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Dec. 5, 2023 - Freedomain Radio - Stefan Molyneux
01:07:56
5325 BITCOIN UPDATE 4 DEC 2023!

Veteran Bitcoin guru Stefan Molyneux takes you through the latest forces shaping the Bitcoin universe.Join the PREMIUM philosophy community on the web for free!Get my new series on the Truth About the French Revolution, access to the audiobook for my new book 'Peaceful Parenting,' StefBOT-AI, private livestreams, premium call in shows, the 22 Part History of Philosophers series and more!See you soon!https://freedomain.locals.com/support/promo/UPB2022

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Time Text
All righty, righty.
Good evening, everybody.
It's 10 o'clock.
Oh my god, we're starting on time.
Everybody is shocked.
And hope you're doing well.
Fourth of December 2023.
Just dipping in, not going to do a super long show.
Shorter than a Turkish man in a blizzard.
So
I'm not going to make this supporters only, so we'll just talk privately about this kind of stuff, just in case you want to join the conversation if you're here and not a supporter.
I appreciate you dropping by, of course.
I'll put the link in here in the chat.
And you are good to go.
So, I don't know.
Let's go supporters only.
How much self-congratulation is in order?
You know I don't like to pat my own back.
If I have a hand free I like to massage a knee.
But nice to see you too, thank you for dropping by.
But come on man, I did the presentation, the updated truth about Bitcoin.
So my first truth about Bitcoin was 2013 when Bitcoin was about, I don't know, 200 bucks or something like that.
And since, well in the last 12 months, it's gone from 22,000 Canadian to 57,000 or whatever it's at right now, something like that.
And since the presentation that the great Jared did, and we worked on together, and I presented that in March, Bitcoin is up 50%.
50% in what?
8-9 months.
So this is all very good.
And I hope that you are staying up on the market.
So yes, this is good.
Now, if you have questions or comments, I'll just... Now we're... Should I buy more now?
Saw it pumped today.
Don't ask anyone!
Don't ask anyone.
Don't ask anyone, don't defer to anyone, in my humble opinion.
Don't ask anyone about these things.
Do you know why?
Do you know why you shouldn't ask anyone?
Because
If it's a good idea... Oh, just finished the chapter 8 of Peaceful Parenting.
Yeah, the new book is out.
Thanks, Jared.
Hung on every word.
I imagine the blood spittled through the trumpet imagery shudders.
Yes.
So, yeah, don't ask.
It's like asking, should I go out with this girl?
Should I buy Bitcoin?
Should I sell Bitcoin?
It's your life.
You have to make the choice.
You have to own the choice.
If someone tells you what to do, you'll never take pride if you're just listening to people.
Now, of course, you can take advice and all that kind of stuff, but yeah, it's not a good idea.
It's not a good idea.
So let's see where we are at the beginning.
$56,585.
Ooh, let's refresh.
Oh, and isn't it refreshing?
Reload.
$56,585 Canadian.
That's up $1,400.
In 24 hours and more in, let's see, over five days.
It went from 51 to 56.
So yeah, $5,500, $5,400.
What about sandwich?
Should I have a sandwich?
Yeah, don't ask that.
Ask your belly.
Your belly will tell you.
Your health will tell you.
So yeah, don't let anyone tell you what to buy or what to sell.
You got to own it yourself.
Make your decisions yourself.
Because if you defer to other people, you won't get the pleasure and pain of your own decisions, which helps you navigate these complex topics.
Right?
Asking other people for what you should do...
is a way of anesthetizing yourself to the plus and minus emotional feedback, right?
So if you decide to buy something that goes down in value, and we've all been there, I've certainly been there, you decide to buy something and it goes down in value, that's kind of painful.
So you want to look for those signals.
If you decide to buy something and it goes up in value, then you're thrilled and you get those signals.
If you ask other people, you'll end up blaming other people.
You'll end up blaming other people.
And nobody, in my view, nobody with any quality is going to tell you to buy or sell anything.
If they're that confident about buying stuff, they'll just buy it themselves.
If people are telling you to buy something, almost always it's because they want the value of that thing to go up because you're buying it.
Right?
That's a conflict of interest, right?
I've never told anyone to buy a Bitcoin.
Ever.
I never even tell people where to buy it, because that's not a responsibility that I want to take on, to tell other people that.
I mean, maybe it goes well, maybe it doesn't go well.
But, yeah, people, they're not, you know, like, there are people
In the media who say, this stock looks great!
Now why are they saying this stock looks great?
Stock ABC company.
Oh, this stock looks great.
The price to earnings ratio is fantastic.
I've personally given foot rubs to the CTO and the CFO, and they're just great buddies of mine.
We get mani-pedis together.
So why would someone on TV, why would they say this company looks great?
Well, they say this company looks great because their friends want to sell the stock, right?
Their friends want to sell the stock, and so they're trying to whip up a purchasing from elsewhere.
I mean, come on, this is not complicated.
If the stock is that great, you wouldn't tell anyone.
If the stock is that great, you wouldn't tell anyone.
You just quietly buy it yourself.
Yeah, their friends want to sell the stock, so they're telling you, oh, it's a great stock, you should buy it.
By the time it's on TV, like I worked in a trading company.
I've seen all this stuff on the inside, man.
And if they say, oh, I don't know about this stock, man.
Oh, this stock's not looking good.
This company's not looking good.
The PDE ratio, the Asian strategy, it's all falling apart.
The CEO's dog has got foot cancer, so he's going to be distracted, man.
This is not the company to be in.
Why are they saying that?
Because their friends want to buy the stock.
So they want you to sell it.
I mean, come on, man.
It's like, I mean, I remember when I was in the business world, you get these phone calls occasionally of like, hey man, we got this great share.
We want you to buy it.
It's going to go up triple, blah, blah, blah.
So you're just phoning random people because, come on, man, everybody knows how this stuff works.
Of course, Steph, but I was asking you because our small philosophy community and you pride yourself in honesty with a good track record with us.
Well, I am being honest.
I am being honest.
Don't ask people.
Don't ask people.
My humble opinion.
Do whatever you want.
I'm just telling you my opinion is don't ask people.
Nobody who's going to tell you is uninterested.
Everybody has a motive.
Ah, but you as a philosopher, you should be pure and motive-less.
Anyway, so let's get into some
Deep dark and dirties about what's going on.
Okay.
Uh, so what is, uh, when you pay your income tax, what, what is the, um, what percentage of your income tax goes to pay interest on the federal debt?
Just, you know, out of curiosity, what, let's, let's give some, some guessies.
Would you buy more Bitcoin now?
LOL.
Right.
So what percentage of the taxes you pay of your income tax is going to pay interest on the federal debt?
Sorry, I'm just going to close something here.
