BTC Sessions - MAJOR: Ripple/Swan Allegations Untrue?

Episode Date: February 28, 2025

🔴 LIVE: Swan & Ripple Ties True or False? MicroStrategy’s $2B Bitcoin Buy & $500K BTC Prediction!Bitcoin is making massive headlines, and today’s Simply Sessions is packed with must-know updates:🔥 Swan Bitcoin Took Money from Ripple?! – Alleged court documents suggest a shocking connection, but are they true?!🔥 Is This Bitcoin Cycle Different? – Missing just 10 key trading days a year could cost you all your gains, according to Fundstrat. Are we entering a new kind of market?🔥 MicroStrategy Buys Another $2B in Bitcoin – Michael Saylor is doubling down again—what does this mean for Bitcoin’s future price action?🔥 Bitcoin vs. CBDCs – The ECB is ramping up its anti-Bitcoin rhetoric, claiming it has “no real economic necessity.” Is this a prelude to a global push for CBDCs?🔥 Democrats Turn Against Elizabeth Warren – A political shift is underway as pro-crypto Democrats challenge Warren’s aggressive stance on Bitcoin.🔥 $500K Bitcoin Under Trump? – Standard Chartered predicts Bitcoin could hit $500K before the end of Trump’s term. Is this realistic?🔥 Vivek Declares: “The Era of Easy Money is Over” – What does this mean for Bitcoin, the economy, and financial markets?🔥 Jack Dorsey is NOT Satoshi – A deep dive into why some rumors just won’t die.Don’t miss this action-packed episode! Subscribe, hit the bell, and join us LIVE to stay ahead of Bitcoin’s biggest moves! 🚀🔥—------------------------------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 Simply Bitcoin & BTC Sessions on other channels:Simply Bitcoin on Youtube: youtube.com/@simplybitcoinSimply Bitcoin on X: x.com/simplybitcointv Nico on X: x.com/bitvoltBTC Sessions on X: x.com/BTCsessions—------------------------------SHOW SPONSORS:BITCOIN WELL BUY BITCOINhttps://bitcoinwell.com/btcsessionsMINING DISRUPT CONFERENCEhttps://www.eventbrite.com/e/mining-disrupt-conference-2025-fort-lauderdale-florida-tickets-980017277057?discount=BTCSESSIONSCOINKITE/COLDCARD (5% discount):https://store.coinkite.com/promo/BTCSessions AQUA WALLEThttps://aquawallet.io/NUNCHUK HONEYBADGER INHERITANCEhttps://nunchuk.io/individualsHODLHODL NO KYC P2P EXCHANGEhttps://hodlhodl.com/join/BTCSESSIONDEBIFI LOANShttps://debifi.com/#bitcoin #crypto #btc #money

What is going on, everybody? Welcome to the show. Another Thursday, another episode of Simply Sessions. Just kind of hit in the news circuit today, there's been some allegations in and around Swan going to ripple for funding. And that is not a great look. But is it true? We're going to be chatting about whether or not.

These allegations are true. We're going to kind of look through everything that's happened thus far and what's readily available for the public to see. And, you know, we'll just toss out some general questions about the situation. I'm going to talk about that and much, much more. I've got some stuff in and around El Salvador and nation state adoption or lack thereof. And how you as an individual also can make sure that it doesn't matter. and you're not dependent on the state. So we've got a lot to get to. But if you can, smash that like button. Give this a share.

We're going to dive right in. I'm Ben with the BTC sessions. This is your Simply session. All right. I want to welcome in the man of the hour. Nico, good to see you, man. And happy post-wedding. Thank you, man.

I appreciate it. Appreciate you coming down for it, man. It was quite an experience. It was quite an experience. It was a blast. I really appreciate you having me. And yeah, hell of hell of a time. But I'm back home. It's less cold than when I left. And here we are doing the news. I'll be seeing you very shortly again inside of a month because we're both going to be at mining disrupt. That's going to be an absolute blast. I'm stoked. Absolutely. It's going to be an incredible time. You know, it's the largest Bitcoin mining conference in the world. And, you know, so much to me, it's going to be a good time. After, after, you're going to have a certain type of celebration, are you not? I am.

I'm doing my birthday, my 40th birthday. I'm ancient already. But I'm doing my birthday in New York at Pubkey. So I guess this is kind of an open invite to anybody if you're in the New York area on March 29th, swing down to Pubkey because we're going to have a birthday bash. And Bitcoin is welcome. So, yeah, man. let's let's dive into it again everybody that's here smash that like button uh but we're going to dive right in and nico what in the hell is going on uh with all of these allegations let's kind of maybe

go from the start what is happening here yeah and uh like always guys every time as it relates to me covering swan i used to work at a company so i'm just going to read what is on the paper and not For commentary. Fair. So a bunch of stuff, more kind of updates, like just kind of this saga that has been happening between the Tether, which was funding Swan Mining, or it was a large investor in Swan Mining. That relationship went sour. They essentially broke up.

Swan sued Tether and then Tether sued Swan. This is just another update in regards to all of that. And it seems like there were some allegations that came out regarding, regarding supposedly like Ripple was funding, was an investor in Swan. Corey is saying that he denied the claim outright, but I'm just going to lay out all the material and I'll let you guys make your own kind of judgment. So we'll make sure to go through everything and you guys can make up your own mind.

So here is the no BS article, no BS Bitcoin article. Tether failed to secure an interim anti-suit injunction against Swan Bitcoin in the UK. The company's request for an injunction to stop Swan's case against six former employees was denied. Judge Bright dismissed concerns about exposing proprietary details stating Swan was unlikely to misuse any information from the proceedings. Tether filed a lawsuit against Swan Bitcoin in January for alleged contract breaches. Previously, Swan had launched a legal challenge in the United States, accusing former employees of stealing trade secrets and moving operations to proton management. In the UK lawsuit, Tether also alleges that Swan had raised money from Ripple Labs without its

knowledge, a claim denied by Swan CEO Corey Clipson. So that original claim came out this morning. It was actually reported by Blockspace Media. Blockspace media since then has said regarding the original article, which we'll get to in a second, an article published this morning on Blockspace Media mischaracterized legal and business documents regarding Swan Bitcoin and other counterparties. We are currently working to correct the factual errors in the article and will update accordingly. A Swan CEO, Corey Clipson, says, obviously Swan never sought funding from Ripple.

