1 00:00:00,120 --> 00:00:03,160 Jerome Powell and the Fed just restarted the money printer. 2 00:00:03,160 --> 00:00:06,080 And just to be clear, everybody, this is not QE. 3 00:00:06,280 --> 00:00:09,800 I repeat, this is not QE. It's reserve management 4 00:00:09,840 --> 00:00:11,960 purchases. Regardless of what they want to 5 00:00:11,960 --> 00:00:15,400 call it, the Fed is purchasing $40 billion in Treasuries a 6 00:00:15,400 --> 00:00:18,080 month starting today. And for the first month, they're 7 00:00:18,080 --> 00:00:20,360 going to actually purchase $54 billion. 8 00:00:20,400 --> 00:00:23,160 Call it reserve management, call it technical operations, The 9 00:00:23,160 --> 00:00:26,400 markets don't care. Liquidity is rising and gold 10 00:00:26,400 --> 00:00:28,920 stocks and Bitcoin should respond accordingly. 11 00:00:29,000 --> 00:00:32,280 Meanwhile, the the FTC chair just announced that Bitcoin can 12 00:00:32,280 --> 00:00:35,520 be used as collateral by big banks and ironically, Michael 13 00:00:35,520 --> 00:00:39,360 Saylor was also posting a picture cryptic picture from 14 00:00:39,360 --> 00:00:41,960 himself inside of a bank. I believe that this marks the 15 00:00:41,960 --> 00:00:45,480 beginning of Microstrategy's Bitcoin strategy making its 16 00:00:45,480 --> 00:00:48,440 profits go through the roof. All the noise about them not 17 00:00:48,440 --> 00:00:51,440 being a profitable company might have just gone out of the window 18 00:00:51,440 --> 00:00:53,920 with this announcement. And I'll explain exactly why. 19 00:00:53,920 --> 00:00:57,120 These are huge stories for Bitcoin heading into 2026, and 20 00:00:57,120 --> 00:00:59,360 I'm going to break it down. This is Dante Coke with Bitcoin. 21 00:00:59,360 --> 00:01:05,600 Simply, let's go. Can you imagine a press 22 00:01:05,600 --> 00:01:07,320 conference with Jerome Powell at the podium? 23 00:01:07,320 --> 00:01:10,080 So we're going to start reserve management purchases at $40 24 00:01:10,080 --> 00:01:12,120 billion a month starting tomorrow. 25 00:01:12,120 --> 00:01:14,880 We're doing this to maintain liquidity in ample reserves in 26 00:01:14,880 --> 00:01:16,760 the system. This is not QE. 27 00:01:16,840 --> 00:01:19,320 I repeat, this is not QE. These are called reserve 28 00:01:19,320 --> 00:01:22,280 management purchases. Question for you in the back. 29 00:01:22,280 --> 00:01:24,040 So Jerome Powell, let me get this right. 30 00:01:24,640 --> 00:01:27,400 We're creating $40 billion a month out of thin air that 31 00:01:27,400 --> 00:01:30,320 doesn't have to be repaid by the banks that are being injected 32 00:01:30,320 --> 00:01:33,160 directly to the banks. Is this not just another form of 33 00:01:33,160 --> 00:01:35,320 quantitative easing? Yeah. 34 00:01:35,400 --> 00:01:38,280 Someone please remove Susan from the press briefing room 35 00:01:38,400 --> 00:01:39,800 immediately. Thank you. 36 00:01:40,040 --> 00:01:42,840 The New York Fed, regardless of what you want to call it, says 37 00:01:42,840 --> 00:01:45,760 that they're taking the $40 billion a month and raising it 38 00:01:45,760 --> 00:01:49,240 by fourteen, $54 billion in Treasury bills are going to be 39 00:01:49,240 --> 00:01:52,480 purchased tomorrow and injected directly to the banking system. 40 00:01:52,520 --> 00:01:55,800 These are always permanently temporary programs. 41 00:01:55,800 --> 00:01:58,840 When Bernanke said the QE program starting in 2008 and 42 00:01:58,840 --> 00:02:02,760 2009 was temporary, well, it's been rising ever since. 