Latest / Simply Bitcoin / GOLD Marketcap Loses 5%: Is It FINALLY Bitcoin's Turn To EXPLODE?! | EP 1358

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GOLD Marketcap Loses 5%: Is It FINALLY Bitcoin's Turn To EXPLODE?! | EP 1358 · Simply Bitcoin

• 0:00
  Gold finally dips, making everyone wonder, is it finally
• 0:04
  Bitcoin's turn to take off? We've all been talking about the
• 0:08
  lag between gold and Bitcoin price movements, but an
• 0:11
  interesting report came out from Bitwise showing that only a
• 0:14
  small amount of money from gold finding its way into Bitcoin
• 0:18
  sends it to $242,000 per coin. Is it finally here, guys?
• 0:24
  Are we finally being saved? Is October finally back?
• 0:28
  Well, we'll break it all down in today's, but before we get
• 0:31
  there, let's hear what Bloomberg had to say last night.
• 0:40
  As of mid-october 2025, Gold has surged past $4200 per oz,
• 0:44
  marking a new all time high and generating an approximate 60%
• 0:48
  gain year to date. Bitcoin, meanwhile, recently hit
• 0:51
  approximately 126,000 before a brief pullback, building on its
• 0:55
  earlier 2025 peaks above 100,000.
• 0:58
  These simultaneous records aren't coincidental, They
• 1:00
  reflect A unified investor response to macroeconomic
• 1:03
  headwinds, with the two assets increasingly moving In Sync and
• 1:07
  correlations now at 0.85, nearing the historical peak.
• 1:11
  With Bitcoin and gold both railing into uncharted
• 1:13
  territory, it could be signaling a warning about eroding trust in
• 1:16
  traditional systems. A few areas of concern are Fiat
• 1:20
  displacement and inflation, geopolitical and policy
• 1:23
  uncertainty, and capital rotation with institutional
• 1:26
  shifts. Central banks are hoarding
• 1:28
  physical gold at record rates, not-for-profit but as insurance
• 1:32
  against U.S. dollar dominance and sanctions.
• 1:35
  Bitcoin fits as a private reserve counterparty.
• 1:38
  October volatility fueled by U.S. government shutdown risk,
• 1:41
  escalating global tensions and the Fed easing into potential
• 1:44
  stagflation has contributed to Bitcoin and gold finding a bid.
• 1:48
  Gold outperformance versus Bitcoin has overweighted
• 1:51
  portfolios, priming a rebalance. Analysts expect flows to rotate
• 1:55
  into Bitcoin for its higher beta.
• 1:58
  Gold's strength hints at a hard asset awakening, while Bitcoin
• 2:02
  continues its maturation from speculative vehicle to
• 2:05
  legitimate store of value. All right, guys, so my first
• 2:09
  take on this is like, man, if Bloomberg's saying this, then
• 2:12
  maybe it's over, maybe we're cut guys, let's be on it here.
• 2:16
  Of course I'm here with so yeah, reverse Bloomberg.
• 2:19
  Yo, Kramer. Kramer is actually I'm.
• 2:22
  I'm not going to say it 'cause. I'm done with Kramer.
• 2:25
  Kramer's trash. Anyway, Sophie's here filling in
• 2:28
  again. You know she's back putting in
• 2:30
  the work with me. Anyways, guys, let's get into
• 2:33
  this a little bit. So we are seeing an interesting
• 2:36
  thing happen right now. Of course, you guys probably are
• 2:39
  saying, man, Opti's a broken record.
• 2:41
  He's been covering gold so much like what is this simply gold
• 2:44
  now? Well, yes and no.
• 2:46
  The reason I've been covering gold again, my thesis on this is
• 2:50
  exactly the end of what that Bloomberg video was saying.
• 2:53
  We are seeing this transition into a quote like hard money
• 2:59
  future where people are moving away from treasuries, they're
• 3:02
  moving away from Fiat currencies, they're seeing
• 3:04
  there's trouble in the system and they're trying to position
• 3:07
  themselves for what is potentially on the horizon.
• 3:10
  Of course, the first mover in all of this is usually gold.
• 3:14
  We've been covering the all time highs in gold.
• 3:17
  It's it's really one of those scenarios, like I've been
• 3:20
  saying, where it should make you feel uncomfortable seeing gold
• 3:24
  RIP like this. Seeing gold go parabolic makes
• 3:27
  me feel not as happy as everyone.
• 3:30
  I know everyone's chasing games right now, but seeing gold do
• 3:33
  what it's doing from a, the big corners perspective from someone
• 3:37
  that isn't really that trustful of the stability of the
• 3:41
  traditional financial system. To me this is a warning sign.
• 3:44
  This is, this is red flag, this is red alert of something going
• 3:48
  on that we can't fully explain yet.
• 3:50
  Obviously we can speculate what that is and, and that's what
• 3:53
  we've been doing. I, I think what we are seeing is
• 3:56
  exactly that the debasement trade is catching on and people
• 4:00
  are moving to hard currencies or hard assets.
• 4:03
  And of course, there's really only two hard assets.
• 4:06
  It's gold and Bitcoin. Now gold has the 5000 year track
• 4:09
  record on on Bitcoin. And that's usually why people
• 4:13
  kind of, you know, put Bitcoin aside.
• 4:15
  They're like, oh, it's too new, It's too much of A speculation.
• 4:17
  And I'm going to bring back an old Jack Muellers clip on this.
• 4:22
  And when he was arguing Peter Schiff on why Bitcoin is better
• 4:25
  than gold. It's an old clip, but but I, I
• 4:27
  think it's fitting. Yeah, yeah, it's, it's an oldie,
• 4:30
  but yeah, but I, I feel it's fitting for today.
• 4:32
  Anyways, let's get into what's going on in the gold markets
• 4:35
  today, which is very interesting.
• 4:38
  So 1st I'm going to start with our boy creases, AKA Jesse
• 4:42
  Meyer, and he has the Bitcoin chart.
• 4:45
  I, I could show you the Bitcoin price and gold chart here, but
• 4:48
  it that lives looks exactly like this.
• 4:50
  I I definitely verify this and Jesse Meyer goes Bitcoin price
• 4:54
  divided by ounce of gold price. Some people think the Bitcoin
• 4:57
  bull market is over. It looks to me like it hasn't
• 5:00
  even started yet. I'm on the side of we're still
• 5:02
  going up guys. We are still going up.
• 5:05
  I know there is a, you know, the October or October meme is kind
• 5:10
  of like, let's be honest, it's, it's not really working out as
• 5:14
  good as we thought it was going to be.
• 5:16
  Bitcoin's always going to do the exact opposite of what everyone
• 5:19
  says. Like 100.
• 5:20
  Percent. I cannot believe we haven't
• 5:21
  learned that yet. We thought we could predict the
• 5:24
  cycles and that the price because October and November and
• 5:28
  whatever like guys, the reality is nobody knows what's going on.
• 5:32
  Nobody knows. Yeah, and I think now is even
• 5:36
  like, more so uncharted territory, even Bloomberg saying
• 5:41
  that. And I'm not here to be like, oh,
• 5:43
  Bloomberg knows exactly what they're talking about.
• 5:44
  I do think they have a Fiat ban, but I think they're right on the
• 5:47
  money. None of us know exactly what's
• 5:49
  going on, especially when you see gold ripped to where it is
• 5:51
  and where Bitcoin. Is, I mean, I don't even think
• 5:53
  that people are really going into gold as a hedge because
• 5:57
  it's hard money or whatever. I just think people are chasing,
• 6:01
  you know, it's FOMO, they're chasing the games.
• 6:03
  And regardless of what's happening when people go into
• 6:09
  gold, Bitcoin tends to follow. So that's the real signal here.
• 6:14
  Like if we're really like looking at the price action, if
• 6:16
  we're really analyze, like being the macro analyst that we're not
• 6:20
  here, that's that's kind of the signal.
• 6:23
  If you know gold, I like what chef Tommy said here.
• 6:27
  Gold has failed many times in the past and you know, it's it's
• 6:32
  back, it's at an all time high. Everybody's talking about it.
• 6:34
  Everybody wants gold even though they have nothing to actually do
• 6:37
  with the Shiny Ross. Yeah, we're we're going to we're
• 6:40
  going to play that Jack Mallers clip, which breaks it all down.
• 6:42
  But OK, let's let's dive into this a little more.
• 6:44
  So obviously we've been seeing gold on a tear and it's
• 6:49
  basically I, I, if I remember correctly, my numbers are a
• 6:53
  little off because of the correction.
• 6:55
  But I think gold added what, like $16 trillion to its market
• 7:00
  cap this year. And every kind of, you know,
• 7:03
  slight percentage move in gold, it's losing trillions of
• 7:07
  dollars. And I think this 5% correction
• 7:08
  we're seeing, I'm pretty sure the number was like $1.5
• 7:11
  trillion that it lost. Anyways, let's let's go over
• 7:14
  here. So not I'm not chart Boeing here
• 7:16
  guys, even though it does show my chart Boeing hold on it, it
• 7:20
  refreshed. Let me I wanted to get the
• 7:22
  current price here. So the current gold price since
• 7:26
  we are talking about gold is 4120.
• 7:31
  And again, I I don't mean to chart boy on you guys, but let's
• 7:34
  let's what do you? You know you can have like what?
• 7:38
  Do you have against chart? It's because chart boying is
• 7:41
  like dude, it's tea leaves for men.
• 7:43
  So that's that's the whole thing on chart boying.
• 7:46
  Everyone loves to draw some lines.
• 7:48
  They forget that they're imaginary lines, you know?
• 7:50
  So I, I don't mean to char boy too much, but I do want to show
• 7:54
  you that the gold correction is happening.
• 7:57
  And the reason I'm bringing this up is because of the bitwise
• 8:00
  report that they just dropped. Now I'm not saying there is a
• 8:03
  connection here. Hold on sorry guys, sorry I'm
• 8:09
  choking I'm choking on my I'm choking on my saliva over here
• 8:11
  anyways, I, I do think that it is fitting that we saw gold
• 8:17
  correct 5%. Now the reason that I I'm
• 8:21
  bringing this up is is obviously for 212 reasons here one, this
• 8:26
  is a bigger correction than what we saw the other day.
• 8:28
  A lot of people are saying that gold's double topped I I don't
• 8:31
  necessarily think it's double topping right now, but this is a
• 8:34
  significant move in gold right now.
