1 00:00:02,277 --> 00:00:08,817 The federal reserve chairman says that he watches or at least what we're really. 2 00:00:08,817 --> 00:00:13,497 Expecting or what i'm expecting is a is a crash in the morning, 3 00:00:15,557 --> 00:00:20,857 big economic news today yeah today's song goes out to jerome powell if you missed 4 00:00:20,857 --> 00:00:25,837 the story well where have you been all day the federal reserve as expected cut 5 00:00:25,837 --> 00:00:29,197 interest rates today but rather Rather than playing it safe with a quarter point cut, 6 00:00:29,417 --> 00:00:32,717 the Fed came on big with a half point cut. 7 00:00:32,877 --> 00:00:36,257 That's a very, very aggressive move. And this is the first rate cut in four 8 00:00:36,257 --> 00:00:41,057 years since the Fed started tackling high inflation by deliberately cooling 9 00:00:41,057 --> 00:00:44,037 the economy with the highest interest rates in 23 years. 10 00:00:44,400 --> 00:00:55,280 Music. 11 00:00:54,757 --> 00:00:59,417 Welcome in to This Week in Bitcoin, episode 27. My name is Chris, 12 00:00:59,577 --> 00:01:02,557 and welcome to the start of a new business cycle. 13 00:01:03,537 --> 00:01:07,557 What we've just witnessed, to put it in perspective, it's like the halvening 14 00:01:07,557 --> 00:01:09,377 for the Western financial markets. 15 00:01:09,417 --> 00:01:13,377 We had a 50 basis point cut. Now, for those of you that were wondering. 16 00:01:14,757 --> 00:01:21,457 105 out of 114 economists that were betting on which way this would go, bet wrong. 17 00:01:21,937 --> 00:01:26,117 105 out of 114 thought we were going to get a 25 basis point cut. 18 00:01:26,477 --> 00:01:31,077 This is only the third time in recent history that the Federal Reserve has started 19 00:01:31,077 --> 00:01:33,437 with a 50 basis point cut. 20 00:01:33,977 --> 00:01:38,957 The previous two times, the economy crashed. So we are kind of in this wait 21 00:01:38,957 --> 00:01:41,617 and see period. This could be the calm before the storm. 22 00:01:41,997 --> 00:01:45,557 Today, as I record, the Bank of England is likely to announce a rate cut. 23 00:01:45,697 --> 00:01:50,537 And then on Friday, the Bank of Japan will likely announce a rate hike. 24 00:01:50,857 --> 00:01:54,437 So let's step back just a moment, because if you ever wanted to see a bunch 25 00:01:54,437 --> 00:01:59,217 of financial wonks get giddy, just get them on television the day or hours before 26 00:01:59,217 --> 00:02:01,937 a rate cut. And it's like Christmas for them. 27 00:02:02,317 --> 00:02:05,077 Let's talk about the Fed's two-day policy meeting. Of course, 28 00:02:05,097 --> 00:02:08,317 if you haven't heard, it kicks off today and a lot of debate on the street. 29 00:02:08,737 --> 00:02:12,357 What's the debate about? Oh, yeah, Yeah. Twenty five or 50. Let's get over to 30 00:02:12,357 --> 00:02:15,637 Steve Leisman. He's got the results of CNBC's latest Fed survey. 31 00:02:15,837 --> 00:02:16,717 What do they tell us, Steve? 32 00:02:17,437 --> 00:02:20,337 So we were doing all these surveys, doing all these. What is it going to be? 33 00:02:20,357 --> 00:02:23,997 What is it going to be? And they even had countdowns going on the screens. 34 00:02:29,037 --> 00:02:32,937 We are just hours away from the Federal Reserve's September policy decision. 35 00:02:33,237 --> 00:02:37,557 With more on what to expect today is Yahoo Finance Fed correspondent Jennifer 36 00:02:37,557 --> 00:02:40,117 Schoenberger. This is this is like your Super Bowl, Jennifer. 37 00:02:40,517 --> 00:02:45,477 Yes. It was the day we've been waiting for since late last year, Brad. Yeah. 38 00:02:46,697 --> 00:02:49,957 So, OK, see, this is just a little sample of the things I watch. 39 00:02:49,997 --> 00:02:53,477 So you don't have to. OK, but let's fast forward to the actual news. 40 00:02:53,597 --> 00:02:59,297 We'll just bypass all of the gassing, the hours of television spent just predicting 41 00:02:59,297 --> 00:03:02,317 what might happen. And let's go to Jay Powell himself. 42 00:03:02,397 --> 00:03:09,157 He comes out after the FOMC meeting and he announces the 50 basis point cut. Thank you. 43 00:03:10,184 --> 00:03:15,024 Good afternoon. My colleagues and I remain squarely focused on achieving our 44 00:03:15,024 --> 00:03:20,144 dual mandate goals of maximum employment and stable prices for the benefit of the American people. 45 00:03:21,044 --> 00:03:23,344 Our economy is strong overall and 46 00:03:23,344 --> 00:03:26,864 has made significant progress toward our goals over the past two years. 47 00:03:27,384 --> 00:03:30,944 The labor market has cooled from its formerly overheated state. 48 00:03:31,924 --> 00:03:38,564 Inflation has eased substantially from a peak of 7 percent to an estimated 2.2 percent as of August. 49 00:03:39,364 --> 00:03:43,404 We're committed to maintaining our economy's strength by supporting maximum 50 00:03:43,404 --> 00:03:46,804 employment and returning inflation to our 2% goal. 51 00:03:48,484 --> 00:03:52,484 Today, the Federal Open Market Committee decided to reduce the degree of policy 52 00:03:52,484 --> 00:03:56,844 restraint by lowering our policy interest rate by a half percentage point. 53 00:03:57,024 --> 00:04:02,244 So the reason why a half percentage point or 50 basis points is such a big deal 54 00:04:02,244 --> 00:04:05,284 is because it's traditionally followed by a recession. 55 00:04:05,504 --> 00:04:10,084 It's an admission that the Fed is late. They're saying this time around it's not the case. 56 00:04:10,244 --> 00:04:14,504 But I think regardless of what Jerome Powell jawbones about, 57 00:04:14,704 --> 00:04:19,084 you just can't ignore the fact that we can't cut defense and we can't cut entitlements 58 00:04:19,084 --> 00:04:22,244 and we have massive, massive amounts of debt. 59 00:04:22,524 --> 00:04:25,524 And we had that super, super bad jobs report. 60 00:04:25,744 --> 00:04:32,484 So what you get is the market bracing itself for a bad recession when you start 61 00:04:32,484 --> 00:04:36,784 with a 50 basis point cut. My next guest says, welcome to the pivot party. 62 00:04:37,004 --> 00:04:41,404 And while she wasn't, isn't a soft landing camp, rather history has shown that 63 00:04:41,404 --> 00:04:45,704 initial rate cuts almost always coincide with recessions. I want to bring a 64 00:04:45,704 --> 00:04:48,544 UBS private wealth management managing director, Allie McCartney. 65 00:04:48,564 --> 00:04:50,624 Allie, let me just share this with the audience for a second, right? 66 00:04:50,784 --> 00:04:54,344 So the initial rate cut, the first time when they go into these rate cutting 67 00:04:54,344 --> 00:04:58,544 cycles, it always seems to be with the gray lines right around recession, right? 68 00:04:58,644 --> 00:05:01,784 I mean, it's, it's happened time after time, a little bit early there. 69 00:05:02,144 --> 00:05:06,784 It's just, It's always happened. Right. And so why is why wouldn't it happen this time? 70 00:05:06,864 --> 00:05:10,384 What's so different about now than than all these other times? 71 00:05:10,564 --> 00:05:13,804 Well, that is why I didn't think he was going to go 50 basis points, 72 00:05:13,944 --> 00:05:17,524 because the other stat that you can quote is that every time they've gone 50 73 00:05:17,524 --> 00:05:19,784 basis points, it has been followed by recession. 74 00:05:20,024 --> 00:05:24,964 So I thought simply from a marketing perspective, a series of 25 would have 75 00:05:24,964 --> 00:05:26,264 been much more palatable. 76 00:05:26,384 --> 00:05:29,764 So we have a couple of things that are showing recessionary trends. 77 00:05:29,764 --> 00:05:32,824 We have the spread between the two-year and the Fed funds rate, 78 00:05:32,924 --> 00:05:34,564 which is extremely negative. 79 00:05:36,030 --> 00:05:40,990 At the end of the day, whether you believe the specific data, 80 00:05:41,290 --> 00:05:46,670 we have earnings growing at 11%. We have that earnings growth broadening out. 81 00:05:46,830 --> 00:05:49,250 We still have... But we're coming out of an earnings recession, 82 00:05:49,470 --> 00:05:52,410 though. I mean, is that really a good tell for the overall economy? 83 00:05:52,550 --> 00:05:56,370 Or is it just saying, hey, it was so awful the last couple of years, we can only do better? 84 00:05:56,570 --> 00:05:59,610 So we've been out of an earnings recession for a number of quarters now, 85 00:05:59,650 --> 00:06:03,590 probably for the majority of the year. There are a number of different trends 86 00:06:03,590 --> 00:06:08,690 now, a materially different cost of capital, so private and public spending 87 00:06:08,690 --> 00:06:11,050 going up, that we have the Kambui. 88 00:06:11,110 --> 00:06:15,350 We have a consumer who, yes, the savings has been depleted, but now their interest 89 00:06:15,350 --> 00:06:19,650 payments on everything from a car, the housing market, which has been in recession 90 00:06:19,650 --> 00:06:22,890 for a number of years, is going to pivot. 91 00:06:22,970 --> 00:06:25,390 We're going to get more housing starts, more mortgage applications. 