BTC Sessions - You Won't Believe What This Central Banker Said... ep398

Episode Date: February 16, 2024

Welcome to Simply Sessions, where today's episode dives into a central banker's jaw-dropping admission, Jack Dorsey's nod to Satoshi at the Superbowl, an impending Bitcoin supply shock, and more. Tune in for a concise, impactful update on the world of Bitcoin. BOOK ME for one-on-one private sessions to learn about wallets, hardware, multisig, privacy, nodes and much more. https://www.btcsessions.ca/ 💪 SUPPORT THE SHOW: Coinkite offers the BEST Bitcoin hardware on the market. Use this link to get 5% off anything in their store: https://store.coinkite.com/promo/BTCSessions Nunchuk Wallet and their Honey Badger plan is a best in class assisted multisig setup with built-in inheritance planning and NO KYC. Pass on your savings to your loved ones with ease in a simple claiming process with full customer support. Check them out today! https://nunchuk.io/ SEEDOR is one of the most robust metal backups on the market today. Get your SEEDOR starter set today! Use this link for 5% off. https://www.seedor.io/discount/BTCSESSIONS?redirect=%2Fcollections%2Fprodukte For US based customers: https://www.seedor.io/btcsessions Canadian customers: https://link.thecryptoboutique.ca/BTCSessionsSeedor Start9 is your Bitcoin & lightning node, and full personal server - enabling you to take back control from the gatekeepers of your money and data! Grab a Server Lite, One or Pro today and become truly self-sovereign! https://start9.com/ HodlHodl is a NON-CUSTODIAL, NON-KYC solution to stack sats peer to peer! Buy and sell Bitcoin while maintaining privacy. Furthermore, you can check out their Lend platform for p2p loans that are never rehypothecated. Sign up and try it out today! https://hodlhodl.com/join/BTCSESSION

What's going on, everybody? Welcome to the show. Another Thursday, another episode of Simply Sessions. Very excited to be chatting. Nico is in the wings, ready to bring us the latest and greatest in everything that's been going on with Bitcoin. It's been an exciting week. We'll get into that in a little bit as well. But I hope you guys are all doing great. Thank you for being here. Of course, this is live. Anything can happen. So I defer to my friend Bill here. We'll do it live. Okay. We'll do it live. Do it live. I'll write it and we'll do it live. Fucking thing sucks. If you have not already, please do like, subscribe.

We've had a bunch of those lately, so thank you guys, and share this with anybody who may find it entertaining. I am Ben with the VTC sessions. This is your Simply session. Before we bring in Niko, let's take a look at where we are in the market right now. I'm bringing up timechain calendar.com and simultaneously I'm bringing up the live chat on the side of the screen. Everything you say from here on in will be live for the world to see for better or worse. So back to timechain calendar.com.

We're sitting at $51,742 per coin. A single U.S. dollar will grab you 1,932 SAT. Damn. Sub 2,000 sats per dollar once again. It's been a minute, but here we are. And in terms of fees, next, damn, low on the other side, too. 13 sats per byte next block. Been a while.

Mempool is only purging things south of four and a quarter sats per bite. Wild to see. Consolidate those UTXOs, get those lightning channels going, do what you need to do. because, again, JPEGs can strike at any time. In terms of Bitcoin mine, 19.63 million of them, that's 93.47% of the entire supply. If you are going through the tutorials on the channel

and maybe it's not quite cut in the mustard, you need some extra help. The years of tutorials are not quite there. And you need some handholding, some one-on-one. You can reach out to me at my website, BTCSessions.com. CA and book me for private one-on-one education sessions. Shout out to sponsors of the show, hoddle,hoddle.com if you're buying Bitcoin,

and your priorities include peer-to-peer trading, instant self-custasy, no K-YC. You can sign up here with nothing more than an email address. Once you're in, you choose your currency, payment method, and an amount, and you can start viewing offers immediately. They also have peer-to-peer lending with no re-hypothication. Check them out. Links are down below. Now, when you do get your hands on some Bitcoin, you're going to want some of the best hardware on the market. And hold on, guys. Why show it on a screen when I can

hold it up? Oh, man, the cold card Q just dropped. Yes, this is my fancy new Black Bear. I'm very excited for it. This thing looks crazy. It's got QR code scanner. It's got the full keyboard, two SD card slots, NFC. You can plug it in. You can do virtual disk mode, nice big screen. I'm very excited to play with it. So that's coming soon. I'm going to try and get to a video sometime, hopefully before I take off to Madeira, which is coming up quick here.

But nonetheless, checkout coincite.com. All their goodies are there. You can get the cold card queue or reserve it. Rather, I got one of the first pre-orders, and I ordered that thing early. But check them out, and you can use code BTC sessions at checkout for a big discount. So yeah, head over to CoinCite.

Of course, backups are important as well. Shout out to Cedor. They've got one of the best designed and most beautifully designed options for steel backups for your seed. This keeps your seeds safe from the elements, fire, water, corrosion, all that. They've got a disc and capsule design. Full starter sets to stamp one or two seeds, depending on what you need. And if you ever need to swap it out, just grab some more discs on the cheap. You don't need to swap out the entire thing.

