The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - The CBP #153 - BITCOIN ALL TIME HIGH LOOMS (Bitcoin Stories)

Episode Date: March 5, 2024

FRIENDS AND ENEMIES Join us for some QUALITY Bitcoin and economics talk, with a Canadian focus, every Monday at 7 PM EST. This week: - The ETFs Driving Price and Adoption - Bitcoin Mining Regulations - Strike Enters Africa - Coinbase Shuts Down - TIDES Payout - WEF Pro BTC? and so much more 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: ⁠https://discord.gg/ESRCZWpb A part of the CBP Media Network: ⁠www.twitter.com/CBPMediaNetwork This show is sponsored by: easyDNS - ⁠⁠https://easydns.com/⁠⁠EasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. You can even pay for your services with Bitcoin! Apply coupon code 'CBPMEDIA' for 50% off initial purchase Bull Bitcoin - ⁠⁠https://mission.bullbitcoin.com/cbp⁠⁠The CBP recommends Bull Bitcoin for all your BTC needs. With their new kyc-free options, there's never been a quicker, simpler, more private and (most importantly) cheaper way to acquire private Bitcoin. Use the link above for $20 bones, and take advantage of all Bull Bitcoin has to offer.

The Canadian Bitcoiners podcast is just two guys and maybe a guest or two discussing Bitcoin, Bitcoin equities, and the related macroeconomic space. It's not meant to be financial advice, so please, if you're doing any investing, after listening to our program, do your own research, do your own due diligence, and understand that any money you invest can be lost. The show is meant for entertainment purposes only, and we hope you enjoy the program. Friends and enemies, welcome to another episode of the Canadian Bitcoiners Podcast 2024 All-Time High Fuck You, Fuck Off Edition. My name is Joey, and the other panel is Len. We'll see how calm you are when we hit the all-time high. You look calm now.

What's going on? How are you? No, I'm good, man. Even if it hits that number, which we perceive to be the all-time high, it's just a number. Everything's good here. It's a lot of big dick energy going on, and deservedly so. It's been great, man.

Warm day outside. Sun was shining. Price of Bitcoin is going going up but i bought some sats yesterday man it's not it's it's not very cheap anymore i didn't get a lot for what i purchased you know like i put down some money and used to get so much more so yeah for better for worse it is like that how are you joey i'm great man i've never been better i wore my bitcoin shirt my bull bitcoin shirt to work today. And I did last week too, actually. Somebody at work today said to me in the hallway that Bitcoin is still a Ponzi scheme. So can't win them all, can't help everybody, right? But it does feel good to be sitting here. Like I'd be lying if I said it didn't feel good to be sitting here.

I think Len, this is our third year anniversary as well. I'm pretty sure. Yeah. Later this month is going to be. Yeah. We're really close. We're really close.

We did this show through basically two full years of do do price. As far as TradFi was concerned, we were here through a couple of different big drop-offs, Terra Luna, FTX, among others, other huge price knocks that had the typical onlookers, no-coiners, dancing on our graves, the shifts, the others. And again, I'd be lying if I said that it didn't feel good. I didn't convince as many people as I wanted to, especially because when we first started doing the show, I feel like I was talking a lot more about Bitcoin to people who didn't have any and trying to convince them to buy some. And I'm kind of past that stage of my

evangelism now, that phase of just trying to convince everybody I meet. I'm more the, if you don't like it, don't buy it type now. But I've heard some great stories. I won't name names, but I've heard two today. Great stories from people who are friends of mine, who listen to the show, who are in a position now to do things they just wouldn't be in a position to do otherwise because of Bitcoin. And I don't think that's 100% me and you, but I do think it's at least part me and you, part the community we have here at CBP,

and part the shit posting on Twitter. And I hate to admit it, Len, but probably part the laser eyes too. And I really feel good. Giving credit to laser eyes. I really feel good about it, man. I think we've done a lot of good. I think Bitcoin has done a lot of good for a lot of people.

It's not just number go up. It's quality of life go up. It's thinking ahead go up. And it's be a better man or woman go up too and uh this whole price action thing is just a cherry on top you know what i mean so let's fucking go like the chat says yeah well it's it's a good day even when we if we do get to that magical number 69 000 whatever the fuck it may be it's really not the all-time high ladies and gentlemen that's a fiat number right like that's like somebody coming here saying that they make a hundred thousand dollars a

year and getting a three percent raise in their salary and they're saying yeah i'm making more this year than last year you're not man you're making less this year than you were last year and the reality is 69 is not the all-time high it's probably somewhere closer to 90 000 if you take into consideration the real inflation rate, whatever that may be. So until we get to that, that number, whatever it is,

and I'm going to say it's close to 90,000, then we're not even close to the all time high. This is just a Fiat celebration. Gandalf had the tweet, I think like two days ago, three days ago of someone's calculation of what the all time high was. I think it was like 79 or something like that. That's into consideration cpi number right yeah yeah and we know it was double digits now you do double digits for a couple years plus throw in four months uh then

because the last all-time high was november of 2022 um was it 2022 whatever the fuck it was 21 sorry november 2021 so that's you know 27 months ago 28 months ago do the math yeah boom dust boomer our buddy saying 79 nota another uh front of the show 87 87 seems more related yeah plus you know that's that's the number we should be doing and since you're getting there we're close to 100 let. Let's actually make a round number of $100,000. That would be the celebration. So screw this 89 or 87 or 90. $100,000, that's the fucking celebration.

Until then, it's just all fiat. I do think we just had the highest daily close ever, though. The candle closes at 7. We closed at about 68,300, something like that, 350. That's the highest ever, which is unbelievable. Anyway, look, we got a lot to talk about tonight. Let's do the sponsors, shall we? Yeah, EasyDNS.

I've been with the program now for more than a year. Mark and the team over there have been incredible. He just sent us his book on DNS. I think on the weekend I got it. Friday or Saturday I got mine. So I'm looking forward to reading that and learning a bit more about the art of DNS hosting and DNS security. In the meantime, if you want to host something, start a website, doing, I don't know, whatever, whatever it is. For us, it was CBP. For some of you guys,

maybe you want to, I don't know, sell pictures of your feet or build an app or whatever, and you want to market it and build a website around it. Mark will help you do that. And on top of that, his team helped us put together a number of different features on our website, including email, which we're not using it, but we could, PGP and GPG. If you want to use a virtual private server, Mark can help you with that. They got stuff over there for your Nostra Relay, your Bitcoin node, your node disimplementation, and your BTC pay server, if you want. I think a lot of you will probably want to start taking Bitcoin for your services and your products, if you haven't already.

That would be my recommendation. And you can do all that stuff on the cheap. Use our code CBPMedia. Get 50% off your first round of buys through EasyDNS. I know a bunch of you have done it already. I've heard from a few of you that you're planning on doing it soon. And there's no better time to build than a bear market, but the second best time, Len, is in a bull market.

