BTC Sessions - NEWS ROUNDUP: BITCOIN ETF APPROVED - Price Nears All Time Highs ep207

Episode Date: October 16, 2021

A Bitcoin ETF is set to begin trading next week, and the Bitcoin price has responded by rising to near all time highs. This and more in today's news roundup. 💪 SUPPORT THE SHOW: Shakepay is the easiest way to buy Bitcoin in Canada Sign up now and get $10 free after your first $100 purchase! https://shakepay.me/r/BTCSESSIONS ALSO search/subscribe to Shakepay on YouTube! LEDN Bitcoin backed loans –  get $25 free https://start.ledn.io/btcsessions Get Wasabi wallet for Bitcoin privacy https://wasabiwallet.io/ Keystone Wallet: secure your Bitcoin! http://bit.ly/KeyStoneSessions BillFodl: get your wallet backups in solid steel. https://privacypros.io/btcsessions Bitrefill: use Bitcoin to purchase gift cards https://www.bitrefill.com/buy/?code=O04UMic9 Like what you see? BITCOIN TIPS: https://strike.me/btcsessions

Get the fuck out of bed, bitch, go. How to wake up, bitch, get. I love it. That's my new favorite, my new favorite jam. It is the song of my people. Hey guys, how's it going? I am currently in Dubai, which is why the weird timing was shows and like, you know,

why are we bullish? We're always bullish, but, you know, it was hard to organize a panel when you're at this odd time. So anyways, I wasn't going to do a show until I got home, but,

there's some shit to talk about. So we're going to do a little news show today. Thank you for those of you that have joined me. I know it's late, stateside, but I'm glad you're here. Also, you're going to get a little bit of like streamception because I'm working with one screen here instead of two. So you're going to see a little bit of behind the scenes. But good to see you guys in the chat. I see everybody.

I see like Dave and Mike and JC. and yeah, just everybody's Dan. I see you guys. Thank you. Thank you guys for being here. Let's chat about some stuff. Of course. Of course.

And let me share my screen here. As always, this is live. Anything can happen. Internet seems to be good here, but just in case. Let's hear from Bill. We'll do it live. Okay. We'll do it live.

Fuck it. Do it live. I can, I'll write it, and we'll do it. Do it live. The fucking thing sucks! If you haven't already, hit like, subscribe, share all of those great things. Let's get into it.

As always, I am Ben with the BTC sessions. This is your daily session. All right, before we dive into the news, let's take a look at where we are in the market right now and here's some of this streamception guys. Yeah, this is what I'm working with in the background here. Anyways, in the market, we're sitting at S. It feels weird to say $62,093 per coin. It's been a crazy few weeks here.

What was it? It was, let's just look back a week. A week ago, we're at 54. If we look back a month, a month ago, we were coming down from 48 and we went as low as like 40. And we're up at 62 again. We're basically up 50% since in and around September 22nd. So, yeah, a little less than a month. We're up 50%.

Things can change fast, guys. It's wild. Now, a single US dollar will grab you 1,610 sats. We're in well over 2,000 for a while there. And I was saying it's not going to last forever. And it definitely, that time is over. I will be surprised if we ever see over over 2,000 sats for a buck ever again. Anyways, let's chat a little bit more.

89.74% of all Bitcoin have been mine. Let's chat fees a little bit. It looks like next block, 12 sats per byte. So the Mempool is filling up a little bit more. And if you're willing to wait a little bit longer, again, you can still eat through with one sat per bite. But I think, again, those fees are going to start to eke up because it's getting bullish out there. It's getting exciting. Of course, shout out to sponsors of the show.

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Also subscribe to their YouTube because they've got a YouTube. I'm going to be on it pretty soon as a guest. Of course, leaden. Notio, you can use your Bitcoin for a variety of different services. If you're in a pinch, you need your hands on dollars, but you don't want to sell your Bitcoin because why the hell would you ever want to sell your Bitcoin? Of course, you can deposit Bitcoin here and get dollars to your bank. And when you pay back those dollars, you get back the same amount of Bitcoin.

