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Music.

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Welcome in to This Week in Bitcoin, episode 57. My name is Chris,

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chrislas.com, jupiterbroadcasting.com.

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I'm back from a week of travel, and it seems like everybody's still talking

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about what the show was talking about two weeks ago.

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That's the great op-return debate.

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Now, this has taken a few turns and had some major developments since our last episode.

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But what strikes me just as I'm sitting down to record is there is still this

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massive disconnect between the fierce debate in the Bitcoin community and Wall

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Street, big monies, total ignorance to the entire thing. Ape it in like nothing's going on.

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And I've been wondering over the last two weeks, will they figure it out?

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Will they see something's happening?

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We'll talk some more about that later. But I want to start with Operator.

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If you missed episode 55, probably worth catching that and getting the background and context first.

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Because since that episode, Bitcoin Core has announced that they will remove

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the Opratern limit in their next release.

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Now, I'm going to give you a quick TLDR for the against and pro.

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The against, or the knack side, if you will, argues that removing limits on

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Opratern invites more spam and non-monetary data into Bitcoin blocks,

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which would likely crowd out legitimate financial transactions by making the fees higher.

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They emphasize also that Bitcoin's primary purpose should be money, not cheap data storage.

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And maintaining limits, they say, helps protect its economic integrity and efficiency.

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The people against it also argue that user configurable settings,

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like, say, the data carrier size, are valuable tools for node sovereignty and should not be removed.

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So that's the knack side, the not for the change side, the side that lost.

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Now, here's the foresight. They argue that

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arbitrary data storage on Bitcoin is inevitable and that trying to suppress

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it only leads to more harmful workarounds like a cat and mouse game of trying

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to build spam filter after spam filter and that that would just likely lead

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to more harm and poor policy decisions that might hurt Bitcoin overall.

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They say workarounds like securing data in other ways are doing private deals

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with miners already happening and would increase if they don't remove this limit.

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But they argue that Operaturn is the least damaging method. If we're going to

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allow this data storage, instead of having them slam it in through like a backdoor

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slipstream, might as well have it be in the Operaturn where it's small,

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provably unspendable, and avoids polluting the UTXO set.

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They argue that by relaxing the limits, Core can guide data usage towards the

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cheapest and most transparent path while discouraging more disruptive alternatives.

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So that's where we're at. And the Core...

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This word that everybody seems to be arguing around is spam.

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This arbitrary data is spam. You know, what Bitcoin should be used for is financial transactions only.

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And I would argue probably most people listening to the show feel that way.

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The more you have invested in Bitcoin, the more you just want it to be used for monetary purposes.

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But the fundamental issue is, is there are some cracks in that logic.

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I'm not saying where I fall on this debate because I don't really have a position.

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But I do want to just take a moment to have a little bit of a mental exercise.

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Do you believe there is value in the open timestamps project?

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Myself and others that I know have used that to document things,

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to document discoveries and other things that, you know, they might want to patent later.

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It helps them prove when the discovery was made, or I've heard people want to,

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you know, lock their marriage in, their marriage certificate in with an open

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timestamp, but that's arbitrary data.

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So spam is subjective and there was

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an event recently called bitcoin plus plus i have

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a clip here i got off of weapon x and i don't know if

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it came from tftc or if it came from somebody else but

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i want to give a shout out to the tftc x account because they were

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killing it with the clips from bitcoin plus plus so if

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it wasn't from there you know i'm sure i'm sure

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they had lots of other clips that i i did watch

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so i'm not exactly sure where i sourced this but this

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is from the i don't know where exactly but i know it's

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at the conference at bitcoin plus plus and it's

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a debate with several individuals involved in the discussion around the op return

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limit and they get to what i'm talking about which is the core of what do you

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consider to be spam is spam is spam subjective is spam subjective yes yes can

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we evoke is spam subjective or is it object i say subjective.

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There is an objective difference. I'd love to hear this, Luke. Tell us more.

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Bitcoin's design allows miners to put up to 95 bytes per block of arbitrary data in the Coinbase.

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That is completely different from spam, which is encoding this arbitrary data

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to look like something it is not, to deceive nodes into accepting it.

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Completely different. It's very different. We've never had a problem with people

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writing ant pool in a Coinbase. It's fine.

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No one has a problem. You said deceiving someone into them thinking it's what

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it's not, but surely then it's just a perception issue.

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That's not really a technical judgment, is it?

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Jameson's been waiting for a minute. If you submit JPEG as a transaction,

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it will be rejected by every single node.

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You have to upfuscate it and make it look like something it's not to make it accepted. Sure, sure.

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Is there an objective way to tell if someone's lying? Jameson's been waiting

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for a minute, Walton. Come on.

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Okay. Jameson. This debate is fascinating because we have one side that is being

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the autistic technical people and the other side that is being more ideological.

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This is Lopp. We'll come back to him more. And each side will refuse to admit

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that the technicals will say this is not an ideological debate.

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The ideologicals will refuse to admit this is a technical debate.

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I think it's fascinating, though, that there is overlap. Can we get a quick

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show of hands Who on stage Wants to see JPEGs in the blockchain?

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Are the JPEGs actually in the blockchain?

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I think like there is consensus that we all agree that there is some absolutely

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ridiculous stuff being put in the blockchain.

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I couldn't care less to let them pay the fees. I think this is,

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I think Shinobi was right earlier.

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He said this is about economic incentives. You've got to let them pay the fees.

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And you have to, if you want to, if you want to see certain kinds of transactions in the, in the,

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you know, in the mempool or in the blockchain, then you need to have economic

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incentives that drive those kinds of transactions to outprice other kinds of

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transactions. Am I wrong?

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I'd say actually kind of yes, because this idea of outpricing things doesn't

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actually go work in ways that necessarily we would want. Agreed.

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But we just have to accept that this is how Bitcoin works.

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And you might not like the fact that people can make a ton of money off ordinals

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with a bunch of bullshit hype.

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And all you can realistically do is design, for instance, better L2s so that fee spikes no matter.

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I mean, I was affected with, you know, speeds going up, because of course I

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run open timestamps calendars, which incidentally put data in the chain.

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Arbitrary data. Arbitrary data.

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And it cost me a lot of money in fees. It meant that my timestamping was slower.

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Maybe you should fix it so that it doesn't add data. It doesn't need to add

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data. We've got taproot, we've got pay-to-contract stuff.

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And I have no reason that... ...choices and open timestamps to go and use additional

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data in the chain precisely because

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of various technical things that don't make sense in my trade-offs.

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Also, the fact I have a transaction that I need to make is adding data to the

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chain, even if it may not be obvious. I mean, I need to make these transactions.

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It doesn't matter how the hell I encoded it. That is adding quote-unquote spam.

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It's non-financial transactions.

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So that could be the line right there. Non-financial transactions, but...

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Bitcoins always sort of have this debate from the very beginning.

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So it seems the maintainers of core have decided to go ahead and remove the op return limit.

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And part of the controversy around all of this has been how the core development

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team responded to the feedback that showed up in the GitHub thread.

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Closing down discussion, locking the thread, things like that.

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And this also came up on the Bitcoin++ stream by Jameson Lopp.

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And he says, look, guys, this isn't a democracy. Just because you showed up

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and commented doesn't mean you get a vote in where Bitcoin Core goes.

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I'd like you to listen to this and then boost in with your thoughts on his take.

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From time to time, someone will get upset about how a given issue seems to be

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going in a discussion on Bitcoin Core or the developer list or whatever.

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And if they feel like

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it's not going well they may take their grievance

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externally to social media and then what happens is a lot of people who are

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on social media but are not familiar with bitcoin core governance may feel like

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it's wrong you know perhaps people are being censored so on and so forth.

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Or they believe that this is a direct democracy and because a GitHub repository

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isn't open to the public, essentially,

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that anyone who goes and comments on a given issue is essentially recording their vote.

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And they don't understand that that's not how Bitcoin core operates.

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It's a meritocracy. It's not a democracy.

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The volume of opinions is irrelevant.

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It's the quality of opinions that get judged.

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I think one of the concerns is who is judging the quality of opinions?

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Who makes that decision?

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Music.

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I'm actually pretty sympathetic to the idea that Bitcoin core maintainers don't

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want to spend the rest of their lives chasing down different spam filter attacks

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and bypasses and playing a cat and mouse game.

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And I'm also sympathetic to the idea that it leads to not only policy discussions,

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but it starts leading to political and moral and ethical decisions and essentially

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editorial of what's allowed on the blockchain.

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And I don't think Bitcoin Core wants to get involved with that either.

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So I can see several incentives, commercial incentives and natural development

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resource time incentives lining up.

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But there's a couple of things that are still niggling in the back of my mind.

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Why, number one, do we have to do this so soon?

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Why couldn't have this been debated for a while and worked out and maybe even tested for a bit?

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And number two, there's still a core circular logic to this that doesn't check out.

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And Bitcoin Mechanic went on what Bitcoin did, and he was chatting with Danny,

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and I think he makes the point well.

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The minute you've made the concession that filters are preventing a certain

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type of activity, that justifies another approach.

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And because this is spam filtration, right? It's not just we do nothing, right?

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We didn't do anything for a couple of years. but you either it's a

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moving target so either we're going to start filtering what

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it is they're trying to do or we're going to try and

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roll over to it and say could you at least use

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a less harmful method and the problem with the latter approach is you're saying

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to scammers and migrants from the land of ethereum we will adapt the bitcoin

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ecosystem as fits for you because yeah on the one hand we're saying it's better

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for bitcoin because it doesn't bloat the utxo set but on the other hand,

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we're saying we will adjust stuff to make it more appropriate for you to be

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here because it's also cheaper for them what we're doing.

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The fake pub key outs are more expensive for them. And also this again is something

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where I'm going to have to call BS because the amount of UTXO bloat that is

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caused by Citria's product, it's a failover.

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It's a fail case like a forced closure of a lightning channel.

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It's not expected to happen very often or a justice transaction even.

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In ideal operation, that very, very rarely happens. The amount of UTXO bloat

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we're talking from Citrus product is about a kilobyte a year.

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We watched the UTXO set as a result of the inaction of people saying filters

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don't work for the last two years go from four gigabytes to 12 gigabytes.

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Okay, so we added eight gigabytes of UTXO bloat. We went from 70 million UTXOs to 200 million.

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And there's been a bit of consolidation since then, so we're like down to 170 million.

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Nothing we didn't hear any conversations about it at all

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and it's a nightmare we wrote off a whole class of hardware that you

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can't sync nodes on anymore because of how bad that was now we're

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talking about adding a kilobyte a year and we

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need to nuke the operaturn filters for that that tells

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me that you're on a technical point they're correct but

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they're relying on the fact that no one can put it in the appropriate context

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because it's too advanced at that point so I can tell a

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bunch of people we can make these spammers use

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op return instead of bloat the UTXO set and that's better

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you're right but if you don't ask any more questions

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they're right I'll give you that right but if

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we put it in any kind of context but there's serious problems going on with

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the UTXO set are we going to do anything about that no we can't and why can't

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we because filters don't work then why are you killing the op return filler

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if they don't work I'm sorry the whole thing contradicts itself very, very trivially.

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It's easy to see that there is no intellectual honesty here.

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It's all in service of saying, let's have some fun.

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Let's move over all the scam coiners onto the Bitcoin chain.

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And the motives for them, the more you think about them, the darker and darker it gets.

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None of this seems to be slowing corporate adoption. People are calling it the

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cycle of corporate treasuries.

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And that might actually be true.

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Bitcoin corporate accumulation has been accelerating, surging 154% in the last year.

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I'll have links to the data in the show notes.

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Tether and SoftBank just formed 21 Capital, which we launched recently.

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And of course, Jack's been going around and doing the tour.

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They're in the model of micro strategy or now strategy to accumulate Bitcoin.

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Jack, when did this idea come to be? The founding story.

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So I co-founded the business with Tether. I would say I've known the Tether Group for over a decade.

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There just weren't that many Bitcoiners around over 10 years ago.

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So we've done a lot of work together in El Salvador, et cetera.

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We've been so inspired by Michael Saylor and all of the public companies acquiring Bitcoin.

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But I would say over the last few years, that inspiration turned into what we

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thought was an opportunity and a hole in the market that we could deliver on,

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which is bringing blue chip credibility and startup upside. We feel like we

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can bring enough capital and be big enough to win.

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We're small enough to grow. most importantly, a pure Bitcoin business.

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A lot of these companies, they're pivoting from a past operating business.

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They're rebranding, changing their name. They're maybe selling video games to

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buy Bitcoin or selling medical equipment to buy Bitcoin.

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And we're a purpose-built Bitcoin company. We're going to build Bitcoin products,

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Bitcoin cashflow, and we're going to give Bitcoin per share growth to shareholders

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and be hopefully the best way for investors to get Bitcoin exposure in the public markets.

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All right. So there's 21 Capital. We've talked about them. And then this which

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just recently happened in the last couple of days, they bought another 458.7 million in Bitcoin.

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So they're stacking like crazy. Of course, Saylor continues to buy weekly this week alone.

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They acquired 13,390 Bitcoin at a price of around 1.34 billion at an average

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coin price of 99,865 per coin.

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So that means as of the 11th of May, 2025, they have acquired 568,840 Bitcoin

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for a total price of around $39.4 billion. So they're almost to $40 billion.

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And they've paid at an average overall price per coin of $69,287 per coin.

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So you've got 21 Capital.

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You've got Michael Saylor. These are famous ones. You've also got MetaPlanet.

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They're fascinating because they've been stacking like crazy.

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And this is an introduction I'm going to play for you by Natalie Burnell at

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Sailor's Strategy 2025 conference.

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This is her introduction. I'm going to just play a portion of this to give you

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a sense of MetaPlanet and what their CEO is about.

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And because they're like they're one of the big companies doing the strategy

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strategy. And of course, they're based out of Japan.

