Latest / Simply Bitcoin / Scott Bessent Accidentally Admits the Truth About The Strategic bitcoin Reserve | EP 1433

Transcript

Scott Bessent Accidentally Admits the Truth About The Strategic bitcoin Reserve | EP 1433 · Simply Bitcoin

• 0:02
  While everyone, including myself, has become very
• 0:05
  skeptical of America's strategic Bitcoin Reserve, I was really
• 0:09
  surprised this morning and how Scott Besson reacted when he got
• 0:14
  grilled by my favorite politician, Brad Sherman in this
• 0:18
  clip. Let's check it out.
• 0:19
  We'll break it down. We, I actually have a couple of
• 0:20
  clips for you guys, but we're going to start with the first
• 0:23
  one, Brad Sherman grilling Scott Besson about the strategic
• 0:27
  Bitcoin reserve. Bailouts of 2008 When powerful
• 0:34
  men lose money, they now want a government bailout.
• 0:39
  Does the Treasury Department or the various components of the FM
• 0:42
  OC have the authority to bail out Bitcoin?
• 0:49
  Could you please elaborate what exactly does bail out Bitcoin?
• 0:52
  Could you instruct the banks of this country to buy more bit to
• 0:56
  buy Bitcoin or change banking regulations so that they are
• 1:03
  encouraged to do so in terms of the reserves that they're
• 1:06
  otherwise required to have? Again, that within the context
• 1:11
  of asset diversification within banks, they could hold many
• 1:14
  assets. They can, and they're different.
• 1:17
  But do you have the authority to order banks to buy Bitcoin or to
• 1:21
  invest U.S. tax dollars in Bitcoin or Trump coin?
• 1:26
  I I am Secretary of the Treasury.
• 1:27
  I do not have the authority to do that, and as Chair of F Sock
• 1:31
  I do not have that authority. So we're not going to see our
• 1:35
  tax dollars invested in crypto assets.
• 1:38
  Well, why would a private bank be your tax dollars,
• 1:40
  Congressman? Excuse me, I'm now asking about
• 1:43
  the money of our taxpayers, which you manage as Secretary of
• 1:46
  the Treasury. Is it going to be deployed into
• 1:49
  crypto assets? We are retaining seized Bitcoin.
• 1:54
  That's not exactly taxpayer money.
• 1:57
  You collect a lot of taxes this month.
• 1:58
  No, that that is an asset of the.
• 2:00
  US, it's an asset of the US it was A and are you going to
• 2:04
  invest? In and I I will point out.
• 2:05
  Mr. Secretary, reclaiming my time, are you going to invest?
• 2:09
  From California, I said seizure that 1 billion of Bitcoin was
• 2:13
  seized, 500 million was retained and that 500 million has become
• 2:17
  over 15 billion. Gentleman's time has expired
• 2:19
  all. Right guys.
• 2:24
  I I'm you. You guys know, if you don't
• 2:27
  know, I am being sarcastic when I say that Brad Sherman is my
• 2:30
  favorite politician. I was actually trolling this
• 2:33
  morning with Luke and I was like, man, you know?
• 2:37
  US Bitcoiners really need to be the Bitcoiners that Brad Sherman
• 2:40
  thinks we are. He's actually amazing.
• 2:42
  That's why I always say he's my favorite politician.
• 2:44
  But let me let me break this down first.
• 2:46
  I do have one more clip of Scott Besson this morning getting,
• 2:49
  well, not necessarily getting grill, but you know, he was
• 2:52
  making testimony in Congress this morning, as you guys can
• 2:55
  tell. The first question, I think it's
• 2:58
  fitting that Scott Besson was so smug about it, the idea of
• 3:02
  bailing out in Bitcoin all of the great financial crisis of
• 3:06
  2008. It just it did.
• 3:08
  It's not a concept that makes any sense once you understand
• 3:11
  how Bitcoin works. So I do find it actually kind of
• 3:15
  hilarious that that was the initial question to start this,
• 3:18
  like, can you bail out banks in Bitcoin?
• 3:22
  The answer, the straight answer is no, there is no bailouts in
• 3:25
  Bitcoin. That's why we always say, you
• 3:27
  know, taking your first steps into Bitcoin and taking custody
• 3:31
  of your Bitcoin, it is a scary process because if you make
• 3:34
  mistakes, there is no rewind button, there is no customer
• 3:37
  service line to call to be like, hey, I made a mistake.
• 3:40
  This is why we always tell you guys to take it slow, make sure
• 3:43
  everything's backed up correctly, make sure you do some
• 3:45
  test transactions because there is no bailouts in Bitcoin.
• 3:49
  And This is why us Bitcoiners are so adamant about why we
• 3:55
  think Bitcoin will save the world or rather is one of the
• 3:57
  main fixes of the world. Of course, fix the money, fix
• 4:00
  the world is because in the world that we currently live in,
• 4:03
  in the world that we saw, you know, happen, the blow up we saw
• 4:06
  happen in 2008, they very easily were able to bail out all these
• 4:10
  banks that were quote, too big to fail.
• 4:12
  And This is why we are in the position we currently are.
• 4:14
  So just to start off that clip, I, I was laughing behind the
• 4:18
  scenes. I was laughing when I saw this
• 4:20
  clip. Brad Sherman, like, bless his
• 4:22
  heart, he really is trying to make Bitcoin become this big bag
• 4:26
  boogeyman. It makes us all look like we're
• 4:29
  all criminals that were just here to, you know, loot the
• 4:32
  coffers, when in reality, what we're really trying to do here
• 4:37
  is implement some form of austerity on the federal
• 4:40
  government. The fact that they can print
• 4:42
  money. That's what's really the cause
• 4:45
  of most of our problems right now.
• 4:47
  It's not the only cause. But it is interesting that Brad
• 4:50
  Sherman is using this framing of like, it's a bad thing.
• 4:54
  You know, you guys are bad because you're embracing Bitcoin
• 4:57
  because of the bailouts. You know, he, he does have this
• 5:00
  view that he's for the little guy.
• 5:03
  Of course, he's a Democrat California, you know,
• 5:05
  Congressman, and as a, as a exile from that state, you, you
• 5:12
  got to just it's bless his heart, you know, like I see what
• 5:15
  he's trying to do for maybe the average person.
• 5:19
  When you see that clip, you're like, Oh yeah.
• 5:20
  Is there bailouts in Bitcoin? Oh, yeah, great question.
• 5:24
  It, it really just doesn't make sense on the surface.
• 5:26
  Now, the second part, which I really wish we did get an
• 5:31
  answer, was the question that Brad Sherman asked.
• 5:34
  And again, I am a little trolley when I say that Brad Sherman is
• 5:38
  my favorite politician. But I, I personally would have
• 5:41
  loved to hear that answer. Obviously for the last year
• 5:45
  since Trump got elected, we've been hearing that they're going
• 5:48
  to figure out, quote, budget neutral ways to acquire more
• 5:51
  Bitcoin. Obviously, we've all been
• 5:54
  wondering what exactly does that mean?
• 5:57
  We've got some clarity on what that actually means.
• 6:00
  And it does seem to be that the, the most friendly, budget
• 6:06
  neutral way that the US government is going to acquire
• 6:08
  Bitcoin is by asset forfeiture, which as a bitcoiner, as a
• 6:13
  hodler, as someone that doesn't really trust the state that
• 6:16
  much, that shouldn't really sit well with your stomach.
• 6:21
  Like, yeah, that shouldn't sit well with your gut.
• 6:23
  That's one of those things where it's like, oh man, they're
• 6:25
  they're literally going to six 102 all of the Bitcoin and
• 6:29
  that's the only way they're going to acquire Bitcoin.
• 6:30
  So personally, I would have loved to hear Scott Besson
• 6:34
  actually answer that question. So I I am with Brad Sherman
• 6:38
  there with the frustration of like, that's not exactly the
• 6:41
  question that I asked, but OK. Now the other kind of comments
• 6:46
  there, which were pretty funny, Scott Besmich like, dude, what
• 6:49
  do you mean private banks using taxpayer money?
• 6:52
  Like your your line of questioning doesn't even make
• 6:55
  sense. And you saw Brad Sherman on his
• 6:58
  back foot there for a little bit.
• 6:59
  But to kind of wrap up this whole clip, in my mind, it does
• 7:05
  seem like we as maybe bitcoiners, us here on Simply
• 7:09
  Bitcoin and my buddy Luke over on his channel, a lot of us
• 7:12
  Bitcoiners have been very skeptical of politicians in
• 7:16
  Bitcoin. You could say that Trump did
• 7:20
  deliver on all of his Bitcoin promises.
• 7:24
  You could also argue that not all of them have been fulfilled.
• 7:27
  Obviously, one of the main things that most Bitcoiners
• 7:29
  thought was going to happen with the strategic Bitcoin Reserve
• 7:32
  was an infinite bid coming from the US government.
• 7:35
  They're basically going to print money to buy Bitcoin.
• 7:37
  Now that hasn't occurred. We still don't know if that is
• 7:41
  going to occur. As of now, it seems like it
• 7:44
  stands that the only way they are going to acquire more
• 7:47
  Bitcoin is not necessarily buying Bitcoin.
• 7:49
  The only reason Bitcoiners want to see them buy Bitcoin is is
• 7:52
  really for the president. It's really for the narrative
• 7:54
  of, hey, the US government is buying Bitcoin, which sends
• 7:57
  ripples to everyone else who's like you probably should be
• 8:00
  buying Bitcoin as well. And then of course, with that
• 8:03
  narrative push, then everyone's like, who knows how high this is
• 8:06
  going to go. That's probably the main kind of
• 8:09
  idea from a lot of Bitcoiners that hey, if the US government
• 8:12
  is buying Bitcoin, then that is probably the final domino from
• 8:16
  the nation state level of other countries actively buying
• 8:20
  Bitcoin. And if everyone is actively
• 8:22
  buying Bitcoin, then the mother of all supply shocks is on the
• 8:26
  horizon. The game theory kicks in and you
• 8:29
  really only have one move and that is to play, that is to
• 8:32
  acquire Bitcoin. I think that's why a lot of
• 8:35
  Bitcoiners got, you know, got caught up in the strategic
• 8:38
  Bitcoin reserve wave. We're like, oh man, the world
• 8:42
  reserve currency, you know, the world that has the world reserve
• 8:45
  currency is now adding Bitcoin as a strategic reserve.
