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Welcome in to This Week in Bitcoin, Episode 128.

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

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Bitcoin's now 25% above its 200-week moving average.

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And you know that 200-week movement average, that's the real number that I watch.

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And right now, that price is about $67,000, which means we're up from the all-time low of this cycle.

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And historically, Bitcoin tends to go up on average for a while once we reach this threshold.

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It doesn't mean it's a guarantee.

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We can still have big drawdowns, especially like we did in 2022.

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Essentially, if we have like a black swan credit event, things could go bad.

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But that's where we're positioned right now.

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That's pretty exciting news, really.

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So the question is, is the AI bubble?

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Welcome in to This Week in Bitcoin, episode 128.

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My name is Chris, ChrisLAS.com and JupiterBroadcasting.com.

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Bitcoin is now 25% above its 200-week moving average.

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And you know me.

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That 200-week moving average is the real number I like to watch, which means it's around $67,000.

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And the reason why that's important is because that's above the all-time low for this cycle.

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And usually once Bitcoin's in this arrangement, we tend to go up from here for a while.

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Although it's not a guaranteed thing, this arrangement does typically mean we go up.

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But there is an example like in 2022 when it didn't happen.

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Really, if we have some kind of black swan event, you know, like a AI bubble that pops and washes us all out, then that could really mess our pump up going from here.

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So I guess that raises the next natural question.

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Are we about to see the AI bubble pop?

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Is that all about to just go haywire?

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It does seem like it was a pretty rocky week.

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Well, friends, like so many things in our life these days, we have to start with the macro.

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All right. All right. There were a couple of, you could call them biggish moments in the last

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week or so that did spook the AI traders and suggested that the AI trade was slowing down.

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And one of them was just the hard numbers from our buddies over at Anthropic.

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Now, some other headlines crossing the wire right now. This on Anthropic,

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The Wall Street Journal has apparently obtained a copy of the company's S-1 filing.

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Of course, this is the prospectus.

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It basically means that it's ready for takeoff with regards to its IPO.

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And it's all over the place, Jess.

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The headline here that Bloomberg is actually highlighting focuses on two things.

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One is that Anthropic has booked $80.7 billion in net losses in the first half on accounting charges.

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That's a Wall Street Journal headline citing an S-1 filing that it says it's obtained.

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The other red headline is that Anthropoc could spend $750 billion on obtaining computing capacity.

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Once again, this reporting coming from the Wall Street Journal.

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But as always, the real devil are in the details here.

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We get a much clearer picture here of how much money this company has made on revenue,

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how much money it might be losing when it comes to profitability,

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and what investors should expect should this IPO land in the next few weeks.

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It's interesting that we keep having these leaks of this, which is never like a complete picture of the filing.

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The other scare this last week, just really kind of as the show wrapped up a day or so after the show wrapped up last week, was CoreWeave.

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You've probably heard that name going around a lot recently.

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And that ends up kind of being seen as a proxy for some of the AI trade.

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Well, quite frankly, because Anthropic and OpenAI are not public companies.

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So, well, traders got to trade on the news, don't they?

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Of course, then there's the CoreWeave saga, which has sort of been, I don't know, it was a yellow flag even before they went public.

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Let's admit it, right?

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But now the stock, at least for the media, is now the proxy.

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This is it.

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If you want to know what's going to happen with the entire AI buildup, follow CoreWeave.

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That's what they're telling us.

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Meanwhile, all of this angst really is showing up in the rise of credit default swaps, right?

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Because there is anxiety out there.

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This is a way to hedge against default.

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You can see all the major names have gone up to a degree.

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This is not necessarily the worst thing in the world, but it's another one of those red flags, right?

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What's really remarkable about all of this fear out there is that it's happening as the value proposition and visibility have never been stronger.

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I mean, it's been rare, yet investors are running scared every single day like it's Halloween.

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Yeah, so why are investors running scared?

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And we're seeing that manifest.

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We know that to be true.

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The reason why we can make that statement is because you can watch the bond market.

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More on the AI debt concerns.

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Brian, Chris White, the CEO of BondClick.

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Chris, great to see you.

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Although we always call you in on a pretty terrible day in terms of the tape.

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How bad is the situation, do you think, Chris?

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Actually, I was thinking about that.

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I'm a bear market indicator every time I'm on CNBC.

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It has to be that the bond market seems to be falling out of bed.

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Look, I think the difference, the major difference between the stock market and the bond market is just that

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The bond market reacts over weeks and months as opposed to the day-to-day reaction that you get in the stock market.

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I think the numbers are pretty clear when you look at CoreWeave, when you look at Oracle, and when you look at the other AI hyperscalers that bond investors have been starting to doubt some of the stories regarding the long-term prospects of a lot of these AI hyperscalers.

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That's not to say that there's now major default risk, but it is to say that I think investors are going to be demanding a lot more yield for taking on the risk.

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You've got some pretty big unknown risks, one of them being political risks.

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A lot of these companies are relying on real heavy assets to run their businesses in the form of these hyperscaler debt facilities.

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It's not clear to us whether or not people are going to be okay with having those in their backyard.

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And that could be one of the things that I think risks the future ability for these companies to operate profitably.

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So we are seeing, for instance, Corweave debt, Oracle debt, trade very poorly, basically signaling distress.

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And in terms of the hyperscalers, you're also starting to see some cracks.

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I mean, nowhere near, obviously, the kind of distress that Corweave and Oracle sees.

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But you are seeing things that might indicate that they will have to pay more for sure, that people are doubting those stories.

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Yeah, well, look, there's a big difference between CoreWeave and all the other hyperscalers.

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And that has to do with the size of the outstanding debt that they have in the market.

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They're about 5% of the $258 billion outstanding debt that's been sold by AI-linked companies over the past 12 months.

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So it's not that they're that large.

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What is concerning, though, is that their maturity range is short.

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They're going to have to refinance this debt in the next five to seven years.

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And that then makes them a lot more sensitive to, I would say, the shorter term interest rate conditions.

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Oh, who could have seen that coming?

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Who could have seen the Fed raising rates putting pressure on the A.I. trade?

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Who could have seen that coming?

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But, you know, old Ed Yardini over there, he says that the bond market, actually, they're doing their job.

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They're taking the kids, the AI trade kids under their wing, and they're teaching them some wisdom.

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In his latest note, our next guest says the bond vigilantes are now doing a good job of regulating and allocating capital to the AI ecosystem.

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Here to explain is Ed Yardini himself.

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He is the president of Yardini Research.

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Ed, lay it out.

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What are you talking about?

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Well, the bond market is finally paying attention to credit quality in the bond market for AI credits, which is good.

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I mean, it's good if the bond market gets ahead of the credit rating agencies and really assesses the riskiness.

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So if that's the case, then the allocation of capital should be more efficient.

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And the dodgier credits will have to pay a lot more.

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And that might slow them down which I think having the bond market regulate the AI trade is a big positive You referring to what happened last week with Corweave and then bled through to a lot of the companies All of a sudden you know the bond

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market woke up and realized that not all these credits, just because they were all AI related,

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didn't mean they were all AAA, quite the opposite. So there are some people who worry that this was

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going to puncture the AI build out. You're saying maybe this prevents an implosion. Yeah, I don't

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know what we're rooting for anymore. For a while there, everybody got absolutely concerned that we

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were building too fast. And now the market is going to regulate that. I think that's a positive

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for the economy, for eliminating or reducing the risk of a bubble. I think over the past few weeks,

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we've sort of eliminated the 1999-2000 analogy for that kind of bubble. And I think over the

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past week or so, we've really kind of shown a path that is sustainable in terms of credit

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access for AI companies. Look, there are people who looked at that and said,

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uh-oh, this is bad news because now people are panicked. Do you think the things that spread

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beyond some of those very initial companies was not warranted? Or do you think that this is

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something, because all of a sudden people looked at Anthropics numbers and thought, wow, the rate

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of growth is slowing pretty rapidly. Look, I have AI fatigue. I mean, every day we get a headline

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that changes everybody's opinion. It wasn't a few weeks ago, we were all concerned there was going to

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kill 10% of the population in the world. And now we're concerned that credit's going to be too

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tight for AI and we're going to lose our competitive advantage. But look, I think there may be

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overreactions and it may very well be that a company like CoreWeave, as NVIDIA's head says,

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is a legitimate business and there's no reason to be concerned about it. And so I think the market

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will sort it out. All right. So what old Ed is saying here, and I kind of think he might be onto

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something, is the bond market is kind of creating an off ramp for this bubble that doesn't require

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an implosion, doesn't require some big explosion. It's sort of a natural tightening that creates a

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market reaction that sort of self-corrects. It's a much less talked about scenario, but it could be

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the one we're seeing play out right now. And if it doesn't dramatically accelerate, that could

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really be the absolute best case for Bitcoin. Let's talk about the fundamentals. So first

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question there to unpack it is, has the demand changed? No. Of course, this is your former AI

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czar David Sachs. And this is the case that I make. I do think there has been financial shenanigans,

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but at the end of the day, there's demand for this product.