43 00:02:02,760 --> 00:02:06,720 Look at this chart. The temporary took off in 2009 44 00:02:06,840 --> 00:02:11,120 and it grew all the way until 2020 where it exploded. 45 00:02:11,160 --> 00:02:12,920 It's how the system works. At this point. 46 00:02:13,080 --> 00:02:16,640 Debt must expand and the dollar must be devalued in order for 47 00:02:16,640 --> 00:02:19,480 the US dollar hegemony to continue to work and operate 48 00:02:19,480 --> 00:02:21,320 around the globe. And This is why assets like 49 00:02:21,320 --> 00:02:24,080 stocks, gold, and Bitcoin always go up over time. 50 00:02:24,080 --> 00:02:27,320 These are fixed assets that are being flooded with an unlimited 51 00:02:27,320 --> 00:02:29,560 supply of dollars. But let's be clear, these 52 00:02:29,560 --> 00:02:31,760 purchases alone aren't enough to move markets. 53 00:02:31,880 --> 00:02:34,360 However, it's a major pivot in Signpost. 54 00:02:34,680 --> 00:02:36,600 When you couple this with the plans of the current 55 00:02:36,600 --> 00:02:39,760 administration, well, you have to be bullish on assets like 56 00:02:39,760 --> 00:02:43,360 Bitcoin going into 2026. This administration is clearly 57 00:02:43,360 --> 00:02:45,360 of the opinion that we need to be in growth mode. 58 00:02:45,520 --> 00:02:48,840 Is also market should go up and we should keep driving it up and 59 00:02:48,840 --> 00:02:53,280 have it keep going up and let it be much, much bigger, much, much 60 00:02:53,320 --> 00:02:57,240 better. And you know, growth doesn't 61 00:02:57,240 --> 00:03:00,040 mean inflation. They're always afraid that all 62 00:03:00,040 --> 00:03:03,040 we have and if there is inflation, that's OK, then we 63 00:03:03,040 --> 00:03:07,440 can slow it down. But we should be able to do a 64 00:03:07,440 --> 00:03:11,240 lot better than three and four. We're scheduled to be at 4%, 65 00:03:11,240 --> 00:03:15,400 which is pretty amazing because we have a, you know, deadhead 66 00:03:15,480 --> 00:03:19,600 Fed, Fed hair. I mean, this guy, the head of 67 00:03:19,600 --> 00:03:25,280 the Federal Reserve is a stiff and, you know, you fight that. 68 00:03:25,480 --> 00:03:27,240 It's amazing. We fight that. 69 00:03:27,240 --> 00:03:33,120 And yet interest rates are going down, except with him, not too 70 00:03:33,120 --> 00:03:37,520 much. He did a, he did a rather, I 71 00:03:37,520 --> 00:03:40,760 would say a rather small number that could have been doubled, at 72 00:03:40,760 --> 00:03:42,840 least doubled. He said the rate cuts should 73 00:03:42,840 --> 00:03:45,800 have been at least doubled from the 25 basis points that we just 74 00:03:45,800 --> 00:03:48,080 got earlier this week. When you couple this with the 75 00:03:48,080 --> 00:03:51,480 fact that the administration has a ton of ammo in order to go on 76 00:03:51,480 --> 00:03:53,720 growth mode, they just announced that they had the lowest 77 00:03:53,720 --> 00:03:58,360 deficit, 52 billion, the lowest deficit since June of 2020. 78 00:03:58,360 --> 00:04:02,640 This is pretty big news. -52.8 billion. 79 00:04:02,800 --> 00:04:06,280 That's a better lower trade deficit than we expected. 80 00:04:06,280 --> 00:04:09,400 We were looking for a number closer to 62 billion. 81 00:04:09,560 --> 00:04:15,720 And that follows a revised -59 billion -, 52 billion would be 82 00:04:15,720 --> 00:04:18,880 the lightest. Going back to wow, we're really 83 00:04:18,880 --> 00:04:24,880 going back. Well, my records go back to 1992 84 00:04:25,040 --> 00:04:29,640 and to find a smaller number that mine is 52 billion, we're 85 00:04:29,640 --> 00:04:32,640 all the way back to June of 2020. 