• 8:49
  The implications are huge for everyone around the world, for
• 8:52
  us holding it. I know there's a lot of
• 8:54
  contention around the idea of I thought we were here for
• 8:57
  separation of money and state. You can go in, you can take this
• 9:01
  any route you want. Bitcoin is for anyone.
• 9:03
  Of course the nation states are going to want to acquire
• 9:06
  Bitcoin, yadda, yadda. You've heard me.
• 9:07
  You've heard me break this down. If you watch the show before
• 9:10
  now, the interesting aspect to me probably the biggest.
• 9:14
  Take away of this. Besides, kind of just like the
• 9:17
  funny, you know, grilling interaction here is that it does
• 9:21
  seem like Scott Besson again, US Secretary, Treasury or U.S.
• 9:24
  Treasury Secretary. I always get that mixed up.
• 9:27
  It does. Seem.
• 9:27
  Like he is very adamant and, and basically saying, if you read
• 9:31
  between the lines that the strategic Bitcoin Reserve was a
• 9:34
  good idea. And, and if that is the case, if
• 9:37
  we're starting to see more of that narrative build, then I
• 9:40
  think it does become this idea that Bitcoiners have been saying
• 9:45
  for a long time that, hey, look, the institutions are here
• 9:48
  finally. And if you're start to get the
• 9:51
  signal and people start to get more accustomed to buying
• 9:54
  Bitcoin, to accumulating Bitcoin, to adding Bitcoin to
• 9:56
  their portfolio, then finally you'll start to see again a
• 10:00
  supply shock start to build, start to grow that hey, there's
• 10:04
  only 21 million if sailors out here acquiring 1,000,000.
• 10:09
  If the US government is going to also acquire 1,000,000, like
• 10:12
  there's not that much Bitcoin to go around.
• 10:15
  The only thing that can really play out is that the number or
• 10:18
  the price of Bitcoin has to go up.
• 10:20
  Now it is interesting again, just the fact that he's like,
• 10:24
  look, we didn't sell the Bitcoin.
• 10:26
  Finally we turned $500 million of Bitcoin into 15 billion.
• 10:31
  If we continue in this process, I know a lot of people been
• 10:33
  saying that hey, if they acquire enough Bitcoin then they'll
• 10:36
  finally be able to pay off the national debt.
• 10:39
  In reality, I don't think people understand the under underlying
• 10:43
  mechanics of this because you literally can't pay off the
• 10:47
  national debt. Our currency, the US dollar, is
• 10:51
  literally debt. So if you pay off the debt, then
• 10:54
  the Ponzi scheme collapses. I think a lot of people forget
• 10:57
  that process of this. I know it sounds good.
• 11:00
  I know it's a good narrative. It's a good idea on paper.
• 11:03
  Hey, if you acquire enough Bitcoin, you can finally pay off
• 11:06
  your national debt. Everyone's been worrying about
• 11:08
  the national debt. We're at what, $38 trillion now?
• 11:11
  So monetary, fiscal monetary discipline has been one of these
• 11:18
  big topics recently. the US government is spending too much
• 11:21
  money in many respects. You could say we are bankrupt,
• 11:25
  we can't pay our bills. We, we are basically living on
• 11:29
  borrowed time. We're living on credit and this
• 11:32
  isn't sustainable moving into the future.
• 11:34
  Therefore, that's where, you know, the senator lemons of the
• 11:37
  world's come in mind. They're like, hey, if you
• 11:39
  acquiring a Bitcoin, you can finally pay off that debt, but
• 11:42
  the mechanics of Fiat do not allow for you to actually pay
• 11:45
  off that debt. If you pay off the debt, then
• 11:47
  you erase the the currency from the system.
• 11:51
  The money is debt. People forget the dollar is
• 11:54
  debt. You can't ever pay off the
• 11:56
  national debt because then the the Ponzi scheme really does
• 12:00
  collapse on itself. So they need to continue to
• 12:02
  perpetuate that debt, but if they're ever to able to deflate
• 12:08
  the currency enough, then they could just print more money, of
• 12:12
  course, pay, pay off their debt essentially or devalue their
• 12:16
  debt. And if you acquire Bitcoin on
• 12:18
  the back end, you have a good stash of Bitcoin.
• 12:21
  Then at a certain point maybe you do some kind of debt default
• 12:24
  debt jubilee and you just shift it over into Bitcoin.
• 12:26
  That's probably most likely how it's going to play out.
• 12:30
  But I think we are starting to see that the narrative around
• 12:33
  Bitcoin, for better or worse, they are pretty excited about
• 12:39
  it, or rather maybe not excited about it, but it does seem like
• 12:43
  they really do believe in the Bitcoin play.
• 12:46
  Now, of course, they haven't done.
• 12:47
  Anything on it? But as I played for you
• 12:49
  yesterday, Trump is out here saying like I am the crypto guy,
• 12:53
  I am the Bitcoin guy. You guys should be, you know,
• 12:56
  bowing down to me. I've done more for Bitcoin.
• 12:58
  So it's definitely a part of their campaign, a part of
• 13:02
  politics. I think it's only going to
• 13:04
  increase. I think political endorsements
• 13:07
  of Bitcoin will be one of those defining topics where if you are
• 13:11
  anti Bitcoin, you're probably not going to get elected.
• 13:14
  If you are pro Bitcoin, then you're going to you're literally
• 13:18
  going to gain political points, whether that's just, you know,
• 13:21
  participation points, whatever. Again, as I've been saying,
• 13:24
  look, Trump isn't perfect, but I do believe that the idea of
• 13:29
  making the US the Bitcoin superpower of the of the world,
• 13:32
  it is a strong political move. It is a smart move in my
• 13:36
  opinion, as a bitcoiner. So I think you're starting to
• 13:40
  see them maybe. Maybe it is just narrative,
• 13:43
  maybe it. Is a lot of just rhetoric around
• 13:45
  Bitcoin, but I think they're serious about it now.
• 13:49
  Whether they can implement it, whether they will acquire more,
• 13:52
  we're still up in the air about that.
• 13:54
  I do find it interesting that he did skirt the question.
• 13:59
  I think there's some signal in that.
• 14:00
  Again, I would love for. Scott Besson to answer Brad
• 14:04
  Sherman on the question of whether they will actually buy
• 14:07
  Bitcoin. Obviously it was framed in a
• 14:09
  negative way. Are you going to use taxpayers
• 14:10
  money to buy Bitcoin? I, I I.
• 14:14
  Every one of us wants to know this.
• 14:15
  Is the US government going to be buying Bitcoin?
• 14:19
  Whether you like that idea or not, it will create shock waves
• 14:23
  where everyone else will have to buy some Bitcoin as well.
• 14:26
  So also this morning in the same, you know, grilling
• 14:31
  testimony this morning by Scott Besson, we got.
• 14:34
  Another clip coming out about the CBD CS we saw we got 2
• 14:39
  updates, one about the strategic Bitcoin reserve.
• 14:42
  That, hey, like we think it's a good idea.
• 14:45
  We're totally behind it. We didn't really get some
• 14:47
  clarity on whether we're going to buy more Bitcoin, but at the
• 14:52
  same time we got another update on the CBDC.
• 14:55
  So let me play that for you guys.
• 14:57
  Benefits of communist money. I appreciate you calling them
• 15:00
  out on that and rejecting it. And frankly, during the Biden
• 15:04
  administration, the Federal Reserve posted positions.
• 15:07
  They were literally recruiting developers to develop a central
• 15:10
  bank digital currency, including, you know, a, quote,
• 15:13
  senior crypto architect role dedicated to CBDC development.
• 15:17
  Are you aware of any ongoing government or Federal Reserve
• 15:22
  efforts to develop AUS central bank digital currency?
• 15:26
  With within the administration? Absolutely not.
• 15:29
  President Trump has made it clear that a central bank
• 15:32
  digital currency is athima to the creation of the US as a
• 15:37
  digital powerhouse. I can't speak for what goes on
• 15:40
  at the Fed, but I would assume that they would not be part of
• 15:44
  that either. Yeah, I hope so, because, you
• 15:47
  know, not only has the president been clear on that, he issued an
• 15:49
  executive order on it and said that we will not develop a
• 15:53
  central bank digital currency. And then of course, that applies
• 15:56
  to the whole executive branch. Does that mean it applies to the
• 15:59
  Federal Reserve? Again, I, I would say that the,
• 16:03
  the Federal Reserve has been very cooperative in terms of the
• 16:07
  regulation and they're, they're a bit of forward thinking with
• 16:11
  the genius act of what's happening with stable coins, how
• 16:15
  that fits within the financial and the payment system.
• 16:19
  Yeah, I think that that approach clearly contrasts with what
• 16:22
  really China has been working on, is essentially managed
• 16:27
  basically programmable money by the federal government.
• 16:30
  And frankly, they're working on it with the Bank of
• 16:31
  International Settlement, with the European Central Bank, the
• 16:34
  Bank of England. Mark Carney seems to be a fan of
• 16:36
  it. And they're all collaborating to
• 16:38
  basically develop communist money and impose it on their
• 16:41
  populations. And it seems like you have a
• 16:45
  different hope for the future. So as as you lay that out, would
• 16:49
  love to work with you on the future of money.
