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In all honesty, everyone's asking me, I don't know what the answer is. Why is Bitcoin shooting

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higher right now? Yeah, thanks for having me on. I think it's a really simple answer. There's

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unrelenting demand from corporations and institutional investors, and that's colliding

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with severely limited supply. You know, the Bitcoin network only produces 450 Bitcoin per day.

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Yesterday alone, Bitcoin ETFs bought 10,000 Bitcoin. This institutional investment into

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Bitcoin is a one-time event. It's going to take years to play out. But I think over the course

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of those years, there's going to be this persistent bid where there's more demand than there is supply.

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And the natural response to that is what we're seeing in the market, which is Bitcoin's price

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goes higher. I think it has a long way to go. I think it could end the year closer to 200,000.

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So I would get used to this story of new all-time highs. I think we're going to be there in a couple

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months at this rate, maybe a couple of weeks.

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Welcome in to This Week in Bitcoin, episode 64.

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My name is Chris, chrislas.com, jupiterbroadcasting.com.

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You do kind of love the irony of it, right?

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Like, I don't often talk about price on this show.

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And then when I do, there always tends to be fireworks.

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But it was a fun week, wasn't it?

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Just as I was wrapping up last week's episode, you know, Wednesday afternoon in the Pacific Northwest,

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the Bitcoin fiat price really started to rip.

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and I always kind of have a mixed bag of emotions when this happens.

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It's exciting, but I also have like this feeling in the pit of my stomach

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like a window of opportunity is closing.

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I don't like that feeling.

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And the timing, though, very funny because there was just like this enough frustration

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and Conspiracy Bacon was getting cooked up about why the prize wasn't moving.

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I finally felt like it's time to talk about it.

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And then, of course, we really went off to the races.

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In fact, for a day or two there, Bitcoin was setting all-time highs in USD multiple times a day.

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I mean, things were really cooking.

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Bitcoin this morning hitting a new high above $123,000.

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Doing this right now on the move and what it means.

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Anthony Pompliano is here as the founder and CEO of Professional Capital Management.

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Good morning to you.

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I guess, as Joe said, if you're going to get to $250,000 or $500,000, you got to cross $123,000 at some point.

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I love how they're so casual about it. So now, of course, they've got their go-to guy. Whenever it's time to talk pump, you bring on Pomp. And now, oh, yeah, well, you know, it's not at 250 yet. So, yeah, you know, I guess 123,000. I guess you got to get there.

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Good morning to you. I guess, as Joe said, if you're going to get to $250,000 or $500,000, you got to cross $123,000 at some point.

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But what do you think is happening, what's driving it right this moment?

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First of all, welcome to the greatest show on Wall Street.

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I think that Wall Street's full undivided attention now is on Bitcoin.

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And there's three things that drove this move.

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The first is that there's been record inflows into the ETFs.

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So last Thursday, $1.2 billion, second highest day.

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Those ETFs now collectively have over $140 billion.

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BlackRock's fund is now almost $90 billion in about a year.

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They went from not having a Bitcoin ETF to now they have a top 20 largest ETF in the world.

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In fact, BlackRock just announced that their IBIT Bitcoin ETF is their most successful ETF product in history and makes them the most revenue now.

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So a lot of inflows there.

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Second thing is the options expired at the end of Q2.

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And so all that downward pressure on Bitcoin obviously goes away.

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That helps kind of like a beach ball getting put underneath the water, right?

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obviously it could pop back up. And then the third thing is that there was a lot of short

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sellers and you started to see that build up. And as they got blown out as Bitcoin ran,

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you get into this price discovery phase. And if you go back to November, we went from 70,000 to

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90,000. All right. Pop is actually onto something here. I have a price cycle theory that I want to

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get into, but I'm going to replay what he just said, because he's essentially giving you the

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cliff notes. On Bitcoin obviously goes away. That helps kind of like a beach ball getting put

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underneath the water, right? Obviously it could pop back up. And then the third thing is that there

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was a lot of short sellers and you started to see that build up. And as they got blown out as Bitcoin

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ran, you get into this price discovery phase. So here's, I think, the activity we're seeing right

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now and the price cycle theory that I have for it. Bitcoin's fiat price reaches an all-time new high.

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Traders and miners, don't forget about the miners, they take profits because they're seeing an all-time

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new high. But meanwhile, whales like the ETFs and the plebs like us, we keep stacking. And now,

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of course, treasury companies as well. But the supply and demand, it's mostly in sync for a bit

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while miners and traders take their profits. But I think what's changing is instead of that process

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taking a year or two for that to stabilize, it happens in eight weeks because there is a lot of

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buy pressure. The ETFs alone are often buying more than the daily supply each day. And now you have

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Bitcoin treasury companies buying. And their demand, it's interesting because they're not

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buying spot Bitcoin. They're not buying off the exchanges like the plebs do. They tend to buy off

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of these trade desks. And these trade desks are sourcing these from OGs, people that have been

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sitting on a stash. They got thousands of coins and they're willing to slice off 5%. And they'll

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sell at just below market rate to these desks. And then when your sailors or your 21s or your

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others, when they go to buy for the treasury, they're buying from these desks. It doesn't

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immediately affect the spot price, but eventually Bitcoin's supply scarcity, it comes for everyone.

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And demand does start to outstrip supply. So then the price starts to go up again. You start,

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and that's what we were seeing at the end of last week's show, the price was starting to tick up.

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When the price ticks up like this, the short squeeze hits. See, Wall Street plays these stupid

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games, and then they're forced to buy back Bitcoin at a much higher price to cover their

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positions when the price starts to go up. This is what's called a short squeeze. You've probably

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heard this before. On a big price surge, exchanges will often even automatically liquidate heavily

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leveraged short positions. Boom, boom, boom, boom, boom. They just start selling them automatically.

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Then we start to see the price rip, and we start reaching all-time new highs as we liquidate these

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positions. That then causes the miners and the traders to start taking profits again,

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and the cycle repeats. And I think this is why we're seeing these consolidation at these different

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price levels. But the nice thing about these, when we get to these price levels and we consolidate

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and we don't tend to, you know, we maybe take one step back, but we're taking two steps ahead,

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is that 200-day moving average price is getting drug up. And that really tends to set the floor

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and it's what the big finance boys look at, is that 200-day moving average price is getting drug

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up as we level off. Now, I think there's another element to this that Bitcoiners are probably not

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giving enough credence to. Now, I don't want to throw cold water on the party. But a big part of

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the story around Bitcoin's price ripping is the dollar's value has been tanking.

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The U.S. dollar just crashed to its lowest level since early 2022, plummeting nearly 10%

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since Donald Trump's inauguration in January and erasing the post-election rally that followed

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as victory in November 2024. That's three years worth of price action erased in just three months,

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and a reversal that nobody saw coming. Many analysts predicted that Trump's tariff-heavy

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economic policies would strengthen the dollar. That's what tariffs typically do, by increasing

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demand for U.S. goods and attracting capital to American markets. In January, Trump's Treasury

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Secretary, Scott Besant, said that tariffs would strengthen the dollar, offsetting any inflation

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that happened as a result. The problem was is that history's trends were just too powerful to change.

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And there has been something, we've been talking about this since the Bitcoin Dad podcast,

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there has been a trend in central banks and others to differentiate into other assets besides the

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dollar to de-dollarize. And then once we saw the tariffs kick in, we saw a lot of the international

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markets say, oh, I need to take my money out of this market. I need to go somewhere else.

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And I think we saw the tariffs actually accelerate a trend that's been playing out for about a decade

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that has sped up since COVID and now has really accelerated since the Trump administration

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launch their tariff policy.

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And as this guy on Bloomberg said,

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like, yeah, the dollar is losing its king status

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just sort of chip by chip, paper cut by paper cut.

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President Trump saying he's prepared to punish countries

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that challenge the reserve currency status of the U.S. dollar.

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If we lost the world standard dollar,

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that would be like losing a war.

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He does know it's called the reserve currency, right?

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Not the world standard, right?

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He does know it's called the reserve currency.

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A major world war. We would not be the same country any longer. You ever hear the expression dollar is king? The dollar is king. We're going to keep it that way.

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Joining us now to discuss Terry Weisman of Macquarie. Terry, good morning.

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Good morning.

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Is the dollar still king?

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No, the dollar is not still king. There's plenty of indications out there that there is de-dollarization taking place.

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It's happening slowly. And I think that's why maybe some traders don't pay too much attention to it or try to be in denial effectively.

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If it's not staring you in the face and it's a slow drip, why talk about it?

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But the slow drip continues.

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The reserve allocators are allocating less of their balances to the dollar.

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We're seeing banks in China, for example, that lend money to some of their emerging market clients,

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asking them to borrow in renminbi and not in dollars.

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The Federal Reserve did a study about this.

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We are seeing clearly a movement away from the dollar by private investors and semi-official investors, including pension funds.

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They want to effectively diversify. I think these are all aspects of a de-dollarization that's taking place slowly. I think the ideology of this, the origin of this, is the view that, first of all, the U.S. is disengaging from the rest of the world.

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And the Bretton Woods II arrangement, implicit as it may be, it no longer applies as strongly as it did prior to this administration.

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And of course, there's plenty of policy uncertainty. The idea that the U.S. is exceptional because we have something called ordered liberty, I think, is breaking down. We may have managed chaos, but we certainly don't have ordered liberty anymore. And I think that's an aspect of the de-dollarization story as well.

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So we have to consider the loss of the dollar's value, too.

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In a way, the Bitcoin all-time high is priced in USD is not quite the victory we think it is.

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I mean, it's still great to see, but the benchmark has changed, I suppose.

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And so, of course, we all know at this point that the issues the dollar has been facing are existential.

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And the pressure of this situation has pushed Congress in the U.S. to really cozy up with the idea of private stablecoins.

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And as I record right now, they're hashing out the last minute details for three different bills, one of which is the Genius Act for stablecoins.

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And things have been looking really good.

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I mean, after all, it's crypto week.

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So this is the week we should have high expectations, except for they can't come to an agreement.

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Breaking news on the stablecoin front.

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as that bill has failed to advance in the House, I believe.

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Let's get the details from Emily Wilkins.

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Emily.

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Hey, Kelly.

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So, yes, this House was just holding a procedural vote

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that would have been led to the vote on three different crypto bills,

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and that procedural vote has failed.

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Now, we should note, of course, here that that rule was not just on crypto bills.

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It was also going to set up a vote on funding for the Defense Department.

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We're trying to learn a little bit more about why.

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Yeah, well, we will talk more about that.

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But we did see some statements about, at least in the Genius Act, that the language around CBDCs was loose and would actually allow for the creation of a CBDC.

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I don't know what Lummis was thinking there, but there's a handful of senators or Congress creators that didn't want that, thank goodness.

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I think overall, though, people are expecting this to pass, perhaps even by the time you're listening to this.

