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good evening welcome to bitcoin center i'm paul tarantino and i'm cedric young woman

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where's our music said uh let me bring that up but uh how you been i've been good

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what a good uh weekend working around the house

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how about you uh pretty good i got the wrong music on i guess

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yeah that's different that was weird that was me that was me

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I was like I don't know what that is

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so you're going to

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Canadian

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Bitcoin

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conference we're going next week

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I'm pretty excited for that

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that's last time I went

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it was pushed back six months I think this year

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so what the hell

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we're getting into

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that's me again

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all right

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this is not me

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I'm not on the ones and twos right now

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no that's me

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that's me

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Francis

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but I want to

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bring it up I don't know if you have thoughts on this

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but like Charlie Kirk

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I mean just in terms of

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not so much what happened that day

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but just sentiment

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yeah I mean

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that was a really big thing

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yeah

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it was like a water cooler moment if you would

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and everyone was talking about it,

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and I feel like that's starting to die down.

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People, I don't know, people,

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or maybe that's not, I don't know, that's why I'm asking.

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I mean, that's an interesting point.

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Do you, I mean, do you think that's a...

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I mean, at least personally,

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I can't speak for anybody else,

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but personally, I felt like everything,

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the story we were told in the first 24 hours

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was so off whack was so out of line with what i witnessed and what i ex you know anticipated really

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happened okay i feel like i'm gonna shoot bar something but um so anyways it was like it was

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just like oh yeah here we go again can't believe it it's all bs doesn't make any sense doesn't add

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up and now all the data that's coming out about the angle of the shoot the shot the the cleanup

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of the crime scene the uh data around the the guy who was initially arrested and then the kid that

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was supposedly the real shooter you know we all knew was bullshit immediately and now we're getting

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the proof and so it's just like i don't i feel like i haven't even really followed it because

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I've just felt like intuitively

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right off the bat it was all bullshit.

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Not that he didn't die, and not that his

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death wasn't fucking horrible,

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and not that the response of some

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people celebrating it wasn't horrible, but I'm

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just saying that the terms

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that we were sold in regards

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to his death are not adding up to me at all.

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A hundred percent.

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But I'm more talking about the sentiment

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of people saying like, wow, I want

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to change my life now.

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his life meant something to me.

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I don't know any of those people.

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You know,

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someone was inspired or turned to religion.

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I think there was some of that.

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You didn't see any of that?

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Not in my group, no.

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We have a bunch of tinfoil hat wearing

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crazy fat.

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Outside of your group, though, I'm saying.

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I thought that was sort of more...

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I don't talk to anybody else in my group.

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Okay.

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Do you think that then,

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is it something that's going to go away?

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and we're not going to find any answers

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and no one's going to keep asking.

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Oh, we're going to find answers,

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but you're never going to get it validated.

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Right.

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All the answers are going to be based on

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the evidence that is dug up

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by independent researchers,

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independent media sources,

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and you're going to evaluate it

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and you're going to say,

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I think the highest probability case is this,

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and you're going to believe that.

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It's just like you're not getting any confirmation on 9-11 still today.

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And that was immediate bullshit when I saw it happen when I was working at Payne Weber.

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It was just like, yeah, this makes no sense.

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It doesn't add up at all.

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There's no way that plane took down those buildings.

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What do you make of watching something that doesn't make sense that is like...

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I mean, what I make of it is the same thing.

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I guess this kind of stuff doesn't affect me as much anymore because I've seen it so many times

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where you're just immediately lied to by the media and the government, right? Like covering up Epstein,

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like not releasing the Epstein list. It's like, yeah, of course, right? It's all like, no one's

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going to tell us the truth because too many important people. I think the list is like one

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thing to be like, you know, I never expected them to release the list, but the story of his death was

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just not believable

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in itself.

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We have no tapes.

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The tapes were turned just so...

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It's all BS.

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Isn't that demoralizing then?

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It's all a big club and you ain't in it, George Carter.

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Isn't that the point to demoralize you then?

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You not being you personally, Paul,

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everybody?

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And to confuse, demoralize,

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check out,

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say, what can you do?

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It does happen.

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Even if you don't...

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You can not be political, but politics chooses you.

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It's like, you could check out of this stuff.

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And it's like, that's the intended effect.

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A really great young guy that works at BiFederal.

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And he's a developer.

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I won't dox him and mention his name.

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He'll know who he is if he's listening.

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He's from Argentina.

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Yeah, I think I've met him at dinner.

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And he grew up there.

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Yeah.

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And we've talked about this topic.

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And he said to me one day, he goes, you know,

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this is exactly what they did in Argentina.

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It's just they need to go from one catastrophe to the next.

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from one shock and awe to the next immediately so that you just like as soon as you're like oh my

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god then they just go over here because there's another oh my god over here and they keep they

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keep that process going until like you said people just get demoralized and give up right even people

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who care yeah you know just yeah it's like okay they're above the law there is no justice so what

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what am I even worried? What am I even fighting for? Right. Which is why,

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why we're all here on Bitcoin. At least those of us who, many of us, right,

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got involved in Bitcoin for that, because of that reason, because we found something

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that regardless of what the media was saying about it, regardless of what great investors

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and wealthy people were saying about it, we knew it delivered the truth every 10 minutes

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and that it couldn't be corrupted and it couldn't be censored.

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It couldn't be taken from us.

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That if we volunteered to be a part of it, we had that and we own that.

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And I think that's where the kind of people that were attracted to Bitcoin

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in the earliest of early days.

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Not that I was there in the early days.

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It took me a while to find it.

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But, you know, that kind of mindset, I think,

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was what are the people that were attracted to Bitcoin early on.

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Yeah.

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And so many people I've met in this space, you know, what about 9-11?

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Bullshit.

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You know, what about this?

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What about that?

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They're all on the same page.

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They all kind of came from that belief structure.

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And maybe that's just my little fucking niche, but seems to be pretty common.

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And so, you know, like, I don't know what I'm trying to say here, but I think that, you know, we're trying to find.

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truth and we're finding trying to find a way out of that system and bitcoin is helping us

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source that yeah i agree it is that source of truth and that's what you know i think bitcoin

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is our truth seekers if we share anything in common yeah so all right let's get into the show

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this is uh

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Bitcoin Center brought to you by base.

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I don't know.

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Thank you.

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Let's be real, right?

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Praising Telegram for launching a Bitcoin wallet.

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I've always felt like Luke Haley.

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Bitcoin, this digital currency that's out there 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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Bitcoins.

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You never heard 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 fool 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?

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There's some rumors that it's a Japanese guy, but they say no, that he's a fake name.

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It was a pseudonym.

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I mean, you're literally putting real money onto a system that we don't even know who created it.

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It will come to a bad ending.

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Is this the most exciting bull run ever?

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Not for me.

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No, it's not.

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welcome to bitcoin center the fast-paced show where the debate is the story

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that guy's that guy's voice at the end it's like grandpa said metaphor yeah the debate

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is the story soothing all right let's get into it so bitcoin soared to all-time high a new all-time

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high of 125k uh so and it uh you know the banks came out talked about bitcoin joining the debasement

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trade amid government halt is bitcoin proven itself as a safe haven so okay it depends on how

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you look at it. I think for Bitcoiners that appreciate the fact that you can self-custody

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Bitcoin, you can easily verify Bitcoin, it can't be confiscated from you. We've always

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looked at it as a safe haven because we've understood the imperfections and the structure

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of securities that we've invested in in the past, right?

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So in that regard, Bitcoin has always been a safe haven for some of us.

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For others, though, who maybe have a more of a TradFi belief system or have come to

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Bitcoin just for money go up, I think they're seeing Bitcoin trade in lockstep with risk

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assets, with the NASDAQ.

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And so they don't see it as a safe haven asset because they're just purely looking at the

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correlation of Bitcoin to other risk assets. So in their minds, it's not a safe haven asset yet.

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And it won't be until we have a major crisis and it goes up while other risk assets are going down.

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Yeah. That's true.

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So, but, you know, in a, they may not get what they want for a very long time because in a fiscally dominated cycle where we're at now, all assets should be correlated.

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And then you want to be on the fastest horse in that race, which is Bitcoin.

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Wow. So far this year, though, it's been gold.

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Yes, it has been gold.

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It has been gold.

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Yeah, which reminds me, when are we going to get a GATT?

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What's a GATT?

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A gold asset treasury company.

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Right.

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I mean, we kind of have those, right?

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We have ETFs.

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That's not a GATT.

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Would the miners be?

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Well, those are like miners.

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I'm going to see some old school Johnson & Johnson be like, we're starting a GATT.

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What's your MNAFT?

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Gold.

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Right.

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Let's move on.

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All right.

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ETF inflows kickstart.

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With $3.2 billion, the second best week on record, Bitcoin ETF inflows fuel October rally.

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Are record-breaking ETF buys the rocket behind Bitcoin's October surge so far?

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I mean, it seems like it.

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If we're looking at measuring inflows, I mean, this is the second largest ever week.

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This is much more than micro strategy or strategy has been kind of putting into Bitcoin lately.

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Does this also market as a safe haven?

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I mean, these are your smartest retail value investors out there.

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They're moving to Bitcoin amid sort of a government halt and signs that the Fed's going to continue lowering rates.

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It's strange.

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You know, it is correlated with risk assets.

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But what makes something a safe haven?

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I agree with your definition that it's going to kind of go up and be uncorrelated.

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But I think for most people, it means less volatility.

