It's all going to zero against Bitcoin.
It's going up forever. You're against Bitcoin.
You're against freedom, yo. Welcome to another episode of
Simply Bitcoin Live and I'm source for the peaceful Bitcoin
revolution cover. Can use Culture.
Romantic Warfare will be your guide through the separation of
money and state. Ladies and gentlemen, I'm
streaming live from Montreal, Canada.
We're a couple days out from the Canadian Bitcoin Conference,
which are going to be live streaming from you for you guys.
So many incredible bitcoiners going to be giving panels,
giving speeches. We're going to have the news
desk as well. So you guys know the deal when
we're on the go. We still like to keep the show
live for you guys, keep you guys entertained filling in for Opti
today while he's travelling with this Alamo in the house.
How you doing, Chris? I think this is the first show
that we've done, me and you together.
So man, thanks for joining us. Yeah, no problem, man.
Happy to be here. Yeah, and I think this is the
first one with you, me and without Opti.
So you know all Hell's gonna break loose.
For sure, For sure, guys, we have a lot to talk about today,
it seems like. It seems like and it's crazy
'cause when I was making the title for this episode, the
price still didn't pump yet. But there was news coming out
that essentially we're seeing a record $133 million worth of
inflows into arcs Bitcoin ETF. This is the highest ever since
March, so it seems like things are starting to pick up again.
And I remember when I was crafting this tweet, it was, I
mean crafting this, this title, it was like 9:00 AM, like very,
very early morning. And you know, Fast forward a
couple, a couple hours later, we pumped all the way to $65,000.
So could we be back? Did we have a little blip and
things are just going to start heating up again?
Well, maybe, maybe, perhaps. So it seems like the ETF flows
again have turned green, which I think is obviously a good thing.
This includes the Arkan vest. This includes the Black Rock ETF
as well. However, what I will say is that
they are not nearly as high as were they were in the beginning
of the year when they initially launched.
So I still think we have so much, you know, bullish news, so
much, so much upside left. And that's just because of what
has happened really in the last month or two.
We found out, like I was saying on yesterday's episode, that the
state of Wisconsin bought $100 million worth of the BlackRock
Spot Bitcoin ETF. And then we also found out that
Wells Fargo, the second largest, sorry, Wells Fargo, the third
largest bank in the United States, this French bank called
Paribas, the second largest bank in Europe, all bought exposure
to the BlackRock Spot Bitcoin ETF.
So they're buying indirect exposure to Bitcoin and I think
the the floodgates are going to completely open as more and more
people realize that the Bitcoin strategy is a superior strategy
and that they're at a competitive disadvantage to
anyone else that has adopted some type of Bitcoin strategy,
some type of Bitcoin exposure. Anyone who doesn't do that is
going to be at a competitive disadvantage.
So we're going to cover all of that today and then also
breaking news as well on the nation state level.
This is insane. By the way back in, you know
2021 when we we hit that peak of what it what was it like 69 K or
something or 68 K none of these things were true.
So the Wells Fargo thing wasn't true.
The the Wisconsin State Investment fund, what that
investment was not that didn't happen yet but also in the
nation state level, you have multiple countries including
Argentina, the Kingdom of Bhutan and the recently announced how
much, how much El Salvador has been mining over the last couple
years that was announced I think it was yesterday.
We're going to talk about that today.
So you're seeing nation state, not only nation state Bitcoin
adoption making El Salvador making Bitcoin legal tender, but
you have multiple nation states around the world mining Bitcoin
directly, right? Are using companies to mine
Bitcoin for them, which I find absolutely fascinating, but at
the same time not surprising because if you understand
bitcoins, incentives, none of this should come as a surprise
to you, All right? Also no more delay.
We have a very special guest which I saw in at in Texas at
bit block boom, we have bit Betro in the house bro.
How you doing dude? I'm excited to talk to you about
all these all these countries you know trying to mine Bitcoin,
some are using you know X, some are using natural gas, some are
using hydro. In the case of El Salvador, I
know they're trying to use the geothermal energy energy from
volcanoes. So I'm excited to talk to you
about that as well. And then also I wanted, I'm
excited to talk about all the projects that you're working on
right. So for anyone who doesn't know,
bit betro like he, he turns gas into Bitcoin.
He helps companies do that. You know, he's your man on the
ground with all that expertise in the oil and gas industry.
And he can help you if you want to get in Bitcoin.
So bit, bit, Petro, Thank you for joining us on the show
today, man. How you doing?
Doing good man. Appreciate you for having me and
giving me the space to talk about my work on both the oil
and gas front and the Bitcoin front.
So quick question before we jump into the show.
Do do you see more interest? So you know we're we're we
obviously we have to see what the headlines are saying and
then that's where we get our information from.
But could you give us a little bit of like, you know, some
inside baseball, so to speak, without naming any names?
Do you see more interest from the oil and gas industry, it's
specifically as it relates to Bitcoin.
Post ETF? Absolutely.
I mean it's a different world is it is it Larry Fink saying
something and then you know that is interpreted as legacy signal.
So it it's if it's good for Larry, it's good for us Maybe it
it's probably more likely that that you know it's
financializing and and they are, they're taking that on as a
signal of something that is, is a real reason to be interested.
Now an oil and gas company in reality is going to listen to
this because we're talking about a producer, right.
The guy that's making the oil and the gas, the guy that owns
the well, he's not getting paid what the market rate that you
see. So if today the market is you
know $2.30 or whatever, then then yeah, he's not going to get
that. He's going to get some deduction
off of that. Bitcoin mining allows him to
realize 100% of that in the state of Texas.
There's a tax severance benefit to this and the the price is
somewhere between let's say 5 all the way up to as much as $15
in MCF versus a a a top end of $2.30 minus deductions.
