BTC Sessions - Holy Sh*t Did You JUST See What Happened To Bitcoin?

Episode Date: November 14, 2025

Something massive just hit the Bitcoin markets—and no one was ready. Whether it’s a sudden price spike, institutional move, or Trump undoing government shutdown, this moment is sending shockwaves through the entire crypto space. Here’s exactly what just happened and why it matters right now.BOOK private one-on-one sessions with BITCOIN MENTOR! Learn self custody, hardware, multisig, lightning, privacy, running a node, and plenty more - all from a team of top notch educators that I've personally vetted.https://bitcoinmentor.io/—------------------------------FOLLOW BTC Sessions on X: x.com/BTCsessions—------------------------------SHOW SPONSORS:BITCOIN WELL BUY BITCOINhttps://qrco.de/bfiDC6COINKITE/COLDCARD (5% discount):https://store.coinkite.com/promo/BTCSessions AQUA WALLEThttps://qrco.de/bfiD8gNUNCHUK HONEYBADGER INHERITANCEhttps://qrco.de/bfiDARHODLHODL NO KYC P2P EXCHANGEhttps://hodlhodl.com/join/BTCSESSIONDEBIFI LOANShttps://qrco.de/bfiDCp#btc #bitcoin #crypto

Did we just watch the most disappointing Bitcoin bull run implode right in front of us? Because slipping back under 100K wasn't on a lot of people's bingo cards this late in the cycle. It's the lowest we've seen in the price since the brutal February to May stretch when 76K was max pain. And people are restless. They're annoyed because Bitcoin is supposed to thrive when things break. And wow, are things ever broken right now? The U.S. government is effectively refusing to release the October inflation and jobs data and blaming it on the now concluded government shutdown. Or are they?

They made have done an about face on part of that. We'll talk about that in a sec. But again, the excuse just doesn't land with most people. What are those numbers hiding? If inflation surged, unemployment spiked, something broke, then this should be Bitcoin's shining moment, right? Well, I mean, history can teach us something about that. And if you're new around here, you may not be aware of some of those historical lessons. So how does Bitcoin actually behave in a crisis?

Today we're going to examine where we're at with the Bitcoin price, all the major factors indicating the economy is potentially on a collision course, and what top analysts are saying about Bitcoin going and where it's going in 2026. In fact, we've got a special guest to discuss kind of his analysis. of where we're at. And we're going to get to him in just a moment. So stay tuned. Drop a like on the video. It's going to be an eye-opening show.

I am Ben with the BTC sessions. This is your weekly session. So I want to welcome to the stage. Of course, my co-host with the most, Mr. Nathan Fitzsimmons of Bitcoin Mentor. How you doing, buddy? I'm doing good, Ben. But nobody wants to hear from me right now.

Nobody wants to hear from me. Let's keep going. Oh, we do have a special guest. I want to welcome to the show. Joe Consorti from Horizon. How you doing, man? Fantastic. You guys always have the best intros. I got to up my intro game. So happy to be here, Jens. Really fired up today. Dude, Joe, you are one of the few people that I know that can so concisely what's detail what's going on in the world of Bitcoin and kind of the macro picture around it.

And so I wanted to bring up a few things that are kind of currently going on. So I'll tee you up with a few things. I'm going to share my screen here. and I'll get that in there. So we had a nice little dip. We were like 98K or something somewhere around there earlier today. A little bit of a rebound. We're getting close back to that 100K range. But again, if we zoom out year to date,

we're kind of down in and around when we were clawing our way out of that February to May dip. And that was painful for some people. And there's a number of things that are going on in terms of macroeconomics. Again, here's from Zero Hedge, October CPI and Jobs Data, likely to never be released. Well, there was a change in that. And actually, the White House announces the October Jobs Report will be released without an unemployment rate. What the hell is that?

What's your read on this, Joe? It's really odd because, you know, like if we look at today, a day like today, basically everything sold off. Actually, the only thing that ended up being green on the day was gold and silver. So in crude oil and natural gas. So effectively, everything was sold off, which tells me that this wasn't a sector-specific event. It was a rush for liquidity, right? And in your intro, you talked about what happens when there's a crisis, what happens when

Bitcoin's in crisis, it always sells off and it sells off very quickly. Whether it's a Bitcoin native crisis like we saw in the middle of October, when there's this huge dash for cash, Bitcoin, of course, that occurred after Trump's China tweet. markets were closed, Bitcoin sold off hugely. It lost $280 billion of value in 45 minutes. And the exact same thing happened here, right? Except it was more widely dispersed, right? So on a day like today, you look at Bitcoin. It's actually up based on UTC zero time. It's up 1% today. Hurrah. We're still under $100,000. On the day, it felt like 3.5%,

which is much better than what happened last October because other markets were open and that selling pressure was absorbed by a whole host of other assets. As far as the labor market data is concerned, Look, since the shutdown in early October, we haven't seen a lick of any important macroeconomic data coming out of most of the important government institutions that release these statistics. On my Bloomberg terminal for the last month, I've had a little banner across the top that says U.S. government data releases are impacted by shutdown. That's a way of putting it mildly. They just haven't been released.

And so the jobless claims report, we haven't seen it in a month and a half. We haven't seen CPI. We haven't seen earnings. All of these things that traders used to make decisions are not available. And so even though the government is open, this data is still not getting released. And today's development is just the latest in a long, this last stretch of weeks where we haven't had any data for traders to make decisions. And it hasn't come at a worse time, right?

We're at a point where the labor market is turning around quite substantially. A lot of people don't think the Fed is cutting quickly enough into that labor market to support it. We're seeing job cuts increase. We're seeing people who are on unemployment increase. All of these things are on the rise. And so now more than ever, that data is extremely important, but we're not getting it, right? So it couldn't come in a worse moment. And to me, it's really no surprise.

I don't think they were ever going to release those reports. But to say that, oh, we're going to release it, but without the unemployment data, in my mind, that's even worse than just not releasing it wholesale. Yeah, 100%. Now, I want to get your take on something here. So here's the video of Trump signing that they're going to reopen the government and everybody clapping around like a bunch of seals. But there you go.

Also, a quick shout out to a member of Team Sessions. Top comment that I see is a bunch of F and retards, the lot of them. Shout out, Matt. But the interesting thing is this got signed and then the futures dropped. Markets were selling off on the news of government reopening. So Joe, I'm wondering if you could enlighten us, why would futures markets sell off on news of the government reopening. Yeah, of course.

So a lot of it has to do with the TGA. The TGA, the Treasury's general account, what you can consider the Treasury's checking account, is now once again open for business, right? So people who may have otherwise been allocating to stocks and other assets are now going to be parking their capital in the TGA. So that's part of it. But if you look back through history, this actually happened,

and it's all about uncertainty, right? This big moment of uncertainty, even though the government is now reopened, it's like, okay, great, what happens next? When is this data going to get released? And because we don't have firm answers on those things yet, that's why you're seeing a major sell off. If you look through history, it's funny, the last government shutdown also happened under Trump back in 2019. It was slightly shorter than this one at the time that was the longest shutdown in history. Now, this has been the longest shutdown in history.

Last time, everything sold off too, right? Bitcoin chopped around for a little bit and then it sold down. Equities chopped around for a little bit and then they sold down. So it's really no surprise. In the coming weeks is that cloud of uncertainty. This is what I've called it. I did a report two weeks ago where I called all of what's happening right now. What, you know, Bitcoin being on the precipice, U.S. equities seeming overinflated with their

extreme weightedness toward tech and the government being shut down. So we're not getting this really important economic data. I called it the cloud of uncertainty. Even though the government is reopened, we don't have that data yet. So there's nothing for traders to make decisions on. And so even though it's now reopened, you have that impact of capital flowing out of assets and into other things into the TGA. But more importantly than that, you still don't have the data to make these decisions.

decisions and it's coming out a really bad moment. So that's why everything's selling off. But one thing to note is that it took Bitcoin about two weeks to recover from the government shutdown. So there was this massive sell-off when the, or excuse me, when the government reopened, massive sell-off when the government reopened. Same thing with U.S. equities, U.S. equities rebounded faster. Bitcoin took a little bit longer. So I would say heading into the end of the month, if the Fed and the Treasury in tandem with one another can successfully stave off concerns in the labor market, then I would say equities may climb higher. I mean, right now the S&B 500 is still within like 3% of its all-time high, 4%. So we're still not that far down from where we were. Once we begin getting that data in this cloud of uncertainty abates, then I think

assets will trend higher. But just judging by history in the way that asset allocators make decisions, that's essentially what's happening right now. It's going to be this way for probably the rest of this week into the end of November, and it's not going to be a fun Thanksgiving for asset prices. And then after that, things will probably start looking. I want to ask quickly, Joe, just something popped out. I mean, I was trying to find it, but I couldn't pull it up here quickly. Would there, and I may be understanding things incorrectly, would there be concern that now they're reopening?

