BTC Sessions - Legendary BILLIONAIRE Warns ALL Investors — $3.21 MILLION Bitcoin Incoming!

Episode Date: August 1, 2025

Billionaire founder of the world’s largest hedge fund – Ray Dalio –just issued a major warning about Bitcoin, and every investor needs to hear it. Whether you’re all in or still skeptical, this changes the conversation around risk, timing, and global finance.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/—------------------------------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/bfiDCpCRYPTOCLOAKShttps://qrco.de/bg5Dvo#btc #bitcoin #crypto

Founder and former CIO of Bridgewater Associates, the largest hedge fund in the world, famed investor Ray Dalio is raising the alarm on the U.S. debt cycle, saying that we're on the verge of a, quote, economic heart attack. In a recent interview, he suggested that investors should diversify into sound money as the U.S. is on an unsustainable path. Seems like someone agrees with Lynn Alden, nothing stops this train. But what allocation size does he suggest? What evidence is there that we're We're moving from the late stages of the debt cycle to the end stage of the debt cycle. Don't go anywhere. We're going to talk about this, the new digital asset report, Bitcoin security, and more.

I am Nathan with the BTC sessions. And this is your weekly session. All right. Let me go ahead and pull in my favorite co-host, the one who's always so good to me. Mr. Gary Mahmood. Gary, how are you doing today, pal? I'm doing great.

I assume we're here to talk major league baseball trade deadline, right? That was 4 p.m. today. Oh, good. Did you get everything in that you needed? I got all my Christmas wishes. Actually, I have no clue who's on the Mets these days. Whatever. All good.

Let's talk some Bitcoin, baby. All right. That sounds good. Let me just get our smiling faces up here on the side. And we'll dive right into it, right into the main story there, too. So billionaire investor Ray Dalio earlier, just a 15% allocation into gold or Bitcoin says the world is on the verge of a economic heart attack, which I do just want to point out, was I being a little bit hyperbolic with the title there, that 3.2 million per Bitcoin, maybe a little bit baby. No. Gary, that is just pure optimism.

I'll tell you why, because everyone's going to figure out that gold is nothing about a fancy, shiny rock, and they're going to put that entire 15% into Bitcoin, which, for a quick fun math, because numbers are always great. Estimated total net private wealth is $454.4.4 trillion in 2022. Call it an even 450 at 15%. That would give you $67.5 trillion, divided by $21 million, gives you $3.214 million per bed. Bitcoin, which, Gary, I assume that that sounds kind of outrageous to you off the hop. I'm just amazed by all the math. I assume you've gisted in your head right now. I'm doing this all in my head. I don't prep any of the math beforehand, guys. I am just that

good. I do want to remind, even for comparison point to that price, that is in line with Sailor. His bear case for 2045 was $3 million. So a 50% allocation in, you know, private equity and all that fun stuff out there, not completely unreasonable. But I think it's worth. worth listening to the man. So I'm going to pull up the clip here so we can just check it out, which by the way, it was, it was a good podcast. I did actually enjoy this little half an hour podcast here. If you want to go down that rabbit hole, Ray has some wonderful insights.

But let's hear what he had to say. And there's a little bit more that I want to touch on. I'm not going to describe my own exactly, but I'll say the following. If you were neutral on everything, in other words, you didn't have a point of view. and you were optimizing your portfolio for the best return to risk ratio you would have. You would have about 15% of your money in gold or Bitcoin. I mean, I'm strongly preferring gold to Bitcoin, but that's up to you. For me, I strongly prefer Bitcoin, but I understand why he might be in that position, at least for now.

But also, again, within this interview with Ray Daly, where there are more things that they talked about and some of them that I want to continue to touch on. So they cover the big forces driving economic cycles. They cover the U.S.'s debt problem. They cover the UK's debt situation. But he also talked about what would signal that we're going from the late stage debt cycle, which he's talked about before with previous currencies with the pound sterling. I think it was the Dutch Gilder before that. again, he's got a great kind of historical works in his books. They're worth checking out.

But what would signal that we're getting to the end of this cycle? And well, what he brought up as kind of the main things to watch for, that would be a trigger, would be that we're seeing the reintroduction of QE and that there is government interference with the central banks. So maybe we're getting some early warning signs of that. From zero hedge, boom, treasury to double frequency of long end nominal buybacks. not shadow QE is here. Goldman expects 50% to 100% increase in treasury buybacks announced in today's QRA,

says calling this shadow QE is definitely a bridge too far, but might be on the path that leads to that bridge, getting a little bit closer. And just for clarity, too, this is the treasury buying back their debt, so they're likely issuing short-term bonds to do it. It's not the same as the central bank swooping in and using bank reserves. Gary's laughing at something in the chat, I presume. No, I'm laughing at the absurdity of all.

all of this. Yes, okay, fair enough. Tell me, Gary, what are your thoughts on this so far? So all these signs. Yeah, my thoughts are late stage and stage at this stage who gives a shit. As, as Lynn Alden says, nothing stops this train. If anybody's seen back to future three, you know there's that point where they try to push the Delorean on the train track. And it said, once you pass this sign, it means you have to go all the way and try to go in time to travel because if you don't, you will fall into the clip. We have long past that point. Talking late stage end stage, it is impossible. to overcome this now. The government has to print its way out of it. Everybody knows it. It's just a matter

of how much it's going to print, how much it can do it before people with pitchforks come out. This is over. There's no way to solve this. Even if you could somehow get Anthony Davies, an economist, pointed this out, I think back in 2019, if you could somehow confiscate all of the wealth of every single billionaire in America and just take every single last penny that they have, it would fund the government for eight months. There is no way out of this. They're going to print their way out like they always do. You can either hold on to your millions in dollars,

or you could buy a hard asset. We've been talking about this forever. The choice is yours. I don't know what else to say. No, I completely agree. Now, you mentioned that before the show, so I have that one ready. Yeah, 550 U.S. billionaires together,

total of $2.5 trillion, running for eight months. And the other thing you show me, which just goes to show you, just a side note here, team, that you don't hate corporate journalists enough is that Politifact, let me see if I can pull this up here, share this tab instead. How it is mostly true, I think, because they said it could run for like nine months.

