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If you've been around Bitcoin 
long enough, once per cycle you 

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see one of your heroes fall from
grace. 

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And this exception is no cycle. 
Tom Lee is aiming to create the 

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micro strategy of Etherium well.
To me, one of the things that 

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caught my eye is that stable 
coins are the ChatGPT of. 

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Tom Lee became the chairman of 
Bit Mine Immersion Technologies 

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and plans to raise $250 million 
not to buy Bitcoin, but to buy 

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Ethereum. 
This is weird for this company 

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because for their investors, 
their entire thesis and even 

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their branding is centered 
around Bitcoin. 

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Today we're going to dive into a
presentation that Vitalik 

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Buterin, the founder of 
Ethereum, gave, outlining the 

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master strategy for central 
banks to control your money 

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through the Ethereum blockchain.
We're also going to share why 

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this theory is likely fail 
Gaul's law, and why Vitalik 

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himself said Ethereum is 
vulnerable. 

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And this is all on the heels of 
MicroStrategy, the strategy 

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they're trying to copy, 
potentially being included into 

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the S&P 500. 
Maybe the right thing to do is 

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to just buy Bitcoin. 
And this is some big news. 

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It's kind of complicated, but 
probably suffice to say that you

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all are doing basically what 
MicroStrategy did with Ether. 

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You're going to make ether, the 
purchases that you buy through 

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this. 
You're going to set this whole 

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thing up like this. 
You want to explain a little? 

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Bit yeah, glad to you know, I'm,
I'm still a big fan of Bitcoin 

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because I think it is, you know,
digital gold. 

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But what we've seen in the last 
really in 2025 is the financial 

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services industry and crypto are
converging. 

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And it really started with 
stablecoins, which is the 

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ChatGPT of crypto, right? 
Because it's viral adoption by 

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consumers, businesses, banks, 
and now even Visa. 

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Underneath the stablecoin 
industry is Ethereum that is 

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really like the the backbone and
architecture of stablecoin. 

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So it's important to create a 
project that's essentially 

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accumulates Ethereum to 
essentially protect and have 

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some influence on the network. 
So that's why we're creating 

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this treasury vehicle to buy 
Ethereum. 

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The more Ethereum that's 
accumulated, the more secure the

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network is. 
And I think it's also sort of 

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the architecture that future 
banks will have, you know, when 

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Goldman issues a stable coin and
JP Morgan doing it on Ethereum 

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as a layer one blockchain, 
they're going to want to secure 

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it by staking Ethereum. 
So we're trying to get in front 

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of that by creating a treasury. 
But we'll cover that today. 

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This is Dante Koch with Bitcoin.
Simply, let's go. 

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People are making ridiculous 
statements like ETH is going to 

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be the next Bitcoin in bit mine.
Immersion Technologies is going 

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to become the next micro 
strategy. 

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It's funny because this is on 
the heels of micro strategy 

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being included in the Russell 
Top 200 index, the top 200 value

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index in the top 200 growth 
index. 

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Micro strategy has passed all of
the criteria to be included in 

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the S&P 500, and people say that
they're on track to be included 

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by as early as August. 
Micro strategy will make $14 

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billion in net income come in Q2
this year. 

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That'll be more than Amazon. 
And as Jeff Walton and some of 

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the MicroStrategy Bros predicted
over a year ago, with Bitcoin 

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around 140K in MicroStrategy 
being included in the S&P 500. 

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Well, he predicted that shares 
of MicroStrategy will be worth 

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around $4000 a share. 
That's 10X from even today. 

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One thing to point out is in the
clip that Tom Lee says that 

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they're buying Ethereum so that 
they can have influence in 

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control over the network. 
Here's the thing. 

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It doesn't matter how much 
Bitcoin that MicroStrategy or 

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Michael Saylor buys, or the 
other 253 Bitcoin treasury 

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companies right now, buying more
Bitcoin doesn't buy you more 

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influence in, say, over the 
network in the protocol. 

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They're competing for a fixed 
supply of 21 million Bitcoin and

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Ethereum holders are competing 
in a world of unlimited fake 

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tokens created without 
restraint. 

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That is simply a means of 
propping up the existing 

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financial system. 
And what? 

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Just so I understand it's safer 
if you own more of it. 

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Explain why that would be. 
Well, Ethereum is a proof of 

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stake network, so unlike 
Bitcoin, which is proof of work 

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and miners do all the work for 
you and that's why you have 

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decentralized trust in Ethereum.
It's important for these 

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entities to be essentially 
validate transactions. 

