Latest / Simply Bitcoin / INSIDER REVEALS How Bitcoin NEEDS Blackrock To Get $10M Bitcoin?! | EP 1493

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INSIDER REVEALS How Bitcoin NEEDS Blackrock To Get $10M Bitcoin?! | EP 1493 · Simply Bitcoin

0:07
Can Bitcoin get to $10 million without the likes of BlackRock
0:12
and all the Wall Street giants? Well, there has been a lot of
0:18
talk about Wall Street taking over Bitcoin in the last six
0:20
months. And yesterday on the mainstage
0:23
at the biggest Bitcoin conference in the world, Dylan
0:26
Leclair, of course, heading Metaplanet, made a really
0:29
interesting point that I think you need to hear.
0:32
So I'm gonna play the clip and then I will.
0:35
Chat about it. You know, I, I think, you know,
0:39
everybody here is, is, you know, interacting with Bitcoin in some
0:43
way. Everybody here is, you know,
0:44
came to a Bitcoin conference. And so you know when George
0:46
says, well, it's early. Maybe you're like.
0:49
Well, you know, it doesn't feel early.
0:51
I've known about Bitcoin for five years.
0:53
But I think the reality is, and this is something that I, I
0:55
didn't fully appreciate until kind of sitting on, on this
0:58
side, as, you know, as an operating company talking to,
1:01
you know, various classes of, of institutional investors.
1:04
Yeah, like 99% of the capital in the world can't buy Bitcoin.
1:07
They can't even buy Bitcoin ETFs.
1:09
And George, I think we spoke on this on a panel, you know, 2
1:12
days ago or yesterday. Like these, these big pools of
1:16
capital, trillions and trillions of dollars have mandates and
1:19
they can't buy Bitcoin, they can't buy commodities, they
1:22
can't buy funds or ETFs. They can only do one thing.
1:25
Some of them are fixed income, some of them are equity
1:27
investors, some of them are, you know, long, short or convertible
1:30
arbitrage. And so, you know, a lot of
1:33
Bitcoiners, including myself, had this, you know, vision or
1:36
has his thesis that Bitcoin wins and you know, hyper
1:39
bitcoinization is this event. And, you know, at some point
1:42
Bitcoin's worth a million or five or $10 million equivalent
1:46
at some point in time. But what that actually looks
1:49
like, right? If you're a Bitcoin maximalist
1:51
in that fashion, it it doesn't happen without all of this
1:56
happening, right? It doesn't happen without, you
1:58
know, big bad Black Rock and the, and Wall Street coming in
2:01
and institutionalizing the asset.
2:03
Like, what do you think Bitcoin winning looks like?
2:05
It looks like $200 trillion flooding into the market in in
2:09
some way or some form. And right, So that's, you know,
2:11
there's private credit, there's, there's equity investment,
2:14
preferred investment, senior debt, right?
2:16
All of this stuff. These are pools of capital that
2:19
are latent that are ready to be tapped into and right.
2:22
So the genius of of, you know, Michael Saylor and strategy from
2:25
2020 onwards was realizing that and then creating an instrument
2:30
for each of those pools, right? And so, you know, stretches a
2:33
big, big Tam. You know, everybody wants no
2:35
volatility and high yield, right?
2:37
So I think that's the that's the golden goose.
2:40
But I think, you know, a lot of idealist Bitcoiners who think
2:43
Bitcoin is going to go to $10 million simultaneously dislike
2:48
Wall Street or dislike the treasury companies.
2:50
And that's in my opinion, that's very paradoxical, right?
2:53
This is This is what Bitcoin winning looks like.
2:58
Definitely, I hate to agree with him guys and I know the chats.
3:04
Going to get a little angry on that point, but the longer we're
3:09
doing this institutionalization of Bitcoin, Wall Street entering
3:15
Bitcoin, the more that I fundamentally have to agree with
3:19
Dylan Leclair. I am also an idealistic
3:23
Bitcoiner and Dylan is as well. We, we basically came up in the
3:27
same era of Bitcoin Twitter, Bitcoin pleb era.
3:32
And we were totally of the opinion that hey, everyone just
3:38
needs to hold Bitcoin and that's how Bitcoin's going to take over
3:40
the world. This grassroots movement from
3:42
the bottom up. All we need is more people
3:45
holding Bitcoin. And yet, as we all kind of
3:49
learned, it's nearly impossible. For a lot of the more wealthy
3:55
people, or rather some of the biggest pools, as Dylan Leclair
3:58
was saying it, it was basically impossible for them for many
4:02
years to be able to even hold Bitcoin.
4:05
Not necessarily just because they were ideologically opposed
4:08
to Bitcoin, but because of all of the different rules that they
4:12
had to follow that they couldn't actually buy Bitcoin.
4:15
And then the ETF launched in 2024.
4:17
BlackRock fundamentally changed the game right when they
4:20
launched the Bitcoin ETF. For better or worse, a lot of
4:22
bitcoiners aren't so happy with the Bitcoin ETFs.
4:25
They call it paper Bitcoin. But for better or worse, in 2024
4:29
when BlackRock launched the Bitcoin ETF, it fundamentally
4:34
opened Bitcoin to a broader market.
4:37
And then what we've seen since then, especially this year in
4:41
particular with MicroStrategy and STRC or the Stretch product
4:44
as we call it now, Bitcoin is being tailored and able to tap
4:50
into a lot of these liquidity pools that it just wasn't able
4:55
to touch before. And since we've seen these
4:58
products launched, we have seen, and a lot of my friends are this
5:02
and I've even done this, we've seen a lot of pushback on
5:07
whether it's been a good thing for us to embrace Wall Street,
5:11
whether even going further, whether it's a good thing that
5:14
we are embracing politicians that are embracing bought
5:17
Bitcoin. But I think one of the things
5:21
that a lot of us Bitcoiners seem to forget is exactly what Dylan
5:24
Leclerc just said, is that just most of this capital wasn't able
5:30
to get into Bitcoin as we've been covering since, again, this
5:34
institutional wave of Bitcoin started.
5:37
We all started to learn. And maybe it's because we're all
5:40
naive. A lot of us are a lot younger.
5:41
We're not, you know, seasoned financiers here that understand
5:46
the complete intricacies of how Wall Street works.
5:50
We all basically learn together that most of the capital in the
5:53
world is trapped because of the different rules and regulations
5:57
and laws that they weren't. They basically looked at Bitcoin
6:02
and we're just like, we are not going to touch this one, we're
6:06
not going to touch it. Two, we literally can't touch
6:08
it. And three, if this thing's tiny,
6:11
it's probably going to go away. It's too volatile, etcetera,
6:14
etcetera. What do they always say?
6:15
It's too volatile, It's got no yield.
6:17
Why would I touch this thing when I can basically just get my
6:20
safe returns everywhere else? And what we've seen,
6:23
particularly since Trump got into office, is that everything
6:27
that was a safe bet, everything that a traditional investor
6:33
would look to to invest their capital, to protect their
6:36
capital, they realize, well, one, maybe it's not that safe,
6:40
but maybe we do need alternatives.
6:42
And as we've seen again since Trump got into office is now
6:49
that the collective view of Bitcoin isn't so much of it's
6:54
just criminals, it's just a small thing that's going to go
6:56
away. But rather, as we saw in
6:59
particular the beginning of this year with all the big banks
7:01
getting into Bitcoin, they're all looking at Bitcoin in a very
7:05
interesting in particular lens, which is basically the risk
7:09
reward ratio of investing a little bit of your portfolio in
7:12
Bitcoin. It's really the best returns
7:15
you're going to get. And you don't even have to put
7:17
that much of your capital into Bitcoin.
