BTC Sessions - BlackRock & JP Morgan Conspire to Destroy MSTR (Timeline Explained)

Episode Date: December 2, 2025

Mentor Sessions Ep. 041: JP Morgan & BlackRock’s Coordinated Attack on MicroStrategy Exposed – Banking Cartel vs Michael Saylor’s Bitcoin Empire | Brandon Keys (Green Candle)MicroStrategy (MSTR) is under full-scale assault. Brandon Keys, the on-chain wizard and voice behind Green Candle Investments, just dropped undeniable evidence that JP Morgan, Jamie Dimon, BlackRock, and Larry Fink are orchestrating a six-month coordinated attack to crush Michael Saylor’s Bitcoin treasury strategy and stop corporations from ditching cash for Bitcoin forever. From sudden margin hikes and MSCI exclusions to “bit bonds” designed to funnel money away from MSTR, the banking cartel is terrified: if Saylor wins, they become obsolete. Yet despite the manipulation, Brandon reveals why this dip is the biggest buying opportunity in years and why, in the end, Bitcoin still wins.Key Topics:Timeline proof of the coordinated attack on MicroStrategy & Bitcoin treasury companiesWhy Jamie Dimon flipped from calling Bitcoin a “pet rock” to quietly attacking MSTRBlackRock & JP Morgan’s $500 trillion endgame and “bit bonds” counterattackHow banks are debanking Bitcoin CEOs to reclaim controlOn-chain data showing whales are buying the dip while retail panicsWhy the death of the 4-year cycle is actually bullishSelf-custody: the only way to defeat the banking cartelMacro outlook: money printer incoming and why we’re still insanely earlyChapters:00:00 Teaser – “It’s been nothing less of a coordinated attack”01:39 Guest Intro – Brandon Keys (Green Candle)02:04 Jamie Dimon’s 10-year war on Bitcoin03:28 JP Morgan’s sudden margin hike & 25% MSTR drop04:41 MSCI ruling & billions in threatened outflows06:32 Naming only MicroStrategy out of 40 companies07:47 Banks terrified: companies can replace cash with Bitcoin09:14 BlackRock’s “bit bonds” & borrow-against-iBit play10:19 The $500 trillion market Saylor is targeting11:08 Banking cartel united against Michael Saylor14:43 Debanking Bitcoin CEOs – Jack Mallers, Swan, Canada17:04 Global macro stress & Bitcoin as most liquid asset19:17 Whales accumulating, retail selling the dip22:09 Self-custody is Bitcoin’s true power26:19 We are still insanely early in adoption32:31 Hold 4–5 years = zero fiat losses35:44 Money printer coming soon46:56 Tether, stablecoins & the new dollar recycling scheme52:28 Final message – Self-custody or get rekt by the cartelAbout Brandon Keys:Bitcoin strategist, on-chain analyst, and founder of Green Candle InvestmentsX: @Greencandleit; @keysopen_doorsGreen Candle YouTube: https://www.youtube.com/@greencandlePrevious Episode:Bitcoin Privacy Under Attack – Dr. Jack Kruse: https://youtu.be/A0onGcn17fQ💰 Supported by @BowValleyCU — Tired of big banks? Join Bow Valley Credit Union, run by freedom and sound money advocates, as Canada's only traditional institution directly integrating Bitcoin for seamless, no-hassle transfers, no rehypothecation, self-custody withdrawals, insurance, auditability, and ideal corporate balance sheet integration. If you or your business is in Alberta, switch today! 👉https://qrco.de/bgGaIQ⚡ POWERED by Abundant Mines: Fully managed Bitcoin mining. Learn more at abundantmines.com/boomers📚 FREE Bitcoin Book Giveaway: New to Bitcoin? Get Magic Internet Money by Jesse Berger FREE! 👉 Click: bitcoinmentororange.com/magic-internet-money 💡BOOK Private Sessions with Bitcoin Mentor: Master self-custody, hardware, multisig, Lightning, privacy, and more. 👉 Visit bitcoinmentor.io Follow Us on X:• BTC Sessions: @BTCsessions• Nathan: @theBTCmentor• Gary: @GaryLeeNYC#MicroStrategy #MSTR #MichaelSaylor #JPMorgan #JamieDimon #BitcoinTreasury #CoordinatedAttack #BlackRock #BitcoinETF #BankingCartel #Bitcoin #BTC #SelfCustody #BitcoinAdoption #BitcoinPodcast #bitcoin

Wall Street is really just attacking MSTR right now. It's been nothing less of a coordinated attack. What's the point of needing banks if the biggest players don't need to hold as much cash? They just are simply holding Bitcoin. Jamie Diamond and Larry Fink see this and they say, okay, hang on a minute. We don't want Michael Saylor. We don't want him to have the ability to take in all of this money and bring it towards Bitcoin, towards strategy and all of these different products.

This has been just a six-month play. is all just starting to come to light now. Meet Brandon Keyes, the Bitcoin strategist and YouTube powerhouse behind Green Candle, who's mastered on-chain data and macro trends to expose Wall Street's hidden games. In this episode, Brandon reveals J.P. Morgan's ruthless assault on micro strategy to put a stop to Bitcoin Treasuries. Going after the top dog would essentially try to cut the head off the snake. He uncovers why Jamie Diamond and Larry Fink are backpedaling on Bitcoin, all while plotting

to seize market share from Michael Saylor. We want these nearly $500 trillion markets. you want to get a piece of that. And what's behind the recent debanking of Bitcoin CEOs. All of these banks have just been essentially attacking these Bitcoin CEOs. Plus, Brandon reveals why despite all the attacks, this is still a massive opportunity. He lined out this 50-year theory. We are just so early in this adoption cycle. Good morning, Brandon. Thank you so much for joining me today. I want to dive right into what's going on with MSTR because this is something, I mean, I'm a Bitcoiner. I don't do the stocks thing. So I don't always pay too much of attention. But there's a few.

few things that you highlighted for me, and if I didn't know any better, it almost looks like there's a coordinated attack on their stock or even strategy right now. What's going on with J.P. Morgan? What's going on with the indices? What are you seeing? What are you paying attention to? Yeah, man, I don't believe in too many coincidences in life. I mean, if you look out at this timeline of what J.P. Morgan and Jamie Diamond, for that matter, have been doing. It's been nothing less of a coordinated attack. I mean, Jamie Diamond has been enemy number one with Bitcoin for quite some time. He's coming out saying it's a pet rock, you know, tulips are more valuable than it. I mean, you go on and on. He's been saying all of this negative stuff about Bitcoin for nine, 10 years. And then now all

of a sudden, Bitcoin and the blockchain are the friend. But if you really take a step back and look at how Wall Street is really just attacking MSTR right now, including JPMorgan, it seems like Jamie Diamond, even though he's flipping the script, oh so slightly on Bitcoin, that he's attacking my growth strategy in this way as well. I mean, if you look at the events, we had Jim Chanos earlier this year back in May come out and say short MSTR long Bitcoin. So, okay, I get it. He wants to, you know, say long Bitcoin. We're all long Bitcoin, right? But the short MSTR thing was very interesting because of how many treasury companies we started to see come on. And of course, during June, bitcoins were sort of dunking on him because

