It's all going to zero against Bitcoin.
It's going up for everyone. You're against Bitcoin.
You're against freedom. Good morning everybody.
We are back. It is Thursday, September 7th.
It's your boy Opti. And what some crazy news
happened yesterday, and if you've been paying attention to
the show, we've covered this a while in the back in the past.
One of the three things that sailors said that will get us to
the road to $5,000,000 just happened yesterday and man this
is a big one. Fazb, aka the Financial
Accounting Standards Board set to introduce new fair value
accounting rules for Bitcoin and and unfortunately other Kryptos
as well. But you know they're learning.
They're they stated that they're learning what's going on.
I brought all the receipts for you guys, but the TLDR is
basically a lot of the disincentives for corporations
and businesses to hold Bitcoin on their company balance sheet
will now be put to the wayside. And this will provide a more
accurate reflection of the market value of Bitcoin on
balance sheets and of course give greater transparency to
financial reporting of companies, the whole Bitcoin.
So this is a process that we've been talking about here on the
show. Basically the great
refinancialization of the Fiat world with Bitcoin is here to
stay. It is happening in real time and
I think I've said it in the past this this may be one of the most
bullish bear markets in history. Yes, it's been a tough one in
regards to the price, but the amount of stuff getting built on
the back end, the amount of Bitcoin exposure, the amount of
attention we've been getting on Bitcoin, I don't think any other
bear market can compare to that. And now we are seeing at the
financial world, the traditional financial world is starting to
embrace Bitcoin because they understand what we understand.
Honey Badger don't give a F and they cannot stop this.
So they are incentivized to embrace it.
And I call. Of course, I can already hear
the the bitcoiners out there. It's like, you know who we don't
need the financial world. But guys, this was inevitable.
We knew this was gonna happen. So I got you all the receipts.
We got some videos from Sailor telling us about the three
things needed for Bitcoin to hit $5,000,000.
We'll cover that on the news. And of course I got a video here
you, you know how I like to do. I like to give you guys easy
examples of what Bitcoin is. And then I'm not alone.
I got my boy Mike Hobart, who you guys know, you guys are
familiar with Mike Hobart. And we got a little culture
segment here because last week we had the debate whether
Hoddling is using Bitcoin, whether you should be spending
your Bitcoin to further spread Bitcoin adoption.
Well, everyone's a scammer. You guys know this.
So Hoddling is using Bitcoin. We're gonna double down on this.
And it's one of those things. You know, I saw some of the
comments out there saying that we repeat ourselves a lot, but
what gets repeated gets remembered.
Guys, we are here trying to get the Bitcoin fundamentals to the
normies out there, to the okay to the shit coiners out there on
YouTube that are still lost in the sauce.
So hey, forgive me if you've been here for a while, but we're
going to double down on the idea.
First and foremost, we're going to start with what is Bitcoin?
Then we're going to start with the big news today of how this
is going to change corporate adoption on Bitcoin.
And then third, we're going to double down on the idea of why
you should be hoddling some Bitcoin.
Anyways, Mike, how you doing? I was telling everyone the
spaces. We had a great conversation.
It wasn't necessarily Bitcoin related, but it got my mind
going. It got me ranching.
So how you doing this morning? Good to have you, dude.
Dude, it's I I have to disagree. I think the the conversation we
were having actually does relate back to Bitcoin, specifically
bitcoiners, and like the kind of cultural revolution that's
happening alongside the energy and monetary revolution.
So. Yeah, did you know You know,
I'm. I'm good to get your your your
mind juices flowing and everything exactly as I always
said. You know you were giving me crap
on I forget when it was was Tuesday maybe about Zach being
my favorite writer. Well, you know, I love your
writing as well because you have a way of getting my thoughts out
on paper because I'm just like, intuitively regarded when it
comes to that sense, I'm like, OK, here's the answer, here we
go. And you're like, no, let me, let
me expand on this unwritten form.
And so you have a way of of saying what I can't write, I
guess, or writing what I can only say I don't know anyway.
Anyway, that's not the hero there.
All right. All right, guys, let's get into
the show because we do have a lot to talk about today.
The Bitcoin numbers. Is your Bitcoin and cold storage
really secure? Is your seed phrase really
secure? Stamp seeds?
Do it yourself. Kit has everything you need to
hammer your seed words into commercial grade titanium plates
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Don't store your generational wealth on paper.
Papers prone to water damage. Fire damage.
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Your words are actually stamped into this metal plate with this
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Titanium stamp seeds will survive nearly triple the heat
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All things that paper is. Not allowing you to huddle your
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Stamp your seed on stamp seed. Yeah, you guys are getting crazy
in the chatter anyways. Anyways, scan the QR code at the
bottom of the screen and get yourself a titanium storage kit.
Guys, do not leave your seed phrase in your sock drawer on a
piece of paper. Make sure it is able to
withstand fires and disasters because this is the only way
you're gonna make it through the great re sat of the world.
Anyways, let's get into these numbers.
As you guys know, my numbers are a little different than Nikko's
and I always start with my favorite number which is the
block height. Guys tick tock next block.
It's the only date that matters now.
We are currently at a block height of 806,619.
The current Bitcoin price is 25,775.
You know it I guess you know Side tangent.
I was saying that maybe we are out of the the bear market crab
market because we had some good news in the price pump.
Well we had some good news and the price went down South.
Maybe we're still in a crab market slash bear market.
Anyways that's a totally other tangent.
The Moscow time aka the sats per dollar AKA how much your Fiat
dollars worth in Bitcoin AKA how much Bitcoin you can buy for a
single dollar is currently at 3879.
If I could, I would do a poll right now of are we gonna see 4K
sats? But I can't do this all right
now. Anyways, the total percentage of
Bitcoin that will ever be issued is currently at 92.75 percent,
92.75%. The market cap of Bitcoin in
Fiat terms is at half a trillion dollars, $502.2 billion.
The realized monetary inflation taking Fiat currencies to school
is at 1.75% and going to be cut in half roughly around April,
and the Bitcoin versus gold market cap is only at 3.93%.
So much room to run in the hard money game and the total
lightning capacity currently is around 4742 Bitcoin or publicly
reachable lightning capacity. The hash rate the last 90 days
is 380. Exit hashes slowly but surely
creeping up guys. If you're if you're following
along hash rate be booming boys and girls.
And the pending fees. Wow look at the pending fees
guys. 6.8 Bitcoin right now. Geez I think it's doubled.
What's going on out there Why why is it so?
What's going on in the in the in the men pools out there.
I don't know. Is there?
I don't know. I'll have to look into that.
Interesting. I I was not expecting that.
Sorry guys. Anyways, I saw this video from
documenting Bitcoin shouts out to that account, AKA documenting
BTC. And you know, you know what I
like to do guys on the show. I I like to as much as possible
break down Bitcoin in the simplest terms imaginable
because I still see so many people that don't understand
what Bitcoin is. They don't understand the
importance of Bitcoin and they're still sitting on the
sidelines. And so any chance I get to try
to give you examples of what is Bitcoin in the simplest terms
possible? I always do it and I think this
is a good way to tee up all the news that we're going to be
covering today. And even the culture today is
just a very, very high level, easily explainable view of what
Bitcoin is. And of course I have a video
here from Jack Mahler's one of the Go entrepreneurs in the
space and he's just got a way of explaining Bitcoin that I wish I
could I I'm a I'm a lot more wordy when it comes to my
Bitcoin. I usually get more emotional
please. But this is very clear cut way
of explaining Bitcoin. So let's get into this, and then
we'll have a conversation about it.
The other Jack and I grew them thinks of Bitcoin as the
currency of the Internet because of the similar properties they
retain. The Internet has actually in
similar properties of maybe something like the United States
of America. There's a freedom and a pining.
There's a freedom in coming and going.
Everyone is created equal. It's a system of users with no
admins, and so it is a system that's designed to be
peer-to-peer. And because of that, there is no
natural relationship with the nation state or corporation.
And so it is naturally global and is natively digital, which
makes it incredibly accessible and it doesn't inherently
require systems like trust. And so I think that is why it is
the currency of the Internet and more specifically it's the first
ever digital bear instrument, so bytes of data.
