1 00:00:00,017 --> 00:00:04,337 This past Sunday, the Fed dropped interest rates nearly to zero. 2 00:00:05,057 --> 00:00:09,617 Then, every day last week, it announced emergency lending programs. 3 00:00:09,897 --> 00:00:16,057 It pledged to spend at least $700 billion supporting mortgages, banks, 4 00:00:16,517 --> 00:00:22,957 money market mutual funds, corporate bonds, and lending to central banks of 5 00:00:22,957 --> 00:00:27,237 other countries, because the dollar is the currency of world trade. 6 00:00:27,857 --> 00:00:30,517 We are being very aggressive. And I think our chairman, Jay Powell, 7 00:00:30,737 --> 00:00:32,677 has learned from the experience of 2008. 8 00:00:32,817 --> 00:00:36,657 We're moving much faster than we moved in 2008. We're being more aggressive. 9 00:00:36,897 --> 00:00:38,677 Is there more we can do? Yes. 10 00:00:39,157 --> 00:00:42,797 Is there more we may end up doing? Yes. But I think we're being very aggressive. 11 00:00:42,797 --> 00:00:44,157 And I think that's the right thing. 12 00:00:44,557 --> 00:00:49,677 Can you characterize everything that the Fed has done this past week as essentially 13 00:00:49,677 --> 00:00:52,677 flooding the system with money? Yes, exactly. 14 00:00:52,997 --> 00:00:57,317 And there's no end to your ability to do that? There is no end to our ability to do that. 15 00:00:57,200 --> 00:01:08,080 Music. 16 00:01:08,397 --> 00:01:12,197 Welcome in to This Week in Bitcoin, episode 32. My name is Chris. 17 00:01:12,877 --> 00:01:18,457 That intro clip was Minneapolis Fed Prez Kashkari from a few years ago. 18 00:01:18,697 --> 00:01:25,677 And I love that clip. We'll get back to him later. But first, a disclaimer, really. 19 00:01:25,957 --> 00:01:30,397 I hope you brought some water because once again, it's another salty crisp this week. 20 00:01:30,677 --> 00:01:35,117 The banks really went all in on their Bitcoin attacks. 21 00:01:35,537 --> 00:01:40,437 And I say this with all proportionality. Nothing I've ever seen in my history 22 00:01:40,437 --> 00:01:45,937 of following Bitcoin since the early days. Have I seen anything this aggressive and this direct? 23 00:01:46,617 --> 00:01:49,657 First, it was the European Central Bank. They released a bomb of a paper, 24 00:01:49,837 --> 00:01:53,157 followed by the Minneapolis Fed dropping a second bomb, a whopper. 25 00:01:54,457 --> 00:01:57,297 And I've read both, so you don't have to. 26 00:01:57,497 --> 00:02:02,057 And trust me, you do not need to or want to. I've got the best bits here, 27 00:02:02,097 --> 00:02:04,997 and it's so frustrating, and it's so thick. 28 00:02:05,317 --> 00:02:09,917 The language, I'll give you a few quotes, but the language is just something else. 29 00:02:10,577 --> 00:02:13,877 So let's start with this ECB paper. They released it recently. 30 00:02:13,877 --> 00:02:18,237 It's called, quote, The Distributional Consequences of Bitcoin. 31 00:02:18,337 --> 00:02:20,857 It was written by two economists from the ECB. 32 00:02:21,017 --> 00:02:25,377 It's 29 pages long, and they published it on October 12th, 2024. 33 00:02:25,897 --> 00:02:29,977 So these two institutional economists argue that the rising Bitcoin price would 34 00:02:29,977 --> 00:02:31,897 only benefit early HODLers. 35 00:02:32,037 --> 00:02:37,177 And they say, quote, it would imply a corresponding impoverishment of the rest 36 00:02:37,177 --> 00:02:42,617 of society, endangering cohesion, stability, and ultimately democracy. 37 00:02:43,817 --> 00:02:48,617 This is a pretty huge point of view change from the ECB. For years, 38 00:02:48,777 --> 00:02:51,417 they've just suggested Bitcoin is worth nothing. 39 00:02:52,157 --> 00:02:55,377 And I think it's also ironic that now they're saying it's going to hurt democracy. 40 00:02:55,837 --> 00:03:00,357 That's a bit of a load considering Bitcoin has no central controller or issuer, 41 00:03:00,517 --> 00:03:03,857 and it is freely adopted and controlled and run by the people. 42 00:03:04,317 --> 00:03:07,637 So it's ironic they call that a threat to democracy. I think we'll get into 43 00:03:07,637 --> 00:03:10,937 what they really mean later. But I thought maybe first we should zoom out for 44 00:03:10,937 --> 00:03:14,237 a moment, because we all know that they've belittled Bitcoin for years. 45 00:03:14,397 --> 00:03:18,477 Just a few years ago, the ECB's Christine Lagarde rolled out all of the standard 46 00:03:18,477 --> 00:03:23,537 Bitcoin attacks that the bankers have, just sort of rapid fire back to back to back. 47 00:03:24,117 --> 00:03:28,377 It is a speculative. It's a speculative asset by any account. 48 00:03:28,377 --> 00:03:32,717 I mean, when you look at the most recent developments upward and now the most 49 00:03:32,717 --> 00:03:38,517 recent downward trend, for those who had assumed that it might turn into a currency, 50 00:03:38,917 --> 00:03:42,477 terribly sorry, but this is an asset and it's a highly speculative asset, 51 00:03:42,717 --> 00:03:49,997 which has conducted some funny business and some interesting and totally reprehensible 52 00:03:49,997 --> 00:03:51,317 money laundering activity. 53 00:03:51,317 --> 00:03:55,437 I think that there are criminal investigations that have taken place that I'm 54 00:03:55,437 --> 00:03:59,017 sure will continue to take place that demonstrate it very clearly. 55 00:03:59,277 --> 00:04:06,737 And there has to be regulations and this has to be applied and agreed upon. 56 00:04:06,917 --> 00:04:11,197 It's a matter that needs to be agreed at a global level, because if there is 57 00:04:11,197 --> 00:04:13,397 an escape, that escape will be used. 58 00:04:13,397 --> 00:04:19,637 So I think it needs to be to be if anything, it shows that global cooperation, 59 00:04:19,937 --> 00:04:23,917 multilateral action is absolutely needed, whether it's initiated by the G7, 60 00:04:24,137 --> 00:04:25,917 moved into the G20 and then enlarged. 61 00:04:26,057 --> 00:04:28,437 But it's something that needs to be to be addressed. 62 00:04:28,637 --> 00:04:32,837 And FATAP is clearly an organization that has expanded in that respect. 63 00:04:33,177 --> 00:04:36,897 I find a couple of things ironic about her statements in there. 64 00:04:37,197 --> 00:04:40,957 Number one, we just covered the data from the UN itself in episode 30. 65 00:04:42,397 --> 00:04:50,477 0.34%, 0.34% of all crypto transactions were flagged as potentially illicit. 66 00:04:50,817 --> 00:04:55,317 Of that 0.34%, nearly all of them are tethered transactions, 67 00:04:55,637 --> 00:04:58,597 with the most of the rest being USDC. 68 00:04:58,797 --> 00:05:00,857 Let me tell you, not a great way to do crime. 69 00:05:01,657 --> 00:05:05,257 Those are not a great way to do crime. But also, I think number two, 70 00:05:05,337 --> 00:05:08,697 the thing that I find ironic is that Christine Lagarde herself was convicted 71 00:05:08,697 --> 00:05:13,937 and found guilty in 2016 for a massive government payout scheme to the friend 72 00:05:13,937 --> 00:05:17,477 of the former French president Nicolas Garkowski, however you say his name, 73 00:05:18,062 --> 00:05:21,922 She didn't go to jail. It was mostly like, oh, well, she was just kind of negligent. 74 00:05:22,002 --> 00:05:22,702 She looked the other way. 75 00:05:23,162 --> 00:05:27,542 She was found guilty, though, for funny business, as she puts it. 76 00:05:27,962 --> 00:05:31,242 But you heard the core argument in there. You heard her actually say it. 77 00:05:31,382 --> 00:05:33,202 She said the quiet part out loud. 78 00:05:33,502 --> 00:05:38,302 It's an escape hatch. So the core argument that the ECB's paper puts forward 79 00:05:38,302 --> 00:05:42,582 is that, well, they're realizing Bitcoin might not be going away. 80 00:05:42,702 --> 00:05:47,042 And well, shoot, if Bitcoin's not going away, maybe it's not a bubble. 81 00:05:47,042 --> 00:05:50,662 And so they argue, well, if that scenario is true, if it's not a bubble, 82 00:05:50,882 --> 00:05:54,862 well, then we're going to have a problem with rich Bitcoiners because Bitcoiners, 83 00:05:55,022 --> 00:05:59,682 you know, they're going to be all this rich kind of like buying Ferraris and not producing much. 84 00:05:59,822 --> 00:06:02,522 They're going to disadvantage all the no coiners out there. 85 00:06:02,742 --> 00:06:05,282 And the no coiners that come in later are going to have less coin. 86 00:06:05,862 --> 00:06:11,822 And they argue these early Bitcoiners would be potentially less productive than 87 00:06:11,822 --> 00:06:14,022 their overall wealth should suggest they are. 88 00:06:14,022 --> 00:06:17,722 They write, quote, early adopters increase their real wealth and consumption 89 00:06:17,722 --> 00:06:22,502 at the expense of real wealth and consumption of those who do not hold Bitcoin 90 00:06:22,502 --> 00:06:25,542 or invest it at only a later stage. 