Latest / Simply Bitcoin / HUGE WIN, Spot Bitcoin ETF Approved!? | EP 812

Transcript

HUGE WIN, Spot Bitcoin ETF Approved!? | EP 812 · Simply Bitcoin

• 0:12
  It's all going to zero against Bitcoin.
• 0:16
  It's going up forever more. You're against Bitcoin.
• 0:26
  You're against freedom. Good morning everybody.
• 0:30
  We are back. Huge win this morning.
• 0:33
  I am sure you can see the title Grayscale wins a lawsuit against
• 0:37
  the SECADC Circuit Court of Appeals is vacating SEC's denial
• 0:42
  of GB TC's conversion into an ETF.
• 0:45
  But guys, this doesn't necessarily mean GB TC is
• 0:48
  automatically converting into an ETF however, but it's certainly
• 0:53
  certainly bringing things closer to a spot Bitcoin ETF.
• 0:57
  So while extremely bullish guys and and the price responded
• 1:00
  positively. So as I was telling my cohost
• 1:02
  today, Rustin, we're definitely less poor today guys, but we
• 1:06
  don't have a timeline on what's going on.
• 1:08
  We don't have an idea of when this next move happens, but this
• 1:14
  is a step closer to the world, slowly paving a way for
• 1:19
  mountains of capital to get into Bitcoin.
• 1:21
  So absolutely love to see it, but of course we tell you guys
• 1:24
  every single day, take Bitcoin into self custody.
• 1:27
  Avoid the paper Bitcoin. But this is one of the good
• 1:29
  things about this court ruling. And we'll we'll give you all the
• 1:33
  receipts. Well, we'll give you guys the
• 1:34
  takes that people thought this was going to be instantaneous
• 1:39
  GBTC conversion into a spot ETF. So we got a bunch of receipts
• 1:42
  for you guys today. I got a bunch of threads, I got
• 1:45
  a bunch of takes from bitcoiners.
• 1:46
  We even got a Bloomberg article to cover this stuff.
• 1:49
  And we're gonna, we're gonna give you guys a sauce today,
• 1:51
  guys. But first and foremost,
• 1:53
  obviously this is great to see because we know that a spot
• 1:57
  Bitcoin ETF is inevitable. It's not about if, it's about
• 2:00
  when. And It looks like today that we
• 2:03
  are moving closer. We're inching closer to a spot
• 2:06
  Bitcoin ETF. Anyways, welcome to simply
• 2:08
  Bitcoin. We are your number one source
• 2:10
  for the peaceful Bitcoin revolution.
• 2:11
  We covered breaking news, culture and nomadic warfare.
• 2:14
  We bring on bitcoins from all around the world, from the
• 2:16
  biggest names to the everyday Bitcoin.
• 2:18
  We got them all guys, and we will be your guide through
• 2:21
  separation of money and state. And of course, I'm not alone.
• 2:26
  Today I do have my cohost, Rustin Ruston.
• 2:36
  Oh yeah, I had to switch it up on Ruston this morning.
• 2:30
  How you doing this morning before we get it, before we get
• 2:33
  into what you're going to do on the culture?
• 2:34
  Because I I had to. I had.
• 2:39
  He was going to cover the news, but this, this grayscale news
• 2:42
  drop, so he's going to go in culture today.
• 2:44
  But Ruston, what's your thoughts this morning?
• 2:46
  What's and what are we covering on culture?
• 2:49
  Yo, shoutouts to Paul Revere, looks like the institutions are
• 2:53
  coming. Big dub today, major pump,
• 2:56
  things are looking good. But I'm here to talk about we
• 2:59
  had the longest bear market in Bitcoin history and it was
• 3:03
  actually the most bullish bear bear market in history.
• 3:07
  And I'm going to tell you why. Lots of amazing developments.
• 3:10
  We a long time to stack some extra sets.
• 3:13
  And front run Larry Fink and Grayscale and all those guys.
• 3:16
  So make sure you do not miss out on that opportunity.
• 3:19
  Stack those bad boys. We're going to run through it.
• 3:21
  And of course, opti's got all the ins and outs of the
• 3:24
  grayscale Bitcoin trust this morning.
• 3:27
  You know the hype train has left the building.
• 3:30
  We died for the 300th time, and that zombie Bitcoin ain't going
• 3:34
  nowhere, baby. The hopiam is strong this
• 3:37
  morning. And as the saying was, and we've
• 3:39
  been telling you guys just for for a minute on the show, you
• 3:41
  know what's the classic cliche meme about trading time in the
• 3:46
  market beats time in the market. When it's blood on the streets,
• 3:49
  Even if it's your blood, that's when you buy.
• 3:52
  Especially if you have any any understanding about the Bitcoin
• 3:56
  price, it's usually sideways or maybe down and then there's days
• 4:01
  when it just pumps and it goes absolutely nuclear.
• 4:03
  So are we in the beginning of this?
• 4:05
  Who knows, We'll probably crab market, but it is looking
• 4:08
  bullish for all of you guys out there.
• 4:11
  Anyways, let's get into the show the Bitcoin numbers.
• 4:17
  Is your Bitcoin and cold storage really secure?
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  Is your seed phrase really secure?
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  Stamp seeds? Do it yourself.
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  Kit has everything you need to hammer your seed words into
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  commercial grade titanium plates instead of just writing them on
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  wealth on paper. Papers prone to water damage.
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  Fire damage. You want to put your
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  generational wealth on one of the strongest metals on planet
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  earth, Titanium. Your words are actually stamped
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  into this metal plate with this hammer and these letter stamps.
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  And once your words are in, they aren't going anywhere.
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  No risk of the plate breaking apart and pieces falling
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  everywhere. Titanium stamp seeds will
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  survive nearly triple the heat produced by a house fire.
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  They're also crush proof, waterproof, non corrosive, and
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  time proof. All things that paper is not.
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  Not allowing you to huddle your Bitcoin with Peace of Mind for
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  the long haul. Stamp your seed on Stamp, seed.
• 5:14
  All right, guys, you can scan the QR code at the bottom.
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  Get yourself a titanium seed phrase kit so you do not keep
• 5:22
  your private keys in your sock drawer in a piece of paper.
• 5:26
  All right. Anyways, we're over here on
• 5:27
  Clark Moody's dashboard and of course the only date that really
• 5:30
  matters is the block height. We say this all the time.
• 5:33
  It is currently at 805,332 and like we were saying man, and the
• 5:38
  Bitcoin price has been going up all morning.
• 5:40
  We're currently at a Bitcoin price of $27,850 per Bitcoin,
• 5:46
  and I asked you guys yesterday whether we would see 4K sats
• 5:49
  again. Well, none of us knew that this
• 5:52
  news was gonna drop, so maybe we're never gonna see 4K again.
• 5:56
  I think you guys said we weren't gonna see 4K sats again anyways,
• 5:59
  the sets per dollar aka Moscow time, aka how much your Fiat
• 6:02
  dollar is worth. It's currently at 3593 sets per
• 6:07
  dollar. And then of course some other
• 6:08
  good numbers here we got. The total percentage issued of
• 6:11
  Bitcoin that will ever be circulating is at 92.71%.
• 6:16
  The current market cap of Bitcoin is at $541.9 billion.
• 6:20
  The realized monetary inflation taking field currencies to
• 6:23
  school is currently at 1.75%. The Bolt.
• 6:26
  The Bitcoin versus gold market cap 4.21%.
• 6:29
  There's so much room to run in the hard money game and we are
• 6:32
  on your tail gold. Anyways, the total lightning
• 6:36
  capacity is currently at 4625.02 BTC.
• 6:40
  I saw that there's some some of the big lightning channels are
• 6:43
  rolling down some of their some of their lightning channels.
• 6:45
  So very interesting some. I've yet to talk to my boy
• 6:49
  justifier over at Ambox but I'll reach out to him and and see
• 6:52
  what his takes are on all this and the hash rate.
• 6:55
  The last 90 days is at 377.9 X hashes or or estimated app and
• 7:01
  the current pending fees is at 2.21 BTC.
• 7:04
  It looks like we are hanging out around that two Bitcoin phrase.
• 7:11
  All right guys. Anyways, I do have a video here
• 7:13
  for you. I wanna I gotta pull this up
• 7:17
  over here as a as a tab. But I saw this clip of Jack
• 7:22
  Mahler's and I I really am enjoying Jack Mahler's his
• 7:27
  podcast. But I wanted to start with this
• 7:29
  show, with this clip because so many people get lost in why we
• 7:35
  Bitcoin, why we do what we do and it's very simple and Jack
• 7:40
  Mahler's has a great way of explaining this and This is why
• 7:44
  we are Bitcoin only. This is why we are in the game
• 7:48
  of the separation of money and state.
