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Welcome in to This Week in Bitcoin, episode 52.

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My name is Chris.

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Chris, L-A-S dot com, Jupiter Broadcasting dot com.

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This is the last thing I'm recording before I hit the summer road trip with the family.

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So, of course, I've got a bit of a chest cold developing, and it's not clear at all where

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things will be when I get back.

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Much of the world has really been on the edge of their seats following the news as things break since last week's episode because the conflict with Iran took such a serious turn when the U.S. had a strike that made a lot of news.

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And while I was trying to sort through all this news and proclamations of this or that, I realized something really deeply powerful during all of this.

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And I wonder if some of you have been doing the same.

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And without even thinking twice, I found myself checking the Bitcoin price, not so much to

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see what the price was, although that's interesting, but more to see how Bitcoin was pricing the

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news.

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Like it was this source of how bad is this World War III news based on the Bitcoin price.

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You could use it as this sort of global Geiger counter of what's really going on.

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If the needle jumps, something big just went down.

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if the price barely moves, it's probably just noise.

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And if you think about the scale of sentiment that is a news digestion,

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everything that goes into that, that essentially that price action represents.

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For certain things, it means you don't need a pundit panel or breaking news.

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You can just watch the price on a sharp dip.

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It's bad news, man. Sudden pump. Something good probably just hit.

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Bitcoin is the only market that's pricing in the truth 24-7, 365.

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and what just continues to strike me 14 years or 14 years or something into just following Bitcoin.

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I mean, nearly every week I still think, how incredible is it that Bitcoin is built to be

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trustable in a society where we've lost all trust? We've lost trust in the news. You lose trust in

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what the politicians announce on social media. All of you can't even trust what you're seeing

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in the video. And here comes Bitcoin from issuance to allocation and market availability.

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So let's start here. This is my shortest story. We're just going to get this out of the way really quick this week. Things are moving fast in D.C., and we're getting a lot more movement around this crypto framework bill stuff. I'm just going to play one clip on this because it's something you need to know, but we don't have to spend an enormous amount of time on it.

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This joins us with more on that. Emily, good morning.

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Good morning, Becky. Yeah, well, CNBC got an exclusive first look at what could be the biggest

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crypto bill of the year coming out of D.C. Banking chairman Tim Scott, along with Senator Cynthia

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Lummis, introduced a framework today for a piece of legislation that would really provide the rules

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of the road for crypto and other digital assets. Now, this framework includes things like a

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definition of digital assets, when they would be regulated as a security versus as a commodity.

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The framework for the bill commits to reducing regulation.

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And it also says that there is a need for a small common sense package of measures directed at things like preventing money laundering and sanctions evasion.

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So this is called a framework.

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In other words, it's a bunch of rules that kind of agree on for now that they're going to incorporate into an actual bill later on.

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But the idea is the banks and other companies are getting in now.

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They're announcing their stablecoin plays.

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They're announcing their Bitcoin plays.

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And so they want to be able to add some veneer of legitimacy to it all.

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Now, the bill is yet to come.

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But Lummis, who called for the bill to pass before the end of the year, has said in a

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statement to CNBC that while the European Union and Singapore have established clear

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regulations, U.S. continues to sit on the sidelines while the digital asset industry

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seeks greener pastures.

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That changes today, she says.

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The new outline builds on momentum last week when the Senate passed a stablecoin bill with

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strong bipartisan support. Trump is now pushing for the House to move on that bill, saying on

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Truth Social that the House must get it to my desk ASAP, no delays, no add-ons. But the House

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has their own version of not just the stablecoin bill, but also today's introduced bill on market

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structure. And Chairman French Hill says he wants them to move together before the end of August.

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So a lot of crypto news coming up on Capitol Hill.

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Becky?

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Emily, thank you.

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I mean, this has been the problem.

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Yeah, so you have these, you know, the House and Senate versions of this.

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And President Trump says also he wants it lightning fast.

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The House Financial Services Chairman French Hill said in an event that he wants the stablecoin and market structure bills to go together, which is the opposite of what Trump's asking for.

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And then when he was asked, he avoided questions about whether the House would take up the Senate's differing stablecoin bill.

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So they've got competing bills.

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The Senate is trying to move quick, so they've got theirs now.

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They've got their Genius Act and this market framework.

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And now they're looking at the House saying, come on, what's going on?

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What's taking you so long?

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It's not really going to impact Bitcoiners, from what I can tell.

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There's not a lot in there that really impacts Bitcoiners,

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other than perhaps financial services around Bitcoin becoming more generally available,

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which you can decide if it's a good thing or not.

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I tend to think it is a good thing because it means probably more adoption.

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So from what I could tell, there's not much meat on this, but there's nothing that I see that is negative for Bitcoin that at least I've been able to pull out of it.

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Well, the federal chair, Jay Powell, your buddy, spent Tuesday and Wednesday on Capitol Hill speaking at various committees.

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Today, he's out there right now, I think, as I record.

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This one is led by Elizabeth Warren.

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And this is all in the shadow of building pressure to cut rates, and not just from Trump this time.

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The Federal Reserve Governor Michelle Bowman said on Monday that the U.S. Central Bank should consider bringing down interest rates if inflation remains contained or if data shows a weakening labor market.

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So Governor Michelle Bowman's right there from his crew.

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In fact, there was another Fed governor, I believe, too. Two Fed governors have publicly dissented with J-Pow now on the rates. On Tuesday, June 24th, Vice President Vance posted, quote, I'd love to hear an argument for why Powell cut rates 50 points right before an election, but can't do it now when inflation is actually lower.

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And on top of that, others have been going to the air, trying to get on like the biz.

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You know how we have like the CNBC and the Fox Business Networks?

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Like this is James Fishback in Fox Business, you know, kind of hitting the talking points, applying the pressure.

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Federal Reserve Chairman Jerome Powell is misinformed, uninformed or chloroformed because the inflation picture, as President Trump has rightly called it, is being taken care of.

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Inflation came in lower than expected last month.

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We learned that this morning.

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CPI is at its lowest level in four years.

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Gas prices down to four-year lows.

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Oil prices down 15% since President Trump took office.

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And what is the Fed?

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They're doing absolutely nothing.

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What Economics 101 teaches you is that when inflation comes down, you lower interest rates as a result.

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Americans deserve a little bit of relief when it comes to their credit card bills and their mortgages.

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And Jerome Powell can do that if he would stop trying to sabotage the president and his agenda.

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All right. So what's really happening here is these two groups are talking past each other. The president and his speakers are talking about inflation right now. They're talking about oil prices right now. And J-Pow is talking about, well, we're concerned about inflation and energy prices in two to three months, in two to three, you know, down the road.

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And one of my favorite things about these hearings is these guys have to answer the same question over and over and over again.

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And by favorite, I mean, I hate it.

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But it does mean inevitably they kind of refine the answer.

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And so if you grab the right one, you kind of get a good, concise answer.

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And I got that from Jay Powell.

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And I think this is his clearest answer yet on why they are not presently cutting rates.

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So what is it that's keeping in your mind the Fed from what many of us believe is the right thing to do, which is to lower some interest rates?

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and by the way, match with the Bank of Canada, Bank of England, the European Central Bank,

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the Swiss Central Bank, a number of emerging central banks.

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By the way, that's your own assessment on page 33 as where you're laying that out.

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Why aren't we doing what the rest of the world is doing?

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Is it because we're at full employment?

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Is it because of those tariffs concerns that you said weren't part of the analysis?

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Was it energy, groceries, durable goods?

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Why?

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So you're right that if you just look in the rearview mirror and look at the existing data

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that we've seen, you can make a good argument that that would call for us to be at a neutral level,

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which would be a couple of cuts or maybe more kind of thing. The reason we're not

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is the forecast by all professional forecasters that I know of on the outside and the Fed

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do expect a meaningful increase in inflation over the course of this year.

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When I said we weren't going to talk about tariffs and inflation,

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that was to say until we see what the policies are.

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And so now we know a lot more in six months since I said that.

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So anyway, I'd be happy to continue this.

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His concern is, of course, you know,

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the tariffs will produce some sort of inflation down the road.

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And one of my other favorite things in these hearings is,

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actually I do kind of like this one.

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I've been kind of basking it, actually, now that I think about it.

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If I'm really honest with myself, I've been loving it as I think about it more and more.

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When I started this show, these hearings were brutal, you guys, brutal.

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They were consistently filled with coordinated attacks against Bitcoin and the crypto industry.

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They brought in actors that didn't know anything, that just spread total, absolute misinformation.

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I mean, some of the early clips might be kind of entertaining now.

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Elizabeth Warren coordinated with guests like Jamie Dimon and seemingly Jerome Powell we've now learned.

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So that way their testimony and questions were right on point to attack crypto and Bitcoin.

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But now, now it's all changed.

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It's a totally different vibe now.

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You see, it's all good.

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We've always been friends with crypto.

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We love you, fam.

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No, crypto.

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Yes, stable coins.

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It's all good.

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It's all good.

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Crypto space.

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Our view is that banks get to decide who their customers are.

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That's not our decision.

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And so banks are free to provide banking services to crypto, the crypto industry, to crypto companies.

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And banks are also free to conduct crypto activities as long as they do so in a way that is protective of safety and soundness.

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Huh. Geez, that's a little different than a year ago.

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Happy to see it, though.

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Arthur Hayes was on a podcast recently, which I will link to in the show notes.

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It's a good interview.

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He's the BitMEX founder, and we used to love reading some of his analysis on the Bitcoin

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Dad pod because it generally was a bit on the nose, but accurate.

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And his track record also tended to be pretty good.

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So in this interview, which spans a lot of topics, I pulled a couple of clips and they

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kind of get them to pin down a couple of things.

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And one of the things that's going on right now is everybody's expecting inevitably a

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large money print.

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Everybody, you know, the shorthand term is money print.

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But what that means is the regulations around the banks and their balance sheets and the

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treasuries that they can own, as we've talked about, is changing.

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They're going to be buying a lot more federal debt.

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it's very likely the Federal Reserve will also begin buying federal debt, especially

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as the foreign market continues to drain out of the U.S. That does seem to be one of the

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consequences of the tariffs is that foreign investors are putting their money in other

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markets. And foreign investors have kind of been the secret sauce to the U.S. exceptionalism in the

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stock market. One of the reasons the U.S. stock market does so fantastically well compared to

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Canada or the UK or Australia is because everybody has surplus dollars and they're putting it into

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our stock market. This is why you maybe didn't even know that Canada had a Bitcoin ETF a year

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before the United States. It just didn't matter. It didn't matter. And now that we've launched

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them here in the United States, they're the most successful ETFs in history. It matters.

