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Over the last two weeks, Andrew, we've generated $5.4 billion in BTC gains.

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We're making $500 million a day.

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I'm staring at my screen and we're selling dollar bills for $3,

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sometimes a million times a minute.

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And so it's not impossible. I mean, we may very well be the most profitable

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company in the United States growing the fastest right now. Because there's

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not many companies that are making $500 million a day doing what they're doing.

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If you don't like Bitcoin, you don't want any piece of it. But if you like Bitcoin,

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then this is a monster for you.

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Music.

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Welcome in to episode 37 of This Week in Bitcoin. My name is Chris.

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Nice to have you here. That intro clip, of course, was Michael Saylor taking a bit of a victory lap.

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I don't really have much to say on MSTR this week, but I do think there's a

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lot to get into. And we should probably start with a macro snapshot.

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We just got fresh government inflation data.

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And we've also had some chopping price action with Bitcoin. We flirted with

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100,000, chopped all the way down to 90.

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Now we're kind of moving back and forth. A lot of people have asked why.

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Pretty simple, really. Lettuce hands. People sold.

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In fact, there was more panic selling in this last week than ever in Bitcoin.

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Massive volumes. Billions of dollars of volume.

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And you'll see a lot of quote-unquote analysts contributing to long-term hodlers profit-taking.

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But that's just simply not true. You see, they're getting that because Glassnode,

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which is famous for their on-chain data, well, they classify any wallet that's

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like six months to a year old as a long-term hodler.

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That's not true. That's not how this works. So if you look at the actual on-chain

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data, the vast majority of people that are selling were people that bought around

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50-58 earlier this year and then profit took.

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They're not long-term holdings. Get out of here with that.

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This is a natural process.

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It flushes out the weak hands and it transfers Bitcoin to the stronger hands,

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to newer hands. It's how new people can get in the market.

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And to be honest with you, a little price consolidation on the way up, it's a good thing.

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It firms up the pump. You see, because you build a new price floor.

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And while we're doing this chop, our perceptions, they just change.

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It's the weirdest human psychology.

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I'll give you an example that's probably true for most of us.

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If I came on the air right now and said, oh, Bitcoin's crashing,

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it's a bloodbath, and it's down to $70,000, that'd be kind of shocking.

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That would feel like a massive price drop.

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Meanwhile, that was the price just 30 days ago on October 28th.

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So it's kind of funny because on October 28th, we were celebrating that Bitcoin

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finally broke through, easy for me to say, broke through $70,000 for the first time in four months.

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Because for four months, for a lot of the year, our all-time high was 73,700 US dollars.

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And then we finally broke through that on October 28th. And oh my God, it was incredible.

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But now if we were to go back to that price point, it would feel like Bitcoin

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was cheap, like the price had dropped.

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That's just the human psychology of it. And this sort of sideways chop helps

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build these psychological floors.

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The realities are the Bitcoin fundamentals remain unchanged.

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But the macro world around Bitcoin is very, very dynamic.

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Like I said, we just got a snapshot of inflation.

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And the data confirms all three inflation metrics are on the rise.

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Yes, well, first, let's go through the three income and spending numbers.

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This is a seven-parter for October.

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On the income side, double expectations.

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Instead of up three-tenths, we're getting up six-tenths. Up six-tenths equals

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where we were in March to find a higher one.

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You have to go to very beginning of the year in January up 1.4.

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Yeah, not bad. Income's up back to where it was in January. That's good to see.

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So this is a solid number. If we look at spending, also, as expected,

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but solid, up four-tenths of a percent.

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That follows up five-tenths of a percent.

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Of course, a lot of that spending is on credit cards, but they're spending again.

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Numbers have been strong.

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Now, if we adjust for inflation and look at the real spending,

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it's up one-tenth, up one-tenth, and that follows up four-tenths.

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Up four-tenths was the second best of the year. Woo!

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We are up one-tenth. Yeah! Yeah, we're the king of the world.

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Now, the inflation numbers, we have four of them.

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The first one, of course, is the price index month over month.

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And we're expecting up 0.2.

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It is up 0.2. But remember, for the last several months prior,

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we've had lower numbers. If you look at where we were in May,

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we were zero, then one-tenth, two-tenths, one-tenth in August.

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So you can see that's been a bit of an uptick. Yep, it's sneaking back up again.

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Now, let's take that same headline and go year over year, expect it up 2.3.

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It comes in at 2.3, but that's not necessarily good news. And the rearview mirror was 2.1.

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2.1 was the best going back to February of 21.

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2.3 equals August to find a higher one. You go to the July when it was 2.5.

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All right, so you see kind of the way the game works here is as long as the

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inflation isn't above expectations, the market doesn't seem to freak out.

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If they expect inflation to go up,

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And it goes up, they're okay with that, as long as it doesn't go up more than they expected.

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But the reality is, for the first time since February of 2022,

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core CPI, PCE, and PPI, they're all rising at the same time right now.

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And they've been doing so for several months. So it's not just one month of

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data now, but several months of data.

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Core PC inflation jumped to 2.8% in October.

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This is the Fed's preferred inflation number. And that's, well,

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that's going to impact rates. That's going to impact a lot of the decisions they make.

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I think the obvious elephant in the room here is that inflation is not getting

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down to the Fed's 2% target rate.

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In fact, it's trickling up. Their preferred metric is at 2.8%.

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Let's be real.

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I need to say it. The actual inflation number is probably much worse,

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especially because that number that I'm quoting there doesn't include fuel,

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doesn't include housing, doesn't include electricity.

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Certain aspects about food and medical and the auto industry. So, and coffee.

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So it's not exactly an accurate number, but it's one they follow and it's been

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ticking its way, its way back up.

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So I think that's something just to kind of keep an eye on because the Fed's really stuck here.

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They can't really keep interest rates high just simply because it means that

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the debt service just becomes exponentially more expensive for the United States.

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And they need some leverage. So we'll see. I'm going to keep an eye on this.

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But inflation ticking up now, all three, the CPI, the PCE, and the PPI, that's bad news.

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That is not great news. And we'll see where it goes.

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Because I think it could have a direct impact on the Fed's willingness to raise rates.

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Or lower rates, I should say. Perhaps both. Wouldn't that be a trick?

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If the Fed lowered rates, that would be expected. But if they raise rates,

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it would shock the market.

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Music.

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All right, well, I'm going to play some clips from a show I've never played

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clips for on this podcast.

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And that's the Joe Rogan podcast, because Mark Andreessen stopped by the Joe Rogan podcast.

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It's, as always, it's a long conversation. I'll link to the entire thing.

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Of course, Mark Andreessen is well known for being the co-founder of Netscape.

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He's also just extremely active in Silicon Valley. His Anderson Horwitz Capital

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Venture Firm backs a lot of different crypto projects, many of which I think are junk.

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But he's an intelligent man. He follows the market pretty closely.

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And he sat down with Joe to explain to the layman what's happened with the banking

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system and Operation Chokepoint 2.0.

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So before we get to Operation Chokepoint 2.0, which is this is just a great,

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great explainer that just got blasted out to millions of people.

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Let's start with Mark's explanation of how we got to all these banks that are

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too big to fail and how we consolidated the banking industry in the United States and most of the West.

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So pre-2008, pre-the financial crisis, there were many different banks in the

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country, big, medium, small, and lots of new bank startups every year.

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People would just start banks, entrepreneurial banks of many different kinds.

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After the financial crisis, we had this problem called the too-big-to-fail banks, right?

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The banks were too big. And so there was this legislation called Dodd-Frank,

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which was regulatory reform for banking, which was going to fix the too-big-to-fail

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banking problem. They implemented that in 2011.

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I call that the Big Bank Protection Act of 2011. It was marketed as it was going

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to solve the problem of the too-big-to-fail banks. What it actually did was

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it made them much larger.

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So those too-big-to-fail banks, the same ones we bailed out,

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are now much larger than they were before.

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The banking industry has concentrated into those banks.

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All the mid-sized banks are being shaken out. And, you know,

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periodically they'll go under.

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Like the bank in Silicon Valley, it's called Silicon Valley Bank,

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right? And, you know, it went under.

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And this has been happening all across the economy. And then since Dodd-Frank,

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the number of new banks created in the United States has dropped to zero.

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Whoa. And so the banking system is being centralized basically into 10 big banks.

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They actually have a term.

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They have a great term called GSIB, globally significant something-something bank.

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And so there's like 10 GSIBs. And then basically what's going to happen is those

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are going to consolidate basically into the three big banks.

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And if you get debanked by one of the big three. You're done.

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You're absolutely done. But think about it from the other side.

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If you're the treasury secretary and you want your political enemy debanked,

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it's just a phone call, right?

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Which is what has been happening, which was happening under the prior regime. Wow.

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Right. And again, like at that... Zero. Zero new banks. Yeah, zero.

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Literally, it was like cardiac arrest. It was like, that's it for new bank charters.

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And we've had companies that have tried to start new banks.

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And it's essentially impossible because you have to comply with the wall of regulation.

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You need to go hire your 10,000 compliance people and your lawyers.

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But you can't afford to do that because you're not big enough yet.

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So you can't function. Like, you can't exist.

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Wow. Like, it's ruled out. By definition, it's ruled out. You can't do it.

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It's not financially viable.

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Wow. Right. So that happened in banking. That's what they've been doing in social media.

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It's been the same. And by the way, this has happened in many other industries.

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By the way, this happened in the food industry. It's greatly consolidated.

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That that's a lot of what's happened in that industry as well.

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And it's the intertwining of government and the company, right?

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Because at that point, it's like, okay, is this a private company? Yes.

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Like, it's still a private company. It has a stock price. It has a CEO.

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Does the CEO have to do everything that the relevant cabinet secretary tells him to do? Yes, he does.

