The Wolf Of All Streets - Bitcoin Reaches $90K! Is $100K Coming This Week? | Crypto Town Hall

Starting point is 00:00:00 Good morning, everyone. Happy 91,000 Bitcoin Day to those who celebrate. We've had some dips over the past few days, but they've been rapidly bought up. Bitcoin continuing to make an all-time high basically every single day, I think except one day since breaking out on election night past 74,000. So it looks like just on Saturday, Bitcoin consolidated and did not actually tap a new all-time high. But every single day since last Monday, Bitcoin has made a fresh all-time high. Pretty astounding price action here, pushing towards 92,000 as we speak right now, 91,665 with a daily high of, well, basically 92,000, 91,935, depending on the exchange that you're watching. Interestingly, altcoins have not pushed as hard on this move.

Starting point is 00:00:56 Bitcoin dominance also making a new fresh high for this cycle today, which means that altcoins, which were keeping up or outperforming on some of the move, are now underperforming once again, which is still pretty standard for this part of the cycle. Some of them obviously outperforming like Doge. No surprise that Doge is trading at 42 cents today, a day after the official announcement from President Trump that the Department of Government Efficiency, a.k.a. DOGE, will be led by none other than Elon Musk and Vivek Ramaswamy. Seeing the word DOGE in the presidential memo about this was a pretty astounding event and

Starting point is 00:01:42 further proof that we are 100% living in a simulation because no way this is happening in reality right now but hey i'm here for it uh orange red pill blue pill orange pill i don't know which one we're taking but i think all of us are having a great time right now in this market uh one other notable fact because i have have Dave Weisberger here, uh, looking at the chart of Bitcoin versus gold, uh, to my knowledge, the all-time high of the Bitcoin gold ratio is about 37, uh, right now at 35. It really depends on the chart that you look at, but you in about March made a bet on my macro Monday show, ourro Monday show with Mike McGlone, whether Bitcoin or gold would outperform for the next year. You ever seen the meme of the high school football

Starting point is 00:02:30 player who says, not going to lie, they had us in the first half or whatever it was? Yeah, well, for the last six months, Bitcoin, since that bet, basically has been outperforming gold, but now breaking out and officially outperforming gold on the year, on the six months, on the basically any time frame you can find, Dave. So it's not a victory lap yet because the bet isn't over. But Bitcoin now. I would happily take a double down. On the breakout, I like that. I mean, look, my thesis has always been the back half of the bet, right? It's always the December. Actually, I thought it would be December, not November, but okay.

Starting point is 00:03:14 November through March. The one point that I'll make here, and I think it's important for people to see it. I don't know if people were listening on Monday. I actually said this, that the last time I saw a trading pattern in assets across the board, where it was retail led as it is via the ETF with Bitcoin today, the last time I saw a trading pattern of rally, retest slightly, but rally hold, rally hold, rally hold, Mondays being a big rally day. Tuesdays being a retest day. Wednesdays being a follow-through rally day. The last time I saw was like four months of this was the climax of the Internet bubble in the 2000 timeframe.

Starting point is 00:03:59 And if that is what happens, then I think people are nowhere near, they're dramatically under, including myself with my 240 price target, is dramatically underestimating where this stuff can go as we get towards euphoria. That also is the most likely reason why we can see a retest lower again, right? Because people will get euphoric and get washed out, you know, lather, rinse, repeat, that kind of stuff. We'll see. History doesn't repeat, but it often rhymes. And this definitely feels very similar to that because we haven't seen any of the catalysts that people are anticipating. And those are not catalysts like sparks. Those are like tsunamis, you know, sovereign wealth funds accumulating Bitcoin, corporate treasuries, unmasked, accumulating Bitcoin, corporate treasuries en masse accumulating Bitcoin, all the wirehouses being able to offer Bitcoin and eventually altcoins because that's on the table now too. So to me, it's just worth repeating from the perspective of someone who is more grizzled

Starting point is 00:04:57 than a lot of the people in the audience. I've seen this before. And the last time this happened, it was with things like Cisco. And you can look up charts of Cisco around 1999 through 2000, etc. and see what happened there. And I think that that's illustrative. Yeah, that makes perfect sense. Alex, your tweet with the Bitcoin just had its best day of all time went obviously very viral with the chart that you shared there. I mean, what do you make of all this incredible price action that we're seeing right now? Yeah, you've got to be careful tweeting a table, right? I got dozens of replies like, oh, you should have done percentage, or oh, you should have done market cap inflation adjusted.

