Transcript+
All right guys, welcome to the broadcast part 22. This is where Bitcoin culture meets business and finance. We catch up on news, videos, charts, trends and any other Bitcoin related content that stood out to us in the past two weeks. I don't know if that was Jackson. But that was Brian. That was Brian. OK. We're coming to his house. Coming together. OK, well, usually I'm doing this with Brian and Michael. Michael is stuck in the in the snowstorm, I think, or there is going to be a storm or something. And so we have Jackson on. So we're happy that Jackson, the Jackson joined us. Man, how are you doing? I'm doing great, Yeah. I've got big shoes to fill for Big Mike, as they say. Well, I'm happy. I'm happy you're here. I just edited your little your little cart there. Thank you for editing my card. Yeah. And well, let's just kick it off, guys. I think a lot of stuff happened in the past two weeks and I think our first link is probably the most viral thing of this week. Probably a lot of people saw this, but let's just let's just watch it the 39 seconds and then Jax and I heard you have a spicy take on this. So let's let's see where you're at. Bitcoin doesn't have a money printer. The the supply is fixed and people will go to it in times of uncertainty. Kind of like they did with gold. Sorry to say is that I trust more independent central banks with a democratic mandate send private issuers of Bitcoin which. Have. A very useful role, but. Bitcoin is a decentralized protocol. There's actually no issuer of it. So that's, that's in the sense that central banks have independence. Bitcoin is even more independent. There's no country or company or individual who controls it in the world. And so anyway, I, I think it's a healthy competition because, because if people can decide which one they trust more and it, I think it's actually the greatest accountability Bitcoin doesn't have a money for. Great accountability mechanism ever to be infant. So I love this tweet first because all caps Coinbase CEO absolutely destroyed French French central bank governor who said he doesn't trust Bitcoin. This is a must watch. So my take away from this is actually the opposite I can. I say 1. Can I say one thing? Yeah, yeah. Feedback, steals videos and he didn't have ever ever credits and he blocked me when I told him so and this is actually a Gareth posted this as a first so just wow. Vivek, we're coming for you, man, Watch out. But I just first of all, my first take is like, I hate those accounts. So just post all caps and just just garbage accounts. So let's get that off my chest first. But then what I really wanted to talk about was it's kind of sad actually for us because we have Brian Armstrong, the CEO of Coinbase at he's at Davos and he talks about how Bitcoin and Fiat currencies are in a healthy competition. And what does the room do? They laugh at him. They all laugh at his idea that Bitcoin is competing as a form of money. And my take on this is most people are laughing at us right now, guys, like we are in the Bitcoin space. We use Bitcoin as a savings technology. Brom, you're building a Bitcoin business. Brian and I are building a Bitcoin business. We are the laughing stock of most people currently. Like we're just jokes to most people. And so I kind of feel for Brian Armstrong. He's like in the arena, he's in Davos. Not that I think that Coinbase is the best business. I kind of there's things I dislike about them, of course, about all the shit coining and the meme coins, but I kind of feel for the guy because he's just in the room and he's getting just they're like throwing tomatoes at him pretty much. And I can't help but but think that that that case is the same for us as well. What I will say, though, on the bullish side for that is you can just think about how early we are right at the end of the day. He's being laughed at for saying that Bitcoin is a form of money. It's competing against Fiat currencies, it's implied it's competing against gold and all sorts of monies globally. And for people to laugh at him for that idea just goes to show how few people out there actually understand what we're talking about today. And so that is the actually the encouraging side of it all is like, yeah, we're going to get laughed at today. But anyone who's early to a technology, anyone who's early to maybe an investment is going to be laughed at at some point because you need to be, if you're in the room with early adopters, you're just ahead of the curve. And so look, few laughs here and there. Just have some tough skin, thick skin, and we're going much higher. There's going to be a day when we're laughing at the French central bank. I mean, I already am. I'm already laughing. Yeah, sure, sure. I have, I have many thoughts on this. I shout out to shout out to Mr. Dinkles in the chat who just said I took it as a nervous laugh. I kind of agree. Like I think the, I don't know his name, but the French Central Baker, he kind of laughs first, like he smiles and laughs and then you hear the the chorus of the, the audience laughing. So I think they were kind of like waiting to see how he'd respond to that of Armstrong saying it's a healthy competition. So, so that's one point. The other point is, you know, sort of you allude to this Jackson, but like Armstrong gets a lot of shit. He runs a crypto casino. But every now and again, he comes with these sound bites where like he is, he's speaking truth about Bitcoin and he's doing it in a way that is nuanced, articulate. And particularly given the setting, like the environment that he's in, in Davos with a bunch of central bankers, which with a bunch of basically Fiat maximalists. I think he played it perfectly because he, he sort of, you know, waits for the guy to go on about why he doesn't trust Bitcoin as much as the independent central banks. And you can see in Brian's face when, when he says private issuers of Bitcoin, he like perks up, he's ready to respond and just dunk on him being like, there's no, there's no issuer man. And, and the line around, you know, if, if let me grant you that central banks have some amount of independence. Bitcoin's even more independent. That's a, that's a fantastic line. And so I loved it. And and frankly, you know, it'd be a very different world if they weren't laughing at that, right? Like if, if they really knew they were in a, a real competition, Bitcoin versus Fiat, they probably wouldn't be laughing. So you're right it it's one that we're we're super early and and I wouldn't expect anything else from a a group of Fiat maximalists in the crowd. Yeah, I also have a lot of thoughts on this. I think Armstrong did really great here because I think we are laughing at these people, right? We just think, you know, my, my fault here is that it's amazing that these people rule us. They have no fucking clue. They have no, no clue that Bitcoin is the greatest technological invention in their field of expertise, right? And they're just dismissing it like headline readers, like, Oh yeah, well, it's funny and, and, and and whatnot. And I I agree with Jackson, I think it's fun. They are laughing at us because that means we're going to win, I think. And maybe it's a nervous laugh, but still then we're going to win because I think at this stage, you know, I'd added this had millions of views, this clip. And there was a little longer one actually where, you know, he he even talks a bits a bit a bit more. And you know, it really shows the hubris of the people that are in leadership positions in the field money system, right? Like they they even the sentence like I trust in what the fuck did he say? You know, like central banks with Democratic mandates and said, you don't even know what that means. Like what does it mean, right, Like and these these people have trust in some sort of frame of reference that is just words on a paper or words by other people where we know that you know how Bitcoin works. It actually takes all the words and all the human trust me, bro type vibes and I'm going to regulate you and whatever. Not all these things. It takes it away, right. So whenever I see people like this talk or Lagarde, you know, they talk from a certain position that they hold and therefore they think their words have value, right? But you can still talk shit and be a dumbass even when you're at that stage. And I just really love that at a surface level, it's just so easy to to poke holes in it, if that makes sense, right? There's no like real substance in any of these anti Bitcoin type arguments, right? Because if you would actually debate this guy, head of a French central bank on that what he said, it would be over in like 