The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - Stablecoins Are EATING Bitcoin — And No One Is Talking About It | CBP 253 Pt 1

Episode Date: February 24, 2026

🚨 LIVE: Stablecoins Are Killing Bitcoin?Dollar-backed stablecoins are expanding, institutional support is growing, and regulatory clarity may be accelerating their adoption. But what does that mean for Bitcoin?This isn’t just a crypto debate.It’s a monetary power shift.As policymakers move to formalize stablecoin frameworks and the dollar extends its reach into tokenized finance, a bigger question emerges: is the system reinforcing itself — and sidelining Bitcoin in the process?From regulatory momentum and dollar dominance to liquidity dynamics and institutional preference, today’s live discussion breaks down whether stablecoins are strengthening the existing monetary order — and what that could mean for BTC.Money is evolving.Power is consolidating.Bitcoin is being tested.📡 Live discussion.This conversation connects geopolitics, macroeconomics, dollar liquidity, digital asset regulation, and the future of monetary competition in a rapidly changing financial system.Please Like, Share, and Subscribe to the channel!SponsorseasyDNShttps://easydns.comAnycast DNS, domain registration, web & email services — fast, reliable, privacy-focused.Pay with Bitcoin.Use coupon code CBPMEDIA for 50% off your first purchase.Bull Bitcoinhttps://mission.bullbitcoin.com/cbpThe CBP recommends Bull Bitcoin for buying Bitcoin simply and securely.Use the link above for 25% off fees for life.256Heathttps://256heat.com/Heat your home, garage, or office while earning more Bitcoin than it costs to run.Book a call with a hashrate heating consultant today.Listen to The Canadian Bitcoiners PodcastApple Podcastshttps://podcasts.apple.com/ca/podcast...Spotifyhttps://open.spotify.com/show/6WzoIyT...Fountainhttps://fountain.fm/show/VaB9E0KrXGqg...RSShttps://anchor.fm/s/538d43f4/podcast/rssSocialhttps://x.com/CanadianBTCPodhttps://x.com/JoeyTweeetshttps://x.com/TheBTCPriceBotDiscord  / discord  ⚠️ DisclaimerEverything in this episode reflects personal opinions only and should not be considered financial advice.#bitcoin #stablecoins #tether #usdc #dollar #digitaldollar #monetarypolicy #macroeconomics #geopolitics #soundmoney #regulation #markets #crypto

Friends and enemies, welcome back to the CBP tonight. Tariffs gone. Or are they? Or were they ever even in question for us? I don't know. We'll talk a little bit about that. A lot of people saying Bitcoin is dead. We are not among them, but we'll talk about that as well.

We have some stable coin news. We have some Canada news. A fake Sparrow wallet. Tons of stuff you got to keep your eye on if you're a bitcoiner. But 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. Shout out to our guy, Derek, for that intro. I was supposed to meet Derek for beers a little while ago, but my wife had to stay at work and I had to watch my daughter, so we weren't able to link up, hopefully sometime soon. Buddy, what's going on? Good to see you. How are things?

Yeah, very good, man. My daughter had a nice ski trip today. Ah. Getting back tired. Wow. A good day all around. Everybody's happy. Everybody's tired.

Everybody's ready to go. Spring is just around a corner, Julie. The thaw. Almost there? Yeah. Feels good. Mentally, I'm there. Mentally, it's fucking summer for me.

I'm there, man. I'm so tired of this weather. I'm saying to land before the show. Obviously, if you're a frequent listener, you can hear my voice degrading week over week. I've been ignoring what I was told today is a nasty throat and sinus infection that I've accumulated some kind of colored mucus in the back of my throat. So I'm on some meds now. I've got some nasal spray. And there are certain individuals who observe and digest this program would tell me that milk is the cause of this.

Have you heard of this before? Never. And I don't know. I mean, I have my fair share of dairy. I like cheese. I like yogurt. We're Italian. I was raised on dairy. You know, like, you gotta be the same way. You know what with respect to this is just it sucks. But what doesn't kill you makes you stronger?

I'm a firm believer of that. Just put everything. Obviously, there's a few things that are. What's on the short list of other things? Well, I mean, watching Canada get, get washed in. To be honest, I watched exactly zero seconds of the final. I watched maybe a minute. of the semifinal because I was forced to watch it.

It was put in front of me. Other than that, I watched nothing of the Olympics. My wrists aren't slit. My hopes aren't dashed. I'm still going to go ahead and life goes on for me. It doesn't matter who the fuck wins, loses, or whatever. Can we discuss, by the way, someone in the YouTube comments is either on YouTube or Twitter told me that I should talk to you about this.

Why is the Olympics doing three-on-three overtime in the gold medal game instead of five-on-five? I can't entirely answer that. You probably said it was better. The reason he said you would think it was better is because NHL 94 is three on three, isn't it? No. So what's going on around here? Who thinks that?

I learned this week that the NHL has overtime three on three hockey. I thought it was four and four. Okay. But they transitioned sometime in the last 15 years, 10 years to three. So I'm so far out of it. I don't know. The only thing I could think why they would do this is to guarantee they have a quick result. 3 and 3 in very open ice.

If you miss one pass. That's exactly what happened. It was over so fast. It has to be because this is on the last day. You can't have another New York Islanders, Washington Capitals type scenario where it goes four or five different overtimes. And it ends after the closing ceremony is closed. Who cares? Who cares?

I think they have a hard time, like a hard limit. They got to get this thing done. Does it matter in the end? Who the fuck cares? Three and these they, you know, who's, who's complaining now about, I haven't heard any complaints that NHL has three and three over time. No, no, no, no. I, in fact, I didn't even fucking know it.

To be honest, be honest with you, like, I don't watch hockey at all. And so when I saw this, I'm watching it, I'm kind of like half watching half lifting weights. And the overtime starts, there's three, like it's six guys. What's, what is this? This is like road hockey. There's no shootout. There's no, like, I don't, anyway, congratulations. The shoot-as another one.

