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All right. In the building behind me, Elon Musk is seizing power from the American people.

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We are here to fight back.

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A few months ago, Elon Musk spent $280 million to buy an election for Donald Trump.

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Now Elon Musk is here to collect on his investment.

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He is here to seize power for himself. We are here to fight back.

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Music.

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Very snowy Pacific Northwest. Welcome into This Week in Bitcoin, episode 45.

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My name is Chris, chrisleas.com, jupiterbroadcasting.com. Thankfully,

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far away from all the DC nonsense.

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I did kind of warn you after the last Fed meeting that the market volatility

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wasn't really going to be driven by the Fed anymore, what they might or might not do with rates.

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It's going to be driven by Trump policy and realistically the reaction to that

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policy. And boy, did we see that this week.

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What a week to get into. Just as an overall quick snapshot to put it in perspective,

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the crypto market as a whole saw its greatest drawdown since COVID or the FTX collapse.

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And, you know, if you're a Bitcoiner, you're listening to all of this and you're

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thinking, it seems so silly to sell a generational wealth asset over some temporary

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tariff disputes. Like, what are people thinking?

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Well, let's get into this. We're going to begin with the major new tariffs that

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could increase prices for goods imported from America's three largest trading partners.

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President Trump's plan to impose these new tariffs on Canada,

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Mexico and China is set to take effect at midnight tonight.

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And it's targeting swift retaliation or it's drawing swift retaliation from

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Canada's Justin Trudeau and other leaders.

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Nancy Cordes is at the White House for us. She's following all this.

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Nancy, good morning. Good morning.

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So this launches Friday night and the market starts to panic.

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And of course, Bitcoin is really the only liquid market that's open 24-7.

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You know, I've said this before, but if you're a trader or,

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you know, I don't know, maybe you just want to hedge and you want access to

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a million dollars or $15,000 or a billion dollars, you can get access to that

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in five minutes with an app in your pocket.

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If you want to sell gold, you can't do it on a Saturday or a Sunday or a Friday

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evening when the banks are closed.

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If you want to sell your house or your office, you can't do it.

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But you can sell your Bitcoin. So, of course, Bitcoin's always the first to react to this.

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And the reaction was so strong because the media played their role in just freaking

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everyone out about the consequences of these new tariffs and how it was going to wreck the economy.

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President Trump signed sweeping tariffs on goods imported from Mexico,

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Canada and China. some as high

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as 25 percent, and they're likely to have a major impact on what you pay.

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We have two reports tonight, beginning with Yamiche Alcindor,

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who is with the president.

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Yamiche, good evening. These are wide ranging tariffs.

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That's right, Jose. The president signed an order to implement 25 percent tariffs

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on Mexico and a 10 percent tariff on China.

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There's also a 25 percent tariff on Canada, except for energy products,

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which have a lower tariff, 10 percent. The White House says that's to keep costs

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down for things like oil and gas.

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This all takes effect on Tuesday.

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The White House says that this is to help with border security and to stop fentanyl

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from coming into our country.

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Now, Canadian Prime Minister Justin Trudeau says Canada will be pushing back forcefully.

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But Trump officials say that if any country tries to retaliate,

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the tariffs could be increased. Jose?

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Yamiche Alcindor in West Palm Beach, thank you. The president's tariffs are

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expected to have a major impact on the price American shoppers pay for everything

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from groceries to auto parts. Brian Chung explains why.

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Companies across the country bracing for tariffs with a warning that it's the

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consumer that's going to pay the price.

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Now, keep in mind, this report is in the context of consumers just being crushed

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by inflation for the last three, four years.

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So there is a high sensitivity to this issue and they know it.

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So they got to hit it on the head.

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It's everything that is at risk of becoming more expensive. From Mexico,

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importers will now have to pay 25 percent more for items like fruits,

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vegetables, beer, liquor and electronics.

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From Canada, 25 percent more for potatoes, grains, lumber and steel.

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And from both, a big increase on pharmaceuticals and on auto parts.

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At S&S Automotive in Secaucus, New Jersey, more expensive imported parts means

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even pricier routine fixes. Oil changes mainly.

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That'll be the first noticeable one. an average oil change

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on most vehicles now anywhere between 50 to 80

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dollars it's probably going to end up over 100 and that

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means that you've got to raise the cost just to make sure that

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you can keep the lights on right and i

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don't like to do that because i've been in this town like i said 38 years so

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i and most of my customers i know he hasn't had to do that for the last four

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years of inflation but these uh theoretical tariffs uh he will have to do that

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of course So the reaction is

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sort of extreme because nothing's really even happened yet at this point,

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but it spooks people. And I would imagine some investors want to hedge.

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They want to try to take money out of crypto and put it into something like

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gold or put it into some sort of inflation play.

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Who knows what these DGENs are up to, but they have a lot of different strategies

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when these type of things start to develop in the market.

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And they move quickly for really no reason because within about 48 hours of

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the announcement, the tariffs were delayed.

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For more on the negotiations and what they mean for Americans,

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let's go to Nancy Cordes at the White House. Notice the tone change immediately.

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Now they're negotiations. They could have been negotiations all along,

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but no, now they're negotiations. Nancy, good morning.

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Good morning, Nate. Here's where things stand right now. After the 25% tariff

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on goods from Canada and Mexico were halted for 30 days, the 10% tariff on Chinese

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goods took effect at midnight.

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And shortly after, China announced their retaliation, imposing a 15 percent

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tariff on coal and liquefied natural gas products, as well as a 10 percent tariff on crude oil,

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agricultural machinery and large engine cars imported from the U.S.

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Those tariffs are set to take effect next Monday, February 10th.

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President Trump announced those U.S. tariffs on Saturday. Then he put the Mexican

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and Canadian tariffs on hold just 36 hours later after a series of phone calls.

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Her math and my math is a little different.

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I guess she was off Friday night when we all found out. It ended with the president

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of Mexico agreeing to send 10,000 soldiers to the U.S.-Mexico border to help

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block fentanyl from being smuggled across the border,

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and the prime minister of Canada agreeing to deploy more choppers,

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drones, and personnel at the Canada-U.S.

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Border. Okay, so I'd like to know what you think. To me, this seems like it

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was a negotiation strategy all from the beginning.

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I don't know what the full play here is, but I have a theory and I'd like you to check me on this.

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It's hard to know for sure right now because we're just in the first couple

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of weeks, if you can believe it, of the Trump administration.

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But I do think there is the makings of a plan here that was probably crafted

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before they entered the office.

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And I think we're starting to see the edges of it right now.

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It starts with Trump flexing big with Mexico and Canada.

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Goes in really hard with countries that were always going to capitulate.

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And he stacks some wins, you know, some political wins. And he sets the tone

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for the tariff negotiations. He makes it clear he's serious,

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but he makes it clear he's willing to negotiate, but he's going to make sure you follow up on it.

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I think the next phase of this tariff stuff is he's going to move into the more

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long-term tariffs, the stuff that stays on, the stuff that him and his team

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feel are needed to balance out trade more.

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Now, I'm not making a comment on that. I think that's the next step.

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We start to see like the 10% long-term tariffs and things like that.

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And then they'll start collecting revenue from these tariffs.

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And I think the goal is to do a lot of this as fast as possible within the first

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100 days, but ultimately to have this stuff solidified before the midterms.

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So once we have long-term tariffs coming in, we'll start to have some revenue

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coming in. We'll start collecting revenue from these tariffs. But there's a problem.

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Executive branch can't legally use those funds for government expenses.

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They legally can't. They can collect the money, but they legally can't spend

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it on government expenses. That requires an act of Congress.

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Now, if I were Trump and I were looking a year or two down the road and I were

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trying to line up for the midterms, I'd be thinking about getting those 2017

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Trump tax cuts that are set to expire locked in quick.

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And we also know that there's also some Trump 2.0 tax cuts that he campaigned on.

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He proposed 15% corporate tax rates, no tax on tips, no tax on overtime,

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and also no tax for seniors.

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So what better way to incentivize Congress to go along with his tax strategy,

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which would reduce tax revenue, which they're never going to want to do,

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than to have this bank account with hundreds of millions, potentially billions of dollars,

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just waiting for Congress to get their grubby little hands on,

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just sitting there, waiting for them.

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It should be an easy argument to make. The tax cuts will be an easy political

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win for everybody, and we can finance it with the tariff revenue.

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It's a win-win. Trump gets his tax cuts.

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The politicians get to give tax cuts to their constituents, they get to claim

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at least it's funded by tariff revenue.

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And I suspect that's just part of the tariff strategy. And I'm curious to know

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what you think the tariff strategy is.

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Fox Business financial analyst Charles Payne, who I, you know what,

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I have to say, initially rubbed me the wrong way because he's just kind of got

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this really verbose and loud way of presenting facts that seems like it's kind

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of, you know, aimed at a certain demographic.

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But actually, his analysis is pretty solid when you get past the presentation,

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at least in my opinion of the presentation.