Because imagine that they drain down the TGA, that they're going to have to fill that bad boy back up. And so that might be pulling liquidity out of the system or might be misreading the room. No, you're exactly correct, right? So that's a net liquidity drain on the system. Now, a couple of one big positive development that is in asset prices corner is that the Fed is slated to NQT and begin expanding its balance sheet on December 1st. Now, they've said that they're going to do that in line with nominal GDP. So because the increase in the Fed's balance sheet is going to be aligned with productivity gains in the United States, it's not necessarily our call to say that'll be a huge positive for liquidity. But at the very least, while the TGA right now is getting refilled, that's a drain on liquidity.

So that's the primary development that's keeping asset prices muted, even though the government shut down is no longer. Beautiful. Thank you, sir. So there's a handful of things I wanted to touch on here. And I would call these items, like the cracks, seeing the cracks in the system, you know, not everything is going as it should. And so I want to highlight a few things and then get your take on them. So a couple things. Trump mentioned the possibility of 50-year mortgages in the U.S.

You know, so that people, you know, they're going to be paying much more an interest over the period of that time. but it opens up the possibility of instead of having your 25-year mortgage, having a lower nominal monthly payment, but you end up getting screwed. There's another item where Trump has talked about $2,000 tariff dividend payments for Americans, which is interesting given the deficits that they're talking about right now, handed down cash like that. And then the final thing is Trump's comments on the H-1B program, the foreign worker, temporary former foreign worker programs that is basically saying like

there's the talent isn't in the U.S. or like there's not enough talent for some of these jobs. And so we need to get, we need to get these people in, which kind of tends to go against his America first. rhetoric and there's a lot of people on the right that are really pushing back about against this. And I'm just going to play this really, really short clip. This is Palmer Lucky. And he's talking about the H-1B program and how it's been exploited.

So I'll play that clip, but then I'll let you get out your thoughts on these little tidbits here. There was a little bit of a debate on that, not too long ago, correct? You know, like the skilled immigration versus not. So that's true. The difference there is that H-1Bs are about whether or not they're, like, on theory, of course, there's so much H-1B of use. You would not believe what I saw when I was in Silicon Valley. It's crazy. It is insane. It's obviously a program to try and replace U.S. workers with basically slave labor that can't ever escape. It's like H-1B abuse is crazy. There was a little bit of a debate. A little spicy there. So, I mean, overall, though, between all of these things that, to me, I look at those and I'm like, this is not a typical way that an economy should be functioning, 50-year

mortgages, having to hand out stimmies to people on the regular when posting massive deficits and then importing workers when you've got a lot of jobless and So like, what's your general take here? Yeah, so the first thing with the H1BVs is this, I mean, I've never seen, and obviously I'm a very young guy, but looking through history, it's really hard to pinpoint another time where the sitting president has lost as much goodwill with his base in one small stretch of days than this last seven days. You know, one of the biggest parts of Trump's campaign was that not only would he do mass

deportations, but also through Project Firewall, he would make it so that any new H-1B visa application came with a $100,000 fee. It wouldn't be a yearly fee, but they would need to pay $100,000 in order to get those temporary workers. I believe the H-1B period is three years into the United States, get them these temporary work visas. So essentially, a lot of policies to put American workers first. And so at a time when the labor market is turning over, when total jobless claims are on the rise with no end in sight, it's a really bad time, not just from a political perspective, but from an economic perspective to say, look, the United States doesn't have the talent that it needs, which is just patently false. This is a myth. It's not true. There's plenty of young

talent in the United States. One of the other things he said during that interview with Laura Ingram was that, well, if we ended the H-1B and we stopped letting in Chinese students, then half of the colleges in the United States would go out of business. And like, yeah, that's the point. That's the idea, right? We have too much college blow. That's another part of the equation. But ultimately, he's lost a tremendous amount of goodwill from his base based on what his what he said there. And I tend to agree, or I tend to fully disagree with that that notion that there isn't enough talent in the United States. I voted for Trump over the last two elections. I couldn't vote the first time because I wasn't old enough. But yeah, it's a really bad

development to see him shifting years. Generally speaking, when he does stuff like this, JD Vance kind of reels him back in and says, well, no, yeah, but we haven't seen that yet, which is unfortunate, right? So it seems like there's a hard pivot from America first to putting Americans kind of on the back burner at a time when, you know, we need a government that works for us the most. The second thing is these these tariff dividends, right? We're running really wide deficits right now. I think we're still at 6.2% of GDPs. We're spending way more than we're making as a country. Yet we're talking about giving these the revenue the new revenues from tariffs to the American people, which is really silly, right? It should go to helping pay down our debt, but it's not, right?

So ultimately, that's a massive misstep in my mind. And it could be a play, him trying to set up for the midterms, like, okay, we need to juice markets somehow the last time we did stimulus. It was expansionary from a fiscal perspective because we printed the money out of thin air. Now that the money is coming from revenues we're actually taking in, maybe we can have our cake and eat it too. Maybe we can not have this massive impact on asset price inflation because we're not printing money to fund the dividends, but we can juice markets because everyone's going to take their stimulus and dump it into Bitcoin or dump it into the S&P 500.

So I think it's a measure of having your cake and eating it too, but it's not what the American people want to hear right now, right? we don't want to hear about getting a new check. We want to hear about beef prices going down. There are a number of other issues that need to be addressed. And so the H-1B thing, his comments there paired with the $2,000 stimulus check. Those are not what the American people want to hear. And the third thing, the housing affordability crisis has been the talk of the town for the last year. And rightfully so, the last several years. 2020, the size of the residential real estate market in the United States grew from about $30 trillion to $55.1 trillion.

Massive home price inflation. Young people are priced out of the market. Mortgage rates are at 6.5%. This is a supply side issue. You've got to build more homes. What does Trump decide to do? He decides to float the idea of a 50-year mortgage. And this is really stupid for a number of reasons.

But the key reason is that it barely moves the needle on housing affordability. Okay. In the near term, let's take a $500,000 mortgage, for example, the payment over 30 years would be $360 a month. Okay, great. Over 50 years, it would be $27.93 a month. That's an 11% reduction in the monthly payment. that's material for most American families.

But the two caveats here are number one, it would add an additional $538,000 in interest over the life of the mortgage. And number two, you're only paying off interest during those very early years. And so if there's any shock to the housing market whatsoever and you try to sell, you literally don't have any equity to get back on the home. In fact, chances are you may have lost money on the deal, right? So it's a really terrible idea. The supply side needs to be addressed, not the demand side.

But again, this is another way of Washington having their cake and eating it too. They want to get young people into the housing market. They want to give them this idea of the American dream. But they don't want to do it in a way that impacts home prices. They don't want home prices to fall. It's all about the wealth effect. If you build a ton new homes, let's say we did 10 million builds next year, like this insane number of builds flooding the market with new supply, that would put downward pressure on homes. Homes are 60% of the average Americans portfolio, particularly for older people. And so, if home prices go down, all of a sudden, you lose a huge part of your base. And so ultimately, the second order effect of these 50-year mortgages through increasing loan availability is actually going to make home prices go up. So any near-term positive impact that the 50-year mortgages would have had will be negated over a one-to-two-year period. So that's how I view all of these things. They're really, really terrible ideas.

They're not addressing the root cause or what needs to be done. They're kicking the can down the road and trying to score near-term political wins instead of structurally fixing the issues that are at hand with the United States. Yeah, yeah. I would, so, I mean, much of that I would very much echo the, you know, you mentioned the midterms with the, the $2,000 dividend payments. And yeah, I mean, it sounds to me like a bribe for votes a little bit like, you know, shits a little bit sideways and, and, you know, here's your check. Also, there's an election coming up. We had a similar thing. And, and both sides of the aisle can be guilty of this. This, this exact. This exact. thing happened in Canada, but we're allowed to, like the federal government is allowed to call an election early. So what happened? Mid-COVID, everybody's kind of scared. And government says, we're going to lock you all down. We'll keep you safe. Don't worry. Also, we're sending out stimulus checks so that you can afford all your groceries and everything. Oh, by the way,

we're going to call an early election next month. And so everybody is like, oh, you're taking care of me. I'm safe. And you just sent me a bunch of money. I'm going to. And so Trudeau got his, his four years. But yeah, you know, it's similar tactics. Politicians in general, yeah, don't, don't put anything past them. I want to jump in real quick, too, Joe, because what screep, what that screams to me is we both with like the 50 year mortgage, the stimmy checks and the H-1B visa aspect of it as well, too, like the H-1B, and we're very well aware of this in Canada. It almost seems like human QE, like we can keep things propped up by just bringing in more people and more workers. Exactly. So all three of those combined screams weakness to me that there's at least,

maybe it's just political pandering in order to get votes, but it almost seems to be like someone who's afraid at having a pullback in the market. That's right, right? If it was political pandering in order to get, so it's kind of them on one side, they're pandering on the other side. They're saying, okay, we're going to import a bunch of workers, right?