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It matters because the size, the liquidity, the money in the market is that much different.

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And a big reason to that is the rest of the world trades in dollars with us.

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And if they take those dollars and they convert them into their local currency and they buy

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crap in their local country, they're going to devalue their own currency.

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So they keep the dollars and they reinvest them into things like property and stocks

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and ETFs and whatnot.

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You know, you get it.

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All kinds of things, but stock market.

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But that, Arthur has shown, has data to show.

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That is genuinely declining since about January.

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and that is going to put pressure on the Fed to be the buyer of last resort.

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So now what we kind of have an idea of is that the banks, because of the regulations changing,

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are going to be buying more federal debt.

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The Federal Reserve may end up having to be the buyer of last resort as well

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and have to buy federal debt and thus have to print money.

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I could sit here and go on for a while.

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There's a lot of things that when you play them out are likely going to force the Fed

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to print money. It's going to force the government to increase debt. But there are some major macro

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things that are obvious. And I think maybe on the back of a lot of our minds, it's something I think

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about as I watch my family age. And Arthur touches on a real problem we might have soon in that

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the boomer generation compared to my generation, I'm an older millennial,

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is a lot more well off.

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They, like, I could not afford my parents' house.

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Couldn't buy it from them.

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You know, couldn't.

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They are a lot more well off than the,

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it's just the data shows.

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The boomers are a lot more well off

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than the generations after them.

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And so they own things

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that we can't necessarily buy from them,

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but yet they're going to need to fund their retirement

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and their golden age.

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The boomers have stocks to sell.

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Does anyone want these stocks?

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Maybe to some extent.

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Do they want that big suburban house or whatever they have, or apartment in the city?

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I don't know.

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So I think that's, there's going to be a massive issue in terms of if the younger generation

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wants to buy things that the older generation is selling and they need to sell those things

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to fund their retirement, how does that square?

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Are they going to increase taxes because the asset prices of things that boomers own and went down and they can afford their retirement So they going to tax the young more to pay for their retirement And are the young going to accept that I don know What would you guess I think there going to be a lot of

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intergenerational conflict. I don't know the outcome of it. But it could be money printing

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at the end of the day, right? Because it's a very easy way for the government to solve this problem.

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Everything leads to money printing. Everything does lead to money printing

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because inevitably it's the easiest solution

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and you can do it without people even really noticing

216
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the second order effects initially.

217
00:15:34,462 --> 00:15:37,482
So a lot of these different macro trends kick in

218
00:15:37,482 --> 00:15:39,862
that suggest we're probably going to see the banks

219
00:15:39,862 --> 00:15:42,762
and the Fed inevitably get into a lot of money printing.

220
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And I think a lot of us expect that.

221
00:15:44,282 --> 00:15:46,202
The timeline though is not as clear,

222
00:15:46,562 --> 00:15:50,362
but Arthur Hayes thinks that it may kick in sometime this year

223
00:15:50,362 --> 00:15:52,782
and that will take towards the end of the year,

224
00:15:52,922 --> 00:15:55,762
Bitcoin to 250,000 US dollars.

225
00:15:55,762 --> 00:15:59,642
Just give us a sense of the timeline of Bitcoin to a million by 2028.

226
00:15:59,822 --> 00:16:01,962
You said $1,250 by end of the year.

227
00:16:02,022 --> 00:16:02,962
Is that still your timeline?

228
00:16:03,402 --> 00:16:06,182
Yeah, so I think that we get to $250,000 by the end of the year.

229
00:16:06,262 --> 00:16:07,602
It'll be bumpy along the way, obviously.

230
00:16:07,902 --> 00:16:09,702
But that's sort of my end of year price target.

231
00:16:09,982 --> 00:16:21,002
And then a million dollar Bitcoin is what I just got off stage talking about how they're going to print, I think, in the realm of $9 trillion-ish between now and that period of time.

232
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And that is, you know, Fannie and Freddie, the government support entities that are allowed

233
00:16:26,342 --> 00:16:29,002
to create mortgages in the US, they will print $5 trillion.

234
00:16:29,422 --> 00:16:34,602
You will have probably up to $1 trillion purchased by the banking system due to supplemental

235
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leverage ratio exemptions and purchasing things that the foreigners are selling.

236
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And I think the banks are going to free, because they now don't have to hold all this equity

237
00:16:42,222 --> 00:16:43,602
capital against their treasury book.

238
00:16:43,742 --> 00:16:43,922
Yeah.

239
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They can lend more into the real American economy.

240
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And so you're going to see the amount of loans going to manufacturing firms increase, which is, again, that's an increase in credit.

241
00:16:53,382 --> 00:16:55,022
And that will make its way into crypto as well.

242
00:16:55,402 --> 00:17:00,382
When the Fed printed a limited QE back in 2020, all asset classes went up.

243
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It wasn't just Bitcoin.

244
00:17:01,522 --> 00:17:04,322
So this is good news for Bitcoin, what you just said, the thesis you laid out.

245
00:17:04,342 --> 00:17:08,162
But it could be good news for everything else, including stocks, gold, potentially even bonds as well.

246
00:17:08,342 --> 00:17:11,882
Why would Bitcoin in particular outperform everything else in a high-nequity?

247
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So Bitcoin has a fixed supply.

248
00:17:13,842 --> 00:17:16,763
It's obviously a much smaller market in terms of market cap.

249
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And so you have if you have a lot of things chasing a very small door, then the price goes up on the margin.

250
00:17:21,162 --> 00:17:25,162
And so that's why Bitcoin has been the best performing financial asset in the last 15 years.

251
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The lever you have pulled breaks is not in service.

252
00:17:30,202 --> 00:17:31,303
Please make a note of it.

253
00:17:31,562 --> 00:17:33,642
I think nothing stops this train.

254
00:17:33,763 --> 00:17:35,982
It's baked into the pie at this point.

255
00:17:36,682 --> 00:17:37,263
Decent chat.

256
00:17:37,442 --> 00:17:41,122
It's about 26 minutes long in total, so it's not too hard to digest.

257
00:17:41,122 --> 00:17:44,942
It's on David Lynn's channel, and I'll put a link to that in the show notes.

258
00:17:45,142 --> 00:17:46,622
I have a question for you.

259
00:17:48,342 --> 00:17:54,303
So as of this episode, the Truflation dashboard shows the year-over-year inflation in the

260
00:17:54,303 --> 00:17:57,342
states at 2.18%.

261
00:17:57,342 --> 00:17:59,442
2.18%.

262
00:17:59,442 --> 00:18:08,142
But you don't get to $250,000 Bitcoin and beyond without a lot of liquidity coming into the

263
00:18:08,142 --> 00:18:11,562
which tends to eventually lead to inflation.

264
00:18:12,322 --> 00:18:13,422
Now, maybe it takes longer,

265
00:18:13,602 --> 00:18:15,702
but if you start to see it in the Bitcoin price,

266
00:18:15,742 --> 00:18:17,023
where we see it in other places too.

267
00:18:17,442 --> 00:18:20,462
So I say, let's all get on the record.

268
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At the start of summer 2025, by Halloween 2025,

269
00:18:27,942 --> 00:18:31,402
so 128 days from this episode,

270
00:18:31,402 --> 00:18:37,783
will the year on year inflation be higher or lower than 2.18%?

271
00:18:38,142 --> 00:18:44,222
boost it in, lock in your prediction. Let's see what happens. God, I,

272
00:18:45,523 --> 00:18:54,142
hmm. Is J-PAL right? And the tariffs are going to push that up? Or is the Trump White House right?

273
00:18:54,642 --> 00:19:01,082
And, you know, all the big economic machinations will push it down. I don't know which way. I would

274
00:19:01,082 --> 00:19:06,002
like you to boost it and lock it in. And then when I read the boost, I'll make my decision. Yes,

275
00:19:06,002 --> 00:19:10,562
host privilege. I'm going to punt for a little bit, but I'm going to think about it on the road

276
00:19:10,562 --> 00:19:22,862
trip. So I have a justification. Well, coming up on the show, your boost, a quick hardware wallet

277
00:19:22,862 --> 00:19:28,322
review, some updates you probably want to know about, and a couple of final clips of the week

278
00:19:28,322 --> 00:19:31,803
again. I'm doing it again. I'm doing a couple of final clips of the week. So if you'd like to

279
00:19:31,803 --> 00:19:36,202
support the show just by doing what you do, like when you stack sats. If you buy sats on River,

280
00:19:36,502 --> 00:19:40,642
which is one of the best ways to stack sats in the U.S., great company. We have a link in the

281
00:19:40,642 --> 00:19:45,502
show notes. You use that. It supports the show. If you're all about self-custody, you're in Canada

282
00:19:45,502 --> 00:19:50,803
or the States, check out the Bitcoin Well. It's an amazing automatic self-custody platform to and

283
00:19:50,803 --> 00:19:56,283
from your wallets. They don't have a wallet for you. It's great. If you've got some sats in Lightning

284
00:19:56,283 --> 00:20:01,222
and you want to spend them, go convert them to a gift card in just seconds. That's the Bitcoin

285
00:20:01,222 --> 00:20:07,543
company. They only deal in Bitcoin. They do great gift cards super fast over lightning. Now, if you

286
00:20:07,543 --> 00:20:14,023
want to stack some sats when you're swiping that debit card, paying those bills, that's where Fold

287
00:20:14,023 --> 00:20:19,722
comes in. This is an MVP in our community. I use it. My wife uses it. The Fold card. It's great.

288
00:20:20,182 --> 00:20:25,142
And then last but not least, if you need to get access to your Bitcoin value without selling it,

289
00:20:25,502 --> 00:20:29,922
check out a salt loan at Salt Lending. Links to those vendors in the show notes. No,

290
00:20:29,922 --> 00:20:32,842
no direct relationship other than I use them.

291
00:20:33,523 --> 00:20:35,642
And then the affiliate link supports the show.

292
00:20:36,142 --> 00:20:38,082
So you can find those in the show notes.

293
00:20:49,682 --> 00:20:52,982
We got some boost to support the show this week.

294
00:20:53,182 --> 00:20:56,362
And Satsquatch came in just a little bit before the show

295
00:20:56,362 --> 00:20:58,962
and is our baller booster.

296
00:20:59,922 --> 00:21:08,303
Sending in 75,000 sats to say value for value.

297
00:21:08,402 --> 00:21:10,023
Thanks for keeping the signal strong, man.