• 16:51
  I really think it's going to shape the future of Western
• 16:53
  civilization. I I couldn't agree more with
• 16:56
  with your congressman and it's moving fast and the US has to
• 16:59
  keep the lead. All right.
• 17:01
  First of all, shouts out to Warren Davidson calling CBD CS
• 17:05
  communist money. I like that that's that's some
• 17:09
  good memetics. Shouts out to Warren Davidson.
• 17:10
  If you don't know, Warren Davidson has been very pro
• 17:14
  Bitcoin. He has backed the, you know, the
• 17:17
  plan for the strategic Bitcoin reserve.
• 17:20
  He's actually even pushed some some or at least tried to push
• 17:23
  forward some some friendly taxing on Bitcoin.
• 17:27
  I think he's been one of the main voices on de minimis tax on
• 17:31
  Bitcoin. Basically, you know, no taxes
• 17:33
  under a certain threshold so that you can actually use
• 17:36
  Bitcoin. So Warren Davidson has been, I
• 17:38
  think has been super solid. I really wish he probably had a
• 17:41
  little more clout, a little more influence in in his position
• 17:45
  position. Maybe he's still building,
• 17:47
  building up that reputation, but he's been I I think a, a pretty
• 17:51
  good, a rather really good advocate.
• 17:53
  I'm I'm going to I'm going to double down.
• 17:55
  I like Warren Davidson and dude, communist money, CBD CS
• 17:58
  communist money. It's man, that's a great meme.
• 18:01
  So I think this is two sides of the same coin.
• 18:04
  Obviously they they did talk about stablecoin.
• 18:07
  So, you know, you you could you could say they don't need to
• 18:12
  CBDC if if they're all making, you know, their own private
• 18:15
  stable coins. So that but that's a totally
• 18:17
  other rabbit hole. I've I've hit on that multiple
• 18:19
  times on the show, but I. Think this is again two sides of
• 18:24
  the same coin. As Scott Besant said, hey, we
• 18:27
  are essentially very serious on being a digital money
• 18:33
  powerhouse. And, and I know everyone, or
• 18:35
  actually my boy Jim Johnson on Rumble is like, they want to
• 18:38
  turn all money digital, bro. I only use cash, bro.
• 18:42
  Yeah, dude, money is already digital.
• 18:45
  I get it. You got dollars.
• 18:46
  That's cool. Money's already digital.
• 18:49
  Everything's already digital. Your money in a bank is
• 18:52
  literally digital money. Yes, there's a physical
• 18:54
  representation, but all money is digital.
• 18:56
  It's going, that's where the world's going.
• 18:58
  Everything's going digital. But the choice is do you want
• 19:02
  freedom money, Bitcoin, or do you want communist money, CBDC,
• 19:07
  communist money, fully controlled money that they can
• 19:09
  shut you out of. And so again, what I heard from
• 19:14
  this is essentially that they are very serious about the
• 19:21
  rhetoric, the memetics of being the quote UN quote, Bitcoin
• 19:25
  superpower of the world. Trump, whether you love him or
• 19:29
  not, whether you want to call him a politician and say
• 19:31
  politicians lie. It seems like they are very
• 19:34
  adamant on this idea that yes, we do want to be crypto friendly
• 19:41
  in whatever manner that means. And I, and I say crypto very
• 19:45
  specifically because that is, you know, Bitcoin and stable
• 19:48
  coins and they do want to try to maintain that power.
• 19:53
  And you, you've heard this, this rhetoric for the last couple of
• 19:56
  weeks, this idea of if we don't do it, China will do it.
• 20:00
  China has been the big scapegoat, the big boogeyman.
• 20:03
  And it, it has been used a lot. I think maybe even.
• 20:08
  To a point. Where it doesn't have the weight
• 20:10
  that it used to have, but it is that is the game.
• 20:16
  If the US doesn't do this correctly and another country
• 20:21
  that is trying to rival the power of the US does it
• 20:24
  correctly, then capital will flow out of the US.
• 20:30
  That's the game. They understand the game.
• 20:33
  And I've been very adamant about this on the show for months, for
• 20:36
  over a year, that we can no longer say as Bitcoiners that
• 20:42
  the people in power, the powers that be, do not understand
• 20:46
  Bitcoin. I think they very clearly
• 20:48
  understand Bitcoin. They very clearly understand the
• 20:51
  stakes. They very clearly understand
• 20:53
  what game is being played and how it should be played.
• 20:56
  Now, will they make the right moves?
• 20:58
  Obviously, who knows. Further, do we have to actually
• 21:02
  believe them or trust that they will do this?
• 21:05
  Not really. All you got to do is buy
• 21:08
  Bitcoin, take it into cold storage or you know, whatever
• 21:12
  wallet of choice you wanted. You want to use that.
• 21:15
  Make sure it's just a good wallet at the very least.
• 21:18
  That's all you got to do. Bitcoin is opt out money.
• 21:23
  You just got to opt out of the system.
• 21:25
  You just got to start, get off 0.
• 21:27
  You just got to start stacking Bitcoin and securing that
• 21:29
  Bitcoin and all of this stuff doesn't really matter, at least
• 21:33
  to the hardcore bitcoiner. The reason I think it's
• 21:36
  important to keep talking about this is because these are
• 21:38
  setting the narratives that the average person hears.
• 21:42
  And for the last year or so, we've been hearing a lot of
• 21:45
  favorable good things being said about Bitcoin.
• 21:48
  And I think slowly but surely as that rhetoric starts to spread,
• 21:53
  as people start to get more maybe desensitized to this
• 21:57
  rhetoric, then they will start to see that, hey, I might
• 22:03
  actually want to be owning this Bitcoin thing.
• 22:06
  Now. Right now is a strange time.
• 22:07
  You know, Bitcoin is getting caught up in these file releases
• 22:11
  and make people are starting to throw their own FUD into this.
• 22:15
  And I do also believe that this is this is a coordinated attack
• 22:19
  on Bitcoin right now. I think all of this is is
• 22:23
  working in conjunction. I think they're all working
• 22:25
  together. And it really makes me think
• 22:27
  that Wall Street just, you know, to put a label on it, I really
• 22:32
  think that they are trying to nuke the price, the elites, the
• 22:36
  powers that be. I really do think that they're
• 22:38
  trying to slow bitcoins momentum so that they can acquire as much
• 22:43
  Bitcoin as possible. And then eventually it's going
• 22:46
  to start ripping. That's.
• 22:49
  Kind of my general sentiment about this right now is not the
• 22:52
  time to be dumping your bags. Right now is not the time to,
• 22:55
  you know, be like, I am OK with my Bitcoin stack.
• 22:58
  I, I think now is the time where you should be looking at the
• 23:01
  Bitcoin price on discount being like, I need to figure out how
• 23:05
  to acquire more Bitcoin this month than I had last month.
• 23:09
  I need to continue to acquire Bitcoin.
• 23:12
  This is a game of accumulation. Don't let the narrative scare
• 23:15
  you. You need to continue to stack
• 23:19
  Bitcoin. I think we are seeing a
• 23:22
  prolonged coordinated FUD campaign against Bitcoin and you
• 23:26
  know, it does make you feel a little.
• 23:29
  Iffy if it. Does make you feel a little
• 23:30
  queasy, but all this stuff is just making me feel like, aw
• 23:35
  man, course they're going to continue to FUD Bitcoin.
• 23:39
  They're starting to make, you know, gross names for Bitcoin
• 23:41
  now. I I, I don't even think I can
• 23:44
  say it on the show, but you probably heard it.
• 23:47
  And all of this is just like, all right, FUD Bitcoin.
• 23:52
  I'm going to just stack more. It's on discount.
• 23:54
  Thank you very much. Thank you for the cheap sats.
• 23:57
  We'll see how long the cheap sats can continue.
• 24:01
  I like Bitcoin on discount. OK, that's my stance on this.
• 24:05
  All right, anyways. Going further on the show, there
• 24:09
  was a good clip of Kathy Wood talking about Binance.
• 24:11
  I am going to kind of sort through the Binance
• 24:14
  conversation. There has been a lot of talk
• 24:17
  about Binance being FTX 2.0. I am going to go through some of
• 24:20
  that data. And then in the news we're
• 24:23
  seeing the institutions continue to scoop.
• 24:26
  So hey, maybe there is a FUD coordination happening around
• 24:30
  Bitcoin, but they still want Bitcoin exposure, you know,
• 24:35
  don't listen to what they. Say.
• 24:37
  Watch what they do. That is the winning move.
• 24:39
  And then we got John Chanel coming in in a bit and we're
• 24:42
  going to, you know, talk about what he's been working on, which
• 24:44
  is I think very interesting for I don't know about Bitcoiners
• 24:48
  currently, but Bitcoiners in the future.
• 24:51
  Parallel Bitcoin economy is growing.
• 24:53
  All right, guys, I'll be right back and let's talk about
• 24:56
  Binance. Today's episode is brought to
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• 27:08
  OK, so the current Bitcoin price is 72,620, bro, it's so over.
• 27:18
  It's so over, brows. We had a good run.
• 27:22
  We had a good run drop in the chat.
• 27:25
  How long, how long? How long is this mini bear
• 27:28
  market going to last? Are we going to be here for a
• 27:30
  year or are we going back up by the end of the year?
• 27:34
  I want I want to see what you guys say in the chat.
• 27:36
  Anyways, this is a 42.4% discount from all time high and
• 27:39
  the market cap is $1.45 trillion.
• 27:42
  That's crazy. The block height, the most
• 27:44
  important time, but rather the universal time, the only
• 27:48
  universal time on planet Earth. The block height is currently at
• 27:51
  935,000 and 21, I repeat 935021. OK, so Kathy Wood was on.
• 28:01
  What is this? Let me let me double check here.
• 28:05
  She was on I believe. I don't know, it's just public.
