The Wolf Of All Streets - Bitcoin Has Already Bottomed — And Almost Nobody Sees It | Dan Tapiero

Episode Date: September 11, 2026

Dan Tapiero joins the show to break down why he thinks Bitcoin’s recent low is likely in, with U.S.-Japan currency intervention and improving liquidity helping drive the rebound. He also discusses the rapid convergence of crypto and TradFi, arguing that tokenization, RWAs, stablecoins and prediction markets are expanding the digital asset ecosystem far beyond Bitcoin alone. The conversation finishes with why he sees the intersection of AI and blockchain — especially agentic payments and tokenized illiquid assets — as one of the biggest long-term investment opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin is already bottomed and almost nobody sees it. I'm having a conversation with my friend Dan Tapiero today about the Bitcoin market, what's being built in crypto, and the future of our industry. And I can assure you that when we talk, it's always, always very, very bullish. We're also doing the weekly reckoning today, reviewing everything that happened this week. Hope you guys are ready for a good show. I know I am. What is up, everybody?

Happy Friday morning to all of those. who all of you who celebrate. I'm going to go ahead and bring on Dan right now so we can dive right into it. Good morning, sir. How are you? Good. Good to see you. How are you? Relaxed. You know, you look like you're enjoying. Good. It's good. So there's a lot I want to talk to you about. How else should I look? You know, some people come on and they look stressed. You look relaxed. No, really? Yeah. Nice glow. You look like you've been getting some sun. So listen, there's so much happening right now on the macro side. First of all, let's talk about the Fed and the Treasury, because we had Bitcoin make a almost 25% move seemingly overnight on the news that the Treasury

was going to intervene in the bond market, right? And even though it was only $2 billion, and then $4 billion, and then $6 billion, they keep up in the any. Interest rates haven't believed it, and Bitcoin went up massively. I view that as the spark. and right now it seems like we're in a very, very tenuous environment here. Hold on. Hold on. I think that was partially the spark. I think you'll recognize also, and this is, as an old-time macro guy, even though I don't trade in those markets much anymore, can't ever seem to ignore them when I pull up my Bloomberg. And if you look at the dollar yen exchange rate, I think that had more to do with the bottom in Bitcoin.

The Bank of Japan and the US, this is Scott, came in to intervene at around 163 or so, 162, and they've continued to intervene, pushing the dollar yen lower. I think it's at least 10% now, or a little less than 10%, but it looks to me like it's got another 10%, maybe to the downside. And so that's the first time in a long time

that Japan and the US, U.S. have done concerted intervention. And Scott Besson, I love this guy, comes out yesterday and says, I am the house, okay? All takers. Anybody that wants to take the other side. What's that? It's like the quote of the century. Yeah, it's a great quote. A Treasury Secretary, who probably understands Dollar Yen better than any Treasury Secretary in the history of the country obviously has traded it for over 30 years. And anybody, any of the civilian population, that wants to fade Scott Besson as the Treasury Secretary, as he said. I am the House.

I know things you don't know. It's true. He's playing on the other side. And I think you'll see the bottom in gold coincided closely with the bottom in the top in dollar yen and also the bottom in Bitcoin. So gold and yen have a dollar yen have a very strong inverse correlation over the years. I mean, maybe it loses. is, you know, a correlation over a six month or a year period.

But if you look over a very long term, they have very strong correlation. So I think it was more about that, that U.S. said the dollar has gone high enough. And if you look at the broad trade weighted index, which no one except like a bunch of macro geeks looks at, you can find it under Bloomberg, the dollar based on that broad index was pretty pretty much at an all-time high. And that's against the trade weighted index, which is against our counter parties that we trade with. So it's a broad basket.