And if you haven't done it yet, now's the time to start. EZDNS, tell them we sent you. Mark's in the chat tonight. Mark, what's going on? A great friend of the show, great partner. And we're looking forward to seeing what you guys do on his platform. Who else we got as a sponsor? Oh, Bull Bitcoin.

You know, Bull Bitcoin, what can you say about them? They don't go down like Coinbase does. They stay up, always up, because you could buy and sell your Bitcoin if you wanted to. Like Joey said, some people may want to consider selling their Bitcoin right now. Me, I prefer to hold on to it. But everybody's different. Some people have bills to pay. Do whichever you want.

This is Bitcoin. You have that freedom alongside it. So you could buy your Bitcoin on-chain. You could buy your Bitcoin through Lightning when fees are going up, and they are right now. Through all this hoopla with the price. We are missing the fact that the price of the transactions, they are slowly creeping up. So Bitcoin, as you covered, you could buy with lightning. But not just that.

You could then if you want to spend your Bitcoin, you could do so and pay your bills with Bitcoin. So, again, with the price of Bitcoin going up, it makes it more advantageous to start spending your Bitcoin, start paying your bills, like your electricity bill, your mortgage, whatever the fuck you want to spend it on, you can do it with bull Bitcoin. You can also buy gift cards. And with that, you're essentially spending your Bitcoin in a real world. And it's a good way to show that there's a circular economy here that you could spend your Bitcoin in the way that well, through gift cards, Lisa works in that regard. And the last thing they have, which is the best, in my opinion, is the KYC free. You go to Canada Post, load up your money. It blows up your KYC free Bitcoin account and you can buy that KYC free Bitcoin from

Bull Bitcoin. Cheapest in the game. The spread is the cheapest in Canada. Can't say about the rest of the world. There might be somewhere else that's cheaper, but at least over here in Canada, it's the cheapest you can get with KYC free. We talk about it, why you should get with kyc free we talk about it why you should get kyc free we talk about all the time certainly consider it if you haven't yet started

your stack do so yesterday if not started today yeah man it's uh never been more important and it's gonna be more important than ever going forward let me tell you that uh how's the thing we're gonna stay in the air until we get an all-time high. Yeah, Mark is the sponsor. So we have to do that. I don't know. I've got to check our non-existent contract with EasyDNS. So a couple of things for housekeeping. Last week, Len, who was your guest on Wednesday night?

We had Dan and Mike from the High Hash Rate podcast that came on. It was a home and home series. And this time we were the home team and it was a great episode. And we had a lot of feedback on that, which was really nice. Thank you everybody that listened in and provided feedback on that.

And this week we have the people coming in from DTech and they are a company that's based out of Montreal and they provide Bitcoin mining solutions for people out there. So if you want to buy like an ASIC or any components to hook up an ASIC, stuff like that, they have you covered. It's the Canadian version, I would say, of Kaboom Racks. And yeah, so it's based on Montreal.

Love to talk with them. And hopefully we could get them some exposure. And if anybody wants to do some home mining or even expand on their large mining operation, they could probably help you out. I think next week, not to spoil it or get ahead of myself, but I believe we're going to also have Tour de Meester come on. The king of the bull sauce coming out to discuss his report that came out a little while ago now talking about preparing for the next Bitcoin bull run. And safe to say, I think it's here.

He just did Marty's show. I listened to it this morning. I had to message him and a little bit of an assist from Mark as well. So he's going to come on next week, I think it's here. He just did Marty's show. I listened to it this morning. I had to message him and a little bit of an assist from Mark as well. So he's going to come on next week, I think. I'm going to set up a date next weekend or this weekend coming up. So maybe next week you get two interviews with two very high quality guests. Len, do you want to talk about the conference quick? We're supposed to.

Yeah. So the Canadian Bitcoin Conference is taking place this year in montreal may i forget the actual dates but it's like 13th and 14th or something you guys in the chat i'll know anyway so they have a buy one get one free going on right now so if you are sitting on the fence about buying a ticket well it might be a good time to execute on your order because when you buy one you get a second one for free this offer is not going to be there for too long so certainly execute that very soon if you choose to do so and also until march 15th you could also earn five percent sats back on your ticket sales so it's another way to get some at least something back from buying so you get five percent sats back

on your ticket sales so if i want to get one free and some sats back at the same time the sats back are only available until march 15th that's great so i would suggest if you're looking to go there definitely do it there is somebody mentioned may 16th to 18th montreal quebec canada looking forward to it man i'm going to be there len is i think not going to be there i don't want to know may is a tough time for me i have so many birthdays in that month it's It's a tough time for me to get out of the city. Out of the basement. Sorry, out of the basement. Exactly that.

I screwed up, yeah. Shoot, I can't give up the charade here. I sometimes get out of the basement, people. I sometimes do. But unfortunately, me, I'm stuck. I'm stuck here. The Metro in the chat asking, how do we get in on the offer? to be honest with you i have no idea that's a good question we didn't really ask that uh of the conference organizers dan and manuela but i'm sure they'll do it message plate

liquor on uh twitter if you haven't if you have them on twitter plate liquor 21 or whatever his handle is and ask him he'll know or just message the conference uh on twitter they're on there as well i think they're in a couple of canadian telegram channels too so my bad it's not by one go on freeze buy one get one 50 my mistake okay buy one get one 50 off there you go land will pay the other half of uh your 50 off ticket i'll pay it in doge there's that chat we're in i can't believe there's so much i love that everyone everyone is dealing in shit coins now true bull market behavior true side thing is all we hear about are the games we never hear about the losses those losses they're buried and never to be discovered but

games oh it's here there and everywhere it's like your buddy who always wins at the casino every time he goes right but uh anyway yeah how many losses do you have the fuck he's got them repossessing his car yeah they got the they got the lock on his uh yeah nobody's walking always wins that's right okay so where do you want to do you want to boost should we do yeah i do i got a few of them it's a top five in terms of donations so thank you very much for people who have donated to us we're going to be donating this to a worthy cause very very soon we can talk about the cause if you want i think we agreed on the cause right i i think we're you know it sounds like a good one if there's a better one i'll be happy to but i'm indifferent let's do we're going to give it to open sats so we're

going to collect for a few weeks then we're going to give the sats to open sats they seem to be doing a lot of good work never more important than now to support open source development so that's what we're going to do yeah sitting on right now 133 000 sats and climbing so doug and roop 525 sats this is with respect to the high hash rate episode i just did he says love the closing message message to all the fathers out there appreciated it for the husbands hang in there not long you'll get a whoa you knew this all along and this was a with reference to the end of the show that was one of the messages the final words by dan on that show mo btc dick 550 sets he writes in curious if you len would rather have the etf or the ordinal and why because one of the questions i asked him i said which would

you rather hold for 10 years the etf or one year an ordinal and see if you could sell whichever one for you know whatever you can i grudgingly i'll take the etf principle yeah i would take that i'd probably take the ordinal honestly okay thank you very much ladies and gentlemen it's been a fantastic episode isn't the ordinal more he leaves isn't the ordinal more in custody than the etf i don't know like i'm trying to say i'm trying to do that man you're fucking buying a sat, a single sat, right? I mean, they're both shit. I'm not going to own either.