Starting point is 00:05:39 And obviously, I am aware of those. But yes, Monday wasn't number one for those ones so it's not nearly as an interesting table um look right now you have i think as dave you know as dave said you have real catalysts on the horizon we think we know what those might be right exemptive relief from bank and secure and market regulators um possibility of strategic bitcoin purchases by the u.s or other countries, all of that type of stuff. Right now, none of that has happened. And so the market is anticipating some unknown amount of bullishness that it's trying to price in. And I do think that you run higher between now and whenever

Starting point is 00:06:19 those news events actually occur. I think like, for example, if you got a less supportive person at the SEC named by Trump than a very pro-crypto person, doesn't mean it would be bad, but maybe you'd see some hype meeting, sell the news on occur on something like that. I think also just in general post-inauguration, when the new administration actually starts doing stuff when you actually start seeing how long or not long things might take i think the rubber will start to meet the road on reality here and the market will um you know start reacting less emotionally and more based on actual developments but yeah right now i mean i see no reason why bitcoin and crypto shouldn't rally more through the year i mean people are they know they're under allocated and um they're trying to

Starting point is 00:07:12 get in because there's a basically extremely bullish but amorphous event in the future and um i mean we hear this every day we see've seen incredible volume across our desk for Bitcoin and alts. I mean, Ethereum ETFs just turned net positive cumulatively finally yesterday for the first time. So there's huge interest from institutions and stuff to try to get positioned for what they think might happen. And in the absence of specific clarity, pretty much the only risk here is to the upside if you're under-allocated or not allocated at all. Yeah. David? Good morning. Sorry for the huffing and puffing. I'm in the middle of a run. But on this morning's show, the Daily Finance Show, we were discussing the appointments thus far by Trump to his cabinet.

Starting point is 00:08:09 They're incredibly right wing. They're incredibly powerful and divisive people. I think the most telling kind of appointment is the Musk appointment appointment albeit not part of the cabinet musk will have his way with anything and everything that he wants inside of the white am i the only one who cannot hear yeah yeah gareth i'll take gareth's drop close your app and then i'll bring you back up so musk will have anything and everything he. And I think he's going to push for not necessarily Doge. I'm not a Doge holder, by the way, full disclosure. But nevertheless, I believe that payments are coming to X. And I think there's going to be a lot of revolutionary activity.

Starting point is 00:08:59 We haven't even yet gotten to day one of the administration. And we've run so far so fast not unjustifiably so because as people said the things that are coming substantively are major major movements in the space where we will have tens if not hundreds of billions of dollars pour into investment in bitcoin and other cryptocurrencies. I really think this is, you know, a seminal moment for crypto. We get Dave Weisberger occasionally on his elliptical trainer with the click and we get David on a like ultra marathon huffing and puffing through it. You got you got it. You got to give props to people who are prioritizing their health.

Starting point is 00:09:46 It's hard in these times. Gareth, can you hear us now? Hopefully, it's working. Gareth, are you able to hear us now? Okay, perfect. Once again, it's always some sort of glitch. So, Simon, I mean, 92,000, we're about to hit here. We're at 91,964. Like I said, new all-time high after new all-time high

Starting point is 00:10:14 after new all-time high. When does this thing take a breather? My joke on Twitter today was that we go to 99,000, then go 99,000, maybe 999.99. Then we drop back down to 74,000 to test the old all-time high as support. And we're dead and it's over and it's going to zero. And then we go to like 150. What do you think of my thesis having written it before? Yeah. I mean, the short term is anyone's guess. I do expect 100K to be a very deep psychological point. The round numbers always are. $1 was, $10 was, $100 was, $1,000, $10,000. I expect $100,000 to be the same as well.