And I think that's probably what he's looking at. And the dollar yen is a proxy. So maybe that's not as well understood as the catalyst. But that would also potentially mean, when the dollar goes down, there is more liquidity. And that's why gold took off and then I think Bitcoin followed. There are other reasons as well. I mean, I would just put it down to that one. Yeah, see, I sort of had it as it happened right at that announcement. Obviously, the short

squeeze went, sent it flying, and then you had Trump the same day come in that afternoon and mentioned hyperliquid on TV, which blew up. Yeah. Yeah, yeah. And the SEC also. And all this supportive news from the SEC and the CFTC and Japanese. And so to me, we've just kind of raised the floor. Right. And it doesn't mean to me we're going to 200K tomorrow, But I think that now we talk about, you know, 70 days instead of 60 to 70. Yeah, the low is it. I don't think we're going back to those lows. We may have a correction if, you know, it's possible that, you know,

it's possible that we have something, you know, a retrace. But I think that low is a good low in Bitcoin, Eith, and Solana. Yeah, I 100% agree with that. I thought it was the low already in February the first time we got there and that we might read it once and that's seemingly been. I hear you. The problem is it gets really boring and people start to give up and create reasons that they think it needs to go much lower when it's happening.

Okay, so in this environment where we're both convinced that the low is in, what are you looking at moving forward? Right. I'd still love to talk. You know, in terms of market excitement, ramping up in crypto, liquidity, all of these things, you know, where will people be allocating what things are likely to do well, what things are likely to do poorly? I mean, just how are you generally framing now as an investment coming? Yeah. Well, I mean, so you know the investments I'm making in the space through 50T funds

are generally the growth stage companies in the space. And last year we had six realizations. And of course, we, you know, in the IPOs, we had circle. and figure and Itoro and our Deribet got purchased by Coinbase. So the space, what I call broadly, the digital asset ecosystem has grown tremendously in the last five years. I mean, just look at stable growing growth five years ago with zero. Now we have $33 trillion as of last year in volume. And that's just continued to go up. We've got sort of a boom in tokenization that's very early.

You've got securitized now also a public. company. You've got RWA's and then prediction markets have taken off. And so I see the whole space within the framework of all money and value is moving on chain. And so I focus on the companies that are facilitating that. And that has been going on throughout the bareface. I mean, look at even look at hyperliquid. It had that drop down to 20 hype in the beginning of the year. And it's really been the leader of this cycle. So even as Bitcoin continued to drop, hype continued to hold its own and actually, you know, has been up four times this year. And so same thing in terms of privacy. I mean, Zcash has been an enormous winner this year. So there's a

lot going on underneath the hood that's more than just about Bitcoin, Ethan, and Solana. Those are the core assets to me. Those are the macro assets, the big rails. And the fact that they've bought them now means all the stuff that I'm looking at, I think can just continue to grow, you know, exponentially as it has. I even put a post out this morning on X about, you know, agentic payments. And there are over a million independent autonomous agents that have transacted using X402, you know, the Coinbase, you know, adaptive protocol. So I think it's just, you know, we've talked many times over the years and five years ago, you know, you didn't have this diversity of activities in the space or on chain.

It was just like, you know, number go up kind of thing. And I think now with the integration of Tradfai and the broadening out of the digital asset ecosystem that it's hard to look at everything in one monolithic, through one monolithic lens. But to be fair, most of those investments that you realize you made long before we had this kind of clarity. So you're talking about five years ago, you're actually telling me the exact same things five years ago. Yes. And in fact, in 2019, when I started with these funds and had the idea, I mean, it was simple. There were no public companies. not even Coinbase was public.

And I thought there's some companies here making hundreds of millions and billions of dollars. This is not just for the venture investor anymore. And in the future, there will be 20, 30, 50, you know, public companies that are involved somehow with Bitcoin or blockchain or this broad, you know, digital asset ecosystem. So, yeah, that's the theme I've been on for over six years. And it's nice to see some of these things actually happen. because you don't always get it right. But I think that's sort of the future. We're going to see many more public companies.

Yeah, so we also have this interesting convergence of crypto companies and TradFi. That's become very obvious, I think, with tokenization in RWA that you discussed before. You have obviously the biggest investment houses and brokerages are starting to offer crypto services, but everybody's moving towards tokenization. On the other side, you have, you know, the Coinbases and Krakins and OKX and everybody. starting to tokenize the stocks and move into their territory, and maybe we have sort of Robin Hood in the middle. But, you know, of late, ICE invested in OKX. I think yesterday we had an announcement that NASDAQ had invested into Cracken or Payward's parent.