7:18
But it's again, what we've always said, you may want to get
7:22
some just in case it's catching on.
7:24
And what we're seeing is that it is catching on again.
7:27
Actually, I didn't check. The stretch numbers for for the
7:32
day. So let let me let me go check
7:34
that out. I I should have probably brought
7:35
this up because it is part of what we're talking about here.
7:40
Here is the website. I'll pull it up.
7:42
OK, so looks like Sailor at least with stretch is on path
7:48
for about 1/2 a billion dollars going into Bitcoin this week.
7:54
Currently it says 4/20. Where'd it go 4?
8:00
72472 million. Again, these numbers will
8:04
probably get closer to the 200 million.
8:06
So unless there's something that is an incredible outsize number
8:10
for this week, Sailor might be a little short on a billion
8:14
dollars a week. But hey, there's still a lot of
8:16
there's still a lot of time left in the weekly clock.
8:19
But as we're seeing with this product, not only is Sailor out
8:25
there on the Bitcoin Conference 2026 Las Vegas mainstage saying
8:31
digital credits less the station I've I've found the right
8:34
product, this is going to explode even more.
8:37
It's going to take Bitcoin to all time highs.
8:41
He's basically making the same point.
8:44
That Dylan Leclerc made, but obviously talking about his
8:47
products is like, look, we are tapping into these huge markets.
8:51
And as Dylan was saying, shout out to Dylan.
8:54
I love Dylan. I haven't talked to him in a
8:55
couple of years, but man. He may look young, but he's on
9:01
top of the ball. He knows what he's doing over
9:03
there with Metaplanet. We are seeing there is an
9:08
incredible outsize interest into digital credit markets or or
9:14
sorry, into the digital credit product.
9:15
This stretch product tapping into the fixed income market is
9:20
absolutely a game changer. And this is one of those I think
9:24
very uncomfortable truths that a lot of us really hardcore
9:27
ideological Bitcoiners have to wrap our heads around is that
9:32
it's not going to end by, it's not that by hyper
9:36
Bitcoinization, Bitcoin taking over the world, Bitcoin winning
9:38
isn't going to happen as we all theorized on Twitter or in all
9:43
the articles and podcasts that we've been doing forever with
9:46
this very libertarian cypherpunk perspective.
9:51
And it really reminds me of that one half any post that I always
9:55
reference, it was literally like a week after Bitcoin was
9:58
created. He did.
9:59
The classic Bitcoin is probably going to go to $10 million, and
10:03
Bitcoin transaction in the future are going to be more as
10:06
rare as they are today. And the underlying was there's
10:12
going to be some fully reserved Bitcoin banks, some fractional
10:15
reserve Bitcoin banks. But the take away kind of the
10:19
theme of that post was how Finney understood.
10:25
That to get to. These huge numbers, Bitcoin
10:27
would have to become financialized.
10:29
The institutions would have to embrace Bitcoin.
10:32
There would have to be vehicles or products for all of these
10:37
capital markets to get into Bitcoin and maybe it's not
10:41
happening as we all thought it was, which would be essentially
10:44
all these corporations just holding Bitcoin on their balance
10:47
sheet. It's happening through these
10:50
various different. Wall Street products.
10:56
And it did take Michael Saylor to sit there and I think he said
10:59
he was sitting there talking to, to, you know, AI or ChatGPT.
11:03
And that's how he came up with the stretch product.
11:06
I think this is one of the reasons why Sailor does get a
11:09
lot of heat because he, he is a hardcore bitcoiner.
11:13
I, I think that's without a doubt at this point.
11:16
But he understands what Dylan just said.
11:20
Most of these people can't even buy Bitcoin if they wanted to.
11:24
So I'm going to tailor products so that they can get into
11:26
Bitcoin or at least get some Bitcoin exposure.
11:30
And then, you know, I just keep buying Bitcoin and then we do
11:33
Bitcoin per share. So it's an interesting
11:35
perspective because I have fallen on this show multiple
11:38
times. I, I have fallen into the trap
11:41
of considering what we're seeing happen with Bitcoin and Wall
11:47
Street as a Wall Street attack, a Wall Street takeover.
11:50
They're here, they're trying to corner the market.
11:52
They're trying to centralized as much holdings of Bitcoin as
11:54
possible and then the more you kind of chew on the idea.
12:02
You always get back to the classic.
12:03
Bitcoin is for enemies, and you have to be comfortable with your
12:07
worst enemies holding Bitcoin, and you have to be comfortable
12:10
with people holding Bitcoin not in the way that you think they
12:13
should be. That's just how this game works.
12:15
But with that being said, we still need the majority of
12:19
people holding Bitcoin in self custody.
12:23
So it's not a this or that kind of scenario, It's a this and
12:28
that scenario. And that is how Bitcoin takes
12:31
over the world. And as we're seeing, we're in
12:32
the very early innings of this one year.
12:35
In the grand scheme of Bitcoins, history isn't that much.
12:38
The Bitcoin history itself isn't that much, but we're seeing the
12:43
amount of interest coming from the institutions and we're
12:45
seeing that they are interested not only in Bitcoin gains, but
12:50
in what Bitcoin can offer, even though they are doing the
12:53
tokenize all the things and put everything on the blockchain,
12:55
you know, wall. Street's going to go through
12:56
those shit coin phase. We all know this is going to
12:58
happen. They are, I think, at the very
13:02
least, starting to understand that you can't ignore this.
13:06
And if you do want to succeed moving into the future, you need
13:09
to have Bitcoin. I don't know if you guys saw the
13:11
Tim Draper clip, but he basically said that he's like,
13:16
it is essentially a wrong move to not hold Bitcoin as a
13:25
corporation, as an individual. He actually went so far where
13:28
he, I think the clip said something.
13:30
He's like, I used to kind of just talk about Bitcoin with
13:32
this idea that like, yeah, it's a cool thing, it's a cool
13:35
experiment, you should probably get some now.
13:37
He's like, it's not a matter of choice.
13:39
You need Bitcoin and in the various vehicles that we're
13:43
seeing so far, maybe you don't like them, maybe you don't find
13:46
a need for these vehicles. Maybe you are a spot Bitcoin
13:51
maxi like me. Maybe you just want to hold
13:52
Bitcoin in cold storage and forget about all the rest of the
13:56
noise. And that's a viable route for I
13:59
would say the majority of people.
14:02
But as the Bitcoin industry matures, we're starting to see
14:07
that there is a very real need for these products and there is
14:11
a very real lane for these products.
14:14
As I've said on the show multiple times, I'm not the
14:17
biggest fan of the ETFs, but I see why people want to hold
14:20
them. And Dylan Leclerc kind of just
14:24
said the very same thing for the stretch products, for these
14:27
fixed income products, for all the various different products.
14:30
I I don't even know how many different.
14:32
Products Sailor has right now. It's like what?
14:33
Strike, Stride, Strife, Wait Strife Strike Stride Stretch
14:42
MSTR. Is there more than five?
14:46
Anyways, you're seeing that there is a need for this.
14:52
There is a lot of interest for this.
14:53
So maybe Bitcoin hyper bitcoinization rather maybe the
14:59
the way Bitcoin wins isn't exactly as we all envisioned it
15:03
to happen, but it is in fact happening.
15:07
And so I thought that was an interesting take from Dylan,
15:10
especially because he does come from the same class.
15:13
That I do. He literally comes from the
15:15
same. Hood that I do you know he.
15:17
Comes from the same Bitcoin slums that I did on Bitcoin
15:21
Twitter, just, you know, a Bitcoin plab, just a random
15:25
Bitcoin that starts buying Bitcoin that wanted to talk
15:27
about Bitcoin goes out there starts talking about Bitcoin and
15:30
then he joins the metaplanet board.
