Latest / Simply Bitcoin / 4M Companies just FORCED To Adopt Bitcoin?! | EP 1464

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4M Companies just FORCED To Adopt Bitcoin?! | EP 1464 · Simply Bitcoin

0:02
The same guy who recently called out Coinbase over Bitcoin taxes
0:06
just made an interesting and huge move that most people
0:10
aren't paying attention to. Jack Dorsey.
0:13
Square is rolling out Bitcoin payments by default for
0:17
4,000,000 companies and merchants.
0:20
Instead of asking for permission from the government, he just
0:24
went out and told everyone who uses Square, you will now use
0:29
Bitcoin. We may be in a bear market, but
0:32
this is the first time in Bitcoin's history where we've
0:35
been down 50% in a bear market. And we have billionaires like
0:39
Sailor and Jack Dorsey going all in, building Bitcoin products
0:44
for the next move up, the next level in Bitcoin adoption.
0:50
This one is, in my opinion, a a huge move.
0:53
We've been talking about Bitcoin adoption, Bitcoin circular
0:57
economies, Bitcoin being used as money for the entire existence
1:01
of Bitcoin. And in the last couple of
1:04
months, last couple of weeks in particular, we have been hearing
1:08
a lot about regulations, regulatory clarity going to the
1:12
politicians on, you know, bended knee and asking for their
1:16
permission. Well, Chuck Dorsey, true to the
1:19
cypherpunk ethos of Bitcoin, just did the exact opposite.
1:23
He just basically ninja launch Bitcoin to every single person
1:29
that uses a square merchant app. So before I get into it, let's
1:33
just play this clip. This is kind of the square ad
1:38
for these Bitcoin payments. I'll breakdown the history of
1:41
this rollout and then why this is such a huge.
1:45
Move. Here we go.
1:52
Bitcoin can help diversify how you spend, save and invest in
1:56
your business, especially when every swipe of a credit card
1:59
eats away at your bottom line. Let's say you run a local
2:02
grocery chain. Most purchases are small, like a
2:04
bag of produce or a gallon of milk, so credit card fees start
2:08
to add up fast. But Square.
2:10
You can now accept Bitcoin with zero payment processing fees, no
2:14
chargebacks, and your instant access to funds.
2:17
And you choose how money settles into your account, whether in
2:20
USD or Bitcoin, instantly and right from your Square
2:23
dashboard. Whether you're aiming for short
2:26
term goals or planning for the long haul, you can automatically
2:29
convert a percentage of your daily card sales in a Bitcoin.
2:31
No extra steps, no added complexity.
2:34
It's a smart, seamless way to build savings in the background,
2:37
all while keeping your day-to-day cash flow
2:39
predictable. And when tax time comes, you'll
2:42
get the paperwork you need right when you find your reports and
2:44
bank statements. Bitcoin is just another way for
2:47
you to take control of how your business makes and spends money.
2:51
Enable Bitcoin payments and conversions in your Square
2:54
dashboard. Head to squareup.com/bitcoin to
2:57
learn more. So this rollout guys, had been a
3:04
long time coming. Jack Dorsey, of course, Twitter
3:09
founder, ex CEO, finally left Twitter.
3:14
Elon Musk took over Twitter and ever since that moment, Jack
3:18
Dorsey has been going all in on Bitcoin, various different
3:22
products. You know, he's got cash app
3:24
where you can buy Bitcoin easily.
3:26
He's got proto mining where they're making mining chips.
3:29
Of course, he has Square app, a merchant processing a point of
3:33
sale service that now is it's a Bitcoin service, it's a Bitcoin
3:39
point of sale. No longer do you have to get a a
3:41
specific product just for Bitcoin.
3:44
Add more friction to your point of sale to your business, to
3:48
your small business. It's just in there.
3:51
It's just it's going to be by default now.
3:53
Now this has been as I've been saying a a slow roll out.
3:58
It has been coming for a while. Here I am on square.com/bitcoin.
4:03
So if you are a merchant or if you already using Square, you
4:08
can do this today. But it has been optional.
4:11
And I think that's the big difference here where you had to
4:14
opt into this offer, you had to opt in to use Bitcoin.
4:18
And we all know for most people, it's just easier to use a credit
4:22
card. It's easier to use cash.
4:23
I mean, a lot of people don't even use cash anymore.
4:27
So maybe it wasn't that big of a move.
4:29
You just had to, you know, basically toggle a button and
4:33
you can see the numbers here on Square.
4:35
The again, Square, it's squareup.com.
4:37
You can type in square.com/bitcoin, but you can
4:40
see here these are the numbers up until now.
4:44
So 12% of sales are set aside by participating Square sellers for
4:47
automatic Bitcoin conversion. So you know about 10% of all
4:51
money coming in is has been converted into Bitcoin and then
4:55
29 percent, 29.2% of Square sellers are exploring Bitcoin
4:59
conversions for the business savings.
5:02
So as of now, it seems only 29% of the Square merchants are even
5:08
considering using Bitcoin at all or toggling on this feature.
5:12
Of course, they did say 89% of interested Square sellers plan
5:16
to use Bitcoin as long term savings account.
5:19
So we've seen a slow progression of people opting into Bitcoin,
5:24
but this next move that is rolling out by default for
5:27
everyone is going to be I think a no brainer for most merchants.
5:33
Again, a lot of the merchants that are using this are small
5:36
businesses. I'm sure if you go out in your
5:39
day-to-day to day life, you look at the different.
5:42
I, I mean, maybe it's just 'cause I'm like a, a, a Bitcoin
5:45
nerd now, but I, I'm always taking a look at the point of
5:48
sale devices that they have. I remember there's like the
5:51
Verifone, there's some other garbage ones.
5:53
And then when I see the square one, I'm like, OK, cool.
5:56
Usually it's probably in a little more trendy coffee shops
5:59
and stuff like that. But then you're just like, OK,
6:02
you know, 1 less step for becoming a Bitcoiner.
6:05
Now this just really came out silently.
6:10
It wasn't a really big announcement because if you've
6:12
been following along the Bitcoin space, if you've been following
6:15
along what Jack Dorsey's been doing, oh, I forgot bit key.
6:18
Of course, you know, also the creator of the bit key, one of
6:20
our partners. So Jack Dorsey's been doing a
6:23
lot to really go all in on Bitcoin.
6:25
It seems like he has dedicated his life now to the adoption of
6:30
Bitcoin, to using Bitcoin as money.
6:32
He's been very famously said for a long time that we live in an
6:35
Internet digital world and the Internet needs a digitally
6:39
native money, which is of course, Bitcoin.
6:42
So this popped up on Twitter and you can see here huge news and
6:48
it really just came in an e-mail for Square merchants.
6:51
It was just, hey, we're going to change some of the terms of
6:53
services here starting On this date.
6:56
You won't even really know a difference, but now it's by
6:59
default. So here we go.
7:01
Here's the official e-mail that everyone saw that was
7:04
circulating. We're writing to let you know
7:06
about some changes to squares term of service and privacy
7:09
notice, which will become effective on April 16th, 2026,
7:13
except as otherwise communicated below.
7:16
And this is the part for us Bitcoiners where we're like, oh
7:20
wow, just literally like I said, Ninja launching Bitcoin payment
7:24
by default in all Square merchants no longer do you have
7:28
to really opt into it. It's going to auto enable.
7:32
So we got, we've updated the Square Bitcoin terms of
7:35
services, which will become effective on March 30th.
7:37
So in about 11 days. This is official where you will
7:42
be auto enable. Well, we will auto enable square
7:45
Bitcoin payments for all eligible sellers.
7:47
So auto enabled, it's already automatic.
7:51
It's going to be on square Square merchants.
