Latest / Simply Bitcoin / BlackRocks SECRET ATTACK On Bitcoin Is Suppressing The Price?! | EP 1359

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BlackRocks SECRET ATTACK On Bitcoin Is Suppressing The Price?! | EP 1359 · Simply Bitcoin

0:00
While most people think that the reason Bitcoin is dumping is
0:04
because the whales are selling, Blackrock's latest move might
0:08
suggest the otherwise a BlackRock just enabled its in
0:11
kind redemption for their Bitcoin ETFs, which you could
0:15
arguably say ends the paper Bitcoin rumors, but it might
0:18
actually create a new attack on Bitcoin.
0:22
But it could help to explain why everything you thought was true
0:26
might just not be. OK, guys, let's break this down.
0:31
So, oh, of course, I'm here with Sophie.
0:34
Sophie's holding it down. We're actually dying today.
0:36
We're we're, we're both, we're. Not OK right now, yeah.
0:39
I think, I think I got the house sick the other day and actually
0:42
I blame the baby, but I blame the baby.
0:45
You. Think you got that?
0:47
I blame the baby anyway. Anyways, enough of us
0:49
complaining. First things first, so Monday
0:54
BlackRock launched their Bitcoin ETP or the ETF in UK for the
0:59
retail investors. So the BlackRock ETF is now live
1:02
in the UK. Obviously a lot of people are
1:05
saying this is extremely bullish.
1:07
You know, it's going global now we're in, I believe the UKETF
1:11
marks about $5 trillion. So you know, BlackRock Bitcoin
1:14
ETF is going global. It is spreading and a lot of
1:20
people are saying this is bullish and I mean, you could
1:22
argue it is. Obviously you guys know I, I am
1:25
pretty neutral in regards to the ETF.
1:28
In reality, I'm not the biggest fan of the ETFI, really like the
1:31
framing of captured Bitcoin and I think that's where what we're
1:35
seeing is is actually playing out.
1:37
I'm going to go through a couple of headlines here.
1:39
So first and foremost, actually, the first thing I'm going to go
1:41
through is this tweet. So we're seeing this happen
1:47
right here, which is I don't know who this guy is, but he
1:50
goes Binance sell pressure since the start of 2025 has been
1:53
astronomical. For those wondering, the top
1:55
blue box, this one is perpetuals and the orange is spot from the
2:02
lows in early April to most recent all time highs in early
2:05
October, relentless spot selling.
2:08
I don't know what TP ING is, but whales TP ING or something else.
2:11
So it's looking at the Binance cell pressure right now and we
2:16
are seeing a ton of cell pressure.
2:19
And obviously the last couple of weeks, actually over the last
2:22
couple of months we've been showing you guys and and
2:24
following the on chain capital movement and there has been a
2:28
lot of sellers. We've been saying that this
2:31
potentially is because 100K was like their number.
2:34
You know that that was the number where they're like, this
2:36
is this is the moon for us. So they sell some of their
2:39
stack. We're seeing a lot of capital
2:42
flow into ETFs. We're seeing the governments
2:45
around the world selling Bitcoin.
2:47
So there has been a lot of whale pressure.
2:49
Now what is interesting about this is since the start of the
2:53
year of course Binance and anytime we see a dump you can
2:57
probably connect that to Binance selling.
2:59
So a lot of people have been probably saying that it's easy
3:03
over there, they're just trying to dump the markets.
3:05
I don't necessarily think it is just you know some kind of
3:08
market manipulation or exchange kind of flooding the price,
3:12
doing some spoof bids etcetera, dumping the market, market
3:15
makers. But we are starting to see that
3:18
the data is showing us that anytime we kind of go up a
3:21
little bit, there's a lot of selling pressure coming on
3:24
Binance. And whether you like Binance or
3:26
not, Binance has I think the largest liquidity in the world
3:30
right now. They're they're, you know, they
3:32
might not be the biggest exchange, but they're, they're
3:35
up there. A lot of people say it's either
3:36
Coinbase or Binance. Binance has the most liquidity
3:39
right now. So in my opinion, they're the
3:40
biggest exchange, which is very interesting to watch.
3:43
You can see the data that anytime the price kind of dumps,
3:47
there's a lot of selling going on on Binance.
3:48
And now there has been a lot of conversation on what exactly
3:52
going on. Obviously, a lot of people are
3:54
saying that, yeah, whales are kind of hitting their point now.
3:57
They're just dumping. They're dumping on the plebs out
4:00
there. They're, you know, they're
4:01
they're dumping on everyone else.
4:03
They're looking for new bag holders.
4:05
I don't necessarily think that that is what happening, though.
4:08
You could also say there is some, you know, market makers
4:10
there which are trying to keep the price at a relative level.
4:13
You can argue that a lot of the stuff that Trump is tweeting
4:16
right now, I know that I've seen some headlines the last couple
4:19
of days that every Trump tweet right now is him trying to
4:22
manipulate the price so that they can, you know, arbitrage
4:26
the volatility and make a ton off of it, which we have seen.
4:29
They've definitely been doing that.
4:31
But I don't necessarily think that that's what these tweets
4:34
are actually doing. But we are again seeing the data
4:37
from Binance. Now this guy, sight bringer,
4:41
he's actually, I, I really like his Twitter.
4:44
He is a little hyperbolic in some of the stuff, but he's been
4:47
hacking, hacking the algos. And this is his take.
4:51
And the follow up headline that I'm going to show you, I think
4:54
really points to this being the case.
4:56
So he goes, he's quote tweeting that last chart and he goes, the
4:59
chart is extremely revealing and almost everyone on X is
5:02
misreading it. And here's what's actually going
5:04
on. What the chart really shows is
5:05
the top box, the blue box is stablecoin outflows from
5:08
derivatives venues. The bottom box, the orange one,
5:11
is stablecoin outflows from spot exchange.
5:14
Note is spot liquidity in orange on Binance has been collapsing
5:18
relentlessly since January, meaning stable coins and Fiat
5:21
reserves are leaving spot venues.
5:23
And then there's derivative liquidity has stayed steady or
5:26
slightly up, which is leveraged venues remain did remain funded.
5:31
And then the Bitcoin price has still gone up massively
5:34
throughout all this. So the Bitcoin price, I mean, I
5:36
don't know about massively. It's been it's been a a slow
5:39
walk here. Anyways, his interpretation is
5:42
this combination means it's not that whales are dumping into
5:46
weakness. It's capital and underlying
5:48
Bitcoin migrating off exchanges and into ETS and institutional
5:52
custody channels. The quote collapse and balance
5:55
reflects a shift in where Bitcoin is held and traded, not
5:58
net selling. And then why does Binance
6:01
outflows look like selling pressure?
6:03
Well, when a whale or a fund or an authorized participant
6:07
sources of these Bitcoin ETFs create ETF shares, it triggers
6:12
an on chain outflow that registers as selling.
6:15
But in reality, the coins aren't being liquidated for dollars,
6:18
they're being re custody moving from exchange wallets into
6:21
regulated ETFs or institutional cold storage.
6:24
On chain analytics record this as a decline in exchange
6:27
reserves and a Fiat inflow slash outflow, even though ownership
6:31
hasn't left the system. It's just changing custodial
6:34
level layers. So the chart doesn't show whales
6:36
taking profit. It shows a silent institutional
6:39
migration, a transfer of settlement infrastructure from
6:42
offshore venues like Binance to onshore regulated ones, which is
6:46
something we have heard a lot of the top institution or top
6:51
politicians in the USAA lot of the, you know, the the recent
6:55
bills being pushed through a lot of the recent narrative is this
6:58
idea to move, you know, cryptocurrency from offshore
7:04
exchanges onshore. And this is what a lot of the
7:06
regulation has been doing. And it goes on the deeper read.
7:10
This isn't whales taking profit. It's the largest custodial
7:12
migration in Bitcoin history disguised as selling because of
7:15
how exchange metrics works. Price action is consolidating
7:19
because the market is absorbing that transfer mechanically, but
7:22
reflexive supply compression is quietly intensifying beneath it.
7:26
What looks like selling is actually sovereign scale custody
7:30
rotation. We're witnessing the invisible
7:32
bridge from exchange liquidity to institutional
7:35
collateralization. This is the final absorption
7:38
phase before reflexive ignition resumes.
7:41
And he actually goes on in another tweet and he's kind of
7:45
making the case that this is a good thing, that this is how,
7:48
you know, the what, what do we say?
7:50
The the Trojan horse of Bitcoin infiltrates the system that
7:55
first of all, you know, Bitcoin kind of grows up on the outside
7:58
skirts and now it's basically becoming the heart of
8:01
traditional financial all institutions and platforms,
8:04
which I I would argue is most likely the case here that this
8:08
is true. As we heard Fed governor Waller
8:12
yesterday say, he himself said that Bitcoin, or rather
8:16
cryptocurrency is becoming one of the foundational layers of
8:21
the financial system, which is something bitcoiners have been
8:24
saying for a very, very long time.
