BTC Sessions - 99% Are Missing This HUGE Bitcoin Threat — MicroStrategy STRC Endgame EXPOSED

Episode Date: January 23, 2026

🚨 99% of Bitcoiners are missing this massive threat.The MicroStrategy STRC Endgame isn’t just a plan — it’s a paradigm shift. While the world watches price charts, something far bigger is unfolding behind the scenes.Is this a brilliant move… or a ticking time bomb for Bitcoin?Join BTC Sessions as we uncover the truth behind MicroStrategy’s STRC play, why almost no one sees it coming, and what it could mean for the future of Bitcoin.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 BTC Sessions on X: x.com/BTCsessions—------------------------------SHOW SPONSORS:BITCOIN WELL BUY BITCOINhttps://qrco.de/bfiDC6COINKITE/COLDCARD (5% discount):https://store.coinkite.com/promo/BTCSessions ABUNDANT MINES:https://qrco.de/bgYKPBAQUA WALLEThttps://qrco.de/bfiD8gNUNCHUK HONEYBADGER INHERITANCEhttps://qrco.de/bfiDARHODLHODL NO KYC P2P EXCHANGEhttps://hodlhodl.com/join/BTCSESSIONDEBIFI LOANShttps://qrco.de/bfiDCp#btc #bitcoin #crypto

Within four months, micro strategy may hold over one million Bitcoin. It sounds super impressive, but it's also a little terrifying, in my opinion. Is this what Bitcoin was meant for? Today, we're going to be chatting about a product that Michael Saylor is offering, one that seems to have just had its iPhone moment for mass consumption. We're going to chat about how it works, how it exploits the Fiat system, and how it's letting Sailor stack more Bitcoin than Satoshi. What is the end game here and is it good for Bitcoiners?

Today we're going to dive into this and plenty more. I am Ben with the BTC sessions. This is your weekly session. All right. I want to welcome to the stage. My co-host with the most Nathan Fitzsimmons is BTC mentor. How you doing, man? I'm doing all right.

Did you see that imposter that was at Davos, that Brian Armstrong clone that they sent in? I did. He said Bitcoin, so it for sure wasn't actually. It was not him. That man does not understand Bitcoin. That could not have been him. Yeah, absolutely. Absolutely. Yeah, well, we'll get to that. We're going to chat some Davos stuff. Plenty going on, but there's an elephant in the room, and I want to chat about it. And so we're going to focus this first section on Michael Saylor strategy, something called STRC. And so I want to kind of walk through some things. I've got questions.

And maybe some of these are above my pay grade. But we're just going to chat and riff on this and kind of see, tug on some strings. This is Samson Mao. Only a handful of people on this planet understand the impact of STRC and what it means for it to hold at $100. I'll explain that in a second. You can tell people about an iPhone moment, but most of the money. Most can't fathom it until they see it years later, plan accordingly. I'm going to show another thing here.

This is Michael Saylor tweeting about STRC, and he has two screenshots. One of it at $100 and $4 and one of it at exactly $100. What in the hell is he talking about? and how does it relate to this? Strategy has acquired another 22,000 Bitcoin for a couple billion dollars. Again, they're now sitting on almost 710,000 Bitcoin. This is last year. They bought $25 billion worth of Bitcoin in 2025.

at the pacing of what they're projecting, it looks like, yeah, a million Bitcoin inside of the next four months-ish, something like that. Sailor is on pace to have more Bitcoin than Satoshi. And so one of the things that comes up is, you know, people are always, there's always the panic tweets and the articles and everything about Satoshi's coins, right? It's always like, what happens? What happens if Satoshi decides to go and move his coins and, you know, he sells them all or whatever? Satoshi is anonymous. What happens if there's a dude with a million plus coins who you know exactly who he is, who can be coerced into doing various things and who is alive and well? in my opinion that's kind of the bigger thing here but that's not all let's let's chat about a couple more

things but I do want to show I'm kind of lining up a few things so we can get into a bit more of a conversation so let's first talk about STRC and what it is so I'm going to kind of give my layman's breakdown here. So STRC, it is kind of like a fancy stock or a bond or something like that that you can purchase. And it is designed to sit at exactly $100. If it goes above or below 100, they want to push it back to that place where it stays at $100. Now, when you own STRC, you get a dividend. Right now that dividend yearly is sitting at 11%. So you put in $100, you get $11 back in returns every year at the current rate. It can change and we'll get into that momentarily. But that is a very attractive thing to your average person. Now,

you'll notice so far I haven't said shit about Bitcoin because this product is not really, for the person buying it, it's not a Bitcoin thing. It is, you buy it and then you get your Fiat dividends back, your 11%. Okay. So what, how is this getting the 11% yield? Where is that coming from? So of course, there's, there's stock for strategy. There is an operating business underneath.

There's like a software business that is, you know, in the grand scheme of how much capital is accumulating here, is not playing majorly into the equation, but it is there. There are also people continuing to buy STRC. So there's capital being accumulated there. And then there is a stockpile of billions of dollars in cash, not in Bitcoin, that they have put aside. And so the looking into it, the payouts, the 11% those dividends are

coming from new people coming in and buying STRC. And again, this is where I'm like, I'm trying to look things up as best I can and says like primarily, okay, new people buying STRC, I'll pay the 11% dividends of the people that already own STRC.

Also people buying MSTR stock. Okay, that can be also paid out for the dividends there. It can come from the operating business as well, although that's, again, a small piece of the pie. And then there is the cash reserves. Again, no mention of the Bitcoin. The play being that the people buying STRC, yeah, they get their 11% back, but the rest of that money is going to buy Bitcoin. like they're just stacking sats with that stuff

and the mechanism to keep it out $100 is as such if demand begins to shrink meaning that the price of STRC starts to go down they up the dividend to attract more buyers so if STRC were to tank they'd be like oh the dividend is now 12% whatever and people go ooh that is pretty good I'll buy that.

