BTC Sessions - $10M Bitcoin Dream vs. MSTR's Big SELL-OFF?

Episode Date: April 10, 2025

Is it $10M Bitcoin tomorrow or a forced MicroStrategy (MSTR) sell-off? The pressure is mounting, and the outcome could send shockwaves through the entire crypto market.🔥 Don’t miss this action-packed episode! Subscribe, hit the bell, and join us LIVE to stay ahead of Bitcoin’s biggest moves! 🚀—------------------------------BOOK private one-on-one sessions with BITCOIN MENTOR! Learn self custody, hardware, multisig, lightning, privacy, running a node, and plenty more - all from a team of top notch educators that I've personally vetted.https://bitcoinmentor.io/—------------------------------FOLLOW Simply Bitcoin & BTC Sessions on other channels:Simply Bitcoin on Youtube: youtube.com/@simplybitcoinSimply Bitcoin on X: x.com/simplybitcointv Nico on X: x.com/bitvoltBTC Sessions on X: x.com/BTCsessions—------------------------------SHOW SPONSORS:BITCOIN WELL BUY BITCOINhttps://bitcoinwell.com/btcsessionsMINING DISRUPT CONFERENCEhttps://www.eventbrite.com/e/mining-disrupt-conference-2025-fort-lauderdale-florida-tickets-980017277057?discount=BTCSESSIONSCOINKITE/COLDCARD (5% discount):https://store.coinkite.com/promo/BTCSessions AQUA WALLEThttps://aquawallet.io/NUNCHUK HONEYBADGER INHERITANCEhttps://nunchuk.io/individualsHODLHODL NO KYC P2P EXCHANGEhttps://hodlhodl.com/join/BTCSESSIONDEBIFI LOANShttps://debifi.com/#bitcoin #crypto #btc #money

In a bomb-down million, Michael Saylor just said Bitcoin would go to $10 million tomorrow if everyone knew what he did. But in stark contrast, with the clip I'm about to play for you guys, I want you to pay very close attention to his body language. Because this week, there's been a lot of speculation regarding the current state of affairs at Strategy. Rumors are swirling that Micro Strategy might have to sell Bitcoin for a couple of reasons. First, Micro Strategy just recorded a huge $5.9 billion unrealized loss for the first quarter of 2025. And simultaneously, Microstrategie has just broken their 15-week streak of buying Bitcoin every Monday, only adding fuel to the speculative fire. But does Staler know something that you don't? Let's take a look at this clip and see what he has.

to say about that. Volatility was a gift to the faithful. It scares away the tourist. It scares away the lazy. It scares away the people that are already conventionally rich that have all the money. If you're a 20-something or a 30-something and you're willing to do the work, if you want to spend 100 hours or 200 hours, if you have more time than money, then the volatility of Bitcoin is a gift to you. If you have more, if you're, if you're, If you have more money than time and you're arrogant and egotistical and you just pick the obvious, then if the volatility goes away, you buy Bitcoin. If people in the rest of the world knew what I know and they understood and they agreed with me,

Bitcoin would go to $10 million tomorrow. And if Bitcoin went to $10 million tomorrow, I want you to think about how you would feel and how your viewers would feel because you would lose 20 years of stacking opportunity during which you get to buy it less than $10 million. So the difference between $10 million and $100,000, that's what you give up if the volatility goes away and people start to agree with you. Big words there. Very, very interesting seeing his take there.

So again, what does Sailor know? This week, to help me break it all down, I am joined by Director of Operations at Bitcoin Mentor, Nathan Fitzsimmons. Stick around. You're not going to want to miss this one. I am Ben with the BTC Sessions, and this is your weekly session. All right, welcoming to the stage, Mr. Fitzsimmons. How are you, my friend?

Oh, Mr. Sessions, I am doing well, thank you, my friend. I'm excited, pumped, happy to be here, lots to talk about and get into. You're looking well, my friend, as well. Thank you, thank you. I mean, let's chat about what's at hand again. And thank you for joining me this week. Glad to have you. Again, if anybody here is unfamiliar with Nathan, he's co-hosting mentor session on the channel every Tuesday, correct, with the wonderfully moustachioed Gary.