298
00:21:10,582 --> 00:21:13,523
Sat Squanch, I very, very much appreciate this boost.

299
00:21:13,602 --> 00:21:17,803
First of all, you are the baller by about a mile this week.

300
00:21:17,803 --> 00:21:23,222
And you brought up the overall average for the entire episode, sending me off onto my summer road trip.

301
00:21:23,402 --> 00:21:24,082
Much better shape.

302
00:21:24,142 --> 00:21:25,122
So thank you, Sat Squanch.

303
00:21:25,523 --> 00:21:28,182
You really have been great and really appreciate that.

304
00:21:28,182 --> 00:21:31,602
I mean, talking about just the perfect time for you to come in and return some of that value.

305
00:21:32,222 --> 00:21:33,082
Thank you very much, sir.

306
00:21:33,482 --> 00:21:34,122
Appreciate that.

307
00:21:34,763 --> 00:21:37,102
Golf Winch is here with 5,000 sats.

308
00:21:37,242 --> 00:21:38,602
Coming in hot with the blues.

309
00:21:38,722 --> 00:21:41,303
B-O-O-S-T.

310
00:21:41,523 --> 00:21:44,242
I just threw a few jingles at him because he said, no jingles, no karma.

311
00:21:44,422 --> 00:21:46,763
Just wanted to tell the podfather, I say hello.

312
00:21:47,122 --> 00:21:50,642
I felt like if you don't request, I get to pick.

313
00:21:51,222 --> 00:21:52,482
So I threw a few at you.

314
00:21:52,822 --> 00:21:55,102
But thanks, Golf Winch, and shout out to the podfather.

315
00:21:55,942 --> 00:21:56,662
They do great work.

316
00:21:56,662 --> 00:22:04,543
If you are interested, if you're a podcaster at all, want to know where the future of podcasting is going, check out the podcasting 2.0 podcast.

317
00:22:04,942 --> 00:22:15,702
Because a lot of the stuff that you'll see me implement in the show is, you know, like I learned about the Magic Walt switching technology and the ability to have value for value music artists on the show by listening to podcasting 2.0.

318
00:22:16,202 --> 00:22:18,222
And Adam, the podfather, does that with Dave.

319
00:22:18,642 --> 00:22:19,642
Everything's under control.

320
00:22:20,303 --> 00:22:20,842
Thank you, Golf.

321
00:22:20,922 --> 00:22:21,543
Nice to hear from you.

322
00:22:22,002 --> 00:22:24,882
Orange Pill Lawyers here with 2,000 Sats.

323
00:22:24,882 --> 00:22:25,642
Tough little shit.

324
00:22:25,642 --> 00:22:32,362
little. I don't know if Bitcoin's going to dump anytime soon. I just know I want to be ready if

325
00:22:32,362 --> 00:22:38,803
it does. They're real and they're spectacular. Yeah, I agree. I agree. Gene Bean's here with

326
00:22:38,803 --> 00:22:45,142
a row of ducks. Regarding Bitcoin knots, I've been trying to read the tea leaves based off the

327
00:22:45,142 --> 00:22:49,422
reporting you've been providing here. And well, the news in this episode, plus the great boost

328
00:22:49,422 --> 00:22:54,462
about the Problems Corps' recent actions have been enough to push me over to the land of knots.

329
00:22:54,462 --> 00:23:02,002
Oh, I'd be really grateful to hear how that goes feedback wise on the transition.

330
00:23:02,402 --> 00:23:03,803
Seems like it should be pretty smooth.

331
00:23:04,622 --> 00:23:06,702
Gene Bean, I'd love to know that, though, if you get a chance to do it.

332
00:23:06,922 --> 00:23:14,182
And also, you see how the booths out there, they make a difference, not just in the value of the show, but others are reading and taking in that feedback, too.

333
00:23:14,562 --> 00:23:14,982
Thank you, Gene.

334
00:23:15,642 --> 00:23:17,002
Atone's here, or Atone.

335
00:23:17,543 --> 00:23:18,222
I like Atone.

336
00:23:18,562 --> 00:23:21,382
And he is atoning with 2,222 sets.

337
00:23:21,382 --> 00:23:49,622
I saw S. Oh, I saw Salt take some flack for saying that, but he's right. If your business model relies on Bitcoin never dumping again. Oh, he said safe. I'm an old man. My eyes are getting bad, guys. He said, I'll start over. I'm sorry about that. It's really any glasses. I saw safe take some flack for saying that, but he's right. If your business model relies on Bitcoin never dumping again, you're going to have a bad time. Yeah, really? Yeah, I I I feel like Saylor knows that.

338
00:23:49,622 --> 00:23:54,002
I mean, we saw MicroStrategy survive through a very protracted bear market.

339
00:23:54,482 --> 00:23:57,882
And I would imagine some of these other treasury companies.

340
00:23:58,422 --> 00:23:59,222
But you have to wonder.

341
00:23:59,342 --> 00:23:59,803
I was looking.

342
00:24:00,422 --> 00:24:05,102
I think the current count for Bitcoin treasury companies that are public now is 71.

343
00:24:06,242 --> 00:24:06,803
71.

344
00:24:07,842 --> 00:24:11,763
So are all of them going to be able to hodl during a bear?

345
00:24:12,682 --> 00:24:13,882
I don't think so.

346
00:24:14,063 --> 00:24:14,402
I don't.

347
00:24:14,702 --> 00:24:15,462
Thank you for the boost.

348
00:24:15,842 --> 00:24:16,382
Appreciate it.

349
00:24:17,322 --> 00:24:19,102
Hello there's with a row of ducks.

350
00:24:19,182 --> 00:24:20,162
Hey, how about that?

351
00:24:25,283 --> 00:24:26,642
And they say boost.

352
00:24:26,822 --> 00:24:27,523
Thank you, sir.

353
00:24:27,842 --> 00:24:28,322
Boost.

354
00:24:28,482 --> 00:24:28,822
Or madam.

355
00:24:28,962 --> 00:24:29,803
Appreciate the support.

356
00:24:30,442 --> 00:24:32,862
Nakamoto 5000 is here with 5000.

357
00:24:33,382 --> 00:24:35,202
Nakamoto 6000 is here with 5000.

358
00:24:35,622 --> 00:24:37,303
The traders love the vol.

359
00:24:37,722 --> 00:24:40,502
You played a clip from someone discussing their Bitcoin treasury strategy.

360
00:24:41,063 --> 00:24:45,322
Maybe these companies will make a lot of money and those investing in them will make some Bitcoin, too.

361
00:24:46,002 --> 00:24:48,783
I'm not the brightest, but it just doesn't make sense to me.

362
00:24:49,102 --> 00:24:55,582
Listening to these guys talk about nav and arbitrage opportunities, it's over my head and sounds like a sales gimmick.

363
00:24:56,222 --> 00:24:58,263
I'm going to stick to a strategy that makes sense to me.

364
00:24:58,862 --> 00:25:00,442
Stacking sats and staying humble.

365
00:25:00,942 --> 00:25:01,642
Thanks for the value.

366
00:25:01,882 --> 00:25:02,622
This is the way.

367
00:25:02,962 --> 00:25:03,682
This is the way.

368
00:25:04,362 --> 00:25:05,822
Nakamoto, this is the way.

369
00:25:06,822 --> 00:25:14,622
The beautiful thing about Bitcoin, and something I have appreciated a lot over the history of it, you don't have to follow it.

370
00:25:14,622 --> 00:25:22,322
You know, you can just stack it, put it away and you don't have to think about like, you know, say if you wanted to buy Apple stock.

371
00:25:22,722 --> 00:25:27,142
Well, how will it how will it impact you when Tim Cook steps down in the next couple of years?

372
00:25:27,162 --> 00:25:30,263
He said about a year ago in the next few years, he's going to retire.

373
00:25:30,462 --> 00:25:33,942
He's getting up there in age. How's that going to impact Apple stock negatively?

374
00:25:34,122 --> 00:25:37,622
Positively could go either way. It's something you have to think about.

375
00:25:37,622 --> 00:25:49,642
Right. Like one of the things that's wild to watch is when when we go to war with Iran, we see the nuclear stocks start ripping because, you know, we need an alternative to oil.

376
00:25:49,642 --> 00:25:57,043
All of a sudden, all of a sudden we're going to invest in this again. And it's this on and off sort of moody way that the market reacts to these news events.

377
00:25:57,342 --> 00:26:01,543
I would rather just tune out when it comes to generational wealth that I'm trying to stack.

378
00:26:02,242 --> 00:26:06,902
And these Bitcoin strategy companies, to me, just seem like they're making something that should be so simple, very complicated.

379
00:26:07,502 --> 00:26:08,482
I think you nailed it, Nakamoto.

380
00:26:08,783 --> 00:26:09,543
Thank you for that boost.

381
00:26:10,043 --> 00:26:10,902
Completely agree.

382
00:26:11,702 --> 00:26:13,082
Ah, Hodler's here.

383
00:26:13,162 --> 00:26:14,043
Hello, Hodler.

384
00:26:14,482 --> 00:26:16,342
You're doing very well.

385
00:26:17,222 --> 00:26:19,142
2,062 sats.

386
00:26:19,543 --> 00:26:21,442
This is enjoy your trip and stay safe.

387
00:26:21,783 --> 00:26:22,222
Thank you.

388
00:26:22,342 --> 00:26:22,662
I will.

389
00:26:22,662 --> 00:26:25,662
Thank you for helping us help you help us all.

390
00:26:26,602 --> 00:26:31,722
Eric FJ is here with 7,777 sats.

391
00:26:31,722 --> 00:26:42,002
regarding microstrategy and the others i think the risk is real the u.s power structure runs on

392
00:26:42,002 --> 00:26:46,803
exploiting inflation through the dollar well i agree with that they're not going to sit back

393
00:26:46,803 --> 00:26:52,102
and let people incinerate dollar denominated capital inside their own regulated markets

394
00:26:52,102 --> 00:26:57,962
without eventually cracking down you think it's a coincidence they showed up to bitcoin 2025 in

395
00:26:57,962 --> 00:26:59,602
force pushing stable coins?

396
00:27:00,202 --> 00:27:02,043
In hindsight, parking your wealth in a public

397
00:27:02,043 --> 00:27:04,462
treasury stock casinos instead of self-custaining

398
00:27:04,462 --> 00:27:06,043
Bitcoin will look like a

399
00:27:06,043 --> 00:27:08,263
massive foot gun for so-called

400
00:27:08,263 --> 00:27:09,342
Bitcoiners.

401
00:27:11,322 --> 00:27:13,822
I think you could be right.

