1:13

Hey, what's up guys? John, did you

1:15

catch that game last night? Too

1:17

soon. Too soon, Brady, especially while

1:19

there's a Canadian amongst the four

1:22

of us here. Yeah, we got

1:24

Hurley today, the star of the

1:26

Swan YouTube channel. Stephen is out.

1:28

We've got Hurley standing in. Hurley's up

1:31

there in the Great North. Yeah, I

1:33

was looking for my tank top, but

1:35

yeah, it's zero degrees here. We got

1:38

like four feet of snow. We got

1:40

like four feet of snow. but there

1:42

are no tan so I was disappointed

1:45

there weren't any fist fights right out

1:47

of the gate yeah anyway does this

1:49

mean the does this mean we're not you

1:51

know gonna get Canada's a state or does

1:53

this mean we have a like higher chance

1:55

of now getting Canada's the state since you're

1:58

gonna you know sort of spark Trump's

2:00

competitive hackles here. Could be argued

2:02

either way. I will say that

2:04

had Canada lost that game last

2:06

night, they might have just voluntarily

2:08

folded as a country. They're on

2:10

their last legs. America's been winning

2:12

so much. We just we had

2:14

to pause the winning just for

2:16

a little bit. Maybe Canada becomes

2:18

the 51st state. Then you guys

2:20

can actually win a hockey game

2:22

for once. I'm down with that.

2:24

I'm in it for the terror

2:27

free maple syrup. Right. No immigration

2:29

strategy to acquire the best talent

2:31

around the world. Maybe that's software

2:33

engineers, maybe that's hockey players. That's

2:35

a good point. Welcome back to

2:37

Swan Single Live, everybody. Thanks for

2:39

joining us. Happy Friday. As I

2:41

said, Stephen is out today on

2:43

business. So we've got Hurley here,

2:45

who, if you're watching on YouTube,

2:47

probably recognize this guy's face, he

2:49

puts out some awesome videos, awesome

2:51

content every week on Bitcoin. So

2:53

glad to have you here man.

2:55

Happy to be here man. Thanks

2:57

for yeah. I gotta give a

2:59

quick shot. Sorry man, I'm talking

3:01

over you. Go forward. Yeah, and

3:03

shout out to Mara too for

3:05

helping to support the show for

3:07

helping to secure the Bitcoin network.

3:09

We appreciate your support. All right

3:11

guys, we got a lot to

3:13

talk about today. We're gonna dive

3:15

right in like we usually do

3:17

to look at some priced action

3:19

markets, market action first. So let's

3:21

take a look at this. Tweet

3:23

from Turdim Easter one of my

3:26

favorites market analysts in Bitcoin and

3:28

just an awesome person in general

3:30

Posting a chart here of Bitcoin

3:32

and gold terms and Bitcoin is

3:34

in a four-year holding pattern versus

3:36

gold inter says once it breaks

3:38

out the rally will be epic

3:40

John would love to hear you

3:42

take on on this chart Yeah,

3:44

I think a couple things here

3:46

one is that gold I think

3:48

in everyone's opinion, it's probably not

3:50

controversial, but most analogous asset to

3:52

Bitcoin is gold. It helps. explaining

3:54

Bitcoin to Normies. And in addition

3:56

to that, their prices are often

3:58

gonna move somewhat similarly. Obviously, Bitcoin

4:00

has way more volatility, way better

4:02

annual performance over the past bunch

4:04

of years. But I think it's

4:06

interesting that we see them move

4:08

in the same general direction over

4:10

time. And this chart and some

4:12

others have shown that typically, not

4:14

always, but typically gold ends up.

4:16

leading Bitcoin in price appreciation. And

4:18

that's been the historical pattern. I

4:20

think one exception to that, by

4:23

the way, was about this time

4:25

last year when the ETFs got

4:27

launched. So there can be idiosyncratic

4:29

things that caused Bitcoin to outperform,

4:31

but historically much of the time

4:33

gold price has risen ahead of

4:35

Bitcoin price rising. Gold is at

4:37

an all-time high now. It has

4:39

done very well. I think technically

4:41

gold is outperforming Bitcoin year to

4:43

date. So Peter Schiff gets to

4:45

take his mini victory lap. But

4:47

yeah, the takeaway there would be

4:49

if that trend continues, you know,

4:51

it's it's signaling that the coin

4:53

might be coiling up for some

4:55

appreciation here. I'll raise my hand.

4:57

I think it's important to keep

4:59

the gold pair versus Bitcoin in

5:01

mind because it's easy for us

5:03

to get really excited against the

5:05

dollar or the Canadian moosechekel or

5:07

the Australian kangaroo peso. But those

5:09

things are getting printed out of

5:11

control and so it kind of

5:13

gives us a little false sense

5:15

of growth. So I think gold's

5:17

a better real pair for us

5:19

to look at and it's the

5:22

same thing when you look at

5:24

common knowledge in the US in

5:26

quotations, which is that. put your

5:28

money in real estate and you're

5:30

gaining purchasing power you're you're you're

5:32

just pouring money down the drain

5:34

if you're renting but if you

5:36

look at real estate prices over

5:38

money growth you're really just buying

5:40

you're taking on Fiat debt, so

5:42

you get to buy an asset.

5:44

You're essentially shorting the dollar and

5:46

that's where your gains come from,

5:48

but the home price just more

5:50

or less keeps up with inflation.

5:52

Similar with the stock market. And

5:54

so, yeah, it's good to keep

5:56

those in mind. And what I

5:58

think here, zooming way out for

6:00

a second is I still think

6:02

gold is going to make another

6:04

attempt as the eastern countries, let's

6:06

starting to fracture a little more

6:08

multipolar world. and the East has

6:10

been selling US sovereign debt and

6:12

buying gold for a very long

6:14

time. And I still believe that

6:16

we're going to see gold attempt

6:19

another run at global reserve currency.

6:21

I think it'll fail. I think

6:23

Bitcoin will ultimately take that place,

6:25

but I don't think the confidence

6:27

is quite there yet around the

6:29

world. Yeah. Yeah, I mean, I

6:31

completely agree. I think, you know,

6:33

gold always tends to run first

6:35

and then Bitcoin tends to follow.

6:37

And we've seen that plenty of

6:39

times before, but you say it's

6:41

like, you know, gold is outperformed

6:43

Bitcoin year to date, but you

6:45

got to zoom out and look

6:47

over the past 15 years and

6:49

like, it's not even close, like

6:51

not even close, so Peter Schiff

6:53

has got to take a loss

6:55

on that. But yeah, it's, and

6:57

I agreed also, I tend to

6:59

look at, I keep Bitcoin pricing

7:01

in gold as like my main

7:03

driver of the price because it's

7:05

like, you know, pricing Bitcoin and

7:07

infinitely inflatable, inflatable, It's just a

7:09

much more like grounded barometer of

7:11

really where we are. And right

7:13

now we're just like right right

7:15

around all-time high in gold, right?

7:18

So we're still bouncing on the

7:20

door and we're ready for a

7:22

breakout. It's like pricing TV and

7:24

radio terms. It's a better technology.

7:26

Let's measure it against the previous

7:28

best in class technology. Yeah, absolutely

7:30

agree. It looks like we might

7:32

get an audit of Fort Knox

7:34

guys. Trump has talked about it.

7:36

Elon talked about it this week

7:38

as well. Trump said he's going

7:40

to go himself. That's what he

7:42

said. I don't know if that'll

7:44

happen, but the guy's got a

7:46

knack for... for putting together great

7:48

meme worthy photos. So him walking

7:50

into the front doors of Fort

7:52

Knox would be pretty, pretty incredible

7:54

to see. You talked about live

7:56

streaming it on, I'm assuming on

7:58

X, like a walkthrough of the

8:00

of the gold, but I did

8:02

a video on that too, where

8:04

it's like, it all comes down

8:06

to who's gonna trust the audit

8:08

anyways, you know, I mean, wouldn't

8:10

the government, wouldn't the US government

8:12

be incentivized to say that all

8:14

the gold is there? it would

8:17

be really bad for them to

8:19

be like, oh, none of the

8:21

gold's here. There's just like pipe

8:23

dream that they're going to be

8:25

like, oh, we don't have the

8:27

gold. So we're just going to

8:29

go ape into Bitcoin. But it's

8:31

very unlikely, I would say it's

8:33

like, if anything, this is just

8:35

an advertisement for why Bitcoin, because

8:37

it's instantly audible by anyone. You

8:39

don't need to trust some, you

8:41

know, government agency to go in

8:43

and do an expensive and a

8:45

time-consuming audit. And we don't need

8:47

to trust governments to tell us

8:49

that they have all the gold

8:51

when, you know, we need, you

8:53

know, to see it on a

8:55

live stream or whatever, right? Yeah,

8:57

I mean, wherever you land on

8:59

the political spectrum, I think we

9:01

can all agree that it's absolutely

9:03

absurd that we don't have this

9:05

thing audited like at least once

9:07

a year. This is the public's

9:09

gold. We should, you know, we

9:11

have the right, in my opinion,

9:14

to see if it's there or

9:16

not. Yeah, well, I think that's

9:18

what they do say, but who

9:20

knows? I don't know. It'll be

9:22

interesting to see. All right, so

9:24

we've got Bitcoin on the verge

9:26

of a breakout against gold, which

9:28

is quite bullish. We've also got,

9:30

I think we showed this chart

9:32

last week, but I think is

9:34

also a very bullish chart. Speaking

9:36

of a current price action. This

9:38

is the yellow line is the

9:40

MVRV, which is basically the market

9:42

value versus the market value versus

9:44

the realized value. the price at

9:46

which the coins were bought. So

9:48

basically people's cost basis over time.

9:50

And you can see the big

9:52

spikes in the bull runs and

9:54

we're still hanging out down here

9:56

indicating that we're still very much

9:58

in the, you know, early to.

