Morgan Stanley Just Ended the Bitcoin Bear Market

The most important part is, well, why do things go up in price? Why does the gap keep getting wider? Why is everything gaining? Nominally because the money's broken. But where this is all going is the wealth tax, is the Ubi and all that stuff, because nobody's actually able to ask or discern the most fundamental aspect of all this. Why is it happening in the 1st place? So the wealth gap is inevitably going to get wider because the money printing is going to get larger. And if we're not actually trying to figure out why that's happening to begin with, then we've missed the entire plot of it all. So definitely, you know, people who listen to the show, I think we all have a responsibility to try to help people in our lives understand what is actually going on, what's at the root of all these problems. And it's the fact that you just have currency creation destroying everything. I mean it, everything's downstream of the the money being broken. What you're telling me is that music is about to stop and we're going to be left holding the biggest bag of odorous extra ever assembled in the history of gutless 1974198792972000. And whatever we want to call this, it's all just the same thing over and over. We can't help ourselves. I say when we sell. Hey, I say when we sell. We are back. We are back. It's the last trade. We're back to monitoring the situation. Everyone's favorite pastime, Brian and Michael, gentlemen, good to see you this morning. How are you doing? Good. Good to be back. Yeah, the monitoring of the situation, I'm kind of over it. Like is Bitcoin going up or not is kind of kind of where I'm at with the monitoring of the situation. There's a lot going on in the world, hard to discern what's real. As we've talked about in the past, war's over for now, but it doesn't really seem like it seems like there's still bombs going off overseas, so who knows? I've been over a man, I've been over monitoring the situation for a long time. Credit to you. You said to stop monitoring the situation weeks ago. Yeah. What about Michael? What's going on over there? Well, I don't have a real palatable or commercial. Dude, I don't need to be commercial. Understand, understanding it like there's a real sense of ignorance is blessed, right? And so whether it's right or wrong, I think once you move your orientation from being disoriented to having a framework or mental model, it gives a lot of like takes a lot of just the overhang of anxiety out of the way. Meaning like I've, I've come to this mental model that is not popular of like what's going on here. And it's effectively not much. And there's a lot at play that it's not popular to talk about. So I'm just, I'm carefully sharing it. But what I, the reason I'm bringing it up is because for better or worse, ignorance is blessed. I think I figured it out. And once you figure it out, you just like, no, there's not really, there's nothing to worry about. It's like the, the best example is COVID, right? If you remember COVID and once individuals understood that they could go out without a mask and they were going to die and they could go eat and they could go hug their family, their lives got insanely better. This is actually a really good analogy. But the for majority of people in certain places, they could not get past that and their lives got demonstrably worse across the board. And then they stay put in certain places and then the lives got even worse. So that's all I'm sharing is like, I, I think that a lot of this stuff is more theater than anything. And we're seeing, you know, it play out with this kind of like, like preposterous posturing from the president with these crazy things about praise be to Allah on Easter. And once you realize that this is all just an orchestration and it's all out there, you kind of start to realize like, all right, like this isn't as bad. And we talked about this four weeks ago when it was coming up about like the oil deal. It's like, OK, so the president and the intelligence agencies have no foresight into understanding. They do acts in the in the straight, gets closed down and then they're not prepared for this is like there's just so much at play that the I don't think most people appreciate it. It feels very reactive versus like this is orchestrated. I think that's, I think that's fair. My only maybe caveat or counter would be like, I think that makes sense in a US contacts like American citizens like probably don't need to be worried about all this stuff. But like, I think as a result of what's already happened over the past month and a half, like there are going to be energy shortages, whether manufactured or not, that are going to be more real than like you can or cannot wear a mask. Yeah, I mean that that's fair. The context doesn't isn't apple to apples, everyone's going to be affected from energy prices going up, whether it's Australia talking with individuals or the flights going from $3000 from Lebanon to Canada. Like everyone will be affected in the same way everyone was affected by COVID. And then if you understand that's at play, you have to make the plans, you hold hard assets, you do all that. So it's not to say people won't be affected all that. It's more of like nukes aren't about to just get dropped and blown up. Like there's no money to be made. If you look at this to the level of like making money, there's no money to be made dropping nukes on anybody or, or having this crazy disruption, There's like, so that's what I mean by that. Yeah. I, I think the way I'd approach this personally is just focus on what you can control. So like both of what you guys are saying is true, there's some aspect that will end up impacting pretty much anyone to regardless of where you are in the world. But can you actually do anything about it? Not so much so. Yeah. And the, and the only other thing that that's worth calling out is if to figure out the commercial way to talk about this stuff, because there's it's hard to find like signal, right? Like the people that are generally signal and they like business finance space, They miss like the money and the fact that there is orchestration layers that are beyond their comprehension. Like all in as a great example. They just like take it the first dimensional what's brought to them. And then you hear like some of the other stuff and a lot of it just gets, it just gets like there's a lot of noise that's put out there. And once you start to look at things from like money flows, capital flows, I mean, you see this and maybe this ties into the segment you want us to go to. Jackson is like the straight and the notion and angle that will ultimately be settling in either yuan or cryptocurrency. That makes complete sense. That makes sense from a lot of different reasons where energy would be going. So you still have people missing that it's all about money movement and people dumping treasuries and ultimately, like the strength moving from the West to the East. And also because China is behind a lot of this and there's not, does it make a lot of sense for a kinetic war between the US and China? So you end up with all these effective proxies that they're supporting, and then you just start to move some of the energy and capital flows out east. It's really as simple as that in my view. Yeah. Look, I think, I think one of the big differentiators is that we're not constrained to have to stick to any any narrative or we're not constrained by the corporate speak. So Michael, I think your point is all in does well because I think they're speaking authentically for the most part, they're saying what's actually on their mind. But a lot of the Wall Street shops are very constrained from a compliance perspective about what can be said publicly. So I think the combination of having the Bitcoin worldview or just having the lens on where money's going longer term and then also the ability to actually be able to speak freely is, is a big edge. And hopefully that's how we provide value here at the last trade. With one caveat that like our, our constraint is even less than the all in stuff in the mainstream, because if you think about it, when your money was made in the legacy system, you're always going to have the legacy bias and you hear that come across all the time. And so I do think that like if we're right, if individual listening to this believe that digital money will kind of change finance and movement of capital, whether it's stable coins or Bitcoin as a long term store value that like first principles layer allows for just a more more clarity of thought into where we're heading. And so I think that's like the last piece that most people that speak freely are pretty transparently. They're still tied to that dollar world. Yeah. So yeah, let's get into it real quick. We're not into it. No, no, no. I thought we were into it. No, no, no. We're we're just getting started here. Y'all get you asked me, you asked me about Iran and now we just like. No, we are. We are getting into it though, or we were anyway. I don't know. I don't know where we are. But point being is I want to talk about some of what you said, but I first want to just set the stage a little bit because the context matters. So it's a great example of literally you can just say things, right? Trump had that post out on true social yesterday morning saying it was going to be like civilizational ending force. And then of course, we get a ceasefire. 