After all this time, I finally did it.
I cracked the code. I could have been able to do it
for years, but now I finally understand.
Unlimited paper Bitcoin. Pick up all the lambos.
I can buy my own ranch in Texas. BlackRock just accelerated the
$2.3 million paper Bitcoin attack with this next move.
The heck is paper Bitcoin? Paper Bitcoin has any claim of
Bitcoin that isn't settled on chain.
So we're talking about Bitcoin ETFs, Bitcoin stock plays,
exchange balances, cash settled futures.
The CME alone has 680 K of outstanding Bitcoin claims that
are all IOU. So that just goes to show you
that when everyone wants to claim that Bitcoin, maybe it
won't be there. I'm sure you all know this
because you watch the news all the time.
But Blackrock's Bitcoin ETF, I bet, became the fastest one in
history to smash the $70 billion assets under management.
Retail rush the gates. But institutions, they're still
sniffing the upholstery. Still sniffing the upholstery
like I'm a dog. Why?
Maybe they smell a certain paper issue.
Check this out. Oh.
Check this. Out.
That's enough. What the Pulse said.
Please. The Black Rock Wealth Advisor
came out and said this on live television today, which I
thought was very interesting. So listen on closely to what he
had to say about the ETF and passing that 70 billion in
assets. The adoption by wealth advisors.
I'm curious how far along you think we are in that.
Are we in the early innings? Are we in the middle innings?
Are we, you know, I don't think we're in the 8th or 9th inning,
but you know, where would you put it at?
Very early. I think that what we've seen is
a concerted effort by most of the largest firms to progress
through their diligence and their research and their
approval process. But as you all know for new ETFs
it's typically a multi year journey to get any sort of
approval. We've seen that fast tracked by
a number of firms. So we talked about fast
tracking. We're talking about, you know,
quarters, not not months. Paper Bitcoin is a hot topic
right now, and if BlackRock is posting huge cash inflows in
exchange for Bitcoin, then they have a responsibility to their
shareholders to hold that Bitcoin securely.
Or rather, Coinbase has that responsibility.
But there's an incy weensy little tiny hiccup brewing.
What if Coinbase isn't actually holding the coins that they say
they are? What if it's all made-up on
their books? Like on paper, Like paper
Bitcoin? This potential paper Bitcoin
attack that Coinbase could be in cahoots with everybody with
Coinbase essentially addressed this since Ryan Armstrong came
out and said, hey, trust me, bro, we're going to be all
right. We're actually holding all of
this. You don't got to worry about
anything. But when we're looking at the
amount of Bitcoin that Coinbase has, it's extremely, extremely
alarming when we have Coinbase, you know, essentially having
eight of the 11 Bitcoin ETFs. And Coinbase essentially just
recently had a major, major hack under its realm.
This news comes as another eyebrow raise happening under
the Coinbase umbrella as recent as the moment in which you are
watching me say these words. Michael Saylor of MicroStrategy
Strategy Strategy was asked at the 2025 Bitcoin conference if
this company Strategy would consider publishing their
Bitcoin reserves. His answer will shock you and
then you may have to go to the hospital because of all the
shock you experience after watching this clip.
So much shock. Hey Mr. Taylor, a huge fan of
everything you've done. Does Strategy have any plans to
publish their on chain proof of reserves?
Yeah, proof of reserve. It's an interesting thing.
Let me make the following point. A lot of people learn stuff from
FTS to Mount Gox, but I'm not sure they learned the things
that the institutional community needs to learn going forward the
way that the current conventional way to publish
proof of reserves is an insecure.
Proof. Of reserves, it actually, it
actually dilutes the security of the issuer, the custodians, the
exchanges and the investors. It's not a good idea.
It's a bad idea. It's like publishing the address
and and the bank accounts of all your kids and your phone numbers
of all your kids and then thinking somehow that makes your
family better. It doesn't make your family
better. Shocked.
Thought so. In a post game recap, Mitchell
Hoddle, who initially asked the question to Saylor, had this to
say. So I'm a micro strategy
shareholder. Strategy.
Strategy shareholder and the two reasons Sailor gave for why they
don't plan to implement proof of reserves and this he gave 2
points. His first point was that it's
unsecure. It's it's a bad security
practice, which I disagree with but I'll come back to it.
His second point is that proof of reserves without audited
liabilities doesn't benefit you and that I agree with doesn't
matter. You can, you know, show a
Bitcoin on chain address, but if you don't know what liabilities
the company has, if those aren't audited, it really doesn't give
you a whole lot of information. But on the first point, I mean,
we've seen Metaplanet and River published their Bitcoin on chain
addresses. And you know, obviously
Satoshi's addresses are out there.
So I'm not sure I entirely agree with that.
And before I even asked Saylor this question, he spoke for for
multiple minutes about how one of the benefits of strategy, one
of the things that makes them super successful is their
transparency. So whether you want to long the
equity, short the equity, long the options, sell the ball,
whatever you want to do, however you want to interface with
strategy to get Bitcoin exposure.
You know, Michael Saylor, because he's been saying the
same thing about Bitcoin over and over for 4 1/2 years.
You know, he's not going to switch his tune.
And so that transparency gives investors confidence in their
that their position is going to get rug pulled in the sense
that, you know, you go short MSTR because you want a short
Bitcoin and then say all of a sudden is like, hey, actually
we're not doing anything with Bitcoin at all.
So you don't want that. And this is the point he was
making. And so as a shareholder of MSTR
to me to, to reach the full extent of transparency would be
to publish your on chain addresses.
And obviously, you know, you can't doing that.
We, we can't take it. It's not like, you know, from an
individual standpoint, you wouldn't want to publish your on
chain addresses, right? Because if you send the Bitcoin,
if you spend some, you know, you don't want people to track and
see how much Bitcoin you have, But strategy is already being
public with how much Bitcoin they have.
And it's not sailors personal Bitcoin stash.
It belongs to the strategy shareholders, right?
So I don't necessarily agree with that point, but I'm going
to continue to hold MSTR. Again, I'm a huge fan of Sailor
and I think they're one of the most important companies in the
world. But as a shareholder, I would
love to see proof of reserves. But I also understand, you know,
I, I'm not as smart as Sailor. So, you know, let him leave the
company. He's done great so far.
They're up over 1000% since they got on the Bitcoin standard.
So I trust his vision and I'm going to continue to hold some
MSTR. After seeing this clip, I've
decided not to post my own Bitcoin address of 43,677
Bitcoin for security reasons. It's there.
Trust me bro, I don't have anything to prove to you.
Now let's say that I didn't have 43,337, I mean 43,677 Bitcoin
that I claim I do. How would I go about making
everyone believe that I did? But before I go to that.
After these messages, we'll be right back.
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inflows generate IOU layers instead of withdrawals 2.
My custodian, whomever that may be, pools coins but the internal
Ledger says that everyone is covered. 3 price rallies because
NGU is inevitable brah. But then the whales come up for
air and request a payout. Uh oh.
But the most devious part of my hypothetical plan #4 stage and
exchange hack. State seizures are implemented
for your safety which creates A liquidity crunch #5 shred all
documents and burn them. I mean do do this with your
hands. What do you think?
Do you think strategy should be posting their on chain addresses
and sort of clear up the air about this paper Bitcoin?
Let us know in the comments below.
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Thank you all so much for watching.
But real quick, if you're anything like me, are you
thinking about building out your own sovereignty stack?
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There's a lot of crazy stuff going on in the world, am I
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