91 00:06:26,682 --> 00:06:31,122 So it's obvious. They're saying if you buy an asset that goes up in value, 92 00:06:31,122 --> 00:06:33,782 you're going to have more value than those that don't buy the asset. 93 00:06:34,362 --> 00:06:37,562 They have a conclusion, though, because clearly there's a problem here that needs to be solved. 94 00:06:37,562 --> 00:06:43,422 From the paper quote missing out on bitcoin is not merely a lost opportunity 95 00:06:43,422 --> 00:06:48,042 for wealth accumulation but means real impoverishment compared to a world without 96 00:06:48,042 --> 00:06:53,142 bitcoin this redistribution of wealth and purchasing power is unlikely to occur 97 00:06:53,142 --> 00:06:56,742 without detrimental consequences for society. 98 00:06:57,753 --> 00:07:01,733 So detrimental consequences for society, what might those be? 99 00:07:01,813 --> 00:07:04,273 We're going to get to that before we do. 100 00:07:05,053 --> 00:07:09,533 Don't you think it's kind of wild that we're sitting here and we have a paper 101 00:07:09,533 --> 00:07:14,153 from the ECB right in front of us that tells us that you better get some coin? 102 00:07:14,673 --> 00:07:17,513 You're going to have problems. But what kind of problems? Well, 103 00:07:17,593 --> 00:07:18,933 that's the real question, isn't it? 104 00:07:18,933 --> 00:07:27,553 I just, it feels like this is, by the way, just the perfect paper that any thirsty, 105 00:07:27,853 --> 00:07:32,633 opportunistic politician or group of politicians needs served up for them on 106 00:07:32,633 --> 00:07:35,033 a golden platter to run with. 107 00:07:35,733 --> 00:07:41,673 Authorities will use a Luddite argument to enact harsh taxes on Bitcoin, if not outright bans. 108 00:07:42,113 --> 00:07:46,633 The authors take a distinctly anti-technology stance. They don't look at Bitcoin 109 00:07:46,633 --> 00:07:49,393 as a revolutionary breakthrough on par with the internet. 110 00:07:50,073 --> 00:07:53,913 They argue rather bluntly and absurdly that early adopters simply increased 111 00:07:53,913 --> 00:07:57,413 their wealth at consumption by taking advantage of those who didn't. 112 00:07:58,133 --> 00:08:01,553 That's what they say. They increased their wealth and consumption by taking 113 00:08:01,553 --> 00:08:03,073 advantage of those who come later. 114 00:08:03,533 --> 00:08:07,713 You know, like when you buy your house, like my grandparents have this beautiful, 115 00:08:07,873 --> 00:08:11,053 well, my grandpa, only my grandpa now, my grandpa owns this beautiful place, 116 00:08:11,373 --> 00:08:14,593 beautiful place. It's probably, I don't know, $700,000 in value, 117 00:08:14,673 --> 00:08:17,433 maybe more now because it's in a nice town here in Washington. 118 00:08:17,853 --> 00:08:22,533 They bought it for $25,000 back in the 50s. Now we're $700,000. 119 00:08:23,373 --> 00:08:28,553 That asset went up in value. Although if you charter with the S&P or M2, 120 00:08:28,693 --> 00:08:29,553 it's a little different story. 121 00:08:30,173 --> 00:08:34,373 But there's no difference there. But they have a bold proposal to solve this 122 00:08:34,373 --> 00:08:37,513 new novel problem that Bitcoin has presented, according to them. 123 00:08:37,513 --> 00:08:43,973 The paper advocates for laws that would either cap Bitcoin's price or eliminate it completely. 124 00:08:44,313 --> 00:08:48,593 So that way they could prevent what they call a division of society. 125 00:08:49,705 --> 00:08:53,405 Like I said, I've been holding Bitcoin since 2012. Of all the papers I've looked 126 00:08:53,405 --> 00:08:58,885 at in my years following Bitcoin, this is the most aggressive stance I've ever seen taken by a bank. 127 00:08:59,605 --> 00:09:05,445 After years of calling it, you know, a bubble or just for drugs, not worth anything. 128 00:09:06,205 --> 00:09:07,625 They just have no pretense here. 129 00:09:07,685 --> 00:09:09,945 All the gloves come off. They say we need to either ban it or tax it. 130 00:09:10,745 --> 00:09:14,645 They see it as an existential threat and they're willing to fight it by any means necessary. 131 00:09:15,245 --> 00:09:18,665 And they never make the argument like how it's any different from being an early 132 00:09:18,665 --> 00:09:20,365 Amazon or Microsoft stockholder. 133 00:09:20,985 --> 00:09:23,285 You know, they don't really make any arguments about real estate. 134 00:09:23,545 --> 00:09:25,565 They dance around a core issue. 135 00:09:26,365 --> 00:09:29,445 There's a real issue underneath all of this. They can't just come out and say. 136 00:09:30,145 --> 00:09:32,625 But I think all of us have been wising up to their stupid game. 137 00:09:32,825 --> 00:09:35,785 Well, it's not so stupid, but to their stupid gaslighting. 138 00:09:36,325 --> 00:09:39,425 You know, they cry for the average no-coiner Joe out there who's going to get 139 00:09:39,425 --> 00:09:45,865 left behind. while they have implemented a decade-plus of policy that transfers 140 00:09:45,865 --> 00:09:47,985 wealth and assets to the rich. 141 00:09:48,405 --> 00:09:52,725 And we've all been watching them do it. Now, the European Central Bank has cut 142 00:09:52,725 --> 00:09:58,105 interest rates, dropping its key lending rate to zero from 0.05%. 143 00:09:58,105 --> 00:10:01,965 This was eight years ago when the ECB just went to zero and kept it there for years. 144 00:10:02,085 --> 00:10:06,065 As part of a package of measures intended to boost the flagging eurozone economy, 145 00:10:06,065 --> 00:10:12,945 The ECB also slashed its deposit and lending facility rates to minus-point-4 146 00:10:12,945 --> 00:10:16,245 percent and a quarter of a percent, respectively. 147 00:10:16,645 --> 00:10:21,265 The central bank added it would expand its bond-buying stimulus program by raising 148 00:10:21,265 --> 00:10:28,945 monthly purchases to 80-8-0 billion euros from the current 60 and by purchasing corporate bonds. 149 00:10:28,945 --> 00:10:33,485 The package of measures is deemed more radical than investors had expected and 150 00:10:33,485 --> 00:10:37,025 follows a stimulus measure announced at the end of last year. 151 00:10:38,125 --> 00:10:41,165 They can't say the quiet part out loud, which is the reality. 152 00:10:41,665 --> 00:10:46,145 Their monetary policy has been hurting the middle class. It has been impoverishing 153 00:10:46,145 --> 00:10:49,445 and creating the widest wealth divide in history. 154 00:10:49,885 --> 00:10:53,725 They just, they can't say it. Or can they? 155 00:10:54,000 --> 00:11:04,240 Music. 156 00:11:04,082 --> 00:11:08,262 It gets even wilder. So then the Federal Reserve Bank of Minneapolis put out 157 00:11:08,262 --> 00:11:12,242 a paper just a few days after the ECB on October 17th, 2024, 158 00:11:12,522 --> 00:11:17,162 titled Unique Implementation of Permanent Primary Deficits? 159 00:11:18,402 --> 00:11:23,222 In the paper, they doubled down on the Fed of Minneapolis's old take that Bitcoin 160 00:11:23,222 --> 00:11:25,842 is worthless. We've heard this from them before. 161 00:11:26,302 --> 00:11:29,102 It's a sentiment that the president and CEO of the Federal Reserve, 162 00:11:29,422 --> 00:11:33,842 Neil Kashkari, has echoed every time he gets a chance, just on October 21st. 163 00:11:34,082 --> 00:11:38,842 He was in a public setting doing a Q&A, not about crypto, not about Bitcoin, 164 00:11:38,862 --> 00:11:42,622 but just any time he has, any chance he gets to get on his high horse, 165 00:11:42,782 --> 00:11:44,662 he takes it. This is just from a couple of days ago. 166 00:11:45,002 --> 00:11:48,882 Well, you're right. There's a lot of activity that's happening. 167 00:11:49,122 --> 00:11:52,582 The nature of the economy is changing. And so we're always having to pioneer 168 00:11:52,582 --> 00:11:56,122 new data sources to give us insight into what's happening. 169 00:11:56,302 --> 00:12:00,502 I don't think crypto, because almost, I mean, I don't want to, 170 00:12:00,722 --> 00:12:03,382 you're going to pull my thread on crypto, and I'm going to go off on a little 171 00:12:03,382 --> 00:12:07,842 speech about crypto, which I don't want to do. But if you force me to, I'll be willing to do it. 172 00:12:09,042 --> 00:12:12,562 But very few transactions are actually happening on crypto. People are buying 173 00:12:12,562 --> 00:12:16,322 crypto and they're selling crypto, but they're not paying for goods and services using crypto. 174 00:12:16,442 --> 00:12:20,842 It almost never happens unless people are buying drugs or other illegal activities. 175 00:12:21,662 --> 00:12:26,702 Such an old and tired critique. You can tell he's probably a little old and tired, too. 176 00:12:26,802 --> 00:12:30,942 He hasn't really updated his take. Like, you know, today, towards the end of 177 00:12:30,942 --> 00:12:33,222 2024, Bitcoin is worth more than the UK pound. 178 00:12:33,622 --> 00:12:35,602 It's over a trillion in market cap. 179 00:12:36,062 --> 00:12:38,822 Entire countries have adopted or are adopting it. 180 00:12:39,862 --> 00:12:44,502 And Kashkari's real boss, BlackRock, their ETF is the most successful ETF launch in history. 