The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Sovereign Wealth Funds and Pensions Adding BTC Exposure, Milei Rugs | The CBP 203 Pt. 1 (Bitcoin Podcast)

Episode Date: February 18, 2025

FRIENDS AND ENEMIESJoin 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 - ⁠⁠www.easydns.com⁠⁠ EasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. 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 $20 bones, and take advantage of all Bull Bitcoin has to offer.

Oh, an error occurred. One of the Twitter accounts. Anyways, friends and enemies. It's no longer Twitter. That guy paid billions of dollars to change your name to X. It's no longer Twitter. Yeah, look, sorry about that hiccup here. Technical difficulties on the air. My name was watching the leadership debate, not leadership debate, the premier's debate on CPAC, Doug, Bonnie, and two people I've never seen before. And we'll probably never see again debating whether or not Doug should run a spa for a billion dollars and whether or not Galen Weston got a $200 check, just like the rest of us. What were you doing before the show? Anything good? Anything exciting? Not that. I could assure you definitely not. I don't know why there's no interest

I have in the Ontario debate and really the Ontario election as a whole. It seems like it's going to be a slam dunk for who's going to be winning it. It's just a matter of how much is Doug Ford going to win by. Is it going to be like a massive majority or a slim majority?

Yeah. There's no opposition, it seems no Crombie I just was texting a high-ranking community friend that I have and uh was saying that Bonnie Crombie looks like it's such a screeching harpy on tv like she every time she gets the mic she just is screaming into the mic whining about something and Ford is for all the things Ford does that I don't like, he's a good debater in that he just lets the punches roll off of him and his opponents just look like they're tiring themselves out screaming about the same things.

You're not, how are you going to and Ford always says, you know, you guys are talking about these programs, how are you going to do it? You're going to cut everyone's taxes and double the spending on the programs? What's that going to look like? Look at it from a different point of view if you were one of the other candidates what would be your tactic yeah i don't know i'm with you i did a job doing something else somewhere else probably i'm with you i don't

know what they could do really it's just you know liberal party still rebuilding after the kathleen win god what a mess and the party is just the NDP party, right? There's another party there, the Greens, I guess. Is that the first party? They're just the Greens, right? Yeah. Just there. It's funny.

That guy's always talking about how it's his turn to chime in. And he reminds me of, who's that guy from Office Space with the stapler issue? Nelson Wilson? What is that guy's name? Melvin? I just wanted to let you know my stapler. Is it Melvin or am I wrong? I don't know.

That's what he sounds like, though. He sounds like that guy. He's like, you I just wanted to let you know my statement. Is it Melvin or am I wrong? I don't know. That's what he sounds like though. He sounds like that guy. He's like, you know, clown show, meek and mild. Also again, like ill-fitting suits on every person, including the women. Just no money for tailoring in this country. What's going on? Yeah, I should note here. We have P-Man in the chat asking if I'm buried in snow.

I have had my snowblower out twice or three times in the last 24 hours. So yeah, it was a busy weekend of snow here. Family day here, obviously. I took today off, but didn't have a free day, I'll tell you that, between the snow and entertaining my young daughter. Lots going on here today. You got to run some water piping, like a loop under your driveway. Hook that up close to an asic or multiple

asic and free free it's just gonna melt away now granted it's gonna pull at the very bottom and freeze and create a skating rink but at least your car will be on solid ground rather than ice did you bust your snowblower i mean we must have got 30 centimeters 35 no no i did it so my neighbor did it with the snowblower once, but I did it with a shovel and did it old fashioned way. Me and my daughter. She did a good job. Good.

Good. Shout out to you, Sabrina. Well, let's get into it. As always, big show tonight. Let's talk about the sponsors first. Easy DNS. You guys know Mark. You should be using Mark for all your DNS needs.

He's your friendly neighborhood registrar. We use him for the CBP website. And we've done both a buy through Mark and a port from someone else. One of you guys actually gave us the Canadian Bitcoiners website. So we've done both. Easy both times. Mark is always willing to help in terms of making sure that you get set up without any problems. Get your email set up. Get your website, your blog set up.

But there's a couple of other important things. Number one, virtual private server stuff. For the Bitcoin enthusiast, everything is available over on EasyDNS. That means you can do Bitcoin nodes, Nostra relays, BTC pay server, node lists, whatever else. Mark's got you. And then the second thing that we talk about on Thursdays on the access of easy show, which you should be subscribed to if you're not is domain.

Sure. Domain. Sure. Is this suite of security features and functions that make sure you don't get rugged by some of the various actor every week on that show. We talk about somebody whose life would have been so much easier if they had just used Mark to protect their domain, make sure they're not being protect their domain, make sure

they're not being spoofed, make sure they're not having their stuff accessed, all these things. But people still want to use other services. I don't know why. Mark is the best in silo. Those are the only people we have sponsoring the show. And I recommend you try him out. So go there. CBP Media is the code. Len's got something to say. What do you want to say? Not the only people. We have a second company sponsoring it. Yeah. He's the best in silo, right? The companies that sponsor us are the best in silo. So yeah, go there.

CBP Media is the code. Get half off first round of buys. Load the cart and forget about it. Buy it. And you should be squatting on domains anyways. There's 7 billion people on the planet. It's going to be 8 billion by next year or whatever, two years from now, whatever that number is.

So domains are going to be going fast and furious. Get on one. Mark will help you. Go over and patronize our guy. Toku Drift style. Bull Bitcoin is our second sponsor. And Joey, I'm not sure if you've been watching, but the fees are still very low.

There's been blocks, orphan blocks out there that are being mined because there's not enough transactions to throw in there. So what I'm trying to get at is, it's a good time to buy on-chain. And who should you buy on-chain? Bitcoin from? Well, Bitcoin.