MSTR was up, I believe, around 10% in the month of June alone. So it seemed like he was like maybe a month too early. But don't worry, his friends over at JPMorgan came and stepped in. They issued a increased margin requirement. So what a margin requirement is for those who don't know, it's essentially how much stock you need to have like a loan to value. So how the rich get rich is they loan against their stock portfolio and what have you. So they don't need to do that. And if you look at the chart of how much MSTR buys that JPMorgan clients had, it was essentially parabolic. I mean, I was covering it a lot earlier this year because it went from essentially nothing to,

you know, increasing it by hundreds of percent by in a single quarter. Then all of a sudden they increased that margin requirement from 50 to 95 percent, essentially saying that you can't loan against it. Like if there's any volatility relative to. MSTR, you're going to get liquidated right away. And so then what do you see? A subsequent 25% drop in all of JP Morgan's stock holdings of MSTR. And then, you know, of course, there's been the downward sentiment of not only Bitcoin, but also MSTR throughout all of this. And then there was a recent MSCI ruling with Metaplanet as well as they're seeing all of these

Bitcoin Treasury companies start to come in. The MSCI essentially puts who's in, these indexes. So think S&P 500, NASDAQ 100, all of these different indices, which, you know, these Bitcoin treasury companies can then see passive flows to then buy more Bitcoin. So then the MSCI says, we're going to need to review everything with strategy, metaplanet, all of these guys. We're not going to include them for now. And we're going to review all of this and make a decision by early January. Well, MicroStrategy has met all of the implications, all of the requirements to be in the S&P 500, if you guys remember back in September. And the second decision is coming up here in a few weeks in December. But after this MSCI ruling,

you know, that's probably going to be delayed another quarter here again. But the interesting aspect of all of this is that J.P. Morgan released, oh, you know, strategy is going to see billions worth of outflows after this MSCI ruling. And, you know, you know, strategy is going to see billions worth of outflows after this MSCI ruling. And this ruling's been out for like 45 days. So it's been out for like about a month and a half now at this point. And then they release this article. And it oh so interesting timing with MSTR and Bitcoin's narrative being down. I mean, we were talking about a pre-show. We were thinking we're going to have October and Moon Vember here towards the end of the year. And then now we've got Bitcoin down crashing and burning down to 88, 85.

or whatever it is right now. And so watching all of these events kind of happen in this timeline, it makes me believe that I don't really believe in too many coincidences here, especially when it comes to the Fiat system and the guys like Jamie Diamond. So it looks like it's a coordinated attack against micro strategy and all of these Bitcoin treasury companies. Because in this article that JP Morgan released, there's 40 other companies that this affects. But they only name strategy and they say that there's going to be billions of worths of outflows. Of course, strategy is the top dog, and it trades like a Mag 7 stock. But at the end of the day, why aren't you mentioning the other 40 companies that this affects?

And why did you wait 45 days before you wrote this article seeing that there's going to be billions of outflows with all of this? I mean, it's just very fishy timing with all of it. And especially just coming a couple after days, a couple days after Jamie Diamond was like, you know, this Bitcoin thing, it's here to stay. It's very interesting. I'm curious, if we throw on the tinfoil hat for a second, I'm wondering kind of what you think the motivations

or what the angle might be here. It could be as simple as like, we're just going to short the crap out of it and try to make a bunch of money off of it. But I find it really weird that specifically targeted strategy. And the reason being like, I've had recent conversations regarding like the history of J.P. Morgan and how involved they are in like the banking cartel system

and what's going on here that I don't trust them for a second. And I kind of start from a basis of like probably some, we'll say, skeptical motivations behind the scenes, but I'm wondering if this is some sort of a play to stop their ability to generate and raise capital and to raise debt. I wonder if they're trying to basically take them out the knees to stop them from, like, if you're in their position and you figure it out that like, oh, crap, Bitcoin really is a threat to our existing structure and our current position in that existing structure, then we can't have somebody who can just run up debt

at no percent and just start accumulating this on mass. We've got to slow them down or kind of get them under control because again it's like why them because i always thought that the the target of say like the commercial banking system would be like the coin bases the binances the crackens and they'd end up going for the big exchanges because those seem like the most obvious competitor to their system right okay you're basically doing kind of custodying and holding stuff which keep your keys right everything self-custody we'll talk more about that later but i figure that that would be the threat to the existing banking infrastructure but i guess if i'm looking on it almost more of like a base money perspective, the guy that's able to issue debt at incredibly low rates and just stockpile,

like, what is strategy's business at this point in time? Like, it really has been like the issuance of debt. And they're just accumulating Bitcoin. Like, there's no tomorrow, which the obvious transition to me seems to be like, become the Bitcoin bank, like become the Bitcoin bank that helped Finney talked about. Like, that's where they're going. I remember when they dropped micro and just went to strategy and put the B up front. It's like, this all seems to be foretelling what the future company direction might be. So there's a lot of rambling information there. Tinfoil had on brand, purely speculation. What do you think is at play here?

Well, I mean, I think that Jamie Diamond in the banking system, they see that, hey, if all of these companies see how successful strategy has been, they don't need to hold cash on their balance sheet anymore, right? They could just hold Bitcoin. So what's the point of needing banks at a certain extent if the biggest players, who are businesses, don't need to hold as much cash. They just are simply holding Bitcoin. And then Jamie Diamond also realized that him and his buddies over at BlackRock can't make as much money off of this.

So they also release this this morning that they're looking into going after Bitbonds. And what these Bitbonds would do is essentially using the iBit Bitcoin ETF as collateral for all of this. And then now Jamie Diamond and J.P. Morgan also said, hey, you can borrow against your iBit Bitcoin ETFs. So buy this and dump strategy. because at the end of the day, strategy, I mean, they're the biggest player, right? They've got 640,000 Bitcoin plus on their balance sheet, nearly 650,000. If you look at all the other publicly traded companies now, combine them all. They don't even have as much as strategy.

So going after the top dog would essentially try to cut the head off the snake, right, where they would just say, hey, businesses quit playing these funny games because at the end of the day, strategy is trying to go after the $145 trillion fix. income market and the $300 trillion global bond market. And Jamie Diamond and Larry Fink see this and they say, okay, hang on a minute. We want that, right? We want these nearly $500 trillion markets. We want to get a piece of that. And we don't want Michael Saylor, who's financially engineering and just whipping our ass at this point. We don't want him to have the ability to take in all of this money and bring it towards Bitcoin, towards strategy and all of these different products.

So what I think is that Jamie Diamond, JP Morgan, Larry Fink, BlackRock, they're all essentially this banking cartel working together. And it's either, hey, Sailor, come and play our games, or we're going to try to take you over, or we're going to just sweep the legs out from under you and do something like this, where we're going to issue bit bonds and we're going to make it extremely difficult for people to buy your stock. And so at the end of the day, it's all, you know,

follow the Benjamin's, right? I mean, it's the Fiat incentives just playing out here. And Jamie Diamond and Larry Fink, they're really just going to go after Michael Saylor. Now, will Sailor be strong enough to resist all that? I mean, I guess time will tell because at the end of the day, is it going to be the bitcoinsers who are, you know, now going into the stock market trying to play these games, almost like a GME game stop type of thing? or, you know, now that Jamie Diamond has essentially been exposed for all of this, is the SEC going to do anything? I mean, it's going to be really interesting to see how this all plays out.

