1 00:00:00,000 --> 00:00:10,640 Music. 2 00:00:10,481 --> 00:00:14,061 Welcome into This Week in Bitcoin, episode 52. 3 00:00:14,421 --> 00:00:20,181 My name is Chris, chrislas.com, jupyterbroadcasting.com. 4 00:00:20,741 --> 00:00:26,481 You know, I really got pretty lucky with the timing of this show. 5 00:00:26,841 --> 00:00:30,301 I knew things were changing when the ETFs launched, and I knew I wanted to do 6 00:00:30,301 --> 00:00:32,941 a Bitcoin podcast because that was going to change the landscape. 7 00:00:33,581 --> 00:00:37,921 I had no idea just over a year we'd be sitting right here right now. 8 00:00:38,581 --> 00:00:44,181 We're not just watching Bitcoin history. We're watching world history unfold every single week. 9 00:00:44,781 --> 00:00:48,321 I mean, just picture 10 years from now after all of these things have played 10 00:00:48,321 --> 00:00:51,361 out, trying to explain this time to someone who's asking what happened. 11 00:00:52,441 --> 00:00:58,241 I think this show will act as a time capsule for what are truly historic times. 12 00:00:58,621 --> 00:01:02,781 And this week, it feels like we're at the start of something big, 13 00:01:03,461 --> 00:01:07,161 which is a little frustrating if you've been paying close attention because 14 00:01:07,161 --> 00:01:09,701 it feels like it should be over by now. 15 00:01:09,981 --> 00:01:14,561 But really, the last few weeks, I mean this sincerely, unfortunately, 16 00:01:14,861 --> 00:01:16,641 have been building to this moment. 17 00:01:16,961 --> 00:01:21,601 All the trading today is going to take place without real knowledge of what 18 00:01:21,601 --> 00:01:24,121 President Trump's tariff plans will be. 19 00:01:24,381 --> 00:01:27,841 We're going to get that news, but not until 4 p.m. Eastern. 20 00:01:28,601 --> 00:01:31,821 Megan Casella's here. Give us the latest in terms of what we're hearing and 21 00:01:31,821 --> 00:01:32,841 what we may expect. Megan. 22 00:01:33,601 --> 00:01:36,781 Hey, David, a very big day here at the White House. You were hearing staffers 23 00:01:36,781 --> 00:01:38,421 wish each other a happy Liberation Day. 24 00:01:38,481 --> 00:01:41,661 And we were just watching some American flags being set up in the Rose Garden, 25 00:01:41,661 --> 00:01:45,561 where we will finally get those details, as you said, at 4 p.m. today. 26 00:01:45,761 --> 00:01:51,501 But we are not likely to get any firm details until then. What we know for. So I could have waited. 27 00:01:51,741 --> 00:01:53,901 You know, I thought this is going to have some impact. 28 00:01:54,241 --> 00:01:57,721 And I can't really say, obviously, at this point what it's going to be as I'm 29 00:01:57,721 --> 00:01:59,361 recording before they make the announcements. 30 00:01:59,941 --> 00:02:04,201 But I think it's worth noting that right now, as I record, Bitcoin's up 2 percent 31 00:02:04,201 --> 00:02:06,301 in just the last couple of hours. 32 00:02:06,901 --> 00:02:09,441 Maybe not what you expected Bitcoin to do on this news. 33 00:02:10,281 --> 00:02:14,481 Gold, as you may know by now, coming off the best quarter since the mid-1980s. 34 00:02:14,721 --> 00:02:18,581 Just how much room, though, is there to run? Our Pippa Stevens here with some possible answers. 35 00:02:18,861 --> 00:02:21,861 Morning, Pippa. Good morning, Carl. Well, gold is hovering around its record 36 00:02:21,861 --> 00:02:26,201 high as uncertainty around President Trump's tariff implementation rattles investors, 37 00:02:26,621 --> 00:02:30,841 sending them to safe haven assets. with gold also benefiting from economic slowdown 38 00:02:30,841 --> 00:02:32,481 and inflation concerns. 39 00:02:32,661 --> 00:02:37,901 Now, so far this year, gold-backed ETFs have seen $12.3 billion worth of inflows. 40 00:02:38,021 --> 00:02:44,101 That compares to $1.6 billion for all of last year, following three consecutive years of outflows. 41 00:02:46,328 --> 00:02:48,808 We should put that into perspective for a moment. Let me back her up. 42 00:02:49,288 --> 00:02:59,948 The gold ETFs since January 1st have seen 12.3 billion of inflows versus 1.6 billion for all of 2024. 43 00:03:00,348 --> 00:03:04,388 OK, so you can get kind of a sense with that, what the demand is here. 44 00:03:04,508 --> 00:03:08,648 Sending them to safe haven assets, with gold also benefiting from economic slowdown 45 00:03:08,648 --> 00:03:10,288 and inflation concerns. 46 00:03:10,488 --> 00:03:15,068 Now, so far this year, gold backed ETFs have seen 12.3 billion dollars worth 47 00:03:15,068 --> 00:03:19,148 of inflows. That compares to $1.6 billion for all of last year, 48 00:03:19,388 --> 00:03:21,888 following three consecutive years of outflows. 49 00:03:22,088 --> 00:03:26,288 And as tariff talk heated up earlier this year, there was a large wave of imports 50 00:03:26,288 --> 00:03:30,688 into the U.S., especially from London and Switzerland, and COMEX inventories 51 00:03:30,688 --> 00:03:34,248 now stand at a record high of about 44 million ounces. 52 00:03:34,748 --> 00:03:39,088 Still, strategists say gold can hold these levels, at least until the tariff 53 00:03:39,088 --> 00:03:40,348 situation is clarified. 54 00:03:40,788 --> 00:03:44,028 Goldman Sachs recently lifted its year-end target to $3,300, 55 00:03:44,028 --> 00:03:51,188 while B of A said it expects gold to average $3,063 this year up from a prior target of $2,750. 56 00:03:51,988 --> 00:03:56,268 I think it's worth keeping an eye on gold because it kind of forecasts where Bitcoin will go. 57 00:03:56,848 --> 00:04:00,668 And the gold bugs, they're loving this pump. Oh, they're loving it. 58 00:04:00,768 --> 00:04:03,228 And man, have they earned it after years of really nothing. 59 00:04:03,668 --> 00:04:07,368 But if you put things into a Bitcoin perspective, you zoom out and you put gold 60 00:04:07,368 --> 00:04:12,128 and Bitcoin on the same chart overlay, gold is just now breaking out of a 12-year 61 00:04:12,128 --> 00:04:13,868 downtrend if you price it in Bitcoin. 62 00:04:14,328 --> 00:04:18,328 And if you go back to just the election, Bitcoin is up 24.3% still. 63 00:04:18,568 --> 00:04:21,408 Gold is up 13.9%, which is amazing for gold. 64 00:04:21,868 --> 00:04:27,968 The SPY is down about 2.9%, and QQQ is down about 5.1%. So, you know, 65 00:04:28,028 --> 00:04:28,868 we don't know where this is going. 66 00:04:29,008 --> 00:04:33,448 Gold and Bitcoin are probably telling us something, but it's really an early signal. 67 00:04:33,748 --> 00:04:37,408 So truthfully, a better analysis is going to come after I've had some time to 68 00:04:37,408 --> 00:04:41,168 observe and think about the impacts of tariffs and the way people respond and 69 00:04:41,168 --> 00:04:42,668 countries respond and the way deals are made. 70 00:04:43,583 --> 00:04:45,963 That's my plan. That's what I'll do is I'm going to keep an eye on how things 71 00:04:45,963 --> 00:04:49,103 play out and I'll work that in the next week's episode as needed. 72 00:04:49,343 --> 00:04:53,423 So we'll keep this week's episode tight on what we do know focused while we 73 00:04:53,423 --> 00:04:54,823 don't really have a clear picture. 74 00:04:55,323 --> 00:05:00,243 So we're going to just sort of punt some of that this week and let it develop. 