Links are down below for them based on the best shipping for you. Last couple shoutouts, of course, Nunchuk, where their assisted multisier. their HoneyBadger program. Basically what this is is you can set up an entire multi-sig quorum on your phone using things like tap signers, cold cards, and plenty of other hardware options. Once it is set up, you have baked in inheritance planning so that your Bitcoin gets to your next of kin, if anything should happen to you. And one of my favorite things, you don't have to K-Y-C in order to set it up and have it work for you. You can check out my tutorial on them and you can check them out at Nunchuck.io. And finally, shout it to

to Start 9, your sovereign computing solution. Love these guys. They have plug-and-play devices to host your Bitcoin and digital life. You can run things like Bitcoin Core, Lightning Node, Mempool. That space. Also files, passwords, photos, Noster Realizing clients, AI tools. They've got so much stuff, so many things to play with. They've got devices from entry level all the way up to what I'm running, which is the

Start9 server pure. You can check them out at Start9.com. And if you are looking to grab that pure, which should be back in stock soon, you can use code BTC sessions with a plus sign at the end and get 18% off. Anyways, enough of my rambling. Let's get Nico in here and let's start chatting news. Dude, 100,000! Oh, man, dude, fucking congratulations.

Thank you, man. Huge milestone. Completely deserved. Guys, you have no idea how difficult this is to pull off on YouTube. So Ben not only worked his ass off for it, he completely deserves it. And it's incredible to have been a part of it, man. I'm just so blessed. Dude, thank you for being there.

Anybody that missed the memo channel hit 100,000 subscribers last night, which is incredible. Here's me and Nico celebrating as his disembodied head floated on my phone and I recorded it from another one. and the wife he popped in to celebrate too. But eight years, man, eight years of grinding to get to this. And like it's just been, it's been blown up. This month has been insane. The viewership and the subscribers has been wild.

And honestly, it feels particularly good because we got here through not saying, you know, oh, let's gamble together. Let's go and be speculative and just tell people how rich they're going to be all day. No, it was done through educational content, teaching people how to be self-sovereign and secure their wealth and not be D-Gens. And so that, yeah, it makes me happy. I think it means a little bit more having gone this path when there are plenty of opportunities to just degen and get a ton of subscribers that way. You know, sometimes you choose the slow path, but it's more rewarding. Yeah, dude, definitely the narrow path is definitely the harder path.

You know, it's a lot easier to, you know, promise 100x gains on, you know, the alt coin of the day, right? But, you know, doing it by actually offering people real value. It's a very strong statement, but I'm sticking to it. is very, very difficult. And I just kind of want to reminisce because it's very special. Okay, we're going to jump into the news for a second. Do you remember the first couple videos, how hard it was, how no one cared,

how, you know, celebrating for one subscriber, celebrating for 100 views, you know, and reaching this moment is, you know, must be very, very special. Yeah, man. I mean, you've gone, you've gone through the ringer as well. just grinding to get people in the room to give a shit. And it's hard to get people to give a shit because it's really easy to excite people when you just tell them, oh, you know, buy these things and gamble and you're going to be rich. It's really hard to keep people in the room when you say, you know, you got to take personal responsibility. That shit doesn't sell nearly as much.

But luckily, like the people in the room here, like I see them. every single day. And the people that come and hang out and like view the videos, they're the ones that are like, no, no, no, I'm taking self-custody. I'm staying away from the casinos. I'm being responsible. I'm building generational wealth. So yeah, thanks to everybody that's been here. Shout out to my buddy Dave that's in there right now that I see him. But yeah, it's been a hell of a journey and it will continue. And it's just the best is yet to come, man, you know. I'm so excited for the next couple of years and I hope I get to celebrate one million with you as well. We'll see.

We'll say. We've got to pump those numbers up, son, I guess. Awesome. Well, I'll bring up your thing and you can take us on a journey. What's been going on? What's exciting? Dude, Bitcoin got a free ad at the Super Bowl. Believe or not, I'm going to kind of loop this a little bit.

But yeah, that's Jack Dorsey in a, you know, in a Super Bowl box, like in the, you know, like those boxes that the VIPs stay in with, if you're watching like a hockey game or a basketball game or a football game. And he's wearing a Satoshi shirt next to Beyonce, Beyonce and Jay-Z. And, you know, this is a big deal. And the reason it's a big deal is because at the end of the day, politics is downstream from culture, right? And you really want to kind of win the political war, right, which you don't want to get into. It's just a distraction. What you got to do is you really got to win over the hearts and minds of people. And the way that you do that is by spreading the orange gospel, is by spreading Bitcoin, right?

Bitcoin is a great unifier. You know, it represents optimism, hope, peace, prosperity. It brings people together. It doesn't divide people based on their personal ideological beliefs. In fact, you know, it doesn't matter what you believe everyone could use Bitcoin, right? And this is a big deal. And it was free. No one had to pay anything.

