BTC Sessions - WHY ARE WE BULLISH? Did You Miss The Dip? ep145

Episode Date: February 5, 2021

Guests Gary Leland, Christopher Gimmer, Nick Ward and Richard James discuss their reasons for being bullish this week: Friday February 5th 2020. LEDN offers Bitcoin backed loans – Sign up and get $25 FREE https://bit.ly/397rlLN Wasabi Wallet helps you maintain your Bitcoin privacy https://wasabiwallet.io/ Buy a Cobo Vault to secure your Bitcoin! https://bit.ly/2GgMFlH Bitrefill lets you earn sats back when purchasing gift cards with Bitcoin! Sign up here https://www.bitrefill.com/buy/?code=O04UMic9 BillFodl is the simplest way to ditch paper and put your wallet backup in solid steel https://privacypros.io/btcsessions LIGHTNING tips: https://tippin.me/@BTCsessions

Wasabi wallet and fairly private. What's going on, everybody? Welcome to the show. It's a beautiful Friday. And this is a new episode of Why Are We Bullish? I've got a killer panel here today. We're going to be bringing them in momentarily. Very excited to have you all here.

I'm just getting my screens and everything all set up. But yeah, lots of stuff to talk about. We had Michael Saylor with his whole event going on the past couple of days. We had some interesting bullish news, but we're going to let our guests give us their takes on why they are indeed bullish this week. But without further ado, I am Ben with the BTC sessions, and this is your daily session. All right, before we dive into our panel, of course, let's check in on where we are in the market at the moment. So right now I'm here on the bitbo.io dashboard. Of course, one of our guests, very responsible for having put this thing together.

So I always riff on the bitbow.com. If you're not on this thing, you've got to check it out. It's pretty rad. It gives you all the information you need. Anyways, we're sitting at $37,800 and some odd dollars per Bitcoin. For one US dollar, you can pick up $2,642 sats. that is going down. We're well below 3K at this point.

88.67% of all Bitcoin has been mined. That'll be hitting 90% later this year. And in terms of fees, if you're looking to get into the next block, you're going to be dropping about 122 sats per byte. But if you're willing to wait an hour, that drops to about 20 sats per byte. So not bad.

Up next, really quick, shout out to sponsors of the show, leaden.com. This is where you can use your Bitcoin for a variety of different services. Of course, they've saved my butt on a couple of occasions with their loans when I wanted to get dollars. I needed to get dollars in my hands, but I didn't want to sell my Bitcoin because that's a taxable event. And I was worried about having to buy back in at a higher price. So I was able to use this. Of course, they've got their savings accounts with interest rates of up to 12.25% annually paid monthly.

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You can check it out. Links down below, and just for reference, I'm using the pro with the fingerprint scanner and the rechargeable battery. Up next, of course, I'm living on Bitcoin. I'm as all in as you can get, but I got to eat. I got to shop sometimes, and one of the ways I can do that is bit refill. Basically, you can use Bitcoin main chain or lightning to get any gift card you could possibly think of.

They're in a ton of different countries. There's a drop down here. And you actually do earn Sats back as you shop. So be sure to check them out. And finally, if you're backing up a wallet, you might not want to put it on paper if you're worried about fire or water damage or just accidentally throwing it out because it is paper. So you can obviously check out putting it on steel, something like the bill foddle over at privacypros.io. These guys are awesome. They've also got like Faraday bags.

So if you're worried about signals and stuff, if you're wearing your tinfoil hat already, well, they will have you set over there at Privacypros.io. Anyways, guys, let's stop with that and let's start bringing in our panel here. We've, of course, got Gary Leland. We've, of course, got Christopher Gimmer. We've got Richard James,

and we've got Nick Ward. Gentlemen, welcome to the show. I'm very excited to have you all. Exciting to be here. Awesome. Yeah, thanks for having to be here. Very exciting. It's been a hell of a lot of.

a week, you guys. There's been a lot going on. Now, I know we all have our own reasons for being excited and bullish. I'm going to start us off, but really quick before we get started, let's just go down the line. I'll let you guys quickly introduce yourselves and what you do. I've got my little girl at home, too. She's just getting home from daycare. So we might have a visitor on this since. It's a bit of a family affair. His life. That's not. Who's a little kid that was. Yeah, that's all good. Oh, yeah. I regularly have a little face peeking in and joining in the Bitcoin talk.

So I'm bullish on newly spawned Bitcoiners. Let's go down the line here. Gary, can you introduce yourselves and just let people know who you are, where you're from? Yeah, I'm Gary Leland, Dallas, Texas. I'm known as the Bitcoin Boomer. And I'm with most people who know me from BitBlot Boom. That's my conference. I've run every August.

Check, yeah, check it out, you guys. If you can make it to Bit Block Boom, I've heard nothing but good things. I'm going to try and make it down this year. We'll see if I can make it down to Texas if Canada lets me out. Chris, you're up next. Let people know who you are, what you do. Yeah, so I'm Christopher Gimmer. I'm the co-founder of a software company called SNAPA.

Last year, we decided to move the majority of our cash reserves into Bitcoin. And as we've got even further down the space, we ended up building Bitboad.io, which is a real-time Bitcoin dashboard. And we're kind of building that out a little bit and kind of seeing where that goes. Awesome, awesome. Thanks for being here. And up next, Nick, can you let people know who you are, what you do? Sure.

My name's Nick Ward. I guess first and foremost, I'm a bitcoiner, like all of you. However, in a former life, I worked as a web and graphic designer for about 10 years. Currently, I teach computer science by day, educating the cipher plunks of tomorrow. And then by night, I do research and marketing for a New Jersey-based Bitcoin fund. Awesome. Damn. Busy man.

And up next, we've got dad down the line. Richard James, can you let people know who you are, what you do? Hey, everyone. My name is Richard James. I'm coming in today from Melbourne, in Australia. it's Saturday morning. Yeah, I've got a, you know, I work, run a business. It's Bitcoin unrelated.

