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Welcome in to This Week in Bitcoin, episode 104.

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

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The macro world's really talking about inflation today.

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And the other thing you're seeing going around a lot is the K-shaped economy.

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They keep kicking that one around.

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But I think the underlying theme is any time something happens, an energy shortage, a dispute in the Middle East, it just applies so much pressure to the existing system that the disparity we see between the haves and have nots just widens at a more exasperating pace where people can actually feel it these days.

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So let's start with the big news of the week.

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Today's headline inflation rate is the highest we've seen since 2023, up half a percentage point from last month.

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What stands out to you in this report?

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Inflation is a major problem again for the U.S. economy.

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And it's not just gas.

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We obviously are all feeling it as we go to the pump to fill up our cars.

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But it's also electricity prices.

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You mentioned food prices.

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Everything from coffee to beef to a lot of vegetables are really up in price.

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Some medical care costs.

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And don't forget those airfares have gone way up.

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So this is a broad problem, and it's hard for many to hide from.

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And the other thing that really stood out in this report is for the first time in three years,

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inflation is wiping out all wage gains. So you mentioned 3.8% inflation in the past year

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versus 3.6% wage gains. That's the big one right there. And I think that's why it's being felt so

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acutely. So that's the consumer inflation, wholesale inflation also up. Rick Santelli

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standing by at the CME. The numbers, Rick. Hey, Rick. Numbers are coming in on the warm side.

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our April producer price index for the month of April.

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Headline number, almost triple expectations,

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up a whopping 1.4%.

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Wow.

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You have to go back to March of 22 to find a bigger number,

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and that number was 1.7.

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Now, if we strip out the all-important food and energy,

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we're also at a triple header here.

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We're expecting up three tenths.

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We end up with up 1%.

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Man, when you strip out the stuff people use every single day,

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it's still bad. And that's the producer inflation. So we are, you know, I mean, we are seeing an

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accelerated rate of inflation and a lot of the blame is being put on the conflict with Iran.

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Consumers saw a sharp jump in prices last month. Airfares drove a decent portion of that. Of course,

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jet fuel costs are soaring just as the summer travel starts to pick up. And it's not just the

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optional purchases that are getting more expensive. Essentials are rising too.

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The war with Iran is impacting prices here at home.

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But this afternoon, President Trump said he isn't backing down.

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I don't think about American financial situation.

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I don't think about anybody.

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I think about one thing.

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We cannot let Iran have a nuclear weapon.

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That's probably the most honest thing he's ever said.

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I don't think about the consumer situation.

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I think about the fact that we cannot have Iran cannot have a nuclear weapon.

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You see, here's the problem.

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It's not that we're in a war with Iran.

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The problem is, is that we are so backed into a corner financially that anything that happens, any bit of disruption causes extreme pain.

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And of course, a policymaker wants to be able to execute policy.

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And if they think there's a security threat, they want to be able to solve the security threat.

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And so they can't be constrained.

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But yet the realities of the market mean they are.

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Consumer inflation has reached a three year high, jumping three point eight percent annually.

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The main driver, energy, with the war driving up oil prices.

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Americans are feeling that trickle down at the pump, where gas prices jumped more than 28% from last year.

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The national average for a gallon of regular is now $4.50.

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Ha! I wish. Come to the Pacific Northwest.

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Now, this is a bad situation, and it seems to be getting worse as long as the conflict goes on.

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Now, there's a lot of ways you could go with this, because it's hard to say at this particular point how bad it's going to get.

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But Luke Groman, he thinks it's going to get pretty bad.

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And when I mean pretty bad, it sounds like worst case scenario over there.

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Luke's really kind of going down the Doomerism rabbit hole.

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In 2015, there were, I don't know, 8.7 billion people on the planet.

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And, you know, 4 billion of them wouldn't be here without, give or take, without nitrogen-based fertilizers.

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And so, you know, half the people in the world take away nitrogen fertilizers altogether.

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Half the people on the planet Earth are going to starve to death within a year or two.

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Man, a gold button.

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So if we cut supplies by 30% out of the Gulf, what's the math?

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You know, 30%, okay.

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So, you know, 15% of the world's population, it's not right.

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50% of them wouldn't be here times 30% of the, you know, so 30% times 50% is 15%.

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Yeah.

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I mean, it is potentially catastrophic.

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It is horrifying, the implications.

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And let's say, okay, so 15% of where we are now, eight, eight and a half billion people, right?

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So it's a billion people.

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Let's say I'm wrong by 90%.

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That's 100 million people.

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Starting in the end, that's just, you know, keep in mind, these are also some of the 100 million people that Besant, et cetera, are counting on, you know, buying stable coins with their phones.

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I'm not sure why he's laughing.

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In fact, I think it's a bit of a tell, but we'll get to that.

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et cetera, are counting on buying stable coins with their phones to back the US treasury market.

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So people that don't have food don't buy stable coins.

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People that don't have food don't buy stable coins as they play them off.

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I think he's laughing because Luke has been – his thinking has been infected by his emotions.

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And he's laughing because he has such disdain for the Trump administration.

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And he's laughing at their silly plans to get people to buy stable coins because they're so ridiculous that he finds it funny.

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But I think that, you know, is why I always wrap up the show with I try to focus on the signal, not emotions, because if you start trading based on this emotional thinking, you will inevitably you inevitably end up poor.

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You'll sell your Bitcoin like Luke did.

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Yeah. The reason why I'm not I mean, who knows?

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Right. But we don't know.

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So I'm not freaking out yet until we know.

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But the reason why I say there's room to reserve judgment is because when the Ukraine war broke out, I looked it up this morning just to make sure I was right about this.

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When the Ukraine war broke out, analysts estimated a 50% reduction in the ingredients that make up fertilizer.

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And there was a hit, you know, DPF, right?

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Diesel, what is it?

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What is the diesel fluid?

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Of course, I'm tired this morning.

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Guys, the sleep has been so bad recently.

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But the diesel fluid stuff, God, an old man, that did go up.

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There was a bit of a supply crunch.

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But at the time, they were saying a 50% reduction.

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And now they're saying with the situation with Iran and the strait, a 40% reduction.

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So this is technically less of an impact by 10% than they were saying the Ukraine war would cause.

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But yet here we are.

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It caused prices to go up for a bit.

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but it didn't really have this dramatic millions of people dying like Luke said.

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So if you're trading based on that, I think you're going to overshoot.

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I hope he's wrong.

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I hope he's wrong.

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But let's talk about this actual problem that is real,

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and that is what they're calling this K-shape.

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And the reason why they call it a K-shape is picture lines on a graph.

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The rich, they're just going up.

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And the not rich, the rest of us, yeah, you guessed it.

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it's just going down like a K.

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And anytime something comes up like this,

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it just immediately makes this problem accelerate.

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So the K is here to stay.

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And some folks who want to argue against it

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will find these micro data points,

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but the K is here to stay.

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The K-shaped economy is here to stay.

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This is Rebecca?

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And we continue to have more and more.

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Rebecca Hopkins?

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Hopkins?

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She is at the London Business School

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and she's a, quote, lecturer

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and a Bloomberg correspondent.

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More data reinforcing it.

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Now, it's not accelerating as much as it was

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at this time last year, but the data is still showing that our equity markets are being propped

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up by a very small number of consumers. Consumer spending is led by a very small, 50%, still that

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10%, that figure last year still holds. And if you dig into retail sales data, we had a slight

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bump in March with almost completely correlated to the tax refunds. And I caution CEOs, it's like

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an insulin shock. Like you got a little bit of it from those tax refunds, but that's going away.

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If the K is here to stay, does it get more pronounced? And the reason I ask is because

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if wealth concentrates with a smaller group, but they get more and more of it, and then a larger

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group gets less and less, then that's a recipe for political unrest. It's a recipe for political

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unrest. I have the very annoying, it depends answer on to whether or not it accelerates. And

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it comes down to those three Ds. If duration is long, if devastation is there and disruption happens,

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then the K will definitely exasperate. The three Ds she's talking about are with the war

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with Iran and the straight. And this whole thing is predicated, this entire analysis

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is predicated on, well, the K only gets better or worse depending on how the war with Iran goes.

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I mean, she just said that. She also, she iterates that more clearly earlier in the clip,

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but you didn't need to listen for 10 minutes to understand that. I listened for you. And in there,

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she says, you know, this only gets better or worse depending on how the war with Iran goes. But that's

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horse manure. That's horse manure, because if it isn't the war with Iran, it would be another

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COVID. And if it wasn't another COVID, it would be some kind of energy crisis. And if it wasn't

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some kind of energy crisis. It'd be something else. There's always something happening. We don't

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just sit around and chill. That's not the era we live in. We live in the age of disruption.

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We live in the age of an empire thrashing around and about. They're not just going to sit on their

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hands and do nothing. So this premise that everything would be great if it wasn't just

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for this war is silly. Would it be better? Yeah, obviously. Duh. Of course. Of course it'd be

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better. First of all, your gas prices

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would be lower. I know that. But it'd

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be something else if it wasn't this.

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And you know that. You know that's true.

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And all of these analysts,

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they live within this system

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and this bubble. This is how they're all talking. That's why I'm

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playing this clip. This is from Bloomberg Business Week

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because this is how they all look at it.

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Well, it's really the problem is the war.

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Once the war's over, I mean, everything's going to snap right.

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Political unrest. It's a recipe for political

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unrest. As if like Madami got

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elected because of the war in Iran.

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Right? As if Trump

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got elected because of the war in Iran. No, these are populist candidates because the people have

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been pissed for a while. Right. We have lived during 10 years now or more of a Trump political

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era because there is a strong contingent of populist voters who are angry about the system.

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And there's now a growing contingent of populist voters on the other side that are angry about the

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system for their own reasons. And it really all comes down to the fact that the fiat currency has

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been getting debased for 40 years, that they have lived in a system that has been stealing their time

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and their energy for so long that has become absolutely hyper-financialized to rob them and

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tax them around every single corner, that of course they're angry. They don't even realize

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that's the problem. They're just pissed and they're done and they can't afford to eat. They can't

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afford to live and they want the problem solved. And they're voting for the candidates now that

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they think will solve those problems. And none of that has anything to do with the straight or Iran

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or any of it. It only makes it worse now. I have the very annoying it depends answer on to whether

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or not it accelerates. And it comes down to those three D's. If duration is long, if devastation is

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there and disruption happens. No, it doesn't. It only gets accelerated. So the conclusion is

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the K-shaped economy is only going to become a capital K. It's only becoming bigger.

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It's only going to get worse. And if you're if you think wrapping up the war with Iran

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and getting the straight flowing again is going to fix everything lickety-split,

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I got bad news for you.

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You better stack more Bitcoin.

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Then the K will definitely exasperate because that's what's going to happen.

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You know, energy is a small percentage daily spend for an American consumer,

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but energy as an input is a large percent of that monthly wallet.

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And wages are relatively stagnant in the U.S., especially at the lower part of that K.

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So we are getting very distracted by headlines.

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Not only are wages stagnant at the lower end of the K, as she says, but we also just heard in the previous clip that inflation is outstripping wage gains.

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So even people that have gotten wage gains, they're being outstripped by inflation.

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Because while the headline number is 3.8 percent, when you dig into it, certain areas are more like 20, 20 plus percent inflation.

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And a lot of those areas are the things you spend on on the regular.

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If devastation is there and disruption happens, then the K will definitely exasperate because that's what's going to happen.

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You know, energy is a small percentage daily spend for an American consumer, but energy as an input is a large percent of that monthly wallet.

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And wages are relatively stagnant in the U.S., especially at the lower part of that K.

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So we are getting very distracted by headlines that say, hey, the U.S. GDP is growing.

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Equity markets at an all time high.

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Those headlines are all true, but it disguises a very nuanced storyline that matters to the majority of companies in the U.S. who have to serve both parts of the kid.

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All right, let's shift to policy mode.

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Don't worry, it's just the policy stuff that's going to impact you.

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Not just doing random policy.

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And number one is your buddy the man that up for the worst job in the world has cleared one of the two echelons he must clear to become the new Fed chair Hey Frank Well the Senate has now confirmed Kevin Walsh to be a member of the Board of Federal Reserves

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So that's how this works. So first he has to become a member of the board if he ain't won already, which he won.

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And then once he's a member of the board, there's a second round of voting to make him a governor.

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This is, of course, the first step in getting him to the chair position.

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They're actually voting right now, taking a second vote to begin to advance his nominee to be Fed chair.

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That final vote is expected to happen either late in the afternoon tomorrow on Wednesday or potentially on Thursday morning.

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We are seeing all Republicans continue to back Warsh for support.

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But so far, the only Democrat to actually vote for Warsh this last time was Senator John Fetterman.

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And of course, there have been some concerns raised about his record, Fed independence.

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But that does not seem to be stopping him at all.

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And it does look like he is well on his way to be confirmed as Fed chair before the May 15th deadline.

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You know, this does have a lot of Bitcoiners excited because it's a Fed chair who has an investment in crypto companies and a lightning company in particular and holds Bitcoin.

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That is pretty remarkable.

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And, of course, Kevin Warsh, several years ago, went on the record saying that Bitcoin is the new gold for anybody under 40.

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So we should see something pretty soon.

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And perhaps maybe as I'm recording this, so by the time you're hearing this, he may have cleared that second echelon and officially get the vote for governor.

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Now, the Senate Banking Committee is also scheduled to get the Clarity Act actually out of committee.