15:32
I, I forget what his position is, but he's the one basically
15:35
constructing the metaplanet, Bitcoin treasury play.
15:39
And now he's having these conversations with people that
15:42
none of us average bitcoiners, or maybe me just 'cause I'm a,
15:46
you know, I just talked to you on YouTube, have the privilege
15:49
of talking to these people. And so his, his insight from
15:53
being like, yo, I am a hardcore ideological Bitcoiner, but now
15:58
that I'm having these conversations with a lot of the
16:01
very powerful institutions and financial people that maybe you
16:06
don't like, he's come to the realization it's like most of
16:09
the capital's trap and you need these vehicles for Bitcoin to
16:13
really seep into the system. I don't know, guys, it's an it's
16:17
an interesting take. And then on that point, do you
16:19
guys? Remember this chart?
16:21
This chart's been going around for a while, shouts at the Jesse
16:24
Meyers or Crease's BTC and he quote tweeted that clip and he
16:31
posted this a while ago. I forget.
16:34
When this first came out, I think it was over a year ago and
16:37
you can see and for the audio listeners, it's a picture of the
16:41
total global assets valued at roughly 1000 trillion dollars,
16:45
which I think is 1 quadrillion. I always messed that up.
16:48
Of course, Bitcoin here at about a $2 trillion market cap.
16:51
We have gold at 22 trillion. We have art, cars and
16:54
collectibles at 27 trillion. We have equities at 135
16:58
trillion, real estate at 370 trillion, bonds at 318 trillion,
17:02
and then money at 129 trillion. And as you can see, we got the
17:08
strategy pump up here and all the different products are just
17:12
tapping into each particular capital pool.
17:15
Because if you understand what Dylan just said and you overlap
17:20
this chart, you start to realize that a lot of these capital
17:23
pools, the money's just stuck there.
17:25
It can't go anywhere else and that is the genius of what
17:29
Sailor's doing. So he's got the MSTR going into
17:32
the equities market, which is 135 trillion.
17:35
We have strike convertible notes going into the bond markets
17:37
again 318 trillion. And then we have the other
17:40
products, strife and stride in the bond market and then the
17:43
stretch product into the money market.
17:46
It's 129 trillion. Or the fixed income markets, as
17:52
you know, Stretch has basically been marketing and this is just
17:55
strategy alone doing this. Now we have what?
18:00
Charles Schwab, Morgan Stanley, BlackRock, all the Wall Street
18:05
giants starting to launch Bitcoin products?
18:09
Yes. Maybe I don't want to use those
18:10
products. Maybe you don't want to use
18:12
those products, but the suits definitely want to use these
18:16
products. Not only do they want to, they
18:19
need to, and I think that is a fundamental shift.
18:23
Maybe it's a maturing perspective of where we
18:26
currently are in Bitcoin because a lot of the stuff that we do
18:29
say on Twitter, a lot of what the Bitcoiners say, it is a, it
18:32
is very knee jerk ideologically speaking.
18:35
Like they're not using Bitcoin how I want them to use Bitcoin.
18:40
And I think that's a, on the one hand, naive perspective and also
18:44
kind of a, a more extreme, like a dangerous perspective because
18:50
what's the point of Bitcoin if it is a permission, less
18:53
censorship resistant money that you don't have to ask again,
18:57
anyone's permission to use. They're going to be using
18:59
Bitcoin in ways that you probably don't agree with.
19:01
They're going to be using Bitcoin in ways that you
19:03
fundamentally won't. But we're seeing what Saylor has
19:07
done tapping into these different markets.
19:10
It has opened up Bitcoin into the broader conversation of
19:15
capital markets. And if you're doing just some
19:18
simple maths, you know, 200 trillion being able to flow into
19:21
Bitcoin right now, I think we're at a 1 1/2 trillion dollars.
19:26
I. Don't know guys.
19:29
Is number go up worth it? It's 100 X and market cap worth
19:34
it? I think this is the question.
19:38
That we're all kind of wrapping our heads around.
19:40
I know there's conversations of whether we are losing our ethos
19:45
here, whether we are losing our roots here.
19:50
Just for number go up, are we sacrificing the greater good for
19:53
number going up? And by the greater good, I don't
19:55
mean like a collectivist perspective, I mean the the
19:59
network of Bitcoin. Are we sacrificing the Bitcoin
20:01
network just so Bitcoin can go up in price?
20:07
And I have. Wrestled with this idea, and I
20:09
don't think that's necessarily the case.
20:10
I really do believe that this was probably how it was going to
20:14
happen no matter what. Like this is the only way it was
20:17
going to happen. And we're saying that it is
20:20
catching on now. I don't want to spend too much
20:23
time. Wow.
20:23
I already did spend a lot of time on 20 minutes on this.
20:26
But we saw another interesting clip that does relate to what
20:31
Dylan Leclerc said. And this is Jeff Park from
20:35
Bitwise and he made it very similar kind of take here that
20:42
without the Black Rock I bit ETF, we aren't going to get to
20:48
the highest levels of that we possibly can.
20:51
We weren't going to get to 10 million even higher.
20:56
And now that we're seeing this happen, there is an interesting
20:59
phenomenon playing out and it. Full disclosure here this this
21:03
does have a lot more technical. Jargon in it.
21:07
But you'll, you'll get the gist of it.
21:08
All right. So let me play that clip real
21:10
quick because it it is maybe not your favorite clip to hear, but
21:20
I think there is some signal here.
21:21
So this one's a little shorter. I believe this is the week in
21:26
which we finally have now seen I bid options open interest
21:30
overtake Dara bits open interest for the first time in a
21:32
meaningful way. What does that mean?
21:34
Well, it's pretty important, right?
21:36
Because for a long time people would look at Dara bits D Vol to
21:39
calculate implied volatility. But D Vol is flawed.
21:42
D Vol only uses Dara bit options.
21:44
The reality is there's lots of off store exchanges.
21:46
There's now I bid options and we actually need more intelligent
21:50
ways to quantify the parameterization of implied
21:52
volatility. And there's companies like
21:54
Volmex that do a really good job on this.
21:56
And the most interesting thing that I've noticed recently is if
21:59
you look at BVIV US, which is the implied Vol on IBIT versus
22:04
BVIV, which is the offshore exchange aggregate correlation
22:07
of implied volatility, That spread is about 5 points,
22:11
meaning I bid ball is five points higher than Darabit and
22:14
other offshore exchanges ball. Where is that 5 bit five points
22:19
spread coming from? My guess is that there's a lot
22:23
of retail demand for upside participation in a longer tenor
22:26
than what is premised usually on Darabit because I bid options go
22:29
out two years plus. And so my bold prediction is
22:33
that we're going to see a big Bitcoin move up.
22:35
It might be within this year. As Matt said, my prediction is
22:38
that it is going to be led by I bid options and the reflexive
22:42
nature in which the gamma that is possibly created within
22:45
something like Bitcoin due to its scarcity can really, really
22:49
lead the next leg up in a meaningful way.
22:51
And for me watching I bid take market share over there a bit is
22:55
actually a lot of excitement, enthusement that I would say
22:57
we're heading in the right direction.
23:00
Interesting, and I know that. One was a little more
23:02
complicated. That was a little more
23:04
financial. You know, I like I said jargon.
23:07
So he's a little more lot more financial lingo in it.
23:11
But essentially what he's saying is what I've been showing you in
23:14
every other area of the show that institutions are running
23:18
the show here. It's no longer retail.
23:21
It is the black rocks of the world.
