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There's a lot of people that are nodding with you because we can deflate our

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way out of some of the step.

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But the difference between 2% and 3% compounded for the dollar is devastating.

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And I don't know, for you to just blow it off is a little weird.

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I mean, there's a reason they want 2%. Anyone can move goalposts.

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I mean, if you compound 3%, that's 50% higher than 2%. Do you know where 2% comes from?

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I don't, I'm not. No, no, but 2% comes from. It would make all of us feel awful in 10 years.

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2% comes from the Bank of New Zealand in the early 90s. It seems like a good

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number to me. But it's an arbitrary number.

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What you've got to take into... Well, 5 is an arbitrary number.

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I mean, if you want to deflate $36 trillion, let's go to 10 then.

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I don't want to pull the rug from under U.S. economic exceptionalism.

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I think we are outpacing the rest of the world. You're starting to at 3%.

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I think we are investing in the economies of tomorrow, in the growth drivers

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of tomorrow, The government?

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No, the private sector, everything else. If you push this economy into recession—

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The private sector is now what causes the inflation.

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Joe, if you push this economy into recession, you will not just lose current

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standard of living, you will lose future standard of living.

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We are in a very good position. Three percent loses the future standard of living. That's the problem.

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Two and a half to three is what I said. You went immediately to three.

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Well, if you say three at the high end, you're okay with it.

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As long as inflation expectations are stable, you can navigate.

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Better buy some Bitcoin, Mohammed.

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Music.

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Welcome in to This Week in Bitcoin, Lucky 42.

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My name is Chris, chrisles.com, jupiterbroadcasting.com. Don't you just love

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it when a plan comes together?

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We're really on the verge of a new era for Bitcoin.

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Not just because of a changing administration and a pro-crypto administration

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coming in, but because of the macro environment that is setting up.

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You heard in that intro clip, Joe's arguing about how inflation impacts people

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and their guest is arguing about inflation expectations.

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This is the new messaging here, and I think Bitcoin is really lined up for some

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wins, and I'm going to get into some specifics this week, tell you where I see that.

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And I think we should start with this higher inflation report for December.

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Now, CNBC's guests might have been playing this off, but U.S.

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Inflation rose to 2.9%. Now, these are the official numbers.

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It did fall in line with what many had projected U.S.

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Inflation would be at. Now, if you ask me, 2.9 percent is still too damn high.

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It's basically 3 percent. And we all know that the real inflation number,

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especially in certain areas, is much, much higher.

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Not all of the numbers are bad, depending on your lens.

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But when it comes to inflation, not entirely clear cut for investors as to what

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it means for the Fed. Steve Leisman here with more.

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Steve, does this change anything? Not immediately. And, Sarah,

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I like the way you led into that, saying it's not entirely clear cut for investors.

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And so it's also not going to be clear cut for the Fed either.

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Even though the numbers, as you reported, better than expected,

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it's not a green light for the Fed to cut rates, at least not anytime soon.

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Let's go through the number. 04 is what we got a tick worse than the prior month. It's up 04.

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So what he said there is sort of true.

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But the other side of that also means it's not a green light to raise rates.

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So if you go by the official data, the surge was primarily driven by higher

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prices for energy, which that's hopefully going to be reflected down in the next report.

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Eggs are way up, and so are used cars.

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So I guess if you're looking to sell a used car, now is the time to do it.

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Now, this means that the Fed is likely not going to increase rate cuts or decrease

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rate cuts right now at this point in time.

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But I don't care about that. What I care about, I'm wondering if you noticed.

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Bitcoin ripped on inflation being

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up. Now, it kind of depended on the expectation getting nailed, right?

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If it was way over, way under, I don't know how Bitcoin would have performed.

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So part of this is the market wasn't spooked.

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But the data, even with their Cook data, shows that inflation is continuing to tick up.

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And on the news, people bought Bitcoin.

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Equities and bonds are rallying as consumer prices are kind of moderately continuing

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to go up. I think that's interesting.

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What it tells us is investors see this as an acceptable amount of dollar debasement

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because it helps their equities.

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In other words, the rich and the government are both incentivized for the currency to be debased.

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Both the wealthy and the government benefit from controlled currency debasement.

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It inflates asset prices. It reduces the real value of debt for both the wealthy and the government.

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And it boosts government tax revenues.

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So there is a real incentive that gets created to allow inflation to continue

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without getting out of control.

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And it's it's all these insidious things that line up from the people who have

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a lot of assets and money to the governments that want to run a lot of debts.

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The lever you have pulled.

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And 2025 is off to a ripper of a start for U.S. debt.

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We've got some more breaking news this time out of Washington.

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The monthly look at how much the federal government is spending.

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Megan Costella has the details. Kelly, this time it is more than ever.

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The government spending $1.8 trillion so far in fiscal year 2025.

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That's about 6% more than the first quarter of last year and setting an all-time

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record in spending for the first three months of the fiscal year.

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Treasury has taken in just about $1.1 trillion in the same time frame.

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So the government has also set a record for the size of the deficit at this

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point in the fiscal year, running at $681 billion.

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These are big numbers. So total spending, $1.8 trillion.

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Total revenue, $1.1 trillion. Deficit of $681 billion.

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That's 26% higher than the first quarter of fiscal 2024. Now,

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as for what's causing this record, spending a big chunk of it is interest on the public debt.

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The U.S. spending $308 billion in interest the first three months of this year.

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That's a 7 percent increase from the same quarter a year ago.

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And then looking across the agencies, they're spending a bit more, too.

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A couple highlights here. Spending was up 41 percent, $9 billion at the Department

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of Homeland Security. Most of that due to FEMA spending more on hurricane and disaster relief.

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Spending at the Department of Veterans Affairs up 13 percent or 11 billion.

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That's a response to Congress's move to expand benefits for veterans.

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Social Security also up 6 percent so far this year.

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And EPA also spent an extra 21 billion dollars so far this year to put towards

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its greenhouse gas reduction fund. Guys.

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All right, Megan. Thank you. Thank you, Megan. So this is bullish for Bitcoin because here we are.

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Inflation is ticking up. People are looking for an inflation hedge.

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You see the results already.

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Bitcoin skyrocketed on the news.

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We were also entering, more than ever, an era of populist policies.

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And whichever political figure leans more into populism is probably going to do better.

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And so they can't really cut out the handouts right now. In fact,

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with the situation everybody's in, they're likely going to need to increase it.

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And then you add in the situation with the California wildfires,

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which, man, And, you know, I got a story about somebody that lost their stash, and it really hit me.

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You know, because I'm right, you know, I'm up here in Washington.

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I can see the same thing happening here.

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Our government is just as screwed up as California's government is when it comes

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to managing that kind of stuff. And these things add cost.

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We're talking billions and hundreds of billions of dollars in California's case

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that's going to have to go on somebody's balance sheet. So we got debt ticking

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up at a faster than ever pace for the first fiscal quarter of 2025 for the U.S.

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Government, which sounds like it's already three months in.

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So debt's ripping. Inflation's ticking up just in time for year two of the Bitcoin ETFs.

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Music.

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Robert Michnick, stopped by Bloomberg, he is BlackRock's go-to guy for the Bitcoin

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ETFs, for their iBit ETF.

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And he had a little chat about how the first year has gone and how year two is going.

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And what's incredible is, you know, my take, and I want you to listen for this,

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is he basically says they just had the most successful ETF launch in history.

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Oh, and by the way, we're just getting started. Yeah, well, I think big picture,

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it was a pretty incredible first year for iBit. obviously record setting on

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a lot of dimensions, including inflows and asset accumulation.

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And, you know, as we come into year two now, we're focused on a lot of the same

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stuff that we were in year one, which is really being a valuable resource and

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an education partner to many of our clients.

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As we've talked about in the past on this show, we're still quite early days

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in terms of the adoption of the wealth advisory and the institutional segment.

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So they're going to focus on education, which means marketing.

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They're going to sell. They're going to sell, sell, sell. That's what that means.

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And even though they've had the most successful ETF launch in history,

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there's still early days in the big money.

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There's still big money, and that's who they're reaching out to.

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That's who they're selling to right now.

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That's the next wave for year two. Early days in terms of the adoption of the

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wealth advisory and the institutional segment.

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And so we're spending a lot of time engaging with those types of clients.

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Is that where the growth is? We just heard from Kavita Gupta,

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Delta Blockchain, who said institutional is the next catalyst in 2025?

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I mean, how much opportunity is there? Well, certainly the third bucket,

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which we refer to as an investors direct, was gangbusters out of the gates, right?

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And these other two categories, wealth advisory and institutional,

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there are much greater hurdles in terms of their process and the research and

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diligence that they go through.

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All right, a quick translation. He's saying retail has basically instant access

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to whatever money they have.

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You know, you've got your accounts. You don't have to go get approval from a

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committee or a board. You can go buy your spot Bitcoin ETF.

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And small businesses, small companies can already do that.

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But large organizations, they have complicated processes that take a long time.

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No, there are much greater hurdles in terms of their process and the research

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and diligence that they go through.

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Of those two buckets, which is a bigger opportunity? It's hard to pick one,

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but probably Wealth Advisory,

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actually, because there's a lot of momentum around firms that are working through

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their expedited approvals processes to allow advisors to actually put these

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ETPs in client portfolios.

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So he's saying there, and I apologize that the co-host is typing in the background.

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That's not me. That's them. What he's saying here is that, yes,

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we've had the most successful ETF launch.

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It's incredible how much asset. It's already under management.

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But the next group is even larger than that group. There are expedited approvals

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processes to allow advisors to actually put these ETPs in client portfolios.

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But institutional is very significant as well.

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And that's an education journey for many that's been playing out over the year.

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We're starting to see more of them emerge, particularly over the last quarter, I would say.

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You saw more institutions and a little bit more wealth advisory in the overall mix of inflow.

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I am so excited to hear that. Bring it. Pump it.

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This, to me, is a very viable way for businesses to get in and get some exposure.

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There is a bit of mystery in the air as I record, because this is the week before

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Donald Trump takes office.

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And his team has been signaling expectations should be high.

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President-elect Donald Trump reportedly told Republican senators that he's preparing

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more than 100 executive orders to sign on day one, according to the Associated Press.

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The Fact Check team's Janae Bowens is back.

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OK, so break down the difference between executive actions and executive orders.

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I'm going to leave this in. I wasn't planning to, but boost in and tell me if

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the extra explanation was helpful to you.

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Yeah, Didi. So to put it simply, executive action is the broad term for what the president can do.

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Now, this includes memorandums, proclamations and executive orders.

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Now, executive orders are official, legally binding mandates to certain federal

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agencies on how to interpret and carry out federal law.

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Now, they are printed in the federal register and do not require congressional approval.

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They can be challenged in court

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if deemed unconstitutional. Who has issued the most executive orders?

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Yeah, so Franklin D. Roosevelt, the only president who served more than two

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terms, signed 3,721 executive orders.

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Wow. Now, most of them dealt with measures to help the country fight the Great

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Depression and World War II.

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Now, Trump signed 55 executive orders his first year in office.

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President Joe Biden signed 77 in his first year.

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So there you go. So Trump did 55 his first term and 100 this time around.

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And we are to believe that some of them, too many of them, will be about crypto

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and Bitcoin. Why are we believing that?

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Because the Trump team leaked to the Washington Post and said that this is essentially

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going to be the situation. Here is a quote from the article.

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Sachs and members of the Trump transition team have been working closely with

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crypto leaders to finalize a legislative strategy.