But if you're paying two sats for that one, you got a rip. At least the other one, there's a slight chance, at least a slight chance that you're going to fucking get a, anyways, Jordab, 1000 sats is thanks Len for the lightning fast response about UTXOs.

Thanks you very much Jordab for the donation. He's, he's asking a UTXO question. And and like i mentioned to him and i'll just mention it here the general consensus is you want to have at least 1 million sat consolidation sometimes even more it may be advantageous to have even some a mix of a bunch of them but 1 million is generally the the minimum you should be seeking and but really this is just all theory at this point so yeah it's an academic exercise do you want i don't want to give up your jam here but do you want to tell people what you did saturday night i think it was saturday night you did it looking at the show emails oh no sunday morning can we share it can we share that like i want to give you a round of applause pat on the back for that i got another one coming up this weekend so len

len i'm gonna i'm gonna say you're going to be too modest. We get emails at the show address all the time, the Gmail address. CanadianBitcoiners at gmail.com, I think it is, or CanadianBitcoinersPodcast. And we get a lot of emails where people are just asking technical questions, stuff about UTXO management or cold storage or how do I do this? How do I do that? This fucking guy in the other panel is on the phone with people he's never met, doesn't know from Adam or Eve, giving technical help to them at God knows what time on Sunday morning, the Lord's day and answering emails to them and receiving emails from them Sunday night, Friday night, talking to them about what's going on. And this is not the only time

I've seen this in the show account. I don't often talk about it because I don't want to blow up Len's spot, but this is incredible from you, man. Like I got to say, like I, it made me happy to see that. And there's not enough people in Bitcoin doing this kind of stuff for free. Um, it's important to all of us that we learn this stuff. And so if the, how are you doing that really is incredible. I just want to commend you for that on the air here. That's really incredible stuff. So that gentleman, uh, I don't want to say who he did very, very common name. You can kind of guess what his first name would be. He listens to the show. He had some questions and I was happy to answer.

Hopefully he'll continue to listen to the show. If not, oh well, we lost a customer. It's fine that he's going to listen to our show. Businesscat4444Sats writes in, just simply powerful. That's with regards to our other notable news stories our notable news stories how notable were they last week i thought they're pretty powerful enough yeah and maybe we should be other powerful stories instead of other notable stories what we could change is this it's a you know an ever-evolving title nothing is set in stone

and fundamentals writes in 9400 stats heats. He says, number one, had to pull over to boost the show. It's a nexus of Signal and I'm honored to have a rock paper Bitcoin be the pot of choice for Dan and Mike. Two, Mike, it's okay. I choose the ETF over a JPEG if it could be Fidelity and not Coinbase. Three, Dan's explanation of a world where AI are transacting on-chain and humans are competing is going to get clipped and shared. That's A++ content. So there you go.

Thank you very much. That's quite a bit of stats you sent over. 9,400 stats. It's not going to go by me. I understand that's paying homage to NHL and 94s. Thank you very much. Right on. Love that.

Love that. Okay, let's get into it, shall we? That's a long intro. 17 minutes in. We got any stories you want to talk about? Or should we just keep talking about peripheral stuff? It's up to you. Let's talk about stuff that's actually pertinent to people.

So this past week, and I'm going to be brief on this one, is because we had an epic rally. Now, don't focus what happened today. Focus what happened last week and we one of the defining moments which happened last week is we had the price of bitcoin creep up to around 64 000 and what happened shortly thereafter coinbase mysteriously went offline causing the price to drop four thousand dollars in a matter of minutes and i tweeted about this. It really reminds me of the Wojack video of the guy saying, just dump it.

That's what it really is. The guy's on the phone, dump it, Coinbase. Dump it. They did. They didn't just do it. They did it again today. That's fucking correct. But something of note is they were saying that they were experiencing high volume,

and hence it must have triggered something over there that they went offline. from last week i don't know what happened today by the way maybe the same thing but just volume issues today i think not really went offline but some latency issues today is what i read okay so yeah and some more zero balance displays which is i think a key thing for these outages but anyway you'll get into that i'm sure they they gotta get easy dns on the horn and hook up with them maybe they mark the mark signal put it in the sky they need better service anyways if you look at the volume and i remember this specifically this event in april 2001 the volume in bitcoin of the volume of bitcoin being traded that time was immense i I remember seeing the buy and sell, just the spread between the orders of buy and sell, was over $1,000.

The price of Bitcoin was going up and down very fast. And a lot of exchanges at that time, April 2021, couldn't withstand the volume. The volume this time around, at least from last week, was less than that. So you look at it, something seems a little strange here. And plus you figure Coinbase has a couple of years, two and a half years since then, almost three years, to improve their efficiency and roll up better hardware and software and so forth. But Dan from a high hash rate actually proposed something very interesting. And he was speculating. This is all speculation from him.

So don't nail into the crosses if he's wrong he says that coinbase does have the capacity to deal with high volume he just predict sorry he just hypothesized that it's the sudden surge in volume that causes issues he says that they most likely have the ability to deal with it but all this is just not always online they ramp ramp up as demand increases. But if there's a sudden surge, those computers, the hardware, doesn't have an opportunity to scale up and to help them with the sudden surge in volume. So that may be true. I don't know. But it just seems odd that Coinbase, the largest exchange,

I think it's past Binance, if not it's one and two, they're suffering as a result of this. I don't know. And another thing that's interesting, at least from last week, when the price dropped $4,000 in a matter of minutes, why? Why did it drop? Sure, a exchange went offline. Does that mean Bitcoin is any less of a fundamental change?

Hell no. It's a fiat company that isn't able to withstand. I don't know. I see that kind of shit. That shit that's fucking nuts but anyways we still had an epic rally we're now approaching what is it now like 68.3 right now 68.4 we're getting close to the fiat all time and it's just it's been a fun ride people out there hopefully you're out there enjoying it and you know it's a lot of big dick energy and it's fucking it's deserved because like you mentioned the beginning of the show, we've been taking a beating for the past two years and change. Now's the time we could hold our heads high. And there's a lot of those shit coins that are not in a dog field that are not keeping up with Bitcoin.

Look at ETH. Look at Solana. They're all fucking they're all lagging behind Bitcoin. All the money is coming into behind bitcoin all the money is coming into it all the attention is coming to it it's just too bad that it's the etfs i'm pretty sure it is driving a lot of this i've talked negatively but okay well yeah why why do you say because that was my first question for you first of all i want to um break some news here friend of the show wayfaring is writing a piece a technical piece piece, I believe, on the Coinbase crashes.

