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What's up? Welcome to Bitcoin Center. My name is Cedric Youngelman.

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Michelle Weakley. Great to be here with you, Cedric.

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Yeah, it's great. You're guest hosting for Paul. Paul Tarantino.

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That's right.

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Who's off gallivanting in Europe.

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Running around the world. Can't be bothered.

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Well, what is he, fishing now in Sweden and he's off to Amsterdam for the conference?

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Yep, I think so.

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All right, well, he's holding it down.

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He's living it up.

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Yeah, well, that's nice.

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You were just in Montreal. I saw you there.

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Yeah, I was. I think the weather followed us home, didn't it?

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Yeah, that's true. What did you talk about in Montreal?

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Bitcoin, security, physical security, you know, self-custody versus ETFs, all that kind of stuff.

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And what do you think sort of how'd that go over in today's ETF world?

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I mean, there's a pretty good crowd in Montreal.

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Yeah, it's a great event. I love the Bitcoin crew up there. I think it's an interesting time that we're in. There's a lot of people that are in Bitcoin now. This is not a popular take, but I think there's a lot of people who shouldn't be self-custodying yet.

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you know you gotta be careful you gotta

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really fully understand what you're

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doing and I think what

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I said up there was

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that it is for

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anyone when you're ready

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but it's not for everyone

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right like you've really gotta make sure

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that you know what you're doing before you

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take full control

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yeah

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I wanna ask you about Trump

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you know we're like what 11 10 months

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into the

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well I'm gonna start though

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Do you think and can you hear me?

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I can hear you.

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Yeah.

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All right.

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Do you think that, you know, the Trump regime, I think the Trump regime wants crypto to be a big part of their sort of economic future and plan?

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Yeah, totally.

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So, right.

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So, you know, I think it's good for them if Bitcoin goes up, if stable coins get adopted.

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Do you think on the other end, a lot of people think that somehow, some way the paper Bitcoin or futures or, you know, that that Bitcoin might be being suppressed in price?

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Maybe it's not. But no, my question is, is it possible America's or Trump's enemies, the Trump regime's enemies are holding the price down by China or Russia?

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Oh, anything is possible. I think China, you know, I love I love blaming China. That would be really within China's wheelhouse that they would be suppressing price in order to accumulate.

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But I have to say, I don't think that that's what's happening now because I think China's been accumulating since they did the ban.

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I have believed that that ban was sort of fake and that they were banning retail, but they were actually at that point in time starting to acquire.

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So I think there's definitely shenanigans going on behind the scenes, but you never know what the details are.

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So China still has the most mining in the world.

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Do you think that's, do you think like they killed the quote unquote, like commercial mining and then captured the assets and or bought their own and they are behind the large amount of hash rate in China right now?

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Absolutely. China is ruthless. And I think there's no doubt in my mind that that's what they did. I, you know, I've been there. I've done business there. I've spent a lot of time there.

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not that that makes me an expert first per se but absolutely that's what they've been doing

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did you see trump uh in the oval office with the gold the gold show i just saw it at the last

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minute with the gold and apparently they gave him a rolex or something yeah yeah so we read the way

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we did the office and then i forget who he was in there with and she was like so this is not from

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home depot he's like no no you what was very interesting to me one he said you can't fake gold

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and I'm like well I don't know that's not true right where's the audit of Fort Knox

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right but I think you know kind of revealing that during the end of the government shutdown

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don't you think that's just really I don't know not the best timing not the best look I just yeah

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I think if he has I mean obviously he has faults right but his biggest fault in my opinion is his

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ego. Like he just loves to be the center of attention. He loves to be praised. He loves to

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show off. And I don't think he cares one bit about the timing of it. You know, you could ask him and

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he'd probably laugh. Do you think he cares about any of the details? Do you think he's actually

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calling any real shots at, you know, or is he just taking advice from the people that tell him what to

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do? I don't know. It's tough. I, you know, I, I was really an advocate for Trump. And so it's,

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it's a weird, uh, what would you grade him based on what you were hoping for?

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This is tough. Okay. So if you asked me based on what I was hoping for, I would give him an F,

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but we have to take a step back and look at what was the alternative right if it hadn't been him

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we i fully believe we'd be living under communism we might not be talking they might have banned all

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the bitcoin channels on youtube i probably would have lost my job like we'd be living in a totally

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different world so it's it's tough you know i don't i mean i think he's installed to i think

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he's installed for all the financial surveillance as part of the stable coins and the crypto i think

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even like the stimulus checks that they're proposing now i think if commo is in power

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i don't think the right would accept that proposition and i think it's and i think with trump

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you know like i think he'll get away with certain aspects of inflation that that the left wouldn't

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and then there'll be still be aspects of austerity with trump that the left couldn't get away with

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that will be reversed when the pendulum swings back with more money print you know you know what

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i mean right there's always money printing no matter what i mean i nobody can argue that

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But you think it's all just a show, don't you?

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I do.

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I mean, I really...

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Well, I also think that it really would be impossible

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for any one person to kind of really game plan this all out

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or just figure it all out and come in fresh

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and have the courage.

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So I think there's sort of a playbook

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that they can choose from,

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which issues they want to spearhead,

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what they want to do first.

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you would think like why why all the failures in the first 10 months if he actually wanted to be

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successful yeah i'm curious what you think about for example like cash patel you know so the

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failures in my opinion are a result like i think is and bongino i mean these are like podcasters

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right but they you know they come in hot and then personally i think they've all been blackmailed

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Kash Patel is like a deer in headlights. And, you know, he hasn't done a single thing he said

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he was going to do. And you have to look at past behavior. You have to look at what they did with

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General Flynn. I mean, this is what they do. They threaten people. And so I think that's what's

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happening with a lot of them. I mean, I know that the politicians are like a big, you know,

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that expectations should be low, but I think that they had plans to do more and that they all got

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threatened by the deep state and the intel agencies and stuff so then you would say

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then why not the courage to say that like why not and why isn't anybody why doesn't anyone ever

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break ranks and say you know what i'm gonna blow the whole thing up being a corrupted captured

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person i came into this with not knowing that that would happen now they said this why don't i either

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just bow out or are you familiar with Flynn what they did to General Flynn no not in detail no

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so that was a confusing one because you know they painted him one way in public I didn't

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and so no yeah so there's a documentary which premiered in Venice Florida by the way Flynn

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is based down here um but Flynn came out I mean Flynn made a documentary about what they did to

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him and what i think what happens is when people do try and speak of it they get suppressed like

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you know speaks out against right i mean he doesn't he made a documentary about how the

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federal government the department of justice framed his son in order to get him to cooperate

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russia gate and he came out and but he speaks about it all the time uh there's been a lot of

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wouldn't you make the argument that any honest good person would know this going in

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i don't know i think people go in with i mean some do but i think some of these the people that

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we were like hoping would actually do something like cash i think they maybe underestimate the

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level to which they may end up threatened or i mean but you literally had every one of them

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in there once i mean you have cash quangino elon was there for a minute

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trump i mean it's they have the whole gang yeah but that's how it works i mean

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dc for 12 13 years these people are all i don't know i i'll say this i'm not a trump supporter i

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never I never was but I had optimism November through January right and I don't anymore I know

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and I was Tom Luongo and he still thinks Trump's kicking ass here I don't agree with that I'm super

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disappointed in the whole thing but I'm torn because I don't think the answer is to say

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oh screw it and just opt out

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because then we end up getting

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ruled by these lunatics

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who are crazy

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enough to be involved and then they're making

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the rules and laws and regulations

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and all that you know what I mean

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so it's I don't know

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it's really defeating I admit that

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which I think

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is part of this the demoralization

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campaign

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I don't want to be a doomer

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I am optimistic long term

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I just don't see a lot of cause for optimism in political landscape by the actions I'm seeing.

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I don't disagree with that.

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I'm kind of a doomer, but I'm really optimistic about more local solutions.

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Like I love Florida and I think being involved locally matters.

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You know, we saw during COVID how important that is.

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And so I think that's going to become more and more important as things get further divided.

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So that is kind of what gives me hope.

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I think that's worth staying involved and engaged with.

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Yeah, I hear you.

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I hope is great.

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Bitcoin is hope.

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You know, the term I hear more now, spot Bitcoin.

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It's kind of cringe.

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Why do you hate it?

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It's just so fiat.

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You know what I mean?

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Like all Bitcoin should be spot Bitcoin.

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Like spot Bitcoin implies that there's something else, which there shouldn't be.

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But of course, now there is.

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You now have all of these products.

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Yeah.

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But I think it's more about I think it's sort of trying to indicate self-custody.

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You think spot Bitcoin is the indicator of like having.

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I think people are trying to colloquially say like buy spot Bitcoin, meaning they're trying to really in a nutshell say buy it on an exchange and take it into self custody.

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First buy the ETF or.

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Sure.

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You know, or treasury company.

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Yeah.

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And that's fair enough.

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And we do need those distinctions now post post ETF sort of Bitcoin, I think, is in it's like Wall Street era.

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So I guess we need those distinctions.

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But I miss the old days.

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uh i mean what do you think about i mean you you voted for trump what do you think about the

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government embracing bitcoin as much as it has and again maybe not in terms of maybe pumping the

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price or whatever but just all of it just rolling out the red carpet for bitcoin and and the crypto

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universe yeah i'm torn on this one too right because we were in a position where they were

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really like coming after the entire industry. And there were some things that I saw like from

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a regulatory perspective in my role at Byte that we were aware that were happening behind the scenes,

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like agendas that they had at the DOJ with FinCEN, stuff like that.

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And it wasn good You know we saw a lot of prosecutions like with the Samurai Wallet guys Tornado Cash I know it Ethereum But there were a lot of these cases that were being brought

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And I think there were going to be more and more of them.

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That's a good point about Tornado or however you say it.

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I mean, yeah.

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And Samurai.

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Right.

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And, you know, you saw a lot of Wallet of Satoshi.

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Like all the wallets left because they were afraid to offer services to citizens in the U.S.