7:54
And to make this even more interesting for the Bitcoin
7:57
space, for all of us Bitcoiners out here that have been talking
8:01
about the circular economy, Bitcoin being used as money,
8:05
Bitcoin needing that next phase of adoption, most likely coming
8:10
through payments. And you know, for better or
8:12
worse, we've seen that stablecoins have really taken
8:15
the, the heat away, the, the, the light, the highlight away
8:20
from Bitcoin as payments. But now we're starting to see
8:24
like Jack Dorsey's doing, and I'm sure others will follow
8:27
soon. But if not, Jack Dorsey is just
8:29
going to lead the way single handedly on this.
8:31
It's just going to be by default and further, it's not just going
8:37
to be on chain Bitcoin payments, if you look into it, they will
8:42
be using Lightning payments as well.
8:44
So they're going to be using Lightning.
8:46
It's going to be rolled out to 4 million.
8:48
And and that 4,000,000 number is, you know, I was looking at
8:52
how many Square merchants there are and I couldn't get an
8:56
official number, but the rough estimate is if there's about
9:00
4,000,000 Square merchants out there.
9:02
So, you know, just for headline purposes, for all intent and
9:06
purpose, 4 million small businesses and companies will
9:10
now be able to take Bitcoin as payments without having to do a
9:14
thing. And then I went further and I,
9:17
you know, asked AII, did a little Google search.
9:20
And again, Square is a private company, so or rather they're
9:25
public company, but they don't release this information.
9:27
So the best guesses that we can make is that about 10 million
9:32
people will now be using Bitcoin or have the potential to be
9:35
using Bitcoin. Bitcoin at these 4 million
9:37
merchants, though that number is, is a lot more muddy than
9:42
that 4,000,000 number. That's like a pretty good guess.
9:45
You could say that for every merchant, they could be, you
9:49
know, 1-2, who knows, 10 people that will go there and see
9:54
Bitcoin and want to use Bitcoin. So again, it no longer has to
9:58
have the obstacles, the hurdles to pay for Bitcoin.
10:01
Now, obviously there still are some hurdles in regards to using
10:06
Bitcoin as money, particularly in the US, which is the whole,
10:10
you know, de minimis tax and capital gains tax and, and how
10:14
Bitcoin is being treated. Though we are starting to see
10:17
from some agencies, they are starting to at the very least
10:21
start to recognize that they need to update how they handle
10:25
and how they deal with Bitcoin. And we haven't seen any really
10:29
big news on that. Yesterday we did talk about the
10:31
SEC and CFTC. They're starting to come around
10:34
to this idea of Bitcoin being a commodity.
10:37
I'm sure we'll see, hopefully at least this is like the big hope
10:41
we'll see something come out of Washington, DC from the federal
10:44
level in regards to hopefully a de minimis tax, preferably a no
10:50
capital gains tax on Bitcoin. But that is where if you've been
10:55
following along on this saga for the last couple of weeks, where
10:58
it does get super interesting because excuse me, as I
11:01
mentioned, you know, Jack Dorsey was one of the big names.
11:05
Hold on. Sorry guys, I ate a muffin.
11:08
Before the show and it. It's like stuck in my throat
11:11
anyways. This does bring in, as you as
11:15
we've been covering Jack Dorsey's push for the de minimis
11:19
tax break on Bitcoin. Obviously there's a lot of sound
11:24
bites. There's a lot of quotes of Jack
11:26
Dorsey not only saying Bitcoin is money, but that he thinks the
11:31
biggest thing that us bit corners need to be doing is
11:36
ushering Bitcoin in as a payment vehicle using Bitcoin as money.
11:41
It's that's the move. I've been saying it on the show
11:44
as well. Obviously, you guys know me.
11:47
I am a number go up Maxi. You know I'm a I'm a bull tard.
11:52
I do a little bit of TA just for for just for the jokes, because
11:57
if people are going to use a money, obviously as we are been
12:01
covering the last couple of days and further, as we've been
12:03
seeing with the continued war or operation or mission in the
12:08
Middle East, energy prices are going crazy.
12:11
I'm not going to cover what's going on in the oil.
12:13
I might do that tomorrow. I really wanted to do to do a
12:16
good job. So I might cover that tomorrow
12:19
for you guys. But the short of it is with this
12:22
war going on in the Middle East, with the new escalation of this
12:30
energy war going on, the attack on oil infrastructure in the
12:34
Middle East, we are starting to see oil go skyrocket.
12:39
There's a huge difference between oil being priced in the
12:42
US and oil being priced across the globe.
12:44
And a lot of people, if you've been reading the headlines, the
12:47
corporate press, they have been using this idea that, you know,
12:52
inflation caused because of this oil chaos going on.
12:57
You're starting to see that inflation is becoming one of the
13:01
hot terms right now. Obviously, I believe that
13:04
inflation is caused by them expanding the money supply.
13:06
But that also adds into the war in the Middle East.
13:09
I don't know if you guys saw yesterday, but apparently the
13:12
Pentagon is asking for 200, two, $100 billion to continue the
13:16
war. So where's that money come from?
13:18
It comes out of thin air. They're literally going to print
13:20
the money, which is why I'm always, at least for now,
13:24
saying, hey, the best thing that we need for people is for number
13:28
to go up is for a store value that doesn't get debased because
13:32
you need people to start saving in it, realizing that there is a
13:35
use case for it. But once enough people have
13:38
savings in Bitcoin, the next step, as Jack Dorsey's been
13:41
saying, is people need to use it.
13:43
You want to use your Bitcoin as money.
13:46
Obviously when it comes to money, there's usually this idea
13:51
that there's three phases of money.
13:53
There's the store value, there's the medium of exchange, and then
13:56
finally the unit of account of Bitcoin or of money and Bitcoin.
14:01
This all kind of happens at the same time.
14:03
Number goes up, you use it as a storing vehicle and then you
14:07
probably will use it to buy some things just because it's so
14:10
cool. It's so new, it's so novel.
14:12
You it might not even be big things, you know, you might just
14:15
be doodling on a Lightning forum at where it's a graffiti forum
14:20
like we were doing a long time ago.
14:22
And then eventually everything is priced in Bitcoin.
14:25
But with this move from Jack Dorsey, obviously it still needs
14:29
to be adopted in terms of psychology.
14:32
People need to realize, hey, this Bitcoin is an alternative.
14:36
It's not just this. I don't know, you know, criminal
14:39
money, it's being used everyday. And I know we've been talking
14:44
about recently that Sailor Stretch product seems to have
14:48
found the iPhone moment in regards to digital credit and
14:51
the amount of capital that's flowing into it.
14:54
But we have another billionaire, Jack Dorsey, that is doing
14:57
something very similar. He just launched Bitcoin to
15:01
every single person that uses Square.
15:04
And he's been talking about this for a while now.
15:07
This idea of, hey, you know, the cypherpunk ethos, we don't have
15:12
to ask for permission, just do it.
15:14
Just make it happen. And people will start using
15:17
Bitcoin now in that same term, in that same mimetic of the
15:22
iPhone moment for Bitcoin in terms of the stretch digital
15:25
credit store of value thesis. The real iPhone moment for
15:31
Bitcoin being used as money is, I'm not saying this is it, but
15:34
this is exactly how it happened where you minimize the friction,
15:39
you literally eliminate all of the friction so that people can
15:42
use Bitcoin in their everyday life.
15:45
Now, if this does catch on, if essentially now that it's auto
15:48
enabled, every single one of us goes to whatever our favorite
15:52
coffee shop or wherever they're using a square merchant near
15:55
you. And you can you can check on
15:57
cash app. It does tell you where all the
15:58
Square merchants are around you. It does also tell you where
16:01
Bitcoin is being accepted around you.
16:04
But it this is really a community effort in my opinion.
16:08
Yes, It took Jack Dorsey to come out here and turn Square, a
16:11
payments company, into a Bitcoin company.
16:15
Now literally every Jack Dorsey company is a Bitcoin company.
16:18
He's got Bit Key, a hardware wallet.
16:20
He's got Proto, which is making ASIC chips.
16:23
He's got Cash App, which sells you Bitcoin.
16:26
It custodies your Bitcoin. I mean, obviously you most
16:29
likely want to get that Bitcoin off cash up into your bit key,
16:32
but you know, minimizing friction again, that's that's
16:36
the idea. And now Square Jack Dorsey has
16:39
been saying this for a long time.
