TFTC: A Bitcoin Podcast - Ten31 Timestamp: The House Always Wins

Starting point is 00:00:00 back after a week off due to our attendance at the bitcoin 2026 conference still recovering honestly from a week in vegas i think four days in vegas is uh three days too long yeah it doesn't i didn't feel like a week off i'll say that no it's not good time though i thought the vibes were high at the conference i thought despite what many people were saying online the people on the ground and the the conversations that were had were pretty high signal i think a lot of the power players in the industry were were there and there there was a lot going on and in the side events and the happy hours that i was happy with were you happy with it i was happy with it yeah solid i call it like a 7.8 out of 10. it's pretty good yeah it's pretty good

Starting point is 00:00:45 but we missed last week we got two weeks of headlines and news to digest here two time stamps to go over and i think we'll just jump right into it with a continuation of a theme that that we've been talking about quite a bit and i think it is accelerating at a quickening pace and i think the broader markets are beginning to realize that that this is a theme that is likely here to stay and that is the industrialization the re-industrialization of the united states with a heavy hand from the federal government and the signal that we've gotten over the last two weeks is the, what's the word I'm looking for? The, uh, the not incitement, but the, the, uh, we can cut this out. What's it, what is the word I'm looking for? Encouragement? Like the encouragement? No,

Starting point is 00:01:32 there's, there's an official word with enactment, the enactment of the defense production act. There we go. And so we have it here. The, I don't believe this has been used in many decades, but it seems like the Trump administration is saying, Hey, we are going to enact the section 303 of the Defense Production Act for a number of things, as you can see here on the first slide, grid infrastructure, equipment, supply chain capacity, natural gas transmission, processing storage, and LNG capacity, as well as the development, manufacturing, and deployment of large-scale energy and energy-related infrastructure with everything going on in the Middle East.

Starting point is 00:02:11 And I think more importantly, the race to win the AI wars, the Trump administration has identified key parts of our economy our industry and the supply chain that that need to be bolstered if we're going to win that race and this particularly revolves around energy which is the base of everything we're going to be doing here yeah and you know this isn't even all of the the eos from two weeks ago like i couldn't even cram them all on the slide like there are several more but yeah it's all related to critical infrastructure great capacity oil and gas transmission development assets all the things that are basically like the the base load infrastructure and kind of layer one of civilization that we've spent the last few

Starting point is 00:02:54 decades for various reasons kind of deprioritizing and hollowing out in the u.s you know all that's getting uh very clear increased attention at the the federal level at the white house and if you read through these eos you know they're still fairly broad it's authorizing you know the Department of Energy to do certain things. And we're talking about in Vegas, it's still unclear like exactly what results from all these things. But, you know, this is just like furthering the theme that we've been talking about over the last few months of just industrial policy coming back to the U.S. You know, we haven't seen anything like this in 50 plus years. And, you know, you see it as well with the one I thought was a really interesting quote from Jameson Greer, who's the

Starting point is 00:03:33 trade rep for the U.S. who's doing most of the kind of negotiating of tariffs and all the gives and takes and um you know the dog and pony show of negotiating with all these different allies and trade partners um i think this just really captures like the moment that we're in right now where he he says uh you know when people complain about he's got this plan that he's that he's promoting now that the administration's promoting for all sorts of very interventionist um uh national policies and internationally coordinated policies around setting price floors and having kind of trade clubs effectively so it's a counter uh let's say adversarial nations they don't say it explicitly in this article, Greer doesn't say it, but basically China, to deal with all

Starting point is 00:04:12 that. He and the administration have this idea of these very kind of heavy-handed things and, you know, getting pushback clearly from, let's say, Atlanticist allies who, you know, in Europe who are used to doing things a very different way. And, you know, he says, what you're talking about is cost efficiency, which is why we're in the situation we're in. We have to pay a national security premium to kind of get where we need to go to have a secure supply chain. And I think you can, there's a lot that you could debate in that that we're not going to get into. And I think it make the the misesians in the crowd you know kind of cringe and perhaps rightfully so but i think it's just a really good snapshot of where things are right now and i still think like the the

Starting point is 00:04:49 mainstream investment community has yet to fully grok that like this is where we're headed but you know this idea that cost efficiency above all else just-in-time inventory margin expansion above all else it you know that's that's out the window relative to what the state sees as a need for security right and that that has become clear in the last year especially given the trade war and given everything that uh the ways that say china china has responded um with its rare earth dominance that you know national security is going to mean security over these these critical minerals and uh you know this base load energy that powers um the uh the defense industrial complex that ultimately uh implicitly supports the dollar so and you see it here too with the eu you know

