1 00:00:00,080 --> 00:00:05,160 Yo, Senator Lummus confirmed she is leaving in 2027. 2 00:00:05,160 --> 00:00:09,120 That's right, she is not going to be running for re election, 3 00:00:09,320 --> 00:00:13,280 which is leaving many people to wonder what does this mean for 4 00:00:13,280 --> 00:00:15,920 the strategic Bitcoin Reserve initiative? 5 00:00:16,200 --> 00:00:19,720 Senator Lummis was one of the main advocates in the Senate 6 00:00:19,720 --> 00:00:24,200 pushing for the United States to buy 1,000,000 Bitcoin. 7 00:00:24,360 --> 00:00:29,120 But now that now we've got no senator Lummis no behinds and 8 00:00:29,120 --> 00:00:33,480 still no Bitcoin buys. It's been nine months since 9 00:00:33,480 --> 00:00:37,480 President Donald Trump signed the Bitcoin executive order. 10 00:00:37,680 --> 00:00:40,440 So what is actually going to happen with the strategic 11 00:00:40,440 --> 00:00:44,160 Bitcoin reserve in America of course we have a ton of source 12 00:00:44,160 --> 00:00:46,880 material for you guys. We have the betting markets. 13 00:00:46,880 --> 00:00:50,120 The betting markets aren't looking so optimistic about it 14 00:00:50,120 --> 00:00:51,400 either. Guys, it's going to be an 15 00:00:51,400 --> 00:00:54,600 incredible show. Stay tuned and let's jump 16 00:00:54,600 --> 00:00:56,840 straight into the source material. 17 00:00:57,080 --> 00:00:59,680 So what am I talking about today, ladies and gentlemen? 18 00:01:00,640 --> 00:01:03,440 So let's start off with Bo Hines. 19 00:01:03,440 --> 00:01:07,960 So you guys remember this a couple of weeks ago, no, a 20 00:01:07,960 --> 00:01:12,200 couple months ago at this point, Bohenz, which was the biggest 21 00:01:12,200 --> 00:01:17,200 Bitcoin advocate in my opinion, other than the AI Cryptozar 22 00:01:17,200 --> 00:01:22,680 David Sachs in the White House. You saw him in every single 23 00:01:22,680 --> 00:01:24,400 interview, every single interview. 24 00:01:24,400 --> 00:01:27,760 He was advocating for a strategic Bitcoin reserve, how 25 00:01:27,760 --> 00:01:30,680 it was going to happen, how it was an inevitability. 26 00:01:30,880 --> 00:01:36,080 And then a couple months into his, you know, his, his stint at 27 00:01:36,080 --> 00:01:39,680 the White House, he resigned. And then shortly after, you had 28 00:01:39,680 --> 00:01:43,280 this like funky thing that was happening where Treasury 29 00:01:43,880 --> 00:01:47,760 Treasury Secretary Scott Bessett would go on legacy media and he 30 00:01:47,760 --> 00:01:50,560 would say, you know, like we're really focusing on gold. 31 00:01:50,560 --> 00:01:52,400 There was a lot of pushback from the community. 32 00:01:52,400 --> 00:01:54,240 And then he kind of walked it back with the post. 33 00:01:54,520 --> 00:01:57,680 Anyways, it was all very suspicious at that point when 34 00:01:57,680 --> 00:02:00,240 that happened. Initially we told you guys on on 35 00:02:00,240 --> 00:02:03,560 simply Bitcoin. We said this is probably not a 36 00:02:03,560 --> 00:02:07,000 good thing for the strategic Bitcoin Reserve initiative in 37 00:02:07,000 --> 00:02:11,480 the United States. And I remember shortly after he 38 00:02:11,480 --> 00:02:15,680 left the administration, he joined Tether, right, which 39 00:02:15,680 --> 00:02:18,680 again, great, great Bitcoin company and spreading digital 40 00:02:18,680 --> 00:02:21,600 assets all around the world. But anyhow, so this, this was 41 00:02:21,600 --> 00:02:25,720 like the first alarm signal, the second alarm signal. 42 00:02:25,720 --> 00:02:27,480 I have a soft spot for Senator Lemus. 43 00:02:27,480 --> 00:02:31,680 Senator Lummus gave me my first interview with a, a United 44 00:02:31,680 --> 00:02:34,480 States Senator. I had the honor and the pleasure 45 00:02:34,480 --> 00:02:38,920 of being able to interview her interview her inauguration week 46 00:02:39,040 --> 00:02:42,680 in Washington, DC, January of this year. 47 00:02:43,560 --> 00:02:46,400 And I, I remember I was so hyped because she was talking about 48 00:02:46,400 --> 00:02:50,520 the strategic Bitcoin reserve. She was talking about how she 49 00:02:50,520 --> 00:02:54,640 was becoming part of the Senate Banking Committee, which is a 50 00:02:54,640 --> 00:02:58,120 big deal from a policy perspective to have a bitcoiner 51 00:02:58,120 --> 00:03:01,920 in the Senate Banking community. Remember, the other side, the 52 00:03:01,920 --> 00:03:04,160 head of the Senate Banking Committee for the Democratic 53 00:03:04,160 --> 00:03:06,680 Party is Elizabeth Warren, right? 