Circle P:

Episode Transcript
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(00:01):
It is 09:45AM
Pacific Daylight Time. It is the July
2025
and this is episode
eleven thirty one
of Bitcoin,
and we're gonna go through all of it today. I got
US government looking at stablecoins
as
a key factor of saving the dollar and not letting it, I don't know, melt away into

(00:27):
whatever it's going to become.
Jack Ma,
somehow or another, even though we don't know where he is, or at least
once he disappeared, I never saw him come back. Alright? So if you guys know that Jack Ma is is running around and you know where he is, let me know because I I still think he's kinda missing. But his

(00:48):
company,
Alibaba,
and ant groups I don't know, man. There's some there's some some stuff going on there. We'll get into it.
And then there's gonna be some news from Frank Korva about the
crypto market structure hearing,
which occurred, and that's going to be that's gonna be important.

(01:12):
Naib Bukele thinks that Democrats are salty.
Maybe they are. Maybe they go well with chocolate. I don't know. But White Noise
has been released. It is a private messaging app
based on Nostr. We've all been wanting it.
We've all been talking about it. Why? Because DMs
on Nostr

(01:32):
suck.
They just do.
It's not
I don't really think it's, you know, the protocol's
fault.
I think there's only so much that we can do at any given time
or at least that the developers can do at any given time when it comes down to the protocol level
of how you're going to handle private messaging

(01:54):
when you're looking at the structure of Nostra as it stands today.
I I I lose zero sleep on it, but people have been clamoring for some kind of, I don't know, some kind of replacement for Nostra DMs,
And it looks like
a couple of people have gotten together and, well, we've they've come up with something, and it should be interesting.

(02:18):
Perplexity
and Coinbase
are working together to scam the living crap out of everybody who fancies themselves as a day trader, and we've got a couple of companies here
adding Bitcoin to their balance sheet.
But first, I'm not even gonna go to the US government story. I wanna talk a little bit about something that I've been cooking on,

(02:39):
I don't know, over the last few years,
honestly. I've been thinking about designing
even though I'm, you know, I'm I'm just gonna say it upfront. No. I'm not a grazer.
No. I do not have cattle. No. I've never built a silvopasture
system before in my entire life, but there's this image in my head

(03:00):
about
a silvopasture
design
for rotational grazing,
wood harvest,
nut harvest,
forage harvest.
It's in my head. It won't leave, and it's like the Forest Walker thing. If you haven't read the Forest Walker article, you can go to my website bitcoinandshow.com

(03:21):
and read it there.
But Forest Walker was sort of the same way. I it was a this
weird thing, this weird idea
that was in my head, and I could not stop thinking about
it. Luckily,
we have this thing that humans can do.
We can write.
We can write our ideas

(03:42):
down.
Sometimes we show them to other people and sometimes we don't, but once you write it down something
magical happens.
There's actually two things that that magically happen.
One,
you get to stop thinking about it. It stops cluttering your mind.
This is a real thing that happens with humans, by the way. You can't stop thinking about something. Right? Especially if it's an idea. If it's something external that's happened to you and it's a it's part of real life,

(04:12):
that's that's different. That's not what I'm talking about. But it's like some people will come up with ideas and they just they just can't shake it. And the only way that I have found to be able to quiet the noise
is to put it on paper. And it doesn't have to be on paper. It could be in a word processor. That's what what most of us do nowadays,
but you've gotta get it out. Well,

(04:33):
alongside the Forest Walker, there was another idea that was brewing in my head.
Oh, it's actually, I started thinking about it a little bit before I started thinking about Forest Walker.
And I
I can't stop thinking about it, so therefore I've got to pull it out. And so it's a silvopasture
design
on Broadacre.

(04:54):
Right?
It's
yet one more thing, like, it's sort of like Forest Walker where if you read it, half of the people that read it will go, this dude's insane.
This is never gonna happen,
and here's why that this won't happen, and here's another reason why it won't happen, and here's here's another reason why it won't happen, but none of that matters.

(05:16):
None of that matters. If I had said, yeah, this is too this is too farfetched
to actually be in existence, then I wouldn't have put it on paper. And you know where this thing would have resided?
In my
head, confusing me even further.
So cathedral's the same way, and that's the name of the project.
I'm calling it cathedral.

(05:37):
There's various reasons why,
but
I've talked about this a couple of times, but now it's getting to the point where
I've got a lot of it down in a format that I can start cobbling it together to relate to other people
what it is that I'm seeing in my head when it comes to this very large

(06:02):
large acreage scale
silvopasture.
How long we're talking about before it becomes before it would be able to come into existence,
what kind of management it would actually take
to be able to run such a thing. Because if you if if I were to put all the elements into this thing that in my head, it would be impossible for a small team to actually be able to manage. It would it just wouldn't happen.

(06:29):
You'd have to do it in a different way,
So that will be part of it.
What what kind of trees? How do they interact with each other in the tree lanes? That's that's part of it. What how many products can be produced from this thing? That's part of it.
What things that aren't directly
involved in raising animals in the silvopasture

(06:52):
system
could also be considered as goods, services, products, that kind of thing. That's gonna be part of it, but the system is freaking huge.
It's gonna be several articles. It's gonna be several podcasts. It's gonna be
as many different ways as that I can get this thing out of my head is exactly as many ways as I'm going to use.

(07:13):
It's coming,
but it's probably not gonna see the light of day or at least the first article won't see the light of day until after I get back from Colorado, which
I'm leaving for
on Monday, and I won't be back for two weeks.
I'm going to do my level best
to continue to produce The Bitcoin and show while I am on vacation.

(07:38):
But there will there will
inevitably
be gaps in the show. So just be prepared. I'm not going away. I'm just going on vacation,
but I will try to continue to cut these episodes.
And
just be aware,
The the cathedral is coming,

(07:58):
and it's probably going to piss some people off, especially people that have any experience whatsoever with grazing animals
in a any kind of pasture system, much less a silvopasture system. But at this point, I don't care. It's either get this idea out of my head or I will be in a straight jacket and some nurse with a mole on her face probably with the last name Ratchet,

(08:23):
not gonna be a good picture. Alright? So I I either get it out of my head or I go ape shit insane. So
with that said, just
be on the lookout.
Now let's get into today's Bitcoin news because it's all the news that you can use. That's why you're here at the Bitcoin Hand Show.