Yes, yes. And so far, it's been fantastic doing that. I absolutely love getting these one-on-one interviews and a chance to kind of explore around the edges of Bitcoin too. Perfect. Well, I always watch and enjoy, but let's get to the, let's get to the topic at hand. I want to take a peek at this article here. Maybe I think we're prettier over on the side, so we'll do that. So this article, just the other day, Microstrategy halts Bitcoin buys amid $5.9 billion in losses. What's driving the pause?

And so, despite being the largest publicly traded company, holding Bitcoin micro strategy refrained from making any new purchases between the 31st of March and the 6th of April, even as prices dipped below 80,000. Again, they're pretty prolific with buying that dip. This move, of course, became after Bitcoin rallied to 87K, and now we're kind of dipping again. It's been an interesting week, nonetheless. Now, this did, the silence did follow a recent acquisition of 22,000 Bitcoin. So it's not like they've fully thrown in the towel here. But it did break from its usual bi-weekly buying pattern.

And so here, again, as of the 7th of April, the company held a staggering 528,185 Bitcoin. I would love to have a fraction of that. Acquired for a total of $35.6 billion, still at an average price of $60,000, 67,000. $1458 per coin. Now, they're filing. It said, our unrealized loss on digital assets for the quarter ended in March 31st, 2025 was $5.91 billion, which we expect will result in a net loss for the quarter ended March 31st, 2025, partially offset by a related income tax benefit of $1.69 billion.

dollars. Again, the stock has taken a hit. It slid 13% from 256 to trade near 256. And then there was some recovery. Also, we had Trump reversing some of the tariff stuff. So Wall Street in general had a blindingly green day the other day, along with a pump from Bitcoin, which seems to have reversed a little bit. Nonetheless, Sailor's enthusiasm does continue. So you even though they seem to have taken a pause and people are like, hey, there's, you know, the unrealized losses are staggering. Just as early as, what was this, early March for the inaugural crypto summit at the White House, Sailor was in the midst. He laid out an ambitious vision for the U.S. to secure between 5 and 20 percent of Bitcoin's total supply, which I don't know if they would ever be able to come close to that. but hey, you know, here's hoping for, for you got to dream big, man.

Big goals, right? Go for it. Yeah, exactly. I mean, it's what it is. But I'm curious. Nathan, first I want to get your take on this and then maybe we'll take a little peek at what some other people have been saying. No, yeah, I appreciate that. So like my first instinct is like one, one, I think they're on like a 15 week streak of buying every week.

It's like, guys, how much Bitcoin do you want this man to have? Like, I'm absolutely fine with the pause. Take a break. You want to sit back for a year. That would be wonderful. As just a peasant pleb down here, I need more time to accumulate sats. Well, I think it's wonderful what he's doing for the brand and recognition and getting that information out there.

I'm still in my accumulating phase. I don't have strategy size holdings. If he wants to take a break, leave some for the rest of us. That's totally fine. That's great by me. And even going back to the fear in the current market and the turmoil that's going on, I think micro strategy on like Tuesday, or something. yesterday. It was like up 24% and then like down 8%. And Bitcoin was up and down. We're just

barting left, right and center. I think what we're seeing here is a little bit of projection. I really do. And I hate to say that in the sense that the loudest voices on this thread of like, well, they pause. What are they doing? Are they going to sell? I mean, I think that was always kind of a risk. That was always something that could happen. You figured that they would stop at one point. I didn't expect them to get nearly as far as they did. And after going through the last bear market, After going through the last cycle, hitting 16K, if you think that Sigler's loss is conviction, I don't believe you.

I don't believe you. I think that's your fear that you're projecting onto him. Maybe they're having, you know, it's not easy to get cheap capital as much anymore. Maybe there are other players competing in kind of this Bitcoin treasury corporate space. But I don't think he has any indication or any whims about selling. I don't think it's coming.