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Let's talk about the fundamentals. So first question there to unpack it is,

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has the demand changed? No. We know that the demand for compute just keeps growing by leaps

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and bounds. In fact, everyone is saying that they are compute constrained. I mean, you got the

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biggest model companies are saying they're compute constrained. Starps are saying it. I mean,

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they're asking their VCs, hey, can you help us get compute? I think you've got some VCs even

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trying to buy compute as basically a strategy for competitive differentiation so they can help

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their startup. So there was literally an accelerator that had bought excess compute and

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they were using it as a way to get people to apply for their accelerator. Yeah. So we know

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the demand is off the charts right now. We're seeing other indicators. So for example, old

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GPUs, like even the H100s or the A100s, which are several generations old, they're still renting at

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premium prices right now. They were supposed to be fully depreciated and they're not. There's

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actually upside surprise there to the people, to the companies that are renting those old,

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supposedly stale GPUs. So we know the demand is off the charts.

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I think I agree with Sachs here. There is demand. The money got over its skis to a degree,

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but the fundamental user adoption is accelerating.

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Every month, I use more tokens than the previous month.

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And just about everybody I talk to says the same thing.

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And I don't see that changing.

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I might shift to more local tokens

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when I can afford hardware in a few years.

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But right now, I'm using more tokens every single month.

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But I am starting to get a whiff of something.

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You know?

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Can you smell it?

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Like the old, like, get the money while it's still good vibes?

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Like you can tell that these companies see a door is closing.

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And, you know, you got Anthropik leaking bad numbers right up to the IPO line for some reason.

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And OpenAI delaying their IPO while staying private so they can do what?

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Raise more money.

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Right.

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They still get in and get the money while the getting is good.

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Why are OpenAI in a rush to raise $30 billion right now?

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The OpenAI is in talks with investors to raise a new funding round.

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We're talking about a funding round of about $30 billion, and they want to raise it at a valuation of over $1.4 trillion, which will make them the most valuable private companies in the world.

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The company needs to raise the capital because it needs money to continue to train and to serve its models.

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From what we have heard from sources, there are a lot of returning investors.

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SoftBank, for example, has been a major backer of OpenAI and are in talks to come back and invest more in the company.

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There are other long-term investors, public market investors, as well as sovereign funds are looking to join this funding round.

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I bet a few of them still want to get in.

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So, why are they rushing?

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What's changed?

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Let's get into that.

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Well, if we consider and accept the argument that the AI trade is in a down phase, which is still a hell of a thing if it is, the Fed has raised rates.

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We know that to be true, so we'll accept that.

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And it seems like they're signaling they're going to raise rates again this year at some point.

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That does make the cost of borrowing go up.

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We all get that.

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So that's not really new.

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But I think there has been a shift.

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Look, I think the focus on interest rates shows that most people don't understand what's actually driving inflation and economic activity today.

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And this is Sam Callahan. He is the director of Bitcoin strategy at Orange BTC, which I think is Lynn's company.

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Actually driving inflation and economic activity today.

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And that's deficits. You know, that's the fiscal side.

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This is fiscal dominance.

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and actually, you know, in a weird way, raising interest rates, given the deficits are so large

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and the debt is so large can actually increase inflation. And why is that? Well, the interest

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expense blows out, the deficits blow out. And that is interest paid to bondholders. And who

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holds bonds? Well, a lot of older people, a lot of corporations, a lot of banks, you know,

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produces interest income and that finds its way into the economy. And so it actually can drive

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more economic activity inflation when a debt gets this large, unless it's a really large hike.

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If we're talking about 25 bps of hikes, like I don't really care because there's a giant $2

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trillion, you know, elephant in the room that's driving things actually. And so I don't think

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Bitcoin needs that at all. I mean, in fact, you know, it could actually drive inflationary pressures,

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which could turn people into more monetary alternatives.

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And so I think people need to understand

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that we are in a unique period

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where the interest rate lever is less and less important,

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unless it's drastic moves higher

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or drastic moves lower that the Fed does.

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And so I really, you know,

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even if they hike massively,

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if they hike massively, this is where it gets interesting

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because if it causes pressure with risk assets,

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If stocks fall, maybe Bitcoin falls with stocks, then we have a decline in tax revenues because of how financialized the U.S. economy has become.

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And tax receipts are closely tied to capital gains, realized capital gains.

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And so if stock market falls and then the government's bringing in less revenues because there's less capital gains being realized, then we see the deficit explode the other way.

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And so that why they in a really tricky situation because you could just see the deficit blow out from a lack of revenues or you could see it blow out from interest expense at the same time And so this is why kind of all roads lead to currency debasement to financial repression And this is why it important to seek alternatives to diversify from this from these risks And

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that's why Bitcoin and gold and other hard assets, you know, investors should really start to think

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about this, especially when you think about portfolio construction and how bonds and stocks

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typically move together in these periods historically. So what Sam's pointed out here

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is this real rock in a hard place.

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He's putting it in plain words.

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And the reality is, is we're not the only ones

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figuring this out at this point.

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I think Bitcoiners have been for so long

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the ones talking about this

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that we don't realize how commonplace it is.

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And the more this accelerates,

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the worse the situation, this catch-22 gets.

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And then, of course, that begins to erode

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the trust in the U.S. dollar.

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And if you speed up the inevitable decline of the dollar,

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that gets pretty bumpy depending on how fast that goes.

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We're talking about the world reserve currency here,

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and we're at a phase where the financial elite are just commonly talking about

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it's just in its decline now.

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How historic is this moment in that whole...

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This clip's a little rough right here.

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I apologize.

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I think they were shooting remote because they were in Shanghai

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at a fancy, wonky financial event.

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But this is a financial professor.

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We'll get into it once he starts to get to his answer.

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I apologize for the quality of the clip.

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It does clear up.

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How historic is this moment in that whole?

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We may be at an inflection point where the dollar begins to lose its global role more quickly than it did in the past.

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So we've been through a long period where the dominance of the dollar has been eroding very slowly.

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Barry here is from the University of California, Berkeley.

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He's a professor of economics.

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I don't think he sounds particularly thrilled to be delivering this news.

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I don't think he enjoys being the one to say this.

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The period where the dominance of the dollar has been eroding very slowly as the global system rebalances in a more multipolar direction with larger roles for the Chinese RMB and other currencies.

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I think we may be at a point where that erosion begins to accelerate.

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And what are some of the implications for economies, for investors from this development?

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It could be a good thing if the global economy develops more sources of international liquidity in the same way that a diverse ecosystem is good for planet Earth, a diverse set of sources of liquidity.

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Central banks around the world providing the liquid assets that are used, make payments for imports and exports and foreign investments.

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That could be a good thing if that evolution continues gradually and smoothly over time.

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or that change could be disruptive if confidence in the dollar is lost abruptly

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and these alternatives don't have time to step up.

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Yeah, they know it. They know it.

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The financial class knows it.

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Just because your everyday friends and family members don't know where we're at

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doesn't mean it isn't real anymore.

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It's becoming common knowledge, and they're even signaling it to you.

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They just signal it to you in their own way, in their own language,

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often in a way that makes them money, like JP Morgan did this week.

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Yesterday evening, JP Morgan Asset Management released its 2027 Long-Term Capital Markets

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Report and offered its first look at Bitcoin and future price projections.

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The firm noted, while volatility has declined, unstable correlations to other assets impair

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any role it might have in a strategic allocation.

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However, in its future price outlook, the report noted it believes Bitcoin to be the

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best performing asset in its matrix, calling it a speculative asset and a hedge against monetary

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easing. What's this mean for Bitcoin, Sean? The best performing asset in their portfolio

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means everything, like every currency, every asset, right? I mean, that's a big deal.

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However, they're bullish-ish. Yeah, you know, looking at projected returns,

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JP Morgan assigns the base case of 10% compounding annual returns over the next 10 years. Their bull

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case was about 16%. So, you know, using today's price of approximately 81K, let's call it,

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you know, that would put Bitcoin at 211,000 per coin by 2036. And its bull case of 16%

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puts us at about 360,000 per coin at the same time. So yeah, 360,000 a coin

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at their high end bull case. Okay, boost in. Would you be happy with that?

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2032, $300,000.

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I could live with that.

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I try to actually prepare for that.

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I try not to set the expectations too high.

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But the reality is, I think that's way, way low.

283
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Because there are things, machinations, as they say, happening today to line us up for a lot more than $300,000.

284
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Bitcoin ETF flow drove price action again this week.

285
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Bitcoin held steady, though, while the tech stocks bounced around.

286
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Nobody ever gives a credit for that.

287
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Everybody always has to roll footage on Bitcoin every hour at the top of the hour when Bitcoin's going down with tech stocks.

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But when tech stocks are going down and Bitcoin's just holding steady, nobody talks about it, but your buddy Chris notices.

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And I think there was something interesting happening, though.

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There was price action behind the scenes with the ETFs.

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That's a little unusual.

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And I think it's worth us, like the show here, keeping an eye on this.

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This here is some coverage by Scott at The Daily Wolf.

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He's going to break down this odd ETF flow.

295
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Bitcoin ETFs just saw their biggest day in a month, thanks entirely to BlackRock.

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So this is a crazy story because BlackRock saw $665 million inflow yesterday,

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which is its most this entire year, actually the largest daily inflow since October 7th, 2025,

298
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when the market was at all-time highs and price didn't budge at all. So it's a bit strange. Normally

299
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you see a huge inflow day right after you see a massive green candle on the Bitcoin chart.