Like, oh, I'm so sorry. Was I off by a month by how long you could actually fund the government for? Now, all wonderful points, Gary, all wonderful points. Now, going back, so there's the two things that Ray mentioned there. So one, he's talking about you got to get out of currency, basically. You got to get into gold or Bitcoin. For us, it's all Bitcoin. I think the majority people are going to find their way there as well, too.

but we're looking out for that QE to come back to kick back in and we're also looking for the government to basically like seize control or interfere with the central bank. So do you remember this moment here, Gary? We had the terrible actors in their wonderful little hard hats walking around for the $3.1 billion Fed building renovation. And Trump basically, this Trump-Powell thing,

I think that's what Ray is referring to. I think this is the early signs of the government getting involved with the central bank, and he's thinking that this is taking us closer and closer to that cliff's edge. We also had the idea floating around. I think it was Scott Bissent. I always get his name, pronounce it wrong. I apologize if I did it again there. But eyeing him up for both Treasury Secretary and the chairman of the Fed at the same time,

which apparently there is some precedent in the past for doing that. Now, he mentioned also in the interview that we had $7 trillion, U.S. spending is $7 trillion, a $4.000 budget gap. So again, U.S. debt, not looking great. Debt is six times higher than the annual income. Gary, if you're in that situation, I would tell you to declare bankruptcy. One trillion yearly interest payments, $12 trillion in debt needing to be refinanced or rolled over. And this is why he's setting up for, say, this heart attack event.

There was also the always wonderful Lynn Alden pointed out there. Again, we all know where this is going, guys. more and more debt more speeding up where's it going to flow it's going to flow to bitcoin you know the exit strategy but still it's worth examining where we are in this right now because sometimes it still kind of blows my mind like i remember the 2008 what was it like eight hundred and eighty billion dollar bailout or whatever it was and like oh my god like eight hundred and eighty billion dollars this is outrageous that was well within my lifetime completely within my memory and that was a major signpost at the time and now we have the

Treasury released their borrowing estimates, $1.6 trillion in new debt issuance over the next two quarters, about $500 billion of it going to refill the TGA. And the lovely Larry Lepard pointing out, that's $3.2 trillion annualized. That they're going to, they're going to borrow some more. Gary, for context, I mean, it's thinking about a trillion

is just reaching that point of being just imaginary money. It's way over my head. I can't even conceive it. It's gotten absolutely. saying it's because it's a million million so you have three point two million million dollars that are going to spend for a year annualized for a year continuing to look at the debt issues in the current u.s economy uh lovely press and pitch pointed out here a lot of talk about governments considering more helicopter money if so you might want to think about what you could have done with

the last one if you'd taken that oh i'm not showing the screen there we go boom if you've taken your twelve hundred dollar stimulus check which is uh from april of twenty It is now at 12,123. You have a nice little like 10x on that stack. So more spending coming up. What do we have on the horizon? Senator Josh Holloway, Republican from Missouri, I believe. Holly, Holly, thank you very much.

This is why I have you here. You're my local American to correct my name's wrong. The U.S. politicians and citizens and all that. It's your Canadian accent. It's a thick Canadian accent. My head is not stuck on top. It just bobs up and down. It's a bit of an issue for me.

on Monday introduced a bill to send tariff rebate checks to American families similar to the stimulus checks sent during COVID-19. If enacted, the measure would provide a minimum of $600 per adult and dependent child, $2,400 for a family of four. They really want to pop up the equity market and the stock market, don't they, Gary? I guess. I mean, to me, this just comes back to if anybody ever says that we are raising taxes or doing something to try to help out the deficit or the debt, They are not. They will spend it just as quickly, if not quicker. This is what politicians do. If you have not learned by now, take your head out of your ass. I'm sorry to say, this is what they do. None of this is going to go to pay down the deficit. None is going to go to pay down the debt. It's going to be done for some short-term spending program because the politicians are incentivized to make themselves look good

to win reelection. They think in two to four-year cycles. They don't think 10 to 20 years down the road because it's not their problem 10 to 20 years down the road. They are human beings. Incentives matter. This is what they do. Accept it. Gary, I'm curious. You used to work in D.C. as well, too. Use the term work very loosely. It was in government.

Very loosely. I think you just browse the internet for adult content from time to time. I did? Yeah, absolutely. In your experience, do they have these kind of conversations? Or was it really just like super short term? Did you see some pushback, but the incentives were too strong? What was it like?

No, it's very short term, especially in Congress. It's very, very short term. The president will try to think slightly more long term because he's thinking like four to eight years and presidents are trying to think of like a long-term legacy, congressmen are thinking about how do I get re-elected? How do we get re-elected? How do I get re-elected? And then maybe number four, they're considering something else that might sort of go along with their personal ideal. So this is, how can I look good to my constituents? How can I make sure that they're getting some special reward? It's all short-term thinking and it's short-term

political stuff. He said, she said, red team, blue team. There's no long-term strategy here. They don't have the incentive. It's just incentives. They're human beings like you and I. They're not philosopher kings, they're going to react to their own incentive structure and their own incentive say, get reelected. Can't fix the system from the system. Continuing and how they're going to spend and waste more of our money and put it out there as well, too, and these are a little bit inflationary. We've got, we've also got the Trump accounts.

So we've got, here's how the new Trump accounts work. We are looking at President Trump, go away TV thing. President Trump's sprawling tax law creates a new tax advantage investment account pre-funded with $1,000 for each kid born from the beginning of 2025 through the end of 2020. and 28. Kids born before this year are eligible for the IRA style account, but will not receive the $1,000 seed money. On the plus side, we're incentivizing, raising the birth rate, I suppose. This is a way that you can make money now, Gary. You can get out there and you can stack stats a little bit harder. I can make a career as a welfare queen, it sounds like. I think you'd be a wonderful welfare

queen. I think it'd be absolutely fabulous. I can get like a fur coat. That'd be great. They'll go with your great orange boa. Yes. So just to point out the numbers here on this one as well, because numbers are fun. We had 3.62 million babies born in 2024. So easy math is $6.2 billion that will be spent. Is that a large line item in the budget? No, absolutely not.

The one thing that I found, again, I don't know how inflationary this will necessarily be. Is this a better use of tax dollars? Maybe. I don't know. Is there any good use of tax dollars? It's not tax dollars. It's just debt issue. at this point.