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And Trump is expected to issue executive orders on the first day of his presidency

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that may address issues including debanking and the repeal of the controversial

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crypto accounting policy requiring banks holding digital assets to count them

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as liabilities on their bank's own balance sheet,

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according to a person involved with the conversations,

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i.e. probably David Sachs.

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Quote, the Trump team has made it very clear that this is a priority, the person added.

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Additionally, the Washington Post shed some lights on some of the presentations

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and prepping the Trump team has been doing.

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David Sachs previewed the administration's plans at Mar-a-Lago right before

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Christmas on December 20th to a group of tech investors who flew down to the

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Palm Beach residence to host for this hosted lunch event.

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They dined on black cod with mushroom miso broth while David Sachs gave a presentation.

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I thought it was notable that Kathy Wood from ARC was there.

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So I don't think she's spoken publicly about this, but she apparently knows

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pretty implicitly what the Trump team's plans are.

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And what I got out of the article is that Sab 121 is back on the chopping block.

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Now, you might recall there was a fight over this. I covered it on the show.

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It passed, but Biden vetoed this.

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And this essentially comes down to allowing banks to hold Bitcoin on their balance sheet.

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And it is one of the three catalysts that Saylor is famous for saying we need

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to hit in order to get to $5 million a coin. The first one was a Bitcoin ETF.

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The second one, I mean, these are not exactly in order, but these are ones that

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have already happened. The second one which has happened is the fair accounting

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value rules that just went into effect.

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The third thing that had yet to happen was this SAB-121. But there are three

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things that are massive catalysts that cause an acceleration.

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And I don't think that those three things don't take us to 500,000.

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They take us to 5 million a coin.

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Those three things are a spot ETF where someone can go ahead and buy $100 million

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of Bitcoin by a security, an ETF security. I think that's one.

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Two is your bank is going to custody it for you and lend against it.

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And three is I can mark it up or mark it down on my balance sheet based on fair value.

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Parapasue, it'll be parapasue to the way I'd handle Apple stock or at least

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that good. if it's if you have property with fair value accounting,

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by the way, it becomes parapassu to the way you'd handle treasury bonds on a

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treasury balance sheet.

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Treasuries are better than stocks because treasury is property,

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whereas a stock is a security and you're capped out at 40 percent of your balance sheet of security.

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So so it would be a major, major breakthrough if you saw any of those three things.

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And I'll end with this one observation. I tweeted this last week,

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but I still I think it's very powerful.

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It's if the banks can hold this stuff on their balance sheet,

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then a whole new class of investors are going to buy it.

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People are going to put in billion and multi-billion dollar orders to buy it as a treasury asset.

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Nobody's going to sell it because there's no reason to sell it if you can borrow

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against it at LIBOR plus or SOFR plus 50 basis points.

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Right. So you'll be you'll be barring against Bitcoin at SOFR

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plus 50 or SOFR plus 100 basis points no one's

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ever going to sell it and then as i joked you won't be able to afford it i mean

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you will be able to afford it but you know everybody gets bitcoin at the price

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they deserve when the banks normalize it and you can draw 100 million dollar

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credit line at 100 basis points from an fdic insured bank at that point right

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we're going to blow through the market cap of gold by a factor of 10.

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So sales pretty bullish about sab 121 getting repealed and you know While all

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of this might sound like fantasy and things that are going to take forever,

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in that clip, he thought this could take 36 months before it happened.

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This was a little while ago.

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But we're actually already seeing this play out.

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Music.

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Game theory is playing out at the bank level. Italy's largest bank just bought 11 Bitcoin.

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But what's so crazy bullish is why they bought the 11 Bitcoin.

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This is what makes it the game theory.

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You know, it's interesting to see companies starting to get into this too,

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particularly a bank. What was the rationale?

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So I think in this case, their CEO said today at an event that they were actually

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not planning to become a Bitcoin company or broker,

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But they just thought that they needed to get ready in case some of their bigger

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clients get interested in buying Bitcoin. Can you believe this?

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They needed to have some just in case it catches on.

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Italy's largest bank has bought around a million dollars worth of Bitcoin.

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They did it back in November.

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And they're holding it, you know, just in case some of their clients, you know, need to use it.

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And we've reported earlier this year that they had a prop crypto desk.

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But so far, they've only been doing derivatives, which is really what other

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banks have been mostly up to. So it's not a big buy for a bank.

283
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One million euros is not a lot for a bank, as the CEO said as well.

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But it is a big signal, right, that they're moving into spot.

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Because, as you know, to buy spot

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Bitcoin, you need to have the right infrastructure. You need to custody.

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So the step in the signal is quite significant.

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Yeah, it's great. I mean, it's wild to see banks getting in at this.

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And Mara's CEO, Fred Thiel, he's talked about this before. And I almost played

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this clip, I think, about a week ago. I'm glad I held it.

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And I think you're going to find people viewing Bitcoin as something you're

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going to want to own because when banks can lend against Bitcoin as a normal

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asset and you take away some of the crazy things that the SEC put in place,

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all of a sudden you're going to find lots of liquidity for people who hold Bitcoin.

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And so now that generates more of an ability to invest, which I think is just

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going to drive the market even higher.

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I'd like to hear your thoughts on this one, because I've never been Gary Gensler's biggest critic.

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The SEC chair did do a lot of enforcement by law, didn't really seem to tell

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some of the players like Coinbase what the rules of the road were.

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But at the same time, there are a lot of securities and scams out there that

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are trying to pass themselves off as a commodity, that are trying to pass themselves

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off as the next big investment.

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And the SEC and Gary's reign was during some of the craziest scams we saw, at least so far.

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His reign of terror is coming to an end, and he stopped by CNBC for an exit interview.

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And old Joe from CNBC asked him the hard questions. And I want to hear your

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thoughts on Gary and on this interview, because I really got to respect the line of questioning.

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What you think is going to happen or whether you're thinking has evolved,

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it almost sounded like you wanted to separate Bitcoin from the rest of the industry.

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And I'm wondering whether you're actually warming to the idea of at least Bitcoin.

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And whether, again, people are tweeting that I said you either stood in the

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way of an extraordinary industry or were utterly unable to prevent a massive bubble. Wow.

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00:21:21,869 --> 00:21:25,089
That is an incredible statement to say to the SEC chair. Either,

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look, man, you blew it either way.

314
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Either you got in the way of something incredible or you failed to pop the biggest bubble in history.

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Which one is it? People are tweeting that I said you either stood in the way

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of an extraordinary industry or were utterly unable to prevent a massive bubble.

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What do you think the future holds? Do you have a feeling on which it is?

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Do you think Bitcoin has inherent value and is a store of value?

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Or do you feel that when we look back on it 10, 15, 20 years from now,

320
00:21:56,049 --> 00:21:59,929
it's going to be something from the 18th century with tulips?

321
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Whatever. Joe, it's it's hard to predict. I think I really do like you,

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00:22:07,009 --> 00:22:12,069
because I know that you think I'm going to out you think negatively on many

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of these coins. You, Joe.

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But in terms of in terms of Bitcoin, we at the SEC have never said it's a security.

325
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I have not. What do you think?

326
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It's you taught at MIT. I think, you know, I think you've got to have some kind

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of feeling. You've read the books, Bitcoin Standard?

328
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Yeah, I think that Bitcoin is a highly speculative, volatile asset,

329
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but with 7 billion people around the globe,

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7 billion people want to trade it, just like we do have gold for 10,000 years.

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We have Bitcoin, it might be something else in the future as well.

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So I want to make it clear that these government officials, they consider gold a speculative asset.

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And so it's wild to me that they even get mentioned in the same breath years.

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We have Bitcoin. It might be something else in the future as well.

335
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These other thousands of projects need to show their use case and show that

336
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they actually have fundamentals underlying them or they won't persist.

337
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Oh, my God. You own Bitcoin.

338
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That's where the public. That's why the public needs disclosure.

339
00:23:23,220 --> 00:23:27,960
That's what it's – you love it. I've never – You love it. You don't like those other coins.

340
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I've never owned any of these, and I've been consistent for seven or eight years on this.

341
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Well, now you can because you won't be an SEC chair anymore.

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We live in a timeline now where when – now you can because you won't be the

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SEC chair anymore. God, Joe's on fire.

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We live in a timeline now where the outgoing exit interview with the SEC chair,

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they talk about Bitcoin.

346
00:23:50,960 --> 00:23:56,860
It's absolutely wild. Unfortunately, we also live in a time where Jamie Dimon talks about Bitcoin.

347
00:23:57,720 --> 00:24:03,320
Yeah, Jeffrey Epstein's banker visited the CBS Sunday morning show and decided to crap on Bitcoin.

348
00:24:03,560 --> 00:24:08,060
You said that it's as useless as a pet rock. What do you really think?

349
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You're going to have some kind of digital currency at one point.

350
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So I'm not against crypto.

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By the way, there was a hard cut there. My mocking laugh covers it up.

352
00:24:18,540 --> 00:24:22,540
But any of you that have an audio editing ear can hear that they do a hard cut after her question.

353
00:24:22,700 --> 00:24:25,900
You said that it's as useless as a pet rock.

354
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What do you really think? You're going to have some kind of digital currency

355
00:24:29,580 --> 00:24:32,160
at one point. So I'm not against crypto.

356
00:24:32,680 --> 00:24:37,700
You know, Bitcoin itself has no intrinsic value. It's used heavily by sex traffickers,

357
00:24:38,320 --> 00:24:40,280
money launderers, ransomware.

358
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So I just don't feel great about Bitcoin. I applaud your ability to want to buy or sell it.

359
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Just like I think you have the right to smoke. But I don't think you should smoke.

360
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Since he... Ha ha ha ha.

361
00:24:52,260 --> 00:24:57,100
This guy. Jamie Dimon got bailed out after the 2008 Great Financial Collapse.

362
00:24:58,097 --> 00:25:01,737
They essentially print money out of thin air by lending it. They have a history

363
00:25:01,737 --> 00:25:03,537
of laundering money for drug cartels.

364
00:25:03,837 --> 00:25:08,657
They've underperformed every 80 IQ pleb who just hoddles Bitcoin for the last decade.

365
00:25:09,437 --> 00:25:12,017
And they legitimately banked Jeffrey Epstein, even though they had internal

366
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documentation warning that they shouldn't.

367
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And what's really happening here is, at least this is my conspiracy,

368
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Bacon, they want the world to use JPM coin.

369
00:25:21,137 --> 00:25:23,557
I think they now call it Connexus. They used to call it Onyx.

370
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But they have a blockchain.

371
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And they're trying to get more and more institutions to use it.

372
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And, you know, this argument that it's used for all this illicit activity,

373
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I have talked about this.

374
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I have given you the numbers three different times on this show.

375
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It's somewhere roughly around 0.12% of the trillions of dollars of value exchanged

376
00:25:45,997 --> 00:25:48,397
on the Bitcoin network is for illicit activity.

377
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Now, these numbers can vary a little bit depending on the source,

378
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but they're always below 1%.

379
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Stablecoins is where all the action is at. And, of course, Jamie Dimon's banks.

380
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Literally. I'm not even kidding. But yet they continually use this line of attack,

381
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and it gives all the ignorant fools watching an opportunity to absorb it.

382
00:26:07,597 --> 00:26:11,317
You know, there's 4 million people, roughly, that watch the CBS Sunday morning program.

383
00:26:12,457 --> 00:26:17,497
So Jamie Dimon just compared buying Bitcoin to smoking cigarettes in front of 4 million plebs.

384
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And J.P. Morgan, for example, has been fined for manipulating the silver market.

385
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Their big trader got busted for manipulating the trader market,

386
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the silver trade market.