300
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What else is curious here, Fidelity's FBTC and Grayscale's GBTC saw outflows of 83.6 million

301
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and 54.9 million respectively. So BlackRock did 665 million, but collectively it was only 526.6

302
00:24:08,222 --> 00:24:13,102
million and price didn't budge at all. So remember, first of all, ETFs generally react to what

303
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happened a day before. And a day before in this case is Friday because it's a trading day before

304
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because these aren't trading on Saturday and Sunday. But still, Friday, we saw no massive spike

305
00:24:24,342 --> 00:24:29,862
in price by any means. All right. So what is with these weird flows? Why are the other ETFs

306
00:24:29,862 --> 00:24:35,522
seeing outflows while BlackRock is seeing a bunch of inflows? What's that all about? Well,

307
00:24:35,522 --> 00:24:40,882
Scott asked his buddy, Alex, who is a keen observer of blockchain flows.

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I asked my friend Alex Thorne from Galaxy Research, who is on top of this more than almost anyone in the industry, what happened?

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He had a very, very clear explanation.

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I find it very interesting.

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We've seen a major trend of people converting their spot Bitcoin into ETFs and specifically into the BlackRock ETF,

312
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especially since we've had all the hacks with Coldcard and Ledger.

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a lot of people giving up self-custody and transferring their assets with no tax event.

314
00:25:14,722 --> 00:25:19,822
This is something you can do directly into the Bitcoin spot ETFs. I know Bitwise has seen a lot

315
00:25:19,822 --> 00:25:24,442
of that, but as with anything in the Bitcoin ETF space, BlackRock gets the bulk of it. Now,

316
00:25:24,442 --> 00:25:29,482
why would they do that? A, because there's spyware in your ledger and your cold card.

317
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You didn't roll the magic wizard dice enough times to protect your life net worth, right?

318
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So there's people who just are sick of trying to custody

319
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their own Bitcoin and want to move it into an ETF wrapper.

320
00:25:40,262 --> 00:25:44,262
There's probably a lot of people who also want to be able

321
00:25:44,262 --> 00:25:47,562
to do things that they can't do with their spotty ETF,

322
00:25:47,562 --> 00:25:49,022
take a loan against it, right?

323
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As a part of their securities portfolio

324
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or participate in the massive trades that are happening where you can short the futures and buy the spot and blah blah blah blah blah So this was a unicorn of an event in my opinion not something that we generally seen in the past where you see a major inflow into one issuer with outflows from the

325
00:26:07,453 --> 00:26:14,253
others and a historic day without price moving. I don't know. I think that's definitely part of it.

326
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And I do agree that a lot of OGs are going to go to the ETF, are going to go to BlackRock because

327
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of some of the options and whatnot that he talked about there.

328
00:26:22,673 --> 00:26:24,373
But a couple of things don't check out for me.

329
00:26:24,832 --> 00:26:29,193
Number one, BlackRock has a million dollars as a minimum.

330
00:26:29,592 --> 00:26:34,453
So you got to bring a million dollars worth of Bitcoin to go from Bitcoin to Ibit.

331
00:26:35,033 --> 00:26:39,773
You can't just take like, you know, 100,000 Satoshis and throw it into Ibit.

332
00:26:40,092 --> 00:26:45,433
OK, so you got to have a million dollars worth of Bitcoin in order to make that conversion.

333
00:26:45,433 --> 00:26:49,553
So you're telling me that many people moved more than a million, a million or more in.

334
00:26:49,733 --> 00:26:53,633
OK, maybe, maybe some whales, maybe a few whales, maybe a couple of big whales.

335
00:26:53,893 --> 00:26:54,733
So there's that.

336
00:26:55,033 --> 00:26:59,693
The other thing is I'm not having this talk that you can't have like loans off of Bitcoin

337
00:26:59,693 --> 00:27:01,112
spot, you know, regular old.

338
00:27:01,233 --> 00:27:03,273
I don't want to call it that off of real Bitcoin.

339
00:27:03,832 --> 00:27:06,393
You can absolutely there's Lendon, there's Salt, there's Strike.

340
00:27:06,973 --> 00:27:09,332
You don't have to be an Ibit to get a loan.

341
00:27:09,653 --> 00:27:10,893
They might have better options.

342
00:27:11,332 --> 00:27:14,793
They might have a little easier path if you're already in a certain brokerage.

343
00:27:14,793 --> 00:27:16,213
and maybe they have better rates.

344
00:27:16,253 --> 00:27:17,233
That's all possible.

345
00:27:17,352 --> 00:27:17,973
I don't know.

346
00:27:18,473 --> 00:27:18,993
I don't know.

347
00:27:19,072 --> 00:27:20,013
I don't go shopping.

348
00:27:20,352 --> 00:27:21,933
I bet ETF loans.

349
00:27:22,072 --> 00:27:24,633
But what I do know is it is available for Bitcoin.

350
00:27:25,092 --> 00:27:28,373
So I don't know if this narrative is totally 100%.

351
00:27:28,373 --> 00:27:31,213
I think it's probably likely a bit of a curious to know your thoughts.

352
00:27:31,693 --> 00:27:34,793
Let's do a little MSCI sailor update.

353
00:27:35,332 --> 00:27:37,112
We mentioned this last episode.

354
00:27:37,753 --> 00:27:40,753
MSCI officially on Friday adopted the new,

355
00:27:41,072 --> 00:27:43,332
well, they announced new rules and observations.

356
00:27:44,092 --> 00:27:48,033
Strategy was quote unquote flagged, as they put it, in a simulation.

357
00:27:48,313 --> 00:27:52,273
And the final decision, which is not out yet, will land November 11th.

358
00:27:52,373 --> 00:27:56,973
And if there's any removals from their index, which they're hinting at, will be November 30th.

359
00:27:57,393 --> 00:28:02,393
It's not looking great for strategy here because this obviously would give them access to passive flows.

360
00:28:02,513 --> 00:28:03,413
That's why they want this.

361
00:28:03,553 --> 00:28:08,033
People that are buying index funds would automatically be buying a little bit of strategy.

362
00:28:08,773 --> 00:28:10,233
So this isn't great for them.

363
00:28:10,913 --> 00:28:14,013
But analysis seemed to think maybe it's not the end of the world.

364
00:28:14,553 --> 00:28:20,393
This is Richard Byworth from ByWayZ Partners, and he says it's really an attack on the treasury companies.

365
00:28:22,153 --> 00:28:23,112
Well, this is the Fed.

366
00:28:23,213 --> 00:28:23,733
Good day.

367
00:28:24,033 --> 00:28:25,393
I don't know why the Fed's in here.

368
00:28:25,413 --> 00:28:25,893
It's an honor.

369
00:28:26,092 --> 00:28:26,332
Hi.

370
00:28:26,533 --> 00:28:28,612
A true honor to be back at the Federal Reserve.

371
00:28:28,893 --> 00:28:30,133
I don't know how that clip got in here.

372
00:28:30,193 --> 00:28:30,873
Let's see what the next one.

373
00:28:31,273 --> 00:28:31,413
No.

374
00:28:31,753 --> 00:28:32,813
Bitcoin had a good summer.

375
00:28:33,273 --> 00:28:33,513
It did.

376
00:28:33,513 --> 00:28:34,473
Is the crypto winter over?

377
00:28:35,852 --> 00:28:37,393
That is odd.

378
00:28:37,393 --> 00:28:41,873
I have no idea what happened there because I handed the clips this week, so it wasn't the bot.

379
00:28:44,793 --> 00:28:45,773
That's fantastic.

380
00:28:46,092 --> 00:28:47,253
That is really fantastic.

381
00:28:47,773 --> 00:28:54,953
So he says it's an attack on treasury companies and because it's a group of bureaucrats that make up the rules, like a committee.

382
00:28:55,473 --> 00:28:58,893
And the committee, some of the people on the committee just don't like Bitcoin.

383
00:28:59,273 --> 00:29:00,352
I can't speak to that.

384
00:29:00,413 --> 00:29:01,153
He says it's political.

385
00:29:01,332 --> 00:29:02,273
That's what he says in that clip.

386
00:29:02,313 --> 00:29:02,973
That's what you missed.

387
00:29:03,352 --> 00:29:06,213
I don't know why I got the Fed, but what you missed is Sam saying that.

388
00:29:06,213 --> 00:29:16,813
I mean, Richard, but then Sam from Orange Bitcoin saying that he thinks eventually MSCI will capitulate because other companies are going to let Bitcoin strategy companies and treasury companies into their index.

389
00:29:16,913 --> 00:29:17,572
They're going to do great.

390
00:29:17,773 --> 00:29:19,713
And there's just going to be economic incentive.

391
00:29:20,153 --> 00:29:29,413
But what I do have apparently a clip of, I guess, is Saylor did do a little sit down since the decision or I guess the pre-decision should be careful there.

392
00:29:29,993 --> 00:29:32,273
And he doesn't seem like it slowed him down at all.

393
00:29:32,373 --> 00:29:35,072
In fact, he seems like he's feeling pretty darn bullish.

394
00:29:35,072 --> 00:29:40,013
he might even have his moon pants on. Bitcoin had a good summer. Is the crypto winter over?

395
00:29:40,693 --> 00:29:45,753
You know, it bounced off the 200-week moving average. And so normally that's the baseline.

396
00:29:46,013 --> 00:29:50,653
And when it dips slightly below it, you know, that's sort of the end of the bear market.

397
00:29:51,313 --> 00:29:57,913
We've rallied about $20,000 beyond that. So yeah, we think we're at the beginning of the next bull

398
00:29:57,913 --> 00:30:03,253
run. And it's been great for you, obviously, with Bitcoin gaining about, what, 40% over Q3. I mean,

399
00:30:03,253 --> 00:30:06,773
you're back to $20 billion of a gain during that time.

400
00:30:06,893 --> 00:30:10,373
What does that bring your Bitcoin holdings to and the value?