• 28:12
  I thought this was Bloomberg but anyways, Kathy Wood made an
• 28:15
  appearance yesterday and she is also, I would say maybe adding
• 28:20
  some fuel to the finance FUD. I don't know if it's fun
• 28:22
  necessarily. This has actually been confirmed
• 28:24
  that the 1010 liquidation crash was caused by finance.
• 28:29
  Here's Kathy Woods talking about it, and the reason I'm bringing
• 28:32
  this up, I was actually debating whether I should do the show on
• 28:35
  this or the strategic Bitcoin Reserve is because it seems like
• 28:38
  a lot of people are very interested in what's going on
• 28:41
  with Binance. So I'm going to start here and
• 28:43
  then I'm going to go kind of backwards on to what we were
• 28:45
  talking about yesterday. But on October 10th, there was a
• 28:49
  flash crash caused by a software glitch at Binance and there was
• 28:55
  an auto deleveraging event. People were just, you know,
• 28:59
  margin called. To the tune of about $28
• 29:02
  billion. We know some of the entities
• 29:05
  that were caught up in that. They were caught flat footed and
• 29:09
  we think that is just. Now washing through the system.
• 29:12
  So if you're looking for something that has weighed on it
• 29:16
  recently, we do think that happened.
• 29:19
  So. I I stand my ground that if
• 29:24
  you're looking for someone to blame right now for the current
• 29:28
  bear market, the current Reno last three dips, we can.
• 29:33
  Pretty safely say it's coming from binance now I I gone I did
• 29:38
  the whole CZ Binance saga watched the Monday show I I
• 29:42
  followed it up on Tuesday that's why I didn't do today's show but
• 29:46
  there is some more information and here just to start you know
• 29:50
  just to back up Kathy Woods claim here we have this chart
• 29:54
  here the last three you know crashes in Bitcoin Binance has
• 29:58
  led the way in spot selling and guess what Binance.
• 30:02
  Is still selling. I saw another chart.
• 30:03
  Apparently currently, you know, Binance sold a billion dollars
• 30:06
  in Bitcoin. They bought 100 million and then
• 30:09
  I believe it was yesterday, they sold another billion and then
• 30:13
  bought another $140 million in Bitcoin.
• 30:16
  So like Binance is dumping on us and, and you can see the
• 30:20
  timeline finance is this line, I think it's what is this yellow,
• 30:24
  yeah, yellow line here. And every time they're dumping
• 30:28
  coin, the Bitcoin price is getting naked.
• 30:31
  And so, you know, you want to, you want to point at a culprit
• 30:33
  right now. It's very easy to point at
• 30:36
  Binance now. Binance has been in a lot of hot
• 30:38
  water there. There is a lot of talk about
• 30:42
  Binance essentially going down being FTX 2 point O.
• 30:46
  And I want to, I, I think highlight the, the FUD from
• 30:51
  reality. As I was saying yesterday, it
• 30:53
  would obviously not be a good luck if finance went down.
• 30:57
  It would really hurt the whole industry.
• 30:58
  We, we would be in a prolonged bear market for a long time.
• 31:01
  So here's crypto quant and it goes FUD versus reality.
• 31:04
  Binance shows no signs of stress.
• 31:07
  Reserves hold near 659,000. Bitcoin net flows remain normal
• 31:12
  and reserve movement movement sit at just .6%.
• 31:16
  Nowhere close to the -12% panic withdrawal seen post.
• 31:20
  FTX So let's go through some of these charts.
• 31:22
  Bitcoin exchange reserve Binance price is black, exchange
• 31:27
  reserves is blue. So yes, we have seen a lot of.
• 31:30
  Coins leave the exchange really in in context of how much coin
• 31:36
  Bitcoin they actually have. It's not on on the platform,
• 31:40
  it's, it's almost insignificant. I I think it's that like it's
• 31:44
  somewhere between .3% of reserves left.
• 31:48
  So you're not seeing a mass exodus.
• 31:50
  Yes, you are seeing a lot of FUD yes.
• 31:53
  Or rather you are seeing a lot of people on Twitter say like,
• 31:56
  I'm closing my account, I'm taking my Bitcoin off.
• 31:59
  There has been a lot of panic and I think this is maybe it's
• 32:03
  because of bitcoiners being burned so much in the past that
• 32:07
  when you see something that's concerning like this, you panic
• 32:10
  first, you freak out, you get your coins off the exchange.
• 32:13
  So the point from yesterday still stands.
• 32:16
  Take your Bitcoin off the exchanges, whether it's Binance
• 32:18
  or everyone else. All right, next chart we have
• 32:20
  Bitcoin exchange net flow, total Binance, the price and exchange
• 32:25
  net flow. So you're seeing, you are seeing
• 32:28
  an outflow. It's not, you know.
• 32:30
  Historic outflows from Binance, but there's, there's, there's
• 32:34
  people taking their coin off the exchange, which I would say is a
• 32:37
  good thing. It's not necessarily saying
• 32:38
  Binance is going to blow up it just, hey, people are finally
• 32:40
  taking their coins. Whatever it takes for people to
• 32:42
  take their coins into custody. I'm kind of all for it anyways,
• 32:45
  Bitcoin again, Binance monthly net flow to reserve ratio.
• 32:48
  So they are seeing an outflow. That much is true.
• 32:52
  There is an outflow going from Binance people taking their
• 32:55
  coins off the exchange, but not necessarily enough to warrant an
• 33:01
  FTX 2 point O conversation. So yes, Bitcoiners like to freak
• 33:06
  out about this. This is one of our our biggest
• 33:09
  concerns in Bitcoin. We've seen this play out
• 33:11
  multiple times. It's been the catalyst for
• 33:14
  multiple bear markets, for multiple prolonged bear markets,
• 33:17
  which is probably why Bitcoiners panic very, very early on this.
• 33:22
  Now, after yesterday's show, I was chilling at my house and I
• 33:29
  got a text from my boy Sal, you know, the unofficial official
• 33:31
  trainer of Bitcoin. And I told him I would tell you
• 33:34
  guys that this is his idea. But it does make a lot of sense.
• 33:39
  I was talking about, you know, on the show yesterday about this
• 33:42
  concern. Are we seeing a bank run on
• 33:44
  Binance? It seems like there is a bank
• 33:47
  run going on Binance currently. Obviously, it's not a massive
• 33:50
  bank run. They still have reserves.
• 33:52
  But we were texting back and forth about, you know, who would
• 33:56
  benefit the most from CZ being taken down or Binance being
• 34:01
  taken down. And as Sal was saying, he's
• 34:04
  like, I wouldn't be surprised if Wall Street is trying to
• 34:09
  discredit CZ, to put it nicely to, you know, essentially
• 34:14
  sideline Binance. Because as we're hearing from
• 34:17
  the Trump administration, or rather most of the officials
• 34:21
  that are pro Bitcoin and the Clarity Act itself, a lot of the
• 34:24
  conversation is this idea of onshoring a lot of the quote UN
• 34:29
  quote crypto exchanges. Now, what would this usually
• 34:33
  look like? Obviously, you'd like to think
• 34:35
  that it it wouldn't be, you know, character assassination,
• 34:39
  you'd think it'd be a competitive drive to prop up
• 34:43
  something good in the US. It's so beneficial on a
• 34:47
  regulatory front that people would use that instead of using
• 34:51
  Binance, which is offshore. I believe it is still if I and I
• 34:55
  could be spreading fake news here, but I believe they're
• 34:58
  registered in the Cayman Islands and the idea is essentially like
• 35:03
  who would benefit the most? Probably Wall Street.
• 35:06
  And I wouldn't be surprised if this is a Wall Street attack on
• 35:10
  Binance right now to do 2 things.
• 35:13
  As we've been hearing Larry Fink talk about, as we've heard JP
• 35:16
  Morgan talk about recently, there is a few concerns onshore,
• 35:21
  the crypto casinos and Bitcoin exchanges to the US and of
• 35:25
  course, neutered the leverage in the market.
• 35:28
  Now Binance is, is both of those things.
• 35:33
  It's an offshore exchange. It does.
• 35:36
  It does allow leverage. And so again, usually when you
• 35:41
  start to think in game theory terms, it's like, OK, who would
• 35:44
  benefit the most from this? It would be the Wall Street
• 35:47
  banks that are now trying to launch products in Bitcoin.
• 35:50
  So that could be the potential source for a lot of this
• 35:54
  coordinated FUD campaign against CZ, against Binance.
• 35:58
  And then of course, everyone else on Twitter that just gets
• 36:01
  kind of caught in up in this that, you know, they get
• 36:03
  emotional. They're like, I just I'm trying
• 36:05
  to protect myself and get my Bitcoin off the exchange.
• 36:08
  Now, of course, this conversation is still ongoing.
• 36:12
  There is disgruntled Binance customers.
• 36:15
  They are saying, hey man, this does.
• 36:17
  Feel a lot like FTX, even some of the tweets that we're seeing
• 36:21
  coming out from Binance, they do sound a lot like the same stuff
• 36:25
  we heard from Sam Bakeman, Freed and FTX when we saw that
• 36:29
  collapse happen. So look.
• 36:33
  As Kent said yesterday, it is almost like, hey, you know, CZ
• 36:39
  might be a pirate, he might not be the most ethical, you know,
• 36:44
  Bitcoin or crypto shill, but he's our crypto shill.
• 36:50
  And it was really making me think that, you know, and I
• 36:53
  actually, I told Luke this this morning, I got some shit for it.
• 36:56
  I'm like, you know, at this point I'm not really even that
• 37:00
  mad at shit corners. I, I I.
• 37:04
  I got my stripes attacking shit corners in 2018.
• 37:08
  That's how I became a bitcoiner. But where we currently are, if
• 37:12
  if you zoom out a little bit, we are in the midst of a war, a a
• 37:17
  rhetoric war, a me more and of course a financial war.