• 8:36
  So if this is finally the point where we see people kind of
• 8:42
  rolling over their gold profits into Bitcoin, this is where
• 8:46
  things get absolutely interesting because we saw this
• 8:49
  report from Bitwise drop and they basically said, hey, a
• 8:54
  small amount of the gold market cap finding its way into Bitcoin
• 8:58
  means huge gains for Bitcoin. And we're not the only ones
• 9:02
  catching on on this. I actually saw in Alex Jones
• 9:04
  post about the gold markets right yesterday.
• 9:07
  So everyone seems to be signaling the same thing.
• 9:10
  What we're seeing with gold is very interesting and you should
• 9:14
  be watching it because this gold rally right now does seem
• 9:18
  different. It is.
• 9:20
  It is a different time in kind of the traditional markets right
• 9:25
  now. And as we saw with central banks
• 9:27
  right now, they are moving away from Treasuries and they're
• 9:31
  starting to hold gold. So gold has essentially made a
• 9:34
  major move as becoming the world reserve asset right now.
• 9:39
  I know dollar's still going to be the world reserve currency,
• 9:42
  but gold as of now is kind of becoming the world reserve asset
• 9:47
  here. It it is becoming the kind of
• 9:49
  store of value for the central banks because there is so much
• 9:52
  uncertainty in Fiat currencies. You're seeing the trade wars.
• 9:55
  And So what do they do? They're like, we got to acquire
• 9:58
  as much gold as possible right now.
• 9:59
  So I think this is what the move is.
• 10:01
  Now the real kind of breaking point is going to be, are these
• 10:06
  central banks, are these institutions eventually going to
• 10:09
  see the gold price get too high and be like, OK, at this point,
• 10:13
  you know, I think this rally is getting a little overheated.
• 10:16
  We got to roll some of these profits over.
• 10:18
  And if that does find its way into Bitcoin, obviously there is
• 10:23
  a kind of, we've been talking about this like 90 to 100 day
• 10:26
  delay from the gold price going up to the Bitcoin price going
• 10:30
  up. I think we're starting to kind
• 10:32
  of get into that same scenario. But this is what said this
• 10:36
  morning, or rather, I think it was last night.
• 10:39
  And they said Bitcoin is selling off at the exact moment when
• 10:43
  macro conditions are turning in its favor with banking stress
• 10:46
  rising, FED easing, expectations firming and risk appetite poised
• 10:50
  to recover. Our latest note shows why
• 10:52
  downside looks exhausted and why a rotation back into crypto.
• 10:56
  Really, Bitcoin may be closer than consensus thinks.
• 11:00
  And they have this this chart here, guys.
• 11:03
  And this is where it starts to get bullish.
• 11:04
  And the chats like, OK, Opti's bullish again, All right, either
• 11:07
  what do you what do you always call it?
• 11:09
  Sophie, the inverse Opti. So we're either going to dump.
• 11:11
  I'm so scared or we're or we're pumping or we're pumping right
• 11:15
  here. But anyways, let's break this
• 11:16
  chart down for the audio listeners.
• 11:18
  So it goes only a small percentage of capital rotation
• 11:21
  from gold is needed for BTC to double from here.
• 11:25
  Bitcoin price verse hypothetical prices from gold with the
• 11:29
  Bitcoin rotation. And so we're currently at one O
• 11:32
  7. Actually this morning we're at
• 11:33
  like 113 currently, but a 1% rollover from gold into Bitcoin
• 11:39
  would take Bitcoin to $134,000. I'll take that.
• 11:43
  Hey, we'll maybe that soon. You know, I have a question.
• 11:47
  If gold right now really is a hedge, you know for all intents
• 11:54
  and purposes to like be a backup or a store of wealth and value,
• 11:58
  why isn't the US accumulating gold?
• 12:01
  Or may or better said, why aren't there reports of that?
• 12:06
  Well, I think they were kind of ahead of this.
• 12:10
  We supposedly have the biggest reserve, but.
• 12:13
  Yeah. No, no, no, not just that.
• 12:14
  Apparently, China just discovered the world's largest.
• 12:17
  I saw that. I saw that.
• 12:19
  So could it be possible, you know, me just thinking out loud
• 12:24
  here, could it be possible that the US is moving their store
• 12:28
  value from gold to Bitcoin and that's why, you know, they're
• 12:34
  starting the strategic Bitcoin Reserve?
• 12:36
  They've seized billions of dollars of Bitcoin and that they
• 12:40
  don't, I don't think they plan on giving back to the victims.
• 12:44
  And if they do, they will give them Fiat.
• 12:48
  I don't know, I just think it's strange because if everyone else
• 12:50
  is buying gold, why isn't the US doing it?
• 12:53
  Well, I, I mean, first of all, we have the most gold, but we've
• 12:57
  also been repatriating gold. So like a lot of countries have
• 13:01
  been trying to get their gold reserved and the US is basically
• 13:04
  telling them to fuck off. Like we saw that happen months
• 13:06
  ago, way before we saw the gold price start ripping.
• 13:10
  So I, I think it's one of those things where we kind of hold a
• 13:13
  huge amount. Well, also like the Fort Knox
• 13:16
  hot it like whatever, Whatever happened to that?
• 13:18
  That's. Never going to happen.
• 13:20
  That's. Really never going to happen.
• 13:21
  And again, that's why I'm saying I feel like the US is trying to
• 13:24
  get ahead of this and start like positioning Bitcoin to be in the
• 13:31
  center stage and to be the preferred reserve asset.
• 13:35
  I don't, I don't think that we'll see that this year, but I
• 13:38
  think that we are starting to see moves being made so that
• 13:43
  that is the new reality that we move into with the future of
• 13:49
  global reserves. Yeah, yeah, that's a
• 13:51
  possibility. I do like this comment in the
• 13:53
  chat by Ted Paulus and he goes US Gov not buying gold because
• 13:57
  it would show they don't have or they too don't have confidence
• 14:01
  in their own monetary system, their bonds.
• 14:03
  And that sounds pretty reasonable to me.
• 14:06
  I I think that that's kind of kind of some signal here
• 14:09
  anyways. So let's let's get back to this
• 14:11
  chart here guys, because this is this is where it starts getting
• 14:15
  fun. So if 2% of the gold market cap
• 14:19
  rotates into Bitcoin, we get to what is this $161,300 Bitcoin.
• 14:25
  If 3% go, it's 188,000 Bitcoin. If 4% from gold market cap finds
• 14:31
  its way into Bitcoin, that's a $215,000 per coin.
• 14:36
  And if we get this 5% or rollover from gold into Bitcoin,
• 14:41
  it's going to go to $242,000 per Bitcoin.
• 14:44
  Now, I like big number and the reason I'm bringing that up is
• 14:49
  obviously like it, it does seem kind of like a simulation here,
• 14:53
  you know, Bitcoin or gold, correct?
• 14:54
  5% Bitwise drops this report of, hey, a 5% rollover into Bitcoin
• 14:58
  means 242 K Bitcoin. The Bitcoin price is going up.
• 15:03
  I'm not saying they're connected.
• 15:04
  I'm not saying that 5% correction is what's headed its
• 15:07
  way into Bitcoin. But it is interesting just how
• 15:12
  little capital from gold has to go into Bitcoin to really pump
• 15:17
  Bitcoin to the numbers that we've been waiting for all year.
• 15:20
  And I know Bitwise has been extremely bullish on Bitcoin,
• 15:23
  though they are getting a little shit coinery right now.
• 15:25
  So you're like, you know, we we'll have to hold their feet to
• 15:28
  that fire. But we have been saying for a
• 15:31
  while, and I've actually been saying this for like over a
• 15:33
  year. It's just, you know, my, my
• 15:35
  gut's telling me that Bitcoin is gonna go into two 100K with this
• 15:40
  October right now. It's not making me feel that
• 15:43
  good. I I was looking at the numbers
• 15:44
  yesterday. I think I don't I'd actually
• 15:46
  here let me let me double check right now just just to why don't
• 15:49
  we to be correct. This chart that I sent you,
• 15:52
  Yeah, yeah, I, I. Got that?
• 15:54
  I got that. I'm gonna, I'm gonna pull that
• 15:55
  up in a minute. OK?
• 15:57
  They might be using coin glass, might be using AWS.
• 16:01
  So AWS, oh, here we go here we go.
• 16:03
  OK, so current Q4 numbers. Oh man, current Q4, we're almost
• 16:10
  back guys. Current Q4 numbers for Bitcoin,
• 16:14
  we are currently at a -.14%. Yeah.
• 16:19
  So October has been brutal. Let me let me go down here in
• 16:23
  the bottom and we'll see some numbers.
• 16:24
  So yeah, October, October currently at -.14%, it's been a
• 16:32
  rough start of the month, but we'll see what happens.
• 16:34
  We still have what, 9 days left. Anything can happen in nine days
• 16:38
  here, Sophie. But yeah, so again, I'm not
• 16:42
  connecting the gold correction of 5% and you know, straight
• 16:48
  saying that that 5% has found its way into Bitcoin.
• 16:51
  But the numbers are interesting. We did see gold, correct 5%.
• 16:55
  We are starting to see Bitcoin RIP.
• 16:57
  I mean, 113 is not necessarily ripping, but if that 5% of gold
• 17:03
  does end up into Bitcoin, 242K per Bitcoin, 200K Bitcoin still
• 17:08
  in play guys. I'm sure even if that 5% was
• 17:11
  trying to find a new home, I'm, I'm guessing all of that capital
• 17:15
  won't find its way into Bitcoin, but a small portion of that will
• 17:18
  most likely find its way into Bitcoin.
• 17:21
  And I think all of these kind of factors happening in the same
• 17:24
  like kind of in the same moment are really telling you a lot
• 17:27
  about what's going on. A lot of people are looking at
• 17:30
  gold, it's going all time high. They're probably getting a
• 17:32
  little nervous about when's the top going to happen.
• 17:35
  Is this the top? They're rolling over some of
• 17:37
  their profits into Bitcoin or rather in other assets right
• 17:40
  now. One of them, of course, is
• 17:41
  Bitcoin and every everyone has been sharing this chart.
• 17:45
  Now this might be some chart crime here, Sophie, I'm not
• 17:48
  going to lie, this might be some chart crime.
• 17:50
  But you know, hey, I I do like some opium and everyone's like,
• 17:53
  is Opti going to be? We're just recognizing patterns.
• 17:57
  It's. It's don't say it.
• 17:58
  This is. Just this is just what the past
• 18:03
  has shown and we can learn a lot.
• 18:06
  I mean, again, history doesn't repeat itself, but it rhymes.
• 18:09
  So it is good to kind of look back and see how gold's behavior
• 18:14
  has affected, maybe indirectly, the price of Bitcoin.