Yeah, yeah man. Well dude, I'm, I'm excited to
dive more into that, get into the details of that and you can
explain it to everybody. But look, from just a common
sense perspective from my, you know, 'cause I don't have that
experience that you do bit Bethroat what what I will say is
that I think energy and Bitcoin are a match made in heaven.
I think, you know, one goes with the other, right?
So I think it's inevitable that you're going to see oil and gas
companies and countries initially go down this rabbit
hole of, you know, finding out how to use Bitcoin to benefit
themselves and in the process securing the network, right.
And that's the beauty of an aligned incentive structure like
Bitcoin, aligned incentive structure system like Bitcoin.
Anyways, before we get to the numbers, I do want to give a
very special shout out to the Bitcoin company that powers the
show. And of course, I'm talking about
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today. All right, everybody, let's hit
the numbers. The Bitcoin numbers.
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time of recording. The Bitcoin price is 64,900
block height, 843,585 SATS per dollar, 1541 Market cap 1.28
trillion Bitcoin price in gold 27.4 oz Bitcoin versus gold
market cap 7.85% Percentage issued 93.8% Declined from all
time high 12.1% Forward Monetary inflation .85% Realized monetary
inflation 1.67% In the grand scheme of things, Bitcoin is
just getting started. All right everybody, I do want
to cover like this this trend that is happening worldwide.
It's incredibly, absolutely bullish.
Also shout out to fellow bitcoiner Javier Bastardo.
Anyways, the headline articles comes from Forbes.
It says Argentina will mine Bitcoin with stranded gas thanks
to GDAA little bit of context before I move on, Bitcoin mining
operations are expanding around the world.
Despite being one of the most competitive industries, hash
rate keeps growing and so do the global operations to execute
this important activity for the Bitcoin network.
Genesis Digital Assets Limited, one of the largest Bitcoin
mining companies in the world, is part of this announcement.
GDA announced an important agreement with the YPF Loose, a
subsidiary of the largest electricity company from
Argentina, YPF, to open a new Bitcoin mining facility that
will operate using stranded gas. Anyways, moving on to the other
thing I noticed here we have the Kingdom of Bhutan.
Now it what's really interesting about this news we've read it
for we we've covered this headline many times on the on
this show throughout the years, but essentially yours throughout
last year. Better said the Kingdom of
Bhutan has been quietly mining Bitcoin for years Now here's the
thing, we wouldn't we wouldn't have found out about this
because they didn't make this public.
It was only via the Celsius bankruptcy that kind of exposed
exposed that Bhutan had some, you know, had some type of
association with Bitcoin mining. But they weren't really vocal
about this, which is interesting because that makes me question
that makes me like ask the question like what other
countries are mining Bitcoin. They're just not telling anyone
about it, right. They just don't want the
negative oppressed. They don't, they don't want the
attention. So we have Argentina, we have,
we have the Kingdom of Bhutan. Even though the Kingdom of
Bhutan, I believe their government is a lot more
involved. They partnered up with Bit Deer
and now you have El Salvador announcing how much Bitcoin they
that they've been able to mine the last three years.
This is a Reuters article. It goes on to say El Salvador
has mined nearly 474 bitcoins since 2000 since 20/21 thanks to
a volcano fueled geothermal power plant.
Official data showed on Tuesday bringing the government's total
Bitcoin portfolio to nearly $354 million at current prices.
The country's Bitcoin office and official government entity
entity reports that the government coffers now hold 5750
Bitcoin. Also, if you take a look at the
hash rate, it continues to make all time highs even after having
it seems like it seems like there's been a bit of a
slowdown. Maybe you can make that
argument. Yeah, seems like it.
But I mean I guess you could say that would be normal because the
having just happened. But but yeah I mean like the
halving is I mean the the hash rate is you know it's undeniable
like even after the infamous China ban hash rate dropped like
50%, I think it took down the price with it.
I believe that's one of the reasons we didn't hit 100K last
cycle, but it recovered in record not record time
decentralizing in the process. Within nine months the hash rate
recovered and now it's just gone absolutely parabolic with I
think it's which I think is a testament of the amount of smart
money, institutional money like look it requires a lot of money
to mine Bitcoin these days right.
You have to invest in the infrastructure.
It's kind of I wouldn't say it's like a super long term
investment but it is somewhat of a long term investment that I
don't think you would make unless you felt very optimistic
about bitcoins future, right. So anyways, I'm going to start
it off with Bit Bet since you're you're from this industry, I'm
sure you know a lot more than we do in regards to this certain
topic. So what's your take on all this?
You you see these very different countries very far apart and
they're they all have one thing in common which is that they
want to mine Bitcoin. So is this a trend that we're
going to continue to see? What's your take on this?
Yeah, cheap electricity is going to give you mid quid miners
because that's what they're drawn to, right.
So if there is any access anywhere, particularly in and in
Argentina, you're going to see the Vaca Muerta because it's a
very gassy field. Gas is hard to get.
The market takes a lot of money to build a pipeline to get that
natural gas to the market. Bitcoin allows for that gas to
basically have optionality where the turbine or the internal
combustion engine can be dropped on site.
You can generate power there and that power can either power
local infrastructure that that you need to further expand
operations or Bitcoin mining and subsidized those operations.
So on one end of the spectrum, right?
On another end of the spectrum, you're going to have hydro,
right, like excess hydro. So I think egress who just sold
an additional 1 or 200 megawatts out for mining.
So this is just going to be anywhere we have excess.
So naturally a a lot of the early stuff was the geothermal
stuff in in the Nordic countries.
We saw a lot of that early on. Those are very geographically,
you know, isolated, although we're seeing you know, countries
like El Salvador attempt to to access those resources.
Yeah, absolutely 100%. Before we continue, I do want to
give a shout out to Marin. Marin, thank you for the €60,
appreciate it. I guess we were back.