It's kind of obscuring the... Oh, those are some really tiny icons!
So, it's interesting... What are you starting up for in front of me?
Okay, so, the percentage of your income tax that goes to pay just the interest on the federal debt is 40%.
New debt is insane at the moment.
So, the American government racked up $500 billion worth of debt in the month of October.
That works, of course, out to $6 trillion a year.
So, basically, 120% of your taxes are going to go pay interest on the debt.
Now, you all know about the rolling interest rates, right?
So, the interest rates in the past, in the past, the government could get a 30-year loan for 1.8%.
Now it's four and a half percent and there's eight trillion dollars in old debt that's rolling over to much higher rates.
Now if you've ever dipped your toe into the old mortgage market you know that a couple of points different in interest rates can be the difference between
Survivability or payability and non-payability, right?
We all saw this in 07-08 when people won variable rate mortgages and the mortgages ticked up from, you know, 3% to 6%, 7% or 8% and their payments more than doubled.
They couldn't afford it so they had to just ditch out of their house, right?
So that's what's kind of going on as a whole.
Why is Bitcoin surging?
First answer, I don't know.
I don't know, because I'm just a guy looking at the market, so I don't know.
I mean, I can put out some theories.
But yeah, the compounding and rolling is really brutal.
People have this funny thing, like, to me, if you want to make money in the market, you have to remember that the future is nothing like the past.
Right, people are always trying to drive in the market.
It's like trying to drive looking at the rear-view mirror.
You can't drive looking at the rear-view one.
I guess you've got peripheral vision at the front.
It's like trying to drive while literally turning.
It's driving forward while looking backwards.
You know, it's like saying, ah, I have a new car.
Eh, you know, it's really cheap for the first five years.
Just some oil changes, tiny bit of maintenance.
I'm sure the next five, 10, 15, 20 years will be the same.
Nope.
Nope, nope, nope.
So the two of the potential Bitcoin ETFs probably coming out in January and the halvening that's coming out a couple of months later.
So that's part of it.
But I don't think that's the whole of it.
I don't think that's the whole of it.
And again, I don't know.
I'm just, you know, telling you what I think.
So one of the things that's just incredible is that Bitcoin is
More understood as a salvation cult, and I use this word advisedly, it's not a financial instrument, it's not a piece of technology.
It's a salvation cult.
Like, you know when you see people like, oh there's a new iPhone coming out and they line up for two days, like that's completely insane, right?
It's completely mad.
But that's a sort of identity or personality cult, right?
And Bitcoin is not a financial instrument.
It's a civilization-saving cause for the true believers.
Right?
So, what's incredible about Bitcoin is that the price is going through the roof.
And so little of it is moving.
That's one of the reasons why the price is going through the roof.
It's so little of it is moving, it's incomprehensible to people.
I mean, most people buy and sell based upon value.
There are very few people who are like, I'm religiously devoted to corporation XYZ as the salvation of humanity cause, so you can't force me to sell at gunpoint.
That's not how the stock market works.
And so the stock market doesn't understand Bitcoin, because it looks at it as a financial instrument, but that's not what Bitcoin is!
For the majority of the holders, I think, Bitcoin is the lifeboat to the Titanic.
Right?
So, what people on the Titanic, who don't understand that it's kind of sinking, right?
They, oh, it's a little, you know, a little angled and, you know, they're just pumping out the things, we'll get to England, no worries, right?
They're looking and saying, well, that
That lifeboat is, ew, that's gross, you know?
There isn't even a Lido deck.
There's no shuffleboard.
There's no karaoke.
There's no arcade.
The kids are going to get bored.
It's cold.
Not a lot of heating.
There's no dancing.
There's no topless Kate Winslet.
Like, why on earth would I get into that lifeboat?
It makes no sense.
And you'd say, well, why on earth are people desperate?
Why are they clawing their way on?
Why are they desperate to get on that lifeboat?
And it doesn't make any sense to the majority of people who don't understand that the ship is sinking.
Now, at some point, there's a tipping point, right?
So people who've known that the ship is sinking for a long time, right?
That the fiat currency, the fall of Rome, the French Revolution stuff, all the stuff which the Assignats and the Denaris and so on, all the stuff we've talked about before.
And we've talked about for, I don't know, I've talked about for decades and decades, but on this show I've been talking about it for 18 years.
So there's a tipping point.
Some people see it early.
It's like the adoption thing.
Some people see it early.
We're still very early on in Bitcoin adoption.
But there's a wild tipping point that happens.
You saw it with the internet.
You saw it with cell phones.
You saw it with televisions.
You saw it with regular old phones.
You see it with every piece of new technology.
You saw it with cars.
There's a tipping point where it happens so quickly it's mind-boggling.
I remember my ex-roommate, when I was out at a university in British Columbia, oh, many, many years ago, he first showed me the internet, and I literally started drooling in my mouth, because he was on the university campus, and this was the very beginning of HTML, and I just was like, oh my gosh, this is gonna be everything!
This is gonna be everything!
I was like jumping up and down and this is like the wildest thing and there it is, right?
This is back when you had a modem and it took like five minutes sometimes for a page to load and it was just brutal, right?
And it's just wild.
So at some point there's a tipping point and then people understand why there's a lifeboat, right?
And in fact what you're on is a dinghy and Bitcoin is
A luxury liner, like Bitcoin as a spaceship, or something like that.
So, it's not just, well, where we are is comfortable and over there sucks.
It's that where we are is doomed and over there is fantastic.
So, the lifeboat analogy only works so far.
But, in terms of it being limited, that matters, right?
So, just over this weekend, gold and Bitcoin surged.
Of course, gold hit an all-time high, crossing over 2130.
This is U.S.
Bitcoin touched 42K in U.S.
early this morning.
And, of course, it's gone higher since.
And as I've always said, as I've always said, is sigmoid function graph, right?
First very slow and then very fast, right?
Right.
I'm just thrilled that Bitcoin has finally overtaken NVIDIA in terms of value.
That's a good thing.
That's a good thing.
So, is it Bitcoin going up or fiat currency going down?
Is it Bitcoin going up or fiat currency going down?
Well, I don't know.
Obviously, it's probably a little bit of column A and a little bit of column B. Now, gold's all-time high coincides with Bitcoin still being 40% below the high of 69k US in 2021, and obviously everyone's quite excited
Once you get the recovery, and you get, this is a substantial recovery, right?
So a lot of people in 2021 got really excited, 69K, then it went down, it was down to 22K, Canadian, 15, 16, I assume, US.
The recovery now gives everyone hope for the future, because when you get a lot of people in at a peak, they see a crash, and then they see it climb back up, they don't fear the second crash, right?
Don't fear the second crash.
First, you know, your first breakup is tough.