If you're in Canada or in Europe, well, Bitcoin is the best people to buy from because why? They're non-custodial. This is what you want in the exchange. You want an exchange that does not hold onto your Bitcoin. When you buy from them, they send it to you right away. So you can't execute a buy from Bull Bitcoin

without providing a legitimate bitcoin address or even illegitimate it'll just go nowhere but it's your choice to do that either way if fees do get high and it will want one point in time in the future i can't say when but it will happen you can buy lightning with so you can buy bitcoin from lightning on with bull bitcoin lots of different options over there you can start spending your bitcoin a couple of different ways number one pay your bills look bitcoin sitting at is sitting at $95,000. It's just a stable coin right now. What the heck?

People have been buying Bitcoin for a long time. We've been saying people should buy Bitcoin. So hopefully you bought Bitcoin for the past few years. You made some massive gains. So with those massive gains, what could you do? A, you could pay your bills using the Bull Bitcoin bill service. So you could pay your car payment, your credit card payment, whatever the heck. So using your Bitcoin to do that. Second thing, you could pay your car payment your credit card payment whatever heck so using your bitcoin to do that second thing you could buy gift cards with your

bitcoin and with that you can start spending your bitcoin indirectly in a real world because a lot of merchants in canada do not accept bitcoin directly but this is one way to have them accept bitcoin by using these gift cards check them out open an account if you do that use our promo code below 21 will be added to your account once you provide the necessary information and fund your account check them out we rave about bull bitcoin for a reason because they are the best in the game best in silo man that's what we do uh let's talk some boosts then we'll get into some housekeeping stuff yeah okay let's talk about some boosts so anonymous i wish i could give you a name but it's just as anonymous

333 sats he says joey and len you guys should check out m s t y it's an etf offered by yield max and they do options trading on mstr monthly distributed dividends to shareholders. The dividends have been astronomical and well worth it. I took a look at it in comparison to MSTR, say the past month, the past week. It's really not tracking MSTR exactly. So if the yields are outpacing what your losses are, then all the more power to you. But still, this is very fiat MSTY.

It's doing some options trading. It sounds very fiat to me. If you're into that, wonderful. I appreciate the insight into the recommendation. Joey, I'm not sure if you're interested in that, but I'm just buying corn. That's just me. I have it up on the screen here. I have not seen this ETF before, but I also just don't why not just buy strike if uh like strk i shouldn't say strike it's the mstr prefers why not just buy the preferreds if you want the dividend because then you can get it in either stock or cash probably also at some point in bitcoin which would be nice yeah all things considered yeah just another option i guess for people that want to take advantage of tax efficient vehicles.

But yeah. Anyways, wartime three times submits 333 sats. I'm just going to clump them all together for one. So one, he says, I always appreciate you guys content. Very entertaining and fiery. Second, he does a couple of beer mugs to cheers of it. Third, this one's for you, Joey. He says, chocolate milk.

Yes, please. Because you had spilled your milk last week, I believe. Oh, God. I kill one half gallon of chocolate milk every couple of days. I don't know if that's true or not, but that's a lot of chocolate milk. Well, listen, one half gallon. Get those numbers up. Those are rookie numbers.

I'm going through a bag of milk. Yeah, I'm going through almost a bag of milk every day. But chocolate? No, no, no. But I go through a carton of chocolate milk every couple of days. A big one, like one of those two liter ones. Yeah. I drink a lot of milk. My physiotherapist, who you know, commented that probably one of the reasons I'm so muscular, not to my own horn, is because of all the milk. I barely eat,, I don't eat that well, but I drink a lot of milk and it's good for you. I get that people are lactose intolerant or whatever, but

it's hard for me to imagine a life without milk in terms of just like, I love the taste. I mean, you guys see me drinking milk here every week. And by the way, it's not a gimmick. I was drinking milk when there was five people watching and now there there's like, you know, some nice 1,000 people. I'm still drinking the milk. I love milk. You're Italian. Do you not drink a lot of milk? I've never seen you drink milk.

I like yogurt, cheese. I love cheese. Yeah, okay. Okay. So don't shy away from dairy. Absolutely. No, no. Definitely not.

Definitely not. I don't also like, this is not related to the podcast content at all but like i also don't fart that much i think i think farting and intolerance user error man that's you know you gotta read the instructions just keep moving on doug 521 sats he says or writes in i can confirm the j Jade Plus is a total pain in the arse. Playing about with liquid. It's not Bitcoin, but I have my reasons. So thought being able to hold it offline was a wise move.

But holy crap, it is ever awkward. Cold card for the win. This is somebody that has real life experience with the Jade Plus. And it seems like based off this it's a thumbs down we said that last week like again yeah the question the question for us is like why why spend 250 on that when you spend 300 or 350 on the cold card that's that's ultimately the thing you have to answer i think i can't answer it then you got to go with that better product it sounds like for him,

he wanted to have the optionality to use liquid as well. And Jade plus does offer that. But again, like he says, it's not Bitcoin. Yeah. Jer, 1000 sats.

He says another banger. Thanks boys. I think you're just joined our discord, which I'll talk about in a moment. And last but not least, John rubber factory, another thousand another thousand stats love that name thank you cbp that's it thank you john thank you john rubber factory that's good i just want to say really quick before you the housekeeping the discord is rocking these days check it out it's in the link below and the audio the video you'll find it below

but i'm gonna put it in the chat right now too i'm gonna check it out there's a lot of people joining and chatting on their discussions are going they're organic people are asking questions answering them it's fun you can sign in and see where i'm spending my time when it comes to gaming on my computer as well um spoiler yeah it's usually civ age vampires or one of the diablo uh flavors i like project diablo 2 i don't know if anyone's ever played that or not but i'm a big i'm an old school diablo 2 guy i think it's a great game diablo 4 is okay but it's kind of too um it's too brain rot for me everything is brain rot i go on call of duty it's all brain rot levels you're always dying people sliding around all sorts of different directions. Anyway, um, some housekeeping. So last week we had, uh,