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Up next, another corporate Bitcoin success story, MetaPlanet.

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I'm excited to introduce Simon Garevich. He is the CEO.

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He has a very interesting backstory.

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His father was a diplomat and he got to live all over the world,

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but he actually lost his initial Bitcoin on Mt. Gox.

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And if you're familiar with MetaPlanet, it is Japan's first publicly traded

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Bitcoin treasury company.

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After pivoting away from hotel development and operations, Simon led MetaPlanet's

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adoption of Bitcoin as its core treasury reserve asset, making it the top performing

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listed equity in the world in 2024.

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And they are excited to welcome everyone to the Bitcoin Hotel in early 2026

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in Tokyo, Japan. Welcome, Simon.

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Yeah. All right. Did I make it sound like Meta for the Facebook company?

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I don't even think of them as Meta. I just think of them as Facebook.

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So he comes up on stage. I'll link to the full thing. He talks about the story

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about, you know, finding Bitcoin and all that kind of stuff. It's interesting.

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They've gone from like a nobody to like one of the best performing companies in Japan.

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Okay. All right. So this is a known thing that's happening, right?

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We're starting to see more and more companies do this. This isn't news to you.

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However, somehow it is still completely perplexing, bewildering,

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and un-understandable by the Financial Times, by.

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That is dedicated to reporting on finance, cannot figure it out.

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And in this clip, in a few short moments, not only do they fail to understand

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MSTR and MSTR customers, in other words, the stock customers,

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but they also manage to fail to understand Bitcoin, even though this particular

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reporter has been covering it for a decade.

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The virtuous circle can turn into a vicious cycle.

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If the Bitcoin price falls and this premium to net asset value of micro strategy

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shares disappears, because then any purchases of Bitcoin will be diluted to shareholders.

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And this infinite money wheel, this magic money machine is most likely going

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to come to a grinding slow, if not a grinding halt, because investors will be

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like, well, we gave you all this money to buy Bitcoin and the price of Bitcoin has fallen.

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So the value of our investment has fallen. Why would we continue to fund this machine?

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She's so close to understanding it. They're both so close, so close.

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So Saylor's average Bitcoin price is $69,000 right now.

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You got to imagine his next buy or two, he's going to push that over to $70,000.

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Average cost per coin. So if Bitcoin were to fall to $70,000,

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he would, or, you know, $69,000, he'd be in the red, technically.

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It's conceivable, you know, and the more he buys, the more money he takes out,

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that closer and closer he's going to get to that line.

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So it's conceivable that the price of Bitcoin, his average cost could be more

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than what the price was that week for a week or two.

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Absolutely conceivable. What they fail to understand is then more people would ape into MSTR.

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MSTR would be down even harder. And the whole idea, these stockholders love

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it when he dilutes them to buy more Bitcoin. That's the whole idea.

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And so if MicroStrategy could buy Bitcoin on sale at 65,000,

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People are going to be aping into the MSTR stock, assuming that they're going

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to do just that. That's exactly what they want Saylor to do.

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We saw that last year in October of 2024. The market responded extremely positive when he made that move.

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And they're going to assume the price will come back up. And then the MSTR stock

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is going to rocket like some sort of crypto degen coin.

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But they don't see it. They don't understand that the buyers of MSTR see the

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00:20:59,023 --> 00:21:03,383
dip in Bitcoin as a buying opportunity to buy more Bitcoin or buy more MSTR

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00:21:03,383 --> 00:21:05,003
stock. It's totally over their head.

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Even though we've seen it happen since strategy has been doing this,

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we've actually seen this play out a couple of times.

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Somehow the Financial Times completely misses it.

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00:21:14,143 --> 00:21:18,783
Bitcoin maxis like Jeff and Michael Saylor believe in the value embedded in

303
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Bitcoin because of its scarcity.

304
00:21:21,203 --> 00:21:25,643
I still don't get this. My teeth are pretty scarce and pretty useful,

305
00:21:25,643 --> 00:21:28,203
but they're not worth billions of bucks. Still.

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The scarcity is a component, the utility.

307
00:21:31,923 --> 00:21:37,363
Like they cannot wrap their head around that either. The utility of something that is A, yes, scarce.

308
00:21:37,563 --> 00:21:40,943
So that means, you know, it's hard. It's fungible. It provides its own network

309
00:21:40,943 --> 00:21:43,163
so you can transfer it. It's auditable.

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Like these things all really matter. It's divisible, right? Right.

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These things make it good money.

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Something being good money gives it utility.

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00:21:54,123 --> 00:21:58,483
Scarcity is a component of that. And the comparison to her teeth is nonsensical.

314
00:21:58,583 --> 00:22:01,263
Her teeth are gross. Nobody would want those used things.

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00:22:01,783 --> 00:22:06,283
Bitcoin is a pristine digital asset. It doesn't degrade. It doesn't devalue.

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It doesn't get rotten. Right. It's not a piece of property in a house.

317
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Or it's not a piece of gold that needs security. Because of its scarcity.

318
00:22:14,263 --> 00:22:18,703
I still don't get this. My teeth are pretty scarce and pretty useful,

319
00:22:18,703 --> 00:22:20,623
but they're not worth billions of bucks.

320
00:22:21,083 --> 00:22:25,583
Still, for the believers, there's just no plausible way for Bitcoin to crash.

321
00:22:26,903 --> 00:22:31,003
Again, it's like they're just a little bit off the mark. It's not that Bitcoin

322
00:22:31,003 --> 00:22:32,983
believers don't think it could crash.

323
00:22:33,163 --> 00:22:36,123
In fact, a lot of them are probably hoping it will crash so they can stack cheap sats.

324
00:22:36,543 --> 00:22:38,423
The plebs could use some cheap sats.

325
00:22:39,228 --> 00:22:45,108
Crash? Sure. Price dip? Yeah, absolutely. Bitcoin fail? That seems very unlikely.

326
00:22:45,448 --> 00:22:47,708
That would be the thing to zoom

327
00:22:47,708 --> 00:22:52,568
in on. But she conflates price crash with software failure, essentially.

328
00:22:52,828 --> 00:22:56,868
Teeth are pretty scarce and pretty useful, but they're not worth billions of bucks.

329
00:22:57,228 --> 00:23:01,788
Still, for the believers, there's just no plausible way for Bitcoin to crash.

330
00:23:01,988 --> 00:23:07,508
Are you comfortable with so much of your personal wealth tied up in this one

331
00:23:07,508 --> 00:23:09,888
thing? Yeah, yeah, absolutely.

332
00:23:10,288 --> 00:23:14,308
In order for something to break strategy, I think something with Bitcoin needs to break.

333
00:23:14,828 --> 00:23:18,508
And if something with Bitcoin broke, which it hasn't in the last 15 years,

334
00:23:18,628 --> 00:23:22,168
it's the largest, you know, decentralized computer network on the planet,

335
00:23:22,748 --> 00:23:24,188
then there would be bigger issues.

336
00:23:24,368 --> 00:23:28,708
There's likely bigger issues on the planet. It's global, global EMP or stuff

337
00:23:28,708 --> 00:23:30,408
that is black swan type event.

338
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And if that's the case, you're better off having guns and ammunition at your

339
00:23:34,668 --> 00:23:36,688
house and fresh water and some food.

340
00:23:37,828 --> 00:23:43,028
That's more of a concern to me. This black swan type event is more of a concern to me.

341
00:23:43,188 --> 00:23:47,468
I feel a lot more comfortable with my Bitcoin and microstrategy than my house.

342
00:23:47,628 --> 00:23:50,768
The risk of Bitcoin is the existential threat, which is,

343
00:23:51,228 --> 00:23:56,988
well, if space aliens land and plant a cyber virus and it goes to zero tomorrow,

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you know irrevocably with global

345
00:24:00,088 --> 00:24:03,448
consensus then our business fails i

346
00:24:03,448 --> 00:24:06,148
get it but it's you know it's kind of like i built a

347
00:24:06,148 --> 00:24:10,528
hundred story building on an acre of schist in manhattan and it's like well

348
00:24:10,528 --> 00:24:14,568
yeah if the gods open up a sinkhole and i fall to the center of the earth my

349
00:24:14,568 --> 00:24:20,988
building is a non-performer at some point you test the the land or the foundation

350
00:24:20,988 --> 00:24:25,028
and you decide You know, what is the risk?

351
00:24:25,248 --> 00:24:30,048
So far, we've managed to avoid electromagnetic pulses and space aliens.

352
00:24:30,048 --> 00:24:32,128
But something did happen earlier

353
00:24:32,128 --> 00:24:35,988
this year that altered the risk profile for markets the world over.

354
00:24:39,003 --> 00:24:42,323
Tariffs. Tariffs. Tariffs. Tariffs. Tariffs. Yeah, and since?

355
00:24:43,003 --> 00:24:49,203
Tariffs. My fellow Americans, this is Liberation Day. Waiting for a long time.

356
00:24:49,703 --> 00:24:55,403
When Donald Trump's 2025 tariff regime raised fears of a global trade war,

357
00:24:55,603 --> 00:25:00,403
it sparked a flight to safety from risky assets across the market, including Bitcoin.

358
00:25:00,403 --> 00:25:04,723
The crypto fell below the $100,000 a coin market. Well, you know,

359
00:25:05,163 --> 00:25:09,663
the fact that it didn't fall below 82-ish, I thought it was really actually

360
00:25:09,663 --> 00:25:10,803
an accomplishment for Bitcoin.

361
00:25:11,183 --> 00:25:15,443
So I look at that as during total global uncertainty, Bitcoin held up pretty well.

362
00:25:15,603 --> 00:25:18,403
And I think a lot of financial analysts feel that way too. And I think a lot

363
00:25:18,403 --> 00:25:22,403
of Bitcoiners feel that way. But somehow the Financial Times doesn't.

364
00:25:22,843 --> 00:25:25,643
And it's hard to really wrap your head around it because you can go back and

365
00:25:25,643 --> 00:25:29,723
find very early coverage of that particular financial analyst gal.

366
00:25:30,463 --> 00:25:36,223
Mocking Bitcoin for dropping from $20,000 back to $1,000. and essentially writing it off.

367
00:25:37,143 --> 00:25:41,923
And it's the hubris of it all, that the failure to look at their past analysis

368
00:25:41,923 --> 00:25:48,403
and recognize mistake, the failing to learn, maybe that's the worst part.

369
00:25:48,583 --> 00:25:52,643
Earlier in this video, which I'll have the full nearly 45-minute thing or whatever

370
00:25:52,643 --> 00:25:57,063
it is linked in the show notes, she straight up admits that she is a market

371
00:25:57,063 --> 00:26:02,623
analyst and she did horrible in their corporate stock picking competition.

372
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And the hubris on display here that they she fails to learn from her mistake over and over again,

373
00:26:10,563 --> 00:26:13,443
well unfortunately we've been talking for far too long so we better wrap

374
00:26:13,443 --> 00:26:16,983
up this uh this little podcast no i don't think so i don't think it's time to

375
00:26:16,983 --> 00:26:21,363
wrap up i think it's time to talk about katie's stock picking results i was

376
00:26:21,363 --> 00:26:29,783
number 1360 i was i take it back you're not a medium-sized idiot.

377
00:26:30,043 --> 00:26:31,843
You are a full-sized idiot.

378
00:26:34,203 --> 00:26:36,843
I bombed so badly.

379
00:26:38,859 --> 00:26:43,779
So that was me getting roundly laughed at for coming fifth from bottom out of

380
00:26:43,779 --> 00:26:49,199
over a thousand FT staff and readers in last year's FT stock picking competition.

381
00:26:49,779 --> 00:26:52,959
For the FT's markets columnist, that's not great.

382
00:26:53,039 --> 00:26:57,719
And it happened because I bet the price of shares in MicroStrategy,

383
00:26:57,939 --> 00:27:01,999
once a little known software company, would fall in 2024.

384
00:27:02,419 --> 00:27:05,759
So even though she bet against them and lost, she still bets against them.

385
00:27:05,899 --> 00:27:08,619
It's really something. And I don't know how they missed this,

386
00:27:08,699 --> 00:27:12,039
but it's a trend. This really does seem to be taking off.

387
00:27:12,299 --> 00:27:17,479
Back at Strategy 2025, Fidelity had one of their institutional investor representatives

388
00:27:17,479 --> 00:27:21,919
up on stage, and he's just laying out the hard math. Careholder value.

389
00:27:22,879 --> 00:27:28,379
And then you compare this to Bitcoin. Average annual return last five years, 65%.

390
00:27:29,059 --> 00:27:34,539
So the question to companies out there is, number one, what's your return on

391
00:27:34,539 --> 00:27:36,739
invested capital? Have you calculated it?

392
00:27:37,159 --> 00:27:39,459
How does that compare to your cost of capital?

393
00:27:40,039 --> 00:27:44,499
Are you generating shareholder value? Do you have extra cash?

394
00:27:44,599 --> 00:27:46,899
And if so, what are you doing with that extra cash?

395
00:27:47,299 --> 00:27:51,299
And then the ultimate question is, what's your current opportunity set?

396
00:27:51,499 --> 00:27:55,759
What are the investment ideas and opportunities that are in front of you?

397
00:27:56,159 --> 00:28:00,679
And do you think or do you believe the return on those ideas or opportunities

398
00:28:00,679 --> 00:28:06,059
will exceed the opportunity cost of Bitcoin? There you go. Simple.

399
00:28:06,579 --> 00:28:10,419
It's simple math. It's really simple. And they're starting to wrap their head around it.

400
00:28:10,519 --> 00:28:13,299
The businesses are starting to wrap their head around it. And business advisors

401
00:28:13,299 --> 00:28:17,539
are starting to wrap their head around it in simple terms that they can communicate

402
00:28:17,539 --> 00:28:19,999
to CFOs and CTOs and CEOs.

