Circle P:

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:02):
It is 10:32AM
Pacific Daylight Time. I am late today
on this day, the 06/26/2025.
This is episode
11 d 23 of Bitcoin,
and it looks like we're going to be able to
to qualify for mortgages with our Bitcoin.

(00:23):
Really? Really? Is is that what we're really gonna be able to do? There's a huge catch to that, and I'm gonna tell you all about that news and the rest of the news that you can use including
Brussels
has a softer tone on
stablecoins.
Ripple got bitch slapped.
And then Tether is gonna be back in the news, this time in a more sports ball y kind of way. And then,

(00:50):
ah, Ledger Nano S.
I hated that thing. I hated it. I hated it. And now, apparently, Ledger hates it too.
Trump sold a bunch of shit coins, and GameStop is in the news, Meta Planet is in the news, and Castle is in the news. Let's get back to this
federal housing
authority,

(01:11):
stuff.
You might have, if you tuned into it was either I think it was yesterday's show.
I talked about Pulte,
and he's the director of the Federal Housing.
Fannie Mae, Freddie Mac guys. You know, the the the guys that that
hold all the mortgages
now. It didn't used to be that way, but

(01:33):
ever since the collapse of 02/2008,
you can be pretty much sure that if you get a loan for, like, a, you know, home loan or mortgage
through Bank of America, it's going to immediately be sold to Fannie Mae, Freddie Mac, and there's not a damn thing that you can do about it. But
it appears that we've had a change

(01:53):
in what allows you to qualify
for a mortgage
beyond
cash in the bank. Now, we talked about this on this show.
It used to be where if you wanted to put up your Bitcoin as collateral on a home loan,
you would have to sell it into cash,
and then you'd have to take that cash, put it into your whatever bank account you're going to say, hey. This is my bank account. Take a look at it and see if I've got enough money for you to be satisfied to give me a loan. But you'd have to keep it there for somewhere between thirty and ninety days for it to actually count

(02:27):
depending on who is approving
your mortgage application.
At that and that I was talking about that just a couple of weeks ago.
And my suggestion was is that this was important when it came to the oh the ETFs like the BlackRock spot Bitcoin ETF
and the fact that they want to have in kind redemptions

(02:49):
So that that way you would be able to have Bitcoin on your own that you held in your own private custody,
you'd be able to transfer it over to BlackRock
and
in the in
the in kind redemption
so that you would be able to say, look, there's my here's my account number with BlackRock, and this is how much Bitcoin I put in, and it's here, and you can see it, blah blah blah, and everything's gonna be okay. Right now, I can use it as collateral

(03:16):
on my loan. But until at such time that that happens,
we weren't able to do that because we don't have in kind redemptions
on any of these ETFs.
So here comes mister Pulte, I guess that's how you pronounce his name, with the Federal Housing Authority.
And he had mentioned, and I was talking about this, it was either yesterday or the day before,

(03:39):
he had mentioned that he might be looking at cryptocurrency
for collateralized
loan
approvals.
And all of a sudden here comes Michael Saylor saying, hey, we've got this, this, and this. Maybe you should take a look at these because we've already done all this, and here's the structure, and if you want to talk to me a little bit later, you know, feel free to give me a ring a ding a ding a.

(04:02):
And Pulte writes him back and says, we are definitely going to look into it.
And then
yesterday
I so I guess it was the day before yesterday because yesterday,
we get news that the Federal Housing Authority
has approved
the ability for us to use our Bitcoin
as a bit to help us get our mortgages approved for a home loan.

(04:26):
But there's gonna be a huge catch.
So we'll start out with Oscar Perez writing this one for Bitcoin Magazine.
FHFA
orders to recognize Bitcoin
and, God forbid, other cryptos
in mortgage assessments.
Today, the Federal Housing Finance Agency, the FHFA,

(04:48):
directed Fannie Mae and Freddie Mac to include Bitcoin and Shitcoins
in their mortgage risk assessments.
This historic
policy shift
signals that the United States government growing recognition of digital assets in mainstream financial systems,
quote, after significant study

(05:09):
and in keeping with president Trump's vision to make The United States the crypto capital of the world, today,
I ordered the great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage,
stated the director of the United States Federal Housing, FHFA,
William j Pulte on Twitter or x or whatever until now.

(05:32):
Bitcoin has not typically been considered in the mortgage risk assessment process unless
it was first converted into US dollars.
Under the new directive, however, the FHFA
acknowledges that digital assets,
when properly
documented,
can serve as valid indicators of a borrower's financial reserves.

(05:54):
The directive instructs Fannie Mae and Freddie Mac
to develop proposals for incorporating Bitcoin and cryptocurrencies
into single family loan assessments
without requiring conversion to cash. Only Bitcoin and other crypto assets stored on US regulated centralized exchanges
and compliant with applicable laws will be considered, and there it is.

(06:17):
Right there. Let's move on and we'll come back to it. The FHFA
believes
this move will help the enterprise
or rather help enterprises
assess a broader range of borrower assets and better support sustainable homeownership
for credit worthy borrowers, especially those with wealth held outside traditional banking systems.