402
00:27:14,563 --> 00:27:15,502
One or two of them,

403
00:27:15,942 --> 00:27:18,322
you know, maybe for some years outperforms

404
00:27:18,322 --> 00:27:20,162
Bitcoin. Over 10, 20

405
00:27:20,162 --> 00:27:21,803
years, I don't know about that. Maybe.

406
00:27:22,043 --> 00:27:23,142
Maybe one or two or three of them.

407
00:27:23,822 --> 00:27:26,023
I just don't know if it's worth it. And how rich

408
00:27:26,023 --> 00:27:29,942
do you need to be is also the other question I have. I suppose everybody wants to be more rich.

409
00:27:30,482 --> 00:27:35,202
I do wonder if there'll be some sort of crackdown. It may also just be as likely that instead of a

410
00:27:35,202 --> 00:27:40,043
crackdown, the system just figures out a way to make money on it and benefit from it. You know,

411
00:27:40,063 --> 00:27:43,342
that's because we thought they would be cracking down like crazy on Bitcoin. Instead, what we're

412
00:27:43,342 --> 00:27:47,582
seeing is, well, we'll do reserves. Well, we're going to have treasury companies. We're going to

413
00:27:47,582 --> 00:27:52,023
create derivative products on Wall Street. Like you see them coming up with other creative ways

414
00:27:52,023 --> 00:27:53,682
to take advantage of the money machine

415
00:27:53,682 --> 00:27:54,662
instead of attacking it.

416
00:27:54,982 --> 00:27:56,882
Maybe they'll do the same with these treasury companies.

417
00:27:57,582 --> 00:27:58,582
Very thought-provoking boost.

418
00:27:58,662 --> 00:27:59,002
Thanks, Eric.

419
00:28:03,582 --> 00:28:05,523
Kospielin's back with 10,000 sats.

420
00:28:06,322 --> 00:28:07,063
Hi, Chris.

421
00:28:07,142 --> 00:28:10,242
I use an encrypted USB stick for my cold storage

422
00:28:10,242 --> 00:28:14,342
in the way of a cold card known by the Sparrow app.

423
00:28:14,543 --> 00:28:18,242
I also hold a HODL.zip file on my stick,

424
00:28:18,322 --> 00:28:20,662
also encrypted, with all my hot wallet seeds in it.

425
00:28:20,662 --> 00:28:24,162
My HODL Excel sheet is a Monero passphrase and umbrella.

426
00:28:24,382 --> 00:28:26,023
I don't know if I want to read all this on the air, dude.

427
00:28:26,142 --> 00:28:27,742
I don't know if I want to tell everybody all this.

428
00:28:28,382 --> 00:28:31,023
He says, I also use the XPUB feature of SparrowWild.

429
00:28:31,402 --> 00:28:32,182
Here's a question.

430
00:28:32,962 --> 00:28:37,662
Should this be a reasonable backup for a hot wallet inside of my super cold one?

431
00:28:38,082 --> 00:28:39,622
Backing up a wallet within a wallet.

432
00:28:40,563 --> 00:28:42,442
Sort of like a master password manager.

433
00:28:42,922 --> 00:28:44,122
I suppose if you had a lot of trust.

434
00:28:45,162 --> 00:28:46,882
I don't really like mixing it like that.

435
00:28:47,162 --> 00:28:47,842
I have to be honest.

436
00:28:48,682 --> 00:28:49,862
Sort of creates a single point of failure.

437
00:28:50,502 --> 00:28:51,023
A Linux question.

438
00:28:51,102 --> 00:28:56,222
I switched from copy on write on ButterFS for this USB stick to a no copy on write in FFS tab.

439
00:28:56,242 --> 00:28:56,882
What do you think of this?

440
00:28:57,182 --> 00:28:58,142
Makes it a lot more usable.

441
00:28:58,303 --> 00:28:58,622
Yes.

442
00:28:59,362 --> 00:29:01,942
So you can disable copy on write on ButterFS.

443
00:29:02,303 --> 00:29:06,102
And if you're on Linux, this is something you should consider if you don't implicitly need it for some of these devices.

444
00:29:06,102 --> 00:29:07,882
Because it reduces disk usage.

445
00:29:08,722 --> 00:29:10,482
So you're on to something there.

446
00:29:10,722 --> 00:29:11,402
I like that one.

447
00:29:11,402 --> 00:29:13,043
So one out of two ain't bad, Koss.

448
00:29:13,102 --> 00:29:15,063
And thank you very much for the boost.

449
00:29:15,382 --> 00:29:16,263
I really appreciate it.

450
00:29:16,862 --> 00:29:18,242
Adversary 17 is back.

451
00:29:18,242 --> 00:29:21,742
8,192 sats.

452
00:29:22,502 --> 00:29:25,922
And adversary says, I'm going to run both core and not.

453
00:29:25,982 --> 00:29:28,563
So I have ample space and compute for another copy of the chain.

454
00:29:28,942 --> 00:29:30,002
So why not?

455
00:29:31,702 --> 00:29:33,263
That's kind of the big brain move.

456
00:29:33,803 --> 00:29:34,322
Hmm.

457
00:29:35,242 --> 00:29:35,462
Hmm.

458
00:29:35,763 --> 00:29:37,842
And yeah, see what the difference is for a bit.

459
00:29:38,222 --> 00:29:39,803
You think maybe eventually you'd settle on one?

460
00:29:40,402 --> 00:29:41,102
Thank you, adversaries.

461
00:29:41,322 --> 00:29:42,082
Nice to hear from you.

462
00:29:42,942 --> 00:29:45,142
Ace Ackerman's here with a row of ducks.

463
00:29:45,142 --> 00:29:57,543
I think there will be an Amazon coin and that if you maintain a minimum balance on your account, it will provide you Amazon Prime benefits and or interest rates that essentially will act as a bank, almost like an investment script.

464
00:29:58,002 --> 00:29:59,582
Yeah, or like their credit card.

465
00:29:59,662 --> 00:30:02,043
I'm constantly getting pushed to Amazon business credit card.

466
00:30:02,942 --> 00:30:16,785
Well what if instead you just kept an Amazon stable coin balance and they offered you like percentages off or like you said Prime perks That how they going to do it Prime perks Ace man You kind of a psychopath dude That really good

467
00:30:16,965 --> 00:30:23,265
I mean, that's like you got in the head of these guys and really thought, how can we make a buck off of these customers?

468
00:30:24,365 --> 00:30:26,045
I mean, that's yeah.

469
00:30:26,045 --> 00:30:26,385
Right, man.

470
00:30:26,385 --> 00:30:27,625
You're going to have like a balance on there.

471
00:30:27,685 --> 00:30:32,445
And like when you do a digital purchase, it'll it'll deduct from your balance.

472
00:30:32,445 --> 00:30:38,085
And like, you know, when you do shipping, sometimes they'll say like, hey, if you take the cheap, more eco-friendly, we'll give you a dollar in digital credits, right?

473
00:30:38,125 --> 00:30:39,125
They're going to do that kind of stuff.

474
00:30:40,085 --> 00:30:42,005
Oh, that is interesting.

475
00:30:42,285 --> 00:30:42,865
Thanks, Ace.

476
00:30:43,185 --> 00:30:43,765
Thought-provoking.

477
00:30:44,025 --> 00:30:48,285
Thank you, everybody who boosted in and everybody who boosted in below the 2,000 sat cutoff, too.

478
00:30:48,325 --> 00:30:49,305
I'll keep those in the doc.

479
00:30:49,985 --> 00:30:50,845
I read them on my own.

480
00:30:51,385 --> 00:30:53,125
Thank you, everybody who also streamed sats.

481
00:30:53,225 --> 00:30:54,365
43 of you this week.

482
00:30:54,505 --> 00:30:55,025
Not bad.

483
00:30:55,145 --> 00:30:55,585
Good lift.

484
00:30:56,045 --> 00:30:59,065
Streamed 57,973 sats.

485
00:31:00,185 --> 00:31:01,645
Thank you, everybody who just sat sat.

486
00:31:01,645 --> 00:31:03,825
And I know it means you don't get your message right on the show.

487
00:31:04,305 --> 00:31:06,465
So I do want to convey, I really do appreciate it.

488
00:31:07,065 --> 00:31:20,805
It's also for me, it's fun because, you know, the middle of the night or in the morning or the afternoon, I'll open up my helipad dashboard and I'll just see sats coming in, you know, two sats, four sats, 24 sats.

489
00:31:20,885 --> 00:31:22,805
Some of you are crazy as you listen.

490
00:31:23,165 --> 00:31:27,385
And I don't always necessarily know who it is, especially if I'm just looking at like my node.

491
00:31:27,505 --> 00:31:29,945
That's often where I'll see it too, is I'm just looking at my lightning node.

492
00:31:29,945 --> 00:31:31,505
I'll just see these coming in.

493
00:31:31,645 --> 00:31:34,425
It's really nice because it means like you're really out there.

494
00:31:34,525 --> 00:31:35,525
You're listening right now.

495
00:31:35,545 --> 00:31:37,125
And I'm looking at the screen as they're coming in.

496
00:31:37,665 --> 00:31:38,985
Never had that kind of a connection.

497
00:31:39,085 --> 00:31:48,385
I know it sounds weird, but as somebody who's been doing this for like 17, 18 years ish, you know, wasn't until we got to here where I felt like a real true connection there.

498
00:31:48,385 --> 00:31:59,645
It's something there's something about you create something, you put it out there, and then you see people sending you something of value in real time as they listen to it, either as a boost or as a stream.

499
00:32:00,145 --> 00:32:01,425
It's incredible rewarding.

500
00:32:01,545 --> 00:32:02,385
It's incredibly rewarding.

501
00:32:02,485 --> 00:32:08,285
So thank you, everybody who participates and supports the show, either because you want to keep it going or because you got some particular value.

502
00:32:08,345 --> 00:32:09,345
I really do appreciate it.

503
00:32:09,345 --> 00:32:17,225
So when we combine our streamers with our boosters, we stacked a grand total of 184,493 sets.

504
00:32:17,785 --> 00:32:20,205
Not our strongest week, but not every week can be.

505
00:32:20,505 --> 00:32:24,045
And I appreciate everybody who takes a moment to step up and support the show with a boost.

506
00:32:24,865 --> 00:32:27,185
Fountain FM makes it real easy these days.

507
00:32:27,505 --> 00:32:30,685
And we are now live on the Fountain FM hosting platform.

508
00:32:30,685 --> 00:32:40,905
So you're going to see more features and options right there, including a way to subscribe to the show monthly and send support with SATs or fiat and special content as well.