• 7:51
  And let me let me just let Jack Mahler's just say it himself.
• 7:55
  So here we got a tweet and he goes, money is a technology we
• 7:58
  created to solve the problem of coincidence, of wants.
• 8:02
  And in this video Jack Mahler's explains this.
• 8:04
  If you've been around, you know exactly what what he's talking
• 8:07
  about. But for you new people, maybe
• 8:08
  you don't really understand why we Bitcoin What what, what the
• 8:11
  whole fuss is about. But as he writes in this tweet,
• 8:14
  you exchange your labor for money, which in turn represents
• 8:16
  their contributions to society. The money you choose to store
• 8:19
  value is the technology you choose to value your life.
• 8:25
  Choose wisely, Hashtag Bitcoin. All right, let's get into this
• 8:29
  video, guys. Sometimes when I'm with buddies
• 8:31
  and they're like, you know, why does money matter?
• 8:34
  Why do you care? My answer recently is is money
• 8:37
  is a reflection of your contributions to society.
• 8:40
  It's a technology that we created.
• 8:43
  Like I I did this in the first episode of our podcast.
• 8:46
  I'll do it again with you if you let's rewind time thousands of
• 8:50
  years And you grow bananas all day and that's what you do with
• 8:54
  your time, your energy. That's how you contribute to
• 8:58
  society. And I grow apples all day.
• 9:01
  Okay. Unless I coincidentally want
• 9:04
  bananas every meal all the time, and you coincidentally want
• 9:09
  apples. Every meal, all the time.
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  We're not going to be able to exchange our contributions to
• 9:15
  society, right? And so money is a thing we
• 9:18
  created that solved something called the coincidence of wants,
• 9:23
  where if you are an expert windshield fixer and your
• 9:27
  buddy's a lawn mower and you're an apple grower and the other
• 9:30
  guy's the CEO of Apple Computer, we can all take our collective
• 9:34
  contributions to society and exchange it for this thing
• 9:38
  called money. And then we can take the money
• 9:41
  and exchange it if we want a banana, or if we need our
• 9:43
  windshield fix, or if we need our lawn mowed.
• 9:46
  And this money thing can actually store our energy and
• 9:49
  our contributions to this world as value.
• 9:53
  And then we can price things against it and we can exchange
• 9:56
  it. And sometimes when such such a
• 10:00
  simple explanation guys. And the reason I kind of wanted
• 10:05
  to start here is so that we can continue to double down on the
• 10:09
  idea of of simplifying why we Bitcoin.
• 10:14
  Why it's so important to have a money that doesn't steal from
• 10:18
  you. Because there is the meme that
• 10:21
  goes around in the world right now.
• 10:23
  That money is just a figment of our imaginations that it could
• 10:26
  be anything. If if you if you believe it hard
• 10:29
  enough, it could be anything. And money is a technology and
• 10:33
  there is very real, real attributes to the best money in
• 10:37
  the world and Bitcoin is one of those best.
• 10:40
  Actually Bitcoin is the best money in the world and it is
• 10:43
  because it is hard cap, it is fungible, it is divisible, it is
• 10:47
  able to store value through time and space.
• 10:50
  It's digital money for a digital world and I think it's important
• 10:54
  for us to beat these attributes into people's minds so they
• 10:58
  understand why we are in the hard money game in the 1st
• 11:01
  place. And it's not about speculating,
• 11:04
  It's not about just getting rich.
• 11:06
  It's about fixing the money, fixing the incentive structures
• 11:09
  of the Fiat world so that we can better the planet.
• 11:13
  Because the money that we are forced to use is designed to
• 11:17
  steal from us guys. And I don't know about you, but
• 11:19
  I don't like that. So I have changed my my value,
• 11:25
  my savings into Bitcoin, but anyway it's resting.
• 11:27
  It looks like it looks like I'm I'm kind of lagging.
• 11:30
  So you jump in and let's see if I can fix this.
• 11:34
  Awesome. Yeah, I love that conversation
• 11:36
  with Jack Mullers and of course Saquon, Saigon Barkley, okay.
• 11:41
  Now what I really like about the conversation with Saquon is the
• 11:44
  fact that Saquon is an All Pro running back.
• 11:48
  He was like a Heisman contender back in college.
• 11:51
  He's one of the best in the business at what he does, and he
• 11:54
  takes part of his money in Bitcoin, and I think that's very
• 11:57
  important to NFL running backs, especially Okay.
• 12:01
  So a typical running back, you know, the prime of their career,
• 12:03
  maybe five to seven years tops. And a lot of these teams,
• 12:07
  they'll, they'll draft a running back early, let him ride his
• 12:11
  rookie contract and they'll run him into the dirt those five
• 12:15
  years. They'll take all that
• 12:16
  punishment. All that abuse and then they
• 12:19
  won't get that new contract. They'll get traded or then
• 12:22
  absorb a contract, but then they're not going to be the
• 12:25
  player they used to be. So I think NFL running backs,
• 12:28
  more than almost any position in the NFL, definitely need some
• 12:33
  exposure to Bitcoin. I love how Jack Mahler's breaks
• 12:36
  that stuff down right there. And guys, I mean, we're still
• 12:40
  early and sake. One, as far as I know, is the
• 12:43
  only running back taking Bitcoin as part of his salary.
• 12:47
  There are some other players. Russell Okung does some more
• 12:51
  like humanitarian work and philanthropy and promotes
• 12:55
  Bitcoin and things of that nature.
• 12:57
  But it's very good to see this. And again, the best athletes
• 13:00
  shouldn't, they use the best money, shouldn't The best people
• 13:03
  in in their various ways of life and everybody at the end of the
• 13:08
  day should use Bitcoin and and it will help them reach their
• 13:11
  potential. It helps.
• 13:13
  Individuals close that, you know, the wealth
• 13:15
  disenfranchisement and the widening wealth gap, that's just
• 13:19
  been, you know, since the War on Poverty started.
• 13:22
  That's been doing very well. I think if anyone's been
• 13:24
  traveling to any city around the world, they can take a look
• 13:28
  around and see that many things are.
• 13:31
  Many individuals around the world need some help and no
• 13:34
  government, no centralized institution, no three letter
• 13:38
  agency is going to provide the assistance to them that Bitcoin
• 13:42
  will by empowering them to take control of their lives
• 13:45
  themselves so that I I thoroughly enjoy from the
• 13:49
  conversation. Bill's quarterback Barclay, No.
• 13:54
  Not go quarterback. That's a Giants running back.
• 13:57
  Giants and Ruston, I'm. I'm glad you brought that up
• 13:59
  because there was another great clip that was coming out and and
• 14:03
  forgive my lagging, I don't know why my computer is lagging this
• 14:05
  bad today. But there was another clip that
• 14:08
  I wanted to play today and it was Sukwan Barkley as well.
• 14:10
  And and he was talking exactly about what you just brought up,
• 14:14
  that when you are one of these top prospects and you're granted
• 14:19
  this much money, you're not really taught about the best way
• 14:21
  to, you know, manage your money and you're just giving all this
• 14:26
  money. And that's why there's so many
• 14:28
  athletes out there that absolutely get wrecked.
• 14:30
  They they can be some of the best athletes in the world and
• 14:33
  then they end up completely broken, destitute because they
• 14:36
  don't understand how money works, why they should save
• 14:40
  money. And to Jack Mahler's point and I
• 14:43
  believe that clip like we are all forced to become speculators
• 14:46
  and This is why we want a hard money that doesn't steal from
• 14:51
  us. It's so simple because you do
• 14:53
  not have to get forced to becoming a speculating financial
• 14:57
  advisor just to just to float, just to get by.
• 15:00
  And this is the world that we live in.
• 15:02
  Everyone has become a financial speculator and that's because
• 15:06
  the money's broken. Stupid.
• 15:07
  Anyways, let's get into this plug by our boys over at Bitcoin
• 15:11
  conference. Yes we are fresh off of Austin
• 15:14
  bit block boom. And if you are in Europe, maybe
• 15:19
  you want to go hang out with other bitcoins.
• 15:21
  Bitcoin Amsterdam is October 12th and the 13th this year in
• 15:25
  what? A month or so?
• 15:27
  And then of course get the early bird tickets to Bitcoin
• 15:30
  Nashville 2024, July 25th and 27th and you can use the
• 15:34
  discount code simply to get. I believe it's 10% discount.
• 15:39
  Anyways, let's get into the news guys.
• 15:41
  We got a lot to cover today. The Daily News.