(06:40):
Additionally,
the enterprises are required to factor in the volatility of Bitcoin and other crypto markets by including appropriate risk mitigants
in their assessments.
These may include internal adjustments for price fluctuations and limits on the proportion of reserves held in Bitcoin and other crypto. Quote, today is a historic day in the cryptocurrency

(07:00):
industry and the mortgage industry whereby
Fannie Mae and Freddie Mac are now positioned to involve cryptocurrencies
in mortgages,
said on x, mister Pulte.
Quote, thank you president Trump for making The USA the crypto capital of the world. So I had no idea that mister Pulte was that far into
crypto, and I I put that into quotes, but I I guess he is.

(07:25):
Let's get back to the crux of the biscuit.
Alright?
Only Bitcoin
and other crypto assets
stored
on US
regulated
centralizes
centralized exchanges and compliant with applicable laws will be considered. Boom.
Right there.

(07:46):
For your Bitcoin to count, if you if you have, like, a cold card like I do, and you basically
used it
to
store
in in a very, very, very cold fashion your bitcoin,
that's not gonna be counted.
They won't even let you sign a message from the wallet saying hey this is my shit

(08:08):
you're right like what I was thinking is like before I heard about the centralized exchange business what I was thinking is that what they would do is generate you
a
particular, like, I don't know, 16
digit
alphanumeric
number that's just randomly generated.
They keep a copy and you keep a copy, and then they give you an address to sign a message to

(08:33):
and it has to be exactly that alphanumeric
combination with nothing else, like no spaces, no nothing.
Then that that wallet is looked at and
basically it says, yes. This transaction, the signature transaction
matches what we sent to them, so it's like a two f a situation.

(08:55):
Even then, I was like, yeah. That's probably not gonna happen. Something's up. And then all of a sudden, we get the news that in the structure of this entire
acceptance of
Bitcoin being used for mortgage leverage,
we get the fact that you have to put it on Coinbase or
some other United States regulated

(09:16):
centralized exchange, which means no longer
will the Bitcoin be in your custody.
Right?
I am
of course, I'm of the mind of screw you. No. I'm that's never going to happen.
But
let's back up and take a a long breath about this.

(09:38):
How far did you think they were going to step up to the plate when they first did this?
Right?
I this is a first step.
This isn't the end of the road for this.
I actually believe that as we move forward, that there will be a chance that what I had just described to you will actually occur.

(10:00):
And what did I just describe? Well, the ability for you to sign a message from your wallet that basically says, hey, I got the message that you wanted me to send. The messages match, so therefore
I clearly have the Bitcoin that is in this wallet address which you can now see because I sent you a message transaction from that wallet address even if I didn't send you any Bitcoin with it. Right? That's one of the ways that we can leverage this technology to prove

(10:27):
that we have what we say we have without ever losing custody of the thing because only I would be able to sign a message from that wallet address.
Even though I'm not sending them any Bitcoin with it, I will have to pay a transaction fee for it. It will contain the message
in probably in the op return,
and

(10:48):
they will, at that point, have my wallet address because they will see the sender address.
So then they can look and say, yeah. He really does have x amount of Bitcoin.
Right? So
I think that's still in play, but it's not going to be in play immediately. Right? This is a this is a first step to being able to do that.

(11:10):
Secondly,
there's a difference between qualifying for a loan and actually getting the loan,
so it will not surprise me if something like the following happens.
Down in the future, when we don't want we still want to be able to control our coins.
Think of Unchained
out there in Austin, Texas, which has

(11:30):
incredible custody solutions for Bitcoiners.
They have multisig,
which means that in the future I could see that I can keep complete self custody on a single sig
or even a complete custody self custody on multisig.
Send them a message and they say, yes, you have the Bitcoin that that you actually say you have,

(11:54):
and, therefore, we're going to assess
the potential as to whether or not we would give you a mortgage. You would be prequalified
to take a mortgage
at that stage.
If you decide to take the mortgage and buy the house,
at that point, then they will say, we will not release the mortgage

(12:14):
until you do this.
You need to find a custodian,
like Unchained,
that we can both be parties to, and they will be the third party.
And
under arbitrage situations,
you have to release your Bitcoin to us under these conditions, like, I don't know, default on the loan, whatever whatever it is. Or vice versa, it comes back to me if I pay the loan off under an arb not arbitrage,

(12:43):
arbitration. That's what I'm looking for. Arbitration between the three parties and then Unchained
as the arbitrator say,
yeah. He actually did pay off the loan. Therefore, we're going to release the the Bitcoin back into his custody.
I actually think that that will happen, but it's not going to happen today. Let's move on to Brussels

(13:03):
where they've taken a softer tone
on foreign stablecoins,
and it sparked industry optimism. Oh my god. Helen Parks, CoinTelegraph says that the European Union's main executive body we're not talking about the ECB.
We're not talking about the European Central Bank, the European Union's main executive body has taken a softer approach towards stablecoin

(13:26):
contrasting
with that of the European Central Bank and sparking industry optimism. So now we have we're at odds.
It's like the the executive branch of the EU is kind of at odds with the European Central Bank. That would be like the executive branch or Trump administration being at odds with the Federal Reserve.