401
00:30:10,653 --> 00:30:11,893
And how sustainable is that?

402
00:30:12,373 --> 00:30:16,053
We've got about 845,000 Bitcoin or so.

403
00:30:16,413 --> 00:30:21,112
And they're worth about, you know, on any given day, $70 to $72 billion.

404
00:30:21,913 --> 00:30:22,612
He's going.

405
00:30:22,873 --> 00:30:23,693
He's back up.

406
00:30:23,753 --> 00:30:24,433
He's back up.

407
00:30:24,592 --> 00:30:26,612
And he is the media's darling boy again.

408
00:30:26,653 --> 00:30:27,852
No longer are the hard questions.

409
00:30:28,313 --> 00:30:29,072
It's the nice summer.

410
00:30:29,153 --> 00:30:30,572
And how much is your Bitcoin worth again?

411
00:30:30,633 --> 00:30:31,332
Isn't that interesting?

412
00:30:31,852 --> 00:30:34,313
So, are you feeling bullish?

413
00:30:35,092 --> 00:30:35,653
Why or why not?

414
00:30:36,253 --> 00:30:36,673
That's it.

415
00:30:37,112 --> 00:30:37,633
Real simple.

416
00:30:37,773 --> 00:30:38,893
Are you feeling bullish?

417
00:30:39,373 --> 00:30:39,873
Boost in.

418
00:30:40,112 --> 00:30:40,733
Let me know.

419
00:30:40,873 --> 00:30:41,933
Are you feeling bullish?

420
00:30:42,092 --> 00:30:44,413
Boost.jupiterbroadcasting.com.

421
00:30:55,592 --> 00:30:57,072
Well, there's a lot more coming up.

422
00:30:57,173 --> 00:30:59,612
If you want to support the show, you can do that just by doing what you do.

423
00:30:59,612 --> 00:31:05,053
I have links in the show notes for River, The Bitcoin Well, The Bitcoin Company, Salt and Strike.

424
00:31:05,473 --> 00:31:06,893
Fold is off the list.

425
00:31:07,612 --> 00:31:09,253
Man, have I had a bad week with Fold.

426
00:31:09,832 --> 00:31:10,933
They're off the list.

427
00:31:11,713 --> 00:31:12,633
Save yourself the trouble.

428
00:31:13,773 --> 00:31:14,633
I'll give you a heads up.

429
00:31:14,693 --> 00:31:16,033
See, I'll tell you before, it gets real bad.

430
00:31:16,513 --> 00:31:19,473
Just, you can just, I'm sniffing it out for you.

431
00:31:19,693 --> 00:31:21,332
All right, links to all of that in the show notes.

432
00:31:21,453 --> 00:31:26,933
You can support the show by doing what you do just by stacking sats or saving or spending, you know?

433
00:31:27,213 --> 00:31:28,173
Both sides of it.

434
00:31:28,173 --> 00:31:29,913
Thank you very much, everybody who does.

435
00:31:30,453 --> 00:31:32,713
And next up is the boosts and then the updates.

436
00:31:48,612 --> 00:31:51,713
All right.

437
00:31:51,793 --> 00:31:55,553
We are all gassed this episode, even if we have clip problems.

438
00:31:55,553 --> 00:32:02,633
and we don't have a baller booster, but Anonymous gets our top spot with 23,100 sats.

439
00:32:07,092 --> 00:32:09,793
He says, I'm not feeling safe purchasing a hardware wallet now.

440
00:32:09,913 --> 00:32:11,352
Multi-sig is too complicated.

441
00:32:11,513 --> 00:32:15,273
I've replaced my cold card with an old laptop, Cubes OS, offline VM, and a Sparrow wallet.

442
00:32:15,673 --> 00:32:18,533
That's why I avoid supply chain and order data leak and data leak risks.

443
00:32:18,873 --> 00:32:21,773
Not the best UX, but it feels safer for long-term savings.

444
00:32:21,773 --> 00:32:24,733
You know, you had me, but that's really complicated.

445
00:32:25,193 --> 00:32:26,673
You know, that's what I hate to recommend.

446
00:32:26,793 --> 00:32:27,733
I'm glad you can do it.

447
00:32:28,493 --> 00:32:31,233
I really want the BitKey to be the solution for people like yourself,

448
00:32:31,813 --> 00:32:34,033
but there is still some third-party trust there.

449
00:32:34,233 --> 00:32:37,112
But it is a multi-sig setup, at least, without the complication.

450
00:32:37,673 --> 00:32:41,332
I do think old laptop, run in Linux, current, Sparrow, current,

451
00:32:41,713 --> 00:32:45,453
Cubes OS is very solid, so I have no technical qualms with your setup,

452
00:32:45,453 --> 00:32:48,173
but I do think you can't say it's not complicated.

453
00:32:48,293 --> 00:32:48,913
It's my only thing.

454
00:32:49,092 --> 00:32:49,673
Thanks, Anonymous.

455
00:32:50,072 --> 00:32:50,673
Appreciate you.

456
00:32:51,092 --> 00:32:53,713
OB's here with 21,000 Satoshis.

457
00:32:54,733 --> 00:32:56,133
21 gigawatts!

458
00:32:56,313 --> 00:32:57,072
To your question, no.

459
00:32:57,352 --> 00:33:00,673
I never bought MSTR, but I do own a ton of ASST.

460
00:33:01,033 --> 00:33:03,473
The speculative ad hack is real and very simple.

461
00:33:04,013 --> 00:33:05,453
What does MSTR do?

462
00:33:05,553 --> 00:33:07,572
They buy constantly a shitload of Bitcoin.

463
00:33:07,933 --> 00:33:08,893
And this will continue.

464
00:33:10,193 --> 00:33:10,913
Thanks, Obi.

465
00:33:11,852 --> 00:33:15,773
Bitcoin Lizard also came in with 21,000 Satoshis.

466
00:33:20,773 --> 00:33:23,072
I'm with you on fold, Bitcoin Lizard says.

467
00:33:23,072 --> 00:33:28,413
The company appears to be in bad financial position and the new reserve system seems to be a way for them to get a hold of some cash quickly.

468
00:33:28,733 --> 00:33:30,213
I'm working on divesting completely.

469
00:33:30,693 --> 00:33:31,493
Better safe than sorry.

470
00:33:32,112 --> 00:33:32,373
Yeah.

471
00:33:32,753 --> 00:33:33,072
Yeah.

472
00:33:33,173 --> 00:33:39,533
We've just and we've just had a bunch of my my week has been awful because some ACH transfers did not clear.

473
00:33:39,713 --> 00:33:42,793
And then the bills tried to go through and then the bills didn't clear.

474
00:33:42,913 --> 00:33:45,832
And then then they put my account under review.

475
00:33:46,053 --> 00:33:49,793
I mean, man, I'm not the one that caused the ACH delays.

476
00:33:49,873 --> 00:33:49,993
Right.

477
00:33:50,053 --> 00:33:51,253
The ACH system sucks.

478
00:33:52,013 --> 00:33:53,053
And I don't know.

479
00:33:53,072 --> 00:33:57,072
it sounds like maybe there's like a higher priority ACH system for fold reserve members and then

480
00:33:57,072 --> 00:34:01,413
the standard. I don't know what's going on. I don't like it. These are the only,

481
00:34:01,612 --> 00:34:05,112
these are the warning signs I look for. I'm out. I'm out. Fold was good for a while,

482
00:34:05,153 --> 00:34:09,713
but you know, I'm out. That's just it. Appreciate you. Thank you for sharing that Bitcoin lizard.

483
00:34:09,813 --> 00:34:13,813
And anybody else out there that has thoughts on fold, be like Bitcoin lizard. Send it in.

484
00:34:14,352 --> 00:34:19,413
Appreciate you. Dracar is here with a Spaceballs boost. That's one, two, three, four, five,

485
00:34:19,413 --> 00:34:21,293
Satoshis. So the combination is

486
00:34:21,293 --> 00:34:23,473
one, two, three, four,

487
00:34:23,793 --> 00:34:25,273
five. Jack just says, great as always.

488
00:34:25,332 --> 00:34:27,193
Thank you very much. The

489
00:34:27,193 --> 00:34:28,752
GWJW is here with

490
00:34:28,752 --> 00:34:31,352
3,333 Satoshis. Thank you

491
00:34:31,352 --> 00:34:33,413
for helping us help you help us

492
00:34:33,413 --> 00:34:35,332
all. The GW says, thanks, Chris.

493
00:34:35,373 --> 00:34:36,693
Well, thank you. And Chutoy is here.

494
00:34:36,709 --> 00:34:37,649
with a row of ducks.

495
00:34:38,889 --> 00:34:40,569
2,222 Satoshis.

496
00:34:41,029 --> 00:34:42,449
I've used Umbral for running a node.

497
00:34:42,549 --> 00:34:43,949
It's pretty and makes running a node

498
00:34:43,949 --> 00:34:45,049
feel a little more exciting

499
00:34:45,049 --> 00:34:46,129
than plain old Linux node.

500
00:34:46,549 --> 00:34:47,969
I also decided to leave Fold.

501
00:34:48,129 --> 00:34:49,269
Ah, wow.

502
00:34:49,689 --> 00:34:50,869
I'm not sure who they are

503
00:34:50,869 --> 00:34:51,469
trying to attract

504
00:34:51,469 --> 00:34:52,369
with this reserve program,

505
00:34:52,469 --> 00:34:53,229
but it sure ain't me.

