitcoin of
• 43:44
  this. I hope I'm also not the sucker
• 43:46
  at the table, but what I thought was most interesting about that
• 43:48
  clip, I wanna talk about the mag seven in a moment here, but he's
• 43:53
  talking about the compression of time window.
• 43:56
  I think that's fascinating because again, call me crazy,
• 44:00
  but I think there's a fractal I want to show you guys.
• 44:03
  So this is the chart of gold. I've got this priced in U.S.
• 44:08
  dollars, and you can see that this is absolutely parabolic.
• 44:12
  Now, what I think is really interesting is when you take a
• 44:15
  look at the price of gold in German marks during 1923, I
• 44:22
  think I've found a somewhat similar fractal that I want to
• 44:26
  show you guys. And again we have to consider
• 44:29
  that there's some sort of like time compression going on here,
• 44:33
  but I think this window of time between 1920, so this little
• 44:39
  part right here and 1922, I think this two year window on a
• 44:46
  chart, I think this represents the 12 to 13 year period where
• 44:54
  gold hit a new all time high of $1900 per oz in 2011.
• 45:01
  And I look at when it re hit that all time high of 2020 of
• 45:07
  $1900 an ounce. I think that this in 2011
• 45:12
  represents 1919 and I think this 15 year consolidation actually
• 45:18
  represents that two year consolidation that we saw in the
• 45:22
  hyperinflation of the gold mark. So if I jump back on over here,
• 45:26
  I think right now we're like somewhere around here, I think
• 45:30
  we've just gone parabolic. The price of gold has gone.
• 45:32
  It's. That first leg up before the
• 45:35
  correction, 2020, that first leg up right there.
• 45:39
  Exactly. I, I'm glad that you can see
• 45:41
  what I'm saying, Opti, because a lot of people think, oh, gold's
• 45:44
  going parabolic, it has to have a 50% correction and now go
• 45:48
  sideways for another 50 years. I don't know, guys.
• 45:51
  I kind of feel like gold is telling us we're like 10 to 20%
• 45:56
  of the way through the move. And it's only the more and the
• 46:00
  more times you look at these two charts that I'm be personally
• 46:04
  becoming more and more convinced that that this is kind of what
• 46:08
  we're seeing. The similarities is kind of mind
• 46:11
  blowing. And I kind of feel like, yes,
• 46:14
  gold's had an incredible run recently, but I I kind of feel
• 46:18
  like we're really early on that hockey stick up.
• 46:21
  So this kind of validates what that way.
• 46:23
  Luke, Luke, move the change the month candles and go to like 3
• 46:28
  months maybe, maybe it'll look a lot closer to that chart.
• 46:31
  And yeah, we, we, we are manipulating the data here to so
• 46:34
  it visually looks better. OK.
• 46:36
  Absolutely it, it really does. Now if I jump back on over to
• 46:40
  the hyperinflation of the German mark in the early 1920s, you can
• 46:46
  kind of see I think this two year consolidation here between
• 46:49
  1919 and 1921, I think that perfectly aligns with 2011 to
• 46:57
  2023. I think time is compressed here
• 47:01
  6 to 1. So one year here in the 1920s
• 47:05
  equates to like 6 years of more recent price action.
• 47:10
  And it just screams to me that the next one year, the next two
• 47:16
  years and three years is when we really see this thing go
• 47:20
  absolutely parabolic. And to Chris's point, damn, we
• 47:24
  turn Luke into a nearly nearly. But I think what this represents
• 47:29
  for Bitcoin is, again, if correlations hold true, if
• 47:35
  Bitcoin continues to lag gold by about 90 to 100 days, what the
• 47:41
  price of gold is screaming is that we're about to break any
• 47:45
  correlation or models that we've seen over the past 50 years.
• 47:50
  The most recent price action in gold is showing us we're in a
• 47:53
  different paradigm. Gold is no longer correlated to
• 47:57
  treasuries. All of those correlations over
• 47:59
  the past 50 years have completely broken.
• 48:02
  Gold's parabolic run over the past two years has shown that
• 48:05
  we're in a different paradigm. And everybody in trad Phi is
• 48:09
  saying, oh, but I'm going to wait for these apps to correct.
• 48:12
  They're going to squeeze back together.
• 48:14
  But what are they doing? What if gold is literally
• 48:17
  running off to the races and all the correlations are broken to
• 48:21
  Anthony's comment, please. I, I, I think gold's fine, but
• 48:25
  bitcoin's just going to demonetize gold in 10 years.