Your second breakup, where you get another girl, you're like, eh, there'll be another one.
There'll be another girl along, right?
There'll be another girl along.
Now, ah, Berkshire Hathaway, right?
So, the Oracle of Omaha.
So, Bitcoin's market cap is now higher than Berkshire Hathaway's market cap.
It's not totally worthless, it's not totally worth a lot, but it is pretty cool that the guy who said, Warren Buffett, right, who said Bitcoin is basically crap, it's nice.
It's nice.
Charlie Munger, he was pretty negative on Bitcoin, if I remember that rightly, but I wouldn't, don't quote me on that, that's just what I thought of, right?
So, year to date, right, year to date, Bitcoin is up almost a hundred and fifty percent.
But the amount of Bitcoin in circulation that hasn't moved in over a year hit a new all-time high over the weekend of 70.5%.
I can't even express to you with haiku and mime and hand signals that would probably summon a devil.
I can't tell you how bizarre that is in the world of finance, for most people in finance.
That the price of something has gone up 150% and people are selling less of it.
People are selling less of it.
This is incomprehensible.
Honestly, this is like, it's like watching people hoard winning lottery tickets.
Doesn't make any sense to people.
Like, why would you not liquidate this and diversify?
And it's like, no, because it's a mission to save humanity.
It's a mission to save the universe.
It's a mission to save civilization.
You don't cash that in for a Lamborghini or two.
Like, you just don't do that, right?
Because you won't have any roads to drive it on if civilization collapses, right?
Gold also making record highs.
Thank you for repeating what I already said.
It's very good of you to repeat what I've already said.
It's always interesting to me when people aren't listening and then they chime in with something I've already said and like, oh, look at me adding value.
Oh my gosh.
Oh, well, it happens.
It happens.
What are you going to do?
What are you going to do?
All right.
Let's get to some other facts and thoughts about it.
But yeah, that it's a mission, people don't understand.
And also, people don't understand.
They don't understand the depth of the hatred that people have in the Bitcoin community.
They don't understand the depth of the hatred that people have for fiat currency.
Okay, so from 1 to 10, how much do you hate
Via currency.
Government-ordered currency.
Just for this crowd, right?
It's a lot.
And I assume that you all are interested in Bitcoin.
You're here.
So, it's high, right?
It's high.
And so, that doesn't make sense to people.
I mean, the closest analogy would be foreign exchange trading.
But foreign exchange trading, you're just trying to arbitrage differences in information, differences in knowledge and productivity, and so on, right?
But Bitcoin is a whole different animal, and people who understand economics have understood that so much of their suffering is based on manipulation of currency, volume, production, interest rates, and so on.
That this is why... Honestly, it's this personal.
This is why my parents got divorced, because, you know, the money can just be printed for the welfare state.
This is why I couldn't get a job, because there was an up-and-down with the monetary policy of the Fed or something like that.
And this is why we got kicked out of our house, because they had to bundle up all these toxic mortgages and sell them overseas, because they were forced to do unproductive lending practices and so on.
They can't understand that it's a moral mission of passion, salvation, absolute love, and almost absolute hatred.
And so they're like, well, why wouldn't they sell, right?
But it's a salvation vengeance mission.
Again, I'm not speaking for everyone.
I'm not even speaking for myself directly.
I'm just talking about my understanding of the Bitcoin space.
Well, why wouldn't you sell?
It's up 150%!
Because we're on a mission, right?
You understand, it's the Jesus moment that the secularists just cannot understand.
I mean, Jesus is on a mission to save mankind and the devil takes Jesus to the mountaintop in the desert and says, I can give you everything on the whole planet, you just need to worship me.
I'll give you everything!
Or like Elon Musk with his famous fuck you to the advertisers who are trying to threaten him to get him to conform, right?
Somebody says Bitcoin went way up, then way down.
It was supposed to get to a million per McAfee and 100,000 last year by other Bitcoin experts.
Too volatile in my opinion.
Okay, well let me ask you this.
Let's say that you have two people, and one is slowly dying, and the other one is getting better, then dies a little, then gets better, then dies a little, then gets better, then gets worse, right?
So one is just declining to death, right?
You know, he's got what they call the old man's friend, pneumonia, right?
Just takes you out relatively painlessly.
So one is just declining.
It's just health is getting worse and worse and worse.
It never gets any better, but it's a stable line down, right?
That's declining.
Or someone is like, they're worse, they're better, they're worse, they get super better, then it goes down a bit, but the general trend line is up.
Okay, who's more stable?
Who's more volatile?
Who's more volatile?
The guy who's getting better is more volatile, right?
The guy who's dying inexorably is less volatile, but he's going in the same direction.
So think of somebody, you'll see this scene on a beach, right?
Someone's been washed up on shore, it's the hero of the movie, you don't know if he's alive or dead, and they're giving him mouth-to-mouth, right?
He's stable!
But then he gets up and he starts coughing and blood and seawater and all that.
Oh my God, he's unstable.
It's like, he's alive!
He's alive.
So this slow decline.
I don't like the volatility.
I'll tell you this, man.
When you're in the hospital and they think you're dying, you can only pray for volatility.
Because if you don't have volatility, you're probably just going straight into the great beyond.
The guy who trains for a marathon is more volatile than the smoker on the couch.
Yeah.
That's right, that's right.
People who exercise, their heart rate is more volatile than people slowly being buried under their own fat, right?
Just like starting a cold diesel.
Starting a cold Vin Diesel is even worse.
So, yeah, the volatility argument, I hate to say it, it's just an NPC talking point that you haven't thought through.
Again, I'm not trying to be rude or anything like that, but the moment I see volatility as if it's just a negative,
You know, it could be said that my career is a little volatile on occasion.
So yeah, the volatility, it's just a talking point that you've been programmed to repeat so that you don't compete with other people for Bitcoin.
But you don't really know what you're talking about.
Sorry, I hate to be annoying, but it's just an NBC talking point that you've been handed.
And you like to say it because it makes you sound like you know what you're talking about.
I would strongly invite you
Do not do that.
I mean, listen, we're all tempted, I get it, we're all tempted, and occasionally I've wandered a little bit beyond my own particular area of expertise of the show, but, you know, this volatility is bad, it's like, eh, it's too volatile.
You know what's too volatile is 120% of tax is going to just pay interest on the national debt.
Yeah, Jared sent me, um,
Well, calling me an NPC is rude, but it's fine.
I said it was an NPC talking point.
See, I don't know why people don't listen.
I said it was an NPC talking point.
I didn't say you were an NPC.
Unless I did.
In which case, I apologize.
But my memory is that I said, it's an NPC talking point.
Not that, um... The volatility word scares the boomers.
Yes, that's right.
Because it's bad for the environment.
Yeah, unlike war, right?