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And Charles will make the case in this clip that this reaction to the tariffs

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never really made sense from a long term broad picture strategy.

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I don't know if he's right, but I'd like to know your opinion on his take.

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In 1921, the public was clamoring.

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They were begging, demanding for higher tariffs, right? Why?

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We had these new industries, the automobile and things like that.

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They wanted to protect that.

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The economy was coming on. our way of life was changing. We had the Emergency Tariff Act of 1921.

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That was followed by the Fortney-McCumber Act of 1922.

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And there were two specific principles, right?

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The scientific principle, this linked wages to the exporting country, right?

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In effect, let's say China has cheaper labor than us. This made sure that this

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negated the fact that a country would have cheap labor.

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Then there was the American selling price. I love this one. If a product got

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here from a foreign country and it was cheaper than Americans,

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well, guess what? They made it more expensive.

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And by the way, the Fortney-McCumber Act, those tariffs were the highest in

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history. The average 40%, some though went as high as 400%. So what was the

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result? Let's talk about that for a moment, right?

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So the result of this act, one result was an increase in spending by top tiers

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of American people, right? Americans had money.

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They weren't in a foxhole.

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The American people, they were taxed less.

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Remember, all of what President Trump is doing also involves lower taxes.

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They were taxed less, so they had more money to spend on American goods.

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What is meant by protectionism? It's an economic policy of the 1920s,

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and it was essential to trim the way to trim federal expenses.

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What are we trying to do now? We're trying to shrink the government.

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We're trying to bring it down. It's too big. It's too bureaucratic.

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The deficit is too high. We're spending a trillion dollars a year just to serve as that beast.

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And the way to do it was through these tariffs. And so these tariffs are absolutely

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phenomenal. In fact, they sparked

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something that we now commonly call the Roaring Twenties. All right.

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Look at this. OK, so tariffs are bad. How could they be bad?

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We were going down here. This is the stock market. It was going down.

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We had the Emergency Tariff Act. Then we had the Fort Norman Cumberter Tariff

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Act. And then, bam, 500% climb in the stock market.

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Absolutely phenomenal. In fact, tariffs are working so well,

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Herbert Hoover, who was running for president, decided to make it a central

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part of his theme. But he specifically wanted to help American farmers.

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Now, here's the problem. The plan was hijacked.

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OK, the tariff schedule was flooded from the industrial sector.

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So, yeah, we were going to help the American farmer. Then everyone jumped on

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board. Still, they went into effect.

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We all know now is the Smoot-Hawley Act went into effect March 13th, 1930.

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So what happened? Right. I mean, every time someone comes on TV,

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they say, remember Smoot-Hawley, inflation is going to go through the roof.

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You think prices skyrocketed back then?

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Absolutely not. In fact, it was the most extraordinary deflationary spiral in American history.

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This is it. This is Smoot-Hawley, folks. The 1930s deflation.

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It wasn't inflation. Prices went down. They didn't go up.

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He's pointing on the screen. He's pointing to the spot on the chart where you

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can see deflation totally kicking in while that tariff was in place.

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And then afterwards, inflation kicks back up.

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Different time, but it's a different narrative around tariffs than what we've

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been hearing. I mean, I'm not really too focused on the specifics right now

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because it seems like it's still in the negotiation stage.

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And so what gets talked about now is sort of the opening salvo.

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And then what they end up on is something entirely different.

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Music.

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Well, speaking of volatility, there's another thing that's causing things to

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go a little wacky, and that would be Doge. I'll admit I was a bit skeptical.

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I thought maybe they'd, you know, eke out $900 million or maybe a bill in savings

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and, you know, say they revolutionize something with blockchain and walk out the door.

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Things have not gone that direction. In fact, it was just announced yesterday that the U.S.

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Federal government has received more than 20,000 deferred resignation requests.

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And the number is rising right now.

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And as our intro clip demonstrated, it seems that Doge has really hit a nerve.

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We turn now to the latest on President Trump and Elon Musk's drive to reshape

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the federal government.

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Our senior political correspondent, Rachel Scott, is tracking it from the White

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House. Good morning, Rachel.

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Rebecca, good morning to you. And the CIA, now the first major national security

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agency to offer these buyouts to employees. and it comes amid sweeping changes

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by the Trump administration across the federal government.

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Americans on assignment around the world with USAID now rushing to leave their posts.

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It sounds like you're going to line down USAID.

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It sounds like it. I mean, I think so. Overnight, USAID staff receiving this

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email saying nearly everyone in the department will be put on administrative leave by Friday.

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Now, you have to appreciate how this has the potential to boil over into the

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wider financial market, and it could end up creating a fantastic buying opportunity.

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Those working abroad expected to return within 30 days.

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10,000 people work for the agency globally. Their projects pulled back after

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billionaire Elon Musk seized control of the agency, which provides foreign aid

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and assistance around the globe.

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You know, I will point out throughout this entire coverage, they will frame

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it as Elon is seizing control.

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Elon is executing the power given to him by the executive branch,

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including all the firings are approved by the executive branch, etc.

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So this is actually executive branch power. Democrats stress it can't be shut

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down without congressional approval.

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Republicans applauding Musk. Why not go through Congress for that?

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Because you're thinking about, wait, I want to answer her question.

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Because you're reporting and you're asking questions about the old way of doing things.

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Musk, the world's richest man, also behind the offer to millions of government

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employees to leave their positions with pay, now also extended to the CIA.

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What a bastard. What a bastard. They can leave their positions with pay.

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I don't know why when it comes to federal employees, this is considered such an atrocity.

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You know, if a failing tech company does this, it's considered a savvy move

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to save the failing tech company.

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And they often provide public services as well. I don't really get this idea.

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Like, we all are aware of how bleak the financial situation is for the country

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and how excessive the federal government expenditures are and how many people

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work for the federal government that do basically nothing.

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Every American is aware of this. And the likelihood that you could trim the

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fat at these agencies by giant percentages just seems probably very high.

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Some 20,000 taking the buyout so far. ABC News learning those who don't could still be laid off.

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All of this part of the sweeping plan to shrink the federal government.

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Musk and the president now setting sights on dismantling the Department of Education.

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President asked why he's nominating former WWE. We can stop there.

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I think I've made my point. This is going to cause a lot of volatility.

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And I think this is the line where you're going to see the Democrats and corporate

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allies for the Democrats fight. And the American people, mark my words.

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This is Senator Chuck Schumer, the minority leader.

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The American people will not stand for an unelected secret group.

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To run rampant through the executive branch. Now, this is odd.

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And I know that they're all making this case, but I think it's pretty clear

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that the voters knew Elon was part of the package.

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In fact, that's part of their case too.

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Everyone knew what Elon, the whole Doge plan was out there.

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Nobody believed it, at least I didn't fully believe it, but this is what people voted for.

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And I don't know why they're running on that because they must know that.

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Being innovative is good.

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But, Mr. Musk, this isn't a tech startup. Right. So this isn't Silicon Valley.

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Right. That's another part of the narrative. This is the federal government.

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We affect lives here. This is the federal government, not Silicon Valley.

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These are public institutions that deal with things like Social Security and

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Medicare and national defense.

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Won't you think of the lives? How could you think about money at a time like this?

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Won't you think of the lives at risk here? And provide for the well-being of the American people.

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And the American people have a right to be part of that debate.

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That was called the election, Chuck.

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This was the same argument used for COVID lockdowns.

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This really reminds me of this because I was on the air during the COVID lockdowns.

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And I was noting that on one side of my family, they had a restaurant business

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that was about 25 years old that was doing great, but now failing.

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And they ended up selling it for parts and shutting it down.

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They were going to pass it on to their daughter and she was going to run it.

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It was going to be a generational small business that failed because of the lockdowns.

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On the other side of my family, they owned a hotel chain, remote side of my

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family, so don't make any assumptions.

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And their hotel chain was failing because of the lockdowns.

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And they would have failed if it wasn't for the fact that the state came in

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and rented a bunch of rooms for isolation and immigrants and basically got a state bailout.

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And so I was watching, and that was a 30-year-old, 35-year company.

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And I was watching both of these long-term small businesses that were generational

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wealth for those families die.

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And I went on air and I said, geez, I think we're making a lot of drastic mistakes.

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We're going to have a lot of small business collapse. And what we're going to

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see is a consolidation into the megacorps like the Walmarts and the Lowe's out

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there that can stay open during lockdowns.

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And we're going to have massive economic repercussions from this for years to

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come. And we're going to destroy generational wealth.

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That's exactly what happened. But I was attacked for bringing that up because

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how could I not think of the lives? Grandma's at risk, Chris.

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How dare you, you monster? You are a monster. I will no longer listen to your

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shows. You're all about the money.

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And I'm thinking, well, no, but this also destroys lives.

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This destroys entire family's lives.

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This is the same argument now. It's the same argument. But Mr.

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Musk, this isn't a tech startup.