86 00:04:32,800 --> 00:04:35,280 And when you couple this with the fact that the president said 87 00:04:35,280 --> 00:04:39,040 that the only imperative for the new Fed chair to come in is to 88 00:04:39,040 --> 00:04:41,240 lower rates and to do so immediately. 89 00:04:41,440 --> 00:04:44,080 I want to ask about interest rates because a lot of Americans 90 00:04:44,080 --> 00:04:45,480 agree with you that they're too high. 91 00:04:45,520 --> 00:04:47,520 You're going to pick a new Fed chair soon. 92 00:04:48,000 --> 00:04:50,960 Is it a litmus test that the new chair lower interest rates 93 00:04:51,000 --> 00:04:52,000 immediately? Yes. 94 00:04:52,440 --> 00:04:55,120 Donald Trump didn't even let her finish her question. 95 00:04:55,160 --> 00:04:58,080 Yes, that's how eager he is to cut rates. 96 00:04:58,080 --> 00:05:00,920 And no wonder he's so eager. the United States has a massive 97 00:05:00,920 --> 00:05:03,600 problem on their hands. Look at this blue bar on this 98 00:05:03,600 --> 00:05:05,640 chart. This is $9 trillion worth of 99 00:05:05,640 --> 00:05:09,840 debt that is coming due and needs to be refinanced in 2026. 100 00:05:09,840 --> 00:05:12,560 Well, they're going to be refinancing them at much higher 101 00:05:12,560 --> 00:05:15,040 rates than they were when they were virtually 0 when they 102 00:05:15,040 --> 00:05:18,120 borrowed them in 2020, which means the interest payments that 103 00:05:18,120 --> 00:05:20,480 we are now paying are going to go up dramatically. 104 00:05:20,520 --> 00:05:23,520 We're already paying over $1.2 trillion a year in interest 105 00:05:23,520 --> 00:05:25,000 payments. This means that this 106 00:05:25,000 --> 00:05:28,040 administration has to go, go, go and grow, grow, grow. 107 00:05:28,040 --> 00:05:30,880 That's the only way to outpace the interest payments in the 108 00:05:30,880 --> 00:05:33,840 amount of debt that we need to supply the system to actually 109 00:05:33,840 --> 00:05:35,560 grow. And all of these things are 110 00:05:35,560 --> 00:05:38,560 massive catalyst for Bitcoin, not to mention the fact that the 111 00:05:38,560 --> 00:05:42,080 CFTC chair said that Bitcoin can now be treated and used as 112 00:05:42,080 --> 00:05:44,240 collateral within the financial system. 113 00:05:45,280 --> 00:05:47,240 Well, good morning and thank you so much for having me here on 114 00:05:47,240 --> 00:05:48,720 the show. So I think what's really 115 00:05:48,720 --> 00:05:51,840 important to understand is that we are doing a limited pilot 116 00:05:51,840 --> 00:05:54,680 program that has important guardrails that are in place 117 00:05:54,680 --> 00:05:57,880 because we've seen with the events that have happened on 118 00:05:57,880 --> 00:06:00,880 offshore exchanges that it's more important than ever that 119 00:06:00,880 --> 00:06:05,280 Americans deserve safe U.S. markets under US regulations. 120 00:06:05,480 --> 00:06:08,520 So what we've done to structure this pilot program is that if 121 00:06:08,520 --> 00:06:12,440 you are using a CFTC broker, which is what are our futures 122 00:06:12,440 --> 00:06:15,200 Commission merchants, those are registered by us, those are 123 00:06:15,280 --> 00:06:18,120 overseen by us and the National Futures Association, which is 124 00:06:18,120 --> 00:06:23,960 like FINRA, you will be able to use Bitcoin, Ether and USDC to 125 00:06:23,960 --> 00:06:28,640 collateralize contracts that are denominated in those Bitcoin, 126 00:06:28,640 --> 00:06:32,960 Ether or USDC and it's basically in kind collateral. 