The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Brazil Is Stacking Bitcoin — And It’s Bigger Than You Think | CBP 252 Pt 1

Episode Date: February 17, 2026

🚨 LIVE: Brazil Goes ALL IN on BitcoinA BRICS nation is now moving toward a Strategic Bitcoin Reserve — and this isn’t just another crypto headline. It’s a geopolitical shift.As Brazil positions itself inside a changing BRICS landscape, questions are emerging about reserve assets, dollar dominance, and whether Bitcoin is becoming part of a new sovereign strategy.This isn’t about hype.It’s about power.From strategic accumulation and global trade blocs to reserve competition and monetary realignment, today’s live discussion breaks down what this move could mean for markets — and for Bitcoin.Money is changing.Power is shifting.Bitcoin is in the middle of it.📡 Live discussion.This conversation connects geopolitics, macroeconomics, sovereign reserves, and the future of sound money in a rapidly evolving global financial order.Please Like, Share, and Subscribe to the channel!SponsorseasyDNShttps://easydns.comAnycast DNS, domain registration, web & email services — fast, reliable, privacy-focused.Pay with Bitcoin.Use coupon code CBPMEDIA for 50% off your first purchase.Bull Bitcoinhttps://mission.bullbitcoin.com/cbpThe CBP recommends Bull Bitcoin for buying Bitcoin simply and securely.Use the link above for 25% off fees for life.256Heathttps://256heat.com/Heat your home, garage, or office while earning more Bitcoin than it costs to run.Book a call with a hashrate heating consultant today.Listen to The Canadian Bitcoiners PodcastApple Podcastshttps://podcasts.apple.com/ca/podcast...Spotifyhttps://open.spotify.com/show/6WzoIyT...Fountainhttps://fountain.fm/show/VaB9E0KrXGqg...RSShttps://anchor.fm/s/538d43f4/podcast/rssSocialhttps://x.com/CanadianBTCPodhttps://x.com/JoeyTweeetshttps://x.com/TheBTCPriceBotDiscord  / discord  ⚠️ DisclaimerEverything in this episode reflects personal opinions only and should not be considered financial advice.#bitcoin #brazil #brics #strategicreserve #sovereignty #macroeconomics #geopolitics #soundmoney #globaleconomy #centralbanks #markets #dollar #power

Friends and enemies, welcome back to the Canadian Bitcoiners podcast. We got Boomer, third mic today, just in case I got a bail with an illness. Big news this week. Brazil, looking to buy a million Bitcoin for their strategic reserve. We got a sparrow update. We got tons of stuff from what we'll call Notable North used to go by a different name on this program. And we're looking forward to getting into all that with you guys. But, of course, first the intro.

And so, you know, the government can say whatever they want about this thing not competing. It's for black market only. It's for this for that. But they're really treating it like a threat. And one of the things that can't be attacked is your self-custody Bitcoin. And one of the things that can be attacked is the ETF. Can't be exposed to that. That's my view.

It's not a good idea. And by the way, that'll hit MSTR too. It'll probably hit other stuff as well. Friends and enemies. Welcome back. Canadian Bitcoiners podcast. Friends and enemies, welcome to the CBP. Want to be better informed.

Listen to Lenin Joe E. Spots is taking care off right off the top. Oh, Bitcoin. Well, boys, it is another day in Bitcoin land under 70,000. Countries are accumulating. Banks are panicking. What can we really say? What's going on?

How are you guys doing? We'll start with you, Boomer. Here the odd man out here. What's going on? Appreciate you coming. Love your tag. 225 bench. So I let you come.

I think it's supposed to say onto the show. 225 squat, a little bit more on the squad, I guess. Yeah, I've been like hardcore hit in the gyms since the end of last year. So like I'm like three months in. I'm down 20 pounds and all my lifts are up. You know, Bitcoin's price is down. So the daily DCA goes a little bit further, man. It's all good over here.

Love that. Lam, what about you, buddy? How you doing? I'm good, man. I'm in good health. Good spirit. Right? The beauty of joy of not leaving the basement.

is that I cannot get sick. You're sick in other ways, but you won't need any vitamin supplements. Anyway, listen, we got a lot to talk about tonight. Let's do the sponsors first and foremost, easy DNS. Hey, wait, what happened? No, we had a beautiful, well, 14th of February. Valentine's Day? Do you guys all celebrate?

You want to talk about Valentine's Day on this program? No, I don't want to talk about it. It was wonderful weekend, wasn't it? I didn't do anything. I'd take my kid. I was telling Boomer, I'd take my kid to the ER, first thing Saturday morning, like 1 a.m. for steroid nebulized, whatever, for croup. So my wife and I didn't do anything noteworthy at all.

I tried to watch an episode of Love is Blind. Couldn't even make it through. What about you guys? What did you guys do? I went to Buffalo. I had a Bitcoin meet up. Typical Bitcoin response. Okay. Listen, this show is sponsored by Easy DNS.

I can't believe we waste the time on that. Mark is not going to be your Valentine, but he will be your registrar. And if you want to get a website, port a website, use Mark. Mark, easydns.com. For a couple extra bucks, you can preserve the sanctity of your mailing list. Preserve your sanity day in and day out. And Mark will give you what is basically white cloud service all the way from front to back, no matter what you're doing on this platform.

Also, if you're Bitcoin or virtual private server options, Bitcoin knows, Noster relays. You guys know the drill. Go to easydns. com. Use the promo code CBP Media and get 50% off your first round of buys with Mark. Who's the other sponsor? Who's doing it? Len or Boomer?

I can do it. Well, Bitcoin, they'll be happy to preserve your time, your efforts, or energy, if you want, by allowing you to trade the Canadian version of this for Bitcoin. Right? You can buy Bitcoins through them. You can sell Bitcoin to them. If you don't like the price, you want to start selling 68K, they'll be happy to facilitate that. But you want to buy from them, on-chain lightning, you'll be happy to do that as well.

Remember, you can't do the buys with them without providing a Bitcoin address. You're non-custodial exchange. This is what you want. You don't want anybody holding on your Bitcoin, and bold Bitcoin will not hold on to your Bitcoin when you do the buys. You could also pay your bills with Bitcoin. You can send money to your friends using Bitcoin. It ends up being Fiat sent to them.

A lot of different options over there. You can do limit orders. A lot of people's limit orders were hit these days because, you know, given what's going on. But check them out. If you haven't yet open an account, what the heck you're doing? Use our referral link below doing that. All your buys and sales in perpetuity are going to be a little cheaper. Bull Bitcoin, they are the best.

We love that. Okay, Len, let's hit some boost. And then we'll roll to what's sure to be an exciting program tonight. What about 256? We do 256 only in the Brampton Hamilton Man segment. Yeah. Okay. How's the volume going on your Bull Bitcoin referral code?

It's gangbusters. Yeah, it's gangbusters. People are spending money on Bull, which is you want to see that, man. The one thing I say about our, you know, just to break, you know, touch the third rail here for a second. The thing I said to a bunch of people at the Money Talks World Outlook Financial Conference is, look, you know, CBP puts a lot of money through that sponsorship. And if I look at the days that the price is down significantly, there are not only many buys, but there are buys that signal to me that people with a lot of disposable income decided it was a good idea. Those are smart people, man. You know, it's hard to ignore that signal.