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And, you know, I know some people cheer for that because they think it'll like expedite the end and the crash. But I think to think that that would all happen really quickly is, is, I don't agree with that at all. It's like a 30 to 50 year period where we would be living under communism before we ultimately won. Right.

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so it's hard to say oh yeah like let them come in let them label us all criminals let them take

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our jobs let them kick the industry out i i don't you know i'm not excited about like working with

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the government i mean we started to get away from the government completely but there's gotta be

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a happy medium where we don't all end up in jail

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yeah that's true

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no one wants to go

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on that note

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this is Bitcoin

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sent I brought to you by Byte Federal

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go bank yourself

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they got the point of sale of the crypto wallet

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and the Bitcoin ATM where you could buy

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spot Bitcoin

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and take it into self-custosity

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or use their wallet

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let's

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get into the show

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alright

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Let's be real, right?

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Phrasing Telegram for launching a Bitcoin wallet.

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We're going to see you soon.

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I've always felt like...

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Bitcoin, this digital currency that's out there,

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that people say, oh, it might be the next big thing.

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What do you think?

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I think it's rat poison.

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Bitcoin.

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You never heard of them a few weeks ago?

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Now everybody's talking about them, but is it a currency?

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I don't know.

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Or is it more like a stock?

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Or is it a tulip bowl?

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Or is it just stupid?

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To me, it smells like Ponzi scheme and the greater pool theory, right?

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You do like five minutes of freaking research.

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Well, thanks for coming to my set talk.

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Yes.

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Don't buy shit, Clint.

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Oh, man, I didn't get that wrong.

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All right.

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Bitcoin's recent rally.

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Do you agree?

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Is crypto finally dead?

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Go to the next one.

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Matter of fact, they're kind of in the Ethernet.

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What are they?

228
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There's some rumors that it's a Japanese guy, but they know that he's a fake name.

229
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It was a pseudonym.

230
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You're literally putting real money onto a system that we don't even know who created it.

231
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It will come to a bad ending.

232
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Is this the most exciting bull run ever?

233
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Not for me.

234
00:16:43,596 --> 00:16:44,596
No, it's not.

235
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Welcome to Bitcoin Center, the fast-paced show where the debate is the story.

236
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Nice to see you, sir, in person.

237
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Good to see you as well.

238
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Okay, so what's going on here? This is a big deal.

239
00:17:08,736 --> 00:17:11,016
Yeah, this morning, it is a very big deal.

240
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It's a big day and a big milestone.

241
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reverses the course of time. We've wanted to be a one-stop shop for all your financial services

242
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needs and one of the holes we've had for the last two years was in cryptocurrency the ability to

243
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buy sell and hold crypto. We were not allowed to do that as a bank it was not permissible but in

244
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March of this year the OCC came out with an interpretive letter that it's now permissible

245
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for banks like SoFi to offer our cryptocurrency. So this morning we're launching as the only

246
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national bank the first and only national bank the opportunity to buy sell and hold cryptocurrencies

247
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like Bitcoin, Ethereum, and Solana.

248
00:17:44,696 --> 00:17:46,636
So I was going to ask, are we just talking about three for now?

249
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We'll expand well beyond three.

250
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It'll be a pretty broad assortment.

251
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We try to differentiate on being fast, having broad selection, great prices, ease of use.

252
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So we'll try to give members, SoFi members, as much selection as they would like.

253
00:17:59,316 --> 00:18:03,356
And what's the difference between going through you and going through Coinbase

254
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or going through Robinhood or somebody else?

255
00:18:05,476 --> 00:18:07,016
Yeah, there's a couple of really big differences.

256
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First, we're a nationally chartered bank, which means we have the infrastructure,

257
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the processes, the financial conditions that provides the safeguards that a consumer would

258
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expect from a bank, which is going to allow us to scale responsibly. The second thing is because

259
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we are a one-stop shop, you can do all your banking, checking and savings at SoFi, your borrowing

260
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and your investing, and now crypto. And one of the unique things about that is when you come to SoFi

261
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and fund your crypto investments, you'll fund them in a SoFi checking and savings account.

262
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That checking and savings accounts deposits earn interest. Say that again, you're going to fund

263
00:18:38,236 --> 00:18:43,916
it with crypto? You're going to fund your checking account with cash. And then when you buy

264
00:18:43,916 --> 00:18:50,696
Bitcoin or Solano or Ethereum, the money will come straight out of your checking savings account.

265
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So when you're not putting cash to work, it's not sitting in an account that earns no interest,

266
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and it's not sitting in an account that's not insured. So the money will sit in an FDIC-insured

267
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account, up to $2 million is what we offer. And when you buy, it will instantly withdraw from that

268
00:19:03,556 --> 00:19:14,536
like what's up guys so we lost Cedric it's just me for right now but we are we're waiting for

269
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Cedric to come back in the meantime what I was gonna ask Cedric was uh so SoFi has become the

270
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first nationally chartered bank to enable Bitcoin and crypto trading so the question tonight is how

271
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of a deal as that, right? And I think it's a pretty big deal. I mean, I kind of hate it. Cedric and I

272
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were talking in the pre-show a little bit about this idea of spot, spot, spot, spot, spot, spot

273
00:19:42,056 --> 00:19:48,996
something, right? Like all Bitcoin should be spot Bitcoin. But I don't want to be a total doomer.

274
00:19:49,936 --> 00:19:56,716
It's pretty cool that this is happening. I didn't even know the details about it. I was listening

275
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to the clip along with you guys. And so it sounds like if you have a SoFi account, you can just buy

276
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Bitcoin. Hey, Cedric, you're back. Hey, yeah, I'm on my laptop, Mike, and my laptop camera, but

277
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can you hear me? Yeah, yeah, it's good. Okay, cool. So Cedric made it back, and I was just trying to

278
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decide how I felt about SoFi, Cedric, but I think you're better qualified for this one. So

279
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So, SoFi has become the first nationally chartered bank to enable Bitcoin and crypto trading.

280
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How big of a, do you think that's a big deal? What do you think about that?

281
00:20:36,896 --> 00:20:40,356
I think it is a big deal. I think this goes along the lines with the ETF.

282
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I think that people are, you know, for hundreds of years, we have used trusted third parties to

283
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manage a lot of our wealth. You can look at an institution like Fidelity. So I do think that

284
00:20:52,716 --> 00:20:59,816
this is crossing the line and the chasm of being more accepted. But if you notice, I was offline

285
00:20:59,816 --> 00:21:03,576
for the clip, but like they're talking about trading and they're talking about more than just

286
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Bitcoin. So I think that this is still about narrative building and getting people comfortable

287
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with stable coins. They want you to put your, you talk a lot about having your checking account

288
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and that's going to be in stable coins. And you could buy Bitcoin, crypto and Ethereum.

289
00:21:19,756 --> 00:21:22,816
This is getting people comfortable with blockchain.

290
00:21:23,756 --> 00:21:27,276
So I still think that this is more about that than actual Bitcoin.

291
00:21:28,116 --> 00:21:36,796
But I think in terms of adoption, in terms of institutions, people trust, amount of their wealth.

292
00:21:37,416 --> 00:21:39,476
And I think that also for collateral.

293
00:21:39,776 --> 00:21:41,976
So being able to borrow against your Bitcoin.

294
00:21:42,516 --> 00:21:46,856
I think it would be better in custody or self-custody and borrow against it.

295
00:21:46,856 --> 00:21:52,636
But I think the first phase is having it in a trusted third party and using it as collateral there.

296
00:21:53,816 --> 00:21:55,496
Yeah, I'm excited about that.

297
00:21:55,576 --> 00:21:57,896
I think that that's an awesome trend we're seeing.

298
00:21:58,156 --> 00:22:07,496
And also one thing that was interesting in the clip was that he talked about like putting your money to work so that it's not just sitting in an account.

299
00:22:08,356 --> 00:22:14,336
And I think what he said something about like instead of having your cash sit there, you would put it in the crypto.

300
00:22:14,336 --> 00:22:20,236
and so I think you're right that they're really like getting people warming people up to the idea

301
00:22:20,236 --> 00:22:29,136
of not only moving in and out of crypto but like trading and having their money work work for them

302
00:22:29,136 --> 00:22:34,056
which is really for the bank right and bitcoin and self-custody is also implying it's not working

303
00:22:34,056 --> 00:22:40,456
for you right you know it's so yeah I think this part of making it sound like gold like a pet rock

304
00:22:40,456 --> 00:22:41,316
A digital pet rock.

305
00:22:41,676 --> 00:22:43,196
All right, let's go on to the next one here.

306
00:22:43,896 --> 00:22:45,696
All right, Peter Schiff is back in the news.

307
00:22:47,116 --> 00:22:55,236
Goldberg, Peter Schiff, insists, as usual, that Bitcoin's latest rally is an artificial bubble popped, propped up by political and Wall Street support.

308
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Is Bitcoin lagging gold or is it the other way around?

309
00:23:01,656 --> 00:23:03,756
You know what, Peter Schiff?

310
00:23:03,796 --> 00:23:05,396
It was nice to meet you in Vegas.

311
00:23:05,756 --> 00:23:07,696
You were at our event, right?

312
00:23:08,896 --> 00:23:10,416
Probably paid to be there.

313
00:23:10,456 --> 00:23:16,176
you think they paid him to be there that's my guess yes i think he might have even said something

314
00:23:16,176 --> 00:23:22,396
to the effect i think they paid him to be there well nobody is you know all right i mean he's

315
00:23:22,396 --> 00:23:28,136
still there right so he thinks it's worth his time i mean they couldn't have paid him that much

316
00:23:28,136 --> 00:23:35,096
if he had a booth there he's selling his gold there right right and so i mean what do we have

317
00:23:35,096 --> 00:23:39,796
We have gold is like 25, 26 trillion market cap still.

318
00:23:40,456 --> 00:23:43,596
And Bitcoin is only two or two and a half.

319
00:23:44,116 --> 00:23:48,576
But I think ultimately that ends up flipped over what time frame?

320
00:23:48,736 --> 00:23:50,336
You know, is it a couple of years?