They've also got their Bitcoin and USDC savings accounts. They've got their B2X offering. If you're feeling mega bullish, check them out. Links are in the show notes. Of course, I do live on Bitcoin. Bit refill helps me do this. They've got every gift card you can imagine in a ton of different countries and you can pay via Bitcoin on the main chain or as I do with Lightning Network. And you do earn Sats back as you shop. There's also, again, a pretty good referral program through them. So be sure to

check them out. You guys know Keystone, one of my favorite and most used hardware wallets. And I love it because it's 100% air gap. You never plug it into anything internet connected. And that keeps the keys to your money safe and away from malicious internet connections. It does have Bitcoin-only firmware, which I highly recommend you upgrade to. It works awesome with all my favorite wallets, blue wallet, with Saabee, Specter, Sparrow, and it's awesome in a multi-sick. Check them out. And finally, if you're backing up any important Bitcoin wallet,

be sure to get it in solid steel. Paper doesn't cut it, you know, fire damage, water damage. You don't want to have to think about those things. Steel mitigates those risks. And this is how I back up my important wallet. So check over the at the billfottle at Privacy. pros. I.O. And with that, let's chat. Let's chat Bitcoin ETF. So let's read a little bit here from CNBC and then we'll dive into a little bit of people's thoughts in and around it.

Okay. So the Bitcoin Futures ETF from pro shares will begin trading next week and amended filing from the company indicated late Friday, marking a milestone moment in the development of the crypto industry in the United States. The Securities and Exchange Commission had not formally approved the creation of a Bitcoin futures ETF as a Friday afternoon, and the agency may never make a formal declaration of approval for it. But the pro-share's announcement indicates the agency is unlikely to block the listing at this point. New York Stock Exchange ARCA late Friday afternoon certified its approval for the listing, meaning that the exchange will allow investors to trade the funds as allowed under the federal law without SEC intervention.

A person familiar with the SEC's decision making clarified that the ETF will be allowed to begin trading next week, barring any last minute complaint from the regulator. So basically, the SEC hasn't been like, this is okay, but they basically said nothing. They've probably behind closed doors being been like, we're not going to stand in the way of this. Go, you know, you guys go do what you're going to do. But there is that like fringe case where last minute they could be like, nah, screw that. you're not allowed. You know, that would, that would suck, but whatever.

Let's talk about what the ETF is. So, pro shares strategy ETF will give exposure to Bitcoin futures' contracts, but not the spot market, and it will trade under the ticker BITO. The proposed date for the listing is Monday, according to the new filing, but that doesn't necessarily mean that's when it will begin trading. That could come later in the week. Pro shares decline to comment. Now, a lot of people have been advocating for an ETF for years related to Bitcoin and the arrival is expected by many to bring in a new class of investors into the digital into digital currency, so and so forth.

And, you know, this was obviously kind of a clear indication. The spike in price was because of this. So what does it mean when it's futures and not spot? Basically, it's people buying contracts on what the, future price of Bitcoin will be. But those contracts are not settled in actual Bitcoin. So there's not Bitcoin necessarily sitting in these funds in these contracts there. However, by entering into these contracts, there's an indication that whoever is buying one of these contracts is going to have some exposure to Bitcoin in some way because they're hedging the opposite side of that bet.

So it's not like an amazing product. It would be way better if it was just spot Bitcoin because then that would be like, hey, I'm buying Bitcoin that is held in a fund that is represented by this ETF, which I purchased. Now, overall, it's way better if you just hold your own keys, obviously. Obviously. We did have, I believe it was Preston. where did I put Preston here? There he is.

He said, by the way, this Bitcoin ETF will suck. The tracking error will suck. The fees will suck. The counterparty risk will suck. Unless you have serious account restrictions on how you can get access to owning Bitcoin, buy the real stuff and learn how to self-custody it. Absolutely, I echo this sentiment.