• 15:51
  All right guys, before I get into the news, so shouts out to
• 15:56
  our boy Brian De Mint, who wrote Bitcoin Evangelism.
• 15:59
  We say it all the time man. Have you ever struggled to
• 16:01
  answer your skeptical no corner friends objections?
• 16:04
  Your boomer neighbors questions? You ought Edna, who is worried
• 16:07
  about Bitcoin being the currency of the Antichrist, the annoying
• 16:10
  dude at work who is trying to dunk on you because the price is
• 16:14
  down. We'll get Bitcoin evangelism on
• 16:16
  Amazon and you can scan the QR code right here and go straight
• 16:22
  there and prepare yourself. As I was telling you guys
• 16:25
  yesterday, reading all these books, we can't really expect
• 16:29
  just a bunch of people to to sit down and read 300 pages.
• 16:33
  It's about preparing yourself with the tools and the
• 16:35
  techniques so that you can better spread the Bitcoin
• 16:37
  signal. Anyways guys, let's get into why
• 16:40
  you are here. So first and foremost, of
• 16:43
  course, we got the breaking news tweets from Bitcoin Magazine
• 16:47
  here. Breaking Grayscale wins its
• 16:49
  lawsuit against the SEC over converting its fund to a spot
• 16:53
  Bitcoin ETF. So that is the prevailing
• 16:56
  narrative so far on Twitter right now.
• 16:58
  And here we go. This is from Bloomberg U.S.
• 17:00
  court paves Way for first Bitcoin ETF in grayscale ruling
• 17:04
  and we got here Grayscale Investments LSC got a green
• 17:07
  light from a federal court to launch the first Bitcoin
• 17:09
  exchange traded fund in the USA. Watershed moment in the
• 17:13
  cryptocurrency industries quest to tap billions of dollars from
• 17:16
  everyday investors. A three judge appeals panel in
• 17:19
  Washington on Tuesday overturned a decision by the US Securities
• 17:22
  and Exchange Commission to block the ETF.
• 17:25
  The cases, Grayscale versus SEC 22.
• 17:27
  Yeah, we don't, we don't need to get in.
• 17:28
  But let's get into a little more of the Bloomberg article here so
• 17:31
  you guys can at least get the basics of what's going on and
• 17:35
  then we'll get the bitcoiners take on top of it and help you
• 17:38
  guys wade through the hopeium and what's actually going on.
• 17:42
  So of course we're on Bloomberg here guys and the headline is
• 17:45
  U.S. court paves way for first Bitcoin ETF and grayscale
• 17:48
  ruling. Ruling by appeals court
• 17:50
  overturns decision by SEC to block ETF.
• 17:53
  The court says regulators review was arbitrary and capricious.
• 17:57
  So I will read here a little more because I think it does a
• 18:00
  pretty good example of what's going on.
• 18:03
  Overview and then we'll get the Bitcoiners take.
• 18:05
  So Grayscale got backing from a federal court to launch the
• 18:08
  first Bitcoin exchange traded fund in the USA.
• 18:10
  Watershed moment in the cryptocurrency industry.
• 18:13
  The denial of Grayscale proposal was arbitrary and capricious
• 18:17
  because the Commission failed to explain it's different treatment
• 18:20
  of similar products, wrote Judge Naomi Rao.
• 18:22
  And as you can see, and as I showed you guys in the
• 18:25
  beginning, the Bitcoin price jumped up after this news got
• 18:29
  dropped. So hey, maybe people are liking
• 18:33
  that the SEC is losing out there.
• 18:35
  Anyways, Grayscale advanced substantial evidence that its
• 18:38
  project was similar to Bitcoin futures ETS approved by the SEC.
• 18:42
  The underlying asset of both types of products are closely
• 18:45
  correlated, and the surveillance sharing agreements with the
• 18:48
  Chicago Mercantile Exchange are identical.
• 18:51
  Grayscale says converting to an ETF would help it unlock about
• 18:54
  5.7 billion in value from the $16.2 billion US by making it
• 18:58
  easier to create and redeem shares, which I think is the
• 19:01
  most important part about the spot Bitcoin ETF, and of course
• 19:05
  about GB TC converting to a spot Bitcoin ETF, And so just a
• 19:09
  little history here. In June 2022, the SEC rejected
• 19:13
  Grayscale's conversion proposal, arguing that an ETF based on
• 19:16
  Bitcoin, which trades on unregulated markets, lacked
• 19:19
  adequate oversight to detect fraud.
• 19:21
  And Grayscale sued to overturn to the decision, accusing the
• 19:24
  SEC of discriminating against its product while proving
• 19:28
  similar Bitcoin futures ETF. Grayscale sought to create an
• 19:31
  ETF because the trust closed and structure doesn't allow for
• 19:34
  investors to redeem shares when prices fall, causing the trust
• 19:38
  to trade at steep discounts to its underlying Bitcoin.
• 19:41
  As an ETF, it could create and redeem shares to keep up with
• 19:44
  changing demand. Absolutely huge when this does
• 19:47
  get approved. Again, guys, this is not about
• 19:49
  an if, it's about a win. And we've been covering the
• 19:52
  BlackRock News, the Spot Bitcoin ETF, and there's obviously
• 19:56
  speculation of hey, is BlackRock gonna get approved first.
• 19:59
  But I think it is becoming clear that there is a queue of a lot
• 20:04
  of ETF's that will likely get approved around the same time.
• 20:07
  So. I know as a bitcoiner we always
• 20:10
  talk about, you know, take Bitcoin in self custody.
• 20:13
  I don't like paper, Bitcoin, etc, etc.
• 20:15
  This will unleash a lot of capital going into the Bitcoin
• 20:19
  market. Anyways, during a hearing on the
• 20:20
  case in March, the judges grilled the SEC about its
• 20:23
  decision and seem to side with Grayscale's argument that the
• 20:26
  underlying market for spot Bitcoin and Bitcoin futures pose
• 20:29
  the same risk for fraud and manipulation.
• 20:31
  One is essentially the derivative of the other route,
• 20:34
  said the judge. They moved together 99.9% of the
• 20:37
  time. So where's the gap?
• 20:38
  The commission's view SEC lawyer Emily True Paris Paris argued
• 20:43
  that unlike Spot, Bitcoin futures are traded on a public
• 20:46
  exchange with federal oversight, so the pricing and monitoring is
• 20:49
  more robust. Paris said Grayscale failed to
• 20:52
  provide enough data to show that fraud on the spot Bitcoin market
• 20:55
  would show up on the regulated futures markets.
• 20:57
  Okay. Now let's get into some of the
• 20:59
  bitcoiners take here. So first we got Dylan Leclair
• 21:04
  and he's got a tweet here and it goes.
• 21:05
  Grayscale wins lawsuit against the SEC.
• 21:07
  This DC Circuit Court of Appeals is vacating Sec's denial of
• 21:11
  Gbtc's conversion into an ETF. Now, this does not mean that GBT
• 21:16
  GBTC is automatically converting into an ETF, however, so let's
• 21:21
  look at this screenshot here of the row the Circuit Judge.
• 21:25
  So she goes. Or he goes, sorry, it is a
• 21:28
  fundamental principle of administrative law that agencies
• 21:31
  must treat like cases alike. The Securities and Exchange
• 21:34
  Commission recently approved the trading of two Bitcoin futures
• 21:37
  funds on national exchanges, but denied approval of Grayscale's
• 21:40
  Bitcoin fund. Petitioning for review of the
• 21:42
  Commission's denial order, Grayscale maintained it proposed
• 21:46
  Bitcoin TF product is materially similar to the Bitcoin futures
• 21:50
  exchange traded products and should have been approved to
• 21:52
  trade on NYSE Arca. And here's the part that is the
• 21:56
  highlighted part. That is where probably there's
• 21:59
  some confusion here and where we'll clarify.
• 22:02
  We agree that denial of Grayscale's proposal was
• 22:05
  arbitrary and capricious because the Commission failed to explain
• 22:08
  its different treatment of similar product.
• 22:10
  We therefore grant Grayscale's petition and vacate the order.
• 22:14
  OK, so moving back. Here we got Corey Clifton who
• 22:17
  quote tweeted Dylan and he goes. The correct take on grayscale
• 22:21
  ruling is below. Lots of bullshit headlines out
• 22:24
  there already. Grayscale is now in the queue
• 22:26
  with dozen others rather than being totally denied.
• 22:29
  So again, this doesn't automatically change GBTC into a
• 22:34
  spot Bitcoin ETF, but this is a huge win for the capital that's
• 22:40
  going to flow into Bitcoin. Now GBTC is looking like it's
• 22:44
  going to also be in the running for a spot Bitcoin ETF and then
• 22:48
  jumping down. If you don't believe the
• 22:50
  bitcoiners take, we have James C Fort here and he's a Bloomberg
• 22:54
  analyst and he basically doubled down on the same thing.