Rich Diaz and Keith Dicker on the show. Great episode. Really liked those guys. Um, Rich and Keith have both been on before, but separately, and obviously they both co-host the loony hour with Steve Sretzky. I talked to Steve a bit on Twitter after that show. And I'm going to send him some opportunities, some times to come on in March. This week, Scott Wolf was coming to my house Wednesday. I think we're going to record at 11. So that'll be live. I took a day off work for that. Len, I'll be taking him for lunch at a local watering hole afterward on the company dime. And Friday night, I'm on Why Are We Bullish, which i forgot to mention last week so i'll be doing that friday night and then i'm taking a break from interviews for

i don't know a while i guess i don't know a month see you in a fall yeah yeah something like that yeah i have nothing to add see in the fall yeah sure took a while uh i have nothing to add if you just want to dive right in no i do want to dive in where do you want to start do you want to can we talk a bit about like i don't know if you have this in the notes i know you sent me the stories this morning i only half looked at them i gotta be honest i was kind of busy today but do you want to talk a bit about this like this story about malay and argentina yeah okay before we go there first there's something i just want to add because they're these presidents are they're shit coining right and i'm not talking strictly

about trump there's more than just melee that it's been shit coining have you noticed this one or have you seen this shit like who portnoy no no it's a president of not a president of a company or ceo we're talking president of a nation. This guy, I assume, was duly elected. His name is William Semeo Ruto. I hope I pronounced it right. He's the president of the Republic of Kenya. Come on. This is the guy who asked Trump to buy his

or asked someone. Who did he ask? Somebody. The Kenya coin, which was soon to be released on Valentine's Day, February 14th, it was released. Now, I'm going to add this in the private chat, Joey. This is a link to X. If you could just pull that up and share the audio.

This is the guy trying to, this is pitch. I'm trying to sell this to the phone. I want you to hear. Ladies and gentlemen, I want you to listen to this. Is this AI? No, this is straight from his fucking Twitter account. And after this, tell me, why would you want to buy it? Play that fucking clip, Joey.

Okay, I'm going to play it. Sound up and fucking enjoy. Hold on, hold on, here we go. Can I make it bigger? Hello, everyone. I am happy to launch Dollar Kenya. Hopefully, it will help my country. We think cryptocurrency is the future, and we truly support it.

Hello, everyone. That's it? That's it! That's it! It's going to help us. How the fuck is this Kenya coin going to help us country? It's going to sell it for USD. That's how.

So we've crossed the threshold here, Joey, right? We're looking at presidents now shilling crap for what they claim to help their country. Right. Anyways, that's him. And that happened around the same time the melee thing happened. Right. This Javier Mille one that what a pretty afuera means that came out. He says, this guy just going to cut this and improve that.

And he talked to bitcoin too right somewhere along the lines he talked he talked about bitcoin but you and i what did we say about that guy what do we say about him obviously you you gotta take reservations here gotta be aware man be aware he's not the first guy to make these promises, but he won't be the last either. So everybody that thought, yeah, he's going to do something with Bitcoin with his country, nothing's official yet. I mean, maybe there's something, but I've seen nothing of the sort. So clearly he's just doing things in the fiat world and a fiat environment. And let's be honest, everything is fiat over there in most of the world

so he hasn't really changed much with respect to that but he came out with this what was it called libra libra coin and he was apparently giving support for this shit coin this libra coin and the market cap from this went as high as 2.5 billion. And in a matter of minutes, dropped to around $200 million. And a lot of people obviously lost quite a bit of money investing in this. Yeah, is that a lot? Is that a lot? Well, in terms of the market cap, that's a...

It's a ton. It's a ton, yeah. Yeah, and for wondering what is this coin, obviously it's trash. There's no fundamentals behind it. And there was a website that was hastily created moments before it went live. So they decided,

you know, let's give it some legitimacy. Let's create a website. But the website was, it wasn't done weeks or months in advance. It was done mere minutes in advance before the thing went live. Then Mealy tweeted out that this was a private project aimed to boost Argentina's economy by funding small businesses.

How? So this is it. We now have world leaders, we call them that, I guess, doing shit coining. It's not just Miele. It's the guy also in Kenya as well. Like, this is what we're doing. Trump, too, man. We can't even give him the past year.

That Trump coin and all this shit. Like, we have these fucking grifters doing what? They're grifting. What the fuck else can I say about this shit? Go right ahead. What do you think the likelihood is that we've seen the last of

a currently elected world leader try and turn on a shit coin or shit token to quote unquote help his economy? By the way, that video you just sent me to show the Kenyan guy, you could take the text of that, like the transcript and put it into a DM and it would look like a scam DM. Help me buy this token. It's going to look like the same with the message you sent to Saylor, the tweet he tweeted at Saylor.

That was unbelievable. These guys are so detached from reality that they just think that it's normal for a world leader to tweet at a public company CEO about buying a shit coin. So I think there's probably going to be more of this because it seems like there's no consequences. It's the wild west right now, especially in the United States with Trump in there. So when people say, oh, well, this needs to be punished, I would just ask by who? Who's going to uh levy that punishment anyone no i believe not in the way not from yeah go on the domestic level i think that

mile is going through some turmoil back home he's being sued he's being sued i understand as well yeah after this but um i don't know like anytime portnoy is pumping your stock or pumping your coin and telling everyone that it's a buy, that's a sign. Get out. And Portnoy lost, I think, about $4 million in 45 minutes, something like that. Yeah, quite a bit. With which coin? Was it the Libra coin? This Libra thing, yeah. He was an investor, quote unquote. Yeah. I mean, he's, I mean, you know what you're getting with Portnoy or you should, but, um, you know, I guess maybe you didn't, I don't know. It's like, I don't have much to say about this, except this is, it's not going to be the last time. So strap in, you know, when people say that the bear market has started or the we've already hit the top, we're not even close. Stuff like this tells you that the bear market is not here yet.

Um, there's, there's still an opportunity to rug people, make money, blah, blah, blah, all these things on the back end. And by the way, CoffeeZilla has an hour-long show out today or yesterday night. I watched like 15 minutes of it. And he's talking to developers who are basically admitting to financial crimes every 15 minutes in that interview. He admits to at least a handful of them. I would just say that you're in the Tyson zone, like I've said before, to steal one from Bill Simmons. Anything is possible. You could say anything to me about any coin and any person running it, and my first instinct would be to believe you.

