1 00:00:00,000 --> 00:00:11,120 Music. 2 00:00:11,003 --> 00:00:12,723 Welcome in to episode 10 of This 3 00:00:12,723 --> 00:00:16,343 Week in Bitcoin. You know, sometimes good things come to those who wait. 4 00:00:16,423 --> 00:00:21,863 As I sit down to record right now, some solo mining legend just mined block 5 00:00:21,863 --> 00:00:26,223 843,726 all on their own. 6 00:00:26,543 --> 00:00:29,263 All on their own. Dare to dream, kids. 7 00:00:30,063 --> 00:00:34,603 Dream's alive. So this week, we're going to start with some big news that caught 8 00:00:34,603 --> 00:00:37,923 me by surprise, honestly. And then we'll get into some mining updates. states. 9 00:00:38,203 --> 00:00:41,843 And then we've got really big Bitcoin ETF legal disclosures. 10 00:00:41,883 --> 00:00:44,863 And I looked at all of them. And I'll share the interesting ones with you. 11 00:00:45,203 --> 00:00:49,563 And then we'll wrap it up with a bit of macro and the clip of the week this week. 12 00:00:50,583 --> 00:00:54,803 You've got to stick around for that. But let's start with the breaking news. 13 00:00:54,963 --> 00:00:59,643 And that is that the Senate, along with the House, has voted to overturn the 14 00:00:59,643 --> 00:01:03,743 SEC's anti-crypto rule, the Staff Accounting Bulletin 121. 15 00:01:03,743 --> 00:01:09,603 This is actually remarkable because despite a massive campaign by Liz and her 16 00:01:09,603 --> 00:01:14,643 anti-crypto crew, both the House and the Senate passed this despite Joe Biden 17 00:01:14,643 --> 00:01:15,983 saying he would veto it regardless. 18 00:01:16,183 --> 00:01:20,023 So it's an interesting pushback against Biden during an election year as well. 19 00:01:20,123 --> 00:01:24,883 And Senator Loomis explains why SAB 121 was really kind of screwing consumers. 20 00:01:25,243 --> 00:01:33,683 Staff Accounting Bulletin 121 puts consumers at risk by requiring a covered 21 00:01:33,683 --> 00:01:38,903 institution to place consumer assets on its balance sheet and. 22 00:01:39,775 --> 00:01:44,615 It gives creditors a way to claim those assets in the event of a bankruptcy. 23 00:01:44,995 --> 00:01:48,315 We have seen how this plays out for consumers. 24 00:01:48,795 --> 00:01:54,715 Their assets are frozen for months or even years while the bankruptcy plays out. 25 00:01:55,035 --> 00:01:58,135 In some cases they lose their assets entirely. 26 00:01:58,715 --> 00:02:05,855 Now they've entrusted these assets to the custodian. It is the custodian that 27 00:02:05,855 --> 00:02:11,615 is in bankruptcy, and yet their assets are the assets that are at risk. 28 00:02:11,815 --> 00:02:16,135 So this does not protect consumers at all. 29 00:02:16,415 --> 00:02:20,175 We've all heard this story. Celsius has an issue, and then the creditors get 30 00:02:20,175 --> 00:02:23,095 all of their stuff first, and then the last person that actually gets anything 31 00:02:23,095 --> 00:02:25,475 back is the consumer that actually put the assets in. 32 00:02:26,515 --> 00:02:30,215 Now, it's not a new problem. I think, and Loomis points out, 33 00:02:30,235 --> 00:02:35,095 that there's a bigger customer now where it is a much bigger problem, like the ETFs. 34 00:02:35,235 --> 00:02:40,515 The safest place for digital assets is in a self-hosted wallet, 35 00:02:40,675 --> 00:02:47,275 but not everyone can custody their own digital assets, including institutional investors. 36 00:02:47,795 --> 00:02:50,975 You know, just props to her, actually, though, for even just starting with that. 37 00:02:51,315 --> 00:02:57,895 That was nice to hear. The safest place for digital assets is in a self-hosted wallet. 38 00:02:58,055 --> 00:03:03,955 But not everyone can custody their own digital assets, including institutional 39 00:03:03,955 --> 00:03:09,715 investors that the SEC requires to use a qualified custodian. 40 00:03:10,955 --> 00:03:15,875 Yeah. Yeah, I bet those ETF customers would like to see some of these rules changed as well. 41 00:03:16,135 --> 00:03:20,455 I actually kind of, I mean, I'm not really sure if Biden will back off on his veto. 42 00:03:21,775 --> 00:03:26,095 Um if he did i think it'd actually be good for him in an election year because 43 00:03:26,095 --> 00:03:30,335 bitcoin's really in the middle of this policy tug of war between the white house 44 00:03:30,335 --> 00:03:33,955 and the american people and, 45 00:03:34,555 --> 00:03:39,975 congress just passed the repeal of sab 121 on a bipartisan basis i think even chuck schumer. 46 00:03:41,305 --> 00:03:45,185 Was in there. So if Biden continues with his plan to veto it, 47 00:03:45,305 --> 00:03:48,465 I don't think that looks well. 48 00:03:48,725 --> 00:03:53,485 He's kind of in a tough spot now. As I record, we don't have clarity. 49 00:03:53,645 --> 00:03:55,965 You may have clarity by the time this episode is coming out. 50 00:03:56,105 --> 00:03:57,925 If you see news, please do boost it in. 51 00:03:58,385 --> 00:04:02,225 Next, Dutch authorities just arrested a tornado cash developer. 52 00:04:02,585 --> 00:04:08,125 The Financial Information and Investigation Service arrested an unnamed 29-year-old 53 00:04:08,125 --> 00:04:11,885 in Amsterdam on Wednesday, claiming he helped launder money through the protocol. 54 00:04:12,125 --> 00:04:15,805 The arrest came less than a week after the U.S. sanctioned Tornado Cash for 55 00:04:15,805 --> 00:04:18,185 its involvement in several crypto hacks. 56 00:04:18,505 --> 00:04:21,645 Now, a year later, we have a major update on this story. 57 00:04:22,085 --> 00:04:25,965 And it's an unfortunate update. The Dutch court found that the Tornado Cash 58 00:04:25,965 --> 00:04:32,725 developer, Alexey Persevev, was guilty of money laundering and sentenced him to 64 months in prison. 59 00:04:32,945 --> 00:04:36,345 He's got 14 days to appeal. appeal the dutch 60 00:04:36,345 --> 00:04:39,465 court convicted the 31 year old of laundering 2.3 billion 61 00:04:39,465 --> 00:04:43,585 in cryptocurrency through the tornado cash mixer prosecutors have 62 00:04:43,585 --> 00:04:46,605 alleged that parts of knew that when he was designing tornado 63 00:04:46,605 --> 00:04:49,765 cash that he was making the ideal money laundering tool 64 00:04:49,765 --> 00:04:56,385 and that the smart contract was perfect for this and of course conversely the 65 00:04:56,385 --> 00:05:00,405 defense tried to argue that the same attributes made such that tornado cash 66 00:05:00,405 --> 00:05:05,345 is was an effective privacy tool that continues to run on its own But the judge 67 00:05:05,345 --> 00:05:07,045 just rejected that argument, saying, 68 00:05:07,185 --> 00:05:11,545 quote, Tornado Cache in its nature and functioning is a tool intended for criminals. 69 00:05:12,205 --> 00:05:14,565 Criminal user is fully facilitated. 70 00:05:15,305 --> 00:05:19,465 Under the pretense of ideology, you did not care about laws and regulations 71 00:05:19,465 --> 00:05:22,525 that apply to everyone, and you felt untouchable. 72 00:05:24,705 --> 00:05:27,685 Now others and i will point out as well that 73 00:05:27,685 --> 00:05:30,925 the position taken by prosecutors is essentially saying that 74 00:05:30,925 --> 00:05:35,745 when you deploy open source code you can be held subsequently liable for how 75 00:05:35,745 --> 00:05:39,845 that code gets used i think that's a pretty dangerous precedent that's being 76 00:05:39,845 --> 00:05:44,285 set there now this again isn't a u.s court it's a dutch court it is a dutch 77 00:05:44,285 --> 00:05:47,825 court but the tornado cash was had two developers and the co-developer is going 78 00:05:47,825 --> 00:05:50,845 to be tried in the states and as lynn alden pointed out, 79 00:05:50,945 --> 00:05:55,865 saying, quote, criminalizing the mere development and publication of code is an ugly precedent. 80 00:05:56,325 --> 00:06:00,625 If published in a book or a blog, it would mean the book or the blog is illegal. 81 00:06:01,425 --> 00:06:06,085 Very different than actually using the code maliciously, which I think is a 82 00:06:06,085 --> 00:06:06,965 great point that Lynn makes. 