I mean, bro, we never left, but I appreciate the support of the
channel. If you're referring to Opti,
Opti is currently in the air right now at 35,000 feet on the
way to Montreal for the Canadian Bitcoin Conference.
I got in I got in here late last night so that we can not skip a
beat and do the show for you guys.
Chris, what's your take on all this bro, this is incredibly
bullish stuff and again it it's not surprising.
I can't emphasize that enough. It this is not surprising if you
understand Bitcoin's incentives. It it's just it it I'll say this
it's not surprising but it's still surprising to see it for
the first time right. Like you knew this was going to
happen you knew that countries are going to be interested in
mining Bitcoin. But it's still it's kind of like
when we all we all like made a we we all knew that a country
was going to make Bitcoin legal tender but it still surprised us
nonetheless when it happened the way that it happened right.
And another thing also another observation that I that I that
I'll make is that this is all happening a lot quicker than we
all anticipated, right. So which which I think is pretty
crazy. Anyways, before I pass it on to
you I wanna tell everybody in the audience guys, smash the
like button, Help us break 100 likes within the first hour.
Currently at 93 likes on YouTube.
Smash the like button if you're watching this on rumble and on X
as well, right? Spread that orange signal
forward. Anyways, Chris, what's your take
on this brother? I was just gonna say optis,
Optis being held up by custom agents at the Canadian border
right now probably he's too based.
No, I I think the best way to think about this is to zoom out.
So what I mean by that is obviously we saw after the 2008
financial crisis basically the the US federal government or the
US Fed Federal Reserve said that they are basically devalue
bondholders who are the largest bondholders.
In 2008, the Chinese basically after the tailwind of that in
2011, 2012, the Chinese were not happy that basically the US
printed a lot of money. They bailed out banks and they
bailed out their banker friends. And by doing so, they devalued
the Chinese bonds. And the Chinese were, you know,
had like I quite literally think trillions of dollars of US
bonds. And you know, basically the US
government and the US Federal Reserve flipped off their
fingers to China. And China was like, well, we're
no longer going to buy treasuries.
So, you know, they kind of need to see demand for U.S.
Treasuries elsewhere because we're the global reserve
currency and the the treasuries are the global reserve asset.
So when you lose the demand in treasuries, you know, you kind
of lose a peg or a a peg of the stool for keeping up this Fiat
Ponzi. You know, Fast forward a little
bit further to 2022 and we see that the US government seized.
Russian oligarchs and Putin's assets to to the tune of
hundreds of billions if not trillions of dollars in
treasuries. So one you're losing people that
are buying your treasuries like the Chinese because you fucked
them over by printing money. And then you're telling the
world that hey, if you buy these treasuries from us like Russia
was doing or had, we can seize them from you.
So why would you want to have a money or and or an asset
associated with that with treasuries and U.S. dollars that
the US government can seize? They can cut you off from the
Swiss system. They can take over your assets.
So like Bitcoin is this neutral money that the world can settle
in and it's a better money. Not only is it unconfiscatable,
obviously the properties that we know, like, you know, having
your own wealth in your own head with, you know, 12 or 24 words,
but in the way that you can transact without having people
steal your wealth, either through printing of money or
literally confiscation of assets through the banking system.
So it was only a matter of time before we saw El Salvador you
know adopt Bitcoin as a country. We saw micro strategy adopted as
a treasury reserve asset for the for their corporation and then
kind of leading into the next story, not bearing the lead but
kind of bringing up like now pensions are getting into it
like everyone's trying to escape the debasement and the theft of
quite literally either physical theft through taking your assets
of of the treasuries or theft of printing of money.
So it's just a better like it makes a better world.
It aligns incentives, you know, if Bitcoin is for adversaries,
so even if you're Russia and the US and China and you all and
don't really like each other, you can use this as a settlement
of money where everyone is trying to like everyone was
trying to game the system and it's a fair and equal level
playing field. So I think, you know, the kind
of the losers of the world are the net consumers of the world.
I hate to say that, you know, Nico, you and I and BIA Petra,
we're Americans or based in the US I'm assuming that basically
we are net consumers relative to the world.
So the US and Europe are kind of net consumers where China,
Russia and a lot of other countries in South America are
net producers. So this is kind of only a good
thing that, you know, Bitcoin layer levels the playing field
and it's going to be, I hate to say this, but it's going to be
painful for many Americans that aren't on a Bitcoin standard
like what it means with not only their currency being debased,
but in terms of being net consumers and not net producers
to the world A. 100% and and they're they're the country that
has most benefited from that monopoly, right.
So yeah, I think that if you don't transition to a Bitcoin
standard and if you live in the United States, you know, you
could potentially find yourself not in a good place.
Because look, the the moment that the US loses its global
reserve currency status and a lot of countries like what Chris
was alluding to or referencing to, you know, a lot of countries
are seeking an alternative like the treasuries or the treasuries
aren't doing so hot right now. Like, people don't have faith.
Countries don't have faith. Institutional investors don't
have faith in the US government the the way that they used to
have. And with the current fiscal
spending, the the the way that the US government is spending
like there's no tomorrow, it really doesn't.
People don't have the confidence in the dollar that they used to
have. Now that's not to say that this
is going to happen tomorrow, but I would, you know, like the next
10 years, like if you don't have any type of exposure to Bitcoin,
you could potentially find yourself in, you know, in a in a
precarious situation to say the least.
And yeah, I think everyone's just trying to, you know, I I
think people are realizing that that they're sitting on melting
ice cubes. I, I, I, I, I, I really do
believe that. And I, I do believe that the
world is going through a slow awakening process.
And shout out to Michael Saylor for really being the vanguard of
that and I'm sure other public companies will follow.
And also shout out to Naeem Bukele as well for being you
know the vanguard in the vanguard in the on the nation
state level. So credibly bullish news after
all, but good news if you're a bitcoiner, especially if you
have it in self custody. Anyways, before we move on to
the next block, I do want to give a shout out to our sponsor.