54 00:03:06,920 --> 00:03:09,480 So just to kind of give you an idea of how important that 55 00:03:09,480 --> 00:03:15,000 committee, that committee is and Senator Lummis over the, I think 56 00:03:15,000 --> 00:03:18,800 it was on Friday, actually, she announced that she is not going 57 00:03:18,800 --> 00:03:22,840 to be running for re election. To clarify, she will be doing 58 00:03:22,840 --> 00:03:27,080 everything in her power to continue to push on an advocate 59 00:03:27,080 --> 00:03:30,200 for digital assets in the United States next year. 60 00:03:30,440 --> 00:03:34,920 So she still has a whole year before her term expires, but 61 00:03:34,920 --> 00:03:38,320 she's not going to be running for re election in 2027 moving 62 00:03:38,320 --> 00:03:41,480 forward. There's no way to cut this. 63 00:03:41,480 --> 00:03:45,160 There's no way to spin this. There's no way to make this 64 00:03:45,160 --> 00:03:47,320 better. This is a big loss for the 65 00:03:47,320 --> 00:03:51,480 Bitcoin community. She was the Bitcoin senator. 66 00:03:51,480 --> 00:03:54,080 She was hardcore. She had principles. 67 00:03:54,080 --> 00:03:56,920 I remember one of the the the last thing she said when she's 68 00:03:56,920 --> 00:04:00,840 talking about the interview, she says like, listen, this the this 69 00:04:00,840 --> 00:04:06,920 strategic Bitcoin reserve is one of the things that my generation 70 00:04:07,360 --> 00:04:11,880 could do for your generation to right the wrongs of Fiat. 71 00:04:12,040 --> 00:04:14,440 That was one of the most powerful things she said when we 72 00:04:14,440 --> 00:04:18,680 when, when, when I got to interview her in DC and 73 00:04:18,920 --> 00:04:23,120 unfortunately she's she's not going to be running for for for 74 00:04:23,120 --> 00:04:25,520 re election. I do want to thank Senator 75 00:04:25,520 --> 00:04:31,240 Lummus and her amazing team, got to speak with them last week for 76 00:04:31,240 --> 00:04:33,800 everything that they've contributed to the, the Bitcoin 77 00:04:33,800 --> 00:04:37,320 space, the Bitcoin movement. It's been fantastic. 78 00:04:37,320 --> 00:04:39,640 It's been, it's, it's been incredible that we have an 79 00:04:39,640 --> 00:04:44,520 advocate for Bitcoin on the upper House of the, you know, 80 00:04:44,520 --> 00:04:48,280 of, of, of the US legislative body, right? 81 00:04:48,280 --> 00:04:51,200 So I do want to, I do want to thank Senator Lummus for her 82 00:04:51,200 --> 00:04:54,200 service, But this is a big hit. I'm not going to lie to you 83 00:04:54,200 --> 00:04:55,320 guys. I'm not going to try to spin it. 84 00:04:55,800 --> 00:04:58,800 So anyways, she says it's an incredible honor to represent 85 00:04:58,800 --> 00:05:02,480 Wyoming in EU in the US Senate and throughout my time here, 86 00:05:02,480 --> 00:05:05,160 Wyoming has been my one and only priority. 87 00:05:05,560 --> 00:05:09,600 What a blessing to serve with Senators John A Bar so and Mike 88 00:05:09,600 --> 00:05:14,440 Enzi when I was in the US House and with John and Representative 89 00:05:14,520 --> 00:05:17,360 Harriet Hegman while I've been in the Senate. 90 00:05:17,600 --> 00:05:21,520 We all put Wyoming first, which has cemented our cohesive 91 00:05:21,520 --> 00:05:24,780 working relationship. Deciding not to run for re 92 00:05:24,780 --> 00:05:28,600 election represent a change of heart for me, but in the 93 00:05:28,600 --> 00:05:32,200 difficult, exhausting sessions weeks this fall, I've come to 94 00:05:32,200 --> 00:05:35,400 accept that I do not have six more years in me. 95 00:05:36,040 --> 00:05:39,520 I'm a devout legislator, but I feel like a sprinter in a 96 00:05:39,520 --> 00:05:42,640 marathon. The energy required does doesn't 97 00:05:42,640 --> 00:05:45,160 match up. I'm honored to have earned the 98 00:05:45,160 --> 00:05:48,600 support of President Trump and to have the opportunity to work 99 00:05:48,600 --> 00:05:51,800 side by side with him to fight for the people of Wyoming. 