83 00:06:09,585 --> 00:06:14,625 We'll see. You know, I have a bad feeling for the way the court cases will go 84 00:06:14,625 --> 00:06:17,405 in the States, too. And this is a bad precedent for open source in general. 85 00:06:18,005 --> 00:06:21,005 And one of the things that frustrates me about this is the open source community 86 00:06:21,005 --> 00:06:23,925 outside of crypto just has total blinders onto this stuff. 87 00:06:24,405 --> 00:06:27,025 Well, it was some sort of crypto mixing thing. Oh, crypto bad. 88 00:06:27,545 --> 00:06:31,945 And they don't even realize that legal precedent could be getting set for open source code in general. 89 00:06:33,618 --> 00:06:37,378 They just are completely ignorant to it. But I guess that's just human nature. 90 00:06:38,578 --> 00:06:43,898 The Blockchain Integrity Act is getting floated by Congressman Sean Kasten. 91 00:06:44,158 --> 00:06:50,378 It introduces this idea to temporarily, quote unquote, prohibit financial institutions, 92 00:06:50,918 --> 00:06:54,098 that's right, like the banks or maybe Coinbase, from transacting with funds 93 00:06:54,098 --> 00:06:56,078 that have gone through asset mixers. 94 00:06:56,758 --> 00:07:01,758 So the idea would be, for the next two years, no one can touch your coins if 95 00:07:01,758 --> 00:07:03,138 you've used a mixer with them. 96 00:07:03,918 --> 00:07:07,098 Uh the temporary two-year ban would 97 00:07:07,098 --> 00:07:10,598 be so that way we could get our heads around the dramatic problem 98 00:07:10,598 --> 00:07:13,998 that is terrorism using crypto mixers so 99 00:07:13,998 --> 00:07:17,058 uh caston foster sherman they and 100 00:07:17,058 --> 00:07:20,218 cleaver have introduced this legislation to temporarily 101 00:07:20,218 --> 00:07:24,098 prohibit crypto mixers i have the text of the bill linked 102 00:07:24,098 --> 00:07:27,238 in the show notes it's a two-year moratorium on 103 00:07:27,238 --> 00:07:30,118 financial institutions accepting or withdrawing funds linked to mixers while 104 00:07:30,118 --> 00:07:33,078 agencies conduct a study they just want 105 00:07:33,078 --> 00:07:35,738 to understand the illicit use of mixers you guys that's all 106 00:07:35,738 --> 00:07:38,398 they just want to understand it i'll keep 107 00:07:38,398 --> 00:07:41,678 an eye on the blockchain integrity act i haven't seen a lot of movement since 108 00:07:41,678 --> 00:07:47,978 it first showed up on my radar but um senator loomis and um another senator 109 00:07:47,978 --> 00:07:55,298 have written a letter ron wyden to the doj arguing that uh you know these crypto 110 00:07:55,298 --> 00:07:57,938 mixers are also So privacy tools, legitimate privacy tools, 111 00:07:58,058 --> 00:08:00,838 and that they are completely, 112 00:08:01,018 --> 00:08:04,358 completely ignoring one particular use case over another. 113 00:08:04,698 --> 00:08:07,578 And then one last bit of kind of mixed news. 114 00:08:09,018 --> 00:08:13,518 In the chilling effect category, IBEX, which was a pretty well-known payment 115 00:08:13,518 --> 00:08:20,158 processor for USD to Bitcoin, is suspending their services in the United States. 116 00:08:20,578 --> 00:08:23,818 They're kind of like the back end to several providers that you might not even 117 00:08:23,818 --> 00:08:27,798 know about. They're a lightning payment processor as well, and they say they're 118 00:08:27,798 --> 00:08:30,838 pulling out of the United States following a period of intensified regulatory 119 00:08:30,838 --> 00:08:32,938 scrutiny and uncertainty in the country. 120 00:08:34,118 --> 00:08:38,898 Users are urged to arrange for their outstanding balances to be transferred by May 31st. 121 00:08:39,318 --> 00:08:42,518 They write, quote, this was not an easy decision to make, but after careful 122 00:08:42,518 --> 00:08:46,078 consideration in light of recent events, we have concluded that this is the 123 00:08:46,078 --> 00:08:48,498 most appropriate choice for the current circumstances. 124 00:08:49,338 --> 00:08:53,318 A big thank you to all our U.S. customers for using Ibex Pay product and to 125 00:08:53,318 --> 00:08:54,838 Swan for being an incredible partner. 126 00:08:55,018 --> 00:08:59,278 We've loved working with you and for you. That was the CEO. 127 00:09:00,578 --> 00:09:04,458 Ibex continues to operate in all other locations outside the U.S., 128 00:09:04,458 --> 00:09:05,618 so they're operating globally. 129 00:09:05,758 --> 00:09:08,918 But as effective as of May 31st, they are pulling out of the states, 130 00:09:09,038 --> 00:09:16,358 well, due to the regulatory situation, the chilling effect that people talk about. 131 00:09:16,718 --> 00:09:20,818 There it is and ibex seems like one of the good companies too it's really kind of a shame, 132 00:09:22,104 --> 00:09:25,884 U.S. President Joe Biden has issued an order blocking a Chinese-backed cryptocurrency 133 00:09:25,884 --> 00:09:30,104 mining firm from owning land near the Wyoming nuclear missile base. 134 00:09:30,324 --> 00:09:36,044 The China-backed cryptocurrency mining firm is located near the Francis E. Warren Air Force Base. 135 00:09:36,364 --> 00:09:41,844 Biden has called the firm's close proximity to the nuclear missile base a national security risk. 136 00:09:43,324 --> 00:09:46,744 That's essentially all you need to know is the Biden administration has 137 00:09:46,744 --> 00:09:49,604 blocked a Chinese-backed bitcoin mining 138 00:09:49,604 --> 00:09:53,104 operation in wyoming and out 139 00:09:53,104 --> 00:09:56,144 of concerns of national security they had some sort of silly statements 140 00:09:56,144 --> 00:09:59,704 in there about how asics might be used for monitoring seemingly not 141 00:09:59,704 --> 00:10:04,144 understanding that asics are literally a single purpose processor but. 142 00:10:04,144 --> 00:10:08,484 Clean spark while the china backed company is having some issues in wyoming 143 00:10:08,484 --> 00:10:12,344 clean spark seems to have been gobbling up bitcoin mining operations and is 144 00:10:12,344 --> 00:10:18,224 adding 75 megawatts of bitcoin mining to wyoming they seem quite excited So 145 00:10:18,224 --> 00:10:21,664 I'll play just a little bit of their promotional video to kind of give you a 146 00:10:21,664 --> 00:10:23,704 flavor of it. Imagine the Tetons. 147 00:10:23,944 --> 00:10:26,364 We're diversifying our portfolio yet again. 148 00:10:26,320 --> 00:10:54,800 Music. 149 00:10:30,924 --> 00:10:33,484 And heading into the American frontier. 150 00:10:36,724 --> 00:10:39,604 A land filled with rugged landscapes. 151 00:10:43,164 --> 00:10:44,204 And opportunity. 152 00:10:51,204 --> 00:10:55,724 The sites provide access to 75 megawatts. 153 00:10:58,044 --> 00:11:01,684 With an option to build out 55 megawatts more. 154 00:11:02,784 --> 00:11:06,424 One of the stories here is that Texas and Wyoming, especially from a policy 155 00:11:06,424 --> 00:11:11,324 standpoint, are leaning in hard trying to attract Bitcoin miners. 156 00:11:11,324 --> 00:11:19,164 And that change around SAB-121 will also impact the Bitcoin mining industry in Wyoming eventually. 157 00:11:19,584 --> 00:11:22,444 There's also, while we're looking at things that are going on in mining, 158 00:11:22,604 --> 00:11:24,044 another video that came out was 159 00:11:24,044 --> 00:11:29,984 touting the Paraguay deployment of Bitcoin mining that is 100% renewable. 160 00:11:31,404 --> 00:11:35,684 Right now, we are in Paraguay in this beautiful facility built by Penguin, 161 00:11:35,884 --> 00:11:41,204 a Penguin infrastructure hosting facility that helps us to mine Bitcoin here 162 00:11:41,204 --> 00:11:45,544 and to support our clients in bringing more Bitcoin into the ecosystem. 163 00:11:45,904 --> 00:11:49,984 Why Paraguay? First of all, it is the largest electricity exporter in the world, 164 00:11:50,104 --> 00:11:52,764 selling more than 40% of its electricity abroad. 