Starting point is 00:05:30 complained about it to to jameson greer and then a few literally a few days later that week you know announced on their own page that, yeah, we're going to go ahead with this treaty partnership that includes, you know, border-adjusted price floors, standards-based markets, like very, you know, terrifically European language, off-ticket agreements, price cap subsidies, all these things that are very, again, interventionist and very kind of anti, you know, classical liberal economics, again, for better and worse. And I think that's going to have a lot of implications that we'll get into. But I thought it was important to hit those few headlines that we missed last week because i think it just really you know highlights the

Starting point is 00:06:06 environment we're in and just further momentum for these themes that we've been talking about yeah i think it is weird like you said it goes against the norms of the classical liberal economics view of how markets should form and how certain goods should be brought to market it's a very heavy-handed centralized sort of mandate from the federal government but i've been reflecting a a lot on this. And obviously, having been in Bitcoin mining for eight years now, I think it became clear to me in 2018, 2019, 2020, that the state of the United States grid systems is lacking and in desperate need of reinvigoration. And I'm a big believer that we need to have multiple turns on the amount of energy generation and power generation that exists

Starting point is 00:06:57 within the US borders. And so part of me is sort of cheering this on because the free market hasn't really leaned into that critical infrastructure in the way that I think it should have over the last three decades. And especially with Bitcoin mining and AI compute being on the top of everybody's mind

Starting point is 00:07:17 and thinking about the demand that exists for AI specifically where it is today, where it will go over the next couple of decades. I think it's become pretty clear to people that demand for that compute is going to far outstrip supply definitely at current rates but even if we continue to expand generation and grid capabilities and so i don't know what are your thoughts on this like i'm sure we've all seen the charts of china's power generation growth over the last two decades and it is hockey stick growth the likes of which is is awe-inspiring to be honest and

Starting point is 00:07:52 I see what they're doing over there. And it does worry me a bit that they're leaning into it very heavily and we seem to be lagging behind. And so, again, I come from the Austrian purview. I like free markets. But I do think the recognition of the inefficiencies, the sort of inadequacies of the grid in the United States and power generation, more broadly identifying that and focusing on it is is worthwhile yeah for sure i mean i've thought a lot about this over the last year and i think part of the issue that makes this discussion tough is that we are so far beyond like the sas quote is so far beyond like being developed by a true free market that it's almost like a moot discussion it's kind of like the same the same

Starting point is 00:08:38 discussion that people have about like u.s health care and like you know positing that the u.s is like the free market health care system and europe is like the socialist health care system and clearly, like, you know, here are the pros and cons of each based on that. I mean, I think that's like a complete false framing to like, there's massive, massive intervention, all forms of are all verticals of US healthcare. I mean, you know, we're very far from a free market and virtually any industry. And I think certainly on the, you know, the critical industry side, the manufacturing side, the power side, the grid side, like, you know, you've talked about it for years on TFTC that agree to which the having one country's fiat currency as the reserve currency of the world and

Starting point is 00:09:13 And treasuries being the default reserve asset effectively creates USD-Dutch disease that heavily incentivizes moving manufacturing, moving those industries and pretty much any heavy industry, any capital intense industry out of the U.S. and to other countries. And, you know, I think China played that hand wonderfully and, you know, basically used mercantilist policy to compound that trend and, you know, gain an advantage relative to both the U.S. and the rest of the world while I think a lot of maybe elite decision makers were, you know, lining their pockets with the temporary positive results of that. And, you know, I think that that game could be played for several decades and it worked out well in terms of, you know, rocketing U.S. stock prices and prices of financial assets but obviously it's had significant consequences that we're now dealing with and

Starting point is 00:09:57 you know ironically the this monetary system that we've been in this financial system we've been in which again like it has uh you know fiat currency uh at its base i think already is is far from you know free market system but ironically like that relies on the power of of the u.s military which is functionally and increasingly you know relies on infrastructure that that u.s military doesn't control and like can't in principle, even, you know, recreate quickly. Right. So that's why I think you're seeing a lot of this. And, uh, you know, I, do I in a vacuum, do I love a lot of it? No, but I also would say like, well, you know, what I have loved like 1971 to not have happened, what I have loved, you know, 1945 to not have happened. And all of these things, 1913, like

