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Yeah, but, Raul, if I created my own Mikey coin and then I pumped it on Twitter.

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And I dumped it on the retail population after I gave a bunch to a celebrity

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who then told the world it was great,

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it's illegal and it's unethical.

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Music.

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Welcome to This Week in Bitcoin, episode 47.

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My name is Chris, chrisles.com, jupiterbroadcasting.com. Does the air smell

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just a bit better this week?

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Maybe things seem a little cleaner.

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I don't know. Maybe the stink has started to clear.

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This week, Bitcoiners are eating their vegetables and it's going to be worth it.

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We are making investments this week we don't even realize.

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I'm going to get into the two big things that have to change before Bitcoin

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price and user adoption really starts to rip again.

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You know, I think at this point, a lot of people thought Bitcoin would be around

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$120,000, $130,000, $150,000.

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And I say that because I was looking at the IBIT futures and the options and

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people were betting for quite a while, at least in December,

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on 120K Bitcoin at this point in time, if you were looking at the ETF options.

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The market thought we'd be much further along. I think a lot of us did.

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But instead, we've gotten sideways price action for a while.

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And it's even happening when we're seeing bullish after bullish news.

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I mean, things that are like realignment of the federal government and their

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priority around crypto, institutional adoption,

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sovereign state adoption, all these things that are just massive tether coming

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to lightning and Fidelity this week saying the lightning delivers on the promise

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of truly being able to use digital currencies for day to day transactions.

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But Bitcoin's recent correlation with the S&P 500 has dropped to zero.

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What's significant about that is it means Bitcoin is not moving with macro market anymore.

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And yeah, I've been talking about why we should kind of expect this to break

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from macro for a while. But I'm starting to see a little bit of light at the end of the tunnel.

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And like I said, I think we have these two things we have to get knocked down

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before the situation really begins to shift for Bitcoin.

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And one of those two things seems to have at least begun to tumble this week.

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Okay, let's talk about the top stories.

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Argentinian President Javier Malay is reportedly under investigation for a crypto

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token that plunged shortly after he promoted it in a now-deleted X-post.

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That's according to Reuters, which reports that a judge will examine whether

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the president engaged in fraud when he praised Libra token.

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Now, the project claimed to stimulate economic development for Argentinian businesses,

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but data from DexScreener shows the token lost more than $4 billion in value

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from its February 17th peak.

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A legal complaint was also brought forward by a local nonprofit group calling

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it the biggest rug pull in history.

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Now, in response to the controversy, President Malay's government,

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X-Account, shared that the office of the president would launch an urgent investigation

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into the launch of the Libra cryptocurrency, including businesses and people

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involved in its operation.

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In an interview with YouTuber CopyZilla, Kelsier Ventures CEO Hayden Davis claimed

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he launched the Libra token in what he said was a plan gone miserably wrong.

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He also claimed to be behind the launch of Melania Trump's meme coin.

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We'll get more into Hayden here in a moment.

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I think it's interesting that Solana, which these meme coins run on top of,

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has plummeted 45% in the last 30 days.

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They're basically having their own mini FTX collapse over there.

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And it's really accelerated after this Miele Libra coin scam came to light.

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And, you know, these scam meme coins, they have been sold to buyers over and

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over again as a fair launch. I think this is something you have to appreciate

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about the type of buyer who's buying these meme coins.

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They think it's a more transparent thing, not like those crazy VC IPOs.

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Oh, no, this is a new world. It's transparent. It's on chain.

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It's a social revolution in finance. Don't you see?

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But time after time, there's always been a pre-mine. There's always insiders

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playing with the market to get rich. and now the wider non-Bitcoin crypto community,

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is starting to figure this out the hard way.

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And you heard that clip there mentioned CoffeeZilla's interview.

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I'll link to the full thing. It's long.

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So I pulled out just a couple of moments that you need to know about.

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And this first one underscores the fundamental flaw in the entire meme coin

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market and why it's always 100% of the time a scam against retail.

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A lot of this has turned into some of the wallets which are being linked back

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to you are linked to wallets which sniped the coins that you launched, right?

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So in the case of Libra. I want to pause here because this term sniping has

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been really kind of degraded into this general shitcoin or meme term.

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And so when they use the term sniping here, now I'm not a meme coin expert,

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but to the best of my understanding, what you're really talking about is automated buying and selling,

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essentially dumping on the market at targeted times and also strategic buying

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to drive the price up at particular moments, to manipulate the market into going

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harder and going further.

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And this sniping practice is also, it happened on the Trump coin,

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happened on the Melania coins.

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It happens on all of them. And as we get into the clip, it's just expected that

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retail is going to get screwed with.

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There's the wallet which Dave got refunded by, which is, according to him, your personal funds.

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Dave being Dave Portnoy, which we'll cover in a moment.

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Was linked to an avalanche wallet, which was funded like a sniper of Libra.

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But if you launch the coin, isn't it unfair for you to snipe the coin?

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So I would say no. And I would say that for a couple different reasons.

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Number one, a lot of the times... Now, before I let him continue,

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keep in mind that this quote unquote sniping they're doing is being done with their pre-mined coin.

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So they launch the Libra coin and then they have some estimates as much as 90% of a pre-mine.

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That's how unbalanced this is. And they have a bunch of different wallets,

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treasury wallets, sniping wallets that have, I don't know, hundreds of thousands

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of coins in them, I don't know, that never get exposed to the market.

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Then retail comes in, they pay for every one of their Libra coins.

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They buy every one of them all the way up to $5. The thing ran to $5 for a moment.

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They pay for every single one of those. But then the creator of the coin comes

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in with his own pre-mine and quote unquote snipes the market and essentially

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manipulates the market with the pre-mine funds.

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Either taking liquidity in or out.

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So it's, it's, it's, it's, it's, it's extremely unethical. I would say no.

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And I, and I would say that for a couple of different reasons.

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Number one, a lot of the times when, and again, this is like,

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I mean, again, it's a much larger conversation,

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which is what I told you in text, but most of the time when worse a,

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I have lots of, I have, I have different money in different places,

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obviously, but from the standpoint of sniping.

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Most of the time when we're sniping, we're attempting to avoid other snipers getting in.

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We're sniping so that way nobody else can snipe.

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We're sniping to protect the user.

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Right? So whether that's, and I, by the way, I don't conduct snipes.

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I'm not a dev. I just want to throw that out there for like, I don't even know how to.

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Generally, because of the speed and dynamics of these meme coin markets,

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the purchasing and selling like this, this manipulation has to be done with

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a bot. That's why he says, I'm not a dev.

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I can't do those things because you have to be able to write a bot and set up to do these things.

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There's probably, I would imagine, dozens or more out there that are pre-written,

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but you probably still have to alter them somewhat to get API credentials, et cetera.

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So the only people that are really taking advantage of this high-level manipulation

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are the very people that are writing the coin code, like the people that are actually developers.

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And then you have this tier of middle management who do the sales and the community

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outreach to influencers, and that's who this guy is.

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I don't like if you told if you if you put me

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in front of a computer and had me try and figure out a snipe I don't I don't

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even know what I've never done a bot I don't know any of

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that shit but you you're not denying that Wallace link

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to you snipe Libra but you're just

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saying you didn't do it to link to the project I wouldn't

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say link to me I would say no link to the the wallet

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which refunded Dave which Dave said was your personal funds that

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just so that just happened to be at the time of stress where

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we moved money from but that was just a mistake i

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mean if anything because like what like in in that

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particular case all i would do is like that money

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when it went back into the chart it would just flow

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through another wallet back into the chart like that money that

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back into the chart is his cute way of

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saying you know injecting money injecting coins

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into the market money that we consider sniping

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quote-unquote is the project's money right that's how we that's how we do it

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for I mean and anytime we've done it that's how we do it and the most of the

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time the snipe is to deter and if there's enough volume on the project we use

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it so that it has the ability to continue on.

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And I think that's very hard for people to understand. I will agree with that.

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I think that is going to be hard to understand.

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Because you have like, look, right? You have, and I'll give you a great example.

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If you look at Trump and you look at the snipes, right? Trump had so much volume,

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the snipes didn't matter.

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They made zero difference. No, that will, wait, hang on. That's not true.

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There was a guy who sniped early for $1 million. dollars the big

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crash in melania that everyone attributes to melania was

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actually that sniper selling like tens of millions of dollars of like

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like the one that did like 84 mil right yeah yeah yeah i well yeah i mean i

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we we could argue all day my point is sniping when you're the team i'm not saying

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it always should happen but i'm saying a lot of times it's to protect and and

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if there's enough volume,

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take some off so that people can have a chance to pump the chart back up.

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I mean, just take all this in for a moment. He's saying it's standard practice.

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We're just pumping the charts. It's not a big deal.

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And if we don't do it, somebody else will.

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That's my favorite part. The system is so corrupt that if we don't do it,

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somebody else is going to do it anyways.

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But you know, this is a new kind of revolution, a social revolution in finance.

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I just love that. Now, of course, he's got a real problem.

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I mean, he effed around and found out with the president of Argentina,

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who's now under investigation.

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And he's also leaked screenshots saying that if he sends the Argentina president

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Malay's sister money, he'll sign and do anything for the Hayden guy that we just heard from.

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He claims the president of Argentina will do anything for him if he sends money

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to the president's sister.

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So those screenshots, this guy's in a lot of trouble. He's going to have people

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coming after him. He's going to have the Trump administration watching this closely.

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This is not going to be good. And this radical transparency that he's opted

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for is completely crushing, as it should, the meme coin market.

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And so there's this question of the money.

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There's been some money he's earned and he's sitting on top of it.

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Of course, they might not get all their money back. Because I have people who

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are like, hey, send me a million and a half dollars. I go kill your family.

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So I still have those people to deal with.

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Regardless if I refund the money, are you? Of course not. But now I have to

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protect my whole fucking family.

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No, well, the first thing you should do is get the money out of your hands.

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You need to go to a reputable firm.

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You need to set up a legal structure to get this money out of your hands.

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So you, Hayden, do not have access. Like part of the reason you're scared is

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because you do have access to $100 million.

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Sure, but that's also, yeah, correct. But if I'm being extremely transparent,

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honest, that's also my leverage with certain groups and parties.

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The fact that I have control is also what's making me a target and also protecting

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me because this is an international incident.

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This isn't like some random fucking scam.

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This isn't a scam. This is a plan gone very wrong at a presidential level.

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Actually, I agree with you. It is a plan. So if I custody it with somebody else,

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even if it's a trusted third party, I lose my leverage.

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So until – and I told you off the record what I think is going to happen or

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maybe it was on. I don't even remember at this point, until I have answers from

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Javier Malay, until I have answers from his group, until I get an actual real game plan.