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Some of this, if not all of this, will pass.

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Today, the House is expected to vote on landmark cryptocurrency bills to boost America's crypto dominance after failing to advance the bills yesterday.

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President Trump says he met with a number of holdouts, writing, quote,

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After a short discussion, they have all agreed to vote tomorrow morning in favor of the rule.

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Speaker of the House Mike Johnson was at the meeting via telephone and looks forward to taking the vote as early as possible.

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Florida Congressman Mike.

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Now, what we need to brace ourselves for as Bitcoiners is a just incredible wave of very frustrating, clearly stupid alt-coining.

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Prepare yourself for the narrative wave.

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You're going to hear a lot.

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It's going to be at first just a tweak.

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Bitcoin is just digital gold.

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Crypto is more.

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Bitcoin is just a store of value.

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But crypto, you can build on top of it.

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It will lower your payment costs.

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All you can do with Bitcoin is just hold it.

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And we're already seeing altcoins pump on this narrative right now.

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Just this morning, Ethereum liquidated something like 40 million worth of shorts.

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I mean, it's been pumping like crazy today because of all this buzz and noise around stable coins and real world asset tokenization.

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And we're going to have to sit through rounds of stuff as Bitcoiners that we felt like we've already sat through.

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Rounds of blockchain for everything.

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And then now they're going to try to pair it with AI.

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And these are going to dominate the mainstream headlines.

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They're going to dominate the mainstream media and on TV.

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In the background, just like always, Bitcoin will continue to grow. It'll gain traction as collateral. We're going to see Lightning and other second-layer payment systems improve. We're going to see wallet technology improve. We're going to see mining get more integrated with energy systems. We're going to see more companies putting Bitcoin on their balance sheet, even just small companies that just want to have a little inflation protection.

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but you're going to have so much noise.

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It's going to feel like we've already had these conversations.

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And they are going to speak with such certainty,

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these pundits and these reporters,

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these media personalities,

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they're going to be absolutely positive,

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even though they barely grasp what they're talking about.

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And they will convince people Like I told you last week I had family ask me about Ripple No one has asked me about Bitcoin this cycle No one I had questions about Ripple

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And all this hype around stablecoins, I mean, it's good for selling treasuries.

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It's good for Scott Besson.

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But stablecoins are just fiat that you can tokenize.

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They can still make unlimited fiat.

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And most things that they're going to pitch blockchain for, a database would simply do better.

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Blockchain's really not very great, except for decentralizing a monetary network.

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And there will be some that just take it way, way too far.

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The type of person who's always parroting the seemingly most sophisticated Bitcoin attack of the time,

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you know, the typical uninformed smart person.

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They hear what seems like a smart attack and they just latch onto it.

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Then they rotate through them as they kind of get smacked down.

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And the hot one right now, and it's only going to get hotter as stable coins become a big deal,

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is, and you've probably heard it already, Bitcoin is propped up by Tether.

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Bitcoin's propped up by Tether, and that's why Bitcoin's ripping. Tether just prints money and

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they buy Bitcoin. And then they maybe will, they'll bring up like a chart if you're watching

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a video or something. They'll bring up a chart. They'll be like, here's where Tether issued a

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bunch of USDT. And then a few days later, here's where the Bitcoin price ripped, right? They'll do

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that all the time. But the irony is they have it exactly backwards. They don't seem to understand

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the correlation. The creation of stable coins does not pump Bitcoin. Creation follows demand.

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Stable coins are minted when real dollars enter the system. So they're not printing money. It's a

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conversion of fiat in, token out. Then the capital flows in. When they get their tokens, they buy the

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Bitcoin. So it's the demand from bringing in fiat that issues the tokens that then they go and buy

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the Bitcoin with. If billions in USDT show up before a Bitcoin move, it's because someone bought

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billions of fiat tokens and then used those stable tokens to buy the Bitcoin. It's just a market

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function. If the user buys stable coins, then they use that to purchase Bitcoin, then the price of

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Bitcoin is going to go up. And then Tether itself buys Bitcoin for its treasury with its profits.

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And it makes a lot of profits. But they get it backwards. It doesn't matter, though,

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because when you're talking about Bitcoin and you're making predictions and you're saying this

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is going to happen or that's going to happen, eventually you'll be proven right or wrong.

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And some of the biggest haters of all time have fallen to Bitcoin this year.

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Vanguard, the firm that said, quote, given the current state of crypto as an asset class,

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they wouldn't be supporting it, and then said Vanguard does not have plans to launch its own

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Bitcoin ETF or any crypto-related products. We do not currently believe that there is an

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appropriate role for them to play in long-term portfolios. And then they wrap up the entire

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piece with, quote, our mission statement to give investors the best chance for investment success

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isn't just a saying for us.

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It's built into our DNA.

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And we're staying true to our mission by making this decision.

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The decision being not to have a Bitcoin ETF.

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Now, I guess their protection of their investors

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doesn't necessarily apply to them.

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So they're going to prevent you from making a bunch of money,

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but they're going to go ahead and make a bunch of money.

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Vanguard is now the largest holder of MicroStrategy.

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So just take that in for a minute.

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The folks that made a big stink when the Bitcoin ETFs launched

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and called the market not ready,

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are now the largest holder of MSTR.

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Next, Vanguard's unintended exposure to Bitcoin.

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The firm has long held firm

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that Bitcoin has no inherent economic value,

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is an immature asset class,

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and is not appropriate for long-term investors.

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Yet, Vanguard is now the single biggest shareholder

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of strategy, as you can see here.

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Michael Saylor's a software firm

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that's become a proxy for Bitcoin.

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Vanguard owns 20 million shares.

247
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And the reason?

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Index investing.

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Vanguard mutual funds and ETFs

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00:19:44,325 --> 00:19:48,345
to passively track indexes, have no choice but to end up holding shares of strategy,

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00:19:48,485 --> 00:19:50,385
even though the firm dislikes Bitcoin.

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Irony, clearly.

253
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Yes, it is clearly irony.

254
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It did make me chuckle.

255
00:19:56,625 --> 00:19:59,685
Another brilliant moment this week when we're talking about big bankers

256
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that are having to own their words.

257
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Jamie Dimon, the CEO of JPMorgan Chase,

258
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got called out on CNBC for being wrong about his Bitcoin predictions.

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One of the things I love when the price rips is

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you see people get called to account for their predictions.

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Refuse to even talk about Bitcoin,

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which now outpaces a 10-year gain of NVIDIA, Amazon, Netflix, Tesla.

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He may have gotten that wrong.

264
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He may have gotten Bitcoin wrong.

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The thing he's gotten right is he's been the CEO since 2006.

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What he's gotten right is that J.P. Morgan's got an $800 billion market.

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What he's gotten right is that next week...

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And that's what shareholders care about.

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When it comes to his predictions, I'm always happy to listen,

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because how can you not listen?

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And by the way, it's always refreshing because he actually speaks his mind in a way that many CEOs are incapable of doing.

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He does.

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That said, he's not right a lot.

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OK, so David.

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He's not right a lot.

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I mean, that was as brutal as they were going to get, right?

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There was still a lot of couching.

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I still found that to be pretty enjoyable.

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I want to know, do you care what happens to the Fed chair, Jerome Powell?

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I've been lightly covering this story because I think J-Pow stepping down or getting fired would have a noticeable impact on Bitcoin's fiat price, at least for a window of time.

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So it's something that in the States is going to be big news if it happens.

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But I'd like to know if everyone is interested in this story.

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Hope you'll stick around for one more minute.

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00:21:27,265 --> 00:21:31,205
We're going to get your reaction to some breaking news that we're getting out of Washington and our Megan Casella.

285
00:21:31,305 --> 00:21:31,585
Hey, Megan.

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00:21:31,585 --> 00:21:39,165
Hey, Carl, we can report now that the White House says the president is considering firing Federal Reserve Chairman Jerome Powell.

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That's according to a senior White House official saying the president asked lawmakers meeting in the Oval Office late yesterday how they felt about firing the Fed chair.

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The lawmakers that were in the room, 12 Republicans, expressed their approval for firing the Fed chair.

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00:21:53,485 --> 00:21:57,125
And the president then indicated that he is likely to do that soon.

290
00:21:57,125 --> 00:22:01,385
Now, you'll notice that that is coming from a White House official.

291
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But then just a little while later, during a presser in the White House, Trump says he's not considering it.

292
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Fed chair, I was surprised he was appointed.

293
00:22:11,085 --> 00:22:14,545
I was surprised, frankly, that Biden put him in and extended him.

294
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But they did.

295
00:22:16,525 --> 00:22:19,225
So, no, we're not planning on doing anything.

296
00:22:19,225 --> 00:22:20,165
We're very concerned.

297
00:22:20,805 --> 00:22:23,865
He's doing a little renovation for $2.5 billion of the Fed.

298
00:22:23,865 --> 00:22:30,165
First of all, I think that word planning is doing a lot of a heavy that we're not planning to fire him.

299
00:22:30,205 --> 00:22:31,725
That's doing a lot of a heavy lift there.

300
00:22:32,045 --> 00:22:38,125
And then, you know, he does this quick diversion to the Fed building a very expensive building like the FBI didn't just do the same thing.

301
00:22:38,285 --> 00:22:40,265
No, we're not planning on doing anything.

302
00:22:40,265 --> 00:22:41,225
We're very concerned.

303
00:22:41,545 --> 00:22:48,325
He's doing a little renovation for $2.5 billion of the Fed building a renovation.

304
00:22:48,685 --> 00:22:52,245
And they have a close to $900 million cost over on.

305
00:22:52,245 --> 00:22:56,865
and it's a shame. But the biggest cost overrun is the cost overrun for interest rates

306
00:22:56,865 --> 00:23:02,285
because we should be paying three points lower and we would save a trillion dollars a year in

307
00:23:02,285 --> 00:23:07,265
interest if that were the case. And all it is, is the stroke of a pen. And that goes for his board

308
00:23:07,265 --> 00:23:11,925
too, because his board is not doing the job because they should try and rein this guy in.

309
00:23:12,385 --> 00:23:16,025
So he's doing a lousy job, but no, I'm not talking about that. We get, fortunately,

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00:23:16,025 --> 00:23:22,825
we get to make a change in the next, what, eight months or so. And we'll pick somebody that's good

311
00:23:22,825 --> 00:23:27,905
and we'll pick somebody. I just want a fair job. I'll remind you, Trump did pick J-Pow and then

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00:23:27,905 --> 00:23:33,065
Biden kept him. Now, I've been covering this lately. I'd like to know if you'd like me to

313
00:23:33,065 --> 00:23:37,225
continue to cover it. Now's your chance to voice your opinion. Just boost it and let me know if

314
00:23:37,225 --> 00:23:41,005
you're interested in this whole J-Pow getting fired or not story. I want to hear your opinion.

