It's all going to zero against Bitcoin.
It's going up forever more. You're against Bitcoin.
You're against freedom. Good morning everybody.
We are back. Huge win this morning.
I am sure you can see the title Grayscale wins a lawsuit against
the SECADC Circuit Court of Appeals is vacating SEC's denial
of GB TC's conversion into an ETF.
But guys, this doesn't necessarily mean GB TC is
automatically converting into an ETF however, but it's certainly
certainly bringing things closer to a spot Bitcoin ETF.
So while extremely bullish guys and and the price responded
positively. So as I was telling my cohost
today, Rustin, we're definitely less poor today guys, but we
don't have a timeline on what's going on.
We don't have an idea of when this next move happens, but this
is a step closer to the world, slowly paving a way for
mountains of capital to get into Bitcoin.
So absolutely love to see it, but of course we tell you guys
every single day, take Bitcoin into self custody.
Avoid the paper Bitcoin. But this is one of the good
things about this court ruling. And we'll we'll give you all the
receipts. Well, we'll give you guys the
takes that people thought this was going to be instantaneous
GBTC conversion into a spot ETF. So we got a bunch of receipts
for you guys today. I got a bunch of threads, I got
a bunch of takes from bitcoiners.
We even got a Bloomberg article to cover this stuff.
And we're gonna, we're gonna give you guys a sauce today,
guys. But first and foremost,
obviously this is great to see because we know that a spot
Bitcoin ETF is inevitable. It's not about if, it's about
when. And It looks like today that we
are moving closer. We're inching closer to a spot
Bitcoin ETF. Anyways, welcome to simply
Bitcoin. We are your number one source
for the peaceful Bitcoin revolution.
We covered breaking news, culture and nomadic warfare.
We bring on bitcoins from all around the world, from the
biggest names to the everyday Bitcoin.
We got them all guys, and we will be your guide through
separation of money and state. And of course, I'm not alone.
Today I do have my cohost, Rustin Ruston.
Oh yeah, I had to switch it up on Ruston this morning.
How you doing this morning before we get it, before we get
into what you're going to do on the culture?
Because I I had to. I had.
He was going to cover the news, but this, this grayscale news
drop, so he's going to go in culture today.
But Ruston, what's your thoughts this morning?
What's and what are we covering on culture?
Yo, shoutouts to Paul Revere, looks like the institutions are
coming. Big dub today, major pump,
things are looking good. But I'm here to talk about we
had the longest bear market in Bitcoin history and it was
actually the most bullish bear bear market in history.
And I'm going to tell you why. Lots of amazing developments.
We a long time to stack some extra sets.
And front run Larry Fink and Grayscale and all those guys.
So make sure you do not miss out on that opportunity.
Stack those bad boys. We're going to run through it.
And of course, opti's got all the ins and outs of the
grayscale Bitcoin trust this morning.
You know the hype train has left the building.
We died for the 300th time, and that zombie Bitcoin ain't going
nowhere, baby. The hopiam is strong this
morning. And as the saying was, and we've
been telling you guys just for for a minute on the show, you
know what's the classic cliche meme about trading time in the
market beats time in the market. When it's blood on the streets,
Even if it's your blood, that's when you buy.
Especially if you have any any understanding about the Bitcoin
price, it's usually sideways or maybe down and then there's days
when it just pumps and it goes absolutely nuclear.
So are we in the beginning of this?
Who knows, We'll probably crab market, but it is looking
bullish for all of you guys out there.
Anyways, let's get into the show the Bitcoin numbers.
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All right. Anyways, we're over here on
Clark Moody's dashboard and of course the only date that really
matters is the block height. We say this all the time.
It is currently at 805,332 and like we were saying man, and the
Bitcoin price has been going up all morning.
We're currently at a Bitcoin price of $27,850 per Bitcoin,
and I asked you guys yesterday whether we would see 4K sats
again. Well, none of us knew that this
news was gonna drop, so maybe we're never gonna see 4K again.
I think you guys said we weren't gonna see 4K sats again anyways,
the sets per dollar aka Moscow time, aka how much your Fiat
dollar is worth. It's currently at 3593 sets per
dollar. And then of course some other
good numbers here we got. The total percentage issued of
Bitcoin that will ever be circulating is at 92.71%.
The current market cap of Bitcoin is at $541.9 billion.
The realized monetary inflation taking field currencies to
school is currently at 1.75%. The Bolt.
The Bitcoin versus gold market cap 4.21%.
There's so much room to run in the hard money game and we are
on your tail gold. Anyways, the total lightning
capacity is currently at 4625.02 BTC.
I saw that there's some some of the big lightning channels are
rolling down some of their some of their lightning channels.
So very interesting some. I've yet to talk to my boy
justifier over at Ambox but I'll reach out to him and and see
what his takes are on all this and the hash rate.
The last 90 days is at 377.9 X hashes or or estimated app and
the current pending fees is at 2.21 BTC.
It looks like we are hanging out around that two Bitcoin phrase.
All right guys. Anyways, I do have a video here
for you. I wanna I gotta pull this up
over here as a as a tab. But I saw this clip of Jack
Mahler's and I I really am enjoying Jack Mahler's his
podcast. But I wanted to start with this
show, with this clip because so many people get lost in why we
Bitcoin, why we do what we do and it's very simple and Jack
Mahler's has a great way of explaining this and This is why
we are Bitcoin only. This is why we are in the game
of the separation of money and state.
And let me let me just let Jack Mahler's just say it himself.
So here we got a tweet and he goes, money is a technology we
created to solve the problem of coincidence, of wants.
And in this video Jack Mahler's explains this.
If you've been around, you know exactly what what he's talking
about. But for you new people, maybe
you don't really understand why we Bitcoin What what, what the
whole fuss is about. But as he writes in this tweet,
you exchange your labor for money, which in turn represents
their contributions to society. The money you choose to store
value is the technology you choose to value your life.
Choose wisely, Hashtag Bitcoin. All right, let's get into this
video, guys. Sometimes when I'm with buddies
and they're like, you know, why does money matter?
Why do you care? My answer recently is is money
is a reflection of your contributions to society.
It's a technology that we created.