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These are public institutions that deal with things like Social Security and

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Medicare and national defense and provide for the well-being of the American people.

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Yes, we might be nearly $37 trillion in debt.

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And yes, we're about to refinance a large chunk of our interest right now,

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and it's already more than our defense budget.

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But that's just money. Won't you think of the lives? And the American people

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have a right to be part of that debate, part of that debate.

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The elections occurred, and one viewpoint got a few more votes than the other.

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But that doesn't mean we throw out democracy.

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That doesn't mean what's been done for centuries in this country should just

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go out the window and be substituted by a small group of people who think they

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know a lot more than the wisdom of the American people.

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This is such a weak gaslighting argument because it is the duty of the executive

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branch to audit the federal budget.

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And they could clearly just make the argument that that's what Elon is doing and his Doge team.

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It reads to the American public as defense of grift. That's how it reads to the American public.

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And I'm not saying this. Others are saying this, including Senator John Kennedy.

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You get to point on Mike Armless. You can't make an omelet without breaking some eggs.

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Now, President Trump ran for office saying, I'm going to review every single

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penny in the federal budget.

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Now, how are you going to review the spending in the federal budget without

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reviewing the spending?

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And that's what Mr. Musk is doing. Now, many

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of my Democratic colleagues and some of the tofu-eating Wokorati at the USAID

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are screaming like they're part of a prison riot because they don't want us

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reviewing the spending.

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But that's all Mr. Musk is doing, and he's finding some pretty interesting stuff.

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To my friends who are upset, I would say with respect, you know,

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call somebody who cares. They better get used to this.

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All right. So where's all this going? Well, if it plays out,

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and again, that's a big well if because it's anybody's game and guess right now.

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If it plays out, you could have increase of revenue via tariffs. And it may be possible.

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These are numbers they're throwing around. I don't know if they're verified

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or not. It may be possible they get over a trillion dollars in savings.

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Now, right now, the deficit is $2 trillion.

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Now, the deficit is the difference between what is budgeted and what we're spending,

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not the debt. The debt is nearly $37 trillion.

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But the deficit, the delta between what's budgeted and what we're spending right now is $2 trillion.

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So what does that mean? That means that $2 trillion rolls over onto the debt.

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If they could knock that down by a trillion, and this is a very long shot,

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but of course, Elon's making these kinds of claims, $2 trillion?

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Dollars, that'd be the first time we've had a balanced budget since Clinton.

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And I think that would be a massive positive signal to the market and to the world.

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And I think it would also do tremendous, tremendous progress to ensuring the

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continued reserve status of the U.S. dollar.

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And that will be huge for Bitcoin. And I'll tell you why.

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Ironically and awkwardly, it all comes down to stablecoins.

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Talked to you about this before, but stablecoins and Bitcoin growth are linked at the hip.

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And when stablecoins grow, they buy U.S. debt.

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And President Trump signed an executive

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order instructing the Treasury and Commerce Departments in the U.S.

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To establish a sovereign wealth fund.

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Now, he's assigned the new Treasury Secretary, Scott Bassett,

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and the Commerce Secretary, Howard Lutnick, to the task of developing the foundation for that fund.

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It's going to probably need Congress approval.

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And I believe Senator Lummis is going to be in that pipeline.

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Now, these gentlemen, along with the crypto AI czar, David Sachs,

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held a press conference. And before they got to Bitcoin, which did come up,

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they addressed stablecoins.

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And I think you need to hear this. I want to say additionally,

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we're excited about working with both the House and Senate on stablecoin legislation.

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I know Senator Haggerty introduced a bill today.

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Stablecoins really have the potential to ensure American dollar dominance internationally,

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to increase the usage of the U.S.

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Dollar digitally as a world's reserve currency, and in the process create potentially

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trillions of dollars of demand for U.S.

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Treasuries, which could lower long-term interest rates. So let me stop there.

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And I want to. I honestly, my mouth dropped when I heard David Sachs essentially

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lay out the theory that I put a few episodes back in the show, that the U.S.

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Would inevitably lean into stable coins for this very reason.

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And Senator Bill Hagerty has introduced a stable coin bill titled the Genius Act.

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And they're aiming to have it signed within Trump's first 100 days.

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And the banking committee in the Senate seems to be on board.

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So that's interesting.

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Just as a side note, because obviously those stable coins are going to run on

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some sort of shitcoin network.

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But Bitcoin tanked on the news. It was like at 101 and it tanked down to like 97.

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Tanked. I know, right? Tanked. It farted. Basically, it burped. It wasn't, it wasn't.

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You know, it's easy to say tanked, but that's ridiculous. It went down a little

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bit. But people were kind of surprised, you know, like, this seems like great news.

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Sovereign Wealth Fund could be a potential there for Bitcoin.

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Luma seems to be in the pipeline.

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But the price of Bitcoin fell. And I think the reason was, is because Bitcoiners

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were expecting on day one, Trump to sign some sort of sovereign wealth fund

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that included Bitcoin or some sort of reserve or stash.

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But that's not really what he committed to. He committed to researching the

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issue within the first 100 days, which sounds like they are on track.

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Sacks was asked a question about crypto i want you to hear the whole thing that,

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the press is not miked so it's going to be kind of hard to hear but they asked

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sacks about crypto and he answers about bitcoin the bitcoin reserve i'm curious

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what the plans are for that at this point and what the minute administration

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consider putting crypto into a sovereign wealth fund that it is planning.

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So one of the things that the president instructed us to do was to evaluate

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the idea for a Bitcoin reserve.

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And so that is one of the things, that's one of the first things we're going

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to look at as part of the internal working group of the administration.

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So as soon as we get all that set up, we're still waiting for some cabinet secretaries

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who are on the working group to get confirmed. So we're still in the very early stages of this.

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But that's one of the first things we're going to look at is the feasibility of a Bitcoin reserve.

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So it's one of the first things they're going to look at once all the cabinet

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members in position. This, to me, is better than Trump creating some sort of

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strategic stash with the wave of a Sharpie.

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This sounds like a plan, if they follow through,

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this sounds like a plan to work with Lummis and the Congress to actually make.

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This a reserve via some sort of bill and law, which would have much more staying

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power than just one presidency.

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Additionally, I think it sets an example for the rest of the world that is also considering this.

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I actually think this is better, a better route for them to go long term.

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And when you see some of the questions that Sachs answered after the press conference,

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I think it'll make you feel better.

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He on CNBC was asked some follow up questions and I'll play that for you.

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The Bitcoin reserve, you said that's being studied. It's one of the first things

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that's that's on the table here.

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What goes into that process? Is that something that would be standalone or is

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that something that could potentially be tucked into, say, a sovereign wealth

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fund? which has been the speculation today on the heels of that executive order.

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I guess it's possible that the Sovereign Wealth Fund could decide that they

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want to make Bitcoin or digital assets part of its portfolio.

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You're going to have to ask the incoming Commerce Secretary Howard Lutnick about that.

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The item that President Trump asked our working group on digital assets to study

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is whether it's feasible to create either a Bitcoin reserve or some sort of

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digital assets stockpile.

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And so we're going to be looking at that question. We We haven't committed yet

442
00:30:31,461 --> 00:30:33,701
to doing it, but it's one of the first things we're going to be looking at.

443
00:30:34,301 --> 00:30:37,381
Now, he said something in there that I thought was interesting.

444
00:30:37,921 --> 00:30:40,061
It could be up to Howard Lutnick.

445
00:30:40,831 --> 00:30:44,811
To put Bitcoin in the Sovereign Wealth Fund, totally separate from the Bitcoin

446
00:30:44,811 --> 00:30:47,511
Reserve. The Sovereign Wealth Fund could feature all kinds of assets.

447
00:30:48,011 --> 00:30:55,031
Now, Howard Ludnick, well, he happens to be a rather bullish Bitcoiner. This is Howard Ludnick.

448
00:30:55,291 --> 00:30:57,551
I have hundreds of millions of dollars. Okay.

449
00:30:57,991 --> 00:31:04,351
Okay. Hundreds and hundreds of millions of dollars, exposure to Bitcoin, and it will be billions.

450
00:31:04,611 --> 00:31:07,491
I was going to say, so next year when you come back, and we'll do this again,

451
00:31:07,611 --> 00:31:10,651
and you'll be a Bitcoin billionaire. every time Bitcoin dips,

452
00:31:10,971 --> 00:31:12,351
I'm going to be the buyer.

453
00:31:12,951 --> 00:31:16,311
What you're going to see is Canada Fitzgerald is going to be the sponsor of

454
00:31:16,311 --> 00:31:18,011
Bitcoin into traditional finance.

455
00:31:18,511 --> 00:31:22,651
And so we will be the leader of it. And I'll pull out this podcast in years

456
00:31:22,651 --> 00:31:25,711
to come and say, see, I told you, because no one's going to remember.