315
00:23:46,025 --> 00:23:51,705
Well, coming up on the show, it's your boost.

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00:23:51,945 --> 00:23:56,465
Some big updates, some surprising updates, a great final clip of the week.

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Of course, our song of the week, state of the network, and a lot more.

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00:24:00,685 --> 00:24:04,645
So I'm going to take a moment and say, if you want to support the show by doing what you do,

319
00:24:05,045 --> 00:24:07,985
you can buy your sats on River here in the States and support the show.

320
00:24:07,985 --> 00:24:10,825
We've got a link in there for buying and stacking sats and supporting the show.

321
00:24:11,165 --> 00:24:15,885
If you're in the U.S. or in Canada, the Bitcoin, well, it's an amazing automatic self-custody

322
00:24:15,885 --> 00:24:20,285
Bitcoin platform. These are all Bitcoin-only companies, by the way, every single one of them.

323
00:24:20,945 --> 00:24:25,945
Speaking of that, the Bitcoin company spends your sats via Lightning quick. You can log in via

324
00:24:25,945 --> 00:24:31,625
Lightning, take those Lightning sats into a Bitcoin-powered gift card in like 10 seconds.

325
00:24:31,705 --> 00:24:37,585
It's awesome. If you want to stack sats by just daily expenses, maybe like by buying gas, paying

326
00:24:37,585 --> 00:24:41,265
bills, things like that, the Fold Card gives you a series of options. It's really popular in our

327
00:24:41,265 --> 00:24:45,325
audience. It's really popular in my house. My wife loves the Fold Card. Then, if you need to get

328
00:24:45,325 --> 00:24:50,825
access your Bitcoin value without selling it. Salt Lending has a great platform. They have a lot of

329
00:24:50,825 --> 00:24:54,505
options there, including loan amounts that the other providers won't let you do, like, you know,

330
00:24:54,505 --> 00:25:00,385
stuff below $10,000 and whatnot. Click the link in the show notes for any of these to support the

331
00:25:00,385 --> 00:25:02,385
show by doing just what you're doing.

332
00:25:15,325 --> 00:25:34,725
Ask not what your podcast can boost for you,

333
00:25:34,925 --> 00:25:37,705
but what you can boost for your podcast.

334
00:25:38,285 --> 00:25:41,325
And we do have some boost to support the show this week,

335
00:25:41,325 --> 00:25:45,265
and Hybrid Sarcasm is our baller booster for episode 64.

336
00:25:45,325 --> 00:25:56,925
with 30,000 sats. Now, hybrid sarcasm comes in with a good question. I'm glad he asked this. He

337
00:25:56,925 --> 00:26:01,545
says, you said buy Bitcoin, hold Bitcoin and shut up. What would you say to the people who insist

338
00:26:01,545 --> 00:26:06,365
you have to spend your sats for Bitcoin to gain relevance as a currency? It's a good question,

339
00:26:06,425 --> 00:26:10,005
because when I say things like that, I'm really talking about in the context of investing.

340
00:26:10,005 --> 00:26:22,145
And I always kind of just shorthand this, but what I'm really saying is I think we should all have a Bitcoin savings that we don't touch and then some spending sats.

341
00:26:22,705 --> 00:26:24,805
And I think, you know, you do this like that.

342
00:26:24,885 --> 00:26:26,605
It's like sats in, sats out kind of a wallet.

343
00:26:27,225 --> 00:26:33,385
Buy some sats, use the sats generally within the same month or something like that, maybe a little bit longer depending.

344
00:26:34,245 --> 00:26:35,745
And that I think is a good idea.

345
00:26:35,805 --> 00:26:40,665
I've always done that just because I do think we want to not only help prove out the systems,

346
00:26:40,985 --> 00:26:43,365
but it's just awesome to pay with digital currency.

347
00:26:43,365 --> 00:26:45,345
It's convenient to pay with digital currency.

348
00:26:45,345 --> 00:26:48,385
It feels empowering to pay from your own self-hosted wallet.

349
00:26:48,805 --> 00:26:49,645
All of these things.

350
00:26:49,745 --> 00:26:51,145
Plus, I love zapping and boosting.

351
00:26:51,545 --> 00:26:52,305
It feels good.

352
00:26:52,765 --> 00:26:54,485
And it's a great use of the Lightning Network.

353
00:26:55,125 --> 00:26:57,845
So I definitely think there is an element for both.

354
00:26:57,845 --> 00:27:04,085
But when I am talking in just the investing context, you know, DCN, that stuff you don't touch.

355
00:27:04,305 --> 00:27:05,785
So, you know, you can splice some of it off.

356
00:27:05,925 --> 00:27:07,165
Everybody has their own strategy.

357
00:27:07,925 --> 00:27:08,605
That's a good question.

358
00:27:08,665 --> 00:27:09,785
And I'm glad you asked it, Hybrid.

359
00:27:09,865 --> 00:27:11,185
And thank you for being our baller.

360
00:27:11,865 --> 00:27:13,545
I think you got it at a fair price this week.

361
00:27:14,165 --> 00:27:16,785
J-Cube came in with 25,000 sets.

362
00:27:17,045 --> 00:27:19,505
I hoard that which your kind covet.

363
00:27:19,905 --> 00:27:21,685
This is a tasty burger.

364
00:27:22,005 --> 00:27:23,745
Thanks for the tip on the Albie extension.

365
00:27:23,925 --> 00:27:26,505
Ah, and I see that was sent from the podcast index.

366
00:27:26,505 --> 00:27:27,145
Ha ha.

367
00:27:27,845 --> 00:27:28,785
Well done.

368
00:27:28,965 --> 00:27:30,225
Fun will now commence.

369
00:27:30,405 --> 00:27:31,085
Well done.

370
00:27:32,385 --> 00:27:33,345
Nicely done indeed.

371
00:27:33,445 --> 00:27:34,345
I'm glad you got to try that.

372
00:27:34,465 --> 00:27:36,245
Good job, J-Cube, and thanks for updating me.

373
00:27:36,565 --> 00:27:37,265
Hope to hear from you soon.

374
00:27:37,925 --> 00:27:40,965
Mix comes in with 3,333 sats.

375
00:27:41,805 --> 00:27:43,705
No message, though, just the value.

376
00:27:44,205 --> 00:27:46,985
Gene Bean's here with 8,888 sats.

377
00:27:51,185 --> 00:27:53,465
He says, thanks for the detailed response to my boost.

378
00:27:53,545 --> 00:27:56,245
Following up on the question of the BitBox02 or the JID+,

379
00:27:56,245 --> 00:27:57,545
and your recommendations on the former,

380
00:27:57,845 --> 00:28:00,685
I don't think the BitBox02 supports Liquid.

381
00:28:00,845 --> 00:28:03,665
Do you have a preferred Liquid wallet, be it software or hardware?

382
00:28:04,365 --> 00:28:14,845
Ah, the Liquid element does make me actually think you might want to consider the Blockstream and the Jade setup because that wallet has Liquid support in there.

383
00:28:15,105 --> 00:28:20,505
That's why I presently have a couple of Jades and the software.

384
00:28:21,785 --> 00:28:23,085
See, Liquid does change it a bit.

385
00:28:23,125 --> 00:28:25,165
I think Liquid's a great function and I think it's worth it.

386
00:28:25,165 --> 00:28:26,785
They have lightning support.

387
00:28:26,925 --> 00:28:34,125
So if you wanted to, you know, use bolts to go from lightning or from liquid to lightning to get to BitPox02, you definitely could do that.

388
00:28:34,585 --> 00:28:35,705
That's a good question.

389
00:28:36,245 --> 00:28:39,265
He says, I also, when I was stumbling across, oh, I saw that one, the Shopster one.

390
00:28:40,345 --> 00:28:45,465
He says, I'd be down for having episodes that are deep dives on a bonus content, maybe like a cashew deep dive.

391
00:28:45,625 --> 00:28:48,145
And he sent some bonus of sets to our artists too.

392
00:28:48,985 --> 00:28:51,685
And he says, is fountain breaking the magic wall at switching technology?

393
00:28:51,765 --> 00:28:54,145
I think it is broken at least now.

394
00:28:54,145 --> 00:28:55,725
I'm looking into it with them.

395
00:28:56,105 --> 00:28:58,005
I think it's something they have to change on the hosting platform.

396
00:28:58,605 --> 00:29:00,345
But hopefully resolved soon.

397
00:29:01,045 --> 00:29:02,185
I will hopefully know next week.

398
00:29:02,925 --> 00:29:03,385
Thank you, Gene.

399
00:29:03,645 --> 00:29:05,625
And I'm glad you clarified on the Liquid stuff.

400
00:29:05,905 --> 00:29:07,745
I think maybe you should consider the Blockstream

401
00:29:07,745 --> 00:29:09,665
and the Jade stuff.

402
00:29:11,045 --> 00:29:12,225
I just...

403
00:29:12,225 --> 00:29:13,545
Yeah, I mean, you can't...

404
00:29:13,545 --> 00:29:15,565
And you can get around that server-side dependency I was worried about.

405
00:29:15,625 --> 00:29:16,685
It's not an impossible thing.

406
00:29:16,745 --> 00:29:18,465
Like, if it went down, you'd still make it.

407
00:29:18,585 --> 00:29:19,925
So, it's not a deal-breaker.

408
00:29:20,425 --> 00:29:22,545
Opelio 1984 came in with 4,000 sats.

409
00:29:22,545 --> 00:29:30,425
While I do believe the establishment Democrats are anti-Bitcoin, I don't think the El Salvador investigation is just about the use of Bitcoin.

410
00:29:30,845 --> 00:29:41,245
While I'm sure the use of Bitcoin is a factor, it may just be a convenient way to mask their true intention of just driving a wedge between El Salvador and the current administration over the migrant detention center.

411
00:29:41,665 --> 00:29:43,465
Then again, this is the Dems we're talking about.

412
00:29:43,645 --> 00:29:50,225
So they may just have their Bitcoin bad blinders on and they're taking any opportunity to attack Bitcoin.

413
00:29:50,225 --> 00:29:52,145
Hmm. Hmm.

414
00:29:52,545 --> 00:29:56,085
You know, I could see that as a way to drive a wedge.

415
00:29:56,505 --> 00:29:57,005
Yeah, okay.

416
00:29:57,265 --> 00:29:59,905
Yeah, maybe you're saying it's more political than it is about the Bitcoin.

417
00:30:00,505 --> 00:30:01,225
I had to consider that.

418
00:30:01,305 --> 00:30:01,685
Thanks, Oppie.

419
00:30:02,005 --> 00:30:02,885
Appreciate the perspective.

420
00:30:03,285 --> 00:30:03,925
It's pretty funny.

421
00:30:04,405 --> 00:30:04,965
Next caller.

422
00:30:05,405 --> 00:30:09,885
User 12059 is here with 3,333 sats.