321
00:23:50,496 --> 00:23:52,956
Realistically, it's probably five to 10 years.

322
00:23:54,096 --> 00:23:55,936
Maybe it takes a little bit longer.

323
00:23:56,036 --> 00:23:57,096
Maybe it's more like 20.

324
00:23:57,196 --> 00:24:01,456
But I think in the future we'll be sitting here and those will be completely flipped.

325
00:24:01,576 --> 00:24:04,736
And people will say, why would I hold gold?

326
00:24:05,096 --> 00:24:11,276
Um, and the reality, which is maybe a little harsh, but a lot of people that are in gold,

327
00:24:11,396 --> 00:24:13,376
they're going to pass away one day.

328
00:24:13,636 --> 00:24:17,296
The people that are still holding in gold and really convicted about it.

329
00:24:17,676 --> 00:24:22,136
Um, and as those people pass away, I mean, young people are not holding gold.

330
00:24:22,276 --> 00:24:24,816
There's no way that that market is going to maintain itself.

331
00:24:25,696 --> 00:24:30,336
Do you think that gold running this much is an indication that Bitcoin could still have

332
00:24:30,336 --> 00:24:31,596
a major rally here?

333
00:24:32,296 --> 00:24:33,076
I do.

334
00:24:33,076 --> 00:24:38,396
I think we've been in this crab market, and I don't really think we've had a major...

335
00:24:39,416 --> 00:24:42,396
I don't think there's been a bull market at all, to be honest.

336
00:24:42,896 --> 00:24:48,696
Yeah, we're getting these little new all-time highs, but I'm waiting for the volatility to come back.

337
00:24:48,776 --> 00:24:51,576
Give me a big run-up and then a huge crash.

338
00:24:52,376 --> 00:24:53,196
Yeah, that'd be fun.

339
00:24:53,356 --> 00:24:54,976
All right, let's move on to the next one here.

340
00:24:57,096 --> 00:24:57,836
It's that.

341
00:24:58,196 --> 00:25:02,356
What is a security is we're trying to fit something into a wrong framework.

342
00:25:02,356 --> 00:25:05,356
RAOUL PAL Yeah, Raoul, that's what the crypto guys

343
00:25:05,356 --> 00:25:06,956
RAOUL PAL Because anybody can buy a house.

344
00:25:06,956 --> 00:25:09,856
If you say it's a property, everybody should be able to buy it.

345
00:25:09,856 --> 00:25:13,076
RAOUL PAL Yeah, but Raoul, if I created my own Mikey

346
00:25:13,076 --> 00:25:19,756
coin and then I pumped it on Twitter and I dumped it on the retail population after I

347
00:25:19,756 --> 00:25:25,936
gave a bunch to a celebrity who then told the world it was great, it's illegal and it's

348
00:25:25,936 --> 00:25:26,936
unethical.

349
00:25:26,936 --> 00:25:32,216
The truth of the matter is, if you have a centralized group of people creating a token

350
00:25:32,216 --> 00:25:39,676
which is a security, giving it to themselves and then selling it on the market and representing it as a decentralized property.

351
00:25:39,876 --> 00:25:43,936
You're crossing an ethical line and you're also crossing a legal line.

352
00:25:44,096 --> 00:25:51,856
And you can't you can't avoid the ethical responsibility and the legal responsibility simply by saying.

353
00:25:53,276 --> 00:25:58,216
Such a great clip. I'm so glad this is resurfacing. All it's missing is a deep sigh.

354
00:25:58,216 --> 00:26:22,476
But with this clip resurfacing, with Saylor talking about the bad ethics in crypto, do you think it's resonating because he's showing where the line needs to be drawn and that there is a voice of reason amid all this questionable crypto politics invested interest?

355
00:26:23,216 --> 00:26:25,756
Or is it just kind of muddying the waters?

356
00:26:25,756 --> 00:26:34,156
well i mean i think there was a lot of uh great old sailor clips and euphemisms and sort of uh

357
00:26:34,156 --> 00:26:37,796
guidelines that make a lot of sense and i think what he's saying there is spot on

358
00:26:37,796 --> 00:26:43,956
uh what i think about is how different is micro strategy from what he's describing there

359
00:26:43,956 --> 00:26:53,796
right and so um you know uh and i i think that it is legally different i think it's it is he is

360
00:26:53,796 --> 00:26:58,096
he is also letting you know up front that it is a security that he's building.

361
00:26:58,876 --> 00:26:58,996
Yeah.

362
00:26:59,436 --> 00:27:05,316
But I do think that he's, you know, I think that part of the fervor for the products have been retail.

363
00:27:06,076 --> 00:27:14,356
And I think part of the fervor for the products has, I think the future of the product is to sell to people who don't get Bitcoin,

364
00:27:14,356 --> 00:27:19,576
who have money trapped in different parts of the financial ecosystem.

365
00:27:19,576 --> 00:27:28,036
But I think part of the fervor to get to where we have been has been support from retail and from people who wanted access really to the properties of spot Bitcoin.

366
00:27:29,236 --> 00:27:37,896
And then also got maybe accustomed to, you know, the rate of return on Bitcoin or the cager and are looking to outpace it.

367
00:27:38,316 --> 00:27:52,752
You know maybe because you know they feel OK I have 10 percent in Bitcoin What if I put another 10 percent of my wealth in So I have savings I have investment And maybe they put another 10 into this other thing that they consider speculation

368
00:27:54,032 --> 00:27:54,392
But I think it's-

369
00:27:54,392 --> 00:28:00,732
Yeah, so the difference between investing, so saving, investing, and then gambling.

370
00:28:02,052 --> 00:28:03,092
Yeah, right.

371
00:28:03,132 --> 00:28:05,772
And I think you can do all that on Bitcoin, right?

372
00:28:05,812 --> 00:28:08,432
And I think, you know, and I think-

373
00:28:08,432 --> 00:28:10,112
Yeah, I mean, I think if you're 100% Bitcoin,

374
00:28:10,112 --> 00:28:12,092
I don't think you're just saving in Bitcoin.

375
00:28:12,852 --> 00:28:15,932
I think you're investing and speculating a bit on Bitcoin.

376
00:28:17,372 --> 00:28:23,392
Like some of these, like MicroStrategy and some of these other sort of fiat products?

377
00:28:24,232 --> 00:28:30,232
No, I'm saying if you personally, if you have 5% or 10% of your net worth in Bitcoin, you're saving in Bitcoin.

378
00:28:30,752 --> 00:28:32,532
You're DCAing in Bitcoin.

379
00:28:32,872 --> 00:28:38,392
If you have 10% to 50% in Bitcoin, I think you're investing in Bitcoin.

380
00:28:38,392 --> 00:28:45,772
If you have 51 to 99 or 100 percent of Bitcoin, I think you're other, you know, you could say you're living on a Bitcoin standard, but I think you're also speculating on Bitcoin.

381
00:28:46,312 --> 00:28:48,292
I think some people are a gamble, you think.

382
00:28:48,472 --> 00:28:52,572
Right. Or trying to speed up the clock or retire early.

383
00:28:53,172 --> 00:28:57,432
Right. So it's not so much a savings plan as much as, you know, and I don't think there's anything wrong with that.

384
00:28:57,872 --> 00:29:05,352
Concentrating your your worth and your wealth early on to build wealth, I think, is a good way to go about it.

385
00:29:05,352 --> 00:29:08,512
So I'm not saying there's anything wrong with it or, you know, it's trying to say it pejoratively.

386
00:29:09,092 --> 00:29:10,952
But I think you can use Bitcoin in a different way.

387
00:29:10,992 --> 00:29:13,672
But I think you could then say, OK, how much do I have in Bitcoin?

388
00:29:14,412 --> 00:29:17,552
How much do I have in Bitcoin treasury companies?

389
00:29:18,112 --> 00:29:19,332
How much do I have in AI?

390
00:29:19,632 --> 00:29:21,892
I mean, some of that is not just savings.

391
00:29:21,932 --> 00:29:23,512
That's speculating or investing.

392
00:29:24,112 --> 00:29:24,432
Sure.

393
00:29:24,992 --> 00:29:29,592
And so, you know, does just living on a Bitcoin standard mean you're 100% in Bitcoin?

394
00:29:29,592 --> 00:29:36,152
don't you maybe you have a company that has fiat cash flows or fiat equity stakes i mean it's hard

395
00:29:36,152 --> 00:29:41,012
to be a hundred percent bitcoin yeah there's all kinds there's all sorts of different ways

396
00:29:41,012 --> 00:29:47,992
that you can hold bitcoin and diversify you can also lever up can you be 150 bitcoin

397
00:29:47,992 --> 00:29:54,412
so you know uh but i think in the beginning i think that these treasury companies have been

398
00:29:54,412 --> 00:30:00,132
getting a lot of their capital contributions from Bitcoiners and not from non-Bitcoiners.

399
00:30:00,652 --> 00:30:01,212
Yeah.

400
00:30:01,792 --> 00:30:02,232
Right.

401
00:30:02,312 --> 00:30:08,292
Like, I think you probably, I wonder how much of the stretch marketplace is Bitcoiners storing

402
00:30:08,292 --> 00:30:15,532
cash-like instruments and using stretch instead of a money market versus pension funds.

403
00:30:16,532 --> 00:30:18,792
Yeah, I don't know anybody with a pension fund.

404
00:30:19,432 --> 00:30:22,672
No, but I'm saying any pension funds, are they investing in stretch?

405
00:30:22,892 --> 00:30:23,692
Oh, I see.

406
00:30:23,692 --> 00:30:38,492
Or is it strictly like a lot of people who are already buying spot Bitcoin and are Bitcoiners and are putting a little extra in these products instead of more Bitcoin or AI stocks or money market funds?

407
00:30:39,052 --> 00:30:45,832
You know, or is it actually attracting capital from trapped capital from non Bitcoiners?

408
00:30:46,032 --> 00:30:46,252
You know?

409
00:30:46,792 --> 00:30:47,052
Yeah.

410
00:30:47,572 --> 00:30:49,292
I think probably both, but.

411
00:30:49,932 --> 00:30:50,412
We'll see.