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Why does he have to do that? Because if not, it's going to be investigations

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and subpoenas and prosecutions and prontological examinations for the rest of his life.

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Wow. So that is the important context to understand and how these bureaucratic

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agencies can work with the banks, even though they're private companies, to get to their means.

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So that's the context you need to be aware of. Now let's get into Operation Chokepoint 2.0.

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Mark talks about debanking that happened to some of the tech founders that he

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knows. And when you listen to this clip.

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At least for me, I can't help but think, man, if it can happen to these guys,

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it can literally happen to anybody because these guys are well-known,

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well-positioned, well-financed, and it's happening to them.

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Elon explained that there's more agencies than there have been years of the

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United States. Yeah, 450 federal agencies and two new ones a year.

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And then my favorite twist is we have this thing called independent federal agencies.

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So, for example, we have this thing called the Consumer Finance Protection Bureau,

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CFPB, which is sort of Elizabeth Warren's personal agency that she gets to control.

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And it's an independent agency that just gets to run and do whatever it wants,

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right? And if you read the Constitution, like, there is no such thing as an independent agency.

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And yet, there it is. What does her agency do? Whatever she wants. What does it do, though?

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Basically, terrorize financial institutions, prevent new competition,

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new startups that want to compete with the big banks. Oh, yeah. How so?

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Just by terrorizing anybody who tries to do anything new in financial services.

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Can you give me an example? Well, you know, debanking.

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This is where a lot of the debanking comes from, is these agencies.

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So debanking is when you as either a person or your company are literally kicked

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out of the banking system. Like they did to Kanye.

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Exactly. Like they did to Kanye. My partner Ben's father has been debanked.

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Really? We had an employee. For what?

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For having the wrong politics. For saying unacceptable things.

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Under current banking regulations, okay, here's a great thing.

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Under current banking regulations, after all the reforms of the last 20 years,

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there's now a category called a politically exposed person.

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PEP. And if you are a pep, you are required by financial regulators to kick them out of your bank.

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What? You're not allowed to have them. What if you're politically on the left? That's fine.

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All right. So Mark goes on to explain why any of this works in a country with

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free speech, in a country where you're supposed to be able to start a legal

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business and operate that local business.

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This is where the government and the companies get intertwined.

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Back to your fascism point, which is there's a constitutional amendment that

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says the government can't restrict your speech. But there's no constitutional

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amendment that says the government can't debank you, right?

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And so if they can't do the one thing, they do the other thing.

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And then they don't have to debank you. They just have to put pressure on the

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private company banks to do it.

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And then the private company banks do it because they're expected to.

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But the government gets to say, we didn't do it.

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It was the private company that did it. And of course, JP Morgan can decide

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who they want to have as customers. Of course, right? It's their private company.

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And so it's this sleight of hand that happens.

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So it's basically, it's a privatized sanctions regime that lets bureaucrats

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do to American citizens the same thing that we do to Iran.

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Whoa. Kick you out of the financial system. And so this has been happening to

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all the crypto entrepreneurs in the last four years.

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This has been happening to a lot of the fintech entrepreneurs.

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Is anybody trying to start any kind of new banking service because they're trying

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to protect the big banks.

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And then this has been happening, by the way, also in legal fields of economic

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activity that they don't like.

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So this is Operation Chokepoint 2.0. And you kind of have to understand how

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00:14:26,997 --> 00:14:29,497
1.0 came along to understand why this is 2.0.

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So a lot of this started about 15 years ago with this thing called Operation

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Chokepoint, where they decided to, as marijuana started to become legal,

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as prostitution started to become legal, and then guns, which there's always a fight about.

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Under the Obama administration, They started to debank legal marijuana businesses.

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Escort businesses, and then gun shops, just like your gun manufacturers.

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And just like you're done, you're out of the banking system.

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And so if you're running a medical marijuana dispensary in 2012, like you, guess what?

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You're doing your business all in cash because you literally can't get a bank

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account. You can't get a visa terminal.

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You can't process transactions. You can't do payroll. You can't do direct deposit.

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You can't get insurance.

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Like none of that stuff is, you've been sanctioned, right? None of that stuff

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is available. And then this administration extended that concept to apply it

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to tech founders, crypto founders, and then just generally political opponents.

246
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God. Yeah. So that's been, like, super pernicious. I wasn't aware of that. Oh, 100%.

247
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So it was Operation Shortpoint 1.0 was 15 years ago against the pot and the guns.

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Shortpoint 2.0 is primarily against their political enemies and then to their

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disfavored tech startups.

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And it's hit the tech world. Like, we've had, like, 30 founders debanked in

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the last four years. Real? Yeah, yeah, yeah. Yeah, it's been a big recurring pattern.

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30. This is one of the reasons why we ended up supporting Trump.

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It's like we just can't live in this world. We can't live in a world where somebody

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starts a company that's a completely legal thing, and then they literally get

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sanctioned and embargoed by the United States government through a completely

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unaccountable... By the way, no due process. None of this is written down.

257
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There's no rules. There's no court.

258
00:16:03,317 --> 00:16:07,597
There's no decision process. There's no appeal. Who do you appeal to?

259
00:16:07,597 --> 00:16:10,737
Right. Like, who do you go to to get your bank account back?

260
00:16:10,957 --> 00:16:16,217
So this is why the crypto industry became such a huge lobbying force.

261
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They had to push back against this. It was existential for them.

262
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And this kind of stuff impacted Bitcoiners every single day.

263
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Even right now today, it's impacting Bitcoiners. Look at Albie.

264
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Albie had a wonderful custodial service going. And then they got spooked by

265
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all of the enforcement via legal action. and decided to hard pivot.

266
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Before they got in trouble because they just didn't know.

267
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They're a U.S. company and they just didn't know. And so they pivoted to Albi

268
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Hub, which is a great product.

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It's very strong, but it doesn't offer the ease and convenience that a custodian service did.

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I think for the long term, people are better off being self-hosting.

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But there is a space in the market for users that just want to boost a podcast

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to have something a little simpler.

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And Albi had to run away from that market because they just didn't know what

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was going to happen. If somebody was going to come for them,

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if they, as Mark puts it, would end up in the eye of Sauron.

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Now, I'm not a big Mark fan. You know, I think their company has backed a lot of crap.

277
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But he definitely was boots on the ground for Operation Chokepoint 2.0.

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So the man has standing in the space.

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So I wanted to capture that on the show so we have that.

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Now, let's talk about one of the potentially most bullish things for Bitcoin in 2025.

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And that is the Bitcoin Strategic Reserve. And as you'll no doubt recall from

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previous coverage, Senator Lummis is the one that's really heading this up.

283
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She swung by Fox Business to talk about how she feels things are going.

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And it sounds like she thinks they're going pretty well.

285
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She talks a little bit about Trump's cabinet coming together,

286
00:17:54,347 --> 00:17:59,607
which she believes is going to bring to fruition this Bitcoin reserve bill.

287
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Things that President Trump raised during his campaign. And he seems to be assembling

288
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a very pro-Bitcoin cabinet.

289
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His leadership understand the assets, not only just Bitcoin,

290
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but other digital assets and the opportunities for blockchain.

291
00:18:16,207 --> 00:18:21,187
And it then moves into the whole AI culture as well.

292
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So I see these things as being part and parcel of creating a 21st century economy

293
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that has its anchor in the United States.

294
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I think it's interesting that they're wrapping in AI, you know,

295
00:18:35,227 --> 00:18:36,907
I guess ride that hype train, baby.

296
00:18:37,207 --> 00:18:41,667
Right? I don't know. I don't know. But she also stopped by, that was Fox Business,

297
00:18:41,827 --> 00:18:46,667
she also stopped by CNBC to keep the momentum going the same day, I believe, too.

298
00:18:47,067 --> 00:18:51,527
We got off the gold standard a long time ago. My question is how much you would

299
00:18:51,527 --> 00:18:55,827
spend tax dollars at a time when we're talking about trying to reduce costs,

300
00:18:56,047 --> 00:19:00,167
how much would you spend on Bitcoin as part of this reserve?

301
00:19:01,139 --> 00:19:07,099
We wouldn't have to spend any new dollars. We have reserves at our 12 federal

302
00:19:07,099 --> 00:19:14,179
reserve banks, including gold certificates that could be converted to current fair market value.

303
00:19:14,179 --> 00:19:21,139
They're held at their 1970s value on the books and then sell them into Bitcoin.

304
00:19:21,519 --> 00:19:26,999
That way, we wouldn't have to use any new dollars in order to establish this reserve.

305
00:19:26,999 --> 00:19:33,019
The United States already holds over 200,000 Bitcoin in the asset forfeiture

306
00:19:33,019 --> 00:19:37,219
funds. So that would be the initial source of Bitcoin.

307
00:19:37,399 --> 00:19:40,279
So no new money spent on this reserve.

308
00:19:43,759 --> 00:19:48,959
All right. All right. There you go. Sell the gold. Buy the Bitcoin.

309
00:19:51,099 --> 00:19:55,399
I bet the gold bugs just love that. I bet they just love that.

310
00:19:56,999 --> 00:20:02,019
Brazilian lawmakers have proposed an $18 billion Bitcoin reserve in Brazil,

311
00:20:02,259 --> 00:20:04,199
which would be about 180,000 Bitcoin.

312
00:20:04,799 --> 00:20:07,199
So it seems like they're hungry over there as well.

313
00:20:08,019 --> 00:20:14,399
The city of Vancouver just announced a proposal for a Bitcoin reserve.

314
00:20:15,219 --> 00:20:19,539
States, up to three, are rumored in the next few weeks in the United States

315
00:20:19,539 --> 00:20:22,799
to announce proposals for Bitcoin reserves.

316
00:20:23,139 --> 00:20:27,419
Are you understanding how bullish this is? Are you getting this?