(13:46):
In response to ECB concerns on potential bank run risks
stemming from stablecoin multi issuance in Europe and third countries, the European Commission said such risks are highly unlikely.
A spokesperson for the commission told Cointelegraph,
quote, even in the highly unlikely
event of a run on a jointly issued token,

(14:08):
redemptions by foreign holders would primarily occur in jurisdictions like The United States where most tokens circulate and the bulk of reserves are held.
Wow. That's a hell of an admission.
They're already saying that The United States is the central repository
not only
for the world's global reserve currency,

(14:29):
but now for pretty much the bulk of stablecoins.
That's that's going to be important in years to come. I guarantee it. The commission stands on stablecoin multi issuance in the EU and elsewhere
has significant implications for the industry,
marking a major win according to local industry observers.
Brussels
softening approach to foreign stablecoin contrast with previous warnings from the ECB, which published a non

(14:56):
a non paper
published a non paper. They actually say that. Maybe they meant white.
I don't know.
Well, let's go with it. Published a non paper in April on the EU and third country
stablecoin multi issuance, quote,
an EU and third country stablecoin multi issuance scheme

(15:18):
would significantly weaken the EU's
prudential regime for electronic money token issuers
by increasing the likelihood of a run
as EU issuers may not have enough reserve assets under the supervision of EU authorities to fulfill redemption request
by both EU and non EU token holders,

(15:38):
wrote the European Central Bank.
They also warned that joint stablecoin issuance with third countries could undermine financial stability by weakening safeguards
for EU consumers by bypassing critical protections
of the markets in crypto asset regulation, otherwise known as MICA.
It may also enable foreign issuers to falsely claim EU level compliance, shift regulatory accountability to EU authorities

(16:06):
without proper oversight, and open the door for non EU firms
to access the single market without meeting European Union standards,
the non paper argued.
If you don't know what a non paper is either,
then we're in the same boat.
We're rowing we're rowing the same boat with a with a pair of matching oars, buddy. I've never heard of a non paper before. I'll have to look into that. After addressing

(16:35):
the ECB's warnings, the commission in June issued
an in-depth analysis of the implications of the joint stablecoin issuance with third countries in a paper titled,
Stablecoins and Digital Euro,
Friends or Foes of European Monetary Policy.
Quote, we find that there are significant institutional and regulatory barriers to wider adoption of foreign stablecoins in the European area

(17:01):
or, well, the Euro area. The commission said in a study adding that MICA regulation has discouraged large foreign issuers for registering in Europe. Yeah. No shit, dude. Nobody wants to deal with your ass. The commission specifically referred to Tether, the issuer of USDT, the world's largest stablecoin by market capitalization, which refused

(17:22):
refused
to comply with Mica
due to reasons including the requirement to keep at least 60% of their reserves
in European banks. I wouldn't either.
If I was Tether, I would be like, nope. Nope. That's never gonna happen, bro. That's never gonna happen. If you want Tether to be used in the European Union, you're going to do it under our requirements.

(17:43):
We're not going to bow to your requirements.
Hopefully, they keep that stance. Anyway, according to the commission,
the risks of the joint stablecoin issuance with third countries are manageable
with existing policies as issuers can be required to have a rebalancing mechanism
to ensure that reserves in the EU match token holdings
in the EU.

(18:04):
According to Juan Ignacio
Ibanez,
general
secretary of the MICA crypto alliance,
the commission's approach to joint stablecoin issuance with other countries means
that the authority will not force issuers like Circle to functionally distinguish between USDC
US
and USDC

(18:25):
EU.
Quote, these players are global entities issuing a stablecoin both in the EU and abroad, Ibanez told Cointelegraph,
adding that the commission is effectively
advocating for the fungibility
or the fungible treatment
of local and internationally issued coins
and for one entity to uphold the redeemability

(18:47):
of coins issued by the other entity.
Quote, this is very positive news and even a relief, Ibanez said.
A major component of the stablecoin's value lies in its cross border usability.
Which stablecoins
inherit from blockchain technology itself,
enforcing jurisdictional silos would undermine the fundamental feature and degrade the user experience with the EU. Sorry. I chuckled, but every time I read blockchain, I

(19:15):
I automatically
chuckle.
Yeah. It's good news for stablecoins
and, issuers that wanna go into Europe, but I, you know,
that whole issue of keeping 60%
in
of your
backing structure
behind your stable coin

(19:35):
in European banks,
60%.
And if it's fungible from
US to
EU,
well,
see,
this is what what I'm getting at here is that
you got Tether. It's pegged to the dollar. There's

(19:57):
so many, you know, however many Tether there are issued are out there. They want fungibility in the EU of the Tether token.
But they want Tether to put well more than 50% of the backing of that token into their banks.
That what does that mean? That that the there would only be 40% left for the rest of the world

(20:18):
in case something bad happened?
No. No. No. No. No. No. Europe,
you're gonna burn.
You're already on fire. It's already a dumpster.
Nobody trusts your financial system at this point. It's too far gone. And it ain't like The United States is that much better. But guess what? Global reserve currency. So until at such time that shit doesn't occur and we may see that in our lifetimes,

(20:43):
you
go pound sand
And Tether is going to continue to tell them to go pound sand or at least
I hope so. Now onto some actual other criminals
other than the EU,
Ripple
is stuck with a $125,000,000
penalty
as judge denies XRP settlement

(21:04):
with the SEC.
This is out of decrypt, by the way, written by
Andrei Bogansky.
US district judge Annalisa Torres denied a proposal from Ripple Labs
and the SEC
on Thursday
refusing to cut a $125,000,000
penalty
or toss out an injunction

(21:25):
imposed against the XRP linked firm last year.
Her decision
comes less than two weeks after the SEC and Ripple requested that the court lower
a civil penalty over illegal XRP sales to 50,000,000,
which is far less than the $2,000,000,000
sought under former chair Gary Gensler
and remove restrictions on Ripple's ability to sell the asset because, you know, that's what they do.

