BTC Sessions - Tesla, Twitter, Mastercard and MORE Bending The Knee To Bitcoin ep146

Episode Date: February 11, 2021

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Transcript
Discussion (0)
Starting point is 00:00:25 Wasabi wallet and fairly private. What is going on, everyone? Welcome to the show. I hope you're having a good Thursday. We've got a bunch of stuff to chat about today. There's been a lot going on this week. If you've been under a rock, then I'm happy to fill you in. We have people like Elon Musk and Tesla buying, you know, just a little bit of Bitcoin.
Starting point is 00:00:53 We have MasterCard capitulating, at least partly. we have lots of other people moving to the space, Twitter dipping its toes potentially. We've got a lot of stuff going on. So we're going to chat about all of that today. As always, this is live, so anything can happen. So quick message from my friend Bill here. We'll do it live.
Starting point is 00:01:15 We'll do it live. Do it live. I'll write it and we'll do it live. The thing sucks. So once again, thanks. guys for being here. As always, I am Ben with the BTC sessions, and this is your daily session. All right. Let's take a look at what is going on in the market right now. We're sitting just north of $47,000 per Bitcoin. Now, we did hop up today. We did see a new all-time high today. Where did
Starting point is 00:02:04 we go? We went up to like 486 for a little bit and then kind of bounced down from there. I feel like we are going to be hitting that 50K mark in very short order. Here in Canada, it's already, it's already gone above 60,000 previous. I don't know if it's currently. It's pretty close. Yeah, it's like 300 bucks shy. We were up at like 61, almost 62 earlier. So, you know, Canadian pesos not holding up as well as the US dollar,
Starting point is 00:02:35 but neither is really anything when it comes to Bitcoin. So we're going to be diving into everything that's going on. A few other little market metrics. We're sitting at 2,122 sats per dollar. I'm excited to see that drop below 2K. It's a mix of excitement and disappointment because I won't be able to buy as many sats for my dollar, but that's okay. Hyper-Bitconization upon us.
Starting point is 00:03:01 88.7% of all Bitcoin that will ever exist have currently been mined. And as far as fees go, if you're looking to get into the next block, it's busy right now, my friends, 181 sats per bite. If you're willing to wait an hour, it's not going to reduce it much, 157 sats per byte to get in within an hour. Probably a good idea to start exploring getting some day-to-day funds on the Lightning Network if you haven't already. I've done some videos on that. I've done a tutorial on Breeze wallet. It's non-custodial, but it's very easy and kind of interesting. intuitive to use. So flick back, take a look at that if that's something that you're curious about.
Starting point is 00:03:42 Before we jump off here, shout out to sponsors of the show, ledden.io, this is where you can use your Bitcoin for a variety of different services. Of course, they've got their Bitcoin back loans, which have saved me a couple times. So if you're in a pension, you need to get your hands on dollars and you're worried about actually selling your Bitcoin because, well, that's a taxable event and you might worry about having to buy back in at a higher price. This could be for you. You can deposit Bitcoin, get dollars within 24 hours. When you pay that back, you get back the same amount of Bitcoin.
Starting point is 00:04:14 They also have their savings accounts, Bitcoin and USDC, interest rates of up to 12.25% annually paid monthly and their B2X offering, which is the same loan mechanism, rather, to buy you more Bitcoin effectively doubling it on the spot. You can check these guys out. Links down below. If you click that link and opt to get one of the. loan products. I'll give you 25 bucks for free into your savings. Next,
Starting point is 00:04:36 Cobo Vault. I use this thing all the time. One of my favorite hardware wallets. I love it because it's 100% air gap. You never plug it into anything internet connected, which it keeps the keys to your money safe and offline. Hardware is, or rather the firmware is open source. There is a secure element on this thing,
Starting point is 00:04:57 and it works with all my favorite wallets. I use it with blue wallet all the time, with wasabi wallet on desktop. and it's a dream for multi-sig. So be sure to check it out. Links below. And up next, of course, I live on Bitcoin. One of the things that really helps me with that is bit refill
Starting point is 00:05:11 because I can get pretty much any gift card that I need for those day-to-day expenses. And the beautiful thing about it is they accept on-chain and Lightning Network. And when you're shopping, you actually earn Sats back. So for me, where 90 plus percent of my income is Bitcoin, that's a lifesaver here because I can get anything I need. So be sure to check them out. Links for that down below. And finally, if you're backing up any wallet,
Starting point is 00:05:36 maybe don't put it on paper. I mean, you got to at first. But sometimes solid steel is a better option. Fireproof, waterproof, waterproof, you proof, because you're probably not going to throw it out. So be sure to check out Privacypros.i.o for the bill foddle so you can back up your wallet safely. So let's dive into what the hell is going on this week.