• 48:28
  So for me, I'm back in the the fastest horse.
• 48:31
  How about you of the? I mean, I never left.
• 48:34
  I don't have any, look, I don't have any Bitcoin, but if I did
• 48:37
  have investments, there'd only be 1.
• 48:41
  And of course, it is Bitcoin. There is no second batch.
• 48:44
  But I do like that chart. That is an interesting view.
• 48:47
  And again, whether you're bullish on Bitcoin or you're
• 48:51
  bullish on gold or or whatever, you're bullish on hard assets,
• 48:56
  if that does play out, what the next six years?
• 48:59
  Gold's just going to continue to go parabolic.
• 49:01
  What's that mean? You know, $20,000 per oz?
• 49:04
  Like what is that telling us about what's going on in the
• 49:08
  world right now? Not good things.
• 49:10
  That's absolutely not a good scenario to be in if that is the
• 49:14
  case. And it really reminds me of did
• 49:16
  you see the we played it on yesterday's show, but did you
• 49:19
  see that clip of Bellagi explaining that, you know,
• 49:22
  normal inflation is at 2%, hyperinflation's kind of
• 49:26
  considered to be around like 50%.
• 49:29
  And he kind of coined a new term of superinflation, which is like
• 49:32
  10%. And we're essentially leave
• 49:35
  living that super inflation moment.
• 49:37
  And when you were talking, it reminded me of what he was
• 49:40
  saying. And so maybe the Super inflation
• 49:43
  scenario that we find ourselves in isn't as drastic as a
• 49:47
  hyperinflationary scenario where things happen basically
• 49:50
  overnight or over a span of a few years.
• 49:52
  We're seeing this be drawn out. And that's kind of the
• 49:55
  connection that you were showing in that chart.
• 49:57
  We are seeing that things are maybe, like we said in a couple
• 50:04
  of other videos, that when we look back at today, maybe this
• 50:09
  will be that moment where everyone realizes that, yeah,
• 50:13
  OK, you know, this is when Bitcoin took over.
• 50:15
  But since we're living in it day-to-day and things happened a
• 50:18
  little slower, it might be that it's happening over a decade or,
• 50:22
  you know, 2 decades for the Bitcoin to really take over the
• 50:26
  world. But we are seeing that we there
• 50:29
  are signals that all the Fiat currencies in the world are
• 50:33
  hyperinflating. They're just happening at a, a
• 50:35
  slowly, you know, shorter or sorry, they're happening at a
• 50:39
  slower rate. And so it's not happening at
• 50:42
  such a short time span because the money printers haven't
• 50:45
  absolutely gone ballistic. So yeah, man, it is crazy to, if
• 50:51
  that does hold up to look at where we are right now and be
• 50:54
  like, man, no wonder we are having so many societal
• 50:58
  problems. Like no wonder there's so much
• 51:00
  turmoil going on is because we are hyperinflating in slow
• 51:04
  motion, literally in slow motion.
• 51:05
  It's it's not happening in four years.
• 51:07
  It's happening over a span of 20 years.
• 51:10
  And every country is hyperinflating.
• 51:13
  It's on a global level. It's not just one country.
• 51:16
  Like this is nuts. Anyways, I did look up the
• 51:19
  market cap here. So here I'll pull that out for
• 51:21
  you guys so we can look at this real quick.
• 51:24
  This coin market cap. I feel dirty every time I come
• 51:27
  on this website, but it was it was the fastest search guys.
• 51:30
  OK, so instead of the price, we're looking at the market cap.
• 51:34
  And if you remember what that clip said, essentially Bitcoin
• 51:39
  will get to a $15 trillion market cap faster than 18 years.
• 51:45
  And if we're using this chart to kind of gauge where we are in
• 51:49
  that scenario, Bitcoin broke its trillion dollar market cap
• 51:53
  roughly 2021, the beginning of 2021.
• 51:56
  So we're still four years into this run to $15 trillion market
• 52:02
  cap. So I mean, faster than that,
• 52:06
  it's starting to align up very well with 20-30.
• 52:09
  What I don't know, I forget what your predictions are for 20-30,
• 52:13
  but we have all the famous predictions of anywhere from
• 52:16
  1,000,000 to one and a half, $1,000,000 per coin by 2030.
• 52:19
  So it seems like we are perfectly in line with that
• 52:23
  prediction that we'll get to a $15 trillion market cap faster
• 52:27
  than the MAG 7 did in 18 years. So it'll be, I don't know what
• 52:31
  would that be about nine years. Half the time, hey, half the
• 52:36
  time do a $15 trillion market cap.