And it gives me a little bit of comfort when I'm making my small buys on those days, too. Yeah. And for everybody listening in, like use that promo code because you're going to save on the fees in proper. 100%. In perpetuity, right? Forever, right? Like, like a quarter percent? Like, don't you lose it? You save a quarter of percent on your, on your body. The best way to say, it's 25, 25 percent off your fees. So these are for life. Yeah. Yeah. You can't be. life. I see Ben in the chat saying every bull Bitcoin buy gives you more chest there. Yeah, I do agree with that. I think that is true, actually, which is weird because I have none. So yeah, there you go. And you can DCA using liquid as well too. Like if you're afraid that the on-chain fees are going to go up, you can stack your SATs with your liquid account. Yeah, it works for the daily DCA. Into the bull wallet and then into secure storage and then into cold storage is the way to go. That's what I do.

my DCA is set up that way. And so every couple hundred thousand stats, I just move it over. There you go. Some, uh, for you. Len,

tell me about people who gave us. What the heck? Got to get, Joey, you got to have more conviction. Why? It's a Bitcoin, man.

Just keep buying. Doesn't matter what it. Just buy, buy, buy. Whatever. Whatever. Well,

let's talk about more BTC dick. 500 sats. He says, Joey's home has but a single stud. One of quote stud. Stud. Oh, Dan, this house, okay, hang on,

this house actually famously low on studs. Like, I could point to right over here, I leaned against this wall and I pushed it in. There's another piece of the wall outside this room that I leaned against like a year ago, pushed it in. It's like crazy. There's no studs anywhere in here. I don't know what's holding the house up.

Termites. It's all termites. 18 inches by center or 12 inches by center? Definitely not 12. Definitely not 12. And it's a very old house. then I think. Anyways, Dan Wedge, 513 sats.

He says, the commentary on World Liberty Financial is amazing here. And he says, Lend, the Legend, gets it right. P.S., this is a nostril note. Still got it as a boost. Appreciate you, Wedge. Sands another one, 513 Sats. Again, by Dan Wedge. He said, the episode where Joey admits his home is famously low on studs.

Do people care that much about it? the state of my home. Like, who cares? I'm waiting for 12. I think there's things, I think there's things in quotation, right? So like this is the joke everyone latches on to. I can't believe that. Okay. They love it. Doom Satoshi 521 sats. He says Canada slash Quebec, not only hydro Quebec refuses to adopt Bitcoin mining well before 2020. They had a serious lack of maintenance. Now they curtail production to make urgent maintenance. We have cheap power. And it's, It is not used.

So many water have flowed without producing energy. It's really sad. Quebec could have become one of the most wealthy regions. Now it's become political if we produced to export or not. Quebec is so dumb and stupid. Corey, more so, boomer. You call me, Corey. I've docks myself already.

Oh, yeah, that's right. Yeah, okay. I'm not using boom with that. So you, this is more up your alley because I think that you are in, in Ottawa area, right? So like you're close to Quebec. I'm actually in the Quebec. I'm actually right on the other side. Okay.

Yeah. My driver's license is a Quebec driver's license. Wow. So yeah. Are they dumb and stupid? It's different over here, man. I'll tell you that much. I'm talking to P. I'm talking to Hydro Quebec.

I'm not talking shit about hydro Quebec because I get 6.7 cents per kilowatt hour. And I'm running an S-19. That's great. So I don't want to say anything. I don't want to jinx that. So yeah and of course hydrocarbon doesn't want to mine bitcoin they can keep sending me the cheap electricity and i'll mine it over here i love it that's great listen i am jealous about that for sure flow captain he says 1,000 stats have a look at the jua cali j-u-a-k-a-l-i project open source by gridless

12-volt enabled mining could massively decentralized mining just what is needed right now 12-volt Mining got to hooked it up to the old cars where they had the cigarette lighters. And you can take advantage of that. What did what did he call it? What's the spelling of that? J-U-A-K-A-L-I, Juakali. Yeah, I don't see it. Open source by Gridless.

12-volt, enable mining. It's probably somewhere in Africa, right? It is in Africa, Gamma Africa. So there you go. Gridless has been in the news a few times recently for some stuff that is promising. So they're building in the bare market as the saying it goes. Yeah, your guy, Peter McCormick. I think his son work for Gridless for a little while.

McCormick is my guy, man. He's doing a lot of good work now in the non-Bitcoin space, which I love to see. It took him to stop making a Bitcoin podcast to become a hardcore Bitcoin. It is what it is, man. You build your base of skills and you build your ideology, and then you see where else it fits. And it turns out, as we know in Bitcoin, it fits a lot of places. And people are not ready for it. It's too bad.

It's too bad. A lot of folks in the process. Yeah. I mean, you know, not everyone has a good. water under the bridge now it's just money people earned well he doesn't i mean no one's got a clean track record but that's bad that's fucking bad not not this is on man

not disagree so let's let's you know as they say slay your heroes but obviously we have to hold people accountable for the shift I think he's been held accountable I mean people have he all the time yeah I think so I think so more than most he has been held held accountable more than he took those questions on his own show for months after that happened about block fire

yeah about a bunch of different things that he he promoted over the years. It turned out to be not so good ideas. What a flogging does that. And the fact, he pulled his money off and didn't even fucking tell anybody. That's a, I don't love that. That's a tough one. That's what I'm talking about, man. That's, that's, you know, how could you forgive this type of thing?

So when you do that, what does he, what is he trying to do? He's trying to please the sponsors. Fuck the listeners. It's a sponsor to the number one. If that's what you're chasing, well, then fuck you. Okay. You don't give a shit about the people. Okay.

If you want to Rip McCormick, you got to put a boost in your, uh, me? Yeah. You got to boost the shuttle. No, no. I'm not going to do that. Want to dive right into it? I love it, man.

Let's do it. Brazil up first. Do you want to give the summer? You want me to do it? So, yeah, Ronaldino scored. No, no. Brazil, they have, there's a new bill that was introduced, and it's called the Strategic Sovereign Bitcoin Reserve,

aka Resbit. That's what it really is. It's a strategic sovereign Bitcoin reserve. The person's spearheading this is the Brazilian federal deputy, and his name is Eros Biondii. Never heard of him before, but he's getting a little bit of play here. And this is all relatively late news. This came to us just today, and I was rather busy, so I may not have captured everything.

Hopefully you guys could fill in what I'm missing. What I understand is the goal with this bill that was introduced is for Brazil to accumulate one million Bitcoin, which by the way, soon there's only going to be one million Bitcoin available to mine. And they want to accumulate this one million Bitcoin over a period of five years. And I'm not sure if they're going to do it evenly over five years or just wade it out. If it's cheaper later on, I don't know what the story is. But either way, how they're going to do this is through two different ways.