They did this in Nagano. I like the shoot-out. I like the shoot-out. I like, but that's not proper ending, right? If you're gonna just like, you know what I mean? If you have a time limit, I understand. What is more proper? Three on three are the shoot-out.

If you have a time limit, obviously you got to put some gimmick in there. But if you don't, do it like the way that they do overtime in playoffs right now, five on five until the last person's Yeah, yeah. But if there's a time limit You know, because they have to get the next game in or there's a clothing ceremony I get they want to throw the gimmicks out there But you know, whatever it is what it is I'm happy a lot of people didn't end up hanging in front of their in a front yard up the tree or something

You know, a lot of you were so upset what has happened Especially what's going on with the political side of things Yeah to watch Canada get absolutely to lose like this of all the teams United States. Oh my God, this is the end of the world. What the fuck? The sunrises. I know. Don't worry about it.

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either way it is what it is let's talk about bull bitcoin who's the other sponsor of our show and we love it because that's what we do our buys and i'll be honest joe i don't know if you sell but if i were to sell i'd use them to do it but i ain't selling so you know what bull bitcoin you're not going to find my bitcoin it's coming to me only anyways non-custodial this is what you want in an exchange so many examples of exchanges out there rugging people you cannot get rug from bull Bitcoin because in order to facilitate that buy, you've got to provide a Bitcoin address. And without providing it, well, the buy just does not happen. You could buy Lightning.

You can buy on-chain when the fees are getting a little bit higher. You can switch over to Lightning. But right now, fees are still relatively cheap. So that's what I suggest you do. You could pay bills with them. You can do limit orders. You could do limits, all the shit you could do. But the best thing at all, the best thing of all is how they treat you.

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they're human. There's human people over there. And they will help. If you need some assistance, they'll be happy to help you. Yeah. They'll be able to get you to the end game and become a Bitcoin or check them out. Well, Bitcoin.com.

Our link below is there. If you do that, sign up with our code. Well, all the buys and sales are going to be cheaper in perpetuity. 25% off your fees. Big day for one of the guys of Bull Bitcoin today. I'm not going to say more than that. But we are waiting with bated breath for our brothers at the Bold Bitcoin HQ. I guess he's not at HQ today.

But we're waiting anyways. So keep him in your thoughts. Len, do you want to do a little boosting? And then we'll do some housekeeping and then start rolling. Yeah. Okay. So these are the five top boost this week for people are wondering. I'm not reading yours.

Well, if you're not in the top five, you're not going to get red. Mo, BTC, Dick, 500. Satsy says, I fear unrealized gains taxes will come to Canada. And when it does, I leave. And I'm kind of in that boat, too, because of the family reason I'm stuck here. Yeah.

But if you do leave when that comes into effect, you're going to have to pay the Piper. So the thing is you've got a front run at. You don't want to do the leaving after this comes into play. We talked about that last week. with Boomer. Yeah, you know, there's, I think there is a chance that it comes here. And I think that you would be wise to start thinking about your exit strategy.

ASAP. ASAP. Yeah. It's a very wise. It's always best to plan. And if you don't execute it, that's fine. At least you have a plan in place just in case, you know, you're ready to go. Right.

Again, Moab, BTC dick, another 500 stats. It says always a treat having Doomberg on. Yeah, got a lot of good feedback on that show. One of the sort of, you know, one of the benefits of having someone like Duneberg is that he's so well read that you can basically hit him with any question, any comment, any topic, and he's going to have something intelligent to say. But I will say that much like some of the feedback we've gotten, I think he really enjoyed being on the show. Didn't sound robotic. And, you know, I think if there's one criticism, of him. It's that he is just so well read and so bright and so, um, has such a broad

understanding of some of the major topics of the day that some of the stuff he says is like, it's, it's, it's above your head, you know, and it's something that he's given a lot of thought to and, but I really thought that was a fun interview, man. I enjoyed talking to him. And, uh, I, I really enjoy having him on the program. And I, you know, I will say without going into detail, um, talk to him a little before and after. He's such a good dude, man. and even that whole team there. I used to subscribe to Duneberg at the full cost, 600 or something a year. I don't need more.

But I would say if you haven't ever subscribed to Duneberg and you're thinking about it, like trying it for a year, you're not going to regret it, for sure. You may find that it's not as of interest to you as you thought beforehand, but you will learn so much about the energy world, the commodity world. And these days, the geopolitical world, which is valuable for Bitcoiners and for everybody else. So, yeah, I enjoyed that show. If you haven't listened to it yet, go have a, go over listen. Go have a watch.

You'll like it. Doug, 525, he writes in gold is not getting more valuable. Act accordingly. I would argue nothing is getting more valuable. It's just getting, if you're just using the United States dollar or any other fee of currency as the denominator. Yeah. Business cat 1337 sets. Boomer has immaculate.

Vibes. You have immaculate vibes according to business cats. Somebody in the chat when we were saying, when we were talking to Boomer, noticed he had the $70 version of Jason Lowry's

software, like the hardcover special edition, whatever that's now unavailable, I think, in basically all the, all the usual spots. So is that part of the vibe? I don't know.

Maybe it is. Did you ever read that or no? I haven't read Software. No. Have you? No. I mean, maybe I should.

We're kind of, that thesis, I think, is going to become important if it's not already. So maybe I'll read it. I mean, maybe it's a bit of a stretch. I'm pretty busy. So I don't know of all the time. But I hear it's good. Anyways, if you're thinking about buying it, maybe, you'll pick it up.