423
00:30:10,285 --> 00:30:12,145
You're doing very well.

424
00:30:12,505 --> 00:30:13,165
Love the show, Chris.

425
00:30:13,225 --> 00:30:17,345
In fact, as a simple pleb marooned in Western Europe, I rely on your take for some sanity,

426
00:30:17,945 --> 00:30:18,805
you and a handful of others.

427
00:30:18,805 --> 00:30:19,825
in all of this craziness,

428
00:30:19,885 --> 00:30:21,725
some advice on the best cold storage options,

429
00:30:22,425 --> 00:30:25,745
your opinion on the 2526 would be very useful.

430
00:30:28,665 --> 00:30:31,165
Why you got to ask me about hardware walls right now

431
00:30:31,165 --> 00:30:33,405
when I'm torn between the BitBox O2,

432
00:30:33,565 --> 00:30:35,305
the Jade, and the cold card?

433
00:30:36,225 --> 00:30:38,805
Still, if I could only have one, I'd...

434
00:30:38,805 --> 00:30:39,205
Hmm.

435
00:30:40,485 --> 00:30:41,625
Don't know, actually.

436
00:30:42,205 --> 00:30:42,705
I don't know.

437
00:30:43,125 --> 00:30:44,405
I do like the cold card,

438
00:30:44,625 --> 00:30:47,725
but having used it now for a while, many years,

439
00:30:47,725 --> 00:30:50,385
and then having tried to train, you know,

440
00:30:50,825 --> 00:30:53,245
family members to use it and stuff like that,

441
00:30:53,285 --> 00:30:55,225
kind of, you know, like outside the immediate family,

442
00:30:55,605 --> 00:30:56,825
didn't go well.

443
00:30:57,045 --> 00:30:59,885
And then when I showed that same family member, say a jade,

444
00:31:00,645 --> 00:31:11,370
it was just really simple So sorry I don have a better answer for you user120 I going to give it more thought And what I do when I have time

445
00:31:11,370 --> 00:31:14,210
is I'm going to sit down and kind of just do a wallet off

446
00:31:14,210 --> 00:31:17,010
and look at the different combinations of software hardware options

447
00:31:17,010 --> 00:31:18,970
and really kind of come to my conclusion.

448
00:31:19,730 --> 00:31:22,070
Because in the past, I just would have immediately said,

449
00:31:22,170 --> 00:31:23,850
cold card and Sparrow, you can't beat it.

450
00:31:24,450 --> 00:31:25,630
But I don't necessarily think that's true.

451
00:31:25,630 --> 00:31:27,870
And I think one of the things that has really changed my opinion on that

452
00:31:27,870 --> 00:31:30,450
is there's just a lot of mobile-first people,

453
00:31:30,690 --> 00:31:32,210
and they've made a pretty good argument

454
00:31:32,210 --> 00:31:34,210
about the security of mobile OSes over desktop.

455
00:31:35,110 --> 00:31:35,710
It's crazy, though.

456
00:31:36,030 --> 00:31:36,650
Nice to hear from you.

457
00:31:36,730 --> 00:31:38,070
I'm glad I can help out over there.

458
00:31:38,330 --> 00:31:39,150
And thank you for the value.

459
00:31:39,490 --> 00:31:40,170
I appreciate it.

460
00:31:40,730 --> 00:31:42,850
Hey, the Immunologist is back with the Rodex.

461
00:31:44,150 --> 00:31:46,510
Streaming is currently off for me for some reason,

462
00:31:46,590 --> 00:31:47,490
so take some value.

463
00:31:47,850 --> 00:31:48,170
Hmm.

464
00:31:49,250 --> 00:31:50,350
Well, I'll have to see if that dropped.

465
00:31:50,410 --> 00:31:51,330
I wonder if that's a feature.

466
00:31:52,650 --> 00:31:53,850
Thanks, Immunologist, for letting me know.

467
00:31:53,910 --> 00:31:54,530
I'll keep an eye on that.

468
00:31:54,610 --> 00:31:55,230
Thanks for the value.

469
00:31:55,950 --> 00:31:57,730
Jordan Bravo is also here with the Rodex.

470
00:31:57,870 --> 00:32:03,030
jcube asked if there's any way to send boost directly from a cell phone to albi hub the answer

471
00:32:03,030 --> 00:32:09,250
is yes i'm sending this from podverse connected to my albi hub yes you can so that's another option

472
00:32:09,250 --> 00:32:14,710
of course is podverse is great and you can also use podverse from the web if and of course i

473
00:32:14,710 --> 00:32:19,010
mentioned podcast index thanks jordan nice to hear from you well hello there's got a row of ducks too

474
00:32:19,550 --> 00:32:20,410
How about that?

475
00:32:25,250 --> 00:32:27,410
And they say boost.

476
00:32:27,910 --> 00:32:28,430
Boost.

477
00:32:28,670 --> 00:32:31,770
One Doll Geek's here with 4,960 sats.

478
00:32:32,110 --> 00:32:34,530
And they also say boost.

479
00:32:35,390 --> 00:32:35,910
Boost.

480
00:32:36,530 --> 00:32:37,570
Thank you very much.

481
00:32:37,590 --> 00:32:38,450
And then they said boost again.

482
00:32:38,630 --> 00:32:39,150
Boost.

483
00:32:39,210 --> 00:32:39,850
Double boost.

484
00:32:40,050 --> 00:32:41,370
That's not possible.

485
00:32:41,510 --> 00:32:42,370
Nothing can do that.

486
00:32:42,430 --> 00:32:43,090
He did it.

487
00:32:43,330 --> 00:32:43,970
He did it.

488
00:32:44,350 --> 00:32:46,570
Bobby Pin's here with 10,000 sats.

489
00:32:46,710 --> 00:32:48,450
It's over 9,000.

490
00:32:49,010 --> 00:32:54,270
tokenized stock shares derivatives you say yeah that's a bit too far from real estate and a real

491
00:32:54,270 --> 00:32:58,370
asset for me i think i'll just stay humble and stack stats hope you and the fam had a good road

492
00:32:58,370 --> 00:33:04,190
trip we did i know bobby i like and how would tokenized real estate work like realistically

493
00:33:04,190 --> 00:33:10,510
you own this 10 square feet of land like you just like divide the land into a bunch of squares

494
00:33:10,510 --> 00:33:16,070
or how does it work triangles i don't know how they do it you know bobby pin if you do let me

495
00:33:16,070 --> 00:33:16,190
No.

496
00:33:17,650 --> 00:33:18,810
We did have a good road trip.

497
00:33:19,450 --> 00:33:20,350
I miss it already.

498
00:33:20,490 --> 00:33:21,350
It's beautiful up there.

499
00:33:22,050 --> 00:33:22,430
It's beautiful.

500
00:33:22,950 --> 00:33:24,930
Ace Ackerman's back with a row of ducks.

501
00:33:26,090 --> 00:33:28,310
I think you should do a Bitcoin tip of the day.

502
00:33:28,750 --> 00:33:29,570
Ask Dana Burnetti.

503
00:33:30,030 --> 00:33:31,650
I hear he's good for these types of things.

504
00:33:32,690 --> 00:33:34,230
Yeah, somebody want to make me a jungle?

505
00:33:34,350 --> 00:33:34,650
A jingle?

506
00:33:35,290 --> 00:33:35,930
A jungle.

507
00:33:36,330 --> 00:33:38,370
Yeah, make me a jingle for a Bitcoin tip of the day.

508
00:33:38,490 --> 00:33:38,710
Sure.

509
00:33:39,370 --> 00:33:39,590
Yeah.

510
00:33:40,210 --> 00:33:42,210
You make me want to be a better man.

511
00:33:42,350 --> 00:33:43,190
Nice to hear from you, Ace.

512
00:33:43,190 --> 00:33:43,790
Thank you.

513
00:33:43,790 --> 00:33:46,470
Clarkian's here with 5,000

514
00:33:46,470 --> 00:33:46,910
Sats

515
00:33:46,910 --> 00:33:49,750
Multi-pass

516
00:33:49,750 --> 00:33:51,370
Yes, multi-pass

517
00:33:51,370 --> 00:33:52,190
I need to

518
00:33:52,190 --> 00:33:54,250
If anybody wants to clip me

519
00:33:54,250 --> 00:33:57,210
Five elements, the fifth element

520
00:33:57,210 --> 00:33:59,410
Like one or two great clips from the fifth element

521
00:33:59,410 --> 00:34:00,150
Gotta be tight

522
00:34:00,150 --> 00:34:03,190
Lilu and her multi-pass would be a good one

523
00:34:03,190 --> 00:34:05,310
Thanks Clarkian, good to hear from you

524
00:34:05,310 --> 00:34:07,250
Pab's also here with 5,000 Sats

525
00:34:07,250 --> 00:34:07,930
You supposed

526
00:34:07,930 --> 00:34:11,110
I would love for you to produce an audiobook

527
00:34:11,110 --> 00:34:12,670
Or limited series

528
00:34:12,670 --> 00:34:14,270
that documented your Bitcoin journey

529
00:34:14,270 --> 00:34:15,670
from the perspective of a Linux user.

530
00:34:15,750 --> 00:34:17,550
I'd be very interested to hear you discuss your choices

531
00:34:17,550 --> 00:34:18,750
along the way in more detail,

532
00:34:18,890 --> 00:34:20,710
as well as the setup you might have right now.

533
00:34:20,770 --> 00:34:22,010
Just an idea for the type of content

534
00:34:22,010 --> 00:34:23,210
I would unlock with a boost.

535
00:34:24,290 --> 00:34:27,930
I'd have to really sit down and think that through.

536
00:34:28,750 --> 00:34:31,570
You know, you forget it over that amount of time,

537
00:34:31,630 --> 00:34:34,030
even when we're talking 14 years or so,

538
00:34:34,090 --> 00:34:35,050
it really starts to fade.

539
00:34:35,710 --> 00:34:39,190
I do have some really fond memories of my mining setups.

540
00:34:39,650 --> 00:34:40,730
And it was one of the things

541
00:34:40,730 --> 00:34:42,130
that did help me get into Linux too.

542
00:34:42,670 --> 00:34:46,090
yeah, hmm, that's a great suggestion, Pab.

543
00:34:46,090 --> 00:34:48,450
I'll consider it if anybody else wants to plus one that.

544
00:34:49,130 --> 00:34:51,090
It also sort of feels like a vanity project,

545
00:34:51,090 --> 00:34:53,770
so I'm not going to do it unless I think people would actually listen.

546
00:34:54,170 --> 00:34:54,870
You know what I mean?

547
00:34:55,150 --> 00:34:55,930
It feels weird.

548
00:34:56,490 --> 00:34:59,110
But now I think about it, it has been a fascinating one.

549
00:34:59,890 --> 00:35:01,090
Thank you, Pab. Nice to hear from you.