That's the world we live in right now. You could have the most outrageous story yeah could be totally fabricated but there may be a hint of truth behind or it could be like legitimate like we just look at elon elon like popped out another kid with some like right-wing influencer or whatever st claire who's a bombshell good for him but like my wife was telling me that that was a story on some instagram account five months ago and she discarded it as not true. And here we are now five months later and yeah, it actually was true. So you have to take everything in where normally you would say, yeah, I just think this is probably

fake. Now it's like the more insane, the more likely there's, like you said, a grain of truth to it. Whether it's shit coins or babies out of wedlock, man. It's just like no matter where you look, anything is possible. It's what a time to be alive. We're living in the sort of most interesting timeline of of any human generation ever. I think with respect to Bitcoin, everybody should look at what happened with Millet and also to a degree what happened with Donald Trump. They may talk about Bitcoin. They may cozy up to quote-unquote Bitcoiners.

But when push comes to shove, it seems like they're in it for themselves. They're in it to increase their pocketbooks, like make it fatter and there's more in it. But like the Bitcoin age, just don't give a shit about it. They can understand it. But whatever it is, they're not Bitcoiners. So next time somebody comes out and says, yeah, Bitcoin this, Bitcoin that. Probably not. Just say, fuck you.

Just say, you know what? Whatever. Right? Here in Canada, we have somebody that is running to become prime minister in the next election. He hasn't said a peep about Bitcoin in three years and change yeah yeah no maybe not three years and change three years and so like what the heck right like people that just we we have set the bar where if anybody talks about bitcoin just because you're a politician and you're likely to win you talk about bitcoin that's not a reason to celebrate yeah it's that's just you know whatever university of austin joey have you heard about this one i haven't but i do want to talk about

this and uh i want to talk about some other quote-unquote bitcoin exposure stories um so we'll go ahead give it give it to me okay i'll start with this and then you could do the other bitcoin exposure stories you could tie it into what you want to talk about then. The University of Austin, they have a partnership now with Unchained, and they came together what is called the first long-term university endowment holding in Bitcoin. And what this means is they're going to put $5 million, and they're going to use that to buy and hold Bitcoin for a minimum of five years. Five and five. It makes me wonder, does five have any significance in all this with the university itself? I don't know.

But either way, a five-year hold is a good strategy, in my opinion, given if you look at the cycles of Bitcoin. And universities in total, United States, have billions of dollars that they're just sitting on i did a google search on this and they said the search told me that in fiscal year 2024 the total endowment market of all universities in the united states is approaching 1 trillion dollars it's around 830 billion dollars and they say an average of 1.3 billion per university across right everything that's a lot of money out there and there's a lot of capital that's going to be at their disposal moving forward that they don't want to have their hard work of begging to go lost they may start looking at maybe buying some bitcoin the university is also going to try to educate folks about bitcoin and they're going to be holding events debates and guest lectures

and if they need somebody to talk about it joey i guess you and i will be happy to fly to austin and do so i'm available i'm sure you are as well welcome horns man let's go that's actually texas longhorns but whatever maybe they won't mind you might have ruined our chances thanks so i'm not sure about the university if they're going to be converting cash to bitcoin directly or maybe something that's close to bitcoin or i mean like an etf but either way there's a donation button i checked on their website and you could actually donate in bitcoin right now and interesting enough the donate address starts with the number one for people unaware that That's a legacy address. It uses way more overhead when you're trying to build a block.

So I guess they're using this because it has more functionality, universal acceptance. But still, they could use a better address, in my opinion. Either way, as for the $5 million buy, like I mentioned, there's no evidence to show what you're going to do with it. If it's going to be a straight spot Bitcoin or buy an ETF. I don't know. But either way, the guy that's managing this, from what I gather, his name is Anthony Rosario. I sent out a tweet.

I'd love to get him on the show to talk about this at length. And I think this is very interesting. And it's just, it's a matter of time before more universities do this. Like I mentioned, it's almost a trillion dollars you're sitting on in cash. What are you going to do with it? I mean, not just cash. I mean, just in capital. So playing the markets, yeah. But a small portion towards Bitcoin?

Yeah, in my opinion. Yeah. Okay. So let me define some terms here, and then we'll talk about why this is important and maybe why it's a story or a theme i should say to pay attention to when uh when you think about what an endowment is and you think about what you know a black rock or you know pick your sort of um pick your pick your long-term vehicle um sovereign wealth fund family office whatever everyone talks about this as institutional adoption right institutions talks about this as institutional

adoption, right? Institutions are adopting this as a treasury asset. They're adopting it as an investment vehicle. They're adopting it as a store of value, but that's good. No problem there. But that's not really the distinction you should make. The distinction you should make is actually between slow money and fast money. Fast money is guys like you and me, or at our level, I should say, who are retail. They maybe buy the dips and sell the rips. It's, I would argue, cities like Vancouver, maybe even in Mayor Sim's case, because that huddle strategy is only as good as your budget and your tax revenues. If your tax receipts go down, then you may find yourself in a forced selling position. Miners, I think, are fast money as well because we talked about how they're forced sellers all the time. The HODL strategies don't produce the same outcome on the slow money side. The endowment only grows. No matter how bad things get in sovereign wealth funds, the likelihood that

you end up selling one of your best performing assets after five years is fairly low. No matter how bad things could get at family offices, chances are that family office is building wealth for generations. This is why family offices exist, right? that family office is building wealth for generations. This is why family offices exist, right? It's a tax vehicle more than anything. That's my opinion. So that slow money is what we need in Bitcoin. And we're actually seeing a lot more of it. I know that the YouTube clickbaiters, the low IQ YouTube clickbaiters are putting stuff up every day. Like this $20 billion giant, this $2 trillion giant is exposed is this, is that. That's good for the retards. But for the thinking people, the people who watch and listen to this show and their friends and family, you have to think about this a different

way. The exposure in slow money is already extremely prevalent. And you may not think about it this way all the time, but you should. I'm going to tell you exactly what I mean by this. When you think about states, for example, in the US, and we've talked about this over the last few months, especially, talk about Bitcoin reserves, like this state is considering a Bitcoin reserve. And there's some Twitter accounts who do a good job tracking which states are thinking about this. States is a, you know, whatever. is from Julian Farrer on Twitter. Arizona state retirement, $15.4 million.