8:27
But when you see the second headline, and this was actually
8:30
originally posted on Bloomberg, but I, I didn't, I don't have
8:34
Bloomberg, so I, I got to go with the Bitcoin mag one.
8:37
Here is the headline on Bloomberg or sorry, it's what's
8:41
from Bloomberg, but it's on Bitcoin magazine and I think
8:44
this is where things start getting very interesting and you
8:47
could argue a little nefarious. So Bitcoin whales are moving on
8:51
chain wealth onto Wall Street via Blackrock's I bit A quiet
8:55
migration is underway among bitcoins wealthiest holders from
8:58
cold storage to custodians. A quiet migration is underway
9:02
again. Repeating it.
9:03
A new wave of US exchange ETFs is allowing long time bitcoiners
9:08
to fold their their holdings into the traditional financial
9:11
system without selling a single set.
9:14
The change comes after regulators approve quote in kind
9:16
transactions for spot Bitcoin ETFs this summer, a mechanism
9:20
that lets investors deposit Bitcoin directly into a fund in
9:24
exchange for shares. According to Bloomberg
9:26
reporting. This mechanism is a tax neutral
9:29
move standard across equities and commodities ETF.
9:32
The result, This volatile digital asset becomes regulated
9:36
reportable holdings on brokerage statements instantly easier to
9:39
borrow against pledges, collateral or include an estate
9:43
plan. And of course, BlackRock, which
9:46
is the biggest ETF and of course one of the largest asset
9:49
managers in the world, has already processed over $3
9:51
billion worth of these conversions, again, $3 billion.
9:56
And Bitwise Asset Management says it now fields daily
9:59
inquiries from investors looking to bring private Bitcoin
10:02
holdings in to manage portfolios.
10:05
And liquidity provider Galaxy also has facilitated a lot of
10:09
these. And this shift marks another
10:10
iconic evolution for Bitcoin. The asset designed to exist
10:13
outside the banking system is now being absorbed by it as ETF
10:17
integrate Bitcoin into brokerage infrastructure.
10:20
Even many anti establishment investors are realizing that
10:23
some of Tradfly's tools, custody, leverage and estate
10:26
planning can't easily be replicated on chain.
10:29
And some holders are transferring only part of their
10:32
Bitcoin, while others are consolidating everything into
10:35
these ETF for simplicity. This trend could expand Wall
10:38
Street involvement with Bitcoin, bridging the gap between the
10:41
crypto world and established finance.
10:44
So I'm sure you're you're just hearing me say this and you're
10:47
like, OK, like Opti, you titled this show as Blackrock's attack
10:53
on Bitcoin. And if it's not necessarily
10:56
paper Bitcoin anymore, then what is the attack?
11:00
And it's something I've been bringing up all week is this
11:02
idea that as Wall Street's are coming into Bitcoin, as there's
11:08
a lot of concerns about centralization of holdings of
11:11
Bitcoin, and as we saw with the Internet itself, and as we kind
11:15
of wrap our heads around exactly what are Blackrock's incentives
11:20
to get into Bitcoin, Like why now and what is their end goal?
11:25
I think we're starting to see what that end goal is.
11:28
And again, it's reminding me of what Simon Dixon has been saying
11:31
the last couple of months, is this idea that Wall Street is
11:35
coming into Bitcoin or BlackRock and Larry Fink are coming into
11:38
Bitcoin and they realize after what, 16 years that they can't
11:43
actually stop Bitcoin, They can't stop the network of
11:46
Bitcoin. And yes, maybe there is still a
11:49
potential paper Bitcoin attack. Maybe there's still a potential
11:54
for re hypothecation, but the best way for them to try to gain
11:58
control of this Bitcoin network is really trying to control as
12:03
much Bitcoin as possible. And of course, as actually me
12:06
and Sophie were joking about this is like if they really if
12:08
they really want to, you know, control Bitcoin or get Bitcoin
12:13
from us and they should just pump the price and people will
12:15
sell it to them. But we're starting to see that
12:18
they're doing a, a very sly kind of roundabout way of trying to
12:23
get your Bitcoin is they're incentivizing you to give up the
12:26
keys of your Bitcoin for these ETF, for these Polish Triadfi
12:29
traditional products here. And as we've been saying forever
12:33
on this show and has been kind of the recent theme the last
12:37
couple of days is this idea that what we're going to see happen
12:41
the next probably 5-10 years is exactly what we're seeing happen
12:45
right now as the grown-ups come into Bitcoin.
12:48
And I actually saw a couple of Bitcoiners that are respect
12:50
essentially saying like this is what grown-ups are doing with
12:52
their Bitcoin. Because of course, you know,
12:54
most people do kind of prefer going to a a more traditional
13:00
asset manager. And, and a lot of people aren't
13:03
that comfortable with just self custodying their Bitcoin and
13:05
chilling and, and, you know, not getting all the perks that Wall
13:08
Street wants to give you. And so, well, it's, it's ease
13:14
and convenience and, and being able to collateral and, and, you
13:17
know, crazy some leverage and stuff like that, which is just
13:20
Fiat games being played on Bitcoin.
13:22
But anyways, the attack that I, I'm gonna keep reiterating, I
13:26
think, and, and Simon Dixon I think is right on the mark with
13:29
this is that they are now trying to incentivize you to give up
13:34
your keys of Bitcoin so that they can control as much Bitcoin
13:38
as possible. They they realize they can't
13:40
actually shut down the Bitcoin network.
13:42
And so now they're just using whatever kind of, you know,
13:46
shiny object they can from Wall Street to basically convince you
13:51
to send them your Bitcoin. And who knows what's going to
13:53
happen down the line? But as we've seen in history,
13:57
all of the executive order 61-O2, if you aren't holding
14:00
your Bitcoin, then you don't know what kind of stuff they can
14:03
do. They can potentially, you know,
14:04
now say, hey, this Bitcoin is ours.
14:07
Anything in BlackRock in these ETFs, these in kind redemptions,
14:10
Well, guess what? You can't actually redeem this
14:13
Bitcoin again. You're just going to be OK with
14:16
these shares or whatever dollars we give you, which is literally
14:19
what we've seen in the past happen.
14:20
So you're starting to see this Sly kind of incentive structure
14:25
build up where Wall Street wants your Bitcoin.
14:28
This is something we've been saying for a while.
14:29
They want your Bitcoin, they want Bitcoin exposure right now.
14:33
And they're trying to figure out tricky ways for you to give up
14:36
your keys and and basically have them hold and custody your
14:39
Bitcoin, which on the one hand does give us some legitimacy
14:43
here. I know for us Bitcoiners, we're
14:45
like, I thought we were here to, you know, disintermediate the
14:47
banks and now, you know, Opti and Nico and simply Bitcoin are
14:51
on the show always applauding the banks and institutions
14:54
coming into the space. Well, the reason we always talk
14:56
about it is because that does give us some legitimacy for
14:59
people to go out there and be like, oh, this Bitcoin thing is
15:02
safe. But we constantly reiterate on
15:04
the show, self custody is the revolution.
15:07
Do not give up your Bitcoin for some measly yield when the ROI
15:12
and the risk of you not holding that Bitcoin is, is extremely
15:16
high. And the more volatile the, the
15:19
next few years is, the crazier this is going to get.
15:23
And the safest place to be is holding your Bitcoin in cold
15:26
storage under your control. You do not want to go chasing
15:30
yield or, or chasing whatever little perk they're giving you
15:33
because now is a very uncertain time And again, what we are
15:37
seeing, or rather what we've been theorizing is happening in
15:40
real time. I'm not here to kind of
15:42
disparage these, these Bitcoin holders, You know, if you've
15:46
been a whale and you've been in Bitcoin forever, if you're
15:49
putting a portion of of your stack into these ETFs so that
15:53
you can kind of benefit a little, maybe like raise your
15:55
credit score or something, you know, live a little bit and and
15:58
use the traditional I think. That's why they're doing it.
16:01
I was actually, I mean, I was about to ask you what it what
16:04
could possibly be the upside for Wales to sell into an ETF at
16:09
this point? It's not like they're cashing
16:11
out. They're still going to have to
16:12
pay some sort of capital gain. I don't understand what the
16:18
upside is here going. I think.
16:21
I think. You know, actual Bitcoin to
16:24
paper Bitcoin. I think the main thing is
16:27
probably the collateral angle, like if you have a bunch of
16:31
Bitcoin and yeah, it's in cold storage on like, you know, you,
16:35
you could say, yeah, I'm, you know, 100 millionaire or
16:38
whatever, if you've been holding forever.
16:40
But if you know as, as the critics like to say, if you
16:43
can't actually do anything with that Bitcoin productively in the
16:46
traditional system, then you know, you're holding Beanie
16:49
Babies. And so if you have.
16:50
A. Can't they just like open a bank
16:52
account and hold the cash? Well, I think that's the whole
16:55
thing is that they're trying to figure out ways so that they
16:58
don't actually sell their Bitcoin.