92 00:06:25,830 --> 00:06:30,270 So she says she's overall bullish. I think what's interesting about it is you 93 00:06:30,270 --> 00:06:32,230 can't really get any two people to agree. 94 00:06:32,350 --> 00:06:35,130 They can look at the same data and say, oh, yeah, we're going to go into recession now. 95 00:06:35,330 --> 00:06:38,690 And another group of people say, no, it's it's going to pump. 96 00:06:40,030 --> 00:06:49,110 The reality is we likely saw the Fed act a little late on the bad July jobs correction. 97 00:06:49,310 --> 00:06:54,590 That's my theory is if they had that data in July, they would have had a cut then. 98 00:06:54,590 --> 00:06:57,670 Then but they had to they 99 00:06:57,670 --> 00:07:00,410 they don't meet they don't meet in august so they had to wait 100 00:07:00,410 --> 00:07:03,370 till the september meeting and the the insight there 101 00:07:03,370 --> 00:07:06,590 is in the q a portion of jerome 102 00:07:06,590 --> 00:07:09,570 powell's session his little meeting there he was 103 00:07:09,570 --> 00:07:12,590 asked if they had the date in july would they have cut and his 104 00:07:12,590 --> 00:07:15,350 answer essentially was yes about july and i 105 00:07:15,350 --> 00:07:18,150 guess if you if you ask you know 106 00:07:18,150 --> 00:07:23,690 if we'd gotten the July report before the meeting would we have cut we might 107 00:07:23,690 --> 00:07:27,950 well have we didn't make that decision but you know we might well have I think 108 00:07:27,950 --> 00:07:33,470 that's not you know that doesn't really answer the question that we ask ourselves 109 00:07:33,470 --> 00:07:36,790 which is let's look you know when at this meeting we're looking back to, 110 00:07:37,410 --> 00:07:41,490 the July employment report the August employment report the two CPI reports 111 00:07:41,490 --> 00:07:46,110 one of which came of course during blackout and all the other things that I 112 00:07:46,110 --> 00:07:47,470 mentioned we're looking at all All of those things. 113 00:07:47,530 --> 00:07:51,870 And we're asking ourselves, what's the right what's our what's the policy stance we need to move to? 114 00:07:51,910 --> 00:07:53,850 We knew it's clear that we clearly, 115 00:07:54,010 --> 00:07:58,490 literally everyone on the committee agreed that it's time to move. 116 00:07:59,150 --> 00:08:03,170 It's just how big, how fast do you go and what do you think about the path forward? 117 00:08:03,330 --> 00:08:07,370 So this decision we made today had had broad support on the committee and I've 118 00:08:07,370 --> 00:08:08,450 discussed the path ahead. 119 00:08:08,930 --> 00:08:13,930 In other words, jobs are a problem. And I think if we continue to see weakening 120 00:08:13,930 --> 00:08:15,970 jobs, you're going to see the market. 121 00:08:16,838 --> 00:08:20,998 Basically bully the Fed into lowering rates again and again. 122 00:08:21,198 --> 00:08:23,538 And the way they'll do that is by poor performance. 123 00:08:23,798 --> 00:08:27,058 And I think the signal is right there. 124 00:08:27,158 --> 00:08:29,898 If they had that information in July, they likely would have cut. 125 00:08:29,938 --> 00:08:32,958 Well, what does that mean? That means the September cut was too late. 126 00:08:33,218 --> 00:08:38,238 So the question is whether they're going to do 25 basis points or 50 basis points. 127 00:08:38,478 --> 00:08:42,778 This is Arthur Hayes, and I think he has a pretty brilliant macro mind. 128 00:08:42,858 --> 00:08:45,798 And this is just before the the announcement, but I think it still holds true. 129 00:08:46,018 --> 00:08:48,378 So going now with the 50 basis point scenario. 130 00:08:48,798 --> 00:08:51,998 I, at a high level, think that they should not be raising rates. 131 00:08:52,178 --> 00:08:54,618 I believe that the U.S. economy is quite strong. 132 00:08:54,838 --> 00:08:58,378 If you've seen the GDP prints over the last eight or nine quarters, 133 00:08:58,638 --> 00:09:00,538 it's been consistent growth. 134 00:09:00,858 --> 00:09:05,858 The U.S. government... The growth, I will argue, is mostly coming from the government 135 00:09:05,858 --> 00:09:08,118 and military spending in the war in Ukraine. 136 00:09:08,298 --> 00:09:14,098 But I agree with his overall premise that I'm not so sure we should be raising rates at all. 137 00:09:14,218 --> 00:09:18,078 We'll come back to that. In growth, the US government continues to spend an 138 00:09:18,078 --> 00:09:22,258 insane amount of money, which is keeping economic growth at a very fast pace. 139 00:09:22,398 --> 00:09:25,778 And obviously that helps the re-election chances or election chances of Kamala 140 00:09:25,778 --> 00:09:31,058 Harris and her running mate, which I think is the goal of the current democratic administration. 141 00:09:31,178 --> 00:09:35,038 So the Fed cutting rates when you have massive government spending, 142 00:09:35,238 --> 00:09:38,878 you have inflation that's above their target. I think it's a mistake. 143 00:09:39,857 --> 00:09:44,417 I think that inflation is going to accelerate into the fourth quarter if they 144 00:09:44,417 --> 00:09:45,637 decide to continue cutting rates. 145 00:09:46,257 --> 00:09:50,757 And I think that the response is going to be if the markets start to falter, 146 00:09:50,937 --> 00:09:54,097 they're just going to do more of it and they're going to make the problem even worse. 147 00:09:54,317 --> 00:10:01,517 Yeah. This is my theory as well. So if they do 25 or 50 and the markets react 148 00:10:01,517 --> 00:10:04,757 opposite of what they believe, so I think everyone believes that the markets are going to go up. 149 00:10:05,077 --> 00:10:08,157 The more they cut, the more the markets go up, whether that's stocks, 150 00:10:08,257 --> 00:10:10,357 bonds, cryptos, all that kind of stuff. 151 00:10:10,757 --> 00:10:15,557 I actually take a contrarian view that the more they cut, the more the markets 152 00:10:15,557 --> 00:10:19,417 are going to dislike that maybe one or two trading days after the fact, 153 00:10:19,577 --> 00:10:21,257 but they're not going to learn their lesson. 154 00:10:21,357 --> 00:10:25,377 They're just going to keep doing more of it. So we're going to get a very quick cutting cycle. 155 00:10:25,997 --> 00:10:29,837 So that's sort of my view. I think one thing you can always count on is if things 156 00:10:29,837 --> 00:10:33,657 don't quite go the way they want, they're going to manage even harder. 157 00:10:33,757 --> 00:10:38,517 And they're already signaling that they're going to have more rate cuts. 158 00:10:38,697 --> 00:10:42,537 They're already telling us we're not done cutting. And so there was a lot of 159 00:10:42,537 --> 00:10:46,437 discussion back and forth, good diversity of division, excellent discussion today. 160 00:10:46,497 --> 00:10:50,677 I think there was also broad support for the decision that the committee voted on. 161 00:10:50,817 --> 00:10:56,457 So I would add, though, look at the SEP. All 19 of the participants wrote down 162 00:10:56,457 --> 00:10:58,897 multiple cuts this year, all 19. 163 00:10:59,517 --> 00:11:01,637 That's a big change from June, right? 164 00:11:02,577 --> 00:11:09,057 Seven of them wrote down three or more, and, sorry, 17 of the 19 wrote down 165 00:11:09,057 --> 00:11:12,137 three or more cuts, and 10 of the 19 wrote down four or more cuts. 166 00:11:12,237 --> 00:11:15,257 So, you know, there is a dissent, and there's a range of views, 167 00:11:15,397 --> 00:11:17,397 but there's actually a lot of common ground as well. 168 00:11:17,577 --> 00:11:21,177 There's going to be more cuts is the common ground. How many more cuts and into 169 00:11:21,177 --> 00:11:24,577 how far into next year, that's where they don't have common ground. 170 00:11:24,577 --> 00:11:27,257 But more cuts this year, they have common ground. 171 00:11:28,097 --> 00:11:32,517 And you wonder why then, why now? Is it because of the election? No. 172 00:11:33,312 --> 00:11:36,352 I'm actually going to say I don't think it is. 173 00:11:36,472 --> 00:11:41,712 I mean, maybe it's a factor, and just stabilizing the economy during an election is a factor. 174 00:11:42,072 --> 00:11:46,912 But I think they're truly trying to pull this one out before it's too late. 175 00:11:47,032 --> 00:11:52,632 And you have to remember, they have this kind of small window of time that they 176 00:11:52,632 --> 00:11:54,132 can actually operate in. 177 00:11:54,472 --> 00:11:59,732 I think his name is Gart. He's an IBM vice chair and former NEC director. 178 00:11:59,992 --> 00:12:05,452 He laid this out pretty well. Do either one of you gentlemen agree with and 179 00:12:05,452 --> 00:12:09,332 understand the move yesterday, Gary? So let me start. 180 00:12:09,852 --> 00:12:13,692 Sorry, it's Gary. I wrote down Gart. 181 00:12:14,512 --> 00:12:20,872 Sorry, Gary. And the move yesterday, Gary. So let me start and say yes. 182 00:12:21,332 --> 00:12:25,352 I think you have to understand we're in a really unique position in terms of 183 00:12:25,352 --> 00:12:30,272 the Fed. We have this 90 day or three month window where the Fed only meets 184 00:12:30,272 --> 00:12:31,592 once in the middle of this window. 