You can't fucking buy it. The only thing you can find is the PDF copy. That's right. Which is readily available for anybody who wants to get their hands on that. And even after getting that, you probably won't read it. At least I'm not. Hammer Town, OG, 5,000 sats. My guy.

is donating to help subsidize your inevitable demonetization. Keep spitting truth and we'll keep sending sats. Once again, great show. Keep up the good work. Our sponsors will never leave us for saying true things. That's for sure. So really shout to Mark and full Bitcoin and Twan over 256. That's where I'd be patronized those guys.

We appreciate your support. But of course, it's good to support those guys as well. I have nothing else to add. Maybe I got to throw some quizzes out there. That's about it. No, no, no, no. So, okay, we mentioned the Dumerick episode. Go listen to that if you haven't already.

And we were going to talk to Scott Horton last week, but there was an emergency on their end. And I will note that their team, very professional, let me know. And we will try and reschedule that for this week, hopefully, if not, then next. But he will be the next interview we do on the channel. I'm actually not in that big a rush to do that interview because, as I mentioned earlier, my voice is, like, you know, pretty dinged up at the moment. So I'd like to be closer to full strength when I do that. But look out for that.

That's going to be the next thing we do in terms of guess. Is that it for housekeeping? Let's hit it. All right. I want to talk about Sparrow quickly? Yeah, let's do it. I think it's an interesting discussion because it's for anybody out there that's using Sparrow. I think a lot of people that listen to the show either heard of it or I hope use it.

Because that's the program that you need to, it's used to interact with your node. Is it best in class, you think? I think it's really darn good. Um, COVID is another one, uh, that is for your phone. But for my computer and I just want to focus that particular sentence on your computer. Yeah. The Sparrow is, you know, I love it. You can show your balance.

You can send and receive sats. You can sign messages, all that shit, all with Sparrow. And the one thing that you have to know about Sparrow, there is no phone app, right? This is entirely used on your computers, not for your phone, not for your tablet, none of that shit. You can use it on your PC. you can use it on your Mac. It could be on your MacOS, Windows, Linux, all that shit. But not available for iOS.

Ditto for Android. It's not available. And so the question comes up, why am I bringing this in this story? Like, what's the fuck of it? Because there's something new that was on the app store. It was under the name Sparrow Wallet app. Yeah. And the only way to use this app, and this is according to a gentleman on X name

Finn or Fien Stradardee Whatever Who gives a shit? Anyways, this dude He says Or he writes To use this app You got to enter in your seed phrase

Yeah Right? You have to end So how are people still falling for this? How is this possible? Help me. Help me understand. Put me in the mind of the app user.

If you have one person That And it's a few hundred dollars Obviously I don't know how much effort They have to put into it to get it written, code it up, and added to the app store,

but maybe, you know, anyways, I'm assuming once you put your seed phrase in, they're going to drain your wallet because that information gets sent to the mothership or the app store or app people and they steal your Bitcoin.

This stuff happens periodically. It's not often, which is really good, but still it does happen, you know, once, twice a year. And I find it disgusting to see this come up.

And never, ever, ever, ever should anybody enter their seed phrase on a device that is online. That's either your computer, your phone, your tablet, whatever. The seed phrase should only be entered into a device that is entirely offline. You're talking about a air gap device, like, for example, a cold card, which could never be attached to something which is going to be online. and as such, the seed phrase will be safe from being stolen by anything that's online. That's why I always suggest using air-gapped solutions when you're dealing with stuff with your seed phrases.

The App Store has been alerted that this app is a scam. I am not sure at this moment if they've removed it. Maybe Joy, you could take a look. You're an iOS user. Yeah. Maybe you could tell us if it's still up there. But is it just called Sparrow Wallet? Sparrow Wallet.

app. And I'm hoping they did remove it, but while this goes to show, everybody needs to be diligent of your Bitcoin. Because if you fuck up, there is no way to receive, to retrieve your Bitcoin is gone. You are done. You can't recover it. There's no central body out there that is going to reverse the transaction.

There's no way, nobody that could do this. You have total control of your Bitcoin. You can send it to whoever you want and you can fuck up, however you want. There's nobody there to help you out if indeed you fuck up. This is something I suggest people learn from other's mistakes. I'm not sure how many people fell for this thing, but never, ever put your seeds, your seed phrase on a device that's online. Never. If you do, it's potentially gone. And if it's never put online, how could it be stolen? Mike drop. The app is not there, by the way. So good, I guess. I mean, it's already

probably yanked a handful of pennies from people. So I don't know what you're supposed to do about this. As like a, I mean, what are we trying to do every week? We try and tell people, we try and give them information and, you know, help them make decisions. Not financial decisions, not financial decisions, but decisions about, you know, ways to view the world, give them a lens, look at things through. And I don't know what we're supposed to say about stuff like this anymore. How much, how much sympathy, how much airtime, how much bandwidth can I give the app clickers?

the fake app enjoyers that are still everywhere, it seems like. I mean, between this show and Access of Easy, every week we're talking about people losing money to scams for, what, an hour minimum, probably? You know, it never ends. And I just, the other thing, too, like, there's a false sense of trust placed in the app store. But, you know, many apps that you would view as quote unquote reputable do less than reputable things. It's not just crypto apps.

I'll give you an example. I am or was till this morning an Evernote user. If you ever used multiple devices, you know, Len and I obviously have this podcast. We've been doing for years. And I was using Evernote for a long time to like track notes and try and like go back to certain stories so that when I look at my research for the show,

I can see like where things were six months ago, eight months ago, whatever. That app cost about $100 a year. And I could pull stuff on my phone, on my computer, wherever. And it would all go to the same place all the time, auto sync, right? because I don't have a Mac computer to do the show on, although I do have a Mac now, but I use my iPhone and my Windows computer. I noticed to charge on my credit card, Len,

for almost $400 the other day. And Evernote, I guess, has been sending emails that have been landing in my junk folder because who lets promo emails get to their inbox these days? They were raising the cost of the membership. If you were on their basic tier, they were going to upgrade you automatically to the pro tier in the new pricing structure for almost $400.

is like 360-something Canadian. So I emailed them this morning and said, hey, I ain't paying this. You got to refund this. And they, you know, thankfully agreed. But the point I'm trying to make is that there are a lot of apps doing stuff that you would consider to be not quite above board. This is obviously not as bad as the Sparrow fake.