• 22:57
  So breaking there it is. Grayscale wins their lawsuit
• 22:59
  against the SEC DC-66 Circuit Court of Appeals vacating Scc's
• 23:04
  denial of Gbc's conversion into an ETF.
• 23:07
  And again, this is the point though this does not mean GBTC
• 23:11
  is automatically converting into an ETF, but it certainly brings
• 23:14
  things one step closer. And so you can see there's
• 23:18
  nothing in here giving us any timelines on when the SEC has to
• 23:21
  issue another order. So I'm not sure on timelines.
• 23:24
  I was initially thinking something like a deadline of 45
• 23:27
  days or 60 days, but nothing in here saying that this is the
• 23:33
  brutal quote from Rao. The commission's unexplained
• 23:35
  discounting of the obvious financial and mathematical
• 23:38
  relationship between the spot and futures markets fall short
• 23:41
  of the standard for reason decision making.
• 23:44
  And then just to kind of double down on this, we are over here
• 23:46
  on no BS Bitcoin and they got a good quote here and goes it
• 23:50
  virtually guarantees they will approve BlackRock infidelity.
• 23:53
  Grayscale may need to refile, but they will almost certainly
• 23:56
  be approved as well. So again, we've been saying for
• 24:00
  a while, it's not about if it's about when these spot Bitcoin
• 24:05
  ETF's will be approved. So you know the SEC has been
• 24:10
  kind of playing this chicken in the train game or what's it head
• 24:16
  cut off and what what are they saying ruling thing I'm blanking
• 24:21
  on on what their wording was but you got sailor here and it goes.
• 24:23
  This District of Columbia Court of Appeals has paved the way for
• 24:26
  Bitcoin exchange traded funds. So again, I know some people are
• 24:30
  saying we are click baiting here, but this is a huge win
• 24:33
  because it moves the needle forward to a spot Bitcoin ETF
• 24:37
  being approved. And yes, you know this is
• 24:40
  obviously been bullish on the price.
• 24:41
  This Bitcoin price jumped up to 27, maybe we're close to 28 now
• 24:46
  and but this doesn't automatically mean GBTC is going
• 24:49
  to become a Bitcoin spot ETF, but it is looking like it's
• 24:54
  going to happen soon enough. But you know, as the Bitcoin is
• 24:57
  the cynical Bitcoin in here, I really like Nick Bottia's tweet
• 25:00
  here AKA time value of BTC and it goes Bitcoin up 5% on SEC
• 25:04
  Grayscale News. SEC treatment of Bitcoin is a
• 25:07
  clown show. Any defeat for the SEC in court
• 25:10
  is taken as positive news for Bitcoin.
• 25:13
  So this is probably why we are seeing the Bitcoin price respond
• 25:17
  the way it is. But hey, love to see it.
• 25:21
  We knew this was coming. We knew that a spot Bitcoin ETF
• 25:24
  was a matter of when and not if. And here we are guys, it is
• 25:29
  happening. You know, I hope you didn't
• 25:31
  think we're going back down to 15 Ki hope you're stacking.
• 25:35
  Anyways, Ruston, what's your thoughts on all this?
• 25:37
  Hey, shout out to Matt J. The SEC won't let me be let me
• 25:41
  be me. So let me see.
• 25:43
  OK, But the grayscale Bitcoin Trust sucked.
• 25:45
  Even after all these years, I don't think anyone ever
• 25:48
  explained that to me. And it actually made sense.
• 25:51
  As far as the NAV and the, you know, all these things with it.
• 25:54
  It was never. Really connected to spot.
• 25:56
  It wasn't an ETF. It's a trust, but people can't
• 26:00
  change it and they can't withdraw.
• 26:01
  But we are seeing that sometimes maybe the system works and
• 26:05
  checks and balances are in place and we can get some results that
• 26:09
  we wanted. So let's see, we got they
• 26:13
  mentioned arbitrary and capricious because how can you
• 26:16
  have futures ETF's that you don't have to hold the parity
• 26:20
  and not have a SPOT ETF. So that lunacy was just brought
• 26:23
  to light. In public, in court.
• 26:25
  So Gary, I'm sure he had a fun time trying to explain that.
• 26:29
  But we're also seeing the power of the public and the people who
• 26:32
  requested. I mean, I don't know how many
• 26:35
  petitions have been signed to transition GB TC to a spot ETF.
• 26:41
  So that is impressive and we're seeing the power of the people
• 26:45
  in some different ways around here.
• 26:47
  But you can't, with any confidence you know, try to
• 26:51
  promote some paper futures ETF. And then not have a spot ETF,
• 26:55
  which is probably the most honest of all the products
• 26:58
  there. As for the rules, they do have
• 27:00
  to hold the parity, the underlying product, and I just
• 27:04
  wanted to get to this earlier. Narwhal Tacos brought up a good
• 27:08
  point. You do not want to use your
• 27:10
  stamp seed when crossing the border probably don't store that
• 27:14
  in your prison wallet. OK all right guys.
• 27:20
  I I switched my camera because it it seems to be lagging on me.
• 27:23
  So for forgive me but wow Rustin never never ceases to surprise
• 27:27
  us. OK well absolutely love it.
• 27:29
  But yeah, I I couldn't agree more with with what you were
• 27:31
  saying and and your takes out there and shouts out to everyone
• 27:34
  in the chat. But hey Rustin, let's also let's
• 27:36
  continue to double down and give them some more sauce with your
• 27:39
  culture segment because if this news coming out from the SEC
• 27:45
  doesn't make you bullish, I mean you should be bullish anyways.
• 27:48
  Obviously we are simply Bitcoin, we're always bullish, we stay
• 27:50
  bullish, we stay bull tarted. But I think we have some more
• 27:54
  data points coming in that are going to make you want to stack
• 27:58
  even more than you already have. So we'll give you the floor
• 28:01
  resting the daily culture. Brought to you by Swan
• 28:08
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• 28:33
  got to plug Pacific Bitcoin. Look, if you're not in Europe,
• 28:37
  if you're on the West Coast and you want to hang out with
• 28:39
  bitcoiners, if you're fomoing because you weren't in Austin at
• 28:42
  Bit Block boom make sure you make it to the Pacific Bitcoin
• 28:44
  Festival October 5th and 6th in sunny LA.
• 28:48
  It is what, 30 days away? 40s.
• 28:51
  Less than 40 days away or something like that.
• 28:53
  Maths hard. Anyways, your favorite
• 28:55
  bitcoiners are going to be there.
• 28:56
  It's going to be awesome at the hangar like it was last year and
• 28:59
  you can get your tickets today before price rises.
• 29:02
  I don't even of the Rising, but I'm guessing they are.
• 29:05
  The GA ticket is $600.00 of VIP ticket is $2900 and we will be
• 29:10
  there. Man, I want to see you guys.
• 29:12
  Last year was awesome for the first year.
• 29:14
  I can only imagine that this year it's going to be even
• 29:17
  bigger and better. Anyways, Rustin, what do you got
• 29:20
  for us out there? All right, so we got some good
• 29:24
  stuff. Now let's look at this Bitcoin
• 29:26
  bear market. At 490 days, it is the most
• 29:29
  prolonged bear market in history.
• 29:32
  Meaning that the diehards, the plebs and the true believers had
• 29:36
  more time to stack this bear market than any time in history.
• 29:42
  Now let's go ahead and move on so that that is already bullish
• 29:46
  as we will continue to build on that.
• 29:48
  But also news Bitcoin historically trading below the
• 29:52
  200 week moving average also associated with the bullish
• 29:56
  wave, and Michael Saylor tweeted that out earlier and it had the
• 30:00
  kind of the local chart. And we're in that deep blue kind
• 30:04
  of coming and we just hopped back above the 200 week moving
• 30:07
  average with the bullish news this morning with Grayscale.
• 30:11
  So it was some interesting developments, adding to the
• 30:14
  bullishness guys the scarcest, the only finite supplied true
• 30:20
  asset on the planet is becoming even more scarce as the supply
• 30:24
  and Bitcoin is that it's lowest point in over half a decade,
• 30:28
  only approximately 6% of Bitcoin.
• 30:31
  The overall out of the 21,000,000 is currently on
• 30:35
  exchanges and that is the lowest level since December 2017.
• 30:39
  So go ahead and check that chart out and this is where we are at
• 30:43
  and we trace back right about, Yep, coming right off of that
• 30:47
  peak. So it's very interesting, you
• 30:49
  know, history rhyming and things of that nature.