23:23
It will be the Morgan Stanley's and the Goldman Sachs and the
23:27
Charles Schwab's of the world that are going to fundamentally
23:31
take us to the next level. And I know that makes some
23:34
people feel uncomfortable. It makes it, it really goes into
23:37
the bitcoins been hijacked meme. But in the context of what Dylan
23:42
said, I think it really just shows that Bitcoin is a tiny,
23:48
tiny market. Our market cap is tiny.
23:52
Retail does not drive the global economy.
23:55
Yes, retail participates in it, but it's these corporations,
23:59
it's it's these huge capital pools that are stuck, that are
24:02
literally trapped, that are basically frozen that really
24:07
drive the propeller of the world, the propeller of the
24:10
economy, global economy. And now they're finding ways to
24:14
get into Bitcoin. And now the other interesting
24:16
part of that clip was essentially this idea of onshore
24:23
in America, you know, traditional financial capital,
24:26
the BlackRock I bit ETF is now driving the market a lot
24:31
stronger than the offshore options market, which has
24:35
historically been the thing that leads Bitcoin.
24:38
So we are seeing for better or worse, what we, what Trump has
24:42
been saying for the last couple of, you know, I guess years at
24:45
this point that they want to bring Bitcoin on shore.
24:49
We're seeing that play out. I think that is also going to be
24:52
one of the very interesting narratives that's going to play
24:56
out here in the future. Very.
24:58
Quickly is the. Bitcoin price going to be driven
25:02
by offshore exchanges, some could say, you know, a little
25:04
more sketchy exchanges or is it going to be driven by a more
25:09
traditional financial behemoth that drives the Bitcoin price.
25:14
So it will have more rules, at least for those institutions,
25:19
but it should in theory have less scams and fraud.
25:26
So I'm sure in the chat you're like, damn, Opti's gone full
25:30
suit corner on us. He's a Wall Street Bitcoin maxi.
25:37
I don't think that's the case per SE.
25:38
And maybe I'm coping. I think it's just showing us
25:42
that for the last 17 years, or maybe we'll go 15 years for the
25:48
1st 15 years of Bitcoin, it was the individual that was driving
25:54
Bitcoin. And moving forward, I think it's
25:58
going to be the institution. It's going to be these large
26:00
capital pools. That doesn't necessarily mean
26:02
that I'm saying that the individual is going to lose
26:05
power or the individual isn't going to benefit from Bitcoin.
26:11
It's just we're going to be seeing a slightly different
26:13
dynamic than we're used to. Again, retail has no capital,
26:18
guys. Retail's broke.
26:19
What's that one statistic? It's like the top. 1% of the
26:23
world holds like 80% of all the world's capital.
26:29
Or it might be a little different.
26:30
I'm I'm blanking on the exact numbers.
26:32
But it's the 8020 Pareto principle that that, you know,
26:35
the top wealthy people have the majority of the wealth and the
26:40
rest of us, we're all just fighting for crumbs.
26:45
Well, at the very least, our crumbs can buy us some Bitcoin.
26:49
And that will protect our purchasing power.
26:51
As everything goes up, as institutions come in and try to
26:53
drive the Bitcoin price, at least we get to benefit too.
26:59
So it's not all bad. I just think it's, it's a
27:03
slightly different perspective of what we thought Bitcoin was
27:08
going to be. And one of the things that I
27:10
definitely try to do is I work from first principles, my
27:16
Bitcoin fundamentals, and then I try to understand with a very
27:23
pragmatic view of where we are right now.
27:25
I, I do my best to not let my ideological biases color what
27:32
I'm seeing happen because I really want to just see things
27:35
clearly. I want to know the truth.
27:36
I want to I want to see reality in all of its warts and scars,
27:42
and this might be one of those moments for me.
27:46
Bitcoin growing up might just not happen how I thought it was.
27:51
But does that mean bitcoin's broken?
27:52
Does that mean Bitcoin's captured?
27:54
I totally don't agree with that. Who?
27:56
What Mexico. Mexico hot on the chat saying
27:59
Bitcoin's been captured. It's over for the.
28:01
Little guy I I totally, totally disagree with that.
28:06
I think Bitcoin is doing exactly as we thought it was, doing
28:11
exactly what it needs to do to get to the next level.
28:16
Bitcoin had to go through Wall Street for it to take over the
28:19
world and here we are, the beginning of that cycle.
28:24
I think we're all going to be able to benefit from that.
28:26
Anyways, moving on. I have been rambling for a while
28:29
on this. That's crazy.
28:32
Remember, I've been telling you guys for the numbers today, I I
28:37
don't have a video for you, remember the idea of selling May
28:43
and go away where Eric Balkunis might have destroyed that meme.
28:48
So we'll we'll get a little bullish for a second.
28:50
And then I think everyone saw this for the for the news today.
28:54
We're we're going to cover the Jack Maulers sailor kind of
28:58
contentious clip that was going around.
29:02
Everyone was saying that Jack Muller's was attacking sailor.
29:05
I'd I personally don't think that that's the case, but it's a
29:07
spicy clip. We're going to cover that on
29:09
today's show. And then for the culture, I'm,
29:11
I'm going to kind of put a couple of things together.
29:15
One, I don't know if you guys saw, but we got a official live
29:19
demo of how Square merchants are going to receive Bitcoin.
29:24
This is using Cash app and it's honestly guys, it's, it's
29:27
beautiful. It's beautiful.
29:30
And then we are going to get a historic FOMC meeting today.
29:35
We got some news coming out of the, the Fed nomination.
29:39
So that's today's show for you guys.
29:43
It's going to be a good show. I'll be right back.
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se-ed.com store. OK, hold on.
31:57
We, we got a good correction here.
31:58
I I'd agree with this statement. Bitcoin didn't need to go
32:01
through Wall Street. Wall Street had to go through
32:03
Bitcoin to survive. That's that's a good
32:06
clarification. I I like that clarification.
32:08
All right, yeah, people question if you are being held in hosted.
32:15
This is true. This is true.
32:16
OK, anyways, the current Bitcoin price is $75,900.
32:23
Actually my my boy was in the chat.
32:25
Let me let me see my boy. He he gave us our TA.
32:29
So he said bounce at 73 K then up to 85 K that's it.
32:34
That's the from today to middle late May price now dude.
32:41
Speak English bro like. What?
32:44
What did you say all right anyways, anyways?
32:48
The discount from all time high is currently 39.8%.
32:51
The market cap, we're holding on to that 1 1/2 trillion, we're at
32:54
1.52 trillion and the current block.
32:56
Height IS9471729407000172 All right guys this is what I want
33:05
to talk. About today, because I'm sure
33:07
you guys have heard this actually, again, I I I.
33:12
Don't mean to really shit on other Bitcoin content creators,
33:19
but I think we've all. Heard the Ben Cowan perspective
33:23
here that we're going to pump in April, we're going to dump in
33:27
May. It's over Bros.
33:28
We're going to go lower bear markets to October.
33:31
Actually, since Nico's not here, I'm going to I'm that's the face
33:34
that I'm making fun of today is this.
33:36
Idea that we are going to be. In a bear market until October,
33:41
the thesis is essentially this is a bear trap.
33:43
We're going to have a sell off in May.
33:48
It'll find a bottom and then it'll slowly climb back up until
33:53
October of this year or Q3 of this year, and the cycle's going
33:58
to play out exactly as it's played out in the past.
34:00
Now, obviously I always trust the science and the numbers when
34:06
they confirm my bias. I'm not a journalist here, OK,
34:10
You know, I'm not a journalist. I, I'm not objective by any
34:13
means. I try to be just to make sure
34:16
that maybe I'm not just making stuff up.