Yeah, volatility just means it goes on sale every once in a while.
Yeah.
I mean, don't we want volatility in prices?
Don't we want that?
Because it means you can wait for a sale, right?
Something goes down, oh my gosh, it's volatile!
No, that means that people will buy it who wouldn't normally pay and afford it, right?
So, let's get into some more... I wouldn't take it personally, it's just you said hate to be rude.
No, but I just said it was an NPC talking about it.
I didn't say you were an NPC.
But anyway, if you don't want to listen, you don't want to listen.
Yeah, so are hard assets going up in price or fiat currencies going down in price?
So there's an important thing to remember.
Which, of course, I don't have any direct proof for.
So, again, this is all just amateur guesses from a guy with a history degree.
So, you know, take it for all of what it's worth, which may be, in fact, precisely nothing.
But one thing that's important to remember is that there's a huge group of people out there who have access to information you and I will never see.
Right?
It's Audit the Fed, right?
There are people out there who have information
about that.
Based upon that information.
It's, you know, it's insider trading, right?
Like all of the... What was it?
Somebody had a Nancy Pelosi stock trading portfolio until they couldn't have it anymore or something like that.
But yeah, it's pretty wild.
So yeah, all of the people who just have a bunch of inside information.
I mean, there are going to be people who know that the ETF is approved.
The Bitcoin ETFs are approved before the market does.
For sure.
For sure.
I mean, maybe this movement is because they know it's going to be approved now anyway, right?
I mean, that's such valuable information and, of course, in politics, information is power, information is authority, information is a favor that you can give, right?
Bitcoin is now the tenth largest asset in the world.
The crazy thing is, this is from Charlie Shrem, the crazy thing is we didn't think it would happen this fast and many feel late to the party.
If you're reading this now, it isn't.
It's the 10th largest asset in the world.
Now, again, from a guy who was talking about Bitcoin when it was a buck, I got to tell you, it's just truly staggering.
It's truly staggering that Bitcoin has become the 10th largest asset on the planet.
That's crazy.
That's crazy.
And I think it did just kick past NVIDIA.
So.
That's crazy.
Um, what else have we got here?
Boom, boom, boom, boom, boom, boom.
I got back above 42.
Well, you know, this is all, uh, it's all kind of comes and goes pretty quickly, right?
Um,
Ryan McGinnis, no relation to Gavin, I think.
We are watching history in real time.
The success of the Bitcoin standard for corporations.
Professor Saifedean, Bitcoin adoption will be like adopting gunpowder, not a shiny new iPhone.
Right.
So there are things that change the entire landscape, right?
The printing press changed the entire landscape of human knowledge.
The internet, of course, did that for information sharing.
Gunpowder
changed the entire landscape of human combat, which had been hand-to-hand implements for like a hundred thousand years, right?
Whether it's a rock or a bronze sword or a steel sword or an iron sword or something like that or, you know, I guess bows and arrows did it to some degree, but gunpowder changed it all because it displaced hand-to-hand combat with ranged combat.
You didn't need to be close.
And again, I know that the arrows and so on were that way as well, but this was a whole new thing, right?
So, gunpowder changed the entire face of war in the same way that drones and fifth generation warfare is doing now, right?
Where information sharing in a foreign country can be kind of an act of war, right?
Like, I've seen all these things coming on social media, probably TikTok, I don't know, right?
All about, well, we're Dinks, right?
Dink is D-I-N-K, double income, no kids, right?
We're Dinks, we can sleep in whenever we want.
We're Dinks, we can travel to Florida whenever we want.
We're Dinks, we can watch all the sports we want.
We're Dinks.
And it's just, yay, it's so much fun to not have kids.
Like, sometimes they'll just shoot your kids as soldiers, and sometimes they'll just convince you with stupid hedonism to not have kids, and the effect is the same in the long run, right?
Max Keiser, I was on his show gosh many many many years ago and then I said something about global warming he didn't like and I think I was off the list or something like that but I mean it's hard not to like that bouffant guy.
So Max Keiser reports on rumors that Qatar's sovereign wealth fund has entered the Bitcoin market and could be interested in purchasing up to 500 billion dollars worth of Bitcoin.
If this happens Bitcoin will go further than 150k per Bitcoin that I can tell you
BlackRock ETF and CADR bid.
Now, you know, I don't know that I would, you know, throw this guesstimate any further than I could throw a shot put.
But it's always 500k per Bitcoin.
Sooner than expected, right?
That's a real stab in the dark.
But it certainly is going to have an effect if somebody's trying to pick up a couple of hundred billion worth of Bitcoin.
Yeah, that's going to have an effect.
That's going to have an effect.
Because normally, when prices go up quickly, people are more keen to sell, right?
Why does Bitcoin spike up so much in price?
Because when price goes up quickly, people want to hang on.
People want to hang on.
Because people in finance are used to people measuring the value of something by the value it was six months ago, a year ago, or whatever, right?
And this is why they can't understand why more than 70% of Bitcoins in circulation haven't moved despite the fact that the price has gone up 150% over the last calendar year.
So, people, I think, I don't know, obviously, I don't have any particular finger on the pulse of the nation on Bitcoin land, but I think that people in Bitcoin are sitting there saying, well, not, well, gee, it's gone up, you know, $5,000 or $10,000 or $20,000 or $30,000.
What they're doing is they're saying, well, it's still a long way to a million dollars of Bitcoin.
Like, in financial circles, that's almost insane.
Right?
That's almost insane.
Because how long does it take for a stock to do something like that?
To go from $10 to a million dollars?
I mean, not that there's no million dollar stocks.
We did split it, of course, long before that.
But they don't understand that I think a lot of people in the Bitcoin universe are not saying, wow, it's up 150%.
I should cash out.
They're saying, wow, it's up 150%.
I guess it's getting closer to the three quarters of a million or the million dollars of Bitcoin that I have in my head.
And that's kind of incomprehensible to old-school boomer-based financial market mindsets, I think.
I don't think they understand that it's a mission, it's a cult, and I don't mean cult in a negative sense, right, but it's a mission, it's a cult, it's a salvation eschatology, it's clean money versus dirty money, it's, you know, like some of the people just won't buy blood diamonds, right, because this is mined through war and child labor and so on, and they just don't want that stuff.
I mean, people will literally pay $3 for a bottle of water right next to a drinking fountain.
Okay, whatever, right?
So, when it's a moral mission, people will pay more.
People pay a lot more for organic food, because it's clean food, as opposed to what they consider dirty, or GMO food, or something like that.
So, Bitcoin is clean money.
People pay more for electric cars, even with the inconvenience, than they do for gas cars, and so on.
