The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - BTC ALL TIME HIGH, NOW WHAT?! | The CBP 223 Pt 1

Episode Date: July 15, 2025

FRIENDS AND ENEMIESThe bitcoin price has reached an all-time high, but what does this mean for the future of bitcoin and its adoption? In this video, we'll be discussing the current state of the market and what's driving the price upwards. With the US debt continuing to rise and inflation looming, is bitcoin becoming the new digital gold? We'll be exploring the possibilities and what this could mean for BTC price in the long run. Will the "big beautiful bill" be the catalyst for widespread adoption? Tune in to find out our thoughts on the current state of bitcoin and our BTC predictions for the future.#Bitcoin #BTC #Inflation #BitcoinATHJoin us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. From a couple of Canucks who like to talk about how Bitcoin will impact Canada. As always, none of the info is financial advice. Website: ⁠www.CanadianBitcoiners.com⁠Discord:   / discord   A part of the CBP Media Network: ⁠www.twitter.com/CBPMediaNetworkThis show is sponsored by: easyDNS - https://easydns.com EasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. With DomainSure and EasyMail, you'll sleep soundly knowing your domain, email and information are private and protected. You can even pay for your services with Bitcoin! Apply coupon code 'CBPMEDIA' for 50% off initial purchase Bull Bitcoin - ⁠⁠https://mission.bullbitcoin.com/cbp⁠⁠ The CBP recommends Bull Bitcoin for all your BTC needs. There's never been a quicker, simpler, way to acquire Bitcoin. Use the link above for 25% off fees FOR LIFE, and start stacking today.

Oh, I forgot to do the, uh, damn friends and enemies. Welcome back. Sorry, Deez laughs. I'm sitting away from my computer here. Um, little technical issue on this all time high day. I'm rearranging stuff in my office here, trying to find some more space. Len can hear his own voice on a split second delay echo, but we're here. Yeah, worth, yeah, it's going to suck, but you know what?

It's all time high. So I feel good. Do you feel good? How are you doing over there, buddy? Oh, I hear voices in my head. Other than that, I'm fucking fantastic. What a beautiful day it is. You know, we had a pump in the price of Bitcoin. It's nice and warm outside. You know what's interesting too, Joey? I listen to CBC radio because I just fucking hate myself. I want to hear what's going on out there and they were taking They're talking about how in Toronto The city itself was the second most polluted city on earth by air quality

second most You know, we have cities like Islamabad. I think that was number one. 14 million people live in Islamabad, I believe. Beijing, I don't know, 10, 15 million people live there. Like all these big cities that have so many people in it. But yet Toronto was number two. I don't know what metric they used, but they scared the hell out of a lot of people based on the fact that this is saying, yeah, it's very, very bad out there. Whatever. What can be said about the CBC? See, Len is echoing bad. I do not hear an echo

on my side. I hear nothing. I don't know what to do. Len dropped into the metaverse. We tried to solve this for like 10 minutes before the show. We couldn't figure it out. Do you want to restart it and figure this out? Or you could do this yourself. Okay, I'm going to, I'll wing it for a few minutes. You try and figure it out and then we'll see what happens. I don't know.

I mean, Google might be able to help. I'm not sure. Honestly, I have no idea. Have you changed anything in your side? No, I can't change your settings. I can only change whether or not your mic is loud or quiet. That's it. Yeah, because I don't know what else to change. I don't know. It's what it is. I don't even hear it. I can't hear it. You know what? I'm going to pull up the stream on my phone.

Hold on. This is business on air and we'll see how it sounds on my phone. Give me a second here, Len. Is there anything on your settings that you've changed because now you're in a different setting, different environment, different something. Maybe that's causing it. I can't change anything on your end though. I don't know if it's my side.

I mean, the only thing that's changed between last episode and this one is you're now in a different spot. Yeah. So I haven't changed anything. It's the exact same thing. I know, but yeah, I mean, I, I don't know what to tell you. I can't change, but I, what I think it is, is for some reason that Mike is catching your voice going in and then it's also catching your voice through

StreamYard. So it's, it's doing it twice also catching your voice through StreamYard. So it's, it's doing it twice, once a little after the first time. And that's why there's a tiny delay between the two. I changed the mic. I can even go to like a headset, like a wired headset with a mic in it. I could even like, go to like a very basic setup. We can try. Want to try?

Let me get it. Full cave in setup here. We'll do the sponsors and we'll do some housekeeping. EasyDNS, lead sponsor, banner sponsor, you guys know the deal. Mark is your friendly neighborhood registrar. He helps you get all your website needs taken care of. You want to buy the main portal domain, whatever. Mark's got your back. Lots of stuff over there for Bitcoin enthusiasts, virtual private server stuff. Let's you do NASA relays, Bitcoin nodes, BTC pay server implementations. You name it, he's got it. And there's probably other stuff that he can help you with that I'm not particularly keen on.

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120,000, I can't really make up my block clock from this far away, but it is high in any case and we are approaching new all-time highs, it seems like all the time. I think this morning when I woke up it was 122. So where am I going with this? Well, it's a good time to be stacking. I don't know why you wouldn't be stacking right now.

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over a number of fitness slash health products from his wife's company, True Me Whole Health. I don't often, I'll be honest, I certainly don't pimp products that we receive on this show. A lot of people send us stuff all the time. I don't often pimp them. I just say, yeah, thanks for sending it. I'll use it and if I like it, I'll tell ya.

I'll give you some criticism if not. These are like BCAA plus electrolytes drinks, little sodas. They're all natural ingredients. There's like nothing in here I can't pronounce which is great and it tastes amazing. This is like really good stuff. So I've been drinking these last few days. I really like it. I'm gonna try the BCAA powder next and I think you guys should give these guys a look. I'm not paid to say this. So I just want to let people know when someone who's a friend of the show sends us something that we really like,

it's good to tell people that we're into it. Little housekeeping while Len sorts things out on his end. Looks like he's having a good time. I'm trying my best. I can hear it on the echo. Still? Yeah. Oh my God.