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This is why I gave it a 48-hour window. It was like, until somebody presents

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a great plan besides some bullshit thing where it's going to take six months,

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if that's the right plan, I'll do it. No problem.

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Don't care. 100%. We'll give custody over. I don't give a fuck.

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I don't want anything to do with this at all.

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Zero. He later goes on to say, but I think probably the best plan is that I

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just inject the money back into the Libre market and let people buy in again.

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And then the next day after he said that, President Malay, after deleting his

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tweet, went back and retweeted another one of his previous tweets about how to buy Libra coin.

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And the idiot DGN meme coin market aped back in.

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And guys like Dave Portnoy are so Neanderthal stupid, they have no idea what they're doing.

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They're just trying to make a buck as fast as possible. They're not looking into anything.

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They don't consider any fundamentals. Yeah.

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Sometimes they end up buying the wrong coin when they're trying to ape.

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Quick update from the trenches.

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Malay, let's fucking leave this fucking league.

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Malay tweets how to buy Libra like he's back in on this fucking Libra.

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So I'm like, I'm back in on Libra. Only problem dumping money in.

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Only problem I'm buying the wrong Libra.

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I'm now 200 deep into the wrong fucking Libra.

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I guess I'm the owner of long Libra these trenches. I'm crawling. I'm crawling.

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I'm crawling. I'm crawling. I own a million of fake Libra.

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Fake Libra to the moon.

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And then he tweets asking if anybody wants to buy it off of him.

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He didn't even realize he was buying the wrong meme coin until he posted a screenshot

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of his purchase and somebody else on X pointed out that he bought the wrong coin.

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This is so stupid. and the oxygen is quickly evaporating from this market,

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and just like a perfect moment in time, it couldn't have landed better.

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Adam Curry, the podfather, went on the Joe Rogan podcast, right as kind of all

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this stuff was going down. The timing, chef's kiss.

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And you know, I've complained before that guys like Pomp have had a hard time

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explaining the difference between meme coins and Bitcoin.

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And well, the podfather, he just went right to the heart of the matter.

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Speaking of scamming, what do you think about shit coins?

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Like what's your take on like Hakua coin, and Melania coin, and Trump coin.

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Those are more meme coins.

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Shit coins, right? Isn't that what a meme coin is? So the only coin I believe

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in is Bitcoin. And we've talked about this before.

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Right. In fact, I looked it up, hoping you would bring it up.

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Two years ago when I was here the last time, Bitcoin was around $40,000.

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Today it's close to $100,000. Damn.

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Look at the Podfather doing a little bit of prep before the show, right?

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And I want to play this because it's also a ginormous audience,

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an influential podcast in front of a ginormous audience.

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And it sounds to me like Rogan has Bitcoin buying. Last time,

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Bitcoin was around $40,000. Today, it's close to $100,000.

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This will continue to go up until we're long gone.

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It's very interesting. So, I don't believe in shit coins at all because if you

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have, Bitcoin has no CEO. There's no one in charge of it.

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It's literally tens of thousands of people around the world who run these nodes

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that make it open and make it run and keep it at this 21 million coin limit.

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I'm totally down with Bitcoin.

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00:16:42,822 --> 00:16:49,702
I'm with you. Good. But I think the shit coin thing is fascinating that anybody can create a coin. Yeah.

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You know, like Jamie has a pull it up Jamie coin. I don't know if you know that.

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00:16:53,622 --> 00:16:57,102
I did not make it. Don't put that on me. Do not.

253
00:16:57,522 --> 00:17:00,882
It's out there now. Now that you just said it, now that we just said it,

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because we brought it up yesterday with the Boneyard guy, with John Reeves.

255
00:17:04,222 --> 00:17:07,222
And we said, you should have your own coin. Get the Boneyard coin.

256
00:17:07,362 --> 00:17:08,582
And now apparently somebody made one.

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00:17:08,942 --> 00:17:13,922
So this is, you bring this up in context of scams because they are scams.

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It's trouble. So if I wanted to make a quick amount of money,

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I'd have a shit coin and have my bots ready.

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And I'd say, hey, Joe, have you heard about my curry coin?

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And you'd be like, no, wait a minute.

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And it would come out and it would skyrocket. My bots would sell it.

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I would make a lot of money and it would be dumped right away.

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It's a scam over and over and over again. But what if you don't sell it?

265
00:17:35,942 --> 00:17:38,622
Yeah, then you'll have empty bits worth nothing.

266
00:17:39,642 --> 00:17:44,202
So it's only available for pump and dumps? That's the only thing it's good for.

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It's not good for anything else.

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What about if you wanted to use it to finance charity?

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Is it possible to do that? Bad idea. Bad idea. Is it a bad idea? Yeah.

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Bad idea, Joe.

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Well done. So, you know, the reality is these meme coins have been just pop-a-locking

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since the election, since Trump coin.

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I watched this happen with Trump coin. I was looking at the charts for some

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reason at this exact moment. I don't know. I'm not a chart guy.

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But for some reason I was, I was trying to, oh, because it was, oh, I know why.

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Because it was running. Bitcoin was running into a three-day weekend before the inauguration.

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You know, the spirit animals were out because Trump was coming in and Bitcoin

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00:18:26,602 --> 00:18:29,282
was pumping. And it was going into a three-day weekend pumping.

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So that's always exciting.

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Shortly after the banks close, at least on the East Coast, Trump coin is launched.

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Within moments of Trump coin coming onto the market, Bitcoin's price run came to an abrupt halt.

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And since Trump's coin, it's really just been one stupid pump and dump meme coin after another.

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The floodgates were opened, and the meme coin cycle hit hyperspeed,

284
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and dumb money started learning the hard and fast way what a scam all of this is at 2x, 3x speed.

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This could be the best thing actually happening right now. Like I said,

286
00:19:01,761 --> 00:19:05,961
we could be eating our veggies right now. I know everyone wanted 120,000 Bitcoin

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00:19:05,961 --> 00:19:09,921
by end of January or something, but think about the timing of this.

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Right as Trump's team is putting together their crypto policies,

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they get to watch Malay's coin blow up in his face.

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They get to watch his opponents use this to attack and undermine him.

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And if these screenshots that he's been paying Malay's sister off and getting

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00:19:31,121 --> 00:19:33,681
Malay to sign things are true, and that's how they got him on board with all

293
00:19:33,681 --> 00:19:37,161
of this, that's going to be extremely politically damaging to him.

294
00:19:37,281 --> 00:19:41,301
And he's been a rather polarizing figure who's gotten a lot done.

295
00:19:42,041 --> 00:19:46,861
And if the team behind the Libra coin was also the team behind the Melania coin,

296
00:19:47,481 --> 00:19:49,841
what are the chances they have ties to the Trump coin?

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00:19:50,381 --> 00:19:54,481
Probably pretty damn high. So if Trump's crypto team is smart,

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and I think they might be, they better be taking notes right now and watching

299
00:19:59,941 --> 00:20:03,321
how all of this is going down and use this to inform their policy.

300
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Because the reality is Bitcoin fixes all of this. And so I think this meme market

301
00:20:10,541 --> 00:20:15,121
has been a stronger black hole, sucking up money like crazy liquidity that is

302
00:20:15,121 --> 00:20:18,741
in the crypto market as people gambled in the casino for a bit.

303
00:20:19,861 --> 00:20:24,261
Some people have even been selling their Bitcoin to buy meme coins, tragically.

304
00:20:25,361 --> 00:20:28,921
But I think we're coming to the end. I mean, they're always going to be around.

305
00:20:29,181 --> 00:20:31,001
There's always going to be some celebrity trying this.

306
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But I think retail is starting to figure it out.

307
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So I really think this is pillar number one that has to fall.

308
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And then there's pillar number two.

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Music.

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Enter Bitcoin's more worthy challenger, gold.

311
00:20:54,872 --> 00:20:59,132
And in the short term, this stuff matters. And it's a great opportunity for

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00:20:59,132 --> 00:21:01,272
all of us to understand how it impacts Bitcoin.

313
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Gold is up 46% in less than a year.

314
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And that's big numbers for gold. To put that in perspective,

315
00:21:08,772 --> 00:21:12,972
it's double the gains of the S&P 500 in the same time period.

316
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And typically when gold moves like this, it's about something bigger than just inflation.

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The gold crew, like I've said before, they're the original bloodhounds that's

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sniffing out market problems.

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That's, you know, their whole bag. And we seem to be seeing some incredible

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things happening in gold that, well, I think are clear indications.

321
00:21:37,492 --> 00:21:40,752
Somebody is making some kind of moves, maybe panicking about something.

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Volatile market conditions are spooking banks.

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A lot of things I've been talking about the last few weeks, I think are impacting

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00:21:47,592 --> 00:21:54,952
the gold market. But there's also a very, very interesting narrative developing for the gold bugs.

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00:21:55,352 --> 00:21:59,272
And it starts with the fact, and I verified this data. I looked it up.

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I have links in the show notes.

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Someone in the United States is buying unprecedented amounts of gold,

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so much gold that they're exceeding their capacity to ship it to us from the

329
00:22:11,552 --> 00:22:14,692
countries we're buying it from, like Switzerland and London and other places.

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00:22:14,692 --> 00:22:19,992
And some of it's even being put into the cargo holds of commercial flights because

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00:22:19,992 --> 00:22:24,572
they simply don't have the time, the means or the money to ship the amount of gold they need.

332
00:22:24,692 --> 00:22:27,932
And so there may have been if you've been on a commercial flight coming from

333
00:22:27,932 --> 00:22:32,272
London recently, they're very well may have been gold in the cargo hold of that

334
00:22:32,272 --> 00:22:36,512
flight because they are so desperately trying to bring in the demand.

335
00:22:37,292 --> 00:22:41,832
Something historical is happening. There's something going on with gold and

336
00:22:41,832 --> 00:22:48,412
nobody really knows what it is. somebody here in the United States is buying a crap load of gold.

337
00:22:49,292 --> 00:22:54,952
We think, I hope, it's the Treasury or the central bank, the Fed.

338
00:22:55,272 --> 00:23:00,332
But somebody is taking huge physical deliveries, and it's causing shortages

339
00:23:00,332 --> 00:23:04,872
in London, where they buy and sell gold.

340
00:23:05,092 --> 00:23:11,932
There are shortages now of gold because somebody is buying it and shipping it here.

341
00:23:11,932 --> 00:23:17,572
Somebody with very deep pockets. And this is all happening in the context of

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00:23:17,572 --> 00:23:22,692
a conversation brewing around actually auditing the U.S.'s gold reserves.

343
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All right. So this morning to talk about going for the gold,

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00:23:25,772 --> 00:23:30,972
Elon Musk and Doge set in their sights on the country's largest gold reserve, Fort Knox in Kentucky.