Okay. And then they buy more. But the opposite can be true as well. So if the demand is very, very high and the price starts to rise above $100, they can say, yeah, we're dropping the dividend. And then people offload STRC. So the dividend is not a given. Okay. So I'm now want to share my screen again.

Sailor's been on tour here. I'll show, here we go. Here he is at Morgan Stanley. Here he is at JP Morgan. Here he is in D.C. Here he is in Abu Dhabi. Here he is in Kuwait. Kuwait, the tour.

Bahrain. And here he is in Dubai. Now, there's been a purpose to these visits. He's been busy for a reason. And I'm going to let him do some explaining himself of like, what's up? And this is the recent what Bitcoin did episode with Danny. Obviously got much spicier in other parts of it. But this is what pertains to what's going on here.

So I'll let Saylor explain for himself kind of metaphorically what's going on. So let's take a listen. If I'm actually knocking on the door of J.P. Morgan and First Bank of Abu Dhabi and Emirates Bank and Morgan Stanley and City and Bank of America and Black Rock and Vanguard and I'm offering them digital money, it's like, let's talk about sales, Danny. You're a salesperson and you show up to the customer. Here's your two pitches. I've, I've. got the best company in the world, we're the smartest, and you should buy our stock

and bet on us because we're smart. That's a pitch. Or I've got the best product in the world. You can buy this product. It will cut your cost to zero and it'll delight you. And you'll, you know, it'll be very enjoyable. It's like the iPhone. It's consumer product, that's pitch.

Or I have an industrial product, If you buy this, you can create robots and be the most valuable company in the world yourself. I'm going to give you a chip and you will become the most valuable company of the world. I have unlimited free thermonuclear reactor in a pocket and you can put it into your cars and you can create flying hover cars and you can become the greatest company on earth with the greatest product on earth and I'll be your vendor or even better. I have a product. You can put it into your bank. Your bank will be the biggest bank in the world and your country will be the most, the richest country in the world. And your country and your children's children's children will be rich forever. You'll be the most powerful company, the most powerful country with the most prosperous people. And you'll create the greatest company because you'll have the greatest product in the world.

And I'm just going to be your humble supplier. This, okay, so that line right there, I'm just going to be your humble supplier. Stick with me for one second because I want to play one other clip of Salele. kind of explaining a little bit more in and around STRC as it pertains to this. You basically have to create a layer of digital capital, not our doing. Then you have to create a layer of digital credit. It takes a lot of equity capital, right? We have $60 billion now.

We'll probably have the most digital equity capital on the world forever at this point because no one's going to catch us on this network. and if you have that credit layer, the last layer digital money can be created by partnering with a bank or a money manager. Like you just basically go to a large bank or Black Rock or a Vanguard or the likes, and then you create 80% credit, 20% cash equivalents, put a 10% buffer of currency reserves on top of it to strip the last ball each day. and you have just put shock absorbers on the credit and the credit is of course sort of like damped volatility stripped risk stripped capital right and that's the three-step process so okay um and so the last thing that'll show you this is a this is a this is a real uh quote from Sailor from a podcast he did recently.

We are sort of like the central bank of Bitcoin. So what he just laid out there, what he just talked about. Okay, so you've got capital at the base of it. You then create credit on top, and then you can create money. Are we trading our central bank for just like a new private central bank? Is this the end game here?

Is this where we're going? Nathan, I want you to dive in and tell me what you're feeling after kind of going through all that. I'm not here to play Fiat games. This is such fucking bullshit. This is not on mission or on points at all. I don't know about you guys out there. Again, I can only speak for myself again. Saylor has been a wonderful advocate for Bitcoin, but you weren't supposed to join them.

This isn't supposed to be a revenge of the Sith story. Talk about going to the dark side. I'm like, you know what I'm going to line up with J.P. Morgan and BlackRock, and we're going to intro a whole new currency. Well, the whole problem with your stack right there is if you go back to that digital capital at the bottom there, that little word you keep using. Digital capital. It's weird because it's not. It's money. It's currency. Bitcoin is already currency. It's the bottom of your stack and nobody needs this other bullshit on top of it. So what I see is an asymmetrical information play here that's taking

advantage of people that are still stuck in the Fiat system. Fuck this shit. Right? Right? I don't be grudshimp. He's allowed to do his business, but it feels to me like you were just creating another. I'm going to use my words very carefully. I am not accusing anyone of starting a Ponzi. This reminds me of one. It's not. It's legal. It's filed. with the SEC. He's all clear on those sort of fronts, but we're going to pay out a dividend by selling equity to newcomers, mostly, and then raising capital. So one, if nobody wants to demand, if there's no demand for MSTR, for whatever reason if that drops off or STRC, well, then you can't raise money for the dividends. And you might start to break that peg at some point in time, too,

because if you need to raise that yield, but you can't raise funds, nobody wants to buy the equity. We're in a little bit of a problem. That can go into a flywheel of sorts, kind of like you've already created. There's risk to the downside. Why do you think it's 11%? Like, that's just ridiculous unless things just inflate to high heaven, in which case it doesn't save you from anything. If you, again, I'm in no way drawing any sort of comparisons. I'm not doing anything that would make me liable, right? I'm not accusing anyone of doing anything illegal and people about to make their investments, and I can't give investment advice. But there's another gentleman out there who was consistently giving 10 to 12% annually, very suspiciously by using new investor money. Again, he didn't

have assets on his balance cheap. You can go and check that up for yourself. So I hate it. I absolutely hate it because this is just Fiat games. This is everything we were trying to end and get away from here. I'm not looking for you to be the central bank of Bitcoin. I'm not looking for a central bank, right? We were trying to have money is not supposed to be this complicated. And investing is, let me just, okay, cover the kids ears. Everybody ready? Investing is fucking retarded because unless you know the company, the owners, the managers, you have some sort of asymmetrical information. You got a buddy. He's starting up a new restaurant and he just know he's got the most amazing beef supplier and this thing's going to kill, right?

