yo is china selling bitcoin on the open market and dumping the price well we have some new data
from reuters that reveals that local chinese governments have been recently selling thousands
of bitcoin while america looks poised to buy more could china's secret selling help explain
why the price of bitcoin hasn't mooned in the first 90 days of the trump administration despite
the administration being pro bitcoin i've seen three wild bull markets in my nine years in bitcoin
and this perhaps could be the second time that china has attempted to cancel a bull run now what
do i mean by that well the 2021 bull run was really interesting because if you take a look at the hash
rate and you take a look at the price of bitcoin it seems like china banned bitcoin mining in the middle
of the last bull run and you can make an argument some people have making it been making an argument
that that was the reason as to why we didn't reach 100k in 2021 so before we start the show i do want
to bring up our special guests for today we have jameson lop cto and co-founder of casa and of course
my legendary co-host who's always optimistic optimist fields so let's go through some of the data what is
it that i'm talking about so this is the bitcoin price and the hash rate you see the hash rate
absolutely fell off a cliff it jumped it dropped by 50 percent and that was the first china mining ban
now that was a blessing in disguise after the fact because after that mining ban the the hash rate
decentralized in the process uh some of it went to texas a lot of it went to texas a lot of it went
around the world so it was a blessing in disguise and of course the hash rate recovered but a lot of
people were speculating essentially that china did this on purpose to essentially you know stop the
last bull run and as you can see the price and the hash rate you can make an argument that there's a
correlation there right so what am i talking about in today's news check out this recent reuters article
that dropped yesterday then the headline for the audio listeners is china debates how to handle
criminal crypto cache it goes on to say china's growing uh growing pile of cryptocurrency seized
from illegal transactions is prompting local governments to find ways to dispose of the horde
and spurring calls from courts and the financial industry for beggar for better regulation lawyers said
that the lack of rules around how authorities should handle seized bitcoin and other tokens
whose trading is banned on the mainland has spawned inconsistent and opaque approaches that some
fear could embolden lawbreakers and foster corruption that goes on to say together with together with senior
judges and police attorneys are debating changes to rules that said will soon change the way confiscated
virtual currencies are treated that could be a game changer for china's crypto industry and comes at a time
of heidencino us tensions in donald trump's second presidency coinciding with trump's plans
to deregulate cryptocurrencies and build a bitcoin reserve crypto trading is banned in china and digital
tokens are not recognized as legal tender or assets there but local governments have been using private
companies to sell seize digital coins in exchange for cash to replenish public coffers strengthened by slowing uh
strained by slowing economy according to transactions and court documents seen by reuters
which disposed on the right and in the right and that's the right and that is the right and that's the right
better supervision is press is pressing as the number of cases and amounts of money balloons said chen who attended
a seminar in january to discuss the issue with various officials it goes on to say a shenzhen based
lawyer who has also attended the seminar said china's ban on crypto trading conflicts with local authorities need to liquidate seized digital assets
a senior partner at beijing's uh a beijing law firm thinks china's central bank is better positioned to
handle the cryptocurrencies and should either sell them overseas or build a crypto reserve from seized tokens
like trump plans to do so that's again the lots of signal in this article signal number one even with the you know no one is
better than their incentives don't pay attention to what they say pay attention to what they do despite you know selling and trading of bitcoin being illegal in china
local governments themselves are selling bitcoin to kind of you know i'm assuming to fund let's say let's put it nicely to fund you know local government
and the other part here which i find really interesting as well is there's a hint in that right which is perhaps you know the central bank of government of china follows in the footsteps of the trump administration and establishes a bitcoin reserve as well
it goes on to say discussions have heated up this year alongside a surge in criminal cases in china involving cryptocurrencies
ranging from internet fraud to money laundering and illegal gambling the number of busts crypto crimes have coincided with a jump in local government's penalty and
confiscatory incomes which hit a record of 378 billion yuan in 2023 a 26 65 rise in five years according to official budget data
according to official budget data a lawyer who advises local governments on crypto related issues said seize
cryptocurrencies have become a major contributor to local finances in some cities so i mean you can kind of
see the moral hazard there right if a big portion of a local government's revenue comes from seizing cryptocurrencies
you have to take that local government's word that they really are seizing cryptocurrencies because
they're involved in crime and not because they have a monopoly on violence and they're just seizing
cryptocurrencies to seize cryptocurrencies so there's a ton of signal this article and it's quite interesting
so i mean you could make the case uh that you know it's a lot of cell pressure if you take a look at the
the amount of bitcoin that's held by these local chinese governments it amounts to about 15 000 bitcoin
and now we know in april right that they've been apparently selling thousands of these bitcoin for
the last couple of months a lot of people were expecting the price of bitcoin to moon after a pro uh
uh bitcoin administration with uh trump going in but it seems like it hasn't done that at all and another
thing too that also there's some similarities between what is happening over there and what's happening
here in the us is uh in the us we saw this article was published in in february 21st us us marshal
services can't say how much crypto it holds complicated bitcoin reserve plan now part of the strategic bitcoin
reserve executive order that donald trump signed he basically told all the federal agencies that
they needed to report by april 5th how much bitcoin the us federal government holds we still haven't heard
um sorry about that guys i'm important like just went out do it with my local microphone there we go it's
back so we still don't know how much this is crazy um we still don't know how much bitcoin the u.s
government holds right so yeah i mean it's a lot of similarities there uh uh you could i mean it also
kind of creates the moral hazard because it's like you know like you are trusting these officials to you
know essentially play by the rules you are trusting them to you know uh not skim a little bit off the top
um and it seems like you know according to that article from reuters it seems like officials in
china at least like on the you know top government level are fearing just that so anyways lots of
similarities this could have been the cause of the downward cell pressure i want to get lops thoughts
on this first of all lop i want to get your thoughts on just a government having a strategic reserve in
general it seems like china might fall in the footsteps of the united states seems like europe
might follow in the footsteps of the united states do you think that's a good idea for bitcoin at all
lop what are your thoughts
well i mean bitcoin itself doesn't really care and the incentives are set up such that you know everyone
and every entity i think has an incentive to look into using this as a long-term store of value but
you know this is where it can get kind of funny to see people talk about governments as if they're
monolithic entities you know they tend to be quite large and in some cases we see uh you know hypocritical
or paradoxical activities that are coming out because one portion of the government decrees one thing and
then another portion says wait a minute that doesn't really work for us and i would say that i've i've felt for
a while that it makes more sense for like local and regional governments to be more incentivized to
have a bitcoin strategy because the national level governments are generally going to be more concerned
with their own fiat printing so you know in the united states i feel like it makes more sense for
individual states uh to build up their own reserves and use that as a part of their treasury management
strategy but it's it's more difficult to kind of square the circle of a nation state that has one of