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and so if bitcoin were to outperform gold from the rest of the year it still wouldn't be called

252
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a safe haven for a lot of people because it would be increased volatility uh but you know these

253
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inflows are interesting i mean now bitcoin though is not at all-time highs anymore it's it's down

254
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121 and change now so um remains to be seen uh what october or october is i mean it's uh i think

255
00:13:42,180 --> 00:13:49,680
it's it's interesting are they like you know with this etf bitcoin etf inflows uh this

256
00:13:49,680 --> 00:13:54,540
could be sort of quarterly rebalancing for people that haven't had exposure

257
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um that might be a part of it because it was tailing off and for it to just snap back up so

258
00:14:00,780 --> 00:14:07,400
quickly to me it seems like more like a quarterly inflow yeah rebalancing back in you know people

259
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maybe rebalancing to have bitcoin in their portfolio for the first time what i find really

260
00:14:12,120 --> 00:14:20,520
interesting uh a week or two ago i i felt like the bitcoin x was kind of like hey this is uh is this

261
00:14:20,520 --> 00:14:29,240
over or is this the bart and we go up eight or ten grand and it's pandemonium and it's four four four

262
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and uh we're gonna rip and it's amazing how much that well you know if you look if you look at the

263
00:14:35,800 --> 00:14:41,320
schedule of highs and lows for bitcoin uh our friend our mutual friend pointed this out to me

264
00:14:41,320 --> 00:14:46,840
today if you look at the highs and lows in sequence from from the days of trading days

265
00:14:46,840 --> 00:14:53,880
from high to low low to high high to low low to high we should have peaked uh in the bitcoin site

266
00:14:53,880 --> 00:15:00,280
up bull market uh as of yesterday or today how does that compare to 2017 when we peaked in december

267
00:15:00,280 --> 00:15:08,280
i think um it's just it's trading days from peak to drop not not full so they always kind of shift

268
00:15:08,280 --> 00:15:14,680
yeah so we we should have ah we should have peaked today i don't think i don't think that's legit

269
00:15:14,680 --> 00:15:22,600
like i don't think i don't think we're do you think we have a peak in 2025 or does this bleed

270
00:15:22,600 --> 00:15:29,080
into 2026 and i think it bleeds into 2026 at least into the first quarter if not the first half

271
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and the only real good research i've seen from that is um some research around how

272
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bitcoin was linked with the refinancing cycle and that refinancing cycle got pushed back because of

273
00:15:49,000 --> 00:15:55,400
the covet crash so if you looked at the bottom that happened before the covet crash we were

274
00:15:55,400 --> 00:16:01,960
coming out of it and then we spiked right back down that move to zero interest rates for that

275
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period of time drove a lot of refinancing and so it pushed the refinancing cycle back

276
00:16:09,400 --> 00:16:15,080
to where normally we'd be pressured to to refinance all this debt now corporations and

277
00:16:15,080 --> 00:16:23,000
and government and by by letting them all refinance the low rates in uh mid 2020 into

278
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early 2021 maybe, it's pushed this whole thing back.

279
00:16:27,200 --> 00:16:32,620
So this four-year cycle looks like it used to be kind of synced to the refinancing cycle,

280
00:16:32,620 --> 00:16:38,500
and now it's getting pushed back because of that COVID event, which means that we could

281
00:16:38,500 --> 00:16:52,286
peak somewhere closer because we going to have to refinance a ton of Treasury debt going into next year And so if we got to get rates down we got to get liquidity up to facilitate that refinancing

282
00:16:52,406 --> 00:16:55,646
then this Bitcoin cycle could continue with it.

283
00:16:56,106 --> 00:16:56,306
All right.

284
00:16:56,686 --> 00:16:58,346
Well, Ray Dalio weighed in.

285
00:16:58,766 --> 00:17:00,466
So let's move on to the next one here.

286
00:17:01,426 --> 00:17:06,146
Is Bitcoin a legitimate currency to hold in that environment?

287
00:17:06,146 --> 00:17:12,706
That's an interesting and not easily answered question.

288
00:17:13,226 --> 00:17:20,686
There's a medium of exchange and a storehold of wealth, and most importantly, the storehold of wealth.

289
00:17:21,366 --> 00:17:28,066
So Bitcoin is perceived by many as a money.

290
00:17:28,066 --> 00:17:36,066
It is limited in its supply, and it has certain transaction benefits.

291
00:17:36,806 --> 00:17:42,726
Very easily, all around the world, you can transact in it, and so it has those elements.

292
00:17:43,206 --> 00:17:48,066
I doubt that any central bank will take it on as a reserve currency,

293
00:17:48,926 --> 00:17:54,526
because everybody can understand and watch, governments can,

294
00:17:54,526 --> 00:17:58,026
who is doing what transactions on it, governments can.

295
00:17:58,286 --> 00:18:00,006
So there's no privacy to it.

296
00:18:00,706 --> 00:18:04,746
And there is a question of whether the code could be broken

297
00:18:04,746 --> 00:18:10,666
or things can be done to make it, let's say, less effective,

298
00:18:11,286 --> 00:18:14,686
including government controls of it.

299
00:18:15,106 --> 00:18:20,726
So I can't say exactly how effective it is as a money,

300
00:18:20,726 --> 00:18:26,066
but it's being perceived by many as an alternative money.

301
00:18:26,446 --> 00:18:30,646
My own approach is in my share of my portfolio,

302
00:18:31,146 --> 00:18:36,926
I have gold and I have some Bitcoin, but not much.

303
00:18:39,086 --> 00:18:40,146
What do you think?

304
00:18:41,886 --> 00:18:45,646
Is the billionaire investor seeing Bitcoin something more than just a hedge?

305
00:18:47,506 --> 00:18:48,706
I don't think so.

306
00:18:50,726 --> 00:18:55,126
what do you mean i think he thinks i think that's exactly what he thinks it is it's a

307
00:18:55,126 --> 00:18:59,926
it's an interesting alternative money that might be worth something someday

308
00:19:00,486 --> 00:19:04,486
i don't think he cares about the alternative money thing i think he cares about the asymmetric trade

309
00:19:04,486 --> 00:19:07,926
sounded like that was and what do you think when he says i have some bitcoin

310
00:19:09,606 --> 00:19:14,326
no i mean he's been talking about having owned owned bitcoin for a few years now how would you

311
00:19:14,326 --> 00:19:20,266
you categorize that five percent who knows ten percent he seems to downplay it there let's say

312
00:19:20,266 --> 00:19:25,486
he even started if he started at one percent he's got ten percent now okay there's i mean you know

313
00:19:25,486 --> 00:19:31,606
what i mean right unless he kept rebalancing it and he could have 35 he just wants to downplay it

314
00:19:31,606 --> 00:19:38,266
could be could be i you know i i mean i think i think he's right in regards to central banks

315
00:19:38,266 --> 00:19:44,146
i don't see you know because the whole point of bitcoin is to replace the central bank right

316
00:19:44,146 --> 00:19:51,706
it's privacy for thee but not for me you know they they want to have all their transactions

317
00:19:51,706 --> 00:19:56,066
shielded and you know nobody gets to know what the hell they're doing where they want to know

318
00:19:56,066 --> 00:20:01,546
everything about us right you get a cbdc they get uh to move move money through the bank of

319
00:20:01,546 --> 00:20:06,586
international settlements without anybody knowing what the hell they're doing so so yeah i think

320
00:20:06,586 --> 00:20:12,946
bitcoin in and of itself is an attack against central banking it may have been specifically

321
00:20:12,946 --> 00:20:21,946
created as such and i think if you're ray dalio or anybody who's made a fortune sitting next to

322
00:20:21,946 --> 00:20:29,566
the central bank uh and taking advantage of the fiat system then yeah you're always going to be

323
00:20:29,566 --> 00:20:36,526
questioning its ability i think for the rest of us we're hopeful that this is the replacement

324
00:20:36,526 --> 00:20:44,286
yeah did he seem fully there to you fully there yeah like sharp and and someone you should be going

325
00:20:44,286 --> 00:20:49,406
to for necessarily guidance on this i mean i know he's a bellwether sign for a lot of people but

326
00:20:49,406 --> 00:20:57,246
i at some point you might lose your um edge i well okay yeah maybe as like an actual like day-to-day

327
00:20:57,246 --> 00:21:02,926
portfolio manager but all the research everything that he's talking about now is the big cycles

328
00:21:02,926 --> 00:21:09,326
and the big transitions that happened during fourth turnings and during monetary resets

329
00:21:09,326 --> 00:21:15,726
that's all historical data that he's curated over his lifetime yeah and so i think for him now it's

330
00:21:15,726 --> 00:21:21,166
just like he could probably re you know explain those talking points over and over and over again

331
00:21:21,166 --> 00:21:27,726
without much nuance and be pretty much dead on because this everything that we're living through

332
00:21:27,726 --> 00:21:33,006
right now is coming from a history there's nothing in our lifetime i think we're going through the

333
00:21:33,006 --> 00:21:38,766
pinnacle moment of his work yes i just don't know if he's at the pinnacle of his

334
00:21:40,126 --> 00:21:44,446
abilities to interpret what's going to happen next or how it's going to play out i mean i've

335
00:21:44,446 --> 00:21:49,886
talked to a couple people that worked with him and um i'm not trying to throw shade on them

336
00:21:50,526 --> 00:21:54,366
they've said we've had conversations that this is the one thing he's missing is that

337
00:21:54,366 --> 00:22:02,306
that this Bitcoin injecting itself may mean that that becomes a new global reserve asset,

338
00:22:02,606 --> 00:22:09,966
new neutral reserve money, which means that we don't follow his path right into a Chinese Yuan

339
00:22:09,966 --> 00:22:14,846
backed system. Right. He could be right about so many things and emotionally married to

340
00:22:14,846 --> 00:22:22,246
a particular outcome that he's holding. Yeah. Okay. All right. O'Leary, Bitcoin versus AI

341
00:22:22,246 --> 00:22:24,546
in an energy race.

342
00:22:25,166 --> 00:22:28,146
As U.S. grids strain under record AI demand,

343
00:22:28,306 --> 00:22:30,986
are Bitcoin miners about to lose their power advantage

344
00:22:30,986 --> 00:22:34,386
or will the fight for energy crown Bitcoin

345
00:22:34,386 --> 00:22:36,226
as the benchmark for efficiency?

346
00:22:36,966 --> 00:22:42,566
Is AI data centers a threat or compliant

347
00:22:42,566 --> 00:22:44,446
or compliment to miners?

348
00:22:44,446 --> 00:22:44,766
Sorry.

349
00:22:45,126 --> 00:22:45,986
I think it's a compliment.

350
00:22:46,226 --> 00:22:49,286
And I think you're going to see a marriage here

351
00:22:49,286 --> 00:22:51,406
of need and convenience.

