Stocks Becoming Policy, Bitcoin Becoming Money

[0:02] Yo, welcome back to another episode of
[0:04] the Jack Mallers Show. I'm your host
[0:07] Jack. You are listening to another
[0:09] episode of Mailbag Monday episode 101.
[0:13] We've done over 100 of these. Thank you
[0:15] guys for tuning in.
[0:18] Before we get started, let me timestamp
[0:21] this episode. I'm talking to you guys at
[0:24] a Bitcoin price of $92,410.
[0:27] Bitcoin's market cap sits at a clean
[0:29] 1.85 trillion.
[0:32] Our all-time high remains at $126,160.
[0:36] We made that all-time high on October
[0:38] 6th, 2025, which was 105 days from
[0:41] today.
[0:43] We're 26 and 1/2% off that all-time
[0:46] high.
[0:47] The Bitcoin block height, the last
[0:49] Bitcoin block mined since I hit record
[0:52] was Bitcoin block 933,000
[0:55] and
[0:56] two.
[0:59] Before we get started,
[1:03] I was at the game last night.
[1:05] That's why my voice is a little rough.
[1:09] Um
[1:10] listen.
[1:18] People say,
[1:22] "I don't like when you talk about
[1:23] football on your show."
[1:25] Well, guess what?
[1:26] It's my show. It's not your show. And
[1:29] so, we're going to talk about the NFL.
[1:32] There's been Packers fans in my
[1:33] comments, all sorts of fans. Bitcoin's
[1:36] this global phenomenon, this cultural
[1:39] phenomena.
[1:41] And it's cool.
[1:42] We all come from different parts of the
[1:45] United States or the world, and we align
[1:48] in this monetary peaceful revolution.
[1:50] And so, it's been fun
[1:52] for other parts of my life that don't
[1:55] involve Bitcoin to overlap with you
[1:57] guys.
[1:59] And so,
[2:00] I had to just say
[2:02] um to the Chicago Bears,
[2:05] an unbelievable season.
[2:07] This team, this 2025 Chicago Bears,
[2:12] 2025-2026 team, restored my faith in the
[2:16] city of Chicago.
[2:18] You know, we are one of the most
[2:20] indebted cities sitting inside one of
[2:22] the most indebted states. Crime is
[2:24] through the roof. I mean, it's bleak.
[2:26] Chicago's becoming a really tough sell.
[2:29] And I'm at a point in my life where I'm
[2:32] looking to get married, and I'm looking
[2:34] to have children, and I'm very excited
[2:37] to, hopefully, God willing, to become a
[2:39] father.
[2:41] And Chicago's been tough, man. It's
[2:43] always been home for me. I've always
[2:44] wanted my kids to grow up where I grew
[2:47] up, and I wanted to provide them the
[2:48] life that I felt so blessed to have, but
[2:50] this city's been deteriorating. There's
[2:52] just no doubt about that.
[2:55] And uh
[2:57] for some reason, this team has brought
[2:59] the best out of this city. Chicago, let
[3:01] me tell you guys Chicago.
[3:03] In in a bull case, there's obviously
[3:05] there's a bear case, which we talk about
[3:07] on this show frequently. The local
[3:09] politics have been bad, the fiscal
[3:11] situation is bad. I mean, Chicago's gone
[3:13] fiat as [ __ ]
[3:15] And we got to fix it, and we will fix
[3:17] it. I might run for mayor,
[3:19] okay? Someday, not now.
[3:22] But here's the bull case for Chicago,
[3:24] okay?
[3:26] Chicago is, you know, you've got the
[3:30] hyper-financialized
[3:32] East Coast.
[3:34] These [ __ ] insider penny stock
[3:36] trading
[3:38] hedge fund bro [ __ ]
[3:41] And then you've got the LA Hollywood
[3:45] West Coast. These plastic surgery fake
[3:48] tits, disgusting, gross, grotesque, like
[3:52] just no soul.
[3:54] And Chicago sits in the middle.
[3:58] Salt of the earth, brick by brick, real
[4:01] people, real humans, real ethics, real
[4:03] morals. Got a Midwest soul, got some
[4:06] grit.
[4:10] That's what this city is. We've got our
[4:12] own body of water. Soldier Field
[4:16] sits on Lake Michigan. We've got our own
[4:18] lake.
[4:19] We've got the highest volume financial
[4:22] exchanges in the world sitting on its
[4:24] own lake.
[4:26] We have our own beaches.
[4:29] We have our own professional sports team
[4:31] in each major sport.
[4:33] Our own private golf courses.
[4:36] Yeah, the weather sucks. But life isn't
[4:39] fair.
[4:41] And this city has grit. So, everyone
[4:44] from this city,
[4:46] it was really cool to go on this playoff
[4:48] run, to be in Soldier Field. Give me a
[4:50] little hope in Chicago, honestly. It
[4:53] really did. So, great season to the
[4:55] Chicago Bears.
[4:57] Um and I like talking [ __ ] with you guys
[5:00] uh on a Bitcoin podcast when it comes to
[5:01] the NFL. And who knows, maybe some of
[5:03] our other uh life interests will
[5:05] overlap. Okay, with that being said, and
[5:07] for all of you that don't give a [ __ ]
[5:08] sorry.
[5:10] I don't know what to say. It's my show.
[5:12] Um let's get into it. I'm really excited
[5:13] for this episode. Today's title, stocks
[5:16] becoming policy, Bitcoin becoming money.
[5:19] Uh the insight that I have is that, you
[5:22] know, I was arguing with Dylan after the
[5:23] game yesterday. We went to a little
[5:25] local restaurant, had a glass of wine,
[5:28] and we were talking about the show. And
[5:30] I was trying to tell Dylan, I said, "You
[5:31] know, I think the stock market is
[5:33] becoming nationalized. I think markets
[5:36] are becoming a public utility. They're
[5:37] bec- or excuse me, a political utility.
[5:40] They're becoming policy."
[5:42] And Bitcoin, importantly, is not. Uh
[5:45] obviously, it really can't. You can't
[5:47] control it. You can't nationalize it.
[5:50] And
[5:51] these things have started to diverge.
[5:53] Now, albeit, Bitcoin's diverged to the
[5:55] downside while stocks have remained
[5:57] relatively performant near all-time
[5:59] highs. And I'll explain that in a
[6:01] second. But the fact that they've
[6:03] diverged is really important. It's
[6:05] really telling. And some of the math, if
[6:07] you if you take a deeper look into this
[6:09] idea whilst you also do a little bit of
[6:13] the math, I think it tells a very clean
[6:15] story of where we are, what's going on,
[6:18] and what the next chapters might look
[6:20] like. So, first things first, let's look
[6:23] at the math. So, chapter one of today's
[6:26] episode, the math breaks the narrative.
[6:28] Okay?
[6:29] So, the thing that you guys need to
[6:31] understand what's going on and why the
[6:33] US is utterly and completely screwed is
[6:37] that true interest expense is now higher
[6:40] than 100% of our receipts. Okay? So,
[6:45] what does that mean? That means that
[6:49] our baseline expenses that aren't
[6:52] discretionary,
[6:53] okay? So, these are the expenses, our
[6:55] interest costs,
[6:57] uh social security costs,
[6:58] non-discretionary spending,
[7:01] is higher
[7:03] than
[7:05] the receipts that we bring in, the
[7:07] revenue that we bring in. So, what are
[7:08] you looking at here? This is the US
[7:10] federal government budget. For those of
[7:12] you listening on the podcast, I'm
[7:13] showing a visual of the US budget. And
[7:17] it has our outlays in red and our
[7:20] receipts in green. And the black line
[7:23] shows the difference between these two
[7:25] numbers, which is the deficit, right?
[7:28] Your receipts minus your outlays. So,
[7:30] currently, it shows the US brings in
[7:33] just below $5 of receipts. That's $5 of
[7:38] net revenue. Think about it. If we were
[7:40] accounting in basic business terms.
[7:43] And then if you look at our outlays,
[7:45] which, you know, for
[7:47] accounting 101, for just running a
[7:49] business, you could think of that as our
[7:50] cost. What are the costs to run the
[7:52] company?
[7:53] Was just below $7
[7:56] So, it's actually actuals are 4.92
[8:00] trillion of receipts and 6.75 trillion
[8:04] of outlays, which leaves a $1.83
[8:08] trillion deficit.
[8:10] And the last calendar year here on this
[8:13] visual is 2024. As I've talked about on
[8:15] this show, our annualized deficit has
[8:18] now exceeded $2 So, these numbers are a
[8:21] little bit outdated, but you guys get
[8:24] the point. Now, what I want the number I
[8:26] want you guys to focus on for a second
[8:28] is this 4.92, this $5
[8:32] number. That's our receipts. Now, if I
[8:35] go to the next slide, this kind of pulls
[8:38] on that thread, double clicks into the
[8:41] math. What makes up our costs? So,
[8:46] if you look at the title here, it says,
[8:47] "Net interest outlays is now higher than
[8:50] national defense."
[8:52] So, for one,
[8:55] when you have $38
[8:57] worth of debt, and that debt costs you 3
[9:01] to 4% in interest,
[9:04] we have now exceeded a trillion dollars
[9:07] in annual interest expense. So, it costs
[9:11] us $1
[9:14] in interest alone
[9:18] to run the United States of America
[9:20] because we're so indebted, cuz we have
[9:22] $38 worth of debt, and interest rates
[9:26] set by the Fed are so high
[9:31] that our bill, and I'm not talking about
[9:34] any just the interest on the debt, just
[9:37] paying those who have lent the United
[9:39] States money. So, those that buy
[9:41] Treasuries, right? So, maybe that's
[9:43] individuals, maybe it's banks with your
[9:46] bank deposits, maybe it's China, maybe
[9:47] it's Japan, maybe it's India.
[9:50] Whoever's lending the United States
[9:52] money, the United States owes them
[9:54] interest on those loans.
[9:57] It's a trillion dollars a year,
[10:00] okay? And
[10:02] what is
[10:03] hard to believe and seemingly impossible
[10:06] to comprehend
[10:08] is that the interest on our debt is now
[10:11] higher than our national defense budget.
[10:15] Okay? Now, if you take
[10:18] national defense, which in this visual
[10:21] is .9 trillion,
[10:23] and you take our net interest cost,
[10:26] which is 1 trillion, so you've got a
[10:29] little under 2 trillion dollars there,
[10:31] and you add health, Medicare, and Social
[10:35] Security. Again, that is
[10:37] non-discretionary
[10:39] spending. These are expenses that you
[10:42] the United States has, no matter who's
[10:44] in office, no matter the policy, no
[10:46] matter for war. These are annual
[10:49] expenses that we've promised to the
[10:51] American people, non-discretionary
[10:54] spending.
[10:55] You get 5.5
[10:58] trillion dollars.
[11:01] Now, the unbelievable Ponzi that you
[11:04] have to understand, guys, is if I go
[11:06] back a slide, 5.5
[11:09] trillion dollars is higher than 4.92
[11:15] trillion.
[11:16] Mic drop.
[11:18] The United States is officially living
[11:22] in a Ponzi scheme.
[11:25] I'm not I'm not I'm not being
[11:27] exaggerative. I'm not being dramatic.
[11:30] I'm being dead serious.
[11:32] Our non-discretionary spending, so the
[11:35] amount of bills that we have, no matter
[11:38] what. It doesn't matter what Elon Musk
[11:40] wants to cut for Doge. It doesn't matter
[11:43] It doesn't matter if the Democrats win
[11:45] or the Republicans win or this guy's
[11:47] right or that girl's wrong. It doesn't
[11:48] matter. Our baseline expenses exceed our
[11:53] revenue. And mind you, this is revenue
[11:56] with the stock market at all-time high,
[11:59] with the highest GDP print in years.
[12:02] The economy is supposedly booming. The
[12:04] stock market is at all-time high.
[12:10] This is why America. This is a Ponzi
[12:14] scheme.
[12:16] Okay?
[12:18] Now,
[12:20] if we look at our outlays, again, our
[12:22] biggest costs, okay? This chart comes
[12:25] courtesy of Luke.
[12:27] You have Health and Human Services is
[12:29] our biggest expense, okay? You have
[12:32] Social Security is our second biggest
[12:34] expense. Our third largest expense as a
[12:37] country is the interest on our debt.
[12:40] And so, if you want to get a better
[12:41] understanding, listen.
[12:44] Don't buy into the Jerome Powell and the
[12:47] Donald Trump fighting.
[12:49] It's political theater. You're wasting
[12:52] your time. You're wasting your energy.
[12:54] You're wasting your emotion. Focus on
[12:56] you, king.
[12:58] These guys are politicians. They're
[13:00] actors. They're entertainers.
[13:04] Their fighting
[13:07] has everything to do with this.