the you know top 10 fiat currencies in the world to also be trying to do a bitcoin treasury strategy because
those two things can't could potentially be in conflict with each other yeah absolutely opti what
what's your take on what uh what lap was saying um yeah i mean i i totally agree uh but i i think uh
it is the most interesting part about this i think if you put china and the america in like a historical
contract context and like a monetary war it's pretty interesting like if this is true or rather if china is
essentially going to be selling all of their bitcoin at this moment obviously they're discussing
whether they should huddle their bitcoin whether they should sell the seized bitcoin again we don't
know what's going on on the federal level in the us we still haven't got a bitcoin audit from the united
states so they claim to own 200 000 bitcoin senator lummis has been saying that maybe the biden administration
has been selling some of that bitcoin we don't know where the cell pressure is coming from
now we are kind of getting these reports from reuters also we kind of have to trust reuters
on this they're like yeah we saw these transactions you know we we don't know what's coming from china but
the point remains the same we really don't know how much bitcoin china or the us holds at this point
so we can i guess at this point argue that there's probably less bitcoin at the nation state level
but again putting this into historical context it's very interesting to see china make this move if they
double down on this move and sell all the bitcoin that they own you know historically china stayed on
the silver standard while the us and everyone else moved to a gold standard if they make this
same mistake with bitcoin and they go like now what hundreds of years later to the gold standard
while the us goes to a bitcoin standard it's going to be one of the biggest mistakes in monetary history
in my opinion so it's very interesting to see that they are actually considering this
and again love them or hate them the trump effect is in effect it is happening ever since trump came
out and said they're going to be more pro bitcoin everyone around the world has to adjust their bitcoin
stance and we're seeing this play out you know this announcement that we got a couple weeks ago about
them essentially hodling all the bitcoin that all the c's bitcoin they get they're not going to sell
anymore and it's going to be their strategic bitcoin reserve i think the same incentives and concerns
that you said about china are you know very real concerns and valid concerns in the us but the point
remains the same if china sells all their bitcoin and the u.s starts hodling all their bitcoin and we
really are going to see a fork in the road and obviously i i'm not sure if i fully agree with nico's
theory that china killed the last bull run yes there's some correlations there i mean hold on hold on
hold on lop what do you think do you think it's a coincidence that the the hash rate and the bitcoin
price dropped the way to i'm going to pull this up because you guys might call me crazy but i mean
i'm definitely not seeing something like it's it's it's very apparent let me let me pull this i mean
there was it was a massive economic disruption was let's see that was in 2021 i mean i would also question
like when was all of the fallout from the credit bubble you know lending collapse happening
it might have been around the same time yeah it was pretty similar
but i mean look i think i think nation states should sell all their bitcoin
and the main reason for that is that i think it's too early like i would prefer to have more time for
bitcoin to be distributed further amongst individuals before nation states and big institutions come in and
hoover it all up because there is some systemic risk here just think about it you know when when a new
entity especially one with a lot of money comes in and decides to take a significant stake in this
network from a financial perspective they're going to start caring about it more and that's one of the
things that i miss is that i i much preferred the days of bitcoin when nation states generally didn't
care about it other than you know from a law enforcement perspective um you know if you think
about one of the scariest phrases in the english language is i'm from the government and i'm here to help
and that's that's kind of one of the things that i'm afraid of if the major nation states get too
interested in bitcoin is what they then might try to do from a sort of governance perspective yeah
absolutely and as the meme goes this is the real separation of money and state is when governments
start dumping their bitcoin so i back lob so let me ask you something else lob so you know you've been
in the industry for for for quite a while do you does it surprise you that we're here right because
you know i'm you know i'm i'm i'm i'm class of 2016. it was the wild west back then um you know
you're from a much earlier class does it does it uh you know does it surprise you that you know bitcoin
has essentially been uh given the rubber stamp of approval by you know by you know the most powerful
government on the face of the planet um you know the most powerful asset manager on the face of the planet
all of a sudden you know they're pro bitcoin i remember in the early days uh that was not the
case at all right there was regulatory uncertainty uh the you know i remember when apple just said no
bitcoin wants on the app right like it it was much more it was like the wild west back then and i can't
even imagine you know the the 20 uh the 2014 2015 or the 2013 era what that must have been like so uh
what has been your experience seeing all of this unfold the way it has
yeah i mean the the game theory and the the viral network effect has generally played out as expected
though it's been a lot faster than i ever thought and you know the way that these cycles of adoption
happen is you know you have a new cohort come in usually as a result of a new narrative and they get
interested in it and they start looking at it from a new perspective and usually come up with new
narratives themselves and also uh you know pull in more popular more reputable more wealthy
entities and and that sort of is is how you pull yourselves up by your bootstraps from a a network
virality effect and so to to kind of sum up the thing that i was more surprised about and underestimated
is i underestimated how quickly it would go from being uh you know anarchists to software engineers to
tech entrepreneurs to then very quickly to the like billionaires and tech giants and then nation state
level is that that last um that last adoption cycle i thought was going to take a lot longer
to get to the nation state level where people actually take it seriously because the you know
billionaire asset managers have taken it seriously and and that goes back you know each cycle before
and before as we bootstrap this network and the reputation absolutely and lop like what where are
we in the you're talking about the adoption cycle where are we in the adoption cycle because oh we i
talk to a lot of people i guess that's my job as a podcaster right um and they always say nico you know
we're still early we're still early we're still early from someone who has been in bitcoin since the early
days my oh my oh my response to you know and a lot of them are my friends and you know this is the whole
point about having discussions right my response is like dude the u.s government has the intention to buy
bitcoin there's no way we're still early like that doesn't make any sense what's your take lop well yeah i
mean that's why it's confusing um we're early in the sense that we're still a long ways away from what i would
consider uh deep adoption deep widespread adoption uh this the surprising thing like i was just talking
about is how quickly it's kind of did a speed run from being plebs to billionaires to nation states
but even across all of those cohorts the actual level of adoption uh amongst all of those peers in any specific
subgroup is still quite small it's just happened to to kind of jump from group to group all the way
up to the nation state level but you know even at the nation state level there's only a handful of
nation states that are dealing with it seriously i think a lot of them like china are still just
dealing with it as oh this is just some other asset that we accidentally require as a result of law
enforcement actions and now we need to figure out how to get rid of it um it's only because of what's
been happening in the united states that i think other nation states will start to more seriously
consider looking at this as a long-term strategy but you know we're still early from that perspective
and we're definitely still early from a mainstream adoption perspective like i look at a ton of different
statistics both um from the network adoption level and from general like search engine queries and and
other metrics that could kind of judge retail interest and from everything i've seen we have yet to
