Bitcoin and the End of Globalism

[0:03] Yo,
[0:04] welcome back to another episode of the
[0:07] Jack Morers Show. My name is Jack and
[0:10] you are listening to another edition of
[0:12] Mail Bag Monday. I go live every Monday,
[0:17] 6:00 p. p.m. Eastern, 5:00 p.m. Central,
[0:19] 3:00 p.m. Pac Pacific time. No ads, no
[0:23] [ __ ] no noise. Signal, signal,
[0:26] signal. Give me the truth. Give it a
[0:28] truth.
[0:30] Here we go. Episode 102. Let's kick it
[0:33] off with the Bitcoin price and a time
[0:34] stamp. Ladies and gentlemen, I'm talking
[0:36] to you all at a Bitcoin price of $88,160
[0:40] US.
[0:42] That puts Bitcoin's market cap at a
[0:45] $1.76 trillion in total. Our all-time
[0:49] high remains at $126,160.
[0:52] We are 30% off our all-time high
[0:55] established on October 6, 2025.
[0:58] What's that guy? Um, Bruce, is it Bruce
[1:01] Buffer? The guy that um does the UFC
[1:05] intros?
[1:07] Um, that's who I'm trying to be like
[1:09] trying to practice my UFC intros.
[1:12] When it comes to Bitcoin's block height,
[1:14] what was the last Bitcoin block mine
[1:16] since I hit stream? Ladies and
[1:17] gentlemen, the Bitcoin block height. The
[1:19] last Bitcoin block mine since I hit
[1:21] stream is Bitcoin block 933,97.
[1:26] How do I sound,
[1:30] guys? I am excited. I'm excited for a
[1:34] lot of reasons. I'm pumped. It's good to
[1:36] be here.
[1:38] What a time to be alive. What a timeline
[1:40] to be living in. I feel good, man. I
[1:43] feel good. Um, okay. Enough of the
[1:47] intros. Let's get started. Um, episode
[1:49] 102. Now, real quick, guys, I know just
[1:52] based on um the numbers that I see in my
[1:55] dashboards, a decent amount of you
[1:57] listen on podcasting apps. So, I'm in
[1:59] your ears right now. You're driving,
[2:01] you're lifting at the gym, you're doing
[2:03] a chore, and I'm literally in your ear.
[2:06] I'm like really close to your brain.
[2:08] Spooky to think about, but the point is,
[2:10] you can't see what I'm presenting. A lot
[2:13] of you though watch on YouTube. Our
[2:14] YouTube videos get like 30 40,000 views
[2:17] a week. And so for those that watch on
[2:20] YouTube, you know that we've struggled
[2:22] with presentations. When I do a lot of
[2:24] tabs, when I want to present a lot of
[2:26] information, a lot of times my computer
[2:28] crashes. It was all [ __ ] up. So long
[2:30] story short, I got a heavier dutier
[2:33] machine. So we should not crash at all.
[2:35] Okay. But for those that don't know, I
[2:38] used to be an engineer. And so like
[2:40] before I became CEO and stuff, I was a
[2:43] coder. I was a hacker. I was an
[2:44] engineer. I worked on Bitcoin protocols,
[2:46] open source software. That was my first
[2:48] foray into Bitcoin really. My dad was
[2:51] the trader of the family. My stepmom was
[2:55] the like community participant. She'd
[2:58] organized the conferences. Uh we started
[3:00] the first ever Chicago Bitcoin meetup
[3:02] and my job was to be like the developer
[3:04] of the family. And so I was an engineer
[3:06] and so I spent the weekend hacking
[3:08] together a lot of AI tools for myself.
[3:11] Um, Strike is doing some crazy cool
[3:13] stuff with AI internally. It's really, I
[3:16] mean, we already ship products really
[3:18] fast. We're going to be even faster,
[3:20] even more efficient. But I built some
[3:23] stuff myself. And so, you guys will see
[3:25] I'm only on one tab, which is crazy,
[3:28] right? And if you look at the address
[3:30] I'm at, I'm at localhost 8000. So, I
[3:33] built some software where my AIS can
[3:37] actually help me build presentations
[3:38] running on a server local to my machine.
[3:41] And this is why this is cool. One, the
[3:43] quality of these presentations is going
[3:45] through the roof. Okay, the quality of
[3:47] this presentation I have for you guys
[3:49] today is like I'm presenting at a
[3:51] conference. My conference presentations,
[3:53] I spend weeks, I put in a lot of work
[3:56] and effort to present these. Um, and
[3:59] these presentations are now extreme high
[4:02] quality because of these tools I built
[4:04] for myself and for this show. And the
[4:06] other thing is I should be able to I
[4:09] haven't built this yet, but whenever I
[4:10] have a second, I'll I'll build this as
[4:12] well. I should be able to publish these
[4:15] online. So, if you guys can maybe I'll
[4:18] buy like jackmallers.com or something.
[4:21] And if if you go to like
[4:22] jackmowers.com/mailbagmmon
[4:24] Monday102
[4:26] for example um then you can actually
[4:29] flip through the slides yourself because
[4:30] it's a it's a website I built like these
[4:32] things. It's a it's on a server and then
[4:34] I can link to all the sources where I
[4:36] get my information because I know a lot
[4:38] of you are like hey we would love to
[4:40] read the full article that he's
[4:41] referencing. We would love to read the
[4:42] full report that he's referencing. We
[4:44] would love to see more of the charts
[4:45] that he's referencing. And it's been
[4:47] difficult like how do I get you guys
[4:48] this information? So anyway, I'm really
[4:51] excited. I built all this stuff. I'm
[4:52] hoping it works. Um, but give me
[4:54] feedback as always. I think you're
[4:56] really going to love it, but who knows?
[4:57] I mean, I'm winging this stuff. I'm not
[5:00] a professional podcaster. So, here we
[5:02] go. Without further ado, uh, the title
[5:04] of today is Bitcoin and the end of
[5:07] globalism, from Breton Woods to Bitcoin.
[5:11] Uh, and chapter one, the once in a
[5:14] century monetary reset. Fiat as we know
[5:17] it is over.
[5:20] Um, listen, I can be hyperbolic. I can
[5:23] be emotional. I can be exaggerative. Uh,
[5:26] I'm not being any of those things right
[5:28] now. I fundamentally believe that we are
[5:30] living through a very unique time.
[5:34] uh specifically regarding
[5:37] monetary reset, the global financial
[5:40] system, geopolitics, macroeconomics.
[5:43] I think the current iteration of fiat
[5:45] currency in the US dollar is over. And
[5:48] my evidence of that is multifaceted and
[5:51] fairly deep and we'll walk through it
[5:53] all in the presentation today. Um, but
[5:56] most specifically the price of gold, the
[5:58] price of silver, the sovereign debt
[6:01] markets, the treasury market, the global
[6:03] bond markets, those yields, they're
[6:05] getting out of control. And so, let's
[6:08] step through it. First and foremost, uh,
[6:10] Davos. So, this is the first episode
[6:13] coming off the week at Davos where all
[6:15] these elite people hang out in Davos and
[6:18] ego fight each other and compare whose
[6:21] private parts are bigger. Uh, this clip
[6:24] from Howard Lutnik should put your jaw
[6:27] on the floor. Um, the United States is
[6:31] explicitly opting out of globalism,
[6:35] which is effectively explicitly opting
[6:37] out of the current version iteration of
[6:41] the world reserve currency. Um, he
[6:43] explicitly says globalism did not work
[6:46] for the United States and I'm here to
[6:49] say we're done with it. which is I mean
[6:53] I can't even put into words the
[6:55] precedent of how big of a deal that is.
[6:58] People say why is gold up so much? Um
[7:02] cuz sitting US officials are saying
[7:05] stuff like this. Let me mute myself and
[7:07] play the clip.
[7:11] >> Okay.
[7:12] >> Okay. We are in Davos at the World
[7:14] Economic Forum and the Trump
[7:17] administration and myself, we are here
[7:19] to make a very clear point.
[7:22] Globalization
[7:24] has failed the West and the United
[7:27] States of America. It's a failed policy.
[7:31] It is what the we has stood for which is
[7:34] export
[7:36] offshore farshore find the cheapest
[7:39] labor in the world and the world is a
[7:41] better place for it. The fact is it has
[7:44] left America behind. It has left the
[7:47] American workers behind and what we are
[7:50] here to say is that America first is a
[7:53] different model. one that we encourage
[7:56] other countries to consider, which is
[7:59] that our workers come first. We can have
[8:03] policies that impact our workers.
[8:07] Sovereignty is your borders. You're
[8:10] entitled to have borders. You shouldn't
[8:12] offshore your medicine. You shouldn't
[8:14] offshore your semiconductors. You
[8:16] shouldn't offshore your entire
[8:18] industrial base and have it be hollowed
[8:20] out beneath you. You should not be
[8:23] dependent for that which is fundamental
[8:26] to your sovereignty on any other nation.
[8:29] And if you're going to be dependent on
[8:31] someone, it darn well better be your
[8:33] best allies. Okay? And so that is a
[8:37] different way of thinking.
[8:41] >> Okay. Oh [laughter] god, every time I
[8:44] watch it, it's crazy. Okay. So what he
[8:49] said, and he didn't mince words at all.
[8:51] I don't even need to like recquote him.
[8:54] Globalism didn't work for us. It's dead.
[8:58] You need to prioritize your own people
[9:00] over others. You need to build your own
[9:02] stuff. And if you're going to export any
[9:06] part of who you are as a nation, your
[9:09] national defense, your food supply, your
[9:11] technology, your robotics, any part, it
[9:14] needs to be with your allies, not your
[9:16] enemies. He's being very direct. It
[9:19] shouldn't be China.
[9:23] Now, you could say, "Well, that's fairly
[9:25] common sense, Jack. Wh why is that
[9:28] news?" Well, the fiat system is entirely
[9:32] built on this concept that the US
[9:34] exports its strength via the dollar and
[9:37] imports real stuff. It actually hasn't
[9:40] been making any of its own things, any
[9:42] of its military defense equipment, any
[9:44] of its iPhones, any of its electronics,
[9:47] any of its cars.
[9:49] And we're going to get into this is what
[9:52] is fiat? What is the policy? This is the
[9:54] triffin dilemma.
[9:56] But this is the first time a sitting
[9:58] administration in the United States
[10:00] since the current iteration of fiat has
[10:02] said there's a fork in the road and we
[10:06] are choosing ourselves. We are out.
[10:08] Screw this. And I'm gonna go now to the
[10:12] next slide. This is a separate video
[10:15] from Carney, excuse me, Mark Carney of
[10:18] Canada. Um,
[10:21] I have it timestamped. I want you guys
[10:22] to listen very closely. Um, Mark says
[10:26] that the system has ruptured.
[10:30] This is not a this is not a transition.
[10:32] This isn't an idea. This isn't a
[10:34] Republican thing.
[10:35] He's being very clear here and this is
[10:38] from someone that you know not the
[10:40] United States, not a major power, not a
[10:43] major nation, not US or China. What are
[10:46] the rest of the nations in the world?
[10:47] What are they supposed to do as a
[10:49] reaction to the fact that the United
[10:51] States is backing down from globalism
[10:54] from the very system that they
[10:55] implemented?
[10:57] Let's listen to what he said.
[10:59] >> Let me be direct. We are in the midst of
[11:02] a rupture, not a transition. Over the
[11:06] past two decades, a series of crises in
[11:08] finance, health, energy, and geopolitics
[11:11] have laid bare the risks of extreme
[11:12] global integration. But more recently,
[11:16] great powers have begun using economic
[11:18] integration as weapons, tariffs as
[11:21] leverage, financial infrastructure as
[11:23] coercion, supply chains as
[11:25] vulnerabilities to be exploited.
[11:28] You cannot live within the lie of mutual
[11:31] benefit through integration. When
[11:33] integration becomes the source of your
[11:36] subordination,
[11:40] >> again not mincing words,
[11:43] Mark Carney says very clear, this is a
[11:46] rupture. The old system is dead. We are
[11:50] entering new grounds. Things like
[11:52] tariffs are not only being weaponized,
[11:54] but they're they're drawing boundaries.
[11:58] They're reordering capital flows.
[12:01] What we know as the world of the past is
[12:04] the past. It's over.
[12:08] And guys, I cannot underscore enough the
[12:11] magnitude of these words and who they're
[12:14] coming from.
[12:17] This is plain English. The monetary
[12:20] system is changing. And listen, I know
[12:22] the Bitcoin price has not been the first
[12:24] to react, obviously. And all it takes is
[12:27] opening my comment section or looking at
[12:29] my notifications on Twitter to see
[12:31] people are frustrated by that. And I get
[12:32] that and we'll talk about that. But just
[12:35] take a step back and realize the
[12:36] timeline we're living through. I built
[12:39] this slide deck by talking to my AI. All
[12:43] the slides you guys see, I didn't use my
[12:45] hands. I built software with my hands so
[12:49] that my computer can listen to my ideas
[12:51] and put the slides together for me. So,
[12:53] I'm talking to my computer, which is
[12:55] making a presentation where I can show
[12:57] you guys my opinion on how fiat currency
[13:00] is dying and we're moving towards
[13:02] neutral assets. We're moving back to
[13:04] being governed by reality, by mother
[13:07] nature, by the universe.
[13:11] I mean, I every time I watch these
[13:13] clips, I've watched all of these
[13:14] multiple times. It's insane.
[13:17] Let's go to the next slide. So just more
[13:20] credibility to these ideas and all that
[13:22] transpired in Davos over the last week.
[13:24] This headline from Fortune where Ray
[13:26] Dalio says we have to print money or the
[13:29] whole thing's falling going to collapse
[13:30] and fall apart. So the headline from
[13:32] Fortune reads Ray Dalio warns that the
[13:35] monetary order is breaking down leaving
[13:37] us with a terrible choice. Do you print
[13:39] money or let a debt crisis happen?
