Bitcoin Doesn’t Negotiate

[0:01] Yo, welcome back to another episode of
[0:04] the Jack Morers Show. I am your host,
[0:07] Jack, and you are listening to yet
[0:09] another edition of Mailbag Monday,
[0:12] episode 118,
[0:14] titled Bitcoin Doesn't Negotiate.
[0:18] Ladies and gentlemen, welcome back to
[0:22] the Bitcoiners corner of the internet. A
[0:24] weird corner of the internet, but a
[0:25] corner of the internet where we care
[0:27] about truth, humility, prosperity,
[0:31] transparency,
[0:33] a prosperous world we want to enjoy.
[0:36] Without further ado, let me timestamp
[0:38] this bad boy. Ladies and gentlemen, I
[0:41] talked to you all at a Bitcoin price of
[0:43] $77,080.
[0:47] That puts Bitcoin's market cap at 1.54
[0:51] trillion. Bitcoin down a little bit week
[0:54] overw week. And I think I know why.
[0:57] We'll talk about it in a second. Our
[0:59] all-time high that we made on October
[1:01] 6th of 2025 remains at 126,160.
[1:07] That puts Bitcoin just under 39% off its
[1:11] all-time high at 38.9%
[1:14] off its highs. That was made 224 days
[1:17] ago, by the way. Almost a full year. The
[1:21] last Bitcoin block mined since I hit
[1:24] stream was block height 950,01.
[1:29] Road to 1 million Bitcoin blocks. Almost
[1:33] there. All right.
[1:36] Bitcoin doesn't negotiate. Listen,
[1:38] markets are taking a beating across the
[1:41] board. Bitcoin, gold, stocks have fallen
[1:46] off their highs. The bond market is
[1:48] getting its butt handed to it. There's a
[1:51] lot going on. I think it's fairly
[1:53] obvious. And I'm no genius. I think it's
[1:56] fairly obvious to everyone with a brain
[1:59] cell. What's going on in global markets?
[2:02] What's going on in the Middle East? And
[2:03] so that is what we will talk about
[2:05] today. Let me check. Not a professional
[2:08] podcaster. Make sure I'm live. Oh, I'm
[2:10] live. It doesn't get more live than
[2:11] this. All right, ladies and gentlemen,
[2:12] let's go. First and foremost, I said
[2:15] it's not a political podcast. I have no
[2:17] interest of hopping between the left,
[2:18] the right, the red, the blue, the up,
[2:20] the down, the wazy, the woozy. You know
[2:22] that uh that scene in Wolf of Wall
[2:24] Street. It's a wazy. It's a woozy. It's
[2:26] fairy dust. That's how I feel about
[2:29] politics. Not my thing. I bleed orange.
[2:31] I'm a Bitcoiner. So instead of going
[2:33] back and forth between what the Iranian
[2:36] regimes are saying versus what Trump is
[2:38] saying versus this this, we ask four
[2:41] questions every week to open the show
[2:43] and they go as follows. One, is the
[2:46] straight hormuz still closed? Yes, it
[2:49] is. Two, is the conflict still ongoing?
[2:53] Yes, it is. Three, are global supply
[2:56] chains still disrupted? Yes, they are.
[3:00] Four. Can global debt survive this
[3:02] disruption? No. In fact, it's starting
[3:05] to collapse because of it. Look at the
[3:08] bond market, guys. We, the Jack Maller
[3:13] show, Mailbag Monday, the live chat, the
[3:15] YouTube commenters, we, yes, this
[3:17] strange corner of the internet, the
[3:18] Bitcoiners, we've been saying since the
[3:21] end of February, that the strait is not
[3:24] opening anytime soon, that this conflict
[3:26] is going to last a long time, that
[3:28] inflation is upon us, that global supply
[3:32] chains will be disrupted, that the bond
[3:34] market will collapse. This is only
[3:36] expediting the death of fiat.
[3:39] You can call me a crazy person. The kid
[3:41] in the hoodie. The empty closet menace.
[3:44] We were right. We were right. We were
[3:47] right. Let's check in on the straight of
[3:50] Hormuse. Does this look closed to you?
[3:53] This Hormuse straight is very, very,
[3:55] very, very closed. As a reminder, there
[3:58] used to be about 150 daily vessel
[4:01] crossings and now we were r we range
[4:04] between zero and five. Okay. Hormuz is
[4:08] very closed. In fact, Iran now charges a
[4:11] toll to get through. They sell you
[4:13] Hormuz Insurance for Bitcoin. I'll table
[4:17] that rant for later on in this episode,
[4:20] but the point is Hormuz remains
[4:22] extremely closed. Now, I had referenced
[4:26] everything that you can own is getting
[4:28] its butt kicked. Arguably, maybe not the
[4:31] dollar. Um, but uh I want to make this
[4:33] point. Uh, the system can't take crisis
[4:36] anymore. Uh, I've made the point week
[4:38] over week the way you can think about
[4:40] the amount of debt that the United
[4:42] States is in and not just the United
[4:43] States, global sovereigns, especially
[4:45] the West, the amount of debt and
[4:47] deficits that these countries run. The
[4:50] way that you can think about that is
[4:51] leverage. Okay, debt is a form of
[4:54] borrowing from your future. You are
[4:56] pulling your future forward to spend it
[4:58] now. Now the only reason that you would
[5:00] do that is because you think by spending
[5:02] your future resources now you can enter
[5:05] the physical future in a better state.
[5:08] Now obviously the risk is that you
[5:09] misappropriate the capital that you
[5:11] spend now and you enter your future in a
[5:14] worse state. Now I think that there's no
[5:17] argument that governments around the
[5:18] world have pulled forward their future
[5:21] pulled forward their kids time energy
[5:23] and labor pulled forward commodity
[5:26] resources. pulled forward oil reserves,
[5:28] spent it and didn't spend it well. A
[5:31] misallocation of capital, some would
[5:34] say, and now we have large large swasts
[5:36] of debt and not enough of productivity
[5:39] to show for it. Okay, that's how you can
[5:42] think about the amounts of debt, the
[5:44] amount of deficits, and the problem that
[5:45] governments have. Now, because they're
[5:49] so indebted and they're so levered, they
[5:51] can't take a crisis. Okay, think of it
[5:54] this way. Um, you guys ever do the
[5:56] exercise? I used to go to boxing with my
[5:59] dad when I was a kid. And they would do
[6:00] the exercise as a boxer. Here, I'm gonna
[6:02] get up. You guys can see this. A boxer.
[6:07] Look at me up in the closet. People say
[6:09] that's a fake background. You're fake.
[6:11] Your face is fake. This background is
[6:13] real. When you're boxing, you got to be
[6:15] on the balls of your feet. Okay? The
[6:17] balls of your feet. And the instructor
[6:19] would do a drill with us where when
[6:21] you're on the balls of your feet and
[6:23] someone tries to push you, you can't
[6:25] push me down. I'm not going to fall
[6:26] backwards because my weight is even. My
[6:28] weight is forward. My weight is on my
[6:31] front foot. Sometimes I'm on the balls
[6:33] of my feet. Now, when I'm on my heels,
[6:35] if I'm standing flatfooted and someone
[6:37] shoves my shoulders, I go tumbling
[6:39] backwards. Okay? Think of it like that.
[6:44] balls of your feet is not a lot of
[6:46] leverage, not a lot of debt. A sound
[6:49] footing, grounded,
[6:52] balanced. When we're standing on our
[6:54] heels, that's leverage, that's debt.
[6:57] Everything has to go perfectly for us to
[6:59] win that fight. If just a mere gust of
[7:02] wind or just a mere push to our shoulder
[7:05] tumbles us over and the whole thing
[7:07] collapses. And so something like the
[7:09] straight of Hermoose which causes a
[7:11] bunch of inflation which causes supply
[7:14] chain shortages it blows the entire
[7:17] western financial system down. And you
[7:19] guys have to understand why that is
[7:21] because people will will relate and say
[7:22] oh no this is just like the 1970s. Oh no
[7:25] this is just like the dot bubble and AI.
[7:27] This is just like the year 2000. No,
[7:29] it's not because there's never been a
[7:32] time in human history where Western
[7:34] governments and Western civilization is
[7:36] so levered, is in so much debt. And you
[7:38] guys have to appreciate that because
[7:40] every time people say, "Oh, this is just
[7:42] like that time." Let me pull up a chart
[7:44] from 50 years ago and tell you how the
[7:45] world's going to proceed. No, absolutely
[7:48] not. Debt to GDP was not 120%. The
[7:51] United States government wasn't $40
[7:52] trillion in debt. the whole western
[7:54] civilization wasn't entirely levered
[7:57] with the expectation that things are
[7:58] going to go perfectly.
[8:01] And so what we're seeing and what I'm
[8:02] about to present to you guys is the bond
[8:05] market is falling apart for that very
[8:07] reason. The whole system is levered.
[8:09] Gold is selling off for that very
[8:10] reason. Gold is a way to raise cash.
[8:13] When the bond market goes kaputs, people
[8:15] are getting margin calls. They need to
[8:17] raise cash. They sell what they can, not
[8:19] what they want. Bitcoin goes down. Gold
[8:22] goes down, stocks go down, bonds go
[8:25] down,
[8:27] and that's what we're seeing. Bitcoin's
[8:29] fallen from 82,000 to 76. Gold's down
[8:32] 5%, and the 10-year US Treasury yield is
[8:36] above 4.6%.
[8:38] We are approaching crisis levels. I also
[8:42] want to point out, I said I'm not going
[8:43] to go quote politicians all episode
[8:46] because who wants to listen to that
[8:47] anymore? But I will point this out for
[8:50] pure economic reasons. Okay, so over the
[8:53] last 24 hours, President Trump, so on
[8:56] Sunday night, he put out a post that
[8:58] says, "Time is of the essence. This
[8:59] Iranian deal, we got to go go." Uh, like
[9:02] they better get a move on. And that
[9:04] implied that there wasn't a lot cooking,
[9:07] that this might take a while. He's
[9:08] pleading for them to get a move on. So
[9:11] the S&P futures opened down, big down. 2
[9:14] hours before they opened this morning.
[9:16] So, fast forward to the morning after,
[9:18] he said that they were we're close to a
[9:20] deal. We're close to a deal. The S&P 500
[9:23] futures rallied. So, there's just a lot
[9:24] of jaw boning going on right now. This
[9:29] morning, once the market actually
[9:31] opened, we learned we're not close to a
[9:33] deal actually, and the S&P 500 went back
[9:36] down. This afternoon,
[9:39] we're holding off on tomorrow's attack
[9:41] to get a deal done. The S&P recovered
[9:44] again. So Trump said that he was going
[9:46] to attack Iran or or the Middle East.
[9:49] And now in this screenshot based on
[9:52] someone that said something, he canceled
[9:53] the attack. Now the interesting part
[9:56] that I want to point out to you guys is
[9:58] yes, the jawbon from politicians causes
[10:01] volatility. But mind you, oil used to be
[10:04] going from $150 a barrel to $50 a barrel
[10:07] to $125 a barrel to $80 a barrel based
[10:10] on every single post Trump would post.
[10:12] markets are barely moving anymore
[10:15] because the the whole Bitcoiner thesis
[10:18] is that we are meant to be governed by
[10:20] physical reality. We want real money
[10:22] that isn't, you know, live in La Narnia
[10:25] land where it's governed by unelected
[10:28] central bankers or by politicians that
[10:30] can increase the supply and seize
[10:32] someone else's property. We want real
[10:35] money, hard money, physical property.
[10:37] That's what proof of work is.
[10:40] And financial markets just don't care
[10:42] about political jawbon, right? They
[10:45] shouldn't. The price of oil, oil is a
[10:48] physical commodity. The price of oil
[10:50] doesn't it doesn't matter what
[10:53] politicians think about energy. Energy
[10:56] is the currency of the universe. And
[10:57] we're starting to see the market shrug
[11:00] off political jawbon from all sides, by
[11:02] the way, not just United States, and
[11:04] start to price the future as it
[11:06] physically is. Okay? is a very important
[11:10] update because usually Trump was able to
[11:13] price the markets however he wanted just
[11:15] by tweeting and that seems to be no
[11:17] longer the case. Okay, I have two
[11:19] chapters. One, we're going to look at
[11:21] the consumer and how bad it is for the
[11:24] everyday man. And then chapter two,
[11:26] we're going to look at the bond market.
[11:28] The last chapter, as always, we're going
[11:29] to talk about Bitcoin. So, chapter one,
[11:32] the consumer is broken. And I'm not
[11:35] mincing words. the consumer is actually
[11:38] broken. Um, the biggest news over the
[11:41] last week is PPI came in hot. Hot. Okay.
[11:47] Piping hot. I'm I'm smoking some beef
[11:50] ribs upstairs. So, after this episode,
[11:52] I'm I'll I'll post a picture on Nostra.