181 00:12:45,042 --> 00:12:49,322 It's done what it took gold five plus years to do in nine months. 182 00:12:49,882 --> 00:12:55,562 But the paper reveals the real concern, not just the blowhardness that Kashkari 183 00:12:55,562 --> 00:12:59,102 goes out there and talks about, but what the Fed is really worried about. 184 00:12:59,862 --> 00:13:03,862 And they finally have said the quiet part out loud. Bitcoin creates an escape 185 00:13:03,862 --> 00:13:06,362 hatch that prevents governments from running, quote. 186 00:13:07,502 --> 00:13:13,542 Permanent primary deficits to using normal debt and continue Markov strategies 187 00:13:13,542 --> 00:13:17,002 for primary deficits to payments and debt holders. 188 00:13:17,162 --> 00:13:21,022 So in other words, because it is thick, in other words, Bitcoin makes it possible 189 00:13:21,022 --> 00:13:25,742 for people to escape from continuous debasement. 190 00:13:26,552 --> 00:13:29,952 They go on to talk about the problems Bitcoin causes for forever debt policies, 191 00:13:30,132 --> 00:13:33,972 quote, continuous government policies designed for permanent primary deficits 192 00:13:33,972 --> 00:13:36,572 cannot eliminate an alternative steady state. 193 00:13:36,852 --> 00:13:40,772 They continue, quote, and the government is forced to balance its budget. 194 00:13:40,952 --> 00:13:46,372 They go on to say, quote, a legal prohibition against Bitcoin can restore a 195 00:13:46,372 --> 00:13:50,212 unique implementation of permanent primary deficits. 196 00:13:50,832 --> 00:13:55,532 In other words, if they ban Bitcoin or we tax the hell out of it, 197 00:13:55,692 --> 00:14:00,932 it can restore the government's, quote, unique implementation of permanent primary deficits. 198 00:14:01,672 --> 00:14:05,932 So either tax the hell out of Bitcoin or ban it. And if you don't do that, 199 00:14:06,092 --> 00:14:09,992 you're not going to be able to run primary deficits that go on forever. 200 00:14:09,992 --> 00:14:16,732 And what this paper really is from the Minneapolis Federal Reserve is a banker's 201 00:14:16,732 --> 00:14:24,672 fantasy about prohibiting assets or, you know, somehow getting regulators, somehow these bankers, 202 00:14:25,032 --> 00:14:28,592 you know, are now influencing policy, probably actually a possible thing. 203 00:14:28,592 --> 00:14:34,492 And they're getting great, huge, giant, enormous taxes passed on Bitcoin to 204 00:14:34,492 --> 00:14:38,452 ensure government debt remains the, quote, only risk free security, 205 00:14:38,632 --> 00:14:40,612 quote, only risk free security. 206 00:14:40,752 --> 00:14:45,032 That's the goal. The government debt needs to be, quote, the only risk free security. 207 00:14:45,943 --> 00:14:48,943 Bitcoiners have been focused on Gensler, but they probably should have been 208 00:14:48,943 --> 00:14:50,943 more worried about Kashgari and this paper. 209 00:14:51,623 --> 00:14:56,563 It just lays out once again talking points for a thirsty politician. 210 00:14:56,863 --> 00:15:01,483 And the ironic thing is the paper isn't really about Bitcoin at all. 211 00:15:01,803 --> 00:15:05,843 I mean, yes, Bitcoin is mentioned, but it's not actually the main focus of the Fed's paper. 212 00:15:06,403 --> 00:15:10,503 Instead, it's a theoretical study that explores economic scenarios that we're 213 00:15:10,503 --> 00:15:11,723 obviously hurtling towards. 214 00:15:11,723 --> 00:15:16,243 Here's what the paper states, quote, We use Bitcoin as a metaphor for private 215 00:15:16,243 --> 00:15:22,003 sector security that is fixed supply and that is not a claim to any real resources. Okay. 216 00:15:22,563 --> 00:15:26,343 What they're doing is it's a look at how government deficit strategies are affected 217 00:15:26,343 --> 00:15:30,983 when there exists, one, an asset with a fixed supply, that's Bitcoin. 218 00:15:32,183 --> 00:15:36,183 Two, that it isn't issued by the government, Bitcoin again. 219 00:15:36,583 --> 00:15:41,083 And three, doesn't produce a direct utility flow. Well, I'm going to give that 220 00:15:41,083 --> 00:15:42,343 a half thing. We'll see about that. 221 00:15:42,943 --> 00:15:45,963 Bitcoin is the best example they could find when they wanted an asset like this. 222 00:15:46,203 --> 00:15:49,463 This is a big deal. That's coming from the Minneapolis Federal Reserve. 223 00:15:49,623 --> 00:15:55,083 We looked for the most independent free market asset that's hard and fixed that 224 00:15:55,083 --> 00:15:58,723 we could find, and we could find no better example than Bitcoin, is what they're saying. 225 00:15:59,563 --> 00:16:07,203 And while I hate the conclusions they come to, it kind of does say like Bitcoin 226 00:16:07,203 --> 00:16:11,543 is the best hedge against inflation and infinite government deficits there is. 227 00:16:11,683 --> 00:16:15,203 And the Federal Reserve of Minneapolis just confirmed that. Like that's just 228 00:16:15,203 --> 00:16:16,183 kind of what they just said. 229 00:16:16,683 --> 00:16:21,663 So I think smart traders are going to read these papers and read Bitcoin as 230 00:16:21,663 --> 00:16:27,523 the true inflation head that the big banks, the big banks are worried about. 231 00:16:27,923 --> 00:16:31,483 Because it says right there, like, this is the best thing we could find. 232 00:16:31,483 --> 00:16:34,863 And if we're looking for people that are going to look for an escape hatch and 233 00:16:34,863 --> 00:16:36,963 the scenario we see play out, it's Bitcoin. 234 00:16:37,103 --> 00:16:39,603 And that's going to make us have to balance our budget, guys. 235 00:16:41,143 --> 00:16:42,583 It's actually a sales pitch. 236 00:16:43,359 --> 00:16:46,939 Although there will be those that take it and use some of those sentences to attack Bitcoin. 237 00:16:47,159 --> 00:16:50,139 No doubt about it. I'll have links to both papers if you would like to read 238 00:16:50,139 --> 00:16:51,579 them, including some responses as well. 239 00:16:57,319 --> 00:17:01,479 Let's do a quick macro snapshot. The fiat market is a fickle thing. 240 00:17:01,739 --> 00:17:05,699 And just when certain individuals get on a camera and speak, 241 00:17:05,899 --> 00:17:10,479 it can move the market in dramatic directions for multiple days. 242 00:17:10,779 --> 00:17:15,339 We've had a couple of those this week. And one of them that I'm going to focus on is Paul Tudor Jones. 243 00:17:15,559 --> 00:17:19,259 He's, I guess, a billionaire. I think, yeah, he's a billionaire, 244 00:17:19,779 --> 00:17:23,719 known for his significant contributions to the industry of finance for years now. 245 00:17:24,039 --> 00:17:28,479 He runs a company called Tudor Investment Corporation, a leading macro hedge 246 00:17:28,479 --> 00:17:30,719 fund that's been around since 1980. 247 00:17:31,299 --> 00:17:36,759 Paul made tons of headlines for financial win after financial win throughout the 80s. 248 00:17:37,039 --> 00:17:43,059 He's also known for rigorous risk management strategies. and he's also considered 249 00:17:43,059 --> 00:17:47,599 generally pretty keen and to have a technical understanding of the assets that he trades. 250 00:17:47,879 --> 00:17:53,539 And he shook the wider market this week when he sat down with Andy over at CNBC 251 00:17:53,539 --> 00:17:58,579 and he talked about the rock and the hard place that the market is in and some 252 00:17:58,579 --> 00:18:01,339 of the dynamics that I've been talking about and why I think the election has 253 00:18:01,339 --> 00:18:04,039 been spooking markets and keeping things kind of sloshing. 254 00:18:04,559 --> 00:18:09,459 President. And I have also, if I'm being honest, primarily because I see the 255 00:18:09,459 --> 00:18:12,399 polling numbers have clearly moved in this direction. 256 00:18:12,639 --> 00:18:17,699 You say also, meaning you have, you've repositioned as if former President Trump wins. Yes. 257 00:18:18,019 --> 00:18:21,539 I have moved in that direction, for sure. And what does that mean? 258 00:18:22,402 --> 00:18:27,202 It just means more inflation trades, which I'd love to get to. 259 00:18:27,322 --> 00:18:30,482 But I think it's really important that we frame where we are right now. 260 00:18:30,722 --> 00:18:35,982 And where we are is an incredible moment in U.S. 261 00:18:36,262 --> 00:18:41,102 History. And what I really want to talk about is the debt trajectory that we're on. 262 00:18:41,262 --> 00:18:47,862 So we've gone in the space of 25 short years from debt to GDP at the federal 263 00:18:47,862 --> 00:18:54,082 level from about 40 percent to almost 100 percent. 60% in 25 years. 