[13:43] Guys, I this headline is not AI.
[13:45] [laughter]
[13:46] This is a real headline. I didn't I
[13:49] didn't make this up. This was published
[13:51] on January 21st from Fortune.
[13:54] This isn't a quote from the Jack Maller
[13:56] show. This isn't a quote from Michael
[13:58] Sailor. This isn't a quote from Bitcoin
[14:00] magazine. This is Ray Dalio in Fortune
[14:02] magazine saying, "Do you print the money
[14:05] or do you let a debt crisis happen?
[14:09] Why is gold going up? Why is silver
[14:11] going up? Why are sovereign debt yields
[14:14] going up?
[14:16] Guys, it's over. Now, how quick it
[14:19] happens, I don't know. I've told you
[14:22] guys time and time again, I'm happy to
[14:24] give my predictions, but they're
[14:25] probably wrong when it comes to price. I
[14:28] don't know when. I I know what is going
[14:31] to happen. I don't know when. Who knows?
[14:34] But it's happening. I mean, the last
[14:36] week was a monumental shift. And you
[14:38] could just look at a gold chart, see,
[14:40] oh, this is what gold has been front
[14:42] running. Oh, this is what silver is
[14:44] reacting to. Oh, this is why Japan
[14:47] yields. This is why the Fed is
[14:49] intervening. Well, technically the
[14:51] Treasur is intervening in Japan.
[14:55] Look at this.
[14:58] Gold up 82 and a half% over the last
[15:03] year, over $5,000 an ounce. Silver up
[15:07] over 260%
[15:09] over the last year, up over $100 an
[15:12] ounce.
[15:14] These markets, these metals are reacting
[15:16] to new policy, to a new structural
[15:19] change.
[15:22] Specifically, metals are
[15:25] reacting to too many paper claims and
[15:28] they're repricing themselves to the real
[15:31] world.
[15:33] We are seeing structural change.
[15:37] So, my idea for the presentation was to
[15:40] actually take a step back. You know, I
[15:43] pride this show on trying to be a common
[15:46] man making sense of the world for the
[15:48] common man. I'm just a dude. I think a
[15:51] lot of this show is humanizing all this
[15:53] stuff. I'm just a dude who has his
[15:55] flaws, who sits in the empty closet, and
[15:58] we just try and make sense of all this
[15:59] stuff. Really, it's not that
[16:01] complicated, and I think it's important
[16:02] that everybody can understand. So the
[16:05] next few chapters are going to take a
[16:06] step back, walk through history together
[16:08] to understand what is this policy Jack
[16:11] is talking about. What is the trip
[16:13] dilemma? What is the current fiat
[16:14] system? What exactly did we create and
[16:16] why is it ending? So this chapter is the
[16:20] original deal after World War II. This
[16:23] all started after World War II. Okay, so
[16:27] let's step through it.
[16:29] Um Bretton Woods. So, those of you that
[16:33] have been in American history class are
[16:35] probably familiar, but in case you're
[16:37] not, there's the Brettonwoods system. We
[16:40] came to the Brettonwoods agreement. And
[16:42] the Bretonwoods agreement was fairly
[16:43] simple. So, imagine post World War II
[16:46] all the way back then almost a hundred
[16:48] years ago. Imagine the world. Everyone's
[16:51] devastated. So much murder, so much
[16:53] death, so much destruction. So not only
[16:56] the loss of human lives but the loss of
[16:58] manufacturing sites in ability to create
[17:01] things food crop. Imagine sovereign
[17:04] nations utterly and completely destroyed
[17:07] all throughout Europe, all throughout
[17:08] Asia, all throughout the whole world.
[17:12] America stood the strongest. Okay, I
[17:15] would say there is no winner of a world
[17:17] war. But if there was someone who
[17:20] survived the strongest, it was the
[17:22] United States. the strongest
[17:24] manufacturing capabilities, the
[17:26] strongest economy, the strongest
[17:27] financially. And the Bretonwood system
[17:30] was supposedly designed to export
[17:34] America's stability and power. So if you
[17:37] look at the diagram on the left, it was
[17:40] taking the US's stability and power and
[17:43] trying to export it. And the way they
[17:46] designed the system is they said the
[17:48] dollar is backed by gold. the US had the
[17:52] most gold in the world and the dollar is
[17:55] redeemable by gold. And then we're going
[17:56] to peg your currencies, your weaker
[17:59] currencies to the dollar. So your
[18:02] currencies to the dollar, the dollar to
[18:04] gold and this whole $35 for an ounce of
[18:07] gold that you hear about today and how
[18:10] the Treasury should, you know, basically
[18:12] refresh the gold price on their balance
[18:15] sheet so that they can get more money
[18:17] into the TGA. Where's that $35 come
[18:21] from? That $35 per ounce came from this
[18:23] Brettonwood system post World War II.
[18:26] And so again, the idea was the US can
[18:28] export its strength via the dollar. How
[18:30] do we give people the strength of our
[18:32] economy, the strength of our
[18:33] manufacturing base, the strength of our
[18:36] country? Well, we were going to do it
[18:38] through our currency. And everyone
[18:40] else's weaker currency was going to be
[18:42] pegged to ours. And the deal was, hey,
[18:44] we'll export our currency and we'll
[18:46] allow you guys to make us electronics,
[18:49] you guys make us automobiles, you guys
[18:52] make us food, you guys make us military
[18:55] equipment, and we're going to do that as
[18:57] a favor. Again, this is an American
[19:00] reciting history from my American
[19:02] history classes. Now, is this the truth?
[19:05] Is this how it actually went down? I
[19:07] don't know. We don't know, right?
[19:09] History is written by the victors. I'm
[19:11] not sure. But theoretically, the idea
[19:14] was, let's let everyone get up off their
[19:17] feet after pure destruction by letting
[19:20] them produce stuff for us. We'll import
[19:22] their stuff that will give them local
[19:23] jobs, local economy, help strengthen
[19:25] their currencies back, and we will
[19:27] export them the dollar, which is in
[19:29] effect exporting our strength, power,
[19:32] and stability. Okay. Now, we go on. The
[19:36] world ended up being rebuilt on the US
[19:39] dollar. So as of Q4 of 2022,
[19:43] the global FX reserves by currency, the
[19:45] United States was nearly 60% and behind
[19:48] that Europe was 20%. So the US combined
[19:50] with Europe was nearly 80% of XF XF FX
[19:54] excuse me, reserves by currency. And so
[19:57] what you end up getting on this system
[19:59] is value compounds and then you end up
[20:01] getting network effects and economies of
[20:03] scale where as the world reserve
[20:05] currency you know listen if the Nigerian
[20:09] Naira wants to do crosscurrency swap
[20:11] into the Ganaian SETI they actually
[20:13] don't have enough liquidity amongst each
[20:15] other to do a direct exchange. So the
[20:18] Naira has to exchange into the dollar
[20:20] then the dollar is used to exchange into
[20:21] the SETI. Why? trust, liquidity, network
[20:25] effects, economies of scale. And so the
[20:28] world as we know it was entirely rebuilt
[20:32] on the US dollar on the back of Breton
[20:35] Woods. Now, what's the cost of this
[20:39] system? Think of it this way. We were
[20:42] helping out everyone else again in
[20:45] theory by exporting our strength. Um,
[20:50] nothing in life is free. Everything has
[20:52] a cost. You know, these sound simple,
[20:55] but if you listen to enough politicians
[20:57] and you try and understand history,
[21:00] somehow these ideas get convoluted.
[21:02] Okay? You by taking your strength and
[21:05] giving it to other people, you
[21:07] inherently are making yourself weaker,
[21:09] right?
[21:11] And one of the hidden costs is that when
[21:16] you are the world reserve currency and
[21:19] you are simply exporting your currency
[21:22] to other nations and importing their
[21:25] stuff, which was the agreement,
[21:28] you end up running a massive negative
[21:30] account balance. You run these
[21:32] persistent deficits.
[21:35] Think about it. If the United States is
[21:37] making its own stuff, it doesn't need to
[21:39] import from Europe. It doesn't need to
[21:41] import from China. It doesn't need to
[21:42] import from Japan. So the rule is the US
[21:46] makes nothing and imports everything.
[21:50] And then everyone gets dollars. We get
[21:53] their stuff. What happens over time,
[21:56] especially once we close the gold
[21:57] window. Look at look at our US current
[22:00] account balance. Dollars go out, goods
[22:03] and debt come in. That's what it means
[22:06] to be the world reserve currency. When
[22:08] you hear economists and when you hear
[22:10] influencers online say things like China
[22:13] doesn't want to be the world reserve
[22:14] currency. They want gold to be the world
[22:16] reserve currency. You have to understand
[22:19] where that idea is coming from. No.
[22:21] After watching what the United States
[22:23] has gone through, nobody wants to be the
[22:25] world reserve currency.
[22:27] Your currency goes out. Debt and other
[22:29] people's produced goods come in. Okay.
[22:32] So now let's fast forward to 1971 where
[22:35] we officially divorced from what I call
[22:38] reality, the moment fiat could be
[22:40] printed out of thin air. So this is the
[22:43] famed Nixon closing the gold window
[22:46] where he came out and he said, "We're
[22:48] severing the link between dollars and
[22:50] gold." So mind you, if I go back some
[22:52] slides to Bretton Woods, the whole
[22:53] structure is that the US had all this
[22:55] gold, all this economic power, all this
[22:58] manufacturing power, and we're going to
[22:59] export that stability to the rest of the
[23:01] world by exporting our currency backed
[23:03] by gold. Now, some decades later,
[23:07] clearly we didn't have the gold to back
[23:09] it. Clearly, we were relying on money
[23:11] printing. And here's the thing. Any good
[23:13] empire, any empire at all, if you recall
[23:16] through history, any empire has very
[23:18] easy low-level productivity gains. In
[23:21] the beginning, it was very easy for the
[23:23] United States. Had a strong
[23:24] manufacturing base. And in fact,
[23:26] America's strength was built after the
[23:28] Great Depression where we wiped out all
[23:30] debt. We wiped out all leverage. And and
[23:33] back to first principles, you w you let
[23:36] the free market run its course. You wipe
[23:38] out those that need it. Like the the
[23:40] whole idea of the free market is if it's
[23:42] not meant to last, it shall die. That's
[23:44] the Darwinism, right? That's the idea of
[23:47] scientific evolution, idea of free
[23:50] market. And if if you recall history,
[23:53] America's strength and its good times
[23:56] were built on the back of bad times. You
[23:58] guys know how the saying goes. Good
[24:01] times
[24:02] create weak men. Weak men
[24:06] Oh, good times. Wait, now I don't know
[24:09] how it goes.
[24:11] Hard times create strong men. Strong men
[24:13] create good times. Good times create
[24:16] weak men. Weak men create hard times.
[24:18] There we go. That's it. So, the Great
[24:20] Depression was hard times. Those hard
[24:22] times create strong men, strong economy,
[24:25] no leverage,
[24:27] right? Free market.
[24:31] So, anyways, we move on.
[24:33] What happens after we sever our
[24:35] relationship with gold, which by the way
[24:37] makes printing new US currencies
[24:40] limitless. You could print money
[24:41] whenever you want because you're not
[24:43] governed by mother nature. You're not
[24:46] governed by the laws of the universe.
[24:49] Before to theoretically, now who knows
[24:51] what they were actually doing, but in
[24:53] theory to make a US dollar, you had to
[24:56] have the equivalent in gold. And you
[24:57] can't print gold out of thin air. You
[24:59] got to mine it out of the ground. Gold
[25:01] is governed by mother nature. Gold is
[25:03] governed by the universe. I've said time
[25:04] and time again on this show, I think
[25:06] humans are meant to be governed by
[25:09] mother nature. The closer we are to
[25:12] nature, the more we prosper if you look
[25:15] throughout history. And I think human
[25:17] beings have this eb and flow where we
[25:20] innovate, we create, and sometimes we
[25:22] find ourselves astray and too far from
[25:24] nature and then we whiplash back because
[25:28] it doesn't work.
[25:29] And so in my opinion, severing from
[25:32] gold, closing the gold window was
[25:35] closing our connection, our
[25:38] connectivity, our ability to be governed
[25:40] and constrained by reality. All of a
[25:43] sudden, we were living in La La Land.
[25:45] All of a sudden, we are living in
[25:46] abstract ideas made up from a bunch of
[25:50] central planning humans. What's the
[25:52] result of that? Well, look at the US's
[25:54] debt to GDP. Our debt to GDP today now
[25:57] exceeds the debt to GDP during the World
[26:00] Wars. Put that into perspective. We have
[26:04] wartime financing today and nothing is
[26:08] wrong. Well, you guys know what I'm
[26:11] saying. There's plenty wrong in the
[26:12] world. In fact, there's more wrong today
[26:14] than arguably ever before. But not world
[26:17] war wrong. There isn't a lot of hot war.
[26:19] There isn't a lot of kinetic war.
[26:23] And you could see, you know, once we
[26:25] severed ourselves from the gold window
[26:27] and then especially once China joined
[26:29] the World Trade Organization,
[26:31] it was all bets are off. All bets are
[26:34] off. So, let's talk about Triffin's
[26:36] dilemma. I I reference it frequently,
[26:38] but I want to make sure I define it
[26:40] specifically. So, Triffin's dilemma.
[26:42] Triffin was an economist back in the day
[26:44] and he was very straightforward in the
[26:47] idea that being a world reserve currency
[26:50] comes with a trade-off and it's not free
[26:52] lunch. Nothing is free and you are
[26:55] sacrificing your own domestic population
[26:57] for the benefit of everyone else around
[26:59] the world and you basically have to
[27:01] choose. The dilemma is do you focus on
[27:03] yourself in your own country or do you
[27:06] focus on everybody else? Okay. And here
[27:09] is kind of the self-referential loop
[27:12] that basically defines Triffin's dilemma
[27:14] in my opinion. At the top, you're the
[27:16] global reserve currency.