[13:10] The interest cost has to come down. The
[13:13] United States is literally running a
[13:15] Ponzi scheme. It's base level costs
[13:18] exceed
[13:20] its receipts while the stock market's at
[13:23] all-time high. They are over budget.
[13:26] They have to bring the costs down, and
[13:28] the only thing they can reasonably
[13:31] change is the cost of the interest
[13:33] payment. And this is where Keynesian
[13:35] economics gets you stuck in a pickle.
[13:39] Which one do you want? Do you want
[13:41] inflation?
[13:45] Right?
[13:46] Sure, the Fed can set interest rates to
[13:48] zero. The cost of money is literally
[13:51] zero. It costs you zero to borrow and
[13:53] create new units of currency.
[13:56] You're going to get inflation in
[13:57] everything. You're going to destroy the
[14:00] value of your money.
[14:02] Okay? That happened during COVID, right?
[14:06] Okay, so you want to hike interest rates
[14:08] up to destroy inflation. Okay. Well,
[14:13] you render your banking system insolvent
[14:15] because you forced them to lend to you
[14:18] with customer deposits.
[14:21] And you let you run your government
[14:24] insolvent because they are the biggest
[14:27] debtor of all, and they can't afford
[14:30] interest payments at this high of rates.
[14:33] Which one? Which way, Western man?
[14:37] But the fight is merely about whose
[14:39] fault it will be. That's all this is.
[14:42] But the reason Trump is so upset, the
[14:45] reason the Trump administration is so
[14:47] upset, is because the math isn't
[14:49] mathing. They have to bring these costs
[14:52] down. This is not I mean, it is just a
[14:55] flat-out Ponzi.
[14:58] And the only way to do it is by bringing
[15:01] the interest down. That's it. Trump says
[15:04] he wants interest rates at one or lower,
[15:07] and he's going to get it. Why? How do I
[15:09] know that?
[15:10] Because I'm just doing the math.
[15:12] The The red arrow here, pointing at the
[15:15] Treasury interest expense, this is the
[15:17] only number that is politically
[15:19] acceptable to change.
[15:23] Unless Trump thinks he can win midterms
[15:25] and Republicans can get reelected if
[15:27] they take away everyone's health, human
[15:29] services, and Social Security.
[15:31] But if the Democrats are running and
[15:33] they're going to support that, I bet
[15:35] they win. That's the problem here.
[15:38] Government's gotten too big.
[15:42] And so, this from Reuters, the US posts
[15:44] record 145 billion dollar December
[15:48] deficit as outlays outpace receipts.
[15:54] Okay, so that's the basic math, and that
[15:56] framework obviously
[15:59] tells me that, you know, Bitcoin's going
[16:01] to go on a huge run because they we're
[16:03] entering, and we've talked about it on
[16:04] this show, we're entering wartime
[16:07] financing. The United States is going to
[16:09] start spending like we are at war, and
[16:13] war is a loose term. You can make the
[16:15] argument that we are at war. It's not a
[16:17] hot war. It's not a kinetic war.
[16:19] Hopefully, it doesn't get to lots of
[16:22] missiles and lots of dead bodies,
[16:24] but it could be a soft war. It could be
[16:26] an AI war. It could be an arms race for
[16:29] the next leg of, you know, the digital
[16:32] world. There's no doubt about that. And
[16:35] we're going to need to spend like it.
[16:37] Okay? And when the money printer comes
[16:39] on and dollar liquidity increases,
[16:42] Bitcoin's the fastest horse.
[16:44] Now, interestingly,
[16:46] for those that haven't noticed, the
[16:48] stock market and Bitcoin, which are
[16:51] traditionally very correlated, they've
[16:53] diverged.
[16:55] Bitcoin has found itself in this kind of
[16:57] weird sideways to bearish market as of
[17:01] recent. And 2025 was a very frustrating
[17:03] year for a lot of people. Everyone
[17:05] thought Bitcoin was going to go to the
[17:06] moon, four-year cycles, blah blah blah
[17:07] blah blah.
[17:08] And the stock market's still hovering
[17:09] around all-time highs.
[17:12] I'd like to make the point that I think
[17:15] that the stock market is currently being
[17:17] nationalized by the United States. It's
[17:19] obviously already nationalized in China,
[17:23] but it's being nationalized in the
[17:25] United States. Markets are now a
[17:27] political utility. We should not think
[17:29] of them as a free market. We also should
[17:31] not think of them as an expression of
[17:33] currency debasement.
[17:36] You know, human beings are natural
[17:37] optimists.
[17:39] A lot of our doing is placing a premium
[17:42] on the future and building for the
[17:43] future. In fact, money is the most
[17:45] effective technology that we've invented
[17:48] to allow ourselves to do that, to create
[17:50] value today, bring it with us tomorrow.
[17:53] And so, technology and things like the
[17:55] Nasdaq have historically always been an
[17:57] expression of currency debasement. Now,
[17:59] not a great one, not a perfect one.
[18:01] They're not supposed to be monetized.
[18:03] They're equity. They're not money.
[18:06] But nonetheless, they've traditionally
[18:08] been that, and all of a sudden, they're
[18:09] not. So, let's take a closer look. So,
[18:11] this comes from Arthur Hayes.
[18:14] There's four lines on this chart.
[18:16] The gold line is the price of gold.
[18:20] The red line is the price of Bitcoin.
[18:23] The green line is the Nasdaq index.
[18:27] And the pink line is the US dollar
[18:30] liquidity index.
[18:33] Let's state some obvious truths from
[18:35] just looking at this chart.
[18:38] One, Bitcoin is highly correlated to the
[18:42] US dollar liquidity.
[18:45] The pink line and the red line move
[18:47] together. You can see the pink line has
[18:49] been a slow sideways to downwards drag.
[18:53] What does that sound like? That sounds
[18:54] like Bitcoin's price action, a slow
[18:56] sideways to downwards drag.
[18:59] Now, weirdly, the green line was also
[19:03] historically very correlated to Bitcoin
[19:06] and to the US dollar liquidity index
[19:08] until recently. Until end of Q3 and Q4
[19:13] of 2025,
[19:15] the green line has
[19:17] de-correlated from Bitcoin. The Nasdaq
[19:20] has de-correlated from Bitcoin and has
[19:22] de-correlated from US dollar liquidity.
[19:25] If US dollar liquidity is tight, if
[19:28] markets are weak,
[19:30] Bitcoin will tell you that, and it has
[19:32] told us that truth.
[19:34] Why has the stock market not reflected
[19:37] that? Now, in gold, the other obvious
[19:40] truth is that gold has had a smashing
[19:42] last 18 months,
[19:44] record highs, outperformed everything.
[19:46] Let's talk through this. First of all,
[19:49] China,
[19:51] 1.2 trillion dollar trade surplus. That
[19:54] is a record. China had a massive 2025.
[19:59] This from AP. China's trade surplus
[20:02] surges 20% to a record 1.2 trillion even
[20:06] with Trump's tariffs. This from
[20:09] Bloomberg. China's 1.2 trillion dollar
[20:11] windfall quietly seeps into global
[20:14] markets.
[20:16] I read the first few paragraphs of the
[20:18] article. A record trade surplus racked
[20:21] up by China is washing up around the
[20:23] world as export earnings that once ended
[20:26] up in state coffers instead fund massive
[20:30] private purchases of overseas securities
[20:32] and business expansion abroad. Rather
[20:35] than leaving most of last year's 1.2
[20:38] trillion dollar windfall in the hands of
[20:40] the Central Bank, some 2/3 of the
[20:43] foreign assets sourced primarily from
[20:45] global trade ended up with companies,
[20:48] individuals, and state lenders. That
[20:50] brings with it the risk of a sudden
[20:53] capital reversal that China doesn't
[20:55] immediately control, especially in a
[20:57] world where the yuan is allowed to
[20:59] strengthen.
[21:01] Investors
[21:03] comprising China's so-called
[21:04] non-official sector saw their holdings
[21:07] of assets abroad soar by more than a
[21:09] trillion dollars in the first three
[21:11] quarters of 2025. According to the last
[21:14] available data from China's currency
[21:16] market regulator, more than double the
[21:19] annual average growth in the past
[21:20] decade. Why did I read those three
[21:22] paragraphs? There's some huge takeaways.
[21:24] One, 1.2 trillion dollar surplus. China
[21:28] is the world's factory. Tariffs are not
[21:30] slowing them down and yuan is not
[21:32] slowing them down. You're You've heard a
[21:35] stronger yuan referenced in this
[21:37] article. I just referenced it. What's
[21:39] the relevance of that? Guys, remember a
[21:41] weaker currency allows for cheaper
[21:43] labor. So, if you want to be the place
[21:46] that makes the world's rare earths, that
[21:48] makes the world's iPhones, that makes
[21:50] the world's cars, that makes the world's
[21:53] laptops, well, you're going to need
[21:54] cheap labor. The reason Tim Cook doesn't
[21:57] employ people in Manhattan to make the
[21:59] iPhone and he employs people in China to
[22:01] make the iPhone is very simple. It's
[22:03] because in Manhattan it costs $10,000 a
[22:05] month to barely survive. And in China
[22:08] that's not the case. That's in part
[22:10] because when the dollar is the world
[22:13] reserve currency, it strengthens the
[22:14] currency itself. It strengthens dollar
[22:16] assets like real estate, like the cost
[22:19] of living. And so, if you have a weaker
[22:21] currency,
[22:22] you have better cheaper labor markets.
[22:26] And so, this is despite the stronger
[22:28] yuan. So, obviously the United States,
[22:30] we've talked about this, is trying to
[22:32] weaken its currency cuz it's trying to
[22:34] reshore. It's trying to be competitive
[22:35] again in the game of producing real
[22:38] stuff. Okay, so it's trying to weaken
[22:40] the US dollar against the Chinese yuan.
[22:42] It's been able to do that successfully
[22:44] and Trump has imposed tariffs. Despite
[22:47] both of those things, China posted a
[22:50] record 1.2 trillion dollar trade
[22:53] surplus. Now, it's a 2/3 of that. So,
[22:56] over 60% of that was invested in foreign
[22:59] assets. Guys, there's not a lot of
[23:01] investable places in the world outside
[23:04] of China and the United States. If it's
[23:06] foreign to China, it's going into the
[23:08] United States primarily.
[23:10] And so, the point of this article is a
[23:12] lot of that money is going into the US
[23:15] stock market.
[23:17] We've talked about this.
[23:19] Part of being the world reserve currency
[23:21] means you're running a deficit. When we
[23:24] run a deficit, someone else runs a
[23:25] surplus, right?
[23:28] And so, we run a two trillion dollar
[23:30] deficit. There's two trillion dollars
[23:32] worth of trade surplus on the other side
[23:33] of that deficit and that money gets
[23:35] repatriated back into the United States,
[23:38] into our capital markets, into our
[23:39] farmland.
[23:42] And that's why we have an artificial
[23:44] premium on our [ __ ]
[23:47] You want to know why your real estate is
[23:48] unaffordable? Well, because institution
[23:51] and Chinese investors are bidding up all
[23:53] the nice real estate.
[23:55] Bidding up all the stocks. Bidding up
[23:57] all the farmland. Bidding up all the
[23:59] high quality food supply.
[24:02] And so, the point is China
[24:06] is There's a few points here. One,
[24:09] China's buying a [ __ ] ton of gold.
[24:12] When prices move like gold has been
[24:14] moving, that means there is a price
[24:16] insensitive buyer. There is a buyer that
[24:19] does not care about the price. They're
[24:22] buying no matter what. Who are these
[24:24] price insensitive buyers? China, Russia,
[24:28] India.
[24:30] US Treasuries are no longer safe.
[24:33] They're no longer viewed as risk-free.
[24:36] They're no longer viewed as reserve.
[24:38] You're seeing these countries remonetize
[24:40] gold. And when you think at the size and
[24:43] scale of 1.2 trillion dollars, that is
[24:46] what is moving the gold market for one.
[24:49] You have sovereign nations remonetizing
[24:52] neutral assets. That's incredibly
[24:54] bullish for Bitcoin.
[24:56] Bitcoin will catch its bid on the back
[24:58] half of that and we'll get to when and
[25:01] how in a second. But the fact that the
[25:03] world is moving away from debt-based,
[25:06] treasury-based reserves into neutral
[25:08] reserves is incredibly bullish not only
[25:11] for Bitcoin, but for humanity. We need
[25:13] to get back to being governed by Mother
[25:15] Nature, back to being governed by money
[25:18] that's neutral and fair.
[25:20] Two, China is pouring a ton of their
[25:23] capital into US technology. There's
[25:26] probably a lot of reasons for that. It's
[25:29] a good hedge for them. They want a pulse
[25:31] on AI. Also, there's some really
[25:34] interesting geopolitical strategy here.