• 37:20
  Who is going to control Bitcoin? Is it the users of Bitcoin or is
• 37:25
  Wall Street going to come in get a lot of coin kind of
• 37:29
  centralized the control of Bitcoin?
• 37:32
  And with that all being said, it does make me feel like I'm not
• 37:37
  really here battling shit corners.
• 37:39
  Like, yeah, they're shit corners, but in the grand scheme
• 37:42
  of things, they are bitcoiners to some extent, and we are kind
• 37:47
  of on the same side. So with that being said, I'm
• 37:51
  like, you know, maybe CZ isn't that bad of a guy.
• 37:56
  Maybe he's our asshole. Maybe he is on the front lines
• 38:01
  of this monetary war between Bitcoin or the crypto at large
• 38:06
  versus the Fiat dollar, the Fiat leviathan.
• 38:10
  And if Wall Street and the institution and the backers of
• 38:16
  Fiat currency and tradfy is attacking, for lack of better
• 38:20
  terms, one of ours, I think, I think I'm on the side of CZ at
• 38:24
  this point. I know he's a scammer.
• 38:26
  You could say he's a shit coiner, all that stuff.
• 38:29
  But we are in a war right now. And if CZ goes down, if Binance
• 38:32
  goes down, that's going to be bad.
• 38:35
  For all of us. So as we're seeing not only in
• 38:39
  Bitcoin or crypto right now, but in the culture at large, there
• 38:43
  is a divide and conquer tactic going on in the cultural
• 38:47
  zeitgeist. And it just makes me think like
• 38:51
  we have to take our own side. It is Bitcoin or again, I hate
• 38:57
  using crypto, but it is Bitcoin slash crypto versus Fiat money
• 39:02
  versus the Fiat war machine. And with that in mind, I think
• 39:07
  the purity test that we, that I grew up out of, I think they are
• 39:13
  unnecessary hurdles for most people.
• 39:15
  They don't need to be complete. Like people coming into Bitcoin
• 39:18
  don't need to be complete. Bitcoin purists, like all I want
• 39:21
  for people to do, all I want for the average normie to do is get
• 39:25
  some money in Bitcoin and then take that Bitcoin off the
• 39:27
  exchanges. And if you do that, then you're
• 39:29
  a Bitcoiner in my mind. I know I've, I've participated
• 39:34
  in purity test. I will probably continue to
• 39:36
  participate in purity test. But if we want more people to
• 39:39
  get in Bitcoin. Then we got to at, in some
• 39:44
  respects, minimize all of the hoops they have to jump through.
• 39:47
  I just want people buying Bitcoin, protecting themselves
• 39:50
  and taking that Bitcoin into self custody.
• 39:52
  We are, we got to refocus who is the real enemy here?
• 39:56
  What is the real battle going on?
• 39:57
  It is Bitcoin versus Fiat. And if you're a Bitcoin adjacent
• 40:02
  at this point, as long as you're not actively trying to cut
• 40:06
  Bitcoin at the knees. Then I would say that we're
• 40:09
  probably on the same side. We probably agree on more than
• 40:12
  we disagree. You can have fun with your shit
• 40:14
  coins. As long as you look at Bitcoin
• 40:16
  as the big daddy kahuna in this whole thing that everything you
• 40:20
  do outside of Bitcoin rides on the coattails of Bitcoin, Then I
• 40:25
  think we can align and be like, all right, we're we're battling
• 40:28
  Wall Street, we're battling the institutions, we're battling the
• 40:30
  Fiat system. Now maybe that's an unpopular
• 40:33
  take with people in the chat. But that's kind of how I'm
• 40:35
  looking at it right now. I don't think finance is going
• 40:39
  down, though. When I was seeing all this stuff
• 40:42
  last night, I'm like, man, you know, I had a very low
• 40:45
  percentage in mind when I thought, will Binance go down
• 40:49
  this year? Seeing some of the more, you
• 40:52
  know, I don't know, hysterical tweets like it's kind of
• 40:56
  raising. And if this is Wall Street
• 40:59
  trying to take down Binance and onshore into the US with
• 41:02
  potentially monstrosities of regulations coming, I don't
• 41:08
  know. I'm kind of OK with with Binance
• 41:10
  continuing to do what it does. So throw tomatoes all you want.
• 41:14
  That's my stance right now. All right, let's get into
• 41:17
  Speaking of institutions, let let's see what they've been up
• 41:20
  to. We haven't really covered the
• 41:21
  institutions recently on the show got some interesting news.
• 41:25
  They they they want Bitcoin exposure.
• 41:27
  So if you're not buying Bitcoin right now because you're scared
• 41:29
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  forgotten. Bit Key fixes that.
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  Square and Cash Out. It packs a cryptographic
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  recovery system and built in inheritance feature into an
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  intuitive, easy to use wallet with no seed phrase to sweat
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  over. It's simple secure self custody
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  without the stress time names Bit Key.
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  One of the best inventions of 2024 get 20% off at bitkey dot
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  world. That's BITKEY dot world with the
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  code simply. As we're going to, we're going
• 44:07
  to keep repeating this all month as we do this promo.
• 44:12
  So the code in the ad. It's not up to date.
• 44:15
  We got a new one for you guys. I believe it's just for the the
• 44:19
  month of February, it could last longer.
• 44:22
  So I I wouldn't wait on it. But if you use the code simply
• 44:25
  99, you will get the $99 bit key, which is more than the 20%
• 44:30
  discount. Of course, we are still doing
• 44:33
  the bit key giveaway on our Twitter.
• 44:35
  So if you haven't done that already, we are going to
• 44:39
  announce a winner on Friday. One of you guys, lucky viewers,
• 44:43
  lucky followers is going to get a free bit key again.
• 44:45
  Just go to Twitter, find the bit key post.
• 44:48
  I think it's our pin post right now.
• 44:50
  And you know, just follow, follow the steps and one of you
• 44:52
  guys is going to get. A free bit.
• 44:54
  Key. But if you you know you don't
• 44:56
  want to take the chance this is the best price, you're going to
• 44:59
  get a bit. Key use the.
• 45:00
  Code simply 99. OK, so let's continue the
• 45:05
  conversation about. What we're seeing from Wall
• 45:09
  Street, it's not the biggest news here.
• 45:12
  But it is. Showing you what's going on.
• 45:14
  And I know a lot of you guys in the chat are, you know, strategy
• 45:16
  holders. You guys exposed yourself to me.
• 45:19
  Finally, pause, wait, pause and you'll chill off the OK pause.
• 45:25
  Anyways, we saw UBS, which is Switzerland, I believe it's
• 45:29
  Switzerland's biggest bank, but you know, Swiss bank UBS Group,
• 45:34
  they have, you know, extended their micro strategy holdings.
• 45:40
  So again, this isn't buying Bitcoin directly.
• 45:44
  Usually from the institutions we've seen them buy ETFs or
• 45:48
  MSTR, which you could look at as you know, a Bitcoin exposure
• 45:52
  product. And so here we go.
• 45:54
  UBS boost stake in Bitcoin Treasury firm strategy to $805
• 46:00
  million UBS Group significantly increased its investment in
• 46:04
  strategy, raising its holdings by 3.23 million shares.
• 46:09
  This move brings UBS total stake in strategy to 5.76 million
• 46:14
  shares valued at 805 million dollars.
• 46:19
  Now, other news coming out of UBS this morning is that UBS
• 46:24
  again, Swiss bank, it is an institution, it may not be Wall
• 46:28
  Street, but they are continuing the conversation of allowing
• 46:34
  Bitcoin, you know, allowing their clients to use Bitcoin and
• 46:37
  crypto. Though they are doing what I
• 46:40
  pointed out on the show many times that when these
• 46:43
  institutions first dip their toes into Bitcoin, they usually
• 46:46
  do it in such a way where you could say it is a little bit
• 46:50
  elitist. So let me read this a little bit
• 46:53
  UBSCEO details crypto plans following report of Bitcoin and
• 46:57
  the mother of all shit coins trading for wealthy clients.
• 47:00
  And I think that's the big take away here.
• 47:02
  We saw this happen in Russia with their bank.
• 47:05
  I, I believe it was like silver bank or no Spurbank, Spurbank.
• 47:09
  I, I think I'm saying that, right.
• 47:11
  And we saw this actually play out in the US last year as well,
• 47:16
  where when the big banks kind of got into Bitcoin, they were
• 47:21
  like, look, we're going to do like this test pilot here where
• 47:24
  we're only going to allow our wealthy clients to invest in
• 47:28
  Bitcoin. Whereas that, that really does,
• 47:31
  I don't know, it is very contrary to the Bitcoin ethos.
• 47:36
  It's permissionless money. Don't really need the bank's
• 47:39
  permission to buy Bitcoin, but I know a lot of people do.
• 47:43
  Kind of wait until their bank allows them to buy Bitcoin,
• 47:46
  which I think is a mistake, but there is a little bit of signal
• 47:49
  here. Obviously they had a Q4 earnings
• 47:52
  on Wednesday and the CEO said that they are in fact going to
• 47:57
  or they're considering allowing Bitcoin trading for their
• 48:01
  wealthy clients. Going further, here's a pretty
• 48:05
  good quote. And it goes as digital assets
• 48:07
  become a more. Relevant part of the financial
• 48:09
  system we are. Taking a focus client.
• 48:12
  LED approach. You got to love the the
• 48:15
  doublespeak here. From the institution's.
• 48:20
  Client LED approach. Not like, hey, we're just going
• 48:22
  to let our wealthy clients buy Bitcoin first.