Starting point is 00:05:57 if you've been under a rock, welcome. I hope you're doing okay. And you're probably wondering what the hell is going on with the price. We bumped up quite a bit there. What happened? Well, Elon Musk dropped the bomb that Tesla bought $1.5 billion with a B billion dollars worth of Bitcoin this week. I'll read a little bit from the Wall Street Journal here. Tesla Inc. said Monday that it bought $1.5 billion in Bitcoin, a disclosure that
Starting point is 00:06:27 follows chief executive Elon Musk's promotion of the cryptocurrency and other digital currency alternatives on Twitter. The electric vehicle company also said it expects to start accepting Bitcoin as payment for its products soon. Prices jumped more than 10% after the announcement, according to cryptocurrency research and new site, CoinDisk. Tesla disclosed its Bitcoin purchase in its latest annual report saying the move aims to, quote, diversify and maximize returns on our cash.
Starting point is 00:06:57 that is not required to maintain adequate operating liquidity. Tesla said a board committee had approved changes to company rules on investments, adding that it would also invest cash in gold bullion and gold exchange traded funds among other assets. So, yeah, kind of a move to secure the purchasing power of their cash. I think they recognize that you can't buy as much with the dollar as you could, even last year and the excessive amounts of printing, just kind of the writing is on the wall is what I'm getting at here. Now, the interesting thing, when they talked about accepting Bitcoin for purchase, they said
Starting point is 00:07:37 they may or may not liquidate those funds as they come in and swap them to dollars. I'm guessing that they kind of left that open because you're getting into a situation where if you're interested in having Bitcoin in your reserves, and you're probably going to have a limited number of customers that are paying in Bitcoin, at least for the time being, why would you bother to liquidate? Why not just add it to the reserves? You may as well. So yeah, interesting, interesting to see. And yeah, this news blew up this week. So if you missed it, I don't know where you were. But let's move on here. I want to talk a little bit about MasterCard. So MasterCard, let's preface this with what they talked about and what they did
Starting point is 00:08:25 back in 2014. This, my friends, is Matthew Driver, and he was a hated face in Bitcoin back in 2014. People did not like this, man. I want to show you why. Let me just pull up
Starting point is 00:08:40 this video here, okay? This is just a clip of the fud just fud-infused video that they put out in 2014. One second. Okay, enjoy this. If you think about the idea that all of a sudden you're having cryptocurrencies being manufactured, if you like, on an anonymous computer, in an anonymous location, it's completely legitimate to have some concerns about how that might be working.
Starting point is 00:09:10 What a regulator wants to do is ensure that there is a fully compliant, I guess, route to the transaction. That they understand who is making the transaction, who that payment is being made to, and that they have a suitable record so they can ensure that there's prudential control over the system. If it's an anonymous transaction, that sounds like a suspicious transaction. Why does somebody need to be anonymous?
Starting point is 00:09:35 I certainly don't want anybody mining technology or mining financial services away from my control, particularly if they're going to represent something from me. Away from my control. Did you guys catch that?
