BTC Sessions - Bloomberg Says $400K, Coinbase Listing, Time Magazine Hodling ep165

Episode Date: April 15, 2021

Your Bitcoin news roundup for Thursday April 15th 💪 SUPPORT THE SHOW: LEDN Bitcoin backed loans –  get $25 free https://bit.ly/397rlLN Get Wasabi wallet for Bitcoin privacy https://wasabiwallet.io/ Cobo Vault: secure your Bitcoin! https://bit.ly/2GgMFlH BillFodl: get your wallet backups in solid steel. https://privacypros.io/btcsessions Bitrefill: use Bitcoin to purchase gift cards https://www.bitrefill.com/buy/?code=O04UMic9 LIGHTNING tips: https://tippin.me/@BTCsessions Audio-only version of the show: https://anchor.fm/btcsessions Telegram channel: https://t.me/btc_sessions

Wasabi wallet and fairly private. What's going on, everybody? Welcome to the show. First live show since I took a week off with the family and for the birth of my new son. So I now have two little bitcoins in the house. Everything is going well. Mom and baby are happy and healthy. I'm stoked to be back for a reason that I'm sure many of you already watching are

currently aware of. We will talk about that towards the end of the show because I want to really hype up what's going on tomorrow. It's going to be insane. I can't contain my excitement, but it's going to be crazy. Anyways, guys, as always, this is live. So quick disclaimer from my good friend Bill here. We'll do it live. Okay. We'll do it live. Do it live. I can, I'll write it and we'll do it live. thing sucks. Now, besides the exciting news on my end, there is a ton of news that has been hitting the circuit over the past week.

We're going to be talking a little bit about Coinbase. We're going to be talking about Bloomberg and their price projections for Bitcoin. We're going to be talking about clapback from the CIA to Janet Yellen's Bitcoin is illicit, all that kind of stuff. We're going to cover it all. As always, I am Ben with the BTC sessions. And this is your daily. session.

All right. So before we get into the news here, let's take a look at where we are in the market. This is the Bitbo. Dot.io dashboard. And my friends, we have broken above previous all-time highs within the past couple of days here. So right now, we're down a bit from the all-time high we just experienced the other day. But we're sitting at $63,437 for why? U.S. dollar, you can now pick yourself up 1,576 sats.

That's down, my friends. Stack those sats well, you can. In terms of the amount of Bitcoin that has been mined, 88.97% of all Bitcoin has already been mined. And in terms of fees, they're high. They are currently high because obviously the flurry of activity, there's a lot of buzz and stuff going around this week. 116s per byte for the next block.

if you're willing to wait an hour. Not bad, though, 29 SaaS per byte. Besides that, any other metrics? No, I'm not going to touch on anything else right now. Of course, as always, shout out to sponsors to the show, leaden.com, where you can use your Bitcoin for a variety of different services. Of course, they got their Bitcoin backed loans where you can use your Bitcoin as collateral to get a Canadian or US dollar loan.

These guys have saved my ass a few times when I need to get my hands on dollars, but didn't want to sell my Bitcoin because that is. taxable and I was worried about having to buy back in at a higher price. So I was able to deposit here, get dollars in my bank account within 24 hours. And when I paid that back, I get back the same amount of Bitcoin, which for me is the important number. Of course, they also have Bitcoin and USDC savings accounts with interest rates of up to 12.5% annually paid monthly. And their B2X offering is using the same loan mechanism to instantly buy you more Bitcoin if you're feeling mega bullish. Check them out in the links down below. If you click that link in

opt to get either of their loan products. They'll give you $25 for free into your savings. Now, up next we have the Kobo Vault, one of my regularly used and most use hardware wallets. And I love this thing because it is 100% air-gapped. That means you never plug it into anything internet connected. It's all done offline via QR code. So that keeps the keys to your money safe and offline. Now, this thing has dedicated Bitcoin-only firmware if you choose to add it.

And of course, they have their secure element. And if you go with the pro like I'm using, they do have the fingerprint scanner and rechargeable battery. Check them out. Links are down below. Up next, of course, I do live on Bitcoin. And one of the things that really helps me out is bit refill because you can get basically every single gift card you could imagine here.

And you can pay with Bitcoin via the main chain or a Lightning network. if you're on Lightning and you gain gaining access to those cheap and instant transactions. Now, one of the beauties about Bit Refill and this in general is the privacy aspect for me, I do quite enjoy because unlike buying something direct from a merchant, you can get on here with nothing more than an email address, and it can just be whatever email address you want, and you can make purchases for gift cards, which you can then go out and shop with.