127 00:06:32,960 --> 00:06:35,040 So that's very limited in what you can do. 128 00:06:35,040 --> 00:06:38,600 You can't use it instead of cash for example, but you can use it 129 00:06:38,600 --> 00:06:41,760 to collateralize those in kind contracts and then we are 130 00:06:41,840 --> 00:06:43,840 putting into place. Just to be clarify, it's. 131 00:06:43,920 --> 00:06:45,240 In kind so. Bitcoin for. 132 00:06:45,240 --> 00:06:47,560 Bitcoin, or could it be Bitcoin for Ethereum? 133 00:06:48,240 --> 00:06:50,400 Bitcoin for Bitcoin. So if you're going to settle in 134 00:06:50,400 --> 00:06:52,880 Bitcoin, it's denominated in Bitcoin, you can collateralize 135 00:06:52,880 --> 00:06:54,760 it with Bitcoin because it's the same way risk. 136 00:06:55,280 --> 00:06:58,400 And we have enhanced CFTC monitoring and reporting in 137 00:06:58,400 --> 00:07:00,480 place. So for three months we are 138 00:07:00,480 --> 00:07:04,480 requiring that we not only get weekly a position and asset 139 00:07:04,480 --> 00:07:07,840 class reporting that's on top of the normal reporting that our 140 00:07:08,440 --> 00:07:12,560 exchanges do, but we are also asking for a reporting of any 141 00:07:12,560 --> 00:07:16,480 significant operational issues relating to that digital asset 142 00:07:16,480 --> 00:07:19,520 collateral. So again, this is a Safeway to 143 00:07:19,520 --> 00:07:23,320 understand the technology, to understand the uses for these 144 00:07:23,320 --> 00:07:26,720 assets, but in a controlled way. There's been a lot of talk about 145 00:07:26,720 --> 00:07:29,840 why Bitcoin is valuable and why Bitcoin treasury companies have 146 00:07:29,840 --> 00:07:33,000 been stacking Bitcoin, and Jack Mahler's has been recently 147 00:07:33,000 --> 00:07:36,080 talking about why they have an opportunity that's been left in 148 00:07:36,080 --> 00:07:39,800 the market from Coinbase and from micro strategy not offering 149 00:07:39,800 --> 00:07:42,320 and creating digital credit and digital lending products. 150 00:07:42,360 --> 00:07:44,640 Well, I think that window is actually being closed. 151 00:07:44,640 --> 00:07:46,960 Listen to Jack talk about this here and I'll tell you why that 152 00:07:46,960 --> 00:07:48,600 he might be wrong and behind the ball. 153 00:07:48,720 --> 00:07:52,200 Said listen, you know bitcoins compound annual growth rate over 154 00:07:52,200 --> 00:07:55,760 the last five to 10 years, call it 50% a year of an easier way 155 00:07:55,760 --> 00:07:59,160 to conceptualize that level of growth is it double S every 18 156 00:07:59,160 --> 00:08:02,520 months. People want to create a cash 157 00:08:02,520 --> 00:08:04,720 liquidity event with their Bitcoin without selling it, 158 00:08:04,720 --> 00:08:07,640 without having a capital event, a capital trigger on that. 159 00:08:08,240 --> 00:08:10,760 And so the fact that there isn't a market for them to borrow 160 00:08:10,760 --> 00:08:14,160 against it for different credit products, lines of credit termed 161 00:08:14,160 --> 00:08:17,160 loans, we think we can live in that space. 162 00:08:17,160 --> 00:08:21,280 We are shocked that this is a $2 trillion asset class going on 163 00:08:21,280 --> 00:08:23,720 what we believe to be 20 trillion and 200 trillion. 164 00:08:23,800 --> 00:08:27,040 And there are fundamental financial services that no one 165 00:08:27,040 --> 00:08:29,920 of our scale and size is focused on, right? 166 00:08:29,920 --> 00:08:33,039 We look at a coin base and we're like what a successful business, 167 00:08:33,039 --> 00:08:36,720 you know, in earnings and in net profit, but nobody's focused on 168 00:08:36,720 --> 00:08:38,840 Bitcoin credit. And we look at a strategy, 169 00:08:38,919 --> 00:08:42,120 acquired a lot of Bitcoin, but nobody's building products. 