The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Saylor and MSTR Continue to Sell - Will Strategy Last? | The Canadian Bitcoiners Podcast

Episode Date: July 21, 2026

Michael Saylor's "never sell" era is OVER. Strategy sold 3,588 BTC (~$216M) at a 20% loss to cover $1.8B in dividend obligations — and Canadian pensions are holding close to $1B of MSTR stock. On June 29, Strategy's board adopted its "Digital Credit Capital Framework": $1B stock buybacks, a 12% STRC dividend, and a $1.25B "BTC Monetization Program" authorizing Bitcoin sales "when strategic." CEO Phong Le calls it "evolving from one-way capital issuance to active capital management." The mNAV premium that financed five years of buying has collapsed from 2.66x to around 1x — and one in three Bitcoin treasury companies now trades below the value of its coins. In this episode of the Canadian Bitcoiners Podcast:- Strategy's pivot: the mNAV death spiral, coins sold at a 20% realized loss, insider selling, and JPMorgan's $2.8B-$11.6B index-exclusion warning- The Canada connection: CPPIB, AIMCo, National Bank, RBC and HOOPP hold ~$1B of MSTR — your pension bought the wrapper trade- A quantum-proof recovery tool that works for everyone except Satoshi's 1.1M BTC- OkoBot: malware that fakes your Ledger/Trezor recovery screen- Global hashrate is shrinking — but Pakistan is up 733%- CleanSpark signs a $6.6B, 20-year AI data center lease- Canada bans crypto political donations under Bill C-25- Clown World North: Stan Cho's $16,203 hotel bill, Canada Post's $30.8M in bonuses against a $1.57B loss, and $159,800 in flight catering- The BIS confirms Canada's housing crash is the biggest on record as 56,400 Canadians leave in a year The leverage cycle is unwinding — the conviction cohort isn't. Long-term holders just hit a record 14.85M BTC. ETF outflows and treasury-company stress are paper Bitcoin changing hands; the base layer doesn't care. Hold your own keys. — Canadian Bitcoiners Podcast- Website: https://canadianbitcoiners.com- X: @CanadianBTCPod- Subscribe & turn on notifications ————————————————————————————————SPONSORS 🔒 easyDNS — Canadian-owned, ICANN-accredited registrar that has accepted Bitcoin since 2013. Domains, DNS, email, hosting, all without selling you out. Use promo code **CBP Media** for 50% off your first purchase, no limits.→ https://easydns.com ⚡ Bull Bitcoin — Canada's non-custodial, Bitcoin-only exchange. Founded 2013 in Montreal. They never hold your keys; you self-custody from day one. CBP listeners get 25% off fees for life.→ https://app.bullbitcoin.com/registration/cbp 🔥 256 Heat — Hashrate heaters: Bitcoin miners purpose-built to heat a space. Every watt of electricity becomes heat AND hashrate, so you're warming your space and stacking sats at the same time. Custom solutions available. Tell them CBP sent you for a discount.→ https://256heat.com 🎓 Bitcoin Mentor — One-on-one coaching to take you from "I bought some Bitcoin" to true self-sovereign ownership. Wallets, keys, collaborative custody, inheritance planning, node setup, the whole stack. 30-day money-back guarantee on every package.→ https://btcmentor.io/aff/joey————————————————————————————————FOLLOW THE SHOW 🎙️ CBP — https://x.com/CanadianBTCPod👤 Joey — https://x.com/joeytweeets👤 Len — https://x.com/thebtcpricebot———————————————————————————————— #Bitcoin #CanadianBitcoiners #MichaelSaylor #MSTR #Strategy #BitcoinNews #Canada #BTC #Crypto #BitcoinCrash #NeverSell

Tonight on the CBP, sailor selling, BIP 110 debate intensifying and Trump announcing just the last few hours, he's going to put a bunch more tariffs on us for reasons that all of you will understand, appreciate, and probably support. But we may as well talk about it anyway, but of course, first the intro. 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 Levinjoie. Spots is taking care off right off the top. Oh, Bitcoin and Easy DNS. The media is feeding a slop. Dude, I am laughing.

I am crying. I am everything in between. I'm also breathing finally after the last week of wildfire smoke, just ruining my throat. What's going on over there? What's the story? Inhale. It just soak it all in.

Len asked me before we started if I was mad. And he seems like he might be mad tonight. So I can't wait to find out why. There's a difference. Mad and angrier are two different. What is the state of mind? One is the emotion. Got it.

And I can clearly say, you know what? I'm fucking mad too. I'm mad. I'm angry. I'm everything. Chuck it all up. because it's a fun one. I look forward to the sponsors of this show, as always,

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I don't want to do the regist. I just want to say one thing, that comment. I have never heard Australia pronounce that or written like that. That's an awesome way to say. Anyways, bold Bitcoin. Our second sponsor, we love and we love Mark and we love Easy DNS and also Twan and so forth. But either way, let's talk about bold Bitcoin. What are you going to do with Bull Bitcoin?

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It's still accelerating. It feels like it. There's no slowing down here. Jare 1-1-1-1-1-sats, and he writes, Great Rip, as always. I also really enjoyed the first Ready-C-A pod. Yeah. So he was a listener, and he enjoyed it.

And last but not least, we have Business Cat, 1337 sets. Always the same amount of stats from him, 1337. Just simply writes, We must defend this house. Under Armour slogan. Okay, so two things there. Jare,

thank you for listening to the Ready.ca stream. We may as well talk about that a little bit in the housekeeping here. Mark and I are trying to build Ready.com, this community for high agency Canadians. And I really think there's a market for this. People don't necessarily have an option to leave. I know, Len, you for example, want to go at some point. But for now, you have to stay because you have family commitments and whatnot and work commitments.