Like I I did this in the first episode of our podcast.
I'll do it again with you if you let's rewind time thousands of
years And you grow bananas all day and that's what you do with
your time, your energy. That's how you contribute to
society. And I grow apples all day.
Okay. Unless I coincidentally want
bananas every meal all the time, and you coincidentally want
apples. Every meal, all the time.
We're not going to be able to exchange our contributions to
society, right? And so money is a thing we
created that solved something called the coincidence of wants,
where if you are an expert windshield fixer and your
buddy's a lawn mower and you're an apple grower and the other
guy's the CEO of Apple Computer, we can all take our collective
contributions to society and exchange it for this thing
called money. And then we can take the money
and exchange it if we want a banana, or if we need our
windshield fix, or if we need our lawn mowed.
And this money thing can actually store our energy and
our contributions to this world as value.
And then we can price things against it and we can exchange
it. And sometimes when such such a
simple explanation guys. And the reason I kind of wanted
to start here is so that we can continue to double down on the
idea of of simplifying why we Bitcoin.
Why it's so important to have a money that doesn't steal from
you. Because there is the meme that
goes around in the world right now.
That money is just a figment of our imaginations that it could
be anything. If if you if you believe it hard
enough, it could be anything. And money is a technology and
there is very real, real attributes to the best money in
the world and Bitcoin is one of those best.
Actually Bitcoin is the best money in the world and it is
because it is hard cap, it is fungible, it is divisible, it is
able to store value through time and space.
It's digital money for a digital world and I think it's important
for us to beat these attributes into people's minds so they
understand why we are in the hard money game in the 1st
place. And it's not about speculating,
It's not about just getting rich.
It's about fixing the money, fixing the incentive structures
of the Fiat world so that we can better the planet.
Because the money that we are forced to use is designed to
steal from us guys. And I don't know about you, but
I don't like that. So I have changed my my value,
my savings into Bitcoin, but anyway it's resting.
It looks like it looks like I'm I'm kind of lagging.
So you jump in and let's see if I can fix this.
Awesome. Yeah, I love that conversation
with Jack Mullers and of course Saquon, Saigon Barkley, okay.
Now what I really like about the conversation with Saquon is the
fact that Saquon is an All Pro running back.
He was like a Heisman contender back in college.
He's one of the best in the business at what he does, and he
takes part of his money in Bitcoin, and I think that's very
important to NFL running backs, especially Okay.
So a typical running back, you know, the prime of their career,
maybe five to seven years tops. And a lot of these teams,
they'll, they'll draft a running back early, let him ride his
rookie contract and they'll run him into the dirt those five
years. They'll take all that
punishment. All that abuse and then they
won't get that new contract. They'll get traded or then
absorb a contract, but then they're not going to be the
player they used to be. So I think NFL running backs,
more than almost any position in the NFL, definitely need some
exposure to Bitcoin. I love how Jack Mahler's breaks
that stuff down right there. And guys, I mean, we're still
early and sake. One, as far as I know, is the
only running back taking Bitcoin as part of his salary.
There are some other players. Russell Okung does some more
like humanitarian work and philanthropy and promotes
Bitcoin and things of that nature.
But it's very good to see this. And again, the best athletes
shouldn't, they use the best money, shouldn't The best people
in in their various ways of life and everybody at the end of the
day should use Bitcoin and and it will help them reach their
potential. It helps.
Individuals close that, you know, the wealth
disenfranchisement and the widening wealth gap, that's just
been, you know, since the War on Poverty started.
That's been doing very well. I think if anyone's been
traveling to any city around the world, they can take a look
around and see that many things are.
Many individuals around the world need some help and no
government, no centralized institution, no three letter
agency is going to provide the assistance to them that Bitcoin
will by empowering them to take control of their lives
themselves so that I I thoroughly enjoy from the
conversation. Bill's quarterback Barclay, No.
Not go quarterback. That's a Giants running back.
Giants and Ruston, I'm. I'm glad you brought that up
because there was another great clip that was coming out and and
forgive my lagging, I don't know why my computer is lagging this
bad today. But there was another clip that
I wanted to play today and it was Sukwan Barkley as well.
And and he was talking exactly about what you just brought up,
that when you are one of these top prospects and you're granted
this much money, you're not really taught about the best way
to, you know, manage your money and you're just giving all this
money. And that's why there's so many
athletes out there that absolutely get wrecked.
They they can be some of the best athletes in the world and
then they end up completely broken, destitute because they
don't understand how money works, why they should save
money. And to Jack Mahler's point and I
believe that clip like we are all forced to become speculators
and This is why we want a hard money that doesn't steal from
us. It's so simple because you do
not have to get forced to becoming a speculating financial
advisor just to just to float, just to get by.
And this is the world that we live in.
Everyone has become a financial speculator and that's because
the money's broken. Stupid.
Anyways, let's get into this plug by our boys over at Bitcoin
conference. Yes we are fresh off of Austin
bit block boom. And if you are in Europe, maybe
you want to go hang out with other bitcoins.
Bitcoin Amsterdam is October 12th and the 13th this year in
what? A month or so?
And then of course get the early bird tickets to Bitcoin
Nashville 2024, July 25th and 27th and you can use the
discount code simply to get. I believe it's 10% discount.
Anyways, let's get into the news guys.
We got a lot to cover today. The Daily News.
All right guys, before I get into the news, so shouts out to
our boy Brian De Mint, who wrote Bitcoin Evangelism.
We say it all the time man. Have you ever struggled to
answer your skeptical no corner friends objections?
Your boomer neighbors questions? You ought Edna, who is worried
about Bitcoin being the currency of the Antichrist, the annoying
dude at work who is trying to dunk on you because the price is
down. We'll get Bitcoin evangelism on
Amazon and you can scan the QR code right here and go straight
there and prepare yourself. As I was telling you guys
yesterday, reading all these books, we can't really expect
just a bunch of people to to sit down and read 300 pages.
It's about preparing yourself with the tools and the
techniques so that you can better spread the Bitcoin
signal. Anyways guys, let's get into why
you are here. So first and foremost, of
course, we got the breaking news tweets from Bitcoin Magazine
here. Breaking Grayscale wins its
lawsuit against the SEC over converting its fund to a spot
Bitcoin ETF. So that is the prevailing
narrative so far on Twitter right now.