Yes. But there's something about it that I find really pernicious in the sense that you're, you're normalizing, like speculative investing. Like, you're not going to save. It's going, we're going right to getting every baby born. Hey, kid, get in the S&P 500. That's going to save America. Yeah.

Get in the machine. Become a cog right off the bat. The expectation is this is how you save your purchasing power is by investing or buying up companies that you know nothing about. And just doing this, like, it's just a further reflection of where we are in the cycle, how bad the dollar is God and where I think things are going to go. We're not just financially bankrupt. We are spiritually and intellectually bankrupt.

There needs to be a fundamental change. And that will come. And for some, it'll come harder than others. You get Bitcoin at the price you deserve. 100%. And I would like to point out to with all the wonderful U.S. audience hanging out here. It's not just you and your government. Canada is a little bit morally bankrupt and horrible as well, too.

We have some fun things to talk about the UK and some. other countries as well. It's getting bad kind of across the road, across the board, which you would absolutely expect, again, as the Fiat experiment continues to go on. Nate, that's adorable that you think of Canada as anything more than America Jr. I think that's so sweet. We're like you're annoying, like two goody, goody two shoes cousin that comes in visits on occasion, right? I have a hard time taking it seriously, but you will respect the sovereign country of Alberta when that happens, and I will, I will damn well insist upon it. I think I will. They sound like they're going to get it right in Alberta.

We got great beef and energy. You'll love it. I wanted to point this out because I was curious, like, again, thinking about that $6.62 billion is a small number now by comparison, but I wanted to compare it to like past U.S. budgets. So I went and looked it up because I was curious. We had in 1931, but I've got it there, the entire U.S. budget was $3.57 billion. So that amount that is a small item today,

was actually the entire U.S. budget in 1931. And they're still estimated over half a million people that were born then or before. So again, it's a long time ago, but it's not like completely out of the generations that that small 3.62 billion used to be the entire government budget. Which I appreciate this little page here too, because that graph of U.S. budget, that's quite, you know, if I was a meme stock trader, I think I'd be buying in on that one. I know. Yeah. Oh, totally. And they'll always say, the politicians will always say it was never enough. I mean, you mentioned I used to work on Capitol Hill. I did from like 2001 to 2007.

And I remember at the time when there was some maybe minimal talk of trying to push back and rein in spending, almost inevitably, you know, from the left. It was the sky is falling and you're going to go back to, you know, horrible days where people didn't have anything. And I'm like, all they're doing is reducing the budget to what it was like under Clinton in 19. 1999 and you're acting like that was the time of like mad max mohawks and fighting for guzzaline like no no it's it's it's all nonsense i was quite a fan of the 90s you know some good music some good scoss some good punk it was a lovely time to be it was uh i think it was kind of the the end if it was i'd have to go back and double check but i feel like the 90s was probably the third in the fourth turning and now we're dealing with the fun part at the end here could be yeah if that plays out i i think

I guess we are in the fourth journey. If that's a thing, I know the idea. Is it a real thing? I don't know. I'm not smart enough. I'm going to go with it. It's a thing. But moving on, when we come back,

so we're going to take a quick break for sponsors. When we come back, we'll be giving away some stats with Bitcoin well. There are some other institutional investor kind of inklings that's going on. We're going to explore and talk about the digital assets report that came out. We're also going to take a look at some other sovereigns and states in the Bitcoin space and some new news with them as well, too. So don't go anywhere. Get those lightning walls ready.

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or simply scan the QR code on the screen to get started right away. The theme song always kind of reminds me of like a, Maybe an 80s porno. I quite like it. It's very jazzy. Oh, you know, I've never thought of that before. It's got that same kind of vibe. I just want to point out, I see Ed and Ryan and Barron, a few others hanging out there in the chat.

Ed had the perfect comment right here. It's a Ponzi. Yes. Yes, the entire U.S. system there, the whole monetary financial system there. Yes, it is, in fact, a Ponzi. But with that, let's go away and give away some real money right now. This is Bitcoin. Well, when you, I believe you sign up, when you refer a friend, when you DCA, when you buy Bitcoin with them,

you get to collect points. I'm still waiting for somebody to let me know in the chat if they've actually managed to get to the point of the cyber truck, the orange cyber truck. That seems fun, which random side note, Gary, I never liked electric vehicles, but I do see how fast these things rip.

I don't have any money to blow, but they do look fun. So maybe I'm coming around a little bit. I could be persuaded to spend some points that Ben collects enough to get the orange cyber truck. Oh, I guess I'm behind the curve. I didn't realize that they were really, you know, hitting it hard there.

I thought there was still kind of these slow things. No, I think like I had a buddy, this is weird side tangent. I'm going to get this raised, but I had a. buddy that was coming out to visit long drive then it becomes a bit of an issue but they're wicked fast off the line because the power's right at the wheel i still prefer combustion engine but if i had money to blow i probably just buy more bitcoin but maybe one of my friends could buy one and

let me drive it yeah yeah continue on let's go ahead to weird side tangent and redeem some points let's throw 500 points into the wishing well here and see what we get on that good old number generator come on something big beautiful 549 sats for the first person to scan that QR code If you scan it and you get them, let us know in the chat down below. If you're scanning and it's not working, let us just, that means that somebody beats you to it. And as always, you guys are fantastic. Thank you so much for hanging out. Let's do another quick one before we move on because they're Ben's points, not our points,

and so I don't mind spending them. All right, something bigger. I want to see a big one today. Hey, 752 sats. So again, lightning wall, scan that bad boy. Get those 752 sats. But with that, let's look at the digital asset report. So let me get myself all situated here.

We had the digital asset report come out. It was a giant. It's like a 166 page report. A few things of note that we're going to talk about, but overall, I don't know about you, Gary, but I was kind of disappointed. I hope we might get some sort of revelation, some sort of new information,

something that hadn't been previously acknowledged, but it very much felt like, okay, some flowery language and some details and some legalese on things that were already talked about. Yeah, it's just, you know, politicians putting stuff out there, as always, and any time they really want to do something, you have to try to get the Overton window moved in your direction. So it's going to be press release, press release, report, report. I mean, they all know what they want to do. They all know what the conclusion is.