75 00:05:00,823 --> 00:05:03,923 It's just a really, really hard time to forecast now. Oh, I know, 76 00:05:04,023 --> 00:05:05,303 poor Chris. Oh, it's hard. It's hard. 77 00:05:05,683 --> 00:05:09,683 But quite literally, it's trickier than maybe it's ever been during the show. 78 00:05:09,963 --> 00:05:13,163 And Tom Lee kind of puts this into perspective and talks about some of the dynamics 79 00:05:13,163 --> 00:05:16,043 around this and maybe at the end of it, a possible turnaround. 80 00:05:16,523 --> 00:05:22,143 This week, I think into April 2nd, investors have three things on their minds. 81 00:05:22,223 --> 00:05:24,903 One is they just don't know what the tariffs look like. 82 00:05:25,363 --> 00:05:28,943 They don't know if it's going to damage the economy. And and I think third, 83 00:05:29,083 --> 00:05:32,343 many are just a little terrified of of the policies of the White House. 84 00:05:33,443 --> 00:05:38,703 But post Wednesday, I think markets are going to have some visibility that allows 85 00:05:38,703 --> 00:05:40,543 us to take some of the selling pressure off. 86 00:05:40,643 --> 00:05:45,983 So, yes, I think it's possible that instead of us breaking down here and and 87 00:05:45,983 --> 00:05:49,003 seeing markets under further pressure, we're actually got the right pieces. 88 00:05:49,143 --> 00:05:51,583 I go into this without knowing what's on the other side of it. 89 00:05:52,083 --> 00:05:55,403 That's that is the fundamental question that people are sitting around trying 90 00:05:55,403 --> 00:05:56,943 to figure out today and tomorrow. That's right. 91 00:05:57,083 --> 00:06:00,443 It's an interminable wait for people because it is still three days and they're 92 00:06:00,443 --> 00:06:05,723 fearful that we could have three days of down 2%. But I kind of agree with Larry Fink. 93 00:06:05,843 --> 00:06:08,903 I think the US is going to come out of this okay. 94 00:06:09,243 --> 00:06:15,883 I mean, Brexit's an example. Brexit happened and the UK economy emerged okay. 95 00:06:16,103 --> 00:06:19,623 It didn't have a huge recession and the stock market did okay. 96 00:06:19,623 --> 00:06:25,343 So for investors today, over the weekend, we had so many thinking the economy 97 00:06:25,343 --> 00:06:27,863 is going to completely fall off the rails after Wednesday. 98 00:06:29,675 --> 00:06:33,775 People are starting to say slowing growth and persistent inflation. 99 00:06:34,215 --> 00:06:38,335 So you put those together and you get the stagflation. 100 00:06:38,675 --> 00:06:43,615 Yeah, that's death. Yeah, I mean, there's a lot of distortions in the economy now, right? 101 00:06:43,715 --> 00:06:47,215 Because we know people are buying cars and wine ahead of tariffs, 102 00:06:47,275 --> 00:06:49,515 and that's creating inflation. 103 00:06:49,735 --> 00:06:52,495 Hopefully they're not doing it the same, you know, cars and wine. 104 00:06:53,435 --> 00:06:57,795 Do you think it's pushing up our growth numbers that we're seeing at this point? 105 00:06:58,275 --> 00:07:03,175 Retail sales in other places, or is it too small to store things on that great of a level? 106 00:07:03,415 --> 00:07:08,035 I think it's possible economists are only dialing in the negative consequences 107 00:07:08,035 --> 00:07:09,495 so far, but not the positive, 108 00:07:09,775 --> 00:07:14,055 because rates are down and gasoline's down, and there could be some pull-forwarded 109 00:07:14,055 --> 00:07:18,735 demand, so we might end up having better growth, so less stag, 110 00:07:18,815 --> 00:07:23,895 and maybe the inflation stuff is more distorting, and so it's not as stagflationary. 111 00:07:24,175 --> 00:07:28,275 You know, I had noticed that Truflation had ticked up in the last couple of weeks. 112 00:07:28,415 --> 00:07:32,335 And I was wondering why that might be. And Tom Lee suggests that perhaps people are pre-buying. 113 00:07:32,555 --> 00:07:35,135 But he kept saying something in there that I want to go further into. 114 00:07:35,255 --> 00:07:36,895 He kept saying there's market distortions. 115 00:07:37,075 --> 00:07:39,895 You know, there's distortions in the inflation data. He kept using that word, 116 00:07:40,215 --> 00:07:41,355 distorted and distortions. 117 00:07:41,955 --> 00:07:46,935 Well, Prof St. Ange has a really interesting market survey data that he digs 118 00:07:46,935 --> 00:07:49,155 into in one of his YouTube videos. 119 00:07:49,375 --> 00:07:55,235 And I clipped it. And the TLDR is, is that your political bias likely impacts 120 00:07:55,235 --> 00:07:56,795 how you view the economy right now. 121 00:07:57,115 --> 00:08:01,375 To give a sense, the University of Michigan Inflation Survey asks Americans 122 00:08:01,375 --> 00:08:02,875 what they expect inflation to be. 123 00:08:03,255 --> 00:08:06,955 One of the most influential indicators in the economy, so influential that the 124 00:08:06,955 --> 00:08:09,615 Fed uses it as a guidepost for rates. 125 00:08:10,155 --> 00:08:15,435 The latest Michigan numbers are downright weird. So Republicans expect inflation 126 00:08:15,435 --> 00:08:22,355 for the next year to crash from 3.6% to just 0.1%, which is almost deflation. 127 00:08:22,555 --> 00:08:30,115 But Democrats expect inflation to soar from 1.7% under Biden to 6.5%. 128 00:08:30,115 --> 00:08:32,915 The hard data so far agrees with Republicans. 129 00:08:32,935 --> 00:08:38,135 I mentioned recently that Trump cut monthly CPI by half, while Truflation's 130 00:08:38,135 --> 00:08:44,315 real-time inflation is just 1.9%. but apparently what you see depends who you voted for. 131 00:08:44,515 --> 00:08:48,395 Same with Michigan's five-year expectations, which covers Trump's entire term. 132 00:08:48,575 --> 00:08:54,235 So DIMMs went from expecting 2.7% inflation under Biden to 4.6, 133 00:08:54,455 --> 00:08:58,875 while Republicans went from 3.4 to just 1.3. 134 00:08:59,135 --> 00:09:00,555 In other words, one of the key 135 00:09:00,555 --> 00:09:05,315 economic indicators is currently a poll on whether you like Donald Trump. 136 00:09:05,695 --> 00:09:10,115 In fact, the media complained when Jerome Powell dismissed a bump in the Michigan 137 00:09:10,115 --> 00:09:14,535 index as a, quote, outlier, which is a polite term for garbage. 138 00:09:14,715 --> 00:09:19,795 Probably not a surprise to you that even our data is distorted by politics. 139 00:09:20,275 --> 00:09:24,515 You know, I have seen a lot of people complain about Bitcoin not being private 140 00:09:24,515 --> 00:09:28,435 enough, that the blockchain transactions are public, and that we need something like Monero. 141 00:09:29,207 --> 00:09:33,287 The reality is the world needs transparency right now more than anything else. 142 00:09:33,407 --> 00:09:34,567 They need trust and transparency. 143 00:09:35,087 --> 00:09:39,107 And the pure signal that we can derive from the Bitcoin data in general is, 144 00:09:39,487 --> 00:09:41,667 well, here's another way to look at it. 145 00:09:41,767 --> 00:09:45,187 It makes the current market analysis tool seem like people that are trapped 146 00:09:45,187 --> 00:09:48,747 inside a system facing a wall where they only see shadows of objects. 147 00:09:48,967 --> 00:09:52,367 And then these shadows end up being their entire reality and they try to interpret 148 00:09:52,367 --> 00:09:54,967 what's going on. They believe them to be truth. 149 00:09:55,627 --> 00:09:59,327 I think right now, what's going on calls for taking it a bit slow, 150 00:09:59,507 --> 00:10:02,407 watching the results, understanding that even some of the data, 151 00:10:03,187 --> 00:10:07,407 inflation data, like the CPI, and of course, consumer sentiment, 152 00:10:07,647 --> 00:10:10,007 it's not very reliable information. 