264 00:18:54,462 --> 00:18:57,662 And if you look at what our trajectory, 265 00:18:57,842 --> 00:19:06,342 what CBO projects our trajectory to be, as well as what we see as, 266 00:19:06,402 --> 00:19:09,862 and we're going to project further than CBO. 267 00:19:10,002 --> 00:19:13,122 So I'm going to show you a chart. This is debt to GDP. 268 00:19:13,642 --> 00:19:23,202 So CBO says that we go from 98 to 122, I think 124. That's very conservative over the next 10 years. 269 00:19:23,382 --> 00:19:28,462 If you extrapolate that 30 years, you get to 200 percent debt to GDP. 270 00:19:28,882 --> 00:19:35,722 And so that's that's something obviously something that that can't go on forever. 271 00:19:36,042 --> 00:19:41,802 Won't. And the question is, after this election, will there be some point of 272 00:19:41,802 --> 00:19:46,942 recognition, particularly with all the the tax cuts that are being promised 273 00:19:46,942 --> 00:19:49,402 by both sides and the spending plans? 274 00:19:50,002 --> 00:19:54,462 I mean, they're handing out tax cuts like they're Mardi Gras beads, right? 275 00:19:54,642 --> 00:20:01,482 We're doing tax cuts on everything from tips to toucans. So it's crazy what's being promised. 276 00:20:01,942 --> 00:20:07,522 After the election, I think the fact that you've got 7% to 8% budget deficits 277 00:20:07,522 --> 00:20:09,922 as far as the eye can see, the question 278 00:20:09,922 --> 00:20:15,082 is, will the markets allow either candidate? I think under Trump... 279 00:20:15,804 --> 00:20:19,024 What he's about to say there, I think, is a great point. So I just will pause 280 00:20:19,024 --> 00:20:21,484 because he kind of, he does the weave sometimes. 281 00:20:22,244 --> 00:20:27,604 It doesn't seem like either candidate's tax policies will be accepted by the 282 00:20:27,604 --> 00:20:28,824 market. They'll react badly. 283 00:20:28,964 --> 00:20:32,284 And so the candidates will be dissuaged, I suppose. 284 00:20:32,664 --> 00:20:35,024 You know, they're going to be disincentivized from proposing those things. 285 00:20:35,124 --> 00:20:39,244 That's what he's trying to say there. The deficit goes up by $500 billion per 286 00:20:39,244 --> 00:20:40,984 year under Harris's plan. 287 00:20:41,104 --> 00:20:43,964 It goes up by an additional $600 billion plan per year. 288 00:20:44,344 --> 00:20:48,484 I have a feeling all those are just pipe dreams. I think the chances of any 289 00:20:48,484 --> 00:20:51,584 of those being enacted are— You mean that the tax cuts that they're putting 290 00:20:51,584 --> 00:20:55,284 on the table during the campaign— Those have zero chance of being enacted. 291 00:20:55,284 --> 00:20:58,544 Their tax plans and probably their budgets, right? 292 00:20:59,124 --> 00:21:03,064 They're probably all fantasy, which is so much of what economic discussion there 293 00:21:03,064 --> 00:21:07,124 has been in the election has been, you know, their policies that they probably won't implement. 294 00:21:07,304 --> 00:21:11,124 But keep in mind, we're not just talking about the U.S. election here. 295 00:21:11,224 --> 00:21:14,924 What the inflationary forces that he's about to get to affect all of the West. 296 00:21:15,064 --> 00:21:19,884 The markets will, the debt markets for sure, the treasury market won't tolerate it. 297 00:21:20,064 --> 00:21:24,384 So why do you think that the treasury market continues to tolerate it now? 298 00:21:24,384 --> 00:21:31,024 Well, you know, it's so funny because financial crises percolate for years, 299 00:21:31,404 --> 00:21:34,864 but they blow up in weeks. That's kind of the history of them, right? 300 00:21:35,264 --> 00:21:41,464 And so for me, this election becomes one of those seminal points where all of a sudden, hmm. 301 00:21:42,307 --> 00:21:45,487 Let me really think whether this proposition that the U.S. 302 00:21:45,627 --> 00:21:51,327 Government is making me is something that I actually want to participate in. And I just want to. 303 00:21:51,667 --> 00:21:55,947 All right, let's pause there for a second. So he shook the market when he started 304 00:21:55,947 --> 00:21:58,887 talking about how inflation is going to happen. We're going to have issues. 305 00:21:59,047 --> 00:22:01,267 Some of these budgets aren't going to aren't going to really happen. 306 00:22:01,467 --> 00:22:02,227 They're not going to pass. 307 00:22:02,687 --> 00:22:06,247 But then he lays out what I think is really kind of one of the core thesis of. 308 00:22:06,247 --> 00:22:09,847 This podcast. So I clipped it down to keep the runtime shorter on this one for you. 309 00:22:10,007 --> 00:22:12,187 But it's definitely worth listening to. Let's talk about taxes. 310 00:22:12,307 --> 00:22:16,067 OK, because that's how the money is going to get raised one way or the other. Correct. 311 00:22:16,227 --> 00:22:23,247 We're going to we're going to be broke really quickly unless we get serious 312 00:22:23,247 --> 00:22:26,347 about dealing with our spending issues. 313 00:22:26,747 --> 00:22:32,067 And unless we only we can either. I don't know if we'll be able to cut spending that much. 314 00:22:32,227 --> 00:22:37,687 Sixty percent of our spending are transfer payments that to just to get us to 315 00:22:37,687 --> 00:22:40,987 the point where we stabilize that the GDP of where it is right now. 316 00:22:40,987 --> 00:22:42,207 Now, here's what you need to do. 317 00:22:42,327 --> 00:22:45,167 You need to let the Trump tax cuts expire. That's $390 billion. 318 00:22:45,907 --> 00:22:49,447 You need to raise the payroll tax on every single working person, 319 00:22:49,567 --> 00:22:51,727 1%. That's another big slug. 320 00:22:51,887 --> 00:22:57,867 You'd have to raise the tax rate on the top, I think, probably everyone over $200,000. 321 00:22:58,067 --> 00:23:02,027 Probably have to raise that to 49.5%. If you do all these things, 322 00:23:02,467 --> 00:23:06,107 all these things, raise the Social Security from 65 to 70. 323 00:23:06,287 --> 00:23:10,707 If you do all these things, means tests, Medicare, if you do all these things, 324 00:23:10,987 --> 00:23:14,567 All you do is you get to a primary balance. 325 00:23:14,747 --> 00:23:17,387 What that means is you stabilize debt to GDP. 326 00:23:17,827 --> 00:23:21,987 You're still actually increasing your debt. You're still actually increasing 327 00:23:21,987 --> 00:23:25,667 it because it excludes the interest costs, which, oh, by the way, 328 00:23:25,847 --> 00:23:31,227 the interest bill this year is larger than every single line item except Social Security. 329 00:23:31,407 --> 00:23:33,767 It's larger than defense spending, larger than Medicare. 330 00:23:34,087 --> 00:23:37,447 I believe it's $1.1 trillion now, so it's actually over a trillion. 331 00:23:37,447 --> 00:23:41,527 Given all of the things you're saying, are you off buying gold and Bitcoin? 332 00:23:42,267 --> 00:23:46,887 I think all roads lead to inflation. We're going to end up. 333 00:23:48,047 --> 00:23:50,787 But does all roads lead to inflation? Therefore, gold is a good investment? 334 00:23:50,907 --> 00:23:54,127 Is Bitcoin a good investment to you? I'm long gold. I'm long Bitcoin. 335 00:23:54,467 --> 00:23:58,727 All roads lead to inflation. That's historically the way every civilization 336 00:23:58,727 --> 00:24:01,067 has gotten out is they've inflated away their debt. 337 00:24:01,067 --> 00:24:04,807 He says, we're going to have a Minsky moment, which is a sudden and significant 338 00:24:04,807 --> 00:24:09,927 collapse of asset values that happens after a prolonged period of economic growth 339 00:24:09,927 --> 00:24:11,507 and increasing speculation. 340 00:24:12,167 --> 00:24:19,027 He's probably right. Bloomberg released a study on October 19th of the 2020 2025 budget. 341 00:24:19,687 --> 00:24:24,427 I guess for the first time I've said that out loud. And it's kind of like a first look of sorts. 342 00:24:24,427 --> 00:24:29,267 And in there, they discuss Treasury Secretary Janet Yellen's idea for a new 343 00:24:29,267 --> 00:24:35,227 metric in which we can evaluate our debt problem and her brilliant metric for our debt problem. 344 00:24:35,567 --> 00:24:39,587 Well, interest payments divided by GDP after inflation. 345 00:24:40,650 --> 00:24:45,870 So let's get this straight. Inflation goes up and their problem magically improves. 346 00:24:46,130 --> 00:24:51,490 The Fed, if the Fed slashes rates and prices soar, that's even better. 347 00:24:51,910 --> 00:24:54,890 Your savings becomes worthless? Well, that's part of the plan. 348 00:24:55,290 --> 00:24:59,170 You see, destroying the value of money isn't the flaw in the system. It's the whole point. 349 00:24:59,390 --> 00:25:02,310 She's got this whole metric that they're going to cook up, that everybody's 350 00:25:02,310 --> 00:25:06,270 going to look at, that just makes the debt look better and better if you adjust 351 00:25:06,270 --> 00:25:11,570 GDP by inflation and do these special numbers and bury your head. in the sand. 352 00:25:11,950 --> 00:25:15,290 So they clearly have a spending problem. Their own projections show it. 353 00:25:15,690 --> 00:25:20,310 So what can you do? What can you do to push back against the ECB or the Minneapolis 354 00:25:20,310 --> 00:25:25,190 Fed or the fact that Janet Yellen is going to cook the books on debt and come 355 00:25:25,190 --> 00:25:26,050 up with a whole new metric? 