1 00:00:00,800 --> 00:00:03,840 As of this recording of January 5th, 2026, while you were 2 00:00:03,840 --> 00:00:06,400 debating on whether you should eat that stale croissant, 3 00:00:06,840 --> 00:00:09,080 Michael Saylor bought more Bitcoin. 4 00:00:10,200 --> 00:00:12,800 At this time just two years ago, Bitcoin was trading in the low 5 00:00:12,800 --> 00:00:15,760 40 thousands. Today it hovers above 90,000. 6 00:00:16,440 --> 00:00:18,680 And while you were spending all this time staring at the chart, 7 00:00:19,760 --> 00:00:21,040 Michael Saylor bought more Bitcoin. 8 00:00:21,040 --> 00:00:23,360 Totally normal. But here's something strange. 9 00:00:23,440 --> 00:00:27,680 Miners only produce 450 Bitcoin per day, but Sailor's strategy 10 00:00:27,880 --> 00:00:30,400 buys more than that on average. Wait. 11 00:00:31,120 --> 00:00:33,600 That means when Bitcoin runs to six figures. 12 00:00:34,720 --> 00:00:36,000 And it will. It won't be because your 13 00:00:36,000 --> 00:00:39,160 neighbor finally decided to go all in for $5000. 14 00:00:39,160 --> 00:00:41,920 It'll be because supply was vacuumed up at prices that now 15 00:00:41,920 --> 00:00:43,760 seem cheap. And all the while, Michael 16 00:00:43,760 --> 00:00:46,120 Saylor buys more Bitcoin. Bitcoin is no longer about 17 00:00:46,120 --> 00:00:49,520 whether prices will go up, it's about whether you'll have access 18 00:00:49,600 --> 00:00:52,440 when they do on oceans. This is beyond Bitcoin. 19 00:00:53,840 --> 00:00:56,520 Oh look at that sailor just bought more Bitcoin. 20 00:01:02,240 --> 00:01:05,680 Before we go any further, I want you to hear this directly, not 21 00:01:05,680 --> 00:01:08,480 filtered through the headlines. Strategy recently purchased 22 00:01:08,480 --> 00:01:13,440 another 12187 Bitcoin. That's 116 million at about 23 00:01:13,440 --> 00:01:17,000 $90,000 per coin. This pushed their total holdings 24 00:01:17,000 --> 00:01:23,120 to 673,783 Bitcoin. That's 3% of the entire 21 25 00:01:23,120 --> 00:01:26,360 million supply already locked already off the market. 26 00:01:26,440 --> 00:01:27,880 I thought Bitcoin was for everybody. 27 00:01:29,040 --> 00:01:32,680 What are you doing hoarding all these bitcoins for yourself and 28 00:01:32,680 --> 00:01:34,960 your company? Michael Saylor suggests the US 29 00:01:34,960 --> 00:01:39,160 should sell all of its gold for 5 million Bitcoin again moving 30 00:01:39,160 --> 00:01:41,520 the Overton window. I keep saying this like you guys 31 00:01:41,520 --> 00:01:44,040 have to understand this like our job as bitcoiners is to move the 32 00:01:44,040 --> 00:01:46,360 Overton window. So the idea of self custody 33 00:01:46,360 --> 00:01:48,760 isn't radical. So the idea of Bitcoin isn't 34 00:01:48,760 --> 00:01:52,200 radical so the idea of, you know, individuals holding 35 00:01:52,200 --> 00:01:53,760 custody of their wealth isn't radical. 36 00:01:53,760 --> 00:01:55,240 We got to keep moving that Overton window. 37 00:01:55,240 --> 00:01:59,000 The way that we do that is by saying shit like this on TV by 38 00:01:59,440 --> 00:02:01,720 Trump basically saying look we're going to audit the Federal 39 00:02:01,720 --> 00:02:06,480 Reserve by Elon Musk posting that Keynes was a great evil and 40 00:02:06,600 --> 00:02:09,759 I'm talking I'm referring to the economist right and so like this 41 00:02:09,759 --> 00:02:11,960 is what I'm talking about right. This is what I'm talking about. 