506
00:34:53,809 --> 00:34:54,829
I like Strike and Mauler.

507
00:34:54,929 --> 00:34:55,829
Seems trustworthy to me.

508
00:34:55,949 --> 00:34:58,269
Chutoy, I do think Fold's decline

509
00:34:58,269 --> 00:34:59,209
is going to be Strike's.

510
00:34:59,389 --> 00:34:59,749
And River.

511
00:34:59,989 --> 00:35:01,329
Strike and River's advantage there.

512
00:35:01,849 --> 00:35:03,069
Thank you for that too, Chutoy.

513
00:35:03,069 --> 00:35:04,389
I appreciate that in the field.

514
00:35:04,489 --> 00:35:05,189
Feedback there.

515
00:35:05,649 --> 00:35:06,549
I do agree, Umbral.

516
00:35:06,709 --> 00:35:11,229
pretty. I don't know if that's enough for me, but I do agree. It's real pretty. Appreciate you.

517
00:35:11,769 --> 00:35:15,989
Gene beans back with a row of. Nope. I'm going to say it's since it's two of them, it's an Aflac

518
00:35:15,989 --> 00:35:23,329
boost. 4,444 sats for what it's worth. Gemini's Bitcoin credit card rewards were OK, but only if

519
00:35:23,329 --> 00:35:28,629
you don't carry a balance. Yeah, that's the thing, which I'm generally OK with. But when things get

520
00:35:28,629 --> 00:35:33,189
tight, it can slip. And that's just where credit cards get you in trouble. Gene says I was asking

521
00:35:33,189 --> 00:35:34,429
what you guys are using for DCA.

522
00:35:34,909 --> 00:35:36,889
Gene says, I DCA for myself on River

523
00:35:36,889 --> 00:35:38,069
and for my son on Strike.

524
00:35:38,409 --> 00:35:39,569
Doing it that way helps me keep track

525
00:35:39,569 --> 00:35:40,369
of whose sats are whose.

526
00:35:40,429 --> 00:35:41,369
Yeah, I do like that.

527
00:35:41,909 --> 00:35:44,349
I do like also that Strike has now added stacks

528
00:35:44,349 --> 00:35:45,649
so you can have separate wallets

529
00:35:45,649 --> 00:35:46,729
that have separate DCAs,

530
00:35:46,969 --> 00:35:47,969
sub wallets in one account.

531
00:35:48,789 --> 00:35:51,249
Strike very clearly in their terms of service,

532
00:35:51,529 --> 00:35:52,469
River probably says this too,

533
00:35:52,489 --> 00:35:53,289
I'm not sure, I haven't checked,

534
00:35:53,649 --> 00:35:55,149
doesn't want you sharing your account though.

535
00:35:55,229 --> 00:35:56,609
So it's kind of like they have this thing,

536
00:35:56,989 --> 00:35:58,629
but it's only for one person to use.

537
00:35:58,809 --> 00:36:01,389
They really need to get joint custody accounts on Strike.

538
00:36:01,809 --> 00:36:03,089
If, you know, once you got bill pay,

539
00:36:03,189 --> 00:36:07,969
kind of need to figure how you got to make you got to make it work for a household for some people

540
00:36:07,969 --> 00:36:12,629
that's one person for others it's two and i suspect once jack gets married we'll probably see

541
00:36:12,629 --> 00:36:16,029
joint custody show up for strike i think that's how it works over there at strike

542
00:36:16,029 --> 00:36:24,189
i like river too gene thanks for the update ace ackerman's here with a row of ducks 2 2222 satoshis

543
00:36:24,189 --> 00:36:33,149
ace says i'm still waiting on that october surprise yeah we're running out the clock

544
00:36:33,149 --> 00:36:34,729
Well, maybe you do it around Halloween.

545
00:36:35,689 --> 00:36:38,029
I just hope it's not some sort of fake AI hack, right?

546
00:36:38,269 --> 00:36:39,949
Let's just avoid that.

547
00:36:40,029 --> 00:36:41,469
Or something with Bitcoin, obviously.

548
00:36:42,249 --> 00:36:43,569
Although I just don't, I couldn't foresee that.

549
00:36:44,629 --> 00:36:45,829
We'll keep our eyes peeled, Ace.

550
00:36:45,849 --> 00:36:46,209
Thank you.

551
00:36:46,869 --> 00:36:51,869
Magnolia Mayhem's here with 9,699 Siddharthes.

552
00:36:53,149 --> 00:36:56,429
I know you've implied that it's Bitcoin or nothing for you, but I'm curious.

553
00:36:56,509 --> 00:37:01,009
If you were forced to use an altcoin, so long as it isn't Bitcoin, what would you pick and why?

554
00:37:01,009 --> 00:37:07,949
well i think i would do stocks or gold or you know an at metal i don't know if i would do an

555
00:37:07,949 --> 00:37:15,249
altcoin yeah it's pretty the the 21 supply cap with the difficulty adjustment so the issuance

556
00:37:15,249 --> 00:37:19,509
schedule with the difficulty adjustment and the fact that there's no satoshi around as a ceo

557
00:37:19,509 --> 00:37:23,549
and then the network effect you just can't replicate that in another coin

558
00:37:23,549 --> 00:37:27,569
it doesn't matter if it offers more privacy or faster transaction

559
00:37:27,569 --> 00:37:30,689
there's ways to solve that on Bitcoin, right?

560
00:37:31,349 --> 00:37:33,489
And that's just how life works for so many things.

561
00:37:33,509 --> 00:37:34,609
It's just how it always ends up.

562
00:37:35,069 --> 00:37:36,829
So I think if there was no Bitcoin,

563
00:37:37,329 --> 00:37:38,449
there would be nothing else.

564
00:37:38,929 --> 00:37:40,129
And if there was nothing else,

565
00:37:40,129 --> 00:37:41,449
I'd probably look for another asset.

566
00:37:42,069 --> 00:37:45,809
But, you know, the problem with that strategy is

567
00:37:45,809 --> 00:37:47,629
that means I'm staying poor, right?

568
00:37:47,889 --> 00:37:49,949
Because like, it's a lot easier in that game

569
00:37:49,949 --> 00:37:51,729
to make money after you've already got a million dollars.

570
00:37:51,929 --> 00:37:53,509
That's what I say, right?

571
00:37:53,569 --> 00:37:56,069
Where I, with SATs, I can buy tiny,

572
00:37:56,069 --> 00:38:03,529
tiny little allocations of property at a time. And I guess real estate, maybe. Maybe. I don't

573
00:38:03,529 --> 00:38:07,549
know. If they tokenize real estate, maybe that would be the altcoin I buy. How about that? Is

574
00:38:07,549 --> 00:38:13,749
that an acceptable answer? Tokenized real estate. I got there. Thanks, ma'am. Appreciate you.

575
00:38:14,249 --> 00:38:19,349
User 54 is here with 5,000 Satoshis. And I think I'm going to give them a little sailor.

576
00:38:19,349 --> 00:38:20,729
The traders love the vol.

577
00:38:20,929 --> 00:38:25,309
Coming in with a boosty boost. Thank you very much. I'll also give you a rare boosty boost.

578
00:38:25,869 --> 00:38:27,129
Boosty, boosty, boosty, boost.

579
00:38:27,329 --> 00:38:27,809
There you go.

580
00:38:27,869 --> 00:38:28,609
Thank you very much.

581
00:38:29,389 --> 00:38:30,329
Thank you, user 54.

582
00:38:30,969 --> 00:38:33,949
Yukon Cornelius is back with 10,000 sats.

583
00:38:34,289 --> 00:38:35,989
It's over 9,000!

584
00:38:36,749 --> 00:38:39,049
Been a happy customer of Strike since 2001.

585
00:38:39,309 --> 00:38:40,089
Thank you, Yukon.

586
00:38:40,409 --> 00:38:41,209
That's some good signal.

587
00:38:41,289 --> 00:38:41,929
Appreciate that.

588
00:38:42,389 --> 00:38:44,809
Macon T is here with 2,500 sats.

589
00:38:44,809 --> 00:38:47,729
Thank you for helping us help you help us all.

590
00:38:47,849 --> 00:38:48,829
No messes, just value.

591
00:38:48,949 --> 00:38:49,669
Thank you very much.

592
00:38:49,669 --> 00:38:55,709
Sleet Stacks Sats is here with 6,110 Satoshis.

593
00:38:56,029 --> 00:38:57,149
Turn Ferguson.

594
00:38:57,809 --> 00:38:58,429
I don't know.

595
00:38:58,669 --> 00:38:59,789
That's my random button.

596
00:38:59,889 --> 00:39:00,389
I've got a random.

597
00:39:00,889 --> 00:39:01,689
Okay, let's see.

598
00:39:01,709 --> 00:39:02,689
Let's hear it, good buddy.

599
00:39:02,769 --> 00:39:03,509
No, it's not bad.

600
00:39:03,829 --> 00:39:04,309
All right, Sleets.

601
00:39:04,589 --> 00:39:07,389
For weekly Bitcoin buys, I use River and Strike.

602
00:39:07,789 --> 00:39:11,189
Also, I hate to say it, but Coinbase is the king of passive sat stacking through their

603
00:39:11,189 --> 00:39:15,009
yield on cash deposits and Bitcoin back on using their Amex.

604
00:39:15,649 --> 00:39:17,549
Oh, I didn't know they had an Amex.