(08:44):
CoinTelegraph,
Christopher
Tepedino
has this
one. United States sees stablecoins as key.
It's a key to preserving the dollar's reserve status
according to a report from a company named
Signum.
Yes. Signum. I love these names. The United States views dollar peg stablecoins

(09:07):
as tools
to help reverse the decline of the dollar status as a global reserve currency
according to a new report from digital asset banking group, Signum.
To accelerate that goal,
the current administration is encouraging the growth of the stablecoin market
and urging Congress to pass related legislation. The insights

(09:30):
come from Signum's latest report examining the dollar's standing
as a reserve currency and the United States government's efforts
to preserve that.
Donald Trump and key members of his administration, including treasury secretary Scott Bessent
and Al and Dave
rather, Al and David Sachs,

(09:50):
Trump's crypto
and AI czar, who leads the president's council of advisers on science and technology, are pushing for the swift pass
passing
of the Genius Act,
which regulates stablecoins and their issuers in The United States, and the act passed the Senate on June 17
but is currently sitting in the house of representatives.

(10:14):
While the US government is pushing Dollar Peg stablecoins, resistance is growing worldwide.
On April,
Italy's finance minister warned
that United States dollar stablecoins pose a greater risk than tariffs
and that the appeal of these stablecoins should not be underestimated,
pausing to say
you are correct, sir.

(10:37):
I I disagree with nothing that he just said.
Fireblocks policy chief
Deya
Markova,
told Cointelegraph that there is a growing demand for stablecoins
not pegged to the United States dollar despite the limited liquidity for these coins at the moment.
Signum has partnered with Fireblocks

(10:57):
for an instant settlement network that includes stablecoin transactions.
Three major entities in Abu Dhabi have teamed up to launch a dirham
pegged stablecoin
pending approval
from United Arab Emirates regulators. The signum report cites demand for US dollars coming from retail

(11:18):
inside developing countries,
which face rising inflation and depreciating local currency. Quote,
the United States administration believes
that dollar denominated stablecoins conserve this demand and reverse the dollar's eroding reserve currency status, notes the report.
Caitlin Tish Hauser,

(11:39):
head of research at Signum, told Cointelegraph, quote, the dominance of the dollar stablecoins across the crypto industry can help
reinforce the dollar's monetary dominance
if the blockchain based decentralized economy expands substantially.
He added,
quote, however, I am not sure that there is a compelling case for stablecoins moving the needle on dollar dominance

(12:04):
beyond that unless retail use accelerates in developing countries
on the back of incentives,
end quote.
In addition,
resistance may come from BRICS, a block of 10 countries
seeking to reduce reliance on the US dollar. And according to Signum, the group is advancing a multipolar financial system that favors using multiple fiat currencies

(12:27):
for cross border
trade and settlement rather than a single global reserve currency.
Now that last one
is an interesting sentence. Let me read that one again. According to Signum,
the group is advancing a multipolar
financial system that favors using multiple
fiat currencies for cross border trade and settlement

(12:50):
rather than a single global reserve currency
because
everybody is still under the assumption that they have some kind of power.
See, this is what the globalist never really
I don't think they ever really thought it through.
You know, making everybody connected.

(13:10):
They they they always talked about a one world government and all that kind of stuff, and I don't need to go tinfoil hat on that one. That's actually been said on several occasions
specifically by George w Bush. He said it on several occasions,
new world order and his old man did too. New world order, one world government. They always they said this all the time. It's not a conspiracy theory.

(13:34):
There's several instances of
Clinton,
Bush,
Bush the first. It doesn't really matter.
But I don't think that any of these people from Council of Foreign Relations to IMF to World Bank have ever thought about the ramifications
of what that actually means.
It means that every single country

(13:56):
whose elite inside that country have enjoyed some sort of power
are not going to be the ones that crumble first. Sure. Their retail and their citizenry
will go, oh my god. Please rule me, daddy. Rule me harder.
But the elite of those countries, whether you're talking about freaking Ghana

(14:17):
or El Salvador or Canada or United, nobody
wants to lose their regional power.
So
we end up in the situation where
they keep talking about, oh, well, we're gonna have our own currency. We're gonna have our own stablecoin. It's gonna be pegged to our own fiat currency.
Even though what I just said, even though it makes sense and now it's not going to make sense because I'm going to say that Bitcoin is

(14:45):
the world
currency.
It is a fundamental language that we can all speak together
and clearly understand each other through no
matter how much noise.
When when I'm in some other country and I want to buy a banana and it's priced in Satoshis,

(15:06):
I have an instant clarity
and comparison point
for what that banana cost in Satoshis in the last country that I might have been in.
It's a common
language.
If the retail and the citizenry portion
that is so eager to be dominated by a one world government

(15:29):
doesn't get off their ass
and take the reins and say, we want everything priced in one currency.
That doesn't mean that I'm saying that they will automatically burn their own currency to the ground. Probably not. I'm just saying that
I actually think
that there's two ways to look at Bitcoin as a world reserve currency or at least the world's currency itself. And that is,

(15:55):
one,
it ties everybody together,
but then you'll say, but aren't you talking about a one world government or at least a a new world order? Not necessarily.
Just because I just because everybody can speak a common language
for the first time in the history of the planet

(16:15):
does not mean
that all these people that speak that language want to be dominated by people who they know are going to be evil
or who will start out good and then slowly or quickly over time become evil.
And the only real guard against the very thing that we don't want, which is the new world order,

(16:37):
is a single world currency,
not because it binds us politically and economically,
but because it sends a clear
signal of markets,
not only to markets,
but the market trying to speak to us. If I go to Abu Dhabi and they want
an exorbitant amount of Satoshis for a pair of sneakers

(16:59):
that I know cost 10% of that in some other country,
I have a clear signal,
and then I can clearly make a decision as to what I'm going to do.
This,
I actually believe,
is the story of the Tower Of Babel, which has been another article

(17:20):
floating around in my mind that needs to be put on paper at one point or another.
But the story of the Tower Of Babel in the Bible has always be been used to talk about how God smote down the people that were trying to build this tower so that they themselves can become God.
That's that's generally the story that you get.