10:00

mid stages of a bull run.

10:02

So good, good charts right here

10:04

for the bullishness. I think the

10:06

breakout is imminent in my opinion.

10:08

I think we'll see something in

10:10

the next few months for sure

10:13

and probably run up pretty crazy.

10:15

It'll get to the frothiness maybe

10:17

toward the end of the year.

10:19

And is it just going to

10:21

be a stair step? And we're

10:23

just like, you know, because everyone's

10:25

expecting that like euphoric blow off

10:27

top, which I mean, nice, you

10:29

could happen. But I know Stephen

10:31

had given his thoughts on it.

10:33

I'm curious what you guys think

10:35

a little bit more of it,

10:37

because I've done videos on this

10:39

too, where I mean, you can't

10:41

deny the fact that, you know,

10:43

everything has changed. You know, it

10:45

reminds me of Saylor's talk at,

10:47

I think it was Prague last

10:49

year, where he's like, this is

10:51

the beginning of the Bitcoin gold

10:53

rush with like the ETFC institutionalization,

10:55

even now like, like, you know,

10:57

Nation State Sovereign wealth, high 70s

10:59

as would have been characteristic for

11:01

other bull markets and that didn't

11:03

happen. It's just steady accumulation and

11:05

kind of consolidation. It's going on

11:07

what almost four months now? It

11:10

reminds me of what happened when

11:12

it was up at 70 80

11:14

for six months last year. So

11:16

maybe we're just stair stepping up.

11:18

Who knows? Yeah, I mean, I've

11:20

been saying this for a while.

11:22

I think that we're probably entering

11:24

into a new era in terms

11:26

of the chart action. less much

11:28

less of a drawdowns, you know,

11:30

in the midst of a ball

11:32

market. And I think maybe this

11:34

pattern of just like a 20%

11:36

consolidation band for a long time

11:38

and then, you know, spikes up

11:40

and then another consolidation band, a

11:42

stair step, could certainly be what

11:44

we're looking at. The market is

11:46

maturing, there's a lot more money

11:48

in this, a lot bigger players

11:50

now, a lot more sophisticated players.

11:52

So I think that those big

11:54

dips will be bought up. much

11:56

more quickly than they have in

11:58

the past. For Fort Knox, I

12:00

think I'd like to send in

12:02

our auditor Pierre Richard. That would

12:04

make me feel comfortable if he

12:06

audits it in the same way

12:09

that he was trying to get

12:11

to the bottom of the Ethereum

12:13

ledger. So I think he's our

12:15

champion. Yep. When we bring up

12:17

MPRV, I think that the big

12:19

takeaway there is that even against

12:21

Hodler Orthodox, people do sell when

12:23

they're in profit. that's been shown

12:25

on the on-chain stuff. I think

12:27

we'll talk about is it price

12:29

suppressed or is this just run-of-the-mill

12:31

taking profits type thing, but it

12:33

shows very consistently above three X

12:35

profits. People do sell coins. Then

12:37

you get to 100K, it's a

12:39

nice psychological number. Humans can't help

12:41

themselves. If you're a long-term hodler,

12:43

it feels like a pretty big

12:45

milestone and it's not surprising to

12:47

me that we hang out here

12:49

for a while. And hopefully, individual

12:51

plebs are stacking that coin, and

12:53

it's not just getting hovered up

12:55

by the sailors of the world,

12:57

because we do want as much

12:59

distribution as possible here. That's good

13:01

for the network long term, and

13:03

we want individuals to benefit from

13:06

the price run as well. Unfortunately,

13:08

I feel like I was a

13:10

little bit bummed about this recently

13:12

too, because it's like, I think

13:14

about my just anecdotally, my circle,

13:16

like waiting for a go into

13:18

the 80s. I'm like, It's like

13:20

I just I think it's like

13:22

people there's obviously sellers like people

13:24

are going to take are taking

13:26

profit because they have like you

13:28

know tons of tons of coins

13:30

and there it's money Bitcoin is

13:32

money like I think people seem

13:34

to have a problem with long-term

13:36

hodler selling but it's just I

13:38

mean it just money is a

13:40

means to an end you're not

13:42

going to hold it until you're

13:44

dead right like say not everyone

13:46

can be like sailor or you

13:48

know but yeah it's people are

13:50

selling and unfortunately it seems like it's

13:53

being and sovereign wealth funds. And it

13:55

seems like at least now, retail is

13:57

kind of on the side. headlines. I'll

13:59

just chime in real quick. I'll also

14:02

one comment on Fort Knox stuff. I

14:04

have a really hard time seeing either

14:06

number one that Trump and Elon don't

14:08

know what is like behind the Fort

14:11

Knox or at least have a good

14:13

idea. I don't think they want to

14:15

go into that situation not knowing what

14:17

they're going to find in an audit

14:20

because God forbid you do find that.

14:22

less gold, no gold, whatever, you're like

14:24

handing yourself a crisis that you now

14:26

have to deal with. So I just

14:29

really, even if they like point the

14:31

finger to someone else, you're in power

14:33

now, like you have to deal with

14:36

it. So I have a really hard

14:38

time seeing them going into that and

14:40

letting it come to the point of

14:42

discovering that there's no gold or there's

14:45

less gold. It just, I'd be shocked

14:47

if it comes to that. And then

14:49

on the other stuff, yeah, I agree

14:51

with you guys, I think the fact

14:54

that any time the price has gotten

14:56

down to like, what has it been,

14:58

93's kind of been a general resistance

15:00

level this year, it hasn't really dipped

15:03

below that in a meaningful way. Or

15:05

when I say this year, I mean,

15:07

really since like the election when that

15:09

first run up, the first time we

15:12

crossed 100K, we've dipped down to like

15:14

93K, and it just seems like there's

15:16

a good amount of buyers. So yeah,

15:19

I've been, it seems like there's a

15:21

lot of support here. It looks like

15:23

there's about $400 billion for the Golden

15:25

Fort Knox, if we believe the total

15:28

amount, is that what you guys are

15:30

seeing? And that also assumes repricing to

15:32

current market pricing. Yeah, I was confused

15:34

about that. Maybe one of you guys

15:37

can answer that. Why do they not

15:39

want to reprice it to today's value?

15:41

They're like, no, they're valuing it. Don't

15:43

they value it at like 45 an

15:46

ounce? when Fort Knox was built, isn't

15:48

that how it works? I don't really

15:50

understand why they would do that. Yeah,

15:52

like on paper, this is my understanding

15:55

of it. I haven't really did a

15:57

deep dive on this because I just

15:59

don't think it matters too much. to

16:01

be honest with you, when I say

16:04

don't think it matters. I'm referring to

16:06

them, the fact that they haven't marked

16:08

on paper at a much lower historical

16:11

price, if they just say, hey, we're

16:13

gonna market to market, okay, it makes

16:15

the US government's books look like slightly

16:17

better. You know, it's not like the

16:20

debt goes away or something like you

16:22

still have tens of trillions of dollars

16:24

in debt. The one scenario that I

16:26

do think is interesting for gold is

16:29

something Luke Roman has pointed out that

16:31

if they somehow. market up well above

16:33

the market price and just like they

16:35

tried to basically pump the price of

16:38

gold. There's like varying ways that they

16:40

could do this. They don't have just

16:42

unilateral control to say this is the

16:44

price of gold now, but they could

16:47

like influence gold to be much higher

16:49

than the current market price. That would

16:51

be interesting to me. If they just

16:54

kind of say, hey on our books

16:56

we have it at 40 an ounce

16:58

or whatever it is, now we're going

17:00

to market up to 3,000 the market

17:03

price. That's like an accounting thing that

17:05

I don't think has too big of

17:07

a big of an impact. That's correct.

17:09

That just tells you how high the

17:12

US debt is though. If they repriced

17:14

it to like, what would that be

17:16

an increase of like over 90% in

17:18

value of their gold and it would

17:21

still not put a dent in the

17:23

debt? It's just like, it just tells

17:25

you how bad the debt is. Yeah,

17:27

if we call it 500 billion in

17:30

gold against 36 trillion in debt, not

17:32

going to do much. Not a drop

17:34

in the bucket, yeah. We'll talk a

17:36

little bit about the bit bonds idea

17:39

later in the show later in the

17:41

show, but. That is an idea that

17:43

would hopefully put much bigger dent in

17:46

the deficit in the debt than Then

17:48

selling off all the goldwood and the

17:50

value of our gold. There's a lot

17:52

of talk about or at least some

17:55

anyway This is about price suppression Market

17:57

manipulation, etc. Samson mentioned it on Twitter.

17:59

It's been mentioned elsewhere including the chat.

18:01

I've seen several comments in here about

18:04

concerns about price suppression and market manipulation

18:06

Let's talk about this a little bit

18:08

guys. I mean my quick take. is

18:10

we hear this every cycle, every bull

18:13

market. We hear this, you know, when

18:15

we go through this shop solidation kind

18:17

of stuff, price action, you hear, oh,

18:19

this is being suppressed. And all I

18:22

hear in my head is that Monty

18:24

Python, holy grail, you know, scene where

18:26

the pleb is like, they're digging in

18:29

the ground and the king walks up

18:31

and starts talking to me, he's like,

18:33

no, help, help, I'm being suppressed. It

18:35

happens every time. There is, there are

18:38

very real causes of, you know, consolidation

18:40

periods like this. And we showed a

18:42

chart last week too from, from tour

18:44

that showed that there's a lot of

18:47

action and a lot of buying from

18:49

new whales, and not much new buying

18:51

and selling happening from old, like, you

18:53

know, older Bitcoin stashes, which makes sense.