really get back to the level of retail fomo that we saw in the like 2017 2018 era a lot of the metrics
that i follow are still quite muted and i think that that really is a result of the fact that a lot of
the inflows to bitcoin are really coming from a small number of hands this the institutions are here
it's still a small number of institutions but i feel like the vast majority of of retail people are still
really turned off to the entire ecosystem probably a lot of them that were interested got burned in previous cycles
and have basically said you know i'm not going to deal with this for the foreseeable future
a hundred percent and by the way i i echo what you said was spot on this is a chart by the way guys of google trends
and this is 2017. so even with the 2021 bull market and the i don't i don't even know if you would call this a bull market
whatever we are in right now um you know what lop has said is 100 spot on we haven't seen that that retail interest now
my question to you lop is it is it because of the unit bias right because i remember in 2017
we started the year i believe it was like at a thousand or a little bit slightly less than a thousand
and if you're you know it was still expensive right a thousand dollars is not cheap for you know the the
everyday person but at least there was a hope of being able to acquire one full bitcoin right now that
we're sitting at eighty four thousand nine hundred and thirty seven dollars do you think there's unit
bias that goes into it um or do you still believe that we're going to still see another mania phase in
the future i mean that's one factor but i think that unit bias is only going to keep the most naive and
ignorant people out and and so from that perspective i actually like it um you know there have been
proposals that we should you know rename the satoshi to bitcoin so that we can get rid of the unit bias
but what is that really going to do i mean i think that that would result in more ignorant people
buying in because they're like oh it's cheap and i can afford it but you know you look at other assets
and you know people don't say um you know i'm not going to buy gold because it's three thousand dollars
i think they're quite clear on the fact that it's subdivisible uh however you want to acquire it
and so i see unit bias as just a way of keeping ignorant people out you know if you if you think
you have to buy a whole bitcoin you definitely shouldn't buy any bitcoin because you don't know
enough about it to be a responsible bitcoin owner absolutely and then final question before we move on to
next segment lop what's going on with this bull market a lot of people were expecting if you compare
the cycles right you know a lot of people were expecting bitcoin to be a lot higher right now
you know as we all know if you've been in bitcoin for a while expectations are bitcoin has a has a way
of just destroying any expectation you might have um it takes the the route of maximum pain um but what
is your take as someone who's been in the industry for a long time what is your you know how are you
feeling right now with this current cycle where we are in the movie lop it's weird um you know i've i've
been pretty surprised for example that sailor has been able to continue hoovering up so much bitcoin
under a hundred thousand dollars and i think a lot of us have had this question of like who is selling
all their coins to sailor and you know maybe it is nation states um maybe it is uh bitcoin billionaires
who have to fund their space launches it's hard to say you know unless unless these people are coming
out and explicitly saying you know i'm i'm selling a bunch of bitcoin then uh the you know the only folks
who really know are the operators of like the exchanges and the otc disks and who is selling all this
bitcoin lot is it just ogs that are just they're just they're they're they're just sick they're just
like you know what i've held from a hundred bucks it's at a hundred thousand i'm gonna go buy a house
i'm gonna go buy a plane uh i'm gonna retire uh what's your take yeah i mean i'm sure there is some
of that but in general in a lot of the the chat rooms and stuff that i'm in it's it's just a lot of
confusion uh most people of course who have been in the space for a long time are kind of stupefied
that people would be selling their bitcoin for on under a hundred thousand but that's the way it goes
and you uh you can only sell once right so you know eventually we do expect that the available supply
that's for sale is going to get exhausted it's just it's been surprising that it's it's gone on for so
long but um i think that it's pretty clear that some of the big boys are going to keep buying and
we're going to see some new institutions coming into the space just as a result of this latest
cohort that is starting to take bitcoin more seriously absolutely and then lop like my question
for you is is i keep getting more questions um my question for you is like so okay so yeah so you're
surprised too right because we're surprised as well kind of anyone doesn't know okay my question is is
it possible now that wall street has essentially become involved now that governments have become
involved does it does rehypothecation at all concern you like could there be a risk of paper bitcoin um and
that potentially could be the reason as to why we haven't seen this upward you know buy pressure
because yeah look sailor's been buying that bitcoin it's on paper and coinbase holds it right and he has
that bitcoin but if we don't have the on-chain data as we have with el salvador at least el salvador made
their reserve public we know at least you know that reserve is going up or it's going down we kind of have to
take their word for it or is that a naive way of looking at it lop yeah i i wrote an article a
couple of years ago when all of this etf stuff started popping off and i basically said you know
this is a a systemic risk from a few different perspectives one of them i would say which worries
me more than how rehypothecation could result in price suppression is i'm worried about your long-term
governance and i'm i'm worried that if too much bitcoin flows into too few hands you know we already
have read these etf prospectuses that uh basically give the power of deciding what the real bitcoin
is uh in a fork scenario to these handful of etf providers so you know that could put a wrinkle in
things if we have some sort of proposal on the table that you know perhaps a lot of the bitcoin
ecosystem wants but for some reason the custodians or perhaps their regulators or you know governments
that essentially have control over them say no we we want you to actually you know economically vote
against that um the rehypothecation thing is tricky you know for example a lot of the futures markets are
actually cash settled rather than uh settled with spot so you could argue that a lot of that is kind
of fake in the sense that these people aren't trading real bitcoin a lot of those futures markets have
quite a bit of volume and and and really this is another reason why self-custody is important is
you know the only way to truly know that the bitcoin that you think you own belongs to you is to actually
take control of it and so i think if you if we had more people that were taking self-custody that would
kind of force um the the true price to be to be closer to what it is or at least to reduce the risk
that the price is being manipulated because the the quote-unquote available supply uh that is being
traded on tradfi platforms is not actually correct yes 100 i i can't i can't echo that enough and one of
the things that i've noticed this cycle lop is just uh again i'm not going to name any names but like
this kind of normalization of not owning bitcoin but owning like the etf or noni or owning kind of
like a leverage exposure in the stock market of bitcoin and kind of the normalization of trying to
equate the two it's like oh you know i have the etf but it's like no that's not real bitcoin that's not
real bitcoin in in in spot so i mean in self-custody so yes i i completely agree uh it's never been as
important as it is today to learn how to take self-custody and uh that gets me excited because
during the culture segment we're going to be talking about casa cops casa makes taking self-custody
incredibly easy without giving up custody and uh it makes it it's somewhat it makes it easier uh it
makes it convenient the the ui the ux is absolutely incredible and of course uh we have the co-founder one
of the co-founders with us today jameson lopp to talk about all things casa which we're going to do
during the culture segment but before we get into that i do want to give a very special shout out to
simply bitcoin's lead sponsor of course i'm talking the best place to build your automatic self-custody
bitcoin stack bitcoinwell.com bitcoinwell.com is a publicly traded company coming out of canada that
recently expanded to all 50 u.s states they're a self-custody by default on ramp so what does that
