1 00:00:00,000 --> 00:00:11,760 Music. 2 00:00:11,606 --> 00:00:14,806 Welcome in to This Week in Bitcoin, episode 61. 3 00:00:15,166 --> 00:00:19,746 My name is Chris, chrislas.com and jupiterbroadcasting.com. 4 00:00:19,926 --> 00:00:25,526 Well, this week, we really started to see Bitcoin not's adoption gain a lot of momentum. 5 00:00:25,866 --> 00:00:31,446 And with all the talk of price and Bitcoin treasury companies and daily supply 6 00:00:31,446 --> 00:00:33,106 limits and sovereign reserves, 7 00:00:33,386 --> 00:00:36,466 it's just absolutely fascinating to me that under the surface of Bitcoin, 8 00:00:36,606 --> 00:00:39,746 there is this massive shift taking place and this raging debate, 9 00:00:39,746 --> 00:00:44,026 while the Wall Street folks just happily try to ape into Bitcoin as fast as possible. 10 00:00:44,206 --> 00:00:49,926 And when I started tracking Bitcoin Noughts usage on this show just a few weeks ago, it was around 4%. 11 00:00:50,486 --> 00:00:54,646 Well, today, as I record, it's nearly 12% and rising. 12 00:00:55,046 --> 00:00:57,346 There's somewhere, these are a little hard to measure, but there's somewhere 13 00:00:57,346 --> 00:01:02,166 in the neighborhood of 2,854 Bitcoin Noughts nodes, roughly 3,000 nodes out 14 00:01:02,166 --> 00:01:06,646 there, which means Bitcoin Noughts now powers nearly one in eight public nodes. 15 00:01:06,926 --> 00:01:10,846 This is a big, big jump. And one of the things I said we should watch for the 16 00:01:10,846 --> 00:01:15,006 reaction from the Bitcoin core policy changes recently is Nots adoption. 17 00:01:15,226 --> 00:01:19,486 And boy, it is Nots. Nots is Nots. So I've been digging into the community dialogue, 18 00:01:19,686 --> 00:01:23,126 trying to get to the bottom of what this is really about. Why is there a sudden 19 00:01:23,126 --> 00:01:24,266 surge in Nots deployment? 20 00:01:24,326 --> 00:01:29,266 And honestly, some migration away from Bitcoin core too, although not all of it's a net loss to core. 21 00:01:30,070 --> 00:01:33,230 And when looking around, I definitely found some common sentiment. 22 00:01:33,550 --> 00:01:37,190 One user on X said, quote, A lot of people like myself had wanted to run a node 23 00:01:37,190 --> 00:01:39,590 for years, but never made the time to actually start. 24 00:01:40,270 --> 00:01:43,550 Core threatening a significant portion of my net worth with their out-of-touch 25 00:01:43,550 --> 00:01:46,550 updates was the incentive I needed to start running my own node. 26 00:01:47,010 --> 00:01:49,010 This is where 900 plus users came from. 27 00:01:49,490 --> 00:01:52,730 And I do think there's an element of this. There's new net users that are setting 28 00:01:52,730 --> 00:01:56,270 up a node for the first time because of these changes, and they're selecting Bitcoin knots. 29 00:01:57,450 --> 00:02:00,810 Start9, who makes one of the more popular node server platforms, 30 00:02:01,030 --> 00:02:04,290 says that, quote, Our numbers are off the charts. Based on customer inquiries 31 00:02:04,290 --> 00:02:06,390 and sales figure, I would be surprised. 32 00:02:06,710 --> 00:02:10,910 I wouldn't be surprised, they said, if the number of very real Noughts nodes 33 00:02:10,910 --> 00:02:13,590 doubles in the next one to two months. And then they add. 34 00:02:14,430 --> 00:02:18,830 Start9 adds, the latest version of Bitcoin Noughts released on March 19th has 35 00:02:18,830 --> 00:02:21,570 over 4,000 downloads from our marketplace. 36 00:02:22,230 --> 00:02:24,790 Now, you've got to assume some testing and reinstalls due to mistakes. 37 00:02:24,790 --> 00:02:28,830 It wouldn't surprise if the large majority of newly observed knots nodes are 38 00:02:28,830 --> 00:02:31,490 running on start OS. Of course, there's Umbral as well. 39 00:02:31,870 --> 00:02:35,770 And they finish by saying, I think the knots node count is about to explode 40 00:02:35,770 --> 00:02:40,150 because 25% of the reachable nodes on the network runs start OS over Tor. 41 00:02:40,330 --> 00:02:45,690 25% all day long. Start nine's been hearing, quote, core is out of touch, 42 00:02:45,930 --> 00:02:47,910 not listening to what node runners want. 43 00:02:48,090 --> 00:02:51,010 I'm switching to knots all day long. End quote. 44 00:02:51,950 --> 00:02:57,330 That is that is really something. I mean, Start9 saying we're seeing the momentum. We are seeing it. 45 00:02:57,550 --> 00:03:01,630 So if you're thinking about running Bitcoin Nots over Bitcoin Core or thinking 46 00:03:01,630 --> 00:03:04,710 about setting up your own first node, there's probably a few things you should know about. 47 00:03:15,310 --> 00:03:18,950 Development for Nots actually generally takes place as part of Bitcoin Core 48 00:03:18,950 --> 00:03:21,330 and then is merged into Nots for each release. 49 00:03:21,910 --> 00:03:26,410 So this has some pros and cons because Knott's adds their own features on top of all of this. 50 00:03:27,770 --> 00:03:30,970 But it does mean there's a feature set that perhaps is a little more robust. 51 00:03:31,190 --> 00:03:35,150 And the number one thing that people seem to prefer is it helps you filter out, quote unquote, spam. 52 00:03:35,390 --> 00:03:39,330 Now, when you go researching Knott's, you're going to come across a couple of common complaints. 53 00:03:39,430 --> 00:03:42,810 So I just want to address those right now. The number one concern I hear about 54 00:03:42,810 --> 00:03:45,290 Knott's is it has a small development team. 55 00:03:45,730 --> 00:03:49,430 You know, you'll hear things like Core has more eyes. And I feel like that's 56 00:03:49,430 --> 00:03:53,650 sort of a silly argument. Since Notts is based on Core, Notts is directly benefiting 57 00:03:53,650 --> 00:03:55,430 from the eyes that Core has. 58 00:03:55,730 --> 00:03:59,990 The real question is, does the team have the bandwidth and the skills to manage 59 00:03:59,990 --> 00:04:02,130 and review the feature sets they're adding on top of Core? 60 00:04:03,235 --> 00:04:06,615 I think that's a valid question. Here's how they describe that process on GitHub. 61 00:04:06,835 --> 00:04:12,275 Quote, even if your poll request to Core is closed or if your feature is not suitable for Core, e.g. 62 00:04:12,295 --> 00:04:16,475 Because it builds on a feature not supported in Core, it may still be eligible 63 00:04:16,475 --> 00:04:18,295 for inclusion in Bitcoin Nots. 64 00:04:18,395 --> 00:04:22,355 In this case, a poll request may be opened by the Nots GitHub for review and consideration. 65 00:04:22,955 --> 00:04:26,355 When accepted, you are expected to maintain the submitted branch of your own 66 00:04:26,355 --> 00:04:29,935 repository and will automatically be merged into new releases of Nots. 67 00:04:30,355 --> 00:04:33,435 So the question is, do they have the testing capacity? because obviously the 68 00:04:33,435 --> 00:04:36,575 maintainer is expected to test it, but probably can't just stop there. 69 00:04:36,675 --> 00:04:38,695 So they addressed the testing bottleneck and they say, quote, 70 00:04:39,675 --> 00:04:42,555 testing and code review is the bottleneck for development. 71 00:04:42,755 --> 00:04:46,775 This is on the Bitcoin Knott's GitHub page. They continue, we get more pull 72 00:04:46,775 --> 00:04:49,235 requests than we can review and test on short notice. 73 00:04:49,395 --> 00:04:52,235 Please be patient and help out by testing other people's pull requests. 74 00:04:52,375 --> 00:04:58,335 And remember, this is a security critical project where any mistake might cost people lots of money. 