3 minutes, right? It was almost over based on what Armstrong said. So I just, I just think that is really interesting that that the flaws of Fiat and this disdain and and and dismissal of something that is objectively superior to how, you know, all the Fiat money structures are, are structured basically, I think it's actually immensely bullish. Yeah. And Brahm, one, one thing I'd add as well to your point is you guys may recall that the East, I believe it was the ECB published that white paper or article. It's 2022, Bitcoin's last stand, right? I mean, it's incredible. They called the bottom. They called the bottom in 2022. And if anything, I think these reactions are, well, I think they do think we're laughingstock. Brian thinks that they're nervous. They're like the Ralph Wiggum Simpsons meme, I'm in danger. You think that's what it is. I think they just think we're like morons, which is fine. But if anything, it's I think it's a mix. I don't think it's black and white. I think there's certain people who. Probably. Recognize there's something going on and there's some value. But they have to. It's but it. Is my argument sorry like if they haven't studied it that would give me a lot of fear that were like truly ruled by retards guys. Like if they are not paying attention like that then whoa. Sorry, go ahead. It's, it's just the central bank's last stand is like, well, let's just go on record and say that. I mean that's what gold is saying to the market as well. I know what we're talking. About gold, but no, that's a really good point. And, and I don't know if we have other links from Davos, but I, I would say if we're zooming out and looking at like this year's Davos conference, it was pretty different in my eyes from past years, like past years, You know, they were talking about ESG, climate change, all that stuff. Klaus Schwab is out. I informed Jackson of this the other day. Larry Fink is now the head of the World Forum. So you've got Uncle Larry who likes Bitcoin. He's now leading the, the WEF. And it was just a different tone. Like you had Ken Griffin talking about the unsustainable debt. You had Armstrong doing doing his thing. You had I think a lot Nick was on stage at some point like saying globalization has failed debts so. There was, kind of. A shift. There was a shift in terms of like what was being discussed and it was, it was almost like, you know, they were sort of broadly in aggregate admitting like fiat's kind of cooked the, you know, the the debt's too much. Hopefully AI saves us. And then you had Armstrong be on there like, you know, it's a healthy competition. Bitcoin's coming for you guys. And and yeah, they're going to laugh at it for now, but we'll see. Yeah, I just pulled up another clip that I shared of of Lagarde and yeah, I'm kind of hyped up. Guys. I agree with what you say, Brian. It is funny that it, it didn't feel like an aligned orchestration of all these people gathering right there. There's no unified message of being strong or whatever. And it's funny because like over the days you saw people, and this is what I want to show of Christine Lagarde. They were kind of like, shit, I need to change my tone, right? You even heard Bill Gates say like all the funding is drying up for everything I find important and stuff like that. It was very interesting. But so I'm hyped up on one side and on the other side, I just feel like like these people are, are not sane. I don't know. Like, why are, why are all these random plebs, all these anonymous plebs that, you know, need digital IDs so they can share their ideas on the on the Internet? Why are they figuring this out before the people that are actually in charge? I mean, the answer is that's that's the problem, right? But yeah, so I tweeted here like, it's also empty and tiring, right? Like you, you, you hear? Well, I'll play a little bit of Lagarde here, Ching in the last few days. But if anything, I think we have heard a lot of European bashing in the last few days. But if anything, it has been good and we should say thank you to the bashers because I think it has given us a complete realization of the fact that we have to be more focused. We have to work on those plans B that I was talking about and we have to focus on innovation, improvement of productivity and the rest of it. Point number one point no shit. Like what are you what, what are the what do the words even mean? This is the president of the European Central Bank. Like what? Oh, I need to be focused. We need to innovate. We need to move forward like I don't you know, what does it even mean? You know, I don't I don't understand that there's not more scrutiny on this right? Like I, this is kind of what I feel. I'll stop talking. I'm, I'm, I'm rambling here, but I feel like it is just, yeah, it's tiring. You know, there's not a lot of substance here. And it's just like, oh, yeah, yeah. Oh, well, apparently people don't really like what we are doing. And yeah, no, you know, look, look at what people are talking about online. But you dismissed that for years until, you know, you're at the stage where there's millions of views of clips that go absolutely bonkers viral, right? Like I like I mentioned the Lutnick clip. I thought it was straight fire, really good. And then you're like, oh, well, maybe I have to adjust my tone, right? Like and that's I think shows this whole fragility of of this entire. By the way, that's what that's what the early stages of a true healthy competition would look like. Like we would expect that that like over time, like they, you know, they ignore, ignore, ignore, laugh a little bit, but then kind of realize like, OK, maybe we need to shift here a little bit and start thinking more critically about this. Well, I mean, if if you know, if you think someone's idea sucks, you should come up with a better idea, right? Instead of saying like fascist or this or you're bad or you suck or you like, you know, whatever you know something's to OK, come up with a better idea. You know, like eventually the whole world is a war or a battlefield of ideas and and ideology. And if you're socks, then come up with a better one or you're replaced. And and that's, I think how basic it is. But that's what I meant with these people in these places think that by the words they're using, because they are in those places, they can kind of skip that part basically. And yeah, I like it and I like what Jackson said. I think also for me, it shows we're early. This is what the opportunity is, is that if these people are still laughing, you could stack. From say thank you to the bashers, that's all, Yes. That's a good one. When it comes to holding Bitcoin securely, Peace of Mind starts with architecture. 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Yeah, So this was a a a good retweet by Pierre from I I'd actually originally seen the one that he quote tweeted here, where Forecaster, if you remember, was some like web three, sort of like digital digital asset, sort of social media platform basically totally failed like a few months ago, last year, they pivoted to just being a wallet. And then I think they just got bought recently for some wild amount of money. But the point is basically, you know, and I've talked about this on the show before, but like, you know, if you look at the totality of sort of the broader crypto, SpaceX, Bitcoin, you know, I think years in the past, historically, there's been a lot of rhetoric and narratives around, you know, how innovative and transformative this stuff is. But as we sit here today, like, what are the true sort of like value add things that have come from the broader crypto space outside of Bitcoin? And it's like stable coins, which like I will readily admit that there's product market fit for digital dollars, at least in this interim period where Fiat still exists and the dollar is still stronger than all other Fiat currencies. There's appetite and demand for stable coins. And then you know, what we're seeing on the tokenization side, which, you know, I think tokenization broadly is kind of dumb, but the banks love it. They can be more efficient with basically better, faster databases because that's effectively what this is. And so the the take away here and and Pierre puts puts it nicely, but you know, if the crypto industry is only for back office, automation of capital markets hasn't accomplished a lot, especially compared to Bitcoin. And then he notes that enterprise blockchain tokenization has less adoption than, you know, the LLMS, the chat bots. And so there's a lot of excitement, there's a lot of headlines, partnerships around tokenization, real world assets, all this stuff. But to me, it's