153 00:10:10,967 --> 00:10:14,827 And, you know, regardless of how the tariff news impacts Bitcoin and the market, 154 00:10:15,127 --> 00:10:19,867 just this week, there have been developments that are so, so giga bullish long 155 00:10:19,867 --> 00:10:22,347 term. I don't even think I've ever even said that term on the show before. 156 00:10:22,960 --> 00:10:32,880 Music. 157 00:10:32,447 --> 00:10:36,967 Like tariffs what tariffs i don't even care about tariffs three developments 158 00:10:36,967 --> 00:10:42,267 this week that are just wild to me first of all we got the news that six percent 159 00:10:42,267 --> 00:10:48,407 of all the money flowing into american etfs is now bitcoin etfs six percent 160 00:10:48,407 --> 00:10:51,687 of all of the etf money is going to the bitcoin etfs, 161 00:10:52,427 --> 00:10:54,607 I wonder if that scales across the market. 162 00:10:55,047 --> 00:10:58,027 That's a ginormous number, and that's within the first year. 163 00:10:58,587 --> 00:11:03,287 And historically, the second year for an ETF that has done really well in the 164 00:11:03,287 --> 00:11:05,527 first year, the second year is even better. We'll see. 165 00:11:06,207 --> 00:11:09,067 Okay, so that's the first one. Are you ready for the second one that I think 166 00:11:09,067 --> 00:11:10,327 is just absolutely outrageously great? 167 00:11:11,847 --> 00:11:16,187 This one is one of those back-end changes that changes the landscape that will 168 00:11:16,187 --> 00:11:20,127 slowly but surely slow burn, create something really significant. 169 00:11:20,687 --> 00:11:26,487 And that is this week, the FDIC in the United States gave banks the OK to engage 170 00:11:26,487 --> 00:11:32,427 in Bitcoin and other crypto related activities without prior authorization. 171 00:11:33,347 --> 00:11:35,527 That's a big one without prior authorization. 172 00:11:36,587 --> 00:11:40,647 That little that little step there was basically how they said no to everybody. 173 00:11:40,747 --> 00:11:41,667 Oh, no, it's allowed. You just 174 00:11:41,667 --> 00:11:44,287 have to talk to us first and then they wouldn't engage in the process. 175 00:11:45,357 --> 00:11:51,077 And then we have our third one. I don't know if this one's fair to call a bombshell, 176 00:11:51,237 --> 00:11:54,937 but I do think it really underscores BlackRock's conviction in Bitcoin. 177 00:11:55,557 --> 00:11:59,537 BlackRock CEO Larry Fink released his annual chairman letter to investors. 178 00:11:59,597 --> 00:12:01,317 This is the 2025 edition. 179 00:12:02,257 --> 00:12:07,497 It's long, but 20th or so, maybe 22 pages in. I read it on the web, 180 00:12:07,637 --> 00:12:08,677 but there's a PDF version as well. 181 00:12:09,137 --> 00:12:15,117 It's an interesting section. And it's titled, Can Bitcoin Eat Away at the U.S. 182 00:12:15,257 --> 00:12:17,717 Dollar Reserve Status? And I'm just going to read a little bit of it to you. 183 00:12:17,857 --> 00:12:22,097 Quote, the U.S. has benefited from the dollar serving as the world's reserve 184 00:12:22,097 --> 00:12:24,217 currency for a decade or decades. 185 00:12:24,517 --> 00:12:29,077 But that's not guaranteed to last forever. The national debt has grown three 186 00:12:29,077 --> 00:12:34,497 times the pace of GDP since Times Square's debt clock started ticking in 1989. 187 00:12:35,217 --> 00:12:41,437 This year, interest payments will surpass $952 billion. exceeding defense spending. 188 00:12:41,757 --> 00:12:47,217 By 2030, mandatory government spending and debt services will consume all federal 189 00:12:47,217 --> 00:12:50,357 revenue, creating a permanent deficit. 190 00:12:50,957 --> 00:12:56,997 If the U.S. doesn't get its debt under control, if its deficits keep ballooning, 191 00:12:57,397 --> 00:13:02,217 America risks losing its position to digital assets like Bitcoin. 192 00:13:04,277 --> 00:13:10,437 It risks losing its reserve status to digital assets like Bitcoin. 193 00:13:10,897 --> 00:13:15,937 It's one thing when a Max Keiser, a Samson Mao, or a Bitcoin podcaster says these kinds of things. 194 00:13:16,237 --> 00:13:22,457 This is Larry frickin' Fink, the CEO of the largest asset manager in the world, 195 00:13:22,717 --> 00:13:26,997 managing around $11.5 trillion worth of assets. 196 00:13:28,055 --> 00:13:31,615 So when he speaks, especially in this letter, people listen, 197 00:13:31,875 --> 00:13:33,955 investors listen, and world leaders listen. 198 00:13:34,075 --> 00:13:36,275 That's not hyperbole. It's the reality. 199 00:13:36,495 --> 00:13:38,295 I don't know if it's a good idea. I don't know if it's a good thing. 200 00:13:38,695 --> 00:13:40,075 But it's the way things are. 201 00:13:40,575 --> 00:13:46,335 That's an incredible statement by him. He then adds, quote, decentralized finance 202 00:13:46,335 --> 00:13:51,075 is an extraordinary innovation. It makes markets faster, cheaper, and more transparent. 203 00:13:51,815 --> 00:13:56,035 Yet that same innovation could undermine America's economic advantage if investors 204 00:13:56,035 --> 00:13:58,855 begin seeing Bitcoin as a safer bet than the dollar. 205 00:13:59,575 --> 00:14:05,415 Dun, dun, dun. He then also gushes about tokenization, so it's not just all about Bitcoin. 206 00:14:05,895 --> 00:14:09,955 Quote, the world's money moves through plumbing built when trading floors still 207 00:14:09,955 --> 00:14:13,615 shouted orders and fax machines felt revolutionary. 208 00:14:14,215 --> 00:14:21,415 Take the Society for Worldwide Interbank Financial Telecommunication, or, as we know it, SWIFT. 209 00:14:22,155 --> 00:14:26,375 Yes, that's what SWIFT stands for. Society for Worldwide Interbank Financial 210 00:14:26,375 --> 00:14:28,835 Telecommunication. It sounds old. 211 00:14:29,895 --> 00:14:35,415 It sounds old. SWIFT sounds new and modern, but when you actually break it down, 212 00:14:35,675 --> 00:14:39,715 he goes on to say, it's still the system that underpins trillions of dollars 213 00:14:39,715 --> 00:14:43,735 in global transactions every day, and it works much like a relay race. 214 00:14:44,255 --> 00:14:49,575 Banks hand off instructions one by one, meticulously checking details at each step. 215 00:14:49,915 --> 00:14:54,695 That relay approach made sense in the 1970s, an analog era when markets were 216 00:14:54,695 --> 00:14:57,335 much smaller and daily transactions were much fewer. 217 00:14:57,635 --> 00:15:02,535 But today, relying on SWIFT feels like routing emails through the postal office. 218 00:15:03,415 --> 00:15:07,535 Tokenization changes all of that. If SWIFT is the postal service, 219 00:15:07,875 --> 00:15:09,955 tokenization is email itself. 220 00:15:10,275 --> 00:15:15,635 Assets move directly and instantly, sidestepping intermediaries. Okay. 221 00:15:16,694 --> 00:15:22,014 I've made, you know, I've made the analogy that Bitcoin is like gold, 222 00:15:22,094 --> 00:15:26,434 but you could send it like email kind of things before. Okay, I see where he's going. 223 00:15:27,034 --> 00:15:30,794 But what does he mean by tokenization, right? Because it's not what we mean 224 00:15:30,794 --> 00:15:33,854 when we're talking about it from a Bitcoin perspective. Well, he gets into that. 225 00:15:34,514 --> 00:15:39,134 Quote, it's turning real world assets, stocks, bonds, real estate into digital 226 00:15:39,134 --> 00:15:40,414 tokens tradable online. 