And these things are, I think, important to a lot of Canadians who don't just want to pack up, rip the roots out of the ground and try and plant the tree somewhere else. So what we're trying to build is a community where you can meet other people like you who are not necessarily Bitcoiners, but we'll have professional inclinations that could help you in a crunch. So I'm talking legal. I'm talking jurisdictional. I'm talking finance. I'm talking real estate. All these different things. I really do think that it is these small communities that will keep you level and help support you and you, them, in turn, during what's probably going to be a weird decade coming up in Canada.

We've seen unprecedented change in our way of life here. And there are still a lot of good people out there who feel this way and don't know where to talk about it and where to build something to combat it. this is the place. If you haven't signed up for Ready.com yet, do it. And as you mentioned, Mark and I are doing a weekly, it's a weekly show insofar as we try and do it Sunday nights. We've done it twice in a row now where we try and talk about something, a few stories from Canada that lend themselves to this ethos of preparedness without paranoia.

I think that's probably the best way to put it. And so we hope to see you there, man. We do it live as well, Twitter, YouTube, whatever, subscribe to the channel. It's easy to find. just ready.ca and it's a little lightning bolt on a green background. You can't miss it. Yeah, man, if you like this and you like all the other stuff, Glenn and I do, you're going to like ready for sure.

It's a little more pointed and a little, I think it's more important than ever right now. So yeah, we'll see you there. We'll see you there. What I just dive right into the Bitcoin news. I love to. I would love to. And I guess we should talk about at the very front of the show. The thumbnail that we created,

you've created. I like it. Do you like it? It's like the Timu Bikast thumbnail. I like the format. I got to keep open on it. So MSTR, it looks like they're not doing any more

Bitcoin purchase. Where's the green dots? Or where's the orange dots? They're gone. So he sold. So he added the way he frames it, I'm not going to pull the tweet up, but I will pull up the strategy dashboard.

The way he frames it, Sailor, is that they added to their cash reserves. But man, I got to tell you, I really don't think the strategy shareholders feel the same way. So what was the mechanism in which Day added to their dilution today dilution today of MSTR comments $260 million

worth so it's simply your share or Bitcoin per share or whatever mechanism they like the tout it went down it went down but you know what's what's really interesting with all this with this news and the non-buy is for

two weeks or so from MSTR and Platterter pointed this out a couple of weeks ago the price of Bitcoin Bitcoin didn't plummet, right? We had MSTR pumping in hundreds of millions, if not billions, per week. And people were saying this was keeping the floor and elevating the price of Bitcoin. That money stopped going in for at least the last 14 days or so.

More. They haven't bought in three weeks, I don't think. And I'm looking at my block clock. It's a $65,000. I mean, I'm a dumb ass with these numbers, but 65 is higher than it was. Last week, a week before that. You know, it's very encouraging to see this sign that the price of Bitcoin is going up without the millions or low billions going into the price. Make that for what you want.

And I find that to be very interesting. And, you know, they're still sitting on an 850,000 Bitcoin. What are they going to do with it? They're going to add to it, stand pat, or start getting rid of it? I don't know. It just seems like that they're, at the very least, they're not going to add to it for the next little while. Is they have $3.2 billion in cash.

Normally they would use that to buy Bitcoin. They're not. Why? Sucks having debt obligations. You know, with debt obligations, you have to pay. If you have something when you would like to the fucking Leon's or something, you don't have to pay for three years, that's all right. But when a third year comes up and you have to start paying

and that couch that you bought it, through a couple of springs and it's fucking your cat ruined it well you got to still pay you can't just say sorry i'm not going to pay no you got to pay and these guys they have to start paying yeah yeah and it's you know what it's too bad we we always talk about we make fun of governments for not being fiscally responsible for spending beyond their means for just thinking you know there's endless money did this guy and this company do the same thing if so then we should be making fun of them too. Yeah, I will point out too that, you know, unless I'm completely missing it here, you notice what metric is no longer on this dashboard. To be honest, I can't even

give you an idea because I never checked this website. Guess. Guess. What is the metric he talks about all the time? This is the most important thing behind MSTR common stock. Is it the Bitcoin per share? Hell yeah. Where is it? Where's it? Where's the yield? Show me the Bitcoin per share here. Where's the yield? I want to know the yield. That number, that fucking yield. I don't know what represents, but I want to know that number. The STRC number. The SCRC effective yield is 13.78. That's assuming...

Is that what he talks about yield? Is that what he's talking about? No, BTC yield is the basically the Bitcoin per share. The effective yield on the STRC is what you get if you buy today. I think it's if you buy today assuming a par price of 100.

But, I mean, hasn't traded it at 100 in a long time now. You know, we're talking about a month, maybe more. So... Well, good on... You know, when lose your draw, what happens to him, whatever.

It's going to be a learning experience. People will learn what happens. It's not, though. Someone said it's on the top row, Bitcoin per share. Oh, here it is right here. You don't think what's happening here? If either he's successful or not successful,

and you define what that is, you don't think people will look at that and say, you know what? I'm going to either run away from what was done because it was failure or I'm going to follow suit because it was successful. I think this is going to be learning experience. What is the, what is the,

what is the rationale? for other companies to do what he's done, right? I'm not saying Treasury companies. Obviously, Lynn Alden last week, getting into the Treasury company game, they're going to buy cash flowing businesses. I can't figure that out either. I don't even know if that's in the research,

but orange juice wants to buy small, like SMEs, basically, small medium or SMBs, whatever you want to call them, take the cash flow that was being reinvested into the business and instead buy Bitcoin with it. What fucking business is going to do that? Like this, I cannot strike. enough that businesses running a treasury strategy have to, they have to be able to answer one question more than any other question. What are you going to do with the Bitcoin? Are you going to use

it? Are you going to hold it? Are you going to do whatever? What is the fucking, what is the fucking point? Sorry to swear. I know some people don't like when we swear, but this is an interesting topic that's got me rolled up. It's emotional, Joey. What is the point? What is the point of having the Bitcoin? You got to spend it. And so, I realized you could make the case to me that, yes, cash is this melting ice cube. We've all heard the commentary in the descriptions of this. But man, like small and medium businesses don't have giant cash piles, you know, that you can describe as melting ice cubes.