345
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As its own senator reveals that $425 billion of a gold supply doesn't even get a yearly review.

346
00:23:39,232 --> 00:23:43,732
Kentucky Senator Ramp. Yes, I think it's quite well known, at least by Bitcoiners,

347
00:23:43,932 --> 00:23:48,232
how much of an effort there has been over the decades to try to properly audit

348
00:23:48,232 --> 00:23:50,052
the Fort Knox Gold Reserve.

349
00:23:50,532 --> 00:23:56,092
So we have a possible audit brewing and then what appears to be some sort of

350
00:23:56,092 --> 00:23:58,572
broader gold strategy at play.

351
00:23:58,972 --> 00:24:01,792
And I'll let Beck continue. He has an interesting theory.

352
00:24:02,432 --> 00:24:06,572
Shipping it here. Somebody with very deep pockets. Okay.

353
00:24:07,072 --> 00:24:12,652
So why? Now, this is all theory. That's fact. Here's the theory of what's going on.

354
00:24:13,012 --> 00:24:17,192
They're preparing for a full-on gold audit. We talked about this yesterday.

355
00:24:17,432 --> 00:24:23,932
The government right now claims on its balance sheet as an asset all of this

356
00:24:23,932 --> 00:24:28,372
gold, and it's valued at $45 an ounce.

357
00:24:29,052 --> 00:24:33,652
I will say Senator Lummis has confirmed this. When she has been going around

358
00:24:33,652 --> 00:24:37,232
talking about her Bitcoin reserve bill and selling some of our gold to buy the

359
00:24:37,232 --> 00:24:41,732
Bitcoin, she has brought up the fact that the gold that we hold on to, the U.S.

360
00:24:41,832 --> 00:24:45,032
Government holds on to, is still priced at $45 an ounce.

361
00:24:45,192 --> 00:24:48,872
In case you haven't heard, it's $2,900 an ounce.

362
00:24:49,635 --> 00:24:55,915
So they're talking now about boosting the price of gold, at least market to

363
00:24:55,915 --> 00:24:59,535
market, but maybe even making it $5,000 an ounce.

364
00:25:00,335 --> 00:25:05,235
If that happens, the balance sheet starts to fall into line,

365
00:25:05,235 --> 00:25:10,135
and our debt to GDP is not as bad as it really is right now.

366
00:25:10,835 --> 00:25:17,535
Just start claiming the truth about gold, and our balance sheet starts to come into line.

367
00:25:17,535 --> 00:25:22,055
Now, we remember that the Trump administration set up this strategic reserve

368
00:25:22,055 --> 00:25:27,415
or asset, whatever they're calling it, and they talked about monetizing the assets of the country.

369
00:25:27,795 --> 00:25:32,735
I believe this is what the Treasury Secretary and Trump, and I can't remember

370
00:25:32,735 --> 00:25:34,795
if there was another Bassett, were talking about.

371
00:25:34,795 --> 00:25:41,675
Start taking our minerals, start taking our oil and claiming those as assets

372
00:25:41,675 --> 00:25:44,355
and putting those on the balance sheet, which we can do.

373
00:25:44,355 --> 00:25:50,655
And it's not a bad idea unless we lose in the end because then we lose all of

374
00:25:50,655 --> 00:25:54,415
our assets, our natural assets. You put those on the balance sheet.

375
00:25:54,855 --> 00:25:59,995
This helps strengthen the United States because we're coming to a place where

376
00:25:59,995 --> 00:26:02,735
we're not going to be able to finance the debt.

377
00:26:02,735 --> 00:26:12,635
Who wants to write the United States a new long-term loan at less than really market value.

378
00:26:12,755 --> 00:26:19,115
And market value, I mean, if you walked into a bank and you had the credit report

379
00:26:19,115 --> 00:26:20,775
that the United States of America

380
00:26:20,775 --> 00:26:23,575
has, what do you think the bank is going to charge you in interest?

381
00:26:23,775 --> 00:26:29,315
And this is an interesting theory just in the context of the debt getting, you know, what is it?

382
00:26:30,195 --> 00:26:34,775
10 trillion of it gets refinanced this year and it goes from the lower interest

383
00:26:34,775 --> 00:26:36,935
rates to the current interest rate, much higher.

384
00:26:37,375 --> 00:26:43,675
You're a risk. You just are addicted to spending. You're doing ridiculous things. I'm sorry.

385
00:26:44,115 --> 00:26:49,715
Now they might write you a check if you have all of this stuff on your balance sheet. Okay.

386
00:26:50,295 --> 00:26:52,335
And that's why they're doing it.

387
00:26:56,475 --> 00:27:02,095
They're ourselves healthier than we are because we're at the end of the dollar.

388
00:27:02,375 --> 00:27:09,375
We're at the end of this financial system. So I think the gold market is betting on a few things here.

389
00:27:09,695 --> 00:27:13,215
The U.S. might reprice its gold stock. If the U.S.

390
00:27:13,275 --> 00:27:16,695
Does that, that's going to have implications on the price of gold worldwide.

391
00:27:16,695 --> 00:27:20,215
It's probably going to definitely probably pump the price of gold, right?

392
00:27:20,875 --> 00:27:25,815
Also, I think gold bugs are betting that Trump's tariff policy is going to be

393
00:27:25,815 --> 00:27:27,815
inflationary and drive some conflict.

394
00:27:28,415 --> 00:27:32,235
And so they're betting on inflation going up. Assets getting pumped like Bitcoin

395
00:27:32,235 --> 00:27:34,415
and gold, non-asset holders, i.e.

396
00:27:34,495 --> 00:27:37,495
The majority of Americans and other people in the West will get hurt.

397
00:27:38,445 --> 00:27:41,725
And so they're hedging accordingly. Will it happen? I don't know.

398
00:27:42,025 --> 00:27:44,505
I don't know if what Beck says will happen. But I'll be watching,

399
00:27:44,525 --> 00:27:45,705
and we do know a few things.

400
00:27:46,165 --> 00:27:50,685
I think this really demonstrates what a type zero civilization asset gold is.

401
00:27:50,965 --> 00:27:56,185
I mean, all this crap about shortages and moving it around and paper gold and

402
00:27:56,185 --> 00:27:58,685
rehypothecated gold. It's ridiculous.

403
00:27:59,345 --> 00:28:03,145
It's ridiculous. And so many people put their trust into this massive system.

404
00:28:03,825 --> 00:28:09,005
And a lot of it is just run by greedy humans on top of gold. It's just ridiculous.

405
00:28:09,105 --> 00:28:12,425
It really shows you what a type zero civilization asset this is.

406
00:28:12,765 --> 00:28:17,985
Then the other thing we know is Bitcoin does not tend to run until the money

407
00:28:17,985 --> 00:28:23,265
flowing into gold settles down or just a bunch of money liquidity rushes into the system.

408
00:28:23,705 --> 00:28:28,165
It's no coincidence that gold prices have been on a five week consecutive gain,

409
00:28:28,365 --> 00:28:32,005
which is their longest streak since 2020. 20, okay?

410
00:28:32,945 --> 00:28:38,825
It's no coincidence, at that same time, Bitcoin just had five red weeks in a

411
00:28:38,825 --> 00:28:41,265
row, the first time since the bear market.

412
00:28:41,765 --> 00:28:47,285
So once the gold pump slows, Bitcoin tends to rip, and so does user adoption.

413
00:28:47,845 --> 00:28:51,485
And here's the other thing you have to keep in mind. Adjusted for CPI inflation,

414
00:28:51,805 --> 00:28:58,045
gold is only now, after this massive five-week pump, Gold is only now getting

415
00:28:58,045 --> 00:29:02,025
to an all-time high after 45 years, if you adjust for inflation.

416
00:29:02,745 --> 00:29:05,905
Bitcoin, on the other hand, even with the recent sideways price activity,

417
00:29:06,385 --> 00:29:08,645
still up 84% in just the last year.

418
00:29:09,165 --> 00:29:14,685
And Bitcoin hodlers are staying strong. 62% of Bitcoin has not moved within the past year.

419
00:29:14,865 --> 00:29:20,365
And we know that because we can audit Bitcoin at any freaking time because it's

420
00:29:20,365 --> 00:29:23,065
a superior technology and a superior asset.

421
00:29:30,265 --> 00:29:33,705
Okay, I have a question for you. Please boost it and answer.

422
00:29:33,845 --> 00:29:37,005
Do you trust your Bitcoin stash to a mobile device?

423
00:29:37,325 --> 00:29:40,925
I mean, sure, your spending sats. Yeah, I bet. No problem. Am I spending sats?

424
00:29:41,085 --> 00:29:42,845
Yeah, fine. I have some on a couple of mobile devices.

425
00:29:43,265 --> 00:29:46,865
But what about your long-term HODL stash?

426
00:29:47,185 --> 00:29:53,205
Would you trust an iPhone or a Graphene OS device with your life-changing wealth

427
00:29:53,205 --> 00:29:55,505
stash? I just don't know if I do.

428
00:29:56,305 --> 00:30:00,425
I'm feeling the old man here because there are some very good mobile wallets

429
00:30:00,425 --> 00:30:03,205
with very legitimate hardware wallet support.

430
00:30:03,985 --> 00:30:07,065
And you can do some really nice air gap setups with mobile devices.

431
00:30:07,265 --> 00:30:12,565
And I think you could probably even argue that an iPhone, and especially an

432
00:30:12,565 --> 00:30:17,405
up-to-date Graphene OS device, are probably more secure than most desktops out there.

433
00:30:17,725 --> 00:30:21,025
And yet the old man in me just can't bring himself to do it.

434
00:30:21,325 --> 00:30:24,785
But when I look at my kids, I don't see them using a PC ever.

435
00:30:24,785 --> 00:30:26,805
And they're currently using their mobile devices.

436
00:30:27,225 --> 00:30:30,825
So I'm curious if you trust a mobile device for your Bitcoin stash,

437
00:30:30,945 --> 00:30:32,985
yes or no, and why? BoostInn.

438
00:30:33,360 --> 00:30:52,400
Music.

439
00:30:52,930 --> 00:30:57,910
Yeah, we got more show coming up. Got your boost, some really great news in the update section.

440
00:30:58,430 --> 00:31:03,150
A rare final clip of the week from an OG and the state of the network.

441
00:31:03,550 --> 00:31:07,390
So I just want to say, you can support the show just by doing what you do.

442
00:31:07,750 --> 00:31:11,370
If you want to buy sats on river, they're one of the best ways to stack sats

443
00:31:11,370 --> 00:31:14,270
in the U.S. in DCA. Also, they have a great savings account.

444
00:31:14,690 --> 00:31:19,010
You put your cash into their savings. You make 3.8% interest in sats every month.