Starting point is 00:10:58 Just a point at which people say, all right, time to take some off. That's not me quoting. It's a psychological number. But then once you get through that, you imagine that that would retest and become support moving forward. One thing I am noticing is those calls are coming in now. I'm starting to get invitations from the anti-war movement that just didn't care about Bitcoin when I was trying to say that Bitcoin is a peaceful resistance against war. All of a sudden, they're asking me to come on and do interviews on Bitcoin and how we can achieve peace with Bitcoin and various other things. So a lot of those calls are now coming through. And these are brand new people that, you know, so I expect a massive, I expect everyone else is getting the same calls from different types of communities that you're involved with that don't necessarily have anything to do with Bitcoin that are now asking you to come on and talk about Bitcoin. So that normally is the sign the Google

Starting point is 00:12:06 searches is spiked significantly since we went up over 90k. And so I think we're all expecting that retail move as well as that institutional move, as well as the corporate move, as well as the strategic reserves and the sovereign move. So I don't see why anyone would see that 100K as a good time to sell unless you've got to do it for your own financial reasons where you need some kind of money for other reasons. 92,000, by the way, was just tapped before dropping slightly, but we have officially another psychological benchmark at 92. Fred, go ahead. Good morning. I was just going to say two things. One, a little lighthearted is I don't know how many other people feel like me, but my

Starting point is 00:12:59 crypto portfolio has doubled in the last week. It's rounding on tripling, but I'm actually just upset because about the day before the election, I thought I was being clever and I posted, so what are the good peanut memes? And thinking there weren't really any, and I got a list of about 10 peanut addresses. And now I found out that one of them has gone like 100,000x. And instead of being happy with my portfolio, I'm just upset that I didn't get in on that meme. So that's crypto in a nutshell. Welcome to the psychology of the bull market, Fred. I've long made the argument that bull markets are actually much, much tougher than bear markets psychologically when you're making money and not losing it. Yeah, I was woken up this morning by my wife,

Starting point is 00:13:45 who is now excited about our crypto portfolio. She's like, did you actually buy peanuts? You showed it to her? The top is in. If you showed your wife your crypto portfolio, the top is in. I'm selling literally everything. Are you asking if he saved his wife his peanuts? His portfolio of peanuts.

Starting point is 00:14:03 But the good news, you know, from a regulatory front, I know you talked about it on your show this morningp yeah and they you know those are i mean not pepe but soul and and cardano were relists that robin hood got scared of when some of the sec lawsuits dropped the robin hood never listed xrp and if uh you know that that one has been beaten down so hard because that was you know the first wave of SEC lawsuits that if some of these large companies are feeling better about it, even with the appeal, which I think is going to wrap up a lot sooner than a lot of people thought. I mean, that thing is just primed for potential explosive growth. So, I mean, we are in a great time to be alive. Yeah, Pepe just made a new all-time high on that news. maybe the robin hood listing pump is

Starting point is 00:15:05 the new coinbase listing pump uh for this cycle which would make actually a lot of sense with kind of new retail and where they're likely to initially be trading because they probably all have robin hood accounts dave weisberger go ahead oh i actually didn't know that i'd raise my hand but that's okay um one of the other things, that's all right. I was actually tweeting something. When you talk about the Department of Government Efficiency, I think that one of the most obvious things that they're going to do, because this may be the only time in our lives that they could get the political whereabouts to do so, is merge the CFTC and SEC. And that has enormously positive implications for crypto, as well as commodities, as well as equities and what it can do throughout the financial industry.

Starting point is 00:15:53 There will be a lot of people who want to fight it because the inefficiencies allow them to make money. But it could be very interesting. And especially if that regulator under this administration is formed, being a lighter touch regulator, meaning not, you know, incredibly prescriptive. So I think there's a lot of implications of that. When you talk about Vivek, I mean, he understands that. He actually questioned why those two were separate agencies way back, it feels like forever ago at Masari when he gave that talk in front of all of us, not this year, but the previous year when he was still running for president. So,

Starting point is 00:16:30 you know, this whole notion of what is a security could finally be consigned to the dustbin of history. And then we actually get real rules that can work in the digital arena. And I think that there's some implications that people have to worry about. David, that sounds far too efficient. I think you should get yourself a job. Well, I mean, I'd certainly help if asked, you know, but no one's asking as of yet. But it's not a trivial thing to do. That's for sure. David? That's an incredible statement by Dave Weisberger. Certainly, I will not be the one to throw cold water. It would require incredible legislative will and power. But what I will say on the regulatory front is Hester Peirce gave a very deep and very clear and loud interview yesterday,