[27:19] As you're the world reserve currency,
[27:21] people have demand for your currency.
[27:23] They need to hold your currency in
[27:24] reserves. They need to hold your
[27:26] currency for trade. They have debt in
[27:28] your currency. So when debt comes due or
[27:30] when they need to borrow more, they need
[27:31] your currency. What about crosscurrency
[27:33] swap? Like I had mentioned, they need
[27:35] your currency. So your currency has a
[27:37] premium. Your currency is always in
[27:39] demand. How do you meet the demand of
[27:42] your currency? Well, you have to run a
[27:44] deficit. Basically, you have to print
[27:46] more dollars than you make. You have to
[27:48] run a negative balance because the world
[27:51] needs more dollars and you need stuff.
[27:54] So, you run persistent deficits. What
[27:57] does that do? Well, that hollows out
[27:59] your domestic production, your domestic
[28:01] population. It destroys your middle
[28:02] class. We're not going to have jobs for
[28:06] people that are making cars, that are
[28:08] making clothes, that are making food,
[28:10] that are making iPhones, that are making
[28:11] electronics. Those jobs need to be
[28:14] overseas.
[28:15] What is our job? Printing money.
[28:19] So the coasts of America, boom,
[28:23] boom.
[28:25] Because we design the products for our
[28:27] population. We're the biggest consumers
[28:29] in the world, right? Because we print
[28:30] money, we export the money, and we
[28:32] import all this stuff. So, we consume
[28:34] like crazy.
[28:37] And so, our companies design the
[28:39] products we're consuming. Apple designs
[28:41] the iPhone. They just don't make it. So,
[28:44] California and New York, boom,
[28:48] because they are beneficiaries of this
[28:51] system of the money printer.
[28:54] You're either founding Apple or you're
[28:56] on Wall Street. You're
[28:58] hyperfinancializing or you're building
[29:00] consumer technology products. And
[29:02] consumer technology products aren't
[29:03] specifically tied to being the world
[29:05] reserve currency, but they just happen
[29:06] to be, you know, modernday product
[29:09] market fit, the time we're living in.
[29:13] And then this this circle just keeps
[29:15] spinning and it keeps spinning. So
[29:17] you're the global reserve currency,
[29:19] which means everyone else has demand for
[29:21] your currency, which gives it artificial
[29:23] strength, right? Blah blah blah. We've
[29:24] talked about this. Which means that you
[29:26] have to run deficits to give everyone
[29:28] the currency that they have demand for.
[29:30] Which means you're hollowing out your
[29:32] own country,
[29:34] which means you need to print more money
[29:35] as the world reserve currency, which
[29:37] increases the demand for the dollar,
[29:39] which means you have to grow your
[29:40] deficits, which means you're hollowing
[29:42] out further. And this circle spins and
[29:45] it spins and it gets faster and it gets
[29:46] faster and it gets faster until it
[29:48] collapses.
[29:50] And we're at the collapse part.
[29:53] The wealth gap inside of the United
[29:54] States has never been bigger. The chaos,
[29:59] political infighting, I mean,
[30:01] assassination levels in the United
[30:02] States are at levels only rivaling the
[30:05] mid1 1800s, which was the Civil War.
[30:09] Like, the system has run its course.
[30:11] It's destroyed the country. It's
[30:12] destroyed the middle class. It's
[30:14] destroyed the world. And so, just to put
[30:17] this into context in real life, so what
[30:21] do I mean by this?
[30:23] We, let's just take the iPhone for
[30:25] example, iPhones, electronics, cars, all
[30:28] of that is made in China primarily. All
[30:30] of our stuff. And so we send the dollars
[30:34] out overseas. Overseas makes our [ __ ]
[30:36] they send the [ __ ] in. And it's this
[30:39] feedback loop. Okay? And if you look at
[30:42] our trade deficit, and again, China
[30:44] joined the WTO, the World Trade
[30:46] Organization, December of 2001.
[30:49] And so I I frame this from that era and
[30:53] you can just see the utter and complete
[30:54] collapse of our trade deficit
[30:58] and especially after COVID
[31:02] um it was just a ticking time bomb. And
[31:04] as Bitcoiners, we're all familiar with
[31:06] this right now. Maybe some of these
[31:07] concepts are a little confusing or you
[31:10] felt were over your head. Hopefully
[31:11] they're more attainable and achievable
[31:13] and and uh easy to understand on the
[31:15] show, but we know this. You can't just
[31:17] print money out of thin air. That
[31:19] doesn't have any value, right? That
[31:22] can't work forever. Well, that can't
[31:24] work forever. It's ending now. That's
[31:26] what Howard Lutnick said at Davos.
[31:28] That's what Scott Besson said at Davos.
[31:30] That's what Ray Dalio told Fortune that
[31:33] headline. That's what Mark Carney of
[31:34] Canada said. Hey guys, wake up. It's
[31:37] over. The US isn't our friend. I'll put
[31:41] it to you this way. That may not be
[31:42] true. The US isn't prioritizing us over
[31:45] themselves, us over their people.
[31:51] We're turning back to a world where it's
[31:52] every man for himself, which by the way,
[31:55] like not this again, it's not a
[31:57] political show. It's just the way it
[31:59] should be.
[32:02] Everyone should have to be a productive
[32:05] person, family, company, nation.
[32:09] Meaning, you produce more than you
[32:10] consume. That's it.
[32:13] We should all be governed by that. Be
[32:15] productive. Make the world a better
[32:16] place. If you consume more than you
[32:19] produce, if you are a net negative to
[32:20] the world, then the free market should
[32:22] expune of you. Your business should go
[32:24] under. No one should continue to finance
[32:27] your lifestyle.
[32:29] Right?
[32:34] So, the fork in the road. uh are we
[32:37] going to continue to support globalism
[32:38] or is the United States going to try and
[32:40] be a sovereign nation and fix its
[32:42] issues? And the point is you can't have
[32:45] both. We've kind of exhausted this
[32:47] point, but again, just to be clear, you
[32:50] have globalism or you can be sovereign.
[32:52] You can't have both. Globalism means you
[32:54] got to supply the world with dollars,
[32:56] persistent trade deficits, offshore your
[32:58] production, but you do get extremely
[33:00] cheap imports. So, you know, the
[33:03] American that thinks being born in
[33:05] America just means that I get to a
[33:07] guzzling twocar garage that's just
[33:09] guzzling oil and energy like crazy. And
[33:12] of course, I have a washing machine. Of
[33:13] course, I have television. Of course, I
[33:15] have all this energy expensive stuff.
[33:18] Well, we've had extremely cheap imports
[33:20] on the back half of being the world
[33:21] reserve currency. And we get the benefit
[33:24] to just print time and energy. I've
[33:26] discussed frequently money is time and
[33:27] energy in an abstracted form. and you
[33:30] effectively get to print it. It's as
[33:32] close as we've ever come to time travel
[33:33] in that way. That's globalism. Now,
[33:36] sovereignty is we got to reshore
[33:39] production. We have to secure our own
[33:40] supply chains. We have to reduce our
[33:42] deficits.
[33:44] We have to increase our domestic costs.
[33:47] What's another way of saying that?
[33:48] Inflation. Things are going to be more
[33:50] expensive. If you want a two-car garage,
[33:52] you're going to have to pay for that
[33:53] energy. It doesn't just come with being
[33:55] a US citizen. and you lose the privilege
[33:58] of being able to print time and energy.
[34:00] Not everyone is going to store their
[34:01] reserves in your currency so you don't
[34:03] get to steal from them by debasing them.
[34:09] You have to pick one.
[34:12] And the point is here's what I need
[34:14] everyone to understand. The gravity of
[34:16] the last week the United States has
[34:19] decided.
[34:22] Now, if you guys want in Q&A, we can
[34:25] have a totally separate conversation of,
[34:27] well, what would I have decided? Well,
[34:29] what do you guys think? Well, what does
[34:31] that guy think versus that guy think?
[34:33] But I'm here to tell you, none of that
[34:35] matters. It doesn't matter what you
[34:38] think. It doesn't matter what I think.
[34:41] It matters what the United States thinks
[34:44] and what the United States has decided.
[34:46] It also matters what mother nature
[34:49] governs and what reality will enforce.
[34:53] It's over
[34:56] and and everyone need the quicker you
[34:59] understand that the better off you'll
[35:01] be.
[35:03] Here's some oneliners that paraphrase a
[35:06] lot of the messaging I'm trying to to
[35:08] deliver. Nobody will save you.
[35:12] No government, no institution, no
[35:16] corporate leader,
[35:18] no monetary policy, no feder
[35:22] Be responsible for yourself. Be
[35:24] sovereign. Be family driven. Be
[35:26] communitydriven.
[35:27] Earn more than you spend. Save.
[35:32] Use hard assets. Be healthy.
[35:38] The world is correcting back to reality.
[35:41] The collective idea of the West in this
[35:44] fiat era that we're living in, it's got
[35:47] a margin call. Look at these headlines.
[35:50] Globalization is a failed policy. US
[35:52] Commerce Secretary Howard Lutnik at
[35:54] Davos Summit. Ray Dalio warns that
[35:57] capital wars could follow Trump's
[35:59] actions with countries dumping US
[36:00] assets. Sweden's Electa sold most of its
[36:04] US treasuries since early 2025. Trump
[36:07] threatens Canada with 100% tariffs if it
[36:10] makes a deal with China.
[36:13] It's over.
[36:15] It's over. And as Bitcoiners,
[36:20] so much of the power of this asset and
[36:23] this technology
[36:25] is we can provide a prosperous future to
[36:27] ourselves. Listen, I want nothing more
[36:30] than everybody to be prosperous and for
[36:32] the world to be a better place. And I'm
[36:34] willing to die on that hill.
[36:37] I am.
[36:41] But
[36:43] it is unfortunately the case that you
[36:45] can only help someone else so much.
[36:48] We've all been there. Dude, please buy
[36:50] Bitcoin. Please look into it. Please
[36:51] understand macroeconomics. Please
[36:53] understand the geopolitical landscape.
[36:55] Please.
[36:56] Sometimes people aren't ready. But what
[36:59] I urge everyone who is listening to
[37:01] this, who does own some Bitcoin, guys,
[37:04] it's it's here. It's here. Now, how fast
[37:08] is it going to change?
[37:10] the gravity in which it will change, how
[37:13] intense that will be. Well, that
[37:15] depends. Who are you? Where are you
[37:17] living? What do you want in your life?
[37:20] That comes back to this idea of like be
[37:22] responsible for you.
[37:25] Harmony will be restored in society when
[37:27] self-responsibility is restored again.
[37:31] Don't look to me. Don't look to a
[37:33] president. Don't look to anyone else but
[37:35] you. What do you want out of your life?
[37:37] What do you want out of your family?
[37:39] What do you want for this world? What
[37:40] legacy do you want to leave behind? But
[37:43] it's happening now. And I find that
[37:45] exciting. A lot of Bitcoiners right now
[37:48] are down in the dumps. I'm fired up.
[37:50] What timeline would you rather be living
[37:52] in than right now? Satoshi blessed us
[37:55] with the greatest invention of our
[37:57] lifetime. The monetary era. Once in a
[38:00] century monetary regime change and
[38:03] intelligence, the marginal cost of
[38:05] intelligence in creating software is
[38:07] zero.
[38:12] So, let's talk about um more recent
[38:15] stuff. Let's tie this all to uh gold and
[38:17] silver running. Why is gold and silver
[38:19] going up so much, Jack? What the hell's
[38:21] going on? Well, um here's the deal. When
[38:24] the United States creates this world
[38:26] reserve currency system of the US
[38:28] dollar, okay,
[38:30] uh it it hyper financializes. Our
[38:32] greatest export is the dollar and
[38:35] financial instruments. So our greatest
[38:37] minds, think about this. Our greatest
[38:38] minds inside the United States, all the
[38:40] guys that go to Harvard, all all the
[38:42] girls that go to Stanford, what are they
[38:44] working on? What are they doing?
[38:46] Primarily creating highfrequency trading
[38:49] firms, options contracts, futures
[38:52] contracts.
[38:53] They're not creating new ways to
[38:56] manufacture electronics.
[38:59] Up until recently, they're not working
[39:01] on harvesting cheaper energy. The story
[39:04] of humanity is being able to
[39:05] commercialize energy from that bright
[39:08] yellow thing in the sky. That's the
[39:10] story of our whole species.
[39:13] Meanwhile, the brightest minds in the
[39:15] greatest country of the world are
[39:17] working on hyper financialized
[39:20] derivative contracts.
[39:22] That's what pays them the most. That's
[39:24] what gets them the bonus. That's what
[39:25] gets them the house. That's what allows
[39:26] them to have kids. What is the result of
[39:29] that? Our entire financial system is
[39:32] based on paper claims.
[39:35] Bitcoiners will recognize this as not
[39:37] your keys, not your coins. Institutions
[39:40] have gold and silver exposure, but
[39:43] through futures,
[39:46] through paper contracts, they don't hold
[39:48] physical gold. They don't have physical
[39:50] silver.
[39:53] What is happening to gold and silver?
[39:56] This is when paper exposure meets
[39:59] [ __ ] reality. Welcome to the real
[40:02] world. Welcome to the show. All these
[40:04] paper claims need to be physically
[40:06] settled. Whoops. We don't have all of
[40:10] the gold and all of the silver that back
[40:12] your paper claims. We had built this
[40:14] entire financial system on trust, on
[40:16] promises, and on paper.
[40:21] So the before financial system, all you
[40:25] needed was financial exposure. You
[40:27] didn't need the real thing. Cash
[40:28] settled, no delivery.
[40:31] Now we're in a race for minerals. The
[40:34] war is about resources. The war is about
[40:37] supply chains. Guess what is needed to
[40:41] scale AI? Take a wild guess. Silver.