412
00:30:50,672 --> 00:30:51,392
Yeah, maybe both.

413
00:30:51,492 --> 00:30:51,812
I don't know.

414
00:30:51,812 --> 00:31:15,212
Let's move on to Square. Square brings lightning to 4 million merchants. Yeah, I want to talk about this. Will letting customers pay via lightning at 4 million Square merchants with fees waived through 2026 and instant USD conversion spark a wave of Bitcoin payment adoption? Or will most businesses start auto converting to dollars and leave Bitcoin's circular economy a work in progress?

415
00:31:15,212 --> 00:31:21,932
i think this is awesome first of all you know there's some people that are angry on twitter

416
00:31:21,932 --> 00:31:28,112
i don't know why they're always angry um but these things take time and i think it's a huge

417
00:31:28,112 --> 00:31:34,532
step forward you know if you look at stake and shake as one of the first big adopters they were

418
00:31:34,532 --> 00:31:40,992
initially converting all of their bitcoin into fiat immediately but we saw you know with the

419
00:31:40,992 --> 00:31:48,152
success and the support that they had. Now they have ultimately pivoted and they're holding Bitcoin

420
00:31:48,152 --> 00:31:54,172
and they're growing a Bitcoin treasury. So that's fantastic. And I think you can really

421
00:31:54,172 --> 00:32:00,052
orange pill a lot of merchants and businesses one at a time.

422
00:32:00,772 --> 00:32:04,392
Well, how is this going to work with taxes though? I mean, is anyone going to-

423
00:32:04,392 --> 00:32:04,672
Oh, that's a nightmare.

424
00:32:04,672 --> 00:32:10,652
there so i i can see why merchants would love this i mean there's less fees there's no fees

425
00:32:10,652 --> 00:32:16,072
on this for a year that's huge you can even auto convert to dollars so you can

426
00:32:16,072 --> 00:32:25,772
get the best of both worlds you don't have uh pay or fraud right no uh uh chargebacks right so i

427
00:32:25,772 --> 00:32:30,232
mean but like does that mean that i don't think bitcoins are going to go in necessarily i mean

428
00:32:30,232 --> 00:32:35,392
they're spending some money at steak and chicken. But, but I think when you start talking about

429
00:32:35,392 --> 00:32:40,172
like maybe TVs and things that are at a higher price point, I just think people are not going

430
00:32:40,172 --> 00:32:46,952
to be as hungry to do that. And I don't know if the U S is ever going to make transactions.

431
00:32:48,332 --> 00:32:51,572
I think that's the coup. That's like the whole thing.

432
00:32:52,092 --> 00:32:55,092
Yeah. I do minimum, a de minimis or whatever it's called.

433
00:32:55,092 --> 00:32:59,092
That would be a start, but like moving towards treating Bitcoin as nice as the dollar and

434
00:32:59,092 --> 00:33:01,092
treating it like money, I don't think it's going to

435
00:33:01,092 --> 00:33:02,272
happen by the U.S. government.

436
00:33:02,832 --> 00:33:05,132
I think it's a little overly optimistic to think

437
00:33:05,132 --> 00:33:06,192
that that's going to happen.

438
00:33:07,792 --> 00:33:11,212
Do you think Jack has

439
00:33:11,212 --> 00:33:12,372
insider knowledge

440
00:33:12,372 --> 00:33:15,272
at his level with coming out of Twitter?

441
00:33:16,772 --> 00:33:17,632
He might.

442
00:33:17,892 --> 00:33:19,312
We know they were

443
00:33:19,312 --> 00:33:21,132
cooperating with the government

444
00:33:21,132 --> 00:33:22,372
for many years.

445
00:33:22,632 --> 00:33:24,052
Read the Twitter files.

446
00:33:25,252 --> 00:33:27,492
Don't you think this would be like...

447
00:33:27,492 --> 00:33:28,452
Well, I mean...

448
00:33:29,092 --> 00:33:38,612
I mean, I would think that the government would say, hey, you got to figure out all the accounting for this, the tax implications, because you're letting customers spend Bitcoin.

449
00:33:39,512 --> 00:33:39,712
Yeah.

450
00:33:39,712 --> 00:33:43,612
I would think, I'm surprised they haven't put responsibility on to Square.

451
00:33:44,932 --> 00:33:47,112
I think it could get really interesting.

452
00:33:47,352 --> 00:33:52,152
I think the more adoption of this that we see, the more interesting it's going to get.

453
00:33:52,292 --> 00:33:54,872
And that could be positive or negative.

454
00:33:54,872 --> 00:34:06,592
You know, we could end up forcing some sort of tax exemption or we could see some sort of like Visa and MasterCard are known for suing people.

455
00:34:06,852 --> 00:34:08,852
And, you know, they really have government backing.

456
00:34:09,532 --> 00:34:11,392
So it could get pretty wild.

457
00:34:11,692 --> 00:34:14,712
I think time will show what comes out of this.

458
00:34:15,132 --> 00:34:16,312
But. All right.

459
00:34:16,352 --> 00:34:17,032
Well, all right.

460
00:34:17,052 --> 00:34:18,812
You're watching Bitcoin Center, like and subscribe.

461
00:34:19,252 --> 00:34:20,592
Let's go on to the lightning round.

462
00:34:20,592 --> 00:34:28,892
we got topic five oh i got topic five i'm always screwing that up all right

463
00:34:28,892 --> 00:34:35,732
all right you go okay so there's an imf debt alarm

464
00:34:35,732 --> 00:34:46,612
with the imf confirming global debt has quietly climbed to 100 of gdp are we entering the

465
00:34:46,612 --> 00:34:53,792
gradually then suddenly phase of fiscal decline, where decades of abstract warnings finally

466
00:34:53,792 --> 00:35:02,952
translate into reality. And Bitcoin's case as a parallel system moves from theory to observation.

467
00:35:03,972 --> 00:35:08,252
How do you think this unfolds in real time? What do you think is going on here?

468
00:35:09,012 --> 00:35:12,992
I think that they're just getting people comfortable with the debasement trade

469
00:35:12,992 --> 00:35:18,712
and inflation. I think that this is more about just getting people comfortable with the level

470
00:35:18,712 --> 00:35:26,272
of debt. Yeah. Which is high. Which is high. I mean, it's going parabolic. Yeah. But you can

471
00:35:26,272 --> 00:35:35,972
inflate that away in nominal terms. I don't know. And I just, I just, yeah, I don't, I just think

472
00:35:35,972 --> 00:35:41,812
that they're really getting people comfortable with the fact that their money is inflating away.

473
00:35:41,812 --> 00:35:52,372
And I don't think we're going to get to hyperinflation necessarily anytime soon, but I think they have to get people comfortable with 3%, 4% inflation and maybe even actually probably higher in real estate.

474
00:35:52,952 --> 00:35:53,832
Way higher.

475
00:35:54,032 --> 00:35:54,812
In reliable goods.

476
00:35:54,812 --> 00:36:01,312
Did we lose you, Cedric?

477
00:36:03,452 --> 00:36:12,452
I was going to ask Cedric to give us a quick 30-second explanation of the debasement trade.

478
00:36:13,332 --> 00:36:15,832
So we'll see if we get him back here.

479
00:36:15,952 --> 00:36:17,172
I don't know what that means.

480
00:36:17,172 --> 00:36:29,472
i know the imf is an evil organization so i'm going to talk about that till we get cedric back

481
00:36:29,472 --> 00:36:43,372
uh it is not an ngo it is like an inter government agency um the international monetary fund

482
00:36:43,372 --> 00:37:07,132
And so what Cedric was saying is it was interesting. And I would agree with the fact that they're just trying to get people comfortable with their money being worth less and less. You know, I disagree about hyperinflation. I think we're nearing a point of hyperinflation and that it's going to happen really fast. It's going to happen in our lifetimes.

483
00:37:07,132 --> 00:37:12,972
I mean, if you're here for the next 10, it could take 20 years, but I think it's less.

484
00:37:13,072 --> 00:37:19,412
With the amount of money that they're going to print, there's no avoiding hyperinflation, right?

485
00:37:19,472 --> 00:37:25,072
You have to look at what has happened over and over and over everywhere else in the world.

486
00:37:25,672 --> 00:37:35,892
Look at the timeline in Venezuela and how quickly they went from one of the world's leading economies to where they are now.

487
00:37:37,132 --> 00:37:40,692
I think we have a question in the chat.

488
00:37:43,412 --> 00:37:46,672
No, I was just inviting people to leave questions in the chat.

489
00:37:47,092 --> 00:37:48,112
Ah, okay.

490
00:37:48,252 --> 00:37:53,692
Let us know if you guys are still here and if you have any questions.

491
00:37:54,452 --> 00:37:56,152
I have questions for Cedric.

492
00:37:56,212 --> 00:37:57,632
We got to get him back in here.

493
00:37:57,632 --> 00:38:01,212
I pulled up a little definition of the debasement trade for you.

494
00:38:01,532 --> 00:38:02,652
Oh, great.

495
00:38:02,852 --> 00:38:03,872
Okay, so let's see.

496
00:38:03,972 --> 00:38:05,312
What does this even say?

497
00:38:07,132 --> 00:38:15,472
uh what drives the debasement trade is an investing strategy focused on protecting wealth

498
00:38:15,472 --> 00:38:21,352
from the declining value of major currencies all right so they're definitely doing that

499
00:38:21,352 --> 00:38:26,872
due to government debt expansion money printing we know that they're doing all that

500
00:38:26,872 --> 00:38:32,452
what does it look like like what are they doing you know what i have a debasement trade

501
00:38:32,452 --> 00:38:39,052
turn your dollars into Bitcoin. Governments are increasingly borrowing, expanding.

502
00:38:40,552 --> 00:38:47,512
Four tactics. Let's look at that. On the sell side, investors reduce holding of government bonds.