So you get some added benefits of privacy here. And another beautiful thing, you earn sats back in the process. They do actually give you sats back as you're shopping. So you can stack some coins as you spend some coins. And finally, when you're backing up your wallets, please, please, please be careful. Keep them safe. Sometimes when you write down a backup phrase just on paper,

not always the best. It can be prone to water damage. If there's a fire, it's basically gone. and you can accidentally throw it out. I've seen a lot of that in the past year. So please be careful. Something like the Bill Fottle over on privacypros.io, which is how I back up my wallets,

is orders of magnitude better. So be sure to check them out. With that, let's dive into the news here. Lots of stuff going on. I want to touch on Coinbase's direct listing. It's now listed on the NASDAQ, I believe. And, you know, there was, a lot of hype around this.

I'm not super excited about it. Most kind of Bitcoiners or Bitcoin maximalists are not super excited about it. It's more, I think, like the crypto people are excited about it. But Coinbase has historically not had the best interests of Bitcoin in mind. And I'll get a bit into that in a minute. But let's just read a little bit from Bloomberg here. So Coinbase Global Inc. got a jumpstart. on its first day of trading from the retail crowd and the early enthusiasts likely walked away with a few bruises.

Day traders purchased a net $57 million of the cryptocurrency exchange's shares during its debut Wednesday on the NASDAQ stock market, according to data from VandaTRAC. The total accounted for 7% of the $822 million individual and fester spent on all U.S. stocks. exchange traded funds on the day and made Coinbase the fifth most popular debut with the demographic since 2017. So a little bit here. They say that in the first 20 minutes, trading shares soared about 13% from the opening price from $381 to up to around $429. but then it tapered off and then they actually traded below the opening price after that.

It did start to gain on Thursday a little bit, although it did end the day. I can see right here. It ended the day down by, not that much. It ended the day down by negative, just under 1%. So not terrible,

but yeah, I don't know. A lot of hype around this. I mean, the valuation to me was insane. $100 billion off the bat seemed high. I think it's kind of high. But I guess, again, like we're mid-bill, not even mid-early bull market and the hype is real. So people just want access. And the thing is there's no Bitcoin ETF, right?

In the States, there's no Bitcoin ETF. There's some closed end funds that you can get your hands on. But people are trying to get access to Bitcoin any way they can. Well, hey, this is kind of like through proxy. It's the best that you can get. Well, I won't even say it's the best that you can get. But it's a type of exposure that you can get. Now, in terms of my comments regarding Coinbase,

not being that great in terms of the best interests of Bitcoin, I won't go super deep into this, but I did make a video two years ago when there was a trending hashtag called delete Coinbase. And at the time, they had hired a bunch of questionable people to work for them that had basically worked for authoritarian governments and given them information on their constituents to help them crack down on their own populace, which wasn't a great look. But also, Coinbase has had a pretty checkered pass with Bitcoin in that they've actively

supported every attempt to fork and change the network. and even went so far during 2017 Segwit 2X it was called. They even tried to, with a bunch of other companies, install their own developers and more or less hijack the protocol. So I'm not a huge fan of Coinbase, but if you want to go into the history of what they've done and why so many Bitcoiners think they're just a trash company, go ahead, take a look on YouTube,

search why delete Coinbase or why you should delete Coinbase and you should see my video in there. there somewhere near the top. So be sure to check that out. Anyways, let's move on from Coinbase because I'm not excited about that. But let's talk about Bloomberg. Bloomberg is bullish on Bitcoin. They're predicting 400 grand price by the end of this year or by 2022.

But they say end of Q4 here. So Bloomberg, the Manhattan-based Titan of Media and Financial Services, published a report this month claiming that Bitcoin's price will spike sharply by the end of the year. The company has been publishing a monthly edition of a Crypto Outlook report for some time now covering a series of developments in the wider world of cryptocurrency that might be of interest to the financial sector. The April edition of Crypto Outlook was published on April 6, claiming that the rising tide of Bitcoin adoption is foretelling a bullish phase of growth for the world's number

one decentralized digital currency. Specifically, the report made the bomb I love that word. Bombastic claim that Bitcoin will reach a price of $400,000 by the end of Q4, 2021, basing this claim on several data points. First of all, the analysts have come to this figure through a series of calculations on Bitcoin's history, tracking its overall tendency for value to increase next to other factors like liquidity, volatility, number of Bitcoin mining subsidy halvings, and more. Although Bloomberg has quite sophisticated data analysis under its umbrella that back up bold declarations like this, there are also a number of broader factors that could lead to this price bump in 2021.