These guys are, they're buying equipment. They're buying capital. They're hiring people. They're growing. They're doing, you know, they're supporting their staff. They're doing all these things. I don't think that there's any way this is going to be successful. And I'm sorry.

I just don't see it. And strategy, to your point about, you know, what other people follow suit? No one is really following suit with strategy because, as you mentioned, what is the most important thing here? What is the defining characteristic of strategy today? It's not the Bitcoin Treasury. It's not the Bitcoin balance sheet. It's not the Bitcoin for share.

It's the fucking debt. It's the debt that is a defining characteristic. And that's the thing that's been a chink in the armor for them. So why would anyone follow this strategy? It's not like I have to, I don't have to hypothesize about this. Okay. What I see is other companies like strive, Seda, the chief, the character in the story, apart from MSTR, in my view, doing this the correct way.

Dividends every day. Take the money out in the morning, put the money back in at night, get the dividend. Everything stays closer to, you know, stays closer to par this way. They don't have any debt. They're not encumbered. The Bitcoin's not encumbered. I don't see stupid shit. Oh, fuck.

I just got rid of the, there it is. I don't see stupid shit like BTC years of dividend coverage on the STRC website. They may have it there, but there's no doubt that they're going to, I don't think they're ever going to sell Bitcoin to pay their dividend. Wait, wait, wait. They've sold in the past two months. Not these guys. Sorry.

Seda. Sorry. And then here, I just want to point to this number too. Was this number not 27 months two weeks ago when we talked about this? It's a variable that will continually change. It's not static. But it's not going up. It's not going up.

It will go everywhere. You know what, with all this, and how much debt has MSTR accumulated? It's hundreds of billions, tens of, I don't know what the exact number may be. Whatever fuck it is, right? It's a very large number. But you know what I find really interesting about this is that not only that debt was accumulated to purchase this, that's one thing to look at. Yeah. But ultimately, he doesn't have, or the company doesn't have direct access.

to that Bitcoin. Somebody else does. It's like going out and borrowing money to buy expensive cars, many expensive cars, but leaving them at your friend's house with the keys over there. You love making this point about the access and the custody. I'm not going to be a deal as you are, but I do. I'm starting to see that. It is a massive thing when you went out there and accumulated this debt to buy that asset.

And then that asset, you don't even have direct. access to, to me that screams red flag. I'm not trying to say that this is going to, you know, somebody's going to walk it with his Bitcoin. No way. I mean, it's very, very unlikely. But just the thought of it, though, that somebody else has access

to it. It's like, you know, you buy the expensive cars you let your friend store it in his garage with the keys. He's probably not going to drive it. You know, there's a chance. That guy might just decide, you know, what the hell? I'm going to go get a pizza with my Lamborghini. Or drive it and not tell you, right? Rehypothecate it. Yeah. My God. And if that's the case, what happens. I would rather

if I even if it was 10 sats, I'd rather control those 10sats. But imagine it was 10 sats that I had to borrow money to buy. I would like, fuck that. I want to have access to it. These are fair points. They're fair points. And I get it.

The laws may not be favorable for them to do that. But if that's the case, laws need to change before we go down this path. They're having a hard to, I honestly think like someone in our chat or in the Bitcast chat, I forget, was like asking, you know, what is the, what is the failure state for the MSTR experiment? And like, I don't necessarily think it's a blow up or, you know, a bankruptcy.

You know, they're not going to go into Chapter 11. But you got to admit, okay, if they start selling down the treasury to the point where there's like someone overtakes them, for example, on the treasury, Bitcoin treasury leaderboard, which is almost unthinkable now. But if it gets there, like, is that not a failed experiment? What? what is the failed experiment for these guys at this point? It's definitely not like, it's definitely not near term. But come on. And then Sailor, you know, for all like, get off, get off chat, GPT.

Stop putting up slop, whether it's MSTR, STRC slop, whether it's BIP 110 slop, just stop. Stop doing it. Like, Sailor of all people, making that like 110 reasons for BIP 110 to not be voted on or whatever to vote against it. like man just why why why why why spend time with this it's it's the topic of the day so he's going to obviously give his two cents because let's be honest you may like or dislike him but he's got a lot of skin in the game yeah right 850,000 bitcoin I mean it's not quite dying I get that

we're calling at that nobody else he that's done this so you have to you have to admit the guy put his neck out there. Actually, it's not really most, it's a lot of his investors necks out there. The people bought into the shares. I think that guy has enough personal money that if this company

just tomorrow ceases to exist, he's going to be able to walk away and still live a very good life for the rest of his life. Stuff that you and I won't even be able to dream of. I think this guy's loaded and I've had D over my house for dinner, but never on my yacht. So he's got,

He's got a one up on me there, right? I think D-1-2 is Pizza Party, his New Year's-E Pizza Party one time. Why would he run his own node when he doesn't even store his own Bitcoin? Right? It's, you think about it. What's the, if somebody else is storing a Bitcoin, why would you want to run your own node? Totally. I mean, if you want to be an economic player, that's one way to do it to, you know, whatever.