• 52:38
  That's super bullish. So if you guys still think I'm
• 52:41
  bearish, no, we're just, I'm bearish on where the traditional
• 52:45
  economy is still super bullish on where Bitcoin is going.
• 52:49
  Anyways, let's keep moving 'cause I just noticed the time
• 52:52
  and and we're we're, we're a little behind.
• 52:54
  So we'll be right back. I want to give a shout out to
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• 54:48
  All right, guys. So I'm going to RIP through this
• 54:50
  because I really want to get to the culture, but we we have some
• 54:53
  new developments coming out of the United States.
• 54:56
  So this is on theblock.co and Senate Democrats have now
• 55:01
  unveiled their own crypto market structure framework, which is
• 55:05
  obviously, as we've been saying for a while, really interesting
• 55:09
  in the sense of this is setting the stage for bipartisan talks
• 55:13
  in regards to to pro Bitcoin, pro crypto regulation.
• 55:16
  So this isn't the same as a clarity act.
• 55:19
  We have seen that there is a push for the clarity act.
• 55:22
  There's a lot of rumors that that's going to get passed.
• 55:25
  I think they were saying October, but at at the earliest
• 55:28
  or you know, end of year at the latest.
• 55:30
  But it seems like Senate Democrats have finally thrown
• 55:34
  their hat into the ring. So I will skim this over and
• 55:37
  then I don't know, Luke, if you have some thoughts on this, but
• 55:40
  there is some stark differences here.
• 55:42
  This does have a kind of, I don't know, anti Trump angle
• 55:47
  from this, which personally I'm not not even that mad when you
• 55:50
  really hear the angle. But anyways, quick take.
• 55:53
  Senate Democrats outline their plan to regulate the digital
• 55:55
  assets market structure from token classification to defy
• 55:58
  oversights. The framework set up
• 56:01
  negotiations with Republicans over ethics restrictions,
• 56:04
  enforcement and the pace of legislation.
• 56:07
  A group of 12 Senate Democrats included a detailed seven pillar
• 56:10
  framework on Tuesday for regulating US crypto markets.
• 56:14
  It's marking the party's most comprehensive proposal to date.
• 56:17
  Remember what Nico's been saying, and I personally don't
• 56:20
  fully agree with it, but he's like, if the Democrats came out
• 56:23
  pro Bitcoin and the Republicans didn't, then I would probably
• 56:27
  vote for them. Well, it seems like they're
• 56:29
  finally waking up and they're finally throwing their hat in
• 56:32
  the ring. Whether this is a good
• 56:35
  regulatory framework or not is probably still up for debate,
• 56:39
  but they're finally waking up to the writing on the wall, which
• 56:42
  you got to give them some credit.
• 56:43
  So while the plan signals Democrats readiness to negotiate
• 56:46
  with Republicans on long stalled market structure legislation, it
• 56:50
  also sharpens the dividing lines over ethics and enforcement.
• 56:54
  The group, including Senators Ruben Gallagher, Mark Warner,
• 56:57
  Kirsten Gillibrand and Cory Booker, framed the nearly $4
• 57:00
  trillion global crypto market as too large to remain in
• 57:04
  regulatory limbo. Totally agree with that, to be
• 57:07
  honest. Their blueprint emphasizes
• 57:09
  investor protections, closing regulatory gaps and curbing what
• 57:13
  they describe as potential corruption linked to President
• 57:16
  Trump and his family's various crypto ventures.
• 57:20
  Quote Digital asset technology has the potential to unlock new
• 57:23
  business and spur American innovation.
• 57:25
  But questions about digital assets placed in the US
• 57:28
  regulatory framework have hobbled both innovation and
• 57:31
  consumer protection. At its core, the framework could
• 57:35
  give the CFTC new powers over spot markets for non security
• 57:38
  tokens while creating a process to determine whether a digital
• 57:41
  asset falls under the SE CS jurisdiction as a security.
• 57:46
  It also outlines disclosure requirements for token issuers,
• 57:49
  crypto specific rule making for exchanges and custody providers,
• 57:52
  and strict anti manipulation and consumer protection standards.
• 57:57
  So you know, it's on paper, it sounds pretty good.
• 58:01
  I'm I'm glad they're finally coming to the table here.
• 58:04
  Obviously, the Republicans have been endorsing the Clarity Act
• 58:08
  that has been spearheaded by Senator Lummis.