75 00:04:58,755 --> 00:05:03,235 I appreciate that sentiment. So they also then go on to strongly encourage automated 76 00:05:03,235 --> 00:05:06,135 testing where it's possible, unit testing, etc. 77 00:05:06,735 --> 00:05:07,995 Is it possible some of the more 78 00:05:07,995 --> 00:05:10,775 advanced features because of a smaller development team could have bugs? 79 00:05:11,295 --> 00:05:15,455 Yeah, I suppose so. But you also could just wait a week or two to update, 80 00:05:15,835 --> 00:05:19,995 see how the things go, and then do an update, right? This is not an unsolvable problem. 81 00:05:20,375 --> 00:05:26,835 The other big concern that I see out there, By default, Bitcoin Nots is configured 82 00:05:26,835 --> 00:05:30,955 to automatically shut down the node after two years of running without an update. 83 00:05:31,835 --> 00:05:34,915 So if you don't update your Bitcoin Nots node for two years, 84 00:05:35,135 --> 00:05:37,235 it has a timer in there to shut down. 85 00:05:37,355 --> 00:05:40,055 And this is a bit controversial, and it'll give you a message in the air log 86 00:05:40,055 --> 00:05:41,875 saying you need to update your Bitcoin Nots installation. 87 00:05:42,695 --> 00:05:46,155 But the intent is to encourage node operators to stay current with security 88 00:05:46,155 --> 00:05:50,095 and consensus critical updates and probably reduce the threats to the Bitcoin network. 89 00:05:50,535 --> 00:05:54,315 Now, you can override this default behavior, but please don't run software that 90 00:05:54,315 --> 00:05:56,955 old on the public Internet. Just don't do that. 91 00:05:57,395 --> 00:06:00,695 So there's probably the two big concerns I see about Nots, and I don't really 92 00:06:00,695 --> 00:06:04,115 consider either one of those to be huge issues. Of course, you should always 93 00:06:04,115 --> 00:06:05,215 watch and see how things go. 94 00:06:06,015 --> 00:06:11,815 And it is fairly straightforward to move between Core and Nots. 95 00:06:11,955 --> 00:06:14,635 Bitcoin Nots uses the same data directory as Bitcoin Core. 96 00:06:14,835 --> 00:06:18,595 When you launch Bitcoin Nots, it will detect your existing blockchain data and 97 00:06:18,595 --> 00:06:21,715 configuration files so you don't have to re-download the blockchain. 98 00:06:22,255 --> 00:06:25,355 And if you're using Umbral or Start9, there's already guides out there. 99 00:06:25,795 --> 00:06:28,935 If you're doing Bitcoin Core some other way, well, there's kind of like a rough overview. 100 00:06:30,015 --> 00:06:33,295 You want to back up your data. You want to stop Bitcoin Core. 101 00:06:33,475 --> 00:06:37,595 You want to install Bitcoin Nots, configure it to reuse your existing data directory, 102 00:06:37,595 --> 00:06:39,835 and then start Bitcoin Nots up and check on things. 103 00:06:40,355 --> 00:06:43,475 And that's kind of how you try out Bitcoin Nots and see if you like. 104 00:06:43,535 --> 00:06:46,815 It's actually pretty easy to switch back as well if for some reason it doesn't work for you. 105 00:06:47,615 --> 00:06:53,215 So my question to you is, have you or are you switching to Bitcoin Nots? 106 00:06:53,735 --> 00:06:55,875 Why or why not? Let me know. Boost in. 107 00:06:57,255 --> 00:06:59,855 I'd like to know if you're switching or not and what your reason is. 108 00:07:00,055 --> 00:07:02,735 I have yet to switch, but I think I'm on the going to switch train. 109 00:07:10,175 --> 00:07:15,195 Well, it seems every week a new Bitcoin treasury strategy is announced by some company. 110 00:07:15,415 --> 00:07:19,555 A few days ago, the blockchain group became Europe's first Bitcoin treasury 111 00:07:19,555 --> 00:07:22,775 group, and they announced it at Bitcoin 2025, I believe. 112 00:07:23,535 --> 00:07:26,775 Hello, everyone. Thank you all for being here today. Thank you, 113 00:07:27,055 --> 00:07:32,135 Bitcoin for Corporations, and thank you, Strategy, for leading the Bitcoin movement 114 00:07:32,135 --> 00:07:33,495 for corporates around the world. 115 00:07:33,975 --> 00:07:38,575 I am Alexandre Lézé, Deputy CEO and Director of Bitcoin Strategy at The Blockchain 116 00:07:38,575 --> 00:07:45,455 Group, Europe's first Bitcoin treasury company listed on Neuronex Growth Paris, ticker ALTBG. 117 00:07:45,675 --> 00:07:50,715 We have now 800 plus Bitcoin on the balance sheet, And we just announced yesterday 118 00:07:50,715 --> 00:07:59,375 a new raise of more than 500 BTC to raise our Bitcoin holdings to more than 1,400 BTC, 119 00:08:00,035 --> 00:08:10,395 placing us in the top 30 and close to 20 Bitcoin treasury companies around the globe. 120 00:08:10,635 --> 00:08:14,355 So Europe's first Bitcoin treasury company is the Blockchain Group. 121 00:08:14,675 --> 00:08:17,275 And you heard it right there. He credits the Saylor playbook. 122 00:08:17,775 --> 00:08:21,235 But the Saylor playbook, in my opinion, has gotten so complicated, 123 00:08:21,235 --> 00:08:24,855 it's hard to even make heads or tails of what he's actually talking about anymore. 124 00:08:25,095 --> 00:08:28,335 He was just on CNBC this week. And tell me if you can make sense of this. 125 00:08:28,495 --> 00:08:29,775 I certainly have a hard time. 126 00:08:30,975 --> 00:08:35,135 MicroStrategy, now known as strategy, expects to raise nearly a billion dollars 127 00:08:35,135 --> 00:08:39,875 from the IPO of preferred stock that pays a 10% yield. 128 00:08:40,035 --> 00:08:43,155 The company plans to use the proceeds for general corporate purposes, 129 00:08:43,375 --> 00:08:46,875 including buying more Bitcoin. Joining us now is Michael Saylor, 130 00:08:47,695 --> 00:08:49,835 Strategy Executive Chairman. 131 00:08:50,535 --> 00:08:56,395 You've described some of these moves, these financial moves before to us, Michael. 132 00:08:56,595 --> 00:09:00,795 Is this more of the same, or is there anything unique or different about this round today? 133 00:09:01,534 --> 00:09:07,834 You know, what's exciting here is we've done three IPOs of preferred stocks in the past six months. 134 00:09:08,494 --> 00:09:13,534 Strike was our first convertible preferred, and that was up 29% while all the 135 00:09:13,534 --> 00:09:15,094 other preferreds were down 6%. 136 00:09:15,934 --> 00:09:21,174 Strife was a fixed preferred, paying 10% fixed yield at par. 137 00:09:21,594 --> 00:09:28,534 That's up 22% versus all the other preferreds down 4.5%. So Stride was the third 138 00:09:28,534 --> 00:09:34,834 of those preferreds. And what's going on here is we are offering fixed U.S. 139 00:09:34,994 --> 00:09:40,174 Dollar yield, and we're swapping it into BTC yield, which is what our equity investors want. 140 00:09:40,494 --> 00:09:45,794 The big breakthrough is that in the preferred market, the capital never comes due. 141 00:09:45,914 --> 00:09:50,354 There's no refinance risk. We're basically offering a perpetual U.S. 142 00:09:50,454 --> 00:09:54,994 Dollar yield forever. We're getting the capital forever. And so by matching 143 00:09:54,994 --> 00:10:00,494 a very long-duration instrument on the liability side with a long-duration asset, 144 00:10:00,714 --> 00:10:03,834 we're creating, in essence, an indestructible balance sheet. 145 00:10:03,954 --> 00:10:11,934 And these preferreds are a very scalable, extremely low-risk way to generate 146 00:10:11,934 --> 00:10:17,134 leverage to drive a very large premium into the MSTR stock. 147 00:10:17,134 --> 00:10:21,554 So it's a win for the fixed income investors because they're getting a yield 148 00:10:21,554 --> 00:10:27,074 400 basis points more than typical preferred stocks or junk bonds would yield. 149 00:10:27,214 --> 00:10:31,874 And it's a big win for our equity investors because they want more Bitcoin. 150 00:10:31,874 --> 00:10:36,274 And this is a way to get leverage without worrying about any kind of bond coming due. 151 00:10:36,754 --> 00:10:40,854 I mean, if you understood that, please boost in and educate me because I think 152 00:10:40,854 --> 00:10:45,314 I caught like 40% of that and some of it sounds impossible. But the basic play 153 00:10:45,314 --> 00:10:50,134 that he's created, the original basic play, is definitely getting replicated over and over. 154 00:10:50,314 --> 00:10:54,354 I said on the show, I suspected it would take off, but my goodness, check this out. 155 00:10:54,694 --> 00:10:58,314 This is just new corporate Bitcoin treasury buys this week. 156 00:10:58,994 --> 00:11:01,614 MicroStrategy bought 10,100 Bitcoin. 