And here we go. This is from Bloomberg U.S.
court paves Way for first Bitcoin ETF in grayscale ruling
and we got here Grayscale Investments LSC got a green
light from a federal court to launch the first Bitcoin
exchange traded fund in the USA. Watershed moment in the
cryptocurrency industries quest to tap billions of dollars from
everyday investors. A three judge appeals panel in
Washington on Tuesday overturned a decision by the US Securities
and Exchange Commission to block the ETF.
The cases, Grayscale versus SEC 22.
Yeah, we don't, we don't need to get in.
But let's get into a little more of the Bloomberg article here so
you guys can at least get the basics of what's going on and
then we'll get the bitcoiners take on top of it and help you
guys wade through the hopeium and what's actually going on.
So of course we're on Bloomberg here guys and the headline is
U.S. court paves way for first Bitcoin ETF and grayscale
ruling. Ruling by appeals court
overturns decision by SEC to block ETF.
The court says regulators review was arbitrary and capricious.
So I will read here a little more because I think it does a
pretty good example of what's going on.
Overview and then we'll get the Bitcoiners take.
So Grayscale got backing from a federal court to launch the
first Bitcoin exchange traded fund in the USA.
Watershed moment in the cryptocurrency industry.
The denial of Grayscale proposal was arbitrary and capricious
because the Commission failed to explain it's different treatment
of similar products, wrote Judge Naomi Rao.
And as you can see, and as I showed you guys in the
beginning, the Bitcoin price jumped up after this news got
dropped. So hey, maybe people are liking
that the SEC is losing out there.
Anyways, Grayscale advanced substantial evidence that its
project was similar to Bitcoin futures ETS approved by the SEC.
The underlying asset of both types of products are closely
correlated, and the surveillance sharing agreements with the
Chicago Mercantile Exchange are identical.
Grayscale says converting to an ETF would help it unlock about
5.7 billion in value from the $16.2 billion US by making it
easier to create and redeem shares, which I think is the
most important part about the spot Bitcoin ETF, and of course
about GB TC converting to a spot Bitcoin ETF, And so just a
little history here. In June 2022, the SEC rejected
Grayscale's conversion proposal, arguing that an ETF based on
Bitcoin, which trades on unregulated markets, lacked
adequate oversight to detect fraud.
And Grayscale sued to overturn to the decision, accusing the
SEC of discriminating against its product while proving
similar Bitcoin futures ETF. Grayscale sought to create an
ETF because the trust closed and structure doesn't allow for
investors to redeem shares when prices fall, causing the trust
to trade at steep discounts to its underlying Bitcoin.
As an ETF, it could create and redeem shares to keep up with
changing demand. Absolutely huge when this does
get approved. Again, guys, this is not about
an if, it's about a win. And we've been covering the
BlackRock News, the Spot Bitcoin ETF, and there's obviously
speculation of hey, is BlackRock gonna get approved first.
But I think it is becoming clear that there is a queue of a lot
of ETF's that will likely get approved around the same time.
So. I know as a bitcoiner we always
talk about, you know, take Bitcoin in self custody.
I don't like paper, Bitcoin, etc, etc.
This will unleash a lot of capital going into the Bitcoin
market. Anyways, during a hearing on the
case in March, the judges grilled the SEC about its
decision and seem to side with Grayscale's argument that the
underlying market for spot Bitcoin and Bitcoin futures pose
the same risk for fraud and manipulation.
One is essentially the derivative of the other route,
said the judge. They moved together 99.9% of the
time. So where's the gap?
The commission's view SEC lawyer Emily True Paris Paris argued
that unlike Spot, Bitcoin futures are traded on a public
exchange with federal oversight, so the pricing and monitoring is
more robust. Paris said Grayscale failed to
provide enough data to show that fraud on the spot Bitcoin market
would show up on the regulated futures markets.
Okay. Now let's get into some of the
bitcoiners take here. So first we got Dylan Leclair
and he's got a tweet here and it goes.
Grayscale wins lawsuit against the SEC.
This DC Circuit Court of Appeals is vacating Sec's denial of
Gbtc's conversion into an ETF. Now, this does not mean that GBT
GBTC is automatically converting into an ETF, however, so let's
look at this screenshot here of the row the Circuit Judge.
So she goes. Or he goes, sorry, it is a
fundamental principle of administrative law that agencies
must treat like cases alike. The Securities and Exchange
Commission recently approved the trading of two Bitcoin futures
funds on national exchanges, but denied approval of Grayscale's
Bitcoin fund. Petitioning for review of the
Commission's denial order, Grayscale maintained it proposed
Bitcoin TF product is materially similar to the Bitcoin futures
exchange traded products and should have been approved to
trade on NYSE Arca. And here's the part that is the
highlighted part. That is where probably there's
some confusion here and where we'll clarify.
We agree that denial of Grayscale's proposal was
arbitrary and capricious because the Commission failed to explain
its different treatment of similar product.
We therefore grant Grayscale's petition and vacate the order.
OK, so moving back. Here we got Corey Clifton who
quote tweeted Dylan and he goes. The correct take on grayscale
ruling is below. Lots of bullshit headlines out
there already. Grayscale is now in the queue
with dozen others rather than being totally denied.
So again, this doesn't automatically change GBTC into a
spot Bitcoin ETF, but this is a huge win for the capital that's
going to flow into Bitcoin. Now GBTC is looking like it's
going to also be in the running for a spot Bitcoin ETF and then
jumping down. If you don't believe the
bitcoiners take, we have James C Fort here and he's a Bloomberg
analyst and he basically doubled down on the same thing.
So breaking there it is. Grayscale wins their lawsuit
against the SEC DC-66 Circuit Court of Appeals vacating Scc's
denial of Gbc's conversion into an ETF.
And again, this is the point though this does not mean GBTC
is automatically converting into an ETF, but it certainly brings
things one step closer. And so you can see there's
nothing in here giving us any timelines on when the SEC has to
issue another order. So I'm not sure on timelines.