mean that means that when you buy bitcoin on bitcoin well as soon as the funds clear it goes straight to
your self-custody bitcoin wallet address they don't even give you the ability to leave your bitcoin on the
exchange which of course perfectly aligns with the simply bitcoin ethos because self-custody is the
revolution if you're a higher net worth individual and you're looking to buy 50 000 worth of bitcoin or
more and you want a white glove service you want a dedicated human account representative that is
assigned to your account and they'll handhold you through the process of buying or selling bitcoin
check out bitcoin well otc to get started go to bitcoinwell.com otc and if you sign up to bitcoin well
you earn bitcoin well points but only if you go to bitcoinwell.com simply so go to bitcoinwell.com
simply to sign up and you could use those points towards the bitcoin wishing well contest every time
you throw a coin into the wishing well you have an opportunity to win up to one million satoshis whoa
the prize today for the prize today 21 000 sats just by signing up to bitcoinwell.com
slash simply if you do it today you get three tosses into the wishing well every single time you win and
every single time you have an opportunity to win up to one million satoshis what are you waiting for go to
bitcoinwell.com simply today all right everybody let's hit the numbers we have tons to talk about
we got lop joining us on the show smash that like button we'll be right back
i want to tell you guys about our sponsor stamp seed is your bitcoin and cold storage really secure are your
seed words really secure stamp seeds do-it-yourself kit has everything you'll need to hammer your seed
words into commercial grade titanium plates instead of writing them down on paper don't do that paper
sucks you want to literally stamp your seed into this plate of titanium your words are actually stamped
into the metal plate with this hammer so once your words are in they aren't going anywhere no risk of
the plate breaking apart and your pieces falling everywhere titanium stamp seeds will survive nearly
triple the heat produced by a house fire they are also crush proof waterproof non-corrosive and most
importantly because this is generational wealth time proof all things that paper is not allowing you
to hodl your bitcoin for the long haul i mean here is the plate that they crushed they put in water
they put a blowtorch to it and as you can see the words have survived stamp your seed on stamp seed and
you can use promo code simply to get 15 off anything on their store head over to stamp seed.com today
all right everybody we are back at the time of recording the bitcoin price is eighty five thousand one hundred and sixty
dollars block height eight hundred ninety two thousand seven hundred and two sats per dollar
one thousand one hundred seventy four market cap one point six nine trillion bitcoin verse gold market cap
seven point one eight percent percentage issued ninety four point five three percent decline from all-time high
negative twenty two percent realize monetary inflation point eight five percent i also want to give a shout
out to the live stream we have two thousand four hundred and eleven people watching live six hundred and twenty
three of you guys watching live on youtube alone if you guys are enjoying the show so far smash that like
button help us break 300 likes by the end of the show we're already at 150 likes smash that like button so
today i kind of want to continue the conversation that i was having on yesterday's show uh and it seems
like at least some senators are watching simply bitcoin because breaking just since senator mike lee calls
to abolish the irs and federal reserve uh we've been talking about the overton window take a shot i see
someone in the chat saying you guys are waiting for for nico to say overton window i said it uh but i kept
saying this i'm like guys look it's great we have a pro bitcoin president in the white house that's awesome
awesome but i think people are you know they're they're they're losing the end goal should be the
to end the fed like let's be honest here we've been saying that for a couple weeks now yes it's great we
have a pro bitcoin administration yes the end of operation choke point 2.0 ross is free that's
absolutely awesome that's amazing but you know it'd be dope if we ended the fed it'd be dope if we ended
the irs but we have to move that overton window and that overton window seems to be shifting uh it seems like
the collect collective consciousness uh might be having similar thoughts because we have now a us
senator senator mike lee he calls to abolish the irs and the federal reserve and also it's not only
senators this is uh apparently the president does as well so president trump wants to eliminate income tax
here's how much extra you take home if you make 75k a year we've heard howard lutnik talk about this as well
um they their goal is to use the revenue from tariffs to replace the irs so essentially instead
of it being the irs they want to create the external revenue service so the ers i don't know if that
makes sense but anyhow i have a video of the great ron paul uh talking about income tax uh let's check
it out and then we'll talk about it you can't you can't have a government like this without an income
tax but we don't want a government like this this is not the kind of government that was designed by our
founders of the country it's not what was written in the constitution we've only had an income tax
since 1913 but if you want a welfare state and if you want to police the world and pay for the defense
of japan and germany send foreign aid to the soviet union you not only need the income tax you need
the federal reserve to print up the money when the deficit is accumulated so we think the government
should be much smaller if government is
so this is exactly what we were talking about yesterday uh we were talking about it we talked
about 1913 we talked about how you know is it feasible to have a government uh you know without
an income tax and the answer is yes but the question goes to what is the role of government what should be
the role of government if you want the role of government to be much larger how it is today
then yes you do need an income tax because you need to pay for all of that somehow but if you believe in
small government if that's even i'm convinced like even with the best intentions it's going to be very
difficult for anyone to decrease the size of government that's my own interpretation of everything that's
going on but uh yeah i mean lop i don't think i've ever heard your thoughts and opinions on this
specific matter uh what are they man like you know what's good like is the i'll start it off with this
is the overton window shifting are more and more people waking up to the idea that perhaps the federal
reserve wasn't a great idea perhaps you know i'm not getting in return what i am paying in taxes
lop what are your thoughts well i mean i think people are realizing that they're not getting what
they want from their taxes but you know this is this is a a common coordination problem with the welfare
state uh where you're basically talking about wealth redistribution so where is the money going and of
course this is i think the the bigger problem when it comes to the united states government and our budget
is that even if you look at what doge has been doing and you know cutting a lot of waste it's
being more than offset by the spending increases that congress is looking at so uh it's kind of uh it's
a band-aid on a gunshot wound i guess it's like we're continuing to hemorrhage large amounts of uh fiscal
power and you know you can try to look around and say okay we're going to change you know where we get our
revenue from but i feel like it's more straightforward to try to cut what we're spending on than it is to
you know try to find more so a big part of that is of course the fact that this is team america world
police and we outspend everybody else when it comes to defense so you have to ask whether or not you're okay
with the united states becoming more isolationist and what effects that might have upon the world
and geopolitics and the global economy yeah i think it's an excellent answer opti what's your take on
this i mean it's crazy man we were talking about this yesterday um and it's crazy that you know senators
saying this as well of course you have the administration but you know as lop was pointing out
right there are kind of you can call it trade-offs right um and depending on you know what type of
society you want to live in um you know a lot of us i think would would want smaller government but
at the same time um uh you know at the same time you know the era of kind of world police
you know that has to be paid for in a sense right so opti uh what's your take on all this man uh this is
an interesting discussion bro uh we're we're moving the overton window you know uh let's see what happens
opti what's your take well first of all i do think it's very interesting that we are seeing senators and