• 58:12
  They have been getting a lot of pushback from the Democrats.
• 58:14
  But finally they have thrown their hat in the ring and
• 58:18
  they're finally making some moves.
• 58:19
  Now, this is probably, you know, what is going to get most of the
• 58:24
  headline here. Not not going to lie, I, I've
• 58:27
  been seeing you guys in the chat saying that what Trump's doing
• 58:30
  is hurting the Bitcoin industry more than helping.
• 58:33
  I even had my dad text me the other day and say what, what's
• 58:38
  Trump is? Wait, is the price doing well
• 58:40
  because of what Trump's done? And I'm like, it was like Friday
• 58:44
  night or Saturday and I'm like, what, what did he do now?
• 58:46
  Like what's going on now? And he's like, no, not Trump,
• 58:50
  his sons. And I'm like, Oh, well, I it's
• 58:52
  still up for debate whether they're helping or hurting.
• 58:55
  Anyways, here's the last thing. And then maybe we'll just RIP
• 58:59
  into the culture. But one of the most politically
• 59:00
  charged sections targets ethics, barring elected officials and
• 59:04
  their families from launching or profiting from crypto projects
• 59:07
  while in office and mandating disclosure of their holdings.
• 59:10
  The Democrats allege President Trump has quote, turned to
• 59:13
  digital asset projects to enrich himself and his family, abusing
• 59:16
  his office for corruption with no modern precedent, undermining
• 59:20
  confidence in the broader digital asset industry.
• 59:22
  They also call for increased funding for financial
• 59:25
  regulators. And again, guarantee a
• 59:26
  bipartisan representation in the rulemaking warning against one
• 59:31
  sided control of the agencies. Now, you know, I, I think this
• 59:35
  is this in some sense, it's a good thing.
• 59:39
  I, I don't believe that any politician should be creating a
• 59:42
  shit coin. I actually don't believe anyone
• 59:45
  should be creating a shit coin. So, you know, I kind of agree
• 59:48
  with this. No, it is obviously a little
• 59:51
  more politically charge than that per SE, But hey, I think
• 59:58
  this is this is a good thing. And that last point I think is
• 1:00:01
  the main point. Like we agree here or we fully
• 1:00:04
  believe Bitcoin is for enemies. If Bitcoin isn't A1 sided
• 1:00:09
  problem here, this isn't this isn't just a Republican issue,
• 1:00:12
  this isn't just a Democrat issue.
• 1:00:13
  This isn't everyone issue and SO.
• 1:00:16
  Whether, you know, we break this down and it's actually not that
• 1:00:20
  good of legislation. I think the most important
• 1:00:23
  aspect of this is that they're finally waking up to the fact
• 1:00:27
  that they have to actually embrace this industry in some
• 1:00:31
  way. I'm sure once we get into all of
• 1:00:33
  the details, it's probably not that good, you know, just being
• 1:00:38
  completely honest here. But yeah, you know, that's,
• 1:00:41
  that's my overall take on this. At least they are finally waking
• 1:00:45
  up to what is happening. So they don't have their heads
• 1:00:48
  dug in the sand anymore. They're finally starting to wake
• 1:00:52
  up. So hey, I'll, I'll give them the
• 1:00:55
  benefit of the doubt here. I'll, I'll, I'll pat them on the
• 1:00:57
  back when they do something good.
• 1:00:59
  And it's at least attempting to find some good regulatory
• 1:01:02
  clarity here. So it's no longer just a
• 1:01:05
  partisan issue. Both sides of the aisle have
• 1:01:08
  finally come to the table and we'll see if anything really
• 1:01:12
  comes of it. I'm sure they'll be more
• 1:01:14
  infighting and more fighting and, you know, making this one
• 1:01:17
  partisan issue, etcetera, etcetera.
• 1:01:19
  So not too hopeful on it, but that's a recent development on
• 1:01:23
  it. So Luke, do you want to touch on
• 1:01:27
  this or do you want to go into this wallet stuff?
• 1:01:30
  I think you you're you're in the matrix.
• 1:01:38
  A little bit. Let's do the wallet stuff.
• 1:01:41
  OK. OK, refresh and we'll be right
• 1:01:43
  back. All right, tio tio Malo.
• 1:01:49
  I think you're right. It sounds like they want to find
• 1:01:50
  a way to dip their hands in the honeypot without getting stung.
• 1:01:54
  I think, I think that's probably probably the take here.