387
00:26:29,317 --> 00:26:31,517
You know, I don't, I mean, I've never followed this very closely,

388
00:26:31,517 --> 00:26:35,257
but I know that they got in a lot of trouble and the fine was minuscule compared

389
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to the revenue they made.

390
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That trader is still in jail and JP Morgan is still the largest silver custodian.

391
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So they're still doing business with silver, even though they were caught manipulating

392
00:26:45,077 --> 00:26:46,997
the market and their trader went to jail.

393
00:26:48,114 --> 00:26:53,014
So they have a history of doing this. And I have a clip from like two years ago or something.

394
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I don't know why I have. I've had this clip for a long time because it was one

395
00:26:56,214 --> 00:26:59,034
of the first times that the Glenn Beck show, not a big follower of Glenn Beck,

396
00:26:59,134 --> 00:27:01,854
but I am a follower of when media outlets cover Bitcoin.

397
00:27:02,534 --> 00:27:05,574
And one of the first times that Glenn Beck talked about Bitcoin,

398
00:27:05,974 --> 00:27:10,374
they laid out the J.P. Morgan strategy. And I want to play it for you.

399
00:27:11,054 --> 00:27:16,454
On September 12th, Jamie Dimon says Bitcoin is a fraud. He says he'll fire anyone

400
00:27:16,454 --> 00:27:18,554
of his traders buying Bitcoin.

401
00:27:18,834 --> 00:27:23,414
Bitcoin drops 24 percent. When Jamie Dimon speaks, people listen. People listen.

402
00:27:23,714 --> 00:27:31,114
So that weekend, we found out that the largest buyer of a Bitcoin fund that's

403
00:27:31,114 --> 00:27:33,774
in Europe that buys physical Bitcoin, right?

404
00:27:33,994 --> 00:27:40,074
The largest buyer was Morgan Stanley and JP Morgan. And that's not illegal.

405
00:27:40,874 --> 00:27:44,714
He says it's a fraud. It says you'd buy anyone that buys it.

406
00:27:45,034 --> 00:27:48,834
Yes. And at the same time, his company is buying it. His company is buying it.

407
00:27:49,174 --> 00:27:54,974
So, it's just, I mean, so unethical. This is what they do. This is what they do.

408
00:27:55,674 --> 00:27:59,074
So, you know, you compare it to smoking. What do you think the end game is here

409
00:27:59,074 --> 00:28:02,114
for Jamie Dimon? Is it this crappy JPM coin thing?

410
00:28:02,774 --> 00:28:07,794
Is it a CBDC? Boost it and tell me, what is your conspiracy bacon? I shared mine.

411
00:28:07,934 --> 00:28:11,754
What's your conspiracy bacon around Jamie Dimon's end game here?

412
00:28:11,754 --> 00:28:13,934
And then also, I have two questions for you this week.

413
00:28:14,454 --> 00:28:21,274
On January 15th at 7.22 a.m., Cynthia Lummis tweeted the following. Just a little reminder.

414
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As things are about to get crazy, emotions and excitement can run high.

415
00:28:26,574 --> 00:28:30,074
Don't send Bitcoin or crypto to some random wallet address or QR code.

416
00:28:30,494 --> 00:28:32,354
As ever, do your own research.

417
00:28:33,494 --> 00:28:36,994
Do you think perhaps Senator Lummis knows something?

418
00:28:37,454 --> 00:28:40,674
Why would she be tweeting just a little reminder as things are about to get

419
00:28:40,674 --> 00:28:43,454
crazy and excitement can run high. Why would she tweet that?

420
00:28:44,414 --> 00:28:51,854
So I invite you to lock in your executive order predictions before Trump takes office.

421
00:28:52,274 --> 00:28:57,194
Get him into the show before he takes office and tell me what you think. Lock him in.

422
00:28:58,254 --> 00:29:00,554
I want to know what you think if he's going to do a reserve.

423
00:29:00,554 --> 00:29:06,574
I want to know if you think he's going to repeal SAV-121, if they're going to pause SEC enforcement.

424
00:29:06,694 --> 00:29:10,934
What do you think is going to happen on day one of the Trump administration?

425
00:29:11,094 --> 00:29:14,634
Good or bad lock it in before it

426
00:29:14,634 --> 00:29:18,874
happens or if it does happen and you're listening after the fact boosting your

427
00:29:18,874 --> 00:29:23,514
reactions to it I think this is something I'd like to hear from you early into

428
00:29:23,514 --> 00:29:26,574
it we won't spend a lot of time on it but seems like now is the time to talk

429
00:29:26,574 --> 00:29:30,674
about this kind of thing if we are gonna do it there's a lot going on and I'd

430
00:29:30,674 --> 00:29:31,334
like to hear your thoughts.

431
00:29:33,040 --> 00:29:51,920
Music.

432
00:29:51,769 --> 00:29:54,929
The story of another Bitcoin mine that's sparking some controversy,

433
00:29:55,189 --> 00:29:59,809
lots of updates, final clip of the week, and of course, the state of the network and more.

434
00:30:00,109 --> 00:30:04,989
So before we go on, I want to mention you can support the show by doing what you do.

435
00:30:05,409 --> 00:30:08,629
Buy your sats on River. It's the best way to stack sats here in the U.S.,

436
00:30:08,629 --> 00:30:12,069
especially if you're going to keep them on a custodian, because River has proof of custody.

437
00:30:12,409 --> 00:30:16,049
They let you withdraw over lightning, set up automatic DCAs,

438
00:30:16,129 --> 00:30:19,949
and they have a savings account where you get 3.8% APR on cash,

439
00:30:19,949 --> 00:30:24,049
but that's in sats and then you know you kind of have like an emergency smash buy fund,

440
00:30:24,669 --> 00:30:27,309
now if you're all about self-custody like me i want to tell you

441
00:30:27,309 --> 00:30:30,209
about the bitcoin well i have a link to this as well the bitcoin

442
00:30:30,209 --> 00:30:37,229
well slash jupiter lets you stack sats directly to your private wallet yeah

443
00:30:37,229 --> 00:30:42,169
lightning on chain you buy and sell right from your own private wallet self

444
00:30:42,169 --> 00:30:46,829
custody first with the bitcoin well in canada and the u.s now are you ready

445
00:30:46,829 --> 00:30:49,409
to spend your sats Got them already on the Lightning Network?

446
00:30:49,689 --> 00:30:53,189
The Bitcoin Company. Promo code Jubilee, thebitcoincompany.com.

447
00:30:53,309 --> 00:30:57,869
Spend your sats via the Lightning Network right into a gift card. Takes just seconds.

448
00:30:58,429 --> 00:31:02,809
You can also stack sats by the Fold card. That's what I do. I pay all my bills

449
00:31:02,809 --> 00:31:05,889
using Fold, and I stack sats for every single transaction.

450
00:31:06,129 --> 00:31:09,969
And then when I need a little access to my Bitcoin without selling it, I use Salt Lending.

451
00:31:10,969 --> 00:31:12,509
I have a link to all of these.

452
00:31:13,809 --> 00:31:19,909
You can support the show by using those by doing just what you do thank you for supporting us.

453
00:31:22,160 --> 00:31:29,200
Music.

454
00:31:29,047 --> 00:31:32,347
Oh, and we have a nice batch of boost to get into.

455
00:31:33,287 --> 00:31:39,547
And Satsquatch is here with our baller boost this week with 66,668 sets.

456
00:31:43,107 --> 00:31:47,627
Says, I love the Milton Friedman clips. They're as true today as they always were.

457
00:31:48,167 --> 00:31:54,047
Satsquatch, crazy story. So I went on a little romantic vacay with the wife for our anniversary.

458
00:31:55,167 --> 00:31:58,807
And I was watching, because, you know, You know, like limited selection of stuff

459
00:31:58,807 --> 00:32:02,887
you can watch. And so we were watching, is it All in the Family, that Michael J.

460
00:32:03,087 --> 00:32:06,327
Fox sitcom from the early 80s where he's like a son.

461
00:32:06,547 --> 00:32:11,967
And Michael J. Fox's character is a Milton Friedman fanboy.

462
00:32:12,947 --> 00:32:17,707
And the girl he meets is also a Milton Friedman fanboy. And they go to like

463
00:32:17,707 --> 00:32:18,667
a Milton Friedman speech.

464
00:32:18,727 --> 00:32:22,427
And they're talking about the Federal Reserve and everything in this episode.

465
00:32:22,887 --> 00:32:26,167
I couldn't believe it because I played those clips and

466
00:32:26,167 --> 00:32:28,827
then we left for our romantic little vacay like our little

467
00:32:28,827 --> 00:32:31,807
three-day getaway and I watched this and they're

468
00:32:31,807 --> 00:32:34,967
talking about Milton and all of it it was if you

469
00:32:34,967 --> 00:32:39,207
know what I only was it was in season one I don't know which episode but probably

470
00:32:39,207 --> 00:32:43,347
one of the early episodes I couldn't believe it blew my mind I says my sister

471
00:32:43,347 --> 00:32:49,427
lost her house in the fire in the Cali fire she just bought her first 1k of

472
00:32:49,427 --> 00:32:52,867
bitcoin a week before if she keeps stacking, she'll be okay.

473
00:32:53,067 --> 00:32:55,347
Oh, good. So she didn't lose the Bitcoin in the fire. Oh, good.

474
00:32:55,387 --> 00:32:57,467
I thought that's where you're going because I have heard those stories so far.

475
00:32:57,907 --> 00:33:01,587
You know, these fires, and I wonder if this is true for some of you out there

476
00:33:01,587 --> 00:33:04,327
too, these fires have been really making me just think through self-custody

477
00:33:04,327 --> 00:33:10,907
and multi-sig and honestly, the advantage too of platforms like River and Fold.

478
00:33:11,107 --> 00:33:14,267
Fold has, I think like it's up to $250 million.

479
00:33:14,547 --> 00:33:18,947
They have a massive insurance policy by BitGo. Now, I'm not comfortable with

480
00:33:18,947 --> 00:33:23,147
those for my main storage, but I always want to remain open-minded why people

481
00:33:23,147 --> 00:33:24,147
might want to consider it.

482
00:33:24,827 --> 00:33:28,527
Thanks for the boost, SatSquanch, and thanks for being our baller. Really appreciate it.

483
00:33:29,087 --> 00:33:33,587
Drekkar is here with 20,000 sats. I hoard that which your kind covers.

484
00:33:33,747 --> 00:33:37,347
Chris is back with the best Bitcoin podcast, kicking off 2025 strong.

485
00:33:39,987 --> 00:33:43,467
Thank you, Drekkar. Appreciate the boost. It's nice to hear from you.

486
00:33:44,087 --> 00:33:45,547
Gene Bean's back with a row of ducks.

487
00:33:46,867 --> 00:33:52,087
A better understanding of inflation and debasement have driven me to focusing saving via Bitcoin.

488
00:33:52,467 --> 00:33:56,007
The only challenges so far is I'm not sure how to account for the impact of

489
00:33:56,007 --> 00:34:00,267
capital gain taxes when it comes time to utilize my savings later in life.

490
00:34:01,042 --> 00:34:04,862
I think, Gene, first of all, congrats. I think this is a very,

491
00:34:05,022 --> 00:34:07,982
I don't know much, but I do know this is my strategy.

492
00:34:08,722 --> 00:34:13,042
I don't think Bitcoiners need to worry about capital gains quite as much as they have.

493
00:34:13,602 --> 00:34:17,642
If you're talking long-term capital gains here, you might want to look in your

494
00:34:17,642 --> 00:34:20,422
state, but you might find that it's not as egregious as you think.