550
00:35:02,210 --> 00:35:04,790
Cardboard Warriors here with 8,000 sats.

551
00:35:09,650 --> 00:35:11,510
Well, I recently got a call from my aunt

552
00:35:11,510 --> 00:35:13,270
asking to explain Bitcoin to her.

553
00:35:13,370 --> 00:35:14,890
I asked her why, and she responded with,

554
00:35:15,010 --> 00:35:17,270
well, I just bought $500 of XRP.

555
00:35:18,410 --> 00:35:19,210
Oh, my.

556
00:35:20,190 --> 00:35:20,630
Oh.

557
00:35:21,610 --> 00:35:24,170
I asked her where she had gotten the influence from,

558
00:35:24,310 --> 00:35:25,990
and she responded with TikTok.

559
00:35:26,890 --> 00:35:29,150
Since I only have been into Bitcoin for the better part of a year,

560
00:35:29,190 --> 00:35:31,430
I tried to explain the difference between Bitcoin and other cryptocurrencies

561
00:35:31,430 --> 00:35:33,030
by sending her videos and other resources.

562
00:35:33,710 --> 00:35:36,290
I advised her to sell her XRP and educate herself on Bitcoin

563
00:35:36,290 --> 00:35:39,430
before she makes any financial decisions based on emotion and outside influence.

564
00:35:40,270 --> 00:35:41,650
The altcoin influence is strong.

565
00:35:41,930 --> 00:35:42,470
Stay humble.

566
00:35:42,710 --> 00:35:44,470
Educate your family members and stack sats.

567
00:35:45,270 --> 00:35:46,250
Yeah, it really is.

568
00:35:46,270 --> 00:35:50,650
And they have these narratives around them, you know, and they have marketing and they

569
00:35:50,650 --> 00:35:51,610
pay influencers.

570
00:35:52,670 --> 00:35:55,850
The biggest thing I think you can help people understand is the pre-mine.

571
00:35:56,450 --> 00:36:00,230
Go look up XRP's pre-mine and then help them understand that even Satoshi had to mine their

572
00:36:00,230 --> 00:36:00,610
own Bitcoin.

573
00:36:01,330 --> 00:36:03,570
Help them understand that XRP has a CEO.

574
00:36:04,450 --> 00:36:05,310
Bitcoin does not.

575
00:36:06,170 --> 00:36:06,310
Right?

576
00:36:06,310 --> 00:36:20,110
And when you're looking at these currencies, you're looking for something that's an improvement from the system, something that can be a salvation from the system, if nothing else an improvement, but maybe best case a salvation.

577
00:36:20,670 --> 00:36:28,050
Help them understand the differences there between something that's open source and truly distributed versus something that's centralized, has a CEO and a pre-mine.

578
00:36:28,530 --> 00:36:31,550
I think that's maybe something most people can understand if you put it in the right language.

579
00:36:32,250 --> 00:36:34,030
Cardboard warrior, that's a tough situation, man.

580
00:36:34,030 --> 00:36:36,790
And like it echoes exactly the experience I was talking about.

581
00:36:37,270 --> 00:36:41,030
It's so frustrating, too, after all these years and Bitcoin just winning and winning and winning.

582
00:36:41,290 --> 00:36:44,030
And they still get sucked into this other crap.

583
00:36:44,310 --> 00:36:45,790
And it's about to get so much worse.

584
00:36:46,130 --> 00:36:46,430
So you're right.

585
00:36:46,450 --> 00:36:47,410
You got to educate your family.

586
00:36:47,630 --> 00:36:49,070
And you also got to stay humble about it.

587
00:36:49,690 --> 00:36:50,470
Good luck, everybody.

588
00:36:51,210 --> 00:36:52,050
Thanks for the boost.

589
00:36:53,550 --> 00:36:55,850
HGW39's here with one, two, three, four, five sets.

590
00:36:56,050 --> 00:37:00,150
So the combination is one, two, three, four, five.

591
00:37:00,850 --> 00:37:01,530
Glad you're back.

592
00:37:01,610 --> 00:37:02,350
Appreciate the signal.

593
00:37:02,410 --> 00:37:03,130
I'm calling out the grift.

594
00:37:03,130 --> 00:37:05,490
Here is some ideas for exclusive content.

595
00:37:05,590 --> 00:37:07,330
A technical summary of core versus nots.

596
00:37:08,010 --> 00:37:09,330
Yes, I love that idea.

597
00:37:09,810 --> 00:37:11,550
That was number one on my list.

598
00:37:12,030 --> 00:37:14,350
An explanation of self-hosted open source stack,

599
00:37:14,450 --> 00:37:16,550
including L&D node connections to Noster and Fountain

600
00:37:16,550 --> 00:37:18,190
to manage boosts and zaps from your own node.

601
00:37:18,430 --> 00:37:19,190
Great idea.

602
00:37:19,950 --> 00:37:21,310
A Bitcoin-style challenge for listeners

603
00:37:21,310 --> 00:37:23,270
similar to the TUI challenge of Linux Unplugged.

604
00:37:23,550 --> 00:37:23,870
Hmm.

605
00:37:25,030 --> 00:37:25,510
Hmm.

606
00:37:26,450 --> 00:37:26,890
Hmm.

607
00:37:27,390 --> 00:37:28,470
A challenge, huh?

608
00:37:29,150 --> 00:37:30,030
A challenge, you say?

609
00:37:30,870 --> 00:37:31,950
I kind of like this idea.

610
00:37:31,950 --> 00:37:54,070
It says, I hope these ideas help. Thanks for the show. It's great to hear a voice in the Bitcoin space who lives in Breeze Foss. Hey, yes. Right? I know. It's so weird that it's not more merged, right? Bitcoin is free software. It's crazy to me. The tunnel vision most of the free software community has. And it's not something the Bitcoiners really think about much either. And yet it's so fundamental.

611
00:37:55,630 --> 00:37:58,330
HGW39, thank you. Super valuable boost. Appreciate that.

612
00:37:58,330 --> 00:38:04,930
hey tones here with a row of ducks it's micro strategy but with ethereum it sounds like a

613
00:38:04,930 --> 00:38:12,110
hilariously bad idea like something you would suggest as a joke i know and you know you know

614
00:38:12,110 --> 00:38:15,790
where they're getting that eth too so these these ethereum treasury companies you know there's a

615
00:38:15,790 --> 00:38:19,690
couple of them right now like tom lee's building one you know where they're getting their ethereum

616
00:38:19,690 --> 00:38:25,510
from right they're buying it quote directly from the foundation which first of all the fact that

617
00:38:25,510 --> 00:38:27,910
The Ethereum Foundation exists and all that's gross.

618
00:38:28,550 --> 00:38:30,190
The way it's all set up is gross.

619
00:38:30,670 --> 00:38:32,790
But they got access to pre-mined ETH.

620
00:38:33,170 --> 00:38:35,390
So they essentially got ETH at zero cost.

621
00:38:35,790 --> 00:38:37,990
They have a huge bag.

622
00:38:38,370 --> 00:38:42,410
And then they strategically dump it on retail to fund their operations.

623
00:38:42,730 --> 00:38:48,850
But now, now they can sell it right to these giant treasury companies.

624
00:38:48,850 --> 00:38:50,590
And they can make billions of dollars.

625
00:38:50,590 --> 00:38:53,610
but because these were pre-mined coins,

626
00:38:54,030 --> 00:38:57,510
it totally screws with the market economics of ETH

627
00:38:57,510 --> 00:38:59,010
and the supply.

628
00:38:59,210 --> 00:39:01,330
It's essentially like they've just printed supply

629
00:39:01,330 --> 00:39:04,890
and they've sold it and didn't move the spot price at all

630
00:39:04,890 --> 00:39:07,430
and didn't change the spot price pressure dynamics

631
00:39:07,430 --> 00:39:08,530
for scarcity.

632
00:39:09,290 --> 00:39:12,230
Like when Sailor buys from an OTC desk,

633
00:39:12,670 --> 00:39:14,770
that OTC desk had to go source it

634
00:39:14,770 --> 00:39:15,810
from somewhere in the market.

635
00:39:16,470 --> 00:39:17,630
There's no pre-mined.

636
00:39:17,750 --> 00:39:19,830
So somebody, there had to be an exchange

637
00:39:19,830 --> 00:39:25,770
of like, well, okay, I'll buy a thousand coins from you at $90,000.

638
00:39:26,070 --> 00:39:27,570
So maybe they got a big discount, right?

639
00:39:28,230 --> 00:39:30,110
But that still removes supply from the market,

640
00:39:30,110 --> 00:39:32,390
and it eventually affects spot price.

641
00:39:32,570 --> 00:39:34,310
But the way the Ethereum Foundation does it,

642
00:39:34,330 --> 00:39:38,030
it totally screws over retail while they're funding these treasury companies

643
00:39:38,030 --> 00:39:41,270
that will then stake it and get control over the network.

644
00:39:43,570 --> 00:39:44,670
What a scam!

645
00:39:45,670 --> 00:39:46,930
Oh, Eton, it's really something.

646
00:39:47,070 --> 00:39:47,790
Thanks for the boost.

647
00:39:48,290 --> 00:39:49,150
I appreciate it.

648
00:39:49,150 --> 00:39:51,990
Monday's here with 1, 2, 3, 4, 5 sets.

649
00:39:52,090 --> 00:39:53,050
That's a Spaceballs boost.

650
00:39:53,290 --> 00:39:53,590
Yes.

651
00:39:53,730 --> 00:39:54,330
That's amazing.

652
00:39:54,430 --> 00:39:56,070
I've got the same combination on my luggage.

653
00:39:56,370 --> 00:39:59,510
Oh, and he's also traveling through time.

654
00:39:59,610 --> 00:40:01,970
So I think it's a flashback boost too.

655
00:40:05,430 --> 00:40:08,870
He writes a time travel boost listening to episode 60 on July 15th

656
00:40:08,870 --> 00:40:10,610
and working my way backwards through the catalog.

657
00:40:11,130 --> 00:40:11,490
Thank you.

658
00:40:11,550 --> 00:40:12,870
I always like to know where people are at.

659
00:40:13,450 --> 00:40:13,830
Hot take.

660
00:40:13,950 --> 00:40:15,830
I can't stand Sailor.

661
00:40:15,830 --> 00:40:18,930
It seems like he's realized what a certain segment wants to hear

662
00:40:18,930 --> 00:40:21,350
and just keeps on turning that handle.

663
00:40:21,950 --> 00:40:23,890
I also agree that MSTR being so huge

664
00:40:23,890 --> 00:40:26,370
and rapidly going up is becoming a risk.

665
00:40:26,770 --> 00:40:27,870
Appreciate the signal, keep stacking.