356 00:25:26,510 --> 00:25:31,350 You can take direct action. In this particular case, you can take direct action. 357 00:25:31,970 --> 00:25:36,350 All you have to do to hedge against a basement, to push back against the ECB 358 00:25:36,350 --> 00:25:40,610 and their plans to try to ban or tax Bitcoin, hodl through it. 359 00:25:41,270 --> 00:25:44,470 DCA and hodl into your own cold storage. 360 00:25:45,270 --> 00:25:51,490 That's it. The more of us that own the Bitcoin directly, the less they can do 361 00:25:51,490 --> 00:25:53,390 about it. They can't capture any one entity. 362 00:25:53,630 --> 00:25:56,370 They can't have like a BlackRock ETF fork. 363 00:25:57,030 --> 00:26:00,710 We've already won. The majority of the Bitcoin is distributed amongst the people. 364 00:26:00,990 --> 00:26:03,510 All you have to do is just keep hodling. Stack and hodl. 365 00:26:04,080 --> 00:26:15,120 Music. 366 00:26:15,354 --> 00:26:19,414 Well, Mikey Saylor likes the coin, really poked the cyber hornet's nest this 367 00:26:19,414 --> 00:26:24,634 week during a two-part interview on the Markets with Madison YouTube channel. 368 00:26:24,954 --> 00:26:29,434 He said a few things that have gone viral. But I actually think it's provoking 369 00:26:29,434 --> 00:26:33,074 a wider self-custody conversation that I want to have with you. 370 00:26:33,234 --> 00:26:36,394 So first, let's play what Saylor said, do a little breakdown, 371 00:26:36,634 --> 00:26:39,734 and then get into the conversation that I'm hoping this is provoking. 372 00:26:39,734 --> 00:26:45,394 If there is more Bitcoin, Bitcoins held with these third-party custodians, 373 00:26:45,614 --> 00:26:53,734 what risk does that pose, having greater supply held by fewer large institutions? 374 00:26:53,814 --> 00:26:58,434 Does that increase the risk of seizure and confiscation like we've seen with gold? 375 00:26:58,614 --> 00:27:01,414 And is that not exactly what Bitcoiners don't want to happen? 376 00:27:01,414 --> 00:27:03,114 No, I think it's the opposite. 377 00:27:03,454 --> 00:27:11,194 I think that when the Bitcoin is held by a bunch of crypto anarchists who aren't regulated entities, 378 00:27:11,194 --> 00:27:16,094 who don't acknowledge government or don't acknowledge taxes or don't acknowledge 379 00:27:16,094 --> 00:27:19,794 reporting requirements, that increases the risk of seizure. 380 00:27:20,074 --> 00:27:23,174 You have an OG crypto community who's very hardcore about it. 381 00:27:23,374 --> 00:27:29,854 But if you look at where all the money is, 99.9% of the money is actually in 382 00:27:29,854 --> 00:27:34,314 the traditional economy. He's making the argument that traditionally these institutions 383 00:27:34,314 --> 00:27:36,094 are already trusted for people's assets. 384 00:27:36,734 --> 00:27:41,074 And I think he is talking more in the context of large institutions and not 385 00:27:41,074 --> 00:27:43,274 necessarily individual Bitcoiners. 386 00:27:43,494 --> 00:27:46,554 It's a little hard to tell, though, with the crypto anarchist comment. 387 00:27:47,074 --> 00:27:50,234 Seems a little unnecessary and a little reductionist. 388 00:27:50,514 --> 00:27:55,254 But I think the context is he's talking about larger institutions and how, 389 00:27:55,374 --> 00:27:58,614 well, we already trust them with our savings and our stocks and our gold, 390 00:27:58,774 --> 00:28:01,254 right? If you consider the Great Depression, I mean, people thought that their 391 00:28:01,254 --> 00:28:04,074 gold was safe in banks until the executive order of 1933. 392 00:28:04,334 --> 00:28:08,354 So we're not entirely safe. I mean, I know that's kind of a wild thing to suggest 393 00:28:08,354 --> 00:28:10,414 may happen again, but history does repeat itself. 394 00:28:10,614 --> 00:28:13,774 So people's Bitcoin wouldn't be entirely safe. People say that, 395 00:28:13,794 --> 00:28:18,714 but mostly it's paranoid crypto anarchists that say that. See, 396 00:28:18,794 --> 00:28:21,474 again, that just seems reductionist. 397 00:28:21,794 --> 00:28:27,174 Like, is it that big of a stretch to think that the government might seize a 398 00:28:27,174 --> 00:28:31,694 scarce asset if they blow up the budget, which they're already on the path to 399 00:28:31,694 --> 00:28:32,734 do and they've done it before? 400 00:28:33,554 --> 00:28:38,414 Okay, because it's myth and a trope that goes on over and over again. 401 00:28:38,514 --> 00:28:43,034 But first of all, he didn't really seize the goal. People voluntarily turned in the goal. 402 00:28:43,294 --> 00:28:46,554 They didn't go and kick in everybody's door, arrest them, shoot them and take 403 00:28:46,554 --> 00:28:50,334 their goal. That never happened. But is the United States on the Bitcoin standard? 404 00:28:50,774 --> 00:28:53,974 Maybe we will be soon. But the point really is we're not. 405 00:28:54,554 --> 00:29:01,954 It's totally not a reasonable comparison. People have these inflammatory tropes 406 00:29:01,954 --> 00:29:04,454 or inflammatory memes that they use. 407 00:29:04,634 --> 00:29:07,294 And it's like I say that because I want you to give me your money. 408 00:29:10,349 --> 00:29:15,029 If you don't trust the bank, then you'll buy my hardware wallet. 409 00:29:15,389 --> 00:29:20,469 If you don't trust this government, you'll move to my country and you'll buy a passport from me. 410 00:29:20,789 --> 00:29:26,029 That's the kind of fear mongering to get you to give me your money. Right. 411 00:29:26,269 --> 00:29:30,369 And I use it to sell you a gun, to sell you a hardware wallet, 412 00:29:30,489 --> 00:29:34,609 to sell you an account, to sell you a financial advisor, to sell you an insurance 413 00:29:34,609 --> 00:29:39,829 policy, to sell you, you know, fill in the blank. I think he actually is selling us something. 414 00:29:40,349 --> 00:29:46,429 You know, I think what this is hopefully provoking is the value around Bitcoin's 415 00:29:46,429 --> 00:29:49,969 ability to be self-custodied and why that is so critical. 416 00:29:50,749 --> 00:29:54,269 Saylor himself has acknowledged the value around that. Churchill seized the gold. 417 00:29:54,389 --> 00:29:57,269 Roosevelt seized the gold. If you'd lived in Germany, you would have had your 418 00:29:57,269 --> 00:30:00,669 gold seized multiple times. In Japan, they lost it two or three times. 419 00:30:00,729 --> 00:30:03,369 In Russia, you know, count the number of times. 420 00:30:03,549 --> 00:30:07,009 So there's nowhere on earth where you could have kept your gold. 421 00:30:07,009 --> 00:30:11,129 In fact, you could find lots of clips of Saylor talking about why it's so important 422 00:30:11,129 --> 00:30:12,489 that you can self-custody Bitcoin. 423 00:30:13,149 --> 00:30:19,009 I think he's got a dream of becoming a Bitcoin bank of some kind. 424 00:30:19,489 --> 00:30:23,269 And one day he might just be asking for people to custody their Bitcoin with 425 00:30:23,269 --> 00:30:24,609 whatever firm he'll do this with. 426 00:30:25,089 --> 00:30:29,189 So like any kind of sly like a fox businessman, I think he's getting ahead of that. 427 00:30:29,549 --> 00:30:33,489 He's changing his tune now, so there'll be clips of him saying just this when 428 00:30:33,489 --> 00:30:35,749 he announces some sort of like Bitcoin bank program. 429 00:30:36,249 --> 00:30:39,409 You know, it's a shame, though, and it's embarrassing for him because on the 430 00:30:39,409 --> 00:30:42,149 first page, in the second sentence of Satoshi's white paper, 431 00:30:42,209 --> 00:30:47,069 it says, quote, the main benefits are lost if a trusted third party is still 432 00:30:47,069 --> 00:30:48,729 required to prevent double spending. 433 00:30:49,249 --> 00:30:52,789 He says right in there, in the second sentence on the first page, 434 00:30:52,989 --> 00:30:57,949 the main benefits are lost if a trusted third party is still required. 435 00:30:58,489 --> 00:31:00,529 It's core to what Bitcoin is. 436 00:31:01,129 --> 00:31:06,969 And his arguments that no one knocked down doors over Executive Order 6102 are a bit specious. 437 00:31:07,449 --> 00:31:10,849 People were compelled to hand over their gold just like they're compelled to 438 00:31:10,849 --> 00:31:12,809 pay taxes and follow local laws. 439 00:31:12,929 --> 00:31:18,909 And if they didn't comply and they were discovered, they could potentially spend 440 00:31:18,909 --> 00:31:20,629 time in jail. Some individuals did. 441 00:31:21,149 --> 00:31:26,529 Others were fined with an inflation-adjusted equivalent of about $230,000 if 442 00:31:26,529 --> 00:31:28,389 they were caught with more than just gold jewelry. 