495
00:34:20,842 --> 00:34:23,822
And especially if you consider how much Bitcoin is likely to appreciate.

496
00:34:24,502 --> 00:34:29,202
And it's going to be a percentage of the appreciation. So there's that to consider as well.

497
00:34:29,882 --> 00:34:34,242
You can't rely on it. You're always going to want to talk to somebody who knows who's an expert.

498
00:34:34,442 --> 00:34:39,602
But you can start by asking things like perplexity, what the capital gains laws

499
00:34:39,602 --> 00:34:44,042
are in your area, and then just go about verifying that that's true.

500
00:34:44,042 --> 00:34:46,282
But it will help you very simply understand it.

501
00:34:46,382 --> 00:34:49,282
And when I did that, I found it to be a lot less concerning.

502
00:34:50,722 --> 00:34:53,662
Additionally, depending on the state here, at least in the U.S.,

503
00:34:53,662 --> 00:34:57,522
you may be able to spend a certain amount before capital gains even kicks in.

504
00:34:57,522 --> 00:34:59,702
That is true in Washington state as well.

505
00:34:59,842 --> 00:35:03,982
So I think Bitcoiners often get very concerned about this.

506
00:35:04,282 --> 00:35:09,002
Additionally, I just played clips earlier in the show, banks are going to start holding Bitcoin.

507
00:35:09,662 --> 00:35:14,222
If SAB-121 gets repealed next week or soon after, U.S. banks are going to start

508
00:35:14,222 --> 00:35:16,182
holding Bitcoin. Why would they do that?

509
00:35:16,862 --> 00:35:20,202
So that way they can do Bitcoin-backed loans. They're going to have the infrastructure

510
00:35:20,202 --> 00:35:22,442
for it. It's going to become a product over the next year or two.

511
00:35:22,962 --> 00:35:25,482
And then you might not even need to sell your Bitcoin, depending on how much

512
00:35:25,482 --> 00:35:27,002
you stack and how much you need access to.

513
00:35:27,602 --> 00:35:30,562
And, you know, for solutions right now, there's salt lending as well.

514
00:35:30,622 --> 00:35:33,322
If you want to keep your stack and not sell it, you got to be careful.

515
00:35:33,402 --> 00:35:35,602
I want to make sure you're over collateralized. We've talked about this before.

516
00:35:35,802 --> 00:35:38,262
There are downsides, but there are upsides as well.

517
00:35:38,882 --> 00:35:41,922
Nice to hear from you, Gene. Let me know what you think. Keep on stacking.

518
00:35:42,602 --> 00:35:45,882
Sir, Lurksalot is here with 6,666 sets.

519
00:35:46,762 --> 00:35:50,922
Hey, Lurks. So I've been lurking so long I forgot to check out my username.

520
00:35:52,322 --> 00:35:56,522
Oh, so you didn't have it set up. Okay. I just heard you read my anonymous boost. Aha.

521
00:35:56,742 --> 00:36:01,062
Yep. Last week. I get what you're saying about River looking for a low-friction

522
00:36:01,062 --> 00:36:04,082
user experience. Oh, yeah, talking, of course, about Plaid or Plaid.

523
00:36:04,822 --> 00:36:07,722
He says, I really did miss boosting. Glad to have everything up and running

524
00:36:07,722 --> 00:36:09,982
again. I'm glad you're back after a deserved holiday break.

525
00:36:10,522 --> 00:36:14,662
Well, thank you, lurks. He says, I also listened to the full Bitcoin dad pod,

526
00:36:14,662 --> 00:36:18,142
and I remember your trip to El Salvador. I don't remember you talking about them using Nix.

527
00:36:19,222 --> 00:36:22,002
I talked about it in LUP. I talked about it in LUP.

528
00:36:22,242 --> 00:36:26,342
They're using their – it's called like the My Bonk is the group.

529
00:36:26,342 --> 00:36:32,002
And they're producing a little like mini PC that runs Nix in a Bitcoin node.

530
00:36:32,482 --> 00:36:36,022
Lurkslot says he's running Umbral on a Pi 4. Oh, until it died.

531
00:36:36,162 --> 00:36:37,942
But now he's running Core Lightning on Nix Bitcoin.

532
00:36:38,202 --> 00:36:41,042
Oh, okay. So why Core Lightning?

533
00:36:42,173 --> 00:36:44,473
I've been really, I've been really kind of core lightning curious,

534
00:36:44,513 --> 00:36:46,393
and I would love to hear your thoughts on that lurks.

535
00:36:47,093 --> 00:36:50,973
Let me know why you chose that. He says also boosts are fun.

536
00:36:51,513 --> 00:36:55,533
And he zapped our, our, our artists, our music artists for last week.

537
00:36:55,933 --> 00:36:58,613
Thank you lurks. That's three, right? I'm counting. I'm just counting up now.

538
00:36:58,713 --> 00:37:00,433
Yeah. Three solid boosts. Appreciate that.

539
00:37:01,013 --> 00:37:04,333
Clark Ian's here with 10,000 sats.

540
00:37:07,953 --> 00:37:13,593
My general strategy has to been just yolo all the extra cash into bitcoin especially

541
00:37:13,593 --> 00:37:18,053
now that it's easy to push bitcoin to fold as cash on my card for spending i

542
00:37:18,053 --> 00:37:19,253
pay off less credit card debt,

543
00:37:20,153 --> 00:37:23,993
okay here we go i here we go i pay off less credit card debt and i just push

544
00:37:23,993 --> 00:37:27,793
more into bitcoin so long as i can service the debt payments i still fight the

545
00:37:27,793 --> 00:37:30,873
urge to pay off all my credit cards with year-end bonuses instead of buying

546
00:37:30,873 --> 00:37:33,553
bitcoin you might want to do the math on that strat.

547
00:37:33,993 --> 00:37:37,533
You know, consider that if you did pay off the credit cards,

548
00:37:37,793 --> 00:37:43,093
then you would have potentially the ability to build up some dry powder and

549
00:37:43,093 --> 00:37:46,293
buy a big dip should one roll around, probably inevitably.

550
00:37:47,473 --> 00:37:50,633
There's just something to consider there, because as long as interest rates

551
00:37:50,633 --> 00:37:53,193
are going down, this might be a decent-ish strategy.

552
00:37:53,493 --> 00:37:58,993
But if interest rates remain high or go up at all, the credit card interest rates are not fixed.

553
00:37:59,953 --> 00:38:03,113
You understand? So they can go up and up and up, potentially.

554
00:38:03,373 --> 00:38:05,593
Just something to be aware of. So just keep your eye on it, depending on your

555
00:38:05,593 --> 00:38:09,413
rate and your balance and all of that. I think it's a, you know, it's a strategy.

556
00:38:10,033 --> 00:38:13,573
I think it's more of a no-brainer if you get something like 4% interest rate,

557
00:38:14,093 --> 00:38:16,293
5% interest rate. Man, I'd be like, hell yeah.

558
00:38:16,953 --> 00:38:21,673
At like a 22% interest rate? Yeah, Bitcoin's probably going to outperform that.

559
00:38:22,353 --> 00:38:25,053
But you're also limiting your future buying potential.

560
00:38:25,893 --> 00:38:30,133
It's just a calculation. I bet you it's one a lot of people are trying to make.

561
00:38:30,253 --> 00:38:34,173
So I really appreciate you talking about it. And it's one that I think we should

562
00:38:34,173 --> 00:38:38,753
all do the math on because there's also the aspect of debasement of the currency, right?

563
00:38:38,893 --> 00:38:43,853
So you put $5,000 on a credit card and then in five years, that $5,000 is worth

564
00:38:43,853 --> 00:38:45,133
like $3,000 or something.

565
00:38:45,793 --> 00:38:49,133
So it's a tricky bit of math to do. I appreciate the boost.

566
00:38:49,513 --> 00:38:53,973
Bobby Pins here with a 5,000 sap boost. That's a Jar Jar boost. Use a boost.

567
00:38:54,613 --> 00:38:57,673
Do you know of a good value-for-value music app or website?

568
00:38:58,393 --> 00:39:01,473
I've listened to music in Fountain, but was hoping there's a good music-focused

569
00:39:01,473 --> 00:39:04,753
app. By the way, if you haven't checked out the Fountain radio stuff, that's pretty cool.

570
00:39:05,233 --> 00:39:09,573
If you're looking for something that's just value-for-value music, check out LN Beats.

571
00:39:10,173 --> 00:39:13,073
It's a web app that you can also use on your phone because it's a progressive

572
00:39:13,073 --> 00:39:17,733
web app, and it is entirely focused on value-for-value music.

573
00:39:17,893 --> 00:39:21,193
There are a couple others out there, but that's the one that I use.

574
00:39:21,713 --> 00:39:22,973
Thanks for the boost, Bobby Penn.

575
00:39:24,133 --> 00:39:27,533
Nakamoto 6102 is also here with a Jar Jar boost. You so boost.

576
00:39:27,853 --> 00:39:29,833
He says, thanks for the value. And I say, thank you.

577
00:39:30,393 --> 00:39:33,073
Appreciate that. Ace Ackerman's back with a Rodux.

578
00:39:34,133 --> 00:39:40,393
Oh, the Bitcoin bear market poll bottom just hit 83,333.

579
00:39:40,593 --> 00:39:46,473
Right on the nose. He says, how spicy is that? Oh, boy. They want them. I guarantee.

580
00:39:46,713 --> 00:39:49,333
I guarantee that's spicy. Yeah, I watched that.

581
00:39:50,069 --> 00:39:53,229
I watched that. And of course, Bitcoin is cracking 100K as I record.

582
00:39:53,749 --> 00:39:59,869
We've been in a pretty volatile range recently. But really, the real bottom

583
00:39:59,869 --> 00:40:01,809
we saw was 90-ish, the low 90s.

584
00:40:02,229 --> 00:40:06,149
I'm taking 90,000 Bitcoin all day long. I'll be honest with you.

585
00:40:07,369 --> 00:40:11,069
In fact, I might have my numbers wrong, guys. Maybe somebody wants to double check.

586
00:40:11,949 --> 00:40:17,029
Pretty sure the S&P has corrected harder than Bitcoin has in overall terms since the election.

587
00:40:17,909 --> 00:40:21,789
Pretty sure the S&P lost nearly, now it might be on the correction now,

588
00:40:21,889 --> 00:40:25,049
but lost nearly all its gains for a couple of days there since the election.

589
00:40:26,049 --> 00:40:27,709
Bitcoin's down, you know, a little bit.

590
00:40:33,329 --> 00:40:37,389
So I'm feeling pretty good. Nice to hear from you, Ace. Todd from Northern Virginia

591
00:40:37,389 --> 00:40:41,289
is here with 11,101 sats. Well, I'll be dipped.

592
00:40:41,529 --> 00:40:43,929
For anyone looking to run their own Bitcoin and Lightning Node,

593
00:40:44,069 --> 00:40:47,669
I highly recommend checking out the Ministry of Nodes YouTube channel.

594
00:40:48,069 --> 00:40:49,889
Keaton does an incredible job

595
00:40:49,889 --> 00:40:53,669
walking you through the process of creating self-hosted nodes on Ubuntu.

596
00:40:54,249 --> 00:40:57,749
Not only does he explain the technical steps, but he also breaks down what each

597
00:40:57,749 --> 00:40:59,609
service does and how they interoperate.

598
00:41:00,029 --> 00:41:02,869
And some of the privacy considerations you should keep in mind.

599
00:41:03,109 --> 00:41:06,869
Even if you opt for solutions like NixBitcoin or something like Start9,

600
00:41:07,369 --> 00:41:11,149
this series will give you a solid understanding of the underlying technologies.