Could represent physical value and so for something like a
Stripe, you know Visa payments are promises of future
settlement and so Stripe doesn't actually offer finality within
itself. It forwards along messages of
promises and so that for for those reasons but then to public
blockchain. Sorry this is a loaded question,
so I'm giving. My best is that Bitcoin doesn't
have a natural issuer. No one Sotoshi Nakamoto even
paid for his or her their Bitcoin with energy.
And so it is a commodity like instrument and its truest in
most natural form and that's a very, very important property
that even someone like the SEC is beginning to recognize.
So I think the combination of those make Bitcoin tremendously
unique. It has a Big Bang type of effect
where theoretically, in my opinion, it's impossible to
replicate. And retain and achieve the
properties that Satoshi did Jack.
I wish I could be so eloquent in such a simple way explaining
what Bitcoin is. And This is why I wanted to
bring up that little video today, because it's going to
touch in on the news story today.
And it's basically the idea that everyone is waking up to the
value proposition of Bitcoin. They can fight it, they can
fight it, They can call it what do they call it?
Digital pet rock, whatever they want.
You know even the shit corners out there that are muddying the
waters. It's becoming very obvious that
there's Bitcoin and there's Shitcoin and nothing else comes
even close to Bitcoin. Like Bitcoin is the digitally
native money of the Internet. It's permissionless,
peer-to-peer. This is the separation of money
and state, and Bitcoin is accessible to everyone.
It's trust, minimize, and all you have to do is just have a
little curiosity, like you have to opt into the network.
There is no hand that's going to force you to use Bitcoin.
You know, there's no Bitcoin marketing team.
It's just us out here. It's just other bitcoiners that
are not only just in love and obsessed with Bitcoin, but we're
here trying to help other people out there and we get mud thrown
in our face and you know, it's just it's it's hey, it may not
be much but it's honest work anyways.
Slowly but surely the world is waking up to the value
proposition of Bitcoin. You know, hard cap, censorship
resistant, digitally native instant settlement in 10
minutes. What else you know stores value
through time and space can literally uncensorability
exactly can send it around the world in freaking lightspeed
like it it nothing compares to Bitcoin.
The the traditional financial system doesn't even come close
to Bitcoin. It Bitcoin is so simple and the
settlement layer of Bitcoin is is the 10X improvement on the
traditional digital payment system that we are using like
and then add that to the monetary policy of Bitcoin which
if you are a Fiat maxi out there you don't even know what they're
going to do with your dollar coming up next month.
Like, we know what's going on with our money for hundreds if
not thousands of years. And it just, it really goes to
show that the digital payments in their current forms cannot
compete with Bitcoin and no amount of propaganda against
Bitcoin will stop this. And as you can see in today's
news, when we go through all the receipts, whether it's the SEC,
whether it's FAZ V, whether it's the black rocks of the world,
whether it's nation states like El Salvador of the world, or
individuals like yourself, slowly but surely people are
waking up to the idea that you might want to own some Bitcoin
just in case it catches on. Because it's happening in real
time, guys. And I know you that watch this
show every single day I I'm preaching to the choir.
But we say all this stuff constantly to try to plant and
accept the ideas to just the the layman, just the casual watcher
that may be on YouTube that may have just got caught by the
title. And they're like, man, what is
this Bitcoin stuff? Is it really important?
Yes, it is important. And you want to hold some, I
don't care how much you hold, but you need to hold some.
I would say go almost all in if you're possible.
But you know, we all on different time scales and we all
have different behaviors and we all have to audit our finances
differently. But man, Bitcoin is absolutely
winning out there. And yeah, shouts out to Narwhal
who put it in the chat. I do have the meme for you guys.
Today is the second year anniversary of El Salvador
adopting Bitcoin. Yes, it is like this is it goes
back to like I know we had this conversation I think it was last
week of are we early, are we not on a price scale, you know, who
knows on an adoption scale. I think it's becoming or it's
absolutely obvious to everyone that we are early and just
there's so few people that we can call bitcoiners.
I I'd ventured to say it's probably less than a million
true bitcoiners out there in the world that are holding a
significant amount of wealth in Bitcoin and and won't ever go
back to the Fiat currency. So we have a lot of work to do
but hey, Bitcoin stays winning the incentive stay winning.
TikTok next block. This is the way it's it's so
beautiful being on the front lines.
Anyways, Mike, what's your thoughts on all this?
Well, I I I got to be honest as far as like going off the the
Jack Mahler's clip, I don't have a whole lot to say.
I have a lot more to say as far as like the the rest of the
topics we're going to be getting into today.
But I what I can like what I can add to the conversation is that
there's a significant level of safety and defense that Bitcoin
can provide. We were talking about this
specifically last night on Bitcoin veterans.
There's a there's a portion of the the community population
that we have our soldiers out there both currently enlisted
and. You know, veterans that are no
longer enlisted and we look to them to defend ourselves and
defend our loved ones and our families.
But then there's zero adherence or clarity or conversation
around making sure that, like those that are protecting us are
protected themselves. And I think that like this whole
Bitcoin adoption and Bitcoin use case is going to really
penetrate the kind of the. The veil or into the mainstream
mindsphere. As far as if you don't have the
capability of just using an asset that is freely spendable
and freely savable like you, you basically don't have anything
right. Because like if you're if you're
not capable of saving your time, energy and wealth in something
that cannot be removed from your own ownership, that that's a
significant level of risk. Like.
It was kind of not kind of. It was aggressively bought into
that the US dollar was always going to save and retain its
value. And like you could just put it
underneath your mattress and you'd be good.
Look what happened the last couple of years.
Like how much can you actually buy with that money that you put
in your mattress? Like it's just it's and I
understand like you and I have talked about it.
Like I understand the nihilism that comes from when you
understand the monetary system and the situation for inflation
and. Real estate prices going up and
all this other, it's like where where's the hope?
And it's like I I've been kind of meaming it a little bit
lately. There's the conversation topic
of Bitcoin is hope. Bitcoin is a store of value
because it's hope. Where I disagree, I think
Bitcoin is hope because it's a store of value, because without
that. Like, we don't have a foundation
to try and build our future upon, and then you don't have a
foundation to pass on down to your children, which is kind of
the whole point of this entire game we call life, right?
Like learn how to do better and then build somebody that can do
better on top of your better and continue pushing the advancement
of society in the human race. So that's what I've got so far.
We got a We got a lot more interesting stuff to talk about
though, in my opinion, as far as I don't want to.
Docks the conversation that we're about to have.
So well wait wait say that meme again what you say the Bitcoin
is hope because it is a store of value.
I absolutely love that and and we're literally going to talk
about that on the culture. So we'll put a pin on that one
because it that's a that's a great look.
You know something about the synchronicities on the show.
It's like if you if you if you program the show correctly then
it all goes into the main message that Bitcoin is the way.
Anyway, before we move on guys, of course we are plugging our
boys at the Bitcoin magazine Bitcoin 2024 in Nashville July
25th through the 27th next year around I guess after the having.
But we're going to be there. I hope you guys go there.
We're telling you this now because the tickets will go up
and you guys always complain about it, but get your ticket
today before the prices go up. You know you're going to FOMO
into going to the conference. Use promo code simply and you
can get a discount today. So we hope to see you.
I can't wait to get to Nashville.
I haven't been to Nashville yet, but all my friends are out there
and they're telling me it's super duper lit.
Anyways, let's get into the news, guys.
The Daily News. All right before.
Before I go on guys though, I got a shout out Foundation.
I don't have my foundation and it's in the mail, but I am so
hyped about Foundation. This is one of the, I think, one
of the prettiest hardware wallets out there.
And it is fully open source, self custody done right build
with premium grade hardware wallet, fully open source, made
in the US, most intuitive Bitcoin hardware wallet out
there. It looks like it looks like your
old Nokia phone. This is definitely consumer
grade hardware wallets out there giving people something that
they are used to that they're familiar with so they don't get
scared away guys. So get your Bitcoin off in
exchange and into your own hands in a few minutes and they even
have some concierge services services out there that that
walk you through it. White glove service to get on
boarded on passport by foundation.