16:41
He's like Square is going to become a Bitcoin company and he
16:45
just silently launched it in the e-mail.
16:46
Hey, we're just going to change our terms of services.
16:48
Every single one of you guys can now basically accept Bitcoin
16:52
without doing anything. If all of us go out there and
16:57
when we see someone have a square merchant, instead of
17:00
having to fumble through, oh, the, you know, hey, Bitcoin
17:03
accepted here and you talk to just some, I don't know, some
17:07
waiter at the company and you're the only person to have ever
17:11
used Bitcoin there. And then they got to go to the
17:14
general manager and he pulls out the wallet, Bitcoin wallet.
17:17
And he's like, I don't even know how to use this.
17:19
You know, my boss said he's a Bitcoin guy.
17:22
So now we accept it, but no one's actually asked for this.
17:27
If it's this simple where you know, instead of just being
17:30
like, hey, I'm paying with cash or credit card, you just click
17:35
the Bitcoin button or you say, hey, can I pay in Bitcoin?
17:37
They press the button, it's on their point of sale service.
17:42
You pay in Lightning, it's done, it's over with.
17:46
If all of us do this, where we start seeing Square merchants,
17:50
square point of sale devices, we go in, we pay with Bitcoin, they
17:57
will be incentivized to kind of highlight that a little more.
18:00
They're obviously going to get a break from the credit card fees.
18:05
This is where the snowball starts happening.
18:07
And then I know the idea of capital gains tax.
18:10
Well, you know me, you know, simply Bitcoin.
18:13
We, we do not tell you guys to break any laws, but if enough
18:17
people are using Bitcoin and it reminds me of beauty On's
18:21
article on medium, which I'm, I've loved it.
18:24
I've been reading it for, for years, it's Conway's game of
18:27
life. I, I highly recommend you guys
18:30
go read that. This is where that idea comes.
18:33
If enough people are using Bitcoin in their day-to-day
18:37
life, then every, every concern, every obstacle really goes out
18:42
the window because there's just so much people using Bitcoin
18:46
that it just becomes a normal part of the daily life.
18:49
Remember in the early days of the Internet, it was a cage
18:54
garden. There was this idea, or at least
18:58
this view that, oh, maybe we need to regulate this thing.
19:01
Maybe people need licenses to use this thing.
19:04
And then after a while, it just became so normal that everyone
19:07
started using it. And now we're getting back to
19:09
that point where like, oh, this Internet stuff's going crazy.
19:12
We need to make sure that most people, you know, are of age and
19:16
all kinds of this crazy stuff of trying to KYC the Internet, you
19:21
know, to what's the what's the time is a flat circle.
19:24
Things just go circular here. But I think what Jack Dorsey is
19:28
doing not only in all of his other companies, but with Square
19:32
in particular, this could be one of those watershed moments.
19:36
Again, as I said, in the past, bear markets, we've had, I would
19:41
say smaller news stories and we would make mountains out of the
19:45
mole hills. They'd be like, this is the
19:47
biggest news ever. Here we are.
19:49
We are building out the Bitcoin infrastructure.
19:53
We're building out the foundation for Bitcoin being
19:56
adopted as money. And it's like radio silence.
20:00
None of us even cares because Bitcoin's in a bear market
20:03
because there's so much chaos going on in the world.
20:07
It's really gone under the radar now.
20:10
I could be making more of a of a big deal out of it than it could
20:14
be in your eyes, but I want to see Bitcoin be used as money.
20:20
There is a lot of conversations currently about Bitcoin as
20:23
payments and no, just cuz you huddle Bitcoin, you're not
20:27
really using Bitcoin. And on the flip side, people are
20:30
like, well, where do I use this Bitcoin?
20:32
I mean, I see people in the chat we saying something very similar
20:35
where they're like, all you can do is huddle your Bitcoin.
20:38
You can't actually use it as money anywhere.
20:40
Well, look, what is Jack just done?
20:43
He's literally removed that obstacle.
20:46
Obviously there's other obstacles down the line, but the
20:49
first step is they're implementing Bitcoin and very
20:53
popular point of sale devices in everyday merchants.
20:57
So now you could say that 4,000,000 Square merchants are
21:03
now Bitcoiners. I know that's a stretch because
21:06
you might say that the only way you're really a Bitcoiners, if
21:09
you're huddling Bitcoin, you know they're going to get that
21:13
Bitcoin and convert it to dollars.
21:15
So there's going to be more cell pressure.
21:16
Well, all of that is true. It that's obviously true.
21:20
But as this process goes, as more people are inundated or
21:26
able to use Bitcoin, as more normies, normal people, baristas
21:30
and waiters and just people at the gas station or wherever they
21:34
have a square merchant, start to see more people using this
21:37
Bitcoin thing. That starts a whole new round of
21:40
people getting interested in this, in what Bitcoin is.
21:43
And then once the price goes back up, you guys knew I was
21:46
going to go there, Then more people are going to be
21:49
incentivized to not only use Bitcoin, but save in Bitcoin.
21:54
This bear market. Who knows how long it's going to
21:57
go, but I think we've seen so much infrastructure, so much
22:04
just ground level grass roots adoption of Bitcoin that it's
22:08
literally becoming a part of every single one of our lives
22:12
without them noticing. And remember what we've been
22:14
saying in Bitcoin for a long time, that most people aren't
22:18
going to adopt Bitcoin necessarily like we did.
22:24
They're not going to spend 40 hours per week or, you know,
22:28
hundreds and thousands of hours grokking Bitcoin.
22:31
Understanding what Bitcoin is, is tech.
22:33
It's just going to be used in their apps without them actually
22:37
knowing that it's being used. This is a little more obvious.
22:42
This is a little more direct that yeah, you will have to be
22:45
direct. Hey, I want to pay in Bitcoin.
22:47
But now they don't really have to think about it too much.
22:50
They just accept it. It is what it is.
22:52
It's being used as money. It's a beautiful, beautiful day.
22:55
Obviously, we still got a couple of days until this rolls out
22:58
completely, but this is a double win.
23:01
Not just that 4,000,000 Square merchants can use Bitcoin, but
23:05
that they're also going to be using Lightning.
23:08
If you haven't been following along on the Lightning Network,
23:11
it's grown exponentially. Literally millions of dollars
23:16
are settled in single transactions.
23:18
Now it's it's really been set up to be the layer 2 function of
23:23
Bitcoin. It always goes back to that how
23:27
Finney quote I I quoted all the time that Bitcoin transactions
23:31
in the future will be as rare as they are today.
23:34
And by that he means that the base layer, the on chain layer,
23:39
is where mega institutions, the banks, the central banks, the
23:43
huge hedge funds basically settle millions if not billions
23:48
of dollars in transactions. Hence why the whole idea.
23:52
Oh bitcoins too slow. It only does 6 transactions per
23:56
second or what? I forget what the metric is of
23:58
the of the FUD, but you can see layer 2 is where you will start
24:05
to see Bitcoin compete with the Visas and the Mastercards of the
24:09
world. That's usually what people say
24:12
in terms of Fiat currencies. In terms of using my credit card
24:15
over Bitcoin, it's like it's too slow.
24:17
Who wants to wait 10 minutes to settle a transaction?
24:21
Well, that's the beauty of it. If you're using lightning, it's
24:25
settled instantly. If you need to move billions of
24:29
dollars, 10 minute settlement time is still faster than three
24:33
or whatever the banks is like what 7 days now Further, you can
24:38
send money across the world without an intermediary without
24:41
a third party in the middle. Yes, you could say this is a
24:44
third party in the middle. I get it, you know, but hey
24:48
again, maybe this is my broken record right now.
24:51
Baby steps, baby steps. And I think what Jack is doing
24:55
with Block, which is the mother company of.