457
00:31:26,171 --> 00:31:29,331
But all the banks, after we

458
00:31:29,331 --> 00:31:32,591
do it and show people how to do it right they'll all

459
00:31:32,591 --> 00:31:39,291
copy and so the asset of bitcoin will just as it becomes more accepted it will

460
00:31:39,291 --> 00:31:44,071
become more valuable ludnick also had this to say he is the ceo of kander fitzgerald

461
00:31:44,071 --> 00:31:51,431
if you didn't pick it up and he was at bitcoin 2024 kander fitzgerald is here to announce that

462
00:31:51,511 --> 00:31:56,011
We are launching a Bitcoin financing business.

463
00:31:56,371 --> 00:32:03,291
We will offer leverage, leverage to those who own Bitcoin.

464
00:32:04,051 --> 00:32:07,871
We are going to launch with $2 billion of lending.

465
00:32:08,231 --> 00:32:14,271
And once we put out the $2 billion of lending, we will go up in increments of $2 billion.

466
00:32:14,811 --> 00:32:19,291
You have to realize Canter and BGC, its largest wholesaler,

467
00:32:19,291 --> 00:32:22,811
we finance and arrange vast vast

468
00:32:22,811 --> 00:32:25,931
amounts and we are going to now build

469
00:32:25,931 --> 00:32:33,911
that ecosystem for bitcoin so the moral of the story is we are going to welcome

470
00:32:33,911 --> 00:32:40,931
bitcoin into the financing family of the global financial markets and canter

471
00:32:40,931 --> 00:32:43,371
fitzgerald's going to be your sponsor all right so that's the.

472
00:32:44,080 --> 00:32:54,320
Music.

473
00:32:55,264 --> 00:32:59,084
You know, really what's happening to some of the market makers are just shaking out the weak hands.

474
00:32:59,984 --> 00:33:05,244
And they're stacking cheap sats, so that way once the price starts to rip again,

475
00:33:05,384 --> 00:33:06,444
they have great margins.

476
00:33:06,684 --> 00:33:12,504
There is a mega trend happening underneath the surface that I've remarked a

477
00:33:12,504 --> 00:33:17,764
couple of times about on the show, but we saw a very clear preview of what could

478
00:33:17,764 --> 00:33:21,424
be to come and really, really create strong demand for Bitcoin.

479
00:33:22,104 --> 00:33:25,864
Tesla was able to take advantage of the new FASB accounting rules I've talked

480
00:33:25,864 --> 00:33:29,264
about on the show before that allow them to mark up their Bitcoin holdings.

481
00:33:30,684 --> 00:33:35,344
It's kind of remarkable. Tesla went from what was going to be an absolute bloodbath

482
00:33:35,344 --> 00:33:38,984
of a quarter to showing a $600 million gain.

483
00:33:39,164 --> 00:33:41,584
The Bitcoin saved Tesla's bacon.

484
00:33:41,944 --> 00:33:46,844
Tesla just reaped a half billion dollar windfall thanks to its Bitcoin holdings

485
00:33:46,844 --> 00:33:51,504
and new accounting practices. It disclosed a $600 million mark-to-market benefit

486
00:33:51,504 --> 00:33:53,364
from Bitcoin on its net income.

487
00:33:53,504 --> 00:33:57,284
That increases thanks to a change at the Financial Accounting Standards Board,

488
00:33:57,344 --> 00:34:02,964
which told companies to start measuring the value of their digital assets holding each quarter. Come on.

489
00:34:03,224 --> 00:34:06,424
Is that not going to be? And I think there's something around 80,

490
00:34:06,784 --> 00:34:10,844
just under 80 public companies that hold Bitcoin on their balance sheet.

491
00:34:10,944 --> 00:34:13,664
They're going to be taking advantage of these FASB accounting practices.

492
00:34:13,984 --> 00:34:17,824
And likely, I mean, without any doubt, MicroStrategy is going to be one of them.

493
00:34:17,824 --> 00:34:20,624
It's either going to be this next quarterly report or the one after. I'm not sure.

494
00:34:20,944 --> 00:34:24,784
It's probably happening as I'm live right now. We're probably going to find

495
00:34:24,784 --> 00:34:26,964
out because I think we're going to have information from them soon.

496
00:34:27,084 --> 00:34:30,564
But that's just going to be a massive, massive narrative for businesses.

497
00:34:30,864 --> 00:34:34,404
And I don't think they're going to be able to ignore that. But what do you think?

498
00:34:34,624 --> 00:34:36,224
In fact, I have a few questions for you.

499
00:34:37,844 --> 00:34:41,284
What's your reaction to the Doge team work so far? Do you consider it to be

500
00:34:41,284 --> 00:34:44,304
a bad thing, a good thing, better than you expected, worse, hopeful?

501
00:34:44,304 --> 00:34:48,944
What do you think about the old Doge team's progress so far?

502
00:34:49,104 --> 00:34:53,644
And then also, did you hear this week that you're going to be able to send Tether over Lightning?

503
00:34:55,163 --> 00:34:58,623
Taproot assets are making it possible. You'll be able to send Tether over the Lightning Network.

504
00:34:58,923 --> 00:35:04,723
Is that going to make you a stablecoin user? For example, would you boost the show with stablecoins?

505
00:35:06,143 --> 00:35:10,223
Boost didn't tell me no. I'd tell him yes. I'm not sure. I don't think I would, but it's Lightning.

506
00:35:08,400 --> 00:35:22,320
Music.

507
00:35:23,543 --> 00:35:27,023
Hey, you can support the show. just by doing what you do. If you want to stack

508
00:35:27,023 --> 00:35:30,683
sats like DCA and with River, oh, there's no better way to do it in the US.

509
00:35:30,683 --> 00:35:34,683
They have a great interface, mobile apps, so many great security systems,

510
00:35:34,883 --> 00:35:36,063
as well as proof of reserves.

511
00:35:36,603 --> 00:35:40,363
Just set it on automatic and they'll stack for you. They also have a great savings

512
00:35:40,363 --> 00:35:42,663
account option for cash where the interest is paid in sats.

513
00:35:42,883 --> 00:35:44,923
You can support the show by stacking sats on River.

514
00:35:45,203 --> 00:35:48,183
Now, if you're all about self-custody and you're in Canada or the US,

515
00:35:48,523 --> 00:35:50,163
let me tell you about the Bitcoin Well.

516
00:35:50,603 --> 00:35:55,443
Bitcoinwell.com slash Jupiter, link in the show notes. Their system is self-custody only.

517
00:35:55,643 --> 00:35:59,623
You buy and sell sats directly from your Lightning or on-chain wallet.

518
00:35:59,983 --> 00:36:03,303
Now, you want to spend some of your sats on Lightning? Maybe convert them into

519
00:36:03,303 --> 00:36:06,783
like an Amazon gift card, something like that? That's the Bitcoin company.

520
00:36:07,143 --> 00:36:09,543
Thebitcoincompany.com, promo code Jupiter, link in the show notes.

521
00:36:09,743 --> 00:36:14,023
The Bitcoin company has hundreds of different gift cards. They're Bitcoin only. I love them.

522
00:36:14,423 --> 00:36:18,343
If you want to stack sats by paying your bills, that's the fold card.

523
00:36:18,523 --> 00:36:21,163
And they keep going from strength to strength. I'll have information on that

524
00:36:21,163 --> 00:36:24,923
in a little bit. stack sats just with your regular purchases get a debit card

525
00:36:24,923 --> 00:36:30,363
it's great and it's time to get access to your btc value without selling it

526
00:36:30,363 --> 00:36:32,343
consider salt lending links to all of.

527
00:36:32,240 --> 00:36:53,680
Music.

528
00:36:54,525 --> 00:36:59,405
And we do have some boosts to get into this week, which is always one of my

529
00:36:59,405 --> 00:37:00,785
favorite parts of the show.

530
00:37:00,905 --> 00:37:05,165
So let's start with our baller booster this week, who is Derivation Dingus,

531
00:37:05,245 --> 00:37:10,305
who came in with a meaty 222,222 sats.

532
00:37:14,845 --> 00:37:17,125
Fountain said my last boost failed, so I'm trying it again. Well,

533
00:37:17,205 --> 00:37:19,505
thank you very much. I do think that might have been the case,

534
00:37:19,665 --> 00:37:22,325
but I got this one, Derivation, and I really appreciate it.

535
00:37:22,845 --> 00:37:26,205
Thank you for the value and being our baller booster. You are the best.

536
00:37:27,085 --> 00:37:34,665
SatSquatch comes in with 66,666 sats. I hoard that which your kind covet. Hmm. Hmm.

537
00:37:35,145 --> 00:37:38,065
What could that mean? Why you got to put numbers and letters together?

538
00:37:38,385 --> 00:37:39,805
Why can't you just go f*** yourself?

539
00:37:40,525 --> 00:37:44,285
Thanks, SatSquatch. He says, I've been stacking since 2018 or 19,

540
00:37:44,525 --> 00:37:45,425
and I stack sats every month.