• 18:19
  Yeah, I mean that's the whole thing.
• 18:20
  So let me pull up the chart. I'm sure you guys have seen it.
• 18:22
  Yes, it is kind of some chart crime and we are we are chair
• 18:26
  picking here, but it is a kind of overlay map of the gold price
• 18:32
  or the gold top in 2020 and the Bitcoin price in 2020.
• 18:35
  And right when gold topped out, Bitcoin went parabolic.
• 18:39
  It went what 8 from 8000 ish 9000 to over 40K and gold was at
• 18:47
  about $2100 per oz. And currently if this is the
• 18:51
  gold top again, we are going to see some kind of rollover from
• 18:57
  gold going into Bitcoin again. Gold bugs, as much as we kind
• 19:01
  of, you know, give them shit as Bitcoiners, they're the
• 19:04
  original, they're the unks in the hard money game.
• 19:06
  They've been around for a while. They've been, you know, talking
• 19:09
  about a lot of the things we talk about.
• 19:11
  They're they're, you know, they're the big unk out here.
• 19:13
  They're they're our unk that's been holding it down for the
• 19:15
  hard money game. They just don't get the
• 19:18
  technology. Yeah, Unks.
• 19:20
  Well, I'm an I'm an unk now. I'm getting old.
• 19:23
  I'm unk now. This is crazy, Sophie.
• 19:25
  But yeah, they're the hard money unks.
• 19:26
  OK, And if this is the gold top and you know, history doesn't
• 19:32
  repeat, but it rhymes if this is again the gold top and Bitcoin
• 19:37
  is bottoming out right now again, this chart right here is
• 19:42
  saying in the 200 K by end of year.
• 19:45
  So very bullish Orange Christmas here, Sophie, you know, please,
• 19:51
  please, if you can hear me the the whales out there, can you
• 19:53
  start pumping Bitcoin? So Alex tweets, he goes, this
• 19:56
  chart is making the round. I wasn't aware of this.
• 19:58
  Only heard about the fluctuating Bitcoin gold ratio from an old
• 20:01
  friend who is an A gold investor.
• 20:03
  And then he kind of goes into his reasoning of what's going
• 20:06
  on. And so he goes, I'm still of the
• 20:09
  view that would have been a great day to rotate.
• 20:12
  You know, obviously if you could, if you could trade the
• 20:14
  absolute top. And he's still on the on the
• 20:17
  idea that Bitcoin will outperform gold.
• 20:20
  And hey, we might be seeing this right now.
• 20:23
  It's all I'm saying if we continue to see the gold price
• 20:26
  to going down and the Bitcoin price going up, I think it's a
• 20:30
  safe bet to say that we're seeing that rollover happen.
• 20:33
  And again, the math is very simple.
• 20:36
  It's not that much capital that has to find its way into Bitcoin
• 20:39
  to make it ripped to 200K. And again, if we've seen
• 20:42
  anything with the gold market cap that is extremely bullish
• 20:46
  for us Bitcoiners, is that one, Bitcoin's a $2 trillion asset,
• 20:52
  Gold's a $20 trillion. Well, actually now it's way
• 20:54
  higher than 20 trillion. I think I last I saw it was like
• 20:56
  36 trillion. It added like 16 trillion.
• 20:59
  So if you think Bitcoin can't add trillions of dollars to its
• 21:04
  market cap, I know we've been talking about for a while and
• 21:07
  it's kind of a, a recent meme that like, oh, Bitcoin's market
• 21:10
  cap's bigger. That means that more capital has
• 21:12
  to find its way into Bitcoin and the move's going up from here.
• 21:16
  It's a lot harder because more capital's coming in.
• 21:19
  If we've seen anything from gold, I think it disproves that,
• 21:22
  that hey, a lot of capital can find its way into Bitcoin and
• 21:25
  make the price of Bitcoin RIP. So look hopium for today.
• 21:28
  What's that thing that they're apparently doing at the Fed at
• 21:33
  the end of the month? Apparently.
• 21:35
  Maybe. Yeah, yeah, yeah, printed.
• 21:39
  Up you got to print it. And, and actually they've been
• 21:42
  talking about that. We saw a 25 bit cup cut.
• 21:47
  It seems like they're going to go for a 50 bit cut and it seems
• 21:50
  like they're going to do 2. That seems to be most of the
• 21:53
  conversation right now. So 100 bits cut by end of year.
• 21:58
  I don't know the, the easy money is flowing.
• 22:00
  It looks like QT is dead. I know they're not calling it a
• 22:03
  quantitative easing right now, but it does look like they're
• 22:07
  going to expand their their balance sheet.
• 22:09
  So one more chart crime for you guys here.
• 22:12
  This this one is kind of by a shit corner, though.
• 22:14
  It's Mr. Crypto, but I like the chart whatever.
• 22:16
  And he goes. Bitcoin has been lagging behind
• 22:18
  gold. I like the chart when it says
• 22:21
  the things that I wanted to say. Guys, I'm very honest here.
• 22:25
  I I confirm my biases. I only trust the science if it
• 22:29
  confirms my biases. OK guys.
• 22:31
  So I only trust the math when it agrees with what I already
• 22:35
  wanted to say. OK, so look, I I know I know my
• 22:39
  flaws. Anyways, he goes.
• 22:40
  Bitcoin has been lagging behind gold now once again, but this is
• 22:44
  not new. This always happens.
• 22:45
  Expecting this trend to reverse soon Here we go You know Bitcoin
• 22:49
  lags. I'm actually so colorblind.
• 22:51
  Which ones? Bitcoin is here here.
• 22:53
  Wait, am I is Bitcoin the top one?
• 22:56
  Hold on that one looks Is it orange?
• 22:59
  Bitcoin is. The top one.
• 23:00
  It's the top one. OK, OK.
• 23:02
  Bitcoin's the top one. Is that green?
• 23:05
  I think it's green, no. Dude, that's orange.
• 23:08
  It's orange, I get it's orange. And the bottom one in the
• 23:12
  yellow. Yellow I, I can tell the yellow
• 23:14
  one OK and you can see look it it's happened in the past.
• 23:18
  Bitcoin runs, gold kind of does its thing.
• 23:21
  Eventually gold kind of does its run and Bitcoin goes down same
• 23:25
  similar continuous pattern. But this this recent pattern is
• 23:30
  where it gets super interesting. Gold's going absolutely
• 23:32
  parabolic. Bitcoin things kind of been
• 23:34
  going sideways. It has been dumping the last
• 23:36
  couple of weeks, but if this is the the most recent bottom out
• 23:41
  here and then now Bitcoin's turn to run.
• 23:44
  It kind of looks like the. 1. The first part where they
• 23:50
  intersect right like. Yeah, yeah, yeah.
• 23:54
  It kind of looks in that because if you notice in the other two
• 23:56
  they don't touch at all. So So what does that mean?
• 24:00
  Does that mean numbers going to go ripping through the?
• 24:03
  I mean, I hope so. Gosh, I, I hope so.
• 24:10
  Well, look, we obviously don't know exactly what these gold
• 24:15
  investors are thinking. We do know one thing though, and
• 24:20
  it's that treasuries are no longer what people want to hold.
• 24:24
  And if we are seeing kind of the the risk on appetite start to
• 24:30
  increase as we've been seeing with a lot of the gambling and
• 24:33
  leveraging that's been happening because people aren't making
• 24:35
  that much money, then they start to go to riskier and riskier
• 24:38
  bets, which really should be the opposite is like.
• 24:42
  Yeah, but actually, Oh my God, I saw this meme.
• 24:44
  I wish I had sent it to you. And it's literally people.
• 24:49
  It's a phase one, phase two, phase, whatever.
• 24:51
  And the phase one is gold, Phase 2 is Bitcoin, Phase 3 is
• 24:56
  etherium, Phase 4 is like all the other alt coins.
• 25:01
  And the tweet was like, people don't realize we're still in
• 25:04
  phase one. And really, maybe that is the
• 25:07
  nature of the cycle. Maybe this whole time we've had
• 25:10
  it all wrong. Maybe it has almost nothing to
• 25:13
  do with the halving and more to do with, you know, the printing
• 25:17
  of money and the moving into hard assets in the order of gold
• 25:22
  to Bitcoin. Sophie it's sorry.
• 25:27
  I general man, just tuned out the woman.
• 25:29
  I was looking at the chat. I am sorry, I'm sorry, I'm
• 25:32
  sorry, I'm sorry, I'm so sorry. But I was looking at this chat
• 25:38
  and it goes opti fudge so people can sell their bags.
• 25:40
  So you can buy it for pennies on the sets I think.
• 25:43
  I think, Sir, you are confusing Opti with Mr. Larry.
• 25:50
  Ankle face. Sorry, sorry, I'm I'm getting
• 25:52
  crazy over here on the mothership.
• 25:55
  I'm not fighting dude. He he's also out here calling me
• 25:59
  a fake maxi again, don't be a fake Max dude.
• 26:01
  I'm just I'm I'm a fake maxi I guess.
• 26:04
  Still call each other fake Maxis.
• 26:05
  I just got called one I just got called.
• 26:07
  One, I thought that was like so 2017 like no, I thought we.
• 26:11
  Were over that I well we have purity spiraled but no I'm.
• 26:15
  Wait, that's a signal? What bull runs coming?
• 26:20
  Purity spiraling. Well, no, because Maxis are
• 26:22
  always right. So, you know, we're kind of due
• 26:24
  for one of those. Yeah, I'll try.
• 26:28
  So it's just what a Dick. All right, Sorry guys, I
• 26:32
  apologize. It's, you know, whatever,
• 26:36
  whatever I'm, I'm not going to get cancelled over it.
• 26:38
  It's only Tuesday, you got to ride with us all the way to
• 26:41
  Friday, so. Yeah, exactly.
• 26:44
  Someone says, yeah, you don't realize we're still in phase
• 26:47
  zero on 9:50. OK, OK.
• 26:51
  Yeah, yeah, wait. Say that again.
• 26:53
  Say that again to me. Sorry Soph, and I'll listen to
• 26:55
  this song. We we know we're still early
• 26:56
  basically that I saw this meme that said, you know where people
• 27:00
  don't realize that we're still in phase one and phase one was
• 27:03
  gold, phase two was Bitcoin, phase three and everything else
• 27:06
  were the altcoins. Maybe that is actually how these
• 27:13
  cycles are running. You know, the money gets
• 27:16
  printed, it moves into gold because people Start Stop losing
• 27:20
  faith in Fiat and now all of a sudden we have hard money going
• 27:27
  into gold, then gold goes into Bitcoin.