403
00:28:24,690 --> 00:28:27,750
Bitcoin doesn't care. It's back in the six figures with a lot of room to go.

404
00:28:27,930 --> 00:28:31,590
If you compare its primary functional use case, which is actually checking a

405
00:28:31,590 --> 00:28:34,030
balance on the lack of accountability and fiat unit creation,

406
00:28:34,430 --> 00:28:37,530
we still have a long way to go. So gold is a 20 trillion market cap.

407
00:28:38,090 --> 00:28:41,790
Bitcoin is still 2 trillion, despite functional superiority to gold.

408
00:28:42,230 --> 00:28:48,030
It's much harder to steal, much easier to store, much easier to instantly transport.

409
00:28:48,250 --> 00:28:51,070
And more importantly, you can actually audit it. So I don't know if you saw,

410
00:28:51,150 --> 00:28:55,370
but there's an estimate that said that auditing Fort Knox would take 44,000

411
00:28:55,370 --> 00:28:58,270
hours and approximately 18 months to complete.

412
00:28:58,490 --> 00:29:01,750
I think it'd be a lot nicer for the American people if they could just go to

413
00:29:01,750 --> 00:29:05,970
a handful of auditable Bitcoin addresses on a blockchain explorer and see exactly

414
00:29:05,970 --> 00:29:07,370
where the American people's Bitcoin is.

415
00:29:07,830 --> 00:29:12,970
Can't disagree with that. And Bitcoin Magazine CEO David Bailey has created

416
00:29:12,970 --> 00:29:15,130
a new company called Nakamoto.

417
00:29:15,130 --> 00:29:22,110
And he's also doing the strategy capital 21 thing, but he says he's doing it

418
00:29:22,110 --> 00:29:26,970
turned up to 11. But having a mainstream moment right now, it is truly becoming

419
00:29:26,970 --> 00:29:28,850
a mainstream asset in the capital markets.

420
00:29:28,990 --> 00:29:33,010
And, you know, I want to say thank you to Michael Saylor for pioneering that

421
00:29:33,010 --> 00:29:36,450
effort. But, you know, we are we are wanting to take it to the next level.

422
00:29:36,610 --> 00:29:39,650
So, you know, we flattery is the best form of compliment.

423
00:29:40,010 --> 00:29:44,310
So we are we are micro strategy square. What we are trying to do is build a

424
00:29:44,310 --> 00:29:47,610
portfolio of Bitcoin treasury companies in capital markets globally.

425
00:29:47,610 --> 00:29:53,010
We want to have one vehicle that investors can buy in every major capital market.

426
00:29:53,150 --> 00:29:56,850
So we've already done deals in Japan, Hong Kong, but we're looking at new opportunities

427
00:29:56,850 --> 00:30:00,470
in Brazil, in Saudi Arabia, in UAE, in Turkey.

428
00:30:01,190 --> 00:30:05,190
If investors are excited about bringing Bitcoin to each of these capital markets

429
00:30:05,190 --> 00:30:09,930
and being a gateway for investors, we want to make Nakamoto the mothership where

430
00:30:09,930 --> 00:30:13,030
they can get access to these opportunities by being a shareholder of Nakamoto.

431
00:30:13,869 --> 00:30:18,469
Now, last week, this fund had $300 million in equity and $100 million in convertible

432
00:30:18,469 --> 00:30:20,509
debt. And that was Wednesday. So here we are Monday.

433
00:30:20,829 --> 00:30:25,429
Did the leaked news of this deal give you a bump of $200 million more in equity

434
00:30:25,429 --> 00:30:27,329
and another $100 million in convertible debt?

435
00:30:27,429 --> 00:30:31,549
Oh, did the leaked news of you setting up a Bitcoin company help you raise money?

436
00:30:31,669 --> 00:30:33,509
Oh, and he's laughing. Oh.

437
00:30:34,549 --> 00:30:40,549
You know, I think it really is just a signal about this moment for Bitcoin in the capital markets.

438
00:30:40,689 --> 00:30:44,489
So we got another one of these companies. only he does have a slightly different

439
00:30:44,489 --> 00:30:49,649
strategy than it appears Capital 21 or 21 Capital, whatever it is, and MicroStrategy.

440
00:30:49,789 --> 00:30:56,289
It appears his strategy will be when things are down, he's going to sell his Bitcoin.

441
00:30:56,829 --> 00:30:58,869
I don't know. I can't remember if it's in this clip exactly.

442
00:30:58,869 --> 00:31:02,449
I'll play this. Are you simply holding Bitcoin on the balance sheet or are you

443
00:31:02,449 --> 00:31:03,629
actively leveraging it?

444
00:31:04,209 --> 00:31:08,769
So we're doing both. I think when we talk Bitcoin yield, what we're saying is

445
00:31:08,769 --> 00:31:12,969
increasing the amount of Bitcoin per share. And there's two ways to do that

446
00:31:12,969 --> 00:31:15,169
at the end of the day, outside of leverage.

447
00:31:15,849 --> 00:31:20,469
It's selling shares to buy Bitcoin if you're trading at a premium to the Bitcoin

448
00:31:20,469 --> 00:31:24,149
on your balance sheet, or it's selling Bitcoin to buy shares if you're trading

449
00:31:24,149 --> 00:31:27,429
at a discount to the Bitcoin on the balance sheet. So we'll do either.

450
00:31:27,729 --> 00:31:33,549
All we care about is that our shareholders are getting more Bitcoin per share as they hold our shares.

451
00:31:33,669 --> 00:31:36,489
And that's what they're going to measure performance by. So what he's saying

452
00:31:36,489 --> 00:31:41,189
is that when the price is down and the share price is either suffering or is

453
00:31:41,189 --> 00:31:44,489
above the price of Bitcoin, the market price, they're going to sell some of

454
00:31:44,489 --> 00:31:46,889
their Bitcoin and then apparently,

455
00:31:47,169 --> 00:31:50,449
I don't know, buy the dip and try to buy it back cheaper.

456
00:31:50,449 --> 00:31:54,249
So in the example he gives, well, I think our shareholders would be fine if

457
00:31:54,249 --> 00:31:57,629
we're selling Bitcoin at one Bitcoin and we're buying back at 1.1 Bitcoin.

458
00:31:57,929 --> 00:32:01,729
So I guess that's the strategy there. So that's where they'll differ from 21

459
00:32:01,729 --> 00:32:06,909
Capital and MicroStrategy is they're actually going to sell their Bitcoin when

460
00:32:06,909 --> 00:32:10,989
things are dumping in an effort to buy back and hodl more Bitcoin.

461
00:32:11,790 --> 00:32:15,410
And as you can imagine, some Bitcoiners think that's a little bizarre,

462
00:32:15,410 --> 00:32:19,570
but others think it could be a strategy to faster accumulation.

463
00:32:20,270 --> 00:32:25,810
I think one of these companies is likely to just blow up if we have ourselves

464
00:32:25,810 --> 00:32:31,770
a big old dip, you know, a prolonged bear market, you know, that bull gets taken

465
00:32:31,770 --> 00:32:33,870
out and that bear comes and hangs out for a while.

466
00:32:34,050 --> 00:32:38,130
Like we're not doing another 19 month or whatever the hell the last one was

467
00:32:38,130 --> 00:32:42,850
bear market kind to just really kill your soul, drag it out,

468
00:32:43,090 --> 00:32:45,570
crush your company kind of bear market.

469
00:32:45,770 --> 00:32:50,290
And I'm wondering if we're not going to see one of these companies pop off and

470
00:32:50,290 --> 00:32:52,670
make FTX look like the good old days.

471
00:32:56,880 --> 00:33:03,600
Music.

472
00:33:03,210 --> 00:33:08,230
No matter how you slice it, there's a definite shifting of tunes.

473
00:33:09,190 --> 00:33:13,790
And I got a couple of good examples of you for you. And I want to start with

474
00:33:13,790 --> 00:33:17,150
the most boring one. It is a U.S. federal regulator.

475
00:33:18,030 --> 00:33:22,550
And he's coming out and he's making it clear that, yes, banks,

476
00:33:22,950 --> 00:33:26,950
you, even though we have been warning you and we've been slowing you down and

477
00:33:26,950 --> 00:33:30,450
we've been telling you that it's a little risky and we really just don't think

478
00:33:30,450 --> 00:33:31,590
you should get into crypto.

479
00:33:31,850 --> 00:33:35,770
We're now changing all of that. Our guidance has been removed. Have at it, Haas.

480
00:33:36,547 --> 00:33:39,887
More than 50 million Americans hold some form of cryptocurrency.

481
00:33:40,987 --> 00:33:45,067
This digitalization of financial services is not a trend.

482
00:33:45,287 --> 00:33:51,287
This is Rodney Hood. He is the acting comptroller of the currency. It is a transformation.

483
00:33:52,307 --> 00:33:55,967
Here at the Office of the Comptroller of the Currency, we have confirmed that

484
00:33:55,967 --> 00:34:00,907
national banks and federal savings associations may engage in certain cryptocurrency

485
00:34:00,907 --> 00:34:04,807
activities responsibly in order to serve their customers.

486
00:34:05,427 --> 00:34:10,627
OCC regulated banks may provide custody services, including the safekeeping

487
00:34:10,627 --> 00:34:15,787
and secure storage of cryptocurrencies and other digital assets. Woo!

488
00:34:16,427 --> 00:34:20,647
Land of the free, everybody. Okay, you now have permission to use your crypto safely.

489
00:34:21,267 --> 00:34:24,307
All right, but the one that's a little more entertaining, the one that's always

490
00:34:24,307 --> 00:34:30,127
really stuck in my craw, in 2014 and, you know, for 11 years on,

491
00:34:30,287 --> 00:34:34,987
Dave Ramsey has said, you are a dummy if you're spending your money on Bitcoin.

492
00:34:35,387 --> 00:34:38,867
Go ahead and, you know, I got all you Iraqi Dynar people and all you gold people

493
00:34:38,867 --> 00:34:42,847
all pissed off at me. So let's just go ahead and add you Bitcoin people to the mix.

494
00:34:43,167 --> 00:34:46,907
You're stupid. You're going to lose your money. Be pissed at me.

495
00:34:47,087 --> 00:34:49,927
You shouldn't have put money in something wacko like that.

496
00:34:50,207 --> 00:34:53,807
People, money and handling your personal investments is not difficult.

497
00:34:53,987 --> 00:34:58,087
This has always really bothered me because, you know, Ramsey has basically prescribed

498
00:34:58,087 --> 00:35:02,047
an approach to finances that's only attainable by a very few.

499
00:35:02,787 --> 00:35:07,587
I've always felt that if he truly understood Bitcoin, he could be one of its

500
00:35:07,587 --> 00:35:10,467
biggest advocates because it gives access to the middle class,

501
00:35:10,467 --> 00:35:12,567
to DCA, into real estate essentially,

502
00:35:13,027 --> 00:35:17,347
into property, digital property that doesn't have property tax,

503
00:35:17,527 --> 00:35:20,427
that doesn't have HOA fees, that doesn't have a tenant,

504
00:35:20,927 --> 00:35:23,487
that doesn't have construction and repairs needed.

505
00:35:23,707 --> 00:35:27,147
It's just something you own, in cyberspace.

506
00:35:27,931 --> 00:35:31,351
And you can buy $2 of it at a time if you want, or $1 at a time.

507
00:35:31,671 --> 00:35:36,271
And anybody that can spend $1 or $2, you maybe get an extra $100 come in one day.

508
00:35:36,791 --> 00:35:39,871
You throw 80 of it into Bitcoin or whatever you do.

509
00:35:40,331 --> 00:35:44,651
You can do it in bits and pieces as you possibly can.

510
00:35:44,911 --> 00:35:47,391
You can't do that with a house. You can't do that with a building.

511
00:35:47,611 --> 00:35:49,371
You can't do that with art.

512
00:35:49,771 --> 00:35:53,331
Well, there are actually crazy schemes online that try to help you do this.

513
00:35:53,411 --> 00:35:57,591
But Bitcoin is the true pure play. And if Ramsey understood that,

514
00:35:57,791 --> 00:36:00,951
he'd understood how it could be such a tool for the middle class.

515
00:36:01,091 --> 00:36:05,691
Instead, they'll often tell you, oh, invest in some arbitrary index fund that's

516
00:36:05,691 --> 00:36:06,891
going to get you 5% a year.

517
00:36:07,051 --> 00:36:10,531
Well, that doesn't even beat inflation. But they don't care because their wealth

518
00:36:10,531 --> 00:36:12,191
comes from real estate, right?

519
00:36:12,311 --> 00:36:15,731
So, yeah, pleb, go put your money in an index fund.

520
00:36:16,451 --> 00:36:20,051
Maybe some of them will beat inflation. You'll get lucky. So I've always really

521
00:36:20,051 --> 00:36:25,971
kind of had a, you know, I guess a burr in my craw about Ramsey's advice towards

522
00:36:25,971 --> 00:36:30,091
Bitcoin because also he's been proven wrong about gold as well.

523
00:36:30,451 --> 00:36:32,771
But the show has flipped its stance recently.

524
00:36:33,331 --> 00:36:38,191
And the show as a whole and all of his co-hosts and everybody that works for

525
00:36:38,191 --> 00:36:40,731
him has always followed his position on Bitcoin.

526
00:36:40,971 --> 00:36:43,271
And this week, the show flipped.

527
00:36:43,531 --> 00:36:48,251
It's not a complete flip, but there's a flip. Today's question comes from Felix in North Dakota.

528
00:36:48,831 --> 00:36:52,351
Bitcoin has been going through the roof recently, and it looks like it's becoming

529
00:36:52,351 --> 00:36:54,051
more and more of a stable investment.

530
00:36:54,291 --> 00:36:57,871
Do you now recommend it as an investment, or do you still believe it's too dangerous

531
00:36:57,871 --> 00:37:01,091
of an investment and that people should steer clear of it? Oh.