One is going to be through seizure of Bitcoin. So whatever they sees, they're not going to sell or they may sell a little bit. But at the very least, they're going to keep that and for the most part. use that for their reserve. Also, they're going to use the domestic money printer and they're going to ramp that up to buy some Bitcoin. They also say, which is interesting, is that their international reserves, they're going to make sure that they have some Bitcoin in there. They're going to, up to 5% is going to be of Bitcoin. And furthermore, they're going to also enable the ability for their citizens to pay for taxes with Bitcoin, kind of reminiscent of El Salvador. And they also

are going to give tax breaks to companies out there that are engaging in Bitcoin mining and also secure storage infrastructure. So they're trying to become Bitcoin friendly on a number of different fronts, not just for stacking Bitcoin on a federal level, not just allowing for people to pay with Bitcoin, but also they're going to give businesses the opportunity to do Bitcoin-related business over there and give them incentive. And they also say they're going to use cold storage for securing their Bitcoin. They're going to use multi-sig. And they also mentioned here from what I gather, ETFs could be used only in an emergency.

The real thing that they want to do is they wanted to just have actual Bitcoin. Did you consult with them on this? Did you get the consulting contract? I did not get anything on the, but one thing also to consider with everything I said here, there's also a push in Brazil for a CBDC. So there's this general momentum you have here with digital assets they're trying out to push.

So I find it interesting. I have no idea if this is even going to see the light of day. Because like I said, this came late on my desk today. So I didn't maybe didn't capture everything. I would love to know. Is this something that is this has a chance to pass? I don't know. It's going to pass.

It is? Yeah, the current status. So it passed the house with 93 votes. They only needed 75. So overwhelming majority there. And you need Senate approval. The implementation target is 28. That's $1 million over five years.

So, you know, $200K per year. It's pretty good. They're going to use the 4x reserves, which is sort of weird, right? Because you're basically, again, don't forget, the first B and bricks, what is it? It's Brazil. Okay. So you have Brazil who's trying to get off the dollar, selling dollars, selling U.S. reserves to buy Bitcoin. Huge.

That is huge. I've heard so many people in the macro space, okay? the Brent Johnson's, the Eric Townsonsons, these people who are super smart but don't love Bitcoin, all saying the same thing. Bricks is going to start their own currency. They're going to go to gold. They're going to go to some other version of the dollar that's not going to be Bitcoin. Well, what's this?

What is this? What is this? This is the 10th largest economy in the world telling you they're going to buy a million. 5% of the supply they're going to try and get for their reserve. And it's also coming from a relatively left-leaning government. Yes. So what is the argument now? from these people, that this is not starting to become not only a de-dollarization story,

not only a get-away from U.S. debt instruments story, but also a Bitcoin story. You know, like I said, I think last week, a lot of people gave presentations at Mike's conference. Very good presentations. But I think the one thing people get wrong is they show this chart, okay, of gold in treasuries versus U.S. treasuries in reserve. So gold in reserve versus U.S. treasuries and reserve. And everyone says, look, there's these two lines here.

the treasury's line is sort of flat, bumpy, but not going down. The gold line is spiking. And they say, look, this is a de-dollarization, the U.S. Treasury. They're trying to decouple from these things. They're moving to gold. And I made this point at the conference. I'm going to make it again now. They're not moving to gold.

What they're doing is not buying more treasuries and letting gold appreciate. They will eventually rebalance like any smart government would do. And here's Brazil, top of the bricks pecking order, maybe China or them, depending on how you view those economies over the next 10 years. There's questions about Chinese numbers, obviously. This is a top economy going into Bitcoin with U.S. dollars. That's what the dollarization look like. It looks like because that line with treasuries dips while the Bitcoin line appears on the chart.

You don't see this anywhere else. A couple of the points I want to make. People will say, I think, online, that this is a first mover type thing. I actually don't view these guys as a first mover. I think that they will view this as a second mover. in the history books. El Salvador maybe number one or number two, but I think most people will say El Salvador was inconsequential. I think what will actually happen is the U.S. put in a friendly Bitcoin president. Their treasury started holding Bitcoin instead of auctioning it off. And these guys saw the writing on the wall and said something needs to be revalued higher to keep this party going. It's not going to be gold because gold drags industrial metals up with them, which will kill your cost of living, will kill your costume manufacturing, kills your input cost. Can't have that. Gold is not. going to be the thing that gets $10,000. It's not going to happen. Not anytime soon. The revalue is going to come here first. And once that happens, we'll talk about all this other stuff.

But the way I view this is just very, very positive. You know, Corey, I don't know what you think. I'm sure you got some thoughts. You're nodding your head too. So let me know. Extremely positive. Because like you said, they are a member of bricks. And they're also the member of bricks that's in the United States sphere of influence, right? Yes. Great point. So that is kind of, this Bitcoin thing might be the neutral reserve asset that we've been talking about for years and years and years. I don't know where Brazil stand on their gold reserves. You can find out pretty easily. Brazil gold reserves, it wouldn't be that hard to find it.

They have $27 billion as of January 26. So is that a lot? I really don't know what the sort of standard is there. More than we have. Yeah, sure. I mean, I personally don't subscribe to this idea that Canada, not having any gold is. a big deal. We'll just, if, if worse comes to worse, we would. Yeah, well, also, we would nationalize the mines, exactly. And people will say, well, that'll kill the dollar. The fact of

the matter is the dollar or the loony would be dead already if we had to do that. So I'm not worried about us not having any goal. I think that's a, you know, whatever. Yeah, they're in the top 10 to 12 gold reserves over there. So again, like they're, they're not in the top 10. They're, you know, just outside of it. And instead of accumulating more gold, what are they doing? They're doing this. Make of all this what you will. There are people who will say this is, you know, not an interesting thing. It's not a story. There's people who still think Brazil's like third world in a lot of ways, which, you know, I'm not saying you're going to get necessarily like fast internet there, okay? Latency might still kill you playing arc raters in Brazil. But on other, by other metrics,

they are moving into the top 10 in terms of economic potency, both today and in the future. And to me, this is, this is a huge, it is a huge story that I don't see almost anywhere on Twitter. How is that possible? This came out Friday, by the way, Len. The price hasn't moved. I sent this to lend today, but it came out Friday. And so I was busy. I totally missed it, though.

Yeah, same. I didn't see it as well. No one's talking about it. And it's like, why? Why is it not a bigger story? The gold thing, I just wanted to double back to what you were seeing. Somebody's buying gold. Did this price of gold, what is it now?

Is it 5,000? Yeah, they're buying. I'm not saying that I'm buying it. Yeah, yeah. It's not about whether they're, like, when I, when I, the case I want to make to people is not that nobody's buying it. It's that if you look at treasury reserves of gold, okay, there is not a significant jump globally of central banks buying gold. The value of the gold has doubled in the last calendar year. So like when you see this line spike up, it's not people bringing gold into vaults.

It's the price of gold going up and banks starting to accumulate again. Now, our bank's going to accumulate at 5,500. No. Are they going to accumulate a 5,000? I don't think so. I don't think so. And you know what it's telling is that I would guess that are you going to find out over the next few years that the U.S. doesn't have nearly as much gold as like China, Brazil, some of these other countries, right? Because they're not going to buy it. And these other countries may accumulate at some level.