42 00:02:11,960 --> 00:02:14,080 We have to move the Overton window here. 43 00:02:14,080 --> 00:02:18,280 Of course sailor being extremely bullish and I mean like again 44 00:02:18,280 --> 00:02:21,400 guys like if I would have told you two or three years ago where 45 00:02:21,400 --> 00:02:24,960 would be today the fact that from the White House X account 46 00:02:24,960 --> 00:02:28,000 they're basically saying like look you know the US is going to 47 00:02:28,000 --> 00:02:30,560 be the Bitcoin capital the. Here's what matters. 48 00:02:30,880 --> 00:02:36,200 Last year at this time strategy held 190,000 Bitcoin, but today 49 00:02:36,560 --> 00:02:41,880 they hold, as we said, 673,783 Bitcoin. 50 00:02:41,960 --> 00:02:45,000 That's a 3.5 X increase in Bitcoin exposure. 51 00:02:45,000 --> 00:02:48,360 While most people are still asking what kind of cycle this 52 00:02:48,360 --> 00:02:52,000 one was, Was it a blooper cycle, a super cycle, or a super duper 53 00:02:52,000 --> 00:02:53,720 cycle? The world may never know. 54 00:02:53,840 --> 00:02:56,720 But notice something important. Sailor isn't waiting for pull 55 00:02:56,720 --> 00:02:59,040 backs anymore, he's buying into strength. 56 00:02:59,440 --> 00:03:01,520 That tells you something critical about what he sees 57 00:03:01,520 --> 00:03:03,240 next. You don't buy aggressively at 58 00:03:03,240 --> 00:03:06,080 all time highs unless you believe today's price will look 59 00:03:06,400 --> 00:03:09,640 laughably low. That's NGU in its purest form. 60 00:03:09,680 --> 00:03:13,960 Buy. 20 or 25% of the Bitcoin network, on behalf of the US 61 00:03:13,960 --> 00:03:17,800 government, catalyze the development of that world 62 00:03:17,800 --> 00:03:20,680 reserve capital network, and then let all the Chinese and the 63 00:03:20,680 --> 00:03:24,160 Russians and the foreigners sell all their other assets and buy 64 00:03:24,160 --> 00:03:26,920 Bitcoin, and then the money flows into the United States. 65 00:03:27,520 --> 00:03:31,200 If you want to put a great twist on it, dump your gold, sell all 66 00:03:31,200 --> 00:03:34,600 the US gold, buy Bitcoin, then the trade is free because you 67 00:03:34,600 --> 00:03:37,920 could buy 5 million Bitcoin for the cost of the gold. 68 00:03:38,400 --> 00:03:42,080 You will demonetize the entire gold asset class. 69 00:03:42,080 --> 00:03:46,200 And our enemies hold gold in their banks, so their assets 70 00:03:46,200 --> 00:03:49,640 would go to zero. Our assets would go to $100 71 00:03:49,640 --> 00:03:53,040 trillion and we would control the world. 72 00:03:53,040 --> 00:03:54,760 'S reserve. Now let's zoom out. 73 00:03:54,840 --> 00:03:57,960 ETFs weren't about validation, they were about throughput. 74 00:03:58,080 --> 00:04:01,360 They turned Bitcoin into a financial API, which means 75 00:04:01,480 --> 00:04:05,440 pension funds, banks, sovereign wealth funds no longer have to 76 00:04:05,440 --> 00:04:08,040 believe in Bitcoin, they just have to allocate it. 77 00:04:08,120 --> 00:04:11,800 Watch how fast skepticism disappears once Axis exists. 78 00:04:11,800 --> 00:04:14,280 Take a look. I mean for for all the banks in 79 00:04:14,280 --> 00:04:19,600 the world to embrace crypto, to embrace Bitcoin in 4 to 8 years 80 00:04:19,600 --> 00:04:22,160 would be fast. What you see here is it's 81 00:04:22,160 --> 00:04:28,120 happening much faster. What we've what we've seen is 82 00:04:28,560 --> 00:04:34,920 BNY Mellon, PNC Bank, Citibank, JP Morgan, Wells Fargo, Bank of 83 00:04:34,920 --> 00:04:41,400 America, Vanguard, all of these have flipped from a hostile, 84 00:04:41,400 --> 00:04:44,640 negative or skeptical view to a positive view in the last 12 85 00:04:44,640 --> 00:04:48,880 months, right? We have announcements Schwab is 86 00:04:48,880 --> 00:04:53,760 going to custody Bitcoin and extend credit against crypto 87 00:04:53,760 --> 00:04:57,560 assets early next year. Citi is doing the same thing. 