• 30:52
  Let's see what takes place and we got grayscale will be added.
• 30:56
  Of course into this list, but our full list we've got Arc 21 I
• 31:01
  shares from BlackRock, the Bitwise, the Van X, the Wisdom
• 31:04
  Tree, Invesco, Fidelity and Valkyrie.
• 31:07
  So let's go ahead and see the first deadlines.
• 31:10
  November we got September 2nd for I shares Bitcoin Trust,
• 31:16
  September 1st for bitwise, September 2nd Van X, September
• 31:20
  2nd Wisdom Tree. So all these guys, September
• 31:23
  2nd, Fidelity, Invesco except for Valkyrie, then the next day
• 31:27
  goes into October 17th is where they're looking for the second
• 31:32
  deadline. Final deadlines are right in the
• 31:35
  first quarter of 2024, so those are in March.
• 31:39
  So if those final deadlines were met, that would be one month
• 31:42
  before the official having comes into effect.
• 31:46
  Major bullish action because this.
• 31:49
  This isn't the 2017, you know, fake Paul Reveres.
• 31:52
  He's really coming around the corner.
• 31:54
  And the Redcoats are coming, you know, and we could say that
• 31:57
  because, you know, institutions, new levels, new devils, the
• 32:01
  rehypothecation risks are there. But I want to show you something
• 32:06
  else. And if history rhymes, let's go
• 32:08
  ahead and take a look. All right, let's take a look at
• 32:11
  the shiny rock gold. Prior to the gold ETFOK, it was
• 32:16
  a dead rock. And then gold's price, 4X over 7
• 32:20
  years. And that's gold, right?
• 32:22
  Seven X / 4 or 4X over 7 years. So if we take a look at this,
• 32:29
  the spot Bitcoin ETF again, major catalyst.
• 32:32
  And you know, Bitcoin moves a lot faster, Okay.
• 32:36
  And it's truly scarce and verifiable.
• 32:39
  So that just gives you an idea of things that could come down
• 32:42
  the pipe. Like an ETF didn't even get
• 32:44
  approved today, they just said the SCC's reasoning.
• 32:47
  For denying it was regarded okay.
• 32:49
  So that's coming up and we, you know, we had The Who was that
• 32:54
  Matt shouting out Eminem earlier.
• 32:56
  So let's go and take a look at this.
• 32:58
  If you'd invested $100 in Bitcoin when Kamikaze featured
• 33:02
  the Bitcoin shout out, it was Royce the five nine.
• 33:05
  Everyone used to bite nickel. Now everybody doing Bitcoin,
• 33:07
  you'd have $368.81 a 268%. Increase on your cut buck
• 33:15
  investment. Now also bullish guys and this
• 33:18
  is with, you know, Larry Fink and BlackRock, you know they got
• 33:21
  to buy a lot of Bitcoin because there's going to be massive
• 33:24
  demand for these products, all of these guys.
• 33:26
  And Robin Hood is already the third largest holder of Bitcoin
• 33:30
  with three, let's see here 3 billion stash and that's
• 33:35
  according to Arkham Intelligence.
• 33:37
  So that wallet we were tracking for a couple weeks ended up
• 33:40
  being connected to Robin Hood. So guys, massive institutional,
• 33:44
  you know, are going to have to come in and accrue some Bitcoin
• 33:47
  for all their products and then you know the plebs are stacking.
• 33:51
  No, no one cares. You know we are going hard as
• 33:55
  fuck stacking those sets baby. And no one's going to you.
• 33:58
  No one's going to tell you any different or me any different or
• 34:02
  anyone else, because we know where this is going and we just
• 34:06
  got the sign off from the largest asset holder on the
• 34:10
  planet. And that also is saying all your
• 34:13
  ESG bullshit. Greenpeace You can shove that up
• 34:17
  your prison wallet and get the hell out of here.
• 34:20
  Because Bitcoin ain't stopping. Bitcoin is here to promote
• 34:23
  everything, whether you're environmentalist or not.
• 34:25
  Bitcoin is here for you. We're going to make flare gas
• 34:29
  great again, I guess, you know, And we're going to monetize all
• 34:31
  this wasted energy. We're going to stabilize the
• 34:34
  grid and make energy cheaper for everyone.
• 34:36
  So go fuck yourselves, Greenpeace.
• 34:39
  Bitcoin stays winning. Hold on.
• 34:46
  Hey, guys, smash that like button.
• 34:47
  You do not get this type of content anywhere else.
• 34:49
  But anyways, let's get back to some of this news story here
• 34:52
  that you got. Oh, man, you you cracked me up.
• 34:56
  All right, so of course, of course, of course.
• 34:58
  Man, this has been the longest bear market I think ever.
• 35:03
  And we have the numbers and not only do we have the numbers to
• 35:07
  show that, but it's felt like the longest bear market.
• 35:10
  And and you can see that everyone, well, not everyone,
• 35:13
  but a lot of people have the bear market fatigue right now
• 35:16
  that they're they're starting to feel that pain.
• 35:18
  But it does have inklings of moving forward.
• 35:23
  It does seem like we are starting to get out of the woods
• 35:26
  because yeah. This take Matthew J just posted
• 35:30
  in here so we said. Yo, simply, is it possible that
• 35:33
  Robin Hood is holding it for black rocker institutions?
• 35:36
  A pension fund, sovereign wealth fund?
• 35:38
  I mean, totally possible. So they're trying to frontrun to
• 35:41
  be the person they come to to get their goods.
• 35:43
  So definitely possible. I mean, all things are open.
• 35:46
  We can't really take too many things off the table here, but
• 35:49
  that was a great thing. Soon we will only know in time.
• 35:52
  But of course, I mean, since we're talking about Robin Hood
• 35:54
  guys, of course I'm pretty sure if I remember correctly maybe
• 35:59
  I'm forgetting things. I do have a bad memory, but take
• 36:03
  your Bitcoin into self custody. I'm pretty sure Robin Hood
• 36:06
  allows that. Guys, do not leave your Bitcoin
• 36:08
  there. But yeah, maybe dude, Matt,
• 36:10
  maybe. Maybe you are 100% correct
• 36:12
  there. Anyways, let's get back to this
• 36:14
  a little bit. You know, I think it's all
• 36:16
  adding up very good and and it's something that we've seen in the
• 36:20
  past. We, I've been here for, I don't
• 36:22
  know, two cycles now and there is kind of a trend that you see
• 36:29
  during bull and bear market, During the bear market, any
• 36:32
  amount of bad news the price dump.
• 36:34
  So even if it even if it's noise and in a bull market any amount
• 36:38
  of good news even if it's noise pumps the price.
• 36:41
  Now again, do we know if we are really out of this bear market,
• 36:45
  out of the crab? Yeah, up to you.
• 36:47
  It was just like think about this bear market.
• 36:49
  Has there ever been a bear market with this much bullish
• 36:52
  news, like throughout the whole thing?
• 36:55
  I mean this, this is crazy for like.
• 36:57
  Yeah, like from starting with all of it, you know, there's
• 37:00
  possibility of Russia, you know, trading and energy priced in
• 37:04
  Bitcoin and all this stuff that's come out.
• 37:06
  And now here we are. We're finally getting, you know,
• 37:08
  touching that 28K mark and starting to pump and maybe this
• 37:11
  is it, maybe that was the catalyst, but we'll see.
• 37:15
  Yeah. And it's just important guys to
• 37:18
  continue to stack, continue to accumulate.
• 37:21
  I, I was hearing the cafe Bitcoin spaces this morning and
• 37:25
  we know our maybe you guys don't know if you're new to the space,
• 37:29
  but the Bitcoin price moves on the margins.
• 37:32
  There's not much Bitcoin on the exchanges as Ruston showed us.
• 37:36
  And it's all the degenerate traders that are making the
• 37:39
  price fluctuate that are getting the noobs wrecked out there.
• 37:42
  But the name of the game guys is accumulate.
• 37:45
  Accumulate as much Bitcoin as possible.
• 37:48
  Right now is the time to be auditing your behavior, auditing
• 37:52
  your finances, and getting as much exposure as possible.
• 37:55
  Because it's something we've been talking about for a minute
• 37:57
  on the show. This could quite possibly be the
• 38:00
  last bull run where the average person can get a hold of a full
• 38:06
  coin. And this is generational wealth.
• 38:08
  And if you can acquire one coin, someone said in the chat, if you
• 38:11
  can get one coin, that means that a millionaire out there and
• 38:14
  Fiat terms won't be able to get a coin.
• 38:16
  Guys, this is when you want to double down on your cash flows,
• 38:19
  double down, maybe work overtime, sell your chairs.