601
00:41:11,349 --> 00:41:13,969
He does a refresh on the series every couple of years, too.

602
00:41:14,189 --> 00:41:17,789
He just released a new one last month, So go check it out.

603
00:41:18,989 --> 00:41:24,349
Todd, that's a great tip. Again, that channel, Ministry of Nodes on YouTube.

604
00:41:25,389 --> 00:41:29,089
Thanks, Todd. I will check that out myself, even though I already run some nodes.

605
00:41:29,249 --> 00:41:31,929
Maybe I'll learn something new. Appreciate that.

606
00:41:32,669 --> 00:41:34,989
Army guy 6902 is here with 10,000 sats.

607
00:41:36,189 --> 00:41:40,049
I definitely understand the bias against the banks and the liquidity needs.

608
00:41:40,189 --> 00:41:43,469
Oh, we're talking about taking a Bitcoin back loan versus a regular loan out.

609
00:41:44,703 --> 00:41:48,103
Maybe once Strike releases their lending service, we'll see a reasonable rate.

610
00:41:48,723 --> 00:41:51,663
Yeah, their rates are still too high. I don't know.

611
00:41:52,043 --> 00:41:57,883
You know, I think Strike probably won't be as competitive as a major bank that

612
00:41:57,883 --> 00:41:59,283
you can just lend directly, right?

613
00:41:59,383 --> 00:42:04,263
Because Strike's going to be getting its money from some larger institution,

614
00:42:04,263 --> 00:42:06,943
and they're going to be selling it to Strike at a rate.

615
00:42:07,203 --> 00:42:09,563
So then Strike's going to need to make a profit on top of that.

616
00:42:10,803 --> 00:42:14,023
So it's going to take a while, I think, for them to be as competitive as a bank

617
00:42:14,023 --> 00:42:14,883
that could lend you directly.

618
00:42:15,643 --> 00:42:18,923
It's a great episode. Keep up the work. Do-do-do-do-do-do-do.

619
00:42:20,743 --> 00:42:25,343
Hmm. Thank you, Army Guy. And thanks for troubleshooting the boost problems.

620
00:42:26,223 --> 00:42:31,443
Whomever whiz comes in with 10,011 sats. That's not possible.

621
00:42:31,603 --> 00:42:33,863
Nothing can do that. That's a good name.

622
00:42:34,503 --> 00:42:37,703
Regarding Played. So this, by the way, for those of you who don't know, Played,

623
00:42:37,903 --> 00:42:40,443
I don't know if I'm saying it right, But this is the service where you put your

624
00:42:40,443 --> 00:42:45,323
online banking credentials into it, and then it goes and it logs into your bank

625
00:42:45,323 --> 00:42:48,943
and, like, reads all your account information and then sets up your ACH transfer

626
00:42:48,943 --> 00:42:51,543
for whatever. And lots of service uses this, and so does River.

627
00:42:52,023 --> 00:42:58,023
And so this has been a topic of conversation. And whomever whiz,

628
00:42:58,163 --> 00:43:02,643
there you go, said, quote, I wound up logging into Play directly and manually

629
00:43:02,643 --> 00:43:04,783
disconnecting it from River.

630
00:43:06,243 --> 00:43:10,623
Ah. ah, River, as well as any other fintech service I had ever connected to

631
00:43:10,623 --> 00:43:11,703
it. So we deleted all of them.

632
00:43:11,903 --> 00:43:15,663
Then I deleted my Played account entirely and requested them to delete all of

633
00:43:15,663 --> 00:43:17,843
my data, which they do have a process for.

634
00:43:18,223 --> 00:43:21,423
Through the terms of service, you give Played permission to view your balance

635
00:43:21,423 --> 00:43:22,803
and other transaction info.

636
00:43:23,043 --> 00:43:27,303
And they have been accused of selling or misusing this information, at least in one lawsuit.

637
00:43:27,963 --> 00:43:32,603
But you can, in fact, use River without divulging your bank account login credentials.

638
00:43:32,623 --> 00:43:36,383
I did this to reconnect my bank after disconnecting from Played.

639
00:43:36,663 --> 00:43:40,363
During the account linking process, when played appears and asks you to choose

640
00:43:40,363 --> 00:43:44,943
your bank, just put gibberish into the search bar until you're given the option

641
00:43:44,943 --> 00:43:48,383
to, quote, set up manually or some other option like that.

642
00:43:48,603 --> 00:43:53,883
This will then verify using your routing and account number using a micro deposit.

643
00:43:54,143 --> 00:43:58,343
It does take a day or two, but my privacy is well worth the sacrifice.

644
00:43:59,363 --> 00:44:03,863
Man, is that a killer boost here. Thank you. Here's a little value eagle for that.

645
00:44:04,763 --> 00:44:09,763
I really appreciate that. And whomever whiz is really laid out the strategy here.

646
00:44:09,843 --> 00:44:13,403
So when the played screen comes up, put gibberish in, choose manual,

647
00:44:13,703 --> 00:44:18,123
put your ACH routing details in and take the day or two to do the confirmation deposits.

648
00:44:18,563 --> 00:44:22,563
As he was saying that I realized this is why companies like River use played

649
00:44:22,563 --> 00:44:24,383
because it bypasses this delay.

650
00:44:25,610 --> 00:44:30,190
People don't want to wait a day or two. They want to buy right now.

651
00:44:30,450 --> 00:44:33,350
And that's why they've ended up using this service. But that's a great tip,

652
00:44:33,390 --> 00:44:36,090
and it's great to know you can also delete the connections in play and tell

653
00:44:36,090 --> 00:44:37,010
them to remove all your data.

654
00:44:38,050 --> 00:44:41,350
I hope you enjoy the Eagle. That's for you, sir. And thank you for that boost.

655
00:44:42,090 --> 00:44:46,430
Scuffed comes in with 11,000 and 110 sats.

656
00:44:46,670 --> 00:44:51,250
Just pump the brakes right there. He says, I tried Bitcoin well in the U.S., but not impressed.

657
00:44:51,830 --> 00:44:54,370
There's no Lightning Wallet support and no recurring buys?

658
00:44:55,410 --> 00:45:00,970
No ETA from support either. So there is Lightning Wallet support, but I think you got a bug.

659
00:45:01,650 --> 00:45:04,710
So I contacted their support about this too. So I escalated this myself.

660
00:45:05,090 --> 00:45:09,690
They definitely support Lightning, but I think when you were in the buy screen

661
00:45:09,690 --> 00:45:14,070
and you chose where you wanted to take the funds from and choose which wallet

662
00:45:14,070 --> 00:45:16,850
you wanted to send the results to, because this is how it works in Bitcoin well,

663
00:45:17,030 --> 00:45:18,630
is you can have multiple wallets.

664
00:45:18,730 --> 00:45:22,290
They have a wallet management screen and you can add multiple Lightning and on-chain wallets.

665
00:45:22,510 --> 00:45:25,430
And then when you're in the buy screen, You choose where you want the money

666
00:45:25,430 --> 00:45:28,810
to come from, like your bank account, or if you have like a small reoccurring

667
00:45:28,810 --> 00:45:31,150
balance on the Bitcoin well, which is the fastest way.

668
00:45:31,430 --> 00:45:34,690
You choose where you want the source of the money to come from,

669
00:45:34,750 --> 00:45:37,530
like your bank account. And then you choose the destination wallet,

670
00:45:37,730 --> 00:45:39,250
which has to be one of your wallets you've set up.

671
00:45:39,790 --> 00:45:42,010
And I think it's bugged right now where the Lightning wallet doesn't get listed

672
00:45:42,010 --> 00:45:44,910
there. Or in the U.S. it only supports on-chain. I'm not sure,

673
00:45:45,030 --> 00:45:46,170
but I have escalated it as well.

674
00:45:46,670 --> 00:45:50,170
We'll see if we get anything back. Look, if you do want, like,

675
00:45:50,290 --> 00:45:54,350
just an auto DCA system, I still think River might be the way to go in the States.

676
00:45:54,730 --> 00:45:57,290
If you're in Canada, I think the Bitcoin well is the way to go.

677
00:45:57,890 --> 00:46:00,830
Both are winners. And I got links in the show notes, of course.

678
00:46:01,350 --> 00:46:03,150
And I'll let you know what I hear if I hear it.

679
00:46:03,830 --> 00:46:06,730
Appreciate that boost. Anonymous is here with 12,000 sats.

680
00:46:08,270 --> 00:46:13,310
Plus one for having the Bitcoin dad on as a guest. But forgive me if this is asking too much.

681
00:46:13,470 --> 00:46:17,050
You mentioned last episode that inflation has had a positive impact on your

682
00:46:17,050 --> 00:46:18,690
family. What sorts of impacts?

683
00:46:19,966 --> 00:46:24,266
Yeah, I think it's had good second-order impacts on my family.

684
00:46:25,186 --> 00:46:30,726
My wife and I had to start working together more seriously around our finances

685
00:46:30,726 --> 00:46:33,046
and really figure out where we could cut back.

686
00:46:33,806 --> 00:46:37,226
And we also figured – and then what we – from there, I guess I should say,

687
00:46:37,386 --> 00:46:41,326
we realized food was a major source of cost for us.

688
00:46:41,326 --> 00:46:48,226
And if there was ways that we could buy from a bulk source or what we started

689
00:46:48,226 --> 00:46:52,566
doing is buying from like a butcher directly for our beef and then buying from

690
00:46:52,566 --> 00:46:58,446
– I think it's called Azure something for some of the bigger bulk supplies and

691
00:46:58,446 --> 00:46:59,746
then making more from scratch.

692
00:46:59,746 --> 00:47:05,366
And so over the last three years, we just started making more and more things from scratch.

693
00:47:06,686 --> 00:47:10,086
And we didn't do it for the health reasons. We did it for cost savings.

694
00:47:10,086 --> 00:47:14,706
But I think as a result, there has been health benefits as well.

695
00:47:15,046 --> 00:47:16,486
But there's also been the skills.

696
00:47:16,906 --> 00:47:21,446
I think skills is probably the bigger. I could have just said that,

697
00:47:21,546 --> 00:47:23,906
skills. We've had to learn how to fix things ourselves.

698
00:47:24,506 --> 00:47:28,786
I never was really up for working on my cars. Now I do the oil changes on my

699
00:47:28,786 --> 00:47:34,346
vehicles. I'll do small maintenance, fix things, you know, replace small parts

700
00:47:34,346 --> 00:47:35,266
that are accessible to me.

701
00:47:35,926 --> 00:47:40,366
Basically anything you can do without a lift. I got a jack, you know, and I got jack stands.

702
00:47:40,546 --> 00:47:43,846
So if I can just jack up a corner, I'll try to do it, you know,

703
00:47:43,926 --> 00:47:47,426
like my brakes. But anything major, I still have to take it into the shop.

704
00:47:47,966 --> 00:47:52,846
But I didn't even have any inclination to build some of these skill sets or

705
00:47:52,846 --> 00:47:56,926
like things around repairing the RV until it was priced out of my reach.

706
00:47:57,406 --> 00:48:01,666
And so we had to invest in ourselves. So it enforced an investment in skills.

707
00:48:01,946 --> 00:48:05,826
It forced us to get a little bit more fiscally disciplined and it kind of forced

708
00:48:05,826 --> 00:48:10,486
us to create more of a plan that before I think we just didn't really have to.

709
00:48:11,477 --> 00:48:14,397
Now, it's also there's been a lot of costs, but that's the positives.

710
00:48:14,957 --> 00:48:17,217
Thank you for the boost and sharp ears.