Starting point is 00:10:36 all of these different inflection points in us monetary history and the development of the financial system, like, yeah, what I have loved things to have gone a different way in the last century, like for sure, but we're not there. Like that's not the world we got. And so, you know, the question is like, how do you get from here to there? And I don't necessarily think that, um, you know, just writing more white papers on, you know, the KO Institute website or the Mies Institute website will necessarily by itself, you know, kind of get us to any sustainable situation. And I certainly don't think that, uh, you know, a world dominated by the CCP is particularly friendly to any of the ideologies and viewpoints that you and I would think are

Starting point is 00:11:10 very important. So yeah, I mixed feelings on it. I think that, like I said, there's a lot that could be said about it but i also think probably as we go forward the right framing is not like should the free market do this or not because like the market has already been so radically suppressed by that and by you know climate policy in the u.s and europe for the last 20 30 years like all these things we could you know this linear things we could talk about so yeah i'm just trying to get outside that that framing that this is like we're somehow leaving the free market behind like that unfortunately like that ship sailed like a very long time ago i think agreed but getting to the point you alluded to it earlier how are we going to pay for all this and what

Starting point is 00:11:44 effect is that going to have on on broader financial markets and in commodities as well yeah i mean you know this is another tweet we can breeze by but just i thought it was worth highlighting as it relates to how we're going to pay for this under secretary of state jacob hillberg highlighting this uh recent announcement of a massive forward deployed industrial base in cooperation with the philippines it's going to be allegedly a third the size of manhattan and you The location of that is obviously strategic given how relevant the Southeast Asian area corridor is for us in a variety of ways relative to China. So it just kind of goes along with the thing we've just been talking about. But yeah, to your question, like we're racking up.

Starting point is 00:12:25 You look at this, you look at the defense budget expanding 50% next year if Trump has his way. all of the industrial policies that include like offtake agreements that we just talked about various subsidies price floors like you're racking up you know more and more cost to kind of you know fix the plane while it's flying in the air right and i think you know if you flip to the next slide you're starting to i think get a sense of it's all in development but you're starting to get a sense of where we might be kind of getting the the funding headroom for this you know this this past week, we saw U.S. debt to GDP officially hit more than 100% for the first time since I believe the 1940s. And so it's fair to ask, where do you get the headroom to further expand budgets for

Starting point is 00:13:08 this? And I think this development with the UAE and various other Asian countries, Gulf Coast countries as well, allegedly per Wall Street Journal reporting, asking for or inquiring about establishing standing USD swap lines. And then Treasury Secretary Besant coming out and saying, like, yes, that's that's happening and it's going to be a tool for dollar dominance. And, you know, they're very interested in doing that is, I think, starting to sketch out like how that circle gets squared. You know, we've got a new Fed chair coming in in Kevin Warsh, who has talked about, you know, wanting to shrink the size of the Fed balance sheet.

Starting point is 00:13:42 I still think that's somewhat questionable in the long run, whether he'll actually do that or whether that's just a means to kind of seem like he's not going to just be, you know, a Trump yes man. But, you know, let's say that that happens. Let's say the Fed is no longer the price-insensitive marginal buyer of U.S. debt. It increasingly looks like the U.S. is trying to wrest control back of the offshore dollar market and bring it back onshore to export it again in a way that the U.S. can control rather than allowing it to kind of run wild outside of the U.S.'s purview. And I think you look at the UAE, you look at Japan, Korea, the Gulf states, a few other big ones, Argentina, potentially Brazil. You know, we've talked about on the show in the last few months, like this, this kind of network of countries into which the U.S. is going to getting its tendrils, especially financial tendrils.

Starting point is 00:14:29 Do those become can you get can you get those guys on sides? Right. Can you get those guys further entrenched into the dollar system and more committed to taking on using trade surpluses they have to further fund the U.S. capital account? And I think this, you know, the UAE headline is just the latest step kind of in that direction. And so, yeah, I think this is I think it's going to look different than what we've seen in the past 15 years, the past 20 years of just like constant Fed balance sheet expansion. That may still happen, but increasingly it looks like it's the ways that this gets paid for or will become much more kind of geostrategic than just, you know, the Federal Reserve Bank of New York arbitrarily expands the balance sheet by a trillion dollars overnight. Agreed. And I think I'm very happy you highlighted it this week in the newsletter because I don't think it's getting enough tick as well. But again, going to your point, like how do we pay for this?