532
00:37:01,671 --> 00:37:04,951
Good question. I'm actually interested to see what you say about it.

533
00:37:04,971 --> 00:37:08,951
Excited to clear the air on Bitcoin because people really want to know my opinion. Said no one.

534
00:37:09,231 --> 00:37:14,131
Here's the deal. I've never been anti-Bitcoin. We took a call yesterday, Ken.

535
00:37:14,131 --> 00:37:16,991
Young man had every single one of his

536
00:37:16,991 --> 00:37:19,711
dollars in bitcoin my man nothing in

537
00:37:19,711 --> 00:37:22,611
savings everything in bitcoin there you're right there you

538
00:37:22,611 --> 00:37:25,771
know he doesn't get it bitcoin is a savings technology

539
00:37:25,771 --> 00:37:32,371
bitcoin when you put your cash into your bank account you're losing your purchasing

540
00:37:32,371 --> 00:37:37,171
power because of inflation and debasement when you put your cash or whatever

541
00:37:37,171 --> 00:37:42,611
it is you know your euro your donk i don't care your loon when you put that into sats.

542
00:37:43,659 --> 00:37:47,059
For the last five years, on average, you've gotten a 60% return,

543
00:37:47,279 --> 00:37:51,359
which way, way beats pretty much everything else out there, but definitely beats inflation.

544
00:37:51,919 --> 00:37:55,439
He doesn't know that. So he doesn't realize, he thinks it's a tech stock.

545
00:37:55,759 --> 00:38:00,779
So when you're listening to this, understand, he views it as like you're buying unproven Amazon.

546
00:38:00,979 --> 00:38:04,119
Had nothing in savings, everything in Bitcoin, and he'd been doing really well.

547
00:38:04,379 --> 00:38:06,339
And he asked us, well, what's wrong with this?

548
00:38:06,779 --> 00:38:11,019
And I'm going, you've been alive for four days. So yeah, if you just think this

549
00:38:11,019 --> 00:38:15,079
is how it's always going to be, then sure. But, you know, we've what's so crazy

550
00:38:15,079 --> 00:38:17,879
there is he criticizes the guy for looking at a short time frame.

551
00:38:17,979 --> 00:38:20,819
Oh, you've been alive for four days. Zoom out, buddy.

552
00:38:21,579 --> 00:38:24,259
Felix is right here. Zoom out, buddy.

553
00:38:24,839 --> 00:38:29,859
Zoom out. Go to the 200 day moving average and just chart that price. Zoom out, pal.

554
00:38:30,079 --> 00:38:32,919
You're the one that's looking at four day time charts. Seen things.

555
00:38:33,079 --> 00:38:36,099
We've seen Bitcoin drop 50 percent in value in 2022.

556
00:38:36,579 --> 00:38:41,899
It's 24-7. It's there's a lot of fraud and scams around the crypto. Oh.

557
00:38:43,359 --> 00:38:48,119
Oh, now you notice, too, when we get to fraud and scams, we pivot from Bitcoin

558
00:38:48,119 --> 00:38:52,739
to crypto because now we can include all the tether scams and anything that

559
00:38:52,739 --> 00:38:56,219
happens with fart coin and Doge and Trump coin.

560
00:38:56,359 --> 00:38:59,719
We get to just bring it all with one big brush.

561
00:39:00,559 --> 00:39:06,719
So easily we transition from Bitcoin to just lumping all of crypto and the scary,

562
00:39:06,959 --> 00:39:10,479
nefarious uses that are many, but we don't know what they are,

563
00:39:10,579 --> 00:39:12,919
even though it's a popular open blockchain.

564
00:39:13,519 --> 00:39:14,739
It's 24-7.

565
00:39:15,399 --> 00:39:18,979
There's a lot of fraud and scams around the crypto world right now.

566
00:39:19,579 --> 00:39:23,399
It's been on a wild trend up lately. And so you're going, well,

567
00:39:23,459 --> 00:39:27,979
why invest in the stock market to get a measly 10% when I could get 1,000%?

568
00:39:28,319 --> 00:39:31,039
And so what it really comes down to is. See, now he's exaggerating,

569
00:39:31,539 --> 00:39:36,379
right? He's exaggerating to try to add some sort of weight to what is otherwise a weak argument.

570
00:39:36,519 --> 00:39:39,039
What I call the three stooges of wealth, which trips people up,

571
00:39:39,179 --> 00:39:39,939
especially young people.

572
00:39:40,059 --> 00:39:42,519
Oh, good. He's going to tell us what the three stooges of wealth are.

573
00:39:42,519 --> 00:39:46,859
It's fear, greed, and pride So it's Oh my god.

574
00:39:47,854 --> 00:39:53,974
Oh, my God. He doesn't realize that it's his fear of Bitcoin that prevents him from learning more.

575
00:39:54,114 --> 00:39:56,794
It's the greed and the position in which he gets paid for and his paycheck,

576
00:39:56,934 --> 00:39:59,634
which has had given him a certain perspective that he has to reinforce.

577
00:40:00,014 --> 00:40:02,014
Like, does he not? Oh, my God.

578
00:40:02,754 --> 00:40:05,754
Physician, heal thyself. Duges of wealth, which trips people up,

579
00:40:05,894 --> 00:40:10,334
especially young people. It's fear, greed and pride. Pride. Oh, pride.

580
00:40:10,934 --> 00:40:14,614
Yeah, I don't hear any pride in this guy's voice. I don't hear any ego at all.

581
00:40:14,714 --> 00:40:17,674
And especially not Ramsey. especially not dave

582
00:40:17,674 --> 00:40:21,134
ramsey i never hear dripping pride

583
00:40:21,134 --> 00:40:24,154
and content contentment i

584
00:40:24,154 --> 00:40:27,054
mean the guy when he speaks about bitcoin and people

585
00:40:27,054 --> 00:40:30,494
who buy bitcoin it he's seething he's seething

586
00:40:30,494 --> 00:40:33,754
into the microphone it's like my ears get wet from saliva.

587
00:40:33,754 --> 00:40:36,594
He's so angry and that doesn't come from pride and ego

588
00:40:36,594 --> 00:40:39,674
i oh oh okay all

589
00:40:39,674 --> 00:40:42,394
right okay i'm gonna try to just let it go

590
00:40:42,394 --> 00:40:45,414
i'm gonna let it go doges of wealth which trips people up especially young

591
00:40:45,414 --> 00:40:48,914
people it's fear greed and pride so

592
00:40:48,914 --> 00:40:53,874
it's the i'm i'm so scared there's the fomo of i gotta get in this now or else

593
00:40:53,874 --> 00:40:57,574
i'm gonna be broke forever there's the pride of well i know better there's a

594
00:40:57,574 --> 00:41:02,814
little bit of arrogance there and again here is some real nice tasty hubo roos

595
00:41:02,814 --> 00:41:07,394
i tell you the hubo roos from these people that he.

596
00:41:08,334 --> 00:41:13,134
He is saying exactly the thing that is true about him, about somebody else.

597
00:41:13,294 --> 00:41:16,514
He's doing that thing right now where he's speaking about himself,

598
00:41:16,534 --> 00:41:18,494
but he thinks he's talking about somebody else.

599
00:41:18,854 --> 00:41:23,694
Like it's really I know I said I would get over this, but this is who of I got

600
00:41:23,694 --> 00:41:25,474
to get in this now or else I'm going to be broke forever.

601
00:41:25,994 --> 00:41:29,274
There's the pride of, well, I know better. There's a little bit of arrogance there.

602
00:41:29,494 --> 00:41:33,154
This guy is arrogant and thinks he knows better than everybody who's researched

603
00:41:33,154 --> 00:41:35,674
Bitcoin and everybody who's been following Bitcoin. And also,

604
00:41:35,894 --> 00:41:38,274
you know what backs a lot of Bitcoiners philosophy?

605
00:41:38,494 --> 00:41:43,174
The same thing that backed Goldbug's philosophy. So you're also writing off Goldbugs.

606
00:41:43,254 --> 00:41:47,374
You're writing off all the Bitcoiners and all the Goldbugs, even though every

607
00:41:47,374 --> 00:41:50,794
single year history seems to be proving them right.

608
00:41:51,034 --> 00:41:55,194
And then there's the greed of just like, I'm not going to settle for 12% and

609
00:41:55,194 --> 00:41:57,794
a slow way to wealth when I can make it a lot faster.

610
00:41:58,654 --> 00:42:02,154
And so with Bitcoin, it's like investing in any single stock that's been on

611
00:42:02,154 --> 00:42:07,694
a wild ride. See, I told you, I told you, he thinks of this stuff as like Amazon in the dot com boom.

612
00:42:07,914 --> 00:42:12,294
You know, you see NVIDIA going up and then DeepSeek from China came out and NVIDIA takes it.

613
00:42:12,814 --> 00:42:17,774
Yeah, but Bitcoin hasn't. And what these lessons should have showed him is that

614
00:42:17,774 --> 00:42:22,734
corporate tech stocks have all of this third party risk from stupid thing a

615
00:42:22,734 --> 00:42:27,714
CEO says to stupid thing a nation state does to stupid thing a competitor does.

616
00:42:28,094 --> 00:42:31,774
Bitcoin doesn't have those risks, but he doesn't get it because he's thinking

617
00:42:31,774 --> 00:42:33,734
of it as a tech stock. Wild ride.

618
00:42:33,934 --> 00:42:38,214
You know, you see NVIDIA going up and then DeepSeek from China came out and NVIDIA takes it.

619
00:42:38,334 --> 00:42:42,274
And there's all this just gyration and fear in the market of what anything is

620
00:42:42,274 --> 00:42:44,434
going to do. And it's why I recommend diversifying.

621
00:42:44,574 --> 00:42:48,114
So it really comes down to diversifying versus Bitcoin equals bad.

622
00:42:48,294 --> 00:42:50,454
And it's more that you got all your eggs in one basket.

623
00:42:50,794 --> 00:42:53,734
That's too much risk for one person to handle.

624
00:42:54,054 --> 00:42:56,874
And so if you want to invest in Bitcoin, I can't say invest.

625
00:42:57,054 --> 00:42:59,614
If you want to speculate in Bitcoin, put... Oh, no, can't say invest,

626
00:42:59,754 --> 00:43:03,054
even though it's produced incredible returns for its lifetime.

627
00:43:04,022 --> 00:43:07,842
And anybody that's been in it for, what, two years? Definitely four years?

628
00:43:08,082 --> 00:43:10,382
Literally everyone right now?

629
00:43:10,982 --> 00:43:16,342
Oh my God, I just realized that. This guy is giving this speech when nearly

630
00:43:16,342 --> 00:43:21,702
100% of Bitcoin holders are in profit right now. Do you understand that?

631
00:43:22,142 --> 00:43:24,042
Do you understand how stupid that is?

632
00:43:24,642 --> 00:43:28,622
Nearly everyone who holds Bitcoin that would be listening to this radio broadcast

633
00:43:28,622 --> 00:43:31,302
is in profit. Because we're over $100,000.

634
00:43:31,362 --> 00:43:35,182
We're over $101,000. We're over $102,000, et cetera.

635
00:43:35,822 --> 00:43:39,422
Once you start getting to those thresholds, people are in profit.

636
00:43:39,762 --> 00:43:41,322
Now, that usually means there's going to be some sell-off.

637
00:43:42,122 --> 00:43:47,482
So this guy is literally saying this when everybody listening who holds Bitcoin has made money.

638
00:43:47,842 --> 00:43:51,502
We're not at a time when it's down at $60,000. It's not at $80,000.

639
00:43:51,882 --> 00:43:56,542
Everyone is in profit right now. It's too much risk for one person to handle.

640
00:43:56,802 --> 00:43:59,642
And so if you want to invest in Bitcoin, I can't say invest.

641
00:43:59,642 --> 00:44:02,982
If you want to speculate in Bitcoin, put some money in that after you've already

642
00:44:02,982 --> 00:44:06,842
invested 15% of your income into retirement, into tax-advantaged retirement

643
00:44:06,842 --> 00:44:12,182
plans, proven mutual funds and index funds, be my guest and use your fun money to do that.

644
00:44:12,382 --> 00:44:16,242
Yeah, your fun money. Your fun money. You know, the stuff you go blow on a boat,

645
00:44:16,862 --> 00:44:18,242
you know, a money sink like a boat.

646
00:44:18,742 --> 00:44:20,502
Knowing this is money you could burn on the table.

647
00:44:22,322 --> 00:44:26,602
You know, if these guys had put $100 into Bitcoin when they were first asked

648
00:44:26,602 --> 00:44:31,082
about it, they'd have a million bucks. But putting all the chips in on Bitcoin,

649
00:44:31,442 --> 00:44:35,602
I'm telling you, I think history is going to show that was a very risky move.

650
00:44:36,002 --> 00:44:38,742
Now, there's Bitcoin billionaires out there who are going, ha-ha,

651
00:44:38,802 --> 00:44:40,742
and they're laughing from their private islands right now.

652
00:44:41,222 --> 00:44:44,962
That could be the case. Well, I think it's here. I think there's no question

653
00:44:44,962 --> 00:44:46,382
that cryptocurrency is here to stay.

654
00:44:46,722 --> 00:44:52,342
So as a technology, the blockchain, it's here. Yeah. And I would say Bitcoin is here.

655
00:44:52,762 --> 00:44:56,442
I'm not saying Bitcoin can't fall. I'm not saying I disagree with anything you said.

656
00:44:56,502 --> 00:44:58,642
In fact, I agree with everything. I would say to somebody, yeah,

657
00:44:58,842 --> 00:45:02,342
if you want to invest in Bitcoin, I would treat it just like we tell people

658
00:45:02,342 --> 00:45:07,382
to go sit down with a smart investor pro and learn about the strategies so that

659
00:45:07,382 --> 00:45:08,982
you understand what you're doing.