34:19
I, I try to at least base my perspectives on some hard facts
34:25
and some hard numbers. But I found this interesting in
34:29
the context of that conversation because I have been talking
34:31
about. It the last couple of days, and
34:35
this was Eric Balkunis, of course, senior ETF analyst at
34:38
Bloomberg, and he tweeted this, which really is, I think an
34:44
interesting data point here. So, Eric goes, it may be time to
34:49
retire. Sell in May forever quote It
34:53
made sense when 19th century London's money delete swapped
34:56
trading floors for summer states, but 21st century algo
35:00
driven markets that never sleep have undone that adage.
35:05
The S&P 500 ETF, the SPY, has been positive in 25 of the past
35:09
33 May to October periods, with only 2022 negative in the.
35:14
Last decade? Oh I guess he's quote tweeting
35:18
someone with the banger today. So only one time in the last
35:25
decade literally. Wow that's crazy.
35:28
I didn't even connect that dot. Literally since the creation of
35:32
Bitcoin we have only seen one negative May to October
35:38
performance. One sell.
35:40
In May scenario, and that was 2022.
35:44
So the data's not really backing up the idea that sell in May is
35:48
going to happen. And I think it's fundamentally
35:52
what we're seeing happen with finance.
35:54
Everything is algo traded, everything is going to a 24/7,
36:00
you know, constant 365 day trading schedule.
36:06
And yet everyone on Twitter right now is basically saying,
36:09
oh, we're going to have a sell in May scenario.
36:13
Bear market's going to last till October.
36:14
The whole the literally entire retail market is shorting right
36:18
now and the numbers here are showing that a sell in May
36:22
scenario is less likely to happen than a positive May to
36:29
October performance. Actually, let's let's go into
36:34
this one, where is. Dang, what is that Bitcoin by
36:39
quarter? What's that website?
36:41
Bitcoin quarters? Damn, what's that coin glass?
36:46
Sorry, Oh man, how? Dude, I'm blanking right now,
36:51
but remember yesterday I was showing you guys Bitcoin by
36:54
month. Let me see, Bitcoin by month,
36:59
Bitcoin performance. I think it's Bitcoin
37:00
performance. Here we go.
37:03
Bitcoin returns history and you know, compare that to this
37:09
chart. Where to go compare the last.
37:13
Only in 2022 have we had a negative May.
37:17
So let's check it out. Negative may.
37:19
Obviously it's not set in stone here, but it's.
37:26
Looking like the oh wait wrong 11. 2345123456 So hey look, at
37:35
least the numbers in Bitcoin are showing us something similar.
37:38
We've had more positive maze than negative maze.
37:43
So this this is going to be interesting this this next month
37:45
is going to be very interesting just to watch on a monthly
37:49
perspective. Is sell in May and go away
37:52
happening or are we going to have a positive May like we saw
37:57
last year? I don't know guys, can we
38:02
finally put to rest to sell in May?
38:07
Opium is a hell of a drug. It is, dude.
38:09
It's really good. It's my favorite, my favorite
38:12
drug. We won't be seeing higher prices
38:14
until Bitcoin CEO decide we should have a yeah, dude,
38:18
someone get someone get in touch with the CEO of Bitcoin and tell
38:24
him to pump the price. Actually, guys, just someone get
38:28
in touch with Larry Fink. Someone call Uncle Larry and
38:35
Jamie Dimon and Michael Saylor and tell him to smash buy.
38:41
So the price goes up. Bears are having their last gas
38:44
before we RIP. Honestly, I kind of agree.
38:47
I think the bears are in disbelief, but it's what happens
38:51
when you're a bull tard. We make fun of the bears.
38:58
Anyways, I do want to keep it moving.
39:00
I just thought that was an interesting kind of tweet.
39:02
Interesting little perspective there considering that a lot of
39:05
people are really falling down the Ben cow in perspective of
39:11
where the price is. And look, I may be wrong.
39:16
I say it all the time, I don't know what's going to happen with
39:18
the price, but Max Payne right now does seem like all of retail
39:25
is shorting Bitcoin so they get all liquidated.
39:27
Everyone's waiting for the bottom to happen somewhere near
39:31
October, and Bitcoin does the opposite of what everyone thinks
39:36
it's going to do. So Max Payne's scenario to me is
39:39
it rips. Obviously that's a that's a good
39:43
thing. But if the majority of people
39:45
are on the sidelines waiting for Bitcoin to go lower, they're
39:48
shorting the price because they think it's going to go lower.
39:51
Max Payne is wiping off those shorts.
39:56
No one gets the entries they really want and it just starts
39:58
ripping. We'll see.
40:01
All right, we will see. Hoping for a June swoon.
40:05
I don't. I don't even know what that
40:07
means. Anyways, let's get into a little
40:09
more spicy conversation, which was Jack Mahler's clip that was
40:13
going around, so I'll be right back.
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BITKEY dot world with the code simply all right guys so this.
42:05
One really went wild on Twitter yesterday.
42:07
I saw a lot of people I don't know, giving giving Jack
42:12
Muller's a lot of shit and then they're like, yo, Jack Muller's
42:14
diss sailor bro. And I, I personally didn't
42:19
didn't hear it that way, but that this the clip is a little
42:24
spicy and I will show you guys the Jack Muller's.
42:28
Response to it. I'm not going to show you
42:30
everyone's response to it, but there was a lot of people that
42:32
that love Sailor, that probably own MSTR, that own Stretch that
42:36
were just like. I can't believe Jack Mahler's
42:41
would say this about Sailor. You know that that type of
42:44
thinking. And personally, I I.
42:47
Didn't think it was too big of a deal, but apparently everyone's
42:52
freaking out about this little clip here so.
42:54
I'm going to play the clip and then I'll give you Jack Mahler's
42:56
response. And you know, I'll kind of make
42:59
a couple of different points based on the clip.
43:01
So here's the clip that made everyone freak out.
43:03
What the fuck are you doing? So you have this weird market of
43:08
call it fixed income investors or institutional investors,
43:11
because by the way, you know, Bitcoin is so niche, right?
43:14
You, you think you're doing well and then you hear that miles has
43:16
lent out a quarter trillion dollars.
43:18
So if you want to scale these markets and you want to lend out
43:21
a lot of money finding capital, that's saying I I could be
43:25
getting 30% year over year on average by owning Bitcoin, but
43:29
I'll forgo that opportunity so that you can borrow against it.
43:32
How much do I need in return for that relationship?
43:37
I mean, let's use Michael Saylor in strategy for example.
43:39
Michael Saylor used to be borrowing money at 0%.
43:43
Do you think that he got sick of that and preferred 11/12/13
43:45
percent? Danny, do you think that he just
43:47
prefers a higher number? Absolutely not.
43:49
Probably not, right? He's doing it because there he
43:51
ran out of people willing to give him money at 0%.
43:54
And so if you're going to ask someone in the crowd, hey, don't
43:57
buy Bitcoin by stretch, well, how much are they going to
44:00
demand from you to take that deal?
44:03
Turns out what Michael Saylor is paying is kind to what the
44:05
Bitcoin lending rate is. So it's what, how much do you
44:08
have to pay someone to say, I'm not going to buy NVIDIA, I'm not
44:11
going to buy Anthropic, I'm not going to buy Bitcoin, I'm not
44:14
going to buy really nice real estate.
44:15
I'm going to lend it to you. I know it's pristine collateral,
44:18
but people need to appreciate that's what the market is
44:20
made-up of. Ultimately, once we get into
44:24
implicit government guarantees and Bitcoin finds its way, seeps
44:28
through the cracks like universal acid as it always
44:30
does, and ends up conquering the inner walls of all these
44:33
institutions, we'll start getting really cheap dollars
44:35
from the Jamie Diamonds of the world.