445
00:31:19,170 --> 00:31:22,030
While your cash is sitting there, you're earning Bitcoin, kind of like DCA.

446
00:31:22,450 --> 00:31:26,410
And then you set up a limit order, you know, like a target order.

447
00:31:26,590 --> 00:31:30,050
And when Bitcoin dips, auto buy. It's a nice way to go, too.

448
00:31:30,830 --> 00:31:34,550
The Bitcoin Well, you want to take custody? Automatic self-custody platform,

449
00:31:34,730 --> 00:31:36,830
the Bitcoin Well. All these links are in the show notes.

450
00:31:37,230 --> 00:31:41,490
You buy sats, sell sats directly from your own wallet. Never get a third party

451
00:31:41,490 --> 00:31:42,630
involved with your keys.

452
00:31:43,290 --> 00:31:47,250
Ready to sell something? Maybe you want to buy an Amazon card.

453
00:31:47,630 --> 00:31:50,530
Maybe you want to buy a gift for somebody. The Bitcoin company has hundreds

454
00:31:50,530 --> 00:31:53,530
of gift cards. go from lightning to gift card in seconds.

455
00:31:54,010 --> 00:31:57,850
If you want to stack stats by paying your bills or when you make purchases, use the Fold Card.

456
00:31:58,290 --> 00:32:02,750
And if you want to get access to your liquidity without selling Bitcoin, use Salt Lending.

457
00:32:03,010 --> 00:32:08,230
These are all companies I use and love. We'll have links in the show notes.

458
00:32:08,510 --> 00:32:11,010
And you can absolutely support the show by just doing...

459
00:32:11,120 --> 00:32:23,280
Music.

460
00:32:24,672 --> 00:32:28,932
All right, and we have some boosts to get into, and our baller booster this

461
00:32:28,932 --> 00:32:34,792
week is Satsquanch with 65,333 sats. Hey, Rich Luster!

462
00:32:37,432 --> 00:32:42,252
Ah, coming in from Breeze. He says, credit this boost to Jeff and Patrick from

463
00:32:42,252 --> 00:32:45,412
the secret Thousand Oaks Bitcoin meetup. We all listen and love the show.

464
00:32:45,652 --> 00:32:49,432
Second Monday meetup. Yes! I love to hear that still going.

465
00:32:53,112 --> 00:32:57,492
Thousand oaks bitcoin meetup shout out to you hey here you go this is for you,

466
00:32:59,812 --> 00:33:04,172
thank you for the boost appreciate it okay now let's see if i can get this next

467
00:33:04,172 --> 00:33:07,812
one because it's also a very generous boost got to see if i can figure this

468
00:33:07,812 --> 00:33:11,652
one out debit coin coers.eu,

469
00:33:12,232 --> 00:33:16,892
Debitcoin, K-O-E-R-S dot E-U, boosted in 50,000 sats.

470
00:33:16,952 --> 00:33:19,412
Never tell me the odds. I don't think I got that one right.

471
00:33:19,612 --> 00:33:22,512
But he says it's kind of frustrating to hear that a thousand plus people are

472
00:33:22,512 --> 00:33:25,472
listening to your show, but only 44 are streaming sats.

473
00:33:25,832 --> 00:33:29,652
So maybe sats is too difficult or maybe 99.5 of your listeners assume that a

474
00:33:29,652 --> 00:33:30,692
good thing just came for free.

475
00:33:31,192 --> 00:33:34,292
Is this a tragedy of the podcast commons? Keep up the good work.

476
00:33:37,152 --> 00:33:40,132
Well, there is a bit of we're early. That's definitely a factor.

477
00:33:40,812 --> 00:33:44,492
You know, you got to use a separate app and service, which you have to KYC to

478
00:33:44,492 --> 00:33:49,972
generally to get your sats, and then you got to move them to a different app to stream your sats.

479
00:33:50,292 --> 00:33:53,312
These things are going to get much easier over this next year,

480
00:33:53,352 --> 00:33:58,012
but there is, you know, a curve there that it's not just as simple.

481
00:33:58,192 --> 00:34:01,112
So that friction is there and the friction has to come down.

482
00:34:01,732 --> 00:34:06,532
But traditionally in radio and podcasts, you really, I know this sounds crazy,

483
00:34:06,692 --> 00:34:10,432
but as a podcaster, you're lucky if you really hear from 5% of your audience.

484
00:34:10,772 --> 00:34:15,192
That's huge, right? On average, I bet you most podcasts hear from like 1% of their audience.

485
00:34:15,652 --> 00:34:19,612
The vast majority of people are silently listening. And, you know, that's all right.

486
00:34:20,676 --> 00:34:25,276
Takes a few people that really care about the sustainability of the show to

487
00:34:25,276 --> 00:34:26,276
step forward and support it.

488
00:34:26,676 --> 00:34:29,956
But I think that is traditionally always been true of the arts.

489
00:34:30,436 --> 00:34:34,656
I don't think it really matters what the medium or art is. But when you were

490
00:34:34,656 --> 00:34:36,876
talking about the things that we talk about on this show,

491
00:34:37,036 --> 00:34:41,396
I think it's super important that it's obvious and transparent to the audience

492
00:34:41,396 --> 00:34:46,496
that the financial incentives of this podcaster and this podcast align with the audience.

493
00:34:46,696 --> 00:34:49,616
And that's what the boosts do, right?

494
00:34:49,796 --> 00:34:53,656
And even if this week we don't stack, you know, 500,000 sats,

495
00:34:54,196 --> 00:34:56,576
you know, this week I don't go home and tell the wife, oh, I had a great week,

496
00:34:56,756 --> 00:34:59,456
really felt like, you know, all my hours put in really got paid for.

497
00:35:00,116 --> 00:35:03,816
That's fine because maybe in a year or two, you know, the amount that this show

498
00:35:03,816 --> 00:35:10,656
makes will be very substantive and it will be used strategically by my business

499
00:35:10,656 --> 00:35:12,576
to keep the podcast going,

500
00:35:12,816 --> 00:35:15,636
to make the show sustainable and And to keep the crap out,

501
00:35:15,936 --> 00:35:18,396
like dynamic ads, which is, you would not believe the pressure.

502
00:35:18,976 --> 00:35:21,956
Man, you guys, I bet you I could make a grand or two a month.

503
00:35:22,096 --> 00:35:25,496
So it's not life-changing money. But I bet you I could, you know, I could DCA that.

504
00:35:25,956 --> 00:35:29,696
I bet you I could make a grand or two a month if I stuck two dynamic ads at the start of this show.

505
00:35:30,396 --> 00:35:34,656
Maybe less. Maybe, you know, maybe $900. Maybe $800, somewhere in there.

506
00:35:35,616 --> 00:35:39,676
Kind of depends on the ad deal and the size of the audience at the time.

507
00:35:40,336 --> 00:35:43,736
But I don't want to do that. I hate dynamic ads. Hate them.

508
00:35:44,276 --> 00:35:46,776
And so, yeah, you're right. Today, it's not going to make a huge difference

509
00:35:46,776 --> 00:35:48,176
today, but tomorrow it could.

510
00:35:48,496 --> 00:35:52,996
And my hope is that as these platforms get less friction to participate in the

511
00:35:52,996 --> 00:35:55,656
boosting and the streaming, you'll have more people participate.

512
00:35:56,256 --> 00:36:01,076
There's also, last point on this, but there's also tertiary benefits of people

513
00:36:01,076 --> 00:36:02,436
boosting and streaming the SATs.

514
00:36:03,536 --> 00:36:09,196
This last week, this last week's episode, number one on the fountain chart.

515
00:36:10,816 --> 00:36:11,796
Let me say that again.

516
00:36:14,116 --> 00:36:18,616
You folks out there streaming sats and boosting this show, showing the value

517
00:36:18,616 --> 00:36:22,116
that this show represents to you, put the show at the top of the fountain charts.

518
00:36:22,476 --> 00:36:24,936
And so that means new people that are looking for a show.

519
00:36:25,316 --> 00:36:29,116
The first thing that was suggested to them was this week in Bitcoin. Think about that.

520
00:36:30,656 --> 00:36:33,496
Think about what that means for the show what it means for new people coming

521
00:36:33,496 --> 00:36:36,236
to Bitcoin getting good information, high signal information,

522
00:36:36,776 --> 00:36:40,656
so there's tertiary benefits here too, not just the day-to-day earnings,

523
00:36:40,696 --> 00:36:45,716
and extremely grateful, great question and thank you for the generous boost really appreciate it,

524
00:36:46,716 --> 00:36:51,636
users13 comes in with 5,000 sats, that's a Jar Jar boost use a boost,

525
00:36:52,656 --> 00:36:57,976
oi chef, keep up the great work and content, I look forward to each episode keep on cooking,

526
00:36:58,976 --> 00:37:01,976
thank you user 13 if you'd like to tweak

527
00:37:01,976 --> 00:37:03,796
your name and your profile and boost and let me know who you are i'd love to

528
00:37:03,796 --> 00:37:07,536
hear from you and i really appreciate the boost there he is gene beans here

529
00:37:07,536 --> 00:37:11,976
with a row of two ducks stacked together making them i don't know is that like

530
00:37:11,976 --> 00:37:16,456
a mcduck aflac duck i haven't decided this old duck still got it aflac you talked

531
00:37:16,456 --> 00:37:19,816
about inflation over the last four years aka one administration but how about

532
00:37:19,816 --> 00:37:21,756
it looking longer term say the six ten years,

533
00:37:22,216 --> 00:37:25,396
you know what i'm really thinking about i mean i mean what i'm more curious

534
00:37:25,396 --> 00:37:28,156
about is the next three years on inflation.

535
00:37:28,476 --> 00:37:32,596
I am pretty pessimistic about inflation.

536
00:37:33,076 --> 00:37:35,896
I think it's going to run hot, and I think tariffs are going to make it run hotter.

537
00:37:36,296 --> 00:37:39,056
And then the other thing that I haven't really articulated on the show,

538
00:37:39,236 --> 00:37:43,736
but is percolating in the back of my mind, is the federal government is the

539
00:37:43,736 --> 00:37:45,096
largest employer in the country.

540
00:37:45,436 --> 00:37:50,056
And if we start doing massive layoffs, that seems like it's going to have an impact.

541
00:37:51,356 --> 00:37:56,356
They buy a lot. And if you shut that down, that's going to have economic impacts.

542
00:37:58,236 --> 00:38:02,736
And then you add tariffs to the mix, you're really going to have to raise people's

543
00:38:02,736 --> 00:38:04,796
daily income because you can't bring the price of things down.

544
00:38:04,916 --> 00:38:07,396
I mean, eggs can eventually come back down once we have more birds.