So these two things are kind of antithetical to one another, but they're under the assumption that, hey, maybe if we give them $2,000, potentially they'll look the other way on the H-1B issue. But it's not that way anymore, right? I can tell you firsthand that young people are more fed up than ever about the lack of availability in the job market. you know, I'm blessed to be able to work at a Bitcoin company, a startup that's doing extremely well.

You know, that's raising money. We're getting a lot of clients. We're doing extremely well. So I'm a bit of an outlier. But all of my peers are extremely jaded with the price of homes. The fact that we now have to compete, not just with our peers and the people in our localities and in our state and in our country, but with the entire world. The United States is a population of 380, 350 million people. Why do we have to compete with 8 billion people? And that is the sentiment amongst young people. That's why more young people that never are shifting to the right here in the United States. And so it's a massive, massive misstep for them to say that the H-1B program needs to continue

because they are not skilled workers. It seems like everything that was said during the election, the main reason Trump got elected has been thrown out the window over this last week. I mean, I can only hope that the political misstep will be walked back, but it remains to be seen. Now, Joe, just to kind of round out here, I want to go back to Bitcoin Price, which, by the way, Yes, I see you in the chat, everybody. I also saw Nathan's backward sign, which somebody actually... I saw it on his blockcloth.

I was like, oh, shit, I got to write it down. Yeah, there you go. 100K backwards. It's a mirror image. Yeah, somebody actually managed to mirror image it in the comments section, which is hilarious. But nonetheless, yes, we, you know, here's our little bounce. We're back above 100K for now. You did it, Joe.

Yeah, exactly. We did it. Thanks, Joe. Single-hand. We were making a joke earlier. We did a five-and-a-half-hour Twitter space. with 18,000 listeners for Bitcoin today this morning. And we were joking.

And it's kind of funny because when we stopped the space, it lined up with U.S. markets closing. And therefore, Bitcoin rose because Bitcoin has been sold off whenever U.S. markets open during U.S. hours for the entire last month or two months, actually. So it's kind of funny. Once again, I directly, me solely, am causing the Bitcoin price to go off. I love it.

Yes. Now, I did want to talk you tweeted something out this earlier today. today, yeah, earlier today. And it is the Bitcoin weekly RSI. And so you mentioned something here. I'll let you kind of read it here. But what does this mean? Yeah, for sure. So this is the relative strength index on Bitcoin. It helps to showcase whether or not Bitcoin is overbought or oversold. Now, this is over a weekly time frame. So it's more actionable data than if it was over a daily time frame. And as you can see on the chart, and actually, I can share my screen as well. I've got a couple of other charts to wrap.

off. We're at the most oversold level for Bitcoin since the April bottom, since the end of last summer's consolidation period, and since the end of the last bear market. And so ultimately, if we end the part that I didn't tweet out after this, because tweets that have a call to action that's like probabilistic, they tend to not do very well. But the sentence that's not shown here is that if we're still in a bare market, we may see a near term correction for Bitcoin. It may resume higher. Obviously, it's dependent on a ton of global macro factors. But the reality is like Bitcoin at this point is very oversold. However, if you go back in time a little bit further, you go back to the 2021, the 2022 peaks. And I also overlaid the 50 days or 50 weeks simple moving

average here. If we go back even further, you can see that like, yeah, we are at an oversold level here, but we can go lower, right? We can go much lower. If this is the start of the bear market, if we do close under this 50 week moving average, for me, that would tell me, okay, we are in a bare market, how long it is, who's to say? But for me, that would be confirmation that chances are the prices headed lower for a period of time. Because you could see here, the last time Bitcoin closed materially under the weekly, the 50-week moving average and continue to move lower, we went from oversold to extremely oversold, right? And that tended to line up with the bottom. But I do think here that if we do close above this 50-week moving out, and again,

this is all, you know, fun chart stuff, but this is what traders make decisions based off of, then we could be moving higher, right? So it's all about if we are in a bull market or if we are not in a bull market, taking a look, just to put the numbers in perspective, Bitcoin relative to U.S. equities since January 1st, this is the S&P 500 in blue. That's the NASDAQ and white. Bitcoin is up only 5% this year, which would make it two things. Number one, it's first ever single-digit bull market year in history. And number two, the first time, the worst bull market year for Bitcoin in its history, right? So those are two extremely bad things. A number of reasons could be behind this.

Number one, the tech trade getting extremely popular, which has drove a lot of the capital that would otherwise be in Bitcoin into U.S. equities for the AI trade. But number two, potentially a lot of Bitcoin's gains that were slated for this year being pulled forward in time because of the Trump election, right? A lot of Bitcoin is voted for Trump, a lot of the promises that Trump made, such as strategic Bitcoin Reserve, those were not priced into the market yet. That was all dependent on whether or not Trump won. November 6th was the day when Trump was elected, and we went from $74,000 Bitcoin to $108,000

Bitcoin in the next 40 days, right? So that's what kicked off the kind of this last leg of the bull market that we've been on. So ostensibly, some of the gains that were reserved for this year may have been pulled to last year. But the last chart that I'll show here, I have a couple of other ones here. Well, the second of last chart I'll show here. This is the Fed's balance sheet, right? And this is Bitcoin juxtaposed with the Fed's balance sheet and Fed funds, which is the Fed's main

policy rate in blue. You can see here that Bitcoin has been extremely strong, and this is kind of some bull posting live here on camera, Bitcoin managed to rise from $16,000 to $126,000 while the Fed was tightening monetary policies on both ends, right? It was raising interest rates and it was reducing its balance sheet. Now we're in an environment where both of those things are in the reverse, right? We are cutting interest rates and rates are slated to come all the way down to here over the next year, maybe even a little bit more if we have an event in the labor market, and the Fed is going to be expanding its balance sheet once again, right? So even if there isn't a crisis that causes the Fed to intervene even more than it already is, Bitcoin has been extremely strong during

this period of monetary tightening. So Ceteris paribus, all else equal. If we avoid recession and we don't enter a bear market, Bitcoin slated to potentially do extremely well now that monetary conditions are easing. The final chart that I'll show, and it's right here, sorry for being a little bit disorganized. These are all three of the major drawdowns that we've had over the last year and a half during this bull market. You can see that peaked at trough. We had a drawdown that lasted about six, seven months. We went down, peak to trough, 33%. And then Bigwin was entire six, seven months. Oh, geez, I just realized that's a, that's a meme with the youngsters these days. My kid won't shut up about it. I genuinely don't understand it, which makes me, because that's the,

I'm young. So like, I feel out of touch for the first time ever with me. I don't go. Welcome to the Club. There you go. Six, seven months, 33% drawdown. We had a 32% drawdown. And so for me, the two zones to watch for Bitcoin are this. We broke below $98,000 for a period of time. It was only four hours. But that line has been held over this last week extremely well. So, we broke below that level. And so for me, if we get a drawdown that's similar in size, say 29% if we do end closing beneath that 50 week moving average that I mentioned earlier, that would tell me Bitcoin's in a bare market, right? How long it lasts. That's entirely up to the market. We're in a totally different regime now with Bitcoin. But this is the area to watch. We've broken through

so many levels of support. This is the next zone, right? In the area that we are now, that $93 to $98,000 level, this lines up with what Checkmate has been talking about. If we lose that level, if Bulls can't defend that level, look out down below, right? Bitcoin may do a little bit better than U.S. equities over the next couple of weeks if this selloff is sustained because we've already had so much Bitcoin sell pressure over the last several months. So it may actually outperform. It might not sell off worse than U.S. equities. But who knows, right?

The broader picture is that things are worsening, things are worsening in the economy. And when there is uncertainty, there's a global flight to safety. People sell things to get dollars. That's where we are now. Right. So I can do all of the technical analysis we want all day long. But the reality is that it's all down to what happens in the economy. And we won't know for the next several weeks.

Well, I mean, I'm going to bring up just to kind of put a bow on the top of everything we've just done here. Or that you've done, Joe. Me and Nathan have done nothing here. I observe. I'm supervised. But I mean, James Lavish often has some fire tweets and sums things up very nicely. And so as a nice way of kind of zooming out from everything that we've seen here and just reflect. on what Bitcoin is and why it's important.

Here's James from last night. Good evening. The government will never pay down its debt. The dollar will keep debasing. And the only thing to protect you is an asset that cannot be debased. Have a great night. I think that sums it up pretty nicely. It does.

It absolutely does. You know, in times like these, it's important to zoom out, to lengthen your time horizon, if you will. And Bitcoin is not a short-term asset. that it's not an asset that anybody watching this is swing trading, it's a hope for a better financial future. The reality is the government's never paying down this debt with the tariffs. We had like our last gasp of potentially reducing our debt burden through those revenues.