kind of a, you know, if, if we reflect on the past several years, like it is sort of an indictment of like a lot of what the crypto people thought crypto was supposed to be, which was like super innovative. You have these tokens that'll be super valuable because all these things are going to be happening, all these forms of utility and it's kind of just devolved into like stable coins and making the Tradfi rails marginally more efficient. And so a nice, a nice subtle dunk here by Pierre. But I think it's just it's just indicative of kind of where we're at, where Bitcoin has really separated itself is this non sovereign monetary asset that's being contemplated at least by sovereigns and central banks versus the rest of this crypto stuff, which Wall Street is actively adopting. But it's really it's it's marginal improvements. It's not the real innovation of a new form of money. Yeah, yeah. No, Jackson, go ahead. What I was going to say was, so Brian, Brian, you said something about how it's just that it's the rails for the US dollar, right? Stable coins, Yeah. And yeah. So it's like, so you're making the dollar great again. Actually, crypto is an industry. But but seriously, a few a few themes kind of come to mind. We talked about it over the course of 2025. The 1st is there's a lot of infighting now in the crypto space where you have Bitcoin clearly standing alone as its own asset technology. And then you have meme coins on the other side of the barbell, which just gambling degenerate behavior. And then you have the infighting on in the middle of the crypto space where it's like my layer one's faster than yours. My layer one does this and that, and I don't even know, I don't pay attention. So I literally have no idea what the fights are about at this point. But I just know there's fights about layer ones and what to build on, what not to build on. And then the other piece as well as I remember after the big collapse of October. A bunch of people are like reflecting on their crypto journeys, right? And they're, they're like, oh, you know, after seven or eight years in this space, I feel like we've accomplished nothing. Well, yeah, I mean, you actually haven't accomplished anything. So it's a, it's a feeling I think of just trying to build, trying to be in a space that's innovative, exciting and offer value. I think a lot of people are trying to offer value, but I think there's a realization now to your point, Brian, a lot of this is just going to be adopted and swallowed up by Wall Street and the US Treasury on the stablecoin side or, and, and Wall Street too. And a lot of it's just going to never materialize to anything. And so I think the case for Bitcoin only has never been stronger. It's agreed. I mean, at least from like, at least from like, you know, segregating what these things are, right, Like you can, you can think that these other block chains might make these back office operations capital markets probably more efficient. Now, I think there's still going to be a lot of problems with like the actual implementation and, and how that looks and how fragmented it is with all these different block chains, all these different issuers. I think it's going to be kind of a huge mess, which really it hasn't it started, it hasn't really started in earnest in a in a real way. So it's it's hard to see how it's going to play out, but but you're exactly right, Jackson. I fully agree I once talked to American Huddle and he said, you know Bitcoiners are 8 years ahead of every of everyone else. This is also by the way, what I feel in like tratify they are having like their crypto 2017 type era 2017202018 and and I agree. I always say like the only thing I really saw coming out of crypto and not the Flex because I sold to early, but I found Ethereum at like 7 or $17.00 or so, something like that. So very early. And I did all the NFT and ICO stuff and and whatnot. It's like the Poly market, like the prediction type stuff, which you know it's kind of like Freedom of Information and freedom of capital coming together, which it isn't even a new business model by the way, right. It just made it faster and global etcetera. So I think that's cool and I see value in there, but whether that's on Polygon Etherium? Or like she doesn't even use a blockchain, so it's like, you know, even. No, exactly like you, you don't even need it. I think with blockchain and stuff it's more pro programmable and you know, so somewhat interesting and definitely global, right. I think Poly markets probably more global than than calci regulation wise and whatnot. So I think that is interesting, but I 100% agree. In the past nine, almost 10 years, nothing out of crypto actually surprised me and was like, oh, that is different. And I was for some time on like the web tree train, right? Like, oh, you should own your data. Like why can't I move my reputation from eBay to LinkedIn or wherever, right? So I fought like, you know, decentralized identities and all and all these things. But you know, eventually you see the light and you realize it's about the money and it's bit it's Bitcoin only. It's funny because I think I, I have the one that you mentioned, Jackson, I have that I have that tweet. So we'll we'll talk about this. But yeah, I agree this whole idea what what's what it says on the link, actually, the read write own is actually a whole web web tree idea, right? I do think there's a signal in there for Bitcoin because the problem is not enough people care. Not enough people care that some services are free. They are basically the product, right? Because everything that they put onto a platform is used to enhance the platform or monetize the platform or whatever. I just think not enough people we care about that. So maybe that's also why you by far cost or didn't didn't get really get get further. But then I also agree with what you guys said. This is just yeah, this was like R&D for Wall Street right then and now they came up with this idea of tokenized assets, tokenized real world assets and whatever. We know it's nonsense, right? Because who's going to put a house on the, on the blockchain? That's why I said, you know, they are in their 20/17/2018 era. They don't understand that the only big improvement is a permissionless blockchain. And there's only one use case for a permissionless blockchain and, and that is money. So although you could have, you know, 24/7 stock markets, it's just another abstraction of, you know, how stocks work. You never really truly own your stock. And I honestly think that 24/7 stock markets are gonna wreck the stock markets, by the way. Because if, you know, there's a group of rando anons on the Internet who decide that company ABC fucking sucks. And at 3:00 AM, at 3:00 AM, you know, in the middle of the night, they start dumping or fucking around or whatever. And the CEO wakes up at 6:00 AM New York time. I mean, how are, how are you even predictably going to run your company if your stock is traded 24/7? Like, I don't really know what that looks like. But if the degenerate mentality from crypto moves to 24/7 stock market, it's going to be very, very interesting. And, and, and I wonder if there's any good ideas actually around that, because that's, that's my main, main concern around there. But yeah, I, I think it's just interesting to see that something that a lot of bit corners have said for years is actually now showing and maybe my next. Oh, yeah. So I'll show you my link because that's the one I brought for for now. I think maybe this was the one you refer to, Jackson. I don't know. Well, I. Didn't I? Didn't actually see this, but let me let me read. It yeah, so it says, you know, at some point you have to accept that this market will never be the same again. Crypto lost its relevance, burned to many people and destroyed its own credibility. The sooner you face that, the better positions you'll be. People still arguing in the replies. You know, my take on this is I actually even attempted a web tree type startup back in the day trying to use my experience in like market research for a startups. I was thinking like, you know, everyone is going to be building and you know, we had web one, web 2, web 3, so everyone is going to be building and they need to do market research. And so I wanted to build a platform for that and we failed after like 5 months or something. But then I realized no one is really building. It's all chasing the next thing, right? It's like, it's, it's like VC on steroids. You know, it, it was like that when there were ICOSI found that like 10 neo banks that never saw the light of day, right? And, and it only gradually went down in terms of how you could