A lot of mistakes, you know, over the last, I don't want to say a lot of mistakes, but there's definitely been some mistakes over the last two years in the way that company has managed, both the treasury, the debt, the, the press, like all this stuff, you can't, you cannot forever just push away the idea that maybe you were incorrect about this. Because what I see is that he's unwilling to talk about whether or not he's got this right or wrong. He's changing certain things about the strategy, no pun intended, but he seems unwilling to just say, yeah, we got to wind this down.

Or, yeah, we're going to have to sell some of the treasury. Or yeah, we should reinvest in the software. Or yeah, we should reinvest in the software company. Like, I realize you're not a software company anymore to anyone who's actually paying attention. But, you know, it would be nice to have that cash flow, probably. You know, I think they're about 40 million a month now, something like that. You can't get that to 100 million.

But if you use some of your Bitcoin to build that business, I don't know. Again, he's a genius. There's no doubt about it. He's got that. I always think about that iPhone video that he's got from like 15 years ago, whatever it was, some crazy amount of time, longer probably, where he's talking about the iPhone. And it's like, you know, you can see the spark there. But just sometimes, you know, sometimes guys with the spark get over their skis a little bit. You know, you think you're the

smartest guy in the room. You get one-shoted by AI. It's a nightmare scenario. But it's not a 0% chance that's exactly what's happened here, right? We will see if they buy Bitcoin in the near future. But I think I said on this show, but I'll repeat it. What is the likelihood that he's going to buy any Bitcoin, given that he's selling here? huge chunks now, given that he's still diluting the MSTR common stock, and given that STRC is still trading below par? How can he buy? Well, what is the rationale for buying?

Does he still need to? The amount of Bitcoin that the company is accumulated. Depends what you mean by need? Does he mean by need to? No, but reputation-wise does he need to. Does that? You know what? Buddy, it's a vibe.

It's a vibe market. Like, I cannot stress this enough. Greg mentioned in the mags. He wrote exactly what I was thinking. They were about the price of Bitcoin drawn $10,000 away. from his average price. I think he's around 75,000

per Bitcoin for all this Bitcoin. So once it gets to above that, just the mentality of adults, we've done the right decision. And as that continues to grow and go into the 80s, 90s and beyond, then it just reassures that the thinking all along was to correct one.

Now, the thing is, if he can somehow, or the company can somehow sell some Bitcoin as the price goes up and they're selling above their average buy price and keep the price above that. I don't know if it's possible. If that's a reality,

that could become, that they could fabricate, hold them more power to them. Then this whole thing will work out for them. Maybe not for their investors. I don't know. It won't for their investors. Like if MSTR doesn't rise up in share price

to the 3, 400 range that they did a couple of years ago, like, is that a win? Who is it a win for? Like, again, we have to... The company has... I didn't say the shareholders. That's what I mean. I think the shareholders

have to understand there is a clear distinction starting to take shape between MSTR winning and you as a shareholder winning. Because right now, MSTR could win if the price goes up, but you need people to buy the stock

if you're an investor in that company. And I'm not convinced... I'm not convinced it's going to happen. Sorry, I just don't... I don't think that that's a foregone conclusion. I just do not. You're in a different environment now than you were a few years ago.

Different, completely different between AI, elections, the seeming sudden willingness of people to invest in stuff that they didn't think about investing before, whether it's like indexes, Meg 7, whatever. Now you have talk of private equity becoming available to the public. I don't know, man. We see. To Greg's point, I see the vibe.

I know we'll change fast. Greg, I see you. I see you. I understand what you're saying. But we just saw for the first time. I think the first time, it's fair to say. You know, what did we not, we didn't get any really all-coin season last Bitcoin all-time high, right?

That money went somewhere else. And the likelihood that you get another MSTR rip to the upside at the next Bitcoin all-time high, like, is it, is it 100%? Is it 80%? 60%. The vibe changes quickly, but I think the thing that people don't understand is that the vibe can change quickly the other direction too. It doesn't take much. And Sailor is not the diamond in the community.

that he was four years ago, three years ago, two years ago, he's not. He's, he's become divisive. He's become bitter on podcasts. He's become a thorn in the side of Bitcoin investors. And I think that this is going to continue. Now, I was actually talking to Ben Schmidt, who's helping organize a Canadian conference. We had a chat on the phone last week. And I said to him that I think that the Treasury guys are going to be, you know, the focal point of the conference this year too a little bit because last year it was them it was people telling them that the treasury strategy wouldn't work specifically guys like walton and now they're going to be here a year later and bitcoin's going to be down and priced significantly from that from that moment in 25

and those treasure companies are still going to be gunning right they're still going to be running and gunning so i i'm interested in seeing what all this kind of shakes out to look like over the next let's say six months because most of the time i think a bare market you know if we are truly one, I think we probably are. You know, we're coming to the end of it. We kind of have this extended range on the 200-week line and you have an election coming up. And I don't know. There's all kinds of big parts.

But I see you guys in the chat. No one's bitter. At the end of the day, if Sailor succeeds, it's good for me. If he fails, it's probably good for me too, right? The bag of Bitcoin goes up in value regardless. The fundamentals stay the same. All these things stay the same. But what I want to see is, I think, I think less emphasis on, I think less emphasis on whether or not, you know, this guy is going to crash the price of Bitcoin because he mismanaged his treasury and more emphasis on what are we going to do when industrial miners try to pivot back from AI, which seems to be unraveling a bit to Bitcoin mining.