[40:47] Do you think Sam Alman, Elon Musk,
[40:51] Google, Mark Zuckerberg, do you think
[40:53] that they can build AI server farms with
[40:56] your silver futures contract? Or do you
[40:59] think they need the actual metal
[41:04] after the United States sanctioned
[41:06] Russia in 2022 and after Trump is
[41:09] running around tariffing everyone and
[41:10] saying, "Fuck you. It's America over
[41:13] everybody."
[41:14] Do you want your gold in a futures
[41:16] contract in London or New York? Or do
[41:19] you want it in a vault in your country
[41:22] behind armed men?
[41:26] Which one?
[41:30] That's what I thought.
[41:33] Now, let's understand Japan and what's
[41:35] going on in Japan. The canary in the
[41:37] coal mine, the straw that broke the
[41:39] United States back. That's what I have
[41:41] as the subheader here. Um, so first of
[41:44] all, let's understand what's the
[41:46] problem. Bye-bye to longdated bonds. So
[41:49] just again for you guys to understand
[41:52] bond math. When bond yields go up, that
[41:55] means bond demand is down. When people
[41:58] are selling these things, so let's say
[42:00] someone's dumping the crap out of bonds.
[42:04] Well, what that's basically saying is
[42:05] there's not enough demand, let's say, at
[42:07] 2%. And so if people are selling,
[42:10] selling, selling, selling, that drives
[42:11] the yield up. Well, then what about
[42:13] 2.1%, 2.2%, 2.3%. How high do the yields
[42:17] have to be for demand to meet supply
[42:20] again? Does that make sense? And so when
[42:23] you see yields go up in a bond market,
[42:26] that means that people don't want them.
[42:28] That whatever yield they were before
[42:30] wasn't good enough. They weren't getting
[42:32] compensated enough. And so Japan's
[42:35] long-dated bonds, so longdated meaning
[42:38] right now we're looking at the 30-year,
[42:39] the 40-year, or even the 10-year, the
[42:41] yields are going skyrocketing high. So
[42:44] people are saying, giving me 0% or 50
[42:48] basis points on a 30-year bond in Japan
[42:50] is no longer going to cut it. I need
[42:52] more than that. Why? Well, for the
[42:55] longest time, Japan's rates were zero.
[42:58] In fact, sometimes they were negative.
[43:00] You would get paid to borrow money. This
[43:03] doesn't make any sense. The cost of
[43:04] money can't be zero. It doesn't make any
[43:06] sense. I get up, I go to work, I spend
[43:08] my time, my energy, I sacrifice, and the
[43:10] cost of what I'm getting in return is
[43:12] worthless. That doesn't make any [ __ ]
[43:14] It's the dumbest thing. Our kids and
[43:17] grandchildren and great great
[43:19] grandchildren will look back at the time
[43:21] now and be like, "What idiots? What? You
[43:24] guys accepted fiat currency in return
[43:27] for going to work? You utter and
[43:29] complete moron."
[43:32] The rates in Japan were negative. So you
[43:34] get paid to borrow what you're getting
[43:37] compensated for to do work, you idiot.
[43:40] Okay. Anyways,
[43:42] Japan had such a long stretch of low
[43:46] rates that inevitably what's that do
[43:49] guys? We know this. It intrus introduces
[43:51] inflation.
[43:53] When the amount of currency in the
[43:56] market starts to exceed and outgrows the
[43:59] amount of stuff people are buying, well
[44:01] then there is inflation. The cost of the
[44:04] goods and the services goes up when
[44:06] priced in the currency. Okay? And so why
[44:08] are yields going up? Well, Japanese
[44:10] investors, people lending to the
[44:12] government are saying, "We're expecting
[44:14] lots and lots and lots of inflation.
[44:15] We're experiencing lots and lots and
[44:17] lots of inflation. if I'm going to
[44:18] continue to lend to you, I need to be
[44:21] compensated for that inflation. And
[44:23] that's exactly why we're why we're
[44:25] seeing this happen. Now, what does this
[44:28] have to do with the United States? Why
[44:30] is the United States talking about
[44:32] bailing out? Why are markets reacting to
[44:34] this? Well, it's fairly simple. First of
[44:36] all, let's take a look at this uh
[44:39] headline. So, yen jumps most since
[44:41] August as risk of intervention ramps up.
[44:44] And then the zero hedge headline,
[44:46] Japan's Mamura keeping close contact
[44:49] with US on Forex. So this is you guys
[44:52] [snorts] smell that.
[44:54] That's the money printers revving up.
[44:58] Revving up. Revving up. The rates go
[45:00] first, the currencies go next.
[45:03] What's going on? Darius tweets here,
[45:05] confirmation if the JGB market goes
[45:07] belly up that the US Treasury market is
[45:10] next. Okay. Why is that? Well,
[45:14] Japan is the largest holder of foreign
[45:17] is our largest foreign holder of US
[45:19] treasuries. Okay? They hold over a
[45:21] trillion dollars of treasuries. Think of
[45:23] it this way.
[45:25] So, here's kind of the flow of funds
[45:27] during the fiat era, the Triffins
[45:29] dilemma, all the things we reviewed. We
[45:31] export the dollars, right? And we import
[45:33] everyone else's stuff that they're
[45:34] making. basically our jobs locally here
[45:37] in America to make the clothes, to make
[45:39] the phones, to make the TVs, to make the
[45:40] cars, to make uh the rare earths, to
[45:43] make the military equipment, all those
[45:45] jobs are gone. You're either on Wall
[45:47] Street, you're in Silicon Valley, or
[45:49] you're broke.
[45:51] Sorry. You're either getting poorer or
[45:53] you're benefiting from asset inflation.
[45:55] That's it. Now, all the dollars we're
[45:58] exporting, what are people doing with
[46:00] those dollars? It's a really important
[46:01] question. you do not invest them locally
[46:04] into your country because that will to
[46:06] make a very long story short that will
[46:08] strengthen your local currency which
[46:10] will make it harder for you to have
[46:13] competitive labor markets. Specifically,
[46:14] China will not do that. So you
[46:16] repatriate the money that you're
[46:18] getting, the dollars you're getting in
[46:19] something else. For the longest time, it
[46:22] was US debt. So the US prints dollars,
[46:25] gives it to us, we take those dollars,
[46:26] and we lend them back into the United
[46:28] States. And it's this obviously the way
[46:30] I just explained it, which is just the
[46:31] flatout truth. It's a perpetual motion
[46:33] machine that ends up collapsing, which
[46:34] is what we're living through right now.
[46:36] But the point is, if Japan ends up
[46:38] having issues,
[46:40] where do they go get money to save
[46:43] themselves?
[46:45] All of their money is in us. [laughter]
[46:49] This is the stack. This is the pyramid
[46:52] scheme, the stack of cards where if you
[46:55] pull one, it's like Jenga. If you pull
[46:57] Japan from the bottom, the whole thing
[46:58] falls apart because all of Japan Japan's
[47:01] money isn't sitting in a gold vault. It
[47:04] isn't sitting in a Bitcoin cold card.
[47:08] It's sitting in the US debt markets.
[47:10] It's sitting in the US stock markets.
[47:13] Oh, Japan needs to bail itself out and
[47:16] save itself and protect its currency.
[47:18] Oh, it needs to sell a bunch of MAG7. It
[47:22] needs to sell a bunch of US debt. So why
[47:25] if Japan goes, does the US face stress?
[47:29] Well, because all of a sudden the
[47:30] largest holder of their debt has to dump
[47:32] that [ __ ]
[47:35] So you see, it's one giant Ponzi scheme.
[47:39] There is no isolation. There is no the
[47:41] US is going to get away with this, but
[47:42] Japan's going to have to take the
[47:44] beating. No, no, no, no. Japan's
[47:48] Japan's money is in us. It's a perpetual
[47:51] motion machine. You see? And so why
[47:55] would we print money if Japan's in
[47:57] trouble? Now let politicians tell it,
[48:00] "Oh, well, we care about Japan. We love
[48:01] Japan. We're going to work on AI
[48:03] together." No, it's the same reason Sam
[48:05] Bankman Freed tried to [ __ ] buy
[48:06] BlockFi because he was trying to protect
[48:08] himself from blowing up. And so what's
[48:11] the quickest way in the and the most
[48:13] politically politically palatable way to
[48:15] default?
[48:17] Via inflation.
[48:20] What what the New York Fed and the US
[48:23] Treasury is proposing if Japan continues
[48:25] to have trouble is we will print dollars
[48:28] and buy Japanese currency to protect you
[48:30] guys. What's another way of saying that?
[48:33] Don't sell your US debt. Don't sell your
[48:36] US stocks. Don't crash our markets,
[48:39] which will bring down US receipts, which
[48:41] will put us in a death spiral. If you
[48:43] crash our bond markets, then we can't
[48:45] borrow. We can't run the deficits. Don't
[48:48] do that. We will just print dollars so
[48:51] that you don't have to. We will steal
[48:53] the time and energy and wealth of the
[48:55] American people and those around the
[48:58] world holding dollars by diluting them,
[49:01] by debasing them. You don't sell your
[49:03] assets. That's what's happening. So why
[49:07] is everyone focused on Japan? What's
[49:09] what's the canary in the coal mine? Why
[49:12] is Japan the straw that could break the
[49:15] US's back? That's why
[49:19] Very simple. Now, going back to gold,
[49:22] going back to metals, here's the
[49:24] question you have to ask yourself. Where
[49:28] where does all this stress and this
[49:30] tension go? Everyone knows energy can't
[49:32] die, right? So, if you have listen,
[49:36] there's all of this wealth that's been
[49:39] created because the reality is the
[49:42] global population has grown to
[49:44] supposedly 8 billion people.
[49:48] We have created a lot of stuff.
[49:53] All the value we've created, all the
[49:55] time, the energy, the money. What can
[49:58] absorb that level of sovereign stress
[50:01] and pressure?
[50:04] And the answer, if you look at a chart,
[50:06] has very obviously been gold.
[50:09] That's where it's all gone.
[50:12] So, if everyone has to find an exit door
[50:14] in an escape valve and get the hell out,
[50:18] what's big enough to absorb it? Because
[50:21] if you're just to make the point clear,
[50:23] well, can we all run into
[50:27] um I don't trying to make up something
[50:30] funny like uh can we all run into
[50:34] Pokemon cards? Can can China run out of
[50:39] sovereign debt and into Pokemon cards?
[50:41] Well, probably not. There's not enough
[50:43] liquidity. They're not sellable. There's
[50:45] not even enough of them. Pokemon cards
[50:48] can't grow to be a 50 trillion dollar
[50:50] market. They can only be so big. They
[50:53] can only be so liquid. They can only be
[50:55] so sellable. They can only, you know,
[50:57] what's their ability to transcend
[51:00] through time? How do I store them
[51:02] safely? What if someone spills on my
[51:04] Pokemon card?
[51:05] Right. So the question is what can
[51:08] expand to 30 trillion, 50 trillion,
[51:12] hundred trillion in size?
[51:15] And the answer that sovereigns have come
[51:16] up with is gold. And the obvious
[51:18] question is why not Bitcoin? I've talked
[51:21] about this on this show. Bitcoin's
[51:23] better than gold. Bitcoin will be the
[51:25] money because I think it just out
[51:27] competes every other money pound for
[51:29] pound, property for property, period.
[51:33] But the problem Bitcoin has today, it
[51:35] just wasn't ready, guys. Like, it's just
[51:37] too small.
[51:39] China needed to I mean, China's trade
[51:42] surplus alone in 2025 was over $1
[51:44] trillion.
[51:46] I just read you guys Bitcoin's market
[51:48] cap during the introduction. What was
[51:49] it? $1.7 trillion something.
[51:53] It's not big enough.
[51:56] China there there's not enough room for
[51:58] China to pour a trillion dollars in. And
[52:00] by the way, they got to pour way more
[52:01] than that. That's just their trade
[52:03] surplus in one calendar year.
[52:07] What about a lot of their other savings
[52:09] and assets? And that's just one country.
[52:15] Bitcoin
[52:16] is gradually catching a sovereign bid.
[52:19] But the biggest biders of Bitcoin right
[52:21] now are ETFs and corporations like
[52:25] Strategy or 21.
[52:29] And that that that doesn't mean that
[52:31] people don't understand what it is and
[52:33] people don't know where it's going. It
[52:35] just it's it's how old it is. It's still
[52:37] a teenager. It's a certain size. Michael
[52:40] Sailor can plow a billion dollars a week
[52:43] into Bitcoin and Bitcoin can absorb that
[52:44] no problem. One one and a half to2
[52:46] trillion dollar asset, no problem.
[52:48] plenty salailable, plenty liquid, easy.
[52:52] China,
[52:54] it's just not big enough. So the thing
[52:57] is gold,
[52:58] gold, the way I would describe gold
[53:01] relieves the pain today.
[53:05] It is not the solution for the future.
[53:07] We all know that. How do I know that? It
[53:10] already failed.
[53:12] Did gold get any more decentralized?
[53:15] Did gold get any faster? Did gold get
[53:17] any lighter? Did gold add any new
[53:19] features? Did gold address any of the
[53:21] reasons that it got demonetized and
[53:23] failed humanity as a money? No. It's not
[53:26] software. We can't make it better. We
[53:28] can't improve it. It's a [ __ ] rock.
[53:33] Gold is simply relieving the pain and
[53:37] the panic today.
[53:39] And I'm excited about this because as a
[53:42] Bitcoiner, I've been in Bitcoin for over
[53:45] 10 years. I've been in Bitcoin for a
[53:48] very long time. Late 2012, early 2013,
[53:52] that's how long I've been in Bitcoin.
[53:53] Okay? I dream of these days. They're
[53:57] real now.
[54:00] We're moving away from sovereign debt.