88 00:04:58,920 --> 00:05:04,480 It used to be I couldn't get a loan against Bitcoin from any 89 00:05:04,480 --> 00:05:08,080 major bank. And now if I counted the top ten 90 00:05:08,080 --> 00:05:13,120 banks in the United States, eight of them, eight of them are 91 00:05:13,120 --> 00:05:19,000 actually engaged in crypto lending and they've all flipped 92 00:05:19,000 --> 00:05:20,600 their stance in the last six months. 93 00:05:20,760 --> 00:05:23,800 Here's the take away 8 of the top ten U.S. banks are now 94 00:05:23,800 --> 00:05:26,880 involved in Bitcoin custody lending, or ETFs. 95 00:05:27,040 --> 00:05:29,400 Banks don't do this for ideology, they do it because 96 00:05:29,400 --> 00:05:33,280 price attracts balance sheets, and balance sheets move price. 97 00:05:34,360 --> 00:05:36,280 Good thunk. Let's pause here for a second 98 00:05:36,280 --> 00:05:40,040 because systems don't fail politelysat123.com provides 99 00:05:40,040 --> 00:05:43,040 satellite phones that work when cell towers, Internet, and power 100 00:05:43,040 --> 00:05:44,920 grids do not. If you don't have signal, you 101 00:05:44,920 --> 00:05:46,880 don't have infrastructure. It's no problem. 102 00:05:46,960 --> 00:05:50,520 These phones connect directly to satellites, meaning you still 103 00:05:50,520 --> 00:05:52,600 have communication when everyone else goes dark. 104 00:05:52,600 --> 00:05:56,880 Go to sat123.com and use the promo code simply for 15% off 105 00:05:56,880 --> 00:05:59,560 your entire purchase. Bitcoin teaches you one thing 106 00:05:59,560 --> 00:06:01,200 early. Redundancy Beats 107 00:06:01,200 --> 00:06:05,320 optimismandsat123.com is redundancy for communication. 108 00:06:05,480 --> 00:06:07,080 Now let's address the gas lighting. 109 00:06:07,080 --> 00:06:09,680 Larry Fink calls Bitcoin an asset of fear. 110 00:06:09,720 --> 00:06:11,800 But in the same breath, listen carefully. 111 00:06:11,880 --> 00:06:13,320 This is where the narrative breaks. 112 00:06:13,440 --> 00:06:15,000 I think we. Need to get back to what is the 113 00:06:15,000 --> 00:06:18,200 purpose, What is the purpose of Bitcoin? 114 00:06:18,200 --> 00:06:22,720 Then we gave the stable coin, you know, the 13 1/2 trillion 115 00:06:22,720 --> 00:06:25,960 dollars that BlackRock manage on behalf of our clients. 116 00:06:26,440 --> 00:06:29,640 It's basically managing hope. That's all it is. 117 00:06:29,640 --> 00:06:32,160 I mean, why would anybody invest in a 30 year outcome unless 118 00:06:32,160 --> 00:06:34,320 you're hopeful in 30 years you're going to have the 119 00:06:34,320 --> 00:06:39,320 compounding effect? Bitcoin is an asset of fear. 120 00:06:40,720 --> 00:06:46,200 And when you're less fearful, like we had a trade agreement 121 00:06:46,200 --> 00:06:48,840 with China, you saw a shift downward. 122 00:06:49,360 --> 00:06:52,920 There is conversations this week that there may be some type of 123 00:06:52,920 --> 00:06:56,600 settlement in Ukraine. Bitcoin fell a little bit. 124 00:06:57,040 --> 00:07:00,880 So you own Bitcoin because you're frightened of your 125 00:07:00,880 --> 00:07:04,640 physical security, you own it because you're frightened of 126 00:07:04,640 --> 00:07:08,880 your financial security. The long term fundamental reason 127 00:07:08,880 --> 00:07:12,120 you own it because the debasement of financial assets 128 00:07:12,120 --> 00:07:16,920 because of deficits. And so to me even the movement 129 00:07:16,920 --> 00:07:21,080 in the last week and we've had about a 2025% drawdown and this 130 00:07:21,080 --> 00:07:24,720 is the third time since I bet was created our ETF. 131 00:07:24,960 --> 00:07:29,200 And so this is you see these shifts and it's they're actually 132 00:07:29,400 --> 00:07:33,080 pretty non correlated shifts. And that's and so the role. 133 00:07:33,080 --> 00:07:35,160 But then some people say, is that really insurance right? 