(17:40):
I take a completely
different
take on this.
I I keep thinking that what happened is that, yeah, God may have been pissed that they were trying to to replace God. It wasn't that they wanted to meet God. It wasn't that they were building this tower so that they could physically climb into heaven. Sometimes it's interpreted that way. No. No. No. No.

(18:01):
The story in the Bible,
generally speaking, has the flavor of they actually wanted to just do away with God and become gods themselves, and they were building this this high point so that they could be gods. And God got pissed and said, no. You don't,
and caused everybody to
start speaking a different language. And everybody

(18:22):
that was at the the the Tower Of Babel couldn't understand each other. They sounded like they were babbling. Right?
That's where we get the word.
Babble. We can't understand. You're babbling. I can't understand what the hell you're talking about.
I think
that
people I the way that people say it's like, well, they couldn't understand each other. They couldn't tell each other where the bathroom was, or they couldn't tell each other that they wanted to go get lunch. You know, like, all the the problems that you have when you go visit a foreign country and you don't speak the language. No. That's that's not how God destroyed that construction.

(18:57):
He destroyed the construction
by making everybody's money
a different value.
I I think that there's an analogy there that I can work on for the article on how Bitcoin solves the Tower Of Babel problem.
I don't know what a banana cost in Kenyan

(19:17):
whatever Kenyans trade in.
I don't know what what a banana cost in Mexico. I don't know what a I don't know what a 150 pesos is unless I get a calculator.
That's a friction point. I don't I
don't wanna do that. I don't wanna consistently go to the forex
and look at exchange rates between the US dollar, which I can clearly understand when I go to the store because I live in The United States,

(19:43):
If I go to Russia, I don't wanna do the comparison to to rubles.
I I don't. Okay? It's a friction point that I don't need. But if I start going into other countries and shit's priced in satoshis,
I have an immediate
clarity.
I speak a common language with the rest of the world.
There are two

(20:03):
ways to talk to each other. One is what I want for lunch.
The other is how much does this cost.
You might think that
being able to converse with somebody in philosophical
terms
about God and earth and cattle and whatnot is the more important.

(20:25):
I don't think so.
I think being able to have a common unit of value that everybody understands
will do more for humanity
than anything else. So let's move on to this Jack Ma story.
Alibaba founder backed Ant Group
is going to integrate Circle's

(20:46):
USDC
on its blockchain. So speaking more about stablecoins, we've got this one from Francisco Rodriguez
Out of CoinDesk, the international arm of Ant Group, which is the company backed by Alibaba founder Jack Ma,
plans to bring Circle's USDC stablecoin into its proprietary
blockchain.

(21:07):
The rollout will start once United States regulators certify the Dollar Peg token under the new federal rules blur Bloomberg reported,
and the move would give
USDC
a link to a network that processed more than $1,000,000,000,000
in global payments last year. A third of those were settled on chain.

(21:28):
That scale could make Ant, a n t,
the largest overseas corporate user of United States issued stablecoin, and I remind you, it is not Tether.
It's Circle.
Circle and Tether are going to be
they're getting they're huge already. Circle's gonna start gaining in momentum,

(21:49):
and they're going to fight at one point or another. It's gonna be like rock them, sock them robots. Anyway, Ant International
is also applying for a stablecoin license in Singapore,
Hong Kong, and Luxembourg
according to the report, and the group once regulated digital dollars,
central bank digital currencies,
and tokenized bank deposits to sit side by side on its platform.

(22:13):
The company's blockchain currently supports
tokenized assets from various financial institutions and has reportedly been working with the People's Bank of China
on the country's central bank digital currency, the Digital Yuan.
And Circle shares rose nearly 4%
in premarket trading to $208

(22:34):
a share.
Alright. So Circle is
filled with
scum of the earth. Jeremy Allaire is not a good person.
He does not like Bitcoin. He tried to destroy Bitcoin back in 2016, 2017.
It didn't work,
but he didn't go away.
And Circle is going to gain momentum because of this.

(22:55):
I'm really surprised that
that the stablecoin issuer in this story is not Tether.
And it's not really because I want Tether to win. It's because I want people like Jeremy Allaire to lose.
So let's be clear about that. But still,
this goes to show that
for all the people
that hate stablecoins,

(23:17):
they're not going away. We we've got to figure this out.
You've got to figure it out for yourself. You really have to think about it because we've got Bitcoin.
And some people will go, well, we don't need it anymore because of stablecoins.
No. Because stablecoins are back to the very instrument
that Bitcoin is trying to replace

(23:38):
for obvious reasons.
And if you don't know what those reasons are, then you are certainly a newbie to Bitcoin. That's okay, but I can't go through it except to say,
we've destroyed the money
and not just the United States dollar.
All fiat currencies have been completely destroyed,
and that's what's causing

(23:59):
all of the problems that you see today.
You'll go, well, I can't believe it doesn't cause obesity. Yes. It does.
But but it it certainly can't cause, you know, houses to fall down. Yes. It does.
Well well well, but but we use x, y, and z. That's because the currency is broken.

(24:20):
It it just it just is and whatever is pegged to that which is broken
takes on to it
the very attributes of that which is it is attached to so stablecoins
are already inherently
broken.
Their value depends on a broken system. There's no escaping it. You have to have Bitcoin. And just because stable coins are here does not actually mean anything's changed

(24:48):
at all other than
a control shift of the money.
But we've got other fish to fry because myths
are busted and conflicts of interest noted at senate banking crypto market structure hearing.
This is Frank Korva writing for Bitcoin Magazine. Today, the senate banking committee

(25:09):
hosted a hearing entitled
from Wall Street to web three, building tomorrow's digital asset markets,
in which United States senators from both sides of the aisle engage with crypto industry leaders and digital asset specialists
witnessed at the hearing to discuss
digital asset market structure. And key themes from the hearing included

(25:31):
crypto's role in illicit finance and the conflict of interest associated with the Trump family's involvement in the crypto industry as well as regulatory jurisdiction.
And our good friend, senate banking chairman
Tim
Scott, presided over the hearing alongside our other good friend, ranking member, Elizabeth

(25:51):
Warren.
They were joined by more than a half a dozen other senators and six witnesses
for two and a half hour session or a single two and a half hour session. And the witnesses included
Summer Mersinger, CEO Blockchain Association,
the,
Jonathan Levin, CEO of Chainalysis,
Dan Robinson, general partner at Paradigm,

(26:13):
God forbid Brad Garlinghouse, CEO of Ripple,
Timothy Massad, which is a research fellow at the Kennedy School of Government at Harvard University
and former Commodities and Futures Trading Commission chairman,
and then Richard w Painter, the former chief White House ethics lawyer.
So in senator Scott's opening remarks, he noted that more illegal activities happen with cash

(26:38):
rather than
crypto.
Senate banking committee ranking member senator Elizabeth Warren provided an opposing view in her opening remarks as she made the claim that crypto's total market capitalization
has increased,
SO2
has illicit activity on
the blockchain because, apparently, there's only one blockchain.