170 00:08:42,200 --> 00:08:44,520 I believe that strategy is actually going to beat them to 171 00:08:44,520 --> 00:08:48,160 the punch. MicroStrategy holds 660,624 172 00:08:48,160 --> 00:08:50,760 Bitcoin, and now they can effectively begin leveraging 173 00:08:50,760 --> 00:08:53,760 that collateral to lend to other banking partners and 174 00:08:53,760 --> 00:08:55,440 institutions who want to get into Bitcoin. 175 00:08:55,480 --> 00:08:57,960 Their CEO, Fong Lee talks about this right here. 176 00:08:58,200 --> 00:09:00,560 Fong, to switch gears just a little bit, in terms of other 177 00:09:00,560 --> 00:09:04,160 types of businesses that strategy could be involved with 178 00:09:04,560 --> 00:09:07,560 lending a Bitcoin, it reached a record high in the third 179 00:09:07,560 --> 00:09:09,920 quarter. Why hasn't strategy gotten 180 00:09:09,920 --> 00:09:13,640 involved? Yeah, we, we run a very simple 181 00:09:13,640 --> 00:09:16,280 business, right? I've been, I've been doing this 182 00:09:16,280 --> 00:09:18,480 for 10 years now, five years with Bitcoin. 183 00:09:18,480 --> 00:09:22,080 We buy and we hold Bitcoin. I do think over the course of 184 00:09:22,080 --> 00:09:24,600 the next year and I'm quite excited about it. 185 00:09:24,600 --> 00:09:29,560 Traditional finance entering the Bitcoin world, companies have 186 00:09:29,560 --> 00:09:32,080 made announcements, Citibank, Morgan Stanley and others. 187 00:09:32,080 --> 00:09:36,040 You know, big real banks are going to offer custody service, 188 00:09:36,160 --> 00:09:39,760 lending service and staking and otherwise. 189 00:09:40,040 --> 00:09:43,000 I think when they enter that space and we have different 190 00:09:43,000 --> 00:09:45,920 counterparties, it's something we would we would consider and I 191 00:09:45,920 --> 00:09:47,360 think would be enthusiastic about. 192 00:09:47,640 --> 00:09:50,560 They're going to now effectively be able to gain a yield on the 193 00:09:50,560 --> 00:09:53,360 Bitcoin that they hold as a treasury asset when they lend it 194 00:09:53,360 --> 00:09:55,680 to other institutions who are looking to get into Bitcoin. 195 00:09:55,760 --> 00:10:00,480 This aligns with the In Kind conversation that Caroline Pham 196 00:10:00,480 --> 00:10:03,960 announced the CFTC chair in that former clip, and this means that 197 00:10:03,960 --> 00:10:07,120 MicroStrategy is going to be able to generate massive amounts 198 00:10:07,120 --> 00:10:09,440 of profits from their own Bitcoin stack. 199 00:10:09,440 --> 00:10:12,120 Before we go any further as to why this is important for 200 00:10:12,120 --> 00:10:14,920 Bitcoin heading into 2026, let's thank our sponsors. 201 00:10:15,120 --> 00:10:17,320 Lenin has been one of the leaders in Bitcoin back loans 202 00:10:17,320 --> 00:10:21,640 since 2018, issuing nearly $10 billion worth of loans at this 203 00:10:21,640 --> 00:10:24,760 point to 10s of thousands of customers all across the globe. 204 00:10:24,760 --> 00:10:27,800 They do so fast, transparent and in a simple manner. 205 00:10:27,800 --> 00:10:31,320 You could get a loan that this collateralized up to 50% loan to 206 00:10:31,320 --> 00:10:34,240 value. 