Starting point is 00:15:22 I think one of the critical components is going to be getting energy prices under control. And obviously with everything that's happened in the Middle East and the Gulf over the last three months, a lot of people are worried that the price of WTI and Brent is going to run away. We're going to hit $200 barrel oil. and obviously we've shifted a ton of production here at the united states over the last two decades where that exporter lng is a is a very bright spot for the united states and it looks like we're leaning into that but to the point of getting energy prices under control you wrote about it but i think this is something that uh is another thing that many people aren't paying

Starting point is 00:16:02 enough attention to that it's pretty massive the uae announced that they are leaving they left OPEC as of May 1st, so last Friday. And their energy chief says they're still committed to oil price stability. But I think OPEC defections are a pretty big signal out there, as OPEC is something that the market has come to believe is here, is just a foregone conclusion, something that we have to live with. And if OPEC and that sort of consortium of countries that work together to sort of stabilize oil prices at a certain range that is typically beneficial for producers, which means higher prices that could signal

Starting point is 00:16:44 that price fixing isn't going to exist. We're actually going to get a market where oil and gas trade freely based off of supply and demand. And I'd like to get your take, but in my view, this is a signal like, hey, drill, baby, drill. Price be damned.

Starting point is 00:17:00 It's a free market now. Yeah. Yeah. I mean, I think this is, I think this is the headline of the last two weeks is this UAE headline. And it's funny, very interesting that it would come, you know, on the heels of the reports of negotiations on the, you know, the dollar swap lines, right? Like you, one could imagine one could look at the correlation and say like, perhaps those two are related. Perhaps, you know, one was a condition of the other, but yeah, I mean, you know, UAE has been the UAE or its predecessor have been in OPEC since its founding. I don't think they were a founding

Starting point is 00:17:26 member exactly, but within a few years thereafter, like I think they joined in like 65 or 67 or something. So this is like a 60-year relationship to your point, the fixture of market structure and energy. There's no one trading anything today that does not remember a pre-OPEC world. So this is a fixture of markets and you're seeing your first defection of it from a key member. And the obvious implication would be this nice chart that I put there on the bottom. There's now potentially head room to drill a lot more, to pump a lot more and supply a lot more to the market. That 1.4 million barrels per day, you know, that by itself is not going to entirely like plug the hole that we're dealing with in the Strait of Hormuz, but it's, it's meaningful. And especially, you know, on the

Starting point is 00:18:07 margin it's, it's significant. And I think it also signals like it's, it at least makes you start thinking as an energy trader, as an investor, as a capital allocator, as a businessman, you know, trying to outweigh capital, is this the start of something, right? Like this puts pressure on, you know, the rest of the, the rest of the members to, you know, potentially consider something similar this is why it's so hard in practice to keep a cartel going in in the free market is like the incentive to defect is like so high um and so i think that's another long-term piece you have to ask yourself over the next couple years like is this is this just kind of a one-off or is this in the first of several dominoes to the fall but either way it's definitely

Starting point is 00:18:44 on the margin bearish for the price boil right like it's it's uh it should tend to drive you know more supply which is going to be a key key point as we think about the how do you pay for a question because it's all well and good to announce all these initiatives, this industrial policy. But if you do that while you've got an energy choke point that's still not been figured out and you run it hot aggressively and oil, to your point, goes to $250 a barrel, that's going to throw a lot of wrenches in actually just getting that done, not to mention the treasury market, which you need to behave. If it drives a massively inflationary environment, that's going to be an issue on a bunch of fronts. So yeah, I think this is the other big unlock that has to

Starting point is 00:19:23 figured out is how do you kind of keep an energy regime that allows you to achieve the goals that the us wants to achieve and this is i think a meaningful step toward that and then if if we're right in our thesis that what we're seeing broadly is really a meta war between the us and china i mean i think this affects opec plus mainly russia the most and it's a way to pull lever to to lessen russia and china's leverage over the global economy so if russia isn't able to sustain their domestic economy be the their oil industry with opec if opec were to remain in its in its states and the cartel was successfully able to artificially elevate oil prices that works out well for russia which by extension works out well for china as well so

Starting point is 00:20:14 So you can see this being a lever pulled to weaken that leverage between those two superpowers. Yeah, I think that's right. It's got potentially multiple benefits on that front. And, you know, if you flip to the next slide, like, you know, I think this is a pretty remarkable one, too. This chart let off the timestamp this week, kind of, you know, speaks for itself. You know, 10 years ago, U.S. was kind of a net exporting, you know, nothing. And now this puts us basically kind of in league with Saudi Arabia. And, you know, the biggest the biggest producers in the world, the biggest exporters in the world.