134 00:07:35,160 --> 00:07:38,960 If you had bought it at $125,000 and it's now sitting at 90 some 135 00:07:38,960 --> 00:07:42,560 odd $1000, you're saying if you. Bought it for a trade, you know 136 00:07:42,560 --> 00:07:44,480 it's a very volatile asset. You're going to have to be 137 00:07:44,480 --> 00:07:46,800 really good at market timing, which most people aren't. 138 00:07:47,240 --> 00:07:52,240 If you're buy it as a hedge against all your hope, you know, 139 00:07:52,600 --> 00:07:56,160 then it has a a meaningful impact on a portfolio. 140 00:07:56,560 --> 00:08:00,400 The bigger the other big problem of Bitcoin is it is still 141 00:08:00,480 --> 00:08:03,200 heavily influenced by leveraged players. 142 00:08:03,800 --> 00:08:05,120 It is. That's what I wanted to talk to 143 00:08:05,120 --> 00:08:09,400 you guys about, OK? I mean that's Bitcoin, but we 144 00:08:09,400 --> 00:08:11,640 could see because we see where the flows are coming from. 145 00:08:11,640 --> 00:08:14,560 We're seeing more and more legitimate long only investors 146 00:08:14,560 --> 00:08:16,640 investing in it. There was an article about a 147 00:08:17,160 --> 00:08:21,960 foundation endowment just bought a lot of I bit, but I can tell 148 00:08:21,960 --> 00:08:24,960 you there are a number of sovereign funds that are 149 00:08:24,960 --> 00:08:28,200 standing by. They're adding incrementally at 150 00:08:28,200 --> 00:08:32,000 one 2100. I know they bought more in the 151 00:08:32,000 --> 00:08:33,799 80s. That's fine. 152 00:08:33,840 --> 00:08:37,960 And they're establishing a longer position and you own it 153 00:08:37,960 --> 00:08:39,960 over years. This is not a trade. 154 00:08:40,120 --> 00:08:46,200 You own it for a purpose, but the market is heavily leveraged 155 00:08:46,480 --> 00:08:48,480 and that's why you're going to have more volatility. 156 00:08:48,640 --> 00:08:50,720 Bitcoin is fear. Why are nation states 157 00:08:50,720 --> 00:08:53,200 accumulating it patiently? The truth is simple. 158 00:08:53,280 --> 00:08:56,480 Bitcoin isn't an asset of fear, it's an asset of inevitability. 159 00:08:56,480 --> 00:08:59,720 Institutions aren't afraid of volatility, they're afraid of 160 00:08:59,720 --> 00:09:02,960 being late to the base layer. And late buyers don't get 161 00:09:02,960 --> 00:09:05,960 upside, they get diluted. Now let's layer in the force 162 00:09:05,960 --> 00:09:08,080 multiplier. Artificial Intelligence I. 163 00:09:08,360 --> 00:09:11,600 Really made a a point to emphasize to people that AI is 164 00:09:11,600 --> 00:09:15,760 electricity. Electricity is not an investable 165 00:09:15,760 --> 00:09:19,240 technology the same way AI theoretically is not an 166 00:09:19,240 --> 00:09:21,960 investable technology. I don't believe in the 167 00:09:21,960 --> 00:09:27,280 Magnificent 7 taking in enough revenues to justify the CapEx. 168 00:09:27,280 --> 00:09:28,600 It's not that they're going to collapse. 169 00:09:28,600 --> 00:09:30,840 I just don't think these are growth names anymore. 170 00:09:30,840 --> 00:09:32,920 I think they're spending an enormous amount of money. 171 00:09:33,200 --> 00:09:36,280 So we need the narrative of those names to actually slow 172 00:09:36,280 --> 00:09:39,040 down and then for investors to look for growth. 