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The Senate Banking Committee also set to vote on the Clarity Act tomorrow after releasing the latest draft of the bill advancing the crypto market structure measure following all those months of negotiations.

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This 300-plus page bill aims to integrate the crypto industry into the financial system.

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And Coinbase CEO Brian Armstrong will be joining me shortly to break down what he called compromises made and the bill's potential impact, Mr. Chairman.

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As you know, the major banks still are worried that they're going to be on the losing end of the stable coin reward situation.

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Man, not only are they worried, they have put on a respectable, full-on fight.

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They have enlisted Elizabeth Warren. They have brought in major bankers and labor unions to try to stop clarity at the last minute.

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This right now with more on that. Emily, what's the story?

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Hey, Becky. Well, look, you know, you know, the crypto industry, they're only days away from seeing their top legislative priority get its first vote coming in a Senate panel.

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But that bill is facing some heavy opposition. We got a first look at the concerns that are raised by the heads of major labor unions.

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This is the AFL, SEIU, AFT, NEA, others.

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They've warned senators that backing this Rules of the Road bill for digital assets could legitimize crypto and as a result, add volatility to workers' retirements.

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Don't legitimize crypto! No!

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Savings and pensions account.

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In a letter, these labor groups told senators that the legislation would invite cryptocurrency industry to take outsized risks, knowing that if those risky bets do not pay off, it is working people and retirees, not crypto billionaires, who will pay the price.

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It is always rich to hear the unions make this case when they have been busted time and over for also risky plays that came up and blew up in their faces and sometimes needed bailing out.

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I mean, everybody chases money.

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And the people that are running this crypto stuff now, they're just bankers. It's not like they're cypherpunks in their hoodies in some sort of decentralized DAO running these cryptocurrencies that these think they're going to get legitimized by this process. Don't kid yourself.

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Now, the labor group's opposition could make it more difficult for some Democrats to support the bill. Right now, it's not actually clear if any Democrats on the banking committee are going to be voting for the bill when Thursday comes around. Several lawmakers told me they need to see more work on language around ethics.

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Well, yeah, so here's what's happened now is they have submitted 100, I guess you'd call them amendments that need to be reviewed before this thing can get out of committee.

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40 of them alone from Elizabeth Warren, including random ass things about Jeffrey Epstein's banking balances and all kinds of stuff, including stuff that seems to try to take away protections for developers and how users use that software, which is a major one, which I'm very disappointed to see.

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It's a really kind of a last minute alley-oop to try to stop this thing.

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But it doesn't seem to be working.

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The people involved seem to be very confident it's going to continue to pass.

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David Sachs was just on X earlier this morning, taking a victory lap before it's even been voted on.

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And Brian Armstrong is down in D.C. right now, taking selfies, congratulating himself and the team for the hard work.

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And he stopped by Fox News to follow up with Maria.

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Well, there's been a compromise.

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And so, you know, it's a true compromise because both sides left a little bit unhappy.

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And so on this stablecoin rewards issue in particular, we met the asks of the bank lobby and the Senate, and they said they don't want to have any rewards paid on idle balances.

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And so we came up with this compromise or concession that rewards could be paid as long as there was some sort of material activity on the account, like a payment or a trade that had taken place.

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And I've got to give a lot of credit to Senators also Brooks and Tillis and their staff who worked tirelessly on this to bring both sides together and reach this compromise.

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I think it's in the best place that we've seen so far.

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And the other issues that I brought up in January have also been resolved.

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And so at this point, we're ready to support a markup later this week.

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So you're expecting the markup Thursday.

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That's correct.

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I don't you know, I don't really know the details fully, but I wouldn't be too surprised if my prediction kind of plays out.

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And that is if you join some sort of Coinbase Plus membership program and they're charging your Coinbase account per month, then they have all the justification they need to let you earn a yield.

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It's probably something like that, right?

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Or if you do a certain amount of trades, you get to earn a yield.

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You know, I wouldn't be surprised.

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I'd like to know your thoughts on this.

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So please do boost in and let me know what you think.

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I just can't help but feel like maybe Facebook, I mean, I'm sorry, Coinbase, but this gives you my line of thinking.

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A little Freudian slip there.

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I'm not sure if Coinbase is a Facebook or if they're a MySpace.

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And I'd like your opinion.

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Because I, you know, I've been around forever.

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Before Coinbase was a company, I remember when Coinbase launched.

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And I was actually pretty happy to see it because as somebody who got burned significantly by Mt. Gox,

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this was a significant improvement and a real good sign.

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However, I find their service to be loaded with crap, especially now that they're getting into prediction markets.

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I installed and opened up the Coinbase app for the first time in a very long time this week.

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Whoa, what a bunch of junk.

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And then, because I was looking into some old account stuff, I needed to engage with technical support.

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Well, I called two different numbers, and I went through three different AI voice kind of support things,

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all of which just told me to call this other number.

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Eventually, I got to a human who was very sick, so she had to take long pauses because she needed to cough.

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And I know that because she was also coughing while it wasn't muted, but she was just working through it and hoarse.

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She had a very thick Indian accent, very hard to understand, and it sounded like she was on a speakerphone.

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And then after 25 minutes of communicating with her very slowly, I was told that I just need to go somewhere else in the app, go through a different tree, and then ask a different department to call me.

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And then that department called me. I was on the phone again for another 15 minutes. And then all they could do was elevate it to a specialist internal team that should probably email me at some point. Well, this was, I don't know, Monday. And I haven't heard from them.

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As a company, the product facing the users kind of sucks.

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The back end stuff seems like junk because it crashes all the time.

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And then when you interact with it in like a long term customer way, it's also a bad experience.

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So it'd be really ironic if Coinbase went through all of this work to try to legitimize this industry.

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So that way they could milk the crypto industry.

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And then they end up just going away because other institutions like SoFi and probably BlackRock and E-Trade and others are going to offer a lot of the high end better stuff.

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And then for Bitcoin specific customers, you've got things like Strike and River and Bitcoin Well and others that are a much better product and better fees.

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So I find Coinbase to be a I mean, they could lock it in.

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Right. They could kind of become like the Microsoft in a way and kind of find their space and really lock it in.

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And they are really, they are very popular.

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And they, you know, they hold a ton of Bitcoin on the behalf of these ETFs.

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So it wouldn't be anything that happens overnight.

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But I just, I don't find them to be competitive.

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It's more like momentum, it seems to me.

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So I'd like to know your thoughts on that.

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Boost into the show and tell me what you think about Coinbase.

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Now, let's stick with Clarity for just one more clip, because this, I think, is probably

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going to tell you more than anybody else has said about Clarity and why it matters for Bitcoiners.

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This is Adam from the Swan YouTube channel, from Swan Bitcoin.

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And he has a video that I'll have linked in the show notes that's much longer.

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But this section, I think, applies particularly to our audience where Adam kind of breaks down why clarity will matter for Bitcoiners, likely in the long run, probably.

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So buried in this draft, there is also a provision that may end up being the single most consequential sentence in the entire bill.

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This is where things start to get fun.

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A network token is not an ancillary asset or a security if on January 1st, 2026, it was the principal asset of an exchange traded product listed on a national securities exchange.

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Let that cook for a second in your noodle.

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What a little loophole.

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So your salooners, your Ethereum's, anything, anything that got an ETF before January 1st, 2026 is considered a commodity now.

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It makes you wonder.

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Remember the Solana ETF came together so quick?

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And then boom, it was just like the Bitcoin ETF took like years.

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And then there was months of speculation.

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And then the Ethereum ETF took months after the Bitcoin ETF.

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And there was weeks of speculation.

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And then the Solana one was like, okay, they're going to do a Solana ETF.

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Oh, the Solana ETF launched.

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Okay, another one launched.

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It was weird.

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It was weird.

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Anyways, so I just think that's interesting and not the focus of this clip, but something I wanted you to be aware of.

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On January 1st, 2026, it was the principal asset of an exchange traded product listed on a national securities exchange.

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This is very interesting.

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So you might be asking Adam, what does that mean translated into English?

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Let me tell you.

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If you got your spot ETF approved before the cutoff date here of January 1st of this year,

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that means you graduated, you got out of the regulatory bucket entirely.

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It means that you are now a commodity-like base asset under the cleanest legal regime

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America has ever offered, a digital asset.

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Bitcoin is in that bucket because, hey, obviously there are coin ETFs out there.

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The Ethereum ETF made it under the wire, which Ethereum maximalists will celebrate,

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and I will not begrudge them because everyone deserves a good day.

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But the strategic effect for Bitcoin is enormous because every other coin,

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the L1s, the L2s, every meme coin with a unicorn logo,

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you know, the ones with a crypto Twitter account by someone named Kobe,

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well, they're now staring at a multi-decade obstacle course of classification reviews,

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disclosure regimes, intermediary licensing. And don't forget about the endless control tests

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just to reach the regulatory altitude that Bitcoin now already cruises at. So why would this be?

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I want to stop here just for a second, because I think what Adam is touching on

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is an interesting quagmire that new crypto projects are going to face. If they want

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regulatory clarity, as it's going to be defined by the Clarity Act,

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they're going to have to go through a hell of a process now. And you have to imagine that is

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going to basically whittle it down to the ones that are have regulatory protection and institutional

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backing and then the defi coins of course we're taking for this part we're taking bitcoin out of

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this conversation just talking about all these things they're gonna use for tokenization and

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all that kind of stuff it's going to be a real segregation in their market reach the regulatory

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altitude that bitcoin now already cruises at so why would this be bullish for bitcoin at least in

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terms of number go up because the allocators out there, capital allocators, they hate ambiguity.

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Pension funds hate ambiguity. So do insurance company CIOs. They hate ambiguity so much,

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they would rather leave returns on the table for the rest of their careers rather than touch an

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asset that their compliance team cannot describe in a single sentence. But now Bitcoin can be

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described in a single sentence because, you know, we could now say that it is the principal asset

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of a regulated ETF that the federal government has explicitly carved out of the speculative bucket.

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That sentence could unlock more institutional capital than any marketing campaign could ever

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generate. The downstream effect is that Bitcoin becomes the default base asset for everything

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that touches a fiduciary. RIAs get a green light to buy Bitcoin. Pension boards get an

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answer for the agenda item that has been getting deferred since 2021 The corporate treasury teams out there they get a hedging instrument if they want one that survived the regulatory gauntlet The banks could get an asset that they can custody without filing six

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different memos, especially as we could potentially get an updated Basel framework by the end of this

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year. And every other crypto project is just starting a years-long game of legal twister,

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hoping that when the music stops, their foot is on a square-colored commodity and not on a square

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colored unregistered securities offering.

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Bitcoin is officially already off the mat,

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drinking water and watching the game.

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Well, Strategy made news last week

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when during a earnings call,

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Michael Saylor announced

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that they would consider selling Bitcoin in the future.

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So let's take a look at this

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because we've had some follow-up time.

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They've gone around.

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They've done a press tour.

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When I say they, I mean Michael and the CEO of StrategyFung Lee.

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They've gone around.

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They've answered questions about this.

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And I've gotten some of the choice audio to try to put it all into perspective to figure out what's going on.

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How did we get here?

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What is really the deal?

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They manage holdings to maximize the value of its Bitcoin per share.

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The stock is up.

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It's up 4% today and on pace for its fifth positive week in a row, although it's about 60% below its 52-week high from July of last year.

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Let's bring in an exclusive interview, Fong Lee. He is the CEO of Strategy.

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Fong, it's great to have you back here. Welcome.

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Thanks for having me again.

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00:29:11,658 --> 00:29:19,578
And describe, in your words, this change in strategy from never selling Bitcoin to managing the Bitcoin, what is it, price per share?

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Bitcoin per share, yeah.

393
00:29:21,758 --> 00:29:25,158
Okay, thank you. What is the philosophy behind this?

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change? The biggest change that's happened to the company, and I would argue to Bitcoin and perhaps

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the financial markets in the last year, has been the advent of digital credit, which is stretch.

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We've raised eight and a half billion dollars in 10 months. And with that, we look at optionality,

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we look at our strategy, and we say, now, let's look at the Bitcoin and see if it can provide us

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value from time to time to sell it. And ultimately, I believe in math over ideology. And at the point

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where selling Bitcoin versus selling equity to pay a dividend is better for our Bitcoin per share

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and for our common shareholders, we'll do it. So strategy, I'm sorry, stretch is a perpetual

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preferred stock within. All right, I'll stop here. I don't need to hear stretch explained five times.

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I just don't really care. A sailor, though, was the never sell your Bitcoin guy like that was his

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brand. So how do we get here? But if I was being more precise, I'd say never be a net seller of

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Bitcoin. It just wouldn't have been so viral or so catchy to say never be a net seller of Bitcoin.

405
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Wait, wait. Now you're saying, I felt this way. Is he saying, it sounds like he's implying,

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I felt this way all the time. I just didn't want to nuance it. I wanted something viral.

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I think that in these periods, even if we were to sell one Bitcoin, we'd be buying 10 to 20 more

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Bitcoin. So you're really talking about a situation where we buy 10 Bitcoin, sell one Bitcoin,

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buy nine net Bitcoin and continue to accrete Bitcoin. It should be a non-issue after people

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understand it. But right now, it's a colorful area of commentary. Is it possible for you to

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00:30:59,158 --> 00:31:06,358
comment? How do you sell on Bitcoin and buy 10? Yeah. So the number one Bitcoin accretion engine

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is Stretch. We sold $3.2 billion of STRC in April. So we bought $3.2 billion of Bitcoin.