But if you just look at the timelines, I mean, I don't know about you, Nathan, but I don't really believe in too many coincidences when we see all of these things lined out here. There's too many incentives at play to believe that there's quick. There's too much money at play to believe that everything is just a pure coincidence to. I wonder if you have any insight, and you might not, in terms of like, the risk to strategy that JPMorgan can actually play here. And the reason I'm asking is something along lines of, for me,

it seemed like the biggest long-term risk to what they were doing would be if they fell under MNAV in terms of value. And then basically, because it's probably a traded company, gets bought up and then sold off for parts, right? Because it makes sense, right? Because at that point, you should be selling the Bitcoin,

buying back the shares kind of play. But if I understand correctly, I think Saylor still has like a majority voting control or he's got a large voting control. He didn't really get rid of that ability. So I don't think he can be forced into a position of actually having to sell the Bitcoin to buy back the shares. But I'm wondering if there's anything that you see that, like, if this pattern continues,

can they get them on the ropes? Can they actually make them put him in a position where he is having to liquidate? Yeah, I mean, at the end of the day, right, if strategy stock just goes down enough, if Bitcoin goes down enough, they could theoretically need to either like sell some Bitcoin to buy back stock. But, I mean, sailors lined it out that if Bitcoin is essentially flat for, you know, the next 10, 15, 80 years. I think they have enough to pay these dividends for, I believe he said, like, 80 years or something ridiculous, where they wouldn't really have to sell the Bitcoin necessarily,

even if it was flat, just because of how well they've financially engineered these products. So I don't think that there's necessarily a huge liquidation risk. But, I mean, at the end of the day, if not a lot of people start to keep buying into the stock and MSTR, it's going to hurt their ability to continue to raise money, which will hurt their ability to continue to buy Bitcoin. So I don't think that, you know, we'll ever see strategy fail in a sense. I mean, it's not like they're maybe like Citibank or JP Morgan now at this point where they're quote unquote too big to fail. But I do think that, you know, having 650,000 Bitcoin on the balance sheet is one hell of a load in gun. And at the end of the day, you know, they can keep just financial

engineering, they just might have to slow down a little bit. I mean, they've had some of the most successful IPO raises in history. I believe four out of the last, out of the best 10 belong to strategy with all of their new products. So as long as strategy can continue to raise money, they'll be able to keep buying Bitcoin. The problem is, is that if JP Morgan and all of these guys just kind of make it more difficult and they limit the access to all of this, I mean, it's essentially, you know, the choke point 2.0 type of aspects, but doing it more on the stock side of things. And, I mean, we saw Jack Mahler's already get debanked. Yeah, that's ridiculous. Yeah. And I mean, you know, Adam O'Brien. He's been debanked in Canada. I saw Corey from Swan has also been

debanked from Citibank. So, I mean, all of these banks have just been essentially attacking these Bitcoin CEOs. And it leads me to believe that this is not just a one. one-off instance, I really believe that, you know, the banking system is saying, okay, you had fun playing with your Bitcoins, as Trump said so famously at the Nashville conference. But enough is enough and we need to try to take back control. And I think this has been just a six-month play that is all just starting to come to light now. Attention all freedom-loving Alberta Bitcoiners. Tired of the big six banks freezing funds, blocking transactions, or slamming your account shut without warning or explanation just for dipping into Bitcoin. Remember the Freedom combo?

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No, I largely agree. I mean, I was talking with Dr. Jack Cruz the other day, and he even referred to, he thinks that around or post midterms, that the kind of, the kumbaya moment is what he called it, is kind of coming to an end. They think that they are going to,

regulators are going to turn on Bitcoin, they're going to be coming after us again. And all this would preclude that. That would make absolute sense. Although, I saw that Kaiser had posted that I think JPM Morgan was in a short position on strategy. And it almost seems to me like, they're playing a very dangerous game.

But that's just like my, what did you say, armchair analyst look because there seems to be despite the like nothing about what's going on with the Bitcoin price action right now to me feels like it's actually related to Bitcoin. It's purely broader global macro, right? It seems like we're seeing stress in the system everywhere else. It's just a kind of a run to safety.

You will need dollars to need liquidity. We've got like we had Square come out with adding Bitcoin to other terminals. I'm saying push for no capital gains on Bitcoin as well too. And then the other one that's like that's a very interesting kind of turn of events is I think it was Kevin Hassett. There was a name put forward for the new Fed chair because Jerome's out. Jerome's out in May. And I think the doves are taking over.

And the person that was being put forth, which I believe is currently an economic advisor to the White House, was a former advisor involved with Coinbase as well, too. So you got somebody from Coinbase who's potentially taking the Fed Chair position. It looks like, I mean, like Canada is absolutely abysmal in terms of economic productivity right now. Everything tells me that we have a bullish setup for tailwinds in terms of like money, printer's coming on. QE is definitely possibly in the cards. I think we're seeing a ton of fiscal spending. Like all those classic major pushes for Bitcoin are setting up and not reflected currently in price, but it seems like a very dangerous game right now to be short Bitcoin or short MSTR.

I think you could get your face ripped off in the second half of next year. Yeah. And I think the interesting thing that's happened with all of this, right, is that I mean, if you look at the on-chain data and look at how much Bitcoin is, on exchanges. 30,000 in the past six months have been taken off of exchanges, 30,000 Bitcoin. I mean, we've seen the OTC desks fluctuate drastically. I mean, you've seen the buying that happened in Q2 this year alone of just treasury companies was nearly the full supply that's being mined. I mean, at the end of the day, the numbers are just, the math isn't math and just yet and reflecting in the price action because we've seen whales selling off at an all-time rate. I mean, you know, that

100K barrier, I think, was just there from a lot of the OGs. But, you know, Jordy Visser talks about Bitcoin's IPO moment where essentially all of the original guys, the, you know, like the PayPal Mafia, I think, the people who got into Bitcoin extremely early now are selling off a few or a lot of their Bitcoin and riding off into the sunset because why do you need this much of a single asset? You know, at the end of the day, you know, you could just, if you've got a, you know, $10 billion worth of Bitcoin, you can sell billions worth and still float off into the sunset and go live on an island somewhere. And that's what we're seeing.

We're seeing a lot of the whales shoot up. But something that's been interesting is that the number of wallets that have had over a thousand Bitcoin or more, which is what I'm starting to call the whales just because of where the price action is, you saw that when we started falling drastically, actually shoot up. So the whales are starting to come back? Now, are those whales, the big money managers? I'm not quite sure.