711
00:48:18,117 --> 00:48:22,957
Adversary 17 is here with 7,000 sats. I am programmed in multiple techniques.

712
00:48:23,677 --> 00:48:26,617
And Adversary says, Chris, I tried to sign up with the Bitcoin well when I used

713
00:48:26,617 --> 00:48:29,397
the link you had in the show notes, but then I got an invalid referral code,

714
00:48:29,457 --> 00:48:31,737
so I thought I'd let you know. You could try again.

715
00:48:32,277 --> 00:48:34,977
Let me know if it's not working. Also, you can always use their generic sign

716
00:48:34,977 --> 00:48:38,037
up and use the promo code Jupiter, but the link in the show notes should be working.

717
00:48:38,657 --> 00:48:41,277
He's also responding to somebody who boosted in about River and Play.

718
00:48:41,337 --> 00:48:43,937
He says, my River account does not have the option of doing a wire transfer.

719
00:48:44,417 --> 00:48:48,077
It's under the add cash button as a separate tab. Oh, it does have the option

720
00:48:48,077 --> 00:48:52,217
of doing a wire transfer. Yeah, you could do a wire transfer. I don't know.

721
00:48:53,037 --> 00:48:56,817
This is where stable coins are kind of nice. I mean, you got to buy them.

722
00:48:56,957 --> 00:48:58,497
So, you know, you got to do this process somewhere.

723
00:48:58,857 --> 00:49:02,157
But like if I just had one account where I had access to stable coins and then

724
00:49:02,157 --> 00:49:05,917
I could move that over to River and buy Bitcoin with it, it would make or,

725
00:49:06,017 --> 00:49:07,057
you know, well or whatever.

726
00:49:07,597 --> 00:49:11,337
Like every place I have to set up my frickin' bank credentials and I have to

727
00:49:11,337 --> 00:49:15,897
go through a KYC process just so I can access to my own damn money. You know?

728
00:49:16,737 --> 00:49:20,257
I'm so tired of the existing banking system. It's so archaic.

729
00:49:20,337 --> 00:49:25,517
And we've bolted all these crap things on top of it that invade our privacy

730
00:49:25,517 --> 00:49:28,197
and are really just Band-Aids and lipstick.

731
00:49:28,837 --> 00:49:31,417
That's how I feel about it. All right. Well, thank you, everybody.

732
00:49:31,537 --> 00:49:38,017
That's all our 2,000 and above boosts that we do for time. We did have 44 of you stream sats.

733
00:49:38,297 --> 00:49:40,097
Thank you. So, wow.

734
00:49:40,457 --> 00:49:47,877
The streamers were really stepping up. We stacked 102,817 sats. Thank you, streamers.

735
00:49:48,257 --> 00:49:52,057
Really appreciate that. And when you combine it with the boost,

736
00:49:52,197 --> 00:49:54,697
we had 57 unique senders.

737
00:49:55,637 --> 00:50:02,537
With a grand total of 283,360 sats.

738
00:50:04,377 --> 00:50:10,817
283,360 sats. Not a blowout week, but a week where the show continues.

739
00:50:11,137 --> 00:50:13,937
You know what I mean? Like, I'm not going to complain about that.

740
00:50:14,697 --> 00:50:16,577
And I'm not going to come and brag to the wife about that.

741
00:50:17,417 --> 00:50:21,697
But we got it done. Thank you, everybody, for supporting episode 42 of This

742
00:50:21,697 --> 00:50:24,077
Week in Bitcoin. This is a value-for-value production.

743
00:50:24,637 --> 00:50:28,697
There is no company paying me to do this. We have our affiliate links that you

744
00:50:28,697 --> 00:50:31,577
can use when you're getting yourself something. And we have the boost.

745
00:50:32,117 --> 00:50:34,917
And I really appreciate everybody who steps up to support this production.

746
00:50:35,397 --> 00:50:40,297
It means a lot to me and keeps the show on the road and it's a great way to

747
00:50:40,297 --> 00:50:42,397
interact. Probably my favorite way to interact.

748
00:50:43,017 --> 00:50:45,837
If you'd like to get started, I'll have links in the show notes.

749
00:50:46,057 --> 00:50:48,857
There's lots of great podcast apps at podcastapps.com.

750
00:50:49,177 --> 00:50:51,997
Fountain makes it really easy to get started or you can go all the way down

751
00:50:51,997 --> 00:50:54,777
the self-host route with Albie Hub and hook it up to all kinds of apps.

752
00:50:54,897 --> 00:50:56,797
There's lots of choices. Thank you, everybody.

753
00:50:59,280 --> 00:51:09,360
Music.

754
00:51:09,209 --> 00:51:14,769
In increasing the energy capacity, and there's a new nuclear-powered Bitcoin

755
00:51:14,769 --> 00:51:20,429
mine being proposed in a town called North Tonawanda, I believe it is.

756
00:51:20,569 --> 00:51:26,509
It's in New York, and they have a plan to monetize this new nuclear power plant,

757
00:51:26,689 --> 00:51:31,169
but the locals, they ain't so happy about it.

758
00:51:31,329 --> 00:51:35,089
And friends, I have to say, I think this is always going to be a problem.

759
00:51:35,549 --> 00:51:40,109
Even though we all agree nuclear power is fantastic, Nobody wants it in their damn backyard.

760
00:51:40,989 --> 00:51:44,709
A new partnership could bring advanced nuclear technology to a crypto mining

761
00:51:44,709 --> 00:51:45,829
plant in Niagara County.

762
00:51:46,009 --> 00:51:50,569
The goal is to convert the current plant in North Tonawanda to carbon free energy.

763
00:51:50,709 --> 00:51:54,689
So it's an existing crypto mine and they're going to use these newer,

764
00:51:55,029 --> 00:51:59,309
smaller reactors, which how many times have you heard about these micro reactors

765
00:51:59,309 --> 00:52:00,749
and small nuke reactors?

766
00:52:01,049 --> 00:52:02,809
And it's always been this fantasy.

767
00:52:03,529 --> 00:52:07,909
Well, they're real and they're fantastic and they can apparently be deployed

768
00:52:07,909 --> 00:52:09,629
at an existing data center.

769
00:52:09,769 --> 00:52:14,729
The community is raising concerns with the idea of bringing nuclear technology to Western New York.

770
00:52:14,929 --> 00:52:20,049
Our Trina Katterson spoke with North Tonawanda Mayor Austin Tylik for some answers.

771
00:52:20,889 --> 00:52:25,509
This crypto mining facility has been the talk of the city of North Tonawanda

772
00:52:25,509 --> 00:52:28,769
for months. And now it's gaining even more attention.

773
00:52:29,309 --> 00:52:33,289
DigiHost, which currently operates here, is looking to partner with another

774
00:52:33,289 --> 00:52:36,169
company whose main focus is nuclear energy.

775
00:52:36,389 --> 00:52:40,349
It's sparked some concerns when anyone hears nuclear.

776
00:52:40,869 --> 00:52:45,509
There's a lot of questions that come to be. North Tonawanda Mayor Austin Tylik's

777
00:52:45,509 --> 00:52:49,669
office has been flooded with questions from residents following the announcement.

778
00:52:49,669 --> 00:52:55,769
On December 12th, Digihost and Nanonuclear signed a non-binding contract to

779
00:52:55,769 --> 00:52:59,689
bring nuclear reactor technology to the current plant on Erie Avenue.

780
00:52:59,889 --> 00:53:04,889
Right now, we're really digging into the details with it. There's not a ton of information.

781
00:53:05,529 --> 00:53:09,869
This sort of nanonuclear is a new energy source.

782
00:53:10,149 --> 00:53:14,809
It's smaller nuclear. According to a press release from Nanonuclear Energy,

783
00:53:15,089 --> 00:53:19,289
the main reason for the collaboration is to improve the environmental concerns

784
00:53:19,289 --> 00:53:21,209
at the current DigiHost plant.

785
00:53:21,449 --> 00:53:27,189
The founder of Nanonuclear said, quote, This MOU marks a significant step toward

786
00:53:27,189 --> 00:53:32,229
delivering carbon-free, scalable energy while ensuring operational reliability.

787
00:53:33,389 --> 00:53:37,449
So this is really interesting. And I'm not really very familiar with this story

788
00:53:37,449 --> 00:53:38,989
other than just what they report here.

789
00:53:39,089 --> 00:53:41,829
But to me, it's checking a lot of boxes, right?

790
00:53:42,049 --> 00:53:45,789
Carbon-free, scalable energy, reliable.

791
00:53:46,329 --> 00:53:50,929
Like, these are good things here. But Mayor Tylek says the idea of nuclear power

792
00:53:50,929 --> 00:53:55,349
and industrial waste sites in North Tonawanda is causing some pushback.

793
00:53:55,569 --> 00:53:58,869
The questions that come to be are, what happens to the waste?

794
00:53:59,149 --> 00:54:03,449
Is there, you know, any potential for explosions? These are all things that

795
00:54:03,449 --> 00:54:06,929
we've brought up or have heard concerns about.

796
00:54:07,169 --> 00:54:10,749
Is it going to make super mutant fish that have three eyes?

797
00:54:11,109 --> 00:54:15,969
Tilek says currently North Tonawanda does not have any zoning categories to

798
00:54:15,969 --> 00:54:17,869
regulate something like nanonuclear.

799
00:54:17,929 --> 00:54:23,529
But he plans on working with local environmental activists and neighboring lawmakers to change that.

800
00:54:23,689 --> 00:54:27,809
For residents out there that are wondering, we are aware that there are concerns

801
00:54:27,809 --> 00:54:31,649
with this type of industry. And we're going to make sure we get to the bottom of it.

802
00:54:32,109 --> 00:54:37,109
Mayor Austin Tylek emphasized that nanonuclear says their target date for reactor

803
00:54:37,109 --> 00:54:39,609
integration isn't until 2031.

804
00:54:39,929 --> 00:54:43,629
So he'll be making sure that he takes the time to answer all of the residents'

805
00:54:43,849 --> 00:54:46,909
questions and hears all of the concerns they might have.

806
00:54:47,149 --> 00:54:52,549
Reporting in North Tonawanda, Trina Katterson, News 4. Tonawanda, 2031.

807
00:54:52,969 --> 00:54:57,169
Oh, this is all going to take so long. And we can't even agree it's the right

808
00:54:57,169 --> 00:55:00,869
thing to do. Meanwhile, people want EVs. They want AI.

809
00:55:01,609 --> 00:55:06,189
We want sound money, like power. I want, you know what I want?

810
00:55:06,229 --> 00:55:09,289
I want a holodeck. I want a replicator. I want a transporter. I want a warp drive.

811
00:55:10,269 --> 00:55:15,849
These things all use power. Now we're either going to burn up the earth resources

812
00:55:15,849 --> 00:55:19,349
doing it, or we're going to find a way that everybody can live with.

813
00:55:19,629 --> 00:55:23,909
I just, I find this energy debate so frustrating and yet so,

814
00:55:24,129 --> 00:55:28,869
so critical to the growth of society. Music.

815
00:55:30,480 --> 00:55:40,560
Music.

816
00:55:40,402 --> 00:55:45,402
River has a new feature. This week, River introduced Forcefield.

817
00:55:45,942 --> 00:55:49,162
Man, they're really setting the bar with the proof of reserves.

818
00:55:49,462 --> 00:55:53,402
And now this is a new value they're adding to their Bitcoin storage offering.

819
00:55:53,902 --> 00:55:57,542
And they say it's designed to protect you from being targeted by social engineering.

820
00:55:57,942 --> 00:56:01,902
If you're physically threatened with a wrench attack, if your device is lost

821
00:56:01,902 --> 00:56:05,382
or stolen, or if your login credentials are stolen or compromised.