24:58
Square bit key Cash app. Proto all all of the different
25:02
Bitcoin companies now it it's truly a blueprint for every
25:07
single one of us here. This idea of like you create a
25:11
company solves your own need. It doesn't necessarily need to
25:17
be a Bitcoin company in the sense of, Hey, I sell you things
25:21
for Bitcoin or I'm an exchange or I'm a YouTube show that just
25:26
talks about Bitcoin. It's literally like, hey, this
25:29
is a use case that anyone can plug into it and it's going to
25:34
be using Bitcoin rails on top of it.
25:37
It's truly a huge move. I know right now in the face of
25:41
this bear market, 50% down, it's like, OK, cool.
25:46
I, I, I want to see the price go up like 150K Opti.
25:50
I don't know bro, your your guess is as best as mine, but we
25:55
now have the infrastructure to easily plug into Bitcoin.
26:04
You can't tell me this might be the most bullish bear market
26:06
we've seen in years because of all the products, because of and
26:11
for better words. You know, the ETS rolling out,
26:14
Jack Dorsey, launching Bitcoin payments on Square.
26:18
It's all being built out right now for Bitcoin to be the money
26:23
of the 21st century. It's happening slowly, but it's,
26:27
but nonetheless it's happening. I, I saw a good tweet earlier
26:31
today and it said something on the lines of, you know, when you
26:34
look back in time and you look back at this moment in Bitcoin's
26:39
history, or rather, if you Fast forward 100 years and you look
26:44
back at this current era of Bitcoin, of how Bitcoin went
26:47
from zero to 100K or $1,000,000 or from literally being created
26:53
to the 1st 15 years. It's going to look like Bitcoin
26:57
was adopted at lightning speed, pun not intended.
27:01
It, it, it's going to look like this happened in the blink of an
27:04
eye, that Bitcoin went from nothing to the world reserve
27:07
currency or the money of the future, which whichever world
27:11
reserve currency might take a little longer.
27:13
So from zero to everyone using Bitcoin as money, it's going to
27:18
look in the history books like it happened super fast.
27:20
But in the moment, the day-to-day life, our day-to-day
27:25
existence of, of living through this process, it feels like it
27:29
takes forever. You know, a week ago, you're
27:32
like, man, can something happen? Here we are a week later, you're
27:35
like, man, nothing ever happens except for I guess people can
27:38
now use Bitcoin as payments. I think we are truly living
27:44
through, as we've been saying for a long time, the hyper
27:47
bitcoinization of Bitcoin. And these are the moments that
27:51
will prove, I think in the future, like, oh, these were the
27:54
defining moments, whether it's the ETF, you know, the genesis
27:57
block, even though, you know, I'm not the biggest ETF fan
28:01
period, but the stretch. Product from Sailor.
28:06
Jack Dorsey launching Bitcoin payments to 4 million people.
28:09
Like these stories aren't Lightning Network settling
28:12
$1,000,000 transaction in seconds.
28:15
Like these are those milestones that when we look back, we're
28:20
going to be like, it was so obvious.
28:21
Obviously it's obvious to us because we are already living in
28:25
the future. We already know where this is
28:26
going, but for most people besides us, they're they're
28:32
still asleep at the wheel. There's so many distractions
28:35
right now. And I think once the price does
28:38
turn around and we are able to really quantify the amount of
28:42
adoption and infrastructure that was built in this bear market or
28:45
rather even last year, it's like people are going to instantly
28:49
plug into Bitcoin and it's going to do exactly what we thought it
28:52
was going to do. So huge kudos to Jack Dorsey,
28:56
the whole block team, Square team, etcetera.
28:58
And just one last thing before I go on.
29:01
Let's not forget that Block holds about 8.
29:04
No, they hold 8883 Bitcoin. So not only are they creating
29:13
the product so that Bitcoin is easier for you to use in your
29:17
daily life, but they're holding, at least right now, it's like
29:20
what I don't know, 600 to $800 million in Bitcoin.
29:25
So, you know, roughly around half a billion dollars in
29:28
Bitcoin. Jack Dorsey, I think right now
29:32
might be like the prototypical bitcoiner or maybe the ideal
29:37
Bitcoiner right now. Say what you want about what
29:39
your thoughts are on how he was running Twitter, my personal
29:43
views, I, I don't think he really had much of A choice, you
29:45
know, shareholder value and stuff.
29:47
But it really does seem like this is Jack Dorsey's redemption
29:50
arc where he's going all in on Bitcoin, doing everything he can
29:56
by himself so that Bitcoin is used as money.
30:00
You know, we have billionaires now in Bitcoin that are
30:03
literally putting their entire reputations on the line.
30:07
Not only that, their entire net worth on the line to make sure
30:11
that Bitcoin is used as money, that Bitcoin ethos are
30:14
maintained. Truly, I think this is one of
30:18
the more bullish bear markets. And I know you're like, how
30:20
could this be a bullish bear market?
30:22
We're down 50%. I mean, look.
30:25
That's still a that's that's still a less of a decline than
30:28
previous bear markets. Now I like, I just jinx it.
30:33
I just jinx it. I think we're going to, I think
30:36
we're going to be pleasantly surprised once the Bitcoin price
30:41
does turn around, once we finally get out of this bear
30:43
market, once we finally know for sure that Bitcoins going back up
30:48
again. Not necessarily that it's going
30:49
to go higher than we imagined it, but that I think the tools
30:53
are now there for people to actually use Bitcoin.
30:57
And like I said, it always happens slower than we think.
31:01
But when you look back in hindsight, it's happening.
31:05
At an incredible pace. So shouts out to Jack Dorsey.
31:11
Let me see. Bitcoin is the money, just like
31:14
gold. Lightning is currency of the
31:18
Internet, replacing cash and coin with privacy.
31:21
Unlike Sablecoins. Yeah, bars.
31:23
Yeah, let's not forget of you know the the privacy
31:25
implications of lightning. So let huge move, really huge
31:29
move in the adoption of Bitcoin story now.
31:34
The adoption Bitcoin adoption narratives aren't really like
31:37
that flashy. People don't seem to think it's
31:40
that big of a move, but this is a huge move.
31:46
I I don't I don't even think I'm being hyperbolic on that
31:48
anyways, moving forward. All right.
31:50
And the numbers I saw really, really cool clip from Jack
31:56
Maulers at Pub Key. And I think maybe the theme of
31:58
this show today is Bitcoin entrepreneurs and how you are a
32:03
Bitcoin entrepreneur. Maybe right now you have a
32:06
normal job, but one day you're going to do something, you're
32:12
going to take the leap and you will also create a Bitcoin
32:16
product, a Bitcoin company, whether that's in Bitcoin or
32:19
not. You are a Bitcoin entrepreneur
32:22
if you're a Bitcoiner today. And the opportunities I think
32:25
are, are super endless. And then going forward, I got a
32:29
couple of updates coming from the traditional financial system
32:34
out of Europe. It's I, I can't really say how
32:40
I, I really want to frame it, but let's just say it's idiotic.
32:44
OK, That's going to be today's show.
32:47
I'll be right back after our first commercial break.
32:51
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se-ed.com store. Let's go hold on before I read
35:03
you the numbers, shouts out to DCN Chris Lincoln.
35:07
He says I own a coffee shop in U Square.
35:10
Let's go Legend. And they should also provide the
35:14
little signs that tell folks we accept Bitcoin.
35:17
Hey man, I I get in touch with Square.
35:20
Maybe they'll do that for you. I actually.
35:22
Weren't they doing that? I think they were doing that.
35:24
For a little bit. But what?
35:26
What do I know? What?
35:28
What do I know exactly? Maybe I'm misremembering.
35:31
Anyways, the current Bitcoin. Price is 69,360 that is a 45%
35:37
discount from all time high and guys it hurts me why does it?
35:42
Hurt me. We are currently at $1.39
35:45
trillion market cap. Oh man dude I swear every time I
35:49
see the 1.3 it's it's almost as bad as when you wake up and look
35:53
at the Bitcoin price and it's down.
35:55
Anyways the current block height is 941,320.
36:01
Dude I swear that 1.3 it always gets me.