That's not happening. Not only is the Supreme Court saying that maybe they're unlawful, but any revenues that we are getting, we're talking about distributing back to the American people to buy votes for midterms. We also had Doge. I think maybe I was on this show talking about it previously. But we had our best shot at actually reducing the need for government. government spending. We had the rocket scientist who is sending, you know, hundreds of rockets a year into orbit. We had him come into the government and try to reduce spending. That didn't work, right? So in the words of Lin Alden, nothing stops this train. Bitcoin becomes inevitable because we are never going to move into an environment where we're reducing the debt and we're allowing prices to go

down. That's the reality. So we can talk about short-term price action all day long. I see some people in the chat saying TA is astrology for men. That's absolutely true. But on a five-year, 10-year, 15, 20-year time horizon, Bitcoin is the thing that you want to own because they can never stop printing money. Joe, you can give me my horoscope all day. Fantastic. I love it. Joe, thank you so much for being here. I really, really do appreciate it.

And everybody that's here, if you're enjoying the conversation with Joe, please do drop a like on the video. But don't go anywhere because on the other side of the break, myself and Nathan are going to continue on. I'm going to talk about the first European national bank to acquire Bitcoin and get into the Bitcoin Reserve game. So Joe, thanks so much. But before that, Joe, where can people find you?

Ah, follow me at Joe Consorti on X. That's where you can check me out or go to joinhorizon.com. If you live in the U.S., see if you can stack Bitcoin with your house. Yeah. Also, let us know in the comments if you'd like Joe to revisit the show. We love having them. So, Joe, thanks so much. Have a wonderful rest of your evening.

Thanks, guys. Awesome. And everybody else, stick around because we are, like we said, going to talk about the first national bank, European national bank to acquire Bitcoin. Who the hell was it? Actually, there's more than a couple nation states to be chatting about. We're going to hit a quick break, quick sponsor shout out, and we will be back in one minute. Stay tuned.

Bitcoin Well is the best place to be buying and selling Bitcoin in Canada and the U.S. And now with Bitcoin Well Infinite, it's also the best place to be making large. buys at their OTC desk of over $50,000. Their white glove service gives you fast transactions, no slippage, and the lowest fees. You can scan the QR code on the screen or simply head to Bitcoinwell.com slash BTC Sessions to sign up today. And you can share your own personalized referral link to earn commissions. Coin Kite has been in the game for years, creating hands down the best and most secure hardware when it comes to secure. your Bitcoin. The cold card Q is an absolute powerhouse and my daily driver and it's ideal

for newcomers and advanced users alike. The tab signer gives you a low-cost, user-friendly option for those just getting started or for convenience when traveling. You can head to coincite.com and use code BTC sessions for discounts or simply scan the QR code on the screen to get started right away. Debify is the best and easiest way to borrow against your Bitcoin in a non-custodial way. Funds are held in a multi-sig escrow where you hold a key and the platform allows for excellent hardware like the cold card mark four and the Q. You have access to flexible conditions, the best rates, and institutional grade liquidity. If you're looking to make use of your capital, don't sell your Bitcoin, borrow against it.

You can head over to debify.com to check them out or simply scan the QR code on the the screen. All right. We're back in. And, yeah, awesome, awesome to have Joe on the show. He's just a wealth of knowledge. So I'd love to have him on a little bit more often. I don't know about you, Nathan.

I'm totally fine with that. It's always wonderful. He's always, even on the last minute. So, guys, that was the last minute ad. And he just jumped on, hence a little bit of delay and getting started. But he, in last minute, he's just Bloomberg, Bloomberg terminal charts, everything ready to go. Give us an update on currently what he's seeing in the market. hugely valuable and just a wonderful friend too.

Yeah. So please do go check them out. Definitely worth of follow. But we're going to continue on here. And I was saying first national bank to accumulate Bitcoin. So let's chat about that and take a look at what's going on. So the Czech National Bank has purchased, they say, digital assets for the first time in history. So it's small by to get started.

But though this USD $1 million investment through this investment, the million, The CNB or Czech National Bank has created a test portfolio of digital assets based on blockchain. Clearly they're in the early days of buzzwords here, but the important thing is what they have there. So it says in addition to Bitcoin, so that seems to be the bulk of it. The portfolio will include a test investment in the form of a USD stable coin. So just experimenting with stable coins, I imagine, for cross-border stuff. and a tokenized deposit on the blockchain. I don't know what that means.

Maybe it represents some external asset. I'm not sure. Whatever it is, it's a shit coin. Yeah, exactly, basically. Yeah, if it's a real world asset that's tokenized on a blockchain, it's not super useful. Yeah, the purchase was made outside the CNB's existing international reserves. The total amount of investment will not be actively increased. So this from the CNB governor, I came up with the idea of creating a test portfolio in January

2025. The aim was to test decentralized Bitcoin from the central bank's perspective and evaluate this potential role in diversifying our reserves. So again, this is a test to see about having Bitcoin as part of their reserves. The bank board then decided to have an analysis prepared, subsequent internal discussions broaden the scope to include the future of payments and the tokenization of assets. again, I think that's silly. As a result, stable coins and tokenized deposits were included alongside Bitcoin.

We will inform the public about our experience on an ongoing basis and present an overall assessment of the project in approximately two to three years. So basically, they're playing around with this for the next few years to see if it's a viable thing that they can do. So pretty interesting. And I'm going to say that Czech Republic, is not a surprise to me. And the reason I say that is because of the quality of Bitcoiners in the Czech Republic, particularly that I've met in Prague.

I want to give a huge shout out to Martin and Mateus that created BTC Prague. It is one of my favorite conferences to go to. They regularly knock it out of the friggin' park. And they've got their fingers all over this. They've been proposing tons of stuff. They've been going through processes. and basically trying to make a check as friendly to Bitcoin as possible, and it's largely working.

Being in Prague, there's a payment processor that a lot of merchants use, just de facto, and they were able to work in a solution where Bitcoin is payable there. Now, the merchants themselves don't really even know that they're getting paid in Bitcoin because it just gets sorted out on the back end. But if you have this app, you say, oh, I'm going to pay with this app, and then you fund it with Bitcoin. So you can fully just kind of get by with Bitcoin all throughout Prague if you go to the conference there. So really, really awesome.

They knock it out of the park. And also, you know, Prague is the birthplace of a number of different important Bitcoin projects. Treasurer was born there. General Bytes ATMs. If I'm not mistaken, slush pool, one of the world's first mining pool came out of Czech Republic. So like there's a there's a storied history of Bitcoin in Czech and in Prague. So yeah, I mean, it makes sense. Nathan, do you have any thoughts here?

No, I completely agree. There's also like the history of dealing with fascism and communism in that place as well, too, that they're going to be more sensitive to being protected against government overreach. So again, I'm not surprised that a base place like Czech Republic is going to be one of the ones to jump in and do this first. And one of the things that I absolutely love it. It's a good thing. It's a good thing, guys. Is that I love that they bought stable coins and maybe some shit coins as well, too, alongside a Bitcoin in their portfolio.

Because that means over the next five years, they'll be staring at both side by side and see who the real winner is. Yeah, yeah, exactly. Yeah. And yeah, the capital games thing, the thing that they have in check where if you hold longer than, I can't remember what the threshold is two or three years, there's no capital gains. I think that's a fantastic thing. It'd be great if they had like de minimis amounts for stuff like that too in the interim. But hey, I mean, they made a lot more progress than even the U.S. has in that regard. So kudos to them.

And one of my favorite things about this story is what's certain to be a saucy Christine Lagarde. So this is back in January. This is a clip of her stating I'm confident Bitcoin will not enter the reserves of any central banks in the EU. Let's take a listen to her be wrong very quickly. And as a result, I'm confident that reserves will not enter as a Sorry, that Bitcoins will not enter the reserves of any of the central banks of the general counsel. I had a good conversation with my colleague from the Czech Republic, and I leave it to him to make whatever announcement he wants to make,

but I'm confident that he's convinced, as we all are, of the necessity to have liquid, secure, and safe reserves. Thank you. Well, I haven't. For her. Yeah, I'll say, if you haven't already, somebody go dunk on her. It seems like we might want to tag the easy bean suppose here. Yeah. And again, I'm not one to cheer on central banks, but if it's a central bank making the head of the ECB angry, then have at her. Enemy and my enemy. Tons of fun.

Yeah, exactly, exactly. Now, this isn't the only nation state that is making some moves in the Bitcoin space just this week. So here we have Taiwan taking steps towards Bitcoin Reserve integration. So Taiwan's government has initiated a formal evaluation of Bitcoin as a strategic reserve asset. the executive yuan and central bank have agreed to assess the digital currency's potential role in the nation's financial infrastructure. The proposal includes pilot programs using confiscated Bitcoin currently held by authorities. Wow, there's a theme there.