[54:02] The US is done being the world reserve
[54:05] currency, at least in its current
[54:06] status. I'd be shocked if politicians
[54:08] admitted to what I'm saying in plain
[54:10] English, but whatever. The the the older
[54:13] version of the dollar's dead.
[54:16] That's great. Let gold Let gold absorb
[54:18] the sovereign capital. Let it Bitcoiners
[54:22] should not be upset by this. We should
[54:24] be celebrating this.
[54:26] We are entering a neutral reserve era.
[54:29] Fiat currencies are dead. The free
[54:32] market will elect the winner. Lower your
[54:34] time preference. Be confident in what
[54:37] you own. Bitcoin's fine. It's just too
[54:41] young and too small.
[54:44] How the [ __ ] would Bitcoin absorb
[54:47] trillions of dollars of physical spot by
[54:50] demand? Guys, gold was 10 to 20 times
[54:53] bigger than Bitcoin. And it itself can't
[54:56] even absorb the amount of demand. It
[54:58] looks like a memecoin chart. How the
[55:01] [ __ ] do you think Bitcoin was going to
[55:02] react to that? China would have 10x the
[55:05] price on one order.
[55:10] Hold on. I'm so dark. The sun went down
[55:13] in Chicago. Let me turn on a light.
[55:15] Really short intermission.
[55:19] Two seconds.
[55:33] Okay, we're back.
[55:36] Let's go to the next slide. Sorry about
[55:38] that. Should turn the lights on before I
[55:39] start.
[55:42] Um, so if you look at gold priced in the
[55:48] 10-year, uh, this is real rates, by the
[55:51] way. So reminding you guys, what are
[55:53] real rates? Real rates are if you take
[55:55] the rate that a bond is giving you and
[55:58] you offset it by inflation. So if the US
[56:01] is paying you 2% on a 10-year, but
[56:04] inflation is 6%, you're actually getting
[56:07] negative 4%, right? because yes, you're
[56:09] getting paid 2% in yield, but everything
[56:12] else is getting 6% more expensive. So on
[56:15] net, are you up? No, obviously not.
[56:17] Right? And so if you look at the 10-year
[56:20] real rates, right, you can see on the
[56:22] far left,
[56:24] right around when COVID was starting,
[56:25] real rates were positive. Real rates
[56:27] were about 1%. And now postcoid, bonds
[56:31] through the worst bare market they've
[56:33] ever been through. Bonds are [ __ ]
[56:34] horrible. All these boomers, endowments,
[56:37] institutions getting absolutely wrecked
[56:39] and smoked. 60 portfolios dead. You can
[56:42] see we've had negative real rates.
[56:44] That's financial repression. That's I
[56:47] mean they are the government is stealing
[56:50] money from people lending to it. How are
[56:52] they doing that? Well, they're driving
[56:54] inflation is higher than what they're
[56:56] willing to pay. If you are going to ask
[56:59] for me to lend you money, at the very
[57:01] least you have to compensate me for
[57:03] inflation. Why would I give you money if
[57:06] you're not going to compensate me for
[57:08] how much my the housing prices and the
[57:10] price of eggs and the price of me to
[57:12] travel and go on vacation? If you're not
[57:14] compensating me for that, then you're
[57:15] just stealing from me. [laughter]
[57:18] So anyways, the point is to see gold's
[57:21] performance compared to the 10-year.
[57:24] And the point of this, guys, is think of
[57:26] gold like a bond.
[57:29] The world is moving to a new bond. It
[57:31] pays 0% yield, but it can grow infinite
[57:34] in size and no one can make more of it.
[57:37] Well,
[57:40] you know, how much gold is it out there?
[57:43] Um, is it truly scarce? No, of course
[57:45] not. But you guys get the point.
[57:47] Basically, the world is moving on. The
[57:49] world is moving on. This is a huge,
[57:51] huge, huge deal. Um, one more. I just
[57:55] thought this was crazy. The National
[57:57] Bank of Poland,
[57:59] like it's not a typo. The National Bank
[58:01] of Poland
[58:03] plans to raise its gold reserves 700
[58:06] tons from 550 tons. So, a massive
[58:10] increase of 150 tons of gold from one of
[58:13] the United States allies, like our
[58:16] European ally.
[58:18] And like no one batted an eye,
[58:22] guys. Hello.
[58:24] Like this is not Poland decided to lend
[58:28] a bunch of money to the United States.
[58:29] It's the opposite. Poland said, "Shit,
[58:33] [laughter]
[58:34] it's time to get out of here." That's
[58:37] crazy.
[58:39] That's crazy. These are the headlines
[58:41] that Bitcoiners should be like, "Oh my
[58:43] gosh, it's happening. It's happening."
[58:45] [sighs and gasps]
[58:46] Okay, so now let's talk about Bitcoin.
[58:48] Let's talk about the orange coin because
[58:50] Lord knows if I open the live chat, you
[58:52] guys are going to be all up in arms.
[58:54] Bitcoin's not going up.
[58:56] So now what? Where does Bitcoin fit in
[58:58] all this? Um,
[59:01] let me say something quick.
[59:04] Where is Bitcoin going? Bitcoin is going
[59:06] to be the reserve asset for all of us.
[59:08] Bitcoin is going to be the reserve money
[59:10] for all of us. I pray and I hope that
[59:14] I'm alive for hyper Bitcoinization.
[59:18] I would love nothing more
[59:20] out of my Bitcoin career than for that.
[59:24] Truly, truly, when I sit back and I
[59:26] daydream,
[59:28] I've talked about it. God willing, I I I
[59:32] would want nothing more than to be a
[59:33] father, than to build family. And I
[59:36] would like nothing more out of my
[59:38] career. Strike 21, this show, whatever
[59:42] comes next. As long as we get to hyper
[59:44] Bitcoinization,
[59:46] I will die the happiest man that this
[59:49] species has ever seen. Okay, that's
[59:51] where we're going. Bitcoin solves for
[59:53] all monetary use cases.
[59:56] Now, let's talk about where we are today
[59:59] because I've said this before.
[60:01] Unfortunately, Bitcoin doesn't give a
[60:03] [ __ ] about me. It doesn't give a [ __ ]
[60:05] about you either. Sorry to break it to
[60:07] you. We're on Bitcoin's time. Bitcoin
[60:10] isn't on our time. Time and time again
[60:12] in my career in Bitcoin, what I've seen
[60:14] is people think Bitcoin cares about
[60:16] them. Bitcoin cares about their
[60:17] business. Bitcoin cares about their time
[60:19] preference. People have come and said,
[60:21] "I need Bitcoin to be faster. I need
[60:23] Bitcoin to do this. I need Bitcoin to go
[60:25] up. I need Bitcoin to stop crashing."
[60:27] Bitcoin doesn't give a [ __ ] about you.
[60:30] You're welcome to ride Bitcoin's ride,
[60:33] but Bitcoin's going on its own time, at
[60:35] its own pace, and you're either okay
[60:37] with that or you're wrecked.
[60:40] So, where are we today on Bitcoin's ride
[60:43] right now?
[60:46] I'm overgeneralizing slightly, but what
[60:48] I would say is Bitcoin is not competing
[60:51] with sovereign paper. It's not competing
[60:54] with US treasuries. It's not competing
[60:57] in that market right now. It's just not
[60:58] It's not big enough. It's not it. We're
[61:02] getting there. We got the ETFs. We're
[61:04] growing. We're getting there. I'm not
[61:07] There's a literal strategic reserve from
[61:10] the United States of America. We could
[61:12] pass the Bitcoin Act and be on our way
[61:14] to owning a million bitcoins as a
[61:15] country. We are getting there. You're
[61:17] talking to the guy that helped the first
[61:19] country adopt Bitcoin in El Salvador.
[61:22] Like, trust me, I we're getting there. A
[61:24] lot of blood, sweat, and tears. Like, I
[61:27] thought I was going to die at one point.
[61:29] Like, we're we're working on it, but
[61:31] we're not there. I would say gold is
[61:33] competing with sovereign paper. Gold is
[61:35] competing with treasuries. Gold, for
[61:38] that reason, frontuns liquidity.
[61:43] Bitcoin right now today is competing
[61:47] with risk assets. It is. It just is.
[61:51] Bitcoin's competing with equities and
[61:52] growth. Bitcoin doesn't frontr run
[61:55] liquidity. It responds to actual
[61:58] liquidity.
[62:00] Bitcoin sells off when markets get
[62:03] tight. And Bitcoin rips your face off
[62:06] when they print the money.
[62:10] That's why gold leads. Gold anticipates
[62:13] the liquidity. Bitcoin responds to the
[62:16] liquidity.
[62:17] That's just where we are today. That's
[62:21] the truth. And that's fine. If you can't
[62:25] be here for these times, then you don't
[62:28] get the gains.
[62:31] I'm cool with that. I've been in this
[62:32] game for a long time. I know Bitcoin. I
[62:35] know it well. This is a snippet from an
[62:38] Arthur Hayes Substack. It's very good
[62:41] article. It's called frowny cloud. I
[62:44] would recommend you guys go take a take
[62:45] a read. I think Arthur's he's super
[62:48] funny. I'm going to read this snippet
[62:50] from his article in full. Um and you'll
[62:54] you'll get a sense of his humor and
[62:55] writing style along with it as well. It
[62:58] goes, "In every era, there are
[63:00] high-flying technology stons. During the
[63:03] roaring 1920s US bull market, RCA, the
[63:06] radio manufacturer, was the hot tech
[63:08] stock of the day. In the 1960s and
[63:11] 1970s, it was IBM that made the new
[63:13] fangled mainframe computer. Today, AI
[63:17] hyperscalers and chip makers are in
[63:20] Fuego. Humans are natural optimists. We
[63:23] love to forecast a glorious future where
[63:26] the money spent today by tech companies
[63:28] results in a social utopia. For the
[63:31] fortunate enough to own the future
[63:33] through equity in said businesses,
[63:35] riches will rain down from the heavens.
[63:38] To eventuate this certain future in the
[63:40] minds of investors, companies burn cash
[63:42] and take on debt. When liquidity is
[63:45] cheap, it becomes easy to bet on the
[63:47] future because in the future, opius cash
[63:49] flows will acrue to these intrepid
[63:52] entrepreneurs.
[63:53] As such, investors are happy to splge
[63:56] worthless cash today on tech stons for a
[63:58] chance to own as much larger future cash
[64:01] flows as possible, which pumps up their
[64:04] price to earnings multiples. Therefore,
[64:06] technology growth stocks rise
[64:09] exponentially during periods of excess
[64:12] liquidity.
[64:13] Bitcoin is monetary technology. The
[64:17] technology is valuable only in relation
[64:19] to the amount of fiat debasement. The
[64:22] invention of the proofof work
[64:23] blockchain, which achieves a form of
[64:25] Byzantine fault tolerance, is
[64:27] stupendous. This alone guarantees that
[64:30] Bitcoin's value is greater than zero.
[64:33] But for Bitcoin to be worth close to
[64:35] 100,000 United States of America dollars
[64:38] requires continuous fiat monetary
[64:40] debasement. Bitcoin's asympto rise
[64:44] directly results from an explosion in
[64:47] the supply of dollars post the 2008
[64:49] global financial crisis.
[64:51] And really what Arthur is saying here is
[64:54] Bitcoin is like a monetary tech stock
[64:57] today. I've described Bitcoin before as
[65:01] some combination of technology plus fiat
[65:04] liquidity.
[65:06] It's a macro asset because it is it is
[65:10] the smoke alarm to fiat liquidity. It's
[65:12] the only truly free market we have left.
[65:15] Truly, gold is a freer market than
[65:18] others, but it's not a truly free
[65:20] market. How do I know? Because the US
[65:22] government decided one day that it
[65:24] wasn't in 1971. We already went over
[65:26] that
[65:28] Bitcoin is the only true free market
[65:30] that we have left. And it's a macro
[65:33] asset because it is so tied to fiat
[65:36] liquidity. But it also is this
[65:37] technology piece literally because it's
[65:39] software. It improves itself. The
[65:41] companies around like Strike, they're
[65:42] building [ __ ] right? But it's that's
[65:46] where it is today. It's true. And so
[65:50] here are some charts that I found
[65:51] interesting. And listen again my don't
[65:54] don't take my speculation to heart.
[65:58] Don't go out. This is not financial
[66:00] advice. I shouldn't even say that. Okay?
[66:03] This is my corner of the internet. I
[66:05] like to express my ideas. Have fun with
[66:07] it. Um if you look at Bitcoin priced in
[66:10] gold. So Bitcoin has been outperforming
[66:13] gold ever since I got involved. It's
[66:14] tearing the face off gold. And I now I
[66:16] know people now are like, "Oh my god,
[66:19] gold's kicking Bitcoin's butt. This is
[66:21] the chart of Bitcoin price in gold." No,
[66:23] it's not, dude. Just give it time, man.
[66:26] It's not at all. It's really not. Gold's
[66:28] up 80%
[66:30] in a year. And everyone's like, "Oh my
[66:34] god, 80% for Bitcoin is nothing.
[66:39] Literally nothing. Gold's performance is
[66:42] fine. It's I mean, no, it's fine. It's
[66:44] good. It's fine.
[66:46] Okay. Now, if you price Bitcoin and
[66:48] gold, the bare markets we experience in
[66:52] gold terms because fiat really distorts
[66:54] your ability to assess reality. It it
[66:57] it's like wearing drunk goggles.