start a project. So with IC OS, there was actually a white paper, a business plan, you know, a startup pitch deck or whatnot that people looked at. And then we had NFTS, which basically became a white paper, which was one what, like what little like 1 A1 page document. And then I think pumped up fun killed crypto basically because anyone could start a token and it's just people chasing the next thing. There's no sustainable building that has been behind anything in in crypto. I would say, right. It said like, you know, has lost its relevance that I don't think it ever was relevant. As we know, I think crypto sprung from the introduction of Bitcoin where people who don't understand why Bitcoin is the way it is say like, oh, I should build a faster one, right? And then, for example, Solana is too fast, so it breaks and you know, like it's just all these technological approaches to make something better. That's is already superior, and when no one could make anything superior, they just started packaging it in, in different ways basically. Yeah, the the that's. Kind of my fault around the. Point the point you made around like VC on steroids, just to unpack that a little bit, like a lot of the reason that it was so, you know, the crypto space probably was so narrative driven, You know, pump and dump type action for like the actual assets and coins is because the the basically the fundamental structure of if you're a founding team, you issue a token, you can have near immediate liquidity on your quote UN quote business or whatever the project is, right. And so if you compare that to like traditional business building, typically you don't have that sort of near term liquidity. And so that just incentivizes basically like bad behavior of like you do a ton of like marketing, shilling over promising, under delivering and as long as you can cash out some tokens, like you don't really give a shit and you just move on to the next project. And that's kind of like what is characterized the crypto space for for forever basically. And so you're exactly right. But it comes back down to like actually the fundamental dynamics of like token raises liquidity and and then just, you know, misaligned incentives basically. Yeah. So when I wanted to built this, this market research platform, I actually talked to I think over 100 between 150 and 200 like builders and investors and teams in like crypto. And at one point I was talking to a guy who had like 6,000,000 funding from Polygon or something and he was building a new social media platform. So like Twitter, but with crypto or not what, whatever. And I looked at it. And so my background is like startups and investing and stuff like that, right? So I have this, this, you know, I can, I can look at a product, give feedback, whatever. And I was talking to this guy and I said, well, you know, you're making a social media platform. People can post stuff like it, reshare it, whatever. But when they do their incent, you know, they are, they, they are rewarded with, you know, your, your token. So how do you think through the fact that a social media platform only grows by the quality of posts that people create? And therefore they attract more people, right? And they share and they like because there's a certain content and that is, you know, quality level of content or entertaining or whatever. It's interesting enough for people to join you. And that is how you grow, right? But when you give a monetary incentive from the start, yeah, you kind of make sure that you are never, ever able to determine what the added value of your platform is, because the motivations and incentives are of of of people are only driven by the monetary part. It's not about the value on the platform. Does that make sense? Like the, and, and then he said, well, yeah, yeah, you know, fake answer, whatever. And then I looked at his, you know, business plan, white paper thing, whatever, and the investors that invested invested at, you know, one of his tokens was 0.000 something something dollar. Ah, OK. Yeah. So your motivation is to grow the value of the token, right? And so it's just a whole mixed game of bad incentives that don't exist in classic startups, right? You know, if, if, if we all put together 10K or whatever and we start building on a product we are limited by, by the 10K that makes us, you know, think about our decisions and be very reflective and, and whatever. And yeah, if there's just tokens and your whole idea is, you know, I need to get the next sucker in or just pretend to be, you know, XYZ or show XYZ growth, then yeah, nothing is ever really going to materialize. And it took a long time to to see that, to for others to see that. Yeah, yeah, yeah as well. Yeah, I mean, it's just nonsense. That's good. That's a good. Take that. That's it. OK, cool. Brian, this was yours. Yeah, this I, I thought this is interesting. So Nick Carter tweeted this out. I don't really know what his motivation in tweeting this was, but he, he says if you had bought an equal weight portfolio of the coins on the cover of Chris Burniski's crypto assets book on the day of publication in, in 2017, he made 254% over that time frame, about 8 years. And he's saying, you know, the performance was driven by those top three assets, Bitcoin, Ethereum, Manero. When I look at this, it's just like, well, you know, it's really driven by Bitcoin. Bitcoin's basic almost a 20X here, a theorem's a 10X, Monero's a little under a 10X. So you really would have just been better off buying Bitcoin and not diversifying across a crypto basket. And I will say this was a good book. I read it back in the day when I was first starting to learn about crypto. And there is a lot of good content and commentary around Bitcoin specifically in that book. But that was, you know, 2017 heyday of IC OS and all the altcoins. So, you know, he mentioned a number of cryptocurrencies in that book. And so I, I thought it was an interesting sort of look back reflection on like basically the myths around diversification. And this applies to traditional assets as well. Like, you know, concentrated bets are how you really compound wealth over the long term. You have conviction and something that you believe in that the market misunderstands or misprice and you size it accordingly. You, you, you have concentrated bets. You don't necessarily need to, to spread out your bets. And, and so I think that's been, you know, reaffirmed on, on sort of the trad 5 side. When you look at the 6040 portfolio, this notion of being super diversified across equities, bonds and those portfolios are getting cooked over the past five to 10 years by like rocks, right? Like by gold. And so like diversification is largely bullshit. I mean, there's, there's, there's time and place for it, right? Like if you are 80 years old and and trying to just preserve wealth, not necessarily grow it, you might have a different asset allocation and portfolio construction than someone who's in their 20s or 30s and and really trying to compound compound wealth over a longer sort of remaining life. But I just thought it was a very interesting look back on, Yeah, just buy Bitcoin. Don't get distracted by the other things. Brian you ever see and Brian you guys ever see Breaking Bad of? Course. I was just thinking Hanks like they're not Rox Marie, they're minerals. We're just talking about like gold and silver. But but by taking yeah, I wanted to say it's. Metal, right, like our people say yeah, we just. Yeah, they're not Rox Marie, but yeah, I mean, look, Bitcoin is the market. People forget that Bitcoin is the market. It's 60% of the entire market cap and without stable coins it's even higher. I don't know why we're even talking about these other assets because there is no other asset class that has that level of dominance. The only other one, so I contradict myself. The only other other one would be precious metals. And gold is probably 70 to 80% roughly. There's gold, silver, and Palladium. But look, most people don't own silver. Silver is owned by like silver stackers who want to end the Fed, which is a mission I'm on board for. But most people don't own silver in their portfolios. If it someone does own goal or does own precious metals, they're going to own goal. And so take that same approach with this space, except definitely do that because the rest of the space is nonsense and it's garbage. I mean, at least silver is an industrial metal and it's also has some scarcity as well and relative to other metals. And so it makes sense to some degree, but it doesn't make sense to own a bunch of garbage like Litecoin or whatever else was on the cover of that book. Stick to