• 27:30
  That chart that we just saw kind of proves that.
• 27:33
  And then everybody takes their earnings and gambles on the
• 27:38
  altcoin market. Yeah, it sounds about right.
• 27:41
  It sounds like a shit coiner. Probably did that chart too, but
• 27:43
  you know. No 100%.
• 27:45
  It wasn't that. Yeah, I, I think, I think that's
• 27:47
  probably why I didn't send it to you.
• 27:48
  But I still think it's interesting to view it in the
• 27:51
  lens of like this is how we're moving through the the hard
• 27:56
  money or whatever. Yeah, yeah, yeah, yeah.
• 27:59
  That's common in the chat. Don't read it.
• 28:01
  Don't read it. But Benjamin.
• 28:03
  Yeah, exactly. Yeah.
• 28:05
  I'd literally, I had to give her the talk before the show.
• 28:08
  I did have to give her the talk of talk like you're speaking to
• 28:11
  a principal or something. She's like, I was unhanged to
• 28:13
  the principal anyways. I'm like, oh man, we're cut.
• 28:16
  Yeah, I was terrible. I was, oh God.
• 28:18
  But yeah, just don't. Have a filter OK.
• 28:21
  It's very difficult, we've noticed.
• 28:23
  People probably think that when I talk, I'm like 40 IQ.
• 28:28
  I was going to say something. Else 42 IQ.
• 28:32
  But but it's really just because I am thinking every single word
• 28:36
  that has to come out of my mouth.
• 28:38
  Yeah, standard, standard with a filter.
• 28:40
  But no, back, back to your point.
• 28:42
  I, I know we're kind of unhinged today, but back, back to your
• 28:44
  point, I, I think it is directionally correct.
• 28:48
  I, I, I've been saying that for a while, a lot of people that
• 28:53
  have been in, you know, the game for a while, a lot of gold bugs
• 28:56
  or, or maybe just, you know, older investors, they go into
• 29:00
  just what they're, they're comfortable with, which is
• 29:03
  obviously gold. They, they, they're used to it.
• 29:05
  They understand the properties of gold.
• 29:08
  And so if they do see problems, if they, they do see concerning
• 29:11
  signals, then they do go into gold.
• 29:15
  I generally look at gold as like a stepping stone.
• 29:18
  You know, I, I love wearing a gold necklace.
• 29:20
  I'm I'm not out here thinking that gold's, you know, they're
• 29:22
  gonna re monetize gold and the and the, you know, the whole
• 29:26
  Internet world is going to be built on gold.
• 29:28
  That just makes no sense to me. But I do think that we are
• 29:32
  seeing a transition from Fiat currencies into hard monies or,
• 29:36
  you know, hard assets or hard currencies, however you want it
• 29:39
  hard. Yeah, hard monies is probably
• 29:40
  the best way to explain it. And then eventually they will
• 29:44
  get into Bitcoin. Obviously we do need to see kind
• 29:47
  of like the price to go up higher than gold so that people
• 29:52
  chase the price of, of, of Bitcoin.
• 29:56
  And if gold's crashing, crashing at the same time, then they're
• 29:58
  obviously gonna start to look at this Bitcoin thing, especially
• 30:02
  if they're, they're basically losing wealth in real terms
• 30:05
  compared to the inflation that's potentially on the sideline.
• 30:08
  So I think, I think directionally that is correct,
• 30:10
  Sophie, I, I think 100% that that's probably what's going on.
• 30:14
  Anyways, guys, I do have a lot to share with you guys today.
• 30:18
  So later in the show I am going to play, it's kind of a
• 30:20
  throwback Jack Mahler's debate with Peter Schiff.
• 30:24
  Since I've been talking about gold so much, I I thought it's
• 30:26
  fitting to kind of bring back one of the oldies but goodies
• 30:29
  dusted off the shelf here. And then in the news actually,
• 30:34
  Oh yeah, we, we saw a bunch of a bunch of interesting Bitcoin
• 30:37
  moves yesterday and the day before, actually yesterday and
• 30:41
  today. And it's really making everyone
• 30:43
  wonder like what exactly is going on?
• 30:45
  And then in the culture, you know, we're gonna talk about the
• 30:50
  AWS stuff that happened yesterday 'cause, dude, it was,
• 30:54
  it was, yeah, that the Internet was horrible everywhere.
• 30:58
  All Internet services were cooked yesterday.
• 31:00
  And then there's a parallel to Bitcoin.
• 31:02
  So that's what today's show will be.
• 31:04
  Of course, I do want to remind you guys to smash the like
• 31:07
  button, comment on the show. Let us know what you think about
• 31:10
  the show. And of course, hit the subscribe
• 31:12
  button. If you love Sophie over here, if
• 31:13
  you love her, she's dropping content.
• 31:15
  Of course, Ruston Dante Ocean, we dropped the the most content,
• 31:20
  the best content on YouTube, Bitcoin only content and of
• 31:23
  course you want to plug the boys over at Bitcoin.
• 31:28
  Well, if you are in the market to buy some Bitcoin, make sure
• 31:32
  you are buying real Bitcoin. Make sure you are using
• 31:36
  exchanges that can never lose your Bitcoin, and This is why we
• 31:40
  love Bitcoin well, because once your dollars go through or your,
• 31:44
  I don't know Canadian moose shekels or whatever they call
• 31:46
  them up there once they go through, then you get Bitcoin
• 31:50
  sent directly to your cold storage.
• 31:52
  They never hold your Bitcoin. They will never lose your
• 31:55
  Bitcoin because again, they never control that Bitcoin.
• 31:58
  Once the money goes through, they send it directly to your
• 32:01
  cold storage. It does mean you need to have a
• 32:02
  Bitcoin wallet to use Bitcoin. Well, one extra step.
• 32:06
  But that extra step can protect you and your family and your
• 32:09
  generational wealth. So scan the QR code and of
• 32:12
  course use a promo code, simply BTC.
• 32:14
  And when you scan the QR code, you will get three chances to
• 32:17
  win a million sets, which is what, about $11130 today or
• 32:22
  something like that. And of course, if you're sitting
• 32:24
  on the sideline with a lot of Fiat money, make sure you get in
• 32:27
  touch with the Bitcoin Well Infinite team and they will help
• 32:30
  you buy $50,000 of Bitcoin or more.
• 32:33
  All right, guys. After this commercial break,
• 32:34
  we'll be right back. I want to give a shout out to
• 32:43
  our partner Stamp Seat. Is your Bitcoin and cold storage
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  really secure? Are your seed phrases really
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  se-ed.com store. All righty then, guys.
• 33:56
  Oops, that's. Cooking.
• 33:58
  Us, I know I'm getting cooked today.
• 34:00
  No, I'm not growing my weave. I am.
• 34:03
  I am thinking about growing it out a little bit though.
• 34:05
  But thanks. Thanks for noticing anyway.
• 34:08
  No, this one's. This one's it's simply go.
• 34:10
  I know as dude, I, I look, I said it.
• 34:12
  I already said it, man yeah, hey, we're watching what's going
• 34:16
  on in the gold markets again. The reason I've been talking
• 34:19
  about a lot of this stuff and actually it's a good Segway for
• 34:22
  for the clip today. And I I will give you the
• 34:24
  numbers as well. But the reason I've been talking
• 34:27
  about gold so much is because one, it is a hard money.
• 34:30
  We we are kind of it's little, you know, little brother here, a
• 34:33
  little cousin, you know, maybe ugly redheaded stepchild over
• 34:36
  here, but we are both in the hard money game.
• 34:39
  And if you see gold RIP, it's telling you a lot about investor
• 34:43
  psychology and what they're thinking.
• 34:46
  If they're, if everyone is panicking from like away from
• 34:50
  treasuries, we're seeing the debasement trade become a new
• 34:53
  hot meme and we're seeing gold RIP.
• 34:56
  It's telling you a lot about what what the psychology of
• 34:59
  investors are, what they're thinking by just looking at the
• 35:01
  price action. Remember, This is why I always
• 35:03
  say that the, the price of Bitcoin, as much as everyone
• 35:06
  likes to say it's the least important, you know, metric of
• 35:08
  Bitcoin. To me, it's the most important
• 35:11
  metric of Bitcoin because it tells you what people are
• 35:13
  thinking about Bitcoin in the current moment.
• 35:15
  Yes, there might be a delay, etcetera, etcetera, and there's
• 35:17
  hype and FOMO and all that, but the price of things in a market
• 35:21
  is signal guys. I, I, I feel like I don't need
• 35:24
  to repeat that. Anyways, the current Bitcoin
• 35:26
  price is, oh, we dumped a little bit 111,940.
• 35:31
  We have a -11.3% percent to climb from all time high.
• 35:36
  The market cap is at $2.23 trillion and the current block
• 35:39
  height TikTok next block is currently at 920,138.
• 35:45
  OK, guys, we. Should have.
• 35:47
  We should have a segment in the numbers where I literally just
• 35:51
  let you know based on the price of Bitcoin if you can buy that
• 35:54
  thing you want today or not. And today?
• 35:58
  Is not today's not that day. You can't buy that thing today.
• 36:01
  Yeah, that, that definitely sounds like a Nico's wife
• 36:04
  segment. Yeah, that you should actually.
• 36:06
  The girlfriend wife segment. Share the show with your wives.
• 36:11
  Share the show with your girlfriends.
• 36:13
  Let them know. They don't have girlfriends.
• 36:15
  I don't have a girlfriend. We don't have girlfriends here,
• 36:17
  Sophie. I forgot.
• 36:21
  Wow, dude, I'm getting roasted. Even on set.
• 36:23
  This is horrible. OK, anyways, you know, actually
• 36:27
  on that note, I'm just going to play the the the Jack Mahler's
• 36:31
  verse Peter Schiff debate. It was this old, it's a couple
• 36:34
  of months old. But again, as we are seeing kind
• 36:38
  of this currency war, if you want to call this money war
• 36:42
  playing out right now and gold dripping, I'm sure there's a lot
• 36:45
  of people that that are sitting there.
• 36:47
  They're still gold bugs. And like, why would I buy this
• 36:49
  Bitcoin thing? It's like I like gold, I can
• 36:51
  hold gold, etcetera, etcetera, etcetera.
• 36:53
  All the excuses. And I just wanted to dust this
• 36:56
  one off the shelf because it's a classic.