Starting point is 00:20:45 So, you know, all on that same theme of U.S. energy dominance goes back to the executive orders we talked about at the beginning, you know, focused on further ramping up supply. I will say, like, it looks like rig count in the U.S. hasn't really moved meaningfully over the last couple of months. I think, you know, there may be some argument that oil majors are somewhat, you know, they've been burned before and they're maybe somewhat slow to start deploying more capacity to in response to all this. But definitely, I think if you look at those EOs, if you look at where the administration is heading, like I don't if this continues, like I don't really expect that to, you know, to continue that much longer. I think we're definitely headed to a world of the administration prioritizing making this chart. The number needs to go up on this chart, I think a lot. Yeah. Drill, baby drill.

Starting point is 00:21:27 Moving on to I mean, those are seem to be positive if everything plays out the way the Trump administration wishes it to for oil and gas markets. seems like it will be good for the u.s economy uh lower oil prices obviously heading toward midterm elections everybody's looking at what they're paying at the pump and they're not happy and this is being expressed in approval ratings right now and so maybe these moves will be successful and bring down the price of oil per barrel between now and november which should lessen price of the pump which should bode well but one thing that seems unavoidable one of the negative externalities of the war in the gulf is the the knock-on effects of the oil gas byproducts and the supply chain that they touch and one of them being fertilizer markets with um helium

Starting point is 00:22:15 production being material materially hindered in in qatar specifically and this is beginning to express itself in the affordability of fertilizer in u.s farmland across the country so it seems like we have a chart here percentage of farmers unable to afford all needed fertilizer and across the country it's well above 50 minus the midwest region where it's just below yeah and again like just as the last chart spoke for itself this one kind of speaks for itself too this is uh we don't want to go on like a victory lap uh for the for the us here too prematurely because there are you know as we've referenced in the past like significant constraints from doing this like trump doesn't have you know all the all the cards trump doesn't have all the

Starting point is 00:22:56 leeway he needs to just do whatever he wants like you know you're you're seeing already the the downstream effects of the disruption out of the Middle East in a way that people are going to feel potentially really meaningfully. And, you know, let's see like how it really plays through their kind of lagging effects to this. But this is, you know, if prices of the pump are too high and also prices of what you need to eat are way too high, it's going to be tough in midterms, right, for the party in power, the incumbent party. So this is definitely worth watching, both just as a, you know, citizen of these United States who will have to deal with that and think through that but also as you game through over the next 6-12 months what what's

Starting point is 00:23:34 the menu of policy options like this is going to be a big constraint on um what they're what trump and republicans can actually get done to the extent that this really flows through and starts hitting people's wallets yeah yeah when you consider i mean supply chain disruptions and food supply chains and then going back to like how we're going to pay for this hopefully we get oil prices down but again um if we're doing this re-industrialization and leaning in there's to be a lot of money printing and then uh the supply chain disruptions can definitely add some price inflation already seeing it at the pump and based off this chart uh it would not be shocking to see food prices rise pretty materially in the back half of this year so pay attention if you're

Starting point is 00:24:15 not paying attention you probably should be and we've got a steep backwardation here yeah in oil and gas markets we can probably like you know skip over this this was just a good chart from alex Campbell kind of telling you right now the market is suggesting that this disruption is effectively temporary. And, you know, looking at the headlines out of the UAE, I think the backwardation increased. And so it's market telling you supply of oil is going to get looser over time. So this is kind of what you would want to see if you were running, you know, the Trump playbook. But again, like that's, you know, over a multi-year period, right? And unclear exactly how it plays out in the next three to six months with all these variables we just talked about. But I think like,

Starting point is 00:24:53 you know if we flip to just you know this is a once again a bitcoin show we thought everything is ultimately a bitcoin lens you know if we look at a world that where we're seeing the growing the the green shoots of a system that's going to find new ways to expand dollar claims worldwide right we're not going to a system where you know the the monetary base broadly defined is going down like that number has to go up in some way regardless of who's funding it you know whether it's the Fed explicitly in the way that we're used to, or, you know, trading partners in like a newly defined trading block. We're, you know, going into that type of market where, and we're with a government that has strategic priorities that are very different than the ones that we've