People will, I remember seeing, oh gosh, many years ago, I was in New York, and watched the Bare Naked Ladies Show, and it's like, we're all carbon neutral, we buy as many, and like, they spend extra on that, but it's just,
For whatever reason, you could say.
They want to do it.
So, as the demand goes up, because people get the ship is sinking, they've got to get on the lifeboard.
As the demand goes up, the supply goes down.
That's a weird thing.
Because normally when the demand goes up, the price goes up, and therefore people sell it, because they want to cash out something.
But I think a lot of people, as the price goes up, they're like, ooh, it's getting closer to a million dollars of Bitcoin, or three quarters of a million, whatever they've got in their head.
That's a whole different thing, right?
So, what's going on?
So, we talked about this potential approval of a smart ETF by the SEC in January, and I think more than one.
April 2024, the Bitcoin halving.
Halving.
And of course, Bitcoin hit new records after each of the last three halvings, although there is a delay.
According to CME, FedWatch have an over 97% chance that the Fed cuts interest rates by June 2024.
Well, they're going to have to cut interest because they need to borrow more money, and they don't want to do that at higher interest rates, of course, because that will completely cripple the finances, right?
A record 5.7 trillion cash in money market funds, some of which could, of course, flow into Bitcoin, particularly if there's the spot ETF.
And Bloomberg says Bitcoin could hit
Plus $500,000!
Now, again, whether that's true or not, nobody knows.
Nobody knows.
Could, yes, absolutely.
I could get hit by an asteroid tomorrow and Bitcoin could hit $500,000.
But the purpose of this, the purpose of this is not only is there the salvation metric of saving the world from the warmongering of fiat currency and the inter-debt enslavement, right?
Because there are a lot of people, especially younger people, they can't.
What do they call them?
Wage cucks?
They call them wage cucks, right?
There's a lot of younger people, they can't get ahead on fiat, right?
They just, they can't get ahead on fiat.
I mean, let me, let me ask you guys.
If you were in fiat, right?
If you were in fiat, is it bad if 2,000 addresses hold 40% of the Bitcoin?
Heard some people complain about it, but never seen it as an issue personally.
I mean, this is the Pareto Principle.
95% of the money goes to 5% of the people.
I can't even tell you.
I wouldn't even know what to say about whether that's good or bad.
It is what it is.
Is it good that only a small majority of men have beautiful hair their whole way through their life?
Is that good or bad?
I don't know.
Is it bad that only a very small number of people have beautiful singing voices?
Is that bad?
It's like, what are you going to do?
Cut throats and redistribute them?
My God, who cares?
But you see, people are so used to whining and getting income redistribution, I guess they're tempted to that way.
It's unfair!
Unfair that few women have Bitcoins.
It's unfair that Bitcoin is unequally distributed.
It's like, yeah, good luck whining.
You can't use the government to transfer it, really, so good luck whining.
Good luck whining.
So, without Bitcoin to resist inflation, even a medium wage sounds rough.
Yeah, can you
Oh, those addresses include exchanges, right?
Yeah, yeah.
So, can you make it on wages these days?
Can you make it after tax on wages given the crazy housing prices, right?
If you just had to be a wage cock, can you make it on wages?
And by make it, I mean support a house, a family, or at least an apartment and a family.
Can you make it as a family man or a family woman as a wage cock?
I had a co-worker who wanted to go big on mining with me over 15 years ago.
Would have been very wealthy now.
Thank you for the reply.
Says, oh this is the guy, volatile.
But I purchased Bitcoin and lost money, so to me it's too volatile.
Instead, I was told that I'm speaking in NPC speech yet.
I never heard that from anyone.
I experienced it.
But a difference of opinion is NPC, I assume, which is a complete bore.
I often find people who studied Meissner to be extremely sensitive.
Don't know if Host studied Meissner.
I know what that means.
So you purchased Bitcoin and lost money.
So to me, it's too volatile.
Right.
So does anybody know what my issue would be with that?
Right.
Does anybody know what my issue would be with that, with what's been said?
Just out of curiosity.
Every house appears to slip away even without interest rates.
Yeah.
Yes, on as little as 80 hours a week.
Right.
So if you lost money on Bitcoin, I think that's a shame, but blaming that on Bitcoin's volatility is unfair.
Yeah, it's mistaking the world for you.
It's anecdotal.
Well no, you see, he could have sold for any number of reasons, but
Bitcoin has been the fastest growing asset in all of human history.
Like, the fastest growing valued asset in all of human history, right?
So if you sold it, and I understand, like, no big criticism, we all have our tolerance for risk and all of that.
If you sold it at the wrong time, when it's the fastest growing valued asset in all of human history, there'll never be another one.
So if you sold it, and you say that Bitcoin is volatile,
And that's bad.
What you're saying is, you sold at the wrong time, which, you know, it's again, who knows what the future is, right?
Maybe it'll go to zero tomorrow.
I mean, it won't, but you know, whatever could happen and then you're smart and we're not, right?
But you're saying, I lost money on the fastest growing, greatest value accumulated asset in all of human history.
Not a totally easy thing to do, but people do it.
I lost money and therefore Bitcoin is volatile.
And compared to what?
Compared to what?
If you put $10,000 in Bitcoin 10 years ago, oh my gosh, it's seen some ups and downs.
Mostly ups, I guess.
But if you put that $10,000 in the bank, what do you have?
$5,000 now?
So yeah, I'm just pointing out that you selling at the wrong time is not a problem with Bitcoin.
I have a friend who has a hundred thousand in Bitcoin.
He says, I'm not against it.
Jeez, it's just too much for me.
Let's end this.
Yeah.
Well, if you don't want to talk about it, you don't want to talk about it.
That's fine.
I'm not particularly talking to you.
I'm just, you don't want to mistake your own personal experiences for a, I have a house, not Bitcoin.
Good.
Good for you.
Yeah.
You just don't want to, you don't want to take your own personal experience and extrapolate it to the asset as a whole.
I mean, that's, that's unfair, right?
That's unfair.
It's like saying, I lost money gambling on horses, therefore nobody wins money gambling on horses, right?
Volatility complained as a psyop to scare the boomer through investing.
I assume that people want to accumulate Bitcoin, and so they're calling it volatile, and they enlist other people to do it, and all of that.
But no, the real volatility is fiat, right?
I mean, as you know, the American dollar, as is true of almost all fiat currencies, the American dollar has lost 98% of its value over the last 100 years.
And that doesn't even count the unfunded liabilities.
So the American dollar has lost 98% of its value since the Fed came into being.
And people think that's stable.
Give me some volatility, I'd be thrilled with it, because at least it goes up.
Bitcoin goes up.
Fiat currency just goes down, baby.
I'm going down, down, down.
I have a house bought with Bitcoin.
So, let's see here.