And that's when people are going to realize, like, oh, yeah, the thing that's going to run is Bitcoin. And I do believe that the thing people are missing is that gold, whether it's related to silver or not in terms of industrial use. I would clearly say no. The monetary sort of value prop of gold at 5500 is just not that good. And the problem is it drags up, silver, copper, all these other metals that contribute to the cost of your goods. And you can't have that. You simply cannot have it. So I don't know why people think it's going to just rip higher over and over and over again.

It took literally almost 20 years for any move. And by the way, you know, I think people complain that the only way Bitcoin goes up in price is when governments ease policy or they allow you to do something. I would say to those gold bugs, like, guess what? It takes literally every tool in a monetary and fiscal toolbox to be used and abused for 30 years before you get a price movie. By the way, you only doubled. What do you think is going to happen with Bitcoin? Bitcoin's already, you know, from 2015, what is it, a 5x, 6x, 7x, whatever it is, something crazy. And we're 50% off the highs. I can't, I cannot help the gold bugs if they don't see the writing on the wall. This is the.

that writing. Like this story is the first There's still people out there, Joey, and I was listening to the radio on my way to Buffalo. There was, it was one goon that was, and he claims to be a financial person, expert, where the fuck he wants to call himself. Saying gold was going to be

14,000. And he was also claiming silver would get to 500. And he was talking about, the first time I've heard this in this type of narrative, he mentioned a word super cycle, 10-year super cycle with respect to gold. I've never heard this before.

My gosh, this thing is bleeding everywhere in terms of the narrative. Top sign, right? When the radio caller tells you $10,000 gold is... 14,000 is... Whatever, yeah. But some... Like, the fact that money poured in

enough to cause this to shoot up and you hear stories that there isn't enough physical gold out there for people to buy it at retail, I don't know what the fuck is going on. I don't know when it's going to stop. Hopefully soon, but if not, I don't have any power to this.

With respect to Bitcoin, too, you got to remember, this thing could just be already driving it. It was a human being. It just barely got its driver's license. It's still so fucking new. Gold has thousands of years behind it. Bitcoin has just fucking a decade and change. So there's so much more runway here.

Who the heck owns Bitcoin? Yeah. So few people do. Do you know, the other thing that's old? Yeah. A lot of people can't fair. Tons. The other thing that I want to note that we didn't talk about is the bill also includes

state-supported mining. operations. That's nice. It's huge. And so like you're talking about, again, like, I will release the presentation I did for Mike sometime. But in the presentation, I noted that the thing about mining at the state level and the industrial level is before it means anything about grids and all this other stuff, benefits

for sure. But what it means is governments are on board. You have to engage with governments to get an industrial miner up. And it means permanence. You have to have plans. Your PPAs have to be in place. You have to have hardware agreements. You have to have shipping pipelines.

You have all that stuff locked. down. You're seeing that now, by the way. Companies that don't have it locked down, Nintendo, Sony, Apple had a PPA, or sorry, not a PPA, but a hardware agreement that ends this year. And they just told everybody the new MacBook refresh is actually just going to be new colors and less firepower. Like, to get state-supported mining, all this stuff has to be in place. Major companies did not do this and now cannot do it. Bitcoin miners did not get that memo. They took seriously the idea that hardware would be hard to come by. these agreements and let's see if they make good on it. Now, the, you know, the big question for me is,

again, I don't see anything in here about we will not sell the Bitcoin, which is obviously, you know, not my favorite thing. But my assumption is that they won't move it. I think that's fair to say, right? The U.S. is not selling. China is not selling anymore. A number of other countries are in the same boat. And there's a few other places like Czech Republic, Russia and other European countries that are starting to look at this too. This is, it's all just stackers paradise, man. Stackers paradise. It's a really good. It's a great sign. It's a great sign. Just enjoy it. Exactly. Just let it ride and have some fun and buy your Bitcoin. You will be fine in the long run.

Don't spend anything you can't afford to lose in the meantime and just hang in, you know, go back to work at McDonald's, pick up an extra shift, whatever, and just be happy. And Joey, when you were at the conference, Mike's conference last week, how many times did you hear the cure for high prices is high prices? He heard that a bunch. Yeah. You heard that a bunch. Yeah. Because when gold, silver, copper, oil, whatever the hell goes up in price, what happens? More production.

That's right. You produce more. You find more places to find gold. And by the way, people will say it takes 10 years, nothing. Exactly. It's inelastic. People will say it takes 10 years, too, Corey, to spin up a mine. But the point is that you know it's coming.

You know, exactly. And people don't understand this about Bitcoin. There's no, the demand is in elastic. And all the technology is working against you in gold mining. If you want to talk about gold coming out of the market, you know, you can talk about meteor mining and all that other shit. But the fact of the matter is, if you know there's a deposit, like, you're going to get it faster next year than you did last year, faster five years from now than you can

next year. And in 10 years, you're faster and faster and faster and faster. And like that, that demand becomes more elastic over time, even if, you know, we're all right about the monetary debasement trade. The problem is technology works against you in gold, where on the Bitcoin side, you're insulated from it, you know, short of quantum, right? But like, that's a problem we can solve. You can't fix this.

You can't fix the rock in the ground. It's there. You know it's there. And if you can get it faster, you're going to get it faster. And then before you know it, you're De Beers. You're telling people that the gold is rare because you control the speed at which it's extracted. But no one buys that anymore.

Like that's, it's over and done now. And with gold in particular, with gold in particular, it's not just the mining. Like at what price of gold does Brampton, grandmother sell some of her jewelry. Yeah, it's a good question. Yeah, I don't know. I don't know. likely never because they like to hold this and use this.

Her kids might not be interested in holding it though. Like that's $80 trillion coming from boomers to extras and millennials over the next 15 years, let's say. What did Ted DiBiase say all the time, Lan, back in the day? Everybody's got a price. Everybody's got a price. You're all right. But the one thing we know.

It was a good idea to bring you on. is that because Bitcoin and Trump, there seems to be a loose connection between the two of them, whenever Trump is no longer in power. And if there's a possibility that the opposing party comes in, Bitcoin may be something that's tied to the Trump administration, and they may want to undo that just like Trump wanted to undo Obamacare. So there could be a disconnect between the U.S. government holding on the Bitcoin

and the price of Bitcoin is going to tumble as a result. And it's entirely possible. Entirely possible. But what if Bitcoin is tied to Tether and not tied onto Trump? And what if Tether is completely like capture? Tether has been completely integrated in all these markets all over the place. And now Tether are using Bitcoin to back. There's a difference between Tether saying we're going to continue to use Bitcoin

versus United States saying we're going to sell what we seize from people, the markets are going to react differently to those two messages. Yeah. Also, I don't view this as a risk because I think just as much as Trump is just a frontman for his admin, I don't think Trump actually has a view on Bitcoin. I think Lutnik does. I think Besson does. I think other people who are smart economists and market participants do.

And to be honest with you, the other thing that doesn't give me really any reason for concern is the Republicans are going to win the general in 28. And I'm not, I have no concern about that. Way too early to tell, man. Maybe, but I really, I really have no concern about it at all. The liberals over there are about as rudderless as conservatives here. And to me, you know, watching their sort of, you know, two, their two hopefuls, AOC and Newsom at the Munich Security Conference, these guys are retarded.