(21:51):
And for those of you who don't understand that, Ripple created
XRP.
They say they didn't or they say that they're not linked to it, but they are. And we all know they created it. We all know that they're linked to it. And what they do is they print this shit, and then they sell it on the open market. And god only knows what they actually do with the money. But, basically, they're treating all XRP holders as bag holders.

(22:13):
It's it's a it's not a Ponzi, but it is a it's a scheme.
And everybody at Ripple needs, hopefully,
to go to the deepest level of hell that there is in Dante's hell
and stay there for the rest
of eternity.
In her five page order, Torres cited a compelling case that the SEC built up over four years, which alleged

(22:37):
that Ripple offered and sold XRP to investors as an unregistered security.
Yes. They did.
Although,
Ripple's so called programmatic sales of XRP weren't in violation of the law,
Torres found that in 2023,
Ripple sales were or Ripple's
sales to institutions
were warranting a substantially

(22:59):
reduced fine.
Torres found Ripple and the SEC's most recent arguments lacking,
saying that while the SEC has the power to change course once an enforcement action is initiated, it and Ripple
cannot agree to no longer be bound by the court's final judgment that a party violated, you know, the law.
Ripple chief legal officer Stewart Aldertoy, who I also hope goes to hell, said on x that the ball is back in our court.

(23:28):
The company may choose to stick with its appeal, but either way, XRP's legal status as not a security remains unchanged, he said.
Although
the SEC has struck a crypto friendly tone under US president Trump with the regulator abandoning several high profile cases,
Torres emphasized that the logic underpinning her decision in the SEC's case against Ripple

(23:53):
hasn't changed over the past six months.
Quote, none of this has changed,
and the parties hardly pretend that it has.
Nevertheless,
they now claim that it is in the public interest to cut the civil penalty by 60%
and vacate the permanent injunction entered less than one year ago, end quote.

(24:14):
Torres's ruling highlights how Gensler's SEC
could have a lasting impact on the crypto industry despite Republican led efforts to walk back what critics say was regulation by enforcement.
The lawsuit was first first initiated under the the then SEC chair Jay Clayton,
a Trump nominee.
So Torres is like a dog with a bone on this one, and this is the only time that I really agree with her.

(24:39):
Everything about Ripple is a scam, and everything about XRP is a scam. And if you hold XRP, you need to sell it for Bitcoin right now and get out of this mess.
And then you can sit back with some sweet, sweet, sweet
chocolate.
Or in this case, he's got well, let's see. Who who who what do we got here? We got banana chocolate chip huddle bars,

(25:01):
which are very sweet and they're very very good. And from Oshi,
it's my buddy Oshi.
Oshi good dot u s, not dot com, dot u s.
Oshi good dot u s. Go get banana chocolate chip huddle bars. You can get them in a five pack,
27,000
satoshis.
Will get you five of these 2.4 ounce bars that include

(25:24):
dates,
pecan butter,
dark chocolate chips, banana powder, peanut
flour, chocolate powder,
vanilla extract, cinnamon, and sea salt. These things are freaking
delicious.
And when you shove them into a backpack and you're on a hike and all of a sudden you get hungry,
it may not sound like much, but 2.4 ounces

(25:45):
of a single bar
of this stuff
will get you up over the hump. I promise. And
he sells it all for Bitcoin.
Please, please, please
use the code Bitcoin and.
Right now, we haven't figured on a discount, so don't assume any kind of discount. It lets Oshi know that you heard about his product here at the Circle p

(26:11):
on the Bitcoin and podcast.
That way, he can say, how much do I think that sale was worth to me? In a value for value model, I think it was worth x amount of Satoshis. And he sends that to me because
it's commission. Right? He doesn't pay me upfront for advertising.
This is the way the Circle p works. It's where I bring plebs just like you with goods and services to plebs just like you who might want to purchase said goods and services, but you gotta do it in Bitcoin. Because if you're not selling your shit in Bitcoin, you ain't in the circle p. Go to oshigood.us. Bitcoin, you ain't in the circle p. Go to oshigood.us.

(26:46):
Oshigood.us.
Tell them Bitcoin and sent you with the code Bitcoin. And Tether is back in the news, except this time
in a very sporty kind of way
because Tether seeks more
active role after Juventus,
buying over 10% of a soccer club. What? Or of the soccer club. My god almighty. Now they're getting into sports.

(27:11):
As well as being issuer of the world's largest stablecoin,
Tether also owns more than 10% of Juventus
Football Club or FC and is now looking to play a more active role in the running of the Italian soccer powerhouse.
That really pissed off all the Europeans when we called it soccer, didn't it? Tether asked to participate in the club's recent capital increase

(27:34):
and be granted a board seat in May according to an emailed statement from the stablecoin issuer.
Quote, while these requests were not taken up at the time, a new meeting date has since been proposed, and we are currently coordinating with the stakeholders to confirm availability or
suggest an alternative if needed,
said Tether.

(27:54):
Juventus
dominated
dominated Italian football throughout the twenty tens, winning nine consecutive
Serie a titles between 2011 and 2020, but has been in a rebuilding mode since finishing between third and seventh in each of the five seasons since their last championship.
Tether increased its stake

(28:16):
in
Ibaanconore,
I can't pronounce it, the white and blacks,
is what it says, to over 10% in April,
having bought 8.2%
of the club back in February, and it is now Juventus'
second largest shareholder,
Exor, the holding company of the Agnelli family, owns 65%.