Is Iron Energy going to start doing a publicity tour where they talk about how they've always been Bitcoin first when they've taken Bitcoin out of literally every message they've put out there in the last year or so. This is all interesting stuff. And I'll just say this last thing. These are fights that maybe we wouldn't be having if Bitcoin was 110,000, 120,000, but it's not. And so you can only talk about the things that are in front of you and deal with things that are in front of you. Hypotheticals don't do anybody any good. And I think this is an important topic. You know, we've, and to, I think to our bent, to our point, Len, like to the stuff we've talked

over the last years, we've been right about this guy. We're right about him. We were right about the media stuff. We were right about the, eventually being a seller. And now, I don't think he's a forced seller yet, but, you know, he's not far off. He's ain't buying anymore. He's got to, you know. And any company out there that we assume.

Isn't every seller a forced seller? Why do you sell if you're not forced? You're forced to cover an expense to pay for something or to fund a dividend, whatever. Some just do it because they don't want it to do other things. Like there's, you know, you could do other ways to fund whatever you want to do without selling a Bitcoin. You know, it's just that. That's all it really is. To go back, if they ever go tits up, we should buy their company.

It's based on Virginia. Nice. I want to get some strategy merch. What's the strategy merch? What's the strategy merch look like these days? I have no question. but it's got to be out there. But I'm interested in it.

It's a tower over there. And Tyson's corner, it sounds pretty good. We could put the CBP logo on the top of that. And we could do our, we could just fly in with our helicopters and do our show every Monday night and fly out afterwards. That would be pretty damn cool. I think it's a,

enough person to do something. Everything on the strategy website, by the way, is AI generated. So there you go. Good for them. You know, yeah, whatever. They're going down this path and.

Embracing. Embracing. Embracing. The head shots of us on the thumbnail are AI-assisted. I took a picture of both of us and told it to just put us together like a stepbrother's portrait. I wonder if they do decide to sell it, it's going to be a long, drawn-down because they're not going to just do one shot.

Let me get the whole all you're $850,000. Let's just sell it. Market price and go from there. No, they won't. It'll be just a long run. But in terms of like this being a bear market, it's, You know, it's not COVID, but still it's very interesting what's going on in the world because you have the war still going on in Ukraine, which has been going for years. But that interrupted the energy market.

Then we have Iran. And again, that interrupted the energy market. Then you have the elections coming up. Trump talking about all these elections, shenanigans going on. And you have tariffs being bantied about on all these different countries. 39 trillion is now how much money is in circulation. That's at least what being reported. can't guarantee that. That's just the U.S. by the way. And then you have other countries also

printing up money left, right and sender. That goes somewhere. You know, it goes into markets. AI has taken a whole bunch of the capital in the past little while. And you know what? Bitcoin, unfortunately is not. Even gold. What was it like a 5,500 just earlier this year? What's it sitting at now? I haven't checked in the past while. 4,000 and change. I'm going to guess 4,400. I don't know what the exact number. But it's just a crazy world. A lot of things happening. Bare market for Bitcoin, giddy up. I'm going to fucking buy. I'll continue to buy it.

Same. Yeah. And actually, without going into too much detail, like the bull Bitcoin code for CBP is like the volume is incredible. Everyone is buying in bulk, in volume. And I think a lot of people realize that this is the time to buy. They look around and they go, the currency is collapsing. Basically in real time now.

Like, it's hard to even hide it. Everyone is, there's nothing. There's never been a better like bread and circuses moment than. straight to Hormuz closed. Oil is starting to peak up again. Inflation going up again. Talk of rates going up again to match. And everyone's focused on whether or not messy can get Argentina out of a hole in the 95th minute. That's exactly why people buy Bitcoin.

They see all that stuff and it clicks for them, right? Some people doesn't click. But for the Bitcoiners, it's like, oh my God, this is exactly why I'm here moment. And we just had one. We just had one. You know that there's an office in Toronto for Micro Strategy? Also one in Ottawa? Really? Should we go visit? Let's go visit.

Yeah, we should. So it says there's one in King Street West in Toronto and one in Elgin Street in Ottawa for those living. And that's interesting. Elgin Street, really, eh? Yeah. Oh, right. I mean, Boomer would know. Elgin Street's a bit of a bar street, I think, right? It's not quite Spark, or Sparks, whatever that street is. But I think it's a lot of bars on Elgin, too. I mean, it's got to be downtown Corpo anyway. Okay, where do you want to go next? Yep, 110. Let's talk about this consensus. Oh, my God. Of course.

So we got half an hour on strategy. Now we're going to do half an hour on BIP 110. There's going to be a time. We're going to just do an hour. Is this what you were angry about? Is this why you were angry? No, I'm not really angry about this. But we could drum up some anger because the ridiculousness that's going on here,

it's off the chart. And this census bug that applies to Bip 110, it's being dubbed block slop. What a name. I love it. I love the sloppifying of everything. In a nutshell. The issue is a chain state validation gap. So hear me out.

This is going to get a little technical, but I'm going to try to make it as simple as possible. When a node is upgrading to enforce the new BIP 110 rules, after the activation event, the node does not automatically trigger a recheck of historical blocks it has already accepted under the old rules. So then if a minor produces blocks, after the signal begins

that are under the original Bitcoin consensus, essentially what we're running right now, well then it goes against new BIP 110 rules, while an un-upgraded node will be accepting them. Right? It's fucked up. So if you do, if you have a node, after the signal date, you upgrade a BIP 110, there's a mess here that's going to happen.

So by doing this, you could essentially have different chains created as a result of this. You could have, if you do this properly, one upgrades to BIP 110 right at the very beginning and one does it afterwards,

you have two nodes running the exact same software. Yeah. Getting different blocks. They have two different chains. Yeah. How the fuck? Because it was vibe coded. No, there's, you know what?