100 00:05:52,440 --> 00:05:55,240 I look forward to continuing this partnership and throwing 101 00:05:55,240 --> 00:05:58,680 all my energy into bringing important legislation to his 102 00:05:58,680 --> 00:06:03,240 desk in 2026 and into retaining common sense Republican control 103 00:06:03,240 --> 00:06:05,480 of the US Senate. Thank you, Wyoming. 104 00:06:05,880 --> 00:06:09,120 So let's do a couple of things to breakdown what she just said 105 00:06:10,120 --> 00:06:13,680 thing #1 the Senate. The Republicans will more than 106 00:06:13,680 --> 00:06:16,040 likely keep the Senate next year. 107 00:06:16,680 --> 00:06:20,200 More than likely they will lose the House next year as things 108 00:06:20,200 --> 00:06:24,600 currently stand. That's thing number two thing #3 109 00:06:24,640 --> 00:06:30,240 the Clarity Act has a high probability of passing in Q1 or 110 00:06:30,240 --> 00:06:34,160 Q2 of 2026. The Clarity Act, more than the 111 00:06:34,160 --> 00:06:39,040 Genius Act, is actually a bigger win for our industry in terms 112 00:06:39,040 --> 00:06:42,760 of, again, it's in the name, regulatory clarity. 113 00:06:42,880 --> 00:06:45,440 And of course, when you have regulatory clarity, you have a 114 00:06:45,440 --> 00:06:48,920 lot of confidence from the big banks, from large institutional 115 00:06:48,920 --> 00:06:52,200 players to invest in digital assets, to invest, invest in 116 00:06:52,200 --> 00:06:55,760 Bitcoin without the, with, without fear of uncertainty, 117 00:06:55,760 --> 00:06:59,360 without fear of, of an incoming administration coming in and 118 00:06:59,360 --> 00:07:01,880 reversing all of the things the Trump administration did. 119 00:07:02,280 --> 00:07:05,440 Remember, an executive order can be reversed by a future 120 00:07:05,440 --> 00:07:09,640 president, a something that goes through legislation and gets 121 00:07:09,640 --> 00:07:13,400 passed in Congress. It's much harder to, to, to 122 00:07:13,400 --> 00:07:15,840 reverse. And as Senator Lummus has said 123 00:07:15,840 --> 00:07:19,840 many, many times, they have done all of these things in a 124 00:07:19,840 --> 00:07:23,920 bipartisan fashion. So it's not been all complete 125 00:07:23,920 --> 00:07:27,480 support from the Democratic Party, but a lot of Democrats 126 00:07:27,480 --> 00:07:30,960 supported the Genius Act and a lot of Democrats will support 127 00:07:30,960 --> 00:07:34,000 the Clarity Act as well. So I do want to thank Senator 128 00:07:34,000 --> 00:07:37,720 Senator Lummis for her service. But I'm not going to, you know, 129 00:07:37,880 --> 00:07:42,000 put a cherry on top and say this is amazing news or this is 130 00:07:42,000 --> 00:07:47,200 fantastic. Losing bohines and then losing 131 00:07:47,200 --> 00:07:57,240 Senator Lummis is just it's a big loss for the Bitcoin Reserve 132 00:07:57,880 --> 00:08:01,360 movement in the United States. You can cut that in two 133 00:08:01,360 --> 00:08:03,280 different ways. You could say, Nico, that's a 134 00:08:03,280 --> 00:08:05,720 good thing. We actually don't want more 135 00:08:05,720 --> 00:08:09,720 nation states acquiring Bitcoin. Or you can look at it from a 136 00:08:09,720 --> 00:08:14,000 more number go up perspective and say, listen, if there's not 137 00:08:14,000 --> 00:08:16,840 going to be a strategic Bitcoin reserve, then you're not going 138 00:08:16,840 --> 00:08:20,480 to see these wild price swings to the up to, you know, the 139 00:08:20,480 --> 00:08:23,600 upwards direction. Because we were telling you guys 140 00:08:23,600 --> 00:08:27,080 this throughout the year and there is a lot more certainty 141 00:08:27,080 --> 00:08:32,159 earlier on this year that look, I said if the United States 142 00:08:32,159 --> 00:08:35,000 announces A strategic Bitcoin reserve and they announced that 143 00:08:35,000 --> 00:08:37,600 they bought like, you know, 500,000 Bitcoin or something 144 00:08:37,600 --> 00:08:39,200 like that. I'll tell you guys like the 145 00:08:39,200 --> 00:08:42,840 price of Bitcoin would probably go to half $1,000,000 within a 146 00:08:42,840 --> 00:08:44,960 year, right? Because it would just create an 147 00:08:45,000 --> 00:08:48,040 A Bitcoin arms race worldwide, right? 