I was initially thinking something like a deadline of 45
days or 60 days, but nothing in here saying that this is the
brutal quote from Rao. The commission's unexplained
discounting of the obvious financial and mathematical
relationship between the spot and futures markets fall short
of the standard for reason decision making.
And then just to kind of double down on this, we are over here
on no BS Bitcoin and they got a good quote here and goes it
virtually guarantees they will approve BlackRock infidelity.
Grayscale may need to refile, but they will almost certainly
be approved as well. So again, we've been saying for
a while, it's not about if it's about when these spot Bitcoin
ETF's will be approved. So you know the SEC has been
kind of playing this chicken in the train game or what's it head
cut off and what what are they saying ruling thing I'm blanking
on on what their wording was but you got sailor here and it goes.
This District of Columbia Court of Appeals has paved the way for
Bitcoin exchange traded funds. So again, I know some people are
saying we are click baiting here, but this is a huge win
because it moves the needle forward to a spot Bitcoin ETF
being approved. And yes, you know this is
obviously been bullish on the price.
This Bitcoin price jumped up to 27, maybe we're close to 28 now
and but this doesn't automatically mean GBTC is going
to become a Bitcoin spot ETF, but it is looking like it's
going to happen soon enough. But you know, as the Bitcoin is
the cynical Bitcoin in here, I really like Nick Bottia's tweet
here AKA time value of BTC and it goes Bitcoin up 5% on SEC
Grayscale News. SEC treatment of Bitcoin is a
clown show. Any defeat for the SEC in court
is taken as positive news for Bitcoin.
So this is probably why we are seeing the Bitcoin price respond
the way it is. But hey, love to see it.
We knew this was coming. We knew that a spot Bitcoin ETF
was a matter of when and not if. And here we are guys, it is
happening. You know, I hope you didn't
think we're going back down to 15 Ki hope you're stacking.
Anyways, Ruston, what's your thoughts on all this?
Hey, shout out to Matt J. The SEC won't let me be let me
be me. So let me see.
OK, But the grayscale Bitcoin Trust sucked.
Even after all these years, I don't think anyone ever
explained that to me. And it actually made sense.
As far as the NAV and the, you know, all these things with it.
It was never. Really connected to spot.
It wasn't an ETF. It's a trust, but people can't
change it and they can't withdraw.
But we are seeing that sometimes maybe the system works and
checks and balances are in place and we can get some results that
we wanted. So let's see, we got they
mentioned arbitrary and capricious because how can you
have futures ETF's that you don't have to hold the parity
and not have a SPOT ETF. So that lunacy was just brought
to light. In public, in court.
So Gary, I'm sure he had a fun time trying to explain that.
But we're also seeing the power of the public and the people who
requested. I mean, I don't know how many
petitions have been signed to transition GB TC to a spot ETF.
So that is impressive and we're seeing the power of the people
in some different ways around here.
But you can't, with any confidence you know, try to
promote some paper futures ETF. And then not have a spot ETF,
which is probably the most honest of all the products
there. As for the rules, they do have
to hold the parity, the underlying product, and I just
wanted to get to this earlier. Narwhal Tacos brought up a good
point. You do not want to use your
stamp seed when crossing the border probably don't store that
in your prison wallet. OK all right guys.
I I switched my camera because it it seems to be lagging on me.
So for forgive me but wow Rustin never never ceases to surprise
us. OK well absolutely love it.
But yeah, I I couldn't agree more with with what you were
saying and and your takes out there and shouts out to everyone
in the chat. But hey Rustin, let's also let's
continue to double down and give them some more sauce with your
culture segment because if this news coming out from the SEC
doesn't make you bullish, I mean you should be bullish anyways.
Obviously we are simply Bitcoin, we're always bullish, we stay
bullish, we stay bull tarted. But I think we have some more
data points coming in that are going to make you want to stack
even more than you already have. So we'll give you the floor
resting the daily culture. Brought to you by Swan
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Visit swanbitcoin.com And of course guys, before we go on you
got to plug Pacific Bitcoin. Look, if you're not in Europe,
if you're on the West Coast and you want to hang out with
bitcoiners, if you're fomoing because you weren't in Austin at
Bit Block boom make sure you make it to the Pacific Bitcoin
Festival October 5th and 6th in sunny LA.
It is what, 30 days away? 40s.
Less than 40 days away or something like that.
Maths hard. Anyways, your favorite
bitcoiners are going to be there.
It's going to be awesome at the hangar like it was last year and
you can get your tickets today before price rises.
I don't even of the Rising, but I'm guessing they are.
The GA ticket is $600.00 of VIP ticket is $2900 and we will be
there. Man, I want to see you guys.
Last year was awesome for the first year.
I can only imagine that this year it's going to be even
bigger and better. Anyways, Rustin, what do you got
for us out there? All right, so we got some good
stuff. Now let's look at this Bitcoin
bear market. At 490 days, it is the most
prolonged bear market in history.
Meaning that the diehards, the plebs and the true believers had
more time to stack this bear market than any time in history.
Now let's go ahead and move on so that that is already bullish
as we will continue to build on that.
But also news Bitcoin historically trading below the
200 week moving average also associated with the bullish
wave, and Michael Saylor tweeted that out earlier and it had the
kind of the local chart. And we're in that deep blue kind
of coming and we just hopped back above the 200 week moving
average with the bullish news this morning with Grayscale.
So it was some interesting developments, adding to the
bullishness guys the scarcest, the only finite supplied true
asset on the planet is becoming even more scarce as the supply
and Bitcoin is that it's lowest point in over half a decade,
only approximately 6% of Bitcoin.
The overall out of the 21,000,000 is currently on
exchanges and that is the lowest level since December 2017.
So go ahead and check that chart out and this is where we are at
and we trace back right about, Yep, coming right off of that
peak. So it's very interesting, you
know, history rhyming and things of that nature.
Let's see what takes place and we got grayscale will be added.
Of course into this list, but our full list we've got Arc 21 I
shares from BlackRock, the Bitwise, the Van X, the Wisdom
Tree, Invesco, Fidelity and Valkyrie.
So let's go ahead and see the first deadlines.