• 1:01:57
  Anyways, let's get in the culture.
• 1:02:00
  There's some interesting stuff happening with wallets, wallets
• 1:02:03
  being hacked. Yesterday it seemed like it was
• 1:02:06
  catastrophic. Today we realize if you're using
• 1:02:11
  a Bitcoin only wallet, you're probably good to go.
• 1:02:14
  And it's not. It wasn't as bad as everyone
• 1:02:16
  thought it was. So I'll give you a full update
• 1:02:18
  on what it was and then I will point out which wallets we know
• 1:02:22
  for sure aren't affected. So let's get into that.
• 1:02:27
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  IO. Join today where Bitcoin meets
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  freedom. OK, guys, well, looks like I
• 1:04:31
  lost Luke, but we're all good. We're all good.
• 1:04:33
  OK, so I'm, I'm going to lean on the blocks coverage of this
• 1:04:36
  because they did a good initial article on this and then they
• 1:04:41
  did a recent update and then I will kind of show you guys some
• 1:04:44
  tweets. So you guys, you know, don't
• 1:04:46
  don't panic too hard here. So we have this initial so there
• 1:04:50
  was a tweet by the Ledger CTO. He posted this on Twitter,
• 1:04:55
  everyone was freaking out. Everyone was basically asking
• 1:04:58
  themselves the same question. Is my cold storage safe or not?
• 1:05:02
  Should I not make transactions? What can I do?
• 1:05:05
  Like what is going on? So the TLDR the short of it is
• 1:05:10
  Ledger CTO warns users to halt on chain transactions amid
• 1:05:14
  massive NPM supply chain attack. So he issued a warning that on
• 1:05:20
  chain and hardware crypto transactions may temporarily be
• 1:05:23
  at risk. Quote there's a large scale
• 1:05:25
  supply chain attack in progress. The NPM account of a reputable
• 1:05:28
  developer has been compromised. So going into this a little
• 1:05:32
  morning again, he did this this tweet and last night even, you
• 1:05:37
  know, my hour slack and and simply we were all talking about
• 1:05:41
  it. It happened after the show in
• 1:05:42
  the evening and basically we're all wondering like, OK, so don't
• 1:05:46
  use my wallets right now, like how what, what's going on?
• 1:05:49
  What exactly is going on? So it was really muddy
• 1:05:52
  yesterday. No one really knew what was
• 1:05:54
  going on. And then later a lot of the more
• 1:05:57
  prominent Bitcoin companies, Bitcoin wallet companies were
• 1:06:00
  essentially telling the users, hey, like we're good.
• 1:06:04
  So anyways, going into this quote, there's a large scale
• 1:06:08
  supply chain attack in progress. The MPM account of a reputable
• 1:06:11
  developer has been compromised. The effective packages have
• 1:06:14
  already been downloaded over 1 billion times, meaning the
• 1:06:16
  entire JavaScript ecosystem may be at risk.
• 1:06:20
  If you use a hardware wallet, pay attention to every
• 1:06:22
  transaction before signing and you'll and you're safe.
• 1:06:25
  If you don't use a hardware wallet, refrain from making any
• 1:06:28
  on chain transactions for now. And that's basically where
• 1:06:32
  everyone was freaking out last night.
• 1:06:34
  So quote a supply chain attack currently affected the MPM
• 1:06:37
  account, kind of reputable developers, the largest supply
• 1:06:39
  chain attack ever. So when everyone heard this last
• 1:06:42
  night we were like holy shit are we all wrecked here anyways?
• 1:06:47
  The supply chain attack. It involves a hacker hackers
• 1:06:51
  compromising a trusted part of the software distribution
• 1:06:53
  process. Rather than targeting individual
• 1:06:55
  users, the malicious payload works by silently swapping
• 1:06:58
  crypto addresses on the fly to steal fund.
• 1:07:01
  In simple terms, it appears a hacker took over the account of
• 1:07:04
  a trusted software developer on MPMA popular platform where
• 1:07:08
  developers share code for JavaScript projects.
• 1:07:10
  These compromised packages have allegedly been downloaded over a
• 1:07:14
  billion times, potentially affecting any number of websites
• 1:07:17
  and apps, including crypto projects.