17:01
Because the way they're going to have to sell the ETF though.
17:05
Well, you, I'm pretty sure you could use shares as collateral
17:09
for things. And so you basically say I have
17:12
this much wealth in this, you know, get me a loan or whatever,
17:16
use this for down payment on things and I'll pay it back.
17:19
And so I see, I see the incentive there's.
17:22
So many companies that now offer loans with Bitcoin as
17:25
collateral, like our friends at Leaden.
17:28
Shameless plug. But seriously, there are
17:31
companies that will give you like, and you know, I just don't
17:35
understand. I don't, I really don't see the
17:37
upside to be honest, especially if you've held for this long.
17:40
If you're already used to the inconvenience of self custody
17:45
and you know you've held out this long only to sell out to
17:48
Black Rock, that just doesn't really make any sense to me.
17:52
Yeah, Well, I mean, also I think they're playing, you know, if
17:55
you've been a Bitcoin well for a long time, they they're totally
17:59
playing a different game. I I would argue they're playing
18:01
a different game than, you know, you and I and and the people in
18:04
the chat. Yeah, that's true.
18:05
You know, actually. Someone commented something
18:07
pretty smart institutions give better rates.
18:11
Yeah. That's probably the way that
18:13
they're incentivizing these wheels to give up their keys.
18:16
Someone says we're paranoid. Yeah, only the paranoid survive,
18:19
bro. Only the paranoid survive.
18:21
But this really leads me leads to kind of, I don't know if you
18:26
guys watched the Simon Dixon Bitcoin Archive podcast that
18:29
I've been kind of mentioning the last couple of days, but he's
18:32
been saying that what we're seeing right now is kind of the
18:35
proliferation or like the beginning of A2 tiered Bitcoin
18:38
system. And you could, you could frame
18:41
it as, you know, on the one side, there's Bitcoin in self
18:45
custody, you control your money, no one can take it away from
18:48
you, etcetera, etcetera. And on the other side is, you
18:50
know, one side is self custody, the other side is quote captured
18:54
Bitcoin. And I think that's kind of what
18:56
we're seeing right now. They realize they can't actually
18:59
stop this network. So what they're going to do is
19:01
try to capture as much Bitcoin as they can in the traditional
19:05
vehicles that they can and they think that's that's going to
19:07
help them and save them from their eventual demise.
19:10
I'm I'm not convinced that's going to happen, but I'm also
19:14
not telling you guys to go do that.
19:16
I'm just telling you this is also what I think is happening.
19:19
I think this is exactly what we're seeing happen right now in
19:21
real time. BlackRock realizes, you know,
19:24
greed is a strong incentive. And if they can, you know,
19:27
incentivize some people to get part ways with their Bitcoin so
19:31
that they can get yield or whatever, you know, perk that
19:34
they think they're going to get from using the traditional
19:36
financial system, they're going to do that.
19:38
And then the real rug pool is later down the the line if
19:41
they're, if they actually go about and do some kind of
19:44
seizing of whatever bitcoins in that in those ETFs, whatever
19:49
collateral they have in those in those banks, whatever their
19:51
custody, if they're able or you are able to use some kind of
19:57
tragedy or catastrophe to be like this is ours now.
20:01
That's what Bitcoiners try to mitigate and that's what
20:05
Bitcoiners try to fight. And so I think as we start to
20:09
kind of enter further into this battle, or maybe not even a
20:13
battle, further enter into Bitcoin, integrating into the
20:17
traditional financial system, there's going to be a lot of rug
20:20
pools along the way. And we've seen them happen in
20:22
Bitcoin alone. Now we're seeing Wall Street
20:24
coming and start to play those games.
20:26
And so again, I keep reiterating the same idea of, you know, we
20:30
got to be careful what we wish for here.
20:32
Yes, they're here. Yes, we might not be seeing a,
20:36
you know, 80% drawdown in 2026. But we might be holding for a
20:41
little. Bit longer yeah, it might it
20:43
might be a slower climb up but there's also going to be these
20:47
honey traps where they try to get a hold of your Bitcoin.
20:50
And This is why we constantly say on the show, we're like,
20:53
this is the longest running theme we've ever had on the show
20:56
is self custody is a revolution. You need to be holding your
21:00
keys. You need to be securing that
21:02
Bitcoin correctly. Leave buying Bitcoin and just
21:05
leaving it on an exchange is not enough.
21:07
You need to take it into custody.
21:10
And the more people that do that, the more they won't
21:13
actually be able to control this Bitcoin network, though, as
21:17
we're seeing they, they're obviously trying to control this
21:21
in whatever way they can, whether it's regulations,
21:23
whether it's trying to incentivize you to give up your
21:25
Bitcoin for these Wall Street products, you know, them coming
21:30
in and creating these Bitcoin treasury companies.
21:34
You know, this whole thing is just trying to minimize your
21:37
risk here again, in the white paper is like eliminate the
21:40
middle man here. And they're trying to kind of
21:43
insert themselves as, Hey, you need us to custody your Bitcoin,
21:46
You need us to collateralize your Bitcoin.
21:48
You need us for loans like you, you, you want that yield, bro.
21:52
Like, you know, they're, they're doing the little carrot here.
21:54
So I think this is happening again.
21:58
You know, Uncle Larry has been employee of the month for a
22:01
couple of months here and and I really do want him to pump our
22:04
bags, but I'm also never going to give him, you know, my keys
22:08
here. I'm never going to send him my
22:09
Bitcoin here and I don't think you guys should either.
22:11
So that's my rant here on what I think is going on.
22:16
You know, BlackRock, it's it's almost like a not so secret
22:20
attack anymore. I think a lot of us content
22:22
creators are are beating on the same drum.
22:24
We're seeing this happen in real time.
22:27
You need to take your Bitcoin into self custody.
22:29
You need to secure your home keys and you really need to
22:32
fight the siren song of hey, I want to give some of my Bitcoin
22:36
to Wall Street because I get whatever, you know, better
22:39
rates, more yield. I'm able to collateralize it at
22:42
the very at least. If you do have enough wealth to
22:44
do this, don't give them your whole stack like that.
22:47
At the very least do it with like a little bit of your stack.
22:50
Don't, don't, don't do like that.
22:53
The last sentence in that article said a lot of people are
22:55
just giving up their whole stack to do this to chase the yield
22:58
so. My perspective is a little bit
23:02
more simple just because like, I'm not a macro person, I don't
23:04
understand things, but I understand people.
23:07
Inflation went back up above 2.25%.
23:12
That means that things are more expensive and people need money.
23:17
And it's really just as simple as that.
23:19
The first thing that people are going to sell is what they
23:22
perceive to not need in the moment, right?
23:26
And for some people that's Bitcoin.
23:28
That's, you know, the ETFs that that might even be gold cause
23:32
gold took a huge, you know, tumble like trillions of dollars
23:37
got wiped out off the market after having such an amazing
23:40
rally. So I think that all of that
23:43
signals to the fact that people need money and you know, the,
23:48
the Fed announced or like that there was an article in Forbes
23:53
that called that they are possibly going to print money
23:57
again at the end of the month on in a week from now.
24:00
So that just tells me that that, you know, BlackRock is taking
24:05
advantage of people needing money so that they can stack
24:10
Bitcoin at a cheaper price. And, you know, Bitcoiners have
24:14
to be strong. People have to really hold on to
24:17
their keys for dear life at this moment because it's more
24:21
important now than ever. Eventually, BlackRock is going
24:24
to want to see the upside. BlackRock is going to want that
24:28
price to go up because they want to win.
24:31
They want to have a winning horse, but they're not going to
24:36
do that without trying to squeeze every single last bit of
24:40
juice that they can from this orange, and you have to.
24:45
Pun intended. Pun intended, of course.
24:47
I would never say a lemon and and and that's kind of the
24:52
bottom line. People need money.
24:54
It's not even, I don't even think it's so much about the
24:56
greed. The whales are incentivized
24:58
because probably, you know, rate cuts.
25:01
I would even, you know, this is like way too speculative.
25:04
So don't take my word for it. But maybe they're, you know,
25:08
lumping in other things into that ETF such as housing and
25:13
gold and silver, and they're just making it like this hard
25:16
asset ETF in general. But I digress.
25:20
I think that bottom line, people need money, people need
25:23
liquidity. We are all in the trenches right
25:25
now with you guys. And the best thing that you
25:28
could do is hold on, hold the line.
25:31
Yeah, and that, and that's like that's the the real take away
25:35
here. You know, a lot of people say
25:36
that Hodling is easy. It's not easy.
25:39
Like, yeah, you know, all you got to do the the blueprint is
25:42
simple. All you got to do is buy
25:44
Bitcoin, taking the cold storage and chill.
25:47
But the hard part is dealing, of course, with massive price rises
25:52
where you're, you're kind of incentivized to sell a little
25:55
bit here. You're like, I can get, I can, I
25:57
can offload a little bit here. It'll come back down.