227 00:15:40,914 --> 00:15:45,974 Each token certifies your ownership of a specific asset, much like a digital deed. 228 00:15:46,694 --> 00:15:50,314 Oh, so kind of like an NFT then? They're like NFTs. So we're going to turn real 229 00:15:50,314 --> 00:15:51,434 estate into NFTs is what he's saying. 230 00:15:51,834 --> 00:15:55,734 He goes on to say, each token certifies your ownership of specific assets, 231 00:15:55,934 --> 00:15:57,174 much like the digital deed. 232 00:15:57,694 --> 00:16:01,854 Unlike traditional paper certificates, these tokens live securely on a blockchain, 233 00:16:02,094 --> 00:16:07,754 enabling instant buying, selling, and transferring without cumbersome paperwork or waiting periods. 234 00:16:08,334 --> 00:16:13,474 Then there's a bunch of fluff about how tokenization democratizes access to 235 00:16:13,474 --> 00:16:16,234 investing. But then he adds one important bit. 236 00:16:16,694 --> 00:16:18,634 I don't think you're going to be too surprised to hear. 237 00:16:19,234 --> 00:16:25,614 Larry Fink adds, quote, One day, I expect tokenized funds will become as familiar 238 00:16:25,614 --> 00:16:30,754 to investors as ETFs, provided we crack one critical problem. 239 00:16:31,414 --> 00:16:36,114 The identity problem. He says identity verification is key. 240 00:16:36,814 --> 00:16:39,654 Yikes. I wonder how we'd like to do that. Should we put all of our identities 241 00:16:39,654 --> 00:16:41,894 on a tokenized blockchain too, Larry? 242 00:16:42,414 --> 00:16:45,734 But back to the core points here. Larry thinks Bitcoin could eat away at the 243 00:16:45,734 --> 00:16:47,854 dollar's reserve status. I think that's fascinating. 244 00:16:48,194 --> 00:16:50,434 And I think long term, I agree. 245 00:16:50,874 --> 00:16:53,734 I don't know if I agree in our lifetime or my lifetime, at least. 246 00:16:54,074 --> 00:16:59,734 I think there's a plan in play right now to push that off, to kick that can 247 00:16:59,734 --> 00:17:06,234 as far as possible by bringing essentially the dollar to everyday consumers around the world. 248 00:17:06,754 --> 00:17:09,554 Tom Lee has some perspective on this, so I grabbed a clip. 249 00:17:10,194 --> 00:17:15,054 Do you agree with what Larry thinks? I said just about the idea that the dollar 250 00:17:15,054 --> 00:17:17,914 could suffer as a result. Yes. 251 00:17:19,354 --> 00:17:22,454 I mean, I'd say that Washington understands that, too. 252 00:17:22,574 --> 00:17:26,854 That's why stablecoin, really getting the right sort of legislation for stablecoin 253 00:17:26,854 --> 00:17:30,574 is important, because in crypto, when it comes to stablecoins, 254 00:17:30,694 --> 00:17:34,314 the dollar is way more dominant there than it is in traditional markets. 255 00:17:34,314 --> 00:17:35,954 So I think you actually kind of 256 00:17:35,954 --> 00:17:39,174 protect the dollar with stablecoin legislation. Do you put a Sorkin coin? 257 00:17:39,414 --> 00:17:43,754 See, there you go. You know what you do is you kick the can and you end up adding 258 00:17:43,754 --> 00:17:46,654 all of these buyers of treasuries, too, which are the stablecoin insurers. 259 00:17:47,674 --> 00:17:52,234 So are tariffs scaring investors right now? Yeah. But if we think long term, 260 00:17:52,334 --> 00:17:54,694 which we should be, this really kind of adds up. 261 00:17:55,474 --> 00:17:58,514 6% of the money flowing into American ETFs is now Bitcoin. Hello? 262 00:17:59,134 --> 00:18:03,894 The FDIC just gave banks okay to start working with Bitcoin. Bitcoin? 263 00:18:04,461 --> 00:18:08,241 Huge. And Fink and BlackRock truly do seem all in on Bitcoin, 264 00:18:08,241 --> 00:18:10,621 if nothing else, because they think it's going to make them a ton of money. 265 00:18:11,621 --> 00:18:15,721 And the Fed has dramatically slowed quantitative tightening. 266 00:18:15,981 --> 00:18:19,361 Is this a decent time to be stacking? 267 00:18:19,921 --> 00:18:25,481 I think so. You do, at 80? Yeah, I think part of this was Bitcoin seasonally 268 00:18:25,481 --> 00:18:28,501 was just not going to be attractive until after March ends. 269 00:18:28,641 --> 00:18:32,941 And now we're finally exiting March. And so I think not only is the calendar 270 00:18:32,941 --> 00:18:38,001 looking better, but as you're saying, the Fed and central banks are easing QT's ending. 271 00:18:38,461 --> 00:18:43,641 I think that that with positive Washington sort of tailwinds means I think Bitcoin 272 00:18:43,641 --> 00:18:44,961 can do well to the end of the year. 273 00:18:45,961 --> 00:18:50,401 Right. People love it when I ask you what your own target is on Bitcoin. 274 00:18:50,801 --> 00:18:53,261 Because it makes people very excited. 275 00:18:53,861 --> 00:18:57,221 Yes. And I mean, it's crazy high again. i think 276 00:18:57,221 --> 00:19:00,141 it's still 150 or higher 277 00:19:00,141 --> 00:19:03,721 as possible i know it doesn't feel like it but once 278 00:19:03,721 --> 00:19:09,801 we get through this tariff and that agenda around tariffs markets can look forward 279 00:19:09,801 --> 00:19:15,101 to things that could be positive i agree i mean it's it's possible i i am feeling 280 00:19:15,101 --> 00:19:18,881 more bearish about the end results i thought about making this episode about 281 00:19:18,881 --> 00:19:22,381 that but we'll wait and see we'll wait and see if tom's right it's a hell of a setup. 282 00:19:28,801 --> 00:19:34,001 Now, Senator Lomas has updated us on her budget neutral strategies for the U.S. 283 00:19:34,081 --> 00:19:35,321 Government to acquire Bitcoin. 284 00:19:36,421 --> 00:19:40,481 And in this strategy, you'll hear her talk about the idea of reevaluating the 285 00:19:40,481 --> 00:19:41,561 U.S. gold certificates. 286 00:19:42,241 --> 00:19:46,461 And a new idea comes in, perhaps mining it directly, the U.S. 287 00:19:46,521 --> 00:19:47,841 Government mining Bitcoin directly. 288 00:19:47,981 --> 00:19:52,221 I'll let her explain it in her own words. We could take our gold certificates, 289 00:19:52,681 --> 00:19:54,661 which are currently held at the 290 00:19:54,661 --> 00:20:03,581 Federal Reserve on the books at their 1974 value, which is $42 an ounce. 291 00:20:04,121 --> 00:20:10,661 Now, most of us know that gold has gone closer to $3,000 an ounce. 292 00:20:10,821 --> 00:20:15,641 So if we took those gold certificates, not physical gold, let's keep our physical 293 00:20:15,641 --> 00:20:20,361 gold. Let's take the gold certificates, bring them up to current fair market 294 00:20:20,361 --> 00:20:22,281 value and convert them to Bitcoin. 295 00:20:23,816 --> 00:20:28,656 Other possibilities that we were just discussing in the back room that are really 296 00:20:28,656 --> 00:20:36,916 exciting is the United States has energy producing assets. 297 00:20:37,636 --> 00:20:44,776 Let's use those to convert the energy production capabilities of the United 298 00:20:44,776 --> 00:20:47,736 States government to producing Bitcoin. 299 00:20:48,336 --> 00:20:55,676 That's another way that we can convert our royalties that we usually get in 300 00:20:55,676 --> 00:21:00,236 cash into royalties in kind by way of Bitcoin. 301 00:21:00,596 --> 00:21:06,136 And there are a myriad of other ideas for fulfilling the goals of President 302 00:21:06,136 --> 00:21:12,636 Trump's executive order by creating a strategic Bitcoin reserve without expending 303 00:21:12,636 --> 00:21:15,756 a single new dollar from the taxpayers. 