The Blockspace Pod headline and posts are totally false. There are no, quote, court documents showing any such thing because it never happened. Our counsel is in touch with Will Foxley and Hoddling a retraction and correction. Now, what's really interesting is it wasn't just Block Space Media. There was a Financial Times article that has since been updated. And the headline is, Tether fails. and move to stop former business partner suing ex-employees. And of course, it's regarding the whole swan Bitcoin operation.

But if you look for the word ripple in this article, it actually doesn't show up. But if you look at the original article that was published, I believe, this morning, there was a specific line in it. The same article, apparently it's been updated. And this is from not Block Space Media. This is from the Financial Times. It says, quote, the company's partnership deteriorated after Tether declined to put more money into the company and found out that Swan had instead raised money from Crypto Group Ripple without its knowledge, Tether alleged. So I find that interesting.

So it looks like that was a mistake. But what I find interesting is that that was a mistake on Blockspace Media and on the Financial Times side as well. Now, there's more information regarding the original block space media article, and I'll kind of dive into the details here. And I do want to preface it with saying, again, the editor's note, an earlier version of this article mischaracterized legal and business documents regarding Swan and other counterparties. We are working to correct the factual errors in the article, and we'll update it accordingly. So let's go through some of the breakdown. newly unveiled court documents alleged Bitcoin financial services firm. So on Bitcoin breach contract and its Bitcoin mining venture, 2040 Energy,

with stablecoin giant Tether, including allegedly, quote, entering into an unconditional secured guarantee with Ripple Labs. Apparently that part is incorrect, so I'm going to skip all of that. I'm going to go down here. Tether alleges that the defendant pledged its stake in 2040 Energy. the two companies joint mining venture as a collateral for an unspecified amount of financing from Ripple again apparently that isn't correct i'm going to keep scrolling down uh i mean i don't know how much i could rely on this article ben uh because uh yeah it's still being edited so uh yeah i mean

that's essentially that's essentially what happened uh that's the no BS article i can't really rely on the uh blockspace dot media article because again they they they said that they're offering corrections. I find it weird that it's still up, that they didn't pull it down. We'll find it interesting, again, that you hear the same from the financial times. I bet you the financial times got that information from the Blockspace media article.

And what I will say, I don't know, but what I will say is like the Blockspace guys, I mean, they really kind of dropped the ball there. if it's incorrect. So just trying to lay out the facts here, obviously this is messy. You know, two giant lawsuits from two pretty large companies, swan doing Tether and Tether Swing Swan. That's kind of the update on that. I don't really have any personal comments or anything, but yeah, that's it. Yeah, it's to a degree, I suppose it speaks to currently the state of, journalism as a whole and like the lessons that people are, I guess, taking from legacy media is, I don't think that people are actually doing their own research.

They're just paraphrasing other people's news when they drop it. And so you're seeing like a news article drops from somebody and it just gets, that article just gets repackaged by somebody else and posted on other news sites. And so you see like a cascade of retractions because like you need to go to the source material. But I mean, it seems like that's maybe what's going on here. I don't know for sure. But either way, block space retracting. And it sucks because like I, you know, I know people involved.

on both sides of the equation, people. And, you know, it's never, again, it's the same with the whole, the swan layoffs and everything like that. Like, we got to talk about it because it's in the news, but it doesn't diminish the fact that, you know, you and I both know people involved and, you know, people that got laid off previously. And it always just kind of sucks to see these types of things. But we can't not discuss it because it's just part of the reality of what's going on.

And usually if you're completely silent on it, that speaks more than, you know, talking about it and trying to be, you know, balanced. So, yeah. Yeah. I mean, it's, it's, you know, it's, it's, it's interesting. The whole thing, it's messy. Obviously, you know, swan's a big part of the Bitcoin community. Like, you know, this is, this is difficult. I have friends that work at the company.

I used to work at the company. but this is where it's at. This is the current state of affairs according to no BS Bitcoin and according to Swan CEO Corey Clipson. So yeah, take that as you may, ladies and gentlemen. Anyways, moving on to the next topic.

Comparing the Bitcoin cycles. So as you could tell, the 2025 cycle has been absolutely atrocious, man. Has been absolutely terrible. like compared to all previous Bitcoin cycles. It's been horrible. But I think it's really, really important to remember

that missing Bitcoin's top 10 days a year could cost you all annual gains. And I think that's incredibly important to remember. And I'll get into the details of all this. So Bitcoin is notoriously unpredictable, rendering market timing an arduous task. Different investment strategies exist, including dollar cost averaging,

and lump sum buying each with unique merits. However, recent research from Fundstratt shared by the CEO of Bitwise, Hunter Horsley, sketches a striking pattern. Missing the 10 best days of Bitcoin's return each year essentially causes you to miss out the entire year's profits. This pattern has remained consistent since 2013. During 2021, a bull market, the top 10 days of the year, year saw an outstanding 179% return compared to a negative 43% return during the other 355 days.

In contrast, in a bare market year like 2019, the best 10 days still return a substantial 217% against a negative 39% return for the rest of the year. Interestingly, this pattern seems to be repeating itself in 2024, with the best 10 days garnering a 52% return while the remaining days have generated a negative 15% return, according to FundStrat. So, TLDR, essentially, like, if you're holding Bitcoin for 365 days, 10 days out of those 365 days are where the vast majority of your gains are going to be had. And the rest of the days, the rest of the 355 days a year is actually where the vast, like,

in fact, you probably lose money on the rest of the days. So even though you're looking at this, and I'm not going to lie, it does look quite depressing. Let's compare it from bottom. It doesn't look as depressing there, does it, right? From the halving, it does look quite depressing. But from the bottom, it actually correlates a little bit closer to the 2017 cycle than it actually correlates to the 2021 cycle, which actually was a lot higher at this point in time. So anyway, something to keep in mind in the.

back your head, ladies and gentlemen, the best returns come in 10 days out of 365 days of the year in Bitcoin. So the best strategy is what we always advocate here for Unsimply Sessions, is stay humble, stack sats, and that's it. Yeah. It's, again, when I used to work at an OTC desk, people that were coming in, coming in and leaving and like buying and selling and everything, they were always convinced. There's one guy in particular that he always was convinced that what he was doing at that time, whether buying or selling, was the best course of action. And that dude was the perfect inverse market indicator.