• 48:25
  It's a client LED approach, OK. Going further, goes quote, we
• 48:29
  are building out the core infrastructure and exploring
• 48:31
  targeted offerings from crypto access for individual clients to
• 48:36
  tokenize deposit solutions. For corporates to tokenize all
• 48:40
  the things anyways. Going further, the next
• 48:42
  generation of investors expect a seamless technological
• 48:45
  experience and the emerging of digital assets and tokenization
• 48:49
  is creating opportunities to fundamentally change how we
• 48:52
  operate. So I guess tentatively they're
• 48:56
  embracing Bitcoin sort of. It will change how they operate,
• 49:01
  say the least. Anyways, going further in this
• 49:04
  context, clients will increasingly place an even
• 49:07
  higher premium on trusted advice from partners who can offer true
• 49:10
  global connectivity, access to innovative products and seamless
• 49:14
  cross-border solutions. UBS is uniquely positioned to
• 49:18
  convert these trends into stronger probable profitability
• 49:22
  and long term value creation and kind of love the corporate speak
• 49:28
  here. They're very good at corporate
• 49:31
  speak, right what they say. I mean, let me reiterate true
• 49:36
  global connectivity, trusted client access to innovative
• 49:39
  products and seamless cross-border solutions.
• 49:42
  They're uniquely positioned for the IT IT dude.
• 49:45
  It's a corporate PR. But anyways, the trend remains.
• 49:51
  The trend continues. The institutions want Bitcoin,
• 49:55
  or rather maybe Bitcoin exposure.
• 49:58
  They are still a little bit concerned about how the.
• 50:04
  Products are released. They are a lot of times using
• 50:08
  this idea of, you know, customer protection that This is why they
• 50:13
  do things in such a way where they only allow a limited amount
• 50:17
  of customers. You know, clients get into
• 50:20
  Bitcoin if they hit certain tally marks.
• 50:23
  Usually it's as it's been framed in the past.
• 50:26
  If they have a high risk profile, if they have
• 50:29
  significant portfolio with them, then essentially they just let
• 50:33
  the rich guys come in. You know, if you've if you've
• 50:35
  proven you can deal with the risk, then they're going to let
• 50:38
  you use Bitcoin, which as I said a minute ago, is contrary to the
• 50:42
  Bitcoin ethos of it's permissionless.
• 50:44
  You don't need your bank permission.
• 50:46
  But again, with that being said, the institutions very clearly
• 50:51
  want Bitcoin now. The real.
• 50:54
  Game, as I've been saying for a while, is do you give them your
• 50:59
  Bitcoin as much as they say, hey, we're the trusted
• 51:03
  institutions, we're the best situated, you know, best
• 51:07
  position for you guys to buy your Bitcoin from.
• 51:10
  They are obviously trying to get market.
• 51:13
  Share Yes, for better or worse, a lot of people still do trust
• 51:17
  the banks. They still do trust the brand
• 51:20
  names. They still look at whatever
• 51:22
  they're. Portfolio manager says they're
• 51:26
  still looking for cues from quote UN quote, the smart guys
• 51:29
  in the room to tell them if it's time for them to go into
• 51:32
  Bitcoin. That might be the human flaw in
• 51:35
  this, but they're trying to get into Bitcoin.
• 51:39
  They want Bitcoin exposure. So even though we're seeing the
• 51:42
  price dump right now and we're what, 73K or 72K right now, the
• 51:49
  banks, the institutions, Wall Street, they're still
• 51:53
  positioning themselves to offer Bitcoin products.
• 51:58
  Now, as AII would say as a conspiracy minded individual,
• 52:03
  though, I, at this point I just think I'm right.
• 52:05
  I, you know, I'm, I'm fact based.
• 52:07
  I, I just see the patterns and I, and I see where things are
• 52:11
  going and, and I think, where's the ball going?
• 52:15
  What are they doing? You could say that maybe Wall
• 52:21
  Street is nuking the price right now.
• 52:22
  As I said a couple of weeks ago, it does seem like there is a
• 52:26
  coordinated FUD campaign right now to get a discount from all
• 52:31
  time high. To shake you out of your bags.
• 52:35
  So that they can position themselves and take the coin off
• 52:38
  of you before we do see an epic Bitcoin run.
• 52:41
  I saw a good tweet. It's like Wall Street is trying
• 52:43
  to shake you out of your bags before we see hyper
• 52:46
  bitcoinization and the Super cycles continue, or rather
• 52:50
  start, begin. And like, I don't have proof
• 52:55
  that this is happening besides, you know, a couple of various
• 53:00
  dots here, data points to make my point for this.
• 53:04
  But intuitively, on a gut level, this I think is what is
• 53:09
  happening right now. It does seem like we are seeing
• 53:14
  the market makers, all of Binance and other market makers.
• 53:19
  We saw Jane Street do this last year.
• 53:22
  It does seem like they are trying to dump the price so that
• 53:26
  they can get a better position so that they can acquire more
• 53:29
  Bitcoin. Now this does get into the other
• 53:32
  conversation. I think I brought it up
• 53:34
  yesterday. Which is it is interesting, or
• 53:38
  maybe I didn't bring it up on the show.
• 53:39
  Maybe I said it before the show. It is interesting to see that
• 53:45
  when Bitcoin dumps. Everyone starts yelling price
• 53:49
  manipulation and that I don't want to necessarily be that guy,
• 53:53
  but we never say price manipulation when it's in our
• 53:55
  favor and the price goes up. So maybe this is me coping right
• 53:59
  now. Again, I don't want to believe
• 54:01
  we're in a bear market, a prolonged bear market.
• 54:05
  I don't want to believe that we are going to see in another
• 54:09
  7080% correction. That just doesn't make sense to
• 54:12
  me where we currently are. So again, I could be coping on
• 54:17
  this, but intuitively it does make a lot of sense.
• 54:23
  It's only been really one year, if not less than one year since
• 54:28
  all the banks and all the institutions are able to get in
• 54:32
  Bitcoin. They still are probably waiting
• 54:35
  on the sideline for quote, more regulatory clarity before they
• 54:38
  actually deploy significant capital, or rather significant
• 54:42
  percentage of their capital into Bitcoin.
• 54:45
  But it does seem like there is an active attempt to keep the
• 54:52
  price down to shake you out of your bags.
• 54:56
  To bore you to death, to enter into some form of maybe a bear
• 55:04
  trap, bear market, and then eventually.
• 55:09
  As we saw with gold, once they either can't necessarily control
• 55:11
  it or rather once they want to allow it to run, then we'll get
• 55:17
  into, you know, some, some bullish price action.
• 55:21
  So personally, that's that's where I feel we are.
• 55:25
  But we are a coordinated fund. We, we are just, you know, we're
• 55:33
  just hanging out, man. We are just hanging out right
• 55:36
  now seeing what the price is doing.
• 55:38
  Let me see. I guess John's joining so he's a
• 55:43
  little late here. Maybe I did I go did I go faster
• 55:46
  this all right, I'll I'll pull up one more thing.
• 55:48
  I was going to talk about this. They always do that.
• 55:51
  I'm seeing some crazy behavior. We should call them.
• 55:54
  I don't know what that is dude dumpster fight.
• 56:00
  We're barely above last cycle's all time high.
• 56:04
  This this, this price action's ugly.
• 56:10
  Do you guys want me to chart? Should I chart Boy, while I wait
• 56:12
  for for for John, let me let me pull up this chart.
• 56:16
  This is or actually it's not really a chart.
• 56:20
  I I really like this tweet here. Where'd it go?
• 56:25
  Damn. I was going to here we go.
• 56:28
  This, this makes sense to me and I I think John just popped in.
• 56:32
  So John, yeah, he's here. OK, let me let me just pull up
• 56:36
  this chart and then we'll go into the culture and we're going
• 56:38
  to talk with John real quick. John, hit me in the private
• 56:42
  chat. Let me know if you can hear me
• 56:43
  in all this stuff. And I'm going to show him one
• 56:46
  chart. And then we are going to
• 56:49
  transition this chart here from Axel.
• 56:53
  I don't even know who this guy is.
• 56:54
  Bitblaze, this is he. He's put my thinking and what
• 57:00
  I've been saying on the show into a beautiful chart and he
• 57:04
  says we're not in the old three years up, two years down cycle
• 57:07
  anymore. He says look at this chart since
• 57:09
  2024 it's been short bull and bear markets back and forth way
• 57:13
  faster than before. So is this where we are guys?
• 57:19
  Is this what's playing out? I really want to believe I'm
• 57:23
  Molder right now in X-Files. I want to believe that we are
• 57:27
  seeing a new market structure and we're not going to see the
• 57:30
  price down anyways. Maybe I'll cover that a little
• 57:33
  more on tomorrow's show. Here's our last ad and then
• 57:38
  we'll chat with John. I want to give a shout out to
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• 59:36
  What's up John? How you doing?
• 59:37
  All right John, before you go, I apparently I didn't bring up
• 59:40
  this chart, so I'm going to I'm going to bring this up here a
• 59:43
  little bit so you guys can see this.
• 59:44
  I'll I'll talk about this more for you guys tomorrow, but since
• 59:47
  I forgot to pull it up here, here's a chart anyways, John,
• 59:53
  thank you so much for coming on today, man, I'm I'm super
• 59:57
  excited. I actually well, first of all,
• 1:00:00
  I'm a I'm a huge fan of this mullet you got going on.
• 1:00:03
  This thing's amazing strong. Vibes.
• 1:00:06
  Right here, Strong vibes with the mullet.
• 1:00:08
  Man. But anyway, anyways, how you
• 1:00:13
  been man, it's been a minute. Let's let's talk.
• 1:00:15
  About what it's going to. Be man, I know the last time you
• 1:00:18
  were on. Yeah, it was, it was a couple of
• 1:00:20
  months ago. You were, you were definitely
• 1:00:23
  talking about different projects.
• 1:00:24
  You were doing stuff that you're collaborating with, obviously a
• 1:00:27
  huge push in the idea of a, you know, Bitcoin circular economy.
• 1:00:32
  And then you come out of nowhere with probably something that our
• 1:00:35
  audience might not have the budget for yet.