18:56

If I had thousands of Bitcoin, you

18:58

know, Like, I would start selling some

19:00

off and live my life and enjoy

19:02

my life. And I might have a

19:05

big round number in my head. And

19:07

that big round number might be $100,000,

19:09

which is quite a lot to huddle

19:12

from $10 or $100 way back in

19:14

the day. So this happens, and it's

19:16

normal. I don't think there's any ill

19:18

intent happening behind the scenes. Yeah,

19:21

I'd love to hear your take John

19:24

too, just because it's like, just my

19:26

quick take is similar to yours, Brady,

19:28

but it's also just that like, no

19:31

one's saying that there's not some manipulation.

19:33

Clearly there is paper Bitcoin and there's

19:35

derivatives and stuff like that. So there

19:38

is some manipulation, but there is some

19:40

manipulation, but all markets have that, right?

19:42

And also it's like, I think about

19:45

the gold bugs, yelling at clouds about

19:47

the price being suppressed for, you know,

19:49

for over 50 years or whatever, or

19:52

whatever, You can't suppress the price with

19:54

paper derivatives in Bitcoin as much, you

19:56

know, it's not as effective against Bitcoin

19:59

because you can take self custody instantly,

20:01

really easily, right? And then on top

20:03

of that, it's like, you can't really

20:06

control it. So it's like, you can

20:08

be like, oh, price suppression. It's like,

20:10

okay, I don't see a lot of

20:13

people also providing evidence that there's price.

20:15

Like, this is, it's more like a

20:17

feeling. It feels like the price should

20:20

be higher. It feels like the price

20:22

should be higher. Okay. But, but, and

20:24

then, and then also it just, it

20:27

seems like there's this idea that people

20:29

have where it's like, like, long-like, like,

20:31

like, like, like, it's like, it's like,

20:34

like, like, it's like, like, it's like,

20:36

like, like, it's like, it's like, like,

20:38

like, like, like, like, like, like, like,

20:41

like, like, like, like, like, and it

20:43

being 100K and then like you said

20:45

that being a number in someone's head

20:48

and being like now I can pay

20:50

off my mortgage now I can you

20:52

know whatever pay for a nice vacation

20:55

for my kids so you're gonna get

20:57

selling as the price goes up and

20:59

this is all a part of how

21:02

the Bitcoin is is spread out throughout

21:04

people right so that we don't have

21:06

all these massive whales holding forever right

21:08

it spreads out to hopefully to to

21:11

regular people but yeah that's that's my

21:13

take. I was just going to add

21:15

a tinfoil hat theory I've seen around

21:18

on the inner webs where it's like

21:20

Trump is trying to suppress the price

21:22

so all his cronies can get some

21:25

action before he lets the price pump

21:27

again and again tinfoil hat all day

21:29

good luck with that never. Now on

21:32

the flip side we should be very

21:34

very vigilant at watching what the administration

21:36

does because yes Trump brought in a

21:39

bunch of billionaires who are theoretically good

21:41

at business and they should be able

21:43

to run our country. better, let's say,

21:46

that'd be the bull case. But on

21:48

the other side, those guys like making

21:50

money and they've got their hand in

21:53

all this kind of stuff. And so

21:55

I would expect them to enrich themselves

21:57

along the way. So I think that's

22:00

where that theory is stemming from. Yeah,

22:02

and I'll just add, I think the

22:04

argument, if you think something's being manipulated,

22:07

well, just to expand on Hurley's point,

22:09

it's like the people who do cry

22:11

price suppression, whether it's gold or whether

22:14

it's Bitcoin. They're usually light on the

22:16

details. I'm like, what exactly is happening

22:18

in order for the price to be

22:21

suppressed? Like, you usually don't get a

22:23

great answer. But even so, I would

22:25

say, looking at gold and Bitcoin, the

22:28

arguments for that gold is suppressed or

22:30

at least messed with in the short

22:32

term, there is some evidence of that.

22:35

Like there have been big fines levied

22:37

to like JP Morgan, precious metals traders,

22:39

because they've like spoofed and like did

22:42

fake trading and like all this kind

22:44

of stuff. So there's like some real

22:46

stuff that has happened in the gold

22:49

markets in the gold markets. But I

22:51

still think of that as like short-term

22:53

suppression. But if there were going to

22:55

be a market where paper, the paper

22:58

version of the asset was going to

23:00

affect it more so than like underlying

23:02

spot trading, I think it would be

23:05

gold. Bitcoin I think is less exposed

23:07

to that kind of stuff. And I

23:09

just think all the reasons that you

23:12

guys mentioned, you know, people taking profits

23:14

at 100K, it was only like... four

23:16

or five months ago that Bitcoin was

23:19

in the 60K range, that those are

23:21

much better explanations for why Bitcoin is

23:23

chopping around 100K than like someone's doing

23:26

this mysterious suppression. And just final point,

23:28

I think we have to remember, Bitcoin

23:30

is at least in the short term,

23:33

there are big entities trading Bitcoin based

23:35

on what happens in the broader markets.

23:37

And like today is a pretty good

23:40

example of that. you know, it was

23:42

like 99 or something, it was like

23:44

flirting with 100K again, then you get

23:47

this hack, this bybit hack, we can

23:49

cover that, because I think that affected

23:51

the price, but just look at the

23:54

S&P 500 is down a percent and

23:56

a half, the NASDAQ is down 2%,

23:58

there's not really an environment where you're

24:01

going to see US stocks be down

24:03

like a significant percentage, and Bitcoin's just

24:05

like rallying. Like these things are going

24:08

to trade with some correlation, and that.

24:10

is a much better explanation than the

24:12

mysterious suppression. and they can only suppress

24:15

it for so long anyways, right? It's

24:17

like a beach ball underwater. I love

24:19

that analogy, right? Like, it's eventually, it's

24:22

gonna catch up, right? So it's like,

24:24

I don't understand what would be the,

24:26

obviously the, yeah, the short-term suppression obviously

24:29

would be the only just to manipulate

24:31

the market and maybe keep it down

24:33

so you can buy more. Like what

24:36

would be the end goal of wanting

24:38

to suppress it, right? have a reason

24:40

to. They may find, you know, some

24:43

sympathetic reasoning as well with other companies

24:45

or corporations or who knows. And maybe

24:47

they'll sell in tandem or something. I

24:49

wouldn't call that manipulation. I wouldn't call

24:52

that suppression. That's a market. And this

24:54

is the way it is. It's not

24:56

gonna work forever. And we just we

24:59

know that from from history and the

25:01

fundamentals. Bitcoin is just too useful and

25:03

is, you know, reached escape velocity at

25:06

this point. So just be patient. This

25:08

is also going around the M1 money

25:10

supply for China, just skyrocketing. This is

25:13

kind of a PSA. This is a

25:15

redefinition of the M1 money supply in

25:17

China, similar to how the US might

25:20

redefine the consumer price index over and

25:22

over and over again over the decades

25:24

to make it seem like consumer inflation

25:27

is not as high as it is

25:29

actually is. So these definitions change. John,

25:31

did you have any more color on

25:34

this one? I think you hit it

25:36

pretty well. This is not like, oh

25:38

my gosh, soundly alarms. China's doing some

25:41

giant stimulus and helicopter money and a

25:43

bunch of Chinese people now have newly

25:45

printed money to spend. Like that's not

25:48

what's happening here. More of a definitional

25:50

change, but. I don't think it's nothing

25:52

because typically when they're changing definitions is

25:55

because like it's in their interest to

25:57

change the definition. The long-term trend here

25:59

is that this is another fiat currency

26:02

on the long term. it's on the

26:04

path of debasing or inflating. I use

26:06

those words interchangeably. Now, there's like nuances

26:09

to get into a China. Some people

26:11

think that they're actually in a shorter

26:13

term deflationary period. If natural forces were

26:16

allowed to take over, people are either

26:18

defaulting on their debts or they're paying

26:20

back their debts and not, there's not

26:23

enough new people going back into debt.

26:25

That would be kind of a deflationary

26:27

spiral. But as we've kind of seen

26:30

in every single economy. the powers that

26:32

be don't really allow that to continue.

26:34

Because if you do, that presents a

26:36

whole host of problems. So even if

26:39

they are in a short-term deflationary trend,

26:41

in my opinion, it's just a matter

26:43

of time before they say, all right,

26:46

here's the stimulus, we're going to fix

26:48

this deflationary trend. That's not what's happening

26:50

in this chart yet. That would be

26:53

a future event. And

26:55

John, just so I'm clear, then

26:57

would the incentives follow that if

26:59

China is in a deflationary situation,

27:01

they want to get out of

27:03

that by changing this definition, they

27:05

can start to show at least

27:08

in a chart that it's not

27:10

going to be deflationary because look,

27:12

this is growing? Or do you

27:14

think that those are separate incentives

27:16

or separate things? You know, honestly,

27:18

I haven't thought through it enough

27:20

like exactly why they would want

27:22

to change it. Maybe that's that's

27:24

part of it. That's a good

27:26

point. I'm not sure exactly what

27:28

their motives are, but I think

27:31

we can safely say they're changing

27:33

it to their benefit, right? They're

27:35

not going to change it to

27:37

make themselves look worse. For sure.

27:39

So also a good reminder for

27:41

those out on Twitter to check

27:43

on Twitter to also a good

27:45

reminder for those out on Twitter

27:47

to check your source. Think about

27:49

it for five seconds before you

27:51

retweet. I'm like, that doesn't look

27:54

right. Exactly. We see a chart

27:56

similar to this though. You could

27:58

you could understand why people might

28:00

might think that this is real.

28:02

Yeah, it doesn't look back different

28:04

money from like charts from COVID

28:06

printing, right? That's what I was

28:08

thinking. Yeah. The line looks similar,

28:10

but the Y-axis betrays that. Correct.