304 00:21:16,836 --> 00:21:21,136 I'm starting to get skeptical here. I don't think I'm buying all of that. Are you? 305 00:21:21,916 --> 00:21:26,276 Specifically, the repricing of the gold certificates? Unless this is already. 306 00:21:26,276 --> 00:21:30,696 In the works, and the last time Besant spoke about this, he said it wasn't in 307 00:21:30,696 --> 00:21:33,016 the works, but unless this is in the works, then maybe. 308 00:21:33,576 --> 00:21:38,436 I just don't buy what happened for this purpose alone. After all these years 309 00:21:38,436 --> 00:21:41,796 when they could have done this, they're just now going to do it so they can buy some Bitcoin? 310 00:21:42,396 --> 00:21:44,096 I don't know. What say you? Are you buying this? 311 00:21:45,896 --> 00:21:48,776 Boost in. I mean, do you think we're going to see the U.S. reprice its gold 312 00:21:48,776 --> 00:21:51,516 certificates? And regardless of that, would they buy it with Bitcoin? 313 00:21:51,636 --> 00:21:52,696 Would they buy Bitcoin with it? 314 00:21:53,736 --> 00:21:57,496 I actually, I almost think it's, and this was just sounded like an idea they came up with. 315 00:21:57,596 --> 00:22:02,256 I almost think it's more likely that they would use energy to mine it directly 316 00:22:02,256 --> 00:22:04,336 than they would reprice the gold. 317 00:22:04,556 --> 00:22:07,176 Otherwise, they would have done that by now. There must be some sort of geopolitical 318 00:22:07,176 --> 00:22:10,136 ramifications of just simply repricing the gold. 319 00:22:11,150 --> 00:22:15,170 So I'm not buying it. And in fact, I'm starting to get skeptical of the entire 320 00:22:15,170 --> 00:22:16,650 thing the longer this drags out. 321 00:22:16,810 --> 00:22:19,170 I'd like to know where you're at with this. Boost in and tell me. 322 00:22:19,450 --> 00:22:21,810 I'd also like your thoughts on something else. 323 00:22:23,430 --> 00:22:29,010 Foundry just mined the emptiest non-empty block in over two years. 324 00:22:29,510 --> 00:22:33,750 There was only seven transactions in the block. And we've been seeing nearly 325 00:22:33,750 --> 00:22:40,450 empty blocks get mined more and more in the last few weeks. So block 890,206, 326 00:22:40,650 --> 00:22:42,470 516 transactions total. 327 00:22:42,990 --> 00:22:47,110 There's a couple other low ones in here, like a thousand transaction level, 2,000. 328 00:22:47,370 --> 00:22:51,570 Block 890,203, 274 transactions. 329 00:22:52,030 --> 00:22:54,530 And then the one earlier today, only seven transactions. 330 00:22:55,210 --> 00:22:58,170 What's going on here? I genuinely don't know. 331 00:22:58,870 --> 00:23:06,270 Glass node data, I went and looked. it shows that 87%, nearly 87% of all Bitcoin 332 00:23:06,270 --> 00:23:12,510 has not moved in the last three months, which is almost a new time all high, all time new high. 333 00:23:13,010 --> 00:23:15,870 So why is this happening? What's going on here? 334 00:23:16,710 --> 00:23:19,190 Boost me your thoughts, your theories, your guesses, your questions. 335 00:23:20,010 --> 00:23:23,690 Go ahead, send them in. I don't understand what's happening. 336 00:23:24,250 --> 00:23:28,310 It's, I mean, it's not too unusual when we go sideways to see a little bit of 337 00:23:28,310 --> 00:23:32,390 this but this seems really extreme seven transactions in a block 200 transactions 338 00:23:32,390 --> 00:23:38,510 in another block 500 in another on-chain fees are ridiculously low what is your 339 00:23:38,510 --> 00:23:39,990 theory and is it a problem. 340 00:23:41,040 --> 00:23:59,440 Music. 341 00:23:59,897 --> 00:24:03,277 Coming up, we have your boosts, updates, a final clip of the week, 342 00:24:03,377 --> 00:24:04,957 the state of the network, and more. 343 00:24:05,277 --> 00:24:09,677 I want to take a moment and thank everybody who supports the show just by doing what they do. 344 00:24:10,077 --> 00:24:13,957 If you want to stack sats on river, one of the best ways to DCA or smash buy, 345 00:24:14,117 --> 00:24:18,797 especially with that 3.8% cash sats savings account, we have a link in the show 346 00:24:18,797 --> 00:24:21,397 notes to go buy your sats on river and support the show. 347 00:24:21,657 --> 00:24:24,077 Or you can go to jupiterbroadcasting.com slash river. 348 00:24:24,497 --> 00:24:26,857 Now, if you're all about self-custody or you live in Canada, 349 00:24:26,857 --> 00:24:31,057 you're in the States, and you want to buy from to your cold storage, 350 00:24:31,697 --> 00:24:32,917 Bitcoin well is the way to go. 351 00:24:33,277 --> 00:24:36,257 You're buying sats, you're selling sats, it goes directly to your storage. 352 00:24:36,457 --> 00:24:39,577 They don't hold your Bitcoin. It's pretty great technology. They're like an 353 00:24:39,577 --> 00:24:41,137 API for Bitcoin. It's the Bitcoin well. 354 00:24:41,577 --> 00:24:45,157 Now, if you're ready to spend some Bitcoin via Lightning, super quick way. 355 00:24:45,257 --> 00:24:48,737 You don't even need to log in. The Bitcoin company. Link to that. It's great. 356 00:24:49,277 --> 00:24:51,997 Now, if you want to stack sats when you're buying gas, paying bills, 357 00:24:52,217 --> 00:24:55,637 using your debit card, That's the Fold card. They got a lot brewing over there. 358 00:24:56,077 --> 00:24:59,477 They're one of the darling Bitcoin companies. We got a link to them and I'm a customer. 359 00:25:00,077 --> 00:25:03,897 Then if you want to get access to your Bitcoin value without having to sell 360 00:25:03,897 --> 00:25:07,877 it, Salt Lending is great for that. That's what I use. Love Salt Lending. 361 00:25:08,157 --> 00:25:10,097 Link to that in the show notes as well. 362 00:25:10,837 --> 00:25:15,097 You use those links, you support the show by doing what you do. 363 00:25:15,477 --> 00:25:17,177 I do appreciate that. Thank you, everybody. 364 00:25:19,617 --> 00:25:22,777 And now it is time for the boost 365 00:25:22,777 --> 00:25:25,677 and block seven is our first booster this week and 366 00:25:25,677 --> 00:25:31,797 they're coming in with 25 000 sats this is a tasty burger boy they are doing 367 00:25:31,797 --> 00:25:36,117 a lot with mayo these days he says i stream sats every listen i feel like i 368 00:25:36,117 --> 00:25:39,197 should get an ad free stream maybe something oscar mary could integrate into 369 00:25:39,197 --> 00:25:44,037 fountain either way keep doing what you do cheers you know block You never know. 370 00:25:44,377 --> 00:25:46,817 Your wish may be granted in the near future. 371 00:25:47,337 --> 00:25:49,857 That's all I have to say about that. Well, let's hear it. Goodbye. 372 00:25:49,957 --> 00:25:53,617 That's all I have to say about that, okay? All right. Thank you for the boost. 373 00:25:54,457 --> 00:26:00,377 JQ3 comes in with a row of McDucks, 22,222 sats. Look at them big old handsome ducks. 374 00:26:00,537 --> 00:26:05,537 These are looking up for old McDuck. Says, I just wanted to boost to show support for the show. 375 00:26:05,757 --> 00:26:07,817 And my wife and I love what you're doing here. 376 00:26:08,077 --> 00:26:11,017 We never miss an episode. Your opinions are well informed and balanced. 377 00:26:11,437 --> 00:26:13,997 Thank you. Well. Because I'm the win. 378 00:26:14,417 --> 00:26:17,737 Thank you. And I hope if I ever piss you off, you give me some grace. 379 00:26:19,297 --> 00:26:22,097 I do appreciate the boost and I love that you both are listening. 