Starting point is 00:17:22 essentially lobbying for the job of SEC chair in terms of not just being pro crypto, but in terms of the substance of knowledge and being able to go ahead and write those rules now. And I don't know if the other people that are being floated for the job that are not SEC people, frankly, have the depth of that. A. B, the second thing I want to say about Bitcoin, Michael Saylor may get to his $42 billion plan before year end. I mean, I have no doubt that he is, you know, like wildfire right now, you know, out there raising his $21 billion of equity and of debt. And frankly, I think he's going to get to the finish line a lot earlier than even he anticipated getting to the finish

Starting point is 00:18:12 line of that 42 billion. That will further turbocharge the markets and certainly light up the cryptoverse in terms of, you know, the retail investors that cheer them on. Hey guys. Yeah. Good to chat again. I just wanted to bring up the point of this a hundred K sort of psychological barrier. I got into the space, like starting to apply my trade covering crypto and blockchain back in 2017. And I keenly remember like the November and December of that year, how quickly things went from like 12K to 20K and then into January getting absolutely wrecked.

Starting point is 00:18:53 And the speed at which it all happened was pretty crazy. What I'm curious about is what actually sets us way across that 100K barrier. There's been a lot of talk from other like various people like dennis porter kind of saying he's fielding loads of calls from different sovereign nations and all looking to buy bitcoin and then there's been some sort of unconfirmed talk of one or two countries um buying bitcoin already that we may not know about i mean bhutan everyone knows they've got a lot of Bitcoin. Everyone knows El Salvador does. But is it possible that one of these nation states that no one's really paying attention to buys a load of Bitcoin and we all wake up tomorrow and it's

Starting point is 00:19:37 like 110K? Because this week at Cointelegraph, I'm not going to lie, I haven't got much sleep because the way the cycle has been going, it's like, you know, we went from 82K to basically 90K in the space of a couple of hours. Then it dropped down. We had massive liquidations. The speed at which things are moving is crazy. And I just feel like there are forces at play that no one really knows or understands. And the rhetoric around the Bitcoin strategic reserve is obviously driving some people with enough money and capital and willingness to buy a load of Bitcoin to do it. And I just think it's going to happen when no one is even expecting it.

Starting point is 00:20:17 So, I mean, I've been in the space since 2017, and this feels like nothing I've experienced before. And honestly, it's pretty exciting to be at the head of a big publication as well, trying to figure it all out and make plans for the 100K, how we're going to cover that, who we're going to speak to, all the different price predictions that are going on. It's really wild. Do you make note of every milestone?

Starting point is 00:20:41 You know, 90 up to 100K. Does our readership need to know every time we hit 91, 92, 93? These are all the sort of questions we're asking. And overall, it's pretty exciting. And I think everyone's looking for information and alpha and some sort of sense of what the hell is happening. And I can tell you for sure that even our people, our journalists that have really good sources everywhere also don't quite know what the hell is happening. So I'm glad that we've got these spaces with all these knowledgeable people here. And I hope I'll be watching everyone's Twitter accounts and everything to see who's got the real alpha and who's going to be telling us

Starting point is 00:21:21 when 100K hits and what's going to get us get us across the mark well that's the beauty of price discovery nobody knows where it's going that's the challenging part i think for all of us just to be clear like i would discount a lot of people with vague engagement farming national sovereign wealth fund type tweets um many of those people just are not involved in a lot of those discussions. And you know, no offense to Dennis Porter, for example, who I like and is a friend. Dennis runs a nonprofit that services the that works for Bitcoin adoption at the US state level, right? We're talking about states inside the

Starting point is 00:21:59 US, right? Big giant wealth managers are who work with and talk to foreign sovereigns right i think i also wanted to say um just very quickly um i had a call with joe hall i'm sure a lot of you guys know joe nakamoto on on x and he's been having lots of conversations with the guys at jan 3 obviously samson mo and the likes of them and they are having these conversations with nation states. And there's definitely a lot of willingness. But what was interesting, we literally spoke earlier today,