But trusting the app store to police the apps and the behavior of the apps is a mistake. There's too many other ways to do this. Sparrow has a GitHub. You should know that if you're in Bitcoin. Sparrow has a telegram. You should know that. Craig Raw is accessible. You should know that.

If you don't, that's the other question I have. It's like what people are competent enough to look for a sparrow wallet app on the app store, but not competent enough to know those two other things. That's a very narrowly focused Venn diagram, I think. I think people have been in a space a long enough period of time they understand. Yeah, exactly, exactly. It's more than anything. It's anybody that's new to listening to the show.

I just want to raise awareness on what you should not do with your Bitcoin. And that is entering your seeds on device that is hooked up to the internet. And as long as you follow that, I mean, and a bunch of other steps as well. But that's a good starting point. And like I said with Bitcoin, there's no central body that could make you whole again. If you screw up, it's gone, never to be returned back to you. And that's your wealth. That's your time.

That's all the effort you put into accumulating that is gone. And yeah, you don't want to be another story. Totally. You'd rather just fly under the radar, keep your Bitcoin and fuck it. That's the best way to do it. Yes, sir. Really quick one. Another solo miner got lucky again on public pool and block height 937-218.

If you're wondering which block it was. I'm not sure what was a tarahash that this miner was pumping out to achieve this lucky block. But, well, he came away with over three. Bitcoin as a result of this. And it gives hopes to a lot of people that are solar mining. But remember, this happens like what? It wants every mind. Did it, not to interrupt you, did it happen before the increase in difficulty, like the

rebound in difficulty or no? That's a good one. I don't know. Yeah, be curious. Be curious. It's, it's, um, the increase in difficulty was around 14% if I recall. Yeah. I think it was the highest ever.

The highest rebound ever is V shape recovery, like the kids say. Yeah, 15%. That's the biggest since 2021. And that was the China ban at that point. So that was the recovery at that point. Yeah. And what people wonder, what the fuck? Why did they jump so high?

The 15% now. Keep in mind, we came off a very cold spell in North America. So a lot of electricity was diverted away from mining Bitcoin to heating homes and businesses and so forth. And so that's, you know, that's primarily the reason why it went down. and they jump back up. But to go back to this one, the minor, the solo miner,

again, I don't know what if you're using a, you know, something with a few terra hash or a few hundred tarashe. I have no fucking clue. But just there's hope out there for people that want a solo mine.

But remember, you're up against humongous odds if you think you're going to win something. Yeah. You know, I don't go out there thinking, I'm going to win and start spending your money before you win.

It's just, it's a lottery ticket. And at best, a lottery ticket is, you know, you're just throwing your money weight. But you know what? Some people want it to do it.

That's cool. And good luck to you if you do. I'm just not. I mean, you should be mining. Isn't that the logical thing to say at the end of all these stories? Because we've done, I think, what, three of these in the last four or five months, six months?

Yeah, well, if you want to mine, you didn't think, I want to see, sorry, I don't want to see you should be mining it. Like why? Sure. Fair enough. Fair enough. But it's good. It's not a bad idea to have something running in your house, you know?

Yeah, that idea. Yeah. Especially if you want to convert heat into sats. Why not? Smaller devices, you probably not can heat very much with them. They don't generate much heat, but they don't consume a lot of electricity at the same time. Yeah. But yeah, it's always better if you have a little bit more hash rate to go into a pool.

So you have a steady stream of stats coming in on a daily rather than solo mining. But you know what? If you could, if you're one of those lucky fuckers that get it, you know, that's life-changing money. there and you could be retired. Every 10 minutes, right? Every 10 minutes, this thing fucking rolls. So who the fuck knows? Yeah, it's good, man, it's better than going to the corner store, that's for sure.

And the last chance of getting stabbed by a doctor or engineer, too, which is nice. And getting stabbed, we could talk about the stable coins who got it in the back, it looks like, because this is part of the clarity act. No more yield on stable coins, it looks like. It's interesting. Like, you have on one hand this story in the Globe and Mail from. Did you see this? I mean, I said it to you.

I don't know how much you read it. But like the interesting thing is like you have this story in the in the Globe and Mail about how Bitcoin is dying because of Stablecoins. And it's written by former Bank of Candid governor. I can't remember his name. I don't have it in front of me at the moment. But, you know, he's writing this this op-ed for the globe about how stablecoins wreck the Bitcoin, you know, monetary medium of exchange use case. just think to myself, like, this guy was in charge of the BOC and thinks that stable coins are the thing that's undercutting Bitcoin at the moment. That's really what he thinks. He thinks

that stable coins have the same target market as Bitcoin does, which is just completely wrong. What actually stable coins are gunning for are weaker currencies like the Looney, like the Euro, like whatever, that don't have as much stability and as one of global demand as the dollar does. That's what stable coins are gunning for. And that's why, to the other sort of fork, no point intended in this story, that's why the banking industry in the states is so keen on making sure that the yield on stable coins is as low as possible because people will go to that before they go to traditional deposits.

And even though the case that Bank of America was basically the stalwart in the story, even the case the Bank of America makes is, well, without those deposits, how do we loan to businesses? The fact of the matter is the data shows that only like 18, 17, 18% of loans go out to, quote unquote, productive capital. The other 85%, 83%, 80%, you know, pick your number goes to unproductive capital, unproductive purchases like car loans, retail loans, you know, whatever, debt, consolidation, all these different things, right? That's where the money actually goes. What the bank is telling you, they want to keep getting their little shreds on overnight

loans and stuff like that, providing liquidity. It's just like this is just such an obvious scam that it seems on one side you have the American bank saying, we don't want to give up the goods yet. We want to be ready to hold stable coins or whatever before we decide that we're going to do yield. And on the other side, you have former Bank of Canada governor. It wasn't Stephen Polos, by the way, or someone else. Former Bank of Canada, maybe, you know, deputy governor or whatever he was, saying that he thinks Bitcoin, like, color me surprised.