44:36
But we're just not there yet. And so that's why.
44:41
My my favorite part of that clip was that last part that soon
44:44
enough we'll be able to get really cheap dollars for, you
44:48
know, our Bitcoin. But right now that is not the
44:51
case anyways. The initial tweet that really
44:54
blew up was of course, Bitcoin treasuries.
44:56
And they go, Justin 21 Capital CEO Jack Mahler just said Sailor
45:00
ran out of people willing to give him money at 0% and now has
45:04
to pay 12%. And then they go on and goes,
45:06
what Mahler's miss is stretches perpetual.
45:09
The principal never gets paid back.
45:10
Sailor is porting fixed income capital into Bitcoin.
45:13
Forever, which again, kind of the theme of today is what Dylan
45:18
Leclerc was saying in the beginning and then Jack
45:22
responded, he goes, what? It's not a diss.
45:24
I'm not missing anything. I was making a broader point
45:27
about the capital cost and market structure.
45:29
That was the question I was asked.
45:31
We should want everyone building in Bitcoin to win.
45:33
And then it went a little further.
45:35
And here, you know, I'll give you a little meme today.
45:37
And he goes Bitcoiners when the influencers fight amongst.
45:41
Themselves. And what's this guy Jesse?
45:44
I forget his last name, him from Breaking Bad, drinking the
45:46
water, and then Jack Mueller goes, damn, I really wouldn't
45:49
have said it if I knew it would offend so many people.
45:52
It's like I was just. Asking a question about capital
45:54
cost and market structure. My point is the marginal cost of
45:58
capital rises as you scale. My bad.
46:02
Mcgoo responds and goes. You should have known better,
46:04
Jack. You're pointing out the
46:06
inconvenient truths about their irrational beliefs around what
46:09
they think will lift him out of poverty.
46:13
Jack Wallace goes. I'm eating my room.
46:16
Service and check my phone to realize I've somehow offended
46:19
people by pointing out that the marginal cost of capital rises
46:23
with scale. It wasn't worth this.
46:25
I regret it. Please forgive me for my sins.
46:28
Oh man, I'm kind. Of with Jack here, I did see a
46:31
lot of people basically saying that Jack had some beef with
46:38
sailors or he has some beef because he did the STRK product,
46:42
the strike, was it the convertible note?
46:46
Yeah, the strike. Convertible note and he's just
46:50
attacking strategy and 21 capital should be doing
46:53
something and they haven't done anything.
46:56
And Jack's like, dude, that's that's not even the case.
46:59
He's like, I wasn't I wasn't attacking strategy.
47:03
He's like, I'm just, I'm just showing as he says, you know,
47:06
just to clarify his words here again, that marginal cost of
47:11
capital rises as you scale. Now what is interesting,
47:15
obviously that that one point to me is kind of funny.
47:20
Like you, you think Saylor doesn't want to get money at 0%
47:26
and he has to. Like you, you think he wants to
47:28
pay? You that 12%, it's like, no,
47:30
that's just the cost that he's, you know, balanced out and
47:34
figured out that that's what it that's what it costs for people
47:39
to give him money so that he can buy Bitcoin.
47:41
The more interesting point to me though was that very tail end of
47:45
that clip that I, I didn't put together that number, that kind
47:50
of connection that that 12% number is basically the cost of,
47:56
you know, you loaning Bitcoin. I know a lot of people like our
48:00
sponsor let in, they're working very hard to try to lower that
48:04
interest payment for you guys. But just the way that the system
48:08
rather the way the system treats Bitcoin currently, that is, you
48:13
know, you may not like it, but the fair market interest rates
48:17
to get dollars for Bitcoin and Saylor, whether he did that
48:21
intentionally or not, basically pick that same number.
48:25
And I think it just shows how early we really are in this
48:28
whole Bitcoin thing. At a certain point, like Jack
48:33
was basically saying like we're, we're basically going to get
48:35
free dollars if we give the banks our pristine collateral
48:39
that is Bitcoin, but we're just not there yet.
48:43
I can't wait for the day until we're there.
48:45
You know you give. People some Bitcoin, they give
48:49
you some dollars with like AI don't know something ridiculous
48:52
like a .01% interest rates for like 10 years or something.
48:58
Obviously I'm just throwing numbers out and I'm and I'm
49:00
dreaming but. It just goes to show that how
49:06
early we are in this game is truly hard to wrap our heads
49:10
around because we've been in Bitcoin for so many years.
49:13
Or even if you've just in Bitcoin, been in Bitcoin for a
49:15
couple of years, but there is this idea in Bitcoin or maybe
49:20
it's like this mind virus that right when you find Bitcoin, you
49:23
always think you're late and then you're so obsessed with
49:27
Bitcoin that all you really consume for information or
49:30
content is just Bitcoin content every single day.
49:33
You know, 40 hours per week plus and, and you really get the
49:38
sense that everyone understands this Bitcoin thing and then you
49:44
go talk to normal people and they're like, what are you
49:46
talking about, bro? Like no one's going to buy this
49:48
Bitcoin thing. Like no banks are going to give
49:51
you money for your. Bitcoin and you're like, you
49:58
pull back a little bit and you realize, Oh yeah, no one
50:01
understands what this Bitcoin thing is.
50:05
It's basically been the first year since the banks are able to
50:07
even get into Bitcoin. Yes, Bitcoin's been around for
50:10
17 years. That's still a baby in
50:13
comparison to traditional finance to some of the longest
50:18
running banks in the world. It's tiny.
50:22
The market cap is tiny. We're only at, we can't, we, we
50:26
couldn't even last at $2 trillion for a long time.
50:30
But in our heads, because we understand how big.
50:34
A phenomenon how big of a moment Bitcoin is for the world.
50:40
We sometimes forget that it's still early, guys.
50:44
And I know that's hard to say when Bitcoin is like 100K70K
50:48
you're like, I miss the 1,000,000% plus returns.
50:52
It's not going to get that crazy returns moving forward.
50:56
I I don't really believe that. I think the latest numbers that
51:01
I've seen of how many people actually hold Bitcoin is not
51:05
that much. I think I've been covering it a
51:07
little bit. I I haven't played the video
51:09
because I. Lost it, but checkmatey was
51:11
basically saying it's like only a probably couple 100,000 that
51:16
really self custody Bitcoin. Maybe 1% of the world hold some
51:23
Bitcoin. I think I I did see a clip at
51:26
the conference yesterday. Basically, like one in five
51:29
people in America hold, quote, digital assets.
51:34
So that number is rising. But again, what is a digital
51:37
asset? Does one in five people holding
51:40
a digital asset necessarily mean that they're like a bitcoiner?
51:43
That all they want is Bitcoin? I know personally with the with
51:46
my friends and family, the conversations that I'm having
51:50
around Bitcoin, the the the message is seeping in a little
51:56
easier. They're they're a little more
51:58
receptive to the idea of Bitcoin now, considering I've been doing
52:03
this since 2017 and before they're like, you're an idiot.
52:05
You don't know what you're talking about.
52:07
Have fun with your magic Internet money.
52:09
It's probably going to. Zero.
52:11
Now I'll have friends, they know what I do and they're like yo
52:15
like teach me this a little bit. I actually had this happen like
52:18
2 weeks ago. I saw a friend that I haven't
52:20
seen in a long time and he would happen to be down here in South
52:25
Florida. And he's like, wait, so you're
52:27
like the crypto guy? I'm like, well, I'm a bitcoiner.
52:30
He's like, you're going to have to teach me this.