A hundred million. That's our largest investment. Yeah, the $21 billion valuation. That's not bad. No, we bonded at $3 billion back in 21, and then we added during the bare phase in $23, 24, the same price. So we were fortunate to getting in it around two to three times. Rebs, I think that company's probably worth a lot more than 21. But, you know, we'll see. Yeah, I mean, it's not like the NASDAQ is a non-strategic investor off the street that they needed money from, right? It's incredible, yeah. Yeah, so all these companies, though, I mean, everybody's in a massive arms race here to win the tokenized stock race. I mean, it's clear, right?

So who wins that? Which side does that come from? Or is it enough for everybody? Well, I think it's enough for everybody. I've never believed in winner take all. I know the venture guys, you know, sort of do, but I'm not really a venture guy. I think that this, Tam, the total addressable market of our space is, you know, value of all assets is $900 trillion. if you think about like how much, just as an example, what total volumes are.

And even if you look at traditional currency market volumes, the currencies like, you know, Euro, yen, dollar, et cetera, they trade seven trillion dollars a day. A day. I think eventually all of that is going to move on chain. So I think that the Tam of our space is thousands of trillions. So, I mean, one firm can't handle that. You know, I think you hear Vlad of Robin are talking about, he's the Robin Hood guy, right, talking about, you know, how now people with digital wallets who have no access to equity at all, you know, they can, you know, take a long position in Micron or Intel or whatever it is or Coinbase. because now tokenized stocks allow them to do that.

So there's also a broader concept that I believe in. It still goes back to that old thing, banking the unbanked. You know, and this is, what's that? Remember that? Remember that being the email? Yeah, so from a while ago, but the concept, I think, is still valid that, you know, there are billions of people around the world that don't have access to brokerage accounts. They don't have, just like they didn't have access to bank accounts.

And, you know, through the digitization of all money and value and assets, they now do. Right. So I think in a way, that's a, you know, there's some, you know, it's not just, hey, let's build out the casino globally so that the professionals can can take money from, civilians, I think it's, you know, broadening and opening up the capital markets. Yeah, but, you know, so I assume you invested heavily in laptop token from Hunter Biden this week, right? You know, we don't do that. We're not really in meme coins. We're not really, we don't invest in any tokens at all. Just because I think the value of cruel mechanism is not clear yet. And even there are things out there that we love like hype, but it's just not clear. I mean,

anybody can wake up who has a token one day and just say, hey, okay, now we're going to have equity. Or the equity can say, oh, you know what? We think, you know, having a token is a better idea. I think over time clarity in the U.S. and whether it gets done piecemeal, as it seems to be the case now, or whether it's being done in one bill, is going to be. to be very important. It's just because you just don't know. So we don't take that kind of existential risk. We leave that for the venture capitalists who are, you know, likely going to outperform us. You know, we take less risk, but we're still shooting to make a four or five X return, you know, over the 10 year life of our funds, but we're just not in it to make 100x, you know,

or whatever it is that the VCs are focused on. Well, if you had traded laptop token in the first 30 seconds, you've got to make 100x, but then you lost all of it. 99 or 99.9.9%? How that was big, big, big, big gains. I mean, it's too much. It went to 140 billion market cap with $48,000 of liquidity. No, it did not. Yeah, it did.

It went to $400 on the launch. And last I checked, it was like 50 cents. I stopped clicking. But, and you said to do that. So, you know, Scott, that kind of thing, that kind of thing just ruins it for our space. Like, they have to just stop with all this nonsense. I mean, you talked about AI agents, you know, in the sort of agentic transactions in crypto. I think we all agree that's how they're going to do.

Have you seen the story this week that there's a 10% chance that those agents are going to kill all of humanity? Yeah, there's always some reason to panic. I mean, there's a 10% chance if I wake up and cross the road, I'm going to hit by a bus. I mean, I just, you know, the gloom and doom and all of this stuff, it's never been a better time, I think, in the history of the years. U.S. and capitalism to be an active participant in the U.S. economy. I mean, I read something the other day, Zuckerberg said that we need a million, you know, tradespeople. And he hasn't, he started some educational foundation to train electricians and construction workers, building out all these data centers. We're short on like basic skills. So could you imagine,

that. I mean, a million workers right there. I just, you know, the companies have been making huge earnings. Eventually, I think this will lead to, you know, it's massive productivity, of course, increased hiring to. I just don't, I'm just not in that panic gloom mode. And I also think that AI may not infiltrate everything as quickly as Elon and everybody's says, I was thinking about this this morning, it just, you know, we're talking about like one-tenth of one percent of the population even has chat GPT or whatever it is or uses it, you know, in a daily way. I just, you know, humans in the analog world, they just take a little while to adapt to things. I mean, look how few people, even today, still own Bitcoin, which you think