509
00:32:41,005 --> 00:32:42,825
More on that very soon.

510
00:32:42,885 --> 00:32:44,345
So thank you, everybody who supports the show.

511
00:32:44,645 --> 00:32:47,805
And keep your ears peeled, as my grandpa would say.

512
00:32:48,205 --> 00:32:50,785
There's more coming in that department very soon.

513
00:33:00,685 --> 00:33:04,805
The BitBox folks have big news this week.

514
00:33:04,865 --> 00:33:07,425
They've announced the BitBox 02 Nova.

515
00:33:08,565 --> 00:33:13,065
Now, I've been testing what I'm going to call the BitBox 01, which was just the BitBox.

516
00:33:13,365 --> 00:33:15,685
It's a Swiss-made hardware wallet.

517
00:33:16,245 --> 00:33:19,945
And you can use it with your wallet app of choice, like in my case, Sparrow.

518
00:33:20,585 --> 00:33:23,045
Or you can use it with their app.

519
00:33:23,425 --> 00:33:26,185
And it works with Android and Windows and Linux.

520
00:33:26,685 --> 00:33:28,005
It's a hardware device.

521
00:33:28,105 --> 00:33:29,565
It's small, compact.

522
00:33:29,565 --> 00:33:31,125
It has an OLED screen on it.

523
00:33:31,205 --> 00:33:33,445
It's about the size of a USB thumb drive.

524
00:33:34,905 --> 00:33:51,605
It has capacitive touch sensors, so you can navigate and select and confirm actions and make sure, you know, everything looks legit right there on the screen, which honestly I found tricky at first use, which is also the most critical time because you're, you know, you're setting up your keys and stuff, right?

525
00:33:51,605 --> 00:33:55,985
So you kind of sink or swim immediately with the bit box.

526
00:33:55,985 --> 00:34:01,025
but once you get it to work if you get past that it's a real treat because that OLED screen

527
00:34:01,025 --> 00:34:08,505
has a lot of uses but additionally their app which I like quite a bit the Bitbox app

528
00:34:08,505 --> 00:34:13,905
implemented the Breeze SDK and the Breeze SDK at least in the beta I was testing

529
00:34:13,905 --> 00:34:20,025
meant that I could have on-chain sats protected by a hardware wallet connected over USB-C to my

530
00:34:20,025 --> 00:34:27,505
Pixel 7. And I could have a spending wallet on Lightning, all on my PiZelle 7 from one app.

531
00:34:27,865 --> 00:34:34,065
That's nice. And I don't think the BitBox folks get as much attention in the States because they're

532
00:34:34,065 --> 00:34:39,465
Swiss and they're very active in the EU Bitcoin space, but not so much in the US Bitcoin space.

533
00:34:39,545 --> 00:34:44,465
And a lot of the US Bitcoin space is more commercial. Well, this week, the BitBox team

534
00:34:44,465 --> 00:34:48,205
announced the BitBox O2, which has a tempered glass display.

535
00:34:48,765 --> 00:34:51,765
And now, along with Linux, Mac, Windows, and Android,

536
00:34:52,565 --> 00:34:55,705
BitBox O2 has support for iOS.

537
00:34:56,825 --> 00:35:00,805
This is a really big deal and not as easy to do securely

538
00:35:00,805 --> 00:35:01,885
as you might think.

539
00:35:02,425 --> 00:35:04,745
So the team created this really well-done video

540
00:35:04,745 --> 00:35:07,405
for their 10th anniversary and the BitBox O2 launch video.

541
00:35:07,885 --> 00:35:09,185
I'm going to play a clip from it,

542
00:35:09,565 --> 00:35:11,265
but I think you should probably watch the whole one

543
00:35:11,265 --> 00:35:12,245
if you're not familiar with them,

544
00:35:12,245 --> 00:35:13,725
because they go in a bit about the company

545
00:35:13,725 --> 00:35:15,085
and how they designed the product.

546
00:35:15,585 --> 00:35:19,945
But in this clip, they talk a little bit about how the iOS pairing process works

547
00:35:19,945 --> 00:35:22,305
and how they're using, I think, something called Whisper

548
00:35:22,305 --> 00:35:27,565
to do the initial handshake between the iPhone and the BitBox.

549
00:35:27,885 --> 00:35:30,545
And then after that, it's essentially in stealth mode.

550
00:35:30,545 --> 00:35:48,905
We're very excited, very proud to come out with a new product right now called the BitBox02 Nova.

551
00:35:48,905 --> 00:35:55,445
So what we do with the Nova is to finally implement all the features that we wanted to do

552
00:35:55,445 --> 00:35:59,345
over the years, but we were not able to do just in software.

553
00:35:59,785 --> 00:36:03,645
So at some point, we knew we need a new version,

554
00:36:04,205 --> 00:36:06,445
and today is the day where we can release it.

555
00:36:06,545 --> 00:36:11,125
The most requested feature we get from users is iPhone support.

556
00:36:11,305 --> 00:36:14,025
And we're very pleased to announce that the Bitbox O2 Nova

557
00:36:14,025 --> 00:36:17,605
now gives iPhone and iPad support to all of our users.

558
00:36:20,565 --> 00:36:23,625
All right, so this is the bit where they talk about how that actually works,

559
00:36:23,625 --> 00:36:25,625
which I think is interesting as heck.

560
00:36:27,625 --> 00:36:32,625
With Inova we're addressing our customers' main request, iOS support.

561
00:36:32,625 --> 00:36:38,625
Whisper enables us to allow iOS users to use the BitBox with their iPhone

562
00:36:38,625 --> 00:36:40,625
without compromising on our core values.

563
00:36:40,625 --> 00:36:44,625
We call our wireless integration Whisper Wireless

564
00:36:44,625 --> 00:36:47,625
because typically when you develop a Bluetooth device

565
00:36:47,625 --> 00:36:51,625
you want it to have the longest possible reach.

566
00:36:51,625 --> 00:36:58,425
But of course in our case, our customers kind of demand the shortest possible reach.

567
00:36:58,425 --> 00:37:02,625
The Bluetooth range is extremely limited because we care about your privacy.

568
00:37:02,625 --> 00:37:06,625
Somebody who is more than a meter away from you will probably not see your BitBox.

569
00:37:06,625 --> 00:37:13,625
Once it's connected, you can't detect the Nova from the outside because it has turned off broadcasting.

570
00:37:13,625 --> 00:37:20,625
And this means that if your friend scans for Bluetooth devices on their iPhone, they won't see your BitBox.

571
00:37:20,625 --> 00:37:24,525
We avoid trusting the Bluetooth chip by putting the Bluetooth stack on a separate chip.

572
00:37:24,525 --> 00:37:32,225
By putting it on a separate chip, we don't allow all that code access to the regular main MCU code.

573
00:37:32,225 --> 00:37:35,725
We encrypt the data already before we give it to the Bluetooth chip.

574
00:37:35,725 --> 00:37:41,725
So there is no way, even if the Bluetooth chip becomes compromised, that it could learn any of your data.

575
00:37:41,725 --> 00:37:44,525
Now my BitBox 01 doesn't do this, so I haven't seen this.

576
00:37:44,525 --> 00:37:53,345
But my takeaway is with the Bitbox 02 Nova, they have built an intentionally limited Bluetooth radio that gets very limited range.

577
00:37:53,485 --> 00:38:00,045
That's only really used during the initial pairing and setup with the iPhone, perhaps due to iOS security limitations.

578
00:38:00,545 --> 00:38:09,545
But then the other thing I caught in there that I thought was interesting is they've implemented the Bluetooth stack, or as I like to say, Bluetooth, on its own chip.

579
00:38:10,265 --> 00:38:12,165
Do we know of anybody else that does that?

580
00:38:12,825 --> 00:38:16,365
Like if you're going to put something like that in a wallet, that's the way to do it.

581
00:38:16,645 --> 00:38:19,205
And then once you've got the physical connection, turn it off.

582
00:38:19,605 --> 00:38:25,165
Now, I think if you use Android, you use Windows, Linux, or macOS over USB-C, you don't need Bluetooth at all.

583
00:38:25,725 --> 00:38:30,285
This is really for those that want to be able to interact with their iPad and their iPhone.

584
00:38:30,485 --> 00:38:41,265
But one of the topics that's come up on the show before is, do you use for your life savings a mobile app on a phone, or do you only trust a desktop?

585
00:38:41,265 --> 00:38:44,125
And some of you like me out there have said, I only trust PCs for this.

586
00:38:44,685 --> 00:38:46,365
And then some of you said, are you kidding?

587
00:38:46,625 --> 00:38:47,285
A PC?

588
00:38:47,565 --> 00:38:49,105
It doesn't have isolated apps.

589
00:38:49,385 --> 00:38:51,165
It doesn't have image-based OSs.

590
00:38:51,385 --> 00:38:52,385
Are you serious?

591
00:38:52,485 --> 00:38:55,325
The security vulnerability is way higher on a PC.

592
00:38:55,425 --> 00:38:56,805
I only trust a mobile device.

593
00:38:57,045 --> 00:38:59,165
And I secure it with a hardware wallet.

594
00:38:59,285 --> 00:39:00,965
So I've got the best of both worlds.

595
00:39:01,225 --> 00:39:03,785
What are you cranky old men talking about?

596
00:39:04,385 --> 00:39:08,225
So there really is a bit of a division in our audience about how they store their Bitcoin.

597
00:39:08,225 --> 00:39:20,085
And the thing is, with the BitBox 01 for me was like that breakthrough device where I was like, oh, I could really see using like a graphene device and a BitBox.

598
00:39:20,305 --> 00:39:23,485
And that's the main that's the main stash.

599
00:39:23,545 --> 00:39:25,485
Like I don't use a PC, right?

600
00:39:25,505 --> 00:39:26,845
Because it's in the wallet.

601
00:39:26,985 --> 00:39:27,485
It's in the recovery.

602
00:39:27,585 --> 00:39:31,565
Like it's the phone is just really the interface, but it's still been a huge mental shift for me.

603
00:39:31,565 --> 00:39:39,425
And so with Bitbox, so to bringing that to iOS users, it's going to open that that window, that Overton window, if you will.

604
00:39:39,545 --> 00:39:45,765
And I will say my interaction with the company, Bitbox, has been really positive.

605
00:39:46,025 --> 00:39:49,665
They listened to the show. They reached out to me months ago, asked if I wanted to test the old version.

606
00:39:50,265 --> 00:39:52,385
I said, yes, but, you know, my reviews can take a while.