52:31
I'm like dude, all you have to do is just buy Bitcoin, save it,
52:35
repeat. The process and I just in that
52:38
one conversation, I was like, oh look, it's people are a little
52:41
more. Receptive to this idea, and yet
52:45
he basically said the classic, look, I don't know anything
52:48
about finances. I'm like, ah, you're so ready to
52:50
be a bitcoiner. But we are starting to enter.
52:55
I truly believe we're starting to enter that early majority
52:58
phase. If you've been in Bitcoin for a
53:00
while, maybe you didn't feel like an early pioneer.
53:02
Early adopter I would say that we all are the next phase it's
53:10
it's going to be rough for us guys not maybe not in terms of
53:13
dollars but in terms of having to repeat ourselves and go
53:19
through the same FUD all the same narratives over and over
53:23
and over again until it finally clicks to everyone that they
53:26
just need to save Bitcoin that Bitcoin is the best money it's
53:30
going to be so tiresome guys, it's all so tiresome I was
53:33
actually talking to Luke this morning guys a little little
53:36
sidebar little little story time here I was actually talking to
53:39
Luke this they hold. Trump coin and feel rich.
53:46
That's funny, dude. That is funny.
53:49
Actually on that point. My friend, he had another friend
53:54
there and the guy told me that he had some Bitcoin and it was
54:00
on an old phone. He didn't really back it up and
54:02
his wife threw away the phone, but he did have his NF TS.
54:06
I was like, oh dude, I feel bad for you bro.
54:11
Oh man. Damn, bro.
54:16
Anyways, what was I going to say?
54:18
I, I went on a different tangent.
54:19
That wasn't the tangent I wanted to go on.
54:23
Give me a second. I don't know.
54:28
I blanked. I blanked on the other point I
54:30
wanted to make. I had another point.
54:33
The chat distracted me, guys. The chat distracted me.
54:36
All right, on that point, let me let me just keep it moving and
54:41
we will. Talk about a few things,
54:44
actually. Like I said, we got a demo of
54:47
how the Square merchants are going to be receiving Bitcoin.
54:50
And guys, it's beautiful. It's beautiful.
54:54
This is how all Bitcoin wallet should work.
54:56
This is the future. Payments here.
54:58
OK. And then then I got some Fed
55:01
news stuff because today is a historic day.
55:04
So do you believe in diminishing returns?
55:07
No, I do not. I was you asking me this?
55:11
I don't no down under Blues, I don't I I fundamentally don't
55:17
and my initial. Thesis before last year was
55:19
essentially not that many people hold Bitcoin.
55:24
You think that we are at a point where the whole world is going
55:28
to get on Bitcoin, that we're going to see mass adoption of
55:31
Bitcoin that we are just finally getting able to tap into the
55:36
global liquidity pools that quadrillion dollars that's
55:40
swirling around. And you think Bitcoin at $2
55:43
trillion basically means, oh, a diminishing returns forever or
55:49
even further, if you believe in the S curve adoption of Bitcoin,
55:52
do you really think we've seen the S curve part the the massive
55:55
adoption part of it? Wait, the massive adoption part?
55:59
Like I would argue. That it's been a, you know that
56:03
and we're here. And then the massive adoption
56:06
part fundamentally blows away the diminishing returns mean,
56:11
but that's a more theoretical view of this.
56:16
That was until last year, because everyone's been saying
56:20
forever, oh, bigger number market cap means it's harder for
56:23
bigger number to happen, or in more of a less memetic way.
56:28
Because Bitcoin has a 1 1/2 trillion dollar market cap or $2
56:31
trillion market cap, it means that an incredible amount of
56:35
capital has to come into Bitcoin for it to have outsized.
56:40
Games again. That was before we saw what
56:45
happened with Gold last year, it literally added.
56:49
Multiples of the Bitcoin market cap in a matter of weeks.
56:55
And everyone's like, that's not. Going to happen to Bitcoin?
56:57
Bro, I'm like, I don't, I think you're wrong.
57:01
I think if we do see a mass influx of capital, whether it is
57:04
through these stretch strife, strike stride products, whether
57:10
it is through the ETFs, whether it is through people
57:14
fundamentally having a bank run on the dollar.
57:18
I think diminishing returns meme can break very, very quickly.
57:22
It is the gradually then suddenly perspective, but I'm
57:28
also again a 2017 Bitcoin or chasing the dragon.
57:33
I'm like, I, I just want to see Bitcoin RIP again.
57:36
It's been so boring the last couple of years.
57:38
I want to see it RIP again. I want to feel right again.
57:41
I want to wake up every morning and the Bitcoin price is going
57:43
higher and higher and throughout.
57:45
The day all you can do is just try not to lose your mind
57:50
because it's ripping so hard. And you just cannot believe it.
57:57
There were good times, guys. I'm the boomer dude.
58:00
I'm now I'm a, I'm Uncle Opti here, boomer Bitcoiner on the
58:05
show. It's like, guys, I'm telling
58:06
you, back in my day, you'd see Bitcoin RIP and you would, you
58:14
could barely. Contain yourself.
58:17
It's going to happen again. I have to believe it's going to
58:19
happen again, man. We all wanted to see it RIP.
58:24
Yeah, 100%. All right, Anyways, let's go
58:26
into the culture because this is actually really, really cool.
58:29
I know Bitcoin adoption and payments isn't the most sexy
58:34
idea. But I, I actually, I said this
58:40
what Monday? I said this on Monday, bro,
58:44
what? Jack Dorsey released at the
58:46
Bitcoin conference is 2 of the coolest things out of this whole
58:50
conference. Yes, we got some pretty
58:52
interesting sound bites. We've got some contentious sound
58:55
bites. But the bit key with the screen
58:59
and the Square app, Bitcoin payments, it's all coming from
59:04
one dude. Yo, Jack Dorsey is the real MVP
59:08
of Bitcoin 2026. So we're going to chat about it.
59:11
I got, I got the video for you guys.
59:13
We'll watch it together. This is how Bitcoin payment
59:16
should. Should this is?
59:18
I think this is a new. Standard.
59:19
All right, I'll be right back. I want to give a shout out to
59:22
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1:01:01
OK, so actually on this here, let me just play this for you
1:01:07
guys. So this is a demo of a live demo
1:01:12
as far as I'm I can tell of how the Square Bitcoin payments will
1:01:20
happen and it's it's beautiful. It's it's beautiful.
1:01:25
So here we go. But you tap the payment.
1:01:31
Literally just NFC chat NFC. Tap This opens up Cash App.
1:01:37
Sends it over lightning, instant payment, instant final
1:01:45
settlement. I'll I'll keep it looping in the
1:01:47
background. This is the new standard, guys.
1:01:51
This is the new standard for Bitcoin.
1:01:56
Absolutely beautiful. And then on this same note, we
1:01:58
did see a speech about the Square merchant payments and
1:02:04
apparently now the number is about 808,000 merchants are now
1:02:11
accepting Bitcoin payments. Obviously there's about
1:02:14
4,000,000 Square merchants out there.
1:02:17
It hasn't every single one of them hasn't, you know, adopted
1:02:22
Bitcoin as payments. But.
1:02:27
Dude, Jack Dorsey's killing it. This is beautiful.
1:02:31
This is beautiful. Yes, I agree.
1:02:36
Well, I would say I I would go. Further than de minimis tax
1:02:39
exemption, but you know, I guess.
1:02:42
Baby steps, baby steps way faster than digging for Look, me
1:02:47
and Nico get some shit 'cause I literally I'm an Apple.
1:02:51
Apple Pay Maxi. You know, I, I tap everything.
1:02:56
I, I, I, I only pull out my card if there's an issue with the
1:03:00
Apple Pay for whatever reason. But dude, tap to pay Bitcoin
1:03:06
payments, man. God, it's so beautiful.