I do not believe that was the case. I don't know. That's what people are saying. How does this take this long, this late in the game, for something like this to have been discovered? Imagine, just imagine the mess this would have caused if it was discovered six months from now. Can I expect a Matthew Cratter video on this, by the way, or is he only going to make videos about being pro-bip one-ten? No. Just total fraud, by the way. I'm total fraud.

I would imagine he would do a video We'll see. We're going to see. We're going to see. I haven't seen one yet. Someone could tell me in the chat, but I haven't seen one yet. But what I find to be problematic is if this came in an alternate universe,

BIP 110 became live, people started running BIP 110 right from the beginning and then maybe a month or two weeks, six weeks, whatever fucking maybe they upgrade their node to run Bip 110. you created a huge mess. Then the new nodes that ones that upgraded late have a totally different chain. And if that alternate universe has BIP 110

being the chain that everybody wants to follow, so to speak, those new nodes, they would have to re-sync from scratch. It's just a total fucking mess. I don't understand how they didn't do some sort of check. Who do you blame for this? I want to hear you assign some blame here

because I hear you talking about the problem, but I don't hear you saying who caused the problem. The people that created this without going through the proper checking and shit like, I don't understand. I don't know. I can't point fingers directly. I'm not going to say it's Luke and only Luke.

It could be just maybe him and a bunch of other people. I don't know. I'm just pointing out that this is the fucking problem. This is what BIP 110 comes. This is why I've said many a time when it comes to shit with Bitcoin, let's take it slow. We don't want to screw things up.

Let's test it out. Let's retest. Let's test it for months, like years, decades, whatever it may take. Whatever. Yeah. Yeah, let's not,

because we're trying to push this as an alternate monetary solution to what Fiat is. We're obviously investing a lot of our time and effort into this. Yeah. Let's not do something. Let's not do something hastily

that could screw things up. People lose faith in it. the value plummets and who knows if you're ever going to be able to get a second chance to have people look at Bitcoin again. That's why I'm looking at this and this is a more than anything. It is a learning experience for people not to do with Bitcoin, slow things down. Bit 110 has been up there for a long time, but still this hasn't been noticed until today. I find that to be comical at the very least.

People beware. Yeah. Okay. So I agree with you. The thing I don't understand is how is it that all these technical high priests are suddenly getting like one-shoted by the significant, you know, the significant vulnerability. I'll call the vulnerability in the improvement proposal. Guys like mechanic, you know, are making hour-long videos like every two days unscripted, just talking into the wind about this. How they're not worried about it.

They're going to win. Cratter is making a new, he's crashing out big time between Sailor and this. And, you know, now here we are, what are we, two weeks away, three weeks away from Activation Day, August 8th, August 10th, something like that. And there's this vulnerability. No one's going to talk about it. Is Luke going to bring this up? Like I said, these guys, like, it's hard for me to, it's hard for me to, I don't want to say they're not honest actors. But if you don't discuss how you didn't actually review this for issues before you told literally everybody that Bitcoin would fail if they didn't adopt it, what the fuck kind of person are you?

What the fuck kind of credibility do you have going forward? The answer is fucking none, right? And I think more and more people are starting to realize that Bitcoin, like the Bitcoin community has a lot of different people in it. Some of them are rational. Some of them are slow to move. Some of them are considerate and measured. and some of them are not. And it might be the ones you thought were in the former group that are actually in the latter group.

You've seen that, I think, during this conflict over the last year, six months, whatever. And to be honest with you, like Biponten, I think is DOA, my opinion. We could talk about economic nodes and all this stuff if you want. I don't really care to on this show. But you know, you can kind of parse what you think I think about it just on that comment. I don't know how how does a guy like mechanic recoup his reputation? Does he care? He's making videos that say he doesn't care.

He doesn't care if he goes to a chain that's not active, that's talking about changes to proof of work consensus or tail emissions or like core elements of Bitcoin because he just will refuse to run a Bitcoin Core Note ever again. Same with Cratter. Cratter's making videos says he's going to be a thorn in the side of Bitcoin for a decade. Brother, brother. What are you talking about? What are you talking about?

This is like so, it's just anti-social siloed behavior from all these people. And I think you should look at this moment before you consider what these people say in the future, you know? That's really all I want to say about it. I'm not going to go deep in the BIP 110. God knows it's a rabbit hole. But just consider that these people have really like thrown away a lot of their credibility over the, over the, over the BIP 110 argument.

Like, spam and all this stuff, it is what it is, okay? I, we both agree, I think that I don't want to see it on the chain, but am I willing to go this far to,

like, no, I'm not. I'm just not. I don't think, I think a lot of people are like that. Right. And it's been shown that it doesn't stop anything. It's,

the spam will continue. There'll be ways to get around any sort of barriers that BIP 110 tries to throw up at it. And even that BIP 110 claims to be a one year temporary solution. What happens at the end? It's a temporary, right? I totally forgot about that.

Income taxes, we're supposed to be temporary, but here we are a century later. We're still getting more than a century later. Still getting this. And so, you know, nothing's. Such a good point. I always forget that it's supposed to be a temporary software. What happens at the end of that one year? You know what happens.

If I can keep it there. Of course. Just scratch temporary and it's a solution. So, yeah, I understand what you're trying to achieve. And I understand they want to make this a monetary system more than anything else where people aren't putting garbage on there. But, you know, it's unfortunate. The one good thing is that if you do want to put garbage on there, there is a cost.

Right now, it's, you know, it's subsidized to a degree. Yeah. I get that. But still, eventually. you run out of steam. If you want to make the cost more, use it as money. You know, contribute to stuff like that. If you want the fees to go up, there's ways to do it, you know?