380 00:26:22,837 --> 00:26:26,177 SatSquatch came in with 21,000 sats. The traders love the vol. 381 00:26:26,617 --> 00:26:29,957 Does I agree about it being a buying opportunity? I just bought a chunk at 88K. 382 00:26:30,257 --> 00:26:34,777 I can't time the market, but I always feel better with more Bitcoin. Yeah, that's just it. 383 00:26:35,257 --> 00:26:38,897 And, you know, two years from now, are you really going to care if you got it 384 00:26:38,897 --> 00:26:41,437 at 81 or 88 when it's, you know, above 150? 385 00:26:42,317 --> 00:26:43,717 You know, it's not, I mean, 386 00:26:44,828 --> 00:26:46,728 They could care, but it's really not going to matter, right? 387 00:26:47,328 --> 00:26:50,388 I think so. Thank you for the boost. I like the way you're thinking, Sat Squanch. 388 00:26:50,928 --> 00:26:53,008 Bobby Pin comes in with 10,000 sats. 389 00:26:57,428 --> 00:27:01,468 Well, I'll be dipped. Hey, Chris, I agree with hesitation in the community of 390 00:27:01,468 --> 00:27:03,768 quantity and quality of sponsors. 391 00:27:04,188 --> 00:27:07,248 In the 11 years I've been listening to you, I've never heard you recommend a 392 00:27:07,248 --> 00:27:09,568 sponsor I hated or didn't understand why you picked them. 393 00:27:10,068 --> 00:27:12,528 I've used several of the sponsors you've recommended and haven't been disappointed, 394 00:27:12,728 --> 00:27:15,948 even if I ended using that sponsor. 395 00:27:16,248 --> 00:27:18,188 Keep doing what you're doing, and I trust your judgment. 396 00:27:18,668 --> 00:27:22,248 Thank you, Bobby Penn. I am still considering, I think this is the hardest show 397 00:27:22,248 --> 00:27:23,648 to make a decision on that I've ever done. 398 00:27:24,328 --> 00:27:27,408 Because there is a history of things going wrong. 399 00:27:28,808 --> 00:27:32,388 But survival is also very important. And it is literally down to that. 400 00:27:32,528 --> 00:27:34,568 So I am still working it out. 401 00:27:35,548 --> 00:27:39,388 Adversary 17 is here with 15,000 sets. Would you look at him? 402 00:27:39,568 --> 00:27:42,788 That's right, everybody. It's that time of year again. Happy birthday. 403 00:27:43,248 --> 00:27:46,948 It's my birthday, I guess. That's what I get for picking random on the soundboard, 404 00:27:47,048 --> 00:27:49,708 right? Oh, my God. This drawer is filled with fruit loops. 405 00:27:50,628 --> 00:27:54,588 Adversary says subscribing via Lightning would be awesome. Albie has created 406 00:27:54,588 --> 00:27:57,728 something called Zap Planner, so I wonder if that could be used somehow to help. 407 00:27:57,908 --> 00:28:00,868 Maybe by using Nostra Wallet Connect, this would actually be possible. 408 00:28:01,108 --> 00:28:05,428 You need something to track transactions and generate an RSS feed to each wallet 409 00:28:05,428 --> 00:28:09,988 or Nostra pub key, but also able to revoke that So those trying to get a free bootleg couldn't. 410 00:28:10,668 --> 00:28:15,568 You and I are thinking like lockstep here. I tell you what, 17, 411 00:28:15,728 --> 00:28:17,328 this is exactly what I was thinking. 412 00:28:18,068 --> 00:28:21,548 Noster gives you the identity layer, which you could tie subscriptions to without 413 00:28:21,548 --> 00:28:23,708 ever actually having to like expose personal identity. 414 00:28:24,208 --> 00:28:27,228 And then, you know, ideally the lightning stuff is built into. 415 00:28:27,468 --> 00:28:30,428 So that is something I think has a lot of potential. 416 00:28:30,808 --> 00:28:33,808 I think you'll see a couple of cracks at it earlier in the year. 417 00:28:33,948 --> 00:28:35,008 Well, I guess we're kind of there now. 418 00:28:36,150 --> 00:28:39,070 In the first half of the year? Thank you for the boost. 419 00:28:40,550 --> 00:28:44,510 One dull geeks here with a row of ducks. Boosting because I don't want ads. 420 00:28:44,690 --> 00:28:46,150 All right. Hey, that's very fair. 421 00:28:46,710 --> 00:28:48,830 Boost! Gene Bean's back with a row of ducks. 422 00:28:49,970 --> 00:28:53,670 Missed you, Gene Bean. Boosting and streaming from 32,000 feet while listening 423 00:28:53,670 --> 00:28:56,430 on a flight back from a work trip. Well done, Gene. 424 00:28:57,170 --> 00:29:00,010 That's a great time to catch up on podcasts, too. Great to hear from you. 425 00:29:00,590 --> 00:29:05,570 Based Potato is here with 10,000 sets. You know what that is? It's over 9,000! 426 00:29:06,250 --> 00:29:08,890 Ah, very nice. He says, boosting away the ads. 427 00:29:12,690 --> 00:29:18,150 Thank you. Appreciate that. And the muso comes in with 10,000 sats. 428 00:29:18,270 --> 00:29:19,970 Put some macaroni and cheese on there, too. 429 00:29:20,230 --> 00:29:23,550 Here's to the first year of TWIB. Whoop, whoop, whoop, whoop, whoop, whoop, whoop. 430 00:29:24,790 --> 00:29:27,790 Finally got a lightning node with Albie Hub up and running, heck yeah, 431 00:29:27,930 --> 00:29:30,410 on top of Nick's Bitcoin, no less. 432 00:29:31,330 --> 00:29:35,330 You know what you're doing? You're doing a good job. You're doing a good job. 433 00:29:35,570 --> 00:29:38,870 Wow. If you don't have the time to provide a member's feed for the show, 434 00:29:39,010 --> 00:29:39,930 I'm okay with advertisements. 435 00:29:40,190 --> 00:29:43,230 I was never really put off by the advertisers you include in other Jupyter Broadcasting 436 00:29:43,230 --> 00:29:45,210 shows when I wasn't a party member. 437 00:29:45,490 --> 00:29:48,870 With regards to Bitcoin-related podcasts, I'm wondering whether either of you 438 00:29:48,870 --> 00:29:51,590 folks in the audience, any of you folks in the audience can recommend any podcast 439 00:29:51,590 --> 00:29:55,650 to focus on Bitcoin being used as a medium of exchange outside of music and podcasting. 440 00:29:56,050 --> 00:29:59,210 Keep up the great work. That's a great question. 441 00:30:00,210 --> 00:30:03,810 So specifically to restate that in another way. Danger zone. 442 00:30:03,810 --> 00:30:08,650 He's looking for a podcast that focuses on Bitcoin being used like a day-to-day 443 00:30:08,650 --> 00:30:13,270 transaction, maybe a circular economy, outside of music or value-for-value podcasts. Danger Zone. 444 00:30:13,750 --> 00:30:17,450 Bravo comes in with 5,555 sats. 445 00:30:18,730 --> 00:30:21,450 Jordan Bravo here with a test boost. Well, we got it. 446 00:30:22,410 --> 00:30:25,890 Fountain has been mangling my username. I hope it's displaying properly now. 447 00:30:26,170 --> 00:30:28,490 You got it. Nice to hear from you, Bravo. 448 00:30:29,090 --> 00:30:33,830 Hey, look, there's PJ. Let's hear it, good buddy. He says, long time, 449 00:30:33,990 --> 00:30:36,550 no boost. I've been a lazy booster. 450 00:30:38,290 --> 00:30:41,550 Well, we open the door to you anytime you come by, PJ. It's always nice to hear 451 00:30:41,550 --> 00:30:42,870 from you. Thank you for the boost. 452 00:30:44,790 --> 00:30:51,990 Let's take a look, see. OBL918 comes in with 17,912 sats. He's a good guy. 453 00:30:52,190 --> 00:30:55,770 He's a real good guy. No, he's a great guy. And of course, some of those in 454 00:30:55,770 --> 00:31:01,750 there are a Spaceballs boost. So the combination is one, two, three, four, five. 455 00:31:02,010 --> 00:31:05,750 I remember using the Bitcoin faucet. I also remember when I could download the 456 00:31:05,750 --> 00:31:08,910 Bitcoin client and mine multiple Bitcoin on my CPU. 457 00:31:09,510 --> 00:31:12,630 Yeah, brother, me too. He goes on to say, I said, well, that's pointless. 