352
00:22:51,406 --> 00:22:56,126
I think the government is going to declare these assets critical infrastructure at some point.

353
00:22:57,026 --> 00:23:03,166
And I think that these companies will be subsidized in the way that Amazon, Google.

354
00:23:03,666 --> 00:23:04,906
Miners or AI?

355
00:23:05,026 --> 00:23:07,206
AI and miners, yeah.

356
00:23:07,306 --> 00:23:07,566
Both.

357
00:23:07,806 --> 00:23:08,006
Yeah.

358
00:23:08,986 --> 00:23:13,246
For ability to get transactions into, you know, process.

359
00:23:13,466 --> 00:23:13,606
Yeah.

360
00:23:14,126 --> 00:23:20,426
For the ability to secure power for AI, for hash, for all these things.

361
00:23:20,426 --> 00:23:25,546
and I think to secure the grid and help the energy grid.

362
00:23:26,486 --> 00:23:30,266
And while AI might be demanding more energy now

363
00:23:30,266 --> 00:23:34,486
and maybe has higher margins for these data centers right now,

364
00:23:34,746 --> 00:23:36,706
that changes as Bitcoin's price changes.

365
00:23:37,186 --> 00:23:41,666
Yeah, I think Bitcoin miners are like the frontier energy players,

366
00:23:41,666 --> 00:23:48,006
meaning they can move portably to the extreme edges of the grid

367
00:23:48,006 --> 00:23:51,986
where there's no drive for AI yet.

368
00:23:52,086 --> 00:23:54,766
There's no massive population base yet,

369
00:23:54,846 --> 00:23:57,566
but there's a huge resource there that we want to cultivate.

370
00:23:58,226 --> 00:24:01,386
I think these Bitcoin miners have that unique ability

371
00:24:01,386 --> 00:24:05,326
to be this frontier energy development resource

372
00:24:05,326 --> 00:24:07,166
that AI doesn't.

373
00:24:07,566 --> 00:24:10,706
AI needs to, they're willing to plug into much higher energy.

374
00:24:11,246 --> 00:24:13,386
They need to be close to markets.

375
00:24:13,666 --> 00:24:15,866
They need to deliver data like right now.

376
00:24:15,866 --> 00:24:18,706
so I think a Bitcoin miner that might be

377
00:24:18,706 --> 00:24:20,506
in a big city

378
00:24:20,506 --> 00:24:22,846
or just plugged into

379
00:24:22,846 --> 00:24:25,046
the grid, they might be incentivized

380
00:24:25,046 --> 00:24:25,986
to shift towards AI

381
00:24:25,986 --> 00:24:29,006
where pure play Bitcoin miners

382
00:24:29,006 --> 00:24:30,866
would be incentivized to go off grid

383
00:24:30,866 --> 00:24:32,826
go further remote and find the

384
00:24:32,826 --> 00:24:34,686
cheapest source of energy and develop

385
00:24:34,686 --> 00:24:36,126
those new resources and so

386
00:24:36,126 --> 00:24:38,766
you're probably right, the government would use both of those

387
00:24:38,766 --> 00:24:40,006
strategically

388
00:24:40,006 --> 00:24:43,086
I don't see it as a threat at all

389
00:24:43,086 --> 00:24:44,446
I've been close to the market

390
00:24:44,446 --> 00:24:45,866
All right, let's go on to the next one.

391
00:24:45,986 --> 00:24:53,126
Yeah, well, I think the end game is we accumulate a trillion dollars worth of Bitcoin and then we grow it.

392
00:24:54,046 --> 00:24:59,926
20, 30, you know, Bitcoin appreciates 21% a year in 21 years.

393
00:25:00,346 --> 00:25:04,206
And then we grow that capital by issuing more credit.

394
00:25:04,386 --> 00:25:07,046
So we're growing faster than 21%.

395
00:25:07,046 --> 00:25:12,406
So the end game is get to a trillion dollars of collateral growing 30% a year.

396
00:25:12,406 --> 00:25:17,906
be issuing $100 billion of credit a year,

397
00:25:18,346 --> 00:25:22,386
growing 20%, 30% a year,

398
00:25:22,606 --> 00:25:26,486
and that credit is yielding

399
00:25:26,486 --> 00:25:29,906
200, 300, 400 basis points more

400
00:25:29,906 --> 00:25:33,846
than all of the real estate-backed credit,

401
00:25:33,846 --> 00:25:35,506
the corporate-backed credit,

402
00:25:35,886 --> 00:25:37,226
the fiat-backed credit,

403
00:25:37,306 --> 00:25:40,586
or any other type of credit instrument in the world, right?

404
00:25:40,586 --> 00:25:45,546
and it's done by some combination of Bitcoin treasury companies

405
00:25:45,546 --> 00:25:48,906
working in concert with each other, right?

406
00:25:49,026 --> 00:25:53,586
The Bitcoin network becomes a multi-hundred trillion dollar network.

407
00:25:54,646 --> 00:25:58,346
So do you anticipate in that sort of future strategy being in a position

408
00:25:58,346 --> 00:26:03,006
where you might extend Bitcoin credit to institutions,

409
00:26:03,126 --> 00:26:06,926
distressed institutions or sovereigns at some point in the future?

410
00:26:07,926 --> 00:26:09,926
Yeah, well, when we sell credit,

411
00:26:10,586 --> 00:26:11,866
We don't buy it.

412
00:26:12,066 --> 00:26:12,226
Okay.

413
00:26:12,326 --> 00:26:17,746
So when you say extend credit, we won't be making a loan to them.

414
00:26:17,966 --> 00:26:21,126
We will be offering them our credit instrument.

415
00:26:21,126 --> 00:26:31,306
So if you're a nation state and you want 10% yield, you'll buy our credit instead of buying something that yields 3%, right?

416
00:26:31,566 --> 00:26:35,486
We will sell the credit, create the credit, right?

417
00:26:35,486 --> 00:26:53,746
And I think, you know, our view is we want to create, you know, not 10 billion, but 100 billion and then a trillion dollars and then trillions of dollars worth of credit backed by digital capital.

418
00:26:53,746 --> 00:27:02,886
what do you what did you make of that and i think the question here is you know as he sailor reveals

419
00:27:02,886 --> 00:27:09,106
the bitcoin treasury end game is do you think you know individuals can kind of get the idea

420
00:27:09,106 --> 00:27:14,366
the ideals or the qualities and traits from bitcoin can companies sort of do that

421
00:27:14,366 --> 00:27:23,046
can companies be sovereign and use censorship or resistant money and sort of the properties

422
00:27:23,046 --> 00:27:26,166
of Bitcoin besides sort of price exposure?

423
00:27:28,746 --> 00:27:32,986
I mean, part of me says yes, part of me says no,

424
00:27:33,066 --> 00:27:36,426
because it depends upon the nation state

425
00:27:36,426 --> 00:27:43,066
and how much that sort of battle

426
00:27:43,066 --> 00:27:45,326
between the old system and this new system

427
00:27:45,326 --> 00:27:47,846
that Saylor is describing heats up.

428
00:27:48,386 --> 00:27:50,946
Because what he's describing is Bitcoin

429
00:27:50,946 --> 00:27:58,226
this pristine collateral that allows you to rebuild the financial system on a whole new

430
00:27:58,226 --> 00:28:05,826
collateral base that's equity driven that's not debt driven right it's not treasury debt it's not

431
00:28:06,386 --> 00:28:13,986
government debt and and that that reorg of the traditional financial system

432
00:28:13,986 --> 00:28:24,906
sounds great to people like us. It's incredibly threatening to others that are fully embedded in

433
00:28:24,906 --> 00:28:33,426
that traditional space, which is why I think he gets so much shrapnel, right? Because

434
00:28:33,426 --> 00:28:40,446
what he's talking about doing, you would as an investor, as a sovereign investor or an

435
00:28:40,446 --> 00:28:47,986
individual investor look across uh the the credit he'll be selling and say that's the best yield i

436
00:28:47,986 --> 00:28:59,326
could get and i trust the collateral that underpins it so you know early 12 months 24 months ago

437
00:28:59,326 --> 00:29:05,166
uh he would get trapped all over he won't say that bitcoin is money that's trying to replace

438
00:29:05,166 --> 00:29:14,126
a dollar where where is he now in that arc i think he's in the same place because i think his model

439
00:29:15,166 --> 00:29:22,846
is the bridge or that window that window of time which could be in my mind 20 30 years

440
00:29:23,486 --> 00:29:26,206
of time where bitcoin coexists with the dollar

441
00:29:28,046 --> 00:29:33,966
i'm not one of these guys that says we go to a bitcoin standard bitcoin only in the next five

442
00:29:33,966 --> 00:29:41,326
years he's refining the bitcoin turning you know turning the 30 cager into yield at a lower rate

443
00:29:41,326 --> 00:29:48,846
for the credit market but that's going after the money market which is huge and the bond market

444
00:29:48,846 --> 00:29:53,646
which is huge so there is some ruffling of the feathers there it's not the bitcoin is money part

445
00:29:53,646 --> 00:30:01,806
of it but it's i mean it's going after wall street yes you know but he's he's paving the way right

446
00:30:01,806 --> 00:30:09,406
now you're seeing um blackrock is going to do a essentially a yielding bitcoin etf which will

447
00:30:09,406 --> 00:30:14,046
probably look a lot like his money market competitor right this stretch or stripe i

448
00:30:14,046 --> 00:30:18,206
didn't know if that was going to compete with which stretch or if that was going to compete

449
00:30:18,206 --> 00:30:23,006
with something more like msty and sort of yeah maybe maybe the way they're generating the yield

450
00:30:23,006 --> 00:30:29,886
might be like that but i think it's going to be um a lot more uh i don't imagine that the

451
00:30:29,886 --> 00:30:35,806
and everyone's going to be selling yield in the next 18 months from yeah i don't think i don't i

452
00:30:35,806 --> 00:30:42,366
don't think the blackrock etf yielding etf is going to function like msty i could be wrong yeah i don't

453
00:30:42,366 --> 00:30:45,806
know what they're doing to generate the yield if they're going to function like with a bitcoin as