157 00:11:02,414 --> 00:11:08,234 MetaPlanet bought 1,112 Bitcoin. The blockchain group, who we just mentioned, bought 182 Bitcoin. 158 00:11:08,774 --> 00:11:11,474 Prenetics bought 20 million of Bitcoin. Don't know exactly how many. 159 00:11:11,934 --> 00:11:16,594 ANAP bought 31.2 Bitcoin, and LQWD bought 5 Bitcoin. 160 00:11:16,794 --> 00:11:19,574 And that's just at the time of recording this week, which is Wednesday, midweek. 161 00:11:20,457 --> 00:11:26,017 However, the wildest Bitcoin treasury idea floated this week had to be from 162 00:11:26,017 --> 00:11:29,397 chief altcoiner, the Cardano guy, 163 00:11:29,857 --> 00:11:36,037 Charlie, and his big wild idea for creating a Cardano Bitcoin treasury. 164 00:11:36,277 --> 00:11:41,657 I do believe that it will not materially impact Cardano by doing a conversion 165 00:11:41,657 --> 00:11:46,377 of 5% to 10% of the treasury into stable assets and assets like Bitcoin. 166 00:11:46,377 --> 00:11:51,117 And in doing this, we can create a yield and that yield on an annual basis can 167 00:11:51,117 --> 00:11:54,397 be used to purchase ADA and over time replenish the treasuring. 168 00:11:54,617 --> 00:11:59,197 And if this program is successful, then we can actually continue that strategy 169 00:11:59,197 --> 00:12:02,117 on an annualized basis and over a period of five to 10 years, 170 00:12:02,317 --> 00:12:06,577 potentially grow to a billion dollar plus stable coin treasury and Bitcoin treasury 171 00:12:06,577 --> 00:12:10,557 to augment and enhance the ADA value in the treasury that we have. 172 00:12:10,557 --> 00:12:13,997 Yeah, guys, you see, we're going to buy Bitcoin and we're going to start stashing 173 00:12:13,997 --> 00:12:19,017 our profits in Bitcoin so that way we can make ADA, which is the Cordano token, more successful. 174 00:12:19,177 --> 00:12:22,617 Really, it's all for ADA. Billion dollar plus stablecoin treasury and Bitcoin 175 00:12:22,617 --> 00:12:27,097 treasury to augment and enhance the ADA value in the treasury that we have. 176 00:12:27,717 --> 00:12:33,217 This sets us up for great returns and for a pretty stable floor for the ecosystem 177 00:12:33,217 --> 00:12:36,237 as a whole like you would want in any good sovereign wealth fund. 178 00:12:36,237 --> 00:12:38,457 Yeah, why can't you do it with ADA directly there, Charlie? 179 00:12:38,717 --> 00:12:41,497 It's just the wildest one to me. But all this exuberant buying, 180 00:12:41,497 --> 00:12:45,097 all these companies creating debt out of, you know, whatever they can possibly 181 00:12:45,097 --> 00:12:48,437 get their hands on, has many Bitcoiners worried this week. 182 00:12:48,597 --> 00:12:52,097 Concerns that, well, what are these companies going to do with their stash of 183 00:12:52,097 --> 00:12:55,837 Bitcoin if there's some sort of 30% or more correction in the future? 184 00:12:56,237 --> 00:13:01,117 An issue that Safe brought up recently when he was on Natalie Brunel's show at Bitcoin 2025. 185 00:13:01,557 --> 00:13:04,497 What do you think about the corporate treasuries? I mean, because there's so 186 00:13:04,497 --> 00:13:07,957 many popping up and I'm a little worried about the next bear market because 187 00:13:07,957 --> 00:13:11,277 I don't think that all of them can survive and maybe some might take on too 188 00:13:11,277 --> 00:13:13,477 much leverage and that could be worrisome. Yeah. 189 00:13:13,997 --> 00:13:19,897 Yeah. I mean, all the leverage is building up just in time for the top and the bust. 190 00:13:20,727 --> 00:13:25,747 I mean, I just hope my message out there to everybody who's into this business 191 00:13:25,747 --> 00:13:31,947 is Bitcoin has done negative 70 and negative 80% before, and it can do it again. 192 00:13:32,247 --> 00:13:36,667 If your business model can't handle a negative 80% Bitcoin drawdown. 193 00:13:38,467 --> 00:13:40,167 Rework your business model right now. 194 00:13:40,447 --> 00:13:43,347 And you recall last week you heard Saylor saying winter is canceled, 195 00:13:43,547 --> 00:13:44,707 as in there isn't going to be a dip. 196 00:13:44,987 --> 00:13:48,107 This has Bitcoin's concern. It has safe concern. 197 00:13:48,807 --> 00:13:54,607 And I tuned in to Stephen Lubbocka, who was of Swan fame, but he just recently 198 00:13:54,607 --> 00:13:58,307 accepted a job at the Nakamoto Group who was backed by the Bitcoin magazine. 199 00:13:58,627 --> 00:14:01,727 And Stephen's going to be running their Bitcoin corporate treasury because, 200 00:14:01,887 --> 00:14:03,507 yes, the Bitcoin magazine has one now. 201 00:14:04,007 --> 00:14:07,287 And this is their view on what these companies are actually doing. 202 00:14:07,287 --> 00:14:09,907 And I thought this was good insight because this is a guy on the ground. 203 00:14:10,307 --> 00:14:13,467 And they say things like, you know, you need to really look for people taking 204 00:14:13,467 --> 00:14:17,307 really short term debt, like one year short term debt to buy Bitcoin. 205 00:14:17,507 --> 00:14:22,307 That's a red flag. A lot of these companies, they're taking four to 10 year loans. 206 00:14:22,747 --> 00:14:27,167 And the play is that Bitcoin will increase in value over that four year period. 207 00:14:27,507 --> 00:14:31,307 We'll see. But as to what these companies functionally do, I thought this was 208 00:14:31,307 --> 00:14:34,107 actually a pretty good description and worth playing on the show. 209 00:14:34,267 --> 00:14:36,267 I'll link to the full conversation in the show notes. 210 00:14:37,287 --> 00:14:41,167 We were talking about these companies and what they're doing and should they 211 00:14:41,167 --> 00:14:42,747 exist? Why will they exist? 212 00:14:43,007 --> 00:14:45,347 And people talk about them not having a business model, right? 213 00:14:45,407 --> 00:14:46,227 Like this core business. 214 00:14:46,427 --> 00:14:51,287 But I could even push back on that, right? What these companies do is search 215 00:14:51,287 --> 00:14:58,667 for the opportunities to arbitrage the fiat system against the Bitcoin system. 216 00:14:59,127 --> 00:15:04,407 And so you will continue to... The capital market landscape is truly a landscape. 217 00:15:04,407 --> 00:15:07,147 There's all these little things that no one thinks about. 218 00:15:07,307 --> 00:15:09,667 There's pockets of debt. There's inefficiencies. 219 00:15:09,867 --> 00:15:12,967 There's international markets. There's arbitrages. There's all these things. 220 00:15:13,427 --> 00:15:19,267 And a Bitcoin treasury company is a company that can leverage a unique position 221 00:15:19,267 --> 00:15:26,567 as both a public entity and maybe specifically another factor to basically find 222 00:15:26,567 --> 00:15:28,927 the cheapest cost of capital and buy Bitcoin. 223 00:15:28,927 --> 00:15:32,387 And as long as Bitcoin appreciates more than their cost of capital, 224 00:15:32,587 --> 00:15:36,367 it is accretive for shareholders. It adds value for shareholders. 225 00:15:36,667 --> 00:15:42,027 That is a business. In the same way, a miner looks for the cheapest cost of 226 00:15:42,027 --> 00:15:44,867 energy and then uses that energy to mine Bitcoin. 227 00:15:45,507 --> 00:15:49,027 One is mining capital markets. The other is mining energy. 228 00:15:49,247 --> 00:15:53,787 And that is a real substantial business. In the same way, if you had a like 229 00:15:53,787 --> 00:15:58,207 an arbitrage hedge fund or something, you could buy something in South Korea 230 00:15:58,207 --> 00:16:01,167 and sell it in the United States for 10 percent more. 231 00:16:01,347 --> 00:16:04,647 That's a business, right? They might not make an iPhone, but like you have a 232 00:16:04,647 --> 00:16:06,567 real thing there. And that's what we're dealing with here. 233 00:16:09,247 --> 00:16:10,447 All right. So what do you think? 