165 00:11:53,024 --> 00:11:57,884 And also, all of it is made by Walter as the renewable resource in the third 166 00:11:57,884 --> 00:12:02,904 largest power plant in the world called Itaipu. We at MITH, we are mining Bitcoin 167 00:12:02,904 --> 00:12:04,524 to finance education activities. 168 00:12:04,884 --> 00:12:10,024 We believe that financial literacy is a crucial part of the development of young generation. 169 00:12:10,284 --> 00:12:15,864 And knowing about how money works and what is money is very important for our future lives. 170 00:12:16,344 --> 00:12:21,124 So here we are right now. If I can find an online version of this video that 171 00:12:21,124 --> 00:12:22,764 I can link, I will put it in the show notes. 172 00:12:22,824 --> 00:12:27,244 Because they go inside one of their crates. So they have a bunch of these crates 173 00:12:27,244 --> 00:12:29,844 that they bring on site and they set up the services in between them and the 174 00:12:29,844 --> 00:12:31,924 cooling and all of that. But they go inside one of these crates. 175 00:12:32,364 --> 00:12:36,464 It is so cool the way they're water cooling all of these different Bitcoin miners. 176 00:12:36,564 --> 00:12:40,944 They go in there and it's actually pretty quiet because they don't have those big fans on there. 177 00:12:41,084 --> 00:12:43,384 And they have these big tubes coming off the back of them. 178 00:12:43,964 --> 00:12:47,664 All inside one of these crates has been custom built for this job with all of 179 00:12:47,664 --> 00:12:50,744 the networking infrastructure and the power infrastructure all in there as well. 180 00:12:50,744 --> 00:12:56,584 And they can bring them on site and deploy them and start mining off of renewable energy. 181 00:12:57,064 --> 00:13:01,124 But the real story here, too, is that it's long-term good jobs for people in 182 00:13:01,124 --> 00:13:03,564 the area. And it's good, clean labor. 183 00:13:04,944 --> 00:13:10,064 That, to me, is one of the more exciting aspects of it. So we have 100% renewable, 184 00:13:10,164 --> 00:13:12,564 hydro-powered Bitcoin mining in Paraguay. 185 00:13:13,284 --> 00:13:18,784 And we have Kenya, who just brought on 10 gigawatts of germo, 186 00:13:18,784 --> 00:13:22,724 germo, of gerbil energy, of geothermal energy. 187 00:13:24,584 --> 00:13:29,804 Nine gigawatts of completely untapped Bitcoin mining can unlock Kenya's energy abundance, they write. 188 00:13:31,278 --> 00:13:33,778 I just think it's so cool to see these projects kicking off. 189 00:13:33,918 --> 00:13:39,878 And Argentina announced this week that they were going to start mining Bitcoin with stranded gas. 190 00:13:40,278 --> 00:13:44,378 And they have 1,200 Bitcoin mining rigs that they're going to throw on stranded 191 00:13:44,378 --> 00:13:46,898 gas in Argentina to start mining. 192 00:13:47,378 --> 00:13:50,258 That's just this week. Just this week. 193 00:13:51,120 --> 00:14:01,520 Music. 194 00:13:52,538 --> 00:13:54,298 Okay, let's do some macro now. 195 00:14:01,278 --> 00:14:07,458 This is really the date or the week we've been waiting for since the ETFs went public. 196 00:14:07,718 --> 00:14:12,598 All of the big companies that bought some of the Bitcoin ETF have to file their 197 00:14:12,598 --> 00:14:16,218 13Fs with the SEC by May 15th. 198 00:14:16,378 --> 00:14:21,118 So what I have for you here is some takeaways that we have as of May 15th, 199 00:14:21,118 --> 00:14:24,998 2024, months after these things have been on the market, but they're still just 200 00:14:24,998 --> 00:14:27,418 babies, especially in ETF land. 201 00:14:27,938 --> 00:14:32,198 But I think it's a good time to check in, get a little snapshot of where things are at. 202 00:14:32,298 --> 00:14:37,078 And Bitwise did a great job in their weekly memo to investors to share some of these insights. 203 00:14:37,178 --> 00:14:42,398 And I have tried to pull out what I think are the three takeaways for you. Number one takeaway. 204 00:14:44,079 --> 00:14:47,639 Lots of professional firms are on board and buying these ETFs. 205 00:14:49,399 --> 00:14:55,639 563 professional investment firms have reported owning $3.5 billion worth of the Bitcoin ETF. 206 00:14:56,899 --> 00:15:03,719 That's huge. That means we may see somewhere north of 700 firms and a total 207 00:15:03,719 --> 00:15:06,939 AUM nearing $5 billion by the end of the year, maybe. 208 00:15:07,719 --> 00:15:11,859 Either way, takeaway two, it's a historic scale of professional ownership of 209 00:15:11,859 --> 00:15:14,379 a new ETF. It's off the charts. 210 00:15:14,639 --> 00:15:18,259 Most ETFs attract very few 13F filers because they're the big dogs. 211 00:15:18,539 --> 00:15:23,839 And very few big dogs get in like this when it's new on the market. 212 00:15:24,779 --> 00:15:31,319 Now, the other takeaway, number three, is retail still owns the most of the ETF. 213 00:15:31,319 --> 00:15:36,999 As a percentage of total investment, professional investors own somewhere between 214 00:15:36,999 --> 00:15:39,779 7% and 10% of all of the ETF assets. 215 00:15:40,979 --> 00:15:46,639 And then retail owns the rest. However, Bitwise, the CEO, expects that that 216 00:15:46,639 --> 00:15:52,099 7% to 10% that professionals own right now, they suspect that's just a down payment. 217 00:15:52,999 --> 00:15:58,259 That they're probably just getting started. Now, there are some firms that stood out to me. 218 00:15:58,659 --> 00:16:01,659 Millennium is one of them. They're the king of the Bitcoin ETF holder. 219 00:16:01,779 --> 00:16:08,859 They own $2 billion across four different Bitcoin ETFs. Millennium does. They own $2 billion. 220 00:16:09,679 --> 00:16:12,099 The other one that jumped out at me is a big deal. 221 00:16:13,159 --> 00:16:19,939 The state of Wisconsin, their investment board disclosed $162 million in Bitcoin ETFs. 222 00:16:19,959 --> 00:16:25,139 They're like in the top nine investment savings boards for states. They're up there. 223 00:16:25,479 --> 00:16:27,939 That's a surprisingly well-respected one at that. 224 00:16:28,639 --> 00:16:36,579 And they have 162 million of Bitcoin ETFs. The state of Wisconsin, 12 of the largest 25 U.S. 225 00:16:36,599 --> 00:16:40,559 Hedge funds collectively have 2.6 billion ETF exposure. 226 00:16:41,539 --> 00:16:46,379 And 11 of the largest 25 registered investment advisors, probably heard of them 227 00:16:46,379 --> 00:16:48,919 as RIAs before, they have exposure. 228 00:16:49,139 --> 00:16:51,379 11 of the largest 25. 229 00:16:53,839 --> 00:17:01,639 The Bitcoin ETFs have been a historical success beyond any ETF in history. 230 00:17:01,679 --> 00:17:05,359 And there's charts that show you just how astronomically successful they are. 231 00:17:06,909 --> 00:17:11,229 I think Wall Street's convinced. But here's my question to you. 232 00:17:12,689 --> 00:17:16,729 Boost in and tell me, what is it going to take to shift Joe Public's point of view around Bitcoin? 233 00:17:17,589 --> 00:17:22,289 The investor class gets it, and they're front-running the average person right now. 234 00:17:23,209 --> 00:17:26,809 Yeah, this is the moment where people are going to say, you know, 235 00:17:26,809 --> 00:17:29,309 you always hear, like, the banks front-run the public. This is that moment. 236 00:17:29,389 --> 00:17:32,669 It's happening right now. People say this about every asset that ever came along. 237 00:17:32,889 --> 00:17:35,189 We're watching it in front of us with Bitcoin. coin. 238 00:17:35,749 --> 00:17:38,429 And I guess, you know, this is the average Joe's lot in life. 239 00:17:38,489 --> 00:17:39,689 They just miss this kind of stuff. 240 00:17:40,789 --> 00:17:43,329 But what's the next shoe that's going to drop, in your opinion, 241 00:17:43,329 --> 00:17:47,889 that changes the minds of the NPCs out there where they perceive Bitcoin as 242 00:17:47,889 --> 00:17:51,129 a hedge against inflation or as a store of value? 243 00:17:52,109 --> 00:17:58,189 I'm not seeing it. Because if this ETF doesn't do it, I really don't know what 244 00:17:58,189 --> 00:18:03,889 will. All right, I want to talk about Tether for just a moment. 