And, you know, you'd say, okay, Nico, like, dude, so what? He wore a Satoshi shirt for five seconds of Super Bowl. You have to understand that there's like 150 million people watching this, okay? And people pay millions of dollars for seconds of advertisement. And here are the Google trends. This is the day of the Super Bowl. and you know it goes from zero to 100 and this thing maxed out. The second that, you know, people saw Jack Dorsey wearing that Satoshi shirt next to Jay-Z

and Beyonce. People start asking questions and they want to know what's going on. Like, who is that? And I kind of made a meme out of it because I thought it was hilarious. And we are kind of like living through this anti-Bitcoin type of environment. Some politicians, not all of them. And, you know, this is the famous George W. Bush, like, kind of 9-11 when they tell him about the attack and he's like reading this book to kindergarteners. And I kind of replaced it and I said, quote, sir, they managed to air a Bitcoin ad for free.

So, yeah, it was, it was kind of a big deal. A lot of people are just saying like, no, this is just noise. It's not noise. This is, you know, the data speaks for itself. You know, and shout out to Jack Dorsey. He 100% did this on purpose. This was 100% on purpose. He knew he was going to be on video and he succeeded in what he was trying to do.

You know what's funny is I bet Jamie Diamond was watching the Super Bowl and was like, Satashi, Satoshi, shit. Fuck. Oh, man. Yeah, he 100% did like, God damn it. One Google search result for Satashi. He's like, who is Satoshi? Dude, it's, you know, it's hilarious. But we're winning.

This is what it is. We're winning over the hearts and minds of people. We're getting them to ask the very important question, the very basic question, which is, what is money? Right. That's the question that you want people asking. Once you ask that question, it leads down a very, very deep rabbit hole. At the end of that rabbit hole, there's Bitcoin, right? And then it keeps going because there is no end to the rabbit hole of Bitcoin.

Speaking of bankers, again, once again, you know, you have, and we're going to play you guys this clip, but the world is changing. People's perspective on Bitcoin is changing. You know, some government officials are still saying like, hey, you know, this is bad. But more and more influential people are getting exposed to this. And more and more people are realizing that you're not going to make this go away. So this is the CEO of Morgan Stanley and he had some comments on Bitcoin. Of course, this is an interview on the legacy media. But just to kind of give you guys an idea of where Morgan Stanley ranks in terms of legacy media, they're number six out of America's largest banks, right?

They have an extremely large market cap. And yeah, it's kind of a big deal when the CEO of a large bank, you know, says these things. So let's check out the interview. or part of the interview. The approval actually, or the lack thereof, of a Bitcoin spot ETF in the United States. When you think about what wealthy clients invest in, when you think about the future of wealth management, do you think Bitcoin is a suitable investment? I've never been, you know, I've never really understood the value of Bitcoin as a form of

stored value. Others have, and others have made a lot of money on it. I joked once, I wish I bought it at $60,000, and I'm glad I didn't buy it at $60,000. It's clearly speculative. I think it should play for wealthy people a very small role in their financial fabric because it's so speculative, it's so volatile. And again, it's going through enormous regulatory change and industry disruption, we've seen with some classic failures of late. So Bitcoin's not going away. It's not a fad.

I just don't think it's a core investment. I think it's a speculative asset of which there are plenty of choices. I mean, like, kind of like, first of all, this was clearly recorded before the ATF got approved. Then a couple things, which was he's kind of contradicting himself by saying like, I wish I bought it at 60K. Definitely didn't wish I bought it at 60,000. And then what happens when Bitcoin reaches a million, you're going to wish you bought that at 60K. I bought all-time high 69K. And that shit hurt.

I'm not going to lie. But I know that in, you know, five, 10 years, I'm going to be very happy that I did that. But this is just another example of, you know, high-level C-suite executive at one of America's largest banks, admitting that, you know, Bitcoin's not going away, that, yeah, it could be used as a percentage of someone's portfolio. And, you know, like, this thing isn't going anywhere, right? He still calls it a speculative asset. But for how long are they going to be able to keep up that argument once these ETFs and once these 1% allocations and these, you know, you know, these giant portfolios start to perform all the other portfolio. So anyways. So yeah, I mean, it's pretty crazy. So anyways, I'm going to keep going to the next section real quick. And pretty crazy, kind of an ETF update, which is, let's go down here.

Here we go. The amount of Bitcoin that the institutions continue to accumulate, continues to go higher. So the amount of Bitcoin that the BlackRock ETF has is 109,000 Bitcoin. If you compare that to the fidelity as well, it's gone up as well. Once we first started reporting this on Simply Sessions, the Black Rock ETF had something like, we were like 75,000. Mind you, like if you compare this to the micro strategy,

the amount of Bitcoin micro strategy has, micro strategy, they started stacking in 2020. It took him like three or four years to stack 190,000 Bitcoin. BlackRock, you know, this ETF went live about a month, a month and a half ago, maybe, a month ago. And they're up to, they're up to, hundred and nine thousand Bitcoin and every single week they add 10,000 Bitcoin more and fidelity as well. So I mean, and then this is going to lead me to my second point, which is there's only 900 Bitcoin

that are being, you know, dropped in the market every single day. A percentage of that Bitcoin has to be sold. The miners have to pay their electricity bills. But there's a supply shock. You want to, you guys want to know why the number's going up the way it is. There's not enough Bitcoin to go around. So I mean, Ben, when we first started reporting this, brother, you know, know, this was at, this number was at like 25,000, bro. They stack 75,000 Bitcoin, you know, in a matter of days, a matter of weeks, which is just absolutely crazy. This is wild. Like, again, it, my, my brain just is conditioned based on, on what has happened in the past. So my brain keeps on saying, don't get too excited. It's going to be diminishing returns as a lot of people