234 00:16:11,887 --> 00:16:14,807 Do you think we're going to see some of these Bitcoin treasury strategy companies 235 00:16:14,807 --> 00:16:19,507 that are just buying Bitcoin? Are we going to see them dump coins on the market during the next dip? 236 00:16:20,547 --> 00:16:26,087 Or is this a savvy, more structured, more informed borrower that they're taking 237 00:16:26,087 --> 00:16:28,087 money from? That's one argument I've heard. 238 00:16:28,587 --> 00:16:31,027 I'd love to know your thoughts. Boost it and tell me if you're worried about 239 00:16:31,027 --> 00:16:34,447 these treasury companies and if you think some of them are going to be dumping on the market. 240 00:16:34,687 --> 00:16:36,747 Seems likely, although they tell you they won't be. 241 00:16:37,840 --> 00:16:45,840 Music. 242 00:16:48,887 --> 00:16:53,567 Well, you've probably noticed there's a lot more talk about stablecoins recently. 243 00:16:54,107 --> 00:16:57,167 There's a simple reason. It's because legislation is working its way through 244 00:16:57,167 --> 00:17:01,967 the Senate and the U.S. House to regulate stablecoins. And it's happening right now. 245 00:17:02,307 --> 00:17:04,847 And our Bitcoin senator, Lummis, 246 00:17:04,887 --> 00:17:09,207 was very excited when it looked like the new Genius Act was a lock. 247 00:17:09,327 --> 00:17:11,727 She took to the floor to just thank everybody. 248 00:17:11,887 --> 00:17:14,567 Today is a day i've been 249 00:17:14,567 --> 00:17:18,547 working towards for over four months after months 250 00:17:18,547 --> 00:17:25,647 of intense negotiations we are minutes away from passing the genius act senator 251 00:17:25,647 --> 00:17:31,107 bill haggerty's legislation that will be a first step towards modernizing the 252 00:17:31,107 --> 00:17:37,047 american payment system and integrating digital assets into the U.S. 253 00:17:37,247 --> 00:17:39,547 Economy in a responsible way. 254 00:17:40,067 --> 00:17:44,967 Of course, the devil is always in the details. And there's also a House bill 255 00:17:44,967 --> 00:17:48,207 as well. So it's a bit of a stablecoin bill showdown right now. 256 00:17:48,627 --> 00:17:52,807 The crypto industry getting a major legislative win after the Senate passed 257 00:17:52,807 --> 00:17:54,627 the Genius Act last night. 258 00:17:54,767 --> 00:17:57,727 Mackenzie Segalis is here at Post 9 and can give us some of the details. 259 00:17:57,947 --> 00:18:01,587 Mackenzie. Hey, good morning, David. You've got Bitcoin down 4% over the past 260 00:18:01,587 --> 00:18:07,847 week, now trading just below $105,000. Ether has lost nearly 10% in that same stretch. 261 00:18:08,347 --> 00:18:12,487 The drop comes as ETF inflows cool. The dollar gains strength and traders await 262 00:18:12,487 --> 00:18:17,027 today's Fed decision on interest rates, all of which are adding pressure to those risk assets. 263 00:18:17,147 --> 00:18:18,787 But the weakness in crypto prices 264 00:18:18,787 --> 00:18:23,147 comes just as the industry locks in its biggest legislative win yet. 265 00:18:23,447 --> 00:18:27,527 You've got the Senate passing the Genius Act, the first federal framework for stablecoins. 266 00:18:27,547 --> 00:18:31,667 It allows private companies to issue their own digital dollars with the government's 267 00:18:31,667 --> 00:18:34,327 blessing, but only under strict guardrails. 268 00:18:34,427 --> 00:18:38,827 Full reserve backing, monthly audits, and robust anti-money laundering checks. 269 00:18:38,947 --> 00:18:43,867 Now lawmakers say it protects consumers while reinforcing the dominance of the U.S. dollar. 270 00:18:44,047 --> 00:18:47,587 The bill now moves to the House, which has its own version dubbed the Stable 271 00:18:47,587 --> 00:18:51,127 Act. Both bills banned yield bearing consumer stable coins. 272 00:18:51,327 --> 00:18:53,647 So that's a key bit. Both bills. 273 00:18:54,432 --> 00:18:57,612 Ban yield-bearing stablecoins, which was going to be a bonanza. 274 00:18:57,732 --> 00:18:59,812 I wonder if we'll see that rolled back down the road. 275 00:19:00,092 --> 00:19:03,832 So you got the Genius Act from the Senate, and you got the Stable Act from the House. 276 00:19:04,352 --> 00:19:07,592 And they have to reconcile these two bills, and there is some differences. 277 00:19:07,752 --> 00:19:10,052 But they diverge on who gets to regulate them. 278 00:19:10,292 --> 00:19:13,592 Now, reconciling the two could take months, especially as House Republicans 279 00:19:13,592 --> 00:19:17,192 weigh attaching a broader market structure package. 280 00:19:17,652 --> 00:19:20,252 Meanwhile, Wall Street and big tech are already making moves. 281 00:19:20,392 --> 00:19:24,372 You've got Amazon and Walmart reportedly looking at stablecoin-style payments 282 00:19:24,372 --> 00:19:27,012 and JP Morgan. Yeah, Walmart coin, everybody. 283 00:19:27,272 --> 00:19:30,552 Are you looking forward to an Amazon coin and a Walmart coin? 284 00:19:31,032 --> 00:19:34,332 I mean, there's just going to be an explosion of them. Now, you could argue 285 00:19:34,332 --> 00:19:38,412 that we already have things like Robux and Microsoft points, 286 00:19:38,432 --> 00:19:42,412 and a lot of these places already have their own currency that is locked in their ecosystem. 287 00:19:42,972 --> 00:19:46,692 This could be a net win for consumers if these are blockchain-based and you 288 00:19:46,692 --> 00:19:50,532 could swap between. So if I had Walmart coin and instead I wanted to go spend 289 00:19:50,532 --> 00:19:54,112 it on Amazon coin, I could do a swap for a low fee or something like that, 290 00:19:54,192 --> 00:19:55,212 but it sounds obnoxious. 291 00:19:55,352 --> 00:19:59,732 And it sounds like gift cards turned up to 11. Everything I don't like turned up to 11. 292 00:20:00,132 --> 00:20:04,172 Saying that it plans to roll out a deposit token called JPMD. 293 00:20:04,392 --> 00:20:08,672 While not technically a stable coin, it offers similar features for institutions, 294 00:20:09,032 --> 00:20:13,512 including 24-7 settlement and interest, all within the traditional banking system. 295 00:20:14,032 --> 00:20:18,332 Guys? What's the difference between the Genius Act and the Stable Act, 296 00:20:18,372 --> 00:20:22,772 which has also been in the house? And I don't know, they might not have to reconcile those two. 297 00:20:23,012 --> 00:20:26,772 One of the big things comes down to authority. So Treasury gets a lot of broad 298 00:20:26,772 --> 00:20:29,232 authority over the stablecoin market with the Genius Act. 299 00:20:29,372 --> 00:20:32,532 So that'd be your buddy Scott Besant. He would essentially be the stablecoin king. 300 00:20:32,872 --> 00:20:35,892 And see, we've got Scott Besant weighing in last week, saying that if this goes 301 00:20:35,892 --> 00:20:40,912 through within the next few years, the stablecoin market's going to nearly 8x up to $2 trillion. 302 00:20:41,432 --> 00:20:44,592 And then on the other side, the House kind of spreads out that authority among 303 00:20:44,592 --> 00:20:48,952 the OCC, the Fed and other regulators. There are also different specifics, 304 00:20:49,272 --> 00:20:52,712 different nuances within what foreign issuers are able to do, 305 00:20:52,792 --> 00:20:55,772 which is really crucial because Tether, of course, foreign issuer of a U.S. 306 00:20:55,852 --> 00:20:58,512 Dollar-peg stablecoin accounts for more than 60 percent of this market. 307 00:20:59,392 --> 00:21:01,852 OK, well, let's see how it progresses in the House next. Mackenzie, 308 00:21:01,992 --> 00:21:02,792 thank you for the rundown. 