[67:00] Like everything's spinning like you
[67:02] can't see straight. I don't know which
[67:04] ways up, down, left, right. It's
[67:06] distorting reality. Like the denominator
[67:08] in which I'm measuring everything. At
[67:10] the end of the day, guys, money is
[67:12] information. How much value am I
[67:14] creating for the world? And what can I
[67:16] get in relation to the value I'm
[67:18] creating? That that's all it is. Like
[67:21] it's it's information at the end of the
[67:22] day. Who owes what to whom? That's what
[67:25] money is. And if you are using bad
[67:28] money, it's like wearing drunken
[67:30] goggles. Like your information is all
[67:32] [ __ ] up. So let's look at Bitcoin in
[67:34] gold terms. And you realize, you know,
[67:37] the these are monthly candles. So, you
[67:39] know, Bitcoin's bare markets are a
[67:41] little over a year, and we're at that
[67:43] point in gold. Now, I'm not saying
[67:44] Bitcoin's about to shoot up. I do think
[67:47] 2026 is going to be a good year because
[67:49] I think they're going to have to print
[67:50] the money. And again, when they actually
[67:51] print the money is when Bitcoin goes.
[67:53] Gold always frontr runs the money
[67:56] printing. Bitcoin outperforms it when
[67:58] they actually print it. And that is
[68:02] made, this case is made like again with
[68:04] this slide. And you know, these charts I
[68:06] got from Twitter, so shout out to their
[68:07] authors. But um the this slide titled
[68:11] the liquidity cometh. Um what are we
[68:14] looking at? We're looking at the RSI at
[68:16] the very bottom, those green and red.
[68:18] Okay, that is the US tenure multiplied
[68:21] by the Chinese tenure. And what that is
[68:23] saying is this is basically indicating
[68:25] when liquidity is tight from nation
[68:28] states versus when liquidity is
[68:30] abundant, when they're printing a lot of
[68:31] money. and it just crossed up where
[68:34] they're about to start printing a lot of
[68:36] money. What do what do I mean by that?
[68:38] Quantitative tightening is ending. We
[68:40] know QE either is about to start or has
[68:43] started. It depends what you count the
[68:46] Fed doing today. But we're about to
[68:48] enter a pro liquidity cycle. We know the
[68:50] Fed's balance sheet went from $9
[68:52] trillion to $6 trillion. And I think not
[68:55] only isn't it going to go up again, but
[68:57] it's going to go from around $6 trillion
[68:59] and make new all-time highs and exceed 9
[69:00] trillion. I think they're going to have
[69:02] to print an an ungodly amount of money.
[69:06] We know Trump has not only not reduced
[69:08] the budget, but he wants to grow our
[69:10] defense budget by, you know, he wants to
[69:12] take it from a trillion to 1.5 trillion.
[69:14] We know that true interest expense is
[69:16] greater than our receipts. I mean, we
[69:18] have all sorts of problems. But every
[69:20] single time this liquidity marker starts
[69:23] to break up, Bitcoin goes on a tear.
[69:26] Why? Well, because they're actually
[69:28] printing money. They're not talking
[69:29] about printing money. They're not
[69:31] forecasting printing money. They're
[69:32] actually expanding the balance sheets.
[69:36] That's just happening. So to me, the
[69:38] combination of, okay, we've been a in a
[69:40] gold bear market for a little over a
[69:42] year. Okay, they're about to start
[69:43] printing money
[69:45] and you you you pair that with the fact
[69:48] that like globalism according to the
[69:51] United States is dead, which means the
[69:53] current version of the US dollar and the
[69:55] world reserve currency is over. It's
[69:56] dead. I mean, I'm just bullish. I don't
[70:00] know what to tell you guys. I'm just
[70:01] bullish. All right, quick updates um for
[70:04] Strike.
[70:06] Um I always give you guys kind of the
[70:08] sneak announcements of what we're about
[70:10] to launch before we actually launch them
[70:12] on the show. Um because you guys are
[70:14] loyal and support me. So don't frontr
[70:15] run our announcements, but uh this week,
[70:18] fingers crossed if testing goes well, we
[70:20] should have early direct deposit. So,
[70:22] for the record on Strike, if you have a
[70:25] DCA or you convert some of your paycheck
[70:28] into Bitcoin via the product, uh it's no
[70:31] fees and no spread. I saw someone
[70:34] tweeting like, "Well, Cash App does no
[70:35] fee, no spread." Yeah. Where do you
[70:37] think they got that from? Like, we've
[70:39] been doing that. So, no fee, no spread
[70:41] on direct deposit and on DCA. And now
[70:44] your direct deposit, your paycheck,
[70:46] you're you'll get it two days early. So,
[70:48] if you're about to get paid on Friday,
[70:50] we'll actually process your paycheck and
[70:52] get it to you Wednesday. So, you're
[70:53] buying Bitcoin two days early. You're
[70:56] getting the money early at no fees and
[70:59] no spread. So, we're doing some testing
[71:01] now. Given everything goes according to
[71:03] plan, we'll turn that on and we'll
[71:05] release that and roll that out this week
[71:07] um to our American customers. Um New
[71:09] York, we're on the one yard line. Um
[71:13] we've heard some really good news from
[71:14] New York. Uh I'm hopeful. This is it's
[71:17] an any day now thing. Like I'm gonna get
[71:18] an email one day like, "Well, you got
[71:20] your bit license." So, we're very
[71:22] excited about that. Um I'm gonna throw a
[71:24] party in New York uh at Pubkey is my
[71:26] plan. So, if you're in New York or in in
[71:29] the area, New Jersey, um be on the
[71:31] lookout for that. And then, uh we've got
[71:33] our line of credit product um coming and
[71:36] continuing to enable uh state access for
[71:40] I think we got Texas right around the
[71:42] corner as well for Bitcoin back loans.
[71:43] So, Strike continues to ship at an
[71:45] incredible pace. On fire. Proud of the
[71:48] team as always. Um, in 21, heads are
[71:51] down. We're building. Um,
[71:54] I know, I know, I get it. Um, I get it.
[71:58] Frustrating. Um, but I mean, we're
[72:01] building. We're building the business.
[72:02] We're building our products. Um, I'll
[72:05] announce stuff when uh when we're ready
[72:07] and uh I'll answer questions in the
[72:09] meantime as you guys have them. But
[72:10] we're holding our Bitcoin. nothing about
[72:12] the business has changed. Uh we're
[72:14] really excited about what we're working
[72:16] on and uh again I there was a really
[72:20] interesting announcement. BlackRock is
[72:22] coming out with a new ETF that produces
[72:24] yield on top of the Bitcoin by selling
[72:26] covered calls. And again, I I think
[72:29] it'll be a really interesting landscape
[72:31] that evolves for these different types
[72:36] of Bitcoin vehicles that are, you know,
[72:39] things like yield. And it's going to be
[72:41] interesting um the difference between
[72:43] Black Rockck and Strategy and and and
[72:45] all of the other companies that are
[72:47] doing preferred and stuff and 21. Um we
[72:50] want to be distinctly different. um you
[72:52] know as of now um we think that there's
[72:55] a big opportunity to serve a different
[72:57] set of the market which is pairing cash
[72:59] flow and growth and high margins um in
[73:02] Bitcoin businesses and sectors with a
[73:04] treasury and and being the Bitcoin
[73:06] equity in that way. So obviously um I
[73:10] plan to show more than I can tell. Okay,
[73:12] QA time. Will the real tough guys please
[73:15] stand up? [laughter]
[73:17] It's just a joke, man. It's just a joke.
[73:19] I want before we do uh before we do
[73:24] uh Q&A, I wanted to read this back and
[73:27] forth uh I had on on uh Noster with
[73:30] someone um just to I don't know you guys
[73:34] were asking about the tough the tough
[73:35] guys become an inside joke and it's all
[73:37] I the title of this slide is it's all
[73:39] love man it's all love tough guy um you
[73:43] know don't throw don't throw stones from
[73:44] a glass house uh right come on it's all
[73:48] fun man. Uh, you know, if you're if
[73:51] you're going to hang out on the internet
[73:53] and in Bitcoin circles, you got to be
[73:54] able to take a jab. Uh, at least I
[73:57] certainly have learned that the hard
[73:59] way. But let me read this uh back and
[74:01] forth. Someone uh posted at me and said,
[74:03] "Tough guy part was not a good look. The
[74:06] question is fair. Probably approached it
[74:08] the wrong way." I said, "What is the
[74:10] question exactly?" Or at least the
[74:12] question that you think is fair. Also,
[74:14] which part was not a good look?
[74:15] Genuinely curious. He said the overall
[74:18] interaction wasn't a good look. The
[74:19] question of how you [ __ ] on equities and
[74:21] also run a company that is issuing one
[74:23] is fair. It's like saying they are
[74:25] complete [ __ ] but mine is okay. Why is
[74:28] that? I'm sure the way they asked it was
[74:30] like a complete [ __ ] but to think on
[74:32] the surface that the question was fair.
[74:34] Me saying this now people can't handle
[74:36] that they bought an equity high and the
[74:38] price is way down which is not your
[74:40] objective. This is you're building it to
[74:43] be a profitable company. But I did think
[74:45] that the portion of the pod about how
[74:46] Bitcoin per share isn't important, not
[74:48] your exact words, anymore. And when you
[74:51] were on TV not too long ago saying the
[74:53] opposite, is what gives people fuel.
[74:55] Like you said, you're building for the
[74:57] long term and most people can't think
[74:58] like that. And when they want to day
[75:01] trade and are over their heads with
[75:02] trades that they can't afford, no doubt
[75:05] you will announce stuff and you can, but
[75:08] the average chat warrior on the internet
[75:10] doesn't understand these things.
[75:13] Okay, it's reasonable. I appreciated the
[75:16] interaction. My response to that was,
[75:18] okay, let me clarify the premise. As I
[75:21] said on the show, I've never been
[75:23] against owning equity. I'm the largest
[75:25] equity holder of Strike. I'm one of the
[75:28] largest equity holders of 21. I own a
[75:31] [ __ ] ton of equity.
[75:34] My criticism has never been equity is
[75:36] bad. My criticism is using equity as
[75:40] money. Equity is an investment. It
[75:43] carries counterparty risk, execution
[75:45] risk, and time, all sorts of risks. If
[75:48] you've already created value and you are
[75:50] trying to save that value, you shouldn't
[75:52] be forced to take those risks just to
[75:55] save. That's what Bitcoin is for. That's
[75:58] why Bitcoin is different. It's money.
[76:00] Equity is a claim on the future of a
[76:03] business, of execution, of a management
[76:05] team, of a product.
[76:07] When equities like the S&P 500 simply
[76:10] track debasement or underperform
[76:13] hard money, I find them pointless and
[76:16] just misleading. The US stock market is
[76:19] exactly this. It's a Ponzi retirement
[76:21] account for the United States that gets
[76:23] bailed out at every dip. Strike Equity
[76:26] is not that. 21 Equity is not that.
[76:30] As for the tough guy moment, these shows
[76:33] are unscripted and raw. They're
[76:35] different. I do them for fun, for
[76:38] personal enjoyment and real connection
[76:40] with like-minded people. I also do them,
[76:43] and this part's important, guys. I also
[76:46] do them in part to remind everyone the
[76:48] human element behind everything that we
[76:51] do and experience. The things you see
[76:53] around you every day are made up by
[76:55] people no greater than you. We're all
[76:58] just human, capable of hopping on a
[77:00] stream and shooting the [ __ ] trying to
[77:02] find our way. I don't do the show for
[77:05] money, for ads, or for optics. I'm not
[77:08] trying to be polished like I have to be
[77:10] on TV. If that ever becomes the
[77:13] requirement, I just won't do the show.
[77:16] I'm not If I'm not having fun with it,
[77:18] I'll be done with it. Shout out Drake.
[77:20] That's a Drake line. There are guys that
[77:23] come at my family and my livelihood
[77:25] every single day. A little banter is
[77:28] fun. This is the internet. This is
[77:30] Bitcoin. Anyways, I'm happy to engage
[77:33] honestly with questions, especially when
[77:35] they're asked in good faith. I'll
[77:36] reference this exchange on the next
[77:38] episode. If you have follow-up
[77:40] questions, don't hesitate. So, that's my
[77:43] official stance. If you ask questions in
[77:45] the Q&A, I might make fun of you. I
[77:47] might rip on you. I might call you a
[77:48] [ __ ] idiot. I might call you a tough
[77:50] guy. You guys come at me all the time. I
[77:53] think it's fun. You guys have been a
[77:54] huge part of my personal growth, my
[77:56] career growth. I dropped out of college.
[77:59] I was raised on the internet. Think
[78:01] about it. I was sitting in my dad's
[78:03] basement on Bitcoin Talk, on Reddit, on
[78:06] Twitter. I was raised by these chat
[78:09] forums. Um, makes you a better person.
[78:12] Don't take it personal. It's all love.
[78:14] No stress. If I need to clarify my
[78:16] stance on equity, um, I'm happy to. And,
[78:21] uh,
[78:22] will the real tough guy please stand up?
[78:24] All hail the tough guys. [laughter]
[78:29] And with that,
[78:31] we'll do a little bit of Q&A.
[78:33] What about the quality of those slides,
[78:35] guys? My AI tools. Not bad. Really cool.
[78:40] Is really, really cool. I didn't make
[78:42] any of those slides. It was I I I built
[78:45] all these tools. And if I can find a way
[78:47] to publish those on my website and then
[78:49] it'll link to all those sources that I
[78:51] used so that you guys can go do, you
[78:53] know, deeper research or whatever you
[78:56] want to do in your own time.
[78:58] Um, all right. Let's uh pull up Shout
[79:02] out Dylan. Shout out Dylan.
[79:05] Let's pull up uh
[79:09] our Q&A and uh do some uh do some tough
[79:14] guy responding.
[79:16] Um macro, are they lying on global
[79:19] television?
[79:22] What's the context, Dylan? When was this
[79:24] asked? I'm not sure what that is in
[79:26] reference to. I think
[79:30] there's this really interesting spectrum
[79:31] where either people are stupid and
[79:35] lying. No, they're either stupid and
[79:39] naive or lying and malicious.
[79:42] The issue though is that you shouldn't
[79:44] get an excuse for either. Both are bad.