454
00:30:45,806 --> 00:30:51,726
an asset collateralized like like strategy using for stretch or if it's going to be like ms2y i

455
00:30:51,726 --> 00:30:58,606
guess we'll find out but um i think it's interesting that you know i we've talked about this a bunch

456
00:30:58,606 --> 00:31:07,486
right if if you war gamed out the american debt crisis back before 2008 because your pentagon

457
00:31:07,486 --> 00:31:12,846
department in the 60s and 70s yeah i mean you could war game this out from the view of history

458
00:31:12,846 --> 00:31:16,606
and from the trajectory of debt and say okay we're we're going to get to this point where

459
00:31:16,606 --> 00:31:22,446
the us is the debt is unstoppable and we're going to need to recapitalize the system somehow

460
00:31:23,806 --> 00:31:28,206
right and so you have people floating this idea like oh we'll just do a platinum coin

461
00:31:28,606 --> 00:31:35,086
right oh we'll just reprice gold we'll do all we'll do all these things right but doing all that is

462
00:31:35,966 --> 00:31:42,846
also sort of like easy to track like china's buying all the gold up front russia's buying

463
00:31:42,846 --> 00:31:47,886
gold so you reprice gold you just make all your competitors wealthy yeah they can't reprice right

464
00:31:47,886 --> 00:31:52,526
so if you you know but if you are they gonna make developed something called bitcoin

465
00:31:52,526 --> 00:32:00,226
and you floated it out to a bunch of tinfoil hat libertarian psychopaths i wish you hear that this

466
00:32:00,226 --> 00:32:06,626
is that drove the price up and then you go wow you guys are so smart open source the code

467
00:32:06,626 --> 00:32:10,286
hacked it away at it and then some president gets on stage in nashville and goes

468
00:32:10,286 --> 00:32:17,386
thank you we got it from here yeah and they've rolled out the road carpet as wide as they can

469
00:32:17,386 --> 00:32:18,306
for all of it.

470
00:32:19,026 --> 00:32:21,246
And then what Saylor is telling you is I'm

471
00:32:21,246 --> 00:32:23,466
recapitalizing the traditional financial system

472
00:32:23,466 --> 00:32:24,966
on Bitcoin, and I'm going to show you how to do it.

473
00:32:25,286 --> 00:32:27,346
Right. And that's that public-private partnership.

474
00:32:29,066 --> 00:32:29,666
To me,

475
00:32:29,746 --> 00:32:31,606
it seems like that's exactly what's going on.

476
00:32:32,746 --> 00:32:33,446
Okay, so does

477
00:32:33,446 --> 00:32:35,486
the United States government take a stake in strategy

478
00:32:35,486 --> 00:32:36,886
the way they did in Intel? Do they need to?

479
00:32:36,986 --> 00:32:39,186
No, I don't think they need to. They don't need to if

480
00:32:39,186 --> 00:32:41,286
Bitcoin can come in and

481
00:32:41,286 --> 00:32:42,966
recapitalize the entire system. But they could always

482
00:32:42,966 --> 00:32:45,386
subsidize, finance, and lend

483
00:32:45,386 --> 00:32:47,366
money to a strategy, which

484
00:32:47,366 --> 00:32:50,406
Which gives it an infinite bid in the marketplace.

485
00:32:50,426 --> 00:32:51,646
They could subsidize the miners.

486
00:32:51,646 --> 00:32:55,586
The defense industry is not about what we need to defend ourselves.

487
00:32:55,806 --> 00:32:58,466
It's got an infinite bid from the...

488
00:32:58,466 --> 00:33:01,866
We're investing capital in Intel because we want the chips.

489
00:33:02,226 --> 00:33:02,426
Right.

490
00:33:02,786 --> 00:33:05,686
We're going to invest probably capital in AI companies.

491
00:33:05,686 --> 00:33:07,426
Probably Marathon and Bitcoin miners.

492
00:33:07,426 --> 00:33:08,706
We want to control the AI.

493
00:33:08,926 --> 00:33:09,106
Right.

494
00:33:09,146 --> 00:33:15,626
We're probably going to invest in nuclear and then subsidize Bitcoin miners, portable nuclear.

495
00:33:15,626 --> 00:33:15,946
Right.

496
00:33:15,946 --> 00:33:17,946
on and on and on and on.

497
00:33:17,946 --> 00:33:20,946
We're gonna have a sovereign wealth fund.

498
00:33:20,946 --> 00:33:22,946
And so then if you think about Bitcoin,

499
00:33:22,946 --> 00:33:26,946
this guy Signal, Pigeon on X is great.

500
00:33:26,946 --> 00:33:27,946
I don't know.

501
00:33:27,946 --> 00:33:28,946
You gotta follow the guy.

502
00:33:28,946 --> 00:33:50,492
But it like he seen as like he thinks they running the price up on gold they to crash the price of gold move to Bitcoin But the key is that they control everything around the Bitcoin not the Bitcoin itself but the on ramps the custody the hash rate the mempool in terms of mining power and everything

503
00:33:50,492 --> 00:33:58,852
and so it's it's and and then they can use the facade of bitcoin the way the facade of oil or

504
00:33:58,852 --> 00:34:05,452
gold has sort of given credibility to the balance sheet of america they don't have to own the

505
00:34:05,452 --> 00:34:10,152
bitcoin to get the credibility from owning all the pipes all the on-ramps and all the surveillance

506
00:34:10,152 --> 00:34:16,992
right um i agree i agree i think i think what you're like if i had to put my rub my crystal

507
00:34:16,992 --> 00:34:32,472
I would say, okay, we're going to let gold keep going to 10,000 plus an ounce while we're building out our Bitcoin empire.

508
00:34:32,832 --> 00:34:34,792
We're getting companies that own Bitcoin.

509
00:34:35,052 --> 00:34:36,952
We're getting subsidized.

510
00:34:36,952 --> 00:34:38,672
Americans do their 401ks and ETFs.

511
00:34:38,672 --> 00:34:40,412
Yeah, we're getting it embedded in America.

512
00:34:41,152 --> 00:34:43,712
We're letting gold market just go.

513
00:34:44,672 --> 00:34:45,732
China's driving that.

514
00:34:45,852 --> 00:34:46,312
Russia's driving.

515
00:34:46,312 --> 00:34:54,392
thank you guys but then when we go to reprice gold it'll be because we are about to unleash that

516
00:34:54,392 --> 00:35:02,552
new capital into bitcoin like bo heinz described and they have to move from sort of the the lack

517
00:35:02,552 --> 00:35:07,432
of credibility around gold to the credibility around bitcoin and the auditable nature of bitcoin

518
00:35:07,432 --> 00:35:12,152
that come right and i don't know if they ever sell the gold no i don't think they would ever

519
00:35:12,152 --> 00:35:17,752
reprice it they just they just i don't think they sell it i don't think they um i think they could

520
00:35:17,752 --> 00:35:24,072
potentially reprice it because it would give them so much collateral in the tga it would just make

521
00:35:24,072 --> 00:35:32,472
their enemies richer it would sell it it would make their enemies richer but if in if it made us

522
00:35:32,472 --> 00:35:37,512
richer and then we parlayed that into bitcoin jeff park was going through this math on pom show i

523
00:35:37,512 --> 00:35:43,912
think i saw the clip and it was this is jeff park's math but like even if you went from 42 an ounce

524
00:35:43,912 --> 00:35:51,112
to 4 000 an ounce you're only talking like a trillion dollar game yeah it's nothing it's not

525
00:35:51,112 --> 00:35:56,072
it doesn't move the needle it doesn't move the needle right whereas if you if you had a trillion

526
00:35:56,072 --> 00:36:00,792
dollars in bitcoin but then that goes up that's why i think that moves the needle that's why i

527
00:36:00,792 --> 00:36:05,352
think they let the free market take it to ten thousand dollars an ounce on gold before they

528
00:36:05,352 --> 00:36:09,112
they convert. Josh is calling for $16K on gold.

529
00:36:09,172 --> 00:36:13,532
Okay, there you go. They don't want to

530
00:36:13,532 --> 00:36:16,332
reprice the gold on their balance sheet

531
00:36:16,332 --> 00:36:20,712
at 10,000 ounce when it's priced at $4,000.

532
00:36:21,112 --> 00:36:23,692
They just want to take it. They just want to market to market.

533
00:36:24,692 --> 00:36:29,472
So they want the free market to take it. To market to market, they have to prove they have it.

534
00:36:30,192 --> 00:36:31,852
Why? I mean,

535
00:36:31,852 --> 00:36:35,792
I don't, I have not the easy issue.

536
00:36:36,012 --> 00:36:40,672
They don't have to, but it's kind of like, well, who cares if you mark it to market?

537
00:36:40,852 --> 00:36:41,412
Do you have any?

538
00:36:41,432 --> 00:36:42,092
It's not Bitcoin.

539
00:36:42,652 --> 00:36:43,052
Right.

540
00:36:43,372 --> 00:36:45,332
The only thing they need is the central bank.

541
00:36:45,372 --> 00:36:47,452
It doesn't have to disclose anything to say, yeah, you got it.

542
00:36:47,652 --> 00:36:47,912
All right.

543
00:36:48,092 --> 00:36:49,432
Let's go to the lightning round.

544
00:36:50,112 --> 00:36:51,412
This is Bitcoin Federal.

545
00:36:51,552 --> 00:36:52,572
Hit like and subscribe.

546
00:36:52,892 --> 00:36:53,992
This is brought to you by Byte Federal.

547
00:36:54,132 --> 00:36:54,932
Go bank yourself.

548
00:36:55,132 --> 00:36:57,692
Point of sale, crypto wallet, and the Bitcoin ATM.

549
00:37:01,852 --> 00:37:15,212
all right josh mandel predicts the bitcoin at 444k by november november this year november

550
00:37:15,212 --> 00:37:19,612
8th dude you haven't heard about this i have heard about this i didn't think there was a date on it

551
00:37:19,612 --> 00:37:24,432
no he put a date on like when you need when the bottom was i think he was like um there was a

552
00:37:24,432 --> 00:37:30,752
particular day like 10 days ago he was like this is gonna be the bottom in 24 hours i remember that

553
00:37:30,752 --> 00:37:34,732
It's going to rip and 444 by November 8th now.