• 1:07:20
  As of now, it appears that the hacker was able to add code that
• 1:07:23
  changes cryptocurrency addresses in the background, thereby
• 1:07:26
  tricking users into sending money to the hacker instead of
• 1:07:28
  their intended recipient. So that's, you know, the short
• 1:07:32
  of what happened. Now here's the update from
• 1:07:35
  today. So the MPM supply chain attack
• 1:07:37
  on crypto contained, it's been contained with quote almost no
• 1:07:41
  victims. Essentially, from what I saw,
• 1:07:44
  Arkham data shows that less than $505 was stolen by bad actors
• 1:07:48
  during the incident there. And I saw there there was a lot
• 1:07:53
  of Bitcoin wallet companies kind of updating on Twitter and I'll
• 1:07:56
  and I'll kind of show you guys that in a minute.
• 1:07:59
  So the supply chain attack on the node package manager
• 1:08:01
  ecosystem fortunately failed with almost no victims after a
• 1:08:05
  phishing campaign let attackers publish malicious updates of
• 1:08:08
  popular JavaScript packages before the compromise was
• 1:08:11
  detected and shut down. As you know, it happened
• 1:08:16
  yesterday, or at least that's when it came up to everyone's
• 1:08:19
  attention. He added that implementation
• 1:08:21
  mistakes caused CI and CD pipelines to crash, triggering
• 1:08:24
  rapid discovery and limiting the impact size.
• 1:08:27
  The immediate danger may have passed, but the threat hasn't
• 1:08:31
  not urging users to favor hardware wallets and clear
• 1:08:33
  signing protections. The attackers only and netted
• 1:08:35
  again about $500, which Arkham kind of showed, which said the
• 1:08:40
  funds went to addresses cited by Juliman and his initial alert.
• 1:08:44
  So that's the update on it it yesterday it seemed like all of
• 1:08:49
  us were at risk and then it kind of turned out that it wasn't as
• 1:08:55
  bad as we thought anyway, shouts out the sessions he did a whole
• 1:08:59
  video on this like an emergency broadcast.
• 1:09:01
  If you want to really, you know, get sessions taken breakdown
• 1:09:04
  exactly what's going on, but I'm guessing all you really want to
• 1:09:08
  know is my hardware wallet. Is my cold storage affected or
• 1:09:12
  not? Now, this isn't a conclusive
• 1:09:15
  list, but as of this moment, these are the wallets that have
• 1:09:21
  officially came out on Twitter. And I did verify most of these
• 1:09:24
  because, you know, I was looking at my own wallet.
• 1:09:26
  I'm like, yo, are my wallets affected here?
• 1:09:28
  So I did see all of them tweet yesterday that they're not
• 1:09:32
  affected. Again, you know, I'm I'm not
• 1:09:35
  much of A coder so I do have to trust their official kind of PRS
• 1:09:38
  about this, but confirm unaffected MPM attack our Cove
• 1:09:42
  wallet, nunchuck, Aqua Bitcoin, blockstream, Sparrow, wasabi
• 1:09:46
  cold card, spectre, electron foundation, self custody, crux
• 1:09:50
  seed signer, bitkeeper, blitz wallet, app bull Bitcoin,
• 1:09:54
  bitbox, trezor, neutron, blue wallet and phoenix wallet.
• 1:09:59
  So as of now, that's why and I think Ledger also said that they
• 1:10:04
  are not affected. So most of the main, I think
• 1:10:08
  what I saw as the TLDR, like most of of the Bitcoin only Oh,
• 1:10:13
  I saw bit key say they're not affected.
• 1:10:16
  Most of the Bitcoin only wallets are totally unaffected by this.
• 1:10:21
  So if you have a Bitcoin only wallet, you should be good to
• 1:10:24
  go. The idea yesterday.
• 1:10:26
  We're still kind of up for debate on if you're all of the
• 1:10:30
  popular hot wallet, like, you know, wallets on your phone are
• 1:10:33
  fully in the clear. But usually if you're Bitcoin
• 1:10:37
  only at this point, you're completely unaffected.
• 1:10:41
  And one last take from Sessions and he did update on yesterday's
• 1:10:45
  show. Many wallets have now publicly
• 1:10:47
  made statements on if they're officially affected.
• 1:10:49
  Thankfully, many are not and some that were up taking steps
• 1:10:52
  to mitigate. Best course of action is, of
• 1:10:54
  course, to check accounts of wallets you personally use.
• 1:10:57
  I tried to thread some unaffected wallets that I just
• 1:11:00
  read. Please still be diligent as
• 1:11:02
  always and checking addresses when copying and pasting.
• 1:11:05
  And always defer to your hardware device clean when
• 1:11:08
  spending from cold storage. It should be considered your
• 1:11:10
  beacon of truth. So if you are in a Bitcoin only
• 1:11:15
  wallet, hardware wallet, you're you're pretty much good to go.