They just sort of need to push people in that direction. So, yeah, it is what it is. It's PR. No, fair enough. And I wonder, hello, I see you in the chat. I wonder how much of this, too, is like, you need something to point to to justify voting on it. Like, you need to have the report beforehand and it's easy to move the policy through. Yeah. Well, the report by the people we commissioned and paid said X, Y, Z. Oh, did it? Did it reach that conclusion that you had intended? Okay. A couple of interesting things, particularly on the institutional side that I want to point out. And we'll talk a little bit more about this, too. But private survey suggests that more than one in five Americans or over 68 million people

own cryptocurrencies. 82% of investors believe that June 2025 to be a good time to invest in cryptocurrencies and 64% said that President Trump's policies made them more likely to do so. The optimism extended to institutional investors, 83% plan to increase their allocations to digital assets in 2025. By the way, saying cryptocurrencies and digital assets does hurt. Where was I? The survey conducted after the election, the first quarter of 2025 saw venture capitalists deploy 4.8 billion into crypto and blockchain-focused startups. Same pain.

Supporting the industry forecast for 70% year-over-year increase in total venture dollars invested. Now, the first one that, like, I hear these all the time of like you got the one in five Americans owns cryptocurrency. I think they're playing some funny word games there in the sense like, okay, if I ever signed up for a Coinbase account and I answered their silly questions to get like five bucks and some fart coin for absolutely free, am I then saying answering yes to the I have cryptocurrency? That number still seems way, way too big to me based on the boots in the boots on the ground kind of feel and talking to people. When people find out that I'm in Bitcoin, they, they, it's just kind of eyes glaze over a lot of times to be honest. Like, they're not interested. They think I'm crazy. They go, oh, I heard about it.

I heard it was a scam. Oh, you've done very well. Something along those lines, but never really any intrigue or expression or they've investigated themselves. Again, I'll hear a little bit, particularly like the 20, 21 cycle. I heard a lot more people just buying random stuff on Coinbase. But I, when they say one in five Americans owns cryptocurrency, I would be surprised if one in 10,000 Americans, you could qualify as a bitcoiner. I think there's a massive, massive informational gap and even just understanding and commitment to it, if that kind of makes sense. Gary, your

thoughts on the survey data here. Yeah. And like you said, I more or less agree with you. There's a lot to parse out there. You know, you're saying crypto, well, what does that include beyond Bitcoin? And like you mentioned earlier, you know, you're saying, well, even if it's a Bitcoin holder, yeah, it could be like $3 that they ended up in a wallet from Coinbase or something. You know, it could be something that they're holding passively in an ETF or through a Bitcoin treasury company that's even passively invested in the sense of I have money invested in the SMP. And there's this company in the SMP that has Bitcoin. I don't really know what they mean.

And I haven't dug into the numbers. But you know, you can make this stuff seem what you want it to seem like. That's fine. I agree. The surveys, you could really push and pull them whatever direction you want by just little nuances in the question. So survey data, I always kind of, I don't want to see it. it with a grain of salt. It's like, ah, it's interesting. It's interesting. I'll just leave it at that.

Continuing on in what else we had in this report, there was some comments regarding the SBR, but again, really nothing there, nothing that we hadn't heard before. So highlighting the Bitcoin in the reserve will generally not be sold and will be maintained as a reserve asset of the United States utilized to meet government objectives in accordance with applicable law. Treasury and commerce will develop strategies that could be used to acquire additional Bitcoin. Look at that $4.96. I'll come back to that in a second for the reserve in ways that are budget neutral and do not impose incremental costs on the United States taxpayer. Again, I was really hoping, I guess they don't really have to. I was really hoping to be some explanation of how they're going to do this budget neutral acquisition besides just stealing it from people. Because it's worked well for them so far. Okay. I can't fault them for that. Well, I can't fault them for that. Fuck that. But regardless, it's like, okay, are we going to maybe sell off some existing assets that we think, right, might might. be as valuable. I know there's been lots of hype of like you could sell gold or read you know was it you could reprice gold and sell it and collect some bitcoin that way too. Do I think they'll go

that route not this cycle? Yes, yellow. This is live. I see that. Thank you. Again, it was a whole lot of nothing. Just Gary first thoughts on that. Yeah. I'm just, huh. You know, wake me when they remove the capital gains tax. That's the big one. Yeah, then I'll be excited. Now we're talking for real because then you have people that actually transact in Bitcoin. You can have businesses that can set up Bitcoin payments and not have to worry about how they're filing their taxes for capital gains in addition to sales tax and worrying about, well, I bought it at this price, but then it appreciated this much and I bought a slurpy with it, but that was 80 cents more. I have to file that with the IRS. Fuck that. This will organically explode so much, I think, if people don't have to worry about that

as much, if businesses don't have to worry about it as much. Until then, this is all just politician preening. I mean, hey, it's great. You know, this administration is friendly. er than the previous one. That's great. I mean, my other problems of the administration aside, in this respect, yeah, it's better. But, you know, hey, get government out of the way. You'll be amazed how quick this thing takes off. No, I completely read. I completely read. I did want to point out because there was that little footnote of 496 beside the word Bitcoin on that line that I read. And I think it was, it was other Gladstein and or Matthew Pines that pointed this out on Twitter. So shout out to them for finding it. Bitcoin enthusiasts used the phrase stacking sacks to

describe acquiring incremental amounts of Bitcoin. Sat as sort for Satoshi, the smallest possible unit of a Bitcoin. A Bitcoin, the network can accommodate 0.00001. So I love that stacking stats is actually down there. I know. I feel like this is like NPR in the 80s explaining that bad in the vernacular of the urban youth actually means good. Like, oh, is that with stacking sats mean?

Yes. Do you remember those like, there would have been like daytime news, programs for like the housewives at home of like what do the kids acronyms they're texting mean i was trying to figure out what my son was saying you just kept repeating dTF over and over and over and over and over and he was saying it to me and i was very confused oh this shows derailing without ben but we love you ben wherever you are and i believe it's still currently in disney world um moving on the other one that i did again it doesn't actually mean anything There's nothing behind it in terms of substance as well as necessity.

But I thought it was worthwhile to point out. I thought this was a good little highlight specifically because self-custody, most important thing out there. We've got Congress should evaluate the self-custody. I'm just going to enhance that. Congress should evaluate the self-custody language that's included in the Clarity Act and codify the following principles through legislation that reinforces the importance of self-custody.