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So by becoming a staking entity,
you're sort of securing the 

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fidelity of stable coins. 
So you don't want a stable coin 

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like USDC or USDT to be on a 
blockchain that's outside the 

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purview of the US And so I think
Etherium is a high quality, the 

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second largest blockchain 
network and it's over 51% of 

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stable coins and 30% of all fees
on Etherium are actually stable 

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coin revenue. 
The central banks, the big banks

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all want to be able to control 
the money, to program it, to 

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manipulate it, to extract fees 
from the money that you're 

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saving into these protocols, 
sort of like they already do 

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with the fraction of reserve 
banking system. 

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This was always the game, and 
this is the game that Ethereum 

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helps him do at scale. 
And that's why Coinbase, Kraken,

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Robin Hood, and even JP Morgan 
are building their own tokens on

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the Ethereum blockchain. 
JP Morgan just recently came out

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with their own permission coin, 
and this eventually will 

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intersect with their Conexus 
network, allowing them to move 

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trillions of dollars of your 
money without your permission. 

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Vitalik Buterin just gave this 
presentation at Robin Hood's 

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conference, talking about 
Ethereum's path to becoming a 

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store of value. 
The large institutions and the 

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pension funds are next. 
And then if you look all the way

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to the right of this image, the 
central banks, that's always 

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been the game. 
That's always been the big boss.

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Not only is this a system that I
don't think any of us want, but 

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here's the problem. 
It's a system that's flawed 

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because it's built on a system 
that is too complex. 

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This is the basis of Gaul's law,
which states is that a complex 

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system that works is invariably 
found to have evolved from a 

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simple system that worked. 
A complex system designed from 

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scratch never works and cannot 
be patched. 

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To make it work you have to 
start over with a working simple

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system. 
This is the Ethereum blockchain 

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in protocol in a nutshell. 
At the base of its code is 

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complexity. 
It was originally a pre mined 

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proof of work coin where 80% of 
the tokens were issued to 

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investors that none of us know 
and that you don't have control 

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over. 
Then after a hack, the chain was

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rolled back and they were able 
to rewrite history of other 

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people's tokens to save their 
own butts. 

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They created a new coin, 
switched from proof of work to 

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proof of stake, and now Vitalik 
Buterin himself is saying that 

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the system is too complex and 
needs to become more like 

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Bitcoin, which is what it was 
originally built after in the 

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1st place. 
So much so that a month ago, 

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Vitalik Buterin released a 
another road map in white paper 

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on how they're going to make it 
more simple. 

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He says that one of the best 
things about Bitcoin is how 

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beautifully simple the system 
is. 

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He then goes on to say that 
Ethereum is hard to understand. 

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It's hard to build on, its 
infrastructure is costly, it 

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requires a lot of maintenance, 
it has a lot of surface attack 

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for breaches and hacks, and 
there's a risk of catastrophic 

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bugs. 
Is this a system that you want 

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to build your money on? 
But back to bit mine. 

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You know, Joe Lubin, the Co 
founder of Ethereum, well, he's 

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already tried to do this sort of
strategy. 

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He's implemented an Ethereum 
treasury strategy with Sharp 

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Link Gaming and I won't bore you
with the returns, but they've 

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been less than stellar. 
It looks like all Ethereum or 

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crypto token charts eventually a
huge spike, which you buy into 

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it and then they sell it off 
because you are the exit 

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liquidity. 
And there's a strong possibility

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that this sort of thing happens 
with our very own Tom Lee's bit 

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mine immersion Technology 
Strategy. 

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But before we go into the rest 
of what their strategy is, let's

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They've been the leader in 

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safely, securely, not by 
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staking token, or some other 
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dot AO slash. 
Simply do the simple thing, buy 

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00:08:24,160 --> 00:08:26,280
Bitcoin and never sell it. 
One of the most simple things 

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00:08:26,280 --> 00:08:28,640
you can do in Bitcoin is just 
remove your Bitcoin from 

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00:08:28,640 --> 00:08:31,080
exchanges. 
Remove trust from the system. 

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Don't have your Bitcoin be 
subject to hacks, which 

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00:08:33,600 --> 00:08:36,840
inevitably are going to happen 
on crypto tokens and platforms. 

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wealth the right way. 
OK, so here's the ultimate 

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00:08:53,200 --> 00:08:56,040
strategy for Bitmon. 
My immersion, what you're doing 

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is a $250 million private 
placement, which is all going to

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be put into. 
Yes, either that's right, we, we

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created a carefully curated list
of investors to bet on this. 

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If you look at the press 
release, it is the blue chip 

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both in the financial world and 
in the crypto world. 