2 weeks peace. Well, somewhat, somewhat, somewhat of a ceasefire, but point being is like this is so incredibly noisy and it really ties back to the main theme where we started the show. You literally have no, you have no control over any of this. And it is incredibly hard to make decisions if you're a short, short term bias person. So I think anyone would stand to benefit, whether it's just like approaching your life and what you do on a day-to-day basis or on the investment side, having a long term bias is even more crucial now than it ever has been before. And I wanted to share a couple of things here as it relates to a few things that the group here pulled together. The first thing here is Trump. Every time the S&P drops more than a percent, you have Michael Jackson pointing the gun down and just a funny meme here if you're on YouTube. A couple of the things as well I want to call out and then we're going to open it up to the group is the S&P opened about 3% up on the day today. And then if I just work through this, I think Eric Balchunas made a great point about why VU and chill, which is just the Vanguard S&P 500 ETF is America's number one investment strategy. Again, like you could apply the same exact thing to Bitcoin. It's probably one of the things that pissed me off the most is you have these pundits from not Eric, but you have pundits from traditional finance who talked about bitcoins volatility and they always are very quick to critic criticize Bitcoin being down 20, thirty 40%. But equities do the same exact thing. And we we totally accept that as normal and we accept that having a long term orientation is the right way to allocate capital. So I just call out a few things here because if you're someone who is stuck in the headlines and you're operating based on fear, then you're going to inevitably end up selling when you should be buying and buying when you should be selling or never selling to begin with. And so I give that context because we're going to continue to see more of this, right? The the Trump Taco Trump always chickens out. I just learned what that meant more recently and never bothered to look into it. But look, there's going to be a ton of walking back different comments and it's going to be incredibly volatile. You're best off just staying allocated, whether that's Bitcoin or whatever else you do, and then adding to your positions when there is downside volatility. I mean, this is just timeless wisdom. It's nothing original, but I think it's important to say because there's so much bullshit that's happening in the world today that really does not matter on a long enough time horizon. Yeah, I think, I think before we wrap this segment, I really would love, I don't know, hopefully it's not on the list. I'm I'm crushing your your dreams is the quantum stuff because it ties directly into the SIOP. That is like what you're describing of the amount of noise to shake you out of your position. But fully agree with everything you said. Like you really, I mean, this is really where research the information diet matters so much. And I've kind of like, look, I have strong opinions and I, and I hold them very loosely in the sense of if the information changes. And I think one of the big things, we've done a real bad job on it, me personally. And then like anybody in this space is like treasury, treasuries actually are a safe haven. And I'll explain why is because like think about, especially in this environment, if you do not understand Bitcoin, so quantum is going to shake you out and the volatility is going to shake you out. You don't want sick, you know, your portfolio to go down 50%. We can all admit that it doesn't make sense to have 100% or even like a large percentage. Your heart will give out. I've known very wealthy people that didn't buy Bitcoin because they were literally worried about the patriarchs having a heart attack. It was the volatility. And so then you have a realization, OK, do you go to gold? And gold probably makes sense. You have to know where to buy it. But the point being is there's a lot of people that are smart out there saying they're in cash. I'm not in cash, but they are saying they're, they're in cash and there's this reality of optionality that cash gives, especially in a higher interest rate environment where if if inflation is 10%, you're at least getting 5% on that and you're getting optionality. To your point, Jackson, if the market just puking at every time this guy tweets, well, what are you supposed to do, especially when you there's no fundamentals tied to any of these equities or assets in private credit. We know what the lock UPS, so I'm not saying like treasuries is long term value prop, but I do see the value in in the future, the market starting to recognize, OK, I want some yield on my dollars backed by the US government for what that's worth TBD. And then I have some gold for as like a low yield, you know, savings. That is, you know, I, I think it's pretty straightforward. Its value versus the dollar over the past, you know, 100 years and beyond. And then obviously gold long term and then individuals be able to size that are appropriately based on risk profile with volatility and duration. I just think that's like that's pretty prudent and pragmatic to what you're saying and not have to be. And then you can sit back and say like I'm good, I got my dollars, I got my dollar denominated liabilities. And then any volatility is fine because I know that long term gold and Bitcoin are money and they're going to rise in this environment which I think we all would stand behind. I would, I mean, yeah, I, I think that's, that's all reasonable. I think the, the sort of value prop and merit of holding cash has always been the optionality component which you outlines. And so I, I would agree with that. I think the point is also sound around, you know, if you're all in Bitcoin and can deal with the volatility, then it's probably better to just be, you know, pretty fully allocated unless you have a lot of like near term cash needs in the sense that then you just don't have to think about the timing. If you are sitting in cash like you're still you're still somewhat preoccupied with timing the market unless you're just doing ADCA strategy, which would probably be the bet your you know, your best bet is like you have some cash buffer and then you're just DCA ING into Bitcoin or gold or both over time. But I I would generally at a high level totally agree with you. Like there's a reason some of the best investors in the world have large cash balances. Like I remember a lot of the fund managers that we invested in while I was at Brown Brothers, like would have pretty sizable cash balances, like almost at all times, Like anywhere from 10 to 20% of the portfolio would be in cash. And part of that was like conservatism around valuations generally. So like you know, from when I was there, I call it 2015 to 2022, like you know, Val valuations were pretty stressed. They're always kind of stretched. Like we've talked about this Jackson, like they just go up and up. But you know, a lot of the managers that we invested in just thought the market was expensive at various points in time. And so they would have these larger buff sort of buffers of cash to be able to opportunist, opportunistically deploy when valuations did come down, even if it was just a single stock that they were tracking and wanted to own, but wanted to own it at a a better price. That's why they held that cash. And then you even just look at like Warren Buffett, I think is sitting on, you know, Berkshire, he's not exactly totally involved at this point. But Berkshire itself, I think is sitting at an all time high cash balance of like 350 billion or something crazy. And so, yeah, it is it is all about optionality. And I think that is particularly important, important and relevant when there's sort of heightened uncertainty. And and as we know like this is probably the most uncertain time in markets perhaps ever. And part of that is somewhat manufactured like the Taco thing. Like a lot of this just feels like manipulation to me because there are people that are Privy to the information that comes out and the tweets that get sent and there is ways to make money on both sides of this volatility. Yeah. The one thing just to add is that makes sense from an investment perspective, optionality, entry point. I think the thing that's coming to light is that individuals just aren't financially literate, right? So the stock market crashes and they have no idea why. They're already like uncomfortable. So imagine like if you don't have that volatility, maybe you don't get the appreciation. And then, and I think this is more relevant now than ever because of the volatility that's back and also just the crazy multiples. But if people don't understand Bitcoin and they're willing to sell and they don't get gold, but they're going where their financial advisor tells them to. But the stock market, you know, and its volatility, they're already thinking about trading and, and uncomfortable because their net worth just to picture, you know, just like cut by 20 to 30%. So that's where I'm just like starting to wrestle with this thought of like where we're going, like you want to be able to sleep at night and part of that DCA and as you're getting the understanding of like what's actually happening, the mental model of it. And then that's where you can learn about. The other incredibly important aspect, all this is just cash flow, right? So Brian, you, you threw out some 10 to 20% numbers of fund managers that you worked with at BBH of their cash, cash positions. And then Michael, you were talking about it's probably not prudent for a lot of people to have 100% of their wealth and Bitcoin for a number of reasons. And so you could make the case that it is prudent as long as you have like pretty serious cash flow every month. But you know, that's, that's dependent, right? Like you could have a cash position that's just there for optionality purposes. Or if you're just producing cash flow for from working or from other investments, whatever it may be, then they also gives you the optionality to be allocated when things are down. But yeah, I am agreement with all of you guys. We got to figure out a way to like monitor the situation a very, in a very light way because I think a lot of this is bullshit every week, but we at least have to call it out and, and at least give a little bit of insight as to where it's directed sectionally going and where the signal is. But