is an obvious part of your portfolio, right? I mean, it's still, what, five percent maybe? Of the world? I don't know. So I just think like there's friction. And these guys can come out with new models every, you know, every week. That's wonderful. But I think most of the population still, you know, as an example, I can't get my wife to even get a chat GPT subscription. I have no idea why. She won't even, she just says she doesn't have any interest. I was like, well, what do you mean? It's like the most incredible tool, you know, maybe ever, you know, or perplexity or

whatever. You know, they're phenomenal. Like you can speak to a person or agent that, you know, they're. has all knowledge of human everything from the beginning of time, I mean, why wouldn't you want to have that, right? And the same thing with, you know, my kids, I've got my youngest child who's 22, has no interest. What?

Yeah, there's no interest. Won't, won't, won't, won't, won't, won't get involved. And I'm like, you know, she just graduated NYU. She's a fantastic student, very motivated person. My nephew is very intelligent. My nephew is in college and he thinks it's cheating and doesn't want to use it, which I admire, but it's kind of the same. So I guess there's always some pushback, I think, you know.

But what does she think about Bitcoin and crypto? Well, the younger one has been hesitant. My middle one has embraced it and my older one has embraced it. My little one is, I don't know why, but, you know. I think she did, she did buy a little bit through her Robin Hood app. I think she bought some Eath below 2000. Nice. And some Bitcoin, maybe a little lower down.

But it's de minimis amounts. I mean, it just is surprising to me. I mean, I remember when Netscape came out in 95, and I thought that was the greatest invention, the history of the world. I mean, I could, like, find a book and I could, you know, I could find any research, you know, like at my fingertips. You mean, you remember how long it used to take us? We'd have to go to a library.

We'd have to find a book. It wasn't there. You'd have to wait a week. So I guess just, you know, some people are. more open to using new technologies and others are not. So I'm just saying that I know this is the biggest development, you know, within tech potentially ever, but I just, I don't think the world's coming to an end. No, yeah.

As a result of it. If not the world was coming to an end, you probably wouldn't be raising another fund. Well, I think a lot of our companies are, you know, employing AI to a greater, degree than I would say the average company in the world because, you know, Bitcoin and cryptocurrency blockchain is code and code integrates with other code, so AI agents, I think more easily. Also, we have a lot of computer, you know, programmer developers that are employees of the firms that we've invested in. So we have a company that 18 months ago, only 10% of their, you know, code internally was written by agents and today it's 100%.

So that just falls to the bottom line for us. So that's wonderful. But then also I think, and I've said this before, that blockchain really is the money of AI. When these autonomous agents are going to be transacting with each other, they're going to be transacting on a blockchain, whether it's Bitcoin or sending stable, or whatever it is. It's our digital asset rails. So I do have an embedded AI component to our current

and, you know, our previous investments and the ones we're making now. Okay. And so looking forward, where do you think the most exciting investments will be? Is it for you? Is it the cross-section of the two or any of them purely? Yeah. You know, or it's really the focus of the cross section. Yeah, it's where the two overlap. The problem with that, though, is that it's very early and revenues are really small still. If I'm looking out over the next three years, the tokenization, I mean, RWAs, I think, are massive. And really, that's only happened in the last year.

So I think all sorts of things are going to be tokenized, especially illiquid assets, which has always been my thought. Like that's the holy grail. Even 10 years ago, I thought, wow, like if you could just put real estate on chain. Like how much, I mean, it's hundreds of trillions of illiquid assets are out there. If you could just somehow, and like Pokemon cards are great. I mean, it's wonderful that, you know, you can trade them, you know, on chain or, you know, NFTs, I think, are a wonderful innovation, still in a bare face, but I think that eventually, you know,

comes back. Digital property rights are very important. But if someone could just figure out how to tokenize these illiquid assets, that's a whole new world, right? Like, you can trade Coinbase on chain great now. you can also trade it the regular way. What would be totally exciting is if we could figure out how to make liquid certain illiquid assets. And I mean esoteric assets, too, not just real estate. There was a story, I think, yesterday that, you know, Indian agriculture, like $2 billion of wheat was being basically put on a blockchain so that they could make sure that nobody was taking, you know, double loans.

on their wheat. It's like to talk about esoteric, you know, but it makes perfect sense. It's a use of the blockchain to make sure there's no double spending or double transactions and keep a ledger. These things are endless. Endless.