• 38:22
  But, but again, guys, we say it all the time.
• 38:25
  I know they're saying we're geeking on the show.
• 38:27
  We're getting excited today. I've been warning you guys for a
• 38:30
  minute that I'm gonna be absolutely unbearably bullish on
• 38:35
  this show when the price starts pumping.
• 38:38
  I'm okay with this. I acknowledge this, but we say
• 38:40
  it all the time, stack sats and stay solvent.
• 38:43
  This is the way guys do not get yourself over leverage.
• 38:47
  This is the beauty of Bitcoin and and hence why we kind of
• 38:50
  played that Jack Muller's clip in the in the beginning.
• 38:52
  Because it's all about holding the best money and not turning
• 38:55
  yourself into a speculator, not getting over leverage, not going
• 39:00
  full degen mode on this. Just stack sets, take that
• 39:03
  Bitcoin into self custody and this is the way and and right
• 39:07
  now I know it's getting a little frothy.
• 39:09
  I've been I've been warning you guys for a couple of for a
• 39:11
  couple of weeks now that now is the time to get all your ducks
• 39:15
  in order. I know we dropped a clip on our
• 39:17
  You Tube channel about UT XO management.
• 39:20
  Up the check. Two sons.
• 39:23
  Oh my God. Hey, what's this?
• 39:25
  The final capitulation we needed?
• 39:27
  We've seen some capitulation in the last couple of weeks.
• 39:30
  Maybe we got the sacrifice we needed.
• 39:32
  Tucson Absolutely love to see it.
• 39:34
  But yeah, right here, like BTC Moon guys says it best.
• 39:37
  It's a war. Accumulate Bitcoin or die, guys.
• 39:39
  You know, I know, I know it sounds like we're being
• 39:42
  hyperbolic a lot of times, but it really is Bitcoin or slavery.
• 39:47
  It really is Cbdc's verse Bitcoin and freedom money verse
• 39:51
  dystopian tyrannical money. And This is why Bitcoin will
• 39:55
  win. This is why the world is
• 39:57
  starting to wake up to it. And and even I was kind of gonna
• 40:00
  wait for this tomorrow, but maybe it's a good time to kind
• 40:03
  of bring this back in, cuz Rustin kind of explained it well
• 40:07
  like this bear market I think has been.
• 40:09
  One of the bullish bear markets we've seen in a long time.
• 40:12
  Obviously the people are taking Bitcoin into self custody.
• 40:15
  It seems like bitcoiners are waking up out there.
• 40:18
  We're making new bitcoiners. They're practicing the best
• 40:21
  Bitcoin habits, taking Bitcoin into self custody, not trusting
• 40:24
  middle men. And of course we have the
• 40:28
  biggest asset manager in the world embrace Bitcoin.
• 40:30
  And I've said it as a joke in the past and I now I'm not the
• 40:33
  only one saying this and and you know safe Dean said this as
• 40:36
  well. I I said in the past like maybe
• 40:40
  we're all we're all afraid of BlackRock breaking Bitcoin.
• 40:44
  But maybe it's Bitcoin that brings BlackRock down and
• 40:47
  safety. And just tweeted this yesterday
• 40:49
  and he was quoting the white paper and it's that famous quote
• 40:53
  from the white paper from Satoshi himself that says people
• 40:57
  will be incentivized to follow the rules versus trying to you
• 41:01
  know do nefarious stuff. So it's looking like the Bitcoin
• 41:04
  incentives are continuing to stay pure.
• 41:07
  It's continuing to fix the Fiat world.
• 41:10
  And again, guys, we're seeing that even the SEC out there, an
• 41:13
  institution is starting to have to play by the same rules for
• 41:18
  everyone, which is absolutely bullish for Bitcoin.
• 41:20
  And I say it all the time. I know, look, I already hear
• 41:23
  something's like Opti said, bullish like 47 times on today's
• 41:25
  show. Yeah, whatever guys, it is what
• 41:27
  it is. It makes me think of the meme.
• 41:33
  Bitcoin changes you. You don't change Bitcoin.
• 41:35
  And it's only a matter of time until all these institutions
• 41:38
  bend the need of Bitcoin. They realize that Bitcoin is, at
• 41:42
  least in America, you know, constitutionally protected.
• 41:44
  It is a free speech matter, You know it's not illegal.
• 41:48
  They can try to say whatever they want.
• 41:50
  They can try to get you to endorse a certain politician so
• 41:53
  that you know he protects your Bitcoin.
• 41:55
  But Bitcoin is already protected as long as they follow the oath
• 41:59
  that they said they were going to follow when they got into
• 42:03
  office. But anyways, guys, TLDR this is
• 42:08
  when you should be stacking. I think this is the safest time
• 42:11
  to be stacking Bitcoin. This is the time when we have so
• 42:15
  many receipts, so many examples that you can show your parents
• 42:18
  out there, your boomer parents out there, your friends out
• 42:20
  there. From every example, we have the
• 42:23
  bait to catch the fish now. Hey, do you follow traditional
• 42:27
  financial world well? Hey look, black rocks endorsing
• 42:30
  Bitcoin. Do you follow the ESG fund?
• 42:33
  Well look, Bitcoin is fixing the energy problems.
• 42:37
  Or are you simply just a number? Go up guys.
• 42:39
  Well, hey, look, Bitcoin is still hard cap and all this
• 42:42
  capital was about to get unleashed into Bitcoin.
• 42:44
  I don't know about you, but I'm feeling extra bullish this
• 42:46
  morning and it's only, look, I'll tell you now, I'm going to
• 42:50
  get stupidly bullish guys. I'm going to get bulltarted.
• 42:53
  Hey, This is why I'm here, OK? Yeah.
• 42:55
  This is why I'm here. Anyways, Russian, you want to
• 42:57
  jump in a little more before we get into the meme?
• 42:58
  Because I I was already having a bunch of fun I can't even keep.
• 43:03
  The chats outline. We have, you know, a hot take
• 43:06
  from Skip on down the road. He's not a professional in his
• 43:09
  field, but he knows a certain someone when he sees it.
• 43:13
  I'm sorry about that, Opti. He He shamed your woman.
• 43:17
  So I don't know if there will be a wait, wait, Can you pull it
• 43:20
  up? What's?
• 43:20
  Going on, I don't know if there will be a sign the waiver for
• 43:23
  this, but. He said.
• 43:24
  Christine Lazard. I'm not a But I know what when I
• 43:28
  see one. Great sensory.
• 43:32
  Great sensory. Oh.
• 43:34
  Man, so many great things are happening and I like that.
• 43:37
  You know, yellow. Go ahead, patent that.
• 43:40
  Put it on a bumper sticker. Opti, August 2023.
• 43:44
  This has been the most bullish bear market in the history.
• 43:47
  Of Bitcoin. So go ahead, wear that with
• 43:49
  pride, baby. We're going up forever.
• 43:52
  Laura Saylor told you. All the developments are
• 43:55
  starting to come to a head. And also, all the developments
• 43:59
  in the clown world are starting to come to a head too, is
• 44:02
  they're going to meet some interesting opposition it
• 44:06
  appears in the coming months, but you know, Bitcoin is here to
• 44:09
  support everybody. And to make sure that whatever
• 44:12
  the state tries to do well, they can't take your money and we
• 44:16
  become ungovernable and we form a free market future, the
• 44:21
  freedom future, the liberty future that has been corrupted
• 44:26
  and stolen from us by Fiat. So let's go ahead and get get on
• 44:30
  the move, stay on the mission, keep sending those signals out
• 44:34
  there. Send all the Bitcoin content you
• 44:36
  can to the your friends, family and loved ones.
• 44:39
  Who knows what video it is. It's going to click like I know
• 44:42
  we were talking Opti like Robin Hood, right Early in my journey
• 44:47
  I'd like got some Sats on Robin Hood and then I was like, well
• 44:50
  shit, I can't move this stuff. What the hell is this?
• 44:52
  And then I learned, well that's not Bitcoin.
• 44:53
  So, you know then I had to go start going down that journey
• 44:57
  and know you know, so that that was eye opening for some and
• 45:01
  some people that may be the way they get their first Sats
• 45:05
  because the UX is so free. But we got to make sure that we
• 45:08
  have all the two tools. In place like if you guys watch
• 45:11
  our show me and Dell, we we promote the Bitcoin way and
• 45:15
  they're like an IT team in the in the Bitcoin industry.
• 45:18
  So if you need help with cold wallets, hardware wallets,
• 45:22
  nodes, no KYC purchases, it's a good place to go.
• 45:26
  And yeah, great to have them on board and as a partner to help
• 45:30
  so you can shoot your friends and family over there.