554
00:37:34,932 --> 00:37:36,472
Oh, I didn't know there was a date on it.

555
00:37:36,492 --> 00:37:38,892
Which comes out to 3.6% per day.

556
00:37:38,892 --> 00:37:42,812
I mean, if we go to 44K by November 8th, then...

557
00:37:42,812 --> 00:37:49,472
Now, but he's saying it's a fast wick up, like a crazy thin wick up.

558
00:37:49,712 --> 00:37:50,432
Holy smokes.

559
00:37:50,492 --> 00:37:54,592
And then coming down to 84K, you know, on the backside of that.

560
00:37:55,172 --> 00:37:56,112
That's violent.

561
00:37:57,072 --> 00:37:58,712
Okay, so what's the question?

562
00:37:58,712 --> 00:38:04,352
The question is, is this a moonshot fantasy or could Bitcoin's momentum actually make it?

563
00:38:04,972 --> 00:38:07,192
I don't think it's a moonshot fantasy.

564
00:38:07,592 --> 00:38:09,772
I mean, we're talking about 3x.

565
00:38:10,572 --> 00:38:11,272
Bitcoin has done.

566
00:38:11,592 --> 00:38:16,532
If people said, you know, there's no way Bitcoin could move that big.

567
00:38:16,612 --> 00:38:17,512
It's too big of a market.

568
00:38:17,632 --> 00:38:28,172
If gold could do 50% in nine months, and that's a 10 to a, now it's like a 13 to a $20 trillion market.

569
00:38:28,172 --> 00:38:36,412
at a 20 20 plus trillion bitcoin could do 250 300x in a quarter yeah no i i like absolutely there's

570
00:38:36,412 --> 00:38:40,332
no reason they can't well it's not even a quarter now it's like it's like well no he's calling my

571
00:38:40,332 --> 00:38:45,612
number right november eight but i'm just saying over the fourth quarter uh so i don't think that's

572
00:38:45,612 --> 00:38:54,252
out of hand uddy's calling for 400k uh well if uddy says i'm all in i feel like in a weird way

573
00:38:54,252 --> 00:38:59,812
Uri has been, I don't like the word either, but signal in a weird way,

574
00:38:59,872 --> 00:39:01,352
especially the last couple of months.

575
00:39:01,772 --> 00:39:02,452
I don't know.

576
00:39:02,632 --> 00:39:03,772
I'd love to chat with him sometime.

577
00:39:04,512 --> 00:39:06,392
So, yeah, I don't understand this, though.

578
00:39:06,512 --> 00:39:08,692
November 8th of this year is un-possible.

579
00:39:08,952 --> 00:39:09,432
Un-possible?

580
00:39:09,572 --> 00:39:10,072
What does that mean?

581
00:39:10,272 --> 00:39:11,032
Un-impossible?

582
00:39:11,152 --> 00:39:11,632
Impossible.

583
00:39:11,852 --> 00:39:12,952
Not un-impossible.

584
00:39:13,412 --> 00:39:14,252
That's an interesting phrasing.

585
00:39:14,332 --> 00:39:15,612
Let's move on to the next one here.

586
00:39:16,732 --> 00:39:18,032
It is the lightning round.

587
00:39:18,172 --> 00:39:19,172
Oh, yeah, New York.

588
00:39:19,252 --> 00:39:22,152
New York proposes excise tax on Bitcoin money.

589
00:39:22,152 --> 00:39:27,112
why are new york lawmakers proposing a new sliding scale excise tax and proof-of-work mining

590
00:39:27,112 --> 00:39:35,992
and who would it affect well so there aren't a ton of crypto miners at least you know viable

591
00:39:35,992 --> 00:39:41,432
crypto miners in new york but there is one green greenage greenage i think they call themselves

592
00:39:42,152 --> 00:39:49,912
not green ridge just greenage and it has been under attack in new york for as long as i can

593
00:39:49,912 --> 00:40:00,152
remember because they use coal and natural gas and so they're the new york blue poster child they

594
00:40:00,152 --> 00:40:06,072
want to just destroy them and this seems like an attack on them more than anything else is like

595
00:40:06,072 --> 00:40:12,312
they want to get that out of their state um i don't think it really has that big of an impact on

596
00:40:12,312 --> 00:40:18,632
anybody and anybody else but these poor guys have been under attack by the state of new york for as

597
00:40:18,632 --> 00:40:25,752
long as i can remember my home state it's a shame to see them not embrace or attack bitcoin in so

598
00:40:25,752 --> 00:40:31,672
many different ways from the bit license to proof of work all right but you know consider consider

599
00:40:31,672 --> 00:40:39,592
who the largest lobbyists are in new york right i mean i mean yeah okay fair enough yeah all right

600
00:40:39,592 --> 00:40:47,352
there's a lot of uh interest that have been there for a long time okay um moving on treasury

601
00:40:47,352 --> 00:40:55,112
exempts corporate bitcoin from amt how will the u.s treasury guidance excluding unrealized

602
00:40:55,112 --> 00:41:00,152
cryptocurrency gains from the 15 corporate alternative minimum tax affect companies

603
00:41:00,152 --> 00:41:07,272
holding bitcoin this is big this is a really big deal uh but it's a lot it's really just a lot of

604
00:41:07,272 --> 00:41:13,112
relief um this never should like shouldn't have happened taxing on realized gains including that

605
00:41:13,112 --> 00:41:19,112
in the corporate minimum tax so uh i mean just it's relief uh we don't we don't spend a lot of

606
00:41:19,112 --> 00:41:24,552
time on this i think what is something to really track though is the phased implementation of form

607
00:41:24,552 --> 00:41:31,112
1099 da okay which is going to be sort of uh all the exchanges kind of giving you your buy information

608
00:41:31,112 --> 00:41:35,992
a lot of this is going to come out fuzzy in the beginning and i think people are really worried

609
00:41:35,992 --> 00:41:42,072
about having to pay phantom gains not having to be able to not being able to prove cost basis on

610
00:41:42,072 --> 00:41:50,072
bitcoin from yeah because you're going to be oh okay i bought on uh river and i moved it to self

611
00:41:50,072 --> 00:41:55,432
custody river is going to say here's your cost basis on what you bought and then you moved it

612
00:41:55,432 --> 00:42:00,072
so we don't we don't know what happened over there we don't know where you took it right and then

613
00:42:00,632 --> 00:42:04,632
that's if you get good information from river river is probably going to be great at this but

614
00:42:04,632 --> 00:42:08,712
like there are going to be other entities that just sure you know like finance swapping gonna

615
00:42:08,712 --> 00:42:13,272
send you anything right uh you know i mean so i'm just talking about like you know legitimate

616
00:42:13,272 --> 00:42:18,792
exchanges sure then let's say you send it to self-custody and then you move it to coinbase

617
00:42:19,752 --> 00:42:24,232
and you sell it at coinbase yeah coinbase is going to show you a zero cost basis yeah they're going

618
00:42:24,232 --> 00:42:30,392
to send you a 1099 da that says you sold this much and right now you've got to cross-reference

619
00:42:30,392 --> 00:42:36,152
all that stuff on your right yep and so record keeping is going to be paramount here and uh

620
00:42:36,152 --> 00:42:40,712
people are fearing there's gonna be an increase in audits and things like that and um well this is

621
00:42:40,712 --> 00:42:46,152
the shitsorm that comes before oh okay well you know you guys now need to communicate with each

622
00:42:46,152 --> 00:42:52,392
other and uh river you need to find out where they're sending that coin and then you know you

623
00:42:52,392 --> 00:42:58,952
need to verify that tracking and tracing yeah yeah so uh thankfully they got rid of the you know the

624
00:42:58,952 --> 00:43:05,592
amt exemption on you know they brought in the amt exemption on the uh corporate bitcoin but yeah

625
00:43:05,592 --> 00:43:10,632
watch out for the 1099 da we'll keep you updated on that let's move on so the next one the hiring

626
00:43:10,632 --> 00:43:18,152
spree uh crypto exchanges embark on hiring spree why are major crypto exchanges uh massively

627
00:43:18,152 --> 00:43:23,592
expanding hiring in october 2025 why now because josh told him it's going to 444

628
00:43:24,952 --> 00:43:33,752
but i think i think it's uh the fact that we're seeing this i think what they're preparing for this

629
00:43:33,752 --> 00:43:43,592
merger of trad fi and defy um and crypto exchanges like coinbase gemini they're all kind of coming

630
00:43:43,592 --> 00:43:51,592
together into platforms that offer it all and so i think the regulatory clarity has caused

631
00:43:52,552 --> 00:43:58,552
exchange you know these legitimate regulated exchanges like coinbase kraken river gemini

632
00:43:58,552 --> 00:44:06,472
etc to say to themselves wow we we need to start pulling in some of these previously thought of as

633
00:44:07,272 --> 00:44:15,512
obscure risky offshore degen technology trading technology maybe we need to bring that into our

634
00:44:15,512 --> 00:44:20,552
system these perpetuals look pretty cool maybe we should be doing perpetuals here um you know

635
00:44:20,552 --> 00:44:26,472
tokenizing real world assets tokenizing securities why aren't we trading tokenized apple at coinbase

636
00:44:26,472 --> 00:44:32,792
right like right on and on so i think they're seeing a very broad potential and so they need

637
00:44:32,792 --> 00:44:37,812
devs to build that all out all right let's see where it goes let's move on to the next one here

638
00:44:37,812 --> 00:44:45,312
we got a clip like you like if you don't like cat photos you don't like whizzers or whatever

639
00:44:45,312 --> 00:44:52,932
that's like your choice right but i don't think um this is not a legitimate transaction or you know

640
00:44:52,932 --> 00:44:58,232
this is a waste of blocks, you know, because NFTs are bad or whatever.

641
00:44:58,472 --> 00:45:01,292
I don't think that language has a play.

642
00:45:01,412 --> 00:45:03,272
Well, I don't think that should be considered

643
00:45:03,272 --> 00:45:07,472
when you are talking about writing policy code.