I actually do like that last line, the importance of self-custody. principle number one, the importance of self-custody of U.S. the importance of U.S. individuals to maintain the capacity to lawfully hold or custody their own digital assets without financial intermediaries. Principle number two, the importance of enabling U.S. individuals to engage in lawful direct digital asset transfers that do not involve financial intermediaries with another individual that lawfully self-custody's digital assets. I wish it didn't say digital assets over and over again. That should just be Bitcoin, but I can appreciate the sentiment. And I'm glad that at least a comment on the importance of self-custody did make it into Bo Hines report there.

Gary, anything to add on that, buddy? Nobody's taking my NFT. That wasn't an NFT. That was you just sending me a nude. Thank you for that, by the way. No problem, as always happen to be. By the way, DTG in the chat says, quote, trust in Jesus, not just the market. He is the true foundation, unchanging, eternal and full of hope.

It's an optimism. I guess. I don't know. Would Jesus be a bit corner today? I think so. Actually, it always is a fascinating discussion with Jimmy Sahn and Pastor Coin, Alan Armstrong as well too. The relationship between, like, Christianity and Bitcoin and general is quite fascinating, but we'll save that rabbit hole for another one.

So the last thing on the digital assets I had to point out to was again here from Matthew Pines. The White House Digital Assets Report declares retail CBDC efforts both domestically and abroad as a risk to the sovereignty of the United States and calls up both China and the ECB-CBDCs. Say that three times fast. It calls for the examination of the extent to which the U.S. federal agencies, including baking agencies and relevant international financial institutions, have engaged in CBDC research or pilot programs contrary to the policies set forth in executive order number 1417. He says, this is more significant than I first realized given the IMF World Bank and Bank of International Settlement,

Bank of International Settlement worked on related CBDCs. So for me, I think this is kind of the realization that it's in their best interest to get their hands around the dollar system with regards to the euro dollar system, the offshore dollar system, and their ability to create dollar units out there as well, too. I'm not sure what they could necessarily do about it in terms of enforcement on an international stage. They can maybe just say that domestically in the U.S. We're not going to recognize those dollar stable coins or kind of equivalents if they come. back. But the other one that I don't know if maybe he was hinting at or was thinking of as well, too, was that the Federal Reserve had an experimental digital dollar. Sorry, they were exploring a digital dollar back in 2021. And I wonder if this language here might also be getting at that saying that,

like, no Fed, you can have base money, but don't you touch broad money? That's going to be the realm of U.S. commercial banks. And they're kind of trying to create that distinction, or maybe even the Treasury. They're trying to create that separation so that the Fed themselves is not foregoing the other financial institution intermediaries and being able to directly directly create for like consumer retail CBDCs and dollars. That was a lot.

This stuff, it goes beyond my head. Gary, you look like you're in a day. Tell me what you think of that. I was just looking at the chat. I'm looking at the chat. My eyes glazed over. All I see from that is just they're trying to have, you know,

they're against the foreign banks trying to make a digital currency and fine, go governments, go fight each other. leave the people alone. That's totally fine. Yeah, no, Honda Fit Drives writes, my buddy, I'm sorry, to host, you're not funny,

so stop trying to make jokes. Sorry, Honda Fit Drives. I think that was directed at me, but you find me funny, Gary. So that's like that matters. I think you're wonderful. I don't know, but if you want to come crack some jokes of this Honda Fit Drives,

you're welcome to come on. It's all good. Doors always open. Doris always open. It's open. It's open. It's open. With that too, the last kind of things that I want to touch on before I go to the next story here as well was just, I was thinking about the idea of like how the U.S. government is actually going to secure the Bitcoin, like the strategic reserve and kind of the complexities in there like, how, even if you are going to accumulate more, how do you possibly set that up?

Who holds the keys? Do you rotate through the keys? Do you give it to private companies at all? And then if private companies are holding the government assets, what does that mean for them and their influence? Like when you take Bitcoin is, private property and when you try to make it public, it gets a little bit messy. All I can think of is if you ever watch Parks and Rec, like the Ron Swanson idea of like who the president should be, just somebody chosen by an event like a decathlon and his only job is to like decide who to nuke or not. Maybe that's what we just choose who holds the Bitcoin key in government. I think that would be a good way to go. I think that would be a good way to go. But continuing. All right, moving on from there, just to point out quickly, yes, to Haudel Magoo's point. Sorry, to Megu PhD's point.

point, not Holomagu. White House repeats the same thing as they said on day one and reporting it as news. Yep, it largely was, it was kind of vacant, guys. There was a lot of pages with a lot of nothing there. But there were some other things going on with regards to sovereigns and Bitcoin that I wanted to touch on. So I believe it was last week we commented on it or the week before two, the IMF making the claim that El Salvador is not, in fact, continuing to purchase more Bitcoin, that they

are just shuffling from one wallet to another. And we've got a little bit of more evidence regarding. that. So I just wanted to play this clip. It is the IMF again, but it's not looking great for El Salvador in terms of transparency on what they're actually doing. And I thought it was worth highlighting. So let's go ahead and Gary, let me know if you can hear this, buddy. And risks from Bitcoin continue to be mitigated. Regarding the questions on Bitcoin, I don't have much new to say, other than, as we have stated in the past, the total amount of Bitcoin held across government-owned wallets

remains unchanged, and that is consistent with El Salvador's program commitments. The accumulation of Bitcoin by the Strategic Bitcoin Reserve Fund is consistent with program conditionality, and the increases in the Bitcoin Reserve Fund relate to movements across various government-owned wallets. So there we have at least them making, you know, during a meeting the same sort of statement again. I do like, it's nice to be optimistic about these sort of things, but increasingly I do have my concern surrounding El Salvador.

This was one, again, it's really hard. I can understand the case when they were dealing with the gang problem down there as well, too. It's the, like the libertarian ideals. It's like they were, it seems that they've improved crime and they've made the place safer for people as well, too, at the expense of people's rights. And with, but when they have like, I don't know, I'm like, again, the strict. I'm an antiab libertarian, but this is not any of my ideal, but it was at least somewhat questionable, particularly when they were like showcasing the video footage and stuff as well. It's like, I get it. He has MS-13 tattooed on his forehead.