So, I believe that there's going to be a pretty wild phenomenon where everybody's going to want Bitcoin at the same time, which is going to fulfill people's idea of the multi-hundred-thousand-dollar Bitcoin, and so they won't sell.
And so they won't sell.
Now, how hard do people fight to get on a lifeboat when the ship is really going down?
They fight pretty hard.
So what they will do is they will bid up the price of Bitcoin to get hold of some Bitcoin, and then what will happen is that will drive the price up and a few people will sell.
But if people are expecting a huge run, they won't sell.
And so as the demand goes up through the ETFs, through the people panicking because the life, because the Titanic's going down, and who knows, you know, what might happen if, I know he wants to dollarize
The Argentinian guy, he wants to dollarize, not go to Bitcoin, but he's going to toast the central bank.
Who knows who else might follow suit, right?
And El Salvador now reports a $3.5 million win.
They've gained $3.5 million on their Bitcoin investment, so that's all pretty cool, right?
And people are going to need a place to keep
They're money safe when the real inflation hits.
And the real inflation is still to hit, right?
Now, how much of the Bitcoin price is going to go up because the dollar is falling?
Who knows, right?
But it's where you want to be, right?
It's where you want to be for sure.
BlackRock has a majority stake in four of the five largest Bitcoin mining companies.
This is from James V. Stratton.
Miners will continue to offload Bitcoin for revenue to companies like BlackRock via OTC, which won't affect the price short-term and reduce sell pressure.
By BlackRock owning miners, they are guaranteeing the supply in the future.
This mitigates miners' downside, and the higher Bitcoin goes, the more profitable miners are.
Right, but the halving is a challenge for them, right?
So, Cointelegraph reports that increases in Bitcoin's price was predominantly driven by activities in the spot market.
Spot market, also called the cash market, I'll just read you this, is a public financial market in which financial instruments or commodities are traded for immediate delivery, right?
So the spot market is delivered right now, the futures market is contracts based upon buy and sell prices in the future, which is how you make money from stocks going down or the value going down.
So it's people wanting to take immediate delivery rather than gambling on price in the future.
Now why do people want to take immediate delivery?
Because they think the price is going to go up, I think, right?
So the recent increase in Bitcoin's price to $42k US plus now, I think a little higher, was predominantly driven by activities in the spot market rather than the liquidation of Bitcoin futures.
Despite the widespread belief that the rally was fueled by short liquidations, analysis of Bitcoin futures data suggests otherwise.
Over the last week, Bitcoin saw a significant 14.5% increase.
Reaching a 20-month peak at 41.130 by December 4th.
This occurred amidst a substantial liquidation of short Bitcoin futures totaling 100 million in just a day, right?
Short of the people who are betting it's going to go down.
However, a closer examination of Bitcoin derivatives data tells a different story.
Emphasizing the role of spot market transactions.
Bitcoin futures, particularly those traded on the Chicago Mercantile Exchange, significantly influence spot market prices, although they do not involve the actual exchange of physical Bitcoin.
This high level of interest in Bitcoin futures, with a total open interest of $20 billion, indicates strong engagement from professional investors.
Despite this, only $200 million in Bitcoin futures shorts were liquidated in the same period, just 1% of the total open contracts.
This is minor compared to the $190 billion in spot market trading volume.
Analysis of perpetual contracts and monthly futures contracts also shows no excessive optimism in the derivatives market.
The perpetual contracts funding rate was briefly at 0.04% per 8 hours on December 4th, equating to just 0.9% per week, indicating a lack of urgency among traders.
The premium on Bitcoin fixed-term futures contracts was around 11 to 12 percent, far from the over 30 percent seen in previous rallies.
This suggests that the recent rise in Bitcoin's value is more likely due to spot market accumulation and a decrease in the number of coins available on exchanges, with a net outflow of 8,275 Bitcoin from exchanges in the past week.
Right, so of course, when Bitcoins leave exchanges, it's mostly because people are putting them in cold storage and they're digging in for a long bull market.
At least that would be my guess.
They don't anticipate selling in any particular short-term timeframe.
All right, so a lot of detail here, a lot of detail, which is great.
And let's see here.
Once the next halving occurs, April of next year, for the first time in history, Bitcoin will have a lower emissions rate than gold, right?
So Bitcoin mining will have a lower emissions rate than gold mining, which is kind of cool.
And of course, all or most of the ETFs are expected to be approved midway through January, and you'd want to get in there ahead of that time.
According to Anthony Pompliano, the Bitcoin ETF issuers are updating their applications so fast that you have to think they're all preparing for an approval at the same time that will kick off one of the most insane marketing blitzes in financial markets history, as these large firms compete for billions in AUM.
So that's very, very cool.
A mysterious Bitcoin address has quickly amassed a fortune in Bitcoin, totaling over $3 billion, becoming the third largest Bitcoin address globally.
This activity was tracked by BitInfo charts which showed that the wallet began its accumulation in mid-May and by the end of June had risen to the status of the largest unidentified Bitcoin whale in the world.
Since its first transaction, the wallet has consistently added to its holdings and has not sold any Bitcoin.
The address's initial transaction was a modest 0.25 Bitcoin, but its most recent acquisition was a substantial 6,600 Bitcoin.
Currently, the address holds 118,300 Bitcoin, valued at around $3.09 billion.
Ranking just behind the cold wallets of prominent exchanges Binance and Bitfinex, there is speculation that this new large address could belong to another crypto exchange, reorganizing its Bitcoin reserves.
This theory gains some credibility from Sentiment, an on-chain analytics company, which recently reported active Bitcoin whale behavior even during the crypto market's downturn.
Despite the market's fluctuations, the number of large Bitcoin wallets has remained stable.
So yeah, that's
If there's another market that actually has provable Bitcoin reserves and can show you the address, that would be pretty cool and pretty powerful as well.
Shouldn't holders be buying and selling in Bitcoin instead of just holding it?
I think that would further legitimize it as a currency.
Isn't holding it for purpose of increased value in fiat only legitimizing fiat?
Isn't holding it for purpose of increased value in fiat only legitimizing fiat?
I don't understand that, Nick.
People aren't holding on to Bitcoin to sell Bitcoin, but to buy the planet.
In my understanding of it, and obviously I don't know, just my understanding of it, is that people aren't holding on to Bitcoin so that they can trade it for
Fiat?
It's a good way to measure the value of Bitcoin.
But they're holding on to Bitcoin so that they could end up, like, buying the planet, right?
Because once Bitcoin to direct commodities becomes a thing, it's just... You know what it is?
I don't know if you guys have this.
When you get a certain measurement in your head, it's tough to shake it later.
Like, somebody says to me, my weight in kilograms, I don't know, what is that, a billion?
Or, you know, my daughter watches occasional shows on British dieting, and it's like, we lost three and a half stone!