He would just come in. It was like way down. He's like, oh, I'm going to sell because it's going to drop hard and then I'm going to buy back and blah, blah, blah. It's like, again, if you're trying to time it, you're already likely losing. So it's just best to decide, do you find value in Bitcoin? Do you want to have that versus dollars? Then stack your stats. You can use your Bitcoin, but just make sure that your savings is always going up.

Spend less than you earn and you will be just fine. In fact, you'll be better than fine. You'll be great. So, yeah, I mean, again, just it's so much easier. when you just stack sats and chill. It's such an easier life. Oh, I can't imagine the stress. Yeah, man.

I mean, this is like an example. Like right here, it's just like stay humble, stack sats, just hold on. And again, like, this looks like 2017 to me. And remember, in 2017, let me see if I could try to get this removed. No, you can't. me zoom in okay so in 2017 we had multiple of these kind of like you know corrections yeah right and this is really the first big one honestly um of this cycle right 22% down obviously a lot of us

are feeling the pain if you've been in a bitcoin for a while you're like nah dude this is like this is like every other day uh no big deal um so yeah man yeah it it always does come across weird like in the moment as it drops it's like oh wow like that's like that's a big number to change. And it's because nominally, you've historically never really seen that intensive a drop. But like when you go from, you know, 107K to like 80, you know, the low 80s, that's, you know, that's that's that's a $30,000 drop. And so that seems crazy. But really, like percentage wise, it's not that much. And so I think it's just hard to grapple with seeing those numbers. And the one thing that I will say why I like the measurement from the bottom

better is this cycle is very off-kilter in terms of timing. We had a new all-time high pre-having. That has never happened before. So I'm, yeah, I'm curious to see how this next, I don't know, like 12 months pans out. Yeah. I'm still, I'm still extremely bullish about this cycle. And, you know, I feel very, very optimistic about this cycle. It reminds me of 2017. American Hoddle says the same thing. And, you know, I'm looking forward to the end of the year. I really think that we're going to have an explosive end of the year.

It's going to be absolutely great. It's not financial advice. Stay humble, stack stats, but, you know, I still have high expectations. I think the cycles are still a thing. I still think the year after the halving is going to be explosive, and I think this year is no different. And if you're around in 2017, you would understand. understand why I'm saying that because the beginning of 2017 actually started off extremely boring,

like very boring, very slow, and then all of a sudden, one boom, boom, bang, we go from 1K in January to 20K at the end of the year. I'm not saying it's going to happen this year, but it gives me 2017 vibes. Anyways, in other news, Vivek Ramoswamy, a presidential candidate. He was originally going to be a part of Doge, but he isn't anymore. Now that the era of easy money is over, Companies and other institutions, even state actors, will have to rethink their hurdle rates for internal capital investment. Bitcoin is likely to become a more common corporate treasury holding in that environment. Interesting trend to watch. And then what is he talking about?

Well, check out this clip from the legacy financial media. I expect this year to be an extremely positive year for the crypto markets. And my prediction will be it will be the year of the Bix. Treasury Company. And I say that because when you look at what's happened to corporations and the amount of cash that they sit on, the amount of stock buybacks that they do, my prediction is that they'll find in at least one company in every sector, and we're going to be actually engaging with companies to make this happen, that they'll put themselves on the Bitcoin standard, like a micro strategy to say that unless we can deploy capital and earn a higher rate of return

than owning Bitcoin, then we're actually going to put our cash towards Bitcoin, and that will ultimately fuel even higher Bitcoin prices. I expect this year to be a next year. So, I mean, again, we're like crazy, crazy. But again, where are these higher Bitcoin prices, bro? You all got any more of those? Yeah, it's, I've got to say this, again, this year, it's, I think, think because we got so spoiled in 2024, seeing the like pre-having pump, and then the 100K milestone

finally, you know, blasted through. And then everybody's like, oh, we're going straight to whatever, the next thing. And yeah, it, but patience. I think patience is a virtue. Yeah. I mean, patience is a virtue. Anyways, Ben, shall we be right back? Yes, absolutely. Guys, we're going to give a quick sponsor shout out. Get your lightning wallets ready because we're going to give away some sats on the other side of the break. And also, if you're enjoying what you're watching, then please do us a solid smash that like button or, you know, gently tap it if you so prefer. We will be right back in one moment. 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

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You can head over to debify.com to check them out, or simply scan it. All right, we're back in. We're going to give away some stats before we move on to the next story. I'm here over at Bitcoin Well. Maybe I'll get that off to the side, so it's not in front of Nico's face. We're here on Bitcoin. Well, excellent, excellent place to be stacking stats in Canada or the U.S.

And, yeah, you can scan that QR code off to the right if you want to check them out today. But on top of that, we're going to give away some stats from Bitcoin Well as well. So the way it works, all you need is a lightning wallet, pull, it up, get your camera on that lightning wallet ready. Whoever scans a QR code first is going to steal the sats from everyone else. You basically earn points when you sign up, when you refer friends, when you stack sats, and those points can be used to toss into the Bitcoin wishing well, giving you a chance to win up to a million sats.

So we're going to do just that right now. Whoever scans this first will snag the sats from everybody else. and that gives us 210 sats to whoever scans it first I'll make it a little bit bigger for everybody just for a second there you go a few seconds if you get an error you weren't quick enough on the draw

but best of luck next time with that I will get my screen out of here I'll get Niko's back up there and yeah man let's let's keep going what else I know I know this math interesting uh i'll let you take it from here what's going on man yeah so we got bitcoinslaws

io incredible site and essentially it covers all the strategic bitcoin reserve initiatives that are happening uh on a state level in the united states and as you can see almost all of the u.s is orange which is extremely extremely exciting now what's really really cool is this website kind breaks down where all these initiatives are in each state. So in the state of Wyoming, it actually failed. A state of South Dakota had failed, Pennsylvania had failed, North Dakota, it failed, Montana had failed. And you can see West Virginia, it's just getting started, right? So depending on the state, you know, it's at a different place, right, in the legislative process. And as you could tell, And actually, when I interviewed Senator Cynthia Lomas and Dennis Porner in D.C., Dennis actually got it right.