I don't know what to do. We might have to delay this for an hour or something. I don't know. I don't know what to do. I have to delete this for an hour or something. I don't know. Is there another computer? No, no. Phone? I could try. I mean, I don't know.

I'm out of ideas. I'm out of ideas. Yeah. Let me try another computer. It says, Joey, do you have effect options on your end? No, I don't have anything. I don't know. I'm using just the same setup as I usually use. I just change chairs and change mics.

Otherwise it's the same. Okay, let me just try another computer. I do have another one I can try, but I got to move around. Shit, it's going to take 10 minutes or so. I got lots to talk about, no problem. Happy to do it. All right, all right, all right. I'll be back.

Okay, we're working on things over here at CBP. So we get a couple housekeeping items. Last week I talked to Stockwell Day, which you guys, like I really gotta give another show to Rob who helped set that up. We really appreciate that, Rob. Talk about a well, like a well-read guest. Having a guy like that on the other end of the show for an interview is incredible. He spent more time with me than he had to, for sure. We had a little bit of a scheduling

mishap. We got our wires crossed and he's a busy guy, obviously. I'm running a podcast. He's trying to get energy projects funded in Alberta. One of us is not like the other, clearly. And I was happy that he was able to make time. We had a great conversation about a ton of stuff. The conservative party, current state of affairs and Poliev's election loss. He had some great stories about Mark Carney. Mark Carney thinks he looks like James Bond. I didn't know that but that is pretty funny. Does he look like Daniel Craig? I don't know. I'm not 100% sure. He might be a little smaller in stature. You know, short kings unite I guess, but I don't know if that's James Bond worthy. And then obviously we had some discussion about energy, the modern right, and talked a lot about CBC.

CBC and Marxist cultural sort of inclinations, let's say, in the modern press and in modern society, everything from education to media to, it was really good. And like I said, he's a busy guy and he certainly doesn't have to give me that much time, but he did. And for that, I am very grateful. And at the end of the show, he told me that, you know, he was happy he came on and it was a good interview and he would like to, like to come back if we'd have him, which is great. I said this on the show before and I told him this as well. We say no to a lot of guests here. We have said no to people from CBC, we've said no to people from

the political realm, and that seems to me to be the best default answer. Mostly because I think that, like I said, the stock well, the modern politician is so well-trained and so media savvy that it's easy to not give me the truth when we speak, and I don't like that. You guys don't like that for sure. And it's not worth anyone's time. So, uh, anytime I can get a politician that I know a bit about, and I think I'm confident will have the media savvy plus give me honest answers. It's a, it's a big win for me.

And so I was happy to, um, to be able to make that a reality, which was great. Some interviews we have coming up this This week, either Wednesday or Thursday, I'm gonna be talking to the guys from Learning Bitcoin, including Pablo, who's in the chat. Pablo, I see your name, though I can't read your comment. My eyes are not that good anymore, buddy. I have some stuff I might have to do Wednesday night, so it might be moved to Thursday.

Very excited for that. I got a message this morning from Joe Barbudo, economic long wave. He saw somewhere a rant that I did directed at Boomers and said he needs to come back on because he's got a lot of Boomer stuff he wants to share. He didn't share it last time and I said, I got a gap next week if you want to come on. I always got time for you. So he will be joining us from, I don't know, Boca Raton or wherever he is. Somewhere where you can have three

buttons on down at the top of your shirt year round I think. So looking forward to seeing what he has to say and how much better his tan is than mine. And then the week after that Heather Exner-Pierreau is coming on. You may have heard her most recently on the Looney Hour podcast. She talked a lot about energy and Ottawa's, you know, war might be the right word, their war against energy policy in Canada. Interesting stuff specifically pertaining to publications and what an academic institution or an academic think tank can say about energy and energy policy interesting stuff you guys may not know this but even the

parliamentary budget office is Worried about what they say and don't say in terms of what they expect on the energy side in terms of pollution Costs and whatnot because it's all rolled into one of these bills. I forget which one C9 maybe C3 I forget, but basically there's, you know, a significant risk of litigation from the federal government, which I didn't know. And I, you know, I encourage you guys to go back and listen to that episode. We're gonna be talking about that.

We're gonna be talking about the data center, you know, Bitcoin mining ask that's gonna be coming down the pipe here and other places as well. And I'm looking forward to that interview quite a bit. And then in August, Caribou, you guys may know, Nick is going to come on and we are going to talk, I think, about a Canadian hash force. So interesting stuff going on obviously with mining and surplus energy and obviously the Bitcoin price is driving a lot of interest from some people you'd expect others you may not and so Nick

has been giving a lot of thought to this and we plan to do this in the spring but we both got busy and decided to just wait until now and so we're gonna do this in a few weeks. Last piece of housekeeping hopefully Len comes back I don't know I'm looking at my phone here is not lighting up. I may once again be emceeing the Canadian Bitcoin Conference, so I'm excited about that. Talked to the conference organizers today, Dan Carlin, who's a friend of the show, and you know, I think a friend of mine as well. You know, once we were done talking about our kids and just how hard and fun and great it is to be a father. We got down to brass tacks and started talking about that too.

So I'm looking forward to doing that again in Montreal. That is in October, I think October 10th, 11th, something like that. So I'm looking forward to that. That should be a lot of fun. And I hope to see all of you guys there. Now obviously Len is not back. So I'm just gonna keep talking.

You know, Bitcoin all time high, again overnight, it feels like we just did this last week. You know, we were closing in on this 120 for a long time. I think it's a measured move. There he is. Is it there? I can still hear you. How is this possible?

Only different. Hold on. We have to sort this out. This is a totally different computer. Different webcam, different everything. So sorry, ladies and gentlemen, we'll just wait until some settings here, settings up to get things right. The echo that you're hearing, it's brutal. Can you still hear it? It's gone. Can you hear hear it? It's gone. Can you hear me?