660
00:45:09,442 --> 00:45:13,262
But I agree with you that it should be a part of a diversified strategy,

661
00:45:13,262 --> 00:45:16,102
not all eggs in that basket.

662
00:45:16,102 --> 00:45:20,322
I agree with that. It's definitely a tone improvement from the Dave Ramsey show,

663
00:45:20,362 --> 00:45:24,502
but their advice would be to go talk to another traditional investment advisor

664
00:45:24,502 --> 00:45:27,542
who doesn't understand Bitcoin, who could tell you not to invest in Bitcoin.

665
00:45:28,707 --> 00:45:34,167
And they miss it, right? Corporate Bitcoin purchases in 2025 are running 3.3

666
00:45:34,167 --> 00:45:36,807
times faster than new supplies being created by the miners.

667
00:45:37,527 --> 00:45:40,847
Businesses are the largest net buyer of Bitcoin so far this year.

668
00:45:41,187 --> 00:45:42,907
Obviously, strategy is the leader.

669
00:45:43,767 --> 00:45:47,027
77% of the growth comes from businesses.

670
00:45:47,647 --> 00:45:53,867
Yet Dave Ramsey's crew, the Financial Times, they still seem to fail to understand this. It's crazy.

671
00:45:55,387 --> 00:46:00,867
It really is this amazing blind spot. But the tune overall, you know,

672
00:46:00,947 --> 00:46:02,267
I have to realize is better.

673
00:46:02,387 --> 00:46:05,347
We have the Federal Reserve retracting guidance, discouraging banks.

674
00:46:05,827 --> 00:46:08,807
You know, this essentially was, hey, don't touch this.

675
00:46:08,927 --> 00:46:11,607
We don't think it's safe. They've now they've withdrawn that and then put a

676
00:46:11,607 --> 00:46:14,947
video out saying, go for it. Just be safe, kids. Have fun.

677
00:46:15,787 --> 00:46:17,947
This guidance has been in place since 2022.

678
00:46:18,887 --> 00:46:22,447
So it's a pretty big walk back. You got the Dave Ramsey show saying,

679
00:46:22,527 --> 00:46:26,267
oh, well, you know, I don't know. At least it's here to stay.

680
00:46:26,467 --> 00:46:29,047
I think it's probably a good idea. maybe only 5%.

681
00:46:29,607 --> 00:46:33,847
You know, once you've got your index funds and you got your fund money,

682
00:46:33,947 --> 00:46:36,407
if you're not going to buy a boat, you might as well go buy some Bitcoin.

683
00:46:36,807 --> 00:46:38,947
Hey, that's better than calling you stupid, I guess.

684
00:46:50,247 --> 00:46:55,707
All right, well, I want to ask you, do you have any examples of individuals,

685
00:46:55,707 --> 00:46:59,367
outfits, broadcasts that have changed their tune on Bitcoin,

686
00:46:59,607 --> 00:47:01,547
or some that really should.

687
00:47:02,247 --> 00:47:06,847
Would love to hear some reports via Boost. Also, I've done a bit less macro

688
00:47:06,847 --> 00:47:09,927
news this episode and last. Do you miss it?

689
00:47:10,327 --> 00:47:13,787
Are you glad it's gone? Let me know via Boost what you think of that,

690
00:47:13,847 --> 00:47:16,527
because with the Opperturn stuff, I wanted to focus on all that,

691
00:47:16,667 --> 00:47:21,147
but there has been a lot going on too, and you see Bitcoin ripping as a result.

692
00:47:21,327 --> 00:47:23,887
So I'm always curious to know your thoughts on the macro coverage.

693
00:47:24,240 --> 00:47:42,800
Music.

694
00:47:42,796 --> 00:47:46,636
Well, coming up on this show, your boosts, of course, a few updates,

695
00:47:46,996 --> 00:47:51,676
some really great ones, actually, a final clip of the week and a way to support

696
00:47:51,676 --> 00:47:53,376
the show by doing what you do.

697
00:47:53,536 --> 00:47:56,676
If you want to stack sats on river, one of the best ways to stack in the U.S.

698
00:47:56,676 --> 00:47:59,936
Or take advantage of the 3.8% sats savings account.

699
00:48:00,716 --> 00:48:03,516
Well, you can use the link in the show notes and support the show just by doing

700
00:48:03,516 --> 00:48:05,576
what you do when you stack them sats and smash buy.

701
00:48:06,396 --> 00:48:11,376
If self-custody is your thing, in Canada and the U.S., the Bitcoin well is the way to go.

702
00:48:11,516 --> 00:48:14,796
An amazing, automatic, self-custody Bitcoin platform.

703
00:48:15,176 --> 00:48:18,816
Link for that in the show notes to support the show. If you want to spend some

704
00:48:18,816 --> 00:48:22,936
of your sats via Lightning, pick up a gift card for Amazon, something like that.

705
00:48:22,996 --> 00:48:24,076
They got hundreds of companies.

706
00:48:24,536 --> 00:48:28,396
The Bitcoin company is the way to go. They only do Bitcoin. They make it possible

707
00:48:28,396 --> 00:48:30,316
to get from Lightning to a gift

708
00:48:30,316 --> 00:48:32,936
card in seconds. You can even log in via Lightning. No account required.

709
00:48:33,156 --> 00:48:36,176
Link to that. You want to pay your bills, use your debit card,

710
00:48:36,296 --> 00:48:39,576
stack sats as you do your day-to-day. Fold cards, what everybody uses.

711
00:48:39,856 --> 00:48:42,916
Big one in the audience. I love it. Use it myself. Link to that.

712
00:48:43,296 --> 00:48:47,296
And last but not least, get access to your Bitcoin's liquidity without selling

713
00:48:47,296 --> 00:48:49,876
your Bitcoin. That's what you use salt lending for.

714
00:48:50,476 --> 00:48:52,496
Links to that in the show nizzles.

715
00:49:01,200 --> 00:49:12,560
Music.

716
00:49:13,404 --> 00:49:17,244
Oh, we do have some boosts to get to. Thank you, everybody. Boosty Graham.

717
00:49:17,804 --> 00:49:21,364
And our first boost comes from SatSquatch. He's our baller booster this week

718
00:49:21,364 --> 00:49:25,564
with 52,888 sats. Hey, rich lobster!

719
00:49:27,504 --> 00:49:31,344
Keep on rocking the high-level analysis, Chris. Stack sats humbly, people.

720
00:49:31,544 --> 00:49:34,844
Hey, very, very good. Coming in hot with the boost. It's a good hot boost.

721
00:49:35,124 --> 00:49:36,504
Thank you, sir. Appreciate that.

722
00:49:37,044 --> 00:49:40,604
Nice to hear from you, SatSquatch. Thank you for being our baller this week.

723
00:49:41,844 --> 00:49:47,084
OLB 918 comes in with a row of McDucks. That's 22,222 sats.

724
00:49:47,284 --> 00:49:50,744
This old duck still got it. Things are looking up for old duck.

725
00:49:51,264 --> 00:49:55,224
He writes, the question is, do the Bitcoin core developers now control Bitcoin?

726
00:49:55,884 --> 00:49:59,664
They sure think so. They've locked discussion and are saying that if you haven't

727
00:49:59,664 --> 00:50:03,724
contributed code to core, then your opinion isn't even going to be considered.

728
00:50:03,944 --> 00:50:05,424
But Bitcoin is not an oligarchy.

729
00:50:05,784 --> 00:50:09,884
Node operators ultimately decide what is appropriate for Bitcoin, not core developers.

730
00:50:10,424 --> 00:50:13,864
I've switched to Knott's. Anyone who is monetarily supporting core devs should

731
00:50:13,864 --> 00:50:16,624
seriously consider or reconsider their support.

732
00:50:16,864 --> 00:50:20,204
He also sent a row of ducks to support the show in the off week.

733
00:50:21,004 --> 00:50:26,884
Thank you for thinking of me. Yeah, I've been debating the Bitcoin core to Bitcoin not switch.

734
00:50:27,104 --> 00:50:29,864
Still kind of watching all that go down. I know there's been a lot of criticism

735
00:50:29,864 --> 00:50:33,724
that Bitcoin not only has a single contributor, but if it's a minor patch set

736
00:50:33,724 --> 00:50:38,824
and Bitcoin core is doing the bulk of the lift, that's not an unusual situation in free software.

737
00:50:39,844 --> 00:50:42,644
Disappointed I am, I think, because I just didn't see the need to have this

738
00:50:42,644 --> 00:50:46,464
rushed. Thank you, OBL, I should say. It's nice to hear from you.

739
00:50:47,405 --> 00:50:52,225
Thank you for that boost. Wine Eagles here with 20,000 delicious Satoshis.

740
00:50:52,305 --> 00:50:54,425
Oh, my God. This drawer is filled with fruit lobes.

741
00:50:54,565 --> 00:50:58,845
Thank you for hosting the best Bitcoin news show. Oh, my goodness.

742
00:50:59,665 --> 00:51:03,265
Well, thank you very much. Well, I'll be dipped. That's awful nice of you.

743
00:51:03,345 --> 00:51:05,965
He's a good guy. He's a real good guy. No, he's a great guy.

744
00:51:06,225 --> 00:51:11,745
The Tone Wrecker comes in with 3,333 sets. Boy, they are doing a lot with mayo these days.

745
00:51:11,925 --> 00:51:14,065
This is a great afternoon update today. Thank you, Tone Wrecker.

746
00:51:14,165 --> 00:51:15,745
I appreciate that value and that signal.

747
00:51:16,265 --> 00:51:21,385
Letting me know you're out there. Gene Bean's here with 6,492 sats.

748
00:51:21,545 --> 00:51:22,365
Well, that's Eric, good buddy.

749
00:51:22,845 --> 00:51:26,965
Unless I'm missing something, here's my reasoning for being against arbitrary data on the chain.

750
00:51:27,125 --> 00:51:30,725
Number one, someone could have trivially encoded algorithm images that could

751
00:51:30,725 --> 00:51:32,045
be child or revenge porn.

752
00:51:32,885 --> 00:51:38,125
Number two, add text that by one or more national laws, social media systems have to take down.

753
00:51:38,245 --> 00:51:42,125
In both cases, takedown or possession laws could impact the ability to continue

754
00:51:42,125 --> 00:51:45,425
to operate a node unless the block that contains the data doesn't get verified

755
00:51:45,425 --> 00:51:46,925
before it's permitted to be part of the chain.

756
00:51:47,405 --> 00:51:50,905
And number three, we'd have to screen for such data in addition to the mathematical

757
00:51:50,905 --> 00:51:53,405
verification already being done to safeguard ourselves.

758
00:51:53,645 --> 00:51:57,065
This would make many people unwilling or unable to decentralize the network

759
00:51:57,065 --> 00:52:00,805
and would be extremely risky for businesses from liability and legal point of

760
00:52:00,805 --> 00:52:03,905
view, or so I would imagine. Honestly, just opens the door for all kinds of misuse.

761
00:52:04,325 --> 00:52:08,265
I do worry about that, about the misuse, you know, about the,

762
00:52:08,285 --> 00:52:10,405
you know, different types of content that could be illegal.

763
00:52:10,925 --> 00:52:15,645
That has been tried before. And I think, I think there was some sort of conclusion

764
00:52:15,645 --> 00:52:19,345
there. But it is not, this is not the first time somebody has thought of that,

765
00:52:19,505 --> 00:52:21,465
unfortunately. Gene Bean, you know what I mean.

766
00:52:21,785 --> 00:52:24,825
But I do appreciate your support. It's nice to hear from you,

767
00:52:24,885 --> 00:52:25,865
buddy. Hope you're doing well.

768
00:52:26,645 --> 00:52:28,985
Orange Pill Lawyers here with 8,000 sats.

769
00:52:31,125 --> 00:52:34,705
Let's take a look, see. He says, sorry, I haven't boosted in a while.

770
00:52:34,885 --> 00:52:38,105
Haven't missed an episode, but I just didn't top off my wallet for a bit.

771
00:52:38,325 --> 00:52:42,265
I linked my many bits e-cash wallet to a Noster account on Amethyst and then

772
00:52:42,265 --> 00:52:46,465
zapped you there last week. I'm a little nervous about Trump embracement of

773
00:52:46,465 --> 00:52:49,085
Bitcoin and what that might do to the brand.

774
00:52:49,505 --> 00:52:52,805
The SBR, though, is a nice validation and should pump the bags,

775
00:52:52,945 --> 00:52:55,025
but I'm fearful it turns into a partisan issue.

776
00:52:55,305 --> 00:53:00,405
I would much prefer a more organic approach, maybe with the state bills gaining more traction.

777
00:53:00,745 --> 00:53:04,845
Anyways, great episode. Well, it's nice to hear from you, Orange Pill lawyer,

778
00:53:04,905 --> 00:53:07,325
and I hope you are out there orange pill and people.

779
00:53:08,045 --> 00:53:10,765
Nice to know that you're on Noster as well. Thank you for the zap over there.

780
00:53:11,586 --> 00:53:16,746
I do think, you know, it is rather unfortunate that it is becoming political.

781
00:53:16,746 --> 00:53:20,446
I was just thinking this morning, man, I've been following Bitcoin well before

782
00:53:20,446 --> 00:53:23,746
I was ever involved with politics. And now if I told somebody a Bitcoin,

783
00:53:23,846 --> 00:53:25,466
they might just assume my politics.

784
00:53:25,986 --> 00:53:31,486
But I think in the era that we find ourselves in, in the era of populism and

785
00:53:31,486 --> 00:53:33,546
whatnot, this was probably unavoidable.

786
00:53:34,506 --> 00:53:39,526
And a lot of this era that we're in is because of the fiat money printer.

787
00:53:39,526 --> 00:53:41,706
So the two perhaps are intrinsically linked.

788
00:53:41,886 --> 00:53:44,046
Perhaps it was unavoidable. Orange pill lawyer, what do you think?