But what I do think is interesting is that we saw a massive sell-off. We're seeing a buyback. And I think with the amount of sell-off that we've seen just in the market, especially just globally, right? I mean, the S&P 500's down interest rates. You know, every other day, it's like, all right, what color is Jerome Powell's tie? Is he going to cut interest rates here in December? I don't know. But I think with all of this, what we are seeing is.

is that just it's a very fragile economic state right now. And so that gets reflected in Bitcoin. And Bitcoin is the most liquid asset on the planet, as you said there earlier. So when you need some liquidity, you're going to jump right out of Bitcoin right away because you can't sell your house very quickly. That might take a month or two or three or four. And the stock market, well, hey, it's, you know, where it's Thanksgiving here, Thanksgiving week here in the States. So tomorrow the stock market's closed. Friday is the stock

market is closed, but Bitcoin never closes. So if you need that liquidity to go do your Black Friday shopping, you're going to sell your Bitcoin first because that's what you have first and easy access to. So Bitcoin being the most liquid asset on the planet is a positive in the run-ups because you could buy in whenever. But on the downturns, it's, you know, it kind of makes that those price actions reflect a little bit quicker than when we would see in the stock market. It always tells you what's going on here. It's really interesting. That's why I love Bitcoin so much. But at the end of the day, not a lot of people still are here yet, Nathan. I think we're still very early in figuring this whole thing out. I agree. Actually, that brings up an interesting point.

I saw something. I don't want to just like completely rag on the guy, but I saw a gladiator posting on Twitter just the other day talking about how, something along the lines of Bitcoin Maxis don't think Ibit is Bitcoin and Cold Story. storage. And it was this reflection on self-custody, which again, like 100% guys, you need to take self-custody, BTCSessions.com slash learn. Check it out. Go through the tools. Learn how to do that. And I see this quite a bit. And I wonder if, you know, because I often talk about how it, I don't really know anybody from like class of 2025. And I think it's largely because they're probably not on Twitter. They're not on Noster for sure. They're likely just buying through Ibit, buying through

micro strategy. They're never learning self-custody and they're feeling kind of overwhelmed by it. And that was just a firm reminder. Let me see if I can find one of the tweets here quickly because it was worth actually bringing up if I can see it. Here it is. Yeah, I'm surprised to learn today that Bitcoiners don't think Ibit is real Bitcoin. Here's the question for all the Bitcoiners out there. What is more safe?

BlackRock holding your BTC for you in a secure location with a maximum security or you hiding your keys on a 16-word paper. And the one thing that jumped out to me immediately was 16-word. Like it just shows a lack of I don't know how someone can have that much money invested in Bitcoin or any money invested in Bitcoin and not want to learn about the tools or even go down how does the tech actually operate

because that should be 12, 15, 18, 21, or 24 or 20 if you're using a treasurer. But not 16. There's nowhere that I know that uses 16 words unless you've got some crazy passphrase on top of it. All of this to say that if he doesn't know that, someone that's been in the MSTR camp for quite a while, very bullish on MSTR and a very vocal person on Twitter,

if he doesn't understand the Bitcoin tech, we might be even earlier than I think. So what are you seeing in terms of adoption? Yeah, it's honestly pretty crazy when you line it all out because I think, you know, as Bitcoiners, you know, Nathan, you and I, been obviously a legend of the game. He's been in it forever now. I mean, I think he's orange-pilled, you know,

seemingly millions of people maybe at this time, just teaching them how to get Bitcoin in cold storage. But if you look at the numbers, right, I mean, Ibit, Black Rock's ETF, they have over 800,000 Bitcoin now. Just in that ETF alone, it's been the fastest growing ETF. So obviously there was demand for that product. But if you look at self-custody, which I believe is the true power of Bitcoin, and that's where I think everybody should hold it because, I mean, hey, the original aspect of Bitcoin was the crypto anarchist, right? I mean, you know, buying, buying things on Silk Road, being your own bank, unbank yourself was a big, you know, marketing ploy for Celsius before they blew up.

And there's a reason for that, even though, you know, they were up to no good. There's a reason that marketing ploy worked very well is because everybody has realized what we were lining out here earlier in this show is that Jamie Diamond, BlackRock, J.P. Morgan, all of these guys aren't your friends. And so the true power of Bitcoin is just being a sovereign individual and being self-sovereign. And the interesting thing is that I don't think everybody has realized that true power with Bitcoin just yet. I mean, when you look at this recent dip, I mean, I was talking about how the wallets with over a thousand Bitcoin shot up when we dropped below to near 80. The wallets with 0.1 Bitcoin has actually fallen since we've done this dip. So the guys that are coming in and being newer, having about $8 to $10,000 worth of Bitcoin, we're actually selling off during this. So, guys, if you're watching this and you don't have, you know, if you're not the whole coiners, if you're just getting in, what are you doing?

You got to hold on to your Bitcoin. But I think that that's just a sign of where we are. Retail still doesn't really understand where we're at. There's 4.5 million wallets that have 10 million stats or more. And there's 14 million wallets that have 0.01 Bitcoin or more. There's 62 million millionaires in the world today globally here, Nathan. So just think about how crazy that is. To have $900 worth of Bitcoin is 14 times more rare than being a millionaire today,

four times more rare, excuse me, than being a millionaire today. That's absolute lunacy. I mean, we are just so early in this adoption cycle. But when we go to all these conferences, we see all of these people, I think, you know, maybe we get a little bit jaded. Maybe we get caught into the Bitcoin Twitter and seeing all these things go on and all of the headlines. But at the end of the day, I think, like you said, a lot of people still just buy Bitcoin and the BlackRock ETF just because they see, oh, it's been the best performing asset of the last 15 years. and then they stopped doing research about it. I don't know about you, Nathan, but a lot of my Normie friends have been texting me.

I've gotten five or six text messages since we've dropped down here. Like, tell me when's a good time to buy. I'm like, brother, every day is a good day to buy. Just keep stacking. You just got to understand what this whole thing is. And then you'd realize it's not about timing the market. It's about time in the market. So, you know, I think we're still very early with all of this.

And if you look at the numbers on chain, it's really just appalling about how many people actually own a significant portion of Bitcoin at this point. No, I completely agree. And one thing that I was like to refer to is that Bitcoin has complete global brand recognition, kind of like Coca-Cola. You ask anybody, like, have you heard of Bitcoin? The answer is yes, yes, they have. If you ask them what the difficulty adjustment is, they will just look at you with that thousand yards stare. Like, there is no information regarding how this thing actually operates. Everyone's aware of it, but no one at this point really understands it.

One thing that I do want to pull in there, because it's funny, because I did get a couple texts as well, too, but I got the dunking on me text. I was like, really? Like, I hadn't heard anything all year from anyone. And we cracked below 90, and I got a bunch of like, how's the Bitcoin doing these days? It's like, oh, thanks a lot. I see you noticed that one. That must have made your news cycle or gotten to your feed there. But I did see, and going back to, that's super interesting on the was it under 0.1 Bitcoin actually coming down, which,

from people that I talked to in the background that work in different exchanges as well as a few, I'll say people that I know they're aggressively stacking for a multitude of reasons. The people I know with the bigger stacks were scrambling to buy.

And that was exactly what I was saying. There was exchanges that I was talking to that their volume on the buy orders were shooting up at that point in time. And it was long-term account holders. It was people that they'd been working with for years that saw this happen or like, I need to sell my chair,

I need to do everything I can to get in here, which again just completely iterates that whole point that there's an information asymmetry that if you have people under 0.1 selling, it means that they likely do not understand what they have. I would make the case that I think unless it's for some sort of tax advantage of the money somehow locked up or you're playing some other kind of Fiat games with it, if you for sure, if you only have like treasury company, MSTR and Ibit,

like you have zero self-custody Bitcoin, you do not understand what you have. And even going back to the idea of subverting expectations, I feel like everybody probably was still writing on the cycle narrative, expecting at the end of the year would be a blowout. We'd have a big run up in October. And I think that that sell-off to me feels reflective of being like unbelievably disappointed that it's not going to happen, which is exactly what I want to see in terms of sentiment bottoming out is exactly what I'm looking for because I want to get your take on this.