anticipate, but you see this and this is pre-having and we're about to cut the supply of new coins in half and demand is only increasing. And we don't even have retail FOMO at the moment. Like 100%. This is it, again, I'm trying to keep a level head about things, but at the same time, it's like the everything is quite different. And I know cell pressure can come from different. places, but like, there's a bit of a crunch going on for sure. And I'm, I got to be honest, it's surprising to me, historically speaking, to be sitting at where we are this early before the having. Like, we're still a couple months out and we're, you know, basically at 52. I'm, like,

it seems. And the other odd thing is that it's, it's, it's, you can tell it's coming from elsewhere. I tweeted out the other day. I was like, have you guys been getting the normie text messages of like, oh, should I get into Bitcoin is now a good time? Because I haven't. I largely haven't. And that's usually a sign of like, oh, shit's getting frothy. Things are getting crazy. I've shockingly little buzz and inquisition from day-to-day people on my end.

There's a few people that said they did, but it's mostly crickets is what. I was getting from most people. So I don't know, man. It's different. Yeah, we haven't been getting, it's true. We haven't been getting those messages yet. But, you know, you might be taking a humble approach, Ben, but I'm not. You know, I tweeted this out the other day.

I said, Wall Street is running out of coins to buy and the supply is about to get cut in half in 60 days. And the gladiator meme, are you not entertained? You know, and just, you know, before we get serious a little bit, you you know, more serious, like, analytical, you know, perspectives. I do want to play this, you know, Breedlove said it best. The most proficient technical analysis ever seen. We usually don't do technical analysis on Simply sessions, you know,

because we like to focus on the signal. But this guy is incredible. Maybe you guys recognize his voice. Check it out. So, as you can see here on the chart, like four years, Bitcoin was in like the hundreds of dollar range. And it just kind of hung out there. Yeah, like maybe it bounced down.

Maybe it bounced up. But it was basically in the hundreds of dollar range for like four fucking years. Then it went to the thousands of dollar range. And it just stayed there. Yeah, it bounced above 10 briefly. But it went in the thousands of dollars range. Then it went to the tens of thousands of dollars range. And it stayed there for three fucking years.

And now we're coming to the end of it. What the fuck do you think it's going to happen next? You think it's going to go to the zero dollar range now? to 100,000 fucking dollars the fuck god. Six-figure rage, bitch. Incredible TA. What do you think, Ben? I mean, I don't think I've ever seen

a more mathematically backed opinion in my life. Yeah. So now that we got the math out of the way, now let's get to the meme TA, right? You know, we got the serious stuff

out of the way. Now let's let's get something more Mammatic. Anyways, here is Anthony Pompeiano in all seriousness. Anthony Pompeiano on Squawk Box. Speaking of Squawk Box, they defended Bitcoin the other day against the government. We'll get to that in a little bit. But, you know, I think, I think Pomp did an incredible kind of breakdown of what, you and I have been talking about, Ben, which is the supply shock, right? There's just, I mean, he said it best in the tweet. They're buying up 12.5 times more Bitcoin per day than the network can produce.

And mind you, ladies and gentlemen, there's a halving 60 days away. And unlike gold, because this is something very, very unique to Bitcoin and different to Bitcoin, is that gold, when the price of gold goes up, gold manufacturing goes up with it, right? But when the price of Bitcoin goes up, it doesn't matter. The manufacturing can go up, right? In fact, it gets cut in half every four years. So there's nothing else like it.

It's very, very unique. So let's check out. It's a very long clip. Not going to play all of it. But let's check out Pomp on the legacy media. Welcome back to Scott Box. The price of Bitcoin crossing back over the $48,000 level over the weekend one month this after the launch of the spot Bitcoin ETF this morning, trading slightly lower.

We're doing us right now is Anthony Pompeiano. Founder of Pomp Investments. Good morning to you. Morning. This has been a bit of a wild ride because we talked about sort of selling the news or selling the rumor, buying the, buying the rumor, selling the news, but now we've come back to buying. Yeah. I mean, look, the verdict's in, right?

Wall Street doesn't just like Bitcoin. They love Bitcoin. If you think of these assets, there's been over 5,500 ETF launches in history. Never have we had a fund, get to $3 billion in the first 30 days. BlackRock and Fidelity, both just did it. So two for the first time in history. And then if you look at Bitwise and 21 shares arc, they're both going to hit a billion dollars this year or this week.

And so now you have four funds that are going to hit a billion dollars of inflows. But the most interesting part of this is the interest. inflows, these funds are doing $500 million a day of net inflows, but there's only 900 Bitcoin that's actually coming into the daily incoming supply. And so when you look at that, that's like $40 to $45 million, there's 12.5x more demand for Bitcoin that was being produced on a daily basis. How much of this do you think is being generated by the ETFs themselves? Well, I mean, you just measure the actual net inflows, right? And so you can just see there is way more buying pressure. You're saying $3 billion for BlackRock. There's $4 billion now for

$3.5 for Fidelity. And then you've got Bitwise and 21 shares will both hit about a billion this upcoming week. So I'll leave it right there. Right. And now here's the Chad sailor talking about this? You know, I think a lot of this is just indicative of the popularity of Bitcoin as an asset class. It's now the world's most popular investment asset. It's novel. It's digital.