545
00:38:08,256 --> 00:38:12,496
Oil can come down if there's more inventory. But a lot of goods will not come

546
00:38:12,496 --> 00:38:15,696
down in price. So you have to raise people's day-to-day earnings at the same

547
00:38:15,696 --> 00:38:19,656
time tariffs are taking place and the federal government's going through massive layoffs.

548
00:38:20,316 --> 00:38:23,416
Don't know. It's not the first time we've done it, right? The Clinton administration,

549
00:38:23,416 --> 00:38:27,056
Didn't they lay off like 300,000 federal employees, like a buyout or something like that?

550
00:38:27,196 --> 00:38:31,956
So country has survived it before, but I think it's a headwind we have to watch for.

551
00:38:32,036 --> 00:38:36,636
And I would not be surprised if it's one of the things Bitcoin is pricing in

552
00:38:36,636 --> 00:38:38,876
right now. I should have said this earlier in the show.

553
00:38:41,116 --> 00:38:44,436
Any suggestions for a, right, he continues. Any suggestions for a miner to run

554
00:38:44,436 --> 00:38:49,356
at home that won't decimate my fiat wallet when purchasing or my monthly power bill?

555
00:38:49,356 --> 00:38:53,556
I know odds are super low for anything that is a category that is going to basically

556
00:38:53,556 --> 00:38:56,436
give me a block, he says. I want to experiment with mining pools as well.

557
00:38:57,736 --> 00:38:59,916
So I have an S9. I don't think it's worth it necessarily.

558
00:39:01,177 --> 00:39:06,177
Oh, boy. Does anybody have any advice here for Gene on a somewhat reasonable

559
00:39:06,177 --> 00:39:09,097
piece of mining equipment that you could play in a mining pool,

560
00:39:09,277 --> 00:39:13,117
earn some sats, and, you know, maybe one day have a chance at winning the lottery of a block?

561
00:39:14,237 --> 00:39:17,997
I would love to know. I would like to, like, oh, my gosh, this winter,

562
00:39:18,097 --> 00:39:19,737
it'd be great to run one out in the garage.

563
00:39:19,917 --> 00:39:22,297
The garage is freezing cold. I go out there to work on the car.

564
00:39:22,557 --> 00:39:25,517
It's too cold. Oh, screw this. I try to turn on the electric heater out there.

565
00:39:25,717 --> 00:39:29,997
Takes all day to warm the thing up. I'm probably, and I'm just wasting power doing that.

566
00:39:29,997 --> 00:39:34,537
So if anybody has a recommendation for Gene being here on, you know,

567
00:39:34,597 --> 00:39:38,817
a home miner that won't decimate his fiat wallet to buy or for the power bill,

568
00:39:39,077 --> 00:39:41,697
but maybe you can still get a few sats if he's in a pool or something.

569
00:39:41,877 --> 00:39:44,077
It's a great question, Gene. I don't know if there's that sweet spot,

570
00:39:44,217 --> 00:39:47,797
but if there is, please, somebody out there pass it along. Thanks, Gene.

571
00:39:48,397 --> 00:39:52,497
Mr. West Payne's here with 3,333 sats. Just pump the brakes right there.

572
00:39:53,497 --> 00:39:56,937
Reinfection. It could definitely be an attempt to slow things down or something

573
00:39:56,937 --> 00:40:00,517
else anti-crypto. But given the history of banks being dumb,

574
00:40:00,857 --> 00:40:04,017
isn't it reasonable to want to make sure banks are taking appropriate measures

575
00:40:04,017 --> 00:40:08,437
to deal with new kinds of assets, particular potentially violating volatile ones?

576
00:40:08,537 --> 00:40:13,457
So he's talking about the clip I played last week about the senator asking the

577
00:40:13,457 --> 00:40:15,377
bankers, are there any way we can slow this down?

578
00:40:15,777 --> 00:40:18,837
You know, it's not a bad point, Wes. I mean, I think you kind of expect the

579
00:40:18,837 --> 00:40:20,657
traditional banks to go a little bit slower.

580
00:40:22,288 --> 00:40:27,528
I, my read in the subtext there was like, there's still, my takeaway,

581
00:40:27,648 --> 00:40:33,508
my high level read was there's still kind of an anti-crypto contingency,

582
00:40:33,648 --> 00:40:37,048
a concern, but they're just a smaller contingent now.

583
00:40:37,748 --> 00:40:41,488
But, you know, these banks, they have not shown to be the most responsible.

584
00:40:41,928 --> 00:40:45,328
So, yeah, a little skepticism maybe is good.

585
00:40:45,688 --> 00:40:48,688
He says, J-PAL sort of says, it's one thing to let customers hold Bitcoin.

586
00:40:48,688 --> 00:40:51,948
It's another if your bank is trying to ride the next meme coin pump.

587
00:40:52,708 --> 00:40:56,908
I can't say this is definitely questions the intent, but it's at least one possible reading.

588
00:40:57,228 --> 00:41:00,288
Some more sats for the dope quote and the dope track. Oh, thank you.

589
00:41:00,388 --> 00:41:02,308
Oh, I think we got the artist number one again this week.

590
00:41:03,328 --> 00:41:06,128
If you don't want to be a jack off, then you've got to do your research in the

591
00:41:06,128 --> 00:41:09,128
math. As Tom Lee says, Bitcoin doesn't look like a traditional bubble.

592
00:41:09,308 --> 00:41:13,668
Isn't that true? That was a great clip from Tom Lee. Thank you, Mr. Payne.

593
00:41:14,268 --> 00:41:16,988
And thank you for the POV. Appreciate that.

594
00:41:18,328 --> 00:41:24,068
Opin 1984 is here with 4,000 sats. On the established financial people not understanding

595
00:41:24,068 --> 00:41:30,768
the shifting market, rule of acquisition number 217, you can't free a fish from water.

596
00:41:30,988 --> 00:41:33,808
You're right. They're in the water. They're in the water.

597
00:41:34,248 --> 00:41:37,948
They're swimming in the water, Abhi. You're so right. That's a great point. Thank you.

598
00:41:38,808 --> 00:41:41,928
Hey, Tomata's back with 10,001 sats. Well, I'll be dipped.

599
00:41:42,168 --> 00:41:45,808
I played with Bitcoin a bit in the early days when you could mine on a potato.

600
00:41:46,168 --> 00:41:47,868
Yeah, me too, buddy. Let me tell you what.

601
00:41:49,488 --> 00:41:52,508
I used to have, I used to be able to mine Bitcoin when I first started mining

602
00:41:52,508 --> 00:41:57,468
Bitcoin, you could mine it on a laptop, an Intel laptop on the CPU.

603
00:41:57,848 --> 00:42:00,988
You could mine it on the fricking CPU laptop.

604
00:42:01,568 --> 00:42:05,108
And I had like three of them going. Then I also later got desktops with GPUs

605
00:42:05,108 --> 00:42:08,308
going. When GPUs first really got into it, you could still easily CPU mine for a while.

606
00:42:11,487 --> 00:42:14,787
You can find episodes of TechSnap. If you go search for like,

607
00:42:14,907 --> 00:42:16,787
on YouTube, go search for Bitcoin TechSnap.

608
00:42:17,027 --> 00:42:20,567
There's an episode in there where we are explaining Bitcoin very early on,

609
00:42:20,927 --> 00:42:22,107
you know, like 11, 12 years ago.

610
00:42:22,227 --> 00:42:25,627
And I just casually dropped that I mined 50 Bitcoin that week.

611
00:42:29,787 --> 00:42:34,627
I also lost a lot of Bitcoin due to that show. He says, I spent some on travel,

612
00:42:34,747 --> 00:42:38,587
some on my sats, and I eventually lost my stash to a failed disk and a poor backup strategy.

613
00:42:38,587 --> 00:42:42,187
Tomato that happens to a lot of people it's a rite of passage actually now you're

614
00:42:42,187 --> 00:42:45,567
a true bitcoiner really that makes you know i think that automatically puts you in the og camp,

615
00:42:46,067 --> 00:42:48,987
says i never gave another look though until jupiter broadcast started

616
00:42:48,987 --> 00:42:52,547
doing boosts thanks for causing me to look again and i try not to think about

617
00:42:52,547 --> 00:42:56,627
how much that crash drive would be worth today and he also sent a thousand sats

618
00:42:56,627 --> 00:43:02,987
to the artist for our song last week thank you opi i mean tomato thank you tomato

619
00:43:02,987 --> 00:43:08,027
you helped bring that song to the number one on the charts oh boy I feel for you, man. I really do.

620
00:43:08,227 --> 00:43:11,987
But I think, you know, you, now you also really, truly deeply understand and

621
00:43:11,987 --> 00:43:13,327
appreciate the importance of it too.

622
00:43:13,547 --> 00:43:16,947
So, you know, sometimes you got to touch the stove. It sucks.

623
00:43:17,347 --> 00:43:20,947
It really sucks. It's an expensive lesson, but you've learned it,

624
00:43:21,467 --> 00:43:22,447
man. Thank you for the boost.

625
00:43:23,067 --> 00:43:27,767
Adversary 17 is here with 7,000 sats. When I heard about the fold card from

626
00:43:27,767 --> 00:43:32,707
you, I immediately went to set it up and paying my bills and my mortgage with it. So far. So good.

627
00:43:33,207 --> 00:43:37,807
All right. Nice job. Adversaries. I love to hear it. Stack and sats while paying

628
00:43:37,807 --> 00:43:40,487
bills, right? Why not? Why not?

629
00:43:41,007 --> 00:43:43,187
Just makes sense if you're going to spend the money. Anyways.

630
00:43:44,087 --> 00:43:45,687
Bitjineer comes in with a row of ducks.

631
00:43:46,447 --> 00:43:52,467
Thank you for the response. If you're referring, but you are referring to MSTU, not MSTY.

632
00:43:52,867 --> 00:43:55,527
Ah, you're probably right. Thank you.

633
00:43:56,087 --> 00:44:02,247
MSTY is a dividend ETF that exercises a call strategy on the underlying MSTR to generate dividends.

634
00:44:02,247 --> 00:44:05,287
Dividends it's actually less volatile than mstr both

635
00:44:05,287 --> 00:44:08,127
on the upside and the downside so you do get muted

636
00:44:08,127 --> 00:44:11,387
returns especially on the big moves up but

637
00:44:11,387 --> 00:44:15,807
with the dividend it's not too far behind actual mstr and he says i'm going

638
00:44:15,807 --> 00:44:19,587
to give salt a go and see how it goes keep up the great content but thank you

639
00:44:19,587 --> 00:44:24,267
for the clarification i i don't yeah i just assumed msty and there's there's

640
00:44:24,267 --> 00:44:29,687
a couple of those mstu and there's mstx so i think i just assumed msty was one

641
00:44:29,687 --> 00:44:31,007
of those thank you for the clarification.