I think these cycles being dead is phenomenal. I think that that needed to happen. That when you have the entire market think that they know what's going to happen next and playing that, it's going to kind of be. like self-fulfilling prophecy or people are going to get really hurt and that in order for bitcoin to have its retail excitement again it has to become unexpected right it has to be like like gme was like where the hell did this come from right in order to capture attention capture imagination and capture that narrative because even if we had like a good run up at the end of the year that would

kind of have been expected right like oh yeah it did that thing again whatever it's still a scam i'm not getting into it but it's when it has that complete like shot out of nowhere that i think everyone your cab driver, your cousin, everyone starts talking about it again. And honestly, like number go up. All I care about is self-custody. I want to get everybody on a Bitcoin standard. I would be one of those crypto anarchists. I'm looking to end the state.

That is my end goal here. But in order to get them in, I got to entice them. And that sweet, exciting, unexpected price run up, I think coming into next year is what's going to happen. So there's a ton of stuff there, right? I'm just curious your thoughts on that. Because I agree. We're ridiculously early.

And I think that the end of the four-year cycle, which I think we can probably put a timestamp on that one at this point was a good thing yeah i mean i definitely i mean i'm with you i want everybody in self custody to take self sovereignty and and move there but let's face it right the best orange pillar is price i mean that's when i get all the text messages that's when you get people dunk in on you unfortunately but hey they'll come around because at least they're watching right i mean that that's at least my uh my uh you know orange light at the end of the tunnel so to speak is all right at least they're aware enough to see that Bitcoin's coming down a little bit. But I mean, I just think that, you know, looking back at the numbers, it is just so interesting

to see, you know, like you were saying and what I brought up earlier about the wallets with 10 million stats or more going down. I mean, this is just like traditional wealth at the end of the day. And Bitcoin is supposed to be the people's money. And so this is why channels like this, shows like this is so important in my eyes. Because, you know, at the end of the day, when you look at Bitcoin, it's supposed to be different than the traditional wealth. It's supposed to be, you know, the plebs kind of coming in and stacking and having an opportunity. But if you look at the numbers, it's very similar to the distribution of wealth in just everyday life in the Fiat system.

So if we want to, you know, kind of change that and flip that whole system on its head, we need the plebs just come in and start stacking. and we need them to hold Bitcoin. And so seeing these waves, riding it up and down, as I was saying earlier, it's more about time in the market than timing the market, because the longer you get in it, you see these dips as big opportunities. So I think education is just the biggest aspect of all of it. And unfortunately, you know, most people just don't want to learn about money or, you know, anything like that.

And so, you know, now that they're starting to hear about Bitcoin, And they think, oh, four-year cycle, you don't really need to know about the having or anything like that. But you just look at the chart and it's really easy to just say, oh, four-year cycle, it's easy to equate. We're going to see a big October, big November, big December. And hey, hand up. I fell for that this year, too. I thought we'd be in a lot different place here than we are, than we are. Oh, yeah.

Just September. I was like, oh, we're going for it. It's happening. Yeah, I was totally wrong. Yeah, exactly. So, I mean, but that's the beauty of Bitcoin is that the more that you get in it and the more you see this group think kind of come together where everybody thinks, ah, this is going to happen. Bitcoin does the exact opposite and humbles you. But it gives people time to kind of come in and stack Bitcoin and get it at an earlier price. You know, now, hey, to be four times more rare than a millionaire, you can save a couple hundred bucks instead of having it be $1,200. Now it's like $8,900. hundred dollars. So, and I mean, I don't know what it is in that crazy loony or tuny thing you guys got up north. But, you know, at the end of the day, you know, to keep on stacking and to reach that end goal, whatever it is, I think it's getting easier. So you should see these dips as

opportunities. And that's what the big wealth players, you know, have, right? I mean, we talked about it. That's what the rich see these as opportunities. I mean, you know, when you see 2008, you see the 2020 COVID crash. When you see all these crashes, who's getting out? It's mostly retail and then the rich get richer, right? You see all these people that had houses, had a bunch of equity in their houses, move and buy houses to $300,000 over asking prices. Well, why were they able to do that? Well, because they had a lot of equities before and then they were riding that wave up. So this is the time to get in. This is the time to start educating yourself. This is the time to really start learning about what you're holding and get it in self-custody. Save yourself from yourself where you're not

looking at the price chart every day because it's a little bit harder to sell your Bitcoin. There is that little added friction. And let's face it, you know, real estate has been, you know, the wealth generation tool for the wealth creation tool for generations, right? Why is that? Well, real estate is just hard to sell. When you want to sell it on a dip, it maybe takes, a month, two months, three months, half a year, a full year. And then maybe because you can't just sell it right away, you just hold on to it. And then eventually, you'll be okay because they're going to keep that money printer on. Well, it's the same thing with Bitcoin. If you could just hold on to it and not, you know, sell it willy-nilly when you see a little bit of a price dip, well, you're going to

pay off dividends in the end, right? Sailors come out and set it plenty of times. If you can hold Bitcoin for four to five years, nobody's ever lost money in Fiat terms, right? So I think at the end of the day, the money printer is going to be coming on very soon, like we alluded to. But this short-term price dip should just be all a lesson. It shouldn't be people dunking on us like we're taking an L. We've got to turn those Ls into lessons here, Nathan,

and get everybody back on the train and start stacking again. I completely agree. It's funny because like the short-term, was it short-term, term handler cost basis was worse than during the 2020 crash. Like that's how bad it got. Like I think the basically 60% was like under 90K, something along those answers. Like 95K. It was ridiculously high to me. I didn't realize just how high it was. But everyone talks about like one of you do that. If you come in and buy you now, you're going to get called lucky. Everyone will call you lucky. And we, it seems so easy. Just just buy and hold. But it's not. It's because of these moments. And the only way that you have

conviction is if you put in the work to understand what you have, what the mission is, what market is going after Bitcoin is not like anyone listening here should know this at this point. Bitcoin is not a tech stock. It is not going after tech companies. It is replacing base money, which would be treasuries and real estate. Like it's going to the bottom of the period to fix the whole system. You know, it's funny. The other thing too, I think needs to be really, really pushed in terms of self-custodies. That's the only way we keep these large financial institutions in check. You have to take control of your Bitcoin. You have to redeem your Bitcoin. Otherwise, if they're not already, they will start to play those VIA games. Like every time, like, it's a very,

a useful analogy in terms of explaining to people some of the aspects of Bitcoin, but I hear this like gold 2.0. It's like, I don't want gold 2.0 because that was basically a centralizing force that they issued credit units on top of built up from there, rehypothecated, the whole thing collapsed. The only way that Bitcoin, if you want Bitcoin to do Bitcoin things and take over as a base money for a better world, the only way that happens is if it's not centralized. And the only way it's not centralized is if you demand to take self-custody. Don't leave it with a custodian. Don't leave it an eye, but make sure you've got some on hand. It's money. It's meant to be held. It's not just a stock portfolio there. The other thing I do want to