245 00:18:04,889 --> 00:18:08,969 Because Bitcoiners are going to have to get comfortable with a little arrangement 246 00:18:08,969 --> 00:18:12,209 that's going to get really, really convenient for the U.S. government. 247 00:18:12,789 --> 00:18:15,169 They need stablecoins. 248 00:18:16,309 --> 00:18:20,069 Especially once that printing press gets going again. They need stablecoins, 249 00:18:20,249 --> 00:18:23,989 and I think they are going to end up probably preferring Circle, 250 00:18:24,169 --> 00:18:27,169 but begrudgingly having to work with Tether. 251 00:18:27,169 --> 00:18:30,449 I'm gonna play audio for you from former 252 00:18:30,449 --> 00:18:33,329 Speaker of the House Paul Ryan and you 253 00:18:33,329 --> 00:18:36,569 might remember him he was in politics and getting 254 00:18:36,569 --> 00:18:41,909 kind of got out during the Trump era has gone into the industry and immediately 255 00:18:41,909 --> 00:18:45,489 brings a conversation to stablecoins which he is now essentially a lobbyist 256 00:18:45,489 --> 00:18:50,069 for I guess the question is what could you do now knowing we have debt problems 257 00:18:50,069 --> 00:18:54,189 in the future I think there's a couple of things Congress could do they're not 258 00:18:54,189 --> 00:18:55,629 but maybe they'll get something done. 259 00:18:55,689 --> 00:18:58,329 I think stable coin legislation would be a good step in the right direction. 260 00:18:58,549 --> 00:19:03,089 Now, to be clear here, because the clip starts a little into the conversation. 261 00:19:04,569 --> 00:19:08,809 Ryan was asked about his thoughts on what could be done about the debt situation. 262 00:19:09,169 --> 00:19:12,569 He's on Bloomberg's Wall Street program, Wall Street Weekly. 263 00:19:13,569 --> 00:19:18,289 And they ask him what could be done about debt. And his answer is stable coin legislation. 264 00:19:18,689 --> 00:19:21,549 They didn't ask him about stable coins. They didn't ask him about crypto. 265 00:19:21,909 --> 00:19:24,909 They asked him what can be done about the U.S. debt debt problem. 266 00:19:25,109 --> 00:19:29,249 And his response was stable coins. And then he begins to bring the conversation 267 00:19:29,249 --> 00:19:30,389 further that direction. 268 00:19:31,009 --> 00:19:34,849 That could be helpful. That could be done this year. But I don't see anything 269 00:19:34,849 --> 00:19:36,029 other than that on the horizon. 270 00:19:36,209 --> 00:19:39,149 Let's talk about stable coin, because I've heard you say that actually getting 271 00:19:39,149 --> 00:19:41,489 legislation on that could help treasury auctions. 272 00:19:41,709 --> 00:19:44,589 And when you said it, I said, what's the connection there? Take us through, 273 00:19:44,629 --> 00:19:46,169 take our audience through that connection. 274 00:19:46,449 --> 00:19:51,629 Yeah. So stable coins, which are digital, digital private sector dollar backed 275 00:19:51,629 --> 00:19:55,189 currencies, It's not crypto because it's tethered to the U.S. dollar. 276 00:19:56,170 --> 00:20:00,530 Yeah, it's not crypto. I mean, it's on a blockchain and the largest one are 277 00:20:00,530 --> 00:20:01,810 all shitcoin blockchains. 278 00:20:02,570 --> 00:20:06,770 But it's it's it's it's not crypto. A dollar backed currencies. 279 00:20:07,030 --> 00:20:09,490 It's not crypto because it's tethered to the U.S. dollar. 280 00:20:10,230 --> 00:20:15,210 They have to have dollar backed assets. They have to have treasuries or cash 281 00:20:15,210 --> 00:20:16,530 to back those stable coins. 282 00:20:17,010 --> 00:20:20,630 There's not a law that governs these right now. So there aren't really deployed. 283 00:20:20,630 --> 00:20:25,630 But if you actually have a law, which Ashton McHenry and Cher Waters, 284 00:20:26,210 --> 00:20:28,870 Maxine Waters and Ashton McHenry are putting a deal together. 285 00:20:29,250 --> 00:20:32,510 Schumer is in talks with them. I think there's a there's a reasonable chance 286 00:20:32,510 --> 00:20:34,190 they could get a deal on stablecoin legislation. 287 00:20:34,970 --> 00:20:38,950 That means you have a legal framework to which you have stablecoins deployed. 288 00:20:39,430 --> 00:20:42,530 You'd go from a couple of hundred billion dollars of stablecoins to, 289 00:20:42,630 --> 00:20:46,530 you know, maybe trillions. Right now, stablecoins are like the 16th largest 290 00:20:46,530 --> 00:20:51,570 buyer of bonds, bills, and notes among all sovereigns. 291 00:20:51,630 --> 00:20:55,290 If you actually regulate stablecoins and have them deployed, that does two things. 292 00:20:55,670 --> 00:20:59,870 That gets the U.S. dollar more deeply ingrained in the oncoming digitization 293 00:20:59,870 --> 00:21:01,510 of currencies. That's a good thing. 294 00:21:01,930 --> 00:21:06,190 And you create new consumers' demand for our bonds because they have to have 295 00:21:06,190 --> 00:21:10,470 those to back up the stablecoins. So more demand for treasuries, 296 00:21:10,470 --> 00:21:16,210 more use of a digital dollar throughout the system to help better entrench the dollar. 297 00:21:16,370 --> 00:21:20,710 It's a win win situation for America. I think it's a Paul Ryan's all about it. 298 00:21:20,830 --> 00:21:23,770 He's all about digital dollar dominance. 299 00:21:25,010 --> 00:21:29,290 I think the U.S. government needs stable coins. It's been my thesis now for over a year. 300 00:21:30,590 --> 00:21:34,750 And as the money printer warms up, they need people to use these dollars. 301 00:21:34,750 --> 00:21:38,290 And if they can get those dollars over some sort of crappy blockchain and get 302 00:21:38,290 --> 00:21:41,550 people essentially pricing and spending in dollars, it's great. 303 00:21:41,610 --> 00:21:43,090 It's a great marketing tool for the dollar. 304 00:21:43,590 --> 00:21:47,610 It's just, it's so fantastic for them. You can see just why they just love it. 305 00:21:49,510 --> 00:21:51,190 It's coming. I'll keep my eye 306 00:21:51,190 --> 00:21:54,410 on it. I don't know how much it impacts Bitcoin, but that'll be my angle. 307 00:21:54,670 --> 00:21:57,810 We'll see. All right, coming up, your boost, a great clip of the week, 308 00:21:57,850 --> 00:21:59,570 and a new project you need to know about. 309 00:21:59,670 --> 00:22:05,130 So first, I want to thank Podhome.fm. my podcasting 2.0 platform of choice that 310 00:22:05,130 --> 00:22:10,250 has unlimited shows and episodes and it's powered by Podhome AI a tool to help 311 00:22:10,250 --> 00:22:14,210 you balance your audio to transcribe your podcast automatically create chapters 312 00:22:14,210 --> 00:22:14,950 and clips and you can do that, 313 00:22:15,552 --> 00:22:19,312 can even suggest episode titles and descriptions. Yes, it actually works. 314 00:22:19,512 --> 00:22:23,212 And there's some really great podcasting 2.0 features and they're like live 315 00:22:23,212 --> 00:22:25,492 streaming with audio stream built right in. 316 00:22:25,932 --> 00:22:29,992 Podhome really focuses on solving the pain points of publishing that honestly 317 00:22:29,992 --> 00:22:31,592 can burn you out after you do it for a while. 318 00:22:31,712 --> 00:22:35,032 It's like having a whole team of people in your back pocket and it's a great 319 00:22:35,032 --> 00:22:38,672 fast platform with all the podcasting 2.0 features you can think of. 320 00:22:38,872 --> 00:22:45,712 Use my promo code TWIB and you get the first three months for free when you try pothome.fm. 321 00:22:45,752 --> 00:22:47,372 That's T-W-I-B. 322 00:22:47,452 --> 00:22:53,332 And a big thank you to Pothome for sponsoring this week in Bitcoin. T-W-I-B. 323 00:22:55,252 --> 00:23:00,192 All right, we got some great boosts this week. We have a baller boost from our podcast. 324 00:23:00,272 --> 00:23:06,612 And Eric sent us 86,753 sats. Hey, rich lobster! 325 00:23:08,952 --> 00:23:10,792 Our podcast, thank you so much 326 00:23:10,792 --> 00:23:14,192 for that. That definitely put a smile on my face. He says, hello, Chris. 