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All right, everybody, let's move on to the news.
Lots to talk about. The Daily News.
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All right everybody. So the big news for today, the
big kahuna. And then shout this This news
dropped at 6:34. So shout out to Nick Hoffman
cause damn boy 6:30 in the morning you're up dropping hot
fire. But yeah it's just interesting
because this news dropped and then guess what happened a
couple hours later the Bitcoin price went bananas and we pumped
all the way to 65 K Also in other news as well.
Seems like the inflation numbers came back a little bit lower
than everyone was anticipating, which gets everyone's hopes up
for the Fed to finally lower rates.
And then you know the money printer go Burr again.
And you know that tends to make the prices of assets go through
the effing roof. So let's check out this tweet by
Bitcoin Magazine. Arcs Bitcoin ETF recorded $133
million in inflows, the highest ever since March.
We are back. Keep in mind again this dropped
at 6:30 and the price, I think it started pumping at 11.
So, Nick, do you know something we don't?
But that's a very interesting observation.
Here is this great graphic, that kind of it.
It represents, it shows how much Bitcoin these ETFs, these asset
managers are buying and it's a ridiculous amount.
You know, currently I think the last number I saw was BlackRock
holds 274,000. That's more than Michael
Sailor's MicroStrategy. They've been doing this for
years now. And of course we have Kathy
Woods, Ark Invest with 153,000, those seem to that.
Was that was fidelities? That was fidelity as.
They're at like 40K. Kathy Wood is at 40.
You're right, you're right. Apologize.
Sorry about that guys. And then the bitwise we're at
3434 thousand 111 anyways, but it seems like there's clear
leaders which is the BlackRock, Fidelity and the Ark Invest.
But still dude, the 43,000 Bitcoin is no small feat.
Here is more data shout out to Bitcoin Treasuries that has been
accumulating this and it shows you what the ETF flows have
been. As you can see in the very, very
early days, they've been absolutely crazy.
They've gone absolutely bananas, right?
You know, sometimes stacking 2000 Bitcoin in one day.
But you know, things started to slow down specifically in April,
right? We had 1300 bitcoins and
outflows. In the very beginning of May, we
had 1694, but so far May has picked up.
You know, it's just been green so far.
So I mean things seem to be heading in the right direction.
I think the price reflects that. I think people are feeling a
little bit optimistic in terms of the recent inflation data
that came in. But the thing that I'm really
paying attention to, and I can't emphasize this enough, is this.
And we covered this yesterday. I'll get to why this is so
bullish. But the state of Wisconsin, $100
million worth of Black Rock Spot Bitcoin ETF.
And then the dominoes will start to fall as they realize that
adding Bitcoin to their portfolio, adding exposure to
Bitcoin to the portfolio is not a choice.
It's a necessity. And anyone who doesn't follow in
their footsteps, it is at a competitive disadvantage.
Here's James Lavish and he says it starts with a leg in trade of
.1 to .5% as they do their research.
Then it becomes a small position of 2 to 5% as they be as they
begin to understand it. Then Wolf would then with full
understanding and realization of perpetual negative real intra it
real rates of on treasuries, it becomes a full allocation of 10%
plus. And here's Michael Saylor.
I'm assuming he's reacting to the Wisconsin news and he says
there are thousands of pension funds in the United States
managing 27 trillion in assets. They're all going to need some
Bitcoin. This has already happened right
before we were speculating that this is going to happen.
We're looking at Bitcoin's game theory, but nothing of this
size. Right now you have America's
third largest bank. Now you have Europe's second
largest bank. I believe also UBS, the
Switzerland's second largest bank, or First.
I I I don't know which one it is.
They also announced that they have exposure to the Black Rock
Bitcoin ETF. And then to kind of put the
cherry on top, we are on track to hit Kathy Woods prediction of
$1.5 million Bitcoin by 20-30. The base case is 682,000.
I don't, I think we're going to blow past the bear case.
I think the bear case is just that it's the bear case which is
$258,000 per Bitcoin. But part of this case like she
didn't just pull these numbers out randomly, she was making a
case as to what needs to happen in order for the those numbers
to be hit, right. And there's a, there's
percentage, there's there's percentages, right.
So for institutional investment, for Bitcoin to hit that level,
that price target there needs to be roughly A2, 2.5% penetration
rate. And I think we're more than on
track to to hit those levels. I think we're going to blow past
them corporate treasury, I also believe like we're more than on
track to hit that 2.5% base, right.
So I think we're we're definitely on track man to to
hit these crazy crazy numbers that Kathy Wood witches Arkan
Vest I might add to you know potentially hit these price
targets by 20-30 just due to the institutional interest.
Now like where is this thing going to be you know 2-3 years
from now what companies what's the next Fortune 500 company
that's going to follow in the footsteps of Michael Saylor
because they're realizing holy cow you know Michael Saylor is
kicking everyone's ass and all he's done is adopt A Bitcoin
strategy. Like I think it's not a question
of of will they adopt A Bitcoin strategy.
It's a question of if. I mean when they will adopt A
Bitcoin strategy, because if not, dude, they're at a severe
disadvantage to anyone who does. So I'm going to start it off
with Chris 1st and then we'll move it on to Bit Petro.
Yeah, no, I mean, this is huge news.
Just huge. Shout out to Dombe Hafeziguri,
Joe Carlissari and Greg Foss. So they've been doing the
Nakamoto portfolio gauntlet. They've done 3 episodes.
I produced that episode where they were dropping that.
So shout out to Nico, yeah? I was in the background when
they were doing that episode and like guys, I do a lot of
content. So no, no.
Most of the time I I I tune out. But I would this entire episode
I was producing in the background.
I was like, holy cow, this is absolute signal and I don't.