Investment was a work to help the business grow, to throw them some capital because you saw that there could possibly be a return there, right? We want to make sure that remission returns of Bitcoin as well, too. Most people just want to return to savings. They just want to not be debased the whole time. Bitcoin does that. We're done with this shit. The fact that it's so unbelievably convoluted that most people that buy into this will have no idea how the money is necessarily derived, right? They'll not be aware of the risks that are going. Again, everything is completely legal. He is not the only one playing these sort of games. It's the whole financial industrial complex bullshit. But like, what are we doing here, man? Are we here for freedom? I'm

incredibly skeptical now, even though like, again, I see the guy at the Rand Institute. All the times he says that it doesn't compete with the dollar. We better hope that it doesn't. Because if people don't want those dollar payouts anymore, this whole fucking thing blows up. But it all makes sense now. You didn't want to destroy the money printer. You want to become it. Yeah. I hate it. It's, yeah. Yeah. Um, again, I'm looking at this and so here's the thing. How does how does the, you know, it seems like end game here looks like, well, first off, I, you know, Sailor, you know, is, is constantly talking about like, oh, yeah, the dollar and

Bitcoin can coexist. And I, he wants, he definitely wants them to coexist because if the dollar fails, this doesn't work anymore. This play does not work if the dollar fails actually entirely. People need to keep wanting and using dollars. They need to want a dollar return in order for this to work. And unfortunately, unfortunately right now, the market really wants a dollar return. This is the market cap of STRC. Not surprised. It is growing considerably since last summer. It's up to, you know,

it's got a $3.36 million dollar market cap. It was, you know, 2.6 last summer. So it continues to grow because people are going there and especially when

Bitcoin has been kind of like sideways down in the dumps and people are disillusioned, they're going for the thing that gets them a yield. And what are, so what are, what are you trading when you do

that? I mean, you're you're trading 10 or 11% so that one person can buy more Bitcoin than Satoshi is, is what you're doing. Let's start with Coinbase, by the way.

Largely. So no risk there. Yeah. And the other thing, again, the the inclination here is okay let's say the dollar does fail what's the next play i mean sail i mean sailor kind of laid it out he was like okay well you have a base layer of the actual capital you have credit on top and you have money on top of that and so yeah you could get it all it to me listening to a lot of this stuff it sounds like let's try to return to a you know the new gold-backed

currency, but the Bitcoin back currency. But the gold back currency was able to be rug pulled because it was backed. You weren't using the actual thing. And the point of Bitcoin was to be able to use the actual thing or have like, you know, easy, auditable and verifiable and unilateral exit options. Yep. So that you can't debase the actual thing. when it's with custodians and when it's you're not doing proof of reserves which they're not

I'm not saying that the Bitcoin's not there right now but I'm just saying that well how would you know sorry and that's and that's the thing when you build a system around that type of trust then you're going to get rug pulled like we even before the the gold peg got rug pulled they had already rug pulled it like they they sent a fucking war ship to New York, France did, because they knew fuckery was afoot. They knew like, hey, you guys have been in Nam for a long time. You shouldn't have enough money to do that. Can we have our gold back?

And so, like, are we just barreling down the exact same path here? Are we just setting ourselves right fucking up for the same thing? The problem is, like, the people that are watching this right now are like, no, I'm going to self-cost to see my Bitcoin and everything. So like we're kind of preaching the choir here, but it's the average fiat normie that's going to be like 11% sounds great. Meanwhile, it's like, okay, our system has failed. The reason you need the 11% is because the gold peg got rug pulled. Yep.

Right. And you're getting the 11% so that we can build the new Bitcoin peg that can then be rug pulled. Like it's just, it just, it's like history doesn't fucking repeat, but it sure is rhyming. a lot. It sounds like Eminem in here. It's crazy. I don't know. Like it's just, it's really. The mouse doesn't understand why the cheese is in the trap, right? There's, you're being enticed with something. Obviously, he's pushing the risk on to you, right? At the end of the day, he doesn't have to pay out a dividend. And if they go belly up, this is preferred stock, but debt holders actually get paid out first. You get paid up before common shareholders, but it's still,

you're taking on additional risk. And the biggest risk of anyone listening to this stream right now, the biggest risk that you're taking on is you do not have bitcoin in self-custody you you are not sovereign you don't have control you're at the be the the vest of him and anybody might be able to lean on him as well too and i have growing suspicions about people higher up than sailor himself that might lean on him at some point in time like again i can make something perfectly here one for the love of god please don't sue me two everything he's doing is legal and three that this was always going to happen there's nothing that i can see or do to convince them otherwise and i can't stop them i can't stop people from getting into blockfi or celsius i can't

stop people taking leverage on their Bitcoin, and I can't stop people with getting this product. Because again, I get how desperate and how bad things are in the system. And it's getting worse. I feel for you. And it's like good nutrition and exercise. Even though Bitcoin's born right now, the right answer, usually is the one that takes a long time to kind of pay off and there's a little bit more work, maybe not necessarily as rewarding in the moment. I don't think this is going to, I think on a medium or long-term horizon, this is not going to work out well. Because the other thing you'd even consider too, right? It's like, there's the risk of the Bitcoin price tanking, which we know that that can do, right? Which makes it very hard for him to sell enough. And he's diluting MSTR shareholders.