[11:54] I've got some fresh beef ribs. PPI came
[11:57] in hotter than the beef ribs I've been
[12:00] smoking up there for 12 hours. Okay. It
[12:03] came in at 6% versus the 4.8%. 8%
[12:06] expected. And the way you can think
[12:08] about PPI is it's uh it's it's the
[12:12] appetizer. It's the precursor. It's the
[12:14] prelude to CPI. Okay? It's it's the
[12:17] wholesale market before the goods reach
[12:20] the consumer. It's it's from wholesale
[12:23] to retail. Okay? And so if you look at
[12:26] the visual here, and for those
[12:27] listening, uh it's important I explain
[12:29] this. The blue line which is PPI always
[12:34] leads the red line. Okay, it moves first
[12:37] which is CPI. Okay, so think of it PPI
[12:40] is what you know the suppliers are
[12:42] getting charged and or it technically
[12:44] it's getting quoted but think of it like
[12:46] you know what is Walmart and I'm
[12:49] oversimplifying for for all the experts
[12:51] that are going to be in the YouTube
[12:52] comments. That's not technically true.
[12:55] Shut up. All right, I'm oversimplifying
[12:57] but barely. But barely. Okay, so think
[12:59] of it. You get your stuff from Walmart,
[13:01] but who does Walmart get its stuff from?
[13:03] You got to go up the supply chain. And
[13:06] so the point of PPI is what is Walmart
[13:09] getting charged for the goods and
[13:11] services that they're selling to you.
[13:13] And that way we can see the data come
[13:15] all the way through the supply chain
[13:18] from raw materials all the way to
[13:21] produced and serviceable goods for the
[13:23] end person. And so to see this blue line
[13:27] come shooting up with an expected 4.8.
[13:30] It's at six. You can see where the red
[13:32] line will go, meaning CPI is on its way
[13:36] up, meaning inflation is about to blow
[13:38] our head off. And if you've been a
[13:40] listener to this show, this is not a
[13:41] surprise. If 20% of the world's oil goes
[13:45] offline, if we enter an energy crisis,
[13:47] if America is entering a hot war, all of
[13:50] these things, I mean, when when uh the
[13:53] Federal Reserve stopped QT, and they're
[13:56] not calling it QE, but it's effectively
[13:58] QE, all of this is inflationary, guys.
[14:01] Remember, inflation is not just what the
[14:04] government tells you. Inflation is not
[14:05] just the price of eggs. The Bitcoin
[14:07] price has been highly inflationary. My
[14:10] first Bitcoin was under $100. Now to get
[14:12] a Bitcoin, it's over $70,000.
[14:15] Okay, all of this is inflationary. But
[14:17] what's happening in the Middle East is
[14:18] an accelerant to the death of fiat. It
[14:21] is extremely inflationary. Energy,
[14:24] everything in your life. Your phone,
[14:27] your car, your house, your travel plans,
[14:31] your television, everything is a
[14:33] derivative of energy. Energy is the
[14:36] currency of the universe.
[14:38] Time is the scarcity of the universe and
[14:40] energy is the currency of the universe.
[14:43] Bitcoin is time and energy money. Quote
[14:46] that. Clip that. Okay. When you take 20%
[14:50] of the world's oil offline, when the
[14:53] energy market goes through crisis, you
[14:55] are going to get extreme amounts of
[14:57] inflation. Extreme. And that's besides
[15:00] all of the money they have to print and
[15:02] all of the debt that they have to
[15:04] monetize. And so what this PPI print
[15:07] told us is we were right. Inflation is
[15:09] going to come in. And by the way, this
[15:11] is this print is before all of the
[15:14] straight of horm has been fully
[15:16] processed. You can make an argument that
[15:18] this print was a lot of the capex
[15:20] spending and AI.
[15:22] I mean, how inflationary is that? You've
[15:25] got companies now, guys, appreciate how
[15:28] how stimulative this is as well. You
[15:31] have companies like Google, like
[15:33] Microsoft, like Amazon, like Facebook or
[15:36] Meta. Now, these companies used to be
[15:39] making tens of billions, hundreds of
[15:41] billions of dollars in net profit, and
[15:43] they'd use that cash to buy back their
[15:45] stocks. Okay? So, that cash wasn't
[15:48] seeing the economy. That cash was being
[15:52] just puked into the financial markets by
[15:55] rebying their stock. That cash is now
[15:58] not going into buying their stock. It's
[16:01] going into the main street economy by
[16:03] employing people, creating factories,
[16:05] creating jobs to produce AI
[16:08] infrastructure, data centers, power
[16:11] power infrastructure, energy
[16:13] infrastructure. So that's also extremely
[16:15] inflationary.
[16:17] You have the most profitable, greatest
[16:19] companies in human history now bidding
[16:21] up energy, bidding up commodities.
[16:25] Facebook's probably like, "You know
[16:26] what? I don't really care what the price
[16:28] of silver is. Give me a bunch of it. I
[16:31] got to build AI chips. What do you want
[16:32] me to do?"
[16:35] And so this is not even with the full
[16:37] straight of horm processed. This is
[16:39] coming in hot probably off most of the
[16:42] back of AI and the beginnings of the
[16:44] straight of hormones being closed. And
[16:46] it doesn't look like the straight's
[16:47] going to be open anytime soon as I'll
[16:48] get into in a second. So, the consumer,
[16:51] which we've been last week, we talked
[16:53] about consumer sentiment, all-time lows,
[16:56] all-time lows. I'm talking below 2008
[16:58] financial crisis, below the burst of the
[17:00] dot bubble, below everything, below the
[17:03] 1980s recession, below below below
[17:05] below. The consumer sentiment's never
[17:07] been worse in the United States in the
[17:08] 70 plus years it's been recorded, ever.
[17:11] And inflation is just picking up again.
[17:13] And it looks like it's going to break
[17:15] the record that we set during co
[17:19] So on the back half of all of this, our
[17:22] Treasury Secretary, which again, this is
[17:24] a show by the common man for the common
[17:26] man. How how do I think about the
[17:28] Treasury Secretary, Scott Bessant? Think
[17:30] of him like the CFO of the United
[17:32] States, okay? Manages our finances.
[17:35] Scott Bessant comes out and says, "Hey,
[17:37] by the way, we may get one to two hot
[17:38] inflation numbers."
[17:40] So any politician that's forewarning you
[17:43] is trying to ease the pain that the
[17:46] people are going to spit in their face,
[17:48] right? Obviously.
[17:50] And so he's trying to forewarn everyone
[17:52] and say, "Listen, things might get a
[17:54] little hot. Inflation readings might
[17:55] come in a little hot. Just a heads up.
[17:58] By the way, one to two inflation
[18:00] readings. In reality, this is going to
[18:03] be 1 to two years."
[18:06] He means one to two readings. He would
[18:08] never he would never be that honest and
[18:10] say one to two years. I'm telling you
[18:12] guys, inflation
[18:16] of just co look at the little blip of co
[18:20] felt it felt like we were locked in our
[18:22] houses forever, right? Because I mean
[18:24] like literal human grown adults were
[18:27] locked in their house and like
[18:28] threatened to get arrested for going
[18:30] outside and getting some sunlight.
[18:32] But it wasn't that long. And it took
[18:35] years,
[18:37] years for global supply chains to get
[18:39] back to operating normally, for
[18:41] inflation to get all the way through the
[18:43] system. We had to hike rates faster than
[18:45] we ever hiked them before just to tame
[18:47] it, just to get it back down. And by the
[18:49] way, we never got it back down to the 2%
[18:51] target. We're still above the 2% Fed
[18:54] target. And now inflation's picking back
[18:55] up. So one to two hot readings. You're
[18:58] crazy. You're crazy. This is going to
[19:00] take 1 to two years. Mind you, how we
[19:04] now know that the strait is not opening
[19:07] anytime soon, that the United States
[19:09] can't really snap their finger and do
[19:10] anything about it, and that there is an
[19:12] energy crisis, is today Scott Bessant,
[19:16] US Treasury Secretary, came out and
[19:19] tweeted this. The US Treasury is issuing
[19:21] a temporary 30-day general license to
[19:24] provide the most vulnerable nations with
[19:26] the ability to temporarily access
[19:28] Russian oil. currently stranded at sea.
[19:31] This extension will provide additional
[19:33] flexibility and we will work with these
[19:35] nations to provide specific licenses as
[19:38] needed. This general license will help
[19:40] stabilize the physical crude market and
[19:42] ensure oil reaches the most energy
[19:44] vulnerable countries. It will also help
[19:47] reroute existing supply to countries
[19:49] most in need by reducing China's ability
[19:52] to stockpile discounted oil.
[19:55] So again, we've s said on the show and
[19:59] we've talked about how the United States
[20:01] has unsanctioned Iranian oil during this
[20:04] conflict. Why would they do that? Well,
[20:06] they don't want the price of oil and
[20:07] energy and gas to go up so much. What's
[20:11] a way to get the prices down to keep
[20:13] them low while this conflict is ongoing?
[20:15] Well, increase the supply. How do you
[20:17] increase the supply of oil? Well,
[20:19] there's a bunch sanctioned by the United
[20:20] States, Iranian oil. Let's get that back
[20:23] into the market. And how do we know that
[20:26] things aren't great in the energy
[20:28] market, in the oil market? Well, the
[20:30] United States of America just
[20:31] unsanctioned Russian oil.
[20:35] That's how you know. And again, not a
[20:38] political podcast, but the United States
[20:40] is unsanctioning their enemies oil. I
[20:42] mean, this is beneficial to Russia.
[20:44] These moves are beneficial to the people
[20:46] you're at war with, like Iran. So, why
[20:49] would you do it? Well, you would do it
[20:51] because the energy market in the oil
[20:53] market uh is in quite a pickle. There
[20:56] there's some serious issues. And you
[20:58] think inflation is bad now because Meta
[21:01] and Microsoft and Amazon and Google are
[21:04] taking their cash flow and they're
[21:05] pouring it into the real economy and
[21:07] they're pouring it into uh into
[21:09] commodities and they're pouring it into
[21:10] energy. You think it's bad now? Wait
[21:13] until the world figures out the real
[21:15] cost of oil and energy with the straight
[21:17] of her moose clothes. Not with these oil
[21:20] SPR, strategic petroleum reserve
[21:22] buffers, not with this unsanctioning
[21:24] stuff. When all of that is through and
[21:26] people have to bid for the real cost of
[21:28] energy and oil, wait till you see what
[21:30] inflation inflation is going to rip to
[21:32] double digits easily. So, this is a what
[21:35] I like to call a signpost. This is a
[21:38] signpost. Interesting, really
[21:40] interesting move that Bessant comes out
[21:42] and says, "Hey, by the way, we may get
[21:43] one to two hot inflation numbers. Oh,
[21:46] and I'm unsanctioning Russian oil. Not a
[21:49] political podcast, just quite
[21:50] interesting.
[21:52] Hard to ignore. Back to how bad the
[21:55] common man is hurting out on the street
[21:57] and why everyone needs Bitcoin. Real
[21:59] wages just went negative. This is for
[22:02] the first time since 2022 and I have a
[22:05] feeling it's going to get a lot worse.
[22:07] So, this visual that you guys are
[22:09] looking at is the average hourly
[22:11] earnings of a private sector employee.
[22:13] And what do we mean by real wages? Well,
[22:17] again, if your wages are increasing at
[22:20] 1% a year on average, but inflation is
[22:23] 2% a year, you're working backwards,
[22:26] right? Put it put another way, let's say
[22:29] your dream house is getting 5% more
[22:31] expensive every single year. Well, in
[22:33] order to make progress towards owning
[22:34] that home, you need to be getting at
[22:36] least a 6% raise every single year.
[22:40] And so by measure measuring real wages,
[22:42] we get to see well is the common man, is
[22:45] the average private sector employee, are
[22:48] they making progress towards owning
[22:50] things in their life, towards getting
[22:53] sufficient food, owning a home, paying
[22:56] off their car, paying down their student
[22:58] loans? And when real wages go negative,
[23:01] it means the things around them are
[23:02] getting more expensive than they're
[23:04] earning. Not good. Really, not great at
[23:08] all. No duh. Consumer sentiment is down.
[23:11] It doesn't matter what the stock market
[23:12] price is. And by the way, equal weighted
[23:14] S&P 500 is not at all-time highs. Just
[23:17] the S&P 500 as it's weighted today. And
[23:20] it's dominated by tech. So everyone in
[23:23] tech is making loads of money. Wall
[23:25] Street is making loads of money. But the
[23:27] everyday man, the everyday consumer
[23:29] getting crushed. Real wages going
[23:32] negative. Sentiment never been worse. On
[23:35] the back half of that, delinquencies.
[23:38] So, a lot of the American dream and the
[23:40] American lifestyle as we know it, and
[23:42] listen, I don't live in the UK. I don't
[23:44] know that much, but you'd have to assume
[23:47] a lot of western the western dream
[23:50] lifestyle is financed on debt. Okay?
[23:54] People that quote own a home don't
[23:57] actually own it outright. They own it on
[23:59] a loan via a mortgage. People that own a
[24:02] car haven't paid it all off. They have
[24:05] an auto loan. uh people that went to
[24:08] college and got a degree, well, they're
[24:11] renting the degree. They haven't fully
[24:12] paid off the education that they got.
[24:15] Okay? Now, if the consumer, if the
[24:18] everyday man is in pain, real wages are
[24:20] going negative, people are bleeding into
[24:21] their savings, AI is taking their jobs,
[24:25] what we would see as a sign of that is
[24:26] delinquencies going up. And on the
[24:29] money, credit card delinquencies are
[24:32] near postglobal financial crisis highs.