Yeah, I can hear you, okay? It's gone. Okay, I think I see the problem here. Let me revert back to my other computer because this one is a piece of crap, as you can tell. Okay, so there's actually one setting on your end that I can change and it's echo cancellation. Go figure. I didn't even notice that. I thought I can't change it. Yeah, I tried echo cancellation. It's on now. It's on now. And you say the echo is gone?

Yeah. Great. Okay. We're cooking. No problem. Okay. Take five minutes. Get the other shit back. I don't mind talking to you, Chad. I tried echo cancellation on the other one. On and off. It didn't change anything. Do you want to stay like this? Well, let's go. Can anybody hear me? Does it sound good or not? If it sounds good.

The chat is hilarious. They're just laughing at this. Is it good? I'm going to run with this. I don't give a shit. This computer is a piece of trash and I'll just fucking deal with it. I got my notes here ready to rock and roll.

Okay, let's rip it. Yeah, it's just like a passion. Who knows, man? Streamyard, this happened with Heather too. Heather. Is it good enough? I think you sound fine. You sound like you're talking into a laptop mic. It's clear enough for me to hear you.

It's no problem for me. I don't care. What does everyone else think? Everyone else seems to think it's okay too. It's fucking rough. Where are we at right now? I've been- We're on the first story.

I just finished housekeeping first story. Let's get into's fucking rough. Where are we at right now? I've been. We're on the first story. I just finished housekeeping first story. Let's get into it. Wait, don't we have sats? We have to do boosts? Yeah, we gotta do the boost right. Almost forgot about the boost. Yeah, first story.

But everything else is done. I took care of everything else. Okay. Your sound quality went down apparently. So, anyway. Come on. Something's, let's do it's know what we have right here. So, Sonny Pines Homestead 1000 Sats. He says, you guys rock, keep crushing it, cheers to an all-time high. Yeah, wait till he hears this

episode. He may change his mind about all that stuff. So, but yeah, cheers to an all-time high, definitely. Okay, I'm curious to hear it. So next up we have Doug, 1021SATS, and this is with respect to your interview with Stockwell Day. Great name and great guest, absolutely loved the parallel he made between the cultural communism of being canceled compared to actual communism, where dissenters were brought into town centers to be shot also if no tax is off the cards I may be a tax maxi progressive taxes were even in the communist

manifesto I didn't know that progressive taxes was part of the communist manifesto he kind of you kind of much yeah the flat tax is a crazy thing. When I heard about that, I had to go take a look for myself. You know what the worst thing about that is? They were able to put it in and seemed to have some success with it at the provincial level and then went backwards on it. They ended up with an NDP government there and went backwards. It's just unbelievable.

They undo every good thing that they can. And Alberta still, I think, is a little more orange than anyone is willing to admit, even though Danielle Smith is the premier. Holy fuck, I got to put some light on this. You know what I mean? I know I can, but I'm not that tan. You know what I mean? This is about everything.

Business can't write in 10,000 stacks. Donald Trump can't write in 10,000 sacks. Donald Trump can't drain a fish tank. He laughs. That's a laughing emoji. That was a good line by you. Yeah, that was a really good line from you. Jer 21,000 sacks.

These are pretty big ones. And it's the last one too, by the way. Quote unquote, worked up. Len is the best version of Len. That growl and laugh at $1,159 of the second half was priceless. Never change. Appreciate you both.

Any of us salute. God bless. Thanks for the sats, man. Yeah, the show doesn't run without you guys. So there's not a lot of podcasts, I don't think, that can run technical problems the first 15 minutes and still go. Got some support from the chat on the sound. Great. Everything is just Gucci. I mean, I guess, Len, you're going to start at all time highs when it comes to the stories. It seems like that's the most logical place

to plant their flag. Well, that's the biggest news item of the day, but no, I want to talk about ETFs, nah fuck you, we'll talk about the fucking price. But what else can I say aside from we hit a new all-time high right? For people out there that have recently come into Bitcoin they're probably very happy but maybe also thinking should I sell? Is it a good time to get rid of it? No. It's's keep buying but what goes up and it was brick Bitcoin It will come down pretty hard to it will never go to zero But you may see a drawdown 10 15 20k it happens right even more just got to be Time in handed about this whole thing. I'll just be ready. It's right. We we can't predict what's gonna happen

But it's gonna be volatile going up and going down as well. Who knows? It's just it's a lot of fun to watch. I just see this and you know what? The more the price goes up, in a way, the more angry I get because it just proves we were fucking right. And still, you know, with all this, I was thinking the other day, what's the percentage of people that actually have Bitcoin or Bitcoin exposure? It's got to be a small number in the grand scheme of things, not just overall population, I'm talking about people just with money, like investors and shit like that. It's still very, very early stages of the game. And with this, with no ages of the game. And with this, with no CEO, with no PR campaign, no nothing, it got to 122. That's incredible. Why is that? Because the technicals, they make people want to buy

it. That's really why. There's nothing else like this out there. When you say technicals, you mean like the fundamentals of the asset? Yeah. The fact that there's only 21 million and it can't be confiscated from you and it can't be copied, the coins can't be copied. There's like so many good things about it. That's why people want to buy it and want to hold on to it. Let's be honest, there's really nothing else like this out there. Gold could have been it, but we've talked about gold in the past, the difficulty of managing it. And so Bitcoin takes that away from you and you can send it across space very easily. Gold, you can't. So is it just that you're looking at this?

Just it makes sense. It's the money of the Internet. And then you throw lightning on top of that or you could easily transact since micro payments around. I love this Zaps feature for Nostra for instance. You know, you write a good post. You write something that's meaningful, that there is something behind the message you're putting out there and people reward you. People reward you with micro payments of Bitcoin.

You get 10 sats, 100 sats, 1000 sats, whatever the fuck it may be. But people reward you and that's the beauty of it. That's something I look at, and I'm going into the weeds here, but I look at Nostr as a better alternative than X. It's very, very premature, granted, but still how it utilizes Bitcoin. Where X could have done that, but they haven't. Sandor came up with some good points with ways of getting rid of bots, for instance, where you'd have to have some sort of payment for every message you're getting.