25:59
Maybe it doesn't. The second one is, of course,
26:02
when it drops and you feel the pit of your stomach in your
26:05
throat and you're like, damn, there goes my whole net worth.
26:08
That's obviously not so easy. The third one, which is really
26:13
kind of the first one is trying not to step on these land mines
26:18
and get rid like give control away from your, your own self
26:23
custody. This is what is going to happen.
26:25
This is what's happening. But I do want to hit one
26:28
question in the chat. What is this DF 04027?
26:33
He goes, so where do we go from here and how long will this
26:36
battle last? I think this is going to be the,
26:39
this is the battle now. This is what this is what's
26:42
going on. I think for the next 5 years
26:44
minimum, if not the next decade, I think this is the battle.
26:47
So the next three to five years it, it's going to be I think a
26:51
reoccurring kind of process of them trying to incentivize you
26:54
to give up your Bitcoin. Obviously, the price is most
26:57
likely going to go up. And then they're going to drop
26:59
new products and there's going to be new and shinier products.
27:02
And there's, they're going to say, you know, this one's
27:04
whatever FDIC secured, FDIC insured.
27:10
You know, this one's got the best custody.
27:12
This is, I don't know the big shiny name out there.
27:15
This is going to be your life for the next three to five
27:19
years. Here and and and then we're
27:21
going to have the issue. If not longer.
27:23
This bank was just discovered to not have the Bitcoin reserves
27:27
that they claim they do. That's also going to be a thing
27:30
and you know, people are going to get rugged on their ETF.
27:33
So the best way to actually know how much Bitcoin you have is to
27:38
just hold your own Bitcoin. Like there's so many more
27:43
benefits to it than not. And eventually, I think as
27:48
retail catches on, you will be able to use Bitcoin and
27:52
transactions day-to-day. There's a lot of states that you
27:56
know, are opening up to that reality that or that
27:59
opportunity. They're allowing their
28:01
constituents or their citizens or whatever to pay utility
28:05
bills, electricity, city bills, taxes, whatever, what have you
28:09
with Bitcoin. So, you know, it's only a matter
28:13
of time before small businesses are able to actually function on
28:17
a Bitcoin standard. And, you know, their customers
28:21
will be able to pay in Bitcoin. And that'll be, you know, a win
28:25
win for both sides. Buying things in Bitcoin is also
28:30
an attack to give up your Bitcoin.
28:33
No, but you're, you're right. You're right, you're doing.
28:35
What you want? You're right, I'm I'm just
28:37
trolling, you know, as a actually at.
28:38
Least you're using Bitcoin as it was intended, which.
28:41
Is Yeah, yeah, it's money as money.
28:43
We were. We were never supposed to get to
28:46
this point where we see Bitcoin as just an investment.
28:50
We were supposed to see it as the revolutionary currency of
28:54
our generation. And I think that there's still
28:56
time to do that because there's so much opportunity out there
29:01
for business owners, entrepreneurs to implement it
29:05
into their small business. What are you laughing at?
29:07
I literally. I'm laughing at the chat,
29:09
someone said. I just bought a burger and fries
29:11
with bacon at Shake Shack. What are you talking about?
29:13
There you go. You just got scammed by Shake
29:17
Shack. No, I'm trying like I'm trying,
29:20
but hey, I got another homework assignment for everyone.
29:22
I haven't really plugged it in a while, but go read Bitstein's
29:26
everyone's a scammer and he literally is talking about
29:30
exactly what's going on right now.
29:32
And this was written like 10 years ago.
29:34
So it it's not a new thing. It's just that we're seeing it
29:38
happen in real time. You're you're seeing these
29:40
products being dropped, but classic everyone's a scammer.
29:44
Play the play the theme song as well.
29:46
Anyways, guys, I do want to remind you guys to of course
29:49
smash like button comment on the show.
29:51
Let us know what you think about the studio.
29:52
What do you think about the show?
29:53
What do you think about my conspiracy theory here about
29:55
BlackRock trying to steal your Bitcoin?
29:57
It's actually not just mine. And of course, hit the subscribe
30:00
button. We drop the most content on
30:02
YouTube, period. And then of course, our partner
30:09
Bitcoin, Oh, oh, wait, actually, I got one more thing.
30:11
I got one more thing. I, I forgot about this.
30:14
I wanna, I wanna bring this up 'cause Jeff Boots said something
30:17
that is extremely spot on. I completely forgot.
30:20
And he goes. Wall Street is desperately
30:22
searching for assets to protect them from the debasement of
30:25
their money while completely missing that they don't have to
30:27
anymore because now the money is the best asset traders will be
30:31
traders though, and each will find in their own time.
30:35
Guys, this is this is the take away here, guys.
30:37
So anyways, of course, if you want to buy some Bitcoin, make,
30:44
which you totally should, which you should be doing if you have
30:47
money left, if you haven't bought in all the dips and
30:49
you're broke and eaten ramen like I am, not just 'cause I'm
30:52
sick. Make sure you go to
30:54
bitcoinwell.com/simply and when you sign up, you're going to get
30:59
three chances to win a million SAT.
31:01
I repeat, just by signing up you get three chances to win a
31:04
million SAT. And then every time you buy
31:06
Bitcoin, you get more points to do spin in the wishing well and
31:10
when you refer friends, etcetera, etcetera, the chances
31:14
keep going up. And of course, the reason we
31:16
love them is because they make sure the attack that I just told
31:20
you would never happen because they never hold your Bitcoin at
31:24
all. You send them your dollars, the
31:27
Bitcoin gets sent directly to your cold storage.
31:29
They've never lost Bitcoin. They will never lose Bitcoin
31:32
because they never hold your Bitcoin.
31:34
Once the money goes through, it goes directly to you.
31:37
This is the best way to be buying Bitcoin.
31:39
Anyways, guys, the rest of the show, I got a clip, dude.
31:42
Luke Roman's been kind of absolutely killing it.
31:45
And I, I got another clip for him kind of, you know, talking
31:48
about this very same thing. Obviously, he's a little more
31:51
broad in the idea of the war between basically you and I and
31:56
the banks and where we are in the story and then later on in
32:00
the show. Oh yeah, later on in the show.
32:02
Guys, guys, guys, everyone's saying the quiet part out loud.
32:08
There is a lot of concerns going on in the US credit markets and
32:13
the dollar I got, I got a bunch of stuff for you guys there and
32:17
then. And then in the culture, Sophie
32:19
wants to talk about nickels. Why are we talking about
32:22
nickels? Because apparently it's a funny,
32:24
funny story. Because apparently they
32:26
appreciate and value more than that.
32:31
Dude, it makes no sense to me, but we're going to be talking
32:32
about this guy. No sense.
32:33
To me either, but you know what like memes become?
32:37
Reality. Well, he did steal Bitcoin memes
32:39
to to do so, I thought. I thought that was hilarious.
32:43
This guy is like, for sure a Bitcoiner, but whatever, we'll
32:46
talk about it in the culture. Let's go.
32:48
OK, guys, We'll be right back after this break.
32:58
I want to give a shout out to our partner Stamp seed.
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se-ed.com store. OK guys we are back and the
34:14
current Bitcoin price is 108,000 and $40.
34:19
I repeat 108040. We are -14.4% decline from all
34:25
time high and the current market cap of Bitcoin is $2.15
34:29
trillion. And if you are a anti Gregorian
34:33
calendar, then the current block height is 920,283.
34:39
I repeat 920283. All right guys, So as I was
34:44
telling you, I I played Luke Roman.
34:46
Luke Roman. I think it was yesterday.
34:48
I forget I'm dude, this this sinus cold is killing me right
34:52
now. I I can't remember days anymore.
34:55
I think it was yesterday. Yeah, I think it was yesterday
34:57
'cause he was talking about gold.
34:59
Yeah, it was yesterday. There's a new clip.
35:02
He just went on what Bitcoin did with Danny shout out Danny
35:05
Knowles. He's killing it over there.
35:07
And you guys asked me or or that guy, I think it was DF or
35:11
whatever, he asked me like what where do we go from here and how
35:15
long will this fight take? And I said basically the rest of
35:20
our lives. So most likely.
35:22
Well, here's Luke Roman's take, looking at the past of what is
35:26
the fight and where are we in this fight?
35:29
So I'm going to play the clip and I'll be Ryback.
35:32
The issue that has always swept down through the century, and it
35:35
will have to be fought once again, is the people versus the
35:37
banks. And I think it's a quote that
35:41
defines the moment that we're in.
35:44
Ultimately, the banks and the bond market of one for 40 years,
35:49
policy, economic policy in this country, be it what the Fed has
35:53
done with rates, be it with the offshoring of the industrial
35:56
base to lower deficits or excuse me, to lower inflation, reduce
36:02
costs, etcetera. It is all been done with one
36:06
goal in mind, which is to subjugate the US middle and
36:10
working class to support the real value of the bond market
36:14
and and by extension Wall Street.
36:16
And that has not been taken too far.