So have fun, guys. Sorry about that. Maybe you'll have more Bitcoin per share, but still, it's not necessarily ideal. But there's also the other tail risk of Bitcoin ripping. Because if Bitcoin rips and we get that, you know, that FOMO, all of a sudden that 11% doesn't look so good anymore. You might have people selling MSTR or selling the STRC in order to actually get into Bitcoin and self-custody. So the price ripping in either direction could actually be a tail-risk event for this setup. Because if he can't, if he can't raise funds and he can't sell equity, he can't make the dividends and then we can

start the spiral out of control. The other one that people with the friend to get all the time too is that if we have some sort of a monetary issue, think back to like, you know, 2000 and 8, even like the COVID crash, I think these things are not done. They're definitely on the horizon. I saw Japan's bond market seems to be blowing the fuck up. Sorry, I'm on a bit of rant.

It is also possible that even though interest rates are very low, he's not able to raise capital because the risks in the perceived system are just too high. you additionally need people to be able to lend you the money. And even though interest rates might be low, you think, oh, it's easy to lend money right now. It might not.

It might be essentially infinite for him if no one will give him the loans that he needs, right? If banks are basically shuttering the doors and saying, hey, we're not taking on any additional risk right now. So it's Fiat games. I got into Bitcoin to get away from Fiat games. I don't begrudge anybody. You do whatever the hell you want with your own investments. But I am here for the mission of like freedom go up. I'm here to end central banks, not create a new one.

Yeah. Yeah. And the thing is, again, even, if fiat fails it doesn't mean that we still can't be in a dire situation with Bitcoin backing it you can still again if you don't have the Bitcoin

somebody else has the Bitcoin and they can whatever tools they're building atop it they can dictate how those work and how the rules of that system go and so it's no longer yours and so how do you get out of this not just owning Bitcoin and stacking it in self-custody, but I think I think Calli put it best here. Use your Bitcoin, you fools.

Use it. If somebody wants to build a system that is instruments on top of Bitcoin that are abstractions that can be rug pulled, the solution to that is using the actual thing. And if the crazy people in the room with us right now aren't willing to do that, what luck do we ever have getting the Fiat Normies that are buying STRC to do that?

Great. Lessons will be learned. And also, I was anything like this, if you want to have a Bitcoin bank, they already exist. You can already use them. You can use liquid. You can use Fetamint, right? If you need to have abstractions on top of Bitcoin, you don't need to play stupid Fiat games.

There are other things that we can use to get the higher levels, to scale to get privacy that are useful and they're being developed and improved all the time. This is just more of the same. Like again, like we just watch them. It's that, it's that ring for power, right? It's just you get, you see, it's the greed.

I always for the longest time was concerned about, yes, that's the one there. This is the problem that we have here. Everyone loves that power and it's greed that kicks in. For the longest time, I thought the biggest risk to the like the players in Bitcoin was the fear angle, but like the threat of violence against them to being censored to being thrown into a cage. I was always worried about that. I completely neglected the idea that they might be just invited to have a seat at the the table. Like, hey, instead of fighting us, why don't you just come join us? We've got yachts and

mansions and full control and we can do whatever the hell we want and find whatever we want and just gallivant around the world. I hate to see it, but like, you're a software company, man. Just saving Bitcoin and sell your fucking software. If more people were just good at things, spent less than they earned and went on a Bitcoin standard, I feel like the world would be a pretty great place. It would be an amazing place. But the world is a little bit of a cluster fuck right now. We're going to chat in the moment.

There's some interesting stuff. I feel the Fiat Dumorism kind of creeping into the sentiment right now. There's a handful of that. But of course, you know, Bitcoin self-custody is important. And we're going to, we'll hit off the next section on that. But we're going to dive into some of the stuff out of Davos and, you know, what the overlords want to do to you in just a moment. So we're going to say a quick shoutout to our sponsors.

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You leave your Bitcoin with somebody else and they take it. Oh, that's a very simple way to do it. Yep. Yeah, it's an effective playbook to go back. Does it happen before? I don't know. I feel like there may be a smattering of those instances over the history of Bitcoin. Nonetheless, this is Anya. Hopefully I'm seeing the first name, right? Anya Dregovic.

And this was Australian Crypto Exchange, D-DX, I'm not sure how to say it, has gone into involuntary administration. This is a timely reminder of why self-custing. Your Bitcoin matters. If you don't hold your keys, you don't hold your coins. So this happened recently. This was a little while back a couple days ago.

But nonetheless, case and point, self-custs your Bitcoin. This can happen. This can happen on a small scale. It can also happen on a continually growing scale. Every single cycle, there's been blowups. Every single cycle, we think that we're past that. Or some people think we're past that. Oh, it's a new era.

Things are more mature now. Let me let you in on a secret. It's always people. And you're putting trust in people. and you shouldn't trust people. So the long and the short of it is, it can continue happening. Now, with that said, let's chat a little bit because, you know, the last section I was kind of talking about, I'm worried that, you know, we have people that have an interest in keeping the Fiat system going

in order to continue to exploit it and buy more Bitcoin. Ray Dalio seems to think that this is the beginning. of the end of the fiat monetary system this was an interview just a couple days ago so i'm going to play it about a minute long can you remind us this is the beginning of the end for the prescience of the u.s dollar um it's the beginning of the end of um the monetary system as we know it's not just the u.s dollar it's the fiat monetary currencies so the ukk the euro japan and China all have similar debt problems and so on, and are dealing with the same interrelationships,

which is the reason you're seeing gold being chosen by the central banks. They want a currency. Gold has always been the main currency, and it's the only non-fayat currency, in other words, not the currency that can't be printed, that they want. And so that's why you're seeing central banks move

and sovereign wealth funds move to gold, And that's the nature of the shift of the monetary system. So, Nathan, and I mean, Dahlio's been skeptical of Bitcoin in the past. He definitely sees the problem with Fiat now very clearly as he outlined there. He's expressed the outline basically a 15% allocations. Dahlio's the 6040 portfolio guy. That's his whole bread and butter. That's where he made his money.