I agree. Endless. The use of the decentralized ledger that cannot be tampered with, just that broad concept, has yet, I mean, hasn't even scratched the surface in terms of its integration with the traditional economy.

Like, we should be able to get rid of all lawyers, you know, all paper pushers, all of that, right? They should all go away eventually. I mean, maybe you have one person instead of a team of 8,000 people. But I think that, you know, the application of, yeah, of that ledger that can't be hacked is, has, you know, has implications for, many different activities in the economy that aren't even that aren't financial. And we haven't even started that. So I think we're in a good space. Yeah.

10 T is going to 100 T. 50 T. We changed. We rebranded about a year ago. 150. 50 T. I was just saying we're going to eventually get from, you know, where you started at 10. It's going to be 100.

Are we going to be conservative? Yeah. You don't want people to think that you're being hyperbolic. Dan, always a pleasure. You always get me hyped. you always keep the optimism going. So deeply appreciate it, man. And I look forward to talking to you again very, very soon. Great. Thanks. Ladies and gentlemen, the amazing Dan Tapiero. And of course, now since it is Friday,

our next segment is the Weekly Reckoning. Let's get it. We are back with the Weekly Reckoning live every single Friday. We're going to cook through all of the news that impacted markets this week. The first story going back to Monday, oil rises to $99 on report. Iran launched second undisclosed attack on U.S. Navy ships. Of course, oil ended up above $100 putting pressure on inflation and the economy and President Trump and, of course, risk assets. You know how this story goes. But let's be honest, it seems like markets don't really care about inflation or about the price of oil or about any of it. We can shrug off a headline like it's no body's business and markets will probably

largely shrug off oil prices. But that was a hell of a way to start the week. In Bitcoin Treasury World, we also had a hell of a way to start the week when we had controversy from one metaplanet. Metaplanet slide 17% this week as CEO's public note fails to ease investor. If you were not paying attention to what was going on in this. story, oh man. Metaplanet basically revealed that they had a 20% allocation to their executive team. That seems kind of reasonable on the service. Surface, the problem is their business is to dilute shareholders to buy Bitcoin, right? They sell Metaplanet, create and sell Metaplanet shares, much like strategy does, and they use that money to buy Bitcoin. And as long as Bitcoin

per share goes up, this is accretive and it's not generally dilutive. The problem is, the 20% share for executives goes up as they print more shares and went up almost 600% from something like 40 million to over 300 million shares. That was paused in August, but they didn't go back to the original. So not only were they diluting shareholders to buy Bitcoin, but they were diluting shareholders to pay more bonuses to their executives reminding you most of the time you can just buy Bitcoin and not buy any of the Bitcoin proxies and just not worry about it. But it's clear some Treasury companies are better than others.

And right now, I would have a hard time being convinced to buy Metaplanet and in Treasury World. Strategy has repurchased 176 million of STRC and increased the size of its digital credit securities repurchase program from $1 billion to $2 billion as of $9.726. So they did not buy Bitcoin. They did not sell Bitcoin. They did not buy MSTR. They did not sell MSTR. As you know, they now have two cash piles, one that's used for dividends and paying expenses

and STRC floating back to par as a result of this buyback. The other, though, is a cash pile that they have created that allows them to buy back MSTR, buy Bitcoin, in this case, to buy STRC. Very clearly, their priority right now is to get STRC back to par at $100. dollars. This is a very complicated machine at this point, a lot of moving parts. And on any given week, you can expect Sailor and strategy to do their best to keep that machine running. That got us through Monday. On Tuesday, the big announcement came. Hunter Biden debuts laptop, mean coin targeting Trump holders. Okay. So the announcement came on Tuesday.