[25:36] It allows China to basically intertwine
[25:39] itself into the US stock market. If the
[25:42] yuan strengthens too much, China's going
[25:45] to need to pull capital out of the US to
[25:48] finance itself,
[25:51] which will destroy the US stock market
[25:53] because they have such a concentrated
[25:55] position. So, it also gives them a lot
[25:57] of leverage. Because the US is so
[25:59] financialized, our greatest export is
[26:02] the dollar, is our stocks.
[26:05] And because we've run such a deficit and
[26:07] allowed China to run such a surplus,
[26:10] they're a material owner of US assets.
[26:12] And so, if we weaken the dollar against
[26:15] the yuan too much, they will have to
[26:18] capital flight out of America and it
[26:20] will crash the stock market. It's a very
[26:22] interesting geopolitical chess game.
[26:27] But it's another reason why
[26:29] stocks are becoming nationalized.
[26:32] That's the theme of this chapter here.
[26:36] The US stock market
[26:38] is becoming nation-state and
[26:40] sovereign-driven,
[26:42] which I don't think is a very good
[26:44] thing. So, this if you kept going in the
[26:46] Bloomberg article, you guys should read
[26:48] it independently, but I wanted this last
[26:50] paragraph to be read. By the end of
[26:52] September, Chinese private investors
[26:55] already owned 7.8
[26:57] trillion dollars of foreign assets with
[27:00] an increase that outpaced the buildup of
[27:02] official reserves by nearly five times.
[27:05] When counted together, China now amassed
[27:08] a stash abroad bigger than the entirety
[27:12] of foreign assets owned by Japan, Asia's
[27:14] second largest economy with an enormous
[27:16] hoard of offshore investments.
[27:19] The total value of foreign assets held
[27:21] by China's non-official sector adds up
[27:24] to a sizable pool of funding, accounting
[27:26] for the equivalent of more than a
[27:28] quarter of the 30 trillion dollar
[27:30] Treasury market. So, China now owns more
[27:33] foreign assets than Japan.
[27:36] They're breaking records as far as their
[27:38] annualized surplus.
[27:41] And they're dumping capital into US tech
[27:46] and gold.
[27:48] And so, let's get back to this idea that
[27:50] Bitcoin and the Nasdaq have diverged.
[27:53] And I write here, AI has become
[27:55] nationalized by the United States and
[27:56] China, which is why the stock market is
[27:59] levitating higher than dollar liquidity.
[28:02] Because the point here, and you can see
[28:03] the delta in the arrow here, you've got
[28:05] the Nasdaq in this gold line, Bitcoin in
[28:07] the white. And again, Bitcoin's been
[28:09] highly correlated to US liquidity. Which
[28:14] is, by the way, guys, it's what we
[28:15] always wanted.
[28:18] Bitcoin is not a hedge. Bitcoin is a
[28:21] solution. It's the antithesis to fiat.
[28:24] The more they print, the more it goes
[28:26] up.
[28:27] Bitcoin will win as long as fiat fails.
[28:31] That's always been the thesis. You've
[28:33] always wanted the best expression of
[28:35] currency debasement, an alternative
[28:37] monetary system.
[28:40] Okay? Now, why has the Nasdaq stopped
[28:44] being correlated to dollar liquidity?
[28:48] I make the argument that markets are now
[28:51] political utility.
[28:53] Because of AI,
[28:56] they've been nationalized. They've been
[28:57] co-opted by the state.
[28:59] And, you know, to to summarize what I'm
[29:01] about to explain in detail, it's really
[29:03] this idea that
[29:06] the United States has decided that it is
[29:08] a of national security interest
[29:11] to win at AI, to be competitive. And by
[29:14] the way,
[29:15] AI is now comprising of over half of our
[29:19] economic growth.
[29:21] We've already went over this as well.
[29:22] 50% of the US economy is AI related. And
[29:27] so, not only do they view it as a
[29:28] national security threat and of national
[29:30] security interest,
[29:32] but on top of that, if they stopped
[29:34] supporting AI,
[29:36] we would go into a deep recession,
[29:38] likely depression.
[29:40] And so, what you've seen is
[29:42] AI has a government backstop. This, if
[29:45] you guys remember from November, the
[29:47] National Security Strategy of the United
[29:49] States of America, I highly encourage
[29:51] you guys read this. It's only 33 pages.
[29:53] It's a public document.
[29:55] I will flip to I think this is page
[29:57] five. I wanted to just highlight a few
[29:59] things here. So, this is what do we want
[30:02] in and from the world?
[30:05] Achieving these goals requires
[30:06] marshaling every resource of our
[30:08] national power.
[30:10] Yet, this strategy's focus is foreign
[30:12] policy. What are America's core foreign
[30:14] policy interests? What do we want in and
[30:18] from the world? I'm not going to read
[30:20] them all. I'm going to read the first
[30:22] and the last. They're the most relevant
[30:24] to today's episode.
[30:25] The first one. We want to ensure that
[30:28] the Western Hemisphere remains
[30:29] reasonably stable and well-governed
[30:32] enough to prevent and discourage mass
[30:34] migration to the United States.
[30:36] We want a hemisphere whose governments
[30:38] cooperate with us against macro or
[30:40] narco-terrorists, cartels, and other
[30:43] transnational criminal organizations. We
[30:45] want a hemisphere that remains free of
[30:48] hostile foreign intrusion or ownership
[30:51] of key assets and that supports critical
[30:54] supply chains and we want to ensure our
[30:56] continued access to key strategic
[30:58] locations. In other words, we will
[31:00] assert and enforce a Trump corollary to
[31:04] the Monroe Doctrine.
[31:07] It hits different to read this document
[31:09] again after Venezuela.
[31:12] They're talking about the Western
[31:13] Hemisphere. If you heard the Trump
[31:15] administration talk, he said, "This is
[31:17] our territory. This is our hemisphere.
[31:19] This is our side of the world. Get out.
[31:21] These are our resources. We're running
[31:24] Venezuela. We're going to stop
[31:27] mass migration away from this country
[31:29] because these people are coming into the
[31:30] United States." Again, it's not a
[31:32] political podcast. I'm just referencing
[31:34] and giving context to what they're
[31:35] saying.
[31:36] We don't We don't want Venezuelan people
[31:38] flooding into the United States.
[31:41] We don't want China, Iran, and Russia
[31:44] having their hands all over the natural
[31:45] resources in our hemisphere.
[31:48] We will assert and enforce the Trump
[31:50] corollary to the Monroe Doctrine.
[31:53] Okay, now I'm going to read the last
[31:54] one.
[31:55] The last one of this list. We want to
[31:57] ensure that US technology and US
[32:00] standards standards, particularly in AI,
[32:04] biotech, and quantum computing
[32:06] drive the world forward.
[32:09] These are the United States core vital
[32:12] national interests.
[32:14] While we also have others, these are the
[32:16] interests we must focus on above all
[32:20] others
[32:21] and that we ignore or neglect at our
[32:24] peril.
[32:27] Guys, it's a very clear.
[32:30] We are going to control our hemisphere.
[32:32] We're going to go after natural
[32:33] resources.
[32:37] And we are going to nationalize AI,
[32:39] biotech, and quantum computing.
[32:43] That's it.
[32:45] And that's And we've been seeing that.
[32:47] Now,
[32:48] so anyway, to make my point, why is the
[32:51] Nasdaq levitating
[32:53] up and above US dollar liquidity? Why is
[32:56] it diverging from Bitcoin? Why is it
[32:58] Bitcoin looks weak.
[33:00] You know, it's like, "Oh, Bitcoin's down
[33:01] 2% on the year and the Nasdaq's at
[33:03] all-time highs. What the fuck?"
[33:06] Well, it's because it has a nation-state
[33:07] bid.
[33:08] That's why.
[33:09] And people will say, "Well, that's a
[33:10] good thing, right?"
[33:12] No, I'd be careful.
[33:14] Here's the thing. If we've learned
[33:15] anything from China, a nationalized
[33:17] stock market is good cuz you get
[33:20] unlimited money from the government to
[33:22] prop the stock up until it isn't.
[33:27] You don't want non-free market. You
[33:30] don't want nationalized market. You want
[33:32] a free market. You want the truth.
[33:34] That's what Bitcoin allow real property
[33:36] rights, real freedom of speech, real
[33:38] free markets. That's what we're here
[33:40] for. That's what we're building.
[33:43] Because I'll tell you this, it's all fun
[33:45] and games until the national interest
[33:47] doesn't align with shareholder interest.
[33:52] What's a good example? Didi.
[33:55] We We Here's the thing, guys. We already
[33:57] know this because of China.
[33:59] We don't need to guess at how this goes.
[34:04] So, here's this company Didi Group that
[34:07] I I want to just read. This is from
[34:08] their Wikipedia.
[34:10] So, check this out.
[34:13] On June 10th, 2021, Didi filed to go
[34:16] public on the New York Stock Exchange
[34:17] hoping to raise $10 billion making it
[34:19] the second largest Chinese share
[34:21] offering in the US since Alibaba.
[34:24] On June 16th, it was reported that the
[34:26] State Administration for Market
[34:27] Regulation launched an investigation
[34:30] into Didi around pricing and competitive
[34:32] practices.
[34:33] On June 30th, the company went public on
[34:35] the New York Stock Exchange under the
[34:36] ticker Didi raising $4.4 billion at a
[34:39] valuation of close to $70 billion US
[34:42] dollars.
[34:43] It did so against Chinese government
[34:45] guidance.
[34:47] The Cyberspace Administration of China
[34:50] had sought to persuade Didi to postpone
[34:53] its IPO filing in order to allow for it
[34:56] to have time
[34:58] to do a thorough cybersecurity review.
[35:00] On July 4th of 2021,
[35:03] the CAC, that Cyberspace Administration
[35:05] of China,
[35:07] ordered app stores to remove Didi citing
[35:10] violations around the company's
[35:11] collection and usage of personal
[35:13] information.
[35:14] According to Chinese regulators, the
[35:15] company had delivered sensitive data to
[35:17] the United States Securities and
[35:18] Exchange Commission.
[35:20] The CAC cited that the National Security
[35:22] Law, the 2017 Cybersecurity Law, and
[35:26] Measures on Cybersecurity Review as the
[35:28] basis for its approach.
[35:30] Now, I'm going to go to the next slide
[35:33] and that's the stock. It's now down 70%
[35:37] in the five years since it's publicly
[35:39] listed because the Chinese government
[35:42] destroyed it.
[35:48] Nationalized controlled markets sound
[35:52] better than they are because as soon as
[35:54] national interest isn't shareholder
[35:56] interest, you're [ __ ]
[36:02] This company wanted to go public on the
[36:03] New York Stock Exchange, had all sorts
[36:06] of plans, shareholders were excited,
[36:08] everyone was going to get some
[36:09] liquidity,
[36:10] capital raising from the US.
[36:15] China said, "Uh
[36:18] that's not in our national interest.
[36:20] Your company's dead."
[36:24] Okay.
[36:25] What's another example? What about Trump
[36:29] announcing that he's going to start
[36:31] controlling the credit card market
[36:33] saying that he's going to cap interest
[36:35] rates on credit cards.
[36:38] Well, here's the change since Trump
[36:40] credit cards proposal.
[36:42] Capital One down.
[36:45] Visa down. Jack Dorsey's Block our
[36:48] Bitcoiner Dorsey's down. Citigroup down.
[36:51] Bank of America down. Mastercard down.
[36:53] JP Morgan down.
[36:58] Whoops.
[37:02] The stock market is becoming
[37:04] nationalized.
[37:06] It is
[37:07] really critical
[37:09] that we as Bitcoiners understand what
[37:11] this means, what is happening.
[37:16] Markets are political utility now. They
[37:18] will use them to win votes. They will
[37:21] use them to pay off the indebtedness of
[37:24] the United States. They will use them to
[37:27] soften the economic blow
[37:31] that all of us have to live through.
[37:33] But they are not free markets. They are
[37:36] no longer expressions of currency
[37:37] debasement. This is a huge deal. Bitcoin
[37:41] remains king of property rights, king of
[37:45] free markets, king of freedom of speech.
[37:51] When the dust settles, this is going to
[37:52] be a huge huge deal.
[37:57] There is only one thing you can truly
[37:59] own for free in your brain that is your
[38:02] property and that expresses currency
[38:05] debasement perfectly.
[38:08] Stocks are no longer that. Now, I get
[38:10] it. It's frustrating that they are at
[38:12] all-time highs while Bitcoin is
[38:14] Bitcoin's only us that US dollar
[38:17] liquidity
[38:18] is tight, that markets are weak. It's
[38:21] doing what it's supposed to do.