You can, and it was like one of the like murder capitals of the world. And so that is a big improvement. And I can understand why the people down there might actually be in favor of it as well. but it didn't come at no cost in terms of like giving up some of the principles of you know individual rights along the way so again always weary and if i understand correctly i believe bukelly was either in marketing or PR beforehand so he's very good at it he's very good at it um but definitely something to just continue to watch um the other one that caught my attention that i wanted to flag as well was from mr alex gladstein he brought this article here uh he says if everything was cool and free in el salvador why would 100 plus journalist, lawyers, academics, and activists need to flee?

Why would the country's top human rights groups need to flee? And the article that he's referring to, I've got it up here as well too, from the AP. El Salvador's new wave of political exile say history is repeating itself. And in particular, go away a little lad. In particular, like we just had Alex on the show, what was it two weeks ago here, talking about human rights, the work that he's doing at the Human Rights Foundation, as well as the Oslo Freedom Forum that they put on there in Norway every year. It's phenomenal, and I really commend him for what they're accomplishing.

And if it's getting his attention, and this is something to watch out for, then I definitely think it's worth some scrutiny and some consideration. Like, we can't be completely blindsided by the fact that they were the first to kind of have Bitcoin as legal tender, that they're very perfect Bitcoin. We can't be so blinded by our favorability for Bitcoin that we forget why it was important in the first place, and we kind of give up on those principles along the way. Gary, your thoughts on El Salvador there? I think this is something that I've had in the back of my mind for a while.

Yeah, like you said, you want to clean up the streets, but at what cost? And it's easy for me to sit here and say that I live in a country where I don't need to worry about going at the door and getting shot or my family getting shot. So I get it. People are desperate, desperate times. But what kind of future are you creating? Just throwing people in jail seemingly many without trial or just a cursory, very little informal, whatever trial where it's like, okay, we did the thing and you're going to convict it. anyway, and then now there's no way out, no appeal. There's, there's a danger to that, obviously. You know, we'll, we'll see where this ends up eventually, but I have no doubt there are innocent

people in there. You know, when you round up that many people with very little in the way of a trial, you're going to get some innocent people too. And that sucks. It sucks for them. I mean, that's very much an understatement. I don't know. I mean, you know, Bitcoin should be more than just number go up. I would hope. I would think because you can find ways to make money. in the world, but what kind of world you're living in. So I don't want to sound all like hippie-dippy here because that's the last thing I am, but I think we do want individual liberty. We do want freedom.

And that's a pretty big important thing in addition to having, you know, an extra car in your garage. I completely agree, right? You don't want to become the monster fighting monsters as well, too. That's something that you had to be cognizant of. Yeah. Moving on to other sovereigns, I just wanted to point this one out as well that Joe Nakamoto threw up here in our ongoing series that the UK hates its

people. I just wanted to play this quick clip here as well. Everybody is out there thinking of using VPNs. Let me just say to you directly, verifying your age keeps a child safe, keeps children safe in our country. So let's just not try and find a way around. Just prove your age, make the internet safer for children, making it a better, make it a better experience for everyone. That's surely what we should aspire to in this country. For everybody who's no, Gary, I dropped the ball on that one. I did not bring up a picture of Helen joy. Thank you. Thank you. I was literally just thinking it. No, the, the classic, we have to

think of the safety and think about the children is why you shouldn't be using a VPN for your own privacy. We want to identify you by your age and other information, I presume, as well too. My God, fuck these tyrants. Sorry, sorry. It's, I hate that prodding around because people will, you can scare people enough into giving them up for trying to trade their privacy in their liberty for a little bit of security, and you'll end up with neither is the classic adage there. And this is just, it's so clown world to me that you can get on national television and say that with the straight face.

It reminds me of the war on terror, right? Well, you don't have anything to hide, do you, Gary? Yeah, no. I don't know. I don't think so. I mean, you look at my last name. You draw your own conclusions. I don't know.

But this guy, yeah, won't somebody please think of the children. I mean, I don't know what this guy's personal politics are, but, man, think of these imaginary harms that could come to children. Meanwhile, your government is supplying another government with a whole bunch of aid and bombs to actually slaughter children at this very moment. I'm not saying what government that is, but actual children dying, I'll leave it at that. The hypocrisy around safety and children for basically any Western government around the world is just, it's just atrocious. There's been too many, we'll call them, interventions that you have any legitimacy in saying that you're concerned about people's children. Now, I know. Yeah, and I'm sorry.

I'm just going to jump, and I'm sorry to be political. Just the next one. But I remember when Obama was in office and there was that horrible, horrible like school shooting here in America. I'm not trying to take anything away from that. It was horrible. And the parents of their dead kids, my God, there's no words for it. I came to imagine what I would do when he started shedding tears. And I'm like, you fucker, what, what crocodile tears are you shedding?

you authorize dropping bombs on weddings of brown people like killing kids all around the world fuck you and your tears for the children i'm sorry all right i'm i'm done no i agree i'm with you and i think it's just from you know being uh attuned to politics and um kind of the suppose like the truth around the military industrial complex for so long that you see them whenever i hear the kids it's almost like it's like i'm it's like it's a trigger word i got i'll use that properly because i've seen that excuse trotted out so many times that if I hear it, I intuitively know, like, it's a quick heuristic. You're about to fuck me in some way.

Again, sorry for spreading. I gotta stop doing that. No, no, it's true. And if I see like team red and team blue getting together to compromise, I know I'm getting the worst of both worlds. I'm just kidding doubly fucked. When government agrees, that's the worst position to be in. But most importantly, why I want to highlight that one as well, too, is for any of the

wonderful UK plebs out there. Ben, I think three weeks ago, put out the VPN tutorial as well, too. These are other tools for your privacy related to Bitcoin and just self-sovereignty overall. And with the Moldavad VPN, you can pay in Bitcoin and they don't need any information for you. So do me a favor. Tell the UK government to Pound Sand and set up a wonderful VPN. With that, we are going to take another quick break for sponsors. When we come back, we are going to talk about some unfortunate news regarding privacy tools,

another privacy tool with the samurai wallet case. We're also going to touch on a little bit on quantum computing, whether or not it's actually a threat to Bitcoin. And if not that, then maybe what is a threat to your Bitcoin? So don't go anywhere. We will be right back with you. Bitcoin Well is the best place to be buying and selling Bitcoin in Canada and the US. And now with Bitcoin Well Infinite, it's also the best place to be making large buys at their OTC desk of over $50,000. Their white glove service gives you fast transactions, no slippage, and the lowest fees.