413
00:31:14,498 --> 00:31:22,818
the dividend is about 80 to 90 million so in the month when we're raising 3 billion where we need

414
00:31:22,818 --> 00:31:30,418
to come up with uh 80 or 90 million dollars to pay the dividend so you would be in essence you

415
00:31:30,418 --> 00:31:36,278
would be buying 30 bitcoin selling one bitcoin right it doesn't really i mean god this guy for

416
00:31:36,278 --> 00:31:40,418
for somebody who owns so much bitcoin he really is such a fiat head too at the same time but i

417
00:31:40,418 --> 00:31:46,798
What I do think is good here is he said in another interview that it kind of inoculates the market.

418
00:31:47,738 --> 00:31:50,818
If we never can sell our Bitcoin, then it essentially has no price.

419
00:31:51,178 --> 00:31:55,878
But also it sort of tames some of the Ponzi scheme claims.

420
00:31:56,298 --> 00:32:02,698
But one has to wonder, like, why borrow the money to buy the Bitcoin just to sell the Bitcoin to pay the interest dividend?

421
00:32:03,118 --> 00:32:05,998
Like, it seems it seems a little loopy.

422
00:32:06,118 --> 00:32:07,018
It seems a little loopy.

423
00:32:07,018 --> 00:32:12,838
And then, of course, the other concern would be, well, if they start selling, isn't that going to crash the price?

424
00:32:13,098 --> 00:32:15,198
Because it's the only thing holding the price up.

425
00:32:15,598 --> 00:32:20,298
In terms of leading up to the earnings call and then knowing that, I think anyone that's been observing the stock,

426
00:32:20,458 --> 00:32:24,698
that selling Bitcoin is something that probably could have happened, would have happened eventually.

427
00:32:25,398 --> 00:32:32,238
But announcing it, were you surprised how well, one, Bitcoin's held up and two, the common stock's held up?

428
00:32:32,238 --> 00:32:38,178
I didn't expect Bitcoin to, you know, the price of Bitcoin to change at all on that announcement.

429
00:32:38,178 --> 00:32:52,198
You know, the truth is, if we were to fund all of our dividends exclusively by selling Bitcoin over the next year, we would buy 21 Bitcoin for every one Bitcoin we sold.

430
00:32:52,958 --> 00:32:57,478
And so it's no different than buying 20 Bitcoin.

431
00:32:57,918 --> 00:32:59,198
Well, it's a little different.

432
00:32:59,838 --> 00:33:00,978
And selling no Bitcoin.

433
00:33:00,978 --> 00:33:03,118
Well, no, I'd say it's a little bit different, actually.

434
00:33:03,158 --> 00:33:05,318
And 21 Bitcoin and selling one Bitcoin.

435
00:33:05,638 --> 00:33:09,698
So it's kind of a big nothing burger from an economic point of view.

436
00:33:09,998 --> 00:33:16,818
And then from a market point of view, the Bitcoin market has somewhere between 20 and

437
00:33:16,818 --> 00:33:18,818
$50 billion of liquidity a day.

438
00:33:19,678 --> 00:33:29,078
And if we were to fund all of our dividends with Bitcoin, you would be talking about $3

439
00:33:29,078 --> 00:33:29,978
million.

440
00:33:30,978 --> 00:33:36,898
It would be divide three into 50,000, right?

441
00:33:37,178 --> 00:33:44,798
If you can do the math in your head of what is three 50,000th of the market, it's not measurable.

442
00:33:44,998 --> 00:33:45,698
It's immeasurable.

443
00:33:46,358 --> 00:33:48,418
So it's really inconsequential.

444
00:33:48,778 --> 00:33:52,258
The whole reason we're confident about Bitcoin is because it's a global market.

445
00:33:53,078 --> 00:33:57,518
We have announced we're going to buy 42 billion of Bitcoin.

446
00:33:57,518 --> 00:33:58,378
The market goes nowhere.

447
00:33:58,378 --> 00:34:04,798
we have literally bought 200 million an hour the market does not the price does not move up

448
00:34:04,798 --> 00:34:10,278
we have stopped buying we have bought 200 million an hour for four hours and turn it off

449
00:34:10,278 --> 00:34:17,218
and the price trades up you know and and so the truth is the market has its own dynamic

450
00:34:17,218 --> 00:34:23,838
and we are a part of it but we're definitely not driving the price it's really more driven by

451
00:34:23,838 --> 00:34:28,138
macroeconomics i think so i think that's fair yeah i actually do think that is fair

452
00:34:28,138 --> 00:34:34,479
and you know if they sell some bitcoin so be it i guess it is still it is a change and to try to

453
00:34:34,479 --> 00:34:38,178
play it off as it's not as one thing but i have a suspicion we're going to talk more about that

454
00:34:38,178 --> 00:34:41,258
in the booths and i still want to hear what you think about this change from sailor

455
00:34:41,258 --> 00:34:48,919
but lynn alden was making the rounds and she thinks the bottom for bitcoin is in or at least as

456
00:34:48,919 --> 00:34:53,498
lynn puts it it's her base case that we're probably near the bottom for bitcoin right now

457
00:34:53,498 --> 00:34:54,939
Fast money is already out.

458
00:34:55,138 --> 00:34:56,358
So you get seller exhaustion.

459
00:34:56,939 --> 00:34:59,538
Sorry, the clip starts with fast money already being out.

460
00:34:59,898 --> 00:35:00,858
Take a listen to the clip.

461
00:35:01,278 --> 00:35:02,439
Tell me what you think here.

462
00:35:02,598 --> 00:35:06,198
She's kind of talking about some dynamics that might suggest that for the most part,

463
00:35:06,318 --> 00:35:08,318
we've probably seen the low of Bitcoin.

464
00:35:08,818 --> 00:35:12,058
Now, whether it's already entirely out yet, still is an open question.

465
00:35:12,338 --> 00:35:15,018
It's like my base case at the bottom is in, but it might not be.

466
00:35:15,378 --> 00:35:17,838
But at least a lot of the fast capital is already out.

467
00:35:18,439 --> 00:35:22,098
We've seen kind of coins rotate to more strongly held hands.

468
00:35:22,098 --> 00:35:25,998
I think that's a really important kind of factor in kind of building the next base.

469
00:35:26,658 --> 00:35:29,158
And then two, changes in liquidity, right?

470
00:35:29,238 --> 00:35:33,758
So if you don't have energy shocks that are causing liquidity shortages and potentially

471
00:35:33,758 --> 00:35:38,198
forcing entities to degross positions from a trading perspective, then that starts alleviating

472
00:35:38,198 --> 00:35:38,558
Bitcoin.

473
00:35:39,318 --> 00:35:45,838
If you see governments do energy stimmy checks, for example, and just kind of like money supply

474
00:35:45,838 --> 00:35:50,898
starts accelerating in various capacities, that can find its way into scarcer assets.

475
00:35:50,898 --> 00:35:55,058
You can find that's what the gold enthusiasts are looking for.

476
00:35:55,158 --> 00:35:56,618
That's what the Bitcoin enthusiasts are for.

477
00:35:56,758 --> 00:36:02,578
That's why some people are willing to hold really top-tier stocks, even at kind of inflated valuations.

478
00:36:03,078 --> 00:36:06,118
Because they say, well, I'm not going to bet against the money printer.

479
00:36:06,518 --> 00:36:11,338
So I want to own the scarcest things, even if occasionally they're richly priced.

480
00:36:11,878 --> 00:36:15,138
And the good news about Bitcoin is that it's not really richly priced at the moment.

481
00:36:16,058 --> 00:36:19,718
The lever you have pulled breaks is not in service.

482
00:36:20,118 --> 00:36:21,198
Please make a note of it.

483
00:36:21,258 --> 00:36:22,038
So what do you think?

484
00:36:22,138 --> 00:36:22,738
Are we at the bottom?

485
00:36:23,738 --> 00:36:28,459
This is a rare circumstance where my gut deviates with Lynn here.

486
00:36:29,198 --> 00:36:33,158
I think we could slide through the summer, possibly, into the fall.

487
00:36:33,558 --> 00:36:38,318
And I think it really will come down to the Fed stuff and the Iran stuff.

488
00:36:38,738 --> 00:36:42,959
If the new Fed chair lowers rates, I think it's off to the races.

489
00:36:43,598 --> 00:36:48,538
But with the inflation pressures and the wanting to prove the Fed's still independent, we could see them punt.

490
00:36:48,538 --> 00:36:52,278
And it's also we could still have J-PAL on the board.

491
00:36:52,378 --> 00:36:53,439
He could be voting against it.

492
00:36:53,479 --> 00:36:54,238
He could be dissenting.

493
00:36:54,479 --> 00:36:55,479
There could be all these things.

494
00:36:55,598 --> 00:37:02,398
Those dynamics are going to play into Bitcoin and also how long the situation continues to put pressure on the economy with Iran.

495
00:37:03,078 --> 00:37:07,198
But if those clear up, well, I guess I could see it turning around.

496
00:37:07,479 --> 00:37:09,858
It would be unusual to have a hot summer, but I'd take it.

497
00:37:09,898 --> 00:37:10,979
I'd take a hot Bitcoin summer.

498
00:37:10,979 --> 00:37:16,398
So boost in and let me know if you think we're going to have a hot Bitcoin summer or is it going to be a Bitcoin fall?

499
00:37:18,538 --> 00:37:39,658
you can support the show by doing what you do if you want to buy sats on river one of the best ways

500
00:37:39,658 --> 00:37:44,538
to stack sats in the u.s use my link in the show notes if you're in canada or if you're in the usa

501
00:37:44,538 --> 00:37:45,818
then the Bitcoin Wells

502
00:37:45,818 --> 00:37:46,898
is an amazing automatic

503
00:37:46,898 --> 00:37:48,398
self-custody Bitcoin platform.

504
00:37:48,778 --> 00:37:49,598
They don't host a wallet.

505
00:37:49,738 --> 00:37:50,558
It's all yours.

506
00:37:50,999 --> 00:37:52,178
If you want to spend your sats,

507
00:37:52,278 --> 00:37:52,999
the Bitcoin company

508
00:37:52,999 --> 00:37:54,078
lets you go from sats

509
00:37:54,078 --> 00:37:56,798
to gift card over lightning

510
00:37:56,798 --> 00:37:58,479
in like, I would say

511
00:37:58,479 --> 00:37:59,919
realistically like 20 seconds.

512
00:38:00,118 --> 00:38:00,718
It's amazing.

513
00:38:01,038 --> 00:38:02,518
And you can just sign in

514
00:38:02,518 --> 00:38:03,419
with your lightning credentials.

515
00:38:03,538 --> 00:38:03,979
You don't have to create

516
00:38:03,979 --> 00:38:04,618
a special account.

517
00:38:04,718 --> 00:38:05,618
That's super powerful.

518
00:38:06,218 --> 00:38:07,238
It works on mobile,

519
00:38:07,378 --> 00:38:08,038
works on the desktop.

520
00:38:08,198 --> 00:38:09,718
I love the Bitcoin company.

521
00:38:10,278 --> 00:38:10,999
Now, Foldcard

522
00:38:10,999 --> 00:38:11,878
with their new credit card

523
00:38:11,878 --> 00:38:12,358
and all of that.

524
00:38:12,419 --> 00:38:13,398
You want to earn sats

525
00:38:13,398 --> 00:38:18,278
as you pay your bills, you buy your day-to-day stuff, whatnot, Fold, go check out Fold in the

526
00:38:18,278 --> 00:38:23,459
show notes. If you want to get access to your Bitcoin liquidity without actually selling your

527
00:38:23,459 --> 00:38:29,718
Bitcoin, check out Salt Lending. Great rates, great minimums, and they have a liquidation

528
00:38:29,718 --> 00:38:33,698
protection system that I think is pretty good. So you can support the show just by doing what you do

529
00:38:33,698 --> 00:38:43,298
by using the links in the show notes. But it is time for some boosts. And

530
00:38:43,298 --> 00:38:48,138
Thank you, everybody who supports the show by sending in a boost using a podcasting 2.0 app.

531
00:38:49,658 --> 00:38:52,838
And now it is time for the boost.

532
00:38:53,198 --> 00:38:59,298
And our baller booster this week is VCP with 100,000 sats.

533
00:38:59,298 --> 00:39:00,798
Hey, rich lobster!

534
00:39:02,658 --> 00:39:04,878
You're the best around

535
00:39:04,878 --> 00:39:07,698
Nothing's gonna ever keep you down

536
00:39:07,698 --> 00:39:09,858
You're the best around

537
00:39:09,858 --> 00:39:11,459
Looking hard

538
00:39:11,459 --> 00:39:16,198
VCP writes, Chris, Twib is my only podcast every week.

539
00:39:16,358 --> 00:39:20,578
Come to a podcast episode on my show, Farmers, Ranchers, Geneticists, Seed Salesmen.

540
00:39:20,798 --> 00:39:24,578
They will love your insights, and their pump is primed for Bitcoin.

541
00:39:25,138 --> 00:39:25,698
Okay.

542
00:39:26,118 --> 00:39:28,238
Wow, VCP, that is such a generous offer.

543
00:39:28,238 --> 00:39:29,198
All right.