[38:23] I'm not mad at Bitcoin's 2025 2025
[38:26] performance at all. Listen, of course, I
[38:28] want Bitcoin to go up 1,000% today.
[38:32] But the reality of the situation is I
[38:34] own it
[38:35] for the properties that it has.
[38:38] And US dollar liquidity went down and so
[38:41] I expect Bitcoin to go down, too.
[38:44] And we've reached the point of Ponzi
[38:47] where the US government's true interest
[38:50] expense is higher than its receipts.
[38:55] Why America? Ponzinomics.
[38:59] So much so that the US government is
[39:01] going full-blown China and is
[39:03] nationalizing the stock market.
[39:06] And the stock market is no longer an
[39:09] expression of currency debasement.
[39:14] So, all of this to say that the money
[39:16] printer is coming. So, to bring this
[39:18] back, here is Bitcoin and the US dollar
[39:21] liquidity index. Again, you can see
[39:22] them. They're deeply correlated, okay?
[39:26] And you can see them bottoming out a
[39:28] bit. It looks like So, the US dollar
[39:31] liquidity index here is in the white. It
[39:33] looks like US dollar liquidity bottomed
[39:35] out late last year right before QT
[39:38] ended. And we've been saying it on the
[39:40] show. We called it.
[39:42] the level of quantitative tightening
[39:44] that we lived through
[39:45] from post-COVID boom until this last
[39:49] December 2025 is immense. People say,
[39:52] "What if China dumps all of its US
[39:53] Treasuries?"
[39:54] What the Fed did was orders of magnitude
[39:58] worse than China and Russia and India
[40:00] and Japan dumping all their Treasuries.
[40:03] The Fed erased over $3 trillion of
[40:07] assets.
[40:09] It shrunk its balance sheet from 9
[40:11] trillion to 6 trillion.
[40:15] Markets were tight.
[40:19] And it looks like that has found a
[40:20] bottom.
[40:22] The Fed's balance sheet is expanding. We
[40:24] know what Trump's plan is here and it
[40:25] looks like Bitcoin is trying to find a
[40:27] bottom as well.
[40:30] Okay? Here's my expectation for the
[40:32] money printing that has to happen.
[40:34] Again, we are in Weimarica. We are in
[40:37] Ponzinomics. The stock market's being
[40:39] nationalized. Trump has to print the
[40:41] money. They don't have a choice. It And
[40:43] it doesn't matter Republican, Democrat,
[40:45] left, right, red, blue, doesn't matter.
[40:49] One, the Fed's balance sheet
[40:51] will keep growing.
[40:53] Two,
[40:55] commercial banks will start lending
[40:56] again.
[40:58] A huge piece of the money printer is the
[41:00] commercial banking system. And when we
[41:02] talk about the United States
[41:04] nationalizing things like AI, what
[41:06] they're going to do is have people like
[41:09] Jamie Dimon lend incredible amounts of
[41:12] money effectively risk-free because he
[41:14] knows he has a government backstop to
[41:16] these becoming strategic sectors to
[41:18] America. And three, housing.
[41:21] So, one,
[41:23] we're starting to see it. This is the
[41:25] hostage video from Jerome Powell.
[41:28] Rates will come down. We know this
[41:31] because true interest expense is higher
[41:34] than our receipts. We know this because
[41:36] the only expense item that they can
[41:38] bring down is the interest cost. They
[41:40] have to get rates down cuz we are living
[41:43] through Ponzinomics America.
[41:46] Two,
[41:47] what did I just say about JP Morgan
[41:49] being a critical commercial lender as an
[41:52] arm of the US government? Remember this
[41:54] press release I read you guys late last
[41:56] year. JP Morgan Chase launches a 1.5
[41:59] trillion with a T trillion dollar
[42:03] security and resiliency initiative to
[42:05] boost critical industries. The firm will
[42:07] make direct equity investments of up to
[42:10] 10 billion dollars as part of its 1.5
[42:13] trillion dollar initiative to address
[42:15] pressing needs in key sectors from
[42:19] critical minerals and frontier
[42:21] technologies. Where do you think they
[42:23] got that idea from, guys? Do you think
[42:24] Jamie Dimon came up with that in a board
[42:26] meeting with his executives? [ __ ] no.
[42:28] He got that straight from the US
[42:30] government.
[42:32] I mean, read this thing. Supply chain
[42:34] and advanced manufacturing, defense and
[42:37] aerospace, energy independence and
[42:39] resiliency, frontier and strategic
[42:41] technology. So, that's AI, critical
[42:44] minerals, defense, manufacturing.
[42:49] Here comes the money printer. It's being
[42:52] nationalized.
[42:54] And then the last one, Trump and his 200
[42:56] billion dollar, you know, instead of QE,
[42:58] you get TrumpE.
[43:00] Trump easing. He's just going to do it
[43:02] himself. 200 billion dollar bond
[43:04] purchase to lower the mortgage rates.
[43:08] And
[43:09] you know,
[43:10] I did a much more less kind of doom and
[43:12] gloom AI white collar topic today.
[43:16] But, I wanted to squeeze this in.
[43:18] Breaking, Americans with four-year
[43:20] college degrees now account for a record
[43:22] 25% of US unemployment.
[43:25] The percentage has doubled since 2008,
[43:28] leaving more than 1.9 million degree
[43:30] holders age 25 and over currently
[43:32] unemployed. This is the highest level
[43:34] since data collection began in 1992.
[43:38] And the visual reads, college educated
[43:40] job loss rises, white collar slowdown
[43:43] hits four-year degrees.
[43:46] It is no longer safe
[43:49] to go to college, study hard, get a
[43:51] degree, get straight A's.
[43:59] Crazy.
[44:00] And the reason I bring this up and the
[44:01] relevance to the episode is if the the
[44:03] United States has to do two things. It
[44:05] has to bring its cost down, which it
[44:06] will by lowering rates.
[44:08] It doesn't give a [ __ ] about commodity
[44:10] inflation. It doesn't give a [ __ ] about
[44:11] inflation generally. The math is the
[44:13] math. The costs have to come down. The
[44:15] only thing they can control without you
[44:17] know, losing elections is
[44:19] the interest costs. And so,
[44:22] rates got to come down. And the other is
[44:24] the growth has to come up.
[44:27] Because listen, if you you got to grow
[44:30] your receipts. You got to grow your tax
[44:32] income.
[44:33] And it's going to be really [ __ ] hard
[44:36] to grow your tax income if everyone's
[44:38] unemployed.
[44:40] So, this the amount of money printing,
[44:43] guys, is going to dwarf COVID. I'm
[44:45] telling you now. Just run the math.
[44:47] Maybe next episode I'll do that math for
[44:49] you. Run the math yourself. It's going
[44:51] to dwarf COVID.
[44:53] You're going to have to print enough
[44:55] money
[44:56] to do wartime spending on AI national
[45:00] defense. We already know our national
[45:01] defense budget's going from a trillion
[45:02] to 1.5 trillion, a 50% increase.
[45:06] >> [laughter]
[45:07] >> By the way, everyone college educated
[45:11] white collar is unemployed.
[45:14] How are they going to pay off their
[45:15] mortgage? How are they going to pay off
[45:16] their car note? How are they going to
[45:18] pay off their credit cards?
[45:20] How are you going to get them to vote
[45:21] for you?
[45:22] Mamdani's going to win every [ __ ]
[45:24] election. Mamdani's like, "We're going
[45:25] to I'm going to take everyone else's
[45:27] property and split it up."
[45:29] You got all these kids that are saying,
[45:31] "You know what's a sick joke?
[45:34] You had us go into extreme levels of
[45:36] debt to learn mathematics
[45:38] for 20 years of our lives only to have
[45:41] Elon's robots take our [ __ ] job."
[45:45] [ __ ] you.
[45:47] I'm going to elect the guy that's going
[45:48] to take everyone else's property and
[45:50] split it up.
[45:53] So, the only way to paper that over is
[45:56] more money printing.
[45:59] Now, to end it,
[46:04] slow and steady wins the race. So, all
[46:07] this to say,
[46:08] what are we living through right now?
[46:10] The stock market's being nationalized.
[46:12] It's diverging from US dollar liquidity.
[46:16] America is looking a lot more like China
[46:19] than people are willing to admit.
[46:22] I'm just being honest.
[46:24] During the Biden administration, it was
[46:26] censoring speech.
[46:28] The US government was literally going
[46:30] into social media companies and
[46:32] determining
[46:34] what people were allowed to say and
[46:36] consume.
[46:37] The furthest thing from free speech. You
[46:39] want an example of what isn't free
[46:41] speech?
[46:43] Look at the Biden administration.
[46:44] Pathetic.
[46:47] Now, Trump administration is the same
[46:49] but for property rights.
[46:52] Nationalizing the stock market, taking
[46:55] over companies, controlling credit card
[46:57] rates.
[47:00] Guys, this is China.
[47:04] We're America
[47:06] with a little bit of China. Only a
[47:08] little bit. Only enough to make it
[47:11] interesting.
[47:18] So, we we're living in this weird world.
[47:22] We're living in the best timeline.
[47:24] The world's changing rapidly in front of
[47:26] us.
[47:28] The US is going through a debt crisis.
[47:30] The world is going through a debt
[47:31] crisis. We're getting back to being
[47:33] governed by Mother Nature, back to
[47:34] neutral reserve assets, back to
[47:35] technology, back to distributed
[47:37] networks, back to ethics, principles,
[47:39] morals, back to who humans are meant to
[47:42] be, in my opinion.
[47:45] But, I don't think Bitcoin's ready to
[47:47] take off yet. I I want to end this with
[47:49] a little bit of caution. Slow and steady
[47:51] wins the race, the tortoise and the
[47:52] hare.
[47:54] You know, wise man once said this
[47:55] differently, it's stay humble and stack
[47:58] sats.
[47:59] And my point is, I think that markets
[48:02] right now
[48:04] are front running themselves a little
[48:05] bit because if if you listen to this
[48:07] episode or you read the news,
[48:10] I mean, it's un like there's no doubt
[48:13] the level of money printing is going to
[48:15] be immense. There's no question where
[48:18] all of this is going. There's no debate.
[48:21] Bitcoin will go to the moon. There we
[48:23] will see inflation again. Commodities
[48:25] will continue to soar. The Fed's balance
[48:27] sheet is going to explode. We'll
[48:28] probably see some form of yield curve
[48:30] control. We're probably going to see a
[48:31] lot of these things. The question is
[48:33] when?
[48:35] This is the prediction market. They
[48:38] prediction market doesn't expect rates
[48:39] to change anytime soon.
[48:42] We might not get the rate change until
[48:44] Powell's out.
[48:47] This is bullish sentiment.
[48:50] These are
[48:51] um
[48:51] Goldman Sachs
[48:53] uh research memos. Bullish sentiment
[48:55] rose to its highest since November 2024.
[48:59] Every time that retail bullish sentiment
[49:02] hits these highs, we see a correction.
[49:05] Okay? Another one.
[49:08] Goldman's marquee client poll shows
[49:10] bullishness at levels seen only three
[49:12] other times in the past decade. In late
[49:14] 2017, remember, Bitcoin took a little
[49:17] bit of a dip after that. Late 2020, took
[49:19] a little dip. Late 2024, took a little
[49:21] dip.
[49:22] Two of those instances, markets
[49:24] experienced a correction within 3
[49:25] months.
[49:27] And then this last one, market sentiment
[49:29] has kicked off 2026 on a very strong
[49:31] note. Our risk appetite indicator has
[49:33] accelerated to a 0.9, a 96 percentile
[49:37] reading historically in the highest
[49:40] level [ __ ]
[49:42] There we go. The highest level since
[49:44] early 2025. At these levels small
[49:46] pullbacks tend to become more frequent
[49:48] and outsized equity returns are rarer.
[49:53] And then let me go to the next.
[49:56] Now this to me is the most telling. This
[49:57] is from the Bitcoin layer. Shout out
[49:59] Nick. I love his stuff.
[50:01] Um
[50:02] the S&P 493. So we all know the S&P 500
[50:06] and the mag 7 that dominates the S&P
[50:08] 500. So the S&P 493, the companies that
[50:11] aren't the mag 7.
[50:13] They have been outperforming the mag 7
[50:17] since November.
[50:19] And to me this tells me that the AI
[50:22] trade is running a little dry.
[50:27] How do you bet on AI? You take the mag
[50:29] 7. Give me Google. Give me meta. Give me
[50:32] Amazon.
[50:34] Right?
[50:37] So the fact that the 493 are
[50:39] outperforming the 7
[50:41] AI's running dry. What's another way to
[50:43] say AI's running dry since all of this
[50:45] is getting nationalized? US dollar
[50:47] liquidity is running dry, guys.
[50:50] Yes, it's bottoming. Yes, the Fed
[50:52] stopped QT.