• 1:11:19
  It does seem like it's really only affecting shit coin,
• 1:11:23
  website wallet. So like Metamask I I heard was
• 1:11:27
  you know where a lot of the noise came from.
• 1:11:29
  They literally only got shit coins.
• 1:11:32
  So I was looking at it the Arkham data and actually maybe
• 1:11:36
  maybe while we chat about this, maybe I can update to see if
• 1:11:39
  they actually got any Bitcoin. It seems like they only got shit
• 1:11:43
  coins on this. So This is why we always tell
• 1:11:47
  you Bitcoin only hardware while it's out of the way because
• 1:11:50
  there is less complexity in them and you won't get scammed from
• 1:11:55
  all of these phishing attacks. So I'm looking over here.
• 1:11:59
  Let me see. OK, here I think I got it.
• 1:12:02
  OK, let's check it. So here's the oh they got more.
• 1:12:06
  OK so here I'm over at arkhamintro.arkham.com.
• 1:12:11
  Now I guess the most recent update is they have about
• 1:12:15
  $940.46 from this hack. Again, it looks like they are
• 1:12:21
  only getting shit coins here. So it seems to have only
• 1:12:25
  affected shit coin wallets. Shit coin website wallets like
• 1:12:29
  Metamask and stuff like that. So if you are Bitcoin only have
• 1:12:33
  a Bitcoin only hardware wallet, it seems like you are completely
• 1:12:39
  safe from this. So again, don't don't hold me,
• 1:12:44
  don't hold my word as you know, gospel here, but it seems like
• 1:12:49
  most of the Bitcoin only wallets are completely unaffected.
• 1:12:52
  When this kind of came out, everyone was freaking out.
• 1:12:54
  We're like, oh shit. I was literally like, damn.
• 1:12:57
  So like what? Don't use any wallets right now.
• 1:12:59
  Like, oh shit, damn, did I back up my wallets?
• 1:13:05
  Same from this. Like do I have money that I can
• 1:13:08
  use? But yeah, it seems it seems like
• 1:13:11
  it wasn't as big of a an attack as we all thought it was.
• 1:13:14
  So that's really good news. Then obviously if you're using
• 1:13:17
  Bitcoin only wallets then seem to have been completely
• 1:13:22
  unaffected. So yeah, it looks like it wasn't
• 1:13:27
  as big of yeah. Yes, Ron Foundation is good.
• 1:13:31
  I read them. I think at the end of the day
• 1:13:36
  Opti the the take away here is Bitcoin in hardware wallets is
• 1:13:43
  the play. What do we always say?
• 1:13:44
  Never keep more than $1000 in a phone wallet or a desktop wallet
• 1:13:49
  because that thing is connected to the Internet and I think that
• 1:13:52
  is the most risky wallet to be using so to say if you have a
• 1:13:57
  hardware wallet that verifies your addresses offline.
• 1:14:00
  From my understanding I dived into for maybe an hour
• 1:14:03
  yesterday. But from my understanding if you
• 1:14:05
  had a hardware wallet you're golden.
• 1:14:06
  And like you said, like Arkham showed, it was all shit coins
• 1:14:10
  that have been. That was like my biggest signal.
• 1:14:13
  You know when I was looking at this yesterday, when it was at
• 1:14:15
  $500, when I looked at it, I literally looked at it and it
• 1:14:19
  was like, OK, they got like 5 different shit coins.
• 1:14:22
  I'm like, all right, this is like a shit coin problem.
• 1:14:24
  It's it's not, it's not that huge concern if you're Bitcoin
• 1:14:29
  only. Now, of course, if you guys
• 1:14:31
  aren't just holding Bitcoin on the Bitcoin cold storage
• 1:14:36
  hardware devices that we recommend, then yeah, maybe you
• 1:14:39
  need to, you know, check and make sure that you are protected
• 1:14:45
  in the future. But like Sessions was saying,
• 1:14:47
  and like Luke just said, the best way to mitigate this is to,
• 1:14:51
  you know, confirm that the address on your hardware wallet
• 1:14:56
  is exactly where you are sending it to.
• 1:14:58
  And if it's not, do not send the transaction.
• 1:15:02
  That's the best way to mitigate this until you're, you know,
• 1:15:06
  the, the devs on the wallet that you're personally using have
• 1:15:08
  updated send a send a, you know, patch to this.