822
00:56:05,622 --> 00:56:08,762
They're trying to come up with a way to protect you from that.

823
00:56:08,762 --> 00:56:12,102
And the product that they're announcing is called Force Field.

824
00:56:12,262 --> 00:56:16,902
And I'll play their, well, I'll play their promo video. It's kind of adorable.

825
00:56:22,622 --> 00:56:28,882
1.3 million Bitcoin have been stolen by hackers and scammers over the past 15 years.

826
00:56:32,082 --> 00:56:35,262
Your Bitcoin should be impossible to steal.

827
00:56:37,982 --> 00:56:42,302
Introducing Forcefield, the new standard to secure your Bitcoin.

828
00:56:42,882 --> 00:56:50,282
It's built to protect your Bitcoin from scams, phone theft, account compromise and physical threats.

829
00:56:51,102 --> 00:56:55,822
With Forcefield active, even if an attacker gains access to your account,

830
00:56:56,042 --> 00:56:58,142
they still won't be able to empty it.

831
00:56:59,322 --> 00:57:03,362
Forcefield lets you turn off or limit Bitcoin sends.

832
00:57:04,102 --> 00:57:09,302
Forcefield deactivation triggers a series of alerts with a five day deactivation

833
00:57:09,302 --> 00:57:12,322
delay to give you time to respond to any threat.

834
00:57:13,602 --> 00:57:16,842
Activate a forcefield for your Bitcoin today.

835
00:57:19,499 --> 00:57:23,939
I mean, it's very clever marketing, right? Because what you're doing is you're

836
00:57:23,939 --> 00:57:30,179
combining a spend limit with a five-day deactivation delay, which is pretty smart.

837
00:57:30,179 --> 00:57:33,739
So you can say, you know, you can't spend more than $1,000 or,

838
00:57:33,759 --> 00:57:36,919
you know, 1,000 sats out of this account in a week.

839
00:57:37,559 --> 00:57:40,959
And if you want to disable that limitation, there's a five-day cooldown where

840
00:57:40,959 --> 00:57:43,099
you can interrupt it and say, no, no, no, that wasn't me.

841
00:57:43,099 --> 00:57:48,299
And then obviously you're combining this force field feature with things like

842
00:57:48,299 --> 00:57:51,599
two-factor authentication around the account, their proof of reserves,

843
00:57:51,719 --> 00:57:53,619
and other security systems that River has.

844
00:57:54,079 --> 00:58:00,399
I think it's very respectable. And while I wouldn't say put your family's life-changing

845
00:58:00,399 --> 00:58:02,619
wealth into a River account,

846
00:58:02,619 --> 00:58:07,859
I would feel very comfortable about DCAing there for a while or having a little

847
00:58:07,859 --> 00:58:10,259
hot sats for sending around over the Lightning Network.

848
00:58:10,879 --> 00:58:14,859
I think they're doing the right stuff, and I think other custodians should follow

849
00:58:14,859 --> 00:58:17,859
suit. The best route is just not to be a custodian, right?

850
00:58:19,079 --> 00:58:22,519
But I mean, if you're going to be a custodian, that's the way to do it.

851
00:58:23,799 --> 00:58:29,219
That's the way. All right. Well, I did a lot of reading for you this week.

852
00:58:32,339 --> 00:58:37,399
We have multiple strategic Bitcoin reserve legislations landing in three different

853
00:58:37,399 --> 00:58:42,799
states just this week, New Hampshire, North Dakota, and one that just,

854
00:58:43,119 --> 00:58:47,439
just was announced as I was going into the studio to record, Oklahoma.

855
00:58:48,079 --> 00:58:50,919
Let's start with the first two, New Hampshire and North Dakota.

856
00:58:52,645 --> 00:58:56,825
They have both introduced legislation to create a strategic Bitcoin reserve,

857
00:58:56,845 --> 00:59:02,025
if you can call it that, indicating at least, I think, interest in just not

858
00:59:02,025 --> 00:59:03,845
at the country level, but at the state level.

859
00:59:04,025 --> 00:59:07,605
So I read through these bills so you don't have to. They're not super thick

860
00:59:07,605 --> 00:59:11,145
bills. They're pretty thin on the details. Let's start with New Hampshire.

861
00:59:11,565 --> 00:59:16,045
The New Hampshire bill does not specify an exact monetary amount,

862
00:59:16,045 --> 00:59:22,525
but it specifies a limit of 10 percent of the total amount of public funds and authorized assets.

863
00:59:22,645 --> 00:59:28,045
Authorized assets include precious metals, cryptocurrencies, and stablecoins.

864
00:59:28,705 --> 00:59:32,385
I don't know why they'd be investing in stablecoins. You're not going to get

865
00:59:32,385 --> 00:59:33,805
much of a return on that one.

866
00:59:34,825 --> 00:59:40,125
Just whatever. Bitcoin is not even explicitly mentioned in the New Hampshire bill.

867
00:59:40,465 --> 00:59:46,065
What they just say is digital assets with a market capitalization of over $500 billion.

868
00:59:46,605 --> 00:59:50,705
And they don't mention inflation or debasement at all in the bill.

869
00:59:51,365 --> 00:59:56,605
But North Dakota's did. So let's look at the North Dakota bill, NDHCR 3001.

870
00:59:57,945 --> 01:00:02,005
It specifically mentions inflation, and it says inflation erodes the purchasing

871
01:00:02,005 --> 01:00:07,445
power of state funds and that investment diversification is encouraged to preserve

872
01:00:07,445 --> 01:00:12,265
the state's financial resources and protect against inflation. Nailing it over there.

873
01:00:13,025 --> 01:00:17,245
The bill does not specify an exact amount or percentage, But it encourages the

874
01:00:17,245 --> 01:00:21,445
state treasurer and state investment board to allocate portions of the general fund,

875
01:00:21,605 --> 01:00:26,485
the budget stabilization fund and the legacy fund to digital assets,

876
01:00:26,625 --> 01:00:29,905
to digital assets and precious metals as well.

877
01:00:30,505 --> 01:00:36,545
Now, also in the North Dakota bill, like New Hampshire, Bitcoin is not explicitly mentioned.

878
01:00:37,531 --> 01:00:41,531
They turn digital assets, which encompasses Bitcoin and other cryptocurrencies,

879
01:00:42,011 --> 01:00:46,211
and is left up to interpretation by the state's treasurer or an investment board.

880
01:00:46,771 --> 01:00:50,231
So that's where they're going to define what assets, digital assets,

881
01:00:50,251 --> 01:00:53,391
they can invest in. Now, Oklahoma is a little bit more interesting.

882
01:00:53,911 --> 01:00:57,831
It's got a bit more meat on this bone here, and I'll have a link to all these

883
01:00:57,831 --> 01:01:00,431
bills in the show notes. The last bill is the Oklahoma one.

884
01:01:00,691 --> 01:01:03,911
It's similar to the others in some sense. The state treasurer is allowed to

885
01:01:03,911 --> 01:01:07,851
invest public funds in Bitcoin and other digital assets that have market caps

886
01:01:07,851 --> 01:01:10,411
that exceed $500 billion, just like we heard before.

887
01:01:10,651 --> 01:01:13,251
And they also say they can invest in stablecoins.

888
01:01:13,591 --> 01:01:22,951
And the investments are limited to 10% of the total public funds in relevant accounts in Oklahoma.

889
01:01:23,371 --> 01:01:26,951
And the funds are eligible for investment include the state general fund,

890
01:01:27,131 --> 01:01:31,391
the revenue stabilization fund, and the constitutional reserve fund.

891
01:01:32,991 --> 01:01:38,291
Oklahoma's bill does explicitly discuss Bitcoin as a key investment vehicle

892
01:01:38,291 --> 01:01:43,751
for the state and defines in detail its origin and use in financial instruments,

893
01:01:44,231 --> 01:01:48,091
which was pretty great to see. So there you have it.

894
01:01:48,391 --> 01:01:54,091
Just this last week, since the last episode, New Hampshire, North Dakota and

895
01:01:54,091 --> 01:01:58,571
Oklahoma are all introducing strategic crypto bills in one form or another.

896
01:01:58,571 --> 01:02:03,751
Could you imagine if there's a strategic reserve or at least a stash or a cash

897
01:02:03,751 --> 01:02:08,171
at the federal level and then multiple states start stacking in Bitcoin as well?

898
01:02:08,471 --> 01:02:13,271
And then you combine that with the stacking that companies are doing.

899
01:02:14,431 --> 01:02:18,851
Bitwise did a little research and they say that companies buying Bitcoin is

900
01:02:18,851 --> 01:02:23,591
one of the most overlooked megatrends recently. I'll link to this in the show notes.

901
01:02:24,131 --> 01:02:26,731
You know, when we first started talking about the strategy on the show,

902
01:02:26,731 --> 01:02:29,871
it was basically Michael Saylor over at MicroStrategy.

903
01:02:30,031 --> 01:02:36,771
But as of today, as I record, there are now 70 publicly traded companies holding

904
01:02:36,771 --> 01:02:38,111
Bitcoin on their balance sheets.

905
01:02:38,611 --> 01:02:41,891
And there's a lot more private firms that are doing it, but they don't have to report it.

906
01:02:41,891 --> 01:02:47,091
We know, though, that the public companies collectively, excluding MicroStrategy,

907
01:02:47,271 --> 01:02:53,731
the public companies collectively, excluding Mikey, hold 141,302 Bitcoin.

908
01:02:55,364 --> 01:03:00,724
MicroStrategy is somewhere around 400,000 Bitcoin. And we know also about some of the private firms.

909
01:03:00,844 --> 01:03:03,744
We know SpaceX and Block have some Bitcoin.

910
01:03:04,204 --> 01:03:05,984
I think the last number we saw

911
01:03:05,984 --> 01:03:10,964
for them collectively is around 368,000 Bitcoin between the two of them.

912
01:03:11,424 --> 01:03:16,464
So if this is true, if these numbers are true, 141 for public companies and

913
01:03:16,464 --> 01:03:19,284
368, these are the hundreds of thousands,

914
01:03:19,544 --> 01:03:24,104
for SpaceX and Block and Tesla, That means that microstrategy now represents

915
01:03:24,104 --> 01:03:27,764
less than 50% of the corporate Bitcoin market,

916
01:03:28,144 --> 01:03:31,084
even though they've been doing crazy buys every single Monday.

917
01:03:31,924 --> 01:03:36,724
That's how big of a trend companies adding Bitcoin to their treasury is.

918
01:03:36,724 --> 01:03:40,424
Then you combine that with states and countries stacking.

919
01:03:40,984 --> 01:03:46,944
And then, like I talked to the top of the show, investment firms and the plebs

920
01:03:46,944 --> 01:03:50,004
that are trying to hedge against inflation, they're stacking.

921
01:03:51,404 --> 01:03:57,764
Everybody's a Bitcoin buyer from the individual up to the nation level and massive

922
01:03:57,764 --> 01:04:01,224
corporations in between. And I think over 2025, you're just going to see more

923
01:04:01,224 --> 01:04:02,324
corporations get on board.

924
01:04:03,204 --> 01:04:07,544
Meta just had a proposal put in front of them, just like the Microsoft one that

925
01:04:07,544 --> 01:04:09,064
essentially says they should buy Bitcoin.

926
01:04:09,064 --> 01:04:13,324
I still think it's a long shot, although I suppose if any company was going

927
01:04:13,324 --> 01:04:15,784
to do it out of the group that have recently been propositioned,

928
01:04:15,824 --> 01:04:19,364
it would be Meta because Zuckerberg does have more control over there.