[24:35] Look at this visual. Credit card
[24:37] delinquencies shooting up. Student loan
[24:40] delinquencies rocketing up. Auto loan
[24:43] delinquencies now rocketing up. Not
[24:46] good. Not good. And it's one thing to
[24:50] have pain in the street. But it gets to
[24:53] become a crisis when the pain in the
[24:54] street collapses the financial
[24:57] institutions that support the world as
[25:00] we know it, like banks. And how this is
[25:03] going to collapse banks is banks have
[25:05] all of these loans written and valued on
[25:07] their balance sheet. Let's say they're
[25:09] they're valuing these loans at par at
[25:11] 100. If these loans are actually
[25:13] worthless because people have no ability
[25:15] to pay them back because oil and gas is
[25:18] getting too expensive because inflation
[25:20] is coming back because AI is taking
[25:22] their job and they're now unemployed.
[25:24] Some combination or all of those things
[25:27] and they can't make their credit card
[25:28] payments. They can't pay off their
[25:30] student loans. they can't pay off their
[25:31] auto loans. Then the bank's balance
[25:33] sheet that's full of these loans valued
[25:35] at 100 is now worthless. Then the bank
[25:38] doesn't have your deposits and they we
[25:39] have a banking collapse. We have another
[25:41] financial crisis. Something to keep an
[25:43] eye on. The pain that the consumer is
[25:45] feeling is real. It's relevant. It
[25:48] matters. The K-shaped economy is not a
[25:51] joke. It's not the future. It's right
[25:53] now. And it is starting to pose systemic
[25:56] risk in the economy and to these
[25:59] institutions. I'm telling you right now,
[26:01] this cannot last that much longer. I'll
[26:03] get into it at a later slide, but a a an
[26:07] economy in a country that's this
[26:08] indebted, they cannot take this much
[26:11] pain before the whole thing falls apart.
[26:14] That's the difference between this and
[26:16] 2008. That's the difference between this
[26:18] and 2000, that's the difference between
[26:19] this and the 80s or the 70s is the
[26:22] amount of debt, the debt to GDP, the
[26:24] amount of expenses and interest that the
[26:26] United States has. These type of metrics
[26:29] are soul crushing to the western idea
[26:33] that they can lose $2 trillion a year in
[26:35] deficits, that they can print as much
[26:37] money as they want, and that everyone in
[26:39] their countries is going to be happy,
[26:41] their own nothing, be happy, and have
[26:43] their American dream.
[26:46] So, on the topic of Wall Street versus
[26:48] Main Street, take a look at this.
[26:50] Consumer sentiment is in the orange. The
[26:52] price of the S&P is in blue. S&P 500 is
[26:55] flirting with all-time highs almost
[26:57] every single day. And consumer sentiment
[26:59] can just gets lower and lower and lower,
[27:01] all-time low, all-time low, alltime low.
[27:03] And for me, this is the visual
[27:05] manifestation of what fiat does. This is
[27:08] why fiat is not money for the people.
[27:10] This is why the system is broken. This
[27:11] is why we need to build something
[27:12] better. This is why Bitcoin is money for
[27:14] the people. Everyone gets the same
[27:17] rules. Nobody can seize anything. No one
[27:19] can censor anything. No one can inflate
[27:21] anything. Because what people need to
[27:24] understand is the S&P 500 at all-time
[27:26] highs is meaningless. Politicians used
[27:28] to parade around and remember the Dow's
[27:31] at 50,000. The S&P 500's at all-time
[27:33] highs. Look how well we're doing as a
[27:35] country or as a political party. It
[27:38] doesn't matter. The the stock market
[27:41] doesn't reflect the prosperity of the
[27:44] people. Clearly,
[27:47] we need a new system. We need a new we
[27:50] need to build something else. And mind
[27:51] you, I had to throw this in. If you
[27:53] price the S&P 500 in Bitcoin or in gold,
[27:56] because people will say, "Oh, you're
[27:57] just cherrypicking. Bitcoin started at
[27:59] zero, so clearly its performance is
[28:01] going to be better." Okay, gold's been
[28:03] around for thousands and thousands and
[28:04] thousands of years. What about the S&P
[28:06] 500 priced in that? Is that okay with
[28:08] you, tough guy?
[28:10] S&P 500's getting crushed in both. So,
[28:14] mind you, everything you see in your
[28:16] life is an illusion. The S&P 500 at
[28:19] all-time highs in dollar terms is an
[28:20] illusion. It's like putting on drunk
[28:22] goggles. You don't drive drunk.
[28:26] You'll crash.
[28:28] You don't look at the world in fiat.
[28:30] It's an illusion. It's fake. It's phony.
[28:34] If you measure things in hard money,
[28:36] things that can't be printed,
[28:39] then the world starts to make sense. The
[28:40] S&P 500 is making lower after lower
[28:43] after lower against hard money.
[28:45] Now, this is starting to look like
[28:46] consumer sentiment,
[28:49] right? You guys picking up what I'm
[28:51] putting down? So, consumers getting
[28:54] crushed. Main Street. Listen, this is
[28:57] why we have to stay humble and stack
[28:59] sats. And I talk about it all the time.
[29:02] The most important financial metric for
[29:04] any person or any household and family
[29:07] is excess cash flow. Okay, getting my
[29:09] Dave Ramsey on here for a second. Okay,
[29:13] if you want to get wealthier, you have
[29:16] two options. One, you can earn more. And
[29:19] earn more means be more valuable, right?
[29:22] In theory, your income is some form of
[29:25] representation of how valuable you are
[29:27] to the market. Okay? So, you could pick
[29:29] up another job. You could uh I was going
[29:32] to say shovel snow, but the sun's
[29:34] getting out. You can um you can uh rake
[29:37] leaves uh on the weekends, right? Find
[29:40] find a you could try and get a promotion
[29:42] and take on more more ownership at your
[29:44] company. Find ways to be more valuable,
[29:46] grow your income. The other option you
[29:49] have if you can't grow your income is
[29:51] consume less stuff.
[29:54] So if your lifestyle is less consumption
[29:58] mean ah I'm not going to get bottle
[30:00] service on the weekends. I'm not going
[30:01] to order the Uber blacks. I'm not going
[30:04] to fly first class. I'm going to consume
[30:06] less. That leaves more excess for you to
[30:10] save, allows you to prioritize your
[30:12] future and value your future more, and
[30:15] allows you to stack sats. Because make
[30:17] no mistake about it, guys, inflation's
[30:19] coming back. The fiat currencies that
[30:21] you're using, no matter where you are,
[30:23] are going to be debased. The debt is
[30:24] going to be monetized. And listen,
[30:27] there's a $40 trillion hole in the
[30:30] United States balance sheet. And that's
[30:31] just, you know, that number could be
[30:33] different and higher depending on how
[30:35] you calculate, but let's just go with 40
[30:36] trillion.
[30:38] Someone has to realize that loss. And
[30:41] it's a game of hot potato. Who's going
[30:43] to realize that loss? We've borrowed
[30:46] tremendously from our future. There's
[30:48] been a misallocation of capital. And
[30:50] we're entering the future with nothing
[30:52] to show for it. Someone has to lose. And
[30:55] by owning Bitcoin and exiting their
[30:58] system and building our own neutral and
[31:01] fair one, you're saying, "I don't know
[31:04] who's going to lose. I don't know who's
[31:05] going to be caught with the potato, but
[31:07] I do know it's not going to be me.
[31:11] That's how I think about being a
[31:13] Bitcoiner. I don't know who's going to
[31:15] have to lose, how many wars are going to
[31:17] have to be fought, the political
[31:19] violence and fighting domestically
[31:21] that's going to have to go down.
[31:23] I just know I'm not going to lose
[31:26] because you can't debase confiscate my
[31:29] time and energy, my money, my savings,
[31:32] my future.
[31:34] So consumers are getting crushed. Take
[31:37] care of yourself. Reduce your
[31:40] consumption. Try and earn more where you
[31:42] can and save. Stay humble. Stack sats.
[31:45] Turn on your DCAs. Chapter two, the bond
[31:48] market trap. We got to talk about the
[31:50] bond market because it's collateralizing
[31:52] right now the entire world as we know it
[31:53] and it's falling apart. We are I mean
[31:56] people talk often about a sovereign debt
[31:58] crisis. I don't know when it would
[32:01] technically start. like are we in one
[32:03] right now? I'd make the argument that we
[32:05] are, but I don't know. Either way, let's
[32:08] talk about it. So, um if you guys want
[32:11] to know how bad it is, uh the G7 is
[32:14] discussing the bond market right now in
[32:16] Paris. No joke, they're in Paris. This
[32:21] is from Bloomberg G7 to discuss bond
[32:23] selloff as yields hit multi-deade highs.
[32:26] Not good. Okay. The 10-year US Treasury
[32:31] just broke 4.6% today. Really, really
[32:35] bad. This tweet from Arthur Hayes
[32:37] jokingly saying, "Come on, Buffalo Bill
[32:39] Bessent, do something." When the 10-year
[32:42] Treasury gets this high, which means
[32:44] people are selling and dumping bonds,
[32:46] the US government usually steps in and
[32:48] provides some liquidity. So, when he's
[32:50] saying best, do something, he's making a
[32:52] joke. This is usually where the US
[32:54] starts to think that there's crisis on
[32:56] the horizon and provides something. This
[32:58] is similar levels of when we had
[33:00] liberation day or liberation week and
[33:03] the Trump administration reverted that.
[33:06] So before we get into the bond market
[33:08] and taking a look at it and really just
[33:10] how scary it is for western markets,
[33:13] let's revisit bond math 101. Okay, this
[33:16] is a show. You guys say it with me. By
[33:20] the common man for the common man. No
[33:23] man left and woman by the way. Sometimes
[33:25] you get those comments. just a it's a a
[33:29] it's a what is it term of phrase common
[33:33] phrase terminology whatever men and
[33:36] women this is for this is for the people
[33:38] for all of us okay so bond math 101 is
[33:41] this
[33:43] a bond is a loan think of it that way
[33:46] when you buy a bond you are let's say
[33:48] you buy a US bond you are lending the US
[33:51] government money that bond pays you a
[33:54] fixed interest rate okay so I buy a
[33:57] 10-year US government bond, they're
[33:59] paying me 4.6%.
[34:01] Okay, that's my interest rate. When
[34:03] people sell these bonds that they buy,
[34:06] the price of the bonds drops, right?
[34:08] Like when there are more sellers than
[34:10] buyers in Bitcoin, the price of Bitcoin
[34:12] goes down. There are more sellers than
[34:14] buyers in real estate, the price of real
[34:16] estate goes down. When there are more
[34:17] sellers than buyers in the bond market,
[34:19] the price of the bonds go down. But the
[34:21] fixed interest payment remains the same.
[34:24] So if you take the same payment,
[34:27] interest payment, and you divide it by
[34:29] the lower price because people are
[34:30] selling more bonds than there are people
[34:32] buying them, you get a higher yield. And
[34:35] so that's what we call bond math is that
[34:38] yields rise when people are dumping
[34:40] bonds. When the demand for bonds goes
[34:42] down, the yields go up. Does that make
[34:46] sense? So when you see things like, "Oh
[34:48] man, 10year US yields are skyrocketing."
[34:52] And you're thinking to yourself, "What
[34:53] does that mean? Why is that such a bad
[34:54] thing? That means people are dumping
[34:57] bonds.
[34:58] Okay? And they're dumping the things
[35:00] that are effectively lending money to
[35:02] the US government. So another way to
[35:04] think of it is people at the margins are
[35:06] not interested in lending to the United
[35:08] States anymore.
[35:10] And you ask yourself, well, why is that?
[35:13] Well, there's many reasons. I mean,
[35:16] someone that's already $40 trillion in
[35:18] debt, has a spending problem, wants to
[35:21] spend more, and is not showing enough
[35:23] productivity to pay you back. That's one
[35:26] reason. But more recently, the reason is
[35:29] inflation expectations.
[35:31] If I think my life is going to be
[35:34] getting 6 7 8 9 10% more expensive. The
[35:38] PPI just came in at 6%, guys. 6%. So, if
[35:42] the PPI is at 6%. I don't know what CPI
[35:45] is going to be, but it's going to be
[35:46] it's going to follow PPI. And the bond
[35:49] market's at 4%. Why would I lend my
[35:52] money to the US government? They'll pay
[35:53] me 4% when the world around me is
[35:55] getting 6% more expensive. That's what
[35:58] we call real rates negative. Yes, you're
[36:00] getting paid to lend money to the US
[36:02] government, but the world around you is
[36:03] getting more expensive than what you're
[36:04] getting paid. So, you're the bozo.
[36:07] You're the clown. You're the dummy.
[36:08] You're the one losing. You're better off
[36:11] owning Bitcoin. You're better off owning
[36:12] gold. You're better off owning stocks.
[36:14] You're better off owning an asset that
[36:16] can yield you more than the inflation
[36:18] around you.
[36:20] So, bond math 101. Yields rise when bond
[36:24] prices fall. When people are dumping
[36:26] bonds, yields go up. Now, one more slide
[36:30] of uh for for the people here. What does
[36:33] that mean for our everyday lives? For
[36:35] one, it means the US government has an
[36:38] impossible time financing their debt.
[36:40] Okay, US government's about $40 trillion
[36:42] of debt. And when their yields rise, the
[36:45] cost to roll over that debt explodes.