California state teacher's retirement, $82 million. California public employee's retirement, $76 million. Colorado public employee's retirement, $5 million. Florida board of administration retirement system, $50 million. Municipal retirement fund in Illinois. State employee's retirement system in Louisiana and Maryland. The treasurer of the state of North Carolina at $20 million. Municipal retirement fund in Illinois, state employees retirement system in Louisiana and Maryland, the treasurer of the state of North Carolina at 20 million. And the list goes on and on and on. Slow money looking at Bitcoin. They're in MSTR already. The likelihood they go to Bitcoin itself, I think is pretty high. You can go further than this. I know you guys are

talking about BlackRock in the chat. BlackRock, you know, BlackRock, Cantor Fitzgerald, another great example. I got this from, you know, a guy I wanted to get on the show at some point, Josh Olschwitz, who sent this out, I think a couple of days ago. The Cantor Fitzgerald wealth management firm, who by the way, was the recipient of the now somewhat famous Trump Max presentation from Saylor in November, December. I watched that with my newborn back in the day. These guys are net long micro strategy. And so they are net long Bitcoin, like almost nobody else. I'm talking millions of shares. And these guys are also slow money. So yes, it's important that university endowments do this. And yes, it's important that we call this institutional adoption in a way. But what you really are looking at is the slow money versus

fast money dynamic. And more and more slow money is coming into Bitcoin. That's the stuff that sets floors, right? Other money could set ceilings and narratives could set ceilings. But if you're in this for the long haul, it's the floors that you want to go up. And this is a good example of a floor raising move. I like it. And so I want you guys to think about that when you're thinking about this adoption thing. Is it likely that states start adopting bitcoin yeah it is because they're already exposed to it quite a bit in a lot of cases i'm sure that this isn't complete um is it likely that states adopt

and hold yeah it is that's slow money and university endowments are no difference good stuff man i'm really happy to see that and uh. And I think that everyone should be happy to see that. Are you a little shocked, even a little bit, that it took to 2025 to hear this from the first university putting even a small portion of their endowment towards Bitcoin? So I just want to note here that you have to think about, again, the slow money and what it means to be exposed. So Emory University, this is from Eric Beltunis,

Emory University has $15.8 million worth of Bitcoin on their beat already. Oh, okay. Yeah, that was in October. I wrote something else down here, too. Is there another one here that I missed? No, there's not. Not the University of Singapore? I don't know how many millions of singapore dollars those guys have in

bitcoin but so so when you say it's the first university to have exposure sure to spot yes they're going to store it themselves yes great we're not we're not sure it's spot i just want to i would guess that it's going to be i hope so because they don't know anything else right most of the time it's easy to note that you're doing it with the ETS. And so what I was going to say is that, you know, Emory university has 15.8 million in Bitcoin ETS, right? They bought that vehicle instead of spot. So they're not the first. And I would guess Len that like when you, again, like if you really just take one, it's only one step back from where we are, from where we're talking now, if you take one step back, how many of these universities are buying the NASDAQ 100 every quarter, every year, rebalancing, blah, blah, blah. Well, MSTR is in there now. I think

they start trading in the NASDAQ 100. If they haven't already, it's like less than a month away. And the exposure to us means a certain thing because we're maxis we've been we've been around we get it but exposure to these guys you know they're where we were seven years ago now there's a difference between going into nasdaq 100 and you're just getting exposure just because you're buying in maybe the cues or something like that it's like the same way like i'll use an analogy the cpp we're all buying the cpp and if the cpp does buy it through whatever mechanism by a little bit of mstr does that mean we are all bitcoiners no this is just indirectly it's doing that they're not actively going out and say i'm buying yeah but spot bitcoin or lesser degree so the word the keyword there is actively right you're not actively doing anything in the cpp

it's all passive but when you're an endowment and you're actively buying the queues, then it's a decision you're making. And if you're making that decision with MSTR in there, then you have to have some understanding that you have a little bit of exposure, vulnerability, however you want to phrase it. And so I think that, yeah, I think you're going to see more of this. Am I surprised to answer your earlier question? No, I think it's about right. Don't forget, for you and me, we were really running on this dream of Bitcoin is bigger than the law, bigger than governments, all this stuff. And I do think that was the case and remains the case, but a lot of people didn't think that. And so last year, you had the last inklings of the legislative cloud lifted. And now

at the end of 24, so beginning of 24, you lifted. And now at the end of 24, so beginning of 24, you have the ETFs. The end of 24, you have Trump come in and now the excuses are gone. Now when you have calls with your investors, you have calls with your university board, you have calls with the chairman of your family office, whatever, there is no,

well, we're not sure about the future in terms of legal stature, legal status. If they're going out there and giving lectures about it. Exactly. They're in. Yeah. Yeah. They're an active participant in it.

The only thing we want to see is let's see them show them like students how to run nodes, show people how to do sovereign, where you can do your own broadcast your own. This is just a natural step el salvador has been showing this to students for i don't want to say years i don't know either way sometimes so why can't an institution in the united states like a an educational institution like like university of austin they can they can they certainly can't the people going there are not stupid they have a head on their shoulders they they didn't buy their way into university at least i i hope not they have the capability to fucking do their shit if i can figure this out anybody can so well it kind of

it's a good segue to the next topic unless you want to add anything else to no no that's it i just wanted to get that thing about slow money and fast money i think that's important people don't talk about enough so kind of on the same keel here is that canadian banks a couple of them have made some headlines the bank of montreal and the national bank of canada they each purchased shares in the company formerly known as micro strategy and. And National Bank added $525 million worth. And the Bank of Montreal bought $790 million worth of shares. That's a good chunk of money. And the National Bank of Canada, they first purchased shares in MicroStrategy or MSTR.