544
00:39:29,298 --> 00:39:35,518
I would like to. Thursdays and Fridays are probably going to be my best days by my holdup right now, but this should be fixed soon.

545
00:39:36,198 --> 00:39:37,919
Because I've torn down my home recording setup.

546
00:39:38,358 --> 00:39:45,398
So that way, all the stuff I had to move, so that way I could have baby chickens in the RV, got put where my home recording setup is, right?

547
00:39:45,419 --> 00:39:48,158
So I'd like move in an RV, you just move crap around constantly.

548
00:39:48,558 --> 00:39:56,439
And I have eight baby chickens living in my 38-foot Class A RV.

549
00:39:56,439 --> 00:40:01,118
And so their coop is almost done, should be done this weekend or early next week.

550
00:40:01,138 --> 00:40:03,258
And then I'm going to get them out and I'll get my stuff set up.

551
00:40:03,358 --> 00:40:06,598
And then Thursday or Friday when I'm at home, yeah, I'd be down.

552
00:40:06,919 --> 00:40:08,198
Let's talk more.

553
00:40:08,459 --> 00:40:10,158
Thank you for that very generous boost, too.

554
00:40:10,258 --> 00:40:12,278
I really, you made the episode this week.

555
00:40:12,378 --> 00:40:13,979
I think you saved the episode this week.

556
00:40:14,018 --> 00:40:15,198
And I wanted to stop for a second.

557
00:40:15,979 --> 00:40:17,078
It just takes one person.

558
00:40:17,919 --> 00:40:20,198
I think about the tens of thousands of people that will get to listen to this,

559
00:40:20,378 --> 00:40:22,238
or even if it's just 100 people, right?

560
00:40:22,238 --> 00:40:27,178
but it just takes one person to make it an episode that crosses the threshold.

561
00:40:27,358 --> 00:40:29,598
So that way it's valuable for my time as well.

562
00:40:29,959 --> 00:40:31,098
So thank you very much.

563
00:40:31,278 --> 00:40:33,358
Appreciate that, VCP, for being that one person.

564
00:40:33,919 --> 00:40:38,058
Now, still in the baller category this week, it's our buddy, producer Jeff,

565
00:40:38,178 --> 00:40:41,138
who's coming in with 22,222 sats.

566
00:40:41,238 --> 00:40:43,398
Things are looking up for all but duck.

567
00:40:43,479 --> 00:40:45,758
11,111 of those for our artist.

568
00:40:45,878 --> 00:40:47,558
He sent a boost to the track this week.

569
00:40:47,898 --> 00:40:50,999
He says, I hope you clip the Just Close the Effing Door.

570
00:40:51,499 --> 00:40:52,278
I love that clip.

571
00:40:52,278 --> 00:40:58,318
As for selling Bitcoin, if it's a store of value, that value must be transferred to be worth something else.

572
00:40:58,678 --> 00:41:03,238
Selling it for USD for its utility makes the most sense for an American and its computer.

573
00:41:03,878 --> 00:41:08,038
We can hold and save forever, but what's the point if we never use that stored value?

574
00:41:08,398 --> 00:41:11,358
Yeah, well, I think there is a bit of proving it to the market.

575
00:41:11,479 --> 00:41:14,638
I don't necessarily totally agree with the sentiment because I don't want to sell.

576
00:41:14,718 --> 00:41:15,338
I probably will.

577
00:41:15,939 --> 00:41:19,598
I've actually come to the realization I may have to sell some this year just to cover expenses,

578
00:41:19,598 --> 00:41:21,758
which I really never want to do

579
00:41:21,758 --> 00:41:24,078
just simply because the line of credit products

580
00:41:24,078 --> 00:41:36,317
are not there yet But I think in another year the line of credit products are so good They so good Right now you know miners and people with large stacks are taking advantage of them

581
00:41:37,037 --> 00:41:40,238
But if, you know, if I wasn't in Washington, I don't know if it's available in California either,

582
00:41:40,317 --> 00:41:44,357
PJ, but, you know, you open up the Strike app, you transfer your Bitcoin over Lightning,

583
00:41:44,977 --> 00:41:49,938
and then you tap a button in there and you get a line of credit, and they only charge you for

584
00:41:49,938 --> 00:41:55,317
what you use. And there's other companies out there that are working around this, but Strike

585
00:41:55,317 --> 00:41:59,057
is the one that offers like the most institutional rails where you actually get cash you can put in

586
00:41:59,057 --> 00:42:04,198
a checking account. A lot of the other systems are like stable coins or whatnot. The line of credit

587
00:42:04,198 --> 00:42:07,718
thing is extremely, extremely useful. But you're right, there has to be somebody that's willing,

588
00:42:07,918 --> 00:42:10,277
well, and that's what you see on the exchanges, right? I mean, that's what sets the price. People

589
00:42:10,277 --> 00:42:14,977
are buying and selling it. But it'd be ideal if it wasn't just on an exchange traded asset.

590
00:42:14,977 --> 00:42:22,718
And so, you know, over the years, I've managed to use that as a justification to sell more Bitcoin than I will ever huddle for the rest of my life.

591
00:42:24,557 --> 00:42:27,077
So I probably will end up selling a bit this year, too.

592
00:42:27,657 --> 00:42:29,518
Thank you, PJ. Nice to hear from you.

593
00:42:29,718 --> 00:42:32,317
Bobby Pins here with 21,000 sats.

594
00:42:34,837 --> 00:42:41,877
I saw some people mention that Bitcoin, that Bitcoin we can have with Bitcoin, we can have a Star Trek future instead of a Star Wars future.

595
00:42:41,877 --> 00:42:47,438
As the biggest Star Trek fan I know of, what are some episodes, series, or movies I should watch to understand what Star Trek posts scarcity utopia?

596
00:42:48,018 --> 00:42:49,777
And do you think this is a good analogy for Bitcoin?

597
00:42:50,918 --> 00:42:51,537
Great question.

598
00:42:51,698 --> 00:42:52,957
So there's a couple of ways to look at this.

599
00:42:53,018 --> 00:42:58,877
You could say that Star Trek is a socialist future, but I like to look at Star Trek as an optimistic future.

600
00:42:59,577 --> 00:43:05,238
And so within Starfleet and the Federation of Planets, they don't necessarily use currency to exchange goods.

601
00:43:05,758 --> 00:43:08,357
However, outside of that, there is absolutely currency.

602
00:43:08,518 --> 00:43:09,418
I mean, look at the Ferengi.

603
00:43:09,418 --> 00:43:11,377
The Ferengi use something called latinum.

604
00:43:11,377 --> 00:43:15,498
And a lot of other species, including humans, also use latinum when they need to trade.

605
00:43:15,837 --> 00:43:16,738
So there's latinum.

606
00:43:17,498 --> 00:43:25,498
Now, the Star Trek writers in the 80s and the 90s, you know, they didn't conceive of a digital currency that could be galactically peer to peer.

607
00:43:25,898 --> 00:43:26,537
You know what I mean?

608
00:43:27,657 --> 00:43:29,198
They didn't think of Bitcoin.

609
00:43:29,938 --> 00:43:31,557
So they wanted a gold equivalent.

610
00:43:31,677 --> 00:43:32,457
They came up with latinum.

611
00:43:33,037 --> 00:43:35,077
There is a book on the economics of Star Trek.

612
00:43:35,218 --> 00:43:38,898
But the reality is they never really fully pin it down.

613
00:43:38,898 --> 00:43:42,218
In Star Trek 4, Kirk says they don't have money in the future.

614
00:43:42,657 --> 00:43:45,177
And in First Contact, Picard says something similar.

615
00:43:45,297 --> 00:43:46,977
And there's references throughout the episodes.

616
00:43:47,357 --> 00:43:50,777
But then, of course, there's also episodes where they're clearly spending money and doing trade.

617
00:43:51,698 --> 00:43:54,637
And they also, in the original series, sometimes refer to the credit system.

618
00:43:54,758 --> 00:43:57,518
So Star Trek is actually not particularly consistent.

619
00:43:58,018 --> 00:44:02,677
But the general economic theory I would attribute to Star Trek would be energy abundance

620
00:44:02,677 --> 00:44:07,998
with some kind of scarce thing that people can trade for the species that need that.

621
00:44:07,998 --> 00:44:10,457
and people don't work for money

622
00:44:10,457 --> 00:44:11,998
because you can just replicate anything.

623
00:44:12,258 --> 00:44:13,297
They work for fulfillment.

624
00:44:13,957 --> 00:44:14,918
That's how I would describe

625
00:44:14,918 --> 00:44:16,777
sort of the Star Trek economy

626
00:44:16,777 --> 00:44:17,837
to the best I could,

627
00:44:18,438 --> 00:44:19,617
you know, having watched every single show

628
00:44:19,617 --> 00:44:21,457
that's ever been aired multiple times

629
00:44:21,457 --> 00:44:22,117
except for the new Trek.

630
00:44:22,297 --> 00:44:22,898
I've watched it,

631
00:44:22,957 --> 00:44:23,977
but I haven't watched it multiple times.

632
00:44:24,498 --> 00:44:26,097
Hope that was satisfactory enough, Bobby Pinn.

633
00:44:26,198 --> 00:44:27,438
Thanks for the question.

634
00:44:27,957 --> 00:44:29,137
Sorry to everybody else.

635
00:44:30,657 --> 00:44:33,277
Chip Seeker's here with 3,000 sats.

636
00:44:33,377 --> 00:44:34,297
I like you.

637
00:44:34,617 --> 00:44:35,657
You're a hot ticket.

638
00:44:35,758 --> 00:44:36,057
Thank you.

639
00:44:36,057 --> 00:44:38,637
He sent those 3,000 sats to our song artist.

640
00:44:38,738 --> 00:44:39,477
Thank you for doing that.

641
00:44:39,557 --> 00:44:40,258
I appreciate that.

642
00:44:40,718 --> 00:44:43,258
Paranoid Coder's here with 4,000 sats.

643
00:44:43,337 --> 00:44:46,177
I don't understand what the heck is going on here.

644
00:44:46,317 --> 00:44:47,738
Still boosting from Pocket Cast.

645
00:44:47,857 --> 00:44:49,177
Also wanted to mention, what?

646
00:44:49,337 --> 00:44:50,177
How is that possible?

647
00:44:50,418 --> 00:44:50,938
It says fountain.

648
00:44:51,037 --> 00:44:51,837
What are you talking about?

649
00:44:52,337 --> 00:44:57,998
Also wanted to mention that I've been digging into the Spark SDK by building my own wallet for fun.

650
00:44:58,077 --> 00:45:03,377
And I realized the lightning invoices created by the Spark SDK can optionally embed a Spark invoice into a QR code as well.

651
00:45:03,797 --> 00:45:05,857
This allows wallets, like the wallet of Satoshi,

652
00:45:06,018 --> 00:45:08,817
to use only the Spark network bypassing the lightning swap

653
00:45:08,817 --> 00:45:10,337
without the user ever knowing,

654
00:45:10,498 --> 00:45:11,577
which I thought was pretty useful

655
00:45:11,577 --> 00:45:14,258
and a way to seamlessly promote adoption of this technology.

656
00:45:15,018 --> 00:45:15,938
Yeah, that is kind of neat.

657
00:45:15,998 --> 00:45:17,977
And good for you getting into the Breeze.

658
00:45:18,117 --> 00:45:18,998
Oh, the Spark SDK.

659
00:45:19,398 --> 00:45:20,518
The Spark SDK is interesting.

660
00:45:20,637 --> 00:45:22,718
So is the Breeze SDK if you want just pure lightning.

661
00:45:23,357 --> 00:45:24,218
Thank you for that boost.

662
00:45:24,317 --> 00:45:24,957
Appreciate it.

663
00:45:25,037 --> 00:45:26,037
And great update.

664
00:45:26,637 --> 00:45:29,457
OB is here with 16,000 cents.

665
00:45:33,377 --> 00:45:38,777
Aha! He was loving the close the effing door clip as well.

666
00:45:38,877 --> 00:45:40,518
I know. It is so good.

667
00:45:41,157 --> 00:45:43,398
It's so practical, too. Like, just close the door.

668
00:45:44,137 --> 00:45:45,038
Why are we letting them in here?

669
00:45:45,597 --> 00:45:46,518
Just close the door.

670
00:45:47,898 --> 00:45:48,617
Thanks, Opie.

671
00:45:49,097 --> 00:45:50,518
Gene Bean's here with a row of ducks.

672
00:45:51,797 --> 00:45:53,718
Keep up the good work. Well, thank you, Gene.

673
00:45:53,817 --> 00:45:55,457
Nice to hear from you. Thanks for the check-in.

674
00:45:56,177 --> 00:45:57,977
I always appreciate that. Thanks for the value.

675
00:45:58,337 --> 00:46:00,218
Hello there's here with a row of ducks as well.

676
00:46:01,117 --> 00:46:02,957
No message, just value.

677
00:46:03,377 --> 00:46:13,718
Your inner third child comes in with 12,533 sats.

678
00:46:13,837 --> 00:46:14,817
Fun will now commence.

679
00:46:15,718 --> 00:46:16,677
This is the way.

680
00:46:16,757 --> 00:46:18,357
It's been a while since one's got me like that.

681
00:46:18,718 --> 00:46:20,038
A journey to get enough sats on here.

682
00:46:20,077 --> 00:46:20,677
Hey, well done.