185 00:12:31,672 --> 00:12:34,152 So literally August was was Jackson Hole. 186 00:12:34,432 --> 00:12:37,652 We meet in September and then there's no October meeting. 187 00:12:37,772 --> 00:12:43,492 So there's this large window where the Fed sort of had to compress their activity into one window. 188 00:12:43,592 --> 00:12:46,952 And in a way, like the Jackson Hole announcement where he said, 189 00:12:47,032 --> 00:12:48,712 oh, yeah, it's time to reevaluate policy. 190 00:12:49,352 --> 00:12:53,892 That was kind of a kind of a rate cut, like a signal to the market. 191 00:12:53,892 --> 00:12:55,632 It was a it was a proverbial rate cut. 192 00:12:55,972 --> 00:12:58,972 And then we have another proverbial rate, real rate cut now, I suppose. 193 00:13:00,252 --> 00:13:04,192 Either way, I think we do have long term, either if we have chop, 194 00:13:04,252 --> 00:13:08,292 you know, up until the election, maybe through October, or if things really 195 00:13:08,292 --> 00:13:10,752 pop, there is long term support for a bull run. 196 00:13:11,112 --> 00:13:14,612 You know, this this bull market has been such narrow participation. 197 00:13:15,332 --> 00:13:19,292 And I think it's because this is the only bull market we've had in postwar history 198 00:13:19,292 --> 00:13:22,812 where the it's lived under Fed tightening its entire existence. 199 00:13:22,812 --> 00:13:28,072 I think it's incredible, too, that Bitcoin has performed as well as it has during 200 00:13:28,072 --> 00:13:29,832 a rate tightening cycle. 201 00:13:30,352 --> 00:13:33,892 There were critics out there that said that Bitcoin was a low rate phenomenon 202 00:13:33,892 --> 00:13:37,632 and that it would die once the rates were raised. 203 00:13:37,792 --> 00:13:40,972 Well, that wasn't true at all. Bitcoin thrived. 204 00:13:41,212 --> 00:13:45,672 Also, big tech thrived, right? Like our speaker here, whose name is Jim Paulson, 205 00:13:45,692 --> 00:13:48,832 like he's saying, there was a narrow band participation. 206 00:13:49,212 --> 00:13:52,412 There was a massive consolidation. Some folks made a lot of money. 207 00:13:52,812 --> 00:13:56,532 But it wasn't a true bull run. We've never had that. 208 00:13:56,832 --> 00:14:01,932 And the thing I'm a little excited about is we're finally going to change that 209 00:14:01,932 --> 00:14:03,952 now, where the Fed's going to finally start to ease. 210 00:14:04,072 --> 00:14:07,692 And I think it's going to feel a little bit like the start of a bull when they 211 00:14:07,692 --> 00:14:10,552 usually are easing rather than two years in. 212 00:14:12,152 --> 00:14:16,812 And normally at this point, the Fed would have been easing to come out of the 213 00:14:16,812 --> 00:14:18,132 recession and get the bull going. 214 00:14:18,312 --> 00:14:20,812 And then two years in, we'd be talking about the Fed should tighten now. 215 00:14:20,812 --> 00:14:26,472 But we're doing it just backwards and so I think the Bulls going to act differently 216 00:14:26,472 --> 00:14:29,712 to where you're going to see finally broader participation and, 217 00:14:30,450 --> 00:14:35,930 going on and probably the mega cap stocks lag, but other parts of the market 218 00:14:35,930 --> 00:14:38,370 sort of pick up. We finally get full support. 219 00:14:38,590 --> 00:14:42,490 We get Fed easing, bond yields decline, money growth is going up. 220 00:14:42,630 --> 00:14:44,130 We still got disinflation. 221 00:14:44,310 --> 00:14:48,350 And I think the big thing yet is we finally restore confidence a little bit. 222 00:14:48,470 --> 00:14:53,170 Another missing element since the pandemic has been just constant pessimism. 223 00:14:53,410 --> 00:14:58,930 And if that picks up, the impact on the stock market historically from rising 224 00:14:58,930 --> 00:15:02,770 Raising private sector consumer and business confidence is huge. 225 00:15:02,990 --> 00:15:06,630 I agree that we've been in this funk since the pandemic when it comes to the 226 00:15:06,630 --> 00:15:08,650 market, especially for the average folks. 227 00:15:09,410 --> 00:15:15,130 However, I'm not quite as bullish because I think we're going to see inflation 228 00:15:15,130 --> 00:15:17,630 get agitated as a result of this. 229 00:15:17,730 --> 00:15:20,150 Now, I think it's going to take a little bit. People are tight. 230 00:15:20,510 --> 00:15:24,510 We've seen M2 supply going up now for a couple of months, but we really haven't 231 00:15:24,510 --> 00:15:26,630 seen asset inflation as a result yet. 232 00:15:26,630 --> 00:15:31,090 But what's going to happen is the middle class is going to get squeezed more 233 00:15:31,090 --> 00:15:35,550 by inflation as it begins to restock, I would imagine, next year. 234 00:15:36,190 --> 00:15:39,910 That's why owning an asset like Bitcoin is going to become more and more self-evident. 235 00:15:39,990 --> 00:15:42,350 And BlackRock is really bullish. 236 00:15:42,490 --> 00:15:48,050 BlackRock put out a presentation, a link to their PDF that they clearly created with PowerPoint. 237 00:15:48,230 --> 00:15:52,910 But it's still, it's well done. And they say it's a unique asset diversifier. 238 00:15:53,070 --> 00:15:57,750 This is BlackRock. It's a unique asset, they say. it has low long-term correlation. 239 00:15:57,890 --> 00:16:01,010 They'll say, and I love this because they address, yeah, there's short-term 240 00:16:01,010 --> 00:16:06,230 volatility and occasional co-movements, they say, but Bitcoin has shown over 241 00:16:06,230 --> 00:16:10,830 the long-term, it doesn't correlate with stocks and bonds. It is its own thing. 242 00:16:11,090 --> 00:16:15,530 It has its own distinct set of risks and return drivers aside from the rest 243 00:16:15,530 --> 00:16:17,650 of the market. It has historical performance. 244 00:16:17,870 --> 00:16:21,410 It's outperformed major asset classes in seven out of the last 10 years. 245 00:16:21,570 --> 00:16:24,790 It's achieved 100% annualized return over the last decade. 246 00:16:25,270 --> 00:16:29,270 It's experienced major drawdowns, and still it comes back. 247 00:16:29,630 --> 00:16:35,650 They also say it's a potential hedge against global monetary instability in this report. 248 00:16:35,890 --> 00:16:40,410 They say also, specifically, it's a hedge against U.S. fiscal sustainability 249 00:16:40,410 --> 00:16:44,370 concerns and political instability in countries in the West. 250 00:16:44,990 --> 00:16:47,210 This is a BlackRock report. I just find that interesting. Also, 251 00:16:47,230 --> 00:16:52,810 they call it a flight to safety, and they say it is a portfolio diversifier as well. 252 00:16:53,010 --> 00:16:57,130 And it kind of, I guess, put some stink behind this report, right? 253 00:16:57,817 --> 00:17:01,597 BlackRock CEO Larry Fink was out on the interview circuit once again, 254 00:17:01,717 --> 00:17:08,697 admitting that he got it wrong when he said that Bitcoin was a measure of financial 255 00:17:08,697 --> 00:17:11,657 scams and that it was a scam itself. 256 00:17:11,757 --> 00:17:14,757 He says he got it wrong and he wants everybody to know it. 257 00:17:15,357 --> 00:17:20,857 Now, I know that you have been a leader in willing to embrace crypto. 258 00:17:20,937 --> 00:17:23,737 You have made it so that people can be in Bitcoin. 259 00:17:23,937 --> 00:17:27,857 We hear that you are thinking about Ethereum. These are incredible things. 260 00:17:28,017 --> 00:17:33,697 Now, BlackRock is not known as a gunslinger by any means. So you obviously must 261 00:17:33,697 --> 00:17:35,377 believe that this may be as an alternative. 262 00:17:35,437 --> 00:17:38,617 Is this an alternative in order to be able because of the deficit, 263 00:17:38,837 --> 00:17:41,157 maybe something long term people should have? Absolutely. 264 00:17:41,717 --> 00:17:44,557 As you know, I was a skeptic. Yes. 265 00:17:45,357 --> 00:17:52,397 I was a proud skeptic. And I studied it. I don't like this guy. 266 00:17:52,857 --> 00:17:55,277 I don't think he's a particularly intelligent individual. 267 00:17:56,637 --> 00:18:00,797 But this is the boss of the U.S. financial market, and the U.S. 268 00:18:00,817 --> 00:18:03,437 Financial market is the liquidity engine of the world. 269 00:18:03,977 --> 00:18:07,217 This is a worldwide podcast, and yet I'm focusing on rate cuts happening here 270 00:18:07,217 --> 00:18:09,557 in the U.S., and I'm focusing on U.S. 271 00:18:09,877 --> 00:18:12,257 ETFs, and I'm focusing on a U.S. bank. Why? 272 00:18:13,097 --> 00:18:16,497 Because they are the global liquidity driver. And when you understand the size 273 00:18:16,497 --> 00:18:19,797 and scale of markets, you understand the impact that the U.S. 274 00:18:19,797 --> 00:18:25,657 Has. And so to have sort of the kingmaker of that industry say that Bitcoin 275 00:18:25,657 --> 00:18:29,037 is a good thing and that he was wrong and he re-evaluated his opinion, 276 00:18:29,277 --> 00:18:33,857 it makes it politically untenable to disagree with him if you are in the sector. 