929
01:04:19,404 --> 01:04:23,124
And I have reason to believe that the Zuck is a Bitcoin fan.

930
01:04:24,560 --> 01:04:36,240
Music.

931
01:04:36,082 --> 01:04:39,622
Waller, CEO of Strike, was doing a podcast down at a meetup.

932
01:04:40,202 --> 01:04:43,582
It might have been Puerto Rico. They were a little vague on the location.

933
01:04:44,142 --> 01:04:46,682
But there was just a big Bitcoin meetup down in Puerto Rico.

934
01:04:46,802 --> 01:04:47,942
And it sounds like it went incredible.

935
01:04:48,302 --> 01:04:51,002
There's no real Bitcoin infrastructure or companies down there.

936
01:04:51,142 --> 01:04:54,482
But the people are passionate. And folks traveled from all over the world to

937
01:04:54,482 --> 01:04:56,102
help train locals on Bitcoin.

938
01:04:56,802 --> 01:04:59,902
And Jack was sitting down to do his Money Matters podcast.

939
01:05:00,562 --> 01:05:04,882
And the topic of Bitcoin versus real estate and Ethereum came up.

940
01:05:04,882 --> 01:05:09,222
And I just think this is one of his best succinct explanations of why Bitcoin

941
01:05:09,222 --> 01:05:15,182
is different than everything else. The reality is Bitcoin is just a much bigger use case.

942
01:05:15,882 --> 01:05:22,842
That I don't think people realize, meaning there's $900 trillion worth of stuff

943
01:05:22,842 --> 01:05:24,922
people own in the world, right?

944
01:05:25,102 --> 01:05:31,082
That's real estate, equities in stock, fine art, precious metals,

945
01:05:31,382 --> 01:05:36,022
collectibles, Bitcoin, $900 trillion of stuff in the world people own.

946
01:05:36,542 --> 01:05:41,942
It's estimated that about half of that people have monetized as a savings account.

947
01:05:42,162 --> 01:05:46,082
They own their house not to live in it, but because they need to save their money.

948
01:05:46,262 --> 01:05:49,482
They own the stock not because they believe in leadership and because they believe

949
01:05:49,482 --> 01:05:52,362
in the product and because they're invested in future earnings,

950
01:05:52,542 --> 01:05:54,502
but because they have a 401k.

951
01:05:54,762 --> 01:05:59,742
They own the art not because it's consumed on their wall, but because they're going to sell it later.

952
01:06:00,222 --> 01:06:04,602
So half of the stuff people own in the world they're using as money.

953
01:06:05,602 --> 01:06:10,242
Bitcoin is a better money, it's the best money in human history.

954
01:06:11,317 --> 01:06:17,077
I estimate safely that Bitcoin is going after a $400 to $500 trillion in today's

955
01:06:17,077 --> 01:06:18,437
purchasing power opportunity.

956
01:06:18,577 --> 01:06:22,337
If we're at about a trillion dollar market cap today, I think Bitcoin's got

957
01:06:22,337 --> 01:06:26,037
at least a $400 to $500X left in it in purchasing power terms,

958
01:06:26,217 --> 01:06:29,717
not in dollar terms, because we know that will continue to get debased.

959
01:06:30,217 --> 01:06:35,257
Okay, so that is a massive, you can solve half the world's problem by supporting

960
01:06:35,257 --> 01:06:38,157
Bitcoin and it being adopted as the world's money.

961
01:06:38,377 --> 01:06:43,017
And it will what? Bitcoin will fix housing. People will sell their excess homes and buy Bitcoin.

962
01:06:43,257 --> 01:06:47,577
People will sell their excess art and buy Bitcoin. People will sell their equities and buy Bitcoin.

963
01:06:47,737 --> 01:06:53,257
It will restore the ability for everyone to consume the market goods that they

964
01:06:53,257 --> 01:07:01,717
need and save the time, energy, labor, work, effort that they want. Now, what is Ethereum?

965
01:07:02,017 --> 01:07:04,457
What's the Ethereum market opportunity? Is it $500 trillion?

966
01:07:04,937 --> 01:07:08,297
No. What's the market cap of Amazon? $2 trillion.

967
01:07:08,637 --> 01:07:15,437
If Ethereum is half as good as Amazon, it's a 1 500th of Bitcoin.

968
01:07:16,317 --> 01:07:18,977
And so I think what people don't understand is Bitcoin is the only money.

969
01:07:19,157 --> 01:07:20,357
These things are technologies.

970
01:07:21,137 --> 01:07:27,057
When someone says I'm going to decentralize dentistry, what's the market opportunity of that?

971
01:07:27,197 --> 01:07:31,157
$100 million if you're the Steve Jobs of defying dentistry?

972
01:07:31,477 --> 01:07:38,557
So these things are not nearly as ambitious enough and not nearly creating enough

973
01:07:38,557 --> 01:07:41,797
value for society to even be in the same sentence.

974
01:07:42,320 --> 01:07:53,200
Music.

975
01:07:52,257 --> 01:07:56,237
Let's take a look at the state of the network. Bitcoin mining difficulty hit

976
01:07:56,237 --> 01:08:04,177
a new high of 110.45 terahash, making it the eighth consecutive upward adjustment

977
01:08:04,177 --> 01:08:05,677
for the mining difficulty.

978
01:08:06,077 --> 01:08:12,117
As I record, Bitcoin is flirting with $100,000, sitting at $99,760.

979
01:08:12,377 --> 01:08:14,857
My favorite statistic? So close.

980
01:08:15,497 --> 01:08:23,337
Sats per dollar, 1,003 or 2, fluctuating as I record. Just above the 1,000 sat to dollar parity.

981
01:08:24,997 --> 01:08:33,117
So close. Love that parity. Now, as I look, there are 20,589 reachable Bitcoin nodes on the network.

982
01:08:33,257 --> 01:08:36,677
Nice, but I think we need to get that number up. Let's think it's slacking.

983
01:08:38,217 --> 01:08:44,677
Slacking. We are 7.8% down from our all-time high, which was 29 days ago on December 17th, 2024.

984
01:08:45,437 --> 01:08:49,977
Which was $108,280 in U.S. greenbacks.

985
01:08:51,797 --> 01:08:56,957
Transactions continue. The network produces yet another block.

986
01:08:58,337 --> 01:08:59,557
State of the network is good.

987
01:09:01,137 --> 01:09:06,077
Bitcoin is lining up for a great year. Thank you so much for joining me.

988
01:09:08,643 --> 01:09:12,063
Links to what I talked about this week are at thisweekinbitcoin.show.

989
01:09:12,703 --> 01:09:16,123
This was episode 42. You can find everything over there.

990
01:09:16,643 --> 01:09:20,583
And, of course, I'll play a value-for-value track. And if you boost in during

991
01:09:20,583 --> 01:09:22,943
that track, 90% of your sats go to the artist.

992
01:09:23,503 --> 01:09:26,343
And it's opened up a whole new world of music for podcasters.

993
01:09:26,403 --> 01:09:28,503
So I really appreciate the support when you share it with them.

994
01:09:28,763 --> 01:09:30,663
Also love it when you share the show with somebody.

995
01:09:31,343 --> 01:09:35,623
Word of mouth is the number one way. It's really the only way for podcast marketing

996
01:09:35,623 --> 01:09:38,283
to work. If you're going to listen to something this long, you need somebody

997
01:09:38,283 --> 01:09:41,863
to trust and recommend it to you. So thank you for sharing the show with somebody.

998
01:09:42,523 --> 01:09:48,263
Okay. I'll leave you with our value for the value track. It is 21 million by Rundance.

999
01:09:48,503 --> 01:09:50,683
Yeah. In the land of the optimist.

1000
01:09:51,103 --> 01:09:53,083
Probably watching too much Antonopolis.

1001
01:09:53,583 --> 01:09:54,823
Contemplating the irony of

1002
01:09:54,823 --> 01:09:58,363
free markets. While I'm sinking deeper into the depths of green tar pits.

1003
01:09:58,703 --> 01:10:01,903
I got debt up to my armpits. So far I'm farming fiat.

1004
01:10:02,203 --> 01:10:05,023
Far from the dreams I see not. Got a vision to be living.

1005
01:10:05,023 --> 01:10:09,223
As one of the elite, I just gotta get back up on my feet and opt out of the

1006
01:10:09,223 --> 01:10:14,143
Ponzi It is zombie economy in this horror turned comedy Scarsity is novelty,

1007
01:10:14,523 --> 01:10:18,743
Max Keiser put it best to the nation This is the global insurrection against

1008
01:10:18,743 --> 01:10:24,043
banker occupation It's hard enough when your credit cards weigh a ton Waiting for unemployment,

1009
01:10:24,203 --> 01:10:27,483
stimulus hasn't come You're waiting for anything to break out,

1010
01:10:27,583 --> 01:10:30,643
make a run Man, fuck 2020, I'm ready for 21.

1011
01:10:30,960 --> 01:10:57,360
Music.

1012
01:10:57,202 --> 01:11:01,282
Can't mask these violent crimes. Giant lies while I'm waiting in giant lines.

1013
01:11:01,762 --> 01:11:06,762
Stocks crash as Brian flies. My tired eyes. The blocks slide back. The clocks turn wise.

1014
01:11:07,022 --> 01:11:10,422
So crank the hydrant assholes. And flood the nation with free capital.

1015
01:11:10,642 --> 01:11:11,762
Right up to your clavicles.

1016
01:11:12,062 --> 01:11:14,742
Strip the system of its assets and scrap it all.

1017
01:11:15,062 --> 01:11:19,962
Pull the trash out onto the backs of the taxpayer. Add the gas of passive cash and light a match.

1018
01:11:15,280 --> 01:11:35,280
Music.

1019
01:11:20,402 --> 01:11:23,962
Watch it all burn down in ashes and hashtags. What will it be?

1020
01:11:24,122 --> 01:11:26,982
Fragile bubbles impact Gatsna. Rather I

1021
01:11:26,982 --> 01:11:29,802
stay humble and stack sats And at the end of

1022
01:11:29,802 --> 01:11:32,602
the tunnel I see a light that is brilliant I'm just

1023
01:11:32,602 --> 01:11:35,922
praying I'll be just one of 21 million And

1024
01:11:35,922 --> 01:11:38,882
in the wake of the Fed printing them trillions I only wanna

1025
01:11:38,882 --> 01:11:42,082
be one of 21 million From the corner of Chicago

1026
01:11:42,082 --> 01:11:44,942
and 38th Street Came a movement moving toward us.

1027
01:11:42,480 --> 01:12:03,920
Music.

1028
01:11:44,942 --> 01:11:48,002
At the speed of a tweak Now there's gluten in community So

1029
01:11:48,002 --> 01:11:51,742
rude and obscene We turn stupid and rude They label COVID-19

1030
01:11:51,742 --> 01:11:54,522
YouTube's glued while grandma's zooming Assuming you're lacking

1031
01:11:54,522 --> 01:11:57,962
grooming and a group and together unless you're stuck on a cruise ship so who's

1032
01:11:57,962 --> 01:12:01,422
the loser who's the bullet that you gotta outmaneuver who's the future who's

1033
01:12:01,422 --> 01:12:04,302
the boomer who'd have turned to when that news turns into rumors who's that

1034
01:12:04,302 --> 01:12:08,742
person in the mirror you're accusing it's you sir broken systems bleed social

1035
01:12:08,742 --> 01:12:13,662
distance breeds covid symptoms breathe police victims not to mention the feds unholy.

1036
01:12:14,640 --> 01:13:01,881
Music.