Starting point is 00:09:48 He doesn't want anything out of his control to happen. And God forbid, God forbid that MasterGard can't control what's going on. So anyways, yes, this was back in 2014, and it drew the ire of Bitcoiners everywhere. And they've largely kind of stayed out of it since. And then gradually, they started to partner with other MasterCard related entities, like third parties, that would facilitate conversion of Bitcoin and other currencies into a native currency like the dollar that would then be. spendable on the same MasterCard.
Starting point is 00:10:23 So there'd be like a paired app. Things like Wirex and Bitwala use that. And I did videos on those back in the day. I mean, it did the trick, but it was kind of cumbersome. But anyways, MasterCard will allow merchants to accept select cryptocurrencies on its network later this year. So this is not through third parties. This is their network.
Starting point is 00:10:46 This is, I would say, the beginnings of capitulation. And the reason I say the beginnings is because they didn't go all in. They didn't say like, hey, Bitcoin is happening with us. So let's take a look at what they did say. So it says MasterCard will begin allowing customers to use cryptocurrency on its network later this year, joining a handful of corporates that have embraced digital tokens. It's very like crypto related and not specific to Bitcoin. It says, quote, we are preparing right now for the future of crypto and payments,
Starting point is 00:11:17 announcing that this year, MasterCard will start supporting select. cryptocurrencies directly on our network. Now, it already allows cardholders to spend digital assets via external platforms like I talked about, but this means that the transition doesn't actually go through their own network. Now, the company aims to support crypto partners by allowing many more merchants to accept various digital tokens. They said it would, quote, cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto.
Starting point is 00:11:50 and traditional to make purchases. Now, they said they're actively also engaging with central banks around the world to possibly launch new digital currencies so people can have a method to make payment. Like, we don't need more digital currency. There's thousands of them out there, right? Like, so this is where I say, like, it's the beginning of capitulation. Like, they're back in 2014 still being like, we don't like it. But maybe if we could make our own coin, we could have more control like Mr. Driver there was saying.
Starting point is 00:12:26 Now it says MasterCard said it will not support all cryptocurrencies on their network. And this is where the rub comes. As many of them need to tighten their compliance measures. Bitcoin doesn't have fucking compliance measures. It's an open network that functions. And it doesn't recognize compliance measures. It's just a network and you can use it or you cannot. So, yeah, it says we will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protections and compliance.
Starting point is 00:13:02 So they didn't specify what they're going to support, what they're going to not. I kind of feel like if they're going to accept anything, if they're going to incorporate anything, then Bitcoin is kind of a given. given that it's almost beyond regulation now as far as you can't control and change the nature of the network. And the SEC has very much looked at it as a commodity or as a property as opposed to anything that would be a security and can be changed. So I feel like it may, but also, who knows, maybe this is just their foray into, yeah, we'll take some stable coins and we're going to make a current.
Starting point is 00:13:48 like they could be doing that too. Either way, they're beginning to see the writing on the wall and they're starting to try and figure out how to fit in. I find it hilarious that they're talking about the future of cryptocurrency and payments when Bitcoin just kind of replaces the need for MasterCard, really, like in the end game. Maybe not initially, but eventually. Anyways, let's move on here.
Starting point is 00:14:16 Twitter, this is the other one I wanted to. to touch on here. This from Markets Insider. Twitter is considering adding Bitcoin to its balance sheet, the CFO says. So Twitter has considered whether to add Bitcoin to its balance sheet, though no changes have been made yet, according to CFO Ned Siegel. Segal said in a CNBC interview Wednesday that the social media giant continues to study and look at incorporating Bitcoin into its finances. Quote, we've done a lot of upfront thinking to consider how we might pay employees should they ask to be paid in Bitcoin, how we might pay a vendor if they asked to be paid in Bitcoin and whether we need to have Bitcoin on our balance sheet should
Starting point is 00:14:58 that happen. We want to be thoughtful about it over time, but we haven't made any changes yet. Now, again, Twitter, Jack Dorsey is a huge, he's the CEO and he's a huge proponent of Bitcoin and Square, his other venture, obviously they have Bitcoin on their balance sheet. So it would make sense that Twitter went down that road. And there's a lot more red tape here involved because Jack, I don't think really has full control over his own company anymore. He's just kind of like, he has a voice, but he can't make sweeping changes by himself.