503
00:38:48,152 --> 00:38:57,872
Yes. Don't hold bonds, obviously. On the buy side, they accumulate assets like gold, silver,

504
00:38:57,872 --> 00:39:04,612
crypto by crypto we mean bitcoin foreign stocks real estate okay so you hold assets

505
00:39:04,612 --> 00:39:10,852
Paul talks about this a lot I always think you know whatever that means so basically

506
00:39:10,852 --> 00:39:19,812
just trading your worthless fiat currency for assets makes sense everybody should be doing that

507
00:39:19,812 --> 00:39:26,532
right a lot of people are priced out of real estate is like traditional one of the most common

508
00:39:26,532 --> 00:39:32,352
assets and people are getting priced out of that but i think we have bitcoin that's why we have

509
00:39:32,352 --> 00:39:40,312
bitcoin cedric you're back yeah i can't see you guys can you hear see me i you can see you you're

510
00:39:40,312 --> 00:39:47,332
a little fuzzy and we can hear you i was just uh i was saying that i was gonna ask you to help some

511
00:39:47,332 --> 00:39:52,432
of us understand the debasement trade because paul talks about this all the time so we pulled up

512
00:39:52,432 --> 00:39:55,912
an explanation of the debasement trade.

513
00:39:55,992 --> 00:39:56,992
And it makes sense, right?

514
00:39:57,032 --> 00:40:00,132
You just sell the stuff that's declining in value

515
00:40:00,132 --> 00:40:01,092
and buy assets.

516
00:40:02,372 --> 00:40:04,412
Yeah, but isn't it amazing how it's just like

517
00:40:04,412 --> 00:40:05,832
and people are like, oh, yeah, no, that's great.

518
00:40:05,892 --> 00:40:06,912
You see the game last night?

519
00:40:07,772 --> 00:40:08,552
Oh, yeah.

520
00:40:08,792 --> 00:40:11,552
Why are we even having a debasement trade?

521
00:40:12,352 --> 00:40:12,712
Right.

522
00:40:13,012 --> 00:40:16,772
It's unfortunate how many people just don't pay any attention.

523
00:40:16,772 --> 00:40:18,632
It's going to be hyperinflation the moment

524
00:40:18,632 --> 00:40:22,012
any mainstream media talked about a debasement trade.

525
00:40:22,432 --> 00:40:22,992
Yeah.

526
00:40:23,132 --> 00:40:24,432
And people are just like, oh, it's okay.

527
00:40:24,592 --> 00:40:25,372
That's all right.

528
00:40:25,552 --> 00:40:27,312
It's just like it's a buy stuff that goes up.

529
00:40:27,572 --> 00:40:28,952
What do you think is the timeline?

530
00:40:29,132 --> 00:40:33,932
You said that you don't think we see hyperinflation anytime soon, which I disagree with.

531
00:40:34,712 --> 00:40:35,152
Really?

532
00:40:35,712 --> 00:40:36,312
Oh, yeah.

533
00:40:36,712 --> 00:40:41,372
I think, I mean, certainly in our lifetimes, but I think less than 10 years.

534
00:40:44,832 --> 00:40:45,992
What do you think?

535
00:40:48,152 --> 00:40:49,992
A dollar can last that long?

536
00:40:49,992 --> 00:40:56,992
the way that i mean yeah i do i think if they can get everybody to continue to price things in

537
00:40:56,992 --> 00:41:04,712
dollars and the key there is to price bitcoin in dollars to price bitcoin in dollars you keep

538
00:41:04,712 --> 00:41:10,972
dollars alive as a unit of account and everything has to go through dollars yeah what about when

539
00:41:10,972 --> 00:41:17,372
they start pricing oil in bitcoin petro bt doesn't it does uh no they're not going to price it in

540
00:41:17,372 --> 00:41:22,732
bitcoin they might settle it in bitcoin okay but they're not going to have quicker on the tv

541
00:41:22,732 --> 00:41:29,552
i don't know i don't think so all right they want to make it a digital pet rock they want all the

542
00:41:29,552 --> 00:41:34,132
bitcoin to be in the etfs or the treasury companies and they're going to say hey look

543
00:41:34,132 --> 00:41:47,968
that nuclear grade money you can hold that you be insane you you and and and they start especially with the value of bitcoin going up people hold a a hundred thousand dollar coin you can hold a

544
00:41:47,968 --> 00:41:53,988
coin you can't hold a 10 million dollar coin fair enough no you're gonna try to win about price

545
00:41:53,988 --> 00:42:00,168
what it's an interesting point about pricing things and i still think they'll have something

546
00:42:00,168 --> 00:42:03,848
where they'll say something along the lines of like,

547
00:42:04,408 --> 00:42:07,128
you know, all the MicroStrategy coins

548
00:42:07,128 --> 00:42:08,708
were hacked by North Korea last night.

549
00:42:09,948 --> 00:42:13,268
So our enemies now have, you know, too many coins.

550
00:42:14,068 --> 00:42:14,548
Right.

551
00:42:14,748 --> 00:42:16,228
And you shouldn't hold your own coins

552
00:42:16,228 --> 00:42:17,528
because North Korea is going to take them.

553
00:42:19,048 --> 00:42:21,448
So it's a major propaganda campaign.

554
00:42:21,688 --> 00:42:24,408
Yeah, like sort of like a digital 6102.

555
00:42:24,848 --> 00:42:25,208
Yeah.

556
00:42:25,588 --> 00:42:28,768
You know, you should keep them in the ETF

557
00:42:28,768 --> 00:42:30,028
that's better for the country.

558
00:42:30,028 --> 00:42:38,488
It's better for you, you know, and they'll recover the the North, the coins from North Korea because it was really they took them on themselves.

559
00:42:38,688 --> 00:42:44,868
Right. And then they could they could backstop the price of the shares with fiat.

560
00:42:46,288 --> 00:42:48,888
Which will make people feel like they backstopped Bitcoin.

561
00:42:50,008 --> 00:42:53,148
I need the it's like, thanks, I hate it.

562
00:42:53,628 --> 00:42:57,328
I think they'll also say, look, you keep your fidelity, you keep your Bitcoin at fidelity.

563
00:42:57,328 --> 00:42:59,288
you keep your Bitcoin in Bank of America.

564
00:42:59,688 --> 00:43:01,608
And this is where I got into a disagreement

565
00:43:01,608 --> 00:43:02,748
with Preston Pish about this.

566
00:43:02,808 --> 00:43:03,748
I still think this will happen.

567
00:43:04,208 --> 00:43:06,288
It'll be FDIC insured.

568
00:43:06,888 --> 00:43:10,328
Well, SoFi just said that in the clip that we played.

569
00:43:11,268 --> 00:43:12,248
Well, so Preston was like,

570
00:43:12,288 --> 00:43:13,348
that's the stupidest thing I've ever heard

571
00:43:13,348 --> 00:43:14,668
because you can't fractionally reserve.

572
00:43:14,768 --> 00:43:16,608
You can't give them Bitcoin.

573
00:43:17,008 --> 00:43:18,208
No, but they can give you dollars.

574
00:43:18,248 --> 00:43:18,528
Right.

575
00:43:19,368 --> 00:43:21,548
So if Fidelity loses your Bitcoin,

576
00:43:21,888 --> 00:43:22,968
you'll get dollars.

577
00:43:23,568 --> 00:43:23,908
Yep.

578
00:43:24,288 --> 00:43:26,488
Well, they just said they were doing that at SoFi.

579
00:43:26,488 --> 00:43:28,268
So I think you've been proven right.

580
00:43:28,808 --> 00:43:30,128
Well, so far, that was a little tricky.

581
00:43:30,288 --> 00:43:38,228
I think they were saying that your cash and your checking account would be FDIC insured before, you know, up to $2 million, they said.

582
00:43:39,048 --> 00:43:46,088
But I don't think they were inferring that if you buy crypto or Bitcoin with it, that that also is FDIC insured.

583
00:43:46,648 --> 00:43:47,808
I don't know. We'll see.

584
00:43:48,368 --> 00:43:49,148
We will see.

585
00:43:49,308 --> 00:43:53,208
But I think that they will try to insure those things with dollars.

586
00:43:53,608 --> 00:43:55,168
Yeah, I agree with that.

587
00:43:55,168 --> 00:43:59,748
I think that they will absolutely ensure that they don't want Bitcoin circular economies.

588
00:43:59,888 --> 00:44:05,968
They just want you to like store value to basement trade, not method of payment.

589
00:44:06,048 --> 00:44:08,128
That's why it's very interesting what Dorsey's doing.

590
00:44:08,828 --> 00:44:09,048
Yeah.

591
00:44:09,268 --> 00:44:14,428
You know, he got a green or he's zealot, you know, we'll see.

592
00:44:14,748 --> 00:44:15,888
All right, let's move on to the next one.

593
00:44:16,788 --> 00:44:18,348
All right, now I think it's lightning round.

594
00:44:19,008 --> 00:44:20,368
All right, well, there you go.

595
00:44:21,668 --> 00:44:24,968
All right, so I already started reading that.

596
00:44:24,968 --> 00:44:25,308
I think.

597
00:44:27,608 --> 00:44:28,688
Where are we?

598
00:44:29,208 --> 00:44:29,848
Oh, man.

599
00:44:30,108 --> 00:44:30,468
All right.

600
00:44:31,608 --> 00:44:32,708
Miners under pressure.

601
00:44:33,888 --> 00:44:38,088
So Bitcoin's hash rate hits record highs above 1.1 Zeta hash.

602
00:44:38,188 --> 00:44:38,728
Is that how you say it?

603
00:44:39,128 --> 00:44:43,288
And mining difficulty surged to an all-time peak, 156 trillion,

604
00:44:43,708 --> 00:44:46,228
even as prices and fees slumped.

605
00:44:46,408 --> 00:44:47,288
Squeezing profits.

606
00:44:47,348 --> 00:44:49,228
Are we in a new down cycle for miners?

607
00:44:50,968 --> 00:44:53,128
Well, there's always a cycle, right?

608
00:44:53,128 --> 00:44:56,788
I mean, I don't think that the four-year cycle is completely dead.

609
00:44:56,928 --> 00:44:59,408
Maybe it's less correlated to price.