• 36:59
  The real problem with gold is that unfortunately, it has to
• 37:03
  centralized. The problem is that gold can't
• 37:06
  achieve transaction finality without the help of a government
• 37:09
  or essential party. Meaning that when gold was
• 37:12
  operating in a local economy and you can exchange the physical
• 37:15
  coins with your direct counterpart for your butcher,
• 37:17
  your local tailor, your grocer, whoever you were exchanging
• 37:21
  with, gold was great. When the world needed to scale
• 37:24
  an economy and the velocity of money larger than your local
• 37:27
  economy, gold failed US. Gold failed us because gold is
• 37:31
  just a bare physical metal. It does not carry a monetary
• 37:34
  network. What's the gold network?
• 37:35
  The gold network are human beings.
• 37:37
  And when you're trying to transact in an economy of
• 37:39
  billions of people globally, you are reliant on central parties,
• 37:42
  banks, governments. And it was for that reason that
• 37:45
  gold failed. And it failed in a way that you
• 37:48
  can't operate a truly free market when the concentrated
• 37:51
  supply is with those that you have to trust.
• 37:54
  And so that's fundamentally what Bitcoin solved is that you are
• 37:58
  able to create a scarce spare instrument and a network that
• 38:02
  can achieve finality in transactional settlement without
• 38:05
  the reliance on any government or central party.
• 38:08
  So that I think is, is extremely, that's really the
• 38:11
  core issue of why gold's been demonetized since I think on the
• 38:15
  points of Bitcoin like needing more history and it's young.
• 38:21
  I mean, I think that sounds like a personal problem for you,
• 38:23
  Peter, like that. I think you need more evidence
• 38:26
  and that's you being slow to recognize reality, right?
• 38:29
  Like if you were to need the Internet to prove that e-mail is
• 38:32
  better than traditional mail, you would just be late to
• 38:35
  adopting better technology. That doesn't sound like that's
• 38:38
  not a point or a criticism against the properties that
• 38:40
  Bitcoin has. That's your own personal bias of
• 38:42
  how much proof that you need to adopt something that might be
• 38:46
  superior. So that is that's on on you.
• 38:48
  And the last thing I will say on bitcoins, volatility, you know,
• 38:51
  for the listeners, I really think it's an important
• 38:53
  fundamental point. Risk is not the same thing as
• 38:56
  volatility. Risk refers to the probability
• 39:00
  of a permanent loss of capital. Risk would be that the Bitcoin
• 39:03
  code or the Bitcoin network outright fails.
• 39:06
  You can make an argument that Bitcoin's actually the least
• 39:08
  risky asset ever because it's the only asset you can store in
• 39:11
  your head. Bitcoin is, however, extremely
• 39:14
  volatile and I would admit that, but that's that's a pro.
• 39:17
  Volatility is the frequency or like the magnitude of which the
• 39:20
  price fluctuates. And so Bitcoin, hold on, hold
• 39:23
  on. I'm almost done.
• 39:24
  I promise. 30 seconds. The the point here, David, is
• 39:27
  that Bitcoin has to be volatile because the asset is inelastic,
• 39:31
  because the asset cannot. With more demand in Bitcoin, you
• 39:35
  cannot make more supply. More demand has to fundamentally
• 39:40
  be a higher price, whereas for all other commodities and all
• 39:42
  other assets with more supply, you can make more demand, which
• 39:45
  makes them less volatile, but also makes them, I mean, I just
• 39:48
  went over the returns and the data, which also makes the
• 39:51
  returns not nearly what we're seeing in Bitcoin.
• 39:53
  So Bitcoin volatility is baked into the system because it's a
• 39:56
  fixed asset, so as it becomes adopted as a money globally.
• 40:00
  Volatility is implied, but volatility is also the only
• 40:02
  reason that Bitcoin's averaging 100% year over year growth over
• 40:06
  the last decade and gold's at 2%.
• 40:08
  So. And volatility is not risk
• 40:11
  because Bitcoin's volatile doesn't make it risky, it makes
• 40:13
  it an opportunity. Yeah, Jack and everyone did the
• 40:19
  Jack. Why did they call him David?
• 40:20
  If you saw at the end there, there was a moderator in that.
• 40:23
  But anyways, I mean, look at this point, it's kind of like
• 40:29
  when you, you know, talk to your parents about like a new
• 40:32
  technology and you know, they're, they're like having
• 40:35
  trouble dealing with it and you're like getting frustrated
• 40:38
  trying to teach them how to use this new feature.
• 40:40
  And you're like, it's not that hard.
• 40:43
  That's kind of how I think of boomers and and gold bugs these
• 40:46
  days. It's like, OK, I get it, you
• 40:47
  know, old dogs can't be taught new tricks, etcetera, etcetera.
• 40:51
  But Bitcoin is just better. And I think it's, I think it's
• 40:54
  so endearing and I actually love it when I get to teach my my
• 40:59
  boomer friends and family about. Boomer friends because it's.
• 41:03
  Nah, I don't, but I was just trying to say it's not just my
• 41:07
  family, but whatever docks me when I tell my family
• 41:11
  specifically, you know, my parents and whatever like and I
• 41:15
  teach them about this stuff and I tell them how it works.
• 41:17
  I actually find it really endearing and I I like that they
• 41:21
  want to learn, or at least some are open to learn.
• 41:24
  Yeah, I'm I'm I'm open to people that are open to the idea of
• 41:27
  Bitcoin and I actually get a lot of shit on the show because I I
• 41:31
  do despair boomers a lot and I love the Bitcoin boomers and
• 41:36
  everyone always like Opti Opti age boomers.
• 41:40
  I like not we just. Hate the boomers that were in
• 41:44
  power that created the situation.
• 41:47
  Like, yeah. Exactly here.
• 41:49
  Exactly. But look, I, I my, my, my dad's
• 41:54
  a boomer dude. I love him.
• 41:55
  And he's also a gold bug. I was actually talking to him
• 41:57
  the other day about his gold going up and he was so hyped.
• 42:00
  I wasn't going to be like, you know, go, go trash like my big
• 42:04
  one. I was like, I'm happy for you,
• 42:05
  dad. Like, good.
• 42:06
  You know, it took, what, 20 years or something, but hey,
• 42:09
  man, I'll more power to you. But yeah, then don't need to
• 42:13
  really rehash what Jack Mueller said.
• 42:14
  Jack Mueller said it perfectly. But I do want to connect this
• 42:18
  with a tweet from our boy G money.
• 42:20
  It's not that's a crazy one, guys.
• 42:22
  It's that it's actually a very tame tweet here, but I think
• 42:26
  added to what Jack Mullins was saying, this is another feature
• 42:31
  that many people don't understand in regards to the
• 42:34
  conversation between gold and Bitcoin.
• 42:37
  And he's actually using a the river financial chart here.
• 42:42
  And he goes, government institutions own most of the
• 42:45
  supply of gold, whereas individuals own most of the
• 42:47
  supply of Bitcoin. If governments hold all the gold
• 42:50
  and it goes to zero against Bitcoin, what do you think
• 42:51
  happens? Logical thinking.
• 42:53
  And the chart here is again Bitcoin versus gold
• 42:56
  distribution. This is what I was.
• 42:58
  Trying to say. Earlier and.
• 43:00
  And I you sorry, I wasn't listening.
• 43:02
  I wasn't listening. Like, I literally, I was like,
• 43:06
  there's a reason that the government isn't accumulating
• 43:09
  just like any gold, right? Oh, they already have a ton of
• 43:12
  gold. We have the most gold in the
• 43:14
  world. We don't know that China just
• 43:16
  discovered a bunch of whatever. I'm just gonna.
• 43:20
  Soap's triggered triggered. I'm triggered triggered by opti
• 43:23
  not listening. Anyways, anyways, for the for
• 43:25
  the audio listeners, it's sat by site, you know like bar graph
• 43:30
  and we have What is this Bitcoin's distribution and it
• 43:35
  goes 8.68% in institutions and businesses, 89% in household or
• 43:40
  in self custody and 2.32% in government holdings.
• 43:46
  And then when you compare that to Gold's distribution, you have
• 43:50
  54.99% held by institutions and businesses, a minimum.
• 43:57
  I don't know what this is. So it says Max 54.99%.
• 44:00
  So the Max that institutions and businesses hold is around 55%.
• 44:04
  The minimum here. I, I don't, I don't know what
• 44:06
  that like really means anyways, the, the amount of Bitcoin held
• 44:11
  by house or sorry, gold held by households is 29.49% and then
• 44:15
  about 15 1/2 percent held by government.
• 44:19
  And I think this is one of those kind of defining factors of
• 44:23
  Bitcoin. You know, Bitcoins kind of
• 44:26
  Immaculate launch and the fact that it took 15 years to get to
• 44:29
  this point and the fact that it happened on the free market and
• 44:33
  it was basically being pushed by evangelists.
• 44:36
  This is This is why we love Bitcoin so much is because it is
• 44:39
  held mainly by individuals like you and I.
• 44:42
  And so it is this grassroots movement.
• 44:45
  Whereas with gold, yes, there's a significant amount of people
• 44:48
  and households holding Bitcoin or sorry, holding gold, sorry,
• 44:51
  I'm keep mixing them up. But the majority of gold is
• 44:54
  being held by institutions and government.
• 44:56
  And therefore it's really not the people's money as we like to
• 45:00
  call Bitcoin as Bitcoin is. It's not even that we like to
• 45:03
  call it that, it just is. It is the people's money.
• 45:05
  This is being driven by individuals like you and I 89%
• 45:09
  of all the Bitcoin that has been created up to this day is held
• 45:13
  in self custody. Even with the crazy amounts of
• 45:16
  institutional buys, the crazy amounts of you know, government
• 45:21
  stacking, if you could even call it that, the majority of Bitcoin
• 45:25
  is held by individuals. And this is the fundamental like
• 45:29
  power struggle right now. This is why it keeps kind of
• 45:33
  leaning into the idea that ETF's and institutions acquiring
• 45:36
  Bitcoin and nation states acquiring Bitcoin, it really
• 45:40
  should be called by captured Bitcoin.
• 45:42
  The the main utility of Bitcoin, in my opinion is you being able
• 45:46
  to hold that Bitcoin in self custody without a middle man.
• 45:48
  Like it says in the white paper, you need to hold your Bitcoin,
• 45:53
  you need to hold the keys. This is how you ensure that
• 45:56
  whatever crazy stuff happens from here on out, you don't get
• 45:59
  rug pulled, you don't get wrecked, you control that
• 46:02
  Bitcoin. So I I thought that was a good
• 46:03
  little addition. A lot of problems in your life
• 46:05
  would be solved if you just took self custody of Bitcoin as.
• 46:09
  Well, also like new problems would probably arise, but hey,
• 46:12
  you know, more money, more problems.