I think that's everyone else's fear. Yeah, that's fair. That's fair. Well, I'm going to showcase somebody that may disagree with you here. So of course, Magoo here, he says, reminding people that micro strategy is legally within their right to sell Bitcoin at their own discretion really triggered them. No crying in the casino, folks, no risk, no return. And he had this micro strategy filing. And the quote from the filing, he highlighted, we may be required to sell Bitcoin to satisfy our financial obligations.

and we may be required to make such sales at prices below our cost basis or that are otherwise unfavorable. Now, again, devil's advocate to what he's saying here, I think that's covering their asses a little bit, just kind of making sure. But again, another tweet from McGoo here, Saylor enjoys 10 to one voting rights over common shareholders and maintains 44.3% voting power. it would take a hell of a majority to overrule anything that he wants to do. But then Bitcoin all caps, again, just to reiterate you guys, ownership of common stock does not represent an ownership interest in the Bitcoin the company holds. So if you're looking to own Bitcoin, definitely just own Bitcoin.

But if you're kind of pigeonholed into a situation where, you know, you had some sort of stock or some sort of, you know, whatever it is, some sort of traditional financial instrument that you can't pull out of to buy Bitcoin or take a major tax hit and you want some sort of exposure, then it may apply here. But nonetheless, with all of this,

you have Saylor yesterday tweeting still, Haudle, right? He's still in the saddle here. And just to kind of go back and forth, I know we're kind of going back and forth, but it's good to outline both sides of the things, strategy archive. Everyone's asking when strategy will get liquidated, but here's the truth. There is no liquidation point.

Why? Because they built their Bitcoin treasury on non-recourse debt, not loans with LTV traps. Add 1.5 leverage, 0.42% interest and zero panic selling, and you've got a bulletproof balance sheet. Non-recourse debt, no margin calls, no force liquidations. Bitcoin can drop 90%. Strategy still holds. Discipline leverage, 1.5xxx6. exposure, but without reckless risk, cost of capital is just 0.42%.

Trust is everything. Selling Bitcoin is breaking the social contract. That's game over. Strategy hasn't flinched. No hidden doomsday price. Again, there's no liquidation line for strategy. Their structure is built to survive. And optionality is the play.

This isn't a quarter to quarter trade. It's a long-term accumulation model. Again, the real risk that they have, he says, fundamental failure of Bitcoin, which is negligible, or the real one, which would be self-inflicted, breaking trust by selling Bitcoin. And will Saylor ever do that? Well, let's hear it from his own mouth here. Here's Michael Saylor saying short micro strategy if you want. And again, this posted by hats off to simply Bitcoin. Let's listen. You know, my real aspiration now is if you really hate Bitcoin, I want you to love us. Like, we're the perfect instrument to short, right?

Because I promise you I won't sell it. Right? We're going to be levered long Bitcoin. And if you don't like it or if you just want to hedge it, you get to sell our stock or sell or sell puts or buy puts, right? And the worst thing I could do is to take your side of the trade or to interfere with what you're doing. So I think part of micro strategies rise to prominence.

in the space is we have been laser light focused. We're very consistent. We're very transparent. We're going to buy Bitcoin, never sell Bitcoin. We're going to borrow money intelligently. If you like Manhattan and if a company said, I'm going to borrow $5 billion at 1% interest and I'm going to develop real estate in Manhattan, you might think that that's kind of company you would like to invest in, but if you would, hate Manhattan and we're 150% exposed in Manhattan, you've got this investment teacher, like, that's the company I want to short. And the most important point in the marketplace is you just have to be very pure, true to your focus, have integrity and consistency

and transparency because it's not my job to trade, hedge, arbitrage, or construct that portfolio. There are guys with hundreds of millions or billions of dollars in a Bloomberg, and that's what they do every day. So my contract with them is we're going to do what you can't do. We're going to buy Bitcoin, whole Bitcoin, and we're going to issue equity, and we're going to issue debt instruments, and you can't do that. We're a public company on the NASDAQ stock exchange in America with a nearly 30-year track record. And we have 16 billion of permanent capital. That's Bitcoin, right?

So I can create an equity with 80 or 90 of all. I can have permanent capital. We can stand massive swings because of our capital structure. That's what we can do. What you can do is decide if you want to buy it, sell it, hedge it. I mean, he doesn't seem like he's one to flinch. If I'm being real here, he seems like he's pretty convinced. But nonetheless, everybody that's watching right now, you know, if you want exposure to actual Bitcoin, by actual Bitcoin.