277 00:18:33,957 --> 00:18:38,477 It is massive for the reputation of Bitcoin amongst the bankers. 278 00:18:38,857 --> 00:18:41,677 Why we care is because we're looking for mainstream adoption. 279 00:18:41,897 --> 00:18:43,457 We need the network to be healthy. 280 00:18:43,617 --> 00:18:47,677 We want users to make miners profits, et cetera. Yes. 281 00:18:48,337 --> 00:18:50,337 You know, I was a proud skeptic. 282 00:18:52,157 --> 00:18:56,837 And I studied it, learned about it, and I came away saying, okay. 283 00:18:58,231 --> 00:19:00,831 My opinion five years ago was wrong. Here's my opinion today. 284 00:19:00,931 --> 00:19:03,451 This is what I believe in today. I believe the opportunity today. 285 00:19:03,811 --> 00:19:06,651 I believe Bitcoin is legitimate. 286 00:19:07,171 --> 00:19:10,251 I'm not trying to say there's not misuses like everything else. 287 00:19:10,691 --> 00:19:16,651 Like cash. But it is a legitimate financial instrument that allows you to have 288 00:19:16,651 --> 00:19:19,831 maybe uncorrelated, non-correlated type of returns. 289 00:19:19,831 --> 00:19:23,991 That's a big deal in the financial world when you're worried about the U.S. 290 00:19:23,991 --> 00:19:26,691 Debt and the fact that the banks are all about to start lowering rates, 291 00:19:26,831 --> 00:19:28,371 even though inflation is going to take off. 292 00:19:28,471 --> 00:19:32,411 This is the language of the investor class. 293 00:19:32,691 --> 00:19:37,131 He's telling them that this is a safe haven for all of these headwinds. 294 00:19:37,191 --> 00:19:42,131 That allows you to have maybe uncorrelated, non-correlated type of returns. 295 00:19:42,251 --> 00:19:46,371 I believe it is an instrument that you invest in when you're more frightened, 296 00:19:46,431 --> 00:19:50,731 though. It is an instrument when you believe that countries are debasing their 297 00:19:50,731 --> 00:19:53,411 currency, debasing their currency by excess. 298 00:19:53,711 --> 00:19:57,191 You know, it's interesting. He's changed his language a little bit. 299 00:19:57,471 --> 00:20:01,071 He clearly got a talking to from somebody. Maybe it's just his PR people. 300 00:20:01,211 --> 00:20:04,471 But you might recall he used to say, in fact, I played the clip. 301 00:20:04,851 --> 00:20:09,891 Bitcoin is hope. He doesn't say that anymore. Deficits and some countries are. 302 00:20:10,371 --> 00:20:15,451 I believe we have countries where you're frightened of your everyday existence. 303 00:20:15,451 --> 00:20:20,891 And if you have an opportunity to invest in something that is outside your country's 304 00:20:20,891 --> 00:20:25,071 control, then you can have more financial control. 305 00:20:25,871 --> 00:20:31,771 And so I'm a major believer that there is a role for Bitcoin in portfolios. 306 00:20:32,411 --> 00:20:36,811 I believe you're gonna see that as one of the asset classes that we all look at. 307 00:20:36,931 --> 00:20:43,471 I look at it as digital gold, as I said before, and I do believe there's a real need. 308 00:20:44,575 --> 00:20:50,335 For everyone to look at it as one alternative to, I would say, 309 00:20:50,395 --> 00:20:52,675 the optimism that I have in the world. 310 00:20:52,955 --> 00:20:56,015 You see what he's doing here. So first of all, just wait till they figure out 311 00:20:56,015 --> 00:20:58,215 it's so much more than digital gold, so much more. 312 00:20:58,575 --> 00:21:03,135 It's going to be, once they've made that click, and maybe some of the boomers 313 00:21:03,135 --> 00:21:06,215 that have been investing for a long time, you know, that have been fortunate 314 00:21:06,215 --> 00:21:09,335 enough to do this for 30 plus years, maybe they'll never make that shift. 315 00:21:09,475 --> 00:21:14,155 But there is going to be a class of investor that begins to realize that Bitcoin 316 00:21:14,155 --> 00:21:15,895 is also the network, right? 317 00:21:15,995 --> 00:21:18,995 It is the miners. It's so much more than just digital gold. 318 00:21:19,315 --> 00:21:23,055 But what I notice, and it's got to be some sort of hedge he's doing here now, 319 00:21:23,135 --> 00:21:26,615 is he's trying to portray it as for people that are paranoid. Not me. I'm hopeful. 320 00:21:26,795 --> 00:21:29,775 I used to talk about Bitcoin as hope. No, I'm optimistic. 321 00:21:30,155 --> 00:21:33,675 I'm optimistic that the world governments are going to figure all of this out. 322 00:21:33,775 --> 00:21:38,335 I mean, that's why I've backed this ETF launch and we're going all out on this 323 00:21:38,335 --> 00:21:40,335 Bitcoin ETF, because I'm so positive and hopeful. 324 00:21:40,755 --> 00:21:43,255 The Western governments are going to figure this out. And he's such a BS-er, 325 00:21:43,315 --> 00:21:45,855 and he's not even good at it. So this is where he does a little spin. 326 00:21:46,115 --> 00:21:52,935 As one alternative to, I would say, the optimism that I have in the world, 327 00:21:53,015 --> 00:21:58,095 if you want to hedge hope, Bitcoin is not an instrument for hope, 328 00:21:58,175 --> 00:22:00,255 unless you're hopeful you're going to make a lot of money on it. 329 00:22:00,455 --> 00:22:06,095 But I look at it as a vehicle in which you're expressing your financial acumen 330 00:22:06,095 --> 00:22:09,215 in something that you're more frightened of the world, you're more frightened 331 00:22:09,215 --> 00:22:13,035 of your existence. And I believe there's a great industrial use for it. 332 00:22:13,055 --> 00:22:15,015 And I think a lot of people are missing that. 333 00:22:15,195 --> 00:22:18,895 I couldn't agree more. I changed my mind about what you did. 334 00:22:19,115 --> 00:22:21,135 Oh, funny how that works, huh, Kramer? 335 00:22:21,495 --> 00:22:27,155 Idiot. What a solid investor you are. So one has to wonder, why now? 336 00:22:27,975 --> 00:22:31,595 You know, these ETFs are still new. They're doing terrific. 337 00:22:31,715 --> 00:22:35,395 They're back to taking in a whole bunch of money and sucking up a whole bunch 338 00:22:35,395 --> 00:22:39,815 of Bitcoin out of the system, making the asset even more scarce. But why now? 339 00:22:40,235 --> 00:22:43,415 Right as this cycle is beginning, I mean, if you look at things on a financial 340 00:22:43,415 --> 00:22:48,735 timeline, those ETFs launched just right at the moment before the halvening 341 00:22:48,735 --> 00:22:54,495 and before a new business cycle starts with rates going down. 342 00:22:54,495 --> 00:22:58,555 And the Winklevoss twins tried for 10 years to get an ETF. 343 00:22:58,875 --> 00:23:02,975 Grayscale tried for 10 years to get an ETF going. So why now? 344 00:23:03,075 --> 00:23:06,615 Well, Arthur Hayes, going back to Arthur Hayes, who I think has a pretty good 345 00:23:06,615 --> 00:23:10,835 handle on these types of topics, he has a theory as to why BlackRock's ETFs 346 00:23:10,835 --> 00:23:13,835 were approved when, say, the Winklevoss twins were denied. 347 00:23:14,115 --> 00:23:19,715 So I think at the end of the day, ETFs are for people who want the price performance of Bitcoin. 348 00:23:20,055 --> 00:23:23,895 They don't want to own Bitcoin. They They don't want to be their own financial institution. 349 00:23:24,335 --> 00:23:27,695 They want to outsource that to Larry Fink, BlackRock, and all these other major 350 00:23:27,695 --> 00:23:31,715 institutions, which is fine. Bitcoin, you can do whatever you want with it. 351 00:23:32,332 --> 00:23:36,312 What does that mean? You're a passive investor and you're not actually using the protocol. 352 00:23:36,532 --> 00:23:40,552 So if we take this to the extreme and every single Bitcoin is owned by BlackRock 353 00:23:40,552 --> 00:23:44,872 or a similar sort of institution, then the network goes to zero because no one's actually using it. 354 00:23:44,932 --> 00:23:48,212 So the reason why Bitcoin has value is because we use it. It's not like gold. 355 00:23:48,332 --> 00:23:51,432 I can hold gold in a vault for eternity and it's still gold. 356 00:23:51,472 --> 00:23:53,392 It's still a chemical property of being gold. 357 00:23:53,792 --> 00:23:56,992 If I don't do anything with the Bitcoin, then the miners don't get paid and 358 00:23:56,992 --> 00:24:00,512 the network dies. And that's a fundamental, very nuanced difference between 359 00:24:00,512 --> 00:24:06,832 Bitcoin and gold, which I think is not a problem today. It could be a problem in the future. 360 00:24:07,492 --> 00:24:11,132 But at the end of the day, if you're thinking about why now, 361 00:24:11,372 --> 00:24:15,792 why did BlackRock get in their ETF approval in six months and the Winkle Clowns 362 00:24:15,792 --> 00:24:17,492 couldn't get one in 10 years, right? 363 00:24:17,712 --> 00:24:20,312 They both live in New York. They're both billionaires, both very rich. 364 00:24:20,652 --> 00:24:23,552 Why weren't they given one and BlackRock was given one in six months? 