• 46:13
  I mean really though, like not not really 'cause you could
• 46:17
  choose to just not say anything. Speeches.
• 46:21
  Yeah, yeah, yeah. Don't don't be like us and make
• 46:24
  a YouTube channel and build your whole life around it.
• 46:27
  You know, stay Anon Anon, stay Anon Yeah, if you're.
• 46:30
  Anon if you're if you're Anon and you just have Bitcoin in
• 46:34
  self custody, I promise a lot of your problems would solve
• 46:38
  themselves future problems, past problems, current problems, even
• 46:43
  problems outside of finance, believe it or not so.
• 46:46
  Bitcoin fixes problems. Bitcoin fixes problem.
• 46:49
  Bitcoin in self custody fixes all life's problems.
• 46:51
  Well, maybe not all, but most. A lot of them.
• 46:54
  Most of them most of them all right guys anyways, let's jump
• 46:57
  into the news. I'm going to actually like speed
• 46:59
  run a lot of this stuff because there is a kind of an
• 47:02
  interesting breaking news story that I'm that I literally added
• 47:04
  as we're on the show. But but I really want to cover
• 47:06
  everything else. So we'll I'll be right back
• 47:08
  after the commercial break and I'm going to speed run through
• 47:10
  all of this stuff so they can get the information and then
• 47:13
  we'll chat about it at the end. I want to give a shout out to
• 47:17
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• 48:03
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• 49:03
  I want to give a shout out to our partner Big Key.
• 49:05
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  forgotten. Big Key fixes that.
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  20% off. That was good.
• 50:18
  That was good. So simply went through.
• 50:20
  We needed to turn down the temperature a little bit.
• 50:22
  Honestly, my my cortisol was spiking while he was yelling at
• 50:26
  me too. Anyways, anyways, I'm going to
• 50:28
  speed run through this because there's, I'm, I'm smashing a lot
• 50:31
  in here. So First off, our partner Hive
• 50:35
  just announced that their targets to the 35 EXA hashes in
• 50:38
  2026 with newly signed 100 MW hydro hydroelectric expansion in
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  Paraguay and a 5X growth in HPC and AI operations through
• 50:46
  strategic partnerships with Bell Canada.
• 50:50
  Man, they're, they're doing incredible work.
• 50:52
  And I, I was really going to I, I think we've been sneak peeking
• 50:56
  it, but we just did do a documentary with them about this
• 51:00
  dam And I, I, I think it's almost out for you guys.
• 51:04
  I I think you're going to really enjoy that.
• 51:05
  We saw a sneak. Peek Yeah, I saw a sneak peek
• 51:07
  yesterday. Yeah.
• 51:09
  Shouts out to the Zemo team. They did an incredible job.
• 51:11
  Anyways, OK, moving forward, Arkham has been showing a lot.
• 51:18
  So a couple of movements here, some some on chain movements.
• 51:21
  The first one is their question. This was yesterday at noon.
• 51:25
  Is Bhutan selling Bitcoin? Bhutan, the Kingdom of Bhutan,
• 51:28
  of course, Tiny Kingdom country, tiny Kingdom you know through is
• 51:35
  that. The place where you don't need
• 51:36
  money. No, no, no, no, they, they, they
• 51:38
  got exposed for mining Bitcoin for years and, and they're like
• 51:42
  a tiny country and they acquired a lot of Bitcoin.
• 51:45
  But anyways, there's basically the the the true second Bitcoin
• 51:49
  country in the world was the Kingdom of Bhutan.
• 51:52
  Maybe maybe you're right, I don't know.
• 51:54
  Anyways, it goes Bhutan has just moved $13 million of Bitcoin
• 51:57
  into a new wallet using a different wallet structure.
• 51:59
  The last two times Bhutan a likely sold Bitcoin, they moved
• 52:02
  109 million Bitcoin in September and 59 million Bitcoin in August
• 52:07
  to separate addresses before transferring it to Cobo slash
• 52:10
  Binance. Are they getting to ready to
• 52:13
  sell this time as well? So hey, you know, I, I can't
• 52:17
  really blame Bhutan for, for kind of cashing in on some of
• 52:20
  those gains, but we saw some interesting movements from them.
• 52:24
  And then the next one that is really getting everyone kind of
• 52:28
  in a in a panic here and we really don't know what is going
• 52:31
  on. All we know is the on chain data
• 52:34
  that it's being moved. SpaceX moved $250 million in
• 52:38
  Bitcoin. They just moved a total of 268
• 52:41
  and a half million Bitcoin. This involves them moving 90 and
• 52:45
  10 Bitcoin to separate wallets with the other 257.7 million
• 52:50
  remaining in SpaceX wallets. And what is SpaceX doing with
• 52:54
  that 100 Bitcoin? This is the the the kind of the
• 52:58
  one that we really don't know what they're doing with it.
• 53:00
  We can kind of speculate what the Kingdom of Bhutan is doing.
• 53:02
  They're probably locking in some games here, but we have no idea
• 53:07
  what SpaceX is doing. Are they consolidating into new
• 53:09
  wallet? Maybe they're updating their
• 53:12
  cold storage setup? Maybe, You know, Elon Musk came
• 53:16
  out, said some nice things about Bitcoin and then he's logging in
• 53:19
  these games. Who knows?
• 53:20
  We have no clue what's going on. All we do now is they just moved
• 53:23
  $250 million a Bitcoin. I think a lot of people are
• 53:26
  panicking and they're like trying to connect this to why
• 53:30
  the Bitcoin price went down South speed running through it.
• 53:33
  I'm not going to play this whole clip.
• 53:35
  I'm I'm going to just kind of take, you know, TFT CS word
• 53:38
  here. But Fed Governor Waller, as I
• 53:40
  was telling you guys yesterday, was that yesterday?
• 53:45
  Yeah, yesterday there is a payment innovation conference
• 53:49
  currently going on at the Fed. It's being streamed and the open
• 53:53
  opening remarks are very interesting.
• 53:55
  Remember I was showing you guys what guys what the talks are
• 53:59
  kind of titled and headline at this payments innovation
• 54:02
  conference. I was kind of, you know,
• 54:04
  disparaging the fact that they, they're always talking about
• 54:07
  payments and cryptocurrencies and, and, you know, digital
• 54:10
  assets as payments and, and tokenized securities and all all
• 54:14
  this nonsense outside of Bitcoin.
• 54:16
  But we did get this kind of interesting quote.
• 54:19
  So from the opening remark, we had fed Governor Waller say DOTS
• 54:24
  or distributed Ledger technology, AKA, you know, what
• 54:28
  the, what the politicians and, and the suits like to call
• 54:31
  Bitcoin. So DOTS and crypto assets are no
• 54:34
  longer on the fringes. They're now woven into the
• 54:37
  fabric of the financial system. Actually, let's see.
• 54:40
  Let me let me just play this since I didn't load it.
• 54:44
  Good to see. Well, we'll hear a little bit
• 54:45
  and then and then. Good morning.
• 54:47
  I'll stop it. All right.
• 54:49
  Well, thank you, Susan and good morning to.
• 54:51
  Everyone, are you guys hearing my pleasure?
• 54:52
  Welcome you to the Federal Reserve Board.
• 54:54
  Well, we're here now. First pass 11.
• 54:56
  My objective in creating this conference is twofold.
• 54:59
  First, I wanted to have a conference that focused on the
• 55:01
  new technologies that had come from the Defy and crypto world
• 55:04
  and how they are entering into the mainstream payments
• 55:07
  ecosystem. My goal is to have a vibrant
• 55:09
  discussion about payments between traditional payment
• 55:11
  incumbents and the new entrants from the Defy world.
• 55:14
  Second, I wanted to send a message that this is a new era
• 55:16
  for the Federal Reserve in payments.
• 55:18
  The Defy industry is not viewed with suspicion or scorn.
• 55:21
  Rather, today you are welcome to the conversation on the future
• 55:24
  of payments in the United States and on our home field, something
• 55:28
  that would have been unimaginable a few years ago.
• 55:30
  My view for the Fed from now on is embrace the disruption, don't
• 55:33
  avoid it. As you know, we are well into a
• 55:36
  technology driven revolution in payments and I'm here to say
• 55:39
  that the Federal Reserve intends to be an active part of that
• 55:40
  revolution. A number of technological
• 55:43
  advances are transforming the payment system, stable coins and
• 55:47
  tokenized assets, making use of distributed Ledger technology,
• 55:50
  the rapid adoption of artificial intelligence, AI, and
• 55:53
  increasingly the convergence between these innovations and
• 55:57
  the traditional financial ecosystem.
• 55:59
  This includes the institutions and infrastructure that our
• 56:02
  economy has long depended on to operate a safe and efficient
• 56:05
  payment system. And yes, this also includes the
• 56:07
  Federal Reserve. The revolution in transforming
• 56:10
  payments is demanding change everywhere.
• 56:12
  And I will say more in a moment about some new ideas that the
• 56:14
  Federal Reserve is studying to support those innovations.
• 56:18
  I have spoken before of what I see as the 2 broad models of
• 56:20
  payments innovation in our market economy.
• 56:23
  The 1st is private sector driven innovation.
• 56:26
  Most innovation comes from the private sector, which is
• 56:29
  motivated and best positioned to allocate resources and take risk
• 56:32
  with new technologies. The second model is when public
• 56:36
  sector entities such as the Fed build platforms and provide
• 56:39
  services that enable that enable the private sector to more
• 56:42
  readily and rapidly expand new services to its customers.
• 56:46
  This should be done rarely and in limited circumstances where
• 56:48
  it addresses a specific market need.
• 56:50
  The posture of public institutions, including the
• 56:53
  Federal Reserve, should be to acknowledge and embrace private
• 56:56
  sector innovation that can improve the payment system while
• 56:58
  preserving its safety and stability, which are as
• 57:01
  essential to the new generation of innovation innovators as they
• 57:04
  are to legacy institutions. Now let me pull back a moment
• 57:08
  and remind everyone how we got here.
• 57:10
  Since nearly its founding, the Federal Reserve System has
• 57:12
  worked to facilitate payment and settlement system efficiency
• 57:15
  alongside the private sector. From the beginning, the clearing
• 57:18
  services provided by the Reserve Banks obviated the need for
• 57:21
  daily movements of cash and armored cars with heavily armed
• 57:24
  guards. Long before we started Speaking
• 57:27
  of the payment rails that are facilitating the kind of
• 57:29
  innovation we're discussing today, the Fed. the Fed was
• 57:32
  running trains on steel rails to deliver and clear paper checks
• 57:36
  travelling across the country. Fed Wire began conducting
• 57:39
  interbank transfers through Telegraph wires in the early
• 57:42
  20th century. Fast forward today, where we
• 57:44
  have multiple infrastructures that settle interbank transfers
• 57:47
  in real time. Today's conference will focus on
• 57:50
  private sector driven innovation.