But, yeah, when I get the chance, I'm working on sort of creating video content that is sort of educational around Bitcoin and sort of Austria economics and money and things like that. So I've got a film called Hard Money that anyone can watch free online. And it's awesome, by the way. watched it and it's excellent. So if you get the chance, go, where can they find that, by the way? Just the website is hardmoneyfilm.com. Awesome. Okay. Yeah, check it out right after the show. Go watch it. Gentlemen, again, welcome. I'm going to riff a little bit on my reason for being bullish this

week. I'm sorry if it rains on one of your parades. Maybe it was something you were going to talk about. but I got to talk about what Saylor did this week. A little hanging fruit. You're taking the low-hanging fruit. I don't know how I could talk about. I mean, yeah, there's a million other things to talk about too. But damn, I want to talk specifically about when Sailor started talking about in his event. Those of you not in the know, Michael Saylor, CEO, Microstrategy,

who has, like a billion dollars worth of Bitcoin. Now he's just started piling all of his reserves for his company into it. He held a two-day online event specifically for institutions, corporations, people looking to move into Bitcoin as part of their reserves. And I got to say, I saw a good chunk of it, but what I saw, he knocked out of the park. And in particular, I know the opening segment was great, but I really liked his corporate strategy segment because effectively he went down the line and he was just short of telling companies to sell their chairs because chairs are scams. Like this is how bullish he was. He was like, okay,

you got to convert your treasury because you know the dollars are going to be worthless. Then you can look forward and see what your revenues could be and maybe you could borrow against that. Like it was it was so insanely bullish. I didn't think he could get any more bullish than he already was. But like he's when it comes to in terms of a reserve asset, he's got the talking points nailed down and he can just kind of rattle them off. So I don't know. What did you guys think?

Did you see the event or hear good things about it? I'll go kind of down the line and see. Gary, did you get to catch any of it? I caught the speaker who was talking about, he held, I don't know the name of the gentleman, but he had the company that held Bitcoin for high value customers. And he, that guy was bullish. I could pick that guy to be my bullish guy. Who is his name?

I'm trying to remember. Ross Stevens from 9-8. Yes. Yes. And he has some powerful stuff to say. That's all I caught. of it, honestly, but I caught the right thing from what I understand. Yeah, there's a lot of people that were pretty excited about that. Chris, were you watching it as well? Did you see part of it?

Yeah, I was watching it. One of the things that blew me away was, well, number one, the first session overall was pretty incredible. And it seems like as new Bitcoiners come into the space, they can just like refine the message even easier than than some of the OGs. And one of the things from that session that blew me away was him talking about all the money that is coming in. And he, you know, he talked about $25 billion. That's kind of in the pipeline from now until the end of year, which is just like nuts. So the, you know, the institutions have definitely arrived and they're coming in full force. And kind of like you were talking about two before, it was it was pretty hilarious when he was rattling off like, okay, first you want to take your cash and you

want to buy Bitcoin with it. You know, you could go 1%, but basically you want to go all in. And then, you know, then you're talking about taking debt out and then, you know, using that debt to buy Bitcoin. And then he even took it a step further of like, you know, well, if you have, you know, if you're a farmer and you've got crops for now of the year, you can finance those crops in advance and then buy Bitcoin with that. And I was just like, wow, he is. Very, very bullish. He is the king of the bulls. Yeah, yeah.

So it was pretty awesome to see. Yeah, it was pretty wild. How about you, Nick? Were you? Did you catch any of that or hear the buzz on Twitter and in and around all that? Yeah, definitely. It was pretty hard to avoid. Everyone was all about it.

By far, my favorite segment was the Roth Stevens segment. He is a tremendous speaker, super eloquent. and he sort of just wraps these huge ideas all into like a nice bundle and just hand delivers them to everyone that was listening. Specifically, one of the things that I love to hear him talk about was Bitcoin's energy usage. He was talking about, you know, how we are going to be able to seek out remote or stranded energy sources and build civilization in these places that have been, you know, completely untapped previously. And that kind of stuff, just hearing that just makes me insanely bullish, just listening to him here about, you know, the bigger implications of Bitcoin, really. Yeah, yeah, he was a, it was very well spoken. I was very happy watching that segment.

How about you, Richard? Did you catch any of this or hear a little bit about it, all the buzz? Yeah, I was sweating on it a bit because it happened while, you know, during the night here. And then the next morning, I was kind of trying to click on the live streams, and they were all closed. So it took a while. But eventually people started uploading stuff to YouTube. So I watched the, yeah, echoing at whatever else has said, the Ross Stevens interview with Michael Saylor was pretty incredible. And, you know, I was, you know, he's someone who's new onto the scene.

And I think he, I'd read the letter he'd sent out. to about Stone Ridge and their opinion on Bitcoin and that, you know, that summarized. It condensed all the arguments about Bitcoin in so well into such a few pages. And then now you combine that with this interview with Michael Saylor. And he's, yeah, so just in the same way that Saylor sort of burst onto the scene last year as this advocate for Bitcoin that's a very powerful force. I think this looks like Ross Stevens is going to play a similar role. and these guys speak a language that, you know, that a different kind of investor understands.

Yeah, and it's kind of, you know, Stevens was using this phrase, a war, like literally a wall of money. And, you know, we've heard Rao Powell talk about, use that same phrase. So it's interesting to now see that. That was more a prediction. And now that, you know, as he says, I've got the order book, like the money's coming. but one just to pick up on one little thing that I found interesting that he said when he was talking very eloquently about the position that central banks are in you know I found it interesting that he was saying look I don't believe that these central bank chairs are I think they genuinely

have have the best interests of the citizens and the economies at heart they just their backs are against the wall and they're dealing with this force that is just stronger than they can control. Yeah, it's, it's, uh, it's interesting because us as as Bitcoiners, well, at least me, because I'm just so many on the internet, but like when you present this idea to, to people in your own circle, let alone to CEOs of companies, you know, you kind of get scoffed at. But now that some of these guys were able to go down the rabbit hole themselves, they can present these types of ideas to other people in the same position as them. And they're no longer kind of the pariahs or the outliers.

They're starting to be taken seriously. So there's definitely been a major shift. And I think 2020, you know, March alone and the trillions that were printed, it was a wake up call. And now people are starting to see the actual reason why. It's almost like Bitcoiners knew that was the reason why that would eventually come. And then when it finally did, you're starting to see the people that have a lot of capital at stake realizing that they need to pull the trigger on something. So it's really cool to see.

Guys, if you haven't watched any of these clips, particularly the one with Ross Stevens, go check that out. It was excellent. You can find it on YouTube. I think a few different people uploaded it out. I know the guys that Swan did. There's a few people that have it up online, but you'll be able to find it. I do want to say we have just shy of, we're getting close to 100 live people watching. So be sure to smash the like button.

Give this a share. Get more eyeballs on this. And thank you guys for being here. And be sure to hit up the chat because I'll bring up messages as we see them. But let's move down the line. Let's go to Gary. And Gary, I was just wondering, what has you feeling bullish this week? Well, I hate to do this, but I'm going to have to stay with the trend because I say the trend is your friend, right?