This just, in my eyes, it kind of legitimizes it in the eyes of a lot of people that were kind of maybe unsure about it. But I hope those people, this probably won't happen, but I hope those people go to the trouble of trying to self-custody it. You know, obviously people will just use a tool like this. Also, I think that eventually, now that you have a futures ETF basically launching in a few days here, it opens the door for just a regular spot ETF,

probably in short order. Okay, so it's not going to be long before you see something like that hit the market, but they're probably testing the waters with this. First, we shall see. So what are the implications for Bitcoin? Well, obviously, it's already been pumping because of that, right? We're at, you know, 62, 68, something like that right now. But let's draw a comparison between this and what happened with the gold ATF,

which was the other thing that I opened up here. So this is a chart of gold. And previously, you couldn't, you know, gold wasn't on, you can trade it on the stock market. There was no ETF. So, uh, ETF launched in the early 2000s. And you can see, uh, when it launched, it basically went from around 400 bucks, uh, to, you know, in, in 2000, what is that? 11, it went to like, well over 1800, right?

closer to 1900 it looks like in and around that range. So it basically like quadrupled, quintupled rather, from where it was. So massive, massive price appreciations. But again, this was some people say that it's a negative thing in that there's a lot of paper trading. There's a lot of rehypification. The difference with Bitcoin, I would say, is that it's easy. auditable and it's much faster to settle. There's no physical goal to move around to settle.

So it, yeah, is there going to be some shenanigans that go on behind the scenes with products like this? 100%. But Bitcoin kind of becomes that Trojan horse, right? It becomes that asset that all of these, these Fiat legacy finance bros that are used to re-hypothicating the shit out of everything and never suffering any consequences, there's actually a check on that because gold was kind of a check but not really because the settlement was difficult and slow and cumbersome. And so like a lot of the time you just kind of, you know, gold doesn't move. But when you can actively audit anything from anywhere in the world in terms of supply and you start to see how many contracts there are with this kind of stuff, it becomes pretty obvious what's going on. So as those shenanigans begin to come up, people are going to look at that and say, well, maybe I'll get my hands on actual Bitcoin in custody myself.

And as we're seeing that in outflows from exchange, we're back at all-time highs, basically. And the amount of Bitcoin sitting on exchanges right now is the lowest has been since I think 2000. And in the past three years, basically three years back, it's the lowest it's been. since then. So that's pretty crazy. Let's talk about some people that are also excited on Bitcoin, regardless of the ETF. So Bitcoin is the best form of money and will be the base layer of the Internet of Value, said Mark Yuscoe, CEO of Morgan Creek Capital. In an interview with Coin Telegraph, Yesko shared his thoughts on Bitcoin gold, cryptocurrencies, and barriers to worldwide adoption.

Bitcoin will eat all of gold's market cap, in Yasko's opinion, driving the BTCHAs, price north of $500,000. But in the short term, Bitcoin is set to increase fivefold as it draws in the liquid supply of gold, which is valued around $4 trillion. As a result, Yusko explained Bitcoin could be worth $250,000 within the next couple of years. I'm just going to go out on a limb here. I think he might be bearish with this call when he says in the next couple of years. He's trying to probably be a little bit conservative.

but let's talk about where Bitcoin was in September of, you know, just like end of September of 2017, it was sitting around $3,600. And within three months, it was 20 grand. So, you know, more than 5xed in that amount of time. And again, at the end of September, we're sitting around 40K. So that, you know, if we saw similar price action, we. see ourselves north of $200,000, which at the time, for some people, sounds ridiculous, but that gets pretty close to his couple of years price target. I would be surprised if we saw an all-time high

anything south of $150,000 this year. And I know some people listening will be like, that's insane. And I could be totally wrong, of course. But I would also not be surprised to see us bang up through like the mid to high 200s, you know, a lot of crazy stuff. And I, and I feel like I'm, tiptoeing around this because, you know, I don't know how far I'm going to be off on this and how spectacularly wrong or right I might be. But I, again, I wouldn't be surprised to see this price point this calendar year or early next year. But hey, we'll see. Anyways, I think he's being a little bit bearish here in his, in his call when he says the next a couple of years.