Anyways guys, you can scan the QR code over there and we will
take you directly to the website.
Anyways before I go on as we've been talking about today, some
huge news happened yesterday. It is not like the ink hasn't
fully dried yet, but this is huge moving forward for Bitcoin
in terms of corporate adoption because it's starting to remove
the obstacles around people embracing Bitcoin.
And I have a tweet here starting off by Corey Clifson and he goes
Christmas came early for Sailor and Micro Strategy and other
companies with Bitcoin on their balance sheets.
Fazbe is moving Fair Valley reporting for Bitcoin Holdings.
And before I move on guys as I put in the title Sailor in the
past and we and we played this clip for you guys.
I forget what episode it was but we played this for you guys on
the show before. And Sailor went out and said a
while back that there I think it was a / a year ago that there is
3 things that are needed to take Bitcoin to a $5 million per
coin. And I know you guys are like
whoa, we're getting stupidly bullish today on this Thursday
show. What he is talking about is the
adoption of Bitcoin and eliminating the disincentives
from the traditional financial world to embrace Bitcoin.
Yes, for a while Bitcoin was very much looked at as like, you
know, it's a Ponzi scheme. It's a fad, it's gonna go away.
But after the news that we heard yesterday and I'll bring the
receipts for you guys, I'll explain it completely.
But first, I wanna play this video by Saylor.
It goes to show that the institutions, you know, whether
the BlackRock, whether it's on the nation state level or
nonprofits like Fazbee, the what, what's that financial
accounting standard board. And it goes to show that they're
starting to embrace Bitcoin. And I know I can hear the
bitcoiners out there talking about like, you know, we don't
need the institutions. Well guys, I don't mean to be
the full number go up guy here, but without the liquidity and
capital from traditional financial worlds, the number
isn't going to go up as high as you want.
And of course I want individuals adopting Bitcoin.
As I've been saying, this was inevitable.
We knew that the institutions and corporations and nation
states at a certain point will be adopting Bitcoin and it is
happening probably sooner than most of us thought.
Anyways, let's get into this clip here by Michael Saylor
explaining the three things that will be needed for Bitcoin to
hit $5 million per coin. And you think the catalyst that
10X is it really is? The the moment that JP Morgan
Chase or or or other big money center banks can custody these
for large corporates, that's it. That's the sea change because
there's really no reason why they shouldn't be diversifying
the assets on their balance sheet.
Is that is that your take? Because I know that like Tim
Cook, I don't know where it came from.
Earlier this week he said something like, ah, I own some
Bitcoin but we have no designs on anything or I don't know if
he said Bitcoin or crypto in general.
Is that the thing? And then and then the I.
Think. There's.
Look, first of all, it's going up by a factor of 10 whether
they fix any of the stuff, right?
It's going to go a lot. It's going to be a grind up by a
factor of 10 just because gold is broken and the coin's going
to replace gold. And now everybody in the
universe knows they need a non solver and store a value in the
form of a bearer instrument. So now they're looking the the
amount of stories for last year. People said inflation may be
coming. We're not sure.
Now the mainstream narrative is flipped to inflation is here.
You need inflation hedge. So it's going to grind up to
replace gold. It'll go to $500,000 a coin
regardless of why they fix these things.
But there are three things that are massive catalysts that cause
an acceleration. And I I don't think that those
three things don't take us to 500,000, they take us to 5
million a coin, right, those three things are.
A spot ETF where someone can go ahead and buy $100 million of
Bitcoin by a security and ETF security I think that's 1/2 is
your bank is going to custody it for you and lend against it.
And three is I can mark it up or mark it down on my balance sheet
based on fair value para pursue that.
It'll be para pursued to the way I'd handle Apple stock, or at
least that good. If it's if you have property
with fair value accounting, by the way, it becomes parapasu to
the way you'd handle treasury bonds on a treasury balance
sheet. Treasuries are better than
stocks because Treasury is property whereas a stock is a
security and you're capped out at 40% of your balance sheet is
security. So.
So it would be a major, major breakthrough if if you saw any
of those three things. And I'll end with this one
observation. I tweeted this last week, but I
still I think it's very powerful.
It's if the banks can hold this stuff on their balance sheet,
then a whole new class of investors are going to buy it.
People are going to put in billion and multibillion dollar
orders to buy it as a Treasury asset.
Nobody's going to sell it because because there's no
reason to sell it if you can borrow against it at Libor plus
art, so for plus 50 basis points.
Right. So you'll be you'll be borrowing
against Bitcoin. So for plus 50 or so, for plus
100 basis points, no one's ever gonna sell it.
Oof. OK, guys, now, now, now I hear
some people in the chat already saying, you know, like not not
letting banks custody your Bitcoin.
I know, I get it. I wouldn't do that as well.
But the point of the matter is, two of these three things are in
the process of happening right now.
We all know about the BlackRock Bitcoin ETF, spot Bitcoin ETF's.
Basically, you know, we don't know when it's going to get
approved, but we know it will. It's not a matter of if, it's a
matter of when. And now we have the fast beat
change changing the accounting rules in regards to Bitcoin.
And of course, inevitably the banks will want your Bitcoin, so
don't give them your Bitcoin. Anyways, let's get into this
news because we set the stage for this.
This is how we Bitcoin will get to that $5 million per Bitcoin.
Anyways, I got that before I get into the the actual article
covering what happened, We have James Lavish responding to the
news yesterday saying this is huge development for Bitcoin.
For those interested in the details, he's got a thread here.
So I'm going to break down the thread of when this was
initially talked about and then we'll get into the coverage from
Bitcoin Magazine. So the latest Fazbe ruling will
be pretty big deal for Bitcoin. And of course, this was November
14th, 2022. But what's FASBE and why should
you care? Accounting is boring, but the
latest FASBE vote opens the door for companies to buy and hold
Bitcoin and corporate treasuries without balance sheet penalties.
OK, so how? Let's walk through it nice and
easy, shall we? First, the Financial Accounting
Standards Board, known as FASBE, is an independent organization
that establishes accounting and financial reporting standards
for US based companies. These are known as the Generally
Accepted Accounting Principles or GAP.
As investors, why do care? Because the SEC recognizes FAS B
as the official accounting rule maker for US public companies.
And if companies do not follow gap principles, they're out of
compliance and no respectable accounting firm will certify
their financials as correct. At the heart of why the latest
FAS B ruling matters for Bitcoin is the long lived intangible
asset. See, FAS B originally determined
that Bitcoin was to be considered a long lived
intangible asset, much like a patent, copyright, or trademark.
And this creates a problem when the asset is accounted before on
a company's balance sheet. So we have the basics, the
pretense of where we were and where we're going.
And on the news yesterday, Saylor tweeted the original
article. I'm not gonna use the original
Bloomberg Tax article because it it's not as as succinct as the
Bitcoin Magazine one, so I'll use that one.
But he's quote tweeting the article from Bloomberg Tax where
the news came from and say it goes fair value accounting is
coming to Bitcoin. This up upgrade to Fazbe
accounting rules eliminates a major impediment to corporate
adoption of BTC as a Treasury asset.
You heard the 1st. All right, so here we are on
Bitcoin Magazine shouts out to my boy Nick Kaufman, who wrote
the article and he goes Fazbe votes in favor of Fair value
accounting for Bitcoin. In long and anticipated move,
Bloomberg Tax reported that the Financial Accounting Standards
Board, aka Fazbee, is set to introduce new fair value
accounting rules for Bitcoin and other crypto currencies.
These new rules aim to provide a more accurate reflection of the
market value of digital assets and bring greater transparency
to the financial reporting of companies that hold crypto
currencies. The rules, expected to be
published by the end of the year, are set to go into effect
as soon as 2025, but companies will be able to apply them
earlier than that, the report said.
For years, the valuation of cryptocurrencies like Bitcoin
has been a challenging aspect of financial reporting for
companies. The volatile nature of these
digital assets has made it difficult to accurately assess
their fair market value Under the current accounting
standards. Companies often struggle to
present a true picture of their financial health.
As the value of Bitcoin and cryptocurrencies fluctuated
widely, the Fazbees move to introduce fair value Accounting
rules will require companies to regularly assess the fair market
value of the digital assets and report any fluctuations in value
as part of their financial statements.