610
00:44:59,568 --> 00:45:04,268
But in terms of like a cycle for hash rate, it's always going to be cyclical.

611
00:45:04,808 --> 00:45:07,008
And you've got to be good.

612
00:45:07,008 --> 00:45:07,988
The miners have got to be.

613
00:45:08,288 --> 00:45:13,008
They're not getting the ROI they expected by this point in the cycle.

614
00:45:14,288 --> 00:45:18,808
I think they were expecting this kind of hash rate, but with like prices double or triple this.

615
00:45:20,128 --> 00:45:21,628
It's a tough industry.

616
00:45:21,628 --> 00:45:29,548
and you know i think it's admiring it's i love mining because you got to be smart you got to be

617
00:45:29,548 --> 00:45:35,548
like know what you're doing right it is not meant for everyone to survive yeah no it's brutal and

618
00:45:35,548 --> 00:45:42,128
we'll see how that goes a lot of capex a lot of uh leverage in that industry so but ai i think is

619
00:45:42,128 --> 00:45:49,208
kind of come to their support all right it's merging all right so we've got finance founder

620
00:45:49,208 --> 00:45:51,348
CZ says

621
00:45:51,348 --> 00:45:52,508
government officials

622
00:45:52,508 --> 00:45:55,228
are now calling

623
00:45:55,228 --> 00:45:57,028
crypto hard money behind

624
00:45:57,028 --> 00:45:59,028
closed doors. Is this a sign that

625
00:45:59,028 --> 00:46:00,548
Bitcoin's monetary framing

626
00:46:00,548 --> 00:46:02,528
is seeping into policy?

627
00:46:02,828 --> 00:46:04,788
No, I don't want to spend any time on

628
00:46:04,788 --> 00:46:07,048
CZ and give him any air.

629
00:46:08,368 --> 00:46:09,368
I think he's

630
00:46:09,368 --> 00:46:10,128
an interesting character.

631
00:46:10,128 --> 00:46:12,068
He's lasted this long.

632
00:46:12,968 --> 00:46:14,328
He has built an empire.

633
00:46:14,908 --> 00:46:16,708
You think he's a scammer?

634
00:46:17,588 --> 00:46:18,088
They do.

635
00:46:18,088 --> 00:46:23,268
all right i'm i don't think everything i think i don't think everything he says is necessarily

636
00:46:23,268 --> 00:46:31,008
wrong or a scam yeah but i and i don't i don't think he's even i don't know i wonder if it's a

637
00:46:31,008 --> 00:46:36,148
front for the chinese government the whole the whole thing could be i that could be but you know

638
00:46:36,148 --> 00:46:41,228
i was glad i mean the charges that they brought against him were nonsense like not complying hard

639
00:46:41,228 --> 00:46:46,608
enough i agree i agree all right i'm glad we agree on that i was surprised he settled with them and

640
00:46:46,608 --> 00:46:52,048
even spent any time in u.s soil in jail yeah so i don't know all right but i don't want to give too

641
00:46:52,048 --> 00:46:56,688
much air let's move on to the next one all right ledger eyes ipo ledger is reportedly preparing for

642
00:46:56,688 --> 00:47:02,848
new york ipo amid booming hardware wallet sales can the not your keys not your coins mantra win

643
00:47:02,848 --> 00:47:08,128
over public markets or will investors shy from bitcoin self-custody via volatility

644
00:47:08,128 --> 00:47:18,328
i think that all these uh bitcoin and crypto companies we see that are ipoing i think a lot

645
00:47:18,328 --> 00:47:23,348
of them are going to be successful especially the ones that have underlying businesses which

646
00:47:23,348 --> 00:47:31,728
ledger does so you know what is ledger's moat what is ledger's moat like no like what what is

647
00:47:31,728 --> 00:47:37,208
their defense from other competitors coming into the hardware wallet business and

648
00:47:37,208 --> 00:47:42,228
you know eating some smarget share i i don't feel i think it's interesting

649
00:47:42,228 --> 00:47:50,148
from um another crypto company kind of you know going into trad fine going into wall street but

650
00:47:50,148 --> 00:47:56,208
i don't think they're a future unicorn oh no no no definitely not agreed on that

651
00:47:56,208 --> 00:47:57,528
All right, let's move on.

652
00:47:58,008 --> 00:47:58,348
Okay.

653
00:47:59,368 --> 00:48:00,888
YouTube's mega fraud.

654
00:48:01,488 --> 00:48:12,208
A Spanish crypto influencer's arrest for $300 million fraud scheme sent shockwaves through the community.

655
00:48:13,028 --> 00:48:18,388
Could Bitcoin still suffer a major crash like the one we saw after FTX?

656
00:48:18,648 --> 00:48:22,568
Or is the network too institutionalized now?

657
00:48:22,568 --> 00:48:27,368
oh then now i mean bitcoin could still go through some major valve downward volatility

658
00:48:28,088 --> 00:48:31,448
either at this point price point or higher one but i i don't think that this is anything

659
00:48:32,248 --> 00:48:41,128
this was like um just a regular old ponzi using any attractive asset to lure and do uh unsuspecting

660
00:48:41,128 --> 00:48:47,528
investors so much bigger to crash to make us crash the way we did i think yeah and i think

661
00:48:47,528 --> 00:48:52,808
think this is sort of um tangential to bitcoin this is just they were luring people in on the

662
00:48:52,808 --> 00:48:58,248
internet to give up money and they were never buying anything with it so right um yeah let's

663
00:48:58,248 --> 00:49:05,028
just move on from that one uh un launches blockchain academy so the un is scaling its

664
00:49:05,028 --> 00:49:10,628
blockchain education initiative for government officials worldwide could this top-down crypto

665
00:49:10,628 --> 00:49:16,428
literacy effort legitimize bitcoin at the state level or dilute it into just another administrative

666
00:49:16,428 --> 00:49:27,328
tool stupid i think it's stupid it's just stupid and i i think neither you know like

667
00:49:27,328 --> 00:49:32,848
people have formed opinions and if they think it's for criminals they're going to keep labeling it

668
00:49:32,848 --> 00:49:38,988
that way and if they are going to believe that it's legitimate then they you know they'll come

669
00:49:38,988 --> 00:49:44,508
to that one yeah look at the organization behind blockchain right crypto stable coins this is very

670
00:49:44,508 --> 00:49:50,468
disheartening. I think they have a lot, they have a much bigger soapbox than Bitcoiners right now.

671
00:49:50,768 --> 00:49:51,288
They do.

672
00:49:51,908 --> 00:49:56,328
Self-custody or anything like that. They're entered the conversation in a positive way

673
00:49:56,328 --> 00:50:00,688
and they've completely usurped it. I'm not saying Bitcoiners are listening to this,

674
00:50:00,688 --> 00:50:04,468
but this is what is being sort of spoon fed to the masses, I think.

675
00:50:04,948 --> 00:50:12,108
Yeah, it's true. A lot of Bitcoiners don't want to admit this, but we need to accept this and

676
00:50:12,108 --> 00:50:15,088
conquer it because right now they're winning the narrative war.

677
00:50:15,588 --> 00:50:18,908
Well, it seems like Bitcoin is laying down the sword.

678
00:50:19,068 --> 00:50:19,308
Yeah.

679
00:50:19,688 --> 00:50:20,948
And just waiting for the next.

680
00:50:21,068 --> 00:50:21,588
I don't know.

681
00:50:22,068 --> 00:50:23,708
Let's move on to the next one here.

682
00:50:25,148 --> 00:50:26,008
Jordy Bisser.

683
00:50:26,268 --> 00:50:27,708
We've got more economic data.

684
00:50:27,808 --> 00:50:31,568
University of Michigan consumer confidence continues to collapse.

685
00:50:32,008 --> 00:50:33,748
This is the current conditions.

686
00:50:33,888 --> 00:50:35,908
We made new all-time lows.

687
00:50:35,908 --> 00:50:37,768
This is back to 1980.

688
00:50:38,988 --> 00:50:41,608
I just want to remind people, when you hear bubble talk,

689
00:50:42,108 --> 00:50:46,588
This is where we were just before the Nasdaq bubble peaked in 2000.

690
00:50:46,928 --> 00:50:50,848
This is where we were at the bottom of the great financial crisis.

691
00:50:51,588 --> 00:50:55,308
Here's where we are now, below that level, nowhere near that level.

692
00:50:55,728 --> 00:50:56,648
This is not a bubble.

693
00:50:56,908 --> 00:51:03,148
This is a K-shaped economy that is seeing profit margins go higher because the labor market is under pressure

694
00:51:03,148 --> 00:51:06,428
and because the adoption of AI is leading to more efficiency.

695
00:51:08,408 --> 00:51:09,728
The crypto bubble.

696
00:51:09,728 --> 00:51:16,128
So he argues that collapsing consumer confidence isn't proof of a bubble, but evidence of a divide.

697
00:51:16,908 --> 00:51:18,088
AI-driven economy.

698
00:51:18,768 --> 00:51:31,708
So far, if fears this high while profits and efficiency keep rising, are we witnessing the most misunderstood expansion in decades or the calm before a social breaking point?

699
00:51:34,048 --> 00:51:36,468
I don't know what he's saying, to be honest.