541
00:37:45,745 --> 00:37:48,625
The sats I send you are freshly converted from fiat from strike.

542
00:37:48,865 --> 00:37:50,165
Hey, that's kind of my system.

543
00:37:50,665 --> 00:37:53,585
Sometimes it's strike. You know, it kind of depends.

544
00:37:53,845 --> 00:37:56,985
But yeah, I have like long-term Bitcoin savings.

545
00:37:57,125 --> 00:38:00,545
And then, yeah, I have like the stuff that I'm going to spend either like on

546
00:38:00,545 --> 00:38:04,205
Noster or Stacker News or through boosts.

547
00:38:04,685 --> 00:38:06,465
That's stuff I acquire and to spend pretty quickly.

548
00:38:07,065 --> 00:38:10,405
Thanks, SatSquatch. I was asking last week, I put the question out there,

549
00:38:10,505 --> 00:38:14,985
if people had stacked sats before they ever listened to a show that had boosts

550
00:38:14,985 --> 00:38:18,165
or if they got into Bitcoin through the boosts, that kind of question.

551
00:38:18,565 --> 00:38:21,045
So appreciate that. And I appreciate that boost.

552
00:38:21,909 --> 00:38:26,329
Mitch Taylor's here with 22,222 sats. That's a row of McDucks.

553
00:38:26,569 --> 00:38:29,769
Things are looking up for old McDuck. Always love to hear your takes.

554
00:38:30,049 --> 00:38:33,969
Very high quality content. Well, thank you, Mitch. Thanks for the high quality value. Appreciate it.

555
00:38:34,789 --> 00:38:37,529
Anonymous here is here with 2,000 sats.

556
00:38:38,789 --> 00:38:42,989
No message though. No name and no message. Ooh. But see you're on Podverse.

557
00:38:43,109 --> 00:38:46,269
I think you just have to go in there and set your username. But thank you for the value.

558
00:38:47,089 --> 00:38:51,969
Truth in the Punchbowl comes in with 4,321 sats. B-O-O-S-T.

559
00:38:52,189 --> 00:38:57,049
There are many great Bitcoin podcasts out there, but I found myself only listening to Twib regularly.

560
00:38:57,369 --> 00:39:00,429
I hope the Bitcoin dad as well keep up the great work. Well,

561
00:39:00,429 --> 00:39:02,589
I'll be dipped. Thank you very much.

562
00:39:03,389 --> 00:39:06,709
Turd in the punch bowl. Oh, turd in the punch bowl. Did I say truth?

563
00:39:07,529 --> 00:39:11,829
There is truth in that turd. There is truth. Thank you. Appreciate the boost.

564
00:39:12,449 --> 00:39:16,849
Clarkian's here with 5,000 sats. You're so boost. Ah, he's boosting our artist

565
00:39:16,849 --> 00:39:18,169
with a song boost. Thank you, sir.

566
00:39:18,929 --> 00:39:22,609
Those sats go to the artist. Appreciate that. Gen2 Netiquette,

567
00:39:22,809 --> 00:39:25,429
that's how I'm going to say it. Well, uh...

568
00:39:26,349 --> 00:39:30,349
He's here with 10,000 sats. He's a good guy. He's a real good guy.

569
00:39:30,469 --> 00:39:32,309
All right, Bitcoin story time.

570
00:39:32,689 --> 00:39:36,609
I started mining Doge back in 2012 with a PC built for the purpose.

571
00:39:37,069 --> 00:39:42,609
Same old story. I wish I had my coins. Several million Doge went into 0.3 Bitcoin.

572
00:39:42,949 --> 00:39:46,649
I sold and covered the cost for the PC at least. Never stacked again until I

573
00:39:46,649 --> 00:39:50,649
started listening to JB shows. Now I have a small weekly DCA value for value.

574
00:39:50,809 --> 00:39:52,249
Nicely done. Good for you.

575
00:39:55,889 --> 00:40:01,469
That's good to hear. I appreciate the boost. I am real Satoshi. Danger zone.

576
00:40:01,909 --> 00:40:07,589
Comes in with 4,500 sats. Danger zone. First time booster. All right.

577
00:40:09,108 --> 00:40:12,228
I've held Bitcoin for a while now, but I wanted to boost it and say thanks.

578
00:40:12,808 --> 00:40:16,048
Between this show and self-hosted, I went from holding on a hot wall to running

579
00:40:16,048 --> 00:40:18,528
my own node and as many services as I can.

580
00:40:18,668 --> 00:40:21,208
And I'll be home a hub along with Noster Fund.

581
00:40:21,408 --> 00:40:23,348
I love supporting the Lightning Network and value for value.

582
00:40:23,548 --> 00:40:25,908
This is way more exciting than any stinking ripple.

583
00:40:27,408 --> 00:40:31,988
Yes. I'm going to give you a ding on that one, man. There's a little bell for you. I agree.

584
00:40:32,668 --> 00:40:35,928
Thank you. I am Satoshi. I appreciate the boost.

585
00:40:36,268 --> 00:40:41,228
And congratulations on getting the node going and all that. Love hearing that. That gets me stoked.

586
00:40:42,068 --> 00:40:45,688
Ace Ackerman's here with a row of ducks. That's 2,222 sats.

587
00:40:46,828 --> 00:40:49,648
Clean air, food, water, and now money.

588
00:40:49,788 --> 00:40:53,948
Be part of the value-to-value revolution by earning and then spending sats on

589
00:40:53,948 --> 00:40:57,148
Wavelake. This week in Bitcoin and no agenda. Thanks for your courage, Chris.

590
00:40:58,268 --> 00:41:04,308
Thank you, sir. Boost! Appreciate the value, Ace. It's nice to hear from you. Hey, there's Gene Bean.

591
00:41:04,528 --> 00:41:07,908
He's here with 4,270 sats.

592
00:41:07,908 --> 00:41:12,988
Because I'm the wind Says I had no interest in Bitcoin Prior to the booster

593
00:41:12,988 --> 00:41:17,648
crams becoming a thing Now I use it and I'm stacking I've also just set up my

594
00:41:17,648 --> 00:41:21,608
first Bitcoin node Plus L&D and have migrated my Albie hub there It's been a

595
00:41:21,608 --> 00:41:25,068
significant change At how I look at money Yes Gene.

596
00:41:27,448 --> 00:41:34,228
Love it I know it's common to run your own Bitcoin node It's common Gene there's

597
00:41:34,228 --> 00:41:36,068
like 20,000 people in the whole world doing it.

598
00:41:38,488 --> 00:41:41,488
Lightning nodes there might be a lot more i don't know but like actual

599
00:41:41,488 --> 00:41:44,128
bitcoin nodes that are discoverable i mean you hear it in the state of the network

600
00:41:44,128 --> 00:41:48,028
it's not common gene but i was wondering what your thoughts are running a liquid

601
00:41:48,028 --> 00:41:52,988
node i asked because it's i noticed an option on umbral and nix bitcoin yeah

602
00:41:52,988 --> 00:41:57,408
so i do the elements liquid node i do run it and there is some value to it i

603
00:41:57,408 --> 00:41:59,548
think maybe particularly with pegging in,

604
00:42:00,358 --> 00:42:03,178
to the liquid network but the big caveat with

605
00:42:03,178 --> 00:42:05,938
the liquid network is pegging out is still permissioned to a sense and

606
00:42:05,938 --> 00:42:08,778
i don't think you can use your node for anything like that but it's still

607
00:42:08,778 --> 00:42:12,998
useful i i don't i don't find it as useful as a bitcoin node but i still like

608
00:42:12,998 --> 00:42:17,138
to have it change you know and i'm a fan of liquid so i just like being part

609
00:42:17,138 --> 00:42:20,418
of it i have to say and i'm really glad to hear it's going well for you let

610
00:42:20,418 --> 00:42:23,938
me know if you do the if you do like the i think it's what called elements core

611
00:42:23,938 --> 00:42:28,538
i think that's what my liquid note is let me know which way you go and how it works for you?

612
00:42:29,018 --> 00:42:31,618
Because I run it, but I don't use it a lot.

613
00:42:32,798 --> 00:42:35,718
OrangePillLawyer25 comes in with 2,121 cents.

614
00:42:35,958 --> 00:42:39,238
You're doing a good job. I've been stacking since January 2021,

615
00:42:39,238 --> 00:42:42,318
and I love the opportunity to use it through the Fountain app.

616
00:42:42,438 --> 00:42:44,878
I wish there was more opportunity to interact with it though.

617
00:42:45,178 --> 00:42:51,238
Oh, I think, you know what, OrangePill, I have a suspicion that your wish will be granted over 2025.

618
00:42:51,698 --> 00:42:55,878
You probably saw the headline this week that the SEC is reassigning their crypto

619
00:42:55,878 --> 00:43:02,318
law enforcement task force, their lead crypto lawyer just got reassigned to IT in the SEC.