I'm going to keep going here. Now, there's another individual here from Morgan Stanley. He's not quite as bullish as Yusco, but James Gorman, he shared his thoughts on Bitcoin in a call recently. He said, and he's the Morgan Stanley chief executive officer. He has a, we'll say, neutral to positive view on Bitcoin and cryptocurrencies as a whole, which, bleh. But anyways, Gorman.

realizes a Bitcoin will not die, contrary to J.P. Morgan CEO Jamie Diamond, who recently reiterated his past skepticism of Bitcoin, quote, it's got no intrinsic value and regulators are going to regulate the hell out of it. Well, I mean, that age like milk in the hot mid-day sign diamond, like obviously, clearly that's not happening. Like the, it's the ETF is going live in a few days here. So, um, Gorman, however said, I don't think crypto is a fat. I don't don't think it's going away. I don't know what the value of Bitcoin should or shouldn't be, but these things aren't going away. And this is where he goes down the blockchain fallacy. But he said, and the blockchain technology supporting it is obviously very real and powerful.

So I think Gorman is just a guy who hasn't really done his research, but also sees the trends. So, you know, maybe he becomes privy to it eventually. But at least, you know, he's more open-minded than Jamie Diamond. Right? Like Jamie Diamond's just, I think he's just, he's shit on it so much that he's unwilling to budge his position. Now, somebody who's not excited about this recent pump is Michael Burry, the guy that was in portrayed by Christian Bale in the Big Short. He was asking about shorting Bitcoin days before it hit $60,000. So Big Short investor Michael Burry inquired about ways to bet against Bitcoin just before. the world's largest cryptocurrency hit a six-month high to breach the $60,000 level. He said, quote, okay, I haven't done this before.

How do you short a cryptocurrency? Do you have to secure a borrow? Is there a short rebate? Can the position be squeezed and called in? In such volatile situations, I tend to think it's at best not to short, but I'm thinking out loud here. So anyways, a ways back, Michael Burry took a look at the Bitcoin price chart, And I'm just going to pull it up here to kind of show you what I'm talking about. Let's do the year to date.

So he was looking at the year to date price chart. He was looking at you see a little pop here in early, what was this, in and around January, and then kind of the highs through April and then another little pop in and around, like after coming down substantially in and around June. And this pattern typically is called a head and shoulders pattern. And it's usually very bearish because you see. like the, again, the formation of a head and shoulders. So like the mid area where it's really high would be the head and then the two little pops in either side or shoulders.

And typically it dumps after that if you see that kind of chart. But I mean, this is Bitcoin and nobody cares, bitch. So he tweeted this out. It was some joke tweet where he showed the chart and then an ad for head and shoulders with some like NFL player. And he was like, what do this guy and Bitcoin have in common? and like as a joke. And now because it's so hilariously bad of a call,

everybody's making head and shoulders jokes and drawing Michael Burry with like his one shoulder, his head and then another shoulder like elongating to the sky. So anyways, he's not super excited about that. In fact, I think he just deleted his account off Twitter because people were trolling him so hard.

But I mean, like, I think he's got, I can't remember the name of it, the the hot streak fallacy. He's basically got it in his head that he can do no wrong. And so he's very, very confident that he's going to be right on this. I just, I don't think it pans out for him. In fact, I would be surprised.

I kind of think we're going to see a crazy end of the year. I do think we will see a bear market again. But I think like the low end of the bear market would be like 60K, in my opinion. But we'll see. Now, there's also been some interesting sentiment in the realm of not favoring traditional currencies, in particular the Fed. And Mr. Hoddle on Twitter has been bringing this up and kind of highlighting some of this. He said, something is happening. I'm not sure what it is, but something is happening.

And another person, Lauren on Twitter, had tweeted out. a segment of, and I'm not a huge fan of Tucker Carlson, but the segment itself was pretty good, other than when he gets super partisan at the end. But I'll read here from the tweet. It said last night during the first 14 minutes of Tucker Carlson's show, he spoke about the Fed. Carlson has the number one primetime cable news show in the U.S.

with over 3 million viewers. Perhaps no broadcast has so decimated the Fed and Yellen in less than 15 minutes. Watch. And it is good. it's quite good he goes into just the absolute irresponsibility of of the feds printing the decrease in purchasing power of the dollar how it enriches a few at the top and really screws people at the bottom people that are living paycheck to paycheck unfortunately he goes off the rails

at the end when he places it as like a Democrat problem when you go back realistically whoever is in power they don't give they don't care right It's just like at this point, both parties are the same. It's just like, how much are we going to print is the question. It's never a question of maybe we should stop printing money. It's like, well, we want to print for different reasons. So, you know, the partisan part of it was kind of trash. But the sentiment of this institution basically disenfranchising most American people.