(28:38):
Quote, our intention is to be a supportive
and engaged partner in the club's future. We recognize that significant investment will be needed to build a competitive squad, and we are prepared
to contribute
meaningfully
to that effort.
So I guess they're taking a page
directly out of, Peter McCormick's book. They're getting into in into football.

(29:00):
I mean, what are you know? What else are you going to do? You got $13,000,000,000
that 200 people made in a single year, which is
I
I don't think we talk I don't think there's enough talk about how nobody else has ever done that
ever.
200 people
work at Tether. Not 2,000, not 20,000, not 200,000.

(29:23):
They made $13,000,000,000,
200 people
in a year. Last year,
13,000,000,000.
That that that was their net.
That wasn't their total revenue.
No. That that was their net.
200 people.
$13,000,000,000.
You do do the freaking math. Do the freaking math. What else are you gonna do with all that cash? You're gonna buy parts of football clubs, and why not?

(29:49):
I mean, those are some hell of those that's just a hell of a set of numbers. Meanwhile, we have our own to run.
Futures and commodities. West Texas Intermediate is up three quarters of a point to $65.65.

(30:11):
Brent Norsee Oil is up three quarters of a point to $68.18
a barrel. Natural gas is down three points to $3.30
per thousand cubic feet. Gasoline is up one and a third, back up to two dollars and eleven cents a gallon.
Shiny metal rocks doing well.
Gold up
point 18%

(30:31):
to 33.49
and a dime. Silver is up one and a quarter. Platinum is up 7%
today,
and copper is up three and a quarter percent.
Palladium killing everybody. Palladium is up 8%
on the day.
Ag looking terrible. Mostly in the red. Biggest winner is chocolate. 4% to the upside.

(30:53):
Biggest loser is sugar,
two and a third to the downside. Meanwhile, live cattle,
crab walking sideways slightly in the green, lean hogs down a point, feeder cattle
up a quarter of a point.
Dow is up almost a full point. Wow. It's gained 354
today, and the S and P is up two thirds of a point. Nasdaq is up three quarters of a point, and the S and P Mini is up almost a full point. Meanwhile, Bitcoin is chilling out at a $107,340.

(31:25):
That is a $2,130,000,000,000
market cap, and we can purchase 32.1
ounces of shiny metal rocks with our one Bitcoin, of which there are 19,883,685.21
of. An average fees per block are
slightly elevated, 0.05
BTC

(31:45):
taken in fees on a per block basis.
Looks to be about 18 blocks carrying 17,000
unconfirmed transactions
waiting to clear at high priority rates of 3 Satoshis per v byte. Low priority is gonna get you in at 3 Satoshis per v byte.
Hash rate recovering
slightly,
824.6

(32:06):
exahashes per second.
We have an estimated difficulty adjustment coming up in two days that is set to be a 7%
downward adjustment.
Haven't seen one of those in quite a while or at least not all you know, not 7%,
maybe a couple of percent.
Anyway, Justin.

(32:27):
Oh, by the way, this is from Rip NYC. Yesterday's episode of Bitcoin and I got Justin with 5,000 sat says thank you, sir. No. Thank you.
Polly says with 2,100
says great rip. Thank you, sir. No. Thank you. Chill now with $11.22.
Oh, it's a show number boost.
System cage running,

(32:47):
hermitages,
the answer, a metadata bookie. The odds are never in your favor.
Stablecoin neutral,
wet work interface,
bringing centralized thought and monetary control features leaves me screaming inside.
Hands cannot break it. Trapped forever, they terrified
of oh, sorry. They, terrified of losing control, grasp ever tighter, submit,

(33:12):
plus obey, return, error, system cage collapsed.
Man, he
I these have gotta be AI generated.
Jubjub with a thousand says, stay cool. I will.
Progressively worse with five fifty five says, thank you, no thank you, and that is it. That's the weather report.

(33:41):
Welcome to part two of the news that you can use. We're gonna start out with the end of support for the Ledger Nano s.
Brick be gone.
Apparently has caused some controversy.
Atlas 21
probably won't read much of this one because it's just, you know, it's it's Ledger.
It's a piece of garbage. I hate this thing. This is out of Atlas 21. Like I said, crypto users have been voicing their discontent

(34:08):
after discovering that Ledger announced the end of support for the Ledger Nano s last May.
In the spring update released on May,
the French company officially communicated the transition away from the Ledger Nano s,
specifying that no new applications,
feature requests, or updates to existing apps
would be accepted from that point onward. The company also recommended that users switch to a different

(34:35):
Ledger device and ensure that they have their 24 word recovery faith,
phrase to maintain access.
This is not conducive to the man in the coma.
It's not. This is bullshit.
This is why nobody should use this company for anything ever under any circumstances because at one point or another, they're just going to one day give you a a throw you an email that says, oh, that $100 that you spent two years ago on your Ledger, yeah. Now you're gonna have to buy another one of our devices, and, that one's gonna cost $2.50 or you know it's not gonna cost a 100. I used to be able to pick up Ledger Nano SS for SS for $85,

(35:15):
then they were like a 100. By the time they got to like 2 hun or a 110
or whatever, I'd already stopped buying them. I got I had three of them. Two of them bricked on me on an update.
The third one I used simply to recover all my shit so that I could send it to an actual hardware wallet that is not going to be deprecated over time, and that would be the cold card.