And you know what? Be the change you want to see. What does Barack Obama? That old poster be the change you want. You know, one thing that is making this, the spam on Bitcoin more feasible is that there's alternatives to Bitcoin in terms of having exposure to the price of Bitcoin. Yeah, of course. Right.

If ETFs or micro strategy or Bitcoin miners and all this, if they didn't exist in the form where you could buy shares into this, then a lot more money, I mean a lot more, but there would be more money that would be allocated directly to buying spot Bitcoin. And then the volume would go up. And then so the transaction fees would go up. And so doing any spam on Bitcoin would be even more costly. So the just the end of end result of getting like ETFs and stuff

and not really the end result but one one sort of reality is it's making it cheaper for people to play and shit on Bitcoins. I'm fortunate but it's the reality of it. I just want to really quickly just want to talk about this one this never heard of this until last week.

Bitcoin Treasury's conference. Did you hear about this? I've heard of it. Yeah. This is, so this was called, this was called, uh,

the unconference a year ago. Oh, why is it? Well, it's officially called a Bitcoin Treasuries. Yeah, yeah. I don't mind this.

I don't mind this. I have no mind this. We got to go New York. September. Yeah. I love. Yeah. Go ahead.

Oh, I just the who's, who's a Sue coiters. We got to go say hello. I like this idea because I want to see, I want to see, I want to see more bitquiners at these conferences. Um, I will, I will talk about my friend Ben,

Ben, He Ben's a great Bitcoiner, great guy, and is a treasury company enthusiast. You know, invest in them and, you know, sees the vision. I can appreciate the work he's put in. And I think the work is what I want to see from these guys more than, you know, anything else. You know, show me your, show me your POW on, you know, why you think this stuff is going to work. I could be right. I could be wrong.

You could be right. You could be wrong. But I love the commitment to the, you know, cause. That's huge for me. It's always been big for me, no matter what we're talking about. And so I was talking about this. and about how they're changing the name to the Bitcoin Treasury Conference. I think it's a sign that people are willing to embrace this ethos more and more.

I'm not saying it's a good thing or a bad thing. But the unconference, you know, if you think about what that sort of is in terms of the dialectic, yeah, it's like, you know, the castoffs, the misfits, the whatever, here's what we're going to do. We're going to do our own, you know, not podconf approved stuff, right? And then these guys are changing the name now to the Bitcoin Treasury's conference. They'll have some big names there for sure. Will it be a little bit of an echo chamber? Sure, but so is the Bitcoin Conference.

So is the gym. So is the cod lobby that I'm in. These are all echo chambers of one kind or another. I am not going to go. I mean, if you want to go, maybe we can expense a trip, I guess. No, I'm joking. If you want to go, by all means, enjoy New York City. You know what?

You know what? No, it's just after. the U.S. Open, so that's too bad. If it was a few weeks earlier, then it's, yeah, I'd make an option to go. But either way, this story, uh, Joey, this one's a beauty because this one

it has everything, right? This one could have been in Notable North. This one could have been in Hamilton versus Brampton men. But no, I'm decided to throw this one into the Bitcoin stories. This one, if you can, Omar Abdul Sangatei.

Damn. The gentleman I'm talking about. 25-year-old dude from Brampton, Ontario. He's got an interesting past. Do you know how plentiful, by the way, listener, viewer, the Brampton Hamilton treasure, like treasure box has to be for Lent to use this story in the Bitcoin side, not even on the clown world side. It's in the front half of the show. It's basically where do I want to plug this?

And, you know, I think it's just beautiful for here. Because it does have a Bitcoin element to it. Because back in August 24, Sangatei, and his two other friends, they broke into apartment in Verdun, Montreal. And they went after a man in his 30s who ran an independent cryptocurrency business. It's unknown the name of the business. But the group, they did a $5 wrench attack. That's in vogue these days.

They tied up the victim, brutally beat him and tortured him for several hours. And they were able to extort from him $15,000 USD in quote unquote cryptocurrency. So that's the Bitcoin tied off. all this guy. But anyways, months later, Sancti's phone was seized at the Canada-US border which, you know, he had signal on it, which was encrypted, but, you know,

you open the phone, you know, it's unencrypted, it's there for to see. They were able to check out everything on it. And there was discussions on there about armed robbery, breaking an entry, causing bodily harm. So they figured out this and that from the phone and, you know, this guy obviously has a checkered past.

Well, he ultimately pleaded guilty and he's awaiting sentencing from that. Well, and he's heading to the airport? Is he heading to the airport? Well, he did was, he was rented at the Toronto Airport, from what I understand. Anyways, Canada, U.S. border, by the way. So anyway, so

he did the wrench attack. So let this be a lesson to you out there. If you have, you know, you got your 0.1 Bitcoin, you're ready to retire. You know, just don't flaunt that fucking Lamborghini just yet. Drive that piece of shit car. Lay in under

the weeds to do that thing. But either way, This guy, not to be outdone, Sangate was named by the U.S. federal indictment back in December 2025. Allegedly he was part of an international gun running rig that was responsible for bringing 100 illegal guns

from Florida to Canada. Then, after all that, July of last week, July 12th, around 3 a.m., he was apparently involved in a shootout. we had to shoot out back in Toronto. I don't know how many people were shot. 12, 14 people were shot.

He was one of the people that were shooting people. He was one of the guys shooting up, right? He was identified as one of the people exchanging gunfires. A whole bunch of people saw it. They were able to identify him and say, well, you know. So anyways, the guy tried to escape the scene, allegedly carjacked a ride-sharing vehicle that had active passengers inside.