28:12

John, I'm going to throw this

28:15

one over to you. The tee

28:17

up for us. Yeah. This one

28:19

comes from Luke Roman. He's definitely,

28:21

you know, preferred macro analyst, in

28:23

my opinion. And he basically is

28:25

pointing out a trend that was

28:27

underway under Yellen and looks like

28:29

it's going to continue under Scott

28:31

Besson. So this is important because

28:33

we obviously just had a shift

28:35

in administration. That means a whole

28:38

bunch of new people in addition

28:40

to the president get into their

28:42

roles. Scott Besson as Treasury Secretary

28:44

is taking over Janet Yellen's spot.

28:46

And basically yelling for several years,

28:48

really the whole period post-covid, the

28:50

US was issuing short dated debt.

28:52

And short dated debt, you know,

28:54

think of it like a year,

28:56

inside of five, definitely inside of

28:59

five years, sometimes just one year

29:01

debt, even they even have like

29:03

three month notes. People have been

29:05

wondering this, they've been asking this

29:07

question for a while, why doesn't

29:09

the US issue more 10 year

29:11

debt, 30 year debt? even a

29:13

hundred-year debt. And why didn't they

29:15

do it when rates were lower?

29:17

And as Grohman said in his

29:19

tweet, you know, you can say,

29:22

oh, they're just dumb. I don't

29:24

think that's it. I don't think

29:26

Janet Yellen is stupid. I think

29:28

what's far more likely is that

29:30

there's not really natural demand from

29:32

what I would call natural investors,

29:34

meaning non-central banks, people who can't

29:36

just print the money out of

29:38

thin air, to buy ten-year debt,

29:40

a hundred-year debt. So even though

29:43

Bessent was critical of yelling and

29:45

doing this, he's signaling that he

29:47

is going to continue the same

29:49

policy of issuing more than historically

29:51

average front-end debt. And I think,

29:53

again, it just points to the

29:55

fact that there's not really a

29:57

big pool of natural buyers of

29:59

US 10 year, 30 year, and

30:01

beyond debt. So that's kind of

30:03

a nuanced macro point, but it

30:06

does, it plays into this whole

30:08

thesis of like nothing stops this

30:10

train, fiscal dominance, because it just

30:12

shows that the US Treasury as

30:14

a global reserve asset. is falling

30:16

in popularity. Doesn't mean that it's

30:18

going to zero, doesn't mean nobody

30:20

holds it, but the people who

30:22

have historically held it are incrementally

30:24

less inclined to hold more of

30:26

it. And John, to take it

30:29

one step further, the reason why

30:31

there's not demand on the long

30:33

dated treasuries is because inflation is

30:35

expected higher than that, right? So

30:37

you're buying a long dated treasury

30:39

that you know will lose money.

30:41

Is that the right way to

30:43

think about that? Yeah, I think

30:45

it's part that I think it's

30:47

part that's a huge part of

30:50

it another part is just the

30:52

shape of the yield curve that

30:54

Right now, you know, it's well,

30:56

I'd have to it's flattened a

30:58

bit but For the past like

31:00

year or so you could get

31:02

5% on a one-year treasury and

31:04

you were getting like 3 or

31:06

4% on a 10-year treasury so

31:08

it's like Do I want to

31:10

lock in three to four percent

31:13

on a 10 year? The only

31:15

reason you would do that is

31:17

if you think the front end

31:19

rates are going to come back

31:21

down to zero. No one's really

31:23

thought that too much. So they

31:25

would rather just get the 5%

31:27

for a year on the front

31:29

end. So I think that's what

31:31

you said is part of it.

31:34

That point is part of it.

31:36

And then I think another one

31:38

is just people like what happened

31:40

to Russia in 2022. How much

31:42

do you want to accumulate to

31:44

accumulate a reserve asset that? world's

31:46

biggest superpower, like they can freeze

31:48

your asset. I'm not claiming that

31:50

like America's greatest allies are really

31:52

in fear of that right now,

31:54

but there probably are some people

31:57

thinking that, especially if they have

31:59

a big bag of treasuries, they

32:01

might be like, all right, that's

32:03

okay, but I'm not going to

32:05

add to it further. Makes sense?

32:07

Should we go into the bit

32:09

bond as a theoretical solution to

32:11

this problem? Let's go right into

32:13

bit bonds. So this is an

32:15

idea that's been flowed in the

32:18

last couple of weeks. Started with

32:20

a white paper written by Brian

32:22

Estes. We've got a little Chad

32:24

GPT summary here of what the

32:26

white paper says. basically, you know,

32:28

starts out saying we're in a

32:30

debt crisis. And if we have

32:32

a small percentage of issuance, you

32:34

know, these buys Bitcoin of the

32:36

bonds that are bought, buys Bitcoin,

32:38

given the bondholders that maturity that

32:41

we can basically create an incredibly,

32:43

you know, attractive bond offering at

32:45

low rates that, you know, Bitcoin

32:47

is then. you know, available basically

32:49

at the end of the bond

32:51

maturity as payoff. Very interesting and

32:53

we'll take a look here real

32:55

quick at Preston. Let me throw

32:57

up the chart and when you're

32:59

looking at this chart that's part

33:01

of this paper, you can see

33:04

how since 2008 this blue line

33:06

is the amount of sovereign debt

33:08

that's been issued and it's just

33:10

going gangbusters, it's going crazy. Many

33:12

would say that you're in a

33:14

debt spiral. There's many people. with

33:16

Doge trying to solve that. I

33:18

think they've got an uphill challenge.

33:20

I made another video on that,

33:22

but the fact of the matter

33:25

is, is this is the debt

33:27

issuance, the rate of it. The

33:29

red line is showing you the

33:31

rest of the world's desire or

33:33

their demand for buying sovereign issuance,

33:35

which is flat since 2008. I

33:37

think this chart is super important

33:39

for any policy maker to really

33:41

wrap their head around and think

33:43

about very deeply as to what

33:45

do they have to do to

33:48

start creating real interest for long-duration

33:50

debt sovereign? debt because this chart

33:52

is scary, like really scary. So

33:54

keep that in the back of

33:56

your mind as you're thinking through

33:58

this and what in the world

34:00

the US and any other sovereign

34:02

can do to reinitiate actual free

34:04

and open market demand for long

34:06

duration sovereign debt issuance. The last

34:09

thing that I would say is

34:11

when we look at micro strategy,

34:13

this is an example not only

34:15

of a company that's incorporated a

34:17

Bitcoin strategy, but which has outperformed

34:19

nearly everything since they've taken that

34:21

on, even outperformed invidia. But this

34:23

is the part that I think

34:25

is really missed on a lot

34:27

of people, is the convertible debt,

34:29

the fixed income debt that they've

34:32

issued, has been the best performing

34:34

fixed income debt on the planet.

34:36

It's performed incredibly well because it

34:38

gives a person with a fixed

34:40

income mandate. access to Bitcoin's underlying

34:42

performance through the convertability back to

34:44

the common stock. And so what

34:46

I think these bit bonds do

34:48

is something very similar, but on

34:50

a sovereign level, which is it

34:52

gives people that have a mandate

34:55

for owning fixed income, especially sovereign

34:57

fixed income, access to something that's

34:59

been the best performing asset over

35:01

the past decade. Preston lays it

35:03

out, any reactions guys? I think

35:05

it, I mean, yeah, great. That

35:07

was kind of a perfect segue

35:09

because the chart that Preston showed

35:11

with the red line being flat,

35:13

that's basically exactly what I was

35:16

referring to. These other natural buyers

35:18

of US treasuries, they're still there.

35:20

It's not like they're going to

35:22

zero. That would be too extreme,

35:24

but they're not increasing. Gromono always

35:26

highlights this statement that the Chinese

35:28

made in 2013. It's something to

35:30

the effect of it's no longer

35:32

in China's national interest to continue

35:34

accumulating treasuries as a reserve asset.

35:36

Like they just, they told people

35:39

that and they're following through on

35:41

it since 2013. What I would

35:43

say about the bit bonds, so

35:45

I think everything Preston said and

35:47

what Brian Estes and that team

35:49

of people laid out, it's reasonable.

35:51

One thing I would point out

35:53

is that the way that it

35:55

works is the bond buyer, 1%

35:57

of what they use to buy

36:00

the bond goes into Bitcoin. The

36:02

bondholder gets the Bitcoin back. There's

36:04

no like sharing of the Bitcoin

36:06

appreciation. The bondholder just gets that

36:08

Bitcoin back. The idea is that

36:10

there's enough treasury bondholders out there

36:12

that are itching for Bitcoin exposure,

36:14

but they can't get it. Like

36:16

everything they're saying kind of makes

36:18

sense, but here's where I think

36:20

it falls down and why this

36:23

is almost impossible to happen, or

36:25

at least impossible for the US

36:27

to choose to do this. is

36:29

because they're basically signaling to the

36:31

world, hey guys, there's not enough

36:33

demand for our debt, and we

36:35

have to put in a Bitcoin

36:37

kicker for people to want to

36:39

be interested. Like it's just really

36:41

unlikely for them to pull the

36:44

curtain back and be like, you

36:46

know, we're doing this. So I

36:48

think it's a cool idea. I

36:50

just think it's too early for

36:52

this to happen. I think Bitcoin

36:54

would have to get way more

36:56

entrenched in the financial system and

36:58

to feel normal to people. If

37:00

they did this like tomorrow, for

37:02

example, for example, or Monday. It

37:04

would seem like a panic move

37:07

and I think they just, they

37:09

would not do it. Yeah, that

37:11

makes sense. I was going to

37:13

ask like, you know, I don't,

37:15

I don't understand this, the bond

37:17

kind of stuff too well, like

37:19

even how this compares to like

37:21

Buchale's volcano bonds and stuff like

37:23

that. But that's my, that's my,

37:25

that's my bond kind of stuff,

37:27

too well, like even how this

37:30

compares to like Buchale's volcano volcano

37:32

bonds and stuff like that. Doesn't

37:34

seem likely. I think on paper

37:36

it makes sense, right? You get

37:38

to issue debt. zero interest, you

37:40

have a new incentive to sell

37:42

long-term debt, it solves the problems

37:44

we have. But yeah, is there

37:46

an appetite? Is it signal something

37:48

that ends up making the system

37:51

worse? I don't know. But pulling

37:53

in one more data point, globalism

37:55

peaked in 2008, measured by global

37:57

trade as a percentage of GDP.