789
00:53:44,446 --> 00:53:45,326
Nice to hear from you, though.

790
00:53:45,966 --> 00:53:50,906
The Musos here with 3,000 sats. Because I'm the wind.

791
00:53:51,886 --> 00:53:55,066
Arbitrary data on the Bitcoin blockchain? No thanks.

792
00:53:56,406 --> 00:54:01,786
Nick's Bitcoin users, Bitcoin D. Knots, is Nick's packaged. No idea how much

793
00:54:01,786 --> 00:54:02,966
testing has been done, though.

794
00:54:03,226 --> 00:54:04,626
I am, however, considering switching

795
00:54:04,626 --> 00:54:07,646
to show my disagreement with the previously mentioned discussion.

796
00:54:08,126 --> 00:54:13,006
Yeah, I'm going to get to the not node stats in the state of the network.

797
00:54:13,106 --> 00:54:15,486
So stay tuned for that. And thank you, Muso. Nice to hear from you.

798
00:54:16,106 --> 00:54:18,466
VCP is here with 5,000 stats. You're supposed.

799
00:54:19,246 --> 00:54:21,866
I'm a libertarian to my core, but credit where credit is due.

800
00:54:22,106 --> 00:54:25,346
No way. Trump got a C plus. That was a solid B plus.

801
00:54:25,666 --> 00:54:28,346
Talking about his scorecard for crypto policy.

802
00:54:28,886 --> 00:54:33,286
Also, I say we keep Bitcoin financial and don't entertain a hard fork over wanting

803
00:54:33,286 --> 00:54:36,086
to add additional data that will just clog nodes.

804
00:54:36,906 --> 00:54:41,366
My sense is a lot of people listening to VCP just want it to be used for monetary

805
00:54:41,366 --> 00:54:49,086
purposes, and they want to have the most flexibility possible for running their node.

806
00:54:49,226 --> 00:54:53,966
And we've kind of lost the Raspberry Pi recently. It's not really viable anymore.

807
00:54:54,666 --> 00:54:59,066
And so we're already kind of moving to a place where we have less and less viable hardware options.

808
00:54:59,086 --> 00:55:02,746
It's not horrible yet, but I think a lot of people listening would probably

809
00:55:02,746 --> 00:55:05,846
agree with that sentiment. and it seems like this change to op return.

810
00:55:06,968 --> 00:55:11,148
Probably changing that direction. I'm probably going to make the requirements

811
00:55:11,148 --> 00:55:14,968
long-term in another year or so, you know, a little more intense,

812
00:55:15,168 --> 00:55:18,408
a little bit more CPU, a little bit more disk, a little bit more RAM, that kind of thing.

813
00:55:19,188 --> 00:55:22,208
We'll see, though. I'll keep an eye on it. Thanks, VCP. Appreciate the boost.

814
00:55:23,028 --> 00:55:27,628
Axelrod00 is here with 2004 to 2SATs. This is the way. Love the old-school Metroid

815
00:55:27,628 --> 00:55:29,848
video game music samples. Tastes like childhood.

816
00:55:30,228 --> 00:55:33,188
Heck yeah. He also boosted our music artist. Thank you for that.

817
00:55:33,828 --> 00:55:36,188
Hello there comes in with a row of ducks. Well, hello.

818
00:55:37,348 --> 00:55:39,508
Row of canards, he says.

819
00:55:40,688 --> 00:55:43,488
All right, here you go. Paranoid Coder also.

820
00:55:45,188 --> 00:55:47,888
Santa Row of Ducks. Haven't boosted in a while, so here's something to help

821
00:55:47,888 --> 00:55:52,108
with the lack of an episode next week. Thank you so much. It really means a lot.

822
00:55:52,668 --> 00:55:55,868
It is a scary thing for a Value for Value show sometimes to take a week off.

823
00:55:55,988 --> 00:55:57,588
So thank you for thinking of the show.

824
00:55:58,388 --> 00:56:00,648
And, yeah, you know, when you take a week off from recording,

825
00:56:00,788 --> 00:56:03,648
it doesn't mean you take a week off from doing research, staying current,

826
00:56:03,648 --> 00:56:07,948
watching as much as you can news-wise and content-wise to try to take it all

827
00:56:07,948 --> 00:56:08,708
in and come up with stuff.

828
00:56:08,828 --> 00:56:11,528
So I really appreciate that. You're the gosh darn best.

829
00:56:12,768 --> 00:56:14,188
Torso19's here with 2,000 sats.

830
00:56:19,468 --> 00:56:22,528
Hey, Chris, appreciate your take on the Bitcoin core situation.

831
00:56:23,248 --> 00:56:27,408
I think Bitcoin Mechanic lays out a pretty strong argument against the offer turn change.

832
00:56:27,608 --> 00:56:31,428
Just because some spam gets into my email inbox doesn't mean we should remove

833
00:56:31,428 --> 00:56:37,088
spam filters. The vast majority of node operators are in Bitcoin for its use as money.

834
00:56:37,788 --> 00:56:43,048
Bitcoin Core shouldn't bend over backwards to enable Ethereum-like uses for Bitcoin.

835
00:56:43,148 --> 00:56:47,448
It would just incentivize fewer people to run nodes and lead to more centralization.

836
00:56:47,668 --> 00:56:50,848
At the very least, it should be a user-configurable setting.

837
00:56:51,308 --> 00:56:55,428
I agree. I agree, Torso. Thank you. Appreciate that boost, too.

838
00:56:56,264 --> 00:57:00,944
PC NullRef's here with 5,000 sats. Hey, guess what? This is the way.

839
00:57:01,364 --> 00:57:04,604
Just a small message. Keep up the good work. We need to reach more people.

840
00:57:04,764 --> 00:57:06,444
Well, I appreciate that.

841
00:57:07,184 --> 00:57:10,904
This Week in Bitcoin show often gets up into the top charts for Fountain.

842
00:57:11,584 --> 00:57:16,544
And I think other, I hope, other podcast players will also start surfacing some

843
00:57:16,544 --> 00:57:19,344
of that because it's good signal. So your boost also helping that way.

844
00:57:19,724 --> 00:57:23,364
Appreciate it, PC NullRef. Hey, Clarkian's here. Look at that.

845
00:57:23,824 --> 00:57:27,884
I didn't know that. That's not possible. Nothing can do that. Well, it is.

846
00:57:28,024 --> 00:57:32,344
It's right there. 6,000 sats. Bitcoin adjacent products are mainly there for

847
00:57:32,344 --> 00:57:37,624
institutions that can't hold Bitcoin directly for tax quote advantaged 401ks

848
00:57:37,624 --> 00:57:39,864
and IRAs held by us wage slaves.

849
00:57:40,024 --> 00:57:44,964
When I'm getting 6% match from my employer, you better believe I'm putting all

850
00:57:44,964 --> 00:57:46,924
that towards a Bitcoin ETF or MSTR.

851
00:57:47,284 --> 00:57:51,704
So long as the fiat gains track with Bitcoin and the system doesn't blow up,

852
00:57:51,804 --> 00:57:55,744
there's a good path to one day cash out and convert into Bitcoin,

853
00:57:55,924 --> 00:57:58,544
then live off my Bitcoin-backed loan products.

854
00:57:59,184 --> 00:58:02,664
Well, living off of Bitcoin-backed loan products, inflating away the fiat debt

855
00:58:02,664 --> 00:58:05,244
so long as the Bitcoin kegger outpaces the interest.

856
00:58:05,504 --> 00:58:07,984
I love this guy, Clarkian.

857
00:58:08,384 --> 00:58:11,604
Of course, all of the take-home pay goes directly into Bitcoin.

858
00:58:12,044 --> 00:58:16,064
These products have their niche, and I think that's what Saylor and Maulers are tapping into.

859
00:58:16,604 --> 00:58:20,124
Freaking nailed it. Freaking nailed it.

860
00:58:24,724 --> 00:58:28,404
Solid boost. Thank you. That's, I think, my view, too. I mean,

861
00:58:28,484 --> 00:58:32,524
there is some dice rolling there, but everything fun in life requires a little bit of risk.

862
00:58:32,824 --> 00:58:36,644
You know what I mean? And I look at this, and I mean this with love,

863
00:58:36,884 --> 00:58:39,004
respect, admiration, and jealousy.

864
00:58:39,964 --> 00:58:43,884
Boomers 30 years ago in my neck of the woods in the Pacific Northwest,

865
00:58:44,104 --> 00:58:49,384
especially north of Seattle, had such an opportunity to scoop up land at unbelievable

866
00:58:49,384 --> 00:58:53,064
prices that they have now been able to hodl for 40 years.

867
00:58:53,304 --> 00:58:57,544
And they have leveraged for loans. They can sell off and make a quick mill here,

868
00:58:57,744 --> 00:58:59,004
a quick mill there when they need.

869
00:58:59,164 --> 00:59:02,144
Mad respect. They acted when the opportunity in the market was right.

870
00:59:02,324 --> 00:59:06,384
I believe we are in that moment. The boomers moment for land is now our moment for Bitcoin.

871
00:59:06,604 --> 00:59:09,264
And they're obviously our boomers that participate. Again, no disrespect.

872
00:59:09,264 --> 00:59:11,024
I'm just saying I wasn't alive then.

873
00:59:11,144 --> 00:59:14,684
So I couldn't have been in a position to take out loans at great rates.

874
00:59:14,824 --> 00:59:17,644
Or there were times during the 80s when the rates weren't so great and they

875
00:59:17,644 --> 00:59:21,504
still held, you know, so respect to them.

876
00:59:21,684 --> 00:59:25,104
But this is our moment with Bitcoin and those who also want to participate.

877
00:59:25,704 --> 00:59:31,224
So I really feel strongly that there is a place for these products that are

878
00:59:31,224 --> 00:59:35,844
helping you take advantage of this unique point in time for Bitcoin's price

879
00:59:35,844 --> 00:59:38,204
discovery. I don't know if I will ever use them.

880
00:59:39,133 --> 00:59:44,333
But I appreciate that they're there. Clarkian also boosted our artist last week. Appreciate that.

881
00:59:45,113 --> 00:59:48,193
Mr. Pip said, thank you, Chris. And I appreciate that.

882
00:59:48,513 --> 00:59:53,033
Thank you, Mr. Prib. Prib, Prib. It's two Bs. Why do you put two Bs in there?

883
00:59:53,093 --> 00:59:55,473
It just throws me off, man. Woo!

884
00:59:56,433 --> 01:00:05,033
You're so boosted. Thank you. User 5798313 also came in with 5,000 sats. Danger zone.

885
01:00:05,313 --> 01:00:08,453
He says, thank you, Chris. Awesome show. Well, thank you. Danger zone.

886
01:00:08,453 --> 01:00:12,493
Ace Ackerman's here with a row of ducks. Hey, look at that, another cute row of ducks.

887
01:00:13,713 --> 01:00:16,913
He says, I just don't want any spam with my digital gold.

888
01:00:17,953 --> 01:00:23,413
Hold the mustard too, Jameson Lopp. And just put the fry in the bag,

889
01:00:23,533 --> 01:00:25,693
right? Put the fries in the bag, right, Ace Ackerman?

890
01:00:25,833 --> 01:00:28,413
Gosh, darn it. Don't need no skibbity spam.

891
01:00:29,053 --> 01:00:34,513
Appreciate you. I love those row of ducks. Shy Fox is here with a handsome 10,000 sets.

892
01:00:34,733 --> 01:00:37,733
It's over 9,000! Good, good.

893
01:00:38,233 --> 01:00:41,233
I think Bitcoin still has a perception issue. I agree.

894
01:00:41,713 --> 01:00:43,913
I brought this up last week. I'm glad to hear you follow up on this.

895
01:00:43,993 --> 01:00:46,873
He says, most folks I talk to think of it as a scam or not real.

896
01:00:47,193 --> 01:00:50,353
Yeah, man. Tell me. Most people I talk to in real life think that.

897
01:00:50,753 --> 01:00:54,673
Those I hear talk about it tend to be fairly libertarian or they're distrustful

898
01:00:54,673 --> 01:00:57,853
of the current financial system, brokenness or inequalities.

899
01:00:57,853 --> 01:01:01,893
Most people will follow the financial advice of some societal norms,

900
01:01:02,093 --> 01:01:03,793
you know, savings, index funds, stocks.

901
01:01:03,973 --> 01:01:07,333
And by the time that norm changes, the majority of Bitcoin will be owned by

902
01:01:07,333 --> 01:01:08,353
the banks and companies.

903
01:01:09,193 --> 01:01:12,333
That's it. That's the tragedy of it all right there, ShyFox.

904
01:01:12,773 --> 01:01:16,853
You got it. And this is what I was speculating before. I wonder how many times

905
01:01:16,853 --> 01:01:20,753
in history this has happened where the normies just completely miss it.

906
01:01:20,953 --> 01:01:25,313
They buy into everything they're told while the banks and the companies snap

907
01:01:25,313 --> 01:01:27,013
it all up and then sell it back to them as product.

908
01:01:27,493 --> 01:01:32,073
He finishes by saying, as they can afford the risk of non-traditional financial

909
01:01:32,073 --> 01:01:35,713
systems and regulatory folks who can take that risk also, like financial perpetual,

910
01:01:36,033 --> 01:01:39,273
they will too be late to reap the goals and currently touted.

911
01:01:39,273 --> 01:01:43,353
I don't follow you there so much, but I follow your first part 100% Shy Fox.

912
01:01:43,733 --> 01:01:48,493
It's really, it's really too bad that more people don't take information in

913
01:01:48,493 --> 01:01:52,233
on their own and that they believe what the BBC says to them or they believe,

914
01:01:52,493 --> 01:01:56,273
you know, what Dave Ramsey says to them. And, you know, oh, Dave Ramsey.