It'd have to be really small, but still that would be a way of getting rid of bots. But whatever reason, X never decided to adopt this method, this model. They should have. But Bitcoin's where to win. I think this is like so... This all-time high is so great. I said to a couple of buddies, if you look at the metrics that you'd normally pay attention

to to see how popular this is at the moment among plebs, among retail, among whatever, you'd look at a couple things. Google Trends we talk about all the time. You know Coinbase is still ranked 140 in the App Store? It's way down the list. It's made a little bit of a gain from the high hundreds to the mid hundreds over the last week or two, but it's still way down the list. ETF funding, pretty steady. It's not seeing a huge spike. And best of all, we talk about this every

week. And you and me laugh about this privately too. No rate cuts since Trump came in. War overseas, recession looming. Jobs numbers are bad everywhere. Everything is part-time, gig work, temporary jobs, government and healthcare and education all publicly funded. Private sector is struggling. And what do we see? The price is just, it just keeps ripping. I don't know what the no-coiner has to see before they

realize, oh, fuck, I got to get some of this stuff. What are they waiting for? At this point, what are they waiting for? It's my view, it continues to be my view, that at this point it is only ego stopping an average person from getting in. I don't buy this like I don't have enough money, blah, blah, blah. Everyone's got a dollar a week, a dollar a month, whatever, to buy this stuff. At this point, it's either you don't know anything about it, which is getting harder and harder to believe, or you just keep saying it's going to blow up. I don't know if you ever go on the Buttockoin subreddit, but the Buttockoin subreddit has people saying, how much longer do we have to wait for this to blow up? Because people are getting rich and I'm waiting to say I told you so and it ain't coming.

Even there, the client base of the anti-Bitcoin crowd is basically saying, look, I'm running out of gas here. I'm exhausted of telling people this is going to blow up and it's a Ponzi. The price just keeps growing. Adoption just keeps growing. ETFs just keep buying. Institutions just keep buying. What do you make of this? How does an average person look at this and go, I don't want any? Now, here's the best part. What are the odds, Len, that, again, we talked about this before, but it bears repeating. Retirement funds, looking at this stuff, pensions, average

investors going from 0% to 5%, people who are 5% gold going from 5% gold to 2.5 BTC, 2.5 gold, real estate looking to get into Bitcoin. this is all going to happen. Because at some point, it's not about how much you like the asset or understand the asset or whatever. What it's actually about is how come I'm not keeping up? How come my portfolio is not keeping up? And once that starts to happen, you're going to see real price acceleration. I think this cycle is just getting started.

Two more things I want to mention. One, the Bitcoin gold ratio, we're still not all time highs against gold. That's a big one. Here's an even bigger one. Everyone in the no coin or camp, and even some Bitcoiners or Bitcoin adjacent people who agree with the mentality and the value prop of the asset, but don't have any, let's say. And even people in our space land that are deep in this as you and I say that this thing is correlated to the Mag-7. We are about to break out against the Mag-7 for the first time in a long time.

And once you drop those correlations with gold, with high beta tech, what's left? Everyone is looking at these things and going, if this is not the correlation, then what is? The answer is the correlation is how fast people are realizing fiat is dying. It's not about the stock market. It's not about interest rates. It's not about liquidity because right now all those things are working against us. And here we are at all time highs. This is blue skies, man. It's a good day to be a Bitcoiner. And don't forget to tell people that you were anything but lucky. Okay? No luck involved here. Everyone told you it was a scam. You guys got it right. Now, don't forget, what goes up could go down and it could go down pretty damn hard

It is true because you have to set the table for people their expectations for what's gonna happen and Even though you're at the all-time high and it is all this euphoria and all this positivity Who knows what's gonna come around the corner? I hope it continually goes up But in a way, I hope it goes down too because my 2025 stacking goal is not going to be met at this pace. So, selfishly, I prefer the price to go down so I can meet that stacking goal. But I had whatever I will doesn't change anything. It goes where it wants. My thoughts, just like the weather, I can't change't change it it happens no matter what tax I pay well no matter which way I think it goes where it wants just like the price of bitcoin and I know

where it goes it is gonna go and I'm happy about that it's good to see and you're right there's gonna be a lot of money coming into it the one thing I want to see and I'm not sure when it's gonna happen or even if it ever will happen is when there is nothing left to buy is when somebody goes out and I want to buy you know quarter Bitcoin, half Bitcoin, one Bitcoin and it's not there because it's all been gobbled up and nobody wants to sell. That's going to be an amazing place to be because that's a potential for parabolic price increase. That's why I like to hear parabolic price increase. Well, the potential exists. And then we can even transition into a subject that is adjacent to it with these treasury

companies because a lot of them, it seems like every day there's another company that makes the announcement that you're coming in. How more capital it will come into a new company You know what I mean? Like if somebody else comes out as this yeah We're gonna go and invest a Bitcoin Treasury strategy It is that really gonna move the needle for that company in terms of their evaluation because there's only so much capital out there That's gonna move. Why would you not want to buy it into if you're looking to buy into something like that? Like a micro strategy for instance Would you not want to buy into, if you're looking to buy into something like that, like a micro strategy, for instance, why would you want to buy the new kid on the block when

you have something that's been there for a little while? With respect to micro strategy, it sucks that they don't hold their own keys and so forth, but they did one thing that you have to respect them for is they weathered a storm where the price of Bitcoin went down to 15K and they didn't sell any Bitcoin. Yeah. And I would imagine if the same thing happens again, with terms of price, I don't think it will. I would think that they'll probably weather the storm again. I can't say the same about any other company that came along and just started buying Bitcoin.

They're just riding the wave. Are they true Bitcoiners? Who the fuck knows? You don't think Ryan Cohen and Game Are they true Bitcoiners? Who the fuck knows? You don't think Ryan Cohen and GameStop are true Bitcoiners? You don't think they're in it for the freedom technology? I don't know enough about him. The answer is obviously no. It probably is, but I don't want to say it with ignorance. So I can't say for certain.