Is it a coincidence that Alpha, Zeta, Hoffa and Dom Bay were
were talking to them and then all of a sudden you know, they
just did this 180? I don't think that's a
coincidence at all man. So anyways.
No, So shouts out to them. So they did an episode called
the Nakamoto Portfolio Gauntlet. It's up on Swan's YouTube
channel. Basically they've done 3
episodes talking to various pension managers or fund
managers about put it incorporating Bitcoin onto their
balance sheet. Many times these fund managers
agree to come on the show because they know Bitcoin or
they like Bitcoin, but it's kind of very different being
personally for Bitcoin and then being for it with a fund,
whether it's a hedge fund or whatever.
Obviously we're turning, as Nico always says, we're winning over
hearts and minds. So I think that a lot of people
are taking up to the idea of having Bitcoin as an asset or as
a bucket of assets. You know, you don't have to be
as cypherpunk and crazy as Nico be Petro and I like all into
Bitcoin all in cold storage. You know, you don't need
anything else. But basically they talked to him
like eight or nine months ago and basically we saw that
Wisconsin obviously put this asset allocation of Bitcoin on
their balance sheet. They made the investment I think
in January or February. So they don't have to report
until the quarter ends. So we're only finding out about
this news now because of quarterly reporting
requirements. But basically they they made
this investment and we're now just seeing it months later
because of like the rolling of the announcement requirements.
And one thing that I want to say is not bearing the lead, but so
hot. So they have the guests on.
They normally talk to them for half an hour, 45 minutes to an
hour and then the last 15 minutes or so they have the
guests leave and then basically they can talk among Dom, Hoffa,
Joe and Greg about like what they would recommend.
So they don't put them in pressure to be like, hey, this
is what we you should do or what you have to do.
But basically they gave three cases.
They gave a 1% allocation, a 2% and a 5% allocation.
They recommended the 2%. It's kind of in between being
bearish or like more ultra conservative and ultra
aggressive. Had they done the 2% allegation
instead of just the 110th of a percentage point, they would
have made $4 billion in just that investment alone.
Obviously, you know any investment into bitcoins better
than no investment. And they're one of not only just
a top five pension fund in the United States, they are they're
almost fully funded. They're at 99% funded pension,
which is unheard of in the pension space Don Bay always
brings up. If you're at 40% funded,
basically that means you're going to go bankrupt.
It's it's kind of like you have to pay out people that are
currently retired and you don't have enough money to to keep on
water. Normally 80% is good, 70%'s in
danger, but anyway like at 99% is like doesn't get much better
than that. If they're over funded, they
have to sell other assets to bring their allocations down to
100. So given you guys the land, land
of the pension fund world talking with Don Bay all the
time. But yeah, no, I think this is
incredibly bullish. And also the great thing is
they're a top ten pension fund in the world and they're
succeeding and they're they're increasing their success by
adding Bitcoin to it. So if you don't think this is
turning heads at CalPERS, you know the California pension
fund, the largest pension fund in in arguably the world,
definitely in the United States. So I think like people are
waking up to the idea of like oh crap like this is real and we
don't want to be the last punch and pension fund to get on
board. So I think a lot of people are
are talking or a lot of pension funds are talking behind the
scenes like we need to seriously look at and we may need to make
an investment sooner rather than later.
So I'll just leave it at that, Nico.
No, beautifully, beautifully said.
We do have a bit corner in the chat.
Z Logic says that away. Here we go.
Where where is it? He just said have they, the
ETFs, published their proof of reserves, which only to my
knowledge, I think Bitwise is the only one that's published
their address, all the other ones haven't they, they've
obviously said the shares they have, but I don't know if that
was the question that you were asking.
Yeah, I was looking for someone, anyone, someone else said that
that's not actual, you know, real Bitcoin exposure.
I completely lost a comment. It's it's because it's in the
ETF, so they're not holding their own keys.
Yeah, 100%. So that's a really good point.
But what I would say it here it is, is Z Logic.
There we go. Is an ETF really invested into
Bitcoin? Well, no.
Buying spot Bitcoin and taking Bitcoin into self custody is the
investment. However, what I will say is that
some institutions by law, they can't do that, right?
That's not so much their fault. That's just like how the law
works in in some jurisdictions. And then what I will say on
another, you know, on another perspective is that I think all
roads lead to Bitcoin. I think eventually you dip your
toes into the ETF. I think eventually, especially
if you're an individual you know and you're buying the Bitcoin
ETF, there's absolutely no reason why you should be doing
that. I understand if you're a large
institution and the custody aspect starts to freak you out a
little bit, especially if you don't have the technical know
how or if you're legally obliged to do that.
But if you're an individual, if you're a wealthier, an
individual, you know especially like one of the older
generations, there is absolutely no reason as to why you
shouldn't be buying spot Bitcoin and taking it into self custody
if you can send a wire transfer. If you can cook yourself a steak
or make scrambled eggs, you can 1,000,000% take Bitcoin into
self custody. It's not that crazy anyways.
Bit Bedro, What's your take on all this, brother?
Well, look, I'm, can you hear me?
Yes, I'm pretty proud to live in the city of Fort Worth.
I got to tell you Mayor Maddie Parker also shout out to her,
she's the first, she was the first mayor to raise her hand
and say look our municipalities going to mine Bitcoin and and to
your point they were not allowed to keep their mind Bitcoin.
They were not allowed to custody Bitcoin.
They have to custody legal tender and so they had to sell
their Bitcoin and and essentially make a profit and
then and stick up a very symbolic, you know, flag in the
sand as a municipality adopting Bitcoin but but yet not being
able to fully custody the asset. So adoption is this long road
and we're going to get everything from a city, state
all the way up to you know nation states.
The question you know as we progress through these steps of
adoption, I like to to say it's much like real estate.
You know an individual's a house, you know then you got a
hotel then you got a casino. At some point you know we're
reaching things that look like actual counties and states in
size as far as like the the numbers and the zeros when we're
trying to explain relative size or something.