327 00:23:14,312 --> 00:23:17,252 I just wanted to thank you again for the honest and no BS takes on the many 328 00:23:17,252 --> 00:23:20,572 intertwined events relevant to Bitcoin's current fiat price. 329 00:23:21,112 --> 00:23:24,132 After having a unique opportunity a few weeks ago to add more Bitcoin to my 330 00:23:24,132 --> 00:23:28,352 wallet, your advice on playing the long game keeps me optimistic instead of 331 00:23:28,352 --> 00:23:29,712 panicking like the sky is falling. 332 00:23:29,912 --> 00:23:32,632 Well, I'm really glad to hear that. Keep on stacking, Eric. I think so. 333 00:23:33,072 --> 00:23:34,832 That is also really great to hear. 334 00:23:36,072 --> 00:23:40,992 I've really felt like at some point during this last bear market, 335 00:23:41,152 --> 00:23:42,292 I crossed this threshold, 336 00:23:43,672 --> 00:23:47,552 where I'm feeling good when the price goes up and I'm feeling great when the 337 00:23:47,552 --> 00:23:51,892 price goes down because the fundamental thesis of Bitcoin remains the same. 338 00:23:52,012 --> 00:23:55,012 And when the price goes down, that just simply is a buying opportunity. 339 00:23:55,232 --> 00:23:58,152 And when the price goes up, that means the rest of the market's identifying the value. 340 00:23:58,472 --> 00:24:02,292 And I like seeing that too. So depending on what's going on, 341 00:24:02,392 --> 00:24:05,152 you really won't hear me covering price much on this show. 342 00:24:06,325 --> 00:24:10,805 Um, you know, like I think most of us that are probably in this are in this for the long term. 343 00:24:11,525 --> 00:24:15,485 So short-term price doesn't matter much. However, every now and then I think 344 00:24:15,485 --> 00:24:17,045 there might be an interesting angle to it. 345 00:24:17,105 --> 00:24:20,065 So like I reserve like a little price escape hatch. 346 00:24:20,225 --> 00:24:23,965 If something interesting is going on, just, you know, as somebody who's followed 347 00:24:23,965 --> 00:24:25,785 this forever, that does happen from time to time. 348 00:24:25,825 --> 00:24:30,165 But our podcast, I really appreciate that baller boost feeling that value return. 349 00:24:30,305 --> 00:24:31,405 Thank you very, very much, sir. 350 00:24:32,565 --> 00:24:36,785 SatSquatch comes in with 64,666 sats. 351 00:24:38,345 --> 00:24:42,245 Powerful. Hey, Chris, I shared your show with my Bitcoin meetup group in Thousand Oaks. 352 00:24:42,505 --> 00:24:45,505 And Jeff, one of our members, asked me to give you this to help support your 353 00:24:45,505 --> 00:24:49,285 work. By the way, all the JP content is dynamite. 354 00:24:49,585 --> 00:24:53,145 You're doing a good job. Thank you, SatSquatch. I really appreciate that. 355 00:24:53,245 --> 00:24:55,845 And also, shout out to Jeff for encouraging that boost. 356 00:24:56,885 --> 00:25:01,025 This is one of those shows where I really take the signal from the boost because 357 00:25:01,025 --> 00:25:02,885 you guys are a Bitcoin native crowd. 358 00:25:03,825 --> 00:25:08,165 So I put a lot of value in what you guys say in the boosts and how the boosts 359 00:25:08,165 --> 00:25:11,605 are doing and kind of use that as probably the number one signal that drives the show. 360 00:25:12,265 --> 00:25:18,525 Jeremy Ross comes in with a beautiful 21,000 sats. This is the way. No message, though. 361 00:25:19,125 --> 00:25:22,765 Just, thank you, Jeremy. Just a nice, I'll say Jeremy R. I don't know if you 362 00:25:22,765 --> 00:25:23,645 want me giving out your last name. 363 00:25:24,185 --> 00:25:27,845 Just a nice 21,000 sats. This is the way. 364 00:25:28,025 --> 00:25:33,485 Jordan Bravo comes in with 5,555 sats. Coming in hot with the boost. 365 00:25:33,785 --> 00:25:36,985 Yep, Zeus has replaced Phoenix. Good. Good to hear Jordan Bravo. 366 00:25:37,625 --> 00:25:42,285 Also, a new workflow involving DCA to Lightning to Liquid Bitcoin. 367 00:25:42,765 --> 00:25:45,985 When Liquid Stack is large enough, I peg out to Bitcoin. Not necessarily the 368 00:25:45,985 --> 00:25:48,665 best long-term solution, nor would it scale for everyone, but at the moment, 369 00:25:48,705 --> 00:25:51,465 it seems like it provides three benefits. Saves on-chain fees. 370 00:25:52,685 --> 00:25:57,525 Consolidates my Bitcoin into a nice big UTXO and provides some privacy thanks 371 00:25:57,525 --> 00:25:58,925 to Liquid's confidential transactions. 372 00:26:00,145 --> 00:26:02,505 You know what? I'm going to give a plus one to that right there. 373 00:26:03,325 --> 00:26:04,925 That's my current thinking, Jordan. 374 00:26:05,045 --> 00:26:09,085 And I would love anybody out there that thinks otherwise or recommends a different 375 00:26:09,085 --> 00:26:12,665 workflow, maybe Federman, please boost in and share your perspective. 376 00:26:13,605 --> 00:26:17,645 I think this is the solid setup right here. Zeus to replace Phoenix, 377 00:26:18,745 --> 00:26:23,225 DCA using anything that supports Lightning, From Lightning, use Bolts Exchange 378 00:26:23,225 --> 00:26:25,945 to go into Liquid, if they don't do it directly. 379 00:26:27,505 --> 00:26:31,785 Stack in Liquid until you have a large enough UTXO. For me, that's like 5 million 380 00:26:31,785 --> 00:26:34,625 sats or more, probably. I don't know. I'm just kind of throwing a number out there. 381 00:26:36,385 --> 00:26:37,965 Then peg into a Bitcoin wallet. 382 00:26:40,444 --> 00:26:44,344 I, it sounds complicated, but I think I just explained it in like four steps 383 00:26:44,344 --> 00:26:49,544 and I have a resource that's going to make it a little bit easier to coming up later in the show. 384 00:26:50,884 --> 00:26:54,504 So, uh, Jordan, thank you for that boost. And if anybody wants to kind of sanity 385 00:26:54,504 --> 00:26:58,924 check that or steel man, that, that workflow, please boost in and, uh, let's do that. 386 00:26:59,344 --> 00:27:02,424 Let's, uh, you know, let's bang these things around until we get it really solid. 387 00:27:02,824 --> 00:27:05,744 Oppie 1984 comes in with 4,000 sats. 388 00:27:06,484 --> 00:27:08,944 It says it's a really good perspective that I hadn't thought of. 389 00:27:08,944 --> 00:27:11,624 I'll look into alternative methods of cold storage and try to find something 390 00:27:11,624 --> 00:27:13,384 I feel comfortable with. There you go, sir. 391 00:27:14,244 --> 00:27:16,804 There you go. Get started with something you feel comfortable with. 392 00:27:17,964 --> 00:27:20,964 I do think the cold cards are fantastic and worth the hike, but they're not 393 00:27:20,964 --> 00:27:22,184 the only solution anymore. 394 00:27:23,184 --> 00:27:26,344 You know, I know Jack Dorsey has that block looking thing, that rock. 395 00:27:27,644 --> 00:27:31,324 I don't love it, but maybe there's a nice middle ground right there as long 396 00:27:31,324 --> 00:27:33,084 as you're married to your mobile device. 397 00:27:33,924 --> 00:27:38,564 JC Denton comes in with 3,125 assets. Thanks for the roundup. 398 00:27:38,564 --> 00:27:40,464 Onwards and upwards. Money badger don't care. 399 00:27:41,384 --> 00:27:44,364 That's right. Fun's going to commence. Fun will now commence. 400 00:27:44,624 --> 00:27:45,644 You are absolutely right. 401 00:27:46,604 --> 00:27:50,604 That little dip was great. Little consolidation dip, if you will. 402 00:27:50,724 --> 00:27:54,784 Faraday Fedora comes in with a row of ducks, 2,222 sats. 403 00:27:56,484 --> 00:27:59,404 Can we give Stephanie Kilton the Bitcoin Promoter of the Year award? 404 00:27:59,504 --> 00:28:04,644 That's the clip I played of the gal last week on The Daily Show. So, yeah, I know. 405 00:28:04,664 --> 00:28:07,944 And on the back special quarter discussion, I think right now things are a bit 406 00:28:07,944 --> 00:28:11,404 crazy with DGENs trying to make a buck long term. 407 00:28:11,484 --> 00:28:15,844 Oh, we're talking about ordinals, which, by the way, pretty much has completely 408 00:28:15,844 --> 00:28:19,484 gone dead quiet, hasn't it? Hasn't it? Isn't that interesting? 409 00:28:20,584 --> 00:28:24,084 I don't know if you've noticed, but the value of all the ordinal stuff has plummeted as well. 410 00:28:25,959 --> 00:28:33,159 Are Bitcoiners just not having it? Is it that maybe the Bitcoiner group is a classier group? 