Starting point is 00:15:34 But clearly the rest of the board must be seeing what's going on now and going, oh, shit, yeah, he had a point. Maybe we should have listened sooner. I find it interesting where they talk about if employees asks to be paid in Bitcoin, because that's got to have happened already. It must have for them to bring that up. And if a merchant would like to be paid in Bitcoin. So what they're getting at here is that people are now preferring to be paid in Bitcoin.
Starting point is 00:16:05 They're asking for Bitcoin as a settlement instead of dollars or at least some subset of people are asking for that. So I think this is the path we go down. It's not, oh, I need to accept Bitcoin. It's people are demanding to be paid in it. And I think that's where you start to see the capitulation into a Bitcoin-based world. Moving on here, yet another person or entity moving into this $2 trillion banking giant BNY Mellon reveals Bitcoin and crypto plans.
Starting point is 00:16:42 and they say, quote, digital assets are the future. So New York Bank, New York based BNY Mellon is jumping into the Bitcoin and cryptocurrency game. The bank, which boasts around $2 trillion in assets under management, has announced plans to hold Bitcoin and other cryptocurrencies on behalf of its clients. This move comes amidst the BMI BNY executive heading up its digital assets unit. Mike Dimmissie, I believe is how you say it, called an uptick and uptick. institutional interest in the emerging Bitcoin and crypto asset class. He said, quote, there's an overall sentiment shift with respect to digital assets. He added that digital assets are the future.
Starting point is 00:17:25 So again, they're getting demand from individuals who they already hold assets for and manage assets for them to be able to custody Bitcoin. and we're seeing this kind of all over the place. We're seeing many institutions saying, we've got to do this because there's so much demand for it. And all of these dominoes kind of keep on falling, and everybody is just kind of racing to fill that demand. And it's going to take some time,
Starting point is 00:17:59 but I'm betting by the end of the year, you'll be hard pressed to find a custodian that does not allow you to hold it. I really liked this. wanted to highlight this tweet since we were just talking about Musk here. So Elon Musk, he's been kind of trolley tweeting out Doge stuff. But this wallet provider called Free Wallet took it as a chance to try and chill their own app and to shell their own service. Now, keep in mind that Free Wallet is entirely custodial.
Starting point is 00:18:35 They hold your funds. And I believe from what I've seen in the past, you actually log into it with like Facebook or Google, which Jesus. But besides the fact, they retweeted one of Elon Musk's Doge coin tweets. And they said, Doge doesn't stop. We agree 100% with Elon Musk and his Elon Doge buy an exchange Doge in the crypto wallet app. And then Elon Musk replies, your app sucks. And then he doubles down and says, any crypto wallet that won't give you your private keys should be avoided at all costs. I quite enjoy that.
Starting point is 00:19:15 And again, it's this movement that we're starting to see where people are waking up to the fact that if they aren't in control of their actual assets, then they can be, their transactions can be halted and reversed or censored or moved without them, whatever they, whatever the case may be. And the shining example of this in recent memory is Robin Hood, where people wanted to buy GameStop. They weren't allowed. That function was shut down, but they were still allowed to sell. Some people had their positions closed out without their knowledge or without their approval.
Starting point is 00:19:51 So, you know, when somebody comes out like this and you see Bitcoin on Elon Musk's balance sheet with Tesla, and people are interested in that, some of them will accidentally start using Wall it's like this or like PayPal where you can get Bitcoin but you can't remove it or like Robin Hood even where you can get Bitcoin and you can't remove it. Here in Canada, it's MoGo and wealth simple. You can get exposure to Bitcoin but you can't actually hold it yourself. And so I think everybody
Starting point is 00:20:22 watching right now, if you know people that are getting interested in Bitcoin, do your best to funnel people away from those types of services. Because if they get on onto that type of a service and later on when Bitcoin is far higher than it is now, they decide they'd like to take it into their own custody. They will not be able to do it without incurring a capital gain and then they'll have to sell and then re-buy it on another platform. So get them while they're early and say, listen, you've got to get your own custody or at least be on a platform where that is an option.