666
00:40:28,530 --> 00:40:30,490
Yeah, well, here's what I thought about today, Monday,

667
00:40:30,650 --> 00:40:34,410
is you have these companies like Vanguard

668
00:40:34,410 --> 00:40:38,390
who are now these giant holders of MSTR,

669
00:40:38,750 --> 00:40:41,810
which is essentially a remote exposure to Bitcoin.

670
00:40:42,950 --> 00:40:44,770
Saylor could really screw this up.

671
00:40:45,490 --> 00:40:47,830
And he's likely to get MSTR

672
00:40:47,830 --> 00:40:52,150
as part of the S&P 500 in a short period of time.

673
00:40:52,650 --> 00:40:54,770
Like he really better not mess this up

674
00:40:54,770 --> 00:40:57,970
because it's fundamentally getting integrated

675
00:40:57,970 --> 00:41:00,190
for better or worse into the entire system.

676
00:41:00,790 --> 00:41:02,450
So let's see how this goes.

677
00:41:03,010 --> 00:41:05,530
And I think, you know, as Bitcoiners,

678
00:41:05,670 --> 00:41:08,250
we need to be prepared to kill our heroes,

679
00:41:08,510 --> 00:41:10,290
metaphorically speaking, from time to time.

680
00:41:10,990 --> 00:41:12,510
Just something we have to keep an eye out for.

681
00:41:12,810 --> 00:41:13,430
Nice to hear from you.

682
00:41:13,530 --> 00:41:13,950
Thanks, Monday.

683
00:41:14,990 --> 00:41:15,890
Amorph Osage.

684
00:41:16,150 --> 00:41:17,130
I never get it right, do I?

685
00:41:17,130 --> 00:41:23,570
amorphous sausage amorphousage ah nope no probably not it came in with 4 000 sets well let's hear

686
00:41:23,570 --> 00:41:29,450
it good buddy boy they are doing a lot with mayo these days uh he says i never really call out i

687
00:41:29,450 --> 00:41:35,830
think it's rely r-e-l-a-i i have mentioned them once or twice but he says they allow you to buy

688
00:41:35,830 --> 00:41:41,070
bitcoin with euro or swiss francs one could add a referral code and the person that uses the code

689
00:41:41,070 --> 00:41:45,450
gets 10 of the buying fee have you thought about setting up a code i don't even know if i could

690
00:41:45,450 --> 00:41:48,930
create an account. I have heard good things from the audience. I don't mention it because

691
00:41:48,930 --> 00:41:56,510
it's outside my ability to use it, but I should look into that. Thank you for Amorph for reminding

692
00:41:56,510 --> 00:42:00,110
me. It's something that's easy for me to forget about just because it's not really in my wheelhouse.

693
00:42:00,910 --> 00:42:06,030
Thank you everybody who boosted in. Also, all of you who boosted in below the 2000sat cutoff.

694
00:42:06,290 --> 00:42:08,630
I do keep all those. I read all those and put them in the show notes.

695
00:42:09,810 --> 00:42:13,750
And of course, everyone that boosts in 2000sats or above, I try to read.

696
00:42:14,190 --> 00:42:15,670
Now, we did have some of you stream stats.

697
00:42:15,750 --> 00:42:17,310
It was working for 44 of you.

698
00:42:17,390 --> 00:42:20,870
You collectively stacked 63,010 sats for the show.

699
00:42:21,230 --> 00:42:22,190
Thank you very much.

700
00:42:22,590 --> 00:42:23,830
All systems are functional.

701
00:42:24,570 --> 00:42:27,110
And I'm sure all of you got those from a certified vendor.

702
00:42:27,290 --> 00:42:29,230
Did you buy that from a certified vendor?

703
00:42:29,350 --> 00:42:30,910
Of course you did, right?

704
00:42:31,390 --> 00:42:33,110
And when we bring it all together,

705
00:42:33,410 --> 00:42:38,570
we stacked this episode 213,965 sats.

706
00:42:38,570 --> 00:42:39,610
I like you.

707
00:42:39,950 --> 00:42:41,050
You're a hot ticket.

708
00:42:43,750 --> 00:42:49,250
Thank you, everybody, who supports this show.

709
00:42:49,330 --> 00:42:50,450
It's a value for value production.

710
00:42:50,570 --> 00:42:52,030
That means I put it out there for free.

711
00:42:52,390 --> 00:42:57,430
If you get some value from the show, you can send it back with a boost or maybe some time.

712
00:42:57,870 --> 00:43:00,470
Maybe you got a special talent that would be helpful for the show and you want to get in contact.

713
00:43:00,910 --> 00:43:04,090
There's lots of ways to support the show, but a boost is the most direct way,

714
00:43:04,190 --> 00:43:06,530
and it gets your message right here, right on the show.

715
00:43:07,050 --> 00:43:09,910
A lot of people love Fountain because it's very simple to get started,

716
00:43:09,950 --> 00:43:12,010
and they just keep going from win to win with the app.

717
00:43:12,010 --> 00:43:13,310
They've been improving a lot of things.

718
00:43:13,750 --> 00:43:18,390
But the technical folks in the audience seem to really enjoy setting up their own system,

719
00:43:18,570 --> 00:43:23,550
getting AlbiHub going, running a node, because you just learn so much about the Bitcoin network.

720
00:43:23,650 --> 00:43:25,590
And then one of the things you get to do is also boost the show.

721
00:43:26,230 --> 00:43:27,370
So there's a few options in there.

722
00:43:27,770 --> 00:43:31,310
Thank you, everybody, for making episode 64 of This Week in Bitcoin possible.

723
00:43:31,490 --> 00:43:34,290
This is the funding source of the show.

724
00:43:34,490 --> 00:43:36,990
We don't have sponsors, at least for now.

725
00:43:37,190 --> 00:43:38,330
I think I'm keeping it that way.

726
00:43:38,370 --> 00:43:39,210
I've had a couple of offers.

727
00:43:39,690 --> 00:43:41,970
But I guess you could consider the audience a sponsor,

728
00:43:41,970 --> 00:43:45,450
which I think is the right way to do it for this type of show and the type of content we're talking about.

729
00:43:56,490 --> 00:43:57,930
Well, here's some updates for you.

730
00:43:59,250 --> 00:44:04,050
Adam Back, one of the Bitcoin OGs of OGs, has inked a huge deal.

731
00:44:04,770 --> 00:44:11,350
Cantor Fitzgerald is nearing a $4 billion deal to buy some of Back's Bitcoin.

732
00:44:11,350 --> 00:44:15,470
So Brandon Lutnick, he's the son of U.S. Commerce Secretary Howard Lutnick.

733
00:44:15,950 --> 00:44:24,690
He is nearing a $4 billion deal with Adam Back to acquire billions in Back's Bitcoins through their Cantor Fitzgerald Bitcoin stacking company.

734
00:44:25,350 --> 00:44:30,890
Now, you might recall Adam Back is the inventor of the HashCash protocol and his proof of work system that we use today.

735
00:44:31,450 --> 00:44:35,070
Back was one of the first two people to receive an email from Satoshi Nakamoto.

736
00:44:35,070 --> 00:44:39,690
and ever since the dopes at the Financial Times said he was Satoshi back in 2016,

737
00:44:40,370 --> 00:44:42,070
he's also gotten to live with that.

738
00:44:42,410 --> 00:44:48,110
He's the CEO of Blockstream and they're involved with Liquid and other things like that.

739
00:44:48,150 --> 00:44:51,050
He's been around for a long, long time.

740
00:44:51,050 --> 00:44:56,310
And so people were sort of shocked when an OG Bitcoiner came along and said,

741
00:44:56,390 --> 00:45:00,710
yeah, I'll sell. I'll sell. I'll sell you like a few billion worth,

742
00:45:00,810 --> 00:45:03,030
four billion worth of my Bitcoin stash.

743
00:45:03,030 --> 00:45:05,450
Let me just slice off a little bit of that.

744
00:45:05,990 --> 00:45:08,250
And I'm surprised that people were surprised.

745
00:45:08,390 --> 00:45:12,990
Yes, he is a Satoshi-era Bitcoiner, and we're used to these folks hodling forever.

746
00:45:13,530 --> 00:45:19,090
But I think Adam's probably been strategically planning to slice off a little bag of profits for a while.

747
00:45:19,830 --> 00:45:23,450
Adam was born in London in 1970, but he currently lives in Malta.

748
00:45:24,130 --> 00:45:29,230
Now, Malta does not impose capital gain tax on long-term holdings of cryptocurrencies.

749
00:45:29,230 --> 00:45:33,870
So if you hodl your Bitcoin as a store of value, your profits are yours.

750
00:45:34,190 --> 00:45:35,750
They're not taxed as capital gains.

751
00:45:36,210 --> 00:45:40,490
So it seems like to me, if you knew eventually you were going to slice off a bit of a bag

752
00:45:40,490 --> 00:45:44,770
and take some profits at some point down the road, you'd move to Malta, you'd establish

753
00:45:44,770 --> 00:45:48,910
yourself there for a nice long period of time, then you'd sell off a bag.

754
00:45:49,530 --> 00:45:50,710
I wish I'd thought of that, actually.

755
00:45:51,390 --> 00:45:51,950
But it's interesting.

756
00:45:52,070 --> 00:45:53,850
This is really how this works.

757
00:45:53,910 --> 00:45:55,970
We just don't normally see headlines around it.

758
00:45:55,970 --> 00:45:59,310
But when it's at and back, well, it becomes news.

759
00:46:00,750 --> 00:46:08,430
U.S. inflation has risen to 2.7% in the official numbers, higher than the 2.6% expected.

760
00:46:08,610 --> 00:46:11,170
So it's up, you know, just a bit.

761
00:46:11,650 --> 00:46:15,710
We're going to start in the United States, where we've had more detail about the world's

762
00:46:15,710 --> 00:46:19,550
largest economy, because the rate of inflation accelerated last month,

763
00:46:19,850 --> 00:46:22,430
according to official data that was out a little earlier.

764
00:46:22,430 --> 00:46:27,510
Now, it adds to concerns that President Trump's tariff policies will push up prices.

765
00:46:28,130 --> 00:46:32,010
Consumer prices rose at an annual rate of 2.7% in June.

766
00:46:32,110 --> 00:46:43,374
That actually up from 2 in May Now if you look at core inflation that strips out anything that pretty volatile things like food or energy prices that was also higher So what does it

767
00:46:43,374 --> 00:46:46,455
all mean? Let's head to our North America business correspondent, Michelle.

768
00:46:46,834 --> 00:46:50,915
No, my name's Chris. Thanks. Yeah. So overall, the CPI moved up to 2.7 in June,

769
00:46:50,915 --> 00:46:56,975
which is the highest level since February. 2.6 was expected, so it's not too much of a shock.

770
00:46:56,975 --> 00:47:01,595
and core CBI moved up to 2.9%, which is also the highest since February.