I'm going to go out there and say that I think that this is entirely possible. It's kind of tough. It's tough to call. But when I see people calling like 100K or 150K, K, to me, that's something. to me that seems bearish. That seems like it could easily happen in a couple of months. And let's think back too in terms of what happened in 2017. It went from $1,000 to $20,000 over the course of a calendar year.

And the bulk of that happened in like a five-week span near the end of the year. It was insanity. So I think, in fact, like, It went from, I think, around $4,000 to $20 in that five-week span. I could be mistaken there. But it was multiples that happened in a very short amount of time. The jump from $10,000 to $20,000 was like two weeks. It was crazy.

So when we've been kind of like slowly and I'm say, quote, slowly grinding up over the course of the year, this is really nothing in the context of history. I mean, the 2013 rally was even more insane. And in terms of speed at which we're growing, we're tracking somewhere in the middle of those two years. So we're not going slower than the last bull run. We're actually going faster than 2017 thus far. So we'll see how it plays out. But $400,000, it's not that far out there of a price prediction, in my opinion.

And sure, we could come short of it. but we could also go way past that if this thing really got insane. But hey, we'll see. Let's keep going here. This from Decrypt Time joins Tesla in keeping Bitcoin on its balance sheet. So one of the most recognizable publications in the world, Time magazine, will now be receiving some payments in Bitcoin, according to Grayscale CEO Michael Sonnisham. What's more, unlike some people, it won't be immediately converting that crypto or Bitcoin

into fiat. So there was a tweet from Michael that said, Thrilled Grayscale is partnering with Time Magazine on a new video series coming this summer explaining the crypto space. Equally as important, Time has agreed to be paid in Bitcoin and will hold their Bitcoin on their balance sheet,

a first for our media partnerships. Yeah, so, I mean, again, interesting to see this trend. Now, will they be getting a lot of Bitcoin? you know, probably not, not through this method, like just getting paid in Bitcoin, but it is interesting that they're going to hold on to it.

And could that denote that maybe they'll put some in their treasury moving forward, like actually make buys? That's definitely a possibility. They seem to see some value in that they're not going to convert any, but also take it with a grain of salt. Because if they're just holding like the few payments that they get in Bitcoin, Not that big of a deal. Keep in moving down here.

Forbes, I really liked this article. Title here, Janet Yellen, Bitcoin, and Crypto Fearmongers Get a Pushback from a Former CIA Director. This is solid here. I really like this because we all hear the Bitcoin is for criminals. Although we haven't heard it mainstream as much lately, we've still seen the talking heads like the heads of national banks or the heads of central banks or treasury departments talking about this kind of trash, this narrative that we would hear four, five, six, seven, eight years ago that has largely been dispelled. But let's read a little bit here.

Bitcoin just received a strong vote of confidence from an unlikely source, a former acting director of the central intelligence agency. In so doing, he put senior government officials who issue public warnings about Bitcoin's alleged use by criminals, such as Treasury Secretary Janet Yellen on notice. Now, he's a 33-year veteran of the agency. He came to a couple of conclusions. He said that the broad generalizations about the use of Bitcoin in illicit finance are significantly overstated. And two, he said that blockchain analysis is a highly effective crime fighting and intelligence gaps. gathering tool. Now, this part that stuck out to me here was this. When he began this study, Moral would be the first to tell you that he did not expect to reach these conclusions.

In our discussion, he said that one of his key assumptions was that people like Secretary Yellen and Christine Lagarde, the president of the ECB, were some of the most informed people on the planet and that their perspectives were grounded in facts. However, in doing his analysis, he discovered just the opposite that Bitcoin and cryptocurrency weren't rife with illicit activity. In fact, there was probably less illicit activity in the Bitcoin ecosystem

than there is in traditional banking, which we all have kind of known this for some time, but it's refreshing to see somebody actually running the numbers here. So what did he find? Simply put, the percentage of illicit trends, in cryptocurrency broadly is minimal. That means less than 1% according to one report from chain analysis and falling.