And so when we enter into pension funds and foreign wealth
funds, we're very, very close to G8 country size funds.
And when we get to the G eights then we're we're very, very you
know our our next step up is first world currencies.
So the adoption curve is very fast for for something that is
as nascent as Bitcoin and it's probably because have you guys
done the clip of the guy that says it's a it's a currency of
distrust. That guy, I mean he a a perfect.
Harare or something, Yeah. Yeah, yeah, perfect sophistry.
But I mean, it's so comical because he's almost making the
damn point. Why is this so amazing?
Because it's a currency of distrust.
You're damn right. Because China doesn't have to
trust India. Nor would they ever want to
trust India to do Massive foreign transactions.
But now they can and now they can do it.
And and more importantly, a small nation like Bhutan or a
small nation like a nation like an island nation can settle
their transactions with other small island nations and not
carry the risk of sending that gold on a little ship to get
pirated away by actual pirates. I mean it's just better
technology all around. So you know it's it's super
interesting that that we are you know living this moment of of
mass adoption. We are very, very clearly
starting to pick up steam on that S curve and it'll be very
interesting where the top lands. Yeah, 100%.
Yeah. And I, I, I, I, I agree with
that and the S curve adoption in in reference like I I I think
we're we're in the process of of jumping the chasm between the
early adopters to the early majority.
I think that we're in the very, very first innings of that and
it's incredibly exciting to say the least.
Anyways guys, we still have a hell of a show lined up for you
guys. We're going to talk to Bit Betro
about all the stuff that he's working on.
Bit Betro, I have this rodent written down right here.
Turns gas into Bitcoin or helps companies turn gas into Bitcoin.
So we have a lot to cover. Stay tuned but in But in the
meantime smash the like button. If you guys are enjoying the
show, especially on YouTube rumble and X Smash the like
button helps with the algos. I do want to give a very special
shout out to our sponsor, the Orange Pill app Stack friend who
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I can't emphasize that enough. Me and Opti are are on there.
There's a simply Bitcoin group chat.
One of the best ways to reach me is by sending a message, sending
me a message on the orange pilapse.
So scan the QR code or check the link in the video description.
All right everybody, let's get to the culture.
We have a lot to talk about. The Daily Culture.
All right everybody, I want to give a shout out to our sponsor
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So check out kaboom Racks today. Anyways, bit Petro.
What's up man? Dude, I'm.
I'm so hyped that I saw you in at Bit Block.
Boom. We crossed paths.
We were having a discussion. It was kind of sad that I didn't
get to see Chris at one day. I think I'll see him in
Nashville. I'm pretty sure, but But yeah
man, I just wanna get into what your purpose is, why you're a
bitcoiner. What are you contributing to
this space? Because this is what the culture
is all about, to talk to bitcoiners from all walks of
life. So I'm gonna pull up your
website quick. By the way, for anyone who's not
in the know, Bit Betro turns gas into Bitcoin.
That's what it's about. He provides energy services for
Bitcoin miners. So, bit Betro, why don't you go
when you go down a little bit about what that means, right?
Because like and I and I and I pick the, I pick the subjects in
the numbers segment on purpose, right?
In regards to all these nation states mining Bitcoin using
different energy methods. Some were using hydro, some were
using geothermal, some were using natural gas.
So, Bitpetro, it's all yours. Yeah.
So first I want to plug tomorrow's event because it's in
person and I I really want to focus on that, that type of
approach. So I.
So let's start, let's start with that before we get into into
your into the energy service that you provided to mining
companies. So yes, you're a host team.
It's very tight. It's it's.
They're all one and the same. OK.
Yeah. Yeah.
So, so as part of what I do, I, I I try to do like very in
person events to to touch it, feel it tasted right.
So I run the Fort Worth Bitcoin meet up it's called for Bitcoin.
As part of for Bitcoin I do education for the energy
industry from energy industry individuals to energy industry
individuals. So we are talking Bitcoin, but
we are talking in their language.
And so tomorrow's event is the 4th one of these that we hosted,
the Petroleum Club. I bring, you know, a sponsor, I
bring a panel and usually a pretty awesome moderator and and
we get to talk about the real world application of Bitcoin
mining and Bitcoin lightning and Bitcoin transactions and Bitcoin
as a store of value for these energy industries and energy
components. Because there is upstream,
there's midstream and there's downstream and there are
different applications for Bitcoin for each one of those
sectors. So this is about kind of
spreading the orange pills from within because full bellies are
open ears. And so if you come in and you
are a member of the petroleum club, you don't pay anything,
you just attend for free. And so that's really the goal is
to to bounce this lunch around different petroleum clubs in the
state of Texas and and get to the mid level like you know
managers and and engineers and and really teach them the
application level so that they can take it up and give that
executive guy the, the grandiose idea that he's going to solve
his company's financial troubles by monetizing is stranded gas.
Got you. Did we lose Chris?
I think we lost Chris. Oh, I'll be right back.
OK, interesting. And let for for the for anyone
who's not in the know. By the way, the event is July,
May 16th, 2024. So it's tomorrow.
It's tomorrow. Yeah, it starts at 11:30 AM.
It's gonna be at the Patrolling Club of Fort Worth or Fort Worth
at 777 Main St. Fort Worth, TX.
You wanna get your tickets? Obviously, I'm gonna put the
link by the way to this event in the live chat so you guys could
check it out. If you guys are in Fort Worth
into this meet up. OK, So what type of people are
gonna be there? Depetro.
Like what? You know, Like who?
Who do you have in mind? Like like who who.
Like for example, if you have no background whatsoever in, you
know, in mining and energy and any of this stuff, is this an
event you'd wanna you wanna go to?
Yeah, absolutely. I mean the the again, the target
audience for me is not the bitcoiners that are buying
tickets that that's those are the nice to have people.