36:19
And so if we want to be where I think most Americans would agree
36:24
we want to be, then yeah, pain is all in the eye of the
36:27
beholder, right? It's something I say all the
36:29
time is, you know, what's normal for the spider is chaos for the
36:31
fly, right? If you if, if you own lots of
36:34
long term treasury bonds, you know, yeah, what I'm advocating
36:38
would be very painful. If you own Bitcoin, if you own
36:41
Bitcoin, if you own gold, if you own productive businesses, if
36:44
you were a working class person whose wages are going to rise as
36:48
fast or faster than inflation, maybe for the first time in 50
36:52
years, that's the then that's not as painful.
36:57
And I think as a country we wake up and you have a more
36:59
rebalanced economy and more self-sufficient economy where
37:02
you're not as reliant on potential adversaries for key
37:04
things. It's tricky, it's bumpy.
37:08
I'm there's no guarantee it's going to work.
37:11
We let it go on so long. It's a little bit more market
37:16
driven paradoxically, right. Ultimately, if we do those
37:20
things, there's there should be more inflation.
37:23
But that inflation is a market signal telling us, hey, you've
37:28
under invested for 40 years in your industrial base, in your
37:31
working class, in your skilled trades, in your young people.
37:35
And now you need to catch up and doing that is going to be
37:38
inflationary. And that's that, you know, that
37:42
is just the, the, the fallout of the decisions we've made over
37:45
the last 30-40 years. Dude just hit the nail on the
37:48
head guys, How the how prescient this clip is is incredible if
37:54
you're really falling along. Of course, now as self was kind
37:57
of trolling me. She's like, I'm not a macro guy
37:59
now I'm dude. I'm hardly a macro guy.
38:01
I just, I think that's where the most.
38:03
Interesting stuff. You're not a macro guy.
38:05
I'm like. Yeah, I'm speaking Chinese.
38:06
Like really not a macro. I'm speaking Chinese, but I
38:11
think I and I, the reason I've, I've really dove into
38:15
macroeconomics after the like, everyone's a macro person on
38:18
Twitter, You know, I, I didn't do it for the engagement.
38:21
I should have done it earlier, but it just it, it didn't, it
38:24
didn't excite me at the time. But I think currently, and I've
38:28
been telling all my friends this, so like, what are you into
38:30
right now? And I'm like, dude, I'm like a
38:31
macroeconomic nerd. Like I'm a geopolitical nerd
38:34
right now. Because I think that is the most
38:36
interesting stuff happening right now.
38:37
And if you can try to understand what's happening in the macro
38:40
markets and of course in the geopolitics, then you can better
38:43
understand what's going on in the market, especially when we
38:45
have Trump, you know, trade wars on Twitter and whatever is going
38:49
on with China versus the Internet or China versus the US
38:53
or what's going on with Russia, etcetera.
38:55
Like there's a lot to unpack back there and This is why I
38:58
keep saying I'm really. I'm tired.
39:00
Yeah, I mean, I'm tired of the price, but you know, it's a
39:03
totally different conversation. There's a lot of unpack with
39:06
everything going on in the world right now and you have to kind
39:10
of dive down a bunch of different rabbit holes.
39:12
But I think Luke hit the nail on the head.
39:14
Like this is the battle between, you know, the the average person
39:18
and the banks. And a lot of the things I've
39:20
been talking about recently, it's becoming clearer and
39:23
clearer to me that that is exactly what's going on.
39:25
Even though the banks are coming into Bitcoin, they want your
39:28
Bitcoin. I don't think they're giving up
39:30
control yet. They haven't fully capitulated
39:33
and admitted defeat. And then when you look at what's
39:35
going on in like the gold market, you see what's happening
39:38
in inflation and, and like most people's measurements and
39:42
indicators are just completely whack.
39:44
They they'd like, they're just completely out of whack here.
39:47
The only thing that is really giving a signal is is Bitcoin.
39:52
And I was watching Jack Mahler's mailbag Monday, Mailbag Monday,
39:57
his, his, his weekly podcast this morning.
40:00
And he said something that I think more people need to know
40:04
is this idea is like, look, guys.
40:07
The US is in $37 trillion in debt.
40:10
And yes, we've been the world reserve currency for, you know,
40:13
the last 100 years. And like, the bill is due, like
40:18
someone's going to have to pay for that $37 trillion.
40:22
Like someone will have to foot the bill.
40:25
And all of the stuff that we're seeing come out of the the Trump
40:27
administration, even the trade wars we're seeing between the US
40:31
and China, this is all trying to figure out ways of how do we
40:35
actually, you know, like, who's going to realize this bill here?
40:39
Who's going to actually pay the price?
40:41
Because, yeah, you, you have to pay the price.
40:45
Yeah, exactly. Like you will have to pay that
40:48
price. And I don't know if you guys
40:49
know how big $37 trillion is, but it's a pretty big number.
40:53
All right, guys. So someone's going to have to
40:56
pay that price. Now they're trying to figure out
40:58
whatever way they can do that to pay that price.
41:01
But it's unignorable or it's actually becoming virtually
41:05
unignorable. Of course, you know, Jay Powell
41:08
and the people in power can try to ignore it as much as
41:10
possible, keep the can down the road.
41:12
But this is the war right now. This is the battle that's being
41:15
waged right now, is who's going to actually pay that bill.
41:19
And if we learn anything from the 2008 financial crisis, it's
41:21
probably not going to be the ones that caused the the problem
41:24
in the 1st place. So you can no longer trust these
41:28
institutions. You have to protect yourself.
41:31
You need to hold Bitcoin. And even in that clip, you know,
41:34
Danny was kind of trolling. It's like, but if you're holding
41:36
Bitcoin, you're probably going to be OK.
41:39
And I mean, Sophie and I have had these conversations a few
41:41
time. It's like, we don't really want
41:44
to wish our friends and neighbors getting wrecked, our
41:47
countrymen, you know, whoever is part of your tribe.
41:51
But if they're not holding Bitcoin or at the very least
41:53
some gold, that's what's on the horizon for a lot of people.
41:57
I don't know if you guys have been here in the conversation,
41:59
but many people basically saying like we're, we're entering into
42:02
a world that like you're either going to hold Bitcoin or you're
42:05
going to be part of the, you know, helicopter money, like
42:08
you're, you're universal basic income type person.
42:11
And that is the real just like never going to get out of the
42:15
cage. And so it, it literally is like
42:19
you should be stacking as if your life depends on it because
42:22
that's what's going on. And then of course, the
42:24
secondary 1 is securing your Bitcoin like your life depends
42:28
on it because that's, that's the real secret of all of this.
42:31
So anyways, I'm ranting and I think I didn't blow my nose.
42:37
Oh my God, we're so wrecked. Physically, spiritually, price
42:43
wise. Sorry guys.
42:46
Yeah, no, I love what Grauman said.
42:48
He I love that he said pain is in the eye of the beholder
42:53
because I think that our expectations are really what has
42:56
been causing all of this pain. We really thought that, you
43:00
know, it was going to be like every other cycle.
43:03
And the reality is, and I say this every show, Bitcoin always
43:07
does the opposite of what people want.
43:09
And Honey Badger doesn't care, right?
43:12
I mean, like, we literally built our entire maxi ideology around
43:18
this idea that Bitcoin is going to do what it wants and it's
43:20
also for enemies. So, you know, we kind of have to
43:23
right now is the moment where we have to live up to those
43:27
standards and also realize that the pain could be so much worse
43:32
if we were our friends, some of our family members too, who
43:37
don't own Bitcoin. You know, at least we have a
43:41
leveraging tool. Some people are just going to,
43:45
you know, come to serve them forever because they didn't
43:48
believe in orange coin, you know, so.
43:52
So everything could be so much worse.
43:56
And still we have to stick to our principles and just keep
44:01
holding. Yeah, and that.
44:03
That's kind of like the. Everyone's saying that the
44:08
price, the price is nuking and we're under one O 8 guys.
44:12
I guess October, I guess October is actually cancelled and it's
44:18
Oct over. So we had a good run Oct over
44:23
October guys. Yeah, so it's under one.
44:26
Oh, it's back at one O 8. At least that's what finance is
44:28
saying right now. This is bit stamp.
44:30
Hold on. Let me let me see what what's
44:31
finance saying? I'm, I'm actually surprised that
44:35
it's held on despite, you know, Trump still talking about the
44:40
tariffs and, you know, negotiating with China and
44:43
disclosing every single aspect and step of that process, which
44:47
he doesn't need to do, he doesn't need to do, but.
44:52
I like, I like this comment. Oh no, we're being denied the
44:55
chance to buy Bitcoin when it's more expensive.
44:57
Darn dude, what's what? What is I?
45:03
I I think that person missed when I said liquidity crunch.
45:08
Things are getting more expensive.
45:10
We're broke. We're broke.
45:12
Homie, I don't know where you're getting your money from, but you
45:18
know. Oh yeah, I'm I Yeah, I went.