• 45:34
  If they're just starting their journey and they want to learn,
• 45:36
  you can get a 30 minute free consultation.
• 45:39
  With a V for BTC over there, so that is great.
• 45:43
  And I think I saw a chart. Another thing you were talking
• 45:45
  about off the is the fact that during this bear market there's
• 45:48
  been like the amount of Bitcoin being moved into self custody
• 45:52
  and taken off the exchanges is wild.
• 45:55
  So what happens with that? And then you have the having
• 45:57
  right. So they become smaller and
• 45:59
  smaller cell pressure on the market and this is the first
• 46:03
  time that there has been like a negative cell pressure.
• 46:06
  Into the market. So you have a truly negative
• 46:08
  deflationary play coming in here and that's when you mix in the
• 46:13
  mining kind of economics with the Bitcoin supply issuance
• 46:18
  economics. So very interesting and very
• 46:21
  bullish and a lot of people you know are doubting what's going
• 46:25
  to happen with minors with this upcoming having.
• 46:27
  But there were a lot of signs that shows you know they're
• 46:30
  going to do just fine. We had Who was that right or
• 46:33
  marathon on the other day? And they were talking about, you
• 46:36
  know, you want to have a lot of cash on hand and things like
• 46:39
  that during during the bear coming into it.
• 46:41
  But also the people that have been building like Mad Men in
• 46:45
  the mining industry. I mean if you want to know a
• 46:47
  leading indicator or a massive bullish divergence, you just
• 46:51
  look at the hash rate and you tell me if you should be bullish
• 46:55
  on Bitcoin or not. I think that is a that is the
• 46:57
  golden ticket, you know, telling us where Bitcoin is headed
• 47:00
  because its value is becoming exponentially.
• 47:05
  Its value is exponentially increasing with the hash rate.
• 47:09
  All right, so I saw another thing.
• 47:11
  There was a Amazon Quantum computer mock up, right?
• 47:15
  And they said it would take 10 million of those quantum
• 47:18
  computers just to make a single double spend in the Bitcoin
• 47:21
  network. So that lets you know Bitcoin is
• 47:23
  the quantum computer, it is the strongest computing network on
• 47:26
  the planet and its value is much higher than where it is today.
• 47:30
  So just keep stacking. We know where things are headed,
• 47:33
  right? Hold on.
• 47:37
  All right guys, before we get into the memes like that, what's
• 47:42
  it called? Smash that like button?
• 47:44
  We we we usually break the 100. Let's see if we can get an all
• 47:47
  time high here and break that 200 mark for the first time ever
• 47:50
  on simply Bitcoin. You don't get this content
• 47:53
  anywhere else. But anyways, let's get into the
• 47:55
  memes because this is your favorite portion of the show.
• 48:00
  The Daily Meme Review. Brought to you by Kaboom Racks.
• 48:04
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• 48:28
  All right, so this is the mean review where you guys tag me in
• 48:32
  memes on Twitter at simply Bitcoin TV or you can tag me on
• 48:35
  my personal account optimist field and we will review your
• 48:39
  memes. They don't have to be your
• 48:41
  memes. If you see your favorite memes
• 48:43
  memes and you think it should come on the show, tag us on it
• 48:46
  and we will add it to the show notes.
• 48:48
  And then of course you can join us on T dot me slash simply
• 48:52
  Bitcoin in our telegram group and drop them in there.
• 48:54
  Our telegram group is super lively now and it's all kinds of
• 48:58
  conversation in there. If you want some more hands on
• 49:01
  conversation, some more intricate details, some more you
• 49:04
  know just hanging out with some bitcoiners, get into our
• 49:07
  telegram T dot me slash simply Bitcoin.
• 49:08
  Anyways, memes are powerful guys.
• 49:11
  As you can tell, we are in an information war.
• 49:13
  And as as you guys know, man, there is way too much shit coin
• 49:18
  content on YouTube. And This is why we do our show
• 49:21
  the way we do, so that we can compete, so that we can make
• 49:25
  sure that people don't get lost in the sauce.
• 49:27
  Tweets are the bullets, memes are the artillery.
• 49:29
  We are in an information war and the world still hasn't found out
• 49:34
  that Bitcoin is the solution to its problems.
• 49:36
  Anyways, let's get into the memes guys.
• 49:38
  This 1st meme is by my boy, the BTC therapist.
• 49:41
  And he goes how long will you huddle hashtag BTC?
• 49:45
  And we got a stadium here and it just goes Bitcoin at the top and
• 49:49
  we got a stadium here of the single loan bitcoiner.
• 49:51
  This was you guys, all of this bear market you were stacking,
• 49:55
  people were calling you stupid. I'm sure you got dumped by your
• 49:58
  girlfriend because you were poorer.
• 50:00
  All that good stuff. We were the lone person in the
• 50:03
  stands AT25K stacking, and once we get to $1 million, we're
• 50:07
  going to fill up the arena because everyone and their
• 50:10
  mother and grandmother is about to hold on to some Bitcoin.
• 50:14
  And as you can tell, the floodgates are coming.
• 50:16
  Guys, I hope you stacked. I hope you prepared.
• 50:19
  I hope you're playing Hungry Hippo out there, because the
• 50:22
  only number that matters is the SAT under your control.
• 50:25
  OK, this next one shouts it to my boycott and Wolf on Twitter.
• 50:28
  This might get a little spicy, but I but I absolutely love this
• 50:32
  one. We got the classic meme here of
• 50:34
  the guy like trade offer and he's the federal government.
• 50:38
  And it goes. I receive 1/3 of your paycheck.
• 50:41
  You received roads. Just kidding.
• 50:43
  Laughing my ass off. Nothing.
• 50:44
  Fuck you. I hate you.
• 50:45
  The state hates you. OK, I had to drop that one in.
• 50:49
  Sorry, guys. All right, the next one is by
• 50:51
  ropeium and he goes, if you don't believe me or don't get
• 50:53
  it, I don't have time to try to convince you.
• 50:55
  Sorry. Classic Satoshi quote.
• 50:57
  And we got the crying whoa Jack over here.
• 51:00
  The pink crying whoa Jack. And we got Bitcoin in his
• 51:04
  computer. And yeah, just don't, don't read
• 51:08
  the keyboard here, guys. And it goes, yeah, I don't get
• 51:11
  it. Is it political?
• 51:12
  Is Bitcoin political? What's the message in this?
• 51:14
  What is Bitcoin? Why don't I get Bitcoin?
• 51:18
  Put in some more stack, some Sats.
• 51:20
  Bitcoin changes you. You don't change Bitcoin.
• 51:22
  Time in the market beats time in the market.
• 51:24
  All the good memes stay humble. Stacks at stay.
• 51:27
  How solvent This is the way. OK and this next one is by VJ
• 51:30
  Boyapati, aka Rio under score VJ.
• 51:33
  And it goes. It's just a matter of time.
• 51:35
  And we got a chart here and we got the X access.
• 51:39
  Wait, which one's X is X sideways time Y access is trust.
• 51:43
  And you can see gold over here with a lot of time and a lot of
• 51:47
  trust. And it's only a matter of time
• 51:50
  until Bitcoin catches up. Until Bitcoin gains that trust.
• 51:54
  It's the only thing gold has on us is that that thousand year
• 51:57
  time span bitcoins only what, 14 years old And the longer the
• 52:02
  network stays up the longer tick tock next block starts to
• 52:05
  continues to happen. Sorry, Bitcoin will become
• 52:08
  ubiquitous with the modern world with strong hard cap money.
• 52:13
  Time is your friend. Time is your friend.
• 52:15
  And it looks like we have a little time before things start
• 52:18
  to get frothy. So I hope you're stacking out
• 52:20
  there. All right.
• 52:20
  This next meme is by Woe Jack Bitcoin and I was going to post
• 52:24
  your version Woe Jack. But I really like Steven Love
• 52:27
  because just little little quip on top of it, because that's the
• 52:31
  theme of the show. You know, Bitcoin really changes
• 52:33
  you. It doesn't just change you on an
• 52:35
  individual level. It doesn't just change people on
• 52:37
  the corporate level. It doesn't just change people on
• 52:40
  the nation state level. It is changing institutions in
• 52:43
  real time. And Steven Lebka, I forgot I
• 52:46
  forget what your Twitter is. Dazzambala huddle goes, Bitcoin
• 52:50
  really changes you. And we got the crying woe Jack
• 52:54
  with his, you know, mask on. He's looks really smart.