607
00:39:52,425 --> 00:39:56,765
I want to use it through the new and shiny phase and I want to use it during the boring phase where I haven't touched it for a bit.

608
00:39:56,765 --> 00:39:59,985
And I kind of forget how it works and want to maybe use it through an update cycle.

609
00:39:59,985 --> 00:40:02,885
and they said, okay, fine, here it is, no problem.

610
00:40:03,065 --> 00:40:04,145
They answered all my questions

611
00:40:04,145 --> 00:40:05,585
and they let me do my thing.

612
00:40:06,265 --> 00:40:07,725
So I've walked away with a really good impression

613
00:40:07,725 --> 00:40:08,945
of the company and the product.

614
00:40:09,745 --> 00:40:11,025
And when I chatted with them,

615
00:40:11,105 --> 00:40:13,525
we chatted more about Bitcoin than anything else.

616
00:40:13,545 --> 00:40:15,085
I felt like there were some Bitcoiners in that group.

617
00:40:15,545 --> 00:40:17,065
So it's good to see them hit 2.0

618
00:40:17,065 --> 00:40:18,705
and their 10th anniversary.

619
00:40:18,705 --> 00:40:34,065
Well, if you're following things closely, you may have seen a lot of speculation going around

620
00:40:34,065 --> 00:40:40,405
what looked like a 20% hash rate drop after the U.S. struck Iran last week.

621
00:40:41,165 --> 00:40:44,505
Well, it turns out the timings don't quite work out.

622
00:40:44,505 --> 00:40:49,625
In fact, there was a hash rate drop, but the hash rate drop kind of started before the strike.

623
00:40:50,245 --> 00:40:56,125
Now, if you're not familiar, hash rate measures, how much computing power essentially is being used to secure the Bitcoin network.

624
00:40:56,445 --> 00:40:59,505
High hash rate means more miners are online and active.

625
00:40:59,885 --> 00:41:03,785
And if the hash rate drops, it usually means some miners have gone offline.

626
00:41:04,405 --> 00:41:06,785
And Bitcoin mining is kind of a known thing in Iran.

627
00:41:07,305 --> 00:41:09,045
They legalized it in 2019.

628
00:41:09,045 --> 00:41:10,625
They've issued license to operators.

629
00:41:10,625 --> 00:41:13,185
They have some state-operated Bitcoin mining operations.

630
00:41:13,185 --> 00:41:21,265
And shortly before the U.S. strike, Iran ordered blackouts to different regions, likely being cautious to avoid damage.

631
00:41:22,165 --> 00:41:31,165
And then, of course, in general, between Israel and the U.S., there has been damage to Israel's or there's been damage to Iran's energy systems.

632
00:41:31,625 --> 00:41:33,605
And some of these have brought Bitcoin mining offline.

633
00:41:34,485 --> 00:41:37,865
And so there was around a 20 percent hash rate drop.

634
00:41:37,985 --> 00:41:39,125
That's now evened out.

635
00:41:39,485 --> 00:41:42,885
As of this recording, the hash rate's only down about 1.8 percent.

636
00:41:43,185 --> 00:41:45,365
So it's almost completely entirely recovered.

637
00:41:45,945 --> 00:41:46,865
But it is down.

638
00:41:46,985 --> 00:41:54,405
And if the hash rate were to continue to decline, as you know, the Bitcoin network will automatically lower its difficulty to maintain transactions every 10 minutes.

639
00:41:54,745 --> 00:42:00,405
And as I record right now, the next difficulty target retarget date is June 29th.

640
00:42:01,065 --> 00:42:02,305
So just a couple of days away.

641
00:42:02,685 --> 00:42:05,305
And we're somewhere in the 8% adjustment.

642
00:42:05,625 --> 00:42:07,625
When I first checked, it was 8.9.

643
00:42:07,765 --> 00:42:09,665
I'm seeing that back off a little bit now.

644
00:42:09,665 --> 00:42:15,365
but it's going to be somewhere likely in the round of a downward adjustment of 8%.

645
00:42:15,365 --> 00:42:18,605
Not huge. Not huge.

646
00:42:20,765 --> 00:42:23,265
This is a wild one. How about this?

647
00:42:23,365 --> 00:42:29,405
So an individual known as AonBTC, who was for the op return limit removal,

648
00:42:29,745 --> 00:42:31,325
didn't think spam filters worked,

649
00:42:31,685 --> 00:42:35,225
and makes a great iOS app that I have installed on my iPhone called MemPow,

650
00:42:35,225 --> 00:42:40,625
has now created a ban list they're sharing for those who are still on Bitcoin Core

651
00:42:40,625 --> 00:42:45,205
that want to block transactions from Bitcoin Nots-based nodes.

652
00:42:45,505 --> 00:42:46,825
Are you following this?

653
00:42:46,945 --> 00:42:48,605
So, yeah, your head might be spinning a little bit.

654
00:42:48,605 --> 00:42:53,985
The folks that were anti-filter in Bitcoin Core are now creating a filter list

655
00:42:53,985 --> 00:42:56,185
to block Bitcoin Nots nodes.

656
00:42:56,845 --> 00:42:58,885
And on the GitHub, it says, why ban Nots?

657
00:42:59,105 --> 00:43:01,025
And this is their quote-unquote rationale.

658
00:43:01,025 --> 00:43:09,405
By default, knots nodes implement a highly restrictive relay policy that attempts to prevent specific valid transactions from propagating through the network.

659
00:43:10,005 --> 00:43:20,465
This means that if your node is connected to a majority of knots nodes, it will hinder your node's ability to estimate fees properly and increase the time it takes your node to receive new blocks.

660
00:43:21,265 --> 00:43:21,945
Pretty flimsy.

661
00:43:22,665 --> 00:43:23,725
That is pretty flimsy.

662
00:43:24,565 --> 00:43:30,645
I've also heard other excuses like, well, Bitcoin knots nodes are just rattled with security problems and I don't want that tucking in my node.

663
00:43:31,025 --> 00:43:39,425
That's also pretty weak, and it would seem to betray a fundamental misunderstanding of how the nodes communicate and your trust in the software.

664
00:43:40,345 --> 00:43:42,045
And especially core, too, I guess, then.

665
00:43:42,605 --> 00:43:48,285
But this is really something I did not expect, and that would be the anti-filter folks creating a filter.

666
00:43:48,365 --> 00:43:49,705
Now, it's not all of them, of course.

667
00:43:50,445 --> 00:43:53,165
It's just certain individuals, so don't paint too broad of a brush.

668
00:43:53,745 --> 00:43:57,645
But if you wanted something truly ironic for the week, I think this is it.

669
00:44:01,025 --> 00:44:07,305
All right, we're getting in the home stretch.

670
00:44:08,025 --> 00:44:10,245
Home stretch, and then it's time to hit the road.

671
00:44:11,025 --> 00:44:18,205
This is a series of clips, and I'm going to start with the rich dad, poor dad.

672
00:44:18,625 --> 00:44:21,325
Are you familiar with the rich dad, poor dad?

673
00:44:21,925 --> 00:44:26,585
You know, he's always kind of flirted with understanding Bitcoin.

674
00:44:27,305 --> 00:44:36,625
He's talked about it at times, gotten close, and then kind of like an astronaut that's coming in at too steep of an angle, he bounces right off the atmosphere of Bitcoin.

675
00:44:36,625 --> 00:44:43,005
Of course, I'm talking about Robert Kiyosaki, and he has a podcast now.

676
00:44:43,205 --> 00:44:54,385
It's called The Rich Dad Show, and he has Larry Leppard on, the author of The Big Print, good book, and he touches on a trope that drives me crazy.

677
00:44:54,725 --> 00:44:55,465
The Rich Dad does.

678
00:44:55,465 --> 00:44:59,505
you've probably heard a variation of this trope before and that is everybody

679
00:44:59,505 --> 00:45:04,745
who got rich in Bitcoin is just lucky or you don't have to be smart you just

680
00:45:04,745 --> 00:45:10,005
have to hold Bitcoin you know that some variation of that or any dummy can get

681
00:45:10,005 --> 00:45:24,527
rich with Bitcoin you heard these before and I find them to be false holding Bitcoin is extremely difficult ask me how I know 14 years into it And I also just think it going to become more common because people who

682
00:45:24,527 --> 00:45:30,367
didn't initially get Bitcoin kind of get it now. It's kind of a way to say, well, the problem was

683
00:45:30,367 --> 00:45:35,347
I overthought it. You see, the issue was, is I didn't get Bitcoin sooner because I was too smart.

684
00:45:35,647 --> 00:45:40,967
And if I was dumb as some of these hodlers, I would have a lot more Bitcoin now. But I

685
00:45:40,967 --> 00:45:46,267
overthought it because of my big galaxy brain. And that's why I don't own Bitcoin. This is why

686
00:45:46,267 --> 00:45:51,547
the trope, this is what's at the root of the trope that drives me crazy. And rich dad's going to lay

687
00:45:51,547 --> 00:45:56,727
it down a few times. And then finally, Larry comes in with a good, concise rebuttal. And I thought we

688
00:45:56,727 --> 00:46:02,367
should be here for it. Yeah. So, but this is the point, Lawrence, it's never been easier to get

689
00:46:02,367 --> 00:46:08,027
rich. I would agree with you. I would agree with you. To start this thing, it took brain power,

690
00:46:08,027 --> 00:46:08,607
It took money.

691
00:46:08,967 --> 00:46:11,187
It took a lot of freaking hard work.

692
00:46:11,527 --> 00:46:15,147
It took yelling and screaming and raising capital and doing dog and pony shows.

693
00:46:15,767 --> 00:46:20,067
All you have to do is buy one freaking Bitcoin and you get it made.

694
00:46:20,327 --> 00:46:21,467
That's exactly right.

695
00:46:21,727 --> 00:46:22,627
That's exactly right.

696
00:46:22,667 --> 00:46:23,487
That's what's going to happen.

697
00:46:23,627 --> 00:46:27,327
I mean, Michael Saylor thinks that Bitcoin is going to 13 million a coin, and I agree with him.

698
00:46:27,327 --> 00:46:31,827
Now, that's going to take many, many, many years, but you can buy that coin today for $100,000.

699
00:46:32,367 --> 00:46:37,407
I mean, as you know, like in the gold mining business, as you point out, with any other company investment, even with Amazon,

700
00:46:37,407 --> 00:46:39,607
They had a management team that could have screwed it up.