771
00:47:02,115 --> 00:47:08,495
Now, this probably means any chance at all that the Fed was going to cut rates in July are out.

772
00:47:08,915 --> 00:47:15,315
But when you look at the Truflation dashboard, it's showing today inflation only at 1.82%.

773
00:47:15,315 --> 00:47:19,695
Now, I remember I asked you to bet where you thought inflation would be by Halloween.

774
00:47:20,555 --> 00:47:24,615
Well, the official numbers are ticking up a little bit and the media is kind of playing it as

775
00:47:24,615 --> 00:47:39,615
It's the beginning of a trend. It's going to be going in this direction for a while. It's because of the tariffs. We're all doomed. Well, your buddy, Treasury Secretary Scott Besson says, you know, I mean, one report. Don't focus on just one report.

776
00:47:39,615 --> 00:48:00,655
But I wouldn't put too much emphasis on one number. I think it's the trend. And I think one thing that Wall Street, a lot of economists, market in general got wrong early on was that tariffs were going to cause a substantial price level rise, which just hasn't happened.

777
00:48:00,655 --> 00:48:19,595
Well, happened yet. You see, the argument goes like this. If tariffs cause prices to rise, it's mostly going to be a one-time increase in cost versus inflation caused by money printing, which tends to debase the value of the currency, resulting in prices to continue to rise over time.

778
00:48:19,595 --> 00:48:23,115
And this is largely, I think, a valid argument for the most part.

779
00:48:23,675 --> 00:48:27,195
But like everything in economics, it's a bit more complicated than just that.

780
00:48:27,775 --> 00:48:31,095
I think it is fair to say tariffs are a tax on imported goods.

781
00:48:31,515 --> 00:48:36,175
And when a tariff is imposed, the cost of bringing that good into the country increases.

782
00:48:36,495 --> 00:48:37,975
So there is a cost increase.

783
00:48:38,394 --> 00:48:43,635
That cost is almost always passed on to consumers in the form of higher prices for the affected

784
00:48:43,635 --> 00:48:44,055
goods.

785
00:48:44,814 --> 00:48:48,095
Now, that does tend to be a one-time price impact on the goods.

786
00:48:48,795 --> 00:48:52,035
However, there are some second-order inflation impacts.

787
00:48:52,515 --> 00:48:57,394
If the goods get more expensive, that can reduce their supply in the domestic market.

788
00:48:58,334 --> 00:49:03,814
And so when there's less competition from imports, domestic producers sort of feel less

789
00:49:03,814 --> 00:49:07,215
pressure to keep their prices low, and they can also raise prices.

790
00:49:07,854 --> 00:49:10,215
That is another second-order level of inflation.

791
00:49:10,995 --> 00:49:15,894
Also, if the input goods to build something are all getting tariffed, like a car, if the

792
00:49:15,894 --> 00:49:21,575
raw materials are getting tariffed, then that causes the production costs to go up for a

793
00:49:21,575 --> 00:49:27,055
domestic business. And so the domestic prices go up. So you can have the initial price increase

794
00:49:27,055 --> 00:49:31,394
plus in the second order effects because the businesses are going to pass those higher costs

795
00:49:31,394 --> 00:49:35,475
on to consumers. That's going to lead to higher prices for a range of the final goods.

796
00:49:36,334 --> 00:49:41,675
So I think one could make the argument, and I'd love to hear your response to this. So boost in

797
00:49:41,675 --> 00:49:49,755
and tell me if I'm crazy. Should the Fed cut rates either way here? I mean, couldn't you argue that

798
00:49:49,755 --> 00:49:56,175
if tariffs are only short-term impacts on the prices, then the public is going to need some

799
00:49:56,175 --> 00:50:00,575
help. They're going to need some relief to deal with that. And we're at historically high credit

800
00:50:00,575 --> 00:50:05,935
card debt and historically high credit card rates. People are trapped in loans that they can't refi.

801
00:50:05,935 --> 00:50:11,535
they still feel tight. I mean, you look at the cost of food alone, it still feels crazy. I'm

802
00:50:11,535 --> 00:50:17,675
still getting shocked at the cost of a burger or groceries. And so I think, by the way,

803
00:50:18,055 --> 00:50:24,715
this is why we're mostly seeing retail sit this Bitcoin pump out. Mostly. They just don't have

804
00:50:24,715 --> 00:50:29,255
any spare funds. Their dry powder is gone. They're tight. Everybody's feeling tight,

805
00:50:29,535 --> 00:50:34,035
unless you happen to be a lucky well-off boomer. Because you see this everywhere,

806
00:50:34,035 --> 00:50:38,515
in jewelry and in home buying. Right now, the median home buyer age in the United States

807
00:50:38,515 --> 00:50:47,555
is 56 years old. That's the median home buyer age right now, 56. Home buying by those under 35

808
00:50:47,555 --> 00:50:52,955
continues to decrease to its lowest levels ever. Average home buyer age for a new home is 38,

809
00:50:53,075 --> 00:50:58,394
the highest it's ever been, 38 years old. That's the average. You see, people are super, super

810
00:50:58,394 --> 00:51:03,755
tight right now. So you could argue that if tariffs are going to temporarily increase prices,

811
00:51:03,755 --> 00:51:09,155
the Fed should cut anyways to help at least give some relief.

812
00:51:09,795 --> 00:51:11,215
I don't know if that's an accurate argument.

813
00:51:11,334 --> 00:51:12,275
That's the one being made.

814
00:51:12,354 --> 00:51:14,115
So you boost it and tell me what you think about it.

815
00:51:14,655 --> 00:51:16,035
I'm willing to listen to it.

816
00:51:17,075 --> 00:51:20,695
Now, here's a story that I think I covered at the beginning of TWIB,

817
00:51:21,215 --> 00:51:22,495
and it's finally playing out.

818
00:51:22,555 --> 00:51:24,015
This has been in the works for a bit.

819
00:51:24,475 --> 00:51:28,575
And I think it's actually about sending a message to the entire Bitcoin mining industry.

820
00:51:29,215 --> 00:51:30,435
But I'm happy to see it.

821
00:51:31,195 --> 00:51:37,155
Fort Worth of Texas has become the first American city to officially mine Bitcoin at the city level.

822
00:51:38,035 --> 00:51:42,515
The city of Fort Worth is jumping into cryptocurrency and doing it in a big way.

823
00:51:42,635 --> 00:51:46,595
They're going to mine for Bitcoin at City Hall, the first for an American city.

824
00:51:46,935 --> 00:51:51,275
Mayor Maddie Parker says this is a commitment to a high-tech future for the city of Fort Worth.

825
00:51:51,275 --> 00:51:53,655
The Fox Sports' Macy Jenkins joins us now.

826
00:51:53,814 --> 00:51:57,834
And you've got the pluses and the minuses and all things crypto from Fort Worth, Macy.

827
00:51:57,834 --> 00:52:13,575
I really hate how we can't have a single story about Bitcoin. This is about Bitcoin mining. This is about enticing the Bitcoin mining industry. And yet, we still have to work the word crypto in. The ship has just sailed.

828
00:52:13,575 --> 00:52:21,215
absolutely heather and steve learned a lot about crypto and bitcoin today fort worth of course

829
00:52:21,215 --> 00:52:26,915
getting a lot of attention after announcing that they will have three bitcoin machines running in

830
00:52:26,915 --> 00:52:33,555
city hall 24 hours a day for the next six months like you said mayor okay so maybe this is why

831
00:52:33,555 --> 00:52:39,715
everyday folks can't navigate this because every piece of media they consume conflates crypto and

832
00:52:39,715 --> 00:52:43,435
bitcoin they put them on the same plane it makes it sound like these cryptos are just as legitimate

833
00:52:43,435 --> 00:52:48,735
it. Anyways, that's an aside. It's three units. OK, they're not going to be rich. They're not

834
00:52:48,735 --> 00:52:52,535
going to like, you know, bring in a bunch of revenue for the city. It's three mining units.

835
00:52:52,535 --> 00:52:57,655
It's about sending a message. However, wouldn't it be hilarious? Wouldn't it be hilarious if they

836
00:52:57,655 --> 00:53:02,874
did discover a block? I mean, just wouldn't that be something, you know, like those solar

837
00:53:02,874 --> 00:53:08,975
mine, solo miners you hear about sometime that, you know, just get lucky. That would be quite the

838
00:53:08,975 --> 00:53:14,394
story. A lot about crypto and Bitcoin today. Fort Worth, of course, getting a lot of attention

839
00:53:14,394 --> 00:53:20,735
after announcing that they will have three Bitcoin machines running in City Hall 24 hours a day

840
00:53:20,735 --> 00:53:26,035
for the next six months. Bitcoin machines. So you learned a lot about crypto and Bitcoin today,

841
00:53:26,115 --> 00:53:29,894
guys, and they're going to have three Bitcoin machines. Like you said, Mayor Maddie Parker

842
00:53:29,894 --> 00:53:36,035
says that these machines mark the city's commitment to becoming a leading hub for technology and

843
00:53:36,035 --> 00:53:42,215
innovation. Okay, we are officially mining Bitcoin in the city of Fort Worth.

844
00:53:43,575 --> 00:53:50,314
Fort Worth making history today as the first city in the United States to mine Bitcoin. I love what's

845
00:53:50,314 --> 00:53:53,535
happened last 24 hours. People are already talking about Fort Worth that have never heard of our

846
00:53:53,535 --> 00:53:58,235
community before. But even though everybody's talking about Bitcoin, not everybody understands

847
00:53:58,235 --> 00:54:04,195
exactly what it is. Like the person who's doing the voiceover? Bitcoin is a digital currency. It

848
00:54:04,195 --> 00:54:10,314
exists only online. And as TCU entrepreneurship professor Michael Sherrod explains that digital

849
00:54:10,314 --> 00:54:15,955
currency or cryptocurrency is hidden in cyberspace. You know what else only exists online?

850
00:54:16,755 --> 00:54:23,314
The fiat balance in my bank account. The inventor put the Bitcoin out on the net and you have to

851
00:54:23,314 --> 00:54:27,834
solve cryptological problems in order to find Bitcoin. See, this is the other problem is these

852
00:54:27,834 --> 00:54:33,555
are the experts they're going to. And this guy, you know, he's held up as a as an expert on this.

853
00:54:33,555 --> 00:54:38,535
It's literally a treasure hunt, and it takes powerful, high-speed processors to do the searching.

854
00:54:38,735 --> 00:54:44,095
The computers that you use have to solve problems continuously. This is why they use up so much electricity.

855
00:54:44,374 --> 00:54:52,455
For the next six months, three Bitcoin mining machines will run 24-7 in a climate-controlled data center inside of City Hall.

856
00:54:52,814 --> 00:54:58,275
But the city insists each one will only use the energy equivalent to a household vacuum cleaner.

857
00:54:58,515 --> 00:55:01,854
It's an incredibly innovative thing to do. There's no question about that.