Starting point is 00:20:59 I would say get it in your own custody earlier rather than later and start learning. the ropes before there's a lot more at stake. Moving on, I want to give a congrats to one of the sponsors of the show, Ledin. So they raised $2.7 million recently. So I'll just read a little bit of this. This morning, well, I guess it was the other day, but this morning, Toronto-based Bitcoin Lending and Saving Platform company Leden announced a $2.7 million financing round led by White Star Digital's Digital Asset Fund with participation from Darrell Holdings, Coinbase Ventures,
Starting point is 00:21:40 Global Founders Capital, CMT, Digital, and Kingsway. The Toronto-based company service clients from over 100 countries by offering interest-paying savings accounts for Bitcoin and USDC, as well as Bitcoin bank loans that provide boroughs with access to fiat or the opportunity to buy more Bitcoin. Now, Adam reads, the co-founder is quoted as saying, over the past three years, we focused on building a simple and secure platform that allows clients to grow their digital wealth
Starting point is 00:22:11 through savings and credit products. As we expand on our product offering with no-feed trading rolling out in the next several months and go deeper into new markets, we couldn't be more excited to work with a select group of top venture investors that believe in our mission. They said that in addition to the fundraise, They're also demonstrating its commitment to transparency, and this is important, by becoming the first ever digital asset lender to complete a formal proof of reserves attestation. The examination will be completed by Arminino, LOP, a digital asset assurance firm.
Starting point is 00:22:47 Moving forward, Lennon users will be able to leverage Arminino's platform to verify their own funds were included in the attestation, while Ledden indicated that client privacy and data will remain secure. So kind of cool to see that they're going with that kind of don't trust, verify ethos of Bitcoin and actually going with full proof of reserves and allowing clients to actually check, well, were my assets actually included in that proof of reserves? How can I be sure? And you can actually go and verify yourself through this. this did, I guess, Armino LOP to check that.
Starting point is 00:23:31 So kudos to the guys at Lennon, Adam, Maricio. Congrats you guys. Good to see you doing well. A little while back, Craig Wright started serving cease and desist to anybody hosting a copy of the Bitcoin white paper. Chaos ensued, and I'm sure many more copies of the Bitcoin white paper are now available online. thanks to his antics, including on my website.
Starting point is 00:23:59 I put it up just because. They're all over the place. Everybody put them up. Anyways, Copa, and that stands for the Crypto Open Patent Alliance, they tweeted this. Copa stands for an open financial system and was formed to remove barriers that stifle innovation. We are hosting the Bitcoin White Paper
Starting point is 00:24:20 and stand with our members and the crypto community to address this issue. Here's a letter in response to last. last week's cease and desists. So, yeah, they basically said, hey, we're, we're not going to take down the white paper. We're going to continue hosting it. And we demand, you know, where you're coming from. Basically, they're saying, please explain on what basis you assert that your client is the individual behind the pseudonym Satoshi Nakamoto and is the author of the white paper. And then they basically ask all of these specific information regarding the white paper and all of the
Starting point is 00:24:56 basically asking for a straight up proof. Prove it. Otherwise, we're not removing shit is what they've more or less said. So kudos to them. Happy to see that. Now, obviously,
Starting point is 00:25:06 Bitcoin has been doing well. It's been rising. Things have been crazy. People have been piling in. And with that come the salty tears of no-coiners. So let's review a little bit of what's been going on. Nigeria effectively banned Bitcoin, but they kind of already did.
Starting point is 00:25:23 They just issued a reminder. So what's going on here? This is from CoinDesk. The title is Bitcoin can't be stopped. Nigerians look to peer-to-peer exchanges after crypto ban. So there is no stopping crypto. It's the future. And we won't let some old fools take our future from us.