Last year, the small number, it was 18,000 shares. I don't know the dollar value, but it certainly wasn't as big as dollar value they have now. But with respect to that, they've had some exposure to MSTR. And I don't think these companies, these banks are buying it because they like the suite of software services that MSTR offers. It's mostly, maybe it is, but I could be wrong. They're trying to front run others buying this.

It's just trying to give them more exposure to the price of Bitcoin and more Bitcoin exposure and banks. They know which way the winds are blowing. This is what I'm shocked that it took so fucking long to really come up to figure this shit out. I mean, granted, they're more than neck deep in fiat. But fucking this thing is going to take the world by storm and everybody could see this university of boston texas could see it like even the national bank of canada and uh who's the other one fucking bank of they could see it so bring it on bring it on yeah this is their so you're noting a recent buy

right um they've actually done this reported they actually done this a few times now, right? There's stories as far back as December, November 2024. Yes, for the national bank. Yeah, I think there's potential there, especially when it comes to Bitcoin. And you're kind of consolidating right underneath all-time highs as gold breaks out, as S&P breaks out, as rates continue to come down, blah, blah, blah. The cocktail is all there for you to have a nice time at the party. But I'll go back to my earlier dichotomy. Is this fast money or is it slow money? I think probably it's fast money and uh we'll see you know it's hard it's hard to make the case if you're a bank to hold something past 100 gain you know if bitcoin gets to 200k in five years or whatever like is that a company that

they're going to hold are they going to sell that off and move into i hate to say it but you know what they're going to move into treasasuries or something stupid like that, right? Yeah, they're going to be offering 6% at that time. That's going to be easy money for them. Yeah, sure, exactly. Piece of cake, right? But yeah, it's interesting, right? The banks, to your point, know which way the wind is blowing. I just don't think it's actually the monetary wind.

It's more the lines and candles type of wind. So yeah, it's cool, but it's more... It's not earth shattering. It's not at all, yeah, which type of wind. So yeah, it's cool, but it's more- It's not earth shattering. It's not at all. Yeah. Which kind of sucks because it could have been. If it was accompanied with the right statement, like we like the MSTR treasury strategy or whatever, which by the way, they at least appreciate that there's a chance this thing

goes up that's greater than it going down because there's nothing here about their hedge, nothing here about buying options, nothing that so i'm not sure they have to i don't think banks actually have to disclose uh options positions in this type of scenario um but that said that's you know it's interesting the banks are looking at this stuff they can't be the only banks there's other banks doing it i'm sure um besides besides them and in canada it's it's a very small group of folks right the big five largest bank i think so it's not like super big but i was looking to i was talking to a friend of the show sb who has a terminal as everyone knows

and uh we were just kind of chit-chatting a little while ago about the likelihood that when fasbi comes into account and mstr suddenly has enormous monthly gains, it's going to come onto a lot of screeners and people are going to have a hard time ignoring it. And so there's a chance that banks are just even thinking about that. Here's a company that's getting into the queues, now has FASB, now has this preferred stock. The volatility is the quote-unquote best or most active in the market. He's cozying up to Trump. There's any number of reasons they could buy. I just don't think that we have a new monetary revolution

on our hands is on the list for the banks. Not yet. If they do acknowledge that, then they acknowledge that they're going to be made extinct. Yeah. Because I can't see a bank operating in a world where Bitcoin is being used as a medium of exchange, the medium of exchange. What services can a bank really offer at that point?

They'll adopt. They could be part of a multi-sig solution. They could do any number of things. In terms of like gathering… What do banks do? No, hang on a second. What do banks do for you now? What do they do for you?

They create credit. For you and me. What do they do for you and me? What is their for you? They create credit. For you and me. What do they do for you and me? What is their primary function for you and me? They loan money to us. Exactly. They create credit. Well, they hold capital and create credit. Hold capital is the important part of that, not the create credit part.

Ostensibly, there is a case we made that holding capital is actually not that important. But for this conversation, we'll call it important. So why wouldn't they just hold Bitcoin? For you, for grandma, for the city, for whoever, right? These guys will adapt to that end. Are the banks going to be like stalwart equity positions the same way they supposedly are now in Canada? Probably not. Don't interrupt, but on that topic, it's the fractional reserve that makes the banks really profitable, that they could take whatever they bring in and then lend it out.

There is no reserve anymore. There is no reserve. Right. It's a wonderful tool. You can't do that in a Bitcoin. Like, what if you give them the one Bitcoin, right? You have that one Bitcoin. What the fuck are they going to do with it?

They're not going to lend it out. they don't have the ease like i mean there's all sorts of stuff people will let banks do erroneously i might add you know like my mother-in-law was worked at bank for a long time smart woman but she trusts she's like why don't you let a bank hold one of these like whatever wallets i'm like absolutely not yeah i'm never gonna do that absolutely not the banks like once you eliminate your ability to essentially print money by the creation of lending of money shit like that they're essentially useless you can make like a pittance holding on to their somebody's bitcoin their keys i wouldn't recommend it but say they do offer that the ability for them to you know you could store your bitcoin with them and

quote unquote trust them. But what sort of percentage are they going to get out of it? It's going to be minuscule. And in Canada, you could multiply that every one times 40 million. That's how many people live here. Okay, that's fine. But still, it's not going to be to the same degree in terms of profitability. That's what they're going to shrink.