He predicted that the state of Utah, he believed the state of Utah was going to be the first state that was going to introduce a strategic Bitcoin Reserve. So here we have, of course, the state of Utah. And they're very, very close to enacting this into law. So the state of Utah might be. the first U.S. state to have a strategic Bitcoin reserve. After that, we have Arizona, we have Oklahoma, and we have Texas as well. So this is very exciting stuff, man. And also, I have to give credit where credit is due.

Dennis Porter has done an incredible job on this front with the Satoshi Action Fund. And of course, I have to mention Senator Cynthia Lummis of Wyoming, the Bitcoin senator, who's done such an incredible job on the federal level to really, move these initiatives forward. So yeah, I mean, shout out to all these people all around, you know, incredible senators, Dennis with the Satoshi Action Fund. I think they've done a great job. And yeah, that's my two sats on the whole matter. Yeah, it's really interesting taking a peek at the map here. And just, again, how many states have at least started with this process? And as you mention, like obviously it's going to fail in a bunch of places. That's just kind of the reality of

it. But my hope is that at least a few of these get through because the benefits of that will then be seen by all of the states that didn't go through with it. That's all you really need. You just need that juxtaposition of a state that passed the reserve and a state that didn't and how they fare after, say, five years, 10 years. Like, at that point, it's going to be so obvious how good of a strategy it was that, you know, other states will be all but forced to do it or be seen as fiscally incompetent. So, yeah, that's, it's very, very interesting.

I was surprised Wyoming that it didn't get very far, because if anything, that was like the Bitcoin State. You got Caitlin Long up there. you've got of course Cynthia Lumvis. Yeah, I'm just was a little, were you surprised to see Wyoming shoot it down so quick? I was, but I mean, Senator Lummis is working on the federal level. She's not working on the state level, right? So these are state house initiatives, and it kind of makes sense, right?

You know, that she's not doing it on, like, it, like, it obviously doesn't make sense because it's like, okay, you know, the Bitcoin senators from Wyoming, you would think Wyoming is going to be the most friendly, but clearly, like, the local representatives there, the local congressmen and, you know, senators or whatever, they didn't feel the same way. Yeah. Yeah. Huh. That's very interesting.

Anyways, people in the chat, if you're watching this, if you think that any of those states that are orange on the map this time around are going to end up actually making a Bitcoin reserve, then smash that like button. If not, then do it anyways. 100%. Smash the like button. If you think Utah is going to be the first state, drop a 1 in the chat.

If you think they're not going to be at the first state, drop a 2 in the chat. Maybe there'll be a Texas rugpole. Let us know. Anyways, in other news, Michael Saylor now works at McDonald's. No, I'm just kidding. But he's messing with all of us, of course, considering a second job to acquire more Bitcoin.

We're all in this together. As the price drops and continues used to bomb, you know, we all like to make jokes that our net worth just is evaporating. Anyways, before he did that, though, Sailor actually announced that strategy, the rename for Microstrategy, is actually acquiring more Bitcoin. Let's check it out. Before we head to a break, take a look at shares of strategy, formerly known as Microstrategy, in a new regulatory filing, the company saying it has completed a $2 billion offering of 0% convertible senior notes.

Those are due in 2030. Use those proceeds to buy $2 billion worth of Bitcoin at an average price of $97,500 of that stock. The stock up marginally about $302 right now. Take a look at the price of Bitcoin. We're sitting just about $95,600. And what did they do? They smash bought $2 billion of the Bitcoin. That's right.

$2 billion with the Bitcoin at $97,514 per coin. So if you feel bad that you bought at 100K, just remember, $2 billion with SmashBot at 97,500. And if you do the math, Opti did it for me when we were doing simply. It's like $200 million down already from that smash bot at those prices. So, ouch, man, I don't know what to say. Yeah. I mean, hardened Bitcoiners feel nothing. Even Saylor had to earn his stripes.

Like, how much was he down during the FTX debacle? Right? Like, he just, like, half of the money he put into Bitcoin was reeling. Although he did start buying at, like, 10K. So, you know, he weathered that storm. Yeah, 100%. And, of course, his average buy price is $6.000. $66,357.

Anyways, moving on to the next piece of news, Ben, you're going to absolutely love this. The European Central Bank, Bitcoin has no real economic need, says ECB advisor. An advisor to the European Central Bank has reiterated the bank's negative stance on Bitcoin as the U.S. explores the creation of a strategic Bitcoin Reserve. Nation state Bitcoin reserves are a risky idea. I mean, wouldn't you say the same thing if you're a central banker? Schafe argued that while it makes sense for governments to maintain reserves of energy sources like oil and gas, there is no real economic need for Bitcoin because the cryptocurrency

has no real economic necessity or relevant usage. Schaft's position aligns with recent remarks by ECB President Christine Lagarde, who expressed confidence that Bitcoin would not enter the reserves of central banks across Europe. in late January. Bitcoin reserves would fuel speculation, not stability. Schaft pushed back on the idea that the ECB should add BTC into its reserves. He said different types of strategic reserves exist, such as the stockpiling of raw materials, which should be released during crises, to avoid higher prices for imports. Quote, sovereign wealth funds, which invest national savings in countries with structural balance of payment, surpluses, and low debt,

often due to high endowment with scarce raw materials is another example. However, in the U.S. and Europe, reducing public debt takes precedent over profitable investments. According to Schaft, there are a number of things that make Bitcoin an unsuitable asset for central banks, including extremely volatile, illicit use, and susceptibility to manipulation. Adding Bitcoin to the ECB reserves would not stabilize the single currency. It would merely feel speculation and wealth redistribution. Diversified crypto asset reserves are out of the question. It goes on to say, adding multiple cryptocurrencies would only amplify the issue.

This is one of the things I actually agree upon. Yeah. I agree with them on. But anyways, whether Bitcoin alone or a mix of digital asset, the risks remain high and the economic justification is weak. I mean, what about inflation, bro? What about inflation? What about?