Anyone with even half a brain told you don't participate in this. This is stupid. I can't believe this is happening, but Hunter Biden, he's not Biden himself. He's the redheaded stepchild son kid that does crack with hookers. But I think, allegedly, I think you admitted to that. He's admitted to that. Hunter Biden debuts his laptop. So he said that, you know, if the Democrats win the election or Bitcoin goes all-time highs, we'll airdrop you more laptop. You know, the executive team can't sell or dump these tokens on you because we have tokenomics. And of course, we're going to airdrop 20% of these to Trump holders who have lost money on their token. And nothing says doing the right thing for people who have lost money on a meme coin,

quite like making money people lose a lot of money on a meme coin. So as you know, this went to like a $140 billion valuation on the launch. Of course, there was only $48,000 at the liquidity pool. So that was on paper. And then it famously dumped. I have not bothered to check the price today. but there was a point where it was at like $400. And yesterday when I last checked, it was down to 50 cents.

Once again, retail got completely dumped on. Biden pretended. It was the evil media who reported it on this wrong. Everything is fine. And I will remind you, I'm not calling you stupid if you've participated. I'm calling you stupid if you participated in any more of these into the future. Right? Because I'm nice.

But you're stupid if you participated in this. Like, why would you buy this? And the next story, which increases the stupid. Liquid Network gets back 3,400 Bitcoin from White Hat hackers, talks underway for the rest. So in case you were living under Iraq and didn't see the next crisis in the Bitcoin world, after Cold Guard and all of the others that we've continuously had. Well, we had liquid, you know, layer two for Bitcoin where you get the liquid version of Bitcoin, which is back. by Bitcoin, then you can go do D5 things with it. This is from Blockstream, which is, you know, the company formed by Adam Back, who many

people think is Satoshi Nakamoto. These guys are the masters of security. And someone was effectively able to take advantage of a software glitch, create 4,000 of the fake BTC, convince the network that it was real BTC and redeem it for the real BTC. Nobody was even there paying attention. There's only 4,200 BTC in the entire thing. and someone was able to withdraw 4,000 of them by convincing them that they were real.

How did no humans see this? I mean, this just speaks to the greater existential crisis that we're having in the Bitcoin world with Bitcoin security, Bitcoin safety. Oh, man, it is crazy. And nothing says White Hat Hacker. They said that we did this and we sent nerd messages on the nerd network to the other nerds to tell them that we did it. And we're going to send the nerds back the money from us nerds. They sent back 3,400. Last I checked, they stole 4,000.

So they took a nice, sizable 600 Bitcoin tip for their white hat services, and to my knowledge, that has not been returned. Man, it is ugly out there in Bitcoin world. And not just in Bitcoin world, it's ugly out there in macro world as well. This chat right here, Bessent, dares traders

to bet against yen. I am the house now. This gives me strong, look at me, I am the captain now. Right, Somali pirates. Gives me strong vibes. But basically is saying, hey, I know everything. We are intervening in the yen. I dare you to bet against it. This is bold words coming from the Treasury Secretary and going to be interesting to see how this one plays out. But I never quite seen anything like this before.

Speaking of things, I've never quite seen anything like before, anthropic researcher believes more than 10% chance AIs could kill all humans. So I want to know, It's 10% all humans, but what if it was like 10% of humans? If you ever look around in a room and go, nine of us are fine. A thousand people watch this. I'm sorry for 100. Right? So first of all, there's controversy around this Anthropic researcher,

but there's this strange push and pull right now where apparently everyone at Anthropic says, well, this is going to happen. AI is going to jump the ship. It's going to become dangerous, but we are the only people on planet Earth who can be trusted to control the power of this AI. So we need to win the race to world ending AI so that we can be the final wall of Game of Thrones between us and the AI White Walkers. The AI thing is so insane. I don't even know how to handicap this. I know that Grockbot is really good at doing emails, but I have not seen evidence yet that it's going to come try to

kill me. But apparently there's a 10% chance that that's going to happen. Also this week, Pons propels Robin Hood chain fees to record $6 million in daily fees as Dex volume doubles. The story here is that Robin Hood chain is booming, absolutely booming. And they've taken this novel approach. We can launch a token and you can tie it to an actual stock that's tokenized on Robin Hood and you can basically get airdropped or paid a dividend in that actual tokenized stock because you're holding a meme coin. And that is triggering a massive boom on Robin Hood chain in real world assets. And we shouldn't be surprised because Robin Hood has a huge presence. You know, millions, tens of millions of customers. And a lot of them are just being introduced to

crypto now. But this has reignited the Ethereum L2 world that people thought was dead. Of course, Hunter Biden launched laptop on base, also in Ethereum layer, too. So that's a viable use case. didn't get airdropped any stonks for participating in that one if you did. But Robin Hood Chain absolutely boomy. And we're back to this guy. Bond market rebuffs U.S. Treasury's plan to buy back $6 billion in government debt.