This means that if the price of Bitcoin surges or plummets,
companies will have to reflect these changes in their financial
reports, providing stakeholders with a more accurate picture of
their financial position. The old treatment accounted for
Bitcoin as an intangible asset, which meant if the the price
went lower than what companies bought it for, they had to take
an impairment charge on their books even if they didn't sell.
But if the price went up, they couldn't receive any benefits on
their books unless they sold. Now with fair value accounting,
periodically i.e. every quarter, companies can report the
unrealized gains and losses to get an actual benefit on their
books. If the price of the asset
increases without having to sell to capture, this could make
companies more likely to add Bitcoin to the balance sheet and
become longterm holders as they can report the appreciation
without having to anything. Investors and regulators will
now have access to more timely and accurate information about
the financial health of companies involved in the
Bitcoin space. This increased transparency is
expected to foster greater trust and confidence in the industry,
which has often been plagued by concerns over its lack of
oversight and regulation. The move towards fair value
accounting also aligned with the growing acceptance of Bitcoin
and mainstream finance. As it becomes more integrated
into the global financial system, it is essential that
accounting standards evolved to accommodate digital assets.
The FASBE decision to implement fair value accounting rule is a
recognition of the maturing market and its importance in the
broader economy. So TLDR guys, from what I take
from this, again I am no accountant, I am no financial
advisor. But the TLDR of this, from my
opinion and from what I'm reading is that now one of the
main obstacles for companies holding Bitcoin on their balance
sheet has is going to get wiped away.
And of course the news this these rule books won't be fully
released until the end of the year, so a couple of months and
they won't be implemented until 2025, which a little side
tangent I feel like is going to be the perfect timing because
it's going to be like at the very tip of the bull run guys.
So some more hope I'm in there for you guys, but you can if
your company and you want to get Bitcoin on your balance sheet,
you can probably use these rulings in 2020. 4 But you can.
They explicitly stated that you can.
You can use it for. I think you can even use it
relatively immediately. Yeah.
I might be wrong in the sense of
like they can use it for like maybe even this year.
Yeah, we'll see this year. I'm sure Micro Strategies will
come out with some. I'm getting trouble with some
news about him using this. But essentially guys, this opens
up the whole landscape for corporations to add Bitcoin to
their balance sheet. Because like we all know,
especially on an individual level, the amount of obstacles
and loopholes that you have to do to be, you know, legit in
regards to holding and saving your Bitcoin, it's it's
astronomical. It it's it's a huge headache.
And now the fact that corporations can use this new
fair market valuing for accounting just goes to show
that not only is the traditional financial world picking up and
and basically embracing Bitcoin, which is something that we all
want to see, of course we we want to route around the system.
But it's inevitable that they were going to start to look at
Bitcoin a lot more fairly. And again for those guys out
there, they're like what the hell was Saylor talking about
Para Pasu? Like what does that even mean?
I looked it up and it means equal footing guys.
So now you can hold Bitcoin on your balance sheet like anything
else that is like like it. So if you are a company and the
way that I heard this shouts out to the swan stream, they did a
stream yesterday with Nico and Terrence.
And essentially if you had bought Bitcoin at 50K and it
dropped to like 15 K and then it went back up to whatever 25K on
your balance sheet, you would only be able to mark that 15K
price and you you never get the gains of the price going up
again. And now and I think that was on
a yearly level and now you can readjust that your balance sheet
on a quarterly level. So if the Bitcoin price is
fluctuating, you don't have to mark it down, you don't have to
get wrecked on your shareholders.
And this is 1 huge thing to open up even more capital going into
Bitcoin. And I know, I know everyone in
that in the chat is kind of like, OK, why is this matter to
me bro? Like I am just an individual
holding Bitcoin. I'm not a corporation.
Well, we known that this was inevitable that the corporations
are going to get into Bitcoin and now those obstacles are
getting removed and the amount of capital that's going to get
injected into Bitcoin from like Sailor was saying, you know some
with $100 million wanting to buy Bitcoin, now they can do that
easily. And with the BlackRock ETF news,
I think it is showing that this time might be different guys,
this bear market might be the best bear market we've seen in a
long time on a number go up level, but on a on a
entrepreneur building out the network level it's even just as
good. We've seen the hash rate respond
massively since the China ban. It's it's incredible how how
much hash power has came back online after the China ban and
it just goes to show that Honey Badger don't care, you cannot
stop the honey Badger. Bitcoin is taking over the world
and it's starting of course on an individual grassroots level
and now it is going on to the corporate and nation state level
and moving forward guys, I think it's going to be very
interesting and surprising to see how much capital gets
injected into Bitcoin now that all the loopholes are are
getting washed away and Bitcoin is getting embraced.
So of course on a certain level I think it's a time where I have
to do the the PS:. A of take your Bitcoin into self
custody, do not give them your Bitcoin.
You know, we we we don't we don't like paper Bitcoin and we
want people to hold Bitcoin because it is a digital bearer
instrument and you do not need to trust these middle men.
But if you're in the traditional financial world, the amount of
loopholes that you have to go to get your capital in the Bitcoin
are starting to get washed away. And by 2025, you know if we do
make it into another bull run guys, I think it's everything is
going to line up perfectly and the and the stars are going to
line, whether it's the the spot Bitcoin ETF in the US, whether
when the fast B rules come out and the price starts to surge.
Wow. You know, I don't want to say
this is a super cycle, but we made it never come down again.
Be smart guys. Stay humble.
Stacks at stay solvent. Anyways, Matt, Mike, I know you
you did a little digging in this.
Is there anything that I missed that you want to add on top of
this? Yeah, I think this this goes
back to kind of like the talking point that I've been really
trying to get out into the the Twittersphere and the Bitcoin
community is that. We keep talking about Bitcoin
strictly from like these kind of like these financial means like
this fast. We move like everybody's talking
about it from like a portfolio management or like a like a
banking standpoint or like corporate balance sheet without
which I would just roll into banking.
This also plays a massive role in my opinion in the whole
Bitcoin mining space, like Bitcoin miners that are taking
the their produced. Bitcoin for their operations and
keeping them on their balance sheet.
Like you said, it doesn't just it, it takes away the the
relationship of acquiring and accumulating Bitcoin on their
balance sheet as just a strict negative which is how it was
structured with the being an intangible asset like James
Lavish discussed. Now they can take advantage of
the fact that like when when we have our bull markets, when
price appreciates. It like having Bitcoin doesn't
have to be only reported by the bear market value which I think
we would all agree seems a little unfair considering it is
a it is treated as a commodity, but then we're going to treat it
like a patent. At the same time.
It's like that that there's there's an incongruence there,
like there's a a misalignment with the the understanding and
the the incentives. Now I want to go further too,
because it's not just the Bitcoin miners that stand to
really benefit. I would also speculate that the
oil and gas majors and the energy producers that are
utilizing Bitcoin mining, they now have an incentive, or at
least an Ave. to not just liquidate their Bitcoin
production for revenue, they can use it as a balance sheet
booster. In a sense of you putting it,
putting it down as an asset and that being reflected positively
during bull market activity and events to their shareholders and
their stakeholders. Because like, like, like think
about it in the sense of if you're a shareholder or a
stakeholder, one of these energy producers where it's oil and
gas, nuclear, solar, wind, it doesn't matter.
Say they're using Bitcoin mining.
To improve their operational efficiencies, like I've talked
with you guys ad nauseam many times about how Bitcoin mining
does push the efficiencies up into the green.
Imagine that they're putting Bitcoin on the balance sheet,
like whatever excess they don't need to sell, but their
financials are reflecting negatives because the price has
gone down so much like say from like a a bull market peak.
And it goes from like we'll just use the example of like the the
the last bull run going up to 69 K and then down to 15.
Imagine being a shareholder for one of these operations or one
of these companies that's mining Bitcoin and their financials
look abysmal because Bitcoin's value has gone down so far and
they have to report it by the bear market bottom.
It's just like why? Why are we doing this?
You know, because that that's that's what the that's what the
Normie shareholder that's not orange filled.