(26:59):
And if you know anything about this, that's complete garbage. She has no idea how to
talk about this in public.
Anyway, the senator then cited how North Koreans, of course, have hacked billions of dollars worth of crypto assets, creating a threat to US national security in the process.

(27:20):
Levin provided some context, though, as he noted that illicit activity was less than 1%
of the overall activity that occurs on blockchains while adding that this number is higher in traditional markets.
Quote, the majority of the activity on blockchains is is legitimate activity, he added.
With that said, Levin noted that crypto mixers make chainalysis work in monitoring public blockchains for criminal activity more difficult,

(27:45):
but also noted that Chainalysis has seen
less use of crypto mixers and terrorist financing than you might expect.
And then senators Raphael Warnock,
Chris Van Hollen, and Elizabeth Warren all brought up what they termed was president Trump's conflict of interest in advocating
for crypto legislation while he and his family are actively involved in the, oh my god, crypto industry. Okay.

(28:12):
Hold on.
So senator Warren has
owned stock in banks. She is as a bank. She probably uses several banks for a checking account,
savings account. She owns bank stocks.
Does she have a conflict of interest by being on the senate banking committee?
I'm not saying it's good or bad either way. I'm just saying

(28:33):
when the pot calls the kettle black.
Anyway,
in senator Warren's opening remarks,
she noted that $7,000,000,000
of president Trump's wealth is now in crypto, while senator Warnock
called into question the ethics of Trump having issued a meme coin.
Yeah. Even I questioned that one.

(28:54):
Senator Van Hollen detailed the scenario in which Eric Trump met with an investment firm in The United Arab Emirates regarding a stablecoin that his company, World Liberty Financial,
issued ahead of his father's visit to the country.
The firm ended up investing $2,000,000,000
into that project.
The senator then noted that certain crypto legislation would benefit World Liberty Financial.

(29:17):
Painter,
who argued earlier in the session that, quote, we cannot have the people who were in charge of passing and enforcing crypto legislation
have conflicts of interest, and this includes the president, by God,
and stated that they were currently witnessing one of the biggest ethical financial violations
by a sitting president in the last one hundred years. Yeah. Bullshit.

(29:41):
Biden, Clinton,
Bush, Bush won.
I just
you know, probably the last guy that that, as far as I can tell,
doesn't there's
like literally
no proof that Reagan was involved
with anything that would have actually gotten him a shit ton of money. I mean, you got the Iran Contra thing,

(30:01):
but I get the feeling
that that Reagan was like, didn't know anything about it, but it it doesn't it doesn't matter.
All these people are compromised. I mean, it doesn't matter what color the flag they wear.
Throughout the hearing, however,
Mossad argued that the US Securities and Exchange Commission and the CFTC
should work together in regulating the digital asset industry, quote, the solution is not for congress to become the regulator.

(30:28):
It's for the SEC and the CFTC
to work together.
Mossad added that the industry has taken advantage of the gap between the SEC and CFTC.
Mersinger also noted
that she would like to see collaboration between those two agencies,
though she stated that she would like to see the CFTC have more power over crypto markets as the agency takes a more principles based approach

(30:52):
and which messenger claimed is better for the industry.
And then Mossad commented that the importance of taking such an approach
as he said that congress should think in terms of principles and not detailed rules because those rules can become obsolete very quickly.
Senator Katie Britt also spoke up in favor of a principles based approach.

(31:14):
Approximately halfway through the hearing,
senator
Bernie Moreno
stated that
crypto is more of a generational issue than it is a Republican
v Democrat issue. And senator Scott praised senator Cynthia Lummis and Kristen Gillibrand for the legislation that they had drafted starting in 2022.

(31:35):
Quote,
you look at the Internet
that and the Cypherpunks of the eighties and nineties who were creating the code and using cryptography, and the government was afraid of it. So the NSA called cryptography a weapon and classified it as something that should not be available to the general public, stated senator Lummis, quote, but our courts in this country

(31:56):
decided that cryptography and code writing has protected free speech under the first amendment, and that was a game changer.
It made possible
for those very brilliant minds to make available to each other through open source the cryptography and code writing that made it possible in 2009
for the first digital asset to appear on the scene.
So

(32:17):
now we're at the point
where, from 2009
to where we are today, we have a mature industry that is is asking us to provide clear rules of the road. We're in the right place at the right time to help these innovators to take their rightful place in the global economy, an asset that is important to the country, that is important to individual freedom, that is important to the unbanked and the underbanked,

(32:39):
and that will make available to people the opportunity to grow wealth
as opposed to our own US Dollar, which is, by design,
decreasing in value.
So there you go. There's a rundown on on the hearing.
Like all hearings that I
have ever really
been watched or whatever,

(33:00):
I don't see the value of the hearings.
I I just I I not just this hearing.
I I don't see the value of any hearings. What
have
can somebody please
point to a concrete example of where a hearing
changed something?
And it's gotta be a direct example,

(33:21):
not a, well, we we you know, because, the senator in 1979
said this at this hearing
in 1983,
we you know, clearly that no. It's not clear at all.
I mean, I need I need a direct example of something, a product falling out of a senate or a house of representatives hearing on anything

(33:43):
that resulted directly in change.
Otherwise, it's a waste of my freaking time.
Thankfully,
however, great ghee is
not, and it's right in front of me. It's eight ounces of grass fed, pasture raised
sunshine in a bottle. If you don't know what ghee is, it's clarified butter. It's basically where you kinda

(34:06):
heat the butter up. You don't you don't cook the crap out of it, but you do get it a little hot. Hot enough so that the protein solids that are still left in the butter
fall out, and then you can skim just nothing but the pure beautiful animal fat
off of it. Why?
Because it becomes shelf stable.
Do do me a favor. Go shove a bunch of butter into, like,

(34:29):
a a jam jar and shove it on the on the shelf for, like, six months and see what it looks like after that amount of time. See if you wanna eat that.
Why?
Protein offers a carbon source that is that is more unstable to break apart by bacteria and fungi
than the pure animal fat, and that's why we have ghee.