605
00:39:17,549 --> 00:39:47,469
I'm I've stacked over 3 million passive sats this way in the past year geez so there's like a coinbase amex huh I didn't know about that and how do you I'm curiously how you think because I'm not current on coinbase how do you think their sats to cash yield is compared to strike or river I'd love your feedback on that thank you that is a very informational boost it or it either way they're here with 7,000 sats keep up the work and informative podcast

606
00:39:47,469 --> 00:39:47,929
Thank you, it.

607
00:39:48,269 --> 00:39:48,949
Appreciate you.

608
00:39:49,989 --> 00:39:53,249
Mutt Um 8 is here with 2,154 Satoshis.

609
00:39:54,089 --> 00:39:58,089
I got interviewed by Vlad of Bitcoin Takeover at the final tab conf last week.

610
00:39:58,209 --> 00:39:58,769
Ah, cool.

611
00:39:59,409 --> 00:40:13,272
If you interested in at Twib or at This Week in Bitcoin names use code TWIB at checkout for 20 off while supporting the show Very cool Thanks Mutt Appreciate the boost Kiwi Bitcoin guides back with 4 satoshis

612
00:40:13,392 --> 00:40:14,132
The heck?

613
00:40:14,992 --> 00:40:17,972
Is it just me or does it feel like a kind of lull before the storm?

614
00:40:18,052 --> 00:40:18,912
I like you.

615
00:40:19,292 --> 00:40:20,332
You're a hot ticket.

616
00:40:20,392 --> 00:40:21,672
I like the way you think, Kiwi.

617
00:40:22,112 --> 00:40:26,472
Not sure what the storm would be, huge price spike or more hackers and some macro stuff,

618
00:40:26,572 --> 00:40:28,512
or is it just a pre-election uncertainty?

619
00:40:28,832 --> 00:40:29,612
Anyone else feel this?

620
00:40:29,612 --> 00:40:32,912
I think there is a bit of that, Kiwi, about the election here in the States.

621
00:40:33,152 --> 00:40:39,972
And then you've got what seemingly is a situation with Iran and the strait that's going to have to resolve at some point.

622
00:40:40,752 --> 00:40:41,792
Some point, right?

623
00:40:41,892 --> 00:40:45,812
So there's sort of these types of things which are putting pressure on the bond market.

624
00:40:45,932 --> 00:40:50,332
You can see how the pressure on the economy is manifesting in places.

625
00:40:50,412 --> 00:40:51,772
I guess that's my word of the day today.

626
00:40:52,492 --> 00:40:54,032
Manifesting in places like France.

627
00:40:54,372 --> 00:40:55,632
So there's a lot to it.

628
00:40:55,752 --> 00:40:57,032
And I think you're picking up on it, Kiwi.

629
00:40:57,572 --> 00:40:57,932
Thank you.

630
00:40:57,932 --> 00:41:04,972
adversary 17 is here with 14,393 if i can read the screen

631
00:41:04,972 --> 00:41:13,532
adversary says i've also bailed on fold river supports bill pay and i'm using it for dcas

632
00:41:13,532 --> 00:41:20,092
huh interesting i've boosted landlocked about nix bitcoin i'm currently helping with a module

633
00:41:20,092 --> 00:41:24,752
for the bitcoin x project or bitcoin nix project i'm sorry which seems to be the fork that's most

634
00:41:24,752 --> 00:41:26,632
active at the moment. Yeah, so I

635
00:41:26,632 --> 00:41:28,892
think, you know, you sent me a link and I started watching

636
00:41:28,892 --> 00:41:30,812
this. I did see

637
00:41:30,812 --> 00:41:32,772
they just removed liquid support, so

638
00:41:32,772 --> 00:41:34,772
I'm going to have to patch them back in, but, you know,

639
00:41:34,872 --> 00:41:36,452
there's that. But it's

640
00:41:36,452 --> 00:41:38,892
good to see Bitcoin Nix picking it up

641
00:41:38,892 --> 00:41:40,832
and I may look at helping them

642
00:41:40,832 --> 00:41:42,952
out along the way. Thanks, you adversaries.

643
00:41:43,112 --> 00:41:44,872
Appreciate you. Department

644
00:41:44,872 --> 00:41:46,692
of Lulls is here with our

645
00:41:46,692 --> 00:41:48,592
baller boost. 101

646
00:41:48,592 --> 00:41:50,892
Nope, not SATs. Old habit.

647
00:41:51,092 --> 00:41:51,372
Fiat.

648
00:41:54,752 --> 00:41:59,832
Good day, Chris.

649
00:41:59,892 --> 00:42:02,312
I opened this week's episode on Apple Podcasts, and there was video.

650
00:42:02,712 --> 00:42:03,452
Didn't expect that.

651
00:42:03,632 --> 00:42:04,152
Great surprise.

652
00:42:04,232 --> 00:42:04,752
Really well done.

653
00:42:04,872 --> 00:42:05,752
Thanks for all the work you put in.

654
00:42:05,832 --> 00:42:06,432
Keep it up.

655
00:42:06,812 --> 00:42:07,852
Thank you, Department of Lulz.

656
00:42:07,892 --> 00:42:12,752
Yeah, tip of the hat to the lads over at Fountain FM for getting that working.

657
00:42:13,452 --> 00:42:17,152
We don't have the back catalog on there yet, but new episodes since that's been enabled

658
00:42:17,152 --> 00:42:18,852
are publishing with Vidya over there.

659
00:42:18,872 --> 00:42:20,232
And I guess it defaults to that.

660
00:42:20,872 --> 00:42:24,732
You know, if it ever really took off and I started getting more video downloads, I would

661
00:42:24,732 --> 00:42:26,492
would actually upgrade the camera quality too.

662
00:42:26,792 --> 00:42:27,932
It is actually possible.

663
00:42:28,572 --> 00:42:29,132
Appreciate you.

664
00:42:29,212 --> 00:42:29,972
Thanks for being our baller.

665
00:42:30,492 --> 00:42:32,532
Deckbot comes in with a free member boost.

666
00:42:33,132 --> 00:42:34,732
Regarding boost goals and benchmarks,

667
00:42:34,872 --> 00:42:36,392
no agenda used multiple strategies.

668
00:42:36,672 --> 00:42:37,912
The anonymous contributions,

669
00:42:38,112 --> 00:42:38,552
a knighthood,

670
00:42:38,712 --> 00:42:39,712
executive producer credits,

671
00:42:40,112 --> 00:42:41,712
and a one-off honorary title like Commodore.

672
00:42:42,132 --> 00:42:43,272
I recall the price for knighthood

673
00:42:43,272 --> 00:42:45,472
and getting promoted changed over time.

674
00:42:45,652 --> 00:42:47,552
Maybe 1% of Bitcoin to get a twib title,

675
00:42:47,552 --> 00:42:48,912
100k sats, producer credit.

676
00:42:49,192 --> 00:42:49,372
Hmm.

677
00:42:49,992 --> 00:42:51,692
Yeah, there is something actually to producer credits.

678
00:42:51,812 --> 00:42:53,772
I do think that's not only just a fun idea,

679
00:42:53,772 --> 00:42:55,272
but actually kind of a legitimate idea.

680
00:42:55,452 --> 00:42:57,772
It sort of mirrors the actual Hollywood model

681
00:42:57,772 --> 00:42:58,692
in a sense of a producer.

682
00:42:59,372 --> 00:43:00,932
And then how I would give them credit,

683
00:43:00,992 --> 00:43:02,052
maybe in the show notes, I'm not sure.

684
00:43:02,632 --> 00:43:04,472
I feel like I need to go on a road trip

685
00:43:04,472 --> 00:43:06,452
and just think about all of this.

686
00:43:06,592 --> 00:43:07,852
I don't know how you guys,

687
00:43:08,012 --> 00:43:09,632
like, you know how you have shower thoughts?

688
00:43:10,072 --> 00:43:12,592
I have those, but I'm usually still waking up.

689
00:43:13,112 --> 00:43:14,552
So I have road trip thoughts.

690
00:43:14,752 --> 00:43:16,652
Like, when I really need to think about stuff,

691
00:43:17,212 --> 00:43:19,932
I'll go on a long road trip, totally silent.

692
00:43:20,112 --> 00:43:20,912
Does anybody else do this?

693
00:43:21,012 --> 00:43:22,192
Totally silent driving.

694
00:43:22,192 --> 00:43:24,912
and I'll just think the whole time.

695
00:43:24,972 --> 00:43:26,352
Like I might do on a flight sometimes too.

696
00:43:26,412 --> 00:43:28,192
I think they call it like the raw dogging the flight.

697
00:43:28,972 --> 00:43:31,632
And I just think because I'm busy enough,

698
00:43:31,752 --> 00:43:33,512
but yet I have time to process

699
00:43:33,512 --> 00:43:35,632
and I can get through these things

700
00:43:35,632 --> 00:43:36,932
that I've been like in the back of my mind

701
00:43:36,932 --> 00:43:37,552
for a long time.

702
00:43:38,052 --> 00:43:39,632
Clearly, I need to go on a road trip somewhere nice,

703
00:43:39,752 --> 00:43:40,092
obviously.

704
00:43:40,732 --> 00:43:41,432
Thanks, Deckpot.

705
00:43:41,472 --> 00:43:42,452
You just gave me justification.

706
00:43:42,632 --> 00:43:43,252
I appreciate that.

707
00:43:43,612 --> 00:43:44,992
Thank you everybody who boosted the show.