443 00:31:28,969 --> 00:31:32,449 But the reality is the majority of the gold that was taken, that was confiscated, 444 00:31:32,669 --> 00:31:36,049 was taken from institutions where gold was being held. 445 00:31:36,529 --> 00:31:42,989 The institutions just handed it over, which is, again, another solid argument for self-custody. 446 00:31:43,109 --> 00:31:45,049 Because history does tend to rhyme. 447 00:31:45,209 --> 00:31:48,409 And, you know, if you zoom out 30 years, who knows where this thing goes? 448 00:31:48,829 --> 00:31:51,049 They don't even need to physically take it from you, though, do they? 449 00:31:51,489 --> 00:31:57,669 I think maybe a rhyme of history would be they require Bitcoin be held by approved institutions. 450 00:31:58,469 --> 00:31:59,729 That they keep it locked up there 451 00:31:59,729 --> 00:32:03,009 indefinitely, essentially reducing its utility and reducing its value. 452 00:32:04,109 --> 00:32:06,509 That would be one way to control it or to tax the hell out of it. 453 00:32:07,559 --> 00:32:11,359 But I think you would be doing much more harm to the economy than you'd be doing 454 00:32:11,359 --> 00:32:15,219 good. Because this thing could be an engine for future growth. 455 00:32:15,879 --> 00:32:18,839 I don't think that means that we have to be self-custody maxis. 456 00:32:19,279 --> 00:32:20,999 You know, I mean, I've been thinking about this. 457 00:32:21,099 --> 00:32:23,619 The sailors have been going and getting this has been getting spread around. 458 00:32:23,959 --> 00:32:25,239 A lot of people have been commenting on it. 459 00:32:25,679 --> 00:32:29,359 Because I'm seriously considering a custody service for Jupiter Broadcasting's Bitcoin. 460 00:32:30,159 --> 00:32:33,119 Something that could be managed by multiple people in the company if needed. 461 00:32:33,379 --> 00:32:36,379 Or it could be accessed if something happened to me or I retired. 462 00:32:37,299 --> 00:32:42,899 Ideally a service that could helpfully generate tax documents when we need them at tax time. 463 00:32:43,379 --> 00:32:46,599 Things that businesses need. Multi-custody, that kind of stuff. 464 00:32:47,159 --> 00:32:50,219 So I think there is maybe a space for some custodial services. 465 00:32:50,779 --> 00:32:53,679 But what do you think? Is that a mistake? I'd like to know your opinion. 466 00:32:54,179 --> 00:32:55,419 Would you please boost in? 467 00:32:57,079 --> 00:33:00,779 I'd like to know your thoughts. If you have a staunch self-custody argument 468 00:33:00,779 --> 00:33:04,739 for a business or for an individual, please do send it in. or if you got an 469 00:33:04,739 --> 00:33:08,139 argument for a custodial service, why maybe some folks should use custodial 470 00:33:08,139 --> 00:33:09,159 services, boost that in. 471 00:33:09,659 --> 00:33:12,939 I'm considering that as we get closer and closer to the end of the year, 472 00:33:13,019 --> 00:33:14,459 what I want to do for Jupiter Broadcasting. 473 00:33:14,739 --> 00:33:18,079 Also, I'd love to hear your reaction to Mikey like the coin sailors new tune. 474 00:33:18,619 --> 00:33:21,159 Did you think he was Batman and now he turns out to be two face? 475 00:33:21,759 --> 00:33:25,739 Have we let a fox into the hen house? Boost in and let me know. 476 00:33:25,840 --> 00:33:38,800 Music. 477 00:33:38,644 --> 00:33:41,364 All right, coming up, your boosts, a couple of crazy Bitcoin ads. 478 00:33:41,464 --> 00:33:45,224 You won't believe the money that's getting spent. Some project updates, a big one too. 479 00:33:45,704 --> 00:33:50,624 Final clip of the week and a state of the network. So shout out to my affiliates, River. 480 00:33:50,964 --> 00:33:53,244 I'll have more on them in a moment, but if you're in the States, 481 00:33:53,484 --> 00:33:55,824 I think the best company to stack your coins 482 00:33:56,224 --> 00:34:00,504 with a secure Bitcoin-only platform where you can verify how many Bitcoin they 483 00:34:00,504 --> 00:34:03,024 have on the platform, make sure they have the reserves they have, 484 00:34:03,424 --> 00:34:06,064 and you can withdraw over Lightning to maintain your privacy. 485 00:34:06,944 --> 00:34:09,564 And the fees, they're great. Everything's great about River. 486 00:34:09,624 --> 00:34:11,404 I'll get more into it in a little bit. But I also want to mention, 487 00:34:11,504 --> 00:34:13,484 if you want to spend Bitcoin, holidays are coming up. 488 00:34:13,944 --> 00:34:16,824 Maybe you want to blast some sats over Lightning. The Bitcoin Company, 489 00:34:16,964 --> 00:34:19,424 use my promo code Jupiter or use the link in the notes. 490 00:34:20,284 --> 00:34:22,344 Gets you some sats, gets the show some sats. 491 00:34:23,464 --> 00:34:26,324 And it's a great way to spend your sats on Lightning. 492 00:34:26,644 --> 00:34:29,204 Super quick into any kind of gift card. They got hundreds of them. 493 00:34:29,304 --> 00:34:32,444 That's the BitcoinCompany.com, promo code Jupiter. 494 00:34:32,704 --> 00:34:35,884 And you can use those affiliate links as a way to support the show. or of 495 00:34:35,884 --> 00:34:38,624 course you can boost in like so many great folks out there 496 00:34:38,624 --> 00:34:42,904 do thank you to everybody who boosts into the show and our 497 00:34:42,904 --> 00:34:50,384 first boost this week comes from mr pod home himself aka barry with no message 498 00:34:50,384 --> 00:34:55,844 but 8 000 sats i don't know if they're supposed to be a message in there thank 499 00:34:55,844 --> 00:34:59,364 you pod home appreciate the support it is our hosting platform of choice, 500 00:34:59,844 --> 00:35:03,704 open source accountant is back it's been i think a week or two nice to hear 501 00:35:03,704 --> 00:35:05,384 from him with 2,000 sets. 502 00:35:06,384 --> 00:35:10,264 I would love a whole episode about how you acquire, move, and secure your Bitcoin. 503 00:35:10,604 --> 00:35:14,404 It'd be great to share with local small business owners who are Bitcoin carriers 504 00:35:14,404 --> 00:35:17,364 but still can't wrap their head around the process. Hmm. 505 00:35:18,104 --> 00:35:21,944 Something that could be consumed by a newbie complete. I'd have to think about 506 00:35:21,944 --> 00:35:25,564 that. That would have to be probably a dedicated thing. Maybe a holiday special. 507 00:35:26,304 --> 00:35:29,504 Keep brainstorming, open source accountant. I don't know if I 100% have it in 508 00:35:29,504 --> 00:35:31,124 my head yet, but I could see it. 509 00:35:31,264 --> 00:35:35,084 It could be a nice solution for the holidays, do a little prerecord, 510 00:35:35,184 --> 00:35:36,704 something you can share with family around that time. 511 00:35:38,095 --> 00:35:41,815 Let's keep brainstorming. Anonymous comes in with 5,000 sats. You suppose. 512 00:35:42,315 --> 00:35:44,835 I heard about the show from the Podfather on Podcasting 2.0. 513 00:35:45,255 --> 00:35:48,995 I've been listening to every episode since. Well, thank you very much for sending back some value. 514 00:35:49,815 --> 00:35:56,395 Appreciate that shout out to the Podfather. Oppie 1984 is here again with 4,000 sats. 515 00:35:57,695 --> 00:36:01,555 If John Deaton and his team were smart, they'd make a political ad with the 516 00:36:01,555 --> 00:36:05,495 audio of Liz saying who she wants to keep crypto away from. and then show a 517 00:36:05,495 --> 00:36:08,875 picture of each group with American dollars as she lists them. 518 00:36:09,155 --> 00:36:12,915 He doesn't stand a chance of winning, but he can at least tear down a bit and 519 00:36:12,915 --> 00:36:16,035 maybe limit the amount of damage he can do. I hope so, Oppie. 520 00:36:16,675 --> 00:36:19,415 I think it's a shame that the way Liz has been able to lie through her teeth 521 00:36:19,415 --> 00:36:23,035 to people and claim that she's trying to help them while working hand in glove 522 00:36:23,035 --> 00:36:24,555 with the bankers and the SEC. 523 00:36:25,255 --> 00:36:28,515 It's been obvious to anybody paying attention, but if you're not paying attention 524 00:36:28,515 --> 00:36:30,475 to the stuff behind the scenes and you just listen to what she says, 525 00:36:31,295 --> 00:36:33,275 she is a top-rate gaslighter. 526 00:36:34,035 --> 00:36:37,775 Thank you for the boost. Ace Ackerman comes in with a row of ducks. 527 00:36:38,655 --> 00:36:43,575 Just says boost. Boost. Thank you, Ace. Nice to hear from you. 528 00:36:44,275 --> 00:36:48,875 Tomatoes in with 9,001 sats. It's over 9,000! 529 00:36:49,535 --> 00:36:53,095 Thanks for all the newbie content. It's helped. It helped me get oriented in Bitcoin. 530 00:36:53,575 --> 00:36:56,795 I just put my first million sats through Liquid onto a cold card. 531 00:36:56,895 --> 00:37:00,215 I thought I'd weigh in on the question of retirement from a European perspective. 532 00:37:00,535 --> 00:37:04,415 Well, first of all, congrats and thank you. He writes, I'm primarily counting 533 00:37:04,415 --> 00:37:09,395 on the stage of retirement plan combined with a small complimentary private pension. 