For additional context, he notes that estimates of illicit activity conducted through traditional intermediaries range between 2 to 4% of global GDP. Global GDP, like every bit of money flowing. through the entire planet, 2 to 4% of that is illicit. And they're worried about sub 1% of just Bitcoin's market cap, or I guess broadly cryptocurrency market caps

and falling being illicit. Obviously, there's some misaligned interests here where people like Christine Lagarde and Janet Yellen, they want Bitcoin to sound bad because they're incentivized to do so. They want to continue to propagate and have control over the money. And if they want to use this fake argument of illicit activities being fine on Bitcoin and being just rampant, then they'll do that to kind of push the narrative that central bank controlled currencies are better.

Anyways, it says here that these findings will not surprise readers who have been following the asc industry for a long time and have encountered this narrative before, but they have never been refuted so directly by such an authoritative figure. So yeah, there you go. Former CIA director says that Yellen and Lagarde are full of shit. What are you going to do? Let's keep going here. Van Eck has launched a new ETF offering exposure to Bitcoin-focused companies. So I'm going to I'll read a little bit here. And then I think this is interesting that we're seeing a product like this drop in particular. So Vanek, an asset management company with roots in the cryptocurrency space, has long desired to offer a Bitcoin exchange traded fund or ETF on the public market.

The U.S. Securities and Exchange Commission has, however, not approved its filing to do so thus far. But in the meantime, Vanek has launched a new ETF that allows eager investors access to, the Bitcoin market, albeit in a less direct way. So, to be eligible for inclusion and tracking in the ATF, a company must generate half of its revenues from digital assets projects, generate at least half of its revenues from projects that have the potential to generate half of the revenues from digital assets or digital asset products, or have at least half of its assets invested directly in digital assets or man, I can't repeat that so many times.

So companies that stand out here, Microstrategie, Riot Blockchain, Square, companies like that, where they've invested meaningfully in this space. And so what I find interesting here is that this product is even needed. And it's because the SEC is dragging its heels so hard on just letting the market get what it wants, which is a fucking Bitcoin ETF in the States.

Canada has three, I think four now. And the U.S. still does not have a product like this available for American consumers. It's insane to me how stupid it is. Like this is the stuff that you get. These are the products that you get when you don't just have the asset, the underlying asset that people want accessible to, funds that would like to invest in it. And so, yeah, you're going to see stuff like this. And when you eventually see a Bitcoin ETF, which I can't imagine that they can put this off

much longer. I think we see one this year. But I don't think funds like this do well in the long term because as soon as Bitcoin is just available more directly, as at least a fund that is directly correlated with Bitcoin price movement. I think funds like this where people are trying to like, you know, sidestep and get around that and get some sort of exposure, I think those just won't seem as enticing when you can get the real thing

or like a tracker of the real thing. Anyways, interesting. But, you know, come on, SEC. Maybe Hester Pearson there will change some things. Let's keep going here. Oh, man. I usually don't touch on the shit coins, but I had to.

People on Twitter would tell me to poke on this. Of course, Ethereum did another hard fork, of course. And of course, that hard fork just broke everything again. Of course. Can I say of course again? Because it's going to happen again. Anyways, yeah, so a consensus issue on the open Ethereum client has disrupted block production some hours after the recent Berlin hard fork.

An open GitHub issue for the software version states that there has been a node issue on the Berlin hard fork after block, blah, blah, blah. Anyways, basically 12% of Ethereum nodes no longer functioned. This broke a bunch of websites and everything. I mean, has this not happened before? Like, am I going insane here? Am I taking crazy pills? Is this even news anymore? Ethereum breaks on the regular?

I don't think so. I love this meme that, by the way, spinty eight, I don't know how to say your name anyways. This dude has been dropping some hilarious memes. I really like this one with Ryan Reynolds, Bitcoiners just chilling with laser eyes while Ethereum like crashes through a wall and wreckage.

It's great. Yeah, and the beautiful thing about this, Ethereum has this problem where they think of it like building an app, but there's like billions and billions of people's money at stake. And when you're trying to build like a robust sound money, as people are now trying to say Ethereum is, you don't want to be doing non-backwards compatible changes to the protocol that breaks shit all the fucking time. It's insane to me that this is just the norm. And people are Like, yeah, sure, whatever, I guess.

And the beauty here is that at the same time as this, and we'll pull up a tweet from somebody that said it better than I will, we have Taproot being activated for Bitcoin, or not being activated, but an activation method has been pulled in. So Taproot will help with things like smart contracts on Bitcoin, making them less burdensome on the chain, much more easy to implement. and can in a roundabout way also contribute to privacy, so and so forth. I'll just read a little bit here. So they implemented something.