45:22
All in a little dump tober dump tober dump tober is official.
45:27
But yeah, I mean, it is. Hey, anyone that told you
45:32
huddling was easy lied. Yeah, they weren't, they
45:35
weren't, they weren't built for this.
45:36
But look, everyone's been calling me a fake maxi the last
45:39
couple of days. I, I mean like just 'cause I'm,
45:43
I'm watching the price of Bitcoin and my job is to react
45:47
to it. I haven't sold any Bitcoin.
45:50
I'm, I'm chilling. Yeah, I'm straight.
45:54
Chilling. It's being this tired and yet.
45:57
Yeah. Not selling a single.
46:00
Second, look, I'm not eating ramen tonight because I'm broke.
46:04
I'm eating it 'cause I got this Sinus.
46:06
Problem I think. I think you need to up your
46:08
conviction and just start fasting.
46:11
I think I need to up my conviction and get a rib eye.
46:13
Anyways, let's go into the saga around the dollar and the credit
46:19
market. So we will be right back.
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Nico, I want a. Yeah, we need to give you a
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All right, guys, so we do. Kidding.
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I don't get paid. Do you think I got paid?
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I don't get paid. OK, OK, let let's not talk about
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the I I'm actually I can't even make that joke.
49:58
All right. Anyways.
49:58
Anyways, Anyways, anyways, there has been some interesting stuff
50:03
going on in, in the general kind of attitude around Airpods, the
50:13
the general sentiment around the dollar and what's going on in
50:15
the credit market. So as I was covering last week,
50:18
very briefly, it looked like there was a regional kind of
50:22
banking crisis. A lot of the stocks were
50:25
falling. We don't really know what, what
50:28
was the cause of it. A lot of people were speculating
50:31
that there's going to be some more, you know, companies
50:35
floating down the river later. But I have a, a bunch of stuff
50:40
here on the just the general sentiment around the dollar.
50:43
And the first one I want to start with is this tweet here
50:45
from Fiat Squawk. And it goes, UBS warns recession
50:48
probability now at a staggering 93%.
50:52
It's been raised from what was it like 10% to 50% to now we are
50:57
at 93%. I think we're just making up
50:59
numbers at this point because this is not a surprise to
51:02
anybody. I mean, I would argue we've been
51:05
in one for the last five years. But you know, what do I know?
51:08
I'm I I just talk shit over. Here, they're making numbers up
51:13
straight. Yeah, totally.
51:14
They're just like slowly but surely, you know, raising the
51:17
temperature until they're like, actually it's 150% and you've
51:21
been in it for the last five years.
51:22
So there's here, you know, they're, they're, they're
51:25
starting to leak the indicators or at least maybe they're,
51:27
they're starting to prep the groundwork to tell us that
51:31
actually we we've been in a recession and a lot of people
51:34
have been saying like we're on the verge of a depression.
51:36
Not not just a recession, like the recession been so bad that
51:41
it's going to end up a depression.
51:42
Now, I I don't know about all that necessarily, but and I do
51:46
kind of have a, a flip the script on this afterwards.
51:50
You know, let's let's also kind of look at who is saying all
51:54
this stuff. And that might be some signal in
51:56
and of itself. But next we got, you know, my
52:00
girl Chrissy Lagarde starting to say that it's looking like
52:05
people are, you know, not having as much faith in the dollar that
52:09
the the trust in the dollars are outing.
52:11
So I'm going to play that for you guys and we'll be right
52:12
back. You have also said recently that
52:16
you think investors have begun to question whether the dollar
52:19
would still warrant its status as the ultimate safe haven
52:22
currency. I mean, the American dollar is
52:23
one of the strongest weapons, frankly, that that the
52:26
administration has to use. Do you think that it is the rise
52:30
of cryptocurrency that is most threatening to that, or why are
52:34
you worried? I see signs that the, the, the,
52:39
the attraction of the dollar is slightly eroded and future will
52:44
tell whether there is more erosion of that.
52:46
But when you look at the rise of cryptos #1 when you look at the
52:50
price of gold, gold is typically in any situation, the ultimate
52:54
destination for safe heaven. Price of gold has increased by
52:58
more than 50% since the beginning of the year.
53:01
That's a clear sign that the trust in the reserve currency
53:05
that the dollar has been, is and will continue to be is eroding a
53:09
bit. In addition to that, we've seen
53:11
capital flows outside of the US towards other destinations,
53:15
including Europe. So, you know, for a currency to
53:19
be really trusted, you need a few things.
53:21
You need geopolitical credibility, you need the rule
53:26
of law and strong institutions, and you need, I would call it a
53:33
military force that is strong enough.
53:35
I think on at least one and possibly 2 accounts, the US is
53:39
still in a very dominant position, but it needs to be
53:42
very careful because those positions erode over the course
53:45
of time. We've seen it with the sterling
53:47
pound, you know, way back after, after the war.
53:51
But it happens gently, gently, You don't notice it and then it
53:54
happens suddenly and we are seeing intriguing signs of it,
53:59
which is why I think that having a strong institution with the
54:02
Fed for instance, is important. Having a credible environment
54:07
within which to trade is important.
54:09
So volatility, uncertainty, to the extent it is fuelled by the
54:13
administration, is not helpful to the dollar.
54:17
Guys, I love the jewelry you bought her.
54:19
I know well, you know, I was also going to say that you you
54:23
can tell I had an effect on her because she she stole the
54:26
gradually then suddenly meme. So you know, I, I, I did my part
54:30
sort of I got 1 meme in there but.
54:33
She's actually saying all the Bitcoin things, like all the
54:36
things that she's saying are are slowly and gradually but
54:40
suddenly happening with Bitcoin. They're, you know, I'm not going
54:44
to say the militarization thing, that's her own authoritarian BS,
54:47
but. I mean, she's not wrong.
54:49
Like the dollar is backed by the military industrial complex.
54:53
Yeah, well how long until, you know, Wales 1020 years from now
54:57
are also going to be protected and have their Bitcoin protected
55:01
by military or security? Personnel, let's go.
55:05
Exactly like there. I mean, this isn't like really
55:08
that original? No, our our network's not backed
55:11
by. No, it's not.
55:13
No, it's not. But in the future, like, we
55:16
don't know the lengths that people will go to to protect
55:20
their Bitcoin, you know? Yeah, I mean on an individual
55:24
level on. An individual level, but I
55:27
digress. I can't believe that she's
55:29
really taking this approach on the dollar when the euro hasn't
55:36
has been eroding for years, Sweetheart.
55:40
Like, yeah. Yeah, you kind of lost that
55:42
power like 250 years ago. Yeah, it's.
55:44
Like it's very, very cute, but relax.
55:49
Though this leads to this comment I wanted to bring up
55:51
this. This is exactly kind of my
55:53
thoughts on this as well. It goes trust in dollars eroding
55:56
by the digital euro. Christine Lagarde that that is.
56:00
I would argue that that's exactly where like she if she
56:03
had more time, that's most likely where that conversation
56:07
was going to go. And that's kind of, I was saying
56:09
like, you know, there is a general kind of attitude of, of
56:14
people losing trust in the dollar, but, you know, they
56:16
don't really want treasuries right now.
56:18
A lot of people are piling into gold.
56:20
We're seeing that the, you know, the US does have a, a couple,
56:25
you know, some, some, some cake on its face over the last couple
56:28
of years, considering all of the different, you know, offenses
56:32
that we've had globally and all the different wars and stuff
56:35
like, and, and even internally, a lot of people don't really
56:38
trust what's coming from the US government.
56:40
So like, I, I think, I think she is kind of right that people are
56:44
slowly but surely moving away from the dollar.
56:46
But again, it's the source. It's who is this coming from?
56:49
Of course, it's Christy Lagarde. She is the EU or president of
56:54
the ECB. And she has this initiative
56:57
right now where it's like, you know, we want a digital euro.
57:00
And if you kind of go into the Tom Luongo thesis, a lot of the
57:04
stuff that Trump's doing is not really that favorable or
57:08
profitable for the EU. And this is probably why she's
57:11
coming out and saying that. And then going further, we have
57:14
the Bank of England here saying something kind of similar.
57:18
This one, this is instead of so general, it's a little kind of
57:21
closer to what happened on Friday.
57:22
And we have Bank of England chief warns of worrying echoes
57:25
of 2008 financial crisis. Now, the interesting part about
57:28
this is it does relate to what Jamie Dimon just said a couple
57:31
of days ago. But I'll read a little bit
57:33
because Andrew Bailey says a close look is needed at the
57:36
private credit markets after collapse of two big US firms.
57:40
He has warned recent events in US private credit markets have
57:43
worrying echoes of the subprime mortgage crisis that kicked off
57:46
the global financial crash of 2008.
57:48
The governor said it was important to have the drains up
57:51
and analyze the collapse of two leverage US firms, First Brands
57:55
and Tricolor, in case they were not isolated events but the
57:58
Canary and the coal mine. Are they telling us something
58:01
more fundamental about the private finance, private asset,
58:03
private credit, private equity sector?