touch on as well, too, just to throw it out there because you hear this, it's such a, I always get really annoyed when I hear fun on both sides of the same coin. Because for years, it was like, Bitcoin's all concentrated in just a few hands, right? You're just pumping some rich dudes bags. And now that like the long term OG whales with giant snacks are distributing it, it's going to other people. Now it's OG whales are selling. It's like the same damn thing, guys. What was centralization with a few hands bad or was distribution bad? And ultimately, I do think the distribution is necessary that the only way, it's a complete free and fair market. The only way Bitcoin was ever going to be distributed to the entire world was that

the value of it runs up to the point where those holding it go, I could take some off the table and voluntarily exchange it for money or fee or goods or services. Now, there's so much there to unpack. Like even just talking, I want to know kind of what you're looking at from just the broader macro view right now. In terms of just the U.S. or even the global markets, like I'm, of course, paying attention to, well, Japan at the moment, as well as Europe and Canada in the U.S. I think I saw recently that the 10-year treasury in the U.S. fell below 4%, which to me, again, screams like, okay, there is either a, there's lack of inflation expectations, there's lack of growth expectations, just maybe trouble on the rise. And so zooming out 30,000 foot view here,

what is your kind of macro landscape view for the next, we'll say six months to 18 months? Where do you see things going? What has your attention or concern? Yeah, I mean, at this point, right? I mean, I think what Larry Lepard says with the big print, it's getting closer. It's accelerating at this point. I mean, Trump wants very low interest rates. Jerome Powell, he's out, right?

I mean, you mentioned it a little bit earlier. It's potentially somebody from Coinbase now coming in. He wants zero percent interest rates. He essentially wants money that is free. But the interesting thing, I think, of all of this is really the interstate. section of what we're seeing with with tether and all of these stable coin movements because, you know, I actually had a talk with with checkmatey here the other day about something that you said earlier with the 95K barrier with Bitcoin as well. But he brought up something about

stable coins. And the amount of stable coins that are distributed globally, I mean, you got to think, right, in Europe or in any other country, Argentina, Zimbabwe, Venezuela, all of these countries, they all want dollars now at this point. Of course, they haven't learned about Bitcoin, but they're experiencing some crazy hyperinflation. So a USDT is something that is extremely valuable to them. But the interesting part about Tether and all of these other stablecoins is that the U.S. rushed to pass this Genius Act. And what this Genius Act did essentially forces, you know, these stablecoin issuers to buy up a bunch of these U.S. bonds. And so they're because, one of the people that are going to be buying up the U.S. debt because we've been seeing

countries around the globe selling off U.S. debt for the first time ever. We saw Japan do it. We saw Germany do it. And Tether actually surpassed Germany and the amount of buys from the U.S. bonds here recently. So, you know, with all of this, it's essentially, you know, the more that these stable coins get issued, the more that they get intertwined in the U.S. government, I mean, we see Howard Lubnik, who used to work at Canter Fitzsherald, who Canter Fitzgerald used to manage the money of Tether, I believe they still do. And then, of course, you've got Canter Fitzgerald now with Jack Mahler's in 21. And all of these like intertwining with the U.S. government, Bo Hines moving from the U.S. government over into Tether and being the U.S.A.T. CEO.

So all of this intertwined with stable coins is very, very interesting. And I think that we all need to keep a very close eye on how this goes. But anyway, it's a long-winded way of saying that all of these poorer third world countries that are looking for access of dollars, they're going to be buying and utilizing these stable coins, which is essentially just going to be pumping Tethers bag, which is essentially going to be buying up U.S. bonds, which essentially is just similar to the old system where the poor and the poor third world countries are just going to be pumping the bags of the United States. So, you know, I think that this is the long play. And there's a reason why this stable coin bill was passed, you know, very right, like very early on in this Trump

presidency. Now, I do think that, you know, the other alternative of having, you know, Kamala Harris in office would have been something that was, you know, more of an accelerationist type of aspect where they were just dumped the economy. So in the short term, I do think it's, going to be good for assets and we'll potentially see an asset bubble. It's just, I think that the way that the market has been reacting right now is that they anticipated these rates to be a lot lower. They anticipated more than three rate cuts at the beginning of this year. So they priced in at least three. And now that they're seeing some shakiness with Jerome Powell, now they're a little bit worried. They see inflation is still running

hot. They see that Jerome Powell is flip flopping back and forth and he's kind of unpredictable because he's got five to six months left in the office before, you know, somebody else is going to come in there. And so all of this is just leading to a very shaky market. And Bitcoin being the most liquid asset on the planet, it shows you all the signs. There's a reason Bitcoin dropped first. And it's because, you know, it's like we said, the most liquid asset on the planet. It usually is the leading signal for what's to come with all the markets.

And, you know, that doesn't even start to start to get into. what we're seeing with the housing market, the potential of that crashing and all of this. So I think that, you know, Trump is a very smart guy, businessman. He knows that midterm elections are coming up next year. So what are they going to need to do? They're going to need to dump a bunch of money, a bunch of liquidity in the market. So the stock market's running hot. So Bitcoin starts to turn up a little bit.

And so the Republicans can stay in power in the House and Senate. So I think that's a long-winded way of saying, hey, I think in the short term, we're going to get a little rocky, but good old Uncle Sam is going to dump a bunch of more money into the market, which for better or for worse, we'll pump the bags of the asset holders right now. No, I completely agree. It's funny because it makes sense that I imagine that there are companies or hedge funds and things out there that are doing this, but like Bitcoin is kind of like the ultimate fire extinguisher because you can sell it or buy it on a Sunday, right? You're going to have that one, the market's always open. So it would make sense for any one of these games,

even though they're not necessarily like a long-term Bitcoin holder, to just have it that short-term medium of exchange so that they need cash before market open on Monday, they're good to go to that. And I also, there's two points. One, the idea about talking about real estate, kind of being in a rough situation right now, it's really bad in Canada. And I can see that's getting bad in the U.S. as well. And it's funny when you were early talking about kind of it trades at the margin.

People don't, it's not easy to necessarily sell. I can see from like some of the Canadian data that like, oh, house prices look okay, but just take a little, little look under the surface. Nothing's changing hands. It's not moving, right? there's very few transactions historically compared that are going on. So that's why the price isn't reaction. If those people have to sell for one reason or another,

you're going to see it come down rapidly. And lastly, with regards to the Fed, yeah, I just pulled it up and the CME is giving the odds of a rate cut here in December. I want to quickly double check. And substantially so as well too. And while that seems like medium term, very bullish, short term that's very bearish in my perspective, in the sense that the Fed is a reactionary organization,

They'd never get in front of anything, right? The recession, we get the information later on. Like, oh, yeah, recession started in like early 2021 or whatever it might have been. They're always rear-facing. They're waiting on data to come in, which means they are necessarily always going to be late. And so if Powell is now setting up for a cut in December, that would suggest to me that they're seeing weakness.