37:59

So we've been declining for almost

38:01

20 years now, which correlates exactly

38:03

with that chart. which I think

38:05

is quite interesting. So I think

38:07

shifting towards isolationism has been occurring

38:09

since then, and I think it's

38:11

been accelerating since. And yeah, that

38:14

lines up with all the reassuring

38:16

efforts, a little late on that

38:18

effort I might say, but it

38:20

feels like we need to feel

38:22

the pain before we take action

38:24

in any of these situations. And

38:26

maybe we can just ask ourselves

38:28

a question this way. What do

38:30

you think is more likely when

38:32

the US, which has happened in

38:35

the past, they run into an

38:37

issue where there's not enough natural

38:39

demand for their treasuries, what do

38:41

they do? The central bank steps

38:43

in, the Fed buys them, like,

38:45

there's already a playbook for this.

38:47

So it's either going to be

38:49

the central bank, you run this

38:51

playbook again, QE, they'll dance around

38:53

it, they'll say, no, this isn't

38:55

true QE, even though they're buying

38:58

treasuries, or they stuff the commercial

39:00

banking sector with more treasuries. So

39:02

ask yourself, are they more likely

39:04

to run the playbook that they've

39:06

run the playbook that they've run

39:08

in the past and use the

39:10

central banks and use the commercial

39:12

banks and the commercial banks and

39:14

the commercial banks to buy treas

39:16

to buy treas to buy treasuries

39:19

to buy treasuries? Or will they

39:21

kind of pull back the curtain,

39:23

rock the boat a ton, and

39:25

add a Bitcoin kicker to a

39:27

treasury bond, which has been like

39:29

the same, the treasury bond has

39:31

been the same structure for a

39:33

long, long, long time. Again, I

39:35

love the idea, I love the

39:37

creativity, put it out there, shift

39:39

the Overton window a little bit,

39:42

but odds of this happening anytime

39:44

soon are very, very, very low.

39:46

Yeah, yeah, I completely agree. And

39:48

you know, at the same time

39:50

you got to get this stuff

39:52

out there, like, like, like, get

39:54

the conversation started, get the idea

39:56

out there. It's just now floated.

39:58

Maybe it'll be discussed increasing. over

40:00

the next eight, 12 years, something

40:02

like that. But it could be

40:05

something, you know, interesting for the

40:07

US at some point. If that

40:09

did happen, I think you're gonna

40:11

see something like a Bitcoin reserve

40:13

or Bitcoin held in a sovereign

40:15

wealth fund by the United States

40:17

long before you'll see Treasury bonds

40:19

be Bitcoinized. Okay, anything else on

40:21

that one? I'll say, I think

40:23

the vibes. may indicate that the

40:26

chance is higher than you think.

40:28

I don't think we should look

40:30

backwards for our lessons on this

40:32

one. I think the Trump administration

40:34

is saying we're going to try

40:36

a lot of new things. We're

40:38

willing to at least talk about

40:40

them. Now, yeah, the difference between

40:42

floating it and getting sentiment actually

40:44

executing, that's probably a wide gap.

40:46

But I wouldn't be surprised that

40:49

going down the road, this is

40:51

something that they try. And yeah,

40:53

something out of the box is

40:55

not out of the question. in

40:57

this administration for sure. Yeah, you're

40:59

thinking four turning vibes, right, Brandon?

41:01

Like, can't help myself. All right,

41:03

let's take a look at Sailor.

41:05

He was at CPAC this week

41:07

and delivered a 20-minute master class

41:10

to a very large room full

41:12

of influential people. In this clip,

41:14

he focused on the idea of

41:16

freedom and why, you know, Why

41:18

is Bitcoin American? Because Bitcoin is

41:20

freedom. Let's take a look. Bitcoin

41:22

is money that they can't take

41:24

away. What freedom do you have

41:26

if you have all of your

41:28

money in a bank that can

41:30

freeze it? What freedom do you

41:33

have if you have your money

41:35

embedded in a currency where someone

41:37

can print four X more of

41:39

it without your approval and debase

41:41

it to zero? What freedom do

41:43

you have if you own real

41:45

estate in a city where the

41:47

mayor can put rent control on

41:49

it or expropriate it or the

41:51

governor can tax it away from

41:54

your family? What freedom do you

41:56

have of all your wealth is

41:58

in a... business where the government

42:00

can tell you you can't operate,

42:02

shut down your pipeline, tax your

42:04

employees, tax your income, regulate your

42:06

product? And the answer is you

42:08

only have conditional freedom until the

42:10

government changes and they just take

42:12

away that freedom. And then when

42:14

they take away your wealth, when

42:17

they take away your economic power,

42:19

they're going to starve you to

42:21

death and then you've got nothing.

42:23

So Bitcoin represents putting your economic

42:25

wealth in cyberspace... It's beyond the

42:27

reach of the mayor, beyond the

42:29

reach of the governor, beyond the

42:31

reach of any nation-state, beyond the

42:33

reach of any other company that

42:35

would do you harm. It is

42:37

the first time in the history

42:40

of the human race that you

42:42

can bind economic energy tightly to

42:44

an individual, to a family, to

42:46

your company, and you don't have

42:48

to ask permission to have economic

42:50

wealth, to have money, and you

42:52

don't have to live in fear

42:54

that someone gets up on a

42:56

morning and just... takes it all

42:58

away from you. Great stuff. You

43:01

love to see the, I mean,

43:03

these, this is the kind of,

43:05

the kind of attack I like

43:07

to take or the, you know,

43:09

sort of the benefits of Bitcoin

43:11

that I really personally love, why

43:13

I'm on the Bitcoin mission is,

43:15

is freedom. The fiat money system,

43:17

the fiat money cartel, the global

43:19

cartel, the global cartel has been.

43:21

Let's talk about suppressing and oppressing

43:24

the, you know, poor middle class

43:26

around the world. You know, that's

43:28

what it's done. You have money

43:30

throughout all of history. It, you

43:32

know, empowers the rich and it,

43:34

you know, disempowers and therefore sort

43:36

of controls the general population. And

43:38

with Bitcoin, we can opt out

43:40

of that control structure. We have

43:42

the money, we can hold it

43:45

ourselves. I've got, you know, my

43:47

Bitcoin and cold storage, I have

43:49

my keys. They can't do anything

43:51

about it. But Fiat control system

43:53

can't do it. anything about that.

43:55

I have my economic power and

43:57

Bitcoin as freedom is just really

43:59

resonates with me, really gets me

44:01

pumped up and is why I'm

44:03

here. Yeah, it's great to see

44:05

Sailor bring it back to the

44:08

freedom and like just remind people

44:10

what you know, like you're saying,

44:12

Brady, exactly why we're in, you

44:14

know, what Bitcoin, one of the

44:16

best value proposition for Bitcoin is

44:18

that it's, you know, It's money

44:20

that you can hold that can't

44:22

be taken from you and can't

44:24

be debased against your will. And

44:26

so he's really, a lot of

44:28

people say, Sailor is like, has,

44:31

has shifted away from being an

44:33

advocate for self custody, but clearly

44:35

in that video he's, he's being

44:37

outwardly in a proponent because he's

44:39

talking about self custody, because he's

44:41

not talking about having an ETF,

44:43

he's not talking about owning his

44:45

stock, he's talking about owning Bitcoin

44:47

in self custody, and the power

44:49

that that that that that holds.

44:52

the financialization of Bitcoin, that gets

44:54

lost a lot. People forget that.

44:56

The, you know, even just like

44:58

the the debanking and, you know,

45:00

what happened with the freedom convoy

45:02

in Canada here, you know, locking

45:04

people's bank accounts. It's like, that's

45:06

the real, that's that's really why

45:08

we're here with Bitcoin and that's

45:10

why it was created, right? So

45:12

it's great to see him talk

45:15

about that again. one of my

45:17

favorite Bitcoin authors and thinkers because

45:19

he really focuses on Bitcoin as

45:21

freedom and he posted on on

45:23

Twitter the front page of the

45:25

the times of London that was

45:27

referred to in the Genesis block

45:29

of the Bitcoin blockchain and you

45:31

know we all know the headline

45:33

you know Chancellor on the the

45:36

brink of second bailout of banks.

45:38

But above that headline is a

45:40

huge picture, and it's talking about

45:42

war. I think it's the war

45:44

in Afghanistan. And, you know, it's

45:46

like, he said, maybe Satoshi chose

45:48

this in particular, not just because.

45:50

It's talking about the money printing

45:52

that's happening, but also because Bitcoin

45:54

is a way that we can

45:56

defund the war machine, right? Like,

45:59

if people can hold the money

46:01

and you can't print it as

46:03

easily, you have a hard time

46:05

funding wars, right? You have to

46:07

tax for them. The reason you

46:09

can have forever wars is you

46:11

don't have to tax to run

46:13

the war in the United States

46:15

because you can just print the

46:17

money for it because we have

46:20

the global reserve currency. And you

46:22

can't fund everlasting wars like that

46:24

without taxing the population at that

46:26

point if you have a money

46:28

like Bitcoin. And taxes are quite

46:30

unpopular. It puts it right out

46:32

in the face of the general

46:34

public, like, okay, are we going

46:36

to do this or not? Are

46:38

we united behind this or not,

46:40

right? With money bringing, you can

46:43

kind of hide it, right? So

46:45

that's, you know, really interesting thing.