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We. 
Have founders fund Kraken Galaxy

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Digital? 
Yep, Pantera, Yeah. 

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So these are in the crypto world
and these are like sort of the 

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blue chip crypto entities. 
And of course, the Founders Fund

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is is legendary in the 
traditional financial world. 

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And how, how do you measure this
just based on exactly how 

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Ethereum is is trading? 
Well, yeah, the the strategy of 

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the company is going to be based
on how much Ethereum is held per

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share, OK. 
And as of today, it's $4.00 and 

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the company as we explained in 
the press release can increase 

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it's holdings by you know, 
getting yield from Ethereum, 

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doing financing transactions at 
a premium to their holdings and 

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of course if Ethereum goes up. 
So I think there's three ways 

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that that value per actually 
grows. 

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They're going to make money for 
staking and for all of you 

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people who are new to the crypto
investing, understand that when 

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you hear the word staking, you 
typically have a scam, a breach 

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or a huge security incident on 
the horizon. 

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But that may not be this 
scenario. 

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But nonetheless, every time that
you hear a strategy that talks 

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about yield or staking, it 
underperforms Bitcoin. 

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My issue with bit mine is that 
they've sold investors one 

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story, then becoming a Bitcoin 
network company, a Bitcoin 

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miner, having a Bitcoin 
treasury, and then they suddenly

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switch gears and go to an 
Etherium strategy. 

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One of the reasons that people 
love and are head over heels 

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invested into micro strategy is 
that they know that they are 

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laser focused on one thing in 
one thing only, Bitcoin. 

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They will issue more debt, more 
equity, raise more capital to 

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buy more Bitcoin, the fixed 
supply asset, and sometimes 

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great investors, even people 
like Tom Lee who've been around 

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Bitcoin for a long time, tend to
overcomplicate things instead of

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just doing the simple thing, 
just buy Bitcoin. 

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I run into crypto people that 
have been the business for a 

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decade and they have very 
complicated ideas that don't 

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work. 
Yes. 

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And and Ioffer them a simple 
idea. 

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I'm like, here's an idea. 
You're a public company, sell 

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your equity, buy the Bitcoin. 
They're like, no, that'll never 

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work. 
OK, well, I guess it might work.

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Well, what if the Bitcoin goes 
down? 

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Well, blah, blah, blah. 
OK, I guess it worked, you know,

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and you know what the latest 
pushback is, Jeff? 

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The latest pushback is, well, it
worked for you and it worked so 

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well that you're the winner. 
And there's no room for another 

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company to do it in the market. 
So we literally went from I 

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don't think it'll work at all to
it might to it did. 

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Oh, it worked too well. 
That's my excuse for why I'm not

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going to do it. 
And people just come up with 

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these giga brain excuses for why
they won't. 

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00:11:53,640 --> 00:11:55,840
Don't want to do the simplest 
thing in the world? 

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00:11:55,920 --> 00:11:57,960
I didn't think I'd see the day 
where Tom Lee would get dragged 

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00:11:57,960 --> 00:12:00,040
over to the crypto side, but 
here we are. 

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00:12:00,080 --> 00:12:03,200
It happens every single cycle. 
Don't over complicate the trade.

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00:12:03,200 --> 00:12:06,400
The best trade 11 out of the 
last 14 years has been to just 

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00:12:06,560 --> 00:12:09,000
buy and hold Bitcoin. 
It's outperformed everything and

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00:12:09,000 --> 00:12:11,320
it will continue to do so. 
The one of the ways you can 

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continue to not over complicate 
things is by learning as much as

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00:12:14,560 --> 00:12:17,880
you can not about crypto and 
staking and everything else, but

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00:12:17,880 --> 00:12:20,800
Bitcoin and another facet of 
Bitcoin Bitcoin mining. 

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00:12:20,880 --> 00:12:23,080
And you could do that by coming 
to the largest Bitcoin mining 

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00:12:23,080 --> 00:12:26,680
Expo in the world at the mining 
disrupt conference happening in 

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00:12:26,680 --> 00:12:29,160
Dallas, TX from November 11th 
through November 13th. 

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00:12:29,160 --> 00:12:32,200
Get 20% off your tickets by 
using the promo code simply 

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00:12:32,200 --> 00:12:34,520
Bitcoin to check out. 
Thanks for tuning in today and 

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00:12:34,520 --> 00:12:36,400
for putting up with my scratchy 
voice. 

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00:12:36,520 --> 00:12:40,040
This is Dante Cook with Bitcoin.
Simply happy stacking.