644
00:45:08,092 --> 00:45:10,792
Yeah, as a developer.

645
00:45:11,412 --> 00:45:13,792
Yeah, as a developer, as a protocol maintainer.

646
00:45:15,352 --> 00:45:17,612
All right, dude, what do you think of that?

647
00:45:19,572 --> 00:45:22,092
I want to talk to her a lot more.

648
00:45:22,932 --> 00:45:27,292
So because like that, that's, I mean, easy to say.

649
00:45:27,872 --> 00:45:29,972
I wonder how much Bitcoin she actually owns.

650
00:45:30,592 --> 00:45:32,852
So you can say that's getting the gain.

651
00:45:32,852 --> 00:45:35,072
How much value do you have locked in Bitcoin?

652
00:45:36,472 --> 00:45:48,172
Well, is she making a fair point that a dev shouldn't think about what people like or dislike in regards to what is a legitimate transaction?

653
00:45:48,172 --> 00:45:54,092
you should think about what is the network used for and what's the best right tools to make the

654
00:45:54,092 --> 00:45:58,672
network continue to function in that fashion it's used to represent money it's used to be

655
00:45:58,672 --> 00:46:06,392
an unsensible unconfiscatable blockchain that supports that because that seemed to be uh

656
00:46:06,392 --> 00:46:12,412
to me am i am i going out on a lead a limb here too far and saying like that because that seemed

657
00:46:12,412 --> 00:46:20,152
to be like a political statement of sorts yeah well and yeah versus um but but shrouded in the

658
00:46:20,152 --> 00:46:30,992
guise of um um libertarianism libertarianism right so uh am i like am i am i wrong and we should be

659
00:46:30,992 --> 00:46:36,532
libertarian about this or am i like yeah like no you're missing the point it's it's a protocol for

660
00:46:36,532 --> 00:46:41,652
a certain thing and you're hiding behind libertarianism and that's sort of like a political

661
00:46:41,652 --> 00:46:47,012
commentary on diversification that's what i felt like absolutely clear if you take the libertarian

662
00:46:47,012 --> 00:46:53,732
view of money sure right if you take if you if you say okay then bitcoin is libertarian money

663
00:46:54,452 --> 00:47:03,812
it's not libertarian data transfer like it's not it's not a social media network it's not a place

664
00:47:03,812 --> 00:47:06,212
to send JPEGs around.

665
00:47:07,632 --> 00:47:10,132
Your JPEG doesn't have to be unconfiscatable.

666
00:47:10,652 --> 00:47:12,352
The minute you show it to somebody,

667
00:47:12,432 --> 00:47:13,352
it can be confiscated.

668
00:47:13,352 --> 00:47:19,272
You don't need Bitcoin-level security for your JPEG.

669
00:47:21,292 --> 00:47:26,412
It's literally an attack on the purpose of Bitcoin.

670
00:47:27,432 --> 00:47:31,192
And to just downplay it as,

671
00:47:31,192 --> 00:47:37,752
like it should be open and it you know your opinion i'm still trying to understand i'm trying

672
00:47:37,752 --> 00:47:46,732
to you know how do you go aside and straw man the you know uh policies verse uh rules or consensus

673
00:47:46,732 --> 00:47:54,712
sort of you know the filter the mempool policy versus the consensus rules yeah and the

674
00:47:54,712 --> 00:48:00,372
predictability of trans uh of of items going to be in the mempool there's dozens and dozens of

675
00:48:00,372 --> 00:48:05,972
blockchains that have just been carbon copies of bitcoin that have been used for other things

676
00:48:05,972 --> 00:48:13,852
most of them have failed yeah no i get that right so so we have discovered through trial and error

677
00:48:13,852 --> 00:48:24,572
that money is the ultimate use case for blockchain shaw 256 cryptography hashing etc

678
00:48:25,152 --> 00:48:28,372
It's not the ultimate use case to store a JPEG.

679
00:48:28,952 --> 00:48:36,352
It's not the ultimate use case to, you know, support your video or your...

680
00:48:36,352 --> 00:48:40,412
Right, but how we get there is important to be continued.

681
00:48:41,752 --> 00:48:43,212
I want to keep exploring it.

682
00:48:43,272 --> 00:48:44,892
I want to make sure we're not missing anything here.

683
00:48:45,092 --> 00:48:46,892
She should come on the show.

684
00:48:47,292 --> 00:48:48,752
All right, well, open invitation.

685
00:48:48,752 --> 00:48:51,492
All right, let's move on to the next one here.

686
00:48:52,032 --> 00:48:54,332
White House floats using gold to buy Bitcoin.

687
00:48:54,572 --> 00:49:03,412
A senior U.S. official says the government could tap unrealized gold gains to fund Bitcoin purchases, potentially acquiring 1 million Bitcoin under the proposed Bitcoin Act.

688
00:49:03,512 --> 00:49:04,872
Is this happening for real?

689
00:49:05,032 --> 00:49:05,852
Is this for real?

690
00:49:05,852 --> 00:49:06,512
I mean, is it?

691
00:49:06,632 --> 00:49:07,312
I don't think it's for real.

692
00:49:07,312 --> 00:49:10,052
I don't know if it's for real.

693
00:49:10,452 --> 00:49:13,112
I think it makes sense.

694
00:49:13,372 --> 00:49:15,612
That means it's definitely not for real.

695
00:49:18,312 --> 00:49:21,032
You know, I mean, I don't.

696
00:49:22,292 --> 00:49:24,092
I could see this happening.

697
00:49:24,572 --> 00:49:29,852
i could see this happening down the road like i said earlier i don't think this happens until the

698
00:49:29,852 --> 00:49:42,652
market price of of gold is much higher um i could see this happening um as a way to try and trigger

699
00:49:42,652 --> 00:49:49,212
the rest of the world onto this bitcoin standard because we're developed we're developing right a

700
00:49:49,212 --> 00:49:58,492
unipolar world that traditionally uh has settled you know if you go back 80 years right used to

701
00:49:58,492 --> 00:50:08,892
settle on gold gold was a neutral reserve asset of central banks if your country i'm talking about

702
00:50:08,892 --> 00:50:13,892
of the US is subject to a central bank

703
00:50:14,792 --> 00:50:26,618
that you don control that you don have influence over that is working for the global program not working for Make America the best it can be

704
00:50:27,838 --> 00:50:32,838
then this idea of flipping from gold to Bitcoin,

705
00:50:33,838 --> 00:50:40,538
it would send shockwaves across the entire global financial system.

706
00:50:41,098 --> 00:50:45,698
And in doing so, if you were better prepared than anybody else on the planet,

707
00:50:45,958 --> 00:50:47,858
your country would excel.

708
00:50:48,618 --> 00:50:51,198
So I could see this kind of strategy

709
00:50:51,198 --> 00:50:57,178
as a way to preserve U.S. dominance.

710
00:50:57,878 --> 00:50:58,618
We'll see.

711
00:50:58,838 --> 00:51:00,038
If they can make it happen.

712
00:51:00,198 --> 00:51:01,778
The Trump shock, like the Nixon shock.

713
00:51:02,878 --> 00:51:04,438
Let's move on to the next one.

714
00:51:04,578 --> 00:51:05,378
This is kind of in line.

715
00:51:05,498 --> 00:51:07,578
The $1 million Bitcoin question.

716
00:51:07,758 --> 00:51:09,998
One of the latest, on the latest Bitcoin matrix.

717
00:51:10,438 --> 00:51:10,878
Is that yours?

718
00:51:11,038 --> 00:51:11,458
Is that you?

719
00:51:12,198 --> 00:51:15,238
The idea of Bitcoin could hit 1 million this year

720
00:51:15,238 --> 00:51:21,018
is floated, if it did, what would that actually mean for the economy? Could it happen through

721
00:51:21,018 --> 00:51:26,718
multiple paths or would it only be possible in the event of a total dollar collapse?

722
00:51:29,298 --> 00:51:34,958
We're going to roll. If Bitcoin went to a million this year, which I think is still possible,

723
00:51:34,958 --> 00:51:43,158
not maybe likely or probable, how bad would that be for, let's say, the economy?

724
00:51:43,158 --> 00:51:50,378
uh and what does that mean for the price of different things uh but maybe you know the

725
00:51:50,378 --> 00:51:55,898
price of bread doesn't skyrocket in that example and maybe that's a way to export all the inflation

726
00:51:55,898 --> 00:52:04,298
into bitcoin um and i do also think at some point like we kind of have to rip the band-aid off like

727
00:52:04,298 --> 00:52:10,758
even if we don't want it to go quick we don't want it to be ugly uh i i don't think we have a choice

728
00:52:10,758 --> 00:52:13,738
I think idealistically

729
00:52:13,738 --> 00:52:15,358
the longer this takes

730
00:52:15,358 --> 00:52:16,598
the slower the grind up

731
00:52:16,598 --> 00:52:17,938
the better for everybody

732
00:52:17,938 --> 00:52:22,618
but I don't think we're assured that

733
00:52:22,618 --> 00:52:23,298
by any means

734
00:52:23,298 --> 00:52:24,818
and I think at some point

735
00:52:24,818 --> 00:52:26,398
we have to deal with this

736
00:52:26,398 --> 00:52:29,158
the pain in the system

737
00:52:29,158 --> 00:52:30,718
or how broken it is

738
00:52:30,718 --> 00:52:35,358
that was just all about you?

739
00:52:35,898 --> 00:52:37,438
you're not going to let your guest talk?