Starting point is 00:22:30 and he said to me that Samson's been chatting to some of these, you know, nation leaders, and they won't be fast. And they might end up buying Bitcoin when it's $400,000 per coin, you know. These kind of decisions take a lot of, a lot of sorts and a lot of clarity to, to make, especially when you're putting in hundreds of millions of dollars into a new asset class. And at that level of size, you're not that, um, and if you have that long-term of a thesis, you're not, you're not that price sensitive. And to be clear like i do think it's going to happen i think it's you're kind of crazy specifically like early

Starting point is 00:23:09 ones i would look at would be like small wealthy states you know like monaco um the uae middle eastern countries that have big war chests right any anybody with a giant sovereign wealth fund if you're looking you know there to me the calculation is pretty straightforward, which has been Jan 3's thesis. It's been what David Bailey has talked about, like the game theory starts to play out pretty seriously. If you think the US is going to do this, like you, you should do it first, or at least also do it, right. So I think it's pretty inevitable. I don't know that the US is actually going to buy Bitcoin. I personally don't even think it's a very good idea. But in any case, any positivity here, like it that entrenches Bitcoin, or if obviously, if there is a stockpile that's actually funded with government money, like then you'd be crazy as another country

Starting point is 00:23:58 not to consider it. So it's not that I'm downplaying the likelihood, it's more just that like, like in Washingtonhington right now it's straight up game of thrones like people are being knifed in the back jockeying for roles there's just charles gasparino just tweeted that eleanor tarant has thing that besant was about to be named treasury but lutnik is mounting a last minute pressure campaign like the whole thing is moving so fast right now like to me it's just people are just trying to buy bitcoin because it's really not clear how it's going to shake out people just know it's going to be positive sorry why why would it be a bad idea for um us like um well if you buy if you bought toothpicks to back the dollar the dollar would collapse trump wants a strong dollar there's no no incentive

Starting point is 00:24:41 there's no reason to hasten the collapse of the dollar by backing it with something physical. This is why he called it a national Bitcoin stockpile in Nashville, not a national Bitcoin reserve. Right. Like so in general, like you could hold it for some reason if you wanted. particularly one that's been so vocally pro-dollar as President-elect Trump has, would be absolutely crazy to do it in any way that suggested it was to support the dollar. Yeah, exactly. But that's why doing it now would be the ultimate time, because all of the world's capital is strengthening the dollar. All of the world's capital is going into the US capital markets right now. The time to do it is when there is no question about the strength of the dollar. And I don't think anybody,

Starting point is 00:25:31 everyone's questioning what will happen with debt right now. But the time to build your strategic reserve is an environment of positivity, an environment of make America great again, an environment of drill, baby, drill. America great again, an environment of drill, baby drill. We want to be the leaders in technology, artificial intelligence. We want to be the leaders in energy. We also want to be the leaders in the emerging Bitcoin crypto space. I don't think anyone would interpret it as, oh my God, the dollar's about to crash now by Bitcoin.

Starting point is 00:26:03 The time to do it is now because if you're in that scenario, then you want to have your Bitcoin already, and you just want to have it where you can say that you've got these strategic reserve assets. Just to be clear, the Trump campaign has never once signaled support for the Lomas Bill. What's been on the table from Trump is to hold what's been seized so you look at like individual x from the silk road like so yeah i'm just saying like all of this talk about buying bitcoin has never come from the trump campaign but it hasn't been a while they did walk her out on

Starting point is 00:26:37 stage seconds after trump's speech to present it at nashville though yeah that's not related to it's not related to Trump. Yeah, I'm just saying the optics of that, you know, probably the organizers. It's just brilliant programming by David Bailey. And that's right. Yeah. Go ahead, Dave. Yeah. This thing, is it working? You guys hear me? Yeah. OK. Yeah. Two things. First, on the strategic reserve, I thought I thought it was amusing. Novo came out this morning and said, if this thing starts, you know, gets legs, it's 500 K because everybody else will be forced to buy it. That really is the point. Trump is a traitor. I mean, make no mistake.

Starting point is 00:27:21 You put it, give a traitor something that is a virtually guaranteed moneymaker during the period of his of his term. And he's going to do it. And so, you know, yes, you're right, Alex. It was not a Trump idea. He wanted to not sell. But when you understand that if the U.S. does this, that they'll be front running the rest of the world. That is a very, very attractive proposition for a trader who wants to be able to say that he's building something that's going to help out with national debt. So, you know, it doesn't have to necessarily work, although I suspect it would. But it is a very attractive proposition from the administration. And the real question is, if they could actually get it passed in Congress.