Taproot, I should say, was not a controversial upgrade to Bitcoin. It's going to be done via soft fork, which means if you don't upgrade, you still experience Bitcoin as normal. And those that choose to upgrade will get access to new features, like being able to implement smart contracts in an easier and more. more compact fashion. Anyways, the controversial approach was around how to implement it.

Because after in 2017, when we tried to implement Sigwit, it was a huge pain in the ass. It resulted in a fork which created Bitcoin cash, which then turned into a whole mess of bullshit. They wanted to be sure that there was an activation method to add this to Bitcoin that wouldn't cause a huge stir. And so the way that they chose to do it is something called a speedy trial. And so the long and the short of it is it allots a three-month activation window

during which the time, during which time the network requires a certain threshold of miners to signal for the upgrades. So miners around the world have to signal that they're ready for this change. If the threshold is reached, then Taff Route is locked in and activates three months after the threshold is crossed. If it fails, Tapbrook doesn't activate and the network will have only wasted three months trying, hence the word speedy. And for Bitcoin, that is speedy. That's fast. You know, people have gone through the code and said, okay, this is okay to add to Bitcoin, but how do we get it added? Now, people weren't sure which way to activate this. There was talk of

doing the minor activation first and if that failed, allowing people to upgrade their nodes and forcing a soft fork, but that was not the case here. So if it fails, which it doesn't seem to not have consensus, it seems like people are just cool with it. If it fails, then they'd have to reexamine afterwards and decide what to do. So either way, I'm happy to see taproot being thrown in in the mix. Very exciting. I love what Gruble's tweet tweeted here.

He said, there's some poetic karma about Bitcoin finally coming to consensus on the taproot soft fork after months and months of deliberation on the same day that Ethereum breaks because of a hard fork implementation bug. Again, difference of approach, Ethereum, move fast and break things and hope it all works out. Bitcoin, let's be careful. This is a new global monetary network that seeks to upend central banks. We better not fuck it up. I don't know.

Which approach do you want to put your money into? Let's keep going here. this from Decrypt as well, Microstrategy Board of Directors now paid in Bitcoin. The Board of Analytics Software Company Microstrategy is now paid in Bitcoin, according to the company's CEO. Per a company announcement, the Board of Directors modified the compensation agreements, arrangements rather, for directors that were classified as non-employees. Such directors will, going forward, receive all fees for their services in Bitcoin instead of cash. In approving this change, the board cited its commitment to Bitcoin, given its ability to serve as a store of value,

supported by a robust and public open source architecture, untethered to sovereign monetary policy. Under the new arrangement, the amount of board fees payable to non-employee directors remains unchanged, and, per the announcement, will be nominally denominated in UST. at the time of payment, fees will be converted from USD to Bitcoin and then deposited in the applicable non-employee director's digital wallet. So again, putting their money where their mouth is, directors basically taking Bitcoin as payment. I think this is how it begins. I think this is when you get people demanding to be paid in Bitcoin, when you get people saying, you know, I don't want the dollars.

And either they just ask to be directly paid in Bitcoin or they're just instantly converting their paycheck to Bitcoin and holding that as their long term and only converting to dollars when need be. I think that's where you start to see the dominoes fall quicker. Now, is this sweeping everywhere? No. But I think this is our future. I think this is what we start to see.

Even though Bitcoin is volatile, people over time are realizing that by and large, over long term, it's volatile to the upside. And so if you're saving for the long term, where do you want to have your money? It's something where you're guaranteed to lose purchasing power year after year at seemingly increasing rates or something that is volatile as hell, but in the long term is going to be a way better store of value. moving on here. Okay, I had to touch on this. Jim Kramer from CNBC. He's big pundit, talks about the stock markets all the time. Anyways, Anthony Pompliano, another podcaster kind of in the Bitcoin.

Well, I'll say he's more crypto, I suppose. But Bitcoin space, he does a good job when he goes on the news and talks about Bitcoin. Anyways, he had Jim Kramer on and convinced him that Bitcoin was a good idea. Jim Kramer subsequently got into Bitcoin at around 12K, I think, last year. And he kind of wrote it all the way up. He was super excited about it. They were covering the whole micro strategy thing on this segment in CNBC. And at one point, he talks about, oh, you know, I would the anchor ask him, would you get paid in Bitcoin?