politicians or elon musk etc very high profile people talk about this for it seemed like forever
it was just ron paul was the only one that was saying this and now it does seem like it's become
an acceptable topic of discourse where people are even bringing it up you know trump's been saying it
or at least alluding to it we're seeing other politicians allude to it so it is uh i'm just
reminded of that ron paul meme where he's with like the ninja turtles or something and we were all
babies and now he's uh uh i'm i'm blanking on the the the old guy you know the rat guy but it feels
like ron paul has finally come onto the world stage and people are actually taking his thoughts seriously
it seems forever that he was just you know relinquished to a corner of political discourse
and now people are actually bringing these ideas up and taking them very seriously now to the actual
question of will they eliminate the fed i mean my personal bias is that of course you know the fed
isn't federal and has no reserves it's the biggest ponzi scheme in the world right now and it should
totally be eliminated it's a cancerous institution as thomas soul would always say so those are my views
on it but do i think that they will willingly and the fed i doubt it i think they're going to be forced
to basically reel back and on the idea of america being the world police like you know i know there is
geopolitical ramifications of of what that would mean if we pulled back but i am kind of uh i'm
kind of in favor of a little more of a isolationism in the u.s i i think that would be a good thing but
of course there there's a lot of tricky complex nuanced conversations that have to go about this
but i'm not a fan of the military industrial complex and as we've seen the military industrial
complex has not been turned off since world war ii but we are now getting to a stage where it is kind of
imploding on itself the interest payments of u.s debt is getting out of control it's literally past
the military industrial complex at this point and it's becoming unattainable as we've been saying
they're going to have to continue to print money so we're getting to a point now where the federal
government is is being forced to actually make these decisions and will they actually end the fed like
i highly doubt it i don't think they will turn off the machine they will or turn off the machine
willingly they will they will be forced to or else the the fiat system implodes on itself like
we almost saw it last week you know trump tried to make a very strong move almost blew up the bond
market and he's like actually you know this was our plan all along we're gonna have to roll this stuff
back so they can try to manipulate fiat currencies but we're going to see unintended consequences and of
course this is why we're bitcoiners and we constantly tell people like you want to have
a neutral money that no government can manipulate this is why you should be saving bitcoin even if
it's a small portion of your total wealth like you need to have some bitcoin right now it's the only
safe haven asset or money or commodity or whatever you want to call it whatever framing you want to call
it it's the only safe haven at the moment and the world just hasn't really woke up to it it's
starting to wake up to it someone was trolling me in the chat saying that we've been calling bitcoin main
yeah master splinter sorry guys ron paul is master splinter now and you know we have all taken up
the the baton for him and it's becoming uh actual viable conversation in politics now which is i think
beautiful and i think as more of us younger people grow up especially as bitcoiners grow up and the price
of bitcoin goes up like this is going to be a very real conversation is going to happen in two years four
years probably not i i'm thinking more like you know a decade or two from now we can actually do
this but i don't think they're gonna have a choice we all know the end game here is they're gonna have
to print more money so uh you know the fiat ponzi scheme will implode on itself but hopefully it doesn't
happen as quickly as a lot of doomer bitcoiners would like it to happen absolutely guys if you guys are
enjoying the show 2600 of you guys watching live smash that like button again help us break 300
likes by the time this show ends we're almost at 200 likes we're gonna hit the culture segment we're
gonna be talking about all things casa so let's check it out we will be right back
i want to give a shout out to our partner hive digital technology why hive in 2025 unstoppable
growth as the first ever public miner hive's position to quadruple their global footprint
making them one of the world's fastest growing miners in 2025 and with elite operations that
consistently top the industry in bitcoin mine per exahash hive's now headquartered in the usa they're lean and
mean they're green and clean and they're rewriting the playbook on sustainable bitcoin mining you can
catch the latest buzz at hive digital tech or at hive digital tech dot com
need liquidity without having to sell your bitcoin for more than six years now leden has been the trusted
choice for bitcoin back lending with transparency security and trust at their core i
absolutely love these guys and i personally not only have an account with them but also alone and
some of the key features that i love about leden is the fact that there are no monthly payments you pay
at the end of the term you also have the ability to roll over the loan as well and you can pay it back
whenever you want essentially what they do is that they help their clients unlock the liquidity of their
btc allowing you to huddle while still accessing the wealth of your bitcoin they've been battle tested with
their focus on transparency security and trust allowing them to build a proven track record of
client success and security helping tens of thousands of clients harness the value of their
digital assets with confidence and peace of mind learn more about what your btc can do for you
simply bitcoin viewers get 0.25 off their first loan by using the link in the video podcast description
what are you waiting for head over to leaden.io today
all right everybody we are back and of course we have the cto and co-founder of casa joining us on
the show jameson lopp jameson how you doing today could you go to another page opti i don't want to look
at myself i don't know you look you look so handsome here now you know i'm like now you can you go to
the regular page please thank you opti okay so let's talk about all things casa take control of
your bitcoin personally like i said that or you actually we changed up the segments today so you
guys haven't seen the the casa ad but what i say on the cost of that every single day on simply bitcoin is
i've been recommending this to my friends and family for years obviously because i want them to
uh you know have all the advantages of multi-key security and some of the things that i absolutely
love about the casa app is that if you lose a key it makes it incredibly easy to replace that key within
the app and also i believe casa holds a key themselves so again you know there's a lot of you can make
mistakes and it's not as punishing as a single key setup or if you lose the words or you know you
forget the pin to your device and you lose the words i've heard stories of that you know it comes
to a tragic end so you know casa kind of holds you through it you know they they walk you through this
um so jameson i'm gonna give you the microphone you know to our audience right now i'm assuming the
majority we've we've done polls on this before the majority of our audience you know has their bitcoin
in self-custody why should they look at an app like casa
i mean it mainly comes down to how confident you are that your own setup is sufficiently robust against
all of the potential dangers of loss when you go from a trusted third party setup to a self-custody
you generally you reduce a lot of the risk of theft or rug pull but you're taking on a lot of responsibility
and you're opening yourself up to a lot of new potential forms of loss generally you know from
making mistakes and and losing keys over a long period of time and you know getting locked out of your own
coins so you know there's a ton of different options out there for people to do self-custody many of which are
really do it yourself don't really get any support um you know if you want the most extreme uh private
version of doing self-custody then ultimately you can't get help from anyone you have to do it all
yourself and for people who have the the time and resources and knowledge to do that then you absolutely
should go that route um what we're really targeting are the people who perhaps they're not confident
enough to take self-custody they don't understand all the risks and best practices or the people who
have been in a you know straightforward maybe single signature hardware setup for a long time but that
value has 10x or 100x gone through the roof and now they are looking for something that's more robust