(34:52):
That and it's beautiful in flavor.
This I've got a a jar of this stuff
that Great Ghee sent me. When I say it's like sunshine in a bottle,
it's the taste as well. It tastes bright.
It's a beautiful flavor. It's absolutely gorgeous. If you are any kind of fan of Indian food at all,

(35:12):
you've got to use ghee. And if you're gonna use ghee, use great ghee.
I he doesn't have a website per se, but he does have a shopster storefront that anybody with a web browser can go to. However, I cannot give you the URL
because it's too long to say on the air.
Go to the show notes.
All of my vendors are under the circle p heading in the show notes, and any possible way that you can get a hold of them to buy their product

(35:40):
is represented
in that
show note.
And by the way,
you need to put Bitcoin and in the shopster order comment section. You don't you don't get a discount, but it tells Great Gi
that you heard about his product here on the Circle p.
This is advertising

(36:02):
this value for value advertising.
So that means that he gets to determine whether or not the sale that I made for him was valuable enough to send me Satoshis.
Hopefully, he does. And, hopefully,
you're the person that causes him to send me the satoshis because when you support great ghee,
great ghee supports me, and I can support you by bringing the show to you day after day. And

(36:27):
the the ghee
isn't as salty
as the Democrats
according to El Salvador's president Bukele, who's mocking
the senate Democrats
over the Bitcoin
scrutiny
that they're showing to him.
Oh my.
Matt DeSalvo from Decrypt.
El Salvador president Nayib Bukele was defending his country's crypto friendly policies

(36:52):
and taunting foreign leaders on x this week with US Democratic senators being his latest target.
In a pithy x note on Tuesday,
Bukele mocked a bill submitted by senators Tim Kaine,
Chris Van Hollen, and Alex Padilla

(37:12):
in June
to probe his country's use of cryptocurrency
and consider
sanctioning him.
The dims are just salty, Bukele wrote.
The El Salvador accountability act of 2025
proposes
investigating
the Salvadoran government's cryptocurrency
use as a tool for, quote,

(37:33):
regime
corruption.
It would also require the country's assets
to be frozen.
President Bukele has frequently mocked foreign authorities on social media in the past, including the International Monetary Fund and the Venezuelan government.
The eccentric leader's response comes as he cozies up to president Donald Trump, who has controversially used El Salvador's mega prison to hold some people that's been deported from The United States.

(37:59):
Still,
despite president Bukele's budding bromance with Trump, Democrats are pressing for an assessment
of whether Bitcoin or other cryptocurrencies
have been used in El Salvador as a vector
to evade financial sanctions imposed
on other countries, end quote.
El Salvador in 2021 made Bitcoin leaguer legal tender tender along with the US dollar, and the new law meant that businesses had to accept the cryptocurrency.

(38:28):
After a tiff with the IMF,
with whom El Salvador was negotiating a development grant, president Bukele
said okay and agreed to scale back the law.
Now businesses no longer have to accept the digital asset as payment. But still,
Bukele has continued
buying the cryptocurrency
for the country's coffers, drawing ire

(38:50):
from some foreign politicians because they don't want him getting any kind of real power, and that's what comes with wealth. The Salvadoran government
was initially opaque
about its crypto buys with blockchain sleuths previously just using Bukele's cheeky tweets
to tally up Bitcoin holdings.
Bukele has since shared,

(39:10):
excuse me, a BTC address that currently holds
6,232
BTC
worth $690,000,000.
Bitcoin surged to new all time high price above a $112,000
on Wednesday and is currently settled to the mark just north of 11
$111,000,
but I think we've hit a new all time high again. Anyway, despite ongoing criticism

(39:35):
that Bukele has created an authoritarian government,
Bukele remains very popular.
A June poll from the newspaper in the country gave him an approval rating of 8.5
out of 10. The Salvadoran government's press department did not immediately respond to decrypts request for comment. We need
to back off of other countries, not just El Salvador, and I'm talking about The United States. Who in their right mind

(40:01):
proposes a bill
in our government
to investigate
another government, especially one that's, like, not committing warfare?
But I I don't see El Salvador's troops on the other side of any of their borders.
I don't see them making incursions to Southern California on the Pacific Coast.

(40:22):
I don't see them doing anything other than just being El Salvador.
So what's the fucking problem?
It's embarrassing
being a citizen of a country
that wastes their fucking time
with a stack of papers
trying to get
some kind of, I don't know, rise sanctions

(40:44):
on El Salvador's Bitcoin strategy?
Really? This is what we're spending our time on.
We want to sanction
El Salvador's
Bitcoin strategy.
How the fuck do you sanction
a Bitcoin strategy?
This is ridiculous
and embarrassing.
My god. It's so embarrassing. I'm just gonna have to run the numbers.

(41:15):
Futures and commodities, they got West Texas Intermediate Oil down 2.3%
to $66.81
a barrel. Brent Norsee is down almost two full points to $68.88.
Natural
gas doing its thing. It's in the green, up just over three full points, back to $3.31
per thousand cubic feet, and gasoline fell one and a half. It's down to $2.15

(41:39):
a gallon. All of your shiny metal rocks are doing well. However, gold not doing anywhere close to as well as the others. It's only up point 16%
to $33.26
and 2 dimes.
However however,
silver is up 1.8,
platinum is up over 2%,
copper is up 2%, and palladium is up almost five

(42:01):
full percent, leaving its little retarded brother, gold, in the dust. Anyway,
Ag is
kinda fully mixed today, really. Biggest winner appears to be wheat, 1.28%
to the upside.
Biggest loser as usual is chocolate, three and a half percent to the downside.