46:47

I had never noticed on the

46:49

front of that newspaper. Quick addition

46:51

there Brady. I don't remember the

46:53

exact number so chat fact check

46:55

me here, but They tallied up

46:57

the Middle East Wars Afghanistan Iraq.

46:59

I don't know what all went

47:01

into it But it tallied up

47:03

to somewhere between 50 and 80

47:06

thousand dollars per family Yeah, and

47:08

if you said hey family, do

47:10

you want to spend this amount

47:12

of money over the next decade?

47:14

The answer is obviously going to

47:16

be no. And so yeah, the

47:18

shadow inflation tax to fund the

47:20

war machine Totally makes sense. And

47:22

if we go to a sailor

47:24

for example Why is he talking

47:27

about sovereign money at the CPAC

47:29

thing? Well, let's let's step back.

47:31

Sailor is a world-class speaker, communicator,

47:33

he knows his audience, he knows

47:35

how to tailor the message to

47:37

deliver what he wants to deliver.

47:39

And I think he does genuinely

47:41

believe that. And people get mad

47:43

when he's on CNBC talking a

47:45

little bit more about financialization and

47:47

stuff like that. But again, knows

47:50

his audience. But let's go big

47:52

picture for a second. Pew research

47:54

did a study in 2020. and

47:56

they compiled, I think they've been

47:58

doing it for a long time,

48:00

but the most recent study I

48:02

saw was 2020, and they were

48:04

tracking trust in our central government.

48:06

Okay, in 1961, 80% of people

48:08

said they trust the federal government

48:11

to do the right thing. In

48:13

2020, that number was 20%. Fourth

48:15

30. Yeah. All the thesis of

48:17

fourth turning in numbers. I don't

48:19

know what the numbers are now,

48:21

but I think we probably, maybe

48:23

we rock bottomed in COVID time

48:25

and maybe it's ticking up a

48:27

little bit now. I don't know,

48:29

but I think that's the context

48:31

we're in. And so it's no

48:34

surprise that Bitcoin's having a moment.

48:36

It's no surprise that words like

48:38

Fiat, freedom, money, money they can't

48:40

take away from you is common

48:42

now, right? That is a symptom

48:44

of the conditions we're in. And

48:46

even five, ten years ago, obviously,

48:48

Bitcoin played a role, but five,

48:50

ten years ago, no one was

48:52

talking about these things. Fiat wasn't

48:55

a word. Yeah. Now the Fed

48:57

and their Treasury and the talking

48:59

heads, they'll say the word Fiat,

49:01

one ironically, ironically. And so, yeah,

49:03

sign of the times. And if

49:05

you don't know what it means,

49:07

it's by decree, it's Latin for

49:09

by decree, so if you have

49:11

money is issued by decree of

49:13

a, of a sovereign. So that's

49:15

where it comes from. Not just

49:18

an ugly car. This is true.

49:20

So speaking of, I mean, we're

49:22

on these topics here of the

49:24

financialization of Bitcoin versus kind of

49:26

the idea of sovereign, sovereign Bitcoin.

49:28

Pierre Rochard was on our friend

49:30

Stefan Lavera's podcast this week and,

49:32

I think had a great take

49:34

on this idea that I thought

49:36

I should hear them. I think

49:38

that it's actually about their understanding

49:41

of Bitcoin, where if I tell

49:43

them, look, you can basically trust

49:45

financial institutions, right? If you tell

49:47

them that, then they immediately jump

49:49

to, well, then what's the point

49:51

of Bitcoin? Why do we have

49:53

Bitcoin? If you can, if people

49:55

are just going to use third

49:57

party custody, there's no point to

49:59

this whole experiment. We could have

50:02

just stayed at the dollar. And

50:04

that I think is where we

50:06

really see the giant chasm between

50:08

like my monetary maximalism, understanding of

50:10

Bitcoin, and their cipherpunk understanding of

50:12

Bitcoin, where I think that Bitcoin

50:14

is both, and that they're missing

50:16

the fact that Bitcoin's monetary policy,

50:18

and the option to

50:21

not trust a financial

50:23

institution, is inherently

50:25

valuable. And so the fact

50:27

that you can opt out,

50:29

is what holds these financial

50:31

institutions accountable so that they

50:33

are limited in their misbehavior.

50:35

That is that if everybody

50:37

is stuck inside of their

50:39

wild garden, then yeah, they

50:41

can do whatever they want

50:43

and they will abuse their

50:46

power. If people are free to

50:48

exit, well, the whole game theory

50:50

changes for them. And so it

50:52

is a paradox that is, I

50:54

think, challenging for folks to wrap

50:57

their minds around, because they have

50:59

this black and white either or

51:01

view of it, of either we're

51:03

all running a node, all holding

51:05

our own keys, and all benefiting

51:08

from the central premise of Bitcoin,

51:10

or people are completely missing the

51:12

point, and we might as well

51:14

stick with Fiat. I

51:21

love it. I think Pierce, one of the

51:24

OGs is an OG in my mind.

51:26

Oh, I don't even know exactly when

51:28

he got into Bitcoin. 2011 or something.

51:30

He was at the University of Texas

51:32

with Michael Goldstein when they created the

51:34

Satoshi Nakamoto Institute, which is still

51:36

one of the best sources of

51:38

Bitcoin education out there. If you

51:41

Google, Satoshi Nakamoto Institute. So yeah,

51:43

like 2011, he's definitely an OGE.

51:45

And especially in terms of like a

51:47

thinker, and you know, a thought leader,

51:49

which. don't love that phrase, but you

51:51

know, it works here in the space.

51:53

So anyway, props to Pierre. Do you know

51:56

who loves the term thought leader,

51:58

Brady? It's Goldman Sachs. Yeah,

52:00

I know. It's, I think it's, I

52:02

think it's a useful term, but it's

52:04

just, uh, I don't know, overused, I

52:07

guess. So yeah, they kind of killed

52:09

it, unfortunately. Thanks, Goldman. But yeah, I

52:11

know, I think Pierre's phenomenal. He's been

52:14

doing great Bitcoin education articulation for so

52:16

long now. And I think he, he

52:18

just, he nailed it. It's like, there's

52:21

a lot of people out there who,

52:23

you know, you know, Help them for

52:25

their idealism. They want Bitcoin to be,

52:27

you know, freedom technology for every last

52:30

human on the planet. You know, great,

52:32

great goal. But they kind of take

52:34

that and then say, oh, if people

52:37

are not using it in the most

52:39

self-sovereign way possible, then that's a failure

52:41

of Bitcoin in some way. And I

52:44

think Pierre nailed it. It's basically that

52:46

doesn't mean it's a failure of Bitcoin.

52:48

It doesn't mean Bitcoin has no point.

52:51

It doesn't mean we're just recreating Fiat,

52:53

what would have happened with Gold into

52:55

Fiat, because as long as, and this

52:58

is where the debate gets interesting, there

53:00

is a debate. There's some critical threshold

53:02

of people that do need to actually

53:05

exercise this option to take self-custity that

53:07

keeps the third party custodians and financial

53:09

institutions honest. And no person can pinpoint

53:11

you and say it's this number of

53:14

people, it's this value of assets that

53:16

have to exercise that right in order

53:18

to keep the system honest. But there

53:21

is some sort of critical threshold, but

53:23

what makes this all different is that

53:25

with gold, which was the base money

53:28

before Bitcoin, even wealthy people could not

53:30

exercise that right. I mean, you can't

53:32

realistically store all your wealth and gold.

53:35

You're going to tap into it. You're

53:37

going to have to move some of

53:39

it from this place to this place.

53:42

And nobody wanted to do that. Even

53:44

if you were a billionaire, in the

53:46

year 1880, you didn't want to transact

53:48

in gold. There's easier to transact in

53:51

paper banknotes. That's not the case with

53:53

Bitcoin. If you have as long as

53:55

you can afford the transaction fee. and

53:58

you've taken the time to figure out

54:00

how to use the instruments that we

54:02

use, the hardware and the software for

54:05

self-custity, then it's completely trivial to send

54:07

a Bitcoin transaction. And that to me

54:09

is what makes all the difference. If

54:12

there's some huge percentage of people that

54:14

interact with Bitcoin through third-party custody, that's

54:16

okay, as long as there is that

54:19

critical base of people interacting with it

54:21

in the self-soverene way. Again, just to

54:23

throw the other side of bone. You

54:25

do need some number of people doing

54:28

it. We can debate about what that

54:30

is, but I don't think we're anywhere

54:32

close to the point of saying not

54:35

enough people are doing this and therefore

54:37

Bitcoin is a failure or is under

54:39

threat. Fully agree with everything said and

54:42

I'll just give another shout out to

54:44

Satoshi on the very steep supply curve.

54:46

Half the coins released in the first

54:49

four years, 25% of the total supply

54:51

released at the eight-year mark. Most of

54:53

those coins held by ideal logs way

54:56

before any financialization. So we have a

54:58

good head start with sovereign ideal logs

55:00

holding the coins. Hopefully that continues to

55:03

maintain at least the whatever the threshold

55:05

is to make a to make a

55:07

trench. And let's not forget 99% of

55:09

the supply will be on the market

55:12

by 2034. Right. I feel like that

55:14

is like not people. Maybe it doesn't

55:16

compete with people, but that's not appreciated

55:19

enough. Like that is profound. That's wild

55:21

to think about. Yeah, and it's pretty

55:23

close to that today. Exactly, and 95,

55:26

96% yeah, it's crazy. And you can't,

55:28

yeah, like, like, like, like, like, John

55:30

was saying, like, you can't, and I

55:33

think we guys, we've touched on this

55:35

before, like, you can't have your cake

55:37

and eat it too. Like, people are

55:40

going to financialize and, and build rails

55:42

on top of Bitcoin, and, you know,

55:44

custody, and all that kind of stuff,

55:46

you can't stop that. Tell your friends

55:49

and your family about the importance of

55:51

self-custy and why Bitcoin is important in

55:53

the first place. Educate and that's all

55:56

we can do. It's like it's gonna

55:58

it's gonna monetize in its own. way

56:00

naturally is the market sees value for

56:03

it, right? So. I think Hurley brings

56:05

up a really interesting point here, which

56:07

is even if someone disagreed with everything

56:10

that I said and that this group

56:12

here is saying, what would you do

56:14

about it? You know, I think the

56:17

best argument is if we saw a

56:19

situation where individuals were not self-custing Bitcoin

56:21

because of on-chain fees being too high

56:23

or because the U.I. is just horrendous.