November we got September 2nd for I shares Bitcoin Trust,
September 1st for bitwise, September 2nd Van X, September
2nd Wisdom Tree. So all these guys, September
2nd, Fidelity, Invesco except for Valkyrie, then the next day
goes into October 17th is where they're looking for the second
deadline. Final deadlines are right in the
first quarter of 2024, so those are in March.
So if those final deadlines were met, that would be one month
before the official having comes into effect.
Major bullish action because this.
This isn't the 2017, you know, fake Paul Reveres.
He's really coming around the corner.
And the Redcoats are coming, you know, and we could say that
because, you know, institutions, new levels, new devils, the
rehypothecation risks are there. But I want to show you something
else. And if history rhymes, let's go
ahead and take a look. All right, let's take a look at
the shiny rock gold. Prior to the gold ETFOK, it was
a dead rock. And then gold's price, 4X over 7
years. And that's gold, right?
Seven X / 4 or 4X over 7 years. So if we take a look at this,
the spot Bitcoin ETF again, major catalyst.
And you know, Bitcoin moves a lot faster, Okay.
And it's truly scarce and verifiable.
So that just gives you an idea of things that could come down
the pipe. Like an ETF didn't even get
approved today, they just said the SCC's reasoning.
For denying it was regarded okay.
So that's coming up and we, you know, we had The Who was that
Matt shouting out Eminem earlier.
So let's go and take a look at this.
If you'd invested $100 in Bitcoin when Kamikaze featured
the Bitcoin shout out, it was Royce the five nine.
Everyone used to bite nickel. Now everybody doing Bitcoin,
you'd have $368.81 a 268%. Increase on your cut buck
investment. Now also bullish guys and this
is with, you know, Larry Fink and BlackRock, you know they got
to buy a lot of Bitcoin because there's going to be massive
demand for these products, all of these guys.
And Robin Hood is already the third largest holder of Bitcoin
with three, let's see here 3 billion stash and that's
according to Arkham Intelligence.
So that wallet we were tracking for a couple weeks ended up
being connected to Robin Hood. So guys, massive institutional,
you know, are going to have to come in and accrue some Bitcoin
for all their products and then you know the plebs are stacking.
No, no one cares. You know we are going hard as
fuck stacking those sets baby. And no one's going to you.
No one's going to tell you any different or me any different or
anyone else, because we know where this is going and we just
got the sign off from the largest asset holder on the
planet. And that also is saying all your
ESG bullshit. Greenpeace You can shove that up
your prison wallet and get the hell out of here.
Because Bitcoin ain't stopping. Bitcoin is here to promote
everything, whether you're environmentalist or not.
Bitcoin is here for you. We're going to make flare gas
great again, I guess, you know, And we're going to monetize all
this wasted energy. We're going to stabilize the
grid and make energy cheaper for everyone.
So go fuck yourselves, Greenpeace.
Bitcoin stays winning. Hold on.
Hey, guys, smash that like button.
You do not get this type of content anywhere else.
But anyways, let's get back to some of this news story here
that you got. Oh, man, you you cracked me up.
All right, so of course, of course, of course.
Man, this has been the longest bear market I think ever.
And we have the numbers and not only do we have the numbers to
show that, but it's felt like the longest bear market.
And and you can see that everyone, well, not everyone,
but a lot of people have the bear market fatigue right now
that they're they're starting to feel that pain.
But it does have inklings of moving forward.
It does seem like we are starting to get out of the woods
because yeah. This take Matthew J just posted
in here so we said. Yo, simply, is it possible that
Robin Hood is holding it for black rocker institutions?
A pension fund, sovereign wealth fund?
I mean, totally possible. So they're trying to frontrun to
be the person they come to to get their goods.
So definitely possible. I mean, all things are open.
We can't really take too many things off the table here, but
that was a great thing. Soon we will only know in time.
But of course, I mean, since we're talking about Robin Hood
guys, of course I'm pretty sure if I remember correctly maybe
I'm forgetting things. I do have a bad memory, but take
your Bitcoin into self custody. I'm pretty sure Robin Hood
allows that. Guys, do not leave your Bitcoin
there. But yeah, maybe dude, Matt,
maybe. Maybe you are 100% correct
there. Anyways, let's get back to this
a little bit. You know, I think it's all
adding up very good and and it's something that we've seen in the
past. We, I've been here for, I don't
know, two cycles now and there is kind of a trend that you see
during bull and bear market, During the bear market, any
amount of bad news the price dump.
So even if it even if it's noise and in a bull market any amount
of good news even if it's noise pumps the price.
Now again, do we know if we are really out of this bear market,
out of the crab? Yeah, up to you.
It was just like think about this bear market.
Has there ever been a bear market with this much bullish
news, like throughout the whole thing?
I mean this, this is crazy for like.
Yeah, like from starting with all of it, you know, there's
possibility of Russia, you know, trading and energy priced in
Bitcoin and all this stuff that's come out.
And now here we are. We're finally getting, you know,
touching that 28K mark and starting to pump and maybe this
is it, maybe that was the catalyst, but we'll see.
Yeah. And it's just important guys to
continue to stack, continue to accumulate.
I, I was hearing the cafe Bitcoin spaces this morning and
we know our maybe you guys don't know if you're new to the space,
but the Bitcoin price moves on the margins.
There's not much Bitcoin on the exchanges as Ruston showed us.
And it's all the degenerate traders that are making the
price fluctuate that are getting the noobs wrecked out there.
But the name of the game guys is accumulate.
Accumulate as much Bitcoin as possible.
Right now is the time to be auditing your behavior, auditing
your finances, and getting as much exposure as possible.
Because it's something we've been talking about for a minute
on the show. This could quite possibly be the
last bull run where the average person can get a hold of a full
coin. And this is generational wealth.
And if you can acquire one coin, someone said in the chat, if you
can get one coin, that means that a millionaire out there and
Fiat terms won't be able to get a coin.
Guys, this is when you want to double down on your cash flows,
double down, maybe work overtime, sell your chairs.
But, but again, guys, we say it all the time.
I know they're saying we're geeking on the show.
We're getting excited today. I've been warning you guys for a
minute that I'm gonna be absolutely unbearably bullish on
this show when the price starts pumping.