Starting point is 00:25:33 seen over the last couple of decades. You know, I just, it's very hard for me to, to look at all that and think that that's net bearish for this asset that we're focused on that has, you know, the provably scarce, globally available, distributed, and has a variety of applications that I think are getting, you know, greater recognition that we can get into, particularly with the government saying, perhaps dubiously, perhaps credibly, we can talk about whether some of this is actually like worth how meaningful some of this is. But the fact is the DOW and the Pentagon are paying much more attention in some way to Bitcoin against that backdrop we just described. So I think it's just, you know, a very, very interesting and important time to be

Starting point is 00:26:12 not forgetting about Bitcoin and remembering, you know, what it can offer. Well, we didn't tie it in for in the beginning of the conversation, but I think everything we discussed earlier, particularly as it pertains to the enactment of the Defense Production Act for our portfolio specifically, I mean, it would be a bit shameless here. I mean, companies like Giga, Upstream Data, Satoshi Energy, Cathedral, who are operating at the intersection of energy production and data center construction, both in the Bitcoin mining and AI world. It's massively bullish for bets that we made years ago. And I think we put our dollars behind these companies because we recognize that this sort of energy theme was going to emerge and

Starting point is 00:26:55 be pretty strong. And this was before AI even took off the way it did. And we had no idea that Trump would be as aggressive as it has been in the first year in a couple of months. But I think as it pertains to 1031's portfolio we're extremely well positioned to to take advantage of all these tailwinds particularly at the intersection of energy and compute yeah for sure and you know i think the simple intuition behind a lot of those bets was that we are going to need more energy more power and more infrastructure to make that happen kind of before to your point before certainly before that was consensus and before anyone you know had ever heard of uh chachi bt And so it's great to see that getting validated.

Starting point is 00:27:39 I don't necessarily know that... I think these are interesting headlines that we're flagging here. I don't know that classified Bitcoin skunkworks projects of the DOW or Bitcoin as a tool for power projection... If you listen to this stuff, it sounds a little blockchain, not Bitcoin. I don't know that the understanding is fully there. But I think the awakening is happening. And I think it's just a matter of time before everything that you're talking about is better

Starting point is 00:28:03 understood by some of the people in power and yeah i just think that's uh it positions bitcoin really really well right now it positions our portfolio really well and i think uh if you you know go to the next slide too just to close out like it's it's uh it's a tough time it's a tough look to me to be bearish bitcoin right now with everything we just talked about with to miles suitor's point at the bitcoin conference bitcoin payments really starting to you know take off and adoption among square terminals with you know legendary investors again reiterating their uh their affinity for bitcoin even despite the recent drawdown with etfs continuing to you know pull in massive amounts of of inflows um it's it's a tough look to me to with everything we've talked about

Starting point is 00:28:46 i mean all that going on fundamentally under the hood to have kind of a bearish read on bitcoin right now agreed and um i think we're already being proven right with our our bets at the intersection of energy and compute and i will i will put it out there i think another big theme going back to how we're going to pay for all this i do think that using bitcoin as a a collateral asset in in credit structures to fund some of these endeavors i don't know that we'll jump straight to it in the energy sector but i think we're already beginning to see it in the commercial real estate sector and other sectors of of the us economy residential real estate as well but Don't sleep on the growing trend of Bitcoin as a collateral asset and structure credit products to help fund a lot of this and to help make the economics work for long term infrastructure development.

Starting point is 00:29:36 I think that is something that is not obvious right now is a place in the market where we have capital behind companies playing at that intersection. And I think that'll be the next big Bitcoin related theme that the market wakes up to in the next three to five years. Yeah, absolutely. I think there's a lot of latent untapped potential for Bitcoin on a variety of fronts. And as a collateral asset, I think it's probably the most obvious near-term trend where you'll see that. John, you did a good job. We crunched two weeks and 35 minutes.

Starting point is 00:30:08 It'll be cut down a little bit. So we did a good job. All right. Bullish, as always. Bullish. See you guys next week. Thank you.

TFTC: A Bitcoin Podcast - Ten31 Timestamp: The House Always Wins

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