It's global. It's unique. And it's uncorrelated to traditional risk assets because it doesn't come with exposure to any given country, currency, company. Quarterly result, product cycle, competitor, not to weather, not to war, not to an employee base or supply chain. And so that makes it a natural addition to the portfolio of a responsible investor. There's 10 years of pent up demand.

People have been waiting for these ETFs. And finally, mainstream investors are able to access Bitcoin. And I think that's what's driving the surge of capital in the asset class. And initially there was a rebalancing as people were moving capital between the futures market and the miners and micro strategy and the ETFs. But following that rebalancing, I think the assets found its footing. And now people are beginning to realize that there's 10 times as much demand for Bitcoin coming in through these ETFs as there is supply coming from the natural sellers who are the miners.

So I know what a lot of you guys were thinking. Like, what does this mean for the price? You know, what does this mean, Nico? How is this all going to end? Well, I have a great video for you guys. This is Preston Pish. O.G. Preston Pish, uh, talking to Pierre Richard. And Pierre Richard, uh, through, uh, through a number out there. Uh, let's check it out. Honestly, what do you think is a conservative? And that's how I like to look at it is like, what do you think the conservative end of this is? And whenever I think through that, I think, you know, on the really low end, if I had to be extreme on the low end, I think it's a trillion dollars.

At the, at the, like, if you had to be ridiculously low, I would say a trillion dollars. For Bitcoin. I love Pierre so much. He's so great. And he's like, he is the, the beautiful, like, meme mecca that Bitcoin deserves. Like, the amount of amazing things, like, run the numbers that have come out of him, the amount of community notes and ratios. I mean, Pierre, if you see this, hats off to you.

I mean, nobody can do it better. Legend, bro. Absolute Bitcoin Twitter, Bitcoiner legend. Pierre Richard is a master of his at his craft. And he's fighting the good fight, the narrative trench warfare and the battlegrounds of the internet. Now, a lot of people are worried because they see BlackRock coming in. But sometimes it's important to zoom out. You know, over at River, they put together this graphic, some of the data they got from Bitcoin.

treasuries.net, which we just showed. Shout out to CoinKite. And he put together this kind of graph on who, where the Bitcoin ownership kind of lies. So it's estimated that roughly 12 million Bitcoin is owned by individuals. About 4 million is lost. One million is Satoshi. Minors have roughly 700,000 Bitcoin. The businesses only have 758,000. The funds only about 800,000. Government's about half a million and to be mined about 1.38 million. The point is, though, is that the vast majority of Bitcoin is held by individuals. It's not held by corporations, funds, businesses, governments. It's held by people like me and you, you know, and sprinkle some giant fucking whales in there. So, hopefully not held by me and you. It's mostly held by those giant

fucking whales, but you know, we get crumbs, man. Yeah. Get some crumbs. Um, but, uh, but yeah, just to kind of get, keep that in mind, ladies and gentlemen, when you're hearing all this stuff about Black Rock and, you know, and Fidelity and all that stuff. Anyways, I really enjoyed this. Uh, so, you know, the conversations change when Black Rock is entering the conversation. When Black Rock starts talk, starts accumulating Bitcoin. And, uh, the conversations change in the sense that, uh, you know, these legacy, the legacy media usually comes at the defense of the government. They usually defend what the government is saying. Here's Gary Gensler on Squawk box. And squawk, like he's, dude, he's taking the side of Bitcoiners. He's literally telling Gary that he's wrong.

And I'm also kind of disappointed in Gary because Gary taught a class on Bitcoin. Bitcoin. So I know that he knows what he's saying is bullshit, but he says it anyway. I don't blame him. It's his job. He's trying to protect his living. Okay, that makes sense. He wants to feed his family. But at the same time, dude, like, things are changing, man. You could have never seen this conversation a couple years ago. And of all people to defend Bitcoin is very interesting. By regulation. Is that the problem, though? It's not necessarily Bitcoin, the underlying asset, but more the froth and the potential for fraudsters to use it that has been. It's a field, Becky, that's been rife with fraud and manipulation. And look at all the bankruptcies. And you've had on this set people talking about those various bankruptcies, and it's not just one entity. It's entity after entity after entity.

And then investors are just lining up in the bankruptcy court. What do you make of, this goes to the underlying piece of this? You've heard Jamie Diamond say that he would close it down. That basically Bitcoin is... I've seen the comments. Right? It's not just that he closed down, that he would say it's used by drug dealers and used by folks who are doing all sorts of illicit and terrible things.

there's very few things that trade today that people talk about like that. Now, there are, obviously, frauds and things that happen, but maybe not like this. The dollar is like 100 times more. I know that's your perspective, but I'm just curious how you think about that. That's true, though. This is how much has been money laundered with Bitcoin. This is how much, this is Bitcoin, this is dollar. Yes, Joe, look, here's the Jamie Diamond quote.