And we're going to run it on the CBP website when it's ready. So I'm looking forward to that. He's a very bright guy. And anytime he shares his opinion, I'm a person who's definitely looking to listen and find out what he thinks about X, Y, or Z. So we're going to run that on the website next few days. That's number one. Number two, I was going to ask you if you're ready to admit the ETFs were a good thing for Bitcoin or not. It doesn't sound like you are. Why not? It's a short term. Look, the price went up as a result of it. It is doing one thing.

It's taking a lot of potential on-chain transactions off to something else. I'd prefer to see to go to something else that is more adjacent to Bitcoin. I don't know what it can be. I'm talking very cryptic right now because potentially it may not even exist. Well, likely it doesn't exist. But that's what I'd like to Bitcoin. I don't know what it can be. I'm talking very cryptic right now because potentially it may not even exist. Well, likely it doesn't exist, but that's what I'd like to see. I'd like to see some organic people coming in and organically using Bitcoin and buying Bitcoin.

And that will help drive these L2s to be ready for primetime. I don't, the ETFs, you're essentially giving all this power to them they're holding on to your bitcoin and you're asking them to give it back to you at the end they'll likely give it back to you in the end but there's a shred of like doubt in my mind the smallest of doubt that grows by the day that maybe it will not be what like hypothetically what if things go really shitty with the economy and they say you can't take your money out of the market? This potentially could happen.

And this would also be your money that's with Bitcoin, with ETFs. It is stuck there. So I don't want to give up my keys. And when you buy through an ETF, you're essentially, you don't even have the keys. You're fucking playing with fiat money and having them tie it to the price of Bitcoin. They have the keys. You're saying, here, buy it and having them tie it to the price of Bitcoin. They have the keys.

You're saying, here, buy it with this money and you own the keys. They take all of the gain. You take some of the risk. You probably come out okay in the end, but I don't want to deal with probably. I want to deal with guarantees. I agree. Don't get me wrong. I understand what you're saying, and I agree that the ETF is a suboptimal product for people who want to hold Bitcoin and are keen on the Bitcoin ethos, for sure. No doubt

about that. But then I also think about the stuff that I've seen in the last three weeks, four weeks, and it's accelerating, that these issuers are adding the spot Bitcoin ETFs to other portfolio strategies, like fixed income or defensive strategies or NASDAQ strategies or whatever. And actually, I can't remember now, Macroscope, I think, tweeted this out at the end of the day today that BlackRock just filed another paper with the SEC saying they're going to add this to a few more of their different strategy portfolios. It's going to be in more and more stuff. And I would argue that what you're getting when you have the ETF products, and we talked about this before, but it's worth mentioning again, what you're getting when you have the ETF products isn't just people buying the straight ETF product

and losing that same person as far as like a Bitcoin self-custody, like a good Bitcoin citizen. It's not necessarily the case. What you are getting for sure though, is people who would otherwise not buy the ETF or self-custody the Bitcoin helping drive the price up. This is the thing that people didn't price in. So when people say the ETF wasn't priced in, yeah, there's a lot of demand on the spot ETF for sure. But what's really going to blow people's brains is when all these little two to five to 7% allocations and all these other portfolios where these people were never going to buy the spot ETF, never going to buy spot Bitcoin. Now they're pushing the price up too.

That's the thing that the ETFs are doing that we didn't have priced in before. We didn't think about that. And now that's become a reality. I think I have something with that. Do you think that I'm way off base there? Because I'm with you that this is like i said suboptimal if people want to hold spot bitcoin but you have to admit that you've expanded the group of marginal buyers now you know a thousand fold basically with these etf products and the way they're available well let's go down this road i agree with you there now of those thousand times individuals that are now exposed and looking and actually buying this etf in terms of a percentage of those would actually turn into and i'm going to define them an actual bitcoin or something that understands the fundamentals

understands that you could put this in cold storage takes advantage of the cold storage the stuff that makes bitcoin bitcoin not not a fiat Bitcoin, but Bitcoin. What makes Bitcoin Bitcoin? How many of the percentage of those people you think are going to be converted into that? I would say it's going to be extremely low. Fraction of a percent. So I'm not talking 1%. A fraction of that 1% would be converted into Bitcoin. They're all there for number go up.

A lot of it, I would imagine, is businesses too. That's the real thing that's driving us. It's institutional money that has now and they have access to buying Bitcoin and that money comes in, drives the price up because it's a lot of it. But of the people that learn about Bitcoin, understand Bitcoin and get out of it, out of the fiat system that got us to this point, it's going to be small, very, very small. And that's a disservice, I think. SB chiming in here in our private telegram chat does not think the etfs are that bad for custody you'll have to he can make his case uh next time we have him on but i you know don't get me any word that it's it's a you

know they own and they don't really own your keys but let's pretend they do sure name me a situation where somebody owns your keys that is advantageous to the individual. It's never. No, it's never. Correct. If it's never, that's it. We just established case closed. Next story. There's nothing you can do to try to convince me or anybody else.

Maybe there could be tax advantages, but again, you're playing within the fiat system. The only thing that matters in the end is how many sats you have, not how many dollars you have. And when you're dealing with this fiat system, it's then as you're dealing with dollars, I prefer to deal with sats. How many sats do I have? That's what really matters to me. Could I, could I convince you, this is the one thing I thought about today. Could I convince you that it's a good idea to buy the ETF in your retirement, your RSP account, and then take the tax refund you get for putting in your RRSP and buying spot with it at the end of the year?

Could I convince you that's a good idea? What is the refund you get on your RRSP? Is it like 15% or 20%? I forget what it is. I have no clue. It used to be high. Now I don't really remember now. I kind of want to, I have to look into this

because if there's a chance to get like 30% back at the end of a year. But RRSP, it's going to be a salary when you take us so people don't understand we take at the end of your career right it's whatever it's fine yeah you know what i don't know i'm that's something i never even thought about because i'm not quite there yet maybe maybe not do you know do you want to hear a story i'm gonna put up my uh former financial advisor on blast here about 10 or years ago, it was around the time I met my wife, honestly. I don't know when that was, 12 years ago. I was 25. I'll be 37 this year. So when I met her, I had a retirement account that I had just started with this company called Aligned Capital Partners. And it used to be

family-run office. Now it seems that it's been bought by some other people and I don't recognize any of the names on these emails. Two weeks ago, I sent them an email because they have like, I don't know, probably $15,000 of mine sitting in an old RRSP that I haven't really thought about or done anything with in a long time. I thought, you know what I should do with that? I should buy one of the ETFs with it. I should just pump it all into a Bitcoin ETF.