365 00:24:23,552 --> 00:24:27,592 Well, at the end of the day, you want the same financial institutions to control 366 00:24:27,592 --> 00:24:31,952 the wealth that can ultimately be appropriated by the government at the flick of a switch. 367 00:24:32,372 --> 00:24:35,292 BlackRock is just another arm of the US government, just the same as any other 368 00:24:35,292 --> 00:24:37,552 large Chinese asset managers and arm of the Chinese government. 369 00:24:37,832 --> 00:24:41,412 And so if you're thinking about, I need to make sure that the wealth doesn't 370 00:24:41,412 --> 00:24:43,992 escape into this Bitcoin thing, because it actually is very, 371 00:24:44,052 --> 00:24:45,772 very useful for the average person. 372 00:24:45,972 --> 00:24:49,332 Well, most people are lazy. They don't actually want to deal with being their 373 00:24:49,332 --> 00:24:52,512 own financial institution. So let me give them a very easy product that they 374 00:24:52,512 --> 00:24:56,572 can two clicks, have the Bitcoin price appreciation, but not actually be able 375 00:24:56,572 --> 00:25:00,512 to move their money outside of the system. And so that's why these ETFs are around. 376 00:25:00,752 --> 00:25:04,632 That's where they're very successful because it's very easy to do. 377 00:25:05,172 --> 00:25:08,152 And the government likes them because all the money is staged at the same institutions. 378 00:25:08,492 --> 00:25:12,312 And if they need to go and they say BlackRock, now the tax is 50% on AUM. 379 00:25:13,032 --> 00:25:15,752 Here you go, government. And there goes your Bitcoin. 380 00:25:16,812 --> 00:25:20,632 So what do you think? Is that a long term risk to these ETFs? 381 00:25:20,632 --> 00:25:25,932 And also, his notes in there about the Bitcoin network dies if we don't use 382 00:25:25,932 --> 00:25:30,632 it for day to day transactions, which is his ultimate logic for being an ordinals 383 00:25:30,632 --> 00:25:32,112 guy. Do you think that's true? 384 00:25:32,927 --> 00:25:36,247 I would love you to boost in your thoughts on future risks to the Bitcoin network 385 00:25:36,247 --> 00:25:39,507 in general with the ETFs or what might happen with mining revenue. 386 00:25:40,187 --> 00:25:43,747 I'm optimistic when it comes to all of that, but I'd like to hear your take 387 00:25:43,747 --> 00:25:46,587 on it. Maybe I'll either reevaluate and then I'll share mine as well. 388 00:25:47,147 --> 00:25:50,227 Moving right along, though, there's still a lot of show. Your boosts, 389 00:25:50,227 --> 00:25:55,587 Trump's crypto project, a killer final clip of the week, and some project updates 390 00:25:55,587 --> 00:25:57,647 that I'm very excited about. So stick around. 391 00:25:57,887 --> 00:26:02,327 But first, I want to mention the Bitcoin Company. The BitcoinCompany.com, 392 00:26:02,327 --> 00:26:05,367 use my promo code jupiter you get some sats i 393 00:26:05,367 --> 00:26:08,067 get some sats if you've got some sats sitting around 394 00:26:08,067 --> 00:26:11,047 and you want to go buy something what you can do is over 395 00:26:11,047 --> 00:26:15,947 the lightning network nice and private convert it to a gift card in just seconds 396 00:26:15,947 --> 00:26:20,807 just did this really recently for a small little gathering and it's so fun to 397 00:26:20,807 --> 00:26:24,407 actually show it off in front of people like watch this and i take my zeus app 398 00:26:24,407 --> 00:26:28,847 which is connected to my own node and i just scan the qr code on the bitcoin company and boom Boom. 399 00:26:30,407 --> 00:26:33,307 We've got the sats. And then, you know, throw that into Instacart or DoorDash 400 00:26:33,307 --> 00:26:34,907 or something like that. And here you go. Here's your sat stakes. 401 00:26:35,547 --> 00:26:38,347 Also, if you want to buy some sats, you want to stack those sats, 402 00:26:38,387 --> 00:26:42,007 check out River.com. I have an affiliate link in the show notes. 403 00:26:42,567 --> 00:26:47,627 It's just a little way to give a kickback to the show. No official relationship with them. 404 00:26:47,667 --> 00:26:51,247 I just think if you're in the U.S., they're the best way to stack sats. 405 00:26:51,367 --> 00:26:55,407 And I have a little bit more on River coming up in a bit. I think they're just a terrific company. 406 00:26:55,847 --> 00:26:59,827 So the Bitcoin company and And using river as well as boosting are some ways 407 00:26:59,827 --> 00:27:01,327 you can support this here show. 408 00:27:01,680 --> 00:27:10,000 Music. 409 00:27:09,845 --> 00:27:12,765 All right. And we do have some boosts this week. 410 00:27:12,825 --> 00:27:20,025 And Hank Hoddle comes in as our baller booster this week with 66,333 sats. 411 00:27:23,125 --> 00:27:27,805 Hank, you got it on sale this week. He says, FUD busting champ here. 412 00:27:27,925 --> 00:27:32,965 Your pod's my secret weapon against the mainstream media madness with my orange-pilled crew. 413 00:27:33,565 --> 00:27:37,305 Ah, so it's a vote for keeping the FUD busting then. And it's a baller boost 414 00:27:37,305 --> 00:27:39,485 too, so the vote carries some extra weight there. 415 00:27:39,845 --> 00:27:44,085 Thank you, Hank. That's good to hear. I can imagine, too, that if you've been 416 00:27:44,085 --> 00:27:47,365 the person that introduced Bitcoin to friends or family and then they hear about 417 00:27:47,365 --> 00:27:51,325 some sort of wild scam on the mainstream media, they come to you with questions. 418 00:27:52,005 --> 00:27:54,965 I'm glad I could help. I'm glad I could help you answer those questions. 419 00:27:55,825 --> 00:27:59,545 Thank you for the boost, Hank. Pizza Chief comes in with 40,000 sats. 420 00:27:59,705 --> 00:28:02,825 I hoard that which your kind covets. Okay. 421 00:28:03,165 --> 00:28:06,485 You know what? These are really great boost usernames. 422 00:28:06,705 --> 00:28:10,065 Pizza Chief writes, Chris, I appreciate your hard work bringing us the information 423 00:28:10,065 --> 00:28:12,605 in the Bitcoin space. I look forward to every new show. 424 00:28:13,025 --> 00:28:15,405 Pizza Chief, thank you. Thank you for returning the value there. 425 00:28:15,545 --> 00:28:18,645 I really appreciate it. These boosts are going the extra mile this week. 426 00:28:19,305 --> 00:28:24,165 Lazy Locks comes in with 20,000 sats. You shall all bombard. 427 00:28:25,185 --> 00:28:29,905 Here's some sats for your efforts, good man. Thank you, LazyLocks. Appreciate that. 428 00:28:31,205 --> 00:28:36,845 Oppie1984 came in with 4,000 sats. O-O-S-T. And he just says, boost! 429 00:28:37,345 --> 00:28:40,185 Boost! Thank you, Oppie. It's always nice to hear from you. 430 00:28:40,745 --> 00:28:44,485 Spectris comes in with a row of ducks, 2,222 sats. 431 00:28:45,365 --> 00:28:49,925 I'm doing mental exercises to try to understand what will happen when the full 432 00:28:49,925 --> 00:28:51,865 amount of coins are finally mined. 433 00:28:52,385 --> 00:28:55,365 The show keeps referring to all the unbanked and lower middle class stuck out 434 00:28:55,365 --> 00:29:00,065 there out of investments. What happens to those that miss the train when all the coins are gone? 435 00:29:00,465 --> 00:29:03,605 Won't we see the same issue with housing where it's astronomically expensive 436 00:29:03,605 --> 00:29:07,145 to get into the market late due to supply limits? I'm interested in your thoughts. 437 00:29:08,125 --> 00:29:11,705 You know, Spectris, this is something I'll probably maybe talk about more in 438 00:29:11,705 --> 00:29:13,025 the newbie section of the show. 439 00:29:13,125 --> 00:29:17,765 But the reality is, is that people always have life expenses. 440 00:29:18,505 --> 00:29:21,605 There's, you know, I always want to show somebody how you can buy a steak with 441 00:29:21,605 --> 00:29:23,665 sats to we need to buy a car. 442 00:29:24,045 --> 00:29:27,085 We need to get, you know, medical procedure done. We want to buy a house, 443 00:29:27,105 --> 00:29:29,685 a boat, you know, fix an RV. 444 00:29:30,545 --> 00:29:34,085 Not that I have an experience there. But you know what? There's always a life 445 00:29:34,085 --> 00:29:37,845 expense. There's always things changing. There's always coins moving hands. 446 00:29:38,485 --> 00:29:44,005 But also, you know, we could get to a point where 37 sats is generational wealth. 447 00:29:44,385 --> 00:29:46,945 I'm not saying that's going to happen in our lifetime. Yeah. 448 00:29:47,799 --> 00:29:53,859 The divisibility of Bitcoin is it means that it means that the price of Bitcoin 449 00:29:53,859 --> 00:29:57,159 could get astronomical because we can be we can especially with things like 450 00:29:57,159 --> 00:30:00,499 lightning and fentanyl, we can just do a few sats. 451 00:30:00,719 --> 00:30:04,239 There's no reason why a loaf of bread should be more than three sats, for example. 452 00:30:04,959 --> 00:30:09,519 So it's just kind of don't look at the don't look at the big price on Bitcoin. 453 00:30:09,519 --> 00:30:14,759 Coin, I actually think the more interesting price to track is SAT to US dollar, 454 00:30:14,919 --> 00:30:19,559 which, you know, slowly but surely becomes closer and closer to parity. 