411 00:28:33,299 --> 00:28:36,459 I don't know what happened, but I'm kind of pleased to see it. 412 00:28:36,519 --> 00:28:37,999 It seems like they're not, ordinals aren't dead. 413 00:28:38,259 --> 00:28:42,979 That would be a fallacy. That would be an exaggeration. That would be an extreme thing to say. 414 00:28:43,939 --> 00:28:46,519 But it sure seems like the momentum slowed way down. 415 00:28:48,299 --> 00:28:51,919 Curious to know what your thoughts are on ordinals. Hmm. 416 00:28:52,899 --> 00:28:56,679 Yeah, we can't. He says, I'll see how he finishes. will view their collectibles. 417 00:28:56,819 --> 00:28:59,279 But it seems less and less people are interested in the ordinal thing, 418 00:28:59,359 --> 00:29:02,059 doesn't it? Doesn't it? Let me know what you think, Faraday. 419 00:29:02,839 --> 00:29:06,479 Magnolia Mayhem comes in with 9,876 sats. 420 00:29:06,619 --> 00:29:10,699 I hoard that which your kind... Oh, look, people are saying Bitcoin's collapsing 421 00:29:10,699 --> 00:29:11,879 again. Never heard that. 422 00:29:12,119 --> 00:29:16,279 With that doomer's perspective, they'd say people are suffocating between breathing out and breathing in. 423 00:29:17,639 --> 00:29:21,159 I almost am. I got a chest cold, so I have been feeling that way, actually. 424 00:29:22,439 --> 00:29:27,359 Yeah, you're right, Magnolia. You know, I'm going to save it because the short-termer 425 00:29:27,359 --> 00:29:30,619 thing, when the price is dipping, the way the vultures prey on that, 426 00:29:30,739 --> 00:29:33,739 it's such a, well, it's predictable, but it's obnoxious. 427 00:29:33,759 --> 00:29:35,699 I have a clip coming up in a little bit that gets into that. 428 00:29:35,919 --> 00:29:37,559 Thank you, Mayhem, for that boost. 429 00:29:38,179 --> 00:29:43,399 Lazy Locks comes in with 10,000 sets. It's over 9,000! Oh, thank you, 430 00:29:43,399 --> 00:29:46,059 Lazy. He says, I'm supporting the best Bitcoin-related podcast. cast. 431 00:29:46,960 --> 00:29:53,520 Music. 432 00:29:52,459 --> 00:29:55,819 Thank you. Appreciate that. 433 00:29:56,399 --> 00:30:01,299 Wise Hoddle comes in with 8,000 sats. Money laundering, terrorism, 434 00:30:01,459 --> 00:30:03,199 child porn, unlicensed this or that. 435 00:30:03,319 --> 00:30:07,059 These are all code words for, quote, what we are attacking is not necessarily 436 00:30:07,059 --> 00:30:12,779 unlawful, but it's rather a danger to our status quo, Whoa. So they must become unlawful. End quote. 437 00:30:13,319 --> 00:30:17,999 The people who make the rules in fiat society are not bound to those rules. 438 00:30:18,579 --> 00:30:21,699 Arguing within their domain and seriously addressing the points they make is 439 00:30:21,699 --> 00:30:25,479 a losing battle because they will always move the goalposts and use the corrupt 440 00:30:25,479 --> 00:30:29,199 justice system, injustice system to get the results they want. 441 00:30:29,199 --> 00:30:32,619 On why is hodl cynical but 442 00:30:32,619 --> 00:30:35,379 i i mostly agree because i 443 00:30:35,379 --> 00:30:38,479 think i mean i where i agree with you is that 444 00:30:38,479 --> 00:30:41,659 since at least 71 445 00:30:41,659 --> 00:30:46,259 but probably since before that fiat has been slowly corrupting every major institution 446 00:30:46,259 --> 00:30:52,039 and we don't have our best in there anymore and so you they are constantly moving 447 00:30:52,039 --> 00:30:57,139 the goalposts and you're right it is sort of fiat labeling something as used 448 00:30:57,139 --> 00:31:00,479 by terrorists or CSAM or it's not licensed. 449 00:31:02,392 --> 00:31:07,752 Can more and more now be sort of the fiat system's way of just trying to eliminate the competition? 450 00:31:08,412 --> 00:31:12,552 Because they don't have to compete on the merits. They get to compete by abusing the rules. 451 00:31:13,312 --> 00:31:18,692 Mix comes in with 2,000. Thank you for the boost. Mix comes in with 2,121 sats. 452 00:31:19,052 --> 00:31:22,152 Thanks for the show. Well, thank you for the boost. Really appreciate it. 453 00:31:23,232 --> 00:31:29,212 T Hamato comes in with 2,222 sats. A row of ducks. 454 00:31:30,372 --> 00:31:33,692 Thanks so much for the answer to my large question and the follow-up guide. 455 00:31:33,892 --> 00:31:36,652 One thing in particular I wouldn't have figured out alone is the logic behind 456 00:31:36,652 --> 00:31:38,992 grouping on-chain sats into larger blocks. 457 00:31:39,852 --> 00:31:42,972 Sparrow does have fantastic docks, by the way. River looks good for US users, 458 00:31:43,092 --> 00:31:44,452 but seems unavailable in Europe. 459 00:31:44,812 --> 00:31:48,312 I'm trying Kraken at the moment, which is supposed to support Lightning. I'll report back. 460 00:31:49,072 --> 00:31:52,632 Thank you very much for reporting back. You're right, I do often forget that 461 00:31:52,632 --> 00:31:54,112 River is not outside the States. 462 00:31:54,212 --> 00:31:56,952 I will try to remember that they're not available in Europe. 463 00:31:57,052 --> 00:32:00,652 I know Strike is going to launch soon in Europe, to Hamato. 464 00:32:01,352 --> 00:32:05,892 So you might consider, if you can't find something on Lightning or if Kraken 465 00:32:05,892 --> 00:32:09,932 doesn't do it for you, I can't imagine it's more than a couple of weeks. 466 00:32:10,212 --> 00:32:12,652 I mean, I know that I'm sure Strike would have launched already if they could, 467 00:32:12,752 --> 00:32:14,912 but I think that'd be a pretty good platform. 468 00:32:16,092 --> 00:32:17,772 Let me know how it goes, though. If you find something else, 469 00:32:17,812 --> 00:32:22,152 I am trying to collect a list of services that the audience recommends for the 470 00:32:22,152 --> 00:32:24,732 EU because that's an area that I just can't test directly. 471 00:32:25,212 --> 00:32:27,072 How it comes in with With 10,000 sass. 472 00:32:28,512 --> 00:32:32,652 Amazing MMT clip. That was, again, the gal from The Daily Show talking about 473 00:32:32,652 --> 00:32:34,712 how modern monetary theory works. 474 00:32:34,932 --> 00:32:38,012 I watched the longer interview and the vibe stays about the same. 475 00:32:38,072 --> 00:32:43,072 It reminds me of Krugman in 2010s talking down to everyone and pleading for deficit spending. 476 00:32:43,272 --> 00:32:46,312 I agree. Isn't it weird, too, how they're coming out right now? 477 00:32:48,249 --> 00:32:51,489 Their documentary just came out, too. It's all very strange. It's all very strange. 478 00:32:53,209 --> 00:32:56,869 Reoccurring booster Bob B comes in with 5,000 sats. 479 00:32:57,829 --> 00:33:01,329 Hey, Chris, in lieu of having an automated way to send sats weekly, 480 00:33:01,789 --> 00:33:04,389 here's a boost that I managed to remember to do while I was at the computer. 481 00:33:04,809 --> 00:33:08,709 Do you know if Boost CLI can use Albi as a source? Maybe I could cron something. 482 00:33:09,309 --> 00:33:14,869 I don't think so, but if Boost CLI added Nostra Wallet Connect or something like that, then yes. 483 00:33:14,969 --> 00:33:17,809 So that's probably what you'd want to watch for, Bob. Thanks for thinking of 484 00:33:17,809 --> 00:33:20,629 me and the show. I do really appreciate that support. 485 00:33:21,089 --> 00:33:23,849 And Eric Nord's the last one making it on the air this week. 486 00:33:23,909 --> 00:33:25,889 It's a hot boost. Coming in hot with the boost. 487 00:33:28,569 --> 00:33:32,729 8,086 sats, just to say support boost. I really appreciate that. 488 00:33:32,829 --> 00:33:37,429 I got a bunch of other boosts too, including one from Trip about someone boosting 489 00:33:37,429 --> 00:33:41,529 in a recovery method to get their funds out of Samurai. I wanted to pass the thanks on to that. 490 00:33:41,589 --> 00:33:44,869 I do a 2,000 sat cutoff just to kind of keep it tight. 491 00:33:45,509 --> 00:33:50,109 So we had 20 boosters. 20. We had 20 fried boosters. 