If you want to own micro strategy, own micro strategy, know that those are two different things. And if you haven't started to self-custody yet, check the channel. There's hundreds of tutorials on everything you need to self-custody. That is the way. Nathan, we're going to be back in just a moment. We're going to give a quick shout out to our sponsors. And on the other side of the jump, we've got something to discuss. A darling wallet of the Bitcoin, I guess, of Bitcoin is now back in the United States

because of some regulatory changes. So we're going to talk about what that is up next. And also, speaking of which, get your lightning wallets ready because we're going to give away some stats on the other side of the jump. We'll see you guys in one minute. Bitcoin Well is the best place to be buying and selling Bitcoin in Canada and the US. And now with Bitcoin Well Infinite, it's also the best place to be making large buys at their OTC desk of over $50,000. Their white glove service gives you fast transactions, no slippage, and the lowest fees. You can scan the QR code on the screen or simply head to Bitcoinwell.com slash BTCS.

sessions to sign up today, and you can share your own personalized referral link to earn commissions. Debify is the best and easiest way to borrow against your Bitcoin in a non-custodial way. Funds are held in a multi-sig escrow where you hold a key, and the platform allows for excellent hardware like the cold card mark four and the queue. You have access to flexible conditions, the best rates, and institutional grade liquidity. If you're looking to make use of your capital, don't sell your Bitcoin, borrow against it. You can head over to debify.com to check them out or simply. All right, we are back in.

And it's time to give away some stats. So everybody, get those lightning wallets ready. We've got Bitcoin well pulled up on the screen. Side note, I'll put a little QR code down below. If you want to check them out, the way it works is when you sign up, when you buy Bitcoin, When you refer friends, you earn points, and those points can be used to toss a coin in the wishing well. Every time you do, you win a chance to win up to a million sets. And so that's what we're going to do right now.

Whatever comes up when we throw it into the well, hey, somebody's going to be able to steal that by scanning it with their lightning wallet. So with that, let's give it a shot here. I'm going to toss a coin in the well. Best of luck to everybody. Again, whoever snags at first rugs it from everyone else. we've got 500 sats there whoever scans that let us know if you get it drop a note in the chat we love to hear it so congrats to whoever snags it but we're going to we're going to move on to our next story here i'm going to share this story and let's chat a little bit u.s department of justice uh justice department rather ends crypto enforcement unit and regulation by prosecution this is actually has quite a bit of impact, not just on developers that are building, but also as individuals, just living in the United States. Now, we're, both of us here are in Canada. So a lot of the

draconian stances of the, of the Justice Department down in the U.S. haven't reached as far up here. But who might have talked? They were basically shutting down her bank accounts three years ago. So there's that. I was a thing. And it did happen. That did happen. That did happen. So let's read what happened here. On Monday, the U.S. Department of Justice informed staff that it disbanded the National Cryptocurrency Enforcement Unit, or NCEET, a division focused on crypto-related investigations. In a four-page staff memo titled Ending Regulation by Prosecution, U.S. Deputy Attorney General

Todd Blanche stated, this decision is effective immediately and aligns with Trump's January executive order on digital assets to establish regulatory clarity. for the industry. Quote, the Department of Justice is not a digital asset regulator. However, the prior administration used the Justice Department to pursue a reckless strategy

of regulation by prosecution that was stated in the memo. This unit, established in 2021 under Biden, was a joint task force comprising of prosecutors from the DOJ's money laundering and cybercrime units, along with attorneys from other district offices. The unit played a role. in major DOJ crypto cases, including the prosecution of tornado cash and likely samurai wallet

developers, as well as investigations into North Korea actors involved in laundering proceeds from various digital asset hacks. The U.S. Deputy Attorney General also instructed DOJ employees to prioritize prosecuting individuals who harm digital asset investors, shifting focus away from cases against exchanges, privacy tools such as mixers and tumblers and self-custy wallet. and related tools. Again, ongoing investigations that are inconsistent with the foregoing should be closed. The Office of the Deputy Attorney General will work with the Criminal Division and EOUSA to review ongoing cases for consistency against this policy.