534 00:37:09,675 --> 00:37:13,655 Oh, state. Right. The state plan. I got you. I have long-term savings in things 535 00:37:13,655 --> 00:37:18,715 like stocks and investment plans, which have interesting tax breaks there. Okay. 536 00:37:19,735 --> 00:37:22,955 And we own our own apartment, which in a pinch could be sold. 537 00:37:23,195 --> 00:37:26,155 Yep. And we bought it with the intention of keeping it to live in though. 538 00:37:26,435 --> 00:37:28,635 So a little bit of stocks, a little bit of property, a little bit of Bitcoin. 539 00:37:28,895 --> 00:37:30,935 That seems like a pretty good little distribution there, Tomato. 540 00:37:31,135 --> 00:37:35,035 Very reasonable. I think a sensible distribution you might see. 541 00:37:35,195 --> 00:37:36,975 A sensible, zesty drink. 542 00:37:37,155 --> 00:37:39,295 I need a zesty drink. Thank you for the boost. 543 00:37:40,275 --> 00:37:42,435 That's all our boosts above 2,000 sats this week. 544 00:37:43,535 --> 00:37:47,375 Yep. It's a quick boost segment, I suppose, so that's kind of nice. 545 00:37:48,015 --> 00:37:54,335 So we had eight people boost in. We stacked 31,556 sats with the boost. 546 00:37:54,635 --> 00:37:58,635 The streamers, though, did pick up the slack this week. They came in as our 547 00:37:58,635 --> 00:38:01,415 champs. We had 43 of you out there streaming sats as you listen. 548 00:38:01,775 --> 00:38:08,475 So together, you all stacked 59,933 sats, which brings this show's total to... 549 00:38:08,880 --> 00:38:14,640 Music. 550 00:38:16,802 --> 00:38:22,962 91,489 sats, which not a great week. Not a great week for the show. 551 00:38:23,702 --> 00:38:27,102 Maybe, you know, maybe it's a sort of a statement on the episode. 552 00:38:27,242 --> 00:38:29,982 So boost in with ideas to get the boost up if you have any. I know that sounds 553 00:38:29,982 --> 00:38:35,182 odd, but I'm so heads down on content. I think sometimes I don't focus on that enough. 554 00:38:35,302 --> 00:38:38,862 So I could use some help in that area. And I think unless something big breaks, 555 00:38:39,042 --> 00:38:43,942 I might take next week off just to make room and I have a super busy schedule 556 00:38:43,942 --> 00:38:46,922 and I think, you know, I could be wrong, but I think there's just going to be 557 00:38:46,922 --> 00:38:49,922 a lot more election stuff as we get closer. 558 00:38:50,122 --> 00:38:53,882 And I suspect that might've turned some of you off last week because as we get 559 00:38:53,882 --> 00:38:57,562 a little bit closer to the big day, it's kind of what the news is all about. 560 00:38:57,622 --> 00:39:00,742 And I tried to keep it away from all the top of the show as much as I could, 561 00:39:00,842 --> 00:39:02,422 but it even sneaks in a little bit here and there. 562 00:39:02,922 --> 00:39:05,742 So I think that's turned some people off. And so it's likely just going to be, 563 00:39:05,862 --> 00:39:06,982 you know, more news like that. 564 00:39:07,082 --> 00:39:12,782 So I might take next week off unless something really major breaks. It's always possible. 565 00:39:13,522 --> 00:39:16,062 You never know. I mean, it's kind of a crazy time right now, 566 00:39:16,082 --> 00:39:19,422 but I think I'll probably, uh, I'll probably just be heads down. 567 00:39:19,702 --> 00:39:22,482 Thank you everybody who does support the show though. I do really appreciate 568 00:39:22,482 --> 00:39:26,682 it. And if you'd like to boost in, just get a new podcast app at podcastapps.com. 569 00:39:26,822 --> 00:39:29,762 You can set up something like Fountain or Cast-O-Matic in no time. 570 00:39:29,840 --> 00:39:45,840 Music. 571 00:39:45,202 --> 00:39:48,942 All right, let's drive a few more folks away. Although I hope for this story, 572 00:39:48,942 --> 00:39:53,882 we can turn off our political brains and we can turn on our Bitcoin historical 573 00:39:53,882 --> 00:39:55,602 perspective brains, right? Clonk. 574 00:39:56,402 --> 00:39:59,602 Clonk. Did you get it there? Here you go. Wait, you got to push that. 575 00:40:00,102 --> 00:40:01,342 There you go. Now it's in place. 576 00:40:02,242 --> 00:40:07,922 So this week, the Bitcoin, the Bitcoin, the Bitcoin, geez, I don't know what my problem is. 577 00:40:08,442 --> 00:40:13,422 The Bitcoin Voter Pack, which is the spending arm of the digital coin advocacy 578 00:40:13,422 --> 00:40:16,122 group, the Bitcoin Voter Project, 579 00:40:16,682 --> 00:40:21,782 launched three digital ads aimed at swing voters in Pennsylvania and Texas to 580 00:40:21,782 --> 00:40:26,002 sway races towards candidates who support the mainstreaming of digital assets 581 00:40:26,002 --> 00:40:28,602 and, you probably guessed it, Bitcoin mining. 582 00:40:28,602 --> 00:40:35,442 The ads represent a total of $2 million aimed at identifying and educating and 583 00:40:35,442 --> 00:40:40,722 mobilizing pro-Bitcoin voters in key swing states. 584 00:40:40,982 --> 00:40:44,582 So they're spending $2 million in various different places and more. 585 00:40:45,282 --> 00:40:48,782 I think a total now of $130 million. 586 00:40:49,502 --> 00:40:55,302 But $2 million of that is just targeting pro-Bitcoin voters in swing states. 587 00:40:55,902 --> 00:40:59,982 The funding comes from Riot, Marathon Digital, and CleanSpark. 588 00:41:00,082 --> 00:41:03,702 They're the three top, well, three out of the top five miners out there. 589 00:41:03,782 --> 00:41:05,802 There's some others, but like out of the top five, they're like the top three, 590 00:41:05,882 --> 00:41:07,642 I guess. They're the top three mining companies in the States. 591 00:41:08,649 --> 00:41:12,729 And they're dumping money into these very key states. 592 00:41:13,149 --> 00:41:15,929 And I got a couple of clips that I thought would set it up for us. 593 00:41:15,949 --> 00:41:19,749 And this one gives you an idea of the money being spent and where it's getting spent. 594 00:41:20,129 --> 00:41:24,449 Hey, Tyler. So with two weeks to go into the general, fresh election data for 595 00:41:24,449 --> 00:41:28,849 September shows that crypto PAC money is focused on close house races as part 596 00:41:28,849 --> 00:41:32,789 of an effort to push candidates favorable to the group's agenda over the top. 597 00:41:32,789 --> 00:41:36,829 Now, Fairshake, which is the leading pro-crypto super PAC and one of the top 598 00:41:36,829 --> 00:41:41,549 spenders across any industry this election cycle, has funneled a big chunk of 599 00:41:41,549 --> 00:41:47,529 its final donations to close house races in eight states, including New York, Nevada and California. 600 00:41:47,529 --> 00:41:51,989 And several of those races are considered toss ups by the Cook Political Report. 601 00:41:51,989 --> 00:41:55,909 And more than 70 percent of those donations are going to Democratic candidates. 602 00:41:55,909 --> 00:42:00,989 Now, all in, crypto groups have spent over $130 million in congressional races 603 00:42:00,989 --> 00:42:03,449 for this year's election, including the primaries. 604 00:42:03,529 --> 00:42:06,329 And what I will say is that a lot of that money, it's going to Senate races. 605 00:42:06,569 --> 00:42:10,269 Well, I was going to ask you, is the Senate figure in this at all and who's collecting there? 606 00:42:10,449 --> 00:42:14,709 So you had $10 million apiece going to the candidates in Michigan and Arizona. 607 00:42:14,949 --> 00:42:18,709 And then overwhelmingly, the vast majority of this money, $40 million going 608 00:42:18,709 --> 00:42:22,449 to vote out of the Senate banking chair, Sherrod Brown, who hasn't been very 609 00:42:22,449 --> 00:42:24,349 favorable to the industry. Wow. 610 00:42:24,749 --> 00:42:28,249 Wow. Wow. Yeah, it's almost like it's an industry that's been under political attack constantly. 611 00:42:28,889 --> 00:42:33,289 So the Bitcoin pack, the one I was mentioning, just ran a couple of these ads. 612 00:42:33,529 --> 00:42:36,209 And again, historical brain, not political brain. 613 00:42:36,729 --> 00:42:38,669 Let's look at a couple of them because they sort of... 614 00:42:39,482 --> 00:42:44,102 They do position a candidate, no doubt about that. But they also talk positively 615 00:42:44,102 --> 00:42:47,242 about Bitcoin. I think it's kind of an interesting time we find ourselves in. 616 00:42:47,982 --> 00:42:54,022 America's financial freedom is under attack, but Texas has a champion in their corner. 617 00:42:54,342 --> 00:43:00,462 I want Texas to be the oasis on planet Earth for Bitcoin and crypto. 618 00:43:00,862 --> 00:43:06,462 Ted Cruz understands that embracing Bitcoin means giving the people more control 619 00:43:06,462 --> 00:43:11,202 over their financial future, not the big banks or the government. 620 00:43:11,562 --> 00:43:15,402 Ted Cruz will fight to make sure your money is your choice. 621 00:43:15,802 --> 00:43:19,882 Secure, decentralized and free from the government. 