[79:47] If you're an idiot, you should be
[79:49] punished for being an idiot. Like that's
[79:52] not like being an idiot is like, "Oh,
[79:53] well, be easy on him. He's an idiot."
[79:55] No, being an idiot is not acceptable. If
[79:57] you're carrying responsibility and that
[79:59] has implications on civilians, that's
[80:02] not it's not okay. Okay? It's also not
[80:05] okay if you're malicious and a liar. And
[80:07] so sometimes it's like I can't tell if
[80:09] that guy's an idiot or if he's
[80:11] malicious. Either way though, it's not
[80:13] okay. So are people either dumb and
[80:16] naive or lying and malicious on
[80:18] television? Yes. All the time, every
[80:20] day. Um, but I don't, unless uh Dylan,
[80:26] you have any more context? I don't know
[80:28] exactly. Oh, Dylan's typing. I don't
[80:30] know exactly what uh what you're talking
[80:34] about or referencing. I'll [snorts] let
[80:36] Dylan type and uh I'll go to the next
[80:38] one for now. What is your view on
[80:40] Bitcoin's price action now that ETFs and
[80:42] derivatives are now commonplace? Did
[80:44] this system now make it easy to suppress
[80:45] Bitcoin's price? No, I I kind of
[80:48] addressed this at the end of the show,
[80:49] guys. I don't think Bitcoin's price is
[80:51] suppressed. I really don't. I think if
[80:54] you look at it in gold terms, if you
[80:57] like some of the charts that I'm looking
[80:58] at, Bitcoin looks fine. If Bitcoin was
[81:01] at 20K and we're seeing like really
[81:03] unordinary price action, but like
[81:05] Bitcoin and gold rarely if ever run
[81:08] together.
[81:11] It for the same reason gold and tech
[81:13] stocks haven't traditionally run
[81:15] together. You know what else has had a
[81:16] rough go at it? The Mag 7 recently. I
[81:19] think Bitcoin's fine. I It's It's okay.
[81:23] It's I mean, it's like the worst year
[81:26] ever and everyone's panicked and
[81:28] frustrated and it's flat year-over-year
[81:30] during all of this. Like, Bitcoin has
[81:33] kept with mind you, gold is having the
[81:36] greatest bull run in gold's history.
[81:39] Like, gold bugs can't believe it. US
[81:42] politicians are literally reordering the
[81:44] monetary system in real time. And gold
[81:47] has gone from being worth five trillion
[81:49] to 40 trillion. And it's had the same
[81:53] performance as Bitcoin over the last
[81:55] four to five years. [laughter]
[81:58] [snorts]
[81:59] Bitcoin's fine. It'll be fine. I'm not
[82:02] worried about anything. I'm I'm not I'm
[82:05] being serious. I'm not compensating. I'm
[82:06] not worried. Genuinely. Hey Jack. I love
[82:09] the show. Thank you so much, man. If you
[82:11] were a Bitcoin developer, where would
[82:13] you put your time and focus?
[82:15] Um, you know, my advice, uh, really for
[82:20] anybody, um, not just Bitcoin
[82:24] development, um, you got to follow your
[82:26] own curiosities
[82:29] to get over the hump to excel at a
[82:32] certain level. Um, you can't fake that.
[82:35] You can't cheat that. Um, that doesn't
[82:38] come from, oh well, I got into the right
[82:40] topic, or oh, I I chose the right time.
[82:43] like that comes from hard work, proof of
[82:46] work. And proof of work is easier to
[82:49] sustain when you care, when you're
[82:51] curious. And so my advice is always
[82:56] just ask questions, be curious, um
[82:59] follow your genuine passion, follow your
[83:02] heart. It sounds cliche, but it's true.
[83:04] If I didn't love Bitcoin and truly
[83:06] believe in what I'm doing, guys, I would
[83:09] have gotten I would have gotten washed
[83:11] out years ago.
[83:14] years ago. I mean, to stay the course,
[83:15] to continue to pound pavement, stack
[83:18] good days on top of good days on top of
[83:20] good days, and just keep going,
[83:23] you you have to really love what you do.
[83:26] Uh, and you have to be really genuinely
[83:28] curious. So, if you're interested in
[83:30] protocol development, then go explore
[83:33] that. If you're interested in starting a
[83:35] business or working for a business like
[83:36] Strike, go explore that. But it's going
[83:39] to be really hard to be the best version
[83:41] of yourself if uh it doesn't align with
[83:46] with you. That goes for anything. To be
[83:49] honest, I don't know anybody who's the
[83:52] best at what they do and the best
[83:53] version of themselves when they're
[83:55] they're not fulfilling their passions,
[83:57] their interests, their purpose.
[84:00] So, you got to start there.
[84:04] Uh question for Dylan. when strike
[84:06] merch.
[84:11] How am I supposed to answer that?
[84:15] I don't know. See if Dylan has an answer
[84:18] for that. Uh Dylan wrote, "I think that
[84:21] this is more about how they rant and lie
[84:24] in your face in plain sight. Like if you
[84:26] have no context on what they're saying,
[84:28] it makes sense. But if you have an ounce
[84:31] of information on things like Bitcoin or
[84:33] macroeconomics, then it's slop. Yeah. I
[84:35] mean, are they lying on TV? 100%, guys.
[84:38] I mean, there is an asymmetric
[84:40] information. There's there's a big
[84:42] delta, a big gap of information in the
[84:45] world.
[84:47] Just, you know,
[84:51] like I I've talked about this before.
[84:54] Sometimes I'll go to, you know, whether
[84:57] it's events, uh, with my girlfriend or,
[85:01] you know, whatever. You're out and about
[85:03] in life, you're going to social events,
[85:05] you're meeting new people. And there's
[85:07] certain social circles where I'm like,
[85:08] these people have no idea. They don't
[85:10] know what I know. And I'm sure there's
[85:12] things I don't know that they know and
[85:14] they're, you know, focus of life. But
[85:17] there's just, you know, not that many
[85:18] people understand how money works,
[85:20] understands
[85:22] the current fiat regime, what's going on
[85:25] truly between the US and China. Why gold
[85:27] and silver? I mean, gold and silver are
[85:29] going up because everyone asked for the
[85:31] physical metals because they need it's a
[85:33] not your keys, not your coins. Like
[85:36] that's what's happening today.
[85:37] Everyone's like, "All right, [ __ ] it. I
[85:38] don't want the futures contract in New
[85:39] York anymore. Give me the bars." It's
[85:41] like, "Oh [ __ ] we don't have them. You
[85:43] got to go get them." Oh, you got to go
[85:44] get them. Well, price just goes through
[85:46] the [ __ ] roof.
[85:49] So, yeah. Are people lying? Are they
[85:50] misleading? Is the media been more and
[85:53] more has traditional media been more and
[85:55] more a vehicle to manipulate public
[85:57] opinion? Yes. Yes.
[86:02] Here, let me pull up a quote. Actually,
[86:04] I've been softly referencing it, but I
[86:06] want to read it word for word. It's very
[86:10] powerful. Hold on.
[86:24] I am convinced that any attempt to
[86:26] restore harmony in the world can only
[86:28] rest on the renewal of personal
[86:29] responsibility.
[86:33] That's it.
[86:35] Really sit with that one, guys. Really,
[86:38] really sit with that one.
[86:41] Really sit with that.
[86:44] Let me project it on the screen. One
[86:46] sec.
[86:48] And my my point while I while I pull
[86:51] this up
[86:53] is um
[86:57] you know, you're not the media is not
[87:00] going to save you.
[87:03] The president's not going to save you.
[87:05] The government's not going to save you.
[87:06] A big corporation's not going to save
[87:08] you. You're going to save you. And
[87:11] collectively as society, we're going to
[87:14] save us.
[87:16] That's how it's going. That that that's
[87:17] the only way
[87:20] here.
[87:27] I don't even know how to say this guy's
[87:28] name. Andre Tarovski. I'm convinced that
[87:31] any attempt to restore harmony in the
[87:33] world can only rest on the renewal of
[87:35] personal responsibility.
[87:37] Know the food you're putting in your
[87:38] body. have an opinion on which foods are
[87:41] good or bad. Understand how to measure
[87:43] it. Right? I see similar things in
[87:46] health as I do in Bitcoin and economics.
[87:50] Some random Harvard study tells you that
[87:53] some biomarkers bad or good for you and
[87:55] people just believe it. Do the research.
[87:57] Be curious. Have opinions.
[88:00] It all rests on the renewal of personal
[88:02] responsibility. Hold your own keys.
[88:05] Manage your own life. Have your own
[88:07] opinions. Do your own research.
[88:09] The mainstream media? Yes. Are they
[88:12] lying? Probably.
[88:15] Is Trump acting in his own personal
[88:17] interest? Probably. Our corporate
[88:20] probably. Yes. Probably. Yes. All Yes.
[88:22] All of it.
[88:27] Where society is being forced to figure
[88:31] itself out again. you. Not only can we
[88:33] not outsource and export our
[88:35] manufacturing capabilities, but you also
[88:37] should not be outsourcing and exporting
[88:39] your health and your diet and your money
[88:42] and your assets and your your
[88:45] relationships,
[88:47] the way you digest news, like just
[88:49] relying on algorithms, all of it.
[88:54] Okay. Anyways,
[88:58] um
[89:02] strike question. How can I get Oh, did
[89:04] Dylan answer about the merch?
[89:07] No, I know that we have I will say this
[89:10] for some of our really loyal longtime
[89:13] customers at Strike, we're sending them
[89:15] some gifts. Um I know this because it
[89:18] comes with a handwritten letter from
[89:20] myself. My [ __ ] wrist was killing me.
[89:22] You know the jokes where your your wrist
[89:24] is killing you and people like, "Oh
[89:26] yeah, what are you what are you doing?"
[89:27] Uh at night your wrist hurts. Haha. It's
[89:30] like a teenage sex joke about
[89:33] masturbation. My wrist was hurting
[89:35] because I was writing you guys letters.
[89:38] Um and so we wrote a lot of personal
[89:40] letters and we personalized some gifts,
[89:42] but that's not going to go to everybody.
[89:44] That's to our strike private, our really
[89:46] loyal customers, you know, accounts that
[89:48] have been open since the day we
[89:50] launched. Just can't thank you guys
[89:52] enough. And in there is some merch for
[89:54] you guys, but that is special. So, when
[89:57] is Strike merch going to be available
[89:58] for everyone?
[90:00] That's a Dylan question. Dylan's in the
[90:02] chat. Maybe he can answer that. How can
[90:05] I get strike services in New York City?
[90:07] Like I said, any day now. We're really,
[90:10] really close and we're going to
[90:12] celebrate with you guys uh by throwing a
[90:14] party in New York. So, once we get it,
[90:16] trust me, you'll know. Um we'll let you
[90:19] know. I'll be hooting and hollering and
[90:21] screaming about it and uh I'll fly down
[90:23] to New York and uh we'll go to a bar.
[90:26] We'll do a fireside chat. Some of the
[90:28] team will be there so you guys can ask
[90:29] us questions and get to know the
[90:31] products and the services and uh and
[90:33] we'll celebrate.
[90:35] Uh question Dylan, will the strike line
[90:37] of credit have minimums? Also, can I
[90:40] only get credit using bill pay or will
[90:43] there be other use cases besides bill
[90:45] pay? Um it will have a minimum. These
[90:49] minimums depend on the state you're in.
[90:51] And that's just because we're actually
[90:54] more defined by regulation than
[90:57] ourselves. So sometimes the states
[90:59] themselves set the minimums of our
[91:01] credit products. Uh and then we you can
[91:04] use the line of credit for anything. So
[91:07] it's like a payment method. When you go
[91:08] to buy Bitcoin or when you go to pay a
[91:10] bill or when you go to do anything
[91:12] inside of Strike, you can select maybe a
[91:15] bank account you have linked. You can
[91:16] select a card that you have linked and
[91:18] you can select your line of credit. If
[91:20] you're like, "Oh man, Bitcoin's dipping.
[91:21] I want to buy some." You can go buy, you
[91:23] can stack a little Bitcoin on your line
[91:25] of credit, which is basically taking out
[91:27] a loan and buying some Bitcoin, adding a
[91:28] little bit of leverage. If you have a
[91:30] bill coming up and you want to cover it,
[91:32] but you don't want to spend any of your
[91:33] Bitcoin, you can just use your line of
[91:36] credit. It's just a payment method.
[91:37] That's all it is. Just like an It's just
[91:40] like, oh, I have a card linked to
[91:41] Strike. I have a bank account linked to
[91:43] Strike. I have a line of credit.
[91:46] really cool product, like revolutionary
[91:48] product in my opinion. [sighs]
[91:50] Uh, question for Jack. Any updates on
[91:52] when Strike's full suite of services in
[91:54] New Zealand? I love the show. Thank you
[91:56] so much. Uh, yeah. No, I don't know. The
[92:01] truth is no timeline on when we'll have
[92:03] lending. We're working through we're
[92:05] chewing through uh all of the licensing
[92:07] abroad and uh you know I have a guess
[92:11] but it's definitely not worth giving you
[92:13] a guess because I have no confidence in
[92:15] it. We're working on it is all I can
[92:17] say. So I'm really sorry we don't have
[92:18] the full suite and I appreciate the
[92:20] support. It really means a lot. Um can
[92:23] we have a debit card for our strike
[92:24] account so that we can pay for things in
[92:27] person with a card? Um
[92:31] no debit card planned. Uh, I think the
[92:34] line of credit is going to change every
[92:37] Bitcoiner's life because I can spend on
[92:40] a credit card and I can use my line of
[92:41] credit to pay off the credit card. So,
[92:43] it's effectively
[92:45] a Bitcoinbacked credit card basically,
[92:48] but you just use your MX or use your
[92:50] Chase card or whatever, whatever. It's
[92:52] giving you free airline points and all
[92:54] [ __ ] Uh, and then you just pay that
[92:57] with your line of credit. And we'll see
[92:58] how that goes. And if it makes sense for
[93:00] us to add a card on top of our line of
[93:02] credit, I've told you guys we'll do
[93:04] that. But it's still not entirely clear
[93:06] to me we're going to be better at giving
[93:08] you rewards than AMX and Chase and all
[93:10] these people that have lobbying
[93:12] relationships and stuff. Like I'm not
[93:15] going to be better at giving you guys a
[93:18] fiat product, but I'll be way better
[93:20] than them at a Bitcoin line of credit
[93:22] for sure. So we'll see how you guys like
[93:25] the line of credit. You know, I want to
[93:27] make sure everyone understands the line
[93:28] of credit, how it works, and how to use
[93:30] it because it should really change your
[93:33] life. It I mean, it's changed my life.