Starting point is 00:28:05 And I think the House is going to be a really tough sell for that. I think the Senate probably less so given, you know, all the turnover there. But it'll get signed. I think the real question is, can you get real legislation passed to get that done? The other point I wanted to make that I think, you know, from a trading point of view, because I just want to make sure I got the point in is if you look at funding rates, now, there's a fair amount of froth, not crazy yet, but a fair amount of froth in the market. And when there's froth in the market, that's not necessarily bearish, it could definitely stay that way for weeks at a time. But it increases the odds of dawn raids, weekend raids, 4am raids on the market,

Starting point is 00:28:49 you know, where people try to create liquidation cascades. And so that's not necessarily bearish, it just means that you should understand. So people using lots of leverage, understanding you get liquidated, stink bids become really important, particularly on the weekend. And the question will be the people who are buying now, since we have a lot of US buying, aren't used to trading on the weekends, will it allow that to happen? And so I think that anyone who wants to play the long side here should be aware that liquidation cascades on weekends become a possibility. Now, it's of course a possibility that it doesn't Now, it's of course a possibility that it doesn't happen, because if there's a big bid out there, when you try to do

Starting point is 00:29:29 that, you get your head handed to you. But watch the funding rates, because they've already doubled and they could continue to go higher. But that does set up for a very interesting dynamic in this sort of market. David, if you can breathe I can um so I'm not I don't have a particular opinion on the strategic reserve currency how it's going to turn out but I will say to add to Simon and Dave's points I think we need to go ahead and expect the unexpected out of this presidency the department of defense choice was totally out of left field. Defense is much more consequential. And what Trump is planning to do to the military in terms of generals, leadership, so on, is certainly much more consequential than going ahead and investing

Starting point is 00:30:16 in Bitcoin. I definitely hear the argument that the optics are bad in terms of... No, no, no. I got it, Paul. But I understand the point of the weakness optically showing from the purchase of the Bitcoin. But on the other hand, that's eventually going to come no matter what. So you want to go ahead and bite that bullet now

Starting point is 00:30:43 when there's strength to the US dollar or bite that bullet later when there already is weakness baked in and the trajectory is no good. I would choose to take that now. And I think with Elon Musk whispering in Trump's ear, there really is a possibility that this could happen. I'm not sure if that was the end of his point or he lost it or if he, uh, that was the end of my point. That was the end of my point. Let me go back to running. I can't wait till you get to the next leg of the triathlon. I know that the run is actually last,

Starting point is 00:31:20 but I was going to make a joke about you getting in the pool and swimming and just trying to have a conversation with you. The show is so much fun. But listen, Bitcoin, like I said, it's now pushing towards 93k already. There doesn't seem to be much of a ceiling in sight, but I can only imagine how big the retrace will be once people decide to take profit here. So I want to remind people to be exceptionally careful if you're actually trying to trade this with leverage and not spot. I mean, two days ago, I think the numbers were astounding. I think there was a billion dollars in liquidations and it was almost split 50-50 longs and shorts. I mean, we talked about this yesterday, but imagine being directionally correct, making a huge bet on

Starting point is 00:32:04 Bitcoin going up. And just because you're so much of a donkey that you don't know how to use a stop loss or leverage that you get liquidated on the way up by some wick down um just don't do it just don't do it let's not let's not forget those uh coinbase breaks moment it can be one of those you know coinbase being broken but at least that's not leverage right you're not getting liquidated there. Hopefully, you might hit a stop loss while you're not paying attention or something. But yeah, be careful out there, guys, because the volatility right now is astounding. Bitcoin, 92,750 right now, by the way. Fred, go ahead. I just wanted to make a tangential point to what David brought up about some of the nominations and the defense secretary is the amount of money if Elon and Vivek really get going and have authority that they could save is so astounding. You know, because before I was doing crypto law and got into crypto, I've had to sue the government in a lot of personal injury matters.