it does pain me. I'll be truthful, it does pain me a little bit to have to talk about things that are happening across the world that I have very little control over. I actually have no control over. Yeah. I mean, maybe to tie this back to some of the other segments and like there's just a notion of oil specifically in China, China needing oil from the Middle East and different sovereigns dumping treasuries instead of using and recycling the petrodollar back into treasuries. They're effectively, you still have the dollar that's like the unit of account, but now these sovereigns are parking it in gold. And so whether it's gold or yuan, this is like coming to light that. And it was part of that Citrine research where there are ships going and now it's coming out through like Financial Times that you just have to pay a toll and the toll has to be paid in yuan or crypto currencies mainly, namely either stable coins or potentially Bitcoin. Where I think this is relevant is because whether they're tied or not, you have like Genius Act kind of going into implementation with FDIC. You have a bunch of stable coins coming. You have, you know, a lot of the banks we're going to touch on. But the point being is I do think there's something coming into the zeitgeist of the market because when you think about net settlement of oil with stable coins like this is going to cut cross the desk Bloomberg around individual settling hundreds of millions, if not billions of dollars in these digital currencies. And I do think that's going to have ramifications of the understanding that this thing is has real value and it's setting us up for where it's going to go. So I don't know if that helps in the transition, but that's at least my take from it. I do think that this is going to actually have bigger ramifications moving forward as it picks up steam that people are settling real value for digital currencies. Yeah, I think you're right, especially in the context of it materializes because right now, I was taking a look this morning and it seems like they're reporting is a little bit scattered to your point, it is stable coins, but other people are saying crypto, other people are saying Bitcoin. And so I think we'll get more clarity in the next couple weeks and we can talk about it on the show. But naturally, a lot of the things that we've been talking about in terms of where these flows go short term are the stable coins. But inevitably, we know that a lot of that capital flows into Bitcoin on a long enough time horizon. Can we just dunk on the crypto people real quick? Because I think a lot of our listeners really need this and the fact that like, look, I've had so many conversations, people very bullish Bitcoin, they're believers, but they've also been around 3-5 years and they're a little concerned with one second. I hold my thought my the rooms, rooms trying to kick me out. I can't go. I'll I'll pick up some comments. No, let let me finish. I just want to finish the thought you were going to go deal with the door. No, I I let her know so or him so for for all our listeners out there. So the dunking on the crypto stuff. So like this is truly been I, I don't know the right analogy, but this has really been a cause of error and people being very uncomfortable with the level of quantum FUD that's been out there. And let's just not go into the, the, the relevance or non relevance. I would encourage anybody to go listen to the Brandon Black Marty episode. I thought it was the best that's been done on how insane the proposition of like FUD around quantum and, and the relevance in any short term time for meaning less than 10 years and probably between the next 30 years. Now the point being is it was felt inorganic. You had the Etherium dev or whatever it was involved at Google. Then you had Nick and his whole bags of all the crypto stuff that they're doing. And it was mainly crypto people. And it came out because this is a lot of stuff that's already known that, you know, Anthropic, for better or worse, they have access to all this stuff. They have all this data new model that's coming out that's going to be able to like penetrate almost any security profile online and cryptocurrency is non with a whole consortium of other people online. And I think it was Google's yesterday that kind of like threw it out there. I forgot what his tweet was, but my tweet above it was effectively like, was this the crypto advocates front running their own kind of existential crisis because it it just makes too much sense that like all of these assets are so vulnerable when you think about staking smart contracts and multi sig contracts that we've already seen. This isn't theoretical, like Drift just had their hack buy bit that all these crypto currencies are insanely vulnerable with the new AI models that are going to be able to go and just completely sweep funds based on different risk profiles or the way they're set up. And I think that there's a real angle here on why you've heard so much of the FUD and there's probably other things, but I thought it was just worth calling out because I know a lot of people are concerned with the quantum stuff and you shouldn't be should really go listen to that podcast. But you should also look at like the incentives when people are promoting that kind of stuff. Yeah, and, and Satoshi Nakamoto said not to be worried about quantum. You guys saw the atom back. New York Times again. Guys. And yeah, that's another one, just so everyone knows, like Satoshi Nakamoto doesn't get involved in DATS. All right, so let's just maybe leave it at that. It's as simple as that. Satoshi Nakamoto. Nakamoto does not get involved in digital asset treasury companies. It's pretty easy, right? Like that's an easy meme and you guys like move on. Read that article. I like, I, I breezed through it. Like there's nothing, there's literally nothing in there that hasn't been said already about like, oh, he's British, Satoshi. She kind of sounded British. Like they've said similar things in the past. Like there's no, there's no. You can just say things, man. You can just, you can just say things. You can just publish then things in the New York Times. If something happened to you tomorrow, could your family access your Bitcoin? Not probably not. They would figure it out with certainty. I thought about this a lot. You may feel confident managing your own keys, but are your loved ones? Billions of Bitcoin have been lost already because someone died without a plan with on ramp inheritance planning is built in directly into your custody setup. Your Bitcoin stays segregated and in your control, insured through Lloyds of London and accessible to the people you choose when they need it. Get started in 15 minutes. Book a free consultation at on rampbitcoin.com on ramp secured by three controlled by me. All right so let's get into some signal and noise stuff here. I got a couple of things that tie into what I'm deeming right now, the Wall Street wave. What do I mean by that, ladies and gentlemen? So first, I want to just reference the fact that Morgan Stanley's ETF product has officially launched. We got Eric Balchunas here, who is again from Bloomberg, a friend of the show. Eric, we need to get you back on the show. I know you listen every week, so we'll have you back on the show soon. But he has this, he has a little snippet here just about what's going on 14 basis points. So a couple things to call out. So first of all, this is the first. This is the first ETF sponsor, Bitcoin ETF sponsor that is directly tied into a bank. So Morgan Stanley. Morgan Stanley is also the world's largest wealth management platform and they're coming for the next of BlackRock. They're undercutting the expense ratio across the board of the industry. They're launching at 14 basis points, which I believe is, oh, it's right here, 11 basis points lower than I bit and one basis point lower than grayscale. And so they're really going for just the volume game here. And why this is important is because Brian's really, I think hit the nail on the head in previous episodes. You wouldn't not be doing this if you thought that the Bitcoin trend was decelerating. And so you have Morgan Stanley, again, one of the Titans in Wall Street just starting to get involved in the space. And you can also see on the screen here that a lot of this was client driven. And so you have nearly $10 trillion of assets and a lot of the demand is being driven by high net worth individuals on the Morgan Stanley platform. So this is just something I want to call out. And then you have Eric Balchunas again and James Seyfert at Bloomberg were probably the best people to pay attention to the past couple years on the ETF flows. Work throws out 5 billion in terms of year one AUM he expects in the Morgan Stanley Bitcoin ETF. Brian's pointing higher. I think it'd easily be higher too. Like we all know this is a momentum game. And so I think we're kind of at a point now where a lot of the, I think the outflows have been actually totally erased year to date. So we're getting that positive in terms of Bitcoin ETF inflows despite the price being down over 40% from all time highs. So I know Eric likes to talk about the boomers being, you know, really strong. They're not wavering. They are committed to starting to get allocated to Bitcoin. And you can imagine too, it's, it's a little sour of a feeling to watch Bitcoin perform the way it has from call it the collapse of FTX in November of 2022 to all time highs in October of 2025 and just be sidelined. And so we know that this is cyclical market and we know the capital is starting to come in and they were sidelined for a long time. They don't want to be any longer. And then the other piece here too. And then we'll get the get the guys involved here is oh, I'm, I guess I can't read the whole article because I didn't sign up, but Schwab plans to launch spot Bitcoin and Etherium. We'll see if Etherium still exists after the latest Anthropic drop. But Bitcoin and Etherium