[50:54] They have not started really printing
[50:56] the money yet. Rates are not expected to
[50:58] be cut cuz Jerome is fighting with
[50:59] Trump. I think the markets are getting
[51:01] ahead of themselves. Slow and steady
[51:03] wins the race. I would not be surprised
[51:07] if the markets washed people out one
[51:09] last time before Valhalla.
[51:12] I'm just calling it how I see it.
[51:15] I think we've reached peak Ponzinomics.
[51:19] True interest expense is greater than
[51:22] receipts.
[51:23] They got to get rates down.
[51:26] Commercial banks have to start lending.
[51:27] They have fully nationalized certain
[51:29] parts of the US stock market where it is
[51:31] no longer an expression of currency
[51:32] debasement. Bitcoin is one of the last
[51:35] standing vehicles of true currency
[51:37] debasement, true free markets, true
[51:38] property rights.
[51:40] All extremely bullish.
[51:43] But I don't think
[51:46] we're ready for takeoff yet. I I
[51:49] be cautious cuz I see a lot of people
[51:51] talking about leverage and treasury
[51:53] company. Just be careful.
[51:55] Just be careful. I wanted to squeeze
[51:57] this one in here. Miners are slightly
[51:59] net short. Retail is slightly net long.
[52:02] That's typically also a bearish sign.
[52:05] Okay? So just be careful. Okay, some
[52:08] company updates before I hop into Q&A.
[52:11] Uh strike. I saw this dude Ryan Reynolds
[52:15] tweeted at me. Or no, this is on Noster.
[52:19] Uh line of credit from strike which is
[52:22] coming.
[52:23] Line of credit will start to roll out in
[52:25] the first half of February. So we are
[52:27] less than a month away from our line of
[52:29] credit product rolling out. Bitcoin
[52:31] interest on fiat. That also is in the
[52:34] works. So you can see he says line of
[52:36] credit, Bitcoin interest on fiat. Those
[52:37] are in the works. And then he also
[52:39] wanted the ability to have separate
[52:40] buckets in his account. A checking, a
[52:42] savings, an account for his kids. That's
[52:44] also in the works, Ryan. So strike is
[52:47] firing on all cylinders. The company
[52:48] continues to amaze me. The people are
[52:50] incredible. I mean just the hardest,
[52:52] most dedicated, efficient group of
[52:54] Bitcoiners on the planet in my opinion.
[52:56] We just churn out incredible tools.
[52:59] And I'm really excited for the next few
[53:02] months cuz we're going to have line of
[53:03] credit, interest on fiat deposits. You
[53:06] call it these these buckets. We'll have
[53:08] these account buckets for you guys. We
[53:10] got some really good news from New York
[53:12] that I can hopefully announce any day
[53:13] now which is really exciting. So
[53:16] we're firing on all cylinders at Strike.
[53:18] Continue to give us feedback. I mean
[53:20] we're such a customer focused company.
[53:22] We really build for you guys. I work for
[53:25] you guys. And so keep letting us know in
[53:28] the comments. Tweet at us. These posts
[53:30] mean a lot. You'd be surprised at how
[53:31] many of these make it internally when
[53:34] we're designing our road map, designing
[53:35] our products. So
[53:37] I really I'm proud of the relationship
[53:38] we have with you guys. And so I'm
[53:41] looking forward to Strike. Strike I mean
[53:43] had an all-time year in 2025 and I think
[53:46] 2026 will be even bigger. Our Bitcoin
[53:48] treasury sits at 1,530
[53:51] now and
[53:53] it's not a public company. So Strike is
[53:56] like I mean it's crazy. Strike is a
[53:58] private business that stacks Bitcoin
[54:02] with profits when it's not investing in
[54:03] its own future. And we're I mean our
[54:07] Bitcoin treasury is huge. I mean we
[54:09] would be a top one of all all these
[54:11] other, you know, like capital markets
[54:14] companies. So really impressed by the
[54:16] team and thanks to all of our customers
[54:18] who support us.
[54:21] Okay, 21.
[54:22] I want to spend some more time here.
[54:24] Um
[54:25] I don't know cuz it to me earlier today
[54:28] it seemed fun. We'll see if I
[54:32] believe that after I do it, but
[54:35] I saw this tweet. I got tagged in this
[54:37] tweet.
[54:38] Um
[54:40] what's this guy's name? Bitesidequest.
[54:43] Questions I'd ask Jack about 21 if I had
[54:46] the chance. Well,
[54:47] chance granted, my friend. And thanks
[54:49] for the support and the interest, by the
[54:51] way.
[54:51] Um one, how will you balance being CEO
[54:55] of both Strike and 21 while giving your
[54:57] best to each? Uh I would say
[55:01] we view it. So I personally view it and
[55:05] at both companies we collectively view
[55:07] it as a benefit that I work at both
[55:10] companies. It gives me an incredible
[55:13] amount of leverage, strategic insight,
[55:15] benefit, resourcing
[55:17] to work at both businesses. You know,
[55:19] it's interesting. It's not as if, you
[55:21] know, one business
[55:23] is a cake bakery and the other is a
[55:25] Bitcoin company. They're both Bitcoin
[55:27] businesses. They serve different
[55:28] markets. So 21 is more institutional,
[55:31] more wholesale. Strike is a lot more
[55:33] focused on SMB and retail. But I still
[55:36] work on Bitcoin every single day. That
[55:38] is expressed differently depending on
[55:41] what exactly I'm working on. But the
[55:43] companies benefit each other far more
[55:46] than they detract from each other. And
[55:47] if that were to ever change or be a
[55:49] concern, I would talk about it publicly,
[55:52] especially in a way that communicates
[55:54] responsibly to shareholders. But so far
[55:56] it's been the exact opposite. You know,
[56:00] I say this not from an egotistical
[56:04] stance, um but more just a proof of work
[56:07] stance. You know, there's not many
[56:09] people that have insights into the
[56:11] industry greater than myself
[56:13] being the CEO of these businesses. I
[56:15] mean I'm taking meetings on Wall Street
[56:17] with some of the biggest banks in the
[56:18] world. My business partner being
[56:20] Tether's, one of the biggest companies
[56:22] in the world.
[56:23] And then on the Strike side, I'm I serve
[56:26] I'm one of the largest Bitcoin companies
[56:28] in the world. I mean Bitcoin focused
[56:30] financial services companies in the
[56:32] world. I founded it. I lead that
[56:34] business as well. So I have a deep deep
[56:36] deep understanding of this market, of
[56:39] this industry, where there are
[56:40] opportunities.
[56:42] And so it's been a net benefit for both
[56:45] businesses. Strike has benefited
[56:46] tremendously from my work and
[56:48] relationships at 21. And 21 has
[56:50] benefited tremendously from everything
[56:53] that I do and have built at Strike. And
[56:55] so I think that they are both assets to
[56:57] each other. I think it's a good thing.
[56:59] Um I think that because they are both in
[57:02] the same industry, there is no
[57:04] detracting focus. Some days I work on
[57:06] more on one company than the other. But
[57:09] at the end of the day
[57:10] I continue to just work on Bitcoin.
[57:13] And that's that's the truth.
[57:15] So
[57:16] it's a good question. I see people ask
[57:18] these a lot. So I figured I would I
[57:20] would just spend a second and answer.
[57:22] Two, what's holding back more details on
[57:24] the business side of 21 now that the
[57:26] merger is fully completed? Regulatory
[57:28] hurdles or something else? Well, there's
[57:30] a few things. One, as a public company
[57:32] there's just a lot of strict rules,
[57:34] right? Like I cannot
[57:36] give insider information that isn't
[57:39] disclosed properly, for example. Like we
[57:42] have public filings and there are proper
[57:44] disclosures that I have to make with the
[57:46] SEC as our regulator as a public
[57:49] security. I cannot just get on a live
[57:51] stream and just start running my mouth
[57:53] about what is potentially sensitive
[57:55] strategic information. Um so that is for
[57:58] one. It's just Strike is very different.
[58:01] Strike is a private business. I control
[58:03] everything about Strike. And so I do
[58:06] whatever I want. 21 is a public company
[58:09] and it doesn't really matter the
[58:10] internal structures you put in place.
[58:12] When your company is public, it is
[58:13] technically for sale to the public. And
[58:16] you have to then by proxy
[58:19] work with a regulator to give proper
[58:21] disclosures to the public at all times.
[58:23] And so it's just a different form and
[58:26] style of communicating. And there's so
[58:27] there's pros and cons, right? Like in
[58:29] the Strike side maybe I can be a little
[58:31] bit more free willy in myself when it
[58:33] comes to talking and disclosing things.
[58:35] Um but I don't have access to the
[58:36] capital markets. I don't have access to
[58:38] a lot of the tooling and opportunities
[58:40] that 21 has. And on the 21 side we get
[58:43] access to Wall Street deep pockets. I
[58:45] mean we already are the third largest
[58:46] holder of Bitcoin. And you know, I'd
[58:48] like to think we haven't even really
[58:49] gotten started yet. But you know, at
[58:52] times things are a little bit slower.
[58:55] That was true during our process of
[58:57] taking the company public and trying to
[58:58] complete the merger. That took far
[59:00] longer than we would have liked. The
[59:01] government shutdown got in our way.
[59:04] And then you know, the thing that we're
[59:06] working on, um there's just certain
[59:08] rules that apply. So that's for one. I
[59:10] would say the other thing that I want to
[59:12] talk about is as a company culturally,
[59:15] you know, you get a lot of tweets and a
[59:16] lot of posts at me. Being a public
[59:18] company officer has been interesting.
[59:20] You know, no one has tweeted at me every
[59:23] single day as a Strike shareholder,
[59:25] right? Cuz the stock's not traded
[59:26] publicly and it doesn't bump up and down
[59:29] and you know, go on these crazy runs and
[59:31] then fall. You know, like what's
[59:33] interesting is nothing about the company
[59:35] has changed since the stock has been
[59:37] either $8 or $50. Literally nothing has
[59:40] changed. All we've done is own
[59:43] 43,514
[59:45] Bitcoin. And for some reason at one
[59:47] point the market thought that was worth
[59:49] $50 a share, $8 a share, now back to $10
[59:53] a share. I have no like I can't explain
[59:55] that. I have no idea why, right? Um
[59:59] Strike, I don't have that issue. Like
[60:02] the stock doesn't it's not freely traded
[60:04] to the public. And so anyways, you get
[60:07] all these tweets every single day. Say
[60:09] something, announce something, do this,
[60:10] do this, do this. That's not who I am.
[60:13] That's not who we are as founders,
[60:15] Tether and I.
[60:17] That's also not who we are as
[60:18] Bitcoiners.
[60:20] We're going to announce something, we're
[60:21] going to do it ethically, principally,
[60:22] when it's ready. We believe in proof of
[60:24] work. I've I've told you guys enough. I
[60:26] feel like I've I've talked enough.
[60:28] I every single day Fox wants me on,
[60:31] Bloomberg wants me on, CNBC wants me on,
[60:34] some really really big podcasts that you
[60:35] guys probably know want me on. And I've
[60:37] said give me a second.
[60:39] Cuz I'm done talking.
[60:41] You know, I like coming on here on my
[60:43] own show and giving my opinion on macro
[60:46] and the world, but I'm done talking
[60:48] about, you know, treasury companies and
[60:51] MNAV this and that.
[60:53] We are working very hard internally on
[60:56] what we think is a very big deal. You
[60:58] guys already know what it is
[61:00] directionally. Bitcoin business line,
[61:02] high profit, high margin, high growth.
[61:05] We're working on it. Just because we
[61:06] haven't announced anything doesn't mean
[61:08] we're not working.
[61:10] We're working on it. And it will be
[61:12] announced when it's ready. And that's
[61:13] just a culture of who we are as as
[61:16] people, as leaders, as executives, as a
[61:19] company, and as Bitcoiners. We don't
[61:21] make announcements for the sake of
[61:22] announcing things. I don't believe in
[61:24] that. That's very proof of stake. That's
[61:26] very fiat. It's just not who we are. So
[61:28] I would say it's a combination of those
[61:30] two.
[61:31] It's
[61:32] being regulated as a public company, you
[61:34] have to be very careful about who gets
[61:36] information, how they get said
[61:38] information, making sure that you're
[61:39] following the rules, and also I believe
[61:42] in that ethically. I don't think that
[61:44] certain groups of individuals should get
[61:45] certain type of privileged information
[61:47] over others. I don't want to participate
[61:49] in anything like that. I don't think
[61:50] that's ethical and fair.
[61:52] And then the other is just more proof of
[61:53] work approach. You know, I'm not going
[61:55] to announce something for the sake of
[61:56] appeasing anybody. You know,
[61:58] Tether and myself like
[62:02] own the like a lion's share of this
[62:04] company. We are long-term holders of
[62:06] this business. This is not a trade for
[62:09] us.