173 00:09:39,760 --> 00:09:41,320 Have you had Rick Edelman on your show? 174 00:09:41,320 --> 00:09:42,520 I have, yeah. Recently, actually. 175 00:09:42,720 --> 00:09:49,720 So Rick talked a lot about having 10 to 40% in crypto. 176 00:09:50,760 --> 00:09:55,160 The reason or one of the primary reasons he gave is connected to 177 00:09:55,160 --> 00:09:58,000 artificial intelligence, which I will tell people is going to be 178 00:09:58,000 --> 00:10:02,200 a major story next year, which is this whole thing of longevity 179 00:10:02,200 --> 00:10:06,040 and extending people's lives. And that they need to have, 180 00:10:06,040 --> 00:10:09,240 because of that, more money in growth parts of their portfolio, 181 00:10:09,240 --> 00:10:12,880 which means more innovation. AI is like electricity And the 182 00:10:12,880 --> 00:10:15,560 fact that every company, whether it's a bank, whether it's a 183 00:10:15,560 --> 00:10:18,120 healthcare company, they'll all benefit through reducing 184 00:10:18,120 --> 00:10:20,440 expenses. That is very powerful. 185 00:10:20,440 --> 00:10:23,680 But there isn't an AI, there isn't a technology company. 186 00:10:23,680 --> 00:10:26,120 In my opinion, even though people speculate on it, they'll 187 00:10:26,120 --> 00:10:28,640 benefit. NVIDIA is a commodity company. 188 00:10:28,680 --> 00:10:32,080 They make something that goes into to help AI go. 189 00:10:32,080 --> 00:10:37,120 So I think your point is the most important question that 190 00:10:37,120 --> 00:10:40,840 people probably don't think about, which is the opportunity 191 00:10:40,840 --> 00:10:42,880 cost for people to invest in Bitcoin. 192 00:10:42,880 --> 00:10:46,160 Anyone has two parts to it. One is price. 193 00:10:46,560 --> 00:10:48,640 When price is going higher, everyone's happy and they're 194 00:10:48,640 --> 00:10:51,760 buying more. When it's going down, there 195 00:10:51,760 --> 00:10:54,440 isn't like a fundamental story that you can hang your hat on. 196 00:10:54,520 --> 00:10:56,720 And so that scares people. Like when's it going to stop? 197 00:10:56,720 --> 00:10:58,280 It's just kind of like in a dark room. 198 00:10:58,840 --> 00:11:01,600 I think eventually people will be more apt to buy it because 199 00:11:01,600 --> 00:11:03,920 they go, well, I know what's going to happen is there's going 200 00:11:03,920 --> 00:11:07,040 to be more digital wallets created because of tokenization, 201 00:11:07,160 --> 00:11:10,120 because of stablecoins. Once there's more wallets, it's 202 00:11:10,120 --> 00:11:12,880 much easier for the traditional finance people to actually 203 00:11:12,880 --> 00:11:15,680 invest in Bitcoin. The bridges that were created 204 00:11:15,680 --> 00:11:18,240 with I bit that were created with the ETFs allowed 205 00:11:18,240 --> 00:11:21,360 traditional finance people to invest and that's been gradual. 206 00:11:21,360 --> 00:11:24,360 But I think over time, if people have a wallet and the speed of 207 00:11:24,360 --> 00:11:27,160 transactions and they sell a part of their asset, they're 208 00:11:27,160 --> 00:11:31,360 going to start to put money in. So I think Rick's timeline for 209 00:11:31,400 --> 00:11:34,680 longevity is going to happen soon, very soon. 210 00:11:34,680 --> 00:11:37,200 I think it becomes an investable theme this week. 211 00:11:37,200 --> 00:11:39,040 It's actually happened in the stock market where 212 00:11:39,520 --> 00:11:41,560 pharmaceutical names are doing phenomenally well. 213 00:11:41,840 --> 00:11:43,960 People don't seem to notice. That's an AI story that's 214 00:11:43,960 --> 00:11:46,760 starting to come, but I do think Bitcoin will get more as we go 215 00:11:46,760 --> 00:11:48,360 forward. This explains why Bitcoin's 216 00:11:48,360 --> 00:11:50,600 price pressure accelerates, not slows. 