[36:47] So, they have to refinance their debt
[36:49] just like anyone else. And the reason
[36:51] that you see the US government or the
[36:54] Federal Reserve or some combination of
[36:56] them intervene and roll out new policy
[37:00] whenever these yields get too high is
[37:02] because they quite literally cannot
[37:04] afford their interest expense and the
[37:07] cost to roll over the debt to be this
[37:09] high. The 10-year can't get to 5% 6% 7%
[37:13] because the US government quite
[37:14] literally cannot afford it. Think about
[37:16] the ways that they pay for
[37:20] the these interest expenses. That's like
[37:22] our taxes. So, one way they can do it is
[37:24] say, "Hey, we're raising all your taxes
[37:26] to 90%." But do you think that that
[37:29] politician is going to get elected?
[37:30] Absolutely not. Right? And what we'll
[37:33] get into is what if the central bank
[37:35] just prints the money to cover their
[37:37] expenses? That's what we call yield
[37:38] curve control. And that's just the most
[37:40] inflationary thing of all time, right?
[37:43] So, for one, the US government can't
[37:44] afford yields this high. They need
[37:46] people to want to lend to it, and they
[37:49] need people to want to own bonds. If the
[37:51] whole world is like, I'm dumping these
[37:52] things. I'd rather own Bitcoin. I'd
[37:54] rather own gold. I'd rather own equity
[37:56] and companies that are doing AI stuff.
[37:59] Then no one's left to lend to the US
[38:00] government. The US government can't
[38:02] afford that.
[38:03] The second, and this is where it hits
[38:05] Main Street, where it hits the everyday
[38:07] person, is things like mortgage rates,
[38:09] things like your car loans, your credit
[38:10] card rates. That mortgage rates have a
[38:13] relationship with the 10-year yield.
[38:15] Okay? So, if yields are at 5%, that
[38:17] means mortgages are getting close to
[38:19] 10%.
[38:21] Which again, the American dream gets
[38:23] entirely priced out. I find it to be a
[38:25] shame that the American dream can only
[38:27] be financed on long-term loans. The
[38:30] American dream as we know it today is
[38:32] not owning a house, owning a car, owning
[38:34] an education and expertise in the labor
[38:36] field. It's renting the education that
[38:39] you got over decades because you
[38:41] couldn't afford to go to college. It's
[38:43] renting the car that you drive because
[38:45] you need an auto loan. It's renting the
[38:47] house that you live in and raise your
[38:48] kids in because you need a mortgage. But
[38:51] fine, that's the American dream. Even
[38:53] that American dream gets priced out when
[38:55] yields are so high because of the
[38:57] relationship with the 10-year yield. I
[38:59] mean, these things have to be financed
[39:00] somehow, right? Like when the bank
[39:01] finances it for you, they they they have
[39:04] some relationship with some form of
[39:06] financing and it's the 10-year
[39:08] traditionally, not not everything.
[39:10] Again, oversimplified, but not by a lot.
[39:13] Make sense?
[39:18] So, now let's take a look at the bond
[39:21] market around the world and let me try
[39:24] and articulate how bad it really is out
[39:26] there. So the UK, the United Kingdom is
[39:30] now acting like an emerging market, like
[39:32] a third world country. And what do I
[39:34] mean by that? One, their yields are
[39:38] skyrocketing. Okay, which is not good.
[39:41] Obviously, that means people are dumping
[39:42] their bonds. They don't want to lend
[39:44] money to the UK. And by the way, lending
[39:47] money to a government is a way of
[39:49] instilling confidence in their future,
[39:51] right? Like if you thought the UK or the
[39:53] US or whatever market was going to boom,
[39:57] you'd have no problem financing that,
[39:59] giving them a loan and entrusting that
[40:01] their ability to pay you back would be
[40:04] in real terms. So of course they can all
[40:06] they can all print money and pay you
[40:08] back. But what you want is paying you
[40:10] back with real productivity. like all of
[40:12] the people are getting employed and
[40:14] getting uh salary increases and there's
[40:17] new jobs and there's AI and there's all
[40:19] this product production and productivity
[40:21] and deflationary and all this stuff's
[40:23] amazing and you're getting paid back in
[40:26] dollars that are actually going to get
[40:27] you more eggs that are going to get you
[40:30] more housing that's going to get you
[40:31] more cars. That's why you would lend to
[40:33] a government. If you didn't believe in
[40:35] the government's future, you wouldn't
[40:36] lend to it because they're going to give
[40:38] you your money, your interest payments
[40:40] in printed currency, which is going to
[40:42] get you less eggs, less housing, less,
[40:44] and that's real rates negative. Now, the
[40:47] interesting thing that makes the UK an
[40:49] emerging market, well, not [laughter]
[40:51] not yet, not actually today, but it's
[40:54] behaving like an emerging market is
[40:56] because while yields are soaring, the
[40:59] currency is trading down.
[41:03] If yields go up up up up up up up up up
[41:04] up up up up up up up up up up up up up
[41:05] up up up up and it's a market that isn't
[41:07] emerging, that isn't third world, that
[41:09] has a good future, that attracts
[41:11] capital, capital comes soaring into that
[41:14] market because they're like this is the
[41:15] United Kingdom, how bad can their future
[41:17] be, right? Or this is the United States,
[41:20] how bad can their future be? They've got
[41:22] anthropic and open AI and the US stock
[41:24] market and you know um most of the big
[41:27] Bitcoin companies are there. How bad can
[41:29] it be? And that attracts capital.
[41:31] Attracting capital strengthens the
[41:33] currency. Now, if a market has yields
[41:37] rise and people fleeing the currency,
[41:39] that means the world doesn't believe in
[41:41] its future.
[41:43] Now, you usually see that in a market
[41:45] like Argentina, not the United Kingdom,
[41:49] not Japan, but that's what we are
[41:52] seeing, guys. Look at this chart. Yields
[41:55] up, currency down. This might as well be
[41:58] Argentina,
[42:00] but it's not. This is the United
[42:02] Kingdom. Really, really scary. Now, if
[42:05] we take a look at the Western bond
[42:06] market across the board, in the green, I
[42:09] have Japan. In the red, I have the UK.
[42:11] In the orange, I have the US. And in the
[42:13] blue, I have Australia. All yields are
[42:16] soaring. And this is I I clipped this
[42:19] chart from the start of the war in Iran.
[42:23] And again, there's no political bias
[42:24] here. The start of the of the conflict
[42:26] in Iran for me is just when energy
[42:29] markets, global supply chains, the price
[42:31] of oil started to get disrupted because
[42:34] why is that relevant to bond markets?
[42:36] Well, if you have a disruption to
[42:38] commodity markets, to energy, to oil,
[42:40] you get inflation. When you get
[42:42] inflation, people are saying, "Whoa, the
[42:45] things around me are getting 10% more
[42:47] expensive every single year. I'm not
[42:48] lending you money at 4%. I need 10%."
[42:52] So, they sell the bonds, the yields go
[42:54] up.
[42:55] So you can see the entire west is facing
[42:58] a bond crisis. This is why they're all
[43:00] in Paris talking about what they want to
[43:01] do, what intervention they can propose,
[43:04] what money they can print.
[43:07] It's across the entire West. US will be
[43:10] hit last because of all of the West, the
[43:12] US is definitely the strongest. But to
[43:14] see the UK start to behave like
[43:17] Argentina,
[43:19] this is real, guys. I'm not, now listen,
[43:21] I'm not saying uh the world around you
[43:23] is going to collapse tomorrow. You're
[43:24] going to go out in the street and all
[43:26] the cars are going to be on fire. That's
[43:28] not what I'm saying. I'm saying as
[43:31] Bitcoiners, the world is what we thought
[43:33] it was. You guys ever see that uh
[43:36] postgame press conference from uh the
[43:38] Arizona Cardinals head coach? They had
[43:40] played the Chicago Bears. As a Bear fan,
[43:42] I'll never forget this. Played the
[43:44] Chicago Bears. Played us really well.
[43:45] They were the better team. Should have
[43:46] beat us. And we won because Devin Hester
[43:49] returned a kick in the fourth, a punt in
[43:51] the fourth quarter. And the coach gets
[43:53] up there and he slams his hands in the
[43:56] postgame and he says, "The Bears, they
[43:59] are who we thought they were and we let
[44:01] them off the hook." That's what he said.
[44:04] And it's the same vibes right here.
[44:06] Bonds, they are what we thought they
[44:09] were, but we're not going to let them
[44:11] off the hook if you buy Bitcoin. But for
[44:13] everyone out there that's just hoing
[44:16] trusting that politicians and unelected
[44:18] central bankers are just going to
[44:19] somehow make their life affordable by
[44:21] the snap of a finger. No. Bonds,
[44:23] perpetual debt, printing things out of
[44:25] thin air is what we thought it was.
[44:28] Trash. Look at the screen. It's trash.
[44:33] Okay. A reminder as well that foreigners
[44:35] are all in on equities. The foreign
[44:37] holdings of US financial assets
[44:38] continues to climb. So again,
[44:42] as yields go up and the dollar
[44:44] strengthens, people like, let me put you
[44:47] guys this way. People around the world
[44:49] own a bunch of US stuff like equities,
[44:52] like bonds. if they need to raise cash.
[44:54] Let's say the United Kingdom or
[44:58] Australia needs to raise cash to feed
[45:01] their people because the global supply
[45:04] chains got so disrupted that um there's
[45:08] food s shortages or there's energy
[45:10] shortages and they're going to subsidize
[45:12] some gas until the conflict in Iran is
[45:15] over. How do they raise that cash?
[45:19] They sell US bonds. They sell US
[45:22] equities. So just a reminder of the flow
[45:24] of funds here. In order for people to
[45:26] raise money that are in trouble, they
[45:28] have to sell assets they own. Well, what
[45:30] do people own? People own US equities.
[45:32] People own US bonds. That's generally
[45:34] what's collateralizing the entire world.
[45:36] The reason that you see gold and Bitcoin
[45:38] sell off as quick as they do in moments
[45:41] of crisis is because they're the easiest
[45:43] ways, the least um like politically
[45:46] complicated ways to raise cash. So
[45:49] anyways, as it relates, we got Kevin
[45:51] Walsh, who's going to be sworn in this
[45:53] Friday, I believe, um, as the new Fed
[45:55] chair. Here's the trilmma. Okay, what do
[45:57] you do? You can't cut rates because you
[46:00] already have inflation. Mind you, you're
[46:02] really going to cut rates with oil at
[46:04] over $100 a barrel. That's crazy, right?
[46:07] You also can't hike rates because of the
[46:08] bond market, because of the banks,
[46:10] because of the capex that AI needs. AI
[46:12] is a is a national security whatever
[46:16] asset threat mission at this point. It's
[46:19] it's a national it's of national
[46:21] interest. Okay. So you can't hike rates
[46:24] either. Although it looks like they're
[46:25] going to try. That's we saw what
[46:27] happened last time they hiked rates as
[46:29] fast as they did. Silicon Valley Bank
[46:31] went kapoot and the banking system went
[46:34] entirely insolvent. So you can't cut,
[46:36] you can't hike, and you can't let the
[46:38] bond market just fall apart because the
[46:39] entire world is collateralized by
[46:41] treasuries. The western civilization as
[46:44] we know it would collapse. My prediction
[46:46] remains the same. The only option they
[46:48] have left is intervention, is money
[46:51] printing, is monetizing the debt, is
[46:52] something like yield curve control.
[46:54] Either way, if the whole whole financial
[46:56] system as we know it collapses, that
[46:58] will be painful for everybody. Make no
[47:00] mistake about it. But Bitcoin will be a
[47:02] competitor, in my opinion, the winner of
[47:04] whatever we use next. If they intervene,
[47:08] print money, monetize the deficits, and
[47:11] basically inflate their way out of this,
[47:13] Bitcoin is a competitor for what we use
[47:15] next, and will, in my opinion, be the
[47:17] winner. Either way, Bitcoin wins.
[47:20] There's the way that I think we'll go
[47:22] versus the way that we also could go. I
[47:24] think they'll just print the money, but
[47:26] we'll see. Um, again a reminder, I
[47:29] mentioned this earlier. This is not the
[47:31] year 2000. There are some similarities
[47:33] with times of the past. No doubt about
[47:35] it. Oh, this is reminds me of the 70s.
[47:36] Oh, yeah. No, no, this one reminds me of
[47:38] the 80s. Oh, no. This one reminds me of
[47:39] the '9s. This, this, this, this one
[47:41] reminds me of 2000. Yeah, yeah, yeah,
[47:42] yeah, yeah. Okay. I'm sure sometime
[47:45] today reminds you of some time before
[47:47] today. Got it? But there's a very
[47:50] important point that we all have to
[47:52] understand. Debt to GDP right now is
[47:54] approaching 130%. No time ever before
[47:57] that was debt to GDP that high. That
[48:00] means the level of indebtedness is never
[48:02] been seen before. We can't The point of
[48:05] that is we can't afford a crisis. We
[48:07] can't afford like any global financial
[48:10] crisis, any collapse, any anything will
[48:13] get immediate money printing. COVID was
[48:16] supposed to be 2008 all over again.