And through proxy, the rest of the world and individual central banks elsewhere doing basically the same thing. It's a point well taken. And we also see, and again, Mr. Hoddle pointing out something is happening, Sven Henrich, he is, just so you know, he's the founder of Northmantrader.com. He does a lot of financial markets. He's got 300,000 followers on Twitter. anyways, he said the notion of quasi-public private institution that has a direct vote on monetary policy and such a low level of transparency undermines democratic accountability. The Fed still lives with its original sin. It is not clear who the reserve banks are accountable to.

And then he said, nobody. That's right. And I think, again, like Bitcoin is kind of showing people the cracks in the current system. It's bringing to light, why do we do it this way? Is there not a better way? And when you're in a position of power, doesn't that then pervert your incentives? And spoiler alert, the answer is yes. And another person calling this out is Senator Cynthia Loomis.

And she just decimated the Senate the other day and had a really, really good rant. But I'm going to read a little bit from this article from Bitcoin magazine. Bitcoin is a blessing of God amid irresponsible policies at the government level, said Senator Cynthia Loomis in a speech to the Senate. The senator provided her perspective on how Bitcoin can help people stay immune to irresponsible monetary policies. Quote, one of the reasons I became so interested in non-fiat currencies is because they're not issued by a government. Bitcoin is not issued by a government. On October 7th, the Senate approved a bill to help the U.S. avoid default on its debt in the next.

few weeks, the agreement enables an increase of $480 billion to the debt limit. A sum the Treasury Department estimates will allow it to pay its bills until December 3rd. $480 billion covers just till December 3rd. And it's funny because I see $480 billion. And in the context of today, you're like, oh, billion with a B, call me when there's T and it's double digits. Like it's insane how desensitized to this stuff people have become. But that's still a massive amount of number, a massive number.

And when numbers like that were thrown around it during the financial crisis 2008 and subsequent years after, it was insane to hear that. And now it's like comparatively, it's nothing. But I digress. Let's keep going here. Quote, time and again in the U.S. House of the Senate, presidents of both parties, have run up the debt irresponsibly with no plan to address it, Loomis added. So thank God for Bitcoin that transcends the irresponsibility of governments, including our own. Loomis also warned of the dangers of embarking upon irresponsible debt management,

including the dollar's devaluation. She said that both parties are truly irresponsible if they failed to act right now and let the dollar decline, in which case, Loomis would like to give Americans an option. quote, in the event that contingency occurs, I want to make sure that non-fiat currencies, not issued by governments, not beholden to political elections can grow, allow people to save and be there in the event that we fail at what we know we have to do. Man, she's killing it out there. I thoroughly enjoy everything she's having to say here.

But again, we can't rely on politicians to pull us through. Again, Bitcoin becomes that opt-out because, sure, she's saying a lot of stuff that makes sense, but the incentive structure is not such that people are going to listen to her. Let's be realistic. Let's move on to something. There's last few stories here I want to cover have to do with mining. So let's first talk about North Vancouver to be the world's first city heated by Bitcoin. It's pretty wild.

I'm going to have to, maybe I'll have to make a trip over there and see. firsthand what's going on there. But as the price of Bitcoin rises, Bitcoin's hash rate is also rising. Mining computers around the world are humming away and at the same time we're producing amounts of waste in the form of excess heat that is unprecedented. Enterprising miners like Burnaby-based Mint Green, Canadian Clean Tech Bitcoin miner, is already leading the waste reuse space with their heat sales to a local brewery and a sea salt distillery. Other miners are using excess heat to power greenhouse operations, growing flowers and vegetables, home heating, and jacuzis. Now, Mint Green is getting into industrial sales with a 12-year contract to provide heat

with their new digital boilers, which recover more than 96% of the electricity used for mining to North Vancouver's district energy system to heat commercial and residential buildings. For Mint Green, heat recovery projects are a win-win, and they get, reuse or get to reuse the initial hydro for mining and for sale. So yeah, pretty, pretty wild. Basically, they're mining Bitcoin. They're capturing the heat from the miners and then they're pumping it back into the grid to heat homes in North Vancouver. Again, Bitcoin encourages the most efficient uses of power. Whatever the source of that power may be, it encourages people to do stuff like this.