708
00:43:44,992 --> 00:43:46,812
Of course, we do have the 2000 sat cutoff,

709
00:43:46,912 --> 00:43:48,092
so I'll stop there.

710
00:43:48,172 --> 00:43:49,252
But I really do appreciate it.

711
00:43:49,292 --> 00:43:51,332
And of course, everyone who streamed those sats.

712
00:43:51,332 --> 00:43:53,952
41 of you streamed sats.

713
00:43:54,072 --> 00:43:54,852
Hey, is that right?

714
00:43:54,912 --> 00:43:55,472
No, I'm sorry.

715
00:43:56,272 --> 00:43:57,892
No, 19 of you.

716
00:43:57,952 --> 00:43:59,052
I was getting my numbers mixed up.

717
00:43:59,432 --> 00:44:01,132
19 of you streamed sats,

718
00:44:01,472 --> 00:44:05,832
but you still stacked a mighty 49,324 satoshis.

719
00:44:06,512 --> 00:44:07,632
Not too bad at all.

720
00:44:07,832 --> 00:44:08,872
When you bring it all together,

721
00:44:08,932 --> 00:44:09,872
it's not a banger week,

722
00:44:09,972 --> 00:44:11,512
but I think it'll help pay the bills.

723
00:44:11,912 --> 00:44:13,112
And I do very much appreciate it

724
00:44:13,112 --> 00:44:14,232
when you take our fiat boost,

725
00:44:14,292 --> 00:44:16,192
convert it to the current market value of sats

726
00:44:16,192 --> 00:44:17,712
and bring all the boosts together.

727
00:44:17,712 --> 00:44:22,532
this episode stacked 339,078 satoshis.

728
00:44:27,672 --> 00:44:28,952
Not a burner episode,

729
00:44:29,212 --> 00:44:30,492
but we've had a couple of good weeks

730
00:44:30,492 --> 00:44:31,532
and it keeps the lights on.

731
00:44:31,912 --> 00:44:33,192
This is a value for value podcast.

732
00:44:33,292 --> 00:44:33,912
No advertising.

733
00:44:34,032 --> 00:44:34,932
I put it out there for free.

734
00:44:35,032 --> 00:44:37,372
I work so many hours a week on this show

735
00:44:37,372 --> 00:44:40,212
and I really want you to get something valuable out of it.

736
00:44:40,252 --> 00:44:40,732
And if you do,

737
00:44:40,832 --> 00:44:42,272
I hope you'll send some of that value back

738
00:44:42,272 --> 00:44:42,992
to keep it going.

739
00:44:43,352 --> 00:44:46,112
You can do that at boost.jupiterbroadcasting.com

740
00:44:46,112 --> 00:44:49,952
or you can become a member at jupiter.party or in the Fountain app.

741
00:44:50,532 --> 00:44:52,872
And with that and with your help, the show continues,

742
00:44:53,052 --> 00:44:55,072
and we do have some big items to get into.

743
00:45:05,332 --> 00:45:06,972
We start with some good news.

744
00:45:08,432 --> 00:45:11,032
Liquid pegouts have resumed.

745
00:45:11,032 --> 00:45:16,512
Sideswap and other peg-out providers are allowing Liquid peg-outs now.

746
00:45:17,032 --> 00:45:19,852
The Liquid network has not fully recovered the missing funds yet,

747
00:45:20,132 --> 00:45:24,252
but services like Sideswap are funding the peg-outs from their own wallet.

748
00:45:24,792 --> 00:45:28,032
And Adam Back assures us all that things will be on the mend

749
00:45:28,032 --> 00:45:30,812
and everything will be made whole very soon.

750
00:45:31,352 --> 00:45:43,856
Adam James here Good to see you again Question for you So everyone is kind of asking what going on with this Liquid hack They called themselves white hat hackers Obviously they still hold as far as we know 600 Bitcoin

751
00:45:44,396 --> 00:45:47,796
So I wouldn't consider them white hats, maybe gray hats, since they did give back 3,400.

752
00:45:48,136 --> 00:45:50,756
I'm wondering if you can give us an update on what's going on there.

753
00:45:50,816 --> 00:45:53,416
It looks like your announcement this morning, you're kind of going back to normal.

754
00:45:53,536 --> 00:45:55,396
Things are going back to where they were.

755
00:45:55,396 --> 00:45:58,876
But I'm wondering for any sort of update you can provide on what's going on with those

756
00:45:58,876 --> 00:46:00,256
hack funds and the protocol.

757
00:46:01,156 --> 00:46:06,516
Yeah, I mean, the hacked phones are under investigation,

758
00:46:07,156 --> 00:46:10,696
but we're proceeding with peg restoration,

759
00:46:11,096 --> 00:46:14,216
and the swap service is already alive ahead of that.

760
00:46:14,756 --> 00:46:16,996
So there's sort of transparency in the network

761
00:46:16,996 --> 00:46:20,656
where users can see the balance,

762
00:46:20,756 --> 00:46:22,416
so that should be coming next as well.

763
00:46:22,416 --> 00:46:24,056
I don't really love where race is.

764
00:46:24,156 --> 00:46:25,676
There's transparency, but it's not clear

765
00:46:25,676 --> 00:46:27,496
where they're going to fill that gap from.

766
00:46:27,496 --> 00:46:30,196
so you can peg out at full value,

767
00:46:30,376 --> 00:46:32,556
but they don't technically have the one-to-one backing.

768
00:46:33,056 --> 00:46:35,976
So a very large move out of a liquid network

769
00:46:35,976 --> 00:46:37,156
could cause problems,

770
00:46:37,396 --> 00:46:39,936
which we don't actually seem to be seeing right now.

771
00:46:40,056 --> 00:46:42,596
It doesn't seem like we're seeing a bank run of sorts.

772
00:46:42,896 --> 00:46:44,736
So not a concern at the moment,

773
00:46:44,936 --> 00:46:46,136
but something to keep an eye on.

774
00:46:46,816 --> 00:46:49,036
Okay, this next one, it's a new report that's out.

775
00:46:49,076 --> 00:46:52,436
It compares the volatility of Bitcoin to several stocks,

776
00:46:52,496 --> 00:46:54,916
a bunch of stocks in the S&P 500 index.

777
00:46:55,276 --> 00:46:56,856
I think these are always a bit silly.

778
00:46:56,856 --> 00:47:07,216
They're sort of short term. However, there's also the part of me that's always looking for like the counterprogramming response when you hear somebody start chirping about the dangerous volatility of Bitcoin.

779
00:47:07,656 --> 00:47:14,736
Well, you can you can point them to this study that Bitcoin is less volatile than a fair number of stocks in the S&P 500.

780
00:47:14,736 --> 00:47:25,096
OK, so we're seeing investors take a harder look at risk, which leads us to an interesting comparison from Grayscale, which challenges one of the biggest assumptions about Bitcoin.

781
00:47:25,096 --> 00:47:33,596
According to this research from Grayscale, 57% of companies in the S&P 500 are now more volatile than Bitcoin.

782
00:47:33,956 --> 00:47:38,156
And Bitcoin's own volatility has fallen dramatically over the past five years.

783
00:47:38,536 --> 00:47:44,836
So, Sean, we have spent years talking about Bitcoin as a risky asset, one of the most risky assets out there.

784
00:47:45,356 --> 00:47:47,516
Do you feel like that reputation is starting to change?

785
00:47:48,196 --> 00:47:51,036
I do. For a select group, right?

786
00:47:51,036 --> 00:48:18,316
I mean, Honeywell's on there. Oracle's on there. There's some names that are on there that are surprising and not surprising that Bitcoin has been less volatile. I'm sticking with Bitcoin magazine TV for a moment. They took a look at how altcoins are doing against Bitcoin in this last year, which has been an odd year. And it seems like money has been leaving the altcoin market and not, quote unquote, rotating back in during altcoin season like altcoin promoters often claim.

787
00:48:18,896 --> 00:48:23,356
Bitcoin is also just wrecking them in the post ETF world.

788
00:48:23,836 --> 00:48:29,076
Bitcoin is taking four out of every five dollars that goes towards a crypto ETF.

789
00:48:29,816 --> 00:48:36,696
So that means altcoin season, as it's commonly called, is going to look a lot different in a post ETF market.

790
00:48:36,856 --> 00:48:38,616
And it could be shaping things to come.

791
00:48:38,616 --> 00:48:42,656
Since the October 2025 high, Bitcoin's realized cap is flat.

792
00:48:43,216 --> 00:48:46,776
You know, it's been relatively even through this drawdown.

793
00:48:46,776 --> 00:48:54,196
Well, the alt realized cap is down 11%. So that capital isn't rotating, it's leaving. That's what

794
00:48:54,196 --> 00:49:01,196
that tells us. And the biggest piece is Ethereum. It's realized cap is down 29% below where it

795
00:49:01,196 --> 00:49:06,336
started last summer. The gap between these two lines on the chart tells us a dollar put into

796
00:49:06,336 --> 00:49:11,876
Bitcoin is worth about $1.54 today and a dollar put into alts is worth about 98 cents today.

797
00:49:12,476 --> 00:49:21,316
So a little bit of a difference there, outperformance by Bitcoin compared to its crypto ecosystem that it tends to get grouped with.

798
00:49:22,196 --> 00:49:25,636
And my expectation is that this trend doesn't slow down.

799
00:49:25,716 --> 00:49:26,676
I think it continues.

800
00:49:27,216 --> 00:49:29,296
I think alt season will likely be narrower.