620
00:43:03,218 --> 00:43:07,078
So I think, you know, like the panic that happened at Albee where they had to

621
00:43:07,078 --> 00:43:09,938
move from custodial to non-custodial because they were concerned about being

622
00:43:09,938 --> 00:43:13,738
a money transmitter and the SEC and the Biden White House coming after them.

623
00:43:14,278 --> 00:43:17,538
One year later is just simply not an issue anymore. And the SEC seems to be

624
00:43:17,538 --> 00:43:21,738
like they're getting defanged for better or for worse, in my opinion, maybe a little worse.

625
00:43:23,161 --> 00:43:26,061
Then again, the SEC has really failed to do a good job.

626
00:43:26,261 --> 00:43:30,421
So maybe for better. But my point is, Orange Pill, is you're going to see a

627
00:43:30,421 --> 00:43:32,221
lot more services spun up in the U.S.

628
00:43:32,341 --> 00:43:35,821
They're going to focus on experience and high quality.

629
00:43:36,101 --> 00:43:38,001
Maybe a little more premium, I suspect.

630
00:43:38,621 --> 00:43:42,661
Thanks for the boost. Producer Jeff's here with 2,222 sats.

631
00:43:43,961 --> 00:43:47,061
Giving Ripple a rip. Giving Ripple a ripe ripping.

632
00:43:47,741 --> 00:43:52,061
That would have been a good title, Jeff. I was needed for the rotten regime.

633
00:43:52,061 --> 00:43:54,921
I had to make some clips and send them to my XRP loving coworkers.

634
00:43:55,641 --> 00:43:59,021
Well done. I still can't get in a real argument on why they like it more than

635
00:43:59,021 --> 00:44:01,681
Bitcoin. At least they like Bitcoin too. Oh, well, that's good.

636
00:44:02,301 --> 00:44:07,821
Yeah, it's always, I mean, I think the value play for XRP is in a world of CBDCs,

637
00:44:08,621 --> 00:44:11,781
they're like the connectivity between the banks to move transactions.

638
00:44:12,561 --> 00:44:16,141
Who wants that? I think. Maybe I have it wrong. Thanks, Jeff.

639
00:44:16,701 --> 00:44:18,021
One dull geeks here with a row of ducks.

640
00:44:18,921 --> 00:44:22,241
But Chris, the price of everything has been coming down and will continue.

641
00:44:22,581 --> 00:44:26,921
When priced in Bitcoin, I understand what you meant, but that's a fiat mindset.

642
00:44:27,361 --> 00:44:30,301
Something I'm trying to remove from my life. That is a great point,

643
00:44:30,421 --> 00:44:33,581
OneDoleGeek. We were talking about prices last week and how prices aren't coming down.

644
00:44:33,721 --> 00:44:36,361
And I should have said, because they're priced in fiat.

645
00:44:36,561 --> 00:44:39,701
You're right. You're right. Because in priced in Bitcoin, everything is getting cheaper.

646
00:44:40,041 --> 00:44:43,921
I do think that is part of what's going to be a big trend over 2025,

647
00:44:44,461 --> 00:44:47,361
where people start taking their entire paychecks in Bitcoin.

648
00:44:47,361 --> 00:44:50,221
They cash in you know they essentially go all into bitcoin

649
00:44:50,221 --> 00:44:53,221
and then they just sell out what they need to pay expenses

650
00:44:53,221 --> 00:44:56,121
they pay the cap gains taxes on that but it still works out

651
00:44:56,121 --> 00:45:02,421
to be i think unless bitcoin crashes you know a much better gain good point

652
00:45:02,421 --> 00:45:08,181
you got me one dull appreciate that nakamoto 6102 is here with 4 000 of those

653
00:45:08,181 --> 00:45:12,841
sats but that's not possible nothing could do that says thank you for the value

654
00:45:12,841 --> 00:45:15,141
well thank you for the boost really appreciate it,

655
00:45:15,941 --> 00:45:19,361
Jabits is here with 10,000 sats. The traders love the vol.

656
00:45:19,581 --> 00:45:22,921
This is one of my favorite podcasts. Keep up the great work. Well, geez, thank you.

657
00:45:23,241 --> 00:45:25,921
The more info and analysis, the better. But I know your time is limited.

658
00:45:26,081 --> 00:45:27,421
I actually enjoy all the JB shows.

659
00:45:27,561 --> 00:45:29,601
I wish I could share your enthusiasm for the new administration,

660
00:45:29,961 --> 00:45:32,141
especially the non-Bitcoin related promises.

661
00:45:32,881 --> 00:45:35,881
Nonetheless, it's such an interesting time for Bitcoin. Keep up the good fight.

662
00:45:36,681 --> 00:45:40,341
That's nice. This week, I was told that I was a Trump hater,

663
00:45:40,361 --> 00:45:43,541
and now I've been told that I have enthusiasm for the new administration.

664
00:45:43,541 --> 00:45:46,381
Hopefully that means I'm kind of slicing it right down the middle a bit.

665
00:45:46,661 --> 00:45:52,041
I, my real only political bias that I kind of own is that I'm very anti-war

666
00:45:52,041 --> 00:45:59,481
and I think the fiscal policy situation is absolutely bonkers and has to be immediately solved.

667
00:45:59,701 --> 00:46:01,381
And then also, you know.

668
00:46:02,537 --> 00:46:06,337
I'm a big energy guy. So whatever party wants to be big on energy,

669
00:46:06,457 --> 00:46:08,797
I'm probably going to be a little bit more supportive of. Those are sort of

670
00:46:08,797 --> 00:46:09,937
my main political leanings.

671
00:46:10,277 --> 00:46:12,537
And then everything else, I just look through the context of Bitcoin.

672
00:46:13,157 --> 00:46:18,097
And I think there's going to be a lot of overreaction because of the visceral

673
00:46:18,097 --> 00:46:22,757
emotional reaction that Trump and Elon invoke from certain people.

674
00:46:23,097 --> 00:46:28,017
But if you're able to put that aside and kind of take the higher level view,

675
00:46:28,237 --> 00:46:32,417
I think it's much more structurally sane for the brain, right?

676
00:46:32,417 --> 00:46:33,917
It's just much more easy to process.

677
00:46:34,597 --> 00:46:37,057
Thanks, Jebbets. Nice to hear from you. Thanks for the 10,000 sats.

678
00:46:37,877 --> 00:46:41,277
Rather Not Say is here with 2,000 sats. Coming in hot with the booth.

679
00:46:41,437 --> 00:46:43,157
No message, just a cactus.

680
00:46:43,597 --> 00:46:48,037
Appreciate that. And Podbun is here with a row of ducks.

681
00:46:49,077 --> 00:46:51,297
I was introduced to the Lighting Network through your shows,

682
00:46:51,457 --> 00:46:53,517
mostly from listening to the Bitcoin DadPod.

683
00:46:53,737 --> 00:46:57,857
I didn't know how to stack sats, and I didn't know you could send Bitcoin so

684
00:46:57,857 --> 00:46:59,337
quickly. Yeah, isn't that great?

685
00:47:00,077 --> 00:47:03,477
Thanks, Podbun. Nice to hear from you. Thank you, everybody who boosted in.

686
00:47:03,597 --> 00:47:07,077
That's all of the boosts above the 2,000 SAT cutoff we have for time.

687
00:47:07,357 --> 00:47:11,877
Shout out to User64, who sent their first boostagram to the show this week.

688
00:47:12,257 --> 00:47:15,257
Appreciate you all out there. The boost at every level. And,

689
00:47:15,317 --> 00:47:17,377
of course, all of you who stream SATs as well.

690
00:47:17,457 --> 00:47:20,617
In fact, we had 45 of you stream them SATs.

691
00:47:20,837 --> 00:47:28,517
And with your help, we stacked 95,527 SATs just by streaming.

692
00:47:28,517 --> 00:47:33,057
When you combine that with all of our wonderful boosters, the show stacked a

693
00:47:33,057 --> 00:47:37,177
very handsome $467,781.

694
00:47:37,200 --> 00:47:46,640
Music.

695
00:47:47,147 --> 00:47:50,727
Probably the easiest way to boost these days is with Fountain FM and you get

696
00:47:50,727 --> 00:47:52,187
your sats with an app like Strike.

697
00:47:52,467 --> 00:47:57,287
But as you can hear, many of our listeners will go the self-hosted route,

698
00:47:57,487 --> 00:48:03,247
self-hosted route in your house, using something like Albie Hub and a podcasting app of your choice.

699
00:48:03,287 --> 00:48:06,587
There's lots of great apps listed over at podcastapps.com.

700
00:48:06,687 --> 00:48:09,487
You just need some lightning sats and a way to boost the show.

701
00:48:09,707 --> 00:48:12,887
And it means the world to the show. There is no sponsor.

702
00:48:12,987 --> 00:48:16,687
The links I mentioned earlier are all affiliate links. these go to the production

703
00:48:16,687 --> 00:48:18,467
of the show. And I really do appreciate it.