Starting point is 00:25:41 One Nigerian-Nigerian Bitcoiner user who wished to remain anonymous told CoinDesk, where Nigerians using crypto is a way out of poverty for the youth. So last week, the Central Bank of Nigeria ordered banks to close down accounts associated with cryptocurrencies, but this will not be enough to shut down Nigeria's cryptocurrency market. Now, the central bank clarified this is not a new order, but a reminder of a directive published in 2017. However, whether old or new, it is having an impact in response banks did quickly cut ties with cryptocurrency companies like finance and so and so forth. But yeah, basically people are just moving to peer-to-peer solutions to buy and sell Bitcoin, so and so forth. They're using whatever they can to trade individual to individual, which is beautiful because it just kind of shows how resilient and how Bitcoin can just route around anything. Like you can't stop it at this point.
Starting point is 00:26:44 And they even had, this is gold, a Nigerian senator that said Bitcoin, has made the Nigerian currency useless and valueless. I'm pretty sure the central bank did that, if I'm not mistaken, but we'll give it to him. At least he gets it. At least he knows what Bitcoin is for. Moving on here, of course, the ECB president, Christine Lagarde, had to weigh in here. She said it's very unlikely that central banks will hold Bitcoin.
Starting point is 00:27:15 Just a quick cliff's notes here. European Central Bank president, Christine Lagarde, has again made, her stance on Bitcoin crystal clear. Legarde today reportedly said central banks would not hold the currency in the near future, but the president did add that a digital version of the euro could be ready within four years, you guys, four years. The breakneck speed of innovation at the ECB, don't worry, guys, we're not going to use Bitcoin, but in four years, we could have a digital version of the euro ready with
Starting point is 00:27:50 almost no upgrades other than our further ability to clamp down on you using it and saving it. Oh, man. Let's keep going. Here in Canada, the crypto boom is a, quote, speculative mania, the Bank of Canada deputy says. So he said, basically the guy he called it the recent spike, a speculative mania and said that such assets don't have the qualities to become. money in the future. In a speech on payments innovation, deputy governor Tim Lane said that costly verification methods and unstable purchasing power makes cryptocurrencies like Bitcoin a flawed method of
Starting point is 00:28:33 payment. Okay. So I will give him the volatility. Obviously it's volatile, but costly verification. Costly verification. I can verify the entire supply of Bitcoin in a few keystrokes running a $100 computer behind me. How is that at all? And you don't even really need, like if you're not running a node, as long as enough people are, you're still able to quickly verify the legitimacy of a transaction. So I don't know what he's talking about. Anyways, it's so funny.
Starting point is 00:29:17 The recent spike in their prices looks less like a trend and more like a speculative mania, an atmosphere in which one high profile tweet is enough to trigger a sudden jump in price. This guy just has such high time preference. He's zooming in on like the past few months saying, this is out of control. It's just it's, it's, you know, this isn't a trend. This is just a speculative bubble out of nowhere. It's not out of nowhere. It's that you're looking at a few months.
Starting point is 00:29:47 instead of an entirety of 12 years on a log chart. If you're looking at this logarithmically, it's actually a pretty normal movement in the adoption of what it could potentially be a, maybe one day a global reserve currency. That doesn't come without volatility. Of course it doesn't come without volatility. Yeah, I just can't. Now, in other news, they call Bitcoin a bubble.
Starting point is 00:30:15 Let's take a look at their balance sheet. shout out to Ben Kaufman for this tweet. He says Bank of Canada says Bitcoin is a speculative mania. So here's a quick look at their balance sheet. They're scamming the people and destroying the money. Opt out. We have a better option. He shows the balance sheet of Canada.
Starting point is 00:30:31 It's insane. Look at that straight line up. This is, by the way, this is in millions. So you see that 200,000, 200,000 million. What is this two? now I'm at a loss. I'm at a loss for how much money that is. Anyways, regardless, we basically quintupled the balance sheet of the central bank inside of a year.