All previously issued policies and directives that are inconsistent with any of the foregoing are rescinded effective today. So pretty wild. So this impacts tornado cash. We've seen some positive developments there. But just as I was alluding to, one of the immediate downstream effects, Phoenix Wallet is back in the U.S. And I know a lot of people in the U.S. You guys were pissed when they pulled out.

But they, you know, it had such a chilling effect. As soon as it pretty much as soon as they got the samurai guys and arrest. to them, it was right around that time that Phoenix was like, nope. You had, what else? Nathan, refresh my memory. Who else is not? Yeah, Phoenix Wallach. Phoenix Wallet pulled out of the U.S. Wallet of Satoshi pulled out of the U.S.

I think Blink never even went into the U.S. And then, if I'm not mistaken, Wasabi shut down their coordinator as well, too. It was anybody that thought they may get caught in this massive sweeping net, just said, we're not going to, we're not going to mess with this. we're not going to go up against them, we'll just go elsewhere. And again, the people that suffer is not necessarily even the developers, except for in the case of like Tornado Cash and Samurai wallet. It's the U.S. plebs.

It's Bitcoiners in the United States, not getting access to tools that would be unbelievably helpful for them. Yeah, yeah, exactly. And so you can see in the thread here, and I'll just pull it up. Down below, somebody said, what's changed? Serious question. And, of course, they quoted from ASync, we welcome the ending regulation by prosecution memo by the U.S. Deputy Attorney General, and the clarity provides for developers and operators of Bitcoin software.

This is consistent with Executive Order 14178 that recognize the importance of, quote, protecting and promoting the ability of individual citizens and private sector entities alike to develop and deploy software and transact with other persons and to maintain self-custody. We are happy to make our products available again in the USA. And jumping back to that time last year when there was a major chilling effect, recent announcements from U.S. authorities cast a doubt on whether self-custodial wallet providers, lightning service providers, or even lightning nodes could be considered money services, businesses, and be regulated as such.

We are removing Phoenix from the U.S. app stores and we'll be assessing other potential impact on our operations. So that was a rough time seeing that play out. That was not good to watch. And again, wallet of Satoshi was very widely used. Again, better to have self-custy, but I recognize why so many people use that for like zapping, low barrier to entry. Newcomers, yeah.

It was an easy mechanism to just kind of show the basics to somebody and then have them step up to something like Phoenix. for full self-custody. But yeah, that was pretty rough. But hey, here we are. And again, I'm hoping that this has an impact on the samurai wallet case and the individuals there. I don't know, Nathan, if you want to touch on that a little bit. I do.

Yeah, there's like another section that I found in that memo that I have pulled up here was the deputy attorney general's Monday memo said the Justice Department would stop targeting virtual currency exchanges, offline wallets and services known as mixers and tumblers designed to make crypto transactions anonymous. And for the acts of their end users are unwitting violations of the regulation. So that to me suggests that mixing services, privacy services are not necessary. They're not going to be targeted anymore. Now, they haven't said anything specifically about the samurai case, which just as a reminder too, it was Keon Rodriguez and William Hill that were arrested in Portugal, each charged with one count of conspiracy to commit money laundering, which carries

a maximum of 20 years, and one count of conspiracy to operate an unlicensed money transmitter. And so I at least think for that money transmitter side of the charges that it would seem reasonable to me. But again, I'm not a lawyer. I have no idea that that would be dropped. And hopefully this is sufficient that, like, realistically, like, we're just not dealing with this anymore. We have other focuses and they turn their attention elsewhere. So at least it's a move in the right direction to hopefully get the samurai guys out. Yeah, yeah, I really hope so. It's just, it's, it's so scary seeing this kind of stuff for, now, again, there was a lot of nuance there and I'm sure it's unfortunate, just kind of how this is all played out. But if anything, it's kind of spurred on the creation of, you know, privacy tools that, you know, in the wake of this, I'm sure will be even more unshakable. It's just, it's just, it's, definitely left a gap. And when Wasabi also was like, hey, we're not going to allow U.S.