309 00:21:03,572 --> 00:21:06,632 So whatever they come up with, they better figure out how to include Tether. 310 00:21:07,132 --> 00:21:11,392 And it seems to me that if the underlying goal is to further the dominance of 311 00:21:11,392 --> 00:21:15,012 the dollar, you probably want it under the chief dollar salesman, 312 00:21:15,172 --> 00:21:18,152 which is the Treasury Secretary. He is the chief dollar salesman for the United. 313 00:21:18,152 --> 00:21:20,192 States, that and the president of the United States, of course. 314 00:21:20,560 --> 00:21:39,120 Music. 315 00:21:39,057 --> 00:21:42,597 Well, still coming up on the show, your boost, a series of final clips this 316 00:21:42,597 --> 00:21:47,737 week that I just couldn't resist, a few smaller stories that I'm tracking this week, and a lot more. 317 00:21:48,017 --> 00:21:50,457 So I want to say, if you like the show, you want to support the show, 318 00:21:50,537 --> 00:21:52,337 you can just do it by doing what you already do. 319 00:21:52,637 --> 00:21:56,617 If you're buying sats on River, the best way to stack sats in the U.S., 320 00:21:56,617 --> 00:21:58,157 you just use our link in the show notes. 321 00:21:58,357 --> 00:22:01,917 Use that link, and the show gets a little kickback, and I put that right towards the show. 322 00:22:02,457 --> 00:22:04,837 The Bitcoin Well, if you're ready to spend some of your Bitcoin, 323 00:22:05,097 --> 00:22:08,997 if you want to buy some Bitcoin, you use Lightning, and you want to go right 324 00:22:08,997 --> 00:22:11,757 from self-custody, the Bitcoin Well makes that possible. 325 00:22:11,837 --> 00:22:15,457 They're also available in Canada, which is really great. Use them both. Love them. 326 00:22:15,977 --> 00:22:19,697 Now, another company I use is the Bitcoin Company. You can spend your sats via 327 00:22:19,697 --> 00:22:22,457 Lightning to gift cards instantly and log in via Lightning, so you don't even 328 00:22:22,457 --> 00:22:23,197 have to create an account. 329 00:22:23,677 --> 00:22:28,357 The Fold Card is probably the MVP of our community. Pay bills and stack sats. 330 00:22:28,537 --> 00:22:31,657 They have a debit card. It's pretty great. And last but not least, 331 00:22:31,737 --> 00:22:35,457 when I need access to my Bitcoin value without selling it, Salt Lending is where I turn. 332 00:22:35,697 --> 00:22:39,817 I'll have links to all of those in the show notes, and you can support the show by doing what you do. 333 00:22:56,857 --> 00:23:01,237 And we did get some boosts this week. seven boosts to go. 334 00:23:01,357 --> 00:23:04,657 Oh, he's very grateful for that. And Satsquanch is our baller booster this week 335 00:23:04,657 --> 00:23:07,657 with 75,000 sats. Hey, rich lobster! 336 00:23:09,737 --> 00:23:13,637 Coming in hot with the boost. This boost is from the boys at the secret Monday 337 00:23:13,637 --> 00:23:16,997 evening Thousand Oaks meetup. We're loving your show, man. Never stop stacking. 338 00:23:17,437 --> 00:23:21,857 Oh, I gotta make it out. It's a secret meetup, but I think I know just where to go. 339 00:23:22,257 --> 00:23:25,237 Thank you to the Thousand Oaks meetup crew. Always nice to hear from you. 340 00:23:25,377 --> 00:23:27,777 I've been wondering about how you're all doing. Nice to get the check-in. 341 00:23:27,877 --> 00:23:30,197 And thanks, you Satsquanch, for being the messenger. 342 00:23:30,997 --> 00:23:33,637 Someone, and you are our baller, too. Thank you for that. Someone, 343 00:23:33,897 --> 00:23:39,697 just someone, I don't know who, someone came in with, that's their username, 50,000 sats. 344 00:23:44,737 --> 00:23:47,817 Woo! Thank you, sir. Put some macaroni and cheese on there, too. 345 00:23:47,897 --> 00:23:51,597 Love your show. Still annoyed by Antenapod not having Boost and Fountain being closed source. 346 00:23:52,077 --> 00:23:54,897 Could you treat Nostra's apps like Boost? The only problem, someone, 347 00:23:54,917 --> 00:23:58,797 is they don't come in as metadata that we can collect. 348 00:23:59,177 --> 00:24:04,517 And one of the real breakthroughs with the boosts is we could do 30 boosts in 349 00:24:04,517 --> 00:24:06,337 a show, and then I could do one or two emails, 350 00:24:06,457 --> 00:24:08,957 just the overhead of collecting and going through email and replying versus 351 00:24:08,957 --> 00:24:12,857 the boosts that come in over lightning, and then Wes has built as a system to 352 00:24:12,857 --> 00:24:14,777 automatically sort per show, per episode, 353 00:24:14,957 --> 00:24:17,617 and then format them in Markdown, and we put them in the notes, and they're ready to go. 354 00:24:18,352 --> 00:24:21,812 It's powerful stuff, but I have been trying to think about how to incorporate 355 00:24:21,812 --> 00:24:24,472 Nostra support into the show because sometimes I announce the shows out and 356 00:24:24,472 --> 00:24:27,592 folks zap me on Nostra and I feel like they deserve a shout out too. 357 00:24:27,732 --> 00:24:30,752 So it's something on my radar. I just don't really have a solution for yet, 358 00:24:30,832 --> 00:24:32,472 someone. And thank you for that great boost. 359 00:24:32,732 --> 00:24:37,792 I hoard that which your kind covets. Not sure is here with 5,000 sats. 360 00:24:37,932 --> 00:24:39,772 Yep, that stands up to scrutiny. 361 00:24:40,192 --> 00:24:42,412 I'm just here for the bromance between you and the podfather. 362 00:24:42,972 --> 00:24:46,252 Also, what is in that drawer? I think you know. I think you know. 363 00:24:46,372 --> 00:24:48,112 Oh my God, this drawer is filled with broloads. 364 00:24:49,152 --> 00:24:52,632 Yeah, the podfather really broke the bank on the baller boosts. 365 00:24:52,672 --> 00:24:53,932 I've still been thinking about that. 366 00:24:54,832 --> 00:24:56,632 Thank you, Not Sure. Good to hear from you. And you're right. 367 00:24:56,752 --> 00:25:00,392 I'm all for the bromance. Jordan Bravo's here with 5,000 sats. 368 00:25:01,292 --> 00:25:04,772 I've attended the last three tab comps in Atlanta, and I will indeed be there 369 00:25:04,772 --> 00:25:07,832 again. I would be happy to report on it. Yes, please. 370 00:25:10,352 --> 00:25:13,272 Yes, please. Tab comp is one on my radar. 371 00:25:13,932 --> 00:25:18,072 It's just such a massive expense. Plus, I've got three kids and I run a business. 372 00:25:18,352 --> 00:25:22,032 So for me to go to an event, I really got to try to make sure it's going to 373 00:25:22,032 --> 00:25:25,432 inform the shows. So please do report on from TabConf in Atlanta. 374 00:25:25,832 --> 00:25:27,872 Thank you, Jordan Bravo. I really appreciate that offer. 375 00:25:28,572 --> 00:25:30,532 Gene Bean's back with a row of ducks. 376 00:25:31,832 --> 00:25:34,972 What's most important to me in Bitcoin is that it retains its function as a 377 00:25:34,972 --> 00:25:37,692 store of value and that has a healthy decentralized network. 378 00:25:38,472 --> 00:25:42,752 Nailed it, Gene. Nailed it. I agree. Store of value. Do I need to buy my coffee 379 00:25:42,752 --> 00:25:44,292 and pizza with Bitcoin? No. 380 00:25:44,752 --> 00:25:48,792 I'd like to be able to buy a house, maybe a car. You know, really large ticket 381 00:25:48,792 --> 00:25:52,132 items when Bitcoin's worth millions of dollars. Perhaps I'd love to be able to just go direct. 382 00:25:52,692 --> 00:25:56,412 But honestly, I don't really see myself selling the Bitcoin so much as using 383 00:25:56,412 --> 00:25:57,792 as collateral in those situations. 