U.S. loves stealing people's Bitcoin and keeping out his reserves. It seems Taiwan is no different. These holdings would otherwise be sold at auction under standard asset seizure protocols. Again, mistakes of the U.S. being instructive to other countries, those Silk Road coins that they were auctioning off for years, that were just, you know, the returns on them would have been insane. Germany selling off their Bitcoin that could have literally, I think could have paid. At 50K. Yeah. Yeah.

And then was it another country that they, or was it Germany, where they sold off all the Bitcoin, they could have paid off their national debt? I'm trying to remember what country that was. Oh, I remember that. No, it wasn't Germany, but I remember what you're talking about. Like, it may have been actually Germany. Because one of those, like, if they had not sold them and held to this point, they could have paid off the national debt. Yeah, yeah, exactly. So anyways, legislators, Dr. Jujunko, they're leading the initiative.

Of course, Samson Mao has his fingers in here, whose firm specializes in Bitcoin infrastructure is supporting the effort. And again, Bitcoin Meg confirmed the development as a business. legislative discussions continue. So very, very interesting there. You know, it seems like with a lot of these things, you know, last cycle, 2020, 2021, you know, Michael Saylor getting into Bitcoin and everybody's like, this is the institutional cycle.

And then there was a whole lot of nothing. And it took a cycle for that to come to fruition. Now it's like, can you shut up about Bitcoin strategic reserve companies and stuff, you know, like that kind of stuff. And it's become like a bit of a meme. And yeah, like if you're a profitable company and you're spending less than you earn, and then yeah, it makes sense to save no money nobody can print. But it also became like, we love Bitcoin buy my share.

Bitcoin kind of thing by my stock. But the point being, it took a cycle for that to come to fruition. And so I think what we're going to see here is everybody's starting to see nation states dabbling in the idea of reserves. But nation states are slow to do really anything. And so I don't think it's this cycle. I think it's the next cycle where it's like, oh, it kind of becomes commonplace where it actually starts happening.

So I, you know, I think we just all need. to exercise a little low time preference here. But I don't know, Nathan, what about you? I completely agree. I don't think it's going to be this cycle. It's going to be the same path. We've got at least another four or five years before this meaningfully takes hold. And funny enough too, that while it's wonderful to talk about and discuss it too, I'm betting

that the first really big move or like significant like, holy crap that's a nation state or central bank buying in, like really buying in will get leaked, that they'll do it and they won't announce it while they're in the process of accumulating more. Because if they figured it out, especially if they've access to their own current, that they can print and buy. If they've really figured it out, you're not going to hear about it, not initially. It'll kind of fly under the radar and then kind of like Bhutan was found out to be mining. It came out in some public release or something on those that's a public document.

Yeah, exactly. And so, again, over the next number of years, I can see that becoming a very, a lot of people diving into that space, a lot of nations, I suppose, diving into that space. And I think that then lines up with us beginning to, with Bitcoin beginning to be viewed as like an actual reserve asset akin to something like a gold and starting to get to that level. And I mean, that's probably an impetus for we had Michael Saylor just the other day or today actually talking about how he says, no doubt in my mind, Bitcoin will be bigger than gold within a decade. And so, yeah, he basically goes, and maybe I'll just play the clip here really quick. It's pretty short. They're just talking about infinite content on social media, which is the perfect segue.

Since we are talking and taking your questions on social media, plenty of viewers chiming in. Starting off with a strong one here, Michael. First question, do you see Bitcoin catching up to and surpassing gold's market cap by 2035? What say you? I do. I think we're in a Bitcoin. We're in the digital gold rush. And 2035 is the 0.99 year.

That means that 99% of all the Bitcoin will have been mined in the year 2035. If you want Bitcoin, you need to get it between now and then because the last 1% of Bitcoin comes out over 100 years. Yeah, there's no doubt in my mind, Bitcoin will be a larger asset class than gold by the year 2035. I'd echo that. I don't think that's too outlandish acclaim.

No, like a 10x and change from here? What's goal that? Like a $24 trillion market cap, something like that? I'm half making up the numbers. But yeah, absolutely we can close that gap by 2035. Yeah, 100%. And you wouldn't know it today again. Like there's, you know, oh, sub 100K every's panicking.

And, you know, you sent this over to me, the Bitcoin, the fear and greed index. It's down at 15. for those that don't know what this is, Nathan, what is the fear and greed index? It's basically just a measurement of market sentiment to know where we are. And so this is really key because this is how we're going to make it to that level. This is how we're going to surpass a million dollars. Is that like stop and think about it for a bit team here. We were what, 16K during the 22 bear market, right?

We didn't quite 10x from there, but we were getting, you know, we're on our way. We went from 16K to 100K. Now, we're at this level of fear in panic and unrest at 100K,000. at 100K we're panicking this much. If this is a bottom, like that was a bottom, 10x from here is not out of the cars. The fact that there is so much fear at 100K should tell you all you need to know

about where this is going to go in four or five years. Yeah. It makes me happy seeing a little bit of panic and we're flitting around 100K. That's a good thing. Now, there are some people that are positing that actually the bull run is just kind of delayed. They're looking to 2026.

And one of these is the Bitwise CIO. And he's saying that 2026 will be Bitcoin's bull year. Like I don't know how, you know, whether or not he's going to be accurate. But basically, we've got him. He's the chief investment officer over at Bitwise, Matt Hogan. And he says he's increasingly confident that Bitcoin in the broader digital asset market will experiencing major bull run in 2026 as the absence of a strong rally in late 2025 sets the stage for further upside.

He was speaking at the bridge conference in New York. He noted that traditional end of 2025 rally would have aligned with the well-known four-year cycle leading to a bare market in 26. Instead, now he sees 26 as a year of growth. He said, I'm more confident in that quote. The biggest risk was if we ripped into the end of 2025 and then we got a pullback. And he pointed to growing institutional investment, regulatory progress. and the rise of stable coins as tokenization and tokenization as factors supporting long-term momentum in the space.

I mean, the stable coin thing I kind of get, the tokenization, I think, is just going to crash and burn. Hot garbage. Hot garbage, indeed. Yes, yes. Again, Arthur Hayes, Tom Lee, they predicted that Bitcoin could hit 250K by year end. I don't see that happening. We got, what, a month and a half? I would be surprised.

Yeah, yeah, exactly. So, yeah, I mean, I could see, like, basically everything has subverted expectations this year. Actually, on that point, too. So I did an interview with James Check on Monday, released it on the Tuesday podcast. And two of the things that he pointed out to me was one, that almost every single month has subverted expectations. September, great, October, November, not so much so. So it seems like everything that we're all anticipating the past behavior that we've seen before, it's not playing out that way. It's almost like the past behavior has become the Jim Kramer of what Bitcoin's going to do next.

Just take the opposite. We're probably going in that route, which would mean if you expect next year to be a bear market, this would be a bull market for us in 2020. So that for me lines up. Additionally, and again, going back to like, how could we take off from here? Looking at the on-chain data that he was illustrating for us, there's been $290 billion with a cell pressure this year. Like there has been a ton, a huge rotation of old, old coins.

Actually, now that there's enough market demand for it, enough liquidity available, taking the lifestyle change, you know, selling half their stack so they can buy an island and an army of like, you know, drone bots and a yacht and things too. And with all this cell pressure, this huge amount of cell pressure that's been going on, we're still sitting at 100K or before that we're sitting above 100K, which tells you that the institutional demand that's out there is massive. They're big buyers. They're slow and methodical and they're not tweeting about it. Yeah, yeah, 100%. Well, we are going to shift gears here. We've got all kind of.

We've got Nathan's favorite section coming up next. It is the Canada Sucks section, and we've got much more than that, but there's a few doozies. So if you're from Canada, you can get caught up on that. And if you're not from Canada, you can laugh at us. So it's fun for all. But we've also got some awesome new updates in the Bitcoin tech space and some incredible new announcements of tools that I use day to day. course, this channel was started. The impetus for it was educating people how to actually use Bitcoin tools, how to actually self-custy and make sure that your stack is secure. And, you know,

we constantly talk about making sure that you know how to use the tools. And so, you know, I'll share QR on the screen right here. But we have a learn page, vtc sessions.ca slash learn. You can scan the QR there. And we've got some hand selected tutorials for you that you can work through step by step for free and learn how to actually use Bitcoin. A lot of people come to us maybe from the ETF or like micro strategy world and they start listening to Bitcoin related news. And then they learn that this stuff is important and that self-custy is important. So start down the path, super important.