customers to use or U.S., I guess, users to use our coordinator and then just fully shut down their coordinator, well, what came in instead was, hey, somebody, people started rolling their own coordinators that you could then plug into Wasabi. And what happened with Samurai, well, you got a fork of it called Ashigaru. And actually, I've covered both of those things in tutorials. So if people are curious about that, then be sure. sure to check those videos out. I'll also say if you are now in the US and you're curious about Phoenix wallet, there is a tutorial up that you can check out. Again, we always highly recommend that people investigate privacy tools, investigate self-custody tools, and Phoenix is a fantastic

one. So don't just ingest the news. Also act upon it. If you're not leveling up while you're learning, then you could be better. And if you do, we need any additional help with that, of course, you can always hit up us over at Bitcoin Mentor.io. But I digress there. Nathan, we're going to go to another break here really quick. On the other side, do you want to give us a little tease about what we're going to be covering? Yeah, we got some more corporations kind of moving in the right direction as it comes to being

open and transparent. So we're going to touch on that a little bit after the break. Hell yeah. All right. So we will be back in just a minute. See you guys in a second. Looking for a simple and secure way to manage your Bitcoin on mobile, Aqua Wallet has you covered. It's user-friendly and puts you in full control of your Bitcoin with secure self-custody.

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or for convenience when traveling. You can head to coinkite.com and use code BTC sessions for discounts, for discounts or simply scan the QR code on the screen to get started right away. All right, we are back in and I will say to everybody, if you're looking to, again, get self-sovere and self-custy and do it right, check out CoinCyte. There's a QR code on the screen right now. That'll give you 5% off anything cold card related.

Highly recommend, it's my daily driver. I love that thing. I've done 8 billion tutorials on how to use. use it because there's so many awesome little bonus features to it. So with that, anyways, Nathan, I'm going to toss it to you. What is this and how does this pertain to the Bitcoin ecosystem as a whole and maybe to the viewers as well? Yeah, give me a second.

I can't see my screen quite out there. So let me just see if I can make sure I pull it up and we are all good to go here. Do to do to do to do? Not quite yet. Yeah, do you have it there on your end? I don't have it on my end, Mr. Sessions. I got it up here. It's looking good for me.

Interesting. Well, then I'll just assume that my computer's being funny and continue as is. So we've got the Block Dashboard. Block Open Source launched an open source Bitcoin corporate holdings dashboard and real-time BTC to USD Price Quote API, both accessible on GitHub to assist companies in managing Bitcoin on their balance sheet. These tools address the growing trend of companies adopting Bitcoin for diversification, inflation protection, and portfolio optimization,

while tackling the challenge of tracking digital assets. The dashboard provides real-time visibility in a user-friendly interface and the future update plans are coming down the pipe. And so what I like about this, and I'll switch tabs there, hopefully you can see it on your end. It's just a way for corporations to disclose what their Bitcoin holdings are and where they're currently valued at. And particularly for me, I feel like this really plays into the game theory

of how corporations and even ETS will progress over time. Now, we all know self-custody, there is no. alternative, right? But even then, there's still pressure with corporations, and again, ETFs competing with one another, that they're going to increase their optionality, decrease their fees that's going to squeeze those margins and increase their openness as well, too. So I would expect that we would see more things like this, like corporations that are following the micro strategy playbook, wanting to have their holdings open and public and available, because they're using it as kind of a advantage, particularly where there's still that information

asymmetry between other companies. Additionally, I would expect to see the same, sort of thing for other custodians in terms of proof of reserves. I would see more things like that, which I believe River and a lot of other companies do as well. Like post the edge, El Salvador, post the ad just let people see. Now, does that account for proof of liabilities? No, but still, it's again, it's moving into this more open, transparent framework to get that competitive advantage. And additionally, I think that it would ultimately, it relates to the same pressures that push for the in-kind redemption on ETFs. That really it's kind of, it's slowly, moving towards like really there's no alternative to self-custody, but they're going to get there as