The only true use case for it is for criminals, drug traffickers, money laundering, and tax avoidance. I know, but we have a guess. That's his opinion. We have a guest, Joe. What is your opinion? And what is your opinion that we have something trading on the exchange for the public that has this type of use case, at least as described by the president of one of the largest financial institutions in the company? It's the leading market share in ransomware, and that's publicly known. But you know, it's the token of choice for ransomware.

Joe, if I can say the US dollar, the euro, the yen, you have the whole society using it as a medium of exchange. We buy our cups of coffee, as I see here. We get paid in dollars or yen or euro. And you have a whole central bank and support for one currency generally per economic region. That we don't have here. So there's a very real economic difference. It's part of the attraction since it's decentralized and you can't have a profligate central bank. It's not that decentralized, John.

I know you're saying because of the ETS. But really, no, it's not just decentralized. Because look how finance tends towards centralization since antiquity. So what do we have? We have, we have a handful of three to six core so-called crypto-examages. I understand the asset itself, the way that the, you know, the, that's how the accounting ledger, right, that's how the account. How many times do you have people on this show that say, I want to invest in something

because how the books and records are kept? I mean, Joe, really? You, it's just an accounting ledger, a clever, Satoshi-a-a-Machman. That everyone has and can't be double-counted. It's almost immutable. That's why people think it has. So you trust it more than an Oracle database. Or you trust it more than a lot of trust.

A lot of the Bitcoin Bulls say they trust it a lot more than the central bank that it enables the fiscal authorities to spend money to the tune of $33 trillion. That's that's everybody's investment choice. But it's Ha ha ha ha fucking wrecked good good for Joe Joe fucking killed it there and like I'm I'm astounded because if you if you've seen the old videos of of of Gary Gensler, like, instructing classes on, like, Bitcoin. And he very early on was very specific and, like, oh, Bitcoin is kind of, like,

unique in that, like, it didn't have free mine. It's like, it's, like, the, it's trajectory of, like, being able to grow unabated when nobody knew what it was, gave it that advantage to be like the only, he, he got Bitcoin versus crypto. Like, he was very early to understand that and, like, how big of a deal it was. people don't unlearn things. So in my mind, it's like, well, what possible reasons could he be having for saying this? Because I know that he knew otherwise prior.

And so it's like, well, so what's the job that he wants? Treasury Secretary, Federal Reserve Head, like what? And, you know, he had the collusion of like his testimony back and forth with Elizabeth Warren, where she sent him the list of questions she was going to say and the suggested answers and that all got leaked out. Like, clearly, this is, this is a perfect example of, of it, of him being captured. Yeah, 100%. And, like, he didn't even have a good argument, Ben.

Like, he didn't have a good argument. Like, Joe is dropping fire, right? Like, what do you mean? Like, you know, the central man, he's like, I just people trust. the dollar and it's you know a country has to have like who says that like who came up with that centralized there's exchanges what are you talking about gold isn't decentralized some people put it in vaults what the fuck are you talking about man you thought about like we know that you're full of shit right now it dude it is it is mind boggling but at the same time this is what happens when black

Rock Rock gets in the game. This is what happens when Bitcoin's incentives get in the game. And then this led me to create this meme, which is, what do you mean we don't control the media anymore? Oh, man. Because he definitely... I mean, they've lost the narrative for sure. 100%. A hundred percent. Speaking of narratives. So, you know, we talk a lot about breaking the Bitcoin Echo Chamber is one of the themes that we talk about on Simply sessions. And, you know, we talk about the importance of non-bitcoiners, like non-bitcoiners making, talking about Bitcoin in a positive light. And the reason that's so important is because unlike Ben and I, we make Bitcoin content within the Bitcoin Echo Chamber. So we make Bitcoin content the vast majority of our viewers,

except when the number goes up and the new cycle hits. All right, we make content for other Bitcoiners, but when there's a mainstream broadcaster and he talks about Bitcoin, or she talks about Bitcoin, they're talking to an audience that doesn't necessarily listen to Bitcoin content. They're talking to an audience that is untapped. So Tim Poole is massive. He has multiple channels with millions of subscribers. And he said some things. And you guys have to understand that for us to win this, and we will win this because Bitcoin has the best incentives as clearly shown in that, you know, squack box interview with Gary Genser, we have to take over the culture.

Politics is downstream from culture. So we don't want to deal with politics. We take over the culture. How do you take over the culture? We have to change people, right? You don't want to change people with coercion. You want to change people peacefully with incentives, right? And the way that you do that is by showing them that, hey, you know, it's not the left,

it's not the right, it's not the Democrats, not the Republican that are causing your problems in your life, it's the broken money, right? So when Tim, you know, talks about this stuff, it's kind of a big deal. Now, we covered this last year on Simply Sessions when he first started talking about it. But there's a bit of an update, but just to kind of give you guys a quick refresher of what he said last year, and mind you, when Tim does these live streams and these videos, they get like 200,000, 500,000 views. Okay, so they're absolutely massive. And It's a big deal. So let's check out what he had to say. Struck a deal to sell the bulk of its operations to J.P. Morton, Chase and co.