And on the other side of it, we're going to talk about why Canada sucks and what other cool tools you should check out on Bitcoin. So we'll be back after a quick shout out to our sponsors. See you guys in a sec. Drop a like on the video if you're having a good time. Looking for a simple and secure way to manage your Bitcoin on mobile, Aqua Wallet has you covered. It's user-friendly and puts you in full control of your Bitcoin with secure self-custody. Aqua also supports lightning and liquid network, making fast, cheap Bitcoin payments and asset transfers easier than ever.

Plus, it even supports stable coins giving you ultimate flexibility. Build on open source code, Aqua is transparent, trust, and perfect for beginner and pros alike. Ready to upgrade your Bitcoin experience? Click the link in the show notes or scan the QR code on the screen now to download AquaWallet today. Securing your Bitcoin doesn't have to be complicated or invasive. With Nunchuk's Honey Badger Plan, you get state-of-the-art multisig with built-in inheritance planning and no KYC required.

Nunchuk is trusted by users to secure billions of dollars in Bitcoin. The Honey Badger Plan offers 204 assisted multi-sig guiding you, step-by-step on mobile or desktop. It works seamlessly with hardware wallets like tap signer, cold card, Jade, and plenty of others. So you're always in control. Plus, with non-KYC inheritance planning, you can ensure your Bitcoin goes to your loved ones.

No private info needed. Take control of your Bitcoin today. Click the link in the show notes or scan the QR code on the screen to check out the Honey Badger Plan. All right, we are back in and let's talk Canada. This is a fun one. I got to discuss a little bit on, I think on why are we bullish last week. We briefly touched this.

But this from Table Salt, major breaking, communism alert. This is in Canada. Senate bill S206, which seeks universal basic income, has moved to the third reading in the completely useless and unelected Canadian Senate. This bill makes it clear that this money. will come with no strings attached, even on the reserve. So, yeah, this bill, an act to develop a national framework for a guaranteed livable basic income. Again, it's gone through a couple of readings.

It's going on to the third reading. Yeah, basically, there's no real threshold or rhyme or reason. It's basically anybody above 17 just gets like a Stimmy check every month. which is insane. I just, I'm, I'm a little in awe just because they saw what happened. We were, we were given out money like candy during COVID. And Canada got screwed way worse than the States. We were way more willy-nilly with just like, yeah, everybody to have money.

And now house prices in Canada are double what they are in the States and our income, like our adjusted income is is 30% lower. And so like not only are people poorer just on a nominal kind of income basis, they're also poorer because everything's more expensive. Our groceries are insane. The homes are insane. Like people can't afford to live here. So if you're in the U.S.

And it feels pretty crappy, just know it could be crappier. So I mean, Nathan, what's your thought on the, the Stimmy bill? It's just pure communism. And it's funny because I was having a conversation this afternoon with somebody very important to me. And they were asking, they kind of had that moment of like, I'm a little bit worried about the US dollar.

And I want to reassure them. It's like, you're absolutely right. It will lose to Bitcoin at some point in time. But the Canadian dollar will tank way before that. It will be the best, what is it, best horse of the glue factory.

It will be the final boss for sure. But this is the, like, I'm not sure how, like, we got to get them a copy of when money dies or something too. They're going to destroy the dollar. And honestly,

like don't interrupt your enemy when they're making a mistake. I found Bitcoin. I'm trying to show everybody else that I can Bitcoin as well too. This will ultimately, This is going to end in less productivity. It's going to end in civil unrest because you're right. It's going to, you're going to see it in the things that people need, in food, in steak, in housing, just absolutely skyrocket. It's going to make it impossible for us to import things.

And it's funny because I could even see something like this leading to the separation of Alberta, because the Alberta energy producers, they're not going to want to trade. They're not going to want to trade their oil for this printed fiat currency that is melting like nobody's business. If you start to see the introduction of people using USD cross the border, which I think you will, that that definitely is going to cause an issue. We'll have a country that doesn't have a cohesion and doesn't really have a currency anymore. Yeah, yeah, it is wild. And don't worry, I've got more ammo here to Canada. So last week, I got so fired up about Carney dropping his budget.

So Mark Carney, the newly elected Prime Minister of Canada, came in to replace Trudeau. And we did a little history lesson of what happened, like why an election was triggered, because Trudeau actually wouldn't have had to host an election until this fall. But he got pushed out early. And that all came to fruition because the, what was Christia Freeland's finance minister? Finance Minister. She was deputy, prime minister, and finance minister. And her job was to announce the budget that Trudeau came up with. And she literally quit hours before she was supposed to announce it because it was so bad.

And the bad then was it was like a $60 billion deficit. And then Mark Carney dropped his super delayed budget for this year. It's November. He dropped his budget for this year. And remember, Trudeau was ousted. Because his budget was so bad at 60 billion deficit, Carnies is a $79 billion deficit. Like, what the fuck?

Are you serious? So he got in on a promise of doing better is doing way worse. I need to show you this article from CTV news here. And at first you think, like, oh, Lord help the Canadian people because the title here is Carney's first budget wins support for infrastructure and immigration plans, poll, which would seem to indicate that Canadians support the budget. As horrible as it is, it would seem to indicate that. And it goes on and it talks about, well, some people agree with this and some people agree

with this, like cherry picking little pieces of the budget. Like, oh, like, you know, we need to do certain things. and it talks about, you know, immigration. It talks about, you know, talking about modernizing the military, local infrastructure. It talks about all these individual things. And then it goes on to say, despite high levels of support for individual budget items, just 30% of respondents said they supported the budget overall. What in the fuck is this title?

It sounds like everybody supports it, but the title really should be 70% of Canadians do not support the budget. This is how deceptive Canadian media is. It's crazy. I feel like I'm taking crazy bills. Like, what do you think when you see this? You do not hate the dirty smear merchants in the corporate media enough. They are absolutely in Canada, it's even worse. They're just straight up propagandists that are getting money from the.

the government, they are fucking awful. Their only purpose is to basically blind you to what's really going on and mislead you in favor the politician that gives the money. They are completely unreliable. They have zero credibility. It's because of shit like this. And what sucks is there's still some people plugged into the matrix. And hopefully they'll find their way out at some point in time.

But it is absolutely ridiculous. Oh, good. At first budget wins support. People don't go past the headline, right? That's all they see. That's all they see with this happy picture of Carney. It should be a picture of him crying into some dudes. lap because 70% of the people know that he's full of shit.

I, yeah. I mean, it's, it is astounding. It is astounding to watch. In, in, directly related to all of this, of course, Canada falls to number 27 in global quality of life index. We were fifth, I'm pretty sure, like a couple of years back. Like, that is, it is a huge fall from grace. You guys in the U.S., you have no idea how bad it's getting here.

For the love of God, invade us. We need some democracy. Did I tell you that at one point, I can't remember exactly what was going on, but it was, it was, you know, something about 51st state related stuff. An American Hoddle sent me a text. And it was literally just a giff of like Marines in like a, in like an inflatable like boat like going through the water with their frigging rifles. And he's like, don't worry, man. we're coming to bring you some freedom you fucking snow mexican i love hottle yeah he's he's great so anyways um yeah things things not looking so

fantastic no nathan i can't i i feel like i'm i'm hideously uh under informed on this whole ostrich farm thing i don't know if you want to if you want to rant on this um there's there's an article from CDV, something is rotten. There is somebody who funded the BTC ostrich form illegal defense. But they went and they killed a whole crap load of ostriches.

For people unfamiliar, what the hell was going on and why is this making massive international news? The big reason really is just a prime example of the inability to adapt and just the ridiculousness of bureaucracy. So it was the CFIA, which is Canadian

Farm Agricultural. I forget the acronym what stands for, Basically, you had an ostrich farm, a family-owned ostrich farm, where one of the animals had tested positive, I believe, for avian flu, right? And so the general procedure then, and this goes like, the reason it hits so hard is, one, animals, right?

Love it or hate it. You know, somebody dies in a movie, nobody gives a shit. If a dog dies in a movie, my wife is crying in the movie is over. Like, it just can't happen. We have that emotional response to things that we think are innocent,

kids, animals, things along those lines. This is someone's livelihood. I think it was like a generational farm. It was a family-owned and operated farm where he had one bird test positive, and then so the response for the government is we have to cull everything. But the ridiculousness of it is I believe they were even like all the animals were completely healthy. They refused to retest anything.

It was this big battle. And literally you can see like the aerial drone footage where the government basically like kick these people off their property, give them no course, no chance for recourse and went in there and shot all the birds. They put up like a little kill fence and shot their entire flock, their entire livelihood, their entire business, all their animals, which they have an emotional connection to. and that like a lot of the audience people internationally had emotion connected to it was just a ridiculousness of almost like like soviet gulag kind of mentality of like doesn't matter if they're all fine now or that it's important to you or that the you know the u.s is even getting pissed off about this is it was the it was the classic like we're just following orders which after covid people are fucking done with that right i'm i'm surprised there actually wasn't like an outbreak or violence or something because you just saw the rcmp for what they really are which is the jack boot authoritarian gang enforcing carnie stu but fucking will. And that's how I really feel.