• 1:00:39
  Well, in the future. In the future.
• 1:00:41
  Especially. Not right now, yeah, not right
• 1:00:44
  now with the with the Verifrice or the this this dump right now.
• 1:00:48
  But anyways, what am I talking about?
• 1:00:49
  I do have your tweet here. Let me let me pull that up.
• 1:00:54
  So I have the video here. Let's pull this up.
• 1:00:57
  I'm not gonna play it, you know, let let's just have you talk
• 1:01:00
  over this. So John, what what, what are you
• 1:01:03
  working on, man? What?
• 1:01:04
  What should the people be paying attention to?
• 1:01:07
  Yeah. So last just this last summer, I
• 1:01:11
  started working with Quantum Jets, which is really well
• 1:01:15
  established private jet company. They've been in the business for
• 1:01:18
  over 25 years. They've worked with royal
• 1:01:21
  families, heads of state and global business leaders.
• 1:01:24
  And they were interested. They have a new app that's
• 1:01:28
  really cutting edge for the industry.
• 1:01:30
  It's bringing an antiquated industry to like, you know,
• 1:01:34
  modern day times where we can actually book things with our
• 1:01:38
  phones. So they made it so that you
• 1:01:42
  could book a private jail through your phone with their
• 1:01:45
  app and you could browse empty legs.
• 1:01:47
  You can create custom charters and the app is reversible, but
• 1:01:51
  they wanted to accept Bitcoin in the app.
• 1:01:53
  So that's what I really helped them with over the past six to
• 1:01:58
  seven months. And we kind of went through and
• 1:02:02
  met with a bunch of different providers, but we landed on,
• 1:02:12
  we've the absolute best partner and now it's working.
• 1:02:16
  So it's live. You can now book any kind of jet
• 1:02:19
  to fly anywhere in the world using Bitcoin with the Quantum
• 1:02:23
  Jets app, which is pretty, pretty awesome.
• 1:02:26
  That's what's up. You don't, you don't have to
• 1:02:29
  answer this, but are they using like like BTC pay server on the
• 1:02:33
  back end or did they do their own infrastructure?
• 1:02:39
  No, we're we're partnering with a third party.
• 1:02:41
  OK, cool. Yeah, yeah.
• 1:02:45
  So it's it's actually the same company that that Jeff Bezos
• 1:02:54
  space company is using for their Bitcoin payments.
• 1:02:58
  OK. It's yeah, yeah, yeah.
• 1:03:06
  So it was in order to like do it in order to get it started.
• 1:03:14
  We're really they're wanting to transit for the Bitcoin directly
• 1:03:21
  in a Fiat to pay for the operations of the jet working
• 1:03:25
  on. Eventually I think we'll be able
• 1:03:29
  to get them to accept and keep more of their Bitcoin, start to
• 1:03:35
  put it on their balance sheet as well.
• 1:03:38
  Yeah, let's go. That's awesome.
• 1:03:42
  You know, just for just for future reference, how much is a
• 1:03:47
  private jet currently? Yeah, for sure.
• 1:03:52
  I mean it really varies depending on where you want to
• 1:03:56
  go and what kind of what size. I'm in Miami right now.
• 1:03:59
  What would be coast to coast? What would be coast to coast
• 1:04:03
  right now? Yeah, Coast to coast, you want
• 1:04:07
  to be in a comfortable, if you want to be in a comfortable
• 1:04:11
  heavy jet like AG550 or AG5, you're going to be paying around
• 1:04:18
  70 to 80 grand. It's it's not cheap.
• 1:04:23
  Yeah. OK.
• 1:04:24
  So you have to. Wait for $1,000,000 Bitcoin.
• 1:04:30
  Yeah, I mean, but the cool thing about the app is there are empty
• 1:04:34
  legs that are opening up between Miami and LA that are a fraction
• 1:04:41
  of the rice. So I've seen it 30 to 40, $1000
• 1:04:48
  range where you can fly from LA to Miami on a on a heavy jet.
• 1:04:55
  And so, you know, when you factor in fact that you're
• 1:04:58
  bringing, you can bring a 13 other people maybe tend to be
• 1:05:04
  more more comfortability and perhaps split the cost, then it
• 1:05:11
  like makes a little more sense for a designated trip, you know?
• 1:05:16
  Yeah, yeah. I mean.
• 1:05:18
  So. So I didn't.
• 1:05:20
  What's up? I didn't.
• 1:05:21
  Mean to cut you off? Go on.
• 1:05:24
  I was just saying if something that you want to just kind of
• 1:05:29
  explore and see like what the what the pricing actually is.
• 1:05:33
  That's why kind of the entry level is the, is the empty leg
• 1:05:39
  marketplace where you're able to just get on the app and see what
• 1:05:44
  sort of flights are available. And you can set up city pairs to
• 1:05:48
  get notified on like when when some of these flights are are
• 1:05:55
  going and when when you're when they're going between your
• 1:06:00
  favorite cities. OK, got it.
• 1:06:05
  Yeah, someone in the chat asked what you said like $80,000 a
• 1:06:09
  flight. Like how much is that in set?
• 1:06:11
  That's a whole coin right now, guys, I I don't know if you,
• 1:06:14
  it's a little more than a whole coin right now.
• 1:06:15
  So, you know, it's good to have the infrastructure out there,
• 1:06:19
  but I think this might be something that builds in the
• 1:06:22
  future where, you know, as the price goes up, it, it makes a
• 1:06:26
  lot more sense for probably our audience to be like, yeah, you
• 1:06:29
  know, maybe this is aspirational.
• 1:06:31
  Like I'll make so much money that yeah, whatever, you know,
• 1:06:34
  40K for a flight here. I I got to get there.
• 1:06:36
  I'm making more money on the back end so I'm good to go.
• 1:06:40
  But that was cool, man. So going on back.
• 1:06:44
  Yeah, going back a little bit, you said you you've been
• 1:06:47
  working. With them for a long time, like
• 1:06:49
  how did the how did that orange pill process go?
• 1:06:52
  Like obviously they were probably skeptical at 1st and
• 1:06:56
  now it just they they launched it so it made sense to them.
• 1:07:01
  Yeah, it, well, conversation started actually, I met the CEO
• 1:07:07
  who is Yon Pritzker's brother-in-law.
• 1:07:12
  So so Yon was, you know, the CTO of Swan and we were, we both
• 1:07:19
  lived in Southern California in Orange County.
• 1:07:21
  So decided to get a beer and catch up.
• 1:07:24
  And he talked about accepting, wanting to accept Bitcoin and
• 1:07:27
  that was, you know, a couple of years ago.
• 1:07:31
  And for them, I think it was there some major questions
• 1:07:37
  around like, well, how do we safeguard against like money
• 1:07:40
  laundering type things? How do we sure that, you know,
• 1:07:46
  people aren't going to just bought, use Bitcoin to book a
• 1:07:51
  jet and then cancel it and get a refund in Fiat And then all of a
• 1:07:59
  sudden, hey, we've got cash. So we there are just big
• 1:08:07
  questions around it and it's different, different booking.
• 1:08:12
  It's a different booking process because the payment is final and
• 1:08:17
  there's no, you know, there's, it makes it easier in some sense
• 1:08:24
  because there's no risk for a chargeback or no risk for a,
• 1:08:30
  for, for a cancellation on, on the payment side of things.
• 1:08:37
  But it also makes it so that I pull payments for incidentals
• 1:08:41
  and, and things so as you can with a credit card.
• 1:08:47
  So it was, it's just a matter of like working out the details.
• 1:08:50
  But for these guys, they saw the value, they saw, you know, the
• 1:08:55
  they see the value of Bitcoin. Most both CEOs, I think own
• 1:09:00
  Bitcoin and see the long term value of it.
• 1:09:02
  So on that side of things, what? And it wasn't as hard to
• 1:09:09
  convince them of the market by the market viability of it.
• 1:09:17
  Yeah, I mean it it, well, not to cut you off, John, but it does.
• 1:09:21
  It is almost like the Fight Club mean, you know, like we're
• 1:09:23
  everywhere. And I, I think, I think a lot of
• 1:09:26
  Bitcoiners, we're so caught up in our echo chambers, in our
• 1:09:29
  circles on Twitter that you forget like there is a lot of
• 1:09:34
  Bitcoiners that aren't on Twitter in high-powered
• 1:09:38
  positions that actually do influence, you know, the, the
• 1:09:42
  conversation and and they're actually in powerful positions.
• 1:09:46
  And again, maybe this is aspirational, all of us will
• 1:09:49
  eventually or maybe not all of us, but hopefully some of us
• 1:09:52
  will get to that point at at one point in our journey in Bitcoin
• 1:09:56
  and Bitcoin will unlock our freedom and you know, our
• 1:09:59
  mobility. Yeah, it's it's a matter of like
• 1:10:04
  time and money comparison and trade off.
• 1:10:10
  And those of us people who have been buying Bitcoin early, early
• 1:10:17
  on, for them it's going to come a lot earlier to where the the
• 1:10:23
  challenges of commercial travel, sitting through lines at the TSA
• 1:10:27
  and getting some ways abused by the by by the over over reaching
• 1:10:36
  security state. You know, for them, they're
• 1:10:42
  going to value their autonomy and their private.
• 1:10:49
  I think we lost you. These more much more expensive
• 1:10:59
  free jets, but there are also smaller charter operations that
• 1:11:07
  that you can utilize and that's what we used in Origin.
• 1:11:11
  We actually booked a private plane.
• 1:11:13
  It was a twin. It was a propeller engine,
• 1:11:18
  propeller plane to fly us from Buenos Aires to Cordoba and
• 1:11:22
  Cordoba to, to Che and Berloche back to Buenos Aires.
• 1:11:28
  And that was about 14 grand for the entire, for the entire
• 1:11:32
  journey. And we split it in between 4:00
• 1:11:36
  between 10 people on each flight.