455 00:30:20,039 --> 00:30:22,319 That's a great question, though. Let me know if I answered it or if you have 456 00:30:22,319 --> 00:30:24,059 any further questions. And thank you for the boost. 457 00:30:24,579 --> 00:30:27,539 Ace Ackerman comes in with a row of ducks. 458 00:30:29,359 --> 00:30:34,939 Hello, Ace. I grew up near Bethlehem, where a town was It was built around a 459 00:30:34,939 --> 00:30:39,639 steel manufacturer that ran blast furnaces 24 hours a day for over 100 years. 460 00:30:40,039 --> 00:30:43,379 It's home to two universities and a regional hospital. And I never heard anyone 461 00:30:43,379 --> 00:30:48,859 complain about bleeding eardrums or hair loss from pets or getting hit in the gut, too. 462 00:30:49,339 --> 00:30:52,439 It's total propaganda. You must continue to bust the FUD, Chris. 463 00:30:54,059 --> 00:30:58,939 Yeah, I think Marathon, you know, probably should have been more aware of the 464 00:30:58,939 --> 00:31:01,119 noise they were making going into a residential area. 465 00:31:01,299 --> 00:31:04,859 We had a booster right in, too. They could have built an industrial-only zone. 466 00:31:05,759 --> 00:31:11,799 And I think they're making the right steps. But yeah, somehow the fan noise gave the guy a gut punch. 467 00:31:11,919 --> 00:31:16,899 It made a pet lose its hair. And another gal was bleeding just from the ears. 468 00:31:16,999 --> 00:31:20,579 It doesn't really add up. And it makes me wonder if there's some other military 469 00:31:20,579 --> 00:31:22,179 experiment going on there. 470 00:31:22,519 --> 00:31:26,019 Not to put on the tinfoil hat, but what's really happening there? 471 00:31:26,559 --> 00:31:30,379 Gene Bean comes in with 2,048 sats. Coming in hot with the booms. 472 00:31:30,539 --> 00:31:35,319 Yes, on the FUD busting. It helps me speak educated to non-Bitcoin people. 473 00:31:35,559 --> 00:31:36,659 Oh, that makes sense, Gene. 474 00:31:37,119 --> 00:31:40,179 Yeah, I guess, too, like when you're talking, when Bitcoin comes up, 475 00:31:40,239 --> 00:31:45,919 a lot of times, whatever the latest FUD of the cycle is will get thrown at you. So I follow you there. 476 00:31:46,539 --> 00:31:49,299 Open source accountant comes in with 2,000 cents. 477 00:31:50,259 --> 00:31:56,319 You realize I'm an accountant and I do work in Bitcoin and I am, quote, near you. 478 00:31:56,559 --> 00:31:59,119 At least it's a good reason to come back on the east side of the mountains. 479 00:31:59,119 --> 00:32:01,839 So open source account, when I said that, I was thinking of you, 480 00:32:01,879 --> 00:32:06,219 but I wasn't sure if you've actually delve into like companies that have Bitcoin on the balance sheet. 481 00:32:06,679 --> 00:32:10,159 We really, if you have, and that's something you're comfortable working with, we really should talk. 482 00:32:11,019 --> 00:32:13,139 Because obviously that's the direction I'm taking JB, right? 483 00:32:13,499 --> 00:32:21,059 I mean, it's not the micro strategy, but it is a podcast stacking strategy, my hope, right? 484 00:32:22,656 --> 00:32:27,196 For example, 2,000 sats isn't going to make or break JB today, 485 00:32:27,336 --> 00:32:32,416 but as you guys continue to support the show and we stack the vast, vast majority, 486 00:32:32,676 --> 00:32:40,696 if not all of those sats, I'm hoping over time it makes JB immune to the ups 487 00:32:40,696 --> 00:32:46,036 and downs of the economy, which we document how crazy it is on this show. 488 00:32:46,036 --> 00:32:51,436 I don't want the success and sustainability of the content tied to that wacky system. 489 00:32:52,356 --> 00:32:56,336 So, yeah, open source account, we should talk. And thank you for the boost. 490 00:32:56,376 --> 00:32:57,976 It is always really great to hear from you. 491 00:32:58,516 --> 00:33:05,296 Todd from Northern Virginia comes in with 11,111 sats. Put some macaroni and cheese on there, too. 492 00:33:05,436 --> 00:33:07,696 You know, that's a zesty drink. It's a zesty drink. 493 00:33:08,176 --> 00:33:11,496 Speaking of the housing market, a commercial real estate investor in Texas has 494 00:33:11,496 --> 00:33:17,376 discovered evidence of countrywide systemic fraud in property tax assessments, costing U.S. 495 00:33:17,396 --> 00:33:19,796 Homeowners billions each year in inflated taxes. 496 00:33:20,176 --> 00:33:23,676 Any homeowner should be aware of this, and I encourage them to listen to Mitch 497 00:33:23,676 --> 00:33:25,836 Vexler's interview on the Real Estate Guys podcast. 498 00:33:26,456 --> 00:33:29,376 Go search for Real Estate Guys on the index. 499 00:33:30,398 --> 00:33:33,938 There are all kinds of scams that will continue to occur as the fiat dollar 500 00:33:33,938 --> 00:33:36,058 implodes, ripping off the American public. 501 00:33:36,698 --> 00:33:40,898 That's super insightful, Todd. Thank you, too. So again, it's Mitch Vexler, 502 00:33:40,938 --> 00:33:44,918 V-E-X-L-E-R, and he's on the Real Estate Guys podcast if you want to hear more 503 00:33:44,918 --> 00:33:46,438 about this property tax scam. 504 00:33:47,898 --> 00:33:54,718 I also am a believer that as the fiat system crumbles and we get into late stage 505 00:33:54,718 --> 00:33:58,818 fiat, you're just going to see more and more people grabbing for money. 506 00:33:58,818 --> 00:34:01,698 From government programs you know taking from 507 00:34:01,698 --> 00:34:04,418 people's retirement accounts just more and more 508 00:34:04,418 --> 00:34:08,238 scams more and more people that are essentially grifting 509 00:34:08,238 --> 00:34:11,238 off of financialization and not actually producing for 510 00:34:11,238 --> 00:34:16,258 the economy because as rates come down and money supply goes up that's like 511 00:34:16,258 --> 00:34:21,938 becomes the most efficient way to like net big bags of fiat it's horrible and 512 00:34:21,938 --> 00:34:25,178 i think it's something that people need to be vigilant about thank you for the 513 00:34:25,178 --> 00:34:29,658 boost bob b comes in with 5 000 sats a Jar Jar Boost. You suppose. 514 00:34:30,138 --> 00:34:33,558 Chris, regarding the FUD busting during the episodes, I'd say keep it. 515 00:34:33,598 --> 00:34:37,318 It's helpful when I'm discussing Bitcoin with non-Bitcoiners that use FUD-inspired 516 00:34:37,318 --> 00:34:38,318 points to dismiss Bitcoin. 517 00:34:39,078 --> 00:34:44,418 Man, Bob. Oh, man, do I know what you mean. I find I'm better able to give counterpoints 518 00:34:44,418 --> 00:34:46,978 after I hear the bigger picture from you. Oh, I'm glad to hear that. 519 00:34:47,218 --> 00:34:50,038 So that's universal with Bob there. I think that's universal. 520 00:34:50,078 --> 00:34:52,338 Keep the FUD busting. I won't go crazy with it. 521 00:34:52,758 --> 00:34:55,318 But I think the bigger ones that kind of get out there should probably be talked about. 522 00:34:55,958 --> 00:35:01,698 Thank you for that insight, Bob. Appreciate it. User 61 comes in with $2,100. 523 00:35:02,978 --> 00:35:06,678 Well, Germans actually save in cash a lot. 524 00:35:06,998 --> 00:35:10,618 They are the worst suckers in broken money. That's why the average wealth in 525 00:35:10,618 --> 00:35:11,558 Italy is higher than Germany. 526 00:35:12,218 --> 00:35:16,838 Ah, that's some great insight, user 61. So perhaps what I read about them... 527 00:35:16,838 --> 00:35:20,258 Well, I guess I'm wondering if the point that I brought up on the show that 528 00:35:20,258 --> 00:35:23,378 they don't traditionally use their house as a savings vehicle, 529 00:35:23,518 --> 00:35:24,458 is that true? Because that's what. 530 00:35:25,492 --> 00:35:27,452 That's what the internet told me when I was doing my research. 531 00:35:27,672 --> 00:35:28,912 I've also heard that about Japan. 532 00:35:29,072 --> 00:35:32,532 So if anybody has insights about how those markets use housing for savings or not, 533 00:35:32,652 --> 00:35:37,732 I'd be really curious because I'm thinking as the markets get just more and 534 00:35:37,732 --> 00:35:42,472 more wild, people just need something that they don't have to constantly think 535 00:35:42,472 --> 00:35:45,952 and watch over like a Tamagotchi pet, which is what the stock markets become, right? 536 00:35:46,252 --> 00:35:51,632 But you DC into Bitcoin or you buy a house, you hope that you don't really have 537 00:35:51,632 --> 00:35:55,572 to watch or perhaps gold, right? But the returns on houses and gold and all 538 00:35:55,572 --> 00:35:59,052 of that are just so complicated, especially when you consider money play expansion. 539 00:35:59,812 --> 00:36:03,032 Thank you for the boost. BitCryptic comes in with 2,048 sats. 540 00:36:03,212 --> 00:36:07,152 That's not possible. Nothing can do that. Another vote to keep the FUD busting. 541 00:36:07,212 --> 00:36:10,852 Equally, call out organizations in the Bitcoin ecosystem that are doing the wrong thing. 542 00:36:11,272 --> 00:36:14,292 They don't help the cause. And in some cases, they just need guidance rather 543 00:36:14,292 --> 00:36:15,592 than deliberately doing it wrong. 