56:26

Then we should be pounding the table

56:28

saying, hey guys, on-chain fees are too

56:30

high, only a small minority of people

56:33

can use Bitcoin in a self-sovereign way,

56:35

and we've got to improve the UI.

56:37

That's just not the case. The reason

56:40

people are using the Bitcoin ETS is

56:42

because it's just the easier way for

56:44

them to do it now. On-chain fees

56:47

are the lowest they've ever been, and

56:49

it's not like a UI problem. It's

56:51

not like somebody who tried to use

56:54

a hardware wallet, I'm using the ETF

56:56

They're just in the ETF. They didn't

56:58

even consider using on-chain Bitcoin. So that's

57:00

like what we call the top of

57:03

funnel. There's nothing wrong with that. You

57:05

know, GVTC was the top of funnel

57:07

for many, many years for people. And

57:10

I know a lot of people who

57:12

first interacted with Bitcoin through GVTC to

57:14

later become like a full-on self-soverem Bitcoiner.

57:17

So this is like a progression. And

57:19

just because a bunch of people own

57:21

the ETF now doesn't mean they're going

57:24

to own it forever. And even if

57:26

they do continue owning the ETF for

57:28

a long time, that's not a failure.

57:31

Yeah, and you know, maybe what has

57:33

to happen for that, for people to

57:35

make that next step from having, you

57:38

know, a big portion of their wealth

57:40

in an ETF or in microstride or

57:42

whatever, and then is some kind of

57:44

hack, right? Like maybe a good segue

57:47

into the big hack that we saw

57:49

today, right? Yeah, that makes people up

57:51

to why you need self-crestyesty. There will

57:54

be a time in the future where

57:56

the blockchain is inaccessible. to a lot

57:58

of people because fees will be too

58:01

high, basically. But there are other ways

58:03

to hold Bitcoin in a self-sovere way

58:05

where you can transact off the chain

58:08

and then settle back to the chain

58:10

and big batch transactions, right, when you're

58:12

ready to, like the lightning network and

58:15

arc and these kinds of solutions. So

58:17

this is being built now in anticipation

58:19

for a world where the transaction fees

58:21

on the main chain are quite. quite

58:24

high or a lot higher than they

58:26

are today. So this is all being

58:28

thought about and there are ways to

58:31

interact with Bitcoin in a self-sovereign way

58:33

that isn't happening directly on the main

58:35

chain for every single transaction. So just

58:38

to mention that. One more point, Brady,

58:40

before we transition, what can we do

58:42

about it as individuals? Well, the answer

58:45

is don't sell your Bitcoin, buy more

58:47

Bitcoin, don't sell it, hold it longer,

58:49

make the price go way, way up

58:52

before you give up any of your

58:54

supply. Because if institutions are hoovering it

58:56

up, right, if you sell as a

58:58

sovereign Bitcoin or a future potential sovereign

59:01

Bitcoiner, you're just giving it to an

59:03

institution who may never take it self-custity

59:05

ever. And so, there you go. Let's

59:08

do some quick hits and shout-outs to

59:10

wrap things up. Let's do bide it

59:12

first. So, bide it was hacked during

59:15

a... routine transfer, altered transaction logic was

59:17

the cause. There's some debate, like speculation

59:19

I should say, out there this was

59:22

maybe an inside job and not necessarily

59:24

external hackers. Either way, $1.4 billion in

59:26

Eith was removed and sent to a

59:29

different wallet and is being sold right

59:31

now as we speak and being tracked.

59:33

I haven't been on Twitter for a

59:36

couple hours to get the latest, but.

59:38

Yeah, we're down from about 99K this

59:40

morning to about 95K now. I think

59:42

that a lot of people with they

59:45

hear that a hack happens on exchange,

59:47

like confuse it with the hack of

59:49

the like the blockchain itself. Like somebody

59:52

hacked the Ethereum blockchain. If that's possible,

59:54

then it's probably possible you can hack

59:56

the Bitcoin blockchain too. But that's not

59:59

what's happening here. The Bitcoin blockchain has

1:00:01

never been compromised. But exchanges that sell

1:00:03

Bitcoin to you have been compromised quite

1:00:06

a few times, starting with Mount Gox,

1:00:08

which is the most probably legendary example.

1:00:10

There are many others and this is

1:00:13

why self custody is important, right? So

1:00:15

if you buy coins off exchanges, take

1:00:17

them off the exchange and put them

1:00:19

into cold storage so that you hold

1:00:22

the keys. If there is a hack,

1:00:24

you're not exposed. Yeah, any other thoughts

1:00:26

on the buy bit hack? Stupid games,

1:00:29

me, stupid prizes. There you go. Yeah,

1:00:31

I see some people in the chat,

1:00:33

it was a little earlier, but they're

1:00:36

freaking out about the price. It's like,

1:00:38

come on, it's 95K. Yeah. Like, the

1:00:40

drops have been, I feel like we're

1:00:43

almost getting accustomed to these like little

1:00:45

mini dips now that people are like,

1:00:47

oh my, it's like the corrections have

1:00:50

been so mild. And anything, anything in

1:00:52

this, you know, this obviously is not

1:00:54

bad for Bitcoin. So you see a

1:00:56

price dip like that for an exchange

1:00:59

hack, telling you that you that you

1:01:01

should self custody Bitcoin. It's a good

1:01:03

buying opportunity. That's by the day. I

1:01:06

wish my DCA buy didn't go through

1:01:08

this morning. Yeah. Yeah. Driller haven't now.

1:01:10

GME, Game Stop, the everyone's favorite meme

1:01:13

stock, has. Right. Well, the CEO is

1:01:15

interested in Bitcoin has been talking about

1:01:17

Bitcoin publicly for a while now. He's

1:01:20

was following his company's accounts only on

1:01:22

his on his Twitter account is now

1:01:24

following two accounts, that being his companies

1:01:27

and Bitcoin magazine. Game Stop has Sam

1:01:29

Callhan, our friend here, notes that Game

1:01:31

Stop is sitting on $4.6 billion in

1:01:34

cash. If they put a significant portion

1:01:36

into Bitcoin, they could become, they put

1:01:38

50% of it into Bitcoin, they would

1:01:40

instantly become the third largest public Bitcoin

1:01:43

treasury. This is very interesting. If something's

1:01:45

gonna happen here, I don't know what

1:01:47

the scale of it's gonna be. Wasn't

1:01:50

he pictured with Sailor too recently? Yeah,

1:01:52

I think so. Yeah, it's like if

1:01:54

he taught, if Sailor personally orange pilled

1:01:57

him and he doesn't buy some Bitcoin,

1:01:59

I mean, he's gotta be the stupidest

1:02:01

person in the world. But $4.6 billion

1:02:04

and then honestly like a company that

1:02:06

is just like a meme at this

1:02:08

point like I remember when the whole

1:02:11

game stop thing happened it was like

1:02:13

trying to like tell people like Bitcoin

1:02:15

is the actual this is what you

1:02:17

want. Bitcoin is what you want. Bitcoin

1:02:20

is what you want. Bitcoin is what

1:02:22

you want. You want to screw the

1:02:24

system. It's like that's you want Bitcoin.

1:02:27

You're not going to get some meme

1:02:29

stock to stick it to the hedge

1:02:31

funds or whatever. Right. So I thought

1:02:34

I feel like it's inevitable. If he

1:02:36

wants to keep this train rolling with

1:02:38

Game Stop, he needs to buy Bitcoin.

1:02:41

No doubt. The history is beautiful here

1:02:43

too, right? During the COVID mania, GME

1:02:45

mania, what happens? The little guys trying

1:02:48

to stick it to the man and

1:02:50

they got pretty far along and then

1:02:52

centralized finance, Robin Hood plus Wall Street

1:02:54

buddies, rugged all the little guys and

1:02:57

they got wrecked. And so Bitcoin doesn't

1:02:59

rug you and. this is a perfect

1:03:01

time to transition. The meme is there,

1:03:04

the energy is there, the cash is

1:03:06

there, the hodler base is only an

1:03:08

inch away from getting it. And they

1:03:11

all took a hard lesson last cycle.

1:03:13

And that's often what it takes to

1:03:15

understand Bitcoin deeply. You know, those people

1:03:18

become entrenched hodlers for life after they

1:03:20

get burned. And so I think it

1:03:22

was a huge opportunity there. I will

1:03:25

just say, I hope it happens. But

1:03:27

the one downside to it would be

1:03:29

the Trad 5 haters would like this

1:03:32

to this would further entrench some of

1:03:34

them because they're going to be like,

1:03:36

look, Game Stop is a meme stock.

1:03:38

This is like the dumbest thing of

1:03:41

all time. And now they're just buying

1:03:43

Bitcoin and it's a bunch of retail

1:03:45

idiots that are pumping up the stock.

1:03:48

I mean, it'll be to their detriment,

1:03:50

right? Because Game Stop buying Bitcoin is

1:03:52

a legitimate corporate treasury strategy. But this

1:03:55

would fry the brains of Tradfied Bitcoin

1:03:57

haters, for sure. Yeah. I don't think

1:03:59

you're going to be able to stop

1:04:02

having their brain fried It seems appropriate.