trading in the first half of this year, again, $12 trillion platform, we're talking about serious money. And so I don't know, we've been saying for years, the institutions are coming, they're coming, they're here. I think we're finally getting to a tipping point now where whether it's just like the perception around Bitcoin is starting to become more favorable, the incentives are aligning around it. You have the genius stuff, the regulatory clarity, all this stuff is kind of coming to a head now. And maybe in the next 12 months, we're actually going to see a very significant move, very significant step into this space from the Titans that manage all the money in the world. Yeah, I am. This is somewhat related. I had a interesting conversation with somebody the other day. I don't know how much I subscribe to it. I'm just throwing it out there that the having cycles never really made sense. They just lined up the the stock to flow ratio really wasn't meaningful. It was really about liquidity cycles ended up tying into it. And so we never got a proper bull market because the liquidity hasn't been there when you think about like interest rates and just everything that's going on. So I think that I mentioned that because it kind of ties into, you know, the ETF that existed at the man at BlackRock was pent up demand that we've talked about. And then there'll be this demand at Morgan and Stanley, but we'll really won't get the blow off top or the proper, you know, bull market we're looking for until interest rates lower capital comes in. I think we all know that's coming at certain point because things are just like, you know, not sustainable in the in the current state. The only other thing worth really calling out is this is bullish Bitcoin, but it's also really bullish what we're building and just better products. And the reason why is because it's really valuable. If you think about Morgan Stanley's in this is like the status of capitalism in the market is the sense they can make money. And it's similar to BlackRock. They launched this product, one of the best revenue drivers for their portfolio. But Morgan Stanley knows there's demand. They're going to make money from it. But why I'm bringing that up is because the thing that the market really doesn't get is that in this sounds crazy, but the most sophisticated participants in the Bitcoin space are the individuals. And that's historically the opposite because the smart money usually starts in trad fi hi-fi. But the reality is because they were afraid to touch this asset class and they couldn't and they needed a consensus of a bunch of board members to get involved. Individuals were the ones that adopted the vast majority of this asset. They still sit on it in cold storage. The reason why is because they knew they couldn't trust a third party custodian and Triadfly just doesn't get that yet. They don't know that there's all this demand that are going to seek and look for the best product that's available, especially when it's your economic value. It doesn't matter if it's Morgan Stanley or Fidelity. Once you get to a certain threshold of allocation to your portfolio, the rational thing to do is seek out the best product. And that's who we work with. Like our clients are the most sophisticated. Like full stop. They're the person that went through all the different platforms, all the collaborative custody. And ultimately, like, I don't want to deal with this. I don't want people killing me. I don't want my family getting kidnapped. I need Dynasty trusts, all the things that people that sign up and listen that our clients know. But why I'm sharing that is because I've had conversations with the Fidelities and Morgan Stanley's and the highest people at these orgs and they get that their clients will want that. Ultimately, they're just not there yet. We're so early between 70,000, they're just barely turning it on, but they know that their clients that are holding 50 to $100 million on their platform up to billions of dollars when they really go in size into this asset, they're not going to go into a close in fund that effectively has taxable events. If you want to get out of it, that's in an omnibus wallet that is beholding to Coinbase and what they do, that's just not the long term sustainable way. And so it's very bullish for just the point you said that their clients demanded this, so they're bringing it to them in the same way. Clients will ultimately demand better custody solutions, and they'll ultimately bring it to them when the economic forces are on their side. That I totally agree with all of that. Like they're these incumbents are not entirely incentivized to think about those cohorts you described just yet because they know there's so much demand that frankly doesn't care about that stuff because they're on zero and they're still going to be, you know, 1/2 percent, 1 to 2% allocation. So they're not thinking as deeply or critically about someone who's 90% and 100% in, in Bitcoin and has been stacking for years. So totally agree with you there. Just back to the, the Morgan Stanley sub. I know we've talked about it and I've sort of beating the drum on this, but like, I genuinely think this is the this will be the biggest signal of this. You know, if you, if you want to call it this, you know, past six months of bear market, I don't I kind of don't even think about Bitcoin in in bull and bear markets at at this point, but. Brian's so wealthy he doesn't give a shit what the Bitcoin price is, it's just not like it's. Going up like it, it's just going up like it doesn't matter is that. Financial. For six months. But what my point is, like, we're going to look back on this and just be like, how was anyone bearish at all when Morgan Stanley after Bitcoin was down 40 to 50%, then launched a, a Bitcoin product? Like it's the most bullish thing that could be happening right now. I think it's a massive signal of like what's described in that quote around the demand, but also just the, the broader legitimization of this asset. It's not going away. People understand that people at the highest levels of these firms are not worried about quantum. They understand where this thing is going and they want to be a part of it. One, to make money, but two, because you know, it's, it's legitimate and it's not going away. Yeah, I mean fully aligned with that like we go and you look back at all the different digital asset infrastructure coming in all these Fidelities different firms that be the the acquisitions that are happening around infrastructure, the ETF going on inflation ripping oil in the situation there we know they have to print. We'll look back at this and be like, I can't believe this amount of FUD and the what is it the level of like just the like the sentiment, the sentiment being so bad. And I think like it's because he never got a proper bowl. And so a lot of the people just end up selling off post the 22 collapse. And there wasn't that many people involved in crypto has effectively just been like shown what it is. And so, yeah, just kind of plus one to that that when we look back at this, whenever the liquidity comes in and the price rips, the only other thing is like, I don't think we're that far. We talked to us on final settlement Jackson. Like there's something to do with like Bitcoin and AI that's going to, we know it's there, but it's going to like hit everyone like a ton of bricks when the devs realize that this is just a better programmable money. And at the same time, if Bitcoins profile moves into the hundreds of thousands of dollars again and more people are turning it on in people are settling oil or other physical instruments for it. If you're just going to change the whole dynamic of this things perceived value as a Ponzi is not of like theoretical, but this is real world application and storage of value and transfer of value. That just changes the whole dynamic of how people look at that. And we're probably within the next 3 to 12 months in that framing. I don't think we're that far because the world's so crazy and we've talked to this before that that would happen in a crazy time in the world because it's already a crazy proposition that Bitcoin is. So you need the world to like match to the to the value that's being moved to it and and subscribe to it. I would, I would also throw into that mix everything that block and formally square is doing, like turning on 4 million plus merchants to be able to accept pay with BTCI think is a huge deal. And and also because they've they're incentivizing it like they're almost subsidizing the use of it. I think for 2026, any and all merchant fees are waived. So like there's real cost savings for a merchant to be accepting Bitcoin right now through those terminals. And so, you know, it's partly a push on their end to sort of incept Bitcoin has a medium of exchange onto the market. But to your point, it's like it's coincide, it's coinciding with all these other tailwinds. And I think that'll be a, a sort of a cog in that flywheel of, of people recognizing this thing. Look, the time to be buying was when people are calling Bitcoin Epstein coin every all the narratives about to be like flipped on a switch. It's going to be a full 180 to to your eyes point here. And most people are just paying attention to the headlines. So once we get everyone aligned with the direction of where Bitcoin goes long term, then all the headlines turn favorable and then we're off to the races. I mean, it's that simple. And then, Brian, I like your point about the medium of exchange angle. I went into a shop locally over the weekend and it was square terminal. I asked if he accepted Bitcoin. He said no. And he thought like, you know, he thinks bitcoins a scam. Like fair, that's fair because the crypto space is just total bullshit and grift. And so you got to do a little bit of education there. But yeah, I'll have to go back in the next week or so and and let them know that I found out. Hey, you know, it's first of all, it's