Bitcoin. It is the entire market. It's going to be, it's going to continue to be the entire market. And if you're an asset allocator, you should consider Bitcoin in the context of a broader portfolio. I mean, you could be concentrated like we are, or you could have a diversified portfolio. And if you do, you don't need to diversify your asset allocation to crypto assets. You can just buy Bitcoin and leave it at that and you'll outperform and you can be happy and you can go on with your life. Well said. Talking about gold, Jackson. Yeah, I mean, look, so I can read this out real quick. So retail investors are piling into gold and silver funds at an accelerating pace. Individual investors posted a 95,000,000 net inflow in the largest gold ETFGLD on Tuesday, the largest since October 2025. By comparison, the largest daily inflows in 2025 were in October and April at 150 million. Retail investors have net bought gold GLD for almost every single day in 2026. As a result, retail net inflows are up to 370 million year to date. Meanwhile, Silverlink ETF saw a record 920 twenty, 922 million of retail inflows over the last 30 days. The retail rush into precious metals is accelerating. Look, the reason why I included this in here is because people chase performance. It's that simple. And it's not a retail thing either. Institutional investors chase performance, even though they may not want to admit it, high net worths, family offices, they all chase performance. And so precious metals is the hot thing right now. And I can understand why it's hard not to look at. It's hard not to look at gold print $20 trillion to its market cap in 18 months and be like, well shit, what am I doing here? I've just got this little orange coin that's just chopping around 90K. Like what am I doing right? And so this is, this isn't necessarily an indication. I have another chart we'll get to later, but this is not necessarily an indication that things are about to top off or overheat. I don't really know. I think over the long term, these will go structurally much higher because because the, the currency, the Fiat currency is a, is a total disaster. But yeah, I mean, we're starting to see the retail flows. People forget that gold actually has a sovereign bid nation. Central banks are accumulating gold and have been in mass for the past three years, four years now. And that is why the prices move so much. And look, we're only starting to see some interest in gold and silver like just now. And so I think we have plenty of room to grow. This is not that dissimilar to 2024 when the retail, the Bitcoin ETFs launch, right? There's going to be a lot of interest when they get access. And in this case, there's going to be a lot of interest when the price moves so quickly. Yeah, it's a good point on chasing performance. I know you know, both Jackson and I in a in a prior life worked in the in the tratify world and and I saw the same thing like, you know, we would basically manage portfolios on behalf of private clients. And and without fail, like the you know, if, if in a given year one of the funds on our platform like wildly outperformed the S&P index, the next the following year when people were like. You know, rebalancing portfolios or whatever, people would just pile into whatever performed the best the past year. And typically that that works out terribly because then there's some reversion to the mean of some kind. Also on the on sort of the investment fund side, sometimes when funds get too large, they, it's harder to implement whatever strategy worked for them in the past. And so it it is this sort of behavioral psychology, just fact that people chase performance and it's typically the wrong move. But I would agree with you, Jackson, that I think this has a ton more legs because this is not a trade as as you know, the mainstream pundits have have coined it a debasement trade. Like this is a reordering like sovereigns. Central banks are questioning what is money, how they store value into the future. No one wants to own each other's debt. Ray Dalio in Davos, back to Davos for a second was saying something similar. He has a ton of gold. He, I think he has some Bitcoin, but not nearly as much as his, his gold position. But he was basically saying like, yeah, like no one wants to hold each other's debt anymore. Like we're, we're, we're moving beyond that. And the other thing that he said to highlight was despite this move in gold, the vast majority of whether it's individuals, institutions or sovereigns are still wildly like underweight where they ultimately want to get to in terms of like their gold ownership. And so this could continue kind of indefinitely in my mind. And, and at some point, Bitcoin does catch up and, and catch a bid because it's, you know, improves on the properties. All the thing we, all the things we know. But it is particularly given like where this current bid is coming from, largely from sovereigns and central banks. It's logical that they would go to gold 1st and not Bitcoin. It's, it's much larger, more familiar, more liquid assets. So patience. We just need some patience, that's all. I mean, again, I think This is why where the asymmetric opportunity comes from, right? If you are a serious capital allocator at whatever level and you're dismissing Bitcoin, I mean that's where to have fun staying for meme come from it. I mean this like I said, this is the greatest, greatest technological discovery slash innovation invention, however you want to define it in finance in the in this field, right. So if you are a serious professional, as there are a lot of serious professionals that do understand Bitcoin, yeah, these these people will get to it too, but a lot of them aren't yet. And so this is, this is really what helped me in this journey is that, you know, if you see people like, well, name a few Stan Druckenmiller or Salinas or Bill Miller or, you know, name a few other billionaires that are deep, deep into Bitcoin. You know, they are serious capital allocators. And, and, and they, they are even more forced to do their homework because, because it's their own money, it's their family office, right? So, and, and they have clients that have this, this duty to figure out what is the best way to allocate the capital. So I, I, I fully agree, this takes time. You need to have patience. And that is also, I think, why Bitcoin is so freeing and so entertaining at the same time. It's just a logical, rational solution to a problem that's becoming more clear every day. And luckily, in some weird way, we already see it, right? So I think that's just, that's why it's so entertaining for me. Yeah. Jacks. Oh, yeah. This was your link. OK, I'll go to. I'll go to mine. It's actually funny that without really discussing beforehand, we kind of found this theme right where Bitcoin just shines shines true and I really like this Balaji post. He says winners write history, so if you do not write the history, you will not win. Fortunately, the Bitcoin blockchain is the most unfalsifiable form of history ever invented a crypto history. And I absolutely love this. I I shared this, you know, I said in April here the the Bitcoin time chain is the highest form of ordered information humans have ever created. I mean, once you go down this part of the Bitcoin rabbit hole, like understanding where I have another one here. Yeah. Oh, sorry, I don't want to show myself here. The longer Bitcoin exists, the lower the entropy of the time chain, the Ledger, the higher its density of information. So more order, the higher its trustworthiness, predictability and stability, the higher the incentive to contribute to it, which ensures it exists longer. And and we repeat, right? And this is in, in in way simpler terms, it is the longest chain is the best chain, right? The the longer you store information in a a predictable way and other people can use it. And actually the most mind blowing thing that I recently realized is that when we all now audit the blockchain, like now, we, we, you know, we, we put in the, I don't remember the code, but like in our note, we see the exact same thing in different time zones, different locations. What right we can verify one thing to an exact determination individually at any time, which is mind blowing. There's there's nothing else that you can do that with on a global instant skill. And I think there will be more and more people who will see this part of Bitcoin and realize that it is also something special. But I think this part is really what is the paradigm shift Also, like, yeah, like I said, there's nothing else where where you can do this basically. So yeah, yeah, just wanted to highlight