148 00:08:48,400 --> 00:08:51,440 So anyhow, let's talk about this. 149 00:08:51,600 --> 00:08:58,360 So the US Bitcoin reserve, the Poly market odds now have it at 150 00:08:58,360 --> 00:09:01,040 less than 1%. And just to kind of give you 151 00:09:01,040 --> 00:09:04,400 guys reference, right, And the beginning of the year in in 152 00:09:04,400 --> 00:09:12,880 March of 2025, the betting markets had it at a 77% 153 00:09:12,880 --> 00:09:16,800 probability that it was going to happen, right? 154 00:09:17,480 --> 00:09:20,920 And then when Bo Hines resigned, right, which was in August, 155 00:09:21,040 --> 00:09:22,560 right? You can see that it went from a 156 00:09:22,560 --> 00:09:27,520 35% chance down to a 20% chance and now with the Senator Lummis 157 00:09:28,200 --> 00:09:33,280 announcement, you know you have it at less than 1%. 158 00:09:33,840 --> 00:09:40,440 Now, if you are taking more of a long term view of this, here is 159 00:09:40,440 --> 00:09:43,240 the the betting, even though it doesn't have that much volume, 160 00:09:43,240 --> 00:09:47,080 but still I love the betting markets gives gives it a more 161 00:09:48,480 --> 00:09:51,320 the betting markets have been more accurate at predicting 162 00:09:51,320 --> 00:09:55,000 elections, predicting results because again, people put money 163 00:09:55,040 --> 00:09:57,160 on the line. It's not just a pollster. 164 00:09:57,400 --> 00:10:00,560 A pollster can be compromised. They can be paid off. 165 00:10:01,360 --> 00:10:04,200 You know, when people put their money where their mouth is, so 166 00:10:04,200 --> 00:10:06,960 to speak, when they have something at stake, right? 167 00:10:07,480 --> 00:10:10,680 It, it tends to, you know, create more accurate results. 168 00:10:10,920 --> 00:10:16,720 Now here are the odds currently as they stand for AUS National 169 00:10:16,720 --> 00:10:22,080 Bitcoin Reserve before 2027. It's currently at 27%, so check 170 00:10:22,080 --> 00:10:26,800 this out. We went from 77% on March of 171 00:10:26,800 --> 00:10:33,680 2025 to 2027, right? So 2026, it's all the way down 172 00:10:33,880 --> 00:10:40,440 to 27% and we lost our two biggest advocates for a 173 00:10:40,440 --> 00:10:46,200 strategic Bitcoin reserve in the same calendar year, Bo Hines, 174 00:10:46,560 --> 00:10:51,680 who again is with Tether, and you have Senator Lummis, who is 175 00:10:51,680 --> 00:10:57,680 announcing that she is no longer running for, you know, the 176 00:10:57,680 --> 00:11:03,920 United States Senate in 2027. There's no way to cut it. 177 00:11:03,920 --> 00:11:08,920 There's no way to sugarcoat it. I think this is a big loss for 178 00:11:08,920 --> 00:11:14,320 the movement. I think that, I think that and 179 00:11:14,320 --> 00:11:16,760 I'll and I'll get to this. I think there's a, there's a 180 00:11:16,760 --> 00:11:20,960 rabbit hole here and I'll kind of connect it with what was 181 00:11:20,960 --> 00:11:23,160 happening with Elon and, and all that stuff. 182 00:11:24,040 --> 00:11:27,000 There's no way to slice this. There's no way to spin this. 183 00:11:27,000 --> 00:11:31,040 There's no way to cut this. There's no way to reframe this. 184 00:11:32,000 --> 00:11:36,920 We had our two biggest advocates basically resign and, and 185 00:11:36,920 --> 00:11:39,360 announce that they're, they're not running for office. 186 00:11:39,800 --> 00:11:43,560 Now, Senator Lummus is still going to have a year in office 187 00:11:43,560 --> 00:11:45,520 and she's going to do her best. She's going to work. 188 00:11:45,640 --> 00:11:49,760 Her team is going to work on, on digital asset legislation. 189 00:11:50,080 --> 00:11:54,240 But again, as a political junkie, I'm looking at this from 190 00:11:54,240 --> 00:12:00,400 the outside and what I'm seeing is, and she kind of says this in 191 00:12:00,400 --> 00:12:03,680 her statement. I'll pull it back up again just 192 00:12:03,680 --> 00:12:06,160 so you guys could see it with me. 193 00:12:06,880 --> 00:12:09,040 But look, she says this in her statement. 194 00:12:09,560 --> 00:12:13,900 This isn't just me speculating. Deciding not to run for re 195 00:12:13,900 --> 00:12:16,320 election doesn't represent a change of heart for me. 196 00:12:16,600 --> 00:12:20,120 But in the difficult, exhausting session weeks this fall, I've 197 00:12:20,120 --> 00:12:23,120 come to accept that I do not have six more years in me. 198 00:12:23,360 --> 00:12:26,080 I'm a devout. I'm a devout legislator. 199 00:12:26,240 --> 00:12:28,440 But I feel like a sprinter in a marathon. 