a better way, it's a more cost efficient way to do business. And I'll give you a nice tip on the Bitcoin, if you can accept some Bitcoin from me. So I like, I like this coincide angle where you have small businesses that can certainly benefit you're we're getting squeezed by inflation across the board. We were talking about that last week with the ground beef prices and everything else. Small businesses need Bitcoin on the balance sheet. Wall Street's going to turn incredibly favorable. The droids, Michael talked about the droids. The droids are going to accept Bitcoin, and they're going to make you pay in Bitcoin for your token usage. At some point, it's going. To they're going to steal your Bitcoin too, from your from your hot wallets. They may steal your Bitcoin. They're going to steal your crypto and then dump it into Bitcoin is probably the rational thing. They're going to create their own little exchange. Exactly. So that was a signal that the Wall Street wave. It was a signal this week, Michael. I'm going to hand this one over to you. So we got some genius ACT requirements and standards from the FDICI know you pointed this out yesterday. I'm sure you have some better thoughts than I do here and would like to hand it over to you to share what this if this is signal or noise. Yeah, I think we'd have to go into it. But the Schwab stuff that we just glossed over is also very bullish with however many assets that they manage in turning on the ability to spot by. I think like maybe the one of the last holdouts are like Vanguard now at this point. Did you have anything Jackson or? Yeah, no, agreed. They'll come around. Yeah, the FDIC stuff is interesting or worth calling out because Genius Act was passed, but you needed the FDIC to effectively blast, slash, implement the policies. And so this came out yesterday and they're pretty straightforward. It's mirrors what was in the Genius Act around like no rehypothecation, the level of licensing as a bank, but the main reason to call this out, the AML stuff. The reason to call this out is because if you think about A to Jackson's main point, like we're so in the bubble, in the weeds us and then anybody listening that the market truly doesn't know the difference between crypto and Bitcoin and it can go stablecoin, crypto salon or Bitcoin. It all feels the same to them. Now you can start to like educate a little bit and it's kind of embedded in stablecoin. You know that a dollar, but the point being is if you think about how antagonistic choke .1 and two point O have been with the banking layer and then the institutions do not catch falling knives, right. So they need everything to be buttoned up before they're going to step in. And so there's so many banks we've talked to that are sophisticated that have just been on the back end, like doing R&D research, but waiting for all of this to take place that I think that this is going to be a huge boon. And the next shoe to drop would be the Clarity Act that basically just puts all lights go from the US and everyone follows the US as far as digital. And I truly believe like banks in financial. So banks that don't figure out the stablecoin thing will be looking at, it'll look like the blockbusters not figuring out, you know, they'll be by the way. So I don't figure out there's new rails to transfer, you know, in blockbuster Netflix sense. Information here it's money, which is information. So point being is like they will leave because capital will just leave because it's better money movement, whether it's wires passing back interest and then all of that naturally goes to the difference that most people seven woken up to is that now anybody that effectively manages capital and reserves. So think about credit card rewards, Amazon, wherever you're like parking money or leading points will turn into a proxy bank and because they will store value, they will add more value because it's new rails and that's just fully not really a appreciate it yet. Now within the crypto digital asset circles, I think that is, and there's a lot of fervor, but in the Bitcoin circles, I don't think it's still appreciated that how much demand this is going to bring to Bitcoin because it's changing the aperture of understanding of like what a dollar is, how it can move. And then ultimately The thing is you can just swap instantly from a stable coin to Bitcoin. And that changes also the dynamic of having them wire funds to a coin base and execute that trade. Yeah, big agree. Not a ton to add outside of like, you know, these things take time. Bureaucracy is slow. And like, even though the Genius Act passed a year ago, you still need these sort of like incremental green lights, incremental blessings and actual implementation sort of guidelines for things to actually really start being turned on at all these incumbent layers. And so this is just another step in that process. So good to see. Signal. Signal I don't do. Do we have Jamie Diamond stuff anywhere in this or or can we talk? Unless I miss something, I'm pretty sure the Jamie Diamond stuff was referring to prediction markets. No, that's two sides. So there's one article there that Jamie Diamond's going or thinking about prediction markets, but there was another one he referenced. We have to figure out tokenized deposits and the rest of the stuff or we're going to. I forgot it's in the link. There was a coin desk link that he's basically, it was a Twitter link. He's citing that they're going to start playing in this, in this world, which I don't know if it was just like all BS where they were posturing, right? It's the same thing with the Bitcoin. It's like a Ponzi. And then they're creating financial instruments and the same thing that like they pretend like they're antagonistic to this, but they're really setting up the rails because they know it's where it's going and and assets will flee. But yeah, here it is. CEO Jamie Dimon warns stablecoin smart content in tokenization represented a direct competitive threat to traditional banking. Says the bank must move faster with its own blockchain efforts. So this is coming, like all of this is coming. Yeah, big time, big time. I want to I want to go into Brian, this is one of the things that you brought this week ties into what we were talking about on cycles earlier, right. So there was always this narrative. Oh, Bitcoin, it's it's done. It's only existed in zero interest rate policy world. It's only existed in Kiwi. It's cooked once the Fed hikes rate. Well, look, here we are. Brian, please walk us through this. What are we? Looking at this is this is an awesome chart, some good data. I have no idea how this tweet has four likes. I guess block fair like just doesn't have that that big of a following but this is 3 of them. Yeah, we got 50K, man. Yeah, I don't understand like this tweet is being suppressed by the algo. Suppression, Suppression. This is fantastic data. So it says Fed balance sheet shrunk from May 22 to December 2025. BTC went from 31,000 to 87,000 over that time frame plus 175% during a tightening cycle. And that was not just any tightening cycle. It was really the fastest sort of most aggressive tightening cycle on record. And the tweet just says if, if Bitcoin can rise like that during QT, imagine what it'll do when we're back to QE. And so at the end of that graph, it's sort of the right tail on the right there. You can see we've inflected back upwards in terms of the Federal Reserve total asset balance sheet. So liquidity is coming. We know this, it has to come, as Jerome Powell likes to say, we're, we're on an unsustainable path and we remain so. And so we know that it has to sort of inflect back from this anomalous period of tightening that lasted about three years back towards money printing, lower rates, all that stuff. And so the fact that Bitcoin actually went up during this period is pretty astounding and I think surprises the uninitiated. I don't know if you guys saw this but I was going back and forth with someone on on LinkedIn. Someone had commented. On Oh, that's a recipe for disaster. It was it. It really was. I I got a little heated, I got fired up, but it was just this tratify guy who was telling me that. Well, first he asked could he short my company, which I took offense. I said no, you can't short my company, but you can. Short Bitcoin, I said. Please go ahead and short Bitcoin if you're so confident it's going to 0. And then he had a bunch of replies about how Marathon is pivoting away from Bitcoin and MicroStrategy is underperforming Bitcoin. And I said maybe maybe study like sound money and what that actually is as opposed to like looking at Bitcoin adjacent equities as your quote UN quote research. He claimed to have done two months of research and realized that Bitcoin was a scam. But what I'm getting to is that ultimately he said something around Bitcoin screwed because the Bank of Japan is now rise or raising rates and Bitcoin is a low interest rate phenomenon. And I pointed out like literally the US had its tightening, you know, fastest tightening sort of cycle on record. And Bitcoin actually went up. He deleted all of his comments because I also asked him because around the marathon thing, like them pivoting away from Bitcoin, he's like, well, what happens when all the miners just leave Bitcoin? I said, have have you looked into the difficulty adjustment in your two months of research? He hadn't, he hadn't heard of the difficulty adjustment. And so a little bit back and forth here, but he ended up deleting all of his comments. So. Are we? Are you sure this actually happened or 1 old comments? So, so there's a few things one I've I've shared with Brian, like you just really can't get into the social engagement, like unless you can do the the verbal like discourse like this. It's really just impossible. But then the other thing is, man, you how could you not forecast this? Because you have spent your entire career in Tradfi. So all of your followers are these individuals. So anything you post was