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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 screen. All right, all right, and we are back in. So continuing on with the news. But also, I always forget this one as well, too. If you're enjoying the show, if you're okay with me and Gary filling in for Ben for now, or even if you hate us, leave us a comment.

If you hate us, let us know down below. But if you could, give a like on this video. It does help out a lot. And with that, let's keep going. New Samurai Wallet Devs Kean Rodriguez and William Hill plead guilty to unlicensed money transmission. The money laundering charge will be dropped as part of the plea deal. They agreed to not appeal any sentence of five years or less. Sentencing begins November 6.

that sucks. Yep. That sucks. I'm going to move over. I feel for those guys and that is absolutely tragic. And particularly, just to highlight guys that the contrast and what we talk about today, to have the digital asset report coming out

and then to have the guys working on a privacy wallet, they were not money transmitters, they were not money laundering, they were building a open source tool, which is why we have Ashigaru and the fork of that. To have them now be forced into a cage is ridiculous, especially again like the the it's almost like the hypocrisy of like you let ross out but now we're going to start doing this shit again no there's no philosophical holistic understanding on the part

of trump and probably some of his administration this is you know he supports bitcoin because he had a lot of people in the space supporting him who supported bitcoin he sees it's a winning issue he's doing it but don't for a minute think that somehow he came to jesus on this and this is some just different development in his mind like this is the future this is the way to go he's with us. He is with us as far as it will help him politically. And that means a Bitcoin strategic reserve, getting a lot of people liking him. This is a side issue he doesn't care about. And they're, you know, the folks at Samurai Wallet are going to suffer unless I guess there's some big campaign to speak up for them is just know what, know what you're dealing with.

Know who you're dealing with. That's all I'm saying. And take the good and know there's a bunch of bad with it. Agreed. Agreed. Um, Seth for privacy, had some good comments on this as well, too. so I thought it was worth highlighting. Sad not only because the conviction and everything that will follow, but sad because this means the U.S. Department of Justice is not even listening to its own elected officials and backing off of cases like this, especially going rogue.

Sad because while this does not set a proper legal precedent, it can and will be weaponized to instill fear in future indictments and put pressure on entities in the crypto space. It's sad because it shows how much of a hatred there is in the DOJ against anyone building powerful, privacy tech in crypto space and yeah it's just it's it's the unfortunate nature and i'm i empathize because they've already been there for what i think i saw the quote here somewhere they already been here like in locked up like 4778 days or something like that like i can at some point

it's like everyone breaks right yeah and and maybe just to have some hope and see the light at the end of the tunnel yeah i i don't fault them for for taking a pleading I mean, you hear about that all the time. People who are completely innocent who get absolutely just talked into a plea deal. Because they're facing down like, oh, you're facing down like 25 to life. Or you can plead to this and we'll give you two. And they were innocent the entire time. They were just so afraid and so tired of being there.

Yeah. I can't pass judgment on anybody for taking any deal. I've never spent a single hour in prison. So I have no clue I would react to that. I'm not like to think, you know, I'm going to stand strong of my principles. All right. Maybe. Maybe not.

I don't know. Fair enough. I'll tell you about it more. another time. I've never been, I've never been in prison, but I have been in ankle and wrist cuffs and ship back to Canada once. Your country did kick me out. And we'll go into that story. Yeah, we'll talk about that one. It's not nearly as exciting as it sounds, but it was interesting. Continuing on, aside from my criminal past, we've got, Spetsky pointed this out. Major quantum computing advances made obsolete by teenager. And I appreciate him flagging that one.

And I did find the article on it here as well, too, was a teenager from Texas has taken quantum computing down and notch in a paper posted online earlier this month. 18-year-old Yuan Tang proved that ordinary computers can solve computing problems with performance potential comparable to that of quantum computers. The big kind of takeaway I had from it was in 2018, Tang presented her work informally at UC Berkeley. And after hours of scrutiny, experts concluded that the algorithm was deemed correct. And the implications here is that essentially it's kind of raining on quantum's parade a little bit, that this removes one of the clearest real-world examples of quantum superiority

and machine learning. However, it highlights the fruitful interplay between quantum and classic research. Tang's work also the one to note here, this would suggest that if quantum computing even did have a risk to Bitcoin, that that risk is probably overstated, and we likely have more time than we thought. And so I thought that was an interesting one, because I do hear questions about the quantum computing kind of fud often. And even myself, I don't think that's an immediate risk or I think we have enough time to deal with it even if it were to amount. And so I was not surprised to kind of see particularly it almost reminds me like trying to lose like the fast, the last five pounds of weight.

You can make big leaves, but then sometimes getting to that really end point, the marginal return of actually getting much further. It gets much, much harder. So I don't think it's anything for us to immediately worry about. So I wanted to highlight that. But there is a threat to your Bitcoin that you should be concerned about. And I wanted to flag this one. I thought it was really important as well.

So we had a fake app on the Apple App Store. these things do sneak in there. These scammers are finding any and every way possible to try and get you to give up your seed words. It could be a fake app in the app store, the Google Play Store. It could be a fake website online. The crazy one, Gary, at the Bitcoin Rodeo, I had a guy show me he's getting fake letters. It was a paper letter from Ledger with a QR code and a website to go to that went through a whole bunch of questions, looked really legit, and of course ended with enter your seed phrase here.

So the real risk of your Bitcoin is not quantum computing. It is, in fact, your own, it's being aware, right? It's that hypervigilance to know that no one's sending you like a security update. If you ever have someone putting pressure on you or rushing you, it's likely a scam. And unfortunately, the reason that I even saw this one is because someone did lose some Bitcoin. And I absolutely feel for this guy in this family. We had Jimmy Ramirez, the guy bad luck, right? He lost funds in 2002 to the Celsius.

this collapse and then he was looking 2020. 22. 22. Thank you. I'm not sure what I said. And then he lost. You said in 1986. Wow, I was way off.

He lost 7.4 Bitcoin, his entire life savings to this sparrow wallet scam. Yeah. And the one thing that I kind of want to pause here with you, Gary, and kind of talk about it is, you know, it wasn't this, the, I find this incredibly tragic and I feel for the guy. And I'm in no way trying to throw shade, but this was avoidable. It wasn't something on a compromise device. It wasn't something under coercion. It was a misunderstanding.