And that weakness is from data that's once ago as well, too. It's not even most recently. Like, I don't know if you caught this too, but the employment information, they're not even releasing it. They're just going to skip some. Like, no, no, no, no. First, they were going to replace the, uh, release the unemployment report or the like employment report without the unemployment numbers. And then like, no, we're just not putting the whole thing out, which to me just screams like sweeping that under the rug. Um, man, there's just so much that's going on that, again, I think short term, short term, bearish, but long term, we're going to see this kind of, again,

money printer's going to go. They're setting up for that for sure. Is there anything else that you see in terms of either, like we talked a little bit on chain metrics. We talked a little bit about, Oh, that was the other one. I wanted to get your sense of tether. So, you see all that they're going on. Simple question. Good guy or bad guy? Because I kind of go back and forth on this.

It almost seems to me like they are accelerationists. They're planted themselves right by the money printer. And what are they doing? They're selling dollars, which devalues dollars, props of the treasury market, but they're buying Bitcoin. I don't know about them at this point in time. Do you think that we've gotten ourselves into trouble by kind of integrating Canterfisgerald Tether into Bitcoin ecosystem?

Or what's your take? Yeah, I mean, it is very interesting, right? I mean, like, if you look at the Bitcoin conference that we had, you know, in Veyas, there's the clips that were going viral of all of the politicians and the big money, people basically coming up and saying stablecoins. There's a meme running around that it was a stable coin conference. And I think that that is, you know, telling, right? I mean, if you look at it, right, circle USDC and TEDC.

Tether basically are the two big players. Now that Bo Hines has moved from the U.S. government, he essentially wrote the Genius Act, the Stablecoin Bill, and then is now the CEO of the USAT or Tether's stablecoin that is now USA compliant. It's very interesting because now these two entities are very intertwined. And USAT or Tether and USDA circle, they've both froed. accounts before just because the United States and like the FBI, name a three letter agency. They told them, hey, this might be nefarious. So you need to freeze these stable coins.

Right. I mean, of course, we've seen it with like the banking industries all over here now. But what makes this any different than a bank? So, I mean, from my eyes, I truly believe in, you know, the self-sovereignty aspect. I mean, if we wanted digital dollars, I mean, I could go to my bank. bank right now and it's a number on the screen. And hey, if me and, you know, a hundred of my buddies wanted to go to the bank and we all are at the same bank and we wanted to get all of our cash out right now, there's more than likely that that bank would not have enough money to give all me and my buddies just in physical cash. I mean, if you look at the amount of physical cash in circulation, I believe it's like 95% of it can't, it isn't printed at this point. So it all is just numbers on

the screen. It's just, hey, now we don't need the banking agencies. We just need the stable coin providers. So I think that getting into bed with the U.S. government as much as they are, I mean, I'm always one that's very sketched out with that. I'd like to believe that, you know, the U.S. government, especially the ones that I vote for is always going to do the best by us. But the reality is, is that, you know, no politician is going to be here to save you. So, You know, do I think Tether's a bad player? I think the jury's still out. I don't think it's good to look at these guys and say, oh, because they're buying Bitcoin, they're on our team, so to speak.

At the end of the day, Bitcoin's going to win. But, I mean, look at what we just lined out here earlier in this discussion. Is BlackRock and J.P. Morgan, because they're buying Bitcoin, are they on our team? I don't think so. And I would argue they're against us, right? just because they've kind of figured it out at this point doesn't mean that that that everybody that's buying bitcoin is necessarily on a quote unquote team orange or whatever you want to call it. Right.

So I think that the incentives of Bitcoin are always going to push just, you know, being self-sovereign. And, you know, the, the Fiat incentives that they have right now, they can use this Fiat system to essentially create like the best business model I think you've ever seen, right? they're a multi-billion dollar company in Tether, and they have like maybe eight to 10 employees. So, I mean, hey, great on Apollo for recognize that. I mean, yeah, game recognized game, right? I mean, you got to give it to the guy for recognizing all of this. But at the end of the day, you know, I still would try to point people to using Bitcoin,

especially as, you know, now that Square allows you to do that, well, hopefully we'll get, you know, no capital gains tax. And, you know, I know Tether is starting to build their, their, their, uh, stable coin on top of Bitcoin or that was at least a rumor here, you know, maybe six to 12 months ago. I'm not quite sure on the timeline on that. But they were working towards all that. I just think it's, it's very hairy when you see USDT being the biggest stable coin in the world. Then all of a sudden they need to make a U.S. specific one in U.S.A.T. Obviously, there's different regulations here in the United States.

So something about that you, those U.S.D.T regulations weren't reaching the United States. or the United States wanted some sort of underlying control. And then on top of it, when we see the development of these CBDCs globally, it just has my guard up, man. I think a lot of bitcoins because now we have Trump in office and, you know, he's a quote unquote crypto-friendly president. I think a lot of us have taken our foot off the gas a little bit or maybe our eye off the ball a little bit when it comes to the development of these CBDCs.

And hopefully, you know, God bless Jack Mullers. And I hope everything's all right with his access to his capital. And I'm sure everything's all good. But hopefully, you know, seeing banks freeze, you know, Bitcoin CEO like Jack Muller, who's on CNBC, who's meeting with all of these people, who's even, you know, working with Tether and Kenner Fitzgerald, this shows that, you know, we aren't safe from all of these big giant banking industries. The banking cartel is still going to come out. after us. And, you know, I hope that, you know, with this recent news with Jack, it just points

it out that that the fight is not over yet. We haven't won yet. And you need to get your Bitcoin in self-custody in order to help, help battle all of these guys. I completely agree. Like, I feel like over the last year, maybe year and change, we've kind of lost a little bit of that necessary toxic Bitcoin maxi culture that I think really is both inspirational and their important lessons. Like those guys yelling you that you were stupid for not taking it in self-custody and leaving on Celsius or BlockFi, they were absolutely, right, right? And I think those lessons will be learned again, and it's going to be really painful when it happens at this sort of scale. On that kind of note, I'm curious then, Brandon, I wanted to get your

sense of, you know, I very much subscribe to the idea that I think we are approaching a fourth turning that things are going to get worse. I think that I'm seeing lots of political division and just idiotic in Canada here in particular, very unfortunately so. Like the Canadian population can be so easily swayed into voting for the twice central banker, former like running for things like the head at the IMF. I want to get your sense of how things are stateside right now. Are you bullish on the U.S.? Do you think that we're still heading into major problems? Because you look at like the $38 trillion in debt. You look at just like the bread and circuses of the Epstein stuff recently as well too. And I'm incredibly bullish on the American idea and the American ideals. And I think, but I don't

think necessarily it's going to look like it does going forward. I think it'll be the last one kind of here. but just it always feels like the temperature just keeps getting dialed up, but nobody's jumping. Am I completely misreading the room? Or like, what's your sentiment on even just like the political vibes currently in the U.S. and where it's headed? Yeah, I mean, everybody always wants to point to the U.S. politics, right? Because, I mean, at the end of the day, as much as people don't want to say, the world kind of revolves around us, right?

Totally does. At the end of the day, you know, I mean, it's funny. I was in Europe for Prague and at the Treasurer event and Bitcoin, Amsterdam. And I keep seeing, you know, McDonald's and all of these other things, all of, you know, the United States culture that they say we don't have is all over there. So I always say that Europeans secretly love America, even though they like to rip on us. And they always got their eyes on us, right? But, you know, to that point, I think at the end of the day, when you're looking at the United States politics, it's just the Fiat incentives essentially playing out, right? I mean, they're incentivized to keep us divided. So, I mean, we've been in this, I guess, division war for quite some time.