[48:18] Guess what we did? Printed the money. So
[48:21] just keep that in mind, okay? I'm not
[48:25] that I expect the immediate future to be
[48:27] extremely volatile, extremely chaotic,
[48:30] potentially lots of pain. As my dad said
[48:32] on the show once before, markets try and
[48:35] wear you out or scare you out. They try
[48:37] and wear you down, fatigue you, make you
[48:39] question your thesis and your ideas for
[48:42] the future. Or they try and scare you
[48:44] out, take 20% off the thing you own,
[48:46] take the bottom from up under you, make
[48:48] you want to puke. Okay, you got to hang
[48:51] in there. But I expect a lot of
[48:52] near-term pain, a lot of near-term
[48:54] volatility. This is why we earn more
[48:58] than we spend. We stay humble. We stack
[49:01] sats. This is why.
[49:03] But with that being said, they're not
[49:06] they cannot afford a long drawn out
[49:08] crisis. The system is too levered. I
[49:11] expect money printing in the near to
[49:14] medium term because things are starting
[49:17] to reach their limits already.
[49:20] So, I mentioned it before. My best guess
[49:21] is yield curve control. What is yield
[49:24] curve control? Well, the who is the last
[49:27] resort lender to the government? If no
[49:30] one else is willing to buy these bonds
[49:31] and no one else is willing to lend to
[49:33] the US government, who's going to cut
[49:36] the check? And the answer is, well,
[49:38] can't they just print money? Yes, they
[49:40] can. So the answer is the Federal
[49:42] Reserve prints money out of thin air and
[49:44] effectively lends it to the US
[49:46] government, but it's not even a real
[49:47] loan because there's no cost of capital.
[49:49] They're not lending anything that they
[49:51] actually had to work hard to produce. No
[49:54] man should work for what another man can
[49:55] print. So they just hit a keystroke,
[49:57] print money out of thin air, and they
[49:59] lend it to the government. That's just
[50:01] La La Land, Narnia. That's what you read
[50:02] about in the books. That's hyper hyper
[50:04] hyper hyperinflationary. No one would
[50:06] value that currency anymore. And that's
[50:08] the beginning of of the end of fiat. I
[50:10] don't know if we'll get literal yield
[50:13] curve control, if we'll get literal QE
[50:15] or they they repackage these things with
[50:17] different acronyms and different names.
[50:19] We we'll get the ABCDE EFG program
[50:22] that's here to save your life and
[50:23] protect you against AI, but it's really
[50:26] yield curve control/iwi.
[50:28] That's my best guess because it doesn't
[50:30] look like there's any marginal lender to
[50:32] Western civilization anymore. Given the
[50:35] amount of inflation that's coming, given
[50:37] the amount of pain that Main Street is
[50:40] feeling, these people are not swimming
[50:42] in it, getting promotions, getting
[50:44] raises, starting businesses, hiring
[50:46] people, going on fancy vacations. Car
[50:49] delinquencies up. Car del uh um credit
[50:53] card delinquencies up. Car delinquencies
[50:56] up. house uh mortgage delinquencies up.
[50:58] Uh student loan delinquencies up. Not
[51:00] good. Really bad. So, this is my best
[51:03] guess, but we'll see. My message
[51:05] throughout this uh thing is stay humble,
[51:08] stack sats. Stay humble, stack sats.
[51:10] Earn more than you consume. Buckle up.
[51:13] Hold on tight. You know, this was always
[51:17] what us Bitcoiners thought. The bond
[51:19] market would fall apart. Fiat would
[51:21] start to see its dead end inevitably.
[51:23] But it, by the way, that was never going
[51:25] to be clean and pretty. It wasn't going
[51:26] to be like we wake up one day and we all
[51:28] transition from fiat to Bitcoin and
[51:30] Bitcoin's at a million dollars and like
[51:33] we're teleporting and and the grass is
[51:35] green. That that was never the case.
[51:37] It's going to be it's going to be hard.
[51:38] It's going to be painful. No doubt. So,
[51:40] we move on to the Bitcoin chapter. Um,
[51:44] yeah, listen, Bitcoin's going to get
[51:46] hammered here. And and it's obvious. You
[51:48] should understand why. When bond when
[51:50] these yields go soaring up and the bond
[51:53] market experiences volatility,
[51:56] everything sells off. Gold included,
[51:58] people got to raise cash. Mind you,
[52:00] there are countries around the world
[52:02] that are currently raising cash,
[52:04] probably selling bonds because they're
[52:06] going to have to subsidize their country
[52:08] and their citizens oil consumption,
[52:10] energy consumption, food.
[52:13] Would you rather own a bunch of bonds
[52:15] and have your people starve or feed your
[52:17] people and own less bonds? It's obvious.
[52:19] It's not. There's no debate. And that
[52:21] goes for corporations. That goes for
[52:22] people raising cash. You sell what you
[52:25] can, not what you want. Bitcoin is the
[52:28] most sellable global liquid good there
[52:30] is in the world. So, make no mistake,
[52:32] Bitcoin, there's going to be volatility.
[52:34] It's going to get punched in the mouth
[52:36] here, but this is this is the transition
[52:38] from fiat to a prosperous future. So,
[52:41] just buckle up. Stay humble. Stack
[52:43] assets. Reduce the consumption that you
[52:46] have. Reduce your spending. Find a way
[52:48] to increase your income if you can. This
[52:51] is a perfect time to turn on those DCAs.
[52:53] I've been saying it this entire 2026.
[52:56] Going to be volatile. Catch some of
[52:58] these dips. Strike. We've got no fee
[53:00] DCA. Free withdrawals to cold storage.
[53:03] Get those sats on ice. Okay. Um I kind
[53:08] of just mentioned this, but this is what
[53:10] paying before print looks like. So,
[53:13] Bitcoin and gold, they when you see
[53:15] these things sell off together, that
[53:17] means the dollar is probably ripping.
[53:18] The dollar is probably ripping and
[53:20] getting stronger because US yields are
[53:22] going up. People are meeting margin
[53:24] calls. Sovereigns are raising capital
[53:26] because there is an energy crisis. Think
[53:29] of Bitcoin and gold or hard money, these
[53:32] salailable 247 liquid markets as like
[53:35] the ATMs for the world. Like whenever
[53:37] they need cash, they go to these things.
[53:39] Okay? That's why they react first.
[53:41] That's why they're usually leading in
[53:43] market environments like this and that's
[53:45] why they're selling off. And again, this
[53:48] to me is what winning looks like. This
[53:51] is the early chapters of what a $500,000
[53:55] Bitcoin is. Bond markets are going to
[53:57] fall apart. Inflation is going to rip
[54:00] everyone's head off. They're going to
[54:01] have to print money. And this is you. If
[54:05] you're Bitcoin, you got to just hang on
[54:07] tight. Okay. Um, and I thought this
[54:09] point was interesting as well. It's
[54:11] unclear to me that we ever had a real
[54:13] bull market. So, as the economy starts
[54:15] to heat up, so with hot inflation is hot
[54:17] economic data. Um, the economy is
[54:20] starting to really warm up. Now, it's
[54:22] not there quite yet, but you can see
[54:24] Bitcoin's correlation to strong economy.
[54:28] And I'm looking at PMI in particular,
[54:30] and PMI right now is at 52. Um, this
[54:34] article, so I'll read straight from the
[54:36] article. This is from Anel Linder. He
[54:38] wrote below is an image that I sent out
[54:39] on Twitter. I've talked about the fact
[54:41] that 2023 to 2025 might not have been an
[54:45] actual bull market at all. PMI being in
[54:48] contraction speaks to that possibility.
[54:50] If that's the case, PMI is expanding
[54:52] right now. So that should mean price has
[54:54] a tailwind to go higher. I believe this.
[54:57] If you look at Bitcoin in gold terms,
[54:59] 2023 to 2025 wasn't a bull market. We
[55:02] reached our previous all-time high, but
[55:04] we never really made a smashing new
[55:05] all-time high. So, I I don't think that
[55:08] the last quote unquote bull market was
[55:10] real. I've been in Bitcoin for almost 14
[55:12] years at this point. This is nothing
[55:15] like the bull market postco. This was
[55:18] nothing nothing nothing like the bull
[55:19] market experienced in 2017. So, I
[55:22] believe this to be true. I'm I got my
[55:23] eyes on PMI and again I think as they
[55:27] print money as they continue to try and
[55:30] finance US government at the short end
[55:32] as these large massive companies roll
[55:35] their cash flows and raise money to pour
[55:38] into the real economy as opposed to
[55:40] equity buybacks I think the economy will
[55:42] heat up. I think Bitcoin is going to go
[55:44] to the moon. Just something to keep in
[55:45] mind. Uh the last topic, I mean
[55:48] obviously we cannot go a show without
[55:50] talking about it is Iran adopting
[55:52] Bitcoin and maybe the biggest way in
[55:55] Bitcoin's history ever. So for those
[55:57] that missed the news, Iran officially
[55:59] adopted Bitcoin. They launched a
[56:00] Bitcoinbased insurance for Hormuz. If
[56:04] you want your ship to get through more
[56:06] or less, uh you just give them some
[56:08] Bitcoin. And this is to me this is
[56:12] crazy. And and I put this slide
[56:13] together. the trend towards Bitcoin as
[56:16] the new world reserve currency. You got
[56:18] El Salvador adopting it as legal tender.
[56:21] After that, Russia legalized it for
[56:23] crossber trade. Then you have an
[56:25] official adoption of Bitcoin under the
[56:27] US strategic reserve. Then you have
[56:29] state level reserve legislation. So
[56:31] independent states within the United
[56:33] States have reserve legislation now
[56:36] adopted. And now in the middle of war,
[56:40] global conflict, energy markets, global
[56:42] trade, you have Iran adopting Bitcoin
[56:45] not only as a store of value, but as a
[56:47] medium of exchange for Hormuz
[56:49] settlement. This is what Bitcoin as the
[56:53] global world reserve currency actually
[56:55] looks like. Bitcoin is for the
[56:57] sanctioned. It's for the small. It's for
[57:00] the strategic. It's for all. It's for
[57:02] everybody. Money that even enemies can
[57:05] use. And this again, this might be
[57:10] Bitcoin's biggest adoption moment. And
[57:15] Bitcoin does this, you know, I remember
[57:16] getting into Bitcoin and like some
[57:20] company partnered with PayPal and it was
[57:23] more a press release than any actual
[57:24] product. It was a bunch of fluff and
[57:26] hype. But at the time, we were just
[57:28] dying for any outside validation that
[57:31] our crazy idea that this was actually
[57:33] the best money in mankind. We were just
[57:36] dying for external validation. And so we
[57:39] would go nuts when like PayPal partnered
[57:41] with Bit Pay to do something something.
[57:44] None of it actually ever came out. None
[57:46] of it made any sense. All of it was
[57:47] [ __ ] stupid. But we would go nuts.
[57:51] And it's funny just like how people
[57:55] value external validation uh value val
[57:58] validation at all. Whereas something
[58:00] like Iran using Bitcoin for settlement
[58:03] during a war for 20% of the world's oil
[58:07] supply to pass through one of the most
[58:09] like sensitive and critical passages for
[58:12] global supply chains and energy
[58:14] consumption as we know it.
[58:17] People are like me. It's just funny how
[58:19] that works. This is It doesn't get
[58:22] bigger than this. Why? Iran needs to
[58:26] trade and use money with anybody. People
[58:30] they trust, people they don't trust,
[58:32] people that love them, people that are
[58:33] threatening to drop a nuke on their
[58:35] head. Because money is akin to water for
[58:38] a functioning society. It is a
[58:41] necessity. It is a technology we
[58:43] invented to solve for barter and scale
[58:47] human interaction.
[58:50] It is not that you don't have the option
[58:51] to be like eh I'm not a big fan of
[58:54] money. It's not like I don't I don't
[58:56] like soda. I'm going to stick with
[58:58] water. I don't like money. I'm going to
[59:01] stick with barter. That's not an option.
[59:04] We need money. It's like water. We will
[59:07] die without it.
[59:10] And so Iran electing Bitcoin as the
[59:13] money to use, knowing that everyone is
[59:15] trying to censor them, sanction them,
[59:18] and kill them. But they still need money
[59:21] because they still operate in a market
[59:23] like we all do. They still get up and
[59:25] have time and energy to expend. And they
[59:27] need to trade that so they can consume
[59:29] energy like calories to survive. They
[59:32] chose Bitcoin. They didn't choose gold.
[59:35] They didn't choose the dollar. They
[59:37] didn't choose stable coins. They chose
[59:39] Bitcoin. Why? Because at the end of the
[59:42] day, the best money wins. That's why
[59:46] Bitcoin scarcer. It's more divisible.
[59:49] It's easier to transport. It's cheaper
[59:51] to store. It's cheaper to receive. It's
[59:54] more sellable. It's more liquid.
[59:58] All of it. Poundforpound. The best
[60:01] money. Yeah, central banks are hoarding
[60:04] gold right now and buying up gold.
[60:07] Yeah, sure. Uh, Nvidia has outperformed
[60:09] Bitcoin over the last two months. I'm
[60:11] telling you, pound for pound, according
[60:14] to throughout human history, what makes
[60:18] money good.
[60:20] What's the best form of monetary
[60:22] technology? Bitcoin kicks every other
[60:25] money's ass. And it's not even close.
[60:29] One example, Iran.
[60:33] And and and people will say, "Wow,
[60:36] Bitcoiners really like the Iranian
[60:38] regime. You know, I liked it more when
[60:41] Bitcoiners were cheering on PayPal."
[60:43] That that's that's the irony in it all.