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If you're interested in growing 217 00:11:04,600 --> 00:11:07,280 in your Bitcoin journey from a person who just buys Bitcoin on 218 00:11:07,280 --> 00:11:10,480 an exchange to someone who holds it in self custody, there's some 219 00:11:10,480 --> 00:11:13,280 steps in order to do that. And coaches from their team will 220 00:11:13,280 --> 00:11:16,600 walk you through how to do that privately, safely, securely, and 221 00:11:16,600 --> 00:11:19,480 confidently so that you can become a sovereign individual in 222 00:11:19,480 --> 00:11:21,440 your Bitcoin journey. Schedule a free 30 minute 223 00:11:21,440 --> 00:11:24,440 consultation with their team at the bitcoinway.com/simply 224 00:11:24,440 --> 00:11:26,360 Bitcoin. Adam Back just talked about 225 00:11:26,360 --> 00:11:29,480 major banks getting into Bitcoin recently, talking about how this 226 00:11:29,480 --> 00:11:32,280 is a major move for Bitcoin and its predictions are already 227 00:11:32,280 --> 00:11:33,360 coming true. Yeah. 228 00:11:33,360 --> 00:11:36,880 I mean, I think, you know, having experienced the previous 229 00:11:36,880 --> 00:11:39,760 5 and 10 years and things have moved much, you know, in the 230 00:11:39,760 --> 00:11:41,960 short term, people don't see this speed of development. 231 00:11:42,120 --> 00:11:45,600 But if you go back five years, it's, you know, it's pretty 232 00:11:45,600 --> 00:11:48,080 surprising where we are. If you go back 10 years, you 233 00:11:48,080 --> 00:11:51,040 wouldn't have expected at that time all of the major banks to 234 00:11:51,040 --> 00:11:54,400 be buying to provide Bitcoin related products and services, 235 00:11:54,400 --> 00:11:56,920 making more portfolio recommendations, soften wealth 236 00:11:56,920 --> 00:12:01,160 funds, buying Bitcoin, pension funds, all, all of these things. 237 00:12:01,160 --> 00:12:05,040 And there's been a lot of regulatory improvement over this 238 00:12:05,520 --> 00:12:09,920 past year as well in terms of the types of banks that are now 239 00:12:09,960 --> 00:12:12,360 able to be custodian. So I think that opens the gate 240 00:12:12,360 --> 00:12:14,640 for people. Major banks are rolling out 241 00:12:14,640 --> 00:12:17,520 Bitcoin access and they're going to need the backing of Bitcoin 242 00:12:17,520 --> 00:12:19,120 and crypto native companies to do it. 243 00:12:19,360 --> 00:12:22,600 Like PNC who's working with Coinbase in order to offer 244 00:12:22,600 --> 00:12:24,680 Bitcoin backed services to their customers. 245 00:12:24,680 --> 00:12:27,880 They're going to be rolling out buying, holding, trading and 246 00:12:27,880 --> 00:12:30,360 lending products and credit products to their customers in 247 00:12:30,360 --> 00:12:32,600 2026. You couple this with the fact 248 00:12:32,600 --> 00:12:34,880 that more everyday Americans are going to be getting Bitcoin 249 00:12:34,880 --> 00:12:37,240 through this type of Ave. But what if they're also holding 250 00:12:37,240 --> 00:12:40,440 an in their retirement accounts? Congress is begging for Bitcoin 251 00:12:40,440 --> 00:12:42,880 to be held as an asset in their 401 KS. 252 00:12:42,960 --> 00:12:45,640 Can you imagine $9 trillion worth of retirement assets 253 00:12:45,640 --> 00:12:48,160 flowing into Bitcoin? What if everyday Americans hold 254 00:12:48,160 --> 00:12:50,520 it in their banks, in their checking accounts, in their 255 00:12:50,520 --> 00:12:53,120 retirement accounts? Do you really think Bitcoin is 256 00:12:53,120 --> 00:12:55,640 going to 0 at that point? And This is why we are in the 257 00:12:55,640 --> 00:12:58,520 digital gold rush and why Bitcoin is going to go up 20 to 258 00:12:58,520 --> 00:13:01,960 50% a year for the next decade. It's not going to take much for 259 00:13:01,960 --> 00:13:04,720 this entire market to move. We're in a digital gold rush 260 00:13:05,040 --> 00:13:08,640 over the next 4 to 8 years. We think institutional adoption 261 00:13:08,640 --> 00:13:11,440 increases drastically. We think sovereign adoption 262 00:13:11,440 --> 00:13:13,560 increases drastically. We think digital credit starts 263 00:13:13,560 --> 00:13:16,400 to permeate throughout the rest of the market because of that 264 00:13:16,560 --> 00:13:20,440 those dynamics, you've got even the Bitcoin ETF being the most 265 00:13:20,440 --> 00:13:23,680 successful ETF in history. That success is going to breed 266 00:13:23,680 --> 00:13:27,800 more success and it already has. So because of those dynamics, 267 00:13:27,800 --> 00:13:31,360 the macro environment we see probably next 4 to 8 years 268 00:13:31,360 --> 00:13:35,840 between a 30 to 50% compound annual growth rate for Bitcoin. 269 00:13:35,840 --> 00:13:40,360 And we think that will start to taper off as economies of scale 270 00:13:40,360 --> 00:13:44,400 and large economies of scale start to come into play. 271 00:13:45,080 --> 00:13:47,600 Once bitcoins at a $10 trillion assets, it's probably going to 272 00:13:47,600 --> 00:13:51,320 be significantly less volatile and the compound annual growth 273 00:13:51,320 --> 00:13:54,800 rate will will be reducing over over time into the future. 274 00:13:54,800 --> 00:13:57,280 But you think we get 30 to 50% over the next decade? 275 00:13:57,600 --> 00:13:59,400 Yeah, I'll take it. Yeah, I'll take that. 276 00:13:59,760 --> 00:14:01,440 Right. I mean, you look, you look at 277 00:14:01,440 --> 00:14:07,280 the last is 7 years and it's been like 7070% compound annual 278 00:14:07,280 --> 00:14:11,240 growth rate even what in 2022 is at 16,000 and what we're in 279 00:14:11,240 --> 00:14:13,080 90,000 right now. What is what is that? 280 00:14:13,080 --> 00:14:20,240 That's annualize that that's, that's you know, 7080% probably. 281 00:14:20,800 --> 00:14:27,720 And I don't think it takes a lot of capital to to to move it, to 282 00:14:27,720 --> 00:14:31,000 move it much higher. And so one of the interesting 283 00:14:31,000 --> 00:14:33,560 things in the Treasury world is that like when strategy came 284 00:14:33,560 --> 00:14:35,520 out. We have plenty of ammo right now 285 00:14:35,520 --> 00:14:37,400 and there's still plenty of people that are bearish heading 286 00:14:37,400 --> 00:14:39,920 into 2026. We have the money printer or 287 00:14:39,920 --> 00:14:43,720 shadow QE reserve management purchases of $50 billion a 288 00:14:43,720 --> 00:14:47,080 month, albeit not a lot starting to happen, which means this is a 289 00:14:47,080 --> 00:14:50,800 major pivot for the Fed and for this administration removing 290 00:14:50,800 --> 00:14:53,280 from a scenario of quantitative tightening to quantitative 291 00:14:53,280 --> 00:14:54,720 easing. And when you couple this with 292 00:14:54,720 --> 00:14:56,720 the fact that this administration is in go, go, go, 293 00:14:56,800 --> 00:14:59,280 go, grow, grow, grow mode because they have a bunch of 294 00:14:59,280 --> 00:15:01,920 debt due and because this president and this 295 00:15:01,920 --> 00:15:05,120 administration is very clear about their stance on growth and 296 00:15:05,120 --> 00:15:07,840 moving the American industrial revolution forward. 297 00:15:07,840 --> 00:15:10,600 When you add up all of these things and major banks getting 298 00:15:10,600 --> 00:15:13,480 into Bitcoin, you have a scenario that is a bullish 299 00:15:13,480 --> 00:15:17,200 cocktail heading into 2026. These are just my thoughts, but 300 00:15:17,200 --> 00:15:18,920 what are yours? I'd love to hear them in the 301 00:15:18,920 --> 00:15:20,480 comments. 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