it to, to also show, you know, why, why Bitcoin is so special. And I I really like the blush's tweet here. Yeah, it's great tweet. I, I think you you hit some great points there. I where where my mind kind of went with it is like, you know, to grasp a lot of what you just described, you got to be pretty far down down the rabbit hole. Like most people when they think of Bitcoin, they just think like magic Internet beings, like, you know, a random token that people have ascribed value to. They don't think about it as a network. They definitely don't think about it as like an information network where like information can be stored. You know, vast majority of humans on earth don't even realize that that's possible with Bitcoin. And then also where my mind goes is I think we talked about this maybe a few weeks ago, but like into this AI driven slop world that we are encroaching on where it becomes more and more difficult to ascertain what is either real or truthful. Having this Bitcoin Ledger that we to your point, bro, I'm like, we can all verify ourselves is truthful and real. That becomes a, a critical anchor point in sort of the digital realm when the slop is going to accelerate and intensify. I don't, I don't even think most Bitcoiners fully grasp what that is going to mean and look like in a few short years, but just something to contemplate. But broader point is like most, most people aren't, aren't on that level of, of thinking about Bitcoin in that way. It's it's more just like random token Internet money unfortunately. Hey, they'll find out one day. Brian, I like what you guys. Said why we got to keep doing the show, Jackson. I like what you guys said, yeah. I mean, there's not too much for me to add, but I like Bron that you pulled in the pulled in that tweet because it goes to show that there's other very valuable use cases for Bitcoin just beyond the number going up and and storing value. I mean, it's it's pretty incredible as you guys both described. So not too much for me to add there. Right, and you can go back to talking about gold. Gold. I'm like gold member. That's another good movie. Austin Powers. That's what I call Michael sometimes Gold member because he was, he was brought up on gold a while back on the last trade. And maybe we should have listened to him. Maybe we should have bought some of those rocks. But yeah, this this tweet says gold now accounts for 25% of total world reserve, still below the USD as a percentage share. And it remains far below its share in the 70s and 80s. In other words, if the recent reasons for buying gold persist, it can keep rising. The number can keep going up, as they would say. And so if you look at this chart for people who cannot see it on audio to go back to like the late 70s, we peek out gold as a percentage of world reserves is almost 80% and then we've just been going to zero it appears until the mid twenty 10s really. And so gold went from 80% of the world reserves to call it about I think it's like 12 or 13% was the bottom maybe a little bit lower than that. And just for context, the dollar in the late 70s, early 80s bottomed out at about 15%, peaked out at about 60% in the early 2000s. And now the dollar sits around 45% and gold sits around 25%. So the point of this tweet is, yeah, the the number is going to go higher. There's no reason it wouldn't. We're not going to go back to a world that existed before. These countries aren't going to all of a sudden just sing kumbaya. They're not all going to trust trust each other. This is a secular trend. Trust is declining and this is not unique to the financial system. Trust is declining in many facets of the world in many countries for a number of reasons. And so trust is going lower, the basements going higher of Fiat currencies and number go up for gold, number go down for dollar and for Christine Lagarde and all the central bankers. Yeah, Bitcoin. Bitcoin has no top because trust has no bottom, effectively. Yeah. But yeah, I know this is a, this is an amazing chart. I mean, we're, we're all I wanted to add to it was like when people talk about, you know, potential diminishing returns for Bitcoin going forward, like we just empirically know that that's not true at at this point because gold over 18 to 24 months added over $20 trillion to its market cap. And people are concerned that Bitcoin can't, you know, make larger moves at this point because it's, you know, it's in some realm like too large and, and too hard to move around. It's just not the case. And so that's, that's just something to be cognizant of whenever you hear somebody say like, oh, you know, Bitcoins, all the bitcoins returns are behind it. You know, you get that from some of the trad 5 Fiat maximalist people who are like, yeah, it would have been great to buy Bitcoin 10 years ago. But like now it's not that interesting, you know, happy for those people. But so and so it's just not the case. Like Bitcoin can and will rip your face off and it's probably coming, well, I won't say relatively soon, but. Do not come. No. But I just, I want to say one other thing real quick. Yeah. I mean, I for a while thought diminishing returns could be a possibility. I thought it was more of a possibility than it wasn't. But gold proved me wrong. I mean, gold has added 20 trillion to its market cap in a little over a year. That is insane and even silver. Remember we all used to laugh at the silver stackers. Oh look at Bitcoin. The market cap is surpassed silver. Why would anyone want to over own silver? Well, silver's like what a $5 trillion asset? I haven't worked for over 5 Bitcoin still struggling below too. And so diminishing returns is bullshit. The orange coin go much higher, the yellow rock is going higher currently and it's an exciting time to be alive. I mean, I, I genuinely think that actually, I know that most people forget Bitcoin for a second. Most people still don't even like consider precious metals, right? Like, oh, that's a lunatic thing. Why would you need gold? That's you're a moron. It's a rock. It doesn't have cash flows. So we're very, very early just in the context of sound money and store value and trust going down and all those themes that Brian and I just spoke to. Here's the conversation no one wants to have. If something happened to you tomorrow, could your family access your Bitcoin? Really think about it. The C phrase hidden in your house, the hardware wallet and the safe that complex multi 6 setup, you understand it, but does your spouse do your children? Billions in Bitcoin are already lost forever because people did not plan for this moment. On Ramps inheritance solution is built into our multi institution custody from day one. 3 institutions, clear beneficiary designation and professional succession planning. No technical knowledge required from your heirs. And with our new flat tier pricing starting at $250 monthly, your family won't face surprise custody costs just because Bitcoin appreciated the same predictable fee. Whether Bitcoin hits 200K or 2 million, don't leave your family's future to chance. There's strength in many. Visit on rampbitcoin.com/inheritance. That is on rampbitcoin.com/inheritance. I mean, I, I fully agree. I think this people are very impatient. I think also even even in, in, in Bitcoin, because you think maybe because you doubt yourself. I mean, I, I know I do, right? Like I'm mind blown every week that I'm like, did I really figure this out? You know, like really, I'm probably wrong, you know, like like that. So I think that a lot of people feel like it all should go faster because they expect other people to see this too. But I, I think not understanding this is deeply, deeply ingrained. And that's why I really like that Brian said earlier, you know, like you need to have patience. This is an extremely long timeline, I think. I mean, central banks are buying gold, which is objectively inferior in characteristics to Bitcoin if you really study it, right. So why, why are they doing that? Are these people dumb? No, right. So there it it's a game. It's it's, it's, it's all game, game theory. If they don't buy gold, someone else will, right? Like, and I think later also, if Trump buys gold, you know, and the whole world is like anti Trump, whatever, they're all going to say like, oh, they're fucking idiots and this and that and blah, blah. And then the UAE is going to be, Oh shit, I need to buy more Bitcoin too. And Qatar is going to be like, Oh, I'm going to tell them. And then in Europe, they're going to be like, Oh, you know, my, my brain is fried because I don't like Trump and I need to, need to buy Bitcoin. Like that's going to be so entertaining guys. Like