915
01:01:57,219 --> 01:02:00,459
And they miss out on this. And then by the time a guy like Dave Ramsey is telling

916
01:02:00,459 --> 01:02:03,099
them it's okay, they're going to be buying it from a guy like Sailor.

917
01:02:03,699 --> 01:02:06,879
Or Maulers. It's a great boost. Thanks, Shai Fox. Appreciate it.

918
01:02:07,539 --> 01:02:11,779
Deck Swords here with 6,789 sats.

919
01:02:11,979 --> 01:02:15,559
Oh, my God. This drawer is filled with fruit lobes. Boy, they are doing a lot

920
01:02:15,559 --> 01:02:18,579
with mayo these days. I got answers and I want some questions.

921
01:02:18,879 --> 01:02:19,739
That's quite the series.

922
01:02:20,219 --> 01:02:22,739
Boosting because it's been a while and this show is straight fire.

923
01:02:22,899 --> 01:02:23,739
Oh, well, thank you, sir.

924
01:02:24,319 --> 01:02:27,559
Thank you for doing that. Coming in hot with the boost. Really appreciate that.

925
01:02:28,039 --> 01:02:31,899
Really, seriously appreciate that. There are weeks, especially after travel,

926
01:02:31,999 --> 01:02:35,599
where it's like, oh, I just, man, I don't want to do the show. I just, oh, I'm so tired.

927
01:02:35,839 --> 01:02:38,839
And I see the boost coming, and I'm like, yeah, I want to do the show.

928
01:02:38,939 --> 01:02:40,499
Hell yeah. Yeah, I want to do the show.

929
01:02:41,419 --> 01:02:44,819
It really is a motivator. It really is great. So boosts like that help a lot,

930
01:02:44,879 --> 01:02:49,079
Dex. Appreciate it. Mix is here with 2,100 sats.

931
01:02:49,879 --> 01:02:51,839
No message, though. No worries.

932
01:02:52,819 --> 01:02:57,139
Tomato's here with 5,000 sats, and he writes, Thanks for the good coverage of

933
01:02:57,139 --> 01:02:58,419
what's going on in the Bitcoin core.

934
01:02:58,579 --> 01:03:01,099
This is the sort of episode I appreciate about the show.

935
01:03:02,079 --> 01:03:08,019
Thank you. Nice to hear from you, Tomato. Appreciate that. BitCryptic is here with 2,048 sats.

936
01:03:08,699 --> 01:03:12,359
Keep up the good work. I always get something from each This Week in Bitcoin

937
01:03:12,359 --> 01:03:16,079
episode. I just want to top up a little above my streaming sats as a default.

938
01:03:16,499 --> 01:03:21,879
Oh, I always appreciate that too. Damn, you guys. Thank you very much. are, you're the best.

939
01:03:22,959 --> 01:03:26,039
Really, really great messages. Really appreciate everybody being thoughtful

940
01:03:26,039 --> 01:03:27,539
about the dynamics of the show.

941
01:03:27,919 --> 01:03:31,099
And thank you to everybody who boosts below the 2,000 SAT cutoff.

942
01:03:31,219 --> 01:03:34,619
I saw like a couple of first-time boosters there. It's always nice to hear from you.

943
01:03:34,879 --> 01:03:37,939
And of course, some of you sending in your opinion about the spam.

944
01:03:40,139 --> 01:03:43,659
Yeah, I got all of that too. Thank you. And also you SAT streamers.

945
01:03:43,819 --> 01:03:49,759
54 of you stacked a pretty good 70,651 SATs. Not bad at all.

946
01:03:50,039 --> 01:03:53,059
So when you combine that with our boosters, the show did a pretty good.

947
01:03:53,159 --> 01:03:55,899
This is for two weeks, and of course one week was off, so thank you, everybody.

948
01:03:56,359 --> 01:04:00,159
It stacked a grand total of 253,063 sats.

949
01:04:05,339 --> 01:04:11,399
This show is a value-for-value show. It's advertiser-free. I just have the affiliates and the boosts.

950
01:04:11,619 --> 01:04:14,139
That's how you can keep the show going and keep it high signal.

951
01:04:14,519 --> 01:04:18,199
So send me a message. Let me know how I did. You can use Fountain FM to make

952
01:04:18,199 --> 01:04:21,439
it easy, or you can self-host the entire infrastructure. It really depends on

953
01:04:21,439 --> 01:04:22,459
which route you want to take.

954
01:04:23,139 --> 01:04:27,639
Lots of apps. Listen to podcastapps.com or get Fountain FM and get to boosting

955
01:04:27,639 --> 01:04:31,679
and supporting not only this show, but an ecosystem of content creators,

956
01:04:32,019 --> 01:04:34,579
the podcast index, and of course the app creators as well.

957
01:04:35,499 --> 01:04:40,279
Links at thisweekendbitcoin.show in the show notes. And thank you everybody who supports the show.

958
01:04:42,640 --> 01:04:56,080
Music.

959
01:04:56,247 --> 01:05:01,027
For you. And this first one is a roundup of meta coverage.

960
01:05:01,487 --> 01:05:07,527
David Batten did a great job over on Weapon X rounding up 14 recent mainstream

961
01:05:07,527 --> 01:05:14,907
news outlets that are now covering Bitcoin's environmental impacts in a beneficial pro light.

962
01:05:15,087 --> 01:05:18,587
I mean, I'll have the entire link collection in the show notes,

963
01:05:18,627 --> 01:05:23,927
but I picked my top three favorites because like I said, there's a lot of them.

964
01:05:24,627 --> 01:05:29,567
But number one, two, three in the list, and I'm going to do them in order of

965
01:05:29,567 --> 01:05:31,387
least important, I think, to most important.

966
01:05:31,547 --> 01:05:36,707
So I guess we'll start with number three. And that would be Mara has been working

967
01:05:36,707 --> 01:05:44,527
to create independent on-location miners that run right where the off-gassing would happen.

968
01:05:44,667 --> 01:05:49,407
Now, you know I'm a big fan of Bitcoin off-gas capture to mine from what would

969
01:05:49,407 --> 01:05:51,647
otherwise just be methane pumped into the air.

970
01:05:51,827 --> 01:05:55,627
They released a promo video, and I have a little bit of it for you that explains everything.

971
01:05:56,547 --> 01:06:02,387
Mara, in partnership with NGON, has fully energized 25 megawatts of modular

972
01:06:02,387 --> 01:06:05,967
data centers on oil fields across Texas and North Dakota.

973
01:06:06,227 --> 01:06:11,467
This collaboration provides dual benefits, low cost, self-generated power for

974
01:06:11,467 --> 01:06:17,207
Mara, and emission reducing excess energy monetization for oil and gas producers.

975
01:06:17,727 --> 01:06:22,887
Energy is all around us. And the largest machine of all time is the energy grid.

976
01:06:23,007 --> 01:06:26,527
And it's so ubiquitous that we don't see it. But with all of the demands coming

977
01:06:26,527 --> 01:06:30,967
to our grid, we're going to have to make sure that we grow our energy production

978
01:06:30,967 --> 01:06:32,327
and our energy distribution.

979
01:06:32,887 --> 01:06:37,287
Bitcoin's a tool. It's a really awesome tool. Bitcoin, with its incentives,

980
01:06:37,567 --> 01:06:39,667
forces miners to be creative.

981
01:06:39,907 --> 01:06:43,387
There's a lot of stranded energy, but when we pursue that stranded energy,

982
01:06:43,387 --> 01:06:47,527
We can actually bring energy solutions not only to the grid,

983
01:06:47,767 --> 01:06:51,167
but also help the environment with things like greenhouse gases.

984
01:06:51,587 --> 01:06:56,807
Recently introduced legislation could further incentivize the monetization of

985
01:06:56,807 --> 01:07:02,607
stranded associated gas, underlying the urgency and importance of on-site energy development.

986
01:07:02,987 --> 01:07:08,647
We have 25 megawatts that have been completely energized. So basically,

987
01:07:09,087 --> 01:07:14,487
we're taking gas, using it to run up generators to create power and to mine Bitcoin.

988
01:07:14,807 --> 01:07:20,647
Our project expands Mara's gas-to-power expertise with Compute at the Wellhead,

989
01:07:20,987 --> 01:07:24,627
benefiting energy providers from future carbon credit markets.

990
01:07:25,577 --> 01:07:28,637
We enable the oil and gas producer to focus on their main business,

991
01:07:28,657 --> 01:07:30,077
and that's producing oil and gas.

992
01:07:30,237 --> 01:07:34,937
More importantly, they are driving adoption of methane mitigation and reducing

993
01:07:34,937 --> 01:07:38,137
methane emissions. If the whole industry reduces its methane,

994
01:07:38,317 --> 01:07:43,897
we reduce greenhouse gases, and now oil and gas is a more efficient, cleaner product.

995
01:07:44,117 --> 01:07:48,217
In its first five months, the project has already reduced the equivalent of

996
01:07:48,217 --> 01:07:53,697
removing 6,800 gasoline-powered vehicles from the road for a year.

997
01:07:53,697 --> 01:07:56,297
We all hear a lot about CO2, and that's important.

998
01:07:56,497 --> 01:08:01,717
But methane is at least 80 times more heat capturing than CO2.

999
01:08:02,097 --> 01:08:07,037
And so anytime we can take any methane and prevent it from being released into

1000
01:08:07,037 --> 01:08:09,377
the atmosphere, we're reducing greenhouse gases.

1001
01:08:09,517 --> 01:08:12,857
We are bringing the market to the energy sector.

1002
01:08:12,997 --> 01:08:17,737
So the energy sector doesn't have to build transmission and distribution to the customer.

1003
01:08:17,757 --> 01:08:21,937
We're able to bring the market to the energy industry. All right.

1004
01:08:22,097 --> 01:08:26,057
So out of the 14, that was my number three favorite story.

1005
01:08:26,977 --> 01:08:31,077
And now it is time for my number two favorite story.

1006
01:08:31,537 --> 01:08:35,797
This is about Bhutan. We've talked about them once before, and their Bitcoin

1007
01:08:35,797 --> 01:08:39,597
experiment is going very, very, very well.

1008
01:08:39,817 --> 01:08:44,637
In fact, they're now saying it has saved their economy by using their spare

1009
01:08:44,637 --> 01:08:46,457
hydropower to mine Bitcoin.

1010
01:08:46,757 --> 01:08:50,897
So this is my number two favorite story from the batch. In Bhutan,

1011
01:08:51,277 --> 01:08:55,637
gold is everywhere, a Buddhist symbol of the everlasting nature of enlightenment.

1012
01:08:56,157 --> 01:09:00,637
Now this small Himalayan kingdom is investing in a future it hopes will be blessed

1013
01:09:00,637 --> 01:09:03,637
with what Bakker's called digital gold, Bitcoin.

1014
01:09:04,077 --> 01:09:09,837
It's also finite and supposedly everlasting. There are hundreds of people who

1015
01:09:09,837 --> 01:09:12,297
have made billions of dollars on the back of Bitcoin.

1016
01:09:12,897 --> 01:09:14,897
Why aren't governments doing more?

1017
01:09:15,997 --> 01:09:19,997
Prime Minister's chairing Topgay says Bitcoin is a strategic reserve,

1018
01:09:20,377 --> 01:09:22,737
one currently worth more than a billion dollars.

1019
01:09:23,057 --> 01:09:30,417
We have used Bitcoin for health, to provide free health care for our environment, but these are minor.

1020
01:09:30,657 --> 01:09:36,777
The main use of Bitcoin has been to finance the salaries of public servants.

1021
01:09:37,177 --> 01:09:39,537
Yeah, so one of the things they're doing differently is they're selling their

1022
01:09:39,537 --> 01:09:43,577
Bitcoin. And they're selling it to finance aspects of the government that they

1023
01:09:43,577 --> 01:09:48,797
cannot raise either through taxes or because companies, what they call a brain

1024
01:09:48,797 --> 01:09:52,017
drain, have left the area. And so tax revenues have gone down.

1025
01:09:52,257 --> 01:09:55,677
People can't really afford to have their taxes gone up the people.

1026
01:09:55,937 --> 01:10:01,377
So they have mined and sold some of their Bitcoin to keep government services

1027
01:10:01,377 --> 01:10:04,577
and even improve some of them and offer health services.

1028
01:10:05,601 --> 01:10:09,601
Bhutan has built Bitcoin mines at locations across the country where thousands

1029
01:10:09,601 --> 01:10:14,941
of energy-hungry computers solve complex mathematical puzzles to claim Bitcoins.

1030
01:10:15,861 --> 01:10:21,521
And here's what's powering this modern-day gold rush, hydro-generated electricity.

1031
01:10:21,881 --> 01:10:25,181
The government says its Bitcoin operation is carbon-neutral.

1032
01:10:25,321 --> 01:10:28,401
It relies only on water from the Himalayas.

1033
01:10:28,501 --> 01:10:33,341
It's also very profitable, with Bhutan's computers being rewarded with Bitcoins

1034
01:10:33,341 --> 01:10:36,361
that at current prices add up to millions of dollars a week.

1035
01:10:36,641 --> 01:10:39,561
Okay, so that was my number two favorite story from the batch of 14.

1036
01:10:39,841 --> 01:10:43,321
And now it is time for my number one favorite story.

1037
01:10:44,361 --> 01:10:47,541
And this is my number one favorite for a couple of reasons.

1038
01:10:48,001 --> 01:10:53,081
Number one, it forced the BBC to talk positively about Bitcoin in an environmental sense.

1039
01:10:53,561 --> 01:10:58,761
And number two, it's truly bringing something life-changing to small towns in

1040
01:10:58,761 --> 01:11:03,621
Africa that could never have had large-scale power plants, would never have

1041
01:11:03,621 --> 01:11:06,221
been able to have power in their little villages.

1042
01:11:06,561 --> 01:11:11,661
And they start by showing this little village. It is quite literally just a little village.