The businesses will shrink. Yeah. Banks become obsolete in terms of what they're offering in levels certainly there may be some bitcoin neo bank something like i don't know but it won't anywhere be close to what we have offered right now it would just be some evolutionary development in the banks and still i wouldn't fucking use it i'll still hold my own keys but it's not for you it's not for you and me right like i don't use a safety deposit box for anything what the fuck i'm not gonna trust the bank the bank after what happened with the truckers after what i see from like that you know

the the these guys are freezing russian treasury assets uh then no one's gonna have a problem going into my safe so let's hear this who do you trust more to hold your Bitcoin? Would it be a bank or would it be an exchange? And I could say this. If I have to rank it, if I really had to pick one, I'll go first. I'm probably going to go. I can't believe I'm going to say this. Probably with the exchange.

Me too. Me too. If I had to pick one but like that's how fucking bad it is like we don't trust any of them no i know banks are worse than the exchange and the exchanges are i told you about my experience at the bank on this show like a month ago uh it it's just it's a system that hasn't hasn't updated because it hasn't needed to and is going to find itself in a position where it's getting steamrolled, I think, relatively soon. And by the way, it's not just Bitcoin that's steamrolling banks. It's other banks. It's like Tangerine where there's, I don't think it was like ATMs maybe, but no physical location.

It's stuff like Stripe and Venmo and PayPal and Apple Pay. Nobody gives a shit about any of it. I don't go to the bank unless I absolutely have to. I don't even, I don't go for any reason, any reason. That's the slice of the pie because they had, they're trying,

they're trying now. For sure. What do they charge? What do you get charged for your checking account every month? You know, I, I, I could tell you offline.

I don't want to say it. I'll say what I get charged for mine. It's like 45 bucks every month for my check. Wow. Yeah. Wow. Yeah. And I, my account. My checking account, I'm not rich. It's a high volume account, but it's not rich. And people are talking about how banks are ripping everybody off. Yeah, 45 bucks for some people is probably a lot.

That's almost $600 in a year. It's a lot of money. Yeah, that's a lot of money. Yeah. That's the price of my car, threefold. Yeah, Mike pointing this out. No, I refuse to put $4,000 in my account. What kind of person keeps $4,000 in their account?

Why would you ever keep $4,000 in your account for any reason? It's a lot of Bitcoin. You couldn't fucking pay me to keep. I won't tell you how much, but I'll tell you it's not $4,000 it's enough for my mortgage, my property tax and my bills and that's it not a penny more trying to keep a lot of Singapore dollars in there now we're talking

about this trusting and stuff like that I think it's a good segue for the next topic I'm not sure if you followed this on X there was this whole drama going on between the prime trust bankruptcy I'm not sure if you saw this or X, there was this whole drama going on between the Prime Trust bankruptcy. I'm not sure if you saw this or caught a wind of this.

Yeah, I think you did. Because we've talked about it before and how like, you know, Swan went from Prime to Fortress and just couldn't get it right. And now these guys are still bickering. I think that was a year and a half ago, right? Something like that.

I would say around a year ago, less than a year ago. Either way, let me just set the table here for people that are unaware because I did a search on Google. So they're my primary source of this type of information. They said, Prime Trust, a crypto custodian, filed for bankruptcy in, here it is, August 2023 after a shortfall of customer funds.

The company's collapse was caused by a number of factors, including improper use of company, sorry, customer funds, and a crypto bear market, and investment in Terra Luna USD, which went tits up. And Swan Trust was using, sorry, Swan Bitcoin was using Prime Trust

as its preferred custodian. They have since moved on, and they switched to Fortress and BitGo and also Equity Trust. And so there's this bankruptcy hearing that's going on for Prime Trust. And through the hearing, it was thought that some of Swan's customer funds were tied up in a bankruptcy proceedings. But Corey Clipston came out and said, no, this is not the case. He says all the clients have are their whole. They were custody of backed Biko and Equity Trust.

So all this is said, I just want to say that you don't want to leave your funds on any exchange. This is an example why if you can't trust yourself, like trust yourself yourself just 12 or 24 words use multi sig put passphrase like do a number of different things to make it extra secure but don't rely on somebody to hold on to your keys for you and if you do you could get wrong and this is an example why but in terms of the whole drama behind it i like it i think you might want to add some color to that i don't i don't care to, no. But how many times are we going to talk about people, especially exchanges?

Swan is an exchange. And by the way, you will recall that all this stuff started to happen around the same time that they fired a bunch of people, that they started up a quote-unquote media empire. Corey Clipson the other day tweeting out a fucking graphic. Corey came on this show when this show was a lot smaller. I will always respect him for that. But tweeted out this graphic, a low IQ tube stat screen of how many views he got on

all his videos as though he's not just posting clickbait nonsense every fucking day and how good things are going at Swan. Meanwhile, the company basically dropped 80% of its employees, including some great people like Stefan Levera. Meanwhile, they couldn't get their customer funds secured. Meanwhile, you got Pleditor who is in Corey's ass every time he tweets, talking about how he's fucking lying about something or obfuscating something. And this guy is tweeting about how good the YouTube numbers are. Retarded. No one gives a shit about the YouTube numbers. No one gives a shit if you're appealing to the dumbest people on the planet. What they care about is that you secure the funds.

You didn't do that. What they care about is that you run a business that keeps people employed, good people in Bitcoin. You didn't do that. Instead, he was taking hype videos of himself, shooting three-point shots at Pacific Bitcoin and firing half his staff. Well, what a surprise, Len. Who could have seen this coming, right? And so here we are a year later or whatever it is, same drama, same companies, same funds, same guy. And it's just predictable, to say the least. Remember, they were so close to going public. Like, it seemed like it was imminent.