[60:46] Bitcoiners don't like Bitcoin doesn't
[60:49] like any politician or country. You
[60:53] know, these are all to Bitcoin. These
[60:55] are all useless squiggly lines on a map
[60:57] that are meaningless.
[61:00] It's just the best money. And you can
[61:03] either get with it or get out of its
[61:06] way. But getting in its way has rendered
[61:08] you a loser so far in its existence in
[61:11] its 17 years. Okay, with that, let's get
[61:15] to some grind my gears. Let me take a
[61:16] sip of water first. We're about an hour
[61:18] in. Making good time.
[61:30] Okay.
[61:32] What grinds my gears this week? Um, the
[61:36] government. But hold on, I'm not going
[61:39] to make this a political rant. In fact,
[61:42] this is as neutral of a rant as we can
[61:44] get. This is a meme created by Quinn
[61:47] Thompson. Shout out Quinn. I really like
[61:48] the Forward Guidance uh show and I read
[61:51] all these guys. Quinn's got a Substack
[61:53] and I read all their stuff. It's really
[61:55] good. Uh, and I just they're cool guys,
[61:57] too. At least I've never met them. They
[61:59] seem cool. Um, but he puts out this meme
[62:03] and on the left it reads, "Biden
[62:05] draining 200 million barrels of oil from
[62:08] the strategic petroleum reserve ahead of
[62:10] the 2022 midterms." And on the right it
[62:13] reads, "Trump draining 200 million
[62:15] barrels of oil from the strategic
[62:17] petroleum reserve ahead of the 2026
[62:19] midterms."
[62:21] And it's the office meme where the
[62:23] question is, corporate needs you to find
[62:25] the difference between the picture, this
[62:27] picture and this picture.
[62:29] And she reads, they're the same picture.
[62:32] And what grinds my gears is just that
[62:36] politics and politicians divide us. And
[62:39] listen, I know that
[62:42] the K-shaped economy, the fact that the
[62:44] S&P 500 is at all-time highs while Main
[62:47] Street is at all-time lows,
[62:51] people getting poorer and the rich
[62:53] getting richer,
[62:56] politicians dividing us. Now you have
[62:58] politicians and like socialism getting
[63:00] popular where everyone's trying to
[63:01] violate property rights. I know that
[63:02] these are all a function of policy. This
[63:05] is what happens when you print money out
[63:07] of thin air for 50 years. This is what
[63:09] happens when you're not governed by
[63:10] mother nature and the physical realities
[63:12] of the universe. This is what happens
[63:14] when proof of work is not a necessity.
[63:17] This is what happens when people can't
[63:20] lower their time preference and
[63:21] prioritize and value their future. This
[63:24] is what happens when human coordination
[63:26] struggles. When someone does something
[63:29] wrong, but instead of suffering for it
[63:31] and learning that they shouldn't do
[63:32] that, they get bailed out and they get
[63:34] rewarded for it. This is what happens.
[63:37] You get domestic fighting. You get a
[63:40] population that's trending more towards
[63:43] a civil war than prosperity.
[63:46] But what kills me is that politicians
[63:50] and politics are such important part of
[63:53] all of our lives. And people derive
[63:55] their identity or where they want to
[63:56] live or the relationships that they have
[63:58] or the friends that they have or where
[64:00] they can work from it. Because make no
[64:03] mistake about it, they're all the same.
[64:06] push comes to shove at the end of the
[64:08] day. And I'm not trying I know that I'm
[64:10] gonna get killed for that comment. I'm
[64:12] not trying to make light of some of the
[64:14] policies that are flatout wrong from
[64:16] both sides. From both sides.
[64:20] But the point is,
[64:22] this is the point. Well, look at this
[64:25] tweet real quick. The US injected 9.9
[64:28] million barrels of oil from its SPR into
[64:30] the market last week. That's a record
[64:32] high of over 1.4 million barrels a day.
[64:35] It's the second consecutive SPR record
[64:37] high flow rate. And the point is this,
[64:40] this reserve is for local crisis. Like
[64:44] it's literally for
[64:46] if there was some civil war, some local
[64:49] domestic crisis.
[64:52] Mind you, we've burned through almost
[64:56] all of it just to pump just to suppress
[64:59] gas prices for elections.
[65:03] So between the conflict in Iran and the
[65:05] conflict in the Ukraine, the left, the
[65:07] right, the blue, the red, it doesn't
[65:09] matter who they are, they have chosen
[65:13] short-term suppression for votes over
[65:16] long-term insurance for the people. We
[65:19] are now closer to $250 uh dollars per
[65:23] barrel of oil than we've ever been
[65:25] because our reserves are pretty much
[65:27] empty. And this war is pretty [ __ ]
[65:29] real.
[65:34] And it's a reminder to the people, don't
[65:37] make politics your identity. Don't make
[65:39] politics where you can work, who you can
[65:41] date, who you can be around.
[65:44] Governments around the world have gotten
[65:45] too big. We are meant and belong to be
[65:48] governed by mother nature. We are a
[65:51] function of a child of the universe.
[65:56] We want markets to be free. We want
[65:58] human interaction to be free.
[66:02] When these people take off all the
[66:04] makeup and all the clothes and all the
[66:06] banners and all the campaign slogans, at
[66:08] the end of the day, they're the [ __ ]
[66:10] same. They choose short-term gain for
[66:14] long-term pain. They borrow from your
[66:17] kids and their time, their energy, their
[66:20] effort, their prosperity, and they spend
[66:21] it now for midterms. Both of them, both
[66:24] sides. It's all garbage.
[66:28] This is the perfect reminder to let
[66:30] everyone know at the end of the day from
[66:32] the highest level possible, there is no
[66:34] sides.
[66:35] You're either for Bitcoin, you're for
[66:38] free markets, for hard money, or you're
[66:42] not.
[66:45] It's ridiculous. It's ridiculous because
[66:48] now we have real multipolar threats,
[66:52] real energy crisis,
[66:55] real conflict in the Middle East, and
[66:58] we're running out of oil.
[67:01] You got the US Treasury Secretary
[67:03] unsanctioning Russian oil.
[67:08] Hope the I I hope the 2022 midterms
[67:12] were worth it. Were they?
[67:18] You guys think Trump's midterm
[67:20] popularity
[67:21] later this year is going to be worth it?
[67:25] So that towards the end of the term,
[67:27] you're paying $250 a barrel for oil.
[67:31] It's [ __ ] stupid and pathetic. And
[67:34] it's crazy to me. I you know I could
[67:36] scream into the void about politicians
[67:38] on both sides and it doesn't matter what
[67:41] if they're not listening to me
[67:44] but I talk to you the people.
[67:47] Your time and energy is precious. Your
[67:49] future is valuable.
[67:53] Let me end it on this. No one's coming
[67:54] to save you. How about that? What if I
[67:56] phrase it that way? No one's coming to
[67:58] save you.
[68:01] Harmony in society will be restored when
[68:03] personal responsibility is valued again.
[68:08] No one's coming to save you.
[68:12] It doesn't matter who they elect.
[68:14] Doesn't matter where you live. It
[68:15] doesn't matter what big corporates try
[68:17] and tell you. Nobody's coming to save
[68:20] you. And that's the way it should be.
[68:22] Life is earned, not given.
[68:29] I've said the world as you know it is a
[68:32] derivative of energy. Money and us
[68:35] earning wealth is all about who gets to
[68:38] consume how much energy. Who gets to fly
[68:42] the private plane or sit in first class
[68:45] versus someone that has to walk across
[68:46] the country? Who gets to fly to Europe
[68:49] instead of having to canoe to Europe?
[68:51] Who gets the flat screens and the fancy
[68:54] phones and the big house to live their
[68:57] life and consume energy and consume
[68:58] entertainment? Who gets the two-car
[69:01] garage that guzzles tons and tons and
[69:03] tons and tons of oil versus the person
[69:05] that has to take the bus? The world
[69:08] around you is just a derivative of
[69:10] energy and earning capital is just a
[69:13] right to consume energy.
[69:19] The point is, you earn your lifestyle.
[69:22] No one gives it to you. No one can print
[69:24] energy and print oil out of thin air for
[69:25] you to consume. That's [ __ ] and
[69:27] that's a lie. And these people don't
[69:28] care about you.
[69:31] No one's coming to save you. Don't make
[69:33] it your personality to expect someone's
[69:36] coming to save you and then when people
[69:37] don't come and save you, you finger
[69:39] point and you cry.
[69:42] And this is to the younger generation in
[69:43] particular. Sometimes tough words are
[69:46] the are the most true. No one's coming
[69:49] to save us. These people are not coming
[69:51] to save us. We save us. We didn't get to
[69:55] decide the world we inherited. But we do
[69:58] get to build the world that we spend the
[69:59] rest of our lives in and that we birth
[70:01] our children into. That's our decision.
[70:03] They can't take that from us. If we want
[70:05] to work on Bitcoin and we want to work
[70:07] on AI, we can. If we want to save in
[70:10] Bitcoin and not save in bonds and not
[70:12] save in fiat, we can't.
[70:16] These no one's coming to save you.
[70:18] They're going to drain the strategic oil
[70:20] reserves for midterms despite needing it
[70:24] in the future to protect your lifestyle.
[70:26] Know that. Know that for a fact. And it
[70:28] doesn't matter what side you vote in. At
[70:30] the end of the day, the images are the
[70:32] same.
[70:34] know that personal responsibility is the
[70:38] unlock to a harmonious, prosperous
[70:41] society. I promise you that.
[70:44] I promise you that. It's all earned.
[70:47] None of it is printed out of thin air.
[70:50] If it sounds too good to be true, it is
[70:52] too good to be true.
[70:54] Okay. Next,
[70:57] um updates from Strike. uh Illinois, uh
[71:00] our Bitcoin backed loans are now the
[71:02] minimums back down to 10,000 uh which
[71:04] we're very excited about and we continue
[71:06] to just push um interest on cash and
[71:09] yield on cash for Strike uh is coming
[71:12] very very soon. Excuse me. I was just uh
[71:16] on a call this morning figuring out uh
[71:18] pricing where we're going to start um
[71:21] which is very exciting. And so I I don't
[71:23] know. I'm super super super bullish
[71:26] strike. Um, we've got some exciting uh
[71:29] Europe and UK stuff around the pipe. Um,
[71:33] we've got interest on cash and yield on
[71:36] cash coming. We've got more lending
[71:38] features. Um, we're we're looking to
[71:41] roll out our liquidation proof loans
[71:44] where you can get a Bitcoin backed loan
[71:45] and pay an upfront fee. Um, or just a
[71:48] high slightly higher rates. We haven't
[71:50] decided which one we're going to go with
[71:52] um to prevent the ability of ever being
[71:54] liquidated. Um, Strike's just becoming
[71:56] the Bitcoin bank for the world. Best
[71:58] place if you hold fiat and you want
[72:00] yield on it, interest on it, best place
[72:02] for that. Best place to buy Bitcoin,
[72:04] best place to borrow against your
[72:05] Bitcoin, best place to get a line of
[72:07] credit. I mean, I'm really proud of the
[72:10] Strike team and all the progress and
[72:11] doing it all over the world. We've
[72:12] kicked off Strike Canada, um, which I'm
[72:15] really excited about. Um, so anyway, I
[72:19] know you guys always have Strike
[72:20] questions. leave them in the comments.
[72:21] But um shout out strike team for 21. Um
[72:26] you guys know the public proposal from
[72:29] Tether, our largest shareholder. Uh as
[72:31] we have updates that, uh are allowed,
[72:34] frankly, to be publicly communicated. Um
[72:37] I will do so. Um I I I do expect to be
[72:41] able to share some updates in uh the
[72:44] near term, but we'll see. But we'll see.
[72:48] Okay. With that,
[72:50] let's do some Q&A. Let me pull up uh
[72:53] Dylan's doc. Blow up my camera here. All
[72:57] right. Hour and 15 minutes in. Not bad
[72:59] at all. Not bad at all.
[73:03] Oh, my hair is messed up. Whatever.
[73:07] Whatever.
[73:10] All right. Hope you guys are having a
[73:12] good Monday. It's getting warm here in
[73:14] uh Chicago.
[73:16] So, I'm having a great I've been smoking
[73:18] some meat. I did uh some lamb I think
[73:22] they're lamb chops. I'll post pictures
[73:23] on Ner. I think they're lamb chops um
[73:26] over the weekend. Really good. Dylan can
[73:28] merch that. Dylan had some very good.
[73:31] And I got f no six pounds of bison beef
[73:36] ribs that are in the cooler right now uh
[73:41] waiting for me. As soon as this episode
[73:43] is over, I'll post those as well. So,
[73:45] sun's out. I know the Bitcoin price is
[73:47] down, but no bond market's got to fail.
[73:49] Fiat's coming to an end. That [ __ ]
[73:51] happens. Um you got to stay humble stack
[73:53] at smoke meat. Get some sun. Um okay,
[73:57] let's get into the questions. Macro
[73:59] question for Jack. Last week you framed
[74:01] taxing the rich as a violation of
[74:02] property rights, but if wealthy benefit
[74:05] from the Canilian effect, isn't it fair
[74:07] to say their wealth is not fully earned?
[74:10] Um, sure. Sure.