683
00:46:20,857 --> 00:46:23,257
River for the win, as well as the Bitcoin ATMs,

684
00:46:23,357 --> 00:46:25,218
charge $9 for the conversion.

685
00:46:26,297 --> 00:46:27,277
One, two, three, three.

686
00:46:27,357 --> 00:46:29,297
I hope you can get the Monty Python holy,

687
00:46:29,617 --> 00:46:31,538
oh, holy grenade clip for this number.

688
00:46:31,538 --> 00:46:33,477
Sorry, man, I just saw this just now.

689
00:46:34,198 --> 00:46:35,277
That's what happens when I'm running late.

690
00:46:35,998 --> 00:46:38,938
I'm running two hours behind this week, so I did not read these ahead of time.

691
00:46:39,477 --> 00:46:41,277
Two hours, you guys, two hours.

692
00:46:44,757 --> 00:46:45,718
Sorry about that.

693
00:46:46,097 --> 00:46:49,457
He says, could we maybe use a microgram price as the current system?

694
00:46:49,557 --> 00:46:50,957
It would be even crazier for the Bitcoin number,

695
00:46:51,038 --> 00:46:55,377
the way people can see the inflated United States dollar

696
00:46:55,377 --> 00:46:57,097
has become and the real power of the sat.

697
00:46:57,498 --> 00:46:59,757
You know what I do is I do sats per dollar.

698
00:47:00,398 --> 00:47:01,277
That's my number.

699
00:47:01,277 --> 00:47:04,597
And right now we're at 1,256 sats to $1.

700
00:47:05,357 --> 00:47:08,357
And now that comes up and down for a little while.

701
00:47:08,438 --> 00:47:09,257
We were below 1,000.

702
00:47:09,577 --> 00:47:12,617
But to watch that over a five-year period is remarkable.

703
00:47:12,857 --> 00:47:14,097
And that really showed my wife.

704
00:47:14,657 --> 00:47:19,117
My wife had the insight like a year or two ago to put that widget on her phone.

705
00:47:19,617 --> 00:47:21,297
She doesn't watch the Bitcoin price exactly.

706
00:47:21,738 --> 00:47:23,137
She watches the sats per dollar.

707
00:47:23,777 --> 00:47:30,377
And she noticed just how over time it was less sats for a dollar.

708
00:47:30,377 --> 00:47:32,418
It's, I think, a powerful one.

709
00:47:32,677 --> 00:47:33,297
Thank you for the boost.

710
00:47:33,698 --> 00:47:34,657
Appreciate you, third child.

711
00:47:35,038 --> 00:47:36,477
Ace Ackerman's here with Arodox.

712
00:47:38,097 --> 00:47:41,398
Sailor's change of heart makes sense, but it's annoying.

713
00:47:41,998 --> 00:47:44,918
Maybe the success of Strike has changed his perspective or strategy.

714
00:47:45,297 --> 00:47:45,918
And the Fed now.

715
00:47:46,518 --> 00:47:47,498
Get it in there, Ace.

716
00:47:48,097 --> 00:47:48,898
Yeah, I think so.

717
00:47:48,938 --> 00:47:52,518
He's also really in on the DeFi stuff that's being built around his products.

718
00:47:52,738 --> 00:47:56,238
So he has a much, much, much softer tone now about crypto.

719
00:47:56,677 --> 00:47:59,238
There is no longer no second best coming out of that guy's mouth.

720
00:47:59,238 --> 00:48:00,957
But people didn't really notice that either.

721
00:48:01,337 --> 00:48:02,457
It is what it is.

722
00:48:03,477 --> 00:48:04,877
You know, he's in a finance.

723
00:48:04,977 --> 00:48:06,418
He's a financialization guy.

724
00:48:06,657 --> 00:48:07,577
That's what he likes.

725
00:48:07,898 --> 00:48:08,957
I'm a Bitcoin guy.

726
00:48:09,377 --> 00:48:10,377
There's a difference there.

727
00:48:10,718 --> 00:48:11,477
Thank you for the boost.

728
00:48:12,057 --> 00:48:12,757
Appreciate you.

729
00:48:13,557 --> 00:48:15,977
Chuck Runamuck is here with a Spaceballs boost.

730
00:48:16,077 --> 00:48:17,337
One, two, three, four, five sats.

731
00:48:17,477 --> 00:48:21,557
So the combination is one, two, three, four, five.

732
00:48:21,677 --> 00:48:21,957
Yes.

733
00:48:22,077 --> 00:48:22,677
That's amazing.

734
00:48:22,777 --> 00:48:24,457
I've got the same combination on my luggage.

735
00:48:25,117 --> 00:48:27,097
He says news versus tech.

736
00:48:27,097 --> 00:48:31,898
As long as a longtime JB fan, my interest in Bitcoin is likely your fault.

737
00:48:31,977 --> 00:48:34,317
Plan B, last JB, has always been about the tech.

738
00:48:34,817 --> 00:48:38,077
All this news politics is relevant, and you have a great take on it, but I enjoy the Bitcoin

739
00:48:38,077 --> 00:48:39,057
tech rabbit hole a lot.

740
00:48:39,477 --> 00:48:40,938
One vote for a little more tech talk.

741
00:48:41,377 --> 00:48:43,018
I know tutorial probably isn't top twib.

742
00:48:43,137 --> 00:48:44,757
What makes an address of quantum proof?

743
00:48:44,857 --> 00:48:46,757
Latest mining tech, funny gentry trading bots.

744
00:48:47,377 --> 00:48:50,317
Be fair, news is important, but take 20% more tech.

745
00:48:50,777 --> 00:48:55,038
See, the issue there is I don't make the news, right?

746
00:48:55,357 --> 00:48:56,597
And I don't make the audio clips.

747
00:48:56,957 --> 00:49:00,777
So I do bias towards stories that have audio I can play because this is an audio medium.

748
00:49:01,677 --> 00:49:05,257
And in fact, the longest segment without a clip is the boost.

749
00:49:05,977 --> 00:49:09,657
If you think about it, this is the longest the show goes without audio playing.

750
00:49:10,097 --> 00:49:12,157
So that is a particular production challenge.

751
00:49:12,238 --> 00:49:13,238
That doesn't mean I can't do it.

752
00:49:13,518 --> 00:49:19,137
But again, the further I stray from the format, the less I'm actually delivering on the expectations of what people want.

753
00:49:19,418 --> 00:49:24,238
And I may not be the best person to give you agentic trading bot advice, right?

754
00:49:24,277 --> 00:49:25,837
I've tried it very little.

755
00:49:26,597 --> 00:49:30,617
My focus is more on just buying and stacking Bitcoin, not trading it.

756
00:49:31,057 --> 00:49:32,938
As far as what makes it quantum proof, right?

757
00:49:33,218 --> 00:49:35,757
Well, we actually were going to get into that today, but I cut it.

758
00:49:37,297 --> 00:49:38,418
I may play it.

759
00:49:39,577 --> 00:49:40,698
I may play it for you.

760
00:49:41,297 --> 00:49:44,097
I just thought it was a very, very long clip.

761
00:49:44,218 --> 00:49:44,977
But it is interesting.

762
00:49:45,077 --> 00:49:45,957
So maybe I'll change my mind.

763
00:49:46,357 --> 00:49:49,038
It kind of depends on also what's breaking, right?

764
00:49:49,038 --> 00:49:53,498
Because if there's something developing, and this is where you have to be willing to stick with me for a while.

765
00:49:53,498 --> 00:50:08,938
And I think this is maybe something that I kind of get screwed on a lot is people have so little faith in podcasts and podcasters that people have limited time and attention and they don't maybe know why something should be interesting when they first start hearing about it.

766
00:50:09,018 --> 00:50:10,998
So they are biased against it.

767
00:50:11,317 --> 00:50:21,938
But, you know, if people stick with me for a while, Chuck, if they listen to a couple of months of episodes, you start to see a tapestry that gets connected.

768
00:50:21,938 --> 00:50:41,957
And I think this is even more evident if you go back and say you listen to the last 10 episodes to today. There is a tapestry that develops that we're continuing to talk about and revisit, building kind of a what happened during this time catalog, a time capsule of the events that will inevitably lead to wherever Bitcoin gets. But we're still telling that story.

769
00:50:41,957 --> 00:50:49,257
But there are just like any long arc, there are periods of time where we talk about inflation a lot or the Clarity Act.

770
00:50:49,337 --> 00:50:52,718
But in a few months, we won't be talking about the Clarity Act.

771
00:50:52,938 --> 00:50:56,297
Well, little side, the Clarity Act stuff is going to be going on forever.

772
00:50:56,738 --> 00:50:57,777
It's going to go on for months.

773
00:50:57,957 --> 00:51:02,877
And then even once it passes, it's going to be in rulemaking for years, especially if the Democrats win the midterms.

774
00:51:02,918 --> 00:51:06,157
They're just going to slow it down in rulemaking like they do other things that pass.

775
00:51:06,238 --> 00:51:07,177
Like that's normal.

776
00:51:07,317 --> 00:51:08,177
That's part of the process.

777
00:51:08,177 --> 00:51:32,518
So we'll eventually stop talking about as it just goes into the background and we'll focus on more things. But as you listen back, it builds a connective tissue of history for Bitcoin. And so I can take deviations into how to set up a node or agentic trading. But when you're listening in the back catalog, those are going to be strange odd B plots.

778
00:51:32,518 --> 00:51:36,018
It's like when Strange New Worlds does an episode where they sing or they're puppets.

779
00:51:36,577 --> 00:51:37,538
Okay, it's a one-off.

780
00:51:37,657 --> 00:51:39,817
But when you're listening back, it didn't serve the story.

781
00:51:40,257 --> 00:51:41,337
It didn't serve the plot.

782
00:51:41,657 --> 00:51:42,698
It didn't move things forward.

783
00:51:43,157 --> 00:51:44,117
So that's just something else to consider.

784
00:51:44,177 --> 00:51:44,938
But thank you for the value.

785
00:51:44,977 --> 00:51:46,518
And I always like Spaceballs Boost.

786
00:51:46,597 --> 00:51:47,257
Appreciate that.

787
00:51:47,797 --> 00:51:49,577
User 3000 is here with a row of ducks.

788
00:51:50,957 --> 00:51:51,757
Thanks for the signal.

789
00:51:51,857 --> 00:51:54,817
One of my favorite things about JB shows is that I can listen to them with my kids in the car.

790
00:51:54,817 --> 00:51:58,597
Would it be possible to avoid explicit songs or bleep clips with expletives?

791
00:51:58,918 --> 00:52:00,117
Thanks for all you do in Bitcoin.

792
00:52:00,438 --> 00:52:02,038
I've been listening for five plus years.

793
00:52:02,518 --> 00:52:04,498
Sorry about the song.

794
00:52:04,617 --> 00:52:09,218
Yeah, I will say it's a rare thing for swearing,

795
00:52:09,817 --> 00:52:11,377
but I'll try to disclose it.

796
00:52:11,477 --> 00:52:12,357
I don't know if I'll beep it

797
00:52:12,357 --> 00:52:14,877
because I don't want to beep somebody else's art, right?

798
00:52:14,977 --> 00:52:16,398
I mean, it's a real privilege

799
00:52:16,398 --> 00:52:17,957
that they even let me play it to begin with.

800
00:52:18,657 --> 00:52:21,277
I mean, that's never been a thing in podcasting before

801
00:52:21,277 --> 00:52:22,577
until we had Value for Value Music.

802
00:52:22,857 --> 00:52:23,337
It's huge.

803
00:52:23,718 --> 00:52:24,677
So I'm not going to bleep it,

804
00:52:24,738 --> 00:52:26,518
but I will try to warn you if I know about it.

805
00:52:26,617 --> 00:52:27,738
I may not have caught it.

806
00:52:27,738 --> 00:52:29,797
I do listen to the songs, but I don't,

807
00:52:29,797 --> 00:52:30,957
I'm bad with lyrics.

808
00:52:30,957 --> 00:52:32,797
So I do apologize if that happens.

809
00:52:32,857 --> 00:52:34,837
I try to keep it to a minimum as a dad myself.

810
00:52:35,538 --> 00:52:36,177
Thanks for the boost.

811
00:52:37,038 --> 00:52:40,238
EKN 394 is here with 8,000 sats.

812
00:52:40,377 --> 00:52:42,557
Oh my God, this drawer is filled with fruit loops.

813
00:52:43,398 --> 00:52:46,157
That Star Trek quote is from the original series episode Space Seed.

814
00:52:46,837 --> 00:52:48,957
Spock is, that's from, oh, of course.

815
00:52:50,198 --> 00:52:52,957
Superior ability breeds superior ambition.

816
00:52:53,837 --> 00:52:56,677
Of course, he's talking about Khan and the genetic engineering,

817
00:52:57,077 --> 00:53:00,657
which was illegal, which is what led to the wars.

818
00:53:00,957 --> 00:53:02,277
And then they had to escape.

819
00:53:02,918 --> 00:53:04,518
And then they got found by the enterprise.

820
00:53:04,877 --> 00:53:05,738
It all makes sense now.

821
00:53:06,498 --> 00:53:07,177
Thanks, E.K.N.

822
00:53:07,238 --> 00:53:07,777
Appreciate it.

823
00:53:07,938 --> 00:53:09,057
Thank you for setting me straight.

824
00:53:09,317 --> 00:53:13,837
KiwiBitcoin's back with 4,567 sats.