I sent them an email two weeks ago and the EA, the executive assistant, sent me an email back and said that I had to schedule a meeting. And I said, there's no meeting necessary. Here's the ticker symbol. Put it in there. Let me know when it's done. Today, I got an email from a guy named,

I'm going to name and shame here, actually. Oh, yeah. Think about it before you do, just in case. Fine. I won't name him. But the guy sent me an email, okay okay and he makes the case to me in this email that he will not take not take trading instructions via email fine i kind of get that probably some rationale there and he's like you know also this is way outside your risk profile

we have to update your profile before we can do anything like this that the the amount is too great and the concentration is too great for your current needs. And I wrote the guy back. I said, I'll tell you what, okay? Give me the account number. I'm going to transfer it to Wealthsimple. And he didn't reply. So now, what am I down?

The first email I sent was February 17th. So what am I down on iBit since the 17th? 40%, 30%, something like that. Something insane. The number's enormous. And so I'm going to give this guy a piece of my mind at some point if he doesn't give me that account number tomorrow. This is the kind of thing that a lot of people are probably dealing with, unfortunately. And so this is another thing I think when people say the ETF is priced in or

whatever. I just think there's a lot of people who are going through the motions here, these meetings where people are trying to keep them in these two and 10 portfolio allocations. They don't want to do, they don't want to hand over the keys, no pun intended, to have you manage the account yourself. And you can just do iBid or one of the other ETF offerings, whichever your provider of choice is, you just put your money there and forget about it for 30 years. I think this is going to start coming too. And it may not start coming yet, but at the end of the year, when you're talking to your neighbor about how your investment account did, and he did 7% and you did 180% in Bitcoin, that's when it starts happening. MacroAlph has a word for this,

like the neighbor error or something like that. Everybody's always comparing to their neighbor. I don't think it's an error. I actually think it's a good idea. And the more Bitcoiners that are out there holding spot in cold storage or holding ETF, the more people that will come into the space one way or another as well. And so I like all this stuff. I don't know. I'm getting some good vibes, let's say, from the different things I've seen and heard over the last little while. Here's a question for you. CPPIB is on the story list today. Do you think CPPIB is going to be in any of these Bitcoin products either directly as an investment strategy or through any of these other offerings in the next two years?

Because once that happens, that's really governments in Bitcoin. And like if it's not over now, I think it is over now. But if it's not over now, it's sure as shit over then. Is it not? I think this is possible or guaranteed. Well, there's already been pensions that are have already dedicated some of their allocation towards Bitcoin. They've purchased it for this. So why wouldn't the CPP, the Canada Pension Plan, do the same, which holds, I don't know what the number is, 500 and something, $590 billion, I think is the number last I saw, under assets under management. That's a lot, right? So if they put a portion of that towards Bitcoin, which is very possible in the next little while.

Yeah, certainly that's within the realm of possibility. Sure. Game changer? Whatever. It's going to cause me to buy incredibly flat emotions over there in your basement compared to the emotions in my basement tonight. I had a stacking goal for

2024 and it's starting to ruin it, let me tell you. It's making it more difficult for me to get to that point. The reality is, and I can't speak for everybody, and this is from my very narrow basement viewpoint. If the price of Bitcoin is $15,000, if it is $68,000, which, by the way, your block clock seems to be not working, Joey.

It's stuck on 67. You should reset it or something. The price is 67,996. It's been stuck like that. It hasn't updated. I'll call the income over no just unplug it and plug it back in that's all you got to do it's something if there was a power outage that would have stopped it from updating so for my you know the price of bitcoin if it's

15 68 or 268 it doesn't change a thing for me i'm not going to change my lifestyle i'm not going to do a thing to change my anything but i'm just going to keep stacking that's the reality of it so i just i was hoping i could buy it on the sheet this is obviously outside my control but now i'm gonna have to buy it a little bit more expensive and it looks like i'm gonna buy even more expensive moving forward unfortunately but it's not going to change anything i don't give a fuck i'm still going to drive my 22 year old 22 year old car i'm going to keep driving that until it's no longer able to drive. I'll be happy doing it.

And then I'll get that beige Corolla I always wanted. And I'll drive that thing to the ground too. Nothing changes. That's why for me, I don't care what the fuck the price is. It's just, it's another day. Yeah. I'm with you there. I'm not planning to sell or trade my Bitcoin.

I'm never going back to fiat with that stack. I tried to have this conversation with somebody the other day. They messaged me, I think after last week's show, a text message, a friend of mine. And he's like, what's your plan to sell? And I'm like, listen, man, you don't get it. I'm not going back to fiat. If the price goes to 100K, you have to put it in perspective for people, especially onlookers. What has to happen in the traditional world for the price of Bitcoin to go to $100,000 US? That's a lot of people speculating on a currency product that could uproot the entire global financial system in terms of where they store their value, what they perceive to be a store of value. You don't go backwards from there. If you look at any currency chart, we're seeing

these posts steady today. It's knocking off one currency after another. It's on par now, market cap was silver, Len. Yeah, give or take, it's either slightly... Whatever. Yeah, but you don't go back, is what I'm saying. You don't go back to the currency that you traded for that asset when that asset is performing that well, because everyone will eventually want to take that asset. It's hard to explain to people. And there's not many, like I said, not many people spend time trying to maybe not convince, but explain my rationale and my thinking when it

comes to the Bitcoin investment strategy. But there's a lot of work to be done on that front. Actually, I'm going to ask Tour that next week. What do you say to people who ask what the sell strategy is? How do you explain to them that the currency just isn't the thing that they should be looking at? And we've talked about this before. Everyone knows intrinsically the currency is not the place to park their value. No one holds cash outside of an emergency fund or something. Or if you're one of these people that does a six-month salary in cash, no one does it. And the reason they don't do it is because now more than ever, everyone is keen to this whole inflation. Everything is going up in price except the currency that's going down in value, blah, blah, blah. Everyone kind of gets it and they don't seem to get it with Bitcoin, but they're going to at some point because they're

going to have no choice. It's just, I would like for a lot of my friends and loved ones to get it before then. And so far i'm having i don't know middling success i am we are doing great with people in the chat though listeners and viewers we made it we made it for them yeah yeah they're orange filled now yeah for me and then again i'll use my own narrow viewpoint of things i'm never trading it sorry i hope to never trade it for cash but there may be a time when i need cash for something to payable like then i could understand and trading it for cash sure ideally i would love to trade it for either a good or service in the future but one thing that's being

uh is prohibiting me from doing it on a large scale is the capital tax yeah that i have to declare with our tax people here, CRA. I don't know where it's like in other parts of the world, but here we pay capital gains tax on selling your Bitcoin if it's a gain or a loss. You could claim that as a loss. We could talk about that in a bit, too. That's the one thing that's precluding me from moving forward with selling a lot of it for goods or services. I don't want to deal with the headache of dealing with cra but anyway cra let's move on um some dude was uh talking about on reddit and he was making a lot of trades in the past few years and it's not simply with bitcoin he did it