801
00:49:29,656 --> 00:49:33,896
We'll see a rotation still, but it'll be smaller than rotations of the past.

802
00:49:33,976 --> 00:49:37,136
And it'll be concentrated to a few large coins with ETFs likely.

803
00:49:37,676 --> 00:49:39,336
Think ETH, Solana, XRP.

804
00:49:39,336 --> 00:49:57,196
You know, dominance will probably dip single digits, not something like the 30 points we've seen previously. And, you know, in the near term with the Fed likely hiking, you know, the 2022-2023 cycle, the Fed was hiking and, you know, that red line rose by about seven points.

805
00:49:57,196 --> 00:50:20,976
So things are looking good for Bitcoin dominance in the altcoin world. Smart money. Big money wants Bitcoin. And the altcoins that are going to succeed are going to be the ones that have an ETF likely. That checks out. That's kind of what I've been thinking for a while. Okay, our final clip of the week is, well, it's a little bit of a perspective reset and just helps us remember what a revolution Bitcoin really is.

806
00:50:21,676 --> 00:50:23,816
Well, we've covered a lot here.

807
00:50:24,116 --> 00:50:26,456
And, you know, we talked to your colleague Femi today as well.

808
00:50:26,656 --> 00:50:34,356
So between all the time you've spent working for the Human Rights Foundation, when you call Bitcoin freedom money, what does that mean to you?

809
00:50:34,476 --> 00:50:37,556
This is Alex Goldstein, of course, from the Human Rights Foundation.

810
00:50:37,916 --> 00:50:49,556
Well, it means that you control the fruit of your labor and it protects you against theft and corruption and currency devaluation and censorship.

811
00:50:49,556 --> 00:50:52,976
And these things are daily hazards

812
00:50:52,976 --> 00:50:55,196
for the average person on earth.

813
00:50:55,196 --> 00:50:57,456
The average person on earth doesn't have access

814
00:50:57,456 --> 00:51:00,216
to the US stock market for savings.

815
00:51:00,216 --> 00:51:02,036
The average person on earth doesn't have access

816
00:51:02,036 --> 00:51:14,879
to apps like Venmo and PayPal and Apple Pay et cetera et cetera That might actually be a good thing Sorry I said Goldstein didn I Goldstein No it Gladstein And Alex is known for really helping Bitcoin adoption

817
00:51:14,879 --> 00:51:17,019
in third world locations,

818
00:51:17,179 --> 00:51:18,939
places that just have absolutely,

819
00:51:19,959 --> 00:51:21,719
you know, they make our inflation look tame,

820
00:51:21,879 --> 00:51:22,959
you know, those types of places.

821
00:51:23,659 --> 00:51:25,619
The average person on earth saves

822
00:51:25,619 --> 00:51:29,199
instead of something like NVIDIA stock

823
00:51:29,199 --> 00:51:30,439
or Apple stock or whatever,

824
00:51:31,279 --> 00:51:33,779
they save in something like sheet metal or cattle.

825
00:51:33,939 --> 00:51:40,719
or cinder blocks. They may only transact in paper money and they have no bank account,

826
00:51:40,859 --> 00:51:46,779
et cetera, et cetera. This is the case for billions of people. And even others who do have

827
00:51:46,779 --> 00:51:52,599
rather advanced mobile payments live in a very censorious dictatorship, like for example,

828
00:51:52,599 --> 00:51:56,399
in China, where you might have more technology and more access to financial technology,

829
00:51:56,779 --> 00:52:02,699
but it's extremely repressed to the point where if you even, you know, essentially have a facial

830
00:52:02,699 --> 00:52:07,559
gesture the wrong way. You can have your bank account just frozen instantly by some sort of AI

831
00:52:07,559 --> 00:52:14,059
algorithm. So a lot of people don't have the privileges that we have here in the US with

832
00:52:14,059 --> 00:52:18,679
regard to a relatively stable currency and a relatively open government that works more or

833
00:52:18,679 --> 00:52:22,079
less for the people. That's not really how it works for most people around the world. So

834
00:52:22,079 --> 00:52:28,379
Bitcoin is an amazing option for them. It's a plan B and it is free to money.

835
00:52:32,699 --> 00:52:40,959
Let's check in on the state of the network.

836
00:52:41,159 --> 00:52:45,799
I'm wrapping up at Blockhide 972,529.

837
00:52:46,599 --> 00:52:50,899
Our U.S. dollar to Bitcoin right now sitting at 84,670.

838
00:52:51,439 --> 00:52:56,399
That puts our sats per dollar at 1,181.

839
00:52:57,239 --> 00:53:00,999
We are 32.9% down from our all-time high, you absolute animal.

840
00:53:00,999 --> 00:53:04,199
380 days ago, you savage.

841
00:53:05,199 --> 00:53:08,699
Estimated difficulty change is an upward adjustment of 6.2%.

842
00:53:08,699 --> 00:53:14,359
And there are 25,958 reachable Bitcoin nodes on the frigging network.

843
00:53:15,059 --> 00:53:17,179
24-hour price is up 2.3%.

844
00:53:17,179 --> 00:53:22,079
And since our last episode, we're up 3.5%, down 2.7 on the 30-day.

845
00:53:22,899 --> 00:53:24,639
Fees are low, one sat per V-byte.

846
00:53:25,339 --> 00:53:28,139
But the network is strong, chugging right along.

847
00:53:28,139 --> 00:53:32,299
I was moving some coins off the liquid network and it was doing just fine.

848
00:53:33,079 --> 00:53:34,179
You gotta love it.

849
00:53:43,179 --> 00:53:46,359
Well, if you made it this far, I just kind of want to wind it all up for you.

850
00:53:46,579 --> 00:53:48,079
Just kind of want to wrap it up.

851
00:53:48,919 --> 00:53:55,079
You know, we have the common understanding now that the long-term fate of the dollar is towards debasement.

852
00:53:55,939 --> 00:53:59,279
AI hype is fading, but it's not imploding.

853
00:53:59,619 --> 00:54:03,439
It's not exploding anymore, but it's not a bubble pop either, seemingly.

854
00:54:03,959 --> 00:54:06,339
And through all of this, Bitcoin has been showing strength.

855
00:54:06,799 --> 00:54:12,079
And the fundamentals for our long-term price and the market are changing around it,

856
00:54:12,439 --> 00:54:13,919
getting even better and stronger.

857
00:54:14,639 --> 00:54:16,979
And I think, in a way, it's like nobody saw this coming.

858
00:54:16,979 --> 00:54:19,539
Everybody thought it was going to be a huge explosion that took us all out.

859
00:54:20,779 --> 00:54:23,039
Bitcoin doesn't need the AI boom to collapse.

860
00:54:23,039 --> 00:54:25,959
doesn't really need it to blow up.

861
00:54:26,539 --> 00:54:29,419
Just needs everybody to just get a little more sane.

862
00:54:29,999 --> 00:54:32,219
Just, you know, chill out a little bit.

863
00:54:32,919 --> 00:54:34,539
In fact, I think Bitcoin would be better off if they do.

864
00:54:35,319 --> 00:54:36,699
All right, well, we'll see how it goes.

865
00:54:36,839 --> 00:54:37,599
I'll keep an eye on it.

866
00:54:38,379 --> 00:54:40,179
Links are at thisweekinbitcoin.show.

867
00:54:40,279 --> 00:54:42,619
Go over there, get more than what I talked about today,

868
00:54:42,679 --> 00:54:44,579
plus links to some of the things I talked about.

869
00:54:44,639 --> 00:54:45,779
You can also boost the show over there

870
00:54:45,779 --> 00:54:47,939
and links to ways to support this show

871
00:54:47,939 --> 00:54:49,019
and, of course, the back catalog.

872
00:54:49,439 --> 00:54:50,559
And there's a bunch of great shows

873
00:54:50,559 --> 00:54:52,999
over at jupiterbroadcasting.com.

874
00:54:53,039 --> 00:54:57,159
Now, head on over, boost.jupiterbroadcasting.com.

875
00:54:57,219 --> 00:54:57,759
Let me know.

876
00:54:58,759 --> 00:55:00,279
Are you feeling bullish?

877
00:55:01,179 --> 00:55:01,619
Are you?

878
00:55:01,739 --> 00:55:02,779
Are you feeling bullish?

879
00:55:02,919 --> 00:55:03,299
That's it.

880
00:55:03,439 --> 00:55:04,139
Why or why not?

881
00:55:04,179 --> 00:55:07,499
Let me know, boost.jupiterbroadcasting.com or anything else you want to send in.

882
00:55:08,019 --> 00:55:09,059
I really do appreciate it.

883
00:55:09,099 --> 00:55:13,799
My goal is to give you a show that doesn't get distracted by the emotions or the politics

884
00:55:13,799 --> 00:55:16,919
around what's happening, but focuses on the signal for yourself, your friends, your family,

885
00:55:16,979 --> 00:55:18,699
your future, whatever it might be.

886
00:55:18,959 --> 00:55:21,339
So you can let me know how I did by supporting the show as well.

887
00:55:21,339 --> 00:55:24,359
and then of course you can boost in with what you'd like me to cover in the

888
00:55:24,359 --> 00:55:24,579
future.

889
00:55:25,039 --> 00:55:26,799
Thanks so much for joining me on this week's episode.

890
00:55:27,059 --> 00:55:29,559
I'll see you right back here next week.

891
00:55:51,339 --> 00:56:21,319
Thank you.

892
00:56:21,339 --> 00:56:39,659
Thank you.