I feel sorry for the Uber passengers and the Uber driver. As he fled, he rammed into several vehicles and struck pedestrians and left, you know, two people were shot, pedestrian injured when he's trying to flee. Anyways, this guy eventually was shot in the end and hospitalized for non-threatening injuries. So as I said, this guy has it all. This story. We have the wrench attack, five-vaught a wrench attack. We have gunfire. Brampton Man. This is the holy grill of fucking stories. This has everything. It's like a loaded nacho plate, this one. Yeah, that's a great analogy. This is what a story. I absolutely love it.

I would just note one thing. Cedar Sats in the chat is saying to two. I cannot stress enough. You, your Bitcoin, the best way to handle Bitcoin, okay? It's just to not have it accessible. There's ways to have like a receive address always handy. You can get like a Cove or a Bull Bitcoin wallet, whatever, that you link with a hardware device that's not accessible to you. Unless you're planning on selling, unless you're planning on, you know, moving some around, which most of us, let's face it, we're not doing that.

like we're buying and holding. There's just no reason to keep this stuff like on your person at your business, your place of work, your house. I put my ledger in my hat. That's right. Yeah. I keep it in my tilly hat dangling from my tilly hat. So like we just got to stop this stuff.

We got to stop, man. We can't be doing, can be doing stories every week about this. Come on, man. Government's telling you data to criminals. You got to do something about it. Yeah. That information's out there.

And then they'll sell you apparel and where you could have your, where your strategy t-shirt you can wear to, uh, strategy t-shirt, you can, you know, you're a retardant, right?

Where to the gym, get jumped by a guy with a ceremonial blade and squat rack. You know, you never know. Oh, because what's, what, are we talking about,

are we talking about, uh, Captain Carpell and the other, uh, we can. We gotta. We gotta. We gotta.

In the other side. Okay. Oh, we'll chat about him. Okay. So, yeah, I mean, the strategy,

like, what are they going to jump you for? Send me your fucking shares. I can't. I got to sell it. How much PTC yield do you have? Then you send it to me now. What's your key phrase?

Your Cid phrase. What's your wealth simple password? Anyways, we'll talk, I guess, one last story before we move on. The state of New Hampshire. And these guys back last year, they passed the strategic Bitcoin Reserve. Just to recap, it was in May 2025. And it made New Hampshire the first U.S. state that they could move. ahead with some sort of Bitcoin

Reserve and up to 5% of surplus public funds could be exposed into Bitcoin either through direct custody, qualified third party custodians, ETF, stuff like that. What's not to like? Let's talk about this new story because we now have just as of July

14th signed into law the Bitcoin the Blockchain Basics Act and this ultimately even though a signed into law goes into effect August 18 this year. And this is designed to protect everyday Bitcoin users, miners, and node operators from being exposed to regulatory overreach. And the question is, how are they going to be able to do this?

They give you the opportunity to secure your rights to run a node. I heard this before. Hearing it again, it really stops the state or local government agencies from banning or restricting any person or business from running a node. So validating transactions and now you're God-given right. And it also offers up productions for Bitcoin mining at home, as long as it does not break noise laws. And that I totally agree with. Allowing people to buy for Bitcoin, I don't give a shit.

I mean, we're doing this anyways regardless of they say, yeah or a name. But the noise thing definitely, don't piss off your neighbors, especially if you're running a big unit or a bunch of units in your garage because you don't want to make some enemies from your neighbors. Anyways, so yeah, mining, validating, and using independent self-custody wallets. It's now allowed. It does not require any sort of approval. You don't need a state money transmission license to run.

Even lightning nodes, it's huge for that, I guess. But yeah, they say the law is also going to create a dedicated blockchain dispute docket. And that's within the superior court system. this will be overseen by a presiding justice that's going to be appointed by the governor who possesses proven experience

in both law and technology what fuck are they going to get to do this they're going to be dealing with complex blockchain related issues including contract breaches fraud disputes and civil remedies for both parties

How do you settle them? How do you settle them? You can't it's very hard. Exactly. Exactly. You know, once imagine somebody steals something. You just dispute. I want my Bitcoin back. It's gone.

You know, like, what the fucking did to? Rebuy buy it. You got a new guy. You got a Nuky AI video. Sorry. You know what? I said it last. I might have one more.

Let's see. I have one more. No, I don't. I thought it was. I thought I had an ATM story today. We talked about it last week. Yeah, we did talk about it last week. The banning of an ATM, right?

the ATMs in. What state was that? Anyways, it was last week. Either way. That's it, Joey. There's one every week. There's one every week, these bands, you know? It's like China banning Bitcoin mining, right?

They're trying. They're definitely trying to play Wackham All with two hammers here now. The speed they're trying to get these things down, but it's not working. You want to go to the other side? Is that what I just saying? Yeah, we could talk about the other side. Okay, sure. Okay, let's go to the notable stories,

Clown World North and Clown World International. If you're with us on videos, I was bunch of you guys here tonight. Stay with us. Like the video. Subscribe to the channel, of course. If you're on Twitter, come to YouTube. There's a live chat.

It's more fun. People are talking about why I said Kerpal. If you remember the pet shop boys, you come to my house today. You kick my dog. Do you remember that? That's probably the late 90s that came out, I think? Or that's when I got it on Napster anyway,

when all my friends were listening to it. Anyway, so. Oh, yeah. Yeah. Yeah. Yeah. Remember that? It's like a prank call.

Yeah. Anyway, so if you are on with us live, come to YouTube. Hang out. If you're not on with us live, then the back half of the show will come to your feed tomorrow. Until I'll take care yourselves. Don't bring a knife to good life.