Yeah. I was going to say, tell us. But yeah, here's a video of like them before they got cold. And then there's the farm. And it's just like ostrich corpses everywhere. Perfect example of government overreach just for nothing other than bureaucracy. Right. Like, well, there's a piece of paper that says we have to do this.

So I guess we're going to kill like 400 healthy ostriches because. we need to I don't there's no other reason than that I was told to do this so yeah it's and there was a ton of like public backlash and support for them too it was one of these examples where there was

no public support for what was going on here too right the only people and it's just the worst the worst of the worst the only people that were in favor of like well they have to see if they're the scientists just the scientist they got a white lab coat fuck those guys the only reason that this had any support from anyone in Canada

was pure tribalism because it became a little bit of like against the liberal government thing. And you saw the most idiot NPC people toting the party line, which they will always do. Yeah, 100%. Well, I mean, I'm sure next week we're going to have an equal number of horrendous Canadian suck stories. So lock and load, it's going to happen. But I'm going to change gear and I'm going to talk about some awesome stuff, some awesome things that I've seen here. It's a number of things that have come up. First off, a huge shout out and congratulations to John Dennehy.

He's from me premier Bitcoin or My First Bitcoin. And there he says, my first Bitcoin's transition from local project to global movement is complete. We already support Bitcoin education projects in 38 nations. And that's just the beginning. And there's a bit of a longer story here. But basically, they're, they're, expansion, they're rebranding, their mission refocus, all of the stuff that they're working on. He's put his blood, sweat, and tears into this thing, and they're growing like nobody's business.

It's just an incredible, an incredible initiative. And you're actually going to be talking to him soon, are you? I will be doing an interview with him in the coming weeks here as well, too. And shout out to Pablo from Bull Bitcoin, because I believe he's down in El Salvador right now with the My First Bitcoin team doing education, boots on the ground, workshops, training people to actually use, hold, and secure Bitcoin. Yeah, I was lucky enough to go to a graduation ceremony when they were still still in the schools in El Salvador. And that was really cool.

I got to sit in a classroom and actually test multiple high school students on their Bitcoin knowledge. And I'm sitting there going, oh, my God, like the questions were like, what, you know, what causes inflation and how does it affect, you know, savers or something? You know, things like that. that actually the average adult doesn't know these days. And then on top of that, they're, you know, I'm like, oh, let's, we're going to, we got a wallet. We're going to reconstitute the wallet with your seed phrase and recover. Show me how to do this. And like, there's just, you know, having these skills at a high school, it was, it was so cool to see.

I was so happy to be a part of that and actually see it in person. It was amazing. It was absolutely beautiful. Yeah. Yeah. Now, in the technology side of things, this is really cool. Cool, Cashew bringing Tap to pay to Bitcoin, eCash from one device to another without internet via NFC. And so Cashew, if you're unfamiliar, it's basically an eCash system built atop Bitcoin.

You're able to transact natively because the data is actually the value, very different from on-chain Bitcoin. and you're able to effectively send a redeemable token to the other person, and then as soon as they get internet connectivity, it'll actually settle. So really, really cool to see. Love that. Also, in terms of new stuff coming out, Nunchuk, they just released Nunchuk 2.0, autonomous inheritance. And so they released just the other day.

They released their 2.0. Now, they do did this whole kind of like little story of like their, their reasoning why and they go back to the trucker protest. They were integral in helping with that, which was amazing. And so they say by leveraging manuscript and on-chain time locks, we now offer a solution that combines the ease of guided assistance with the guarantee of autonomous execution enforced by Bitcoin, the network itself. We call this dual path recovery. So option A is kind of like the smooth path, the guided claim, the stuff that you set up with them and the company still exists and it goes easy. I use Nunchuck myself. I love it.

It's super smooth. I really enjoy what they offer. But the thing is if something happens to me and typically I set an inheritance a year out and then I bump it forward every time. But if something happens to me and then within that calendar, year before the inheritance executes something simultaneously happens to Nunshaw, which is

unlikely, but if that did happen, then my heirs would have to fall back on, okay, I've written instructions and the keys are here and here and here and here's how to actually use them to claim the money, which can be daunting and difficult and you've got to write good

instructions and they may need help from somebody else and so and so forth. But what they've built in is the failsafe, which is an autonomous self-claim. You receive a Bitcoin inheritance kit, a secure digital package with clear instructions and open-source tools for your beneficiary to recover funds independently.

Your legacy is protected, even if Nunchuk is unavailable. Your plan outlives us. And they say it's made possible by integrating advanced Bitcoin technologies, utilizing miniscript, which is an open standard, and on-chain time locks. These are enforced directly by the Bitcoin network, ensuring immutability and autonomy. So I'm going to be covering this,

but effectively what you can do is you can say, we've got a multi-sig with multiple keys, and that's what's securing it. It's supposed to execute at this point in time, still as a multi-sig, through their mechanism. But if something happens to them, there's a further threshold

where eventually that multi-sig kind of degrades so that less keys are required. And so the key that the individual has will be able, they'll be able to claim it with just a single key, you know, further out, which is super awesome. So love to see it. Can't wait to try it. And I will indeed make a video on it. So any, any thoughts on the Nuntruck thing? I love Hugo and the team there.

They do a fantastic job. And if you haven't seen that letter in the very beginning of that thread, it had a letter of what they wrote back to the Ontario Superior Court when they requested information regarding the trucker protest funds. Oh, it's absolutely beautiful. I love, go for it, go for it, read it for me, please. So basically the Ontario Supreme Court reached out to Nunchuk during the truck of protest because they knew that we were reusing it and they wanted the funds and the information and everything. So Nunchuk wrote back, Dear the Ontario Superior Court Justice,

Nunchuk is a self-custodial, collaborative multi-sig Bitcoin wallet. We are a software provider, not a custodial, financial intermediary. Our software is free to use. It allows people to eliminate single points of failures and store Bitcoin in the safest way possible while preserving privacy. We do not collect any user identification information beyond email addresses. We also do not hold any keys.

Therefore, we cannot freeze our user's assets. We cannot prevent them from being moved. We do not have knowledge of the existence, nature, value, and location of, our user's assets. This is by design. Please look up how to self-custody, how self-custody and private keys work. When the Canadian dollar becomes worthless, we will be here to serve you too. Sincerely, the Nunchuck team.

Fucking legends. Legends. Yeah. Yeah, I love those guys. I think they've done such a killer job, not just in standing by their morals and the resolve that they had during that time, but also in just like, continuing to ship and build. What a great,

great group of people. If you haven't played around that try a nunchuck wallet, it's also wonderful from an educational standpoint, the way the keys and wallets are separated. So if you haven't guys, give it a try. It's a great learning tool of nothing else. Yeah, yeah.

Now, I do want to talk. We had yesterday on the show, Matt Hill from Start 9. Yeah. And so Start 9 is kind of like my node of choice. And I'll even, just for giggles. I'm just going to bring it up here.

But so here I've got, you know, I've got different items running and there's all these different apps and you can go to the marketplace and you can, you can download different applications and run your Bitcoin node and all of that. So you've got all these different things that you can host and you can also host your own data and all that. But it's been a while since like a major update. And they've been talking about their coming update for, well, for two years. and they got really excited about it early on and then they started realizing like, holy crap, this is a lot of work. And then they put their heads down

and they got to work. It's been two years, two years. And Matt Hill said, I've never spent two years of my life working on one single thing. And it's almost ready. He said multiple, well, actually, I'm going to let him say what he said.

I just want to play a little bit about him talking about this new release for Start 9. If you don't run a Bitcoin node, I highly encourage you looking at Start 9. The way that they set things up is very, very well thought through and resilient. So let's just take a quick listen. As of this week, multiple of us are now running 0-4-0 for our production servers, and it is running well, and it is stable, and it is everything we wanted it to be, and then some. And so I'm just, I'm so excited. I feel like a huge weight is not quite off yet, but, but in the process of lifting off

of our shoulders, I think that we are going to surprise people with how good this thing actually is. It's bigger and better than we pitched at the beginning even. So we kind of outdid ourselves. It took longer than we thought, which we apologize for because we should not have messaged it when we weren't absolutely certain, but you will not be disappointed. Furthermore, we are launching a surprise product that we needed to develop in parallel with StartOS 040 to kind of supplement or complement O4O's feature set, which is practically speaking,

like just to give people a comparison is a tailscale alternative. So it is a self-hosted, fully open-source MIT-licensed tailscale alternative. And it goes a little further, too, because it can be used trivially to also expose services that you're running on your server through the cloud tailscale alternative. So this is, if you're unfamiliar with what's what he's talking about here, this is huge. As I say, it's a big deal. It doesn't make sense. It's a big deal. Yeah, it's really awesome.