(35:37):
I'm just going to be able to use my cold card.
You know? I mean and honestly, yeah, I get it. As long as you had your 24 word seed phrase, you don't have to buy another ledger.
Right? You can as long as you saved your seed phrase when you were spinning up your wallet on your Ledger Nano S, as long as you did that and you've got it somewhere else you don't you can use any other wallet you don't have to get another Ledger device

(36:01):
but the fact that they are just like literally throwing the Ledger Nano s out of the window
And if anything happens to it and you didn't write down your seed phrase and you
you're you're kinda hosed.
See, this is what I mean by man in the coma. Let's say I buy a a Ledger Nano s.
I spin up a wallet. I put a thousand bitcoin into it and then I'm, you know, I put it in a safety deposit box somewhere and I'm off to see my wife and kids and boom I get hit by a gravel truck.

(36:33):
I don't know why but I get hit by a gravel truck and I don't die again I don't know why because a gravel truck hitting you on the road should actually kill your ass but let's just say I get into a coma and forty years later I wake up and guess where that thousand Bitcoin is because I didn't have time to write down my seed phrase, which is bad in in in and of itself. But then I go, well, screw it. I go to my safety deposit box, and and and my wife still has it for me. And I get in there, and I get the ledger, and I plug it in, and I do all this stuff, and

(37:02):
it just doesn't work.
Right? It won't interface with anything.
I I can't get it to it just doesn't work.
This this is the kind of shit you gotta you gotta put up with when you're working with freaking companies like Ledger.
I stopped using them. Don't use Ledger. Please, for the love of God, just don't use them. I don't know. Like, if you don't want a cold card, I don't know. Go try Trezor. I've never used one. I hear great things,

(37:30):
but I'm of the mind that I would rather have something like a cold card who's built by an individual
that puts his philosophy
of security first,
longevity second,
because you do want security first and you want him to think about longevity and Rodolfo Novak thinks about both of those.
That's exactly why I use his product from CoinKite,

(37:52):
which is the cold card.
Now Trump,
World Liberty has sold a $100,000,000
in WLFI
tokens
to the UAE
based fund. I guess we'll get the name of that one here in a minute from RT Watson writing from the block.
The United

(38:13):
Arab Emirates
based Aqua One,
a crypto focused fund said on Thursday that it purchased
a $100,000,000
of World Liberty Financial Tokens. Jesus. You know what this sounds like? It sounds like
sounds like secretary of state Kissinger
going over to
Saudi Arabia and and telling the Saudis, here's the way we're gonna work the petrodollar, boys. We're gonna buy all the oil that you can pump out of the ground except you gotta buy it for dollars. We're gonna call it the petrodollar.

(38:44):
Yes, sir. And that no. Literally, that's what happened.
That's how we got into The Middle East. We did it in, like, some somewhere in the early seventies.
He was probably Kissinger was probably setting that shit up ever since he was hanging out with the Kennedy boys. I don't know. But it was Kissinger.
He is the one that set up the petrodollar. He's the one that set up the deal that said Saudi Arabia would buy all our debt, we would buy all our oil, and they could only sell their oil in dollars, not only to us, but to the rest of the world.

(39:14):
That was this was the
that's the the petrodollar in a nutshell.
This sounds a lot like that.
I
it it just does. The announcement comes a day after after Trump backed DeFi project. World Liberty said that it was working to allow for the trading of its
WLFI
token.

(39:35):
World Liberty's deepening ties with The Middle East may draw the ire of critics who have been alarmed by Trump's crypto related business ventures. And earlier this month, financial disclosure showed
that the president has made over $57,000,000
from World Liberty Token sales.
The disclosure also showed that Trump owns

(39:55):
15,750,000,000.00,
billion with a b, WLFI
tokens, which means
he could exercise voting rights within World Liberty. Currently, the WLFI
token grants holders voting rights, and they can propose governance changes, but
holders are restricted from transferring the tokens.

(40:15):
The project is listed as being inspired by Trump while calling the president its chief crypto advocate.
Trump's sons
also play key roles there. Quote, we're excited to work hand in hand with the team at Aqua One.
World Liberty cofounder,
Zach Folkman said of Thursday's announcement, quote, aligning with AquaOne

(40:37):
validates our blueprint for global financial innovation as we have a joint mission,
a joint mission to bring digital assets to the masses.
It's a fucking profit now and strengthen our nation's standing
as a champion and leader of cryptocurrency
and blockchain
technology.
Oh,
my god.

(40:58):
If you've ever listened to this show for any length of time, you know how much I hate suitspeak.
This goes beyond suitspeak. This is absolute
toilet talk.
This is just marketing
bullshit,
and I hate every syllable of it. Let's move on. This is not the first time that there has been some overlap with a crypto related investment, The Middle East, and World Liberty.