He made his fortune. And he did very well for himself over Bridgewater. But even as recently as I think it was like six months ago or so that we're seeing the interview and listening to him talk about it, that he was, Dahlio was recommending a 15% sound money allocation that included Bitcoin and gold. And again,

he was just talking about like kind of depending on where you are in the world and maybe your age and what you're used to in demographic, it would kind of be one of those too. But either way, what he's saying is that the fiat currency is coming up on its last legs and you're going to see basically that classic what they talk about is the debasement trade

that people are going to run to real estate commodities, which he made a fortune in as well too, gold, precious metals, uranium. I hear people doing well in uranium these days. Silverhead, it's a little like a paper pump there that happened. And then, of course, Bitcoin, I expect to see much the same going in as things start to fall off the wheels a little bit. And you need only like, honestly, you need to only look at the gold price.

Like we're talking about like, oh, 11% is that going to be necessarily outpacing inflation? Well, I was like, I don't know. Because what's your measuring stick here? Because of, there we go. Gold's just peaking up at about, it's coming up on 5,000 here, guys. I don't think it peaked through today. It looked like we got pretty close. But that's, that's, it was.

I still remember 2000, just like it was yesterday, 2000 per ounce. That is showing you exactly what's going on, and it's a currency problem. And gold tends to be an insurance as well, too. It's not necessarily an inflation hedge. And you'll see that as it doesn't necessarily respond to CPI. But if there's chaos, if things break out, it's kind of like the last resort, the safety, because it is a bearer instrument that people hold. But again, way harder to verify, way harder to liquid it if you need to, and way harder

to secure than Bitcoin. But all of this playing right here is going right into like fiat currency. these are coming off the rails. I mentioned even briefly before. I think Japan's bond markets have an issue again, which of course it is. What are they at? Like 500% debt to GDP at this point,

being a little bit hyperbolic, but not that much. Yeah. Yeah, it's, yeah, so my, my wonder is, it makes sense that the old world is going back to the old thing. The central banks see the writing on the wall. They know what they did before. They know what they need to do now based on, you know, historical examples.

you know bitcoin despite being you know 17 17 years yeah man yeah 17 years old now um it's still obviously new enough that you're not going to have uh the the capital allocators the most major ones on the globe yet moving into that as current as it becomes completely obvious that that as Dalio laid out there that fiat currency is you know this the beginning of the end kind of thing makes sense they wouldn't you know pile in entirely but that being said I think there's a pathway where where you know these central banks get allocated to gold and other precious metals and then they and then they begin to dabble and say okay you know we're We're good with the old world way of things.

And I think it may even come as Fiat implodes. It's like, okay, well, you know, the big boys have their ducks in a row as they're doing right now. And then we'll come the time to play in a new playground. And they'll be like, well, we should we should be maybe stacking some of this as well and some of this. But they need to make sure that they're hedged first. They need to make sure that they've got everything that they need. Now, the Dallio thing comes right as all of this stuff is going on in Davos as well, where the global elite get to get together and decide how to screw everybody. But in the world, sorry, world economic forum is what I'm talking about.

In Davos. In Davos. And yeah, the Coinbase CEO, this must be, as you said, it must be an imposter because he explained. mentions Bitcoin. But let's take a listen to this exchange between him and the French Central Bank governor. It's pretty wild. How smug this asshole is when he talks about privately issued versus, you know, open. It's just the vernacular. And then the the laugh as Brian outlines how it's actually scarce and decentralized and that people can't actually control it pretty wild.

I trust more independent central banks with a democratic mandate than private issues. Oh, if I can blow it up here. Here we go. I trust more independent central banks with a democratic mandate than private issuers of Bitcoin, which have a very useful world. Bitcoin is a decentralized protocol. There's actually no issuer of it. So that's, that's, in the sense that central banks have independence, Bitcoin is even more independent. There's no country or company or individual who controls it in the world. And so anyway, I think it's a healthy competition because, because if people can decide which one they trust more, and I think it's actually the greatest accountability mechanism on deficit spending. I trust more. Who the fuck is that guy? He's the French central banks.

Not him, the bald one. I've never seen that man before. He made some good points. He made some good points. He should get into Bitcoin. Yeah, I mean, wild, wild to watch. Again, just like the dismissiveness. I mean, it makes sense.

It's a central bank governor. Like, oh, we know what we're doing. Do you because you're the reason we're in this mess? Like, you are part of the problem. Of course, you're not going to see the problem. your your job is contingent on the problem continuing he also doesn't see the threat which is quite nice yeah yeah that's actually that's a very good point when when the central bankers are still uh you know scoffing over this stuff when when he clearly explains like actually the independence is with

the protocol that can't be controlled by any one person and he's like well this a democratic process Nathan, when's the last time you voted on our monetary policy, by the way? Oh, geez. You know, I don't think that's ever happened. I don't think that's ever happened. Yeah, it's when he says Democratic, he means like the handful of central bankers in the room that decide what happens next. Yes. Do we, even the U.S. too, do you vote on the head of the Federal Reserve?

Is that how that works? Are they a government organization even to begin with? Yeah. Yeah. Is there policy dictated by the populace? absolutely not. It's like nobody has a say in how your money works.

You get to choose which money you use now. Nobody would put Christine LaGardean charge voluntarily. Come on now. Unreal. Unreal. And again, shit seems to be hitting the fan all over the place. Of course, even

more fun stuff out of the Treasury Secretary with Greenland. Okay, this Greenland should have been blown on my mind. It is wild. Yeah, let's take a listen to Treasury Secretary Bessent here. I just want to point out that there's something about this video that immediately it looks

like an SNL skit to me. And I don't think I could tell the difference. It does. It's like almost Will Ferrell there. Let's listen to what he had to say. Again, I would say this is the same kind of hysteria that we heard on April 2nd. There was a panic. And what I am urging everyone here to do is sit back, take a deep breath.

and let things play out. As I said on April 2nd, the worst thing countries can do is escalate against the United States. Oh. Okay. Oh. That sounds.