Heading off a chaotic collapse that threatened to reignite the recent banking crisis. Yeah, dude, you stuffed the water toilet paper in the hole. I don't think you're stopping the waters. J.P. Morgan said it will assume all of First Republic's $92 billion in deposits, insured and uninsured. It is also buying most of the bank's assets, including about $173 billion in loans, and $30 billion in securities. J.P. Morgan's going to blow up. What? How can you assume loans?

Bad loans from bad bank? They're trying to slow this thing down. As part of the agreement, the Federal Deposit Insurance Corp. Will share losses with J.P. Morgan on First Republic's loans. You see, there they go. The agency estimated that its insurance fund would take a hit of $13 billion in the deal. J.P. Morgan also said it would receive $50 billion in financing from the FDIC, the U.S. government is propping up this deal because the system is imploding.

I can't tell you what to do. I'll tell you what I'm going to do. I'm going to buy Bitcoin. I already got some. I've been buying some recently. So you guys get that. There we go. You guys get the point I'm trying to make.

But a quick update, right? And of course, the price goes up, number go up, technology does its thing. And then once again, you have this very, very. popular broadcaster. Your one-year return on Bitcoin is about 133%. Your five-year return is 1,163%. Your 10-year return is 15,937%. And they said, I first got into Bitcoin in 2011.

It was about 70 cents. I sold about 20 Bitcoin when it hit $20, and I was stoked. Bitcoin skyrocketed after that. I remember thinking, damn, when it hit $100. Eventually, I just thought it, Fuck it. Maybe I missed a train on this one, but I'll just buy a bunch anyway. Bitcoin is now 51,000. I'm very happy.

A lot of people. This is how we all kind of fell into this. Okay, let's be honest here, right? A lot of people are going through this, but when you have people like this, and by the way, I might have heard something from our friends over a Bitcoin mag that, you know, Timmy might be doing something. And, you know, this is how we win. This is how we slowly take over the culture. This is how we went over the hearts and minds.

We really have to get outside of the Bitcoin Echo Chamber. So when these types of individuals tweet these types of things, when they say those types of things, like RFK Jr., like Tulsi Gabbard, like Jordan Peterson, like Vivek Ramoswamy, it makes a very, very, very, It's like a multi it's like a 10 times multiplier than if a Bitcoin content creator would say it. So we're winning dude and it's it's kind of a big deal. I liked him. I actually in the depths of the pandemic, he was my doom porn.

He was like, I watch him. I'm like, it's all falling apart. Oh my God. Stack more sets. Yeah. It's, he's awesome. I thoroughly enjoy a lot of his stuff. And I mean, he gets why it's here, right?

He understands what is going on there. So it's, I don't know. And there's going to be more and more people that get it, right? There's going to be more and more people that come into this. There's one other thing I was wondering if maybe we can. I don't know if you might have it. I do have it. I just don't know if we had enough time.

Yeah. Do you want to do it? Can we just show? Because I want to show like this is another reason why people like Tim Poole are waking up and being like, okay, I need Bitcoin. Like, I don't know. I can find it as well if you want. So are we talking about the same thing? So I'm talking about the Elizabeth Warren thing.

No. I'm talking about the, did you see the New Zealand central banker? Yes. Okay. All right. I do have that. Give me one second. In the meantime, while I pull it up, Yellow has some words for the audience.

Don't stop paying. Thank you, Yellow. We really appreciate your wisdom and your kind words. And here it is. And yes, the central bankers are saying the quiet part out loud. It's getting absolutely ridiculous. This is coming out of the central bank of New Zealand. I can't believe we are here in the movie.

Let's check it out. Here we go. Yeah, the fiscal challenges, etc. That are there. So very focused on the cost affected. We actually fund ourselves and then work out what dividend is needed to pay. So we kind of work that's a great business to be in central banking. Money and people believe it.

And much wood. And so it's a slightly different beast. Like if you need a bigger reason to go and buy Bitcoin, hearing that, hearing a group of central bankers literally have a good old chuckle over the fact that you can't afford groceries because they get to print money and keep it and give it to their buddies. There you go. There you fucking go. That needs to be blasted on every channel, on every social media platform, on every, even mainstream media. it like that should be fucking everywhere. That should be everywhere. It's okay. He gets to say that because he says touch wood after.

He's like, we've got money. Touch wood. It's okay, guys. Does he not know the internet is the thing? Yeah. Yellow with the great quote from the big short. I don't get it. Why are they confessing?

They're not confessing. They're bragging. Absolutely. Malacca. Oh, man. All right, ladies gentlemen, this was your Simply Sessions. I'm Nico. Guys, subscribe to Simply Bitcoin.