What?
Are you measuring people with rocks?
What does that mean?
And so, people can look at the value of Bitcoin and say, well, it's worth this much in fiat, because fiat's what they grew up with.
And there's a transition point, right?
There's a transition point.
It's like horsepower, right?
Like there's an old Jerry Seinfeld bit about, like, how much are we humiliating the horses now?
You know, this rocket has 14,000 horsepower.
It's like, come on, man.
But you started off with horsepower because that was the closest measure.
Those of you who grow up, I grew up with metric and I grew up with imperial and switching to metric is not super easy.
I still have to do that thing in my head, right?
So, right now, it's a great way to say, how much is a Bitcoin worth?
And you do it to currency, sure.
But, you know, originally, how much is a dollar worth?
Well, it's worth a dollar of gold.
It's just a marker for a dollar of gold, and that's drifted from that because of the fiat nature of it and the unbacked party of it, right?
Well, Bitcoin isn't backed by anything!
It's backed by limitation, it's backed by electricity generation, it's backed by the collapse of fiat, and it's not backed by force.
Isn't that a good thing?
Isn't that a good thing?
Earning money isn't backed by theft, and you're saying this is bad how?
What happens when they jack up capital gains tax?
See, you're looking at options that may or may not be good or bad,
But if they jack up the capital gains tax, that will affect fiat savings as well.
You say, wow, what if they put a special tax on just crypto?
Well, then I imagine that, you know, not that I would recommend any of this, but I imagine that people will lose their crypto in boating accidents and then move to another country.
I don't know.
I mean, who knows, right?
All right, let me just read your comments here.
Historically, the boom is 12 to 18 months after the halving, which would happen in April.
Yeah, personally, I think it'll be faster than that because I think the information flow is so much better.
Imagine Bitcoin's price if stuff didn't get cancelled.
No.
I'm sorry to be annoying.
That's the complete opposite.
That's the complete opposite.
Okay, forget about me getting cancelled.
How about the government shutting down the bank accounts of peaceful protesters?
Do you think that drove anybody's interest in cryptocurrency?
Do you think anybody got sort of interested when they realized that you could just get debanked?
So, de-platforming is massively enhancing the value of crypto.
As far as I understand it, I don't know again for sure,
No, Bitcoin's price cancellation is one of the things that's driving Bitcoin, right?
All right.
My dad bailed after I told him I'm investing long-term and he quit after nine months and lost a ton.
At least he recognizes what I said.
They invented gold, so the boomers will have something to buy instead of Bitcoin.
Volatility and speculation are part of adopting a new money.
It happens every time.
Well, I mean, every time you learn a new skill, you're not good at it, right?
I mean, I learned how to program in BASIC, and I ended up programming in 17 other languages, and every time I learned a new programming language, I made mistakes.
And it was volatile.
So, I don't understand that volatility is a bad thing.
I don't understand.
Why volatility?
Volatility is just a scare word, as far as I can tell.
It's just, oh volatile, that's bad!
So, they won't jack up the rates because the politicians are in Bitcoin as well.
Okay, I'll tell you my sort of final thoughts about this.
I want to make sure I'm providing value here.
I'm obviously, you know, I'm not some big financial expert, so I just want to give you my thoughts on it.
But just hit me with a why if I'm providing value and I'll finish with a flourish, just to make sure that I am.
And if there's something else you'd like me to talk about in this sort of area or realm, I'd certainly be happy to do so.
Yes.
Well, yes, you helped me, right?
So, yes, okay.
So, if the pandemic taught us one thing, it's that people are pretty programmable, right?
I mean, it's really sad as a whole, and we've certainly been fighting against it, but people are almost infinitely programmable, right?
Based upon, I don't know, bad education or whatever's happening, right?
So, here's the thing.
People have been programmed
Into believing that Bitcoin is speculative, and Bitcoin is volatile, and it's not backed by anything, and it's magic internet money, and it's nerd cash, and it isn't going to last.
So they've been programmed into that, right?
In the same way that people really didn't think of wearing masks for respiratory viruses until they were told they had to, and then most people did, right?
They just, people will do what they're told, for the most part, right?
And if you understand that, and I'm sorry to be annoying, like, well, if you understand, I'm not trying to be smug, I'm like, once, sorry, once, it's better.
Once you understand that, you will understand that the demand for Bitcoin is artificially low because people are programmed with scare words like volatility and not backed by anything, or scare phrases.
But you understand that most people, and this is true, most people have the ability to turn on a dime and not even notice it.
Have you experienced that?
Have you seen that?
That most people, and I did a whole presentation years and years ago called The Death of Reason.
People can absolutely turn on a dime and they don't even notice it.
I mean, there was an experiment I remember referencing in that presentation I did, and you can find it at fdrpodcast.com.
You can just look for a death of reason and you'll find the presentation.
So a bunch of experimenters, what they did was they put a piece of paper and said, here's your moral argument.
And they had people make the moral argument.
And then they had the paper fold over, and then it attached itself to another piece of paper.
And when it came back a minute or two later, they said, oh, go back, go back.
Sorry, we didn't record that.
Can you make the argument again?
And then people make the complete opposite argument, right?
So it could be like, I'm pro the death penalty, right?
You make that argument, right?
And then the piece of paper would stick and then it would be anti-death, anti-death penalty.
I'm against the death penalty.
They make that argument.
And they wouldn't even notice.
They just made a completely different argument.
They do what they're told, they shuffle what they're ordered to, they do the assignments, they nod, they clap, everyone's clapping, something's funny, everyone's laughing, something's good, right?
So people are just programmable, for the most part, right?
And, you know, I think it's a shame, and we're certainly working to alter that as much as possible, but people are programmable, right?
So people have been programmed into being against Bitcoin, or being skeptical of Bitcoin, or it's not real and Bitcoin is bad, right?
Now, please understand,
What will happen when people are just told that Bitcoin is good?
I mean, you've seen that NPC thing, where they change the module, right?
Switch from Ukraine to Israel, like, they switch, and people, they just charge off in the new direction, they don't even know there's a difference.
So people will be told that Bitcoin is bad, and, of course, George Orwell wrote about this in 1984, under a totalitarian regime, that we are always at war, we've always been at war with East Asia, when they, yesterday, were in fact at war with Eurasia, right?
So the real market pump is going to happen when the narrative flips on Bitcoin and people just stampede to want it now.
And there will be no reference to the previous stuff, right?
Bitcoin is the fastest growing, most stable asset in human history.
And people won't say, well, wait a minute, yesterday you were just saying it was volatile.
They won't notice it.
I mean, I don't know how people live like this.
I don't know, but they do.
They clearly and absolutely and totally do.
Donald Trump went from a totally cool guy who hung out with rappers and was never even considered to be a racist to a terrible racist.