So I'm going to stay with the trend and go with Michael Saylor, but in a different angle. You know, I'm an old fart. So most of my monies and IRAs and retirement funds. And when Michael Saylor started buying down so heavy on Bitcoin, I decided I need to start buying micro strategies in my IRAs. IRAs. And I started buying every, I poured everything in there that I had in IRAs in the micro strategy. Because I'm a believer to the core. Micro Strategies was about 250, 45 days ago and I did it, 45 days or so. I'm not exact day. Now it's $805 today. So you can make a lot of plays in Bitcoin without having Bitcoin even. I'm not saying I'm not saying stocks are better than Bitcoin, but I couldn't pull that out

and throw it in the Bitcoin or I would have to pay penalties that were not going to be worth it to me. But now I'm getting the same. I'm getting to take advantage of Bitcoin's appreciation in my Ameriprise account. You know, they wouldn't let me even move in the grayscale capital over there. But they'll let me move in the micro strategy, you know, so I'm bullish. on Michael Saylor. Yeah, that's, it's interesting. Chris, I'm wondering if you think this is going to be kind of a self-fulfilling prophecy. Like you see the kind of movements out of micro strategy after allocating into Bitcoin.

Does this, I mean, we're kind of seeing it now, but do you, and you've done it yourself. Do you see other people around you starting to say, hey, that was a good idea? Oh, you're muted. Sorry about that. The game theoretical aspect of corporations holding Bitcoin is pretty remarkable, right? Because now that Michael Saylor has effectively loaded up, he has all the incentive in the world to basically pump his own bag, so to speak. And another thing that was really interesting from the conference is that because Bitcoin is not a security, he can go on a podcast. tour and just talk about how unbelievable Bitcoin is. Whereas with other actual securities and other

stocks, you have to be very careful about, you know, what you say and there's certain quiet periods and whatever. And so there's no way that all these other corporations are looking at micro strategy like 5xing over the last couple months and not getting FOMO, right? And so I think it 100% is a bit of a self-fulfilling prophecy, and I think we're going to see that play out over the next year, really. Yeah, I'd echo that, especially with Ross Stevens saying how he expects to be managing somewhere to the tune of $25 billion by the end of this year. I think that was the figure that he threw out there, which is pretty wild.

Nick, what's your take on this? Do you think that it's just going to snowball and your? going to see institutions piling in. And how does that differ from years previous and previous bull runs? Yeah, I mean, I think Gary threw everything at Microstrategy and, I mean, the results speak from themselves. Chris said game theory and that's, that's it. I mean, everyone's going to look at what he was able to do just by, you know, changing his

treasury reserve policy to match my same treasury reserve policy. But at the other end of the structure, it's like, who needs the Bitcoin ETF anymore? We have micro strategy. We're good. But the other part is like, think about the list of people that were attending that conference, all those different companies, corporations. I saw some people tweeting out some lists of those that were participating or those that were attending.

And I kind of just want to comb through that list and buy call options. on all of them because I don't think they're going to be able to avoid, you know, adopting similar Treasury Reserve policy to what micro strategy did given the results, you know. Yeah. Yeah. It sounds like a post for Wall Street bats, Nick. There you go. Yeah, exactly.

And how about you, Richard? What are your feels on this? I'm curious if you think that this change is kind of the nature of the Bitcoin cycle. Because we've kind of seen these cycles where there's a mass. massive blow off top and then, you know, typically what, we see like a 70, 80% drawdown. Does this blunt that a little bit? Does this, you know, just because it's a little bit more difficult for corporations to get in and out, there's more red tape around that?

Or do you think we just see the same thing, but on a bigger scale? I think it does, I think it will undeniably have the effect of muting some volatility just because, you know, they're, yeah, these institutions are, they have, you know, the in colloquial terms of strong hands, they're buying for the long term, they're not going to be, you know, they've made their decision based on fundamentals. They're not going to sell, they know they're getting into something volatile, so that's not going to scare them away. You may still obviously see the retail wave come after that, but I think it does set this,

this set this base set this floor where you might not have as big of a drawdown but what's interesting about micro strategy is when i was they first came out with their their purchase announcement last year i forget what month it was but is and and gary talks about how he's put you know put some of his retirement account into there you know it's a great option for people who don't have access to the the underlying bitcoin but you know i sort of thought oh, is this something that you should purchase? And I decided no, because I thought, well, look, you're only getting something like, I'd have to go and look at the exact calculations. After that first purchase, they made of like 400 million. It's only like representing something

like 20, 30% of their balance sheet. So you're only, for every dollar you're putting in, you're only getting 30% of exposure to Bitcoin. So my prediction at the time was, okay, it's not, it's not going to outperform Bitcoin itself. But if you fast forward to today, it's kept pace with the price appreciation of Bitcoin. And I think has actually outpaced it, microstrategy alone. And so that I didn't expect.

And, you know, you're just seeing the Bitcoin portion of its balance sheet grow and grow in proportion to the overall value of the company to the point where it's, as Nick said, it's pretty much indistinguishable from a Bitcoin ATF at this point. Yeah, it's interesting because you're right. Initially, you would think, well, you know, you're not exposed fully to Bitcoin,

so it may not appreciate as much. But perhaps it's a reflection of the anticipated actions of the corporation too. Like in terms of him, he's literally just doubling down on every single bit of cash he can get his hands on and funneling it into Bitcoin as part of their reserves. so it keeps on growing. And he's financing debt to get more Bitcoin on the balance sheet. And so for people that want the most exposure to Bitcoin, then I suppose if they can't just actually get the underlying asset, then they're funneling into that. I'm wondering if that gets blunted over time as well as more corporations seek this as a reserve asset kind of tactic.

because you won't be the only game in town. But for right now, there's not a lot of, like if you can't get direct exposure to Bitcoin through whatever vehicles that you're using, it's kind of like while micro strategy is basically one of your few options. So yeah, it'll be interesting to see how this plays out over time.

He's practicing what he preaches. Yeah. You know, that's for the day, I'm sure. And I always thought the first two or three companies that got in there and did this, would see the most appreciation. I don't know why I felt that for some reason or another. But like I said, you know, the thing about Michael that got me the most was, I don't know where I read this at, but he stated that when he first bought,

he bought for himself before he bought for the company. And he bought 17,000 Bitcoin, I think it was. And he woke up at night, scared he had not bought enough. It's funny. You see a single. go by and it puts to shame what you would be able to do over the course of your entire lifetime and you just, uh, but, but hey, you know, that's not everybody can, can have hundreds of millions of dollars on the sidelines ready to, to stack sats, but we can dream, hey. Um, yeah, so let's

continue moving down the line. We have over a hundred people watching live now. Be sure to smash that like button. Give this a share. Get some more people in and keep commenting. I will bring up, I'll bring up comments that I see there. I see people talking about Doge. Oh, man. Okay, well, maybe we'll touch on that later. But we're going to go down the line here. I'm going to pass it to Chris here. Chris, you can go ahead and let us know what has you feeling bullish this week. So this isn't necessarily something about this week specifically, more of a continuation. But what I'm really been bullish about lately is just the increased amount of hoddling that's happening right now. If you look at some of the on-chain metrics, it's just fascinating.