642
00:44:31,367 --> 00:44:34,947
Interesting. They're building all of these products on top of MSTR, isn't it?

643
00:44:35,890 --> 00:44:39,450
That is something else. People want the exposure. Traditional markets,

644
00:44:39,450 --> 00:44:43,010
it seems to be a very popular product. Will you let me know how that goes too?

645
00:44:43,790 --> 00:44:49,090
I'd love to know feedback on salt, absolutely. But I want to hear how the MSTY

646
00:44:49,090 --> 00:44:50,590
thing works out. Keep us posted.

647
00:44:51,350 --> 00:44:53,650
Marcel comes in with 3,333 cents.

648
00:44:54,750 --> 00:44:58,430
Thanks for the show. You talked about Bitcoin well. I've never used it,

649
00:44:58,590 --> 00:45:00,550
but I do like bull Bitcoin in Canada.

650
00:45:00,750 --> 00:45:04,170
I've used it for years after having it recommended in one of the JB Matrix channels.

651
00:45:04,170 --> 00:45:09,130
It's non-custodial, and you can withdraw on-chain, Lightning, or Liquid.

652
00:45:09,910 --> 00:45:13,630
That's great, Marcel. Yeah, I've never had a chance to use bull Bitcoin,

653
00:45:13,910 --> 00:45:15,990
but I have heard good things from our community out there.

654
00:45:16,470 --> 00:45:18,730
And if you're out there, I always like to hear these kinds of things.

655
00:45:18,790 --> 00:45:21,850
So thank you for that bit of feedback. And it's great to hear that you support Liquid.

656
00:45:22,150 --> 00:45:24,830
Appreciate that. Ace Ackerman brought a row of ducks, too.

657
00:45:25,870 --> 00:45:29,590
I've used the Fold card in the past to earn sats on purchases and liked it.

658
00:45:29,990 --> 00:45:34,070
But you do have to be mindful of any tax implications. The most obvious solution

659
00:45:34,070 --> 00:45:35,770
to this problem is to just get rid of the IRS.

660
00:45:37,790 --> 00:45:41,790
I would love you, Ace, to expand on the tax implications of SAT rewards.

661
00:45:42,310 --> 00:45:46,610
So I have a couple of questions. I have read that rewards are taxed differently.

662
00:45:47,070 --> 00:45:50,710
So if you sell rewards, they're taxed differently than capital gains.

663
00:45:51,430 --> 00:45:54,870
But I'm curious what the tax implication is if you never sell your rewards at all.

664
00:45:55,390 --> 00:45:57,570
You know, you just stack and stack and stack and then use something like salt.

665
00:45:58,090 --> 00:46:02,730
I wonder if you could give me that feedback because I'm stacking sats right

666
00:46:02,730 --> 00:46:06,770
now with Fold so I'd love to know because I think I understand but now you make me think I don't,

667
00:46:07,390 --> 00:46:14,210
Scuffed is here with 12,345 sats that's a Spaceballs boost so the combination is 1, 2,

668
00:46:14,470 --> 00:46:18,790
3, 4, 5 smoke if you got them I'm not sure I understand what the fuss is about

669
00:46:18,790 --> 00:46:23,410
Fold why shouldn't I just continue to use my 2% to 5% cashback fiat cards and

670
00:46:23,410 --> 00:46:26,190
just stack more sats with the fiat from that enlighten me,

671
00:46:27,320 --> 00:46:31,380
Well, there is something with the sats back cards. So the people that have been

672
00:46:31,380 --> 00:46:34,900
doing this for a couple of years, like for me, I've had a, yes,

673
00:46:35,040 --> 00:46:39,060
a Gemini card because they offered this for a while and I get sats back.

674
00:46:40,140 --> 00:46:44,480
I've stacked like nine grand in sats by buying things on that card, then paying it off.

675
00:46:45,120 --> 00:46:48,420
Just casually not even thinking about it because the price has a cute,

676
00:46:48,500 --> 00:46:51,440
you know, the price appreciation over time over the last three or four years.

677
00:46:51,520 --> 00:46:53,760
And I've had this card three years. I don't know what it's been.

678
00:46:54,260 --> 00:46:57,880
So there is that factor, you know, just, you know, sure you get,

679
00:46:57,980 --> 00:46:59,780
you know, maybe you get 5,000 sats back today.

680
00:47:00,000 --> 00:47:03,620
It could be worth more. I don't know. But I'll tell you this, Scuffed.

681
00:47:04,560 --> 00:47:11,740
My system still pretty much remains my Chase Sapphire card for things like travel, car rentals.

682
00:47:12,240 --> 00:47:16,920
Because that card is so oriented towards serving those customers and there's

683
00:47:16,920 --> 00:47:20,760
so many programs that come along with that. Like they offer a $300 travel reimbursement.

684
00:47:21,400 --> 00:47:27,720
They cover TSA pre-check. It comes with entrance to some lounges at the airport.

685
00:47:27,900 --> 00:47:31,700
So if you fly and travel, there's cards that are optimized. There's cards for

686
00:47:31,700 --> 00:47:34,480
different types of markets like this. And I still think those might be better cards.

687
00:47:34,680 --> 00:47:38,040
And the reality is you could just keep on using that credit card.

688
00:47:38,862 --> 00:47:42,022
And then make a payment using Fold. That's what I do. I pay on the credit card.

689
00:47:42,142 --> 00:47:44,002
I pay that bill off with the Fold card.

690
00:47:44,302 --> 00:47:47,002
So I'm still sacking that to Fold when I use my credit card.

691
00:47:47,082 --> 00:47:51,942
So I get my credit card points with my Chase Sapphire, and then I get my sats

692
00:47:51,942 --> 00:47:53,002
when I pay it off with Fold.

693
00:47:53,582 --> 00:47:57,742
And Fold recognizes this. They say the vast majority of their customers already

694
00:47:57,742 --> 00:47:59,142
have credit cards that do this.

695
00:47:59,182 --> 00:48:03,302
So I think they understand they have to make a competing, compelling offer there.

696
00:48:03,682 --> 00:48:07,582
But we'll see. It might work out that the system I'm using now and the system

697
00:48:07,582 --> 00:48:10,782
you might want to use just work fine. Great question, Scott. Thank you.

698
00:48:11,402 --> 00:48:13,902
Vault Bites here with 2,121 sats.

699
00:48:15,582 --> 00:48:21,642
So the reporter says, Chairman Powell, can we even stop this Bitcoin thing or do we even want to?

700
00:48:21,842 --> 00:48:25,562
And then Powell's honestly like, nah, we can't. And we're not going to bother

701
00:48:25,562 --> 00:48:27,762
trying anymore. Big money's already all in.

702
00:48:28,042 --> 00:48:30,822
Might as well just roll with it. You already bought your ticket,

703
00:48:30,942 --> 00:48:34,842
right? Well, then enjoy the ride. It did kind of feel like a huge tone shift, right?

704
00:48:35,662 --> 00:48:38,182
Especially, I think, in the next year, probably next six months,

705
00:48:38,202 --> 00:48:42,642
we're going to learn a lot more about Chokepoint 2.0 and actually get some concrete

706
00:48:42,642 --> 00:48:45,282
evidence, it sounds like, because there's an investigation being launched.

707
00:48:45,862 --> 00:48:50,542
So my thought is, is like this tone shift is sort of like preemptively getting ahead of that, you know?

708
00:48:50,682 --> 00:48:53,062
And so they're just, they're all making, oh, no, no, we're good.

709
00:48:53,122 --> 00:48:56,382
We're good. We just want to mitigate risk, which is their job.

710
00:48:57,622 --> 00:49:01,982
So it's a great pivot. I mean, I guess, right? We're going to see one.

711
00:49:02,322 --> 00:49:04,322
Thank you for the boost. Appreciate it, Paul.

712
00:49:04,842 --> 00:49:08,582
Clark is here with a Jar Jar boost. You suppose 5,000 sats.

713
00:49:08,742 --> 00:49:11,802
I've been passively stacking with full plus for a couple of years now,

714
00:49:11,882 --> 00:49:13,722
and I've earned about 13 million sats.

715
00:49:14,182 --> 00:49:16,642
Wow, buddy. This is what I'm talking about.

716
00:49:17,662 --> 00:49:24,242
Good job. I spend about over 10,000 a month on to get ACH rewards about 1% back.

717
00:49:24,462 --> 00:49:29,722
Yeah. So that is one of the things about the fold card is you have to get certain

718
00:49:29,722 --> 00:49:32,702
spend levels to get the full rewards on lock. Now,

719
00:49:33,659 --> 00:49:37,779
What my family has decided to do is my wife and I just run all of our monthly

720
00:49:37,779 --> 00:49:40,039
expenses through the fold card, everything.

721
00:49:40,519 --> 00:49:44,279
And so that's one way you can kind of get that number up because it does ACH.

722
00:49:44,819 --> 00:49:48,599
And we actually really prefer this now because before I had these payments coming

723
00:49:48,599 --> 00:49:50,619
out of my main checking account, it was a mess. It's stupid.

724
00:49:50,779 --> 00:49:52,359
It's way nicer to have it separated anyways.

725
00:49:53,079 --> 00:49:55,919
That 13 million sats, Clark, that's no joke.

726
00:49:56,459 --> 00:49:59,939
He goes on to say, recently I got a Venmo credit card to get greater percent

727
00:49:59,939 --> 00:50:02,499
rewards on bills and groceries, which goes to 1% to 3%.

728
00:50:02,899 --> 00:50:06,639
And then I auto buy Bitcoin at the statement period end. I'm planning to go

729
00:50:06,639 --> 00:50:08,759
all in with the full credit card once it's released though.

730
00:50:08,919 --> 00:50:11,859
Oh, if you do, let me know. Really like to know how that works.

731
00:50:12,559 --> 00:50:18,119
Could you imagine getting, you know, two to 3% sats back on groceries?

732
00:50:18,779 --> 00:50:21,759
I mean, you see how that starts to kind of add up over time and you don't even

733
00:50:21,759 --> 00:50:25,259
have to make the separate, you know, mental calculation to go like buy sats

734
00:50:25,259 --> 00:50:28,719
because you're kind of just DCAing with your day-to-day purchases.

735
00:50:29,039 --> 00:50:30,879
I mean, the amounts might not be significant, but there's something.

736
00:50:31,539 --> 00:50:33,879
Thanks for the boost. Let me know how it goes. I'd really be curious on that

737
00:50:33,879 --> 00:50:34,819
feedback once you get the card.

738
00:50:35,439 --> 00:50:38,459
If they ever ship the card. I'm sure. I know. I know. I know.