with shit coins as well and in fact he said he lost a few hundred thousand dollars through his trades and i can understand that if you had you know put a lot into it and especially these shit coins that went close to zero i could see that he lost some of that but or almost everything but he he submitted this to cra at the end it was actually for taxes years past for tax that he filed in your path in years past as a way to take advantage of reporting a loss so he submitted this information that he got from kraken because he used that exchange primarity and also coinly it's a product a lot of people use to track their tax transaction product right yeah okay cra was having none of it they wanted more information so the coinly and what kraken provided was not sufficient for them and so they

weren't satisfied so just for people out there you have to be aware that especially when you're trading kyc'd bitcoin or something else into something else like usdt liquid anything that's not named bitcoin that is a taxable event so you will need to provide a detailed summary to cra when asked and also this, it's an administrative headache, as I mentioned. People need to be aware that this is a requirement for you. Just in case a taxman comes after you,

they have every right to come after you if you do this, especially with KYC Bitcoin. So check it out. This might apply to other jurisdictions, but at least in Canada, this is one of the things we have to do. And I can say with a high degree of confidence

that Canadians should be aware of this, that hold on to Bitcoin. If you don't, ignorance is not going to save you. Just curious, what did the CRA want? Was there a story update there? Because that's really what everyone, the exchanges give you that data on your buys and sells right like i don't know what it looks like for a place like you know coinly but i know shake pay you can get an x or clv whatever the excel file format is xlv xls whatever and has all your trades on there you buy sells your shaking stats has everything so what if that's not enough what else do they need that's a good question he didn't elaborate but the fact that

he mentioned that what coinly provided and what kraken provided was not enough that to me is rather scary now granted he's probably asking for a lot a few hundred thousand dollars worth of losses and that's probably you know countless of trades so the laundry list of trades that he's done but still it shows you that they're not messing around so when you're dealing with cra and may say may apply with the irs i have no clue but you gotta be you have to have all your ducks in order in order because if you don't they could come after you and that's something you don't want to go through you don't want to bend over and have them look at you through your anus it just those services like the

cra you say what you want about them you know that's a function of the canadian government it's an important one i think you know people say taxation is theft maybe maybe not i my concern for those services is not that they're going to be made irrelevant there's always going to be an attempt at tax collection but man like they just were not prepared for stuff like free trading for retail and definitely not for stuff like free crypto trading for retail where everyone now is just high volume. You know what I mean? There was a time when doing a certain amount of trades in your TFSA made you a day trader. It would exempt you from the capital gains protections that the TFSA allows

you. These guys, they're not ready for this kind of stuff. And we don't talk about this a lot. We talk about this sort of in the same vein, these stories where governments and large institutions are trying to play catch up with the tech in terms of enforcement. Sometimes the attempt is fruitless and doesn't look to have an easy solution for the powers that be. This is another one of those examples that's kind of under the radar. There's just not enough manpower to go through all these documents for all these high volume retail traders. Is there? Can you imagine going through someone's Kraken or Binance history trying to find out whether they have a capital loss or not? In the States, they hired, what is it? 89 89 000 irs agents so maybe they are equipped over no those are they're going after high high net worth individuals remember that's what we were

told oh yeah maybe when they're done after that you're not you're not calling them liars are you i think they're no no but they're armed so i'm not gonna call them anything but sir madam maybe sounds like no let's talk about wf and then we don't talk about WEF. And we don't talk about WEF because I'll be honest, I don't really care about them. You're not a big WEF guy. You're right. We hardly ever hit WEF on this show.

Canyon WEF Pointers podcast. I don't know. For some reason, it just doesn't bother me whatever they do. But it's just interesting this past week, though, something came out because it was with respect to Bitcoin. And it shows that they might be pro-Bit mining in certain situations because uh they released a video it was a several minute video about a chocolate factory in congo and a chocolate factory they say is powered by zero sorry net zero bitcoin mining that's what they call they call it and so a little bit more about it is they have a mining operation adjacent to this chocolate factory.

And that mining operation is powered by a hydroelectric power station. And the excess electricity that is being generated is that's not used by the Bitcoin mining operation is diverted to the chocolate factory. So in other words, it's more electricity that is being generated that could be consumed by the ASICs. Well, chocolate factory gets the remainder. it's sort of a load balancer we you know we talk about this all the fucking time that this is one case use for bitcoin mining operations it's been years by the way talking about this literally years yeah go ahead yeah so you know and the good thing about this one is the infrastructure is being built up by the proceeds by the bitcoin mining company so they're expanding their operations thereby improving the quality of life of people there.

So it's all in all, it's a net gain. They say the miner is earning $150,000 per month. I'm not sure if this is revenue or profit. They didn't say but they do say that the amount that's being generated is 150,000 per month is more than a local tourism generates so there's economic incentive to actually do this so yeah i just found it to be quite odd that the wef would be promoting this as a good thing given their stance about uh pollution climate change and and a lot of people saying that Bitcoin uses too much energy. As a load balancer, you can't deny this as being a bad thing.

They're saying it's a good thing. Something's not bad. This is going to continue. I mean, this is a good story, obviously. It's kind of cool that WBF posted this video of a guy making chocolate in this Bitcoin mining angle. Almost unbelievable, like boomer says i just posted his message there in the chat uh should we talk a bit about in the same vein the

move that some miners look to be making toward nuclear power for their facilities uh this this is going to become pretty significant because amazon did it yeah well amazon was it was kind of pushed into it by uh man i forget the name of the miner now i forget the name of the miner but one of the miners um amazon pushed it was pushed i wasn't aware it was nudged yeah into it i guess it was the it was an initiative by some mining group i forget now but you can look at um you know the tweets from usual suspects probably perry and boring and and Dennis Porter, and find out. The power story when it comes to mining, load balancing, and moving toward, quote unquote, greener energy products away from fossils and toward nuclear. Not toward wind and solar, the kind of bullshit intermittents that don't work.

We all know they don't work. But toward nuclear and SMRs. I think it's going to be a big story. We have Ryan McLeod, Nuclear Bitcoiner, coming on in the next few weeks to talk about this. He's been keen, sending me a lot of content to look at and read. There's certainly a move happening in a lot of what I would call more serious countries about power, countries that need to build out their grids in a way that's, you know, both sustainable and reliable and fast. And there's not that many ways around nuclear from that perspective.

And so, you know, I know this is a little bit far from the WVF story, but I think it's important all the same because we, for the longest time, have been saying that, you know only only people who are both intellectually honest and serious about environmental protection go toward nuclear if you're in if you're serious about environmental protection but not intellectually honest you sit with stuff like solar and wind and if you're neither then uh you know you just put up a stink about everything that's not um intermittent and barely working and so i expect to see more of this. Do you think in the next, I don't know, I'm in like a calling my shots mood here.