like, I post this stuff, but I've been in like tack. And so nobody engages from that world. They probably think I'm just a crazy guy, but they don't have the like even framework to be like, this doesn't make sense. They're just like, yeah, that, you know, whatever and they like open to things. But if you go to like somebody that you know went to Stanford or you know, Columbia and they're seeing this guy post about it, they're of course going to come out with the like all the natural flood. I almost think he was a bot because it was so it was so on the nose of like he was literally one of his first comments was like, do you see the letters in after my name? Like literally citing credentials of like, I don't know, CPA or some bullshit. It was crazy. Yeah. Go back to that chart real quick before great chart signal, Good chart signal. We should make that a segment like Brian's engagement on LinkedIn and tried 5 about. Like, honestly, it was kind of fun. I might do more of it. I know it's I know it's a waste of time, but I think I might have changed his mind. I mean, he deleted all the comments. Maybe he's maybe he's bought some Bitcoin. Maybe his company's going to fire him. He was the founder. I hope my company. I don't think he's firing himself. Are we going to do Jackson, are we going to do the the on ramp IRA single point of failure of the week starting this week or are we going to? Yeah, we could do that one. I just wanted to. Yeah, we can. We can go there now. So let me pull the charts up or the the tweets up. Maybe I'll set the stage while I'm doing it. So information came out, what, yesterday? There's like a week. There's like a week of it's. Been, I guess so it's been happening all week. And so there's a crime ring out of Tennessee and this crime ring was just busted for a number of physical attacks. I think a lot of them happening in California, in San Francisco, Los Angeles, some other cities as well. And there's a lot of discourse that's happening online naturally, because it people are concerned. This is probably like one of the worst things that could happen to someone. I don't think I'd wish this against my worst enemy, having someone break into their home and torture them and their family. So you can hear see here from TFTC. I'll read it out for those who are not on YouTube. The crime crime ring out of Tennessee which is busted for a wrench attack. He's on Bitcoin holders across California. They hacked into victims DoorDash and Uber eats accounts to figure out where they lived, then showed up posing as delivery drivers. Once inside, they zip tied and duct tape victims at gunpoint while they were remote operator using a voice modulator directed them through draining the wallets. In one case, they sold 13 million. In another, when the victim's wallet didn't show the amount the attackers expected, the voice on the phone ordered them to cut off the victim's fingers until he revealed the real account. I don't need to read all of it. But there's also physical attacks on Bitcoin holders jumped 75% in 2025, with confirmed losses topping 40 million. So yeah, this is pretty serious stuff, Michael. Go ahead. Yeah. So I look, we're not going to, I'm not going to do the whole on ramp blah, blah. Like you guys know it. I think that it's worth calling out that it, I, I was talking with clients about this, like ultimately everyone's at risk until the market structure changes. Like the, the main concept here is nobody kidnaps somebody for their equity holdings because the amount of time it takes to get those positions into the duffel bag, you're caught. So I really think it's a mortgage structure and around, you know, the custody and, and controls that exist in traditional system for a lot of people. The thing I will call out is that you take these physical because I don't know if this was the same one, but there was another one related to Uber and DoorDash also, you know, having their client data hacked. And you see you have all the addresses for individuals. And I think it was either this group or another group that was using that data to ultimately take like the Coinbase and all the other data that's been leaked and then triangulate to find out where these people lived and then would show up as a DoorDash driver and then basically, you know, break into their house. What I wanted to add, and I don't know if you guys have seen this, but there was 2 reports that came out where now with your fiber optic optics in your house, you can effectively listen to everything you say. Because what they do is they're able to get the vibrations on your, your noise. And then you can take that vibrational data and you can effectively put it in a model and get the audio through it. And so there was that coupled with there's something else that came out about the smart TV's and how like they're effectively in our house, like not only listening, but the amount they get all of our data because they're taking shots at every second of what you're viewing and all the deals. The point, the, the point I'm trying to get at is like the world we're going to is going to be amazing, but it's also going to be insanely chaotic and people are not prepared for it. And you just got to think through everything you're doing. It doesn't even have to necessarily be a Bitcoin. This is obviously we have a Bitcoin centric show, but I just don't think people are prepared for all the levels of sophisticated attacks that are going to come. And that's aside from all the shit Anthropic released that's going to start coming for anything because people listening, I do know there are individuals that have cut half their C phrase, put it in a Google Sheet. They think it's hidden. They put keywords there, they say somebody come find it. Like all that stuff. People have taken Google Photos and all that gets stored in the iCloud or Google Photos. And then people get access to somebody's Gmail. They can run a quick script because there's only 2040 words and a bit 39 C phrase. So you can basically run that script on the words and then you can find the number of you can find the words within it because you know exactly what you're searching for and you can sweep funds or get a piece of that. A lot of people do a lot of these janky things because that's just the status of how the markets operated. And you just got to rethink all of this because this stuff's moving so fast in these things that looked buttoned up or will not be buttoned. I would also say that people just need to rethink their lives at this point too. That's it. I mean, that's a, that's a pretty Jackson just going for the swing. Let me explain what I mean by that so. I rethink my life everyday by the way. I just rethink. Wait, every time I jump on the show with you, I'm rethinking what choices I made in my life that I had to. How did I, how did I get here? No, but what I, what I mean by that is a lot of people operate as if like what, what they do online or what they watch or like whatever they're interested in is like some sort of secret. But it's, it's definitely not a secret. All the data's out there and it will be exposed at some point. So I think people are just better off showing their cards and speaking the truth and doing whatever they feel like they're they're, they're, they're meant to be doing in a, in a sense. Because like, I just think what I mean by that is there's so many people who operate kind of quietly. They show up to a job they hate, They're just like doing a bunch of bullshit. And look man, if you're, if you're just not aligned with, if you're not aligned with what you are meant called to be doing or what you feel like you should be doing, then that's a huge problem. And yeah, I mean, it's going to be exposed anyway. So it's like, yeah, have at it. I just know I'm never going back to the to corporate America after my information is out there. So this is a. On that topic. We're coming up with new themes of the pod. We have Brian's LinkedIn interactions and miss connections or whatever and then Jackson's Therapy for the Market. Rethink your life, change your job post. It everything you've ever done. Completely retard Max online and just let the chips fall where they may. And The thing is that Jackson's been saving in Bitcoin. So if you have a rainy day fund because you got fired and need capital, he loves Ubi. And so he's game to just like contribute to help you. He'll send you Bitcoin. Well, yeah, Ubi is going to happen at some point. That's we could talk about that or we couldn't. If the Bitcoin price doubled tomorrow, would you feel good about how it's being secured right now? Most people have not really pressure tested that and I get it. I have talked to people who have self custody for over a decade and others who've stayed on exchanges because they could never get comfortable managing their own keys. Both camps have real concerns. That is why we built on ramp multi institution custody so no single company can lose it, move it or use it. Lloyd's of London Insurance inheritance planning built in and a team that can walk you through the entire setup. We get started in 15 minutes. Book a free consultation at on rampbitcoin.com On ramp secured by three controlled by me. Look, we're we got what we got. 5-10 more minutes here. Do we want to talk about Project Glasswing? What do we need? I need a TLDR because I saw a billion tweets about it last night and ranging at from anything you know, to the world is ending to. So this will be open sourced within three months and like literally everything's going to be compromised. What is it to Elizabeth Holmes tweeting something to the effect of yeah, we're all we're all cooked. I thought, is she in jail? She tweeting from jail. I think she's out. She's out. OK, I think maybe. So OK. What is it? What's the TLDR? So it's from Anthropic. It's yesterday for those who missed it. So the new model Mythos, if I'm saying that correctly, is pretty much like all the tests on on this new model from Anthropic, we're just blowing everything out of