I'm okay with this. I acknowledge this, but we say
it all the time, stack sats and stay solvent.
This is the way guys do not get yourself over leverage.
This is the beauty of Bitcoin and and hence why we kind of
played that Jack Muller's clip in the in the beginning.
Because it's all about holding the best money and not turning
yourself into a speculator, not getting over leverage, not going
full degen mode on this. Just stack sets, take that
Bitcoin into self custody and this is the way and and right
now I know it's getting a little frothy.
I've been I've been warning you guys for a couple of for a
couple of weeks now that now is the time to get all your ducks
in order. I know we dropped a clip on our
You Tube channel about UT XO management.
Up the check. Two sons.
Oh my God. Hey, what's this?
The final capitulation we needed?
We've seen some capitulation in the last couple of weeks.
Maybe we got the sacrifice we needed.
Tucson Absolutely love to see it.
But yeah, right here, like BTC Moon guys says it best.
It's a war. Accumulate Bitcoin or die, guys.
You know, I know, I know it sounds like we're being
hyperbolic a lot of times, but it really is Bitcoin or slavery.
It really is Cbdc's verse Bitcoin and freedom money verse
dystopian tyrannical money. And This is why Bitcoin will
win. This is why the world is
starting to wake up to it. And and even I was kind of gonna
wait for this tomorrow, but maybe it's a good time to kind
of bring this back in, cuz Rustin kind of explained it well
like this bear market I think has been.
One of the bullish bear markets we've seen in a long time.
Obviously the people are taking Bitcoin into self custody.
It seems like bitcoiners are waking up out there.
We're making new bitcoiners. They're practicing the best
Bitcoin habits, taking Bitcoin into self custody, not trusting
middle men. And of course we have the
biggest asset manager in the world embrace Bitcoin.
And I've said it as a joke in the past and I now I'm not the
only one saying this and and you know safe Dean said this as
well. I I said in the past like maybe
we're all we're all afraid of BlackRock breaking Bitcoin.
But maybe it's Bitcoin that brings BlackRock down and
safety. And just tweeted this yesterday
and he was quoting the white paper and it's that famous quote
from the white paper from Satoshi himself that says people
will be incentivized to follow the rules versus trying to you
know do nefarious stuff. So it's looking like the Bitcoin
incentives are continuing to stay pure.
It's continuing to fix the Fiat world.
And again, guys, we're seeing that even the SEC out there, an
institution is starting to have to play by the same rules for
everyone, which is absolutely bullish for Bitcoin.
And I say it all the time. I know, look, I already hear
something's like Opti said, bullish like 47 times on today's
show. Yeah, whatever guys, it is what
it is. It makes me think of the meme.
Bitcoin changes you. You don't change Bitcoin.
And it's only a matter of time until all these institutions
bend the need of Bitcoin. They realize that Bitcoin is, at
least in America, you know, constitutionally protected.
It is a free speech matter, You know it's not illegal.
They can try to say whatever they want.
They can try to get you to endorse a certain politician so
that you know he protects your Bitcoin.
But Bitcoin is already protected as long as they follow the oath
that they said they were going to follow when they got into
office. But anyways, guys, TLDR this is
when you should be stacking. I think this is the safest time
to be stacking Bitcoin. This is the time when we have so
many receipts, so many examples that you can show your parents
out there, your boomer parents out there, your friends out
there. From every example, we have the
bait to catch the fish now. Hey, do you follow traditional
financial world well? Hey look, black rocks endorsing
Bitcoin. Do you follow the ESG fund?
Well look, Bitcoin is fixing the energy problems.
Or are you simply just a number? Go up guys.
Well, hey, look, Bitcoin is still hard cap and all this
capital was about to get unleashed into Bitcoin.
I don't know about you, but I'm feeling extra bullish this
morning and it's only, look, I'll tell you now, I'm going to
get stupidly bullish guys. I'm going to get bulltarted.
Hey, This is why I'm here, OK? Yeah.
This is why I'm here. Anyways, Russian, you want to
jump in a little more before we get into the meme?
Because I I was already having a bunch of fun I can't even keep.
The chats outline. We have, you know, a hot take
from Skip on down the road. He's not a professional in his
field, but he knows a certain someone when he sees it.
I'm sorry about that, Opti. He He shamed your woman.
So I don't know if there will be a wait, wait, Can you pull it
up? What's?
Going on, I don't know if there will be a sign the waiver for
this, but. He said.
Christine Lazard. I'm not a But I know what when I
see one. Great sensory.
Oh.
Man, so many great things are happening and I like that.
You know, yellow. Go ahead, patent that.
Put it on a bumper sticker. Opti, August 2023.
This has been the most bullish bear market in the history.
Of Bitcoin. So go ahead, wear that with
pride, baby. We're going up forever.
Laura Saylor told you. All the developments are
starting to come to a head. And also, all the developments
in the clown world are starting to come to a head too, is
they're going to meet some interesting opposition it
appears in the coming months, but you know, Bitcoin is here to
support everybody. And to make sure that whatever
the state tries to do well, they can't take your money and we
become ungovernable and we form a free market future, the
freedom future, the liberty future that has been corrupted
and stolen from us by Fiat. So let's go ahead and get get on
the move, stay on the mission, keep sending those signals out
there. Send all the Bitcoin content you
can to the your friends, family and loved ones.
Who knows what video it is. It's going to click like I know
we were talking Opti like Robin Hood, right Early in my journey
I'd like got some Sats on Robin Hood and then I was like, well
shit, I can't move this stuff. What the hell is this?
And then I learned, well that's not Bitcoin.
So, you know then I had to go start going down that journey
and know you know, so that that was eye opening for some and
some people that may be the way they get their first Sats
because the UX is so free. But we got to make sure that we
have all the two tools. In place like if you guys watch
our show me and Dell, we we promote the Bitcoin way and
they're like an IT team in the in the Bitcoin industry.
So if you need help with cold wallets, hardware wallets,
nodes, no KYC purchases, it's a good place to go.
And yeah, great to have them on board and as a partner to help
so you can shoot your friends and family over there.
If they're just starting their journey and they want to learn,
you can get a 30 minute free consultation.