58:05
Or are they telling us that in any of these worlds there will
58:09
be ideosyncratic cases that goes wrong?
58:13
I think that is still a very open question.
58:15
It's an open question in the US, which is something that we we
58:18
talk about constantly. Again, this is coming from the
58:21
Bank of England. I know there's there's a lot of
58:23
spite between the Trump administration.
58:25
What's going on in in Europe, They're not really get getting
58:28
along right now. But it does go to what Jamie
58:32
Dimon just said a couple days ago.
58:35
Wall Street credit worries intensify after Diamond's
58:38
cockroach warning. And if you don't remember what
58:40
he said, Jamie, of course, Jamie Dimon from JP Morgan was saying
58:46
that what we're seeing, you know, could lead to more stuff
58:51
under under the radar. And he says Jamie Dimon about
58:55
cockroaches in the US Oh, his his quote on the Jamie Dimon
59:00
quote, he said, like, if we see one cockroach, then we might see
59:04
a lot more cockroaches. And at the time everyone was
59:06
wondering like, what it what exactly is he talking about?
59:09
And then we saw the regional bank kind of catastrophe.
59:12
And it said it made the decision after it became aware of a legal
59:15
actions initiated by several banks and other leaders
59:17
affiliated with two of its borrowers, an internal review on
59:21
its own portfolio and, you know, alleging fraud by the borrower.
59:26
So Jamie Dimon did kind of come out here.
59:29
And again, when Jamie Dimon says something, guys like people
59:32
listen, whether you like him or not.
59:34
I would argue that like the two probably most powerful people in
59:38
the US right now that that are known is probably like Uncle
59:42
Larry and Jamie Dimon. They're like the 2.
59:45
They probably run the government to be completely honest.
59:49
But he is basically echoing exactly what the chief of the of
59:53
Bank of England is saying is like, look, there is a problem
59:57
in the credit markets or is there a bigger problem in the
1:00:00
credit markets than we are aware of?
1:00:03
And of course, Jamie Dimon's saying, hey, if there's one
1:00:05
cockroach, there's probably another cockroach.
1:00:07
And here's George Gam and he goes, cockroaches equal higher
1:00:10
counterparty risk. It equals less liquidity.
1:00:13
It equals the repo red flags. As expected, we now have more
1:00:16
cockroaches in this morning. Subprime lender Primal Lend
1:00:19
enters bankruptcy after bond defaults again.
1:00:23
We're seeing in the repo market very low liquidity that has an
1:00:27
effect on all the regional banks that, that that's probably why
1:00:31
we're seeing a lot of the catastrophes that we're seeing
1:00:34
currently. And then on top of that, we are
1:00:37
seeing, you know, some geopolitical moves.
1:00:39
Now, Max Keiser's quoting this tweet here of Russia's Ministry
1:00:42
of Finance just said Bitcoin can be used in foreign trade.
1:00:45
But this is like the signal. And obviously what why this is
1:00:50
being brought up and it connects as predicted, the world is
1:00:53
exiting the US dollar. We're seeing this constantly in
1:00:56
a various different scenarios. Now, of course, whether that's
1:01:01
in gold or, you know, not buying treasuries, there is a general
1:01:06
mistrust of our debt here. No one really wants to hold the
1:01:11
dollar. And also going back to the Jack
1:01:14
Mahler's mailbag Monday that he just dropped, what is also
1:01:19
becoming increasingly kind of prevalent is the idea that the
1:01:23
US can't actually use their force as much as they used to
1:01:26
because we're basically broke and we don't manufacture
1:01:29
anything. So the proof of weapon system
1:01:32
that Simon Dixon always talks about or the military industrial
1:01:35
complex that backs the dollar, it doesn't really have the
1:01:39
weight that it used to. And so there is a general kind
1:01:42
of moving away from the dollar and we are entering into more of
1:01:47
a multi polar world. And depending on kind of what
1:01:50
narrative you're, you're listening to or, or who you get
1:01:53
your signals from, a lot of the stuff that we're seeing
1:01:56
currently come out of the US could be interpreted in that way
1:01:59
that, you know, the Trump administration is, if on the one
1:02:03
hand, you could say he's reassuring production and, you
1:02:09
know, lowering interest rates so that people will take out more,
1:02:12
more, more debt and lend some more money.
1:02:16
And he's actually doing good thing for the US.
1:02:18
On the other side, there's people saying he's basically
1:02:20
doing a planned demolition of the US and, and kind of
1:02:24
minimizing our power to a more regional power instead of a
1:02:27
global power. So like you, you can take this
1:02:30
any way you want to, but the general trend is people do not
1:02:34
want to hold dollars right now. And if you're holding dollars or
1:02:36
maybe you don't have any savings, obviously you need to
1:02:40
buy some Bitcoin. You know, it's funny, I had this
1:02:43
discussion yesterday with my dad over dinner 'cause I was telling
1:02:48
him about how Europe is planning to make a central digital
1:02:54
currency and whatever. And he said, oh, that might be a
1:02:56
good thing. And I was like, no, that's like
1:02:59
terrible for the he's like, no, no, no, you don't understand.
1:03:02
It's great that there could be this thing that is supposedly
1:03:07
competing with the dollar and with Bitcoin.
1:03:11
And once people see that even in the digital version, it fails,
1:03:16
they might realize that Bitcoin is the only way out.
1:03:20
And that might be the, the final kind of thing that catapults
1:03:24
people into Bitcoin, real Bitcoin, not just ETFs, not
1:03:28
just, you know, the, the garbage that's on Wall Street, but self
1:03:32
custody BTC. Yeah, that's the hope, right?
1:03:36
Let's. Let's hope.
1:03:37
I mean competition. Competition exposes other
1:03:40
people's weaknesses, so. Optimist Fields 2025.
1:03:45
Oh my God, there. There's no Election 2025.
1:03:49
But yeah, whatever, whatever. President.
1:03:51
President of Simply. Yeah, no, I got a new title this
1:03:55
morning, but I can't say it on YouTube, so I won't say it.
1:03:59
But anyways, we're gonna have a little fun on the culture.
1:04:02
Sophie really wants to talk about nickels, so we're gonna be
1:04:05
talking about nickels on on the culture.
1:04:07
I can't. Believe I convinced you to talk.
1:04:09
About that, there's really, there's really nothing else for
1:04:11
the culture. I I I do think it's kind of a
1:04:13
funny story and and he is basically stealing Bitcoin
1:04:17
memes. So yeah, I thought it, I
1:04:20
thought, I honestly think he's trolling.
1:04:21
I think he's totally trolling. But anyways, we'll be right
1:04:24
back. I want to give a shout out to
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1:06:30
Yeah the chat oh sorry you're wrong one the chat you guys are
1:06:32
funny anyways, anyways, I don't know if you guys saw this It is
1:06:36
it is kind of it is funny. It's it's actually kind of
1:06:39
hilarious. Anyways, let me let me read this
1:06:41
for you guys. So this guy Kyle Mitchell, AKA
1:06:45
at Opinion Casino, I think he's like a there's no.
1:06:49
Way this is a real person. Yeah, like he I think he
1:06:52
actually bought the nickels, but I think he's like legitimately
1:06:55
trolling. And I mean his his bio extremely
1:06:57
wealthy and handsome. I think he's kind of trolling.
1:06:59
Anyways, he goes, I bought $250,000 worth of physical
1:07:02
nickels. No, that's not a typo.
1:07:04
That's 5 million coins, 55,000 lbs of American metal stacked in
1:07:08
boxes from a local bank vault, an asset the government
1:07:11
literally can't print anymore. Most people would call it
1:07:14
insane, but let me explain the thesis.
1:07:16
Each US nickel is made of 75% copper and 25% nickel, weighing
1:07:20
5 grams. That means every $1 million in
1:07:23
face value equals roughly 100,000 lbs of metal.
1:07:27
At current metal spot prices, the melt value of a modern
1:07:30
nickel sits around .043 to .047 cents depending on commodity
1:07:38
fluctuations, or roughly 90 to 95% of face value.
1:07:41
That means the US Mint loses money on every coin it produces.
1:07:45
They've tried to change the composition for years, but
1:07:47
Congress hasn't approved it yet. So what happened when they
1:07:49
finally do? The old real nickel has become
1:07:52
the last batch of government issued coins containing
1:07:54
significant industrial metal. When that happens, they'll
1:07:57
vanish from circulation overnight, just like the 90%
1:08:00
silver coins did after 1964. Those who hold them saw A10 to
1:08:04
15X nominal gain over the following decade as melt value
1:08:08
outpaced inflation by $250,000. Position therefore isn't a
1:08:12
trade. It's an asymmetrical bet that
1:08:14
the US Mint will eventually debase the coinage again, that
1:08:17
metal scarcity and inflation will continue to erode the
1:08:20
dollar, and then a bag of nickels will one day be worth
1:08:23
more dead than alive. Worst case, I still too have
1:08:26
time. Still have $250,000 in legal
1:08:28
tender coins backed by the full faith and credit of the United
1:08:30
States. Best case, the melt value double
1:08:34
S triples are getting banned outright, which would make the
1:08:37
existing supply finite and far more valuable to collectors and
1:08:40
contrarians alike. It's not crypto, it's not
1:08:42
stocks, it's not even silver. It's 5 million tiny claims on an
1:08:47
industrial commodity the government accidentally
1:08:49
subsidizes. That's deep value.