They don't know anything about international policy. They're not ready for that stage. And it shows big time. And so, you know, I think that to say it's tied to Trump, maybe. But I think it's probably likely that the U.S. views this as a national security issue at this point, is my guess. They might. Again, it's depending on who's running the administration over there. Just as an aside, like you have to, I've said this before, and I don't want to drag this topic out too long, but we are having a good discussion on it.

The other thing is you need an injection of wealth to come from somewhere. Like, it's not, you can't pump up real estate anymore. The stock market's already like trading at 20x PE, forward PE, maybe higher actually. and some of the top names in the S&P, you already have a currency that's been debased to all hell. So where do you, what do you reevalue? I told you why I don't think it can be gold. Bitcoin makes the most sense to try and pump up.

Because then you give the next generation a little bit of firepower. They become participants. They become spenders and, you know, good GDP monkeys in a lot of ways. And that's sort of what you want. And you're also front running your adversaries. Yeah. Like that's the other important thing. That's why I think it's a security issue.

And by the way, I'm not the only person who thinks that. A couple of really smart people at that conference told me the same thing. They think they think Bitcoin is a U.S. security issue now. And, you know, for me to say it, it's one thing. But for guys who get on stage and try and tell you that, you know, Bitcoin is not gold to say that, what's more of a national security threat? The gold price or the Bitcoin price. The fact that it's even a debate tells you everything you need to know about the direction of the school.

We're still really small. Guys, I'm telling you, okay. But over time, okay? Over time, yeah, 100%. It is long enough runway, absolutely. But if you're talking, your question is for as of today, it's not today. But like the fact that it's even a little bit of a debate, like, you know, it's nice.

We didn't have this few years ago. Governments were not friendly toward us. Industry was not friendly toward us. Institution was not friendly toward us. And now, again, like nation states is one thing. But you got pensions, endowments, universities, family offices, ETSs, like the smart money is here. We just have to make it appealing to stay.

And I think the asset is doing the job, man. It is doing the job. How do you make it appealing to stay? You can't... No, the assets doing the job. The asset is doing the job. 100%. You look at the fundamentals of Bitcoin.

It's not like you could change it to make it even more appealing. That's right. It's fucking appealing as it is. That's what makes it. It is... Never forget either, by the way. 120-day lag between Bitcoin and gold. Like, don't forget that.

A lot of people point that out. Jimmy Thorne, James Thorne on Twitter points out all the time. Like, we're around getting close to 120 days now. A lot of bottom signals. A lot of, like, I feel, I'm not saying you have to live and die by the star signs, okay? But there's a lot of things pointing in the direction that these buys you make now are not going to be buys you regret. 100%.

100%. I'm surprised. We're not at 250. Yeah. Yeah. I'm fucking just amazed, given if I'm looking at the price of silver and gold. Yeah. But the fact we're sitting at 69, sorry, 689, fuck, that's, you know.

But this has happened many times before where gold has front run Bitcoin. And then a hundred days later, 200 days later, Bitcoin ends up catching up and then overtakes it. I don't know. It doesn't mean it's going to happen this time. Yeah, I mean, it might be different. I don't know. We'll see. We'll see.

Well, Goldman Sachs. So in this, we'll do just a few stories because we'll be able to talk, touch them all. Q4, 2025. Goldman Stacks disclosed that they have $1.1 billion worth of exposure into Bitcoin and another $1.2 billion of exposure into shit coins. It's mostly ETH, by the way. Like, ETH is 42 and a half percent. So it's Bitcoin at 46, then ETH at 42, and then a bunch of the garbage.

More to it. You've got to dig into this. You can see that the trend is probably going to wrong direction. Yeah. They're buying Ibit and they're buying FDIC. So they're not obviously buying spot Bitcoin or having somebody else give them paper Bitcoin. And we have

the grand scheme of things. The number I mentioned, only 0.33% of their total reported investment portfolio is respected of Bitcoin. So it's small potatoes. It's very, very small. One third of 1%.

That's all it is. But some people are looking at this. This is bullish. Yeah, Q4, sorry, 3 2025. It's just a month earlier. So we just got the Q4 report. If you look at Q3, 2025, they had more Bitcoin exposure then. So they were selling off some of their Bitcoin quarter per quarter.

In fact, Q2 2025 was their peak when they had $1.65 billion worth of exposure in Bitcoin. They're selling the Bitcoin and some ETH too, it looks like, to buy Salana and XRP. So they are diversifying their digital asset portfolio. The fucking shit coins. These are traders, man. This is trading. Momentum. Momentum.

Yeah. I'm fucking why. It's interesting. It's interesting. Like, you know, people will say that, and you're right to make the point land that, you know, of their total portfolio. You know, what's their total AUM? Their total AUM is like three quarters of a trillion. It looks like.

Yeah. About seven, seven 20. So they got 720. God, my sinuses. They have 720 billion under management. They got about what was the number we just gave? Two and a third. billion in crypto. Let's say they move it to 1%, right, the number triples. But if they move it to

5%, which is the number you're starting to see from certain funds who are saying to people, yeah, like somewhere between two and five is the right level of exposure to Bitcoin. You're talking like you're adding a fucking ton into the market cap. Number one, number two. And it has to be Bitcoin that they move into it because all the other ones don't have the liquidity to withstand. That's a big thing. You'll move the market, right? Bitcoin barely has the liquidity to handle that type of movement. You sure as hell can't do it with like a fart coin. That's right.

And it also gives cover to other big money institutions to say, look, Goldman's saying 5% we can go to three at least in every family office, every pension, every endowment. The thing is you're already actually seeing this. Like if you look at the F, I think it's the F13, I can't remember the name of the form, but the F13 filings, let's say, where these guys disclose what they own in certain funds, you're seeing that these guys are buying the dip, right? And I know, you know, we can talk about the sort of legitimacy and whatever of the ETF versus spot.

I think it's not really relevant to this conversation. But what I will say is that what you want is floor setting buyers like universities, pensions, whatever, who will not sell on a dip. They will add because they have conviction. And like you guys both said, right, the fundamentals of Bitcoin don't change. And these guys are looking at fundamentals. They don't bow out of an idea because the point. price goes down. They double down. They have a board. They have an investment, you know,

a guy. These guys have have a mandate to follow. And that mandate is not buy, high, sell low. It's not get out when everyone's afraid. If this idea is good and we think this idea is good, we're staying in. And so, you know, if you get to a three, somewhere between three and five at Goldman, that's easy. Another, you know, let's say, if they go half into Bitcoin, it's 20 billion. If they go 75% or 100%, like Corey was saying, just because just because of the liquidity Profile. Yeah, just because of the liquidity profile. You can't buy XRP OTC at $10 billion.

It doesn't make sense. So for these guys, I would just say that they are the tip of the sphere. And there's a lot of people, I think, out there. And this is, like, we've been vindicated on this over the years, all three of us. People say, oh, well, you don't know that there's people waiting to buy. You don't know there's pensions waiting to buy it. Well, actually, I do. If I look now at the number of these institutions that hold Bitcoin, they were waiting for some kind of cover.