384 00:25:58,912 --> 00:26:01,212 So decentralization and the store of value are just totally, 385 00:26:01,372 --> 00:26:05,892 totally top of the list. Thank you, Gene Bean. Super solid high signal boost. Appreciate it. 386 00:26:07,012 --> 00:26:09,972 OBL918 is here with 6,100 sats. 387 00:26:11,232 --> 00:26:15,712 6,100 for 61. One, since Jack Dorsey gets to rename Bitcoin denominations, 388 00:26:15,852 --> 00:26:19,072 I'm going to call this a 61 centi stat. Okay. 389 00:26:20,092 --> 00:26:24,152 All right. Also, this week's irony. Core merges a highly controversial change, 390 00:26:24,312 --> 00:26:27,552 blowing up the op return limit despite all the knacks and contention, 391 00:26:27,752 --> 00:26:30,012 with no time for consensus either way to form. 392 00:26:30,252 --> 00:26:35,412 Then they say this is so that the people will stop using Taproot and Segwit 393 00:26:35,412 --> 00:26:38,772 to exploit inscriptions and other abuses of the witness data. 394 00:26:39,813 --> 00:26:43,553 Do they merge the fix for the inscriptions exploit? No, because that PR is, 395 00:26:43,613 --> 00:26:44,493 quote, too controversial. 396 00:26:45,313 --> 00:26:49,553 Am I supposed to believe they actually think that people abusing the 75% discounted 397 00:26:49,553 --> 00:26:53,013 witness data for their, quote, fun projects are suddenly going to start paying 398 00:26:53,013 --> 00:26:56,113 more for Opperturn instead? Really, guys? Yeah. 399 00:26:57,793 --> 00:26:59,273 That is the realization I came 400 00:26:59,273 --> 00:27:02,413 to last week as well. Like, they're just going to continue to abuse it. 401 00:27:02,573 --> 00:27:06,713 The justification for, you know, dropping the Opperturn limit was, 402 00:27:06,893 --> 00:27:11,373 oh, then they'll use the proper method for all this crap. But the proper method is more expensive. 403 00:27:11,993 --> 00:27:14,513 And if you don't close the other hole, they're just going to keep doing it the 404 00:27:14,513 --> 00:27:15,333 way they've always done it anyways. 405 00:27:15,593 --> 00:27:18,953 It doesn't really change anything. It just doesn't make sense. 406 00:27:19,053 --> 00:27:21,953 And OBL, you put it nice and succinctly. Thank you very much for that. 407 00:27:24,093 --> 00:27:28,133 Eric Pease here with 3,000 sats. Everything's under control. 408 00:27:29,133 --> 00:27:33,453 3,333 sats, I should say. The Ethereum world emphasizes client diversity to 409 00:27:33,453 --> 00:27:36,133 prevent anyone implementation from having a majority market share. 410 00:27:36,133 --> 00:27:39,653 They learned the hard way in 2021 when a security flaw in GETH, 411 00:27:39,753 --> 00:27:44,313 I think that's how you say it, G-E-T-H, forced them to do a hard fork to fix it. 412 00:27:44,553 --> 00:27:47,773 I wonder why Bitcoin doesn't have a similar focus. It doesn't seem great for 413 00:27:47,773 --> 00:27:51,213 security to have 90% of the nodes running the same Bitcoin implementation. 414 00:27:51,873 --> 00:27:55,053 It's really just market demanded forces. There really hasn't been an incentive 415 00:27:55,053 --> 00:27:58,173 to do something different because Bitcoin Core has been fairly uncontroversial 416 00:27:58,173 --> 00:28:00,973 for the most part, with a few things here and there over the years. 417 00:28:01,553 --> 00:28:04,753 But I think we're seeing the adoption of knots as a market response. 418 00:28:05,413 --> 00:28:09,573 Client diversity, I'd say Bitcoin actually has an extensive client diversity. 419 00:28:09,733 --> 00:28:13,053 I mean, if you look at all the wallets out there, and from hardware wallets 420 00:28:13,053 --> 00:28:16,273 to software wallets and apps on phones, I mean, it's amazing. 421 00:28:16,813 --> 00:28:19,913 It's really the back-end node server software, and that would be the A, 422 00:28:20,013 --> 00:28:22,653 B comparison I think I would make, Eric. 423 00:28:22,813 --> 00:28:26,733 But I do like the comment. Thanks for the provocative boost and thought. 424 00:28:26,973 --> 00:28:28,493 I always like to think. Thanks, Eric. 425 00:28:29,013 --> 00:28:31,373 Hello there is back with a row of ducks. I think you're back, right? 426 00:28:31,973 --> 00:28:34,313 Either way, I appreciate it. He says, take that. I did. 427 00:28:40,193 --> 00:28:44,513 Kongaroo Paradox is here with 5,000 sats. I like you. You're a hot ticket. 428 00:28:44,693 --> 00:28:48,093 No message, just the value. Thank you, sir. Appreciate that. 429 00:28:48,813 --> 00:28:50,213 Ace Ackerman's here with a row of ducks. 430 00:28:50,973 --> 00:28:56,273 And he just says boost. Boost. Cardboard Warrior's here with 5,000 sats. Yep. 431 00:28:56,893 --> 00:29:00,933 Yep. Mm-hmm. Put some macaroni and cheese on there, too. And he says it's a 432 00:29:00,933 --> 00:29:04,073 mac and cheese boost. You got it. Mac and cheese coming your way. 433 00:29:04,633 --> 00:29:08,133 Magnolia Mayhem's here with 2,311 sets. 434 00:29:09,453 --> 00:29:14,013 And he's not a trader, but he loves the vol. The traders love the vol. Yeah, I do too. 435 00:29:14,453 --> 00:29:16,713 I do too. That's how you know you've been in Bitcoin a long time, 436 00:29:17,013 --> 00:29:18,353 when you just enjoy the vol. 437 00:29:19,217 --> 00:29:21,777 Thank you, Magnolia. Good to hear from you. Scuffed is here with 5,000 Sats. 438 00:29:21,977 --> 00:29:23,877 You make me want to be a better man. 439 00:29:24,137 --> 00:29:27,457 I loved last week's segment about the Bitcoiners in Africa. It really helps 440 00:29:27,457 --> 00:29:30,637 bring it all down to earth and reminds us what we're doing this for. 441 00:29:30,837 --> 00:29:35,357 Perhaps these success stories could be a regular segment. Maybe call it Bitcoin IRL. 442 00:29:36,437 --> 00:29:41,077 Oh, I like the segment name idea. I'm definitely looking for more of those. 443 00:29:41,437 --> 00:29:44,897 The tricky thing is I try to find ones with audio when I can just because it 444 00:29:44,897 --> 00:29:48,857 makes an even better experience in the show. But I've expanded my search to 445 00:29:48,857 --> 00:29:50,277 also print and print versions. 446 00:29:50,477 --> 00:29:53,917 So Bitcoin IRL, if I remember that name, may be a thing in the future. 447 00:29:54,797 --> 00:29:58,437 Thanks, Guft. Appreciate that. Thank you, everybody who boosts in. 448 00:29:58,797 --> 00:30:02,217 That's all the boosts above the 2000sat cutoff, though we had a bunch under 449 00:30:02,217 --> 00:30:06,997 the 2000sat cutoff, which I read and I do keep in my show doc forever as well. 450 00:30:07,317 --> 00:30:10,457 So we also had 47 of you stream those sats as you listened. 451 00:30:10,677 --> 00:30:15,837 Check this out. You sat streamers, you stacked 78,690 sats. 452 00:30:15,837 --> 00:30:19,897 That's a serious lift That's bigger than the baller boost this week You guys, 453 00:30:20,077 --> 00:30:25,197 well done Then when you combine that with our boost messages We stacked a total 454 00:30:25,197 --> 00:30:30,177 of 252,128 sats You're the best of love, 455 00:30:30,937 --> 00:30:37,297 Nothing's gonna ever keep you down You're the best of love Nothing's gonna ever 456 00:30:37,297 --> 00:30:43,717 keep you down You're the best of love Nothing's gonna ever keep you down. 457 00:30:47,673 --> 00:30:50,433 Thank you, everybody, who supports the show with a boost. This is a value for 458 00:30:50,433 --> 00:30:53,933 value podcast, and that means I put the content out there for free. 459 00:30:53,933 --> 00:30:57,233 If it helps you, if you get some value from it, then you send back a boost. 460 00:30:57,393 --> 00:31:01,573 And, of course, I love the messages, too. It's my absolute favorite part of the show. 461 00:31:01,713 --> 00:31:04,593 So thank you, everybody. Fountain FM tends to be the easiest way to do it just 462 00:31:04,593 --> 00:31:06,293 because they self-host everything for you. 463 00:31:06,833 --> 00:31:11,033 But you can go down the route of your own node, your own lightning node, and your own app. 464 00:31:11,393 --> 00:31:14,973 Or you can go something simple like Breeze, B-R-E-E-Z, which is like a node 465 00:31:14,973 --> 00:31:17,033 in an app, and you can boost from it as well. 466 00:31:17,673 --> 00:31:20,313 Thank you, everybody. And I appreciate it. Moving on. 467 00:31:31,033 --> 00:31:35,093 A couple of smaller stories I've been tracking this week. The U.S. 468 00:31:35,113 --> 00:31:40,153 State of Ohio became the first state to pass Bitcoin capital gains tax exemption 469 00:31:40,153 --> 00:31:42,873 for purchases under $200. 