• 57:52
  We have assembled 100 private sector innovators who are
• 57:54
  leveraging cutting edge technology to create new
• 57:57
  possibilities in the payments landscape.
• 57:59
  Our panelists are engaging in integrating traditional
• 58:01
  financial payment rails with distributed ledgers, developing
• 58:05
  a new developing new products and services in the digital
• 58:07
  asset ecosystem, and leveraging AI in the payment system.
• 58:11
  It's worth noting that the firms engaged in these activities
• 58:14
  include banks, asset managers, retail payment firms, technology
• 58:17
  companies, as well as crypto native fintechs.
• 58:20
  This is an acknowledgement that distributed ledgers and crypto
• 58:22
  assets are no longer on the fringes, but are increasingly
• 58:25
  woven into the fabric of the payment and financial system.
• 58:30
  OK, All right. Well, I don't know.
• 58:34
  I it's. Kind of a nothing burger.
• 58:36
  It's kind of, it's kind of giving me nothing.
• 58:42
  I'm disappointed in you, Sir. I'm not surprised at all.
• 58:47
  Yeah, I'm not surprised that the Fed governor is disappointing
• 58:50
  us. So, you know, whatever.
• 58:52
  Same thing, different day I guess.
• 58:54
  I mean, but guys, did this not literally confirm exactly what I
• 58:58
  said yesterday when I just read the headlines of what is going
• 59:00
  on? They're like, yeah, we got to
• 59:02
  update the payment system. We got to use distributed Ledger
• 59:05
  technology and block my blockchain.
• 59:09
  Hey, look, I guess, I guess we got to the stage where the Fed
• 59:13
  is using buzzwords, but this is this is just reminding me of
• 59:20
  the, you know, they're being like, hey, hey, fellow fellow
• 59:23
  children, like I'm here enjoying the fun.
• 59:27
  OK, All right. We've still got a long ways to
• 59:29
  go here in regards to, I thought we.
• 59:33
  Were going to talk about changing the world and stuff.
• 59:36
  No, no, just payments, man. We're here to change payments.
• 59:40
  Who's going to tell him that Bitcoin already fixed this?
• 59:44
  Who's going to tell him? Yeah, well, hey, Ron shouts out
• 59:49
  Ron P in the chat. He goes, what he said is exactly
• 59:51
  what pushed the price to 114 grand today.
• 59:54
  So yeah, there's a hey, man, dude, if they if they start
• 59:57
  talking positively and and the price goes up, I guess I'm all
• 1:00:00
  for it. OK, It's the thing.
• 1:00:01
  It's like it's not even. I mean, do people perceive this
• 1:00:04
  as a positive comment? I mean, I, I guess, I guess, you
• 1:00:09
  know, the people that, you know, still, still have faith in the
• 1:00:16
  system are like, yeah, they're embracing new technology.
• 1:00:20
  They're, they're updating their payment system.
• 1:00:22
  This is great. Bitcoin is going to win.
• 1:00:24
  No, to be honest, everything I got from that is they're coming
• 1:00:28
  for your Bitcoin and they're going to make a CBDC like
• 1:00:31
  that's, that's kind of, that's essentially what I got from
• 1:00:36
  those comments. Yeah, yeah.
• 1:00:39
  All this tokenization, stable coin, yadda yadda yadda.
• 1:00:45
  Like what does that do for you and me?
• 1:00:47
  What does that do for the common person who can't afford a home
• 1:00:51
  right now, who's drowning in inflation?
• 1:00:54
  It it does absolutely nothing. That's what it does.
• 1:00:58
  They're saying they're quote UN quote, moving away from
• 1:01:01
  Treasuries. But what backs up these stable
• 1:01:04
  coins? Opti.
• 1:01:09
  I could back it up. I'm in the gym.
• 1:01:11
  I'm getting cooked in the gym by cell I I.
• 1:01:13
  No, no, it was like that was me like handing you the microphone.
• 1:01:16
  Oh, I thought you said I'm backing them up like.
• 1:01:19
  Like no bro like answer the question.
• 1:01:21
  Nothing. Yeah, nothing.
• 1:01:22
  Nothing. Nothing.
• 1:01:23
  The answer is nothing. Yeah, hey, they they got to get
• 1:01:28
  in the 21st century here and they got to update their
• 1:01:30
  payments. Man, it, it's literally it, it's
• 1:01:36
  literally like clockwork when you understand what like what
• 1:01:41
  they, how they want to control the narrative, you can pretty
• 1:01:44
  much predict what they're going to say though that one line of
• 1:01:48
  them kind of saying they can't ignore this anymore.
• 1:01:52
  And so I think that is kind of the signal here.
• 1:01:55
  They obviously cannot ignore what's going on in Bitcoin any
• 1:01:57
  longer. We are, you know, we were
• 1:02:00
  basically a 2 1/2 trillion dollar asset.
• 1:02:02
  Everyone and their mother is getting into Bitcoin.
• 1:02:05
  All the big boys are in Bitcoin. The president is in Bitcoin of
• 1:02:09
  the United States. You know the the second, or
• 1:02:11
  maybe the real president, Larry Fink, is in Bitcoin.
• 1:02:16
  The president's a whale. Don't forget that Donald Trump
• 1:02:20
  was recently reported to be 1 of Bitcoin's biggest whales.
• 1:02:23
  Yeah, so. And there's rumors that Baron is
• 1:02:26
  doing some stuff here and there, so I'm not even going to talk
• 1:02:29
  about that. Baron's a baron's kind of the
• 1:02:32
  go. Yeah, but we don't.
• 1:02:33
  Baron's got aura. Yeah, yeah, he.
• 1:02:37
  Does he's a his mother's a supermodel.
• 1:02:39
  Your dad's the billionaire president.
• 1:02:41
  You're 19, you're 19 and you're already worth 150 million.
• 1:02:47
  Like yo Baron when? When can Baron run for
• 1:02:49
  president? OK anyways, anyways and.
• 1:02:54
  You told me to censor that. That's not.
• 1:02:57
  Crazy. I'm not saying anything crazy.
• 1:03:00
  I'm a I'm yeah. That wasn't crazy.
• 1:03:03
  That was, that was. That was vanilla.
• 1:03:04
  That was. That's a loud.
• 1:03:06
  Yeah, that's totally loud. Anyways, let let's, let's wrap
• 1:03:08
  the show and we're, we're, we'll be, I'll be right back in a
• 1:03:12
  little bit. I want to give a shout out to
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  our partner Hive Digital Technology.
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  digitaltech.com. I want to give a shout out to
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• 1:05:16
  Oh man, I, I guess I really kicked a, a hornet's nest with
• 1:05:24
  all right, anyways, anyways, let's let's get to.
• 1:05:27
  So guys, if you were here yesterday, you guys know, we, we
• 1:05:32
  were having some issues with our streaming platform and I had to
• 1:05:35
  literally like the last minute streamed through OBS and, and
• 1:05:40
  you know, that's open source software and that was what was
• 1:05:44
  capable of, of keeping the show going yesterday.
• 1:05:47
  And even YouTube was acting up like our slack was acting up
• 1:05:50
  basically like half of the Internet was broken yesterday
• 1:05:53
  and it was because of AWS being down.
• 1:05:57
  And if you don't know what AWS it is, Amazon Web Services and
• 1:06:01
  it's basically like cloud computing that like basically
• 1:06:05
  everything uses it. It was like, no joke, half of
• 1:06:08
  the Internet was down yesterday because AWS was down.
• 1:06:11
  I know when I, I think they were still figuring it out.
• 1:06:13
  And I, I went home and I was like, all right, I'm, I'm
• 1:06:15
  cooking some food and I wanted to stream something while I was
• 1:06:18
  cooking some lunch and it like wasn't working for like 5-10
• 1:06:21
  minutes. And then it finally came up.
• 1:06:23
  Anyways, here is kind of the breakdown of it.
• 1:06:26
  And I'll show you some of the companies sell Amazon Web
• 1:06:28
  Services and massive AWS outage early yesterday morning sent
• 1:06:33
  major websites and apps down for several hours tracking site
• 1:06:37
  down. Detector has received over 8
• 1:06:39
  million reports around the globe.
• 1:06:41
  Dude, literally like half the Internet was down.
• 1:06:44
  I, I forget who it was, but I know Ruston was telling me that
• 1:06:50
  he was was at the school that his wife was working at.
• 1:06:54
  And he's like, dude, the school wasn't working.
• 1:06:57
  Bryson, our, our Twitter guy, he was telling us that at school
• 1:07:01
  that he was at because he's still in college.
• 1:07:03
  He, he won't, he won't, we haven't convinced him to quit
• 1:07:06
  yet. He's like, dude, literally like
• 1:07:10
  there's no school right now 'cause everything is using AWS.
• 1:07:14
  So like, no joke, like half the Internet was down yesterday
• 1:07:18
  because of this AWS outage. And you can see some of the,
• 1:07:21
  some of the, you know, big companies Snapchat, of course,
• 1:07:25
  Amazon, Venmo, Instacart, Reddit boost what a Pinterest, Robin
• 1:07:29
  Hood, FanDuel. I know, I know you guys trying
• 1:07:32
  to gamble yesterday it wasn't working Ring, Apple Music, AT&T,
• 1:07:36
  New York Times, T-Mobile, Zoom, Microsoft, Adobe cloud.
• 1:07:41
  Actually, it it was working for me yesterday, but our slack was
• 1:07:45
  having trouble. Our streaming software wasn't
• 1:07:48
  working yesterday. And literally like, I didn't
• 1:07:51
  even think about it afterwards, but open source software
• 1:07:54
  literally saved us yesterday. So that that was the only thing
• 1:07:57
  that literally saved us to keep the show going, which is really
• 1:08:00
  the best segue into this tweet here by Cameron Winklevoss.
• 1:08:04
  And he goes, one company, Amazon is down.
• 1:08:08
  So the Internet is down. This illustrates the importance
• 1:08:11
  of decentralization. I would add open source
• 1:08:13
  software, whether you're talking about Internet apps or money, it
• 1:08:17
  is crucial. And and this is kind of what we
• 1:08:20
  are seeing right now where as we are in this, as Nico likes to
• 1:08:25
  call it, you know, the disintermediation of
• 1:08:27
  information, the disintermediation of media.