317
00:20:27,599 --> 00:20:31,819
And then you combine all of this now with we've gone from the Chokepoint 2.0

318
00:20:31,819 --> 00:20:35,999
administration to an extremely crypto friendly administration,

319
00:20:35,999 --> 00:20:38,379
in part because they're pumping their own bags. I admit it.

320
00:20:38,559 --> 00:20:43,299
They're pumping their own bags. And it seems that they are really considering

321
00:20:43,299 --> 00:20:46,359
how to best set up the crypto industry to perform well.

322
00:20:46,779 --> 00:20:53,559
And there is rumor that they may move all crypto administration under the commodities

323
00:20:53,559 --> 00:20:56,019
and exchange group, the CFTC.

324
00:20:56,962 --> 00:21:01,422
Which is very, very, very light touch compared to the SEC.

325
00:21:02,602 --> 00:21:07,722
CFTC is much more kind of like do something and ask for forgiveness later,

326
00:21:07,722 --> 00:21:12,222
where the SEC is very much an active enforcement agency with a much larger legal branch.

327
00:21:12,922 --> 00:21:17,642
And that, to me, would be very, very good for all of crypto.

328
00:21:17,642 --> 00:21:22,502
I don't know if it really affects Bitcoin much, but here's the quote from Fox Business.

329
00:21:22,622 --> 00:21:25,242
Trump's may shift Bitcoin regulation to the CFTC.

330
00:21:25,462 --> 00:21:28,802
According to Fox Business, again, I don't have any other source than this,

331
00:21:28,862 --> 00:21:32,622
the Commodity Futures Trading Commission may expand its role to regulate cryptocurrency

332
00:21:32,622 --> 00:21:37,322
exchanges and spot market handling for digital assets, even those classified

333
00:21:37,322 --> 00:21:40,202
as securities right now, and move all of them over as commodities.

334
00:21:40,882 --> 00:21:46,242
That's possible. The former CFTC head has also been floated as becoming a new

335
00:21:46,242 --> 00:21:50,962
position in Trump's cabinet called the Crypto Czar. So it could happen.

336
00:21:51,522 --> 00:21:55,062
And again like i said last week i think it's i think mostly that's good news

337
00:21:55,062 --> 00:22:01,242
for all of the shit coins but it does also bear well for bitcoin as well so

338
00:22:01,242 --> 00:22:05,062
this all seems like it's setting up pretty well so what are you going to do

339
00:22:05,062 --> 00:22:09,322
pleb would bitcoin reaches three hundred thousand dollars,

340
00:22:09,962 --> 00:22:14,062
are you going to sell are you going to profit take like everybody who bought around 50 just did,

341
00:22:14,886 --> 00:22:17,246
You know, they held on to it for a few months and then they sold,

342
00:22:17,426 --> 00:22:19,626
but they doubled in some of their profits.

343
00:22:20,266 --> 00:22:25,026
So what are you going to do? I'm asking you, where do you start taking profits?

344
00:22:26,846 --> 00:22:33,026
And I would like you to consider an alternative option. I've got no skin in this game.

345
00:22:33,566 --> 00:22:40,026
But mark my words, there is a category in Bitcoin that is about to explode over the next year.

346
00:22:40,586 --> 00:22:44,626
And it may mean you don't have to sell your stack to get access to its value.

347
00:22:45,846 --> 00:22:52,206
Now, this is a very interesting interview. Andrew Hahn stopped by CNBC and just

348
00:22:52,206 --> 00:22:53,926
listened to them fall over themselves,

349
00:22:54,126 --> 00:23:01,186
trying to just wrap their old, ossified brains around what this company is doing.

350
00:23:01,186 --> 00:23:05,086
They are integrating Bitcoin into commercial real estate loans,

351
00:23:05,086 --> 00:23:06,926
and they just don't get it.

352
00:23:07,026 --> 00:23:12,286
And it's brilliant. And I'm really excited to announce today on Squawk Box this

353
00:23:12,286 --> 00:23:13,606
loan that we've just completed.

354
00:23:13,846 --> 00:23:19,706
We combined a seasoned multifamily asset in Philadelphia, about 50 meters away

355
00:23:19,706 --> 00:23:23,606
from the first bank of the United States, the one that Alexander Hamilton started.

356
00:23:23,606 --> 00:23:29,806
We combine that asset with around 20 Bitcoin, and we provide it alone to refinance

357
00:23:29,806 --> 00:23:35,026
the existing mortgage on the property to provide the asset sponsor some funding

358
00:23:35,026 --> 00:23:38,586
for capital improvements and with the remainder to buy the 20 Bitcoin.

359
00:23:38,826 --> 00:23:41,186
OK, we got to go backwards. Go ahead. You got to go backwards.

360
00:23:41,506 --> 00:23:44,706
We're just going to slow the whole thing down. Everybody understands what happened.

361
00:23:44,926 --> 00:23:49,246
OK, so there's a property. Yep. Physical property. Multifamily. Multifamily.

362
00:23:49,646 --> 00:23:54,326
63 units. It's a multifamily property. the sponsor, effectively the owner of

363
00:23:54,326 --> 00:23:59,006
that property needs a loan that's right okay, they come to you that's right

364
00:23:59,006 --> 00:24:01,926
okay, you say we'll provide you the loan.

365
00:24:02,553 --> 00:24:07,013
In the form of? A loan. A classic loan. That's right. Okay.

366
00:24:07,273 --> 00:24:10,833
So you're going to give them cash. That's right. Term financing. Term financing.

367
00:24:11,133 --> 00:24:14,393
And how long is the loan? Ten years. Ten year loan. Okay. That's right.

368
00:24:14,613 --> 00:24:16,013
Above market rate or below?

369
00:24:16,293 --> 00:24:18,573
No market rate interest rate. I'm just trying to slow the whole thing.

370
00:24:18,653 --> 00:24:22,393
Okay. Now let's introduce the Bitcoin piece into it. That's right. So no, no.

371
00:24:22,633 --> 00:24:25,073
Explain how the Bitcoin piece then relates.

372
00:24:25,313 --> 00:24:29,773
So the loan has been provided. The use of proceeds is to pay off the existing financing.

373
00:24:30,213 --> 00:24:34,713
The use of the proceeds. Of the loan. Of the loan. Just to retire the existing mortgage.

374
00:24:34,913 --> 00:24:37,973
Right. So it's an old mortgage. Gone. They're going to pay the old mortgage

375
00:24:37,973 --> 00:24:39,213
off. It's been paid off. Okay.

376
00:24:39,473 --> 00:24:42,853
Now they have a little bit extra money to make some improvements in the property.

377
00:24:43,073 --> 00:24:47,393
Right. So a little bit extra cash. So the amount of money you've lent pays off

378
00:24:47,393 --> 00:24:48,413
the old loan. That's right.

379
00:24:48,833 --> 00:24:53,153
It's also, you have a little bit extra to fix stuff up. Improve the property,

380
00:24:53,273 --> 00:24:56,233
fix stuff up. Yep. And then with the remainder, which is a little bit more.

381
00:24:56,573 --> 00:25:00,193
A little extra, an extra turn. And that, instead of cash out,

382
00:25:00,753 --> 00:25:02,853
it's Bitcoin in. and we use it

383
00:25:02,853 --> 00:25:06,693
to purchase some Bitcoin and add it to the collateral package of the loan.

384
00:25:07,013 --> 00:25:13,613
So now our loan is supported by both the traditional asset, the 63-unit apartment

385
00:25:13,613 --> 00:25:15,093
building, and the Bitcoin.

386
00:25:15,413 --> 00:25:18,853
So this is why, and they don't get it, they will roll right over it.

387
00:25:19,293 --> 00:25:21,053
This is why it's so great for the lender.

388
00:25:21,673 --> 00:25:24,593
It's also, it's kind of great for the lendee as well.

389
00:25:25,313 --> 00:25:29,673
If something goes wrong and you can't make your mortgage payment,

390
00:25:29,893 --> 00:25:30,853
let's just call it a mortgage payment.

391
00:25:32,107 --> 00:25:35,287
They don't have to go through, they, the lender, don't have to go through all

392
00:25:35,287 --> 00:25:40,187
the rigmarole of going out, assessing the property, repairing damage,

393
00:25:40,687 --> 00:25:43,207
deciding if they want to try to put it on the market, what they're going to

394
00:25:43,207 --> 00:25:45,527
do, if they're going to re-underwrite it.

395
00:25:46,427 --> 00:25:50,727
That is, if you've ever been involved in this process or watched anybody involved

396
00:25:50,727 --> 00:25:53,367
in the process, that can be a six to nine month process.

397
00:25:53,907 --> 00:25:56,467
Just that part before they even begin to reclaim their money.

398
00:25:57,187 --> 00:26:04,007
But with Bitcoin, they can do a margin call. They have a provable scarce asset

399
00:26:04,007 --> 00:26:06,087
that they have the wallet address to.

400
00:26:06,327 --> 00:26:12,247
They can always verify its existence, and they can margin call it whenever the terms decree.

401
00:26:12,527 --> 00:26:15,767
So if the terms say you have 48 hours to make good on your loan,

402
00:26:15,867 --> 00:26:18,327
then you don't do it. They just pull the value out of the Bitcoin.

403
00:26:18,807 --> 00:26:22,767
The Bitcoin was bought with the loan, so as a consumer, you're not out anything

404
00:26:22,767 --> 00:26:27,107
directly, and your loan's balanced out. It reduces risk for the lender,

405
00:26:27,107 --> 00:26:30,467
and it covers gaps for the lendee when they can't pay.

406
00:26:31,007 --> 00:26:36,887
It's brilliant, especially on a four-year timescale where no one has ever lost

407
00:26:36,887 --> 00:26:39,087
money on Bitcoin in the history of Bitcoin.

408
00:26:39,467 --> 00:26:43,947
It's actually really clever, and CNBC will miss it. Bitcoin and add it to the

409
00:26:43,947 --> 00:26:45,487
collateral package of the loan.