740
00:52:37,818 --> 00:52:39,498
I was the guest on that one

741
00:52:39,498 --> 00:52:40,578
okay sorry

742
00:52:40,578 --> 00:52:47,818
it was my turn to actually run and talk well there you go we got your opinion i've dwelled

743
00:52:47,818 --> 00:52:54,398
on that since bitcoin tina talked about america exporting all the inflation the bitcoin

744
00:52:54,398 --> 00:53:01,258
and maybe all these other things don't rip in the same way you know perishable um you know food and

745
00:53:01,258 --> 00:53:07,038
consumer goods and and maybe that's a good thing too and maybe that's not exported and then you're

746
00:53:07,038 --> 00:53:13,058
not exporting all the inflation to the rest of the world either i think it's an accurate assessment

747
00:53:13,058 --> 00:53:17,738
of what's happening with bitcoin but i don't think it just goes to a million right i think it's

748
00:53:17,738 --> 00:53:25,798
because it's a free market and if we went to 220 let alone 440 000 in the next few months

749
00:53:25,798 --> 00:53:31,778
there would be a lot of sellers that would come out of the woods so i think i think bitcoin is

750
00:53:31,778 --> 00:53:38,678
going to continue to ebb and flow on its way to a million dollars a coin and there'll be a lot of

751
00:53:38,678 --> 00:53:45,558
volatility and that will help you really transition if it did do an 8x that's all it is and that's all

752
00:53:45,558 --> 00:53:52,778
it ran up to a million and hung out there for like three days and then came like crashing down

753
00:53:52,778 --> 00:53:57,918
to 112 yeah or even you know to do more damage hung out there for like you know like somewhere

754
00:53:57,918 --> 00:54:05,258
between 750 and one point and a million 50 for like three four weeks enough time for people to

755
00:54:05,258 --> 00:54:15,198
lever up borrow against and that that crashed down the misery and the toll and and sort of that would

756
00:54:15,198 --> 00:54:24,198
be normal for bitcoin adoption in cycles yeah uh you know for people with uh you know they the the

757
00:54:24,198 --> 00:54:29,538
um people with it everybody no matter what your size your stack is you'd be worth so much more

758
00:54:29,538 --> 00:54:34,758
than you are now 10 times now or eight times now and then to not be worth that and then yeah the

759
00:54:34,758 --> 00:54:39,978
few people that got to sell in that short period other people who thought it was gonna you know

760
00:54:39,978 --> 00:54:47,718
that it would just be um typical I think in a lot of ways for a Bitcoin cycle yeah I I think it was

761
00:54:47,718 --> 00:54:51,258
I think I think you would get a lot of selling and a lot of pain before we ever got 10 million

762
00:54:51,258 --> 00:54:57,978
yeah i don't know but i mean we'll see let's uh worry about that if we get it

763
00:54:57,978 --> 00:55:05,858
i'm afraid uh i do i did want to read this though so uh someone wrote to josh mandel every time i

764
00:55:05,858 --> 00:55:11,638
tried to trade i have lost money i'm only built for holding but if there was a way to copy your

765
00:55:11,638 --> 00:55:15,598
exact trades automatically i would definitely do that and even pay you a fee of the profit

766
00:55:15,598 --> 00:55:17,198
He wrote,

767
00:55:17,718 --> 00:55:26,278
At the beginning of my career, I came across studies suggesting that even a monkey throwing darts could outperform the average trader or portfolio manager,

768
00:55:26,718 --> 00:55:30,998
which made me realize that there's something in the market that often leads us astray.

769
00:55:31,618 --> 00:55:36,998
So when I started trading, I'd make a decision based on all the reasoning I could gather and then do the opposite.

770
00:55:40,858 --> 00:55:42,818
He's a fucking legendary trader.

771
00:55:43,158 --> 00:55:43,718
That's awesome.

772
00:55:43,718 --> 00:55:50,678
all right uh pakistan will pakistan's bitcoin reserve plan backfire this is a weird article

773
00:55:50,678 --> 00:55:58,098
because it's it's like saying um you know it's talking about the difference between what the

774
00:55:58,098 --> 00:56:05,658
government wants to do or could do versus what's good for the people and that very rarely happens

775
00:56:05,658 --> 00:56:12,358
right so like like the government has in pakistan i guess has an enormous amount of unused energy

776
00:56:12,358 --> 00:56:16,638
that they're losing money on, just unloading.

777
00:56:16,978 --> 00:56:19,718
So it makes absolute sense for them to mine the Bitcoin.

778
00:56:20,138 --> 00:56:21,218
And then the article goes into,

779
00:56:21,378 --> 00:56:23,858
but they've had so much corruption and fraud

780
00:56:23,858 --> 00:56:25,318
in the crypto space,

781
00:56:25,458 --> 00:56:30,418
and they've had people that get taken advantage of

782
00:56:30,418 --> 00:56:31,078
and blah, blah, blah.

783
00:56:31,178 --> 00:56:33,258
It's like, that's not what we're talking about here.

784
00:56:33,298 --> 00:56:34,678
That's not what Pakistan's talking about.

785
00:56:34,758 --> 00:56:35,638
Pakistan's talking about,

786
00:56:35,818 --> 00:56:37,618
I got energy that's going to waste.

787
00:56:38,578 --> 00:56:40,598
Does somebody want to kind of help us mine this stuff?

788
00:56:40,598 --> 00:56:46,658
mind this bitcoin put it on our balance sheet how long before like a country like pakistan

789
00:56:46,658 --> 00:56:52,458
has you know uh let's say enormous power that's unused they start turning on bitcoin

790
00:56:52,458 --> 00:56:58,518
it's you know a decade from now bitcoin's emissions are a lot lower uh and and the

791
00:56:58,518 --> 00:57:04,438
united states government sends over some some jets and blows up a dam or i mean no you're not

792
00:57:04,438 --> 00:57:09,738
getting any more bitcoin right you know i mean how long like is that the real hash wars where

793
00:57:09,738 --> 00:57:14,538
you know and that that's why i think well now now ai and bitcoin miners are going to go along

794
00:57:14,538 --> 00:57:21,438
because they're going to be protected pakistan has sort of like apparently been our ally for a

795
00:57:21,438 --> 00:57:30,158
number of years i'm saying a non-ally ally ally you know and um i mean yeah but so if you're gonna

796
00:57:30,158 --> 00:57:35,398
you're gonna drone strike or well this is one thought i think it's like strike your why would

797
00:57:35,398 --> 00:57:40,438
blow up their stuff if you could use that power to mine for yourself but at some point you say look

798
00:57:40,438 --> 00:57:46,038
we got enough we we're we got nuclear power we're mining we got marathon we own riot we own strategy

799
00:57:46,038 --> 00:57:51,558
as our broker dealer public private partnership let's go blow up their nuclear power so they can't

800
00:57:51,558 --> 00:57:55,958
get bitcoin i mean right i mean that's probably going to happen you're not you're going to go

801
00:57:55,958 --> 00:58:00,598
blow up russia's you're going to get yours blown up right right so it's gonna i mean that's just

802
00:58:00,598 --> 00:58:04,438
the way these uh countries are going to deal with each other so i i think pakistan's probably going

803
00:58:04,438 --> 00:58:08,498
maybe they'll do it and then they'll sell the bitcoin to us maybe that's what top country is

804
00:58:08,498 --> 00:58:17,418
about yeah man all right let's go on to the next one brazil brazil opens doors to bitcoin miners

805
00:58:17,418 --> 00:58:23,958
with energy firms courting miners to soak up 70 excess output is brazil quietly positioning itself

806
00:58:23,958 --> 00:58:29,178
as the next global bitcoin mining hub or just flirting with a short-term fix

807
00:58:29,178 --> 00:58:35,298
ah this is the same thing they got the excess energy let's see where they go with it it you

808
00:58:35,298 --> 00:58:38,658
know they're gonna mine yeah well let's see if they actually mine let's see if they actually

809
00:58:38,658 --> 00:58:45,458
attract miners but they have the excess energy it's clear path to getting some sats someone will

810
00:58:45,458 --> 00:58:51,478
come uh every week we talk about this it's countries looking at crypto stable coins mining

811
00:58:51,478 --> 00:58:58,078
it makes sense let's let's move on to the next one the ipo pipeline so wall street's 200 billion

812
00:58:58,078 --> 00:59:03,998
crypto IPO pipeline with over 200 billion in crypto firms preparing to go public is wall

813
00:59:03,998 --> 00:59:08,478
street about to replace all coins speculation with a more respectable form of crypto mania

814
00:59:08,478 --> 00:59:15,838
or just repackage the same cycle in IPO form i it kind of depends on how you just use the word

815
00:59:15,838 --> 00:59:26,238
respectable um i had this conversation um with alex thorn and uh you know his idea was that like

816
00:59:26,238 --> 00:59:39,378
if it's legal and passes SEC compliance, then let people have it and it'll find its value or it'll disappear.

817
00:59:40,858 --> 00:59:52,538
At least there is some sort of regulator here that's at least looking superficially at the legality of these structures

818
00:59:52,538 --> 00:59:54,998
and the disclosures around these structures.

819
00:59:54,998 --> 01:00:00,018
that doesn't mean that just because they put their stamp of approval on it that it isn't going to fail.

820
01:00:00,298 --> 01:00:05,178
Lots of companies go public and fail, and the vast majority do.

821
01:00:05,178 --> 01:00:15,338
So I would say that it's kind of like cryptomania with a little bit of an upgrade

822
01:00:15,338 --> 01:00:23,178
in that you can at least eliminate some complete frauds.

823
01:00:23,178 --> 01:00:29,338
frauds like i don't ever see like hex being able to go public or like eos back in the day going

824
01:00:29,338 --> 01:00:36,378
public right but but you're going to get companies with ideas that go public and they fail but um

825
01:00:36,378 --> 01:00:42,298
hopefully this is going to weed out broadsters so i think i'm i'm positive on from that perspective

826
01:00:43,818 --> 01:00:46,058
all right let's move on to the next one this one

827
01:00:46,058 --> 01:00:50,898
Yeah, Open Door opens its door to Bitcoin.

828
01:00:51,538 --> 01:00:53,838
The Open Door moves to accept Bitcoin payments.

829
01:00:54,778 --> 01:00:59,798
Could this mark the start of a real shift from digital to physical assets?

830
01:01:03,298 --> 01:01:04,998
I don't think so.

831
01:01:05,258 --> 01:01:07,098
I don't think this is a big deal at all.

832
01:01:07,098 --> 01:01:09,518
I think this is just marketing hype.