I'm looking at Glass node right now, and it's just fascinating to see the balance on exchanges continuing to drop, even as this bull run is, you know, continuing upwards. If you compare that to like 2017, the coins on exchanges was kind of loosely following the price and then you have the blow up top and then the crash. A whole bunch of my friends are doing daily stacking now. It's kind of just that I think just that the narrative has really solidified itself as, you know, buy your Bitcoin, stack it daily, weekly, monthly, put it into cold storage and don't touch a kind of thing. thing. And now that's permeating up at the corporate level, right? So, you know, Michael Saylor has said it, and we've talked about it quite a bit, like he's not going to sell ever or for 100 years or however he frames it. And so you just, you just think about how strong the narrative is,

how everyone's developing very, very strong hands. And it's, and if this, you know, quote, unquote, wall of money continues to come in. And there's really nowhere to go but up in terms of price appreciation. Yeah, it's interesting to see because this is kind of unprecedented in the history of Bitcoin because in previous bull runs, you see inflows to exchanges, people taking what I suppose would be gains and putting them onto the shitcoin casino and rolling the dice. And this has been very much, the narrative has shifted as far as, yeah, you buy your Bitcoin, you get it off the exchange into your own custody and you just hold it. And that's very different.

I mean, there's still, you're still seeing this shit coining and the gambling and like defy is effectively the ICO boom 2.0. But it's it's not as pronounced this time. I think we're still going to see all of the dumb stuff happen this time around, but it's a noted difference. And the liquidity pool sitting on exchanges is far less percentage-wise than it was going into 2017. And it continues to do so. So I think that's what makes it different this time around. But let's head to Nick here. What's your take on the outflows of Bitcoin from exchanges?

this time around. I mean, I'm all for liquidity crunch here. I don't think, like, I don't really know fully how to wrap my head around it as to, like, you know, it's being pulled off exchanges, but do we know, like, where it's going after that? You know, imagine it would be cold storage. You know, that's definitely what Sailor and the like are doing with theirs. But, you know, this kind of plays into the idea that Brady Swenson puts out there, Hoddle FOMO, where, you know, we have such a strong narrative coming in that this is, you know, this is for strong hands. This is a long-term play. That, you know, it's sort of clicking. And when we have bigger players coming in in this cycle, scooping up, you know, larger amounts and, you know, locking it down for decades, if you will, you know, I mean, there's only, there's only one way it goes when we run out of Bitcoin to sell, right?

that's what I see coming. And I think a lot of a lot of people are probably thinking the same thing, really. Yeah. Yeah, I agree. How about you, Richard? What's your take on the, what seems to be kind of an inevitable liquidity crunch with Bitcoin? What do you think happens when there actually isn't Bitcoin to sell? When there's, when some exchanges just get smashed with too many or some liquidity providers just don't have the coins.

Like, whoa, what happened? Yeah, I've been thinking a bit about that exact thing. And that was sort of my saying, this liquidity crisis thing and the balance on exchanges was probably my number one thing to be bullish about as well. So I'm looking at these same charts from GlassNode. And it's like falling off a cliff that the BTC supply on exchanges. And if you look back at previous peaks in the price, that little one we got in 2019, then you go back to 2017.

You always see this exchange supply front run the peak in the price. So it always turns up again. But we haven't seen that. In fact, we're seeing the opposite. It's still going down. And I'm looking at another chart, which is the same sort of thing, but where they Katic, Nick asked the question, okay, the Bitcoin's coming off exchanges. where is it going?

Well, they have this metric where they're trying to categorize the, they're analyzing the accounts and saying how likely are these people to hold their coins or sell them. And so, you know, the supply is going to Bitcoin accounts to traditionally hold their Bitcoin for a long time. And that was slowly trending back towards neutral. And then this week we just saw a bang, another big hit of supply going. off the market to illiquid accounts.

And so, as you say, Ben, this point has to come where the exchanges just can't get their hands on the Bitcoin that they want to sell. We saw something a couple of weeks ago where there was restricted, I forget which exchange, but restricted trading over a weekend. And I'm assuming that's just for fear that the supply is not there. I think you'd probably see more of that. And surely at some point, the tide going out is going to leave someone exposed and not able to fill the requests for Bitcoin to go off and exchange. Like someone's going to be caught running a fractional reserve of some kind that's got to be inevitable, surely.

Yeah. I think this is when you start to see those crunches when people have been fractional reserving. It gets scary when there's a liquidity. French. How about you, Gary? What do you feel about the outflows of Bitcoin from exchanges and what's your take on what might happen when push comes to shove and there just aren't coins to sell? Well, I like seeing it. I can tell you that right now. It's just such a positive. That's a, it is a bullish indicator. And yeah, and I'm just really sitting back saying, you know, thinking, okay, you do have people that are going to want to buy Bitcoin and not enough to buy.

but where does it get to the point that all of a sudden all these people who are short in Bitcoin are just going oh my gosh I got like get some Bitcoin because I can't afford to take a chance on this anymore which will even cause it to go up like the Wall Street the Reddit kids you know when does that Reddit effect hit Bitcoin you know yeah I said back and wonder I think it'll be interesting too because do we get it into an instance because I mean, whether or not you think it's bullshit, you know, Robin Hood was saying, oh, well, we just didn't have the liquidity. We were worried about, you know, having the reserves there and they shut down the ability

to buy and so on and so forth, but still enabled selling. So I'm wondering if at some point we see something like that. One thing I am thankful for is that the whole Robin Hood fiasco with Wall Street bets, Sean a giant spotlight on the fact that if you don't have your coins, if you don't have your keys, you don't have your coins. And if your money is with somebody else, then you have effectively zero control out of it when push comes to shove in a crisis. So there's a bunch of people out there now that are realizing that and understand and are starting to put that together in their brains. And that's a great thing to see. So all in all, I'm happy about it.

And if there is a liquidity crunch and some people get screwed for having Bitcoin in custody someplace where maybe they shouldn't have or should have taken it off sooner, then I mean, it's just going to draw home the point. And more people will do it around next time. So we shall see. But let's switch it up here again. Again, we've come close to around 150 some odd people watching throughout the show. So be sure to smash that like button. Give this a share and get more people watching. Let's move down the line here.