700
00:51:36,468 --> 00:51:45,768
we lose i think we did oh no all right i'm gonna tell you guys what i think of jordy viscer

701
00:51:45,768 --> 00:51:52,708
uh nothing i don't think of him at all i've never heard of this guy uh it's something about this is

702
00:51:52,708 --> 00:52:00,528
not a bubble i don't know well i missed the clip yes back cedric what do you think of jordy viscer

703
00:52:00,528 --> 00:52:07,368
uh i mean i like that ipo piece i missed this clip that you guys just played i didn't get to

704
00:52:07,368 --> 00:52:14,568
see it um well uh i'm kind of curious because he seems to he seems to have some contrarian takes

705
00:52:14,568 --> 00:52:21,748
and i think he's saying that the ai boom is real yeah he this is not a bubble um i i have to say

706
00:52:21,748 --> 00:52:26,368
i've never heard of him i just told everybody i don't even know who he is so i don't really care

707
00:52:26,368 --> 00:52:34,688
what he's saying. But basically, I guess he's saying it's not a bubble and AI is going to keep

708
00:52:34,688 --> 00:52:40,388
driving the economy and something about some K-shaped chart. Well, I think there might be a

709
00:52:40,388 --> 00:52:47,968
case that even some of the equities we're seeing are in a bubble, but that AI will deliver down the

710
00:52:47,968 --> 00:52:56,728
road um and so that's i think the deliver returns for people in dollars sort of like you know the

711
00:52:56,728 --> 00:53:04,268
internet was in a bubble from 2000 to 2001 but like amazon came through that and went on to

712
00:53:04,268 --> 00:53:09,788
massive games after that sure you know and you still didn't have social media and everything

713
00:53:09,788 --> 00:53:14,508
after that came you know social media came after that so i still think that ai can deliver i just

714
00:53:14,508 --> 00:53:20,828
don't think that we're going to see the returns on the capex being spent right now i don't even

715
00:53:20,828 --> 00:53:26,128
think they can turn on i don't think they have power for all the chips they're buying no they

716
00:53:26,128 --> 00:53:33,568
don't and i think they're doing a lot of financial wizardry with lending and you know did you see

717
00:53:33,568 --> 00:53:40,088
the tweet uh there was a tweet from these kids that raised like two billion dollars and they

718
00:53:40,088 --> 00:53:46,008
were faking their ai they were like manually transcribing did you see that right so like

719
00:53:46,008 --> 00:53:53,968
like you know when google came out in like 1998 um the smart money understood that an algorithm

720
00:53:53,968 --> 00:53:58,948
was going to take down yahoo and you know become the search engine of the future but it took like

721
00:53:58,948 --> 00:54:06,168
four to six years for the market to see that and google and yahoo literally have like 50 people in

722
00:54:06,168 --> 00:54:11,808
room like writing down everything on the internet right but they were spending you know they were

723
00:54:11,808 --> 00:54:17,268
worth billions and they were spending hundreds of millions on advertising and it wasn't until

724
00:54:17,268 --> 00:54:23,508
2005 that i think google surpassed yahoo and market cap right you know but the smart money

725
00:54:23,508 --> 00:54:29,408
knew google would um but you know i'm sure the smart money bet on some yahoo in the short term

726
00:54:29,408 --> 00:54:35,168
too my point is that maybe ai will deliver long term i just i think we are in a bubble now

727
00:54:35,168 --> 00:54:40,388
so let's move on to the next one ah lynn alden

728
00:54:40,388 --> 00:54:51,008
let's see what uh you're gonna ask me about i think this one's yours oh man let me pull i don't

729
00:54:51,008 --> 00:54:57,148
have this one nothing stops this train i can tell you that nothing stops this show i mean

730
00:54:57,148 --> 00:55:03,388
Lynn Alden connects 2025 repo turmoil, the 2019 flashpoint.

731
00:55:04,388 --> 00:55:07,188
As the Fed's standing repo facility takes center stage again,

732
00:55:07,668 --> 00:55:10,368
Lynn Alden draws parallels to the 2019 liquidity crunch.

733
00:55:10,868 --> 00:55:14,228
Could this renewed dollar stress push more capital towards Bitcoin,

734
00:55:14,628 --> 00:55:16,908
or is Bitcoin still just watching from the sidelines?

735
00:55:21,668 --> 00:55:22,788
What do you think?

736
00:55:23,088 --> 00:55:24,408
Stops this train, Cedric.

737
00:55:24,408 --> 00:55:26,948
Yeah, okay.

738
00:55:27,028 --> 00:55:28,188
When's the train going to get going?

739
00:55:29,868 --> 00:55:30,988
It's on its way.

740
00:55:32,248 --> 00:55:32,988
Well, see.

741
00:55:33,024 --> 00:55:35,524
You know, I do, you know, everyone's expecting the big print.

742
00:55:36,604 --> 00:55:36,844
Yeah.

743
00:55:37,944 --> 00:55:40,844
You know, that makes me worry that we're not going to get a big print.

744
00:55:41,544 --> 00:55:42,304
Oh, we will.

745
00:55:43,024 --> 00:55:45,944
Don't worry not being mean that we need or don't need or I'm chiming in.

746
00:55:45,944 --> 00:55:48,284
I'm just saying that, like, maybe it's delayed.

747
00:55:49,144 --> 00:55:51,344
Maybe there's a lot of pain before the big print.

748
00:55:52,384 --> 00:55:53,104
I don't know.

749
00:55:53,184 --> 00:55:58,484
I think if they really come through, not come through,

750
00:55:58,564 --> 00:56:01,884
but if they really do this $2,000 tariff thing,

751
00:56:01,884 --> 00:56:05,404
I mean, I think that that is like gearing up to print.

752
00:56:05,564 --> 00:56:07,984
That's the only reason that they're even looking at that.

753
00:56:08,004 --> 00:56:09,344
That's not a certainty, though, is it?

754
00:56:10,124 --> 00:56:13,884
It's not a certainty, but, you know, I bet it happens.

755
00:56:13,924 --> 00:56:14,724
I think it happens.

756
00:56:14,824 --> 00:56:17,604
I think we just see a repeat of all the COVID nonsense.

757
00:56:18,044 --> 00:56:21,924
I mean, Bitcoin went up like, what, 4% on the news of a $2,000 stimulus check.

758
00:56:22,684 --> 00:56:27,044
And, you know, what if they come out tomorrow and say, look, we can't do the stimulus check.

759
00:56:27,784 --> 00:56:30,324
I mean, Bitcoin could go down 8%, you know.

760
00:56:30,324 --> 00:56:36,164
I mean, I'm not short term trading. I'm just saying, you know, and this could go on for another year or two.

761
00:56:37,644 --> 00:56:42,624
You know, I don't know. I don't I don't honestly I don't care about these little price movements.

762
00:56:43,344 --> 00:56:51,524
And what if, you know, because I mean, I think they need to print probably like 15 trillion dollars compared to what they've already done.

763
00:56:51,524 --> 00:56:55,904
And so what if they need markets to really tank before?

764
00:56:56,024 --> 00:57:00,364
Like, remember, the printing last time came after a 50 percent drop in Bitcoin price.

765
00:57:00,984 --> 00:57:03,404
Yeah, but that was a flash.

766
00:57:03,824 --> 00:57:05,744
I mean, it only dropped for 12 hours.

767
00:57:06,444 --> 00:57:06,924
Yeah.

768
00:57:07,064 --> 00:57:09,404
Well, drastically, right?

769
00:57:10,244 --> 00:57:13,344
I don't think they're going to allow that much pain in the market.

770
00:57:13,344 --> 00:57:16,964
You see all these clowns talking about the economy is doing great.

771
00:57:17,064 --> 00:57:21,144
But if there's not that much pain, I think they just they print gently.

772
00:57:21,144 --> 00:57:27,124
I just don't think they're going to – I'm saying it's possible that we just don't get this big print right away.

773
00:57:27,384 --> 00:57:28,184
That's all I'm trying to say.

774
00:57:28,204 --> 00:57:29,004
Slow and steady.

775
00:57:29,904 --> 00:57:32,344
Or, yeah, or just slow and painful.

776
00:57:33,104 --> 00:57:34,424
And then really painful.

777
00:57:34,604 --> 00:57:38,044
Like it has to be just so much pain before they can print that much.

778
00:57:39,244 --> 00:57:42,944
You can't print when all the markets are at all-time highs.

779
00:57:44,544 --> 00:57:45,644
I'm not saying you can't.

780
00:57:45,664 --> 00:57:46,684
I'm just saying I don't think they're going to –

781
00:57:46,684 --> 00:57:48,664
Well, they can, and I think they –

782
00:57:48,664 --> 00:57:50,024
All right, let's move on.

783
00:57:50,024 --> 00:57:51,024
All right.

784
00:57:51,144 --> 00:57:52,884
Okay, this one is mine.

785
00:57:52,884 --> 00:57:56,364
Sailor launches Euro-denominated instrument.

786
00:57:56,984 --> 00:58:04,124
MicroStrategy's launch of its first Euro-denominated preferred stock, STRE,

787
00:58:04,944 --> 00:58:07,144
targets institutional demand abroad.

788
00:58:07,644 --> 00:58:13,764
But is this a clever capital raise or a quiet signal that Bitcoin's biggest corporate backer

789
00:58:13,764 --> 00:58:29,852
is eyeing European liquidity to fuel more Bitcoin buys I think it both I mean obviously I mean it a nice raise and they going to see what market appetite there is for these products around the world i think what this really is interesting

790
00:58:29,852 --> 00:58:34,572
is does this threaten the bitcoin treasury companies in europe so i think a big thesis

791
00:58:34,572 --> 00:58:44,892
is it going to be one major player in each capital market right so uk japan etc so hong kong so does

792
00:58:44,892 --> 00:58:50,812
this destroy you know sort of the european based ones um you know will they will they complement

793
00:58:50,812 --> 00:58:55,852
each other will europe have an appetite for this we'll see um i think they're just trying to see

794
00:58:55,852 --> 00:59:00,972
what sticks you know um they come up with some great stuff you know we'll see let's move on to

795
00:59:00,972 --> 00:59:06,172
the next one here trump's vows crypto dominance for america trump proclaimed his focus on making

796
00:59:06,172 --> 00:59:12,492
america the global leader and crypto leader in cryptocurrency but does an administration champion

797
00:59:12,492 --> 00:59:19,372
Bitcoin and pardoning industry figures like Justin Sun and CZ herald a true embrace of

798
00:59:19,372 --> 00:59:20,232
crypto's ethos?

799
00:59:20,412 --> 00:59:25,792
Will government-led dominance clash with the very decentralization that Bitcoin stands

800
00:59:25,792 --> 00:59:26,072
for?

801
00:59:27,732 --> 00:59:28,812
What do you think?

802
00:59:29,312 --> 00:59:31,552
I would love for this to be true.

803
00:59:31,752 --> 00:59:35,132
I mean, Bitcoin is supposed to represent freedom.