704
00:48:18,647 --> 00:48:20,967
Everybody who either uses one of our affiliates or boosts in,

705
00:48:21,387 --> 00:48:23,567
you're making a big difference, keeping the show going.

706
00:48:23,727 --> 00:48:28,827
And really, I think helping me build what I consider to be a long-term runway

707
00:48:28,827 --> 00:48:30,327
for the Jupiter Broadcasting Network.

708
00:48:31,007 --> 00:48:33,967
And I think that's going to be more important than ever. I've talked about it before.

709
00:48:34,467 --> 00:48:37,587
And I think this is like the last chance to really kind of get this figured

710
00:48:37,587 --> 00:48:40,987
out because the advertising market around podcasting is getting really, really weird.

711
00:48:41,147 --> 00:48:44,087
It's not going away entirely. It's just getting creepy.

712
00:48:44,080 --> 00:48:57,520
Music.

713
00:48:56,567 --> 00:48:59,387
Well we talked about ripple and xrp last week,

714
00:49:00,847 --> 00:49:06,467
yesterday as i record the xrp blockchain was actually down for an hour the xrp

715
00:49:06,467 --> 00:49:12,907
ledger halted block production for about an hour on tuesday before just spontaneously

716
00:49:12,907 --> 00:49:16,667
recovering it was a rare disruption, but it does happen.

717
00:49:16,967 --> 00:49:22,627
Network activity froze at ledger height 93927173, something like that,

718
00:49:23,127 --> 00:49:26,667
prompting an immediate investigation from all the validators trying to figure out what's going on.

719
00:49:26,827 --> 00:49:31,647
Things have resumed normal operation, and of course, the CTO of XRPL,

720
00:49:31,727 --> 00:49:34,167
because they have a CTO...

721
00:49:34,955 --> 00:49:38,475
Said that it wasn't really a big deal. You know, there was some things.

722
00:49:38,895 --> 00:49:41,315
The system recognized a problem. Things shut down for a bit.

723
00:49:41,435 --> 00:49:44,195
And then he tried to, like, you know, play it off. Well, other blockchains have these problems, too.

724
00:49:44,855 --> 00:49:48,715
Quote, it just caused ledgers not to be seen as trusted for about an hour.

725
00:49:49,015 --> 00:49:52,215
The servers knew the network wasn't working correctly, and so they did not report

726
00:49:52,215 --> 00:49:55,075
any ledgers as trusted during the incident. So it's no big deal.

727
00:49:55,535 --> 00:49:58,515
What are you worried about? So what did it went down for an hour? Shut up.

728
00:50:03,975 --> 00:50:08,435
Okay i have a couple of updates that i want you to be aware of my favorite wallet

729
00:50:08,435 --> 00:50:14,295
app sparrow has version 2.11 out now this release has some nice improvements

730
00:50:14,295 --> 00:50:20,595
for usb hardware wallet handling including support for that new jade plus and

731
00:50:20,595 --> 00:50:22,855
a few other things in there they've also.

732
00:50:23,595 --> 00:50:28,415
Just had a small version bump, I think, for an issue on macOS,

733
00:50:28,555 --> 00:50:32,615
so be sure you're not on 2.1.0, but make sure if you're on macOS that you're

734
00:50:32,615 --> 00:50:36,195
on 2.1.1 because there was a little bit of a problem they had to do a quick release for.

735
00:50:36,435 --> 00:50:39,435
But otherwise, a really nice release that improves support for hardware wallets,

736
00:50:39,515 --> 00:50:40,375
which is always great to see.

737
00:50:40,635 --> 00:50:45,255
But an app or slash wallet that I have failed to give its due props,

738
00:50:45,435 --> 00:50:49,295
but over the holidays working with family members came to really appreciate,

739
00:50:49,515 --> 00:50:51,135
and that's Blockstream's Green.

740
00:50:51,135 --> 00:50:54,995
Green is a great

741
00:50:54,995 --> 00:51:00,015
wallet and on mobile it supports liquid lightning and bitcoin it supports all

742
00:51:00,015 --> 00:51:05,475
kinds of multi-custody options it supports watch only wallets desktop and mobile

743
00:51:05,475 --> 00:51:11,395
ios android open source you can just get the apk right off of github into your

744
00:51:11,395 --> 00:51:12,975
obtainium if that's how you like to roll,

745
00:51:13,655 --> 00:51:16,695
blockstream green is a great wallet and

746
00:51:16,695 --> 00:51:19,855
it yes it's tied to a company but blockstream seems to be a pretty solid group

747
00:51:19,855 --> 00:51:22,695
and they just keep going from strength to strength and

748
00:51:22,695 --> 00:51:27,695
they just enabled liquid discounted fees for confidential transactions this

749
00:51:27,695 --> 00:51:32,855
is crazy it's like you know maybe like a transaction that was i don't know i'm

750
00:51:32,855 --> 00:51:36,295
just making up numbers but say the transaction cost was a was the equivalent

751
00:51:36,295 --> 00:51:41,135
to 100 sats before with this support for confidential transactions.

752
00:51:42,544 --> 00:51:47,324
The cost could be like 25 sats or 20 sats. It's a dramatic reduction.

753
00:51:47,564 --> 00:51:49,224
And Liquid's already crazy cheap and fast.

754
00:51:49,804 --> 00:51:54,564
And you can just interoperate in Green right there. It's such a good wallet.

755
00:51:54,804 --> 00:51:57,764
If Sparrow's slightly intimidating to you, Green is fantastic.

756
00:51:58,044 --> 00:52:00,804
Sparrow goes to the next level because it gives you information about everything.

757
00:52:01,324 --> 00:52:05,324
Makes it super easy to work with your own node. And it's a desktop-only workflow

758
00:52:05,324 --> 00:52:07,864
over at Sparrow, where Green offers desktop and mobile.

759
00:52:08,204 --> 00:52:11,744
That they can kind of, you know, you could have like your primary wallet where

760
00:52:11,744 --> 00:52:18,124
you use your hardware device on your desktop, but then you could have a watch-only, I guess, copy,

761
00:52:18,344 --> 00:52:21,424
a watch-only version of that wallet on your mobile device where you can still

762
00:52:21,424 --> 00:52:23,664
receive SATs, but you can't send.

763
00:52:24,144 --> 00:52:26,344
That's pretty neat, especially for cold storage.

764
00:52:26,964 --> 00:52:30,564
So Green's a really good app. Version 2020 came out this week.

765
00:52:30,684 --> 00:52:35,224
And then I mentioned Fold, which is the company I use which gives me a debit

766
00:52:35,224 --> 00:52:39,144
card to stack SATs with every purchase and to have an ACH account so that way

767
00:52:39,144 --> 00:52:40,764
I can do bill pay and stack SATs.

768
00:52:40,764 --> 00:52:43,944
Fold seems to be expanding their collaboration

769
00:52:43,944 --> 00:52:46,884
with visa this is the announcement they said quote to introduce innovative

770
00:52:46,884 --> 00:52:49,944
bitcoin rewards card program this includes folds flagship

771
00:52:49,944 --> 00:52:54,124
debit card and an upcoming credit card product using

772
00:52:54,124 --> 00:52:59,084
visa shared services and incentives to enhance rewards so it looks like fold

773
00:52:59,084 --> 00:53:05,404
is going to roll out a visa credit card soon with sats back and this is sort

774
00:53:05,404 --> 00:53:10,904
of part of the strategy i was mentioning earlier in the show about taking your paycheck in Bitcoin.

775
00:53:11,644 --> 00:53:14,304
You put your day-to-day, now this is, you have to be financially responsible.

776
00:53:14,464 --> 00:53:18,724
This is not advice, blah, blah, blah. You put your day-to-day expenses on the credit card.

777
00:53:19,304 --> 00:53:22,444
This is like, this is your own personal layer two to Bitcoin, if you will.

778
00:53:22,984 --> 00:53:27,544
Your expenses go on the credit card or you pay them directly using your fold accounts ACH function.

779
00:53:28,204 --> 00:53:31,384
At the end of the month, you pay off the credit card with Bitcoin.

780
00:53:32,184 --> 00:53:34,704
So you're, you're getting your paycheck deposited in Bitcoin,

781
00:53:35,024 --> 00:53:38,384
you're making one or two transactions in Bitcoin.

782
00:53:38,704 --> 00:53:41,024
One of them is to, you know, whatever payments you have directly out of your

783
00:53:41,024 --> 00:53:44,444
fold account. And the other one's the payment to pay off the credit card for that month.

784
00:53:45,461 --> 00:53:48,581
You're stacking sats on both sides because the credit card stack sats and the

785
00:53:48,581 --> 00:53:50,001
full ACH payment stack sats.

786
00:53:50,721 --> 00:53:54,421
And you're keeping as absolute, as much Bitcoin as you possibly can because

787
00:53:54,421 --> 00:53:59,081
if you take your paycheck in Bitcoin, now you have to make the conscious decision

788
00:53:59,081 --> 00:54:01,861
to convert that Bitcoin to fiat for what you want to buy.