622 00:43:20,142 --> 00:43:24,982 Vote Senator Ted Cruz leading the charge for Texans financial freedom. 623 00:43:26,482 --> 00:43:32,022 Vote Bitcoin, it says. If the voiceover guy is listening, boost in. 624 00:43:32,122 --> 00:43:34,802 I'd love to work with you. You could read like the quotes on the show. 625 00:43:34,922 --> 00:43:38,022 You know we just play some epic music it'd be great really help 626 00:43:38,022 --> 00:43:41,042 with retention i'm sure so that was their texas ad 627 00:43:41,042 --> 00:43:43,842 now here is the ad they're running in pennsylvania it's a 628 00:43:43,842 --> 00:43:47,082 little bit of a different take in pennsylvania we're 629 00:43:47,082 --> 00:43:52,522 known for our steel our spirit and now our innovation we will ensure that the 630 00:43:52,522 --> 00:43:57,302 future of crypto and bitcoin will be made in america and if america doesn't 631 00:43:57,302 --> 00:44:01,202 embrace it we're going to be left behind bitcoin means more jobs right here 632 00:44:01,202 --> 00:44:03,922 in pennsylvania it's about leading in technology, 633 00:44:04,322 --> 00:44:07,562 securing our financial future and keeping Pennsylvania ahead. 634 00:44:07,802 --> 00:44:11,482 And instead of attacking industries of the future, we will embrace them. 635 00:44:11,602 --> 00:44:16,442 And by embracing it, we can create great jobs, a great source of innovation. 636 00:44:16,442 --> 00:44:19,502 And the national security implications of this are clear. 637 00:44:19,882 --> 00:44:24,362 Vote Donald Trump and Dave McCormick for jobs, for innovation, 638 00:44:24,702 --> 00:44:26,122 for Pennsylvania's future. 639 00:44:28,329 --> 00:44:33,369 Geez, I think they mentioned jobs like three times. National security got mentioned in there. 640 00:44:34,009 --> 00:44:38,309 As we count down to the election, it's amazing to see this money get spent. 641 00:44:38,409 --> 00:44:41,249 And I have some links in the show notes around all of that. 642 00:44:41,449 --> 00:44:44,889 And I'd love to know your thoughts, too, on the coverage of it, 643 00:44:45,109 --> 00:44:49,869 my coverage specifically, but also just how you feel about these PACs spending 644 00:44:49,869 --> 00:44:51,209 money. Like they're getting in the political game. 645 00:44:51,329 --> 00:44:56,729 They're getting, I would imagine, into a business that most Bitcoiners kind of hate. 646 00:44:59,109 --> 00:45:02,449 All right, time for some project updates. This one is so neat. 647 00:45:02,549 --> 00:45:03,969 I can't wait to get back to Denver. 648 00:45:04,969 --> 00:45:10,109 The Space, which is a member-run Bitcoin hub, has announced they are now a Bitcoin citadel. 649 00:45:10,529 --> 00:45:14,429 It's a hub for fostering collaboration, education, and networking for Bitcoin 650 00:45:14,429 --> 00:45:15,689 enthusiasts in Colorado. 651 00:45:17,949 --> 00:45:22,669 Bitcoinnews.com writes, This member-run hub is not just a co-working space. 652 00:45:23,289 --> 00:45:27,309 Well, geez, a co-working space sounds great. They say it's also a thriving ecosystem 653 00:45:27,309 --> 00:45:31,409 focused on collaboration, education, network, and networking for those passionate 654 00:45:31,409 --> 00:45:33,989 about Bitcoin and the principles it stands for. 655 00:45:34,289 --> 00:45:39,069 So it's The Space, and I'll put a link in the show notes. If you're listening 656 00:45:39,069 --> 00:45:43,949 and you're in the Denver, Colorado area, go check it out and boost in and tell me how it is. 657 00:45:44,089 --> 00:45:46,289 And next time I'm in Denver, I'm going to have to check out The Space. 658 00:45:46,769 --> 00:45:50,569 Now, I mentioned there was also some big news with River. 659 00:45:52,409 --> 00:45:57,529 River made some big news this week. They've announced a savings account for 660 00:45:57,529 --> 00:46:00,529 cash that earns Bitcoin dividends. 661 00:46:00,809 --> 00:46:05,789 So it's interest paid in Bitcoin, essentially. You put cash in an account on 662 00:46:05,789 --> 00:46:10,469 River and you earn a 3.8 interest rate that they pay out in Sats. 663 00:46:10,629 --> 00:46:14,649 So they're not generating yield on Bitcoin. They're generating yield on the 664 00:46:14,649 --> 00:46:18,429 cash. And the cash is FDIC insured up to $250,000. 665 00:46:19,089 --> 00:46:23,869 And of course, the Bitcoin that you generate, that's all held in reserve proved custody. 666 00:46:24,409 --> 00:46:28,549 And the user can withdraw the cash at any time. There's no fees, no minimums. 667 00:46:29,149 --> 00:46:32,329 And it seems like a pretty compelling program. People are really excited about it. 668 00:46:33,089 --> 00:46:36,009 I'll be honest with you, I probably don't have enough cash to make it worth 669 00:46:36,009 --> 00:46:38,189 it. But if you are, and I've heard from some of you out there, 670 00:46:38,249 --> 00:46:39,949 you're still sitting on a big pile of cash. 671 00:46:40,229 --> 00:46:44,729 You might look at this because, while you can't really safely earn yield on 672 00:46:44,729 --> 00:46:48,209 Bitcoin, at least with any scheme I've ever seen, there are plenty of them out 673 00:46:48,209 --> 00:46:51,549 there to earn interest on cash. And that's exactly what River is doing here. 674 00:46:52,049 --> 00:46:57,489 Try it out. If you do, let me know how it goes, because the feedback I've seen 675 00:46:57,489 --> 00:47:01,769 on Stack Your News and on social media so far seems to be pretty excited and pretty positive. 676 00:47:02,349 --> 00:47:06,389 And our final clip of the week is Natalie Burnell. 677 00:47:07,120 --> 00:47:13,380 She sat down with Charles Payne on Money Matters, and they covered an old prediction 678 00:47:13,380 --> 00:47:18,660 by Henry Ford, where he advocated for a currency that is tied to energy. 679 00:47:19,000 --> 00:47:23,260 They're saying that Henry Ford actually predicted Bitcoin. He talked about replacing 680 00:47:23,260 --> 00:47:24,760 gold with an energy currency. 681 00:47:25,120 --> 00:47:28,420 By the way, he also said it would stop wars. So your thoughts on this? 682 00:47:28,580 --> 00:47:30,040 The Henry Ford thing is fascinating. 683 00:47:30,220 --> 00:47:33,560 I mean, he essentially understood 100 years ago that if you fix the money, 684 00:47:33,720 --> 00:47:36,900 you can fix the world, Charles. And he lived through World War I, 685 00:47:37,000 --> 00:47:40,620 and I think he saw the manipulation that happened on what was supposed to be the gold standard. 686 00:47:40,860 --> 00:47:45,700 He saw that gold can easily be monopolized by powerful bankers and global elites 687 00:47:45,700 --> 00:47:48,320 to essentially fund endless conflicts through inflation. 688 00:47:48,560 --> 00:47:52,020 And he believed that energy, which no one can print or manipulate, 689 00:47:52,260 --> 00:47:56,600 could instead serve as this stable and peaceful foundation for a world currency. 690 00:47:56,600 --> 00:47:58,560 And that's exactly what Bitcoin offers. 691 00:47:58,760 --> 00:48:02,320 It redefines money and ties it to the currency of the universe, 692 00:48:02,360 --> 00:48:06,740 which is energy. And by dematerializing wealth, it introduces the incentive 693 00:48:06,740 --> 00:48:10,140 for peace and cooperation because there's nothing physical to conquer. 694 00:48:10,340 --> 00:48:12,500 So I think Ford would have definitely been a Bitcoiner. 695 00:48:15,060 --> 00:48:18,900 Let's look at the state of the network. As I record, the price of Bitcoin right 696 00:48:18,900 --> 00:48:22,620 now is $66,320 in the U.S. greenback. 697 00:48:23,280 --> 00:48:25,840 Sats per dollar is $1,508. 698 00:48:26,700 --> 00:48:34,480 The price since last episode, well, that's down 2.3%. We're down 10.1% from the all-time high. 699 00:48:34,680 --> 00:48:39,600 It's been 223 brutal days since the all-time high. 700 00:48:40,340 --> 00:48:45,660 There are 19,353 reachable Bitcoin nodes today. 701 00:48:46,280 --> 00:48:57,740 The average fee, as I record, is 12 sats, a V-byte, and the block height, 867,049 blocks. 702 00:48:58,440 --> 00:49:01,000 There you go. That is the state of the network. 703 00:49:02,620 --> 00:49:06,300 Thank you for listening to This Week in Bitcoin. If you like this episode, 704 00:49:06,420 --> 00:49:09,420 links to what I talked about today are thisweekinbitcoin.show. 705 00:49:09,760 --> 00:49:13,020 Of course, you can subscribe in your podcast app of choice. I hope you choose 706 00:49:13,020 --> 00:49:16,260 a podcasting 2.0 app, as I think they're pretty great. 707 00:49:16,360 --> 00:49:19,840 You get chapters and transcripts of this show in a podcasting 2.0 app. 708 00:49:20,120 --> 00:49:22,920 And of course, that's also a way you can boost in. 709 00:49:23,320 --> 00:49:27,660 Now, I probably won't see you next week. So I'm going to leave you with a banger 710 00:49:27,660 --> 00:49:31,080 of a track. It's Stop, featuring Alex Piñata. 711 00:49:31,440 --> 00:53:11,708 Music.