1043
01:11:12,401 --> 01:11:16,601
And I didn't include the clip because it's mostly visual, but it's all these

1044
01:11:16,601 --> 01:11:20,321
shops that have opened up, like a barber and a restaurant that use an electric

1045
01:11:20,321 --> 01:11:25,701
skillet or a razor that just didn't exist a year or two ago.

1046
01:11:26,161 --> 01:11:32,521
And this alone is changing so many lives over there. And the fact that the way

1047
01:11:32,521 --> 01:11:36,341
they've designed this means that they can set these up in multiple locations.

1048
01:11:36,561 --> 01:11:38,621
And in fact, they already have.

1049
01:11:38,981 --> 01:11:43,821
Getting electricity to towns as remote as this is an expensive engineering challenge.

1050
01:11:46,061 --> 01:11:50,621
Follow the pylons and it brings you here, Zengamina Hydro Power Plant.

1051
01:11:51,837 --> 01:11:55,297
This is a so-called mini-grid, an island of power generation.

1052
01:11:55,657 --> 01:11:58,957
And it has a not-so-secret weapon, Bitcoin.

1053
01:12:00,917 --> 01:12:05,297
Since 2013, this container full of powerful computers has been whirring away

1054
01:12:05,297 --> 01:12:10,757
in the Zambian bush 24-7, earning Bitcoin, the most valuable virtual currency.

1055
01:12:11,097 --> 01:12:15,637
These are the actual miners. They're not very sexy, but they do their job.

1056
01:12:15,997 --> 01:12:19,717
All the miner needs is the power cord and the internet connects it.

1057
01:12:19,817 --> 01:12:22,257
It starts mining. How many are you here right now?

1058
01:12:22,477 --> 01:12:24,597
There's about 120 in here right now.

1059
01:12:25,857 --> 01:12:30,017
It's an odd place for a high-tech crypto operation, but it makes sense for the

1060
01:12:30,017 --> 01:12:34,417
company that installed it and runs it in partnership with the energy firm because

1061
01:12:34,417 --> 01:12:36,197
of the electricity being so cheap.

1062
01:12:35,120 --> 01:12:43,440
Music.

1063
01:12:36,397 --> 01:12:39,057
It's very noisy, but it's a beautiful noise.

1064
01:12:39,457 --> 01:12:46,917
Because the truth is, this noise means we're making money. So it's 120 miners in one shipping crate.

1065
01:12:47,497 --> 01:12:54,137
And what this enables is the monetization of a hydro plant that otherwise was not sustainable.

1066
01:12:54,597 --> 01:12:58,697
There's no large industry, right? There's nobody manufacturing goods that actually

1067
01:12:58,697 --> 01:13:00,897
pays for the bills of the power plant.

1068
01:13:01,197 --> 01:13:05,437
And the population's not very dense. So it's not like you're sending power to

1069
01:13:05,437 --> 01:13:10,137
a city and making money off of tens of thousands of people. So it was a real problem.

1070
01:13:10,397 --> 01:13:13,837
These people need power, but they're just not a big enough customer.

1071
01:13:14,437 --> 01:13:18,777
Kevin's Kenya-based company Gridless has six sites like this in three different

1072
01:13:18,777 --> 01:13:20,017
countries across Africa.

1073
01:13:20,577 --> 01:13:25,457
It's a lot of travel to remote areas, but it's worth it for cheap renewable energy.

1074
01:13:27,077 --> 01:13:31,217
And for energy makers like Zengamina Hydro, which opened in 2007,

1075
01:13:31,537 --> 01:13:36,017
it's also been hugely beneficial because of a problem known as stranded power.

1076
01:13:36,237 --> 01:13:40,057
We really struggled to make ends meet, and every day we were wasting.

1077
01:13:40,944 --> 01:13:46,564
Over 50% of the energy that we could generate, which also meant we're not earning from that.

1078
01:13:46,744 --> 01:13:51,784
What we lacked was an institutional, a major user of power in the area.

1079
01:13:52,044 --> 01:13:56,364
And that's where the game-changing partnership with Gridless came in,

1080
01:13:56,444 --> 01:14:02,044
because their unique model where they can take excess power flexibly to create

1081
01:14:02,044 --> 01:14:06,844
value through the computing power has transformed our operations.

1082
01:14:07,204 --> 01:14:10,484
And the extra revenue, important to say, has also helped us keep the prices

1083
01:14:10,484 --> 01:14:15,484
down for what we charge the local people, which is also very important.

1084
01:14:16,304 --> 01:14:21,184
Don't miss the links in the show notes. Now, I thought this is also a fun update.

1085
01:14:21,184 --> 01:14:28,944
If you can believe it, Bitcoin has been declared dead more times in 2025 already than all of 2024.

1086
01:14:29,384 --> 01:14:33,624
Yes, people are keeping track of this. Despite hitting new highs and all of

1087
01:14:33,624 --> 01:14:39,424
the bullish news and the corporate adoption, Bitcoin has already been declared dead 11 times.

1088
01:14:39,824 --> 01:14:45,264
Of course, in total by this tracker, Bitcoin has been declared dead 430 times since its inception.

1089
01:14:45,704 --> 01:14:49,124
And of course, your high-profile figures like Peter Schiff, Eugene Fama,

1090
01:14:49,244 --> 01:14:52,884
and others continue to try to attack Bitcoin, declaring it dead,

1091
01:14:53,084 --> 01:14:59,024
which is hilarious to me that in 2025, when the use case and also the opportunity

1092
01:14:59,024 --> 01:15:01,884
seems more clear than ever, it's already been declared.

1093
01:15:02,044 --> 01:15:04,584
You know, actually, no, it makes sense. They're threatened.

1094
01:15:05,084 --> 01:15:10,824
That's why. It's just crazy I'll put a link you can read the whole story it's pretty good music.

1095
01:15:15,440 --> 01:15:20,880
Music.

1096
01:15:20,725 --> 01:15:24,545
All right, it's time for our final clip of the week. And this week,

1097
01:15:24,685 --> 01:15:27,165
it's Coinbase's institutional head of strategy.

1098
01:15:27,585 --> 01:15:31,985
And he was on CNBC recently, and the whole interview is mid.

1099
01:15:32,205 --> 01:15:36,785
But there is one section where I really feel like he's locked into something

1100
01:15:36,785 --> 01:15:37,985
that people have missed.

1101
01:15:38,465 --> 01:15:43,605
Just about everyone is missing a key aspect of the Bitcoin ETFs.

1102
01:15:44,005 --> 01:15:47,265
And one of the things we're looking at right now is a whole bunch of ETFs.

1103
01:15:47,425 --> 01:15:49,905
How should we think about, I mean, I know what your business is.

1104
01:15:49,905 --> 01:15:52,685
But by the way, you actually now interact with a lot of the guys who are holding

1105
01:15:52,685 --> 01:15:54,745
some of these ETFs. So that matters to you, too.

1106
01:15:55,105 --> 01:15:59,305
Sure. We are the custodian for the majority of these ETFs. So when you buy an

1107
01:15:59,305 --> 01:16:02,945
ETF and it's a coin, it's all the hell with us. You're holding it.

1108
01:16:03,105 --> 01:16:07,585
So the question, though, is do you see most of the inflows coming in now direct,

1109
01:16:07,945 --> 01:16:11,105
meaning people are buying the coins themselves or they're buying the ETFs?

1110
01:16:11,245 --> 01:16:15,345
It's both. I know you don't care which it is, but I just wonder sort of just

1111
01:16:15,345 --> 01:16:16,725
transactionally how it's happening.

1112
01:16:17,005 --> 01:16:21,885
It's both. I'm sure, but on a percentage basis. So based on this onslaught of

1113
01:16:21,885 --> 01:16:23,505
inflows, I don't have the percentage number for you right now.

1114
01:16:23,625 --> 01:16:26,465
It's probably going to be the overwhelming majority is going to be ETFs,

1115
01:16:26,525 --> 01:16:27,665
but I don't have exact data.

1116
01:16:27,985 --> 01:16:30,925
The one important thing to remember about these ETF inflows,

1117
01:16:31,185 --> 01:16:33,925
not just the surge we've seen recently, but since the beginning,

1118
01:16:34,065 --> 01:16:37,245
because it's been an absolutely phenomenally performing ETF.

1119
01:16:37,765 --> 01:16:41,465
And this is a very important point that's overlooked. This is being done with

1120
01:16:41,465 --> 01:16:46,845
the asset managers not allowing their salespeople, their financial advisors, to recommend it.

1121
01:16:46,985 --> 01:16:49,585
So that's extraordinary. network. That's like a shoe salesman not being able

1122
01:16:49,585 --> 01:16:50,825
to recommend Nike, right?

1123
01:16:50,985 --> 01:16:54,385
So that's going to change at some point. And then I'll sort of leave it to your

1124
01:16:54,385 --> 01:16:58,545
viewers to determine what happens when that thundering herd of brokers can actually

1125
01:16:58,545 --> 01:17:01,025
pick up the phone and recommend the CTF.

1126
01:17:01,040 --> 01:17:12,240
Music.

1127
01:17:11,985 --> 01:17:14,945
Let's check in on the state of the network before I get out of here.

1128
01:17:15,085 --> 01:17:19,645
This episode is wrapping up at block height $896,707.

1129
01:17:19,805 --> 01:17:24,865
The current price to the U.S. dollar is $103,260.

1130
01:17:24,965 --> 01:17:28,225
That makes our sats per dollar under $1,000.

1131
01:17:28,545 --> 01:17:31,945
Sats per dollar now, $968.

1132
01:17:32,645 --> 01:17:38,525
That is a seven-day change positive direction of 6.8%. We are still down 5.4%

1133
01:17:38,525 --> 01:17:43,165
from our all-time high, which was 114 days ago on January 19th,

1134
01:17:43,245 --> 01:17:45,785
2025, which was 109,160.

1135
01:17:46,865 --> 01:17:50,125
Fee rates still quite low, two sats for a V-byte.

1136
01:17:50,305 --> 01:17:53,105
Not bad at all. I guess they haven't destroyed the rates yet.

1137
01:17:53,265 --> 01:17:55,085
And here's a new interesting stat.

1138
01:17:55,385 --> 01:17:58,465
Let's start tracking this. Top node versions.

1139
01:18:00,165 --> 01:18:09,785
Nots, version 2025.0305. Nots, the most recent version, has gone from 2% to 7.9% of the network.

1140
01:18:11,796 --> 01:18:14,656
That's pretty amazing. That's pretty amazing. Now, Core, of course,

1141
01:18:14,756 --> 01:18:17,556
remains by far the top node out there.

1142
01:18:17,876 --> 01:18:23,916
But Bitcoin Noughts has gone from around 2% to almost 8%, 7.9% of the nodes

1143
01:18:23,916 --> 01:18:26,556
out there. People are voting with their node software.

1144
01:18:27,296 --> 01:18:32,696
Total nodes on the network reachable right now, 21,733.

1145
01:18:33,436 --> 01:18:37,196
Let's see if we can't pop that up a little bit. See if we can't contribute a little bit.

1146
01:18:37,896 --> 01:18:40,096
I'd be curious to know if you're switching to Bitcoin Noughts,

1147
01:18:40,176 --> 01:18:44,756
if you have any concerns around Bitcoin Noughts, and if you are just not interested

1148
01:18:44,756 --> 01:18:45,676
in deploying a node anymore.

1149
01:18:45,916 --> 01:18:49,016
I'd like to hear all of that. Boost in and let me know. That is our state of

1150
01:18:49,016 --> 01:18:50,236
the network, and it is strong.

1151
01:18:53,056 --> 01:18:56,336
Now, I want to let you know that there will not be an episode again next week.

1152
01:18:56,476 --> 01:19:00,016
I hate that. I hate that. I hate that. I apologize.

1153
01:19:01,176 --> 01:19:05,276
Apologize. Apologize. I'm traveling to Boston. I'll be covering Red Hat Summit,

1154
01:19:05,356 --> 01:19:10,476
and I will be in sessions. I will be doing interviews Wednesday during the time of the show.

1155
01:19:10,676 --> 01:19:14,396
So unless something really major breaks, I will bring my gear just in case you

1156
01:19:14,396 --> 01:19:15,696
won't have an episode from you again.

1157
01:19:15,776 --> 01:19:19,856
And hopefully that'll be the last of the interruptions for a while. It's not my intention.

1158
01:19:20,096 --> 01:19:24,116
It's called this week in Bitcoin, not this week and every other week sometimes.

1159
01:19:24,416 --> 01:19:29,276
So I really hope that you will excuse my absence next week.

1160
01:19:29,356 --> 01:19:32,896
I apologize. I feel bad for it. There's so much going on. I will keep track.

1161
01:19:33,176 --> 01:19:38,016
Please consider it when you support the show. and also consider going and getting some of the links.

1162
01:19:38,256 --> 01:19:43,156
Lots of good stuff this week at thisweekinbitcoin.show. This was episode 57.

1163
01:19:43,536 --> 01:19:48,916
I'm going to leave you with a value-for-value track. This is one that I'm kind

1164
01:19:48,916 --> 01:19:51,036
of doing a make-up. I can't believe I've never played this before.

1165
01:19:51,336 --> 01:19:54,456
I know the artist. I know the track. I should have been on the show.

1166
01:19:54,836 --> 01:19:58,036
So I'm going to leave you with a value-for-value track. If you boost during

1167
01:19:58,036 --> 01:20:00,756
the music, 95% of the sats will go to the artist.

1168
01:20:00,916 --> 01:20:04,096
You boost any other time to the show, it goes to me and everyone in the splits.

1169
01:20:04,096 --> 01:20:06,236
And I appreciate all of the support out there.

1170
01:20:06,456 --> 01:20:10,236
All right, let's leave it with Blood Perfume by...

1171
01:20:10,160 --> 01:24:01,496
Music.