A Bank of Canada staffer thinks Bitcoin is going the way of the dodo because of stablecoins. Just like an acute lack of understanding of all the angles, the stable coin angle, the banking angle, the Bitcoin angle, it's hard to get everything wrong at once. Do you believe he... In his heart of hearts, he believes this? Yeah. Oh, yeah. I think he does. I think he believes it.

I don't know. I think he's saying one thing, but he's believing something else. Why do you say that? Because nobody could even invest an ounce of time into learning about Bitcoin and then come out and say, oh, it's going to yield... Sorry, it's going to lose to stable coins.

There's, you know, if you invest zero effort into learning Bitcoin and you just hear, oh, it's a scam, it's nothing, then I can understand that. But for somebody to, you know, realize, okay, what is Bitcoin? coin, one of the fundamentals. Nobody comes away and say, oh, shit, you know what, this is going to lose to Bitcoin. Now, aside to stable coins, I can see him saying that and thinking something else because he doesn't want to create any sort of...

Yeah, controversy or something. Yeah. In reality, I think he just, he believes fuck. This is, you know, he's full of shit by what he's saying. And, but, you know, this is just protectionism and his finest, what's going on here, right? Yeah. Yeah, protecting the incumbents, for sure. That's, right.

It's the old boys' club. They have the most power. They've been in there for the longest. They have the most friends. And they're going to get all the help along the way to make sure that they continue to stay on top. The ones that really are going to get impacted by this, I'm wondering like Cracken Coinbase, they were going to be offering up some sort of pseudo bank type services where people. I think they still, I think they still will. But they're not going to be able to offer and.

give interest-like results, right? It's going to be some sort of rewards based based on transaction usage or something like that. Like, that's bullshit, right? Like, if you have something in the Fiat world, the way that they've brainwashed us to do things is you leave it in there, a large quantity of it, and you get something back as a result of it. Now they want you to use it and you're going to get some sort of reward from it.

Like, I don't know. To me, it's like getting crumbs for somebody that. that wants to get something from your stable coin. I don't know. Who's going to be using stable coins in the United States, right? When US dollar is readily available, it's not like there's a shortage of US dollar that's floating around. Do you want to hear one of the things I heard at the World Outlook Conference

from somebody who has probably is in the, maybe not in the extra comma club, but close, and who is connected in the industry, banking industry, finance industry. The thought was that the Bitcoin crash that we started, on that Thursday, February 5th or 4th, whatever Thursday it was, and sort of the bleed out before that was a shot across the bow from the U.S. government to Coinbase, basically saying, look,

we can move this price with a number of different levers if you don't play ball on clarity. And you make it out what you will. I don't know if that's true or not, but, you know, the other side of this coin, obviously, no pun intended, is that once this is signed into law, Right now, this is not a formal rule change yet. But once it's signed into law, you know, can we expect some price rebounding in terms of action?

I don't know. But the thing about being an asset this big now, it's interesting, right? You know, years ago, we never would have this discussion because none of these people gave a shit about Bitcoin. And we didn't give a shit about them. And now, you know, we are sort of forced to at least discuss their point of view on certain things, whether it's stable coins or Bitcoin or whatever. And I think that's overall a good thing. The other side of that equation, though,

is that these guys have the tools to move markets that are much, much bigger than Bitcoin. And I would guess moving the price on corn is like, you know, it's nothing for them. They can do it easily with whatever tools they got. These are the same people that many gold bugs, for example, accuse of suppressing the price of gold, which I think is probably true, by the way.

I think there was also some lawsuits about that. How could you... I know you could potentially move it on a short term, right? And you could put some pressure one way or another. But over to long run, like... There's a lot of derivatives now. And I think the lever to set an actual price is always the same as it is in physical metals, which is you need redemption.

And as long as there's, you know, 13 billion or whatever that number was, not 13 billion, sorry. As long as there's like 2 million Bitcoin on Coinbase, you know, whatever. If there's another million with Fidelity's other custodian, whatever. You can't, you're going to be able to move the price. You can use derivatives. You can use second order. You can use, you know, many different vehicles to do it.

Because if there's no, if there's no redemptions, if there's no cold storage effort, then why do they have to, you know, that's when you get that is that is in suspect moves, right? Yeah. And I've always speculated this is going to happen the inevitable hack to this, right? And I'd love to see it. I'd love to see something like this take place. And even just a small amount taken off, this would really change people's opinion on the security of having somebody else store your Bitcoin.

Yeah. That's what I would love to see. It's not going to happen. The sentiment would be pathetic, right? Right away, the price of Bitcoin would fucking tank. But it would rebound. It wouldn't take that long to come back to where it was. It may take a few weeks, maybe a few months.

But in the end, I think we'd be stronger as a community rather than what we go right now. Fuck, these guys are holding out to somebody else's Bitcoin. I don't understand why we even, why we normalize this type of behavior. Like, we should be calling out every fucking moment. Somebody shouldn't be holding on your Bitcoin. It's early days still for these guys. You know, they're still learning the ins and outs of governance. and self-custody.

We've talked about that before. That's, you know, a very slow-moving vehicle. And so at some point, maybe it'll change. But for now, like, I understand why they're not doing it. I get it. Just need somebody needs to get burned. And then once that happens, then everybody gets that free lesson that somebody else paid for. And that's what I'm waiting for that particular moment to happen.