(42:21):
Meanwhile, live cattle is down point six, lean hogs are down one and a quarter, and feeder cattle
just flipped to the green but moving sideways, essentially. And the Dow
is up point six, the S and P is up a quarter,
Nasdaq is down a quarter, and the S and P Mini is up almost a full
point.
Meanwhile,
holy shit. A $113,420.

(42:46):
Yes. It is definitely a new all time high. We're at a $2,260,000,000,000
market cap, and we can get 34.1
ounces of the retarded coin for 19 or with $4.00 1 Bitcoin of which there are 19,890,238
and a third of an average fees per block or low 0.03
BTC taken in fees on a per block basis, of which there are three.

(43:10):
A lot of threes today.
Three blocks carrying
6,300
unconfirmed transactions waiting to clear at high priority rates
of two, Satoshis per v byte, and low priority is gonna get you in at one.
Hash rate rising
again,
913.3
exahashes
per second.

(43:30):
So do with that what you will. From Mecha Musk, which was yesterday's episode of Bitcoin and I got two angry cunts podcast.
Two angry cunts.
It's the tac crew. Two angry cunts podcast with a row of ducks. 2,222.
Satoshi says, from one
value for value podcast to another thank you, sir. No thank you.

(43:55):
Turkey with a thousand says,
El
Guadalote
is back in the roost.
I don't know what that means. I guess you're talking about yourself. Turkey, it is good to actually hear you say something.
Well, okay. Read something that you wrote.
Psyduck with seven thirty says

(44:17):
Psyduck.
Perma nerd. 210
says, all the credit unions
I know of in Canada are owned are owned to businesses
and the general public
unless you are a trucker, of course. Oh, yeah. I think I know where he's going with that one. And Speedy with a 100 says nothing. That's the weather report.

(44:48):
Welcome to part two of the news that you can use.
And here we go. Oh, by the way, I forgot to ask you.
Donate to the show.
If
this is a rule that Adam Curry has. If you don't ask, if you don't remind people to support the show, they're not gonna support the show. Not because they hate you, but because

(45:08):
they've they didn't they didn't get the kick in the pants. So donate to the show. And you can do that.
Honestly, the easiest way to do that if you're a Bitcoiner is to just zap
zap me on Nostr.
Tell me that you love the show so that I know that it's it's it's a boost for the show or boost me on Fountain or any other value for value

(45:30):
podcasting two point o enabled app. I mean,
if you're still using Apple Podcasts for your podcast
or,
God forbid, SoundCloud or whatever else is out there,
you gotta get step up your game, bro. Man, you gotta get to podcasting two point o.
And that's where you can support the show, and that's what I'm asking you to do. Please, please, please consider supporting the show so that I don't starve

(45:57):
because that could always happen.
And and living under a bridge
is not the kind of hermitage that I want for my old age. So please, please, please consider
supporting the Bitcoin and podcast. Now from Atlas twenty one, White Noise is Born,
the private messaging app based on Nostr.

(46:17):
Okay.
Max Hillebrand
and Jeff Gardner
are behind this, apparently.
Because during an interview with Atlas twenty one, Max Hillebrand, which is founder of Sound Money Solutions, former CEO of z k snacks, and the figure behind the white noise project,
commented
on the current limitations

(46:38):
of private messaging and outlined the vision
carried forward by the application launched together with developer Jeff Gardner. Quote,
our main objective is to solve the current security and privacy problems related to private messaging on Nostr,
he explained, highlighting the absence
of robust encryption for groups

(46:59):
and the danger of centralization in traditional platforms.
According to Hillebrand,
existing platforms like Signal have demonstrated
the need for secure messaging tools,
but have also shown limitations.
Signal
has excellent encryption in traditional context,
but the protocol is not scalable with large group chats. Quote, this is where white noise

(47:21):
comes in,
which is based on a combination of Nostr and
the security offered by Messaging Layer Security
or MLS,
a security protocol designed to provide efficient end to end encryption
and to work on a large scale. Quote, the encryption system used by white noise, which is MLS,

(47:42):
is similar
to that of signal, but is more scalable. Its design was specifically studied for large groups,
potentially
even for millions of people,
specifically
to manage group or groups MLS
introduces
a binary tree structure. Hopefully, they'll explain that.

(48:02):
For the founder of Sound Money Solutions,
White Noise's
decentralized
design will avoid the typical problems associated with centralization. Quote, one of signals weaknesses
is the need to have a phone number to register.
If you only have a laptop, you can't create a Signal account.
This limits privacy, makes the system dependent on centralized infrastructure, and is not scalable,

(48:26):
the developer added.
In contrast,
Nostra uses public and private keys to identify users, eliminating the obligation to provide personal data.
White noise addresses the centralization
issue by using
decentralized
relays to ensure message
transmission.
Thanks to the characteristics of the Nostra network, each group can define specific relays with the possibility of dynamic updates in case of censorship.

(48:53):
Quote, in case a message were censored by a relay,
group members would not realize it since the message would still be delivered
through other relays, Hillebrand stated, quote, anyone can manage a relay even on their own smartphone, end quote.
For the former CEO of z ZK Snacks, one of White Noise's objectives is to establish new standards for decentralized communication

(49:19):
usable by other developers, quote,
our intent is to create an interoperable
protocol.
Anyone will be able to exploit it by implementing MLS for messaging.
In the future, white noise's functionality
functionalities
could also be integrated into other popular apps. Quote, for example, the Nostr client Primal.

(49:41):
They could integrate MLS and subsequently
end users will be able to communicate with white noise users. End quote.
Among the features planned for the app's future is integration with Bitcoin through Lightning Network and Nostr's apps.
And this innovation will introduce native payments within chats, a functionality that currently competitors lack. Quote, we plan to add payments through l n. Integrating money into a messaging platform

(50:08):
radically changes the user experience.
White Noise's code will be made public on GitHub.
The app will be available on Nostra's app store and once approved,
also on the Google Play Store.
For Apple devices, it can initially be downloaded via TestFlight
and on Freedom Store, a new platform that allows installing apps without having to go through Apple's controls. I gotta pause right there.

(50:35):
Apple
has already put the whammy back on Domus because
Domus was supporting zaps.
This is an old story. Domus is the minute that they that j b fifty five introduced zapping on Domus, Apple immediately put the kibosh on it because they want one third
of all money.