I'm going to pass it to Nick. I know we've already cycled through a bunch of different reasons, but there's always more reason to be bullish. So what has you bullish this week? Right. Yeah, before the show, I was saying I had to cut my list of bullish reasons down to one page. I managed to get it to a page and a half, but I think I got one that we can go to here. This is going to sound interesting, but I'm bullish on FUD.

And more specifically, the lack thereof, or the lack there of new FUD. We've been hearing all of the exact same stuff for the last four or five years. It's all been thoroughly debunked. There's articles. You could link five, six articles to anyone that's tweeting about any of these things. and pretty quickly just be like, okay, see you later. And on top of that, I actually have my Nick Carter fud dice next to me with all the different reasons why Bitcoin is going to die.

Can you give it a roll and see what we get? Sure, let's see what we get. Doesn't scale and Satoshi's coins. Okay. All right then. Those are both terrifying. and we've never heard them before. No, never.

I agree. The FUD, the quality of FUD, it's hilarious because every article you see now, you're like, I, is what year is it? Was this, is this 2017? Is it 2014? When are we? It's just a rehash. And I mean, like major FUD coming out that can be debunked in, in moments, like the, the double spend thing that, that, that Bitmex, and if anybody's watching, didn't hear about it.

Effectively, there was, for a moment in time, there were two blocks mined at the same time. And somebody had done what's known as replaced by fee, where you send a transaction and then you say, actually, I'd rather this happen. And so you send a different transaction with a higher fee. So it just so happened that one of each of those transactions were mined momentarily. and we weren't sure which would be the official confirmed transaction. And then 10 minutes later, when a new block came, I was like, okay, that's the one, the other one is no longer valid.

With that, the media got a hold of it, had no idea what was going on and said, somebody spent their bitcoins twice. Everything's broken. It looks like Bitcoin is fucked now. That was pretty much the articles. And it took all of a few minutes to quickly look and say, okay, what's going on? Oh, it's an RBF transaction and it's a stale block. That's like it was it was easily it was easy to figure out,

but nobody wanted to take a moment to understand what was going on. And so yeah, you see all of that. You see the the energy consumption. You see yeah, again, Satoshi's coins. You see all of that happening again. I don't know. Let's move down the line here. Richard, what kind of fud have you been seeing as of late?

Any good fud that or bad fud? What have you been seeing? Yeah, the double spendfud was just astonishing in that even if you don't understand the concept of stale block or how it works, which of course no one's expected to understand. It's still like one of the first things that you're told if you're actually interacting with the Bitcoin network. It's that you have to wait. You should wait for a few confirmations before accepting the transactions final for this exact reason. Like this is the exact thing, the problem that they're anticipating is why you wait for lots of confirmations to ensure finality. So, yeah, the fact that that sort of, and I had many people ask me about that, you know, getting text about, oh, is Bitcoin broken and what's with the double spend from people who don't really, they just see an article on a news website or something.

So that penetrated quite far and wide, which is crazy. But I think the most interesting bit of fud that's been going around or the most interesting sort of Bitcoin, the new Bitcoin villain or antagonist is this guy Mike Green. So you guys, I don't know if you've been keeping track of this guy. And I didn't see his most recent debate with Pomp, but I listened to his debate with Nick Carter. And I'm not sure if you discuss this on the show.

in previous weeks. But that was really interesting in that he's, he's, you know, I think he's wrong in just about everything that he, that he tries to put forward. But he's obviously a very intelligent guy who happens to not like Bitcoin a lot. And so I thought he was quite a formidable opponent. I think Nick did an amazing job in that debate. But, you know, and he's got, he's kind of like, I see this Mike Green guy as like a high priest in the like the Fiat church. Like he's, you know, he's someone who this, this legacy system has benefited a lot. And so he's sort of, you know, he's trying to put forward all these reasons why he thinks Bitcoin's bad.

But yeah, I guess you always have to come back and look at a person's motivations. And the Bitcoin crowd are pretty good at uncovering those. Yeah, exactly. Like if the incentives line up that you don't want Bitcoin to succeed, then, you know, what you're probably going to be seeing in public. So I don't know. How about you, Gary? What have you been seeing with the FUD lately?

What have you thought of the quality of FUD that's been circling around? Well, I've been spending a lot of time in Clubhouse lately. And then the mornings. And it's funny, I've been in a couple rooms that, well, there's a lot of beginners. First of all, Bitcoin beginners in Clubhouse. I mean, there's a lot of us in there who've been there a while, but there's an amazing amount of beginners in Clubhouse. And I heard this morning one that I just, I actually laughed and spit my coffee out when I

heard it. Because I hadn't heard this in so long about the tulip bulb crisis. And she asked, why has no one? talking about the tulip bubble crisis that she's been told bitcoin is exactly like the tulipub crisis and the only answer i could give her is that because we're tired of hearing that every four years you know and that's all i could respond i was but that the the questions i've been hearing and maybe it's because i'm involved in the clubhouse rooms and there are a lot more beginners in there the normal places that I would hang out that I'm hearing so much stupid fud.

I mean, it's just stupid fud. The double spin fud, I mean, you know, might make some sense if you don't know anything about Bitcoin or blockchain, but the tulip mob, I mean, that's pretty basic, you know, like 101 there. Yeah, the tulip mania lasted basically a single year and didn't reinflate multiple times over the course of more than a decade. So each time... It's a rocket scientist to say,

hey, you can grow more of those things. You're going to have a big supply here soon. Yeah, yeah, exactly. It's interesting to see the newcomers come in and they'll maybe hear something through the grapevine of, again, somebody who hasn't really been around the space and we'll say, oh, it's just tulips, who hasn't thought through the argument,

and then it just kind of proliferates yet again. And it's, it does get tiring, right? Like it's, it's, it's just like watching Groundhog Day with Bill Murray, where just the same day over and over and over. But it's,

you kind of want to go in and, and help these people realize, well, again, here's the reasons why. And I mean, God bless the people that go into those rooms and, and,

and just, sort through the basics over and over and over again. I mean, part of that is why I do replayable videos on concepts is I can say, okay, just go watch this. And I don't have to physically do it again and again and again. So yeah, I don't know. But let's move to that down the line here. Chris, how are you feeling about the fud?