• 52:57
  You think you're super smart And it goes my opinion on money five
• 53:01
  years ago. We need to increase the minimum
• 53:03
  wage and tax the rich. We need to make wealth wait, we
• 53:06
  need to make wealth is we need to make sure wealth is
• 53:10
  distributed equally. And then my opinion on money now
• 53:13
  and this low key kind of the bell curve meme.
• 53:16
  We got the woe Jack with laser eyes in the hooded robe and it
• 53:20
  goes my opinion on money now. Money is how a transpersonal
• 53:23
  economic system transmits information.
• 53:26
  It is an accelerant of both virtual and debauchery.
• 53:29
  It coordinates a collective econom economic hive mine and
• 53:32
  cannot be controlled or coordinated.
• 53:34
  Money is transcended. Bars Okay.
• 53:39
  This next one shouts it to my boy HCAKA at Huddle Tarantula on
• 53:42
  Twitter and we got this cool a I dub with the Bitcoin logo here
• 53:46
  and he goes. I found my forever job and
• 53:48
  because I love what I do, I won't work a day in my life.
• 53:51
  Do what you're passionate about, be yourself and the doors that
• 53:53
  open will be manifold. Couldn't agree more.
• 53:57
  This is what we're doing here at Simply Bitcoin.
• 53:59
  Not only that. And also did not make the
• 54:02
  mistake of arm wrestling. Huddle to That doesn't end well.
• 54:07
  But man, it's about you guys finding what you're good at,
• 54:12
  putting your skills towards a better life and saving in the
• 54:15
  best money possible so you can get yourself out of the rat
• 54:19
  race. This is the most important thing
• 54:21
  to be doing. The the amount of human capital
• 54:23
  that's going to get unlocked in this next bull run is is going
• 54:25
  to be absolutely marvelous for planet Earth.
• 54:27
  For you as an individual and and for the productivity of human,
• 54:31
  of humans, of humanity. This is where we're headed guys.
• 54:34
  Okay as you can tell. I'm I think I'm feeling it.
• 54:37
  I I think I'm feeling the vibes resting.
• 54:39
  All right. This next one is Maxi's club,
• 54:41
  and we got a Fiat Maxie, an alligator troll here.
• 54:45
  And he goes, Government's banning Bitcoin.
• 54:47
  And it's a play on the classic kool-aid man meme here.
• 54:51
  But we have Bitcoin in an astronaut suit.
• 54:53
  Just breaking down the door. This is the way guys, we are
• 54:56
  going. Wait, hold on.
• 54:57
  I got it for you guys. One second.
• 54:59
  Target ship. Get on board.
• 55:03
  What's the second pass? There is no second pass.
• 55:06
  All right, all right, all right. That wasn't a meme.
• 55:08
  That was an essay. All right, guys, drop your meme
• 55:10
  if you score in the chat live. And we will cover them live and
• 55:15
  we'll bring them up on the show. All right.
• 55:16
  My, my meme review score is you know, shameless shameless plug
• 55:21
  to my boys over at Mutiny. You guys saw me wearing the
• 55:24
  shirt. But the mutiny shirt.
• 55:26
  Marlboro Man Mutiny shirt. I I think this has become my
• 55:29
  favorite shirt shuts out to the car, man.
• 55:32
  And Tony and the whole team over there.
• 55:34
  They're absolutely killing it. I shill at any chance.
• 55:37
  Again, I I I endorse my friends making cool stuff.
• 55:39
  All right, Rustin, what's your meme review score?
• 55:41
  All right, so I got our little lanyard from Bit Block Boom
• 55:45
  where I popped my bit Block Boom cherry.
• 55:48
  It was incredible. We hung out a lot.
• 55:50
  It was great. So yeah, Oh man, I'm getting
• 55:54
  trolled so hard in the chat. All right, guys, let me see.
• 55:57
  Is there some meme review scores in the chat?
• 56:00
  All right, wait, actually, before we do that, I told you
• 56:03
  guys yesterday, our store at Simply Bitcoin Calm.
• 56:07
  We are having a few issues right now accepting Bitcoin.
• 56:10
  We are working the kinks out. We should get that back to you
• 56:14
  guys live by the end of the week.
• 56:16
  We got a meeting to try to figure it out and and of course
• 56:19
  Nico will be back at the end of the week as well.
• 56:21
  So let's, uh, you know, just bear with us guys.
• 56:25
  We love you. We appreciate it.
• 56:26
  See. Yellow basically gave them all
• 56:28
  at 10 out of 10. OK, all right, first one, Bammer
• 56:32
  Ski shouts. Out to you, bro.
• 56:33
  I'm still playing the intro song in the spaces every single day.
• 56:36
  And he goes meme score SEC tears.
• 56:38
  Let's go. We got a Bitcoin for Canadians.
• 56:41
  I give Meme a perfectly made sandwich for lunch.
• 56:45
  Uh, sounds so good. I'm on a fast right now, but it
• 56:47
  sounds delicious. OK, Elaine, score Bitcoiners.
• 56:50
  Remember stacking at over $50,000?
• 56:52
  I do. Happy days ahead.
• 56:54
  Let's go Yes, stack at all prices.
• 56:58
  Always by the top. Yeah, Bitcoin pops are just
• 57:01
  historical timestamps. Narwha Tacos score 200 plus
• 57:04
  likes. Did we get it?
• 57:06
  Oh, yes. We're over.
• 57:09
  We're over. OK, Shouts out to all you guys
• 57:12
  yellow. They all get a they all get a
• 57:15
  pee if you know, You know. OK, Matthew J.
• 57:19
  My me review score is a Bitcoin hat that I still don't have.
• 57:23
  All right, Matt, bear with us. As you can tell we're still
• 57:27
  having issues with our store. Once we get over this first
• 57:30
  batch we're going to print out a new batch.
• 57:32
  We are talking with Bitcoin artists so we can get you guys
• 57:35
  some exclusive simply Bitcoin merch.
• 57:37
  I will print the hats Just give me give me some time bro.
• 57:42
  With there's there's only like 5 of us that are on this team full
• 57:46
  time. All right.
• 57:47
  Just just bear with us. OK?
• 57:48
  This next meme is by Sat Wise Jenks And he goes, I give these
• 57:52
  memes 1 Nobel Prize for economics for Bushy Nakamoto.
• 57:55
  Yes, this is the way. OK, Hammer Saw goes.
• 57:59
  I give these memes Girl Scout cookies.
• 58:03
  Kim I I don't know if I can say that one but I like it.
• 58:07
  Shouts out to you. Oh, random.
• 58:11
  That was good. Score.
• 58:13
  Feet. Stink.
• 58:14
  Use. Hey, deodorizer.
• 58:16
  Yes, Steve Ji. Give the memes 2900 dollars.
• 58:21
  Yes, as you can tell, everyone's freaking out for a $2900 price
• 58:24
  pump. This is the way.
• 58:27
  All right, let's go. Last one.
• 58:29
  And it's not the last one because I have no more scores.
• 58:33
  It's the last one because of the buzzer.
• 58:37
  All right, John Platt, My meme review. 91 criminal charges.
• 58:41
  All right, man. I accidentally did that just
• 58:43
  today. All right, man.
• 58:48
  Thank you guys. All time high and live viewers
• 58:51
  shouts out to you guys all time high and likes I guess.
• 58:55
  I guess people like they hear ETF news.
• 58:58
  All you guys out here, they're complaining about macro.
• 59:01
  Yeah, look, apparently they like you.
• 59:03
  Oh, man. All right, well, Rushton, really
• 59:06
  appreciate it. You guys don't watch Rush on the
• 59:09
  on the timeline, our YouTube timeline.
• 59:11
  We are dropping original clips over there and we got a whole
• 59:14
  bunch in store for you guys. But of course, come join us on
• 59:18
  Twitter spaces. We are live currently until 2:00
• 59:21
  PM Eastern Time. Continue the conversation.
• 59:24
  Let's get hyped in there guys. Let's let's keep doubling down.
• 59:27
  And of course, you know, like share, subscribe if you think
• 59:29
  we're adding value to your life. But come back tomorrow.
• 59:33
  We have all kinds of content for you guys.
• 59:35
  Make sure you're not sleeping on our YouTube timeline.
• 59:39
  Anyways, guys, peace out. I love you.
• 59:41
  Till then, I'll see you tomorrow.
• 59:47
  One second, guys, One second. Let me make sure this stream is
• 59:56
  over. But of course we're back in
• 59:59
  Simply Bitcoin Twitter spaces. We are live.
• 1:00:02
  This is a Bitcoin space by bitcoins. 4 bitcoins.
• 1:00:05
  So come up here, Add your two sets to the conversation.
• 1:00:08
  As you can tell, we got we got stupidly bullish on today's
• 1:00:11
  show. Sorry, not sorry.