[62:09] We're we don't, you know,
[62:12] we we are building for decades and we're
[62:15] going to announce this thing when it's
[62:16] ready.
[62:17] Um so I'll move on to the next one.
[62:20] What happened to the XXI website? Why
[62:22] did the Bitcoin per share metric
[62:23] disappear and why has the news tab not
[62:25] been updated since April? Will there be
[62:27] a website revamp soon?
[62:30] Yeah, I mean we took off the Bitcoin per
[62:31] share metric because
[62:33] I I think it's lesser important. I you
[62:35] know, I think um Bitcoin per share was
[62:38] really top of mind for us when we
[62:41] initially launched.
[62:42] Uh and
[62:44] listen,
[62:46] I think it's become clear in my opinion
[62:48] that the market
[62:51] wants
[62:54] a Bitcoin equity that
[62:57] can do things like get leverage and give
[63:00] maximal exposure to Bitcoin with cash
[63:02] flow
[63:03] without having to dilute common
[63:07] shareholders or potentially sell their
[63:08] Bitcoin.
[63:10] We've seen certain Bitcoin treasury
[63:11] companies have to sell their Bitcoin.
[63:13] We've seen certain Bitcoin treasury
[63:14] companies have to dilute shareholders to
[63:16] finance themselves.
[63:18] And so in that world, I think the metric
[63:21] makes lesser sense. And so that's the
[63:23] only reason. You know, people are like,
[63:25] oh, he did it before. He printed a bunch
[63:26] of shares. Like no, none of that's true.
[63:29] Like the the math is still the same.
[63:32] Um it's just a lesser focus for us and
[63:35] we will come out and give a lot of
[63:38] clarity on what we think is important.
[63:41] Uh again, when we feel that timing is
[63:44] right and things are ready and and we've
[63:46] done the proof of work that we feel is
[63:48] necessary to our standards.
[63:50] Uh and then as far as the news,
[63:53] I mean we could up I mean we could
[63:54] update the news. I sure, I don't know.
[63:57] Um again,
[63:59] I'm turning down CNBC. I'm turning down
[64:02] Fox. I'm turning down podcasts right now
[64:05] because I don't want to, you know,
[64:08] I want to talk about what we've been
[64:09] working on. And I think I I have low
[64:12] time preference here. Um I'm building
[64:16] for what I think matters. That's really
[64:18] who we are. So um
[64:20] that that's when I was planning on
[64:22] updating the news, but I'm sure people
[64:23] write articles about us every [ __ ]
[64:25] day. I mean, I'm sure. I I don't check.
[64:28] I don't read them. Um but if there are
[64:30] some that you guys want me to add to the
[64:32] website, I'm more than happy to do it.
[64:34] It'll take me 2 seconds. If you want to
[64:35] tweet at me and share me the articles
[64:37] that you want me to add, I'm more than
[64:39] happy to do that.
[64:40] Uh is the rough timeline on the start of
[64:42] the business line still early this year,
[64:44] by the end of Q1, or has that shifted?
[64:47] Yeah, it's a sooner rather than later. I
[64:48] mean, if we announce it by the end of
[64:51] Q1, I would be disappointed in us. Um
[64:54] this is a you know, much sooner rather
[64:56] than later thing. We've been working
[64:57] really hard and it's just about um
[65:00] you know,
[65:01] the right way of of crossing the finish
[65:03] line. So we're excited. Um
[65:06] and yeah, that's pretty much
[65:08] all I think I can responsibly
[65:10] communicate um
[65:12] outside of the
[65:13] outside of what I'll talk about next,
[65:15] which is kind of some of the areas of
[65:16] focus for us, but yeah, no, definitely.
[65:19] This is this is not an effort that's
[65:21] going to take us a year. It's not an
[65:22] effort that's hopefully even going to
[65:23] take us many months. Uh
[65:25] this is a top of mind focus. Everyone
[65:27] internally has been working on this. And
[65:30] uh we're very excited about it. And
[65:33] yeah, um
[65:35] oh, let me read the end. I'm still very
[65:36] bullish on the company. The team is
[65:37] amazing, but I think everyone with
[65:39] shares would appreciate as much info as
[65:40] possible right now. Full transparency
[65:42] matters a ton to a lot of us. Yeah, so
[65:44] that ultimately at the end of the day,
[65:45] that's why I decided to screenshot this
[65:47] and spend a little bit of time on 21 cuz
[65:50] I appreciated this question and that
[65:52] comment specifically.
[65:54] You guys kind of have gotten to know me
[65:56] as a man
[65:57] a decent amount through this show and
[65:59] you know, hanging out with me every
[66:00] Monday. And yeah, I think
[66:03] I care a lot about principles,
[66:05] integrity, ethics, and I don't mind
[66:08] taking shots. I mean, you guys I I'm
[66:11] speaking you guys vaguely as the
[66:12] internet have taken shots at me since
[66:15] the 21 saga uh plenty. Uh and I like it.
[66:19] I think you guys are both funny.
[66:20] Sometimes you're right, but it's always
[66:22] useful and helpful. You know, Bitcoiners
[66:24] hold each other accountable. Um at the
[66:26] end of the day,
[66:27] we are all on the same team at achieving
[66:30] a common goal. Like you guys aren't my
[66:32] dad. You're not my girlfriend. You don't
[66:35] need to be nice to me and care for me.
[66:38] You're my teammate. You know, we're here
[66:40] to win. And you hold me accountable in
[66:42] playing my role. And so I appreciate it.
[66:45] I like it. I believe in transparency.
[66:47] And so I thought that this was cool. And
[66:49] I have no problem answering questions
[66:51] like this. And I hopefully I don't know
[66:53] how much new information you got, but
[66:55] hopefully yeah, you appreciated the
[66:57] transparency piece and just kind of who
[66:59] we are as a company. And like I said, it
[67:02] it's going to take one announcement
[67:04] and all of a sudden it's like, oh, wow,
[67:06] that's what they were working on and
[67:07] holy [ __ ] this is really exciting. So,
[67:10] you know,
[67:11] I think human emotion and markets are
[67:13] funny.
[67:14] Uh this guy, I love this guy. I follow
[67:16] him actually. So I get a notification
[67:18] every time he tweets, which is somehow
[67:21] all day. So I really respect the work
[67:23] ethic and I think he's hilarious, but he
[67:25] comes for my neck constantly.
[67:28] Um and he wrote, "Coinbase has someone
[67:30] was saying Jack talks a lot about
[67:31] lending. Jack talks a lot about lending,
[67:33] which is a very good insight, I must
[67:34] say. I do talk a lot about Bitcoin back
[67:36] lending." And he said, "Coinbase and
[67:38] tons of other companies are already
[67:40] doing Bitcoin back lending. Jack and Co.
[67:43] are already late to the game."
[67:45] Uh I just want to say something. Tether
[67:47] is 60%
[67:50] of the Bitcoin back lending market and
[67:52] that might be wrong to the downside.
[67:55] Obviously, I know their business better
[67:58] than you guys do.
[68:00] Um
[68:01] yeah.
[68:03] This article says they have about $15
[68:05] billion in secured loans. Again,
[68:08] I would say at least. And I'm not
[68:11] disclosing anything about Tether that
[68:12] isn't public. You can go look at the So
[68:15] this article's referencing the
[68:16] transparency report. But you know, just
[68:19] again, guys, take it with a little bit
[68:21] of grain of salt some of the stuff you
[68:22] read on the internet.
[68:24] Saying that we're late to the game,
[68:27] uh we are the largest Bitcoin back
[68:29] lender in the world by far. Second place
[68:33] is like $2 billion.
[68:36] And Tether sits at $15 billion and
[68:38] again, that might be low.
[68:41] So like
[68:43] I would just say and and I love this
[68:46] account. I follow this account. I think
[68:48] he's [ __ ] hilarious even when he
[68:50] comes at my neck. Again, like I said,
[68:53] it's all for the love of the game. I'm
[68:55] here to do my job in this revolution and
[68:57] I appreciate, you know, you guys are
[69:00] very supportive and nice to me and
[69:01] sometimes you're not and
[69:03] you know, doesn't matter. Like you got
[69:05] to you you know, you got to be tough
[69:06] enough to build through it. Who cares?
[69:09] But like to say that we're late to the
[69:11] game,
[69:12] I mean, buddy,
[69:15] uh being the 60% of the entire market is
[69:19] not [laughter] late to anything.
[69:21] Can you imagine
[69:23] what we could build together, Tether,
[69:25] myself, with access to the capital
[69:27] markets with an already 60% market
[69:31] share.
[69:33] But no, according to the internet, I'm
[69:35] late. According to the internet, we're
[69:37] late to the game.
[69:39] >> [laughter]
[69:41] [sighs]
[69:42] >> Oh, man.
[69:44] What a [ __ ] job I have. So, yeah. I
[69:48] sometimes I think like how I would
[69:49] explain my life to my 16-year-old
[69:51] version of myself.
[69:53] I wouldn't have a chance. All right,
[69:55] with that
[69:57] let's
[69:58] let's do some Q&A before I get out of
[70:00] here. I'll blow up my screen.
[70:06] There we go.
[70:08] Head over to Dylan.
[70:10] Shout out, Dylan.
[70:12] On the ones and twos, and let me pull up
[70:14] uh
[70:15] Oop, I don't want to do that.
[70:18] Let me pull up the chat here.
[70:21] So that I can see what you guys are
[70:23] saying to me.
[70:25] 21,
[70:27] let me move some for me.
[70:33] Fun episode.
[70:35] Little bit of math.
[70:38] Understanding China.
[70:41] The US nationalizing the stock market is
[70:44] a huge deal, guys.
[70:47] Really, really big deal. We're obviously
[70:48] in the early innings of it, but its
[70:50] divergence from US liquidity is that's
[70:53] crazy to me, at least.
[70:56] China, let me
[70:59] There we go.
[71:01] Pull up the chat. Okay, question one.
[71:05] Q&A.
[71:06] I love you, Jack. Oh, I love you, too.
[71:09] However, I can't quite understand how a
[71:11] Bitcoin maxi is so focused on your new
[71:13] 21 stock. You talk about how crap stocks
[71:17] are, but you are diving headfirst into
[71:19] it. Can you explain?
[71:23] A little confused. Um
[71:26] I mean, stock a stock is just
[71:30] equity in a company, and a company is
[71:33] just
[71:36] my time and energy expressed in building
[71:39] tools for other people.
[71:41] I don't know what part of that
[71:42] invalidates being a Bitcoin maxi. I
[71:44] mean, I think Bitcoin's not going to
[71:46] disrupt businesses. We're still going to
[71:47] have companies.
[71:50] Uh
[71:52] so I'm a little confused by your
[71:53] question.
[71:54] I guess I understand that like yes, I
[71:56] think the stock market's being
[71:57] nationalized. I think the stock market
[71:59] should be demonetized. But 21 is built
[72:03] to be the best it's a Bitcoin company,
[72:06] and we want to be the best way to
[72:07] participate in Bitcoin in the capital
[72:08] markets.
[72:10] I've told this story before. You know
[72:12] I
[72:14] own
[72:15] Strike. So I own Strike equity. I own my
[72:18] house that I'm sitting in here. I own
[72:20] Bitcoin. That's it.
[72:22] And seeing all of the demand from
[72:25] institutions and capital markets and all
[72:29] these treasury companies and in Bitcoin
[72:31] at large, whether it's the ETF, the
[72:32] treasury companies, now there's
[72:33] different flavors. You know, Tether and
[72:35] I thought that what we would want to own
[72:38] didn't exist.
[72:40] We wanted a company that could seek out
[72:42] maximal Bitcoin exposure, large Bitcoin
[72:45] treasury exposure, but paired with an
[72:48] actual you know, profitable, growing
[72:51] operating company.
[72:52] And so, that's what we're building. And
[72:54] I don't know if that's in invalidates uh
[72:58] I guess maybe I'm misunderstanding the
[72:59] question, but yeah, I mean, I'm always
[73:01] going to like I'm always going to be
[73:03] building businesses, building stuff. Uh
[73:05] I also am a big believer in producing
[73:07] more than you consume. I'll never be
[73:09] able to retire and sit on my ass and do
[73:11] nothing and just spend my sats. I always
[73:13] want to be stacking. I always want to be
[73:15] learning and building.
[73:17] I don't know if that was a good answer.
[73:19] A little confused by your question, but
[73:20] anyway, love you, too.
[73:22] Why doesn't China buy Bitcoin?
[73:25] Who says they're not buying Bitcoin?