And, you know, when you look at the data, the polling, all of these little intricacies with the United States, everything has become just accelerated, right? I mean, you know, as a YouTuber as us, you know, we see it, right? I mean, everybody has to see things. Price swings up, swings down. like everything has to be just essentially over the top. And that's reflected in politics now because, you know, at the end of the day, just doing a good job in politics, is it going to get you anywhere, right? I mean, you have to invoke some emotion.

You have to just do all these things. I mean, I was listening to a podcast right before we came on here with Marty Bent, who just released one with a pollster who's, you know, unbiased. He's not taking any money from anywhere else. And he took a poll on like, how easy for, or there was a study from Coca-Cola on how easy it was to sway Republicans to, you know, in D.C. to just say that Coca-Cola is good and not take Coca-Cola off of food stamps. Well, he said it was very easy. All they had to do was just open the pocketbooks. The harder part was when it was going to the state governments, when it was the decentralization. So this is where I think Bitcoin just plays into it. When we can kind of decentralize and it's not just a one centralized agency, you know, I think, that that's when we'll get to a point where everybody's just fine. I mean, to be honest,

like, I didn't even really know which way my parents voted when I was like growing up either way. But now I think it's almost unavoidable. I mean, politics are just thrown in your face every single way you turn. Trump's on TV left and right. And I mean, he's probably keeping CNN in business at this point because they just report all negative things on him. So I think that there's just a lot of attention around it at the end of the day, but I'm extremely bullish on the United States because of the entrepreneurial spirit that still lives on here in the U.S. And I think, like, in the short term, Trump is really pushing on that. He's trying to bring a lot of, you know, this entrepreneurial spirit back. And they're trying to bring the quote

unquote digital assets entrepreneurs to here to the United States instead of seeing them all flood away. They're trying to get ahead of that. And, you know, we'll, they be successful? I'm sure they will in certain aspects, but in certain aspects, I'm sure they'll be unsuccessful as well. So maybe it won't be the U.S. pure dominance that we've been seeing for, you know, decades. And maybe we'll start to see some other power start to come in and maybe just kind of naturally decentralized power away. But I do think it is very interesting, the, you know, the development of the economy that we're seeing right now, we're seeing a lot of inflation state side. But I mean, if you look at all the other fiat currencies, right, the dollar,

for better or for worse, is still the best comparatively to the other fiat currencies around the globe. So I don't see that changing anytime soon, even with as much of the headlines that are telling you the U.S. is crashing and burning. I mean, I think that everything is still going to be, you know, fine, of course, until it is. And I'm actually subscribing to the theory that, you know, I don't necessarily think we see the gradually then suddenly from like a crashing and burning perspective. Maybe we see the gradually than suddenly from like a Bitcoin adoption. But I don't necessarily think we need to see a full on crash and imploding of the current system to get to a hyper-bitcoinization. I actually had a

great talk with Mark Moss a few months ago when I was at Bitcoin Prague. And he lined out this 50-year theory of how, you know, the development of technology is going to go. First 10 years is the PLEBs. Second 10 years, which is what we're in right now. That's where you see the institutions. The third 10 years is when you'll see the governments. Fourth 10 years is when you'll start to see, you know, the transactions really start to come about. And then the fifth 10 years in that in that decades are 50 year cycle. That's when we'll get to the medium of exchange. Maybe we'll get there a little bit faster, but it seems like that timeline is playing out to me. And I don't think we need to see necessarily a crash and burn in order to get there. I think

more people are starting to wake up day by day. More people are starting to question, why do we need this 2% inflation? Originally it was 2%. Now it's 3%, 4%. They're changing the targets. I go to my job and my job is not giving me these 3% to 5% raises every year. So what gives? And I think eventually there's going to be enough people that are listening to stuff. like this and listening to the great stuff that you guys do over the BTC Sessions channel and trying to find an answer. And I think that that time is coming and we're going to get more people in. It's just we're not quite there just yet. No, I agree. I think people underestimate the dollar entrenchment, how like really intrinsic it is globally, particularly the offshore

dollar market, the euro dollar market. Like people are using, like China and Australia are trading in dollars. Like it's going to take a really long time to get past that sort of thing. A lot of them, they're still saving in treasuries, despite what you hear about, like, Central Banks and including many more gold, which is true. Foreigners are still buying treasuries as well. It's funny, because I think you're right. Like, I remember back as a kid, like, I didn't know anybody's politics, but now, like, you know one little thing and you know everything about their politics. It's become completely split and you can very easily predict. And I think that is just a symptom of the money printer because that's trillions and trillions and dollars of power.

You got to think about the ability that, like, if you have a trillion dollars, what you can get people to do, the way that you can kind of enforce your will on everybody else. of course we're going to be at each other's throats to try and take that over. And I'm kind of with you in the sense that if the big, I don't, I, we're going to hyper-bickonization. That's all I want. I don't necessarily want it to happen overnight because the chaos would be absolutely unreal.

And I kind of agree with that 50-year timeline. And the nice thing about that is, is that you're right. If we could gradually, and 50 years in human history is still a blip, like, well, it's our lifetime.

Look back on it like it was nothing, which from the history textbooks makes perfect sense. If we can basically strip the state of the money printer over like a 50 year period. I think you will naturally see that decentralization with basically sovereignty return to states in smaller communities. And it's very possible that we could have this transition.

And I would argue possibly the last transition to be a peaceful and productive one. Because once there's no more fighting over information or religion or control the money printer, it's basically we're on. I think like it's like we've gone out of like the first movie of humanity and now we're going into the second one. It's going to be something completely different

on the other side. I think it's a very optimistic message. and I think we can get there if you take self-custody. Self-custody is a necessary requirement for us to get there. Brandon, this has been a ton of fun. I'm really glad that you hopped on me. We had a wonderful conversation. Tell me, where can everybody go check out your stuff, follow you, all that good information?

Yeah, 100%. Thanks so much for having me on. And hey, yeah, let me echo this point. One more time, right? Self-custody, get your Bitcoin off exchanges. Do it now. No politician's going to come here to save you. You could only save yourself, be the sovereign individual, that Bitcoin allows you

to be. But you guys can go find me over at Green Candle. Search Green Candle on YouTube. Search Brandon Keys. I'm Keys Open Doors on Twitter, Instagram, and all that kind of stuff as well. But Nathan, I love what you do, man. Keep up the great work and appreciate what you guys do over at BTC sessions. Hey, you. Yes, you watching the Bitcoin price movements and the latest exciting news. It's awesome to stay informed, but the real power of Bitcoin comes from taking control. Don't just watch, take action. Head over to bTCsessions.ca slash learn for free step-by-step tutorials that guide you through every major skill you need to know, plus full video playlist for deeper dives on any topic

you like. And if you're ready for the ultimate fast track, scroll to the bottom and check out bitcoinmentor. for premium one-on-one experience with my team of Bitcoin experts to ensure you get it right the first time. Don't wait, secure your Bitcoin future today. Hit the link in the show notes or scan the QR code on the screen. If you enjoyed this episode with Brandon Keys, please do like and subscribe and check out the previous episode with Dr. Jack Cruz unpacking the mysteries of the banking cartel.