that can tolerate having failures happen you you don't want your entire life savings to evaporate
because of one thing that went wrong and resulted in catastrophe so really what we're doing is we're
fighting against the convenience of giving all your money to a trusted third party and our our primary
value add i would say is letting people sleep better at night knowing that if and when something goes
wrong they're not going to lose access to their coins and so there's a variety of different mechanisms
that go into play there you know having multiple keys using a diversity of different software hardware
devices having them distributed geographically and then also offering an inheritance option where we
essentially help you set up game theory so that you can share a key with a beneficiary and not give
them access to your coins until after you actually get hit by a truck so a lot of this is just us having
spent so much time in the market having seen so many catastrophes and people lose their coins in
different ways and building our product and our service such that it automatically guides you down the
best path so that you can avoid a lot of the foot guns that are out there totally it looks like puerto
rico we lost nico but i uh i have one question or he's back i'm back i apologize puerto rico and as you
could tell the power has gone out and the internet has gone out but i'll be back home in about a week
or so um and i appreciate the but i did hear uh uh jameson's breakdown and this is exactly why i recommend
it to essentially family and friends and there's two plans that you guys offer which is the two of three
setup and then the three of five the three of five is so cool because it feels like a two of three why do i say
that so um because one of the keys are on your phone one of the keys uh yeah one of the keys are on your
phone and then of course you have the option to i believe you have the option to have three uh
jameson help me out here my mind is blanking okay yeah three separate hardware devices preferably different
manufacturers to uh eliminate uh potential supply chain issues absolutely and then so the two of three
you have the option to have one of the keys on your phone one of the one of the keys casa holds and then
you have the you have the option to use a you know a hardware wallet of your choice of course our our
sponsor our partner cold card is compatible with the casa app and then the three of five it feels like a two of
three because essentially you can sign with uh with your phone and you sign with two hardware wallets so
if you have the two of three set up with two hardware wallets the three of five signing process feels
almost identical to the two of three signing process and i don't know if you guys did that by design
or it was just happenstance but it definitely feels really cool and there's haptic feedbacks along the way to
make you feel good um so yeah lop yeah i mean look we're always trying to find the sweet spot between
convenience and security um you know that's why we do have a mobile key even though the mobile key
is strictly less secure because it is a hot key uh but you know uh the nice thing about that key is that
you get an automatic encrypted backup and then we're also able to build uh key sharing features off of that so
that you can uh securely share the encrypted version of that key you know with a inheritance beneficiary
for example and then we don't allow them to unlock it unless a six month waiting you know cooling off
period goes by after which they claim that you have passed away so there's some really interesting
game theory and flexibility that you can set up when you have a multi-key solution and also with casa
uh holding one of those keys offline as well just helps us be able to facilitate spending and you know
get you out of certain situations where things may have gone wrong it can also just be a convenience
thing for example if we have a client who has keys that are distributed you know all over a country or
sometimes even across multiple countries and they don't want to have to travel too much then you know they can
sign with their mobile key and then go get a hardware key and then request a signature from us and you
know we'll have to go through the authentication process that they've set up beforehand in order to
prove themselves to us so that we will sign it absolutely and then also one of the things that you
know one of the things that i love that you guys do is the inheritance and i i keep here seeing in the chat
people keep bringing up you know uh helaine's savage comment alzheimer's is rampant this could be a
problem uh inheritance planning is the important thing also if i get bonked in the head i can't remember
my name um so and then someone else asked um is jade wallet compatible and then opti people are asking
about the subscription so yeah we'll go through the we'll go through some of those questions and we'll talk
about the subscription by the way guys if you go to casa.io simply you get 10 off any time either
casa standard or casa premium um they're really cool the casa the casa premium is the three of five the
casa standard is the two of three both are excellent um i've personally used them and i've recommend them
to friends and family so uh yeah let's go through this uh lop could you break down what the inheritance
process is like yeah so you know it will vary slightly depending upon your m of n setup uh for
the two of three setup it's incredibly simple you can onboard an inheritor and i would say about 10 minutes
you basically just have to invite them to your vault setup they download the app and then you can do this
encrypted key exchange via qr codes between your apps and they're set up at that point they have an
encrypted copy of your mobile key but they can't actually use it really the only thing they can do
is to hit a button in the app which is to kick off the inheritance claims process that starts a six month
timer and when that timer goes off we start contacting you and basically saying hey if you're still alive
you really need to let us know uh you know go into the app and cancel this claim and probably kick this
person out of your app so that uh they aren't going to get access to your key and um if you're in a three
of five it's slightly you know more complicated because you have to do the mobile key share but then you can
also share one uh hardware key and you know depending upon how sophisticated your inheritor is you know you
you can have them use any of the hardware devices we support but i would say we've also added yubikey
support last year which is incredibly user friendly especially for a long-term key holder setup because
unlike really all of the other bitcoin specific hardware devices out there that tend to have a
somewhat limited shelf life of a few years before they die or the firmware stops working
there's a number of things that can go wrong the yubikey is a dead simple device i mean you can throw
it through the washing machine it'll come out the other end just fine so we figure that's another
interesting uh new sweet spot to hit for less technical people trying to find that that right trade
off between convenience and security absolutely so the next question was is the jade wallet compatible
we have not added jade support uh though i'm still i'm going to be paying attention to you know some of
the the recent security uh vulnerabilities that came out around some of the chipsets uh that i think jade
was using i haven't seen blockstream specifically respond i saw adam back respond this morning and he
said he said it was nonsense but you know yeah exactly we'll see um you know this is is a constantly
uh moving space with uh security right is that uh especially the ledger team tends to be really
proactive at sort of offense uh and trying to break all of the other hardware devices out there and and
really there is no perfect hardware device and that's why we suggest you know using multiple different
manufacturers devices because they all have strengths and weaknesses so and one of our partners is of
of course the cold card the cold card is compatible with the casa app right the cold card q and the cold
card mk4 correct and then i have the website here someone was asking about the subscription so yeah let's go
through the let's go through the subscription so yeah so there is the casa standard which is 21 a month
uh 250 for the year and then the casa premium it's 175 a month and it's 2100 a year and then there's private
client if you use promo code simply you get 10 off either the casa standard plan or the casa premium plan
again i highly highly recommend this especially if you're perhaps not technically savvy or perhaps you
you're you know you have your parents or your grandparents and they're holding bitcoin and
you want them to hold spot bitcoin this is a great way um and lop forgive me if i'm describing it this
way but i'm going away it's a great way to idiot proof a self-custody setup it acasa makes it incredibly
easy i mean incredibly hard for you to lose access to your bitcoin because there's so many redundancies