200 00:12:28,440 --> 00:12:32,440 I feel like that line really gives the towel, right? 201 00:12:32,720 --> 00:12:38,000 So what I think that Senator Lummus ran into, and I think 202 00:12:38,000 --> 00:12:42,680 that what Bo Hines ran into, is bureaucracy. 203 00:12:43,880 --> 00:12:46,720 You can call it the administrative state, you call 204 00:12:46,720 --> 00:12:48,520 it the deep state. I don't even call it the deep 205 00:12:48,520 --> 00:12:49,640 state. It's just the administrative 206 00:12:49,640 --> 00:12:51,640 states. It's the unelected bureaucracy 207 00:12:51,840 --> 00:12:54,680 that remains in power no matter who gets elected. 208 00:12:55,000 --> 00:12:58,600 And that unelected bureaucracy gets a tremendous amount of 209 00:12:58,600 --> 00:13:03,720 power and influence over United States politics because they are 210 00:13:03,720 --> 00:13:07,960 powered and funded by the United States Federal Reserve, right. 211 00:13:08,280 --> 00:13:13,440 And what what what we've seen this entire year is that the 212 00:13:13,440 --> 00:13:17,160 United States Federal Reserve has not been acting in a neutral 213 00:13:17,160 --> 00:13:20,400 fashion. They've been acting in AI would 214 00:13:20,400 --> 00:13:23,400 say they've been acting extremely politically. 215 00:13:23,560 --> 00:13:25,200 I think they've been picking sides. 216 00:13:25,480 --> 00:13:28,960 I think that they've tried to sabotage the Trump 217 00:13:28,960 --> 00:13:33,680 administration's first year so that essentially, by the time 218 00:13:33,680 --> 00:13:37,240 the midterms come around, he's no longer really a threat to 219 00:13:37,240 --> 00:13:39,560 them, right? Because once the Democrats take 220 00:13:39,560 --> 00:13:41,760 back in power, we know what the Democrats stand. 221 00:13:41,760 --> 00:13:45,080 Not all of them, but we know how the Democrats feel about 222 00:13:45,080 --> 00:13:48,240 Bitcoin, right? They want a central bank digital 223 00:13:48,240 --> 00:13:49,920 currency. They don't want Bitcoin. 224 00:13:50,160 --> 00:13:54,000 The Trump administration and the GOP have made it part of their 225 00:13:54,000 --> 00:13:57,640 official party platform that they will stand for digital 226 00:13:57,640 --> 00:13:59,560 assets. They'll stand for stable coins 227 00:13:59,840 --> 00:14:02,280 and they'll stand for Bitcoin and they'll stand for the right 228 00:14:02,280 --> 00:14:05,120 to self custody. If you're the Federal Reserve, 229 00:14:05,560 --> 00:14:08,920 what do you, do you want competition or do you want up a 230 00:14:08,920 --> 00:14:10,720 complete and utter monopoly right? 231 00:14:11,040 --> 00:14:14,880 So I don't blame them for acting, you know, in in their 232 00:14:14,880 --> 00:14:17,400 their own interest. That is something to be talked 233 00:14:17,400 --> 00:14:19,480 about. And I think what happened with 234 00:14:19,480 --> 00:14:22,720 Bo Hines and I think what what is what happened with Senator 235 00:14:22,720 --> 00:14:27,680 Lummus is that they ran into this machine, this machine that 236 00:14:27,680 --> 00:14:31,800 specializes in ensuring its survival, right? 237 00:14:31,800 --> 00:14:35,200 That's literally what this bureaucracy, this massive 238 00:14:35,200 --> 00:14:38,000 bureaucracy in Washington, DC is. 239 00:14:38,200 --> 00:14:43,080 You saw a glimpse of that when Elon went in there with Doge. 240 00:14:43,200 --> 00:14:45,200 Now Doge is officially shut down. 241 00:14:45,440 --> 00:14:49,640 But you saw it was a combination of the legacy media attacking 242 00:14:49,640 --> 00:14:52,840 what Elon was doing. And then it was a combination of 243 00:14:52,840 --> 00:14:55,320 you saw it every single day on X. 244 00:14:55,320 --> 00:14:58,440 It was like politicians would stand in front of buildings and 245 00:14:58,440 --> 00:15:01,200 say, Oh my God, the world's going to burn down. 246 00:15:01,440 --> 00:15:03,960 You know, like he's cutting all these things that shouldn't be 247 00:15:03,960 --> 00:15:07,480 cut, even though there were so many inefficiencies that were 248 00:15:07,480 --> 00:15:09,920 discovered. I mean, this was just announced 249 00:15:09,920 --> 00:15:13,360 the other day the, the, the Pentagon just failed. 250 00:15:13,360 --> 00:15:16,560 It's for it's 8th audit in a row, right? 