858
00:55:01,854 --> 00:55:07,995
Sherrod says an alternative pool of currency may come in handy for the city during a disaster or an emergency.

859
00:55:08,475 --> 00:55:12,695
It could be used as a hedge if there's another pandemic, for instance, and sales taxes fall.

860
00:55:13,075 --> 00:55:17,334
They could use it as a hedge to pay for city services and that sort of thing.

861
00:55:17,575 --> 00:55:23,775
Looking ahead, Sherrod says mining Bitcoin may also be a way to create more equity for Fort Worth residents.

862
00:55:24,155 --> 00:55:27,615
I mean, they're not going to mine a lot with three miners.

863
00:55:27,615 --> 00:55:32,294
they would be better off using the money spent on the hardware and electricity just buying the

864
00:55:32,294 --> 00:55:37,775
bitcoin if it was about that like how did they not like the the mayor says it right there in

865
00:55:37,775 --> 00:55:41,515
the clip they play and yet they still miss that the point is to speak to the entire industry to

866
00:55:41,515 --> 00:55:46,275
come out here fort worth is bitcoin mining friendly so bitcoin mining friendly that we

867
00:55:46,275 --> 00:55:51,874
even mine right here in city hall it's so obviously that's the point and yet they miss it

868
00:55:57,615 --> 00:56:04,115
All right, I want my final clip of this week to kind of bring it all together.

869
00:56:04,115 --> 00:56:11,794
I opened up with Bitwise's CIO, Matt Hogan, talking about some of the market dynamics that led to the recent rally.

870
00:56:11,874 --> 00:56:14,015
And it's a point that I've made here on the show before.

871
00:56:14,374 --> 00:56:21,894
But now he's going to respond to what we commonly hear is Bitcoin is just digital tulips.

872
00:56:22,615 --> 00:56:26,715
It's everybody getting hyped up and excited and buying the vibe.

873
00:56:26,715 --> 00:56:31,535
And Matt's got, I think, a pretty solid response to that old trope.

874
00:56:32,814 --> 00:56:37,015
Vibes, Matt, will make the purist go, see, this is just digital tulips.

875
00:56:38,495 --> 00:56:40,175
Yeah, I know people say that.

876
00:56:40,255 --> 00:56:47,215
Look, at the end of the day, Bitcoin provides a service, which is the ability to store wealth in a digital format without relying on a bank.

877
00:56:47,695 --> 00:56:49,354
The vibes are definitely part of it.

878
00:56:49,515 --> 00:56:50,794
Vibes influence stocks.

879
00:56:50,955 --> 00:56:51,915
They influence bonds.

880
00:56:51,915 --> 00:56:57,535
But the underlying driver for the rise is more people want this service that Bitcoin provides.

881
00:56:57,975 --> 00:57:04,894
In this uncertain world where there are tariffs and geopolitical tensions, people want to be able to own their wealth in a digital format.

882
00:57:05,334 --> 00:57:10,095
We're seeing a massive number of people join that crowd, and that's going to force prices higher.

883
00:57:10,354 --> 00:57:10,915
I do agree.

884
00:57:10,995 --> 00:57:13,115
It's sort of everything everywhere all at once.

885
00:57:13,215 --> 00:57:20,155
We have positive regulatory news, positive legislative news, institutional adoption, concern about debt and deficits.

886
00:57:20,155 --> 00:57:22,615
add those together and the price goes up.

887
00:57:33,575 --> 00:57:36,874
Let's check in on the state of the network before I get out of here.

888
00:57:36,975 --> 00:57:41,515
I'm wrapping up at Blockite 905-863.

889
00:57:41,595 --> 00:57:42,314
Boy, I'm getting old.

890
00:57:42,475 --> 00:57:43,854
It's hard to even read the numbers now.

891
00:57:44,575 --> 00:57:48,415
The price in USD is 119,180.

892
00:57:48,415 --> 00:57:55,075
That means sats per U.S. dollar are 839 sats to one U.S. dollar.

893
00:57:55,195 --> 00:57:55,314
Wow.

894
00:57:55,814 --> 00:58:04,735
We're only down 3.2% from our all-time high just two days ago, which was 123,108 on July 14th.

895
00:58:05,294 --> 00:58:09,235
Now, we have a difficulty retarget date coming up on July 25th.

896
00:58:09,775 --> 00:58:12,275
It'll be an upwards adjustment of 2%.

897
00:58:12,275 --> 00:58:17,015
And there are 22,620 reachable nodes on the network.

898
00:58:17,015 --> 00:58:18,055
Not a bad number.

899
00:58:18,415 --> 00:58:23,235
Hmm, wonder if we could get that to 22,625.

900
00:58:24,175 --> 00:58:30,394
And checking in on knots, currently clocking in on my dashboard at 14.3% of the network.

901
00:58:32,415 --> 00:58:35,715
The growth seems to be slowing, but still going.

902
00:58:36,575 --> 00:58:38,635
But perhaps the initial reaction is over.

903
00:58:40,615 --> 00:58:43,115
Bitcoin network, moving right along.

904
00:58:43,175 --> 00:58:45,675
It's incredible to watch some of these statistics at all-time highs.

905
00:58:45,675 --> 00:58:52,255
like it's still great time to consolidate your UTXOs and open up channels, set up a node.

906
00:58:52,695 --> 00:58:57,255
You're not priced out. A lot of that stuff requires moving sats around. And when the fees

907
00:58:57,255 --> 00:59:01,535
are high, it's a bad time to do it. Excellent time to get your hands dirty right now on the

908
00:59:01,535 --> 00:59:06,095
Bitcoin network and learn stuff by going hands on because the state of the Bitcoin network

909
00:59:06,095 --> 00:59:07,495
is very strong.

910
00:59:15,675 --> 00:59:23,854
Well, if you made it this far, links are at thisweekinbitcoin.show.

911
00:59:23,955 --> 00:59:26,055
That now points to the main Jupyter Broadcasting website.

912
00:59:26,195 --> 00:59:28,935
We're still adding features, and I'd love to hear your feedback on that.

913
00:59:29,455 --> 00:59:33,435
Now, my goal here is to create a show that doesn't get distracted by emotions

914
00:59:33,435 --> 00:59:35,635
around what's happening, but just focuses on the signal.

915
00:59:36,115 --> 00:59:37,915
So let me know how I did with a boost.

916
00:59:38,615 --> 00:59:40,435
And of course, if you felt like I missed anything,

917
00:59:40,435 --> 00:59:43,135
you can always boost and tell me about that as well.

918
00:59:43,575 --> 00:59:44,955
I always try to incorporate that feedback.

919
00:59:45,515 --> 00:59:47,394
I'm going to leave you with a value for value track.

920
00:59:47,495 --> 00:59:49,834
I don't know if the Magic Wallet switching technology is fixed or not.

921
00:59:49,854 --> 00:59:51,314
I'll have an answer by the next episode.

922
00:59:51,715 --> 00:59:54,834
But if you're listening to this in the past or like a week or two after release,

923
00:59:54,854 --> 00:59:56,515
it should be all solved if there is any problem.

924
00:59:57,235 --> 00:59:57,555
Hopefully.

925
00:59:58,155 --> 01:00:01,255
But the track this week, it's a good one I dug up recently.

926
01:00:01,394 --> 01:00:04,294
I think I got this on one of the, on LNBeats.

927
01:00:04,294 --> 01:00:07,155
I think, yeah, if you want to go find some, it's LNBeats.com.

928
01:00:07,215 --> 01:00:10,955
If you want to find some great value for value music, LNBeats.com is like an online web player.

929
01:00:10,955 --> 01:00:13,415
and I came by Numbi.

930
01:00:13,735 --> 01:00:16,975
That's Numbi from Circle the Earth.

931
01:00:17,215 --> 01:00:18,955
I'll see you right back here next week.

932
01:00:19,695 --> 01:00:21,755
Emotions on a tightrope

933
01:00:21,755 --> 01:00:24,995
And I'm barely hanging on

934
01:00:24,995 --> 01:00:27,195
Time flies when I move slow

935
01:00:27,195 --> 01:00:30,455
Thinking about the things you've done

936
01:00:30,455 --> 01:00:32,635
It felt so real, it felt so real

937
01:00:32,635 --> 01:00:35,794
Just like a pill on an empty stomach

938
01:00:35,794 --> 01:00:38,215
I let it sit till it made me sick

939
01:00:38,215 --> 01:00:40,935
Guess I was something for nothing

940
01:00:40,935 --> 01:00:44,275
No love has got me jaded

941
01:00:44,275 --> 01:00:47,195
Running around town with my high heels wasted

942
01:00:47,195 --> 01:00:49,775
Your drug drives me crazy

943
01:00:49,775 --> 01:00:52,794
Slipping on pain, no one can save me

944
01:00:52,794 --> 01:00:55,975
Oh, oh, oh, oh, oh

945
01:00:55,975 --> 01:01:01,794
When I'm numb, I feel everything

946
01:01:01,794 --> 01:01:07,455
When I'm numb, I feel everything

947
01:01:07,455 --> 01:01:11,834
Night sweats in a cold bed

948
01:01:11,834 --> 01:01:15,075
And I don't wanna be alone

949
01:01:15,075 --> 01:01:17,535
Crashing from what you said

950
01:01:17,535 --> 01:01:20,314
In a parachute of alcohol

951
01:01:20,314 --> 01:01:22,755
It felt surreal, it felt surreal

952
01:01:22,755 --> 01:01:26,035
Just like a pill on an empty stomach

953
01:01:26,035 --> 01:01:28,415
I let it sit till it made me sick

954
01:01:28,415 --> 01:01:31,195
Guess I was something for nothing

955
01:01:31,195 --> 01:01:34,495
No love has got me jaded

956
01:01:34,495 --> 01:01:37,195
Running around town with my high heels wasted

957
01:01:37,195 --> 01:01:40,015
Your drug drives me crazy

958
01:01:40,015 --> 01:01:43,035
Slipping on pain, no one can save me

959
01:01:43,035 --> 01:01:52,035
When I'm numb, I feel everything

960
01:01:52,035 --> 01:01:57,675
When I'm numb, I feel everything

961
01:02:07,195 --> 01:02:10,215
No, no, no, no, no, no.

962
01:02:10,260 --> 01:02:24,700
No love has got me jaded

963
01:02:24,700 --> 01:02:27,620
Running around town with my high heels wasted

964
01:02:27,620 --> 01:02:30,200
Your drug drives me crazy

965
01:02:30,200 --> 01:02:33,200
Slipping on pain, no one can save me

966
01:02:33,200 --> 01:02:36,480
Oh, oh, oh, oh, oh

967
01:02:36,480 --> 01:02:42,200
When I'm numb I feel everything

968
01:02:42,200 --> 01:02:47,940
When I'm numb I feel everything