And I'd love for it to happen sooner rather than later. Let's talk about more home mining options for the home mining enthusiasts out there. this may be something of interest to you. A new device has, well, it's going to be coming to the market from the people at Future Bit and the device is called the Apollo 3 and the specs on this are interesting. You have up to 18 terahash per second and 13 watts per terahash for the efficiency. How much power this is going to draw? It depends on how you want to use it as low as 50 watts, really, really low.

and as high as 400 watts. And also, this can be its own custom full node if you want. And with that, you get 8 gigabytes of RAM, 8 arm cores, dual NVME drive base, and it could run the Apollo OS 2.1 with a solo server. The device, it kind of looks like a gray plastic cubed that has rounded corners. It's around a 5-inch cube.

Looks pretty interesting. And the device, as I mentioned, It doesn't just function as a minor. It could also function as a full node if you want. Pre-orders begin February 27th at 2 p.m. Eastern. If you want to check it out, Futurebit.io, the connectivity, you have both the Wi-Fi and the wired options. And interestingly enough, Joey, it's ready to run even the latest AI apps, including

OpenClaw. That's what they say. So these come in two different variants. You can go with just the standard version or the full node. And the miner itself starts at $899. And the minor and node start at $1,099. That's USD. And from what I gather, there's no storage that's provided to you if you order the minor and node option.

So it's up to you to secure your own SSD. Good luck in that these days. The device looks pretty slick, though. I think it's good to have more options. It's good to have more competition. and I like to see this come out to the market. Good for that. You know, it would be a useful exercise.

We obviously have the 256 heat hash heater as a sponsor of the show. That's a lot more firepower than this thing. So compare or put on the continuum for me between the bed axe and Twan's hash heater, where is this thing? What is it, you know, give me kind of where is it close to? give me some comps, some comparables. Who do you think it's good for? What are we talking? You think in terms of noise and heat?

Be curious to your thoughts. You're much more well-versed than this than I am. I don't say anything about the decibels, so I have no idea about the sound. If I were to guess, I assume it's going to be very, very quiet. And where it lands on the spectrum between the bidaxe, which I have beside me and one of Twan's devices, which I have sitting in the garage,

it's closer to the Twans, but not quite. It's about half to a third of the, the tarahash. So, you know, that's a, but you can scale this back to using as low as 50 watts. Yeah. So that's something that's interesting. You have different options out there if you want to consume much less electricity. Really cool. This is interesting, like I said, if you want to run your own node as well.

So you're doing, you're doing a node and mining with one particular unit. Very cool stuff. And, yeah, a little pricey, I think, because all the, the prices I mentioned were in USD. It is pricey. Yeah, you're paying for aesthetic. You're paying for aesthetic. Exactly. It looks slick. Like five inch cube.

Yep. And the way they have it pictured it, they have it on a coffee table. It looks at home over there. It looks like just a piece of, you know, piece of equipment there that's just trying to add to the core of the room. Interesting. I don't know. I like to see options. Me too. Me too. Yeah. Competition is good.

50 watts, by the way, is like a 32-inch TV, maybe like an average idle home computer, something like that. On the other side of the Cino continuum, Twan's devices, I think max out at like 900 or something watts. I forget exactly what the number is, but it's pretty high, which is basically the equivalent to like bar fridge-ish, small chest freezer or something like that. So, you know, you're sort of like you're picking where you want to sit in terms of. of odds for one of hitting a block, right? How much hash are you going to try and expel? And then the other side is, yeah, do you want this thing to be a trinket or do you want it to be a minor?

I don't think you can do both. And if I was going to do trinket, you know, there's better ways to do it. Bitax has a number of different variations and is, you know, not quite modular, but close. You know, what is the likelihood that you have to, that you can upgrade this, Len, when the having comes in, you know, another two years or, you know, a little less than two years or a little one two years. Exactly. So you can't upgrade, can't change the board. I would assume anyway.

I'm not 100% sure on that. No, because these are just repairs, too, is another thing. You know, you can say what you want about the guys who run S-19s and S-21s. And even you can, you know, be skeptical of Twan's devices. But the fact of the matter is if you burn a board in one of these, you just get a new one, right? Well, no, I mean, the heart of it is still an S-19. It's the same component as you just swap out either the control board or hashboards. So it's the same maintenance and upkeep is required for either of the two.

That's my opinion. Okay. All right. Former sponsor of the show Letton. Yeah. They've done something apparently for the very first time, the world first. They closed a $188 million asset back securities issuance. And it's backed by its portfolio of Bitcoin.

collateral retail loans happened on February 20th just this past week. The SMP assigned an investment grade of triple B minus to this, not quite junk category, but kind of close to it.

And this is the first time they ever had a credit agency, and one of these major ones, issue an investment grade rating to a digital asset lending portfolio. This was apparently they like this

people in general like this because it was more than two times over subscribed Leden says they're going to use the source of capital to fund loans and but it does not change for them how clients collateral will be held and they say this is going to

open up the door for them to get more potential capital and well who knows more options that are available to them potentially more risks I don't know maybe so they'll give more lending options the clients as a result. So this is just a continuing murder of Fiat and Bitcoin. This continues to happen and it will continue moving forward. Do you want to hear a funny story? So Leden gets rated at

triple B minus, right? Do you know what Sailor celebrated MSTR getting rated a few months ago? saying, by the way, at the time that he was really breaking down the door and he would only see the MSTR rating go up over time as Bitcoin, as Bitcoin continue to appreciate and gain relevance. What do you think Saylor was rated? I would imagine the exact same. No, B minus the worst. He's in the junk category. Mauritio at Lennon is triple B minus, which is still speculative, but not quite junk. So, you know, what does this tell you?