• 1:15:12
  So for most of us here, I'm sure you guys are fine.
• 1:15:15
  But if you aren't using those wallets that I mentioned, you
• 1:15:19
  know, I would be cautious. But for most of us in Bitcoin
• 1:15:23
  only hardware wallets, you're, you're pretty much good to go.
• 1:15:26
  So yes, there are attacks on your cold storage.
• 1:15:29
  There are attacks on people. There are scammers out there.
• 1:15:32
  Remember, everyone is a scammer. They want to take your Bitcoin
• 1:15:36
  from you. So you definitely want to
• 1:15:38
  protect yourself. But yeah, it was kind of crazy.
• 1:15:44
  It was kind of crazy yesterday. I literally for a moment it was
• 1:15:47
  like, aw man, are we all wrecked here?
• 1:15:50
  That was the same. I had to pay an employee last
• 1:15:52
  night and I pay everyone in Bitcoin and I was like, oh, hang
• 1:15:55
  on a minute, let me just do a little bit of digging on Twitter
• 1:15:57
  first to find out whether I can actually send this transaction
• 1:16:00
  or not. So yeah, from my digging, it
• 1:16:02
  looks all good. But again, the, the first
• 1:16:06
  practice principles that we're getting talked about a lot
• 1:16:08
  yesterday were double, triple and quadruple check that every
• 1:16:12
  single number or letter and that address that you are sharing
• 1:16:15
  matches. And I obviously if you're doing
• 1:16:18
  that on a hardware wallet, you were pretty golden.
• 1:16:21
  Yeah, 100%. So again, seemed very
• 1:16:25
  catastrophic last night. I'm glad that all of the main
• 1:16:30
  Bitcoin wallet providers made the tweet so that we can feel a
• 1:16:34
  little better about our cold storage and and you know,
• 1:16:37
  confirm whether we can actually transact right now.
• 1:16:41
  Though I did find it interesting that the Ledger CTO was like,
• 1:16:46
  don't make on chain transactions.
• 1:16:47
  And we're all wondering like, what's that have to do with
• 1:16:50
  anything Like no on all right, Well, maybe maybe it's because
• 1:16:55
  all these shit coin adjacent layer ones.
• 1:16:59
  But I did see a funny one of these shit coiners.
• 1:17:02
  I forget what his name is, but he's he's kind of funny.
• 1:17:04
  His content's kind of funny. He's like doing this video of
• 1:17:07
  him running, He's like the blockchain has been hacked.
• 1:17:11
  I can't even send my Bitcoin and he's like running, it's over.
• 1:17:15
  Yeah, that was pretty funny. He's a he's a shit coiner, but
• 1:17:18
  he he makes some funny content. Anyways, let's see.
• 1:17:22
  Let me see if there's anything you guys want me to confirm for
• 1:17:26
  you guys. I don't know.
• 1:17:30
  I mean, maybe maybe. Yeah, Yeah, actually, this is
• 1:17:34
  right. Yes.
• 1:17:34
  Your, your stack in the ETF on exchanges is fine.
• 1:17:38
  OK, So maybe maybe this is a win for centralized control of your
• 1:17:44
  Bitcoin. This is no, I'm not going to say
• 1:17:47
  that I'm trolling. I'm trolling.
• 1:17:49
  All right, guys. Well, we love you guys.
• 1:17:53
  We appreciate you guys. Thank you for trolling me in the
• 1:17:56
  chat every single day. It really warms my heart.
• 1:17:59
  Of course, smash the like button, comment on the show, hit
• 1:18:02
  the sub button and we will be back tomorrow.
• 1:18:07
  I know the time says 1216, but it's really 1230 guys.
• 1:18:10
  So you know you guys can keep yelling at me.
• 1:18:13
  I see you. I literally start the show when
• 1:18:15
  you guys start yelling at me a lot.
• 1:18:17
  OK, so you you already know. Anyways Luke, thanks for coming
• 1:18:20
  on man. Another successful day at the
• 1:18:23
  office. So hope you guys got something
• 1:18:25
  from this. Luke, do you want to say the
• 1:18:27
  final words before we sign off? I've got absolutely nothing
• 1:18:31
  except thanks for putting up with my dodgy Internet
• 1:18:33
  connections. Have a good day guys.
• 1:18:35
  All right, later, guys. We will see you tomorrow.
• 1:18:37
  Have a good rest of your day. Today's episode was brought to
• 1:18:41
  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:18:44
  mission to enable financial independence.