In the next like two years, are we going to get a Bitcoin mining outfit partnering with like an SMR manufacturer in a small country where there's not so much red tape? I think El Salvador is a good candidate for this, honestly, but I'm not sure what their nuclear capacity is. I know that you don't necessarily need for this, honestly, but I'm not sure what their nuclear capacity is. I know you don't necessarily need to build near water. You can do salt cooling now, but I'd be curious what you think about that. Is that something you think you're going to see?

A lot of hash rate coming online, having going to push people toward cheaper energy, more reliable energy. To me, it's a natural next step, but I'd be curious to hear your thoughts. I think it's more longer term. I don't think it's in the short, even to an immediate future. I think more it's going to be oil and gas is going to be using their energy, their wasted energy, and they're going to monetize that before we see SMRs.

And with respect to El Salvador, I could be totally wrong on this this but aren't they putting a lot of capital towards their theo their thermal uh okay so i was gonna say something about that i don't want to really shit talk el salvador but that really hasn't materialized at all i don't think as far as i can tell that seems to me that could be a big story i haven't heard anything maybe i'm missing it could be a blind spot but i mean jaime was on jaime was on two months ago three months ago what did he say nothing probably he Nothing about it, but he's coming on later this month, I think. Maybe I'll sit in for that one. He will do a joint

rep. I do have some questions for him about Bukele. I'm not as positive on it. Anytime you want to come on and talk about El Salvador or even stuff in your life, we'll roll up the red carpet to you.

Stuff in your life, yeah. No, because he's been really good to us lately. Recent beer league soccer games. Yeah, but obviously he's not going to. But I gave him the option. He's a good guy and he's been good to us. And I want to make sure that he knows that he's welcome on the show anytime he wants.

Oh, of course. No doubt. Okay, that's an interesting story, though. I do like that the WF is kind of sort of coming around. It's possible that whoever put that video out has been fired since then. Some intern is getting let go. It's also possible that someone in the higher ranks of the WF put that out. So let's see.

If we see more of that, then great. If we don't, we'll see. This is a one-off. Come on, CBP. Tell us the story of your unceremonious exit from WWE. We'll roll up the carpet for you too, buddy boy. Since we're talking about Africa, let's stay in the continent over there because Strike, they have entered the African continent.

I'm not sure if you saw this announcement. And Jack Mallers says that it's going to be Strike Africa is now live. That's what he called it, Strike Africa. I'm not sure if you saw the blog that he wrote about it, but he started it off with yo. In the fucking blog, it said yo. That's the very first thing. We're not a fan of that on this program.

I know you're not. For me, I'm like, whatever. I just wanted to bring that up. It's pretty fucking funny anyway. These services are going to be initially rolled out to ivory coast nigeria south africa uganda and a few other countries and they're going to be expanding upon that as well and so he's uh saying that this is going to open the doors to onboarding people in those countries into bitcoin using both on-chain and lightning plus they're going to be offering services including usdt i

know that stable coins are very popular in some countries and this is going to be offering services including usdt i know that stable coins are very popular in some countries and this is going to be another offering of stable coins that they could use so it could be not only just onboarding but also peer-to-peer you could do that with strike and so that's one way to exchange your money and this is the first full expansion by strike outside of the united states they haven't come to canada they're going to africa first whatever um i have nothing bad about to say about this i think it's good more opportunity more options and more people to start using bitcoin or at the very least a stable coin where you know they don't get access to actual u.s dollars and

i know nigeria they're having some difficulties over there with trying to access coinbase or sorry binance i don't think they have coinbase there but binance i know the government is shutting off people's ability to get on there this might be a way around that i don't know but giving people options cheap options to use and get into bitcoin i like it this is a good thing yeah same uh i don't really have much else to say about that i mean it's good to see those guys So cheap options to use and get into Bitcoin. I like it. This is a good thing. Yeah, same. I don't really have much else to say about that. I mean, it's good to see those guys expanding. I think Mallor's, you know, not to beat a dead horse here, but he's underdelivered, I think, on a lot of the promises he's made.

I don't think there's any doubt about that. Not for lack of trying, maybe. I'm not sure. But, you know, he did start up a podcast instead of continuing to work on some of the stuff he promised, I think, three years ago now at Bitcoin Miami, maybe longer. So I wish him all the best. Interesting note there about Canada, right? Canada is this weird country that's really done a poor job in terms of bringing in opportunities for its citizens thanks to the banking cartel. We don't have strike here. It's funny, a little business on there. Len and I, when the podcast started, before we had the great sponsors we have now,

we were looking for ways to monetize. One of the ways to do it is through Anchor. And Anchor still to this day is knocking our door down to try and put preloaded ads into the shows. And if the ads were decent for decent companies, I would consider doing it, of course. But you know what the problem is? You can't get paid by Anchor if you're a Canadian because you need a Stripe account. And if you don't have a Stripe account, you can't get any money. So you're just kind of SOL. I don't know what the solution for that is, but it's weird to see countries in Africa getting opportunities vis-a-vis these new age banking apps, these like fintech applications that we just don't have here. I'm still sending e-transfers to people instead of using Venmo, et cetera, et cetera. And it doesn't seem to be in the cards that it's going to change anytime soon.

Weird, really weird. Yeah, that's a very good point. It could be resistance from the banking system over here, which has deep roots and they don't want to give up whatever they have whatever advantage they have gained so far so that could be it um but but the very least we have other options here like with uh e-transfer for sending fiat but you know what you can still send it with lightning yeah it's bitcoin or bust right like that's kind of where we are now yeah well pushing pushing people to bitcoin right every every day someone in the chat said earlier that the cra is like tax uh rules are forcing people to hodl bitcoin and driving the price up too it's a great point you know we don't talk

about that enough yeah see i'm an example of that i'm likely not to spend on a big purchase my bitcoin because of all the requirements for me to report it and i'd just rather hold on to it to either wait until the rules change or if i happen to pick up and leave and go somewhere else and then i can take advantage of the opportunity that jurisdiction has to provide me so um we'll do one last story i think we have time for that yeah yeah sure for sure yeah so department of energy we talked about them they were they were asking bitcoin miners to voluntarily disclose u.s bitcoin miners to disclose information related to their energy consumption looks like we got some closure on this story at least for now though so why and a few other companies they decided to launch a lawsuit and they were saying at the time

that was unfair practice and the department of energy decided to temporary halt the program we talked about this last week and so this week though they decided to or they announced that they're going to permanently shelve the program at least the one that they have rolled out to the state it's also being reported that the government must destroy all the data collected to date also pay the legal fees and start over legally with public notice and comment so looking at this reading between the lines it's not to say they're not going to go ahead with something like this again they may but the process will be slightly different moving forward because uh you know if you look at the bitcoin miners they're not out of the woods yet with respect to being forced fallen told to disclose information you know if you go look further fox business is reporting this past week that the white house is voicing concerns about the sustainability of the

power grid because the price of bitcoin continues to go up so if you look at this there may be another request moving forward by the Department of Energy. But this time around, they're going to have all their I's dotted and their T's crossed. So there won't be any lawsuits to sideswipe them. So one thing they can always say to go ahead with it, cite long-term implications of energy consumptions, environmental sustainability, all the shit like that that works with normies out there. environmental sustainability all the shit like that that works with normies out there and well in terms of people out there that are voting normies outnumber bitcoiners by a large percentage so if you appease to those normies and you say look this is one reason why we should do it and you say they're bad for the environment they take up too much energy and shit like that

normies scoop it up well you're gonna have this type of policy put in place and uh what are they gonna do with this this information once they gather it we could have hypothesized what's gonna happen we don't we don't have to hypothesize we talked about it last week their intention is to take the information and make bitcoin mining very difficult or outright illegal in the united states that's in their stated goals from 2021 so we don't have to guess. We know they've told us already. Liz Warren and the boys over there, they're up to no good.