• 1:08:31
  We're entering or as like Bellagio he's been talking about
• 1:08:33
  for a while, this idea of moving from a centralized world to a
• 1:08:37
  decentralized world or the state versus the network.
• 1:08:42
  You're seeing that these kind of scenarios happen like far too
• 1:08:46
  often. The Internet as we know it and
• 1:08:48
  our money, of course, like the Fed, you know, they, the central
• 1:08:52
  banks around the world control Bitcoin and Bitcoin is open
• 1:08:55
  source software and it's a network.
• 1:08:56
  It's run by every single one of us.
• 1:08:58
  It's decentralized. Like there's actual meaning to
• 1:09:00
  the the word decentralized when we talk about it in Bitcoin, it
• 1:09:04
  was running, you know, like, like obviously not all of the
• 1:09:07
  Internet was down yesterday, but a huge portion of it was down
• 1:09:10
  yesterday because there was, you know, this single point of
• 1:09:13
  failure that is AWS in cloud computing.
• 1:09:16
  And literally we got saved by open source software yesterday
• 1:09:19
  to stream to you guys a show. But this is just highlighting a
• 1:09:23
  lot of what's going on right now.
• 1:09:24
  We are moving from a centralized world to a more decentralized
• 1:09:28
  world. And that does bring a lot of
• 1:09:29
  chaos to it and that does bring a lot of uncertainty and, and
• 1:09:33
  really like no idea where we are going, but you know,
• 1:09:36
  decentralized money, open source software, it's here for us and
• 1:09:41
  it's saving the day. So you know, W2 OBS might.
• 1:09:46
  Just be. Might be something that's
• 1:09:47
  catching on. Yeah, no, it's funny because I
• 1:09:49
  saw someone who's like an altcoin account or whatever
• 1:09:53
  tweet, like came across my timeline, like basically every
• 1:09:59
  altcoin is on AWS. And I was like, yeah, homie,
• 1:10:05
  like that. Is that like, are you getting it
• 1:10:08
  now? Do you understand?
• 1:10:10
  Yeah, exactly. So ETH was down, Solana was
• 1:10:13
  down. That's why it doesn't work,
• 1:10:15
  people. Are like but it pumps so much
• 1:10:18
  more than Bitcoin. It's like first of all that's
• 1:10:20
  not true and second of all but like it doesn't work long term.
• 1:10:26
  There will never be global adoption of these alt coins.
• 1:10:29
  You are literally just gambling your money away.
• 1:10:33
  Yeah, yeah, I mean, sorry, sorry, I'm dude messing things
• 1:10:38
  up over here. It sounds like SB should use a
• 1:10:40
  decentralized network. Guys, we are well, we're not
• 1:10:44
  there's no decentralized YouTube or I mean, we're on Rumble.
• 1:10:47
  Maybe we just we we try to diversify.
• 1:10:50
  We we try to diversify our, you know, our streaming platforms.
• 1:10:54
  I know that's not decentralization per SE, but
• 1:10:58
  like what bit shoot or something?
• 1:10:59
  They don't have a shit coin. And it's just like, hey, look, I
• 1:11:02
  don't think we're necessarily moving to a world that is
• 1:11:05
  completely decentralized. I don't think everything needs
• 1:11:09
  to quote on quote be decentralized.
• 1:11:11
  I don't think we need decentralized apps.
• 1:11:13
  Everything needs a block. Yeah, exactly.
• 1:11:16
  But we are moving towards a world where you do have the
• 1:11:21
  option to do that. And I do believe there should
• 1:11:23
  be, you know, some sorts of decentralization because as
• 1:11:27
  we've seen with our money, with the Internet, with our
• 1:11:30
  information, a lot of these things have become centralized
• 1:11:34
  and they are honeypots and they are single points of failure.
• 1:11:38
  Now, does that mean everything needs it?
• 1:11:40
  Like is that a decentralized all the things?
• 1:11:42
  Like no. But as we're seeing the there's
• 1:11:46
  very real kind of problems to the centralized world that we
• 1:11:52
  live in, you know, all our information in one area, the
• 1:11:55
  Internet basically all being run on AWS, obviously decentralized
• 1:12:00
  money and a small group of people controlling your money.
• 1:12:03
  Like there is a real need for decentralization and it's
• 1:12:06
  happening in real time. And you know, like I was saying,
• 1:12:08
  it's just a shouts out. Yeah.
• 1:12:10
  And of course Bitcoin needs to be decentralized.
• 1:12:13
  Like I don't think I need to say that you know the point out the
• 1:12:15
  obvious. But the the theory in the
• 1:12:18
  sovereign individual that eventually, you know, most
• 1:12:22
  important things anyway will be decentralized and we will all
• 1:12:26
  kind of have to compete in, you know, this market to see which
• 1:12:32
  one is the best form of decentralization or.
• 1:12:35
  Yeah, yeah. I mean it's really more I that
• 1:12:38
  that could be part. I haven't read the Sovereign
• 1:12:40
  individual in a in a couple of years, but I usually take it
• 1:12:45
  more as like the main thesis is this idea that like as a
• 1:12:49
  sovereign individual, you will move to, you know, a place that
• 1:12:53
  is more favorable to you. But I, I'm pretty sure there is
• 1:12:56
  some decentralized like, you know, decentralize all the
• 1:12:59
  things in there. But I I think.
• 1:13:01
  That's the only way that people can truly become sovereign,
• 1:13:04
  right, 'cause if you're decentralized, then you're not
• 1:13:09
  depending on like a single point of failure in one person to
• 1:13:12
  control everything that you're using.
• 1:13:14
  Cause you know, we've already decentralized the two most
• 1:13:18
  important things, which is money and information.
• 1:13:22
  And the information part, we're still seeing the ramifications
• 1:13:26
  of that. So and, and both have afforded
• 1:13:30
  people true wealth and sovereignty.
• 1:13:33
  So I think, I think it kind of does fit in there.
• 1:13:36
  Yeah, I think. I think maybe I need to rehash
• 1:13:38
  my sovereign into it. I haven't read it in a while,
• 1:13:40
  but. It's just my analysis, I mean I
• 1:13:43
  could be wrong. What?
• 1:13:45
  What do you I'm just a girl. I don't know, I'm just a girl
• 1:13:51
  though though with this this conversation, it does bring up
• 1:13:55
  the idea of like, even though we are moving towards a
• 1:13:59
  decentralized world. I don't necessarily think that
• 1:14:02
  like, like I was saying, everything needs to be
• 1:14:04
  decentralized. I, I think there is, you know,
• 1:14:07
  some use case to some things being centralized and you know,
• 1:14:10
  like I, I'd want to say control, but that's not the right word
• 1:14:15
  and everyone's going to freak out at me when I say that.
• 1:14:17
  But like there is some use cases for, you know, like certain
• 1:14:20
  corporations and stuff, you doing things the best and like
• 1:14:24
  everything doesn't need to be decentralized though.
• 1:14:26
  I am hearing my boys over at the Bugle basically say, you know,
• 1:14:30
  the UX. What do they always say?
• 1:14:32
  Like the UX won't be good for the revolution or something like
• 1:14:36
  that? And that's kind of where I'm
• 1:14:38
  going. Like a lot of decentralized apps
• 1:14:40
  aren't really that good. I like the theory and and the
• 1:14:43
  promise of them, but they they just don't beat the the
• 1:14:46
  quickness and the stability of some centralizing.
• 1:14:49
  So I'm, I'm, I'm kind of, I think in the middle of like, I
• 1:14:52
  think there will be this world where there is a lot of
• 1:14:54
  decentralized possibilities, but they're also, you know, we'll,
• 1:14:59
  we'll be in symbiotic with the centralized kind of.
• 1:15:01
  At the very least, I think decentralization plays like this
• 1:15:06
  wall right between like what you can personally protect in terms
• 1:15:13
  of like intellect and wealth. And then the centralized stuff
• 1:15:17
  is like what you can use out like to to, you know, have your
• 1:15:21
  convenience or whatever, but like the base layer of.
• 1:15:24
  Society. Will will become like
• 1:15:27
  decentralized itself. So I, I agree with you.
• 1:15:30
  It is kind of like this mix and the mix will be that you know,
• 1:15:34
  we'll, we'll be able to keep some set the the central, the
• 1:15:38
  centralized things will have to depend on the veracity of the
• 1:15:43
  decentralized things. OK, wow, Sophie's using multi,
• 1:15:48
  multi syllable words on it on the show today at least.
• 1:15:51
  At least you're not saying crazy things today.
• 1:15:53
  She's she's upped her vocabulary.
• 1:15:55
  Bro. I want to say no, no, no, you're
• 1:15:58
  muted. You're muted.
• 1:15:59
  She's done, she's done. We have finished the show.
• 1:16:04
  I do not want to go back and edit stuff today.
• 1:16:06
  Anyways, guys, that's the show for today.
• 1:16:10
  The internet's working, Restream's working back on us,
• 1:16:13
  so we'll be back tomorrow, probably around 12:30-ish.
• 1:16:19
  Actually. You guys can blame Sophie for
• 1:16:21
  the really late times this week. This is true.
• 1:16:24
  This is true. I had to do my hair yesterday.
• 1:16:27
  Today I didn't have to do my hair, so that was a time saver.
• 1:16:32
  Yeah, so it's not my fault, guys.
• 1:16:35
  I'm not, I'm not the one pushing back the time.
• 1:16:38
  It's her fault. OK, it takes a long time to look
• 1:16:43
  semi decent for the great. Big brain selfie.
• 1:16:47
  Big brain selfie. Of simply Bitcoin.
• 1:16:49
  Yeah, yeah, yeah. Look, it's not Latino time, it's
• 1:16:52
  Latina time. That's what we're on the blame
• 1:16:55
  her. It's her fault.
• 1:16:56
  OK, guys. Anyways, we will be back
• 1:16:58
  tomorrow. We love you guys.
• 1:16:59
  We appreciate you guys. And of course, pick up some of
• 1:17:01
  the new merch. I'm I'm rocking it.
• 1:17:03
  Go to simplybitcoin.com. I think slash merch.
• 1:17:05
  And yeah, we'll be back tomorrow, man, I love you guys.
• 1:17:09
  I appreciate you guys. Thank you for trolling me in the
• 1:17:11
  chat. Means the world to me.
• 1:17:13
  And we'll be back tomorrow for another show of Simply Bitcoin
• 1:17:19
  Live. Today's episode was brought to
• 1:17:22
  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:17:26
  mission to enable financial independence.