And I'll give another example. So also what's happening in Europe too is it looks like crypto transfers are being severely restricted in Europe. Coinbase blocking transfers to recipients other than yourself. And if it is a self-custodial wallet, you have to sign a message to prove ownership. Check that out, Ben. You know where this is going. So if it had no economic use, right? If it was, you know, just risky or whatever, why are you guys so concerned about people taking self-custody?

Well, I'm going to borrow what Christine Lagarde said. She used the word escape valve. Could it be that it's an escape valve? It allows people to escape currency debasement. And by doing so, the central banks control over the populace, over the population. Could that be the case? Dude, that shit is insane. Like, having to sign a message to say that it's yours.

Like, first of all, again, like, the fact that they're, because are they making you sign like a like a cryptographically signed thing? Like, is that what they're, oh, okay, when receiving funds, okay, yeah, you have to use your passport ID. Like, this, this is wild. Like, if you're already on a platform where you've gone through the KY, bullshit that you have to deal with on a lot of these exchanges, which are draconian as hell. And then they're still like, oh, you want to withdraw? We're basically going to need to redo KYC and get all these other assurances that it's yours and that this is your address and blah, blah, blah, like, dude, it's fucking insane. Like, I think where we're on the cusp of is, is we are at the point where, and I, I think we're kind of getting there with like streaming and everything where like for a little bit it was more convenient with like Netflix.

And then all of a sudden there's like eight billion different streaming services if you want to see all your shows. And then they're throwing in ads and they're putting up all this crap in front of you. That just makes it a much more inconvenient experience. And so for a while, like the only way to do Bitcoin was you had to find a peer to peer method or some easy way to obtain it. But like there was some legwork you had to do. And then we saw the proliferation of exchanges that were simpler. And there was no KYC. And then you saw some KYC and people were okay with that. And it's just getting worse and worse and worse. And they're basically

commanding so much information and so many restrictions even when you do comply that I think much like streaming, people are just throwing in the towel being like, this is way too cumbersome. I'd rather just go full non-KYC or in the streaming case. I'd rather just go back to torrenting all my shit. Like I was willing to deal with like a $10 a month subscription, but not eight different subscriptions plus I'm still getting fed ads. Same thing with Bitcoin. Perhaps people were willing to like upload an ID and drop in like type out their info once. but at this point it's like dude you can't even withdraw

after doing all that shit so I think we're at that inflection point yeah 100% 100% um anyhow anyhow the next piece of news Ben I think is gonna spice things up

oh shit report from ripple and uh no sorry that was a Freud didn't slip report from river um this bill this bull market is different. And of course, River Financial came up with

this incredible, incredible report called What's Driving Bitcoin Adoption in 2025? And page two, this bull market is different. So it's kind of comparing the different bull markets like we did in the very beginning. It's showing you, this is quite interesting, right?

So this is really one of the latest bull market markets where the money printer hasn't been going burr. So the global M2 money supply is only increased 6.8% in this bull market compared to 33% in the 2018-21 bull market and 19% in the 2015-2017 bull market. It also talks about institutions are driving Bitcoin's price. So as you can see, there's a very close correlation between BTC held by U.S. spot ETFs and the Bitcoin price, right? Look at that. Extremely close correlation. And I think this is very exciting. 52% of the top 25 hedge funds and RIA own, RIA's own Bitcoin ETFs. Here is Bitcoin ETFs. And it shows, look at that, non-institutional investors, it seems like, you know, they make the line share-up of that.

Business Bitcoin adoption is accelerating. It's showing you that obviously Michael Saylor has the intent of buying every Bitcoin known to man. Miners have 93K Bitcoin and so on and so on. So it's a very thorough report. It says, you know, covers the current state of the Lightning Network. but I think the most interesting part is this part, the dramatic shift in nation state adoption. And take a look at this, Ben.

You know what this is down here? That is the Overton window. But in Bitcoin, it's in Bitcoin stuff, right? And again, for a quick, quick reminder for anyone who doesn't know what the Overton window is, it's the acceptable window of discourse as Bitcoiners. We want to move the idea of Bitcoin becoming money, a reserve, currency, all that stuff. We want to move that from unthinkable, radical. And according to a river, they believe it's acceptable in the Overton window of discourse. So we still need it to be,

we need it to get it to sensible, then popular, then policy. And there it's showing, it's showing everywhere. So more access, the U.S. banks are allowing this. You know, of course, less access is China, but it seems like every country is heading in the right direction. Only nine countries still outlawed Bitcoin, that's crazy, but only nine, right? 18 nation states estimate to own Bitcoin, and it kind of just breaks it down here. Medium turn, one to four years, global Bitcoin policy catalyst. This is the most exciting part, and this is actually where I want to end the show. U.S. Congress is pro-Bitcoin gaining 15 seats in the 2024 election.

So that means that the vast majority of senators and congressmen and women are pro-Bitcoin and pro-Bitcoin industry. And there is an article that dropped by political that's basically saying that some Democrats are gearing up to defy Senator Warren's policy or a crypto policy. Right. So we are winning. Make no mistake, the 2024 election was a big deal. It was a big deal. a big victory for the Bitcoin movement. I've always said this. If you're not at the table, you're not in the deal. Bitcoiners are at the table in Washington, D.C. We are now part of the lobbying effort and the lobbying efforts, really, who runs the country. So very, very exciting times. Overall, super, super good news. Ben, it was so great to see you. Great to see you at the end of the month. Mining Disrupt in Fort Laudito. Get your tickets now, guys. And this was your Simply session. See you

later, Ben. Cheers, Matt. And everybody stick around because I am fired up about what is happening in El Salvador. We heard the initial story of the IMF giving the or the International Monetary Fund giving a loan to El Salvador and them de facto repealing the legal tender law in the country. So, but there's been a lot of, no, no, no, it's still a big, Coin country and, you know, this was just such and so forth. But more stuff is happening and there seems to be more concessions coming from further dealings with the IMF, says the IMF. So we're going to investigate what the hell is going on there. We're also going to touch on, there is a massive hack from ByBit and one and a half billion dollars worth of Ethereum. I know we don't care about Ethereum, but it's worth investigating what exactly happened

there too. So we're going to touch on both things to see how you can hedge against both of those problems on a personal level. So we'll be right back in a moment. If you can't smash that like button while you're sitting in the chat, we'll see in just a 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 cell custody. Aqua also supports lightning and liquid network, making fast, cheap Bitcoin payments and asset transfers easier than ever.