[73:26] They probably are buying Bitcoin, but
[73:28] Bitcoin's market cap right now, as I
[73:30] read in the intro of the episode, is
[73:32] 1.85 trillion. And China ran a 1.2
[73:36] trillion-dollar surplus. So their annual
[73:38] surplus is almost as big as the entire
[73:40] Bitcoin market. So Bitcoin's not
[73:42] structurally big enough just yet for
[73:45] them.
[73:46] But who's to say that they're not? I'm
[73:47] sure that they're mining a ton of
[73:49] Bitcoin. We have no idea. It's one of
[73:51] the cool parts. But I would say Bitcoin
[73:54] isn't structurally big enough yet. Right
[73:56] now, Bitcoin is in this era of like
[73:59] MicroStrategy, 21, IBIT, where it's big
[74:03] enough to support the largest,
[74:05] fastest-growing ETF from BlackRock ever.
[74:08] It's big enough to support some of these
[74:09] big companies becoming, you know,
[74:11] hundreds of billions of dollars in
[74:12] market cap. But it's not big enough to
[74:14] support, you know, the largest net
[74:16] sovereign surplus. And so, gold is the
[74:20] only neutral asset that can structurally
[74:22] catch their bid.
[74:24] Like physically catch it.
[74:26] Bitcoin's just not big enough yet. It'll
[74:28] get there. It'll get there, but who
[74:30] knows uh
[74:31] who knows
[74:34] if they're buying or not. I I would
[74:36] assume China has more than zero coins.
[74:39] Question, what happens to Bitcoin when
[74:41] one sat is worth more than, let's say, a
[74:43] pair of shoes?
[74:45] What then? A soft fork or just
[74:48] everything reprices? Very hypothetical
[74:50] long-term view. Thank you. Uh
[74:54] You know what's interesting is um the
[74:57] lightning network actually divides a sat
[75:00] into
[75:02] a a million different pieces. So I guess
[75:05] we can continue to divide Bitcoin up if
[75:09] we need to. I think is your question.
[75:11] The question is you know, what if
[75:13] Bitcoin's worth so much in purchasing
[75:15] power terms that a sat we're going to
[75:18] need change from a sat. We can uh
[75:24] You got Man, the chat is so mean.
[75:28] "Confused by your question is Jack's way
[75:30] of not answering a 100% legit question.
[75:33] Complete gaslighting and [ __ ]
[75:35] commentary." All right, tough guy. Um
[75:39] can you rephrase your question, then?
[75:41] I'm happy to answer the question.
[75:43] I think the question is how do you own
[75:46] equity in a company while being a
[75:48] Bitcoin maxi? That was my interpretation
[75:50] of the question. If that if you would
[75:53] like to rephrase it, I'm happy to answer
[75:55] the question. You piece of [ __ ] [ __ ]
[75:59] Get off your high horse, you [ __ ]
[76:00] loser.
[76:03] Yeah, tiger.
[76:05] Suck my [ __ ] dick, tiger. How about
[76:08] that? How I'm not I'm not some like you
[76:10] know, too good too too goody-two-shoes
[76:13] to read the chat and respond to you.
[76:15] Hey, tough guy.
[76:17] Rephrase the question. Get off your high
[76:19] horse. You're sitting somewhere
[76:20] fat-necked up in a YouTube chat. Like,
[76:23] "Oh, this Forget a load of this [ __ ]
[76:24] guy." [ __ ] you.
[76:27] Literally go [ __ ] yourself.
[76:30] "You've crapped on stocks for years. Now
[76:32] you're pitching it to listeners." I
[76:34] dude, I own equity in companies that I
[76:37] founded.
[76:39] Like, what part of that is unethical or
[76:43] not good? Yeah, I do I like I crap on
[76:46] stocks all the time.
[76:48] They're they're far more monetized than
[76:51] they should be.
[77:00] "Tough guy, the
[77:01] the tough guy in the chat keeps chatting
[77:04] at me and won't rephrase his question."
[77:07] What question do you want me to answer,
[77:09] tough guy?
[77:14] Oh, you guys are loving it.
[77:26] "Why would anyone buy XXI?" Because they
[77:29] want to own equity in what we're
[77:31] building. That's literally the only
[77:33] reason anyone would buy equity in any
[77:35] company, tough guy.
[77:38] Why would you buy anything? Because you
[77:40] want to own it. That's why I bought this
[77:42] hoodie. That's why I bought this house.
[77:44] If you want future proceeds and value
[77:47] from the company we're building,
[77:49] you should own equity in it. If you
[77:51] don't, you shouldn't.
[77:53] Pretty simple. And by the way, tough
[77:55] guy, I've gotten on the show and I've
[77:57] said if you don't like my [ __ ]
[77:59] company, sell the stock. I'm going to
[78:01] own it until I die. Tether and I are
[78:03] building for decades to come. If you
[78:05] don't like the company, I've never put a
[78:07] gun to your head and told you to buy it.
[78:08] Sell the [ __ ] stock.
[78:11] Bet against me at your own wish. People
[78:15] have bet against me my whole life, and
[78:17] every single time they've lost.
[78:20] I like it. I I appreciate it. You can
[78:23] bet against me. I don't care. It's all
[78:25] good, tough guy.
[78:32] These tough guys, man.
[78:34] Fat-necked up.
[78:36] Tough guys are fat-necked up in bed in
[78:39] this YouTube chat. Like, "Bro, I thought
[78:41] stocks were crappy.
[78:44] [ __ ] tough guys. All right, let's
[78:47] keep going.
[78:49] Enough of tough guys in the YouTube
[78:51] chat. Fat-neck tough guys.
[78:54] "Jack, with the ruling of Trump's
[78:55] tariffs happening this week, what do you
[78:58] think will happen to Bitcoin's price
[78:59] short-term if the Supreme Court's rule
[79:01] in favor against the tariffs?" Yeah,
[79:04] I think Bitcoin's probably going to
[79:05] struggle. Again, Bitcoin is the only
[79:08] truly free market, and so it doesn't
[79:09] have it doesn't close, it doesn't have
[79:12] circuit breakers, it doesn't have rules.
[79:15] It's just truly free-traded property.
[79:18] And for that reason, it usually
[79:20] expresses the truth far sooner and far
[79:23] more violent than anything else. And so,
[79:26] like I said to end the episode,
[79:29] I think the narrative is moving a lot
[79:31] quicker than the markets. You know, we
[79:35] know where rates are going. We're doing
[79:37] the Ponzi-nomics math. We know rates
[79:39] have to come down. But,
[79:42] they're not coming down yet. And so,
[79:44] this market is an announcement away of
[79:47] something. Something, anything. Could be
[79:51] uh Meta or Amazon or Google or Microsoft
[79:55] misses earnings. It could be the Supreme
[79:57] Court rules against tariffs from a lot
[80:00] of leverage being washed out and taken
[80:02] to the back shed pretty quick. So, I
[80:05] would just be a little careful. And you
[80:06] know what's really funny? When Dylan and
[80:08] I were at the Bears game,
[80:10] I said uh
[80:12] you know, I
[80:13] I said on the episode tomorrow, I'm
[80:16] going to be a little wary. Bitcoin
[80:18] doesn't look like it has enough
[80:19] follow-through strength, and that just
[80:21] tells me that dollar liquidity is
[80:22] tighter than people are giving credit
[80:24] for. The narrative is moving quicker
[80:25] than the market. And then by the time we
[80:28] walked out of Soldier Field last night,
[80:29] Bitcoin was at 92,000. And I was like,
[80:31] "Damn it. I wish I wish I was able to
[80:33] call it before and look smart in front
[80:36] of all of our followers." But, the
[80:38] Bitcoin market beat me to it by about 12
[80:40] hours or whatever the the math on that
[80:42] was, 18 hours. Um so, yeah. I I think
[80:45] Bitcoin would get hit a little bit, but
[80:47] I I think we're going to whatever, 150
[80:49] to 200,000 this year given that rates
[80:52] got to come down, they got to print the
[80:53] money, you got midterms. But, we we
[80:56] might dip a little before we go higher.
[80:59] Who knows?
[81:03] Um okay.
[81:05] Next section, Bitcoin and markets. Hey
[81:07] Jack, just wondering if you ever worry
[81:09] about safety when it comes to disclosing
[81:10] that you are a Bitcoiner. I know you
[81:12] mentioned that no one can take or do
[81:14] anything from you since you have the 12
[81:16] words. Yeah.
[81:18] Um safety's definitely been a more
[81:23] top-of-mind thing for me, and I would
[81:25] encourage it for you guys, too. So, this
[81:27] uh listener's question is referencing
[81:30] before when I said, you know, Bitcoin's
[81:32] property rights are so entrenched
[81:35] that it's literally words in your head.
[81:38] It's a very cool idea because, you know,
[81:41] I am I'm sitting in this house, right?
[81:42] Someone could kill me and just take the
[81:45] house.
[81:46] I have a a bunch of gold, let's say. I
[81:48] don't actually. I don't own any gold.
[81:49] But, let's say I had a bunch of gold in
[81:51] a vault. Someone could kill me and take
[81:53] the gold in the vault.
[81:55] What's really interesting about Bitcoin
[81:57] is I have a bunch of Bitcoin as
[81:59] memorized words in my head.
[82:01] The only way to not get the Bitcoin is
[82:04] to kill me.
[82:05] If you want the Bitcoin, you got to keep
[82:07] me alive.
[82:09] And that's really cool. That's the level
[82:10] of property rights Bitcoin has is so
[82:13] entrenched. It's crazy.
[82:16] And so, that's it's remarkable. And so,
[82:19] the question is, well,
[82:21] does that relieve you of any security?
[82:23] Like, do you think that you're secure
[82:25] because people shouldn't kill you if
[82:26] they want your Bitcoin? No, cuz there's
[82:28] still torture and kidnappings, and I
[82:31] think uh security's going to become more
[82:33] and more important for Bitcoiners. Yeah,
[82:35] I think
[82:36] a lot of my worldview, I think half the
[82:39] world will look at Bitcoin and
[82:42] technology as hope,
[82:45] and buy into what I think the human
[82:47] story is, which is engineering a better
[82:49] world.
[82:51] And then I think the other half of the
[82:52] world will look to Bitcoin as the reason
[82:56] the world is falling apart,
[82:58] unfortunately.
[83:00] And so,
[83:02] uh yeah. I I I think the attack surface
[83:05] area is only going to grow because uh
[83:07] those that feel disenfranchised by
[83:08] Bitcoin um are only going to grow. So,
[83:12] anyway,
[83:13] yeah, take take security seriously. Uh
[83:17] I'm not going to get into details about
[83:19] my own security, but yeah. No, I uh
[83:23] I will say I think
[83:27] I think harmony in society will be
[83:29] restored when personal responsibility is
[83:33] fully restored.
[83:34] And so, you know, people look to the
[83:37] government to fix all their problems,
[83:40] right? Or look to big corporations to
[83:42] fix all their problems. And when they
[83:43] realize like no one's going to come and
[83:45] save you.
[83:46] No one's going to save you.
[83:48] If you want to save money, you're going
[83:50] to have to find the hard assets and work
[83:52] hard and save. You're going to spend
[83:55] less, save more, buy Bitcoin. You want
[83:58] to be healthy? No one's going to come
[83:59] and save you. You got to put down the
[84:01] seed oils, put down the processed foods,
[84:02] you got to eat whole foods, you got to
[84:04] eat meat.
[84:05] You want to be healthy? You got to find
[84:07] time to exercise, take care of yourself,
[84:09] right? And so,
[84:11] in the same thing of personal security,
[84:13] like no one's going to save you.
[84:15] Learn how to take care of yourself, stay
[84:17] in shape, be fit, use tools. So, I think
[84:20] that, you know, my worldview is I this
[84:22] kind of goes in with this trend of
[84:25] of restoring personal responsibility
[84:28] again, which I think will restore
[84:30] harmony in society again.
[84:35] Oh, is tough guy back?
[84:38] What'd you say, tough guy?
[84:39] Laugh out loud. Y'all think Jack calling
[84:41] me tough guy is a W instead of answering
[84:43] the question with honesty. He did
[84:45] exactly what I said, more gaslighting
[84:47] while being an ass.
[84:50] What's your question, tough guy?
[84:52] Can you Can you please
[84:57] with all that you're doing in the chat,
[84:59] can you please
[85:01] Dylan, can you
[85:03] get the question from tough guy
[85:05] while I answer everyone else's question?
[85:07] I still don't know your question, tough
[85:09] guy.
[85:14] Get tough guy's question so we can
[85:16] answer it.
[85:17] He's doing all this typing. He's worked
[85:19] so hard. He really needs this question
[85:20] answered. Okay.
[85:23] Jack, I think Saylor was right to call
[85:25] out the part of the Bitcoin community
[85:27] that opposes institutional adoption.
[85:29] What's your take on his criticism and on
[85:31] the TC and BTC companies one week later?