And anything good that you've seen lately that made you laugh? So, yeah, the fud I've been paying most attention to is that the Mike Green stuff as well. Because obviously, like, you know, the whole double spend and tulip stuff is just not really worth paying attention to. But I think it's, it's important to, you know, listen to arguments from intelligent people and make sure that there's, you know, we're not getting, you know, we're still making sure that we're taking everything into consideration. So what was kind of interesting was like, so in the Nick Carter debate, he was kind, he seemed to be a lot more focused on, well, under the Bitcoin system, we're going to be, you know,

all our US dollars are going to go to China. That's going to impair a national defense, and you're basically unpatriotic if you're pro Bitcoin. So it was interesting because in that sense, it wasn't even, you know, Bitcoin's stupid and it's not going to work. It was like, you know, we shouldn't be supporting this because if it does work, then, you know, that's going to impact the US dollar. So it's almost like an admission of Bitcoin being too, too good and doing its job correctly. And then the thing that was interesting is in the pomp debate, he then had this theory that, well, at some point, China is going to confiscate all of the miners. They're going to waste all of their electricity and they're going to mine empty blocks in order to basically crash the

network. And then so I was kind of confused because I'm like, so in one debate, you're saying, that it's dangerous because it's favoring China. But then on the pomp debate, you're saying that China is going to purposely derail the Bitcoin network. So I'm kind of a bit confused in terms of Mike Green's whole point and what the narrative is, are we helping China? Are we, it's China going to destroy it? But, you know, like at the end of the day, there are counter arguments to his claims anyways. So, but I thought that was probably the most interesting debate.

or at least FUD that I've heard in a while. Yeah, yeah. And I'm seeing in the chat here, too, people bringing up, I guess, on the same kind of down the same road as the nation state kind of banning FUD. I think that's the, we're going to see more of that this year, but with a Western twist, because in 2017 it was all about China. China's going to ban it. China did ban it.

China banned it. China banned it again. So you saw a lot of that. And with each time, it had a reduced effect on the price and nobody cares. We saw India just the other day. There was threats of banning. We've seen other things come out. We saw the poorly put together and quickly shoved through proposal by the treasury by

Mnuchin, which is now delayed along with a lot of things. But I think we're going to see a little bit more of that type. of FUD this year from more Western countries and the EU and places like that. But in the end, I think it'll amount to just a big nothing burger. And if it does become too onerous, then people will just find ways around it. So we shall see though. I don't know. It's it's it's it's going to rhyme with history, whatever happens.

But let's jump to our last, our last bit of bullishness here. Let's jump down to Richard. Dude, what has you feeling bullish this week? Well, as I said, it's, yeah, it's this, it's the same thing about basically Bitcoin supply and an incoming sort of liquidity crisis in Bitcoin. And I think, but to take it a step further, I've been thinking about this idea of Bitcoin's demand curve. So, you know, we're talking about a liquidity crisis where the supply is just not there to

meet demand. And if you think about a, you know, if you if you Google, you know, supply and demand for Bitcoin, you might see some academic papers and they're all terrible, obviously, but, you know, they'll draw the traditional supply and demand curve that you see in your economics textbook where, you know, the demand slopes up and the supply curve slopes down and they intersect. And wherever they intersect, that's the point where the price is determined. But I'm not convinced that that's correct when it comes to Bitcoin. I mean, I think on any given day, it probably is correct because you've got all sorts of factors. You've got supply coming into the market, which is, first of all, it's the new coins being mined. But what's deciding supply in the market

on any given day is probably the price, because miners will decide if the price is higher, miners might want to sell for fiat money, more hoddlers might want to sell on any given day. So I think on a day-to-day basis, that normal supply and demand curve works. But if we look at a like stretch that out to a decade or to the long term, I don't think it works at all. We know that in the long term, the supply of Bitcoin is perfectly inelastic. Oh, it's capped. It's capped to $21 million. So in the long term, the supplier just cannot increase.

So that's sort of where what we're getting at with this supply coming off exchanges. Because we just know that at a certain point in the future, there's no more Bitcoin being created. So if anyone wants to buy it, it has to come from existing supply. But the other thing that I find interesting is that a normal product as the price goes up, less people demand it. That's like the law of demand. But Bitcoin has this thing where it's almost the opposite, where the more the price goes up, the more it's demand. because the better it's doing its job as a money. And Michael Sales talked about this a little bit.

Like, because it's a monetary commodity, it has this really interesting reflexivity. And so I almost think that the demand curve for Bitcoin slopes in the opposite direction, or it like it takes these leaps that expand the demand frontier outwards. And so I can't think of another thing that, that, that is like that. Like I think maybe gold has a bit of the same thing. Like it has an industrial use and then its monetary use shows some of the same qualities. But yeah, I think it's because it's a monetary network, a new monetary network,

and that's unique because it's got a cap supply, that's unique. I think if you try and sort of extrapolate these things out into the future, it takes us to a point where I can't quite fathom how any other scenario other than the dollar price just going to infinity in the long term. Yeah, it is unique. I mean, not only in the fact that it's so scarce, and with most other items out there, even with gold,

if the price goes up too much too quickly, then there will be an influx of gold onto the market just in that miners will start, you know, booting up their operations and mining more and deeper and mining in more places, it becomes economically feasible to mine more gold. And it's limited in how quickly that can be produced. But at the same time with Bitcoin,

it doesn't matter what the demand is. It's just the supply stays constant. We have no impact on it at any point moving forward, which is fantastic other than the already existing coins. So yeah, it's very unique. And you're right in that as the price, goes up. It reminds me of that meme where there's two tables at a trade show and one is empty and the guy's sitting there like this and the sign over him says $300 Bitcoin and then the

lineup out the door and it says $40,000 Bitcoin and everybody's all excited and wants to buy it. It's true because the more it appreciates within a certain kind of time window, I'd say within a particular epoch or even within a calendar year, you do get those. blow off tops but there's there's definitely it kind of resets and then it'll go back and once it retains those previous all-time eyes people start fomoing in and it's just it's just repeats and repeats and repeats so yeah that's the the supply crunch i think you're right that you know there's always people the price going up attracts these people who are chasing the price but um you also see yeah with this thing where each with each long

long-term increase in price, it attracts or makes Bitcoin appropriate for an entirely new class of investors. So at those, you know, first you've got the techno, you know, cypherpunks, then you've got the sort of the early adopters. Then at the next price level, you've got the institutions, which is what we're seeing now. And then the next price level, you've got the pension funds and the law, the sovereign wealth funds. And then possibly that highest price level, you've got like nation states and central banks. So yeah, it's like as Bitcoin grows, it almost changes, changes its value proposition for a certain class of investors.

Yeah. And I'm going to bring up a couple mentions from the chat here. So Jason March in the chat said, but price will bring sell side supply. And he said the market will eventually stabilize. And I do agree with that. But to what Richard was saying previously, it's going through kind of like these epochs of different use cases, right? Like, at previous it was, it was just primarily, it was just retail. And so there's kind of a ceiling, especially with the limited amount of retail that got into it before in 2017.