(41:22):
In May, the Abu Dhabi investment firm, MGX,
used World Liberty Financial's
USD 1 stablecoin
to close a $2,000,000,000
deal with the crypto exchange Binance.
In its statement announcing its purchase of WLFI
tokens, AquaOne
said its aim to buy the tokens will, quote,

(41:42):
accelerate the creation of a blockchain
powered financial ecosystem
centered on blockchain development,
says absolutely
nothing.
You want to center a financial ecosystem
on the development of blockchain?
That doesn't make any sense.
These people are all bullshitting you. And they're bullshitting each other because they're all full of bullshit. Anyway,

(42:08):
according to the organization's website,
quote, Aqua One Foundation
is a web three native fund based in UAE with a global outlook. Oh, yes. Global. It is committed to the long term prosperity of the crypto
ecosystem.
Our objective is to deliver stable returns to asset holders and act as a key enabler of liquidity

(42:31):
and growth for crypto assets.
Again, it's suit speak. It says nothing. It says nothing. It says nothing. It's all bullshit.
It's just catch phrases.
Yeah. I swear to god. These
these marketing statements that are now being produced
are literally being produced by AI with the instruction.

(42:53):
Dear mister Chat GPT, will you please write me a mission statement that is
search engine
optimized,
using search engine optimized words so that it's it it bounces around the the Internet and and gets eyeballs put on it. That I swear to God that's how these people are actually building their shit now, and it's it's

(43:16):
just beyond gross.
It really, really is. And I'm not saying that it's beyond gross because Trump's involved or it's World Liberty Financial. That's all. I mean, yes. It's still horse hockey,
but it's these statements that these people make. I'm going to build a financial ecosystem on blockchain development.
They actually said that.

(43:36):
I guarantee you 95%
of the people that see that statement go, oh, wow. That sounds like it's very innovative.
Maybe we should invest.
No. Don't. Because they have no idea what they're talking about.
These people, on the other hand, may know what they're talking about.
GameStop is raising $450,000,000
from convertible senior notes to make

(43:59):
investments.
Okay. Yay. Bitcoin Magazine,
Oscar Perez.
I I know there's some Bitcoin stuff in here. That's why I'm bringing it to you. Today, GameStop Corporation
filed a form eight k with the SEC
following the full exercise of
a $450,000,000

(44:20):
green shoe option
on its recent private offering of convertible senior notes, which could see the company potentially
use to purchase more Bitcoin.
The move brings the total value of GameStop's
0% convertible senior notes due
to a win t 32
to 2,700,000,000.0

(44:42):
with a b dollars. Holy crap. The company added Bitcoin to its investment policy earlier this
year, identifying it as a treasury reserve asset.
Quote,
in connection with the green shoe exercise,
the company received gross proceeds of $450,000,000
and net proceeds
after deducting the initial purchaser's discount but before deducting estimated fees and expenses of approximately $446,600,000.

(45:10):
So, wow, they got off they got off pretty clean. They only paid $3,400,000
in fees on that whole deal. That's actually pretty good.
Quote, the company intends to use the net proceeds from the green chew exercise for general corporate purposes,
including,
but not limited to, making investments in a manner consistent with the company's investment policy and potential acquisitions.

(45:33):
The additional $450,000,000
in notes follows a previously announced $2,250,000,000
offering that closed on June.
The strong demand from institutional investors prompted GameStop to exercise the green shoe option in full
June
with the new notes issued the very following day. The notes that mature on 06/15/2032

(45:57):
are convertible into class a shares
at $28.91
each, a 32.5%
premium
over the June 12 average.
Full conversion should result in up to 20,300,000.0
new shares expanding GameStop's
equity base.
And by the way,
diluting their existing shareholders.

(46:20):
I'm just saying.
So GameStop is collecting more money. They're using the sailor,
playbook,
but they're actually
not going all in on Bitcoin
as they're doing it. They are purchasing some,
but I think GameStop is eyeing this is like shit. Here's what we do, man. We just sell debt.

(46:41):
We'll call them, you know, we'll do the convertible note thing, and they can convert that shit into new, you know, into shares.
And we'll take the proceeds and we'll buy whatever the hell we wanna buy with it,
not just Bitcoin.
Because that's pretty much all micro strat or strategy actually buys when they do this. They simply buy Bitcoin.

(47:01):
From that standpoint,
Saylor actually is more of a Bitcoin maximalist than the dude from GameStop. But
let's talk about Meta Planet. They've acquired
$1.02, $3.04
more Bitcoin.
No. Literally, 1,234
more Bitcoin. They're tolling total holdings have reached 123

(47:22):
no. Sorry. A 100 god. I'm having problems. 12,345
BTC.
So they acquired $1.02, $3.04 more Bitcoin
and added it to get a total of $1.02, $3.04, 5 Bitcoin.
There is some serious numerology going over there at Meta Planet, I swear. Meta Planet Incorporated, widely recognized as Japan's leading Bitcoin treasure company,

(47:46):
has announced today
the acquisition of an additional $1.02 $3.04 Bitcoin, bringing its total holdings to one two three four five Bitcoin.
The purchase was valued at 19,227,000,000.000
yen
at an average price of 15,600,000.0
yen per coin. The acquisition is part of the company's newly launched

(48:08):
$5.05
5,000,000
plan, and I told you about that over the last couple of shows. So let's move on to Castle,
who has raised $1,000,000
to bring automated Bitcoin treasury to small and medium sized businesses.
Listen to it again. This is different.

(48:28):
Castle,
the company,
has raised a million dollars to bring
automated Bitcoin treasury
to small and medium sized businesses.
Castle, a Bitcoin treasury platform
for small and medium sized businesses,
announced it has raised $1,000,000
in an oversubscribed

(48:49):
pre seed funding round
to expand Bitcoin access for businesses
per a press release sent to Bitcoin magazine. The round was led by Boost VC
with backing from Winklevoss Capital, Park Rangers Capital, Epoch VC, and other angel investors, quote, most savings products
used by small and medium businesses,

(49:12):
despite being framed as high yield, actually lose money
after you account for inflation.
Business owners are waking up to this and they deserve better, stated the CEO of Castle, Stephen Cole.
Bitcoin, with its strictly limited supply,
has been the best performing asset of the past decade and we're excited to bring it to companies across America.