He's a guy from Chewy. I know he's from Chewy and I know that they have like five billion in cash and they only bought like some 500 million in Bitcoin At a time where it was like 90,000 we would Fuck them. You know, fuck them. But you know what? They're prerogative. They have every opportunity to buy or not buy. Just like everybody else. I don't give a shit. Yeah, same, same. So I started a new show around the corn with a couple of people who are friends of this show, something that we're going to do on Friday nights, I think, like 20 minutes at a time. This came up, obviously, Bitcoin Treasury companies. I don't love them. And actually, I agree with you, Len, that the likelihood that any of these Johnny-come-lately

survive a significant drawdown, I think, is pretty low. Even if they survive, in terms of the company itself, the likelihood that a board survives this, an unpopular, dicey, high-risk, what will be described as high-risk treasury strategy during a drawdown, yeah, I think is unlikely. And you're going to get a lot of turnover and that sets back this whole Bitcoin investment thesis at the corporate level, I think. So that's one problem. The other problem I think too, not a problem I should say, but the other element to this is when you think about who's buying the equities for these companies, I think it's a lot of what I would call stranded capital. So for example, if I have money in my TFSA

and I want to put it into Bitcoin, but I don't like iBit or the ETF, so what options do I have? Now I have a few things to look at. I can move money from iBit or from whatever index fund I'm in and put it in Semler or MetaPlanet or whatever else. But are people who are buying those equities, like Bitcoiners who are buying those equities, are they loading up their TFSA to buy these things? Are they just putting money that they already had in the TFSA, the 401k, the whatever tax advantage to count into the treasury companies and still their new capital is going into spot?

I think that's a risk that the treasury companies are exposed to. And I don't know exactly how that plays out, but the more you see the price run up and at the same time, the funding levels for the ETFs stay the same. I think it kind of tells you that that's the story that no new, new capital is necessarily coming into these ETFs. What's coming in is people going, okay, yeah, I finally see the price. I'll move a little bit of my existing investment portfolio into that. But I think that new money is going into spot, honestly. We'll see if that ends up being the case. But right now, the funding story on the ETF side, that's how it looks to me.

Germany sold a bunch of their Bitcoin, remember, like the 50k range, give or take. Yeah. And they look like fools for doing that. That was Bitcoin that they confiscated. Yeah. Right. So like, it's not like they earned it through hard work. This is the equivalent of the guy pawning the gold chain that he stole at a gym or something and just watching gold rip. Like it's just a disaster for the country. Everything they do is stupid over there, the last five years. And I just want to bring that up because I want to talk about Bhutan. But I want to talk about Bhutan in a different light because Bhutan, we got news this week that they have

been, well, not only mining Bitcoin for a number of years, but it looks like they've been also starting to sell some of their Bitcoin. And this week, some 212 Bitcoin, the time was valued 23 million, I'm not sure what its value now, was sent to a Binance address. They moved it from a time controlled address to a Binance address.

And I guess with the intention to sell, right? Like why else would you move to Binance, to buy NFTs or to lever up? These guys are selling, right? They're moving the slider to 100x. Let's do it. Let's see what happens. With respect to this, it's not a bad thing. And this is my opinion, and maybe I'm wrong, you could give me a new one. But these guys, they're a country, they got bills to pay.

And they didn't confiscate this Bitcoin, They earned it. They use the electricity which they generated excess electricity and they use this to mine Bitcoin and power up their energized a6 and got a good supply of Bitcoin and Good for them for now starting to sell it because you know, I'm happy to see them use it in this way You're not gonna sit on it forever doesn't make sense, but they use electricity, they just parlayed that, monetized it. Now they're able to sell it off. It's not the first time they've done this. So 212 this week. Last week they moved around 137 Bitcoin at the time was worth around $14 million to a Binance address. It looks like they're starting to slowly sell their Bitcoin they still have a lot left though I said 212 137 at the beginning of this year they were

sitting at over 10,000 Bitcoin so I have no idea how much else they've mined in the last six plus months but I assume I mean if I'm looking at this they probably just sold off probably what they might in the last three months If that so they still have a good amount of Bitcoin in their balance sheet What are they gonna do with it? Looks like eventually they're gonna sell it and good for them, you know They got fucking bills to pay so I like that. I like to see the story This makes sense. And I think this is a copypasta template for other Nations out there that have excess electricity. I'm not sure how many have it, but if you do, here you go.

Fucking Bhutan could do it. You could do it. It's funny that we talk about this as a good strategy. Clearly, this is what countries who hold Bitcoin, mine Bitcoin, whatever, will do. They will use it to pay down debts or cover expenses. The lesson here is that even nation states become sellers when they mine. And this is, I think, a nice sort of adjacent warning story about Bitcoin mining companies. And it's, I think, a big reason why Bitcoin mining equities have not ripped in the same way they have before, say for a few meme-ish ones. But to me, it's, I think, a big reason why Bitcoin mining equities have not ripped in the same way they have before, save for a few meme-ish ones.