They tried to, but like, I think Odell's rant on TFTC that one day, which I think was like off the cuff. Like, we're in Bitcoin, we're doing VC. Swan says they've given out half a billion dollars. We don't know where a single dollar of that is. Not a single dollar. Never been cleared up, as far as I know. know and unless i missed it i doubt i missed it like i listened to tftc often enough and i'm on twitter you know like the rest of you guys terminally online i i never saw it so fuck i i mean what the fuck happened with that that's seems to be something another thing to be concerned

about i didn't even mention that in the short little rant that i did there but yeah interesting right you hear about this mu badala investments mu is this the uh um yeah wealth fund sovereign wealth fund yeah i did yeah yeah yeah so i have it written down in my book here pull up that book because we'll be talking about i got the book 436 million in bitcoin etfs in quarter one right have that right yeah yeah 100 yeah interesting black rock i shares slow money sovereign wealth fund slow money you know that's that's good that's good shit i i don't understand like why they chose this mechanism versus holding their own keys i mean abu dhabi and i know it's we gotta get that we we don't understand like why they chose this mechanism versus holding their own keys. I mean,

Abu Dhabi, I know it's, we got to get that. We don't use the soundboard feature on this thing, but we should just get one of you saying, I don't know why they use the ETFs instead of holding their own keys. And you can just get us to the water or something instead, because it'd be easier for you that way.

I think. Oh, continually say that the reality is like, fuck it. Don't have somebody else hang on to your wealth why you have the ability to hang on to it yourself why can't somebody else do the keys it truly is it truly is a sovereign wealth fund if you don't hold your own keys someone else well done joy well wait a minute foreign foreign wealth fund you know the only thing that would truly put a bow

on this fucking story is if the mu badala investments released their own fucking meme point that would be just a fucking the cherry on the top of this story and i would love it we got it yeah they'll they'll release it as an etf bm etf all right anyways that's you see gamestop is considering buying some bitcoin this guy liam cohen or whatever his name is like unreal the girl that's the guy yeah he did do chewy right but he also did uh he's also the gamestop ceo or or whatever president i don't know what he is but uh that was another banger day in low iq tube headline history this the gamestop finally does Bitcoin. Look, I don't have a problem with companies doing Bitcoin treasury strategy.

Obviously. I mean, like we'd like that kind of stuff, but why, why is this guy in the news still? What, why? This guy is only famous because Keith Gill, deep fucking value, roaring kitty, who decided one day to make a YouTube channel and wear a headband had a hundred million dollars worth of like longs on this stock or something like that that's what we care about and that this guy's still in the news after that roaring kitty's the best thing that ever happened to that guy and uh this is just another attempt to lasso in another community right to pump his

stock but i don't think the Bitcoiners will buy it. I think that just the fact that they're doing this, I think it's funny. Hold on. Mike in the chat, do not send a super chat here. I will not read your super chat if you send it. If you want to boost, do it in Fountain. And you can ask how in the Discord. Yeah.

Super chat here fucking suck. Google takes like 60% of the money and we never get a dime anyways i don't know you know what the same conversation i'm having in discord the exact same conversation don't do it don't don't give these people your money put give a boost a thousand sats is like what a dollar like don't give these guys five dollars and like i'll we'll read the shit that you write in the boost anyway you know just do it for a buck instead of five bucks. It's not worth it. Yeah. No, no,

no. You know, in fact, I'm going to turn off the super chat. Shut it off. Yeah. We got to turn the, turn the faucet off for these guys.

Big chat. Can't be winning against us. I'm going to do that. Why is it still unreal? So, yeah. So to go back to, that's what happened to the Delta flight,

by the way, the guy was reading his super chats and fucking flip the plane. These planes fly themselves. Now what's going on Delta flight, by the way. The guy was reading his super chats and fucking flipped the plane. These planes fly themselves now. What's going on? Oh, I love it. I don't know. For people who aren't aware, in Toronto, our busy airport over here, Delta airplane. I don't want to say crash landed.

I don't know. What happened? I haven't seen a good video yet. There's one video of the smoke smoke but it's pretty nuts the fuselage is upside down no wings on the runway so that means it's it must have spun twice right like where are those wings on the fuselage like where are the uh i don't know i don't know and i still i'm trying to figure out exactly how it happened either way like what a fucking disaster but proton wallet i guess we could just wrap it up with this last story here very simple very quick they exited the early access stage and it's now available for all

android ios and web users and they could get access to this web wallet and this is a self-custodian wallet it provides you with the 12 keys which you could get actually i like this are you a proton mail guy i do have proton mail multiple in fact absolutely and i even i'll go as far as to say i even use the VPN, but I use it just for my TV because I just put it on my fire stick and load it up and I'm able to get the US stuff. And that's pretty cool. That's it's because it's free. I'm able to do that. The one thing I wish it had, you could go to a whole bunch of different countries and some of them, like most of them are you have to pay for

which sucks because the italian one i can't get access to it so like a lot of the italian shows i can't fucking see but either way uh proton wallet it's now available for anybody who wants it there's one additional feature to this uh people may like this i'm not sure if it's all that great because there's an email feature which allows users to send and receive bitcoin using only their email addresses it kind of sounds like you're doxing yourself in a way by providing it i would never be different than why is it any different than the lightning address thing maybe it's the same uh is it lightning or on chain is on chain difficult yeah on chain would be difficult so i don't know how that would work yeah this is on chain because you're providing your 12 words.

Either way, for people who aren't aware what the hell Proton is, it's a quote-unquote private email service and VPN service. I think a few other things as well. I think they provide a drive or a cloud storage and stuff. Yeah, ProtonMail is good. They're really good. And Ben here in BTC Sessions has a video on the wall already. I haven't watched it. I actually meant to put it on today when I was riding my elliptical, but not my elliptical, sorry, my stationary bike. But I do want to try it because

I'm always down for a good wallet that I can use on my phone, right? Blue wallet's pretty good. Green wallet's pretty good. This one sounds like it might be good too protons super privacy focused you say what you want about them um nothing is 100 safe obviously but i think it's a if you're gonna put your you know quote-unquote trust in somebody these guys are about as good as you're gonna find so if you're gonna do something on your on your phone hot wallet type then this is the uh this is the thing one of the things you could look at and i guess that's it joy for the big nice okay let's go over to uh the notables if you're on uh youtube twitter whatever watching live hang in we're not going anywhere if you're anywhere else uh wait till tomorrow for the back half of the audio feed until then take care of yourself and don't be a cock