And nobody referenced anything before, right?
So, that's the reality of where we live.
Now, you and I, I hope, I'm sure you do too, so you and I have some kind of continuity and throughput on our references, right?
We can't just turn on a dime.
We can't just say, yes, we've always been at war with East Asia.
We notice when things change, right?
Like, people will literally say, trust the science, when science is all about skepticism, right?
And they don't notice it, right?
They don't notice the difference at all.
And so what will happen is people are being scared away from Bitcoin by people on business shows saying it's volatility and it's not physical like gold and it's nerd money and it can evaporate and if the internet goes down and you'll lose everything.
So they just get scared away, right?
Because the powers that be aren't comfortable with or don't want to buy Bitcoin.
Ah, but when the powers that be want to buy Bitcoin, whether it's coordinated or spontaneous won't really matter.
People will just be told that Bitcoin is the most precious and powerful human storage of wealth that has ever existed.
It's the internet of money.
And they won't even say the volatility issues have been cured and it's less volatile now.
And, you know, sorry we said that before or things have changed.
They don't do that.
They just say Bitcoin is scary.
And people are like, ah, Bitcoin is scary.
And then they'll say, Bitcoin is great.
People are like, ah, Bitcoin is great.
They don't even turn on a dime because there's no momentum to even turn.
I don't know if I'm explaining this well or not.
But when people are told that Bitcoin is great, they'll just want Bitcoin.
Right?
I mean, if you've been around these kind of crazy things that I don't think they happen as much anymore for a variety of reasons, but...
When I was a teenager, it was like, oh, Cabbage Patch Kids!
You've got to have Cabbage Patch Kids!
And people just went insane.
They were just told that Cabbage Patch Kids was the it dress.
I mean, look at fashion.
This dress is in.
Oh, that dress is out.
But this dress is in.
This dress is cool and new.
That dress is old and bad, right?
This designer is the cool hip D-K-N-Y.
This designer is the cool hip new designer.
And people are like, OK, I want that.
So when the powers that be realize that it's time to get into the lifeboats, they'll say that the lifeboats are the new Titanic.
And the old Titanic, they won't even reference it.
And it'll just vanish from people's minds.
So... The Garbage Pail Kids?
Yeah!
Or there was... Tickle Me Elmo was another one, right?
Nobody knows why.
Nobody knows why Tickle Me Elmo became... But people just do it!
Tickle Me Elmo!
The kids really want it!
If you're a good parent, man, you'll buy... Now, of course, all of this crap happens because parents dump their kids in daycare and thus need to buy their love and all of that kind of stuff.
But there's always something!
When I was a kid, it was the Rubik's Cube stuff, and then it was the Fidget Spinners for a while.
Like, there's always some stupid craze running through people.
I mean, I'm sure it's all coordinated from something, right?
So, when the narrative shifts, people will just be like, Bitcoin is great!
Well, weren't you saying that Bitcoin was terrible yesterday?
No, no, no, that was just, you must have misunderstood me.
Like, they won't
So all that happens is somebody has to push a big red button in the propaganda machine to tell people that Bitcoin is great and everybody will love Bitcoin and Bitcoin will be the greatest thing and the salvation of everyone and Bitcoin will be the most wonderful invention in the history of humanity and everybody will want Bitcoins and they won't even remember.
I don't know how people live like this, I genuinely don't, but they do.
30-50% of people have no inner dialogue, they're just surfing on the whim of the moment.
So what I want to point out is that with all the fear, uncertainty and doubt that's been pumped into Bitcoin, Bitcoin has been the fastest growing value storage in all of human history.
What happens when they flip the switch to the NPCs now saying Bitcoin is good, Bitcoin is essential, Bitcoin is necessary, Bitcoin is salvation, Bitcoin is the future, Bitcoin is the internet of money, Bitcoin is the greatest invention in the history of humanity.
Bitcoin, blah, blah, blah, blah, right?
I mean, there are all these shows where people who are transparently trying to do the opposite make money.
So, I mean, all you need to do is get a couple of Spanish AI-generated TikTok influences with fake AI dancing to talk about how wonderful Bitcoin is while showing some cleavage.
I don't know, I hate to say it, I really do.
I really hate to say it, but I mean, tell me if I'm wrong.
Tell me, tell me if I'm wrong.
Tell me if I'm wrong.
People often just go with the crowd.
They don't go with the crowd.
No, the crowd goes with the propaganda.
It's not just the crowd wandering around and people following.
Good info on me putting more in the lifeboat.
I forgot to even ask for tips.
If you'd like to tip, that would be excellent and fantastic and wonderful.
I know you're all donors, so don't feel obligated, but if I'm providing something that's going to be of value to you, or in the past, if by talking about Bitcoin I have provided something that's provided some value to you, I would certainly appreciate it.
Your support.
So I appreciate that.
And of course, if you're listening to this later, freedomain.com slash donate to help out the show.
That would be most excellent.
So hit me with 1 to 10 on how valuable you find these kinds of chats and conversations about.
Again, I'm no financial expert, but you know, I know a little bit about some econ and all that.
And of course, I've been around Bitcoin forever.
So if you find this stuff valuable, just hit me.
Minus 10, not valuable.
Plus 10, super valuable.
I just really kind of want to gauge
How important it is to do this kind of stuff.
Obviously, I always want to be providing as much value as possible.
10.
Hopefully, that's a plus.
I'll take the default plus.
11.
All right.
All right.
Well, let's see if we can get these done on a more regular basis.
Does this time work at all for anyone?
Was this Monday, 10 p.m.?
Maybe.
Monday.
10, 10, 10.
No, you're just giving me binary at this point.
Oh yeah, there is a lady here.
Oh, lovely!
Not a total sausage fest.
Plus 10, Steph's insights super valuable.
Well, fantastic.
I'm pleased for that.
Okay, well maybe we'll set something up like that.
Seven, because your psychology and emotional turning is more important to me.
That's fair.
I will watch your original truth about Bitcoin again.
You might want to watch the more recent one.
Uh...
It's great for me, I'm a night owl!
Yeah, me too, me too.
The future will show how valuable this really is.
I hope so, I hope so.
Alright, well thanks everyone so much for a glorious evening.
Great questions, great comments, and to the people that I nag, please know that you are absolutely essential to the conversation as well, and I don't mean anything in terms of hostility when I nag at you.
Oh, I'm glad that you caught the live stream.
Thank you so much.
Yeah, this is not anything hostile or negative, and you are an absolutely essential part of the conversation, and I really appreciate you being honest with your thoughts and feelings, and I hope you don't mind too much if I push back on them.
So, have yourselves a glorious evening, everyone.
Lots of love from up here, and happy coining!
I'll talk to you soon.
Bye.
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