410
00:26:45,887 --> 00:26:52,407
So now our loan is supported by both the traditional asset, the 63-unit apartment

411
00:26:52,407 --> 00:26:54,327
building, and the Bitcoin. Okay.

412
00:26:54,727 --> 00:26:58,587
The loan, it was maybe $2 million more. So that's how you get the Bitcoin out.

413
00:26:58,787 --> 00:27:01,247
Exactly. Exactly right. On the assumption that the Bitcoin is going to rise

414
00:27:01,247 --> 00:27:04,687
faster and that will become an asset. Over the life of the loan, for sure.

415
00:27:04,927 --> 00:27:08,347
Yeah. Do you think maybe? Do you think maybe the Bitcoin might rise faster?

416
00:27:08,547 --> 00:27:11,727
Maybe over the life of that loan? Yeah. So we think on the downside,

417
00:27:11,747 --> 00:27:15,367
this provides us with much better protection compared to a traditional lender.

418
00:27:15,547 --> 00:27:19,067
Because a traditional lender, if something goes wrong, they have to recover

419
00:27:19,067 --> 00:27:22,187
against that particular building, which is idiosyncratic risk.

420
00:27:22,187 --> 00:27:25,067
Something might happen with the maintenance or what have you.

421
00:27:25,527 --> 00:27:26,987
You see, they just miss it right there.

422
00:27:27,547 --> 00:27:29,307
That was the brilliance of it.

423
00:27:30,118 --> 00:27:36,738
Commercial real estate is a shitcoin. Bitcoin is superior. Bitcoin doesn't require maintenance.

424
00:27:37,138 --> 00:27:41,598
Bitcoin doesn't have property taxes. Bitcoin doesn't have tenants that flood a floor.

425
00:27:42,018 --> 00:27:44,898
Bitcoin doesn't accidentally have the house burned down.

426
00:27:45,278 --> 00:27:51,698
It is a safer, superior asset. It's once banks realize this, it is game on.

427
00:27:51,878 --> 00:27:56,598
And the CNBC panel here, right over their head. Better protection compared to a traditional lender.

428
00:27:56,798 --> 00:28:00,298
Because a traditional lender, if something goes wrong, they have to recover

429
00:28:00,298 --> 00:28:03,418
against that particular building, which is idiosyncratic risk.

430
00:28:03,578 --> 00:28:06,238
Something might happen with the maintenance or what have you.

431
00:28:06,498 --> 00:28:10,418
Because Bitcoin is so low risk, it is verifiable.

432
00:28:10,818 --> 00:28:14,598
There could be a multi-sig setup like Unchain does where you have a key,

433
00:28:15,018 --> 00:28:17,018
the lender has a key, and a third party has a key.

434
00:28:17,158 --> 00:28:20,538
And if you can't make your loan, they can margin call you.

435
00:28:20,698 --> 00:28:25,358
That makes their risk very low, which means once all of this is normalized,

436
00:28:26,098 --> 00:28:27,738
the interest rates will be low.

437
00:28:28,098 --> 00:28:31,718
Because the interest rates are a part, in fact, a factor of the interest rate

438
00:28:31,718 --> 00:28:33,818
is the risk that the lender is taking on.

439
00:28:34,278 --> 00:28:39,538
But when you have a provable scarce asset that they have digital access to programmatically.

440
00:28:40,462 --> 00:28:43,942
That could be margin called with just, you know, a click of a button.

441
00:28:44,542 --> 00:28:48,642
That makes their risk a lot, lot less, which means the interest rates can be lower.

442
00:28:48,762 --> 00:28:52,842
And what that means for you is you can get access to more credit,

443
00:28:53,222 --> 00:28:58,282
to more lending, without having to have the credit, without having to have a

444
00:28:58,282 --> 00:29:03,222
great credit score, without having to have gold or a house, but just Bitcoin,

445
00:29:03,622 --> 00:29:05,262
just by stacking sats.

446
00:29:05,702 --> 00:29:11,842
You have a good asset that they could use as collateral. It requires conviction

447
00:29:11,842 --> 00:29:19,142
on your end that Bitcoin is not a volatile asset over time. Over time.

448
00:29:19,342 --> 00:29:22,862
And that is either going to go up or at least stay where it is.

449
00:29:23,042 --> 00:29:28,382
Well, that's by fusing the Bitcoin with credit and by fusing it with traditionally

450
00:29:28,382 --> 00:29:33,882
financeable assets, it gives us the luxury of expressing that medium term view on Bitcoin.

451
00:29:34,022 --> 00:29:36,242
And that's what's key. It's volatile in the short run.

452
00:29:36,442 --> 00:29:40,102
You know, I mean, minute by minute today, who knows? it could cross $100,000.

453
00:29:40,202 --> 00:29:41,542
That would be exciting. How long is the loan?

454
00:29:42,022 --> 00:29:46,242
Ten years. Ten years. And the minimum hold period for the Bitcoin is four years.

455
00:29:46,382 --> 00:29:50,502
So what we say to the borrower is we say, look, you can repay the loan at any

456
00:29:50,502 --> 00:29:54,642
time for any reason with no penalty, which is a really valuable feature compared

457
00:29:54,642 --> 00:29:57,222
to a traditional loan. Yeah, that's like a home mortgage.

458
00:29:57,422 --> 00:30:00,342
Like a home mortgage almost. That's very unusual for commercial financing.

459
00:30:00,622 --> 00:30:04,742
But what we do say is that to the extent that the loan is repaid at year four

460
00:30:04,742 --> 00:30:09,682
or earlier, will release the property, but the minimum length of time that the

461
00:30:09,682 --> 00:30:12,042
Bitcoin has to stay in escrow is four years.

462
00:30:12,202 --> 00:30:14,922
Mark my words, this is going to be a massive industry.

463
00:30:15,642 --> 00:30:19,742
And here's my question to you. At what point are you going to take profits?

464
00:30:20,342 --> 00:30:24,802
Boost in and tell me. And if you're going to sell some Bitcoin.

465
00:30:25,682 --> 00:30:29,362
Why wouldn't you just take out a Bitcoin-backed loan? There's no credit check.

466
00:30:29,962 --> 00:30:35,682
Worst case, Bitcoin dips hard, and you get margin called, and then you sell

467
00:30:35,682 --> 00:30:39,622
the Bitcoin that you were already prepared to sell in the first place.

468
00:30:40,302 --> 00:30:45,162
And if the market doesn't take a dramatic dip, you don't have to sell that Bitcoin,

469
00:30:45,322 --> 00:30:47,202
but yet you still get access to some of the value.

470
00:30:48,022 --> 00:30:53,602
And if the market rips while you have the loan, say you took out a loan at $58,000

471
00:30:53,602 --> 00:30:59,082
and now Bitcoin's worth $98,000, well, the gains of your collateral just paid

472
00:30:59,082 --> 00:31:02,702
off the loan or you pay off the loan with fiat and you keep the gains.

473
00:31:03,362 --> 00:31:06,442
So you might not even end up having to sell your Bitcoin in the first place,

474
00:31:06,522 --> 00:31:07,962
but you still get access to the capital.

475
00:31:08,462 --> 00:31:15,482
And a lot of these, you over-collateralize. So you do like, say you want a $5,000 loan.

476
00:31:15,902 --> 00:31:18,842
Well, then you put in $10,000 worth of Bitcoin.

477
00:31:19,282 --> 00:31:23,602
You're over-collateralized, so that way you can absorb some of the price fluctuation.

478
00:31:24,142 --> 00:31:26,002
And you can always add more collateral.

479
00:31:26,702 --> 00:31:30,462
So why wouldn't you just take out a Bitcoin-backed loan.

480
00:31:31,496 --> 00:31:34,976
Over selling your Bitcoin. Because selling your Bitcoin is a taxable event.

481
00:31:35,516 --> 00:31:38,116
But you take a Bitcoin-backed loan, you might not ever have to sell.

482
00:31:38,176 --> 00:31:39,096
You might not get margin called.

483
00:31:39,656 --> 00:31:44,476
So I don't understand why the Bitcoin community is so anti-Bitcoin-backed loans,

484
00:31:44,496 --> 00:31:49,316
because I think it's going to be one of the most incredible financial tools

485
00:31:49,316 --> 00:31:50,576
available to Bitcoiners.

486
00:31:51,156 --> 00:31:57,496
And as you stack your sats, you are giving yourself access to more capital in the future.

487
00:31:58,416 --> 00:32:01,336
And some, like Unchained, you don't have to put all of it in their hands.

488
00:32:01,436 --> 00:32:03,496
Some of them you do, obviously.

489
00:32:04,056 --> 00:32:07,576
But I think this is going to be a market where almost every popular Bitcoin

490
00:32:07,576 --> 00:32:10,136
app just has a lending feature in there.

491
00:32:10,736 --> 00:32:14,216
And you'll send your sats, maybe Unchained or over Lightning,

492
00:32:14,496 --> 00:32:17,936
into the app or into their custodial service, which we'll all advise you is

493
00:32:17,936 --> 00:32:20,756
a bad idea, but that's how it's probably going to work.

494
00:32:21,456 --> 00:32:24,196
They're going to hold your keys for a while, which is probably a bad idea.

495
00:32:24,316 --> 00:32:26,776
But again, why don't you get off your high horse?

496
00:32:26,776 --> 00:32:31,216
You were just about to sell those coins so don't go on and lecture me about

497
00:32:31,216 --> 00:32:34,816
somebody else holding your keys because you were just about to sell your sats

498
00:32:34,816 --> 00:32:39,716
so it's not so bad if you transfer them to the cash app or the strike app or

499
00:32:39,716 --> 00:32:43,876
whatever unchained capital or salt lending whatever it might be because you

500
00:32:43,876 --> 00:32:45,016
were just about to sell them anyways,

501
00:32:45,656 --> 00:32:50,116
I don't recommend it and I think as this goes on this market will become more

502
00:32:50,116 --> 00:32:53,836
competitive and more options that don't require custody will become available.