But to me, it's a warning that if you mine, you will eventually need to sell to cover expenses, to cover bills, nation-state or otherwise. And I'm happy to see this too. Like you said, it's not a big dent in their total holdings, assuming they haven't sold any other kind other coin on the side. But yeah, country like Bhutan, what is the whole point of mining for them, Len? It's to add a little bit of firepower, a little bit of horsepower to their operation. And they've clearly been able to do that. That's 23 million at last week's value that they didn't have at their

disposal before. They use for programming, they use for infrastructure, they use for salaries, whatever. Good for them. I like to see that. That's 23 million they didn't have to get from the IMF, which is the most important thing. Yeah, good point. So number go up with Bitcoin price. Not just that, also the mining goes up because if you look at the mining adjustment, it went up almost 8% this past week. That's a huge jump. And for those who aren't aware of what the hell I'm talking about,

the Bitcoin network tries to maintain blocks being built every 10 minutes. This could be sped up if more equipment is added to the network. And so a way for this to be adjusted is the difficulty goes up in the way that it tries to maintain that 10 minute average. Every two weeks the difficulty is adjusted and this past week we had an 8% adjustment which

is pretty big. It went up and this comes at a time when miners in Texas they were being told to curtail their energy to send it off to the Grid itself because Texas was getting fucking high, right? Yeah, and so people needed to power up their ACs for longer Maybe they just didn't have them powered up now. We need them be all that shit, right? So it gets hot anymore energy less energy being sent to miners. Maybe things are starting to cool down slightly in Texas I don't know. Maybe this is the cause for the increase. I have no fucking clue. Either way. You got a flood too, right? The flood probably contributes as well. There's probably something going on. Who knows, right? There's more equipment being plugged into the tune at 8% increase. Now Bitcoin mining,

the difficulties at an all-time high. So that's another thing that's all time why the network average over a previous seven days is 910 X a hash per second if you want to do the numbers you can see how many fucking zeros that is that's a lot of computational power and So this is a spike in the price of Bitcoin makes it also more economical The plug-in equipment that may not have been profitable before. So that's going to then increase the difficulty, increase the... So it's great, it's just a feedback loop here. And I know this number can't go forever with respect to difficulty,

but for now, there's still a lot more equipment like S21s that are better than the S19s. They're going to come online. It's amazing to see how much electricity, how much computational power is being allocated towards Bitcoin. It makes sense for a lot of folks. Do you know what the best part about the hash rate hitting all time high at the same time the price hits an all time high is? Go ahead. That Ethereum has seen nothing but decline against Bitcoin since they moved from super

high power consumption to proof of stake. They made the most obvious tactical error about their network security and they are paying the price for it in such a big way. They went all in on environmentalism, on energy preservation, on proof of stake and said, look, we think this is the right thing to do. Bitcoin's got this wrong. Look at the environment. It's getting hotter, whatever. The price tells the story. The most important thing about these digital assets is the scarcity and the

proof of work. This is the whole equation. The difficulty adjustment that comes with mining, critical, the tie to the tangible real world through mining, critical, the power purchase agreements, and who can find the most stranded energy and the cheapest energy critical. And on top of that, like you mentioned Len, when you have base load demand that you can offload at the blink of an eye in a mining data center, outstanding. When you have equipment sitting in the garage that you can plug in when it gets profitable, outstanding. That's what drives the incentives that make the network go. It is really the liquor in that cocktail.

Ethereum, it's just a huge, obvious mistake. Obvious mistake they made. You know how I know they know it was an obvious mistake? Because on the recent run-up in price, there was Ethereum Foundation addresses selling Ethereum 50% below its all-time high just because they got a bit of a price spike over the last week or so. These people know they're fucked. They know they're fucked. The question is, do the rest of the Ethereum holders know? The bankless guys, the… I think Bank of America today said Ethereum is going to be the cross currency platform of the future. Are you retarded? What about Ethereum tells you that it's going to be the cross currency platform of the future? You sound like the XRP guys.

That was a once mighty second place token that has been completely relegated to AAA. And they're never coming back. They're never coming back to the majors. We've talked about this before. Too many tokens do what Ethereum does better, faster, and cheaper. Ethereum had such a first mover advantage in the altcoin space and just fumbled it every chance they got. And this is what you wind up with now.

You got to watch from the sideline as our hash rate makes an all-time high our price makes an all-time high our Adoption makes an all-time high our legitimacy makes an all-time high the vibe dreading all-time high What's going on over there? It's just a bunch of type 2 diabetics fucking sitting sitting around crying on each other's shoulders with sitting around crying on each other's shoulders with odd-looking color hair. It's just ill-fitting suits over there. You said a name and then you haven't said it in weeks. Bankless. Right? It's been several weeks since I've heard the name Bankless before. Are you still listening to that show? Let's do the Bankless episode vibe checked.

Let's see, Monday show, are tokenized stocks real? Spoiler alert. Wait, wait, wait, Monday, are they doing daily shows? They do one every so often. This is great. The Friday show, title, this is their weekly summary show, the title, Bitcoin All Time High, is ETH next?

Short answer, no. July 8th show, Ethereum strategy to win over Wall Street from Joe Lubin and Danny Ryan. Those guys are real unbiased participants. Like the cope is real over there now and I haven't listened in a while because I just don't have time. But I mean, come on Len, this is like,

it's starting to get pretty clear I I think, even to those guys. There's going to be a loser here and it's going to be them. It's going to be them. Cathedra Bitcoin is going through some changes and AJ Scalia and Drew Armstrong both resigned. End of the show man. And now they have appointed Cathedral appointed a new CEO and chairman of the board his name is Joel Block. Interesting. You know if you have that guy named Block running a Bitcoin mining company it just makes sense. I don't have much to say about this aside from,

wow, this company, I just looked at the price of the shares and I think it was sitting around, could be wrong, a few years back in 2021, 2022, it was right around 70 cents USD. Now it's around four cents USD. And again, it could be wrong. I'm just going based on memory, but it's just taken a real beating and I feel bad for these guys

I don't know what caused him to leave if they were pushed or they decided your time was up I have no I don't have a fucking clue. I think they're like I think they're pushed. Yeah, it's just Goes to show you it's a cut throat game Bitcoin mining. And you know another one that we used to talk about a lot, Luxfolio, I just for a joke decided to take a look at their stock price. It's fucking rebounding, Joey.

What? Luxfolio's, I don't know how the fuck, what they have to offer, but it's now around 75, I don't know how it went up this much well it's been a what the didn't they adopt a like coin type strategy to as well yeah like coin treasury strategy you know the Ethereum guys are bad there's still like coin people out there it's like an uncut like coin people are like the guys who were discovered you discovered 30 years after the Vietnam War still in foxholes.

Like, put the guns away. We're done here. Well, they're still doing it. Yeah. Anyways, I like that guy that looks like a young... Young Larry King. Larry King. Thank you.