825
00:53:17,698 --> 00:53:19,677
Where do you find the number of nodes on the network?

826
00:53:20,277 --> 00:53:24,257
There was a great site called Bitcoin Nodes, which used to have lots of network info like this.

827
00:53:24,317 --> 00:53:27,398
Can you explain the difference between a listening node and a non-listening node?

828
00:53:27,817 --> 00:53:32,097
If the node total includes non-listening nodes, it's much higher.

829
00:53:32,198 --> 00:53:33,097
So I wanted to find out the difference.

830
00:53:33,177 --> 00:53:34,377
Okay, so there's several questions in here.

831
00:53:34,977 --> 00:53:36,757
Okay, so where do I get the node information?

832
00:53:36,857 --> 00:53:38,898
You can get it from your mempool instance.

833
00:53:38,998 --> 00:53:40,597
You can get it from Clark Moody's dashboard.

834
00:53:41,038 --> 00:53:43,198
There's multiple different dashboards to get them from.

835
00:53:43,657 --> 00:53:47,938
There will sometimes be slight differences in the numbers, so I usually default to Clark's.

836
00:53:48,077 --> 00:53:55,877
Now, okay, so the other thing is, God, there has been an obnoxious amount of a monetary node versus a non-monetary node

837
00:53:55,877 --> 00:53:58,457
and a participating node versus a non-participating node

838
00:53:58,457 --> 00:54:00,257
and a listening node versus a non-listening node.

839
00:54:00,718 --> 00:54:04,377
We're really getting into the ant effing here with this.

840
00:54:06,077 --> 00:54:07,337
I'm too old for this stuff.

841
00:54:07,877 --> 00:54:11,177
Really, just, you know, the difference is really is your node reachable?

842
00:54:11,357 --> 00:54:14,698
Can it respond to other nodes versus is your node just responding to you?

843
00:54:14,817 --> 00:54:14,918
Right?

844
00:54:14,977 --> 00:54:15,597
Think of it that way.

845
00:54:16,038 --> 00:54:18,357
The difference, like, it's monetary node versus this is no.

846
00:54:18,498 --> 00:54:19,538
This is not a thing.

847
00:54:19,718 --> 00:54:24,038
These are made-up distinctions, this monetary node versus a non-monetary node.

848
00:54:24,038 --> 00:54:26,177
your big nodes versus your small nodes.

849
00:54:26,297 --> 00:54:27,038
Every node matters.

850
00:54:27,498 --> 00:54:29,457
So don't listen to people that say your node doesn't matter.

851
00:54:29,557 --> 00:54:30,457
It's just not how it works.

852
00:54:31,157 --> 00:54:32,557
But I do appreciate that question.

853
00:54:32,698 --> 00:54:33,438
And thank you for the boost.

854
00:54:33,617 --> 00:54:35,238
Nice to hear from you, Kiwi Bitcoin guy.

855
00:54:36,057 --> 00:54:37,257
VK Varello, right?

856
00:54:37,317 --> 00:54:38,218
That's not how you say it at all.

857
00:54:38,297 --> 00:54:40,698
Comes in with 2,026 sats.

858
00:54:40,898 --> 00:54:41,938
You're so boost.

859
00:54:42,077 --> 00:54:43,637
And he's sending that value to our artists.

860
00:54:43,718 --> 00:54:44,218
This is fun song.

861
00:54:44,317 --> 00:54:45,137
Thank you very much.

862
00:54:45,797 --> 00:54:48,438
Nakamoto 6102 is here with 4,000 sats.

863
00:54:48,637 --> 00:54:49,418
This is the way.

864
00:54:49,557 --> 00:54:50,277
Thank you for the value.

865
00:54:50,457 --> 00:54:51,398
Well, thank you for the boost.

866
00:54:51,498 --> 00:54:52,137
Appreciate it.

867
00:54:52,137 --> 00:54:56,018
And Sebastian CM is here with 6,000 sats.

868
00:54:56,117 --> 00:54:57,238
Fun will now commence.

869
00:54:57,677 --> 00:54:59,617
Long-time listener, first-time booster.

870
00:54:59,757 --> 00:55:01,657
Oh, well, I probably got your name wrong, Sebastian, so I'm sorry.

871
00:55:02,357 --> 00:55:03,577
Hopefully this gets through.

872
00:55:03,718 --> 00:55:05,837
The micro-strategy sailor derivation?

873
00:55:06,277 --> 00:55:08,018
Deviation from the never-sell strategy.

874
00:55:08,097 --> 00:55:09,918
Oh, it's deviation from his never-sell strategy.

875
00:55:10,518 --> 00:55:15,877
Whether to service the debt or facilitate future strategic purchases doesn't strike me as a rash decision in the slightest,

876
00:55:16,438 --> 00:55:18,498
especially given the overheated state of markets.

877
00:55:18,677 --> 00:55:19,157
Best.

878
00:55:19,197 --> 00:55:30,877
This laughable, transitory, temporary, aberrations characterization of the Iran war and the impact completely ignores the lagging supply chain shocks and just points to inevitable and then he gets cut off.

879
00:55:30,877 --> 00:55:33,137
But I want to talk more about this.

880
00:55:33,197 --> 00:55:41,957
So I like where you're going is I do think we need to discuss what are things looking like six months after this thing wraps up and what kind of impact do we see?

881
00:55:42,177 --> 00:55:45,317
And I think the jury's still out because it's not over yet.

882
00:55:45,757 --> 00:55:47,937
But that could be an interesting area to explore.

883
00:55:47,937 --> 00:55:50,937
and I think Bitcoin will be an early signal on that.

884
00:55:51,337 --> 00:55:55,417
It goes back to my potential concern about kind of a weaker summer

885
00:55:55,417 --> 00:55:58,317
because I think maybe Bitcoin will be digesting some of that news.

886
00:55:58,517 --> 00:55:59,597
I'd like to know what you think about that.

887
00:55:59,857 --> 00:56:02,297
Thank you for taking the time to boost, get it all set up.

888
00:56:02,837 --> 00:56:03,537
It means a lot.

889
00:56:06,397 --> 00:56:07,677
Thank you very much for doing that.

890
00:56:09,357 --> 00:56:09,717
Boost!

891
00:56:10,157 --> 00:56:10,777
Good to hear from you.

892
00:56:10,797 --> 00:56:11,537
I hope to hear from you again.

893
00:56:11,837 --> 00:56:12,757
And thank you for listening too.

894
00:56:13,517 --> 00:56:15,977
Hodler's here with 2,100 four sats.

895
00:56:15,977 --> 00:56:21,297
Hearing Sailor talking about selling is a bit like hearing Peter Schiff wanting to buy Bitcoin.

896
00:56:21,297 --> 00:56:24,997
I guess there's anything possible in this hilarious timeline that we live in.

897
00:56:25,377 --> 00:56:26,117
Great show as always.

898
00:56:27,977 --> 00:56:29,537
Yeah, it does feel.

899
00:56:29,637 --> 00:56:36,837
Although, didn't old Schiffy start accepting Bitcoin during one of the last pumps to build his Bitcoin reserve and kind of stop talking about it?

900
00:56:37,597 --> 00:56:38,517
Such a dork.

901
00:56:40,457 --> 00:56:43,317
All right.

902
00:56:43,317 --> 00:56:47,077
Thank you, everybody, for boosting and everybody who boosted in below the 2,000 sat cutoff, too.

903
00:56:47,617 --> 00:56:48,297
Appreciate that.

904
00:56:48,537 --> 00:56:50,717
And, of course, thank you to you sat streamers.

905
00:56:51,257 --> 00:56:55,357
We had 33 of you stream sats as you listened, and I'm impressed by this.

906
00:56:55,837 --> 00:56:57,797
You stacked 21,000 sats.

907
00:56:58,157 --> 00:56:59,977
21,836.

908
00:57:02,257 --> 00:57:03,217
That's pretty neat.

909
00:57:03,217 --> 00:57:22,157
When you combine that with all our boosters, and like I said, I think, you know, we really had the episode made this week by VCP, who was our baller booster and really helped us out because that brought our total, when you combine the streamers and the boosters, up to 290,024 sats.

910
00:57:33,217 --> 00:57:41,037
Thank you, everybody, who supported this episode of This Week in Bitcoin.

911
00:57:41,377 --> 00:57:42,717
It is a value for value podcast.

912
00:57:42,917 --> 00:57:44,477
I put it out there absolutely for free.

913
00:57:44,577 --> 00:57:45,437
No sponsors.

914
00:57:46,017 --> 00:57:48,377
That way you know where my allegiance is.

915
00:57:48,817 --> 00:57:51,237
But I do ask that if you found value, you support it.

916
00:57:52,097 --> 00:57:54,677
Keep the show going, and the show keeps on coming.

917
00:57:54,897 --> 00:57:58,257
You can boost with Fountain FM or any of the new podcast apps,

918
00:57:58,297 --> 00:57:59,897
the new podcast apps that support boosting.

919
00:58:00,057 --> 00:58:02,957
Get Albie Hub, and you can even boost from the Podcast Index website.

920
00:58:03,217 --> 00:58:05,037
You can keep your dang podcast app.

921
00:58:05,637 --> 00:58:06,877
It's a great way to participate.

922
00:58:07,097 --> 00:58:07,977
Use the Lightning Network.

923
00:58:08,917 --> 00:58:10,717
Send a message to the show and keep it going.

924
00:58:27,377 --> 00:58:32,357
All right, let's talk more, just for a moment, about this annoying K-shaped economy.

925
00:58:32,357 --> 00:58:47,177
And I don't mean to obsess on this, but this is the thing. This is the big thing because it all ties back to the debasement trade, money printing, all of it. And the way that Main Street is starting to understand it and conceptualize it is this K-shaped economy term.

926
00:58:47,177 --> 00:58:56,237
So that's why we're going to spend just a little bit more time on this, because I think this is a genuine shift that begins to build the market demand for something like Bitcoin.

927
00:58:56,617 --> 00:59:02,417
And CNBC has the data on why we're saying the K-shaped economy is accelerating.

928
00:59:02,677 --> 00:59:07,637
Some new data that shows the gap between the earnings of higher and lower income groups is widening.

929
00:59:07,757 --> 00:59:10,777
That is more K-shaped in the K-shaped economy.

930
00:59:11,477 --> 00:59:13,117
Higher highs, lower lows.

931
00:59:13,117 --> 00:59:26,117
This data is amazing. I'll explain why at the end, but let me just tell you what it says. First, two studies we have looking at income disparities, one on wages, the other on gas spending, show this widening gap between Americans with the highest and lowest incomes.

932
00:59:26,477 --> 00:59:34,457
The Bank of America Institute finding wealthiest Americans enjoying much bigger wage gains than middle and lower income families on a consistent and widening basis.

933
00:59:34,457 --> 00:59:41,177
That is, I wouldn't be here if this wasn't a trend that's been going on now for months. The report comes from actual bank account data.

934
00:59:41,177 --> 00:59:46,617
It found wage gains of 6% year-on-year for the highest income groups, 1.5% for the lowest.

935
00:59:46,757 --> 00:59:50,517
B of A economist David Michael Tinsley, he doesn't know why this is happening.

936
00:59:50,977 --> 00:59:54,057
He could be related to bigger bonuses that are out there.

937
00:59:54,697 --> 01:00:00,657
Automation, he said, could be undercutting the bargaining power of workers at the bottom end of the wage spectrum.

938
01:00:01,077 --> 01:00:04,697
Now, I didn't really believe this data, so I asked ADP to run their numbers.

939
01:00:05,137 --> 01:00:10,317
They also found a more steady but still rising wage gap between the highest and lowest paid workers.

940
01:00:10,737 --> 01:00:17,917
Highest paid workers on average are making 6.4 times what the lowest paid workers are bringing in, up from 5.9 in 2023.

941
01:00:18,617 --> 01:00:23,757
On the spending side, as you might imagine, the surge in gas prices hitting the poorest Americans the hardest.

942
01:00:24,237 --> 01:00:29,137
New data from the New York Fed finding that the wealthiest household, they boosted their spending,

943
01:00:29,437 --> 01:00:33,677
but they matched the increase in prices, so they kept their gas consumption the same.

944
01:00:34,077 --> 01:00:35,577
That's the orange line on the top.

945
01:00:35,637 --> 01:00:38,037
But look at what happened to the lower income families.

946
01:00:38,037 --> 01:00:43,177
They cut back on their gas consumption to make ends meet and apparently maybe cutting back on McDonald's.

947
01:00:43,297 --> 01:00:48,677
They were hit harder in March than they were from the 2022 Russian invasion of Ukraine.

948
01:00:49,217 --> 01:00:51,377
OK, overall, we know this from data last week.

949
01:00:51,477 --> 01:00:53,137
Real incomes adjusted for inflation.

950
01:00:53,377 --> 01:00:55,337
They've turned negative the past two months.

951
01:00:55,437 --> 01:01:09,207
And in four of the last six months inflation has taken a bigger bite from paychecks right now Retail companies reporting widely disparate takes on the consumers We have Disney Starbucks Hershey and GM who I found They say the consumer looks great healthy

952
01:01:09,787 --> 01:01:16,067
Whirlpool saying today in its earnings release, the war in Iran leading to recession-level declines in U.S. appliance sales.

953
01:01:16,067 --> 01:01:17,067
Okay, I'm glad you brought up Whirlpool.

954
01:01:17,067 --> 01:01:20,307
All right, so Whirlpool is seeing recession-level declines.