36:05
ANYWAYS, I saw a clip on Pub Key's Twitter account.
36:11
I don't know if you guys saw, but Jack Maulers, the other
36:14
Jack, Yeah, we're doing, actually.
36:16
The theme of today is just Jax. We're just talking about Jax
36:19
today. He was at Pub Key.
36:21
Talking about stuff there was actually a funny there was
36:24
another funny clip where he's talking about the creator of a
36:27
bit bit license. I I really like that clip and
36:30
and him talking about his logo if you turn it a certain way.
36:35
Anyways, anyways, I saw this clip.
36:39
And, and not only is it kind of like emotional for a lot of
36:42
people, I in particular for, for Jack Muller's here, but I can
36:48
almost say something like this is exactly what happened to me
36:52
and that Bitcoin completely changed my life.
36:55
And that's one of the reasons why I love doing what I do here.
37:00
Yes, it's still a job. Yes, I got to deal with you
37:02
guys, you know. Criticizing me everyday, giving
37:06
me all. The hate so I could turn it back
37:08
into love, into optimism, but Bitcoin has fundamentally
37:12
changed my life, full stop. Everything about my life is
37:16
different. And I think one of the things
37:19
that we initially wanted to do with Bitcoin, and I always keep
37:23
or sorry with simply Bitcoin, and I always kind of come back
37:26
to this idea is that if Bitcoin can do this for me, if it can do
37:32
it do this for Nico, for Rustin, for every one of the people at
37:37
simply Bitcoin, then it could do it for you.
37:40
And that's why you guys know mine is just the amount of
37:44
coffee that I take. That's why I get so jacked up on
37:47
the show all the time is because it's really, it's really this
37:51
view that a lot of people are hurting right now.
37:56
A lot of people are completely despondent, tuned out, They're
38:01
disenfranchised. They have no clue about what's
38:04
going on. They have no clue how they're
38:06
going to make a living. We in my generation, like I most
38:11
likely won't ever own a house at this point.
38:14
You know, I might not ever have a family.
38:17
I'm just like a wage cook. All I can do is just stack
38:20
Bitcoin, saving Bitcoin and it's that hope.
38:24
It's that ideaofhope.com. Bitcoin is hope and all you have
38:28
to do is just saving Bitcoin and hold it long term and it will
38:32
fundamentally change your life. And This is why I come out here
38:34
everyday and I think Bitcoin is the coolest thing ever because
38:39
it will fundamentally change your life.
38:42
And I really wish I could just give people the orange pill,
38:45
literally just like give them the understanding that I know,
38:49
give them the vision and, and just the self esteem, the
38:54
motivation that you can literally change your life.
38:57
And it's as easy as just saving in Bitcoin, securing that
39:01
Bitcoin, repeating that process, providing value at whatever job
39:05
you have. That's all you have to do.
39:08
You just have to save in Bitcoin and it will change your life and
39:11
you'll, you know, have friends around the world, you'll travel
39:14
around the world, you'll create a new job.
39:17
You might create your dream job. Like I just wish more people.
39:22
I just wish I could get that through more people's more
39:25
people's minds and them not think that I'm an idiot or like
39:28
I'm a nerd. I know I wear glasses but.
39:31
I it's just to me. Bitcoin is the coolest thing in
39:33
the world. Anyways, let me play this clip
39:35
and and I'll I'll rant a little more about it.
39:38
I'm gonna be screwed when this hits the Internet.
39:42
But I mean, you can't. You can't be a 31 year old from
39:46
a suburb outside Chicago. College dropout my dad used to
39:49
drag me to boxing just to Get Me Out of the basement cuz you get
39:53
depressed you're all your friends are posting Instagram
39:55
with hot chicks and they're in fraternities and stuff and I'm
39:58
alone in my basement I drop out of school and I find Bitcoin and
40:01
changed my life entirely gives me purpose gives me everything I
40:04
could have ever dreamed of and more just an opportunity I mean
40:06
look at all this this is crazy to me this like support and
40:09
coming to New York and you guys showing out so I owe everything
40:12
to Bitcoiners in the community and Satoshi Nakamoto the is one
40:16
of the most. Like humble gifts to humanity
40:18
I've ever seen. I've never seen anyone gift an
40:22
innovation like that. They didn't ask for money or
40:24
awards or fame or celebrity. They didn't ask for anything.
40:28
The one thing they did ask for, people say, oh, Satoshi didn't
40:31
want anything. He did want one thing.
40:33
He want to be left alone. That was the one thing.
40:36
So anytime any reporter ever, hey, help me track him down, can
40:40
you introduce me to the Finney family?
40:42
I always no, no, no, no, no, no. Because if I owe that guy one
40:45
thing is to leave him alone. And so I spend almost no time
40:50
trying to interpret what he meant 15 years ago.
40:52
Who fucking cares? It doesn't matter, That's the
40:54
whole point. I think if Satoshi was here
40:57
today, he would have an opinion, but he would render it
41:00
effectively worthless because it doesn't matter.
41:02
It's not Strike's not his company, it's my company.
41:05
And if he had a problem with it, he should start his own company
41:07
and be a competitor. He's a free market activist and
41:10
that's what I think. So I think it doesn't matter.
41:12
And as a Bitcoiner, I take that responsibility seriously.
41:14
I hope we never figure out who Satoshi was, and I will not
41:18
participate in trying to articulate what he meant.
41:23
It's not my place. Let's go.
41:27
I absolutely love that little clip pub key tweeted is like
41:32
this is the most 2 most important two-minute clip you'll
41:34
watch. And I I think there's a couple
41:37
of things that I want to unpack here.
41:39
The first one is obviously I just rant about it, how Bitcoin
41:42
changed my life. The second one is.
41:45
Just the idea of Satoshi asked this one thing.
41:49
He wanted his peace. And I also really think that
41:54
that idea is super important. I have a lot of friends that
41:57
will ask me like, oh, but you know, you don't know who this
42:00
guy is. And he created this money.
42:02
And I'm like, yeah, that's a feature, not a bug.
42:04
They're like, how could you, how could you invest all your life
42:07
savings into something where you don't know the creator?
42:09
I'm like, bro, like it doesn't matter.
42:11
That's what that's what most people don't get.
42:13
It doesn't matter. And it's super interesting that
42:14
when people first come into Bitcoin, that seems to be one of
42:18
their biggest hang ups, like, oh, you don't know who this is?
42:20
Like what if he's a shady person and he's going to rug pull you?
42:23
And it's like, well. I mean, I guess if you
42:27
understand nothing about Bitcoin, that might be your
42:29
first stop. But it's open source, it's been
42:32
audited, It's been way smarter people than me looking at the
42:35
code it's been running. For 17 years, damn near perfect
42:39
uptime. I think we would have found it
42:42
by now. I I don't think that that is the
42:44
real issue here. And all he wanted was create
42:47
this and disappear and you know if he's alive.
42:53
God bless him on whatever he's working on and if he's not
42:56
alive, God bless him. It doesn't matter.
42:59
I don't care who it is. To me, it doesn't make a
43:03
difference. He gifted us the best tool for
43:06
freedom for you as a person to escape the Fiat rat race.
43:12
And all we, we really got to do is just respect that wish of of
43:15
keeping him anonymous. Now the last thing that I think
43:19
is is very subtle. But I think of this constantly.
43:24
For what we do in in our own right, where he's like, look, we
43:30
are free market activists, we are free market competitors.
43:35
It's like if you don't like what someone in Bitcoin is doing.
43:41
You don't just go out and talk shit on him on Twitter like you
43:43
can do that, but I don't think that's that productive.
43:46
What you do is you create a competitor and you out compete
43:49
him. That is the beauty of what we do
43:52
here at Bitcoin or in Bitcoin, if you don't like something, do
43:58
it yourself and make it happen. All of what Jack Dorsey did, the
44:02
comparison between Jack Dorsey's Cash App or Bit Key or Square
44:08
compared to what maybe Brian Armstrong is doing at Coinbase.