It was very small liquidity pool to drive it up that high. Now you've got a whole different class of buyers that have just barely been starting to scale in. And beyond that, you've got, you know, you're starting to see cities like Miami thinking about allocating to the treasury. Eventually, you may see states and provinces and then full on nation states. So there's, it does kind of give you some of that runway. And that's why we see these kind of bursts. But maybe before I talk too much, I'll pass it over to Gary here.

I, we're kind of back on on this liquidity crunch, but with these kind of different types of buyers and some of those what that may contribute to Bitcoin price and where it could go from here. What are your feelings on this here? Well, I think Richard made a really good point on how at each level that we go up, the buyers move into a new market basically and how maybe, finally, when we get to the top, it'll be nation states, you know, and, you know, national banks and things. So I think that's a really great point. But I really hadn't. thought of how who's buying it has changed, the more expensive it gets or the more it goes up. But I also was thinking about your point you made with the cartoon there. You know, you do have

the $300 table and no one's at and you do have that $40,000 table. But then you got this small group over here in the corner who were watching it one day and it starts dropping like crazy like it did in March when everything was shutting down for COVID. And it was. dropped the 3,800. And these people were buying like crazy, you know, even though the bottom's dropping out of it because they know at this point, they've been in it long enough to know this is the true buying opportunity. That Bitcoin's not going out of business. This is the buying opportunity. It's the Scott Menards of the world that are calling $400,000 Bitcoin, but saying, well, we hit a technical level and it's probably going to drop a bunch from here because he's just

waiting to buy it for Guggenheim. That was beautiful. Yeah, I think that we're going to see a lot more of that. That's a matter of fact. I thought that was fantastic. Bitcoin is worth 500,000. Oh, it's not worth anything. Oh, it's worth 600,000.

Now that I have a bunch, it's worth a lot. We're going to see a lot of that. Chris, what are you thinking about all this? The change in buyers of Bitcoin. Does that mute the effects? of retail or does effectively institutional buyers pulling off exchanges is only kind of the top little bit of liquidity what mostly drives the price? Yeah, I think at this point we're at a, you know, $700 billion asset class, you know,

retail is probably not going to push up the price that much. And so you kind of kind of need the institutions to, you know, bring. bring the wall of money, so to speak, to kind of push it to that next level. And ultimately, I think this is going to be really good for Bitcoin because, you know, one of the things that's, it becomes a bit of a tough sell for retail, especially those who just aren't used to volatility is they see these wild swings and they have a hard time kind of committing to the asset class, even though they know that it goes up over time. And then unfortunately, you have the situation where, you know, Bitcoin goes to 40k,

it drops at 30. And I've heard friends of friends who ended up selling at 30k, now they're, you know, trying to buy back in. And it's really just disheartening. So I'm hoping that with all of this, you know, new capital coming in and the increase in market cap, that hopefully the volatility will dampen both on the upside and the downside. And that we'll see a bit more of a steady increase in price as opposed to these wild swings and these blow off tops, which ultimately, I think, is going to be healthy for Bitcoin overall. Yeah. Yeah, I think so as well. But I'll let it pass down to Nick here. What's your take on the change in types of buyers of Bitcoin? I mean, it's super interesting to sort of see us run through each of these levels.

You know, sort of how we laid it out was like you run into a wall and the available supplies just like drops, dropped off. And like Richard said, it's like price, it's interesting because, you know, price goes up, but demand goes up alongside it. I think the term for that is like a Veblen good, a Vebbling good as it increases in price, it increases demand for it. But I think what we're seeing is, I don't know, I think it's Marad, put out that chart where it's sort of just like this steady arc of the phases that Bitcoin moves through, where it starts off as collectible, then it goes to store value phase, which I think we're in right now. Then you transition to medium of account and, excuse me, yeah, medium of exchange and unit of account after that. But I think that's that's kind of what's playing out as we sort of go through these cycles and different walls of supply that we have to break through. And it definitely brings in a new class of investor with each level, right?

You're seeing the institutional phase now. And we've heard this talk about a ton where it's like, okay, after institutional, it becomes nation state. And then I've heard this laid out like four or five years ago. It's like retail, institutions, nation state, that's the order we're going to go in. And it's playing out so far. But when you bring in these bigger investors, it does deepen liquidity in the market as well. So it's a positive.

It's a net effect there as well. And speaking of, you know, we talked about the clubhouse rooms earlier and how people, you know, bless their hearts for answering these questions over and over again. I don't have the patience they do for it, but thank God we have them. One of the more interesting things that I've heard come up in these rooms several times actually is if the price goes too high and then there's not enough Bitcoin on exchanges, like what if we don't have enough? Like what are we supposed to do? And it's like people forget that divisibility is a thing. Right.

This is like what's that lady's name, Amy Kaster, the one who doesn't understand you can divide a pizza. and, you know, feed the world. Guys, yeah, she's, she solved. Francis Coppola. Yeah, yeah, yeah, Francis Copa. But yeah, divisibility is a tough one to wrap your head around these days. But once you do, you realize, you know, number go up and, you know, less Bitcoin is not a problem. You just, that's when we move to Sats being the standard, right?

Stack some Sats. Yeah, it's, it's, uh, the divisibility thing, it really gets me. I think people have trouble realizing that it's about the percentage of the total pool of money that you have and that that can remain constant. So, you know, if money is only meant to represent the goods and services available within an economy. And no matter how much money is swashing around, it's still representing the same amount of goods. Unless somebody has innovated on something and become more efficient, you know, there's no wealth grows from increasing the amount of money in an economy. You just reallocate wealth to other people if you're able to print and give it to certain people. So the innovation here with Bitcoin is that you get your piece of the pie and that piece of that pie does not shrink no matter what anybody else does.

You can hold on to that. And there was a comment here. I'll bring it up here. The gentrification of Bitcoin. And so they're talking about how people get priced out in certain ways. But that's really not the case. You never really get priced out of Bitcoin. Because as I said, you always, whatever you allocate into it, whatever you purchase,

whatever, however many sats you stack, you still get that percentage of, the total purchasing power of all Bitcoin everywhere. And just because you bought now instead of last year, yeah, it would have been really nice to buy last year. But from this moment forward, whatever stats you stack is going to be the same percentage of the total number of stats that will ever exist. And that's the important part about Bitcoin. And that's why it's so much better than our fiat currencies that we deal with today.

But don't you think there's kind of hidden thing there or something? something that new people, people who aren't into Bitcoin yet, that they go, well, I really want to get a whole one. So, you know, it's going to keep going up while you're waiting to get your whole. So you're never going to accomplish that. But, I mean, have you heard that forward from people? I want to get a whole one. And are you an excuse not to get, you know, half a one or a quarter of one. Yeah.