(49:34):
The funding will be used to accelerate Castle's rollout of its automated
Bitcoin Treasury solution,
which integrates with tools like QuickBooks,
PayPal,
Square, and Stripe
to help SMBs,
small and medium businesses,
protect their wealth from inflation by automagically
converting portions of revenue into Bitcoin.

(49:57):
Quote,
by integrating with tools like QuickBooks,
PayPal, Square, and Stripe, our platform
gives businesses
intelligent Bitcoin exposure
aligned with their operational requirements,
said CTO
Zhao Alameda.
Quote, Castle is built to be invisible so owners can focus on what they do best and know their Bitcoin treasury will look the way that they want it to, end quote.

(50:21):
Castle also offers strategy options
ranging from conservative to aggressive, allowing businesses to align their Bitcoin allocations with their risk tolerance.
Current customers include companies across sectors such as restaurants, fitness, accounting,
ecommerce,
software as a service, real estate, and fine art. Quote, we see Bitcoin as the world's most powerful savings technology, and Castle

(50:45):
is making it easy
and accessible for small and medium businesses,
said the managing partner of Boost VC, Brayton Williams, quote, the founders are veteran Bitcoiners
and tech leaders combining a rare sense of mission and execution ability,
and be Boost VC is very excited to support them. Oh, I'm glad that you're very excited to support these people.

(51:07):
Quote, Bitcoin is the ultimate store of values of the founders of Winklevoss Capital, Cameron and Tyler Winklevoss, also known as the Winklevoss.
Quote, unlike fiat, it protects the value of your life's work, blah blah blah blah blah. So the real
meat and potatoes of this is that Castle
did not raise a million dollars to buy Bitcoin to put it on their treasury.

(51:30):
Their service
that they get a revenue for, which is important,
is to teach people and provide them
services and or software options
for them to construct
and continue
building their own
Bitcoin treasury
strategy
see that that that's why this one's important

(51:51):
and if I if I think I remember it being
god what's that dude's name
Nick something
turned into some somewhat of a pariah in the in the eyes of Bitcoin maximalist because he started going after Bitcoin maximalist. I can't remember his last name. But I think Castle is is his gig, so he may still be in that. It it doesn't really matter because now we have people who are saying, okay. Well, all these huge companies are buying Bitcoin.

(52:19):
All these huge companies are have a Bitcoin treasury.
What what about,
I don't know, taco time, the little tiny, you know,
taco villa wannabe that's up here in my neck of the woods at the Inland Northwest,
right, which is not a very good place. But it's it is definitely mom and pop. They've got, like, maybe
five restaurants or something like that. Right? That's that's who this is for.

(52:43):
How how do you handle a Bitcoin treasury strategy?
How do you how do you explain it on on your on your
IRS forms?
How do you explain it to your banker? How do you borrow against it? You know? So
this see, this
this is good this is actually good.
It really is because now we're we're talking about

(53:04):
Bitcoin treasury strategies,
Bitcoin treasury companies,
and
the ability to generate revenue
in that particular space.
Because I'm getting tired of the people that they just buy Bitcoin and all of a sudden they can just show their shareholders see per share you actually own more Bitcoin now than you did before

(53:25):
even though you don't actually custody it, We do,
but you're entitled to the value
and that's why your share price is so high. That's for me, that's not real actual value. Real actual value is do you have
a good or a service that you could sell?
Like, for instance, I can't sell anything out of the circle p from any of the Bitcoin treasury companies

(53:50):
because none of them have a product.
None of them actually have a service.
If I were to go to Michael Saylor and say, hey. I wanna sell your shit in the circle p. Not only would he laugh at me, he would then say, but I don't have anything to sell. We don't even make software anymore. We're just a Bitcoin Treasury company. Okay. Well, then what's your revenue come from?
We we sell debt.
Okay. What do you do with that debt? We buy Bitcoin. Well, what does that do? Well, it allows us to get more share price so that we can go back to the market and say, see, it works.

(54:19):
So they can sell we can sell more debt and we can buy more Bitcoin and the cycle repeats, rinse and repeat, rinse and repeat. There's no product.
It does not exist.
That's why I hate it's not that I hate Bitcoin treasury companies, but I am getting my fill of this.
So which is why I was really glad to read this this story about Castle,

(54:41):
who's a company that's in the space,
but it's like, you know, screw you guys. What about people that actually have goods and services for sale that want to start capitalizing
on saving in Bitcoin. How about we service them and we'll charge them a percentage fee or a flat fee or whatever it is that they do? They get revenue. Why? Because they actually have a service for sale.

(55:03):
It's amazing what happens when you actually say I wanna sell something of value to somebody else, and I wanna take Bitcoin for it, and I wanna teach them how to take Bitcoin for their goods and services for the value that they provide.
It's fucking shit is not rocket science.
Thank God.
Now I can go on about my day, and you can too now that you've been informed of all the news that's fit to read here at the Bitcoin and podcast, and I will see you on the other side.

(55:31):
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.
Have a great day.

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