So first of all, our debt is $40 trillion. Like $6 billion. What are we doing here? These are numbers for ants. A Zeelander quote. So originally it was doubling from 2 to 4. Now we're tripling from 2 to 6. but the market is not believing

that 10-year yields, 30-year yields all absolutely flying, talking like this is supposed to bring yields down. It's not happening. Nothing the government has been able to do so far, including the Fed cutting rates under Pell, has actually succeeded in bringing

interest rates down, which they need to do. We have a $40 trillion debt. The largest line item on the United States budget is the interest on that debt. Some of that debt needs to be refinanced from lower levels, and the interest rate is going up. Explain to me how we solve this problem, how it's politically palatable for anybody to do the right thing to solve this problem. They can't. They can't grow themselves out of it,

and the bond market is smart and understands. Now, speaking of people who are smart, it's not anyone who's buying into this bullshit. Trump's $1 trillion plus dividend plan meets immediate bipartisan pushback. President Donald Trump promised $5,000 check for U.S. voters, if Republicans win both the House and Senate in the looming midterm elections. My big question is if you're a Democrat and you vote for Democrats in both of those elections, but the Republicans win, do you still get the money?

Can we put the votes on a blockchain to see who gets the airdrop stimulus dropped into their Robin Hood wallet in the form of laptop? This is dumb. Nobody's going to give you $5,000. We were supposed to get money from Doge. By the way, remember when Doge was

going to pay down the debt? Now the debt's not a big deal, right? So we didn't get money from tariffs And you're not getting money For voting Republican Which by the way, the very fact that they're saying If Republicans win, we'll give you $5,000 Bucks is like such a violation

Of every like ethics law I can possibly imagine But we are at the point now For better or for worse where you can just say all the quiet parts out loud. So first of all, this would be 1.2, 1.3 trillion more dollars In an environment I just told you about Where interest rates are going up, the Fed's likely to raise rates

I don't think so it's not happening. Bottom line is don't believe this story. They'll tell you anything they need to win votes, both sides, good people on both sides. And you're not going to get $5,000. If you do get $5,000, though, I highly recommend you do not put it into Biden's laptop token. And that is everything that we have for you today on the weekly reckoning.

I still think we should call it the weekly rectony. But before we go, you will see if you have eyes and use them. Many of you probably, I want to say, listen to my show because my voice is much better than my face. So I've been told. Face for radio. But if you have eyes, you would see People's Reserve right there. And you know, because you've listened to my interviews with C.J. Constantinos from People's Reserve over the years, I'm a huge fan and have been working with them.

and I just want to highlight before we go, they're incredible Bitcoin Bond product. There's a new product, obviously, from People's Reserve that we've been talking about quite a bit, but you should definitely be paying attention to it. The basic idea is obviously fascinating. You're taking Bitcoin and creating financial product around it, but in this case, they're able to basically take out all the downside risk

and you get a lot of the upside of Bitcoin appreciation. So 100% downside protection with asymmetric upside provided by BTC performance. We've gotten into it before, but I will be sitting down with CJ again in the very, very near future to discuss this again so that you understand exactly how it's done. But you can go check this out at people's reserve.com. You can go to, you know, up here, Bitcoin bonds right there. Or you can go to the calculator, which I love, to see just how powerful these things are. There you go. $100,000 bond at a 4.5% interest.

rate with a kaker of 35% over five years. You get to 179 grand at maturity, 737,000 if you go to 10 years. A astounding product from our friends over at People's Reserve. Check them out down in the description and click on the link. And that's all I've got for you this Friday.

I'll be back on Macro Monday with Jordy Visser joining to argue with Mike McClone. Also this weekend, Mark Moss tomorrow. Caitlin Long on Sunday. Tell me who has better guests than us. Nobody. So tune in all weekend and tune in on Monday.

See that.