1:08:52
That's the nickel standard. OK, they're going further.
1:08:57
Going further. This one's pretty funny.
1:08:59
He goes $0.05 or .05 is coded, guys.
1:09:03
It's totally coded. Yeah, $0.05 is coded.
1:09:07
It's coded into the network. Did this happen to the penny by
1:09:10
the way cuz? Well, I mean.
1:09:13
That would be a good. They are talking about literally
1:09:15
getting rid of pennies. But no I think they started did
1:09:19
that. Did they already get rid?
1:09:20
Of it, I think they already did that.
1:09:22
Yeah, so no more pennies, dude. Huddle pennies instead of 1
1:09:26
cent. Anyways, it's.
1:09:27
Worth $0.03. And yeah, instead of 1 cent,
1:09:30
it's worth nothing. Here we go.
1:09:32
And he goes, take all your money and buy nickels.
1:09:34
Then take all your time and figure out how to borrow more
1:09:36
money to buy more nickels. Then take all your time and
1:09:39
figure out what you can sell to buy nickels.
1:09:41
And if you absolutely love that thing, you don't want to sell
1:09:45
it, then go mortgage your house and fill it floor to floor
1:09:47
ceiling with nickel. Honestly it sounds like he just
1:09:51
copy pasted a Bitcoin a Bitcoin post, but this one's the
1:09:55
funniest one. Point O 5 is coded.
1:09:58
Hoddle Hoddle nickels guys. Hoddle nickels this.
1:10:02
Guy's going to get wrecked with the logistics and just moving
1:10:07
on. I think this is actually like
1:10:08
very symbolic because moving all of that metal, what does that
1:10:13
remind you of people buying gold with?
1:10:16
If people actually had bars of gold and, and it they weren't
1:10:20
buying paper gold, because let's be real, that's what people are
1:10:22
buying and that's what's going up is paper gold, they would
1:10:27
never be able to spend it. They'd never be able to store
1:10:30
it. They'd have to like literally
1:10:31
contract people to be able to move that stuff around.
1:10:35
So I just, this is hilarious. I think it's a troll on gold.
1:10:40
I think it's a troll on Bitcoin. I think, you know, he can't be
1:10:44
serious. I think he probably bought a
1:10:46
couple of nickels. Just to make.
1:10:48
This post. He probably bought that box.
1:10:51
Yeah, he probably bought. That probably bought like 50
1:10:53
bucks. I'm like.
1:10:54
That's it. But it's genius.
1:10:56
It's very, very. Funny it's going viral, but
1:10:58
Mccaudle goes, is it even legal to melt circulating currency
1:11:01
though? No, it's not.
1:11:03
And actually, so if he was bringing up some of his tweets
1:11:05
and apparently people are calling.
1:11:08
The FBI and the IRS. Yeah.
1:11:11
Like even that part is very Bitcoin coded, you know, it's,
1:11:16
it's very like, oh, like they're coming after me because they're
1:11:19
trying to fight me. The government wants to take
1:11:22
what they can't take anyway. Like it's giving, you know,
1:11:26
Silk, what's it called? Silk Road, Like kind of like
1:11:29
they're trying to take my Bitcoin.
1:11:31
And so I'm getting calls from the FBI and the IRS.
1:11:35
It's so funny. It's so funny.
1:11:38
It actually like made my day. Yeah, it's actually kind of
1:11:40
funny, but. In the midst of us dumping to
1:11:44
107. Yeah, but I mean, like, I think
1:11:46
I, I legitimately think he's, he is kind of trolling.
1:11:50
But if we take it on face value and of course he's using Bitcoin
1:11:54
memes, it is kind of one of the things I always say that a lot
1:11:59
of people can kind of pinpoint the problem, but they just
1:12:04
missed the solution. So like, you know, taking this
1:12:07
is actually serious and not as a joke, I'm sure maybe someone,
1:12:13
you know, maybe this guy's actually doing this.
1:12:15
And, you know, I wish him the best of luck, obviously.
1:12:18
But again, he did pinpoint the problem.
1:12:21
And it's a segment right here. It's an asymmetrical bet that
1:12:25
the US Mint will eventually debase the coinage again, that
1:12:27
mental scarcity and inflation will continue to erode the
1:12:29
dollar and then a bag of nickels will one day be worth more dead
1:12:32
than alive. That that first part, you know,
1:12:34
that they will debase the coinage.
1:12:37
We've seen that constantly happen.
1:12:39
And it's it doesn't have, you know, it does have precedent in
1:12:43
history that this is what's going to happen.
1:12:44
And as we saw, I mean, I think we were talking about this week,
1:12:48
Trump says he wants to do like a $250 bill with his face on it or
1:12:52
something like that. And so, like, we haven't gone
1:12:55
full Zimbabwe yet. We don't have what, what is $100
1:12:58
million paper, you know, Bill. But these are the signs going
1:13:04
on. As you can tell, he did very
1:13:08
correctly pinpoint that they're going to debase the currency.
1:13:10
And then it really goes even further into, you know,
1:13:14
historical times of like coin clippage and what that does to
1:13:18
society. Though this time he's like, you
1:13:21
know, they're just going to outlaw this and then they're
1:13:22
going to put less metals in it, and those aren't going to be
1:13:25
worth anything. That's why it's so funny, That's
1:13:28
why it's such an effective meme, because the greater message here
1:13:31
is just so perfectly illustrated with this joke that he's making
1:13:36
online. And it gives you, it makes you
1:13:39
think about like the bigger picture, how they're debasing
1:13:41
the currency, how you know the the currency that we have isn't
1:13:45
worth the metal it's printed on. It's chef's kiss.
1:13:49
Brilliant meme of the. Year, yeah, yeah, someone goes.
1:13:52
He was so close. Just need to take the final leap
1:13:57
and yeah, yeah, it's down under, so I'm sure.
1:13:59
He has I. Wouldn't he?
1:14:00
Dude, he's a big corner. He's definitely a big.
1:14:03
Corner and I think that he's just using this to kind of get
1:14:08
to a more mainstream audience. Maybe for people, it's difficult
1:14:12
to kind of comprehend how Bitcoin works, but everybody
1:14:16
knows nickels. You learn nickels in
1:14:19
kindergarten or the 1st grade. Wait, wait.
1:14:22
Maybe this is the signal here. Most of you don't have two
1:14:25
nickels to rub together. Maybe This is why he chose
1:14:28
nickels to make a greater point. No, I think he chose nickels
1:14:31
because they out they like they're not printing.
1:14:35
No, he chose nickels because he believes in the nickels
1:14:37
standard. Guy's a genius.
1:14:43
But yeah, I mean, the real story is, is about the basement of the
1:14:46
currency. He's obviously I think like I'm,
1:14:49
I'm, I'm mind reading here, but I think he's obviously kind of
1:14:53
trolling and making a statement here that that's going kind of
1:14:56
viral right now. So hey, we're talking about it.
1:14:59
I think he I think he made his point.
1:15:01
I think he made his point. So do not sell your life worth
1:15:06
your life. Wait, I can't even think right
1:15:08
now. Yeah, I know.
1:15:09
I'm do not. Sell.
1:15:12
Today. Your net worth.
1:15:13
Sorry, do not sell your net worth for holding nickels.
1:15:17
Yeah, that would be bad. You should sell your net worth
1:15:20
to buy Bitcoin. Not financial advice.
1:15:24
Yeah, yeah, he chose Nichols 'cause it's ridiculous.
1:15:27
Exactly. Anyways guys, this is the show
1:15:29
for today. Smash the like button, please.
1:15:32
Let's get this to at least one 8185.
1:15:36
Just share. Share the video.
1:15:39
Yeah, just share the video. Anyways, we'll be back tomorrow.
1:15:44
Hopefully we're not dying over here.
1:15:46
I don't know if you guys can. The coffee just wasn't strong
1:15:49
enough. Today I had coffee and I I'm
1:15:51
still like. I don't know if they can hear,
1:15:54
but I'm like all stuffed up right now.
1:15:56
But anyways, on that note, guys, we will be back tomorrow roughly
1:16:01
12:30 PM Eastern Time Monday through Friday.
1:16:04
On that note, it's been Opti. It's been my wonderful,
1:16:08
wonderful Co host Sophie, and this was simply Bitcoin live.
1:16:12
We'll see you tomorrow, man. Today's episode was brought to
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you by bitcoinwell.com, a Bitcoin only platform on a
1:16:18
mission to enable financial independence.