And they got it. And so they're getting it here again and over and over and over again. Now, this allocation, like you mentioned, that's super small. But it's still directionally correct. And as much as I wish they weren't barbelling with Bitcoin Ethereum and, you know, whatever other garbage expert piece of Lano, there's probably more in there. I'm not sure. But, you know, that's just the way things go at the beginning, much like, you know, much like we did.

I bought a Bitcoin and a bunch of other shit. And these guys are learning the lessons that we learned 10 years ago. But they will learn them faster because, as I always say, the path to the campfire is clear now. You just have to walk by the torches, right? And learn the lessons and get there soon. And they will. They have to because it's their mandate. They're not, you know, their client base is not going to wait for them to figure out that

Brad Garlinghouse is a moron. They're not going to wait for them to figure out that Jason Calcanus is, you know, holding a trillion dollars in Salon or whatever that fat idea it's got, right? Like they're not going to wait. They're just going to do the thing that makes most sense to them. And, Len, one of the things we used to talk about early in the show is so there's two kinds of, two kinds of institutions, right? there's people who have history happen to them

and people who make history happen. And if you think Goldman is the latter, then you love this. Goldman's not going to be a victim of someone else's idea. They're going to tell you what to buy because that's what they do. And they're going to set the tone here. I like this a lot, man.

I'm bullish. It's a bullish week. A lot of bullish stories. Boomer, anything you want to add to that? No, I agree with all that stuff. Think about the last time that we were at this price. What was going on? It was just regulatory.

No clarity, regulatory uncertainty, didn't know who's going to be in the White House, choke point 2.0, you name it. Tons of reasons to hate the asset. And it was retail, retail driven. Now retail is out to lunch. Retail's poor. And here we are talking about like a new Treasury Reserve Secretary who's going to come in and lower rates. There's stimmy checks, rumors about stimmy checks. There's an election in the United States coming up in, what, nine months or so?

Yeah. Yeah. So right around that time where politicians start giving out checks for an election, a certain percentage of that money is going to go into risk assets. And I know for us and for the vast majority of your listeners, we don't view Bitcoin as a risk asset, but let's face it, most retail does and they're poor, but they get checks coming. And what are they going to do? They're going to gamble it. And some of them are going to go to polymarket for sure. Some of them are going to go Cal She or bet on whatever. But there is a certain percentage of those people that are going to take that Stimmy

check and they're going to buy Bitcoin with it. Totally. Coinbase feels a lot more bullish than the last time we were at 68K. It's a good opportunity to talk what's going on at Coinbase because the last story ties into this one slightly. And it was revealed that Coinbase in one way or another, they hold about 12% of all Bitcoin out there, 12%. So Michael Saylor, you can move over.

because these guys got you beat. In fact, it's rather funny if you really look into it because the 12% number that's been reported that they own a Bitcoin includes all institutional holdings, including micro strategies, well, whatever micro strategy has. Most of micro strategies. Yeah, because they use fidelity as well.

But 12%, 12%, that is a fuckload of Bitcoin. And they have BlackRock ETF, they have the Grayskill ETF, and more, right? They have all under one house. And I'm wondering their insurance premiums got to be through the roof, right? Because if something happens, they got to be able to cover this. So I'm wondering what are their insurance premiums because, you know, people, you know, they're breaking in a lot more these days into homes and shit like that. And they're based on a San Francisco, right?

According to Google, they say that's an area that's seen a rise in opportunistic property crime. So maybe they're fucking, you know, don't leave the cold card into park car. If you come back, it's fucking gone and all of the Bitcoin is gone as well. But Coinbase, they say that they have all this Bitcoin. People are saying, this might be a 61 or two opportunity, right? They have fact that they have all this Bitcoin. I doubt this shit will ever fucking happen. There's no fucking way.

The reality of a 60102 happen. Write it down. Andre, when you're clipping this show, write it down. Okay. Len said 6102 will never happen to coin this. I know. It's likely not going to happen. It's within the role of possibility, but you know what?

It's not going to happen in my lifetime. I'm pretty sure it's not going to. But nobody's talk more shit about Coinbase than me. I talk a lot of shit about Coinbase. Oh, Lenwood. As I should, I think. Let's give them, they haven't really lost anything on the custodial side. Nothing.

They're undefeated. They're undefeated. Never hacked. No problem. There's a first time for everything, but they've been a good after that and thus far. And I assume they haven't lost anything. But really, until we could verify everything, we're just going based on. what they tell us.

But you know what? There is still the fact that they have all this under one house, under one roof. There's still the possibility that there are going to be some theft, right? But this happens. I say bring this to fuck on. I'd love to see this shit happen. We have FTX with Quadriga. We had Celsius.

We'd block fight different animals, but there is some overlap here. They all, all those ones, they close shop. But it goes to show you that every time you rely on somebody else to hold on your Bitcoin, there's the possibility you're going to get rugged as part of the process. So they'd have, like I mentioned, a 12% Bitcoin that they have on their balance sheet. Okay, that's fine. Does this mean anything? No, they don't have extra voting rights.

They can't control the network. The only thing that they could potentially do if they wanted to. The only thing that could potentially do is dump Bitcoin and move the market. Other than that, and that is a lot, but it's not everything. The network will still run. the asset will remain the way it is, but in terms of having all that Bitcoin, I don't fucking care.

I wonder how much of this 12% is like stuff that people have on their Shake Pay account and stuff like that. Exactly. Shake Pay uses Coinbase custodia. So if you're a listener to the show and you got Shake Pay and you got a couple hundred dollars on your Shake Pay account in Bitcoin, that Bitcoin is being held by Coinbase, not by Shape Pay.

So are other countries doing that? I don't know anything about apps from other countries other than the U.S. and Canada. How much of that 12% are these types of things? A lot of it. Probably a lot. So at the retail level, we do have some control. And I'm guilty. Guilty as charge.

I know I hold, I have a shake pay account. I hold a little bit of stats on there at all times. Like I'm trying to get my streak all the way up to. a thousand like I'm getting close so uh I should be moving those sats into cold storage routinely which I do but I don't move it every time that it gets to a hundred dollars but if if everyone did that would go a long way into would have the needle it would definitely move the needle we could probably get that oh man I don't I don't think that's true I don't think that's true yeah 11.9 9.9 yeah I think I think most of that is

ETFs and these other guys who are using it for storage. I'm with you. Micro Strategy alone. Most, yes. Not all. I don't hate the idea of, right. It's not all. Like, I don't, I don't hate the idea of Coinbase holding this stuff, by the way, because

like you said, Corey, my co-hosts. So far so good. My co-host hates the idea that Coinbase is custodying, but the fact is they haven't had a problem, which tells you something. They're the biggest honeypot. They, by the way, they've been the biggest honeypot for a decade plus. And so, you know, even when this thing was worth 20,000, 2017, they presumably didn't have the same security features and procedures, still no problems.

And I will say that, you know, these guys still have problems with buys and sells during market rips, right? During, uh, during, let's call it busy periods in the, in the Bitcoin market and probably in the all coin market too, I'm not sure. But apart from that, you know, you're, you're really doing okay if you're with Coinbase. It doesn't mean you should be on Coinbase as a, as a retail person or on, or on shake pay as retail person. You should be buying, even if you're buying over on those companies instead of bull Bitcoin,

you shouldn't be holding it there. I think, I think, Corey, to your point, like, you know, I put some money on Shake Pay to pay out, like, the fantasy football, you know, finance football winnings. Why? Because they cover the fees. I might put some on there before a conference. Why? Because they cover the fees.