251 00:15:16,800 --> 00:15:19,400 So there's no accountability whatsoever. 252 00:15:20,320 --> 00:15:23,840 And why would there be any accountability at all, right? 253 00:15:24,120 --> 00:15:27,640 So again, I think this is what Bo Hines ran into. 254 00:15:27,880 --> 00:15:30,600 I think that this is what Senator Lummis run into. 255 00:15:30,840 --> 00:15:33,560 And I think it's utterly exhausting, right? 256 00:15:33,560 --> 00:15:35,080 And I think that's why Elon left. 257 00:15:35,200 --> 00:15:36,840 I think that's why Bo Hines left. 258 00:15:37,080 --> 00:15:40,320 And I think This is why Senator Lummis, she's being very clear 259 00:15:40,320 --> 00:15:43,080 with you guys. She's saying, listen, I just 260 00:15:43,280 --> 00:15:45,360 this is going to require a ton of energy. 261 00:15:45,360 --> 00:15:48,320 I want to Sprint to get all of this stuff done. 262 00:15:48,680 --> 00:15:52,240 But I've come to realize that this is going to be a marathon, 263 00:15:52,560 --> 00:15:54,320 right? This is going to take a lot 264 00:15:54,320 --> 00:15:57,800 longer than what everybody anticipated. 265 00:15:58,080 --> 00:16:01,560 And of course, like it's, you know, ladies and gentlemen, this 266 00:16:01,560 --> 00:16:03,440 is the separation of money and state. 267 00:16:03,600 --> 00:16:06,160 What did you expect? Did you expect something 268 00:16:06,160 --> 00:16:08,400 different? Did you expect for them just to 269 00:16:08,400 --> 00:16:11,440 give the keys over and say, all right, guys, you found better 270 00:16:11,440 --> 00:16:15,000 money here, You you could go, you know, go, go do your thing, 271 00:16:15,120 --> 00:16:16,840 right? No, it's going to take all it's 272 00:16:16,880 --> 00:16:19,440 it was it was always going to take a lot longer. 273 00:16:19,680 --> 00:16:21,520 And I think these are the lessons that we're learning. 274 00:16:21,720 --> 00:16:26,160 But This is why it's so important to for you to stay in 275 00:16:26,160 --> 00:16:29,840 the fight. Next man up right, keep your 276 00:16:29,840 --> 00:16:36,800 head up and again get pro Bitcoin, anti CBDC people in 277 00:16:36,800 --> 00:16:41,160 Congress and positions of power. And again, that is how slowly 278 00:16:41,160 --> 00:16:45,240 but surely you will get the strategic Bitcoin reserve. 279 00:16:45,680 --> 00:16:49,560 It it needs, you need the political will, but we've lost 280 00:16:49,560 --> 00:16:52,520 the momentum and I think that's what I want to talk about on 281 00:16:52,520 --> 00:16:54,800 today's intro. We've lost the momentum. 282 00:16:54,800 --> 00:17:00,760 We've lost the momentum Bigley and I don't think we're going to 283 00:17:00,760 --> 00:17:03,080 get this strategic Bitcoin reserve anytime soon. 284 00:17:03,080 --> 00:17:06,400 And we had the opportunity in the beginning of the year. 285 00:17:06,520 --> 00:17:10,359 We just didn't run fast enough to capitalize on it. 286 00:17:10,440 --> 00:17:14,640 That's my take on all this. And yeah, I mean, Senator 287 00:17:14,640 --> 00:17:16,119 Lummis, thank you for your service. 288 00:17:16,119 --> 00:17:17,960 Bo Hines. I think you did an incredible 289 00:17:17,960 --> 00:17:21,720 job as well. But that's how things stand. 290 00:17:21,720 --> 00:17:25,200 And that's not my opinion. The betting odds seem to agree 291 00:17:25,200 --> 00:17:28,720 with me as well. But anyways, now what is the 292 00:17:28,720 --> 00:17:31,240 bright side of all this? The bright side of all this is 293 00:17:31,240 --> 00:17:35,080 again, a lot of people were a lot of smart people were were 294 00:17:35,080 --> 00:17:37,880 advocating for. There shouldn't be a strategic 295 00:17:37,880 --> 00:17:41,000 Bitcoin reserve, right? You don't want governments to 296 00:17:41,000 --> 00:17:43,560 have all of this Bitcoin. Maybe from a number go up 297 00:17:43,560 --> 00:17:48,440 perspective it's positive, but from Bitcoins core mission of 298 00:17:48,440 --> 00:17:52,520 the separation of money and state and ending this monopoly 299 00:17:52,520 --> 00:17:56,240 by central banks, you actually don't want the government to 300 00:17:56,240 --> 00:17:58,680 hold all this Bitcoin. You actually want these 301 00:17:58,680 --> 00:18:02,200 initiatives to start happening on the state level, which they 302 00:18:02,200 --> 00:18:04,040 are happening on the state level. 