• 1:11:39
  Got it man Got it I do want to pivot this a little bit 'cause
• 1:11:44
  this does go into what you've been talking about on the show
• 1:11:47
  Citadel theory. You do have this trailer.
• 1:11:50
  So do you want me to play the the YouTube video?
• 1:11:53
  I I think I can make this work. So let me wait.
• 1:11:56
  Wrong one. Here we go.
• 1:11:59
  Let's. Play.
• 1:12:00
  Yeah, we have time. For sure.
• 1:12:01
  Yeah. Yeah, I got time.
• 1:12:02
  We'll we'll play this for you guys.
• 1:12:04
  Is this a premiere? Are we doing a premiere right
• 1:12:06
  now? First first live premiere here.
• 1:12:10
  Let me hear it. Let's let's let's.
• 1:12:12
  This is this is the teaser. But yeah, this is the teaser.
• 1:12:17
  You guys played it? OK, we'll play it and then you
• 1:12:20
  can explain what it is. Can you guys hear this?
• 1:12:28
  Yeah, I can hear it. You're a civilized human.
• 1:12:35
  Life is good. You're making money, meeting out
• 1:12:39
  with your friends. The system works, but something
• 1:12:44
  is off. It's like you're in some kind of
• 1:12:52
  box. You have a life, you have peace,
• 1:13:01
  but do you have freedom? In this film, we adventure
• 1:13:08
  through Argentina, asking that question.
• 1:13:11
  We ask one another, and we ask the friends we meet along the
• 1:13:14
  way. What does the fight for a free
• 1:13:17
  life look like in our day and age?
• 1:13:20
  Is it increasing our wealth, Owning more land, optimizing our
• 1:13:24
  health? Or is it something even more
• 1:13:27
  primal to our existence as humans?
• 1:13:30
  In our search, we find a common catalyst in our recent history
• 1:13:34
  that accelerated each of our individual quests for freedom,
• 1:13:37
  the. Italian government tonight put
• 1:13:39
  the entire country on lockdown. Throwback to the COVID lockdowns
• 1:13:43
  of 2020. The veil is torn.
• 1:13:47
  You learn the ugly truth that your peaceful life is a reward
• 1:13:51
  for your compliance. Your primal nature has been
• 1:13:54
  subdued. With this kind of domestication,
• 1:13:57
  you might as well be a brain in a VAT.
• 1:14:01
  You're faced with a choice. You acquiesce in the mind
• 1:14:04
  slavery or break free. You choose independence.
• 1:14:16
  You reconnect to God and is calling on your life.
• 1:14:22
  You achieve financial sovereignty.
• 1:14:26
  You strengthen your body, you strengthen your mind, but alone
• 1:14:30
  you're still. Weak.
• 1:14:32
  So you band together with a tribe.
• 1:14:34
  You push one another further than you would ever go alone.
• 1:14:40
  You learn the power of interdependence.
• 1:14:46
  You experience the power of a strong community.
• 1:14:56
  Support.thisfilmandjoinourcommunityoffreedomenthusiasts@citadeltheory.com. Let's go.
• 1:15:05
  So this is a teaser. I I'm guessing Citadel scouts is
• 1:15:11
  is it live? Can people go watch this?
• 1:15:16
  They can. I mean that that's the teaser.
• 1:15:19
  So that's that's live. Yeah.
• 1:15:22
  We we're films. Yeah, you're in the matrix a
• 1:15:29
  little bit. You know, just just share that
• 1:15:32
  to. Can you hear me?
• 1:15:36
  I I think, I think you might be bad.
• 1:15:39
  Yeah, yeah, yeah, you're back. You know what?
• 1:15:47
  Leave and come back in or. No, no, you're good.
• 1:15:49
  You're back. You're back.
• 1:15:53
  Oh, I'm back. OK, Yeah.
• 1:16:00
  So we, yeah, we took that trip through Argentina and I think
• 1:16:05
  found just a great, a lot of us seem there on that like pursuit
• 1:16:14
  of personal, personal freedom, of personal sovereignty.
• 1:16:18
  And that's what brought us together around Bitcoin.
• 1:16:23
  And you know, for many of us, that's a solo journey.
• 1:16:27
  It's a, it's learning about it online and trying to, you know,
• 1:16:31
  stack Bitcoin, stack as much Bitcoin as possible.
• 1:16:35
  But what you realize is that like we still, we still need
• 1:16:41
  community and we still need each other and being able to travel
• 1:16:47
  and and move together with like minded people was really just a
• 1:16:51
  powerful, powerful experience that we wanted to share.
• 1:16:56
  And yeah, especially going and exploring Argentina during that
• 1:17:02
  during this time where the question of like what is a free
• 1:17:10
  country even look like is totally up in the air, you know?
• 1:17:14
  And so Argentina, it seems like could be an option of like a new
• 1:17:20
  a new way of doing a free country or what there's a
• 1:17:25
  promise that what what the US once was or once had maybe could
• 1:17:34
  be continue to be built in some parts of our.
• 1:17:41
  Yeah. When were you down there?
• 1:17:42
  Was this 2024 or 2025 while you were filming this?
• 1:17:47
  Yeah, it was the fall of 2024. OK, Yeah, they were there was a
• 1:17:52
  lot of a lot of uncertainty in Argentina around that time.
• 1:17:55
  So it's probably an interesting, interesting view into what was
• 1:18:00
  happening down there. And obviously from like a
• 1:18:02
  Bitcoiners perspective, you're a bitcoins do have this optimistic
• 1:18:06
  view of life and you're I'm guessing the orange peeling was
• 1:18:09
  fun and I saw a lot of people that I that I know personally in
• 1:18:12
  in that, in that teaser there. So definitely be looking out for
• 1:18:16
  that. So can you give the audience in,
• 1:18:19
  you know an ETA? When?
• 1:18:21
  When can they watch the full Citadel scouts?
• 1:18:26
  We're targeting the I should have, I should have something by
• 1:18:31
  the end of by fall of this year. OK.
• 1:18:35
  Yeah, we'll have the bulls, all right.
• 1:18:38
  We'll have a film, Yeah. Let's go.
• 1:18:41
  OK, so just to wrap up today's show, John, if people are
• 1:18:45
  interested in what you're doing, they can see it here.
• 1:18:48
  But for the audio listeners, where can people get in touch
• 1:18:51
  with you? Yeah, you can connect with me on
• 1:18:55
  Twitter, John Chanel on X. You can also go to city.com and
• 1:19:04
  that's going to just show a lot more of what we're up to and
• 1:19:08
  what what the whole project is about.
• 1:19:13
  Yeah, reach out to me on Max on Instagram.
• 1:19:15
  I'm Agua Bra if you're if any of you guys are on Instagram, if
• 1:19:20
  you want to follow me there and yeah, I would love to connect
• 1:19:24
  with you and chat and just always down to meet more
• 1:19:28
  bitcoiners and and yeah, explore this crazy world that we live
• 1:19:35
  in. To say the least.
• 1:19:38
  And it it really feels like it's getting crazier by the day, by
• 1:19:42
  the minute, it's getting crazier.
• 1:19:44
  It's. And you guys have the yeah, you
• 1:19:48
  guys have your finger on the pulse it for sure every day.
• 1:19:51
  We try, we try, you know, we're we, we try to parse through all
• 1:19:56
  the noise, but even even we're human, we get it wrong
• 1:19:59
  sometimes, you know, but I think we probably as bitcoiners, you
• 1:20:03
  us, you know, the chat, we probably are more aware or
• 1:20:08
  closer to, you know, directionally correct on what's
• 1:20:11
  going on. And there's still a lot of
• 1:20:13
  people that that are just, I don't know, it's sleep at the
• 1:20:16
  wheels. So we got to all do our part
• 1:20:18
  here. Yeah, absolutely.
• 1:20:23
  Yeah. I'm really grateful for you guys
• 1:20:25
  and the just the education, the constant, you know, signal that
• 1:20:29
  that you guys bring you guys have been there and the dark
• 1:20:35
  times and the and the high times.
• 1:20:37
  As well. Well, well, it looks.
• 1:20:39
  Like the dark times are back, right?
• 1:20:41
  So I guess we got to double. Down.
• 1:20:44
  I guess we got to double down, yeah.
• 1:20:48
  For sure, that's what that's the the beauty of it all, so we get
• 1:20:53
  to enjoy the dark times. Yeah, well that.
• 1:20:55
  We make the the. Yeah, we make the the bear
• 1:20:58
  market just hopefully a little bit more fun.
• 1:21:02
  Anyways, John, thank you so much for coming on today, man.
• 1:21:04
  Let us definitely come back on the show when you got some new
• 1:21:07
  updates, you got some new adventures to talk about.
• 1:21:10
  Really appreciating that. And hopefully I see you in
• 1:21:13
  person soon And and hopefully you still have the mullet 'cause
• 1:21:15
  that's a strong mullet you got going right now, bro.
• 1:21:18
  Like that thing's rough. That thing's tough, man.
• 1:21:22
  It's been. Too long.
• 1:21:23
  It's been too long. John, thank you so much for
• 1:21:25
  coming on the show. All right guys, you already know
• 1:21:28
  the deal. We are at the end of today's
• 1:21:31
  show. That's all I got for you.
• 1:21:32
  That's all I got for you guys today.
• 1:21:35
  Come back tomorrow. We'll be live roughly 12:40 PM
• 1:21:40
  ish unless I have some technical issues, but we'll be back live.
• 1:21:44
  We're we're live Monday through Friday.
• 1:21:46
  On that note guys, I'll see you in the morning.
• 1:21:49
  Peace Today's episode was brought to you by
• 1:21:52
  bitcoinwell.com, a Bitcoin only platform on a mission to enable
• 1:21:56
  financial independence.