955
01:01:20,607 --> 01:01:23,247
McDonald's is seeing declines, but Hershey's is seeing sales.

956
01:01:23,387 --> 01:01:24,547
It's kind of all over the place.

957
01:01:24,547 --> 01:01:26,807
but I think it's

958
01:01:26,807 --> 01:01:29,747
you know you're seeing people spend on their credit cards

959
01:01:29,747 --> 01:01:31,167
it's an interesting

960
01:01:31,167 --> 01:01:33,007
I try to wrap my head around it

961
01:01:33,007 --> 01:01:35,107
because when I go out

962
01:01:35,107 --> 01:01:37,447
take the kids out whatever it is

963
01:01:37,447 --> 01:01:39,487
the shopping areas are busy

964
01:01:39,487 --> 01:01:41,307
the restaurants are packed

965
01:01:41,307 --> 01:01:43,547
there's a line around the Dairy Queen

966
01:01:43,547 --> 01:01:45,787
so people are spending money

967
01:01:45,787 --> 01:01:47,647
but where is that coming from

968
01:01:47,647 --> 01:01:49,027
it's a

969
01:01:49,027 --> 01:01:50,967
you see it in the numbers

970
01:01:50,967 --> 01:01:52,907
but yet you see people out there spending at the same time

971
01:01:52,907 --> 01:01:54,027
I find that to be

972
01:01:54,027 --> 01:02:00,907
very confusing. Now, this next clip, we're going to school. We are going to school. Safe, you know,

973
01:02:00,947 --> 01:02:06,287
the author of The Bitcoin Standard, he had a lecture that was a real banger recently.

974
01:02:06,567 --> 01:02:11,507
And this was at the Global Economy and Finance Conference in Seoul. And I'll link to the full

975
01:02:11,507 --> 01:02:18,107
talk. But Safe makes this brilliant case that as the world de-dollars, and let's just take it to

976
01:02:18,107 --> 01:02:23,887
its inevitable inclusion, that it is no longer the reserve currency and that another currency,

977
01:02:23,887 --> 01:02:26,407
like the yuan comes along and becomes the reserve currency.

978
01:02:27,027 --> 01:02:29,267
We're just going to have all the same problems.

979
01:02:29,587 --> 01:02:33,227
Government policy, yanking everyone around, empire expansion.

980
01:02:33,827 --> 01:02:37,067
We're just going to inherit all of the same problems.

981
01:02:37,907 --> 01:02:41,347
And gold certainly isn't going to work because we've already tried gold and it failed.

982
01:02:41,487 --> 01:02:46,387
And so he lays out a brilliant case in what is honestly the longest clip I've ever played on the show.

983
01:02:46,507 --> 01:02:47,307
But it's so good.

984
01:02:48,047 --> 01:02:49,287
So smoke them if you got them.

985
01:02:49,627 --> 01:02:52,207
Pour yourself a drink and listen to Papa Safe.

986
01:02:52,207 --> 01:02:56,087
tell us why gold wasn't going to work and where Bitcoin can come in

987
01:02:56,087 --> 01:02:59,787
and the brilliant way he makes it all seem so damn inevitable.

988
01:03:00,307 --> 01:03:03,947
The national financial institutions who are failing at achieving what the gold standard did.

989
01:03:04,207 --> 01:03:05,447
But why did gold fail?

990
01:03:05,627 --> 01:03:07,766
Why do we no longer use gold?

991
01:03:08,107 --> 01:03:09,407
Well, it wasn't gold that failed.

992
01:03:09,467 --> 01:03:10,607
It was us who failed.

993
01:03:10,947 --> 01:03:15,527
It was us because we, essentially governments, I shouldn't say we, I wasn't around,

994
01:03:15,867 --> 01:03:20,167
but governments wouldn't let people use a form of money that they can't inflate

995
01:03:20,167 --> 01:03:21,747
because they wanted to finance war.

996
01:03:21,747 --> 01:03:26,487
And the reason that they could stop gold is because they could stop gold.

997
01:03:26,727 --> 01:03:31,927
They had the ability to stop people from using gold because gold is physical and it needs to be centralized.

998
01:03:32,147 --> 01:03:37,987
In a modern economy where trade keeps moving at a faster pace across the world at a faster speed,

999
01:03:38,707 --> 01:03:42,647
it becomes difficult to move physical gold every time you want to transact with people.

1000
01:03:42,707 --> 01:03:46,147
So people started using secondary instruments instead of gold.

1001
01:03:46,147 --> 01:03:51,507
And that led to the centralization of gold in central banks, which then made it easy for governments to just one day say,

1002
01:03:51,747 --> 01:03:57,127
okay, your paper is no longer redeemable for gold because of war or whatever.

1003
01:03:57,547 --> 01:04:01,326
And it's only temporary, but it's been going on for 120 years now almost.

1004
01:04:01,946 --> 01:04:04,967
So a gold standard, because of its centralization,

1005
01:04:05,147 --> 01:04:07,147
devolves into a government credit standard.

1006
01:04:07,667 --> 01:04:09,347
Gold is too slow for a modern economy.

1007
01:04:09,787 --> 01:04:11,647
Goods move faster than gold.

1008
01:04:12,087 --> 01:04:14,007
Well, Bitcoin is the solution to this.

1009
01:04:14,607 --> 01:04:17,307
Bitcoin automates and improves on the functions of a central bank

1010
01:04:17,307 --> 01:04:21,087
and can function as a neutral global money.

1011
01:04:21,667 --> 01:04:24,887
The two key properties of Bitcoin that make it really important as far as I'm concerned

1012
01:04:24,887 --> 01:04:27,027
is its scarcity and its digital settlement.

1013
01:04:27,887 --> 01:04:28,367
Scarcity?

1014
01:04:28,707 --> 01:04:33,467
Bitcoin's supply is fixed, making its monetary policy essentially perfect and apolitical.

1015
01:04:33,766 --> 01:04:35,647
It's the best monetary policy in the world.

1016
01:04:36,147 --> 01:04:41,167
We're just dealing with another few decades or about a century of a little bit more inflation.

1017
01:04:41,747 --> 01:04:44,787
But Bitcoin's monetary policy is to take inflation to zero.

1018
01:04:44,787 --> 01:04:46,807
And by inflation, I mean supply growth.

1019
01:04:47,167 --> 01:04:49,946
And that's the best monetary policy imaginable.

1020
01:04:49,946 --> 01:04:53,587
You don't need to create more money in order for the economy to grow.

1021
01:04:53,967 --> 01:04:55,487
The value of money can just go up.

1022
01:04:55,607 --> 01:04:56,686
And that's what Bitcoin does.

1023
01:04:57,127 --> 01:05:01,807
And that is an enormously important point, which I think most economists miss because

1024
01:05:01,807 --> 01:05:06,527
they haven't really thought through the implications, which is what we're going to do now.

1025
01:05:06,967 --> 01:05:12,326
Now, the second important property of Bitcoin is that it offers digital final settlement.

1026
01:05:13,107 --> 01:05:16,707
Bitcoin's settlement network is global and its operation is independent of any national

1027
01:05:16,707 --> 01:05:17,427
authority.

1028
01:05:17,427 --> 01:05:19,446
You can send money from Korea to Brazil.

1029
01:05:19,446 --> 01:05:22,887
using Bitcoin without having to go through central banks,

1030
01:05:23,186 --> 01:05:25,306
without your government or the Brazilian government

1031
01:05:25,306 --> 01:05:27,566
even finding out that this is happening or taking place.

1032
01:05:28,007 --> 01:05:31,867
So the fact that it is essentially a digital form of final settlement

1033
01:05:31,867 --> 01:05:34,527
makes it similar to cash, makes it similar to gold,

1034
01:05:35,027 --> 01:05:37,826
but its scarcity makes it even better than gold.

1035
01:05:38,407 --> 01:05:42,186
So the fact that it can't be inflated, there's no central bank,

1036
01:05:42,186 --> 01:05:44,347
it can't finance war in governments with inflation.

1037
01:05:44,707 --> 01:05:46,207
That's a feature, not a bug.

1038
01:05:46,487 --> 01:05:48,566
A lot of the economists, when they complain about Bitcoin,

1039
01:05:48,566 --> 01:05:52,647
they say, oh no, but if we have Bitcoin as money, how are we going to finance the government?

1040
01:05:53,207 --> 01:05:57,527
Exactly. You can't finance the government with inflation. You need to learn to be a responsible

1041
01:05:57,527 --> 01:06:02,826
adult and try and spend less than you earn and try and find a way to earn that doesn't involve

1042
01:06:02,826 --> 01:06:08,667
you devaluing the money of everybody else. Is that going to harm governments? Absolutely. It's going

1043
01:06:08,667 --> 01:06:15,367
to limit their ability to control their citizens, and that's a good thing. But another thing as an

1044
01:06:15,367 --> 01:06:20,347
economic asset is that Bitcoin can be used as a saving asset, freeing houses to go back to being

1045
01:06:20,347 --> 01:06:23,727
a consumer good than a saving account, going back to the original problem that I mentioned.

1046
01:06:24,007 --> 01:06:28,347
So people can just save in Bitcoin rather than saving in stocks and bonds and things that they

1047
01:06:28,347 --> 01:06:33,946
don't understand and saving in houses that makes it more and more expensive. But most significantly

1048
01:06:33,946 --> 01:06:38,607
to the topic of this presentation is that Bitcoin is apolar money. It's independent of all monetary

1049
01:06:38,607 --> 01:06:53,376
policy It doesn provide any country with benefits at the expense of another Nobody has a Bitcoin printer that they can use to devalue the wealth of others It can be used by everyone and it can be banned by no one Nobody can stop you from using Bitcoin

1050
01:06:54,056 --> 01:06:56,076
It's completely transparent and apolitical.

1051
01:06:56,556 --> 01:07:00,696
And it allows everybody in the world the freedom to engage in trade and capitalism,

1052
01:07:01,076 --> 01:07:02,476
regardless of their politics.

1053
01:07:02,476 --> 01:07:05,996
If your government does something that pisses off the Trump administration,

1054
01:07:06,436 --> 01:07:08,356
you can still trade with the rest of the world.

1055
01:07:08,576 --> 01:07:13,216
You don't have to be held hostage by all of these governments controlling your banks and central banks.

1056
01:07:13,216 --> 01:07:20,736
Essentially, Bitcoin separates money from politics, and I think this is a hugely important development.

1057
01:07:21,196 --> 01:07:29,416
It's important here to note, we have stablecoins, we have CBDCs, we have other fintechs, and they remain dependent on state currencies and regulated intermediaries.

1058
01:07:29,816 --> 01:07:35,176
They may be able to modernize consumer payments, but Bitcoin is completely different.

1059
01:07:35,656 --> 01:07:41,856
Bitcoin is not here to replace Western Union or bank transfers or PayPal or Venmo or credit cards.

1060
01:07:41,856 --> 01:07:45,976
Bitcoin is replacing the base layer of the monetary system.

1061
01:07:46,156 --> 01:07:49,896
It's replacing the system of settlement between central banks and large financial institutions,

1062
01:07:50,276 --> 01:07:53,496
and it's replacing the monetary policy that is conducted by central banks,

1063
01:07:53,876 --> 01:07:57,516
and instead replacing it with an algorithm that is predictable and transparent,

1064
01:07:57,796 --> 01:08:00,116
and everybody in the world can use it.

1065
01:08:00,596 --> 01:08:07,616
So we are essentially removing a manual, political, partial, corrupt, unjust, unipolar system

1066
01:08:07,616 --> 01:08:14,056
with an electronically automatic, apolitical, impartial, just apolar system.

1067
01:08:14,576 --> 01:08:20,356
Bitcoin essentially would replace the aggression-based fiat world order with a rules-based Bitcoin

1068
01:08:20,356 --> 01:08:21,236
global order.

1069
01:08:21,576 --> 01:08:26,396
Now, I'm sure most of you are thinking here, who is this guy and what military he thinks

1070
01:08:26,396 --> 01:08:29,596
is going to impose on the world the use of Bitcoin?

1071
01:08:30,316 --> 01:08:32,976
And the answer is, I'm not here to tell you what to do.

1072
01:08:33,276 --> 01:08:34,996
I'm not here to force you to do it.

1073
01:08:35,076 --> 01:08:35,816
I don't have a military.

1074
01:08:35,816 --> 01:08:37,036
I'm not going to shoot anybody.

1075
01:08:37,616 --> 01:08:40,176
And you can shoot me and it will make a difference.

1076
01:08:40,436 --> 01:08:42,016
I'm here to explain economic reality.

1077
01:08:42,256 --> 01:08:45,616
Bitcoin will win, not because it's a political choice.

1078
01:08:46,076 --> 01:08:49,036
Bitcoin will win, not because politicians are going to be convinced.

1079
01:08:49,476 --> 01:08:50,976
There will be no grand treaties.

1080
01:08:51,216 --> 01:08:52,436
There will be no negotiations.

1081
01:08:52,716 --> 01:08:55,416
There will be no voting on these things.

1082
01:08:55,776 --> 01:08:59,536
This will be imposed through the force of economic incentives.

1083
01:08:59,996 --> 01:09:03,056
Bitcoin will win in the same way that computers replaced typewriters.

1084
01:09:03,676 --> 01:09:05,916
It's just a better technology.

1085
01:09:05,916 --> 01:09:07,776
We didn't need to ban typewriters.