470 00:31:42,873 --> 00:31:48,093 House Bill 116 establishes the nation's first aminimus rule for digital assets 471 00:31:48,093 --> 00:31:52,233 exempting state capital gains taxes on transactions involving Bitcoin and other 472 00:31:52,233 --> 00:31:57,113 cryptocurrencies for purchases up to $200 with the threshold indexed to inflation. 473 00:31:57,333 --> 00:32:01,873 This is interesting because it's kind of an admission that tax policy is one 474 00:32:01,873 --> 00:32:05,133 of the biggest barriers to Bitcoin and other cryptocurrencies getting used in 475 00:32:05,133 --> 00:32:09,693 smaller day-to-day transactions. And House Bill 116 goes beyond just tax exemptions. 476 00:32:09,793 --> 00:32:13,613 It also protects custody rights for digital asset holders, safeguards cryptocurrency 477 00:32:13,613 --> 00:32:18,453 mining operations, and allows the Ohio State retirement systems to explore potential 478 00:32:18,453 --> 00:32:20,193 investments in digital assets. 479 00:32:20,713 --> 00:32:25,313 Very positive. Now, it's not passed yet. What comes next is the bill has cleared 480 00:32:25,313 --> 00:32:26,993 the House Technology and Innovation Committee. 481 00:32:26,993 --> 00:32:31,473 So it still requires approval from the full Ohio House of Representatives, 482 00:32:31,793 --> 00:32:36,293 the state senate, and a governor's signature to become law. So some big steps 483 00:32:36,293 --> 00:32:37,313 that still has to go through. 484 00:32:37,613 --> 00:32:40,653 But there does seem to be a pretty big support for this. 485 00:32:40,733 --> 00:32:42,793 They say in the article that I'll have linked in the show notes, 486 00:32:42,913 --> 00:32:47,273 there's, quote, unanimous committee consent and bipartisan backing for the legislation. 487 00:32:47,273 --> 00:32:49,093 It appears to have, quote, strong momentum. 488 00:32:49,653 --> 00:32:53,533 So perhaps we will see this pass. This is something I could definitely get behind. 489 00:32:54,013 --> 00:32:55,693 You know, and then just up it over the years. 490 00:32:56,233 --> 00:32:59,093 Fold, yeah, the people with the card and the sats back and all that, 491 00:32:59,233 --> 00:33:05,293 they have secured 250 million in equity purchases intended to expand their Bitcoin treasury. Holdings. 492 00:33:05,473 --> 00:33:09,293 They write, the first publicly traded Bitcoin financial services company today 493 00:33:09,293 --> 00:33:13,233 announced that it has entered into an agreement for a $250 million equity purchase 494 00:33:13,233 --> 00:33:18,533 facility with the net proceeds primarily intended to be used to acquire additional 495 00:33:18,533 --> 00:33:21,513 Bitcoin for Fold's corporate strategy. 496 00:33:22,973 --> 00:33:28,333 How about that? How about that? So Fold is one of the many companies that are 497 00:33:28,333 --> 00:33:29,573 building Bitcoin strategies. 498 00:33:29,793 --> 00:33:33,533 And depending on the trajectory of Bitcoin, one has to wonder if it won't just 499 00:33:33,533 --> 00:33:36,493 become sort of standard practice for many companies to have a little bitcoin 500 00:33:36,493 --> 00:33:41,333 on the balance sheet and then you have to ask yourself if that does become standard practice, 501 00:33:42,515 --> 00:33:46,855 doesn't it seem likely that some larger corporation that wants to get in on 502 00:33:46,855 --> 00:33:48,015 the Bitcoin game became late? 503 00:33:48,215 --> 00:33:50,935 Now, I'm not saying it's going to be Microsoft or Amazon, but they both, 504 00:33:51,175 --> 00:33:54,895 and Meta, but all three of them recently had opportunities to present their 505 00:33:54,895 --> 00:33:57,135 board with the idea of buying Bitcoin and they shot it down. 506 00:33:57,675 --> 00:34:02,135 Now, say four or five years goes by and Bitcoin continues to explode in value 507 00:34:02,135 --> 00:34:06,355 and these Bitcoin treasury companies are just pumping in value and we have ourselves 508 00:34:06,355 --> 00:34:08,855 some sort of dip and they are scrambling. 509 00:34:09,255 --> 00:34:12,675 It would not surprise me if in that moment, In a moment of weakness, 510 00:34:12,675 --> 00:34:16,095 if an Amazon or a Microsoft or, I don't know, some bank or some, 511 00:34:16,095 --> 00:34:18,675 you know, weapons company, I don't even know the name of, 512 00:34:18,815 --> 00:34:22,915 but has a bunch of money on the balance sheet comes along and buys one of these 513 00:34:22,915 --> 00:34:25,375 Bitcoin treasury companies, probably not strategy. 514 00:34:27,195 --> 00:34:30,595 They're so far ahead. They have so much Bitcoin. They're going to be buying people. 515 00:34:30,935 --> 00:34:34,795 But, you know, one of these smaller ones that's getting set up now is probably to probably not fold. 516 00:34:34,995 --> 00:34:38,515 But one of these other ones is going to get snapped up by some larger conglomerate 517 00:34:38,515 --> 00:34:40,915 and then just all of a sudden have a bunch of Bitcoin. 518 00:34:41,515 --> 00:34:44,375 And I think that's going to be one of the eventual outcomes of these treasury 519 00:34:44,375 --> 00:34:47,775 companies is they will facilitate the bag expansion of a much, 520 00:34:47,875 --> 00:34:50,835 much larger company. That would be my guess, at least. 521 00:35:01,475 --> 00:35:05,315 I got a problem. I know it's supposed to be final clip of the week. 522 00:35:05,435 --> 00:35:09,335 And I did two clips like for the last two weeks. And this week I am doing three 523 00:35:09,335 --> 00:35:12,215 clips for the final clip of the week. 524 00:35:12,495 --> 00:35:14,915 I got a problem. I just, I want to play them all. 525 00:35:15,815 --> 00:35:19,895 And I want to play this one. It's been going around social media. I've seen it on Noster. 526 00:35:20,115 --> 00:35:24,155 I've seen it on X. I suspect Altcoin Daily was the first to share this video, 527 00:35:24,235 --> 00:35:25,515 but I honestly don't know. 528 00:35:26,235 --> 00:35:31,615 I just saw it everywhere because it really, it really touches on a nerve for 529 00:35:31,615 --> 00:35:33,875 me. And I think it touches on a nerve for a lot of Bitcoiners. 530 00:35:34,395 --> 00:35:38,475 That is, if you've been following Bitcoin for a while, through a cycle or two, 531 00:35:38,655 --> 00:35:42,695 or perhaps you've been here since the first cycle, you have been told you're 532 00:35:42,695 --> 00:35:46,035 stupid, you're making a mistake, you're throwing your money away from people 533 00:35:46,035 --> 00:35:48,695 that are just so supremely arrogant and confident about it. 534 00:35:49,035 --> 00:35:52,115 And one of the things we have to build up is a thick skin. 535 00:35:52,375 --> 00:35:57,075 We have to build up an immune system to this constant bickering and this constant belittling. 536 00:35:57,635 --> 00:36:01,455 And in 2008, when Bitcoin was experiencing a crash to around $6,000, 537 00:36:02,175 --> 00:36:06,635 a comedian went on TV and just decided to rib the crap out of Bitcoiners over it. 538 00:36:06,955 --> 00:36:11,275 The only thing that should double that quickly is the value of Bitcoin. Just kidding. 539 00:36:11,495 --> 00:36:16,855 That was a garbage investment and you're an idiot. Bitcoin is just beanie babies for tech bros. 540 00:36:18,455 --> 00:36:21,255 Look, man, every person I went to high school with was like, 541 00:36:21,355 --> 00:36:23,535 yo, Bitcoin is going to change your life. 542 00:36:23,795 --> 00:36:28,575 BTC, get on it right now. And I'm like, Tommy Wilson, you work at OfficeMax. 