739
00:50:38,579 --> 00:50:41,139
I know. It's Among Us comes in with a row of ducks.

740
00:50:42,319 --> 00:50:46,199
Tom Lee is great. One of the few people both my father and I listened to.

741
00:50:46,899 --> 00:50:50,539
He hasn't talked to my dad. He hasn't talked my dad into owning Bitcoin yet,

742
00:50:50,739 --> 00:50:51,979
but he just might one day.

743
00:50:52,919 --> 00:50:56,719
Oh, dads. I kind of gave up on my dad.

744
00:50:57,079 --> 00:51:00,239
I mean, I don't know. I'm thinking for his birthday, I might give him a SATs card.

745
00:51:00,399 --> 00:51:04,839
So I guess I haven't given up completely. But, you know, last time I brought

746
00:51:04,839 --> 00:51:06,519
it up was a couple of years ago and they kind of laughed at me.

747
00:51:06,739 --> 00:51:10,279
But, you know, now it's worth a bit more than the last time I brought it up.

748
00:51:12,119 --> 00:51:14,559
You know what? Dads just take a little bit more time sometimes.

749
00:51:14,999 --> 00:51:16,239
Thanks, Zitz. Nice to hear from you.

750
00:51:17,779 --> 00:51:22,019
Nakamoto 6102 is here with 4,000 sats. Just pump the brakes right there.

751
00:51:22,319 --> 00:51:24,779
Says thanks for the value. Well, thank you for the boost. Appreciate it.

752
00:51:25,619 --> 00:51:28,879
User82 is here with 4,000 sats. Let's hear it good, buddy.

753
00:51:29,059 --> 00:51:32,199
No message, just sending a test boost. Well, thank you. you're

754
00:51:32,199 --> 00:51:35,799
always welcome to send your test boost my direction oh here

755
00:51:35,799 --> 00:51:39,559
we go here's hybrid sarcasm coming in with two thousand sets hybrid says

756
00:51:39,559 --> 00:51:42,559
i bought the dip today i use bitcoin well to send bitcoin directly

757
00:51:42,559 --> 00:51:45,479
to the receive address created on a watch only account

758
00:51:45,479 --> 00:51:48,779
in my green wallet app dude hybrid doing

759
00:51:48,779 --> 00:51:54,779
it right buddy i love the green wallet and i love the watch only function and

760
00:51:54,779 --> 00:51:59,659
that you can still receive to that wallet using the watch only function so you

761
00:51:59,659 --> 00:52:03,039
don't got to go fire up your main rig you know it makes it so easy to have a

762
00:52:03,039 --> 00:52:07,339
watch only thing main wallet on the desktop watch only on the phone so great

763
00:52:07,339 --> 00:52:08,579
nice to hear from you hybrid,

764
00:52:09,461 --> 00:52:12,421
Craig, my ego came in with a row of ducks. Is that right? Am I getting that right?

765
00:52:13,741 --> 00:52:17,701
Craig, Craig, oh, my ego, ego, ego, ego, came, ego. It's probably ego,

766
00:52:17,801 --> 00:52:18,321
isn't it? Yeah, it's ego.

767
00:52:18,461 --> 00:52:21,821
Craig, oh, my ego came in with a row of ducks. I got it. I think that's it. That's got to be it.

768
00:52:22,361 --> 00:52:24,661
I love this. He's talking to Gene Bean. He says, hey, Gene Bean,

769
00:52:24,801 --> 00:52:27,581
I was wondering when I'd hear the BitBox mentioned.

770
00:52:27,941 --> 00:52:31,761
I chose this device for a few key reasons. The big ones were sleek look for

771
00:52:31,761 --> 00:52:36,921
spousal approval factor, no Bluetooth, and some way to know I can trust the software.

772
00:52:36,921 --> 00:52:40,721
It's open source and it lets you verify the reproducibility of the firmware

773
00:52:40,721 --> 00:52:43,141
and the associated mobile app, which is optional.

774
00:52:43,581 --> 00:52:45,301
It supports multi-sig and you

775
00:52:45,301 --> 00:52:48,881
can interface with the Sparrow wallet if you don't want to use the app.

776
00:52:49,121 --> 00:52:53,381
My only hesitation was that it's USB, but through reading the security and threat

777
00:52:53,381 --> 00:52:56,641
model, it gave me the assurances that I needed.

778
00:52:56,801 --> 00:53:00,201
It's a great write-up on proxy and Bitcoin through a VPS, by the way.

779
00:53:00,381 --> 00:53:04,401
St. Jean's write-up is great. I agree. This is one of the last pieces in the

780
00:53:04,401 --> 00:53:07,641
puzzle for me to go now live with a hardware wallet. All right,

781
00:53:07,781 --> 00:53:08,981
Craig, that's great to hear.

782
00:53:11,801 --> 00:53:14,481
Thanks for the BitBox follow-up, too. Appreciate that. Thank you,

783
00:53:14,581 --> 00:53:15,541
everybody, who boosts in.

784
00:53:15,581 --> 00:53:19,641
Of course, I do have the 2,000-sat cutoff for airtime, but appreciate all of

785
00:53:19,641 --> 00:53:21,521
you and read all of them that do come into the show.

786
00:53:21,741 --> 00:53:28,021
Now, let's look at those streamers. 47 of you this week streamed 95,387 sats.

787
00:53:29,521 --> 00:53:33,081
Thank you, sad streamers. Really appreciate that. When you combine that with

788
00:53:33,081 --> 00:53:41,681
our boosters, we had a grand total of 288,505 sats sent to the show this week.

789
00:53:47,241 --> 00:53:50,561
Thank you, everyone who supports the show with a boost. If you'd like to do

790
00:53:50,561 --> 00:53:55,181
it, you need to get your sats using something like River or Bitcoin, Well or Strike.

791
00:53:55,441 --> 00:53:58,921
And then you need to get them into a podcasting tutorial like Breeze.

792
00:53:59,681 --> 00:54:02,921
Or if you want to try a new podcast app, which I highly recommend,

793
00:54:03,401 --> 00:54:07,121
something like Fountain, Castamatic, Podverse, podcastapps.com.

794
00:54:07,461 --> 00:54:11,781
Then, by the way, if you get a podcasting 2.0 app, you get more features with

795
00:54:11,781 --> 00:54:16,161
this show, more features with the chapters, transcripts.

796
00:54:16,221 --> 00:54:19,821
You also get a release notification within 90 seconds.

797
00:54:20,021 --> 00:54:25,361
And, you know, which I might do one day, live streams will show up in your podcast queue list.

798
00:54:25,381 --> 00:54:29,961
If I take the show live ever, which I might, It'll be right there in your podcast

799
00:54:29,961 --> 00:54:32,601
2.0 app, and you can just tap and tune right into the live stream.

800
00:54:33,181 --> 00:54:34,921
Great features. Oh, and of course, you can boost.

801
00:54:36,141 --> 00:54:40,161
So check them out, podcastapps.com. I really think that's the way to go because

802
00:54:40,161 --> 00:54:43,881
then you're also supporting the decentralized podcast future.

803
00:54:44,221 --> 00:54:46,881
Check it out, and thank you, everybody, who does indeed support the show.

804
00:54:46,960 --> 00:54:57,200
Music.

805
00:54:58,067 --> 00:55:05,207
Very excited about the updates this week. Albi Hub going from strength to frickin' strength.

806
00:55:05,447 --> 00:55:09,967
1.14.2 came out. Got some nice new widgets on the home screen,

807
00:55:09,967 --> 00:55:14,847
some updates to the App Store, including, I guess, an integration with Bitcoin

808
00:55:14,847 --> 00:55:18,427
Pay Server and LNBits, which is big.

809
00:55:18,667 --> 00:55:21,787
Also, the cash you back in now allows users to recover stuck funds,

810
00:55:21,787 --> 00:55:27,247
It provides new users with recovery phases for funds and other wallets that you need to recover.

811
00:55:27,427 --> 00:55:30,727
And the PhoenixD backend has been updated to support subwallets,

812
00:55:30,867 --> 00:55:35,047
which is great because Phoenix is a fantastic backend for AlbiHub.

813
00:55:35,687 --> 00:55:40,567
And I believe there's like this new way to support, if you have the self-hosted

814
00:55:40,567 --> 00:55:44,827
version, to support Albi with like a message board that uses stats.

815
00:55:45,007 --> 00:55:47,807
I haven't gotten to see it yet because I'm on the AlbiHub cloud version.

816
00:55:47,907 --> 00:55:48,747
It hasn't been upgraded yet.

817
00:55:49,447 --> 00:55:53,707
But AlbiHub is really amazing what they've accomplished in the last year.

818
00:55:53,807 --> 00:55:58,307
And it's totally open source and it's self-hostable and it is really good now.

819
00:55:58,607 --> 00:56:02,987
So where I fall down on this is if you only interact with Sats to,

820
00:56:03,067 --> 00:56:06,307
say, boost one of the Jupyter broadcasting shows or something like that,

821
00:56:06,847 --> 00:56:07,847
AlbiHub is probably not for you.

822
00:56:08,247 --> 00:56:13,627
If you see yourself participating in the Bitcoin network for other things or

823
00:56:13,627 --> 00:56:16,047
just want to learn more, AlbiHub is definitely for you.

824
00:56:16,987 --> 00:56:20,007
Today was pretty wild as i record the fold

825
00:56:20,007 --> 00:56:23,187
card the the folks behind fold went live

826
00:56:23,187 --> 00:56:27,127
on nasdaq as fld and then

827
00:56:27,127 --> 00:56:34,247
within three minutes trading was halted it shot up 17 and they halted trading

828
00:56:34,247 --> 00:56:38,067
so i don't know who's buying it this fast i mean fold i like him as a company

829
00:56:38,067 --> 00:56:41,227
but if you're really seriously investing money you should probably wait for

830
00:56:41,227 --> 00:56:45,067
an earnings report you know because right now you got a lot of market makers

831
00:56:45,067 --> 00:56:46,747
and insiders are going to be dumping their bags,

832
00:56:47,347 --> 00:56:49,567
yeah i don't know maybe you're like me and you're like geez it's kind of fun

833
00:56:49,567 --> 00:56:53,307
i'd like to own a couple of stocks a couple of shares or something whatever

834
00:56:53,307 --> 00:56:57,707
you know it's your prerogative i might do the same at some point but i just

835
00:56:57,707 --> 00:57:00,567
thought it was fascinating to see the demand shot up 17,

836
00:57:01,307 --> 00:57:04,927
had to halt trading to each their own i'm i'm going to definitely watch this

837
00:57:04,927 --> 00:57:10,267
it's it is a neat idea i suppose if you want to invest in bitcoin adjacent technologies

838
00:57:10,267 --> 00:57:15,207
folded to be a great one But is it going to perform better than just holding Bitcoin?