[93:35] Just the Bitcoin backed loans and all
[93:37] these products like fundamentally
[93:39] changed my life. So, we'll see how that
[93:41] goes. And uh you know, as you guys know,
[93:44] this team's capable of anything like you
[93:47] know, we're only limited by our
[93:49] imagination. So, we can build anything.
[93:50] We're happy to build you guys a credit
[93:51] card. just uh want to learn a little bit
[93:53] from the line of credit products and
[93:55] have some more conversations with our
[93:56] customers to make sure we're building
[93:58] something that is really worth it and
[94:00] solves a real problem for you.
[94:03] Uh hey Jack, can you integrate with
[94:04] Plaid? Uh would be useful for using
[94:06] Strike as a bank. Many financial
[94:08] institutions only allow Plaid Connect.
[94:11] We uh are going to be working with Plaid
[94:13] to see if we can enable this. Um so stay
[94:17] tuned. We're on it. Thanks for the
[94:19] feedback. Uh, can you list the states
[94:22] that do not have lending and slash or
[94:23] the line of credit product yet and give
[94:26] an idea of when we should be able to
[94:27] expect each? Um, this is on our website.
[94:30] So, I have here in my notes strike.me
[94:32] FAQ where are bitcoinbacked loans
[94:35] available, but all this stuff is in our
[94:37] FAQ. It should be pretty easy to find.
[94:39] Is there an update on personal lending
[94:40] in Australia? Unfortunately, not.
[94:42] Australian regulators are a pain in the
[94:45] ass. They've been pretty difficult to
[94:46] work with. If you can just spin up a
[94:48] business, we're happy to give you a
[94:50] loan. Um, if not though, um, we'll keep
[94:52] working with the regulators in
[94:54] Australia, but uh, it's been difficult.
[94:56] Uh, any update on Strike having a teen
[94:59] parent custodial account? My 13-year-old
[95:01] daughter wants to buy Bitcoin when paid
[95:03] in fiat for her 3D printed Bitcoin
[95:05] items. First of all, badass family. You
[95:08] sound like an awesome dad. That's cool.
[95:11] I'm jealous. Um, that sounds amazing. Uh
[95:16] our answer to that um no it requires
[95:20] certain licensing to be able to serve
[95:21] kids in America. Weirdly too many rules
[95:25] stops innovation you know.
[95:28] But with that being said we are working
[95:30] on internally we call the product
[95:33] stacks. I think that will be the brand
[95:34] externally as well where you can create
[95:37] you know different sub accounts inside
[95:39] your account. So, I know people want to
[95:41] have a savings account inside Strike and
[95:43] an account for this feature, an account
[95:46] for your wife, an account for your kid,
[95:48] and we'll enable that so that you can
[95:50] have different buckets inside or we call
[95:52] them stacks, different stacks inside
[95:54] Strike to manage your money, whether
[95:56] it's fiat or dollars or both or loans.
[95:58] So, I know that's coming um fairly soon.
[96:02] Um, when Nevada, uh,
[96:06] we're we're we're we're coming
[96:09] everything. We're coming. I promise. Um,
[96:13] you know, unfortunately,
[96:15] regulations a son of a [ __ ] and you
[96:18] just got to you just got to put your
[96:20] head down and get them one at a time.
[96:22] We'll look back and we'll be the global
[96:24] Bitcoin company able to serve all of you
[96:27] guys all over the world. But proof of
[96:29] work, man. Like we talked about, you
[96:30] can't print licenses like you can Fiat.
[96:32] You got to do the work. So, we're
[96:35] coming. Nevada's we're we're in the
[96:36] process of getting it. We'll get there
[96:38] sooner rather than later for Nevada, for
[96:41] sure. All right. Other uh questions that
[96:45] aren't related to anything. Hey Dylan,
[96:48] can you start streaming the show on
[96:50] Noster? Talk with Odell. Yeah, I see
[96:54] Odell in person tomorrow. I will ask
[96:57] him. Yes, sure. I have no preference.
[96:59] I'll stream wherever you guys want. I I
[97:00] don't care. I I really don't. Question
[97:03] for Jack. What's your opinion on pleb
[97:04] slop? It seems to be the phrase of 2026
[97:07] so far. I don't know. The vibes are just
[97:10] bare market vibes. Everyone's pissed.
[97:12] Everyone's angry. Everyone's emotional.
[97:14] Everyone wants a victim. Everyone's
[97:16] trying to slay their heroes.
[97:19] [snorts]
[97:25] Boring. Put me to sleep. I don't know,
[97:28] man.
[97:29] It's just not productive.
[97:32] Only thing scarcer than Bitcoin is time.
[97:35] Not going to spend it. Been arguing with
[97:36] you guys on Twitter. Uh nice coded
[97:39] presentation, Jack. Looking good. Claude
[97:42] code. Yeah. So, my um
[97:46] my
[97:49] presentation
[97:51] I'm using a bunch of AI tools, a lot of
[97:54] them. Um so this has been a combination
[97:57] of some open AAI products. So it's open
[98:00] AAI, Anthropic and Google are the core
[98:04] ones. So
[98:06] I'll walk you guys through it if you
[98:08] want. So
[98:10] um the visuals that I've made so like
[98:14] these type of graphics that I'm making
[98:16] here like this all all these graphics I
[98:19] made that's using Google. I'm using Nano
[98:22] Banana. Um, so I have a Gemini account.
[98:27] Um, I also have started making videos as
[98:29] well. Um, but that wasn't ready for
[98:32] today. But, uh, a lot of the imagery is
[98:35] Google. Um, some of the framework and
[98:38] the research and stuff is open AI. And
[98:41] what I did is OpenAI
[98:44] I I basically built something that
[98:47] allows me to organize and take my ideas
[98:50] and export them into certain JSON
[98:52] formats which then I feed cloud code uh
[98:56] which helps me put together the actual
[98:59] software. So I kind of use basically my
[99:02] developer environment is I have a bunch
[99:04] of agents running at once and I use Mac
[99:09] Whisper to talk to my developer
[99:11] environment and then depending on what
[99:13] I'm asking for it knows which agent to
[99:15] use. And so it's been like super it's
[99:20] been like honestly ridiculous. Here the
[99:22] server is running locally.
[99:26] Um,
[99:28] so
[99:29] let me show you guys. Uh, I will just do
[99:34] something live. Um, so I'm going to hold
[99:37] down my Mac whisperer and talk to my AI
[99:41] server that's running right now. And
[99:42] we'll add another slide that says,
[99:45] "Thank you guys for tuning in. Love you.
[99:48] Bye."
[99:50] Hey, can we make another uh chapter
[99:53] slide where the main header is that's
[99:57] all folks, thank you. And the subheader
[99:59] is love you guys so much. See you next
[100:02] week.
[100:06] Okay, so
[100:08] it's now off and running and doing its
[100:10] thing. And so it's all the agents are
[100:12] talking to each other. So it's like, do
[100:14] we did did Jack ask for any imagery? Did
[100:16] he give opinions? And then again, if I'm
[100:18] doing [clears throat] something more
[100:19] complex like, hey, I'm interested in the
[100:22] data. How have how is gold compared to
[100:26] the US 10-year real rates? Let's pull
[100:29] that data. Let's try and chart that. Um,
[100:32] oh, it's interesting. Like, it looks
[100:34] like after COVID, it really there's
[100:37] really started to be a rotation. And is
[100:39] that COVID or what happened in Russia
[100:41] during the seizure like the Biden
[100:43] administration seizing Putin's stuff?
[100:46] Um, and so now it already finished. And
[100:49] so if I go back to my slideshow with you
[100:55] guys and I
[100:59] uh refresh and I go to the next one, it
[101:02] created that slide for me. Did you see
[101:04] that? I didn't touch anything. It just
[101:07] made it. That's all, folks. Thank you.
[101:08] Love you guys so much. See you next
[101:10] week. So maybe one one day I record a
[101:13] video and walk you guys through it. I
[101:15] used to be an engineer, so um I'm fairly
[101:18] technical if I need to be. Um which is
[101:20] cool. And so I finally found some time
[101:23] to kind of sit with AI and figure out
[101:25] how it can help me. And this changed my
[101:27] life. Like I can now do keynotes and
[101:29] express ideas and create content for you
[101:32] guys like this. Like I created this
[101:34] whole presentation today just talking to
[101:36] my computer and asking it to do
[101:38] research, pull data, um format a lot of
[101:42] what's in my head. Here's my last rant
[101:44] before I leave you. I've told you guys
[101:46] time and time again, and I will do a
[101:48] keynote at some point this year at some
[101:50] conference um because it's the topic I'm
[101:52] fascinated by and I'm passionate about.
[101:54] I think AI and Bitcoin will bring about
[101:57] a new art renaissance for humanity um
[102:01] which I'm really excited about. And my
[102:03] thesis behind that is twofold. One, on
[102:06] the Bitcoin side, if you have money that
[102:08] you can actually save, as you guys know,
[102:10] it will lower your time preference. It
[102:12] will make you more future oriented. And
[102:14] so whatever your profession is, whether
[102:16] you're a doctor, a physical therapist,
[102:18] an engineer, you don't also have to be a
[102:21] speculator. You don't also have to be a
[102:23] sports gambler. You don't also have to
[102:24] be an expert on Japanese central bank
[102:26] monetary policy. You can just do what
[102:29] you want to do. And there's a lot of
[102:30] professions right now that just don't
[102:32] produce enough money for you to survive.
[102:34] You can't just be a teacher. You can't
[102:36] just be a historian. You can't just be a
[102:38] musician unless you're like Drake or
[102:40] Kendrick Lamar. And so if you have hard
[102:44] money that you can actually save, you
[102:46] can lower your time preference. You can
[102:47] focus on your passion, focus on your
[102:49] professions, and then combine that with
[102:51] AI where if intelligence, if software,
[102:55] if the marginal cost of these things
[102:58] trends to as close to zero as what's
[103:00] reasonable, then really what's left is
[103:03] what's actually the hard part. Like when
[103:05] people say like what's the hardest part
[103:07] of Strike? Well, it's actually not the
[103:09] engineering. If it was the engineering,
[103:12] I'd still be coding. The hardest part of
[103:14] Strike is all the intangibles. It's the
[103:16] taste. It's understanding what the
[103:17] market wants, the order in which to
[103:19] build it, how to convey it, how to
[103:20] design it. How do you inspire a
[103:23] revolution of a bunch of people on the
[103:25] internet? How do you cohesively express
[103:27] ideas? That's the hard part. And I
[103:30] consider a lot of what I do to be an
[103:32] art. So, I don't mean an art revolution
[103:35] like everyone's going to be painting or
[103:37] everyone's going to be playing guitar. I
[103:39] think what I do is art. I create
[103:42] different ways to express ideas to you
[103:45] all through products, through
[103:46] presentations, through podcasts.
[103:49] There's an art in trying to take complex
[103:52] topics and make them relatable and take
[103:56] a revolution and make it approachable
[103:59] and make it inspiring, right? And so I
[104:02] think the the renaissance will be we
[104:04] won't have to do you don't have to write
[104:05] the code. You don't have to do all the
[104:07] accounting work. You don't have to write
[104:09] the legal documents. Like the cost to do
[104:12] all of that will be zero. Everyone will
[104:15] have access to that. And what will be
[104:16] left is a new renaissance of art, of
[104:19] ideas, of expression. And we'll be able
[104:22] to save in money that allows us to lower
[104:24] our time preference and be future
[104:25] oriented and not compromise on the now.
[104:29] and we'll have the tools that allow us
[104:31] to be, you know, the most curious,
[104:34] artistic, expressive versions of
[104:36] ourselves, which I think is where we're
[104:37] meant to be. I don't think humans are
[104:39] meant to be in a cubicle writing word
[104:42] docs all day. Let the AI do that. And so
[104:46] that's kind of my focus when I was
[104:48] building my developer tools for the show
[104:52] was, you know, let how can I more
[104:55] efficiently and effectively express my
[104:58] my art, the the art that is Jack ideas,
[105:03] visuals, concepts.
[105:07] So pretty exciting. I'm very I'm very
[105:10] pumped by it. I haven't been this
[105:11] excited and like hacking over the
[105:13] weekends and, you know, locking myself
[105:15] in my room for a very long time. Okay,
[105:19] with that, I'm out of here. Almost a
[105:21] two-hour show. This was a fun one. Um,
[105:23] like I said, give me some feedback. So,
[105:25] this is totally different. I got a new
[105:27] computer and a totally new setup with
[105:29] new slides, new presentation. What parts
[105:32] of it did you like? What parts of it did
[105:34] did you not like? How about the delta
[105:36] between the presentation itself, talking
[105:38] about the companies, doing Q&A? Is Dylan
[105:41] doing a good job collecting your
[105:43] questions? Give us feedback. Like I
[105:45] said, you guys can't hurt my feelings.
[105:47] It's all love. We're all on the same
[105:48] team. Um I got I got thick enough skin.
[105:52] Lay it on me. Uh and I appreciate you.
[105:55] With that, I will uh I'll see you guys
[105:56] in seven days. Much love. Take care.
[105:59] Stay warm.