It tells you that in order to get into fiat lending or securitized lending using Bitcoin, you need a proper asset base that includes fiat assets. And Leden has done that here. MSTR is not. And you can say whatever you want about Sailor and he's going on Natalie Brunel again this week for two fucking hours telling her why all the bulls are right and all the bears are wrong. Great. You know, maybe I'll listen to it. Maybe I won't.

But while he's doing podcasts, this is what, you know, actual financialization looks like in Bitcoin. Canada punching above its weight again. Love to see this. I might actually reach out to Mauritio and see if he wants to come out for half an hour sometime. Just tell me about the deal and the backstory and all that stuff because I'd be curious to hear about it. And he's still a friend of the show. I still talk to him. I shouldn't say fairly frequently.

But, you know, he's always been a friend of the show. And as with all our sponsors, we left on good terms. So I may reach out and see if he wants to do a quick rip. Other thing I'll add is that if you are, like many people, considering what to do with your Bitcoin, you know, you think you want to sell and you're worried about the taxes, I think that you're seeing this sort of thing take shape more and more where Bitcoin is part of a broader collateral push.

I don't know why you'd be a seller and not a user of Bitcoin in this way. Because as we saw in the past two, three, four months, the price of Bitcoin has gone down. And those that time wrong are going to have to provide more. This is an issue with position size, though, not with principle, right? Like, that's a thing. For me, paid a piper wherever the price of Bitcoin goes, if it drops 95% or goes up, 10x, you're good. That's the way I look at it.

I'd rather not borrow against it. I'd just rather use it as it should be used as a medium of exchange. And that way you are free from any sort of price action. You may kick yourself later on if it goes up substantially, but you may be thankful if it goes down substantially at the same time. And you'd have no idea which way it's going to go. Don't fucking risk it. This is Bitcoin.

You don't want to fuck around with it. If you're happy with the price 64K, I can use it. Use it to buy a car. Use to buy a house. Use it to buy a boat. Use it to pay bills. Don't fucking borrow against it. That's my fucking thing.

The duality of the podcast hosts. There you go here on CBP media. Anyway, where do you want to go next? We talked about block fills last week. Wobbling. They needed to go out there and suck a lot of dick. And they tried to do that. Sorry, is that the financial terminology there?

I was looking on Yahoo finance for that earlier. I couldn't find it. Can you? That's the right on what that means. You won't hear. heard of the traditional finance, but over here you will. So they tried, they needed to keep their heads above water. And the dick sucking they did wasn't enough because, you know,

these are the clowns that painted their way into a corner. And they're going to be rugging institutional investors because of some 40-timed trades. And, well, they're searching for somebody to buy them up because the losses they have are up to $75 million and counting. and somebody's going to have to purchase them. It looks like pennies in the dollar. Who knows, maybe one of the bigger boys out there may want to use this as a way to increase their Bitcoin products

or get into some new Bitcoin exposure by doing this. Could be an opportunity, but either way, the dick-sucking didn't work for these guys. Don't fucking trade your Bitcoin. If you get fucking Bitcoin, just fucking hold on to this. The people that fucking use this, these institutional investors, I hope they don't get sour to Bitcoin as a result of this. You guys use some fucking stupid service.

If you only bought and held, you'd be in a much better position. But you want to fucking trade your way up to the top? Go ahead. Fuck you. Do you know what's crazy that they have 2,000 institutional level clients these guys? Did you know that? Yes. Yeah.

We talked about that last week. 2,000 institutional level clients. That's like the more I read about these guys, the more I can't believe I had not heard of them until last week. 100%. Yeah. Yeah. Yeah, so like I said, 61 billion in volume in 2025.

Like an insane, that's a huge amount. That is for, we're on this show every week. Block fills. Never. Yeah, block fills. The reason why you never heard of it, they don't offer anything to retail. This is just a, right? If you're a big boy, then you can get access to this, to their services.

And you get to Bitcoin, you could have it traded up. The market's going well. Oh, it's fantastic. But when it goes down, like, it can. again, well, if you timed it wrong, you're fucked. You get cooked. Yeah, you get cooked. And how many people, or how many of these large institutions are going to look at this

and say, oh, fuck, Bitcoin's a scam. It's too volatile, it's all this. And, you know, like I said, if you just bought and held, you still have the same amount of Satoshi's regardless of the price of Bitcoin. Yeah, yeah. Long enough, you know, we should go up. Should. Who the fuck knows, though?

Not financial advice. Could be going to zero. We're not sure. The lighting network, I mean, very briefly. They exceeded $1 billion in monthly volume. A lot of people say that this shit don't work, but you know what? Somebody's making it work.

We also had not too long ago the largest Bitcoin transaction, which was $1 million at the time done on the Lightning Network, a single transaction of $1 million USD was done. So something is going on with the Lightning Network. Things are looking pretty good out there. And yeah, it's a good way to move shit off layer 1 to layer 2, where you could do it fast, cheap, better than credit cards. Yeah, agreed.

1.17 billion in November 2025, 5.22 million transactions. That's a lot of fucking transactions. You know what the eventual, the eventual admission that the Lightning Network is working from the naysayers is going to come when some First World Government says, yeah, we can't see anything on the Lightning Network. we have to be able to verify those transactions somehow. We have to try and KYC these somehow. It can't be done, obviously, at least in the current build. But that'll be the admission from governments that, yeah, this actually does work as a medium of exchange. And it's working too well.

When is that going to come? Is that going to come this year? I don't know. I think it is going to come at some point. Well, I think Central African Republic first has to adopt Bitcoin again. And once that happens, remember not a fucking rugpole those fuckers did? Of course I do. Of course.

Oh, we got a super chat. Super chat from Derek. Yeah. Pay the people who give you value like CBP. Favor your own. What does it say? I can't read it here. I got my notes in front of it.