the water. All the all the clawed models, all the GPT Gemini, all this stuff. It's just incredibly powerful model, or at least so they say. And so this model is starting to just one shot all these different software's. It was finding bugs that had never been found before in all different types of software's, you know, a decade ago, 2 decades ago, etcetera. And so Project Glass Wing is an anthropic project and they're pretty much keeping the model inaccessible for now. But they're working with, I guess different companies or perhaps in the public sector. I don't, I don't know the full context, but they're keeping it closed and they're working with companies to essentially try to use this model to patch a lot of things up before these types of models are actually available to the public. Because inevitably chaos will ensue once people can start using these things and just hack into all sorts of shit or find vulnerabilities. And they were talking about vulnerabilities that may not be that important isolated, but when you start to pair them with other vulnerabilities within that software, it becomes incredibly catastrophic very quickly. And so that's all that's happening here. I think some people thought that this new anthropic model is going to be released to the public. It doesn't seem like that's the case at least anytime soon because of this project or this effort that they're making to secure, as you can see your secure critical software for the AI era. So I think there's just ties in everything we were talking about. It's we are getting to a point where everything is going to be so chaotic. All the information's out there ties into the attacks that we were talking about 10 minutes ago where you can just, people can parse together all sorts of information and they can use that against you. And so, yeah, it's a it's a weird time to be alive, man, but. I think or do one thing just to add to that, and it's related. I haven't gotten to read it because it feels like more like a soap opera or like you would just be more entertainment. Is this stuff going on with Sam Altman and the and the main reason call it out is everyone's known he's like kind of a shady character, but there was this like dossier that came out from I think the Atlantic that just like has all this, you know, first party anecdote. So just like how insane the guy is. I think he met his boyfriend like naked and Peter Thiel's tub or whatever. No seriously, maybe they weren't naked, but he met him in the hot tub. Fun fact, I randomly ended up at Peter Thiel's house one day. He wasn't there in LA long, long, long time ago. Not in the hot tub, but actually people. People were in the hot tub. Michael was not in the hot tub, but he was naked. But I never he wasn't as big as where this was back in like 2012. So he was just known. But but yeah, it wasn't for like 7 years until I thought back and I have like these pictures and whatever. But anyway, the point, the point is going. To be public in six months, Michael. The point? Not clean now. The point in bringing any of this up is that these guys running these large frontier companies are just like kind of weird and shady. You know, the notion of anthropic, as great as they are, I think we just like all bypass that the they're effective altruists and we got a glimpse into effective altruists and what they stand for with all FTX stuff. And so I just think to your point, it is going to get very weird. I, I can't help but believe if you fall, if you subscribe to the notion that like you see tack and things that come out from the government and those are like, you know, 30 years from that have existed, right? And you think about what's coming out from AI and the models and the things that have been out there. And what we get today is at least a few years behind what's actually available. And so if that's the case, that I think, yeah, there's a lot of crazy stuff that's floating around and that's ultimately going to, you know, come out. Or if not, if it's not already out there just wreaking havoc and chaos. Well, yeah. What were you saying before about Elon? Already had already has the best model brain chipped, right? Yeah, he's been operating on mythos for like, the past two decades. Yeah, who knows? Yeah, it's scary stuff. The one of the threads that I did read about it last night was I think it was an anthropic employee who was sort of detailing some of their findings and like why it was alarming and concerning. And it was basically like it was doing thing. The the behaviors were sort of outside of the bands of their instructions. Like it was kind of like jailbreaking and doing things that it was instructed not to do. And so that's how that's part of why they kind of started to get concerned about it, which looks and feels kind of like, you know, I think AGI is is thrown around too often. But like, that kind of feels like if it's, you know, if it's doing stuff outside of the bands of his constraints and it's actively trying to deceive the prompter like that, that's where it starts to get pretty terrifying. Since we're just riffing like real quick, Jackson, if we get like ATVPN cell offer, will you force like the cell and like the segregation of on ramp media from from on ramp or how do you how do you feel about feel about that? And what if you have to work for sale and he requires you to be naked? Sounds like that's the direction this is already going and based on your encounter A decade ago. I don't know man. Apparently all we need is some overlays and that's that gets us to that. Exit God damn it, guys. OK, so I'm going to share this on the pod. Look, we want to level this stuff up. We have some insane things coming out in the next couple weeks, but one of the things we've been talking about is a doing a live stream and having it across like YouTube, Twitter and LinkedIn. And then the other one is just incorporating, you know, more graphics and like the segments and all that. The guys have been working on it, but they don't really think you got everyone listening wants that. They don't care about engaging with us and live stream maybe us doing some interactive stuff. So if you really want it, I'd appreciate I really want it. So I'd appreciate dropping notes either in LinkedIn. I'm sorry, not on LinkedIn. Don't go LinkedIn. Brian will not like on on YouTube and the YouTube comments or on Twitter. Just tag us what you want to see and because I really want to start interacting with, you know, folks listening And also I was watching PTI used to watch it every day after school. If anybody familiar part of the interruption and it's just so cool where you have like the time and then you can see the different segments. You know what to tune in on or what not to. You can even put the like chapters on YouTube. So like, guys, please, I've been, there's my childhood. Dream, we can do all that, but we just won't do any other work then we we just won't do any other like TBPN. They're just doing shows all the time. That's like the only thing they do, and they do it well. There's a case. Tag from Sam. There's a case to be made that this is the highest ROI think we should be working on So if in the comments and the YouTube, please let the guys know because they just sit on their hands, they're not doing much work I. Was actually doing. I was. Brians out there on LinkedIn just literally just talking with people all day long. I mean, this is what Brian does. He as as chief strategy officer. We'll hear about things and they'll be long form research. He's like, Oh yeah, I just read it. Oh, I just listened to the pod. Like me and Jackson are just like literally taking grenades all day. And he's just like, Oh yeah. It was like listening. I was walking around New York listening to the latest, you know, research. So we have the bandwidth. It's due. It's coming. I was working on Will before before we hopped on Jackson has to just send me some some better images, but we're we're. Working I'll give you the out if nobody comments on this on YouTube, you're just out I'm going to put I'm going to put all of our trajectory on on the audience and if they if they really actually want all of. It all right, so last take, the last take. Everyone's got to do a last take for the show today. This was mine. So I you guys probably saw this insanely also another Jackson who only has Jackson as his name on. So it's like interesting. My last take is this guy who went insanely viral 8 million views on acts of this post yesterday, which says he quote tweets something that says hit me with the harshest reality truth. And his quote tweet is billionaires don't have bank accounts like you and me. They have art collections, yachts, mansion stocks. None of it gets taxed until they sell it. So they just never sell it. They borrow against it instead, live off the loans, pay almost nothing. Then when they die, their kids inherit it all tax free. The wealthy never gets taxed. It gets passed down. And we wonder why the gap keeps getting wider. But he misses the most important part of it all. The most important part is, well, why do things go up in price? Why does the gap keep getting wider? Why is everything gaining? Nominally, because the money's broken. And so it would have been, it would have been good in retrospect, if maybe if he understood this to at least have like a little thing Comment below to acknowledge the more people get educated on the fact. Because where this is all going, I don't know who this person is and what he, what he believes, but where this is all going is the wealth tax is the Ubi and all that stuff. Because nobody's actually able to ask or discern the most fundamental aspect of all this. Why is it happening in the 1st place? So the wealth gap is inevitably going to get wider because the money printing is going to get larger. And if we're not actually trying to figure out why that's happening to begin with, then we've missed the entire plot of it all. So definitely, you know, people who listen to the show, I think we all have a