Ben, I will see you next week for another episode of Simply Sessions. Peace out, everybody. Dude, later. All right, everybody, go over to Simply Bitcoin, give them a sub. They are killing it with the news all the time. They have so much content. If you need it pumped directly into your veins,

that's where you hook up the IV. So please do head over to Simply and just smash that. sub button. But a couple quick things I wanted to touch on before we head out here. Just a couple little updates on some

fun things. And let me get my screen going here really quick. So, in regards to, there are a bunch of people that are given the Bitwise ETF some shit because they had a legacy address starting with like a one, which again, a very old address

type, which denotes, again, like they just haven't like updated their wallets. Anyways, they've now upgraded to a native Segwit address because of all of the shit. Yeah, anyways, I'm not even going to go into like the specifics here. But hey, I guess they're using a post-2017 wallet. Jesus, guys, come on. Moving on, some cool updates. Umbrell introduces the new Umbral Home and and teases umberl os version 1.0 uh looks pretty fancy looks uh again uh one thing that umbril has done very well at is making things look very pretty and i definitely can't argue with that so kudos you guys on that um this is cool uh v2 opens uh aka dual funding is a first officially merged

into lightning network specifications so basically uh the long and the short of it is is now people can, will be able to open lightning channels at the same time from either end, adding funds. So it's no longer like if you have a lightning node, you open a channel with somebody and you allocate the funds and then you can spend or like bump money to the other side of the channel and kind of split it. No, you both can contribute funds to the same channel simultaneously. Really cool. So that has now been merged. Stacker News. If you're unfamiliar with Stacker News, basically think Reddit supercharged with lightning.

So you can basically like zap, post and everything. It's super cool. I usually post tutorials and stuff on there. But anyways, they added Noster Wallet Connect and LNBits for sending an L&D for auto withdrawal, meaning that normally they just had a custodial wallet that basically sat in the browser with Noster Wallet Connect with an account that you would have with them. But now you can use Nostra Wallet Connect

to connect your own lightning wallet to it, which is awesome. And then you can also do auto-witraw to your own LND node, which is also really, really cool. So kudos to Stacker News for that. NSEC.com. So this is a web-based Noster signer.

Basically, if you use Noster, you are familiar with the idea that you can have, lots of different apps to utilize Noster, and you have a private key that is basically your login. However, it's not the most secure thing to just be copying and pasting that data freely, willy-nilly on like a mobile device. If the device is compromised, then somebody could get that key information and then use your account anywhere they like. So this app basically can segregate your Noster key and allow you to sign into Noster Wallet apps or

Nostr apps with your secret key without exposing it easily. And then you no longer have to copy and paste and manually log into various apps. You can just say, hey, here's my NSEC app and it'll log in for you. And it kind of segregates it and encrypts it, which is cool and needed, to be honest. Zero X chat. So this is a secure app built on the Noster Protocol. It's a messaging app. It has a whole bunch of different things, but they introduced a Cashew wallet feature.

And so I've been covering Cashew a bunch, doing videos in different wallets and everything, basically tradeoffs with Cashew in kind of the custody and trust model of it. But the tradeoff comes with the benefits of near perfect privacy, zero fees, lightning integration, all that kind of stuff. So pretty cool to see this integrated with a private, messaging app that is built on top of Noster. I love seeing all of these things melds together slowly over time. So anyways, if you're playing on Xerox chat,

well, now you've got a cashew wallet. That's awesome. Also, I showed it at the beginning of the show, but damn, I just got to say this thing's pretty. I can't wait to drop a tutorial on it. It should be coming. I hope to have it out early next week, and I take off to Madeira on a week from today.

So I'm going to try and knock out at least like a beginner, like the most basic way to use the cold card queue. And then I'll probably do a series of videos on like, this is how to use it. Air gap. This is how to use. So I'll kind of go through and kind of a different method than my Lord of the Rings length cold card tutorial I previously did. So either way, very excited to touch on this. A couple other quick things. If this loads for me, there we go.

Yeah. So funny enough, my cold card cue arrived yesterday. I also dropped a regular cold card Mark 4 tutorial yesterday. And this is how to use your cold card plugged into your phone using something called virtual disk mode. So I'd say it's probably one of the easiest ways to use your cold card with your mobile phone. And yeah, if you have a Mark 4 and you want to use it with.

Nunchuck wallet. Check it out. This is an easy way to do it. And then finally, tomorrow, why are we bullish? Very excited to have Kasha from the Open Dialogue Foundation, Sam Callahan from over at Swan, and Vivian. She has a great podcast called Living with Bitcoin. Very excited to have them all. That will be tomorrow at 6 p.m. Eastern time. And with that, we're going to start rounding out. First of all, again, thank you guys so much for being here. I got to say, I can't thank all of you enough also for helping me get to this point where damn, 100,000 people. And again, I'm not going to say it wasn't a grind, eight years is a long time.

But hey, that low time preference paid off. And thank you for joining me on this journey. And for those of you that are new, that have just subscribed and you kind of like, what the hell is this? I mean, we also do new shows here. We do our panel shows every Friday, but I hope that you do stick around for the educational stuff and that you do level up your bitcoining and learn how to self-custody and learn how to use the tools and join me on this journey as well. So, you know, hats off to you guys for 100K. And who knows, one of these days will 10x it. But I do appreciate everybody.

Anyways, guys, thank you so much. Like, subscribe, share, all those things help a ton. You can hit up the previously mentioned sponsors. They're all in the show notes. down below. And then also, if you do find that the tutorials are not enough and you need some additional handholding, there's a QR code on the screen right now. If you scan it, it will take you to a place where you can book me for one-on-one private education sessions. And if you're listening to this on the pod after the fact, you can do the same thing just heading over to my website, BTCSessions.ca. With that, I am out. Have yourselves a wonderful day or evening, wherever you may be. see you guys next time for your Simply session.