it's going to be so fun to watch, but I think it's it's it's going to take some time. Like all the anti gold stuff is so basic. They they say like, oh, gold is used in electronics and cavities and jewelry, then it's not good money. Bitcoin is one thing, right, It's money. So I think over time more and more people will figure this out, but for now they they won't. And there's a whole nother game being played at a whole nother level that we are not even involved in, right. I didn't mean even today. And I think it's, it's also attached to, to what you just mentioned, right? Like China sold. I don't want to butcher the number, but a lot of U.S. Treasuries, right? And they're buying gold. And that's the story. That's that's the thing that people are focusing on Bitcoin, you know, to go back to the first part, it's a, it's a fringe thing. No one cares. And that is your opportunity. So if you see this this bigger picture and you understand that these people are basically playing, you know, 50% of the right game, but they're not understanding that Bitcoin is a superior asset for the same use case, then that is your opportunity and that is just really cool. China, yeah, look, but look, they're but Brahm real quick. Yeah, I think, I think what's happening too is the the gold repricing is just signaling decline in in US as we talked about. I think it's in the best interest the United States needs to lead in Bitcoin. It is just a clear opportunity. All the all of their adversaries are stacking gold like Mad Men. We know from people who are very involved in the precious metal space that China notoriously under reports their gold holdings and out in the accumulation each year. And the opposite is speculated about the United States that Fort Knox is over reported. So I think it's in the best interest. United States. Donnie, Donnie, if you want to defeat China, you need to buy the orange coin. There's only one way to do it. I mean, we already have a fuck ton. We just took what, 600,000 Bitcoin from Venezuela, so we've got a good. Stand. No, I don't know. I'm going to stop. I'm going to stop you, Brian. You're the one who's all about the audits. Where's the audit for? Yeah, I. Would like I would appreciate an audit I I still. I don't like, I don't like those headlines. I think no. That's that is that is. Beneath you, Brian. That's beneath you're partially mostly kidding guys. Everyone relax. The only the only other thing I'll say on on the gold stuff is like I do see on Twitter Bitcoin, it's what are like whenever gold starts running, like people get upset and like angry and like defensive. It's like, no, like you're right. Like this is proving you right. Like, yes, your asset is not going up. The one that's better is not going up right now today. But gold ripping everyone's face off means we're right. Like it is validating the Bitcoin thesis. The money's broken. We need to go back to sound money go. Take it. Perfect, perfect transition to this great tweet by Zinx. It's quite simple why Bitcoin is underperforming gold right now. First, you must understand that central banks are increasingly stacking gold as an insurance policy in a volatile world. It's simply too early for Bitcoin to receive the same institutional bid. I will caveat that it can happen on the margins, but what we're really talking about here is central banks. And so yes, it's going to go to gold first. Gold is served as foundational monetary asset for 5000 years. Bitcoin's only 17 years old. Most of these decision makers are over 60 years old. They don't understand Bitcoin. This is fine. That's the opportunity. It's well said and and paired perfectly. What I was ranting about is just like we should be fucking pumped that these metals are running. We are right. We are so, so right. And the money is very broken and people are waking up to that now. Do they know the answer is Bitcoin? Not quite yet, but they'll get there because we know the properties. We know the properties of this thing. People will eventually realize it. But we're right boys. Like metals running. We should all be fucking ecstatic. But then I see Bitcoiners on Twitter being like trying to shit on gold and Brahm, I will say sometimes you do this, sometimes you do do this. You like to shit on gold but it's like. I think it's just dumb. We're on, but we're on the team. It's sound money. I I get that gold is worse than Bitcoin in terms of his properties. I get that. But we're right. The thesis is right. I mean, I, I couldn't agree more. I think also to a degree, you know, I'm, I'm trolling. I'm just of course, no. Well, I, I have my last links in a bit, but I'm, I'm, yeah, maybe I'm just too insecure or something. In some way I'm just like, dude, how can I have figured this out? Is literally what I almost think every every day and that that is also I don't I don't mind that it's slow. Like I actually I really like the grind. I think it's fun. I think it is a very like the whole huddling journey is a very interesting experience, right? And you have to answer this question every day, right? Like, can I still trust myself? Can I still trust, trust my judgement, my discernment, my reflection, my research, everything right? And I just, I just love what you said because Bitcoin is just rational. It's a rational, logical conclusion to a problem that is becoming more and more clear to more and more people every day. And so the fact that you're early is a blessing in disguise in that sense, right? Because you need to, yeah, you just need to keep going and not be thrown off by these idiot central bankers at the World Economic Forum or whoever, with whatever credentials or hierarchical status or position or whatever, because there are no informed critiques, right? I mean, I don't know if you've heard them, but I still really haven't. It's just all very superficial, very basic. And that's good. But I think this is a long and exciting and boring and terrifying adventure at the same time. Well I took a huge loan out last year because all my favorite all my favorite influencers told me that Bitcoin was going to 1,000,000 bucks in 2025 and now I'm ruined. Yeah, that's, that's funny. I don't know if you want to say anything about this. This tweet, this was the other one that you that you had. For it to say oh did I bring this one as well, it was a similar vein. This was Nick Bhatia with gold practically 55 grand and silver at 100. The sentiment in Bitcoin is so poor doing being left out of the metals rally. It feels like post FTX bear vibes. I am bullish, but the painful type where fear dominates and you have to push through it. That's exactly right. Like I see a lot of see a lot of whining on the Internet about this gold move. It's like guys, this is good. This this helps explain Bitcoin to other people like gold ripping is a very easy foray to describe to someone why the money's broken and why you might want to think about digital gold. Like it. It works perfectly into our hand in terms of educating the masses on why Bitcoin is better than gold. To your point, Bron, but like it's a it's, it's actually a, a tailwind for us as as bitcoiners trying to educate the masses, it becomes easier for us. Like if gold was fucking tanking in this environment, Like where's the narrative for digital gold? Fucking nowhere. So like this is good. I agree, Brian. I don't know who, who, who, who's the quote from, right? Like every innovation or whatever thing, you know, progresses with each funeral and whatnot. I mean, that's just that's just true, right? That is just what it is. And some people still dismiss Bitcoin, you know, mega blessing. That's OK. People dismissed, you know, fucking the the printing press and mobile phones and the Internet and answering machines and MP3 players and TV and radio and cars and everything in between. Even a light bulb ride could explode. You can die, blah blah blah. And that was true, by the way, like technologies do have negative externalities, but you have to think from first principles about, well, do the positive externalities outweigh the negative? And for Bitcoin, that's out. That's absolutely true. I think for a while, you know, there was the pushback around the ESG stuff, but we've gone to the other side of that and people realize like Bitcoins actually fantastic for the environment, being more efficient with our energy uses, usage as a species, all of those things. But like the light bulb example is funny because like, yeah, it did. It did kill people because people didn't know how to like, properly harness electricity safely. True, and it's still killing people. Let's go on record and said light bulb is still killing people. It's like blue light