701
00:46:39,807 --> 00:46:44,707
I mean, you know, the mathematical protocol behind Bitcoin, you know, has now been time

702
00:46:44,707 --> 00:46:48,187
tested for 900, almost 900,000 blocks in 16 years.

703
00:46:48,367 --> 00:46:49,987
And I don't think it can get screwed up.

704
00:46:50,087 --> 00:46:52,447
I think we just sit back and watch it increase in value.

705
00:46:52,687 --> 00:46:56,347
So, you know, if you're an artist or, you know, you have a different craft, I mean,

706
00:46:56,347 --> 00:46:58,427
you don't have to suddenly have a financial advisor.

707
00:46:58,587 --> 00:47:02,167
You can just put your money in Bitcoin, forget about it, know that every year you'll gain

708
00:47:02,167 --> 00:47:03,387
in value.

709
00:47:03,387 --> 00:47:09,927
It's really kind of an amazing leveler of the financial system and the notion that average

710
00:47:09,927 --> 00:47:13,347
people can front run Wall Street and all these financial geniuses.

711
00:47:13,467 --> 00:47:15,887
I mean, I went to Harvard Business School and I've tried to interest them.

712
00:47:16,007 --> 00:47:20,747
I said, guys, this is the most revolutionary monetary development in the last 2000 years.

713
00:47:21,107 --> 00:47:25,767
And I know some of the students there and they've got a club and it's like three people.

714
00:47:26,687 --> 00:47:29,467
I sent it to the dean and he said, well, that's an interesting book.

715
00:47:29,467 --> 00:47:34,707
But I proposed that we have a debate about it up on stage and, you know, they haven't followed up.

716
00:47:34,787 --> 00:47:35,327
They're not interested.

717
00:47:35,467 --> 00:47:36,447
And I'm like, you're missing it.

718
00:47:36,547 --> 00:47:38,607
You're just missing an enormous change.

719
00:47:38,707 --> 00:47:40,527
And it came from the grassroots.

720
00:47:41,107 --> 00:47:45,247
You know, it came from just average people understanding what this is.

721
00:47:45,387 --> 00:47:46,527
And it's going to continue.

722
00:47:46,807 --> 00:47:46,907
Yeah.

723
00:47:47,007 --> 00:47:49,967
I think I like about Bitcoin is you don't have to be smart.

724
00:47:50,387 --> 00:47:50,647
No.

725
00:47:51,467 --> 00:47:53,027
You've got to be smart to go to Harvard.

726
00:47:53,307 --> 00:47:54,787
And that, you know, Trump.

727
00:47:55,067 --> 00:47:56,427
I can debate that.

728
00:47:56,567 --> 00:47:58,207
So I looked at some of my classmates.

729
00:47:58,207 --> 00:48:03,327
I may take the other side of that, but you got to be smart on paper to get in.

730
00:48:05,547 --> 00:48:07,127
Anyway, that's the whole thing.

731
00:48:07,267 --> 00:48:10,247
It's the greatest advantage I've ever seen.

732
00:48:10,507 --> 00:48:14,247
I'll start to repeat it again because every Bitcoin says the same words.

733
00:48:14,747 --> 00:48:16,087
I should have bought more.

734
00:48:16,207 --> 00:48:17,027
I should have bought more.

735
00:48:17,147 --> 00:48:22,067
Yeah, I bought a handful of coins in 2014, and I wish I'd bought more.

736
00:48:22,307 --> 00:48:25,367
And I got buying, of course, but those were $300 a coin.

737
00:48:25,507 --> 00:48:26,567
It kind of looks cheap now.

738
00:48:26,567 --> 00:48:33,407
So, you know, and to be fair, I mean, in 10 or 20 years, you know, there are going to be people, our relatives and others are going to say, hang on a second.

739
00:48:33,447 --> 00:48:35,427
You mean to tell me you've got an entire Bitcoin?

740
00:48:35,587 --> 00:48:36,827
I mean, think about it this way.

741
00:48:36,847 --> 00:48:38,187
Here's an interesting model.

742
00:48:38,427 --> 00:48:41,947
We think there are about 45, maybe 50 million people in the world who are millionaires.

743
00:48:42,007 --> 00:48:43,147
I think it might be higher than that.

744
00:48:43,147 --> 00:48:45,327
But there are only 21 million Bitcoin in the world.

745
00:48:45,447 --> 00:48:49,287
Some of them have been lost and some of them are locked up, you know, at MicroStrategy and so forth.

746
00:48:49,387 --> 00:48:53,027
And so every millionaire in the world can't even own one Bitcoin, right?

747
00:48:53,027 --> 00:48:56,407
I mean, they can own half a Bitcoin if we distribute them evenly.

748
00:48:56,947 --> 00:48:59,847
And by the way, you know, they're not distributed evenly.

749
00:49:00,167 --> 00:49:05,027
So, you know, you own one Bitcoin, you're almost guaranteed to be a millionaire as this whole thing unfolds.

750
00:49:05,027 --> 00:49:06,647
And I think you're going to be much more than that.

751
00:49:06,967 --> 00:49:08,927
You don't have to be smart.

752
00:49:09,867 --> 00:49:13,047
Well, you've got to be willing to think outside of the box.

753
00:49:13,147 --> 00:49:14,867
You've got to be smart enough not to sell.

754
00:49:15,047 --> 00:49:18,047
I mean, you know, there'll be a lot of mistakes people will make, Robert.

755
00:49:18,147 --> 00:49:21,487
I mean, they will, you know, it'll go up, they'll double and they'll think, oh, I got a profit.

756
00:49:21,547 --> 00:49:22,307
I got to take it.

757
00:49:22,307 --> 00:49:25,407
You know, they'll be, you know, hanging on to it and being patient.

758
00:49:25,527 --> 00:49:26,347
It's not simple.

759
00:49:27,467 --> 00:49:28,127
Just try it.

760
00:49:28,167 --> 00:49:28,587
It's so easy.

761
00:49:28,687 --> 00:49:35,447
You know, it's they don't have to be smart kind of thing drives me crazy, especially as he's always late to the party and he still hasn't wrapped his head around it.

762
00:49:35,707 --> 00:49:38,147
It turns out maybe, Robert, you do have to be smart.

763
00:49:38,867 --> 00:49:41,867
Someone that seems to be very smart is Philip LaFont.

764
00:49:42,347 --> 00:49:51,227
I don't know a lot about him, but he's one of those guys that when he comes into the room, all of the media in the financial media get very excited.

765
00:49:51,227 --> 00:49:53,467
because he seems to be one of these individuals

766
00:49:53,467 --> 00:49:57,247
that gets to help define the various lists on Wall Street.

767
00:49:57,347 --> 00:50:00,547
You know, the ones like the NASDAQ 100 and all of that.

768
00:50:00,827 --> 00:50:02,767
He gets to be in on that, his company.

769
00:50:02,967 --> 00:50:05,687
And so his team, when they say a company is worth following,

770
00:50:05,787 --> 00:50:07,807
a Wall Street investor should own this,

771
00:50:08,147 --> 00:50:08,987
they tend to follow.

772
00:50:09,547 --> 00:50:11,587
So this is, I'm going to give you, here's an example.

773
00:50:11,767 --> 00:50:14,267
Here is his introduction on CNBC.

774
00:50:14,267 --> 00:50:16,127
And just listen to sort of the fawning

775
00:50:16,127 --> 00:50:18,327
and the attention he gets.

776
00:50:18,947 --> 00:50:20,707
And of course, he's a funny guy.

777
00:50:21,227 --> 00:50:24,987
We've got a huge lot, a lot of things to cover, a lot of ground to cover with our next guest.

778
00:50:25,067 --> 00:50:29,227
We're very excited about it. The markets, the Fed, why he's excited about private markets, AI,

779
00:50:29,827 --> 00:50:35,047
some very provocative views about Alphabet, which, by the way, didn't make his fantastic 40 list,

780
00:50:35,447 --> 00:50:40,267
and so much more. An exclusive with famed tech investor, Philippe Lafont. He's the founder and

781
00:50:40,267 --> 00:50:46,047
portfolio manager of Cotu. It's a tech hedge fund, a private markets investor, $55 billion under

782
00:50:46,047 --> 00:50:49,967
management. Some people think of him as a venture capitalist to some degree these days. What do you

783
00:50:49,967 --> 00:50:55,667
think of yourself as actually what are you anymore the winner of the at&t pro am is what that's what

784
00:50:55,667 --> 00:51:00,167
we just heard is what he thinks of himself that's true but i don't think that's what my investors

785
00:51:00,167 --> 00:51:05,547
would care about yeah they might not like that you're too good your name is on the wall on the

786
00:51:05,547 --> 00:51:11,567
it is it is the first team on the wall right there next to rory mccleroy so for me to have me on there

787
00:51:11,567 --> 00:51:17,307
i'd have to change my name to philippe lafont there you go me yeah congratulations what are you

788
00:51:17,307 --> 00:51:21,807
these days because you're doing a lot of things when the market goes up then i'm definitely a

789
00:51:21,807 --> 00:51:26,707
public investor but then when the market doesn't do well i switch to you know venture and growth

790
00:51:26,707 --> 00:51:33,447
so he this funny guy not always been bitcoin's biggest fan said it's you know companies shouldn't

791
00:51:33,447 --> 00:51:38,907
own it all of that but he's had quite the change in tune not only does he think companies should

792
00:51:38,907 --> 00:51:43,287
own it but he thinks it's one of the top 100 companies in existence if you look at it from

793
00:51:43,287 --> 00:51:49,147
revenue and he regrets not buying it sooner. Imagine the messaging this is sending right here

794
00:51:49,147 --> 00:51:57,687
and his willingness to admit he was wrong. So we looked at the, let's say, top 25 companies and

795
00:51:57,687 --> 00:52:02,727
what happens to them every five years. And some of them just drop out. They run fast, but they don't

796
00:52:02,727 --> 00:52:09,047
run as fast as the others. Then you've got some new IPOs that come in. Is OpenAI going to be part

797
00:52:09,047 --> 00:52:15,087
of the Mac 7 of the future? Is SpaceX going to be part of the Mac 7? And so we try to recombine

798
00:52:15,087 --> 00:52:20,707
the index and imagine what's, we're here today, NASDAQ 100. What's a NASDAQ 100 five years out?

799
00:52:21,267 --> 00:52:27,347
And who's on it then? Okay. I knew, I thought you were going to ask me who's not on it.

800
00:52:27,367 --> 00:52:30,187
Well, we can do who's not on it. By the way, Alphabet's not on it. Tell us why.

801
00:52:30,187 --> 00:52:35,847
You know what I did? I just thought some of the big companies are going to be amazingly positioned.