458 00:31:12,630 --> 00:31:14,410 And all of those stats were forever gone. 459 00:31:14,530 --> 00:31:18,610 If you aren't humbled by Bitcoin at some point, you probably aren't trying hard enough, I'd say. 460 00:31:20,963 --> 00:31:24,403 That makes me feel better. Also, on my previous boost, you seemed to struggle 461 00:31:24,403 --> 00:31:28,163 just a bit with Quadalus, which is what I call my dirty fiat. 462 00:31:28,403 --> 00:31:30,203 I'm a tad surprised you missed the reference. 463 00:31:30,783 --> 00:31:35,623 Oh, in original Star Trek, three pulsating brains on Tarkelion bet large quantities 464 00:31:35,623 --> 00:31:39,703 of Quadalus on the Gladiator Combat. That does ring a bell now that you say that. 465 00:31:39,983 --> 00:31:44,443 It wasn't all that remained of their economy. Three dudes betting ridiculous 466 00:31:44,443 --> 00:31:46,443 amounts of fiat currency that meant nothing. 467 00:31:47,163 --> 00:31:51,623 That's amazing. Keep up the good work. Thank you, OLB. Nice to hear from you. 468 00:31:51,843 --> 00:31:53,703 Obliterator 918, he says. 469 00:31:54,503 --> 00:31:56,703 He also says so much for all the tariff talk. Yeah, we're still going. 470 00:31:56,863 --> 00:32:00,623 We'll be going for a bit. Although today's tariff day. Happy tariff day. 471 00:32:02,763 --> 00:32:07,083 Happy tariff day. Ace Ackerman's, thank you for the boost. Ace Ackerman's back with a row of ducks. 472 00:32:08,703 --> 00:32:12,463 President Trump, like on most things, is more bark than he is bite with tariffs. 473 00:32:12,703 --> 00:32:15,343 It helps him make a splash in the news, troll the opposition, 474 00:32:15,523 --> 00:32:17,523 and be unpredictable in the negotiations. 475 00:32:17,843 --> 00:32:20,683 So I'm not surprised that there has been a perceived softening on tariffs. 476 00:32:21,123 --> 00:32:22,663 I can't wait until we buy Greenland. 477 00:32:26,823 --> 00:32:30,303 Yeah, I think I agree. It feels like they're walking that back, doesn't it? 478 00:32:30,903 --> 00:32:32,903 They're walking some of that back, although we'll see after today. 479 00:32:33,223 --> 00:32:37,463 But it does seem like some of the, you know, some of the talk did soften a wee bit, didn't it? 480 00:32:38,263 --> 00:32:42,103 Chaka is here with Aflac Boost. That's 4,444 sats. 481 00:32:43,123 --> 00:32:47,163 That's two rows of ducks. Elon Musk being suspiciously silent about Bitcoin 482 00:32:47,163 --> 00:32:50,363 as per the clip you shared, I would say that whatever the plan had to do with 483 00:32:50,363 --> 00:32:52,723 X, you will most likely need to change it. 484 00:32:53,043 --> 00:32:56,283 It also floats the new political environment with the SBR and all of the positive 485 00:32:56,283 --> 00:32:57,283 things happening around crypto. 486 00:32:57,903 --> 00:33:00,383 Yes, it's pretty neat, and the crypto and Bitcoin space, hence, 487 00:33:00,463 --> 00:33:01,443 has changed a lot in the USA. 488 00:33:01,943 --> 00:33:05,363 But what is the hostility against Bitcoin? In the meantime, we also must acknowledge 489 00:33:05,363 --> 00:33:08,023 that there are a lot of hostilities still going on in Europe. 490 00:33:08,323 --> 00:33:12,323 Since the 1st of January, the MCIA has been active with its regulation. 491 00:33:12,603 --> 00:33:14,623 I must say, it took down all of 492 00:33:14,623 --> 00:33:17,823 the POS terminals that accepted Bitcoin in payments. I heard about that. 493 00:33:18,423 --> 00:33:19,763 Thus, meaning the current number 494 00:33:19,763 --> 00:33:23,783 of merchants I can pay with Bitcoin in my country has gone down 95%. 495 00:33:25,105 --> 00:33:28,445 Man, he says, I really hope the European people would be more involved with 496 00:33:28,445 --> 00:33:32,005 crypto. At least Americans are, and it seems to produce a nicer environment there. 497 00:33:32,905 --> 00:33:39,985 Yeah, I really feel like our Europeans, specifically also our friends in the 498 00:33:39,985 --> 00:33:44,905 UK, have really been misled for many years about Bitcoin and just any option 499 00:33:44,905 --> 00:33:47,545 outside the system. And now they're really paying the price. 500 00:33:48,705 --> 00:33:52,665 Financial literacy might be one of the most important issues of our time. 501 00:33:53,925 --> 00:33:56,925 And it is so bad. It is so, so, I didn't know. 502 00:33:57,565 --> 00:34:02,085 I had no idea until I started studying Bitcoin. So I say with all humility, 503 00:34:02,505 --> 00:34:04,905 it's not like I am some, you know, expert. 504 00:34:05,185 --> 00:34:08,385 I've just been learning for years now and have expanded my understanding. 505 00:34:08,925 --> 00:34:11,305 But like so many things, once you start to really understand it, 506 00:34:11,365 --> 00:34:14,305 you learn there's so much, so much more. Thank you for that perspective. 507 00:34:14,625 --> 00:34:15,365 Appreciate the boost, Chuck. 508 00:34:16,245 --> 00:34:19,385 Jim from Antiques here with 2000Sats. Live long and prosper. 509 00:34:19,725 --> 00:34:21,945 Hey, Chris, here's an update about my Celsius refund. 510 00:34:22,685 --> 00:34:26,385 I've received different emails over the months to claim the distribution from the Celsius network. 511 00:34:26,525 --> 00:34:29,745 After giving them all my info, weeks later, I received a procedure to receive 512 00:34:29,745 --> 00:34:31,485 the funds via MetaMask and ETH. 513 00:34:31,945 --> 00:34:37,045 At first, it wasn't working. Once it asked me for my private keys, 514 00:34:37,225 --> 00:34:39,465 I stopped right there thinking it might be a scam. 515 00:34:39,665 --> 00:34:44,105 Then I received other emails from Celsius with another procedure to give them my PayPal account. 516 00:34:44,625 --> 00:34:48,945 Finally, I received $26 back from the 50 or 60 I put in four years ago. 517 00:34:49,345 --> 00:34:50,705 It's been quite a journey. 518 00:34:51,385 --> 00:34:54,865 Jen, thank you for that update. And that sounds kind of awful. 519 00:34:55,205 --> 00:34:59,005 I am glad it wasn't thousands of dollars or something. But geez, 520 00:34:59,385 --> 00:35:01,465 it sounds like it's just ripe with possible scams. 521 00:35:02,473 --> 00:35:05,273 That's good. That's a good boost. Thank you for that. Also, thank you everybody 522 00:35:05,273 --> 00:35:07,313 who boosted below the 2,000 sat cutoff. 523 00:35:07,393 --> 00:35:12,353 I want to call up a user 31 who came in with 1,000 sats. Coming in hot with the boost. 524 00:35:12,493 --> 00:35:15,553 He was a first-time listener, so I want to give him a shout-out. That's great to hear. 525 00:35:17,493 --> 00:35:22,713 Now, thank you everybody. Also, thank you to our streamers who just stream sats as you listen. 526 00:35:22,873 --> 00:35:26,033 You silently contribute to the show. I see you. I appreciate you. 527 00:35:26,453 --> 00:35:28,233 I do see them trickle into my 528 00:35:28,233 --> 00:35:33,793 node all day long, and it really is great to see. I really appreciate it. 529 00:35:34,053 --> 00:35:39,253 So thank you, everybody. We had 51 of you stream those sets and collectively 530 00:35:39,253 --> 00:35:43,653 you stacked 88,663 Satoshis. 