Starting point is 00:31:00 That's how bad it is in Canada. It's unbelievable. Nereo Rubini, he's back. I mean, he never really went away, but they had them for some odd reason on Coin Desk, on their little news show. and he just ranted. It says NYU economics professor Nureil Rubini, reiterating his objection to Bitcoin, lashes out at Tesla and other corporations
Starting point is 00:31:25 that recently announced their investment in Bitcoin, calling it irresponsible corporate behavior and accusing them of market manipulation. He calls on the SEC to investigate. I mean, Noreal. Nureal, come on, dude. First of all, these companies can do whatever they, want with their money. That's that's kind of their own business. Um, if the price goes up because
Starting point is 00:31:50 they're buying a lot of it and they want to keep it. I mean, they, that's what they want. They don't want the dollars. Uh, he actually called Michael Saylor a, a Coke addict or something on this, on this broadcast. Uh, somebody tweeted out, they thought it would be hilarious if, if Michael Saylor was to sue him and then use the proceeds to put more, Bitcoin on the balance sheet. I like that idea. I think that's pretty funny. Now, historically, Nereal Rubini has been hilariously wrong on Bitcoin. So let's, again, thanks to Danny here, D. Kroger for tweeting this out. So this was Noreal in November of 2018. He said, with Bitcoin down almost 80% from the peak,
Starting point is 00:32:38 from 20K to 4K, and all other cryptocurrencies down 80 to 99%. I rest my case. that this crypto bubble went bust for good. You heard it here in 2018, guys. It's done for good. I feel vindicated. So I will take a break for a few days from this toxic crypto Twitter. Waste of time to convince zealots. And this guy, Danny, I love you, screenshot it and saved.
Starting point is 00:33:05 This will be good to repost in 2021. Thanks. And sure enough, oh, isn't it so sweet to watch these people just flail years after they think they're vindicated. And it just repeats. It'll happen again. We'll go to whatever we go to this year. We'll probably have the regular kind of pullback bear market.
Starting point is 00:33:28 He'll be tweeting this bullshit again and we'll all be screenshoting waiting for 2025. Okay. And of course, like Peter shifts, his salty feed is just beautiful. traditional fiat currencies and bitcoin derive their market value primarily from confidence some losing confidence in fiat are buying bitcoin but what happens when people lose confidence in bitcoin if you're buying bitcoin to hedge fiat you need to buy gold to hedge bitcoin it's all a confidence game man like he talks about uh industrial demand for big for for for gold industrial demand for gold is like maybe 10, percent of the entire market, I would say 90% of that is a monetary premium. So I don't, yeah, anyways. So soak it in everybody, just soak in the the salty tears of the no corners that have been saying that Bitcoin is going to die forever and ever and ever and ever. And they keep on being wrong year after year after year. It's still here. We're doing well, you know, 40, we're 40,
Starting point is 00:34:42 We're 47.5K right now. We hit another all-time high earlier today. I would venture to say that 50K is right around the corner. It's pretty damn close. You know, we're basically 150% of our all-time high, 150% above our previous all-time high. I don't know, man. I don't know what else to tell you.
Starting point is 00:35:07 It's going to keep going like this. And people are going to get angry. and I don't know, just take it in. Take it in while you can. Guys, I'm going to wrap up there. Thank you so much for watching and or listening if you're listening to this on the pod later. If you're here on YouTube, please do hit like, subscribe, and share. All of those things really do help helps get this show in front of more eyeballs.
Starting point is 00:35:28 If you want to help out the show in another way, you can hit up the previously mentioned sponsors down below. Ledon, Cobo, BitRefil, Privacy Pros, all of them in the links. And if you really liked what you saw, you can always hit me up. with a Bitcoin Lightning Network tip at my tipin.me page. That is tipin.m.me. slash at VTC sessions. With that, I'm out. Have yourselves a wonderful day, a wonderful evening, wherever you may be.
Starting point is 00:35:53 And I will see you next time for your daily session.

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