close as they can with what's available to them, again, to out-compete other people, new entrance into the market. But Mr. Sessions, I'm curious, your thoughts on this. Yeah. So I really like the directionality of what's happening here. Again, as you said, as we always say, as everybody, all good bitcoins always point out self-custody is the way. If you're buying an ETF, you're buying an IOU. But with that said, I think that clown world, as it is right now, the rules are the antithesis of what they should be. Right now, if you are in the care of many, many people's money, there's not nearly enough scrutiny on you and nearly enough easy auditability. And part of that is just the nature of the banking system itself and how often. it's happened. However, if you're an individual, you better believe you've got to be, you know,

you're reporting your $600 Venmo transactions, which is insane, insane to me. And so the exact inverse needs to be happening. If you are caring for the money of large swaths of people or an entire population or like you're a company and people are invested in you, anybody should be able to audit those holdings at all times. Like that's the level of scrutiny. Like if a government is holding Bitcoin, or let's even teleport forward in time, let's say like Bitcoin becomes ubiquitous,

that's just the money everybody uses. You should be able to audit not only how much Bitcoin the government is currently holding, but what the hell they're doing with it? And they should be able to attach actual notes to on-chain transactions to link to actual government. government actions. That should be the level of scrutiny. Well, the average person should be

able to either be, you know, like having, I imagine the future, there's not going to be a lot of on-chain from your average person, but you may be benefiting from things like e-cash systems, like FETI, and you're getting absolute near-perfect privacy for your day-to-day transactions. Nobody needs to know about you going and buying eggs from the farmer down the street. Nobody needs to know all those little things about your day-to-day transactions, nor should they even be able to know them. And so I look forward to this rapid shift that I think we will see. And furthermore, to the point, this is particularly attractive because, yes,

you can't for sure say what's going to happen in the future, even though you can see the holdings now, but there is a canary in the coal mine. If shit starts to smell, you're going to notice. going to see money flowing out. There's going to be alarm bells ringing when stuff goes sideways. And had this been the case, FDX wouldn't have been able to pull off what they did. There's no way they could have done that if that's what the market had demanded. I think the market is starting to clue in. We need to demand this because that's what makes Bitcoin so special. Now, I completely agree. And even things like I want to mention, Anchor Watch as well, too,

for any of the corporate treasuries out there that are using a custodian like Coinbase, where they don't necessarily even have their addresses that are able to do such a thing and disclose what their holdings are. There's better products all the time. And even for like, again, for corporate treasury, you can get insurance on it now. And it's really cheap, surprisingly, too. That I think we're going to see more of the, even the corporate treasury holdings are not going to necessarily be keeping them with a custodian. They're going to want to have that ability to show their balance. They're going to have the ability to show the reserves and let people watch that at any given time, that they can track it and feel comfortable and have a little bit more openness to it.

And for that, the companies themselves are going to have to take. custody, they're going to have to use things like Anchor Watch in order to pull that off in order to, again, compete in the market. Because they just say they've got on the balance sheet and they say that it's with Coinbase. We all know how we feel about Coinbase these days. Then it's always going to be a, it's another factor that there's another company that I could invest my money in. If I was not just buying Bitcoin with everything, then I'm going to pick somebody else, right? If I have to have a company, I want the company that discloses their Bitcoin so I can audit it and see it for myself. If I have to pick an ETF, I want the one with in-kind redemption. I think we'll slowly, slowly

start moving more and more to that optionality. Yeah, I 100% agree. I think that the market as it begins to realize what this stuff is capable of, as it begins to realize what happens when you don't actually reach out and utilize the killer features of Bitcoin, bad things happen, FTX has happened, Quadriga's happened, all of the previous blowups came about because there was no good auditability. And I think moving into the future, it will not only be expected, it will be demanded and perhaps even regulated than it happens. And I think that puts us in a pretty great place. But with that, we do want to say,

if you are trying to self-custody and you're a little bit, a little uncertain and you need some handholding. Of course, go check out the free tutorials. There's a ton of them on the channel, but you can also, of course, reach out to us at Bitcoin Mentor.io, get private one-on-one sessions. We can help you with custody, multi-sig, nodes, really anything, and we'll get you set up really nice. But anyways, with that, we're out. Thank you guys for joining us, and we'll see you guys next time. I'm Ben. That is Nathan, and we'll see you guys next week for your weekly session.