Would you do this? And he was like, oh, absolutely. And he said, in fact, I might demand it. I might demand getting paid in Bitcoin. Flash forward. What was this? This was the 12th. Flash forward to today.

What's today? The 15th. He sold half of his Bitcoin. He sold half of it. Okay. Don't get me wrong. He paid off a mortgage on a house, which you can argue the merits of that.

Like if it's financed and you've got a fixed rate, you know, I think you'd be better just paying the mortgage gradually and shipping away at the Bitcoin in the long term instead of cashing it and paying it outright. But maybe like, maybe it was just something like, I don't want to have to worry about these payments and all the opportunity costs is there. But I've got to believe that the mortgage was less than 50% of his stack. Regardless, he sold half of his Bitcoin leading up to now. And I think he started doing that earlier. But in this segment, he's basically celebrating that he sold half of his Bitcoin. And one of his quotes was, it was like trading phony money for real money.

And then he also said, I feel like I won or I think I won. Did you, though? Like it kind of beckons to the fact that I don't think he quite gets the gravity of where Bitcoin is going and what it's going to accomplish and what it's currently accomplishing. Even within this calendar year, in fact, I'd say within this month, he's going to be looking at the decision going, oh, shit, oh my God, what half my stack? He'll never, I mean, not at the same price point. He'll never be able to stack back that amount of Bitcoin.

And who knows how much he had. But to me, it just seems like the switch from like, I might demand getting paid in Bitcoin to, I just sold half my stack. It's not like he doesn't have an income, right? And so I don't know. I'm conflicted here because, you know, would I like to not have a mortgage? Absolutely. When I look at, when I look at it, though, you've got a home.

You basically lock in the price of the home. You have regular payments on that. It's denominated in dollars. Sure, there's interest on that. but it's denominated in dollars. And then you've got this pristine asset, this pristine piece of collateral that to date has done 200% compounded annually. And to sell that for a fixed dollar amount when they're printing trillions.

And we know that the consumer price index, the CPI, the measure of inflation that everybody points to is total trash. We know that inflation is higher than that. To lock that in as dollars when you could have just drawn that out as long as possible seems counterintuitive. But then to celebrate it, be like, yes, I won. I got rid of half of my Bitcoin. Is that what winning is? I don't think, I think this is such like people aren't in this mindset yet.

They don't get it. They don't. It's a game of, to them, it's a game of accumulating. dollars and Bitcoiners are way the fuck ahead because everybody is stacking sats and that's the name of the game and people that get it are looking at how many stats do I have? Not how many dollars. Sure, you can celebrate the price, but it's just showing your purchasing power has gone further than had you held the dollars.

So I don't know. I think so many people don't get it yet. Let's keep going. This made me smile. This made me smile. This from CoinDesk. Square lead Coppa, C-O-P-A, sues Craig Wright over Bitcoin white paper copyright claims.

So if you recall a little while back, Craig Wright, the guy who is a total fraud and is pretending to be the creator of Bitcoin, has sued many people for libel saying that when they call him a fraud, that they've got to prove it and say that, saying that if they say he's not Satoshi, then they should be taken to court, so and so forth.

He's gone after Peter McCormick. He went after Hodlidot, the guy who started the lightning torch back a couple years ago. All around, just a terrible guy. He sucks. He really sucks. Anyways, recently, he started sending cease and desist letters to any website that was hosting the Bitcoin white paper because it was his copyright. Basically, he owned the copyright to it because he, quote unquote, wrote it, which of course he fucking didn't. Anyways, they got Bitcoin core.org to take it down because they're like, many of us are working for free.

We don't have the funds or time to deal with this. So if people want to fight this, you're going to have to do it. Well, thank God these guys are. So I'll read a little bit. If you send out enough cease and desist orders, it's likely that you'll get a lawsuit in return. That appears the case with end chain chief scientist Craig Wright and his legal crusade to block people within the cryptocurrency community from hosting the Bitcoin White Paper. The Cryptocurrency Open Patent Alliance, or Copa, is filing a lawsuit against

rights in the UK over his copyright claims to the Bitcoin White Paper. The alliance was formed in September 2020 and founded by Square to Pool Patents and preserve the industry's open source spirit. The tweet says today Copa initiated a lawsuit asking the UK High Court to declare that Mr. Craig Wright does not have the copyright ownership over the Bitcoin white paper. We stand in support of the Bitcoin developer community and the many others who have been threatened for hosting the white paper. As a matter of fact, I have the white paper on my website.