especially on the the the premium plan um that's how i would describe it and that's why i've been
recommending it for many many years even before they were a partner i was recommending casa so anyways
guys i do want to thank jameson lopp uh he's the cto and co-founder of casa for joining us on the show
today jameson thank you you bet uh and you know the i think the main thing that i would uh mention is
that you know this isn't just an app uh this is really security consulting service so especially
at the higher tiers what you're really paying for is having dedicated client advisors that will help
you with decision making processes and with dealing with any of the issues that come up from being a
long-term holder and the the private client is actually takes it to the next level where it's not
just security for your bitcoin but it's security for your life and that's where we'll help you with
things like privacy operational security uh hardening all the other aspects of your life that ultimately
still also have an effect upon the security of your bitcoin wallet awesome and guys again go to casa.io
slash simply find out more go check out jameson on x he has a bunch of resources uh you can follow him
at lop uh jameson thank you so much for joining us i appreciate it thanks for having me all right
everybody stay tuned we are going to hit the news segment we have tons to talk about let's check it
out we will be right back i want to give a shout out to our sponsor casa casa makes self-custody easy and
secure as a bitcoiner i care about holding my own private keys but multi-sig can sometimes get tricky
casa nails it with a multi-key security so even if one key gets lost or stolen your bitcoin stays safe
and you don't give up custody meaning no one could access your bitcoin but you no seed phrase anxiety
no single point of failure i've been telling my friends and family about casa for years their ux and
ui on their app is by far the best in the industry inheritance planning is built in and they even offer
casa for business if you're thinking about a bitcoin treasury hit up casa.io today and use promo code
simply to get 10 off casa standard or casa premium head over to casa.io
i want to give a shout out to our partner coin kite if you take your bitcoin security seriously you'll
need the best bitcoin hardware wallet on the market to take self-custody that's where cold card comes in
the cold card queue is the most advanced bitcoin signing device ever made it's got a full keyboard
larger screen and nfc support making air gap signing easier than ever it's built for power users who want the
ultimate security without sacrificing usability and if you're looking for a battle tested on compromising
cold storage the cold card mk4 is your go-to with pspt signing an industrial grade secure element and usbc
it's the perfect blend of security and convenience both devices are of course 100 bitcoin only open source
and built by bitcoiners for bitcoiners secure your bitcoin the right way with the cold card q and the mk4
head over to coldcard.com today and use promo code simply to get five percent off anything on the store
all right everybody we are back we have so much to cover on today's news segment first i'm going to
start it off with uh this clip from jack mallers before i play you guys the clip i do read i want
to read you guys the post from pete ruzo he says president trump just asked the supreme court for the
authority to fire federal reserve chair jerob powell uh and here's some of the details president trump
has asked the u.s supreme court to allow him to immediately fire top officials at two independent
agencies okay so a lot to like uncover a lot to unpack here because again i i think as a society
what we're going through is this kind of collective awakening um to the reality of this broken corrupt
system right and i think you see that with u.s senators saying and the federal reserve and the
irs you see that with the trump administration openly talking about the year 1913 what happened 1913
the irs was established and the federal reserve was established right um so you know what is going on
here like what what is happening like what what's going on what's happening uh you know why why why is
everyone asking these questions well it's simple we were sold on the idea that the income tax and the
federal reserve would make society better as a whole specifically the federal reserve the federal reserve
their whole job was to keep unemployment under control and keep inflation under control that is the whole
purpose of the federal reserve now what i keep saying even ron paul has said this is the two worst
depressions and recessions in american history have happened under the federal reserve 19 the the 1929
and the 2008 financial crisis which has completely impoverished my generation entirely right we are
we are poorer than our parents it it's an undeniable fact right so if the system is broken you start to
ask questions about it do you think it's a coincidence that bitcoin was invented in 2009 or discovered or or or
bitcoin started in 2008 2008 right after the great financial crisis do you think it's a coincidence
that in the genesis block it literally says chancellor on the brink of the second bailout for banks do you
think that's a coincidence no bitcoin was a response to the broken system bitcoin was a response to the fact
that satoshi knew that central banking was broken and is broken but remember if we want to effectuate
change you have to essentially make these ideas culturally acceptable to the masses because when ron paul
started talking about all of this no one really listened to him no one cared no one you know like
people would say you know this guy's crazy this guy's insane this guy doesn't know what he's talking about
but ron paul was right like that's the part that no one talks about ron paul was right he was 100 right
he was he was right about the income tax he was right about the central bank and it only was until
15 20 years later when these systems are getting to the point where again if you're a millennial if you're
a gen z-er you are not happy you're not happy the world has gotten wealthier technology has advanced
but you have gotten poor you are poorer than your parents you have less opportunities than your parents
the age of which home ownership starts has gotten higher the marriage age has gotten higher the amount of
kids people are having are less why is all of that what the f happened in 1971 what happened in 1971
right um so lots of questions there so anyhow we have to continue to move the overton window as we have done
on on on all the other topics and here is jack mallers talking about essentially the uh you know let's
let's check it out i i honestly believe over the next 12 to 36 months or so we're going to see drastic
changes in monetary policy listen we need trump to get in office and we need to understand what his plan
is but he's even hinted at having some oversight and control over the federal reserve is it beyond us
that the way trump sees himself taming inflation controlling financial markets while allowing the
s p and assets to rise in the greater interest of the people maybe he wants besant to be the fed chairman and
lead the treasury is that beyond us is trump going to exercise his right to have further oversight over the fed
would that imply and mean that trump is going to use some form of yield curve control to exercise
absolute control at both ends of the market and make sure that assets pump and inflation is relatively
tamed at the expense of those that hold the dollar is that what he means by weaker dollar and strengthening
our exports so again we are living through you know some people call it the fourth turning
some people call it you know many things um we are uncharted territory with the tariffs
with 1913 being thrown around left and right with senators saying and the income tax
this is a historical administration right you had democrats who um who left the party and joined this
administration to essentially make this uh you know a historical because people were asking for historical
change and the reason for that and you have rfk junior you have tulsi gabbard uh part of trump's
cabinet and the reason why that is all happening fundamentally i think it comes down to wealth inequality
i think it comes down to the fact that people are hurting i think it comes down to the fact that we
went through you know multiple decade-long wars for what imagine if all of that money from those wars
the war in iraq the war in afghanistan were actually spent on the american people rather than being spent on
death because that's essentially what it was spent on um and i think this is what and when when you arrive
in these moments in history people want change and where i think people get this wrong and i think people
need to wake up is for the first time people have the power in their hands they don't need you know
the collective to vote on a better leader to make sure that the direction of the country is on the