Thank you. God bless that guy. Listen, on the subject of Cathedral, I wish Drew and AJ the best. Larry King. Larry King. Thank you. Thank you. God bless that guy. Listen, on the subject of Cathedral, I wish Drew and AJ the best. They came on the show when we were in our infancy, and they were babies too. They were really young. I think Drew was probably not even 30 years old. So I wish those guys the best.

I will say a couple of things here that may be unpopular, maybe popular. I don't know. I'll say it anyway. The lesson here, in light of all these Bitcoin treasury companies hiring quote unquote influencers to be on their boards, to be their strategists, to do whatever, you know, Brunel, Burnett, you name it, right? Leclerc, Clemente, I don't know what he's doing these days, maybe he's on there too. The lesson here, if AJ, Drew, and Marty, who's on that board, can't get your company into

the good books of investors, then you need to have a good company and not just good influencers. That's number one. Number two is Marty and Matt run 1021 or whatever it's called, I forget, a VC outfit that supports Bitcoin companies and Preston Pish and Lynn Alden and a few others, Jeff Booth running Ego Death, they're investing in companies that are going to outperform Bitcoin. I mean, this is a hill that's getting steeper and steeper, whether it's VC or mining or anything. It's getting harder and harder. There's a lot of people who are- Wait, wait, wait.

How the fuck is it not 1031? Sorry, 1021. They're saying it's 1031 is the real- It's 1031, yeah, yeah, yeah. Why the fuck is it not 1021? Because I think the day the white paper was released was October 31. OK.

That's why. Yeah, I forget. But anyway, the point is that you need quality at the company level, not just at the board level and the tweet level. It's not a meme game when it comes to capital allocation. People don't give a fuck if Natalie Brunel is on your board. You know, Nat's done a lot of good things for Bitcoin, but is she going to add value as a board member to a zombie company that adds a Bitcoin treasury strategy?

I would argue no. I think Semmler is going to find that out the hard way. But wait, wait, wait. Semmler, I couldn't be wrong. Semmler put Brunel on their board maybe a month ago or something like that. Yeah, but what Semmler does though, I think Boomer was the one that said it last week. Medical equipment or something like that. Yeah, yeah. Is that they're using the profits. They're not going into debt. They're not diluting.

It's so, and with respect to that, if you are adopting a strategy like that, it's hard for me to shit on it. I'm not shitting on it. I'm not shitting on the strategy. I'm shitting on that they think the strategy is not good enough to bring in new capital and it's evidenced by the media tour by the Brunel ad to the board. Those are my opinions. You can disagree or agree. People in the chat, I see the chats lighting up.

I can't read the comments. I'm blind. Uh, that's the other thing. Third thing, Mr. Block was part of the American Mining Hut 8 merger. And so to me, it says that Drew and AJ were pushed out and that that company wants to, they want to become a target for acquisition. How attractive is that company as a target for acquisition? I really don't know. I don't know what their operations like. Yeah, I mean, we could probably afford it.

CBP takeover? We'll get a fucking deal. What is it? 10 BTC? Can we get it for 10 BTC? I don't know. We'll think about it. We'll do it for 10.21 sacks.

Yeah. Whatever we get in boost next week, we'll put into the coffers and make an offer. It'll cost us more for the legal fees, but whatever. I don't know how attractive a company that is for an acquisition, given that they couldn't hack it as a miner on their own and that now they're losing what arguably was the most positive thing about them, these young wildcatter type visionary guys at the helm. Are they just another company waiting to get swallowed up now? I guess.

This is what happens in mining. There's a lot of M&A in mining, a lot of M&A in markets generally. I think that there's a lot of people who are kind of saying, well, this company was doing XYZ well. I'm not sure why they fired their two biggest names. Well, the reason they fired them is because the board is tired of waiting. They want the return on their investment. They want whatever. The only way to get it, I think, is to be

acquired. So interesting. We'll keep an eye on that. I know a lot of people are invested in that company. I used to be a Cathedral stockholder. They had some great merch I never bought. I wish I had now, but anyway. They sold you. Yeah. I'm waiting for the fire sale. When they start selling the shelves out of the offices, that's when I'll make a pitch for a hat. I'll try and get more for the fire sale. When they start selling the shelves out of the offices, that's when I'll make a pitch for a hat. I'll try and get more...

Maybe when you buy 10 shares, they'll throw in a shirt or something. So maybe... Right? There could be a way to entice investors to come in. There was a time when Hut 8 was so unknown that if you bought a few shares, you could message Sue Ennis on Instagram or Facebook, I think, or LinkedIn or something, and she would send you a shirt. Our buddy, Manny Monero, got stuff sent to his house by messaging, direct messaging,

Sue Ennis, who at the time was the public relations lead for Hud 8. So there you go. Things have come a long way. God bless Sue, another friend of the show. But I would just say that there's, you know, there's, I think there's a lot of companies out there that are not all in on Monero, at least a hardened Monero. Yeah, all that well compared to Bitcoin. What the fuck you do? I guess we'll do one or two more stories. Sweden, they have a new law and it's well, they're active right now in the field of crypto seizures, quote unquote. And so this law was put in place November 2024 and which according to the coin Telegraph allows for the confiscation of luxury items and cash from individuals,

even if they aren't a target of an investigation. How fucked up is that? You don't have to be a target of an investigation for them to come hard for you. According to the Swedish government, and I quote, it will be possible to take assets with criminal origins from criminals, regardless of whether or not it could be proven that someone had committed an actual offense. You don't have to have committed an offense to have this thing potentially taken from you. So they passed this law as a way to address violent crime in Sweden. I'm not sure why there's a spike in violent crime in Sweden, but maybe this is a topic for a different segment of the show. This is the big one.