Like, I don't want to pay the fees out of my Cove wallet or whatever. Like, I'll let them cover the fees. Shout out, Praveen. Show out, Praveen. But, like, long term, nah. I think that most people, even if they move it all to, like Lemma's saying, it's like it's a drop in the ocean. Think about how much money those guys have from the institutional side. Like it's an insane amount and it's going up, not going down.

Where does the government hold their Bitcoin? Does anyone know? The U.S. government know? If I had to guess, it's going to be Coinbase. I think it would be too, but I don't know. It's interesting, right? These guys are, again, like people say that, and I'll just, I'll point it one more thing. people say that Coinbase is the sort of not that you're suggesting this land but if there was going to be a 60102 like most people would say Coinbase is the target I still think it's Sailor. Sailor's the easier target. Sailor's a guy who I don't think has as much commitment to the asset as he wants you to believe. And I also think that he's a guy who's he's pretty flexible to the idea of governments getting involved in Bitcoin. And if it means they want to get involved in MSTR at some way, sure. And then you know, if you know, if you

put your tinfoil hat on, listener viewer, go look at where micro strategies offices how far it is from Quantico. It's not far. You know, if you're a good golfer, you probably get there in five. So it's the same Starbucks. They go to the same Starbucks. You know, like when Quantico... Like me and Tip McAllum. Yeah, when Quantico pizza alerts

go on, like when there's like a lot of pizza being ordered at Quantico, it could also be MSTR ordering pizza, not just the guys the feds. Quadrigo you're familiar with. Yeah. Lock by your... familiar with Celsius you're familiar with. Yeah.

What would you tell those customers? What would you have told them before? It was obvious. No, no. It's not obvious, Joey. The thing is up until that point, they never lost their customer funds. Yeah.

Right? So if you're going to use that as going to be what you're going to use as the example, your argument, up until Quadriga got rugged, diddle for BlockFi, diddle for Celsius, they had that same quote unquote perfect record. All I'm trying to say is you don't want to have anybody rely on holding on to your keys. You're always right about that.

No record or not. I'd rather fucking hold it myself. No problem with that. No problem with that. Then I'm not going to say, no, they have a great record now, Coinbase, perfect, but it doesn't mean it's going to happen moving forward. People do stuff, day to day even. I'm sure you put on your seatbelt when you go drive and joy because you see the people around

you, they are shitter drivers they are today than they were yesterday. than they were yesterday and tomorrow's going to be even worse. And you're trying to protect yourself from an accident that may not happen. But you're doing this as protection. Putting the seatbelt on, taking your Bitcoin off to exchange similar type actions. You're protecting yourself. This is something that you're giving yourself a chance to live another day financially or physically. I don't give a shit that they have a perfect record now.

Because you know what? When that record is no longer perfect, what do you do? Oh, it's gone. The bigger risk. Maybe in 10 years, you're going to get, when they go through the whole process, just like the Quadriga users, now they're getting fraction of the Bitcoin value or a fraction of the Bitcoin today than what it was at the time. If only they held on to it, rather than getting paid pennies in a dollar, they could have everything and still have, they'd be able to eat their cake and enjoy it. But now they have nothing. Yeah, I think the bigger risk for me is regulatory, not security.

The bigger risk for me is shit coins. and how ingrained they are in the shit coin community. And if they're over leveraged on one of these coins, it goes completely tits up and they have nothing else to liquidate to save their ass. And they have access to, I'm not saying that they got access to Sailor's coins just because Sailor uses them as a custodian. I'm not saying that. But maybe there's like one of those ETFs that really haven't done their homework as much as others.

And if Coinbase, If the choice is completely go bankrupt because of some bad shitcoin deal, they might liquidate that Bitcoin. And that could start a whole cascade of selling. You really never know what's going on in exchanges, right? You just don't know. Yeah. Yeah. The other thing, too, like, I'll just point out that we won't, we probably won't talk about the story because I do want to talk about the unrealized gains tax in the Netherlands.

But, you know, in terms of like you don't know what's going on at what seems to be an outstanding exchange, you know, crack in middle of an. IPO cycle fires their CFO. Like, how do you, you know, she worked there for 16 months. And Cracken have been one of the better, you know, like- Cracken's not just one of the better exchanges. They're funding the Trump investment accounts in Wyoming. They're going to front the $1,000 for all those kids. Like, they are involved in a number of different things.

You don't fire your CFO during a period of financial pressure. You keep your CFO. You wait until the IPO is done. Agreed. They basically, you know, gracefully pushed her out. She's in some kind of strategic advisory role, which is just, you know,

Corpo speak for fired, but you better still answer the phone if we call you because we don't know what any of shit means. Like, you know, that's interesting. And so you never really know what Coinbase is going through month to month, week to week,

year to year. And October 10th wasn't that long ago. That's right. When all those shit coins went belly up and there's bodies floating somewhere that we haven't found. We'll find out what happened with Cracken. I think you're right. Yeah, there'd be something there.

Anyway, Len, let's talk about unrealized gains and go to the notables. No, we'll do the unrethized gains in the notable. Oh, okay, sure. One more thing about Coinbase and the Canadian slant. Did you guys talk about how the Canadian CEO of Coinbase recently resigned, took a new job? No. I wasn't aware of that.

Where do you go? Do you know where he went? Yeah, I know exactly where he went. Where? Open door. Really? Yeah, yeah. He took a roll of Open door.

I met him a couple of times. Nice enough guy, I suppose. literally he lived in Ottawa he lived a walking distance from a Bitcoin meetup that we used to host literally walking distance he wouldn't even have to drive yeah and he knew about the meetup I personally invited him like I spoke to him about it never came once he's high value right that's I think I wonder how many things he goes to period maybe not just you that Canadian CEO like everyone sees his stories man you know me and Len joke about all the how we're getting closer and closer to not do anything in public.

That ain't a joke. You leave your little community and you never know what the fuck people are thinking. They see you. They know you. Anyway, yeah. Best elect to Lucas Matheson at Open Door. Good luck.

Selling houses the cheap way. Love it. Block fills. I think this could be the last story. We could wrap up. Never heard of them before this week. I'll be perfectly honest. Never heard of Blockfills.

It's a global financial service technology and training company. They provide digital asset. liquidity, execution, and clearing services to professionals and institutions around the globe. This is what I got from Google. And the problem with this business model is if things are going well, things are okay, when things potentially get fucked up the ass, like if it doesn't have downturn, well, these guys, they're going to take it hard. This is where we are right now.

Bitcoin is down roughly 40%, 50% from its all-time high. So these guys, they're feeling it. They're saying, quote-unquote, market conditions. are causing them to halt withdrawals from their services. Sounds like this thing is ready to go tits up, if you ask me. And the sharks,

they're circling the waters. They are doing this move, but they are still letting people, customers, do buy and sell. You can buy and sell using their platform, their services, but you can't take it off. That's fucking bullshit, right?