217 00:11:50,760 --> 00:11:55,360 In an AI levered world, AI destroys margins, it shortens 218 00:11:55,360 --> 00:11:59,000 business lifespans, and it eats innovation faster than it can 219 00:11:59,000 --> 00:12:01,280 compound. So capital looks for something 220 00:12:01,280 --> 00:12:03,920 that doesn't decay. What do you think Bitcoin is? 221 00:12:04,080 --> 00:12:06,280 That's why price doesn't just go up. 222 00:12:06,360 --> 00:12:11,000 It re prices in violent steps because once capital realizes it 223 00:12:11,000 --> 00:12:13,560 has no alternative, it moves all at once. 224 00:12:13,640 --> 00:12:16,680 That's how you get NGU events, not linear growth. 225 00:12:16,760 --> 00:12:20,080 I believe that Bitcoin's greatest asset is time. 226 00:12:20,960 --> 00:12:25,320 And I have a, something I learned in my days of, of 227 00:12:25,440 --> 00:12:29,360 learning how to meditate, which was if you get caught in the 228 00:12:29,360 --> 00:12:33,000 moment, which is highly emotional, you forget how long 229 00:12:33,000 --> 00:12:34,800 the path is going to be. And that's why as a macro 230 00:12:34,800 --> 00:12:37,800 person, I try to grab myself and say, stop worrying about whether 231 00:12:37,800 --> 00:12:41,920 Bitcoin is 105 or 95. I know one thing, if it's at 130 232 00:12:41,920 --> 00:12:44,640 in three months, no one's going to remember that it was at 95 233 00:12:44,640 --> 00:12:46,320 and they're just going to be chasing it higher. 234 00:12:46,520 --> 00:12:48,880 So let's forget about that picture and let's start thinking 235 00:12:48,880 --> 00:12:51,480 about what will happen to all innovations. 236 00:12:51,800 --> 00:12:55,320 So I believe artificial intelligence will disrupt every 237 00:12:55,320 --> 00:13:01,120 single existing public company and there will be no way to have 238 00:13:01,200 --> 00:13:04,680 a business that isn't out competed from artificial 239 00:13:04,680 --> 00:13:07,920 intelligence. Entrepreneurs will rise, private 240 00:13:07,920 --> 00:13:10,000 companies will rise. They'll never go public. 241 00:13:10,000 --> 00:13:11,680 The capital structure will change. 242 00:13:12,040 --> 00:13:17,320 And So what Bitcoin becomes in 15 years is the only thing on 243 00:13:17,320 --> 00:13:21,280 the planet as an idea that actually has a Moat. 244 00:13:21,400 --> 00:13:22,880 That's part of the digital economy. 245 00:13:23,040 --> 00:13:26,160 Everything else. So if you think of what happened 246 00:13:26,160 --> 00:13:27,960 to GameStop, well, it lost to this. 247 00:13:27,960 --> 00:13:31,760 Every idea that is an S&P 500 name was an idea at some point. 248 00:13:31,760 --> 00:13:34,800 It was an innovation. The lifespan of an S&P 500 249 00:13:34,800 --> 00:13:36,680 company is shrinking every single year. 250 00:13:36,680 --> 00:13:39,440 So I believe all innovations in time will shrink. 251 00:13:39,640 --> 00:13:42,440 And what Bitcoin has and what it's immune to is time. 252 00:13:42,760 --> 00:13:45,760 It will always be here. And now that it's a $2 trillion 253 00:13:45,760 --> 00:13:49,920 asset or was, and now slightly below that, I think it has 254 00:13:49,920 --> 00:13:53,560 achieved Moat status. And very few things in in, in 255 00:13:53,600 --> 00:13:56,720 our lives have moats, right. Now, the part where retail still 256 00:13:56,720 --> 00:13:59,560 underestimates this is where the game theory stops being 257 00:13:59,760 --> 00:14:01,680 theoretical. And spotted something in the 258 00:14:01,680 --> 00:14:05,640 mountains of Bhutan mining facilities hidden in the valleys 259 00:14:05,640 --> 00:14:09,040 next to the hydroelectric dams. Turns out Bhutan had been 260 00:14:09,040 --> 00:14:14,360 stacking in secret for years and now holds $1.3 billion worth in 261 00:14:14,360 --> 00:14:16,960 Bitcoin. Daniel Batten, who researches 262 00:14:16,960 --> 00:14:19,120 Bitcoin mining around the world, put it this way. 263 00:14:19,440 --> 00:14:23,920 If there were a nation state exemplification of Stay Humble 264 00:14:24,120 --> 00:14:28,200 stack sets, it's Bhutan. While El Salvador was making 265 00:14:28,200 --> 00:14:30,840 announcements at Bitcoin conferences, Bhutan was just 266 00:14:30,840 --> 00:14:33,680 mining. No press releases, no marketing, 267 00:14:33,680 --> 00:14:36,360 no announcements. Because the moment you announce 268 00:14:36,360 --> 00:14:39,960 you're stacking Bitcoin, the IMF shows up with concerns. 269 00:14:40,160 --> 00:14:43,520 So Bhutan kept quiet. They used excess hydroelectric 270 00:14:43,520 --> 00:14:47,760 power that would have been wasted anyway. 0 cost energy. 271 00:14:48,440 --> 00:14:53,160 Their Bitcoin holdings now equal 40% of their entire GDP, more 272 00:14:53,160 --> 00:14:55,920 than everything else their government owns combined. 273 00:14:56,120 --> 00:14:59,480 Bhutan didn't buy Bitcoin for price, they mined it for 274 00:14:59,480 --> 00:15:01,840 sovereignty. Then Pakistan announced mining 275 00:15:02,000 --> 00:15:04,520 with 2000 megawatts of stranded energy. 276 00:15:04,520 --> 00:15:07,840 That's 10% of the entire Bitcoin network. 277 00:15:07,840 --> 00:15:10,960 So what's just happened in Pakistan is that Pakistan 278 00:15:10,960 --> 00:15:16,320 announced they wanted, they had 2000 megawatts of stranded 279 00:15:16,320 --> 00:15:18,920 energy, wasted energy that they wanted to use for Bitcoin 280 00:15:18,920 --> 00:15:21,440 mining. So to put that in context, 2000 281 00:15:21,440 --> 00:15:24,120 megawatts, that's 10% of the power of the entire Bitcoin 282 00:15:24,120 --> 00:15:25,480 network. So that's significant. 283 00:15:25,640 --> 00:15:28,520 And if Pakistan does this, then India can't ignore it. 284 00:15:28,640 --> 00:15:31,800 So again, if Pakistan start and you will have to start and then 285 00:15:31,800 --> 00:15:35,000 you have like the most populous country in the world who 286 00:15:35,000 --> 00:15:38,160 suddenly has a Bitcoin strategy and then it's from there. 287 00:15:38,160 --> 00:15:41,280 It's like. India has 1.4 billion people. 288 00:15:41,400 --> 00:15:43,920 India represents 1.4 billion people. 289 00:15:43,920 --> 00:15:47,520 When nations compete for a fixed supply asset price isn't a 290 00:15:47,520 --> 00:15:51,040 guess, it's arithmetic. Every coin a nation state holds 291 00:15:51,040 --> 00:15:53,160 is 1 you don't get to bid on later. 292 00:15:53,160 --> 00:15:55,800 And that's not bearish, that's structurally explosive. 293 00:15:55,920 --> 00:16:02,760 The IMF comes with austerity, it comes with predatory conditions. 294 00:16:03,000 --> 00:16:06,480 It comes with install a Western central bank that becomes a 295 00:16:06,480 --> 00:16:09,080 shareholder in the Bank for International Settlements. 296 00:16:09,760 --> 00:16:13,760 It comes with take this loan and you will give it back to us and 297 00:16:13,760 --> 00:16:17,680 you'll spend it on our products. And basically, we're just 298 00:16:17,680 --> 00:16:21,280 printing some dollars and then giving it back to the companies 299 00:16:21,280 --> 00:16:23,520 that's going to be getting these contracts from you. 300 00:16:23,640 --> 00:16:26,640 And if you don't do everything we say, we're going to tell you, 301 00:16:26,640 --> 00:16:28,880 you have to install a liberal democracy. 