It's like why are you putting this asset on the balance sheet
that's dragging down the value of the company so much?
That's and that and like this Fast B thing when it goes
through at the end of the year, it's completely changes the
relationship. Yeah, 100% and remember,
remember, I don't remember if it was this year or the end of last
year, but remember how much crap Sailor was getting from the the
markdown on their Bitcoin and and.
The amount of FUD that went around on corporate press like
this is going to be completely eliminated.
You know, maybe it's not this year, but when the rules
officially go in at the very end of 2024, this is going to really
open up the doors. And our boy BTC is truth is in
the chat and he goes, I'm an accountant and this is a huge
deal. And he's not the only one of my
friends that told me this. Our boy, he was, he was on, what
was it Tuesday, Zach. He came on and he was going wild
in the Dm's with me and being like, dude, this is huge, like,
you guys have to cover this. This because it really does open
up so much capital for a corporate adoption level.
And again, BTC true is jumping in because the accountant
treatment was one of the biggest roadblocks to corporate
adoption. And you know Mike has been
talking about it for Bitcoin miners and and even companies
that are in the Bitcoin space. But this is huge for every
business out there from a private to a publicly owned
company. This is going to open up so much
capital coming into Bitcoin. But again.
You know as a as the ardent bitcoiners here, you want to be
taking Bitcoin into self custody.
You don't need to spot Bitcoin ETF to get exposure.
Just buy Bitcoin itself and take Bitcoin into self custody and
you can benefit from all of the features we've been talking
about to Bitcoin. Anyways, before I move on guys,
I got to plug our boys. Brian de Mint book Bitcoin
Evangelism if you are having trouble.
Having these conversations about Bitcoin what's What's the one
that everyone likes? Aunt Edna saying that Bitcoin is
the currency of the Antichrist? You know, you're skeptical.
No Coiners objections Your boomer neighbor out there, which
now most of his concerns are probably washed away after 2025.
Or, you know, the guy at work. That's like Bitcoin price is
down, you got so wrecked. Get Bitcoin Evangelism on
Amazon, scan the QR code below or get on Orange Pill app and
you can pay it. Directly and stats to Brian de
Mint. And the point is here guys is
you know, I find it extremely hard to get normies to read all
this stuff. So it's about you reading this
stuff and you being prepared and you having the answers for your
friends so you can incept these ideas out there to the normies
because hey. You know they don't got the they
don't, they don't have the mental bandwidth to care about
any of this stuff. OK, anyways, let's get into the
culture, cuz I do want to jump in on this topic about Bitcoin
as a store of value medium exchange.
You never count stuff going around Twitter again.
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All right, guys. So jumping right into the
culture today, and Mike brought it up earlier.
Mike, what was what was the meme?
You said Bitcoin is hope because of its because it's store of
value properties. Yeah.
All right, guys. So keep that in mind while we
have this conversation today. And the reason I was gonna do
this yesterday, but we had Alex come in last minute.
And remember last week we had our boy kinetic finance come in
and we were getting rushed in the chat about using your
Bitcoin, spending your Bitcoin, you know, participating in the
circular economy. And while I totally agree, you
know, Bitcoin is my money, I have to use it for survival.
You know, it is what it is. We still.
Double down on the idea of stack stats and stay solving guys.
Do not let the people out there confuse you.
You know the classic article. Everyone is a scammer.
Hoddling Bitcoin is using Bitcoin.
Again, Hoddling Bitcoin is using Bitcoin.
Storing value in Bitcoin is one of the biggest factors of
Bitcoin. As I always say, you need to
have some capital before you can spend it guys.
So you need to save in Bitcoin first and foremost, you know?
You know, it gets complicated with the jargon of the common
nomenclature of hoddling your Bitcoin, but you're literally
just saving. You're building up your capital
reserves because you need to have some capital if you're ever
going to spend it. Anyways, I saw this thread here
and it goes. I actually have a few different
tweets here, but Stefan Lovera. Tweeted this and he went back
and forth with someone and it. The reason I want to bring this
up is because there still seems to be a lot of confusion of
people from people out there that just toddling Bitcoin.
Isn't using Bitcoin. Oh, you know, you're just saving
a Bitcoin. It's sitting there on the side.
You're never you're not moving it.
And it really, it really gets me.
Think of the Keynesians out there.
It's like, oh, the velocity of money.
Like you need money to circular to go circular around the
economy for it to be used. It's like, bro, you need
savings. Like this whole thing is
starting with a savings revolution.
And that is the 21 million hard cap.
Store value is one of the main benefits of Bitcoin anyways, as
something I've been saying on the show constantly is don't be
ashamed of being a bitcoiner. And Stefan Labera tweets
basically the same thing. And then it goes into this
conversation, so he goes. Don't be silent about being a
bitcoiner. Normalizing Bitcoin use is the
goal. Highly agree.
Whether that's storing your value in it, whether that's
paying it, whether you're a merchant accepting Bitcoin.
Normalizing the use of Bitcoin is the goal.
But we got a response here by Tony Takata and he goes
normalize the use or the use as savings, same thing.
Exactly, exactly. That's the that's the whole
contention here, and Stefan La Vera double s out and goes let
there be no doubt about it, Hoddling Bitcoin counts as using
Bitcoin. It's so simple, guys, and then
someone responds. No, it doesn't.
It's a dead action. If every bitcoiner did nothing
but hold, the network would collapse as inflation dried up
and price would fade to nothing without buying and selling.
And Stefan La Vera. Bubbles down and goes.
Huddling is not a dead action. Everything is a dead action.
What the hell exactly. Every day a huddler wakes up, he
could spend or sell these coins and that he chooses to huddle is
important. Guys like don't let people scam
you out of your Bitcoin because they want you to use it because
hey, everyone's a scammer. I want your Bitcoin.
I'm. I'm open about it.
I want as much Bitcoin as possible.
But I also understand that saving in Bitcoin.
You know, the 21 million hard cap, the store of value features
of Bitcoin is might. It depends.
Oh yeah. They might be one of the most
important aspects of Bitcoin. And doubling down on this, I I
hope you all know safety in almost.
I'm not gonna read the whole thing.
I'm not really. Yeah.
We're not reading the whole thing.
It's just the beginning because he kind of goes into like drive
chains here. But that's that's a totally
different conversation. I wanted to bring up this.
First paragraph, because safety and of course the author of
Bitcoin Standard, the Fiat standard and principles of
Economics, Austrian bitcoiner advisor to El Salvador.
He's got a very telling example here, and I mean I'm not from
his home country, but as a person that has built a savings
in Bitcoin and completely changed my life, I I fully agree
and double down on this sentiment.
So safety and goes here and he goes Bitcoin as it is saved my
family from hyperinflation in Lebanon.
It is entirely essential to my life.
It works perfectly fine for me as it is.
It is not some cool piece of software whose next iterations
I'm excited about. It is my lifeline if it never
adds a. Single capability.
It will still be the most important technology innovation
of my lifetime. If you want to introduce any
changes to its software, I'm going to be extremely skeptical
about adopting them. On my note, hashtag.
Me too. Anyways, doubling down on this.
I hope you guys know who Bitstein is.
He's one of the persons that Orange killed me in the
beginning. He had a great podcast in the
past called Noted Bitcoin Podcast with Pierre Rashard.
And he introduced me to the ideas of Austrian economics and
Prax theology and explaining the use of money, how it works or
value me to an exchange unit of account.
And so when Bid Seen chimes in on this conversation, I listen
anyways, just doubling down on this because there's been so
much contention on Twitter lately of like, oh, store of
value, is it a medium exchange? Is there for the unit account?
Is it all happening at once or is it not happening at all?
Do we need to change Bitcoin because we need shit?
Going to adoption of Bitcoin, it's like, bro, Bitcoin is
money. Use it how you want, but you
ain't gonna change my code and my note on my software because
it's doing what I ask it to do, which is store value, transact
across the world in minutes, store value through time and
space. This is what I love it for.
Anyways, jumping into this tweet, I got a couple tweets
from bits in here and he goes practi.