We can talk about it more there. Right now we're talking about Bitcoin, but it's laws like this that make owning your own porn, like you know, not your keys, not your coin, it's all the more important because leaving shit on an exchange is a recipe for disaster, especially in Sweden. You could see if they could take it, even if you're not even if you're just there, you fucking just living, it could be taken from you. And they say that Sweden is trying to deal with unexplained wealth. So when somebody mysteriously gets a bunch of wealth, you know, they could do it playing poker They get chanced by mean pointing. What the fuck you're doing there now what they have a target in her back

Right, it could be fucking de-jending I'm not saying that you should do it on your saying potential somebody could get wrecked or make a big time over there either way This just reminds me of this shit where you are guilty until proven innocent and the only way to really protect yourself is you got to learn how to hold on to your own keys because if you do not and there's a target on your back you'll never get your Bitcoin it's gone it's lost forget about it so do yourself a favor and learn how to use Sparrow learn how to use your own node learn how to develop your keys offline, learn how to use your own node, learn how to develop your keys offline,

never expose it to the internet, all that bullshit. You gotta learn it before it's too late. How is this any different from, I mean, it's not that it's not any different. It obviously, there's some differences in the wording, but we just passed that bill here, or we're looking at passing that bill here, where you can have your mail opened

if you're being investigated, you can have your assets looked into, you can have your information shared. You're going to start seeing this more and more because soon it will be a crime to do basically anything that jeopardizes state power. State power means a lot of things, but I think in this context, it means they say violent crime. We've talked on the other show, Accessive Easy, about a lot of the ways that these things are framed. I think in this case, it means are you accumulating enough wealth that you can leave, for example, without really dealing with taxes or issues?

Are you accumulating enough wealth that you can be a political force? I think a lot of states are looking at what's going on with Elon Musk right now. And in addition to trying to paint him as a Nazi, they are privately saying, we cannot let people amass this level of wealth in our country. Because this guy now is a menace for politicians. He's the only guy on the planet with true fucking money, and it shows. As wealth consolidates with the most productive people running the best companies selling the best products and away from politicians, parties, middling corporations,

middling businesses, traditional donors, those corporations no longer want to align necessarily with governments. What they want to do is influence them. And the shift from partner to, what's the best way to put this, the shift by big business and big money from government partner to government pusher has been quick and decisive in the United States. I think you're going to start seeing it in other places too. You know when you really notice it? CEOs of major companies like Spotify, like Shopify, Tesla, Amazon, Microsoft, Google,

Meta now, they're not afraid to say what they think is actually true because they know a couple of things. One, they control the money. Two, politicians are not long for this world. And three, maybe most importantly, they control the flow of information. The Spotify guy decides what podcasts you can hear. He can say whatever he wants. He can push to his platform whatever he wants.

How much pressure was that guy under when Rogan was saying that the vaccines don't work? Right? Take him down. He's a pseudo-science. He's hurting people. He just said, no, I'm not going to. I'm worth a couple billion.

I don't need to worry about what you think. You don't like it, go somewhere else. Oh, there is nowhere else because I consolidated power at the top. This is the game now that's being played, I think, in a lot of places, and you're going to see this more and more, that there's a thinly veiled attempt to prevent wealth accumulation at all costs. And I expect it to continue, personally. Let's do one last story because we're coming up on an hour.

I've been only here for 10 minutes. Here's Schiff. Schiff? We're going to talk about Schiff. I love this. I think he's a troll. You know what we never talked about? Schiff's weird pedo comments on Twitter like a month ago. I don't even want to go there.

Okay. I don't know what the heck he was on that time. I don't know. Again, if he was trolling, maybe he was. Too much robotus in that day. No, but I think he's an ultimate troll. And so people, they were scraping his old tweets this past week, especially since the price of Bitcoin

hit an all-time high multiple times. And they came across this beauty that reads, Schiff wrote, just had a client liquidate his entire IRA and put 100% of the proceeds into Bitcoin. What are the odds this turns out to be a wise move? The date of this was August 29th, 2017. The price of Bitcoin at that time, 4K. Now, I'm not sure what happened to that client if he held it all the way today, if he did,

it's good for him. But clearly that was the wrong signal to put out by Peter Schiff. And here we go, 4k at that time. I don't know what the fuck it is, 120. Love him, man. I absolutely love the guy. He's a troll. I think he's a Bitcoiner. I really do. I would love to get him on the show. I haven't reached out to him in a while. A couple of years ago I tried, but maybe now I could get him. We'll have to give it a shot. The worst thing about Schiff is that that guy has done so much for hard money and just hates Bitcoin. He just hates it. It's a shtick, I think. I don't know. I mean, his whole business is

selling gold. Yeah, except Bitcoin. Well, I mean... He's probably stacking them that way. He put out a public wallet address, did he not? And so now you can see how many people have sent them Bitcoin or donated Bitcoin to him. So he's got quite a bit now. many people have sent them Bitcoin or donated Bitcoin to him, so he's got quite a bit now. Good for him. In the Bitcoin movie that eventually gets made, he's going to have a role for sure, and there's going to be no worse than a C-list actor playing him. And so that's more than I can say for you and me in that same movie.

So good for you, Pete. I remember when he went to the lions then occupy Wall Street and it was just him. Great videos. Those are great videos. Yeah. It's not, I don't think he had a huge crew with him. I'm guessing he was just him and his camera guy or gal or whatever. And so he could have easily got their shit kicked out of him at that particular moment. I mean, not by, not by that crowd. Like, well not a lot of, uh, particular moment. I mean not by that crowd, not a lot of threatening people in that crowd unfortunately. Not individually but collectively I think that they could have done damage. Yeah, you think how many, a hundred Occupy Wall Street

versus one Gold Ape? You think they could take them out? Yeah, I'd love to see this. We should do this in AI video and see what comes out. So if anybody has a way to generate a video for AI, please do it and send it to us. We'll play it on next week's show. Joy, I think that's it. Let's go to the notables. We'll be right back if you're on video. Actually, you know what? No matter what your format is, we're not going to be right back. We're either going to be back tomorrow or we're not going to go anywhere. So in either case, stay tuned and we'll talk to you soon. And don't be a cock.