(50:55):
And if you don't do that, they basically take your app out of the store.
So what happens when white noise introduces zaps? Are they going to still be on the Apple platform?
Who knows?
That's gonna be a danger, and I wish that they would address it here. Maybe they will later.
Who knows? Let's continue on. Regarding the European chat control two point o proposal,

(51:20):
Hillebrand specified,
we have no control over either the client or the server. By only publishing open source code on GitHub and not managing a back end,
we are unable to intercept or modify users' messages.
The architecture without back end together with compliance and standards like MLS eliminates

(51:41):
any possibility
of introducing backdoors or similar mechanisms, the developer argued.
The project is still in alpha phase.
Quote, the initial target audience will be Doster users and Bitcoiners, but the goal is to make it accessible to everyone.
We would like it to become a community tool for large groups,

(52:01):
Telegram style,
but with native encryption, explained the founder of Sound Money Solutions.
Precisely for this reason, the team wants to gather feedback directly from the community, quote, we aim to get feedback from the Bitcoin community and Nostra users
in order to constantly improve white noise,
Hillebrand concluded. I'm really excited for this. I haven't seen it yet.

(52:24):
I need to get my test flight up and get white noise and see what this thing looks like.
But
if they can pull this off,
this would be great because that that it's not just DMs that suck.
We don't have groups. There's a couple of Nostra clients that have tried.
It does not work that well. So, therefore, there's not a whole lot of adoption.

(52:46):
If this works
and it works well,
it could be a game changer.
I just hope
there's a way for them to make it where it doesn't look like Telegram.
I hate Telegram
simply because of the way it's laid out. The way messages come I
I can't be in a chat with 5,000 people

(53:08):
and and read the, the torrent of messages.
I don't know how anybody does that shit. If you've if you understand how people do that, please
drop me a boost and tell me how because I'm looking at some of these things in my Telegram going,
y'all are insane.
Smaller groups, not so bad.

(53:28):
But there's gotta be a better way. There's got to be a better way. Moving on to The Block and Daniel Coon who tells us that Coinbase
has partnered with Perplexity
AI
on real time crypto data services.
Watch out.
You thought you you you thought the crypto bros and

(53:49):
the chartalists
were bad now?
Oh, buddy. You ain't seen nothing yet. Coinbase
has partnered with Perplexity AI,
on a real time crypto data service according to the announcement.
The move marks the high or the latest high profile collaboration
between lending or leading blockchain and AI firms like the deal between prediction market, poly market,

(54:13):
and Elon Musk's XAI last month. And since the breakout success of OpenAI's
ChatGPT,
developers been looking for ways to integrate crypto,
crypto, crypto, crypto into AI and vice versa,
usually aiming for enhanced automation.
Automation of what, you ask? It's coming. Quote, I expect enhanced crypto functionality

(54:36):
will be a catalyst for AI
to achieve another 10 x unlock,
Coinbase
CEO Brian Armstrong
wrote on x. Quote, personally,
I'm most excited to see crypto wallets fully integrated
into LLMs
one day.

(54:58):
That will be a huge step towards a permissionless digital economy, end quote.
The service will, quote, help traders
get access to real time
trusted crypto data or information for better decision making, Armstrong
added.
According to Armstrong, the relationship will advance through a series of phases. Beginning with today,

(55:20):
the integration of Coinbase's market data, including its coin 50 index,
into perplexity to, quote,
power market analysis.
Users
can double click into price moves
to help make better informed trade decisions, Armstrong said,
pausing
to remind everybody.

(55:41):
It's a casino.
You
do not
have
a system
for roulette you
do not have
a system
for playing craps you think you do but you do not that's not the fucking way it works

(56:02):
This is a giant casino and now it's powered by AI.
You thought people were gonna get into trouble before.
Again,
you ain't seen nothing yet because phase two, which is expected to roll out soon,
will feed Coinbase's market data as answers to perplexity

(56:22):
search queries
and a conversational
interface. Do you know what that means?
When should I buy Doge,
perplexity?
Perplexity? I'm thinking about taking out a seventh mortgage on my home
to get into
XRP.
At what price should I do that?
You see where this is going?

(56:44):
The announcement comes on the heels of Bitcoin
hitting a new all time high above 112,000,
which some analysts say could prefigure
a higher move up as well as more search interest in Google. Search interest, for instance,
has been consistently higher month over month
compared to the same period last year.
So

(57:05):
this is bad.
Right? This this this
I like artificial intelligence.
I also understand why
a lot of people
hate it.
There's good reasons to like it.
There's even more reasons
to hate it.
But the reasons to hate it is not because of the technology of AI itself. It is the interface between humans

(57:31):
and AI.
There are some people that really think that they can just go to AI and say,
give me plans for a one bedroom house and a and a list of materials.
And if they were to act on the answer given by such an inane question,
they would just essentially be putting money into a brown paper bag,
dousing it with diesel, lighting it on fire, and throwing it out the window.

(57:57):
That is a cheap way to use a tool. It's like using a hammer to crush rock.
No. Dude, you wanna crush rock? Use a tool to crush rock with.
A hammer is built for a sure, you can crush a couple of rocks with a hammer, but it's really built to nail nails

(58:17):
into wood.
And you can do all kinds of neat stuff with that, but crushing rock with a hammer is about as dumb as, well, crushing rock with a hammer.
Now the other side is
forming a long term knowledge base
of how to interact with
AI, what kinds of questions to ask, what kinds of questions

(58:39):
you want it to ask you
to figure things out. And then in the back of your mind, you're always going, this is probably wrong,
but at least it gives me a place to start on what ever it is that I want to do. It's like
people that use Wikipedia
to look up a definition or or, you know, something about a thing, like they wanna know more about the f 35.

(59:02):
I don't blame people for going to Wikipedia first.
It's
in some cases, some of these articles are not only well written, they're well documented. And if you go and look at the index or the the bibliography of where information in the article came from, you can go right to the source. And if you go to the bibliographies
of those sources,
you get you see how this works?