492 00:33:50,289 --> 00:33:53,289 20 boosters this week. Thank you, everybody. I really appreciate that. 493 00:33:53,449 --> 00:33:58,089 And we stacked 246,502 sats. Heck yeah. 494 00:33:58,669 --> 00:34:02,069 Winner. Winner. It really whips the llama's ass. 495 00:34:02,469 --> 00:34:06,409 Thank you very much. And here's something for your trouble. Thank you very much. 496 00:34:06,549 --> 00:34:09,309 I hope if you find value from the show, you'll consider boosting in. 497 00:34:09,669 --> 00:34:12,809 And it's a show that I'm trying to produce for the podcasting 2.0 community, 498 00:34:12,809 --> 00:34:14,309 for the Jupiter Broadcasting Community. 499 00:34:14,429 --> 00:34:17,269 And the goal is to help people wrap their head around what's going on. 500 00:34:17,309 --> 00:34:20,869 Just one show you have to listen to, really high signal, as tight as possible 501 00:34:20,869 --> 00:34:21,969 to get you in, get you out. 502 00:34:22,629 --> 00:34:26,169 So I wanted to ask you, speaking of boosts, 503 00:34:27,310 --> 00:34:30,890 If you would like me to do a breakdown of that finding money documentary, 504 00:34:30,930 --> 00:34:34,230 those modern monetary clips we've been talking about with the gal from The Daily 505 00:34:34,230 --> 00:34:38,890 Show, you no doubt probably saw the Biden advisor going around where he fumbles 506 00:34:38,890 --> 00:34:42,070 and bumbles trying to explain how money printing and borrowing works. 507 00:34:42,530 --> 00:34:46,430 And it's embarrassing for him. Well, all of that's coming from this documentary 508 00:34:46,430 --> 00:34:47,730 called Finding the Money. 509 00:34:48,110 --> 00:34:54,310 And I'm curious if you would like that kind of thing broken down in a new show. show? 510 00:34:55,530 --> 00:35:01,110 I don't know. I really genuinely don't know. It seems like if this was a general 511 00:35:01,110 --> 00:35:05,390 Bitcoin talk show, it'd be worth breaking down. But I don't know about in a Bitcoin news show. 512 00:35:05,730 --> 00:35:08,470 I'd like to know what you think. So it's finding the money. I'll play a little 513 00:35:08,470 --> 00:35:09,350 bit of the trailer for you. 514 00:35:10,450 --> 00:35:14,450 So much of the public discourse, it's like we're going through life with one 515 00:35:14,450 --> 00:35:17,830 eye shut and one eye open, and we're only getting half the picture. 516 00:35:18,710 --> 00:35:23,430 And then somebody like me comes in and says, well, let's make sure we see the full picture. 517 00:35:25,650 --> 00:35:29,910 People naturally think, wait, government deficit, that. This is a negative thing. 518 00:35:29,970 --> 00:35:33,350 Let's stop this right now. And I say, hang on, let's open the other eye. 519 00:35:33,570 --> 00:35:36,270 The government debt is not a burden on anyone. 520 00:35:36,610 --> 00:35:42,550 The national debt is exactly the opposite of what the orthodox story tells us. 521 00:35:42,870 --> 00:35:46,330 This modern monetary theory. Modern monetary theory. 522 00:35:46,650 --> 00:35:51,830 What is MMT about and why has it suddenly exploded? The last thing we need is 523 00:35:51,830 --> 00:35:53,430 on the harebrained fury. We're broke. 524 00:35:53,730 --> 00:35:58,330 America's broke. Congress has spent all the money. Does the government have to borrow dollars? 525 00:35:59,755 --> 00:36:03,675 Of course not. They don't find the money they created. Is that what they do? 526 00:36:04,675 --> 00:36:07,775 So let me know what you think. If you'd like a breakdown of that or not, 527 00:36:07,895 --> 00:36:08,815 it's something I could do. 528 00:36:08,895 --> 00:36:12,875 But I, again, don't know if this is the right avenue for it. You'd have to tell me. 529 00:36:13,055 --> 00:36:17,215 So boost in with a new podcast app, newpodcastapps.com. You can send a message, 530 00:36:17,335 --> 00:36:21,655 help influence the show, and tell me what you think about that kind of stuff. Really appreciate it. 531 00:36:27,775 --> 00:36:31,155 All right. Right. I want to tell you about Helm. This is a resource that I'm 532 00:36:31,155 --> 00:36:33,635 keeping my eye on for you, but you can start watching it yourself. 533 00:36:33,835 --> 00:36:39,755 Helm is an open source lightning and liquid wallet similar to Aqua. 534 00:36:40,315 --> 00:36:44,495 They just announced it a couple of weeks ago. And the idea is to have, 535 00:36:44,635 --> 00:36:50,135 I guess you could say, a community built alternative to Aqua. 536 00:36:50,215 --> 00:36:53,395 They don't actually go directly out and talk about Aqua much, 537 00:36:53,455 --> 00:36:57,235 but it's a self-custodial wallet where you can send and receive Lightning payments, 538 00:36:57,915 --> 00:37:01,335 without having to worry about liquidity channels because they're using Bolts 539 00:37:01,335 --> 00:37:04,255 to swap between Liquid and Lightning on the back end. 540 00:37:04,955 --> 00:37:08,275 So it's, I believe, a progressive web app. 541 00:37:08,375 --> 00:37:10,535 It's a little bit different than Aqua in a lot of the actual implementation 542 00:37:10,535 --> 00:37:14,295 details, but the overall goals are sort of the similar thing where you could 543 00:37:14,295 --> 00:37:19,795 have, in theory, Lightning and Liquid and even on-chain in one wallet and move 544 00:37:19,795 --> 00:37:22,715 between them fairly easily using the Bolts API on the back end. 545 00:37:23,355 --> 00:37:30,175 So it's Helm, H-E-L-M, Wallet. I'll link to that in the show notes with Phoenix 546 00:37:30,175 --> 00:37:33,035 going away and some of these other solutions that have kind of been fading. 547 00:37:33,435 --> 00:37:36,855 You know, kind of looking at things like Helm Wallet and Mutiny and Aqua Wallet, 548 00:37:36,875 --> 00:37:38,355 probably a better idea than ever. 549 00:37:40,560 --> 00:37:51,600 Music. 550 00:37:53,285 --> 00:37:59,525 You know, I really hate it when a politician attacks people's high time preference like a vulture. 551 00:37:59,745 --> 00:38:05,145 And when they use Bitcoin during a market dump to scare people. 552 00:38:06,225 --> 00:38:14,345 Justin Trudeau, in around January of 2023, used Bitcoin over and over again 553 00:38:14,345 --> 00:38:18,185 to scare the public and mock them for trying to avoid inflation. 554 00:38:18,725 --> 00:38:23,505 So, beyond having a plan to make people mad and amplify and reflect back that 555 00:38:23,505 --> 00:38:28,925 anger, we haven't really seen a lot of concrete proposals from Mr. Polyev. 556 00:38:29,085 --> 00:38:33,265 I mean, he did make one. That's not fair. You're right. He had one great opportunity 557 00:38:33,265 --> 00:38:36,005 for people to opt out of inflation. 558 00:38:36,265 --> 00:38:42,605 He recommended this last spring. You can opt out of inflation if you invest your money in Bitcoin. 559 00:38:42,865 --> 00:38:46,545 Yeah. No, no, no. No, no. No, he stayed up late, watched all sorts of YouTube 560 00:38:46,545 --> 00:38:49,465 videos, and came to that conclusion. He said that himself. 561 00:38:50,825 --> 00:38:56,705 Buy Bitcoin, opt out of inflation. Well, any Canadian who actually listened 562 00:38:56,705 --> 00:38:59,245 to... Maybe that's why those guys with the flags are so mad at me. 563 00:38:59,325 --> 00:39:05,185 Any Canadian who listened to him would have lost more than half their life savings. 564 00:39:05,425 --> 00:39:08,365 This is one of my favorite little things he does, too. That would have lost 565 00:39:08,365 --> 00:39:09,885 more than half their life savings. 566 00:39:10,005 --> 00:39:13,865 And it's not the only time he does this. He did it over and over. 567 00:39:14,265 --> 00:39:19,045 Even during Parliament, he would do it. I know Canadians won't be taking any 568 00:39:19,045 --> 00:39:22,045 condescending economics lessons from the leader of the opposition. 569 00:39:23,045 --> 00:39:29,705 After he proposed to Canadians that a good way of avoiding inflation was to 570 00:39:29,705 --> 00:39:31,965 buy crypto, Mr. Speaker. 571 00:39:32,105 --> 00:39:35,925 That was his economic counsel to Canadians. 