44:12
This whole spat over the de minimis tax and using Bitcoin as
44:16
money and whether it is money or whether you should just hold it
44:19
on an exchange. What's he do?
44:21
He's like, yeah, well, I disagree with you and I'm going
44:24
to launch these products on my company's and we'll see which
44:28
one attracts the most capital. We'll see which one attracts the
44:31
most users. I think of that constantly here
44:35
at Simply Bitcoin. We do media, you guys, some of
44:40
you, it's not all you guys. I'm not, I'm not going to love
44:42
all you guys. Some of you guys come here.
44:45
You watch every single day and you say all kinds of stuff like
44:49
I hate off these voice. Why are they always late?
44:52
Oh the click bait titles like. If you don't like what we're
44:57
doing here, I'm going to say the same thing that that Jack Mahler
45:00
said. Create your own media company,
45:04
create your own Simply Bitcoin and compete with us.
45:08
If you think you can do it better than us, by all means do
45:12
it, because that's going to make me better.
45:14
It's going to make us better if you can prove that I'm wrong and
45:18
our thesis is wrong here and and out what we're doing here is
45:21
going about in the wrong way and you can prove to me that you,
45:24
you can do it better in a different way.
45:26
I'm all for that. That's why I love this clip so
45:30
much, because one Bitcoin fundamentally changed my life.
45:33
Full stop. I wouldn't be doing something
45:35
like this. I wouldn't be doing my dream
45:37
job. I wouldn't be just ranting to
45:39
you guys every single day. Having you guys show up in the
45:42
chat. Like the amount of people that
45:44
watch our show is just crazy to me.
45:47
It just feels like I'm literally talking into a camera in a room
45:50
either with myself or with my buddy.
45:52
It's just us like shooting the shit and we get 10s of thousands
45:57
of views that we created literally from our mother's
46:00
basement. It just, it blows my mind.
46:03
And now I'm in South Florida. I never thought I'd leave my
46:07
hometown. I'm like, it's fundamentally
46:08
changed my life. I have friends everywhere around
46:10
the world. I've travelled to multiple
46:12
countries because of Bitcoin. It's just, it's truly incredible
46:17
to me. And then on the competition
46:20
aspect, it's like, hey man, if you can do it better, If you
46:24
don't like what I'm what what we're doing here, I'm not
46:28
holding you in the chat. I take the feedback, I take the
46:31
criticism, I try to make it better.
46:33
I know sometimes I'm a little slow on, you know, implementing
46:36
some of these things. I I know I'm, you know, I'm hard
46:39
headed, but that's what I love about this.
46:42
It's so much fun and it's truly such a paradigm shifting view of
46:47
the world. One, you don't have to ask
46:50
permission. Just go out and do it.
46:53
Just Nike this. Just go do it.
46:56
Put in the work proof of work. If it's good, people will tell
47:00
you. If it's bad, people will tell
47:04
you. It's just, it's such a, to me,
47:07
it's just such a beautiful symbiotic relationship.
47:12
The incentives are so awesome in Bitcoin.
47:16
You know, just buy Bitcoin, store Bitcoin, save Bitcoin over
47:20
a certain amount of time. You becoming a bitcoiner.
47:25
Everything you want to do is to help more people get into
47:28
Bitcoin, help more people escape the rat race in whatever
47:32
capacity you can. Yes, there is, you know, a
47:35
little bit of greed and it's like you want to acquire as much
47:36
Bitcoin as possible, but each one will teach one.
47:41
This Bitcoin game doesn't work if we're the only ones, you
47:44
know, freaking hodling all the coins, hoarding all the coins.
47:49
Yeah, holding all the corn. If we're all mixed, Scrooge,
47:51
this doesn't work. I need you guys out there to
47:56
save in Bitcoin, to help proliferate, to help
48:01
propagandize Bitcoin, to help get the Bitcoin word out,
48:05
because I truly believe every single person will be holding
48:09
Bitcoin. And this is the Herculean effort
48:11
that has been tasked upon us to get more people into Bitcoin.
48:17
It's not going to be easy, but it's going to be worth it
48:19
anyways. I, I, I, I will, I'll, I'll get
48:23
off my soapbox. I will get off my soapbox.
48:26
The end is near. Air horn for Opti.
48:31
No, no, dude, that's, that's nepotism on the air horns.
48:34
That's nepotism. All right, guys.
48:36
Anyway, all right, you guys liked it.
48:37
OK, OK. I thought I was on my soapbox.
48:41
A little pretentious little cringe.
48:43
But as you can see. This is this is really what
48:48
keeps us going. This is This is why we do what
48:51
we do. Yes, obviously the number go up.
48:54
The monetary incentive is is one of the stronger incentives, but
49:00
the other incentive for us is like, we have so much fun doing
49:04
this. It's like, it truly is mind
49:07
blowing. Yes, it's work.
49:08
Yes, I'm tired. Yes, some days, you know, every
49:11
Monday I'm like, man, I wish the weekend was longer.
49:15
But it's so it, it is truly rewarding and, and it's truly
49:19
just insane to me that I am a part of your guys's lives that I
49:24
just come out here and lose my shit.
49:26
I drink 4 coffees a day. I go crazy on different news, I
49:29
highlight different stuff. I have a lot of fun.
49:31
I joke. And you guys think that what
49:34
we're doing is valuable. And to me, that means the world.
49:39
I will continue to do this for as long as I can before I get
49:42
burnt out, before you guys leave us.
49:46
And I'm telling you, it's going to get better.
49:49
We will. We will continue to improve
49:51
this. Everything will get better.
49:54
You know, I just need a little patience from you guys.
49:57
But on that note, I will get a little sappy.
50:00
I love you guys. I appreciate you guys.
50:02
Every single one of you guys has watched this show.
50:04
It's truly changed my life and I really hope that in some small
50:08
effect I've also been able to have an impact on your life.
50:12
So that's that's my soapbox for today.
50:16
Let's get into the news. There's some interesting stuff
50:20
coming out of Europe. Like really we're not even
50:23
surprised at this point. They've been heading down the
50:27
wrong path for a long time. And we just got, we got some
50:31
more stuff. We we got some more stuff of
50:33
them going. The wrong way.
50:35
So I'll be right back. I want to give a shout out to
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code simply. All right, guys, we are back.
54:00
All right. So check this headline out.
54:03
This is about Sable coins a little bit and then I got a
54:07
digital euro update. But it really, I think
54:12
highlights the panic that we are seeing from the European Union
54:18
or European nations, especially the ECB, the European Central
54:22
Bank. And it really does go into what
54:26
we are seeing is the current battle with stable coins in the
54:31
Clarity Act. This idea that the powers that
54:35
be have finally gotten to the point where they realize if
54:39
people do use Bitcoin or further stable coins that they will lose
54:44
their not only their regulatory Moat but also their I don't I
54:49
wouldn't even call it competitive edge, but you know
54:51
their competitive mode here that their livelihood literally
54:55
depends on them trying to stop Bitcoin and stable coins which.
55:01
On the one hand, not only shows their incentive, but I think it
55:06
also highlights where we are in the story.
55:09
Again, what's the saying? You know, first they ignore you,
55:12
then they laugh at you, and then they fight you.
55:14
Well, they've been ignoring us for a long time.
55:17
They laughed at us for a long time and now we are getting to
55:21
the point where they are trying to actively use, you know, law,
55:25
fair or whatever regulatory Moat they can find to stop people
55:31
from escaping the traditional financial system.
55:34
Now it hasn't become overtly. A you know.
55:39
My door shut in your face. It's not overtly gotten to the
55:43
point where they're going to really stop everyone from going
55:46
to Bitcoin, but you're starting to see that they they are
55:49
actively trying to find a mechanism to make sure that
55:53
people do not use Bitcoin and further stable coins at this
55:56
point. Because I think stablecoins
55:59
really, I'm not the biggest fan of stablecoins obviously, but I
56:02
do understand that there is a use case for people and that
56:06
people. Do find them valuable.