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It works seamlessly with hardware wallets like TapSigner, Coldcard, 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 HoneyBadger plan. Coin Kite has been in the game for years creating hands down the best and most secure hardware when it comes to securing your Bitcoin.

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coin kite QR code on the side of the screen, feel free to give that a scan. It'll give you 5% off everything cold card related. I love my cue. It's my daily driver. Check it out. But let's chat. IMF and El Salvador, what is going on? Okay, so this from No BS Bitcoin, IMF board approves a one $1.4 billion loan to El Salvador with further, not already existing, but with further Bitcoin restrictions. Okay, so this approval grants El Salvador, an immediate $113 million disbursement. The IMF says the deal will attract more multilateral support, totaling $3.5 billion in financing over the next 40 months. Now, last month, El Salvador's legislative assembly amended the Bitcoin law removing Bitcoin status as legal currency while retaining the words legal tender. As a result,

accepting Bitcoin by private businesses is now voluntary. I think that's fine. I mean, it kind of already was voluntary. And it cannot be used to settle taxes or government debts. I mean, I'm not a fan of giving Bitcoin to any government anyways, but yeah, I mean, it can be a pain in the if you're roped into using a different currency, if you're living on the existing one, especially when it used to be legal tender. Additionally, the government has been reducing its involvement in Chivo wallet,

the state-backed digital wallet. Again, I don't see that as a big deal. In fact, I prefer people use solutions other than the government-sanctioned wallet. Chivo never really worked that great. And it was, in my opinion, kind of poorly designed in that, defaulted to on-chain. It just wasn't super clear. The lightning, even using lightning on it,

wasn't super quick and responsive compared to other options on the market. So yeah, overall, you know, good that people choose something other than the Chivo because they actively were. Anyways, moving forward with this, the quote, the potential risks of the Bitcoin project are being addressed in line with fund policies and with fund advice to the authorities. Prior actions include legal reforms that have made acceptance of Bitcoin by the private sector voluntary and ensured that tax payments are made only in U.S. dollars. Again, like it bothers, it mostly bothers me that the IMF is making sure that people only pay taxes in dollars. You know, it's forcing somebody's hand into what currency they want to use. Moving on, transparency of the public crypto e-wallet has been strengthened.

and the government plans to gradually unwind its participation in the e-wallet, referring to Chivo. So that was their press release. Now, despite these changes, El Salvador's administration seems committed to Bitcoin, the country's ambassador to the United States, Malena Mayorga, and Stacey Herbert from the Bitcoin office, continue to affirm that El Salvador is a Bitcoin country. And we've kind of heard this since the announcement.

Hey, no, we're still stagging Bitcoin. We're still doing all of this. Besides, El Salvador has continued adding Bitcoin to its reserves and is currently holding 6,090 Bitcoin valued at more than 500 million. Now, if you notice, they had committed to a Bitcoin per day regularly to stack in their reserves. But we did start to see for the first time kind of extended periods of not buying Bitcoin, followed by like larger smash buys. But it has been more intermittent, but then they seem to catch up.

So that could be a nothing burger or it could be something. However, this is the interesting part, the IMF now claims that further program commitments will limit government engagement in Bitcoin-related economic activities, including the purchase of Bitcoin. Now, that is the big one. The quote here, going forward, program commitments will confine government engagement, in Bitcoin-related economic activities, as well as government transactions in and purchases of Bitcoin.

This was stated in a blog post. The IMF also noted that further steps include enhancing the regulation of the country's digital assets industry in line with international best practices. What this screams to me, in my opinion, is that the IMF, one, doesn't want El Salvador. El Salvador buying Bitcoin as a strategic reserve. And two, this second note here with the quote,

regulation and supervision of digital assets will be enhanced in line with evolving international best practices. That sounds a whole fuck of a lot like the draconian bullshit we were just talking about in Europe where every time you buy Bitcoin, you're giving up an arm, a leg, and all of your private data so that they can track everything we do. do. So that doesn't sound good to me. And again, we're seeing, again, to point out how the bullshit that's happening in Europe right now, here's one wallet. Lift pay temporarily suspends operations, winds down wallet services. So this tweet from them currently, here we go,

after thorough evaluation and in aligned with regulatory requirements, we have made the difficult decision to temporarily suspend Lyft pay's operations. This was a custodial lightning wallet. As part as the wind-down process for Wallace, lift-pay users are urged to withdraw Bitcoin within the next 60 days by submitting withdrawal requests. So again, just another example of draconian regulations shutting down some of these services. And even in the same vein, though not directly Bitcoin, Apple pulls end-to-end encryption in ICloud in the UK. And the UK boots 135,000 non-compliant apps from the EU App Store. So Apple, ICloud backups can no longer be end-to-end encrypted in the UK, while all apps without verified trader status and contact information

have been removed from the EU App Store to comply with the EU's Digital Services Act. So basically, if you've got ICloud in the UK, they've just completely removed any sort of encryption. So when we saw like these massive hacks of iCloud and stuff back in the day and like all those celebrity photos leaked and all that was with encryption now that it's just out there because the EU wants and the UK wants Apple to bake in a back door to all their encryption the thing is when you have a back door for the quote unquote good guys which we won't even say they're not that they're the good guys because, in my opinion, no. But just because you have a backdoor for one person doesn't mean other people can't access

that same inroads to get the data. So that just opens up a whole can of worms here. I think it's garbage and Apple rather than making the back door, they just said, we're just not going to have encryption. So, you know, in a way, they kind of took a stand. But like, this sucks if you're in the UK. That really sucks. And again, it's just they want control so bad.

They can't possibly imagine people having interactions economic or otherwise that they can't pry into at their hearts content. And so this is the kind of crap that we're going to see. So back to the IMF thing with El Salvador. And so I said earlier today, not going to lie, this doesn't sound great. If things keep moving this direction, it seems like we're going to go one of two ways. Either, number one, El Salvador rug pulls the IMF, meaning that they get the loan and then they do whatever the hell they want with it. They keep buying Bitcoin.