503
00:32:54,803 --> 00:32:58,423
But we're going to start to see a lot of popular Bitcoin apps offer this functionality.

504
00:32:58,643 --> 00:33:03,043
And I just happened to catch Strike CEO Jack Maulers on a live stream yesterday

505
00:33:03,043 --> 00:33:04,203
or the day before, I can't remember.

506
00:33:04,803 --> 00:33:08,123
And he was asked by the live stream, what do you think about Bitcoin-backed loans?

507
00:33:08,323 --> 00:33:10,803
And he doesn't come right out and say Strike's about to offer this.

508
00:33:10,983 --> 00:33:14,323
But tell me if his answer isn't basically Strike's about to offer this.

509
00:33:14,863 --> 00:33:18,483
What do you think of these collateralized loans with Bitcoin?

510
00:33:19,503 --> 00:33:25,743
I think collateralized loans in Bitcoin are a huge deal. huge deal.

511
00:33:26,043 --> 00:33:33,203
Why do I think that they're so cool? Because listen, Bitcoin is close to $2 trillion market cap.

512
00:33:33,583 --> 00:33:40,983
That is $2 trillion of new wealth, new capital that's been created for people, right?

513
00:33:41,643 --> 00:33:46,743
15 years ago, Bitcoin owners and holders have made $0.

514
00:33:47,383 --> 00:33:53,783
15 years later today, Bitcoin Bitcoin investors, holders, owners have made $2 trillion.

515
00:33:54,463 --> 00:33:58,343
That's a lot of money that people have made that they want access to,

516
00:33:58,563 --> 00:34:01,143
but they don't want to sell the Bitcoin.

517
00:34:01,483 --> 00:34:05,063
How do you get access to the wealth without selling the Bitcoin?

518
00:34:05,343 --> 00:34:10,023
You get a loan. And that's the same thing in other assets too.

519
00:34:10,283 --> 00:34:14,583
How do you get access to the wealth of your home without selling your house?

520
00:34:15,063 --> 00:34:19,923
Let's say, for example, I wanted access to this house and its wealth,

521
00:34:19,943 --> 00:34:23,243
but I also need to sleep in it. What would I do?

522
00:34:23,483 --> 00:34:26,223
I would get a mortgage. I would get a loan.

523
00:34:26,743 --> 00:34:31,003
So I think Bitcoin backed lending is huge. Now it's volatile.

524
00:34:31,263 --> 00:34:33,463
So you have to be responsible.

525
00:34:33,723 --> 00:34:36,103
You have to be an adult. You have to do math.

526
00:34:36,763 --> 00:34:41,083
Do not do it irresponsibly. Make sure that it's with an institution that you

527
00:34:41,083 --> 00:34:45,523
trust. Let's not be hypothecating all of those normal checks and balances.

528
00:34:45,743 --> 00:34:50,183
But I think Bitcoin lending is massive because everyone wants to hold Bitcoin.

529
00:34:50,403 --> 00:34:53,263
The number one rule, Saylor said, never sell your Bitcoin.

530
00:34:54,371 --> 00:34:56,691
But you got to get access to the wealth because there's a lot of new wealth

531
00:34:56,691 --> 00:34:58,251
created and people want access to it.

532
00:34:58,651 --> 00:35:04,091
So I'll ask you this. Why would you not get a Bitcoin backed loan over selling your sats?

533
00:35:04,591 --> 00:35:09,531
I just don't understand it. Like I cannot conceive of the scenario where selling

534
00:35:09,531 --> 00:35:12,831
your sats is outright better than getting a Bitcoin backed loan.

535
00:35:13,011 --> 00:35:16,351
And I'll take this a step further. I actually put some skin in the game here.

536
00:35:16,811 --> 00:35:21,111
I have a couple of different repairs across a couple of different vehicles that

537
00:35:21,111 --> 00:35:27,911
I need to get done. And so when Bitcoin was $57,000, I took out a $5,000 loan

538
00:35:27,911 --> 00:35:30,951
against my Bitcoin, just a small portion of my Bitcoin.

539
00:35:31,411 --> 00:35:36,271
And now Bitcoin's worth $98,000 or around 95 as I record.

540
00:35:36,631 --> 00:35:39,991
I could basically pay off that entire loan with my collateral.

541
00:35:40,151 --> 00:35:43,411
Now, I don't sell my SATs, so I'll pay it off with fiat.

542
00:35:43,651 --> 00:35:48,971
But I'm using the SALT lending platform simply because they have a feature that I think is kind of nice.

543
00:35:48,971 --> 00:35:53,631
And I don't think they're the end all yet, but there's just not a lot of options

544
00:35:53,631 --> 00:35:57,491
for Bitcoiners because things like Unchained Capital, they have a minimum of

545
00:35:57,491 --> 00:35:59,571
like $100,000 loan for a small business.

546
00:36:00,251 --> 00:36:02,731
And I'm not sure if they even offer something for personal anymore,

547
00:36:02,731 --> 00:36:06,471
where salt lending is like $5,000, I think is the minimum, maybe $1,000.

548
00:36:06,471 --> 00:36:10,571
And they have a feature in there where if the Bitcoin price does start to crash,

549
00:36:10,891 --> 00:36:16,251
they can swap your Bitcoin over to Stablecoin, hold it in Stablecoin during

550
00:36:16,251 --> 00:36:19,451
the price dip, and then move it back into Bitcoin when the price starts to go

551
00:36:19,451 --> 00:36:21,251
up again, preventing a margin call.

552
00:36:21,651 --> 00:36:26,691
That's a brilliant idea. You also can load some Stablecoins into your wallet over there.

553
00:36:27,211 --> 00:36:31,411
And if there is a need to top off, it can pull from the Stablecoins instead

554
00:36:31,411 --> 00:36:34,371
of pulling from your Bitcoin collateral. That's also pretty brilliant.

555
00:36:34,851 --> 00:36:37,611
And they have a nice app that helps you manage where you're at with everything.

556
00:36:37,871 --> 00:36:41,171
So I'm experimenting with this so that way I can put my money where my mouth

557
00:36:41,171 --> 00:36:42,971
is because I needed access to some of that capital.

558
00:36:43,111 --> 00:36:47,551
I had cars to fix and I'm not going to sell my Bitcoin to fix a depreciating

559
00:36:47,551 --> 00:36:48,651
asset. That's ridiculous.

560
00:36:49,351 --> 00:36:55,111
But I might take a little bit of a tiny loan against my overall stash to get that stuff done.

561
00:36:56,051 --> 00:37:00,231
Now, had I taken that loan out at $57,000 and the price crashed,

562
00:37:00,491 --> 00:37:02,351
well, I would have had to put more collateral down.

563
00:37:03,791 --> 00:37:06,351
But following the trends like I do and this is one of the, I think,

564
00:37:06,471 --> 00:37:09,911
I hope one of the benefits you get from this show is the analysis,

565
00:37:10,831 --> 00:37:15,331
following the analysis that I do for this show my analysis was quite simply

566
00:37:15,751 --> 00:37:20,691
that Bitcoin was about to rip and that if I took out a loan around $57,000, $58,000,

567
00:37:21,311 --> 00:37:25,531
I would very likely end up doubling the value of that Bitcoin before I needed

568
00:37:25,531 --> 00:37:30,711
to pay off the loan and I already have I'm only a couple of months into it because you can do the math,

569
00:37:31,668 --> 00:37:34,668
And I've already, essentially, with collateral, paid off the loan.

570
00:37:34,748 --> 00:37:36,548
I have not cashed out that collateral.

571
00:37:37,388 --> 00:37:41,288
But to me, that was just a no-brainer as opposed to cashing out at $58,000.

572
00:37:42,108 --> 00:37:45,368
How much would that suck right now if I had cashed out at $58,000?

573
00:37:45,648 --> 00:37:47,508
And I'm sitting here looking at $95,000 Bitcoin.

574
00:37:48,168 --> 00:37:52,168
I still have that Bitcoin. And I have access to a little bit of cash.

575
00:37:52,828 --> 00:37:56,348
So again, why would you sell sats when you could take out a loan?

576
00:37:57,068 --> 00:38:00,308
Boost it and tell me your thoughts on this. I'm looking for somebody to kind

577
00:38:00,308 --> 00:38:04,228
of, I don't know, check me on this and see what I'm missing because it just

578
00:38:04,228 --> 00:38:08,328
seems like this is going to be a massive product offering in the future when

579
00:38:08,328 --> 00:38:10,128
you have a pristine asset like Bitcoin.

580
00:38:10,708 --> 00:38:15,088
And even with the services that are available today, like salt lending, it's pretty nice.

581
00:38:15,348 --> 00:38:19,048
I can get an ACH transfer into a bank account or I can get it in Stablecoin,

582
00:38:19,148 --> 00:38:20,388
whichever I prefer to work with.

583
00:38:21,048 --> 00:38:23,368
And then you pay it off with Stablecoin or your collateral.

584
00:38:24,808 --> 00:38:27,828
That just like and you can you imagine when strike when

585
00:38:27,828 --> 00:38:31,988
you open up the strike app and one of just the buttons one of the tiles is just

586
00:38:31,988 --> 00:38:37,028
get a loan and the loan isn't based on your credit score but it's based on your

587
00:38:37,028 --> 00:38:41,388
bitcoin balance there's nothing more fair than that that's as fair as a market

588
00:38:41,388 --> 00:38:45,288
gets tell me what you think what am i getting wrong or maybe i'm getting it

589
00:38:45,288 --> 00:38:46,548
right boost it and let me know.

590
00:38:46,320 --> 00:38:59,440
Music.