right path people can now vote with their wallet they can vote to opt out of that said system into
bitcoin they don't need to wear they don't need to wait they don't need to you know wait for the trump
administration to do this they don't need to wait for you know jerome powell to do that they don't need
to wait you know for anything they could literally start living a better life today right now if they
want to all they have to do is just opt out and choose bitcoin so opti what's your take on all this
man i mean historical times i think maulers is right i think trump definitely has something up his sleeve
we know that him and powell have been fighting right apparently i saw an interview with uh beset uh being
interviewed and he was like no i have tea with powell you know every morning or something like
there every week i have lunch with powell like you know and then you have trump basically calling for
you know powell to lower interest rates and again you know we always hear about this word democracy like
democracy this democracy that that's like one of the the most the word i hear all the effing time
right um but my question is is like is it really a democratic system if the person who gets to make
the decisions about the money isn't democratically appointed they're appointed by the president every
six years and the president doesn't have the ability to fire that person right like that's crazy opti what
are your thoughts bro well you know democracy the god that failed uh as the book is named
i think is a good starting place for a lot of people um look i i do believe in this thesis or
theory or hypothesis that has been kind of circulating around twitter and kind of macro groups this idea that
what we're seeing play out right now is essentially the trump administration trying to reel in jay powell
and the federal reserve it does seem from all things that i've seen that is the game being played right now
and of course like i said it earlier you know and the fed the federal reserve is a cancerous institution
it's not federal it has no reserves it's literally the biggest ponzi scheme that the world has ever seen
it is the main mechanism to fund the military industrial complex that we all have lived and
been a part of they're literally creating money out of thin air it's literally useless papers that we
spend our lives to acquire and we see that there's a small excuse me there's a small cabal of people
that control and manipulate the variables of that money that is literally a crucial core technology of
society i saw actually shout out to jesse myers what's his twitter creases btc he dropped a really
good article the other day i think it was last week on friday or something like that and he essentially
made the case that the the differentiating factor between homo sapiens and neanderthals or and every
other you know bipedal human-like species that's ever been on planet earth is the fact that we were
able to essentially create money that we could think in abstract terms and that's a fundamental building
block of why humans are humans and yet we've found ourselves in this position where we trust you know
a small group of people to manipulate those factors because we think that they can control this very
complex thing known as the economy it just makes absolutely no sense like human action is very complicated
and i find it pretty ridiculous that we've been bamboozled for so long to believe that you know
12 people or a small group of really smart high iq people can manipulate the economy for the the better
of all of the people in society it just doesn't work that way that's not how society works that's not how
economics works and yet we've gotten to this point where that's where the majority of people believe is
is the right way to move forward like this is the status quo this is this is the myth that we live
upon in this current moment but this is why we have bitcoin now we can see that there is a money that no
one can manipulate that there aren't variables to manipulate that is you know algorithmically locked
at 21 million over a long course of time we know when the monetary supply schedule bitcoin will play
out or roughly know when it will play out so everything is you know telegraphed into the
future and therefore we have something that is stable a you know a hard cap currency a hard cap money
something that doesn't change so therefore we can make our measurements and our calculations of how
society and economics will work out and therefore you find you know that life is a lot easier when you
don't have to readjust your economic calculations based every month off what a few people want to do
and literally we're seeing right now like i'm pretty sure jay powell just started speaking or he's about
to speak and the markets are tanking like it was pumping going into the meeting and right now you know
bitcoin just hit 85k like 15 minutes ago and now we are under 84k it's like a 83.9 so we're seeing this
play out in real time but yet this is the status quo where people think this is normal that people think this is
exactly how a modern society should be run is that we should entrust a small group of people to manipulate
the money supply for better outcomes it's absolutely ridiculous and this is why we don't we don't we
this is why the show exists in the first place we don't have to deal with this we just like stack bitcoin
take that bitcoin into cold storage you know the bitcoin price fluctuating is not necessarily a bitcoin issue
the volatility is a good thing powell is on live shouts out to thomas he just sent us five bucks
yeah so you know he's he's uh he's he's trying to calm down the masses here and being like trust us
bro we know what we're doing here we we got this under control and yet the markets have been freaking
out the last two weeks and and people think this is normal it's absolutely insane i just have you know
a monetary unit that doesn't change it's bitcoin yes the the exchange rate to fiat currencies may
fluctuate yes it is volatile but i'm always reminded of that one chart of the weimar republic you know
as currencies start to hyperinflate as we see increase uncertainty in society these fiat prices start to
you know oscillate and and be extremely volatile and yet as most bitcoiners would say one bitcoin equals one
bitcoin and it's not bitcoin that's volatile it's the fiat world that's volatile against bitcoin it is
a you know a wave crashing on a giant rock bitcoin is that rock so uh nico i see you pull this up i
don't know yeah i mean let's play some of it it's crazy to me just to kind of add to what opti was saying
right is that you know everyone is looking at what this single gentleman is going to say his words hold
weight his words will either sink the market it'll make the market go up uh what a what an archaic
system you know it reminds me of the south like south park had a meme on this elon had you know some
comments about it it's like look it's better to have a magic eight ball making decisions about the economy
than than the current system today right so yes everyone's watching this um you know this is like
financial you know super sports this is like the event to watch uh you know everyone's like talking
about you know no cuts no cuts like this is this is this is insane um this is like the very definition
of a centrally planned economy and market um this is absolutely crazy um but anyways um yeah
anyhow guys if you guys enjoyed today's show you know it'd be crazy wait wait wait one thing oh god
nico there's one thing i want to say before we leave it it's about the chat guys uh block this fake
simply bitcoin account in the chat posting some whatsapp stuff mods do your job i think he has his
block so i can't see it all right anyways go i do want to give a shout out before we before we go
we are going the simply bitcoin crew will be in las vegas for the bitcoin 2025 conference embrace the game
theory it's the world's largest bitcoin conference that's it's going to be at the venetian hotel may
27th through the 29th in las vegas nevada the world's largest bitcoin conference i call it the
bitcoin nfl super bowl weekend uh you know all the biggest bitcoiners are going to be there you
definitely don't want to miss this bitcoin celebration again may 27th through the 29th las vegas nevada
get your tickets now before the prices go up you can use promo code simply to get 10 off again promo
code simply to get 10 off your tickets to bitcoin 2025 we hope to see you guys in vegas the entire
simply bitcoin crew will be there anyways guys we hope you enjoyed today's show uh we hope we provided
you guys value if you guys did make sure to smash that like button consider subscribing to simply bitcoin
uh appreciate all y'all for watching and uh giving us the love and support it really really helps us
keep this show going and uh yeah guys love you all smash the like button hit the subscribe button and
we'll see you tomorrow for a brand new episode of simply bitcoin live peace out everybody today's episode
was brought to you by bitcoinwell.com a bitcoin-only platform on a mission to enable financial independence