They allow people to use it day to day. They don't enact all of these measures. Or El Salvador rug pulls Bitcoiners that have invested time and resources and maybe even, you know, even moved to the country specifically for the purpose of being in a quasi-Bitcoin utopia. So the long and the short of it is, the IMF is the enemy. And it is literally impossible to please them and simultaneously run a bick-oiner-friendly jurisdiction. This is where we're at right now.

I do not know which way this goes. The back of my mind, I'm really hoping that, like, they get the total. of the loan and then Buckelly's just like, psych and like smash buys Bitcoin with all of it and then just flips the bird and rides off into the sunset. But I also recognize that the IMF are absolute snakes and they are not going to rest when there is something that can subvert their authority

and give people in the words of Christina Lagarde an escape valve. And that's exactly what Bitcoin is. So I further went on to iterate. To be clear, the best solution has always been grassroots peer-to-peer Bitcoin adoption. You can earn, you can save, you can spend your Bitcoin, you can use your Bitcoin day-to-day, learn the tools. If you're missing a piece of this puzzle, any of those skills, any of those ways of using Bitcoin, then you're easier to clamp down upon and just stop in your tracks. And so people need to do all these things.

This is why El Salvador came to what it is right now, not because it started with the president saying we're going to do Bitcoin. It's because of Elzonte. Because a single Bitcoiner seated that town with a donation and said, I will donate this. Somebody starts a Bitcoin circular economy. Let's see if we can do it. And you go to Elzante, you can live on Bitcoin. You absolutely can.

I went there everywhere you go. You can just use Bitcoin. And I think it's important that even when we get exciting news, like, hey, there's a country that's going to have Bitcoin as its, you know, their reserve or as their currency or whatever it is, that's great that buys some time that opens some more eyes to it. But that should not be what pushes this movement forward. What pushes this movement forward needs to be you. It needs to be the people around you. It needs to be the movement that you as an individual, create. You need to take action. You need to build communities that care as much about this as you do.

And not just sit in a room and talk about how great Bitcoin is, but actually do stuff. And so, again, we're trying to do our best to do something like that here in Calgary. We have the sat market. I encourage you to check it out. You can scan the QR code. That's the website. But what we're trying to do is become resilient. talking about where we can say let's come together, let's exchange goods and services, and let's use a money that nobody can print. I think that's an incredibly powerful thing. I think there should be elzantes everywhere. And eventually, yeah, sure, the nation states will have to capitulate and realize, hey, people are just using this. They don't want our funny money anymore. But until then, we can't rely on nation states to enact this. And even after Bitcoin takes over the globe and

it's recognized as day-to-day money for everybody, you can't let up. You still need the tools. You still need the ability to use it in a self-sovereign way. So I've, again, build. I encourage you guys, come check out the sat market. We're doing another one here in Calgary in around the Bitcoin rodeo that's happening June 28th and 29th here in Calgary. And give you yourself a good excuse to get up here to Canada. Come see the Rocky Mountains. Amazing scenery. But also just come check out the sap market be part of the Bitcoin circular economy that is built from the ground up just by passionate bitcoins here in my city and people that come from around the country and from other countries to be a part of it. So highly encourage if you want to check it out, Bitcoinrodio.com. That's where

the main event is going to be happening. And we're going to do a sap market as a night market in and around that event. So definitely come check it out. Now, let's chat. We're going to shift gears here. Let's chat about that by bit hack and kind of what happened there because ooh, it's it's a big one and it definitely spurred on a little bit of the dumping in the market that we've seen, or at least it could have been seen as a catalyst for that. So by bit got hacked. There was almost a billion and a half dollars worth of an Ethereum that was in a multi-sig contract. Now, in terms of what actually happened, I found that Ben Kaufman kind of gave the best explanation bullet port point form because multi-sig like that's tricky how do you rug pull a multi-sig

that's pretty secure isn't it so he said from what i've read i believe that the API of safe wallet so this is the interface that they were interacting with the multi-sig was hacked but only the by-bit wallet was targeted though it sounds like anyone could have been targeted they just probably didn't want to be noticed by smaller users so what they did effectively seemingly is that SafeWallet is an online in your browser interface. And it looks like the hackers got into the API or like some of the background code in order to adjust the smart contract of the multisig and change the recipient as the person was signing.

So furthermore to this, in Ethereum multi-sig, right here, the multi-sig is a smart contract with its own address. When you use it, the destination address is that of the multi-sig, not the actual destination. So they've got like, hey, this is the contract, but then you're actually sending money to this address over here. And that changes, what changes is the call data. And so verifying the call data in a human readable manner is not possible on any hardware wallet directly. They are not designed for that. You could verify using AirGap computer or there are, there's something called clear signing, which requires extra applications and stuff like that. But right now, you basically, when you're approving a multi-sig transaction for Ethereum on most hardware, you're just going to see like a mess of code.

and you're kind of like, when you're signing for a Bitcoin transaction, it's like, hey, this amount of Bitcoin is going to this address with this fee. Is that okay? When you're seeing this with Ethereum on a multi-sig, it's like hash and just a string of digits. And it's kind of like, what the fuck is that? So the CEOs, the C-level C-suite people that were signing these transactions were basically blind signing. It was like, okay, here's a link. It looks good. I can very. in the browser, which is a horrible practice because you don't know what's compromised. And in this case, it was compromised. It was saying they were sending to a particular address when in reality in the background,

the real execution of the transaction was going somewhere else. So it was showing them one thing that was a lie, but in reality it was sending to an entirely different person. And so they basically signed and off it went. And so this was not, now the guy, one of the people, Ben Zow, he said, hey, I was using a ledger. And while I'm not a fan of ledger, this was not the fault of ledger. It's just inherent in how, two things. One safe wallet being an online interface and having their servers compromised, that was the biggest part of it.

But the thing, had they been conscientious and had Ethereum multisigs been easily capable of actually verifying where shit was going, they could have mitigated this by just checking on the device if the recipient address was the same as what they saw on the screen on their computer, because that's your beacon of truth is your hardware. But the native Ethereum multisig setup does not do that. You need additional. steps to basically decrypt the crap that's on there to actually see what's going on. So anyways, it's a mess. Yeah, safe wallet, shat the bed there. Ethereum as a whole shot the bed consistently, both in terms of security and being wrecked versus Bitcoin on the regular. But, yeah, super unfortunate.