[85:37] Um
[85:43] Did he call He called out He called out
[85:47] Bitcoin community
[85:50] opposing institutional adoption, did he?
[85:54] If he did, I don't know. I listened to
[85:56] the episode a few times. If he did, then
[85:58] I Yeah, I agree with that. I think
[86:01] opposing institutional adoption is
[86:03] silly. Opposing any adoption is silly.
[86:05] If Bitcoin's neutral money, then anyone
[86:08] can use it. Institutions, people you
[86:10] love, people you hate.
[86:13] I'd never understand when people say, "I
[86:14] don't want these people using Bitcoin."
[86:16] It's like, "Well, do you know what you
[86:17] own?"
[86:19] You own the one asset where no one can
[86:21] stop anyone from using it. That's the
[86:23] whole point.
[86:25] So,
[86:26] uh yeah. I I mean, if he did oppose
[86:30] that, I agree with him. Um
[86:33] I still I My my thoughts on the
[86:37] interview haven't changed. I don't
[86:39] understand what ticked him off and set
[86:42] him over the edge.
[86:44] And uh
[86:46] I don't know. I also just find I don't
[86:49] know. The whole thing was a little
[86:50] strange to me, but I already said my
[86:52] opinion, you know. Uh people have bad
[86:54] days.
[86:56] Uh I don't know the context. Um I wasn't
[86:58] there. There's all sorts of stuff,
[87:00] right? So, it's hard for me to opine
[87:03] more than I already have. But, yeah, and
[87:06] I was I was reading online. People are
[87:07] like, "Well, you know, he's a
[87:08] billionaire." It's like, "Dude."
[87:11] Like, I don't care how much money I
[87:13] make. I don't know what I'm worth. I
[87:15] mean, Strike's probably worth billions
[87:17] of dollars. 21's worth billions of
[87:19] dollars. So, I'm the CEO and founder of
[87:20] two multi-billion-dollar companies. It
[87:23] doesn't change who I am or how I'm
[87:25] allowed to treat people. It was weird
[87:27] Seeing people justify it was super
[87:29] weird.
[87:31] It's like, "Oh, he's a billionaire."
[87:33] It's like, "Dude."
[87:36] Doesn't matter.
[87:39] I didn't understand the opinion. I
[87:40] didn't understand the reaction. I didn't
[87:42] understand the whole interview. But,
[87:44] whatever. I already said that. That's
[87:46] been my opinion.
[87:48] Um
[87:50] Okay. My question for Jack, what do you
[87:52] think of the Coinbase Clarity Act stuff?
[87:55] Ah, snooze fest. Who cares? I mean,
[87:58] all that stuff, in my opinion,
[88:02] it's super fiat. Coinbase has
[88:05] been for a while now tried to create
[88:08] regulatory moats for themselves, tried
[88:10] to create a lead for themselves and then
[88:12] protect it with rules and regula- I
[88:15] mean, they're recreating the existing
[88:18] bank lobbying, but for crypto.
[88:21] And Bitcoin doesn't need any more
[88:24] clarity or any more rules. They're
[88:25] looking for clarity on their prediction
[88:27] markets, and their tokenized stocks, and
[88:29] their smart contract this and that. They
[88:31] want the clear ahead to create a bunch
[88:34] of tokens, allow people to gamble more
[88:36] on their casino. Bitcoin has been clear
[88:40] for years now. It doesn't need any more
[88:43] clarity. If anything, you know, we can
[88:45] squeeze in things like protecting
[88:47] developers, protecting people's right to
[88:49] write code, but
[88:51] I don't know. All these big lobbying
[88:54] corporations that are trying to entrench
[88:56] themselves with competitive advantages
[88:59] in doing like degenerate uh crypto [ __ ]
[89:03] I don't give a [ __ ] about that. Nor do I
[89:06] don't know. I don't know.
[89:08] What's that You know that meme like,
[89:10] "Sorry that happened to you" or "Happy
[89:12] for you" like, "But, I'm not reading
[89:13] that."
[89:14] Yeah. Sor- sorry that happened to
[89:16] Coinbase or I'm happy that they get
[89:18] their regulatory lobbying moat. But like
[89:21] I'm not following that. I have
[89:23] no interest.
[89:25] It has nothing to do with Bitcoin at the
[89:26] end of the day. My interest is in
[89:27] Bitcoin.
[89:30] Uh
[89:31] Hey Strike question, when proof of
[89:32] reserves for Bitcoin backed loans? Uh
[89:34] we're working on it. We're working on
[89:36] it. It's a little complicated, but uh
[89:38] we're working on it. Should be this
[89:39] year.
[89:40] Hi Dylan, can you ask Jack if you can
[89:41] add a feature that shows your Bitcoin
[89:43] buying streak on Strike?
[89:45] Yeah.
[89:46] We should send that to the product team.
[89:48] I will send that to the product team. No
[89:49] problem.
[89:50] Hi Dylan, can you ask Jack if Strike
[89:52] will be hiring more accountants?
[89:55] Probably. Probably someday. I don't
[89:57] think we are now, but you can always go
[89:59] to strike.me/jobs.
[90:01] Is that our URL?
[90:04] Let's see.
[90:12] Um
[90:13] Yeah, strike.me/jobs and check out who
[90:16] we're hiring for. And I'm sure before I
[90:17] die, I'll hire at least one more
[90:19] accountant, hopefully. Or else that
[90:20] means we're not
[90:23] growing.
[90:24] Uh regarding Strike's new line of credit
[90:26] feature, are you able to tell us what
[90:27] the interest rates will be? Not yet, but
[90:30] give me like two more weeks. I think
[90:32] that's around when we'll announce it.
[90:35] Um okay, last few other questions. Dylan
[90:39] always sneaks in other.
[90:41] Dylan, please ask Jack what his favorite
[90:43] breed of dog is.
[90:46] Mhm.
[90:47] Golden retriever.
[90:49] I love a good high energy athletic
[90:53] golden retriever. That'll probably be my
[90:56] dog uh when I
[90:59] feel like
[91:00] uh I want one. I do want a dog, just not
[91:03] right now.
[91:05] Uh Tiger aka tough guy's question. Oh,
[91:08] here we go. It's not my question for the
[91:10] fourth time, but I understand it. You
[91:13] were asked why you're pitching stocks
[91:16] and why we should buy equities priced in
[91:18] fiat when you've been a BTC maxi for
[91:21] years.
[91:24] Dylan, do you understand that question?
[91:27] Why
[91:29] we should buy equities priced in fiat?
[91:40] What?
[91:41] I'm going to post this in AI and see if
[91:43] it understands what this guy's trying to
[91:45] ask me.
[91:48] What does this question mean?
[91:52] Do you guys understand it?
[92:08] Okay.
[92:10] So I guess the question is why own any
[92:12] equities at all?
[92:15] Yeah, okay. I'll I'll answer that. Or
[92:17] let me see does Dylan understands.
[92:22] Tough guy is saying I love that we call
[92:24] him tough guy.
[92:25] Uh
[92:27] Tough guy is saying if you live your
[92:29] life and preach all things Bitcoin. For
[92:31] example, paying for everything in
[92:32] Bitcoin and avoiding fiat, why did you
[92:35] launch 21 which requires us to buy it
[92:37] with fiat?
[92:39] Um first of all, guys, it doesn't
[92:42] require you to do anything. I've kind of
[92:43] been pretty clear in this. If you don't
[92:46] want to own 21, you shouldn't own it.
[92:49] Like let me here, hold on. Okay, fine.
[92:51] Let's take a step back for a second.
[92:55] 21 is not selling. So like in MSTR for
[93:00] strategy,
[93:01] Saylor is using common stock
[93:04] to finance these preferred dividends. So
[93:07] he needs new investors via common equity
[93:10] to pay out his preferred investors.
[93:13] That's not what 21 is doing, to be
[93:15] clear. So you don't need to buy like if
[93:18] you don't want to buy if you don't want
[93:19] to invest in our company, you don't have
[93:21] to invest in our company. It's not going
[93:22] to hurt my feelings. Totally reasonable
[93:24] stance.
[93:26] Um I myself personally, I own the
[93:28] equities in my company. I own Bitcoin. I
[93:31] own my house.
[93:33] That's my position. I I own
[93:36] the future cash flow and value that my
[93:40] businesses produce
[93:42] and people would buy
[93:45] into my companies if they also want
[93:49] to own the future output of my
[93:52] businesses. So for example, Strike has
[93:54] outperformed Bitcoin since it's been
[93:57] invented.
[93:58] Okay?
[93:59] The first opportunity to ever invest in
[94:01] Strike when we like incorporated was
[94:03] April 1st, 2020 and since that day,
[94:07] Strike has outperformed Bitcoin. How?
[94:10] Well, we build Bitcoin products. We're
[94:12] super profitable Bitcoin company. We use
[94:15] our software to stack Bitcoin. So you
[94:17] got Bitcoin exposure on the balance
[94:18] sheet. We're like a synthetic miner.
[94:20] We're like instead of mining by solving
[94:23] the difficulty proof of work, we're
[94:25] mining by serving products to Bitcoiners
[94:28] and producing cash flow. And so people
[94:30] bought equity into Strike because they
[94:32] wanted There's a lot of reasons why they
[94:34] did that. They want to support the
[94:35] ecosystem. They want a Bitcoin bank to
[94:38] be created for Bitcoiners, not just
[94:40] Coinbase. They wanted to potentially get
[94:43] Bitcoin exposure, not just through
[94:45] owning the physical asset. But I agree
[94:47] with you guys or I think I agree with
[94:49] tough guy, I'm not sure, in the sense
[94:50] that there's a difference between saving
[94:53] and investing.
[94:54] You know, you're investing in a
[94:55] business. You have counterparty risk.
[94:57] You're trusting the management team.
[94:59] You're trusting future execution. What
[95:01] are all the things that could go wrong?
[95:02] That's investing. Saving is Bitcoin.
[95:04] It's just I work hard, I have excess
[95:07] capital, I save it. And if you were to
[95:10] say, "I'm not looking to invest. I just
[95:12] want to work and I want to save." Yeah,
[95:14] just own Bitcoin.
[95:16] I myself, I've only invested in myself.
[95:19] I only The only equities I own are my
[95:22] own companies.
[95:24] But why would someone want to own my
[95:26] companies?
[95:27] Well, I kind of just told you. We have
[95:28] value propositions. We have cash flows.
[95:30] We have growth. We have stuff. 21 has
[95:33] you know, a lot of Bitcoin
[95:35] and
[95:37] we have lots of plans and there's Tether
[95:39] and there's myself and we have our
[95:40] reputations and our history and our rep.
[95:43] So that's why you would want to own it.
[95:45] But I I agree that like the S&P 500 has
[95:48] been monetized. I think it will get
[95:51] demonetized. It's treated as money. It's
[95:53] treated treated as a savings account and
[95:54] it's not.
[95:56] But I don't think that that means that
[95:57] Strike equity in Strike is dumb.
[96:00] You can I mean like there will be
[96:02] investable opportunities in businesses
[96:04] till the end of time.
[96:05] Let's see Dylan's messaging me.
[96:07] Yeah, Dylan says he also doesn't
[96:09] understand the question.
[96:10] Yeah, I don't either. But um
[96:13] anyway,
[96:15] I don't know. Does that uh
[96:22] Does that answer your guys or does like
[96:24] does that answer the question?
[96:30] I'm not sure yet if it does or not. I'll
[96:32] wait for you guys to answer.
[96:35] But I mean,
[96:38] why invest in any company? Cuz I want,
[96:41] you know, future output. I I think
[96:43] stocks are over monetized. National AI
[96:48] stocks are becoming nationalized. The
[96:50] mag seven will be fully nationalized
[96:52] within the next decade or two. But
[96:57] why would I want to own equity in
[96:59] Strike?
[97:00] Because I want to own the future output
[97:03] of the biggest Bitcoin bank in the world
[97:05] servicing Bitcoiners.
[97:14] Okay, people are fed up
[97:17] and tired of this.
[97:19] Too much attention to the tough guy.
[97:21] At least he got his question answered.
[97:23] Okay, with that,
[97:26] I think this episode can now comfortably
[97:28] come to a close.
[97:30] Uh I appreciate you guys.
[97:34] Um
[97:36] oh, we're even getting a compliment from
[97:38] the tough guy. A pretty backhanded
[97:40] compliment, but a compliment
[97:41] nonetheless.
[97:42] I love tough guy. I love
[97:45] What a happy ending. All right, with
[97:47] that, this episode is ending. Uh
[97:50] appreciate you guys. Feedback in the
[97:52] comments. Um
[97:54] I read it all and uh
[97:56] I'll see you next Monday. Peace and
[97:58] love. Bear down.
[98:00] And uh stay humble and stack.
[98:02] Phew.