1:04:04

First or destined to be last, like,

1:04:06

yeah, it's not, yeah. All right, next,

1:04:09

the Malay coin. Malay's meme coin was

1:04:11

a pump and dub scam. I'm shocked.

1:04:13

I'm absolutely shocked. Now this is, this

1:04:15

is different than the Trump coin. All

1:04:18

right, the Trump coin is a straight

1:04:20

up meme coin wasn't, you know, like

1:04:22

sold as anything other than a straight

1:04:25

up mean coin. This coin, Libra, they

1:04:27

called it, which is actually, I think

1:04:29

the name of Facebook's attempted stable coin,

1:04:32

right? The Libra token was sold, you

1:04:34

know, to the market as, it's gonna

1:04:36

support Argentinian business, small businesses, right? And

1:04:39

so this is what really gets me

1:04:41

going is when, and this is why

1:04:43

I think there's a difference between shit

1:04:46

coins and mean coins. Chickcoins will do

1:04:48

exactly that. They will sell themselves of

1:04:50

something other than what they actually are.

1:04:52

False promises, misguidance, next Bitcoin, you know,

1:04:55

all this stuff. Ripple is the perfect

1:04:57

example. They have built, you know, all

1:04:59

of their market cap on, you know,

1:05:02

keeping 80% of the tokens that they

1:05:04

produced that they issued for themselves. putting

1:05:06

20% out on the market, and then

1:05:09

just releasing a bunch of just empty

1:05:11

completely like vaporware announcements, partnerships, etc. for

1:05:13

years and years and years and for

1:05:16

some reason, these people continue to believe.

1:05:18

That's what is happening here too. I

1:05:20

wouldn't even call this a meme coin

1:05:23

and call it a shit coin because

1:05:25

of that reason. Yeah, so we'll. what

1:05:27

happens, it's really a travesty, it's super

1:05:29

embarrassing for Malay, he just doesn't know

1:05:32

what he's doing, obviously, and just got

1:05:34

completely, he's either, maybe he knows what

1:05:36

he's doing, or he's an idiot, one

1:05:39

or the other. He's a, he knows

1:05:41

what he's doing, he's a thief, or

1:05:43

he got conned into doing this and,

1:05:46

yeah, so it went up to a

1:05:48

big market cap and then just completely

1:05:50

tanked and. Some guy Dave Portnoy's friend

1:05:53

has a hundred million dollars doesn't know

1:05:55

what to do with, he's trying to

1:05:57

get himself out of trouble by giving

1:06:00

the money back, but anyway, it's a

1:06:02

bit of a shit show. I think

1:06:04

the playbook here, let's just open source

1:06:07

it is, Shikoyn Griefters, they latch on

1:06:09

to some celebrity, some influence, whisper in

1:06:11

their ear, hey you're the man, you

1:06:13

should do a meme token, look, everybody's

1:06:16

doing it, you can get rich, and

1:06:18

then the leader celebrity, whoever, whoever, either

1:06:20

motivated reasoning, did do their due diligence,

1:06:23

whatever, it's their responsibility to do those

1:06:25

things. They go along with it and

1:06:27

then all of a sudden they get

1:06:30

poned. And that's no good. I wouldn't,

1:06:32

I wouldn't differentiate too much Brady between

1:06:34

a shit coin and a meme coin

1:06:37

or a Trump and Malay or the

1:06:39

African country who is a leader who

1:06:41

is talking about that as well. I

1:06:44

think these are all in the same

1:06:46

il, but Yeah, slight nuances. Yeah, little

1:06:48

nuance. It's not completely different for sure.

1:06:50

I like what you said there, Brady,

1:06:53

though, because it's admitted that resonated with

1:06:55

me, because it's like the meme coins

1:06:57

are, it's like that whole narrative that

1:07:00

the meme points are unapologetically gambling, right?

1:07:02

Yeah, and then you can, and then

1:07:04

you go the opposite end of that,

1:07:07

and that's the ultimate shit coin. Like,

1:07:09

is there a bigger scam in the

1:07:11

world than XRP? I don't know. It's

1:07:14

like, you know, you know, trying to

1:07:16

actually say that they're trying to actually

1:07:18

say that they're going to say that

1:07:21

they're going to say that they're going

1:07:23

to say that they're going to say

1:07:25

that they're going to say that they're

1:07:27

going to say that they're going to

1:07:30

say that they're going to say that

1:07:32

they're going to be a part of,

1:07:34

they're going to be a part of,

1:07:37

they're going to be a part of,

1:07:39

they're going to be a part of,

1:07:41

they're going to be a part, So

1:07:44

it kind of bridged those two together.

1:07:46

It was like a meme coin being

1:07:48

like, oh, but look, we're gonna like

1:07:51

help out poor people in Argentina or

1:07:53

something. So it's like the worst of

1:07:55

both worlds really. Yeah, exactly. Do you

1:07:58

think meme coins are dead now for

1:08:00

now? Brian Armstrong says that they're the

1:08:02

future. Oh my god, that post, that

1:08:05

post, that post from Brian Armstrong, we

1:08:07

didn't even get to that, but man,

1:08:09

the guy's just, I don't understand. Well,

1:08:11

we were talking about it earlier, you

1:08:14

know, that he doesn't understand Bitcoin, but

1:08:16

I think he probably does, but he's

1:08:18

just so priced in to this Shikow

1:08:21

Casino, you know, business model that he

1:08:23

can't, you know, basically, like, say that

1:08:25

these are all scams. He can't do

1:08:28

it. My argument for why he doesn't

1:08:30

get Bitcoin is because even if he

1:08:32

was just fleecing people for, you know,

1:08:35

making all his money in the casino

1:08:37

because he knows it's a good business

1:08:39

model and he can make a lot

1:08:42

of money on trading fees, wouldn't he

1:08:44

put more of the balance sheet of

1:08:46

coin base in Bitcoin, the real asset

1:08:48

if he understood it? And he hasn't

1:08:51

so. And that's that's exactly right. He

1:08:53

had all these years to be stacking

1:08:55

a Bitcoin treasury and his is minuscule.

1:08:58

Yeah, compared to sailors. Doesn't he have

1:09:00

like a, I don't know if this

1:09:02

is true. I'm just speaking off the

1:09:05

head, but didn't he have like a

1:09:07

massive e treasury like bigger than Bitcoin?

1:09:09

I don't know. I don't know for

1:09:12

sure, but I wouldn't be surprised. Which

1:09:14

is a fantastic Bitcoin only company. just

1:09:16

like Swan, Bitcoin only, that's awesome. For

1:09:19

all the reasons that we've just ranted

1:09:21

about for the past 15 minutes, has

1:09:23

gone public, they're listed on the NASDAQ

1:09:25

under the ticker FLD, so go check

1:09:28

out fold, they have a thousand Bitcoin

1:09:30

in their treasury, they've got some, they've

1:09:32

got good momentum, so shout out to

1:09:35

Will Reeves and the team. Yeah, huge

1:09:37

deal. Bitcoin only company, going public, that's

1:09:39

awesome. Love to see it. Yeah,

1:09:42

and they've been through the ringer.

1:09:44

I've been friends will for a

1:09:46

while. They've survived multiple cycles shifted

1:09:48

the business here there Made it

1:09:50

happen. Yeah, big ups to them

1:09:52

over there. And I think to

1:09:55

the broader market it signals a

1:09:57

couple things The biggest one being

1:09:59

that Bitcoin only companies can do

1:10:01

it. They can be profitable. They

1:10:03

can be good private investments for

1:10:05

those who want to deploy capital.

1:10:07

Where the previous narrative would be

1:10:09

something like, if you don't offer

1:10:11

the Chicago and casino, you can't

1:10:13

make enough money for the investments

1:10:16

to make sense. So great to

1:10:18

see. I expect more. We want

1:10:20

more. And yeah, big love for

1:10:22

the for the full team. Absolutely.

1:10:24

And I hope to see more

1:10:26

Bitcoin-only companies go public. Just get

1:10:28

the Trafai types used to it.

1:10:30

You know, have them think of

1:10:32

it as an industry. Oh, these

1:10:34

are the Bitcoin-only public company plays

1:10:37

that are out there. So I

1:10:39

love to see it. Excellent. Guys,

1:10:41

we're a little bit overtime. I

1:10:43

know we got to get back

1:10:45

to the grind. Everybody, thank you

1:10:47

so much for joining us. We

1:10:49

really appreciate your time. We will

1:10:51

be back again next week, Friday

1:10:53

at 11 AM. Pacific 2 p.m.

1:10:56

Eastern and Stephen should be back

1:10:58

next week again and we'll hope

1:11:00

that you join us. Check out

1:11:02

Swan in your App Store, search

1:11:04

Swan Bitcoin, grab the Swan app,

1:11:06

you can on board to buy

1:11:08

your first Satoshis, your first bit

1:11:10

of Bitcoin in just a couple

1:11:12

of minutes, two, three minutes, you'll

1:11:14

get set up, it's a really

1:11:17

easy on-boarding process, we make it

1:11:19

really easy for you to create

1:11:21

recurring buys. We've got a nice

1:11:23

chart on the front for you

1:11:25

guys to check the price out.

1:11:27

And then you can also check

1:11:29

out our other services. We have

1:11:31

an IRA, a Bitcoin IRA, we

1:11:33

have a Swan Vault, which is

1:11:35

a multi-signature self-custity, collaborative self-custity solution,

1:11:38

which is fantastic. Again, great onboarding

1:11:40

there. We have Swan Private, which

1:11:42

is a white glove service for

1:11:44

high net worth individuals, for businesses.

1:11:46

So check that out. And we'll

1:11:48

see you next week. Thanks so

1:11:50

much.