LED. Exactly. Get yourself some incandescent bulbs. I, I like what you just said, Brian, because it goes back to this, this, this thing that I said about, you know, the world is a better place of ideas. And so if you have an idea for a better light bulb, but it gives you eye cancer, then, right, It's not really a good idea, right, for a better light bulb or, you know, whatever people create. And that's the whole point. I mean, that's a good thing. I think to emphasize is that why does it take so long for people to figure out the money? Because you've been lied to your whole life and no one ever explained it to you, right? Like if you have, you know, dial up modem and Wi-Fi modem or like, you know, classic phone, mobile phone, or, you know, 10 monks writing a book versus a printing press, it is very clear what's the technological advancement is. Does that make sense? Right. Like OK, I had 10 monks writing. It takes time though, right? Like I think that's the point is like. Of course, but I mean more like the money thing, right? So, OK, do you want 10 monks writing one book every 10 weeks or do you want 10 new books every two days so we can spread our infra? Yeah, that I want the latter. Right. Like that. That makes sense. Do you want to be able to only, you know, call in your home or everywhere? You know, the use case is very clear because people have been doing stuff before, but with money, right? They've been just been using money and they, I think 99.9% of people don't understand what money is. We didn't know before also, right. So you're just doing it when you're like 5 or 6, you get coins and a bill and you go to a store and you give it and you get a bread or whatever and you're like, OK, that's money. And that's basically how you were taught money. And so I think it is not so obvious that something is wrong or you should be on the lookout for something better and figure out if you can actually make a switch to a better money as millions, maybe even billions of people did before us in times way, way before us, right? Like, so I think just switching money as a technology is just way, way, way more difficult than going from, you know, classic analog phone to a mobile phone or you know what? I think you're totally right. It's a fantastic point. And to distill it, I would say the reason that is, is because people don't think of money as technology. And so they they don't even think about upgrading it to a better money because they're not thinking of it as a technology. And that was actually on my own sort of Bitcoin journey. That was a core unlock for me, like reading the Bitcoin standard and and safe. Just describing money as technology like that made me think about the world in a totally different light. You know, to your point, like I'd, you know, grown up in a dollar system is very ingrained. And I'd never thought of it as a as a technology that could evolve, that could be better or worse. And so I think that's part of the rub is that, you know, most people just don't think of it as a technology. What happened to? Bron Rug. Our fearless leader, what do we do? There he is. He's back. Brahm, I was scared. I did a rookie mistake. I did a rookie mistake. I don't know what I did. All right, let's wrap this up, dude. Go to go to bed. Super noob, what's going? On you have to go to bed. Guys, it's it's 10:15 in the evening and I have a baby at home and like whatever. I've been getting, I've been getting into bed at like 8:30. It's been great. And that's fire. All right, last one I just wanted to share. And Brian is going to laugh. And Jackson doesn't really know, but I'm just key. I just keep on being bewildered by people that have mega brains and still don't understand Bitcoin. So when you see this tweet, right, Bitcoin for little wishes is a good use of, of Bitcoin. I don't know if you've seen previous tweets of, of, of Barry or he was in a podcast lately where he was like, you know, tulips or Ponzi or whatever, just dumb. So I just asked him, you know, how about Bitcoin has protection against the predatory Fiat money system that steals your time and energy through infinite debasement? Did he? Reply Did he reply? No, of course not. But but, and this is the fun part, then I see this, the point at which, well, I think, I think the point at which the degree to which we can tax our population is our basically is eclipsed by the amount of our interest on our debt basically makes us a Ponzi scheme of some sort. And I think that's the point. I think it's very hard to pick that spot. There's a long, long history. This is one of those things I wish, I think our, we're cut, our leaders, our government are kind of in this teenage state right now. There's this long history we can rely on for a more mature view of how things work. And I think there's a long history of governments lasting a whole lot longer than they should. And you know, a lot that we'd rather not have happen. Certainly all the dictators seem to get it done. So I think, you know, it's, it's difficult to time that very precisely. I think we'll have a warning though. I think a smart analyst or I shouldn't say that because I don't even think I'm so smart. I was definitely 50th percentile here at Vanderbilt, no higher. I think if you just pay attention, you'll get a warning sign. Heck, you know when I figured out the subprime thing, I had to do it off human behavior and and various sources of witchcraft wizardry in the in the O 5. By early O six, it was apparent in the actual filings that were being made every month and you just had to look at that and it was really easy. And so I think you'll you'll see that if you're thinking 01 day, a treasury auction will fail. And then I'll have you know, I don't think see that happening because I think we have enough domestic consumers of debt, including including the Fed, but including military pensions, whatever Social Security is there, that it's too easy for the government to hide that. I mean, the feds, the infinite consumer, they, they have, they can just, you're on mute. My guy, do you understand my bewilderment? What like. Yeah, I mean, he's clearly understands it, but he's also he's a he's a gold bug at this point, right. I mean, so he he gets it, but he just for a lot of the themes we talked about in the show, he doesn't he doesn't like Bitcoin, right. He likes, but he is a good. Thinker and such a a proponent of like getting in the weeds and doing the work right like that was you know I. Actually. I actually rewatched The Big Short a few nights ago. Fantastic movie, but like that was his whole calling card is like doing the work that other people weren't doing and so you would think that he would have at this. Point done a little. Bit more work. Extreme, extreme, sorry, being an extreme contrarian, extreme contrarian within the context that he was operating in and everyone was looking away because everyone was profiting from what he was shorting. So I mean, you know, again, I'm just bewildered. I think. I think a Michael Bury Bitcoin turnarounds would be epic, would be great. That will be. Maybe he should do. Fire because he will go, you know, Antonopoulos, autistic for a week and then he's going to be like. Only a week from come on. Well, maybe in two hours he will get it if he does his the work. But, you know, I, we should tweet this. I, I think he would be able to actually do it. I, I I. Mean maybe you should do it, not the. 2026 Bitcoin calluses Barry flips on Oh. Hell yeah. Hell yeah. He could do it just in spite of his hate for the US government in their policy scheme. I will say in my in my rewatch of the Big Short, it is the, the parallels are striking to building in the Bitcoin space, doing the things that the three of us do. You know, there's that one scene. It's like, I forget the I think his name is Jamie something where he's like, guys, like we just know something before everyone else. And it's like that that's literally what Bitcoin is today. We are early, we are right. We're we're getting some early signals that were right with metals ripping recently. But yeah, it's just it's a it's a matter of when, not if that that more people come to this recognition. Yeah, I just tweeted my 2026 prediction. Michael Berry will figure out Bitcoin at some point and go fully autistic for seven days to be born again Bitcoin maxi. Well, let's. See guys, this was super. Fun Jackson, don't let Michael hear it, but I think you were a great stand in and you should be on more. So thanks and I hope everyone enjoyed watching and yeah, I hope we made some. I hope we made some sense and gave you some value. So thanks guys. Thanks bro. Awesome. Thanks SO. Much.
Transcript source: fountain