839
00:57:15,807 --> 00:57:18,127
Not much does. Not much does.

840
00:57:19,327 --> 00:57:23,507
This has been really good news as well. The Bitcoin mining industry has created

841
00:57:23,507 --> 00:57:27,667
over 31,000 measurable jobs in the United States, and probably more than that

842
00:57:27,667 --> 00:57:29,007
when you consider supply chain and whatnot.

843
00:57:29,627 --> 00:57:33,207
This is a new report that I'll have linked in the show notes. It highlights the U.S.

844
00:57:33,267 --> 00:57:37,307
Bitcoin mining industry and related activities contribute over $4.1 billion

845
00:57:37,307 --> 00:57:41,867
annually to the gross product when multiplier effects are included.

846
00:57:42,127 --> 00:57:46,707
Industry also includes 31,000 jobs that also factors into this effect.

847
00:57:47,577 --> 00:57:50,357
Here's where it breaks down. The state of Texas leads in Bitcoin mining,

848
00:57:50,457 --> 00:57:54,817
contributing to $1.7 billion in gross product and over 12,200 jobs.

849
00:57:55,137 --> 00:58:01,497
Georgia follows with $316.8 million contributed and 2,300 jobs.

850
00:58:01,677 --> 00:58:04,977
And New York, who doesn't deserve it because of their Bitcoin policy,

851
00:58:05,537 --> 00:58:09,097
$225.9 million and 1,600 suit jobs.

852
00:58:10,157 --> 00:58:13,457
I kid, but do I? Not so sure.

853
00:58:13,657 --> 00:58:17,997
But it's nice to start to see some numbers around the mining impact on the economy

854
00:58:17,997 --> 00:58:19,977
and the job market. Those are great jobs.

855
00:58:20,337 --> 00:58:24,497
Those are jobs in a lot of the towns in Texas where plants shut down and people

856
00:58:24,497 --> 00:58:25,897
are out of work and the town was collapsing.

857
00:58:26,137 --> 00:58:29,537
And they came and got good, clean, healthy jobs working at a Bitcoin mine.

858
00:58:31,617 --> 00:58:36,037
Bitwise's promise made has now been kept. Bitwise, the folks behind the Bitwise

859
00:58:36,037 --> 00:58:42,017
ETF, promised to donate a portion of their proceeds, their ETF proceeds, to Bitcoin developers.

860
00:58:42,017 --> 00:58:48,337
This week, they donated $150,000 to support Bitcoin open source developers,

861
00:58:48,337 --> 00:58:52,417
and they committed 10% of gross profits each year.

862
00:58:52,937 --> 00:58:58,397
And Matt Odell on Noster confirmed that the $150,000 split from Bitwise went

863
00:58:58,397 --> 00:59:02,437
evenly between OpenSats, the Human Rights Foundation, and Brink.

864
00:59:03,137 --> 00:59:06,557
OpenSats will not be taking a cut of any of what was donated.

865
00:59:06,757 --> 00:59:11,237
The 100% of the funds that were donated will go towards open source contributions.

866
00:59:12,337 --> 00:59:15,477
Bitwise is the only one we've actually seen come through on this.

867
00:59:15,697 --> 00:59:19,257
The ARC team is talking about this, but Bitwise is the only one,

868
00:59:19,357 --> 00:59:23,857
I think, as far as I know, that's actually delivered. Super cool to see. $150,000.

869
00:59:24,137 --> 00:59:26,777
It's not going to be life-changing when you split it amongst those three different

870
00:59:26,777 --> 00:59:30,457
places, but it's going to keep them sustained. It's going to keep them,

871
00:59:30,497 --> 00:59:33,737
you know, liquid to be able to continue to finance development.

872
00:59:33,917 --> 00:59:36,857
So, I mean, there's just no downside to it at all.

873
00:59:37,097 --> 00:59:41,557
Really good. Really just a bunch of good updates this week. Every one of the

874
00:59:41,557 --> 00:59:43,137
updates was great news this week.

875
00:59:43,600 --> 00:59:55,440
Music.

876
00:59:55,283 --> 00:59:58,283
Final clip of the week. I can't believe we're here already.

877
00:59:59,203 --> 01:00:04,803
I want to feature the amazing Adam Beck. Adam invented Hashcash in 1997,

878
01:00:04,803 --> 01:00:06,543
which is the proof of work system.

879
01:00:07,163 --> 01:00:11,183
The basic proof of work system in Hashcash is used in the Bitcoin mining process today.

880
01:00:11,763 --> 01:00:18,003
Adam is also the CEO and co-founder of Blockstream. He is the OG of the OGist.

881
01:00:18,103 --> 01:00:21,383
He was one of the very first two people to receive an email from satoshi nakamoto

882
01:00:21,383 --> 01:00:25,583
and what i love about adam is first he's an extremely humble

883
01:00:25,583 --> 01:00:28,763
presenter you know he doesn't he doesn't flaunt

884
01:00:28,763 --> 01:00:33,103
you know he's not a max kaiser bitcoin og bitcoiner he's a he's very humble

885
01:00:33,103 --> 01:00:37,903
in his presentation but if you listen to him he has a clear instinct for the

886
01:00:37,903 --> 01:00:41,623
bitcoin market at this point i followed him for years and i this is just my

887
01:00:41,623 --> 01:00:46,043
observation he seems to get it at an instinctual level.

888
01:00:46,323 --> 01:00:52,983
And in his view, the bull run is still on. We're just in the early phase of

889
01:00:52,983 --> 01:00:53,983
the current bull market.

890
01:00:54,883 --> 01:01:00,363
Well, it's hard to predict the timing, but I think we're certainly in the early

891
01:01:00,363 --> 01:01:02,423
stages of the bull market at this point.

892
01:01:02,783 --> 01:01:08,523
You know, typically the bull market cycle lasts for a certain period after the halving.

893
01:01:08,823 --> 01:01:13,823
And so we're still in the early innings. I think there's very stiff inflows

894
01:01:13,823 --> 01:01:17,943
from ETFs buying about two times the Bitcoin mines per day.

895
01:01:18,523 --> 01:01:22,143
MicroStrategy and the other Bitcoin treasury companies buying another two times,

896
01:01:22,383 --> 01:01:27,563
and the retail buyers and dollar-cost average investors. So really, that's a lot of inflow.

897
01:01:27,883 --> 01:01:32,623
I think temporarily there's some consolidation because some earlier investors,

898
01:01:32,983 --> 01:01:35,583
sort of mid-term investors, profit-taking.

899
01:01:35,583 --> 01:01:41,783
But, you know, that overlay would set us up for a price where you start to see

900
01:01:41,783 --> 01:01:47,143
Bitcoin competing with gold, perhaps pulling money out of gold ETFs into Bitcoin ETFs.

901
01:01:47,323 --> 01:01:51,183
And then, of course, if the treasuries come in, like the sovereign treasuries,

902
01:01:51,523 --> 01:01:55,743
the Bitcoin reserves, that would be something where you'd see sovereign competition.

903
01:01:55,743 --> 01:02:00,183
As soon as one of the bigger countries jumps in, I think the others will feel

904
01:02:00,183 --> 01:02:04,883
forced to follow suit. So that would, you know, all bets would be off if that happens.

905
01:02:05,303 --> 01:02:09,743
Now, of course, institutional adoption, I think the family offices are faster,

906
01:02:09,883 --> 01:02:12,283
more agile, but the institutions are in play.

907
01:02:12,523 --> 01:02:18,043
You can see that the ETF 13F filings, which shows you the institutions that

908
01:02:18,043 --> 01:02:21,243
have bought Bitcoin via the ETFs, is about 30% institutional.

909
01:02:21,723 --> 01:02:25,583
I think there's a lot more capital in the institutional space of pension funds

910
01:02:25,583 --> 01:02:28,823
and mutual funds. so there's a lot of room for capital to come in,

911
01:02:28,983 --> 01:02:31,543
you know, in this cycle and into the next cycle.

912
01:02:31,440 --> 01:02:42,480
Music.

913
01:02:42,599 --> 01:02:50,319
Let's check on the state of the network. This episode is wrapping up at block height 884,488.

914
01:02:50,739 --> 01:02:56,039
The price of Bitcoin in U.S. dollars is 96,370.

915
01:02:56,579 --> 01:03:01,619
Stats per dollar is around 1,038. We're 11.7 down percent.

916
01:03:01,999 --> 01:03:06,059
We're 11.7 percent down from the previous all-time high.

917
01:03:06,439 --> 01:03:11,599
It's been 30 days now. January 19th, 2025, 109,160.

918
01:03:12,919 --> 01:03:19,379
But I love this number. It's creeping up. It's creeping up. Reachable Bitcoin nodes, 21,934.

919
01:03:21,059 --> 01:03:24,719
If just as many people that boost the show set up nodes in this next week,

920
01:03:24,879 --> 01:03:28,179
we could get that to 22,000. It's looking really good.

921
01:03:29,039 --> 01:03:31,299
Things are humming along. Things are humming along.

922
01:03:33,059 --> 01:03:37,279
Fiat price still hovering near 100,000. Can't complain about that.

923
01:03:37,899 --> 01:03:43,299
Bitcoin has held up remarkably well, while the meme coin market and the Solana

924
01:03:43,299 --> 01:03:45,179
market has completely collapsed.

925
01:03:46,359 --> 01:03:51,119
Bitcoin has just taken it on the chin. The state of the network is very strong.

926
01:03:51,779 --> 01:03:55,719
Now, links are at thisweekinbitcoin.show. I'd love it if you boosted in with

927
01:03:55,719 --> 01:03:58,559
what you'd like to see or what you thought should have been in this week's episode.

928
01:03:58,559 --> 01:04:00,479
I always appreciate that feedback as well.

929
01:04:00,779 --> 01:04:03,139
And maybe consider sharing the podcast with somebody.

930
01:04:03,799 --> 01:04:06,399
I'd love this to be the number one Bitcoin news podcast out there,

931
01:04:06,619 --> 01:04:10,859
especially for the podcasting 2.0 community because it has all the podcasting 2.0 features.

932
01:04:11,399 --> 01:04:14,959
And one of those is the magic wallet switching technology.

933
01:04:15,279 --> 01:04:18,679
So I'm going to kick off a song here. And if you boost during the song,

934
01:04:18,839 --> 01:04:22,399
95% of your sats go directly to the artist that created this song.

935
01:04:22,559 --> 01:04:24,059
And it's something fun this week.

936
01:04:24,239 --> 01:04:28,679
It's Disco Ball by Jojo Scott. You caught my attention the morning.

937
01:04:28,560 --> 01:07:40,940
Music.