And that's pretty incredible. Now, on the other side of things, in terms of allowing individuals to mine, we have Jack Dorsey, and it looks like he's now diving in, or potentially him and Square are diving into the mining ecosystem. And so there's a tweet thread from him. I'm just going to read from it here so you guys can hear firsthand. He said, Square is considering building a Bitcoin mining system based on custom silicon and open source for individual.

for and businesses worldwide. If we do this, we'd follow our hardware wallet model, build in the open, in collaboration with the community. First, some thoughts and questions. Number one, mining needs to be more distributed. The core job of a miner is to secure and securely settle transactions without the need for trusted third parties. This is critical well after the last Bitcoin is mined.

The more decentralized this is, the more resilient the Bitcoin network becomes. True? Number two, mining needs to be more efficient, driving towards clean energy and efficient energy use is great for Bitcoin's economics, impact, and scalability. Energy is a system level problem that requires innovation in silicon, software, and integration. What are the largest opportunities here? Three, silicon design is to concentrate into a few companies. This means supply is likely overly constrained. Silicon development is very expensive, requires long-term investment and is best,

coupled tightly with software and system design. Why aren't more companies doing this work? Four, there isn't enough focus on vertical integration, considering hardware, software productization, sorry guys, and distribution requires accountability for delivering to an end customer versus improving a single technology in the chain. Does seeing this as a single system improve accessibility?

And five, finally, mining isn't accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn't enough incentive today for individuals to overcome the complexity of running a minor for themselves. What are the biggest barriers for people running minors? And they finished off by saying

our team led by Jesse Dorogusker, I'm not sure how to say it, will start the deep technical investigation required to take on this project. We love your thoughts, ideas, concerns, and collaboration. Should we do this? Why or why not? and he said we'll update this thread as we make our decisions. I think overall this is a positive, the more people that are working on helping to centralize mining

and making it more accessible to more people, potentially allowing people to easily mine in their own homes without much in terms of technical savvy. I think that's a positive thing. And it just kind of opens up the market and gives us better options for all. So hopefully something positive comes with this. I think it's a lofty goal.

Now, let's talk about the hash rate as well a little bit here. The U.S. becomes world's biggest Bitcoin miner beating China. I mean, obviously China Bandit. But from Bitcoin Magazine, United States is now the epicenter of Bitcoin mining, accounting for 35.4% of the global hash rate at the end of July 2021, according to a Cambridge Center for Alternative Finance Study published on Wednesday. The increase is more than double the U.S. global hash rate since October. April of 2021. In April, the U.S. controls 17.77% while China still had 43.98%. After China's mining ban in July of 2021,

hash rate in the U.S. rose to 35.4 and China fell to virtually zero. Chinese mining ban and renewed Bitcoin crackdown has lost it the global dominance it maintained due to mining on cheap electricity production from coal and hydro power plants. According to the same study, China has dropped from nearly 75% of global hash rate in September 2019 to zero now. Although it is highly unlikely that all of the Bitcoin mining in China has stopped, the lion's share of it has dropped out of major mining pools. Bloomberg even speculates that the recent rise of hash in Ireland and Germany are actually in part due to covert miners in China using VPNs or proxy servers.

Yeah, so I mean, again, I think China really bungled the hell out of this. Like they had the majority of hash power of what has the potential to be, again, the global base layer for digital value. And they screwed themselves by just saying, not get out. And we saw that the Bitcoin network didn't flinch. It didn't flinch. Yeah, hash rate dropped by like half. but there was no major disruption. We had slow blocks for a couple weeks.