Interesting. Yeah. Okay. Yeah. Now, we're getting land grabs. We're getting, you know, debasement to the point where, you know,

we're getting, precious metals pumping. We're getting people claiming it's the end of fiat currency like Ray Dalio. And we're getting now central banks talking, not central banks, rather, governments

talking about taxing unrealized gains, not just for Bitcoin, but for everything. Netherlands is moving towards taxing unrealized gains on Bitcoin stocks, bonds and other assets after Parliament voted to overhaul annual income tax filings. Now, this is still in the process of coming to fruition, but it's very clear which direction everybody wants to go there.

Under the new system, investors will owe tax each year based on changes in asset value, even if nothing has been sold. The reform known as, I'm not going to try to pronounce that, is scheduled for 2028 and will tax actual returns by measuring the difference between an asset's value at the start and the end of the year, plus any income received. That means both realized and unrealized gains will be tax. Critics warn the shift could create serious liquidity problems, forcing investors to pay taxes on paper gains without having cashed out. Imagine your house.

You buy a house. They print a bunch of money. Your house is now nominally worth more money because the money is worth less. And now you can't afford your house because you would have to sell, say, a quarter or 40% of it to pay the gains. Wait a minute. Are you saying so I buy a house, I live in the house and I pay for the house, and then I pay a tax every year based on the value of the house? I'm pretty sure I'm already getting hosed that way. Yeah, yeah. Well, add another tax on that. A much more substantial one.

Yeah. This is just ungodly and stupid. And again, if you have, if you're holding some nice sort of Bitcoin derivatives product or with an ETF or with an exchange, That makes it really easy to track and then to possibly even confiscate the tax that you owe for the service of the social contractor, whatever the hell the thing is that they do to justify what they're doing. But of course, you know, you can't really have a boating accident with everything that you're holding in STRC, but maybe Bitcoin. Yeah. Now, Simon Dixon, who's been on the show recently and will be soon. We'll get you again to tell us what's coming up. But Simon Dixon had something interesting to say about this. He said, if this happens regarding the Netherlands, you'll understand what really happened in the UK and the true reason this legislation exists.

This is not just about Bitcoin. It applies to all financial assets in the Netherlands. The result is predictable in exodus of millionaires and billionaires to jurisdictions like Dubai. Exactly what happened to the UK. This then leads to distressed public finances and austerity. Enter the IMF, private credit, private equity. or Gulf sovereign wealth funds. Such a capital flight strengthens

Gulf sovereign wealth funds, which can ultimately move into acquire strategic national assets alongside financial industrial complex, such as the Netherlands vital semiconductor supply chain. The Netherlands is the most important country after Taiwan in the semiconductor chip supply chain, one of the financial industrial complex,

technical industrial complex, and military industrial complex all rely on. This is the FIC in partnership with Gulf sovereign wealth funds operating in alignment with China, positioning themselves to benefit from Europe's inevitable economic decline, infrastructure decay, and distressed asset acquisitions. This is reverse colonization. The UK was the beta test. The Netherlands is the potential next target. If it succeeds there, it will be scaled globally.

Taxing unrealized gains is not economic ignorance. It is not a mistake. it is a deliberate act of economic sabotage. The design is simple. Policies are lobbied into place so assets are forced into distress. Those assets are then acquired through tax-efficient structures, often via corporate shells that avoid paying unrealized gains altogether. This is not incompetence.

This is a strategy from a vassalized and subordinated FIC-controlled state. Follow the money. Very interesting. Nathan, any thoughts on that? I wouldn't fade Simon Dixon's predictions and thoughts and outlook on the landscape. He's pretty smart. And even if he's wrong, right, it's still wonderful advice. Because the end of the day, it's build community, keep everything in self-custody, right,

and become as self-reliant and sovereign as you possibly can. You have to assume that there are bad actors. If you think that things are going to get worse, the existing power structure is obviously going to try and protect itself and capture more power. So there are bad actors out there, right? It's the classic Dan Carlin, right? It's a big club and we're not in it. Of course they're trying to screw.

you. They already screw you. Property taxes, sales taxes. You get in the UK, you're getting arrested for speech. We're already moving towards that totalitarian kind of nightmare. You have this clash between like decentralization and centralization growing. It needs to get stronger and stronger and worse. So, you know, like, I think it's a very good point. And I agree with him is like, I don't think the people at the top of these power structures or the puppets that they have in place are so dumb is to think an unrealized capital gains tax is a good idea. They've got the data. They know they can get more from a lower voluntary tax. And it's going to create capital flight.

We just saw it in Australia, right? Australia was taxing the superannuation funds on realized capital gains. And we saw capital flight out of Australia, which makes perfect sense because money will want to go to where it's treated best. So you could definitely use this as a mechanism to try and basically, it feels like a sheep dog trying to hurt a group of sheep. Working at them to throw the money in the direction, it wants them to go. But all of this to say and more will have a discussion with Simon Dixon and

Jeff Booth, a wonderful little debate that was kind of going back and forth. I'll be dropping that one at the latest by Tuesday, but maybe earlier if I can stay up late and edit. I'm looking forward to hearing this one. Again, Jeff, one of my favorite people, Simon's super interesting, and I'm curious the dynamic between the two of them as they chat. It's way better than you think. It is way better than you think because they both have a relatively calm demeanor. But no, no, Jeff is like monk fire at times too. It was, it was far better of a conversation that I could have ever imagined. It was wonderful.

And I thought it was very productive between the two as well. Simon, of course, was fantastic as always. Amazing. Amazing. Well, you know, the world is a crazy place. And there's all kinds of crazy around the world. And speaking of crazy around the world, our prime minister was just around the world too.