Starting point is 00:33:02 And when you find out some of the things that the government does, it'll just blow your mind. And one example in the Defense Department budget is the money that the government pays to airlines to carry a certain amount of weight for soldiers and their personal gear when they go from base to base. And what they do is they pay an absurd amount of money to airline companies for one soldier to get X amount of pounds that they can go with them whenever they want with luggage. And it's like 2,000 pounds. I don't know what it is now, but at one point it was two or 2,500 pounds. And there were stories of people that would take their, of soldiers that I know that would take their scuba gear with them when they were stationed in San Diego to Alaska, where they would never use it, but they just decided to bring it with

Starting point is 00:33:57 them anyway, because why not? They were paying for the 2,000 pounds, 2,500 pounds from the airline. So my point being is that if like, and that's just one of 10,000 things, if that kind of money is really shaved off and saved, I mean, you got a lot of money you can use to buy some Bitcoin. Absolutely. Gareth, I mean, you're hearing obviously rumblings as a journalist. Do you have any idea what Sovereign may be buying right now? Because that's been one of the big rumors and has been reported on, I believe, also by Cointelegraph that those rumors exist. You know, I would love to have the scoop on this.

Starting point is 00:34:39 And one of our journalists was in conversation with someone who has it on good authority about a certain sovereign nation. I wasn't told though. So unfortunately, I don't have the inside scoop here. But what I have been told is that there is a nation that bought a load of Bitcoin. And this might be what has played a role in like the last pump, you know, from 90 to 90K. If they bought, you know, a few thousand point or however they went and did that. But yes, as far as I understand, there has been another nation state that hasn't made it public yet. But I can't verify the information yet. And I don't know what country it was. But I'm hugely interested in this because

Starting point is 00:35:25 you know if that game theory is correct and what David Bailey has been talking about um some smart Nations might just be front running you know the the Bitcoin bill and just trying to get ahead of the US before they do it and then everyone else is like we need to do it as well so yeah it's interesting I'll push my team to try and get some more information on it. But that's what I've been hearing. And unfortunately, I'd love to say I can verify the information pretty well. But the source that gave us this kind of tip is very reputable. So it's not someone random who just told me this. It's someone whose opinion I hold very, very highly. Understood. Alex, have you guys heard any rumblings apologies i was doing some work about sovereigns that could potentially be buying here yeah i mean it's sort of like what i said before i don't we we haven't um i've heard i've heard rumors of people looking at it i haven't seen like sovereign level flow uh from my vantage

Starting point is 00:36:26 point but um i mean right this is getting bid during u.s hours almost like exclusively for the last week so i i'm pretty sure that this is mostly positioning and getting set up like what garrett said about samson mao saying that you know could take a long time i think for you know large to come in that that's probably right. But yeah, I mean, I have the theory that like, effectively, the whatever we call like the non aligned countries, right, like Saudi, UAE, like, you know, sort of like countries that are sort of trying to play in between the east and west, I think, are very likely to try to do something. Makes sense. Anybody else have any further information on potential sovereigns before we move on? I mean, we've kind of covered it. Qatar and Saudi Arabia were the ones that were being sort of floated earlier in the week. Simon, go ahead. Yeah, you know, and it has to be said, you talked about the aligned ones. But actually, the sanctioned countries are the ones that would be most likely to want to do this, they need to insulate themselves, they need to build an

Starting point is 00:37:35 insulated economy. Many of those countries are also strategic in terms of energy. And so you won't get the announcement, but you can bet your bottom dollar that most of the sanctioned countries that actually still have infrastructure, whether that be Russia or Iran, you can guarantee that they're mining and building their strategic reserves, and they have been for a long time.

Starting point is 00:38:00 Yeah, I totally agree with that. Yeah, I mean, Russia has been pretty clear right so um i don't remember exactly where that stands simon do you remember exactly where russia stands right now like what the last statements were yeah so they've been doing their own i mean approximately it's estimated that 11 of the hash rate is hosted in russia and on november the 1st, they legalized Bitcoin mining. And at the moment, they're looking to create a barter exchange, a grain exchange, and a new currency using distributed ledgers as well. And I think the currency would certainly be looking at using a percentage of Bitcoin backing. Speculation on that, but I just can't imagine why it wouldn't happen, given the strategic reserves that are being built up right now.

The Wolf Of All Streets - Bitcoin Reaches $90K! Is $100K Coming This Week? | Crypto Town Hall

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