802
00:52:36,287 --> 00:52:38,147
Microsoft is going to stay on it.

803
00:52:38,187 --> 00:52:39,987
And maybe today it's a $3 billion company,

804
00:52:40,227 --> 00:52:42,307
but let's say it doubles in five years.

805
00:52:42,387 --> 00:52:43,767
It could be five or six billion.

806
00:52:44,127 --> 00:52:44,647
Oh, trillion.

807
00:52:45,127 --> 00:52:45,727
Trillion, yeah.

808
00:52:45,727 --> 00:52:46,707
Sorry, of course, trillion.

809
00:52:47,027 --> 00:52:48,447
Then we added Bitcoin.

810
00:52:48,567 --> 00:52:50,167
We thought of Bitcoin as a company.

811
00:52:50,707 --> 00:52:52,467
Today, I think Bitcoin is $2 trillion.

812
00:52:52,707 --> 00:52:55,107
We're like, well, could it get to also $4 or $5 trillion?

813
00:52:55,747 --> 00:52:57,327
Obviously, Bitcoin is not a company.

814
00:52:57,447 --> 00:52:58,947
It'd be like saying if gold's a company,

815
00:52:58,947 --> 00:53:01,527
but I thought it was interesting as a new asset.

816
00:53:02,047 --> 00:53:02,587
Market cap.

817
00:53:02,747 --> 00:53:03,507
Market cap.

818
00:53:03,847 --> 00:53:05,167
$2 trillion is so big.

819
00:53:05,167 --> 00:53:05,907
You've been involved in Bitcoin.

820
00:53:06,667 --> 00:53:08,807
You know, I've not gotten involved with Bitcoin.

821
00:53:08,967 --> 00:53:12,567
And I wake up every day at three in the morning and I'm like, why am I such an idiot?

822
00:53:12,987 --> 00:53:16,227
What have I been waiting for not being involved in it?

823
00:53:16,247 --> 00:53:18,047
And it just goes up and up.

824
00:53:18,047 --> 00:53:26,227
In the past, I think this is interesting, the retail investors, they were much faster at getting involved with Bitcoin than the institutional ones.

825
00:53:26,307 --> 00:53:30,687
And I always thought Bitcoin is amazing, but it's double or triple the volatility of the Nasdaq.

826
00:53:30,887 --> 00:53:32,287
Nasdaq is already pretty volatile.

827
00:53:32,407 --> 00:53:34,707
Why do I need to deal with this added volatility?

828
00:53:34,707 --> 00:53:41,187
recently bitcoin when it went down during the tariff only went down as much as nasdaq so it

829
00:53:41,187 --> 00:53:46,707
seems the volatility as an asset class is coming down which i thought okay so but giving your your

830
00:53:46,707 --> 00:53:51,307
your sort of thesis do you say yourself even at this point in the ball game if you think it's

831
00:53:51,307 --> 00:53:56,227
going to double or triple and going to be part of the nasdaq 100 if you would think of it as a

832
00:53:56,227 --> 00:54:01,667
company yes i have to think about that you should own it now yes i have to think about it now do i

833
00:54:01,667 --> 00:54:07,347
own it now? Do I own it tomorrow? In a few days. But every day I do think, why do I not own it?

834
00:54:07,447 --> 00:54:12,947
And I think to be a good investor, it's not just like owning the obvious stock, but sometimes you

835
00:54:12,947 --> 00:54:17,487
have to change your mind and you have to just say, well, I made a mistake and I'm changing my

836
00:54:17,487 --> 00:54:33,947
mind and maybe Bitcoin will be that. Let's wrap up with the state of the network. Everybody this

837
00:54:33,947 --> 00:54:38,047
week has been watching the Bitcoin knots number. We'll get there. The block height as I wrap up,

838
00:54:38,147 --> 00:54:45,507
902,687. Getting close to the difficulty change, less than a thousand blocks away.

839
00:54:45,507 --> 00:54:53,107
all right bitcoin knots clocking in at 12.7 i saw it getting close to 13 it's fluctuating a little

840
00:54:53,107 --> 00:54:58,987
bit but it is now the third largest node out there in software version type how about that

841
00:54:58,987 --> 00:55:07,847
how about that so we also so 28.1 is the number one and 29.0 of core is the second largest

842
00:55:07,847 --> 00:55:13,327
481 blocks until the difficulty retarget.

843
00:55:14,727 --> 00:55:20,427
There's 22,000 nodes on the network right now, 22,217.

844
00:55:21,547 --> 00:55:23,607
65% of them are behind Tor.

845
00:55:25,067 --> 00:55:30,507
There is 3.95 gigabytes of Operaturn data in the blockchain right now.

846
00:55:30,507 --> 00:55:33,987
The overall chain size is 760.2 gigabytes.

847
00:55:34,807 --> 00:55:38,827
The Bitcoin network continues to go and take care of itself regardless of world events.

848
00:55:39,247 --> 00:55:44,087
With the U.S. price to one Bitcoin right now, on the nose, $107,000.

849
00:55:55,527 --> 00:55:59,727
Well, if you made it this far, I want to remind you, links are at thisweekinbitcoin.show.

850
00:56:00,007 --> 00:56:02,947
I'm going to be off either next week and the week after, or just one.

851
00:56:02,947 --> 00:56:04,447
I'm not quite sure how the road trip goes.

852
00:56:04,547 --> 00:56:06,747
Sort of depends on, well, the road.

853
00:56:07,627 --> 00:56:08,987
But I hope you enjoyed this episode.

854
00:56:09,127 --> 00:56:12,627
My goal is to create something that doesn't get distracted by emotions around what's happening,

855
00:56:12,667 --> 00:56:15,967
but focuses on the signal so you get the best information possible.

856
00:56:16,447 --> 00:56:17,787
Let me know how I did with a boost.

857
00:56:17,867 --> 00:56:21,027
Also, if you're thinking maybe, hey, Chris, you could have covered this.

858
00:56:21,087 --> 00:56:22,067
Why didn't you cover this, man?

859
00:56:22,127 --> 00:56:22,867
Let me know what I missed.

860
00:56:22,967 --> 00:56:24,327
Send me a boost that way or any thoughts.

861
00:56:24,967 --> 00:56:27,907
And we talked about, remember, I want your inflation predictions.

862
00:56:28,787 --> 00:56:30,507
Lock it in before Halloween.

863
00:56:31,227 --> 00:56:32,527
What do you think it's going to be at?

864
00:56:32,527 --> 00:56:39,467
right now it's at 2.18% according to the Truflation year over year dashboard. So in 128 days,

865
00:56:39,527 --> 00:56:46,207
is inflation going to be higher than 2.18% or lower? And tell me why. I got to know. I think

866
00:56:46,207 --> 00:56:50,487
we're going to get locked in. We'll see how we all did. All right. We're going to leave with a

867
00:56:50,487 --> 00:56:55,787
value for value track as I do. This one's a banger. So if you support the artist while the music's

868
00:56:55,787 --> 00:57:02,187
playing by a boost, 95% of those sats go to the audience. Thank you so much for joining me. I hope

869
00:57:02,187 --> 00:57:04,367
You get to have a great summer vacation at some point.

870
00:57:04,867 --> 00:57:08,407
And I'm leaving you with Inside Out by Middle Season.

871
00:57:09,407 --> 00:57:14,287
This world has set me up, but I run away.

872
00:57:14,587 --> 00:57:16,487
Escape from it.

873
00:57:17,507 --> 00:57:19,887
Already made up my mind.

874
00:57:19,967 --> 00:57:21,627
I ain't looking back.

875
00:57:21,707 --> 00:57:25,247
Just keep on moving on and moving on.

876
00:57:25,487 --> 00:57:28,847
Don't know what the future holds.

877
00:57:29,067 --> 00:57:31,407
I'm still fighting for control.

878
00:57:32,187 --> 00:57:36,687
Giving it my word on this falling apart

879
00:57:36,687 --> 00:57:38,727
You're by my side, I'll make a bone

880
00:57:38,727 --> 00:57:40,087
You hold me alone

881
00:57:40,087 --> 00:57:43,987
All my shame is gone

882
00:57:43,987 --> 00:57:47,767
You're holding back, there's no other name

883
00:57:47,767 --> 00:57:51,647
You break chains, my soul arrives

884
00:57:51,647 --> 00:57:55,267
You set me free and changed me from the inside out

885
00:57:55,267 --> 00:58:04,047
This world has blinded me up

886
00:58:04,047 --> 00:58:05,887
Made me look away

887
00:58:05,887 --> 00:58:08,047
But I've run away

888
00:58:08,047 --> 00:58:11,567
Already made up my mind

889
00:58:11,567 --> 00:58:13,347
I ain't turning back

890
00:58:13,347 --> 00:58:14,367
I'm just seeing

891
00:58:14,367 --> 00:58:16,827
Everything is rumbling down

892
00:58:16,827 --> 00:58:20,387
I don't know what the future holds

893
00:58:20,387 --> 00:58:23,667
I'm still fighting for control

894
00:58:23,667 --> 00:58:30,307
Even if my world is falling apart

895
00:58:30,307 --> 00:58:32,287
You're by my side, I'm breakable

896
00:58:32,287 --> 00:58:33,767
You hold me up

897
00:58:33,767 --> 00:58:37,567
All my shame is gone

898
00:58:37,567 --> 00:58:41,247
No holding back, there's no other name

899
00:58:41,247 --> 00:58:45,107
You break chains, my soul not lies

900
00:58:45,107 --> 00:58:48,667
You set me free and changed me from the inside out

901
00:58:53,667 --> 00:59:23,647
We'll be right back.

902
00:59:23,667 --> 00:59:29,207
Even if my world is falling apart

903
00:59:29,207 --> 00:59:31,307
You're by my side and breakable

904
00:59:31,307 --> 00:59:32,747
You're holding me up

905
00:59:32,747 --> 00:59:36,507
All my shame is gone

906
00:59:36,507 --> 00:59:40,347
No holding back, there's no other name

907
00:59:40,347 --> 00:59:44,987
Even if my world is falling apart

908
00:59:44,987 --> 00:59:47,007
You're by my side and breakable

909
00:59:47,007 --> 00:59:48,487
You hold me up

910
00:59:48,487 --> 00:59:52,307
All my shame is gone

911
00:59:52,307 --> 00:59:56,147
You're holding back, there's no other name

912
00:59:56,147 --> 00:59:59,907
You break chains, my soul arrives

913
00:59:59,907 --> 01:00:03,647
You set me free and changed me from the inside out