I saw in some comments, he was talking with Ben back and forth there that he had a cold card. He had a cold card. And then he entered his seed phrase into the mobile app thinking that's how you export it. And he has been in the space for a long time. He says at the start there, he's been in Bitcoin since 2017. And the tragedy of it, I mean, you can throw some blame for sure for sure the scammers the scammers are to blame um you can throw some shaded apple and i believe jo carlosari is already in talks with him to try and i think help him

and maybe try and go after apple for being in the store where it's it was supposed to be safe applications there as well too i always blame the victim there's there's a little bit there as well too that in bitcoin it's it's powerful freedom because it's incredible responsibility and there is an element that is also on you it's not the attack vector of getting you to enter your seed words into a device is not so sophisticated that particularly if you have a large amount of money in bitcoin you should be allocating some of your time to improving your security to understanding how it works to furthering your education that this could have been prevented from an education and an exploration standpoint as well too and i just don't want to

see it happen to more people particularly i mean if you think about the amount of purchasing power he would have gained over those years right and you start to translate that like okay how much money was earned over those years. And you can think about that in terms of like, well, what would my hourly rate be? And you can start to see how Bitcoin is giving your time back. And again, 2017, Bitcoin is giving you a lot of your time back. Set aside 1%. Mastering Bitcoin. Andrew. 1%. Yeah, 1%. 1% would go through the tutorials. I know that Jan Pritzker from Swan Bitcoin puts out inventing Bitcoin the book for free. You could talk to us at Bitcoin mentor. You could talk to the guys at the Bitcoin Way. You could go into the space.

Like there are spaces on Twitter all the time. You could go in and ask people about these things. There's numerous books, tutorial videos, companies that help with support. There's no excuse, particularly if you have a larger and increasing portion of your net worth. Self custody is the right way to go. And it gives you that freedom. But you have to take on that additional responsibility to make sure that you understand what it is that you're doing, why you're doing it and continue to further your knowledge and your skills. I feel like I'm being an ass here.

And I haven't even looked at the chat. I'm too scared to. No, I don't think you're being an ass. And like you said, if you think about how much time you spend working, oftentimes working for somebody else and the amount of hours you put in for your year, year after year after year of your life doing this to earn this money, you would think you could set aside one, maybe 2% of that time to figure out how to preserve that money that you've earned, that time and energy that you've earned, that you can then spend by playing with your kids or doing things you enjoy. I know it sucks. It's not fun. I don't, I mean, some people really enjoy the same people really into the tech and just enjoyed on, on, on that type of level. That's not me. I like to sit here and claim that it is, it's not. I'd much rather spend my time going to the beach, playing with my kids, doing some adult stuff, you know, this is, this is what I'd rather be doing with my time, but I understand that part of life, it sucks. You've got to figure out how to protect what you have. We live in an

imperfect world and perspective. We live in an amazing age. We have it a lot better than a lot of people in history, even around the world today, who are forced to spend their time like finding water or dodging bullets. You can spend your time trying to figure this at, especially if you have a lot invested in it. Take the time, learn. I'm not saying it's going to be exciting. It might be boring, but it is worth it. And we are here with Bitcoin mentor, want to try to help people learn. So if there's an issue, hit us up. And you can find all of Ben's stuff for free on his website right there, learn. You can just click on it. I mean, you know, we have a company where we charge people to teach them, you know, for an hour, five hours,

10 hours. Yeah, we obviously like to make money, but almost everything we're saying is available for free on the page. If you just go and watch it, if you can find a way to learn this without spending your money, more power to you. And if you have additional questions, come and ask us. We're here. We're happy to take as much time as you want because for us, this is a passionate thing. I was on a call today with a woman for, it's supposed to be a one hour call. We went for over two hours. And I was happy to be there.

I had the time. I just want her to end up in a better place where she feels more secure in her money. You're going to need to do this. Please do it. I'm begging you so you don't end up like this guy. And if he wants to hit us up, I'm going to say, I don't want to volunteer your time, but I'm happy to try to help him out and help him learn some just basic skills.

No, 100%, right? If Jimmy, I really hope the Joe can help him out. I'm hoping he's able to work with the authorities or maybe in some sort of, maybe there is some, what we call it, like liability for on Apple's side as well, too, that could help put him right again. I hope that he gets his Bitcoin back. I hope that he's able to continue in the space.

If he wants some help getting set up there, I will absolutely volunteer my time for Jimmy. And I know Gary Will as well too. We'll make sure that like this thing never happens again, that we never make this mistake again. And just to reaffirm that point, guys, like Bitcoin, you treat your Bitcoin.

Bitcoin security like it's going up 10x. You treat your Bitcoin knowledge like it's going up 10x as well, too. Take the time, keep learning, keep stacking stats, keep stacking stats, keep stacking skills. It's really important. I'll try and end it on a little bit of a higher note, but I did feel it was really important to talk about that, that what happened here, because I thought that at the very least, we could learn something from that terrible experience as well, too. We've got the BTCSessions.com slash learn page up on the screen there.

You can scan the QR code, go and check it out. It's got everything nicely organized for you there. Of course, Gary and I are also with Bitcoin mentor. Even if you just want to have a quick chat about where you can find some resources for this sort of thing, you can book a call with me. And I'll just link you to all my favorite golden go-toes for free resources that are out there. If you want to work together, great. But it's important to take that to really take not only your Bitcoin security, but your Bitcoin education seriously. And with that, I think we're just about at the end.

Gary, was there anything else that you want to add my name? You know, I want to finish on a high note. Let's do it. Let's do it. High notes. Yeah, a lot of downs on this show so far. Good news. If you thought the only way to help the government pay down its debt was to send in a check

by snail mail, you're in luck. The American federal government has now offered the chance to donate money to pay down the debt via PayPal or Venmo. Thank you, Uncle Sam. You're welcome America. Well, that's so wonderful, Gary. I can't even get Venmo, by the way. I can't even get Venmo or cash.

out here. That's how terrible and backwards my socialist country is. Yeah, it's that bad. And with that guys, I am Nathan. This is Gary. We hope you have been had a wonderful time. Keep stacking sets. Keep stacking skills. And we will see you next time. Later. Later.