Yeah. I think the switch to SATs as a standard is going to do one. for the unit bias. Because again, like, people aren't very excited. If you divide up all of the Bitcoin that will ever exist evenly amongst the entire population of the world, they did this in a video the other day. It's like 0.0024 Bitcoin, somewhere in and around there. And that's depressing to look at that kind of a fraction, that kind of a decimal.

But when you say, if you divide it evenly amongst everybody, if you have more than 240,000 sats, you are golden. And it was something around there. It's the equivalent of around $84 U.S. dollars right now, and you can get basically your fair share. If you get more than that, then you're better than the average person. So it's still very, very accessible. And I think if we start pushing the, well, you could stack a few hundred thousand

sats for a hundred bucks right now. Even when it gets down to 10,000 sets for a hundred bucks, Who cares? That's a steel. It's an absolute steel. So I think that shift is coming. It's unfortunate that it's not quite there front and center everywhere for this bull run. But I think it will be for the next one. I think we go through another having another epoch and using decimals will just be so useless. And there'll be more proliferation of Lightning Network. You'll see more people using SATs as a standard. So that's my hope. anyways. I don't know. What do you guys think? You can jump in. I mean, Cash App is doing it already. That's their standard right now. Sats. Yeah. Yeah. How about? I think a lot of people have a problem with this, most to be honest with you. I mean, I mean, I know none of us do. But, you know, when people come to work for me to work in my stores, like working the cash register, one of my, I don't ask me any questions, because it doesn't take, but I ask him, what's the third of a hundred? And like, and really,

you'd be surprised if you asked people on the street, if you stood on the corner and asked 10 people that 7 would say, math wasn't my best subject. That's what they always say. It's like they got together and had a meeting. This is the answer that you give. And I kind of always go, did you take it though? I mean, you know, because I mean,

so I think that a lot of people have a problem with the fact that they're going to get 0.01, 26, 8. They just don't know what that is. You know, and I think that when they are just going to give, get 2 million sats, that'll be much better, 2,000 sats than the point 0.02, you know. Yeah, I think it needs to be standardized across most. I would like to see wallets start to do it as the default instead of having to manually switch to it. I think that might be the direction we eventually go. I've seen a push lately to go to bits, and I'm like, no, that's not,

that's not going to happen. Sats is the first unit. in the like since 2014 since i've been poking around the space that actually has had any sort of traction that actually has meme value where people enjoy using sats as a unit and i think it's the only one that's going to be that's going to succeed and and hats off to matt odell for the coining the term stacking sats because he did he did everybody a great service by kickstering that and I look forward to it proliferating everywhere. Yeah. So gentlemen,

I'm going to start rounding this out. First of all, I want to say thank you to all of you for coming on. And thank you to the almost 180 people watching live right now. Make sure you're smashing that like button and giving this a share. I appreciate all of you being here. This is a great chat. This always makes my Friday.

It always makes it nice, even though Rich you're on a Saturday morning there, but that's all good. We'll get to have some beverages right now after this, and you can have one tonight for us. But guys, I will say thank you for being on. I'm going to quickly go down the line one more time to let you guys once again, let people know who you are where they can find you. So let's jump to Gary. Can you just again let shill away, whatever you like, my friend?

If you want to follow me, I'm just Gary Leland everywhere. But mostly I hang out on Twitter and Clubhouse nowadays. And I, as you can see, run the BitBlok Moon Bitcoin Conference. So, you know, here's a funny story. You know, this is our fourth year. But I think now I am the longest continuously running Bitcoin conference in the world since I did one last year. So I'm the longest running Bitcoin conference. That's awesome.

Nice. Very nice. And I also want to. to say, Chris, I think that Bitbull is great. I've already made, yeah, I like it a lot. I was not aware of that. So that was worth coming on this show for that tidbit of information there. So it's, it's, it's an incredible show. Yeah, thank, thanks, thanks, Karen. I'm just glad you could be here. Yeah, 100%. Well, I'm going to, I'm going to do my best to make it out to Bitblock Boom. myself and my wife will be dying to get the hell out of our house and do some traveling.

But let's jump over to Chris again, let everybody know once again who you are and more importantly where they can find you. Yeah, you can follow me on Twitter at C. Gimmer and Gary just gave a nice shill. If you want to check out some real-time stats related to the Bitcoin network, check out Bitbo.io. Awesome. And let's jump over to Nick, let people know where they can find you. Sure. You could find me on Twitter. My handle is NCKBT. First of all, everybody that's listening, everybody that's watching, smash the like button, subscribe to BTC sessions, open a new tab, buy your tickets to BitBlok Boom.

Open another tab. Set Bitbo as your homepage, and then go watch Richardsville hard money film. That was a solid shill. I'm impressed there. Let's jump to Richard now. He just shill for you, but go ahead. Well, I can't tell you. I forget what month was this year when everyone was a bit block boom in,

and we were stuck in the middle of winter in this lockdown with a curfew. So I was pretty jealous of you guys. So maybe one day I'll get over. there. And yeah, I've also been using Bitbo myself for the last few weeks. I love Clark Moody's dashboard. That's always been the one. But I have to say, yeah, I've made the switch to Bitbo as well. So well done, Chris. But yeah, my Twitter, R James underscore BTC. And we've got a project going at the moment, which is called the Bitcoin voice paper project where I'm getting people together to read read the Bitcoin white paper, you know,

making a statement that the strength of the Bitcoin community that we're all Satoshi, basically. So I'm keeping an eye for that. We don't have a definite place where that'll be released. But yeah, if you follow my Twitter, there's a lot of people involved in that. Awesome. Well, again, gentlemen, thank you so much for being on the show.

Everybody watching, smash that light, gives us a share. Guys, I'm going to cut your audio and video, but if you want to stick around and say a quick goodbye after we finish, I will bring you back in. But again, everybody watching, thank you so much for being here and being part of the show today. I have had an awesome week and I always love capping it off with a bunch of awesome guests. So again, thank you for joining me here. Of course, of course, of course, if you're here on YouTube, please do hit like, subscribe and share all of those things. really, really do help.

And it helps get the show in front of more eyeballs. If you want to help with the show in another way, you can hit up the previously mentioned sponsors down below. That was Ledden. That was Kobo, Bit Refill, and PrivacyPros.i.o for the Bill Fottle. And if you really loved what you saw, you can always drop me a Bitcoin Lightning Network tip at my tippin.me page. That is, TIPIN.m.me slash at BTC sessions.

With that, I'm out. Have yourselves a wonderful day. a wonderful evening, wherever you may be. And I will see you next time for your daily session. Toddled by Bitcoin.