With a V for BTC over there, so that is great.
And I think I saw a chart. Another thing you were talking
about off the is the fact that during this bear market there's
been like the amount of Bitcoin being moved into self custody
and taken off the exchanges is wild.
So what happens with that? And then you have the having
right. So they become smaller and
smaller cell pressure on the market and this is the first
time that there has been like a negative cell pressure.
Into the market. So you have a truly negative
deflationary play coming in here and that's when you mix in the
mining kind of economics with the Bitcoin supply issuance
economics. So very interesting and very
bullish and a lot of people you know are doubting what's going
to happen with minors with this upcoming having.
But there were a lot of signs that shows you know they're
going to do just fine. We had Who was that right or
marathon on the other day? And they were talking about, you
know, you want to have a lot of cash on hand and things like
that during during the bear coming into it.
But also the people that have been building like Mad Men in
the mining industry. I mean if you want to know a
leading indicator or a massive bullish divergence, you just
look at the hash rate and you tell me if you should be bullish
on Bitcoin or not. I think that is a that is the
golden ticket, you know, telling us where Bitcoin is headed
because its value is becoming exponentially.
Its value is exponentially increasing with the hash rate.
All right, so I saw another thing.
There was a Amazon Quantum computer mock up, right?
And they said it would take 10 million of those quantum
computers just to make a single double spend in the Bitcoin
network. So that lets you know Bitcoin is
the quantum computer, it is the strongest computing network on
the planet and its value is much higher than where it is today.
So just keep stacking. We know where things are headed,
right? Hold on.
All right guys, before we get into the memes like that, what's
it called? Smash that like button?
We we we usually break the 100. Let's see if we can get an all
time high here and break that 200 mark for the first time ever
on simply Bitcoin. You don't get this content
anywhere else. But anyways, let's get into the
memes because this is your favorite portion of the show.
The Daily Meme Review. Brought to you by Kaboom Racks.
I get this question all the time.
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All right, so this is the mean review where you guys tag me in
memes on Twitter at simply Bitcoin TV or you can tag me on
my personal account optimist field and we will review your
memes. They don't have to be your
memes. If you see your favorite memes
memes and you think it should come on the show, tag us on it
and we will add it to the show notes.
And then of course you can join us on T dot me slash simply
Bitcoin in our telegram group and drop them in there.
Our telegram group is super lively now and it's all kinds of
conversation in there. If you want some more hands on
conversation, some more intricate details, some more you
know just hanging out with some bitcoiners, get into our
telegram T dot me slash simply Bitcoin.
Anyways, memes are powerful guys.
As you can tell, we are in an information war.
And as as you guys know, man, there is way too much shit coin
content on YouTube. And This is why we do our show
the way we do, so that we can compete, so that we can make
sure that people don't get lost in the sauce.
Tweets are the bullets, memes are the artillery.
We are in an information war and the world still hasn't found out
that Bitcoin is the solution to its problems.
Anyways, let's get into the memes guys.
This 1st meme is by my boy, the BTC therapist.
And he goes how long will you huddle hashtag BTC?
And we got a stadium here and it just goes Bitcoin at the top and
we got a stadium here of the single loan bitcoiner.
This was you guys, all of this bear market you were stacking,
people were calling you stupid. I'm sure you got dumped by your
girlfriend because you were poorer.
All that good stuff. We were the lone person in the
stands AT25K stacking, and once we get to $1 million, we're
going to fill up the arena because everyone and their
mother and grandmother is about to hold on to some Bitcoin.
And as you can tell, the floodgates are coming.
Guys, I hope you stacked. I hope you prepared.
I hope you're playing Hungry Hippo out there, because the
only number that matters is the SAT under your control.
OK, this next one shouts it to my boycott and Wolf on Twitter.
This might get a little spicy, but I but I absolutely love this
one. We got the classic meme here of
the guy like trade offer and he's the federal government.
And it goes. I receive 1/3 of your paycheck.
You received roads. Just kidding.
Laughing my ass off. Nothing.
Fuck you. I hate you.
The state hates you. OK, I had to drop that one in.
Sorry, guys. All right, the next one is by
ropeium and he goes, if you don't believe me or don't get
it, I don't have time to try to convince you.
Sorry. Classic Satoshi quote.
And we got the crying whoa Jack over here.
The pink crying whoa Jack. And we got Bitcoin in his
computer. And yeah, just don't, don't read
the keyboard here, guys. And it goes, yeah, I don't get
it. Is it political?
Is Bitcoin political? What's the message in this?
What is Bitcoin? Why don't I get Bitcoin?
Put in some more stack, some Sats.
Bitcoin changes you. You don't change Bitcoin.
Time in the market beats time in the market.
All the good memes stay humble. Stacks at stay.
How solvent This is the way. OK and this next one is by VJ
Boyapati, aka Rio under score VJ.
And it goes. It's just a matter of time.
And we got a chart here and we got the X access.
Wait, which one's X is X sideways time Y access is trust.
And you can see gold over here with a lot of time and a lot of
trust. And it's only a matter of time
until Bitcoin catches up. Until Bitcoin gains that trust.
It's the only thing gold has on us is that that thousand year
time span bitcoins only what, 14 years old And the longer the
network stays up the longer tick tock next block starts to
continues to happen. Sorry, Bitcoin will become
ubiquitous with the modern world with strong hard cap money.
Time is your friend. Time is your friend.
And it looks like we have a little time before things start
to get frothy. So I hope you're stacking out
there. All right.
This next meme is by Woe Jack Bitcoin and I was going to post
your version Woe Jack. But I really like Steven Love
because just little little quip on top of it, because that's the
theme of the show. You know, Bitcoin really changes
you. It doesn't just change you on an
individual level. It doesn't just change people on
the corporate level. It doesn't just change people on
the nation state level. It is changing institutions in
real time. And Steven Lebka, I forgot I
forget what your Twitter is. Dazzambala huddle goes, Bitcoin
really changes you. And we got the crying woe Jack
with his, you know, mask on. He's looks really smart.
You think you're super smart And it goes my opinion on money five
years ago. We need to increase the minimum
wage and tax the rich. We need to make wealth wait, we
need to make wealth is we need to make sure wealth is
distributed equally. And then my opinion on money now
and this low key kind of the bell curve meme.