So more or less, you can run a whole bunch of different applications and you can connect your Bitcoin node from afar. Why run a node? Running a node, you're running a copy of the history of Bitcoin's transaction base plus the rules that govern the network. And so it's a little bit of, you know, you're choosing to, you're opting into the rule set of Bitcoin. And nodes are effectively kind of what enforce the rules.

if nobody ran a node, it would be trivial for the one person running the infrastructure for everybody to just change the rules at will. And so it's that people, anybody can run a note if they choose to and verify themselves. Furthermore, when you're checking your balance in your wallet, if you're not connected to your own node, what you're actually doing is you're basically tapping somebody else on the shoulder that is running a node and saying, hey, here's all of my addresses. can you check my balance for me? And sometimes when doing that, you're revealing the IP address to your computer or your phone. And so there's effectively a record of this person at this IP address, just ask me to check all of these balances and see if he has money. And, you know, that's not a great privacy practice.

When you're connected your wallet to your own node, you're just checking your own copy of the ledger. And so you don't leak your privacy details in that action. So what can be tricky is right now, start nine has to, if you're connecting remotely, not at home, then it goes through Tor. And Tor, it can be slower, sometimes harder to connect. And some Wallace just don't have Tor support. It's all encrypted, onion routed, you know, for privacy. But what this does is it gives you a much more stable while still private and faster connection directly to your own machine. So on the outside, looking in, people can't get your details and you basically tunnel directly to your own machine in a fast and private way.

And this is a thing that up until now, there's been some proprietary options out there, but kind of centralized. And this is like your own thing. You can just run it and host it. And the other big thing that he dropped here was that they're designing their own home routers. And so there's going to be a start nine home writer. Because first and foremost, he said, we're a computing company. We're like a hardware computing and software computing company. And so, yeah, like they're focused on making people sovereign.

Like their whole thing is sovereign computing. And I'm very excited. They've been so hard at work. I know this has been a labor of love for them. And I just can't wait to see it drop. I have a meeting with them soon. I might get my hands on a little early like alpha or something. We'll see. We'll see.

I've seen it. I've used it. It's beautiful, but not the new VPN set up as well, too. And yeah, so guys, for people who aren't familiar to, like, that makes it incredibly powerful for hosting your own cloud storage, basically, right? Makes it really easy to connect back at home, not only for your node, but for your passwords, for your cloud storage, for everything. So you can de-google, get away from them, not have any third parties involved, and then also keep the rights to your data. Because people don't necessarily realize this, but when you use cloud services, that's not your data anymore. That's technically theirs. Now, they might have it encrypted, but if it's not on your server, it can be taken if they want to give it over to the authorities or anything along those lines. Additionally, I don't know if you've ever run into this issue too, but in trying to set up BTC pay servers, having something from ClearNet come and connect to a home node is actually a huge pain in the ass.

I think you have to do reverse proxy in order to set it up. So something of this, I think, would actually open up that as well, too, for hosting your own BTC pay server that people not on the local network would be able to connect to. Yeah, 100%. And that's one of the most important parts for me is like, oh, I can just, for the first time, even like people that have been doing BDC pay forever, like, you know, Mike from coin cards. Yep. If you haven't seen coin cards, great place where you can pay in Bitcoin and get gift cards for just about anything. So, but he runs BTC pay server.

And I was like, oh, do you self-host that? Like, how do you do it? And he's like, honestly, I haven't found a good solution for self-hosting. Like the networking stuff is so complicated that I just. do like a cloud service. I think this changes that. Completely agree. Yeah.

So it's super exciting. So I'll be looking forward to that. And I can't wait. But nonetheless, I'm going to try and get a day one tutorial out for that one. I'm going to try and get in on the public beta. And then as soon as it goes, because you still have to flash it to get the public beta. But then for when it releases, I'll just have it on the ready. Now, the other thing that I just want to.

want to do some forward facing. If you're not subscribed to the channel and you're interested in learning about the latest and the greatest, I do have a tutorial for the brand new Treasersafe 7 that just came out. So some of the differences here with the latest version. So I've got it kicking around right here. It's bigger. It is bigger. Yeah. It's got a bigger screen for sure. So aluminum body feels pretty nice, gorilla glass on it. Couple notable differences. There's the first treasurer that's mobile friendly in that you don't have to, it doesn't have to be wired. It does connect via Bluetooth, so it's not like true air gap.

It's still like a direct connection to your device, just, you know, over the airwaves instead. They do have additional security in and around the Bluetooth in that you, on the treasurer dictate what devices are allowed to connect to it and then it'll remember that and it won't just auto connect to other bullshit. So you have to physically approve it. This one, the original treasers didn't have secure elements, which is a special chip. I know. Yeah. So that's a special chip that holds the keys to your money. And so without a secure chip, that means that with physical access, somebody can extract the keys to your money and spend your money, which is not good. The newer ones, the safe three and the five have a secure element.

And they went with one that it doesn't have an NDA to use it, a non-disclosure agreement. So if you do find a vulnerability, you can disclose it publicly, which is good. Now, this new one has two secure chips. One is the one I just talked about. The other is the world's first fully open source secure chip, which is, I think in the long run, great. And it's also very interesting, but it's open source, which means a lot of eyeballs on it,

which means people looking for vulnerabilities. And, you know, I can't say for certain, but I think that people will, you know, hopefully not, but like it opens it up to can people find vulnerabilities? And so I think that's probably what the dual secure element is meant to mitigate. but I think this is a great step in the right direction in terms of if we have an option for an open chip, that one will actually be in the long run more battle tested than the others. So that's a good thing. The other thing that has like wireless charging so you can like put it on a pad and it'll charge.

Yeah, a number of other things, but I played with it a lot. It's pretty solid. I think I think it's a good option. I stupidly, I'm so mad at myself when I, when I ordered it, notice it's not orange. I was going to say you got the wrong color, sir. I got the wrong color. I don't know what I was. Maybe I misclicked or something.

Anyways, it came as like the support shit coin version. So I had to, you can migrate to the Bitcoin only firmware. So I show how to do that in the tutorial tune. So working on the edit now, that will be coming in in short order. But also, I just want to say for people, that watch the channel and enjoy the tutorials, keep an eye out. This one isn't dropping on Monday, but I've got something special coming out on Monday, and it has something to do, the brand new person on the team that I think is going to push things to the next level. So if you're here

for the tutorials and you're here for the learning, we're trying something out, and I'm very excited about it. So stay tuned for Monday and subscribe if you're not already. The last little thing that I'll mention is the sat market. We've got a sat market coming up in Calgary on December 12th, Friday, December 12th. So less than a month now. This is a local circular Bitcoin economy that I created here in my hometown. Nathan, you've been there for, I think, all of them. All of them, every single one.

And so we do this a couple times a year and we just get together with other Bitcoiners. And we buy and sell stuff locally for Bitcoin. We have farmers. We have tradesmen. We have artists. We have a whole bunch of different stuff there. Incredible group of people. But I've been basically footing the bill for this for a couple of years myself,

just out of pocket because I'm super passionate about it. But I feel like we've built something special and important. And so I just put the word out tonight saying, you know, if we're looking for potentially grants or sponsors or whatever to help us kind of go to the next level with this thing. So if you know somebody that would like to contribute, if you would like to contribute, whatever it may be, then please do reach out. There's a tweet on my on my ex account. You can also go to Bitcoin satmarket.com and there's a contact form there and just reach out and get involved. We'd love to, even from afar, if you want to contribute,

you can. If you want to come visit, please do December 12th. We're heading out to the mountains, the day after we're going up to the Bitcoin accepting hotel in Banff on Banff Avenue called the Kenrick dude there that owns it. Jeff is an absolute legend, great guy, and it's going to be a good time. So nonetheless, some positive stuff as we get closer and closer to the holiday season. So I guess we'll round it out there. We went for a bit this time. We had a good hour and a half RIP, so I appreciate it. Everybody that was here, thank you guys so much. Nathan, anything else you want to leave people with before we head out here?

I think it's about it, guys. Remember that the biggest security vulnerability you have is just a lack of education. So get out there, keep learning, keep upping those skills. That's the most important thing. And of course, if anybody needs assistance, bitcoin mentor.com, dot Io. Happy to help you out with that too. And we got some more good podcast coming out from the mentor sessions on next Tuesday. Yes, 100%.

100%. End of every episode. I always played this clip. It encourages you to check out our learn page where you can find the tutorials and Bitcoin mentor. Do not ignore it. If you're not self-custaining your Bitcoin, you are missing out on the entire point of Bitcoin. Claim yourself, sovereignty. Stack those stats, but stack those skills.

Super important. So with that, we are out. I'm Ben with the BTC sessions. This was Nathan. And this was your weekly session. See you guys next time. Hey, you. Yes, you are 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 Bitcoin Mentor.com. 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.