531 00:35:43,833 --> 00:35:50,873 When you combine that with our boosters this week, we had a grand total of 252,303 sets. 532 00:35:51,053 --> 00:35:53,673 Not too bad. Not too bad at all. 533 00:35:57,133 --> 00:36:00,533 Thank you everyone who supports the show with a boost it's really 534 00:36:00,533 --> 00:36:03,753 easy these days to get started with fountain fm but there's 535 00:36:03,753 --> 00:36:07,073 all kinds of options including the albi hub and fully self-hosted options your 536 00:36:07,073 --> 00:36:11,573 your starting point is podcast apps.com then you can send a boost into the show 537 00:36:11,573 --> 00:36:15,093 above 2000 sats we read it this is a value for value podcast which means the 538 00:36:15,093 --> 00:36:18,653 podcast goes out for free if you've received some value from it it helps you 539 00:36:18,653 --> 00:36:21,653 think about these things helps you plan your bitcoin journey you contribute 540 00:36:21,653 --> 00:36:22,673 some value back to the show. 541 00:36:34,013 --> 00:36:40,473 Disc 2.1.7 is out it's more reliable better message delivery and trade mitigation. 542 00:36:42,650 --> 00:36:45,950 Mediation enhancements, mitigation. I'm getting sick. My brain is shutting down 543 00:36:45,950 --> 00:36:48,810 on me as the show goes. I'm getting progressively more sick and my brain's not working. 544 00:36:49,190 --> 00:36:53,590 This is what I think really interesting is message delivery is more resilient now. 545 00:36:54,130 --> 00:36:58,390 Messages are sent as mailbox messages when a peer connects that aren't yet established 546 00:36:58,390 --> 00:37:02,130 or when Tor is slow, ensuring faster and more reliable communications. 547 00:37:02,930 --> 00:37:05,590 Also, mediation has been improved with message status tracking, 548 00:37:05,810 --> 00:37:10,630 consistent media assignments, media assignments, mediator, there we go, 549 00:37:10,630 --> 00:37:12,750 and based off of Offer ID. 550 00:37:13,070 --> 00:37:17,450 The new UI elements for mediators and enhanced case management UI also make things a lot improved. 551 00:37:17,710 --> 00:37:23,010 There's also a new split pane for other chats and a new splash screen that tracks the loading progress. 552 00:37:23,670 --> 00:37:27,930 BISC is also looking for a senior Java developer and will host its first hackathon, 553 00:37:28,430 --> 00:37:29,930 April 10th through the 13th. 554 00:37:30,510 --> 00:37:35,590 BISC is one of these highly regarded ways to buy Bitcoin in a more peer-to-peer way. 555 00:37:35,790 --> 00:37:40,230 It can be tricky and the UI has been one of the more criticized elements. 556 00:37:40,230 --> 00:37:42,230 So it's nice to see them really working on this. 557 00:37:42,530 --> 00:37:46,830 And 2.1.7 is out now. And it's looking real good. 558 00:37:47,570 --> 00:37:53,350 How about this first story? $6 trillion asset manager Fidelity has launched 559 00:37:53,350 --> 00:37:57,910 a retirement plan allowing direct crypto investments. 560 00:37:58,530 --> 00:38:02,850 Fidelity has 49 million customers. And they announced today, some details are light. 561 00:38:02,970 --> 00:38:08,430 But what we do know is a no-fee crypto IRA. It allows U.S. adults to invest 562 00:38:08,430 --> 00:38:10,790 in Bitcoin, ETH, or Litecoin. 563 00:38:11,590 --> 00:38:15,750 Okay. Now, your assets will be held by Fidelity Digital Assets. 564 00:38:15,890 --> 00:38:18,570 They'll hold the keys in their cold wallet, and you'll be able to choose from 565 00:38:18,570 --> 00:38:20,550 a Roth, traditional, or rollover IRA. 566 00:38:21,550 --> 00:38:28,290 That is massive. No fee IRA from Fidelity. Fidelity is one of the originals in this space. 567 00:38:28,670 --> 00:38:33,390 Very trusted. Like I said, basically 50 million customers will now have this as an option. 568 00:38:33,550 --> 00:38:36,790 How many of them use it? We don't know, but it's really neat to see that. 569 00:38:37,040 --> 00:38:47,280 Music. 570 00:38:47,125 --> 00:38:51,165 All right, that brings us to our final clip of the week. 571 00:38:51,485 --> 00:38:53,645 And Jack Dorsey was recently interviewed, 572 00:38:53,665 --> 00:38:58,825 and he reflected on just how far Bitcoin has come in 16 years. 573 00:38:58,965 --> 00:39:03,725 And also, how even with folks like BlackRock and the federal government interested, 574 00:39:04,125 --> 00:39:08,965 you still don't need anyone's permission to build on Bitcoin. That's truly unique. 575 00:39:09,485 --> 00:39:13,185 What makes Bitcoin special, what makes things like Nostra special, 576 00:39:13,485 --> 00:39:14,845 is they're permissionless. 577 00:39:14,845 --> 00:39:18,765 You don't need anyone's permission to build 578 00:39:18,765 --> 00:39:21,785 what you want to see and and that's just incredible 579 00:39:21,785 --> 00:39:26,285 like to to be able to work on a money transmission protocol that's entirely 580 00:39:26,285 --> 00:39:32,545 open that has no one leader that has all this attention that has converted the 581 00:39:32,545 --> 00:39:37,925 likes of a blackrock or these major institutions that were these things that 582 00:39:37,925 --> 00:39:41,745 we railed against in the past and now they have to turn their attention to it. 583 00:39:42,225 --> 00:39:47,025 And yet you still don't need their permission to build on it or to change it 584 00:39:47,025 --> 00:39:49,485 or to better it. Where else can you find it? 585 00:39:49,665 --> 00:39:52,865 Like at that scale, not nowhere. And in only 16 years. 586 00:40:04,225 --> 00:40:11,305 Let's check in on the state of the network. The block height as I wrap up is $890,593. 587 00:40:11,725 --> 00:40:15,645 The price in U.S. dollars is $86,470. 588 00:40:16,205 --> 00:40:19,485 Stats per U.S. dollar are $1,156. 589 00:40:20,245 --> 00:40:24,365 Over the last seven days, we're only down 0.1% right now. 590 00:40:25,125 --> 00:40:30,945 Cooking. Now, that's still a 20% decline, 20.7%, if I'm being accurate, 591 00:40:31,185 --> 00:40:35,685 from our all-time high $109,160 on January 19th, 2025. 592 00:40:36,405 --> 00:40:39,025 The fee rate right now is two sats of V-Byte. 593 00:40:41,400 --> 00:40:44,440 Go open up some channels, kids. That's the lesson there. Go open some channels. 594 00:40:44,940 --> 00:40:45,940 Rebalance some channels. 595 00:40:46,460 --> 00:40:49,640 If you got a lightning node, go do some maintenance while the fees are low. 596 00:40:49,820 --> 00:40:54,580 If you haven't consolidated UTXOs, go take care of that. It's a great price right now. 597 00:40:55,180 --> 00:40:58,400 Outside of that, the Bitcoin network is cooking. Hash rate's cooking. 598 00:40:59,360 --> 00:41:03,180 Interest is high. The state of the network is strong. 599 00:41:09,780 --> 00:41:12,860 Now as i wrap up don't forget that links today for 600 00:41:12,860 --> 00:41:15,880 things that i talked about are over at this week in bitcoin.show as 601 00:41:15,880 --> 00:41:18,660 well as the back catalog i hope i brought you something that 602 00:41:18,660 --> 00:41:21,500 doesn't get distracted by the emotions focuses on the signal so let 603 00:41:21,500 --> 00:41:24,980 me know how i did with a boost and of course boost in with whatever you'd like 604 00:41:24,980 --> 00:41:31,520 to see or what i missed from the show you guys have been killing it for weeks 605 00:41:31,520 --> 00:41:35,980 on the value for value chart bringing our artists to the top of the chart week 606 00:41:35,980 --> 00:41:41,400 after week you did it last week it's awesome to see this week we're going blues, 607 00:41:42,000 --> 00:41:46,980 and rock it's a mix it's a it's like a crossover genre it's from tj wong and 608 00:41:46,980 --> 00:41:54,440 he comes from portland oregon and he has apple pie so i leave you this week with apple pie by tj wong. 609 00:41:54,480 --> 00:46:27,166 Music.