543 00:36:28,715 --> 00:36:30,015 What the fuck are you talking about? 544 00:36:32,235 --> 00:36:38,795 Oh, by the way, by the way, hey, internet comments, it's trading at 6.5K. Go fuck yourself. 545 00:36:39,115 --> 00:36:41,315 Look. Oh, yeah, sorry about the language. 546 00:36:42,722 --> 00:36:45,722 6.5K. I mean, that guy looks like an idiot now. Of course, where is he at? 547 00:36:45,802 --> 00:36:46,442 I don't even know his name. 548 00:36:47,102 --> 00:36:51,822 He's nowhere. But this is how, in the moment, they will pile on. 549 00:36:51,922 --> 00:36:53,322 And you have to build a thick skin. 550 00:36:53,702 --> 00:36:55,802 And, you know, it's funny. He says in there that all his high school buddies 551 00:36:55,802 --> 00:36:59,282 were telling him, maybe you should have listened. Maybe you should have listened, you arrogant jerk. 552 00:37:00,002 --> 00:37:01,522 So something a little more positive. 553 00:37:02,442 --> 00:37:06,262 $110 billion investment company, VanEck, has been doing some research. 554 00:37:06,402 --> 00:37:11,042 And this is their CEO. and he's got the stats on the amount of gold versus Bitcoin 555 00:37:11,042 --> 00:37:12,982 that people hold in the U.S. 556 00:37:13,462 --> 00:37:15,382 And I bet it's not what you think. 557 00:37:15,922 --> 00:37:21,342 Another money manager did a study. 37 million Americans own exposure to gold. 558 00:37:21,722 --> 00:37:26,162 37 million. Guess how many own exposure to Bitcoin? It's got to be a fraction. 559 00:37:26,442 --> 00:37:32,482 No, 50. No, even more. 50 million Americans through their research, 560 00:37:32,762 --> 00:37:35,502 which I thought that makes a lot of sense to me because i 561 00:37:35,502 --> 00:37:38,322 think people look at both as a store of value and over 562 00:37:38,322 --> 00:37:42,082 the last couple of years a lot of the hot money because of the appreciation has 563 00:37:42,082 --> 00:37:44,962 gone into bitcoin it's easier to buy too 564 00:37:44,962 --> 00:37:48,502 you know you can go buy ten dollars worth you can go buy five dollars with you 565 00:37:48,502 --> 00:37:51,822 can go buy a grand you can buy 10 grand like you can go buy 50 grand you know 566 00:37:51,822 --> 00:37:55,622 like it's you can do it on your phone in 10 seconds you got a little extra money 567 00:37:55,622 --> 00:37:59,202 put it into bitcoin it's not a big deal and people you do that enough over the 568 00:37:59,202 --> 00:38:02,422 years and pretty soon your bitcoin value holdings especially as bitcoin, 569 00:38:03,122 --> 00:38:05,702 goes up in value, it becomes worth a lot more than your gold. 570 00:38:06,742 --> 00:38:11,002 But it's great to see folks like VanEck seeing it. Speaking of the mainstream 571 00:38:11,002 --> 00:38:12,662 finally seeing it, Eric B. 572 00:38:12,762 --> 00:38:16,122 From Bloomberg, he's been one of the ETF analysts that has really been on top 573 00:38:16,122 --> 00:38:18,222 of the Bitcoin ETF since before it launched. 574 00:38:18,902 --> 00:38:23,182 And he shares the moment that made him go from skeptic of Bitcoin to realize 575 00:38:23,182 --> 00:38:24,642 there's something really here. 576 00:38:24,962 --> 00:38:30,762 And this little nugget that he shares holds true for all kinds of assets through history. 577 00:38:31,262 --> 00:38:34,562 Two things about bitcoin caught my interest before 578 00:38:34,562 --> 00:38:37,382 i cared one is it just seemed to piss 579 00:38:37,382 --> 00:38:40,162 all the right people off i shouldn't name names but like someone like paul 580 00:38:40,162 --> 00:38:44,242 krugman just the fact that he was so upset about it i was like must something 581 00:38:44,242 --> 00:38:47,822 must be good about it you know i like that he's upset about it just being honest 582 00:38:47,822 --> 00:38:52,582 like if you're uptight it just bothers you for some reason and i that's a good 583 00:38:52,582 --> 00:38:58,162 thing the second thing is it came back from these basically near-death experiences over and over. 584 00:38:58,302 --> 00:39:01,182 There was multiple times where I was like, oh, okay, fine. It's gone now. 585 00:39:01,302 --> 00:39:04,282 And it came back and back. And then when you study other things that have come 586 00:39:04,282 --> 00:39:08,662 back from like 50% drawdowns multiple times, you realize it's all the best stocks 587 00:39:08,662 --> 00:39:12,162 on planet earth. It's Amazon, it's Microsoft, it's Berkshire. 588 00:39:12,322 --> 00:39:18,262 Only stud things come back three or four times. And that's why I was like, I gave it respect. 589 00:39:19,760 --> 00:39:30,480 Music. 590 00:39:30,669 --> 00:39:36,489 Before I get out of here, the Bitcoin price, as I record, is at 104,440 US dollars. 591 00:39:36,709 --> 00:39:41,229 That means the sats per dollar is 957 sats to one US dollar. 592 00:39:41,809 --> 00:39:45,569 Our all-time high was 111,980 US dollars. 593 00:39:45,749 --> 00:39:50,369 We're down 6.7 percent. That was May 22nd, which was 27 days ago. 594 00:39:50,989 --> 00:39:52,409 But you know what I want to look at? 595 00:39:53,409 --> 00:39:57,949 I want to look at the node stats. So switching to the node stats for a moment. 596 00:39:58,569 --> 00:40:03,749 Bitcoin Noughts clocking in right now at 12.0%, according to Clark Moody. 597 00:40:03,889 --> 00:40:06,609 I've seen other estimates around that range as well. 598 00:40:07,209 --> 00:40:12,189 Bitcoin Core 28.1, sitting at 19%, and Core 29.0, which is the newer version, 599 00:40:12,289 --> 00:40:15,009 right before 30, obviously, sitting at 12.9. 600 00:40:15,189 --> 00:40:18,169 So the latest version of Core and the latest version of Noughts, 601 00:40:18,309 --> 00:40:23,809 they're very close, very close in market size. Isn't that something? 602 00:40:24,649 --> 00:40:30,269 Currently, 21,892 reachable nodes on the network. 14,000 of those are behind Tor. 603 00:40:30,629 --> 00:40:35,389 Let's get that up. And we wrap up at Blockheight 901-806. 604 00:40:36,880 --> 00:40:45,200 Music. 605 00:40:43,649 --> 00:40:46,929 Heads up about the schedule. I'm planning a summer road trip with the family. 606 00:40:47,089 --> 00:40:51,829 So if all goes as planned right now, I'll be off the week of my July 2nd episode. 607 00:40:51,829 --> 00:40:54,929 So we should have one more episode before my summer road trip. 608 00:40:55,369 --> 00:40:58,209 Links to what I talked about today are thisweekinbitcoin.show. 609 00:40:58,469 --> 00:41:01,749 My goal with this here show is to not get distracted by the emotions around 610 00:41:01,749 --> 00:41:03,189 what's happening, but focus on the signal. 611 00:41:03,269 --> 00:41:07,029 So let me know how I did with a boost and boosting with what you'd like to see from the show. 612 00:41:07,169 --> 00:41:11,069 But if you made it this far, if you think one day Bitcoin is going to make you 613 00:41:11,069 --> 00:41:13,369 crazy rich, which we all hope, right? 614 00:41:13,889 --> 00:41:16,769 Will you keep working? Say it does it within your working lifetime. 615 00:41:17,009 --> 00:41:19,209 Will you quit your job or will you keep working? 616 00:41:19,709 --> 00:41:22,629 Boost it and tell me as well. I find that to be a fascinating question. 617 00:41:22,829 --> 00:41:23,949 One I ask for myself, too. 618 00:41:24,329 --> 00:41:27,249 And I'm going to wrap, as always, with a value-for-value track. 619 00:41:27,249 --> 00:41:33,169 So if you boost in or stream during this music, 95% of your sats go to the artist and their team. 620 00:41:33,569 --> 00:41:36,989 It's pretty awesome. They love it. And it's a way to support independent music 621 00:41:36,989 --> 00:41:38,789 with Bitcoin and the Lightning Network. 622 00:41:38,909 --> 00:41:44,149 I mean, how awesome is that? And this week, I'm wrapping up with Nameless by 623 00:41:44,149 --> 00:41:46,329 Hurling Pixels. I'll see you next week. 624 00:41:47,600 --> 00:45:28,325 Music.