789
00:54:02,501 --> 00:54:05,981
That's going to make you rethink everything you buy. It's going to make you

790
00:54:05,981 --> 00:54:12,281
rethink every expense because you have to sell Bitcoin and that is going to make you pause.

791
00:54:12,721 --> 00:54:16,341
And I just think that's a fascinating mental shift that could help people cut

792
00:54:16,341 --> 00:54:19,221
back on savings and increase their Bitcoin hold.

793
00:54:19,761 --> 00:54:22,541
And then these credit card products, well, traditionally, I think Bitcoiners

794
00:54:22,541 --> 00:54:24,541
are kind of anti-lending, anti-financing.

795
00:54:25,361 --> 00:54:28,881
These credit card products are decent in modern society. They offer consumer

796
00:54:28,881 --> 00:54:31,081
protection. They're widely accepted.

797
00:54:31,701 --> 00:54:35,341
And it could be another way to stack sets. I just think Fold is working on some

798
00:54:35,341 --> 00:54:36,421
really interesting stuff.

799
00:54:37,321 --> 00:54:40,021
Maybe, I don't know, but maybe this is a strategy some people could employ.

800
00:54:40,141 --> 00:54:43,261
You know, a lot of people have complex finances. It's not something they could really take on.

801
00:54:43,901 --> 00:54:46,961
But other folks don't. Their finances aren't so complicated,

802
00:54:46,981 --> 00:54:51,621
and they could do something like make all of their monthly expenses on a credit

803
00:54:51,621 --> 00:54:54,921
card, pay it off at the end of the month, take their whole paycheck in Bitcoin,

804
00:54:55,241 --> 00:54:56,681
and folds right there in the sweep.

805
00:54:56,560 --> 00:55:06,480
Music.

806
00:55:07,548 --> 00:55:09,188
OK, it's time for the final clip

807
00:55:09,188 --> 00:55:13,148
of the week. And one of the names getting thrown around is the new U.S.

808
00:55:13,788 --> 00:55:19,308
Secretary of the Treasury, Scott Bassett. And compared to Janet Yellen,

809
00:55:19,548 --> 00:55:25,048
I have to admit he is like a cold glass of water to a desperate man that is

810
00:55:25,048 --> 00:55:26,788
very thirsty in the desert.

811
00:55:26,788 --> 00:55:30,788
And he's also fairly pro-Bitcoin.

812
00:55:30,908 --> 00:55:34,348
And I think he gets it at a different level than most politicians,

813
00:55:34,668 --> 00:55:39,068
which kind of a big deal for the Treasury Secretary of the United States.

814
00:55:39,068 --> 00:55:44,968
And I think that everything's on the table with Bitcoin.

815
00:55:45,468 --> 00:55:51,028
And to me, one of the most exciting things about Bitcoin is for a generation

816
00:55:51,028 --> 00:55:59,728
of investors who maybe post the great financial crisis had been looking for

817
00:55:59,728 --> 00:56:03,368
investment opportunities or maybe they'd soured on markets.

818
00:56:03,628 --> 00:56:08,748
Crypto is bringing in young people. It's bringing in the people who haven't

819
00:56:08,748 --> 00:56:10,728
participated in markets.

820
00:56:11,148 --> 00:56:18,428
I think this is nailing it, especially for millennials that entered the workforce

821
00:56:18,428 --> 00:56:20,788
after the year 2000, around the year 2000.

822
00:56:21,308 --> 00:56:26,148
You know, there was pretty quickly the dot-com bust, which sucked for jobs.

823
00:56:26,148 --> 00:56:29,848
And there was recessions that kind of hiccuped from that. That was pretty bad.

824
00:56:30,028 --> 00:56:32,988
Then you fast forward a little bit. And of course, there was things like 9-11

825
00:56:32,988 --> 00:56:36,588
and the Iraq War and all of that that were treacherous for the market as well in between there.

826
00:56:36,668 --> 00:56:39,448
But then you fast forward to 2008, the great financial collapse,

827
00:56:39,988 --> 00:56:42,608
devastating for income for the millennials.

828
00:56:43,588 --> 00:56:49,148
And between 2008 and the dot-com boom, I became inherently skeptical of the

829
00:56:49,148 --> 00:56:51,208
stock market. It just seems way too risky to me.

830
00:56:51,968 --> 00:56:55,428
You know, like look at Microsoft and Google right now.

831
00:56:55,848 --> 00:57:00,088
Their stocks are doing bad. And Google, they even exceeded expectations in some

832
00:57:00,088 --> 00:57:01,728
cases. They just didn't do a good enough job.

833
00:57:01,888 --> 00:57:04,528
You just can't really bet on a stock. It just doesn't feel safe.

834
00:57:05,008 --> 00:57:07,508
I wasn't interested in any of this stuff until Bitcoin came along.

835
00:57:07,968 --> 00:57:11,568
Bitcoin gave me the lens to learn and care about money.

836
00:57:12,688 --> 00:57:16,068
And now I'm more interested in wider products in the stock market,

837
00:57:16,188 --> 00:57:19,468
like ETFs potentially and things like that. Not Bitcoin ETFs, but other ones.

838
00:57:20,128 --> 00:57:24,588
And if it wasn't for Bitcoin, I probably wouldn't be participating in any of this.

839
00:57:24,588 --> 00:57:31,048
So the fact that the Treasury secretary gets it, to me, is literally a 180 from

840
00:57:31,048 --> 00:57:32,048
the previous administration.

841
00:57:32,048 --> 00:57:38,868
Maybe post the great financial crisis had been looking for investment opportunities

842
00:57:38,868 --> 00:57:41,248
or maybe they'd soured on markets.

843
00:57:41,748 --> 00:57:46,628
Crypto is bringing in young people. It's bringing in the people who haven't

844
00:57:46,628 --> 00:57:48,608
participated in markets.

845
00:57:49,148 --> 00:57:54,008
And, you know, having a market culture in the U.S. and people believing the

846
00:57:54,008 --> 00:57:55,808
markets work for them is.

847
00:57:56,080 --> 00:58:06,960
Music.

848
00:58:08,138 --> 00:58:11,858
All right, let's take a look at the state of the network. Before we get out

849
00:58:11,858 --> 00:58:16,958
of here, the show is wrapping up at block height 882,429.

850
00:58:18,218 --> 00:58:25,618
There are currently 21,941 reachable nodes. Oh, we are so close to 22,000.

851
00:58:26,338 --> 00:58:31,618
Literally, this audience could move that over to 22,000 reachable Bitcoin nodes

852
00:58:31,618 --> 00:58:37,338
if just 60 of you out there launched a node this week.

853
00:58:37,338 --> 00:58:41,998
Now, the Bitcoin price is down 10.7% from its all-time high.

854
00:58:43,018 --> 00:58:47,578
So my favorite stat, which is sats per dollar, we're back above the 1,000 threshold.

855
00:58:48,058 --> 00:58:51,278
Sats per dollar right now is 1,026 sats to one U.S.

856
00:58:51,358 --> 00:58:56,678
Greenback because the Bitcoin price is sitting at 97,500 U.S. greenbacks.

857
00:58:57,998 --> 00:59:04,158
You know what? 97,000 Bitcoins, okay by me. The rest of the network hums on TikTok next block.

858
00:59:05,438 --> 00:59:09,838
The USD price and all the fiat prices are really external to the network because

859
00:59:09,838 --> 00:59:11,378
the Bitcoin network is strong.

860
00:59:10,320 --> 00:59:16,400
Music.

861
00:59:17,638 --> 00:59:22,558
Links to what I talked about at This Week in Bitcoin.show. Of course,

862
00:59:22,618 --> 00:59:23,838
the back catalog is over there.

863
00:59:24,618 --> 00:59:29,918
Definitely some episodes about stable coins and how they're going to drive dollar

864
00:59:29,918 --> 00:59:32,018
dominance, or at least the dollar network dominance.

865
00:59:32,518 --> 00:59:37,158
And of course, my thoughts on volatility shifting to the Trump administration's policies.

866
00:59:37,818 --> 00:59:41,418
All of the groundwork for that was laid several weeks ago. Check that out at

867
00:59:41,418 --> 00:59:42,498
thisweekinbitcoin.show.

868
00:59:42,838 --> 00:59:45,518
Please do boost in, support the show, and tell me what you'd like to hear,

869
00:59:46,318 --> 00:59:50,418
what you thought maybe I missed, or any of the feedback questions I've asked.

870
00:59:50,558 --> 00:59:53,098
And of course, I always love it when you share the show with a friend.

871
00:59:53,378 --> 00:59:57,338
Now we're going to wrap it up with a value for value track this week.

872
00:59:57,718 --> 01:00:02,598
This one is, I went spelunking and I just found it going through albums.

873
01:00:02,480 --> 01:02:07,720
Music.