302 00:16:29,040 --> 00:16:34,640 And we want, we want to use your currency to devalue your savings 303 00:16:34,640 --> 00:16:36,880 and steal all your assets and you're up. 304 00:16:37,880 --> 00:16:40,360 That's what an IMF loan is. When the country's default and 305 00:16:40,360 --> 00:16:42,440 the loans are structured so that they often will, the 306 00:16:42,440 --> 00:16:44,120 consequences are severe. Kicker. 307 00:16:44,120 --> 00:16:46,480 The real kicker is if they default, you have all sorts of 308 00:16:46,480 --> 00:16:48,640 clauses which say we can build a military base. 309 00:16:48,760 --> 00:16:50,440 Bitcoin doesn't need new believers. 310 00:16:50,440 --> 00:16:53,560 It needs fewer sellers. And sellers are disappearing. 311 00:16:53,640 --> 00:16:56,600 Strategy isn't selling. Banks aren't selling. 312 00:16:56,920 --> 00:17:00,000 Nation states aren't selling. Which leaves one question if 313 00:17:00,000 --> 00:17:03,320 everyone with a formidable size is accumulating, who do you 314 00:17:03,320 --> 00:17:05,880 think they're buying from? You until you're gone? 315 00:17:05,920 --> 00:17:07,720 This cycle doesn't end with the top. 316 00:17:07,720 --> 00:17:10,560 It ends with a supply shock. And price doesn't ask for your 317 00:17:10,560 --> 00:17:12,960 permission. It's not a a fear I have. 318 00:17:12,960 --> 00:17:15,440 I think that every single new participant just makes the 319 00:17:15,440 --> 00:17:20,720 entire network better and more successful and empowers every 320 00:17:20,720 --> 00:17:25,319 other type of bitcoiner. So you've now been through your. 321 00:17:25,319 --> 00:17:27,680 First full 4. Year cycle the. 322 00:17:27,680 --> 00:17:29,200 Highs. The lows. 323 00:17:29,520 --> 00:17:32,560 What's your biggest lesson that you took away from the bear 324 00:17:32,560 --> 00:17:37,680 market? I think the lesson of Bitcoin is 325 00:17:37,840 --> 00:17:41,720 Bitcoin is the best asset. There is no second best asset. 326 00:17:43,040 --> 00:17:46,360 Buy Bitcoin. Keep buying Bitcoin. 327 00:17:47,480 --> 00:17:50,880 Don't sell the Bitcoin. Ignore the noise. 328 00:17:51,240 --> 00:17:53,960 In the words of Michael Sailor, ignore the noise. 329 00:17:54,080 --> 00:17:56,320 One last thing. Information alone doesn't change 330 00:17:56,320 --> 00:17:59,680 outcomes, but networks do. Club Orange connects Bitcoiners 331 00:17:59,680 --> 00:18:03,400 in the real world not to argue, but to build local meetups, 332 00:18:03,400 --> 00:18:06,560 trusted circles, people who understand what's happening 333 00:18:06,560 --> 00:18:09,120 before the headlines. In a supply driven game, who 334 00:18:09,120 --> 00:18:12,440 you're connected to matters. Club Orange is where Signal 335 00:18:12,440 --> 00:18:14,880 lives offline. Bitcoin isn't waiting for you 336 00:18:14,880 --> 00:18:17,400 and the price will move and the supply will vanish. 337 00:18:17,480 --> 00:18:20,200 The only question left is whether you've moved first. 338 00:18:20,320 --> 00:18:22,800 There is no second best. Thank you so much for watching 339 00:18:22,800 --> 00:18:24,240 this video. If you like what you see and you 340 00:18:24,240 --> 00:18:26,360 want to see more, make sure you hit that like button below. 341 00:18:26,400 --> 00:18:28,880 Or you can subscribe to the Simply Bitcoin channel for more 342 00:18:28,880 --> 00:18:30,880 content like this. We're coming out with it every 343 00:18:30,880 --> 00:18:32,960 single day of the week. Also, do not forget to hit that 344 00:18:32,960 --> 00:18:35,960 notification bell imotions. This is beyond Bitcoin. 345 00:18:36,240 --> 00:18:36,960 Until next time.