544 00:36:16,312 --> 00:36:19,772 Interesting. I will keep an eye out for that. I haven't really given that much thought. 545 00:36:19,772 --> 00:36:23,752 But yeah and i could see also just sending these some of these some of these 546 00:36:23,752 --> 00:36:28,432 organizations a little note hey man what you doing come on you don't want to 547 00:36:28,432 --> 00:36:33,232 do that thanks bit cryptic appreciate the boost, 548 00:36:33,792 --> 00:36:38,292 coffee or death oh i'm feeling that one today comes in with one two three four 549 00:36:38,292 --> 00:36:43,832 five sets the space balls boost so the culmination is one two three four five 550 00:36:43,832 --> 00:36:47,212 nice to hear from you coffee team Team Toronto and Matrix is rocking, 551 00:36:47,432 --> 00:36:50,832 and here's a plus one for taking some time off. 552 00:36:51,092 --> 00:36:53,292 You know, from time to time, perhaps. 553 00:36:54,072 --> 00:36:58,192 I came in a little late this week so that way I could kind of watch what the 554 00:36:58,192 --> 00:37:01,532 market reacted to, to the 50 basis point cut and how everything's going down, 555 00:37:01,632 --> 00:37:03,172 but it's still so early to tell. 556 00:37:03,452 --> 00:37:07,312 It seems like right now is pretty historical times. We're just at the beginning. 557 00:37:07,812 --> 00:37:11,692 Thank you, Coffee. Appreciate that. Thank you, everybody who boosted in. 558 00:37:11,712 --> 00:37:16,152 We had some good streamers this week, 33 individual folks. just streaming sats 559 00:37:16,152 --> 00:37:20,832 as they listen, and we stacked 33,261 sats from the streamers. 560 00:37:20,832 --> 00:37:24,472 Bringing it together with those of you who also sent boosts, 561 00:37:25,618 --> 00:37:29,098 That brought our total to 208,000 sats. 562 00:37:33,158 --> 00:37:36,358 Not going to complain about that at all. Not a barn burner, but not going to 563 00:37:36,358 --> 00:37:37,538 complain about that at all. 564 00:37:37,618 --> 00:37:41,398 And we had 50 individual people participate in the Value for Value system. 565 00:37:41,818 --> 00:37:44,678 Thank you, everybody who does boost in. We have the 2,000 sat cutoff, 566 00:37:44,678 --> 00:37:46,778 but I read all of them and keep them all in the show notes. 567 00:37:46,938 --> 00:37:49,318 And of course, appreciate those of you who stream those sats. 568 00:37:49,478 --> 00:37:52,978 If you haven't tried out Fountain yet, the Nostra integration is pretty wicked. it. 569 00:37:53,018 --> 00:37:59,258 I'm seeing some strong Cast-O-Matic love these days, as well as some Breeze. Oh, and Podcast Index. 570 00:37:59,398 --> 00:38:03,618 So Breeze and Podcast Index are two options if you don't want to change podcast apps. 571 00:38:03,778 --> 00:38:07,318 You love your podcast app, but you want to boost, you might try out the Breeze 572 00:38:07,318 --> 00:38:10,298 app. It supports lightning. You can go throw our RSS feed in there, 573 00:38:10,338 --> 00:38:11,458 or you can find our podcast. 574 00:38:11,998 --> 00:38:16,258 It'll give you a basic playback, but the idea is to just give you a mechanism to boost, 575 00:38:16,338 --> 00:38:21,038 to send a message without having to switch podcast app so that's breeze b-r-e-e-z-e 576 00:38:21,038 --> 00:38:26,238 i guess you'll find them all listed at podcastapps.com thank you everybody so 577 00:38:26,238 --> 00:38:30,198 much who participates in that it really means a lot this show is a value for 578 00:38:30,198 --> 00:38:33,698 value podcast and that means that your support is what keeps it going. 579 00:38:34,800 --> 00:38:44,080 Music. 580 00:38:43,929 --> 00:38:46,589 Trump decided to shitcoin this week. The whole Trump family, 581 00:38:46,669 --> 00:38:50,629 really, they started the World Liberty Financial Project. 582 00:38:50,869 --> 00:38:54,889 It includes a mix of the Trump family members, including 18-year-old Barron, 583 00:38:54,969 --> 00:39:00,309 who's listed as the chief DeFi visionary for the group, and some other folks in there. 584 00:39:00,389 --> 00:39:03,729 I'll play this clip. They'll give us a rundown of what's going on. 585 00:39:03,829 --> 00:39:06,989 I think it's like a stablecoin DeFi lending platform. 586 00:39:07,429 --> 00:39:11,589 You know, I'm not your guy for DeFi, but here's the deets that we have. 587 00:39:11,589 --> 00:39:15,209 The Trump family released details of its new crypto project, 588 00:39:15,469 --> 00:39:20,669 World Liberty Financial, during a launch event last night on X. 589 00:39:20,949 --> 00:39:24,009 And Mackenzie Segalis joins us now with more. Good morning. 590 00:39:24,329 --> 00:39:29,309 Hey, good morning, Joe. So last night, World Liberty Financial had a big announcement, 591 00:39:29,449 --> 00:39:31,989 still isn't live, and we don't yet have an activation date. 592 00:39:32,149 --> 00:39:35,609 But we did find out who's on the exec team for the Trump crypto enterprise, 593 00:39:35,989 --> 00:39:40,489 some details of the official token launch, and roughly what the platform aims to do. 594 00:39:40,489 --> 00:39:44,589 Now, in terms of the org chart, Donald Trump, his sons, his close friend Steve 595 00:39:44,589 --> 00:39:47,449 Witkoff, and Steve's two sons are all founding members. 596 00:39:47,749 --> 00:39:51,589 They're describing World Liberty Financial as a decentralized crypto banking 597 00:39:51,589 --> 00:39:56,449 platform where users will be able to borrow, lend, and earn interest on cryptocurrencies. 598 00:39:57,109 --> 00:40:00,809 But really, the headline of Monday's more than two-hour livestream is that, 599 00:40:00,809 --> 00:40:03,169 yes, the Trump family is helping to launch a token. 600 00:40:03,349 --> 00:40:08,609 But no, the founders are not taking the widely reported 70% of total tokens 601 00:40:08,609 --> 00:40:12,709 issued. a figure that was based on what's believed to be a leaked internal memo 602 00:40:12,709 --> 00:40:14,169 from the World Liberty team. 603 00:40:14,589 --> 00:40:20,749 Instead, the equity structure is very much in line with other DeFi projects. Which is horrible. 604 00:40:21,869 --> 00:40:27,169 Over 20% goes to the founding team, right? I think like 37% is a pre-mine and 605 00:40:27,169 --> 00:40:29,589 63%, something like that goes to the public. 606 00:40:30,289 --> 00:40:33,929 I don't really, you know, I just thought this was interesting. 607 00:40:34,089 --> 00:40:38,889 This is probably the most brazen time to do this as well, right? 608 00:40:39,009 --> 00:40:45,949 Right before the election, and also right as the rate cuts start. Just start, right? Wow. 609 00:40:46,729 --> 00:40:49,689 Quite the thing. I don't really have much to comment on it. I'd like to know 610 00:40:49,689 --> 00:40:51,949 what you think, though. Go ahead and boost it in and tell me. 611 00:40:52,489 --> 00:40:54,489 I'll cover them next week. 612 00:40:55,249 --> 00:40:57,709 I had a little newbie corner thing I wanted to cover for you, 613 00:40:57,729 --> 00:41:01,389 too, just a short one this week, because I'm trying to keep it under an hour. 614 00:41:01,429 --> 00:41:03,689 For God's sakes, I'm trying to keep it shorter than it is right now. 615 00:41:04,481 --> 00:41:10,961 And like that was going to happen this week. So you'll often hear that you need a little inflation. 616 00:41:11,001 --> 00:41:13,941 It's considered necessary for a healthy economy. 617 00:41:14,261 --> 00:41:16,781 And that is absolute propaganda. 618 00:41:17,181 --> 00:41:22,021 That is just a built in grift to design to steal from you. 619 00:41:22,101 --> 00:41:26,201 And I could rant about this forever. But I found this great clip from Saifedean, 620 00:41:26,321 --> 00:41:27,861 who is the author of The Bitcoin Standard. 621 00:41:28,301 --> 00:41:33,181 And he was in an interview with Lex Friedman. And he actually was talking to 622 00:41:33,181 --> 00:41:34,581 this point. And I thought we'd play that. 623 00:41:35,081 --> 00:41:39,141 I'm going to focus for this on the money idea, the idea that a little bit of inflation is good. 624 00:41:39,981 --> 00:41:45,621 The idea here, I mean, the criticism is that without inflation, people wouldn't spend. 625 00:41:45,821 --> 00:41:49,841 And then the economy would come to a grinding halt. And that's nonsensical because 626 00:41:49,841 --> 00:41:54,741 people spend not because they want to keep this magical monster called the economy going. 627 00:41:55,221 --> 00:41:58,221 People spend because they need to consume because, you know, 628 00:41:58,261 --> 00:41:59,941 that's how we live. That's how we survive. 629 00:42:00,121 --> 00:42:03,441 You need to eat. You need shelter. You need clothes to keep you warm. 630 00:42:03,741 --> 00:42:08,441 And as technology advances, the capabilities of the things that we can do with 631 00:42:08,441 --> 00:42:12,681 our time increases. And so we want to buy more things. 632 00:42:12,841 --> 00:42:17,901 So people buy things because people want to consume. There's a limitless desire to consume. 