804
00:59:35,292 --> 00:59:37,712
The United States is supposed to represent freedom.

805
00:59:38,212 --> 00:59:41,072
But there's a lot of problems happening everywhere.

806
00:59:41,072 --> 00:59:47,752
and I don't know that it really comes through with in the United States with like a government

807
00:59:47,752 --> 00:59:55,332
top-down situation I think um I'm more bullish on like things happening in El Salvador where

808
00:59:55,332 --> 01:00:02,152
they've sort of you know I mean say whatever you want about El Salvador but I think it's a better

809
01:00:02,152 --> 01:00:08,712
approach I think saying we're going to accept Bitcoin we're going to be a Bitcoin country and

810
01:00:08,712 --> 01:00:14,492
And then letting people build on top of that is a better approach to whatever Trump is trying to do.

811
01:00:15,172 --> 01:00:22,212
Well, I mean, it's I think it's unfortunate in the sense that I think that certain political parties are getting tied to Bitcoin.

812
01:00:22,752 --> 01:00:27,952
And I think that's a threat in the near term with elections and sort of the political pendulum.

813
01:00:28,372 --> 01:00:34,212
And I think his his his the regime sort of like take on Bitcoin has been much more about crypto.

814
01:00:34,632 --> 01:00:38,072
So this is where the crypto capital is stable coin capital.

815
01:00:38,712 --> 01:00:45,112
Um, they're going after Tornado, so it's not real freedom.

816
01:00:45,732 --> 01:00:46,172
Right.

817
01:00:46,732 --> 01:00:51,332
So I think we're just, I think we've been Trojan horse in a lot of ways on so many fronts.

818
01:00:52,252 --> 01:00:55,272
Yeah, it really doesn't have anything to do with Bitcoin, you know.

819
01:00:55,772 --> 01:00:58,212
And we're getting the opposite of the Bitcoin ethos here.

820
01:00:58,352 --> 01:01:00,052
So, all right, let's move on to the next one.

821
01:01:00,052 --> 01:01:23,240
all right bitcoiners joke about farming uh after bitcoin drops below 100k after bitcoin briefly plunges below six figures uh bitcoin and crypto traders flood social media with tongue memes about selling everything to buy farms in remote areas

822
01:01:23,240 --> 01:01:32,140
humor aside though does this viral exit to the farms trend reveal genuine burnout with the

823
01:01:32,140 --> 01:01:38,140
volatility or just the kind of cynical catharsis that signals a market bottom

824
01:01:38,140 --> 01:01:46,040
I think this is, I think people are going to, I think the new luxury is going to be getting offline.

825
01:01:46,960 --> 01:01:49,900
Totally. I couldn't agree more. Get yourself some chickens.

826
01:01:50,760 --> 01:02:07,280
Yeah. And so I think that like Mike Alfred is just, he's bored, he's trolling, but I think that it really speaks to sort of, I think humanity is getting sick of the 24-7 burnout on things like X.

827
01:02:07,280 --> 01:02:09,800
And I think it speaks to that.

828
01:02:10,560 --> 01:02:12,420
I agree with that, Cedric.

829
01:02:13,120 --> 01:02:18,180
So I think it's like, yeah, like if I had all the money in the world, I'd buy a farm.

830
01:02:18,320 --> 01:02:20,240
And if I have no money, I'd buy a farm.

831
01:02:20,660 --> 01:02:21,060
Right.

832
01:02:21,100 --> 01:02:22,860
We're going to return to real life.

833
01:02:23,200 --> 01:02:23,420
Yeah.

834
01:02:23,640 --> 01:02:24,980
I think that's what it's about.

835
01:02:25,180 --> 01:02:28,440
And so you can take any signal you want from it.

836
01:02:28,580 --> 01:02:31,620
The signal I get is that people are just sick of all the noise.

837
01:02:32,840 --> 01:02:33,100
Yep.

838
01:02:33,360 --> 01:02:34,580
I agree with that.

839
01:02:34,580 --> 01:02:37,480
disconnect your devices and get some chickens.

840
01:02:38,100 --> 01:02:41,180
Yeah, that's one of the great reasons to buy spot Bitcoin

841
01:02:41,180 --> 01:02:44,120
because you can just set it and forget it.

842
01:02:44,840 --> 01:02:48,720
You don't have to pay attention to the political mass nations of the day.

843
01:02:49,660 --> 01:02:51,440
You have to have a long view.

844
01:02:52,420 --> 01:02:52,580
Yeah.

845
01:02:53,320 --> 01:02:53,820
I don't know.

846
01:02:54,480 --> 01:02:54,920
We'll see.

847
01:02:55,220 --> 01:02:56,700
That's the end of lightning round.

848
01:02:57,080 --> 01:03:00,040
You've been an awesome special guest host.

849
01:03:00,760 --> 01:03:02,400
Thanks for having me, Cedric.

850
01:03:02,560 --> 01:03:04,040
Big shoes to buy.

851
01:03:04,580 --> 01:03:11,460
well yeah i mean paul's a stud he's got all the macro takes yeah i don't know anything about all

852
01:03:11,460 --> 01:03:17,220
that but i'm happy to join you anytime yeah we'll definitely have you back uh i don't know francis

853
01:03:17,220 --> 01:03:26,900
do we have any uh q a or comments from the gallery here all right h rork dash one six as funny to me

854
01:03:26,900 --> 01:03:32,820
andrew ross sarkin is interviewing so fine he just released the book titled 1929 about the great

855
01:03:32,820 --> 01:03:38,160
depression. Yeah, that's true. So that's, I mean, that book, I haven't read that book by Andrew,

856
01:03:38,640 --> 01:03:44,120
but I mean, he's saying it feels like 1929, you know, I mean,

857
01:03:44,320 --> 01:03:50,400
I haven't read it either, but it sounds interesting. I might get a copy and read it.

858
01:03:50,860 --> 01:03:54,880
I think we're in a tough place and it's probably going to get worse.

859
01:03:55,240 --> 01:03:59,720
I mean, think about all the optimism we had for the economy with a Trump win.

860
01:03:59,720 --> 01:04:00,720
Right.

861
01:04:00,720 --> 01:04:11,568
And how Murphy law means it going to be like the worst economy ever Yeah And it tough You know for people we talked about the debasement trade whatever that really means

862
01:04:11,568 --> 01:04:17,888
But for really for people with assets, people in the top 1%, the economy is doing great.

863
01:04:18,028 --> 01:04:22,368
Everything is soaring. Right. But more and more people are priced out of that.

864
01:04:22,368 --> 01:04:25,728
We're seeing like the middle class done away with.

865
01:04:26,328 --> 01:04:29,528
And so more and more people are not living in that reality.

866
01:04:29,528 --> 01:04:32,108
They're living in more of like a Great Depression era.

867
01:04:32,828 --> 01:04:33,108
Yeah.

868
01:04:34,248 --> 01:04:34,888
All right.

869
01:04:34,908 --> 01:04:38,008
Well, that was very not optimistic.

870
01:04:39,808 --> 01:04:40,488
We'll see.

871
01:04:40,628 --> 01:04:44,768
Well, coming up on the holidays, the government just opened, right?

872
01:04:45,468 --> 01:04:46,648
Oh, did they?

873
01:04:47,028 --> 01:04:47,408
Yay.

874
01:04:47,728 --> 01:04:48,648
You didn't know?

875
01:04:48,848 --> 01:04:53,028
I mean, I don't know if they opened, but didn't they come together and agree?

876
01:04:53,028 --> 01:04:53,708
They just decided they would open.

877
01:04:54,528 --> 01:04:55,988
Yeah, so it's opening.

878
01:04:55,988 --> 01:05:02,228
um is that your optimistic take at the end Cedric because that's not optimistic

879
01:05:02,228 --> 01:05:10,008
well I was enjoying the government shutdown but um I I think it is like I think that had a chance

880
01:05:10,008 --> 01:05:16,468
of ruining the holidays all right so back on track we'll get the flights going again and we'll

881
01:05:16,468 --> 01:05:23,508
stabilize a little I know I know a lot of people were suffering and so you know I'm not gonna root

882
01:05:23,508 --> 01:05:29,508
for that but uh but yeah you could say all you want about maybe snap benefits but if we're gonna send

883
01:05:30,148 --> 01:05:36,628
50 billion dollars to argentina and you know or you know however whenever we send money it's like

884
01:05:37,188 --> 01:05:40,788
well if we're gonna waste money like that we could waste it on our own citizens from that

885
01:05:40,788 --> 01:05:46,068
perspective right i don't think we should be sending any money anywhere so i you know right

886
01:05:46,068 --> 01:05:49,748
i agree with you but it's like sort of a spectrum of like if we're gonna waste money

887
01:05:49,748 --> 01:05:56,568
right you know we're already wasting money on other things so why not our own people maybe or

888
01:05:56,568 --> 01:06:00,268
and i'm not saying it's a waste of money or not a waste i'm not well versed in the issue but

889
01:06:00,268 --> 01:06:10,168
sure we're gonna have a happy thanksgiving and a merry christmas well there you go maybe um

890
01:06:10,168 --> 01:06:13,848
we'll get a government shutdown maybe next year maybe we can get all the things that uh that

891
01:06:13,848 --> 01:06:18,388
would have brought all the all right i'll root for that all right well this has been brought to

892
01:06:18,388 --> 01:06:25,108
by by federal this is bitcoin center go bank yourself uh by federal atms the crypto wallet

893
01:06:25,108 --> 01:06:31,108
and the point of sale um i wonder uh you know maybe the point maybe with the the square thing

894
01:06:31,108 --> 01:06:36,308
maybe the point of sale for you guys will also take off you know i mean hopefully yeah more

895
01:06:36,308 --> 01:06:42,308
merchants will demand uh we don't put up prefer bitcoin preferred signs i think that would be

896
01:06:42,308 --> 01:06:48,148
great it would be a win-win for everyone yeah we'll see all right well until then we'll see you

897
01:06:48,148 --> 01:06:50,528
guys next week live at Tuesdays at 8 p.m.