You probably should too. In fact, I think they also added it to Umbrell, like the node. You can host your own copy of the Bitcoin white paper. It's hilarious all around. Like it was the total stric and effect. As soon as those notices went out, everybody's like, oh, so I can host a copy of this too. Anyways, I hope that this, the thing is, if he gets struck down here, like now that he's getting sued by Copa and this will lead to a determination whether he holds a copyright, which I don't know who would possibly side with him. But hey, in the end, my guess is it'll get to a point where they're like, yeah, no, Craig is clearly he doesn't hold the copyright to this.

And he'll, you know, bust a gasket, blow a gasket over it. But it will just help him continue to disappear. He's more just an annoyance at this point. It's ridiculous. Okay. So a while back, there was a website that came out called Bitcoin or Shit.com. It was hilarious. You could see what you would have spent

if you would have bought Bitcoin at the time that you bought something. It was very, very funny. It was a hilarious website. I had one of the guys that co-created it on Rojoon and they created another great website called Bitcoinisdead.ll. And basically, it shows, I'll drag it over here.

It says a lot of people have been wrong about Bitcoin. And then there's a button that says, but how wrong? And when you click it, they'll give you a quote that says, this quote, for instance, it will continue to fall. Someday it will be worth nothing. This one was by Dave Harper, a commemorative coin collector. And then there's a button that says, how wrong was Dave? It gives you the date he said it, which was in 2018 and the current price.

And from that you get a percentage. And it turns out that Dave was precisely 1,017% wrong. and then there's a button that says who else fucked up, you can click it and you get a new one. A bubble. I predicted this one will pop once the novelty wears off. This is Timothy B. Lee. He was a tech writer.

How wrong was Timothy? Oh, 2011. Oh my God. It's going to be terrible. Oh, my God. He was, Jesus. Oh, my God. Timothy was precisely

5,400,000, 11,034% wrong. Wow, what a great site. I talked to Rohing. I said, I hope you're still collecting comments because they're going to continue to be hilarious. Oh, man. I hope Timothy swallowed his pride and stacked some stats, but this website probably isn't helping his ego. Anyways, check it out.

Hilarious website. Also give Rojoon some props on Twitter. A couple last things. Just some Doge. Doge is pumping again, I guess. The other day there was, what's his name? The chef that looks like the guy from Smashmouth. Anyways, he tweeted some picture of him in a moon suit,

talking about to the moon for Doge. Okay, so there was a, this was on Twitter trending. And Zach Vol tweeted this out. It says Dogecoin's stock value is on the rise yet again. Oh, guys. there's so many bad takes out there anyways again stuff like this is why I don't think we're beyond the market cycles where we see the four year cycles based on Bitcoin's having

and everything else just tags along for the ride the fact that Doge coin like an actual joke coin that was made to prove how stupid some of these alt coins are is pumping and is like all over the news it leads me to believe that this year will be no different than past bull runs where Bitcoin does excellently a bunch of shitcoins pump. When it all turns around, Bitcoin will have a significant correction, but will still be multiples of the previous all-time high.

Meanwhile, altcoins will be absolutely crushed. And especially if you're tracking your wealth in SATs, if you're sitting in anything other than Bitcoin, you will also be crushed. That's my guess. But hey, let's see how it plays out. Anyways, dogecoin. And finally, guys, it's time to talk about this. I'm so excited.

I'm so excited tomorrow. Tomorrow. Okay, those that are not privy. I came back earlier this week, said I was excited to be back and that I really wanted this week's, why are we bullish? Episode of Why Are We Bullish to be an absolute banger. And I just happened to tweet out my dream,

team for an episode thinking there's no way I could possibly get all of these people in a single stream. Well, Bitcoin Twitter did its thing. So here's the list. Here's the list. And this is now happening. This is happening tomorrow. All of these guests will be on my show at the same time my mind is blown.

Preston Pish, Jeff Booth, Jack Mallors, Michael Saylor, and American Hoddle all in the a room with me chilling out. I don't know what's going to happen. It's going to be insane. I don't know if I've ever seen a more bullish show, but to be hosting this is unreal. So how did this play out? Basically, I tweeted it out. People were saying, oh, that looks amazing. I tagged everybody. Jeff Booth being the absolute gem of a human being that he is. By the way, his book, the price of tomorrow. It's on my shelf. I won't grab it.

But his book, The Price of Tomorrow is beautiful. You should read it. It's excellent. But he shot me a message first and said, hey, I'd happily come on. I'd love to.