responsibility to try to help people in our lives understand what is actually going on, what's at the root of all these problems. And it's the fact that you just have currency creation destroying everything. I mean, it's everything's downstream of the the money being broken. So that was my last take of the day. Can you pull up the link I did because it's somewhat similar to that. Where's that? I, I shared in the, the Slack channel the last trade. What Jackson's going to pull up is, I think a chart or a tweet Brian shared with just the level of cost inflation since the war started. And you know, just reading my fucking well, I didn't know if this was your take. No, no, no, it's not. I've got some. But I mean, you can add to it, but so just a few of the things like jet fuel, 95% sold for 73%, heating oil, crude, Brent crude up 50%. I was talking to the individuals that had, you know, quotes from like Lebanon to Canada that they made those flights for $600.00 that are now $3000. I talked to folks in Australia that don't think they'll be able to travel the rest of the summer because of the shortages or the proposed shortages or whatever. And I think the main thing to share is that independent of like Ceasefire and a deal being made, like these ramifications are coming no matter what based on supply demand. And then something has to break. And so you just have to keep your eye on the ball as it comes to you want to, you know, park your money and things that can't be debased to the point of you still don't know if the shoes going to drop. So if you need to hold cash waiting for that entry point. And then if you don't understand Bitcoin or gold or the stock market, you should probably still hold cash because it if it's volatile, you're going to puke it out and feel very uncomfortable when the price retraces at any point because it's going to be very volatile. But at the end of the day, like this stuff is only going in One Direction. It was always going in this direction. This recent just like situation is just going to exacerbate it and that'll ultimately lead with, you know, keep hearing about the very big print, whatever that looks like is there. Neville going to have to offset that from a look like plumbing of the traditional system, but also the end consumer. We talked about it last week with the ground beef stuff is like I was telling my wife it's really it's kind of like the silent, you know, where a lot of people took experimental drugs and nobody talks about it because everyone's ashamed and it's just not kosher to talk about. It's a similar vein that everyone's feeling squeezed when it comes to inflation day-to-day making ends meet, but nobody speaks about it because it's not a very as you people have pride and it's, it's a shameful thing if it's like you're getting squeezed. It's getting harder to live. Wages haven't kept up. So you don't hear about this, but it's happening because the math doesn't work. All these assets, all these things are continuing to grow year over year while people's wages are just not going. And then now it's going the other direction when people getting laid off. So they're going from like, you know, 3% raises till like negative, you know, 100% if they're not making it income. And so this is just as positive as the world looks. There's a lot that's coming that people need to protect themselves. And this just chart shows how much it's going to change in in the short weeks and months coming. It's. A good take. The -100% raises is always tough. Tough. Like my take, I'll pull it up right now. It relates back to what we were talking about around the the DoorDash hacking physical attacks. And I know Michael said he didn't want to make it all about on ramp, but I I will for just a second. And this is a quote tweet of that story by Druid on Twitter, who is a founder of Trammell Ventures. He says 1 good thing that came out of the pandemic is the no contact method of food delivery. Food gets left at the door and the door doesn't have to open until they're gone. Just referencing like, you know, these people opened the door and then got attacked. But his broader point here is multi sig with geographically distributed keys stored in secure locations is always a good idea for significant amounts of Bitcoin. You have to cross oceans to collect enough of my multi sig keys to sign a valid transaction. And there are plenty of opportunities to communicate to us along the way. And so I think this is this is sound advice, but the problem with it is that this doesn't scale for the average individual. The average individual who just wants to preserve their value and and store their wealth in Bitcoin probably doesn't have the ability to disperse private keys across various locations around the world. And so while yes, this is like good advice on the surface, it's not scalable. And so it does directly highlight and point to what we've built it on ramp in that multi institution custody does scale this for the the average individual. It allows you to implement this type of architecture and security while not having to manage it yourself or have, you know, three different locations that you own and operate around the world. And you can even see in some of the comments here, that's hardly a model of security that scales for even a small proportion of the population. That means holding Bitcoin is unappealingly risky for most people, and it will become riskier every year. And so that's my on ramp shell. That's my last day, yeah. Can I, can I just say as well, I, it's a great point and well said, Brian, for all those takes, what ends up happening is you're actually just an ETF maxi, if that's your recommendation, because 99 out of 100 people who would read that outside of the Bitcoin space would be like, OK, I'm absolutely not going to do this. Doesn't make any sense to me. I can't do it. It doesn't scale, etcetera. I'll just buy the ETF. I'll buy Morgan Stanley's ETF 11 bips and I'll forget about it and I'll call it a day. Yeah, I think we'll talk more about this, but I think like there's a reality of that A, everyone has their own risk profile. And I think like a lot of what we speak to and what we talk about is probably should be better served and be curious, like if you need to put some in the comments or we'll discuss in the future. Like for people that already hold self custody and for their friends and family not to go into the ETF is where on ramps are first good place. Because I can tell the individuals that in self custody a that there is no perfect solution. And there's a world where you always want your, oh shit, you know, bag and you can always move your assets. And I can also tell that independent of anything we ever say, you will end up in something like multi institution because the forces will will, will drive it towards that. I've seen this first hand. And the greatest examples were 2022 when FTX blocked by Celsius happen. You have the exchange hacks, you have insolvencies, you have, you know, physical or bad attacks. And then also what Drew didn't explain is that it just kind of precludes you from accessing any kind of financial services ever if you're keys are all over the world and you don't know who's managing them. But the point being is like that will happen just based by market forces. I think the reality is where honor really aims to be the bridge is there was always going to be the situation of fracturing where self custody didn't scale for the masses and that ultimately was going to drive them to a single custodian and that potentially was existential for Bitcoin. And so I do think that's an important function for us to focus on. And then for anybody listening that feels confident they're set up but enjoys just hearing our takes or dunk on Jackson or Brian on LinkedIn. You know, shitting on Tratify is you should just share with your friends and family that need to protect their capital. Don't go into the ETF because of a number of reasons. One is if they decide to fork for some quantum coin that Nick wants to, you're not going to have the assurances that you get the real Bitcoin and then all the other deals associated that you should send them our way so we can educate them, get them in. And this is actually an ongoing philosophical conversation I have with a notable person in the space who I deeply respect and consider a friend. But we come at it from two different angles. He comes up from the angle of like you have to onboard to private keys. And I come at it from what if you invert that and you onboard them to multi institution custody and real custody. And then over time they actually move over to private keys as they get more comfortable with that. And I don't necessarily I believe one's right over the other, but the nobody knows. The reality is you can just provide products and services and then see where the market shakes out. Security that scales with the stakes. It's all we're talking about here. Michael Bryan, good show today. Any parting thoughts before we wrap it? Do not post what you think unless you're ready to be fired. JAXA gave some real financial advice earlier that I don't necessarily subscribe to you because I'm just worried about somebody retard Maxine online and then they have to go delete all their tweet, all their LinkedIn posts and they're fired. So you just got it. You got to be careful. All right, fair message received wise wisdom. Thanks for listening to this week's episode of the show. If you found the information valuable, please share the episode with a friend or leave a rating on your favorite podcast app. All the links we discussed in today's show will be in the show notes inside your podcast app. Before we finish, a quick reminder that Onramp Media is for informational and entertainment purposes only, and nothing should be construed as investment or legal advice. Regardless of where you are on your Bitcoin journey, we'd love to hear from you. Visit onrampbitcoin.com contact to schedule a consultation with one of our private client advisors.