So we're going to be chatting a little bit about that. Of course, he went to the wef. Had to do some chatting over there. You need to get his orders. Yeah, yeah, exactly. He had important orders to fill out. So we're going to chat a little bit about that and plenty more as we come back. If you're new here, make sure you're subscribed.

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recently. He was out of the World Economic Forum. Two times central banker turned head of the country. Almost head of the world banker. I'm a two. I forget which one, but he was like in the running for one of those two. Like it's just, it's worse than you think. Yeah. All of all of the things that people in this room right now would associate as awful, he's had his fingers in. So yeah, this is so this is Glenn Greenwald shared this video. I'm not going to play it's 15 minute speech or whatever anyways the best and most surprising part of currently's speech is that he didn't pretend there was a rules-based international order until trump came and ended it he admitted the claim was always a fraud but that the EU UK and

Canada affirmed the lie because it benefited them um yeah yeah and uh interesting Canada's shift towards multi-alignment is quite clear and this level of of honesty from Carney on Western fiction about the old order will be warmly welcomed in much of the global south. Interesting. Nathan, what do you think about Mr. Carney and his recent global gallivanting? I can't wait till he has no authority over me whatsoever because he is slimy as all hell and absolutely god awful. And it's funny that comment too about like the illusion. It's like, yeah, guys, people don't realize I'll have conversations about anarchy and thing these times. There is no rules between countries, right? Countries between

one another live in an anarchistic relationship. But in terms of, like, let's even take Simon Dixon's position that we're moving to a multipolar world. And you'll get, you know, you'll get Jeff Booth's thought on that as well, too. We're stuck right above the U.S. Okay. Even from like a purely self-interest strategic biggest trading partner is basically our border guard. Like, what the hell are you doing? He is literally selling out Canada to the benefit of EU and China. So, great. Yeah, yeah, the visit to China is an interesting one. Got some interesting jeers from some people. And now that he's been quite vocal about it, you've got Trump beginning to call him out,

which I'm like, oh, great, this is going to go well. Calling out Canada, Prime Minister Mark Carney to his face for not being grateful to America, quote, Canada lives because of the U.S. Remember that, Mark, the next time. you make your statements. I watched your PM yesterday. He wasn't grateful. Yeah.

He's not wrong. No. Sorry. I don't think it's ideal, but he's not wrong. Yeah. You know, it'd be one thing if we had a handle on our shit and things were going great here. But not so hot. Not so hot.

This is a story of the Nimo grocery store locks up meat due to rampant theft. probably because people are hungry. Yeah. There might be a poor problem in Canada. Yeah. I think the stat recently was something like one in four Canadians is using the food bank now. Yeah. And that are employed.

They're also employed as well, too. You can look at the charts of like average U.S. income versus Canada and just complete divergence, right? We are poorer than I believe all the states, that Canada is poorer than the poorest US state in terms of per capita earnings. Yeah. Yeah. Like you can see the GDP per capita.

just fall off a cliff um we're actually funny enough right around the time that trudeau got elected uh almost exactly yeah yeah right at 2015 and just like we were in tandem like we're always a little bit lower in general but we were in tandem and then all the sudden it just like completely diverged um yeah and so there's there's that side of things on top of it our our housing is a mess and it's like we're the wages the wages per person are less than that of like the poorest state, but our housing is double the cost of what it is in American in most places.

It's absolutely wild. Not only are people hurting financially here, they're also trying to take the few guns that people have even further. This is Marty Up North, great guy. We had a little chat with him the other day. A little had a brusky and sat down. Great dude.

a big fan of Alberta separating and becoming an independent nation, which I am fully on board with. He just posted this. Got my latest coercion letter from the RCMP. That's our police up here, squeezing me to give up my guns. Two words, fuck off. I resisted all attempts to get me vaccinated. If you think I'm giving up my guns, you're out of your fucking mind. I'll share the full order tomorrow along with a video.

So yeah, it's pretty wild. He did end up sharing the whole thing. Great dude. But yeah, basically the long and the short of it, where is it? I love the hypocrisy of this line. While the compensation program is voluntary, compliance with the law is not. We will pay you for your guns. But if you don't let us pay you for your guns, jail.

Please name one moment in history. Guys in the chat, if you got one, maybe I miss one. one moment in history where gun confiscation preceded something good, right? Not neutral. Not bad. Good. Give me one moment. Like, we took away the guns and life got a lot better. Yeah. Yeah, exactly. So on top of, on top of all this, we have the lovely Eva Chippeuk, regular attendee to the Calgary Sat Market, Bitcoiner, already been debanked for using Bitcoin. Also, cross-examined Justin Trudeau when it came to the trucker protests and his use of the Emergencies Act. Well, the Supreme Court of Canada, whatever, what do we refer to it as?

The appeal of court. Yeah, yeah. So the top court in Canada basically ruled that it was unconstitutional to have used the Emergencies Act. There was no, there was no justifiable reason for invoking it and doing everything that was done. And so the government appealed it. They're like, well, we don't like that result. We're going to have to put that through the courts again and get our win. Well, they lost again.

The court of appeal has dismissed the appeal of Justin Mosley's decision, confirming once again that invoking the Emergencies Act was unconstitutional. This is a really big deal, and the court of appeal was unequivocal. We have already found that cabinet on the evidence that was before it and on a proper interpretation of the act did not have reasonable grounds to believe that a threat to national security existed so basically they said it there was there was no grounds to do this now it's it's a positive that they have gone and done that unfortunately nothing again will be done about it there's zero consequences for anyone i'd say nathan do you think no i think there might be a consequence for it's

not the one that you would expect or necessarily hope for. Is anyone going to be arrested? No, that's not going to happen. Is anyone have to pay a fine maybe for, you know, declaring martial law because we had street hockey and bouncy castles and a little bit loud noise? No, they're not going to do that. But they might lose the most valuable asset that Canada has as a result of pissing off enough people and screwing them over. Yeah, absolutely. And there's been some major movement as we continue with the Alberta separation movement. That's what we were chatting to Marty about the other day. There's a lot. There's a groundswell of people that are very excited about it. I think that we're, I mean, there's no question that there's going to be enough signatures to trigger the referendum vote.