The target audience is those members of the Petroleum Club
that are normal attendees who are typically going to, you
know, they're going to be going to this place anyway.
This is a social gathering spot for them.
They're used to making continuing education courses at
these events and so we're targeting them because we want
to educate them. Now that gives us a much broader
platform because the Petroleum Club is also tied to a lot of
banking, a lot of PE firms, a lot of attorney firms.
And so we we are covering a very wide spectrum of professionals
in the energy industry. I also, because my job in the in
in the energy space also ties to land acquisitions and power
acquisitions for Bitcoin miners. I also have ties to utilities
that I'm bringing to these meetings as well as ties to
energy brokers and other components of the electric
energy network side of life, not just the oil and gas energy
network side of life. And and you know, finally we
have you know the actual operators that are either the
miners or the oil and gas companies that are that are
attending these events. So in the case of a miner, it
might be you know like Chris Alfano 360 Mining, he's going to
be one of our speakers, Dan Morrison Amalgamated Sludge,
another one of our speakers, they both mine Bitcoin with oil
and gas actively do this. And so Jay Corley, my man from
from Digital Wildcatters is going to be hosting actually
moderating the of the panel. So we we're all oil and gas
people, but we're we're trying to speak to our own audience,
you know the the guys in the room that are bitcoiners as well
as kind kind of trying to keep the language at a place where
it's accessible to the oil and gas guys.
So you know we're not going to talk about block height and
we're not going to talk about hashing algorithms.
We're going to talk about dollars per MCF and we're going
to talk about timelines to deploy and and and bottom line
economics. Awesome.
Yeah.
No, this is, this is very, very, very cool stuff.
And you know, damn, bro, I wish I was in oh man, I can't be two
places at the same time, unfortunately.
But this is definitely something that I don't I want to go to.
I just, I want exposure. I got into the industry via
mining and then I transitioned to media around 2020.
Wish I stayed. There's a part of me that I wish
I stayed in mining media is very media is very satisfying once
you build a base, but building the base is horrific 'cause you
don't make any money for two years.
Whereas mining, you know, it's not necessarily that you'll
break. It's not, it's not necessarily
true that you'll break even very quickly, but at least you have
the cash flow coming in and it's very, it's very interesting
sector that you know, I wish I was still still a little bit
more involved in. OK.
So you say that you provide energy services for Bitcoin
miners. Can you talk a little bit about
that? Like, So what would be your
traditional client? Is this an oil and gas company?
Is this a Bitcoin miner that doesn't know an oil and gas
company? Are you just like the guy that
knows the guy that knows the guy that knows the guy that connects
this guy with this guy and then that guy with that guy?
What, what, what? What is this exactly?
Yeah. So in the world of oil and gas,
my my job is considered a Vice President of land and that
entails doing title research to determine the ownership of the
mineral estate, not just the the surface estate.
And so acquiring the property, identifying the property where
an oil and gas company would want to drill a well, say either
through geology and geophysics. When you are doing statistical
analysis like mapping and and you're trying to reduce that
down to a single number, you're essentially making heat maps.
And so part of my services is taking the knowledge that I've
I've gotten from mapping and using big data and analytics to
create heat maps for oil and gas.
Now I can do that for Bitcoin miners and the grid.
And So what I can do is I can say, let's find the pieces of
land that are cheap, that are next to substations where the
substation is far enough away from a from people, but close
enough to a power generation facility.
And so we'll break that down into individual heat maps, and
then we stack heat maps, and then I like to call it the
orange brick road. I love it, man.
Dude. OK, so you're you're speaking
about maps. Maybe I'm going to totally
butcher this, but is this what you're referencing?
That's that is one of the maps that I make.
That is, what are we? Look, What are we?
Looking at Dude right now. OK, so I I didn't say like, why?
Why is Florida green? All right, What do you have
against Florida, bro? Why?
Is those are Isos? OK, those are Isos.
Those are. So those are your electric grids
in the United States. OK, and and so and.
Why would someone use this map? Like what would be?
What would it be useful for? And the.
As you as you slow these, hang on, hang on, hang on, hang on.
You're going too fast. You're going too fast.
You got to slow it. Slow it down.
Yeah. So the the the map is showing
you a smorgasbord. And what it is, is all of the
utility data for the United States energy grid.
Now I am parsing a fair amount of it because of security
reasons, but but at the end of the day what you're looking at
is every electric network, every pipeline, every power line,
every power station by size. So the symbol on the left hand
side, you see the chart, you go over to the chart and Scroll
down a little bit, you can see the megawatts.
And so the bigger the solar farm, the bigger the symbol for
the solar farm, the bigger the wind farm, the bigger the symbol
for the wind farm. And so then the the power lines
are then the different colors and that gives you the different
size of power lines, transmission distribution and
whatever the same thing for the pipeline.
So that all that shit that you see offshore right there, that's
all natural gas and liquid pipelines that are coming off it
from the from the Gulf Coast of Mexico into Louisiana and Texas
for refinement? Mika's just jealous that
Florida's green and not orange. Now, there is a ton going on
here, as you can see. One of the things that I'm
showing you there is heat maps. If you zoom out right to about
where you can see Texas and Florida together, you're gonna
see a density towards the northeast.
If you just scroll up towards the northeast, right, like that
density up there, that's because there's a lot more power plants
up there because that is the the, the need for power from
those large metro areas, right. And So what you're doing there
is you're saying okay, where there is a lot of power being
produced, we're going to light that up and we're going to say
that's a heat map. Now I can take that heat map
approach and give it to any specific number.
Now, that could be, say, the porosity of a of a field or a
reservoir. It could be the permeability of
a reservoir. It could be the elevation of the
reservoir. It could also be the distance
from the power plant to the substation, or it could also be
the distance of the power plant to the substation minus the
distance of that substation to a population density.