Logically, medium of exchange is defined by the intention of
acquiring a good for future exchange rather than when it is
spent. As such, Bitcoin can already be
understood as a widely demanded medium of exchange, and this
demand can be expected to continue to grow for numerous
reasons. As we.
Constantly on this show. Anyways, got a quote tweet here
and I'm sure it's probably for like Mises or something.
And he goes. A medium of exchange is a good
which people acquire neither for their own consumption nor for
employment in their own production activities, but with
the intention of exchanging it at a later date against those
goods which they want to use either for consumption or for
production anyways. TLDR Hoddling is using spending
is disusing. Actors spend Bitcoin when they
no longer have it used for it because.
As they value a consumer or capital good more, or because
they believe a different currency will be more useful in
future exchange and again doubling down bitch.
Seeing one of my favorite favorite Bitcoin is again, quote
tweeting safety. And it's this idea of as a
Bitcoin price goes up, people are going to use it less because
of its price appreciation. And if the Bitcoin price just
goes up forever and everyone's just hoddling like there will be
no transactions and Bitcoin will fail and they really.
Yeah, they really just don't understand how purchasing power
work. As your purchasing power goes
up, you use it so you can live the life you want.
Anyways, Bitstein double s down and goes.
The higher the price of Bitcoin, the more people are willing to
spend it. If you understand this, it is so
simple. And look, we even got Corey
down. Here goes.
Most people don't spend Bitcoin till they have nothing else to
spend. That's why the medium of
exchange adoption curve lags the store of value adoption curve
guys as you save capital in Bitcoin.
And the number goes up. You start to use your capital,
and you want to use it towards things you want.
As your purchasing power increases, you use your money.
However you see fit, whether that's you being you know, lambo
shit coin around there or it's whether you need to eat or pay
rent as your purchasing power goes up.
As Bitcoin becomes more valuable, the more it will get
used. So do not let people scam you
out of your Bitcoin and tell you that oh hoddling isn't using you
need to spend your Bitcoin today or else there would be no
transactions and no one's going to use Bitcoin.
Bro. Saving is a use case of Bitcoin,
as Bit seen said Hoddling is using, spending is disusing.
Anyways, I just wanted to, you know, add this a little cherry
on top. We got fab the fox here and he
goes, you asked why bitcoins are so toxic because they realize
that Bitcoin is a once in a century chance to break the
chains of an oppressive and slave like monetary system while
you think yield farming sushi rolls is the revolutionary
technology. That's why Anon, we're not the
same. That's why we huddled.
That's why we're bitcoiners because we understand that
Bitcoin is the life raft out there and you need to save, you
need to huddle. You need to have.
Capital so that you can put it to use however you see fit.
So store value is maybe the base, fundamental case of
Bitcoin. You need to store value through
time and space or else no one's gonna wanna use it.
But we already know that hey, you can send big I can send
Bitcoin to Mike right now and we're using it.
I can send it to a stranger across the globe and I'm using
it. But.
You have to store value. So I I hope that this clears up
some of the contention of whether Bitcoin is a store of
value, a medium exchange. It is both guys.
It it is all of it in once. Like it's so simple.
Yeah need to huddle Bitcoin. It is the best money in the
world currently that will ever be ever be made.
And there's no going back to the Fiat currency.
So get, get, get the Keynesians out of your mind.
That tell you, you need to, you know, make you the velocity of
money, go quicker through the economy.
You need to save something. This is how you can save
yourself from the madness. You need capital.
You need to have a savings. Anyways, I've rented enough.
Mike, what's your thoughts on this?
I don't know. I don't know if you've ran it
enough, man. I kind of want to hear it, keep
going. But like, it's like, you know,
you know, you guys know my position on like these, like
these discussions within the community of like, no, it's a
medium exchange. No, it's a store, like Opie
said. Like it's stop it.
It's nonsense. It's both at the same time.
It's Bitcoin is like multiple different things at the same
time. That's why that's one of the
reasons why so many people have such a hard time and grasping
Bitcoin. Because like the normies and the
NPC's out there are used to compartmentalizing all these
different technologies and these avenues and these strategies
into one specific thing like that.
The more you get to understand how the world operates, nothing
is ever, ever just one thing. Everything is interrelated.
Everything is connected. All space, all points in space
and time are connected. Yet it's it's never just one
thing at one time, at one place. It's everything.
Bitcoin is a store of value. Bitcoin is a medium exchange.
Bitcoin is a Ave. for monetizing energy.
Like it's it's just it's just silly to engage in these
conversations in All in all honesty and then like real quick
shout out to all you guys. You guys have been fluffing my
ego in the chat. British Matt Mclovin Like, love
you guys, but chill a little bit.
Oh man, yeah. Hey, we that's that's why we
bring on Mike on the show, man. We we love his takes.
And I think as as I always say like I'm going to fluff your ego
a little more as well, I I say it all the time on Twitter
spaces. I don't know if I say it enough
on the show, but Mike has a real skill of of having a a sober
mentality about what's going on, not getting too emotional, not
getting too caught up in all the noise.
And it's something that you and I talk about all the time on the
show. Is or in spaces as well is like
once you have the Bitcoin fundamentals instilled in your
brain and you look to the world through the Bitcoin funnel and
you start to see all the madness and the craziness of the
traditional financial world, field world, common world,
whatever you wanna call it. You start to realize like it's
so simple and it's over complicated on purpose and.
That's Keynesian economics in a nutshell.
Guys like, it's so simple. Keep it simple.
Guys huddle Bitcoin. He operates exactly like.
It's so simple and and I try to explain this to everyone as much
as possible as well like. Simplify your life and I I say
it all the time. You know go outside, touch some
grass, walk more, move your body more, eat good, hang out with
good people. You know uplifting people.
Maintain your relationships. Saving Bitcoin?
Take that Bitcoin into self custody.
These outside of Bitcoin like learn other things about the
nature of reality so that you can tie it back into Bitcoin,
but then also improve your own personal standing.
All right, look, we, we, we said this wasn't going to be a
Bitcoin conversation, Mike, but we kind of.
Talked about this earlier and I think we've talked about this in
the past, but the idea of when you look through the world
through a Bitcoin lens and then you study other topics, you're
able to connect the dot on the true nature of reality.
And this is one of the most important things going on with
all of you guys here. We say it all the time.
Bitcoin changes you. You don't change Bitcoin once
you have the Bitcoin the orange lenses on.
You start to view the world differently and you realize just
how overly complicated everything is.
And if you simplify things back to basically like what your
grandmother used to tell you, like, things become way easier.
Guys like there is a lot of wisdom in your ancestors and
it's all going back to the same thing you need to save.
You need to, you know, not get over your skis.
As Foss says, you need to audit your behavior.
Don't spend more than you make, you know, exercise.
Make sure your mind's clear. Make sure your body's moving.
Because what? What else are we doing here,
guys? Yes, money is awesome.
Yes, Bitcoin is awesome. But uh, you know, as the saying
goes, and I might have a pun on this one, you know, money
doesn't buy you happiness. But on that note, I have never
seen an unhappy person on a jet ski.
So you need to have some capital guys.
And don't feel bad about wanting to acquire wealth.
Don't feel bad about working harder to stack more sets like
this is what you need to do to get yourself out of the Fiat
funk that you are in right now, and it's gonna take time.
Trust the process. You need to huddle Bitcoin and
and don't let people confuse you.
Hoddling is using Bitcoin. OK, Hoddling is using Bitcoin.
What did you say, Mike? Again?
Bitcoin is hope because of its store value.
You need to get out of the shithole that you're in right
now because you have no capital. It's so simple.
Well, and there's a kind of touching back to the
conversation we had off Mike before we went live.
Understanding the nature of reality.
Like you have to have, you have to have a foundation or a a
linchpin to base gaining or improving your understanding of
everything else. It's like one of the most
basics. One basic ones is just like I am
right, like I am something. Like I know that I am something
because I'm conscious and I'm aware.
And then using the stimuli of the external world to just
further kind of like improve your owner because like like
we're going to get really fucking esoteric here real
quick. But one of the things I like
talking about with individuals that I'm training or leadership
or these philosophical, esoteric, religious, like kind
of conversations is that your body is literally just a
mechanism for gathering data around your reality.