Len, let me ask something. I'm going to give you a list of names here and you tell me what they all have in common, okay? FTX. BlockFi, Celsius, Voyager, and Genesis. They have two things in common. What do they have in common? They all went tits up.

They all went tits up, and they all halted withdrawals right before. I thought you were going to say that Pomp used to like... I mean, Paul probably loved them all. Yeah, he had a promo code with every single company. Mike Novogratz is on the board. Yeah. Like, this is what happens, Len, you're right. You know, you start here and then you finish in the gutter.

Yeah. I like these guys I have more faith and more value in test net coins at this particular moment than with these guys right these guys they they are presenting no fucking faith whatsoever they are saying they're working with liquidity partners to try to rectify this issue so reading between the lines liquidity partners they're doing a lot of actual health counselor yeah no they're doing fucking they're sucking dick and they're sucking dick hard to try to make sure that they're able to get enough money out there to meet their obligations let people withdraw their their funds. These guys, they say they have 2,000 institutional clients and they trade about $60 billion a year. And who could have guessed? Not holding onto your keys could be a recipe

for disaster. I digress. I think we have to do some investigating here. Did the Quebec pension plan or the CPP buy any of these buy into the blockfield? They must have done one of these seed rounds. They must have been able to buy in a, I don't know. It's sequel to a bad movie. It's never

good, but maybe this one will be a better one. I don't know. Like you mentioned, FTX, that's one that people are looking as a comparison. This is slightly different. FTX rugged retail. Yeah.

Right? These guys, these are going to potentially rug institutional buyers. And FTX, they collapsed because they're funding orgies, right?

These guys, they just fucking timed the market wrong. That's, that's reality. They fucking traded themselves into a corner, and it looks like

they're going to need a bailout. I don't know. When this happens, sounds like it's inevitable when it does happen what happens to these institutional clients do they have investment do they have the same type of confidence in bitcoin moving forward i hope fucking so i hope they just don't get they use this as example of saying that bitcoin's a scam or it's just it's it's not real or anything these guys they dug themselves in a fucking hole they can't just trade the way out they're going to go and tits up it looks like and

well you know what fuck them fuck anybody use them flush this shit down the toilet we need this every so often. People could fucking learn that holding on to your Bitcoin is the only way of trading it, fuck it, having somebody else hold onto it, fuck it, just simply putting your cold cards, sleep all at night. That's the way to do it, man.

Use an exchange that never touches your Bitcoin. Yeah. Use Bull Bitcoin. There's other ones as well too. Obviously, like I'm wearing the Bull Bitcoin hat. Bitcoin's a sponsor of the show. We all use Bill Bitcoin. You know, Pablo's in the chat. Like, of course, we're going to talk about Bull Bitcoin. But there are other ones. If you don't have

bull Bitcoin available where you live, then find an exchange that doesn't hold your Bitcoin. Hold your own keys, invest in a good hardware wallet, learn how to use it, and you sleep at night. You never have to think about this. And then you can laugh when Len comes and talks about it and makes jokes about how everyone else is getting rugged. You can laugh because you did the right thing. I mean, what else can you say? Susquehanna, you know, owns these guys or backed them or whatever, and they don't have a great track record. Like, they bought one of the FTX blow up bodies. Is that a land acknowledgement? Ledger X. No, no, it's not. Yeah, Susquehontah. Anyway, the, so they bought LedgerX after FTX blew up to try and get into derivatives. I don't know if it

worked or not. I didn't look it up, but I know they backed that. They also backed these pull my notes up here. They also backed Ku-coin, which is another sort of, you know, I'll call it a gray exchange. They don't operate in Canada and in parts of the U.S. I can't remember, but in parts of the U.S., they don't operate either because there's regulatory issues that they don't seem to be able to, you know, get over the hurdles of. So, like, you have these guys, like, Susquehontas operating in a really gray area.

And then you see this Blockfields thing. Like, none of us have even heard of Blockfields before today. And the first thing I hear about them is they're hauled. halting withdrawals. Like, okay, well. What a great first impression? Yeah. And like, by the way, just as an aside here,

Len, you mentioned it, and I know we've talked about it before, but just, you know, there's like almost 400 people listening today. So let's get these people up to speed. The reason that you don't want exchanges to halt withdrawals and then allow you to keep buying and selling on the platform is why. It's because they're just buying and selling a ledger entry. You're not buying or selling real Bitcoin or real whatever in this case. So, like, you have to understand that the withdrawals is the thing that really matters.

If you can't pull it, they don't have it. And that's all there is to it. And so next week or the week after, we'll talk about how they want tits up and we'll do a little dance on their grave and Bob's your uncle. But, you know, this is, by the way, not the only story of a company going tits up. Like, Fold is in trouble too. Fold was a darling for so long and they're getting fucking crushed. Their stock went for $14 to $1.50. Like that, like that's brutal.

Absolutely brutal. They laid off a bunch of people. Their gross profit margins, negative 150%. They're losing money on every dollar and not just a dollar. Just nasty stuff all over the place. So you got to think, like, Full is a quote unquote financial company, not in exchange. But let's face it. Like, these guys don't know how to operate lean.

They don't know how to run a business. They don't know how to operate in a bare market. And it shows. And so to tie a bow on this, you know who doesn't how to operate in a bare market? Coinbase. You know, it doesn't how to operate in a bare market? Shake pay. You know, it does not operate in a bare market, bull Bitcoin. Why? Because their business practices allow them to do things properly. And you can say what you want about custodians,

not custodians. We prefer obviously bull and non-custodian for a number of reasons. But I can't knock the hustle on the coin base or shake pay side either. Because those guys have seen wild upswings during times where there was no certainty, this thing was not going to go to zero. And they sustained. And now you don't hear about them at all. No news is good news, man. And meanwhile, these other companies crack in, fold, bit fill, whatever that stupid company is called block fill. Like, there is something to the idea that quality companies operate quality businesses. And, you know, I think that's a telltale sign here. These guys have been through serious bear markets, not 50% off 125K.

That's not a real fair market. It's 10 times what it was seven, eight years ago. Like, you have to be ready for this. You can't lose on this spare market. You want to lose going from 20,000 to 3,000. you have 10 employees, fine. But you can't lose on this. Not when there's a Bitcoin president,

Besson in the White House, Lutnik in the White House, tether on U.S. shores. Like, this is not the time to lose. And to be losing now, really tells everything you need to know about these guys. We don't have Central African Republic. We fucking lost.

Yeah. So I don't care what you're saying. Everything now is just a, it's a losing game. I'm surprised you haven't said Singapore dollar, like P-O-O-R yet. It just occurred to me today. We've never made that joke in five years

doing this show, whatever it's been. I'm holding it in my hands. Singapore, poor, poor dollar. We never said it. And it's like, what have we been doing here? It's like we're not paying attention. It's all the coldness is triggering creativity inside of me here. Let's go to the other side. If you're with us on audio, come back tomorrow for the other half. If you're with us on video, hang in, we ain't going anywhere. Huge crowd tonight. Usually we get a couple hundred. There's almost 400 in the live chat, which is great. If you're on Twitter, go to YouTube and join the live chat. Have fun over there. We'll be right back. Do you guys say anything? Thank you.