1086
01:09:07,976 --> 01:09:10,556
We didn't need to fight typewriter factories.

1087
01:09:10,816 --> 01:09:13,216
We just made typewriters obsolete.

1088
01:09:13,916 --> 01:09:18,456
And Bitcoin has made central banks obsolete because it is infinitely better money.

1089
01:09:18,876 --> 01:09:21,676
And the reason for that is that is quite simple.

1090
01:09:21,816 --> 01:09:22,756
Bitcoin holds value.

1091
01:09:23,096 --> 01:09:24,396
Other monies lose it.

1092
01:09:24,736 --> 01:09:27,836
When Professor Reinhardt concluded her remarks, he said, well, you know, we've heard this

1093
01:09:27,836 --> 01:09:28,236
before.

1094
01:09:28,356 --> 01:09:30,556
In the past, the dollar has depreciated.

1095
01:09:30,676 --> 01:09:33,696
Other currencies have appreciated against the dollar, but it didn't really work out

1096
01:09:33,696 --> 01:09:34,296
in the long run.

1097
01:09:34,836 --> 01:09:35,896
Yes, it's true.

1098
01:09:35,916 --> 01:09:41,696
However, before Bitcoin, all of the alternatives were government monies, and they were all essentially backed by the dollar.

1099
01:09:41,836 --> 01:09:47,496
They're all essentially, as I like to call fiat currencies that are not the dollar, I essentially call them, it's the dollar plus country risk.

1100
01:09:47,596 --> 01:09:49,556
It's really no value added to the dollar.

1101
01:09:49,716 --> 01:09:57,816
So the dollar is not going to lose to an inferior version of itself because all of these fiat currencies are constantly being devalued and losing their value.

1102
01:09:58,576 --> 01:10:01,576
Whereas with Bitcoin, it's a very different story

1103
01:10:01,576 --> 01:10:04,676
because Bitcoin holds its value, appreciates over time,

1104
01:10:04,676 --> 01:10:09,156
and there's no mechanism for it to become more inflationary.

1105
01:10:09,536 --> 01:10:12,036
If the German Deutschmark was going to become a replacement

1106
01:10:12,036 --> 01:10:13,036
and threat to the dollar,

1107
01:10:13,436 --> 01:10:15,176
the US government can saddle the Germans

1108
01:10:15,176 --> 01:10:17,436
with a bunch of incompetent European governments

1109
01:10:17,436 --> 01:10:18,996
that place fiscal strains on it

1110
01:10:18,996 --> 01:10:21,836
and then make the mark unusable.

1111
01:10:22,316 --> 01:10:23,556
Nobody can do that with Bitcoin.

1112
01:10:23,796 --> 01:10:25,236
Nobody can find a way to make more Bitcoin.

1113
01:10:25,596 --> 01:10:28,276
We're always going to be stuck with 21 million Bitcoin.

1114
01:10:28,616 --> 01:10:33,976
And that just means that Bitcoin is going to hold its value and increase in value, whereas

1115
01:10:33,976 --> 01:10:35,856
all the other forms of money are just going to decline.

1116
01:10:36,256 --> 01:10:39,256
And this is what's been going on for 17 years of Bitcoin's existence.

1117
01:10:39,256 --> 01:10:45,616
And really, all that Bitcoin needs to do over the next 17 years is have 1% of the growth

1118
01:10:45,616 --> 01:10:47,776
rate that it has had over the past 17 years.

1119
01:10:48,056 --> 01:10:54,316
And it will become larger in terms of capitalization than all of the world's fiat currencies combined, roughly.

1120
01:10:54,996 --> 01:10:58,036
Bitcoin's already at about $1.8 trillion as an asset.

1121
01:10:58,236 --> 01:11:03,136
Now, if you keep adding another 20, 30% per year, which Bitcoin's done 70% a year over

1122
01:11:03,136 --> 01:11:03,916
the last 10 years.

1123
01:11:03,916 --> 01:11:11,276
Let's just say 10% per year over the next 15, 20 years, Bitcoin becomes larger than the

1124
01:11:11,276 --> 01:11:12,156
treasury's market.

1125
01:11:12,616 --> 01:11:14,996
It becomes the most liquid market in the world.

1126
01:11:15,216 --> 01:11:19,076
It becomes the best asset in the world, and everybody will want to hold Bitcoin in that

1127
01:11:19,076 --> 01:11:19,396
world.

1128
01:11:19,396 --> 01:11:25,176
And Bitcoin is going to appreciate more and more, and it's going to become the real economy.

1129
01:11:25,396 --> 01:11:31,216
Whereas fiat governments and fiat currencies are going to increasingly lose and lose and lose value

1130
01:11:31,216 --> 01:11:35,816
until they become an economically insignificant part of the world economy.

1131
01:11:36,376 --> 01:11:42,276
In a sense, Bitcoin is a technological solution to a political and economic problem.

1132
01:11:42,916 --> 01:11:47,656
Human ingenuity has finally found a way to free itself from inflation.

1133
01:11:47,656 --> 01:11:48,596
Thank you very much.

1134
01:11:49,396 --> 01:12:01,476
All right, let's check in on the state of the network.

1135
01:12:01,636 --> 01:12:05,316
I'm wrapping up at block height 949,258.

1136
01:12:05,696 --> 01:12:10,416
The current price for U.S. dollar to Bitcoin is 79,463.

1137
01:12:10,656 --> 01:12:15,956
That makes sats per dollar, one of my favorite numbers, 1,258 sats to one U.S. dollar.

1138
01:12:15,956 --> 01:12:19,956
We're down about 1.6% for the last 24 hours.

1139
01:12:19,956 --> 01:12:23,636
We're still up 9.66% for the last 30 days.

1140
01:12:23,636 --> 01:12:26,996
And we're down 23% for the year.

1141
01:12:26,996 --> 01:12:39,966
Now reachable nodes on the network currently clocking in at 23 Now to answer your question earlier that number comes from Clark Moody Sometimes I get them from CoinGecko API

1142
01:12:40,286 --> 01:12:42,186
and my mempool also pulls in some of this data.

1143
01:12:42,306 --> 01:12:44,966
It's a script that pulls it in for me from multiple sources.

1144
01:12:45,526 --> 01:12:46,646
It's very handy that way.

1145
01:12:47,966 --> 01:12:48,466
Let's see.

1146
01:12:48,506 --> 01:12:50,986
The next block fee right now is one sat per vbyte.

1147
01:12:51,306 --> 01:12:52,846
30 minutes, one sat per vbyte.

1148
01:12:52,966 --> 01:12:54,766
60 minutes, one sat per vbyte.

1149
01:12:56,406 --> 01:12:56,986
Guess what?

1150
01:12:57,026 --> 01:12:57,906
It's one sat per vbyte.

1151
01:12:57,906 --> 01:13:02,146
So move your stuff around, make some transactions, open some channels.

1152
01:13:02,766 --> 01:13:08,546
We're down to just 278 blocks till our next retarget, which will be on May 15th.

1153
01:13:08,546 --> 01:13:16,766
Currently scheduled at 4, 18 p.m. my time with a difficulty change of upwards of 3.07 percent

1154
01:13:16,766 --> 01:13:20,026
because more mining capacity has come online despite what you've been hearing.

1155
01:13:20,486 --> 01:13:23,246
And the state of the network, it's strong.

1156
01:13:27,906 --> 01:13:39,666
Well, if you made it this far, why not go check out the links at ThisWeekInBitcoin.show?

1157
01:13:39,766 --> 01:13:41,926
Maybe check out some of the past episodes.

1158
01:13:42,726 --> 01:13:44,126
I always like to hear two follow-ups.

1159
01:13:44,246 --> 01:13:49,506
If you're a time travel listener and you want to boost from the past and follow up on something we talked about, got right or wrong, let me know.

1160
01:13:49,766 --> 01:13:53,506
And of course, you know my goal here is to not get distracted by the emotions around what's happening,

1161
01:13:53,586 --> 01:13:57,786
but focus on the signal for you, for your friends, your family, your business, whatever it might be.

1162
01:13:57,906 --> 01:14:01,306
So you can always let me know how I did with that with a boost as well.

1163
01:14:01,506 --> 01:14:05,866
And I do want your take if we are at the Bitcoin bottom or if it's going to be a Bitcoin.

1164
01:14:06,006 --> 01:14:10,086
Is it going to be a hot Bitcoin summer or is it going to be a Bitcoin fall during summer?

1165
01:14:10,866 --> 01:14:12,006
OK, I need a better one for that.

1166
01:14:12,126 --> 01:14:14,046
But let's just hope it's a hot Bitcoin summer.

1167
01:14:14,186 --> 01:14:16,306
But boost and get it on the record before it gets here.

1168
01:14:16,566 --> 01:14:17,446
I love doing that.

1169
01:14:17,866 --> 01:14:20,506
So before it gets here, let me know before the month of May is up.

1170
01:14:21,226 --> 01:14:24,466
Boost in and let me know if you think Bitcoin is going up or down for the summer.

1171
01:14:25,066 --> 01:14:26,706
And we'll see how it turns out.

1172
01:14:26,706 --> 01:14:29,046
All right, I'm going to leave it right there, but you know what I do.

1173
01:14:29,166 --> 01:14:30,226
You know what happens next.

1174
01:14:30,286 --> 01:14:32,366
You know what is about to happen.

1175
01:14:32,826 --> 01:14:38,686
I'm going to play a value-for-value track, and if you boost in while the music plays, 95% of the sats will go to the artist.

1176
01:14:39,006 --> 01:14:42,286
And this week, it's Shoot Me Down by Nat Hills.

1177
01:14:42,526 --> 01:14:43,426
See you next week.

1178
01:14:56,706 --> 01:15:06,326
I've been destined to break free

1179
01:15:06,326 --> 01:15:07,426
Since 86

1180
01:15:07,426 --> 01:15:13,666
From the clutches and desperation

1181
01:15:13,666 --> 01:15:14,946
The patriarchy

1182
01:15:14,946 --> 01:15:17,526
And all the tricks

1183
01:15:17,526 --> 01:15:23,506
Daddy broke her home

1184
01:15:23,506 --> 01:15:25,726
Grandpa had to set the tone

1185
01:15:25,726 --> 01:15:27,726
What a body too

1186
01:15:27,726 --> 01:15:29,726
A female

1187
01:15:29,726 --> 01:15:32,726
Somewhere along the lines

1188
01:15:32,726 --> 01:15:34,726
Poison crept into my mind

1189
01:15:34,726 --> 01:15:39,726
And I believe I should be seen in the world

1190
01:15:39,726 --> 01:15:42,726
I lost my voice but I can't tell the shadows

1191
01:15:42,726 --> 01:15:45,726
What our face won't see if there's no longer

1192
01:15:45,726 --> 01:15:47,726
Hide it, come a straight fire

1193
01:15:47,726 --> 01:15:49,726
What you shoot me down, gonna take high

1194
01:15:49,726 --> 01:15:52,726
I lost my voice but I can't tell the shadows

1195
01:15:52,726 --> 01:15:54,726
What our face won't see if there's no longer

1196
01:15:54,726 --> 01:15:57,526
If ain't no longer hiding, cut me straight for ya

1197
01:15:57,526 --> 01:16:02,326
I'm gonna shoot you down, gonna take my aim

1198
01:16:04,126 --> 01:16:07,526
Take my aim

1199
01:16:10,426 --> 01:16:13,126
Guess you thought you'd kick me down

1200
01:16:13,926 --> 01:16:15,126
But I did up

1201
01:16:16,426 --> 01:16:17,426
Yes I did

1202
01:16:19,126 --> 01:16:22,726
Throw punches and stop running out of town

1203
01:16:22,726 --> 01:16:25,066
Guess you're not that tough

1204
01:16:25,066 --> 01:16:27,846
No, you're not that tough

1205
01:16:27,846 --> 01:16:30,786
Well, I hate to break the news

1206
01:16:30,786 --> 01:16:32,906
But I'm starting to see through

1207
01:16:32,906 --> 01:16:37,486
All the fortune that has held me back feels

1208
01:16:37,486 --> 01:16:40,766
I lost my voice, but I can't understand

1209
01:16:40,766 --> 01:16:42,906
What I say is conceiving

1210
01:16:42,906 --> 01:16:45,306
No longer hide, you'll come straight by

1211
01:16:45,306 --> 01:16:47,786
But you shoot me down, gonna take high

1212
01:16:47,786 --> 01:16:50,366
I lost my voice, but I can't understand

1213
01:16:50,366 --> 01:16:52,486
What I say is conceiving

1214
01:16:52,486 --> 01:16:55,026
No longer hide it, come straight for ya

1215
01:16:55,026 --> 01:16:57,846
But you shoot me down, gonna take my, my

1216
01:16:57,846 --> 01:17:00,066
Well, control your ego is landed

1217
01:17:00,066 --> 01:17:02,286
But you never thought you'd end up stranded

1218
01:17:02,286 --> 01:17:04,886
The words are like a silent venom

1219
01:17:04,886 --> 01:17:07,606
Kill it, cut it, I'm a man, I'm a man

1220
01:17:07,606 --> 01:17:12,966
or

1221
01:17:12,966 --> 01:17:42,946
guitar solo

1222
01:17:42,966 --> 01:18:12,946
Thank you.

1223
01:18:12,966 --> 01:18:15,046
I'm gonna take my aim.