Like pain, anxiety, depression, sadness, elation, ecstasy.
Like, it's all just information relating to where you stand
today, right now. And that's in in Bitcoin
provides that in a very interesting relation because it
is free of human manipulation, right?
So you can basically use Bitcoin and pull it into yourself to
improve your understanding of, like the societal, financial and
economic machinations of the rest of the world externally to
you, right. So because like I wrote a, I
wrote an article a while back called.
I think I titled it. A wild economic constant
appeared and I used a picture of from those of you that are
millennials, the old Game Boy Color Pokémon game where you
know, a random Pokémon just pops up.
It's like a wild whatever appears.
The one of these really valuable aspects of Bitcoin is that it
is, it is an economic constant because it's not a Fiat currency
and it's not gold which we can manipulate like just like
diamonds. It is something that's
completely free of these human fallacies and fallibilities to
the point of where you can judge everything against it because it
is effectively the economic measuring stick or the economic
for everything else. And then you can improve like
through that you improve your understanding of where you stand
as far as like building your wealth, what you can purchase,
what is possible into the future.
Because like I don't know how many of you started out being
poor. But when you're poor and you,
you, yeah, right. Like when you're poor and you
are trying to get ahead but you can't store your value in the
currency with which your economy or your nation transaction, like
then you have to try and find something else that you can put
it there, right. That's what Central America,
South America, Lebanon, Turkey, like all these different part
like Nigeria, all these different participants that are
downstream of the Fiat printer, that's what that's why they're
turning to Bitcoin is because it's something that you can
actually judge the economic activity of your life against
and it just continues to go up and to the right like it while
they're printing to add nauseam around you.
That's the value and that's, and that's not even talking about
the whole Bitcoin mining and energy relationship, which is
I've got a ramp for spaces after this.
Let's go and and just to like put a bow tie on this.
I've had this. I don't know it's a meme or it's
it's an idea that I that I basically base my life off of.
I've told you guys before I I did do philosophy in college and
I was joking with Mike before that.
Like I I went to philosophy thinking it would answer the
true nature of reality only to have more questions afterwards.
But one of the things about Bitcoin that I find the most
interesting is that, you know, Keynesian economics, traditional
financial world is literally the, you know, Coyote running
off the Cliff with the Road Runner and.
Them, like the Bitcoin moment is us looking down at our feet and
realizing we are off the Cliff. And one of my fundamental like
axioms of life is is if if you align yourself with nature then
you will start to be prosperous and successful.
And one of the biggest things that I see around, and I used to
do it as well, is playing the ego games of, you know, like.
Not basing though your your life off your results and being like
Oh no, like you're wrong. This is wrong.
You know, I know exactly how this is working and you're not
getting the results you want, and then I.
I found Bitcoin, I found the Bitcoin fundamentals, and I
started to view the world through the Bitcoin lens and
it's like, oh wow, my life has gotten better on all metrics.
I am happier. I'm fitter, I have my finances
in order, and it's all because I have aligned myself with a
philosophy that translates to reality.
And I I feel like more people need to have.
I don't know if coming to God moment is the right, the right,
you know, metaphor here, but you need to audit your thinking and
your world views. And again, it's doing a classic
Bitcoiner moment. You know the Big Short, what's
the first quote? First scene?
It's the Mark Twain. What hurts you isn't what you
think you know. It isn't what you know.
It's what you think you know but really isn't.
And I see this happening with so many people.
They think. You know, it's you that's wrong
versus, you know, being honest with yourself and being like,
oh, maybe I don't understand how the world works.
And once you get on the Bitcoin standard and and you unlearn
everything, you realize like, oh, OK, it was my thinking that
was messed up and that's why I wasn't getting the results.
And now that I have clear thinking I'm getting the results
I want. It doesn't happen overnight, but
it does happen. Guys just like press the process
on that on that note like it's understanding why you think what
you think or understanding why you believe what you believe.
Because you like. You go back and talk to some of
these quote UN quote economists and accountants that are like
all about like, you know the US dollar and the Fiat currency
system. You go back and ask them why
they they believe in the system and why they think like the
petrodollar works and all this other stuff.
Like they don't know. They they don't they don't even
understand the theology that they believe in like that that
should scare everybody because like because like then once once
these because like a lot of you guys that are watching now, like
like we all came from the Fiat system.
Like we were all born into it and then you come around and
like when more because like it's going to wash across the rest of
the world. It already is.
It's going to wash across the rest of the world, but
particularly the the developed world of like has more people
because like, I don't know if you guys saw it, I tweeted it
out, but Bill Burr is now going down the rabbit hole of Fiat
currencies. I saw that.
I didn't see the video, but I saw the tweets.
Like the more that, like these personalities and like these
really public figures start to look into it, They're like,
dude, this money's bullshit. Like it doesn't actually hold
any value or anything. It's going to, it's going to
start rocking some worlds. And that's where, like, I think
when it comes to the conversation around whether
we're early in Bitcoin, that's that's not even a question.
But it's gonna be, it's gonna be weird, guys.
It's gonna be really weird. We're so early, so don't stop
believing. All right, guys, let's get to
the memes. The Daily Meme Review.
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Wow, Mike, you know, I I told
you earlier that we probably wouldn't get philosophical.
It's only fitting that we did get a little philosophical for a
little unavoidable for the unavoidable for us.
Anyways, Guys, you already know this is the main review where
you guys send us memes on Twitter, our Twitter account,
Simply Bitcoin TV. I usually tell you just to tag
that one, but it's been getting pretty busy.
So if you have a meme that you really want to make on the show,
maybe tag my personal account optimist fields.
Because that I I looked at our notifications yesterday.
It was it was like I probably lost some stuff in there.
Anyways, you can also drop memes in our telegram group T dot me
slash simply Bitcoin. And I I pretty much look in
there every morning as well, try to get some memes, but you guys
just be stealing memes and dropping them in there.
I want the tweets guys. I need to give people credit.
OK? Anyways, 1st meme is by our boy
Rd. under score BTC and he goes when you read every Bitcoin book
that's ever been written and we have Neil, de Grasse, Tyson and
uh I don't know what, I don't know what you call this what's
the what's? That's it.
When you go and hyperdrive, he's in hyperdrive and he goes, we
are hitting intelligence levels that shouldn't even be possible.
This what happens when you read like the Bitcoin standard
principles, economics. You know, all the stuff on
Nakamoto Institute, everything you've ever read on Bitcoin.
You just go full Galaxy brain and your mind explodes and then
you come back to reality at a certain point and you're like,
oh shit, where was that? You're in the Bitcoin standard.
Anyways, this next meme is by Sonny Ray.
Com. And it's a play on the Matrix
meme where Neo and Morpheus do their face off and they're
fighting for the first time doing the karate in the Dojo.
And we got a Bitcoin logo here and we have a bucale with the El
Salvador flag on one side, and we have melee with the Argentina
flag on the other side and the Bitcoin logo in the middle and
it goes, Bitcoin is just getting started.
Yes, guys, it is just. All the fun, the fireworks are
about to happen. I'm convinced this next what
next? Having it's gonna be lit.
After the having is gonna be lit.
Anyways, the next meme is by Satoshi Hoddle and he just goes
Hashtag Bitcoin and of course you know me.
Has the reigning left side of the bell curve bitcoiner on the
show. I love bringing on the bell
curve memes on the show and we got a left side of the bell
curve memer which is basically me and he goes I have no idea
what the Bitcoin price is. And then we have the right side
of the bell curve which is probably more on Mike's side and
he's in the robe with the laser eyes and he goes, I have no idea
what the Bitcoin price is. And then all the midwits and the
new bitcoiners, the pre coiners and the.
The baby coiners out there Go bro.
You haven't even checked the price today.
How's that possible bro? What?
Find bitcoins. And I I I know you guys troll me
every day. Like Opti says he never looks at
the Bitcoin price, but he gives us the Bitcoin price every
single day. Yes, this is for you guys.
I don't look at the Bitcoin price.
You know, I only realize the Bitcoin price is either going up
or down by all you guys freaking out on Twitter and me giving you
the Bitcoin price as a historical timestamp for the
show. Anyways.