[74:14] But what that's not how taxing the rich
[74:17] is. Taxing the rich doesn't say, "Well,
[74:20] you benefited from the Canillian effect,
[74:21] but you didn't, so I'm going to go after
[74:23] you." The the point is we benefit more
[74:26] from free markets than we don't. Let the
[74:30] markets be free. No one should be
[74:32] centrally planning where property should
[74:35] go and who gets to own what. That's not
[74:38] that doesn't work is my point. I'm not
[74:41] saying that there isn't someone out
[74:43] there that as a product of fiat and
[74:46] money printing as we know it has an an
[74:49] amount of wealth that they otherwise
[74:51] probably shouldn't have. But as soon as
[74:53] you get into subjective measurements of
[74:56] well this person's a bad person. I don't
[74:58] like the way they smell. I don't like
[74:59] the way they look. I don't like the way
[75:00] they made their money.
[75:02] And they either have a right to or don't
[75:05] have a right to property. And let me
[75:07] actually
[75:09] uh expand on this one a little bit
[75:10] because I did see a lot of comments that
[75:12] are like, "Jack, you're saying that a
[75:15] billionaire that makes money trading
[75:18] stocks is more valuable to society than
[75:22] a teacher or a firefighter? You [ __ ]
[75:26] I'm not saying productive
[75:30] in in the subjective sense like I'm
[75:34] judging someone's character or I'm
[75:35] judging their interests or I'm judging
[75:37] their profession. I'm not making a moral
[75:40] measurement of a doctor, a firefighter
[75:43] and a hedge fund person. I'm saying
[75:46] productive in the economic sense.
[75:49] Productive meaning how much value are
[75:52] they producing versus how much is it
[75:54] cost them to produce said value. That's
[75:57] just an economic term.
[76:00] Teachers make what they make because the
[76:02] market is willing to pay them a certain
[76:05] amount of money to teach who they're
[76:06] teaching.
[76:08] Put another way, if teachers made a
[76:10] billion dollars a year, I might sell
[76:13] strike, quit 21, and go be a teacher.
[76:18] the market has found an equilibrium to
[76:21] compensate someone to teach something
[76:24] that they're an expert in to people that
[76:26] want to learn. That's not a moral
[76:29] judgment. I'm not saying that I would
[76:31] rather go to the Cubs game with a hedge
[76:34] fund manager than a teacher.
[76:38] I would probably prefer to go to the
[76:40] Cubs game with a firefighter and a
[76:42] teacher than a Wall Street douchebag.
[76:44] There's no doubt about that. I'm not
[76:45] making moral judgment on these people.
[76:48] What I'm saying is in the marketplace,
[76:52] productivity
[76:54] is measured on inputs and outputs.
[76:58] Don't mince the word productivity and
[77:01] how productive they are with a moral
[77:04] judgment on their character.
[77:07] Okay?
[77:09] And that's just that's just how the
[77:12] marketplace works.
[77:16] That's it.
[77:18] And so
[77:20] taxing the rich,
[77:24] taxing the rich and saying, "Well, some
[77:27] of them had to have benefited from the
[77:28] money printer, right?
[77:30] That's a violation of property rights.
[77:33] Which ones benefited from the money
[77:34] printer? How much how much of their
[77:36] wealth was earned versus benefited from
[77:38] the money printer?
[77:40] When did it start? When did it end?
[77:46] This doesn't scale. We don't know. Of
[77:48] course.
[77:51] And obviously if it can be abused, it
[77:54] will be abused. Power corrupts, right?
[77:57] And so then all of a sudden you get
[77:58] people in office that say, "Uh, taxing
[78:01] the rich, more like taxing whoever voted
[78:03] for Trump."
[78:05] And then property rights goes out the
[78:07] window. If property rights is only
[78:09] granted if you're rich and benefited
[78:11] from the catillian effect, how much
[78:14] longer until property rights is only
[78:16] valued if the people in power value you?
[78:20] It's ridiculous. So again, my point is
[78:24] economic measurement of productivity.
[78:28] It's not a it's not a judgment on who
[78:30] you are, what you like,
[78:33] what you do, none of those things at
[78:36] all. at all. If anyone doesn't like Wall
[78:40] Street douchebags, it's me. Trust me.
[78:42] Okay.
[78:45] And then as far as like at the margins,
[78:48] whose property should we violate?
[78:51] Like how about this? I'm a Bitcoiner.
[78:55] I've benefited tremendously from them
[78:57] printing money because my bitcoins have
[78:59] gone up a lot. I would wage to say since
[79:02] I bought Bitcoin, if they hadn't printed
[79:04] a dollar, Bitcoin would be less valuable
[79:07] in dollar terms.
[79:09] Do I deserve
[79:11] to take my bitcoins from me? I've
[79:14] benefited from the money printer.
[79:16] Everyone that's a bitcoiner has
[79:17] benefited from them debasing currency.
[79:22] Does the government deserve your
[79:23] bitcoins?
[79:29] stupid. Come on. Free markets, less
[79:32] government, less tax, more freedom. How
[79:35] about that? Can we agree on that?
[79:38] Uh, Jack, if someone earns massive
[79:40] wealth through contribution to society,
[79:42] how should we view future generations
[79:44] inheriting it if they aren't major
[79:46] contributors themselves? Oh, you guys
[79:48] are obsessed with this whole um me
[79:50] talking about productive people and uh
[79:54] okay.
[79:56] uh how how do how should we view trust
[79:58] fund babies is is the question firstly
[80:01] however you want first and foremost I
[80:05] can tell you how I view them but how I
[80:07] view them is only as relevant as you
[80:09] want it to be your opinion think for
[80:12] yourselves there's no central planning
[80:14] of how to think about people but how do
[80:16] I view trust fund babies [snorts]
[80:18] I view them as normal people listen what
[80:21] Bitcoin solves is once you've built
[80:24] wealth in order to remain as wealthy as
[80:27] you are, you have to still be
[80:29] productive. Bitcoin solved that. Meaning
[80:32] this, let's say I earned 100 bitcoins,
[80:36] okay? And I pass 100 bitcoins to my
[80:38] kids. If my kid has 100 bitcoin
[80:41] inherited, but my kid sits on the couch
[80:43] all day, takes drugs, plays video games,
[80:46] and does nothing,
[80:48] how are they going to live selling the
[80:50] bitcoins? So in order to remain 100
[80:53] bitcoins wealthy, they have to earn more
[80:56] than they consume or else they get
[80:58] poorer in bitcoin terms.
[81:02] So sure, they're wealthy. Why are they
[81:04] wealthy? Because someone productive, I
[81:07] earned that wealth and I gave it to
[81:10] them. It is my wealth and my property to
[81:13] give. If my dad wanted to give me wealth
[81:17] he's earned, he has every right. It's
[81:20] his it's his property. It's not the
[81:22] governments. It's not the states. It's
[81:24] not his colleagues. It's his
[81:26] productivity that he wants for his son.
[81:30] And if I made that decision, it would be
[81:32] the same. So if my neighbor is a trust
[81:34] fund baby, cool. Good to like I guess
[81:37] that's information. Your parents were
[81:40] productive in some capacity and they
[81:43] wanted to give that net wealth to you.
[81:46] Nice.
[81:48] Now, as far as how productive are they
[81:50] to society, it doesn't matter. If they
[81:52] spend all of that wealth on private jets
[81:54] and stuff, well, then their kids have
[81:56] nothing to inherit. Well, then they
[81:58] start missing rent. Well, then they
[81:59] start having to downsize on the dinners
[82:01] that they're going out to on a weekly
[82:02] basis.
[82:04] So, in in a hard money world, in order
[82:07] to remain upper class, you have to
[82:10] remain productive or you can consume
[82:12] less. You can have a 100 Bitcoin in cold
[82:15] storage, but if you're working at
[82:16] McDonald's and make an hourly wage, in
[82:19] order to not bleed into that Bitcoin,
[82:20] you have to consume less. You have to
[82:22] consume like an hourly wage worker. So
[82:24] then your wealth is irrelevant.
[82:26] So it doesn't matter to me in a
[82:29] perfectly free market. Now, in this
[82:32] effect money printing world, yes, it's
[82:34] [ __ ] There's some people that just
[82:36] get to inherit legacy assets and benefit
[82:38] from Wall Street relationships and all
[82:41] stupid [ __ ] That's absolutely true.
[82:44] But I don't care. Whatever. [ __ ] them. I
[82:47] don't, you know, waste my time hating on
[82:49] on someone else. I don't care. But for
[82:52] me, in the way I view the world, be
[82:55] productive.
[82:57] And that could be, you know, people are
[82:58] like, "I'm a teacher. You're calling me
[83:00] not productive? [ __ ] you, Jack." No, I'm
[83:02] not. Teachers can be plenty productive.
[83:04] Go out and teach the world. And by the
[83:06] way, being a teacher carries varying
[83:08] definitions nowadays. Is that university
[83:11] educator? Is that elementary school
[83:13] teacher? Or is that a teacher? Like you
[83:15] run a podcast. Like Joe Rogan could be a
[83:17] teacher. He makes hundreds of millions
[83:18] of dollars a year or whatever. I don't
[83:22] know how much he makes, but a lot. Go be
[83:24] productive. Go provide value to the
[83:26] world. Consume less than you earn. Go be
[83:29] productive. If you're productive, you've
[83:31] earned your ability to consume in the
[83:33] marketplace. And if someone inherits
[83:36] productivity that was passed to them
[83:37] from a friend, a boss, a parent, good
[83:40] for them. But in order to remain at that
[83:43] level of wealth, they still have to be
[83:45] productive.
[83:47] In order to grow your wealth in Bitcoin
[83:50] terms, you have to be productive. Never
[83:52] forget that. Someone hands you 100
[83:55] Bitcoin, in order to have at least 100
[83:57] and hopefully get to 100 one and then
[83:59] 100 two and then 100 three, you got to
[84:02] be doing productive stuff. Pretty
[84:05] simple.
[84:07] Okay. Bitcoin and markets. Dylan asked
[84:10] Jack, "If Iran is using Bitcoin to get
[84:11] around US sanctions and the US sees
[84:13] Bitcoin as a national asset, would it be
[84:15] advantageous to pump the price up to
[84:17] reduce the amount of Bitcoin gained from
[84:18] the ships?"
[84:21] Sure, in theory. I mean, it's not bad
[84:23] thought. I just um
[84:26] So, you're saying pump the price of
[84:29] Bitcoin up so that in Bitcoin terms
[84:30] they're getting less sats? Sure. But I
[84:34] just can't imagine that that's what's
[84:36] crossing the US mind at this point. Um,
[84:38] I think that the United States
[84:39] appreciates the fact that neutral
[84:42] reserve assets are important
[84:44] strategically. Something like Bitcoin is
[84:46] going to be important across the whole
[84:48] spectrum. Everything from AI to global
[84:50] settlement and global trade. Um, and
[84:53] that's probably about as far as they've
[84:55] gone with it. And right now they're like
[84:57] in Paris uh talking about the bond
[84:59] market and unsanctioning Russian oil.
[85:02] I'd be shocked if they logged into
[85:04] Coinbase and started bidding up the
[85:06] price to make sure that Iran got less
[85:07] sats. Um, and mind you, we know the
[85:10] traffic that's going through the
[85:12] straight right now is so low that it's
[85:14] not like Iran is like really raking it
[85:16] in broadly. I mean, who knows? Maybe
[85:19] they end up with a bigger reserve than
[85:21] the US, but I think that the US wouldn't
[85:24] try and prevent that by making the price
[85:27] go up. I think the US would just start
[85:28] buying for themselves. Who knows? I
[85:31] don't think it's top of mind, at least
[85:32] at the moment, but it's a good thought.
[85:35] Question for Jack. How would you expect
[85:37] Bitcoin to act in a time of crisis? With
[85:39] fiat, the shock can be softened by
[85:41] printing, but Bitcoin standard, it would
[85:43] not have that luxury. Yeah, I think in a
[85:46] time of of market crisis, everything
[85:48] sells off, including gold. Um, and then
[85:51] these things rally on the back of money
[85:53] printing. So, that would be my base
[85:55] level expectation. Unless we go through
[85:57] a time of austerity like the Great
[85:59] Depression, then everything's going to
[86:01] be down for a extended period of time
[86:03] for some years. Um, but again, I own
[86:06] Bitcoin and I work on Bitcoin because I
[86:08] think it's the new system that is better
[86:11] and serves my interests and my ideal
[86:14] future the most. I want to contribute to
[86:18] and save in and work on something that's
[86:19] fair, that's equitable, that's
[86:21] inclusive, and that allows me to value
[86:23] my future. And so no matter how you
[86:25] slice it, I see Bitcoin winning. But
[86:28] that's my low time preference speaking.
[86:30] People are like, "Yeah, but month over
[86:32] month the price is down." Well, guess
[86:33] what? I don't like I don't think in
[86:36] months or in days.
[86:38] Like I'm thinking about when my kids are
[86:42] my age, what world are they going to be
[86:44] living in? And you know, if I have a say
[86:46] in that, where am I going to cast my
[86:48] vote, which is what I work on and I
[86:50] spend my time on. So
[86:53] I think in crisis people need to raise
[86:55] cash.
[86:57] Bitcoin will get hit like it is now,
[86:59] like it has been, like gold is. And then
[87:02] on the back half of the printing, I
[87:03] think Bitcoin is always the best
[87:04] performer because it's the scarcest.