591
00:38:59,388 --> 00:39:04,048
All right, coming up on the show, your boosts, of course, a important legal

592
00:39:04,048 --> 00:39:08,108
fight update, massive win, some project updates that you definitely need to

593
00:39:08,108 --> 00:39:11,588
know about, and a final clip of the week that's just a little bit of a victory lap.

594
00:39:11,848 --> 00:39:15,388
So before we go any further, I'd like you to know that I have some affiliate

595
00:39:15,388 --> 00:39:18,088
links in the show notes. I have no official relationship with these companies.

596
00:39:18,608 --> 00:39:21,288
They're just companies I use. I think they have the best services.

597
00:39:21,548 --> 00:39:23,308
And if you use my links, you support the show.

598
00:39:23,428 --> 00:39:28,628
Number one, if you're in the U.S. and you want to stack sats with no drama, no risk, use River.

599
00:39:29,188 --> 00:39:32,608
They've got proof of reserves. You can check yourself. They've got a brilliant interface.

600
00:39:32,808 --> 00:39:35,328
They are a Bitcoin-only company that manages their own reserve.

601
00:39:35,788 --> 00:39:37,228
And they let you withdraw over Lightning.

602
00:39:37,868 --> 00:39:41,088
Great interface, too, for DCA. That's River. I'll have a link in the show notes.

603
00:39:42,188 --> 00:39:46,288
If you want to spend your sats thebitcoincompany.com this

604
00:39:46,288 --> 00:39:49,348
is a great way to get like an amazon gift card for christmas purchases and

605
00:39:49,348 --> 00:39:52,028
you get sats back and the show gets sats back use the

606
00:39:52,028 --> 00:39:55,588
promo code jupiter or use the link in the show notes that's thebitcoincompany.com

607
00:39:55,588 --> 00:40:00,308
i also pay all my bills with fold the fold card gives you sats back when you

608
00:40:00,308 --> 00:40:03,108
pay your bills it's like a bank account that gives you sats instead of points

609
00:40:03,108 --> 00:40:07,348
i got a link to fold and you may check i may put a link to salt lending in there

610
00:40:07,348 --> 00:40:11,428
too i've been liking what they offer so check out the affiliate links at the top of the show.

611
00:40:11,508 --> 00:40:14,208
It's a great way to support the show. Of course, you can also boost.

612
00:40:14,160 --> 00:40:22,640
Music.

613
00:40:23,406 --> 00:40:28,526
And we do have some great boosts this week, and our first baller boost is from

614
00:40:28,526 --> 00:40:34,446
Indigo Eagle, 85,333 sats. Hey, rich lobster!

615
00:40:36,426 --> 00:40:40,686
Oh! He says, this is the first MSTR breakdown that makes sense.

616
00:40:40,886 --> 00:40:42,986
Thank you very much for that signal.

617
00:40:44,746 --> 00:40:48,926
Well, Mr. Eagle, thank you very much for that boost. I really appreciate it,

618
00:40:48,966 --> 00:40:54,906
and I'm glad that the MSTR breakdown makes sense. I wasn't totally sure, to tell you the truth.

619
00:40:55,666 --> 00:40:59,366
SatSquatch is back with 65,000 sats. All systems are functional.

620
00:41:00,066 --> 00:41:03,346
Another thought-provoking adventure in Bitcoin land. Great clips and insights.

621
00:41:03,526 --> 00:41:05,686
Thanks for the great inside track into Sailor.

622
00:41:06,106 --> 00:41:09,106
Well, SatSquatch, thank you very much for supporting the show.

623
00:41:09,246 --> 00:41:12,806
Banks are Ponzi schemes run by morons. It's nice to hear from you.

624
00:41:13,346 --> 00:41:16,926
We got 50,000 sats from user 3833.

625
00:41:17,186 --> 00:41:21,206
You gotta set your profile in Fountain. Oh, my God, this drawer is filled with

626
00:41:21,206 --> 00:41:24,146
fruit loops. And he sends us a big old row of ducks.

627
00:41:23,760 --> 00:41:29,200
Music.

628
00:41:30,746 --> 00:41:36,206
Thank you very much, user 38. I don't know who you are, but I appreciate the value.

629
00:41:36,666 --> 00:41:40,726
Bobby Pin comes in with 10,000 sats. It's over 9,000!

630
00:41:41,006 --> 00:41:44,186
He sent some value to our artist. Thank you very much. And then he says,

631
00:41:44,266 --> 00:41:48,606
I'm realizing I might need to listen to these episodes twice to get all the information.

632
00:41:49,146 --> 00:41:50,706
So enjoy the double sat stream.

633
00:41:52,566 --> 00:41:56,286
Hey, that's a perk. Hey, maybe there you go, podcasters.

634
00:41:59,548 --> 00:42:03,728
It's a business model. Sometimes my genius is, it's almost frightening.

635
00:42:03,908 --> 00:42:06,948
Make the show so complicated they gotta listen twice and get double the sat

636
00:42:06,948 --> 00:42:08,568
stream. Should have thought of it sooner.

637
00:42:10,908 --> 00:42:14,408
Thank you for the boost. Really appreciate it, Bobby Penn. Ace Ackerman's back

638
00:42:14,408 --> 00:42:17,948
with a row of ducks. And he just says, boost!

639
00:42:19,148 --> 00:42:24,868
Thank you, Ace. Nice to hear from you. Northland HODL is here with 2,121 sats.

640
00:42:25,048 --> 00:42:27,928
You know what? I think somebody put some weird odds on this one.

641
00:42:28,008 --> 00:42:30,728
Never tell me the odds. Yeah. You got to be careful because you'll end up with

642
00:42:30,728 --> 00:42:31,748
Froot Loops in your drawer.

643
00:42:32,068 --> 00:42:36,368
Oh my God, this drawer is filled with Froot Loops. And Northern Hoddle says,

644
00:42:36,588 --> 00:42:38,928
Moscow time, 9.99 incoming.

645
00:42:39,408 --> 00:42:41,888
Thanks for the work. What does that mean?

646
00:42:43,348 --> 00:42:46,988
Are you from Moscow? That would be awesome. I don't think I've ever heard from

647
00:42:46,988 --> 00:42:50,008
a listener in Russia. If you're listening in Russia, please let me know.

648
00:42:50,828 --> 00:42:53,508
But thank you, Hoddle. It's great to hear from you. If you are,

649
00:42:53,648 --> 00:42:56,368
even if you aren't in Russia, I mean, if you are, I'm going to be like extra

650
00:42:56,368 --> 00:42:57,948
impressed. But even if you're not, I still like you.

651
00:42:58,748 --> 00:43:00,728
Chatty Mike comes in with 6,000 sats.

652
00:43:01,808 --> 00:43:05,088
I love the idea of the Bitcoin reserve. We squandered our oil reserve in the

653
00:43:05,088 --> 00:43:07,188
UK, and it seems sensible.

654
00:43:07,688 --> 00:43:11,308
A long-term policy to invest and keep debt down for future generations.

655
00:43:11,308 --> 00:43:16,368
I hope you guys get it, but I worry about vested interest spiking it.

656
00:43:16,708 --> 00:43:22,828
I'm stacking and cracking, but looking for alternatives. I wish the UK was as pro-Bitcoin as the US.

657
00:43:23,408 --> 00:43:26,668
Maybe we will catch up. I'm a big fan of the show and appreciate you trying

658
00:43:26,668 --> 00:43:28,728
to keep things apolitical and focused on the Bitcoin.

659
00:43:29,208 --> 00:43:34,288
Oh, thanks, Chatty Mike. Yeah, I was just looking. It looks like there is some

660
00:43:34,288 --> 00:43:36,928
crypto regulation coming your way.

661
00:43:37,835 --> 00:43:41,895
And I don't have a complete grasp on it, but it does seem like there is some

662
00:43:41,895 --> 00:43:47,415
draft crypto regulation and that they kind of have a goal to figure it all out by 2025.

663
00:43:48,335 --> 00:43:52,715
I'm wondering what that will lead to, obviously. I'm a little nervous,

664
00:43:52,715 --> 00:43:56,095
but I'd love it if you shared any thoughts as you hear about it.

665
00:43:56,635 --> 00:44:01,695
I do think it's exceedingly unfortunate that the UK has had such a bad version

666
00:44:01,695 --> 00:44:02,955
of Bitcoin painted for them.

667
00:44:03,395 --> 00:44:06,315
I talked before about the BBC's coverage being extremely negative.

668
00:44:07,315 --> 00:44:12,295
And they have been so ravaged by inflation that people could have really used

669
00:44:12,295 --> 00:44:16,375
the tool and instead they were robbed of that opportunity because of bad information.

670
00:44:17,355 --> 00:44:20,735
And so, Chatty Mike, pat yourself on the back because you're one of the rare

671
00:44:20,735 --> 00:44:21,995
ones that saw through that.

672
00:44:23,355 --> 00:44:26,415
And I don't know, man, I am proud to have you as a listener.

673
00:44:26,575 --> 00:44:29,315
If you saw through that and you're listening to this show and you're coming

674
00:44:29,315 --> 00:44:33,075
from the UK, that's pretty awesome. Thank you, man. Appreciate the boost.

675
00:44:33,755 --> 00:44:37,835
Open Source Accountant is here with 10,000 sats. Put some macaroni and cheese on there, too.

676
00:44:38,195 --> 00:44:42,235
Just checking in after that bomb cyclone. Hope you and the family are well.

677
00:44:42,695 --> 00:44:46,455
Thank you, open source accountant. That's really kind and considerate of you.

678
00:44:46,955 --> 00:44:51,515
I prepared, man. I, like, was, because, you know, they were telling me where

679
00:44:51,515 --> 00:44:54,095
my rig is at, where I have my RV parked.