We got the woe Jack with laser eyes in the hooded robe and it
goes my opinion on money now. Money is how a transpersonal
economic system transmits information.
It is an accelerant of both virtual and debauchery.
It coordinates a collective econom economic hive mine and
cannot be controlled or coordinated.
Money is transcended. Bars Okay.
This next one shouts it to my boy HCAKA at Huddle Tarantula on
Twitter and we got this cool a I dub with the Bitcoin logo here
and he goes. I found my forever job and
because I love what I do, I won't work a day in my life.
Do what you're passionate about, be yourself and the doors that
open will be manifold. Couldn't agree more.
This is what we're doing here at Simply Bitcoin.
Not only that. And also did not make the
mistake of arm wrestling. Huddle to That doesn't end well.
But man, it's about you guys finding what you're good at,
putting your skills towards a better life and saving in the
best money possible so you can get yourself out of the rat
race. This is the most important thing
to be doing. The the amount of human capital
that's going to get unlocked in this next bull run is is going
to be absolutely marvelous for planet Earth.
For you as an individual and and for the productivity of human,
of humans, of humanity. This is where we're headed guys.
Okay as you can tell. I'm I think I'm feeling it.
I I think I'm feeling the vibes resting.
All right. This next one is Maxi's club,
and we got a Fiat Maxie, an alligator troll here.
And he goes, Government's banning Bitcoin.
And it's a play on the classic kool-aid man meme here.
But we have Bitcoin in an astronaut suit.
Just breaking down the door. This is the way guys, we are
going. Wait, hold on.
I got it for you guys. One second.
Target ship. Get on board.
What's the second pass? There is no second pass.
All right, all right, all right. That wasn't a meme.
That was an essay. All right, guys, drop your meme
if you score in the chat live. And we will cover them live and
we'll bring them up on the show. All right.
My, my meme review score is you know, shameless shameless plug
to my boys over at Mutiny. You guys saw me wearing the
shirt. But the mutiny shirt.
Marlboro Man Mutiny shirt. I I think this has become my
favorite shirt shuts out to the car, man.
And Tony and the whole team over there.
They're absolutely killing it. I shill at any chance.
Again, I I I endorse my friends making cool stuff.
All right, Rustin, what's your meme review score?
All right, so I got our little lanyard from Bit Block Boom
where I popped my bit Block Boom cherry.
It was incredible. We hung out a lot.
It was great. So yeah, Oh man, I'm getting
trolled so hard in the chat. All right, guys, let me see.
Is there some meme review scores in the chat?
All right, wait, actually, before we do that, I told you
guys yesterday, our store at Simply Bitcoin Calm.
We are having a few issues right now accepting Bitcoin.
We are working the kinks out. We should get that back to you
guys live by the end of the week.
We got a meeting to try to figure it out and and of course
Nico will be back at the end of the week as well.
So let's, uh, you know, just bear with us guys.
We love you. We appreciate it.
See. Yellow basically gave them all
at 10 out of 10. OK, all right, first one, Bammer
Ski shouts. Out to you, bro.
I'm still playing the intro song in the spaces every single day.
And he goes meme score SEC tears.
Let's go. We got a Bitcoin for Canadians.
I give Meme a perfectly made sandwich for lunch.
Uh, sounds so good. I'm on a fast right now, but it
sounds delicious. OK, Elaine, score Bitcoiners.
Remember stacking at over $50,000?
I do. Happy days ahead.
Let's go Yes, stack at all prices.
Always by the top. Yeah, Bitcoin pops are just
historical timestamps. Narwha Tacos score 200 plus
likes. Did we get it?
Oh, yes. We're over.
OK, Shouts out to all you guys
yellow. They all get a they all get a
pee if you know, You know. OK, Matthew J.
My me review score is a Bitcoin hat that I still don't have.
All right, Matt, bear with us. As you can tell we're still
having issues with our store. Once we get over this first
batch we're going to print out a new batch.
We are talking with Bitcoin artists so we can get you guys
some exclusive simply Bitcoin merch.
I will print the hats Just give me give me some time bro.
With there's there's only like 5 of us that are on this team full
time. All right.
Just just bear with us. OK?
This next meme is by Sat Wise Jenks And he goes, I give these
memes 1 Nobel Prize for economics for Bushy Nakamoto.
Yes, this is the way. OK, Hammer Saw goes.
I give these memes Girl Scout cookies.
Kim I I don't know if I can say that one but I like it.
Shouts out to you. Oh, random.
That was good. Score.
Feet. Stink.
Use. Hey, deodorizer.
Yes, Steve Ji. Give the memes 2900 dollars.
Yes, as you can tell, everyone's freaking out for a $2900 price
pump. This is the way.
All right, let's go. Last one.
And it's not the last one because I have no more scores.
It's the last one because of the buzzer.
All right, John Platt, My meme review. 91 criminal charges.
All right, man. I accidentally did that just
today. All right, man.
Thank you guys. All time high and live viewers
shouts out to you guys all time high and likes I guess.
I guess people like they hear ETF news.
All you guys out here, they're complaining about macro.
Yeah, look, apparently they like you.
Oh, man. All right, well, Rushton, really
appreciate it. You guys don't watch Rush on the
on the timeline, our YouTube timeline.
We are dropping original clips over there and we got a whole
bunch in store for you guys. But of course, come join us on
Twitter spaces. We are live currently until 2:00
PM Eastern Time. Continue the conversation.
Let's get hyped in there guys. Let's let's keep doubling down.
And of course, you know, like share, subscribe if you think
we're adding value to your life. But come back tomorrow.
We have all kinds of content for you guys.
Make sure you're not sleeping on our YouTube timeline.
Anyways, guys, peace out. I love you.
Till then, I'll see you tomorrow.
One second, guys, One second. Let me make sure this stream is
over. But of course we're back in
Simply Bitcoin Twitter spaces. We are live.
This is a Bitcoin space by bitcoins. 4 bitcoins.
So come up here, Add your two sets to the conversation.
As you can tell, we got we got stupidly bullish on today's
show. Sorry, not sorry.