Next meme is by Bitcoin under score Aider and he goes, what is
hashtag Bitcoin? And yeah, this one's uh, I don't
really know how to explain it. It's like a Bitcoin, a Trifecta
Infinity sign here. And on the left side we have
time, in the middle we have money, which is the Bitcoin
logo, and on the right side we have energy.
And then it's it's this Trifecta Infinity where it's all looped
and connected like a triangular Mobius strip.
Exactly. I don't even know what a Mobius
strip is, but Bitcoin is time, money and energy.
It is all interconnected and right up Mike's Ave.
Anyways, next one is by Walker America.
And I I just really like the picture here.
You know, it's got Marilyn Monroe black and white on an
orange backdrop and says, what are you waiting for?
Study Bitcoin. But the tweet is pretty solid as
well. And he goes 2013 you didn't know
about Bitcoin at $25 2015 You didn't care about Bitcoin at
$250, 2017 You didn't understand Bitcoin at $2500, 2020, 30.
You didn't believe in Bitcoin at $25,000 2020 Seven You almost
bought Bitcoin at $250,000 Twenty 31 you bought Bitcoin at
2.5 million. Take Toth next block.
What are you waiting for? Study Bitcoin.
Get some exposure today. This is the way time in the
market. Beats timing the market.
Just you. You might want to get some just
in case it's catching on. Because it is catching on.
OK. This next one is by I Win
Ribenstein. Chassat to Ribenstein.
And it's the classic, I don't even know what movie it is but
this is what's your name is Emma Roberts.
You know she does the O face and the girls like whispering in her
ear and he just goes hashtag 80 IQ.
And so the girls whispering in Emma Roberts ear and he goes, he
huddled 6.15 million sats and got 80 IQ.
This is the way. It's not even 6.15 Bitcoin just
6.15 million sats. Let's go, this is the way.
And then of course today, guys, two years ago today.
Bitcoin became official legal tender in El Salvador, almost
like a Bitcoin holiday. But I really like this meme here
from Lena Sisha and she goes forever, a big day, happy
Bitcoin day with a heart emoji. And we have the Bitcoin logo
celebrating. It's dancing under all.
And it has, you know, an El Salvador colored birthday hat.
And then we have all the Bitcoin hoddlers over here and they go
like, what? What is he celebrating?
Like why is the Bitcoin logo so happy?
He's dancing, you know, and doing this thing.
And the other one goes it's legal tender.
Day and then you can see the date.
Here it goes, 2040. It's like, but he's legal tender
everywhere. When will he stop making such a
big deal out of being legal tender?
The first time And the Bitcoin Lego goes?
Never. Because ever beyond the map that
El Salvador was the first country to make Bitcoin legal
tender. Happy Bitcoin Day, as they say.
The world would never be the same, apparently.
Anyways, drop your meme review score in the chat over here on
the other side of me. And we will cover them live and
I will cover mine again. I am doubling down on my boy no
BTC waist signs on Twitter. And I have the the BTC pins,
Bitcoin bead logo, orange pill right here.
It's made. I'm pretty sure it's acrylic.
Go hit them up If you need some Bitcoin signs he will make them
for you. OK, what is your meme review
score, Mike? Since I'm wearing a meme score
that I gave a couple I think last week I think it was.
So I chimed in and said that the Simply Bitcoin shirt that I got
at BBB was my mean score. I'm going to use my TLR One
Streamlight Tack Light. With no battery in it.
With no working battery. Hey you didn't need to tell them
it's in the mail guys. It's in the mail.
Just for just for background, I found out that my bag that I was
keeping it in it had flicked the light and so the light was on
for too long and now I had to order batteries.
So if you don't want to fall to the Fiat machine, manage your
equipment properly. Not like I did because the
Streamlight batteries are like $20 per pack and that was
painful. Switch it off.
TLDR switch it off. Anyways, I see some meme review
scores in the chat, but before I go, he mentioned the simply
Bitcoin merch hit the QR code. Right.
Wait, right. Wait.
Right there, right there. And get yourself some simply
Bitcoin theme merch. Right now we have some T-shirts,
we have them orange hoodies, which is becoming my favorite
hoodie and you know, support the boys.
We will be getting you guys some new merch soon.
We've been telling you, I know you guys have been hitting me up
about hats. I will get the hats printed
again for you guys and we are in the process of talking.
With some Bitcoin artists to get some limited edition simply
Bitcoin collapse. We don't know what they're gonna
be yet, but we will figure some cool stuff out for you guys.
Matt, you chill, chill in the chat.
I'm working on getting some Bitcoin veterans merch set up.
So. Those of you there, those of you
that are also listening, will like that'll be happening.
I haven't got my own yet because I want to get this figured out
first. Welcome to Getting badgered
about the merch, bro. This is part of the fun OK 1st
Meme Score Meme Review score is by Narwhal Tacos and he goes
Meme Score None. I consider all those memes to be
Perry Pursue. OK, let's see UTXO.
My meme review score is a cross cap.
I don't know. What.
I don't know what that is. Opties Mile High Club.
I'm not going to read your score, bro.
Sorry. Do another one before I finish.
OK, next meme review score is by Canada.
Yeah, Canada.
I believe meme score a Mexican billionaire crying.
Yes, this is the way. OK, next meme review scores by
Eagle and he goes, I give those memes all the use cases and a
.001 of a jet ski. Yes, jet skis are fungible and
and visible. Oh wait no Kim.
Sorry dude, no, I can't put this on the show.
I can't put this on the show. OK, BTC is true.
Meme score in action is in action.
Let's go. OK, let's see if I it wasn't
that you ran out of scores. It's at the buzzer game.
OK guys. Anyways, Mike, thanks for coming
on today. We, I think we did some some
very good rants on today's show. But what are you working on?
Where you at? What's what's your latest
project? Oh wait, actually, I gotta do
this. Score Mean Score 4 Logos The the
original formula for four logos. Oh man, you did gents.
Blackout in a tall boy for $5. Oh, man.
All right, Mike, what are you working on?
What do you want to direct the people towards?
We'll bring you back on soon. Appreciate it.
As you guys know, I have a DD out the ass, so I've been
working on actually putting together one or two books.
I've been working with a couple Bitcoin groups, working on
pushing the signal into some federal agencies.
I'm helping a friend. Well, I'm not even helping a
friend, but I know a friend is writing an article that I think
a lot of you guys will be very interested in.
I don't know how that will be published, but when it gets out
I will definitely circulate it to all of you because you guys
will definitely like what's going to be said there.
Obviously writing for my own stuff, but like as you guys have
maybe have noticed if you're subscribed to simply which you
should be and if you're subscribed to my sub stack.
I have not had a presence in these avenues lately because I
am doing so much on the external and behind the scenes.
And then obviously like I mentioned like you probably guys
probably mentioned are picked up when I mentioned it to Matt.
We're working on getting merch set up for Bitcoin veterans
which will take a little bit because you have to have a bank
account believe it or not in order to have a business.
And then also working on potentially providing some
security help and services for Bitcoin conferences going
forward through the Bitcoin Veterans group.
So if you're a bit, if you are a veteran and you're in the
Bitcoin space and you're listening and you're not part of
our group chat, reach out to either me or the Bitcoin
veterans handle like send us a DM that you want to be a part of
it and we'll we'll get you into the to the group chat for sure.
Let's go. Well, awesome, bro.
Thanks for coming on. Pop in the spaces and we'll
continue this conversation and get your unfiltered rants over
there. Anyways, guys, appreciate you.
We will be back with our normal program tomorrow.
It is Friday. But on that note, rest of the
day guys, you know like share, subscribe.
We appreciate all the support, but spread all the Bitcoin
signal. Our duty is to try to wake up as
many people as possible, get as many Sats as possible in
people's hands, getting people downloading wallets, That's all
that really matters. And on that note guys, we will
see you in Twitter spaces. Peace out guys.
What's up? OK, all right.
It's a little clunkier when I'm doing all the production, but
here we are, guys, we are back in Twitter Spaces.
So one second, let me make sure these streams are caught up and
they're done, and then we will continue this combo.
OK, sweet.