Brian Morgenstern, I still think I want to get him on the show to talk about this because he's obviously got the inside scoop working at Riot, you know, heading up their efforts here. The thing that I would say, Len, in terms of energy,

and we talked about this last week, but I'll rehash it since we have a rather large audience tonight. There's a world that's not too far from our reality. It's easily inside the Overton window, where as driving season approaches and the strain on grids really ramps up and oil moves from $75 a barrel to $90 or $92 or $94 a barrel in the summertime. And the SPR doesn't have the same amount of oil to give. The administration points at Bitcoin as the cause for energy prices going up and makes a huge attempt to stifle mining and squash the price all in one go. And they do it with the ETFs and they do it with the miners and they do it through that wedge and say that the

grids are unreliable because of Bitcoin mining. We have to get this under control. We're seizing this until we know what we can do about this. In the meantime, everyone will get their cash back or something like that and we're going to keep the rest in custody. The miners on US shores will have to shut down for an indeterminate period of time. It's an emergency, blah, blah, blah. I realize this is unsavory and probably upsetting for some people. It's crazy that we're in this world where this

can happen. I think this is definitely possible. But to say that this is outside the realm of possibility, it's wrong at this point. The people in charge in Washington are political killers more than anything. And the control of the money is the most important piece of the puzzle for them at this point. It may be one of the few pieces of the puzzle they have left, and they're not going to let it slip away. They're going to take advantage of that difficulty that people have. And I wouldn't be surprised to see some variance between the reactions from certain states where Bitcoin mining is going on. Do I think Texas is going to shut down its Bitcoin miners? No, I don't. Do I think that other red states are going to shut down the Bitcoin miners? No, I don't. I think there's going to be a problem. And that's going

to add to this cocktail, this, you know, this bomb that's brewing over in the United States as we head into an election cycle. You saw today the whining and crying about the Supreme Court dropping a 9-0 bomb on the uh anti-trump crowd making sure he's on every ballot it was 9-0 9-0 hardly ever see that eh and uh so yeah not great for um for all those people who have been like screaming into their pillow about this guy for the last eight years at this point i can't imagine being that obsessed but there are tons of people who just live in that world um the the the other problem that uh bitcoiners are going to have in the states is that you know if the price

on bitcoin was 20 000 and we hadn't spent the last you know six eight weeks absolutely fucking dunking on everybody and their mother and brother um there's the people who are sort of normies and don't care about Bitcoin wouldn't maybe have much to say. But now that the price is $70,000, we're wearing a bit of a target, I think, more than we were two months ago or three months ago. And a lot of people are going to be gunning for blood, right? You have no idea how many of your friends who have no Bitcoin are watching the price more closely than you and praying every night to the infant Jesus and Mother Mary for government action against your assets. There are tons of people, and a bunch of them are your friends. And they're going to vote for something like this or support something like this from the Biden administration. I don't think this is out of their own possibility.

I think it's something that we should all be concerned about. So I'm looking at that. I could see there's definitely a possibility that the government does some enforcement action. I'm not, you know, I kind of wish they do it in a way to think like it seems like it's inevitable. Let's go through this whole process. And let's prove that a decentralized system cannot be shut down and there may be some more pain temporary pain but long-term gain as there's i i you know bring it on i'd love to see that also it helped my 2024 stack and go i reach it much much sooner because it's not another reason but yeah so now i'm going to ask you the question really quick before we sign off on this segment of the show. Go.

As I asked Dan and Mike this from the High Hash Rate podcast, who would you rather see retire first? Joe Biden or Elizabeth Warren? Oh, I mean, Biden is already retired. Like he's, you know. No, but if knowing that he at least everything is showing that he was. I'd rather see Liz retire for sure. Yeah. Really?

Yeah, of course. I mean, how could you not? She's clearly curried some favor with people in Washington and is able to swing this stick. I mean, it's incredible to me that she's been able to achieve all these things and garner the support that she has under the banner of something as blatantly insane as anti-crypto army. What the fuck are you talking about? She's up against some stiff resistance from what I understand.

There's somebody running against her that is... I'm not going to get stiff until 69K. Depending if you look at your block clock, you'll never get there. You're going to be just limp for the rest of your life because you got to restart that block clock. But apparently somebody's running against her that has Bitcoin and shitcoin connections. She'll never lose, Len.

She'll never lose. She's entrenched. The American system is worse than ours. You just have these seats that are 100-year Democrat. You could run a paper bag. It have to be paper it can't be can't be plastic because it's bad for the environment you could run a paper bag and and win under the democrat banner banner yeah but like who's gonna run as the democratic nominee for the senate over there i mean i i'm not sure if he's running for that regard or running for

republic i have no idea but he's getting some waves yeah let's get him on so in terms of her she's 75 last i checked she's a little bit older than i thought so really how much time does she have left in terms of being elected like do you think she's gonna be how old is pelosi how old's pelosi 88 that's what i'm gonna get like there are they the exception like the dance is pelosi that old i can't believe i just said she's got to be in the she there's a wasn't there a picture of pelosi with um 83 she's 83 yeah holy shit it was a feinstein or mcconnell 82 biden 81 that is nuts man yeah there's pictures of her like you know somewhat like a former president tapping her on the head before there was you know fm radio or color tv i mean she's definitely got a, a wide ranging sort of understanding of politics.

Thanks to the time she spent there. But, you know, it was just Warren. She's only been there for, since 2008, she hasn't been elected all that. I mean,

I mean, Pelosi, I mean, Pelosi, Warren, Warren's a whole other story. Warren ran for president in 2012. So.

And after that, I think, didn't she, I the bernie the year that bernie had a lot of momentum was that was the year trump won and i think she was on that um she's in those primaries too so that private jet video i thought that it was eight years ago i could have been wrong that's a great video though i love that one where she's hiding behind the uh sort of portly intern there good for her let's leave it at that, Joey. Let's end this Bitcoin-related stuff and move on to the notable stories, Joey. All right, we're about to get notable over here.

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