And so then how passionate are people to get out and actually vote when it happens? We shall find out. But I did want to play this. This is Rise of Alberta. I tweeted this, Independent Alberta, we look a lot like Montana or North Dakota. You had some qualms of that. Free, resource rich, self-governing,

support is growing fast without a campaign. Alberta independence is accelerating. I'll play this really quick here. But Alberta, that's the province I'm referring to, which is the most right-wing province. It has about 170 billion barrels of oil. That's enough to,

it's a staggering amount. It's really, Let's talk about that. It's not just that province. There's multiple the numbers show could succeed. How is that going to work? And will the central government try to stop it? You know, I'm so glad you asked me that question. That province of Alberta feels hard done by for a lot of real reasons. Because the provinces in Canada, like Alberta is a smaller population and it gets looted with taxes and carbon taxes and transfer taxes by the central government. And it just doesn't have the votes to stop it because we don't have the checks and balances like your U.S. Senate, which protects little states and big states. So there is a separatist wave sweeping over the province of Alberta right now. Last polls I saw show that about 35% of Albertans want to be independent.

And that's without a real campaign. So the government of Alberta has agreed that if a certain number of petitions are received, they will have an independence vote. Now, it's interesting to note that back in the 90s, Quebec tried to leave and they had a referendum vote. When it first started, they had 30 percent, they had 30 percent support. And they got when the vote actually happened, it was 49 percent to succeed. So they just missed it. We're already kind of ahead of where they started. We shall see.

We shall see. Now, I did want to say really quick, our boy Marty that we're chatting about. He is now on Noster. So please do give him a warm welcome. We are very, very concerned that the same tactics that were used in the Emergencies Act for the trucker protest could be used against Alberta when it becomes clear that this is a real thing that could happen. I think Albertans and people that are part of this movement could be debanked. I think they could be censored on social media.

And so our mission, myself, Nathan, the Sessions team, is we want to get people with censorship-resistant money and censorship-resistant social profiles. And so Marty went and joined. We're still getting them set up and everything. But if you do want to give them a follow here, here is his Noster profile. You can give it a scan, scroll back through the video later. Marty up north is his handle. And yeah, if you feel inclined, shoot him a zap. He did make a note.

I just joined Noster so you can give him a zap there. But cool, dude, and I'm sure he'll keep you updated. Outside of that, Nathan, any final thoughts here in and around Alberta and what's coming down the pipe? Yeah, Ezra Levant and Mr. Jones there did make one, one key mistake. It's not that we're going to succeed and become Montana or North Dakota. No, no, no, no. We are going to be wealthier than Dubai. We have, like, the fourth largest oil reserve is some of the smartest engineers and producers and entrepreneurs.

Alberta is like, don't get me wrong. I love Montana. I love Wyoming in particular. North Dakota, great, dude. No issues. There are no problems, guys, not taking shots of you. But you have no idea how prosperous and how rich this place is going to be when we finance Telf Carney and the central government who just fuck off and get out of here.

Stop stealing from us. I love it. I love it. Well, this has been a good one. Nathan, I'm going to stick around for a minute if that's cool, but appreciate you. And thanks for hosting yesterday. Much appreciated. You're more than welcome sessions.

Later, buddy. Later, audience. I'll talk to you later. All right. And everybody else, I wanted to stick around to say one last thing here. The other day, Bitcoin lost a good one. So I just wanted to give a little shout out to somebody who's, who is super important. to myself and and to Lisa. Her name was Hedia. And she was part of something called the

the groundswell project. And so she was teaching people that had escaped a pressure of repressive regimes and found a new place to live to use Bitcoin to help them and be able to send money home to their families and everything. And unfortunately the other day, there's, something medical that happened and we lost her and she was she was a pretty amazing person um she was always just the most i don't know wonderful person to be around um she was just always smiling always the life of the party fun energetic um just incredible all around and she was my favorite person at every event to go and be joined at the hip with. She was just absolutely incredible.

And every person that she was around just lit up. She always lit up the room. She was just one of those people that, you know, I've been asked in the past, how do you make the most of being at some of these events? And I've taken to saying like, I think it's super important because some of the Bitcoin events can be so big and there's so many people there. And your interactions, they become very, they become very transient. You know, you can, you can kind of get, you can get caught up with, oh, like, hey, good to see you.

And I need to meet and see everybody. And your interactions just become very superficial. And so I've always tried to make a point of, if I go to an event, I want to make a connection with one person that by the end of it, I feel I know that person much better. Like I care about them. And this is somebody that from now on, I will, every time I see them, I know them. I know who you are. And you become a good friend. and yeah she was one of those she was one of those and this was the last picture i ever got of her

and this is her given a hug to my wife we were in we're in Africa for the African Bitcoin conference she was given her like a really really long like heartfelt hug because we weren't sure when we would see each other next. And unfortunately, this was the last time we ever saw her. So I think I want to close out of the show just by saying, you know, as Bitcoiners, we always were planning for the future. We're having that low time preference. And that's a great thing.

but also don't let it be at the expense of enjoying the current moment and cherishing those that you're with. And with Hidia, that was every moment. Every memory that we had with her is one of those core memories of like some of the best times I've had at any event. and I think most people who knew her would say exactly the same. So I'm going to finish the show by saying that. Cherish those that you're around, build connections with other people that are like-minded and that you love. And Hidia, thanks for the memories. Thanks, guys.