303 00:18:04,040 --> 00:18:07,280 I think the state of Texas announced the other day that 304 00:18:07,280 --> 00:18:11,000 they bought $5,000,000 worth of Bitcoin exposure. 305 00:18:11,160 --> 00:18:14,560 That's the type of movement that you want, right? 306 00:18:14,760 --> 00:18:17,000 And that's exactly what's happening, right. 307 00:18:17,760 --> 00:18:22,920 So the silver lining is that that again, you have more time 308 00:18:23,200 --> 00:18:27,200 to acquire more cheap Bitcoin because inevitably governments 309 00:18:27,200 --> 00:18:30,440 are going to buy this. Like this is just a delay. 310 00:18:30,480 --> 00:18:33,360 They're going to buy this. This is an inevitability. 311 00:18:33,360 --> 00:18:37,880 Bitcoin is the best money the world has ever seen by a long 312 00:18:37,880 --> 00:18:41,360 shot. So again, they're just going to 313 00:18:41,360 --> 00:18:44,520 buy it at a much higher price. I remember having an interview 314 00:18:44,520 --> 00:18:47,160 with Adam Back and he was saying like, look like governments are 315 00:18:47,160 --> 00:18:49,600 just going to buy it at a much higher price than they are now. 316 00:18:49,880 --> 00:18:53,080 If they don't want to take advantage of $100,000 Bitcoin, 317 00:18:53,080 --> 00:18:57,160 $80,000 Bitcoin, they'll buy it at $500,000 Bitcoin, right? 318 00:18:57,400 --> 00:19:00,920 So again, from a number go up perspective, I wouldn't say it's 319 00:19:00,920 --> 00:19:04,840 very, very bullish news. From a kind of Bitcoin mission 320 00:19:04,840 --> 00:19:09,400 perspective, it's incredibly bullish news because again, it 321 00:19:09,400 --> 00:19:13,760 gives you the individual more opportunity to acquire cheap 322 00:19:13,760 --> 00:19:18,760 Bitcoin and more opportunity for individuals to hold the lion's 323 00:19:18,760 --> 00:19:22,800 share of Bitcoin rather than institutions and governments. 324 00:19:22,920 --> 00:19:26,200 And that fundamentally, at the end of the day, if the Bitcoin 325 00:19:26,200 --> 00:19:30,680 revolution is to succeed, it's going to succeed on an 326 00:19:30,720 --> 00:19:34,440 individual level. It's not going to succeed by the 327 00:19:34,440 --> 00:19:38,160 it's not going to succeed if it's driven by the institutions 328 00:19:38,280 --> 00:19:40,280 or if it's driven by the government. 329 00:19:40,480 --> 00:19:43,840 We kind of saw a glimpse of that in El Salvador. 330 00:19:43,880 --> 00:19:46,720 In El Salvador, you had, you know, the launch of, of, of 331 00:19:46,720 --> 00:19:49,680 Bitcoin as legal tender. You had the launch of the Chivo 332 00:19:49,680 --> 00:19:53,760 app, but it was more top down. And what you saw is you didn't 333 00:19:53,760 --> 00:19:58,040 really see that much adoption like I, I, I, I, I applaud 334 00:19:58,040 --> 00:20:00,240 Naimbu Kelly for making Bitcoin legal tender. 335 00:20:00,440 --> 00:20:04,040 I think it was a fantastic move. In a way, Bitcoin still is a 336 00:20:04,040 --> 00:20:07,440 form of you could still use it as money in El Salvador, right? 337 00:20:07,720 --> 00:20:11,400 But that's not how you want Bitcoin adoption to happen. 338 00:20:11,400 --> 00:20:14,680 You want Bitcoin adoption to happen from the bottom up. 339 00:20:14,720 --> 00:20:19,560 It fundamentally Bitcoin is a. Fast roots movement, right? 340 00:20:19,800 --> 00:20:23,680 So anyhow, interesting news starting it off, I don't think 341 00:20:23,680 --> 00:20:26,720 the strategic Bitcoin reserve is going to happen in 2025. 342 00:20:26,800 --> 00:20:29,120 I don't think it's going to happen in 2026. 343 00:20:29,320 --> 00:20:32,600 Let's see if it happens within Trump's first term. 344 00:20:32,800 --> 00:20:35,400 He is heavily incentivized for this to happen. 345 00:20:36,120 --> 00:20:41,000 He has one, he has the one of the top ten largest strategic 346 00:20:41,000 --> 00:20:44,680 Bitcoin reserves. I mean, Bitcoin treasury 347 00:20:44,680 --> 00:20:47,640 companies, his company just announced that they bought, you 348 00:20:47,640 --> 00:20:50,760 know, more Bitcoin. I think it was, it was today or 349 00:20:50,760 --> 00:20:54,240 yesterday. So he's heavily incentivized for 350 00:20:54,240 --> 00:20:57,120 number to go up. He's heavily incentivized for 351 00:20:57,120 --> 00:21:01,200 Bitcoin to succeed. His, his kids, Eric Trump 352 00:21:01,640 --> 00:21:04,040 heavily involved in the, in the sector. 