833
01:01:09,878 --> 01:01:13,098
This is trying to appeal to the crypto or Bitcoin rich,

834
01:01:13,098 --> 01:01:19,598
which i don't think is the wider population um they might get some sales out of this but i don't

835
01:01:19,598 --> 01:01:25,258
think that this is like a sign of the times or you know d and i think every company should turn

836
01:01:25,258 --> 01:01:30,498
on the button open door open door don't they buy your yeah and then if they renovate it and then

837
01:01:30,498 --> 01:01:34,758
they try to resell it they're not really like matching buyers and sellers they're they're

838
01:01:34,758 --> 01:01:40,518
buying the house from you then they're reselling it i believe that's so will they is this like

839
01:01:40,518 --> 01:01:46,518
they will give you bitcoin no this is they'll take they'll accept bitcoin i think ethereum and

840
01:01:47,158 --> 01:01:50,918
so once they've got once they've bought i think the tether is actually the more important one

841
01:01:50,918 --> 01:01:57,958
here long term for them uh part of you know sort of with the genius act and the clarity act i think

842
01:01:57,958 --> 01:02:04,038
you know if your tether is at coinbase um and you got taxes not a taxable event and so

843
01:02:04,038 --> 01:02:08,578
So I think that would just do incremental benefit.

844
01:02:09,098 --> 01:02:13,598
I mean, if they really want to make an imprint,

845
01:02:14,478 --> 01:02:16,078
offer me Bitcoin for my house.

846
01:02:17,478 --> 01:02:19,438
Yeah, no, I don't think that's what this is about.

847
01:02:19,438 --> 01:02:22,278
They're going to accept Bitcoin and crypto for home buying.

848
01:02:23,198 --> 01:02:25,598
So that would be, yeah, no, that's really interesting.

849
01:02:25,898 --> 01:02:27,338
And that's a whole different thing.

850
01:02:27,398 --> 01:02:31,998
And that's the opposite way of the street, you know.

851
01:02:31,998 --> 01:02:38,358
think outside the box all right well this is brought to you this is bitcoin center episode 23

852
01:02:38,358 --> 01:02:45,398
brought to you by by federal go bank yourself point of sale crypto wallet and bitcoin atm

853
01:02:45,398 --> 01:02:52,538
make it happen buy those sats and put them in self-custody stamp your seed phrase use micro

854
01:02:52,538 --> 01:02:59,318
seed um uh hit like and subscribe ask any q a i don't know if we have any in the comments but

855
01:02:59,318 --> 01:03:00,398
Thanks for joining us again.

856
01:03:00,558 --> 01:03:03,598
Francis, do we have any questions or comments?

857
01:03:04,258 --> 01:03:05,538
We have a few comments.

858
01:03:07,798 --> 01:03:08,698
Let's just go there.

859
01:03:11,098 --> 01:03:12,458
Go bank yourself.

860
01:03:14,258 --> 01:03:15,538
Robert Schmidt says,

861
01:03:15,618 --> 01:03:19,038
Kevin O'Leary lost all credibility after the FTX collapse.

862
01:03:19,038 --> 01:03:21,898
He said he would invest with SPF again.

863
01:03:23,018 --> 01:03:24,978
Fair points for Robert.

864
01:03:25,378 --> 01:03:25,818
I agree.

865
01:03:25,998 --> 01:03:28,098
He was kind of like, hey, I found Bitcoin.

866
01:03:28,198 --> 01:03:29,258
I'm here to fix it kind of guy.

867
01:03:29,318 --> 01:03:33,998
yeah i i don't think he's like pure signal but it's interesting to hear what people say

868
01:03:33,998 --> 01:03:40,098
and kind of even if you you know don't agree i think it's kind of especially in these bigger

869
01:03:40,098 --> 01:03:44,978
voices what they're kind of pivoting around or trying to position i mean i think he i think he

870
01:03:44,978 --> 01:03:51,198
came in he came in during a cycle he tried to be the big shot on stage and uh you know have all

871
01:03:51,198 --> 01:03:57,898
these opinions and get all the tattoo as well no that was um galaxy oh that's his name mike

872
01:03:57,898 --> 01:03:58,638
Novogratz.

873
01:03:59,538 --> 01:04:01,298
That was the Celsius tattoo.

874
01:04:01,638 --> 01:04:03,738
Robert goes on to say he was also pushing

875
01:04:03,738 --> 01:04:05,758
for regulatory clarity, which means

876
01:04:05,758 --> 01:04:07,938
shit coins get a free pass for selling on...

877
01:04:07,938 --> 01:04:08,518
Yeah, I agree.

878
01:04:09,378 --> 01:04:11,878
He hasn't been a great influence in the space.

879
01:04:12,258 --> 01:04:13,618
Agreed. He's got a big voice,

880
01:04:13,698 --> 01:04:14,858
so people listen. Hey!

881
01:04:15,178 --> 01:04:17,658
Dude, yeah! Go buy

882
01:04:17,658 --> 01:04:19,738
Blood of the Bourgeoisie

883
01:04:19,738 --> 01:04:21,038
by Michael R. Sullivan.

884
01:04:21,718 --> 01:04:23,038
Meant to shout that out.

885
01:04:23,738 --> 01:04:25,818
Thanks for tuning in, bro. Can't wait to dig into

886
01:04:25,818 --> 01:04:27,678
this. Looks fresh.

887
01:04:27,898 --> 01:04:36,298
nice you know you guys actually believe fortnite no man i don't don't either

888
01:04:36,298 --> 01:04:41,578
places full of i don't think they have to have remember they talked about having a little uh

889
01:04:41,578 --> 01:04:45,058
audit in the beginning of the year they also talked about having a bitcoin audit which i i

890
01:04:45,058 --> 01:04:49,978
think it's the opposite i think they actually have more bitcoin than they've let on i think

891
01:04:49,978 --> 01:04:56,258
they're going to turn up some some nice sats somewhere but uh no i don't do you do you think

892
01:04:56,258 --> 01:05:02,718
there's any gold in fort i mean like is it zero gold and they're just like it's a whole rouge

893
01:05:02,718 --> 01:05:09,098
i wouldn't be surprised if there's zero gold in fort knox and it's all been lent out to

894
01:05:09,098 --> 01:05:13,818
the big banks so if there's zero when you say zero gold it's been lent out meaning there's

895
01:05:13,818 --> 01:05:18,418
gold there but they don't they have they have ious so that you think there was gold in the house

896
01:05:18,418 --> 01:05:26,198
in fort knox no i don't but there's ious on gold in fort knox yes right you think there's

897
01:05:26,198 --> 01:05:33,618
And so do you think there's no gold, some gold, or no gold, but there's like fake gold?

898
01:05:33,998 --> 01:05:34,938
I think there's fake gold.

899
01:05:34,958 --> 01:05:36,058
You think there's fake gold?

900
01:05:36,098 --> 01:05:36,398
Yes.

901
01:05:36,818 --> 01:05:37,018
Yeah.

902
01:05:37,138 --> 01:05:37,978
And there was a...

903
01:05:37,978 --> 01:05:38,218
Yes.

904
01:05:38,278 --> 01:05:39,278
Like, how does that happen?

905
01:05:39,358 --> 01:05:42,178
Like, do you just have a team of guys like bringing fake gold?

906
01:05:42,518 --> 01:05:42,938
No, no, no, no.

907
01:05:42,938 --> 01:05:43,618
Not like that.

908
01:05:43,718 --> 01:05:45,478
No, I mean, just IOUs, just paper.

909
01:05:46,078 --> 01:05:46,398
Just...

910
01:05:46,398 --> 01:05:47,258
So no gold.

911
01:05:47,378 --> 01:05:48,658
I think it's just a bunch of...

912
01:05:48,658 --> 01:05:49,518
Like, not even fake bars?

913
01:05:49,518 --> 01:05:53,838
It's a bunch of security guards standing around an empty building telling the Federal Reserve,

914
01:05:53,838 --> 01:05:55,498
yeah, we got those many ounces.

915
01:05:55,498 --> 01:05:59,138
So do you think the gold was removed from, like, covertly?

916
01:05:59,138 --> 01:06:00,318
Yeah, I think it was lent out.

917
01:06:00,498 --> 01:06:03,038
I think it was lent out for all sorts of deals.

918
01:06:03,078 --> 01:06:04,678
Like above board lent out.

919
01:06:04,798 --> 01:06:05,718
No one knows.

920
01:06:06,038 --> 01:06:06,658
That's what I'm saying.

921
01:06:06,718 --> 01:06:08,158
That's the whole problem with central banks.

922
01:06:08,478 --> 01:06:11,938
They can do all this shit without telling anybody.

923
01:06:12,178 --> 01:06:12,618
Wow.

924
01:06:14,758 --> 01:06:19,958
And then have a line item on a fucking spreadsheet that says, yeah, we got this much gold.

925
01:06:20,098 --> 01:06:22,478
Do you think China has the gold they say they have?

926
01:06:22,718 --> 01:06:23,038
Yes.

927
01:06:23,038 --> 01:06:28,398
didn't they get busted like a few years ago for selling like four billion dollars in fake gold

928
01:06:28,398 --> 01:06:34,318
i think they got more than us but yeah probably hey i wonder how much real gold they have and how

929
01:06:34,318 --> 01:06:42,058
much fake gold they have yeah who knows you know that's why we bitcoin all right well this doesn't

930
01:06:42,058 --> 01:06:46,718
matter this has been awesome i hope you guys hit like and subscribe i'll be getting next week

931
01:06:46,718 --> 01:06:48,578
Tuesdays at 8 p.m. Eastern

932
01:06:48,578 --> 01:06:50,698
every week. My name is

933
01:06:50,698 --> 01:06:51,558
Cedric Youngelman.

934
01:06:52,738 --> 01:06:54,658
This is Paul Tarantino.

935
01:06:54,738 --> 01:06:56,738
And you're watching Bitcoin Center brought to you by

936
01:06:56,738 --> 01:06:58,198
Byte Federal. Go bank yourself.

937
01:06:58,498 --> 01:06:59,678
Go bank yourself, people.

938
01:07:04,758 --> 01:07:05,558
No goal?

939
01:07:05,718 --> 01:07:07,818
Do you think there's no goal