[87:06] It's pretty simple. When there's more
[87:08] fiat currency units created, those fiat
[87:11] currency units are now competing for the
[87:15] goods in the marketplace. So how much
[87:16] more eggs can we make with the more fiat
[87:20] units coming online? How much more
[87:21] houses and pen houses can you make? How
[87:23] much more boats and cars? How much more
[87:25] gold can you mine? The fact that Bitcoin
[87:28] is fixed literally in supply, it
[87:31] performs the best because it doesn't
[87:33] matter how many fiat units are created,
[87:35] the supply doesn't change and that makes
[87:37] it the best performer because more more
[87:39] currency units are competing against a
[87:41] literal finite supply. So, I think it'll
[87:44] be the best performer. Um, crisis it
[87:47] gets punched and then on the back half
[87:48] of the crisis it goes up the most.
[87:51] Uh, Jack, I know the best is to buy
[87:54] Bitcoin and don't think about it for a
[87:56] couple of years. So, I wanted to know
[87:57] what are your tips because I can't stop
[87:59] thinking about it. [laughter]
[88:01] I mean, I I bought Bitcoin and my my
[88:05] dad's advice was buy Bitcoin and take a
[88:07] 5 to 10 year nap is what he is what he
[88:09] used to tell everyone in our
[88:11] neighborhood. And now it turns out you
[88:14] end up getting obsessed and checking the
[88:16] price every day and reading the Bitcoin
[88:18] standard and following everybody on
[88:20] Twitter. And I would say don't don't uh
[88:23] don't
[88:25] convince yourself not to do that. Follow
[88:27] your interest. Be curious. Ask
[88:29] questions. And if Bitcoin becomes a
[88:30] passion of yours or an interest or a
[88:32] career, that's great. And if it doesn't,
[88:34] that's also great. Um but my advice
[88:36] would be lower your time preference.
[88:38] Think of what Bitcoin can provide to
[88:40] your future. So, you know, humans, we
[88:43] are different and we are best because we
[88:45] are future oriented species. We have an
[88:47] ability to value tomorrow, right? Like
[88:50] instead of just leisurely laying by the
[88:53] water like a [ __ ] crocodile or a fat
[88:56] seal, we like coordinate and get to work
[88:59] and we expend sacrifice and energy today
[89:02] for a better tomorrow. And so, don't
[89:05] overweight yourself in owning Bitcoin
[89:06] where if something bad happens, you got
[89:08] to sell it all. Allow yourself and
[89:11] afford yourself the ability to hold it.
[89:13] Continue to add to it. And think about
[89:15] your future. Think about a future where
[89:17] you've been compounding your savings for
[89:19] years, where Bitcoin has been able to go
[89:21] from 70K to 700K. What that would unlock
[89:24] for you. And I don't know what that
[89:26] means for you. Could be getting married,
[89:28] could be getting a house, could be
[89:29] having kids, all the above, none of the
[89:31] above, some of the above. But if you're
[89:34] interested in it, I'm glad you're
[89:36] listening. And don't take that away from
[89:38] yourself, right? Like if I'm interested
[89:40] in going to the bulls game, I don't
[89:42] curtail that interest. I go to the
[89:44] [ __ ] game because that's what I want
[89:46] to do. You know, you got the only thing
[89:48] as scarce as Bitcoin is time on this
[89:50] planet. Spend it how you want. Uh,
[89:53] congrats, Jack. Thank you. I appreciate
[89:55] that. I don't know what for, but um I
[89:57] appreciate it nonetheless. Can you
[90:00] eventually explain step by step the best
[90:02] way to set up and use Bitcoin? Which
[90:04] wallet, KYC, etc.? Thanks a lot.
[90:06] Greetings from Portugal. Wow. Hello from
[90:09] Portugal. It's late there. Thanks for
[90:10] tuning in. Yes. Um, it's an idea I had
[90:14] in passing. Um, Dylan and I are so busy
[90:16] all the time. I would like to do more
[90:18] content. I feel like I want to tweet
[90:20] more, do more videos. Some tutorials is
[90:23] up my alley. So, I got to talk to Dylan
[90:25] on how we can pull that off somehow.
[90:27] But, um, yeah, I would love to at some
[90:29] point for sure. U, maybe I need to hire
[90:32] some of you guys um to help me out.
[90:34] We'll see. If Bitcoin was so valuable,
[90:37] why would it be the first thing that
[90:38] people sell? Lots of liquid things you
[90:40] can sell. If Bitcoin was the most
[90:42] valuable, it wouldn't be first. Yeah, I
[90:45] disagree with that. I mean, there's a
[90:46] saying in markets that's older than me,
[90:48] which is you sell what you can, not what
[90:49] you want. Um, on a Sunday night, you say
[90:52] there's plenty of things you can sell. I
[90:54] don't think so. At least not this
[90:56] liquid. Sure, if you need to if you need
[90:59] $20, you could have raised 20. You could
[91:02] have requested that from your friend on
[91:03] Venmo. Sure, you're right. Okay. If you
[91:06] needed a million dollar, $10 million,
[91:08] $100 million, a billion dollars after
[91:11] markets close on a Sunday night, or if
[91:13] you're in a country that its markets and
[91:17] property rights aren't the US, what
[91:19] other market are you talking about?
[91:23] I don't know of it.
[91:25] And by the way, like the Ganaan SETI
[91:28] market, no, it's not nearly as liquid.
[91:30] And liquid meaning like it can absorb a
[91:32] billion dollar sell order. When you need
[91:34] to raise cash quickly, you don't have
[91:36] time to ladder in a bunch of orders
[91:38] through an order book and get filled
[91:40] over a week or two or a month or a
[91:42] quarter. I'm talking about raise cash.
[91:46] So I I just disagree.
[91:48] Tail is oldest time. Sell what you can
[91:50] what you want.
[91:53] Um okay, Strike questions. Hey Dylan and
[91:56] Jack, would Strike consider implementing
[91:58] Cashew and running a Cashew mint as
[92:00] well? Sure, if there's demand for it. I
[92:02] think, you know, at Strike, the most
[92:04] difficult thing is prioritization.
[92:07] I think the vision that we have is the
[92:09] same as everybody else. Bitcoin
[92:11] continues to be better money. It could
[92:13] be used for payments. It could be used
[92:14] for savings. It could be used in credit
[92:16] cards and rewards and how credit cards
[92:18] are collateralized. It could be used in
[92:20] lending and borrowing. Um, there should
[92:22] be a strike Canada. There should be a
[92:23] strike Latin America. there should be
[92:25] strike. Uh like all of that vision is
[92:28] all well and good and you guys never
[92:29] have bad ideas. The problem is what do
[92:31] we work on today and then tomorrow and
[92:34] then the next day and we try and
[92:36] sequence that on how many people are
[92:37] asking us for things. How much business
[92:39] can we do and business we can do as a
[92:41] proxy to how much outside external
[92:43] demand. We don't want to spend our whole
[92:45] corporate resources to build one person
[92:48] one feature if we can build a million
[92:50] people one feature. And so I would say
[92:52] Cashew is definitely somewhere on my
[92:55] vision for the world. It's just where
[92:58] does it slot in?
[93:00] And so we haven't gotten a ton of demand
[93:02] for it considering Strike is a regulated
[93:04] KYC service. Um people don't run to us
[93:08] for privacy, right? And it makes a lot
[93:10] of sense. We don't that's not something
[93:12] that we sell necessarily. Um but given
[93:15] there was demand and it made sense.
[93:17] Absolutely 100%. Question for Jack. Can
[93:19] we get a partnership with Square to be
[93:21] able to just tap and pay with Bitcoin
[93:23] through Strike? Certainly. Um, it's
[93:26] possible. Maybe. Uh, I I think I'm going
[93:28] to see some of the Square employees uh
[93:30] in June, so maybe I'll ask them.
[93:33] Uh, last strike question. Hey Jack, can
[93:36] you please give an update on this
[93:37] feature if it's at all being considered
[93:39] a debit spending function from my strike
[93:41] cash? I want to get off the credit cards
[93:43] entirely for psychological reasons. It
[93:46] is certainly being considered. Yes, I've
[93:49] talked about this before. A lot of you
[93:51] guys want to strike card and the way
[93:53] we've thought about it is I don't know
[93:55] if I can give you guys a better card
[93:57] than Chase Sapphire or than the MX
[94:00] cards. They're giving you cash back,
[94:04] free stays at hotels, access to airport
[94:06] lounges. I don't know if I can compete
[94:08] with that. And so my answer was always,
[94:11] why don't you guys use those cards and
[94:13] pay the credit card bill with Strike?
[94:15] Like that's what I do. I use my Strike
[94:16] line of credit. So, I'm not even I'm
[94:18] constantly stacking Bitcoin. I'm not
[94:20] even selling the Bitcoin. I got this
[94:22] little consumer credit line. I pay it
[94:24] down when I feel like it it's timely to
[94:26] me. And like that's how I do it. I'm
[94:29] like, why do you guys want a card? But
[94:30] you guys are relentless with it. You
[94:31] want a strike card. And so, we
[94:33] definitely we've been talking to Visa.
[94:35] I've thought about maybe even having
[94:37] like a strike black, which is like a
[94:39] premium strike experience where you get
[94:41] a card. our lowest trading fe tiers, our
[94:44] lowest lending rates, and like for some
[94:47] fee you get like a Strike card and all
[94:50] the best of Strike. I don't know. We're
[94:51] We're definitely considering it. I just
[94:54] don't want to launch a product because
[94:55] everyone thinks it sounds cool, but then
[94:57] when they get it, they're like, "Oh, I
[94:59] might as well use my AMX." Like, why why
[95:01] would I use Jack's card? I'll use Jack
[95:03] for borrowing against my Bitcoin,
[95:04] getting a line of credit, buying
[95:06] Bitcoin, using it as a wallet. But I
[95:09] mean, Chase is better at rewards and
[95:12] being closer to the money printer than
[95:14] Jack. So that's what I'm nervous about.
[95:17] But I don't know. You guys are
[95:18] relentless with it. So we're definitely
[95:19] taking a look.
[95:22] Wow. Oh no. Okay. Dylan, uh
[95:29] Dylan has one question here. Okay. Um
[95:33] Dylan, question for Jack. Can we get
[95:35] dollar bill on for a celebrity segment
[95:37] sometime? Also, Jack, thanks for the
[95:39] updates. I look forward to the stream
[95:40] every week. I appreciate that. Thank you
[95:43] so much. Um, yeah, I will try and get
[95:46] Dollar Bill on. I mean, Dollar Bill, and
[95:48] for those that don't know, is my dad uh
[95:51] used to be on all the time. dollar bill
[95:55] like he looks at all the [ __ ] I get
[95:58] online and uh all that comes with
[96:02] recording weekly podcasts and being
[96:04] online for a lot of my life. And he's
[96:07] like, "Fuck that." I mean, Dollar Bill
[96:09] is in his 60s. He's on the ocean
[96:11] somewhere, retired. Um stayed humble and
[96:14] stacks for a long time. Worked his ass
[96:17] off. Best dad in the world. and he
[96:19] enjoys his time doing what he wants um
[96:24] chilling on the ocean. So when he
[96:28] realized that he wasn't needed for the
[96:30] podcast and um as the podcast got a bit
[96:34] bigger, all that came with it, people
[96:36] making [ __ ] up about him, yelling at
[96:37] him, being mean, he was like, "All
[96:39] right, you got it from here, dude." And
[96:41] he's always like, he's like, "I'm
[96:42] surprised that you like putting up with
[96:44] this. If I were you, I'd be on the
[96:46] ocean. [ __ ] that." So, so that's just to
[96:50] give you some insights and I mean I
[96:51] don't blame him. He's retired, man. He's
[96:53] he's enjoying uh his life with my
[96:55] stepmom. Um with that being said, I'm
[96:58] sure he would come on. Um he's my dad,
[97:01] so um I'll ask him for sure. And I know
[97:03] that he appreciates the love that you
[97:04] guys have for him. Um it's fun. It's fun
[97:07] doing stuff with your dad. I mean,
[97:09] bonding with my family, my dad and I
[97:12] have always been close, but as close as
[97:14] I've gotten with my stepmom and my
[97:15] family over Bitcoin is very cool. So,
[97:18] it's cool that you guys enjoy the family
[97:21] episodes and uh know my dad and stuff.
[97:24] That's cool. So, I'll pass it along.
[97:31] Okay, I think that's all I got, guys.
[97:34] I'm going to go uh eat these ribs. Thank
[97:37] you for tuning in. As always, leave the
[97:39] comments and questions and critiques and
[97:43] the positive notes in the comments. Uh,
[97:46] I'll read them as always. Man of the
[97:48] people show by the common man for the
[97:51] common man. Uh, and I appreciate you
[97:54] guys tuning in. This is fun. I love the
[97:56] relationship we got going. Hang in
[97:57] there. Consumer sentiment at all-time
[97:59] lows. Uh, bond market getting crushed.
[98:02] Expect some volatility. Buckle your seat
[98:04] belt. It's going to be okay. Earn more
[98:06] than you spend. Try and spend a little
[98:07] less. Find ways to earn a little bit
[98:09] more. Stay humble. Stack sats. Turn on
[98:10] those DCAs. We're going to be okay. But
[98:13] make no mistake, the death of Fiat is
[98:15] not going to be pretty. And with that, I
[98:18] will see you guys next week.