353 00:21:04,040 --> 00:21:07,360 They're speaking at conferences left and right, their own 354 00:21:07,360 --> 00:21:09,560 company, I think it's called American Bitcoin. 355 00:21:09,760 --> 00:21:13,560 Again, they're heavily exposed to the markets. 356 00:21:13,760 --> 00:21:17,920 And the reality is this, ladies and gentlemen, and 2025 was not 357 00:21:17,920 --> 00:21:21,920 that great of a year for Bitcoin Year, year to date, it's down. 358 00:21:21,920 --> 00:21:26,400 I think it's like 6%. If you go back 365 days, it's 359 00:21:26,400 --> 00:21:29,880 down as well. So Bitcoin hasn't had a great 360 00:21:29,880 --> 00:21:31,880 year. Now let's see what happens in 361 00:21:31,880 --> 00:21:35,640 2027, in 2026. Is it going to finally break the 362 00:21:35,640 --> 00:21:37,280 cycles? Are we going to have an 363 00:21:37,280 --> 00:21:39,800 explosive rally? Let's see. 364 00:21:39,800 --> 00:21:41,760 I think that's yet to be determined. 365 00:21:41,920 --> 00:21:47,040 But Bitcoin has never had two years back-to-back in the red. 366 00:21:47,440 --> 00:21:54,160 So if we end, if we end the year in this 90K8885K region and 367 00:21:54,160 --> 00:21:58,320 that's what the price is in December 31st of 2025 heading 368 00:21:58,320 --> 00:22:01,640 into January. But that would mean that all 369 00:22:01,640 --> 00:22:04,440 Bitcoin would need to do is go up from there, right? 370 00:22:04,640 --> 00:22:08,320 So that 2026 is uncharted territory. 371 00:22:08,320 --> 00:22:10,600 We don't know where Bitcoins going to end up. 372 00:22:10,840 --> 00:22:13,560 And I think that's the big question on everybody's minds. 373 00:22:13,720 --> 00:22:18,040 No one knows the answer to it. And that makes me incredibly 374 00:22:18,040 --> 00:22:22,520 effing bullish and excited. And the reason for that is, for 375 00:22:22,520 --> 00:22:26,960 the first time in a long time, we have uncertainty in the 376 00:22:26,960 --> 00:22:29,480 markets. And you want uncertainty in the 377 00:22:29,480 --> 00:22:33,360 markets, we want people not to know exactly what's going to 378 00:22:33,360 --> 00:22:37,080 happen because if someone tells you that something is guaranteed 379 00:22:37,080 --> 00:22:41,160 to happen in the markets, usually the exact opposite tends 380 00:22:41,160 --> 00:22:43,440 to happen. And that's exactly what we saw 381 00:22:43,480 --> 00:22:45,720 this year. Everyone and their mother, we 382 00:22:45,720 --> 00:22:50,600 are guilty of this ourselves. We're extremely bullish of of on 383 00:22:50,600 --> 00:22:56,200 Q3 and Q4 of 2025. It's the year after the halving. 384 00:22:56,360 --> 00:22:58,920 It tends to go parabolic. And you know what happened? 385 00:22:59,200 --> 00:23:01,240 The exact opposite. It was bearish. 386 00:23:01,400 --> 00:23:04,320 They were the most bearish the year after the halving 387 00:23:04,320 --> 00:23:07,240 performances ever in Bitcoin's history. 388 00:23:07,400 --> 00:23:09,600 So what happened? The market did exactly the 389 00:23:09,600 --> 00:23:11,480 opposite of what everyone else is expecting. 390 00:23:11,720 --> 00:23:15,640 So what does the majority, what does the consensus think Bitcoin 391 00:23:15,640 --> 00:23:18,080 is going to do heading into 2026? 392 00:23:18,360 --> 00:23:22,680 Everyone feels bearish. Most people say, listen, the 393 00:23:22,680 --> 00:23:24,720 cycle is over. It's done. 394 00:23:24,920 --> 00:23:27,600 You know, you had senator, Senator Lummis announcing she's 395 00:23:27,600 --> 00:23:30,360 not running for re election. You have Bo Hines resigning. 396 00:23:30,360 --> 00:23:32,960 The strategic Bitcoin reserve isn't happening. 397 00:23:32,960 --> 00:23:35,400 It looks like the Republicans are going to lose the House. 398 00:23:35,640 --> 00:23:38,320 Like everyone has this negative sentiment. 399 00:23:38,440 --> 00:23:42,640 They're expecting, you know, downward, you know, price action 400 00:23:43,200 --> 00:23:45,480 and again, markets do the exact opposite. 401 00:23:45,480 --> 00:23:50,120 So in heading into 2026, we might actually have an 402 00:23:50,120 --> 00:23:54,160 incredibly bullish year, but need liquidity without having to 403 00:23:54,160 --> 00:23:56,880 sell your Bitcoin. 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