If you want, I can shoot Preston Pish a message and try and get him on board as well. And Preston's been on the show as well before. And I said, sure, yeah, shoot him a message. That'd be awesome,

thinking that I'm still going to have to fill in the gaps of everybody else in the list here. Anyways, Preston was very quickly on board. Thank you, Preston. You're awesome. Once these two guys were on board, I message Hoddle. And I was like, yo, do you want to join these guys for the show? He said, sure.

And at this point, I'm sitting there going, I've got three of the five guests from my dream lineup that have just said yes. And their schedules are actually allowing them to coordinate this together. And so then I put up like a checklist of the three and then the two missing. And then Jack Mallor's replies, which I've had such a hard time trying to get a hold of him. But he replies, he's like, yeah, man, let's do it. And then all of the sudden, 80% of all the guests that I really wanted were there. And even with even with this, I was still just over the moon. I was like, there's no way sailors going to come.

But this is a crazy lineup. And then everybody started inundating. And I got to apologize to him for this. I'm sure he was just inundated with messages. But tags, everything, my feed was blowing up. People were messaging him. Everybody was sending messages. He only follows like 400 and something people, but he did follow me last week.

So I was like, here's my in. Maybe I'll try it. We'll see. And then American Hoddle retweeted the like four checks with one missing and said, come on, man, you're a missing piece for the most bullish podcast of all time. And he said, yes, I, what do you say to that? It's insane. So all of these guys are going to be on the show tomorrow. First of all, everybody, I see you guys right now. You're talking in the chat. I am seeing this. I just can't easily address it when I'm doing

a show by myself. But there's like 140 people in here. You guys, you guys are very much to thank for this because I know some of you in here were some of the ones that were tagging and messaging and just trying to make this happen. And the celebration when he said yes, my Twitter exploded. The original tweet announcing that it was happening, I think it got like 400,000 impressions and was just being retweeted by everybody. And then I got a message, which I got to bring up this image here, which is just, amazing. Look at this image if you're watching and not listening on the pod. Anyways, this incredible dude on Twitter here, he goes by the handle World of Rusty.

Number one, give him a follow. Number two, if you ever need artwork done, this is the guy because look at this masterpiece. He's got Sailor, Booth, Pish, and myself all riding cyber hornets. He's got Jack Mallors as some sort of like electrified god. And then he's got, he's got American Hoddle who just sold his car and his bike to get more sats, riding like the ET bike past the moon emblazoned with a Bitcoin B that says, why are we bullish?

And of course, we all have laser eyes. How, what a beautiful piece of artwork. I'm so excited. It's incredible. Anyways, guys, I can't say thank you enough. I don't know what, like, I'm nervous about tomorrow. Like, how, there's so many legends on this show. How do you, like, organize it?

I will do my absolute best to make it cohesive to try and let everybody have their peace to get as many amazingly bullish snippets. I will do my best. I'm probably going to have to have a little beverage to loosen up to help me get through the show or at least get the show started, but I'm very, very excited for it. And I could not have done it without all of you guys. So I hope I'll be seeing you tomorrow. If you haven't seen the announcement on my Twitter, just go jump to my Twitter, scroll down a little bit, look for the tweet. If you could give it a retweet, that would be massive. I'm sure we're going

to have a ton of people watching. And we'll have the chat going. I'm going to try and pull in chat messages as much as I can tomorrow. It's just going to be. crazy. So anyways, guys, I'm going to end it there. As always, thank you so much for watching and or listening. If you're listening on the pod shortly after I upload it, please, if you're on YouTube, hit like, subscribe, and share, and go to my channel, look for that event, or click on the link from my Twitter, hit an early like and set a reminder for yourself because it's going to be epic. It is tomorrow. at 3 p.m. Pacific time, 6 p.m. Eastern time.

And I don't know how long it'll go, but we'll just let it run. I also might have a little surprise in there for you guys. I haven't told anybody about this, but there might be a little surprise. And that's all I'll say there. Anyways, guys, like, subscribe, share. If you want to help with the show in another way, hit up the sponsors, Ledon, Cobo, BitRefill, Bill Fottle, all linked below. and if you really loved what you saw,

drop me a lightning network tip at my tippin.mee page, t-p-p-in.m-me-slash at B-T-C sessions. With that, I'm out. I'm so fucking bullish. I will see you guys tomorrow. Have a great evening. Talk to you later.

See you guys.