Favor. Yeah, go ahead. Is what it's all about at the end of the day. God bless you, brother. God bless you. Yeah. Like that is on a much larger scale. When you're dealing with a country that has a shortfall

and you're continually running deficits. it's the best thing you should do is to kind of stop sending money abroad or at least slow that down and continue paying what you're doing domestically but once you're able then to have a surplus then you can start going abroad and like deal with your own first because they're the ones that got you to the dance once everybody's happy everybody's belly is full and all that shit then you can start spending abroad but yeah man do you do yourself a favor your own people those are the ones you got to deal with first. Fuck everything else.

Yeah. Yeah. Bittier. Hey, they're doing what they got to do. We got to. We got to talk about it. Yeah. Well, they are, they recently sold all their Bitcoin.

They're a Bitcoin mining company. And as much as $1,000 has been sold over the past a while by these guys, all gone. Somebody else now holds on that Bitcoin that they once held. And they say they need the money for expending. the operations for getting into AI. That is the flavor of the day these days. Everybody's trying to get into AI. It's the darling of everything.

It's a way to make your shareholders happy. And if this could make them more money, well, then it's good for them to pivot to AI, or at least explore the options and start opening doors over there. Because you know what? Ultimately, they have to make their shareholders happy. That's their job. And if they're going to do that by going to AI, good for them.

And not too long ago, we had BitFarms also pivot to AI. They left Canada too, by the way. Where do they go? They're in the States now. They're moving all their operations to the States. That's such a huge... I mean, well, I just want to add on the Bithier thing. And then you have anything on...

Biff Farms? Aside from that, they've recently pivoted to AI. Yeah, I mean, we covered that last week. I didn't realize they were leaving the country, though. Same. Yeah, they're gone. Just par for the course. I just want to know that...

I want to note that bittier... I want to note that Bittier did a $325 million convertible note offering too. So they're also getting into this whole debt market issue, issuance, whatever. I mean, make it out what you will, sign of the times, I guess. The BitFarms thing bothers me. It bothers me more than it should. These pivoting to AI, moving or both?

Both, both. Like, Ben, I don't know, Ben, okay? Seems like a nice enough guy, Canadian. he was the guy who was telling you and everyone else on this air and on other air that they were never going to get out of Bitcoin. Bitcoin was the future. It was the move. It was this. It was that.

And then he takes over in less than a year later, maybe a little more in the year, I guess. Later, he abandons ship. Like not just some of the hash rate is going to go to AI. Not just some of the company is going to pivot to HPC. We're going all in on HPC. we're switching the name of the company there's no bit in the name anymore no farms in the name anymore

and we're moving to like Pikachu says in the chat they're moving to Pennsylvania that's it. The moving, I mean I can't speak on that. It's just, it's a different topic and that doesn't really bother me all that but they're switching to AI I mean if you know you want a company Joey

you could do whatever you want with it right because you're just so owner or whatever to fuck you just deal with this company we're doing whatever we want. Whatever and how we want We don't have to talk, but if it's publicly traded, it's a different animal. And so if you can move to a business that is going to be more profitable for the company, it only makes sense because you're doing something that is good for the shareholders and trying to increase their value. So when you look at it on that lens, I don't really, I don't get too upset because like I say,

it's publicly traded. So they have a different set of responsibilities than a privately traded company or set of a private company. I'm looking at the announcement from when Ben took over his CEO. And he took over like a year ago. 2020, 2024, he took over July 2020. The landscape has changed since then. It has.

And actually, I stand corrected. We look forward to leveraging Ben's insights and experience as the company works to expand and diversify the business into exciting and synergistic new areas, such as energy generation, heat recycling, energy trading, and drummel please, high performance computing for artificial intelligence. Yeah, so they actually did it. Even if they didn't say that, the one thing you should never do, period, is be so staunch and never looking to change your opinion.

Fair. You always got to take information in, digest that. And if that makes you change your opinion, great. But you don't want to say, I'm going to just be stubborn about this and not change. That's the wrong way to do things. Unless it's cheering for the Redskins, which I've been doing for a long time against my better judgment. Go team. Go team.

Are you old enough to Washington win a Super Bowl? I was. No, I didn't see the hogs there, the Great Hog days. I did see that. I watched the pale end of that. Sonny Jurgensen passed away last week. Oh, I didn't know that. Two weeks ago?

Yeah, he passed away. Too bad. Is Joe Gibbs still with us? He is. He was on Kevin Sheehan's show. This is now the Washington Redskins podcast. He was on Kevin Sheehan's show a little while ago talking about the glory days there. And then also he coached in the early 2000s when Clinton Portis, Mark Brunel,

Santana Moss were there. they won a couple of playoff games over a few seasons as well. Gibbs is probably the best. For my money, if I had like one season with any coach, a lot of guys would say Belichick. Some would probably say like maybe one of the Harbaugh brothers. I would take Gibbs. I would take Gibbs one season, any coach ever.

That's the guy I would go with. Give that running back 350 carries. And let's see what happens. He invented H-back, didn't he? He did, yeah. And they used Chris Cooley as. in Hback for a long time in the early odds as well. So he brought it back in the 2000s.

L.T. L.T. was doing it. Lawrence Taylor. Yeah. Apparently, talking to people that the best defensive player ever, yeah, easily the best defensive player ever. Yeah. Nightmare, menace. And he was coked up every game too. Sometimes that is that good. I don't know. Sometimes it's that bad. I don't know. But I wouldn't want to see him either.

Look at the highlights the pain game. If you ever see that with Lawrence Taylor. Okay. That's against the old, uh, New Orleans Saints. where he couldn't even lift up his shoulder. Every tackle he made, he was grimacing on the graph because he couldn't fucking, but he fucking dominated and still carried a team to victory.

Monster. The pain game. Anyways, that's rock and roll. That's it for this side. Let's go over then. We're going to the next side. Next segment. If you're with us on video,

stay here with us on audio. Come back tomorrow for more. And take care yourselves in the meantime. And don't be a fucking cock. Yeah. Don't do that.