633 00:42:18,161 --> 00:42:28,321 There's no shortage of reasons for people to consume, whether it's food or Ferraris or private jets. 634 00:42:28,481 --> 00:42:32,361 People just always want to buy more. And this is why you don't need built-in 635 00:42:32,361 --> 00:42:33,901 inflation to keep things going. 636 00:42:34,001 --> 00:42:37,961 And this is why I don't think you have to worry about the Bitcoin network going 637 00:42:37,961 --> 00:42:40,241 stagnant once everybody hodls their coins. 638 00:42:40,841 --> 00:42:44,341 You're always going to have these life moments that come up. 639 00:42:44,401 --> 00:42:47,601 Maybe you need to sell some of your Bitcoin stats so you can get a sweet deal 640 00:42:47,601 --> 00:42:49,801 on that Trump coin, that World Liberty coin. 641 00:42:52,041 --> 00:42:59,081 I'm kidding. I am totally kidding. That's just a joke. All right, some project updates. 642 00:43:00,421 --> 00:43:05,921 The best wallet for Bitcoin, Sparrow 2.0, is released. 643 00:43:06,181 --> 00:43:10,721 There's a lot here in new hardware support, like the Trezor Safe 5 and the Ledger 644 00:43:10,721 --> 00:43:13,861 Stacks. They also updated Java and JavaFX 22. 645 00:43:14,789 --> 00:43:17,809 And there's Slip39 share recovery in here. It's a major release. 646 00:43:18,689 --> 00:43:22,829 I mean, when you begin with an update to like the Java underlying stuff, 647 00:43:22,909 --> 00:43:29,889 but also it's been upgraded to support macOS 11 and newer, GTK3 and newer. 648 00:43:30,109 --> 00:43:34,189 So that means if you're on macOS 10.5 or 10.15, I'm sorry, you're no longer 649 00:43:34,189 --> 00:43:34,869 going to be able to run this. 650 00:43:35,209 --> 00:43:38,329 And if you're on a Linux box that can't do GTK3, you won't be able to run this. 651 00:43:38,369 --> 00:43:42,909 But those are pretty old systems. and it does take care of problems that we're 652 00:43:42,909 --> 00:43:46,549 cropping up on more modern operating systems and it sets the project up for 653 00:43:46,549 --> 00:43:49,769 some really nice future capabilities that we'll get into. 654 00:43:50,209 --> 00:43:54,729 Sparrow combined with a cold wallet or cold card or whatever hardware wallet 655 00:43:54,729 --> 00:44:01,949 you want to use is a great combination and I initially will admit that I had bounced off of Sparrow. 656 00:44:02,049 --> 00:44:05,689 It just seemed too complicated and there was too much. 657 00:44:05,729 --> 00:44:10,829 I felt like maybe I could shoot myself in the foot. But the opposite is actually true. 658 00:44:11,229 --> 00:44:16,409 When these Bitcoin wallets hide information from you, inevitably it can cost you money. 659 00:44:16,489 --> 00:44:20,689 It can cost you privacy. It can reveal things you don't intend to. 660 00:44:21,409 --> 00:44:25,289 Sparrow is a top-notch wallet that gives you all of the information you need 661 00:44:25,289 --> 00:44:29,349 to fully participate in your Bitcoin network, in your Bitcoin lifestyle. 662 00:44:29,749 --> 00:44:34,389 And additionally, lean into hosting your own node and really kind of embracing 663 00:44:34,389 --> 00:44:39,709 the entire sovereignty of it. I just love Sparrow. To see 2.0 come out is really fantastic. 664 00:44:40,309 --> 00:44:43,149 And then another company, well, I guess Sparrow's not really a company, 665 00:44:43,229 --> 00:44:46,769 but a company that you guys hear me talk about, River, really, 666 00:44:46,849 --> 00:44:48,809 really set the bar this week. 667 00:44:49,789 --> 00:44:54,909 River announced proof of reserves that sets a new standard for any Bitcoin exchange 668 00:44:54,909 --> 00:45:00,429 out there because their proof of reserve make it possible for you to verify your reserve. 669 00:45:00,429 --> 00:45:05,409 So not just that they have the Bitcoin they claim to have, but they have created 670 00:45:05,409 --> 00:45:11,669 tools so that all of their clients can verify their reserve in River. 671 00:45:11,969 --> 00:45:15,649 So you always know they actually are holding the coins they say they're holding, 672 00:45:15,729 --> 00:45:18,169 and they have a video that walks you through how to do it. 673 00:45:18,209 --> 00:45:22,109 They say, quote, you'll be able to do this regardless of technical ability while 674 00:45:22,109 --> 00:45:26,549 providing a more advanced users the tools they need to run in-depth local verification. 675 00:45:26,989 --> 00:45:29,389 And they've posted the code up on GitHub. 676 00:45:30,429 --> 00:45:33,469 River is such a great company, and I got to meet these people. 677 00:45:33,609 --> 00:45:35,189 I'm just so impressed by everything they do. 678 00:45:35,929 --> 00:45:39,629 And Alexander put out a nice long blog post where there's a video in there that 679 00:45:39,629 --> 00:45:42,329 walks you through this and links you to the tools to get all of this. 680 00:45:42,869 --> 00:45:46,529 Again, we have the affiliate link in the show notes. No official relationship 681 00:45:46,529 --> 00:45:49,169 with them, but I'm just very impressed as I've watched them over the years. 682 00:45:50,089 --> 00:45:53,489 They've continued to go from strength to strength. And making this tool available 683 00:45:53,489 --> 00:45:57,889 so you can verify that the SATs you're holding on River right now as you stack are there –, 684 00:45:58,801 --> 00:46:01,781 That gives me a lot of trust. That is, that's some solid stuff. 685 00:46:02,221 --> 00:46:07,001 It's time for our final clip of the week. And this one was sent to me on Noster. 686 00:46:07,541 --> 00:46:11,201 Shout out to a proto-Zan Nubness on Noster who linked this to me. 687 00:46:11,401 --> 00:46:15,021 This is Natalie Samulski and she's at the Cato Institute. They had an event 688 00:46:15,021 --> 00:46:21,241 where they're talking about CBDCs and she articulates the financial privacy, 689 00:46:21,921 --> 00:46:25,201 and risks with CBDCs in a way that I've never really heard before. 690 00:46:25,341 --> 00:46:28,521 And so I just had to play this as a clip for you. Natalie. 691 00:46:29,421 --> 00:46:33,481 So when we talk about rights, we're not talking about balance. 692 00:46:33,781 --> 00:46:39,701 Rights are absolutes. They are, as one of the panelists earlier today was saying, 693 00:46:39,961 --> 00:46:42,921 they are limits to state power. 694 00:46:44,141 --> 00:46:54,201 What people do when they exercise their rights is remind powerful actors that they hold those rights. 695 00:46:54,561 --> 00:47:02,841 And the problem is that we, the people, haven't been exercising our rights to financial freedom. 696 00:47:03,221 --> 00:47:05,541 We have a constitutional right 697 00:47:05,541 --> 00:47:09,541 to transact financially, just as we have a constitutional right to speech. 698 00:47:09,881 --> 00:47:14,861 We have a constitutional right against warrantless search and seizure. 699 00:47:15,101 --> 00:47:19,521 We have a constitutional right to not incriminate ourselves, 700 00:47:19,981 --> 00:47:25,081 because everything we say can and will be used against us in a court of law. 701 00:47:25,701 --> 00:47:31,041 So what is the Fifth Amendment remedy to this? You don't have to speak. 702 00:47:32,101 --> 00:47:33,521 You can stay silent. 703 00:47:34,820 --> 00:47:39,040 Anonymity is the financial, transactional version of silence. 704 00:47:39,560 --> 00:47:46,660 It is us choosing not to engage with a law enforcement agent. 705 00:47:47,080 --> 00:47:50,420 That is a sovereign right that we as American citizens have. 706 00:47:50,740 --> 00:47:53,780 Are people going to do bad things with this right? Yes, they are. 707 00:47:54,180 --> 00:48:00,700 And there is some degree of criminality that is indispensable and inescapable for a free society. 708 00:48:01,200 --> 00:48:06,200 And so the choice that we have now before us, as Americans is, 709 00:48:06,440 --> 00:48:10,080 will we continue to be a free society? 710 00:48:10,580 --> 00:48:16,880 Or will we simply default to the state using the power that's already available to it? 711 00:48:16,920 --> 00:48:20,280 Power acts not because it wants to, but because it can. 712 00:48:21,020 --> 00:48:23,940 So what limits are we putting on that power? 713 00:48:24,940 --> 00:48:30,780 Technologically, judicially, politically? That is our question as a people. 714 00:48:30,780 --> 00:48:34,640 That is the conversation we should be having. So well put. 715 00:48:34,960 --> 00:48:38,560 If you made it this far, I want to thank you very much. You are on board the 716 00:48:38,560 --> 00:48:42,400 show at just the right time. We are about to watch history go down. 717 00:48:42,580 --> 00:48:46,420 And this show is uniquely positioned to capture the signal every single week 718 00:48:46,420 --> 00:48:50,280 right here. Here, links to what I talked about are this week in Bitcoin.show. 719 00:48:50,620 --> 00:48:53,460 Please do boost in with what you'd like to hear or see from the show if you 720 00:48:53,460 --> 00:48:57,840 have any questions. And do consider sharing it with a friend who might be Bitcoin curious. 721 00:48:58,120 --> 00:49:01,100 Now, I leave you with a value for value track. This is Don't Be Curious. 722 00:49:02,000 --> 00:51:45,909 Music.