56:08
It is, in my opinion, it's pretty much, you know, a digital
56:11
dollar, but people need that kind of step to Bitcoin.
56:17
And we're seeing that the banks are not they're they're
56:21
absolutely terrified of this. So here is the headline going
56:25
around and it is the Bank of England to ban self hosted
56:31
stable coins as Lords focus on holding limits.
56:36
Breaking this down a little bit, the UK will prohibit individuals
56:41
from holding stable coins outside the regulated financial
56:44
system. Speaking at the.
56:46
House of Lords committee hearing on systemic stable coins Bank of
56:50
England Deputy Governor Sarah Breeden confirmed that self
56:53
hosted wallets will not be permitted under the UK stable
56:57
coin regime. The ban would apply across all
57:00
stable coins, not only those designated as systemic quote.
57:04
There is this concept of unhosted wallets where you
57:08
haven't got a wallet provider who is a regulated entity
57:11
ensuring the AM LKYC criteria are complied with.
57:15
Unhosted wallets will not be permissible in the UK.
57:18
They are permissible in the US regime.
57:22
So the headline, It seems like they're saying self hosted
57:26
stable coin wallets, but from this quote in particular, it
57:31
sounds like they're saying that you won't be able to custody
57:34
your own anything. At this point they're like, no.
57:37
It's got to be fully regulated. It's got to be, you know, within
57:41
the system which it within our, you know, Golden Gate here.
57:47
It's like, whoa, OK. Obviously I think it's showing
57:51
their incentive, it's showing their fears, it's showing the
57:54
true power that you have in custodying your Bitcoin or I
57:58
guess at this point your stable coin, which to me just like
58:00
makes no sense. Anyways, it goes further.
58:03
Self hosted wallets allow individuals, of course, to hold
58:05
assets directly without using an intermediary.
58:08
It's a feature, not a bug. And our foundational feature of
58:11
blockchain technology exactly their prohibition is
58:14
significant. The committee did not linger on
58:16
the point that a government would prohibit individuals from
58:19
holding stable coins outside the financial system past without
58:22
debate. The hearings energy was reserved
58:24
for a different question, one with no current.
58:27
Practical effort. Systemic stablecoin rules would
58:31
not affect current stablecoin usage at all.
58:34
They are designed for a future in which a stablecoin becomes
58:36
widely used in everyday payments, not for existing
58:39
crypto transactions. The Bank of England has proposed
58:42
limits of €20,000 for individuals and €10 million for
58:45
businesses and has received. Extensive pushback from the
58:49
industry. So not only don't they want you
58:52
to custody your own Bitcoin or stablecoin, but they're trying
58:56
to implement holding limits on your stable coins.
59:02
It's just, it's literally like a slap in the face.
59:05
Hey, 1 you can't hold your own money And two, you can't hold
59:10
more of this money then we allow you to hold this money because
59:15
reasons, because of systemic failures in the traditional.
59:21
Fiat system because we won't have enough power over you if
59:25
you are able to custody your own money.
59:28
It really like you see stuff like this and it really
59:33
highlights the power of cussing your Bitcoin of taking your
59:37
money back, opting out of the system.
59:40
And I know this headline is really in regards to stable
59:42
coins, but the point remains the same.
59:47
This is. Why?
59:49
We believe that taking Bitcoin under your own control, not your
59:53
keys, not your Bitcoin. It is the most powerful thing
59:57
you can be doing. A yes, it doesn't seem that
1:00:00
revolutionary, but holding your own money is the revolutionary
1:00:05
action. All you literally have to do is
1:00:09
sell your dollars for some Bitcoin, hold it, secure it,
1:00:15
have some wealth outside of the system.
1:00:18
And as you can see, it terrifies them so much that they're trying
1:00:21
to concoct crazy rules so that you can't do that.
1:00:26
If you read the headline, you're probably, you probably don't
1:00:30
read the second layer. That's like, oh, they're
1:00:32
literally trying to take away your power and it's easy as just
1:00:37
saving in Bitcoin, taking it into custody.
1:00:40
Anyways, there's a good tweet here.
1:00:42
This is by Freddie. New and he goes idiotic
1:00:45
statements like this are made when policy is prepared by those
1:00:49
who do not understand technology and lack the intellectual
1:00:51
curiosity to try. I am far.
1:00:54
From a defender of stablecoins. But I recognize at least that
1:00:59
they exist and that people use them and the technology has
1:01:01
certain properties. At the same time, I try very
1:01:04
hard not to publicly call out people for rank stupidity, even
1:01:07
when they clearly deserve it. Saying quote self hosted wallets
1:01:11
will not be permitted under the UK stablecoin regime is a
1:01:14
statement of such monumental, such overweening stupidity that
1:01:18
it is hard to formulate a sensible response.
1:01:21
Perhaps there's no point in trying let them say this and
1:01:24
then let everyone in the UK simply continue to.
1:01:27
Use their self hosted wallets, IE just a wallet without paying
1:01:32
them a seconds more attention. It's almost like what I was
1:01:37
saying with Jack Dorsey and the Square merchant.
1:01:41
Bitcoin adoption. Just have everyone use it.
1:01:45
And I think everything, I know it might be a little utopian to
1:01:48
say that and everything will just fall into place, but I
1:01:51
think if enough people use Bitcoin, then like it said here
1:01:57
at the end, then you don't have to pay them.
1:01:59
A second thought. I can hope.
1:02:02
I guess I can hope. I guess I can hope anyways,
1:02:04
moving forward a little bit. Another European institution.
1:02:09
This isn't just, you know, the Bank of England.
1:02:11
Now we have the European Central Bank.
1:02:15
And here we go from the rage it goes.
1:02:17
The European Central Bank is calling for industry experts to
1:02:20
consult on technical rules for the digital euro.
1:02:23
The initiative will report to the Quote Digital Euro Rule Book
1:02:26
development group. Sorry, I was checking if it's
1:02:30
up. And covers payment initiation at
1:02:33
terminals via NFC and QR codes. Integration of offline digital
1:02:37
euro functionality into existing certified point of sales and ATM
1:02:41
infrastructure. Security standards for point of
1:02:43
sales and ATM as well as soft point of sales and mobile point
1:02:47
of sale devices. The guiding principles require
1:02:50
that the. Digital Euro must function as a
1:02:52
basic means of payment in the euro area.
1:02:55
Applications close April 10th. Work begins in sprints from
1:02:59
April 2026. There we go.
1:03:03
ECB opens calls for experts to participate in work streams of
1:03:06
the Digital Euro Rule Book Development Group.
1:03:08
So as you. Can see we've been covering this
1:03:10
for a while, this idea that as Bitcoin or even stablecoin start
1:03:20
to be used more the European Union or the European nations,
1:03:26
the European Central Bank, they are doubling down on the digital
1:03:30
euro and it just. Goes to show you that they
1:03:34
wouldn't be doing any of this if Bitcoin wasn't winning.
1:03:37
And I know it doesn't feel like Bitcoin is winning right now,
1:03:41
but they would have been OK with.
1:03:44
How payments was If Bitcoin didn't come out and actually
1:03:49
catch a lot of ground, if it didn't actually get a lot of
1:03:52
attention, if it didn't actually attract a lot of capital, they
1:03:55
wouldn't be doing this. They would have been.
1:03:56
OK, with the, you know, 70 year old infrastructure payment rails
1:04:02
that we've currently been using. And they would have been just
1:04:05
like, hey, deal with it bro. Not like create something
1:04:09
better. Like we're seeing them fight now
1:04:12
that are just like, it is what it is.
1:04:14
This is how money works. This is how it's always worked.
1:04:17
Who are you to judge how the money system works?
1:04:23
Well, luckily for us, Satoshi Nakamoto just created a better
1:04:28
system. But I think when you highlight
1:04:31
these two articles together, these two kind of almost
1:04:35
differing news stories, it really just goes to show you
1:04:40
that they are actually 1, terrified and two, they know the
1:04:46
stakes at hand. And I've been saying this for a
1:04:48
while. We can't just.