680
00:44:54,755 --> 00:44:57,415
They were telling me 70 mile per hour winds, and they were telling me here at

681
00:44:57,415 --> 00:45:01,475
the studio, 60, 65 mile per hour winds, and we have a mesh-tastic node,

682
00:45:01,495 --> 00:45:06,615
like, mounted to the roof, and, you know, The RV doesn't really like those kinds

683
00:45:06,615 --> 00:45:07,915
of winds when you have the slides out.

684
00:45:08,415 --> 00:45:13,195
So I prepped the whole yard. You know, I even took my smoker down and like put it away.

685
00:45:13,755 --> 00:45:16,955
I wrapped all the barbecues up real tight and made sure I had like zip ties

686
00:45:16,955 --> 00:45:20,975
around the covers and all that so they wouldn't blow off. I took my Starlink down, dude.

687
00:45:21,155 --> 00:45:25,255
I took my Starlink down. I brought my slides in on the RV so the wife and I

688
00:45:25,255 --> 00:45:27,695
were like living in tiny bus land for a night.

689
00:45:28,415 --> 00:45:31,935
And it ended up not being bad at all in my area. We did lose power at the studio

690
00:45:31,935 --> 00:45:34,095
for a little bit. And the further south you went, the worst I got.

691
00:45:34,175 --> 00:45:37,215
It was really bad in some areas. And some areas were out of power for like a week.

692
00:45:38,132 --> 00:45:41,832
But up where we're at, it was like one of the more minor windstorms of the year.

693
00:45:42,032 --> 00:45:44,472
The windstorms that came the next couple of days afterwards,

694
00:45:44,612 --> 00:45:46,252
like nobody even talked about, were worse.

695
00:45:47,812 --> 00:45:52,092
So the preparation was somewhat worth it. But thank you for thinking about us,

696
00:45:52,152 --> 00:45:52,812
open source accountant.

697
00:45:52,832 --> 00:45:56,312
I appreciate that and the value. Now, how about this?

698
00:45:57,652 --> 00:46:00,552
Nakamoto 6102 comes in with 3,000 sats.

699
00:46:01,512 --> 00:46:05,292
And they're giving me the hang loose sign. To that, I say to you,

700
00:46:05,392 --> 00:46:07,892
live long and prosper, sir. Live long and prosper.

701
00:46:08,132 --> 00:46:12,192
Now, Bitcoiny97 is here with the Jar Jar boost. That's 5,000 sats. You suppose.

702
00:46:12,692 --> 00:46:16,752
And he says, Bitcoiny. I agree. We need a Bitcoiny sound, you know?

703
00:46:16,932 --> 00:46:19,072
We need something kind of just for you.

704
00:46:20,152 --> 00:46:24,652
Security authorization accepted. Yeah, all right. Well, you heard the board accepted.

705
00:46:25,332 --> 00:46:29,052
That rounds us out. Thank you, everybody who boosts in above 2,000 sats.

706
00:46:29,092 --> 00:46:32,112
We got a few under 2,000, but I cut off there just for time on the show.

707
00:46:32,832 --> 00:46:36,532
We had a nice showing with the streaming, too. 44 of you out there just stream

708
00:46:36,532 --> 00:46:39,532
sats as you listen to the pod. What an incredible way to give value back.

709
00:46:40,092 --> 00:46:45,652
Collectively, you stacked 58,473 sats for the show.

710
00:46:45,992 --> 00:46:49,612
Now, you combine that with those of you who decided to boost into and give me

711
00:46:49,612 --> 00:46:51,652
a message to read and chat with me, which I always appreciate.

712
00:46:52,052 --> 00:46:58,072
We stacked collectively for the show 297,582 sats.

713
00:46:57,680 --> 00:47:03,760
Music.

714
00:47:01,652 --> 00:47:06,892
Not bad at all. If you'd like to boost the show, get a new podcast app like

715
00:47:06,892 --> 00:47:10,532
Fountain FM or any of the other ones listed at podcastapps.com.

716
00:47:11,392 --> 00:47:15,652
You could go all the way from they'll host it for you to you host it all.

717
00:47:15,812 --> 00:47:17,932
Just depends on what you like.

718
00:47:18,212 --> 00:47:20,672
Then you send your message and your stats into the show.

719
00:47:21,232 --> 00:47:24,912
And I'll read it on the air. And I stack to help support the show.

720
00:47:25,492 --> 00:47:29,252
Thank you, everybody. Appreciate that very much. And I hope to hear from you.

721
00:47:29,252 --> 00:47:33,392
This week as well. Let's move right along because I have so much more to get

722
00:47:33,392 --> 00:47:35,752
into and the show is already running too long.

723
00:47:36,052 --> 00:47:39,252
How did this happen? Where did I go wrong?

724
00:47:38,640 --> 00:47:50,320
Music.

725
00:47:40,992 --> 00:47:43,912
Okay. I have some good news for you.

726
00:47:51,592 --> 00:47:56,312
The U.S. Appeals Court overturned sanctions against tornado cash.

727
00:47:56,312 --> 00:48:00,452
The Fifth Circuit Court of Appeals determined that the Office of Foreign Asset

728
00:48:00,452 --> 00:48:06,372
Control exceeded its authority by adding Tornado Cash to the specially designated

729
00:48:06,372 --> 00:48:08,252
nationals and blocked persons list.

730
00:48:08,452 --> 00:48:10,872
You don't want to be on the SDN list, boys.

731
00:48:11,132 --> 00:48:15,752
They said, quote, We hold that Tornado Cash is an immutable smart contract.

732
00:48:16,725 --> 00:48:20,425
The lines of privacy-enabling software code, they're not property of a foreign

733
00:48:20,425 --> 00:48:23,525
national entity, meaning, one, they cannot be blocked.

734
00:48:23,705 --> 00:48:28,165
Two, OFAC overstepped its congressionally defined authority when it ruled.

735
00:48:28,305 --> 00:48:32,045
The decision overturns a district court of Texas ruling that previously upheld

736
00:48:32,045 --> 00:48:36,425
OFAC's actions under the International Emergency Economic Powers Act. Yes.

737
00:48:36,765 --> 00:48:40,785
The court then determined that Tornado Cash smart contracts are merely just lines of code.

738
00:48:41,045 --> 00:48:46,205
They don't actually qualify as services or property. It also concluded that

739
00:48:46,205 --> 00:48:50,605
Tornado Cash does not own or control these contracts because the developers,

740
00:48:50,605 --> 00:48:55,745
they've relinquished any role in their operation, and yet it continues to run.

741
00:48:56,005 --> 00:49:01,465
They say, quote, the immutable smart contract at issue in this appeal are not

742
00:49:01,465 --> 00:49:04,565
property because they are not capable of being owned.

743
00:49:04,565 --> 00:49:09,685
More than 1,000 volunteers participated in the, quote, trusted setup ceremony

744
00:49:09,685 --> 00:49:13,205
to, quote, irrevocably remove the option for anyone to update,

745
00:49:13,305 --> 00:49:15,525
remove, or otherwise control those lines of code.

746
00:49:15,885 --> 00:49:22,105
And as a result, no one can, quote, exclude anyone from using the TornadoCache pool smart contracts.

747
00:49:23,425 --> 00:49:28,845
So, essentially, look, you dummies, it's still running, and 1,000 people participated

748
00:49:28,845 --> 00:49:32,505
in a ceremony to remove any one person's ability to control it.

749
00:49:32,505 --> 00:49:35,405
This is pretty good news for two of the developers.

750
00:49:35,725 --> 00:49:39,225
But there's a third developer who is facing legal troubles in the Netherlands.

751
00:49:39,565 --> 00:49:43,845
Earlier this year, Dutch judges convicted him of money laundering and sentenced

752
00:49:43,845 --> 00:49:45,925
him to five years and four months in prison.

753
00:49:46,265 --> 00:49:49,925
This does not necessarily change that situation for him.

754
00:49:50,085 --> 00:49:54,765
But it is massive for contracts as code, I suppose.

755
00:49:55,745 --> 00:49:58,645
Now, we do have some project updates you need to know about.

756
00:49:58,645 --> 00:50:02,365
And one is for those of you that are stacking sats with Swan.

757
00:50:03,445 --> 00:50:10,645
Swan customers are being charged up to $125 admin fee because the company that

758
00:50:10,645 --> 00:50:15,045
Swan uses to custode your Bitcoin have decided to do that.

759
00:50:15,425 --> 00:50:20,745
And Swan is giving you credits in the form of fee covers.

760
00:50:21,365 --> 00:50:28,065
So they're going to withdraw the fee, Fortress is, from your Bitcoin stash.

761
00:50:28,645 --> 00:50:31,545
And SWAN is going to cover that

762
00:50:31,545 --> 00:50:36,045
by covering fees for future purchases of Bitcoin you might do with SWAN.

763
00:50:37,160 --> 00:50:42,260
I like Swan. Well, I mean, I used to. This is why I recommend River.

764
00:50:42,840 --> 00:50:47,680
We're like on the fifth issue with Swan in the last year and a half.

765
00:50:48,120 --> 00:50:50,760
And River's gone from strength to strength.

766
00:50:51,420 --> 00:50:55,000
And I hate to be this guy, but this is so embarrassing.

767
00:50:55,320 --> 00:51:02,320
Could you imagine just having $125 a month of your hard-earned sats just taken from you as a fee?

768
00:51:02,840 --> 00:51:05,860
And then, oh, by the way, if you want to buy more to replace it,

769
00:51:05,940 --> 00:51:06,620
well, we'll cover your fees.