And then difficulty adjustment kicks in. Things are running like normal. Now, hash rate has fully recovered. All of those miners have just relocated. It's like water. It goes through the path of least resistance and flows where it's needed. And damn, those miners just flowed way the hell out of China and found new homes. And a lot of them in the U.S.

Now, there is a devil's advocate position. on this. In China, a lot of that was kind of, it wasn't above board, right? Like it was not necessarily easily capturable because it was like rural China, harder to find, kind of all over the map, as denoted by the fact that they're saying, well, that the Irish boon in hashpower is likely just VPNs and stuff like that. But still, you know, it wasn't as easily potentially captured there. And I think it's possible that in the U.S. you could see a little bit of regulatory capture.

Now, 35% of hash in a single jurisdiction is much better than, you know, 50 or 60 or in some case, 75% of hash rate in a single jurisdiction. So, you know, we continue to see Bitcoin mining be distributed more and more. globally. But, you know, regulatory measures are important to consider. We saw some shady stuff potentially happening with Mara Pool in the U.S. where they were talking about mining clean blocks and not including certain transactions and blocks. But again, Bitcoin being what it is, as people started to see that, first of all, Twitter went off the rails and just dragged them. But beyond that, you saw hash rate change.

You saw people reall allocate hash to different pools. So again, in this instance, you're going to end up seeing if somebody is being shady or if an entire jurisdiction starts doing something that is not favorable to the Bitcoin network, hash rate will move. And we have an incredible case study on that with China. one of the largest nations on the planet banned Bitcoin mining and nothing happened. Nobody cared. There are a few spooks in the price for a little bit and we're right back up to all-time highs, both in price and hash rate. This thing is not going away.

And I think people are starting to recognize that. Anyways, guys, I'm going to start to wrap up here. I just want to say that I am currently in Dubai. And I'm here because I was doing understanding Bitcoin. I was speaking and doing some panels and doing some workshops here. So I want to give hats off to Tone Vase for having me. Thank you very much for inviting me out here. It's been an absolute pleasure.

And again, seeing everybody here was awesome. There were some really great people here. Again, seeing Jocamo was great. You know, seeing Tone, seeing Mir. Bitcoin Mechanic is just awesome. Again, Simon had a great presentation on the men pool. Always great to see Samson. Again, like everybody's awesome.

Zender had a pretty awesome presentation as well. Stefan, second time I've seen him in as many weeks. I just saw him in Miami. So, and again, Adam from Wasabi, good to see you, man. Alex, X Bit Fury. Again, just a lot of awesome people here. Very happy to have been a part of it. It was fantastic.

So, yeah, thanks, Tone. Thanks for having me out here. Again, everybody that's been here, oh, streamception, I see you guys in the chat. Thank you guys for being here. Here's my background. This is what I'm actually messing around with when I have my two screens, but this is what my setup is. But good to see you guys in the chat.

I know some of you in places that are more difficult to watch live. I guess you got to watch live for a change. And damn, there's like 116 people in here right now. So, so thanks, you guys. And Fusion, I see you there. Holy, what the, you're all up at this time, this many people? Amazing. Yeah, it's good to see you guys, for sure.

And we have a killer. Why are we bullish coming next Friday. I'll drop the guest list for that so you guys can see what's going on with that. But yeah, we will be back with that. ASAP. I guess that's it. Thank you. Thank you very much. Guys, of course, as always, if you haven't already, like, subscribe, share, if you're here on YouTube, that is always super, super helpful. I guess I don't have to, well, I'll bring up my screen for this anyways. That's always super helpful. If you haven't already, you can check out the previously mentioned sponsors, ShakePay,

leaden, bit refill, Keystone, Bill Fottle, all those are in the show notes. And if you really liked you saw you can always drop me a Bitcoin tip at my strike page that is strike. Dot me slash BTC sessions. You get there. You type in any amount you want. You hit the tip button. It'll bring you up a lightning invoice or if you click to the right, a regular Bitcoin QR code.

And with that, I'm out, you guys. Have yourselves a wonderful day or evening or morning wherever. I don't know. Time zones are messing me up. Wherever you are. And I will, of course, see you guys next time for your daily. session.