1:04:51
Lean on the idea that the people in power are stupid, that they
1:04:55
don't know what's going on, that oh, do you know, they're
1:04:58
boomers, they're old, they don't understand this technology.
1:05:01
I've been saying for years now, I fully believe they they may
1:05:04
not understand Bitcoin like we understand it, but they totally
1:05:08
understand what's what is at. Stake and This is why they're
1:05:12
pushing not only the Digital Euro initiative.
1:05:16
This is why they're trying to attack custody of your quote
1:05:20
crypto assets or whatever they want to call it.
1:05:22
This is why they've tried in the past to make sure that you can't
1:05:27
hold Bitcoin in a wallet. This is why they're even coming
1:05:31
up with this name of self hosted or sorry, unhosted wallet.
1:05:34
Like they're just making up stuff here because they got to
1:05:38
make it palatable for people. To basically, you know, fall for
1:05:43
the propaganda hook, line and sinker.
1:05:45
Basically tell him, hey, if you have too much money outside of
1:05:49
the system, like why? Why would you want to do that?
1:05:52
What are you doing that you need that much money outside of the
1:05:54
system? Don't you trust us?
1:05:56
We are the trusted intermediaries.
1:05:58
We're the legacy institutions that have been doing this for
1:06:02
hundreds of years. We're the ones that have driven
1:06:05
the world into chaos. But even if we did all that,
1:06:09
trust us guys. We're the one we know.
1:06:12
We know what we're doing. We've been doing it for so long.
1:06:15
Don't don't worry about the fact that you know, the world is on
1:06:18
the brink of collapse now that we we're might be on a global
1:06:22
recession or worse, that everything is literally in the
1:06:25
modern world declining. Birth rates are declining.
1:06:29
It seems like infrastructure is declining.
1:06:30
It seems like our society is just getting worse and worse and
1:06:34
more chaotic. But guys.
1:06:38
We're the legacy institutions. We've been doing this for
1:06:42
forever. We know how to do this
1:06:44
correctly. You don't need to have that much
1:06:46
money out of the system. You don't need to have a wallet
1:06:49
that isn't sanctioned by the ECB or the Bank of England or
1:06:53
whatever, you know, JP Morgan bank or what, whatever your bank
1:06:56
is in your country that's been there forever.
1:06:59
Like what kind of criminal are you that you want your money?
1:07:02
Outside of US that you want unsanctioned money?
1:07:06
It's like, well sorry bro. But there's competition now and
1:07:10
there's a better money out there, and all it's going to
1:07:13
take is enough people saving in it, using it, and it will
1:07:18
diminish your role. I'm sure if I was in your
1:07:21
position, I would also be feeling bad and I'd be trying
1:07:25
not only bad, but terrified for my livelihood.
1:07:29
I would be scrambling to try to control this, to try to put the
1:07:31
genie back in the bottle. But I'm not.
1:07:35
I was never a part of these groups.
1:07:36
I don't have legacy names here. I don't have legacy bloodlines
1:07:40
here. I'm just an average person that
1:07:43
realized there's a tool to help the average man escape the crazy
1:07:48
stuff that has been instilled and thrust upon us and called
1:07:52
normal. I think there's a new normal
1:07:55
now, guys. I think if there's one take away
1:07:58
that I'm taking away from the chaos going on in the Middle
1:08:02
East right now, it really does seem like we are never going
1:08:08
back to the normal world that we knew before.
1:08:12
I am starting to get this reminiscence of 2020 and how a
1:08:17
new normal came about and the world before 20/20 was something
1:08:21
different. And the irony isn't lost on me
1:08:25
that the, you know, we're in the second-half of the Twenty 20s.
1:08:30
And now we're getting like a whole new new world coming about
1:08:35
and a whole new change of the monetary order, a whole new
1:08:37
change of just society's fabric at large.
1:08:42
Like it does feel like the first half of this decade, you know,
1:08:46
2020 to 2025 ish was marked because of what happened in
1:08:52
2020. Now we're.
1:08:54
At we're what, first three months of 2026 and we have like
1:08:58
a whole new crazy thing going on that is probably going to
1:09:03
imprint what the next five years are going to be like and how our
1:09:06
lives are going to change. It's just it's absolutely insane
1:09:11
and I am just happy. You know, on the one hand, I'm
1:09:15
happy I'm a bitcoiner. I'm happy that I understood
1:09:19
Bitcoin. But with that comes.
1:09:22
The dread of just so many people are going to get caught off on
1:09:26
the wrong side of this. I think a lot of people are just
1:09:29
are going to get wrecked. And the numbers are coming in
1:09:32
not just purely of what's happening in the Middle East,
1:09:34
but, you know, inflation numbers, housing prices,
1:09:38
interest rates, oil costs. I I don't think we're going back
1:09:44
to a normal world and. This week has been one of those
1:09:50
weeks where you see what's going on, You see the escalations
1:09:54
going on in the Middle East, you see what's happening to oil
1:09:57
prices and oil infrastructure, and you're just like, Oh my
1:10:02
goodness, we are really, I think we've seen some very intense
1:10:07
Black Swan moments for Bitcoin in the last couple of weeks.
1:10:10
It's it's almost too many to count right now.
1:10:12
I think we've seen like. What?
1:10:14
3 or 4 since the end of 2025. It's probably just going to
1:10:21
continue going up. I don't know it's it's been a
1:10:24
pretty crazy word world. Sorry, I was reading I was
1:10:30
reading the chat. I was reading the chat.
1:10:33
Anyways guys, before I roll out for today's show, I do got to
1:10:37
give a huge shout out to our boys over at Bitcoin magazine.
1:10:41
Make sure you go to Bitcoin Las Vegas and wait.
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Will continue to go up do I does it give me the no, I don't know
1:11:00
when the prices are going up again, but let's see what's it
1:11:05
going to tell me. Maybe they're not telling us.
1:11:09
I don't know just if you want to go if you didn't have an inkling
1:11:13
of going, make sure you get your tickets because oops, I know
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TC and use the promo code simply to get 10% off your tickets.
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All right, guys, on that note, it's the end of the show.
1:11:44
Actually. I have one more thing I need to
1:11:46
do. I have one more thing, one final
1:11:48
request. I'm getting cooked in maxi
1:11:50
madness guys. I I need you guys dude, I'm
1:11:54
getting cooked. F Rat's cooking me right now,
1:11:56
boys. And girls, I need you guys.
1:11:59
To create a Twitter account. Couple for me, I'm getting
1:12:02
cooked, guys, I have no clout. I'm getting cooked.
1:12:08
I thought. I honestly, I thought first
1:12:10
round was going to be an easy win.
1:12:13
F rat's cooking me shots out the F rat.
1:12:16
But I'm getting cooked on maxi. Madness.
1:12:18
Guys, I need you guys to go vote.
1:12:20
I need to go vote for me. Come over me, guys.
1:12:23
Dude, I'm getting so cooked. It got worse since I went live.
1:12:26
Damn, it's over, Bros. It's over.
1:12:32
I'm never going to recover from this devastation.
1:12:38
Oh, man. All right, OK.
1:12:43
All right, guys. Well, I guess I guess it's true,
1:12:49
dude, I it's not about getting past round two.
1:12:52
I just need to get past round one.
1:12:55
We can't be looking ahead if I can't even make it past the
1:12:59
first round. Dude, bro.
1:13:03
I know, guys. I know you guys are all dudes,
1:13:07
but dude, vote for me, dude. Bro's over.
1:13:13
I'm getting cooked, man. I'm getting cooked.
1:13:16
This is not how I expected my Thursday to go.
1:13:19
All right, All right, guys. All right, all right, dudes.
1:13:25
Well, I'll see you tomorrow for the final show of the week, Your
1:13:30
boy Opti. This has been simply Bitcoin
1:13:33
Live. Have a good rest of your day.
1:13:36
Peace out. Today's episode was brought to
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you by bitcoinwell.com, a Bitcoin only platform on a
1:13:43
mission to enable financial independence.