770
00:51:08,700 --> 00:51:13,340
Get the hell out of here with that come on so I'll have links in the show notes,

771
00:51:13,960 --> 00:51:18,200
so you have more information and then you know as a little holiday treat I'm

772
00:51:18,200 --> 00:51:23,820
going to stock your stuffing with a curated list of liquid network resources,

773
00:51:24,400 --> 00:51:28,620
liquid network just doesn't get enough love you know I look at all of the trouble

774
00:51:28,620 --> 00:51:33,280
podcasting 2.0 is having with Albie and I think you know there was another way

775
00:51:33,280 --> 00:51:38,020
boys and then of course you know bolt 12 comes along, but we're going to build everything on Bolt 11.

776
00:51:38,540 --> 00:51:42,700
But in the show notes, I have a list of curated Liquid network resources just

777
00:51:42,700 --> 00:51:46,540
to help explain what Liquid is if you're kind of still not really fully on board,

778
00:51:46,540 --> 00:51:50,980
and some of the cool apps you can use to get insights into how the Liquid network works.

779
00:51:51,480 --> 00:51:54,720
And then check out in there, I'm not going to play it on the show because it's

780
00:51:54,720 --> 00:51:57,200
pretty long, a fantastic video

781
00:51:57,200 --> 00:52:03,240
by Koss' CEO who catches a Bitcoin scammer posing as Coinbase support.

782
00:52:03,420 --> 00:52:08,240
And I've, I actually got this call. I didn't fall for it, but I got a call saying

783
00:52:08,240 --> 00:52:11,460
that somebody was trying to reset my Coinbase password and they wanted to help me.

784
00:52:11,820 --> 00:52:13,900
That scam is meant to steal your Bitcoin.

785
00:52:14,460 --> 00:52:19,060
And somehow the Casa CEO, he got this guy to admit everything.

786
00:52:19,260 --> 00:52:22,880
The guy just admitted everything, how it all works. And it gives you massive

787
00:52:22,880 --> 00:52:26,800
insight into how these scams work. I'll have a link to that in the show notes.

788
00:52:26,800 --> 00:52:40,560
Music.

789
00:52:40,482 --> 00:52:43,822
The week. I'm going to play this for you.

790
00:52:44,362 --> 00:52:49,302
Not because I love dunking on politicians, but that is part of why.

791
00:52:49,602 --> 00:52:54,562
But because I think there is actually a fundamental lesson to learn from this clip.

792
00:52:56,162 --> 00:53:00,622
This is from the heat of the political season up in Canada.

793
00:53:01,722 --> 00:53:08,002
And this is Prime Minister Justin Trudeau, warning everyone listening to stay away from Bitcoin.

794
00:53:09,022 --> 00:53:13,862
So beyond having a plan to make people mad and amplify and reflect back that

795
00:53:13,862 --> 00:53:18,942
anger, we haven't really seen a lot of concrete proposals from Mr. Paul yet.

796
00:53:19,122 --> 00:53:23,302
I mean, he did make one. That's not fair. You're right. He had one great opportunity

797
00:53:23,302 --> 00:53:28,122
for people to opt out of inflation. He recommended this last spring.

798
00:53:28,322 --> 00:53:32,762
You can opt out of inflation if you invest your money in Bitcoin.

799
00:53:33,002 --> 00:53:36,622
Yeah. No, no, no, no, no, no. He stayed up late, watched all sorts of YouTube

800
00:53:36,622 --> 00:53:39,562
videos, and came to that conclusion. He said that himself.

801
00:53:40,262 --> 00:53:42,662
Buy Bitcoin, opt out of inflation.

802
00:53:43,702 --> 00:53:47,462
Well, any Canadian who actually listened to him, maybe that's why those guys

803
00:53:47,462 --> 00:53:52,682
with the flags are so mad at me, any Canadian who listened to him would have

804
00:53:52,682 --> 00:53:57,182
lost more than half their life savings since last March. Ooh.

805
00:53:58,322 --> 00:54:01,182
That's not responsible leadership. No.

806
00:54:01,662 --> 00:54:04,602
No, and you can hear the crowd. Oh, yeah, the crowd. Because they're all a bunch

807
00:54:04,602 --> 00:54:05,802
of idiots. They're all with them.

808
00:54:06,162 --> 00:54:10,982
So Bitcoin is up 450% since Justin Trudeau said anyone who bought Bitcoin would

809
00:54:10,982 --> 00:54:13,042
lose more than half their life savings.

810
00:54:13,442 --> 00:54:18,282
On November 19th of this year, Bitcoin flipped the Canadian dollar.

811
00:54:18,482 --> 00:54:26,322
Bitcoin is now worth nearly $135,000, $250,000 in Canada, in Canuker dollars.

812
00:54:26,322 --> 00:54:32,262
Between the start of the year and mid-November, the Canadian dollar has depreciated

813
00:54:32,262 --> 00:54:38,962
64% against Bitcoin just between the beginning of this year and the middle of November.

814
00:54:40,762 --> 00:54:46,502
The Bitcoin market cap in Canadian Canucks is currently worth $2.68 trillion.

815
00:54:47,202 --> 00:54:51,882
The Canadian Canuck itself is only worth $1.3 trillion.

816
00:54:52,742 --> 00:55:00,982
So anyone who bought Bitcoin when Justin Trudeau said that and held it has made a 450% profit.

817
00:55:01,602 --> 00:55:06,462
So that means as time goes on, because anyone who holds Bitcoin for a period

818
00:55:06,462 --> 00:55:10,562
of four years is in profit, But as time goes on, as we reach that four-year

819
00:55:10,562 --> 00:55:13,362
mark, this gets even more embarrassing for Justin Trudeau.

820
00:55:13,802 --> 00:55:21,502
But worse than that, Justin Trudeau laughed and mocked something that could

821
00:55:21,502 --> 00:55:26,002
have been a tool for the very middle class he was stumping to get the votes for,

822
00:55:26,362 --> 00:55:30,582
all in the service of just dunking pathetically on a political opponent.

823
00:55:31,442 --> 00:55:35,702
He robbed everyone listening to his words, which I would think a lot of people,

824
00:55:35,762 --> 00:55:40,342
being the prime minister takes seriously, the opportunity to protect them from

825
00:55:40,342 --> 00:55:44,642
the ravages of the government's own policies. You understand?

826
00:55:45,502 --> 00:55:50,022
It's insidious. And then when you consider the fact that he probably did it,

827
00:55:50,302 --> 00:55:53,602
it's because the internal polling just told him Bitcoin wasn't very popular,

828
00:55:53,782 --> 00:55:57,282
as you could hear from the reaction of the crowd. So what a great thing to dunk him on.

829
00:55:57,622 --> 00:56:00,022
It was probably as cynical as that calculus.

830
00:56:00,622 --> 00:56:06,382
He didn't give a shit what happens to your family wealth. He doesn't give a shit.

831
00:56:06,942 --> 00:56:11,142
As long as he got to dunk on his political opponent, he doesn't care if you

832
00:56:11,142 --> 00:56:13,062
just missed out on 450% gains.

833
00:56:13,962 --> 00:56:21,242
That's awful. Do not let these politicians scare you away from protecting your family wealth.

834
00:56:21,200 --> 00:56:44,080
Music.

835
00:56:43,922 --> 00:56:50,722
That wealth-preserving technology. As I record, Bitcoin is at $96,530.

836
00:56:51,342 --> 00:56:53,922
Shows you how bad the Canadian dollar is doing.

837
00:56:54,602 --> 00:56:59,422
Sats per dollar are 1,036 sats to one USD greenback.

838
00:57:00,242 --> 00:57:05,622
We are up 2.3% since the last episode, down 3.2% from the all-time high.

839
00:57:06,322 --> 00:57:09,962
The network is doing quite strong. I'd like to see some more nodes on there.

840
00:57:10,102 --> 00:57:11,562
I see people didn't take my advice.

841
00:57:12,582 --> 00:57:18,242
There are 19,687 reachable nodes. Maybe you all spun up some Tor nodes.

842
00:57:18,402 --> 00:57:19,542
I'll give you some credit for that.

843
00:57:20,962 --> 00:57:25,862
The all-time high price, as we sit here right now and say to the network,

844
00:57:26,362 --> 00:57:29,242
is 99,740 USD greenbacks.

845
00:57:29,542 --> 00:57:35,282
That was set on November 22, 2004. So we're down 3.2% from the all-time high.

846
00:57:35,382 --> 00:57:37,962
But I'll tell you, it feels pretty great where I'm sitting at.

847
00:57:37,962 --> 00:57:42,962
96,000, 100,000, 101,000. It all feels pretty great, baby.

848
00:57:43,482 --> 00:57:46,562
The state of the Bitcoin network is very strong.

849
00:57:46,800 --> 00:57:57,040
Music.

850
00:57:57,082 --> 00:58:02,662
If you made it this far, links at thisweekinbitcoin.show. This was episode 37.

851
00:58:03,082 --> 00:58:06,242
Of course, I'd love it if you recommended it to somebody who just might be a

852
00:58:06,242 --> 00:58:07,642
little curious about the orange coin.

853
00:58:08,382 --> 00:58:11,542
Maybe it'll help them get on the right and narrow and get away from all those meme coins.

854
00:58:11,962 --> 00:58:15,402
I'd love it if you boosted it with something that I missed. Maybe I got a bad

855
00:58:15,402 --> 00:58:16,842
take, something I should have talked about.

856
00:58:17,162 --> 00:58:20,462
And of course, your thoughts on a Bitcoin loan versus selling your Bitcoin.

857
00:58:21,402 --> 00:58:24,962
I would love for this to be the number one Bitcoin podcast for the Jupiter Broadcasting

858
00:58:24,962 --> 00:58:27,222
community and the podcasting 2.0 community.

859
00:58:27,462 --> 00:58:30,702
For that, you got to share it with somebody. And of course, it means I love

860
00:58:30,702 --> 00:58:32,322
to play a Valueverse song.

861
00:58:32,682 --> 00:58:37,502
And I'm playing a brand new song just came out. It's Be the Wheel from Theo.

862
00:58:38,160 --> 01:02:08,080
Music.