572 00:39:36,245 --> 00:39:40,145 And if they had followed it, they would have lost almost half of their life 573 00:39:40,145 --> 00:39:43,905 savings. Yeah, half their life. Again, as if people are putting half their life savings in. 574 00:39:44,265 --> 00:39:49,105 And what he's doing is he's attacking during the absolute bottom of the market, 575 00:39:49,145 --> 00:39:54,125 when Bitcoin was at $16,000, during an obvious crash as a result of the Fed 576 00:39:54,125 --> 00:39:56,965 tightening and a complete readjustment of the market. 577 00:39:57,085 --> 00:40:02,725 And since he's made those condescending comments, Bitcoin is up 300% and the 578 00:40:02,725 --> 00:40:04,425 Canadian economy is in the toilet. 579 00:40:04,645 --> 00:40:08,585 A new report out this week takes a snapshot of Canada's economy and the picture 580 00:40:08,585 --> 00:40:12,845 is bleak. Among the findings, the economy not only stalled in 2023, 581 00:40:13,145 --> 00:40:15,245 it contracted on a per capita basis. 582 00:40:15,525 --> 00:40:20,085 And the GDP per capita fell faster than any time in at least six decades. 583 00:40:20,425 --> 00:40:24,865 The authors found the growth in Canada's clean technology a disturbing development. 584 00:40:25,265 --> 00:40:29,825 And Canada's business R&D hovered at about 0.6% of GDP last year, 585 00:40:29,905 --> 00:40:34,305 which they say is little change from 2022. So those stats look bad, 586 00:40:34,445 --> 00:40:39,905 and Canada seems to be just swirling the drain into a recession. 587 00:40:51,509 --> 00:40:54,529 Assessment of what's happening with the Canadian economy right now, 588 00:40:54,609 --> 00:41:00,809 the fact that we have seen an erosion in the value of the loonie against the 589 00:41:00,809 --> 00:41:05,269 greenback as this conversation around what happens with interest rates has been taking hold. 590 00:41:05,449 --> 00:41:07,889 Let's get some more perspective on the divergence. 591 00:41:08,409 --> 00:41:12,869 They're desperate. They need their central bank to start easing rates right now. 592 00:41:13,029 --> 00:41:16,369 And their most notable economists are coming forward saying it's too late. 593 00:41:16,489 --> 00:41:17,709 They already I needed to do it. 594 00:41:17,869 --> 00:41:21,749 And the only good spot, which if you go to the man on the street interviews, 595 00:41:21,949 --> 00:41:24,669 people on the man on the street interviews say, oh yeah, the economy is horrible, 596 00:41:24,689 --> 00:41:25,989 but I hear jobs are doing good. 597 00:41:26,109 --> 00:41:29,349 Well, the jobs numbers, just like here in the States, are also cooked. 598 00:41:30,429 --> 00:41:35,769 Canada's economy created 90,000 jobs last month, but it's not actually good news. 599 00:41:35,909 --> 00:41:38,749 Hi, I'm Brian Lilley, political columnist for the Toronto Sun. 600 00:41:39,049 --> 00:41:42,789 When you look deeper behind the latest job numbers from Stats Canada, 601 00:41:42,929 --> 00:41:44,889 there are definitely some worrying signs. 602 00:41:45,109 --> 00:41:48,049 Yes, Yes, 90,000 jobs created in the month of April. 603 00:41:48,149 --> 00:41:54,269 That's fantastic, except, well, 50,000 of them were part-time, 40,000 were full-time. 604 00:41:54,869 --> 00:41:59,649 But it's when you look deeper beyond that that things get really worrisome. 605 00:41:59,889 --> 00:42:04,829 Almost a third of the jobs created in April were government jobs. 606 00:42:05,109 --> 00:42:07,849 Over the last year, though, that number is even higher. 607 00:42:08,729 --> 00:42:14,909 398,000 jobs were created across Canada between April 2023 and April 2024. 608 00:42:15,909 --> 00:42:20,329 208,000 of them, or 52%, were government workers. 609 00:42:20,629 --> 00:42:26,369 You can't have a successful economy when 52% of the jobs are with government workers. 610 00:42:26,789 --> 00:42:32,489 So they're really, really, really in a bad spot since Justin Trudeau mocked 611 00:42:32,489 --> 00:42:34,549 people for trying to avoid inflation. 612 00:42:34,649 --> 00:42:36,689 And inflation continues to run hot. 613 00:42:37,849 --> 00:42:42,569 And Bitcoin manages to break new records when paired to the Canadian dollar. 614 00:42:43,509 --> 00:42:48,429 It's embarrassing. And he did it because he's able to leverage people's ignorance. 615 00:42:48,529 --> 00:42:50,909 And he knows they're ignorant about the topic. 616 00:42:51,329 --> 00:42:53,269 It's cynical when he does it. 617 00:42:54,389 --> 00:42:59,729 And I think what gave me a little perspective on all of this was when Strikes, 618 00:42:59,749 --> 00:43:06,109 Jack Maulers explained why folks like Justin and those that are following him are so screwed. 619 00:43:07,002 --> 00:43:11,542 And why it's just so broken? I'll answer that in two parts. 620 00:43:12,022 --> 00:43:17,502 I'm a long-term holder of Bitcoin, and I have the opinion that Bitcoin's been 621 00:43:17,502 --> 00:43:19,002 in a bull market for 15 years. 622 00:43:19,302 --> 00:43:22,022 The highs have always been higher and the lows have always been higher. 623 00:43:22,242 --> 00:43:25,762 And I think more of the world is waking up to the idea that if you've got one 624 00:43:25,762 --> 00:43:29,382 currency that's fixed in supply, and then you've got another currency that's 625 00:43:29,382 --> 00:43:31,242 being rapidly inflated in supply, 626 00:43:31,482 --> 00:43:34,782 then the one that's fixed in supply is going to appreciate in price against 627 00:43:34,782 --> 00:43:35,862 the one that's being inflated. 628 00:43:35,962 --> 00:43:40,402 And so I think Bitcoin is going to go up against the dollar and more and more 629 00:43:40,402 --> 00:43:41,762 people are subscribing to that thesis. 630 00:43:42,002 --> 00:43:46,042 So it doesn't shock me that Bitcoin is the best performing asset again this year. 631 00:43:46,182 --> 00:43:47,842 I think the narrative that we're 632 00:43:47,842 --> 00:43:52,182 living through right now is my favorite metric is global debt to GDP. 633 00:43:52,662 --> 00:43:57,182 The way I like to think about that is the amount of borrowing our governments 634 00:43:57,182 --> 00:44:01,822 have done from our future versus the growth they're producing to pay that back. 635 00:44:01,822 --> 00:44:06,102 And so we've borrowed a tremendous amount of time and energy from our future 636 00:44:06,102 --> 00:44:10,822 in the form of money with no way of paying it back. And that loss has to be realized somewhere. 637 00:44:11,122 --> 00:44:14,782 And I think the market is waking up to the idea that the government and central 638 00:44:14,782 --> 00:44:18,282 banks around the world are planning to realize that loss through debasing the currency. 639 00:44:18,602 --> 00:44:22,462 And you're seeing that in inflation metrics all the way down in New York City. 640 00:44:22,642 --> 00:44:27,082 And so if that's the case, it's a race to own hard assets and Bitcoin's the 641 00:44:27,082 --> 00:44:30,502 hardest, most advanced money we've come across in human history. 642 00:44:30,502 --> 00:44:35,522 And so I think the recent rally, the adoption of an ETF on Wall Street, 643 00:44:35,622 --> 00:44:39,922 a lot of the narrative is they're going to socialize the loss of global debts, 644 00:44:40,002 --> 00:44:43,802 GDP, and all the deficits through inflating the currency. 645 00:44:43,942 --> 00:44:47,302 And you better not own dollars. And if you're going to own something, why not Bitcoin? 646 00:44:47,522 --> 00:44:49,842 Couldn't have said it better myself, Jack. Thank you very much. 647 00:44:49,942 --> 00:44:52,222 And thank you for listening to This Week in Bitcoin. 648 00:44:52,662 --> 00:44:54,982 I would love for you to share this with a friend if you could. 649 00:44:54,982 --> 00:44:59,342 And I'm going to play a podcasting 2.0 supported track, which means you can 650 00:44:59,342 --> 00:45:02,062 boost and your sats go directly to the artist that's playing. 651 00:45:02,402 --> 00:45:05,382 I'm going to wrap it up with I Need a Little by The Retro Grain. 652 00:45:05,520 --> 00:49:06,776 Music.