(59:23):
You actually have to do the work with AI.
No. No. But no. Not anymore.
No. No. You can trade all fucking day
on with Doge
by using perplexity and Brian Armstrong's
simple minded freaking thinking
that just by plugging
trading data into an AI that is going to make people wealthy beyond their wild wildest

(59:47):
imaginations
without any repercussions
whatsoever.
This is the kind of mentality that we have continued to deal with for well over a decade in this space, and it's not going to slow down.
That
said, let's just give a couple of announcements
before we leave the show. KULR

(01:00:09):
Technology
has increased their Bitcoin holdings to a $101,000,000.
The announcement
was made as it expanded its Bitcoin treasury
to $101,000,000,
after acquiring $10,000,000
of additional Bitcoin at an average price of 108,884.

(01:00:29):
So they've made out like band it so far.
The company's total Bitcoin holdings have risen to 1,021
Bitcoin.
Trying to see if they've got a per coin average price, and I don't I don't really see it.
But so KULR
has increased their Bitcoin holdings. And on to K wave, which is a media company in Korea,

(01:00:54):
they're
they've raised $1,000,000,000
for their Bitcoin treasury. Now I brought you this news
let me get back over here to my search.
I brought you something about K wave in episode 11 o eight. So quite, like, you know, more than, like, more than four or five weeks ago. We were talking about K wave

(01:01:15):
and that they were let's
see. Oh, let's see here. What were they doing? They had committed a half billion dollars
to Bitcoin
and yeah. That's like that's $500,000,000
is not nothing to sneeze at. And again, that was weeks ago
in episode 11 o eight of Bitcoin. And,
well,

(01:01:35):
now they've raised 1,000,000,000
for their Bitcoin treasury, so
twice as much.
Five weeks later,
Kwave Media Incorporated announced a $500,000,000
convertible note agreement with Anson Funds to support its Bitcoin treasury strategy.
The financing follows an earlier
500,000,000

(01:01:56):
standby equity purchase agreement with Bitcoin strategic reserve,
bringing the country,
company's total capital capacity
to $1,000,000,000
as part of the Anson agreement.
K wave will issue $15,000,000
in senior secured convertible notes and warrants
in the first tranche.

(01:02:16):
Under the terms of the deal, at least 80% of the net proceeds will be used to purchase Bitcoin.
K wave confirmed that it had already acquired
88 Bitcoin.
So
five weeks ago or whatever, it was half a billion dollars.
They've added another half billion dollars,
and they've secured it, and they've already secured Bitcoin.

(01:02:39):
It just doesn't look like anything stops this train. So, anyway,
just a reminder,
I'm working furiously
on the materials
for,
articles and, other other outputting
forms of the cathedral project.
I hope you guys go to bitcoinandshow.com.

(01:03:00):
Sign up for the newsletter,
which is where a lot of these communications is going to come from.
This thing is huge.
Talking about a thousand acres.
That's like a half a mile on a side. So think of a square of land that's one half mile
by one half mile,
that's a thousand acres. I'm talking about thousands of trees.

(01:03:23):
I'm talking about, like like, over 640
acres of pure grazing
capacity.
I'm talking about God only knows how many species of trees, shrubs.
Talking about integrate
integrations
of
biochar manufacturer,

(01:03:43):
earthworm
the raising of earthworms,
the raising of dung beetles,
aquaponics,
greenhouses,
heat capture from the biochar
manufacturing process,
Syngas piped into generators to run Bitcoin mining and other things on the farm.
That biochar being put back into the farm soils

(01:04:06):
for reasons that I've discussed on several occasions, but it's it's all gonna come out. I've gotta get this out of my head. It's driving me nuts, but in a lot of but a lot of it makes sense.
And it's not because I'm brilliant. It's just I don't know. Like, I don't know. It's like the universe was like, you know, I'm gonna pick on you. I'm gonna put this idea in your head, and it's gonna drive you insane. And you're gonna have no choice but to actually get it out to people. And, yes, they're gonna think you're crazy too. So, congratulations that you got this idea, Dave. I have fun with it. You know? Well, it's

(01:04:40):
I can't stop thinking about it.
To me,
this is the way that we take things like
completely
denuded and blown out hay fields that have been depleted of of of their biology
and their minerals for, like, decades and decades and completely rebuild it.

(01:05:00):
A farm for a thousand years.
A farm that supports
more than one family for
generations.
It's long term thinking
applied
to land.
You know, Bitcoiners have gotten used to long term thinking. Now we're this is why I named one of the reasons why I named it cathedral.

(01:05:23):
All the cathedrals of Europe that were built, and even some of the ones that were hill that were built early on in The United States took over a hundred years to complete.
Some of them took two hundred and fifty.
The people that started breaking ground on a cathedral in, like, '18 or '7 let's call it 1700,
they knew that they would never see anywhere close to the completion of that project.

(01:05:49):
Why were they working on it
outside
of just getting paid?
Some of these guys were, like, hardcore artisans.
You know, what what what drove them to work on such a project other than just a paycheck?
Something else drove them. They were thinking in a different way. We've got to get that back. Otherwise,

(01:06:10):
we're gonna just drown in strip malls,
ugly clothes,
and shitty food.
It is
this cannot go on. And we like, all these people say, oh, we can't go on. Well,
then do something.
Even if I'm I'm never gonna be able to purchase a thousand acres of land. Right? It's just not gonna happen for me, but that doesn't mean that I can't get this idea out of my head.

(01:06:37):
Give it to somebody else who maybe they maybe they can do something with it. Maybe a group of people come together and and modify it to the point that a part of it works. I I don't know. That's not the point.
It's gotta get out of my head. Otherwise,
I I'm gonna end up in a in a in an asylum, and I don't wanna end up in an asylum. Or, God forbid,

(01:07:00):
homeless living under a bridge in Los Angeles or something like that. That doesn't sound very pleasurable either. Only a hermitage in the Southwest Colorado Mountains
would,
actually be okay even though it's even that's not not optimal.
But be on the lookout for cathedral
a thousand acre years because that's the unit that I've that I'm designating. It's one acre

(01:07:24):
over one year.
Like light year
it's a measure of distance. It's not a measure of speed.
You know? I I put this out on Nostril yesterday. Cow day is is not a measure of time. It's a measure of consumption.
Yeah. Acre feet is a measure of volume of water. It's not has anything to do with area.

(01:07:45):
But I've never heard of acre year.
What can be done on an acre over a year?
What can be done on a thousand acres over a thousand years?
I'm gonna show you the whole thing,
and I'll see you on the other side.
This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.

(01:08:09):
Have
a
great
day.

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