1:03:12
You, you can start to see the vision, guys.
1:03:14
The vision is coming together. The vision is coming together,
1:03:18
guys. It is happening, man.
1:03:22
It is happening. So hey, look.
1:03:27
I think not only is it interesting that basically every
1:03:30
Square merchant now can get paid in Bitcoin, the next step will
1:03:35
obviously be when the merchants don't want anything but Bitcoin.
1:03:39
That's when I guess adoption would really take off.
1:03:42
But on the other side of this. I think this is the new standard
1:03:48
for Bitcoin wallets, for Bitcoin Lightning wallets, for Bitcoin
1:03:51
wallets. It needs to do this.
1:03:54
And I look, I'm not a developer. I'm just saying I think this
1:04:00
opted out everything, dude, wow. I'm never going to live that
1:04:05
down. I'm never going to live that
1:04:08
down, but this is it, all right? We're starting to see the
1:04:13
vision. OK, so the two kind of unsung
1:04:17
announcements coming out of the Bitcoin 2026 Las Vegas is
1:04:25
easier, more convenient, secure, verifiable.
1:04:29
Bitcoin wallets and seamless Bitcoin payments, all because of
1:04:38
block, Jack Dorsey's big key and Jack Dorsey's square.
1:04:42
Look, I'm really not trying to glaze here, but I think these
1:04:46
are the two biggest announcements coming out of
1:04:48
Bitcoin 2026, guys, so. 100% this is the way anyways.
1:04:53
On another note, shifting, shifting, you know, shifting
1:04:58
gears here a little bit. We did get this news this
1:05:02
morning that the Senate Banking Committee approved Kevin Walsh
1:05:05
as the next Federal Reserve chair today in a party line
1:05:08
vote. He now heads to a full Senate
1:05:10
vote to replace your own Powell. So it looks like Kevin Walsh,
1:05:15
it's going to be the new Fed chair.
1:05:18
The confirmation hearing that happened was that Monday.
1:05:22
No, I think that was last week. I don't know.
1:05:25
It's all a blur. Seems to have it.
1:05:29
Seems like he's going to be in. All right, that.
1:05:31
Doesn't seem to be too much contention.
1:05:33
But on that note, on that very same note, today is Jerome
1:05:39
Powell's last FOMC press conference.
1:05:43
End of an era, guys. End of an era.
1:05:47
This is the last time we're going to hear Jay Powell talk.
1:05:50
He's actually going to. We'll get well actually.
1:05:53
I'm, I'm, yeah, I'm, I'm not going to ramble for 9 minutes
1:05:54
here just so that we can get the FOMC announcement of whether
1:05:57
we're going to get any interest rate cuts or it's going to stay
1:06:00
the same. But this is the last one, guys.
1:06:04
This is it. This is it for Jay Powell.
1:06:06
OK If. Kevin Walsh gets in.
1:06:12
I think we know what he wants to do.
1:06:15
Well, rather not what he wants to do, but I think we know what
1:06:18
he will do, which is what Trump wants him to do, which is.
1:06:20
Cut interest rates. It looks like that is a lock.
1:06:25
Obviously it does have to get passed through the Senate,
1:06:27
though. I saw something this morning and
1:06:29
said like John Fetterman is going to vote for him.
1:06:32
So the party lines are not you know, I think I think he it's
1:06:36
pretty much a lock, but Jay Powell is out guys odd say no
1:06:42
rate cuts. So yeah, that I don't think
1:06:44
we're going to see a rate cut today.
1:06:47
I I think they're going to keep it keep it the same.
1:06:50
I haven't really seen, I haven't really dove too much into what
1:06:54
this announcement's going to be, but final Jay Powell press
1:06:59
conference it's happening in about doesn't happen at 2:30,
1:07:07
about 20-30 minutes. Can any new gifts for the new
1:07:13
Fed? I I know, dude, what's a legacy?
1:07:15
That's a legacy GIF here, man. Hope he doesn't turn into Kevin
1:07:22
Crash. Yeah, yeah.
1:07:25
I mean, honestly, one of the things that I found interesting
1:07:27
is Larry Laparde is not a huge fan of Kevin Walsh.
1:07:31
I found that a bit surprising. Let me see Bitcoin map.
1:07:35
Yeah. Yeah.
1:07:35
Anyways, anyways guys, end of an era.
1:07:38
Just finally, finally over. It is finally here.
1:07:44
Jay Powell, the last FOMC meeting is about to take place.
1:07:50
The money printer is is warming up.
1:07:53
That is a fact. It is.
1:07:54
Totally warming up. We will get a rate decision very
1:08:01
soon here. I think everyone's kind of
1:08:03
agreeing that it's probably going to be no cut.
1:08:08
But we'll see anyways guys, that's all I got for you.
1:08:12
I don't you guys don't want to hear me ramble ramble on anymore
1:08:20
again I. Did I did mention today that I
1:08:24
might not be in the studio, but it's not too crazy in here.
1:08:29
Tomorrow, I don't know, I'm I'm going to, I'm going to spitball
1:08:34
it. I'm going to play it by ear.
1:08:35
I'm going to attempt to come into the studio, but I I hear
1:08:39
they are on the roof. So I don't know, it might be a
1:08:45
little too loud. I'm, well, I might be a little
1:08:47
later than usual tomorrow. OK, but you'll get a show
1:08:51
nonetheless. Forget a show nonetheless
1:08:55
anyways guys. On that note, I'll see you guys.
1:08:58
Tomorrow, have a good rest of your.
1:09:00
Day. Oh yeah, I did want to say if
1:09:02
any other big news announcement comes out of the Bitcoin
1:09:06
conference, today is the last day I will be.
1:09:09
Covering it tomorrow. If not, maybe we'll go back kind
1:09:13
of to our normal schedule programming outside of the
1:09:17
Bitcoin conference. But I'm kind of expecting
1:09:20
something else. I think, I think there might be
1:09:22
something big coming out of the conference today.
1:09:26
I'll cover it for you tomorrow. On that note, peace out.
1:09:30
Eat some good food. Call your loved ones, get a get
1:09:33
a exercise in. When you wake up in the morning,
1:09:36
make sure you get some sun on your eyes, touch some grass, get
1:09:40
outside. You know, put the Twitter down.
1:09:42
Let's put the Twitter down. We're going to collectively put
1:09:44
the Twitter down. Person you're arguing with is
1:09:47
going to be there when you come back.
1:09:48
And then of course, stack some Bitcoin guys.
1:09:52
Dude, the conference day dump still in play.
1:09:59
Got some cheap sats. Actually, before I go yesterday,
1:10:06
I was telling you everyone's kind of watching that 80K to
1:10:09
801K on the upside, on the downside, I forget what my, you
1:10:15
know, my magic TA is telling me. But if we break down under 73, I
1:10:20
think it was where the line was my trend line, it might be.
1:10:30
Prolonged dip until October. So this is what I'm watching.
1:10:33
That's what we're watching right now.
1:10:34
It's. I wouldn't say it's a make or
1:10:36
break time right now, but the next few days will be very
1:10:39
interesting. It will, I think, tell us where
1:10:41
we currently are in this bear market.
1:10:44
Are we out of it? Or are we going to get cheap
1:10:48
Sats for the next couple of months, boys and girls?
1:10:52
It's really a win win. It's really a win, win, but.
1:10:55
Anyways guys, I'll see you tomorrow.
1:10:56
Have a good rest of your day. Tattoo on the next Simply
1:11:00
Bitcoin Live peace out. Today's episode was brought to
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you by bitcoinwell.com, a Bitcoin only platform on a
1:11:08
mission to enable financial independence.