So the nice part is, if you're signing a Bitcoin. transaction, if you remain conscientious and you have your head on your shoulders and you cross-reference, hey, my computer on my phone says I'm sending here, what does my actual wallet say with the screen and you cross-reference those two? You're golden. If you see something different, don't do the transaction and you're good. So anyways, last couple things here, Nunchuk just dropped a massive update, very excited. If you recall, Nunchuk was the tool we used with the Canadian trucker protest and just all around great guys. But they just dropped a really cool update, very happy about this. Collaborative Bitcoin custody reinvented. Meet Nunchuk's new and improved group wallet.

End-to-end encrypted wallet and chat. Single file recovery works with 10 plus hardware signers, standard or taproot multi-sig, auto-deleting messages free for all users. If you haven't tried a group wallet with Nunshod. You should probably check it out. It is really, really cool. I love what they're doing. They also updated their new tier on Honey Badger. So this is like the multi-sig inheritance planning. You now have options for two of four or the premier offers three of five assisted multi-sig. It all includes no KYC inheritance planning, two inheritance keys, multi-sig user, or sorry, multi-user support, role-based access, like people that you just want to be able to sign, but you don't want them to have insight into the wallet,

so like a third party holding a single key. And yeah, it also adds spending limits, key health checks and reminders, emergency lockdowns, email and push alerts, a whole bunch of awesome stuff. These guys regularly kill it. I love them. So, congrats to them. Again, this is kind of getting into the tools where you can become more self-sovereign. in relation to all the other stuff that I was saying here.

But Fetamint, on-chain for everyone. So basically, Fedomint is more like a group, a group multi-sig where you're going to have like community keyholders, but it allows for easy onboarding for your community when you have a small group of you and you want a simplistic way for people to interact, but also have near-perfect privacy. And so they just did an update to Fetiment.

They have version 0.6.0 now. Previously, if you were onboarding to a Fetament, you would basically join the Mint, and then you could use, by default, you could just use Lightning, and you had to be part of a Mint that had lightning capabilities. But now they are doing on-chain deposits.

You could do this before, but it was still being kind of tested and wasn't quite ready for everybody. Well, now it is. So you can now join a Mint, deposit, to the mint with on-chain transactions and have that instantly accessible to pay anybody within the mint and assuming that the mint itself is lightning enabled, you can then pay out of the mint to any other lightning user or any other mint that also is lightning capable. So really,

really cool. Glad to see it. And kudos to the Fedomint team. And then furthermore, and again, this is where I get to the bullish side of all of this bullshit that's happening with, you know, MF and rug poles and Apple and all this stuff. The further decentralization of mining or the recognition that we could do better in the mining space seems to be moving forward. It is the, I'd say the Achilles heel of Bitcoin right now is mining centralization in and around chip fabrication for A6. Well, Christian over at Brains dropped this. This is our non-Chinese Bitcoin mining chip.

because all of the chip fabrication is basically in Taiwan or China. It's a bigger deal than you think. Six years ago, when I joined Brains, we had a mining pool. The world's first. Then we launched custom firmware. Now, powering gigawatts of miners worldwide. Last year, we dropped the Brains manager, a cloud platform giving miners full control over their farms.

But the biggest issue remained untouched. Hardware centralization. For years, Bitmain has controlled over 70% of the global market. We've been loud about the need for competition. So instead of waiting, we built. This week, Brains Bitcoin Silicon arrived in our Prague office. Our first test ASIC chips. Two and a half years of hardcore R&D.

Big skin in the game. Exciting times. But the work is just beginning. And it must be done join our mission. So this could be the first major shakeup in and around ASIC mining chips. that we've seen, I mean, ever? I don't know. Like there's no real good competition right now.

And so I'm just happy to see more people popping up in this realm. I think we're gonna see even more than this. And that's huge. So hats off to brains. And again, I hope that they keep up with this because this is huge. And in the same realm of mining,

if you wanna check out the tutorial that I dropped earlier this week, It's a doozy. It's also about self-sovereign home mining using the Bitax. So I've done, I've covered a whole bunch of stuff. I covered the brains mini-miner. I covered the Future Bit. I covered the Nerdax.

With this one, which is the Bitax. Basically, the Nerdax and the Bitax are essentially the same hardware with some slight differences, but the interface, everything is very much the same. What I did differently this time, though, is I ran something called Datum Gateway on, on my own Start 9 node. And I'm referring to my copy of the Bitcoin blockchain, connecting my miner and my Bitcoin node, and Datum Gateway is kind of like the communication layer

between my miner and my node. So I construct my own blocks. I do all of it in a self-sovereign way. And you can either lotto mine, meaning you just solo mine and hope you hit a block. So it's kind of more like a forever lottery ticket. Or you can actually mine in a lottover, a way where you're going through a pool and you get little payouts of sats to your own core

lightning node if you want so i go through all of that and show the different ways to do it i do show it also on the umbrol how you can do it there um so i encourage you to check it out it's on the channel right now just search uh home home mining bit axe and you'll find it pretty quick anyways guys uh the last thing i'll say in terms of self-sovereignty is uh check out bitcoin mentor because we just launched, and I'll just pull up our site here so that it complements it, we did just launch our brand new cold card masterclass. So if you've ever been curious about the cold card queue or the Mark 4, and you want to not only learn the basics of how to use it,

but you also want to learn every facet of every amazing feature that it has, we have you covered. There is so much cool stuff that you can do this beyond just sending and receiving transactions. But, you know, BIP-85, multi-sigs, pass phrases, trick pins, all of this different stuff. It is a multi-session package. You can start on it and you can begin learning and level up to the point of absolute expert when it comes to cold cards. So check it out. You can scan the QR code on the screen. Highly recommend if you're, if you are planning on securing generational wealth with the best hardware available, then you may as well learn how to use it to the utmost potential.

So check it out. Anyways, guys, with that, I am going to wrap it here. Thank you so much for being a part of the show. Smash that like button. And we will see you guys again tomorrow. Don't miss the show. I've got a hell of a lineup for Why Are We Bullish tomorrow. You're going to have to tune in to find out who's going to be here.

We'll see you guys tomorrow. Keep stacking stats. Keep stacking skills. I'm then with the BTC sessions. This was your Simply session.