So I'm assuming that this is useful for if you're scouting
for miners, right? Sorry, Scouting for potential,
you know potential sites is Is this what this is useful for?
This is this is a prospecting tool that I have built that that
basically allows you to prospect for the best mining sites in the
lower 48. Dude, I'm just in my head.
I'm. I'm.
I feel like I'm I'm I'm becoming Daniel Plainview from you know
there will be blood drink your milkshake And I'm just.
I will drink your milkshake. Yeah, exactly.
I'm just like. One of my heroes.
Of course he is. So you know and I'm and I'm just
like looking at this and I'm like wow, dude, like there
there's a lot of opportunities there's a lot of things that I.
Take your milkshake and I drink it up.
There's a lot of opportunities that have yet to be tapped.
Is that, is that correct? Would be that be a correct
assumption to make? Yeah, look, at the end of the
day, the, the name of the game here is that, you know, there is
in the world of oil and gas, there is the production of oil,
gas and water. Now that gas is going to come in
different forms. It's going to come in liquid
forms and it's going to come in gaseous or or mixed hydrocarbon
forms. What do I mean?
I mean like longer chains of hydrocarbons.
So you have your hectane heptanes and your octanes versus
your hexanes which are your really small ones, your 6 carbon
chains. And so when you are producing
this stack of things that that can look like, you know, green
to brown liquidy stuff all the way to just completely crystal
clear liquid to a natural gas stream, all of that stuff can
come out of one well including water.
And so you have to separate these elements out and then you
are selling the liquids for a higher price than the gas.
And so for an oil company that roughly equates about 80% of the
profits are in liquids, 20% of the profits are in the gas.
Gas is a problem, OK, unless you're a pureplay gas company
which makes you interesting and and then you're typically
looking at a company that is making the majority of its of
its income through the liquid sales side of their operations.
And so from a larger play in larger basin or like we're not
talking about an individual well, but we're talking about
like the Barnett Shale or the Permian Basin.
What happens is you develop the really oily stuff first.
So if you think of a bullseye, we're going to go for the, we're
going to go for the bullseye first because that's liquid 1st.
And as we go out in prospect areas, we are basically getting
more and more gassy zones. And so the gas to the oil ratio
of that of that production goes higher and higher and higher to
a gas associated with the oil. So especially when we went from
traditional reservoirs to the shale revolution, this is true.
Like, especially true. And so the United States has
become the world's top exporter of energy thanks to this shale
revolution. And in it we have given
ourselves this access to abundant, cheap, clean natural
gas as an energy source. The issue is that is not how
it's perceived. And so we burn it.
And I literally mean we combust it.
In some cases we vent it and and these are normal practices.
There's nothing new about this like at A at a tank battery like
one of the companies that that that I was involved in and that
I still kind of currently run is a detection company that does
optical gas imaging. And So what that means is it
looks at the absorption of energy from the air of the
molecules and it can see the invisible gas stream.
And and every single oil and gas tank like a storage tank for for
oil that holds oil is going to let off gas and and it does this
because there's gas suspended in that oil.
And so in order to not have a bomb, you have to have a little
hatch that goes farts and farts. And so that farting is really
important to oil gas. Like you would have bombs if you
didn't have that farting. And so you have that associated
natural gas leakage that you have across just everything.
And then you have the associated production of flare gas, which
is one part of the equation that is more of I'm producing oil,
there's not a pipeline nearby. I have to do something with the
gas that comes with the oil because the more gas that I
produce, the more oil that I produce and I want to make more
money. And So what am I going to do,
burn the gas because that's the easier way to to fix the problem
rather than bringing a big expensive pipeline that costs a
lot of money to get the the right of ways to then put the
pipeline in and then produce that for.
I mean, if you guys have seen a shale production, well it's it's
not very sexy. It just kind of goes so for for
the production of that well, you're going to try to get the
majority of that production upfront.
For a pipeline company that means they're going to have very
little use long term for that asset and they're not going to
do it. So here comes Bitcoin and it
says I don't care, give it to me.
Amen to that. Amen, man.
Bitcoin. Bitcoin is Daniel Plainview.
Anyways, guys, we are getting to the top of the hour.
I do want to thank our guest bid.
Betro, thank you so much for joining us today.
I really, really appreciate it. Why don't you tell everybody
where they can find you on the interwebs?
Yeah, bit Petro dot App is my website.
You know tomorrow please come out to the meet up for Bitcoin
is the name of the meet up and the Fort Worth Petroleum Club is
where we're hosting it. Our meet up is every third
Tuesday of the month here in Fort Worth and then these try to
be more focused around the moving them around the state and
educating the oil and gas industry from within.
Beautiful, beautiful. Beautiful.
Well, dude, thank you so much for joining us, man.
Really, really appreciate it. Keep up the good fight.
Keep up what you're doing. You know, energy and Bitcoin are
a match made in heaven. I also want to thank my Co host
today, Chris Alamo, thank you so much for filling in for Opti.
Chris, why don't you tell everybody where they can find
where people could find you on the interwebs?
Yeah, you can find me at Noster, you know my Nip 5.
Or you can just find me at Chris Alamo on there or on Twitter at
Chris Alamo and then the number six.
So stay on the good fight, Stay humble.
Stacks at. Beautiful.
All right, guys, that was our
show. If you enjoyed the show, you
know what to do. Smash that, like, but consider
subscribing if you feel like we provided you value.
But the number one thing you could do to help push the
peaceful Bitcoin revolution is share Bitcoin content.
Just get the message out there. Love you all.
We'll be streaming live from the Canadian Bitcoin Conference
either. Maybe we'll have it set up for
you guys tomorrow, so we'll be streaming from the conference.
But Friday for sure. But until then, guys, sit back,
relax, stack some sats and love you all.
We'll be back tomorrow. Peace out, everybody.
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